Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
Banks - 91.3%
Bank of America Corp.		11,450	$	379,224
JPMorgan Chase & Co.		2,799		375,346
Wells Fargo & Co.		8,755		361,494
Citigroup, Inc.		6,846		309,645
U.S. Bancorp		6,120		266,893
PNC Financial Services Group, Inc.		1,680		265,339
Truist Financial Corp.		5,874		252,758
Bank of New York Mellon Corp.		4,314		196,373
State Street Corp.		2,156		167,241
M&T Bank Corp.		1,136		164,788
First Republic Bank		1,308		159,432
Fifth Third Bancorp		4,784		156,963
Regions Financial Corp.		6,773		146,026
Huntington Bancshares, Inc.		10,303		145,272
Citizens Financial Group, Inc.		3,639		143,267
Northern Trust Corp.		1,593		140,965
KeyCorp		7,683		133,838
SVB Financial Group*		524		120,593
First Horizon Corp.		4,711		115,420
ICICI Bank Ltd. ADR		5,068		110,939
HDFC Bank Ltd. ADR		1,590		108,772
Toronto-Dominion Bank		1,664		107,761
First Citizens BancShares, Inc. — Class A		142		107,687
HSBC Holdings plc ADR		3,357		104,604
Popular, Inc.		1,573		104,321
Royal Bank of Canada		1,081		101,636
Bank of Nova Scotia		2,074		101,585
East West Bancorp, Inc.		1,507		99,311
Comerica, Inc.		1,484		99,205
Webster Financial Corp.		2,066		97,804
Bank of Montreal		1,072		97,123
UBS Group AG		5,191		96,916
Commerce Bancshares, Inc.		1,408		95,860
Cullen/Frost Bankers, Inc.		706		94,392
Zions Bancorp North America		1,888		92,814
Canadian Imperial Bank of Commerce		2,230		90,204
Signature Bank		769		88,604
BOK Financial Corp.		827		85,834
Western Alliance Bancorporation		1,421		84,635
Prosperity Bancshares, Inc.		1,157		84,091
Valley National Bancorp		6,990		79,057
Pinnacle Financial Partners, Inc.		1,053		77,290
SouthState Corp.		1,000		76,360
United Bankshares, Inc.		1,859		75,271
Synovus Financial Corp.		1,999		75,062
Old National Bancorp		4,151		74,635
Glacier Bancorp, Inc.		1,478		73,043
Wintrust Financial Corp.		854		72,180
Bank OZK		1,757		70,385
First Financial Bankshares, Inc.		2,046		70,382
First Interstate BancSystem, Inc. — Class A		1,803		69,686
FNB Corp.		5,339		69,674
Home BancShares, Inc.		3,030		69,054
Cadence Bank		2,769		68,284
UMB Financial Corp.		785		65,563
Umpqua Holdings Corp.		3,600		64,260
Hancock Whitney Corp.		1,318		63,778
Independent Bank Corp.		737		62,225
ServisFirst Bancshares, Inc.		891		61,399
First Hawaiian, Inc.		2,350		61,194
Associated Banc-Corp.		2,646		61,096
United Community Banks, Inc.		1,790		60,502
CVB Financial Corp.		2,338		60,203
Community Bank System, Inc.		952		59,928
Texas Capital Bancshares, Inc.*		957		57,717
Bank of Hawaii Corp.		736		57,084
Ameris Bancorp		1,199		56,521
Cathay General Bancorp		1,361		55,515
Simmons First National Corp. — Class A		2,567		55,396
Eastern Bankshares, Inc.		3,186		54,959
Fulton Financial Corp.		3,248		54,664
PacWest Bancorp		2,290		52,556
BankUnited, Inc.		1,512		51,363
Atlantic Union Bankshares Corp.		1,439		50,566
Columbia Banking System, Inc.		1,670		50,317
Hilltop Holdings, Inc.		1,532		45,975
Triumph Financial, Inc.*		704		34,404
Customers Bancorp, Inc.*		1,084		30,721
Silvergate Capital Corp. — Class A*,1		1,244		21,646
Total Banks				8,424,890
Diversified Financial Services - 4.3%
Apollo Global Management, Inc.		3,186		203,235
Capital One Financial Corp.		2,082		193,543
Total Diversified Financial Services				396,778
Insurance - 2.6%
Equitable Holdings, Inc.		3,579		102,717
Voya Financial, Inc.		1,271		78,154
Jackson Financial, Inc. — Class A		1,553		54,029
Total Insurance				234,900
Savings & Loans - 1.3%
New York Community Bancorp, Inc.		7,714		66,340
Pacific Premier Bancorp, Inc.		1,705		53,810
Total Savings & Loans				120,150
Total Common Stocks
(Cost $7,782,012)				9,176,718

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	28,240	28,240
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		10,861	10,861
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		10,828	10,828
Total Repurchase Agreements
(Cost $49,929)			49,929

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		15,772	$	15,772
Total Securities Lending Collateral
(Cost $15,772)			$	15,772
Total Investments - 100.2%
(Cost $7,847,713)			$	9,242,419
Other Assets & Liabilities, net - (0.2)%				(18,205	)
Total Net Assets - 100.0%			$	9,224,214

*	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, 2022 — 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, 2022.

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, 2022 (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	$	9,176,718	$	—	$	—	$	9,176,718
Repurchase Agreements		—		49,929		—		49,929
Securities Lending Collateral		15,772		—		—		15,772
Total Assets	$	9,192,490	$	49,929	$	—	$	9,242,419

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 98.8%
Chemicals - 46.5%
Air Products and Chemicals, Inc.		3,511	$	1,082,301
Sherwin-Williams Co.		4,306		1,021,943
Ecolab, Inc.		5,880		855,893
Dow, Inc.		15,860		799,185
DuPont de Nemours, Inc.		11,325		777,235
PPG Industries, Inc.		5,817		731,430
LyondellBasell Industries N.V. — Class A		8,573		711,816
International Flavors & Fragrances, Inc.		6,420		673,073
Linde plc		2,026		660,841
Albemarle Corp.		2,993		649,062
FMC Corp.		4,246		529,901
CF Industries Holdings, Inc.		5,940		506,088
Mosaic Co.		11,520		505,382
Westlake Corp.		4,595		471,171
RPM International, Inc.		4,750		462,887
Celanese Corp. — Class A		4,482		458,240
Nutrien Ltd.		6,110		446,213
Eastman Chemical Co.		5,036		410,132
Olin Corp.		6,717		355,598
Valvoline, Inc.		9,985		326,010
Axalta Coating Systems Ltd.*		12,713		323,800
Ashland, Inc.		2,982		320,654
Huntsman Corp.		11,064		304,039
Chemours Co.		9,603		294,044
Element Solutions, Inc.		15,324		278,744
Balchem Corp.		2,141		261,438
HB Fuller Co.		3,586		256,829
Cabot Corp.		3,815		254,995
Livent Corp.*		12,335		245,096
Avient Corp.		7,104		239,831
Sensient Technologies Corp.		3,233		235,750
Ingevity Corp.*		3,064		215,828
Trinseo plc		5,206		118,228
Total Chemicals				15,783,677
Mining - 16.4%
Freeport-McMoRan, Inc.		25,506		969,228
Newmont Corp.		17,548		828,266
Rio Tinto plc ADR		6,268		446,282
BHP Group Ltd. ADR		6,974		432,737
Teck Resources Ltd. — Class B		11,082		419,121
Agnico Eagle Mines Ltd.		7,860		408,641
Alcoa Corp.		8,424		383,039
Wheaton Precious Metals Corp.		9,409		367,704
Royal Gold, Inc.		3,243		365,551
Franco-Nevada Corp.		2,347		320,319
MP Materials Corp.*		10,359		251,516
Arconic Corp.*		9,275		196,259
Compass Minerals International, Inc.		3,833		157,153
Total Mining				5,545,816
Packaging & Containers - 12.1%
Ball Corp.		10,352		529,401
Packaging Corporation of America		3,490		446,406
Crown Holdings, Inc.		5,171		425,108
Westrock Co.		11,410		401,176
Berry Global Group, Inc.		5,996		362,338
AptarGroup, Inc.		3,289		361,724
Sealed Air Corp.		7,091		353,699
Graphic Packaging Holding Co.		15,681		348,902
Sonoco Products Co.		5,396		327,591
Silgan Holdings, Inc.		6,120		317,261
O-I Glass, Inc.*		13,189		218,542
Total Packaging & Containers				4,092,148
Iron & Steel - 9.7%
Nucor Corp.		5,566		733,655
Steel Dynamics, Inc.		5,304		518,201
Reliance Steel & Aluminum Co.		2,256		456,705
Cleveland-Cliffs, Inc.*		23,858		384,352
United States Steel Corp.		12,745		319,262
Commercial Metals Co.		6,438		310,955
ArcelorMittal S.A.		11,653		305,542
ATI, Inc.*		8,615		257,244
Total Iron & Steel				3,285,916
Building Materials - 6.9%
Vulcan Materials Co.		3,603		630,921
Martin Marietta Materials, Inc.		1,772		598,883
MDU Resources Group, Inc.		10,984		333,255
Eagle Materials, Inc.		2,206		293,067
Louisiana-Pacific Corp.		4,331		256,395
Summit Materials, Inc. — Class A*		8,517		241,808
Total Building Materials				2,354,329
Biotechnology - 2.5%
Corteva, Inc.		14,463		850,135
Household Products & Housewares - 1.6%
Avery Dennison Corp.		2,890		523,090
Forest Products & Paper - 1.4%
International Paper Co.		13,323		461,375
Coal - 1.1%
Alpha Metallurgical Resources, Inc.		1,358		198,798
Warrior Met Coal, Inc.		5,146		178,257
Total Coal				377,055
Housewares - 0.6%
Scotts Miracle-Gro Co. — Class A		4,525		219,870
Total Common Stocks
(Cost $20,364,044)				33,493,411
EXCHANGE-TRADED FUNDS† - 1.0%
VanEck Junior Gold Miners ETF		10,328		368,193
Total Exchange-Traded Funds
(Cost $443,979)				368,193

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 1.0%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	183,164	$	183,164
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		70,448		70,448
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		70,229		70,229
Total Repurchase Agreements
(Cost $323,841)				323,841
Total Investments - 100.8%
(Cost $21,131,864)			$	34,185,445
Other Assets & Liabilities, net - (0.8)%				(281,745	)
Total Net Assets - 100.0%			$	33,903,700

*	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.

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, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	33,493,411	$	—	$	—	$	33,493,411
Exchange-Traded Funds		368,193		—		—		368,193
Repurchase Agreements		—		323,841		—		323,841
Total Assets	$	33,861,604	$	323,841	$	—	$	34,185,445

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.6%
Biotechnology - 73.8%
Amgen, Inc.		29,425	$	7,728,182
Gilead Sciences, Inc.		80,843		6,940,372
Regeneron Pharmaceuticals, Inc.*		8,072		5,823,867
Moderna, Inc.*		31,120		5,589,774
Vertex Pharmaceuticals, Inc.*		19,158		5,532,447
Corteva, Inc.		73,813		4,338,728
Biogen, Inc.*		15,518		4,297,245
Horizon Therapeutics plc*		33,926		3,860,779
Illumina, Inc.*		18,894		3,820,367
Alnylam Pharmaceuticals, Inc.*		15,407		3,661,474
Seagen, Inc.*		26,188		3,365,420
Royalty Pharma plc — Class A		82,927		3,277,275
BioMarin Pharmaceutical, Inc.*		28,967		2,997,795
Incyte Corp.*		34,788		2,794,172
Sarepta Therapeutics, Inc.*		18,867		2,444,786
United Therapeutics Corp.*		8,753		2,434,122
Halozyme Therapeutics, Inc.*		33,232		1,890,901
Karuna Therapeutics, Inc.*		9,503		1,867,340
BioNTech SE ADR		11,295		1,696,735
Apellis Pharmaceuticals, Inc.*		32,273		1,668,837
Cytokinetics, Inc.*		36,413		1,668,444
Arrowhead Pharmaceuticals, Inc.*		40,178		1,629,620
Ionis Pharmaceuticals, Inc.*		42,846		1,618,293
Mirati Therapeutics, Inc.*		35,455		1,606,466
Exelixis, Inc.*		97,306		1,560,788
CRISPR Therapeutics AG*		35,871		1,458,156
Maravai LifeSciences Holdings, Inc. — Class A*		96,361		1,378,926
Denali Therapeutics, Inc.*		46,930		1,305,123
Ultragenyx Pharmaceutical, Inc.*		27,397		1,269,303
Intellia Therapeutics, Inc.*		34,816		1,214,730
BioCryst Pharmaceuticals, Inc.*		97,834		1,123,134
Blueprint Medicines Corp.*		24,840		1,088,240
Beam Therapeutics, Inc.*		27,758		1,085,615
Guardant Health, Inc.*		33,051		898,987
Veracyte, Inc.*		36,316		861,779
Twist Bioscience Corp.*		32,537		774,706
Iovance Biotherapeutics, Inc.*		97,222		621,249
Fate Therapeutics, Inc.*		50,376		508,294
Editas Medicine, Inc.*		57,128		506,725
Emergent BioSolutions, Inc.*		41,151		485,993
Novavax, Inc.*,1		45,249		465,160
Biohaven Ltd.*		28,189		391,263
Total Biotechnology				99,551,612
Pharmaceuticals - 17.2%
AbbVie, Inc.		70,229		11,349,709
AstraZeneca plc ADR		58,420		3,960,876
Viatris, Inc.		229,343		2,552,587
Neurocrine Biosciences, Inc.*		19,520		2,331,469
Jazz Pharmaceuticals plc*		13,184		2,100,343
Ironwood Pharmaceuticals, Inc. — Class A*		78,356		970,831
Total Pharmaceuticals				23,265,815
Healthcare-Products - 4.9%
Bio-Techne Corp.		30,342		2,514,745
Exact Sciences Corp.*		41,943		2,076,598
Natera, Inc.*		37,011		1,486,732
CareDx, Inc.*		44,596		508,840
Total Healthcare-Products				6,586,915
Healthcare-Services - 3.7%
ICON plc*		9,906		1,924,241
Medpace Holdings, Inc.*		8,308		1,764,702
Syneos Health, Inc.*		37,205		1,364,679
Total Healthcare-Services				5,053,622
Total Common Stocks
(Cost $72,609,576)				134,457,964

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	604,997	604,997
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		232,691	232,691
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		231,970	231,970
Total Repurchase Agreements
(Cost $1,069,658)			1,069,658

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.3%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		341,490		341,490
Total Securities Lending Collateral
(Cost $341,490)				341,490
Total Investments - 100.7%
(Cost $74,020,724)			$	135,869,112
Other Assets & Liabilities, net - (0.7)%				(997,042	)
Total Net Assets - 100.0%			$	134,872,070

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	134,457,964	$	—	$	—	$	134,457,964
Repurchase Agreements		—		1,069,658		—		1,069,658
Securities Lending Collateral		341,490		—		—		341,490
Total Assets	$	134,799,454	$	1,069,658	$	—	$	135,869,112

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
Food - 36.9%
Mondelez International, Inc. — Class A		52,878	$	3,524,319
Kraft Heinz Co.		64,169		2,612,320
General Mills, Inc.		30,392		2,548,369
Hershey Co.		10,681		2,473,399
Sysco Corp.		28,956		2,213,686
Kroger Co.		45,507		2,028,702
Kellogg Co.		25,346		1,805,649
Hormel Foods Corp.		39,519		1,800,090
Tyson Foods, Inc. — Class A		28,142		1,751,839
McCormick & Company, Inc.		20,783		1,722,703
Conagra Brands, Inc.		41,158		1,592,815
J M Smucker Co.		9,620		1,524,385
Campbell Soup Co.		26,353		1,495,533
Lamb Weston Holdings, Inc.		15,169		1,355,502
Albertsons Companies, Inc. — Class A		57,581		1,194,230
Performance Food Group Co.*		18,886		1,102,754
US Foods Holding Corp.*		29,792		1,013,524
Ingredion, Inc.		9,588		938,953
Flowers Foods, Inc.		31,784		913,472
Post Holdings, Inc.*		9,502		857,651
Sprouts Farmers Market, Inc.*		20,397		660,251
Grocery Outlet Holding Corp.*		22,143		646,354
TreeHouse Foods, Inc.*		12,984		641,150
Hostess Brands, Inc.*		27,542		618,042
United Natural Foods, Inc.*		15,801		611,657
Cal-Maine Foods, Inc.		10,723		583,867
Hain Celestial Group, Inc.*		27,371		442,863
Beyond Meat, Inc.*,1		21,543		265,194
Total Food				38,939,273
Beverages - 26.2%
Coca-Cola Co.		96,778		6,156,049
PepsiCo, Inc.		32,224		5,821,588
Monster Beverage Corp.*		26,814		2,722,425
Keurig Dr Pepper, Inc.		71,518		2,550,332
Constellation Brands, Inc. — Class A		10,348		2,398,149
Brown-Forman Corp. — Class B		32,299		2,121,398
Molson Coors Beverage Co. — Class B		24,446		1,259,458
Coca-Cola Europacific Partners plc		20,375		1,127,145
Celsius Holdings, Inc.*		9,416		979,641
Anheuser-Busch InBev S.A. ADR		16,198		972,528
Fomento Economico Mexicano SAB de CV ADR		11,302		882,912
Boston Beer Company, Inc. — Class A*		2,239		737,795
Total Beverages				27,729,420
Agriculture - 13.6%
Philip Morris International, Inc.		46,354		4,691,488
Altria Group, Inc.		72,921		3,333,219
Archer-Daniels-Midland Co.		28,421		2,638,890
Bunge Ltd.		14,569		1,453,549
Darling Ingredients, Inc.*		18,961		1,186,769
British American Tobacco plc ADR		25,250		1,009,495
Total Agriculture				14,313,410
Cosmetics & Personal Care - 13.2%
Procter & Gamble Co.		46,236		7,007,528
Estee Lauder Companies, Inc. — Class A		14,216		3,527,132
Colgate-Palmolive Co.		38,351		3,021,675
Beauty Health Co.*		42,079		382,919
Total Cosmetics & Personal Care				13,939,254
Household Products & Housewares - 5.9%
Kimberly-Clark Corp.		18,479		2,508,524
Church & Dwight Company, Inc.		20,579		1,658,873
Clorox Co.		10,606		1,488,340
Spectrum Brands Holdings, Inc.		10,220		622,603
Total Household Products & Housewares				6,278,340
Retail - 2.0%
Casey's General Stores, Inc.		4,435		994,992
Freshpet, Inc.*		10,723		565,853
Nu Skin Enterprises, Inc. — Class A		13,016		548,755
Total Retail				2,109,600
Pharmaceuticals - 1.2%
BellRing Brands, Inc.*		27,489		704,818
Herbalife Nutrition Ltd.*		38,041		566,050
Total Pharmaceuticals				1,270,868
Electrical Components & Equipment - 0.5%
Energizer Holdings, Inc.		16,937		568,237
Total Common Stocks
(Cost $63,940,403)				105,148,402

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.0%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	310	310
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		119	119
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		119	119
Total Repurchase Agreements
(Cost $548)			548

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4	208,911		208,911
Total Securities Lending Collateral
(Cost $208,911)			208,911
Total Investments - 99.7%
(Cost $64,149,862)		$	105,357,861
Other Assets & Liabilities, net - 0.3%			316,828
Total Net Assets - 100.0%		$	105,674,689

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	105,148,402	$	—	$	—	$	105,148,402
Repurchase Agreements		—		548		—		548
Securities Lending Collateral		208,911		—		—		208,911
Total Assets	$	105,357,313	$	548	$	—	$	105,357,861

Dow Jones Industrial Average® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 84.0%
Consumer, Non-cyclical - 21.6%
UnitedHealth Group, Inc.		6,080	$	3,223,494
Amgen, Inc.		6,080		1,596,851
Johnson & Johnson		6,080		1,074,032
Procter & Gamble Co.		6,080		921,485
Merck & Company, Inc.		6,080		674,576
Coca-Cola Co.		6,080		386,749
Total Consumer, Non-cyclical				7,877,187
Financial - 17.1%
Goldman Sachs Group, Inc.		6,080		2,087,750
Visa, Inc. — Class A		6,080		1,263,181
Travelers Companies, Inc.		6,080		1,139,939
American Express Co.		6,080		898,320
JPMorgan Chase & Co.		6,080		815,328
Total Financial				6,204,518
Consumer, Cyclical - 14.6%
Home Depot, Inc.		6,080		1,920,429
McDonald's Corp.		6,080		1,602,262
Walmart, Inc.		6,080		862,083
NIKE, Inc. — Class B		6,080		711,421
Walgreens Boots Alliance, Inc.		6,080		227,149
Total Consumer, Cyclical				5,323,344
Industrial - 12.8%
Caterpillar, Inc.		6,080		1,456,525
Honeywell International, Inc.		6,080		1,302,944
Boeing Co.*		6,080		1,158,179
3M Co.		6,080		729,114
Total Industrial				4,646,762
Technology - 11.2%
Microsoft Corp.		6,080		1,458,106
International Business Machines Corp.		6,080		856,611
Salesforce, Inc.*		6,080		806,147
Apple, Inc.		6,080		789,975
Intel Corp.		6,080		160,694
Total Technology				4,071,533
Energy - 3.0%
Chevron Corp.		6,080		1,091,299
Communications - 2.9%
Walt Disney Co.*		6,080		528,231
Cisco Systems, Inc.		6,080		289,651
Verizon Communications, Inc.		6,080		239,552
Total Communications				1,057,434
Basic Materials - 0.8%
Dow, Inc.		6,080		306,371
Total Common Stocks
(Cost $27,684,659)				30,578,448
MUTUAL FUNDS† - 5.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		98,739		951,842
Guggenheim Strategy Fund II1		37,085		891,519
Total Mutual Funds
(Cost $1,898,270)				1,843,361

	Face Amount
U.S. TREASURY BILLS†† - 1.7%
U.S. Treasury Bills
3.89% due 01/12/232,3	$	600,000		599,479
3.80% due 01/17/233,4		8,000		7,988
Total U.S. Treasury Bills
(Cost $607,274)				607,467
REPURCHASE AGREEMENTS††,5 - 9.8%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26%  due 01/03/232		2,017,439		2,017,439
BofA Securities, Inc. issued 12/30/22 at 4.25%  due 01/03/232		775,938		775,938
Barclays Capital, Inc. issued 12/30/22 at 4.21%  due 01/03/232		773,535		773,535
Total Repurchase Agreements
(Cost $3,566,912)				3,566,912
Total Investments - 100.6%
(Cost $33,757,115)			$	36,596,188
Other Assets & Liabilities, net - (0.6)%				(214,095	)
Total Net Assets - 100.0%			$	36,382,093

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Dow Jones Industrial Average Index Mini Futures Contracts		7	Mar 2023	$	1,165,255	$	(34,058	)

Dow Jones Industrial Average® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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††

BNP Paribas

Dow Jones Industrial Average Index

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

01/26/23

89

$

2,937,612

$

10,458

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

4.80% (SOFR + 0.50%)

At Maturity

01/25/23

52

1,732,749

(25,100

)

$

4,670,361

$

(14,642

)

^* 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, 2022.

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, 2022.

⁵ Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	30,578,448	$	—	$	—	$	30,578,448
Mutual Funds		1,843,361		—		—		1,843,361
U.S. Treasury Bills		—		607,467		—		607,467
Repurchase Agreements		—		3,566,912		—		3,566,912
Equity Index Swap Agreements**		—		10,458		—		10,458
Total Assets	$	32,421,809	$	4,184,837	$	—	$	36,606,646

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	34,058	$	—	$	—	$	34,058
Equity Index Swap Agreements**		—		25,100		—		25,100
Total Liabilities	$	34,058	$	25,100	$	—	$	59,158

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

Dow Jones Industrial Average® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	910,432	$	–	$	–		$	–		$	(18,913	)	$	891,519		37,085	$	22,217
Guggenheim Ultra Short Duration Fund — Institutional Class		2,386,129		–		(1,400,000	)		(41,542	)		7,255			951,842		98,739		26,543
	$	3,296,561	$	–	$	(1,400,000	)	$	(41,542	)	$	(11,658	)	$	1,843,361			$	48,760

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.6%
Semiconductors - 89.9%
NVIDIA Corp.		18,095	$	2,644,403
Broadcom, Inc.		4,182		2,338,282
Texas Instruments, Inc.		10,812		1,786,359
QUALCOMM, Inc.		14,620		1,607,323
Intel Corp.		58,000		1,532,940
Advanced Micro Devices, Inc.*		23,615		1,529,543
Analog Devices, Inc.		8,197		1,344,554
Applied Materials, Inc.		13,240		1,289,311
Lam Research Corp.		2,613		1,098,244
KLA Corp.		2,816		1,061,716
Micron Technology, Inc.		20,899		1,044,532
Taiwan Semiconductor Manufacturing Company Ltd. ADR		13,899		1,035,336
Microchip Technology, Inc.		12,724		893,861
Marvell Technology, Inc.		22,351		827,881
NXP Semiconductor N.V.		5,121		809,272
GLOBALFOUNDRIES, Inc.*,1		14,084		758,987
ON Semiconductor Corp.*		11,667		727,671
ASML Holding N.V. — Class G		1,259		687,918
Monolithic Power Systems, Inc.		1,660		586,992
Skyworks Solutions, Inc.		6,122		557,898
Teradyne, Inc.		6,036		527,244
STMicroelectronics N.V. — Class Y1		13,874		493,498
Entegris, Inc.		7,044		462,016
Qorvo, Inc.*		4,787		433,894
Lattice Semiconductor Corp.*		6,528		423,537
Wolfspeed, Inc.*		5,720		394,909
MKS Instruments, Inc.		4,264		361,289
Amkor Technology, Inc.		14,588		349,820
Silicon Laboratories, Inc.*		2,250		305,257
Power Integrations, Inc.		4,203		301,439
Cirrus Logic, Inc.*		3,883		289,206
Synaptics, Inc.*		2,969		282,530
Ambarella, Inc.*		3,299		271,277
MaxLinear, Inc. — Class A*		7,161		243,116
SiTime Corp.*		2,122		215,638
Semtech Corp.*		7,072		202,896
Total Semiconductors				29,720,589
Energy-Alternate Sources - 6.7%
Enphase Energy, Inc.*		3,164		838,334
First Solar, Inc.*		4,100		614,139
SolarEdge Technologies, Inc.*		1,764		499,688
SunPower Corp. — Class A*		13,778		248,417
Total Energy-Alternate Sources				2,200,578
Chemicals - 1.1%
Daqo New Energy Corp. ADR*		9,517		367,451
Electrical Components & Equipment - 1.0%
Universal Display Corp.		3,001		324,228
Healthcare-Products - 0.9%
Azenta, Inc.*		5,317		309,556
Total Common Stocks
(Cost $19,468,121)				32,922,402

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	94,351	94,351
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		36,289	36,289
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		36,177	36,177
Total Repurchase Agreements
(Cost $166,817)			166,817

	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.9%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4	969,433		969,433
Total Securities Lending Collateral
(Cost $969,433)			969,433
Total Investments - 103.0%
(Cost $20,604,371)		$	34,058,652
Other Assets & Liabilities, net - (3.0)%			(998,992	)
Total Net Assets - 100.0%		$	33,059,660

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	32,922,402	$	—	$	—	$	32,922,402
Repurchase Agreements		—		166,817		—		166,817
Securities Lending Collateral		969,433		—		—		969,433
Total Assets	$	33,891,835	$	166,817	$	—	$	34,058,652

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 76.5%
Technology - 23.0%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		5,826	$	433,979
Infosys Ltd. ADR		6,312		113,679
NetEase, Inc. ADR		647		46,992
United Microelectronics Corp. ADR*,1		4,099		26,766
ASE Technology Holding Company Ltd. ADR		3,005		18,841
Wipro Ltd. ADR		2,615		12,186
Total Technology				652,443
Communications - 22.7%
Alibaba Group Holding Ltd. ADR*		3,333		293,604
JD.com, Inc. ADR		1,777		99,743
Pinduoduo, Inc. ADR*		960		78,288
Baidu, Inc. ADR*		487		55,703
Trip.com Group Ltd. ADR*		940		32,336
America Movil SAB de CV — Class L ADR		1,687		30,704
Chunghwa Telecom Company Ltd. ADR		671		24,552
Telkom Indonesia Persero Tbk PT ADR		840		20,034
SK Telecom Company Ltd. ADR		341		7,021
Total Communications				641,985
Financial - 13.3%
HDFC Bank Ltd. ADR		2,371		162,200
ICICI Bank Ltd. ADR		4,555		99,709
Banco Bradesco S.A. ADR		9,393		27,052
KB Financial Group, Inc. ADR		679		26,250
Shinhan Financial Group Company Ltd. ADR		906		25,305
KE Holdings, Inc. ADR*		1,198		16,724
Woori Financial Group, Inc. ADR1		381		10,489
Banco de Chile ADR		383		7,974
Total Financial				375,703
Basic Materials - 8.5%
Vale S.A. ADR		6,423		108,998
POSCO Holdings, Inc. ADR		520		28,325
Sociedad Quimica y Minera de Chile S.A. ADR		252		20,120
Gold Fields Ltd. ADR		1,574		16,291
Sasol Ltd. ADR		1,030		16,181
AngloGold Ashanti Ltd. ADR		739		14,352
Sibanye Stillwater Ltd. ADR		1,249		13,314
Suzano S.A. ADR		1,394		12,880
Gerdau S.A. ADR		1,828		10,127
Total Basic Materials				240,588
Consumer, Non-cyclical - 3.3%
Fomento Economico Mexicano SAB de CV ADR		324		25,311
BeiGene Ltd. ADR*		115		25,293
Ambev S.A. ADR		7,787		21,181
Dr Reddy's Laboratories Ltd. ADR		215		11,126
New Oriental Education & Technology Group, Inc. ADR*		264		9,192
Total Consumer, Non-cyclical				92,103
Consumer, Cyclical - 1.7%
NIO, Inc. ADR*		2,508		24,453
Tata Motors Ltd. ADR*		622		14,374
H World Group Ltd. ADR		250		10,605
Total Consumer, Cyclical				49,432
Industrial - 1.7%
ZTO Express Cayman, Inc. ADR		734		19,723
Cemex SAB de CV ADR*		2,673		10,826
Grupo Aeroportuario del Pacifico SAB de CV ADR		64		9,204
Grupo Aeroportuario del Sureste SAB de CV ADR		33		7,688
Total Industrial				47,441
Energy - 1.2%
Petroleo Brasileiro S.A. ADR		3,285		34,985
Utilities - 1.1%
Centrais Eletricas Brasileiras S.A. ADR		2,248		17,827
Korea Electric Power Corp. ADR*		907		7,836
Cia de Saneamento Basico do Estado de Sao Paulo ADR		603		6,428
Total Utilities				32,091
Total Common Stocks
(Cost $2,003,260)				2,166,771
PREFERRED STOCKS† - 2.8%
Financial - 1.4%
Itau Unibanco Holding S.A.
ADR		8,556		40,299
Energy - 1.4%
Petroleo Brasileiro S.A.
ADR		4,055		37,671
Total Preferred Stocks
(Cost $75,927)				77,970

	Face Amount
REPURCHASE AGREEMENTS††,2 - 30.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/233	$	488,770	488,770
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/233		187,989	187,989
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/233		187,406	187,406
Total Repurchase Agreements
(Cost $864,165)			864,165

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
SECURITIES LENDING COLLATERAL†,4 - 1.1%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%5	$	29,827	$	29,827
Total Securities Lending Collateral
(Cost $29,827)				29,827
Total Investments - 110.9%
(Cost $2,973,179)				3,138,733
Other Assets & Liabilities, net - (10.9)%				(307,383	)
Total Net Assets - 100.0%			$	2,831,350

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P Emerging 50 ADR Index

Pay

4.58% (Federal Funds Rate + 0.25%)

At Maturity

01/26/23

519

$

1,247,999

$

16,990

BNP Paribas

S&P Emerging 50 ADR Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

01/26/23

935

2,250,560

4,606

$

3,498,559

$

21,596

*	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, 2022 — 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, 2022.
4	Securities lending collateral — See Note 5.
5	Rate indicated is the 7-day yield as of December 31, 2022.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	2,166,771	$	—	$	—	$	2,166,771
Preferred Stocks		77,970		—		—		77,970
Repurchase Agreements		—		864,165		—		864,165
Securities Lending Collateral		29,827		—		—		29,827
Equity Index Swap Agreements**		—		21,596		—		21,596
Total Assets	$	2,274,568	$	885,761	$	—	$	3,160,329

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

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
U.S. TREASURY BILLS†† - 0.9%
U.S. Treasury Bills
3.89% due 01/17/231,2	$	4,000	$	3,994
Total U.S. Treasury Bills
(Cost $3,993)				3,994
REPURCHASE AGREEMENTS††,3 - 87.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26%  due 01/03/234		224,452		224,452
BofA Securities, Inc. issued 12/30/22 at 4.25%  due 01/03/234		86,328		86,328
Barclays Capital, Inc. issued 12/30/22 at 4.21%  due 01/03/234		86,060		86,060
Total Repurchase Agreements
(Cost $396,840)				396,840
Total Investments - 88.4%
(Cost $400,833)			$	400,834
Other Assets & Liabilities, net - 11.6%				52,819
Total Net Assets - 100.0%			$	453,653

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		3	Mar 2023	$	324,070	$	(1,333	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange		Index		Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Appreciation**
Barclays Bank plc		ICE		CDX.EM.38.V1		1.00	%	Quarterly	12/20/27	$	380,000	$	(22,179	)	$	(24,704	)	$	2,525

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Credit Index Swap Agreements††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

01/06/23

8,503

$

159,601

$

(543

)

$

159,601

$

(543

)

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is pledged as futures collateral at December 31, 2022.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 4.
4	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

CDX.EM.38.V1 — Credit Default Swap Emerging Markets Series 38 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, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	3,994	$	—	$	3,994
Repurchase Agreements		—		396,840		—		396,840
Credit Default Swap Agreements**		—		2,525		—		2,525
Total Assets	$	—	$	403,359	$	—	$	403,359

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	1,333	$	—	$	—	$	1,333
Credit Index Swap Agreements**		—		543		—		543
Total Liabilities	$	1,333	$	543	$	—	$	1,876

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

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.1%
Oil & Gas - 67.0%
Exxon Mobil Corp.		52,694	$	5,812,148
Chevron Corp.		28,067		5,037,746
ConocoPhillips		28,400		3,351,200
EOG Resources, Inc.		18,830		2,438,862
Marathon Petroleum Corp.		17,722		2,062,664
Occidental Petroleum Corp.		32,346		2,037,475
Pioneer Natural Resources Co.		8,791		2,007,777
Valero Energy Corp.		15,468		1,962,270
Phillips 66		18,236		1,898,003
Hess Corp.		12,945		1,835,860
Devon Energy Corp.		27,336		1,681,437
Diamondback Energy, Inc.		10,003		1,368,210
Petroleo Brasileiro S.A. ADR		111,848		1,191,181
Coterra Energy, Inc. — Class A		48,372		1,188,500
BP plc ADR		33,012		1,153,109
Marathon Oil Corp.		41,864		1,133,258
Texas Pacific Land Corp.		478		1,120,542
APA Corp.		23,247		1,085,170
Ovintiv, Inc.		19,816		1,004,869
Chesapeake Energy Corp.		10,068		950,117
Equities Corp.		27,635		934,892
Shell plc ADR		16,121		918,091
HF Sinclair Corp.		17,354		900,499
Suncor Energy, Inc.		25,834		819,713
Matador Resources Co.		12,629		722,884
PBF Energy, Inc. — Class A		17,437		711,081
Murphy Oil Corp.		16,463		708,074
Canadian Natural Resources Ltd.		12,646		702,232
PDC Energy, Inc.		10,575		671,301
Range Resources Corp.		26,647		666,708
Chord Energy Corp.		4,798		656,414
Helmerich & Payne, Inc.		13,062		647,483
Valaris Ltd.*		9,428		637,521
Magnolia Oil & Gas Corp. — Class A		27,163		636,972
Equinor ASA ADR		17,501		626,711
Civitas Resources, Inc.		10,804		625,876
Noble Corporation plc*		16,320		615,427
SM Energy Co.		16,281		567,067
Denbury, Inc.*		6,478		563,716
Patterson-UTI Energy, Inc.		32,315		544,185
Comstock Resources, Inc.		39,260		538,255
Weatherford International plc*		10,531		536,239
CVR Energy, Inc.		16,354		512,534
California Resources Corp.		11,504		500,539
CNX Resources Corp.*		28,552		480,816
Callon Petroleum Co.*		11,513		427,017
Northern Oil and Gas, Inc.		13,603		419,244
Delek US Holdings, Inc.		13,949		376,623
Par Pacific Holdings, Inc.*		14,693		341,612
Talos Energy, Inc.*		17,835		336,725
Laredo Petroleum, Inc.*		5,144		264,505
Total Oil & Gas				58,931,354
Pipelines - 11.8%
Kinder Morgan, Inc.		96,203		1,739,350
Williams Companies, Inc.		51,699		1,700,897
Cheniere Energy, Inc.		10,488		1,572,781
ONEOK, Inc.		22,313		1,465,964
Targa Resources Corp.		15,762		1,158,507
New Fortress Energy, Inc.		18,553		787,018
Enbridge, Inc.		19,306		754,865
DT Midstream, Inc.		11,094		613,054
TC Energy Corp.		14,715		586,540
Total Pipelines				10,378,976
Oil & Gas Services - 8.0%
Schlumberger Ltd.		44,681		2,388,646
Halliburton Co.		44,010		1,731,793
Baker Hughes Co.		50,301		1,485,389
NOV, Inc.		37,902		791,773
ChampionX Corp.		23,022		667,408
Total Oil & Gas Services				7,065,009
Energy-Alternate Sources - 6.6%
Enphase Energy, Inc.*		5,483		1,452,776
First Solar, Inc.*		7,165		1,073,245
SolarEdge Technologies, Inc.*		3,283		929,975
Plug Power, Inc.*		57,198		707,539
Sunrun, Inc.*		23,467		563,677
Enviva, Inc.		9,246		489,761
Green Plains, Inc.*		12,759		389,150
TPI Composites, Inc.*		18,501		187,600
Total Energy-Alternate Sources				5,793,723
Coal - 1.5%
Peabody Energy Corp.*		19,089		504,331
Arch Resources, Inc.1		2,902		414,377
CONSOL Energy, Inc.		5,846		379,990
Total Coal				1,298,698
Retail - 1.1%
Murphy USA, Inc.		2,252		629,524
World Fuel Services Corp.		12,767		348,922
Total Retail				978,446
Mining - 0.9%
Cameco Corp.1		32,869		745,140
Metal Fabricate & Hardware - 0.6%
Tenaris S.A. ADR		15,541		546,422
Machinery-Diversified - 0.6%
Cactus, Inc. — Class A		10,531		529,288
Electrical Components & Equipment - 0.5%
EnerSys		6,167		455,371
Electric - 0.5%
Ameresco, Inc. — Class A*		7,758		443,292
Total Common Stocks
(Cost $55,915,175)				87,165,719

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	408,595	408,595
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		157,152	157,152
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		156,665	156,665
Total Repurchase Agreements
(Cost $722,412)			722,412

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		574,855	$	574,855
Total Securities Lending Collateral
(Cost $574,855)			$	574,855
Total Investments - 100.6%
(Cost $57,212,442)			$	88,462,986
Other Assets & Liabilities, net - (0.6)%				(533,712	)
Total Net Assets - 100.0%			$	87,929,274

*	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, 2022 — 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, 2022.

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, 2022 (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	$	87,165,719	$	—	$	—	$	87,165,719
Repurchase Agreements		—		722,412		—		722,412
Securities Lending Collateral		574,855		—		—		574,855
Total Assets	$	87,740,574	$	722,412	$	—	$	88,462,986

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.6%
Oil & Gas Services - 65.4%
Schlumberger Ltd.		34,092	$	1,822,558
Halliburton Co.		33,578		1,321,294
Baker Hughes Co.		38,374		1,133,184
NOV, Inc.		28,916		604,055
ChampionX Corp.		17,560		509,064
ProFrac Holding Corp. — Class A*		17,349		437,195
Liberty Energy, Inc. — Class A		22,853		365,877
Expro Group Holdings N.V.*		18,002		326,376
Tidewater, Inc.*		8,164		300,843
Oceaneering International, Inc.*		17,164		300,198
Archrock, Inc.		27,757		249,258
NOW, Inc.*		19,015		241,491
ProPetro Holding Corp.*		22,739		235,803
Core Laboratories N.V.		11,529		233,693
Dril-Quip, Inc.*		8,044		218,556
US Silica Holdings, Inc.*		16,656		208,200
Bristow Group, Inc.*		6,842		185,624
National Energy Services Reunited Corp.*		24,852		172,473
Solaris Oilfield Infrastructure, Inc. — Class A		14,348		142,476
DMC Global, Inc.*		7,025		136,566
Total Oil & Gas Services				9,144,784
Oil & Gas - 18.2%
Helmerich & Payne, Inc.		9,967		494,064
Valaris Ltd.*		7,192		486,323
Noble Corporation plc*		12,445		469,301
Patterson-UTI Energy, Inc.		24,657		415,224
Weatherford International plc*		8,033		409,040
Nabors Industries Ltd.*		1,748		270,713
Total Oil & Gas				2,544,665
Energy-Alternate Sources - 7.8%
SolarEdge Technologies, Inc.*		2,306		653,221
Sunrun, Inc.*		17,898		429,910
Total Energy-Alternate Sources				1,083,131
Machinery-Diversified - 2.9%
Cactus, Inc. — Class A		8,035		403,839
Metal Fabricate & Hardware - 2.5%
Tenaris S.A. ADR		9,852		346,396
Distribution & Wholesale - 1.4%
MRC Global, Inc.*		17,359		201,017
Retail - 1.4%
Aspen Aerogels, Inc.*		15,964		188,216
Total Common Stocks
(Cost $7,618,180)				13,912,048

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	39,579		39,579
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		15,223		15,223
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		15,176		15,176
Total Repurchase Agreements
(Cost $69,978)				69,978
Total Investments - 100.1%
(Cost $7,688,158)			$	13,982,026
Other Assets & Liabilities, net - (0.1)%				(8,537	)
Total Net Assets - 100.0%			$	13,973,489

*	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.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	13,912,048	$	—	$	—	$	13,912,048
Repurchase Agreements		—		69,978		—		69,978
Total Assets	$	13,912,048	$	69,978	$	—	$	13,982,026

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 12.8%
Consumer, Non-cyclical - 5.4%
Nestle S.A. ADR		165	$	19,031
Novo Nordisk A/S ADR		98		13,263
Roche Holding AG ADR		337		13,194
AstraZeneca plc ADR		186		12,611
Novartis AG ADR		134		12,156
Unilever plc ADR		157		7,905
Sanofi ADR		138		6,683
Diageo plc ADR		34		6,059
L'Oreal S.A. ADR		73		5,201
British American Tobacco plc ADR		123		4,917
GSK plc ADR		119		4,182
EssilorLuxottica S.A. ADR		36		3,261
RELX plc ADR		117		3,243
Anheuser-Busch InBev S.A. ADR		53		3,182
Reckitt Benckiser Group plc ADR		218		3,072
Bayer AG ADR		234		3,009
Adyen N.V. ADR*		172		2,374
Total Consumer, Non-cyclical				123,343
Financial - 1.4%
HSBC Holdings plc ADR		243		7,572
Allianz SE ADR		242		5,191
Zurich Insurance Group AG ADR		90		4,306
BNP Paribas S.A. ADR		136		3,872
UBS Group AG		188		3,510
AXA S.A. ADR		119		3,317
Banco Santander S.A. ADR		1,013		2,988
Total Financial				30,756
Energy - 1.2%
Shell plc ADR		212		12,073
TotalEnergies SE ADR		157		9,747
BP plc ADR		181		6,322
Total Energy				28,142
Basic Materials - 1.1%
Linde plc		30		9,785
Rio Tinto plc ADR		63		4,486
Air Liquide S.A. ADR		157		4,440
Glencore plc ADR1		320		4,262
BASF SE ADR		220		2,709
Total Basic Materials				25,682
Consumer, Cyclical - 1.1%
LVMH Moet Hennessy Louis Vuitton SE ADR		78		11,300
Cie Financiere Richemont S.A. ADR		312		4,022
Hermes International ADR		21		3,250
Mercedes-Benz Group AG ADR		188		3,074
Kering S.A. ADR1		44		2,229
Total Consumer, Cyclical				23,875
Industrial - 1.0%
Siemens AG ADR		89		6,122
Schneider Electric SE ADR		171		4,781
Airbus SE ADR		140		4,152
Vinci S.A. ADR		135		3,366
ABB Ltd. ADR		95		2,894
Deutsche Post AG ADR		59		2,213
Total Industrial				23,528
Technology - 0.9%
ASML Holding N.V. — Class G		24		13,114
SAP SE ADR		61		6,294
Total Technology				19,408
Utilities - 0.4%
Iberdrola S.A. ADR		87		4,068
National Grid plc ADR		44		2,654
Enel SpA ADR		466		2,489
Total Utilities				9,211
Communications - 0.3%
Deutsche Telekom AG ADR		208		4,156
Prosus N.V. ADR		254		3,487
Total Communications				7,643
Total Common Stocks
(Cost $207,909)				291,588
MUTUAL FUNDS† - 5.9%
Guggenheim Ultra Short Duration Fund — Institutional Class2		7,027		67,741
Guggenheim Strategy Fund II2		2,760		66,361
Total Mutual Funds
(Cost $138,226)				134,102

	Face Amount
U.S. TREASURY BILLS†† - 9.8%
U.S. Treasury Bills
3.80% due 01/17/233,4	$	224,000	223,679
Total U.S. Treasury Bills
(Cost $223,613)			223,679
REPURCHASE AGREEMENTS††,5 - 62.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23		801,699	801,699
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		308,345	308,345
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		307,391	307,391
Total Repurchase Agreements
(Cost $1,417,435)			1,417,435

	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.2%
Money Market Fund
First American Government Obligations Fund – Class X, 4.10%7		3,638		3,638
Total Securities Lending Collateral
(Cost $3,638)				3,638
Total Investments - 91.2%
(Cost $1,990,821)			$	2,070,442
Other Assets & Liabilities, net - 8.8%				199,256
Total Net Assets - 100.0%			$	2,269,698

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Futures Contracts
Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Currency Futures Contracts Purchased†
Euro FX Futures Contracts	19	Mar 2023	$	2,555,381	$	15,197
Equity Futures Contracts Purchased†
STOXX 50 Index Futures Contracts	65	Mar 2023		2,537,486		(20,220	)

*	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, 2022 — See Note 5.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at December 31, 2022.
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, 2022.

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, 2022 (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	$	291,588	$	—	$	—	$	291,588
Mutual Funds		134,102		—		—		134,102
U.S. Treasury Bills		—		223,679		—		223,679
Repurchase Agreements		—		1,417,435		—		1,417,435
Securities Lending Collateral		3,638		—		—		3,638
Currency Futures Contracts**		15,197		—		—		15,197
Total Assets	$	444,525	$	1,641,114	$	—	$	2,085,639

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	20,220	$	—	$	—	$	20,220

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	271,082	$	–	$	(200,000	)	$	(5,943	)	$	1,222	$	66,361		2,760	$	2,742
Guggenheim Ultra Short Duration Fund — Institutional Class		271,487		–		(200,000	)		(5,797	)		2,051		67,741		7,027		2,096
	$	542,569	$	–	$	(400,000	)	$	(11,740	)	$	3,273	$	134,102			$	4,838

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
REITS - 27.5%
American Tower Corp. — Class A		476	$	100,845
Prologis, Inc.		887		99,992
Crown Castle, Inc.		559		75,823
Equinix, Inc.		114		74,673
Public Storage		247		69,207
Simon Property Group, Inc.		534		62,734
Realty Income Corp.		983		62,352
Welltower, Inc.		881		57,750
SBA Communications Corp.		202		56,623
VICI Properties, Inc.		1,737		56,279
Digital Realty Trust, Inc.		524		52,541
Alexandria Real Estate Equities, Inc.		338		49,236
AvalonBay Communities, Inc.		302		48,779
Weyerhaeuser Co.		1,548		47,988
Equity Residential		788		46,492
Extra Space Storage, Inc.		300		44,154
Sun Communities, Inc.		308		44,044
Mid-America Apartment Communities, Inc.		277		43,486
Ventas, Inc.		951		42,843
WP Carey, Inc.		525		41,029
Invitation Homes, Inc.		1,384		41,022
STORE Capital Corp.		1,216		38,985
Essex Property Trust, Inc.		181		38,358
Gaming and Leisure Properties, Inc.		713		37,140
Healthpeak Properties, Inc.		1,464		36,702
Kimco Realty Corp.		1,712		36,260
Camden Property Trust		319		35,690
UDR, Inc.		915		35,438
Equity LifeStyle Properties, Inc.		542		35,013
Boston Properties, Inc.		502		33,925
Host Hotels & Resorts, Inc.		2,048		32,870
Rexford Industrial Realty, Inc.		598		32,675
Lamar Advertising Co. — Class A		338		31,907
Regency Centers Corp.		510		31,875
Annaly Capital Management, Inc.		1,486		31,325
American Homes 4 Rent — Class A		1,036		31,225
Federal Realty Investment Trust		287		28,998
CubeSmart		715		28,779
National Retail Properties, Inc.		628		28,737
Life Storage, Inc.		289		28,466
Americold Realty Trust, Inc.		973		27,546
Healthcare Realty Trust, Inc.		1,412		27,209
Brixmor Property Group, Inc.		1,162		26,343
Medical Properties Trust, Inc.		2,317		25,811
Agree Realty Corp.		359		25,464
First Industrial Realty Trust, Inc.		522		25,192
AGNC Investment Corp.		2,420		25,047
Omega Healthcare Investors, Inc.		895		25,015
Spirit Realty Capital, Inc.		582		23,239
Kilroy Realty Corp.		564		21,810
Vornado Realty Trust		1,004		20,893
Independence Realty Trust, Inc.		1,117		18,833
Park Hotels & Resorts, Inc.		1,380		16,270
SL Green Realty Corp.		462		15,579
Total REITS				2,176,511
Banks - 25.6%
JPMorgan Chase & Co.		1,510		202,491
Bank of America Corp.		5,280		174,874
Wells Fargo & Co.		3,140		129,651
Morgan Stanley		1,414		120,218
Goldman Sachs Group, Inc.		325		111,598
Citigroup, Inc.		2,160		97,697
U.S. Bancorp		1,931		84,211
PNC Financial Services Group, Inc.		530		83,708
Truist Financial Corp.		1,852		79,691
Bank of New York Mellon Corp.		1,361		61,953
State Street Corp.		680		52,748
M&T Bank Corp.		361		52,367
First Republic Bank		413		50,341
Fifth Third Bancorp		1,509		49,510
Regions Financial Corp.		2,137		46,074
Huntington Bancshares, Inc.		3,249		45,811
Citizens Financial Group, Inc.		1,148		45,197
Northern Trust Corp.		502		44,422
ICICI Bank Ltd. ADR		1,995		43,670
KeyCorp		2,424		42,226
HDFC Bank Ltd. ADR		609		41,662
SVB Financial Group*		172		39,584
Royal Bank of Canada		412		38,736
Bank of Nova Scotia		782		38,302
First Horizon Corp.		1,486		36,407
East West Bancorp, Inc.		476		31,368
Comerica, Inc.		467		31,219
Webster Financial Corp.		653		30,913
Zions Bancorp North America		596		29,299
Signature Bank		253		29,151
Western Alliance Bancorporation		448		26,683
Synovus Financial Corp.		631		23,694
Silvergate Capital Corp. — Class A*,1		395		6,873
Total Banks				2,022,349
Insurance - 22.5%
Berkshire Hathaway, Inc. — Class B*		862		266,272
Marsh & McLennan Companies, Inc.		543		89,856
Progressive Corp.		668		86,646
Chubb Ltd.		388		85,593
Aon plc — Class A		272		81,638
MetLife, Inc.		1,052		76,133
American International Group, Inc.		1,100		69,564
Aflac, Inc.		953		68,559
Travelers Companies, Inc.		356		66,746
Arthur J Gallagher & Co.		336		63,349
Prudential Financial, Inc.		617		61,367
Allstate Corp.		450		61,020
Willis Towers Watson plc		213		52,096
Hartford Financial Services Group, Inc.		656		49,744
Markel Corp.*		36		47,430
Principal Financial Group, Inc.		529		44,394

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Insurance - 22.5% (continued)
Brown & Brown, Inc.		713	$	40,620
Cincinnati Financial Corp.		396		40,546
RenaissanceRe Holdings Ltd.		219		40,346
Loews Corp.		657		38,323
Globe Life, Inc.		301		36,286
American Financial Group, Inc.		261		35,830
Equitable Holdings, Inc.		1,129		32,402
Fidelity National Financial, Inc.		858		32,278
Reinsurance Group of America, Inc. — Class A		225		31,970
Unum Group		725		29,747
Old Republic International Corp.		1,129		27,265
Assurant, Inc.		208		26,012
Voya Financial, Inc.		404		24,842
Lincoln National Corp.		808		24,822
First American Financial Corp.		446		23,344
MGIC Investment Corp.		1,518		19,734
Total Insurance				1,774,774
Diversified Financial Services - 16.3%
Charles Schwab Corp.		1,555		129,469
BlackRock, Inc. — Class A		152		107,712
American Express Co.		704		104,016
Intercontinental Exchange, Inc.		753		77,250
CME Group, Inc. — Class A		450		75,672
Apollo Global Management, Inc.		1,005		64,109
Capital One Financial Corp.		656		60,982
Ameriprise Financial, Inc.		190		59,160
Nasdaq, Inc.		910		55,829
Discover Financial Services		522		51,067
Raymond James Financial, Inc.		447		47,762
T. Rowe Price Group, Inc.		436		47,550
LPL Financial Holdings, Inc.		203		43,883
Tradeweb Markets, Inc. — Class A		603		39,153
Cboe Global Markets, Inc.		301		37,767
Synchrony Financial		1,148		37,723
Franklin Resources, Inc.		1,380		36,404
Invesco Ltd.		1,610		28,964
Jefferies Financial Group, Inc.		828		28,384
Ally Financial, Inc.		1,125		27,506
Coinbase Global, Inc. — Class A*,1		760		26,896
Stifel Financial Corp.		435		25,391
Evercore, Inc. — Class A		203		22,143
SLM Corp.		1,245		20,667
OneMain Holdings, Inc.		603		20,086
Upstart Holdings, Inc.*,1		724		9,571
Brookfield Asset Management Ltd. — Class A*		231		6,623
Total Diversified Financial Services				1,291,739
Private Equity - 3.4%
Blackstone, Inc. — Class A		1,278		94,815
KKR & Company, Inc. — Class A		1,397		64,849
Ares Management Corp. — Class A		672		45,991
Carlyle Group, Inc.		1,170		34,913
Brookfield Corp.		895		28,157
Total Private Equity				268,725
Commercial Services - 2.7%
S&P Global, Inc.		317		106,176
Moody's Corp.		266		74,113
MarketAxess Holdings, Inc.		113		31,514
Total Commercial Services				211,803
Software - 0.8%
MSCI, Inc. — Class A		133		61,868
Media - 0.4%
FactSet Research Systems, Inc.		93		37,313
Savings & Loans - 0.3%
New York Community Bancorp, Inc.		2,433		20,924
Total Common Stocks
(Cost $7,440,310)				7,866,006

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	25,365	25,365
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		9,756	9,756
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		9,726	9,726
Total Repurchase Agreements
(Cost $44,847)			44,847

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4	32,802		32,802
Total Securities Lending Collateral
(Cost $32,802)			32,802
Total Investments - 100.5%
(Cost $7,517,959)		$	7,943,655
Other Assets & Liabilities, net - (0.5)%			(42,129	)
Total Net Assets - 100.0%		$	7,901,526

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,866,006	$	—	$	—	$	7,866,006
Repurchase Agreements		—		44,847		—		44,847
Securities Lending Collateral		32,802		—		—		32,802
Total Assets	$	7,898,808	$	44,847	$	—	$	7,943,655

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 7.4%
Guggenheim Ultra Short Duration Fund — Institutional Class1		253,606	$	2,444,763
Guggenheim Strategy Fund II1		81,235		1,952,890
Total Mutual Funds
(Cost $4,535,377)				4,397,653

	Face Amount
U.S. GOVERNMENT SECURITIES†† - 87.6%
U.S. Treasury Bonds
4.00% due 11/15/52	$	51,200,000	51,784,000
Total U.S. Government Securities
(Cost $53,628,434)			51,784,000

U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
3.80% due 01/17/232,3	499,000		498,286
Total U.S. Treasury Bills
(Cost $498,138)			498,286
REPURCHASE AGREEMENTS††,4 - 2.1%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26%   due 01/03/23	700,234		700,234
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23	269,321		269,321
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23	268,487		268,487
Total Repurchase Agreements
(Cost $1,238,042)			1,238,042
Total Investments - 97.9%
(Cost $59,899,991)		$	57,917,981
Other Assets & Liabilities, net - 2.1%			1,233,671
Total Net Assets - 100.0%		$	59,151,652

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		147	Mar 2023	$	19,785,281	$	(573,287	)

^** 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, 2022.

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, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,397,653	$	—	$	—	$	4,397,653
U.S. Government Securities		—		51,784,000		—		51,784,000
U.S. Treasury Bills		—		498,286		—		498,286
Repurchase Agreements		—		1,238,042		—		1,238,042
Total Assets	$	4,397,653	$	53,520,328	$	—	$	57,917,981

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	573,287	$	—	$	—	$	573,287

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,728,073	$	–	$	(3,700,000	)	$	(87,149	)	$	11,966	$	1,952,890		81,235	$	61,034
Guggenheim Ultra Short Duration Fund — Institutional Class		5,526,328		–		(3,000,000	)		(96,827	)		15,262		2,444,763		253,606		61,419
	$	11,254,401	$	–	$	(6,700,000	)	$	(183,976	)	$	27,228	$	4,397,653			$	122,453

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
Pharmaceuticals - 32.5%
Johnson & Johnson		9,513	$	1,680,471
Eli Lilly & Co.		3,980		1,456,043
Pfizer, Inc.		25,548		1,309,080
Merck & Company, Inc.		11,787		1,307,768
AbbVie, Inc.		8,040		1,299,344
Bristol-Myers Squibb Co.		12,846		924,270
CVS Health Corp.		8,752		815,599
Cigna Corp.		2,333		773,016
Becton Dickinson and Co.		2,677		680,761
Zoetis, Inc.		4,343		636,467
McKesson Corp.		1,502		563,430
AstraZeneca plc ADR		7,836		531,281
Dexcom, Inc.*		4,298		486,705
AmerisourceBergen Corp. — Class A		2,731		452,554
Jazz Pharmaceuticals plc*		2,209		351,916
GSK plc ADR		10,001		351,435
Novartis AG ADR		3,801		344,827
Cardinal Health, Inc.		4,443		341,533
Perrigo Company plc		9,627		328,184
Viatris, Inc.		26,255		292,218
Neurocrine Biosciences, Inc.*		2,234		266,829
Henry Schein, Inc.*		3,209		256,303
Elanco Animal Health, Inc.*		15,389		188,054
Bausch Health Companies, Inc.*		17,329		108,826
Total Pharmaceuticals				15,746,914
Healthcare-Products - 29.9%
Thermo Fisher Scientific, Inc.		2,035		1,120,654
Abbott Laboratories		10,050		1,103,389
Danaher Corp.		4,035		1,070,970
Medtronic plc		11,309		878,935
Intuitive Surgical, Inc.*		2,801		743,245
Stryker Corp.		3,015		737,137
Boston Scientific Corp.*		13,786		637,878
Edwards Lifesciences Corp.*		7,339		547,563
IDEXX Laboratories, Inc.*		1,094		446,308
ResMed, Inc.		2,050		426,667
Zimmer Biomet Holdings, Inc.		3,135		399,713
Baxter International, Inc.		7,637		389,258
Waters Corp.*		1,029		352,515
Align Technology, Inc.*		1,622		342,080
Hologic, Inc.*		4,538		339,488
STERIS plc		1,801		332,627
West Pharmaceutical Services, Inc.		1,398		329,019
Cooper Companies, Inc.		975		322,403
PerkinElmer, Inc.		2,273		318,720
Avantor, Inc.*		13,926		293,699
Bio-Techne Corp.		3,473		287,842
Insulet Corp.*		970		285,558
Teleflex, Inc.		1,079		269,351
Bruker Corp.		3,661		250,229
Repligen Corp.*		1,438		243,468
Exact Sciences Corp.*		4,801		237,698
Masimo Corp.*		1,537		227,399
Inspire Medical Systems, Inc.*		855		215,357
Dentsply Sirona, Inc.		6,667		212,277
Shockwave Medical, Inc.*		965		198,414
Envista Holdings Corp.*		5,627		189,461
QuidelOrtho Corp.*		2,070		177,337
Natera, Inc.*		4,239		170,281
10X Genomics, Inc. — Class A*		4,458		162,450
Tandem Diabetes Care, Inc.*		2,925		131,479
Nevro Corp.*		2,318		91,793
Total Healthcare-Products				14,482,662
Biotechnology - 17.4%
Amgen, Inc.		3,368		884,572
Gilead Sciences, Inc.		9,254		794,456
Regeneron Pharmaceuticals, Inc.*		925		667,378
Moderna, Inc.*		3,562		639,806
Vertex Pharmaceuticals, Inc.*		2,194		633,583
Biogen, Inc.*		1,776		491,810
Horizon Therapeutics plc*		3,886		442,227
Illumina, Inc.*		2,164		437,561
Alnylam Pharmaceuticals, Inc.*		1,762		418,739
Seagen, Inc.*		3,000		385,530
Royalty Pharma plc — Class A		9,493		375,163
BioMarin Pharmaceutical, Inc.*		3,319		343,483
Incyte Corp.*		3,980		319,674
BioNTech SE ADR		1,916		287,822
Sarepta Therapeutics, Inc.*		2,159		279,763
United Therapeutics Corp.*		1,000		278,090
Apellis Pharmaceuticals, Inc.*		3,697		191,172
Mirati Therapeutics, Inc.*		4,060		183,959
Intellia Therapeutics, Inc.*		3,985		139,037
Guardant Health, Inc.*		3,787		103,006
Fate Therapeutics, Inc.*		5,767		58,189
Novavax, Inc.*,1		5,180		53,250
Total Biotechnology				8,408,270
Healthcare-Services - 16.6%
UnitedHealth Group, Inc.		3,180		1,685,973
Elevance Health, Inc.		1,636		839,219
HCA Healthcare, Inc.		2,652		636,374
Humana, Inc.		1,178		603,360
Centene Corp.*		6,214		509,610
IQVIA Holdings, Inc.*		2,353		482,106
Laboratory Corporation of America Holdings		1,527		359,578
Quest Diagnostics, Inc.		2,149		336,190
Molina Healthcare, Inc.*		1,005		331,871
ICON plc*		1,661		322,649
Charles River Laboratories International, Inc.*		1,229		267,799
Universal Health Services, Inc. — Class B		1,806		254,447
Catalent, Inc.*		5,299		238,508
DaVita, Inc.*		2,672		199,518
Encompass Health Corp.		3,274		195,818
Tenet Healthcare Corp.*		3,891		189,842
Oak Street Health, Inc.*		8,308		178,705
Syneos Health, Inc.*		4,259		156,220
Teladoc Health, Inc.*		6,308		149,184
Amedisys, Inc.*		1,542		128,819
Total Healthcare-Services				8,065,790
Electronics - 1.9%
Agilent Technologies, Inc.		3,368		504,021
Mettler-Toledo International, Inc.*		299		432,190
Total Electronics				936,211

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Software - 1.2%
Veeva Systems, Inc. — Class A*		2,348	$	378,920
Doximity, Inc. — Class A*		5,757		193,205
Total Software				572,125
Total Common Stocks
(Cost $39,247,717)				48,211,972
RIGHTS† - 0.0%
Consumer, Non-cyclical - 0.0%
Johnson & Johnson		752		—
Total Rights
(Cost $–)				—

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	165,112	165,112
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		63,504	63,504
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		63,308	63,308
Total Repurchase Agreements
(Cost $291,924)			291,924

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		38,289	$	38,289
Total Securities Lending Collateral
(Cost $38,289)				38,289
Total Investments - 100.2%
(Cost $39,577,930)			$	48,542,185
Other Assets & Liabilities, net - (0.2)%				(110,221	)
Total Net Assets - 100.0%			$	48,431,964

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	48,211,972		$	—	$	—	$	48,211,972
Rights		—	*		—		—		—
Repurchase Agreements		—			291,924		—		291,924
Securities Lending Collateral		38,289			—		—		38,289
Total Assets	$	48,250,261		$	291,924	$	—	$	48,542,185

 * Security has a market value of $0.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 24.5%
Guggenheim Strategy Fund III1		79,841	$	1,921,775
Guggenheim Ultra Short Duration Fund — Institutional Class1		133,249		1,284,520
Guggenheim Strategy Fund II1		53,173		1,278,273
Total Mutual Funds
(Cost $4,578,426)				4,484,568
		Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 38.2%
Federal Home Loan Bank
4.00% due 01/11/232		2,500,000		2,497,822
4.05% due 01/27/232		2,500,000		2,493,130
3.84% due 01/13/232		2,000,000		1,997,812
Total Federal Agency Discount Notes
(Cost $6,987,250)				6,988,764
U.S. TREASURY BILLS†† - 5.1%
U.S. Treasury Bills
3.79% due 01/17/232,3		922,000		920,681
Total U.S. Treasury Bills
(Cost $920,408)				920,681
REPURCHASE AGREEMENTS††,4 - 26.4%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/235		2,733,463		2,733,463
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/235		1,051,332		1,051,332
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/235		1,048,076		1,048,076
Total Repurchase Agreements
(Cost $4,832,871)				4,832,871
Total Investments - 94.2%
(Cost $17,318,955)			$	17,226,884
Other Assets & Liabilities, net - 5.8%				1,055,182
Total Net Assets - 100.0%			$	18,282,066

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	136	Mar 2023	$	14,691,188	$	(22,516	)

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value		Upfront Premiums Received			Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.39.V1		5.00	%	Quarterly	12/20/27	$	11,050,000	$	68,615	$	(141,678	)	$	210,293
Goldman Sachs International	ICE	CDX.NA.HY.39.V1		5.00	%	Quarterly	12/20/27		5,700,000		35,394		(232,654	)		268,048
										$	104,009	$	(374,332	)	$	478,341

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Credit Index Swap Agreements††
BNP Paribas	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	4.73% (Federal Funds Rate + 0.40%)	At Maturity	01/26/23		1,222	$	90,015	$	(904	)
BNP Paribas	SPDR Bloomberg High Yield Bond ETF	Pay	4.78% (Federal Funds Rate + 0.45%)	At Maturity	01/26/23		1,788		160,946		(2,128	)
Goldman Sachs International	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	4.73% (Federal Funds Rate + 0.40%)	At Maturity	01/06/23		16,337		1,203,220		(9,312	)
								$	1,454,181	$	(12,344	)

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

^** 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 Rate indicated is the effective yield at the time of purchase.

³ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁴ Repurchase Agreements — See Note 4.

⁵ All or a portion of this security is pledged as credit index swap collateral at December 31, 2022.

CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series XX Index Version X

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, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,484,568	$	—	$	—	$	4,484,568
Federal Agency Discount Notes		—		6,988,764		—		6,988,764
U.S. Treasury Bills		—		920,681		—		920,681
Repurchase Agreements		—		4,832,871		—		4,832,871
Credit Default Swap Agreements**		—		478,341		—		478,341
Total Assets	$	4,484,568	$	13,220,657	$	—	$	17,705,225

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	22,516	$	—	$	—	$	22,516
Credit Index Swap Agreements**		—		12,344		—		12,344
Total Liabilities	$	22,516	$	12,344	$	—	$	34,860

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,305,391	$	–	$	–		$	–		$	(27,118	)	$	1,278,273		53,173	$	31,853
Guggenheim Strategy Fund III		2,768,259		–		(800,000	)		(6,501	)		(39,983	)		1,921,775		79,841		50,167
Guggenheim Ultra Short Duration Fund — Institutional Class	$	1,539,748	$	–	$	(235,000	)	$	(721	)	$	(19,507	)	$	1,284,520		133,249	$	26,052
	$	5,613,398	$	–	$	(1,035,000	)	$	(7,222	)	$	(86,608	)	$	4,484,568			$	108,072

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
Internet - 55.2%
Alphabet, Inc. — Class A*		7,805	$	688,635
Amazon.com, Inc.*		6,990		587,160
Meta Platforms, Inc. — Class A*		3,201		385,208
Netflix, Inc.*		783		230,891
Booking Holdings, Inc.*		91		183,390
Airbnb, Inc. — Class A*		1,722		147,231
Uber Technologies, Inc.*		5,788		143,137
Alibaba Group Holding Ltd. ADR*		1,436		126,497
MercadoLibre, Inc.*		118		99,856
VeriSign, Inc.*		481		98,817
eBay, Inc.		2,307		95,671
Pinduoduo, Inc. ADR*		1,161		94,680
Baidu, Inc. ADR*		825		94,363
Shopify, Inc. — Class A*		2,678		92,953
JD.com, Inc. ADR		1,641		92,109
Pinterest, Inc. — Class A*		3,709		90,055
DoorDash, Inc. — Class A*		1,730		84,459
Snap, Inc. — Class A*		8,935		79,968
Chewy, Inc. — Class A*,1		2,139		79,314
Spotify Technology S.A.*		1,001		79,029
Sea Ltd. ADR*		1,493		77,681
Expedia Group, Inc.*		880		77,088
Etsy, Inc.*		635		76,060
Trip.com Group Ltd. ADR*		2,194		75,474
GoDaddy, Inc. — Class A*		951		71,154
Match Group, Inc.*		1,711		70,989
Okta, Inc.*		1,038		70,927
Wix.com Ltd.*		803		61,694
F5, Inc.*		411		58,983
Zillow Group, Inc. — Class C*		1,765		56,851
Zillow Group, Inc. — Class A*		1,812		56,553
Coupang, Inc.*		3,787		55,707
Roku, Inc.*		1,151		46,846
Lyft, Inc. — Class A*		3,835		42,262
IAC, Inc.*		939		41,692
Bumble, Inc. — Class A*		1,921		40,437
Wayfair, Inc. — Class A*		1,182		38,876
Ziff Davis, Inc.*		491		38,838
TripAdvisor, Inc.*		1,857		33,389
Revolve Group, Inc.*		1,127		25,087
Overstock.com, Inc.*		940		18,198
Total Internet				4,708,209
Software - 30.3%
Adobe, Inc.*		773		260,138
Salesforce, Inc.*		1,890		250,595
Activision Blizzard, Inc.		2,094		160,296
Snowflake, Inc. — Class A*		990		142,105
Workday, Inc. — Class A*		797		133,362
Electronic Arts, Inc.		975		119,126
Veeva Systems, Inc. — Class A*		615		99,249
Datadog, Inc. — Class A*		1,337		98,269
Zoom Video Communications, Inc. — Class A*		1,333		90,297
Take-Two Interactive Software, Inc.*		862		89,760
ROBLOX Corp. — Class A*		2,895		82,392
DocuSign, Inc.*		1,436		79,583
HubSpot, Inc.*		268		77,487
Cloudflare, Inc. — Class A*		1,669		75,455
NetEase, Inc. ADR		1,036		75,245
ZoomInfo Technologies, Inc. — Class A*		2,457		73,980
Akamai Technologies, Inc.*		870		73,341
MongoDB, Inc.*		356		70,075
Bilibili, Inc. ADR*,1		2,797		66,261
Twilio, Inc. — Class A*		1,339		65,557
Coupa Software, Inc.*		785		62,148
Dropbox, Inc. — Class A*		2,644		59,173
Smartsheet, Inc. — Class A*		1,245		49,003
Box, Inc. — Class A*		1,468		45,699
Five9, Inc.*		672		45,602
Nutanix, Inc. — Class A*		1,722		44,858
New Relic, Inc.*		699		39,459
DigitalOcean Holdings, Inc.*		1,192		30,360
Fastly, Inc. — Class A*		2,330		19,083
Total Software				2,577,958
Telecommunications - 8.0%
Cisco Systems, Inc.		5,968		284,315
Motorola Solutions, Inc.		513		132,205
Arista Networks, Inc.*		1,032		125,233
Juniper Networks, Inc.		2,061		65,870
Ciena Corp.*		1,015		51,745
CommScope Holding Company, Inc.*		3,400		24,990
Total Telecommunications				684,358
Commercial Services - 4.7%
PayPal Holdings, Inc.*		2,540		180,899
CoStar Group, Inc.*		1,454		112,365
Paylocity Holding Corp.*		351		68,185
Chegg, Inc.*		1,409		35,606
Total Commercial Services				397,055
Entertainment - 0.5%
DraftKings, Inc. — Class A*		3,714		42,302
Healthcare-Services - 0.4%
Teladoc Health, Inc.*		1,651		39,046
Computers - 0.4%
Lumentum Holdings, Inc.*		708		36,936
Total Common Stocks
(Cost $6,755,083)				8,485,864
SECURITIES LENDING COLLATERAL†,2 - 1.4%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%3		116,222		116,222
Total Securities Lending Collateral
(Cost $116,222)				116,222
Total Investments - 100.9%
(Cost $6,871,305)			$	8,602,086
Other Assets & Liabilities, net - (0.9)%				(78,547	)
Total Net Assets - 100.0%			$	8,523,539

*	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, 2022 — See Note 5.
2	Securities lending collateral — See Note 5.
3	Rate indicated is the 7-day yield as of December 31, 2022.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	8,485,864	$	—	$	—	$	8,485,864
Securities Lending Collateral		116,222		—		—		116,222
Total Assets	$	8,602,086	$	—	$	—	$	8,602,086

Inverse Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 104.1%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/232	$	603,986	$	603,986
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/232		232,302		232,302
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/232		231,583		231,583
Total Repurchase Agreements
(Cost $1,067,871)				1,067,871
Total Investments - 104.1%
(Cost $1,067,871)			$	1,067,871
Other Assets & Liabilities, net - (4.1)%				(42,008	)
Total Net Assets - 100.0%			$	1,025,863

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

S&P Emerging 50 ADR Index

Receive

3.58% (Federal Funds Rate - 0.75%)

At Maturity

01/26/23

572

$

1,376,545

$

37,279

BNP Paribas

S&P Emerging 50 ADR Index

Receive

4.13% (Federal Funds Rate - 0.20%)

At Maturity

01/26/23

270

648,704

(3,091

)

$

2,025,249

$

34,188

††	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, 2022.

ADR – American Depositary Receipt

See Sector Classification in Other Information section.

Inverse Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Repurchase Agreements	$	—	$	1,067,871	$	—	$	1,067,871
Equity Index Swap Agreements**		—		37,279		—		37,279
Total Assets	$	—	$	1,105,150	$	—	$	1,105,150

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	3,091	$	—	$	3,091

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

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 15.6%
Guggenheim Ultra Short Duration Fund — Institutional Class1		528,512	$	5,094,854
Guggenheim Strategy Fund II1		210,588		5,062,533
Total Mutual Funds
(Cost $10,470,929)				10,157,387

	Face Amount
FEDERAL AGENCY NOTES†† - 38.4%
Federal Home Loan Bank
4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23◊	$	15,000,000	15,001,155
4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/03/23◊		5,000,000	5,000,015
4.35% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/21/23◊		2,500,000	2,500,230
4.35% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/23/23◊		2,500,000	2,500,140
Total Federal Agency Notes
(Cost $25,000,000)			25,001,540
FEDERAL AGENCY DISCOUNT NOTES†† - 15.4%
Federal Home Loan Bank
3.84% due 01/13/232		5,000,000	4,994,530
4.10% due 02/03/232		5,000,000	4,982,035
Total Federal Agency Discount Notes
(Cost $9,974,558)			9,976,565

U.S. TREASURY BILLS†† - 1.1%
U.S. Treasury Bills
3.80% due 01/17/232,3	729,000		727,957
Total U.S. Treasury Bills
(Cost $727,741)			727,957
REPURCHASE AGREEMENTS††- 74.5%
Individual Repurchase Agreements4
Mizuho Securities USA LLC issued 12/30/22 at 4.10% due 01/03/23(secured by a U.S. Treasury Bond, at a rate of 4.10% and maturing 11/15/52 as collateral, with a value of $33,361,819) to be repurchased at $32,715,297	32,704,124		32,704,124
Barclays Capital, Inc. issued 12/30/22 at 4.00% due 01/03/23(secured by a U.S. Treasury Bond, at a rate of 4.00% and maturing 11/15/52 as collateral, with a value of $9,463,313) to be repurchased at $9,279,842	9,276,750		9,276,750
Joint Repurchase Agreements5
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	3,678,927		3,678,927
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23	1,414,972		1,414,972
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23	1,410,590		1,410,590
Total Repurchase Agreements
(Cost $48,485,363)			48,485,363
Total Investments - 145.0%
(Cost $94,658,591)		$	94,348,812
U.S. Government Securities Sold Short†† - (81.6)%
U.S. Treasury Bonds
4.00% due 11/15/52	52,500,000		(53,098,828	)
Total Securities Sold Short - (81.6)%
(Proceeds $53,790,273)		$	(53,098,828	)
Other Assets & Liabilities, net - 36.6%			23,793,650
Total Net Assets - 100.0%		$	65,043,634

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		95	Mar 2023	$	12,786,406	$	381,898

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

^** Includes cumulative appreciation (depreciation).

^† Value determined based on Level 1 inputs — See Note 3.

^†† Value determined based on Level 2 inputs — See Note 3.

^◊ Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.

¹ Affiliated issuer.

² Rate indicated is the effective yield at the time of purchase.

³ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁴ All or a portion of this security is pledged as short security collateral at December 31, 2022.

⁵ Repurchase Agreements — See Note 4.

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	10,157,387	$	—	$	—	$	10,157,387
Federal Agency Notes		—		25,001,540		—		25,001,540
Federal Agency Discount Notes		—		9,976,565		—		9,976,565
U.S. Treasury Bills		—		727,957		—		727,957
Repurchase Agreements		—		48,485,363		—		48,485,363
Interest Rate Futures Contracts**		381,898		—		—		381,898
Total Assets	$	10,539,285	$	84,191,425	$	—	$	94,730,710

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	$	—	$	53,098,828	$	—	$	53,098,828

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,169,933	$	–	$	–	$	–	$	(107,400	)	$	5,062,533		210,588	$	126,150
Guggenheim Ultra Short Duration Fund — Institutional Class		5,174,130		–		–		–		(79,276	)		5,094,854		528,512		102,577
	$	10,344,063	$	–	$	–	$	–	$	(186,676	)	$	10,157,387			$	228,727

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 7.2%
Guggenheim Strategy Fund II1		29,310	$	704,601
Guggenheim Ultra Short Duration Fund — Institutional Class1		37,683		363,265
Total Mutual Funds
(Cost $1,096,686)				1,067,866
		Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 59.2%
Federal Home Loan Bank
3.90% due 01/03/232	$	2,000,000		1,999,567
4.00% due 01/06/232		2,000,000		1,998,889
3.85% due 01/10/232		1,000,000		999,038
4.08% due 01/12/232		1,000,000		999,017
4.04% due 01/27/232		1,000,000		997,252
4.27% due 02/10/232		1,000,000		995,256
4.12% due 02/03/232		800,000		797,125
Total Federal Agency Discount Notes
(Cost $8,785,565)				8,786,144

U.S. TREASURY BILLS†† - 7.3%
U.S. Treasury Bills
3.30% due 01/05/232	1,000,000	999,798
3.80% due 01/17/232,3	87,000	86,876
Total U.S. Treasury Bills
(Cost $1,086,483)		1,086,674

REPURCHASE AGREEMENTS††,4 - 19.4%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	1,632,620		1,632,620
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23	627,930		627,930
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23	625,986		625,986
Total Repurchase Agreements
(Cost $2,886,536)			2,886,536
Total Investments - 93.1%
(Cost $13,855,270)		$	13,827,220
Other Assets & Liabilities, net - 6.9%			1,031,116
Total Net Assets - 100.0%		$	14,858,336

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	121	Mar 2023	$	13,070,836	$	127,186

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.39.V1		5.00	%	Quarterly	12/20/27	$	14,900,000	$	(92,522	)	$	(115,066	)	$	22,544

^** 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 Rate indicated is the effective yield at the time of purchase.

³ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁴ Repurchase Agreements — See Note 4.

CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series 39 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, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	1,067,866	$	—	$	—	$	1,067,866
Federal Agency Discount Notes		—		8,786,144		—		8,786,144
U.S. Treasury Bills		—		1,086,674		—		1,086,674
Repurchase Agreements		—		2,886,536		—		2,886,536
Interest Rate Futures Contracts**		127,186		—		—		127,186
Credit Default Swap Agreements**		—		22,544		—		22,544
Total Assets	$	1,195,052	$	12,781,898	$	—	$	13,976,950

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	369,264	$	350,000	$	–	$	–	$	(14,663	)	$	704,601		29,310	$	17,420
Guggenheim Ultra Short Duration Fund — Institutional Class		368,917		–		–		–		(5,652	)		363,265		37,683		7,314
	$	738,181	$	350,000	$	–	$	–	$	(20,315	)	$	1,067,866			$	24,734

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 13.3%
Guggenheim Strategy Fund II1		2,020	$	48,561
Guggenheim Ultra Short Duration Fund — Institutional Class1		4,630		44,634
Total Mutual Funds
(Cost $95,671)				93,195

	Face Amount
U.S. TREASURY BILLS†† - 2.0%
U.S. Treasury Bills
3.79% due 01/17/232,3	$	14,000		13,980
Total U.S. Treasury Bills
(Cost $13,976)				13,980
REPURCHASE AGREEMENTS††,4 - 78.1%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/235		309,284		309,284
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/235		118,955		118,955
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/235		118,587		118,587
Total Repurchase Agreements
(Cost $546,826)				546,826
Total Investments - 93.4%
(Cost $656,473)			$	654,001
Other Assets & Liabilities, net - 6.6%				45,926
Total Net Assets - 100.0%			$	699,927

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
S&P MidCap 400 Index Mini Futures Contracts		1	Mar 2023	$	244,330	$	7,159

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 Sold Short††
Barclays Bank plc	S&P MidCap 400 Index	Receive	4.50% (SOFR + 0.20%)	At Maturity	01/25/23		109	$	264,451	$	11,575
Goldman Sachs International	S&P MidCap 400 Index	Receive	4.28% (Federal Funds Rate - 0.05%)	At Maturity	01/26/23		32		78,774		2,904
BNP Paribas	S&P MidCap 400 Index	Receive	4.38% (Federal Funds Rate + 0.05%)	At Maturity	01/26/23		48		117,791		2,786
								$	461,016	$	17,265

**	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, 2022.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 4.
5	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section. 

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	93,195	$	—	$	—	$	93,195
U.S. Treasury Bills		—		13,980		—		13,980
Repurchase Agreements		—		546,826		—		546,826
Equity Futures Contracts**		7,159		—		—		7,159
Equity Index Swap Agreements**		—		17,265		—		17,265
Total Assets	$	100,354	$	578,071	$	—	$	678,425

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	49,591	$	–	$	–	$	–	$	(1,030	)	$	48,561		2,020	$	1,210
Guggenheim Ultra Short Duration Fund — Institutional Class		45,328		–		–		–		(694	)		44,634		4,630		899
	$	94,919	$	–	$	–	$	–	$	(1,724	)	$	93,195			$	2,109

Inverse NASDAQ-100® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 2.4%
Guggenheim Strategy Fund II1		49,399	$	1,187,560
Guggenheim Ultra Short Duration Fund — Institutional Class1		87,169		840,306
Total Mutual Funds
(Cost $2,033,556)				2,027,866

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 53.9%
Federal Home Loan Bank
4.00% due 01/06/232	$	7,000,000		6,996,111
4.01% due 01/12/232		7,000,000		6,993,126
4.04% due 01/27/232		7,000,000		6,980,764
4.27% due 02/10/232		6,000,000		5,971,533
3.85% due 01/10/232		5,900,000		5,894,321
3.85% due 01/06/232		5,000,000		4,997,326
3.84% due 01/13/232		5,000,000		4,994,530
4.00% due 01/11/232		2,000,000		1,998,259
Total Federal Agency Discount Notes
(Cost $44,821,445)				44,825,970
FEDERAL AGENCY NOTES†† - 23.2%
Federal Home Loan Bank
4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23◊		10,000,000		10,000,770
4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/06/23◊		6,800,000		6,800,041
4.35% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/23/23◊		2,500,000		2,500,140
Total Federal Agency Notes
(Cost $19,299,981)				19,300,951
U.S. TREASURY BILLS†† - 11.2%
U.S. Treasury Bills
3.30% due 01/05/232		8,000,000		7,998,384
3.89% due 01/12/232,3		800,000		799,306
3.61% due 01/12/232,3		500,000		499,566
Total U.S. Treasury Bills
(Cost $9,295,563)				9,297,256
REPURCHASE AGREEMENTS††,4 - 10.8%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/233		5,064,082		5,064,082
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/233		1,947,724		1,947,724
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/233		1,941,691		1,941,691
Total Repurchase Agreements
(Cost $8,953,497)				8,953,497
Total Investments - 101.5%
(Cost $84,404,042)			$	84,405,540
Other Assets & Liabilities, net - (1.5)%				(1,252,260	)
Total Net Assets - 100.0%			$	83,153,280

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
NASDAQ-100 Index Mini Futures Contracts		10	Mar 2023	$	2,204,600	$	161,176

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 Sold Short††

Barclays Bank plc

NASDAQ-100 Index

Receive

4.65% (SOFR + 0.35%)

At Maturity

01/25/23

1,380

$

15,098,785

$

1,248,167

BNP Paribas

NASDAQ-100 Index

Receive

4.58% (Federal Funds Rate + 0.25%)

At Maturity

01/26/23

5,449

59,609,142

668,965

Goldman Sachs International

NASDAQ-100 Index

Receive

4.63% (Federal Funds Rate + 0.30%)

At Maturity

01/26/23

563

6,160,032

427,567

$

80,867,959

$

2,344,699

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
◊	Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.
4	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse NASDAQ-100® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	2,027,866	$	—	$	—	$	2,027,866
Federal Agency Discount Notes		—		44,825,970		—		44,825,970
Federal Agency Notes		—		19,300,951		—		19,300,951
U.S. Treasury Bills		—		9,297,256		—		9,297,256
Repurchase Agreements		—		8,953,497		—		8,953,497
Equity Futures Contracts**		161,176		—		—		161,176
Equity Index Swap Agreements**		—		2,344,699		—		2,344,699
Total Assets	$	2,189,042	$	84,722,373	$	—	$	86,911,415

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,212,754	$	–	$	–	$	–	$	(25,194	)	$	1,187,560		49,399	$	29,595
Guggenheim Ultra Short Duration Fund — Institutional Class		853,381		–		–		–		(13,075	)		840,306		87,169		16,920
	$	2,066,135	$	–	$	–	$	–	$	(38,269	)	$	2,027,866			$	46,515

Inverse Russell 2000® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 13.1%
Guggenheim Strategy Fund II1		39,100	$	939,970
Guggenheim Ultra Short Duration Fund — Institutional Class1		97,310		938,068
Total Mutual Funds
(Cost $1,914,221)				1,878,038

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 13.9%
Federal Home Loan Bank
4.00% due 01/11/232	$	1,000,000	999,129
4.05% due 01/27/232		1,000,000	997,252
Total Federal Agency Discount Notes
(Cost $1,995,964)			1,996,381
U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
3.89% due 01/12/232,3		100,000	99,913

3.79% due 01/17/232	18,000		17,974
Total U.S. Treasury Bills
(Cost $117,850)			117,887
REPURCHASE AGREEMENTS††,4 - 70.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/233	5,750,794		5,750,794
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/233	2,211,844		2,211,844
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/233	2,204,994		2,204,994
Total Repurchase Agreements
(Cost $10,167,632)			10,167,632
Total Investments - 98.4%
(Cost $14,195,667)		$	14,159,938
Other Assets & Liabilities, net - 1.6%			235,146
Total Net Assets - 100.0%		$	14,395,084

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 Sold Short††

BNP Paribas

Russell 2000 Index

Receive

4.13% (Federal Funds Rate - 0.20%)

At Maturity

01/26/23

5,521

$

9,723,742

$

299,769

Goldman Sachs International

Russell 2000 Index

Receive

4.18% (Federal Funds Rate - 0.15%)

At Maturity

01/26/23

2,273

4,002,487

98,755

Barclays Bank plc

Russell 2000 Index

Receive

3.80% (SOFR - 0.50%)

At Maturity

01/25/23

385

677,370

49,212

$

14,403,599

$

447,736

†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.
4	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse Russell 2000® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	1,878,038	$	—	$	—	$	1,878,038
Federal Agency Discount Notes		—		1,996,381		—		1,996,381
U.S. Treasury Bills		—		117,887		—		117,887
Repurchase Agreements		—		10,167,632		—		10,167,632
Equity Index Swap Agreements**		—		447,736		—		447,736
Total Assets	$	1,878,038	$	12,729,636	$	—	$	14,607,674

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:  

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	959,911	$	–	$	–	$	–	$	(19,941	)	$	939,970		39,100	$	23,424
Guggenheim Ultra Short Duration Fund — Institutional Class		952,665		–		–		–		(14,597	)		938,068		97,310		18,889
	$	1,912,576	$	–	$	–	$	–	$	(34,538	)	$	1,878,038			$	42,313

Inverse S&P 500® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
MUTUAL FUNDS† - 11.9%
Guggenheim Strategy Fund II1		262,625	$	6,313,508
Guggenheim Ultra Short Duration Fund — Institutional Class1		426,990		4,116,185
Total Mutual Funds
(Cost $10,738,042)				10,429,693

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 39.5%
Federal Home Loan Bank
4.08% due 01/12/232		8,000,000		7,992,143
4.04% due 01/27/232		7,000,000		6,980,764
4.27% due 02/10/232		6,275,000		6,245,229
3.85% due 01/06/232		5,300,000		5,297,166
4.10% due 02/03/232		5,000,000		4,982,035
3.84% due 01/13/232		3,000,000		2,996,718
Total Federal Agency Discount Notes
(Cost $34,489,230)				34,494,055
FEDERAL AGENCY NOTES†† - 29.3%
Federal Home Loan Bank
4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23◊		10,000,000		10,000,770
4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/10/23◊		8,600,000		8,600,112
4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/06/23◊		7,000,000		7,000,042
Total Federal Agency Notes
(Cost $25,599,942)				25,600,924
U.S. TREASURY BILLS†† - 5.8%
U.S. Treasury Bills
3.30% due 01/05/232,3		3,000,000		2,999,394
3.80% due 01/17/232,4		1,092,000		1,090,438
3.89% due 01/12/232,3		1,000,000		999,132
Total U.S. Treasury Bills
(Cost $5,087,827)				5,088,964
REPURCHASE AGREEMENTS††,5 - 15.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/233		7,677,940		7,677,940
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/233		2,953,054		2,953,054
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/233		2,943,908		2,943,908
Total Repurchase Agreements
(Cost $13,574,902)				13,574,902
Total Investments - 102.0%
(Cost $89,489,943)			$	89,188,538
Other Assets & Liabilities, net - (2.0)%				(1,746,306	)
Total Net Assets - 100.0%			$	87,442,232

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
S&P 500 Index Mini Futures Contracts		69	Mar 2023	$	13,322,175	$	488,317

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 Sold Short††
Goldman Sachs International	S&P 500 Index	Receive	4.63% (Federal Funds Rate + 0.30%)	At Maturity	01/26/23	14,914	$	57,264,013	$	1,572,507
Barclays Bank plc	S&P 500 Index	Receive	4.60% (SOFR + 0.30%)	At Maturity	01/25/23	2,219		8,521,612		333,060
BNP Paribas	S&P 500 Index	Receive	4.53% (Federal Funds Rate + 0.20%)	At Maturity	01/26/23	2,172		8,337,799		269,574
							$	74,123,424	$	2,175,141

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

Inverse S&P 500® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

◊	Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.
4	All or a portion of this security is pledged as futures collateral at December 31, 2022.
5	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	10,429,693	$	—	$	—	$	10,429,693
Federal Agency Discount Notes		—		34,494,055		—		34,494,055
Federal Agency Notes		—		25,600,924		—		25,600,924
U.S. Treasury Bills		—		5,088,964		—		5,088,964
Repurchase Agreements		—		13,574,902		—		13,574,902
Equity Futures Contracts**		488,317		—		—		488,317
Equity Index Swap Agreements**		—		2,175,141		—		2,175,141
Total Assets	$	10,918,010	$	80,933,986	$	—	$	91,851,996

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,447,447	$	–	$	–	$	–	$	(133,939	)	$	6,313,508		262,625	$	157,334
Guggenheim Ultra Short Duration Fund — Institutional Class		4,180,234		–		–		–		(64,049	)		4,116,185		426,990		82,882
	$	10,627,681	$	–	$	–	$	–	$	(197,988	)	$	10,429,693			$	240,216

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
U.S. TREASURY BILLS†† - 15.3%
U.S. Treasury Bills
3.79% due 01/17/231,2	$	165,000	$	164,764
Total U.S. Treasury Bills
(Cost $164,715)				164,764
REPURCHASE AGREEMENTS††,3 - 83.3%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23		507,345		507,345
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		195,133		195,133
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		194,528		194,528
Total Repurchase Agreements
(Cost $897,006)				897,006
Total Investments - 98.6%
(Cost $1,061,721)			$	1,061,770
Other Assets & Liabilities, net - 1.4%				14,623
Total Net Assets - 100.0%			$	1,076,393

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		23	Mar 2023	$	2,210,588	$	88,446
Equity Futures Contracts Purchased†
Nikkei 225 (CME) Index Futures Contracts		17	Mar 2023		2,190,450		(149,857	)

**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
1	All or a portion of this security is pledged as futures collateral at December 31, 2022.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 4.

CME — Chicago Mercantile Exchange

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	164,764	$	—	$	164,764
Repurchase Agreements		—		897,006		—		897,006
Currency Futures Contracts**		88,446		—		—		88,446
Total Assets	$	88,446	$	1,061,770	$	—	$	1,150,216

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	149,857	$	—	$	—	$	149,857

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	138,359	$	–	$	(136,161	)	$	(3,935	)	$	1,737	$	–		–	$	912
Guggenheim Ultra Short Duration Fund — Institutional Class		141,446		–		(139,423	)		(4,142	)		2,119		–		–		633
	$	279,805	$	–	$	(275,584	)	$	(8,077	)	$	3,856	$	–			$	1,545

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.8%
Retail - 18.5%
McDonald's Corp.		1,294	$	341,008
Starbucks Corp.		2,627		260,598
Chipotle Mexican Grill, Inc. — Class A*		108		149,849
Yum! Brands, Inc.		1,151		147,420
Darden Restaurants, Inc.		734		101,534
Yum China Holdings, Inc.		1,603		87,604
Domino's Pizza, Inc.		246		85,214
Restaurant Brands International, Inc.		1,222		79,027
Texas Roadhouse, Inc. — Class A		622		56,571
Wendy's Co.		2,374		53,724
Wingstop, Inc.		353		48,580
Papa John's International, Inc.		517		42,554
Dave & Buster's Entertainment, Inc.*		960		34,022
Bloomin' Brands, Inc.		1,597		32,132
Cracker Barrel Old Country Store, Inc.		338		32,022
Cheesecake Factory, Inc.1		988		31,330
Shake Shack, Inc. — Class A*		726		30,151
Jack in the Box, Inc.		436		29,748
Brinker International, Inc.*		813		25,943
Total Retail				1,669,031
Media - 17.9%
Walt Disney Co.*		3,611		313,724
Comcast Corp. — Class A		8,858		309,764
Charter Communications, Inc. — Class A*		555		188,201
Warner Bros Discovery, Inc.*		12,175		115,419
Fox Corp. — Class A		3,317		100,737
Paramount Global — Class B		5,006		84,501
News Corp. — Class A		4,548		82,774
Liberty Broadband Corp. — Class C*		1,034		78,863
DISH Network Corp. — Class A*		4,859		68,220
Nexstar Media Group, Inc. — Class A		357		62,486
New York Times Co. — Class A		1,761		57,162
TEGNA, Inc.		2,638		55,899
World Wrestling Entertainment, Inc. — Class A		796		54,542
Cable One, Inc.		71		50,542
Total Media				1,622,834
Internet - 12.5%
Netflix, Inc.*		941		277,482
Booking Holdings, Inc.*		111		223,696
Airbnb, Inc. — Class A*		2,104		179,892
Sea Ltd. ADR*		2,003		104,216
Spotify Technology S.A.*		1,252		98,845
Trip.com Group Ltd. ADR*		2,716		93,431
Expedia Group, Inc.*		1,062		93,031
Roku, Inc.*		1,403		57,102
Total Internet				1,127,695
Lodging - 10.7%
Marriott International, Inc. — Class A		1,114		165,863
Las Vegas Sands Corp.*		3,087		148,392
Hilton Worldwide Holdings, Inc.		1,115		140,891
MGM Resorts International		2,526		84,697
Hyatt Hotels Corp. — Class A*		835		75,526
Wynn Resorts Ltd.*		893		73,646
Wyndham Hotels & Resorts, Inc.		861		61,398
Choice Hotels International, Inc.		532		59,925
Boyd Gaming Corp.		1,044		56,929
Hilton Grand Vacations, Inc.*		1,348		51,952
Travel + Leisure Co.		1,195		43,498
Total Lodging				962,717
Entertainment - 10.3%
Warner Music Group Corp. — Class A		3,121		109,297
Live Nation Entertainment, Inc.*		1,440		100,426
Churchill Downs, Inc.		329		69,561
Caesars Entertainment, Inc.*		1,659		69,014
Vail Resorts, Inc.		283		67,453
Marriott Vacations Worldwide Corp.		431		58,008
Madison Square Garden Sports Corp. — Class A		312		57,199
Light & Wonder, Inc. — Class A*		965		56,549
Penn Entertainment, Inc.*		1,744		51,797
DraftKings, Inc. — Class A*		4,538		51,688
International Game Technology plc		2,276		51,620
Red Rock Resorts, Inc. — Class A		1,216		48,652
SeaWorld Entertainment, Inc.*		890		47,624
Six Flags Entertainment Corp.*		1,655		38,479
AMC Entertainment Holdings, Inc. — Class A*,1		8,792		35,783
Cinemark Holdings, Inc.*		2,579		22,334
Total Entertainment				935,484
Software - 8.0%
Activision Blizzard, Inc.		2,559		195,891
Electronic Arts, Inc.		1,192		145,639
Take-Two Interactive Software, Inc.*		1,040		108,295
ROBLOX Corp. — Class A*		3,538		100,692
NetEase, Inc. ADR		1,275		92,603
Bilibili, Inc. ADR*,1		3,266		77,372
Total Software				720,492
Leisure Time - 7.0%
Norwegian Cruise Line Holdings Ltd.*		7,816		95,668
Royal Caribbean Cruises Ltd.*		1,705		84,278
Carnival Corp.*		9,614		77,489
Planet Fitness, Inc. — Class A*		872		68,714
Polaris, Inc.		618		62,418
Harley-Davidson, Inc.		1,426		59,322
Brunswick Corp.		781		56,294
YETI Holdings, Inc.*		1,119		46,226
Topgolf Callaway Brands Corp.*		2,270		44,832
Peloton Interactive, Inc. — Class A*		4,246		33,713
Total Leisure Time				628,954
Agriculture - 6.8%
Philip Morris International, Inc.		3,124		316,180

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.8% (continued)
Agriculture - 6.8% (continued)
Altria Group, Inc.		4,920	$	224,893
British American Tobacco plc ADR		1,934		77,322
Total Agriculture				618,395
Beverages - 5.7%
Constellation Brands, Inc. — Class A		675		156,431
Brown-Forman Corp. — Class B		2,180		143,182
Molson Coors Beverage Co. — Class B		1,650		85,008
Anheuser-Busch InBev S.A. ADR		1,272		76,371
Boston Beer Company, Inc. — Class A*		151		49,758
Total Beverages				510,750
Toys, Games & Hobbies - 1.5%
Hasbro, Inc.		1,219		74,371
Mattel, Inc.*		3,665		65,384
Total Toys, Games & Hobbies				139,755
Food Service - 0.9%
Aramark		2,022		83,589
Total Common Stocks
(Cost $7,174,597)				9,019,696

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	38,292	38,292
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		14,728	14,728
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		14,682	14,682
Total Repurchase Agreements
(Cost $67,702)			67,702

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		114,043		114,043
Total Securities Lending Collateral
(Cost $114,043)				114,043
Total Investments - 101.8%
(Cost $7,356,342)			$	9,201,441
Other Assets & Liabilities, net - (1.8)%				(158,831	)
Total Net Assets - 100.0%			$	9,042,610

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt  

plc — Public Limited Company

See Sector Classification in Other Information section.

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	9,019,696	$	—	$	—	$	9,019,696
Repurchase Agreements		—		67,702		—		67,702
Securities Lending Collateral		114,043		—		—		114,043
Total Assets	$	9,133,739	$	67,702	$	—	$	9,201,441

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 92.0%
Consumer, Non-cyclical - 19.7%
Coca-Cola Co.1		2,022	$	128,620
Danaher Corp.		460		122,093
Quest Diagnostics, Inc.		760		118,895
Hershey Co.		491		113,701
Hologic, Inc.*,1		1,511		113,038
John B Sanfilippo & Son, Inc.		1,360		110,595
Bristol-Myers Squibb Co.1		1,526		109,796
IDEXX Laboratories, Inc.*		268		109,333
Monster Beverage Corp.*		1,049		106,505
Ironwood Pharmaceuticals, Inc. — Class A*		7,910		98,005
Tyson Foods, Inc. — Class A1		1,537		95,678
Post Holdings, Inc.*,1		1,044		94,231
Prestige Consumer Healthcare, Inc.*		1,473		92,210
Perdoceo Education Corp.*		6,569		91,309
Altria Group, Inc.1		1,992		91,054
Royalty Pharma plc — Class A		2,092		82,676
Becton Dickinson and Co.1		314		79,850
Gilead Sciences, Inc.		841		72,200
Eli Lilly & Co.1		196		71,705
Jazz Pharmaceuticals plc*		433		68,981
Globus Medical, Inc. — Class A*		923		68,551
Vertex Pharmaceuticals, Inc.*,1		234		67,575
Varex Imaging Corp.*		3,217		65,305
Supernus Pharmaceuticals, Inc.*		1,733		61,816
United Therapeutics Corp.*,1		205		57,008
Lamb Weston Holdings, Inc.1		610		54,510
Incyte Corp.*,1		619		49,718
Triton International Ltd.		718		49,384
USANA Health Sciences, Inc.*,1		889		47,295
Inter Parfums, Inc.		483		46,619
Philip Morris International, Inc.		452		45,747
PerkinElmer, Inc.1		325		45,572
Regeneron Pharmaceuticals, Inc.*		59		42,568
Eagle Pharmaceuticals, Inc.*		1,357		39,665
Amphastar Pharmaceuticals, Inc.*		1,192		33,400
Innoviva, Inc.*		2,446		32,409
Johnson & Johnson		171		30,207
EVERTEC, Inc.1		815		26,390
Neurocrine Biosciences, Inc.*		219		26,157
AMN Healthcare Services, Inc.*		215		22,106
Vanda Pharmaceuticals, Inc.*,1		2,984		22,052
Total Consumer, Non-cyclical				2,904,529
Industrial - 15.4%
Emerson Electric Co.1		1,214		116,617
AMETEK, Inc.1		799		111,636
General Dynamics Corp.		447		110,905
Donaldson Company, Inc.1		1,881		110,734
Standex International Corp.1		1,076		110,193
Graco, Inc.1		1,638		110,172
Textron, Inc.1		1,543		109,244
Snap-on, Inc.1		470		107,390
Albany International Corp. — Class A1		1,041		102,632
Eagle Materials, Inc.1		761		101,099
Lockheed Martin Corp.1		184		89,514
Vishay Intertechnology, Inc.1		4,042		87,186
Louisiana-Pacific Corp.		1,468		86,906
Keysight Technologies, Inc.*		443		75,784
Eaton Corporation plc		464		72,825
Acuity Brands, Inc.		422		69,887
Sealed Air Corp.		1,327		66,191
Advanced Energy Industries, Inc.1		761		65,279
Sturm Ruger & Company, Inc.1		1,246		63,073
3M Co.		478		57,322
Otis Worldwide Corp.		670		52,468
Mueller Industries, Inc.1		802		47,318
Dorian LPG Ltd.		2,453		46,484
Barnes Group, Inc.1		1,024		41,831
Packaging Corporation of America1		324		41,443
Crane Holdings Co.		361		36,262
Toro Co.		314		35,545
Sonoco Products Co.1		566		34,362
OSI Systems, Inc.*		412		32,762
EnPro Industries, Inc.1		260		28,259
Insteel Industries, Inc.		863		23,750
TopBuild Corp.*,1		145		22,691
Total Industrial				2,267,764
Financial - 12.9%
Preferred Bank/Los Angeles CA		1,495		111,557
National Bank Holdings Corp. — Class A		2,591		109,003
Hope Bancorp, Inc.		8,507		108,975
Heritage Financial Corp.		3,474		106,443
Renasant Corp.1		2,807		105,515
S&T Bancorp, Inc.		3,079		105,240
TowneBank1		3,329		102,666
Evercore, Inc. — Class A1		815		88,900
Goldman Sachs Group, Inc.		188		64,556
U.S. Bancorp		1,417		61,795
Global Net Lease, Inc. REIT		4,690		58,953
Visa, Inc. — Class A1		276		57,342
Arch Capital Group Ltd.*		795		49,910
Mastercard, Inc. — Class A		142		49,378
International Bancshares Corp.1		1,060		48,506
Office Properties Income Trust REIT		3,514		46,912
Apartment Income REIT Corp. 1		1,309		44,912
BankUnited, Inc.1		1,317		44,739
Central Pacific Financial Corp.		2,147		43,541
Virtus Investment Partners, Inc.		226		43,265
Stewart Information Services Corp.1		974		41,619
Trustmark Corp.1		1,121		39,134
FB Financial Corp.		1,042		37,658
Marcus & Millichap, Inc.		1,079		37,172
Hilltop Holdings, Inc.		1,238		37,152
Brightsphere Investment Group, Inc.		1,776		36,550
Bread Financial Holdings, Inc.		899		33,856
PennyMac Financial Services, Inc.1		577		32,693
PotlatchDeltic Corp. REIT1		734		32,289
NMI Holdings, Inc. — Class A*		1,436		30,012

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 92.0% (continued)
Financial - 12.9% (continued)
RLI Corp.		222	$	29,142
Aflac, Inc.1		384		27,625
Pathward Financial, Inc.		570		24,539
Associated Banc-Corp.		237		5,472
Total Financial				1,897,021
Consumer, Cyclical - 11.8%
Home Depot, Inc.1		417		131,714
Lowe's Companies, Inc.1		581		115,759
Yum! Brands, Inc.		880		112,710
Wyndham Hotels & Resorts, Inc.		1,556		110,958
Columbia Sportswear Co.1		1,263		110,613
Brunswick Corp.1		1,423		102,570
Starbucks Corp.		890		88,288
GMS, Inc.*,1		1,565		77,937
NIKE, Inc. — Class B		604		70,674
Allison Transmission Holdings, Inc.1		1,567		65,187
Methode Electronics, Inc.		1,442		63,982
Buckle, Inc.		1,379		62,538
Steven Madden Ltd.		1,799		57,496
Boyd Gaming Corp.		1,031		56,221
Academy Sports & Outdoors, Inc.1		981		51,542
Watsco, Inc.1		196		48,882
Casey's General Stores, Inc.		217		48,684
Patrick Industries, Inc.		699		42,359
General Motors Co.		1,165		39,191
Williams-Sonoma, Inc.		339		38,958
Haverty Furniture Companies, Inc.		1,286		38,451
Oxford Industries, Inc.		400		37,272
Tesla, Inc.*,1		257		31,657
Group 1 Automotive, Inc.1		166		29,941
Winnebago Industries, Inc.		559		29,459
Polaris, Inc.		289		29,189
Thor Industries, Inc.1		309		23,327
Harley-Davidson, Inc.		527		21,923
Total Consumer, Cyclical				1,737,482
Technology - 9.5%
Microsoft Corp.1		794		190,417
Apple, Inc.1		1,253		162,802
Synopsys, Inc.*		315		100,576
Cirrus Logic, Inc.*,1		1,323		98,537
Applied Materials, Inc.		968		94,264
Adobe, Inc.*,1		148		49,806
Maximus, Inc.		649		47,591
Rambus, Inc.*,1		1,321		47,318
QUALCOMM, Inc.1		371		40,788
NetApp, Inc.1		667		40,060
International Business Machines Corp.1		270		38,040
SS&C Technologies Holdings, Inc.		699		36,390
ServiceNow, Inc.*		88		34,168
Diodes, Inc.*		444		33,806
NetScout Systems, Inc.*,1		1,038		33,746
Dropbox, Inc. — Class A*		1,505		33,682
Synaptics, Inc.*,1		343		32,640
CSG Systems International, Inc.		553		31,632
Analog Devices, Inc.1		188		30,838
NVIDIA Corp.		210		30,689
NXP Semiconductor N.V.		189		29,868
Teradata Corp.*		850		28,611
Veeco Instruments, Inc.*		1,449		26,922
Avid Technology, Inc.*		944		25,101
Microchip Technology, Inc.		357		25,079
Veradigm, Inc.*		1,400		24,696
ACI Worldwide, Inc.*,1		1,057		24,311
Total Technology				1,392,378
Energy - 7.8%
Exxon Mobil Corp.1		1,319		145,486
Marathon Petroleum Corp.1		1,015		118,136
Antero Midstream Corp.1		10,013		108,040
DT Midstream, Inc.1		1,888		104,331
Kinder Morgan, Inc.1		5,731		103,617
Valero Energy Corp.1		604		76,623
Williams Companies, Inc.1		2,108		69,353
Phillips 661		660		68,693
Chevron Corp.1		356		63,898
ONEOK, Inc.1		846		55,582
CVR Energy, Inc.1		1,569		49,172
Occidental Petroleum Corp.1		653		41,133
Magnolia Oil & Gas Corp. — Class A		1,345		31,540
SunCoke Energy, Inc.1		3,536		30,516
Par Pacific Holdings, Inc.*		1,190		27,668
REX American Resources Corp.*		767		24,436
Equitrans Midstream Corp.1		3,554		23,812
Total Energy				1,142,036
Utilities - 6.3%
FirstEnergy Corp.		2,755		115,545
OGE Energy Corp.		2,847		112,599
Black Hills Corp.		1,594		112,122
UGI Corp.1		2,698		100,015
MGE Energy, Inc.1		1,146		80,679
Chesapeake Utilities Corp.1		632		74,690
ONE Gas, Inc.		839		63,529
Ameren Corp.		659		58,598
Clearway Energy, Inc. — Class C		1,791		57,079
Otter Tail Corp.1		944		55,422
American States Water Co.		426		39,426
National Fuel Gas Co.1		501		31,713
Unitil Corp.		567		29,121
Total Utilities				930,538
Communications - 4.6%
Verizon Communications, Inc.1		2,902		114,339
T-Mobile US, Inc.*,1		682		95,480
Alphabet, Inc. — Class C*		979		86,867
Gogo, Inc.*,1		5,697		84,088
Meta Platforms, Inc. — Class A*,1		610		73,407
Cisco Systems, Inc.1		1,469		69,983
VeriSign, Inc.*		199		40,883
InterDigital, Inc.		744		36,813
Amazon.com, Inc.*,1		406		34,104
Arista Networks, Inc.*		168		20,387
NETGEAR, Inc.*		1,084		19,631
Total Communications				675,982

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 92.0% (continued)
Basic Materials - 4.0%
Minerals Technologies, Inc.		1,489	$	90,412
Balchem Corp.1		702		85,721
Huntsman Corp.1		2,249		61,803
NewMarket Corp.1		183		56,933
FMC Corp.1		424		52,915
Olin Corp.		880		46,587
LyondellBasell Industries N.V. — Class A		525		43,591
Dow, Inc.		794		40,010
Westlake Corp.		378		38,760
PPG Industries, Inc.		285		35,836
Ingevity Corp.*,1		491		34,586
Total Basic Materials				587,154
Total Common Stocks
(Cost $13,321,603)				13,534,884

MONEY MARKET FUND† - 1.2%
Invesco Short-Term Investments Trust Treasury Obligations Portfolio - Institutional Class 1.00%2	169,380	$	169,380
Total Money Market Fund
(Cost $169,380)			169,380
Total Investments - 93.2%
(Cost $13,490,983)		$	13,704,264
Other Assets & Liabilities, net - 6.8%			1,005,496
Total Net Assets - 100.0%		$	14,709,760

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type		Financing Rate	Payment Frequency	Maturity Date	Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements††
Goldman Sachs International	GS Equity Custom Basket		Pay	4.78% (Federal Funds Rate + 0.45%)	At Maturity	05/06/24	$	6,960,332	$	110,429
Morgan Stanley Capital Services LLC	MS Equity Custom Basket		Pay	4.73% (Federal Funds Rate + 0.40%)	At Maturity	03/27/24		7,013,241		98,754
							$	13,973,573	$	209,183
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket		Receive	4.03% (Federal Funds Rate - 0.30%)	At Maturity	03/27/24	$	7,985,403	$	400,341
Goldman Sachs International	GS Equity Custom Basket		Receive	4.13% (Federal Funds Rate - 0.20%)	At Maturity	05/06/24		7,940,376		395,929
							$	15,925,779	$	796,270

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

GS EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
S&T Bancorp, Inc.		1,579		0.83	%	$	8,906
Associated Banc-Corp.		2,455		0.81	%		7,090
Renasant Corp.		1,440		0.78	%		5,690
TowneBank		1,708		0.76	%		5,320
Preferred Bank/Los Angeles CA		766		0.82	%		5,237
PennyMac Financial Services, Inc.		296		0.24	%		2,695
Virtus Investment Partners, Inc.		116		0.32	%		2,631
Arch Capital Group Ltd.		407		0.37	%		2,539
Trustmark Corp.		575		0.29	%		2,292
NMI Holdings, Inc. — Class A		736		0.22	%		1,606
Evercore, Inc. — Class A		418		0.66	%		1,579
Bread Financial Holdings, Inc.		461		0.25	%		1,215
Aflac, Inc.		197		0.20	%		1,049
International Bancshares Corp.		544		0.36	%		959
Hilltop Holdings, Inc.		635		0.27	%		929
RLI Corp.		114		0.22	%		547
Visa, Inc. — Class A		141		0.42	%		183
National Bank Holdings Corp. — Class A		1,329		0.80	%		36
Brightsphere Investment Group, Inc.		911		0.27	%		(71	)
U.S. Bancorp		726		0.45	%		(224	)
Mastercard, Inc. — Class A		73		0.36	%		(570	)
Marcus & Millichap, Inc.		553		0.27	%		(1,431	)
Pathward Financial, Inc.		292		0.18	%		(1,536	)
Apartment Income REIT Corp.		671		0.33	%		(1,729	)
Hope Bancorp, Inc.		4,364		0.80	%		(2,310	)
FB Financial Corp.		534		0.28	%		(2,858	)
BankUnited, Inc.		675		0.33	%		(2,883	)
PotlatchDeltic Corp.		376		0.24	%		(3,280	)
Global Net Lease, Inc.		2,406		0.43	%		(4,248	)
Heritage Financial Corp.		1,782		0.78	%		(5,535	)
Central Pacific Financial Corp.		1,101		0.32	%		(6,737	)
Stewart Information Services Corp.		500		0.31	%		(7,032	)
Office Properties Income Trust		1,802		0.35	%		(12,647	)
Total Financial							(2,588	)
Consumer, Non-cyclical
Perdoceo Education Corp.		3,369		0.67	%		10,797
Bristol-Myers Squibb Co.		783		0.81	%		8,292
Vertex Pharmaceuticals, Inc.		120		0.50	%		7,545
Ironwood Pharmaceuticals, Inc. — Class A		4,057		0.72	%		6,754
Regeneron Pharmaceuticals, Inc.		30		0.31	%		6,074
United Therapeutics Corp.		105		0.42	%		5,921
Eli Lilly & Co.		100		0.53	%		5,524
Coca-Cola Co.		1,037		0.95	%		5,097
Amphastar Pharmaceuticals, Inc.		611		0.25	%		4,779
Jazz Pharmaceuticals plc		222		0.51	%		4,312
Incyte Corp.		318		0.37	%		3,525
Quest Diagnostics, Inc.		390		0.88	%		3,418
Hologic, Inc.		775		0.83	%		3,376
Becton Dickinson and Co.		161		0.59	%		2,614
Gilead Sciences, Inc.		431		0.53	%		2,234
Supernus Pharmaceuticals, Inc.		889		0.46	%		2,082
Triton International Ltd.		368		0.36	%		2,011
PerkinElmer, Inc.		167		0.34	%		1,646
Altria Group, Inc.		1,022		0.67	%		1,622
Lamb Weston Holdings, Inc.		313		0.40	%		1,225
Philip Morris International, Inc.		232		0.34	%		1,100
Prestige Consumer Healthcare, Inc.		755		0.68	%		739
Globus Medical, Inc. — Class A		473		0.50	%		652
Innoviva, Inc.		1,254		0.24	%		575
Post Holdings, Inc.		535		0.69	%		497
Johnson & Johnson		87		0.22	%		(186	)
Hershey Co.		252		0.84	%		(332	)
Monster Beverage Corp.		538		0.78	%		(383	)
Neurocrine Biosciences, Inc.		112		0.19	%		(493	)
Inter Parfums, Inc.		247		0.34	%		(543	)
Danaher Corp.		236		0.90	%		(786	)
John B Sanfilippo & Son, Inc.		697		0.81	%		(1,115	)
IDEXX Laboratories, Inc.		137		0.80	%		(1,801	)
AMN Healthcare Services, Inc.		110		0.16	%		(1,834	)
Varex Imaging Corp.		1,650		0.48	%		(2,255	)
Royalty Pharma plc — Class A		1,073		0.61	%		(3,466	)
EVERTEC, Inc.		418		0.19	%		(4,005	)
Eagle Pharmaceuticals, Inc.		696		0.29	%		(7,878	)
Vanda Pharmaceuticals, Inc.		1,530		0.16	%		(12,368	)
USANA Health Sciences, Inc.		456		0.35	%		(14,386	)
Tyson Foods, Inc. — Class A		788		0.70	%		(16,592	)
Total Consumer, Non-cyclical							23,988
Consumer, Cyclical
Columbia Sportswear Co.		648		0.82	%		6,352
Patrick Industries, Inc.		377		0.33	%		5,547
NIKE, Inc. — Class B		309		0.52	%		5,123
Academy Sports & Outdoors, Inc.		503		0.38	%		4,297
GMS, Inc.		803		0.57	%		3,915
Home Depot, Inc.		214		0.97	%		3,668
Buckle, Inc.		707		0.46	%		3,417
Allison Transmission Holdings, Inc.		803		0.48	%		2,870
Lowe's Companies, Inc.		298		0.85	%		1,702
Methode Electronics, Inc.		739		0.47	%		1,652
Group 1 Automotive, Inc.		85		0.22	%		1,017

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Haverty Furniture Companies, Inc.		659		0.28	%	$	844
Starbucks Corp.		456		0.65	%		557
Casey's General Stores, Inc.		111		0.36	%		241
Thor Industries, Inc.		158		0.17	%		(135	)
Wyndham Hotels & Resorts, Inc.		798		0.82	%		(599	)
Watsco, Inc.		100		0.36	%		(859	)
Boyd Gaming Corp.		528		0.41	%		(1,032	)
Yum! Brands, Inc.		451		0.83	%		(1,122	)
Winnebago Industries, Inc.		286		0.22	%		(1,193	)
Harley-Davidson, Inc.		270		0.16	%		(1,429	)
Oxford Industries, Inc.		205		0.27	%		(1,432	)
Polaris, Inc.		148		0.21	%		(1,569	)
Williams-Sonoma, Inc.		174		0.29	%		(2,209	)
Steven Madden Ltd.		923		0.42	%		(2,322	)
Brunswick Corp.		730		0.76	%		(2,436	)
General Motors Co.		597		0.29	%		(2,980	)
Tesla, Inc.		131		0.23	%		(10,071	)
Total Consumer, Cyclical							11,814
Technology
Apple, Inc.		642		1.20	%		18,804
Microsoft Corp.		407		1.40	%		16,522
Rambus, Inc.		677		0.35	%		10,674
Adobe, Inc.		76		0.37	%		3,595
CSG Systems International, Inc.		283		0.23	%		2,965
NetApp, Inc.		342		0.30	%		2,196
Diodes, Inc.		227		0.25	%		1,832
Veradigm, Inc.		718		0.18	%		1,440
Analog Devices, Inc.		96		0.23	%		1,398
International Business Machines Corp.		138		0.28	%		703
NetScout Systems, Inc.		532		0.25	%		629
Maximus, Inc.		333		0.35	%		323
ServiceNow, Inc.		45		0.25	%		(65	)
QUALCOMM, Inc.		190		0.30	%		(132	)
Dropbox, Inc. — Class A		772		0.25	%		(175	)
Teradata Corp.		436		0.21	%		(194	)
Microchip Technology, Inc.		183		0.18	%		(543	)
Veeco Instruments, Inc.		743		0.20	%		(702	)
Avid Technology, Inc.		484		0.18	%		(982	)
Synaptics, Inc.		176		0.24	%		(1,385	)
SS&C Technologies Holdings, Inc.		359		0.27	%		(1,545	)
NXP Semiconductor N.V.		96		0.22	%		(1,745	)
NVIDIA Corp.		108		0.23	%		(2,134	)
ACI Worldwide, Inc.		542		0.18	%		(2,184	)
Synopsys, Inc.		161		0.74	%		(2,187	)
Cirrus Logic, Inc.		678		0.73	%		(2,460	)
Applied Materials, Inc.		496		0.69	%		(4,504	)
Total Technology							40,144
Industrial
Vishay Intertechnology, Inc.		2,073		0.64	%		6,953
Dorian LPG Ltd.		1,258		0.34	%		6,396
Standex International Corp.		552		0.81	%		6,352
Keysight Technologies, Inc.		227		0.56	%		5,223
Donaldson Company, Inc.		965		0.82	%		4,683
Emerson Electric Co.		623		0.86	%		4,400
Barnes Group, Inc.		525		0.31	%		3,705
Snap-on, Inc.		241		0.79	%		3,496
Louisiana-Pacific Corp.		753		0.64	%		3,347
Eagle Materials, Inc.		390		0.74	%		3,193
Albany International Corp. — Class A		534		0.76	%		2,914
Mueller Industries, Inc.		411		0.35	%		2,623
Textron, Inc.		791		0.80	%		2,479
AMETEK, Inc.		410		0.82	%		1,358
EnPro Industries, Inc.		133		0.21	%		1,349
Advanced Energy Industries, Inc.		390		0.48	%		1,155
Lockheed Martin Corp.		94		0.66	%		959
Toro Co.		161		0.26	%		559
General Dynamics Corp.		229		0.82	%		17
OSI Systems, Inc.		211		0.24	%		(23	)
Otis Worldwide Corp.		344		0.39	%		(45	)
Graco, Inc.		840		0.81	%		(284	)
Sonoco Products Co.		290		0.25	%		(316	)
Crane Holdings Co.		185		0.27	%		(438	)
Eaton Corporation plc		238		0.54	%		(923	)
3M Co.		245		0.42	%		(1,217	)
Packaging Corporation of America		166		0.31	%		(1,255	)
TopBuild Corp.		74		0.17	%		(1,332	)
Sealed Air Corp.		680		0.49	%		(2,196	)
Acuity Brands, Inc.		216		0.51	%		(3,238	)
Insteel Industries, Inc.		442		0.17	%		(3,542	)
Sturm Ruger & Company, Inc.		639		0.46	%		(9,848	)
Total Industrial							36,504
Communications
Alphabet, Inc. — Class C		502		0.64	%		8,299
Cisco Systems, Inc.		753		0.52	%		3,855
T-Mobile US, Inc.		350		0.70	%		1,876
VeriSign, Inc.		102		0.30	%		845
Arista Networks, Inc.		86		0.15	%		(966	)
NETGEAR, Inc.		556		0.14	%		(4,072	)
InterDigital, Inc.		381		0.27	%		(5,302	)
Meta Platforms, Inc. — Class A		313		0.54	%		(5,306	)
Gogo, Inc.		2,922		0.62	%		(5,855	)
Amazon.com, Inc.		208		0.25	%		(7,624	)
Verizon Communications, Inc.		1,489		0.84	%		(10,625	)
Total Communications							(24,875	)
Utilities
FirstEnergy Corp.		1,413		0.85	%		6,291
National Fuel Gas Co.		257		0.23	%		2,493
Unitil Corp.		290		0.21	%		1,422
ONE Gas, Inc.		430		0.47	%		1,177
Ameren Corp.		338		0.43	%		586
OGE Energy Corp.		1,460		0.83	%		132
Black Hills Corp.		818		0.83	%		68
Chesapeake Utilities Corp.		324		0.55	%		(104	)
American States Water Co.		218		0.29	%		(1,046	)
Otter Tail Corp.		484		0.41	%		(1,631	)
Clearway Energy, Inc. — Class C		918		0.42	%		(2,001	)
MGE Energy, Inc.		588		0.59	%		(2,965	)
UGI Corp.		1,384		0.74	%		(3,081	)
Total Utilities							1,341

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Energy
Exxon Mobil Corp.		676		1.07	%	$	10,303
Marathon Petroleum Corp.		520		0.87	%		8,419
Phillips 66		338		0.51	%		6,182
Chevron Corp.		183		0.47	%		5,471
Valero Energy Corp.		310		0.57	%		4,372
Antero Midstream Corp.		5,136		0.80	%		3,177
Par Pacific Holdings, Inc.		610		0.20	%		3,025
ONEOK, Inc.		434		0.41	%		2,433
REX American Resources Corp.		393		0.18	%		777
Kinder Morgan, Inc.		2,940		0.76	%		710
SunCoke Energy, Inc.		1,813		0.22	%		194
Magnolia Oil & Gas Corp. — Class A		690		0.23	%		(551	)
Williams Companies, Inc.		1,081		0.51	%		(1,061	)
Equitrans Midstream Corp.		1,823		0.18	%		(1,209	)
DT Midstream, Inc.		968		0.77	%		(1,706	)
Occidental Petroleum Corp.		335		0.30	%		(2,398	)
CVR Energy, Inc.		805		0.36	%		(3,727	)
Total Energy							34,411
Basic Materials
FMC Corp.		217		0.39	%		3,685
Westlake Corp.		194		0.29	%		2,023
Ingevity Corp.		251		0.25	%		612
NewMarket Corp.		94		0.42	%		27
Dow, Inc.		407		0.29	%		(290	)
Olin Corp.		451		0.34	%		(1,006	)
PPG Industries, Inc.		146		0.26	%		(1,310	)
LyondellBasell Industries N.V. — Class A		269		0.32	%		(2,644	)
Minerals Technologies, Inc.		764		0.67	%		(3,669	)
Huntsman Corp.		1,153		0.46	%		(3,833	)
Balchem Corp.		360		0.63	%		(3,905	)
Total Basic Materials							(10,310	)
Total GS Equity Long Custom Basket						$	110,429
GS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
ASGN, Inc.		541		(0.56)%			22,405
Healthcare Services Group, Inc.		2,951		(0.45)%			14,306
Dun & Bradstreet Holdings, Inc.		1,896		(0.29)%			12,767
Equifax, Inc.		503		(1.23)%			12,480
FTI Consulting, Inc.		431		(0.86)%			9,512
Viad Corp.		943		(0.29)%			5,966
Rollins, Inc.		940		(0.43)%			4,807
Driven Brands Holdings, Inc.		2,686		(0.92)%			4,787
TransUnion		1,322		(0.94)%			4,639
CoStar Group, Inc.		854		(0.83)%			4,496
Patterson Companies, Inc.		1,559		(0.55)%			4,003
ABM Industries, Inc.		2,025		(1.13)%			1,768
GXO Logistics, Inc.		620		(0.33)%			1,383
Cardinal Health, Inc.		411		(0.40)%			1,306
S&P Global, Inc.		89		(0.38)%			(1,570	)
Bright Horizons Family Solutions, Inc.		492		(0.39)%			(1,827	)
Quanta Services, Inc.		298		(0.53)%			(3,387	)
Cintas Corp.		243		(1.38)%			(6,777	)
ICU Medical, Inc.		542		(1.07)%			(11,753	)
Total Consumer, Non-cyclical							79,311
Utilities
Public Service Enterprise Group, Inc.		1,853		(1.43)%			8,484
Atmos Energy Corp.		560		(0.79)%			1,850
Eversource Energy		673		(0.71)%			(294	)
AES Corp.		1,545		(0.56)%			(469	)
Vistra Corp.		2,372		(0.69)%			(716	)
Exelon Corp.		2,370		(1.29)%			(4,035	)
Edison International		1,716		(1.37)%			(8,997	)
Total Utilities							(4,177	)
Basic Materials
Alcoa Corp.		691		(0.40)%			1,399
ATI, Inc.		1,090		(0.41)%			876
Freeport-McMoRan, Inc.		884		(0.42)%			859
Southern Copper Corp.		431		(0.33)%			(3,035	)
Total Basic Materials							99
Financial
Signature Bank		340		(0.49)%			45,380
Invitation Homes, Inc.		1,985		(0.74)%			25,933
Crown Castle, Inc.		361		(0.62)%			21,168
Equinix, Inc.		108		(0.89)%			17,652
Americold Realty Trust, Inc.		1,623		(0.58)%			15,999
Sun Communities, Inc.		798		(1.44)%			15,234
Howard Hughes Corp.		789		(0.76)%			13,959
Bank of America Corp.		2,750		(1.15)%			11,652
Extra Space Storage, Inc.		228		(0.42)%			11,347
Welltower, Inc.		474		(0.39)%			10,589
Xenia Hotels & Resorts, Inc.		2,745		(0.46)%			10,568
KKR & Company, Inc. — Class A		1,198		(0.70)%			10,364
Kennedy-Wilson Holdings, Inc.		4,208		(0.83)%			10,036
Northern Trust Corp.		1,254		(1.40)%			9,916
UDR, Inc.		2,782		(1.36)%			9,713
Ares Management Corp. — Class A		966		(0.83)%			9,062
Digital Realty Trust, Inc.		427		(0.54)%			8,685
Equitable Holdings, Inc.		3,642		(1.32)%			8,215
Raymond James Financial, Inc.		966		(1.30)%			8,087
Assurant, Inc.		350		(0.55)%			7,581
NexPoint Residential Trust, Inc.		512		(0.28)%			7,325
American Tower Corp. — Class A		437		(1.17)%			7,305
Ryman Hospitality Properties, Inc.		737		(0.76)%			5,766
Pebblebrook Hotel Trust		2,466		(0.42)%			5,417
Host Hotels & Resorts, Inc.		2,795		(0.56)%			4,730
American Homes 4 Rent — Class A		748		(0.28)%			4,599
Wells Fargo & Co.		1,220		(0.63)%			3,675
Principal Financial Group, Inc.		694		(0.73)%			3,601

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Percentage Notional Amount		Value and Unrealized Appreciation (Depreciation)
Realty Income Corp.		364		(0.29)%	$	3,353
Kite Realty Group Trust		3,957		(1.05)%		3,077
KeyCorp		6,375		(1.40)%		2,779
Alexandria Real Estate Equities, Inc.		739		(1.36)%		2,770
Ventas, Inc.		937		(0.53)%		2,746
Iron Mountain, Inc.		1,479		(0.93)%		2,297
Kimco Realty Corp.		4,179		(1.11)%		2,150
Apple Hospitality REIT, Inc.		1,930		(0.38)%		1,555
Independence Realty Trust, Inc.		2,436		(0.52)%		1,053
Citigroup, Inc.		1,568		(0.89)%		658
Cboe Global Markets, Inc.		315		(0.50)%		584
Willis Towers Watson plc		207		(0.64)%		557
Cullen/Frost Bankers, Inc.		353		(0.59)%		(733	)
Equity LifeStyle Properties, Inc.		477		(0.39)%		(834	)
Progressive Corp.		788		(1.29)%		(954	)
Cincinnati Financial Corp.		285		(0.37)%		(1,143	)
Intercontinental Exchange, Inc.		628		(0.81)%		(1,369	)
American International Group, Inc.		1,032		(0.82)%		(1,891	)
PNC Financial Services Group, Inc.		692		(1.38)%		(2,037	)
TFS Financial Corp.		3,025		(0.55)%		(2,089	)
BlackRock, Inc. — Class A		83		(0.74)%		(3,013	)
Aon plc — Class A		125		(0.47)%		(3,041	)
Invesco Ltd.		3,349		(0.76)%		(4,956	)
First Republic Bank		604		(0.93)%		(5,105	)
CBRE Group, Inc. — Class A		769		(0.75)%		(5,451	)
Arthur J Gallagher & Co.		271		(0.64)%		(6,746	)
Allstate Corp.		681		(1.16)%		(6,883	)
Apollo Global Management, Inc.		1,520		(1.22)%		(7,882	)
Total Financial						293,010
Consumer, Cyclical
MillerKnoll, Inc.		1,323		(0.35)%		21,553
CarMax, Inc.		654		(0.50)%		15,398
American Airlines Group, Inc.		2,575		(0.41)%		13,955
Hanesbrands, Inc.		4,725		(0.38)%		10,525
Hawaiian Holdings, Inc.		2,334		(0.30)%		7,932
Hyatt Hotels Corp. — Class A		280		(0.32)%		2,202
Costco Wholesale Corp.		70		(0.40)%		2,122
Floor & Decor Holdings, Inc. — Class A		361		(0.32)%		1,930
Live Nation Entertainment, Inc.		476		(0.42)%		1,901
Cracker Barrel Old Country Store, Inc.		331		(0.39)%		490
Delta Air Lines, Inc.		2,484		(1.03)%		327
Walgreens Boots Alliance, Inc.		2,068		(0.97)%		(1,477	)
WESCO International, Inc.		309		(0.49)%		(1,872	)
Copart, Inc.		1,692		(1.30)%		(3,354	)
Madison Square Garden Sports Corp. — Class A		309		(0.71)%		(13,177	)
Total Consumer, Cyclical						58,455
Industrial
Stanley Black & Decker, Inc.		570		(0.57)%		30,689
Stericycle, Inc.		502		(0.32)%		12,186
Waste Management, Inc.		653		(1.29)%		9,431
CH Robinson Worldwide, Inc.		255		(0.29)%		3,979
Republic Services, Inc. — Class A		313		(0.51)%		3,259
Union Pacific Corp.		152		(0.40)%		3,239
Kirby Corp.		555		(0.45)%		2,415
Knight-Swift Transportation Holdings, Inc.		477		(0.31)%		1,441
Old Dominion Freight Line, Inc.		125		(0.45)%		1,439
Jacobs Solutions, Inc.		891		(1.35)%		1,089
Teledyne Technologies, Inc.		84		(0.42)%		(321	)
TD SYNNEX Corp.		1,152		(1.37)%		(418	)
Norfolk Southern Corp.		189		(0.59)%		(670	)
J.B. Hunt Transport Services, Inc.		212		(0.47)%		(897	)
TransDigm Group, Inc.		37		(0.29)%		(3,039	)
FedEx Corp.		244		(0.53)%		(4,382	)
Boeing Co.		212		(0.51)%		(5,377	)
Xylem, Inc.		324		(0.45)%		(6,065	)
MSA Safety, Inc.		552		(1.00)%		(11,124	)
Casella Waste Systems, Inc. — Class A		963		(0.96)%		(14,308	)
Total Industrial						22,566
Energy
Diamondback Energy, Inc.		273		(0.47)%		6,146
NOV, Inc.		2,065		(0.54)%		4,213
Pioneer Natural Resources Co.		155		(0.45)%		475
Helmerich & Payne, Inc.		897		(0.56)%		(17	)
ChampionX Corp.		1,170		(0.43)%		(8,200	)
Valaris Ltd.		757		(0.64)%		(12,569	)
Halliburton Co.		2,969		(1.47)%		(13,104	)
Hess Corp.		644		(1.15)%		(15,930	)
EOG Resources, Inc.		764		(1.25)%		(17,463	)
Schlumberger Ltd.		1,178		(0.79)%		(18,427	)
Total Energy						(74,876	)
Communications
IAC, Inc.		887		(0.50)%		10,439
Walt Disney Co.		742		(0.81)%		8,499
Warner Bros Discovery, Inc.		3,007		(0.36)%		7,192
Paramount Global — Class B		1,955		(0.42)%		5,286
Uber Technologies, Inc.		1,818		(0.57)%		2,774
Interpublic Group of Companies, Inc.		2,991		(1.25)%		(12,787	)
Total Communications						21,403
Technology
Take-Two Interactive Software, Inc.		535		(0.70)%		1,586
Science Applications International Corp.		998		(1.39)%		(1,448	)
Total Technology						138
Total GS Equity Short Custom Basket					$	395,929

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

MS EQUITY LONG CUSTOM BASKET  

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
S&T Bancorp, Inc.		1,579		0.77	%	$	8,940
Associated Banc-Corp.		2,455		0.81	%		7,006
Renasant Corp.		1,440		0.77	%		5,704
Preferred Bank/Los Angeles CA		766		0.82	%		5,196
TowneBank		1,708		0.75	%		5,091
Virtus Investment Partners, Inc.		116		0.32	%		2,680
PennyMac Financial Services, Inc.		296		0.24	%		2,658
Arch Capital Group Ltd.		407		0.36	%		2,510
Trustmark Corp.		575		0.29	%		2,293
NMI Holdings, Inc. — Class A		736		0.22	%		1,573
Evercore, Inc. — Class A		418		0.65	%		1,226
Bread Financial Holdings, Inc.		461		0.25	%		1,150
Aflac, Inc.		197		0.20	%		1,001
International Bancshares Corp.		544		0.35	%		970
Hilltop Holdings, Inc.		635		0.27	%		932
RLI Corp.		114		0.21	%		535
Visa, Inc. — Class A		141		0.42	%		216
Brightsphere Investment Group, Inc.		911		0.27	%		(109	)
National Bank Holdings Corp. — Class A		1,329		0.80	%		(112	)
U.S. Bancorp		726		0.45	%		(236	)
Mastercard, Inc. — Class A		73		0.36	%		(571	)
Marcus & Millichap, Inc.		553		0.27	%		(1,422	)
Pathward Financial, Inc.		292		0.18	%		(1,498	)
Apartment Income REIT Corp.		671		0.33	%		(1,776	)
Hope Bancorp, Inc.		4,364		0.80	%		(2,332	)
FB Financial Corp.		534		0.28	%		(2,843	)
BankUnited, Inc.		675		0.33	%		(2,888	)
PotlatchDeltic Corp.		376		0.24	%		(3,238	)
Global Net Lease, Inc.		2,406		0.43	%		(4,283	)
Goldman Sachs Group, Inc.		192		0.94	%		(5,204	)
Heritage Financial Corp.		1,782		0.78	%		(5,470	)
Central Pacific Financial Corp.		1,101		0.32	%		(6,713	)
Stewart Information Services Corp.		500		0.30	%		(7,018	)
Office Properties Income Trust		1,802		0.34	%		(12,649	)
Total Financial							(8,681	)
Consumer, Non-cyclical
Perdoceo Education Corp.		3,369		0.67	%		10,819
Bristol-Myers Squibb Co.		783		0.80	%		8,276
Vertex Pharmaceuticals, Inc.		120		0.49	%		7,571
Ironwood Pharmaceuticals, Inc. — Class A		4,057		0.72	%		6,849
Regeneron Pharmaceuticals, Inc.		30		0.31	%		6,070
United Therapeutics Corp.		105		0.42	%		5,942
Eli Lilly & Co.		100		0.52	%		5,515
Coca-Cola Co.		1,037		0.94	%		4,994
Amphastar Pharmaceuticals, Inc.		611		0.24	%		4,785
Jazz Pharmaceuticals plc		222		0.50	%		4,210
Incyte Corp.		318		0.36	%		3,413
Quest Diagnostics, Inc.		390		0.87	%		3,384
Hologic, Inc.		775		0.83	%		3,376
Becton Dickinson and Co.		161		0.58	%		2,655
Supernus Pharmaceuticals, Inc.		889		0.45	%		2,412
Gilead Sciences, Inc.		431		0.53	%		2,255
Triton International Ltd.		368		0.36	%		2,008
PerkinElmer, Inc.		167		0.33	%		1,671
Altria Group, Inc.		1,022		0.67	%		1,629
Lamb Weston Holdings, Inc.		313		0.40	%		1,208
Philip Morris International, Inc.		232		0.33	%		1,121
Globus Medical, Inc. — Class A		473		0.50	%		795
Prestige Consumer Healthcare, Inc.		755		0.67	%		742
Innoviva, Inc.		1,254		0.24	%		677
Post Holdings, Inc.		535		0.69	%		320
Johnson & Johnson		87		0.22	%		(187	)
Monster Beverage Corp.		538		0.78	%		(308	)
Hershey Co.		252		0.83	%		(386	)
Neurocrine Biosciences, Inc.		112		0.19	%		(488	)
Inter Parfums, Inc.		247		0.34	%		(592	)
Danaher Corp.		236		0.89	%		(663	)
John B Sanfilippo & Son, Inc.		697		0.81	%		(1,128	)
IDEXX Laboratories, Inc.		137		0.80	%		(1,748	)
AMN Healthcare Services, Inc.		110		0.16	%		(1,843	)
Varex Imaging Corp.		1,650		0.48	%		(2,402	)
Royalty Pharma plc — Class A		1,073		0.60	%		(3,619	)
EVERTEC, Inc.		418		0.19	%		(3,989	)
Eagle Pharmaceuticals, Inc.		696		0.29	%		(7,726	)
Vanda Pharmaceuticals, Inc.		1,530		0.16	%		(12,356	)
USANA Health Sciences, Inc.		456		0.35	%		(14,356	)
Tyson Foods, Inc. — Class A		788		0.70	%		(16,653	)
Total Consumer, Non-cyclical							24,253
Consumer, Cyclical
Columbia Sportswear Co.		648		0.81	%		6,131
NIKE, Inc. — Class B		309		0.52	%		5,116
Academy Sports & Outdoors, Inc.		503		0.38	%		4,266
GMS, Inc.		803		0.57	%		3,989
Home Depot, Inc.		214		0.96	%		3,702
Buckle, Inc.		707		0.46	%		3,396
Allison Transmission Holdings, Inc.		803		0.48	%		2,870
Patrick Industries, Inc.		162		0.14	%		2,402
Lowe's Companies, Inc.		298		0.85	%		1,707
Methode Electronics, Inc.		739		0.47	%		1,648

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Group 1 Automotive, Inc.		85		0.22	%	$	926
Haverty Furniture Companies, Inc.		659		0.28	%		855
Starbucks Corp.		456		0.64	%		565
Casey's General Stores, Inc.		111		0.36	%		150
Thor Industries, Inc.		158		0.17	%		(154	)
Wyndham Hotels & Resorts, Inc.		798		0.81	%		(508	)
Watsco, Inc.		100		0.36	%		(1,022	)
Boyd Gaming Corp.		528		0.41	%		(1,076	)
Yum! Brands, Inc.		451		0.82	%		(1,130	)
Oxford Industries, Inc.		205		0.27	%		(1,274	)
Winnebago Industries, Inc.		286		0.21	%		(1,300	)
Harley-Davidson, Inc.		270		0.16	%		(1,412	)
Polaris, Inc.		148		0.21	%		(1,560	)
Steven Madden Ltd.		923		0.42	%		(2,258	)
Williams-Sonoma, Inc.		174		0.29	%		(2,352	)
Brunswick Corp.		730		0.75	%		(2,591	)
General Motors Co.		597		0.29	%		(2,990	)
Tesla, Inc.		131		0.23	%		(10,168	)
Total Consumer, Cyclical							7,928
Technology
Apple, Inc.		642		1.19	%		19,172
Microsoft Corp.		407		1.39	%		18,132
Rambus, Inc.		677		0.35	%		10,679
Adobe, Inc.		76		0.36	%		3,638
CSG Systems International, Inc.		283		0.23	%		2,997
NetApp, Inc.		342		0.29	%		2,198
Diodes, Inc.		227		0.25	%		1,835
Veradigm, Inc.		718		0.18	%		1,450
Analog Devices, Inc.		96		0.22	%		1,383
International Business Machines Corp.		138		0.28	%		698
NetScout Systems, Inc.		532		0.25	%		647
Maximus, Inc.		333		0.35	%		266
ServiceNow, Inc.		45		0.25	%		(49	)
Dropbox, Inc. — Class A		772		0.25	%		(123	)
Teradata Corp.		436		0.21	%		(188	)
QUALCOMM, Inc.		190		0.30	%		(195	)
Microchip Technology, Inc.		183		0.18	%		(573	)
Veeco Instruments, Inc.		743		0.20	%		(716	)
Avid Technology, Inc.		484		0.18	%		(890	)
Synaptics, Inc.		176		0.24	%		(1,438	)
SS&C Technologies Holdings, Inc.		359		0.27	%		(1,621	)
NXP Semiconductor N.V.		96		0.22	%		(1,804	)
Synopsys, Inc.		161		0.73	%		(2,153	)
ACI Worldwide, Inc.		542		0.18	%		(2,214	)
NVIDIA Corp.		108		0.23	%		(2,269	)
Cirrus Logic, Inc.		678		0.72	%		(2,371	)
Applied Materials, Inc.		496		0.69	%		(4,392	)
Total Technology							42,099
Industrial
Vishay Intertechnology, Inc.		2,073		0.61	%		7,002
Standex International Corp.		552		0.81	%		6,453
Dorian LPG Ltd.		1,258		0.34	%		6,364
Keysight Technologies, Inc.		227		0.55	%		5,222
Donaldson Company, Inc.		965		0.81	%		4,542
Emerson Electric Co.		623		0.85	%		4,356
Barnes Group, Inc.		525		0.31	%		3,762
Snap-on, Inc.		241		0.79	%		3,527
Eagle Materials, Inc.		390		0.74	%		3,174
Louisiana-Pacific Corp.		753		0.64	%		3,111
Albany International Corp. — Class A		534		0.75	%		2,948
Mueller Industries, Inc.		411		0.35	%		2,593
Textron, Inc.		791		0.80	%		2,031
EnPro Industries, Inc.		133		0.21	%		1,371
AMETEK, Inc.		410		0.82	%		1,278
Advanced Energy Industries, Inc.		390		0.48	%		1,051
Lockheed Martin Corp.		94		0.65	%		888
Toro Co.		161		0.26	%		562
OSI Systems, Inc.		211		0.24	%		(1	)
Otis Worldwide Corp.		344		0.38	%		(33	)
General Dynamics Corp.		229		0.81	%		(106	)
Sonoco Products Co.		290		0.25	%		(357	)
Graco, Inc.		840		0.81	%		(393	)
Crane Holdings Co.		185		0.26	%		(464	)
Eaton Corporation plc		238		0.53	%		(919	)
3M Co.		245		0.42	%		(1,192	)
Packaging Corporation of America		166		0.30	%		(1,231	)
TopBuild Corp.		74		0.17	%		(1,297	)
Sealed Air Corp.		680		0.48	%		(2,181	)
Acuity Brands, Inc.		216		0.51	%		(3,317	)
Insteel Industries, Inc.		442		0.17	%		(3,757	)
Sturm Ruger & Company, Inc.		639		0.46	%		(9,767	)
Total Industrial							35,220
Communications
Alphabet, Inc. — Class C		502		0.64	%		7,195
Cisco Systems, Inc.		753		0.51	%		3,794
T-Mobile US, Inc.		350		0.70	%		1,918
VeriSign, Inc.		102		0.30	%		833
Arista Networks, Inc.		86		0.15	%		(1,037	)
NETGEAR, Inc.		556		0.14	%		(4,020	)
Meta Platforms, Inc. — Class A		313		0.54	%		(5,299	)
InterDigital, Inc.		381		0.27	%		(5,311	)
Gogo, Inc.		2,922		0.61	%		(6,206	)
Amazon.com, Inc.		208		0.25	%		(7,578	)
Verizon Communications, Inc.		1,489		0.84	%		(10,560	)
Total Communications							(26,271	)
Utilities
FirstEnergy Corp.		1,413		0.84	%		5,950
National Fuel Gas Co.		257		0.23	%		2,502
Unitil Corp.		290		0.21	%		1,424
ONE Gas, Inc.		430		0.46	%		1,128
Ameren Corp.		338		0.43	%		580
Black Hills Corp.		818		0.82	%		172
OGE Energy Corp.		1,460		0.82	%		11
Chesapeake Utilities Corp.		324		0.55	%		(43	)
American States Water Co.		218		0.29	%		(1,086	)
Otter Tail Corp.		484		0.41	%		(1,600	)
Clearway Energy, Inc. — Class C		918		0.42	%		(1,998	)
MGE Energy, Inc.		588		0.59	%		(2,949	)
UGI Corp.		1,384		0.73	%		(3,206	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Total Utilities						$	885
Energy
Exxon Mobil Corp.		676		1.06	%		10,303
Marathon Petroleum Corp.		520		0.86	%		8,339
Phillips 66		338		0.50	%		6,138
Chevron Corp.		183		0.47	%		5,420
Valero Energy Corp.		310		0.56	%		4,277
Antero Midstream Corp.		5,136		0.79	%		3,074
Par Pacific Holdings, Inc.		610		0.20	%		3,025
ONEOK, Inc.		434		0.41	%		2,444
REX American Resources Corp.		393		0.18	%		769
Kinder Morgan, Inc.		2,940		0.76	%		646
SunCoke Energy, Inc.		1,813		0.22	%		194
Magnolia Oil & Gas Corp. — Class A		690		0.23	%		(523	)
Williams Companies, Inc.		1,081		0.51	%		(1,038	)
Equitrans Midstream Corp.		1,823		0.17	%		(1,116	)
DT Midstream, Inc.		968		0.76	%		(1,709	)
Occidental Petroleum Corp.		335		0.30	%		(2,617	)
CVR Energy, Inc.		805		0.36	%		(3,844	)
Total Energy							33,782
Basic Materials
FMC Corp.		217		0.39	%		3,555
Westlake Corp.		194		0.28	%		2,036
Ingevity Corp.		251		0.25	%		647
NewMarket Corp.		94		0.42	%		(35	)
Dow, Inc.		407		0.29	%		(309	)
Olin Corp.		451		0.34	%		(994	)
PPG Industries, Inc.		146		0.26	%		(1,294	)
LyondellBasell Industries N.V. — Class A		269		0.32	%		(2,634	)
Huntsman Corp.		1,153		0.45	%		(3,742	)
Minerals Technologies, Inc.		764		0.66	%		(3,752	)
Balchem Corp.		360		0.63	%		(3,939	)
Total Basic Materials							(10,461	)
Total MS Equity Long Custom Basket						$	98,754
MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
ASGN, Inc.		541		(0.55)%			22,454
Healthcare Services Group, Inc.		2,951		(0.44)%			14,145
Dun & Bradstreet Holdings, Inc.		1,896		(0.29)%			12,922
Equifax, Inc.		503		(1.22)%			12,331
FTI Consulting, Inc.		431		(0.86)%			9,261
Viad Corp.		943		(0.29)%			5,886
TransUnion		1,322		(0.94)%			4,861
Rollins, Inc.		941		(0.43)%			4,857
Driven Brands Holdings, Inc.		2,686		(0.92)%			4,711
CoStar Group, Inc.		854		(0.83)%			4,692
Patterson Companies, Inc.		1,559		(0.55)%			4,141
ABM Industries, Inc.		2,025		(1.13)%			1,791
GXO Logistics, Inc.		620		(0.33)%			1,391
Cardinal Health, Inc.		411		(0.40)%			1,258
S&P Global, Inc.		89		(0.37)%			(1,546	)
Bright Horizons Family Solutions, Inc.		492		(0.39)%			(1,889	)
Quanta Services, Inc.		298		(0.53)%			(3,428	)
Cintas Corp.		243		(1.37)%			(6,426	)
ICU Medical, Inc.		542		(1.07)%			(11,672	)
Total Consumer, Non-cyclical							79,740
Utilities
Public Service Enterprise Group, Inc.		1,853		(1.42)%			7,993
Atmos Energy Corp.		560		(0.79)%			1,845
Eversource Energy		673		(0.71)%			(130	)
AES Corp.		1,545		(0.56)%			(550	)
Vistra Corp.		2,372		(0.69)%			(569	)
Exelon Corp.		2,370		(1.28)%			(3,962	)
Edison International		1,716		(1.37)%			(8,390	)
Total Utilities							(3,763	)
Basic Materials
Alcoa Corp.		691		(0.39)%			1,273
Freeport-McMoRan, Inc.		884		(0.42)%			842
ATI, Inc.		1,090		(0.41)%			760
Southern Copper Corp.		431		(0.33)%			(3,027	)
Total Basic Materials							(152	)
Financial
Signature Bank		340		(0.49)%			45,427
Invitation Homes, Inc.		1,985		(0.74)%			25,963
Crown Castle, Inc.		361		(0.61)%			21,483
Equinix, Inc.		108		(0.89)%			17,827
Americold Realty Trust, Inc.		1,623		(0.58)%			16,127
Sun Communities, Inc.		798		(1.43)%			15,160
Bank of America Corp.		2,750		(1.14)%			11,691
Extra Space Storage, Inc.		228		(0.42)%			11,424
Northern Trust Corp.		1,254		(1.39)%			10,717
Welltower, Inc.		474		(0.39)%			10,555
KKR & Company, Inc. — Class A		1,198		(0.70)%			10,315
Xenia Hotels & Resorts, Inc.		2,745		(0.45)%			10,262
Kennedy-Wilson Holdings, Inc.		4,208		(0.83)%			10,032
UDR, Inc.		2,782		(1.35)%			9,705
Ares Management Corp. — Class A		966		(0.83)%			9,049
Howard Hughes Corp.		1,377		(1.32)%			8,846
Digital Realty Trust, Inc.		427		(0.54)%			8,721
Equitable Holdings, Inc.		3,642		(1.31)%			8,396
Raymond James Financial, Inc.		966		(1.29)%			8,250
Assurant, Inc.		350		(0.55)%			7,557
NexPoint Residential Trust, Inc.		512		(0.28)%			7,299
American Tower Corp. — Class A		437		(1.16)%			7,130
Ryman Hospitality Properties, Inc.		737		(0.75)%			5,790
Pebblebrook Hotel Trust		2,466		(0.41)%			5,365
Host Hotels & Resorts, Inc.		2,795		(0.56)%			4,630
American Homes 4 Rent — Class A		748		(0.28)%			4,531
Wells Fargo & Co.		1,220		(0.63)%			3,692

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Percentage Notional Amount		Value and Unrealized Appreciation (Depreciation)
Principal Financial Group, Inc.		694		(0.73)%	$	3,575
Alexandria Real Estate Equities, Inc.		739		(1.35)%		3,362
Realty Income Corp.		364		(0.29)%		3,288
KeyCorp		6,375		(1.39)%		3,214
Kite Realty Group Trust		3,957		(1.04)%		3,025
Ventas, Inc.		937		(0.53)%		2,921
Kimco Realty Corp.		4,179		(1.11)%		2,365
Iron Mountain, Inc.		1,479		(0.92)%		2,312
Apple Hospitality REIT, Inc.		1,930		(0.38)%		1,576
Independence Realty Trust, Inc.		2,436		(0.51)%		1,078
Cboe Global Markets, Inc.		315		(0.49)%		541
Citigroup, Inc.		1,568		(0.89)%		538
Willis Towers Watson plc		207		(0.63)%		461
Cullen/Frost Bankers, Inc.		353		(0.59)%		(738	)
Progressive Corp.		788		(1.28)%		(886	)
Cincinnati Financial Corp.		285		(0.37)%		(914	)
Equity LifeStyle Properties, Inc.		477		(0.39)%		(1,031	)
Intercontinental Exchange, Inc.		628		(0.81)%		(1,286	)
PNC Financial Services Group, Inc.		692		(1.37)%		(1,696	)
American International Group, Inc.		1,032		(0.82)%		(1,999	)
TFS Financial Corp.		3,025		(0.55)%		(2,099	)
Aon plc — Class A		125		(0.47)%		(2,938	)
BlackRock, Inc. — Class A		83		(0.74)%		(2,999	)
Invesco Ltd.		3,349		(0.75)%		(4,847	)
First Republic Bank		604		(0.92)%		(4,909	)
CBRE Group, Inc. — Class A		769		(0.74)%		(4,984	)
Arthur J Gallagher & Co.		271		(0.64)%		(6,828	)
Allstate Corp.		681		(1.16)%		(6,830	)
Apollo Global Management, Inc.		1,520		(1.21)%		(7,801	)
Total Financial						291,415
Consumer, Cyclical
MillerKnoll, Inc.		1,323		(0.35)%		21,567
CarMax, Inc.		654		(0.50)%		15,433
American Airlines Group, Inc.		2,575		(0.41)%		13,922
Hanesbrands, Inc.		4,725		(0.38)%		10,829
Hawaiian Holdings, Inc.		2,334		(0.30)%		7,991
Hyatt Hotels Corp. — Class A		280		(0.32)%		2,159
Costco Wholesale Corp.		70		(0.40)%		2,111
Floor & Decor Holdings, Inc. — Class A		361		(0.31)%		1,905
Live Nation Entertainment, Inc.		476		(0.42)%		1,828
Cracker Barrel Old Country Store, Inc.		331		(0.39)%		539
Delta Air Lines, Inc.		2,484		(1.02)%		358
Walgreens Boots Alliance, Inc.		2,068		(0.97)%		(979	)
WESCO International, Inc.		309		(0.48)%		(1,971	)
Copart, Inc.		1,692		(1.29)%		(2,746	)
Madison Square Garden Sports Corp. — Class A		309		(0.71)%		(12,465	)
Total Consumer, Cyclical						60,481
Industrial
Stanley Black & Decker, Inc.		570		(0.52)%		30,757
Stericycle, Inc.		502		(0.31)%		12,195
Waste Management, Inc.		653		(1.28)%		9,561
CH Robinson Worldwide, Inc.		255		(0.29)%		4,054
Union Pacific Corp.		152		(0.39)%		3,262
Republic Services, Inc. — Class A		313		(0.51)%		3,237
Kirby Corp.		555		(0.45)%		2,259
Old Dominion Freight Line, Inc.		125		(0.44)%		1,518
Knight-Swift Transportation Holdings, Inc.		477		(0.31)%		1,425
Jacobs Solutions, Inc.		891		(1.34)%		1,383
TD SYNNEX Corp.		1,152		(1.37)%		(260	)
Teledyne Technologies, Inc.		84		(0.42)%		(447	)
Norfolk Southern Corp.		189		(0.58)%		(641	)
J.B. Hunt Transport Services, Inc.		212		(0.46)%		(741	)
TransDigm Group, Inc.		37		(0.29)%		(3,107	)
FedEx Corp.		244		(0.53)%		(4,320	)
Boeing Co.		212		(0.51)%		(5,292	)
Xylem, Inc.		324		(0.45)%		(6,131	)
MSA Safety, Inc.		552		(1.00)%		(11,126	)
Casella Waste Systems, Inc. — Class A		963		(0.96)%		(14,316	)
Total Industrial						23,270
Energy
Diamondback Energy, Inc.		273		(0.47)%		6,196
NOV, Inc.		2,065		(0.54)%		4,173
Pioneer Natural Resources Co.		155		(0.44)%		391
Helmerich & Payne, Inc.		897		(0.56)%		(42	)
ChampionX Corp.		1,170		(0.42)%		(8,289	)
Valaris Ltd.		757		(0.64)%		(12,465	)
Halliburton Co.		2,969		(1.46)%		(12,791	)
Hess Corp.		644		(1.14)%		(15,968	)
EOG Resources, Inc.		764		(1.24)%		(17,111	)
Schlumberger Ltd.		1,178		(0.79)%		(18,338	)
Total Energy						(74,244	)
Communications
IAC, Inc.		887		(0.49)%		10,987
Walt Disney Co.		742		(0.81)%		8,650
Warner Bros Discovery, Inc.		3,007		(0.36)%		7,616
Paramount Global — Class B		1,955		(0.41)%		5,198
Uber Technologies, Inc.		1,818		(0.56)%		2,746
Interpublic Group of Companies, Inc.		2,991		(1.25)%		(11,804	)
Total Communications						23,393
Technology
Take-Two Interactive Software, Inc.		535		(0.70)%		1,458
Science Applications International Corp.		998		(1.39)%		(1,257	)
Total Technology					$	201
Total MS Equity Short Custom Basket					$	400,341

Long Short Equity Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

*	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, 2022.
2	Rate indicated is the 7-day yield as of December 31, 2022.

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, 2022 (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	$	13,534,884	$	—	$	—	$	13,534,884
Money Market Fund		169,380		—		—		169,380
Equity Custom Basket Swap Agreements**		—		1,005,453		—		1,005,453
Total Assets	$	13,704,264	$	1,005,453	$	—	$	14,709,717

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

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6%
Financial - 14.9%
First Horizon Corp.		1,827	$	44,761
Rexford Industrial Realty, Inc. REIT		625		34,150
Annaly Capital Management, Inc. REIT		1,593		33,580
American Financial Group, Inc.		238		32,673
Reinsurance Group of America, Inc. — Class A		228		32,397
East West Bancorp, Inc.		480		31,632
CubeSmart REIT		765		30,791
Cullen/Frost Bankers, Inc.		219		29,280
STORE Capital Corp. REIT		905		29,014
Life Storage, Inc. REIT		289		28,467
Lamar Advertising Co. — Class A REIT		297		28,037
Webster Financial Corp.		592		28,025
National Retail Properties, Inc. REIT		608		27,822
RenaissanceRe Holdings Ltd.		149		27,450
Commerce Bancshares, Inc.		389		26,449
Unum Group		637		26,136
Jones Lang LaSalle, Inc.*		162		25,818
Interactive Brokers Group, Inc. — Class A		350		25,322
Healthcare Realty Trust, Inc. REIT		1,296		24,974
Old Republic International Corp.		963		23,256
Brixmor Property Group, Inc. REIT		1,021		23,146
Medical Properties Trust, Inc. REIT		2,036		22,681
Prosperity Bancshares, Inc.		311		22,603
Omega Healthcare Investors, Inc. REIT		797		22,276
EastGroup Properties, Inc. REIT		148		21,913
First Industrial Realty Trust, Inc. REIT		450		21,717
Jefferies Financial Group, Inc.		624		21,391
Stifel Financial Corp.		362		21,130
Voya Financial, Inc.		331		20,353
SEI Investments Co.		349		20,347
Affiliated Managers Group, Inc.		128		20,279
New York Community Bancorp, Inc.		2,316		19,918
Kinsale Capital Group, Inc.		73		19,091
Pinnacle Financial Partners, Inc.		260		19,084
Spirit Realty Capital, Inc. REIT		475		18,967
Glacier Bancorp, Inc.		377		18,631
Synovus Financial Corp.		495		18,587
United Bankshares, Inc.		458		18,544
First American Financial Corp.		352		18,424
Selective Insurance Group, Inc.		205		18,165
Western Union Co.		1,315		18,108
RLI Corp.		137		17,984
Old National Bancorp		997		17,926
Primerica, Inc.		126		17,869
Apartment Income REIT Corp.		510		17,498
Wintrust Financial Corp.		207		17,496
Rayonier, Inc. REIT		498		16,414
Hanover Insurance Group, Inc.		121		16,351
Valley National Bancorp		1,431		16,185
Kite Realty Group Trust REIT		746		15,703
FNB Corp.		1,194		15,582
Cadence Bank		621		15,314
First Financial Bankshares, Inc.		442		15,205
Bank OZK		377		15,103
Home BancShares, Inc.		646		14,722
Essent Group Ltd.		367		14,269
SLM Corp.		852		14,143
Hancock Whitney Corp.		292		14,130
Kilroy Realty Corp. REIT		358		13,844
Evercore, Inc. — Class A		122		13,308
Umpqua Holdings Corp.		739		13,191
MGIC Investment Corp.		1,011		13,143
Cousins Properties, Inc. REIT		516		13,050
Independence Realty Trust, Inc. REIT		762		12,847
UMB Financial Corp.		148		12,361
PotlatchDeltic Corp. REIT		275		12,097
Brighthouse Financial, Inc.*		235		12,048
Associated Banc-Corp.		512		11,822
Physicians Realty Trust REIT		777		11,243
Kemper Corp.		217		10,676
Janus Henderson Group plc		451		10,607
Bank of Hawaii Corp.		136		10,548
Federated Hermes, Inc. — Class B		288		10,457
National Storage Affiliates Trust REIT		288		10,403
Cathay General Bancorp		253		10,320
Texas Capital Bancshares, Inc.*		170		10,253
Highwoods Properties, Inc. REIT		358		10,017
Corporate Office Properties Trust REIT		383		9,935
Sabra Health Care REIT, Inc.		786		9,770
EPR Properties REIT		255		9,619
Fulton Financial Corp.		570		9,593
Douglas Emmett, Inc. REIT		598		9,377
PacWest Bancorp		401		9,203
Park Hotels & Resorts, Inc. REIT		765		9,019
CNO Financial Group, Inc.		389		8,889
International Bancshares Corp.		180		8,237
Macerich Co. REIT		731		8,231
Washington Federal, Inc.		222		7,448
SL Green Realty Corp. REIT		219		7,385
JBG SMITH Properties REIT		337		6,396
Pebblebrook Hotel Trust REIT		448		5,999
Navient Corp.		360		5,922
Total Financial				1,634,541
Industrial - 13.3%
Hubbell, Inc.		183		42,946
Carlisle Companies, Inc.		176		41,474
AECOM		475		40,342
Toro Co.		355		40,186
Graco, Inc.		574		38,607
Axon Enterprise, Inc.*		230		38,164
Builders FirstSource, Inc.*		501		32,505
Jabil, Inc.		458		31,236
AGCO Corp.		211		29,263

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Industrial - 13.3% (continued)
Knight-Swift Transportation Holdings, Inc.		547	$	28,668
Lincoln Electric Holdings, Inc.		197		28,465
Cognex Corp.		589		27,748
Owens Corning		318		27,125
Regal Rexnord Corp.		225		26,995
Lennox International, Inc.		110		26,315
Tetra Tech, Inc.		180		26,134
Fortune Brands Innovations, Inc.		437		24,957
Donaldson Company, Inc.		417		24,549
Middleby Corp.*		183		24,504
AptarGroup, Inc.		222		24,416
Valmont Industries, Inc.		73		24,139
EMCOR Group, Inc.		162		23,994
ITT, Inc.		282		22,870
Arrow Electronics, Inc.*		209		21,855
nVent Electric plc		567		21,812
Curtiss-Wright Corp.		130		21,708
MDU Resources Group, Inc.		692		20,995
Sonoco Products Co.		332		20,156
Landstar System, Inc.		122		19,874
Woodward, Inc.		205		19,805
Oshkosh Corp.		223		19,666
Clean Harbors, Inc.*		171		19,515
Saia, Inc.*		90		18,871
Littelfuse, Inc.		84		18,497
Acuity Brands, Inc.		109		18,052
MSA Safety, Inc.		125		18,024
MasTec, Inc.*		201		17,151
TopBuild Corp.*		109		17,057
Hexcel Corp.		287		16,890
Fluor Corp.*		484		16,776
Eagle Materials, Inc.		125		16,606
Coherent Corp.*		472		16,567
Novanta, Inc.*		121		16,440
National Instruments Corp.		444		16,384
Chart Industries, Inc.*		142		16,363
Crane Holdings Co.		162		16,273
Universal Display Corp.		148		15,990
Timken Co.		225		15,901
Trex Company, Inc.*		374		15,832
Stericycle, Inc.*		314		15,665
Silgan Holdings, Inc.		285		14,774
Louisiana-Pacific Corp.		244		14,445
Ryder System, Inc.		171		14,291
Flowserve Corp.		445		13,653
Watts Water Technologies, Inc. — Class A		93		13,599
TD SYNNEX Corp.		143		13,544
Kirby Corp.*		204		13,127
XPO, Inc.*		392		13,050
Avnet, Inc.		312		12,973
Simpson Manufacturing Company, Inc.		145		12,856
GATX Corp.		120		12,761
Belden, Inc.		146		10,497
Vontier Corp.		538		10,400
EnerSys		139		10,264
Terex Corp.		230		9,826
Vishay Intertechnology, Inc.		441		9,512
Dycom Industries, Inc.*		100		9,360
Mercury Systems, Inc.*		197		8,814
Enovis Corp.*		162		8,670
Esab Corp.		176		8,258
Werner Enterprises, Inc.		200		8,052
Energizer Holdings, Inc.		226		7,582
RXO, Inc.*		392		6,742
Kennametal, Inc.		274		6,592
Greif, Inc. — Class A		87		5,834
Worthington Industries, Inc.		103		5,120
Vicor Corp.*		76		4,085
Total Industrial				1,463,008
Consumer, Non-cyclical - 10.7%
United Therapeutics Corp.*		155		43,104
Neurocrine Biosciences, Inc.*		327		39,057
Service Corporation International		524		36,229
Darling Ingredients, Inc.*		546		34,174
Jazz Pharmaceuticals plc*		214		34,092
Performance Food Group Co.*		530		30,947
Repligen Corp.*		176		29,798
Penumbra, Inc.*		129		28,697
Paylocity Holding Corp.*		140		27,196
Halozyme Therapeutics, Inc.*		460		26,174
Chemed Corp.		51		26,032
Acadia Healthcare Company, Inc.*		310		25,519
Shockwave Medical, Inc.*		123		25,290
Masimo Corp.*		165		24,412
WEX, Inc.*		148		24,220
Bruker Corp.		340		23,239
Ingredion, Inc.		223		21,838
Encompass Health Corp.		340		20,335
Globus Medical, Inc. — Class A*		264		19,607
H&R Block, Inc.		529		19,314
Flowers Foods, Inc.		654		18,796
Envista Holdings Corp.*		555		18,687
FTI Consulting, Inc.*		117		18,580
Medpace Holdings, Inc.*		86		18,267
Tenet Healthcare Corp.*		368		17,955
HealthEquity, Inc.*		288		17,752
Exelixis, Inc.*		1,098		17,612
GXO Logistics, Inc.*		404		17,247
LHC Group, Inc.*		106		17,139
Post Holdings, Inc.*		185		16,698
Option Care Health, Inc.*		526		15,828
Perrigo Company plc		458		15,613
QuidelOrtho Corp.*		182		15,592
Euronet Worldwide, Inc.*		160		15,101
Azenta, Inc.*		255		14,846
Arrowhead Pharmaceuticals, Inc.*		360		14,601
Celsius Holdings, Inc.*		138		14,357
ManpowerGroup, Inc.		172		14,312
Avis Budget Group, Inc.*		85		13,934
ASGN, Inc.*		170		13,851
Integra LifeSciences Holdings Corp.*		247		13,849
Insperity, Inc.		121		13,746
Haemonetics Corp.*		172		13,528
Lancaster Colony Corp.		68		13,417
Syneos Health, Inc.*		350		12,838

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Non-cyclical - 10.7% (continued)
Lantheus Holdings, Inc.*		234	$	11,925
BellRing Brands, Inc.*		461		11,820
Sprouts Farmers Market, Inc.*		360		11,653
Neogen Corp.*		736		11,209
Grand Canyon Education, Inc.*		104		10,989
ICU Medical, Inc.*		69		10,866
Coty, Inc. — Class A*		1,244		10,649
Boston Beer Company, Inc. — Class A*		32		10,545
Inari Medical, Inc.*		164		10,424
LivaNova plc*		182		10,108
Tandem Diabetes Care, Inc.*		219		9,844
Amedisys, Inc.*		111		9,273
Helen of Troy Ltd.*		82		9,095
Grocery Outlet Holding Corp.*		301		8,786
Brink's Co.		158		8,486
Patterson Companies, Inc.		295		8,269
Coca-Cola Consolidated, Inc.		16		8,198
Progyny, Inc.*		256		7,974
STAAR Surgical Co.*		164		7,961
Graham Holdings Co. — Class B		13		7,855
Omnicell, Inc.*		152		7,664
John Wiley & Sons, Inc. — Class A		146		5,849
R1 RCM, Inc.*		468		5,125
Pilgrim's Pride Corp.*		153		3,631
Sotera Health Co.*		336		2,799
Total Consumer, Non-cyclical				1,174,417
Consumer, Cyclical - 9.5%
Deckers Outdoor Corp.*		90		35,925
Five Below, Inc.*		189		33,428
BJ's Wholesale Club Holdings, Inc.*		460		30,434
Casey's General Stores, Inc.		127		28,492
Watsco, Inc.		113		28,182
Williams-Sonoma, Inc.		227		26,087
Capri Holdings Ltd.*		438		25,106
Lear Corp.		201		24,928
Churchill Downs, Inc.		112		23,680
Crocs, Inc.*		210		22,770
Dick's Sporting Goods, Inc.		189		22,735
Gentex Corp.		799		21,789
Mattel, Inc.*		1,206		21,515
Wyndham Hotels & Resorts, Inc.		301		21,464
Texas Roadhouse, Inc. — Class A		228		20,737
Tempur Sealy International, Inc.		582		19,980
Murphy USA, Inc.		71		19,847
Skechers USA, Inc. — Class A*		457		19,171
Macy's, Inc.		923		19,060
Lithia Motors, Inc. — Class A		93		19,041
Harley-Davidson, Inc.		453		18,845
Light & Wonder, Inc. — Class A*		319		18,693
Polaris, Inc.		185		18,685
IAA, Inc.*		455		18,200
Toll Brothers, Inc.		359		17,921
Brunswick Corp.		247		17,804
Univar Solutions, Inc.*		555		17,649
Marriott Vacations Worldwide Corp.		130		17,497
RH*		65		17,367
GameStop Corp. — Class A*,1		860		15,876
Penn Entertainment, Inc.*		528		15,682
PVH Corp.		222		15,671
Boyd Gaming Corp.		270		14,723
Leggett & Platt, Inc.		451		14,536
Wingstop, Inc.		102		14,037
Thor Industries, Inc.		183		13,815
MSC Industrial Direct Company, Inc. — Class A		161		13,154
Fox Factory Holding Corp.*		144		13,137
Wendy's Co.		580		13,125
Visteon Corp.*		96		12,560
AutoNation, Inc.*		116		12,447
YETI Holdings, Inc.*		294		12,145
Adient plc*		323		11,205
Taylor Morrison Home Corp. — Class A*		369		11,199
FirstCash Holdings, Inc.		128		11,125
Columbia Sportswear Co.		121		10,597
Choice Hotels International, Inc.		94		10,588
Foot Locker, Inc.		270		10,203
Travel + Leisure Co.		277		10,083
Kohl's Corp.		397		10,024
Victoria's Secret & Co.*		277		9,911
Goodyear Tire & Rubber Co.*		963		9,774
Carter's, Inc.		130		9,699
Topgolf Callaway Brands Corp.*		472		9,322
Ollie's Bargain Outlet Holdings, Inc.*		198		9,274
KB Home		283		9,014
Papa John's International, Inc.		109		8,972
Gap, Inc.		718		8,099
Hanesbrands, Inc.		1,188		7,556
JetBlue Airways Corp.*		1,103		7,148
Cracker Barrel Old Country Store, Inc.		75		7,106
Scotts Miracle-Gro Co. — Class A		138		6,705
Dana, Inc.		434		6,566
Under Armour, Inc. — Class A*		642		6,523
Nordstrom, Inc.		379		6,117
Under Armour, Inc. — Class C*		671		5,985
Total Consumer, Cyclical				1,040,735
Technology - 5.1%
Fair Isaac Corp.*		85		50,879
Lattice Semiconductor Corp.*		467		30,299
Wolfspeed, Inc.*		423		29,204
Genpact Ltd.		574		26,588
Dynatrace, Inc.*		686		26,274
Manhattan Associates, Inc.*		212		25,737
KBR, Inc.		467		24,658
CACI International, Inc. — Class A*		80		24,047
Science Applications International Corp.		188		20,855
Aspen Technology, Inc.*		99		20,334
Concentrix Corp.		144		19,175
ExlService Holdings, Inc.*		113		19,145
MKS Instruments, Inc.		195		16,522
Silicon Laboratories, Inc.*		113		15,331
Maximus, Inc.		206		15,106

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Technology - 5.1% (continued)
Power Integrations, Inc.		195	$	13,985
Cirrus Logic, Inc.*		187		13,928
Qualys, Inc.*		118		13,243
Super Micro Computer, Inc.*		158		12,972
Synaptics, Inc.*		136		12,942
Lumentum Holdings, Inc.*		232		12,103
Teradata Corp.*		347		11,680
Envestnet, Inc.*		188		11,600
MACOM Technology Solutions Holdings, Inc.*		174		10,959
NCR Corp.*		468		10,956
IPG Photonics Corp.*		109		10,319
CommVault Systems, Inc.*		152		9,552
Blackbaud, Inc.*		152		8,947
ACI Worldwide, Inc.*		383		8,809
Amkor Technology, Inc.		342		8,201
Kyndryl Holdings, Inc.*		695		7,728
Allegro MicroSystems, Inc.*		221		6,634
SiTime Corp.*		55		5,589
Xerox Holdings Corp.		381		5,563
Total Technology				559,864
Basic Materials - 3.1%
RPM International, Inc.		439		42,781
Reliance Steel & Aluminum Co.		200		40,488
Cleveland-Cliffs, Inc.*		1,754		28,257
Alcoa Corp.		602		27,373
Royal Gold, Inc.		223		25,136
Olin Corp.		434		22,976
United States Steel Corp.		798		19,990
Valvoline, Inc.		603		19,688
Commercial Metals Co.		399		19,272
Ashland, Inc.		170		18,280
Chemours Co.		514		15,739
Cabot Corp.		191		12,766
Westlake Corp.		117		11,997
Sensient Technologies Corp.		143		10,428
Avient Corp.		291		9,824
Ingevity Corp.*		120		8,453
MP Materials Corp.*		314		7,624
NewMarket Corp.		23		7,155
Total Basic Materials				348,227
Energy - 2.7%
Antero Resources Corp.*		940		29,131
NOV, Inc.		1,337		27,930
HF Sinclair Corp.		458		23,766
Southwestern Energy Co.*		3,757		21,978
Matador Resources Co.		382		21,866
Murphy Oil Corp.		497		21,376
Range Resources Corp.		823		20,591
PDC Energy, Inc.		314		19,933
ChampionX Corp.		679		19,684
DT Midstream, Inc.		329		18,180
Sunrun, Inc.*		725		17,414
PBF Energy, Inc. — Class A		389		15,863
Antero Midstream Corp.		1,140		12,301
CNX Resources Corp.*		614		10,340
Equitrans Midstream Corp.		1,473		9,869
SunPower Corp. — Class A*		291		5,247
Total Energy				295,469
Utilities - 2.6%
Essential Utilities, Inc.		813		38,804
OGE Energy Corp.		682		26,973
UGI Corp.		713		26,431
National Fuel Gas Co.		311		19,686
IDACORP, Inc.		172		18,550
New Jersey Resources Corp.		328		16,275
Black Hills Corp.		222		15,616
Hawaiian Electric Industries, Inc.		373		15,610
Portland General Electric Co.		304		14,896
Ormat Technologies, Inc.		166		14,356
PNM Resources, Inc.		292		14,247
ONE Gas, Inc.		184		13,933
Southwest Gas Holdings, Inc.		210		12,995
ALLETE, Inc.		195		12,579
Spire, Inc.		179		12,326
NorthWestern Corp.		197		11,690
Total Utilities				284,967
Communications - 1.7%
Ciena Corp.*		504		25,694
Nexstar Media Group, Inc. — Class A		128		22,404
Iridium Communications, Inc.		428		21,999
Frontier Communications Parent, Inc.*		759		19,339
New York Times Co. — Class A		560		18,178
TEGNA, Inc.		760		16,104
Calix, Inc.*		194		13,276
Ziff Davis, Inc.*		161		12,735
Cable One, Inc.		16		11,390
World Wrestling Entertainment, Inc. — Class A		147		10,072
Viasat, Inc.*		257		8,134
TripAdvisor, Inc.*		357		6,419
Total Communications				185,744
Total Common Stocks
(Cost $6,405,976)				6,986,972
MUTUAL FUNDS† - 9.9%
Guggenheim Ultra Short Duration Fund — Institutional Class2		88,750		855,554
Guggenheim Strategy Fund II2		9,844		236,641
Total Mutual Funds
(Cost $1,123,598)				1,092,195

	Face Amount
U.S. TREASURY BILLS†† - 10.8%
U.S. Treasury Bills
3.89% due 01/12/233	$	1,100,000	1,099,045

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
U.S. TREASURY BILLS†† - 10.8% (continued)
3.79% due 01/17/233,4	$	82,000	$	81,883
Total U.S. Treasury Bills
(Cost $1,180,553)				1,180,928
REPURCHASE AGREEMENTS††,5 - 37.2%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/236		2,309,028		2,309,028
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/236		888,088		888,088
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/236		885,337		885,337
Total Repurchase Agreements

(Cost $4,082,453) 4,082,453

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class X , 4.10%8		12,170		12,170
Total Securities Lending Collateral
(Cost $12,170)				12,170
Total Investments - 121.6%
(Cost $12,804,750)			$	13,354,718
Other Assets & Liabilities, net - (21.6)%				(2,368,214	)
Total Net Assets - 100.0%			$	10,986,504

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P MidCap 400 Index Mini Futures Contracts	7	Mar 2023	$	1,710,310	$	(50,060	)

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††
Goldman Sachs International	S&P MidCap 400 Index		Pay	4.58% (Federal Funds Rate + 0.25%)	At Maturity	01/26/23		1,137	$	2,764,162	$	(9,944	)
BNP Paribas	S&P MidCap 400 Index		Pay	4.78% (Federal Funds Rate + 0.45%)	At Maturity	01/26/23		816		1,984,196		(57,219	)
Barclays Bank plc	S&P MidCap 400 Index		Pay	4.65% (SOFR + 0.35%)	At Maturity	01/25/23		1,247		3,030,448		(118,062	)
									$	7,778,806	$	(185,225	)

*	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, 2022 — See Note 5.
2	Affiliated issuer.
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, 2022.
5	Repurchase Agreements — See Note 4.
6	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.
7	Securities lending collateral — See Note 5.
8	Rate indicated is the 7-day yield as of December 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	6,986,972	$	—	$	—	$	6,986,972
Mutual Funds		1,092,195		—		—		1,092,195
U.S. Treasury Bills		—		1,180,928		—		1,180,928
Repurchase Agreements		—		4,082,453		—		4,082,453
Securities Lending Collateral		12,170		—		—		12,170
Total Assets	$	8,091,337	$	5,263,381	$	—	$	13,354,718

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	50,060	$	—	$	—	$	50,060
Equity Index Swap Agreements**		—		185,225		—		185,225
Total Liabilities	$	50,060	$	185,225	$	—	$	235,285

** 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, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website. https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	241,661	$	–	$	–	$	–	$	(5,020	)	$	236,641		9,844	$	5,897
Guggenheim Ultra Short Duration Fund — Institutional Class		868,866		–		–		–		(13,312	)		855,554		88,750		17,227
	$	1,110,527	$	–	$	–	$	–	$	(18,332	)	$	1,092,195			$	23,124

Monthly Rebalance NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 81.6%
Technology - 37.9%
Microsoft Corp.		97,188	$	23,307,626
Apple, Inc.		167,509		21,764,444
NVIDIA Corp.		41,781		6,105,875
Broadcom, Inc.		6,879		3,846,255
Adobe, Inc.*		7,896		2,657,241
Texas Instruments, Inc.		15,414		2,546,701
QUALCOMM, Inc.		19,039		2,093,148
Intuit, Inc.		4,771		1,856,969
Intel Corp.		70,093		1,852,558
Advanced Micro Devices, Inc.*		27,384		1,773,662
Applied Materials, Inc.		14,612		1,422,917
Analog Devices, Inc.		8,650		1,418,859
Fiserv, Inc.*		10,785		1,090,040
Activision Blizzard, Inc.		13,292		1,017,503
Lam Research Corp.		2,316		973,415
Micron Technology, Inc.		18,465		922,881
KLA Corp.		2,407		907,511
Synopsys, Inc.*		2,597		829,196
ASML Holding N.V. — Class G		1,500		819,600
Cadence Design Systems, Inc.*		4,659		748,422
Paychex, Inc.		6,121		707,343
NXP Semiconductor N.V.		4,401		695,490
Autodesk, Inc.*		3,666		685,065
Microchip Technology, Inc.		9,341		656,205
Fortinet, Inc.*		13,269		648,722
Workday, Inc. — Class A*		3,431		574,109
Electronic Arts, Inc.		4,689		572,902
Marvell Technology, Inc.		14,481		536,376
Cognizant Technology Solutions Corp. — Class A		8,728		499,154
GLOBALFOUNDRIES, Inc.*,1		9,258		498,914
Crowdstrike Holdings, Inc. — Class A*		3,707		390,310
Datadog, Inc. — Class A*		4,961		364,634
ANSYS, Inc.*		1,480		357,553
Atlassian Corp. — Class A*		2,518		324,016
Zoom Video Communications, Inc. — Class A*		4,172		282,611
Zscaler, Inc.*		2,449		274,043
Total Technology				86,022,270
Communications - 20.9%
Amazon.com, Inc.*		133,559		11,218,956
Alphabet, Inc. — Class C*		79,677		7,069,740
Alphabet, Inc. — Class A*		79,702		7,032,107
Meta Platforms, Inc. — Class A*		38,192		4,596,025
Cisco Systems, Inc.		69,772		3,323,938
T-Mobile US, Inc.*		21,131		2,958,340
Comcast Corp. — Class A		73,269		2,562,217
Netflix, Inc.*		7,558		2,228,703
Booking Holdings, Inc.*		659		1,328,070
Charter Communications, Inc. — Class A*		2,644		896,581
MercadoLibre, Inc.*		855		723,535
Palo Alto Networks, Inc.*		5,135		716,538
Pinduoduo, Inc. ADR*		7,950		648,323
Airbnb, Inc. — Class A*		6,764		578,322
JD.com, Inc. ADR		8,251		463,129
Warner Bros Discovery, Inc.*		41,244		390,993
Sirius XM Holdings, Inc.1		66,060		385,790
eBay, Inc.		9,217		382,229
Total Communications				47,503,536
Consumer, Non-cyclical - 11.8%
PepsiCo, Inc.		23,399		4,227,263
Amgen, Inc.		9,062		2,380,044
Gilead Sciences, Inc.		21,302		1,828,777
Automatic Data Processing, Inc.		7,045		1,682,769
Intuitive Surgical, Inc.*		6,003		1,592,896
Mondelez International, Inc. — Class A		23,194		1,545,880
PayPal Holdings, Inc.*		19,362		1,378,962
Regeneron Pharmaceuticals, Inc.*		1,819		1,312,390
Vertex Pharmaceuticals, Inc.*		4,360		1,259,081
Moderna, Inc.*		6,525		1,172,021
Monster Beverage Corp.*		8,861		899,657
Keurig Dr Pepper, Inc.		24,054		857,766
Kraft Heinz Co.		20,804		846,931
Cintas Corp.		1,725		779,044
Dexcom, Inc.*		6,560		742,854
AstraZeneca plc ADR		10,376		703,493
Biogen, Inc.*		2,446		677,346
IDEXX Laboratories, Inc.*		1,407		574,000
Illumina, Inc.*		2,672		540,278
CoStar Group, Inc.*		6,907		533,773
Verisk Analytics, Inc. — Class A		2,656		468,571
Seagen, Inc.*		3,153		405,192
Align Technology, Inc.*		1,327		279,864
Total Consumer, Non-cyclical				26,688,852
Consumer, Cyclical - 7.3%
Tesla, Inc.*		41,341		5,092,384
Costco Wholesale Corp.		7,517		3,431,510
Starbucks Corp.		19,494		1,933,805
O'Reilly Automotive, Inc.*		1,063		897,204
Marriott International, Inc. — Class A		5,376		800,433
Ross Stores, Inc.		5,895		684,233
Lululemon Athletica, Inc.*		2,077		665,429
PACCAR, Inc.		5,907		584,616
Walgreens Boots Alliance, Inc.		14,689		548,781
Dollar Tree, Inc.*		3,757		531,390
Copart, Inc.*		8,090		492,600
Fastenal Co.		9,728		460,329
Rivian Automotive, Inc. — Class A*		15,509		285,831
Lucid Group, Inc.*,1		28,541		194,935
Total Consumer, Cyclical				16,603,480
Industrial - 1.8%
Honeywell International, Inc.		11,419		2,447,092
CSX Corp.		35,708		1,106,234
Old Dominion Freight Line, Inc.		1,876		532,371
Total Industrial				4,085,697
Utilities - 1.2%
American Electric Power Company, Inc.		8,728		828,724
Exelon Corp.		16,878		729,636
Xcel Energy, Inc.		9,295		651,672
Constellation Energy Corp.		5,554		478,810
Total Utilities				2,688,842

Monthly Rebalance NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 81.6% (continued)
Energy - 0.7%
Enphase Energy, Inc.*		2,309	$	611,793
Baker Hughes Co.		17,009		502,276
Diamondback Energy, Inc.		2,989		408,835
Total Energy				1,522,904
Total Common Stocks
(Cost $195,019,180)				185,115,581

MUTUAL FUNDS† - 5.7%
Guggenheim Strategy Fund II2	277,075	6,660,881
Guggenheim Ultra Short Duration Fund — Institutional Class2	652,649	6,291,537
Total Mutual Funds
(Cost $13,182,968)		12,952,418

	Face Amount
U.S. TREASURY BILLS†† - 12.2%
U.S. Treasury Bills
3.89% due 01/12/233,4	$	16,400,000	16,385,762
3.61% due 01/12/233,4		9,000,000	8,992,187
3.80% due 01/17/234,5		2,369,000	2,365,611
Total U.S. Treasury Bills
(Cost $27,735,508)			27,743,560
REPURCHASE AGREEMENTS††,6 - 9.4%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26%  due 01/03/233		12,058,102	12,058,102
BofA Securities, Inc. issued 12/30/22 at 4.25%  due 01/03/233		4,637,731	4,637,731
Barclays Capital, Inc. issued 12/30/22 at 4.21%  due 01/03/233		4,623,368	4,623,368
Total Repurchase Agreements
(Cost $21,319,201)			21,319,201

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%8	834,554		834,554
Total Securities Lending Collateral
(Cost $834,554)			834,554
Total Investments - 109.3%
(Cost $258,091,411)		$	247,965,314
Other Assets & Liabilities, net - (9.3)%			(21,019,127	)
Total Net Assets - 100.0%		$	226,946,187

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		96	Mar 2023	$	21,164,160	$	(1,558,194	)

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††
Goldman Sachs International		NASDAQ-100 Index		Pay	4.83% (Federal Funds Rate + 0.50%)	At Maturity	01/26/23		357	$	3,910,050	$	(285,094	)
BNP Paribas		NASDAQ-100 Index		Pay	4.98% (Federal Funds Rate + 0.65%)	At Maturity	01/26/23		8,626		94,369,384		(4,882,418	)
Barclays Bank plc		NASDAQ-100 Index		Pay	4.80% (SOFR + 0.50%)	At Maturity	01/25/23		13,659		149,421,016		(10,767,765	)
										$	247,700,450	$	(15,935,277	)

^* 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, 2022 — See Note 5.

² Affiliated issuer.

³ All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.

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, 2022.

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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Monthly Rebalance NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	185,115,581	$	—	$	—	$	185,115,581
Mutual Funds		12,952,418		—		—		12,952,418
U.S. Treasury Bills		—		27,743,560		—		27,743,560
Repurchase Agreements		—		21,319,201		—		21,319,201
Securities Lending Collateral		834,554		—		—		834,554
Total Assets	$	198,902,553	$	49,062,761	$	—	$	247,965,314

Investments in Securities (Liabilities)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,558,194	$	—	$	—	$	1,558,194
Equity Index Swap Agreements**		—		15,935,277		—		15,935,277
Total Liabilities	$	1,558,194	$	15,935,277	$	—	$	17,493,471

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,904,111	$	–	$	(4,000,000	)	$	(127,783	)	$	(115,447	)	$	6,660,881		277,075	$	239,844
Guggenheim Ultra Short Duration Fund — Institutional Class	$	21,389,957	$	–	$	(14,800,001	)	$	(406,376	)	$	107,957		$	6,291,537		652,649	$	244,097
	$	32,294,068	$	–	$	(18,800,001	)	$	(534,159	)	$	(7,490	)	$	12,952,418			$	483,941

NASDAQ-100® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 94.5%
Technology - 43.9%
Microsoft Corp.		540,471	$	129,615,755
Apple, Inc.		931,541		121,035,122
NVIDIA Corp.		232,349		33,955,483
Broadcom, Inc.		38,253		21,388,400
Adobe, Inc.*		43,910		14,777,032
Texas Instruments, Inc.		85,721		14,162,824
QUALCOMM, Inc.		105,879		11,640,337
Intuit, Inc.		26,534		10,327,563
Intel Corp.		389,797		10,302,335
Advanced Micro Devices, Inc.*		152,287		9,863,629
Applied Materials, Inc.		81,257		7,912,807
Analog Devices, Inc.		48,103		7,890,335
Fiserv, Inc.*		59,979		6,062,078
Activision Blizzard, Inc.		73,920		5,658,576
Lam Research Corp.		12,881		5,413,884
Micron Technology, Inc.		102,684		5,132,146
KLA Corp.		13,385		5,046,547
Synopsys, Inc.*		14,443		4,611,505
ASML Holding N.V. — Class G		8,344		4,559,162
Cadence Design Systems, Inc.*		25,908		4,161,861
Paychex, Inc.		34,040		3,933,662
NXP Semiconductor N.V.		24,475		3,867,784
Autodesk, Inc.*		20,388		3,809,906
Microchip Technology, Inc.		51,949		3,649,417
Fortinet, Inc.*		73,788		3,607,495
Workday, Inc. — Class A*		19,078		3,192,322
Electronic Arts, Inc.		26,076		3,185,966
Marvell Technology, Inc.		80,529		2,982,794
Cognizant Technology Solutions Corp. — Class A		48,540		2,776,003
GlobalFoundries, Inc.*,1		51,482		2,774,365
Crowdstrike Holdings, Inc. — Class A*		20,617		2,170,764
Datadog, Inc. — Class A*		27,584		2,027,424
ANSYS, Inc.*		8,228		1,987,803
Atlassian Corp. — Class A*		14,004		1,802,035
Zoom Video Communications, Inc. — Class A*		23,202		1,571,703
Zscaler, Inc.*		13,621		1,524,190
Total Technology				478,381,014
Communications - 24.2%
Amazon.com, Inc.*		742,737		62,389,908
Alphabet, Inc. — Class C*		443,094		39,315,731
Alphabet, Inc. — Class A*		443,230		39,106,183
Meta Platforms, Inc. — Class A*		212,389		25,558,892
Cisco Systems, Inc.		388,013		18,484,939
T-Mobile US, Inc.*		117,511		16,451,540
Comcast Corp. — Class A		407,457		14,248,771
Netflix, Inc.*		42,033		12,394,691
Booking Holdings, Inc.*		3,664		7,383,986
Charter Communications, Inc. — Class A*		14,703		4,985,787
MercadoLibre, Inc.*		4,750		4,019,640
Palo Alto Networks, Inc.*		28,558		3,984,983
Pinduoduo, Inc. ADR*		44,210		3,605,326
Airbnb, Inc. — Class A*		37,615		3,216,082
JD.com, Inc. ADR		45,884		2,575,469
Warner Bros Discovery, Inc.*		229,364		2,174,371
Sirius XM Holdings, Inc.1		367,369		2,145,435
eBay, Inc.		51,255		2,125,545
Total Communications				264,167,279
Consumer, Non-cyclical - 13.6%
PepsiCo, Inc.		130,125		23,508,382
Amgen, Inc.		50,397		13,236,268
Gilead Sciences, Inc.		118,464		10,170,135
Automatic Data Processing, Inc.		39,181		9,358,774
Intuitive Surgical, Inc.*		33,377		8,856,587
Mondelez International, Inc. — Class A		128,984		8,596,784
PayPal Holdings, Inc.*		107,677		7,668,756
Regeneron Pharmaceuticals, Inc.*		10,114		7,297,150
Vertex Pharmaceuticals, Inc.*		24,245		7,001,471
Moderna, Inc.*		36,286		6,517,691
Monster Beverage Corp.*		49,279		5,003,297
Keurig Dr Pepper, Inc.		133,766		4,770,096
Kraft Heinz Co.		115,696		4,709,984
Cintas Corp.		9,591		4,331,487
Dexcom, Inc.*		36,482		4,131,222
AstraZeneca plc ADR		57,702		3,912,195
Biogen, Inc.*		13,601		3,766,389
IDEXX Laboratories, Inc.*		7,822		3,191,063
Illumina, Inc.*		14,857		3,004,086
CoStar Group, Inc.*		38,412		2,968,479
Verisk Analytics, Inc. — Class A		14,771		2,605,900
Seagen, Inc.*		17,536		2,253,551
Align Technology, Inc.*		7,378		1,556,020
Total Consumer, Non-cyclical				148,415,767
Consumer, Cyclical - 8.5%
Tesla, Inc.*		229,901		28,319,205
Costco Wholesale Corp.		41,804		19,083,526
Starbucks Corp.		108,411		10,754,371
O'Reilly Automotive, Inc.*		5,910		4,988,217
Marriott International, Inc. — Class A		29,897		4,451,364
Ross Stores, Inc.		32,780		3,804,775
Lululemon Athletica, Inc.*		11,552		3,701,030
PACCAR, Inc.		32,846		3,250,769
Walgreens Boots Alliance, Inc.		81,682		3,051,639
Dollar Tree, Inc.*		20,890		2,954,682
Copart, Inc.*		44,987		2,739,259
Fastenal Co.		54,098		2,559,917
Rivian Automotive, Inc. — Class A*		86,245		1,589,495
Lucid Group, Inc.*,1		158,718		1,084,044
Total Consumer, Cyclical				92,332,293
Industrial - 2.1%
Honeywell International, Inc.		63,501		13,608,264
CSX Corp.		198,574		6,151,823
Old Dominion Freight Line, Inc.		10,435		2,961,244
Total Industrial				22,721,331
Utilities - 1.4%
American Electric Power Company, Inc.		48,534		4,608,303
Exelon Corp.		93,859		4,057,525
Xcel Energy, Inc.		51,688		3,623,846
Constellation Energy Corp.		30,887		2,662,768
Total Utilities				14,952,442

NASDAQ-100® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 94.5% (continued)
Energy - 0.8%
Enphase Energy, Inc.*		12,838	$	3,401,557
Baker Hughes Co.		94,589		2,793,213
Diamondback Energy, Inc.		16,623		2,273,694
Total Energy				8,468,464
Total Common Stocks
(Cost $365,907,334)				1,029,438,590
MUTUAL FUNDS† - 4.8%
Guggenheim Ultra Short Duration Fund — Institutional Class2		3,064,684		29,543,554
Guggenheim Strategy Fund II2		575,584		13,837,051
Guggenheim Strategy Fund III2		370,504		8,914,321
Total Mutual Funds
(Cost $54,178,710)				52,294,926

		Face Amount
U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
3.89% due 01/12/233,4	$	4,800,000	4,795,833
3.79% due 01/17/234,5		958,000	956,629
Total U.S. Treasury Bills
(Cost $5,750,648)			5,752,462
REPURCHASE AGREEMENTS††,6 - 0.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/233		4,622,151	4,622,151
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/233		1,777,751	1,777,751
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/233		1,772,245	1,772,245
Total Repurchase Agreements
(Cost $8,172,147)			8,172,147

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.4%
Money Market Fund
First American Government Obligations Fund, — Class X,  4.10%8	4,702,863		4,702,863
Total Securities Lending Collateral
(Cost $4,702,863)			4,702,863
Total Investments - 101.0%
(Cost $438,711,702)		$	1,100,360,988
Other Assets & Liabilities, net - (1.0)%			(10,731,229	)
Total Net Assets - 100.0%		$	1,089,629,759

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		5	Mar 2023	$	1,102,300	$	(81,156	)

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††
Goldman Sachs International	NASDAQ-100 Index	Pay	4.83% (Federal Funds Rate + 0.50%)	At Maturity	01/26/23		152	$	1,658,996	$	(115,157	)
BNP Paribas	NASDAQ-100 Index	Pay	4.98% (Federal Funds Rate + 0.65%)	At Maturity	01/26/23		3,487		38,149,375		(227,816	)
Barclays Bank plc	NASDAQ-100 Index	Pay	4.80% (SOFR + 0.50%)	At Maturity	01/25/23		1,853		20,268,460		(1,541,096	)
								$	60,076,831	$	(1,884,069	)

^* 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.

NASDAQ-100® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

¹ All or a portion of this security is on loan at December 31, 2022 — See Note 5.

² Affiliated issuer.

³ All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.

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, 2022.

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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	1,029,438,590	$	—	$	—	$	1,029,438,590
Mutual Funds		52,294,926		—		—		52,294,926
U.S. Treasury Bills		—		5,752,462		—		5,752,462
Repurchase Agreements		—		8,172,147		—		8,172,147
Securities Lending Collateral		4,702,863		—		—		4,702,863
Total Assets	$	1,086,436,379	$	13,924,609	$	—	$	1,100,360,988

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	81,156	$	—	$	—	$	81,156
Equity Index Swap Agreements**		—		1,884,069		—		1,884,069
Total Liabilities	$	81,156	$	1,884,069	$	—	$	1,965,225

** 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, 2022, 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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	14,130,599	$	–	$	–	$	–	$	(293,548	)	$	13,837,051		575,584	$	344,821
Guggenheim Strategy Fund III		9,129,213		–		–		–		(214,892	)		8,914,321		370,504		231,176
Guggenheim Ultra Short Duration Fund — Institutional Class	$	30,003,257	$	–	$	–	$	–	$	(459,703	)	$	29,543,554		3,064,684	$	594,881
	$	53,263,069	$	–	$	–	$	–	$	(968,143	)	$	52,294,926			$	1,170,878

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 66.0%
Consumer, Non-cyclical - 15.5%
UnitedHealth Group, Inc.		1,576	$	835,564
Johnson & Johnson		4,411		779,203
Procter & Gamble Co.		3,998		605,937
Eli Lilly & Co.		1,331		486,933
Pfizer, Inc.		9,471		485,294
AbbVie, Inc.		2,984		482,244
Merck & Company, Inc.		4,278		474,644
PepsiCo, Inc.		2,324		419,854
Coca-Cola Co.		6,567		417,727
Thermo Fisher Scientific, Inc.		662		364,557
Abbott Laboratories		2,942		323,002
Danaher Corp.		1,105		293,289
Philip Morris International, Inc.		2,615		264,664
Bristol-Myers Squibb Co.		3,587		258,085
Amgen, Inc.		900		236,376
Elevance Health, Inc.		403		206,727
CVS Health Corp.		2,217		206,602
S&P Global, Inc.		562		188,236
Gilead Sciences, Inc.		2,116		181,658
Medtronic plc		2,242		174,248
Cigna Corp.		516		170,971
Automatic Data Processing, Inc.		700		167,202
Intuitive Surgical, Inc.*		596		158,149
Mondelez International, Inc. — Class A		2,304		153,562
Stryker Corp.		568		138,870
Altria Group, Inc.		3,024		138,227
PayPal Holdings, Inc.*		1,923		136,956
Regeneron Pharmaceuticals, Inc.*		181		130,590
Vertex Pharmaceuticals, Inc.*		433		125,042
Becton Dickinson and Co.		481		122,318
Zoetis, Inc.		786		115,188
Boston Scientific Corp.*		2,417		111,835
Colgate-Palmolive Co.		1,409		111,015
Humana, Inc.		214		109,609
Moderna, Inc.*		557		100,048
Estee Lauder Companies, Inc. — Class A		390		96,763
McKesson Corp.		239		89,654
Archer-Daniels-Midland Co.		926		85,979
HCA Healthcare, Inc.		357		85,666
General Mills, Inc.		1,001		83,934
Centene Corp.*		955		78,320
Edwards Lifesciences Corp.*		1,042		77,744
Kimberly-Clark Corp.		569		77,242
Moody's Corp.		266		74,113
Dexcom, Inc.*		652		73,833
Corteva, Inc.		1,205		70,830
Biogen, Inc.*		242		67,015
Cintas Corp.		146		65,937
Sysco Corp.		854		65,288
Monster Beverage Corp.*		642		65,182
IQVIA Holdings, Inc.*		312		63,926
Constellation Brands, Inc. — Class A		274		63,500
Hershey Co.		246		56,966
IDEXX Laboratories, Inc.*		139		56,706
Kraft Heinz Co.		1,343		54,674
Illumina, Inc.*		265		53,583
CoStar Group, Inc.*		686		53,014
ResMed, Inc.		247		51,408
Keurig Dr Pepper, Inc.		1,434		51,136
Kroger Co.		1,098		48,949
Verisk Analytics, Inc. — Class A		263		46,398
AmerisourceBergen Corp. — Class A		273		45,239
Global Payments, Inc.		455		45,191
Zimmer Biomet Holdings, Inc.		354		45,135
Gartner, Inc.*		133		44,707
Baxter International, Inc.		851		43,375
United Rentals, Inc.*		117		41,584
Equifax, Inc.		207		40,233
Laboratory Corporation of America Holdings		149		35,086
McCormick & Company, Inc.		423		35,063
Quanta Services, Inc.		241		34,342
Waters Corp.*		100		34,258
Cardinal Health, Inc.		442		33,977
Church & Dwight Company, Inc.		411		33,131
Molina Healthcare, Inc.*		97		32,031
Hologic, Inc.*		421		31,495
Conagra Brands, Inc.		809		31,308
STERIS plc		168		31,028
Kellogg Co.		431		30,704
Tyson Foods, Inc. — Class A		489		30,440
Quest Diagnostics, Inc.		192		30,036
PerkinElmer, Inc.		213		29,867
Clorox Co.		207		29,048
West Pharmaceutical Services, Inc.		123		28,948
J M Smucker Co.		180		28,523
Cooper Companies, Inc.		83		27,446
Align Technology, Inc.*		121		25,519
Incyte Corp.*		311		24,979
Avery Dennison Corp.		137		24,797
FleetCor Technologies, Inc.*		124		22,776
Viatris, Inc.		2,046		22,772
Hormel Foods Corp.		488		22,228
Bio-Techne Corp.		264		21,880
Lamb Weston Holdings, Inc.		242		21,625
Brown-Forman Corp. — Class B		309		20,295
Teleflex, Inc.		79		19,721
Campbell Soup Co.		338		19,182
Charles River Laboratories International, Inc.*		85		18,521
Henry Schein, Inc.*		229		18,290
MarketAxess Holdings, Inc.		63		17,570
Molson Coors Beverage Co. — Class B		317		16,332
Universal Health Services, Inc. — Class B		108		15,216
Bio-Rad Laboratories, Inc. — Class A*		35		14,717
Rollins, Inc.		390		14,251
Catalent, Inc.*		303		13,638
Robert Half International, Inc.		182		13,437
Organon & Co.		429		11,982
Dentsply Sirona, Inc.		363		11,558
DaVita, Inc.*		92		6,870
Total Consumer, Non-cyclical				12,722,537

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 66.0% (continued)
Technology - 14.3%
Apple, Inc.		25,229	$	3,278,004
Microsoft Corp.		12,577		3,016,216
NVIDIA Corp.		4,201		613,934
Broadcom, Inc.		683		381,886
Accenture plc — Class A		1,063		283,651
Adobe, Inc.*		784		263,839
Texas Instruments, Inc.		1,531		252,952
Salesforce, Inc.*		1,687		223,679
International Business Machines Corp.		1,525		214,857
Oracle Corp.		2,593		211,952
QUALCOMM, Inc.		1,891		207,897
Intuit, Inc.		475		184,879
Intel Corp.		6,963		184,032
Advanced Micro Devices, Inc.*		2,720		176,174
Analog Devices, Inc.		867		142,214
Applied Materials, Inc.		1,451		141,298
ServiceNow, Inc.*		341		132,400
Fiserv, Inc.*		1,071		108,246
Lam Research Corp.		230		96,669
Activision Blizzard, Inc.		1,201		91,937
Micron Technology, Inc.		1,834		91,663
KLA Corp.		239		90,110
Synopsys, Inc.*		258		82,377
Roper Technologies, Inc.		178		76,912
Cadence Design Systems, Inc.*		462		74,216
NXP Semiconductor N.V.		437		69,059
Autodesk, Inc.*		364		68,021
Fidelity National Information Services, Inc.		1,000		67,850
Microchip Technology, Inc.		928		65,192
MSCI, Inc. — Class A		135		62,798
Paychex, Inc.		541		62,518
Electronic Arts, Inc.		443		54,126
Fortinet, Inc.*		1,094		53,485
Cognizant Technology Solutions Corp. — Class A		867		49,584
ON Semiconductor Corp.*		730		45,530
HP, Inc.		1,493		40,117
ANSYS, Inc.*		146		35,272
Hewlett Packard Enterprise Co.		2,171		34,649
EPAM Systems, Inc.*		97		31,791
Take-Two Interactive Software, Inc.*		266		27,699
Broadridge Financial Solutions, Inc.		199		26,692
Monolithic Power Systems, Inc.		75		26,521
Paycom Software, Inc.*		82		25,445
Skyworks Solutions, Inc.		271		24,696
Leidos Holdings, Inc.		231		24,299
Teradyne, Inc.		263		22,973
Tyler Technologies, Inc.*		70		22,569
Zebra Technologies Corp. — Class A*		87		22,308
Akamai Technologies, Inc.*		264		22,255
NetApp, Inc.		366		21,982
Jack Henry & Associates, Inc.		122		21,418
PTC, Inc.*		177		21,247
Seagate Technology Holdings plc		323		16,993
Western Digital Corp.*		536		16,911
Ceridian HCM Holding, Inc.*		259		16,615
Qorvo, Inc.*		171		15,500
DXC Technology Co.*		388		10,282
Total Technology				11,748,391
Financial - 10.3%
Berkshire Hathaway, Inc. — Class B*		3,040		939,056
JPMorgan Chase & Co.		4,949		663,661
Visa, Inc. — Class A		2,759		573,210
Mastercard, Inc. — Class A		1,432		497,949
Bank of America Corp.		11,776		390,021
Wells Fargo & Co.		6,429		265,453
Charles Schwab Corp.		2,573		214,228
Goldman Sachs Group, Inc.		571		196,070
Morgan Stanley		2,224		189,085
BlackRock, Inc. — Class A		253		179,283
Prologis, Inc. REIT		1,557		175,521
American Tower Corp. — Class A REIT		786		166,522
Chubb Ltd.		700		154,420
American Express Co.		1,009		149,080
Citigroup, Inc.		3,268		147,812
Marsh & McLennan Companies, Inc.		837		138,507
Progressive Corp.		987		128,024
PNC Financial Services Group, Inc.		680		107,399
Aon plc — Class A		349		104,749
Equinix, Inc. REIT		156		102,185
CME Group, Inc. — Class A		607		102,073
U.S. Bancorp		2,280		99,431
Crown Castle, Inc. REIT		730		99,017
Intercontinental Exchange, Inc.		942		96,640
Truist Financial Corp.		2,238		96,301
MetLife, Inc.		1,111		80,403
American International Group, Inc.		1,254		79,303
Public Storage REIT		267		74,811
Travelers Companies, Inc.		395		74,058
Aflac, Inc.		955		68,703
Arthur J Gallagher & Co.		356		67,120
Realty Income Corp. REIT		1,058		67,109
Simon Property Group, Inc. REIT		552		64,849
Prudential Financial, Inc.		621		61,765
Allstate Corp.		447		60,613
Capital One Financial Corp.		644		59,866
Bank of New York Mellon Corp.		1,240		56,445
Ameriprise Financial, Inc.		178		55,424
VICI Properties, Inc. REIT		1,625		52,650
Welltower, Inc. REIT		797		52,243
SBA Communications Corp. REIT		182		51,016
Digital Realty Trust, Inc. REIT		485		48,631
State Street Corp.		619		48,016
Discover Financial Services		461		45,100
Willis Towers Watson plc		182		44,514
M&T Bank Corp.		291		42,212
T. Rowe Price Group, Inc.		377		41,116
CBRE Group, Inc. — Class A*		533		41,020
Hartford Financial Services Group, Inc.		537		40,721

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 66.0% (continued)
Financial - 10.3% (continued)
Arch Capital Group Ltd.*		623	$	39,112
Weyerhaeuser Co. REIT		1,241		38,471
AvalonBay Communities, Inc. REIT		236		38,119
Fifth Third Bancorp		1,158		37,994
First Republic Bank		309		37,664
Alexandria Real Estate Equities, Inc. REIT		252		36,709
Nasdaq, Inc.		570		34,969
Raymond James Financial, Inc.		327		34,940
Huntington Bancshares, Inc.		2,434		34,319
Regions Financial Corp.		1,577		34,000
Equity Residential REIT		574		33,866
Extra Space Storage, Inc. REIT		226		33,263
Citizens Financial Group, Inc.		831		32,717
Principal Financial Group, Inc.		384		32,225
Northern Trust Corp.		352		31,149
Mid-America Apartment Communities, Inc. REIT		195		30,613
Ventas, Inc. REIT		674		30,364
Invitation Homes, Inc. REIT		980		29,047
KeyCorp		1,574		27,419
Cincinnati Financial Corp.		265		27,133
Synchrony Financial		760		24,974
W R Berkley Corp.		344		24,964
Iron Mountain, Inc. REIT		489		24,377
Essex Property Trust, Inc. REIT		109		23,099
SVB Financial Group*		100		23,014
Healthpeak Properties, Inc. REIT		905		22,688
Brown & Brown, Inc.		395		22,503
Cboe Global Markets, Inc.		178		22,334
Kimco Realty Corp. REIT		1,043		22,091
Everest Re Group Ltd.		66		21,864
Camden Property Trust REIT		180		20,138
UDR, Inc. REIT		516		19,985
Loews Corp.		332		19,366
Host Hotels & Resorts, Inc. REIT		1,205		19,340
Globe Life, Inc.		151		18,203
Boston Properties, Inc. REIT		240		16,219
Regency Centers Corp. REIT		259		16,187
Comerica, Inc.		219		14,640
Invesco Ltd.		767		13,798
Franklin Resources, Inc.		479		12,636
Federal Realty Investment Trust REIT		123		12,428
Zions Bancorp North America		252		12,388
Signature Bank		106		12,213
Assurant, Inc.		88		11,005
Lincoln National Corp.		259		7,956
Vornado Realty Trust REIT		272		5,660
Total Financial				8,491,568
Communications - 7.1%
Amazon.com, Inc.*		14,974		1,257,816
Alphabet, Inc. — Class A*		10,077		889,094
Alphabet, Inc. — Class C*		8,933		792,625
Meta Platforms, Inc. — Class A*		3,794		456,570
Cisco Systems, Inc.		6,927		330,002
Verizon Communications, Inc.		7,086		279,189
Walt Disney Co.*		3,076		267,243
Comcast Corp. — Class A		7,278		254,512
Netflix, Inc.*		751		221,455
AT&T, Inc.		12,024		221,362
T-Mobile US, Inc.*		1,008		141,120
Booking Holdings, Inc.*		65		130,993
Motorola Solutions, Inc.		282		72,674
Charter Communications, Inc. — Class A*		181		61,377
Arista Networks, Inc.*		418		50,724
Corning, Inc.		1,284		41,011
CDW Corp.		228		40,716
eBay, Inc.		916		37,987
Warner Bros Discovery, Inc.*		3,728		35,341
VeriSign, Inc.*		156		32,049
Omnicom Group, Inc.		343		27,979
FactSet Research Systems, Inc.		64		25,677
Etsy, Inc.*		211		25,274
Expedia Group, Inc.*		254		22,250
Interpublic Group of Companies, Inc.		656		21,851
Gen Digital, Inc.		977		20,937
Match Group, Inc.*		470		19,500
Juniper Networks, Inc.		547		17,482
Fox Corp. — Class A		510		15,489
Paramount Global — Class B		852		14,382
F5, Inc.*		99		14,207
News Corp. — Class A		645		11,739
Lumen Technologies, Inc.*		1,606		8,384
Fox Corp. — Class B		235		6,686
DISH Network Corp. — Class A*		424		5,953
News Corp. — Class B		199		3,669
Total Communications				5,875,319
Consumer, Cyclical - 6.0%
Tesla, Inc.*		4,528		557,759
Home Depot, Inc.		1,727		545,490
Costco Wholesale Corp.		747		341,006
Walmart, Inc.		2,381		337,602
McDonald's Corp.		1,236		325,723
NIKE, Inc. — Class B		2,125		248,646
Lowe's Companies, Inc.		1,047		208,604
Starbucks Corp.		1,937		192,150
TJX Companies, Inc.		1,959		155,936
Target Corp.		776		115,655
Dollar General Corp.		380		93,575
O'Reilly Automotive, Inc.*		106		89,467
General Motors Co.		2,397		80,635
AutoZone, Inc.*		32		78,918
Ford Motor Co.		6,664		77,502
Ross Stores, Inc.		584		67,785
Marriott International, Inc. — Class A		454		67,596
Chipotle Mexican Grill, Inc. — Class A*		46		63,825
Yum! Brands, Inc.		475		60,838
PACCAR, Inc.		587		58,096
Hilton Worldwide Holdings, Inc.		455		57,494
Cummins, Inc.		237		57,423
Dollar Tree, Inc.*		354		50,070
DR Horton, Inc.		528		47,066
Fastenal Co.		966		45,711
Walgreens Boots Alliance, Inc.		1,211		45,243
Copart, Inc.*		723		44,023
Aptiv plc*		457		42,560

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 66.0% (continued)
Consumer, Cyclical - 6.0% (continued)
WW Grainger, Inc.		75	$	41,719
Tractor Supply Co.		185		41,619
Genuine Parts Co.		237		41,122
Ulta Beauty, Inc.*		86		40,340
Lennar Corp. — Class A		430		38,915
Delta Air Lines, Inc.*		1,081		35,522
Southwest Airlines Co.		1,002		33,737
Darden Restaurants, Inc.		206		28,496
Best Buy Company, Inc.		337		27,031
Las Vegas Sands Corp.*		554		26,631
NVR, Inc.*		5		23,063
LKQ Corp.		428		22,860
United Airlines Holdings, Inc.*		552		20,811
Domino's Pizza, Inc.		60		20,784
Pool Corp.		66		19,954
Royal Caribbean Cruises Ltd.*		370		18,289
MGM Resorts International		538		18,039
PulteGroup, Inc.		384		17,483
Live Nation Entertainment, Inc.*		241		16,807
CarMax, Inc.*		267		16,258
Bath & Body Works, Inc.		385		16,224
BorgWarner, Inc.		395		15,899
Tapestry, Inc.		405		15,422
VF Corp.		557		15,379
Caesars Entertainment, Inc.*		361		15,018
Advance Auto Parts, Inc.		101		14,850
Wynn Resorts Ltd.*		174		14,350
American Airlines Group, Inc.*		1,096		13,941
Carnival Corp.*		1,690		13,621
Hasbro, Inc.		217		13,239
Whirlpool Corp.		92		13,014
Alaska Air Group, Inc.*		214		9,189
Norwegian Cruise Line Holdings Ltd.*		711		8,703
Newell Brands, Inc.		635		8,306
Ralph Lauren Corp. — Class A		69		7,291
Total Consumer, Cyclical				4,900,324
Industrial - 5.6%
Raytheon Technologies Corp.		2,480		250,282
Honeywell International, Inc.		1,133		242,802
Union Pacific Corp.		1,037		214,732
United Parcel Service, Inc. — Class B		1,231		213,997
Caterpillar, Inc.		878		210,334
Deere & Co.		463		198,516
Lockheed Martin Corp.		394		191,677
Boeing Co.*		945		180,013
General Electric Co.		1,844		154,509
Northrop Grumman Corp.		243		132,583
3M Co.		932		111,765
CSX Corp.		3,547		109,886
Eaton Corporation plc		671		105,313
Illinois Tool Works, Inc.		472		103,982
Waste Management, Inc.		630		98,834
Emerson Electric Co.		998		95,868
Norfolk Southern Corp.		389		95,857
General Dynamics Corp.		379		94,034
Amphenol Corp. — Class A		1,004		76,445
Agilent Technologies, Inc.		499		74,675
Johnson Controls International plc		1,162		74,368
FedEx Corp.		404		69,973
L3Harris Technologies, Inc.		321		66,835
Trane Technologies plc		388		65,219
Parker-Hannifin Corp.		216		62,856
TE Connectivity Ltd.		537		61,648
Carrier Global Corp.		1,411		58,204
Otis Worldwide Corp.		702		54,974
Mettler-Toledo International, Inc.*		38		54,927
TransDigm Group, Inc.		87		54,779
AMETEK, Inc.		387		54,072
Keysight Technologies, Inc.*		302		51,663
Rockwell Automation, Inc.		194		49,969
Republic Services, Inc. — Class A		347		44,760
Old Dominion Freight Line, Inc.		152		43,135
Vulcan Materials Co.		224		39,225
Fortive Corp.		597		38,357
Ingersoll Rand, Inc.		682		35,634
Martin Marietta Materials, Inc.		105		35,487
Xylem, Inc.		304		33,613
Dover Corp.		237		32,092
Teledyne Technologies, Inc.*		79		31,593
Westinghouse Air Brake Technologies Corp.		306		30,542
Amcor plc		2,512		29,918
IDEX Corp.		126		28,770
Expeditors International of Washington, Inc.		268		27,850
Ball Corp.		530		27,104
Jacobs Solutions, Inc.		215		25,815
Textron, Inc.		352		24,922
Howmet Aerospace, Inc.		621		24,474
J.B. Hunt Transport Services, Inc.		139		24,236
Garmin Ltd.		258		23,811
Nordson Corp.		91		21,632
Trimble, Inc.*		416		21,033
Snap-on, Inc.		90		20,564
Packaging Corporation of America		156		19,954
Stanley Black & Decker, Inc.		249		18,705
CH Robinson Worldwide, Inc.		198		18,129
Masco Corp.		380		17,734
Allegion plc		148		15,578
Huntington Ingalls Industries, Inc.		66		15,225
Westrock Co.		429		15,084
Pentair plc		276		12,414
A O Smith Corp.		214		12,249
Sealed Air Corp.		243		12,121
Generac Holdings, Inc.*		107		10,770
Mohawk Industries, Inc.*		89		9,097
Total Industrial				4,577,218
Energy - 3.6%
Exxon Mobil Corp.		6,948		766,364
Chevron Corp.		3,001		538,649
ConocoPhillips		2,102		248,036
EOG Resources, Inc.		990		128,225
Schlumberger Ltd.		2,392		127,876
Marathon Petroleum Corp.		790		91,948

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 66.0% (continued)
Energy - 3.6% (continued)
Pioneer Natural Resources Co.		400	$	91,356
Phillips 66		797		82,952
Valero Energy Corp.		650		82,459
Occidental Petroleum Corp.		1,227		77,289
Devon Energy Corp.		1,103		67,845
Williams Companies, Inc.		2,055		67,609
Hess Corp.		468		66,372
Enphase Energy, Inc.*		229		60,676
Kinder Morgan, Inc.		3,337		60,333
Halliburton Co.		1,532		60,284
Baker Hughes Co.		1,690		49,906
ONEOK, Inc.		754		49,538
Diamondback Energy, Inc.		297		40,624
Coterra Energy, Inc. — Class A		1,330		32,678
Marathon Oil Corp.		1,071		28,992
Targa Resources Corp.		382		28,077
SolarEdge Technologies, Inc.*		94		26,627
APA Corp.		542		25,301
First Solar, Inc.*		167		25,015
Equities Corp.		619		20,941
Total Energy				2,945,972
Utilities - 2.1%
NextEra Energy, Inc.		3,353		280,311
Duke Energy Corp.		1,299		133,784
Southern Co.		1,837		131,180
Dominion Energy, Inc.		1,406		86,216
American Electric Power Company, Inc.		867		82,322
Sempra Energy		530		81,906
Exelon Corp.		1,677		72,497
Xcel Energy, Inc.		923		64,712
Consolidated Edison, Inc.		598		56,995
Public Service Enterprise Group, Inc.		842		51,589
WEC Energy Group, Inc.		532		49,880
Eversource Energy		588		49,298
Constellation Energy Corp.		551		47,502
American Water Works Company, Inc.		305		46,488
PG&E Corp.*		2,716		44,162
Edison International		644		40,971
Ameren Corp.		436		38,769
Entergy Corp.		343		38,587
DTE Energy Co.		327		38,432
FirstEnergy Corp.		916		38,417
PPL Corp.		1,242		36,291
AES Corp.		1,127		32,413
CenterPoint Energy, Inc.		1,062		31,849
CMS Energy Corp.		490		31,032
Atmos Energy Corp.		236		26,448
Evergy, Inc.		387		24,354
Alliant Energy Corp.		423		23,354
NiSource, Inc.		685		18,783
Pinnacle West Capital Corp.		190		14,448
NRG Energy, Inc.		389		12,378
Total Utilities				1,725,368
Basic Materials - 1.5%
Linde plc		833		271,708
Air Products and Chemicals, Inc.		374		115,289
Sherwin-Williams Co.		398		94,457
Freeport-McMoRan, Inc.		2,411		91,618
Newmont Corp.		1,339		63,201
Ecolab, Inc.		418		60,844
Dow, Inc.		1,187		59,813
DuPont de Nemours, Inc.		838		57,512
Nucor Corp.		432		56,942
PPG Industries, Inc.		395		49,667
International Flavors & Fragrances, Inc.		430		45,081
Albemarle Corp.		198		42,938
LyondellBasell Industries N.V. — Class A		429		35,620
CF Industries Holdings, Inc.		331		28,201
Steel Dynamics, Inc.		281		27,454
FMC Corp.		212		26,458
Mosaic Co.		574		25,182
International Paper Co.		600		20,778
Celanese Corp. — Class A		167		17,074
Eastman Chemical Co.		202		16,451
Total Basic Materials				1,206,288
Total Common Stocks
(Cost $52,437,609)				54,192,985
MUTUAL FUNDS† - 23.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		888,496		8,565,101
Guggenheim Strategy Fund II1		245,779		5,908,538
Guggenheim Strategy Fund III1		184,563		4,440,577
Total Mutual Funds
(Cost $19,467,131)				18,914,216

	Face Amount
U.S. TREASURY BILLS†† - 6.3%
U.S. Treasury Bills
3.89% due 01/12/232,3	4,800,000		4,795,833
3.79% due 01/17/233,4	193,000		192,724
3.61% due 01/12/232,3	150,000		149,870
Total U.S. Treasury Bills
(Cost $5,136,803)			5,138,427
REPURCHASE AGREEMENTS††,5 - 7.0%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/232	3,242,763		3,242,763
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/232	1,247,216		1,247,216
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/232	1,243,354		1,243,354
Total Repurchase Agreements
(Cost $5,733,333)			5,733,333
Total Investments - 102.3%
(Cost $82,774,876)		$	83,978,961
Other Assets & Liabilities, net - (2.3)%			(1,921,681	)
Total Net Assets - 100.0%		$	82,057,280

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		28	Mar 2023	$	5,406,100	$	(20,661	)

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††

Goldman Sachs International

S&P 500 Index

Pay

4.83% (Federal Funds Rate + 0.50%)

At Maturity

01/26/23

3,637

$

13,963,621

$

(16,134

)

BNP Paribas

S&P 500 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

01/26/23

4,491

17,242,397

(282,951

)

Barclays Bank plc

S&P 500 Index

Pay

4.75% (SOFR + 0.45%)

At Maturity

01/25/23

8,419

32,325,317

(1,209,814

)

$

63,531,335

$

(1,508,899

)

*	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, 2022.
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, 2022.
5	Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	54,192,985	$	—	$	—	$	54,192,985
Mutual Funds		18,914,216		—		—		18,914,216
U.S. Treasury Bills		—		5,138,427		—		5,138,427
Repurchase Agreements		—		5,733,333		—		5,733,333
Total Assets	$	73,107,201	$	10,871,760	$	—	$	83,978,961

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	20,661	$	—	$	—	$	20,661
Equity Index Swap Agreements**		—		1,508,899		—		1,508,899
Total Liabilities	$	20,661	$	1,508,899	$	—	$	1,529,560

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

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:
Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	7,051,713	$	–	$	(1,000,000	)	$	(28,493	)	$	(114,682	)	$	5,908,538		245,779	$	153,425
Guggenheim Strategy Fund III		4,547,624		–		–			–			(107,047	)		4,440,577		184,563		115,159
Guggenheim Ultra Short Duration Fund — Institutional Class		23,837,568		–		(15,000,000	)		(385,456	)		112,989			8,565,101		888,496		223,783
	$	35,436,905	$	–	$	(16,000,000	)	$	(413,949	)	$	(108,740	)	$	18,914,216			$	492,367

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 95.1%
Mining - 95.1%
Freeport-McMoRan, Inc.		131,413	$	4,993,694
Newmont Corp.		90,395		4,266,644
Barrick Gold Corp.		222,622		3,824,646
Franco-Nevada Corp.		25,217		3,441,616
Agnico Eagle Mines Ltd.		64,311		3,343,529
Wheaton Precious Metals Corp.		73,673		2,879,141
Gold Fields Ltd. ADR		196,647		2,035,296
AngloGold Ashanti Ltd. ADR		102,048		1,981,772
Royal Gold, Inc.		16,719		1,884,566
Sibanye Stillwater Ltd. ADR		175,101		1,866,577
Yamana Gold, Inc.		285,805		1,586,218
Kinross Gold Corp.		376,994		1,541,905
B2Gold Corp.		395,649		1,412,467
Alamos Gold, Inc. — Class A		135,944		1,374,394
Pan American Silver Corp.1		78,320		1,279,749
SSR Mining, Inc.		80,556		1,262,312
Hecla Mining Co.		226,457		1,259,101
Osisko Gold Royalties Ltd.		83,372		1,006,300
First Majestic Silver Corp.1		117,834		982,736
Harmony Gold Mining Company Ltd. ADR		286,280		973,352
Novagold Resources, Inc.*		162,497		971,732
Sandstorm Gold Ltd.		164,027		862,782
MAG Silver Corp.*		55,173		862,354
Eldorado Gold Corp.*		102,939		860,570
IAMGOLD Corp.*		333,431		860,252
Seabridge Gold, Inc.*		56,216		707,197
Fortuna Silver Mines, Inc.*		187,412		702,795
Coeur Mining, Inc.*		196,914		661,631
Equinox Gold Corp.*		200,968		659,175
SilverCrest Metals, Inc.*		101,204		607,224
Endeavour Silver Corp.*		164,129		531,778
Silvercorp Metals, Inc.		169,585		501,972
Gatos Silver, Inc.*		88,447		361,748
Total Mining				52,347,225
Total Common Stocks
(Cost $40,541,912)				52,347,225
EXCHANGE-TRADED FUNDS† - 4.4%
VanEck Junior Gold Miners ETF		67,938		2,421,989
Total Exchange-Traded Funds
(Cost $2,031,409)				2,421,989

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	346,938	346,938
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		133,438	133,438
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		133,024	133,024
Total Repurchase Agreements
(Cost $613,400)			613,400

	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.1%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		1,178,897		1,178,897
Total Securities Lending Collateral
(Cost $1,178,897)				1,178,897
Total Investments - 102.7%
(Cost $44,365,618)			$	56,561,511
Other Assets & Liabilities, net - (2.7)%				(1,494,275	)
Total Net Assets - 100.0%			$	55,067,236

*	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, 2022 — 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, 2022.

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, 2022 (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	$	52,347,225	$	—	$	—	$	52,347,225
Exchange-Traded Funds		2,421,989		—		—		2,421,989
Repurchase Agreements		—		613,400		—		613,400
Securities Lending Collateral		1,178,897		—		—		1,178,897
Total Assets	$	55,948,111	$	613,400	$	—	$	56,561,511

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.2%
REITS - 92.5%
REITs-Diversified - 24.4%
American Tower Corp. — Class A		348	$	73,727
Equinix, Inc.		95		62,228
Crown Castle, Inc.		410		55,612
VICI Properties, Inc.		1,273		41,245
SBA Communications Corp.		143		40,084
Digital Realty Trust, Inc.		384		38,504
Weyerhaeuser Co.		1,135		35,185
WP Carey, Inc.		385		30,088
Gaming and Leisure Properties, Inc.		523		27,243
Lamar Advertising Co. — Class A		249		23,506
Rayonier, Inc.		481		15,854
Vornado Realty Trust		736		15,316
National Storage Affiliates Trust		414		14,954
Rithm Capital Corp.		1,697		13,865
PotlatchDeltic Corp.		308		13,549
Outfront Media, Inc.		753		12,485
EPR Properties		317		11,957
Broadstone Net Lease, Inc.		737		11,947
National Health Investors, Inc.		204		10,653
Uniti Group, Inc.		1,639		9,064
Elme Communities		498		8,864
Total REITs-Diversified				565,930
REITs-Apartments - 11.2%
AvalonBay Communities, Inc.		212		34,242
Equity Residential		577		34,043
Mid-America Apartment Communities, Inc.		195		30,613
Invitation Homes, Inc.		1,015		30,085
Essex Property Trust, Inc.		128		27,126
UDR, Inc.		670		25,949
Camden Property Trust		225		25,173
American Homes 4 Rent — Class A		758		22,846
Apartment Income REIT Corp.		476		16,332
Independence Realty Trust, Inc.		819		13,808
Total REITs-Apartments				260,217
REITs-Warehouse/Industries - 8.5%
Prologis, Inc.		650		73,275
Rexford Industrial Realty, Inc.		438		23,932
Americold Realty Trust, Inc.		714		20,213
First Industrial Realty Trust, Inc.		382		18,435
EastGroup Properties, Inc.		123		18,211
STAG Industrial, Inc.		544		17,577
Terreno Realty Corp.		269		15,298
Innovative Industrial Properties, Inc.		114		11,554
Total REITs-Warehouse/Industries				198,495
REITs-Office Property - 8.3%
Alexandria Real Estate Equities, Inc.		249		36,272
Boston Properties, Inc.		368		24,869
Kilroy Realty Corp.		413		15,971
Cousins Properties, Inc.		591		14,946
Highwoods Properties, Inc.		461		12,899
Douglas Emmett, Inc.		819		12,842

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.2%
REITS - 92.5% (Continued)
REITs-Office Property - 8.3% (Continued)
Corporate Office Properties Trust		492	$	12,763
Equity Commonwealth		484		12,085
LXP Industrial Trust		1,199		12,014
SL Green Realty Corp.		339		11,431
JBG SMITH Properties		568		10,781
Hudson Pacific Properties, Inc.		921		8,961
Brandywine Realty Trust		1,255		7,718
Total REITs-Office Property				193,552
REITs-Health Care - 8.3%
Welltower, Inc.		645		42,280
Ventas, Inc.		697		31,400
Healthpeak Properties, Inc.		1,073		26,900
Healthcare Realty Trust, Inc.		1,035		19,944
Medical Properties Trust, Inc.		1,698		18,916
Omega Healthcare Investors, Inc.		656		18,335
Physicians Realty Trust		910		13,168
Sabra Health Care REIT, Inc.		990		12,306
CareTrust REIT, Inc.		513		9,532
Total REITs-Health Care				192,781
REITs-Shopping Centers - 6.5%
Kimco Realty Corp.		1,254		26,560
Regency Centers Corp.		374		23,375
Federal Realty Investment Trust		203		20,511
Brixmor Property Group, Inc.		851		19,292
Kite Realty Group Trust		741		15,598
Phillips Edison & Company, Inc.		467		14,869
SITE Centers Corp.		938		12,813
Retail Opportunity Investments Corp.		653		9,815
Acadia Realty Trust		592		8,495
Total REITs-Shopping Centers				151,328
REITs-Storage - 6.4%
Public Storage		173		48,473
Extra Space Storage, Inc.		213		31,349
Iron Mountain, Inc.		541		26,969
CubeSmart		525		21,131
Life Storage, Inc.		204		20,094
Total REITs-Storage				148,016
REITs-Single Tenant - 6.2%
Realty Income Corp.		721		45,733
STORE Capital Corp.		869		27,860
National Retail Properties, Inc.		460		21,050
Agree Realty Corp.		255		18,087
Spirit Realty Capital, Inc.		426		17,010
Essential Properties Realty Trust, Inc.		577		13,542
Total REITs-Single Tenant				143,282
REITs-Hotels – 4.0%
Host Hotels & Resorts, Inc.		1,501		24,091
Ryman Hospitality Properties, Inc.		182		14,884
Apple Hospitality REIT, Inc.		855		13,492
Park Hotels & Resorts, Inc.		1,011		11,920
Sunstone Hotel Investors, Inc.		1,057		10,211
RLJ Lodging Trust		880		9,319
Pebblebrook Hotel Trust		687		9,199
Total REITs-Hotels				93,116

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.2% (continued)
REITS - 92.5% (continued)
REITs-Mortgage - 3.9%
Annaly Capital Management, Inc.	1,089	$	22,956
AGNC Investment Corp.	1,774		18,361
Starwood Property Trust, Inc.	934		17,120
Blackstone Mortgage Trust, Inc. — Class A	632		13,379
Arbor Realty Trust, Inc.	874		11,528
Chimera Investment Corp.	1,376		7,568
Total REITs-Mortgage			90,912
REITs-Manufactured Homes - 2.4%
Sun Communities, Inc.	218		31,174
Equity LifeStyle Properties, Inc.	397		25,646
Total REITs-Manufactured Homes			56,820
REITs-Regional Malls - 2.4%
Simon Property Group, Inc.	391		45,935
Macerich Co.	948		10,674
Total REITs-Regional Malls			56,609
Total REITS			2,151,058
Real Estate - 4.0%
Real Estate Management/Services - 3.4%
CBRE Group, Inc. — Class A*	483		37,172
Jones Lang LaSalle, Inc.*	127		20,240
Cushman & Wakefield plc*	1,022		12,734
eXp World Holdings, Inc.	845		9,363
Total Real Estate Management/Services			79,509
Real Estate Operations/Development - 0.6%
Howard Hughes Corp.*	182		13,908
Total Real Estate			93,417

Internet - 1.8%
E-Commerce/Services - 1.8%
Zillow Group, Inc. — Class C*	636	20,485
Zillow Group, Inc. — Class A*	653	20,380
Total E-Commerce/Services		40,865
Total Internet		40,865
Diversified Financial Services - 0.5%
Finance-Commercial - 0.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	385	11,157
Telecommunications - 0.4%
Telecom Services - 0.4%
DigitalBridge Group, Inc.	869	9,507
Total Common Stocks
(Cost $1,884,483)		2,306,004

		Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	7,932		7,932
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		3,051		3,051
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		3,041		3,041
Total Repurchase Agreements
(Cost $14,024)				14,024
Total Investments - 99.8%
(Cost $1,898,507)			$	2,320,028
Other Assets & Liabilities, net - 0.2%				4,514
Total Net Assets - 100.0%			$	2,324,542

*	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, 2022 (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	$	2,306,004	$	—	$	—	$	2,306,004
Repurchase Agreements		—		14,024		—		14,024
Total Assets	$	2,306,004	$	14,024	$	—	$	2,320,028

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.3%
Retail - 68.3%
Walmart, Inc.		3,677	$	521,362
Home Depot, Inc.		1,471		464,630
Lowe's Companies, Inc.		1,740		346,678
Costco Wholesale Corp.		713		325,485
TJX Companies, Inc.		3,781		300,968
Target Corp.		1,748		260,522
O'Reilly Automotive, Inc.*		273		230,420
Dollar General Corp.		921		226,796
AutoZone, Inc.*		88		217,024
Ross Stores, Inc.		1,714		198,944
Dollar Tree, Inc.*		1,253		177,224
Walgreens Boots Alliance, Inc.		4,562		170,436
Tractor Supply Co.		706		158,829
Genuine Parts Co.		864		149,913
Ulta Beauty, Inc.*		319		149,633
Best Buy Company, Inc.		1,640		131,544
Burlington Stores, Inc.*		565		114,559
Bath & Body Works, Inc.		2,322		97,849
Five Below, Inc.*		549		97,102
Dick's Sporting Goods, Inc.		800		96,232
CarMax, Inc.*		1,577		96,024
Advance Auto Parts, Inc.		633		93,070
BJ's Wholesale Club Holdings, Inc.*		1,372		90,772
Williams-Sonoma, Inc.		758		87,109
Floor & Decor Holdings, Inc. — Class A*		1,178		82,024
RH*		302		80,691
Murphy USA, Inc.		271		75,755
Lithia Motors, Inc. — Class A		354		72,478
Macy's, Inc.		3,405		70,313
AutoNation, Inc.*		645		69,209
GameStop Corp. — Class A*,1		3,685		68,025
Asbury Automotive Group, Inc.*		346		62,020
Academy Sports & Outdoors, Inc.		1,120		58,845
Foot Locker, Inc.		1,525		57,630
Gap, Inc.		4,990		56,287
Ollie's Bargain Outlet Holdings, Inc.*		1,168		54,709
Nordstrom, Inc.		3,196		51,583
Signet Jewelers Ltd.		756		51,408
American Eagle Outfitters, Inc.*		3,310		46,208
Victoria's Secret & Co.*		1,282		45,870
Kohl's Corp.		1,715		43,304
Abercrombie & Fitch Co. — Class A*		1,412		32,349
Big Lots, Inc.		1,281		18,831
Carvana Co.*,1		770		3,650
Total Retail				5,904,314
Internet - 27.9%
Amazon.com, Inc.*		7,388		620,592
Booking Holdings, Inc.*		139		280,124
Alibaba Group Holding Ltd. ADR*		1,852		163,143
eBay, Inc.		3,513		145,684
MercadoLibre, Inc.*		162		137,091
Pinduoduo, Inc. ADR*		1,586		129,338
DoorDash, Inc. — Class A*		2,636		128,690
JD.com, Inc. ADR		2,278		127,864
Chewy, Inc. — Class A*,1		3,257		120,770
Expedia Group, Inc.*		1,342		117,559
Etsy, Inc.*		966		115,707
Trip.com Group Ltd. ADR*		3,330		114,552
Coupang, Inc.*		5,865		86,274
Wayfair, Inc. — Class A*		1,800		59,202
Revolve Group, Inc.*		1,717		38,220
Overstock.com, Inc.*		1,434		27,762
Total Internet				2,412,572
Distribution & Wholesale - 2.6%
LKQ Corp.		2,225		118,837
Pool Corp.		339		102,490
Total Distribution & Wholesale				221,327
Apparel - 0.5%
Urban Outfitters, Inc.*		1,798		42,882
Total Common Stocks
(Cost $6,544,149)				8,581,095

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	33,382	33,382
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		12,839	12,839
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		12,800	12,800
Total Repurchase Agreements
(Cost $59,021)			59,021

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.7%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		149,496		149,496
Total Securities Lending Collateral
(Cost $149,496)				149,496
Total Investments - 101.7%
(Cost $6,752,666)			$	8,789,612
Other Assets & Liabilities, net - (1.7)%				(143,091	)
Total Net Assets - 100.0%			$	8,646,521

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	8,581,095	$	—	$	—	$	8,581,095
Repurchase Agreements		—		59,021		—		59,021
Securities Lending Collateral		149,496		—		—		149,496
Total Assets	$	8,730,591	$	59,021	$	—	$	8,789,612

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 65.6%
Consumer, Non-cyclical - 15.7%
Halozyme Therapeutics, Inc.*		232	$	13,201
Shockwave Medical, Inc.*		62		12,748
Inspire Medical Systems, Inc.*		49		12,342
Karuna Therapeutics, Inc.*		52		10,218
Celsius Holdings, Inc.*		96		9,988
Medpace Holdings, Inc.*		44		9,346
HealthEquity, Inc.*		144		8,876
Ensign Group, Inc.		93		8,799
Intra-Cellular Therapies, Inc.*		159		8,414
LHC Group, Inc.*		52		8,408
Apellis Pharmaceuticals, Inc.*		162		8,377
Option Care Health, Inc.*		270		8,124
AMN Healthcare Services, Inc.*		75		7,712
Alkermes plc*		283		7,395
Insperity, Inc.		64		7,270
Arrowhead Pharmaceuticals, Inc.*		178		7,220
Triton International Ltd.		101		6,947
ASGN, Inc.*		85		6,926
Haemonetics Corp.*		88		6,921
Merit Medical Systems, Inc.*		98		6,921
API Group Corp.*		359		6,753
Lancaster Colony Corp.		34		6,708
Prometheus Biosciences, Inc.*		60		6,600
Cytokinetics, Inc.*		143		6,552
Madrigal Pharmaceuticals, Inc.*		22		6,385
Sprouts Farmers Market, Inc.*		186		6,021
Lantheus Holdings, Inc.*		118		6,013
Vaxcyte, Inc.*		125		5,994
Simply Good Foods Co.*		157		5,971
BellRing Brands, Inc.*		229		5,871
Amicus Therapeutics, Inc.*		478		5,836
Herc Holdings, Inc.		44		5,789
Neogen Corp.*		377		5,742
Chegg, Inc.*		216		5,458
Prestige Consumer Healthcare, Inc.*		86		5,384
Axonics, Inc.*		85		5,315
Inari Medical, Inc.*		83		5,275
Hostess Brands, Inc.*		235		5,273
Denali Therapeutics, Inc.*		189		5,256
LivaNova plc*		94		5,221
Intellia Therapeutics, Inc.*		148		5,164
ABM Industries, Inc.		116		5,153
IVERIC bio, Inc.*		230		4,924
Alight, Inc. — Class A*		589		4,924
iRhythm Technologies, Inc.*		52		4,871
Korn Ferry		94		4,758
elf Beauty, Inc.*		85		4,700
Insmed, Inc.*		235		4,695
PTC Therapeutics, Inc.*		123		4,695
Helen of Troy Ltd.*		42		4,658
StoneCo Ltd. — Class A*		480		4,531
Blueprint Medicines Corp.*		103		4,512
Select Medical Holdings Corp.		180		4,469
CONMED Corp.		50		4,432
TriNet Group, Inc.*		65		4,407
TreeHouse Foods, Inc.*		88		4,345
Beam Therapeutics, Inc.*		111		4,341
Axsome Therapeutics, Inc.*		56		4,319
Patterson Companies, Inc.		152		4,261
Brink's Co.		79		4,243
Primo Water Corp.		273		4,242
Alarm.com Holdings, Inc.*		83		4,107
Coca-Cola Consolidated, Inc.		8		4,099
STAAR Surgical Co.*		84		4,077
Progyny, Inc.*		130		4,050
United Natural Foods, Inc.*		102		3,948
CBIZ, Inc.*		84		3,935
Integer Holdings Corp.*		57		3,902
J & J Snack Foods Corp.		26		3,893
WD-40 Co.		24		3,869
Prothena Corporation plc*		64		3,856
Omnicell, Inc.*		76		3,832
NuVasive, Inc.*		91		3,753
BioCryst Pharmaceuticals, Inc.*		321		3,685
AbCellera Biologics, Inc.*,1		359		3,637
Graham Holdings Co. — Class B		6		3,625
Cal-Maine Foods, Inc.		66		3,594
Celldex Therapeutics, Inc.*		79		3,521
AtriCure, Inc.*		79		3,506
Sabre Corp.*		567		3,504
EVERTEC, Inc.		108		3,497
Glaukos Corp.*		80		3,494
Sage Therapeutics, Inc.*		91		3,471
Silk Road Medical, Inc.*		65		3,435
Edgewell Personal Care Co.		89		3,430
Akero Therapeutics, Inc.*		61		3,343
ACADIA Pharmaceuticals, Inc.*		209		3,327
TransMedics Group, Inc.*		53		3,271
Amylyx Pharmaceuticals, Inc.*		88		3,252
Pacific Biosciences of California, Inc.*		391		3,198
ICF International, Inc.		32		3,170
Vir Biotechnology, Inc.*		125		3,164
Catalyst Pharmaceuticals, Inc.*		166		3,088
REVOLUTION Medicines, Inc.*		129		3,073
Strategic Education, Inc.		39		3,054
Supernus Pharmaceuticals, Inc.*		85		3,032
Cerevel Therapeutics Holdings, Inc.*		96		3,028
Pacira BioSciences, Inc.*		78		3,012
Inter Parfums, Inc.		31		2,992
Corcept Therapeutics, Inc.*		147		2,986
John Wiley & Sons, Inc. — Class A		74		2,964
Vector Group Ltd.		249		2,953
Veracyte, Inc.*		124		2,943
Arvinas, Inc.*		86		2,942
Krystal Biotech, Inc.*		37		2,931
Ironwood Pharmaceuticals, Inc. — Class A*		236		2,924
R1 RCM, Inc.*		260		2,847
Adtalem Global Education, Inc.*		79		2,805
Evo Payments, Inc. — Class A*		82		2,775
TG Therapeutics, Inc.*		232		2,745
LiveRamp Holdings, Inc.*		115		2,696
Addus HomeCare Corp.*		27		2,686
Agios Pharmaceuticals, Inc.*		95		2,668
Xencor, Inc.*		100		2,604
Revance Therapeutics, Inc.*		140		2,584
Embecta Corp.		101		2,554
MGP Ingredients, Inc.		24		2,553

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Harmony Biosciences Holdings, Inc.*		46	$	2,535
Herbalife Nutrition Ltd.*		170		2,530
Hain Celestial Group, Inc.*		156		2,524
Owens & Minor, Inc.*		128		2,500
Monro, Inc.		55		2,486
Central Garden & Pet Co. — Class A*		69		2,470
Huron Consulting Group, Inc.*		34		2,468
Meridian Bioscience, Inc.*		74		2,458
FibroGen, Inc.*		152		2,435
AdaptHealth Corp.*		126		2,422
Textainer Group Holdings Ltd.		78		2,419
Nevro Corp.*		61		2,416
Ingles Markets, Inc. — Class A		25		2,412
Surgery Partners, Inc.*		86		2,396
Syndax Pharmaceuticals, Inc.*		92		2,341
CoreCivic, Inc.*		202		2,335
Coursera, Inc.*		197		2,331
CorVel Corp.*		16		2,325
Twist Bioscience Corp.*		97		2,310
Weis Markets, Inc.		28		2,304
MannKind Corp.*		432		2,277
GEO Group, Inc.*		206		2,256
Chinook Therapeutics, Inc.*		86		2,253
Laureate Education, Inc. — Class A		232		2,232
Travere Therapeutics, Inc.*		106		2,229
Universal Corp.		42		2,218
Relay Therapeutics, Inc.*		148		2,211
Medifast, Inc.		19		2,192
Stride, Inc.*		70		2,190
Dynavax Technologies Corp.*		205		2,181
Avanos Medical, Inc.*		80		2,165
Vericel Corp.*		82		2,160
Pediatrix Medical Group, Inc.*		144		2,140
ZipRecruiter, Inc. — Class A*		127		2,085
Payoneer Global, Inc.*		376		2,057
Cytek Biosciences, Inc.*		198		2,022
NeoGenomics, Inc.*		218		2,014
Myriad Genetics, Inc.*		138		2,002
Cassava Sciences, Inc.*,1		67		1,979
Vivint Smart Home, Inc.*		166		1,975
Avidity Biosciences, Inc.*		89		1,975
ModivCare, Inc.*		22		1,974
Kforce, Inc.		36		1,974
Chefs' Warehouse, Inc.*		59		1,964
Rent-A-Center, Inc.		87		1,962
Andersons, Inc.		56		1,959
Remitly Global, Inc.*		171		1,958
DICE Therapeutics, Inc.*		62		1,934
Viridian Therapeutics, Inc.*		66		1,928
National Beverage Corp.*		41		1,908
Replimune Group, Inc.*		70		1,904
SpartanNash Co.		62		1,875
Reata Pharmaceuticals, Inc. — Class A*		49		1,861
ImmunoGen, Inc.*		373		1,850
Amphastar Pharmaceuticals, Inc.*		66		1,849
Arcus Biosciences, Inc.*		89		1,841
PROCEPT BioRobotics Corp.*		44		1,828
Rocket Pharmaceuticals, Inc.*		93		1,820
Recursion Pharmaceuticals, Inc. — Class A*		236		1,820
Utz Brands, Inc.		114		1,808
US Physical Therapy, Inc.		22		1,783
MoneyGram International, Inc.*		163		1,775
Aclaris Therapeutics, Inc.*		112		1,764
Ligand Pharmaceuticals, Inc. — Class B*		26		1,737
Cross Country Healthcare, Inc.*		63		1,674
Kymera Therapeutics, Inc.*		67		1,672
Iovance Biotherapeutics, Inc.*		261		1,668
Crinetics Pharmaceuticals, Inc.*		91		1,665
Zentalis Pharmaceuticals, Inc.*		81		1,631
Perdoceo Education Corp.*		117		1,626
RadNet, Inc.*		86		1,619
Imago Biosciences, Inc.*		45		1,618
REGENXBIO, Inc.*		70		1,588
SpringWorks Therapeutics, Inc.*		61		1,587
Enanta Pharmaceuticals, Inc.*		34		1,582
Arcellx, Inc.*		51		1,580
LeMaitre Vascular, Inc.		34		1,565
Healthcare Services Group, Inc.		130		1,560
Alphatec Holdings, Inc.*		125		1,544
Paragon 28, Inc.*		80		1,529
Verve Therapeutics, Inc.*		79		1,529
Biohaven Ltd.*		110		1,527
Geron Corp.*		623		1,508
Beauty Health Co.*		165		1,502
Keros Therapeutics, Inc.*		31		1,489
Adaptive Biotechnologies Corp.*		194		1,482
CRA International, Inc.		12		1,469
Avid Bioservices, Inc.*		106		1,460
Innoviva, Inc.*		110		1,457
Fate Therapeutics, Inc.*		144		1,453
PROG Holdings, Inc.*		86		1,453
SunOpta, Inc.*		169		1,426
Ventyx Biosciences, Inc.*		43		1,410
Ideaya Biosciences, Inc.*		77		1,399
Fresh Del Monte Produce, Inc.		53		1,388
Bridgebio Pharma, Inc.*		181		1,379
Kura Oncology, Inc.*		111		1,377
Collegium Pharmaceutical, Inc.*		59		1,369
National Healthcare Corp.		23		1,369
B&G Foods, Inc.1		122		1,360
Varex Imaging Corp.*		67		1,360
Quanex Building Products Corp.		57		1,350
Treace Medical Concepts, Inc.*		58		1,333
Udemy, Inc.*		126		1,329
Cutera, Inc.*		30		1,327
First Advantage Corp.*		102		1,326
Beyond Meat, Inc.*,1		107		1,317
Deciphera Pharmaceuticals, Inc.*		80		1,311
John B Sanfilippo & Son, Inc.		16		1,301
Green Dot Corp. — Class A*		82		1,297
Legalzoom.com, Inc.*		167		1,293
Deluxe Corp.		76		1,291
Cogent Biosciences, Inc.*		111		1,283
Inhibrx, Inc.*		52		1,281
Krispy Kreme, Inc.		124		1,280
Theravance Biopharma, Inc.*		112		1,257
ADMA Biologics, Inc.*		323		1,253
Repay Holdings Corp.*		153		1,232
Immunovant, Inc.*		69		1,225

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
SP Plus Corp.*		35	$	1,215
Duckhorn Portfolio, Inc.*		73		1,210
TrueBlue, Inc.*		61		1,194
Paya Holdings, Inc.*		151		1,188
Morphic Holding, Inc.*		44		1,177
Agenus, Inc.*		489		1,174
4D Molecular Therapeutics, Inc.*		52		1,155
ViewRay, Inc.*		257		1,151
Tootsie Roll Industries, Inc.		27		1,149
Fulgent Genetics, Inc.*		38		1,132
American Well Corp. — Class A*		398		1,126
Barrett Business Services, Inc.		12		1,119
Atrion Corp.		2		1,119
Heska Corp.*		18		1,119
Anavex Life Sciences Corp.*		120		1,111
Cerus Corp.*		299		1,091
Point Biopharma Global, Inc.*		149		1,086
AnaptysBio, Inc.*		35		1,085
Provention Bio, Inc.*		102		1,078
Franklin Covey Co.*		23		1,076
Editas Medicine, Inc.*		120		1,064
BioLife Solutions, Inc.*		58		1,056
Cass Information Systems, Inc.		23		1,054
Arcutis Biotherapeutics, Inc.*		71		1,051
Nuvalent, Inc. — Class A*		35		1,042
Lyell Immunopharma, Inc.*		300		1,041
CTI BioPharma Corp.*		173		1,040
Emergent BioSolutions, Inc.*		88		1,039
OrthoPediatrics Corp.*		26		1,033
Day One Biopharmaceuticals, Inc.*		48		1,033
CareDx, Inc.*		89		1,015
Resources Connection, Inc.		55		1,011
USANA Health Sciences, Inc.*		19		1,011
Aurinia Pharmaceuticals, Inc.*		233		1,007
Coherus Biosciences, Inc.*		127		1,006
Kelly Services, Inc. — Class A		59		997
DocGo, Inc.*		141		997
Castle Biosciences, Inc.*		42		989
Alector, Inc.*		107		988
Heidrick & Struggles International, Inc.		35		979
Hackett Group, Inc.		48		978
Ennis, Inc.		44		975
23andMe Holding Co. — Class A*		446		963
I3 Verticals, Inc. — Class A*		39		949
Cardiovascular Systems, Inc.*		69		940
Community Health Systems, Inc.*		217		937
Riot Blockchain, Inc.*,1		276		936
ANI Pharmaceuticals, Inc.*		23		925
Transcat, Inc.*		13		921
Bluebird Bio, Inc.*		133		920
Mersana Therapeutics, Inc.*		156		914
National Research Corp. — Class A		24		895
AngioDynamics, Inc.*		65		895
ACCO Brands Corp.		160		894
RAPT Therapeutics, Inc.*		45		891
Calavo Growers, Inc.		30		882
Brookdale Senior Living, Inc. — Class A*		323		882
Nurix Therapeutics, Inc.*		80		878
Viad Corp.*		36		878
OPKO Health, Inc.*		701		876
Allogene Therapeutics, Inc.*		139		874
Protagonist Therapeutics, Inc.*		80		873
Accolade, Inc.*		112		872
V2X, Inc.*		21		867
Cimpress plc*		31		856
EQRx, Inc.*		347		854
MaxCyte, Inc.*		152		830
Cara Therapeutics, Inc.*		77		827
Surmodics, Inc.*		24		819
Senseonics Holdings, Inc.*		795		819
Quanterix Corp.*		59		817
2U, Inc.*		130		815
Mission Produce, Inc.*		70		813
Artivion, Inc.*		67		812
Kiniksa Pharmaceuticals Ltd. — Class A*		54		809
SI-BONE, Inc.*		59		802
iTeos Therapeutics, Inc.*		41		801
Inogen, Inc.*		40		788
Agiliti, Inc.*		48		783
Vital Farms, Inc.*		52		776
Target Hospitality Corp.*		51		772
Anika Therapeutics, Inc.*		26		770
Invitae Corp.*		408		759
Benson Hill, Inc.*		296		755
Multiplan Corp.*		656		754
Bionano Genomics, Inc.*		507		740
Bioxcel Therapeutics, Inc.*		34		730
ImmunityBio, Inc.*,1		142		720
Esperion Therapeutics, Inc.*		115		716
Forrester Research, Inc.*		20		715
Nektar Therapeutics*		315		712
Sorrento Therapeutics, Inc.*		802		711
Vanda Pharmaceuticals, Inc.*		96		709
MacroGenics, Inc.*		105		705
Axogen, Inc.*		70		699
Orthofix Medical, Inc.*		34		698
Arcturus Therapeutics Holdings, Inc.*		41		695
Sangamo Therapeutics, Inc.*		221		694
Seres Therapeutics, Inc.*		123		689
Sutro Biopharma, Inc.*		85		687
Paysafe Ltd.*		49		678
Tejon Ranch Co.*		36		678
Vita Coco Company, Inc.*		49		677
Inovio Pharmaceuticals, Inc.*		427		666
Carriage Services, Inc. — Class A		24		661
Custom Truck One Source, Inc.*		104		657
Marathon Digital Holdings, Inc.*		192		657
SomaLogic, Inc.*		260		653
Sterling Check Corp.*		42		650
Albireo Pharma, Inc.*		30		648
NanoString Technologies, Inc.*		81		646
Aaron's Company, Inc.		54		645
Kezar Life Sciences, Inc.*		91		641
Dyne Therapeutics, Inc.*		55		637
Central Garden & Pet Co.*		17		637
Atea Pharmaceuticals, Inc.*		132		635
Turning Point Brands, Inc.		29		627
Clover Health Investments Corp.*		668		621

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
2seventy bio, Inc.*		66	$	618
LifeStance Health Group, Inc.*		125		618
Sana Biotechnology, Inc.*		155		612
Caribou Biosciences, Inc.*		97		609
Design Therapeutics, Inc.*		59		605
Mirum Pharmaceuticals, Inc.*		31		604
SIGA Technologies, Inc.		82		604
Utah Medical Products, Inc.		6		603
OraSure Technologies, Inc.*		125		602
Tango Therapeutics, Inc.*		82		595
Veru, Inc.*		112		591
Zynex, Inc.		42		584
Nano-X Imaging Ltd.*,1		79		583
Butterfly Network, Inc.*		230		566
PMV Pharmaceuticals, Inc.*		64		557
Cullinan Oncology, Inc.*		52		549
Seneca Foods Corp. — Class A*		9		549
MiMedx Group, Inc.*		196		545
ShotSpotter, Inc.*		16		541
BrightView Holdings, Inc.*		78		537
Liquidia Corp.*		83		529
Seer, Inc.*		91		528
Pennant Group, Inc.*		48		527
Arlo Technologies, Inc.*		150		527
Eagle Pharmaceuticals, Inc.*		18		526
Atara Biotherapeutics, Inc.*		160		525
European Wax Center, Inc. — Class A		42		523
Intercept Pharmaceuticals, Inc.*		42		520
SeaSpine Holdings Corp.*		62		518
Oscar Health, Inc. — Class A*		204		502
Alta Equipment Group, Inc.		38		501
Pulmonx Corp.*		59		497
Ocugen, Inc.*,1		373		485
Phibro Animal Health Corp. — Class A		36		483
Erasca, Inc.*		112		483
Tarsus Pharmaceuticals, Inc.*		32		469
Aerovate Therapeutics, Inc.*		16		469
Evolus, Inc.*		62		466
Vera Therapeutics, Inc.*		24		464
OmniAb, Inc.*		128		461
RxSight, Inc.*		36		456
Edgewise Therapeutics, Inc.*		51		456
Phathom Pharmaceuticals, Inc.*		40		449
Karyopharm Therapeutics, Inc.*		132		449
Rigel Pharmaceuticals, Inc.*		299		448
Heron Therapeutics, Inc.*		179		447
Adicet Bio, Inc.*		50		447
PetIQ, Inc.*		48		443
Arbutus Biopharma Corp.*		187		436
C4 Therapeutics, Inc.*		73		431
CinCor Pharma, Inc.*		35		430
Fulcrum Therapeutics, Inc.*		59		429
ALX Oncology Holdings, Inc.*		37		417
Kodiak Sciences, Inc.*		58		415
American Public Education, Inc.*		33		406
Janux Therapeutics, Inc.*		30		395
Tactile Systems Technology, Inc.*		34		390
Cue Health, Inc.*		188		389
Nuvation Bio, Inc.*		202		388
Cano Health, Inc.*		281		385
Universal Technical Institute, Inc.*		57		383
Monte Rosa Therapeutics, Inc.*		50		380
CareMax, Inc.*		104		380
Ocular Therapeutix, Inc.*		134		376
HilleVax, Inc.*		22		368
iRadimed Corp.		13		368
WW International, Inc.*		94		363
Stoke Therapeutics, Inc.*		39		360
Willdan Group, Inc.*		20		357
Amneal Pharmaceuticals, Inc.*		179		356
Joint Corp.*		25		349
Village Super Market, Inc. — Class A		15		349
NGM Biopharmaceuticals, Inc.*		69		346
MeiraGTx Holdings plc*		53		346
Nkarta, Inc.*		57		341
Honest Company, Inc.*		112		337
Zimvie, Inc.*		36		336
Aura Biosciences, Inc.*		32		336
Prime Medicine, Inc.*		18		334
Distribution Solutions Group, Inc.*		9		332
Organogenesis Holdings, Inc.*		123		331
Generation Bio Co.*		83		326
Aadi Bioscience, Inc.*		25		321
Kinnate Biopharma, Inc.*		52		317
Y-mAbs Therapeutics, Inc.*		65		317
Icosavax, Inc.*		39		310
Affimed N.V.*		248		308
IGM Biosciences, Inc.*		18		306
Xeris Biopharma Holdings, Inc.*		230		306
Lifecore Biomedical, Inc.*		46		298
Information Services Group, Inc.		64		294
Quantum-Si, Inc.*		159		291
KalVista Pharmaceuticals, Inc.*		43		291
Whole Earth Brands, Inc.*		71		289
Akoya Biosciences, Inc.*		29		277
Allovir, Inc.*		54		277
Lexicon Pharmaceuticals, Inc.*		144		275
BRC, Inc. — Class A*		45		275
Chimerix, Inc.*		146		271
Precigen, Inc.*		174		264
Berkeley Lights, Inc.*		98		263
Alico, Inc.		11		263
22nd Century Group, Inc.*,1		280		258
HF Foods Group, Inc.*		63		256
Rent the Runway, Inc. — Class A*		81		247
Innovage Holding Corp.*,1		34		244
Gossamer Bio, Inc.*		110		239
Quad/Graphics, Inc.*		56		229
PepGen, Inc.*		17		227
Foghorn Therapeutics, Inc.*		35		223
Outlook Therapeutics, Inc.*		206		222
Bright Health Group, Inc.*		335		218
Humacyte, Inc.*		102		215
Spire Global, Inc.*		217		208
Vaxart, Inc.*		215		207
Nature's Sunshine Products, Inc.*		24		200
Alpine Immune Sciences, Inc.*		27		198

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Singular Genomics Systems, Inc.*		97	$	195
Vicarious Surgical, Inc.*,1		95		192
Absci Corp.*		91		191
Vintage Wine Estates, Inc.*		58		189
Athira Pharma, Inc.*		59		187
Rallybio Corp.*		28		184
GreenLight Biosciences Holdings PBC*,1		155		183
Tyra Biosciences, Inc.*		24		182
Century Therapeutics, Inc.*		35		180
PFSweb, Inc.		29		178
Relmada Therapeutics, Inc.*		48		167
Priority Technology Holdings, Inc.*		31		163
EyePoint Pharmaceuticals, Inc.*		46		161
Praxis Precision Medicines, Inc.*		67		159
Moneylion, Inc.*		254		158
Local Bounti Corp.*		112		156
Natural Grocers by Vitamin Cottage, Inc.		17		155
Inotiv, Inc.*		30		148
Nautilus Biotechnology, Inc.*		82		148
Theseus Pharmaceuticals, Inc.*		29		144
Bioventus, Inc. — Class A*		55		144
Invivyd, Inc.*		89		133
VBI Vaccines, Inc.*		334		131
Bakkt Holdings, Inc.*,1		102		121
Kronos Bio, Inc.*		71		115
Tattooed Chef, Inc.*		85		105
Pardes Biosciences, Inc.*		59		100
Tenaya Therapeutics, Inc.*		49		98
Beachbody Company, Inc.*		182		96
Thorne HealthTech, Inc.*		24		87
Eiger BioPharmaceuticals, Inc.*		72		85
AirSculpt Technologies, Inc.		22		81
Jounce Therapeutics, Inc.*		73		81
P3 Health Partners, Inc.*		42		77
AN2 Therapeutics, Inc.*,1		8		76
Instil Bio, Inc.*		121		76
AppHarvest, Inc.*		128		73
Sema4 Holdings Corp.*		275		73
CompoSecure, Inc.*		14		69
Oncology Institute, Inc.*		40		66
Alpha Teknova, Inc.*		11		62
Aveanna Healthcare Holdings, Inc.*		77		60
Bird Global, Inc. — Class A*		298		54
MarketWise, Inc.*		29		49
Babylon Holdings Ltd. — Class A*		7		47
Science 37 Holdings, Inc.*		109		45
Celularity, Inc.*		33		43
Talaris Therapeutics, Inc.*		40		41
ATI Physical Therapy, Inc.*		130		40
Cipher Mining, Inc.*		68		38
Enochian Biosciences, Inc.*		34		35
VistaGen Therapeutics, Inc.*		337		35
Wejo Group Ltd.*		40		19
Owlet, Inc.*		28		16
Tenon Medical, Inc.*		6		9
Tricida, Inc.*		58		9
Greenidge Generation Holdings, Inc.*,1		23		7
Gelesis Holdings, Inc.*		21		6
Leafly Holdings, Inc.*		9		6
Boxed, Inc.*		25		5
Ligand Pharmaceuticals Inc *,††		12		–
Ligand Pharmaceuticals Inc *,††		12		–
Total Consumer, Non-cyclical				946,824
Financial - 15.4%
Agree Realty Corp. REIT		152		10,781
STAG Industrial, Inc. REIT		313		10,113
Kinsale Capital Group, Inc.		38		9,938
SouthState Corp.		130		9,927
Glacier Bancorp, Inc.		193		9,538
Old National Bancorp		510		9,170
United Bankshares, Inc.		226		9,151
Selective Insurance Group, Inc.		103		9,127
RLI Corp.		67		8,795
Valley National Bancorp		748		8,460
Kite Realty Group Trust REIT		378		7,957
First Financial Bankshares, Inc.		226		7,774
Cadence Bank		314		7,743
Ryman Hospitality Properties, Inc. REIT		93		7,606
Home BancShares, Inc.		330		7,521
Houlihan Lokey, Inc.		86		7,496
Terreno Realty Corp. REIT		128		7,279
Hancock Whitney Corp.		149		7,210
Essent Group Ltd.		182		7,076
Independent Bank Corp.		79		6,670
Independence Realty Trust, Inc. REIT		384		6,474
Phillips Edison & Company, Inc. REIT		203		6,464
UMB Financial Corp.		76		6,348
Blackstone Mortgage Trust, Inc. — Class A REIT		295		6,245
United Community Banks, Inc.		184		6,219
First Interstate BancSystem, Inc. — Class A		158		6,107
PotlatchDeltic Corp. REIT		138		6,071
ServisFirst Bancshares, Inc.		88		6,064
Associated Banc-Corp.		259		5,980
CVB Financial Corp.		230		5,922
Apple Hospitality REIT, Inc.		374		5,902
Community Bank System, Inc.		92		5,791
Essential Properties Realty Trust, Inc. REIT		243		5,703
American Equity Investment Life Holding Co.		125		5,703
Physicians Realty Trust REIT		390		5,643
Ameris Bancorp		114		5,374
Federated Hermes, Inc. — Class B		148		5,374
Radian Group, Inc.		274		5,225
Texas Capital Bancshares, Inc.*		86		5,187
Pacific Premier Bancorp, Inc.		164		5,176
Corporate Office Properties Trust REIT		197		5,110
Cathay General Bancorp		125		5,099
Sabra Health Care REIT, Inc.		402		4,997
Innovative Industrial Properties, Inc. REIT		49		4,966
Mr Cooper Group, Inc.*		122		4,896
Broadstone Net Lease, Inc. REIT		301		4,879
WSFS Financial Corp.		107		4,851
LXP Industrial Trust REIT		478		4,790
Fulton Financial Corp.		280		4,712

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Eastern Bankshares, Inc.		270	$	4,657
SITE Centers Corp. REIT		339		4,631
Equity Commonwealth REIT		184		4,594
Jackson Financial, Inc. — Class A		132		4,592
BankUnited, Inc.		135		4,586
Simmons First National Corp. — Class A		212		4,575
Atlantic Union Bankshares Corp.		130		4,568
Genworth Financial, Inc. — Class A*		861		4,555
CNO Financial Group, Inc.		196		4,479
Enstar Group Ltd.*		19		4,390
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		148		4,289
International Bancshares Corp.		93		4,256
Walker & Dunlop, Inc.		54		4,238
Moelis & Co. — Class A		110		4,221
Outfront Media, Inc. REIT		254		4,211
Macerich Co. REIT		373		4,200
Columbia Banking System, Inc.		138		4,158
McGrath RentCorp		42		4,147
First BanCorp		321		4,083
First Merchants Corp.		99		4,070
First Financial Bancorp		162		3,925
Piper Sandler Cos.		30		3,906
Hamilton Lane, Inc. — Class A		61		3,897
National Health Investors, Inc. REIT		74		3,864
Axos Financial, Inc.*		100		3,822
Four Corners Property Trust, Inc. REIT		145		3,760
Arbor Realty Trust, Inc. REIT		285		3,759
Washington Federal, Inc.		112		3,758
WesBanco, Inc.		101		3,735
Banner Corp.		59		3,729
Focus Financial Partners, Inc. — Class A*		100		3,727
Independent Bank Group, Inc.		62		3,725
Trustmark Corp.		106		3,700
TowneBank		117		3,608
Renasant Corp.		95		3,571
Sunstone Hotel Investors, Inc. REIT		367		3,545
Park National Corp.		25		3,519
Cushman & Wakefield plc*		276		3,439
Heartland Financial USA, Inc.		72		3,357
Seacoast Banking Corporation of Florida		107		3,337
Bread Financial Holdings, Inc.		87		3,276
Trupanion, Inc.*		68		3,232
Kennedy-Wilson Holdings, Inc.		205		3,225
Stock Yards Bancorp, Inc.		49		3,184
NBT Bancorp, Inc.		73		3,170
Retail Opportunity Investments Corp. REIT		209		3,141
Tanger Factory Outlet Centers, Inc. REIT		175		3,140
Lakeland Financial Corp.		43		3,138
Artisan Partners Asset Management, Inc. — Class A		105		3,118
CareTrust REIT, Inc.		167		3,103
NMI Holdings, Inc. — Class A*		146		3,051
Navient Corp.		185		3,043
Enterprise Financial Services Corp.		62		3,036
Pebblebrook Hotel Trust REIT		226		3,026
PJT Partners, Inc. — Class A		41		3,021
BancFirst Corp.		34		2,998
DiamondRock Hospitality Co. REIT		363		2,973
Northwest Bancshares, Inc.		212		2,964
RLJ Lodging Trust REIT		277		2,933
StoneX Group, Inc.*		30		2,859
Cohen & Steers, Inc.		44		2,841
Urban Edge Properties REIT		199		2,804
InvenTrust Properties Corp. REIT		118		2,793
TriCo Bancshares		54		2,753
PennyMac Financial Services, Inc.		48		2,720
Westamerica BanCorp		46		2,714
Elme Communities REIT		152		2,706
Bancorp, Inc.*		95		2,696
Provident Financial Services, Inc.		126		2,691
Sandy Spring Bancorp, Inc.		76		2,677
First Bancorp		62		2,656
Horace Mann Educators Corp.		71		2,653
Apollo Commercial Real Estate Finance, Inc. REIT		245		2,636
Bank of NT Butterfield & Son Ltd.		88		2,623
Xenia Hotels & Resorts, Inc. REIT		198		2,610
BRP Group, Inc. — Class A*		103		2,589
Hope Bancorp, Inc.		202		2,588
Hilltop Holdings, Inc.		86		2,581
Veritex Holdings, Inc.		91		2,555
Cannae Holdings, Inc.*		123		2,540
Getty Realty Corp. REIT		74		2,505
LTC Properties, Inc. REIT		69		2,452
Eagle Bancorp, Inc.		55		2,424
City Holding Co.		26		2,420
Veris Residential, Inc. REIT*		150		2,390
Flywire Corp.*		97		2,374
Alexander & Baldwin, Inc. REIT		126		2,360
Claros Mortgage Trust, Inc.		160		2,354
Two Harbors Investment Corp. REIT		149		2,350
Acadia Realty Trust REIT		162		2,325
S&T Bancorp, Inc.		68		2,324
St. Joe Co.		60		2,319
StepStone Group, Inc. — Class A		92		2,317
Stellar Bancorp, Inc.		78		2,298
Virtus Investment Partners, Inc.		12		2,297
OFG Bancorp		83		2,287
Uniti Group, Inc. REIT		411		2,273
Berkshire Hills Bancorp, Inc.		76		2,272
Nelnet, Inc. — Class A		25		2,269
PRA Group, Inc.*		67		2,263
First Commonwealth Financial Corp.		162		2,263
Global Net Lease, Inc. REIT		180		2,263
Easterly Government Properties, Inc. REIT		158		2,255
American Assets Trust, Inc. REIT		85		2,253
FB Financial Corp.		62		2,241

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Pathward Financial, Inc.		52	$	2,239
Chimera Investment Corp. REIT		402		2,211
First Busey Corp.		89		2,200
National Bank Holdings Corp. — Class A		52		2,188
OceanFirst Financial Corp.		101		2,146
Safety Insurance Group, Inc.		25		2,107
Blucora, Inc.*		82		2,093
BGC Partners, Inc. — Class A		554		2,089
Service Properties Trust REIT		284		2,070
Enova International, Inc.*		53		2,034
Employers Holdings, Inc.		47		2,027
Stewart Information Services Corp.		47		2,008
Triumph Financial, Inc.*		41		2,004
Ladder Capital Corp. — Class A REIT		198		1,988
Paramount Group, Inc. REIT		332		1,972
Encore Capital Group, Inc.*		41		1,966
Piedmont Office Realty Trust, Inc. — Class A REIT		214		1,962
Capitol Federal Financial, Inc.		226		1,955
Compass Diversified Holdings		107		1,951
Brookline Bancorp, Inc.		137		1,939
PennyMac Mortgage Investment Trust REIT		155		1,920
Lakeland Bancorp, Inc.		109		1,919
Southside Bancshares, Inc.		53		1,907
Palomar Holdings, Inc.*		42		1,897
Franklin BSP Realty Trust, Inc. REIT		146		1,883
Newmark Group, Inc. — Class A		235		1,873
Tompkins Financial Corp.		24		1,862
Apartment Investment and Management Co. — Class A REIT		260		1,851
Heritage Financial Corp.		60		1,838
Brandywine Realty Trust REIT		296		1,820
Dime Community Bancshares, Inc.		57		1,814
Farmer Mac — Class C		16		1,803
Preferred Bank/Los Angeles CA		24		1,791
German American Bancorp, Inc.		48		1,790
AMERISAFE, Inc.		34		1,767
NETSTREIT Corp. REIT		96		1,760
MFA Financial, Inc. REIT		178		1,753
Live Oak Bancshares, Inc.		58		1,752
Cowen, Inc. — Class A		45		1,738
NexPoint Residential Trust, Inc. REIT		39		1,697
Nicolet Bankshares, Inc.*		21		1,676
Premier Financial Corp.		62		1,672
ProAssurance Corp.		95		1,660
New York Mortgage Trust, Inc. REIT		643		1,646
Centerspace REIT		27		1,584
ConnectOne Bancorp, Inc.		65		1,574
Mercury General Corp.		46		1,573
Radius Global Infrastructure, Inc. — Class A*		133		1,572
LendingClub Corp.*		177		1,558
Empire State Realty Trust, Inc. — Class A REIT		231		1,557
Marcus & Millichap, Inc.		44		1,516
Customers Bancorp, Inc.*		53		1,502
1st Source Corp.		28		1,487
Community Healthcare Trust, Inc. REIT		41		1,468
RPT Realty REIT		146		1,466
Banc of California, Inc.		91		1,450
Origin Bancorp, Inc.		39		1,431
Ready Capital Corp. REIT		128		1,426
Argo Group International Holdings Ltd.		55		1,422
Washington Trust Bancorp, Inc.		30		1,415
QCR Holdings, Inc.		28		1,390
UMH Properties, Inc. REIT		86		1,385
Peoples Bancorp, Inc.		49		1,384
KKR Real Estate Finance Trust, Inc. REIT		99		1,382
Necessity Retail REIT, Inc.		233		1,382
Amerant Bancorp, Inc.		51		1,369
Armada Hoffler Properties, Inc. REIT		117		1,346
Safehold, Inc. REIT		47		1,345
Ambac Financial Group, Inc.*		77		1,343
Heritage Commerce Corp.		103		1,339
James River Group Holdings Ltd.		64		1,338
Redwood Trust, Inc. REIT		197		1,332
eXp World Holdings, Inc.		120		1,329
International Money Express, Inc.*		54		1,316
Summit Hotel Properties, Inc. REIT		182		1,314
Univest Financial Corp.		50		1,307
ARMOUR Residential REIT, Inc.		229		1,289
Hanmi Financial Corp.		52		1,287
Community Trust Bancorp, Inc.		28		1,286
WisdomTree, Inc.		235		1,281
Columbia Financial, Inc.*		59		1,276
First Foundation, Inc.		89		1,275
Plymouth Industrial REIT, Inc.		66		1,266
Northfield Bancorp, Inc.		80		1,258
Gladstone Commercial Corp. REIT		68		1,258
Enact Holdings, Inc.		52		1,254
TrustCo Bank Corporation NY		33		1,240
Anywhere Real Estate, Inc.*		194		1,240
B Riley Financial, Inc.		36		1,231
Ellington Financial, Inc. REIT		98		1,212
Old Second Bancorp, Inc.		74		1,187
Brightsphere Investment Group, Inc.		56		1,152
Goosehead Insurance, Inc. — Class A*		33		1,133
National Western Life Group, Inc. — Class A		4		1,124
Office Properties Income Trust REIT		84		1,121
Peapack-Gladstone Financial Corp.		30		1,117
Bank First Corp.		12		1,114
Lemonade, Inc.*		81		1,108
Compass, Inc. — Class A*		472		1,100
First Bancshares, Inc.		34		1,088
MBIA, Inc.*		83		1,067

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
CBL & Associates Properties, Inc. REIT		46	$	1,062
First Mid Bancshares, Inc.		33		1,059
HarborOne Bancorp, Inc.		76		1,056
Metropolitan Bank Holding Corp.*		18		1,056
Horizon Bancorp, Inc.		70		1,056
Universal Health Realty Income Trust REIT		22		1,050
Farmland Partners, Inc. REIT		84		1,047
Kearny Financial Corp.		103		1,045
Camden National Corp.		25		1,042
Chatham Lodging Trust REIT		84		1,031
Gladstone Land Corp. REIT		56		1,028
Flushing Financial Corp.		53		1,027
BrightSpire Capital, Inc. REIT		163		1,016
United Fire Group, Inc.		37		1,012
Byline Bancorp, Inc.		44		1,011
Global Medical REIT, Inc.		106		1,005
Cambridge Bancorp		12		997
Midland States Bancorp, Inc.		37		985
CrossFirst Bankshares, Inc.*		79		980
Dynex Capital, Inc. REIT		76		967
Urstadt Biddle Properties, Inc. — Class A REIT		51		966
Central Pacific Financial Corp.		47		953
Great Southern Bancorp, Inc.		16		952
SiriusPoint Ltd.*		160		944
Silvergate Capital Corp. — Class A*,1		54		940
Diamond Hill Investment Group, Inc.		5		925
Bank of Marin Bancorp		28		921
Ares Commercial Real Estate Corp. REIT		89		916
First Community Bankshares, Inc.		27		915
Equity Bancshares, Inc. — Class A		28		915
Mercantile Bank Corp.		27		904
iStar, Inc. REIT		118		900
Alexander's, Inc. REIT		4		880
First Financial Corp.		19		876
AssetMark Financial Holdings, Inc.*		38		874
Coastal Financial Corp.*		18		855
HomeStreet, Inc.		31		855
Saul Centers, Inc. REIT		21		854
Brookfield Business Corp. — Class A		45		846
Orion Office REIT, Inc.		99		845
Independent Bank Corp.		35		837
Bar Harbor Bankshares		26		833
CNB Financial Corp.		35		833
Hingham Institution For Savings The		3		828
Business First Bancshares, Inc.		37		819
TPG RE Finance Trust, Inc. REIT		120		815
Arrow Financial Corp.		24		814
Broadmark Realty Capital, Inc. REIT		225		801
Whitestone REIT — Class B		81		781
Redfin Corp.*		184		780
Capital City Bank Group, Inc.		24		780
Mid Penn Bancorp, Inc.		26		779
Victory Capital Holdings, Inc. — Class A		29		778
West BanCorp, Inc.		30		767
RMR Group, Inc. — Class A		27		763
Farmers National Banc Corp.		54		762
MidWestOne Financial Group, Inc.		24		762
SmartFinancial, Inc.		27		743
Invesco Mortgage Capital, Inc. REIT		58		738
First of Long Island Corp.		41		738
EZCORP, Inc. — Class A*		87		709
Carter Bankshares, Inc.*		42		697
Perella Weinberg Partners		71		696
Metrocity Bankshares, Inc.		32		692
Bridgewater Bancshares, Inc.*		38		674
Peoples Financial Services Corp.		13		674
American National Bankshares, Inc.		18		665
Financial Institutions, Inc.		27		658
Merchants Bancorp		27		657
Orchid Island Capital, Inc. REIT		62		651
FRP Holdings, Inc.*		12		646
One Liberty Properties, Inc. REIT		29		644
Southern Missouri Bancorp, Inc.		14		642
ACNB Corp.		16		637
Capstar Financial Holdings, Inc.		36		636
Five Star Bancorp		23		627
Republic Bancorp, Inc. — Class A		15		614
Alerus Financial Corp.		26		607
HomeTrust Bancshares, Inc.		25		604
Amalgamated Financial Corp.		26		599
Tiptree, Inc. — Class A		43		595
Southern First Bancshares, Inc.*		13		595
Citizens & Northern Corp.		26		594
Oppenheimer Holdings, Inc. — Class A		14		593
Blue Foundry Bancorp*		46		591
RBB Bancorp		28		584
RE/MAX Holdings, Inc. — Class A		31		578
John Marshall Bancorp, Inc.		20		576
Civista Bancshares, Inc.		26		572
Indus Realty Trust, Inc. REIT		9		571
Farmers & Merchants Bancorp Incorporated/Archbold OH		21		571
City Office REIT, Inc.		68		570
Waterstone Financial, Inc.		33		569
CTO Realty Growth, Inc. REIT		31		567
Enterprise Bancorp, Inc.		16		565
Shore Bancshares, Inc.		31		540
GCM Grosvenor, Inc. — Class A		71		540
Douglas Elliman, Inc.		131		533
World Acceptance Corp.*		8		527
South Plains Financial, Inc.		19		523
Summit Financial Group, Inc.		21		523
Home Bancorp, Inc.		13		520
Guaranty Bancshares, Inc.		15		520
Esquire Financial Holdings, Inc.		12		519
HCI Group, Inc.		13		515

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
First Business Financial Services, Inc.		14	$	512
Sierra Bancorp		24		510
First Bancorp, Inc.		17		509
Northeast Bank		12		505
Macatawa Bank Corp.		45		496
Braemar Hotels & Resorts, Inc. REIT		119		489
Granite Point Mortgage Trust, Inc. REIT		90		482
Universal Insurance Holdings, Inc.		45		477
BayCom Corp.		25		474
Hersha Hospitality Trust — Class A REIT		55		469
Franklin Street Properties Corp. REIT		171		467
Primis Financial Corp.		39		462
Postal Realty Trust, Inc. — Class A REIT		31		450
BCB Bancorp, Inc.		25		450
Sculptor Capital Management, Inc.		51		442
AFC Gamma, Inc. REIT		28		440
First Internet Bancorp		18		437
NerdWallet, Inc. — Class A*		45		432
PCSB Financial Corp.		22		419
Orrstown Financial Services, Inc.		18		417
BRT Apartments Corp. REIT		21		412
Red River Bancshares, Inc.		8		408
Third Coast Bancshares, Inc.*		22		405
FVCBankcorp, Inc.*		21		400
MVB Financial Corp.		18		396
First Western Financial, Inc.*		14		394
LendingTree, Inc.*		18		384
Donegal Group, Inc. — Class A		27		383
Capital Bancorp, Inc.		16		377
Greenlight Capital Re Ltd. — Class A*		46		375
Parke Bancorp, Inc.		18		373
First Bank/Hamilton NJ		27		372
Hippo Holdings, Inc.*		27		367
Industrial Logistics Properties Trust REIT		112		366
Regional Management Corp.		13		365
Blue Ridge Bankshares, Inc.		29		362
Colony Bankcorp, Inc.		28		355
PCB Bancorp		20		354
HBT Financial, Inc.		18		352
Greene County Bancorp, Inc.		6		345
Silvercrest Asset Management Group, Inc. — Class A		18		338
Unity Bancorp, Inc.		12		328
Luther Burbank Corp.		27		300
Investors Title Co.		2		295
Bankwell Financial Group, Inc.		10		294
Legacy Housing Corp.*		15		284
Oportun Financial Corp.*		49		270
Diversified Healthcare Trust REIT		413		267
Ashford Hospitality Trust, Inc. REIT*		59		264
First Guaranty Bancshares, Inc.		11		258
Trean Insurance Group, Inc.*		40		240
USCB Financial Holdings, Inc.*		19		232
Pioneer Bancorp, Inc.*		20		228
Chicago Atlantic Real Estate Finance, Inc.		15		226
Nexpoint Real Estate Finance, Inc. REIT		14		222
Applied Digital Corp.*		117		215
Stratus Properties, Inc.		11		212
eHealth, Inc.*		43		208
NI Holdings, Inc.*		15		199
Atlanticus Holdings Corp.*		7		183
Republic First Bancorp, Inc.*		85		183
Sterling Bancorp, Inc.*		30		183
Provident Bancorp, Inc.		25		182
Selectquote, Inc.*		232		156
Velocity Financial, Inc.*		16		154
Crawford & Co. — Class A		27		150
Consumer Portfolio Services, Inc.*		16		142
Curo Group Holdings Corp.*		38		135
Clipper Realty, Inc. REIT		21		134
Bluerock Homes Trust, Inc.*		6		128
Associated Capital Group, Inc. — Class A		3		126
SWK Holdings Corp.*		7		123
Doma Holdings, Inc.*		238		108
Angel Oak Mortgage, Inc. REIT		22		104
Transcontinental Realty Investors, Inc.*		2		88
Finance of America Companies, Inc. — Class A*		67		85
American Realty Investors, Inc.*		3		77
Root, Inc. — Class A*		13		58
Offerpad Solutions, Inc.*,1		119		55
Sunlight Financial Holdings, Inc.*		42		54
OppFi, Inc.*		24		49
Home Point Capital, Inc.*		14		19
Cryptyde, Inc.*		34		6
Total Financial				930,541
Industrial - 9.2%
EMCOR Group, Inc.		82		12,145
RBC Bearings, Inc.*		49		10,258
Saia, Inc.*		46		9,645
Exponent, Inc.		88		8,720
Fluor Corp.*		247		8,561
Chart Industries, Inc.*		74		8,527
Fabrinet*		65		8,334
Applied Industrial Technologies, Inc.		66		8,318
Novanta, Inc.*		61		8,288
UFP Industries, Inc.		103		8,163
Evoqua Water Technologies Corp.*		205		8,118
Atkore, Inc.*		71		8,053
Aerojet Rocketdyne Holdings, Inc.*		137		7,663
Comfort Systems USA, Inc.		61		7,020
Watts Water Technologies, Inc. — Class A		48		7,019
Casella Waste Systems, Inc. — Class A*		87		6,900
Altra Industrial Motion Corp.		113		6,752

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Simpson Manufacturing Company, Inc.		75	$	6,650
GATX Corp.		61		6,487
Franklin Electric Company, Inc.		80		6,380
Bloom Energy Corp. — Class A*		313		5,985
Summit Materials, Inc. — Class A*		208		5,919
AAON, Inc.		76		5,724
Mueller Industries, Inc.		97		5,723
Sanmina Corp.*		99		5,672
Advanced Energy Industries, Inc.		65		5,576
Badger Meter, Inc.		51		5,560
Belden, Inc.		75		5,392
Albany International Corp. — Class A		54		5,324
EnerSys		71		5,243
Cactus, Inc. — Class A		102		5,127
Hillenbrand, Inc.		120		5,120
John Bean Technologies Corp.		55		5,023
SPX Technologies, Inc.*		76		4,989
Plexus Corp.*		48		4,941
Vishay Intertechnology, Inc.		229		4,940
Forward Air Corp.		47		4,930
Terex Corp.		115		4,913
Atlas Air Worldwide Holdings, Inc.*		48		4,838
Federal Signal Corp.		103		4,786
Boise Cascade Co.		69		4,738
Dycom Industries, Inc.*		50		4,680
Zurn Elkay Water Solutions Corp.		216		4,568
Arcosa, Inc.		84		4,565
O-I Glass, Inc.*		270		4,474
Hub Group, Inc. — Class A*		56		4,451
Werner Enterprises, Inc.		110		4,429
Scorpio Tankers, Inc.		82		4,409
Moog, Inc. — Class A		49		4,300
Encore Wire Corp.		31		4,264
Trinity Industries, Inc.		142		4,199
Matson, Inc.		65		4,063
EnPro Industries, Inc.		37		4,022
Golar LNG Ltd.*		175		3,988
Itron, Inc.*		78		3,951
ESCO Technologies, Inc.		45		3,939
Energizer Holdings, Inc.		116		3,892
Brady Corp. — Class A		79		3,721
AeroVironment, Inc.*		43		3,683
Kadant, Inc.		20		3,553
Barnes Group, Inc.		85		3,472
Kennametal, Inc.		141		3,392
International Seaways, Inc.		86		3,184
NV5 Global, Inc.*		24		3,176
Helios Technologies, Inc.		57		3,103
Lindsay Corp.		19		3,094
Masonite International Corp.*		38		3,063
Materion Corp.		35		3,063
Frontdoor, Inc.*		144		2,995
ArcBest Corp.		42		2,942
Mueller Water Products, Inc. — Class A		271		2,916
CSW Industrials, Inc.		25		2,898
Greif, Inc. — Class A		43		2,883
Griffon Corp.		80		2,863
Worthington Industries, Inc.		55		2,734
AAR Corp.*		60		2,694
Granite Construction, Inc.		76		2,665
TTM Technologies, Inc.*		176		2,654
Air Transport Services Group, Inc.*		102		2,650
Frontline plc*		216		2,622
MYR Group, Inc.*		28		2,578
Enerpac Tool Group Corp.		101		2,570
Knowles Corp.*		156		2,561
Gibraltar Industries, Inc.*		55		2,524
Alamo Group, Inc.		17		2,407
Enovix Corp.*		189		2,351
OSI Systems, Inc.*		28		2,227
Kratos Defense & Security Solutions, Inc.*		215		2,219
CTS Corp.		55		2,168
Standex International Corp.		21		2,151
DHT Holdings, Inc.		237		2,105
Montrose Environmental Group, Inc.*		47		2,086
Primoris Services Corp.		94		2,062
Vicor Corp.*		38		2,042
TriMas Corp.		73		2,025
Marten Transport Ltd.		101		1,998
Tennant Co.		32		1,970
Energy Recovery, Inc.*		96		1,967
Xometry, Inc. — Class A*		58		1,869
Construction Partners, Inc. — Class A*		70		1,868
Greenbrier Companies, Inc.		55		1,844
Golden Ocean Group Ltd.		212		1,842
SFL Corporation Ltd.		199		1,835
PGT Innovations, Inc.*		100		1,796
Apogee Enterprises, Inc.		39		1,734
AZZ, Inc.		43		1,729
LSB Industries, Inc.*		129		1,716
Modine Manufacturing Co.*		86		1,708
Hillman Solutions Corp.*		234		1,687
Sterling Infrastructure, Inc.*		51		1,673
Benchmark Electronics, Inc.		61		1,628
Astec Industries, Inc.		40		1,626
GrafTech International Ltd.		337		1,604
FLEX LNG Ltd.		49		1,602
Columbus McKinnon Corp.		49		1,591
Matthews International Corp. — Class A		52		1,583
Mirion Technologies, Inc.*		238		1,573
Sturm Ruger & Company, Inc.		30		1,519
Mesa Laboratories, Inc.		9		1,496
TimkenSteel Corp.*		81		1,472
Joby Aviation, Inc.*		434		1,454
JELD-WEN Holding, Inc.*		150		1,448
Myers Industries, Inc.		64		1,423
American Woodmark Corp.*		29		1,417
UFP Technologies, Inc.*		12		1,415
Rocket Lab USA, Inc.*		373		1,406
Napco Security Technologies, Inc.*		51		1,401
Janus International Group, Inc.*		142		1,352
CryoPort, Inc.*		77		1,336
Ichor Holdings Ltd.*		49		1,314
PureCycle Technologies, Inc.*		184		1,244
Heartland Express, Inc.		81		1,243

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Teekay Tankers Ltd. — Class A*		40	$	1,232
Proto Labs, Inc.*		48		1,225
Triumph Group, Inc.*		111		1,168
Eagle Bulk Shipping, Inc.		23		1,149
Thermon Group Holdings, Inc.*		57		1,145
Li-Cycle Holdings Corp.*		236		1,123
Chase Corp.		13		1,121
GoPro, Inc. — Class A*		225		1,120
Kaman Corp.		49		1,093
Nordic American Tankers Ltd.		343		1,050
Ryerson Holding Corp.		34		1,029
Gorman-Rupp Co.		40		1,025
Dorian LPG Ltd.		54		1,023
Ardmore Shipping Corp.*		71		1,023
Ducommun, Inc.*		20		999
Stoneridge, Inc.*		46		992
Genco Shipping & Trading Ltd.		64		983
FARO Technologies, Inc.*		32		941
Kimball Electronics, Inc.*		41		926
Heritage-Crystal Clean, Inc.*		28		910
Insteel Industries, Inc.		32		881
Harsco Corp.*		137		862
Costamare, Inc.		92		854
Pactiv Evergreen, Inc.		75		852
Vishay Precision Group, Inc.*		22		850
Argan, Inc.		23		848
Allied Motion Technologies, Inc.		23		801
CIRCOR International, Inc.*		33		791
Greif, Inc. — Class B		10		782
nLight, Inc.*		77		781
Blink Charging Co.*,1		67		735
DXP Enterprises, Inc.*		26		716
National Presto Industries, Inc.		10		685
Smith & Wesson Brands, Inc.		78		677
MicroVision, Inc.*		288		677
Great Lakes Dredge & Dock Corp.*		113		672
Cadre Holdings, Inc.		33		665
Luxfer Holdings plc		47		645
Centrus Energy Corp. — Class A*		19		617
Babcock & Wilcox Enterprises, Inc.*		105		606
Powell Industries, Inc.		17		598
AerSale Corp.*		36		584
Northwest Pipe Co.*		17		573
Olympic Steel, Inc.		17		571
IES Holdings, Inc.*		16		569
Omega Flex, Inc.		6		560
Manitowoc Company, Inc.*		61		559
NuScale Power Corp.*		54		554
Teekay Corp.*		122		554
Covenant Logistics Group, Inc. — Class A		16		553
Tutor Perini Corp.*		73		551
Comtech Telecommunications Corp.		45		546
SmartRent, Inc.*		210		510
Hyster-Yale Materials Handling, Inc.		19		481
Tredegar Corp.		47		480
Universal Logistics Holdings, Inc.		14		468
Sight Sciences, Inc.*		38		464
Archer Aviation, Inc. — Class A*		246		460
Park Aerospace Corp.		34		456
Astronics Corp.*		44		453
Ranpak Holdings Corp.*		75		433
Daseke, Inc.*		70		398
Evolv Technologies Holdings, Inc.*		146		378
Safe Bulkers, Inc.		128		372
Pure Cycle Corp.*		34		356
ESS Tech, Inc.*		140		340
Radiant Logistics, Inc.*		66		336
PAM Transportation Services, Inc.*		12		311
Eastman Kodak Co.*		99		302
908 Devices, Inc.*		38		290
Charge Enterprises, Inc.*		225		279
Identiv, Inc.*		38		275
Concrete Pumping Holdings, Inc.*		45		263
AMMO, Inc.*		152		263
Akoustis Technologies, Inc.*		90		254
Latham Group, Inc.*		75		242
Caesarstone Ltd.		39		223
Transphorm, Inc.*		39		212
Turtle Beach Corp.*		27		194
View, Inc.*,1		194		187
Atlas Technical Consultants, Inc.*		32		165
Karat Packaging, Inc.		11		158
Hydrofarm Holdings Group, Inc.*		76		118
Astra Space, Inc.*		263		114
NL Industries, Inc.		15		102
Sarcos Technology and Robotics Corp.*		163		91
Momentus, Inc.*		96		75
Redwire Corp.*		33		65
Berkshire Grey, Inc.*		86		52
Fathom Digital Manufacturing C*		22		29
AEye, Inc.*		46		22
Total Industrial				557,854
Consumer, Cyclical - 7.4%
Crocs, Inc.*		105		11,385
Texas Roadhouse, Inc. — Class A		116		10,550
Murphy USA, Inc.		36		10,063
Light & Wonder, Inc. — Class A*		163		9,552
Wingstop, Inc.		52		7,156
Academy Sports & Outdoors, Inc.		135		7,093
Asbury Automotive Group, Inc.*		38		6,812
Fox Factory Holding Corp.*		74		6,751
Visteon Corp.*		48		6,280
Meritage Homes Corp.*		63		5,809
Adient plc*		166		5,759
Hilton Grand Vacations, Inc.*		149		5,743
FirstCash Holdings, Inc.		65		5,649
Taylor Morrison Home Corp. — Class A*		182		5,524
Signet Jewelers Ltd.		79		5,372
Foot Locker, Inc.		141		5,328
National Vision Holdings, Inc.*		136		5,271
UniFirst Corp.		26		5,018
Goodyear Tire & Rubber Co.*		488		4,953
Topgolf Callaway Brands Corp.*		243		4,799

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Skyline Champion Corp.*		92	$	4,739
Beacon Roofing Supply, Inc.*		89		4,698
Papa John's International, Inc.		56		4,609
Group 1 Automotive, Inc.		25		4,509
KB Home		136		4,331
Steven Madden Ltd.		135		4,315
Resideo Technologies, Inc.*		250		4,112
LCI Industries		43		3,975
Rush Enterprises, Inc. — Class A		74		3,869
International Game Technology plc		170		3,856
Kontoor Brands, Inc.		96		3,839
Dorman Products, Inc.*		47		3,801
American Eagle Outfitters, Inc.*		268		3,741
GMS, Inc.*		75		3,735
Sonos, Inc.*		221		3,735
Gentherm, Inc.*		57		3,721
Spirit Airlines, Inc.*		190		3,701
SeaWorld Entertainment, Inc.*		69		3,692
Nu Skin Enterprises, Inc. — Class A		87		3,668
Cracker Barrel Old Country Store, Inc.		38		3,600
Red Rock Resorts, Inc. — Class A		88		3,521
Installed Building Products, Inc.		41		3,509
Dana, Inc.		225		3,404
Cavco Industries, Inc.*		15		3,394
LGI Homes, Inc.*		35		3,241
Tri Pointe Homes, Inc.*		174		3,235
Boot Barn Holdings, Inc.*		51		3,189
ODP Corp.*		70		3,188
MDC Holdings, Inc.		100		3,160
Bloomin' Brands, Inc.		154		3,099
World Fuel Services Corp.		106		2,897
Methode Electronics, Inc.		64		2,840
Veritiv Corp.		23		2,799
MillerKnoll, Inc.		132		2,773
Winnebago Industries, Inc.		52		2,740
Shake Shack, Inc. — Class A*		65		2,699
Cheesecake Factory, Inc.1		84		2,664
Urban Outfitters, Inc.*		110		2,624
Dave & Buster's Entertainment, Inc.*		74		2,623
PriceSmart, Inc.		43		2,614
Jack in the Box, Inc.		37		2,525
Century Communities, Inc.		50		2,500
H&E Equipment Services, Inc.		55		2,497
Acushnet Holdings Corp.		58		2,463
KAR Auction Services, Inc.*		188		2,453
Oxford Industries, Inc.		26		2,423
Buckle, Inc.		53		2,404
Brinker International, Inc.*		75		2,393
Vista Outdoor, Inc.*		97		2,364
Sally Beauty Holdings, Inc.*		186		2,329
Patrick Industries, Inc.		38		2,303
XPEL, Inc.*		38		2,282
Dillard's, Inc. — Class A		7		2,262
iRobot Corp.*		47		2,262
Fisker, Inc.*,1		308		2,239
Everi Holdings, Inc.*		152		2,181
Liberty Media Corporation-Liberty Braves — Class C*		66		2,127
M/I Homes, Inc.*		46		2,124
Luminar Technologies, Inc.*,1		426		2,109
Madison Square Garden Entertainment Corp.*		45		2,024
HNI Corp.		71		2,019
Abercrombie & Fitch Co. — Class A*		86		1,970
Warby Parker, Inc. — Class A*		146		1,970
Wabash National Corp.		85		1,921
Malibu Boats, Inc. — Class A*		35		1,865
Monarch Casino & Resort, Inc.*		24		1,845
Allegiant Travel Co. — Class A*		27		1,836
La-Z-Boy, Inc.		74		1,689
Dine Brands Global, Inc.		26		1,680
MRC Global, Inc.*		145		1,679
Cinemark Holdings, Inc.*		189		1,637
Clean Energy Fuels Corp.*		295		1,534
American Axle & Manufacturing Holdings, Inc.*		196		1,533
Sonic Automotive, Inc. — Class A		31		1,527
Camping World Holdings, Inc. — Class A		68		1,518
Hibbett, Inc.		22		1,501
Shyft Group, Inc.		60		1,492
Wolverine World Wide, Inc.		134		1,465
Proterra, Inc.*		385		1,452
Douglas Dynamics, Inc.		40		1,446
SkyWest, Inc.*		87		1,437
Caleres, Inc.		63		1,404
RCI Hospitality Holdings, Inc.		15		1,398
Titan Machinery, Inc.*		35		1,391
Virgin Galactic Holdings, Inc.*,1		395		1,375
Titan International, Inc.*		89		1,363
Golden Entertainment, Inc.*		35		1,309
Sweetgreen, Inc. — Class A*		151		1,294
ScanSource, Inc.*		44		1,286
Arko Corp.		145		1,256
Bally's Corp.*		63		1,221
Standard Motor Products, Inc.		35		1,218
Nikola Corp.*,1		557		1,203
IMAX Corp.*		81		1,187
Winmark Corp.		5		1,179
MarineMax, Inc.*		37		1,155
Franchise Group, Inc.		48		1,143
Green Brick Partners, Inc.*		47		1,139
Guess?, Inc.1		54		1,117
Lions Gate Entertainment Corp. — Class B*		201		1,091
Ermenegildo Zegna N.V.		104		1,089
A-Mark Precious Metals, Inc.		31		1,077
OneSpaWorld Holdings Ltd.*		115		1,073
BlueLinx Holdings, Inc.*		15		1,067
Steelcase, Inc. — Class A		150		1,060
Genesco, Inc.*		23		1,058
Chico's FAS, Inc.*		213		1,048
G-III Apparel Group Ltd.*		76		1,042
Ethan Allen Interiors, Inc.		39		1,031
BJ's Restaurants, Inc.*		39		1,029
indie Semiconductor, Inc. — Class A*		176		1,026
Sleep Number Corp.*		39		1,013
Interface, Inc. — Class A		101		997
Qurate Retail, Inc. — Class A*		609		993
TravelCenters of America, Inc.*		22		985

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Sovos Brands, Inc.*		66	$	948
PC Connection, Inc.		20		938
VSE Corp.		20		938
Movado Group, Inc.		29		935
Ruth's Hospitality Group, Inc.		60		929
Hawaiian Holdings, Inc.*		89		913
Sun Country Airlines Holdings, Inc.*		57		904
Denny's Corp.*		97		893
Chuy's Holdings, Inc.*		31		877
Life Time Group Holdings, Inc.*		73		873
Vizio Holding Corp. — Class A*		117		867
Designer Brands, Inc. — Class A		88		861
Shoe Carnival, Inc.		34		813
MasterCraft Boat Holdings, Inc.*		31		802
Children's Place, Inc.*		22		801
America's Car-Mart, Inc.*		11		795
Portillo's, Inc. — Class A*		48		783
Hudson Technologies, Inc.*		75		759
Haverty Furniture Companies, Inc.		25		748
Accel Entertainment, Inc.*		97		747
Big Lots, Inc.		49		720
REV Group, Inc.		57		719
Xponential Fitness, Inc. — Class A*		30		688
Bowlero Corp.*		51		687
Destination XL Group, Inc.*		100		675
Beazer Homes USA, Inc.*		52		663
Frontier Group Holdings, Inc.*		64		657
PetMed Express, Inc.		36		637
Sportsman's Warehouse Holdings, Inc.*		67		630
Aspen Aerogels, Inc.*		53		625
Xperi, Inc.*		72		620
Rush Enterprises, Inc. — Class B		11		619
Funko, Inc. — Class A*		56		611
Zumiez, Inc.*		28		609
Marcus Corp.		42		604
Build-A-Bear Workshop, Inc. — Class A*		25		596
Johnson Outdoors, Inc. — Class A		9		595
Lions Gate Entertainment Corp. — Class A*		102		582
Solid Power, Inc.*		226		574
Liberty Media Corporation-Liberty Braves — Class A*		17		555
Lovesac Co.*		25		550
OneWater Marine, Inc. — Class A*		19		543
Global Industrial Co.		23		541
Hyliion Holdings Corp.*		230		538
EVgo, Inc.*,1		119		532
Bluegreen Vacations Holding Corp.		21		524
Miller Industries, Inc.		19		507
Forestar Group, Inc.*		31		478
Microvast Holdings, Inc.*		300		459
Purple Innovation, Inc.*		95		455
Citi Trends, Inc.*		17		450
Lindblad Expeditions Holdings, Inc.*		58		447
Universal Electronics, Inc.*		21		437
Full House Resorts, Inc.*		57		429
Kimball International, Inc. — Class B		63		409
Sonder Holdings, Inc.*		327		406
Workhorse Group, Inc.*		264		401
TuSimple Holdings, Inc. — Class A*		243		399
Tilly's, Inc. — Class A*		44		398
Noodles & Co.*		72		395
Clarus Corp.		50		392
GrowGeneration Corp.*		100		392
Kura Sushi USA, Inc. — Class A*		8		381
Rush Street Interactive, Inc.*		106		381
Motorcar Parts of America, Inc.*		32		379
Hovnanian Enterprises, Inc. — Class A*		9		379
Weber, Inc. — Class A*,1		47		378
El Pollo Loco Holdings, Inc.		36		359
Fossil Group, Inc.*		82		353
Bed Bath & Beyond, Inc.*,1		139		349
Cato Corp. — Class A		36		336
Century Casinos, Inc.*		47		330
Lordstown Motors Corp. — Class A*		289		330
Big 5 Sporting Goods Corp.		37		327
Blue Bird Corp.*		30		321
Tupperware Brands Corp.*		77		319
Rite Aid Corp.*		95		317
Dream Finders Homes, Inc. — Class A*		36		312
LL Flooring Holdings, Inc.*		54		303
Canoo, Inc.*		244		300
NEOGAMES S.A.*		24		293
Wheels Up Experience, Inc.*		276		284
Rocky Brands, Inc.		12		283
Biglari Holdings, Inc. — Class B*		2		278
Velodyne Lidar, Inc.*		335		247
ONE Group Hospitality, Inc.*		39		246
Container Store Group, Inc.*		57		246
First Watch Restaurant Group, Inc.*		18		244
Hyzon Motors, Inc.*		153		237
Tile Shop Holdings, Inc.*		54		237
Weyco Group, Inc.		11		233
Aeva Technologies, Inc.*		169		230
Snap One Holdings Corp.*		31		230
Reservoir Media, Inc.*		36		215
Superior Group of Companies, Inc.		20		201
Holley, Inc.*		89		189
Vinco Ventures, Inc.*		393		182
F45 Training Holdings, Inc.*		63		179
Lifetime Brands, Inc.		22		167
Marine Products Corp.		14		165
Mullen Automotive, Inc.*		571		163
Conn's, Inc.*		23		158
Traeger, Inc.*		56		158
PLBY Group, Inc.*		54		148
Duluth Holdings, Inc. — Class B*		23		142
Cenntro Electric Group Ltd.*		320		141
ThredUp, Inc. — Class A*		102		134
Express, Inc.*		113		115
Landsea Homes Corp.*		22		115
Aterian, Inc.*		114		88

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Torrid Holdings, Inc.*,1		29	$	86
Volta, Inc.*,1		213		76
Party City Holdco, Inc.*		190		69
CompX International, Inc.		3		55
JOANN, Inc.*,1		19		54
Xos, Inc.*		96		43
Lightning eMotors, Inc.*		69		25
Cepton, Inc.*		17		22
Total Consumer, Cyclical				448,327
Technology - 6.2%
ExlService Holdings, Inc.*		56		9,488
SPS Commerce, Inc.*		63		8,091
Silicon Laboratories, Inc.*		57		7,733
Maximus, Inc.		105		7,700
Box, Inc. — Class A*		242		7,533
Qualys, Inc.*		67		7,519
Tenable Holdings, Inc.*		194		7,401
Power Integrations, Inc.		98		7,029
Workiva, Inc.*		82		6,886
Rambus, Inc.*		186		6,662
Super Micro Computer, Inc.*		81		6,650
Synaptics, Inc.*		69		6,566
Blackline, Inc.*		96		6,458
Envestnet, Inc.*		96		5,923
Diodes, Inc.*		77		5,863
Onto Innovation, Inc.*		86		5,856
MACOM Technology Solutions Holdings, Inc.*		88		5,542
Insight Enterprises, Inc.*		55		5,515
1Life Healthcare, Inc.*		314		5,247
Ambarella, Inc.*		63		5,180
CommVault Systems, Inc.*		77		4,839
Blackbaud, Inc.*		81		4,768
Sprout Social, Inc. — Class A*		81		4,573
Varonis Systems, Inc.*		190		4,549
Axcelis Technologies, Inc.*		57		4,523
ACI Worldwide, Inc.*		195		4,485
Kulicke & Soffa Industries, Inc.		99		4,382
MaxLinear, Inc. — Class A*		126		4,278
Amkor Technology, Inc.		178		4,268
Altair Engineering, Inc. — Class A*		90		4,092
Impinj, Inc.*		37		4,040
Verint Systems, Inc.*		110		3,991
Evolent Health, Inc. — Class A*		142		3,987
PagerDuty, Inc.*		147		3,904
NetScout Systems, Inc.*		118		3,836
Progress Software Corp.		76		3,834
Appfolio, Inc. — Class A*		33		3,478
Rapid7, Inc.*		102		3,466
Verra Mobility Corp.*		248		3,430
Veradigm, Inc.*		189		3,334
Semtech Corp.*		110		3,156
KnowBe4, Inc. — Class A*		126		3,122
CSG Systems International, Inc.		54		3,089
DigitalOcean Holdings, Inc.*		121		3,082
Clear Secure, Inc. — Class A		108		2,962
FormFactor, Inc.*		133		2,957
Duolingo, Inc.*		41		2,916
Xerox Holdings Corp.		198		2,891
SiTime Corp.*		28		2,845
Phreesia, Inc.*		85		2,751
Parsons Corp.*		59		2,729
Agilysys, Inc.*		34		2,691
Cohu, Inc.*		83		2,660
Ultra Clean Holdings, Inc.*		79		2,619
Model N, Inc.*		63		2,555
AvidXchange Holdings, Inc.*		254		2,525
Digital Turbine, Inc.*		162		2,469
Appian Corp. — Class A*		70		2,279
MicroStrategy, Inc. — Class A*,1		16		2,265
Outset Medical, Inc.*		84		2,169
Digi International, Inc.*		59		2,156
Everbridge, Inc.*		69		2,041
E2open Parent Holdings, Inc.*		345		2,025
Apollo Medical Holdings, Inc.*		68		2,012
Alignment Healthcare, Inc.*		171		2,011
NextGen Healthcare, Inc.*		98		1,840
PowerSchool Holdings, Inc. — Class A*		79		1,823
Consensus Cloud Solutions, Inc.*		33		1,774
Schrodinger Incorporated/United States*		94		1,757
Photronics, Inc.*		104		1,750
Asana, Inc. — Class A*		127		1,749
Privia Health Group, Inc.*		77		1,749
Donnelley Financial Solutions, Inc.*		45		1,739
PROS Holdings, Inc.*		71		1,722
Adeia, Inc.		180		1,706
Avid Technology, Inc.*		63		1,675
3D Systems Corp.*		221		1,635
Veeco Instruments, Inc.*		88		1,635
ACV Auctions, Inc. — Class A*		199		1,634
Duck Creek Technologies, Inc.*		135		1,627
Momentive Global, Inc.*		227		1,589
Fastly, Inc. — Class A*		194		1,589
Sumo Logic, Inc.*		196		1,588
Zeta Global Holdings Corp. — Class A*		189		1,544
ForgeRock, Inc. — Class A*		66		1,503
TTEC Holdings, Inc.		34		1,500
PDF Solutions, Inc.*		52		1,483
Hims & Hers Health, Inc.*		211		1,353
Zuora, Inc. — Class A*		210		1,336
Yext, Inc.*		197		1,286
SMART Global Holdings, Inc.*		85		1,265
Cerence, Inc.*		68		1,260
LivePerson, Inc.*		122		1,237
N-able, Inc.*		118		1,213
PAR Technology Corp.*		46		1,199
Conduent, Inc.*		294		1,191
Amplitude, Inc. — Class A*		98		1,184
C3.ai, Inc. — Class A*		102		1,141
Pitney Bowes, Inc.		300		1,140
Alpha & Omega Semiconductor Ltd.*		38		1,086
EngageSmart, Inc.*		61		1,074
Matterport, Inc.*		382		1,070
CEVA, Inc.*		40		1,023
Sapiens International Corporation N.V.		55		1,016
Health Catalyst, Inc.*		95		1,010
Simulations Plus, Inc.		27		987
BigCommerce Holdings, Inc.*		112		979
Olo, Inc. — Class A*		155		969
Ebix, Inc.		48		958

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Grid Dynamics Holdings, Inc.*		85	$	954
PubMatic, Inc. — Class A*		74		948
AvePoint, Inc.*		224		921
Bandwidth, Inc. — Class A*		40		918
Alkami Technology, Inc.*		62		905
Corsair Gaming, Inc.*		66		896
Vimeo, Inc.*		248		851
8x8, Inc.*		194		838
Nutex Health, Inc.*		436		828
Sharecare, Inc.*		509		814
American Software, Inc. — Class A		55		807
OneSpan, Inc.*		72		806
SolarWinds Corp.*		84		786
Domo, Inc. — Class B*		53		755
Mitek Systems, Inc.*		75		727
Instructure Holdings, Inc.*		31		727
IonQ, Inc.*		206		711
Computer Programs and Systems, Inc.*		25		681
ACM Research, Inc. — Class A*		84		648
UserTesting, Inc.*		84		631
Intapp, Inc.*		25		624
Desktop Metal, Inc. — Class A*		458		623
ON24, Inc.*		72		621
Unisys Corp.*		116		593
Integral Ad Science Holding Corp.*		66		580
MeridianLink, Inc.*		40		549
Playstudios, Inc.*		138		535
Inspired Entertainment, Inc.*		42		532
Daily Journal Corp.*		2		501
Telos Corp.*		93		473
Benefitfocus, Inc.*		45		471
Blend Labs, Inc. — Class A*		321		462
Digimarc Corp.*,1		24		444
Cantaloupe, Inc.*		101		439
HireRight Holdings Corp.*		37		439
Enfusion, Inc. — Class A*		45		435
Cvent Holding Corp.*		78		421
IBEX Holdings Ltd.*		16		398
Red Violet, Inc.*		17		391
Vuzix Corp.*,1		103		375
Brightcove, Inc.*		71		371
Upland Software, Inc.*		50		357
eGain Corp.*		36		325
Cardlytics, Inc.*		56		324
Rimini Street, Inc.*		84		320
EverCommerce, Inc.*		43		320
NextNav, Inc.*		105		308
AXT, Inc.*		70		307
Rackspace Technology, Inc.*		100		295
Veritone, Inc.*		54		286
Skillz, Inc.*		543		275
Porch Group, Inc.*		140		263
Weave Communications, Inc.*		54		247
CS Disco, Inc.*		39		247
Outbrain, Inc.*		63		228
Atomera, Inc.*		36		224
Markforged Holding Corp.*		191		221
Ouster, Inc.*		247		213
Cerberus Cyber Sentinel Corp.*		79		201
Skillsoft Corp.*		141		183
Diebold Nixdorf, Inc.*		128		182
Velo3D, Inc.*		98		175
Pear Therapeutics, Inc.*		118		139
SkyWater Technology, Inc.*		19		135
WM Technology, Inc.*,1		128		129
Arteris, Inc.*		30		129
LiveVox Holdings, Inc.*		39		116
SecureWorks Corp. — Class A*		17		109
Latch, Inc.*		151		107
Viant Technology, Inc. — Class A*		25		101
Loyalty Ventures, Inc.*		35		84
Faraday Future Intelligent Electric, Inc.*		173		50
Kaleyra, Inc.*		59		45
Rigetti Computing, Inc.*,1		58		42
Avaya Holdings Corp.*		148		29
IronNet, Inc.*		112		26
Rockley Photonics Holdings Ltd.*		178		25
Total Technology				376,660
Energy - 4.4%
Matador Resources Co.		196		11,219
Murphy Oil Corp.		256		11,011
ChampionX Corp.		348		10,089
Chord Energy Corp.		72		9,850
Helmerich & Payne, Inc.		179		8,873
Denbury, Inc.*		87		7,571
Civitas Resources, Inc.		128		7,415
SM Energy Co.		210		7,314
Valaris Ltd.*		107		7,235
Magnolia Oil & Gas Corp. — Class A		303		7,105
PBF Energy, Inc. — Class A		169		6,892
Patterson-UTI Energy, Inc.		372		6,265
Weatherford International plc*		123		6,263
Shoals Technologies Group, Inc. — Class A*		241		5,946
California Resources Corp.		131		5,700
Noble Corporation plc*		147		5,543
Peabody Energy Corp.*		204		5,390
CNX Resources Corp.*		310		5,220
Array Technologies, Inc.*		262		5,064
Kosmos Energy Ltd.*		783		4,980
Equitrans Midstream Corp.		715		4,790
Liberty Energy, Inc. — Class A		247		3,954
CONSOL Energy, Inc.		60		3,900
Alpha Metallurgical Resources, Inc.		26		3,806
Arch Resources, Inc.		26		3,712
Northern Oil and Gas, Inc.		116		3,575
Sitio Royalties Corp. — Class A		123		3,548
Permian Resources Corp.		357		3,356
Delek US Holdings, Inc.		122		3,294
Callon Petroleum Co.*		85		3,153
Sunnova Energy International, Inc.*		173		3,116
Warrior Met Coal, Inc.		89		3,083
Oceaneering International, Inc.*		174		3,043
Tidewater, Inc.*		81		2,985
NexTier Oilfield Solutions, Inc.*		305		2,818
Green Plains, Inc.*		91		2,776
SunPower Corp. — Class A*		142		2,560
Nabors Industries Ltd.*		16		2,478
Expro Group Holdings N.V.*		135		2,448

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
NOW, Inc.*		192	$	2,438
Stem, Inc.*		250		2,235
Comstock Resources, Inc.		159		2,180
Talos Energy, Inc.*		114		2,152
Archrock, Inc.		235		2,110
Par Pacific Holdings, Inc.*		85		1,976
FuelCell Energy, Inc.*		673		1,871
Helix Energy Solutions Group, Inc.*		249		1,838
Diamond Offshore Drilling, Inc.*		175		1,820
Borr Drilling Ltd.*		337		1,675
Dril-Quip, Inc.*		59		1,603
US Silica Holdings, Inc.*		128		1,600
CVR Energy, Inc.		51		1,598
ProPetro Holding Corp.*		152		1,576
Laredo Petroleum, Inc.*		29		1,491
Tellurian, Inc.*		885		1,487
Ranger Oil Corp. — Class A		35		1,415
Gulfport Energy Corp.*		19		1,399
SunCoke Energy, Inc.		145		1,251
Montauk Renewables, Inc.*		112		1,235
Bristow Group, Inc.*		43		1,167
RPC, Inc.		129		1,147
Select Energy Services, Inc. — Class A		124		1,146
Earthstone Energy, Inc. — Class A*		78		1,110
Fluence Energy, Inc.*		62		1,063
Berry Corp.		132		1,056
ProFrac Holding Corp. — Class A*		41		1,033
Kinetik Holdings, Inc. — Class A1		31		1,025
SandRidge Energy, Inc.*		55		937
W&T Offshore, Inc.*		164		915
REX American Resources Corp.*		27		860
VAALCO Energy, Inc.		184		839
Oil States International, Inc.*		109		813
Excelerate Energy, Inc. — Class A		32		802
TETRA Technologies, Inc.*		216		747
Crescent Energy Co. — Class A		58		695
Gevo, Inc.*		342		650
TPI Composites, Inc.*		63		639
DMC Global, Inc.*		32		622
Newpark Resources, Inc.*		149		618
Vertex Energy, Inc.*		95		589
SilverBow Resources, Inc.*		20		566
Aris Water Solution, Inc. — Class A		38		548
Solaris Oilfield Infrastructure, Inc. — Class A		55		546
Amplify Energy Corp.*		62		545
Riley Exploration Permian, Inc.		18		530
National Energy Services Reunited Corp.*		67		465
Eneti, Inc.		41		412
Ring Energy, Inc.*		149		367
FutureFuel Corp.		45		366
Alto Ingredients, Inc.*		126		363
Energy Vault Holdings, Inc.*		110		343
Ramaco Resources, Inc.		39		343
NACCO Industries, Inc. — Class A		8		304
NextDecade Corp.*		56		277
HighPeak Energy, Inc.		12		274
Aemetis, Inc.*		51		202
Empire Petroleum Corp.*		15		185
Cleanspark, Inc.*		79		161
Heliogen, Inc.*		157		110
Battalion Oil Corp.*		4		39
Total Energy				267,709
Communications - 2.7%
Iridium Communications, Inc.		217		11,154
TEGNA, Inc.		388		8,222
Calix, Inc.*		100		6,843
Maxar Technologies, Inc.		127		6,571
Ziff Davis, Inc.*		79		6,249
Marqeta, Inc. — Class A*		753		4,601
Cogent Communications Holdings, Inc.		74		4,224
Viavi Solutions, Inc.*		395		4,151
Perficient, Inc.*		59		4,120
Extreme Networks, Inc.*		223		4,083
Yelp, Inc. — Class A*		119		3,253
Bumble, Inc. — Class A*		150		3,157
DigitalBridge Group, Inc.		280		3,063
CommScope Holding Company, Inc.*		355		2,609
Q2 Holdings, Inc.*		97		2,606
InterDigital, Inc.		51		2,524
ADTRAN Holdings, Inc.		133		2,499
Cargurus, Inc.*		176		2,466
Magnite, Inc.*		227		2,404
Credo Technology Group Holding Ltd.*		167		2,223
Infinera Corp.*		329		2,218
Shutterstock, Inc.		42		2,214
Upwork, Inc.*		207		2,161
TechTarget, Inc.*		48		2,115
Harmonic, Inc.*		160		2,096
ePlus, Inc.*		46		2,037
Scholastic Corp.		51		2,012
Liberty Latin America Ltd. — Class C*		254		1,930
A10 Networks, Inc.		114		1,896
Clearfield, Inc.*		20		1,883
Telephone & Data Systems, Inc.		175		1,836
Gray Television, Inc.		142		1,589
Cars.com, Inc.*		115		1,584
Globalstar, Inc.*		1,189		1,581
Revolve Group, Inc.*		71		1,580
Figs, Inc. — Class A*		221		1,487
Poshmark, Inc. — Class A*		81		1,448
Overstock.com, Inc.*		74		1,433
EW Scripps Co. — Class A*		102		1,345
Shenandoah Telecommunications Co.		84		1,334
QuinStreet, Inc.*		90		1,292
iHeartMedia, Inc. — Class A*		209		1,281
Gogo, Inc.*		86		1,269
Open Lending Corp. — Class A*		184		1,242
Squarespace, Inc. — Class A*		54		1,197
Planet Labs PBC*		269		1,170
Sinclair Broadcast Group, Inc. — Class A		69		1,070
HealthStream, Inc.*		42		1,043
EchoStar Corp. — Class A*		62		1,034
Anterix, Inc.*		32		1,029

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Boston Omaha Corp. — Class A*		38	$	1,007
NETGEAR, Inc.*		50		906
ATN International, Inc.		19		861
WideOpenWest, Inc.*		93		847
Stagwell, Inc.*		136		845
Thryv Holdings, Inc.*		44		836
AMC Networks, Inc. — Class A*		52		815
Eventbrite, Inc. — Class A*		134		785
IDT Corp. — Class B*		25		704
Clear Channel Outdoor Holdings, Inc.*		637		669
Liquidity Services, Inc.*		46		647
Couchbase, Inc.*		46		610
Aviat Networks, Inc.*		19		593
Rover Group, Inc.*,1		161		591
Tucows, Inc. — Class A*		17		577
CarParts.com, Inc.*		90		563
Ooma, Inc.*		40		545
United States Cellular Corp.*		26		542
Quotient Technology, Inc.*		157		538
fuboTV, Inc.*,1		309		538
Liberty Latin America Ltd. — Class A*		71		535
OptimizeRx Corp.*		31		521
Gannett Company, Inc.*		250		508
EverQuote, Inc. — Class A*		34		501
Entravision Communications Corp. — Class A		103		494
ContextLogic, Inc. — Class A*		1,001		488
Consolidated Communications Holdings, Inc.*		128		458
1-800-Flowers.com, Inc. — Class A*		46		440
Stitch Fix, Inc. — Class A*		141		439
Cambium Networks Corp.*		20		433
MediaAlpha, Inc. — Class A*		42		418
Allbirds, Inc. — Class A*		167		404
DHI Group, Inc.*		75		397
DZS, Inc.*		30		380
Blade Air Mobility, Inc.*		98		351
Ribbon Communications, Inc.*		125		349
Preformed Line Products Co.		4		333
Groupon, Inc.*,1		38		326
Vivid Seats, Inc. — Class A*,1		44		321
BARK, Inc.*		206		307
Advantage Solutions, Inc.*		144		300
Edgio, Inc.*		238		269
Vacasa, Inc. — Class A*		193		243
Innovid Corp.*		132		226
Arena Group Holdings, Inc.*		20		212
Nerdy, Inc.*		94		212
1stdibs.com, Inc.*		41		208
Lands' End, Inc.*		27		205
Focus Universal, Inc.*,1		31		199
Cumulus Media, Inc. — Class A*		30		186
RealReal, Inc.*		149		186
Casa Systems, Inc.*		62		169
Gambling.com Group Ltd.*		16		146
Solo Brands, Inc. — Class A*,1		38		141
Inseego Corp.*		149		126
Cyxtera Technologies, Inc.*		64		123
RumbleON, Inc. — Class B*		18		116
Value Line, Inc.		2		102
Urban One, Inc.*		26		98
Ondas Holdings, Inc.*		61		97
KORE Group Holdings, Inc.*		61		77
Terran Orbital Corp.*,1		41		65
Urban One, Inc.*		14		64
AdTheorent Holding Company, Inc.*		34		56
Audacy, Inc.*		208		47
Lulu's Fashion Lounge Holdings, Inc.*		13		33
Inspirato, Inc.*		22		26
aka Brands Holding Corp.*		19		24
Total Communications				160,806
Basic Materials - 2.3%
Commercial Metals Co.		203		9,805
Balchem Corp.		55		6,716
HB Fuller Co.		92		6,589
Cabot Corp.		97		6,484
ATI, Inc.*		215		6,420
Livent Corp.*		282		5,603
Sensient Technologies Corp.		73		5,323
Hecla Mining Co.		957		5,321
Avient Corp.		157		5,300
Ingevity Corp.*		66		4,649
Innospec, Inc.		43		4,423
Stepan Co.		38		4,045
Quaker Chemical Corp.		24		4,006
Rogers Corp.*		32		3,819
Arconic Corp.*		177		3,745
Minerals Technologies, Inc.		56		3,400
Carpenter Technology Corp.		83		3,066
Sylvamo Corp.		61		2,964
Tronox Holdings plc — Class A		203		2,783
Constellium SE*		218		2,579
Compass Minerals International, Inc.		61		2,501
Novagold Resources, Inc.*		415		2,482
Uranium Energy Corp.*,1		614		2,382
Kaiser Aluminum Corp.		27		2,051
Mativ Holdings, Inc.		94		1,965
Orion Engineered Carbons S.A.		107		1,906
Perimeter Solutions S.A.*		204		1,865
AdvanSix, Inc.		48		1,825
Resolute Forest Products, Inc.*		81		1,749
Energy Fuels, Inc.*		271		1,683
Coeur Mining, Inc.*		483		1,623
Schnitzer Steel Industries, Inc. — Class A		45		1,379
Trinseo plc		60		1,363
Piedmont Lithium, Inc.*		30		1,321
Hawkins, Inc.		34		1,312
Ecovyst, Inc.*		131		1,161
American Vanguard Corp.		52		1,129
Clearwater Paper Corp.*		29		1,096
Koppers Holdings, Inc.		37		1,043
Rayonier Advanced Materials, Inc.*		107		1,027
Haynes International, Inc.		21		960
Origin Materials, Inc.*		183		844
Lightwave Logic, Inc.*		194		836
Century Aluminum Co.*		91		744
Intrepid Potash, Inc.*		21		606
Diversey Holdings Ltd.*		137		584
United States Lime & Minerals, Inc.		4		563

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Amyris, Inc.*,1		342	$	523
Codexis, Inc.*		106		494
5E Advanced Materials, Inc.*		57		449
Ur-Energy, Inc.*		364		419
Kronos Worldwide, Inc.		38		357
Ivanhoe Electric Incorporated / US*		25		304
Danimer Scientific, Inc.*		157		281
Dakota Gold Corp.*		89		271
Unifi, Inc.*		25		215
Glatfelter Corp.*		76		211
Hycroft Mining Holding Corp.*		262		139
PolyMet Mining Corp.*		52		138
Valhi, Inc.		4		88
Terawulf, Inc.*		37		25
Total Basic Materials				138,954
Utilities - 2.3%
New Jersey Resources Corp.		168		8,336
Black Hills Corp.		112		7,878
Portland General Electric Co.		155		7,595
South Jersey Industries, Inc.		213		7,568
Ormat Technologies, Inc.		85		7,351
PNM Resources, Inc.		149		7,270
Southwest Gas Holdings, Inc.		116		7,178
ONE Gas, Inc.		93		7,042
Brookfield Infrastructure Corp. — Class A		170		6,613
ALLETE, Inc.		100		6,451
Spire, Inc.		88		6,060
NorthWestern Corp.		101		5,993
American States Water Co.		64		5,923
California Water Service Group		94		5,700
Avista Corp.		126		5,587
Clearway Energy, Inc. — Class C		142		4,525
MGE Energy, Inc.		63		4,435
Otter Tail Corp.		72		4,227
SJW Group		48		3,897
Chesapeake Utilities Corp.		30		3,546
Ameresco, Inc. — Class A*		55		3,143
Northwest Natural Holding Co.		60		2,855
Middlesex Water Co.		30		2,360
Clearway Energy, Inc. — Class A		60		1,795
Unitil Corp.		27		1,387
York Water Co.		25		1,124
Artesian Resources Corp. — Class A		15		879
Altus Power, Inc.*,1		73		476
Global Water Resources, Inc.		24		319
FTC Solar, Inc.*		73		196
Via Renewables, Inc.		21		107
Total Utilities				137,816
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		48		778
Diversified - 0.0%
Professional Holding Corp. — Class A*		22		610
Total Common Stocks
(Cost $4,475,287)				3,966,879

RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.*	14	–
UCB*	140	–
Total Consumer, Non-cyclical		–
Total Rights
(Cost $–)		–

MUTUAL FUNDS† - 22.4%
Guggenheim Ultra Short Duration Fund — Institutional Class2	76,553	737,973
Guggenheim Strategy Fund II2	25,618	615,850
Total Mutual Funds
(Cost $1,387,675)		1,353,823

	Face Amount
U.S. TREASURY BILLS†† - 9.0%
U.S. Treasury Bills
3.89% due 01/12/233	$	500,000	499,566
3.80% due 01/17/233,4		47,000	46,933
Total U.S. Treasury Bills
(Cost $546,325)			546,499
REPURCHASE AGREEMENTS††,5 - 6.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26%  due 01/03/236		229,259	229,259
BofA Securities, Inc. issued 12/30/22 at 4.25%  due 01/03/236		88,176	88,176
Barclays Capital, Inc. issued 12/30/22 at 4.21%  due 01/03/236		87,903	87,903
Total Repurchase Agreements
(Cost $405,338)			405,338

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.5%
Money Market Fund
First American Government Obligations Fund – Class X, 4.10%8		28,035		28,035
Total Securities Lending Collateral
(Cost $28,035)				28,035
Total Investments - 104.2%
(Cost $6,842,660)			$	6,300,574
Other Assets & Liabilities, net - (4.2)%				(253,639	)
Total Net Assets - 100.0%			$	6,046,935

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		16	Mar 2023	$	1,417,040	$	(50,419	)

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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††
Goldman Sachs International	Russell 2000 Index		Pay	4.43% (Federal Funds Rate + 0.10%)	At Maturity	01/26/23		434	$	764,611	$	(39,905	)
BNP Paribas	Russell 2000 Index		Pay	4.53% (Federal Funds Rate + 0.20%)	At Maturity	01/26/23		690		1,215,364		(47,913	)
Barclays Bank plc	Russell 2000 Index		Pay	4.30% (SOFR)	At Maturity	01/25/23		970		1,708,026		(123,897	)
									$	3,688,001	$	(211,715	)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
1	All or a portion of this security is on loan at December 31, 2022 — See Note 5.
2	Affiliated issuer.
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, 2022.
5	Repurchase Agreements — See Note 4.
6	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.
7	Securities lending collateral — See Note 5.
8	Rate indicated is the 7-day yield as of December 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	3,966,879	$	—	*	$	—		$	3,966,879
Rights		—		—			—	*		—
Mutual Funds		1,353,823		—			—			1,353,823
U.S. Treasury Bills		—		546,499			—			546,499
Repurchase Agreements		—		405,338			—			405,338
Securities Lending Collateral		28,035		—			—			28,035
Total Assets	$	5,348,737	$	951,837		$	—		$	6,300,574

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	50,419	$	—	$	—	$	50,419
Equity Index Swap Agreements**		—		211,715		—		211,715
Total Liabilities	$	50,419	$	211,715	$	—	$	262,134

* Security has a market value of $0.

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

Russell 2000® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	905,308	$	–	$	(275,000	)	$	(6,008	)	$	(8,450	)	$	615,850		25,618	$	15,887
Guggenheim Ultra Short Duration Fund — Institutional Class		899,762		–		(150,000	)		(3,071	)		(8,718	)		737,973		76,553		15,038
	$	1,805,070	$	–	$	(425,000	)	$	(9,079	)	$	(17,168	)	$	1,353,823			$	30,925

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 62.5%
Consumer, Non-cyclical - 14.9%
Halozyme Therapeutics, Inc.*		991	$	56,388
Shockwave Medical, Inc.*		265		54,487
Inspire Medical Systems, Inc.*		211		53,147
Karuna Therapeutics, Inc.*		225		44,213
Celsius Holdings, Inc.*		409		42,552
Medpace Holdings, Inc.*		190		40,358
HealthEquity, Inc.*		622		38,340
Ensign Group, Inc.		401		37,939
Intra-Cellular Therapies, Inc.*		686		36,303
Apellis Pharmaceuticals, Inc.*		698		36,094
LHC Group, Inc.*		223		36,057
Option Care Health, Inc.*		1,159		34,874
AMN Healthcare Services, Inc.*		324		33,314
Alkermes plc*		1,222		31,931
Arrowhead Pharmaceuticals, Inc.*		771		31,272
Insperity, Inc.		272		30,899
ASGN, Inc.*		367		29,903
Haemonetics Corp.*		380		29,887
Triton International Ltd.		434		29,850
Merit Medical Systems, Inc.*		419		29,590
API Group Corp.*		1,550		29,155
Lancaster Colony Corp.		146		28,806
Prometheus Biosciences, Inc.*		259		28,490
Cytokinetics, Inc.*		615		28,179
Madrigal Pharmaceuticals, Inc.*		95		27,574
Lantheus Holdings, Inc.*		512		26,091
Vaxcyte, Inc.*		534		25,605
Sprouts Farmers Market, Inc.*		789		25,540
BellRing Brands, Inc.*		988		25,332
Amicus Therapeutics, Inc.*		2,066		25,226
Simply Good Foods Co.*		661		25,138
Herc Holdings, Inc.		187		24,604
Neogen Corp.*		1,615		24,596
Chegg, Inc.*		932		23,552
Prestige Consumer Healthcare, Inc.*		373		23,350
Axonics, Inc.*		367		22,948
Inari Medical, Inc.*		361		22,945
Denali Therapeutics, Inc.*		810		22,526
LivaNova plc*		402		22,327
Hostess Brands, Inc.*		993		22,283
ABM Industries, Inc.		494		21,943
Intellia Therapeutics, Inc.*		612		21,353
Alight, Inc. — Class A*		2,544		21,268
IVERIC bio, Inc.*		984		21,067
iRhythm Technologies, Inc.*		224		20,982
Insmed, Inc.*		1,006		20,100
PTC Therapeutics, Inc.*		526		20,077
elf Beauty, Inc.*		363		20,074
Korn Ferry		395		19,995
Helen of Troy Ltd.*		178		19,742
Blueprint Medicines Corp.*		448		19,627
StoneCo Ltd. — Class A*		2,077		19,607
Select Medical Holdings Corp.		780		19,367
TriNet Group, Inc.*		281		19,052
TreeHouse Foods, Inc.*		381		18,814
Beam Therapeutics, Inc.*		476		18,616
CONMED Corp.		209		18,526
Axsome Therapeutics, Inc.*		238		18,357
Primo Water Corp.		1,181		18,353
Patterson Companies, Inc.		653		18,304
Brink's Co.		337		18,100
Coca-Cola Consolidated, Inc.		35		17,933
Alarm.com Holdings, Inc.*		360		17,813
Progyny, Inc.*		560		17,444
STAAR Surgical Co.*		359		17,426
J & J Snack Foods Corp.		114		17,067
Integer Holdings Corp.*		247		16,910
United Natural Foods, Inc.*		435		16,839
CBIZ, Inc.*		356		16,679
Omnicell, Inc.*		329		16,588
WD-40 Co.		102		16,443
Graham Holdings Co. — Class B		27		16,314
NuVasive, Inc.*		392		16,166
Prothena Corporation plc*		266		16,027
BioCryst Pharmaceuticals, Inc.*		1,390		15,957
AbCellera Biologics, Inc.*,1		1,551		15,712
Cal-Maine Foods, Inc.		284		15,464
Celldex Therapeutics, Inc.*		343		15,288
AtriCure, Inc.*		342		15,178
Sabre Corp.*		2,443		15,098
Glaukos Corp.*		343		14,982
Edgewell Personal Care Co.		386		14,876
Sage Therapeutics, Inc.*		390		14,875
Silk Road Medical, Inc.*		279		14,745
ACADIA Pharmaceuticals, Inc.*		901		14,344
EVERTEC, Inc.		442		14,312
Akero Therapeutics, Inc.*		259		14,193
TransMedics Group, Inc.*		229		14,134
Amylyx Pharmaceuticals, Inc.*		375		13,856
Pacific Biosciences of California, Inc.*		1,692		13,840
Vir Biotechnology, Inc.*		543		13,743
ICF International, Inc.		138		13,669
Catalyst Pharmaceuticals, Inc.*		718		13,355
Strategic Education, Inc.		170		13,314
REVOLUTION Medicines, Inc.*		557		13,268
Supernus Pharmaceuticals, Inc.*		367		13,091
Pacira BioSciences, Inc.*		337		13,012
Corcept Therapeutics, Inc.*		639		12,978
Inter Parfums, Inc.		134		12,934
John Wiley & Sons, Inc. — Class A		322		12,899
Cerevel Therapeutics Holdings, Inc.*		407		12,837
Vector Group Ltd.		1,077		12,773
Veracyte, Inc.*		537		12,743
Ironwood Pharmaceuticals, Inc. — Class A*		1,024		12,687
Arvinas, Inc.*		364		12,452
Krystal Biotech, Inc.*		156		12,358
R1 RCM, Inc.*		1,126		12,330
Evo Payments, Inc. — Class A*		354		11,979
Adtalem Global Education, Inc.*		336		11,928
TG Therapeutics, Inc.*		998		11,806
LiveRamp Holdings, Inc.*		495		11,603
Addus HomeCare Corp.*		116		11,541
Agios Pharmaceuticals, Inc.*		409		11,485
Xencor, Inc.*		430		11,197
MGP Ingredients, Inc.		105		11,170
Revance Therapeutics, Inc.*		601		11,094
Herbalife Nutrition Ltd.*		734		10,922

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Embecta Corp.		429	$	10,849
Owens & Minor, Inc.*		553		10,800
Harmony Biosciences Holdings, Inc.*		196		10,800
Hain Celestial Group, Inc.*		667		10,792
Central Garden & Pet Co. — Class A*		301		10,776
Meridian Bioscience, Inc.*		322		10,694
Huron Consulting Group, Inc.*		147		10,672
FibroGen, Inc.*		655		10,493
Monro, Inc.		232		10,486
Surgery Partners, Inc.*		374		10,420
AdaptHealth Corp.*		541		10,398
Nevro Corp.*		261		10,336
Ingles Markets, Inc. — Class A		107		10,321
Weis Markets, Inc.		123		10,122
Twist Bioscience Corp.*		421		10,024
Textainer Group Holdings Ltd.		323		10,016
Coursera, Inc.*		843		9,973
MannKind Corp.*		1,865		9,829
CoreCivic, Inc.*		849		9,814
Chinook Therapeutics, Inc.*		374		9,799
Syndax Pharmaceuticals, Inc.*		383		9,747
GEO Group, Inc.*		887		9,713
Laureate Education, Inc. — Class A		1,004		9,658
CorVel Corp.*		66		9,592
Travere Therapeutics, Inc.*		456		9,590
Universal Corp.		181		9,559
Stride, Inc.*		304		9,509
Relay Therapeutics, Inc.*		633		9,457
Dynavax Technologies Corp.*		887		9,438
Avanos Medical, Inc.*		347		9,390
Medifast, Inc.		81		9,343
Vericel Corp.*		354		9,324
Pediatrix Medical Group, Inc.*		622		9,243
ZipRecruiter, Inc. — Class A*		543		8,916
Payoneer Global, Inc.*		1,622		8,872
Cytek Biosciences, Inc.*		855		8,730
Myriad Genetics, Inc.*		596		8,648
NeoGenomics, Inc.*		928		8,575
ModivCare, Inc.*		95		8,524
Chefs' Warehouse, Inc.*		255		8,486
Remitly Global, Inc.*		739		8,462
Vivint Smart Home, Inc.*		711		8,461
Cassava Sciences, Inc.*,1		286		8,448
Andersons, Inc.		240		8,398
Rent-A-Center, Inc.		372		8,389
Replimune Group, Inc.*		304		8,269
National Beverage Corp.*		177		8,236
Viridian Therapeutics, Inc.*		281		8,208
DICE Therapeutics, Inc.*		263		8,206
Kforce, Inc.		147		8,060
Amphastar Pharmaceuticals, Inc.*		287		8,042
ImmunoGen, Inc.*		1,608		7,976
PROCEPT BioRobotics Corp.*		192		7,976
Arcus Biosciences, Inc.*		385		7,962
Avidity Biosciences, Inc.*		357		7,922
Reata Pharmaceuticals, Inc. — Class A*		207		7,864
SpartanNash Co.		259		7,832
Rocket Pharmaceuticals, Inc.*		400		7,828
Recursion Pharmaceuticals, Inc. — Class A*		1,013		7,810
Utz Brands, Inc.		492		7,803
US Physical Therapy, Inc.		96		7,779
MoneyGram International, Inc.*		703		7,656
Ligand Pharmaceuticals, Inc. — Class B*		113		7,548
Cross Country Healthcare, Inc.*		274		7,280
Iovance Biotherapeutics, Inc.*		1,130		7,221
Crinetics Pharmaceuticals, Inc.*		394		7,210
Zentalis Pharmaceuticals, Inc.*		352		7,089
Imago Biosciences, Inc.*		197		7,082
Kymera Therapeutics, Inc.*		283		7,064
Perdoceo Education Corp.*		504		7,006
Arcellx, Inc.*		222		6,878
RadNet, Inc.*		365		6,873
Keros Therapeutics, Inc.*		143		6,867
Enanta Pharmaceuticals, Inc.*		147		6,838
REGENXBIO, Inc.*		301		6,827
SpringWorks Therapeutics, Inc.*		260		6,763
Aclaris Therapeutics, Inc.*		429		6,757
LeMaitre Vascular, Inc.		146		6,719
Healthcare Services Group, Inc.		555		6,660
Verve Therapeutics, Inc.*		341		6,598
Paragon 28, Inc.*		345		6,593
Biohaven Ltd.*		471		6,537
Geron Corp.*		2,691		6,512
Alphatec Holdings, Inc.*		523		6,459
Beauty Health Co.*		707		6,434
Adaptive Biotechnologies Corp.*		835		6,379
CRA International, Inc.		52		6,366
PROG Holdings, Inc.*		375		6,334
Avid Bioservices, Inc.*		458		6,307
Fate Therapeutics, Inc.*		623		6,286
Innoviva, Inc.*		474		6,281
SunOpta, Inc.*		732		6,178
Fresh Del Monte Produce, Inc.		229		5,997
Ideaya Biosciences, Inc.*		330		5,996
Bridgebio Pharma, Inc.*		784		5,974
Kura Oncology, Inc.*		475		5,895
Collegium Pharmaceutical, Inc.*		254		5,893
Quanex Building Products Corp.		248		5,873
Varex Imaging Corp.*		289		5,867
Treace Medical Concepts, Inc.*		250		5,747
First Advantage Corp.*		440		5,720
Udemy, Inc.*		541		5,708
Green Dot Corp. — Class A*		360		5,695
Beyond Meat, Inc.*,1		460		5,663
Atrion Corp.		10		5,594
National Healthcare Corp.		94		5,593
B&G Foods, Inc.1		500		5,575
Legalzoom.com, Inc.*		719		5,565
Krispy Kreme, Inc.		538		5,552
Cogent Biosciences, Inc.*		480		5,549
Deciphera Pharmaceuticals, Inc.*		337		5,523
Ventyx Biosciences, Inc.*		168		5,509
Deluxe Corp.		324		5,501
Cutera, Inc.*		124		5,483
John B Sanfilippo & Son, Inc.		67		5,448
Theravance Biopharma, Inc.*		482		5,408
ADMA Biologics, Inc.*		1,392		5,401
Inhibrx, Inc.*		219		5,396
Immunovant, Inc.*		300		5,325

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Repay Holdings Corp.*		656	$	5,281
SP Plus Corp.*		150		5,208
Morphic Holding, Inc.*		193		5,163
Paya Holdings, Inc.*		656		5,163
4D Molecular Therapeutics, Inc.*		225		4,997
ViewRay, Inc.*		1,109		4,968
American Well Corp. — Class A*		1,718		4,862
Barrett Business Services, Inc.		52		4,851
Fulgent Genetics, Inc.*		161		4,795
Tootsie Roll Industries, Inc.		112		4,768
Agenus, Inc.*		1,976		4,742
Anavex Life Sciences Corp.*		511		4,732
Cerus Corp.*		1,293		4,719
TrueBlue, Inc.*		241		4,719
AnaptysBio, Inc.*		152		4,710
Cass Information Systems, Inc.		101		4,628
BioLife Solutions, Inc.*		253		4,605
Editas Medicine, Inc.*		518		4,595
Duckhorn Portfolio, Inc.*		277		4,590
Arcutis Biotherapeutics, Inc.*		309		4,573
Lyell Immunopharma, Inc.*		1,296		4,497
Heska Corp.*		72		4,476
USANA Health Sciences, Inc.*		84		4,469
Emergent BioSolutions, Inc.*		377		4,452
Day One Biopharmaceuticals, Inc.*		206		4,433
Resources Connection, Inc.		239		4,393
Coherus Biosciences, Inc.*		552		4,372
CareDx, Inc.*		381		4,347
Aurinia Pharmaceuticals, Inc.*		1,005		4,342
Provention Bio, Inc.*		407		4,302
Alector, Inc.*		466		4,301
Kelly Services, Inc. — Class A		253		4,276
DocGo, Inc.*		603		4,263
Franklin Covey Co.*		91		4,256
OrthoPediatrics Corp.*		106		4,211
Ennis, Inc.		190		4,210
23andMe Holding Co. — Class A*		1,935		4,180
Castle Biosciences, Inc.*		177		4,167
Hackett Group, Inc.		202		4,115
Heidrick & Struggles International, Inc.		146		4,084
Cardiovascular Systems, Inc.*		298		4,059
Community Health Systems, Inc.*		937		4,048
Point Biopharma Global, Inc.*		555		4,046
I3 Verticals, Inc. — Class A*		165		4,016
CTI BioPharma Corp.*		663		3,985
National Research Corp. — Class A		105		3,916
RAPT Therapeutics, Inc.*		195		3,861
ACCO Brands Corp.		689		3,851
AngioDynamics, Inc.*		279		3,842
Brookdale Senior Living, Inc. — Class A*		1,393		3,803
Mersana Therapeutics, Inc.*		648		3,797
Calavo Growers, Inc.		129		3,793
Nuvalent, Inc. — Class A*		127		3,782
ANI Pharmaceuticals, Inc.*		94		3,782
OPKO Health, Inc.*		3,025		3,781
Protagonist Therapeutics, Inc.*		345		3,764
Transcat, Inc.*		53		3,756
Allogene Therapeutics, Inc.*		597		3,755
Viad Corp.*		152		3,707
EQRx, Inc.*		1,506		3,705
Cimpress plc*		132		3,644
Cara Therapeutics, Inc.*		336		3,609
Nurix Therapeutics, Inc.*		325		3,569
MaxCyte, Inc.*		652		3,560
Bluebird Bio, Inc.*		513		3,550
Artivion, Inc.*		292		3,539
Senseonics Holdings, Inc.*		3,432		3,535
Quanterix Corp.*		254		3,518
V2X, Inc.*		85		3,510
2U, Inc.*		559		3,505
Kiniksa Pharmaceuticals Ltd. — Class A*		233		3,490
Mission Produce, Inc.*		300		3,486
Surmodics, Inc.*		102		3,480
iTeos Therapeutics, Inc.*		176		3,437
Riot Blockchain, Inc.*,1		1,012		3,431
SI-BONE, Inc.*		251		3,414
Inogen, Inc.*		172		3,390
Agiliti, Inc.*		206		3,360
Vital Farms, Inc.*		224		3,342
Target Hospitality Corp.*		219		3,316
Benson Hill, Inc.*		1,283		3,272
Multiplan Corp.*		2,831		3,256
Anika Therapeutics, Inc.*		109		3,226
Accolade, Inc.*		413		3,217
Bionano Genomics, Inc.*		2,187		3,193
Invitae Corp.*		1,707		3,175
ImmunityBio, Inc.*,1		613		3,108
Vanda Pharmaceuticals, Inc.*		416		3,074
Bioxcel Therapeutics, Inc.*		143		3,072
Nektar Therapeutics*		1,359		3,071
Forrester Research, Inc.*		85		3,040
Axogen, Inc.*		304		3,034
MacroGenics, Inc.*		452		3,033
Orthofix Medical, Inc.*		145		2,977
Seres Therapeutics, Inc.*		528		2,957
Tejon Ranch Co.*		156		2,939
Arcturus Therapeutics Holdings, Inc.*		173		2,934
Paysafe Ltd.*		211		2,933
Vita Coco Company, Inc.*		209		2,888
Esperion Therapeutics, Inc.*		459		2,860
Custom Truck One Source, Inc.*		447		2,825
SomaLogic, Inc.*		1,121		2,814
Albireo Pharma, Inc.*		129		2,788
NanoString Technologies, Inc.*		348		2,773
Central Garden & Pet Co.*		74		2,771
Carriage Services, Inc. — Class A		100		2,754
Atea Pharmaceuticals, Inc.*		572		2,751
Dyne Therapeutics, Inc.*		237		2,747
Sterling Check Corp.*		177		2,738
Sangamo Therapeutics, Inc.*		865		2,716
Aaron's Company, Inc.		227		2,713
Marathon Digital Holdings, Inc.*,1		790		2,702
LifeStance Health Group, Inc.*		541		2,672
Clover Health Investments Corp.*		2,852		2,651
Sana Biotechnology, Inc.*		667		2,635
2seventy bio, Inc.*		280		2,624
Utah Medical Products, Inc.		26		2,614

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Design Therapeutics, Inc.*		254	$	2,606
SIGA Technologies, Inc.		353		2,598
OraSure Technologies, Inc.*		538		2,593
Veru, Inc.*		487		2,571
Tango Therapeutics, Inc.*		349		2,530
Sorrento Therapeutics, Inc.*		2,848		2,523
Sutro Biopharma, Inc.*		311		2,513
Caribou Biosciences, Inc.*		397		2,493
Butterfly Network, Inc.*		996		2,450
Turning Point Brands, Inc.		113		2,444
Seneca Foods Corp. — Class A*		40		2,438
Inovio Pharmaceuticals, Inc.*		1,555		2,426
PMV Pharmaceuticals, Inc.*		276		2,401
MiMedx Group, Inc.*		845		2,349
Cullinan Oncology, Inc.*		222		2,342
Kezar Life Sciences, Inc.*		329		2,316
Zynex, Inc.		166		2,309
BrightView Holdings, Inc.*		333		2,294
Liquidia Corp.*		358		2,280
Eagle Pharmaceuticals, Inc.*		78		2,280
ShotSpotter, Inc.*		67		2,267
Intercept Pharmaceuticals, Inc.*		183		2,264
Atara Biotherapeutics, Inc.*		688		2,257
Seer, Inc.*		386		2,239
Arlo Technologies, Inc.*		633		2,222
SeaSpine Holdings Corp.*		265		2,213
Nano-X Imaging Ltd.*		299		2,207
Mirum Pharmaceuticals, Inc.*		112		2,184
Oscar Health, Inc. — Class A*		885		2,177
Pulmonx Corp.*		256		2,158
Pennant Group, Inc.*		193		2,119
Erasca, Inc.*		486		2,095
Ocugen, Inc.*,1		1,603		2,084
Phibro Animal Health Corp. — Class A		153		2,052
Alta Equipment Group, Inc.		155		2,044
Aerovate Therapeutics, Inc.*		69		2,022
Vera Therapeutics, Inc.*		104		2,012
Edgewise Therapeutics, Inc.*		223		1,994
OmniAb, Inc.*		553		1,991
Evolus, Inc.*		265		1,990
Tarsus Pharmaceuticals, Inc.*		135		1,979
RxSight, Inc.*		154		1,951
Karyopharm Therapeutics, Inc.*		571		1,941
Phathom Pharmaceuticals, Inc.*		173		1,941
Rigel Pharmaceuticals, Inc.*		1,293		1,940
Heron Therapeutics, Inc.*		771		1,928
Adicet Bio, Inc.*		212		1,895
PetIQ, Inc.*		205		1,890
Arbutus Biopharma Corp.*		809		1,885
European Wax Center, Inc. — Class A		150		1,867
Fulcrum Therapeutics, Inc.*		256		1,864
C4 Therapeutics, Inc.*		315		1,858
CinCor Pharma, Inc.*		150		1,843
ALX Oncology Holdings, Inc.*		161		1,814
Kodiak Sciences, Inc.*		250		1,790
American Public Education, Inc.*		140		1,721
Janux Therapeutics, Inc.*		129		1,699
Nuvation Bio, Inc.*		872		1,674
Cue Health, Inc.*		807		1,670
Tactile Systems Technology, Inc.*		145		1,665
Cano Health, Inc.*		1,213		1,662
Monte Rosa Therapeutics, Inc.*		215		1,636
CareMax, Inc.*		447		1,632
HilleVax, Inc.*		97		1,623
Ocular Therapeutix, Inc.*		577		1,621
Universal Technical Institute, Inc.*		240		1,613
WW International, Inc.*		406		1,567
Willdan Group, Inc.*		87		1,553
Stoke Therapeutics, Inc.*		168		1,551
Amneal Pharmaceuticals, Inc.*		772		1,536
iRadimed Corp.		53		1,499
NGM Biopharmaceuticals, Inc.*		294		1,476
MeiraGTx Holdings plc*		226		1,474
Joint Corp.*		105		1,468
Village Super Market, Inc. — Class A		63		1,467
Honest Company, Inc.*		487		1,466
Zimvie, Inc.*		156		1,457
Nkarta, Inc.*		243		1,456
Aura Biosciences, Inc.*		137		1,438
Prime Medicine, Inc.*		77		1,431
Organogenesis Holdings, Inc.*		522		1,404
Aadi Bioscience, Inc.*		108		1,386
Distribution Solutions Group, Inc.*		37		1,364
Generation Bio Co.*		344		1,352
Y-mAbs Therapeutics, Inc.*		275		1,342
Kinnate Biopharma, Inc.*		219		1,336
Icosavax, Inc.*		167		1,326
Affimed N.V.*		1,065		1,321
Xeris Biopharma Holdings, Inc.*		992		1,319
Lifecore Biomedical, Inc.*		196		1,270
Quantum-Si, Inc.*		684		1,252
IGM Biosciences, Inc.*		73		1,242
Whole Earth Brands, Inc.*		305		1,241
KalVista Pharmaceuticals, Inc.*		183		1,237
Information Services Group, Inc.		263		1,210
Allovir, Inc.*		233		1,195
Chimerix, Inc.*		631		1,174
BRC, Inc. — Class A*		191		1,167
Precigen, Inc.*		756		1,149
Akoya Biosciences, Inc.*		118		1,129
Berkeley Lights, Inc.*		418		1,120
22nd Century Group, Inc.*,1		1,213		1,117
Alico, Inc.		46		1,098
Rent the Runway, Inc. — Class A*		350		1,067
HF Foods Group, Inc.*		262		1,064
Quad/Graphics, Inc.*		252		1,028
Innovage Holding Corp.*,1		143		1,027
Gossamer Bio, Inc.*		472		1,024
Lexicon Pharmaceuticals, Inc.*		515		984
Foghorn Therapeutics, Inc.*		151		963
Outlook Therapeutics, Inc.*		887		958
Bright Health Group, Inc.*		1,446		940
Spire Global, Inc.*		937		899
Vaxart, Inc.*		928		892
Alpine Immune Sciences, Inc.*		117		860
Nature's Sunshine Products, Inc.*		101		840

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Singular Genomics Systems, Inc.*		418	$	840
Absci Corp.*		395		829
Vicarious Surgical, Inc.*		409		826
Athira Pharma, Inc.*		255		808
PepGen, Inc.*		60		802
Rallybio Corp.*		120		788
Vintage Wine Estates, Inc.*		240		782
Century Therapeutics, Inc.*		151		775
PFSweb, Inc.		123		756
Tyra Biosciences, Inc.*		98		745
Relmada Therapeutics, Inc.*		205		715
Priority Technology Holdings, Inc.*		134		705
EyePoint Pharmaceuticals, Inc.*		195		682
Praxis Precision Medicines, Inc.*		283		674
Nautilus Biotechnology, Inc.*		357		643
Inotiv, Inc.*		130		642
Theseus Pharmaceuticals, Inc.*		127		632
Natural Grocers by Vitamin Cottage, Inc.		69		631
Bioventus, Inc. — Class A*		237		619
Celularity, Inc.*		475		613
Moneylion, Inc.*		934		579
Invivyd, Inc.*		385		577
VBI Vaccines, Inc.*		1,444		565
Kronos Bio, Inc.*		305		494
Bakkt Holdings, Inc.*,1		402		478
Tattooed Chef, Inc.*		367		451
Tenaya Therapeutics, Inc.*		209		420
Beachbody Company, Inc.*		784		412
Thorne HealthTech, Inc.*		103		374
Eiger BioPharmaceuticals, Inc.*		306		361
Jounce Therapeutics, Inc.*		316		351
AirSculpt Technologies, Inc.		93		344
Pardes Biosciences, Inc.*		200		338
P3 Health Partners, Inc.*		182		335
Instil Bio, Inc.*		521		328
AN2 Therapeutics, Inc.*,1		34		324
Sema4 Holdings Corp.*		1,184		312
AppHarvest, Inc.*		526		298
CompoSecure, Inc.*		57		280
Humacyte, Inc.*		132		279
Aveanna Healthcare Holdings, Inc.*		334		260
Alpha Teknova, Inc.*		46		259
Bird Global, Inc. — Class A*		1,284		231
Oncology Institute, Inc.*		133		219
Babylon Holdings Ltd. — Class A*		32		216
MarketWise, Inc.*		128		215
Science 37 Holdings, Inc.*		466		193
Local Bounti Corp.*		133		185
ATI Physical Therapy, Inc.*		560		171
Talaris Therapeutics, Inc.*		166		169
Cipher Mining, Inc.*		293		164
Enochian Biosciences, Inc.*		148		152
VistaGen Therapeutics, Inc.*		1,459		150
GreenLight Biosciences Holdings PBC*,1		100		118
Wejo Group Ltd.*		172		83
Owlet, Inc.*		123		69
Tricida, Inc.*		249		38
Tenon Medical, Inc.*		24		38
Greenidge Generation Holdings, Inc.*,1		94		27
Leafly Holdings, Inc.*		32		21
Gelesis Holdings, Inc.*		70		20
Boxed, Inc.*		82		16
Ligand Pharmaceuticals Inc*,††		43		–
Ligand Pharmaceuticals Inc*,††		43		–
Total Consumer, Non-cyclical				4,052,973
Financial - 14.7%
Agree Realty Corp. REIT		651		46,175
STAG Industrial, Inc. REIT		1,343		43,392
SouthState Corp.		558		42,609
Kinsale Capital Group, Inc.		162		42,366
Glacier Bancorp, Inc.		827		40,870
Selective Insurance Group, Inc.		447		39,609
United Bankshares, Inc.		978		39,599
Old National Bancorp		2,197		39,502
RLI Corp.		291		38,200
Valley National Bancorp		3,228		36,509
Kite Realty Group Trust REIT		1,632		34,354
Cadence Bank		1,359		33,513
First Financial Bankshares, Inc.		974		33,506
Ryman Hospitality Properties, Inc. REIT		403		32,957
Houlihan Lokey, Inc.		375		32,685
Home BancShares, Inc.		1,399		31,883
Terreno Realty Corp. REIT		557		31,677
Hancock Whitney Corp.		646		31,260
Essent Group Ltd.		790		30,715
Independent Bank Corp.		343		28,959
Independence Realty Trust, Inc. REIT		1,661		28,004
UMB Financial Corp.		330		27,562
Phillips Edison & Company, Inc. REIT		849		27,032
Blackstone Mortgage Trust, Inc. — Class A REIT		1,276		27,013
United Community Banks, Inc.		797		26,939
PotlatchDeltic Corp. REIT		596		26,218
ServisFirst Bancshares, Inc.		376		25,910
Associated Banc-Corp.		1,118		25,815
CVB Financial Corp.		999		25,724
First Interstate BancSystem, Inc. — Class A		665		25,702
Apple Hospitality REIT, Inc.		1,612		25,437
Community Bank System, Inc.		400		25,180
Essential Properties Realty Trust, Inc. REIT		1,053		24,714
Physicians Realty Trust REIT		1,686		24,396
American Equity Investment Life Holding Co.		527		24,042
Ameris Bancorp		496		23,381
Federated Hermes, Inc. — Class B		640		23,238
Texas Capital Bancshares, Inc.*		375		22,616
Radian Group, Inc.		1,172		22,350
Pacific Premier Bancorp, Inc.		702		22,155
Cathay General Bancorp		540		22,027
Corporate Office Properties Trust REIT		844		21,893
Sabra Health Care REIT, Inc.		1,729		21,491
Innovative Industrial Properties, Inc. REIT		208		21,081
Mr Cooper Group, Inc.*		516		20,707

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
WSFS Financial Corp.		456	$	20,675
Fulton Financial Corp.		1,215		20,448
LXP Industrial Trust REIT		2,025		20,291
Broadstone Net Lease, Inc. REIT		1,250		20,263
Eastern Bankshares, Inc.		1,169		20,165
SITE Centers Corp. REIT		1,459		19,930
BankUnited, Inc.		583		19,805
Atlantic Union Bankshares Corp.		561		19,714
Simmons First National Corp. — Class A		905		19,530
Genworth Financial, Inc. — Class A*		3,683		19,483
Equity Commonwealth REIT		780		19,477
CNO Financial Group, Inc.		850		19,422
Enstar Group Ltd.*		84		19,407
Jackson Financial, Inc. — Class A		557		19,378
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		639		18,518
International Bancshares Corp.		401		18,350
Moelis & Co. — Class A		478		18,341
Outfront Media, Inc. REIT		1,097		18,188
Macerich Co. REIT		1,614		18,174
Walker & Dunlop, Inc.		230		18,050
McGrath RentCorp		182		17,971
Columbia Banking System, Inc.		590		17,777
First Merchants Corp.		429		17,636
First BanCorp		1,356		17,248
Hamilton Lane, Inc. — Class A		265		16,928
First Financial Bancorp		698		16,913
Piper Sandler Cos.		127		16,534
Axos Financial, Inc.*		429		16,396
Arbor Realty Trust, Inc. REIT		1,237		16,316
Washington Federal, Inc.		486		16,305
National Health Investors, Inc. REIT		311		16,240
Focus Financial Partners, Inc. — Class A*		435		16,212
Banner Corp.		256		16,179
Independent Bank Group, Inc.		268		16,101
Trustmark Corp.		459		16,024
WesBanco, Inc.		426		15,753
TowneBank		505		15,574
Four Corners Property Trust, Inc. REIT		598		15,506
Renasant Corp.		410		15,412
Sunstone Hotel Investors, Inc. REIT		1,589		15,350
Park National Corp.		108		15,201
Cushman & Wakefield plc*		1,191		14,840
Heartland Financial USA, Inc.		308		14,359
Seacoast Banking Corporation of Florida		453		14,129
Bread Financial Holdings, Inc.		375		14,123
Stock Yards Bancorp, Inc.		215		13,971
Kennedy-Wilson Holdings, Inc.		885		13,921
Trupanion, Inc.*		292		13,879
Tanger Factory Outlet Centers, Inc. REIT		760		13,634
NBT Bancorp, Inc.		313		13,590
Retail Opportunity Investments Corp. REIT		904		13,587
CareTrust REIT, Inc.		724		13,452
Lakeland Financial Corp.		184		13,426
Artisan Partners Asset Management, Inc. — Class A		450		13,365
Navient Corp.		793		13,045
PJT Partners, Inc. — Class A		177		13,043
Pebblebrook Hotel Trust REIT		973		13,028
BancFirst Corp.		147		12,962
Enterprise Financial Services Corp.		264		12,925
DiamondRock Hospitality Co. REIT		1,572		12,875
NMI Holdings, Inc. — Class A*		611		12,770
RLJ Lodging Trust REIT		1,202		12,729
Northwest Bancshares, Inc.		910		12,722
StoneX Group, Inc.*		129		12,294
Cohen & Steers, Inc.		190		12,266
Urban Edge Properties REIT		857		12,075
InvenTrust Properties Corp. REIT		508		12,024
TriCo Bancshares		234		11,932
Bancorp, Inc.*		413		11,721
Provident Financial Services, Inc.		548		11,705
Elme Communities REIT		655		11,659
Sandy Spring Bancorp, Inc.		327		11,520
Horace Mann Educators Corp.		308		11,510
Westamerica BanCorp		195		11,507
Apollo Commercial Real Estate Finance, Inc. REIT		1,054		11,341
First Bancorp		264		11,310
Xenia Hotels & Resorts, Inc. REIT		857		11,295
PennyMac Financial Services, Inc.		199		11,275
Hilltop Holdings, Inc.		374		11,224
Hope Bancorp, Inc.		868		11,119
Bank of NT Butterfield & Son Ltd.		372		11,089
Veritex Holdings, Inc.		394		11,064
BRP Group, Inc. — Class A*		436		10,961
Getty Realty Corp. REIT		316		10,697
Cannae Holdings, Inc.*		517		10,676
Eagle Bancorp, Inc.		238		10,489
Veris Residential, Inc. REIT*		645		10,275
LTC Properties, Inc. REIT		289		10,268
City Holding Co.		110		10,240
Two Harbors Investment Corp. REIT		647		10,203
Alexander & Baldwin, Inc. REIT		543		10,170
Claros Mortgage Trust, Inc.		689		10,135
Flywire Corp.*		413		10,106
Stellar Bancorp, Inc.		340		10,016
Acadia Realty Trust REIT		698		10,016
S&T Bancorp, Inc.		293		10,015
St. Joe Co.		258		9,972
Virtus Investment Partners, Inc.		52		9,955
StepStone Group, Inc. — Class A		395		9,946
Nelnet, Inc. — Class A		109		9,892
Berkshire Hills Bancorp, Inc.		330		9,867
Uniti Group, Inc. REIT		1,778		9,832
Global Net Lease, Inc. REIT		781		9,817
American Assets Trust, Inc. REIT		370		9,805
First Commonwealth Financial Corp.		700		9,779

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Easterly Government Properties, Inc. REIT		683	$	9,746
PRA Group, Inc.*		288		9,729
FB Financial Corp.		268		9,686
OFG Bancorp		349		9,618
Chimera Investment Corp. REIT		1,742		9,581
First Busey Corp.		387		9,567
Pathward Financial, Inc.		215		9,256
OceanFirst Financial Corp.		435		9,244
National Bank Holdings Corp. — Class A		219		9,213
BGC Partners, Inc. — Class A		2,394		9,025
Safety Insurance Group, Inc.		107		9,016
Blucora, Inc.*		353		9,012
Enova International, Inc.*		234		8,979
Service Properties Trust REIT		1,231		8,974
Employers Holdings, Inc.		204		8,798
Stewart Information Services Corp.		201		8,589
Triumph Financial, Inc.*		175		8,552
Ladder Capital Corp. — Class A REIT		851		8,544
Encore Capital Group, Inc.*		177		8,485
Piedmont Office Realty Trust, Inc. — Class A REIT		921		8,446
Capitol Federal Financial, Inc.		974		8,425
Southside Bancshares, Inc.		229		8,242
Paramount Group, Inc. REIT		1,384		8,221
Palomar Holdings, Inc.*		182		8,219
Lakeland Bancorp, Inc.		466		8,206
Compass Diversified Holdings		450		8,204
PennyMac Mortgage Investment Trust REIT		662		8,202
Franklin BSP Realty Trust, Inc. REIT		631		8,140
Tompkins Financial Corp.		104		8,068
Newmark Group, Inc. — Class A		1,006		8,018
Apartment Investment and Management Co. — Class A REIT		1,122		7,989
Brookline Bancorp, Inc.		563		7,966
Heritage Financial Corp.		259		7,936
Brandywine Realty Trust REIT		1,272		7,823
Dime Community Bancshares, Inc.		244		7,767
German American Bancorp, Inc.		207		7,721
Farmer Mac — Class C		68		7,664
Cowen, Inc. — Class A		197		7,608
MFA Financial, Inc. REIT		769		7,575
NETSTREIT Corp. REIT		410		7,515
Preferred Bank/Los Angeles CA		100		7,462
AMERISAFE, Inc.		143		7,432
Live Oak Bancshares, Inc.		245		7,399
NexPoint Residential Trust, Inc. REIT		170		7,398
Nicolet Bankshares, Inc.*		92		7,341
Premier Financial Corp.		265		7,147
ProAssurance Corp.		404		7,058
New York Mortgage Trust, Inc. REIT		2,755		7,053
Mercury General Corp.		200		6,840
Empire State Realty Trust, Inc. — Class A REIT		1,010		6,807
Centerspace REIT		115		6,747
ConnectOne Bancorp, Inc.		278		6,730
LendingClub Corp.*		758		6,670
Radius Global Infrastructure, Inc. — Class A*		554		6,548
Customers Bancorp, Inc.*		229		6,490
1st Source Corp.		121		6,424
Community Healthcare Trust, Inc. REIT		178		6,372
Marcus & Millichap, Inc.		184		6,339
Banc of California, Inc.		395		6,292
RPT Realty REIT		625		6,275
Origin Bancorp, Inc.		168		6,166
Argo Group International Holdings Ltd.		238		6,152
Washington Trust Bancorp, Inc.		128		6,039
UMH Properties, Inc. REIT		371		5,973
QCR Holdings, Inc.		120		5,957
Ready Capital Corp. REIT		533		5,938
Necessity Retail REIT, Inc.		1,001		5,936
KKR Real Estate Finance Trust, Inc. REIT		425		5,933
Peoples Bancorp, Inc.		208		5,876
International Money Express, Inc.*		240		5,849
Ambac Financial Group, Inc.*		332		5,790
Armada Hoffler Properties, Inc. REIT		503		5,785
James River Group Holdings Ltd.		275		5,750
Safehold, Inc. REIT		200		5,724
Univest Financial Corp.		219		5,722
Heritage Commerce Corp.		440		5,720
Redwood Trust, Inc. REIT		843		5,699
eXp World Holdings, Inc.		513		5,684
Summit Hotel Properties, Inc. REIT		785		5,668
Hanmi Financial Corp.		227		5,618
Amerant Bancorp, Inc.		208		5,583
WisdomTree, Inc.		1,021		5,564
Columbia Financial, Inc.*		255		5,513
ARMOUR Residential REIT, Inc.		979		5,512
First Foundation, Inc.		383		5,488
Enact Holdings, Inc.		225		5,427
Plymouth Industrial REIT, Inc.		282		5,409
Bank First Corp.		58		5,384
Community Trust Bancorp, Inc.		117		5,374
Gladstone Commercial Corp. REIT		285		5,273
Ellington Financial, Inc. REIT		426		5,270
TrustCo Bank Corporation NY		140		5,263
B Riley Financial, Inc.		153		5,233
Anywhere Real Estate, Inc.*		800		5,112
Northfield Bancorp, Inc.		324		5,097
Old Second Bancorp, Inc.		317		5,085
Brightsphere Investment Group, Inc.		242		4,980
Goosehead Insurance, Inc. — Class A*		143		4,911
Peapack-Gladstone Financial Corp.		130		4,839
Office Properties Income Trust REIT		359		4,793
National Western Life Group, Inc. — Class A		17		4,777

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Lemonade, Inc.*		348	$	4,761
First Bancshares, Inc.		147		4,705
HarborOne Bancorp, Inc.		334		4,643
MBIA, Inc.*		360		4,626
Kearny Financial Corp.		453		4,598
CBL & Associates Properties, Inc. REIT		199		4,593
Universal Health Realty Income Trust REIT		96		4,582
Horizon Bancorp, Inc.		302		4,554
Metropolitan Bank Holding Corp.*		77		4,518
Camden National Corp.		108		4,503
First Mid Bancshares, Inc.		140		4,491
Compass, Inc. — Class A*		1,907		4,443
Gladstone Land Corp. REIT		241		4,422
Chatham Lodging Trust REIT		359		4,405
United Fire Group, Inc.		160		4,378
BrightSpire Capital, Inc. REIT		702		4,373
Global Medical REIT, Inc.		457		4,332
Cambridge Bancorp		51		4,236
Midland States Bancorp, Inc.		159		4,233
CrossFirst Bankshares, Inc.*		341		4,232
Byline Bancorp, Inc.		184		4,226
Urstadt Biddle Properties, Inc. — Class A REIT		223		4,226
Great Southern Bancorp, Inc.		70		4,164
Farmland Partners, Inc. REIT		332		4,137
Flushing Financial Corp.		213		4,128
Central Pacific Financial Corp.		203		4,117
Silvergate Capital Corp. — Class A*,1		235		4,089
SiriusPoint Ltd.*		690		4,071
Diamond Hill Investment Group, Inc.		22		4,070
First Community Bankshares, Inc.		120		4,068
Dynex Capital, Inc. REIT		309		3,930
Mercantile Bank Corp.		115		3,850
Bank of Marin Bancorp		117		3,847
First Financial Corp.		83		3,825
iStar, Inc. REIT		490		3,739
Equity Bancshares, Inc. — Class A		114		3,724
Coastal Financial Corp.*		78		3,707
AssetMark Financial Holdings, Inc.*		161		3,703
HomeStreet, Inc.		134		3,696
Brookfield Business Corp. — Class A		195		3,664
Orion Office REIT, Inc.		427		3,647
Independent Bank Corp.		151		3,612
Saul Centers, Inc. REIT		88		3,580
Bar Harbor Bankshares		111		3,556
Arrow Financial Corp.		104		3,526
Alexander's, Inc. REIT		16		3,521
Business First Bancshares, Inc.		159		3,520
TPG RE Finance Trust, Inc. REIT		516		3,504
Broadmark Realty Capital, Inc. REIT		976		3,475
Whitestone REIT — Class B		350		3,374
MidWestOne Financial Group, Inc.		106		3,365
Redfin Corp.*		786		3,333
Farmers National Banc Corp.		236		3,332
Victory Capital Holdings, Inc. — Class A		123		3,300
Capital City Bank Group, Inc.		101		3,282
Ares Commercial Real Estate Corp. REIT		317		3,262
RMR Group, Inc. — Class A		115		3,249
Mid Penn Bancorp, Inc.		107		3,207
SmartFinancial, Inc.		116		3,190
Invesco Mortgage Capital, Inc. REIT		249		3,170
West BanCorp, Inc.		121		3,092
EZCORP, Inc. — Class A*		374		3,048
Metrocity Bankshares, Inc.		140		3,028
Carter Bankshares, Inc.*		182		3,019
First of Long Island Corp.		165		2,970
American National Bankshares, Inc.		78		2,881
CNB Financial Corp.		121		2,879
Merchants Bancorp		118		2,870
Orchid Island Capital, Inc. REIT		267		2,804
Hingham Institution For Savings The		10		2,760
Financial Institutions, Inc.		113		2,753
One Liberty Properties, Inc. REIT		122		2,711
Southern Missouri Bancorp, Inc.		59		2,704
Bridgewater Bancshares, Inc.*		152		2,696
Peoples Financial Services Corp.		52		2,696
Perella Weinberg Partners		275		2,695
FRP Holdings, Inc.*		50		2,693
Capstar Financial Holdings, Inc.		152		2,684
Alerus Financial Corp.		114		2,662
Republic Bancorp, Inc. — Class A		65		2,660
Oppenheimer Holdings, Inc. — Class A		62		2,625
Southern First Bancshares, Inc.*		57		2,608
HomeTrust Bancshares, Inc.		107		2,586
Citizens & Northern Corp.		113		2,583
Five Star Bancorp		94		2,561
City Office REIT, Inc.		305		2,556
RE/MAX Holdings, Inc. — Class A		137		2,554
Indus Realty Trust, Inc. REIT		40		2,540
Blue Foundry Bancorp*		196		2,519
Waterstone Financial, Inc.		144		2,483
John Marshall Bancorp, Inc.		86		2,475
Farmers & Merchants Bancorp Incorporated/Archbold OH		91		2,473
Enterprise Bancorp, Inc.		70		2,471
ACNB Corp.		62		2,468
Tiptree, Inc. — Class A		176		2,436
Amalgamated Financial Corp.		104		2,396
CTO Realty Growth, Inc. REIT		131		2,395
Civista Bancshares, Inc.		108		2,377
GCM Grosvenor, Inc. — Class A		308		2,344
Shore Bancshares, Inc.		133		2,318
Douglas Elliman, Inc.		566		2,303
RBB Bancorp		110		2,293
Esquire Financial Holdings, Inc.		52		2,250
Home Bancorp, Inc.		55		2,202
Sierra Bancorp		103		2,188
First Bancorp, Inc.		73		2,186

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Macatawa Bank Corp.		197	$	2,173
First Business Financial Services, Inc.		59		2,156
Guaranty Bancshares, Inc.		61		2,113
Braemar Hotels & Resorts, Inc. REIT		513		2,108
Granite Point Mortgage Trust, Inc. REIT		389		2,085
Universal Insurance Holdings, Inc.		196		2,076
Summit Financial Group, Inc.		83		2,066
South Plains Financial, Inc.		75		2,065
Northeast Bank		49		2,063
Franklin Street Properties Corp. REIT		740		2,020
Hersha Hospitality Trust — Class A REIT		235		2,002
Primis Financial Corp.		166		1,967
BCB Bancorp, Inc.		108		1,943
Postal Realty Trust, Inc. — Class A REIT		133		1,932
World Acceptance Corp.*		29		1,912
HCI Group, Inc.		48		1,900
AFC Gamma, Inc. REIT		118		1,856
NerdWallet, Inc. — Class A*		192		1,843
BayCom Corp.		95		1,803
PCSB Financial Corp.		94		1,790
Orrstown Financial Services, Inc.		77		1,783
Third Coast Bancshares, Inc.*		96		1,769
BRT Apartments Corp. REIT		89		1,748
FVCBankcorp, Inc.*		90		1,716
LendingTree, Inc.*		79		1,685
Red River Bancshares, Inc.		33		1,685
MVB Financial Corp.		76		1,674
Sculptor Capital Management, Inc.		192		1,663
First Western Financial, Inc.*		59		1,661
First Internet Bancorp		66		1,602
Regional Management Corp.		57		1,601
Blue Ridge Bankshares, Inc.		128		1,599
Greenlight Capital Re Ltd. — Class A*		196		1,597
First Bank/Hamilton NJ		116		1,596
Industrial Logistics Properties Trust REIT		487		1,592
Hippo Holdings, Inc.*		117		1,591
Capital Bancorp, Inc.		67		1,577
Parke Bancorp, Inc.		76		1,576
Donegal Group, Inc. — Class A		111		1,576
Colony Bankcorp, Inc.		123		1,561
PCB Bancorp		87		1,539
HBT Financial, Inc.		76		1,487
Investors Title Co.		10		1,475
Unity Bancorp, Inc.		53		1,448
Greene County Bancorp, Inc.		25		1,435
Silvercrest Asset Management Group, Inc. — Class A		74		1,389
Legacy Housing Corp.*		66		1,251
Bankwell Financial Group, Inc.		42		1,236
Luther Burbank Corp.		111		1,233
Ashford Hospitality Trust, Inc. REIT*		258		1,153
Diversified Healthcare Trust REIT		1,782		1,153
Oportun Financial Corp.*		208		1,146
First Guaranty Bancshares, Inc.		45		1,055
Trean Insurance Group, Inc.*		169		1,014
Pioneer Bancorp, Inc.*		87		992
USCB Financial Holdings, Inc.*		81		988
Nexpoint Real Estate Finance, Inc. REIT		58		922
eHealth, Inc.*		183		886
Stratus Properties, Inc.		44		849
Atlanticus Holdings Corp.*		32		838
NI Holdings, Inc.*		63		836
Provident Bancorp, Inc.		108		786
Sterling Bancorp, Inc.*		128		780
Republic First Bancorp, Inc.*		362		778
Chicago Atlantic Real Estate Finance, Inc.		49		738
Selectquote, Inc.*		1,002		673
Crawford & Co. — Class A		119		662
Consumer Portfolio Services, Inc.*		70		620
Velocity Financial, Inc.*		64		618
Curo Group Holdings Corp.*		165		586
Clipper Realty, Inc. REIT		90		576
Associated Capital Group, Inc. — Class A		13		546
Bluerock Homes Trust, Inc.*		25		533
Doma Holdings, Inc.*		1,026		465
SWK Holdings Corp.*		26		459
Angel Oak Mortgage, Inc. REIT		89		421
Transcontinental Realty Investors, Inc.*		9		398
Finance of America Companies, Inc. — Class A*		291		370
American Realty Investors, Inc.*		11		282
Root, Inc. — Class A*		56		251
Offerpad Solutions, Inc.*		511		235
Sunlight Financial Holdings, Inc.*		182		235
OppFi, Inc.*		100		205
Applied Digital Corp.*		60		110
Home Point Capital, Inc.*		59		81
Cryptyde, Inc.*		130		25
Total Financial				3,991,440
Industrial - 8.8%
EMCOR Group, Inc.		352		52,135
RBC Bearings, Inc.*		212		44,382
Saia, Inc.*		198		41,517
Exponent, Inc.		381		37,753
Fluor Corp.*		1,066		36,948
Chart Industries, Inc.*		318		36,643
Applied Industrial Technologies, Inc.		287		36,171
Novanta, Inc.*		266		36,142
UFP Industries, Inc.		448		35,504
Fabrinet*		275		35,260
Atkore, Inc.*		309		35,047
Evoqua Water Technologies Corp.*		881		34,888
Aerojet Rocketdyne Holdings, Inc.*		595		33,278
Comfort Systems USA, Inc.		266		30,611
Watts Water Technologies, Inc. — Class A		205		29,977

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Casella Waste Systems, Inc. — Class A*		374	$	29,662
Altra Industrial Motion Corp.		487		29,098
Simpson Manufacturing Company, Inc.		318		28,194
GATX Corp.		261		27,755
Franklin Electric Company, Inc.		345		27,514
Bloom Energy Corp. — Class A*		1,318		25,200
Summit Materials, Inc. — Class A*		885		25,128
AAON, Inc.		329		24,780
Mueller Industries, Inc.		419		24,721
Sanmina Corp.*		427		24,463
Advanced Energy Industries, Inc.		282		24,190
Badger Meter, Inc.		219		23,877
Albany International Corp. — Class A		234		23,070
Belden, Inc.		316		22,720
EnerSys		306		22,595
Cactus, Inc. — Class A		442		22,215
Hillenbrand, Inc.		519		22,146
John Bean Technologies Corp.		237		21,645
SPX Technologies, Inc.*		328		21,533
Terex Corp.		500		21,360
Plexus Corp.*		206		21,203
Atlas Air Worldwide Holdings, Inc.*		210		21,168
Forward Air Corp.		201		21,083
Vishay Intertechnology, Inc.		967		20,858
Federal Signal Corp.		448		20,819
Boise Cascade Co.		296		20,326
Dycom Industries, Inc.*		216		20,218
Arcosa, Inc.		363		19,725
Zurn Elkay Water Solutions Corp.		930		19,670
O-I Glass, Inc.*		1,166		19,321
Werner Enterprises, Inc.		475		19,123
Hub Group, Inc. — Class A*		240		19,078
Moog, Inc. — Class A		215		18,868
Scorpio Tankers, Inc.		350		18,819
Trinity Industries, Inc.		616		18,215
Encore Wire Corp.		132		18,158
Matson, Inc.		278		17,378
Golar LNG Ltd.*		756		17,229
Itron, Inc.*		338		17,120
EnPro Industries, Inc.		156		16,956
ESCO Technologies, Inc.		193		16,895
Energizer Holdings, Inc.		500		16,775
Brady Corp. — Class A		342		16,108
AeroVironment, Inc.*		185		15,847
Kadant, Inc.		87		15,454
Barnes Group, Inc.		367		14,992
Kennametal, Inc.		610		14,677
Masonite International Corp.*		167		13,462
International Seaways, Inc.		362		13,401
Materion Corp.		153		13,389
NV5 Global, Inc.*		101		13,364
Lindsay Corp.		82		13,354
Helios Technologies, Inc.		244		13,283
Frontdoor, Inc.*		620		12,896
ArcBest Corp.		183		12,817
CSW Industrials, Inc.		109		12,636
Mueller Water Products, Inc. — Class A		1,168		12,568
Greif, Inc. — Class A		185		12,406
Griffon Corp.		345		12,348
Worthington Industries, Inc.		235		11,682
Granite Construction, Inc.		331		11,608
TTM Technologies, Inc.*		759		11,446
AAR Corp.*		253		11,360
Frontline plc*		934		11,339
MYR Group, Inc.*		123		11,325
Air Transport Services Group, Inc.*		430		11,171
Knowles Corp.*		671		11,018
Enerpac Tool Group Corp.		426		10,842
Alamo Group, Inc.		75		10,620
Gibraltar Industries, Inc.*		231		10,598
Enovix Corp.*		815		10,138
OSI Systems, Inc.*		121		9,622
Kratos Defense & Security Solutions, Inc.*		926		9,556
CTS Corp.		238		9,382
Montrose Environmental Group, Inc.*		206		9,144
Standex International Corp.		89		9,114
DHT Holdings, Inc.		1,026		9,111
Vicor Corp.*		165		8,869
TriMas Corp.		314		8,710
Primoris Services Corp.		397		8,710
Marten Transport Ltd.		437		8,644
Tennant Co.		139		8,558
Energy Recovery, Inc.*		412		8,442
Xometry, Inc. — Class A*		253		8,154
Greenbrier Companies, Inc.		239		8,013
Golden Ocean Group Ltd.		920		7,995
Construction Partners, Inc. — Class A*		299		7,980
SFL Corporation Ltd.		861		7,938
PGT Innovations, Inc.*		433		7,777
Modine Manufacturing Co.*		373		7,408
AZZ, Inc.		184		7,397
Apogee Enterprises, Inc.		166		7,380
LSB Industries, Inc.*		550		7,315
Hillman Solutions Corp.*		1,008		7,268
Sterling Infrastructure, Inc.*		219		7,183
FLEX LNG Ltd.		214		6,996
Benchmark Electronics, Inc.		262		6,993
Astec Industries, Inc.		171		6,953
GrafTech International Ltd.		1,452		6,912
Columbus McKinnon Corp.		210		6,819
Matthews International Corp. — Class A		224		6,819
Mirion Technologies, Inc.*		1,026		6,782
Sturm Ruger & Company, Inc.		129		6,530
Joby Aviation, Inc.*		1,882		6,305
Mesa Laboratories, Inc.		37		6,150
American Woodmark Corp.*		124		6,059
Myers Industries, Inc.		272		6,047
Napco Security Technologies, Inc.*		220		6,046
JELD-WEN Holding, Inc.*		625		6,031
Rocket Lab USA, Inc.*		1,596		6,017
UFP Technologies, Inc.*		51		6,012
TimkenSteel Corp.*		329		5,978
Janus International Group, Inc.*		612		5,826

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
CryoPort, Inc.*		328	$	5,691
Ichor Holdings Ltd.*		210		5,632
PureCycle Technologies, Inc.*		796		5,381
Heartland Express, Inc.		350		5,369
Teekay Tankers Ltd. — Class A*		171		5,269
Proto Labs, Inc.*		206		5,259
Triumph Group, Inc.*		480		5,050
Eagle Bulk Shipping, Inc.		101		5,044
Thermon Group Holdings, Inc.*		248		4,980
Chase Corp.		56		4,831
GoPro, Inc. — Class A*		968		4,821
Kaman Corp.		210		4,683
Li-Cycle Holdings Corp.*,1		977		4,651
Dorian LPG Ltd.		230		4,358
Gorman-Rupp Co.		170		4,355
Nordic American Tankers Ltd.		1,396		4,272
Stoneridge, Inc.*		197		4,247
Genco Shipping & Trading Ltd.		275		4,224
Ducommun, Inc.*		83		4,147
Kimball Electronics, Inc.*		180		4,066
FARO Technologies, Inc.*		137		4,029
Insteel Industries, Inc.		140		3,853
Heritage-Crystal Clean, Inc.*		117		3,800
Ardmore Shipping Corp.*		261		3,761
Harsco Corp.*		588		3,698
Argan, Inc.		100		3,688
Pactiv Evergreen, Inc.		324		3,681
Costamare, Inc.		396		3,675
Vishay Precision Group, Inc.*		93		3,594
Ryerson Holding Corp.		118		3,571
nLight, Inc.*		329		3,336
Allied Motion Technologies, Inc.		95		3,307
CIRCOR International, Inc.*		138		3,306
DXP Enterprises, Inc.*		114		3,141
Greif, Inc. — Class B		40		3,129
Smith & Wesson Brands, Inc.		340		2,951
Blink Charging Co.*,1		268		2,940
Great Lakes Dredge & Dock Corp.*		490		2,916
MicroVision, Inc.*		1,240		2,914
Luxfer Holdings plc		203		2,785
National Presto Industries, Inc.		38		2,602
Centrus Energy Corp. — Class A*		79		2,566
Babcock & Wilcox Enterprises, Inc.*		443		2,556
Northwest Pipe Co.*		73		2,460
Olympic Steel, Inc.		72		2,418
NuScale Power Corp.*		235		2,411
Powell Industries, Inc.		68		2,392
Covenant Logistics Group, Inc. — Class A		69		2,385
Manitowoc Company, Inc.*		260		2,382
Tutor Perini Corp.*		315		2,378
Teekay Corp.*		523		2,374
Cadre Holdings, Inc.		117		2,356
Comtech Telecommunications Corp.		194		2,355
IES Holdings, Inc.*		65		2,312
Omega Flex, Inc.		24		2,240
SmartRent, Inc.*		887		2,155
Tredegar Corp.		204		2,085
Hyster-Yale Materials Handling, Inc.		81		2,050
Park Aerospace Corp.		147		1,971
Sight Sciences, Inc.*		161		1,966
Astronics Corp.*		189		1,947
AerSale Corp.*		119		1,930
Ranpak Holdings Corp.*		326		1,881
Universal Logistics Holdings, Inc.		54		1,806
Daseke, Inc.*		305		1,735
Archer Aviation, Inc. — Class A*		881		1,647
Evolv Technologies Holdings, Inc.*		630		1,632
Safe Bulkers, Inc.		549		1,598
Pure Cycle Corp.*		146		1,530
ESS Tech, Inc.*		604		1,468
Radiant Logistics, Inc.*		284		1,446
Eastman Kodak Co.*		428		1,305
PAM Transportation Services, Inc.*		49		1,269
908 Devices, Inc.*		164		1,250
Identiv, Inc.*		165		1,195
Concrete Pumping Holdings, Inc.*		197		1,152
AMMO, Inc.*		655		1,133
Akoustis Technologies, Inc.*		389		1,097
Latham Group, Inc.*		323		1,040
Caesarstone Ltd.		170		971
Charge Enterprises, Inc.*		765		948
Transphorm, Inc.*		156		849
Turtle Beach Corp.*		116		832
View, Inc.*		838		809
Atlas Technical Consultants, Inc.*		131		675
Karat Packaging, Inc.		42		603
Hydrofarm Holdings Group, Inc.*		327		507
Astra Space, Inc.*		1,046		454
NL Industries, Inc.		63		429
Momentus, Inc.*		408		318
Sarcos Technology and Robotics Corp.*		537		301
Redwire Corp.*		145		287
Berkshire Grey, Inc.*		366		221
Fathom Digital Manufacturing C*		73		96
AEye, Inc.*		198		95
Total Industrial				2,395,496
Consumer, Cyclical - 7.1%
Crocs, Inc.*		452		49,010
Texas Roadhouse, Inc. — Class A		502		45,657
Murphy USA, Inc.		156		43,608
Light & Wonder, Inc. — Class A*		703		41,196
Wingstop, Inc.		223		30,689
Academy Sports & Outdoors, Inc.		577		30,316
Asbury Automotive Group, Inc.*		166		29,755
Fox Factory Holding Corp.*		318		29,011
Visteon Corp.*		208		27,213
Meritage Homes Corp.*		272		25,078
Adient plc*		711		24,665
Hilton Grand Vacations, Inc.*		639		24,627
FirstCash Holdings, Inc.		280		24,335
Taylor Morrison Home Corp. — Class A*		779		23,643
Signet Jewelers Ltd.		343		23,324
National Vision Holdings, Inc.*		588		22,791

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Foot Locker, Inc.		600	$	22,674
UniFirst Corp.		112		21,615
Goodyear Tire & Rubber Co.*		2,102		21,335
Topgolf Callaway Brands Corp.*		1,048		20,698
Skyline Champion Corp.*		400		20,604
Beacon Roofing Supply, Inc.*		385		20,324
Papa John's International, Inc.		244		20,084
Group 1 Automotive, Inc.		105		18,939
KB Home		575		18,314
Steven Madden Ltd.		573		18,313
Resideo Technologies, Inc.*		1,084		17,832
LCI Industries		186		17,196
International Game Technology plc		736		16,693
Kontoor Brands, Inc.		416		16,636
Rush Enterprises, Inc. — Class A		310		16,207
Gentherm, Inc.*		248		16,192
Sonos, Inc.*		956		16,156
American Eagle Outfitters, Inc.*		1,155		16,124
Dorman Products, Inc.*		197		15,931
Spirit Airlines, Inc.*		817		15,915
SeaWorld Entertainment, Inc.*		296		15,839
GMS, Inc.*		317		15,787
Cracker Barrel Old Country Store, Inc.		165		15,632
Nu Skin Enterprises, Inc. — Class A		366		15,431
Installed Building Products, Inc.		178		15,237
Red Rock Resorts, Inc. — Class A		380		15,204
Cavco Industries, Inc.*		67		15,159
Dana, Inc.		967		14,631
LGI Homes, Inc.*		154		14,260
Tri Pointe Homes, Inc.*		756		14,054
Boot Barn Holdings, Inc.*		221		13,817
ODP Corp.*		298		13,571
MDC Holdings, Inc.		429		13,556
Bloomin' Brands, Inc.		661		13,299
World Fuel Services Corp.		459		12,544
Methode Electronics, Inc.		272		12,069
MillerKnoll, Inc.		569		11,955
Veritiv Corp.		97		11,806
Winnebago Industries, Inc.		222		11,699
Shake Shack, Inc. — Class A*		281		11,670
Cheesecake Factory, Inc.1		361		11,447
Dave & Buster's Entertainment, Inc.*		322		11,412
Urban Outfitters, Inc.*		478		11,400
PriceSmart, Inc.		184		11,183
H&E Equipment Services, Inc.		239		10,851
Jack in the Box, Inc.		159		10,849
Acushnet Holdings Corp.		248		10,530
Oxford Industries, Inc.		113		10,529
Century Communities, Inc.		210		10,502
KAR Auction Services, Inc.*		804		10,492
Brinker International, Inc.*		325		10,371
Buckle, Inc.		226		10,249
Vista Outdoor, Inc.*		419		10,211
Sally Beauty Holdings, Inc.*		802		10,041
Patrick Industries, Inc.		161		9,757
Dillard's, Inc. — Class A		30		9,696
iRobot Corp.*		201		9,674
XPEL, Inc.*		161		9,670
M/I Homes, Inc.*		202		9,328
Everi Holdings, Inc.*		646		9,270
Liberty Media Corporation-Liberty Braves — Class C*		282		9,089
Fisker, Inc.*,1		1,218		8,855
HNI Corp.		309		8,785
Luminar Technologies, Inc.*,1		1,763		8,727
Madison Square Garden Entertainment Corp.*		193		8,679
Abercrombie & Fitch Co. — Class A*		372		8,522
Warby Parker, Inc. — Class A*		625		8,431
Malibu Boats, Inc. — Class A*		152		8,102
Wabash National Corp.		354		8,000
Allegiant Travel Co. — Class A*		116		7,887
Monarch Casino & Resort, Inc.*		100		7,689
La-Z-Boy, Inc.		322		7,348
MRC Global, Inc.*		622		7,203
Dine Brands Global, Inc.		110		7,106
Cinemark Holdings, Inc.*		817		7,075
American Axle & Manufacturing Holdings, Inc.*		847		6,623
Clean Energy Fuels Corp.*		1,270		6,604
Sonic Automotive, Inc. — Class A		134		6,602
Hibbett, Inc.		96		6,549
Shyft Group, Inc.		259		6,439
Camping World Holdings, Inc. — Class A		288		6,428
Wolverine World Wide, Inc.		580		6,340
Proterra, Inc.*		1,656		6,243
SkyWest, Inc.*		374		6,175
Douglas Dynamics, Inc.		168		6,075
Titan Machinery, Inc.*		152		6,039
RCI Hospitality Holdings, Inc.		64		5,964
Virgin Galactic Holdings, Inc.*		1,710		5,951
Caleres, Inc.		264		5,882
Titan International, Inc.*		383		5,867
Golden Entertainment, Inc.*		151		5,647
Sweetgreen, Inc. — Class A*		657		5,630
ScanSource, Inc.*		189		5,523
Arko Corp.		625		5,412
Bally's Corp.*		272		5,271
Standard Motor Products, Inc.		151		5,255
Nikola Corp.*,1		2,413		5,212
IMAX Corp.*		352		5,160
MarineMax, Inc.*		158		4,933
Green Brick Partners, Inc.*		203		4,919
Guess?, Inc.1		231		4,779
BlueLinx Holdings, Inc.*		67		4,764
A-Mark Precious Metals, Inc.		136		4,723
Winmark Corp.		20		4,717
Lions Gate Entertainment Corp. — Class B*		865		4,697
Ermenegildo Zegna N.V.		446		4,670
OneSpaWorld Holdings Ltd.*		497		4,637
Franchise Group, Inc.		194		4,621
Steelcase, Inc. — Class A		646		4,567
Chico's FAS, Inc.*		917		4,512
Genesco, Inc.*		98		4,510
Ethan Allen Interiors, Inc.		170		4,492
BJ's Restaurants, Inc.*		170		4,485
G-III Apparel Group Ltd.*		327		4,483
Interface, Inc. — Class A		439		4,333

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
indie Semiconductor, Inc. — Class A*		742	$	4,326
Qurate Retail, Inc. — Class A*		2,623		4,275
TravelCenters of America, Inc.*		95		4,254
Sleep Number Corp.*		160		4,157
Sovos Brands, Inc.*		287		4,124
PC Connection, Inc.		84		3,940
Sun Country Airlines Holdings, Inc.*		248		3,933
Hawaiian Holdings, Inc.*		379		3,888
Denny's Corp.*		422		3,887
Life Time Group Holdings, Inc.*		315		3,767
Vizio Holding Corp. — Class A*		508		3,764
Chuy's Holdings, Inc.*		133		3,764
Movado Group, Inc.		116		3,741
Ruth's Hospitality Group, Inc.		241		3,731
VSE Corp.		79		3,703
Designer Brands, Inc. — Class A		377		3,687
Children's Place, Inc.*		96		3,496
MasterCraft Boat Holdings, Inc.*		134		3,467
Portillo's, Inc. — Class A*		207		3,378
Accel Entertainment, Inc.*		431		3,319
Haverty Furniture Companies, Inc.		110		3,289
Hudson Technologies, Inc.*		323		3,269
REV Group, Inc.		253		3,193
America's Car-Mart, Inc.*		44		3,179
Big Lots, Inc.		210		3,087
Shoe Carnival, Inc.		129		3,084
Bowlero Corp.*		220		2,966
Destination XL Group, Inc.*		436		2,943
Frontier Group Holdings, Inc.*		280		2,876
Xponential Fitness, Inc. — Class A*		125		2,866
Beazer Homes USA, Inc.*		223		2,845
Rush Enterprises, Inc. — Class B		49		2,757
Sportsman's Warehouse Holdings, Inc.*		288		2,710
Xperi, Inc.*		312		2,686
PetMed Express, Inc.		151		2,673
Johnson Outdoors, Inc. — Class A		40		2,645
Funko, Inc. — Class A*		238		2,596
Marcus Corp.		178		2,562
Zumiez, Inc.*		117		2,544
Build-A-Bear Workshop, Inc. — Class A*		106		2,527
Lions Gate Entertainment Corp. — Class A*		437		2,495
Solid Power, Inc.*		982		2,494
Liberty Media Corporation-Liberty Braves — Class A*		75		2,450
OneWater Marine, Inc. — Class A*		83		2,374
Hyliion Holdings Corp.*		994		2,326
Lovesac Co.*		104		2,289
Aspen Aerogels, Inc.*		194		2,287
Global Industrial Co.		97		2,282
EVgo, Inc.*,1		509		2,275
Bluegreen Vacations Holding Corp.		91		2,271
Miller Industries, Inc.		83		2,213
Forestar Group, Inc.*		136		2,096
Purple Innovation, Inc.*		411		1,969
Microvast Holdings, Inc.*		1,255		1,920
Universal Electronics, Inc.*		91		1,894
Full House Resorts, Inc.*		246		1,850
Lindblad Expeditions Holdings, Inc.*		236		1,817
Kimball International, Inc. — Class B		271		1,762
Sonder Holdings, Inc.*		1,419		1,760
TuSimple Holdings, Inc. — Class A*		1,048		1,719
Clarus Corp.		216		1,693
GrowGeneration Corp.*		430		1,686
Noodles & Co.*		306		1,680
Kura Sushi USA, Inc. — Class A*		35		1,669
Motorcar Parts of America, Inc.*		140		1,660
Hovnanian Enterprises, Inc. — Class A*		39		1,641
Workhorse Group, Inc.*		1,078		1,639
Rush Street Interactive, Inc.*		455		1,634
Weber, Inc. — Class A*,1		202		1,626
Citi Trends, Inc.*		61		1,615
Tilly's, Inc. — Class A*		169		1,529
Fossil Group, Inc.*		349		1,504
Bed Bath & Beyond, Inc.*,1		597		1,498
El Pollo Loco Holdings, Inc.		146		1,454
Century Casinos, Inc.*		204		1,434
Big 5 Sporting Goods Corp.		161		1,422
Blue Bird Corp.*		131		1,403
Tupperware Brands Corp.*		331		1,370
Rite Aid Corp.*		409		1,366
Dream Finders Homes, Inc. — Class A*		157		1,360
Lordstown Motors Corp. — Class A*		1,168		1,331
Cato Corp. — Class A		134		1,250
Rocky Brands, Inc.		52		1,228
Wheels Up Experience, Inc.*		1,192		1,228
LL Flooring Holdings, Inc.*		216		1,214
Tile Shop Holdings, Inc.*		273		1,196
NEOGAMES S.A.*		97		1,183
Velodyne Lidar, Inc.*		1,447		1,069
ONE Group Hospitality, Inc.*		169		1,065
Container Store Group, Inc.*		243		1,047
Hyzon Motors, Inc.*		658		1,020
Canoo, Inc.*		816		1,004
First Watch Restaurant Group, Inc.*		74		1,001
Snap One Holdings Corp.*		135		1,000
Aeva Technologies, Inc.*		726		987
Weyco Group, Inc.		44		931
Reservoir Media, Inc.*		153		913
Superior Group of Companies, Inc.		88		885
Biglari Holdings, Inc. — Class B*		6		833
Holley, Inc.*		385		816
F45 Training Holdings, Inc.*		271		772
Marine Products Corp.		62		730
Lifetime Brands, Inc.		96		729
Mullen Automotive, Inc.*		2,476		708
Traeger, Inc.*		240		677
Conn's, Inc.*		98		674
PLBY Group, Inc.*		233		641
Cenntro Electric Group Ltd.*		1,379		607
Duluth Holdings, Inc. — Class B*		98		606

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Vinco Ventures, Inc.*		1,299	$	603
ThredUp, Inc. — Class A*		440		576
Express, Inc.*		481		491
Landsea Homes Corp.*		74		386
Aterian, Inc.*		435		335
Volta, Inc.*,1		915		325
Torrid Holdings, Inc.*,1		109		323
Party City Holdco, Inc.*		817		299
JOANN, Inc.*		83		237
CompX International, Inc.		11		203
Xos, Inc.*		407		180
Lightning eMotors, Inc.*		293		107
Cepton, Inc.*		55		70
Total Consumer, Cyclical				1,923,417
Technology - 5.9%
ExlService Holdings, Inc.*		241		40,833
SPS Commerce, Inc.*		270		34,676
Silicon Laboratories, Inc.*		246		33,375
Maximus, Inc.		454		33,292
Box, Inc. — Class A*		1,048		32,624
Qualys, Inc.*		289		32,434
Tenable Holdings, Inc.*		824		31,436
Power Integrations, Inc.		425		30,481
Workiva, Inc.*		357		29,977
Rambus, Inc.*		795		28,477
Synaptics, Inc.*		297		28,263
Super Micro Computer, Inc.*		340		27,914
Blackline, Inc.*		414		27,850
Diodes, Inc.*		334		25,431
Envestnet, Inc.*		412		25,420
Onto Innovation, Inc.*		371		25,261
MACOM Technology Solutions Holdings, Inc.*		379		23,869
Insight Enterprises, Inc.*		235		23,563
1Life Healthcare, Inc.*		1,351		22,575
Ambarella, Inc.*		273		22,449
CommVault Systems, Inc.*		334		20,989
Blackbaud, Inc.*		348		20,483
Varonis Systems, Inc.*		816		19,535
Axcelis Technologies, Inc.*		245		19,443
Sprout Social, Inc. — Class A*		344		19,422
ACI Worldwide, Inc.*		834		19,182
Kulicke & Soffa Industries, Inc.		428		18,943
MaxLinear, Inc. — Class A*		537		18,231
Amkor Technology, Inc.		760		18,225
Altair Engineering, Inc. — Class A*		389		17,688
Verint Systems, Inc.*		477		17,306
Evolent Health, Inc. — Class A*		614		17,241
Impinj, Inc.*		157		17,141
PagerDuty, Inc.*		637		16,919
NetScout Systems, Inc.*		512		16,645
Progress Software Corp.		320		16,144
Appfolio, Inc. — Class A*		143		15,069
Rapid7, Inc.*		435		14,781
Verra Mobility Corp.*		1,043		14,425
Veradigm, Inc.*		802		14,147
Semtech Corp.*		474		13,599
KnowBe4, Inc. — Class A*		546		13,530
DigitalOcean Holdings, Inc.*		522		13,295
CSG Systems International, Inc.		231		13,213
FormFactor, Inc.*		578		12,849
Clear Secure, Inc. — Class A		466		12,782
Duolingo, Inc.*		176		12,519
Xerox Holdings Corp.		857		12,512
SiTime Corp.*		121		12,296
Phreesia, Inc.*		368		11,908
Parsons Corp.*		252		11,655
Agilysys, Inc.*		146		11,554
Cohu, Inc.*		350		11,217
Ultra Clean Holdings, Inc.*		338		11,205
AvidXchange Holdings, Inc.*		1,098		10,914
Model N, Inc.*		269		10,911
Digital Turbine, Inc.*		685		10,439
MicroStrategy, Inc. — Class A*,1		70		9,910
Appian Corp. — Class A*		300		9,768
Digi International, Inc.*		256		9,357
Outset Medical, Inc.*		359		9,269
Everbridge, Inc.*		297		8,785
E2open Parent Holdings, Inc.*		1,493		8,764
Apollo Medical Holdings, Inc.*		292		8,640
Alignment Healthcare, Inc.*		732		8,608
PowerSchool Holdings, Inc. — Class A*		342		7,893
NextGen Healthcare, Inc.*		415		7,794
Asana, Inc. — Class A*		552		7,601
Photronics, Inc.*		449		7,557
Schrodinger Incorporated/United States*		404		7,551
Consensus Cloud Solutions, Inc.*		140		7,526
Donnelley Financial Solutions, Inc.*		194		7,498
PROS Holdings, Inc.*		307		7,448
Adeia, Inc.		781		7,404
Privia Health Group, Inc.*		321		7,290
3D Systems Corp.*		949		7,023
Duck Creek Technologies, Inc.*		579		6,977
Veeco Instruments, Inc.*		372		6,912
Avid Technology, Inc.*		259		6,887
Sumo Logic, Inc.*		850		6,885
ACV Auctions, Inc. — Class A*		838		6,880
Fastly, Inc. — Class A*		836		6,847
Momentive Global, Inc.*		976		6,832
Zeta Global Holdings Corp. — Class A*		819		6,691
ForgeRock, Inc. — Class A*		284		6,467
PDF Solutions, Inc.*		223		6,360
TTEC Holdings, Inc.		141		6,222
Hims & Hers Health, Inc.*		909		5,827
Yext, Inc.*		853		5,570
SMART Global Holdings, Inc.*		368		5,476
Cerence, Inc.*		294		5,448
LivePerson, Inc.*		527		5,344
N-able, Inc.*		511		5,253
PAR Technology Corp.*		199		5,188
Zuora, Inc. — Class A*		811		5,158
Conduent, Inc.*		1,272		5,152
Amplitude, Inc. — Class A*		419		5,062
Pitney Bowes, Inc.		1,297		4,929
C3.ai, Inc. — Class A*		436		4,879
Alpha & Omega Semiconductor Ltd.*		165		4,714
EngageSmart, Inc.*		261		4,594
Matterport, Inc.*		1,639		4,589
CEVA, Inc.*		171		4,374
Health Catalyst, Inc.*		404		4,295
Simulations Plus, Inc.		117		4,279

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Sapiens International Corporation N.V.		230	$	4,250
Olo, Inc. — Class A*		674		4,212
BigCommerce Holdings, Inc.*		480		4,195
Grid Dynamics Holdings, Inc.*		364		4,084
Bandwidth, Inc. — Class A*		174		3,993
PubMatic, Inc. — Class A*		310		3,971
AvePoint, Inc.*		965		3,966
Ebix, Inc.		197		3,932
Alkami Technology, Inc.*		269		3,925
Corsair Gaming, Inc.*		287		3,895
Vimeo, Inc.*		1,073		3,680
Nutex Health, Inc.*		1,865		3,543
Sharecare, Inc.*		2,206		3,530
8x8, Inc.*		785		3,391
SolarWinds Corp.*		362		3,388
OneSpan, Inc.*		297		3,323
Domo, Inc. — Class B*		228		3,247
American Software, Inc. — Class A		221		3,244
IonQ, Inc.*,1		890		3,070
Mitek Systems, Inc.*		316		3,062
Instructure Holdings, Inc.*		130		3,047
Computer Programs and Systems, Inc.*		107		2,913
ACM Research, Inc. — Class A*		359		2,768
Desktop Metal, Inc. — Class A*		1,981		2,694
ON24, Inc.*		312		2,693
Intapp, Inc.*		107		2,669
UserTesting, Inc.*		354		2,659
Unisys Corp.*		496		2,535
Integral Ad Science Holding Corp.*		286		2,514
MeridianLink, Inc.*		172		2,362
Playstudios, Inc.*		594		2,305
Daily Journal Corp.*		9		2,255
Telos Corp.*		404		2,056
Inspired Entertainment, Inc.*		162		2,053
Benefitfocus, Inc.*		193		2,019
Blend Labs, Inc. — Class A*		1,386		1,996
Cantaloupe, Inc.*		438		1,905
Digimarc Corp.*,1		102		1,886
HireRight Holdings Corp.*		159		1,886
Cvent Holding Corp.*		339		1,831
Enfusion, Inc. — Class A*		189		1,828
Vuzix Corp.*,1		444		1,616
Red Violet, Inc.*		70		1,611
Brightcove, Inc.*		308		1,611
Upland Software, Inc.*		218		1,554
eGain Corp.*		157		1,418
Rimini Street, Inc.*		365		1,391
Cardlytics, Inc.*		239		1,381
EverCommerce, Inc.*		181		1,347
AXT, Inc.*		304		1,331
Rackspace Technology, Inc.*		431		1,271
Veritone, Inc.*		234		1,240
Skillz, Inc.*		2,260		1,145
Porch Group, Inc.*		604		1,136
Weave Communications, Inc.*		234		1,072
CS Disco, Inc.*		167		1,055
Outbrain, Inc.*		290		1,050
IBEX Holdings Ltd.*		42		1,044
NextNav, Inc.*		345		1,011
Markforged Holding Corp.*		825		957
Atomera, Inc.*		153		952
Cerberus Cyber Sentinel Corp.*		342		872
Ouster, Inc.*		1,000		863
Skillsoft Corp.*		608		790
Diebold Nixdorf, Inc.*		547		777
Velo3D, Inc.*		422		755
Pear Therapeutics, Inc.*		513		605
SkyWater Technology, Inc.*		81		576
Arteris, Inc.*		125		537
WM Technology, Inc.*,1		530		535
LiveVox Holdings, Inc.*		166		493
SecureWorks Corp. — Class A*		74		473
Viant Technology, Inc. — Class A*		104		418
Loyalty Ventures, Inc.*		150		361
Latch, Inc.*		498		354
Faraday Future Intelligent Electric, Inc.*		744		216
Rigetti Computing, Inc.*,1		237		173
Kaleyra, Inc.*		215		162
Avaya Holdings Corp.*		620		122
IronNet, Inc.*		486		112
Rockley Photonics Holdings Ltd.*		764		107
Total Technology				1,615,603
Energy - 4.2%
Matador Resources Co.		838		47,967
Murphy Oil Corp.		1,097		47,182
ChampionX Corp.		1,490		43,195
Chord Energy Corp.		311		42,548
Helmerich & Payne, Inc.		770		38,169
Denbury, Inc.*		376		32,720
Civitas Resources, Inc.		553		32,035
SM Energy Co.		908		31,626
Valaris Ltd.*		456		30,835
Magnolia Oil & Gas Corp. — Class A		1,298		30,438
PBF Energy, Inc. — Class A		725		29,565
Patterson-UTI Energy, Inc.		1,607		27,062
Weatherford International plc*		530		26,988
Shoals Technologies Group, Inc. — Class A*		1,030		25,410
California Resources Corp.		551		23,974
Noble Corporation plc*		628		23,682
Peabody Energy Corp.*		882		23,302
CNX Resources Corp.*		1,327		22,347
Array Technologies, Inc.*		1,130		21,843
Kosmos Energy Ltd.*		3,383		21,516
Equitrans Midstream Corp.		3,080		20,636
CONSOL Energy, Inc.		257		16,705
Liberty Energy, Inc. — Class A		1,036		16,586
Alpha Metallurgical Resources, Inc.		113		16,542
Arch Resources, Inc.		111		15,850
Northern Oil and Gas, Inc.		488		15,040
Sitio Royalties Corp. — Class A		515		14,866
Permian Resources Corp.		1,541		14,485
Delek US Holdings, Inc.		517		13,959
Callon Petroleum Co.*		369		13,686
Sunnova Energy International, Inc.*		744		13,399
Warrior Met Coal, Inc.		386		13,371
Oceaneering International, Inc.*		749		13,100
Tidewater, Inc.*		347		12,787

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
NexTier Oilfield Solutions, Inc.*		1,316	$	12,160
Green Plains, Inc.*		395		12,048
SunPower Corp. — Class A*		613		11,052
Expro Group Holdings N.V.*		581		10,534
Nabors Industries Ltd.*		68		10,531
NOW, Inc.*		826		10,490
Stem, Inc.*		1,080		9,655
Comstock Resources, Inc.		687		9,419
Talos Energy, Inc.*		496		9,364
Archrock, Inc.		1,014		9,106
Par Pacific Holdings, Inc.*		366		8,509
FuelCell Energy, Inc.*		3,041		8,454
Helix Energy Solutions Group, Inc.*		1,071		7,904
Diamond Offshore Drilling, Inc.*		748		7,779
Borr Drilling Ltd.*		1,461		7,261
CVR Energy, Inc.		222		6,957
US Silica Holdings, Inc.*		555		6,937
Dril-Quip, Inc.*		255		6,928
ProPetro Holding Corp.*		654		6,782
Laredo Petroleum, Inc.*		126		6,479
Tellurian, Inc.*		3,823		6,423
Gulfport Energy Corp.*		84		6,186
Ranger Oil Corp. — Class A		143		5,781
SunCoke Energy, Inc.		624		5,385
Montauk Renewables, Inc.*		482		5,317
RPC, Inc.		557		4,952
Select Energy Services, Inc. — Class A		535		4,943
Bristow Group, Inc.*		175		4,748
Berry Corp.		586		4,688
Fluence Energy, Inc.*		269		4,613
Earthstone Energy, Inc. — Class A*		318		4,525
ProFrac Holding Corp. — Class A*		174		4,385
SandRidge Energy, Inc.*		238		4,053
Kinetik Holdings, Inc. — Class A1		120		3,970
W&T Offshore, Inc.*		708		3,951
REX American Resources Corp.*		118		3,760
VAALCO Energy, Inc.		796		3,630
Excelerate Energy, Inc. — Class A		139		3,482
Oil States International, Inc.*		450		3,357
TETRA Technologies, Inc.*		933		3,228
Crescent Energy Co. — Class A		243		2,914
Gevo, Inc.*		1,475		2,803
TPI Composites, Inc.*		274		2,778
DMC Global, Inc.*		141		2,741
Newpark Resources, Inc.*		632		2,623
Vertex Energy, Inc.*		405		2,511
SilverBow Resources, Inc.*		88		2,489
Aris Water Solution, Inc. — Class A		165		2,378
Solaris Oilfield Infrastructure, Inc. — Class A		237		2,353
Amplify Energy Corp.*		267		2,347
Riley Exploration Permian, Inc.		78		2,296
National Energy Services Reunited Corp.*		286		1,985
Eneti, Inc.		170		1,709
Ring Energy, Inc.*		648		1,594
FutureFuel Corp.		194		1,577
Alto Ingredients, Inc.*		541		1,558
Energy Vault Holdings, Inc.*		475		1,482
Ramaco Resources, Inc.		168		1,477
NACCO Industries, Inc. — Class A		30		1,140
NextDecade Corp.*		227		1,121
HighPeak Energy, Inc.		46		1,052
Aemetis, Inc.*		218		863
Empire Petroleum Corp.*		48		590
Cleanspark, Inc.*		284		579
Heliogen, Inc.*		681		476
Battalion Oil Corp.*		19		184
Total Energy				1,148,762
Communications - 2.5%
Iridium Communications, Inc.		930		47,802
TEGNA, Inc.		1,669		35,366
Calix, Inc.*		425		29,083
Maxar Technologies, Inc.		545		28,198
Ziff Davis, Inc.*		342		27,052
Marqeta, Inc. — Class A*		3,253		19,876
Cogent Communications Holdings, Inc.		322		18,380
Viavi Solutions, Inc.*		1,705		17,920
Perficient, Inc.*		256		17,876
Extreme Networks, Inc.*		946		17,321
Yelp, Inc. — Class A*		503		13,752
Bumble, Inc. — Class A*		646		13,598
DigitalBridge Group, Inc.		1,175		12,855
CommScope Holding Company, Inc.*		1,537		11,297
Q2 Holdings, Inc.*		419		11,258
InterDigital, Inc.		222		10,985
Cargurus, Inc.*		765		10,718
Magnite, Inc.*		981		10,389
ADTRAN Holdings, Inc.		527		9,902
Credo Technology Group Holding Ltd.*		722		9,610
Shutterstock, Inc.		182		9,595
Infinera Corp.*		1,418		9,557
Upwork, Inc.*		898		9,375
Harmonic, Inc.*		690		9,039
TechTarget, Inc.*		205		9,032
ePlus, Inc.*		199		8,812
Scholastic Corp.		222		8,760
Liberty Latin America Ltd. — Class C*		1,117		8,489
Clearfield, Inc.*		87		8,190
Telephone & Data Systems, Inc.		756		7,930
A10 Networks, Inc.		475		7,899
Cars.com, Inc.*		505		6,954
Gray Television, Inc.		615		6,882
Globalstar, Inc.*		5,125		6,816
Revolve Group, Inc.*		306		6,811
Figs, Inc. — Class A*		955		6,427
Overstock.com, Inc.*		319		6,176
Poshmark, Inc. — Class A*		344		6,151
EW Scripps Co. — Class A*		438		5,777
Shenandoah Telecommunications Co.		363		5,765
QuinStreet, Inc.*		389		5,582
iHeartMedia, Inc. — Class A*		903		5,536
Gogo, Inc.*		375		5,535
Open Lending Corp. — Class A*		790		5,332
Squarespace, Inc. — Class A*		235		5,210
Planet Labs PBC*		1,165		5,068

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Sinclair Broadcast Group, Inc. — Class A		300	$	4,653
HealthStream, Inc.*		181		4,496
Anterix, Inc.*		138		4,440
EchoStar Corp. — Class A*		252		4,203
Boston Omaha Corp. — Class A*		148		3,922
NETGEAR, Inc.*		212		3,839
ATN International, Inc.		82		3,715
WideOpenWest, Inc.*		402		3,662
Stagwell, Inc.*		585		3,633
Thryv Holdings, Inc.*		190		3,610
AMC Networks, Inc. — Class A*		227		3,557
Eventbrite, Inc. — Class A*		578		3,387
IDT Corp. — Class B*		108		3,042
Clear Channel Outdoor Holdings, Inc.*		2,733		2,870
Couchbase, Inc.*		199		2,639
Aviat Networks, Inc.*		83		2,589
Liquidity Services, Inc.*		183		2,573
Rover Group, Inc.*,1		695		2,551
Tucows, Inc. — Class A*		74		2,510
CarParts.com, Inc.*		380		2,379
Ooma, Inc.*		172		2,343
United States Cellular Corp.*		112		2,335
fuboTV, Inc.*,1		1,335		2,323
Quotient Technology, Inc.*		669		2,295
OptimizeRx Corp.*		132		2,218
Gannett Company, Inc.*		1,079		2,191
Liberty Latin America Ltd. — Class A*		287		2,161
EverQuote, Inc. — Class A*		146		2,152
Entravision Communications Corp. — Class A		445		2,136
ContextLogic, Inc. — Class A*		4,245		2,070
Consolidated Communications Holdings, Inc.*		557		1,994
1-800-Flowers.com, Inc. — Class A*		202		1,931
Stitch Fix, Inc. — Class A*		609		1,894
Cambium Networks Corp.*		86		1,864
MediaAlpha, Inc. — Class A*		178		1,771
Allbirds, Inc. — Class A*		702		1,699
DHI Group, Inc.*		320		1,693
DZS, Inc.*		131		1,661
Preformed Line Products Co.		19		1,583
Ribbon Communications, Inc.*		542		1,512
Blade Air Mobility, Inc.*		420		1,504
Groupon, Inc.*,1		162		1,390
Vivid Seats, Inc. — Class A*		183		1,336
BARK, Inc.*		894		1,332
Advantage Solutions, Inc.*		618		1,285
Edgio, Inc.*		1,029		1,163
Vacasa, Inc. — Class A*		838		1,056
Innovid Corp.*		573		980
Nerdy, Inc.*		406		913
Arena Group Holdings, Inc.*		85		902
1stdibs.com, Inc.*		174		884
Lands' End, Inc.*		114		865
Focus Universal, Inc.*,1		133		852
Cumulus Media, Inc. — Class A*		134		832
RealReal, Inc.*		638		797
Casa Systems, Inc.*		265		724
Solo Brands, Inc. — Class A*,1		165		614
Gambling.com Group Ltd.*		64		586
Inseego Corp.*		646		544
Cyxtera Technologies, Inc.*		276		530
RumbleON, Inc. — Class B*		78		505
Ondas Holdings, Inc.*		251		399
Value Line, Inc.		7		356
KORE Group Holdings, Inc.*		263		331
Urban One, Inc.*		85		320
Terran Orbital Corp.*,1		179		283
Urban One, Inc.*		62		282
Audacy, Inc.*		894		201
AdTheorent Holding Company, Inc.*		113		187
aka Brands Holding Corp.*		84		107
Lulu's Fashion Lounge Holdings, Inc.*		42		105
Inspirato, Inc.*		73		87
Total Communications				690,286
Basic Materials - 2.2%
Commercial Metals Co.		870		42,021
Balchem Corp.		239		29,184
HB Fuller Co.		398		28,505
Cabot Corp.		417		27,872
ATI, Inc.*		930		27,770
Livent Corp.*		1,214		24,122
Avient Corp.		682		23,024
Sensient Technologies Corp.		314		22,897
Hecla Mining Co.		4,117		22,891
Ingevity Corp.*		279		19,653
Innospec, Inc.		186		19,132
Stepan Co.		160		17,034
Quaker Chemical Corp.		101		16,857
Rogers Corp.*		141		16,827
Arconic Corp.*		755		15,976
Minerals Technologies, Inc.		243		14,755
Carpenter Technology Corp.		358		13,225
Sylvamo Corp.		266		12,925
Tronox Holdings plc — Class A		877		12,024
Constellium SE*		925		10,943
Novagold Resources, Inc.*		1,792		10,716
Compass Minerals International, Inc.		257		10,537
Uranium Energy Corp.*		2,405		9,331
Kaiser Aluminum Corp.		119		9,039
Mativ Holdings, Inc.		406		8,485
Orion Engineered Carbons S.A.		453		8,068
Perimeter Solutions S.A.*		875		7,998
AdvanSix, Inc.		204		7,756
Resolute Forest Products, Inc.*		344		7,427
Energy Fuels, Inc.*		1,169		7,260
Coeur Mining, Inc.*		2,087		7,012
Trinseo plc		262		5,950
Schnitzer Steel Industries, Inc. — Class A		194		5,946
Piedmont Lithium, Inc.*		130		5,723
Hawkins, Inc.		145		5,597
Clearwater Paper Corp.*		125		4,726
American Vanguard Corp.		209		4,537
Rayonier Advanced Materials, Inc.*		463		4,445
Koppers Holdings, Inc.		152		4,286
Haynes International, Inc.		92		4,203
Ecovyst, Inc.*		453		4,014
Origin Materials, Inc.*		787		3,628
Lightwave Logic, Inc.*		837		3,608

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
Century Aluminum Co.*		389	$	3,182
Diversey Holdings Ltd.*		585		2,492
Intrepid Potash, Inc.*		83		2,396
Amyris, Inc.*,1		1,475		2,257
Codexis, Inc.*		459		2,139
United States Lime & Minerals, Inc.		15		2,112
5E Advanced Materials, Inc.*		241		1,899
Ur-Energy, Inc.*		1,569		1,804
Kronos Worldwide, Inc.		166		1,560
Ivanhoe Electric Incorporated / US*		109		1,324
Danimer Scientific, Inc.*		679		1,215
Dakota Gold Corp.*		381		1,162
Glatfelter Corp.*		330		917
Unifi, Inc.*		104		895
Hycroft Mining Holding Corp.*		1,131		602
PolyMet Mining Corp.*		219		580
Valhi, Inc.		18		396
Terawulf, Inc.*		159		106
Total Basic Materials				594,967
Utilities - 2.2%
New Jersey Resources Corp.		721		35,776
Black Hills Corp.		487		34,256
Portland General Electric Co.		670		32,830
South Jersey Industries, Inc.		920		32,688
Ormat Technologies, Inc.		367		31,738
PNM Resources, Inc.		640		31,226
Southwest Gas Holdings, Inc.		494		30,569
ONE Gas, Inc.		403		30,515
Brookfield Infrastructure Corp. — Class A		734		28,553
ALLETE, Inc.		429		27,675
Spire, Inc.		382		26,304
American States Water Co.		277		25,636
NorthWestern Corp.		432		25,635
California Water Service Group		401		24,317
Avista Corp.		543		24,077
Clearway Energy, Inc. — Class C		615		19,600
MGE Energy, Inc.		273		19,219
Otter Tail Corp.		308		18,083
SJW Group		202		16,400
Chesapeake Utilities Corp.		130		15,363
Ameresco, Inc. — Class A*		238		13,599
Northwest Natural Holding Co.		254		12,088
Middlesex Water Co.		130		10,227
Clearway Energy, Inc. — Class A		261		7,809
Unitil Corp.		119		6,112
York Water Co.		106		4,768
Artesian Resources Corp. — Class A		61		3,574
Altus Power, Inc.*,1		314		2,047
Global Water Resources, Inc.		94		1,248
FTC Solar, Inc.*		308		825
Via Renewables, Inc.		91		465
Total Utilities				593,222
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		206		3,337
Diversified - 0.0%
Professional Holding Corp. — Class A*		97		2,691
Total Common Stocks
(Cost $20,348,473)				17,012,194
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Oncternal Therapeutics, Inc. *		7		–
Tobira Therapeutics, Inc.*		141		–
UCB *		385		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $104)				–
EXCHANGE-TRADED FUNDS† - 8.1%
iShares Russell 2000 Index ETF1		6,356		1,108,232
Vanguard Russell 2000 ETF1		15,743		1,107,835
Total Exchange-Traded Funds
(Cost $2,799,131)				2,216,067

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 7.3%
Federal Home Loan Bank
4.00% due 01/11/232		1,000,000	999,129
4.05% due 01/27/232		1,000,000	997,252
Total Federal Agency Discount Notes
(Cost $1,995,964)			1,996,381
FEDERAL AGENCY NOTES†† - 3.7%
Federal Home Loan Bank
4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23◊		1,000,000	1,000,077
Total Federal Agency Notes
(Cost $1,000,000)			1,000,077
U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
3.79% due 01/17/232,3		106,000	105,849
3.89% due 01/12/232,4		100,000	99,913
Total U.S. Treasury Bills
(Cost $205,698)			205,762
REPURCHASE AGREEMENTS††,5 - 18.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/234		2,857,666	2,857,666
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/234		1,099,102	1,099,102
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/234		1,095,698	1,095,698
Total Repurchase Agreements
(Cost $5,052,466)			5,052,466

	Shares
SECURITIES LENDING COLLATERAL†,6 - 4.9%
Money Market Fund
First American Government Obligations Fund – Class X, 4.10%7	1,333,648		1,333,648
Total Securities Lending Collateral
(Cost $1,333,648)			1,333,648
Total Investments - 105.9%
(Cost $32,735,484)		$	28,816,595
Other Assets & Liabilities, net - (5.9)%			(1,612,206	)
Total Net Assets - 100.0%		$	27,204,389

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		17	Mar 2023	$	1,505,605	$	(21,594	)

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††

BNP Paribas

Russell 2000 Index

Pay

4.53% (Federal Funds Rate + 0.20%)

At Maturity

01/26/23

2,034

$

3,581,972

$

24,310

Goldman Sachs International

Russell 2000 Index

Pay

4.43% (Federal Funds Rate + 0.10%)

At Maturity

01/26/23

822

1,447,575

(60,786

)

Barclays Bank plc

Russell 2000 Index

Pay

4.30% (SOFR)

At Maturity

01/25/23

818

1,441,205

(104,655

)

$

6,470,752

$

(141,131

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation).
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
††	Value determined based on Level 2 inputs — See Note 3.
†††	Value determined based on Level 3 inputs — See Note 3.
◊	Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	All or a portion of this security is on loan at December 31, 2022 — See Note 5.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at December 31, 2022.
4	All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.
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, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Russell 2000® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	17,012,194	$	— *	$	—		$	17,012,194
Rights		—		—		—	*		—
Exchange-Traded Funds		2,216,067		—		—			2,216,067
Federal Agency Discount Notes		—		1,996,381		—			1,996,381
Federal Agency Notes		—		1,000,077		—			1,000,077
U.S. Treasury Bills		—		205,762		—			205,762
Repurchase Agreements		—		5,052,466		—			5,052,466
Securities Lending Collateral		1,333,648		—		—			1,333,648
Equity Index Swap Agreements**		—		24,310		—			24,310
Total Assets	$	20,561,909	$	8,278,996	$	—		$	28,840,905

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	21,594	$	—	$	—	$	21,594
Equity Index Swap Agreements**		—		165,441		—		165,441
Total Liabilities	$	21,594	$	165,441	$	—	$	187,035

* 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, 2022

	Shares		Value
COMMON STOCKS† - 95.9%
Consumer, Non-cyclical - 22.5%
UnitedHealth Group, Inc.		2,413	$	1,279,324
Johnson & Johnson		6,752		1,192,741
Procter & Gamble Co.		6,120		927,547
Eli Lilly & Co.		2,037		745,216
Pfizer, Inc.		14,497		742,826
AbbVie, Inc.		4,567		738,073
Merck & Company, Inc.		6,548		726,501
PepsiCo, Inc.		3,558		642,788
Coca-Cola Co.		10,052		639,408
Thermo Fisher Scientific, Inc.		1,013		557,849
Abbott Laboratories		4,503		494,384
Danaher Corp.		1,692		449,091
Philip Morris International, Inc.		4,004		405,245
Bristol-Myers Squibb Co.		5,491		395,077
Amgen, Inc.		1,378		361,918
Elevance Health, Inc.		617		316,503
CVS Health Corp.		3,394		316,287
S&P Global, Inc.		860		288,048
Gilead Sciences, Inc.		3,239		278,068
Medtronic plc		3,433		266,813
Cigna Corp.		790		261,759
Automatic Data Processing, Inc.		1,071		255,819
Intuitive Surgical, Inc.*		913		242,265
Mondelez International, Inc. — Class A		3,527		235,074
Stryker Corp.		870		212,706
Altria Group, Inc.		4,629		211,592
PayPal Holdings, Inc.*		2,944		209,672
Regeneron Pharmaceuticals, Inc.*		277		199,853
Vertex Pharmaceuticals, Inc.*		663		191,461
Becton Dickinson and Co.		737		187,419
Zoetis, Inc.		1,204		176,446
Boston Scientific Corp.*		3,699		171,153
Colgate-Palmolive Co.		2,157		169,950
Humana, Inc.		327		167,486
Moderna, Inc.*		853		153,216
Estee Lauder Companies, Inc. — Class A		597		148,122
McKesson Corp.		366		137,294
Archer-Daniels-Midland Co.		1,419		131,754
HCA Healthcare, Inc.		548		131,498
General Mills, Inc.		1,533		128,542
Centene Corp.*		1,462		119,899
Edwards Lifesciences Corp.*		1,597		119,152
Kimberly-Clark Corp.		872		118,374
Moody's Corp.		407		113,398
Dexcom, Inc.*		998		113,013
Corteva, Inc.		1,845		108,449
Biogen, Inc.*		372		103,014
Cintas Corp.		223		100,711
Sysco Corp.		1,309		100,073
Monster Beverage Corp.*		984		99,905
IQVIA Holdings, Inc.*		480		98,347
Constellation Brands, Inc. — Class A		419		97,103
Hershey Co.		380		87,997
IDEXX Laboratories, Inc.*		214		87,303
Kraft Heinz Co.		2,056		83,700
Illumina, Inc.*		406		82,093
CoStar Group, Inc.*		1,050		81,144
ResMed, Inc.		378		78,673
Keurig Dr Pepper, Inc.		2,195		78,274
Kroger Co.		1,682		74,983
Verisk Analytics, Inc. — Class A		404		71,274
Global Payments, Inc.		698		69,325
AmerisourceBergen Corp. — Class A		418		69,267
Zimmer Biomet Holdings, Inc.		542		69,105
Gartner, Inc.*		204		68,573
Baxter International, Inc.		1,302		66,363
United Rentals, Inc.*		179		63,620
Equifax, Inc.		316		61,418
Laboratory Corporation of America Holdings		229		53,925
McCormick & Company, Inc.		647		53,630
Quanta Services, Inc.		369		52,583
Waters Corp.*		153		52,415
Cardinal Health, Inc.		677		52,041
Church & Dwight Company, Inc.		630		50,785
Molina Healthcare, Inc.*		151		49,863
Hologic, Inc.*		645		48,253
Conagra Brands, Inc.		1,238		47,911
STERIS plc		258		47,650
Kellogg Co.		661		47,090
Tyson Foods, Inc. — Class A		748		46,563
Quest Diagnostics, Inc.		294		45,993
PerkinElmer, Inc.		326		45,712
West Pharmaceutical Services, Inc.		191		44,952
Clorox Co.		319		44,765
J M Smucker Co.		275		43,576
Cooper Companies, Inc.		127		41,995
Align Technology, Inc.*		188		39,649
Incyte Corp.*		477		38,313
Avery Dennison Corp.		209		37,829
FleetCor Technologies, Inc.*		190		34,899
Viatris, Inc.		3,132		34,859
Hormel Foods Corp.		748		34,071
Bio-Techne Corp.		405		33,566
Lamb Weston Holdings, Inc.		371		33,153
Brown-Forman Corp. — Class B		472		31,001
Teleflex, Inc.		121		30,205
Campbell Soup Co.		519		29,453
Charles River Laboratories International, Inc.*		131		28,545
Henry Schein, Inc.*		350		27,954
MarketAxess Holdings, Inc.		97		27,052
Molson Coors Beverage Co. — Class B		486		25,039
Bio-Rad Laboratories, Inc. — Class A*		56		23,547
Universal Health Services, Inc. — Class B		166		23,388
Rollins, Inc.		598		21,851
Catalent, Inc.*		465		20,930
Robert Half International, Inc.		280		20,673
Organon & Co.		657		18,350
Dentsply Sirona, Inc.		555		17,671
DaVita, Inc.*		142		10,603
Total Consumer, Non-cyclical				19,483,641

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 95.9% (continued)
Technology - 20.8%
Apple, Inc.		38,620	$	5,017,897
Microsoft Corp.		19,252		4,617,015
NVIDIA Corp.		6,431		939,826
Broadcom, Inc.		1,046		584,850
Accenture plc — Class A		1,627		434,149
Adobe, Inc.*		1,201		404,172
Texas Instruments, Inc.		2,344		387,276
Salesforce, Inc.*		2,583		342,480
International Business Machines Corp.		2,335		328,978
Oracle Corp.		3,969		324,426
QUALCOMM, Inc.		2,895		318,276
Intuit, Inc.		728		283,352
Intel Corp.		10,659		281,717
Advanced Micro Devices, Inc.*		4,164		269,702
Analog Devices, Inc.		1,328		217,832
Applied Materials, Inc.		2,222		216,378
ServiceNow, Inc.*		522		202,677
Fiserv, Inc.*		1,640		165,755
Lam Research Corp.		352		147,946
Activision Blizzard, Inc.		1,839		140,775
Micron Technology, Inc.		2,808		140,344
KLA Corp.		366		137,993
Synopsys, Inc.*		395		126,120
Roper Technologies, Inc.		274		118,393
Cadence Design Systems, Inc.*		708		113,733
NXP Semiconductor N.V.		669		105,722
Autodesk, Inc.*		557		104,087
Fidelity National Information Services, Inc.		1,532		103,946
Microchip Technology, Inc.		1,420		99,755
MSCI, Inc. — Class A		207		96,290
Paychex, Inc.		828		95,684
Electronic Arts, Inc.		677		82,716
Fortinet, Inc.*		1,675		81,891
Cognizant Technology Solutions Corp. — Class A		1,327		75,891
ON Semiconductor Corp.*		1,117		69,667
HP, Inc.		2,286		61,425
ANSYS, Inc.*		225		54,358
Hewlett Packard Enterprise Co.		3,323		53,035
EPAM Systems, Inc.*		149		48,833
Take-Two Interactive Software, Inc.*		407		42,381
Broadridge Financial Solutions, Inc.		304		40,775
Monolithic Power Systems, Inc.		115		40,665
Paycom Software, Inc.*		126		39,099
Skyworks Solutions, Inc.		414		37,728
Leidos Holdings, Inc.		353		37,132
Teradyne, Inc.		402		35,115
Tyler Technologies, Inc.*		108		34,820
Akamai Technologies, Inc.*		406		34,226
Zebra Technologies Corp. — Class A*		133		34,103
NetApp, Inc.		561		33,694
Jack Henry & Associates, Inc.		188		33,005
PTC, Inc.*		273		32,771
Seagate Technology Holdings plc		496		26,094
Western Digital Corp.*		820		25,871
Ceridian HCM Holding, Inc.*		397		25,467
Qorvo, Inc.*		262		23,748
DXC Technology Co.*		594		15,741
Total Technology				17,987,797
Financial - 15.0%
Berkshire Hathaway, Inc. — Class B*		4,653		1,437,312
JPMorgan Chase & Co.		7,575		1,015,808
Visa, Inc. — Class A		4,223		877,371
Mastercard, Inc. — Class A		2,192		762,224
Bank of America Corp.		18,026		597,021
Wells Fargo & Co.		9,841		406,335
Charles Schwab Corp.		3,939		327,961
Goldman Sachs Group, Inc.		875		300,458
Morgan Stanley		3,405		289,493
BlackRock, Inc. — Class A		388		274,948
Prologis, Inc. REIT		2,384		268,748
American Tower Corp. — Class A REIT		1,202		254,656
Chubb Ltd.		1,072		236,483
American Express Co.		1,544		228,126
Citigroup, Inc.		5,002		226,240
Marsh & McLennan Companies, Inc.		1,281		211,980
Progressive Corp.		1,511		195,992
PNC Financial Services Group, Inc.		1,042		164,573
Aon plc — Class A		534		160,275
Equinix, Inc. REIT		239		156,552
CME Group, Inc. — Class A		929		156,221
U.S. Bancorp		3,492		152,286
Crown Castle, Inc. REIT		1,118		151,645
Intercontinental Exchange, Inc.		1,443		148,037
Truist Financial Corp.		3,427		147,464
MetLife, Inc.		1,702		123,174
American International Group, Inc.		1,919		121,358
Public Storage REIT		408		114,318
Travelers Companies, Inc.		605		113,431
Aflac, Inc.		1,461		105,104
Realty Income Corp. REIT		1,620		102,757
Arthur J Gallagher & Co.		545		102,754
Simon Property Group, Inc. REIT		844		99,153
Prudential Financial, Inc.		950		94,487
Allstate Corp.		685		92,886
Capital One Financial Corp.		986		91,659
Bank of New York Mellon Corp.		1,900		86,488
Ameriprise Financial, Inc.		275		85,627
VICI Properties, Inc. REIT		2,487		80,579
Welltower, Inc. REIT		1,220		79,971
SBA Communications Corp. REIT		279		78,206
Digital Realty Trust, Inc. REIT		743		74,501
State Street Corp.		948		73,536
Discover Financial Services		706		69,068
Willis Towers Watson plc		280		68,482
M&T Bank Corp.		446		64,697
T. Rowe Price Group, Inc.		577		62,928
CBRE Group, Inc. — Class A*		816		62,799
Hartford Financial Services Group, Inc.		822		62,332

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 95.9% (continued)
Financial - 15.0% (continued)
Arch Capital Group Ltd.*		955	$	59,955
Weyerhaeuser Co. REIT		1,901		58,931
AvalonBay Communities, Inc. REIT		361		58,309
Fifth Third Bancorp		1,773		58,172
First Republic Bank		472		57,532
Alexandria Real Estate Equities, Inc. REIT		386		56,229
Nasdaq, Inc.		875		53,681
Raymond James Financial, Inc.		500		53,425
Huntington Bancshares, Inc.		3,726		52,537
Regions Financial Corp.		2,413		52,024
Equity Residential REIT		878		51,802
Extra Space Storage, Inc. REIT		346		50,924
Citizens Financial Group, Inc.		1,272		50,079
Principal Financial Group, Inc.		588		49,345
Northern Trust Corp.		538		47,608
Mid-America Apartment Communities, Inc. REIT		298		46,783
Ventas, Inc. REIT		1,032		46,492
Invitation Homes, Inc. REIT		1,500		44,460
KeyCorp		2,410		41,982
Cincinnati Financial Corp.		406		41,570
W R Berkley Corp.		528		38,317
Synchrony Financial		1,164		38,249
Iron Mountain, Inc. REIT		751		37,437
Essex Property Trust, Inc. REIT		167		35,391
SVB Financial Group*		153		35,211
Healthpeak Properties, Inc. REIT		1,388		34,797
Brown & Brown, Inc.		607		34,581
Cboe Global Markets, Inc.		274		34,379
Kimco Realty Corp. REIT		1,597		33,824
Everest Re Group Ltd.		101		33,458
Camden Property Trust REIT		275		30,767
UDR, Inc. REIT		790		30,597
Loews Corp.		509		29,690
Host Hotels & Resorts, Inc. REIT		1,847		29,644
Globe Life, Inc.		234		28,209
Regency Centers Corp. REIT		398		24,875
Boston Properties, Inc. REIT		368		24,869
Comerica, Inc.		338		22,595
Invesco Ltd.		1,175		21,138
Franklin Resources, Inc.		734		19,363
Federal Realty Investment Trust REIT		189		19,097
Zions Bancorp North America		386		18,976
Signature Bank		163		18,781
Assurant, Inc.		136		17,008
Lincoln National Corp.		398		12,227
Vornado Realty Trust REIT		416		8,657
Total Financial				13,002,481
Communications - 10.4%
Amazon.com, Inc.*		22,922		1,925,448
Alphabet, Inc. — Class A*		15,426		1,361,036
Alphabet, Inc. — Class C*		13,675		1,213,383
Meta Platforms, Inc. — Class A*		5,808		698,935
Cisco Systems, Inc.		10,604		505,175
Verizon Communications, Inc.		10,847		427,372
Walt Disney Co.*		4,708		409,031
Comcast Corp. — Class A		11,141		389,601
AT&T, Inc.		18,406		338,854
Netflix, Inc.*		1,149		338,817
T-Mobile US, Inc.*		1,542		215,880
Booking Holdings, Inc.*		100		201,528
Motorola Solutions, Inc.		432		111,331
Charter Communications, Inc. — Class A*		277		93,931
Arista Networks, Inc.*		639		77,543
Corning, Inc.		1,966		62,794
CDW Corp.		350		62,503
eBay, Inc.		1,401		58,099
Warner Bros Discovery, Inc.*		5,707		54,102
VeriSign, Inc.*		238		48,895
Omnicom Group, Inc.		527		42,987
FactSet Research Systems, Inc.		98		39,319
Etsy, Inc.*		325		38,929
Expedia Group, Inc.*		389		34,076
Interpublic Group of Companies, Inc.		1,003		33,410
Gen Digital, Inc.		1,497		32,081
Match Group, Inc.*		721		29,914
Juniper Networks, Inc.		838		26,782
Fox Corp. — Class A		781		23,719
F5, Inc.*		155		22,244
Paramount Global — Class B		1,304		22,011
News Corp. — Class A		987		17,963
Lumen Technologies, Inc.*		2,458		12,831
Fox Corp. — Class B		360		10,242
DISH Network Corp. — Class A*		649		9,112
News Corp. — Class B		304		5,606
Total Communications				8,995,484
Consumer, Cyclical - 8.7%
Tesla, Inc.*		6,932		853,884
Home Depot, Inc.		2,644		835,134
Costco Wholesale Corp.		1,143		521,779
Walmart, Inc.		3,645		516,825
McDonald's Corp.		1,892		498,599
NIKE, Inc. — Class B		3,253		380,634
Lowe's Companies, Inc.		1,603		319,382
Starbucks Corp.		2,965		294,128
TJX Companies, Inc.		2,999		238,720
Target Corp.		1,189		177,209
Dollar General Corp.		583		143,564
O'Reilly Automotive, Inc.*		162		136,733
General Motors Co.		3,669		123,425
AutoZone, Inc.*		49		120,843
Ford Motor Co.		10,201		118,638
Ross Stores, Inc.		896		103,999
Marriott International, Inc. — Class A		695		103,479
Chipotle Mexican Grill, Inc. — Class A*		72		99,899
Yum! Brands, Inc.		727		93,114
PACCAR, Inc.		898		88,875
Hilton Worldwide Holdings, Inc.		698		88,199
Cummins, Inc.		364		88,193
Dollar Tree, Inc.*		544		76,943
DR Horton, Inc.		808		72,025
Fastenal Co.		1,479		69,986
Walgreens Boots Alliance, Inc.		1,854		69,265
Copart, Inc.*		1,107		67,405
Aptiv plc*		700		65,191

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 95.9% (continued)
Consumer, Cyclical - 8.7% (continued)
WW Grainger, Inc.		116	$	64,525
Tractor Supply Co.		285		64,116
Genuine Parts Co.		364		63,158
Ulta Beauty, Inc.*		132		61,917
Lennar Corp. — Class A		658		59,549
Delta Air Lines, Inc.*		1,656		54,416
Southwest Airlines Co.		1,533		51,616
Darden Restaurants, Inc.		316		43,712
Best Buy Company, Inc.		517		41,469
Las Vegas Sands Corp.*		849		40,811
NVR, Inc.*		8		36,900
LKQ Corp.		656		35,037
United Airlines Holdings, Inc.*		844		31,819
Domino's Pizza, Inc.		91		31,522
Pool Corp.		101		30,536
Royal Caribbean Cruises Ltd.*		567		28,027
MGM Resorts International		823		27,595
PulteGroup, Inc.		588		26,772
Live Nation Entertainment, Inc.*		369		25,734
Bath & Body Works, Inc.		590		24,863
CarMax, Inc.*		408		24,843
BorgWarner, Inc.		605		24,351
Tapestry, Inc.		622		23,686
VF Corp.		853		23,551
Caesars Entertainment, Inc.*		554		23,046
Advance Auto Parts, Inc.		155		22,790
Wynn Resorts Ltd.*		266		21,937
American Airlines Group, Inc.*		1,678		21,344
Carnival Corp.*		2,586		20,843
Hasbro, Inc.		335		20,438
Whirlpool Corp.		141		19,946
Alaska Air Group, Inc.*		328		14,085
Norwegian Cruise Line Holdings Ltd.*		1,088		13,317
Newell Brands, Inc.		972		12,714
Ralph Lauren Corp. — Class A		106		11,201
Total Consumer, Cyclical				7,508,256
Industrial - 8.1%
Raytheon Technologies Corp.		3,797		383,193
Honeywell International, Inc.		1,736		372,025
Union Pacific Corp.		1,588		328,827
United Parcel Service, Inc. — Class B		1,885		327,688
Caterpillar, Inc.		1,344		321,969
Deere & Co.		709		303,991
Lockheed Martin Corp.		602		292,867
Boeing Co.*		1,447		275,639
General Electric Co.		2,822		236,455
Northrop Grumman Corp.		374		204,058
3M Co.		1,428		171,246
CSX Corp.		5,430		168,222
Eaton Corporation plc		1,027		161,188
Illinois Tool Works, Inc.		722		159,057
Waste Management, Inc.		965		151,389
Norfolk Southern Corp.		598		147,359
Emerson Electric Co.		1,527		146,684
General Dynamics Corp.		581		144,152
Amphenol Corp. — Class A		1,537		117,027
Agilent Technologies, Inc.		765		114,482
Johnson Controls International plc		1,779		113,856
FedEx Corp.		618		107,038
L3Harris Technologies, Inc.		492		102,439
Trane Technologies plc		595		100,013
Parker-Hannifin Corp.		332		96,612
TE Connectivity Ltd.		821		94,251
Carrier Global Corp.		2,160		89,100
Otis Worldwide Corp.		1,076		84,262
Mettler-Toledo International, Inc.*		58		83,836
TransDigm Group, Inc.		133		83,744
AMETEK, Inc.		593		82,854
Keysight Technologies, Inc.*		462		79,034
Rockwell Automation, Inc.		297		76,498
Republic Services, Inc. — Class A		530		68,365
Old Dominion Freight Line, Inc.		234		66,405
Vulcan Materials Co.		343		60,063
Fortive Corp.		914		58,724
Ingersoll Rand, Inc.		1,046		54,654
Martin Marietta Materials, Inc.		160		54,075
Xylem, Inc.		465		51,415
Dover Corp.		362		49,018
Teledyne Technologies, Inc.*		121		48,389
Westinghouse Air Brake Technologies Corp.		470		46,911
Amcor plc		3,846		45,806
IDEX Corp.		195		44,524
Expeditors International of Washington, Inc.		411		42,711
Ball Corp.		811		41,475
Jacobs Solutions, Inc.		330		39,623
Textron, Inc.		539		38,161
Howmet Aerospace, Inc.		951		37,479
J.B. Hunt Transport Services, Inc.		214		37,313
Garmin Ltd.		396		36,547
Nordson Corp.		139		33,043
Trimble, Inc.*		637		32,207
Snap-on, Inc.		137		31,303
Packaging Corporation of America		239		30,570
Stanley Black & Decker, Inc.		382		28,696
CH Robinson Worldwide, Inc.		304		27,834
Masco Corp.		582		27,162
Allegion plc		227		23,894
Huntington Ingalls Industries, Inc.		103		23,760
Westrock Co.		657		23,100
Pentair plc		425		19,116
A O Smith Corp.		328		18,775
Sealed Air Corp.		374		18,655
Generac Holdings, Inc.*		164		16,508
Mohawk Industries, Inc.*		136		13,902
Total Industrial				7,011,238
Energy - 5.2%
Exxon Mobil Corp.		10,636		1,173,151
Chevron Corp.		4,594		824,577
ConocoPhillips		3,218		379,724
EOG Resources, Inc.		1,517		196,482
Schlumberger Ltd.		3,662		195,770
Marathon Petroleum Corp.		1,210		140,832

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 95.9% (continued)
Energy - 5.2% (continued)
Pioneer Natural Resources Co.		614	$	140,231
Phillips 66		1,221		127,082
Valero Energy Corp.		996		126,353
Occidental Petroleum Corp.		1,878		118,295
Devon Energy Corp.		1,688		103,829
Williams Companies, Inc.		3,146		103,503
Hess Corp.		717		101,685
Enphase Energy, Inc.*		351		93,001
Kinder Morgan, Inc.		5,108		92,353
Halliburton Co.		2,345		92,276
Baker Hughes Co.		2,586		76,365
ONEOK, Inc.		1,154		75,818
Diamondback Energy, Inc.		455		62,235
Coterra Energy, Inc. — Class A		2,036		50,024
Marathon Oil Corp.		1,640		44,395
Targa Resources Corp.		585		42,997
SolarEdge Technologies, Inc.*		144		40,791
APA Corp.		830		38,744
First Solar, Inc.*		256		38,346
Equities Corp.		948		32,071
Total Energy				4,510,930
Utilities - 3.1%
NextEra Energy, Inc.		5,132		429,035
Duke Energy Corp.		1,989		204,847
Southern Co.		2,812		200,805
Dominion Energy, Inc.		2,152		131,961
American Electric Power Company, Inc.		1,327		125,999
Sempra Energy		812		125,486
Exelon Corp.		2,566		110,928
Xcel Energy, Inc.		1,413		99,065
Consolidated Edison, Inc.		916		87,304
Public Service Enterprise Group, Inc.		1,289		78,977
WEC Energy Group, Inc.		815		76,414
Eversource Energy		900		75,456
Constellation Energy Corp.		845		72,847
American Water Works Company, Inc.		470		71,637
PG&E Corp.*		4,158		67,609
Edison International		986		62,729
Ameren Corp.		668		59,399
Entergy Corp.		526		59,175
FirstEnergy Corp.		1,403		58,842
DTE Energy Co.		500		58,765
PPL Corp.		1,902		55,576
AES Corp.		1,725		49,611
CenterPoint Energy, Inc.		1,626		48,764
CMS Energy Corp.		750		47,498
Atmos Energy Corp.		361		40,457
Evergy, Inc.		593		37,318
Alliant Energy Corp.		648		35,776
NiSource, Inc.		1,049		28,764
Pinnacle West Capital Corp.		292		22,204
NRG Energy, Inc.		595		18,933
Total Utilities				2,642,181
Basic Materials - 2.1%
Linde plc		1,277		416,532
Air Products and Chemicals, Inc.		573		176,633
Sherwin-Williams Co.		609		144,534
Freeport-McMoRan, Inc.		3,691		140,258
Newmont Corp.		2,050		96,760
Ecolab, Inc.		640		93,158
Dow, Inc.		1,818		91,609
DuPont de Nemours, Inc.		1,283		88,052
Nucor Corp.		663		87,390
PPG Industries, Inc.		607		76,324
International Flavors & Fragrances, Inc.		658		68,985
Albemarle Corp.		303		65,709
LyondellBasell Industries N.V. — Class A		656		54,468
CF Industries Holdings, Inc.		507		43,196
Steel Dynamics, Inc.		431		42,109
FMC Corp.		325		40,560
Mosaic Co.		879		38,562
International Paper Co.		919		31,825
Celanese Corp. — Class A		258		26,378
Eastman Chemical Co.		310		25,246
Total Basic Materials				1,848,288
Total Common Stocks
(Cost $59,229,705)				82,990,296
		Face Amount
U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
3.89% due 01/12/231,2		400,000		399,653
3.79% due 01/17/232		118,000		117,831
Total U.S. Treasury Bills
(Cost $517,321)				517,484

REPURCHASE AGREEMENTS††,3 - 4.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/231	2,281,596		2,281,596
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/231	877,537		877,537
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/231	874,819		874,819
Total Repurchase Agreements
(Cost $4,033,952)			4,033,952
Total Investments - 101.2%
(Cost $63,780,978)		$	87,541,732
Other Assets & Liabilities, net - (1.2)%			(1,027,986	)
Total Net Assets - 100.0%		$	86,513,746

S&P 500® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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††

Goldman Sachs International

S&P 500 Index

Pay

4.83% (Federal Funds Rate + 0.50%)

At Maturity

01/26/23

418

$

1,603,687

$

11,805

BNP Paribas

S&P 500 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

01/26/23

343

1,315,066

5,561

Barclays Bank plc

S&P 500 Index

Pay

4.75% (SOFR + 0.45%)

At Maturity

01/25/23

134

516,048

(16,725

)

$

3,434,801

$

641

^* 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 index swap collateral at December 31, 2022.

² Rate indicated is the effective yield at the time of purchase.

³ Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	82,990,296	$	—	$	—	$	82,990,296
U.S. Treasury Bills		—		517,484		—		517,484
Repurchase Agreements		—		4,033,952		—		4,033,952
Equity Index Swap Agreements**		—		17,366		—		17,366
Total Assets	$	82,990,296	$	4,568,802	$	—	$	87,559,098

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	16,725	$	—	$	16,725

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

S&P 500® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.4%
Energy - 33.3%
APA Corp.		15,172	$	708,229
Targa Resources Corp.		9,183		674,951
Diamondback Energy, Inc.		4,906		671,043
Coterra Energy, Inc. — Class A		26,269		645,429
ConocoPhillips		4,805		566,990
Pioneer Natural Resources Co.		2,474		565,037
Equities Corp.		15,951		539,622
Enphase Energy, Inc.*		1,940		514,022
Marathon Oil Corp.		17,367		470,125
ONEOK, Inc.		6,955		456,943
EOG Resources, Inc.		3,526		456,688
Occidental Petroleum Corp.		7,101		447,292
Hess Corp.		3,037		430,707
Devon Energy Corp.		6,501		399,877
Exxon Mobil Corp.		3,586		395,536
Chevron Corp.		2,166		388,775
Williams Companies, Inc.		8,778		288,796
SolarEdge Technologies, Inc.*		933		264,291
Total Energy				8,884,353
Consumer, Non-cyclical - 25.7%
Vertex Pharmaceuticals, Inc.*		1,950		563,121
Regeneron Pharmaceuticals, Inc.*		777		560,598
Molina Healthcare, Inc.*		1,315		434,239
Pfizer, Inc.		7,360		377,127
Elevance Health, Inc.		727		372,929
Moderna, Inc.*		2,054		368,940
Incyte Corp.*		4,241		340,637
AbbVie, Inc.		2,041		329,846
Danaher Corp.		1,214		322,220
Monster Beverage Corp.*		3,062		310,885
Eli Lilly & Co.		799		292,306
Bristol-Myers Squibb Co.		3,934		283,051
Quanta Services, Inc.		1,932		275,310
Hologic, Inc.*		3,550		265,575
Merck & Company, Inc.		2,289		253,965
UnitedHealth Group, Inc.		453		240,172
Rollins, Inc.		6,560		239,702
Hershey Co.		1,002		232,033
Thermo Fisher Scientific, Inc.		410		225,783
Amgen, Inc.		774		203,283
Gilead Sciences, Inc.		2,341		200,975
Dexcom, Inc.*		1,646		186,393
Total Consumer, Non-cyclical				6,879,090
Basic Materials - 11.8%
Mosaic Co.		15,200		666,824
Steel Dynamics, Inc.		6,795		663,872
Nucor Corp.		4,703		619,902
CF Industries Holdings, Inc.		6,744		574,589
Freeport-McMoRan, Inc.		6,576		249,888
FMC Corp.		1,833		228,759
Albemarle Corp.		726		157,440
Total Basic Materials				3,161,274
Technology - 9.0%
KLA Corp.		1,077		406,061
Fortinet, Inc.*		6,022		294,415
Lam Research Corp.		651		273,615
Apple, Inc.		2,044		265,577
PTC, Inc.*		2,188		262,648
Monolithic Power Systems, Inc.		691		244,345
Jack Henry & Associates, Inc.		1,322		232,090
ON Semiconductor Corp.*		3,620		225,780
QUALCOMM, Inc.		1,845		202,839
Total Technology				2,407,370
Consumer, Cyclical - 8.4%
AutoZone, Inc.*		184		453,777
O'Reilly Automotive, Inc.*		510		430,455
Tractor Supply Co.		1,389		312,483
Dollar General Corp.		1,190		293,038
WW Grainger, Inc.		496		275,900
Dollar Tree, Inc.*		1,748		247,237
Ulta Beauty, Inc.*		484		227,030
Total Consumer, Cyclical				2,239,920
Financial - 5.0%
Arch Capital Group Ltd.*		5,193		326,016
W R Berkley Corp.		4,056		294,344
Raymond James Financial, Inc.		2,641		282,191
Progressive Corp.		1,825		236,721
Ameriprise Financial, Inc.		620		193,049
Total Financial				1,332,321
Industrial - 3.4%
Expeditors International of Washington, Inc.		3,911		406,431
Deere & Co.		620		265,831
J.B. Hunt Transport Services, Inc.		1,373		239,397
Total Industrial				911,659
Utilities - 1.9%
PG&E Corp.*		31,843		517,767
Communications - 0.9%
Arista Networks, Inc.*		2,052		249,010
Total Common Stocks
(Cost $24,343,918)				26,582,764

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	116,212		116,212
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		44,697		44,697
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		44,558		44,558
Total Repurchase Agreements
(Cost $205,467)				205,467
Total Investments - 100.2%
(Cost $24,549,385)			$	26,788,231
Other Assets & Liabilities, net - (0.2)%				(65,880	)
Total Net Assets - 100.0%			$	26,722,351

*	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.

S&P 500® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	26,582,764	$	—	$	—	$	26,582,764
Repurchase Agreements		—		205,467		—		205,467
Total Assets	$	26,582,764	$	205,467	$	—	$	26,788,231

S&P 500® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.4%
Financial - 23.5%
Citigroup, Inc.		29,037	$	1,313,344
Berkshire Hathaway, Inc. — Class B*		3,165		977,668
Capital One Financial Corp.		10,505		976,545
Invesco Ltd.		53,784		967,574
American International Group, Inc.		14,199		897,945
Loews Corp.		15,211		887,258
Assurant, Inc.		5,237		654,939
Citizens Financial Group, Inc.		16,467		648,306
Vornado Realty Trust REIT		30,699		638,846
SVB Financial Group*		2,685		617,926
Lincoln National Corp.		19,472		598,180
Franklin Resources, Inc.		22,523		594,157
Bank of New York Mellon Corp.		12,926		588,392
Signature Bank		4,685		539,806
Truist Financial Corp.		11,835		509,260
Wells Fargo & Co.		11,812		487,717
State Street Corp.		6,039		468,445
Prudential Financial, Inc.		4,678		465,274
Allstate Corp.		3,355		454,938
Synchrony Financial		13,045		428,658
Hartford Financial Services Group, Inc.		5,327		403,946
Goldman Sachs Group, Inc.		1,164		399,694
Bank of America Corp.		11,599		384,159
CBRE Group, Inc. — Class A*		4,962		381,876
MetLife, Inc.		5,003		362,067
M&T Bank Corp.		2,169		314,635
Total Financial				15,961,555
Consumer, Cyclical - 20.5%
General Motors Co.		45,045		1,515,314
Walgreens Boots Alliance, Inc.		38,258		1,429,319
Ford Motor Co.		107,413		1,249,213
CarMax, Inc.*		20,101		1,223,950
Whirlpool Corp.		7,044		996,444
PulteGroup, Inc.		21,630		984,814
Lennar Corp. — Class A		10,799		977,309
Best Buy Company, Inc.		11,773		944,312
Newell Brands, Inc.		72,088		942,911
United Airlines Holdings, Inc.*		20,876		787,025
BorgWarner, Inc.		19,355		779,039
Alaska Air Group, Inc.*		15,543		667,417
American Airlines Group, Inc.*		47,711		606,884
Delta Air Lines, Inc.*		15,977		525,004
Southwest Airlines Co.		9,134		307,542
Total Consumer, Cyclical				13,936,497
Consumer, Non-cyclical - 15.1%
Viatris, Inc.		120,611		1,342,401
Tyson Foods, Inc. — Class A		20,283		1,262,617
Centene Corp.*		13,242		1,085,976
Kroger Co.		23,338		1,040,408
CVS Health Corp.		9,913		923,793
Molson Coors Beverage Co. — Class B		16,749		862,909
AmerisourceBergen Corp. — Class A		5,195		860,863
Universal Health Services, Inc. — Class B		5,303		747,140
Cardinal Health, Inc.		9,705		746,023
Kraft Heinz Co.		15,567		633,732
DaVita, Inc.*		4,945		369,243
Global Payments, Inc.		3,497		347,322
Total Consumer, Non-cyclical				10,222,427
Communications - 13.8%
Lumen Technologies, Inc.*		423,317		2,209,714
Paramount Global — Class B		113,201		1,910,833
DISH Network Corp. — Class A*		130,435		1,831,307
Warner Bros Discovery, Inc.*		110,841		1,050,773
AT&T, Inc.		45,163		831,451
News Corp. — Class A		24,814		451,615
Verizon Communications, Inc.		11,102		437,419
Fox Corp. — Class A		10,688		324,595
News Corp. — Class B		7,683		141,674
Fox Corp. — Class B		4,924		140,088
Total Communications				9,329,469
Technology - 7.9%
DXC Technology Co.*		43,312		1,147,768
Hewlett Packard Enterprise Co.		66,277		1,057,781
Western Digital Corp.*		31,918		1,007,013
Fidelity National Information Services, Inc.		10,521		713,850
Intel Corp.		18,434		487,210
HP, Inc.		17,905		481,107
Micron Technology, Inc.		8,908		445,222
Total Technology				5,339,951
Industrial - 6.9%
Westrock Co.		44,350		1,559,346
Mohawk Industries, Inc.*		14,036		1,434,760
FedEx Corp.		5,277		913,976
Stanley Black & Decker, Inc.		10,033		753,679
Total Industrial				4,661,761
Basic Materials - 5.4%
International Paper Co.		25,691		889,679
LyondellBasell Industries N.V. — Class A		10,196		846,574
Dow, Inc.		14,646		738,012
Eastman Chemical Co.		5,588		455,087
Celanese Corp. — Class A		3,582		366,224
DuPont de Nemours, Inc.		4,978		341,640
Total Basic Materials				3,637,216
Energy - 4.5%
Phillips 66		13,582		1,413,615
Valero Energy Corp.		10,269		1,302,725
Kinder Morgan, Inc.		20,158		364,456
Total Energy				3,080,796
Utilities - 1.8%
Exelon Corp.		11,719		506,612
Pinnacle West Capital Corp.		5,020		381,721
Evergy, Inc.		5,423		341,270
Total Utilities				1,229,603
Total Common Stocks
(Cost $66,086,499)				67,399,275

S&P 500® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	223,689	$	223,689
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		86,034		86,034
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		85,768		85,768
Total Repurchase Agreements
(Cost $395,491)				395,491
Total Investments - 100.0%
(Cost $66,481,990)			$	67,794,766
Other Assets & Liabilities, net - 0.0%				(12,859	)
Total Net Assets - 100.0%			$	67,781,907

*	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.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	67,399,275	$	—	$	—	$	67,399,275
Repurchase Agreements		—		395,491		—		395,491
Total Assets	$	67,399,275	$	395,491	$	—	$	67,794,766

S&P MidCap 400® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Non-cyclical - 25.0%
Halozyme Therapeutics, Inc.*		15,231	$	866,644
Celsius Holdings, Inc.*		7,535		783,941
Neurocrine Biosciences, Inc.*		6,464		772,060
Shockwave Medical, Inc.*		3,726		766,103
Grand Canyon Education, Inc.*		5,597		591,379
Darling Ingredients, Inc.*		8,420		527,008
Inari Medical, Inc.*		8,049		511,594
Avis Budget Group, Inc.*		2,864		469,495
Medpace Holdings, Inc.*		2,207		468,789
Jazz Pharmaceuticals plc*		2,838		452,122
Option Care Health, Inc.*		13,243		398,482
H&R Block, Inc.		9,560		349,036
Lantheus Holdings, Inc.*		6,555		334,043
FTI Consulting, Inc.*		2,047		325,064
Repligen Corp.*		1,840		311,530
Lancaster Colony Corp.		1,569		309,564
Service Corporation International		4,461		308,433
United Therapeutics Corp.*		1,083		301,171
WEX, Inc.*		1,747		285,897
Exelixis, Inc.*		16,992		272,552
Paylocity Holding Corp.*		1,384		268,856
HealthEquity, Inc.*		3,766		232,136
Total Consumer, Non-cyclical				9,905,899
Energy - 20.5%
PBF Energy, Inc. — Class A		29,594		1,206,843
Antero Resources Corp.*		31,515		976,650
PDC Energy, Inc.		14,838		941,916
Matador Resources Co.		15,935		912,119
Range Resources Corp.		33,486		837,820
Southwestern Energy Co.*		127,896		748,192
CNX Resources Corp.*		42,197		710,598
Murphy Oil Corp.		15,718		676,031
DT Midstream, Inc.		11,946		660,136
NOV, Inc.		21,188		442,617
Total Energy				8,112,922
Industrial - 14.6%
Builders FirstSource, Inc.*		11,072		718,351
Louisiana-Pacific Corp.		11,018		652,266
Axon Enterprise, Inc.*		3,566		591,707
Landstar System, Inc.		3,383		551,091
Valmont Industries, Inc.		1,538		508,570
Silgan Holdings, Inc.		8,300		430,272
Clean Harbors, Inc.*		3,415		389,720
Simpson Manufacturing Company, Inc.		4,113		364,658
EMCOR Group, Inc.		2,349		347,910
Belden, Inc.		4,773		343,179
Carlisle Companies, Inc.		1,445		340,514
Eagle Materials, Inc.		2,173		288,683
Toro Co.		2,484		281,189
Total Industrial				5,808,110
Financial - 10.3%
Annaly Capital Management, Inc. REIT		51,915		1,094,368
Kinsale Capital Group, Inc.		2,983		780,114
RLI Corp.		5,453		715,816
Jefferies Financial Group, Inc.		18,567		636,477
SLM Corp.		35,914		596,172
Selective Insurance Group, Inc.		3,023		267,868
Total Financial				4,090,815
Consumer, Cyclical - 9.6%
Murphy USA, Inc.		3,065		856,790
Casey's General Stores, Inc.		2,477		555,715
Tempur Sealy International, Inc.		13,580		466,201
Texas Roadhouse, Inc. — Class A		4,120		374,714
Crocs, Inc.*		3,240		351,313
Deckers Outdoor Corp.*		862		344,076
Wingstop, Inc.		2,313		318,315
FirstCash Holdings, Inc.		3,481		302,534
Visteon Corp.*		1,848		241,774
Total Consumer, Cyclical				3,811,432
Technology - 6.2%
Amkor Technology, Inc.		24,228		580,987
Cirrus Logic, Inc.*		5,620		418,578
Concentrix Corp.		3,115		414,793
ExlService Holdings, Inc.*		2,389		404,768
Fair Isaac Corp.*		588		351,965
KBR, Inc.		5,742		303,178
Total Technology				2,474,269
Basic Materials - 6.2%
Westlake Corp.		6,803		697,580
Reliance Steel & Aluminum Co.		3,205		648,820
Olin Corp.		7,464		395,144
MP Materials Corp.*		14,849		360,534
Cabot Corp.		5,222		349,038
Total Basic Materials				2,451,116
Communications - 3.7%
Nexstar Media Group, Inc. — Class A		4,305		753,504
World Wrestling Entertainment, Inc. — Class A		6,028		413,039
Calix, Inc.*		4,573		312,930
Total Communications				1,479,473
Utilities - 3.4%
Essential Utilities, Inc.		11,237		536,342
OGE Energy Corp.		10,183		402,738
ONE Gas, Inc.		5,158		390,564
Total Utilities				1,329,644
Total Common Stocks
(Cost $36,646,358)				39,463,680

S&P MidCap 400® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	130,679	$	130,679
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		50,261		50,261
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		50,106		50,106
Total Repurchase Agreements
(Cost $231,046)				231,046
Total Investments - 100.1%
(Cost $36,877,404)			$	39,694,726
Other Assets & Liabilities, net - (0.1)%				(36,256	)
Total Net Assets - 100.0%			$	39,658,470

*	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.

S&P MidCap 400® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	39,463,680	$	—	$	—	$	39,463,680
Repurchase Agreements		—		231,046		—		231,046
Total Assets	$	39,463,680	$	231,046	$	—	$	39,694,726

S&P MidCap 400® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.4%
Consumer, Cyclical - 34.7%
Goodyear Tire & Rubber Co.*		71,885	$	729,633
Taylor Morrison Home Corp. — Class A*		20,850		632,797
KB Home		19,302		614,769
Kohl's Corp.		22,506		568,276
PVH Corp.		7,362		519,684
Thor Industries, Inc.		6,455		487,288
JetBlue Airways Corp.*		74,229		481,004
Lithia Motors, Inc. — Class A		2,309		472,745
Foot Locker, Inc.		12,288		464,364
Macy's, Inc.		19,338		399,330
Toll Brothers, Inc.		7,983		398,511
Adient plc*		10,827		375,588
Dana, Inc.		24,609		372,334
Univar Solutions, Inc.*		9,552		303,754
Gap, Inc.		26,162		295,107
Hanesbrands, Inc.		46,356		294,824
Nordstrom, Inc.		16,973		273,944
Lear Corp.		1,983		245,932
Topgolf Callaway Brands Corp.*		10,236		202,161
Skechers USA, Inc. — Class A*		3,014		126,437
Total Consumer, Cyclical				8,258,482
Financial - 22.9%
Brighthouse Financial, Inc.*		12,364		633,902
Park Hotels & Resorts, Inc. REIT		30,811		363,262
Navient Corp.		21,283		350,105
Unum Group		8,358		342,929
New York Community Bancorp, Inc.		33,004		283,834
Jones Lang LaSalle, Inc.*		1,743		277,782
SL Green Realty Corp. REIT		7,551		254,620
First American Financial Corp.		4,674		244,637
Pebblebrook Hotel Trust REIT		18,238		244,207
Old Republic International Corp.		8,415		203,222
PacWest Bancorp		8,401		192,803
Cousins Properties, Inc. REIT		7,383		186,716
MGIC Investment Corp.		14,233		185,029
Janus Henderson Group plc		7,724		181,669
Medical Properties Trust, Inc. REIT		16,080		179,131
JBG SMITH Properties REIT		8,457		160,514
Kemper Corp.		3,159		155,423
CNO Financial Group, Inc.		6,653		152,021
Essent Group Ltd.		3,893		151,360
FNB Corp.		11,378		148,483
Associated Banc-Corp.		6,368		147,037
Reinsurance Group of America, Inc. — Class A		1,007		143,085
Kilroy Realty Corp. REIT		3,642		140,836
Sabra Health Care REIT, Inc.		9,508		118,184
Total Financial				5,440,791
Industrial - 16.4%
Avnet, Inc.		13,400		557,172
Arrow Electronics, Inc.*		4,824		504,446
TD SYNNEX Corp.		5,059		479,138
Ryder System, Inc.		4,454		372,221
XPO, Inc.*		10,883		362,295
Enovis Corp.*		6,054		324,010
Jabil, Inc.		4,681		319,244
RXO, Inc.*		15,716		270,315
Fluor Corp.*		6,700		232,222
Greif, Inc. — Class A		3,121		209,294
Coherent Corp.*		4,712		165,391
Vishay Intertechnology, Inc.		5,569		120,124
Total Industrial				3,915,872
Consumer, Non-cyclical - 11.0%
ManpowerGroup, Inc.		4,867		404,983
Tenet Healthcare Corp.*		7,536		367,681
Graham Holdings Co. — Class B		596		360,109
Syneos Health, Inc.*		9,645		353,779
Pilgrim's Pride Corp.*		14,487		343,777
Perrigo Company plc		6,978		237,880
Patterson Companies, Inc.		7,878		220,820
GXO Logistics, Inc.*		4,277		182,585
Post Holdings, Inc.*		1,554		140,264
Total Consumer, Non-cyclical				2,611,878
Basic Materials - 6.9%
United States Steel Corp.		28,727		719,611
Cleveland-Cliffs, Inc.*		35,585		573,275
Avient Corp.		5,708		192,702
Alcoa Corp.		3,473		157,917
Total Basic Materials				1,643,505
Technology - 4.6%
Xerox Holdings Corp.		26,978		393,879
NCR Corp.*		13,431		314,420
Kyndryl Holdings, Inc.*		21,542		239,547
MKS Instruments, Inc.		1,828		154,886
Total Technology				1,102,732
Communications - 1.5%
Viasat, Inc.*		6,864		217,246
Frontier Communications Parent, Inc.*		5,571		141,949
Total Communications				359,195
Utilities - 1.4%
UGI Corp.		5,247		194,507
Southwest Gas Holdings, Inc.		2,173		134,465
Total Utilities				328,972
Total Common Stocks
(Cost $23,011,459)				23,661,427

S&P MidCap 400® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	99,062	$	99,062
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		38,101		38,101
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		37,982		37,982
Total Repurchase Agreements
(Cost $175,145)				175,145
Total Investments - 100.1%
(Cost $23,186,604)			$	23,836,572
Other Assets & Liabilities, net - (0.1)%				(19,084	)
Total Net Assets - 100.0%			$	23,817,488

*	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, 2022 (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	$	23,661,427	$	—	$	—	$	23,661,427
Repurchase Agreements		—		175,145		—		175,145
Total Assets	$	23,661,427	$	175,145	$	—	$	23,836,572

S&P SmallCap 600® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Non-cyclical - 28.2%
iTeos Therapeutics, Inc.*		15,089	$	294,688
Vir Biotechnology, Inc.*		10,834		274,209
Catalyst Pharmaceuticals, Inc.*		13,148		244,553
Cytokinetics, Inc.*		4,577		209,718
Cross Country Healthcare, Inc.*		7,834		208,149
Zynex, Inc.		12,938		179,968
Dynavax Technologies Corp.*		15,753		167,612
AMN Healthcare Services, Inc.*		1,611		165,643
Cal-Maine Foods, Inc.		2,867		156,108
Meridian Bioscience, Inc.*		4,649		154,393
Ensign Group, Inc.		1,490		140,969
Adtalem Global Education, Inc.*		3,953		140,332
elf Beauty, Inc.*		2,447		135,319
Simply Good Foods Co.*		3,458		131,508
MGP Ingredients, Inc.		1,199		127,550
Innoviva, Inc.*		9,588		127,041
REGENXBIO, Inc.*		5,585		126,668
uniQure N.V.*		4,959		112,421
Amphastar Pharmaceuticals, Inc.*		3,982		111,576
AdaptHealth Corp.*		5,243		100,770
Supernus Pharmaceuticals, Inc.*		2,824		100,732
Corcept Therapeutics, Inc.*		4,914		99,803
Tootsie Roll Industries, Inc.		2,220		94,505
Stride, Inc.*		2,757		86,239
Medifast, Inc.		700		80,745
Arcus Biosciences, Inc.*		3,355		69,381
Collegium Pharmaceutical, Inc.*		2,836		65,795
Hostess Brands, Inc.*		2,832		63,550
Xencor, Inc.*		2,262		58,902
Addus HomeCare Corp.*		582		57,903
Pacira BioSciences, Inc.*		1,244		48,031
Ligand Pharmaceuticals, Inc.*,††		107		–
Ligand Pharmaceuticals, Inc.*,††		107		–
Total Consumer, Non-cyclical				4,134,781
Industrial - 19.9%
Encore Wire Corp.		1,430		196,711
Matson, Inc.		3,095		193,468
Boise Cascade Co.		2,624		180,190
Dorian LPG Ltd.		9,257		175,420
Advanced Energy Industries, Inc.		1,984		170,187
UFP Industries, Inc.		2,005		158,896
Mueller Industries, Inc.		2,427		143,193
Comfort Systems USA, Inc.		1,208		139,017
Lindsay Corp.		836		136,143
PGT Innovations, Inc.*		6,814		122,380
Myers Industries, Inc.		5,494		122,132
Forward Air Corp.		1,127		118,211
Marten Transport Ltd.		5,961		117,909
Fabrinet*		861		110,397
AAON, Inc.		1,453		109,440
NV5 Global, Inc.*		663		87,728
Plexus Corp.*		844		86,873
EnPro Industries, Inc.		749		81,409
Applied Industrial Technologies, Inc.		612		77,130
CTS Corp.		1,779		70,128
Badger Meter, Inc.		629		68,580
Aerojet Rocketdyne Holdings, Inc.*		1,148		64,208
Hillenbrand, Inc.		1,475		62,938
Franklin Electric Company, Inc.		786		62,683
AeroVironment, Inc.*		700		59,962
Total Industrial				2,915,333
Financial - 16.4%
ARMOUR Residential REIT, Inc.		41,411		233,144
StoneX Group, Inc.*		2,103		200,416
Mr Cooper Group, Inc.*		4,849		194,591
OFG Bancorp		5,730		157,919
St. Joe Co.		3,190		123,294
Hanmi Financial Corp.		4,903		121,349
Piper Sandler Cos.		928		120,816
Blucora, Inc.*		4,493		114,706
First BanCorp		8,884		113,004
Marcus & Millichap, Inc.		2,890		99,560
Palomar Holdings, Inc.*		2,120		95,739
Dime Community Bancshares, Inc.		2,956		94,089
Stellar Bancorp, Inc.		3,117		91,827
Preferred Bank/Los Angeles CA		1,228		91,633
BancFirst Corp.		970		85,535
NBT Bancorp, Inc.		1,921		83,410
City Holding Co.		784		72,983
ServisFirst Bancshares, Inc.		969		66,774
Heritage Financial Corp.		2,169		66,458
Bancorp, Inc.*		2,291		65,019
CVB Financial Corp.		2,135		54,976
Banner Corp.		860		54,352
Total Financial				2,401,594
Technology - 10.8%
Axcelis Technologies, Inc.*		2,876		228,239
Rambus, Inc.*		4,831		173,047
Kulicke & Soffa Industries, Inc.		3,206		141,898
Photronics, Inc.*		8,239		138,662
Alpha & Omega Semiconductor Ltd.*		3,959		113,109
Agilysys, Inc.*		1,113		88,083
Progress Software Corp.		1,650		83,242
Diodes, Inc.*		1,015		77,282
Digi International, Inc.*		2,114		77,267
Veradigm, Inc.*		4,309		76,011
Onto Innovation, Inc.*		1,059		72,107
NextGen Healthcare, Inc.*		3,468		65,129
MaxLinear, Inc. — Class A*		1,915		65,014
Veeco Instruments, Inc.*		3,499		65,011
NetScout Systems, Inc.*		1,707		55,495
SPS Commerce, Inc.*		424		54,454
Total Technology				1,574,050
Energy - 8.0%
SM Energy Co.		6,714		233,849
REX American Resources Corp.*		7,315		233,056
Civitas Resources, Inc.		3,831		221,930
Laredo Petroleum, Inc.*		3,842		197,556
Ranger Oil Corp. — Class A		3,359		135,804
CONSOL Energy, Inc.		1,165		75,725
RPC, Inc.		7,963		70,791
Total Energy				1,168,711

S&P SmallCap 600® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.5% (continued)
Consumer, Cyclical - 6.9%
Green Brick Partners, Inc.*		7,106	$	172,178
Monarch Casino & Resort, Inc.*		2,089		160,623
Titan International, Inc.*		9,730		149,064
XPEL, Inc.*		2,052		123,243
Jack in the Box, Inc.		1,728		117,901
Cavco Industries, Inc.*		496		112,220
Ethan Allen Interiors, Inc.		3,388		89,511
Sun Country Airlines Holdings, Inc.*		5,588		88,626
Total Consumer, Cyclical				1,013,366
Communications - 4.5%
Clearfield, Inc.*		2,124		199,954
ATN International, Inc.		2,923		132,441
Cars.com, Inc.*		7,550		103,963
Harmonic, Inc.*		7,889		103,346
A10 Networks, Inc.		3,521		58,554
Extreme Networks, Inc.*		3,061		56,047
Total Communications				654,305
Basic Materials - 3.4%
Hawkins, Inc.		3,767		145,406
Kaiser Aluminum Corp.		1,626		123,511
American Vanguard Corp.		4,197		91,117
Innospec, Inc.		764		78,585
Livent Corp.*		2,816		55,954
Total Basic Materials				494,573
Utilities - 1.4%
SJW Group		891		72,340
South Jersey Industries, Inc.		1,955		69,461
Unitil Corp.		1,294		66,460
Total Utilities				208,261
Total Common Stocks
(Cost $14,297,765)				14,564,974
WARRANTS† - 0.0%
Triumph Group, Inc.
Expiring 12/19/23*		—		—
Total Warrants
(Cost $ — )				—

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	64,410		64,410
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		24,773		24,773
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		24,696		24,696
Total Repurchase Agreements
(Cost $113,879)				113,879
Total Investments - 100.3%
(Cost $14,411,644)			$	14,678,853
Other Assets & Liabilities, net - (0.3)%				(41,494	)
Total Net Assets - 100.0%			$	14,637,359

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — 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.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	14,564,974			$ — *	$	—	$	14,564,974
Warrants		—	*		—		—		—
Repurchase Agreements		—			113,879		—		113,879
Total Assets	$	14,564,974		$	113,879	$	—	$	14,678,853

* Security has a market value of $0.

S&P SmallCap 600® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.9%
Consumer, Cyclical - 34.8%
M/I Homes, Inc.*		2,341	$	108,107
G-III Apparel Group Ltd.*		7,377		101,139
SkyWest, Inc.*		5,778		95,395
Century Communities, Inc.		1,807		90,368
World Fuel Services Corp.		2,898		79,202
Tri Pointe Homes, Inc.*		4,223		78,506
Big Lots, Inc.		5,315		78,131
MDC Holdings, Inc.		2,470		78,052
America's Car-Mart, Inc.*		1,073		77,535
MarineMax, Inc.*		2,452		76,551
ScanSource, Inc.*		2,589		75,650
Motorcar Parts of America, Inc.*		5,977		70,887
Resideo Technologies, Inc.*		4,288		70,538
Patrick Industries, Inc.		1,151		69,751
Genesco, Inc.*		1,481		68,156
Wolverine World Wide, Inc.		5,807		63,470
Meritage Homes Corp.*		682		62,880
Group 1 Automotive, Inc.		345		62,228
ODP Corp.*		1,219		55,513
Sonic Automotive, Inc. — Class A		1,106		54,493
Abercrombie & Fitch Co. — Class A*		2,350		53,838
MillerKnoll, Inc.		2,459		51,664
Children's Place, Inc.*		1,328		48,366
Caleres, Inc.		1,985		44,226
Zumiez, Inc.*		1,937		42,110
Veritiv Corp.		332		40,408
Universal Electronics, Inc.*		1,843		38,353
La-Z-Boy, Inc.		1,662		37,927
Designer Brands, Inc. — Class A		3,816		37,320
Sally Beauty Holdings, Inc.*		2,938		36,784
GMS, Inc.*		723		36,005
Signet Jewelers Ltd.		505		34,340
American Axle & Manufacturing Holdings, Inc.*		4,288		33,532
Shoe Carnival, Inc.		1,374		32,852
KAR Auction Services, Inc.*		2,086		27,222
American Eagle Outfitters, Inc.*		1,948		27,194
PC Connection, Inc.		571		26,780
Urban Outfitters, Inc.*		1,082		25,806
Chico's FAS, Inc.*		5,168		25,427
Guess?, Inc.1		1,223		25,304
Interface, Inc. — Class A		2,490		24,576
Standard Motor Products, Inc.		677		23,560
Sleep Number Corp.*		890		23,122
HNI Corp.		808		22,972
Allegiant Travel Co. — Class A*		314		21,349
Marcus Corp.		1,414		20,347
LGI Homes, Inc.*		190		17,594
El Pollo Loco Holdings, Inc.		1,669		16,623
Hawaiian Holdings, Inc.*		1,573		16,139
Total Consumer, Cyclical				2,428,292
Consumer, Non-cyclical - 18.0%
Kelly Services, Inc. — Class A		6,354		107,383
Aaron's Company, Inc.		8,255		98,647
Fresh Del Monte Produce, Inc.		3,427		89,753
Enhabit, Inc.*		6,242		82,145
Emergent BioSolutions, Inc.*		6,874		81,182
Zimvie, Inc.*		8,354		78,026
Seneca Foods Corp. — Class A*		1,139		69,422
TrueBlue, Inc.*		3,015		59,034
United Natural Foods, Inc.*		1,468		56,827
SpartanNash Co.		1,758		53,162
Owens & Minor, Inc.*		2,660		51,950
Deluxe Corp.		2,972		50,464
GEO Group, Inc.*		3,681		40,307
Rent-A-Center, Inc.		1,773		39,981
PROG Holdings, Inc.*		2,275		38,425
B&G Foods, Inc.1		3,415		38,077
Universal Corp.		683		36,069
ABM Industries, Inc.		786		34,914
Heidrick & Struggles International, Inc.		1,196		33,452
CoreCivic, Inc.*		2,557		29,559
Organogenesis Holdings, Inc.*		9,029		24,288
Phibro Animal Health Corp. — Class A		1,780		23,870
Orthofix Medical, Inc.*		964		19,791
Green Dot Corp. — Class A*		1,221		19,316
Total Consumer, Non-cyclical				1,256,044
Financial - 17.6%
Genworth Financial, Inc. — Class A*		20,747		109,752
Anywhere Real Estate, Inc.*		14,512		92,732
Stewart Information Services Corp.		2,002		85,545
Douglas Elliman, Inc.		17,089		69,552
Cushman & Wakefield plc*		4,903		61,091
Hersha Hospitality Trust — Class A REIT		6,141		52,321
EZCORP, Inc. — Class A*		6,067		49,446
Bread Financial Holdings, Inc.		1,213		45,681
Franklin Street Properties Corp. REIT		15,188		41,463
Office Properties Income Trust REIT		2,999		40,037
Universal Insurance Holdings, Inc.		3,758		39,797
Hudson Pacific Properties, Inc. REIT		3,789		36,867
RE/MAX Holdings, Inc. — Class A		1,975		36,814
Ambac Financial Group, Inc.*		2,109		36,781
SiriusPoint Ltd.*		5,721		33,754
Encore Capital Group, Inc.*		661		31,688
World Acceptance Corp.*		456		30,069
Brandywine Realty Trust REIT		4,703		28,923
LendingTree, Inc.*		1,336		28,497
Apollo Commercial Real Estate Finance, Inc. REIT		2,533		27,255
United Fire Group, Inc.		942		25,773
HomeStreet, Inc.		830		22,891
Hope Bancorp, Inc.		1,776		22,751
Industrial Logistics Properties Trust REIT		6,789		22,200
Service Properties Trust REIT		2,927		21,338
ProAssurance Corp.		1,182		20,650
Hilltop Holdings, Inc.		667		20,017
Ready Capital Corp. REIT		1,721		19,172
iStar, Inc. REIT		2,450		18,694

S&P SmallCap 600® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.9% (continued)
Financial - 17.6% (continued)
Enova International, Inc.*		483	$	18,533
Orion Office REIT, Inc.		1,968		16,807
Granite Point Mortgage Trust, Inc. REIT		2,936		15,737
Total Financial				1,222,628
Industrial - 9.9%
Olympic Steel, Inc.		2,772		93,084
Benchmark Electronics, Inc.		2,265		60,453
DXP Enterprises, Inc.*		2,110		58,130
Greenbrier Companies, Inc.		1,604		53,782
Harsco Corp.*		8,351		52,528
Tredegar Corp.		4,623		47,247
Kaman Corp.		1,998		44,555
Comtech Telecommunications Corp.		3,649		44,299
American Woodmark Corp.*		877		42,850
ArcBest Corp.		552		38,662
TTM Technologies, Inc.*		2,185		32,950
Powell Industries, Inc.		903		31,768
Proto Labs, Inc.*		1,102		28,134
AZZ, Inc.		561		22,552
Ichor Holdings Ltd.*		774		20,759
Granite Construction, Inc.		575		20,165
Total Industrial				691,918
Basic Materials - 7.3%
Rayonier Advanced Materials, Inc.*		10,818		103,853
Mativ Holdings, Inc.		3,252		67,967
Clearwater Paper Corp.*		1,734		65,562
Century Aluminum Co.*		7,432		60,794
Arconic Corp.*		2,681		56,730
Trinseo plc		2,418		54,913
Koppers Holdings, Inc.		1,843		51,972
AdvanSix, Inc.		704		26,766
Minerals Technologies, Inc.		305		18,520
Total Basic Materials				507,077
Communications - 5.7%
Telephone & Data Systems, Inc.		9,581		100,505
AMC Networks, Inc. — Class A*		4,702		73,680
EW Scripps Co. — Class A*		4,997		65,911
Consolidated Communications Holdings, Inc.*		12,544		44,907
Gannett Company, Inc.*		17,638		35,805
NETGEAR, Inc.*		1,648		29,845
Thryv Holdings, Inc.*		1,570		29,830
Scholastic Corp.		480		18,941
Total Communications				399,424
Energy - 4.1%
Oil States International, Inc.*		8,672		64,693
SunCoke Energy, Inc.		7,024		60,617
Par Pacific Holdings, Inc.*		2,186		50,825
Bristow Group, Inc.*		1,636		44,385
Helix Energy Solutions Group, Inc.*		4,824		35,601
DMC Global, Inc.*		1,628		31,648
Total Energy				287,769
Technology - 2.5%
Ebix, Inc.		2,703		53,952
Insight Enterprises, Inc.*		434		43,517
Pitney Bowes, Inc.		6,867		26,095
Cerence, Inc.*		1,299		24,070
SMART Global Holdings, Inc.*		1,560		23,213
Total Technology				170,847
Total Common Stocks
(Cost $6,453,424)				6,963,999

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	15,413	15,413
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		5,928	5,928
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		5,909	5,909
Total Repurchase Agreements
(Cost $27,250)			27,250

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class X, 4.10%4	49,245		49,245
Total Securities Lending Collateral
(Cost $49,245)			49,245
Total Investments - 101.0%
(Cost $6,529,919)		$	7,040,494
Other Assets & Liabilities, net - (1.0)%			(69,798	)
Total Net Assets - 100.0%		$	6,970,696

^* 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, 2022 — 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, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

S&P SmallCap 600® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	6,963,999	$	—	$	—	$	6,963,999
Repurchase Agreements		—		27,250		—		27,250
Securities Lending Collateral		49,245		—		—		49,245
Total Assets	$	7,013,244	$	27,250	$	—	$	7,040,494

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 36.9%
Federal Home Loan Bank
3.84% due 01/13/231	$	2,000,000	$	1,997,812
4.05% due 01/27/231		1,000,000		997,252
Total Federal Agency Discount Notes
(Cost $2,994,415)				2,995,064

U.S. TREASURY BILLS†† - 3.5%
U.S. Treasury Bills
3.80% due 01/17/231,2	283,000	282,595
Total U.S. Treasury Bills
(Cost $282,512)		282,595

REPURCHASE AGREEMENTS††,3 - 60.1%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/234	2,752,372		2,752,372
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/234	1,058,604		1,058,604
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/234	1,055,326		1,055,326
Total Repurchase Agreements
(Cost $4,866,302)			4,866,302
Total Investments - 100.5%
(Cost $8,143,229)		$	8,143,961
Other Assets & Liabilities, net - (0.5)%			(44,040	)
Total Net Assets - 100.0%		$	8,099,921

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts	109	Mar 2023	$	11,256,430	$	(6,476	)

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

(Federal Funds Rate + 0.10%)

At Maturity

03/17/23

47,731

$

4,925,089

$

(44,442

)

^** 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 Rate indicated is the effective yield at the time of purchase.

² All or a portion of this security is pledged as futures collateral at December 31, 2022.

³ Repurchase Agreements — See Note 4.

⁴ All or a portion of this security is pledged as currency index swap collateral at December 31, 2022.

See Sector Classification in Other Information section.

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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
Federal Agency Discount Notes	$	—	$	2,995,064	$	—	$	2,995,064
U.S. Treasury Bills		—		282,595		—		282,595
Repurchase Agreements		—		4,866,302		—		4,866,302
Total Assets	$	—	$	8,143,961	$	—	$	8,143,961

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	6,476	$	—	$	—	$	6,476
Currency Index Swap Agreements**		—		44,442		—		44,442
Total Liabilities	$	6,476	$	44,442	$	—	$	50,918

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	670,883	$	–	$	(660,226	)	$	(16,479	)	$	5,822	$	–		–	$	4,423
Guggenheim Ultra Short Duration Fund — Institutional Class		569,935		–		(561,784	)		(16,573	)		8,422		–		–		2,552
	$	1,240,818	$	–	$	(1,222,010	)	$	(33,052	)	$	14,244	$	–			$	6,975

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 100.0%
Software - 35.6%
Microsoft Corp.		5,752	$	1,379,445
Oracle Corp.		6,092		497,960
Adobe, Inc.*		1,235		415,615
Salesforce, Inc.*		3,009		398,963
Intuit, Inc.		860		334,729
ServiceNow, Inc.*		752		291,979
Fiserv, Inc.*		2,638		266,623
Activision Blizzard, Inc.		3,335		255,294
VMware, Inc. — Class A*		1,965		241,223
Synopsys, Inc.*		718		229,250
Snowflake, Inc. — Class A*		1,578		226,506
Cadence Design Systems, Inc.*		1,369		219,916
Workday, Inc. — Class A*		1,269		212,342
Paychex, Inc.		1,823		210,666
Fidelity National Information Services, Inc.		3,091		209,724
Autodesk, Inc.*		1,094		204,436
Electronic Arts, Inc.		1,557		190,234
Atlassian Corp. — Class A*		1,426		183,498
Datadog, Inc. — Class A*		2,130		156,555
ANSYS, Inc.*		628		151,718
NetEase, Inc. ADR		2,048		148,746
Zoom Video Communications, Inc. — Class A*		2,124		143,880
Take-Two Interactive Software, Inc.*		1,374		143,075
ROBLOX Corp. — Class A*		4,611		131,229
Tyler Technologies, Inc.*		395		127,352
DocuSign, Inc.*		2,286		126,690
Broadridge Financial Solutions, Inc.		943		126,485
Coupa Software, Inc.*		1,592		126,039
HubSpot, Inc.*		433		125,193
Fair Isaac Corp.*		208		124,505
PTC, Inc.*		1,031		123,761
SS&C Technologies Holdings, Inc.		2,356		122,653
Splunk, Inc.*		1,420		122,248
Cloudflare, Inc. — Class A*		2,658		120,168
ZoomInfo Technologies, Inc. — Class A*		3,914		117,850
Palantir Technologies, Inc. — Class A*		18,310		117,550
Akamai Technologies, Inc.*		1,389		117,093
Jack Henry & Associates, Inc.		661		116,045
Dynatrace, Inc.*		2,912		111,530
MongoDB, Inc.*		565		111,215
Bill.com Holdings, Inc.*		1,008		109,832
Unity Software, Inc.*,1		3,749		107,184
Twilio, Inc. — Class A*		2,133		104,432
Ceridian HCM Holding, Inc.*		1,627		104,372
Dropbox, Inc. — Class A*		4,212		94,265
UiPath, Inc. — Class A*		7,082		90,012
Five9, Inc.*		1,071		72,678
Elastic N.V.*		1,400		72,100
RingCentral, Inc. — Class A*		1,718		60,817
Asana, Inc. — Class A*		3,894		53,620
MicroStrategy, Inc. — Class A*,1		254		35,959
Total Software				9,685,254
Semiconductors - 20.9%
NVIDIA Corp.		3,939		575,645
Broadcom, Inc.		912		509,927
Texas Instruments, Inc.		2,354		388,928
QUALCOMM, Inc.		3,185		350,159
Intel Corp.		12,629		333,784
Advanced Micro Devices, Inc.*		5,142		333,047
Analog Devices, Inc.		1,786		292,958
Applied Materials, Inc.		2,882		280,649
Taiwan Semiconductor Manufacturing Company Ltd. ADR		3,475		258,853
Lam Research Corp.		568		238,730
KLA Corp.		611		230,365
Micron Technology, Inc.		4,552		227,509
NXP Semiconductor N.V.		1,332		210,496
Microchip Technology, Inc.		2,771		194,663
ASML Holding N.V. — Class G		340		185,776
Marvell Technology, Inc.		4,866		180,237
ON Semiconductor Corp.*		2,541		158,482
Monolithic Power Systems, Inc.		366		129,421
Skyworks Solutions, Inc.		1,335		121,659
Teradyne, Inc.		1,315		114,865
Entegris, Inc.		1,537		100,812
Qorvo, Inc.*		1,045		94,719
Lattice Semiconductor Corp.*		1,423		92,324
Wolfspeed, Inc.*		1,246		86,024
Total Semiconductors				5,690,032
Computers - 13.4%
Apple, Inc.		11,033		1,433,518
International Business Machines Corp.		2,544		358,424
Accenture plc — Class A		903		240,956
Fortinet, Inc.*		3,990		195,071
Dell Technologies, Inc. — Class C		4,430		178,175
Cognizant Technology Solutions Corp. — Class A		3,103		177,461
HP, Inc.		6,219		167,104
Crowdstrike Holdings, Inc. — Class A*		1,542		162,357
Check Point Software Technologies Ltd.*		1,108		139,785
Infosys Ltd. ADR		7,700		138,677
Zscaler, Inc.*		1,189		133,049
NetApp, Inc.		1,937		116,336
Seagate Technology Holdings plc		1,977		104,010
Western Digital Corp.*		3,125		98,594
Total Computers				3,643,517
Internet - 13.0%
Alphabet, Inc. — Class A*		12,431		1,096,787
Meta Platforms, Inc. — Class A*		5,099		613,614
Palo Alto Networks, Inc.*		1,451		202,472
Baidu, Inc. ADR*		1,485		169,854
Shopify, Inc. — Class A*		4,748		164,803
CDW Corp.		889		158,758
VeriSign, Inc.*		766		157,367
Pinterest, Inc. — Class A*		5,905		143,373
Sea Ltd. ADR*		2,754		143,291
Snap, Inc. — Class A*		14,229		127,350
Gen Digital, Inc.		5,598		119,965
GoDaddy, Inc. — Class A*		1,517		113,502

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 100.0% (continued)
Internet - 13.0% (continued)
Match Group, Inc.*		2,726	$	113,102
Okta, Inc.*		1,655		113,086
F5, Inc.*		655		93,999
Total Internet				3,531,323
Diversified Financial Services - 4.8%
Visa, Inc. — Class A		3,361		698,281
Mastercard, Inc. — Class A		1,741		605,398
Total Diversified Financial Services				1,303,679
Commercial Services - 4.4%
Automatic Data Processing, Inc.		1,329		317,445
PayPal Holdings, Inc.*		4,047		288,227
Block, Inc. — Class A*		3,313		208,189
Global Payments, Inc.		1,741		172,916
FleetCor Technologies, Inc.*		668		122,698
Affirm Holdings, Inc.*		5,834		56,415
Marathon Digital Holdings, Inc.*,1		5,456		18,660
Total Commercial Services				1,184,550
Telecommunications - 3.4%
Cisco Systems, Inc.		9,504		452,770
Arista Networks, Inc.*		1,648		199,985
Corning, Inc.		5,244		167,493
Juniper Networks, Inc.		3,282		104,893
Total Telecommunications				925,141
Electronics - 1.9%
Amphenol Corp. — Class A		2,842		216,390
TE Connectivity Ltd.		1,686		193,553
Trimble, Inc.*		2,204		111,434
Total Electronics				521,377
Energy-Alternate Sources - 1.7%
Enphase Energy, Inc.*		690		182,823
SolarEdge Technologies, Inc.*		497		140,785
First Solar, Inc.*		894		133,912
Total Energy-Alternate Sources				457,520
Advertising - 0.5%
Trade Desk, Inc. — Class A*		3,461		155,157
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A*		478		122,564
Total Common Stocks
(Cost $14,745,404)				27,220,114

		Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	107,876	107,876
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		41,491	41,491
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		41,362	41,362
Total Repurchase Agreements
(Cost $190,729)			190,729

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4	122,953		122,953
Total Securities Lending Collateral
(Cost $122,953)			122,953
Total Investments - 101.2%
(Cost $15,059,086)		$	27,533,796
Other Assets & Liabilities, net - (1.2)%			(320,646	)
Total Net Assets - 100.0%		$	27,213,150

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	27,220,114	$	—	$	—	$	27,220,114
Repurchase Agreements		—		190,729		—		190,729
Securities Lending Collateral		122,953		—		—		122,953
Total Assets	$	27,343,067	$	190,729	$	—	$	27,533,796

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.1%
Telecommunications - 71.5%
T-Mobile US, Inc.*		1,341	$	187,740
Verizon Communications, Inc.		4,367		172,060
Cisco Systems, Inc.		3,423		163,072
AT&T, Inc.		8,544		157,295
Motorola Solutions, Inc.		353		90,972
Arista Networks, Inc.*		711		86,280
Ubiquiti, Inc.		209		57,168
Juniper Networks, Inc.		1,418		45,319
Iridium Communications, Inc.		715		36,751
Frontier Communications Parent, Inc.*		1,434		36,538
Ciena Corp.*		699		35,635
Lumen Technologies, Inc.*		6,227		32,505
Calix, Inc.*		418		28,604
Vodafone Group plc ADR		2,816		28,498
BCE, Inc.		637		27,996
America Movil SAB de CV — Class L ADR		1,508		27,446
Rogers Communications, Inc. — Class B1		556		26,043
Nice Ltd. ADR*		134		25,768
TELUS Corp.		1,281		24,736
Viasat, Inc.*		771		24,402
Viavi Solutions, Inc.*		2,030		21,335
Extreme Networks, Inc.*		1,125		20,599
Gogo, Inc.*		1,282		18,922
InterDigital, Inc.		354		17,516
CommScope Holding Company, Inc.*		2,340		17,199
EchoStar Corp. — Class A*		1,010		16,847
ADTRAN Holdings, Inc.		879		16,516
Clearfield, Inc.*		173		16,286
Telephone & Data Systems, Inc.		1,517		15,913
NETGEAR, Inc.*		519		9,399
Total Telecommunications				1,485,360
Media - 20.2%
Comcast Corp. — Class A		4,987		174,395
Charter Communications, Inc. — Class A*		250		84,775
Liberty Broadband Corp. — Class C*		591		45,076
DISH Network Corp. — Class A*		2,736		38,414
Liberty Global plc — Class C*		1,475		28,659
Cable One, Inc.		40		28,474
Liberty Latin America Ltd. — Class C*		2,631		19,996
Total Media				419,789
Internet - 4.6%
F5, Inc.*		283		40,614
Roku, Inc.*		793		32,275
Cogent Communications Holdings, Inc.		415		23,688
Total Internet				96,577
Computers - 2.3%
Lumentum Holdings, Inc.*		487		25,407
NetScout Systems, Inc.*		655		21,294
Total Computers				46,701
Software - 0.5%
Bandwidth, Inc. — Class A*		442		10,144
Total Common Stocks
(Cost $1,905,598)				2,058,571

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	6,025	$	6,025
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		2,317		2,317
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		2,310		2,310
Total Repurchase Agreements
(Cost $10,652)				10,652

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		19,071		19,071
Total Securities Lending Collateral
(Cost $19,071)				19,071
Total Investments - 100.5%
(Cost $1,935,321)			$	2,088,294
Other Assets & Liabilities, net - (0.5)%				(10,392	)
Total Net Assets - 100.0%			$	2,077,902

*	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, 2022 — 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, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (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	$	2,058,571	$	—	$	—	$	2,058,571
Repurchase Agreements		—		10,652		—		10,652
Securities Lending Collateral		19,071		—		—		19,071
Total Assets	$	2,077,642	$	10,652	$	—	$	2,088,294

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.4%
Transportation - 42.1%
United Parcel Service, Inc. — Class B		3,612	$	627,910
Union Pacific Corp.		2,743		567,993
CSX Corp.		13,222		409,618
Norfolk Southern Corp.		1,587		391,068
FedEx Corp.		2,025		350,730
Old Dominion Freight Line, Inc.		1,021		289,739
J.B. Hunt Transport Services, Inc.		1,242		216,555
Expeditors International of Washington, Inc.		2,011		208,983
CH Robinson Worldwide, Inc.		1,773		162,336
ZTO Express Cayman, Inc. ADR		5,557		149,317
Canadian Pacific Railway Ltd.		1,973		147,166
Knight-Swift Transportation Holdings, Inc.		2,773		145,333
Canadian National Railway Co.		1,197		142,299
ZIM Integrated Shipping Services Ltd.1		7,695		132,277
Landstar System, Inc.		744		121,198
Saia, Inc.*		563		118,050
Ryder System, Inc.		1,264		105,632
Kirby Corp.*		1,591		102,381
XPO, Inc.*		2,976		99,071
Atlas Air Worldwide Holdings, Inc.*		852		85,882
Matson, Inc.		1,313		82,076
Werner Enterprises, Inc.		1,967		79,191
RXO, Inc.*		4,053		69,712
ArcBest Corp.		922		64,577
Total Transportation				4,869,094
Auto Manufacturers - 22.9%
Tesla, Inc.*		7,323		902,047
General Motors Co.		10,046		337,947
Ford Motor Co.		28,922		336,363
Rivian Automotive, Inc. — Class A*		9,570		176,375
Lucid Group, Inc.*,1		24,306		166,010
Li Auto, Inc. ADR*,1		6,772		138,149
Ferrari N.V.		630		134,959
Stellantis N.V.		9,162		130,100
NIO, Inc. ADR*		13,039		127,130
Toyota Motor Corp. ADR1		929		126,883
Fisker, Inc.*,1		10,770		78,298
Total Auto Manufacturers				2,654,261
Auto Parts & Equipment - 11.8%
Aptiv plc*		1,917		178,530
BorgWarner, Inc.		3,921		157,820
Lear Corp.		1,100		136,422
Magna International, Inc.		2,351		132,079
Autoliv, Inc.		1,706		130,646
Gentex Corp.		4,767		129,996
Fox Factory Holding Corp.*		1,060		96,704
Adient plc*		2,787		96,681
Visteon Corp.*		718		93,936
Goodyear Tire & Rubber Co.*		8,437		85,636
Dana, Inc.		4,865		73,607
Luminar Technologies, Inc.*,1		11,882		58,816
Total Auto Parts & Equipment				1,370,873
Airlines - 10.6%
Delta Air Lines, Inc.*		7,212		236,986
Southwest Airlines Co.		6,526		219,730
United Airlines Holdings, Inc.*		4,465		168,331
American Airlines Group, Inc.*		11,190		142,337
Copa Holdings S.A. — Class A*		1,620		134,735
Alaska Air Group, Inc.*		2,800		120,232
Spirit Airlines, Inc.*		3,798		73,985
JetBlue Airways Corp.*		10,789		69,913
Allegiant Travel Co. — Class A*		871		59,219
Total Airlines				1,225,468
Commercial Services - 4.7%
U-Haul Holding Co.		2,899		159,387
Avis Budget Group, Inc.*		826		135,406
GXO Logistics, Inc.*		2,721		116,159
Hertz Global Holdings, Inc.*		7,322		112,686
U-Haul Holding Co.		336		20,224
Total Commercial Services				543,862
Internet - 4.0%
Uber Technologies, Inc.*		14,435		356,978
Lyft, Inc. — Class A*		9,565		105,406
Total Internet				462,384
Home Builders - 2.2%
Thor Industries, Inc.		1,411		106,516
LCI Industries		849		78,490
Winnebago Industries, Inc.		1,254		66,086
Total Home Builders				251,092
Leisure Time - 1.1%
Harley-Davidson, Inc.		2,921		121,514
Total Common Stocks
(Cost $8,580,550)				11,498,548

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	63,146	63,146
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		24,287	24,287
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		24,212	24,212
Total Repurchase Agreements
(Cost $111,645)			111,645

	Shares
SECURITIES LENDING COLLATERAL†,3 - 4.6%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%4		537,883		537,883
Total Securities Lending Collateral
(Cost $537,883)				537,883
Total Investments - 105.0%
(Cost $9,230,078)			$	12,148,076
Other Assets & Liabilities, net - (5.0)%				(575,483	)
Total Net Assets - 100.0%			$	11,572,593

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

*	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, 2022 — 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, 2022.

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, 2022 (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	$	11,498,548	$	—	$	—	$	11,498,548
Repurchase Agreements		—		111,645		—		111,645
Securities Lending Collateral		537,883		—		—		537,883
Total Assets	$	12,036,431	$	111,645	$	—	$	12,148,076

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 99.9%
Electric - 84.7%
NextEra Energy, Inc.		44,576	$	3,726,554
Duke Energy Corp.		25,696		2,646,431
Southern Co.		36,560		2,610,750
Dominion Energy, Inc.		35,931		2,203,289
Sempra Energy		13,134		2,029,728
American Electric Power Company, Inc.		21,087		2,002,211
Exelon Corp.		45,244		1,955,898
Xcel Energy, Inc.		26,007		1,823,351
PG&E Corp.*		106,946		1,738,942
Consolidated Edison, Inc.		17,800		1,696,518
Public Service Enterprise Group, Inc.		27,139		1,662,806
WEC Energy Group, Inc.		16,942		1,588,482
Eversource Energy		18,855		1,580,803
Constellation Energy Corp.		17,768		1,531,779
FirstEnergy Corp.		34,271		1,437,326
Edison International		22,504		1,431,704
Ameren Corp.		15,969		1,419,963
DTE Energy Co.		11,837		1,391,203
PPL Corp.		47,037		1,374,421
Entergy Corp.		12,212		1,373,850
AES Corp.		45,727		1,315,108
CenterPoint Energy, Inc.		42,517		1,275,085
CMS Energy Corp.		19,885		1,259,317
Avangrid, Inc.		28,264		1,214,787
Evergy, Inc.		17,438		1,097,373
Alliant Energy Corp.		19,752		1,090,508
Vistra Corp.		38,550		894,360
NRG Energy, Inc.		27,724		882,178
Pinnacle West Capital Corp.		11,252		855,602
OGE Energy Corp.		20,756		820,900
Clearway Energy, Inc. — Class C		23,458		747,606
IDACORP, Inc.		6,402		690,456
Portland General Electric Co.		13,388		656,012
Ormat Technologies, Inc.		7,521		650,416
Hawaiian Electric Industries, Inc.		15,321		641,184
Black Hills Corp.		9,014		634,045
PNM Resources, Inc.		12,352		602,654
NorthWestern Corp.		9,237		548,124
Avista Corp.		12,123		537,534
Total Electric				53,639,258
Gas - 10.4%
Atmos Energy Corp.		10,171		1,139,864
NiSource, Inc.		35,606		976,317
UGI Corp.		21,850		809,980
National Fuel Gas Co.		11,405		721,936
New Jersey Resources Corp.		12,861		638,163
South Jersey Industries, Inc.		17,133		608,735
ONE Gas, Inc.		7,635		578,122
Spire, Inc.		8,156		561,622
Southwest Gas Holdings, Inc.		8,970		555,064
Total Gas				6,589,803
Water - 4.1%
American Water Works Company, Inc.		10,063		1,533,802
Essential Utilities, Inc.		21,748		1,038,032
Total Water				2,571,834
Energy-Alternate Sources - 0.7%
Sunnova Energy International, Inc.*		22,873		411,942
Total Common Stocks
(Cost $56,992,013)				63,212,837

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23	$	196,472		196,472
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23		75,566		75,566
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23		75,332		75,332
Total Repurchase Agreements
(Cost $347,370)				347,370
Total Investments - 100.4%
(Cost $57,339,383)			$	63,560,207
Other Assets & Liabilities, net - (0.4)%				(277,643	)
Total Net Assets - 100.0%			$	63,282,564

*	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, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	63,212,837	$	—	$	—	$	63,212,837
Repurchase Agreements		—		347,370		—		347,370
Total Assets	$	63,212,837	$	347,370	$	—	$	63,560,207

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
U.S. TREASURY BILLS†† - 3.5%
U.S. Treasury Bills
3.79% due 01/17/231,2	$	54,000	$	53,923
Total U.S. Treasury Bills
(Cost $53,907)				53,923

REPURCHASE AGREEMENTS††,3 - 82.9%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/234	728,319		728,319
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/234	280,123		280,123
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/234	279,255		279,255
Total Repurchase Agreements
(Cost $1,287,697)			1,287,697
Total Investments - 86.4%
(Cost $1,341,604)		$	1,341,620
Other Assets & Liabilities, net - 13.6%			210,984
Total Net Assets - 100.0%		$	1,552,604

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 2023	$	2,478,480	$	4,119

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	(Federal Funds Rate + 0.10%)	At Maturity	03/17/23		6,315	$	651,648	$	5,338

^** Includes cumulative appreciation (depreciation).

^† Value determined based on Level 1 inputs — See Note 3.

^†† Value determined based on Level 2 inputs — See Note 3.

¹ All or a portion of this security is pledged as futures collateral at December 31, 2022.

² Rate indicated is the effective yield at the time of purchase.

³ Repurchase Agreements — See Note 4.

⁴ All or a portion of this security is pledged as currency index swap collateral at December 31, 2022.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

The following table summarizes the inputs used to value the Fund's investments at December 31, 2022 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	53,923	$	—	$	53,923
Repurchase Agreements		—		1,287,697		—		1,287,697
Currency Futures Contracts**		4,119		—		—		4,119
Currency Index Swap Agreements**		—		5,338		—		5,338
Total Assets	$	4,119	$	1,346,958	$	—	$	1,351,077

** 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, 2022, 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/1601445/000182126822000340/gug84768.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, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/22		Shares 12/31/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	307,657	$	–	$	(303,616	)	$	(5,840	)	$	1,799	$	–		–	$	1,682
Guggenheim Ultra Short Duration Fund — Institutional Class		308,689		–		(305,051	)		(7,601	)		3,963		–		–		1,149
	$	616,346	$	–	$	(608,667	)	$	(13,441	)	$	5,762	$	–			$	2,831

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 Name	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 FINANCIAL STATEMENTS (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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated Security Investors, LLC (the "Adviser") as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.

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 Adviser, with the assistance of the Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed 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 Adviser.

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.

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

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

The value of futures contracts are valued on the basis of the last sale price 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 values of swap agreements entered into by a fund are generally valued using an evaluated price provided by a third party pricing vendor.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by the Adviser. 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.

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.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

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.

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index or basket) or a fixed or variable interest rate. Index swaps will usually be computed based on the current index value 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 a total return index swap the 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 index 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Foreign Investments 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets.A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor's^®, countries or markets with low - to middle - income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market,or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic,regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Fund may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities 

Note 3 – Fair Value Measurement  

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. 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:

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 4 – Repurchase Agreements

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies.  The joint account includes other Funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At December 31, 2022, 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 Notes
4.26%					0.38% - 2.13%
Due 01/03/23	$	152,635,704	$	152,689,890	Due 10/31/23 - 05/31/26	$	171,586,500	$	155,688,423
BofA Securities, Inc.					U.S. Treasury Notes
4.25%					0.88% - 1.38%
Due 01/03/23		58,706,040		58,726,832	Due 09/30/26 - 12/31/28		67,728,600		59,880,171
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.21%					0.13%
Due 01/03/23		58,524,226		58,544,758	Due 01/15/31		67,503,920		59,694,784

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

Note 5 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its 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, 2022, 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	$	16,043	$	15,772	*
Biotechnology Fund		348,862		341,490	*

Consumer Products Fund	200,444	208,911
Electronics Fund	936,940	969,433
Emerging Markets 2x Strategy Fund	27,919	29,827
Energy Fund	560,081	574,855
Europe 1.25x Strategy Fund	3,501	3,638
Financial Services Fund	32,501	32,802
Health Care Fund	39,115	38,289	*
Internet Fund	110,414	116,222
Leisure Fund	108,352	114,043
Mid-Cap 1.5x Strategy Fund	11,907	12,170
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	810,067	834,554
NASDAQ-100® Fund	4,564,738	4,702,863
Precious Metals Fund	1,111,753	1,178,897
Retailing Fund	144,289	149,496
Russell 2000® 1.5x Strategy Fund	26,936	28,035
Russell 2000® Fund	1,293,574	1,333,648
S&P SmallCap 600® Pure Value Fund	47,528	49,245
Technology Fund	120,416	122,953
Telecommunications Fund	19,298	19,071	*
Transportation Fund	521,085	537,883

* Subsequent to December 31, 2022, additional collateral was received.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of 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, 2022, 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	$	10,025,581	$	-	$	(783,162)	$	(783,162)
Basic Materials Fund		24,514,651		10,142,067		(471,273)		9,670,794
Biotechnology Fund		83,294,244		65,510,164		(12,935,296)		52,574,868
Consumer Products Fund		69,959,405		36,789,077		(1,390,621)		35,398,456
Dow Jones Industrial Average® Fund		36,412,770		544,482		(409,764)		134,718
Electronics Fund		25,588,190		9,473,380		(1,002,918)		8,470,462
Emerging Markets 2x Strategy Fund		3,472,514		–		(312,185)		(312,185)
Emerging Markets Bond Strategy Fund		400,833		2,988		(2,338)		650
Energy Fund		72,199,566		16,731,552		(468,132)		16,263,420
Energy Services Fund		13,235,848		746,178		–		746,178
Europe 1.25x Strategy Fund		1,990,821		99,093		(24,495)		74,598
Financial Services Fund		10,598,708		–		(2,655,053)		(2,655,053)
Government Long Bond 1.2x Strategy Fund		61,675,402		16		(4,330,724)		(4,330,708)
Health Care Fund		45,934,702		3,671,321		(1,063,838)		2,607,483
High Yield Strategy Fund		17,340,838		479,720		(150,193)		329,527
Internet Fund		9,340,667		396,516		(1,135,097)		(738,581)
Inverse Emerging Markets 2x Strategy Fund		1,067,871		37,279		(3,091)		34,188
Inverse Government Long Bond Strategy Fund		43,800,876		–		(2,168,994)		(2,168,994)
Inverse High Yield Strategy Fund		13,856,543		150,467		(30,060)		120,407
Inverse Mid-Cap Strategy Fund		656,473		24,428		(2,476)		21,952
Inverse NASDAQ-100® Strategy Fund		84,425,896		2,501,353		(15,834)		2,485,519
Inverse Russell 2000® Strategy Fund		14,195,667		448,190		(36,183)		412,007
Inverse S&P 500® Strategy Fund		89,489,943		2,670,402		(308,349)		2,362,053
Japan 2x Strategy Fund		1,061,721		88,495		(149,857)		(61,362)
Leisure Fund		8,883,284		1,192,500		(874,343)		318,157
Long Short Equity Fund		13,590,144		1,707,805		(588,232)		1,119,573
Mid-Cap 1.5x Strategy Fund		13,501,029		425,777		(807,373)		(381,596)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		323,505,579		–		(93,033,736)		(93,033,736)
NASDAQ-100® Fund		483,807,915		639,442,661		(24,854,813)		614,587,848
Nova Fund		82,774,876		2,456,845		(2,782,320)		(325,475)
Precious Metals Fund		72,785,706		–		(16,224,195)		(16,224,195)
Real Estate Fund		2,606,668		–		(286,640)		(286,640)
Retailing Fund		8,646,652		569,420		(426,460)		142,960
Russell 2000® 1.5x Strategy Fund		7,067,957		306,701		(1,336,218)		(1,029,517)
Russell 2000® Fund		33,291,139		1,193,697		(5,830,966)		(4,637,269)
S&P 500® Fund		89,234,063		–		(1,691,690)		(1,691,690)
S&P 500® Pure Growth Fund		25,246,483		1,989,679		(447,931)		1,541,748
S&P 500® Pure Value Fund		73,637,533		–		(5,842,767)		(5,842,767)
S&P MidCap 400® Pure Growth Fund		38,697,745		1,922,496		(925,515)		996,981
S&P MidCap 400® Pure Value Fund		24,950,190		–		(1,113,618)		(1,113,618)
S&P SmallCap 600® Pure Growth Fund		14,639,774		389,440		(350,361)		39,079
S&P SmallCap 600® Pure Value Fund		7,272,019		–		(231,525)		(231,525)
Strengthening Dollar 2x Strategy Fund		8,143,229		732		(50,918)		(50,186)
Technology Fund		19,138,454		9,400,738		(1,005,396)		8,395,342
Telecommunications Fund		2,524,559		–		(436,265)		(436,265)
Transportation Fund		11,340,043		2,094,122		(1,286,089)		808,033
Utilities Fund		62,742,971		1,810,711		(993,475)		817,236
Weakening Dollar 2x Strategy Fund		1,341,601		9,473		–		9,473

Note 7 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended period. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

OTHER INFORMATION (Unaudited)

Sector Classification

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