NPORT-EX 2 fp0083952-1_nportex.htm RYDEX SERIES FUNDS NQ

Banking Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 98.1%
Banks - 92.2%
JPMorgan Chase & Co.   3,170   $461,045 
Wells Fargo & Co.   10,640    454,115 
Bank of America Corp.   15,278    438,326 
Citigroup, Inc.   9,250    425,870 
U.S. Bancorp   11,768    388,815 
PNC Financial Services Group, Inc.   3,058    385,155 
Truist Financial Corp.   11,031    334,791 
Bank of New York Mellon Corp.   7,208    320,900 
State Street Corp.   3,582    262,131 
M&T Bank Corp.   1,971    243,931 
Fifth Third Bancorp   8,712    228,342 
Regions Financial Corp.   12,334    219,792 
Huntington Bancshares, Inc.   19,634    211,655 
Northern Trust Corp.   2,849    211,225 
Citizens Financial Group, Inc.   6,990    182,299 
Toronto-Dominion Bank   2,814    174,496 
ICICI Bank Ltd. ADR   7,416    171,161 
East West Bancorp, Inc.   2,815    148,604 
KeyCorp   15,977    147,627 
First Citizens BancShares, Inc. — Class A   110    141,179 
Royal Bank of Canada   1,461    139,540 
HDFC Bank Ltd. ADR   1,978    137,867 
Cullen/Frost Bankers, Inc.   1,282    137,853 
NU Holdings Limited/Cayman Islands — Class A*   17,433    137,546 
Webster Financial Corp.   3,609    136,240 
First Horizon Corp.   11,758    132,513 
Comerica, Inc.   3,015    127,715 
Bank of Nova Scotia   2,521    126,151 
Commerce Bancshares, Inc.   2,588    126,036 
Popular, Inc.   2,054    124,308 
HSBC Holdings plc ADR1   3,010    119,256 
Prosperity Bancshares, Inc.   2,108    119,060 
SouthState Corp.   1,777    116,927 
Wintrust Financial Corp.   1,604    116,482 
Bank OZK   2,881    115,701 
Pinnacle Financial Partners, Inc.   1,998    113,187 
Old National Bancorp   8,009    111,645 
Synovus Financial Corp.   3,663    110,806 
Banco Bradesco S.A. ADR   31,601    109,339 
FNB Corp.   9,450    108,108 
Bank of Montreal   1,183    106,837 
First Financial Bankshares, Inc.   3,736    106,439 
Columbia Banking System, Inc.   5,200    105,456 
United Bankshares, Inc.   3,487    103,459 
Cadence Bank   5,118    100,517 
Western Alliance Bancorporation1   2,755    100,475 
Zions Bancorp North America1   3,716    99,812 
Canadian Imperial Bank of Commerce   2,303    98,292 
UBS Group AG   4,771    96,708 
Valley National Bancorp   12,407    96,154 
Hancock Whitney Corp.   2,445    93,839 
United Community Banks, Inc.   3,570    89,214 
Deutsche Bank AG   8,039    84,651 
Associated Banc-Corp.   5,180    84,071 
Texas Capital Bancshares, Inc.*   1,632    84,048 
Cathay General Bancorp   2,467    79,413 
Ameris Bancorp   2,269    77,622 
First Interstate BancSystem, Inc. — Class A   3,118    74,333 
Fulton Financial Corp.   6,186    73,737 
UMB Financial Corp.   1,197    72,897 
Seacoast Banking Corporation of Florida   3,236    71,516 
CVB Financial Corp.   5,220    69,322 
PacWest Bancorp1   6,032    49,161 
Independent Bank Corp.   1,077    47,937 
Total Banks        10,083,649 
Diversified Financial Services - 3.2%          
Capital One Financial Corp.   3,156    345,172 
Savings & Loans - 2.7%          
New York Community Bancorp, Inc.   14,095    158,428 
Pacific Premier Bancorp, Inc.   3,610    74,655 
Washington Federal, Inc.   2,568    68,103 
Total Savings & Loans        301,186 
Total Common Stocks          
(Cost $9,806,365)        10,730,007 
           
PREFERRED STOCKS- 1.3%          
Financial - 1.3%          
Itau Unibanco Holding S.A. 
ADR
   24,420    144,078 
Total Preferred Stocks          
(Cost $116,543)        144,078 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $32,746    32,746 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   14,407    14,407 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   13,097    13,097 
Total Repurchase Agreements          
(Cost $60,250)        60,250 

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 2.6%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   280,820    280,820 
Total Securities Lending Collateral          
(Cost $280,820)        280,820 
Total Investments - 102.6%          
(Cost $10,263,978)       $11,215,155 
Other Assets & Liabilities, net - (2.6)%        (281,632)
Total Net Assets - 100.0%       $10,933,523 

 

 

Banking Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

*Non-income producing security.

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

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

1All or a portion of this security is on loan at June 30, 2023 — See Note 5.

2Repurchase Agreements — See Note 4.

3Securities lending collateral — See Note 5.

4Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $10,730,007   $   $   $10,730,007 
Preferred Stocks   144,078            144,078 
Repurchase Agreements       60,250        60,250 
Securities Lending Collateral   280,820            280,820 
Total Assets  $11,154,905   $60,250   $   $11,215,155 

 

 

Basic Materials Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.5%
Chemicals - 40.5%
Linde plc   4,324   $1,647,790 
Air Products and Chemicals, Inc.   3,304    989,647 
Sherwin-Williams Co.   3,654    970,210 
Ecolab, Inc.   4,461    832,824 
Dow, Inc.   13,672    728,171 
PPG Industries, Inc.   4,798    711,543 
DuPont de Nemours, Inc.   9,076    648,389 
Albemarle Corp.   2,732    609,482 
LyondellBasell Industries N.V. — Class A   6,288    577,427 
International Flavors & Fragrances, Inc.   6,628    527,523 
Nutrien Ltd.   8,142    480,785 
CF Industries Holdings, Inc.   6,383    443,108 
FMC Corp.   3,987    416,004 
RPM International, Inc.   4,605    413,207 
Mosaic Co.   11,511    402,885 
Celanese Corp. — Class A   3,461    400,784 
Eastman Chemical Co.   4,501    376,824 
Axalta Coating Systems Ltd.*   9,831    322,555 
Olin Corp.   5,932    304,845 
Chemours Co.   7,851    289,623 
Valvoline, Inc.   7,691    288,489 
Livent Corp.*   9,684    265,632 
Huntsman Corp.   9,707    262,283 
Element Solutions, Inc.   12,815    246,048 
Westlake Corp.   2,033    242,883 
Ashland, Inc.   2,781    241,697 
Total Chemicals        13,640,658 
Mining - 24.1%          
Freeport-McMoRan, Inc.   22,810    912,400 
Newmont Corp.   16,113    687,381 
Barrick Gold Corp.   40,404    684,040 
Rio Tinto plc ADR   7,985    509,762 
BHP Group Ltd. ADR   8,256    492,635 
Agnico Eagle Mines Ltd.   8,446    422,131 
Wheaton Precious Metals Corp.   8,959    387,208 
Pan American Silver Corp.   22,330    325,571 
Franco-Nevada Corp.   2,275    324,415 
Royal Gold, Inc.   2,759    316,678 
Kinross Gold Corp.   63,753    304,102 
Gold Fields Ltd. ADR   20,937    289,559 
Southern Copper Corp.   4,036    289,543 
Alcoa Corp.   8,266    280,465 
AngloGold Ashanti Ltd. ADR   13,253    279,506 
Alamos Gold, Inc. — Class A   21,660    258,187 
Lithium Americas Corp.*,1   12,475    252,120 
First Majestic Silver Corp.   43,512    245,843 
Sibanye Stillwater Ltd. ADR   35,985    224,546 
MP Materials Corp.*,1   9,455    216,330 
SSR Mining, Inc.   13,943    197,712 
Hecla Mining Co.   38,060    196,009 
Total Mining        8,096,143 
Iron & Steel - 13.1%          
Nucor Corp.   4,867    798,091 
Vale S.A. ADR   57,962    777,850 
Steel Dynamics, Inc.   4,690    510,882 
Reliance Steel & Aluminum Co.   1,814    492,664 
Cleveland-Cliffs, Inc.*   20,712    347,133 
ArcelorMittal S.A.   12,060   329,720 
Commercial Metals Co.   5,821    306,534 
ATI, Inc.*   6,619    292,758 
Gerdau S.A. ADR   53,239    277,908 
United States Steel Corp.   11,067    276,786 
Total Iron & Steel        4,410,326 
Packaging & Containers - 8.8%          
Ball Corp.   9,119    530,817 
Amcor plc   41,646    415,627 
Packaging Corporation of America   3,046    402,560 
Crown Holdings, Inc.   4,501    391,002 
Berry Global Group, Inc.   5,076    326,590 
Westrock Co.   10,773    313,171 
Graphic Packaging Holding Co.   12,636    303,643 
Sealed Air Corp.   7,158    286,320 
Total Packaging & Containers        2,969,730 
Building Materials - 5.7%          
Vulcan Materials Co.   2,968    669,106 
Martin Marietta Materials, Inc.   1,422    656,523 
Eagle Materials, Inc.   1,696    316,168 
Louisiana-Pacific Corp.   3,716    278,626 
Total Building Materials        1,920,423 
Biotechnology - 2.2%          
Corteva, Inc.   13,061    748,395 
Coal - 1.7%          
Teck Resources Ltd. — Class B   11,348    477,751 
Alpha Metallurgical Resources, Inc.   614    100,917 
Total Coal        578,668 
Household Products & Housewares - 1.3%          
Avery Dennison Corp.   2,602    447,024 
Forest Products & Paper - 1.2%          
International Paper Co.   12,283    390,722 
Housewares - 0.6%          
Scotts Miracle-Gro Co. — Class A   2,994    187,694 
Healthcare-Services - 0.3%          
Ginkgo Bioworks Holdings, Inc.*,1   49,876    92,769 
Total Common Stocks          
(Cost $21,436,770)        33,482,552 
           
   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.7%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $136,616    136,616 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   60,104    60,104 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   54,640    54,640 
Total Repurchase Agreements          
(Cost $251,360)        251,360 

 

 

Basic Materials Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 1.2%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4  $403,604   $403,604 
Total Securities Lending Collateral          
(Cost $403,604)        403,604 
Total Investments - 101.4%          
(Cost $22,091,734)        34,137,516 
Other Assets & Liabilities, net - (1.4)%        (485,134)
Total Net Assets - 100.0%       $33,652,382 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $33,482,552   $   $   $33,482,552 
Repurchase Agreements       251,360        251,360 
Securities Lending Collateral   403,604            403,604 
Total Assets  $33,886,156   $251,360   $   $34,137,516 

 

 

Biotechnology Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.6%
Biotechnology - 74.8%
Amgen, Inc.   29,499   $6,549,368 
Vertex Pharmaceuticals, Inc.*   16,666    5,864,932 
Gilead Sciences, Inc.   75,975    5,855,393 
Regeneron Pharmaceuticals, Inc.*   7,199    5,172,770 
Corteva, Inc.   66,663    3,819,790 
Moderna, Inc.*   31,051    3,772,697 
Biogen, Inc.*   13,120    3,737,232 
Seagen, Inc.*   16,188    3,115,543 
Illumina, Inc.*   16,606    3,113,459 
Horizon Therapeutics plc*   28,592    2,940,687 
Alnylam Pharmaceuticals, Inc.*   14,947    2,839,033 
BioMarin Pharmaceutical, Inc.*   26,921    2,333,512 
Royalty Pharma plc — Class A   73,910    2,271,993 
Incyte Corp.*   33,033    2,056,304 
United Therapeutics Corp.*   8,560    1,889,620 
Sarepta Therapeutics, Inc.*   15,938    1,825,220 
Apellis Pharmaceuticals, Inc.*   20,032    1,824,915 
BioNTech SE ADR*   14,099    1,521,705 
Exelixis, Inc.*   76,691    1,465,565 
Ionis Pharmaceuticals, Inc.*   34,525    1,416,561 
IVERIC bio, Inc.*   35,862    1,410,811 
Halozyme Therapeutics, Inc.*   37,128    1,339,207 
Argenx SE ADR*   3,355    1,307,544 
CRISPR Therapeutics AG*,1   23,220    1,303,571 
Guardant Health, Inc.*   35,051    1,254,826 
Arrowhead Pharmaceuticals, Inc.*   32,138    1,146,041 
Amicus Therapeutics, Inc.*   89,393    1,122,776 
Karuna Therapeutics, Inc.*   4,871    1,056,276 
Insmed, Inc.*   49,711    1,048,902 
TG Therapeutics, Inc.*   41,688    1,035,530 
Denali Therapeutics, Inc.*   34,728    1,024,823 
Intellia Therapeutics, Inc.*   24,796    1,011,181 
ACADIA Pharmaceuticals, Inc.*   41,581    995,865 
Cytokinetics, Inc.*   29,571    964,606 
Vir Biotechnology, Inc.*   37,940    930,668 
Blueprint Medicines Corp.*   14,374    908,437 
Prothena Corporation plc*   13,156    898,292 
PTC Therapeutics, Inc.*   21,214    862,773 
Ultragenyx Pharmaceutical, Inc.*   16,857    777,614 
Mirati Therapeutics, Inc.*   20,808    751,793 
Twist Bioscience Corp.*,1   33,988    695,395 
Beam Therapeutics, Inc.*   20,773    663,282 
BioCryst Pharmaceuticals, Inc.*   87,758    617,816 
Novavax, Inc.*,1   65,159    484,131 
Total Biotechnology        86,998,459 
Pharmaceuticals - 19.2%          
AbbVie, Inc.   68,179   9,185,757 
AstraZeneca plc ADR   43,539    3,116,086 
Viatris, Inc.   213,872    2,134,442 
Neurocrine Biosciences, Inc.*   19,244    1,814,709 
Jazz Pharmaceuticals plc*   13,574    1,682,769 
Alkermes plc*   48,792    1,527,190 
Vaxcyte, Inc.*   20,773    1,037,404 
Catalyst Pharmaceuticals, Inc.*   54,987    739,025 
Ironwood Pharmaceuticals, Inc. — Class A*   64,765    689,099 
Madrigal Pharmaceuticals, Inc.*   1,910    441,210 
Total Pharmaceuticals        22,367,691 
Healthcare-Products - 3.3%          
Exact Sciences Corp.*   26,336    2,472,950 
Natera, Inc.*   27,947    1,359,901 
Total Healthcare-Products        3,832,851 
Healthcare-Services - 2.3%          
Medpace Holdings, Inc.*   5,659    1,359,122 
Syneos Health, Inc.*   29,798    1,255,688 
Total Healthcare-Services        2,614,810 
Total Common Stocks          
(Cost $59,101,821)        115,813,811 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $403,817    403,817 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   177,659    177,659 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   161,508    161,508 
Total Repurchase Agreements          
(Cost $742,984)        742,984 

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 1.3%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   1,568,762    1,568,762 
Total Securities Lending Collateral          
(Cost $1,568,762)        1,568,762 
Total Investments - 101.5%          
(Cost $61,413,567)       $118,125,557 
Other Assets & Liabilities, net - (1.5)%        (1,733,515)
Total Net Assets - 100.0%       $116,392,042 

 

*Non-income producing security.

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

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

1All or a portion of this security is on loan at June 30, 2023 — See Note 5.

2Repurchase Agreements — See Note 4.

3Securities lending collateral — See Note 5.

4Rate indicated is the 7-day yield as of June 30, 2023.

 

 

Biotechnology Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

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 June 30, 2023 (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  $115,813,811   $   $   $115,813,811 
Repurchase Agreements       742,984        742,984 
Securities Lending Collateral   1,568,762            1,568,762 
Total Assets  $117,382,573   $742,984   $   $118,125,557 

 

 

Consumer Products Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.8%
Food - 35.2%
Mondelez International, Inc. — Class A   37,861   $2,761,581 
Hershey Co.   7,821    1,952,904 
General Mills, Inc.   23,440    1,797,848 
Sysco Corp.   23,112    1,714,910 
Kroger Co.   33,367    1,568,249 
Kraft Heinz Co.   40,402    1,434,271 
McCormick & Company, Inc.   15,138    1,320,488 
Kellogg Co.   17,542    1,182,331 
Tyson Foods, Inc. — Class A   23,089    1,178,463 
Lamb Weston Holdings, Inc.   9,912    1,139,384 
Conagra Brands, Inc.   32,710    1,102,981 
J M Smucker Co.   7,233    1,068,097 
Hormel Foods Corp.   23,257    935,397 
Performance Food Group Co.*   14,574    877,938 
US Foods Holding Corp.*   19,632    863,808 
Campbell Soup Co.   18,244    833,933 
Albertsons Companies, Inc. — Class A   33,397    728,723 
Post Holdings, Inc.*   6,821    591,040 
Flowers Foods, Inc.   23,211    577,490 
Sprouts Farmers Market, Inc.*   15,344    563,585 
Simply Good Foods Co.*   14,535    531,836 
Hostess Brands, Inc.*   19,747    499,994 
Grocery Outlet Holding Corp.*   15,604    477,638 
Lancaster Colony Corp.   1,839    369,804 
Cal-Maine Foods, Inc.   8,180    368,100 
Hain Celestial Group, Inc.*   23,982    300,015 
Beyond Meat, Inc.*,1   20,510    266,220 
Pilgrim's Pride Corp.*   11,750    252,507 
Total Food        27,259,535 
Beverages - 28.1%          
PepsiCo, Inc.   24,142    4,471,581 
Coca-Cola Co.   70,457    4,242,921 
Monster Beverage Corp.*   31,619    1,816,195 
Constellation Brands, Inc. — Class A   7,142    1,757,860 
Brown-Forman Corp. — Class B   23,730    1,584,689 
Keurig Dr Pepper, Inc.   48,650    1,521,286 
Coca-Cola Europacific Partners plc   19,342    1,246,205 
Anheuser-Busch InBev S.A. ADR1   20,998    1,191,007 
Fomento Economico Mexicano SAB de CV ADR   9,744    1,080,025 
Molson Coors Beverage Co. — Class B   15,192    1,000,241 
Celsius Holdings, Inc.*   5,463    815,025 
Ambev S.A. ADR   219,832   699,066 
Boston Beer Company, Inc. — Class A*   1,129    348,229 
Total Beverages        21,774,330 
Cosmetics & Personal Care - 14.7%          
Procter & Gamble Co.   35,282    5,353,691 
Estee Lauder Companies, Inc. — Class A   11,888    2,334,565 
Colgate-Palmolive Co.   28,979    2,232,542 
Unilever plc ADR   22,066    1,150,301 
Beauty Health Co.*   27,568    230,744 
Olaplex Holdings, Inc.*   31,909    118,701 
Total Cosmetics & Personal Care        11,420,544 
Agriculture - 14.2%          
Philip Morris International, Inc.   36,052    3,519,396 
Altria Group, Inc.   55,105    2,496,256 
Archer-Daniels-Midland Co.   24,203    1,828,779 
British American Tobacco plc ADR   35,785    1,188,062 
Bunge Ltd.   11,316    1,067,665 
Darling Ingredients, Inc.*   13,971    891,210 
Total Agriculture        10,991,368 
Household Products & Housewares - 5.9%          
Kimberly-Clark Corp.   13,902    1,919,310 
Church & Dwight Company, Inc.   14,123    1,415,548 
Clorox Co.   7,790    1,238,922 
Total Household Products & Housewares        4,573,780 
Retail - 1.7%          
Casey's General Stores, Inc.   3,594    876,505 
Freshpet, Inc.*   6,188    407,232 
Total Retail        1,283,737 
Total Common Stocks          
(Cost $40,307,368)        77,303,294 
           
SECURITIES LENDING COLLATERAL†,2 - 1.2%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%3   918,181    918,181 
Total Securities Lending Collateral          
(Cost $918,181)        918,181 
Total Investments - 101.0%          
(Cost $41,225,549)       $78,221,475 
Other Assets & Liabilities, net - (1.0)%        (750,933)
Total Net Assets - 100.0%       $77,470,542 

 

* 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 June 30, 2023 — See Note 5.
2 Securities lending collateral — See Note 5.
3 Rate indicated is the 7-day yield as of June 30, 2023.

 

ADR — American Depositary Receipt
plc — Public Limited Company
 
See Sector Classification in Other Information section.

 

 

Consumer Products Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $77,303,294   $   $   $77,303,294 
Securities Lending Collateral   918,181            918,181 
Total Assets  $78,221,475   $   $   $78,221,475 

 

 

Dow Jones Industrial Average® Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 93.8%
Consumer, Non-cyclical - 21.5%          
UnitedHealth Group, Inc.   4,728   $2,272,466 
Amgen, Inc.   4,728    1,049,711 
Johnson & Johnson   4,728    782,578 
Procter & Gamble Co.   4,728    717,427 
Merck & Company, Inc.   4,728    545,564 
Coca-Cola Co.   4,728    284,720 
Total Consumer, Non-cyclical        5,652,466 
Financial - 18.9%          
Goldman Sachs Group, Inc.   4,728    1,524,969 
Visa, Inc. — Class A   4,728    1,122,805 
American Express Co.   4,728    823,618 
Travelers Companies, Inc.   4,728    821,065 
JPMorgan Chase & Co.   4,728    687,640 
Total Financial        4,980,097 
Technology - 16.4%          
Microsoft Corp.   4,728    1,610,073 
Salesforce, Inc.*   4,728    998,838 
Apple, Inc.   4,728    917,090 
International Business Machines Corp.   4,728    632,654 
Intel Corp.   4,728    158,104 
Total Technology        4,316,759 
Consumer, Cyclical - 16.3%          
Home Depot, Inc.   4,728    1,468,706 
McDonald's Corp.   4,728    1,410,882 
Walmart, Inc.   4,728    743,147 
NIKE, Inc. — Class B   4,728    521,829 
Walgreens Boots Alliance, Inc.   4,728    134,701 
Total Consumer, Cyclical        4,279,265 
Industrial - 13.7%          
Caterpillar, Inc.   4,728    1,163,324 
Boeing Co.*   4,728    998,364 
Honeywell International, Inc.   4,728    981,060 
3M Co.   4,728    473,226 
Total Industrial        3,615,974 
Communications - 3.2%          
Walt Disney Co.*   4,728    422,116 
Cisco Systems, Inc.   4,728    244,627 
Verizon Communications, Inc.   4,728   175,834 
Total Communications        842,577 
Energy - 2.8%          
Chevron Corp.   4,728    743,951 
Basic Materials - 1.0%          
Dow, Inc.   4,728    251,813 
Total Common Stocks          
(Cost $20,859,094)        24,682,902 
           
MUTUAL FUNDS - 4.8%          
Guggenheim Ultra Short Duration Fund — Institutional Class1   67,906    660,729 
Guggenheim Strategy Fund II1   24,698    598,194 
Total Mutual Funds          
(Cost $1,285,414)        1,258,923 

 

    Face
Amount
      
U.S. TREASURY BILLS†† - 1.5%          
U.S. Treasury Bills          
5.01% due 08/03/232,3  $300,000    298,679 
5.05% due 08/03/232,3   50,000    49,780 
5.11% due 07/18/233   49,000    48,897 
Total U.S. Treasury Bills          
(Cost $397,271)        397,356 
           
REPURCHASE AGREEMENTS††,4 - 3.1%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/232
   441,951    441,951 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   194,436    194,436 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   176,760    176,760 
Total Repurchase Agreements          
(Cost $813,147)        813,147 
Total Investments - 103.2%          
(Cost $23,354,926)       $27,152,328 
Other Assets & Liabilities, net - (3.2)%        (853,518)
Total Net Assets - 100.0%       $26,298,810 

 

Total Return Swap Agreements                  
Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††                 
Barclays Bank plc  Dow Jones Industrial Average Index  Pay   5.56% (SOFR + 0.50%)  At Maturity  09/20/23   35   $1,196,473   $24,095 

 

 

Dow Jones Industrial Average® Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date   Units    Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements†† (continued)          
BNP Paribas  Dow Jones Industrial Average Index   Pay   5.62% (Federal Funds Rate + 0.55%)  At Maturity   09/21/23    12   $409,801   $5,730 
                           $1,606,274   $29,825 

 

* 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 Affiliated issuer.
2 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
3 Rate indicated is the effective yield at the time of purchase.
4 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 June 30, 2023 (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  $24,682,902   $   $   $24,682,902 
Mutual Funds   1,258,923            1,258,923 
U.S. Treasury Bills       397,356        397,356 
Repurchase Agreements       813,147        813,147 
Equity Index Swap Agreements**       29,825        29,825 
Total Assets  $25,941,825   $1,240,328   $   $27,182,153 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $897,823   $   $(300,000)  $(7,060)  $7,431   $598,194    24,698   $12,203 
  Guggenheim Ultra Short Duration Fund — Institutional Class   958,754        (300,000)   (5,796)   7,771    660,729    67,906    12,822 
   $1,856,577   $   $(600,000)  $(12,856)  $15,202   $1,258,923        $25,025 

 

 

 

Electronics Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.3%
Semiconductors - 93.8%
NVIDIA Corp.   27,422   $11,600,054 
Broadcom, Inc.   7,748    6,720,848 
Texas Instruments, Inc.   25,226    4,541,185 
Advanced Micro Devices, Inc.*   39,669    4,518,696 
Intel Corp.   127,495    4,263,433 
QUALCOMM, Inc.   34,072    4,055,931 
Applied Materials, Inc.   27,154    3,924,839 
Analog Devices, Inc.   18,210    3,547,490 
Lam Research Corp.   5,124    3,294,015 
KLA Corp.   5,891    2,857,253 
Micron Technology, Inc.   44,944    2,836,416 
Microchip Technology, Inc.   28,332    2,538,264 
Marvell Technology, Inc.   41,257    2,466,343 
ON Semiconductor Corp.*   23,976    2,267,650 
NXP Semiconductor N.V.   10,997    2,250,866 
ASML Holding N.V. — Class G   2,749    1,992,338 
Taiwan Semiconductor Manufacturing Company Ltd. ADR   18,433    1,860,258 
Monolithic Power Systems, Inc.   3,312    1,789,242 
Skyworks Solutions, Inc.   13,497    1,493,983 
Teradyne, Inc.   13,291    1,479,687 
Entegris, Inc.   12,666    1,403,646 
Lattice Semiconductor Corp.*   14,121    1,356,605 
STMicroelectronics N.V. — Class Y1   22,887    1,144,121 
Qorvo, Inc.*   10,908    1,112,943 
MKS Instruments, Inc.   8,900    962,090 
Wolfspeed, Inc.*   16,933    941,305 
United Microelectronics Corp. ADR1   114,641    904,518 
Rambus, Inc.*   14,023    899,856 
Axcelis Technologies, Inc.*   4,695    860,734 
ASE Technology Holding Company Ltd. ADR   108,196    842,847 
GLOBALFOUNDRIES, Inc.*,1   12,934    835,278 
Power Integrations, Inc.   8,560    810,375 
Silicon Laboratories, Inc.*   4,972    784,283 
Cirrus Logic, Inc.*   9,239    748,451 
MACOM Technology Solutions Holdings, Inc.*   10,346    677,973 
Allegro MicroSystems, Inc.*   14,603    659,179 
Synaptics, Inc.*   7,543    644,021 
Amkor Technology, Inc.   21,316    634,151 
Ambarella, Inc.*   7,453    623,593 
Semtech Corp.*   18,495    470,883 
Impinj, Inc.*   4,633    415,348 
Total Semiconductors        88,030,991 
Energy-Alternate Sources - 4.6%          
Enphase Energy, Inc.*   9,453    1,583,188 
First Solar, Inc.*   8,034    1,527,183 
SolarEdge Technologies, Inc.*   4,490    1,208,035 
Total Energy-Alternate Sources        4,318,406 
Electrical Components & Equipment - 0.9%          
Universal Display Corp.   5,927    854,259 
Total Common Stocks          
(Cost $59,864,075)        93,203,656 

 

   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $435,166    435,166 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   191,451    191,451 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   174,046    174,046 
Total Repurchase Agreements          
(Cost $800,663)        800,663 

 

   Shares     
SECURITIES LENDING COLLATERAL†,3 - 1.0%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   965,466    965,466 
Total Securities Lending Collateral          
(Cost $965,466)        965,466 
Total Investments - 101.2%          
(Cost $61,630,204)       $94,969,785 
Other Assets & Liabilities, net - (1.2)%        (1,094,893)
Total Net Assets - 100.0%       $93,874,892 

 

* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

 

Electronics Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $93,203,656   $   $   $93,203,656 
Repurchase Agreements       800,663        800,663 
Securities Lending Collateral   965,466            965,466 
Total Assets  $94,169,122   $800,663   $   $94,969,785 

 

 

Emerging Markets 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 53.1%
Technology - 16.8%
Taiwan Semiconductor Manufacturing Company Ltd. ADR   7,781   $785,258 
Infosys Ltd. ADR   10,681    171,644 
NetEase, Inc. ADR   1,084    104,812 
United Microelectronics Corp. ADR1   6,883    54,307 
ASE Technology Holding Company Ltd. ADR   5,047    39,316 
Wipro Ltd. ADR   4,385    20,697 
Total Technology        1,176,034 
Communications - 15.2%          
Alibaba Group Holding Ltd. ADR*   5,720    476,762 
JD.com, Inc. ADR   3,637    124,131 
Baidu, Inc. ADR*   839    114,867 
PDD Holdings, Inc. ADR*   1,609    111,246 
America Movil SAB de CV ADR   3,086    66,781 
Trip.com Group Ltd. ADR*   1,576    55,160 
Chunghwa Telecom Company Ltd. ADR   1,125    41,951 
Telkom Indonesia Persero Tbk PT ADR   1,407    37,525 
Vipshop Holdings Ltd. ADR*   977    16,121 
Tencent Music Entertainment Group ADR*   1,855    13,690 
Bilibili, Inc. ADR*,1   716    10,812 
Total Communications        1,069,046 
Financial - 9.3%          
HDFC Bank Ltd. ADR   4,079    284,306 
ICICI Bank Ltd. ADR   7,650    176,562 
Banco Bradesco S.A. ADR   15,717    54,381 
KB Financial Group, Inc. ADR   1,122    40,841 
Shinhan Financial Group Company Ltd. ADR   1,495    38,960 
KE Holdings, Inc. ADR*   2,005    29,774 
Woori Financial Group, Inc. ADR1   639    17,221 
Banco de Chile ADR   643    13,477 
Total Financial        655,522 
Basic Materials - 5.3%          
Vale S.A. ADR   10,744    144,185 
POSCO Holdings, Inc. ADR   871    64,410 
Gold Fields Ltd. ADR   2,644    36,566 
Sociedad Quimica y Minera de Chile S.A. ADR   423    30,718 
AngloGold Ashanti Ltd. ADR   1,241    26,173 
Sasol Ltd. ADR   1,727    21,380 
Suzano S.A. ADR1   2,273    20,957 
Gerdau S.A. ADR   3,217    16,793 
Sibanye Stillwater Ltd. ADR   2,094    13,067 
Total Basic Materials        374,249 
Consumer, Non-cyclical - 2.7%          
Fomento Economico Mexicano SAB de CV ADR   544    60,297 
Ambev S.A. ADR   13,052    41,505 
BeiGene Ltd. ADR*   195    34,769 
Dr Reddy's Laboratories Ltd. ADR   360    22,720 
New Oriental Education & Technology Group, Inc. ADR*   443    17,494 
Coca-Cola Femsa SAB de CV ADR   155    12,913 
Total Consumer, Non-cyclical        189,698 
Industrial - 1.4%          
Cemex SAB de CV ADR*   4,479    31,711 
ZTO Express Cayman, Inc. ADR   1,231    30,873 
Grupo Aeroportuario del Pacifico SAB de CV ADR   111    19,838 
Grupo Aeroportuario del Sureste SAB de CV ADR   56    15,551 
Total Industrial        97,973 
Energy - 1.1%          
Petroleo Brasileiro S.A. ADR   5,506    76,148 
Consumer, Cyclical - 0.8%          
NIO, Inc. ADR*   4,203    40,727 
H World Group Ltd. ADR*   415    16,094 
Total Consumer, Cyclical        56,821 
Utilities - 0.5%          
Centrais Eletricas Brasileiras S.A. ADR1   3,768    31,161 
Total Common Stocks          
(Cost $3,423,103)        3,726,652 
           
PREFERRED STOCKS- 2.4%          
Financial - 1.2%          
Itau Unibanco Holding S.A. ADR   14,338    84,594 
Energy - 1.2%          
Petroleo Brasileiro S.A. ADR   6,797    84,079 
Total Preferred Stocks          
(Cost $148,416)        168,673 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 25.7%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/233
  $981,969    981,969 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   432,017    432,017 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   392,743    392,743 
Total Repurchase Agreements          
(Cost $1,806,729)        1,806,729 

 

 

Emerging Markets 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

    Shares    Value 
SECURITIES LENDING COLLATERAL†,4 - 0.4%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%5  28,029   $28,029 
Total Securities Lending Collateral          
(Cost $28,029)        28,029 
Total Investments - 81.6%          
(Cost $5,406,277)       $5,730,083 
Other Assets & Liabilities, net - 18.4%        1,295,452 
Total Net Assets - 100.0%       $7,025,535 

 

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††                  
BNP Paribas  S&P Emerging 50 ADR Index   Pay   5.67% (Federal Funds Rate + 0.60%)  At Maturity  09/21/23   681   $1,756,045   $(28,185)
Goldman Sachs International  S&P Emerging 50 ADR Index   Pay   5.32% (Federal Funds Rate + 0.25%)  At Maturity  09/21/23   3,284    8,464,229    (52,097)
                         $10,220,274   $(80,282)

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
††Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2Repurchase Agreements — See Note 4.
3All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
4Securities lending collateral — See Note 5.
5Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $3,726,652   $   $   $3,726,652 
Preferred Stocks   168,673            168,673 
Repurchase Agreements       1,806,729        1,806,729 
Securities Lending Collateral   28,029            28,029 
Total Assets  $3,923,354   $1,806,729   $   $5,730,083 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Equity Index Swap Agreements**  $   $80,282   $   $80,282 

 

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

 

 

Emerging Markets Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Face
Amount
   Value 
U.S. TREASURY BILLS†† - 19.5%
U.S. Treasury Bills          
5.11% due 07/18/231,2  $83,000   $82,826 
Total U.S. Treasury Bills          
(Cost $82,796)        82,826 
           
REPURCHASE AGREEMENTS††,3 - 69.1%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/234
   159,615    159,615 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   70,222    70,222 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   63,839    63,839 
Total Repurchase Agreements          
(Cost $293,676)        293,676 
Total Investments - 88.6%          
(Cost $376,472)       $376,502 
Other Assets & Liabilities, net - 11.4%        48,370 
Total Net Assets - 100.0%       $424,872 

 

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   Sep 2023  $321,398   $(2,404)

 

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.39.V1  1.00%  Quarterly  06/20/28  $360,000   $(17,189)  $(21,423)  $4,234 

 

Total Return Swap Agreements

 

Counterparty  Reference Obligation    Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Credit Index Swap Agreements††                  
Goldman Sachs International  Invesco Emerging Markets Sovereign Debt ETF   Pay   5.67% (Federal Funds Rate + 0.60%)  At Maturity  07/27/23   7,398   $144,187   $666 

 

** 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 June 30, 2023.
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 June 30, 2023.

 

 

Emerging Markets Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

CDX.EM.39.V1 — Credit Default Swap Emerging Markets Series 39 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 June 30, 2023 (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  $   $82,826   $   $82,826 
Repurchase Agreements       293,676        293,676 
Credit Default Swap Agreements**       4,234        4,234 
Credit Index Swap Agreements**       666        666 
Total Assets  $   $381,402   $   $381,402 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Interest Rate Futures Contracts**  $2,404   $   $   $2,404 

 

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

 

 

Energy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.7%
Oil & Gas - 66.8%          
Exxon Mobil Corp.   17,268   $1,851,993 
Chevron Corp.   9,485    1,492,465 
ConocoPhillips   9,691    1,004,085 
EOG Resources, Inc.   6,409    733,446 
Marathon Petroleum Corp.   5,565    648,879 
Pioneer Natural Resources Co.   2,985    618,432 
Valero Energy Corp.   5,124    601,045 
Phillips 66   6,119    583,630 
Occidental Petroleum Corp.   9,543    561,128 
Hess Corp.   4,049    550,462 
BP plc ADR   14,617    515,834 
Devon Energy Corp.   10,181    492,150 
Diamondback Energy, Inc.   3,295    432,831 
Shell plc ADR   6,650    401,527 
Coterra Energy, Inc. — Class A   15,524    392,757 
Petroleo Brasileiro S.A. ADR   25,979    359,290 
Equities Corp.   8,654    355,939 
Marathon Oil Corp.   14,397    331,419 
Chesapeake Energy Corp.   3,566    298,403 
APA Corp.   8,523    291,231 
Suncor Energy, Inc.   9,910    290,561 
Ovintiv, Inc.   7,177    273,228 
Canadian Natural Resources Ltd.   4,655    261,890 
Cenovus Energy, Inc.   14,307    242,933 
Equinor ASA ADR   8,243    240,778 
Range Resources Corp.   8,098    238,081 
Antero Resources Corp.*   10,148    233,708 
Southwestern Energy Co.*   38,784    233,092 
HF Sinclair Corp.   5,066    225,994 
PDC Energy, Inc.   3,106    220,961 
Matador Resources Co.   4,175    218,436 
Murphy Oil Corp.   5,554    212,718 
Civitas Resources, Inc.   2,999    208,041 
Transocean Ltd.*   28,883    202,470 
Permian Resources Corp.   18,057    197,905 
Noble Corporation plc*   4,677    193,207 
PBF Energy, Inc. — Class A   4,685    191,804 
Chord Energy Corp.   1,198    184,252 
Magnolia Oil & Gas Corp. — Class A   8,778    183,460 
SM Energy Co.   5,702    180,354 
Valaris Ltd.*   2,771    174,379 
Denbury, Inc.*   2,015    173,814 
Weatherford International plc*   2,615    173,688 
Helmerich & Payne, Inc.   4,570    162,007 
CNX Resources Corp.*   8,764    155,298 
Northern Oil and Gas, Inc.   4,438    152,312 
Patterson-UTI Energy, Inc.   11,818    141,461 
Kosmos Energy Ltd.*   23,120    138,489 
Callon Petroleum Co.*   3,797    133,161 
Delek US Holdings, Inc.   4,647    111,296 
Comstock Resources, Inc.   8,451    98,032 
Total Oil & Gas        18,564,756 
Pipelines - 12.3%          
Williams Companies, Inc.   17,695    577,388 
Cheniere Energy, Inc.   3,599    548,344 
Kinder Morgan, Inc.   30,374    523,040 
ONEOK, Inc.   7,733    477,281 
Targa Resources Corp.   5,008    381,109 
Enbridge, Inc.   7,385   274,353 
TC Energy Corp.   5,162    208,596 
Equitrans Midstream Corp.   18,827    179,986 
Golar LNG Ltd.   7,470    150,670 
New Fortress Energy, Inc.   4,161    111,431 
Total Pipelines        3,432,198 
Oil & Gas Services - 9.2%          
Schlumberger N.V.   15,447    758,757 
Baker Hughes Co.   16,314    515,685 
Halliburton Co.   14,315    472,252 
ChampionX Corp.   7,500    232,800 
TechnipFMC plc*   13,715    227,943 
NOV, Inc.   14,025    224,961 
Liberty Energy, Inc. — Class A   9,625    128,686 
Total Oil & Gas Services        2,561,084 
Energy-Alternate Sources - 6.4%          
SolarEdge Technologies, Inc.*   1,669    449,044 
Enphase Energy, Inc.*   2,437    408,149 
First Solar, Inc.*   2,072    393,867 
Plug Power, Inc.*,1   22,424    232,985 
Sunrun, Inc.*   9,375    167,438 
Green Plains, Inc.*   3,852    124,188 
Total Energy-Alternate Sources        1,775,671 
Transportation - 1.3%          
Scorpio Tankers, Inc.   4,183    197,563 
Frontline plc   12,018    174,621 
Total Transportation        372,184 
Coal - 1.3%          
Peabody Energy Corp.   7,097    153,721 
CONSOL Energy, Inc.   1,817    123,211 
Arch Resources, Inc.   721    81,300 
Total Coal        358,232 
Mining - 0.9%          
Cameco Corp.   8,070    252,833 
Metal Fabricate & Hardware - 0.8%          
Tenaris S.A. ADR   6,982    209,111 
Retail - 0.7%          
Murphy USA, Inc.   587    182,622 
Total Common Stocks          
(Cost $13,702,343)        27,708,691 

 

    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.5%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $69,025    69,025 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   30,368    30,368 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   27,607    27,607 
Total Repurchase Agreements          
(Cost $127,000)        127,000 

 

 

Energy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

    Shares    Value 
SECURITIES LENDING COLLATERAL†,3 - 0.6%          
Money Market Fund          
First American Government Obligations Fund — Class X, 5.01%4   173,656   $173,656 
Total Securities Lending Collateral          
(Cost $173,656)        173,656 
Total Investments - 100.8%          
(Cost $14,002,999)       $28,009,347 
Other Assets & Liabilities, net - (0.8)%        (214,423)
Total Net Assets - 100.0%       $27,794,924 

 

* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (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  $27,708,691   $   $   $27,708,691 
Repurchase Agreements       127,000        127,000 
Securities Lending Collateral   173,656            173,656 
Total Assets  $27,882,347   $127,000   $   $28,009,347 

 

 

Energy Services Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.9%
Oil & Gas Services - 69.6%          
Schlumberger N.V.   98,557   $4,841,120 
Baker Hughes Co.   104,081    3,290,000 
Halliburton Co.   91,336    3,013,175 
ChampionX Corp.   47,848    1,485,202 
NOV, Inc.   89,471    1,435,115 
TechnipFMC plc*   77,090    1,281,236 
Tidewater, Inc.*   17,381    963,603 
Liberty Energy, Inc. — Class A   61,400    820,918 
Oceaneering International, Inc.*   41,623    778,350 
NexTier Oilfield Solutions, Inc.*   86,693    775,035 
Archrock, Inc.   69,856    716,024 
Expro Group Holdings N.V.*   38,206    677,010 
Helix Energy Solutions Group, Inc.*   78,453    578,983 
ProPetro Holding Corp.*   63,474    523,026 
US Silica Holdings, Inc.*   42,299    513,087 
Core Laboratories, Inc.   19,924    463,233 
RPC, Inc.   64,213    459,123 
ProFrac Holding Corp. — Class A*   25,991    290,060 
Nine Energy Service, Inc.*,1   26,403    101,123 
Total Oil & Gas Services        23,005,423 
Oil & Gas - 23.6%          
Transocean Ltd.*   184,267    1,291,712 
Weatherford International plc*   18,809    1,249,294 
Noble Corporation plc*   29,840    1,232,690 
Valaris Ltd.*   17,677    1,112,413 
Helmerich & Payne, Inc.   29,155    1,033,545 
Patterson-UTI Energy, Inc.   75,389    902,406 
Diamond Offshore Drilling, Inc.*   51,092    727,550 
Nabors Industries Ltd.*   2,826    262,903 
Total Oil & Gas        7,812,513 
Metal Fabricate & Hardware - 3.5%          
Tenaris S.A. ADR   39,006    1,168,230 
Machinery-Diversified - 3.2%          
Cactus, Inc. — Class A   24,798    1,049,451 
Total Common Stocks          
(Cost $26,968,576)        33,035,617 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.7%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $124,601    124,601 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   54,818    54,818 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   49,835    49,835 
Total Repurchase Agreements          
(Cost $229,254)        229,254 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.2%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   69,750    69,750 
Total Securities Lending Collateral          
(Cost $69,750)        69,750 
Total Investments - 100.8%          
(Cost $27,267,580)       $33,334,621 
Other Assets & Liabilities, net - (0.8)%        (261,766)
Total Net Assets - 100.0%       $33,072,855 
           
* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (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  $33,035,617   $   $          —   $33,035,617 
Repurchase Agreements       229,254        229,254 
Securities Lending Collateral   69,750            69,750 
Total Assets  $33,105,367   $229,254   $   $33,334,621 

 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 44.1%
Consumer, Non-cyclical - 18.1%          
Nestle S.A. ADR   477   $57,407 
Novo Nordisk A/S ADR   289    46,769 
AstraZeneca plc ADR   554    39,650 
Roche Holding AG ADR   1,004    38,353 
Novartis AG ADR   373    37,639 
Unilever plc ADR   471    24,553 
Sanofi ADR   410    22,099 
L'Oreal S.A. ADR   217    20,251 
Diageo plc ADR   99    17,175 
GSK plc ADR   366    13,044 
British American Tobacco plc ADR   365    12,118 
RELX plc ADR   347    11,600 
EssilorLuxottica S.A. ADR   108    10,189 
Reckitt Benckiser Group plc ADR   653    9,919 
Bayer AG ADR   703    9,715 
Anheuser-Busch InBev S.A. ADR1   160    9,075 
Adyen N.V. ADR*   513    8,870 
Total Consumer, Non-cyclical        388,426 
Financial - 4.8%          
HSBC Holdings plc ADR1   723    28,645 
Allianz SE ADR   723    16,788 
BNP Paribas S.A. ADR   417    13,194 
Zurich Insurance Group AG ADR   269    12,769 
UBS Group AG   546    11,067 
Banco Santander S.A. ADR   2,960    10,982 
AXA S.A. ADR   346    10,242 
Total Financial        103,687 
Industrial - 4.6%          
Siemens AG ADR   268    22,354 
Schneider Electric SE ADR   511    18,580 
Airbus SE ADR   420    15,179 
Vinci S.A. ADR   423    12,292 
ABB Ltd. ADR   285    11,186 
Safran S.A. ADR   272    10,673 
DHL Group ADR   176    8,626 
Total Industrial        98,890 
Consumer, Cyclical - 4.3%          
LVMH Moet Hennessy Louis Vuitton SE ADR   232    43,811 
Cie Financiere Richemont S.A. ADR   937    15,891 
Hermes International ADR1   63    13,709 
Mercedes-Benz Group AG ADR1   573    11,506 
Kering S.A. ADR1   129    7,140 
Total Consumer, Cyclical        92,057 
Energy - 3.8%          
Shell plc ADR   608    36,711 
TotalEnergies SE ADR   445    25,650 
BP plc ADR   521    18,386 
Total Energy        80,747 
Technology - 3.7%          
ASML Holding N.V. — Class G   72    52,182 
SAP SE ADR   194    26,541 
Total Technology        78,723 
Basic Materials - 2.2%          
Air Liquide S.A. ADR   469   16,847 
Rio Tinto plc ADR   192    12,258 
Glencore plc ADR   920    10,359 
BASF SE ADR   637    7,720 
Total Basic Materials        47,184 
Utilities - 1.5%          
Iberdrola S.A. ADR   263    13,747 
Enel SpA ADR1   1,397    9,346 
National Grid plc ADR   130    8,753 
Total Utilities        31,846 
Communications - 1.1%          
Deutsche Telekom AG ADR   621    13,569 
Prosus N.V. ADR   622    9,143 
Total Communications        22,712 
Total Common Stocks          
(Cost $787,864)        944,272 
           
MUTUAL FUNDS - 6.3%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   7,027    68,374 
Guggenheim Strategy Fund II2   2,760    66,858 
Total Mutual Funds          
(Cost $138,226)        135,232 
           
   Face
Amount
      
U.S. TREASURY BILLS†† - 29.2%          
U.S. Treasury Bills          
5.11% due 07/18/233,4  $628,000    626,686 
Total U.S. Treasury Bills          
(Cost $626,458)        626,686 
           
REPURCHASE AGREEMENTS††,5 - 188.9%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
   2,200,003    2,200,003 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   967,891    967,891 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   879,900    879,900 
Total Repurchase Agreements          
(Cost $4,047,794)        4,047,794 
           
    Shares      
SECURITIES LENDING COLLATERAL†,6 - 5.8%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%7   123,773    123,773 
Total Securities Lending Collateral          
(Cost $123,773)        123,773 
Total Investments - 274.3%          
(Cost $5,724,115)       $5,877,757 
Other Assets & Liabilities, net - (174.3)%        (3,735,228)
Total Net Assets - 100.0%       $2,142,529 

 

 

Europe 1.25x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
STOXX 50 Index Futures Contracts   37   Sep 2023  $1,625,464   $24,077 
Currency Futures Contracts Purchased                  
Euro FX Futures Contracts   12   Sep 2023   1,643,250    774 

 

* 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 June 30, 2023 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as futures collateral at June 30, 2023.
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 June 30, 2023.

 

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 June 30, 2023 (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  $944,272   $   $   $944,272 
Mutual Funds   135,232            135,232 
U.S. Treasury Bills       626,686        626,686 
Repurchase Agreements       4,047,794        4,047,794 
Securities Lending Collateral   123,773            123,773 
Equity Futures Contracts**   24,077            24,077 
Currency Futures Contracts**   774            774 
Total Assets  $1,228,128   $4,674,480   $   $5,902,608 

 

**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 Funds 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) June 30, 2023

 

 

 

Transactions during the period ended June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $66,830   $   $   $   $28   $66,858    2,760   $908 
  Guggenheim Ultra Short Duration Fund — Institutional Class   68,233                141    68,374    7,027    913 
   $135,063   $   $   $   $169   $135,232        $1,821 

 

 

Financial Services Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.0%
Banks - 23.0%
JPMorgan Chase & Co.   1,150   $167,256 
Bank of America Corp.   3,914    112,293 
Wells Fargo & Co.   2,404    102,603 
Goldman Sachs Group, Inc.   259    83,538 
Morgan Stanley   972    83,009 
Citigroup, Inc.   1,587    73,065 
U.S. Bancorp   1,713    56,598 
PNC Financial Services Group, Inc.   445    56,048 
Truist Financial Corp.   1,606    48,742 
Bank of New York Mellon Corp.   1,050    46,746 
Toronto-Dominion Bank   701    43,469 
ICICI Bank Ltd. ADR   1,822    42,052 
HDFC Bank Ltd. ADR   572    39,868 
NU Holdings Limited/Cayman Islands — Class A*   5,048    39,829 
Royal Bank of Canada   410    39,159 
State Street Corp.   522    38,200 
Bank of Nova Scotia   741    37,080 
HSBC Holdings plc ADR1   929    36,807 
M&T Bank Corp.   287    35,519 
Fifth Third Bancorp   1,268    33,234 
Regions Financial Corp.   1,795    31,987 
Huntington Bancshares, Inc.   2,858    30,809 
Northern Trust Corp.   415    30,768 
Popular, Inc.   459    27,779 
Citizens Financial Group, Inc.   1,018    26,549 
East West Bancorp, Inc.   410    21,644 
KeyCorp   2,325    21,483 
First Horizon Corp.   1,713    19,305 
Comerica, Inc.   439    18,596 
Bank OZK   419    16,827 
Old National Bancorp   1,166    16,254 
Zions Bancorp North America1   541    14,531 
Valley National Bancorp   1,810    14,027 
Pinnacle Financial Partners, Inc.   204    11,557 
First Citizens BancShares, Inc. — Class A   9    11,551 
PacWest Bancorp1   878    7,156 
Total Banks        1,535,938 
REITS - 21.7%          
Prologis, Inc.   687    84,247 
American Tower Corp. — Class A   396    76,800 
Equinix, Inc.   89    69,771 
Crown Castle, Inc.   494    56,286 
Public Storage   187    54,581 
Welltower, Inc.   629    50,880 
Realty Income Corp.   838    50,104 
Simon Property Group, Inc.   427    49,310 
Digital Realty Trust, Inc.   429    48,850 
VICI Properties, Inc.   1,413    44,410 
Weyerhaeuser Co.   1,262    42,290 
AvalonBay Communities, Inc.   219    41,450 
SBA Communications Corp.   174    40,326 
Equity Residential   600    39,582 
Invitation Homes, Inc.   1,059    36,430 
Extra Space Storage, Inc.   241    35,873 
Ventas, Inc.   748    35,358 
Alexandria Real Estate Equities, Inc.   302    34,274 
Mid-America Apartment Communities, Inc.   220    33,409 
Iron Mountain, Inc.   576    32,728 
Sun Communities, Inc.   245    31,963 
Essex Property Trust, Inc.   133    31,162 
UDR, Inc.   706    30,330 
Kimco Realty Corp.   1,418    27,963 
Gaming and Leisure Properties, Inc.   567    27,477 
Life Storage, Inc.   205    27,257 
Camden Property Trust   246    26,782 
Host Hotels & Resorts, Inc.   1,587    26,709 
American Homes 4 Rent — Class A   753    26,694 
Regency Centers Corp.   432    26,685 
Rexford Industrial Realty, Inc.   505    26,371 
Lamar Advertising Co. — Class A   263    26,103 
Healthpeak Properties, Inc.   1,296    26,050 
CubeSmart   566    25,277 
Annaly Capital Management, Inc.   1,256    25,132 
Boston Properties, Inc.   412    23,727 
AGNC Investment Corp.   1,968    19,936 
Medical Properties Trust, Inc.1   2,022    18,724 
Vornado Realty Trust   862    15,637 
Total REITS        1,446,938 
Diversified Financial Services - 20.9%          
Visa, Inc. — Class A   774    183,809 
Mastercard, Inc. — Class A   382    150,241 
American Express Co.   449    78,216 
BlackRock, Inc. — Class A   111    76,716 
Charles Schwab Corp.   1,337    75,781 
CME Group, Inc. — Class A   351    65,037 
Intercontinental Exchange, Inc.   571    64,569 
Capital One Financial Corp.   459    50,201 
Ameriprise Financial, Inc.   146    48,495 
Interactive Brokers Group, Inc. — Class A   570    47,350 
Apollo Global Management, Inc.   586    45,011 
Discover Financial Services   376    43,936 
XP, Inc. — Class A*,1   1,820    42,697 
T. Rowe Price Group, Inc.   351    39,319 
Raymond James Financial, Inc.   359    37,253 
LPL Financial Holdings, Inc.   155    33,702 
Coinbase Global, Inc. — Class A*,1   467    33,414 
Nasdaq, Inc.   665    33,150 
Tradeweb Markets, Inc. — Class A   466    31,912 
Cboe Global Markets, Inc.   223    30,776 
Synchrony Financial   900    30,528 
Invesco Ltd.   1,353    22,744 
Franklin Resources, Inc.   845    22,570 
Voya Financial, Inc.   295    21,154 
Ally Financial, Inc.   778    21,014 
SoFi Technologies, Inc.*   2,491    20,775 
Western Union Co.   1,423    16,692 
SLM Corp.   945    15,422 
Upstart Holdings, Inc.*,1   378    13,536 
Total Diversified Financial Services        1,396,020 

 

 

Financial Services Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.0% (continued)          
Insurance - 18.3%          
Berkshire Hathaway, Inc. — Class B*   642   $218,922 
Marsh & McLennan Companies, Inc.   425    79,934 
Progressive Corp.   535    70,818 
Aon plc — Class A   200    69,040 
Arch Capital Group Ltd.*   793    59,356 
Willis Towers Watson plc   247    58,168 
Arthur J Gallagher & Co.   258    56,649 
Chubb Ltd.   278    53,532 
American International Group, Inc.   911    52,419 
Travelers Companies, Inc.   291    50,535 
Aflac, Inc.   721    50,326 
MetLife, Inc.   841    47,542 
Prudential Financial, Inc.   525    46,315 
Allstate Corp.   386    42,089 
Hartford Financial Services Group, Inc.   529    38,099 
Principal Financial Group, Inc.   468    35,493 
Brown & Brown, Inc.   485    33,387 
Everest Re Group Ltd.   96    32,819 
Cincinnati Financial Corp.   311    30,266 
W R Berkley Corp.   469    27,934 
Equitable Holdings, Inc.   927    25,177 
Unum Group   491    23,421 
Lincoln National Corp.   677    17,440 
Total Insurance        1,219,681 
Commercial Services - 6.7%          
S&P Global, Inc.   232    93,006 
PayPal Holdings, Inc.*   1,054    70,333 
Moody's Corp.   174    60,503 
Block, Inc. — Class A*   767    51,059 
Global Payments, Inc.   408    40,196 
StoneCo Ltd. — Class A*   2,789    35,532 
FleetCor Technologies, Inc.*   137    34,398 
Toast, Inc. — Class A*   1,230    27,761 
MarketAxess Holdings, Inc.   80    20,914 
Affirm Holdings, Inc.*   938    14,380 
Total Commercial Services        448,082 
Private Equity - 3.6%          
Blackstone, Inc. — Class A   916    85,160 
KKR & Company, Inc. — Class A   871    48,776 
Ares Management Corp. — Class A   441    42,490 
Brookfield Corp.   1,163    39,135 
Carlyle Group, Inc.   728    23,260 
Total Private Equity        238,821 
Software - 2.8%          
Fiserv, Inc.*   570    71,906 
Fidelity National Information Services, Inc.   836    45,729 
MSCI, Inc. — Class A   89    41,767 
Jack Henry & Associates, Inc.   173    28,948 
Total Software        188,350 
Internet - 0.7%          
Zillow Group, Inc. — Class C*   544    27,341 
Robinhood Markets, Inc. — Class A*   2,255    22,505 
Total Internet        49,846 
Real Estate - 0.6%          
CBRE Group, Inc. — Class A*   496    40,032 
Media - 0.4%          
FactSet Research Systems, Inc.   61    24,440 
Savings & Loans - 0.3%          
New York Community Bancorp, Inc.   2,052    23,065 
Total Common Stocks          
(Cost $6,054,111)        6,611,213 
           
PREFERRED STOCKS- 0.6%          
Financial - 0.6%          
Itau Unibanco Holding S.A.
ADR
   6,842    40,368 
Total Preferred Stocks          
(Cost $30,207)        40,368 
           
   Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.3%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $10,298    10,298 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   4,530    4,530 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   4,119    4,119 
Total Repurchase Agreements          
(Cost $18,947)        18,947 
           
   Shares      
SECURITIES LENDING COLLATERAL†,3 - 1.9%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   125,375    125,375 
Total Securities Lending Collateral          
(Cost $125,375)        125,375 
Total Investments - 101.8%          
(Cost $6,228,640)       $6,795,903 
Other Assets & Liabilities, net - (1.8)%        (122,066)
Total Net Assets - 100.0%       $6,673,837 

 

*  Non-income producing security.
  Value determined based on Level 1 inputs — See Note 3.

 

 

Financial Services Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

††  Value determined based on Level 2 inputs — See Note 3.
1  All or a portion of this security is on loan at June 30, 2023 — 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 June 30, 2023.

 

ADR — American Depositary Receipt 

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 June 30, 2023 (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  $6,611,213   $   $   $6,611,213 
Preferred Stocks   40,368            40,368 
Repurchase Agreements       18,947        18,947 
Securities Lending Collateral   125,375            125,375 
Total Assets  $6,776,956   $18,947   $   $6,795,903 

 

 

Government Long Bond 1.2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
MUTUAL FUNDS - 13.8%          
Guggenheim Ultra Short Duration Fund — Institutional Class1   222,710   $2,166,970 
Guggenheim Strategy Fund II1   81,235    1,967,512 
Total Mutual Funds          
(Cost $4,227,654)        4,134,482 

 

    Face
Amount
      
U.S. GOVERNMENT SECURITIES†† - 76.3%          
U.S. Treasury Bonds          
3.63% due 05/15/53  $23,900,000    22,977,610 
Total U.S. Government Securities          
(Cost $22,668,805)        22,977,610 
           
U.S. TREASURY BILLS†† - 3.2%           
U.S. Treasury Bills          
5.11% due 07/18/232,3  969,000   966,972 
Total U.S. Treasury Bills          
(Cost $966,621)        966,972 
           
REPURCHASE AGREEMENTS††,4 - 3.9%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
   645,497    645,497 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   283,986    283,986 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   258,169    258,169 
Total Repurchase Agreements          
(Cost $1,187,652)        1,187,652 
Total Investments - 97.2%          
(Cost $29,050,732)       $29,266,716 
Other Assets & Liabilities, net - 2.8%        853,893 
Total Net Assets - 100.0%       $30,120,609 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Interest Rate Futures Contracts Purchased                  
U.S. Treasury Ultra Long Bond Futures Contracts   104   Sep 2023  $14,205,750   $193,411 

 

** 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 June 30, 2023.
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 June 30, 2023 (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  $4,134,482   $   $      —   $4,134,482 
U.S. Government Securities       22,977,610        22,977,610 
U.S. Treasury Bills       966,972        966,972 
Repurchase Agreements       1,187,652        1,187,652 
Interest Rate Futures Contracts**   193,411            193,411 
Total Assets  $4,327,893   $25,132,234   $   $29,460,127 

 

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

 

Government Long Bond 1.2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $1,966,699   $    –   $   $   $813   $1,967,512    81,235   $26,731 
  Guggenheim Ultra Short Duration Fund — Institutional Class   2,462,516        (300,000)   (7,724)   12,178    2,166,970    222,710    31,301 
   $4,429,215   $   $(300,000)  $(7,724)  $12,991   $4,134,482        $58,032 

 

Health Care Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.5%
Pharmaceuticals - 33.2%
Johnson & Johnson   5,342   $884,208 
Eli Lilly & Co.   1,818    852,606 
Merck & Company, Inc.   6,320    729,265 
AbbVie, Inc.   4,750    639,967 
Pfizer, Inc.   15,863    581,855 
Bristol-Myers Squibb Co.   7,489    478,922 
Cigna Group   1,393    390,876 
CVS Health Corp.   5,621    388,580 
Becton Dickinson and Co.   1,419    374,630 
Zoetis, Inc.   2,115    364,224 
McKesson Corp.   775    331,165 
AstraZeneca plc ADR   4,625    331,011 
Dexcom, Inc.*   2,361    303,412 
AmerisourceBergen Corp. — Class A   1,299    249,967 
Cardinal Health, Inc.   2,293    216,849 
Novo Nordisk A/S ADR   1,325    214,425 
Novartis AG ADR   2,071    208,985 
GSK plc ADR   5,725    204,039 
Jazz Pharmaceuticals plc*   1,638    203,063 
Teva Pharmaceutical Industries Ltd. ADR*   25,753    193,920 
Alkermes plc*   6,085    190,460 
Viatris, Inc.   14,898    148,682 
Henry Schein, Inc.*   1,750    141,925 
Neurocrine Biosciences, Inc.*   1,341    126,456 
Elanco Animal Health, Inc.*   9,559    96,163 
Madrigal Pharmaceuticals, Inc.*   157    36,267 
Total Pharmaceuticals        8,881,922 
Healthcare-Products - 30.1%          
Abbott Laboratories   5,485    597,975 
Thermo Fisher Scientific, Inc.   1,135    592,186 
Danaher Corp.   2,230    535,200 
Intuitive Surgical, Inc.*   1,401    479,058 
Stryker Corp.   1,466    447,262 
Boston Scientific Corp.*   7,030    380,253 
Medtronic plc   4,113    362,355 
Edwards Lifesciences Corp.*   3,527    332,702 
IDEXX Laboratories, Inc.*   558    280,244 
Zimmer Biomet Holdings, Inc.   1,635    238,056 
ResMed, Inc.   1,088    237,728 
West Pharmaceutical Services, Inc.   608    232,542 
GE HealthCare Technologies, Inc.   2,851    231,615 
Align Technology, Inc.*   634    224,208 
Baxter International, Inc.   4,695    213,904 
STERIS plc   916    206,082 
Cooper Companies, Inc.   501    192,098 
Insulet Corp.*   663    191,169 
Hologic, Inc.*   2,324    188,174 
Exact Sciences Corp.*   1,834    172,213 
Waters Corp.*   631    168,187 
Revvity, Inc.   1,380    163,930 
Avantor, Inc.*   7,723    158,630 
Bio-Techne Corp.   1,855    151,424 
Teleflex, Inc.   587    142,072 
Dentsply Sirona, Inc.   3,116    124,702 
Masimo Corp.*   741    121,932 
Shockwave Medical, Inc.*   402    114,735 
Bruker Corp.   1,513    111,841 
Repligen Corp.*   738    104,397 
Lantheus Holdings, Inc.*   1,148    96,340 
Natera, Inc.*   1,946    94,692 
Neogen Corp.*   4,252    92,481 
Inari Medical, Inc.*   1,148    66,745 
Total Healthcare-Products        8,047,132 
Biotechnology - 18.4%          
Amgen, Inc.   2,055    456,251 
Vertex Pharmaceuticals, Inc.*   1,161    408,568 
Gilead Sciences, Inc.   5,292    407,854 
Regeneron Pharmaceuticals, Inc.*   501    359,989 
Moderna, Inc.*   2,162    262,683 
Biogen, Inc.*   916    260,923 
Illumina, Inc.*   1,158    217,113 
Seagen, Inc.*   1,127    216,902 
Horizon Therapeutics plc*   1,993    204,980 
Alnylam Pharmaceuticals, Inc.*   1,064    202,096 
BioNTech SE ADR*   1,766    190,604 
Argenx SE ADR*   483    188,240 
BioMarin Pharmaceutical, Inc.*   1,875    162,525 
Royalty Pharma plc — Class A   5,149    158,280 
Incyte Corp.*   2,301    143,237 
United Therapeutics Corp.*   597    131,788 
Sarepta Therapeutics, Inc.*   1,111    127,232 
Apellis Pharmaceuticals, Inc.*   1,395    127,085 
Exelixis, Inc.*   5,342    102,086 
Ionis Pharmaceuticals, Inc.*   2,405    98,677 
IVERIC bio, Inc.*   2,499    98,311 
Halozyme Therapeutics, Inc.*   2,588    93,349 
Karuna Therapeutics, Inc.*   399    86,523 
Intellia Therapeutics, Inc.*   1,839    74,994 
Cytokinetics, Inc.*   2,061    67,230 
Mirati Therapeutics, Inc.*   1,557    56,254 
Novavax, Inc.*,1   4,539    33,725 
Total Biotechnology        4,937,499 
Healthcare-Services - 16.0%          
UnitedHealth Group, Inc.   1,828    878,610 
Elevance Health, Inc.   942    418,521 
HCA Healthcare, Inc.   1,140    345,967 
Humana, Inc.   652    291,529 
IQVIA Holdings, Inc.*   1,234    277,366 
Centene Corp.*   3,777    254,759 
ICON plc*   962    240,692 
Laboratory Corporation of America Holdings   840    202,717 
Molina Healthcare, Inc.*   595    179,238 
Quest Diagnostics, Inc.   1,197    168,250 
Universal Health Services, Inc. — Class B   926    146,095 
Charles River Laboratories International, Inc.*   660    138,765 
Tenet Healthcare Corp.*   1,521    123,779 
Catalent, Inc.*   2,848    123,489 
Acadia Healthcare Company, Inc.*   1,508    120,097 
Medpace Holdings, Inc.*   428    102,793 
HealthEquity, Inc.*   1,534    96,857 
Syneos Health, Inc.*   2,076    87,483 

 

 

Health Care Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
COMMON STOCKS - 99.5% (continued)          
Healthcare-Services - 16.0% (continued)          
Teladoc Health, Inc.*   3,320   $84,063 
Total Healthcare-Services        4,281,070 
Electronics - 0.9%          
Agilent Technologies, Inc.   2,108    253,487 
Software - 0.9%          
Veeva Systems, Inc. — Class A*   1,215    240,242 
Total Common Stocks          
(Cost $18,239,836)        26,641,352 
           
RIGHTS††† - 0.0%          
Pharmaceuticals - 0.0%          
Johnson & Johnson          
Expires 12/31/29   752     
Total Rights          
(Cost $–)         
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $88,996    88,996 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   39,154    39,154 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   35,594    35,594 
Total Repurchase Agreements          
(Cost $163,744)        163,744 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.1%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   26,087    26,087 
Total Securities Lending Collateral          
(Cost $26,087)        26,087 
Total Investments - 100.2%          
(Cost $18,429,667)       $26,831,183 
Other Assets & Liabilities, net - (0.2)%        (56,428)
Total Net Assets - 100.0%       $26,774,755 

 

* Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
††† Value determined based on Level 3 inputs — See Note 3.
1 All or a portion of this security is on loan at June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (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  $26,641,352   $   $         —   $26,641,352 
Rights           *    
Repurchase Agreements       163,744        163,744 
Securities Lending Collateral   26,087            26,087 
Total Assets  $26,667,439   $163,744   $   $26,831,183 

 

*Security has a market value of $0.

 

 

 

High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
MUTUAL FUNDS - 10.1%          
Guggenheim Strategy Fund III1   79,841   $1,936,146 
Guggenheim Ultra Short Duration Fund — Institutional Class1   133,249    1,296,513 
Guggenheim Strategy Fund II1   53,173    1,287,844 
Total Mutual Funds          
(Cost $4,578,426)        4,520,503 

 

   Face
Amount
     
FEDERAL AGENCY DISCOUNT NOTES†† - 30.3%
Federal Home Loan Bank          
5.07% due 07/20/232  $5,000,000    4,986,621 
4.80% due 07/03/232   4,000,000    3,998,933 
4.93% due 07/07/232   2,500,000    2,497,946 
4.78% due 07/14/232   1,400,000    1,397,467 
5.15% due 08/23/232   750,000    744,314 
Total Federal Agency Discount Notes          
(Cost $13,625,281)        13,625,281 
           
U.S. TREASURY BILLS†† - 28.6%          
U.S. Treasury Bills          
5.05% due 07/05/232   5,000,000    4,998,637 
4.87% due 08/10/232   4,000,000    3,978,330 
4.26% due 07/25/232   3,000,000    2,990,833 
5.11% due 07/18/232,3   891,000    889,135 
Total U.S. Treasury Bills          
(Cost $12,853,310)        12,856,935 
           
FEDERAL AGENCY NOTES†† - 4.4%          
Federal Home Loan Bank          
2.35% due 07/05/23   2,000,000    1,999,672 
Total Federal Agency Notes          
(Cost $1,999,388)        1,999,672 
           
REPURCHASE AGREEMENTS††,4 - 17.9%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/235
   4,387,003    4,387,003 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/235
   1,930,060    1,930,060 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/235
   1,754,600    1,754,600 
Total Repurchase Agreements          
(Cost $8,071,663)        8,071,663 
Total Investments - 91.3%          
(Cost $41,128,068)       $41,074,054 
Other Assets & Liabilities, net - 8.7%        3,919,627 
Total Net Assets - 100.0%       $44,993,681 

 

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   382   Sep 2023  $40,924,735   $(544,024)

 

Centrally Cleared Credit Default Swap Agreements Protection Sold††

 

Counterparty  Exchange   Index   Protection Premium Rate   Payment Frequency  Maturity Date  Notional Amount   Value   Upfront Premiums Paid (Received)   Unrealized Appreciation** 
Barclays Bank plc  ICE   CDX.NA.HY.40.V1    5.00%  Quarterly  06/20/28  $36,850,000   $1,027,986   $411,849   $616,137
Goldman Sachs International  ICE   CDX.NA.HY.40.V1    5.00%  Quarterly  06/20/28   5,700,000    159,010    (6,522)   165,532
                           $1,186,996   $405,327   $781,669

 

Total Return Swap Agreements

 

Counterparty  Reference Obligation  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Credit Index Swap Agreements††
Goldman Sachs International  iShares iBoxx $ High Yield Corporate Bond ETF   Pay   5.47% (Federal Funds Rate + 0.40%)  At Maturity  07/27/23   16,337   $1,226,418   $9,639 
BNP Paribas  SPDR Bloomberg High Yield Bond ETF   Pay   5.52% (Federal Funds Rate + 0.45%)  At Maturity  09/21/23   1,788    164,558    1,234 
BNP Paribas  iShares iBoxx $ High Yield Corporate Bond ETF   Pay   5.47% (Federal Funds Rate + 0.40%)  At Maturity  09/21/23   1,222    91,751    721 
                         $1,482,727   $11,594 

 

 

High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

** 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 and credit default swap collateral at June 30, 2023.
4 Repurchase Agreements — See Note 4.
5 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.

 

CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 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 June 30, 2023 (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  $4,520,503   $   $   $4,520,503 
Federal Agency Discount Notes       13,625,281        13,625,281 
U.S. Treasury Bills       12,856,935        12,856,935 
Federal Agency Notes       1,999,672        1,999,672 
Repurchase Agreements       8,071,663        8,071,663 
Credit Default Swap Agreements**       781,669        781,669 
Credit Index Swap Agreements**       11,594        11,594 
Total Assets  $4,520,503   $37,346,814   $   $41,867,317 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Interest Rate Futures Contracts**  $544,024   $   $   $544,024 

 

**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 Funds 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.

 

 

High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

Transactions during the period ended June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $1,287,312   $   $   $   $532   $1,287,844    53,173   $17,497 
  Guggenheim Strategy Fund III   1,936,146                    1,936,146    79,841    25,805 
  Guggenheim Ultra Short Duration Fund — Institutional Class   1,293,848                2,665    1,296,513    133,249    17,304 
   $4,517,306   $   $   $   $3,197   $4,520,503        $60,606 

 

 

Internet Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.6%
Internet - 56.4%
Alphabet, Inc. — Class A*   8,333   $997,460 
Amazon.com, Inc.*   7,132    929,728 
Meta Platforms, Inc. — Class A*   2,555    733,234 
Netflix, Inc.*   960    422,870 
Uber Technologies, Inc.*   6,399    276,245 
Airbnb, Inc. — Class A*   2,020    258,883 
Booking Holdings, Inc.*   94    253,831 
Alibaba Group Holding Ltd. ADR*   2,623    218,627 
Shopify, Inc. — Class A*   2,667    172,288 
DoorDash, Inc. — Class A*   1,957    149,554 
Baidu, Inc. ADR*   1,065    145,809 
eBay, Inc.   3,160    141,220 
JD.com, Inc. ADR   4,094    139,728 
Pinterest, Inc. — Class A*   4,927    134,704 
VeriSign, Inc.*   591    133,548 
Spotify Technology S.A.*   784    125,871 
Trip.com Group Ltd. ADR*   3,497    122,395 
Expedia Group, Inc.*   1,087    118,907 
Snap, Inc. — Class A*   10,040    118,874 
MercadoLibre, Inc.*   98    116,091 
Sea Ltd. ADR*   1,938    112,482 
Chewy, Inc. — Class A*   2,842    112,174 
Wix.com Ltd.*   1,408    110,162 
Match Group, Inc.*   2,470    103,370 
Bilibili, Inc. ADR*,1   6,778    102,348 
GoDaddy, Inc. — Class A*   1,348    101,275 
Zillow Group, Inc. — Class C*   1,991    100,068 
Okta, Inc.*   1,376    95,426 
Etsy, Inc.*   1,097    92,817 
F5, Inc.*   594    86,878 
Roku, Inc.*   1,322    84,555 
Wayfair, Inc. — Class A*   1,287    83,668 
IAC, Inc.*   1,090    68,452 
Ziff Davis, Inc.*   770    53,946 
Lyft, Inc. — Class A*   5,120    49,101 
Bumble, Inc. — Class A*   2,635    44,215 
Overstock.com, Inc.*   1,335    43,481 
TripAdvisor, Inc.*   2,401    39,592 
Total Internet        7,193,877 
Software - 27.5%          
Adobe, Inc.*   945    462,096 
Salesforce, Inc.*   1,952    412,379 
Activision Blizzard, Inc.*   2,805    236,461 
Workday, Inc. — Class A*   1,030    232,667 
Snowflake, Inc. — Class A*   1,157    203,609 
Electronic Arts, Inc.   1,347    174,706 
Veeva Systems, Inc. — Class A*   852    168,466 
MongoDB, Inc.*   393    161,519 
Datadog, Inc. — Class A*   1,600    157,408 
Take-Two Interactive Software, Inc.*   1,041    153,194 
Cloudflare, Inc. — Class A*   2,036    133,093 
Zoom Video Communications, Inc. — Class A*   1,866    126,664 
ROBLOX Corp. — Class A*   2,958    119,207 
NetEase, Inc. ADR   1,201    116,125 
Akamai Technologies, Inc.*   1,191    107,035 
Twilio, Inc. — Class A*   1,565    99,565 
Dropbox, Inc. — Class A*   3,485    92,945 
DocuSign, Inc.*   1,706   87,160 
ZoomInfo Technologies, Inc. — Class A*   3,389    86,047 
Nutanix, Inc. — Class A*   2,609    73,182 
Smartsheet, Inc. — Class A*   1,669    63,856 
DigitalOcean Holdings, Inc.*   1,057    42,428 
Total Software        3,509,812 
Telecommunications - 9.7%          
Cisco Systems, Inc.   8,037    415,835 
Motorola Solutions, Inc.   719    210,868 
Arista Networks, Inc.*   1,114    180,535 
Telefonaktiebolaget LM Ericsson ADR   18,537    101,027 
Juniper Networks, Inc.   3,027    94,836 
Nokia Oyj ADR   18,802    78,216 
Ciena Corp.*   1,715    72,870 
Viavi Solutions, Inc.*   4,404    49,897 
CommScope Holding Company, Inc.*   4,907    27,627 
Total Telecommunications        1,231,711 
Commercial Services - 4.2%          
PayPal Holdings, Inc.*   3,862    257,711 
CoStar Group, Inc.*   2,070    184,230 
Paylocity Holding Corp.*   364    67,169 
Chegg, Inc.*   3,088    27,422 
Total Commercial Services        536,532 
Entertainment - 0.8%          
DraftKings, Inc. — Class A*   3,673    97,592 
Computers - 0.5%          
Lumentum Holdings, Inc.*   1,062    60,247 
Healthcare-Services - 0.5%          
Teladoc Health, Inc.*   2,330    58,995 
Total Common Stocks          
(Cost $7,918,200)        12,688,766 
           
   Face
Amount
    
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $42,768    42,768 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   18,816    18,816 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   17,105    17,105 
Total Repurchase Agreements          
(Cost $78,689)        78,689 

 

 

Internet Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,3 - 0.6%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4  77,516   $77,516 
Total Securities Lending Collateral          
(Cost $77,516)        77,516 
Total Investments - 100.8%          
(Cost $8,074,405)       $12,844,971 
Other Assets & Liabilities, net - (0.8)%        (101,304)
Total Net Assets - 100.0%       $12,743,667 

 

* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $12,688,766   $   $   $12,688,766 
Repurchase Agreements       78,689        78,689 
Securities Lending Collateral   77,516            77,516 
Total Assets  $12,766,282   $78,689   $   $12,844,971 

 

 

Inverse Emerging Markets 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Face
Amount
   Value 
REPURCHASE AGREEMENTS††,1 - 92.4%
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/232
  $326,266   $326,266 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   143,541    143,541 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   130,491    130,491 
Total Repurchase Agreements          
(Cost $600,298)        600,298 
Total Investments - 92.4%          
(Cost $600,298)       $600,298 
Other Assets & Liabilities, net - 7.6%        49,539 
Total Net Assets - 100.0%       $649,837 

 

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 Emerging 50 ADR Index   Receive   4.32% (Federal Funds Rate - 0.75%)  At Maturity  09/21/23   345   $890,074   $12,086 
BNP Paribas  S&P Emerging 50 ADR Index   Receive   4.87% (Federal Funds Rate - 0.20%)  At Maturity  09/21/23   155    399,533    6,413 
                         $1,289,607   $18,499 

 

†† 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 June 30, 2023.

 

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 June 30, 2023 (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  $   $600,298   $   $600,298 
Equity Index Swap Agreements**       18,499        18,499 
Total Assets  $   $618,797   $   $618,797 

 

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

 

 

Inverse Government Long Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
MUTUAL FUNDS - 22.7%          
Guggenheim Ultra Short Duration Fund — Institutional Class1   528,512   $5,142,420 
Guggenheim Strategy Fund II1   210,588    5,100,439 
Total Mutual Funds          
(Cost $10,470,929)        10,242,859 

 

    Face
Amount
      
U.S. TREASURY BILLS†† - 22.8%          
U.S. Treasury Bills          
5.05% due 07/05/232  $10,000,000    9,997,274 
5.11% due 07/18/232,3   277,000    276,420 
Total U.S. Treasury Bills          
(Cost $10,270,709)        10,273,694 
           
FEDERAL AGENCY NOTES†† - 17.7%          
Farmer Mac          
5.12% (SOFR + 0.06%, Rate Floor: 0.00%) due 09/15/23   4,000,000    4,000,104 
Federal Home Loan Bank          
5.15% (SOFR + 0.09%, Rate Floor: 0.00%) due 07/03/23   4,000,000    4,000,012 
Total Federal Agency Notes          
(Cost $8,000,000)        8,000,116 
           
FEDERAL AGENCY DISCOUNT NOTES†† - 11.1%           
Federal Home Loan Bank          
5.07% due 07/20/232  5,000,000   4,986,621 
Total Federal Agency Discount Notes          
(Cost $4,986,620)        4,986,621 
           
REPURCHASE AGREEMENTS††, - 65.5%          

Individual Repurchase Agreements5

Mizuho Securities USA LLC
issued 06/30/23 at 4.90%
due 07/03/23 (secured by a U.S. Treasury Bond, at a rate of 3.63% and maturing 05/15/53 as collateral, with a value of $22,912,500) to be repurchased at $22,472,407

   22,463,235    22,463,235 
Barclays Capital, Inc.
issued 06/30/23 at 4.75%
due 07/03/23 (secured by a U.S. Treasury Bond, at a rate of 3.63% and maturing 05/15/53 as collateral, with a value of $4,768,500) to be repurchased at $4,676,851
   4,675,000    4,675,000 

Joint Repurchase Agreements4

J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23

   1,306,626    1,306,626 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   574,850    574,850 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   522,590    522,590 
Total Repurchase Agreements          
(Cost $29,542,301)        29,542,301 
Total Investments - 139.8%          
(Cost $63,270,559)       $63,045,591 
           
U.S. Government Securities Sold Short†† - (78.9)%          
U.S. Treasury Bonds          
3.63% due 05/15/53   37,000,000    (35,572,031)
Total Securities Sold Short - (78.9)%          
(Proceeds $35,520,107)       $(35,572,031)
Other Assets & Liabilities, net - 39.1%        17,614,194 
Total Net Assets - 100.0%       $45,087,754 

 

Inverse Government Long Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Interest Rate Futures Contracts Sold Short                  
U.S. Treasury Ultra Long Bond Futures Contracts   75   Sep 2023  $10,244,531   $(64,210)

 

** 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 June 30, 2023. 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 June 30, 2023.
4 Repurchase Agreements — See Note 4.
5 All or a portion of this security is pledged as short security collateral at June 30, 2023.

 

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 June 30, 2023 (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  $10,242,859   $   $      —   $10,242,859 
U.S. Treasury Bills       10,273,694        10,273,694 
Federal Agency Notes       8,000,116        8,000,116 
Federal Agency Discount Notes       4,986,621        4,986,621 
Repurchase Agreements       29,542,301        29,542,301 
Total Assets  $10,242,859   $52,802,732   $   $63,045,591 

 

                 
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  $   $35,572,031   $     —   $35,572,031 
Interest Rate Futures Contracts**   64,210            64,210 
Total Liabilities  $64,210   $35,572,031   $   $35,636,241 

 

**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 Funds 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.

 

Inverse Government Long Bond Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

Transactions during the period ended June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $5,098,333   $     –   $    –   $   –   $2,106   $5,100,439    210,588   $69,296 
  Guggenheim Ultra Short Duration Fund — Institutional Class   5,131,850                10,570    5,142,420    528,512    68,632 
   $10,230,183   $   $   $   $12,676   $10,242,859        $137,928 

 

Inverse High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
MUTUAL FUNDS - 11.2%          
Guggenheim Strategy Fund II1   29,310   $709,877 
Guggenheim Ultra Short Duration Fund — Institutional Class1   37,683    366,657 
Total Mutual Funds          
(Cost $1,096,686)        1,076,534 
           
    Face
Amount
      
FEDERAL AGENCY DISCOUNT NOTES†† - 33.4%          
Federal Home Loan Bank          
4.93% due 07/07/232  $1,900,000    1,898,439 
4.90% due 07/03/232   600,000    599,836 
Freddie Mac          
4.90% due 07/05/232   700,000    699,619 
Total Federal Agency Discount Notes          
(Cost $3,197,895)        3,197,894 
           
U.S. TREASURY BILLS†† - 23.9%          
U.S. Treasury Bills          
4.26% due 07/25/232   2,000,000    1,993,889 
5.11% due 07/18/232,3   290,000    289,393 
Total U.S. Treasury Bills          
(Cost $2,282,601)        2,283,282 
           
REPURCHASE AGREEMENTS††,4 - 26.3%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
   1,367,631    1,367,631 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   601,689    601,689 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   546,990    546,990 
Total Repurchase Agreements          
(Cost $2,516,310)        2,516,310 
Total Investments - 94.8%          
(Cost $9,093,492)       $9,074,020 
Other Assets & Liabilities, net - 5.2%        500,726 
Total Net Assets - 100.0%       $9,574,746 

 

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  85  Sep 2023  $9,106,289   $162,622 

 

Centrally Cleared Credit Default Swap Agreements Protection Purchased††

Counterparty  Exchange  Index  Protection Premium Rate   Payment Frequency  Maturity Date  Notional Amount   Value   Upfront Premiums Paid (Received)   Unrealized Depreciation** 
Barclays Bank plc  ICE  CDX.NA.HY.40.V1    5.00%  Quarterly  06/20/28  $9,500,000   $(265,017)  $(94,832)  $(170,185)

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
††Value determined based on Level 2 inputs — See Note 3.
1Affiliated issuer.
2Rate indicated is the effective yield at the time of purchase.
3All or a portion of this security is pledged as futures collateral at June 30, 2023.
4Repurchase Agreements — See Note 4.

 

CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 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 June 30, 2023 (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  $1,076,534   $   $   $1,076,534 
Federal Agency Discount Notes       3,197,894        3,197,894 
U.S. Treasury Bills       2,283,282        2,283,282 
Repurchase Agreements       2,516,310        2,516,310 
Interest Rate Futures Contracts**   162,622            162,622 
Total Assets  $1,239,156   $7,997,486   $   $9,236,642 

 

 

Inverse High Yield Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Credit Default Swap Agreements**  $   $170,185   $   $170,185 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $709,584   $   $   $   $293   $709,877    29,310   $9,645 
  Guggenheim Ultra Short Duration Fund — Institutional Class   365,903                754    366,657    37,683    4,893 
   $1,075,487   $   $   $   $1,047   $1,076,534        $14,538 

 

 

Inverse Mid-Cap Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
MUTUAL FUNDS - 2.6%          
Guggenheim Strategy Fund II1   2,020   $48,924 
Guggenheim Ultra Short Duration Fund — Institutional Class1   4,630    45,051 
Total Mutual Funds          
(Cost $95,671)        93,975 
           
    Face
Amount
      
U.S. TREASURY BILLS†† - 5.4%          
U.S. Treasury Bills          
5.00% due 08/03/232,3  $100,000    99,559 
5.05% due 08/03/232,3   50,000    49,780 
5.10% due 08/03/232,3   50,000    49,780 
Total U.S. Treasury Bills          
(Cost $199,077)        199,119 
           
REPURCHASE AGREEMENTS††,4 - 94.5%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/232
   1,872,910    1,872,910 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   823,986    823,986 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   749,078    749,078 
Total Repurchase Agreements          
(Cost $3,445,974)        3,445,974 
Total Investments - 102.5%          
(Cost $3,740,722)       $3,739,068 
Other Assets & Liabilities, net - (2.5)%        (91,853)
Total Net Assets - 100.0%       $3,647,215 

 

Total Return Swap Agreements

 

Counterparty  Index    Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Depreciation 
OTC Equity Index Swap Agreements Sold Short††               
BNP Paribas  S&P MidCap 400 Index   Receive   5.12% (Federal Funds Rate + 0.05%)  At Maturity  09/21/23   45   $118,899   $(2,130)
Goldman Sachs International  S&P MidCap 400 Index   Receive   5.02% (Federal Funds Rate - 0.05%)  At Maturity  09/21/23   435    1,140,786    (20,450)
Barclays Bank plc  S&P MidCap 400 Index   Receive   5.26% (SOFR + 0.20%)  At Maturity  09/20/23   911    2,388,026    (79,748)
                         $3,647,711   $(102,328)

 

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 June 30, 2023.
3 Rate indicated is the effective yield at the time of purchase.
4 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 June 30, 2023 (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  $93,975   $   $       —   $93,975 
U.S. Treasury Bills       199,119        199,119 
Repurchase Agreements       3,445,974        3,445,974 
Total Assets  $93,975   $3,645,093   $   $3,739,068 

 

 

Inverse Mid-Cap Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Equity Index Swap Agreements**  $   $102,328   $          —   $102,328 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $48,904   $           –   $           –   $           –   $20   $48,924    2,020   $665 
  Guggenheim Ultra Short Duration Fund — Institutional Class   44,958                93    45,051    4,630    601 
   $93,862   $   $   $   $113   $93,975        $1,266 

 

 

Inverse NASDAQ-100® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

   Shares   Value 
MUTUAL FUNDS - 9.5%        
Guggenheim Strategy Fund II1   49,399   $1,196,452 
Guggenheim Ultra Short Duration Fund — Institutional Class1   87,169    848,151 
Total Mutual Funds          
(Cost $2,033,556)        2,044,603 

 

    Face
Amount
      
FEDERAL AGENCY DISCOUNT NOTES†† - 47.5%          
Federal Home Loan Bank          
5.07% due 07/20/232               $5,000,000    4,986,621 
5.27% due 09/22/232   2,714,000    2,682,835 
4.93% due 07/07/232   2,500,000    2,497,946 
Total Federal Agency Discount Notes          
(Cost $10,165,591)        10,167,402 
           
U.S. TREASURY BILLS†† - 31.5%          
U.S. Treasury Bills          
5.05% due 07/05/232   2,500,000    2,499,319 
5.00% due 08/03/232,3   2,230,000    2,289,872 
5.05% due 08/03/232,3   750,000    746,697 
5.01% due 08/03/232,3   600,000    597,358 
5.10% due 08/03/232,3  500,000   497,798 
5.05% due 08/03/232,3   100,000    99,560 
5.11% due 07/18/232,4   18,000    17,962 
Total U.S. Treasury Bills          
(Cost $6,746,986)        6,748,566 
           
REPURCHASE AGREEMENTS††,5 - 13.8%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/233
   1,601,678    1,601,678 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   704,657    704,657 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   640,598    640,598 
Total Repurchase Agreements          
(Cost $2,946,933)        2,946,933 
Total Investments - 102.3%          
(Cost $21,893,066)       $21,907,504 
Other Assets & Liabilities, net - (2.3)%        (485,886)
Total Net Assets - 100.0%       $21,421,618 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Equity Futures Contracts Sold Short                  
NASDAQ-100 Index Mini Futures Contracts   1   Sep 2023  $306,625   $(11,873)

 

Total Return Swap Agreements                  
Counterparty  Index   Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Depreciation 
OTC Equity Index Swap Agreements Sold Short††               
Goldman Sachs International  NASDAQ-100 Index   Receive   5.37% (Federal Funds Rate + 0.30%)  At Maturity  09/21/23   272   $4,122,883   $(63,365)
BNP Paribas  NASDAQ-100 Index   Receive   5.32% (Federal Funds Rate + 0.25%)  At Maturity  09/21/23   349    5,301,011    (81,486)
Barclays Bank plc  NASDAQ-100 Index   Receive   5.41% (SOFR + 0.35%)  At Maturity  09/20/23   768    11,663,186    (376,640)
                         $21,087,080   $(521,491)

 

** 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 equity index swap collateral at June 30, 2023.
4 All or a portion of this security is pledged as futures collateral at June 30, 2023.
5 Repurchase Agreements — See Note 4.

 

 

 

Inverse NASDAQ-100® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

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 June 30, 2023 (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  $2,044,603   $   $   $2,044,603 
Federal Agency Discount Notes       10,167,402        10,167,402 
U.S. Treasury Bills       6,748,566        6,748,566 
Repurchase Agreements       2,946,933        2,946,933 
Total Assets  $2,044,603   $19,862,901   $   $21,907,504 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Equity Futures Contracts**  $11,873   $   $   $11,873 
Equity Index Swap Agreements**       521,491        521,491 
Total Liabilities  $11,873   $521,491   $   $533,364 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $1,195,958   $   $   $   $494   $1,196,452    49,399   $16,255 
  Guggenheim Ultra Short Duration Fund — Institutional Class   846,408                1,743    848,151    87,169    11,320 
   $2,042,366   $   $   $   $2,237   $2,044,603        $27,575 

 

 

Inverse Russell 2000® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
MUTUAL FUNDS - 37.1%          
Guggenheim Strategy Fund II1   39,100   $947,008 
Guggenheim Ultra Short Duration Fund — Institutional Class1   97,310    946,826 
Total Mutual Funds          
(Cost $1,914,221)        1,893,834 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 0.9%
U.S. Treasury Bills          
5.00% due 08/03/232,3  $50,000    49,780 
Total U.S. Treasury Bills          
(Cost $49,771)        49,780 
           
REPURCHASE AGREEMENTS††,4 - 65.8%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%  
due 07/03/232
   1,826,086    1,826,086 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%  
due 07/03/232
   803,386    803,386 
BofA Securities, Inc.
issued 06/30/23 at 5.06%  
due 07/03/232
   730,351    730,351 
Total Repurchase Agreements          
(Cost $3,359,823)        3,359,823 
Total Investments - 103.8%          
(Cost $5,323,815)       $5,303,437 
Other Assets & Liabilities, net - (3.8)%        (196,045)
Total Net Assets - 100.0%       $5,107,392 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Equity Futures Contracts Sold Short                  
Russell 2000 Index Mini Futures Contracts   6   Sep 2023  $570,930   $(10,042)

 

Total Return Swap Agreements                  
Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Depreciation 
OTC Equity Index Swap Agreements Sold Short††                     
BNP Paribas  Russell 2000 Index  Receive   4.87% (Federal Funds Rate - 0.20%)  At Maturity  09/21/23   433   $818,552   $(16,818)
Barclays Bank plc  Russell 2000 Index  Receive   4.56% (SOFR - 0.50%)  At Maturity  09/20/23   571    1,077,767    (37,361)
Goldman Sachs International  Russell 2000 Index  Receive   4.92% (Federal Funds Rate - 0.15%)  At Maturity  09/21/23   1,403    2,650,108    (54,447)
                        $4,546,427   $(108,626)

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1Affiliated issuer.
2All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
3Rate indicated is the effective yield at the time of purchase.
4Repurchase 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) June 30, 2023
   

 

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $1,893,834   $   $   $1,893,834 
U.S. Treasury Bills       49,780        49,780 
Repurchase Agreements       3,359,823        3,359,823 
Total Assets  $1,893,834   $3,409,603   $   $5,303,437 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Equity Futures Contracts**  $10,042   $   $        —   $10,042 
Equity Index Swap Agreements**       108,626        108,626 
Total Liabilities  $10,042   $108,626   $   $118,668 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $946,618   $   $   $   $390   $947,008    39,100   $12,866 
  Guggenheim Ultra Short Duration Fund — Institutional Class   944,879                1,947    946,826    97,310    12,637 
   $1,891,497   $   $   $   $2,337   $1,893,834        $25,503 

 

 

Inverse S&P 500® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
MUTUAL FUNDS - 20.7%          
Guggenheim Strategy Fund II1   262,625   $6,360,780 
Guggenheim Ultra Short Duration Fund — Institutional Class1   426,990    4,154,615 
Total Mutual Funds          
(Cost $10,738,043)        10,515,395 
           
    Face
Amount
      
U.S. TREASURY BILLS†† - 34.8%          
U.S. Treasury Bills          
5.02% due 08/03/232,3  $5,000,000    4,977,983 
4.87% due 08/10/233   5,000,000    4,972,912 
5.11% due 09/21/233   5,000,000    4,942,650 
5.00% due 08/03/232,3   2,300,000    2,289,872 
5.11% due 07/18/233,4   443,000    442,073 
Total U.S. Treasury Bills          
(Cost $17,621,139)        17,625,490 
           
FEDERAL AGENCY DISCOUNT NOTES†† - 18.5%          
Federal Home Loan Bank          
4.73% due 07/14/233   5,400,000    5,390,211 
4.90% due 07/05/233   4,000,000    3,997,822 
Total Federal Agency Discount Notes          
(Cost $9,388,033)        9,388,033 
           
FEDERAL AGENCY NOTES†† - 16.4%           
Federal Home Loan Bank          
5.15% (SOFR + 0.09%, Rate Floor: 0.00%) due 07/03/23   5,000,000    5,000,015 
5.18% (SOFR + 0.12%, Rate Floor: 0.00%) due 09/06/23   3,300,000    3,300,406 
Total Federal Agency Notes          
(Cost $8,300,000)        8,300,421 
           
REPURCHASE AGREEMENTS††,5 - 10.4%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/232
   2,872,663    2,872,663 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   1,263,827    1,263,827 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   1,148,934    1,148,934 
Total Repurchase Agreements          
(Cost $5,285,424)        5,285,424 
Total Investments - 100.8%          
(Cost $51,332,639)       $51,114,763 
Other Assets & Liabilities, net - (0.8)%        (383,939)
Total Net Assets - 100.0%       $50,730,824 
 
 
Inverse S&P 500® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

Futures Contracts

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Equity Futures Contracts Sold Short                  
S&P 500 Index Mini Futures Contracts   82   Sep 2023  $18,394,650   $(115,209)

 

Total Return Swap Agreements

 

Counterparty  Index    Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Depreciation 
OTC Equity Index Swap Agreements Sold Short††
BNP Paribas  S&P 500 Index   Receive   5.27% (Federal Funds Rate + 0.20%)  At Maturity  09/21/23   1,309   $5,826,687   $(94,226)
Barclays Bank plc  S&P 500 Index   Receive   5.36% (SOFR + 0.30%)  At Maturity  09/20/23   1,261    5,611,829    (153,284)
Goldman Sachs International  S&P 500 Index   Receive   5.37% (Federal Funds Rate + 0.30%)  At Maturity  09/21/23   4,690    20,873,893    (337,566)
                         $32,312,409   $(585,076)

 

** 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 June 30, 2023. 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 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
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 June 30, 2023.
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 June 30, 2023 (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  $10,515,395   $   $   $10,515,395 
U.S. Treasury Bills       17,625,490        17,625,490 
Federal Agency Discount Notes       9,388,033        9,388,033 
Federal Agency Notes       8,300,421        8,300,421 
Repurchase Agreements       5,285,424        5,285,424 
Total Assets  $10,515,395   $40,599,368   $   $51,114,763 

 

 

Inverse S&P 500® Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Equity Futures Contracts**  $115,209   $   $   $115,209 
Equity Index Swap Agreements**       585,076        585,076 
Total Liabilities  $115,209   $585,076   $   $700,285 

 

**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 at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $6,358,154   $        –   $        –   $        –   $2,626   $6,360,780    262,625   $86,420 
  Guggenheim Ultra Short Duration Fund — Institutional Class  $4,146,075   $   $   $   $8,540   $4,154,615    426,990   $55,448 
   $10,504,229   $   $   $   $11,166   $10,515,395        $141,868 
 
 
Japan 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Face
Amount
   Value 
U.S. TREASURY BILLS†† - 34.1%
U.S. Treasury Bills          
5.11% due 07/18/231,2  $644,000   $642,652 
Total U.S. Treasury Bills          
(Cost $642,419)        642,652 
           
REPURCHASE AGREEMENTS††,3 - 64.9%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
   664,164    664,164 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   292,198    292,198 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   265,635    265,635 
Total Repurchase Agreements          
(Cost $1,221,997)        1,221,997 
Total Investments - 99.0%          
(Cost $1,864,416)       $1,864,649 
Other Assets & Liabilities, net - 1.0%        19,141 
Total Net Assets - 100.0%       $1,883,790 

 

Futures Contracts

Description  Number of Contracts  Expiration Date  Notional Amount   Value and Unrealized
Appreciation (Depreciation)**
 
Equity Futures Contracts Purchased                
Nikkei 225 (CME) Index Futures Contracts  23  Sep 2023  $3,851,925   $146,373 
                 
Currency Futures Contracts Purchased                
Japanese Yen Futures Contracts  43  Sep 2023   3,769,756    (134,439)

 

**Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
††Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is pledged as futures collateral at June 30, 2023.
2Rate indicated is the effective yield at the time of purchase.
3Repurchase 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 June 30, 2023 (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  $   $642,652   $   $642,652 
Repurchase Agreements       1,221,997        1,221,997 
Equity Futures Contracts**   146,373            146,373 
Total Assets  $146,373   $1,864,649   $   $2,011,022 

 

 

Japan 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Currency Futures Contracts**  $134,439   $   $   $134,439 

 

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

 

 

Leisure Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.3%
Retail - 19.1%
McDonald's Corp.   1,689   $504,015 
Starbucks Corp.   3,589    355,526 
Chipotle Mexican Grill, Inc. — Class A*   123    263,097 
Yum! Brands, Inc.   1,535    212,674 
Darden Restaurants, Inc.   907    151,542 
Domino's Pizza, Inc.   360    121,316 
Restaurant Brands International, Inc.   1,554    120,466 
Yum China Holdings, Inc.   1,960    110,740 
Texas Roadhouse, Inc. — Class A   818    91,845 
Wingstop, Inc.   410    82,066 
Wendy's Co.   2,931    63,749 
Shake Shack, Inc. — Class A*   801    62,254 
Papa John's International, Inc.   695    51,312 
Bloomin' Brands, Inc.   1,896    50,983 
Cracker Barrel Old Country Store, Inc.   501    46,683 
Dave & Buster's Entertainment, Inc.*   998    44,471 
Cheesecake Factory, Inc.   1,254    43,363 
Total Retail        2,376,102 
Internet - 16.2%          
Netflix, Inc.*   1,096    482,777 
Booking Holdings, Inc.*   116    313,238 
Airbnb, Inc. — Class A*   2,306    295,537 
DoorDash, Inc. — Class A*   2,232    170,569 
Spotify Technology S.A.*   876    140,642 
Trip.com Group Ltd. ADR*   3,977    139,195 
Expedia Group, Inc.*   1,240    135,643 
Sea Ltd. ADR*   2,195    127,398 
Bilibili, Inc. ADR*,1   7,427    112,148 
Roku, Inc.*   1,509    96,516 
Total Internet        2,013,663 
Media - 15.9%          
Comcast Corp. — Class A   10,741    446,289 
Walt Disney Co.*   4,696    419,259 
Charter Communications, Inc. — Class A*   609    223,728 
Warner Bros Discovery, Inc.*   13,039    163,509 
Fox Corp. — Class A   4,045    137,530 
Liberty Broadband Corp. — Class C*   1,410    112,955 
News Corp. — Class A   5,775    112,612 
World Wrestling Entertainment, Inc. — Class A   913    99,033 
Paramount Global — Class B   5,428    86,359 
Nexstar Media Group, Inc. — Class A   470    78,279 
DISH Network Corp. — Class A*   8,215    54,137 
Sirius XM Holdings, Inc.1   10,166    46,052 
Total Media        1,979,742 
Lodging - 9.3%          
Marriott International, Inc. — Class A   1,282    235,490 
Hilton Worldwide Holdings, Inc.   1,423    207,118 
Las Vegas Sands Corp.*   2,549    147,842 
MGM Resorts International   2,812    123,503 
Hyatt Hotels Corp. — Class A   987   113,090 
Wynn Resorts Ltd.   1,026    108,356 
Wyndham Hotels & Resorts, Inc.   1,133    77,690 
Boyd Gaming Corp.   1,086    75,336 
Choice Hotels International, Inc.   530    62,286 
Total Lodging        1,150,711 
Entertainment - 8.7%          
Live Nation Entertainment, Inc.*   1,447    131,836 
Warner Music Group Corp. — Class A   4,496    117,301 
Caesars Entertainment, Inc.*   2,191    111,675 
DraftKings, Inc. — Class A*   4,191    111,355 
Vail Resorts, Inc.   418    105,236 
Churchill Downs, Inc.   731    101,733 
Light & Wonder, Inc. — Class A*   1,213    83,406 
Marriott Vacations Worldwide Corp.   519    63,692 
Penn Entertainment, Inc.*   2,570    61,757 
AMC Entertainment Holdings, Inc. — Class A*,1   13,343    58,709 
SeaWorld Entertainment, Inc.*   829    46,432 
Six Flags Entertainment Corp.*   1,706    44,322 
Cinemark Holdings, Inc.*   2,545    41,992 
Total Entertainment        1,079,446 
Leisure Time - 7.7%          
Carnival Corp.*   9,746    183,517 
Norwegian Cruise Line Holdings Ltd.*   7,816    170,154 
Royal Caribbean Cruises Ltd.*   1,638    169,926 
Polaris, Inc.   714    86,344 
Brunswick Corp.   964    83,521 
Planet Fitness, Inc. — Class A*   1,206    81,333 
Harley-Davidson, Inc.   2,039    71,793 
YETI Holdings, Inc.*   1,605    62,338 
Peloton Interactive, Inc. — Class A*   6,879    52,900 
Total Leisure Time        961,826 
Software - 7.3%          
Activision Blizzard, Inc.*   3,201    269,844 
Electronic Arts, Inc.   1,538    199,479 
Take-Two Interactive Software, Inc.*   1,188    174,826 
ROBLOX Corp. — Class A*   3,376    136,053 
NetEase, Inc. ADR   1,323    127,921 
Total Software        908,123 
Agriculture - 6.8%          
Philip Morris International, Inc.   4,356    425,233 
Altria Group, Inc.   6,659    301,652 
British American Tobacco plc ADR   3,589    119,155 
Total Agriculture        846,040 
Beverages - 5.7%          
Constellation Brands, Inc. — Class A   863    212,410 
Brown-Forman Corp. — Class B   2,867    191,458 
Molson Coors Beverage Co. — Class B   1,836    120,882 
Anheuser-Busch InBev S.A. ADR1   2,108    119,566 

 

 

 

Leisure Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

    Shares    Value 
COMMON STOCKS - 99.3% (continued)          
Beverages - 5.7% (continued)          
Ambev S.A. ADR   20,317   $64,608 
Total Beverages        708,924 
Toys, Games & Hobbies - 1.5%          
Hasbro, Inc.   1,533    99,293 
Mattel, Inc.*   4,558    89,063 
Total Toys, Games & Hobbies        188,356 
Food Service - 0.9%          
Aramark   2,531    108,960 
Commercial Services - 0.2%          
Sabre Corp.*   6,957    22,193 
Total Common Stocks          
(Cost $8,527,197)        12,344,086 

 

    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.2%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $12,890   12,890 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   5,671    5,671 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   5,155    5,155 
Total Repurchase Agreements          
(Cost $23,716)        23,716 

 

    Shares      
SECURITIES LENDING COLLATERAL†,3 - 1.3%          
Money Market Fund          
First American Government Obligations Fund – Class X, 5.01%4   163,155    163,155 
Total Securities Lending Collateral          
(Cost $163,155)        163,155 
Total Investments - 100.8%          
(Cost $8,714,068)       $12,530,957 
Other Assets & Liabilities, net - (0.8)%        (100,852)
Total Net Assets - 100.0%       $12,430,105 
           
* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):
 
Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $12,344,086   $   $   $12,344,086 
Repurchase Agreements       23,716        23,716 
Securities Lending Collateral   163,155            163,155 
Total Assets  $12,507,241   $23,716   $   $12,530,957 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 90.1%
Consumer, Non-cyclical - 19.4%          
Procter & Gamble Co.   954   $144,760 
Merck & Company, Inc.   1,199    138,353 
Abbott Laboratories   1,242    135,403 
Amgen, Inc.   564    125,219 
Johnson & Johnson   755    124,968 
Quest Diagnostics, Inc.   869    122,147 
Bristol-Myers Squibb Co.   1,906    121,889 
Kimberly-Clark Corp.   877    121,078 
Viatris, Inc.   11,670    116,467 
Hershey Co.   460    114,862 
H&R Block, Inc.   3,079    98,128 
Incyte Corp.*   1,518    94,495 
Becton Dickinson and Co.   327    86,331 
Campbell Soup Co.   1,831    83,695 
J M Smucker Co.   554    81,809 
Gilead Sciences, Inc.   998    76,916 
John B Sanfilippo & Son, Inc.   595    69,776 
United Therapeutics Corp.*   310    68,433 
Perdoceo Education Corp.*   5,506    67,558 
Innoviva, Inc.*   5,156    65,636 
Royalty Pharma plc — Class A   2,130    65,476 
Vector Group Ltd.   4,816    61,693 
Vertex Pharmaceuticals, Inc.*   151    53,138 
Edwards Lifesciences Corp.*   553    52,164 
Humana, Inc.   116    51,867 
USANA Health Sciences, Inc.*   821    51,756 
Premier, Inc. — Class A   1,763    48,764 
Exelixis, Inc.*   2,529    48,329 
Neurocrine Biosciences, Inc.*   478    45,075 
Hackett Group, Inc.   2,008    44,879 
Cardinal Health, Inc.   458    43,313 
Quanex Building Products Corp.   1,574    42,262 
Dynavax Technologies Corp.*   3,118    40,285 
AMN Healthcare Services, Inc.*   368    40,156 
Grand Canyon Education, Inc.*   380    39,220 
Pfizer, Inc.   981    35,983 
QIAGEN N.V.*   796    35,844 
Perrigo Company plc   1,042    35,376 
Molina Healthcare, Inc.*   101    30,425 
Supernus Pharmaceuticals, Inc.*   972    29,218 
Prestige Consumer Healthcare, Inc.*   435    25,852 
Moderna, Inc.*   205    24,908 
Eagle Pharmaceuticals, Inc.*   1,267    24,630 
Dexcom, Inc.*   186    23,903 
Vir Biotechnology, Inc.*   943    23,132 
Total Consumer, Non-cyclical        3,075,571 
Industrial - 17.6%          
ITT, Inc.   1,430    133,290 
Fortive Corp.   1,771    132,418 
Snap-on, Inc.   455    131,126 
Dover Corp.   854    126,093 
3M Co.   1,212    121,309 
Landstar System, Inc.   625    120,337 
Donaldson Company, Inc.   1,785    111,580 
Builders FirstSource, Inc.*   753    102,408 
Standex International Corp.   721    102,000 
Eagle Materials, Inc.   540    100,667 
UFP Industries, Inc.   1,001    97,147 
Textron, Inc.   1,378   93,194 
Mueller Industries, Inc.   1,049    91,557 
Boise Cascade Co.   968    87,459 
Jabil, Inc.   773    83,430 
Nordson Corp.   331    82,148 
Curtiss-Wright Corp.   442    81,178 
Teledyne Technologies, Inc.*   197    80,989 
Armstrong World Industries, Inc.   1,051    77,206 
Toro Co.   733    74,509 
Acuity Brands, Inc.   430    70,124 
Vishay Intertechnology, Inc.   2,331    68,531 
Louisiana-Pacific Corp.   897    67,257 
Sturm Ruger & Company, Inc.   1,137    60,216 
Masco Corp.   961    55,142 
Golar LNG Ltd.   2,646    53,370 
Expeditors International of Washington, Inc.   437    52,934 
Simpson Manufacturing Company, Inc.   377    52,215 
Keysight Technologies, Inc.*   300    50,235 
Garmin Ltd.   377    39,317 
Scorpio Tankers, Inc.   723    34,147 
Ardmore Shipping Corp.   2,694    33,271 
Advanced Energy Industries, Inc.   279    31,095 
International Seaways, Inc.   804    30,745 
GrafTech International Ltd.   5,185    26,132 
Lindsay Corp.   196    23,391 
Total Industrial        2,778,167 
Consumer, Cyclical - 11.2%          
Yum! Brands, Inc.   889    123,171 
MSC Industrial Direct Company, Inc. — Class A   1,262    120,243 
Gentex Corp.   3,762    110,076 
Dolby Laboratories, Inc. — Class A   1,305    109,202 
PulteGroup, Inc.   1,366    106,111 
Lowe's Companies, Inc.   459    103,596 
Tri Pointe Homes, Inc.*   3,062    100,617 
Allison Transmission Holdings, Inc.   1,602    90,449 
MDC Holdings, Inc.   1,882    88,021 
Brunswick Corp.   988    85,600 
DR Horton, Inc.   690    83,966 
Patrick Industries, Inc.   839    67,120 
Boyd Gaming Corp.   965    66,942 
PetMed Express, Inc.   4,356    60,069 
Starbucks Corp.   528    52,304 
Taylor Morrison Home Corp. — Class A*   1,005    49,014 
Meritage Homes Corp.   321    45,669 
NVR, Inc.*   7    44,454 
NIKE, Inc. — Class B   393    43,375 
Monarch Casino & Resort, Inc.   608    42,834 
Buckle, Inc.   1,215    42,039 
Home Depot, Inc.   132    41,005 
Cavco Industries, Inc.*   132    38,940 
Green Brick Partners, Inc.*   458    26,015 
Academy Sports & Outdoors, Inc.   474    25,620 
Total Consumer, Cyclical        1,766,452 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

  

   Shares   Value 
COMMON STOCKS - 90.1% (continued)          
Technology - 11.0%          
Apple, Inc.   1,341   $260,114 
Microsoft Corp.   676    230,205 
NetApp, Inc.   1,453    111,009 
Applied Materials, Inc.   738    106,671 
KLA Corp.   193    93,609 
Kulicke & Soffa Industries, Inc.   1,419    84,360 
Dropbox, Inc. — Class A*   2,988    79,690 
Electronic Arts, Inc.   595    77,172 
Akamai Technologies, Inc.*   736    66,144 
Cognizant Technology Solutions Corp. — Class A   1,012    66,063 
Concentrix Corp.   810    65,407 
NetScout Systems, Inc.*   2,071    64,098 
Teradyne, Inc.   531    59,116 
Diodes, Inc.*   605    55,956 
Photronics, Inc.*   1,509    38,917 
Veradigm, Inc.*   2,425    30,555 
Microchip Technology, Inc.   330    29,565 
Autodesk, Inc.*   144    29,464 
NXP Semiconductor N.V.   140    28,655 
Manhattan Associates, Inc.*   141    28,183 
Qualys, Inc.*   211    27,255 
Teradata Corp.*   509    27,186 
Power Integrations, Inc.   269    25,466 
NVIDIA Corp.   60    25,381 
QUALCOMM, Inc.   205    24,403 
Total Technology        1,734,644 
Financial - 9.7%          
Weyerhaeuser Co. REIT   4,092    137,123 
Essent Group Ltd.   2,575    120,510 
SEI Investments Co.   2,019    120,373 
MGIC Investment Corp.   7,608    120,130 
SouthState Corp.   1,772    116,598 
Equity Commonwealth REIT   5,698    115,441 
Preferred Bank/Los Angeles CA   2,068    113,719 
Radian Group, Inc.   3,008    76,042 
Evercore, Inc. — Class A   593    73,289 
Mr Cooper Group, Inc.*   1,234    62,490 
NMI Holdings, Inc. — Class A*   2,316    59,799 
Lazard Ltd. — Class A   1,505    48,160 
Brightsphere Investment Group, Inc.   1,922    40,266 
Southside Bancshares, Inc.   1,428    37,357 
S&T Bancorp, Inc.   1,323    35,973 
Renasant Corp.   1,318    34,439 
Marcus & Millichap, Inc.   1,065    33,558 
FB Financial Corp.   1,104    30,967 
Discover Financial Services   250    29,212 
Hilltop Holdings, Inc.   881    27,716 
International Bancshares Corp.   565    24,973 
Travelers Companies, Inc.   134    23,270 
Allstate Corp.   212    23,117 
BOK Financial Corp.   286    23,103 
Total Financial        1,527,625 
Communications - 7.1%          
Cisco Systems, Inc.   2,596    134,317 
Omnicom Group, Inc.   1,288    122,553 
VeriSign, Inc.*   524    118,408 
Alphabet, Inc. — Class C*   905    109,478 
Yelp, Inc. — Class A*   2,127    77,444 
Motorola Solutions, Inc.   238    69,801 
Meta Platforms, Inc. — Class A*   210   60,266 
Nexstar Media Group, Inc. — Class A   344    57,293 
A10 Networks, Inc.   3,774    55,063 
Verizon Communications, Inc.   1,405    52,252 
T-Mobile US, Inc.*   335    46,531 
InterDigital, Inc.   384    37,075 
Booking Holdings, Inc.*   13    35,104 
Extreme Networks, Inc.*   1,213    31,599 
Gen Digital, Inc.   1,594    29,569 
eBay, Inc.   643    28,736 
Ziff Davis, Inc.*   405    28,374 
Amazon.com, Inc.*   186    24,247 
Total Communications        1,118,110 
Utilities - 6.6%          
Atmos Energy Corp.   1,024    119,132 
Ameren Corp.   1,446    118,095 
OGE Energy Corp.   3,283    117,893 
MGE Energy, Inc.   1,471    116,371 
Consolidated Edison, Inc.   1,281    115,802 
Black Hills Corp.   1,889    113,831 
ONE Gas, Inc.   1,446    111,068 
National Fuel Gas Co.   1,739    89,315 
Clearway Energy, Inc. — Class C   2,642    75,455 
Chesapeake Utilities Corp.   629    74,851 
Total Utilities        1,051,813 
Energy - 5.5%          
Exxon Mobil Corp.   1,378    147,791 
Marathon Petroleum Corp.   1,110    129,426 
Valero Energy Corp.   937    109,910 
Chevron Corp.   477    75,056 
Phillips 66   772    73,633 
Cheniere Energy, Inc.   437    66,581 
Occidental Petroleum Corp.   751    44,159 
Matador Resources Co.   778    40,705 
Magnolia Oil & Gas Corp. — Class A   1,880    39,292 
SM Energy Co.   1,228    38,842 
PBF Energy, Inc. — Class A   928    37,992 
Civitas Resources, Inc.   503    34,893 
REX American Resources Corp.*   839    29,206 
Total Energy        867,486 
Basic Materials - 2.0%          
Westlake Corp.   757    90,439 
NewMarket Corp.   184    73,990 
LyondellBasell Industries N.V. — Class A   757    69,515 
Olin Corp.   987    50,722 
CF Industries Holdings, Inc.   499    34,641 
Total Basic Materials        319,307 
Total Common Stocks          
(Cost $13,190,756)        14,239,175 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
MONEY MARKET FUND- 5.4%          
Invesco Short-Term Investments Treasury Obligations Portfolio — Institutional Class, 4.95%1   848,772   $848,772 
Total Money Market Fund          
(Cost $848,772)        848,772 
Total Investments - 95.5%          
(Cost $14,039,528)       $15,087,947 
Other Assets & Liabilities, net - 4.5%        714,694 
Total Net Assets - 100.0%       $15,802,641 

 

Custom Basket Swap Agreements        

 

Counterparty  Reference Obligation  Type   Financing Rate  Payment Frequency  Maturity Date  Notional Amount   Value and Unrealized Appreciation (Depreciation) 
OTC Custom Basket Swap Agreements††
Goldman Sachs International  GS Equity Custom Basket   Pay   5.52% (Federal Funds Rate + 0.45%)  At Maturity  05/06/24  $7,123,939   $524,258 
                            
Morgan Stanley Capital Services LLC  MS Equity Custom Basket   Pay   5.47% (Federal Funds Rate + 0.40%)  At Maturity  03/27/24   7,123,951    521,540 
                    $14,247,890   $1,045,798 
OTC Custom Basket Swap Agreements Sold Short††
Goldman Sachs International  GS Equity Custom Basket   Receive   4.87% (Federal Funds Rate - 0.20%)  At Maturity  05/06/24  $8,567,903   $(264,115)
Morgan Stanley Capital Services LLC  MS Equity Custom Basket   Receive   4.77% (Federal Funds Rate - 0.30%)  At Maturity  03/27/24   8,645,932    (264,447)
                    $17,213,835   $(528,562)

 

 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

GS EQUITY LONG CUSTOM BASKET            
   Shares   Percentage
Notional
Amount
   Value and Unrealized
Appreciation (Depreciation)
 
Consumer, Non-cyclical               
Vertex Pharmaceuticals, Inc.   75    0.37%  $11,376 
John B Sanfilippo & Son, Inc.   298    0.49%   11,222 
Johnson & Johnson   377    0.88%   4,541 
Perdoceo Education Corp.   2,753    0.47%   4,405 
Kimberly-Clark Corp.   438    0.85%   4,122 
Viatris, Inc.   5,835    0.82%   3,706 
Edwards Lifesciences Corp.   277    0.37%   3,623 
Quanex Building Products Corp.   787    0.30%   3,153 
Hackett Group, Inc.   1,004    0.31%   3,108 
Exelixis, Inc.   1,264    0.34%   2,368 
Cardinal Health, Inc.   229    0.30%   2,221 
Dynavax Technologies Corp.   1,559    0.28%   2,144 
AMN Healthcare Services, Inc.   184    0.28%   1,899 
Quest Diagnostics, Inc.   434    0.86%   1,797 
Becton Dickinson and Co.   164    0.61%   1,639 
Vector Group Ltd.   2,408    0.43%   1,492 
H&R Block, Inc.   1,539    0.69%   1,017 
Bristol-Myers Squibb Co.   953    0.86%   997 
Dexcom, Inc.   93    0.17%   706 
Merck & Company, Inc.   600    0.97%   572 
Perrigo Company plc   521    0.25%   437 
Molina Healthcare, Inc.   51    0.22%   428 
Innoviva, Inc.   2,578    0.46%   181 
United Therapeutics Corp.   155    0.48%   (30)
Abbott Laboratories   621    0.95%   (68)
Prestige Consumer Healthcare, Inc.   217    0.18%   (364)
QIAGEN N.V.   398    0.25%   (370)
Moderna, Inc.   102    0.17%   (850)
Vir Biotechnology, Inc.   471    0.16%   (1,089)
USANA Health Sciences, Inc.   410    0.36%   (1,527)
Gilead Sciences, Inc.   499    0.54%   (1,556)
Supernus Pharmaceuticals, Inc.   486    0.21%   (1,730)
Procter & Gamble Co.   477    1.02%   (1,787)
Hershey Co.   230    0.81%   (1,948)
Amgen, Inc.   282    0.88%   (2,086)
Grand Canyon Education, Inc.   190    0.28%   (2,205)
Premier, Inc. — Class A   881    0.34%   (2,770)
J M Smucker Co.   277    0.57%   (2,817)
Pfizer, Inc.   491    0.25%   (3,658)
Neurocrine Biosciences, Inc.   239    0.32%   (3,860)
Humana, Inc.   58    0.36%   (4,492)
Incyte Corp.   759    0.66%   (6,674)
Campbell Soup Co.   916    0.59%   (8,513)
Eagle Pharmaceuticals, Inc.   633    0.17%   (11,074)
Royalty Pharma plc — Class A   1,065    0.46%   (12,173)
Total Consumer, Non-cyclical             (4,487)
Communications               
Alphabet, Inc. — Class C   452    0.77%  25,222 
Meta Platforms, Inc. — Class A   105    0.42%   14,244 
Yelp, Inc. — Class A   1,063    0.54%   8,514 
Cisco Systems, Inc.   1,298    0.94%   8,402 
Extreme Networks, Inc.   606    0.22%   4,164 
Omnicom Group, Inc.   644    0.86%   3,563 
Amazon.com, Inc.   93    0.17%   3,359 
InterDigital, Inc.   192    0.26%   2,353 
Nexstar Media Group, Inc. — Class A   172    0.40%   1,679 
Motorola Solutions, Inc.   119    0.49%   917 
T-Mobile US, Inc.   168    0.33%   724 
Booking Holdings, Inc.   7    0.27%   635 
Gen Digital, Inc.   797    0.21%   403 
VeriSign, Inc.   262    0.83%   119 
eBay, Inc.   322    0.20%   (105)
Verizon Communications, Inc.   702    0.37%   (596)
A10 Networks, Inc.   1,887    0.39%   (597)
Ziff Davis, Inc.   202    0.20%   (3,494)
Total Communications             69,506 
Consumer, Cyclical               
Allison Transmission Holdings, Inc.   801    0.63%   14,455 
PulteGroup, Inc.   683    0.74%   12,352 
DR Horton, Inc.   345    0.59%   9,498 
MDC Holdings, Inc.   941    0.62%   8,003 
Boyd Gaming Corp.   482    0.47%   6,425 
Brunswick Corp.   494    0.60%   6,162 
Taylor Morrison Home Corp. — Class A   503    0.34%   5,870 
Patrick Industries, Inc.   419    0.47%   5,362 
Tri Pointe Homes, Inc.   1,531    0.71%   5,006 
Lowe's Companies, Inc.   229    0.73%   4,297 
MSC Industrial Direct Company, Inc. — Class A   631    0.84%   4,067 
Meritage Homes Corp.   160    0.32%   3,344 
NVR, Inc.   4    0.36%   2,650 
Yum! Brands, Inc.   444    0.86%   2,028 
Cavco Industries, Inc.   66    0.27%   1,789 
Home Depot, Inc.   66    0.29%   1,524 
Academy Sports & Outdoors, Inc.   237    0.18%   1,341 
Green Brick Partners, Inc.   229    0.18%   1,170 
Gentex Corp.   1,881    0.77%   1,119 
Monarch Casino & Resort, Inc.   304    0.30%   750 
Dolby Laboratories, Inc. — Class A   652    0.77%   634 
Starbucks Corp.   264    0.37%   (221)
PetMed Express, Inc.   2,178    0.42%   (2,011)
NIKE, Inc. — Class B   197    0.31%   (2,063)
Buckle, Inc.   607    0.29%   (2,722)
Total Consumer, Cyclical             90,829 
Industrial               
Standex International Corp.   360    0.71%   19,018 
Snap-on, Inc.   228    0.92%   15,645 
Vishay Intertechnology, Inc.   1,166    0.48%   15,051 
Mueller Industries, Inc.   524    0.64%   14,802 
Eagle Materials, Inc.   270    0.71%   14,498 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

    Shares    Percentage
Notional
Amount
    Value and Unrealized
Appreciation (Depreciation)
 
Jabil, Inc.   386    0.58%  $11,811 
Louisiana-Pacific Corp.   448    0.47%   9,616 
Fortive Corp.   886    0.93%   8,541 
Donaldson Company, Inc.   893    0.78%   7,820 
Builders FirstSource, Inc.   376    0.72%   7,763 
Boise Cascade Co.   484    0.61%   7,762 
UFP Industries, Inc.   501    0.68%   6,441 
Simpson Manufacturing Company, Inc.   189    0.37%   5,217 
Landstar System, Inc.   313    0.85%   4,498 
Curtiss-Wright Corp.   221    0.57%   4,257 
Advanced Energy Industries, Inc.   140    0.22%   4,021 
Nordson Corp.   166    0.58%   3,859 
ITT, Inc.   715    0.94%   3,677 
Masco Corp.   480    0.39%   3,283 
Armstrong World Industries, Inc.   526    0.54%   2,946 
Textron, Inc.   689    0.65%   2,924 
Keysight Technologies, Inc.   150    0.35%   1,637 
Dover Corp.   427    0.89%   1,577 
Expeditors International of Washington, Inc.   219    0.37%   1,493 
International Seaways, Inc.   402    0.22%   815 
Ardmore Shipping Corp.   1,347    0.23%   356 
Scorpio Tankers, Inc.   361    0.24%   303 
Toro Co.   366    0.52%   222 
GrafTech International Ltd.   2,593    0.18%   216 
Teledyne Technologies, Inc.   98    0.57%   96 
Garmin Ltd.   189    0.28%   (231)
Golar LNG Ltd.   1,323    0.37%   (1,794)
Acuity Brands, Inc.   215    0.49%   (2,761)
Lindsay Corp.   98    0.16%   (3,055)
Sturm Ruger & Company, Inc.   568    0.42%   (4,684)
3M Co.   606    0.85%   (5,983)
Total Industrial             161,657 
Technology               
Apple, Inc.   671    1.83%   57,768 
Microsoft Corp.   338    1.62%   48,784 
NetApp, Inc.   726    0.78%   10,371 
KLA Corp.   96    0.65%   6,811 
Dropbox, Inc. — Class A   1,494    0.56%   5,730 
Kulicke & Soffa Industries, Inc.   709    0.59%   5,456 
Diodes, Inc.   303    0.39%   5,444 
Teradyne, Inc.   266    0.42%   5,165 
Teradata Corp.   254    0.19%   4,904 
Applied Materials, Inc.   369    0.75%   4,006 
Photronics, Inc.   755    0.27%   3,264 
Microchip Technology, Inc.   165    0.21%   2,708 
NXP Semiconductor N.V.   70    0.20%   2,035 
Cognizant Technology Solutions Corp. — Class A   506    0.46%   1,729 
QUALCOMM, Inc.   102    0.17%   1,457 
Manhattan Associates, Inc.   71    0.20%   1,117 
Qualys, Inc.   105    0.19%   1,115 
NVIDIA Corp.   30    0.18%   1,047 
Power Integrations, Inc.   135    0.18%  1,025 
Veradigm, Inc.   1,213    0.21%   1,013 
NetScout Systems, Inc.   1,035    0.45%   724 
Electronic Arts, Inc.   298    0.54%   667 
Autodesk, Inc.   72    0.21%   (153)
Akamai Technologies, Inc.   368    0.46%   (1,516)
Concentrix Corp.   405    0.46%   (2,755)
Total Technology             167,916 
Financial               
Weyerhaeuser Co.   2,046    0.96%   8,076 
Essent Group Ltd.   1,288    0.85%   6,471 
MGIC Investment Corp.   3,804    0.84%   5,949 
Evercore, Inc. — Class A   297    0.52%   5,762 
NMI Holdings, Inc. — Class A   1,158    0.42%   5,612 
Radian Group, Inc.   1,504    0.53%   4,947 
Preferred Bank/Los Angeles CA   1,034    0.80%   3,632 
Mr Cooper Group, Inc.   617    0.44%   2,144 
Lazard Ltd. — Class A   753    0.34%   1,439 
Hilltop Holdings, Inc.   441    0.19%   1,288 
Discover Financial Services   125    0.21%   964 
SouthState Corp.   886    0.82%   632 
SEI Investments Co.   1,009    0.84%   288 
International Bancshares Corp.   283    0.18%   240 
Brightsphere Investment Group, Inc.   961    0.28%   148 
Allstate Corp.   106    0.16%   (68)
Travelers Companies, Inc.   67    0.16%   (88)
S&T Bancorp, Inc.   662    0.25%   (666)
Equity Commonwealth   2,849    0.81%   (1,080)
Marcus & Millichap, Inc.   532    0.24%   (2,430)
BOK Financial Corp.   143    0.16%   (3,096)
Renasant Corp.   659    0.24%   (4,487)
FB Financial Corp.   552    0.22%   (5,005)
Southside Bancshares, Inc.   714    0.26%   (7,474)
Total Financial             23,198 
Utilities               
MGE Energy, Inc.   736    0.82%   3,553 
Atmos Energy Corp.   512    0.84%   905 
ONE Gas, Inc.   723    0.78%   244 
Chesapeake Utilities Corp.   314    0.52%   141 
Ameren Corp.   723    0.83%   (98)
Black Hills Corp.   944    0.80%   (1,527)
Consolidated Edison, Inc.   641    0.81%   (1,559)
National Fuel Gas Co.   869    0.63%   (3,432)
OGE Energy Corp.   1,641    0.83%   (5,198)
Clearway Energy, Inc. — Class C   1,321    0.53%   (6,538)
Total Utilities             (13,509)
Basic Materials               
NewMarket Corp.   92    0.52%   8,095 
CF Industries Holdings, Inc.   249    0.24%   (152)
LyondellBasell Industries N.V. — Class A   378    0.49%   (515)
Westlake Corp.   378    0.63%   (989)
Olin Corp.   494    0.36%   (1,889)

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

    Shares    Percentage
Notional
Amount
    Value and Unrealized
Appreciation (Depreciation)
 
Total Basic Materials            $4,550 
Energy               
Exxon Mobil Corp.   689    1.04%   7,824 
Marathon Petroleum Corp.   555    0.91%   6,588 
SM Energy Co.   614    0.27%   2,970 
REX American Resources Corp.   420    0.21%   2,140 
PBF Energy, Inc. — Class A   464    0.27%   1,975 
Matador Resources Co.   389    0.29%   1,964 
Valero Energy Corp.   469    0.77%   1,957 
Cheniere Energy, Inc.   219    0.47%   1,796 
Chevron Corp.   239    0.53%   889 
Civitas Resources, Inc.   251    0.24%   (112)
Phillips 66   386    0.52%   (376)
Magnolia Oil & Gas Corp. — Class A   940    0.28%   (994)
Occidental Petroleum Corp.   375    0.31%   (2,023)
Total Energy             24,598 
Total GS Equity Long Custom Basket            $524,258 
                
GS EQUITY SHORT CUSTOM BASKET               
Consumer, Non-cyclical               
Driven Brands Holdings, Inc.   3,699    (1.13)%   7,862 
ABM Industries, Inc.   1,885    (0.94)%   5,286 
ManpowerGroup, Inc.   469    (0.43)%   3,350 
Global Payments, Inc.   638    (0.73)%   3,138 
Utz Brands, Inc.   2,476    (0.47)%   2,083 
Keurig Dr Pepper, Inc.   2,139    (0.78)%   256 
Performance Food Group Co.   720    (0.51)%   (219)
Constellation Brands, Inc. — Class A   177    (0.51)%   (308)
Verisk Analytics, Inc. — Class A   242    (0.64)%   (700)
Equifax, Inc.   403    (1.11)%   (1,762)
FTI Consulting, Inc.   332    (0.74)%   (1,985)
RadNet, Inc.   1,290    (0.49)%   (2,820)
TreeHouse Foods, Inc.   1,122    (0.66)%   (3,308)
Estee Lauder Companies, Inc. — Class A   371    (0.85)%   (5,381)
AmerisourceBergen Corp. — Class A   423    (0.95)%   (7,792)
Quanta Services, Inc.   457    (1.05)%   (8,201)
Booz Allen Hamilton Holding Corp.   579    (0.75)%   (10,126)
ICF International, Inc.   574    (0.83)%   (11,766)
TransUnion   1,478    (1.35)%   (14,018)
CoStar Group, Inc.   1,159    (1.20)%   (16,171)
GXO Logistics, Inc.   1,219    (0.89)%   (18,280)
Neogen Corp.   4,701    (1.19)%   (19,903)
Total Consumer, Non-cyclical             (100,765)
Financial               
Sun Communities, Inc.   772    (1.18)%   27,468 
Alexandria Real Estate Equities, Inc.   504    (0.67)%   19,347 
Rexford Industrial Realty, Inc.   1,900    (1.16)%  16,445 
American Tower Corp. — Class A   584    (1.32)%   13,656 
Howard Hughes Corp.   991    (0.91)%   12,597 
Kennedy-Wilson Holdings, Inc.   5,143    (0.98)%   10,191 
Healthcare Realty Trust, Inc.   4,115    (0.91)%   8,585 
Equitable Holdings, Inc.   4,164    (1.32)%   7,843 
Kemper Corp.   971    (0.55)%   6,460 
Raymond James Financial, Inc.   1,228    (1.49)%   6,330 
Americold Realty Trust, Inc.   2,832    (1.07)%   5,965 
Outfront Media, Inc.   4,034    (0.74)%   4,913 
Rayonier, Inc.   3,136    (1.15)%   3,600 
TFS Financial Corp.   3,065    (0.45)%   3,481 
Equinix, Inc.   128    (1.17)%   3,171 
Prologis, Inc.   689    (0.99)%   2,589 
Assured Guaranty Ltd.   1,377    (0.90)%   2,050 
Voya Financial, Inc.   818    (0.68)%   1,850 
Progressive Corp.   561    (0.87)%   1,196 
Stellar Bancorp, Inc.   2,136    (0.57)%   741 
Popular, Inc.   720    (0.51)%   475 
Northern Trust Corp.   869    (0.75)%   305 
Hanover Insurance Group, Inc.   574    (0.76)%   (90)
Crown Castle, Inc.   323    (0.43)%   (213)
SBA Communications Corp.   123    (0.33)%   (956)
KKR & Company, Inc. — Class A   1,873    (1.22)%   (1,005)
Annaly Capital Management, Inc.   2,457    (0.57)%   (1,123)
State Street Corp.   864    (0.74)%   (1,338)
Air Lease Corp. — Class A   1,194    (0.58)%   (2,163)
First Financial Bancorp   2,514    (0.60)%   (2,545)
CBRE Group, Inc. — Class A   633    (0.60)%   (2,810)
Boston Properties, Inc.   467    (0.31)%   (3,056)
Brighthouse Financial, Inc.   2,703    (1.49)%   (3,193)
AGNC Investment Corp.   4,409    (0.52)%   (3,195)
Medical Properties Trust, Inc.   4,629    (0.50)%   (3,320)
UDR, Inc.   2,434    (1.22)%   (4,140)
Jones Lang LaSalle, Inc.   339    (0.62)%   (4,261)
Ellington Financial, Inc.   4,267    (0.69)%   (4,308)
UMH Properties, Inc.   4,672    (0.87)%   (4,792)
PennyMac Mortgage Investment Trust   3,955    (0.62)%   (5,005)
Welltower, Inc.   995    (0.94)%   (5,576)
PennyMac Financial Services, Inc.   1,214    (1.00)%   (9,110)
Iron Mountain, Inc.   1,930    (1.28)%   (10,230)
Apollo Global Management, Inc.   857    (0.77)%   (10,958)
Ares Management Corp. — Class A   922    (1.04)%   (13,810)
Digital Realty Trust, Inc.   947    (1.26)%   (17,000)
Total Financial             45,061 
Consumer, Cyclical               
UniFirst Corp.   360    (0.65)%   16,222 
Newell Brands, Inc.   9,688    (0.98)%   314 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

    Shares    Percentage
Notional
Amount
    Value and Unrealized
Appreciation (Depreciation)
 
Ollie's Bargain Outlet Holdings, Inc.   403    (0.27)%  $236 
OPENLANE, Inc.   4,070    (0.72)%   (386)
Alaska Air Group, Inc.   741    (0.46)%   (1,245)
Burlington Stores, Inc.   268    (0.49)%   (2,195)
Five Below, Inc.   214    (0.49)%   (2,619)
Shake Shack, Inc. — Class A   595    (0.54)%   (5,464)
VF Corp.   4,705    (1.05)%   (5,792)
Floor & Decor Holdings, Inc. — Class A   669    (0.81)%   (15,023)
Copart, Inc.   1,030    (1.10)%   (28,365)
Total Consumer, Cyclical             (44,317)
Basic Materials               
Hecla Mining Co.   7,607    (0.46)%   7,097 
Royal Gold, Inc.   462    (0.62)%   4,421 
ATI, Inc.   1,270    (0.66)%   (8,312)
Carpenter Technology Corp.   963    (0.63)%   (16,356)
Total Basic Materials             (13,150)
Utilities               
Avista Corp.   2,273    (1.04)%   9,370 
California Water Service Group   1,149    (0.69)%   5,979 
Spire, Inc.   850    (0.63)%   5,806 
Sempra Energy   704    (1.20)%   5,131 
Dominion Energy, Inc.   1,146    (0.69)%   4,257 
Entergy Corp.   518    (0.59)%   3,751 
UGI Corp.   2,330    (0.73)%   1,248 
CMS Energy Corp.   1,572    (1.08)%   1,087 
PG&E Corp.   5,439    (1.10)%   325 
American Electric Power Company, Inc.   1,359    (1.34)%   (543)
Alliant Energy Corp.   1,771    (1.08)%   (618)
DTE Energy Co.   823    (1.06)%   (862)
Exelon Corp.   1,696    (0.81)%   (1,467)
Edison International   1,364    (1.11)%   (3,831)
Total Utilities             29,633 
Technology               
Evolent Health, Inc. — Class A   1,498    (0.53)%   1,178 
Alteryx, Inc. — Class A   555    (0.29)%   (1,962)
KBR, Inc.   810    (0.62)%   (2,843)
Paycor HCM, Inc.   1,862    (0.51)%   (3,028)
Oracle Corp.   324    (0.45)%   (6,853)
Ceridian HCM Holding, Inc.   1,341    (1.05)%   (12,315)
Total Technology             (25,823)
Industrial               
TD SYNNEX Corp.   697    (0.76)%   2,094 
Waste Management, Inc.   571    (1.16)%   (1,053)
Boeing Co.   339    (0.84)%   (4,195)
MasTec, Inc.   377    (0.52)%   (6,745)
Kirby Corp.   720    (0.65)%   (6,827)
NV5 Global, Inc.   438    (0.57)%   (6,913)
Tetra Tech, Inc.   320    (0.61)%   (9,849)
Clean Harbors, Inc.   342    (0.66)%   (10,098)
Avnet, Inc.   2,139    (1.26)%   (14,638)
Casella Waste Systems, Inc. — Class A   869    (0.92)%   (19,289)
MSA Safety, Inc.   561    (1.14)%   (27,427)
Total Industrial             (104,940)
Communications               
Robinhood Markets, Inc. — Class A   2,146    (0.25)%  (784)
Palo Alto Networks, Inc.   97    (0.29)%   (866)
Chewy, Inc. — Class A   968    (0.45)%   (3,448)
DoorDash, Inc. — Class A   670    (0.60)%   (7,669)
Uber Technologies, Inc.   586    (0.30)%   (8,657)
Total Communications             (21,424)
Energy               
NOV, Inc.   4,028    (0.75)%   17,566 
Noble Corporation plc   990    (0.48)%   (3,098)
Valaris Ltd.   759    (0.56)%   (7,506)
Tidewater, Inc.   810    (0.52)%   (9,959)
Hess Corp.   874    (1.39)%   (10,447)
Schlumberger N.V.   2,253    (1.29)%   (14,946)
Total Energy             (28,390)
Total GS Equity Short Custom Basket            $(264,115)

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

MS EQUITY LONG CUSTOM BASKET               
   Shares   Percentage
Notional
Amount
   Value and
Unrealized

Appreciation
(Depreciation)
 
Consumer, Non-cyclical               
Vertex Pharmaceuticals, Inc.   75    0.37%  $11,408 
John B Sanfilippo & Son, Inc.   298    0.49%   11,210 
Johnson & Johnson   377    0.88%   4,561 
Perdoceo Education Corp.   2,753    0.47%   4,434 
Kimberly-Clark Corp.   438    0.85%   4,122 
Viatris, Inc.   5,835    0.82%   3,738 
Edwards Lifesciences Corp.   277    0.37%   3,610 
Quanex Building Products Corp.   787    0.30%   3,158 
Hackett Group, Inc.   1,004    0.31%   3,116 
Exelixis, Inc.   1,264    0.34%   2,338 
Cardinal Health, Inc.   229    0.30%   2,223 
Dynavax Technologies Corp.   1,559    0.28%   2,125 
AMN Healthcare Services, Inc.   184    0.28%   1,946 
Quest Diagnostics, Inc.   434    0.86%   1,727 
Becton Dickinson and Co.   164    0.61%   1,656 
Vector Group Ltd.   2,408    0.43%   1,470 
H&R Block, Inc.   1,539    0.69%   1,155 
Bristol-Myers Squibb Co.   953    0.86%   963 
Dexcom, Inc.   93    0.17%   709 
Merck & Company, Inc.   600    0.97%   536 
Molina Healthcare, Inc.   51    0.22%   455 
Perrigo Company plc   521    0.25%   454 
Innoviva, Inc.   2,578    0.46%   273 
United Therapeutics Corp.   155    0.48%   (41)
Abbott Laboratories   621    0.95%   (64)
Prestige Consumer Healthcare, Inc.   217    0.18%   (362)
QIAGEN N.V.   398    0.25%   (363)
Moderna, Inc.   102    0.17%   (838)
Vir Biotechnology, Inc.   471    0.16%   (1,050)
USANA Health Sciences, Inc.   410    0.36%   (1,466)
Gilead Sciences, Inc.   499    0.54%   (1,539)
Supernus Pharmaceuticals, Inc.   486    0.21%   (1,757)
Hershey Co.   230    0.81%   (1,885)
Procter & Gamble Co.   477    1.02%   (1,917)
Grand Canyon Education, Inc.   190    0.28%   (2,201)
Amgen, Inc.   282    0.88%   (2,298)
Premier, Inc. — Class A   881    0.34%   (2,759)
J M Smucker Co.   277    0.57%   (2,895)
Pfizer, Inc.   491    0.25%   (3,654)
Neurocrine Biosciences, Inc.   239    0.32%   (3,848)
Humana, Inc.   58    0.36%   (4,509)
Incyte Corp.   759    0.66%   (6,852)
Campbell Soup Co.   916    0.59%   (8,533)
Eagle Pharmaceuticals, Inc.   633    0.17%   (10,913)
Royalty Pharma plc — Class A   1,065    0.46%   (12,305)
Total Consumer, Non-cyclical             (4,662)
Communications               
Alphabet, Inc. — Class C   452    0.77%   24,121 
Meta Platforms, Inc. — Class A   105    0.42%   14,221 
Yelp, Inc. — Class A   1,063    0.54%   8,454 
Cisco Systems, Inc.   1,298    0.94%   8,340 
Extreme Networks, Inc.   606    0.22%   4,157 
Omnicom Group, Inc.   644    0.86%   3,469 
Amazon.com, Inc.   93    0.17%   3,332 
InterDigital, Inc.   192    0.26%   2,322 
Nexstar Media Group, Inc. — Class A   172    0.40%   1,674 
Motorola Solutions, Inc.   119    0.49%   929 
T-Mobile US, Inc.   168    0.33%   739 
Booking Holdings, Inc.   7    0.27%   591 
Gen Digital, Inc.   797    0.21%   407 
VeriSign, Inc.   262    0.83%   126 
eBay, Inc.   322    0.20%   (154)
A10 Networks, Inc.   1,887    0.39%   (550)
Verizon Communications, Inc.   702    0.37%   (568)
Ziff Davis, Inc.   202    0.20%   (3,510)
Total Communications             68,100 
Consumer, Cyclical               
Allison Transmission Holdings, Inc.   801    0.63%   14,459 
PulteGroup, Inc.   683    0.74%   12,314 
DR Horton, Inc.   345    0.59%   9,461 
MDC Holdings, Inc.   941    0.62%   8,001 
Boyd Gaming Corp.   482    0.47%   6,375 
Brunswick Corp.   494    0.60%   6,099 
Taylor Morrison Home Corp. — Class A   503    0.34%   5,851 
Patrick Industries, Inc.   419    0.47%   5,355 
Tri Pointe Homes, Inc.   1,531    0.71%   4,933 
Lowe's Companies, Inc.   229    0.73%   4,303 
MSC Industrial Direct Company, Inc. — Class A   631    0.84%   4,008 
Meritage Homes Corp.   160    0.32%   3,324 
NVR, Inc.   4    0.36%   2,641 
Yum! Brands, Inc.   444    0.86%   2,024 
Cavco Industries, Inc.   66    0.27%   1,795 
Home Depot, Inc.   66    0.29%   1,540 
Academy Sports & Outdoors, Inc.   237    0.18%   1,319 
Green Brick Partners, Inc.   229    0.18%   1,160 
Gentex Corp.   1,881    0.77%   1,128 
Monarch Casino & Resort, Inc.   304    0.30%   768 
Dolby Laboratories, Inc. — Class A   652    0.77%   615 
Starbucks Corp.   264    0.37%   (217)
PetMed Express, Inc.   2,178    0.42%   (2,013)
NIKE, Inc. — Class B   197    0.31%   (2,089)
Buckle, Inc.   607    0.29%   (2,764)
Total Consumer, Cyclical             90,390 
Industrial               
Standex International Corp.   360    0.71%   19,060 
Snap-on, Inc.   228    0.92%   15,658 
Vishay Intertechnology, Inc.   1,166    0.48%   15,076 
Mueller Industries, Inc.   524    0.64%   14,766 
Eagle Materials, Inc.   270    0.71%   14,485 

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

   Shares   Percentage
Notional
Amount
   Value and
Unrealized
Appreciation
(Depreciation)
 
Jabil, Inc.   386    0.58%  $11,607 
Louisiana-Pacific Corp.   448    0.47%   9,435 
Fortive Corp.   886    0.93%   8,538 
Boise Cascade Co.   484    0.61%   7,731 
Donaldson Company, Inc.   893    0.78%   7,699 
Builders FirstSource, Inc.   376    0.72%   7,684 
UFP Industries, Inc.   501    0.68%   6,446 
Simpson Manufacturing Company, Inc.   189    0.37%   5,198 
Landstar System, Inc.   313    0.85%   4,563 
Curtiss-Wright Corp.   221    0.57%   4,266 
Advanced Energy Industries, Inc.   140    0.22%   3,983 
Nordson Corp.   166    0.58%   3,891 
ITT, Inc.   715    0.94%   3,520 
Masco Corp.   480    0.39%   3,323 
Textron, Inc.   689    0.65%   2,954 
Armstrong World Industries, Inc.   526    0.54%   2,911 
Keysight Technologies, Inc.   150    0.35%   1,648 
Dover Corp.   427    0.89%   1,520 
Expeditors International of Washington, Inc.   219    0.37%   1,493 
International Seaways, Inc.   402    0.22%   830 
Ardmore Shipping Corp.   1,347    0.23%   402 
Scorpio Tankers, Inc.   361    0.24%   299 
GrafTech International Ltd.   2,593    0.18%   216 
Teledyne Technologies, Inc.   98    0.57%   119 
Toro Co.   366    0.52%   103 
Garmin Ltd.   189    0.28%   (228)
Golar LNG Ltd.   1,323    0.37%   (1,783)
Acuity Brands, Inc.   215    0.49%   (2,845)
Lindsay Corp.   98    0.16%   (3,072)
Sturm Ruger & Company, Inc.   568    0.42%   (4,640)
3M Co.   606    0.85%   (6,085)
Total Industrial             160,771 
Technology               
Apple, Inc.   671    1.83%   58,354 
Microsoft Corp.   338    1.62%   50,369 
NetApp, Inc.   726    0.78%   10,372 
KLA Corp.   96    0.65%   6,705 
Dropbox, Inc. — Class A   1,494    0.56%   5,784 
Diodes, Inc.   303    0.39%   5,439 
Kulicke & Soffa Industries, Inc.   709    0.59%   5,414 
Teradyne, Inc.   266    0.42%   5,040 
Teradata Corp.   254    0.19%   4,907 
Applied Materials, Inc.   369    0.75%   4,063 
Photronics, Inc.   755    0.27%   3,237 
Microchip Technology, Inc.   165    0.21%   2,681 
NXP Semiconductor N.V.   70    0.20%   1,942 
Cognizant Technology Solutions Corp. — Class A   506    0.46%   1,716 
QUALCOMM, Inc.   102    0.17%   1,443 
Qualys, Inc.   105    0.19%   1,185 
Manhattan Associates, Inc.   71    0.20%   1,112 
Veradigm, Inc.   1,213    0.21%   1,043 
Power Integrations, Inc.   135    0.18%   1,032 
NVIDIA Corp.   30    0.18%   993 
Electronic Arts, Inc.   298    0.54%   717 
NetScout Systems, Inc.   1,035    0.45%   693 
Autodesk, Inc.   72    0.21%   (140)
Akamai Technologies, Inc.   368    0.46%   (1,503)
Concentrix Corp.   405    0.46%   (2,769)
Total Technology             169,829 
Financial               
Weyerhaeuser Co.   2,046    0.96%   7,869 
Essent Group Ltd.   1,288    0.85%   6,472 
MGIC Investment Corp.   3,804    0.84%   5,940 
NMI Holdings, Inc. — Class A   1,158    0.42%   5,581 
Evercore, Inc. — Class A   297    0.52%   5,477 
Radian Group, Inc.   1,504    0.53%   5,020 
Preferred Bank/Los Angeles CA   1,034    0.80%   3,570 
Mr Cooper Group, Inc.   617    0.44%   2,057 
Lazard Ltd. — Class A   753    0.34%   1,453 
Hilltop Holdings, Inc.   441    0.19%   1,291 
Discover Financial Services   125    0.21%   948 
SouthState Corp.   886    0.82%   261 
International Bancshares Corp.   283    0.18%   253 
SEI Investments Co.   1,009    0.84%   183 
Brightsphere Investment Group, Inc.   961    0.28%   113 
Allstate Corp.   106    0.16%   (72)
Travelers Companies, Inc.   67    0.16%   (81)
S&T Bancorp, Inc.   662    0.25%   (655)
Equity Commonwealth   2,849    0.81%   (1,061)
Marcus & Millichap, Inc.   532    0.24%   (2,426)
BOK Financial Corp.   143    0.16%   (3,105)
Renasant Corp.   659    0.24%   (4,485)
FB Financial Corp.   552    0.22%   (5,002)
Southside Bancshares, Inc.   714    0.26%   (7,406)
Total Financial             22,195 
Utilities               
MGE Energy, Inc.   736    0.82%   3,563 
Atmos Energy Corp.   512    0.84%   823 
Chesapeake Utilities Corp.   314    0.52%   200 
ONE Gas, Inc.   723    0.78%   151 
Ameren Corp.   723    0.83%   (187)
Black Hills Corp.   944    0.80%   (1,576)
Consolidated Edison, Inc.   641    0.81%   (1,624)
National Fuel Gas Co.   869    0.63%   (3,402)
OGE Energy Corp.   1,641    0.83%   (5,324)
Clearway Energy, Inc. — Class C   1,321    0.53%   (6,538)
Total Utilities             (13,914)
Basic Materials               
NewMarket Corp.   92    0.52%   8,057 
CF Industries Holdings, Inc.   249    0.24%   (236)
LyondellBasell Industries N.V. — Class A   378    0.49%   (654)
Westlake Corp.   378    0.63%   (950)

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

   Shares   Percentage
Notional
Amount
   Value and
Unrealized
Appreciation
(Depreciation)
 
Olin Corp.   494    0.36%  $(1,906)
Total Basic Materials             4,311 
Energy               
Exxon Mobil Corp.   689    1.04%   7,811 
Marathon Petroleum Corp.   555    0.91%   6,563 
SM Energy Co.   614    0.27%   2,917 
REX American Resources Corp.   420    0.21%   2,133 
PBF Energy, Inc. — Class A   464    0.27%   2,049 
Matador Resources Co.   389    0.29%   1,991 
Valero Energy Corp.   469    0.77%   1,916 
Cheniere Energy, Inc.   219    0.47%   1,864 
Chevron Corp.   239    0.53%   815 
Civitas Resources, Inc.   251    0.24%   (150)
Phillips 66   386    0.52%   (347)
Magnolia Oil & Gas Corp. — Class A   940    0.28%   (968)
Occidental Petroleum Corp.   375    0.31%   (2,074)
Total Energy             24,520 
Total MS Equity Long Custom Basket            $521,540 
                
MS EQUITY SHORT CUSTOM BASKET               
Consumer, Non-cyclical               
Driven Brands Holdings, Inc.   3,699    (1.13)%   7,792 
ABM Industries, Inc.   1,885    (0.93)%   5,309 
ManpowerGroup, Inc.   469    (0.43)%   3,334 
Global Payments, Inc.   638    (0.73)%   3,106 
Utz Brands, Inc.   2,476    (0.47)%   2,021 
Keurig Dr Pepper, Inc.   2,139    (0.77)%   210 
Performance Food Group Co.   720    (0.50)%   (176)
Constellation Brands, Inc. — Class A   177    (0.50)%   (308)
Verisk Analytics, Inc. — Class A   242    (0.63)%   (714)
Equifax, Inc.   403    (1.10)%   (1,824)
FTI Consulting, Inc.   332    (0.73)%   (2,117)
RadNet, Inc.   1,290    (0.49)%   (2,707)
TreeHouse Foods, Inc.   1,122    (0.65)%   (3,180)
Estee Lauder Companies, Inc. — Class A   371    (0.84)%   (5,458)
AmerisourceBergen Corp. — Class A   423    (0.94)%   (7,774)
Quanta Services, Inc.   457    (1.04)%   (8,072)
Booz Allen Hamilton Holding Corp.   579    (0.75)%   (10,078)
ICF International, Inc.   574    (0.83)%   (11,751)
TransUnion   1,478    (1.34)%   (13,983)
CoStar Group, Inc.   1,159    (1.19)%   (16,017)
GXO Logistics, Inc.   1,219    (0.89)%   (18,248)
Neogen Corp.   4,701    (1.18)%   (19,921)
Total Consumer, Non-cyclical             (100,556)
Financial               
Sun Communities, Inc.   772    (1.16)%   27,451 
Alexandria Real Estate Equities, Inc.   504    (0.66)%   19,698 
Rexford Industrial Realty, Inc.   1,900    (1.15)%   16,594 
American Tower Corp. — Class A   584    (1.31)%   13,479 
Howard Hughes Corp.   991    (0.90)%   12,734 
Kennedy-Wilson Holdings, Inc.   5,143    (0.97)%   10,514 
Healthcare Realty Trust, Inc.   4,115    (0.90)%   8,509 
Equitable Holdings, Inc.   4,164    (1.31)%   7,999 
Raymond James Financial, Inc.   1,228    (1.47)%   6,502 
Kemper Corp.   971    (0.54)%   6,405 
Americold Realty Trust, Inc.   2,832    (1.06)%   6,084 
Outfront Media, Inc.   4,034    (0.73)%   4,900 
Rayonier, Inc.   3,136    (1.14)%   3,526 
TFS Financial Corp.   3,065    (0.45)%   3,455 
Equinix, Inc.   128    (1.16)%   3,414 
Prologis, Inc.   689    (0.98)%   3,012 
Assured Guaranty Ltd.   1,377    (0.89)%   2,119 
Voya Financial, Inc.   818    (0.68)%   1,805 
Progressive Corp.   561    (0.86)%   1,188 
Stellar Bancorp, Inc.   2,136    (0.57)%   711 
Popular, Inc.   720    (0.50)%   491 
Northern Trust Corp.   869    (0.75)%   271 
Hanover Insurance Group, Inc.   574    (0.75)%   (35)
Crown Castle, Inc.   323    (0.43)%   (240)
SBA Communications Corp.   123    (0.33)%   (954)
KKR & Company, Inc. — Class A   1,873    (1.21)%   (965)
Annaly Capital Management, Inc.   2,457    (0.57)%   (1,131)
State Street Corp.   864    (0.73)%   (1,320)
Air Lease Corp. — Class A   1,194    (0.58)%   (2,221)
First Financial Bancorp   2,514    (0.59)%   (2,329)
CBRE Group, Inc. — Class A   633    (0.59)%   (2,882)
Boston Properties, Inc.   467    (0.31)%   (2,972)
AGNC Investment Corp.   4,409    (0.52)%   (2,977)
Brighthouse Financial, Inc.   2,703    (1.48)%   (3,118)
Medical Properties Trust, Inc.   4,629    (0.50)%   (3,260)
Jones Lang LaSalle, Inc.   339    (0.61)%   (4,208)
UDR, Inc.   2,434    (1.21)%   (4,233)
Ellington Financial, Inc.   4,267    (0.68)%   (4,311)
UMH Properties, Inc.   4,672    (0.86)%   (4,836)
PennyMac Mortgage Investment Trust   3,955    (0.62)%   (4,963)
Welltower, Inc.   995    (0.93)%   (5,388)
PennyMac Financial Services, Inc.   1,214    (0.99)%   (9,048)
Iron Mountain, Inc.   1,930    (1.27)%   (10,223)
Apollo Global Management, Inc.   857    (0.76)%   (10,801)
Ares Management Corp. — Class A   922    (1.03)%   (13,655)
Digital Realty Trust, Inc.   947    (1.25)%   (16,499)
Total Financial             48,292 
Consumer, Cyclical               

 

 

Long Short Equity Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

   Shares   Percentage
Notional
Amount
   Value and
Unrealized
Appreciation
(Depreciation)
 
UniFirst Corp.   360    (0.65)%  $16,168 
Ollie's Bargain Outlet Holdings, Inc.   403    (0.27)%   292 
Newell Brands, Inc.   9,688    (0.97)%   (100)
OPENLANE, Inc.   4,070    (0.72)%   (390)
Alaska Air Group, Inc.   741    (0.46)%   (1,314)
Burlington Stores, Inc.   268    (0.49)%   (2,216)
Five Below, Inc.   214    (0.49)%   (2,570)
Shake Shack, Inc. — Class A   595    (0.53)%   (5,407)
VF Corp.   4,705    (1.04)%   (5,851)
Floor & Decor Holdings, Inc. — Class A   669    (0.80)%   (14,998)
Copart, Inc.   1,030    (1.09)%   (28,122)
Total Consumer, Cyclical             (44,508)
Basic Materials               
Hecla Mining Co.   7,607    (0.45)%   7,048 
Royal Gold, Inc.   462    (0.61)%   4,440 
                
ATI, Inc.   1,270    (0.65)%   (8,452)
Carpenter Technology Corp.   963    (0.63)%   (16,354)
Total Basic Materials             (13,318)
Utilities               
Avista Corp.   2,273    (1.03)%   9,465 
California Water Service Group   1,149    (0.69)%   6,002 
Spire, Inc.   850    (0.62)%   5,897 
Sempra Energy   704    (1.19)%   4,962 
Dominion Energy, Inc.   1,146    (0.69)%   4,476 
Entergy Corp.   518    (0.58)%   3,737 
CMS Energy Corp.   1,572    (1.07)%   1,397 
UGI Corp.   2,330    (0.73)%   1,330 
PG&E Corp.   5,439    (1.09)%   222 
American Electric Power Company, Inc.   1,359    (1.32)%   (489)
Alliant Energy Corp.   1,771    (1.07)%   (498)
DTE Energy Co.   823    (1.05)%   (755)
Exelon Corp.   1,696    (0.80)%   (1,459)
Edison International   1,364    (1.10)%   (3,719)
Total Utilities             30,568 
Technology               
Evolent Health, Inc. — Class A   1,498    (0.52)%   1,212 
Alteryx, Inc. — Class A   555    (0.29)%   (2,028)
KBR, Inc.   810    (0.61)%   (2,794)
Paycor HCM, Inc.   1,862    (0.51)%   (2,964)
Privia Health Group, Inc.   2,988    (0.90)%   (5,757)
Oracle Corp.   324    (0.45)%   (6,753)
Ceridian HCM Holding, Inc.   1,341    (1.04)%   (11,924)
Total Technology             (31,008)
Industrial               
TD SYNNEX Corp.   697    (0.76)%   2,180 
Waste Management, Inc.   571    (1.15)%   (910)
Boeing Co.   339    (0.83)%   (4,042)
MasTec, Inc.   377    (0.51)%   (6,747)
NV5 Global, Inc.   438    (0.56)%   (6,915)
Kirby Corp.   720    (0.64)%   (6,981)
Tetra Tech, Inc.   320    (0.61)%   (9,789)
Clean Harbors, Inc.   342    (0.65)%   (10,076)
Avnet, Inc.   2,139    (1.25)%   (14,513)
Casella Waste Systems, Inc. — Class A   869    (0.91)%   (19,298)
MSA Safety, Inc.   561    (1.13)%   (27,427)
Total Industrial             (104,535)
Communications               
Robinhood Markets, Inc. — Class A   2,146    (0.25)%   (698)
Palo Alto Networks, Inc.   97    (0.29)%   (869)
Chewy, Inc. — Class A   968    (0.44)%   (3,355)
DoorDash, Inc. — Class A   670    (0.59)%   (7,545)
Uber Technologies, Inc.   586    (0.29)%   (8,643)
Total Communications             (21,110)
Energy               
NOV, Inc.   4,028    (0.75)%   17,429 
Noble Corporation plc   990    (0.47)%   (3,102)
Valaris Ltd.   759    (0.55)%   (7,370)
Tidewater, Inc.   810    (0.52)%   (9,898)
Hess Corp.   874    (1.37)%   (10,465)
Schlumberger N.V.   2,253    (1.28)%   (14,866)
Total Energy             (28,272)
Total MS Equity Short Custom Basket            $(264,447)

 

* 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 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $14,239,175   $   $   $14,239,175 
Money Market Fund   848,772            848,772 
Equity Custom Basket Swap Agreements**       1,045,798        1,045,798 
Total Assets  $15,087,947   $1,045,798   $   $16,133,745 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Equity Custom Basket Swap Agreements**  $   $528,562   $   $528,562 

 

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

 

 

 

Mid-Cap 1.5x Strategy Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 70.5%
Industrial - 17.2%
Hubbell, Inc.   189   $62,665 
Builders FirstSource, Inc.*   453    61,608 
Graco, Inc.   595    51,378 
Jabil, Inc.   469    50,619 
Carlisle Companies, Inc.   180    46,176 
AECOM   491    41,583 
Owens Corning   318    41,499 
Lincoln Electric Holdings, Inc.   203    40,322 
Toro Co.   368    37,407 
Lennox International, Inc.   114    37,172 
Crown Holdings, Inc.   424    36,833 
Regal Rexnord Corp.   234    36,012 
Cognex Corp.   610    34,172 
Saia, Inc.*   94    32,186 
Fortune Brands Innovations, Inc.   447    32,162 
Knight-Swift Transportation Holdings, Inc.   569    31,614 
EMCOR Group, Inc.   168    31,043 
Tetra Tech, Inc.   188    30,783 
nVent Electric plc   585    30,227 
TopBuild Corp.*   112    29,794 
Clean Harbors, Inc.*   178    29,269 
AGCO Corp.   219    28,781 
Arrow Electronics, Inc.*   199    28,503 
Middleby Corp.*   189    27,940 
ITT, Inc.   291    27,124 
Berry Global Group, Inc.   421    27,087 
AptarGroup, Inc.   231    26,764 
Donaldson Company, Inc.   428    26,754 
National Instruments Corp.   464    26,634 
Graphic Packaging Holding Co.   1,085    26,072 
Littelfuse, Inc.   88    25,635 
Woodward, Inc.   212    25,209 
Trex Company, Inc.*   384    25,175 
Advanced Drainage Systems, Inc.   221    25,145 
Coherent Corp.*   492    25,082 
MasTec, Inc.*   211    24,892 
Curtiss-Wright Corp.   135    24,794 
Landstar System, Inc.   127    24,453 
XPO, Inc.*   409    24,131 
Eagle Materials, Inc.   127    23,675 
Chart Industries, Inc.*   148    23,649 
Novanta, Inc.*   126    23,197 
BWX Technologies, Inc.   323    23,117 
Hexcel Corp.   298    22,654 
MSA Safety, Inc.   130    22,615 
Universal Display Corp.   154    22,196 
Valmont Industries, Inc.   74    21,538 
Timken Co.   233    21,327 
UFP Industries, Inc.   219    21,254 
Simpson Manufacturing Company, Inc.   151    20,913 
Sonoco Products Co.   346    20,421 
Oshkosh Corp.   231    20,002 
Louisiana-Pacific Corp.   254    19,045 
Acuity Brands, Inc.   112    18,265 
Watts Water Technologies, Inc. — Class A   97    17,822 
Vontier Corp.   550    17,716 
Flowserve Corp.   463    17,201 
Exponent, Inc.   180    16,797 
Kirby Corp.*   212    16,313 
Avnet, Inc.   323    16,295 
GATX Corp.   125    16,092 
EnerSys   144    15,627 
Crane Co.   170    15,150 
Stericycle, Inc.*   326    15,139 
MDU Resources Group, Inc.   719    15,056 
Fluor Corp.*   506    14,978 
Belden, Inc.   150    14,348 
Terex Corp.   239    14,300 
Ryder System, Inc.   164    13,906 
Silgan Holdings, Inc.   296    13,879 
TD SYNNEX Corp.   147    13,818 
Vishay Intertechnology, Inc.   451    13,259 
Esab Corp.   183    12,177 
Werner Enterprises, Inc.   208    9,189 
Energizer Holdings, Inc.   235    7,891 
Knife River Corp.*   180    7,830 
Worthington Industries, Inc.   107    7,433 
Mercury Systems, Inc.*   206    7,126 
Greif, Inc. — Class A   92    6,338 
Vicor Corp.*   79    4,266 
Total Industrial        1,958,513 
Financial - 14.2%          
Life Storage, Inc. REIT   301    40,021 
Rexford Industrial Realty, Inc. REIT   710    37,076 
CubeSmart REIT   793    35,415 
Annaly Capital Management, Inc. REIT   1,744    34,897 
RenaissanceRe Holdings Ltd.   177    33,014 
Reinsurance Group of America, Inc. — Class A   235    32,592 
Unum Group   654    31,196 
Lamar Advertising Co. — Class A REIT   309    30,668 
Interactive Brokers Group, Inc. — Class A   364    30,238 
American Financial Group, Inc.   247    29,331 
Kinsale Capital Group, Inc.   77    28,813 
New York Community Bancorp, Inc.   2,550    28,662 
NNN REIT, Inc. REIT   643    27,514 
EastGroup Properties, Inc. REIT   157    27,255 
East West Bancorp, Inc.   500    26,395 
Jones Lang LaSalle, Inc.*   169    26,330 
Omega Healthcare Investors, Inc. REIT   828    25,411 
Healthcare Realty Trust, Inc. REIT   1,345    25,367 
Primerica, Inc.   128    25,313 
Voya Financial, Inc.   347    24,883 
First Industrial Realty Trust, Inc. REIT   467    24,583 
Cullen/Frost Bankers, Inc.   227    24,409 
Old Republic International Corp.   962    24,214 
Brixmor Property Group, Inc. REIT   1,061    23,342 
Webster Financial Corp.   617    23,292 

 

 

Mid-Cap 1.5x Strategy Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 70.5% (continued)          
Financial - 14.2% (continued)          
STAG Industrial, Inc. REIT   633   $22,712 
Stifel Financial Corp.   375    22,376 
Jefferies Financial Group, Inc.   659    21,859 
Agree Realty Corp. REIT   329    21,513 
First Horizon Corp.   1,899    21,402 
Starwood Property Trust, Inc. REIT   1,102    21,379 
SEI Investments Co.   358    21,344 
First American Financial Corp.   365    20,812 
Selective Insurance Group, Inc.   214    20,533 
Spirit Realty Capital, Inc. REIT   499    19,651 
Medical Properties Trust, Inc. REIT1   2,113    19,566 
Commerce Bancshares, Inc.   401    19,529 
RLI Corp.   143    19,515 
Affiliated Managers Group, Inc.   127    19,036 
Apartment Income REIT Corp.   527    19,019 
Prosperity Bancshares, Inc.   333    18,808 
Essent Group Ltd.   379    17,737 
SouthState Corp.   268    17,634 
Kite Realty Group Trust REIT   775    17,314 
Rayonier, Inc. REIT   523    16,422 
MGIC Investment Corp.   1,012    15,980 
Wintrust Financial Corp.   216    15,686 
Synovus Financial Corp.   516    15,609 
Western Union Co.   1,322    15,507 
Evercore, Inc. — Class A   125    15,449 
Pinnacle Financial Partners, Inc.   271    15,352 
Bank OZK   381    15,301 
Home BancShares, Inc.   666    15,185 
Columbia Banking System, Inc.   736    14,926 
PotlatchDeltic Corp. REIT   282    14,904 
FNB Corp.   1,275    14,586 
Independence Realty Trust, Inc. REIT   792    14,430 
Old National Bancorp   1,033    14,400 
Hanover Insurance Group, Inc.   126    14,242 
United Bankshares, Inc.   475    14,093 
SLM Corp.   856    13,970 
First Financial Bankshares, Inc.   459    13,077 
Janus Henderson Group plc   468    12,753 
Cadence Bank   645    12,668 
EPR Properties REIT   266    12,449 
Cousins Properties, Inc. REIT   536    12,221 
Glacier Bancorp, Inc.   392    12,219 
Physicians Realty Trust REIT   842    11,780 
Hancock Whitney Corp.   304    11,667 
Valley National Bancorp   1,489    11,540 
Kilroy Realty Corp. REIT   372    11,193 
Brighthouse Financial, Inc.*   236    11,175 
Kemper Corp.   226    10,907 
Federated Hermes, Inc. — Class B   300    10,755 
Vornado Realty Trust REIT   569    10,322 
National Storage Affiliates Trust REIT   290    10,101 
Park Hotels & Resorts, Inc. REIT   762    9,769 
Sabra Health Care REIT, Inc. REIT   816    9,604 
CNO Financial Group, Inc.   405    9,586 
Corporate Office Properties Trust REIT   397    9,429 
UMB Financial Corp.   154    9,379 
Highwoods Properties, Inc. REIT   372    8,895 
Texas Capital Bancshares, Inc.*   169    8,703 
Associated Banc-Corp.   533    8,650 
Cathay General Bancorp   256    8,241 
International Bancshares Corp.   186    8,221 
Total Financial        1,623,316 
Consumer, Non-cyclical - 11.5%          
Penumbra, Inc.*   135    46,448 
Shockwave Medical, Inc.*   129    36,818 
United Therapeutics Corp.*   165    36,424 
Darling Ingredients, Inc.*   564    35,978 
US Foods Holding Corp.*   800    35,200 
Service Corporation International   534    34,491 
Performance Food Group Co.*   551    33,192 
Neurocrine Biosciences, Inc.*   345    32,534 
Tenet Healthcare Corp.*   360    29,297 
Chemed Corp.   53    28,709 
Masimo Corp.*   171    28,138 
Jazz Pharmaceuticals plc*   226    28,017 
WEX, Inc.*   151    27,493 
Paylocity Holding Corp.*   146    26,941 
GXO Logistics, Inc.*   420    26,384 
Bruker Corp.   352    26,020 
Repligen Corp.*   183    25,887 
Acadia Healthcare Company, Inc.*   325    25,883 
Ingredion, Inc.   233    24,686 
Encompass Health Corp.   354    23,969 
FTI Consulting, Inc.*   120    22,824 
Exelixis, Inc.*   1,150    21,976 
Celsius Holdings, Inc.*   144    21,483 
Medpace Holdings, Inc.*   87    20,895 
Lantheus Holdings, Inc.*   241    20,225 
Envista Holdings Corp.*   578    19,560 
Euronet Worldwide, Inc.*   166    19,484 
Avis Budget Group, Inc.*   84    19,208 
HealthEquity, Inc.*   302    19,068 
Option Care Health, Inc.*   584    18,974 
BellRing Brands, Inc.*   469    17,165 
H&R Block, Inc.   538    17,146 
Flowers Foods, Inc.   681    16,943 
Globus Medical, Inc. — Class A*   282    16,790 
Halozyme Therapeutics, Inc.*   465    16,773 
Neogen Corp.*   764    16,617 
Post Holdings, Inc.*   189    16,377 
Perrigo Company plc   478    16,228 
Coty, Inc. — Class A*   1,295    15,916 
QuidelOrtho Corp.*   191    15,826 
Syneos Health, Inc.*   366    15,423 
Haemonetics Corp.*   178    15,155 
Insperity, Inc.   127    15,108 
ManpowerGroup, Inc.   178    14,133 
Lancaster Colony Corp.   70    14,076 
Arrowhead Pharmaceuticals, Inc.*   378    13,479 
Sprouts Farmers Market, Inc.*   364    13,370 
ASGN, Inc.*   174    13,160 

 

 

Mid-Cap 1.5x Strategy Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 70.5% (continued)          
Consumer, Non-cyclical - 11.5% (continued)          
ICU Medical, Inc.*   71   $12,652 
Omnicell, Inc.*   159    11,714 
Grand Canyon Education, Inc.*   109    11,250 
Brink's Co.   164    11,124 
Enovis Corp.*   169    10,836 
Azenta, Inc.*   230    10,736 
Progyny, Inc.*   270    10,622 
Inari Medical, Inc.*   182    10,581 
Amedisys, Inc.*   115    10,516 
Integra LifeSciences Holdings Corp.*   252    10,365 
Hertz Global Holdings, Inc.*   557    10,243 
Patterson Companies, Inc.   307    10,211 
Boston Beer Company, Inc. — Class A*   33    10,179 
Coca-Cola Consolidated, Inc.   16    10,176 
LivaNova plc*   190    9,772 
Grocery Outlet Holding Corp.*   316    9,673 
Helen of Troy Ltd.*   85    9,182 
STAAR Surgical Co.*   171    8,989 
R1 RCM, Inc.*   487    8,985 
Graham Holdings Co. — Class B   13    7,429 
Sotera Health Co.*   349    6,575 
Pilgrim's Pride Corp.*   159    3,417 
Total Consumer, Non-cyclical        1,311,118 
Consumer, Cyclical - 11.2%          
Deckers Outdoor Corp.*   93    49,072 
Watsco, Inc.   118    45,013 
Aramark   920    39,606 
Five Below, Inc.*   197    38,718 
Churchill Downs, Inc.   233    32,427 
Casey's General Stores, Inc.   132    32,192 
BJ's Wholesale Club Holdings, Inc.*   475    29,930 
Lear Corp.   208    29,858 
Lithia Motors, Inc. — Class A   97    29,499 
Williams-Sonoma, Inc.   232    29,032 
Toll Brothers, Inc.   364    28,781 
Dick's Sporting Goods, Inc.   217    28,685 
WESCO International, Inc.   159    28,471 
Texas Roadhouse, Inc. — Class A   237    26,610 
Skechers USA, Inc. — Class A*   474    24,961 
Crocs, Inc.*   219    24,624 
Mattel, Inc.*   1,250    24,425 
Tempur Sealy International, Inc.   608    24,363 
Gentex Corp.   825    24,139 
Autoliv, Inc.   273    23,216 
Polaris, Inc.   189    22,856 
Light & Wonder, Inc. — Class A*   322    22,141 
Murphy USA, Inc.   71    22,089 
Brunswick Corp.   250    21,660 
GameStop Corp. — Class A*,1   893    21,655 
Wingstop, Inc.   106    21,217 
Wyndham Hotels & Resorts, Inc.   303    20,777 
RH*   63    20,764 
Planet Fitness, Inc. — Class A*   300    20,232 
Univar Solutions, Inc.*   557    19,963 
Thor Industries, Inc.   189    19,562 
PVH Corp.   222    18,863 
Boyd Gaming Corp.   271    18,799 
Taylor Morrison Home Corp. — Class A*   385    18,776 
AutoNation, Inc.*   111    18,272 
Harley-Davidson, Inc.   462    16,267 
Fox Factory Holding Corp.*   149    16,168 
Marriott Vacations Worldwide Corp.   130    15,953 
Capri Holdings Ltd.*   444    15,935 
MSC Industrial Direct Company, Inc. — Class A   167    15,912 
Macy's, Inc.   962    15,440 
KB Home   284    14,686 
Visteon Corp.*   100    14,361 
Leggett & Platt, Inc.   470    13,921 
Goodyear Tire & Rubber Co.*   1,001    13,694 
Penn Entertainment, Inc.*   544    13,072 
Wendy's Co.   595    12,941 
Adient plc*   334    12,799 
Hilton Grand Vacations, Inc.*   271    12,314 
FirstCash Holdings, Inc.   130    12,133 
YETI Holdings, Inc.*   306    11,885 
Ollie's Bargain Outlet Holdings, Inc.*   203    11,760 
Choice Hotels International, Inc.   94    11,047 
Travel + Leisure Co.   269    10,852 
JetBlue Airways Corp.*   1,158    10,260 
Topgolf Callaway Brands Corp.*   492    9,766 
Carter's, Inc.   133    9,656 
Columbia Sportswear Co.   125    9,655 
Scotts Miracle-Gro Co. — Class A   145    9,090 
Kohl's Corp.   391    9,013 
Nordstrom, Inc.1   399    8,168 
Papa John's International, Inc.   105    7,752 
Foot Locker, Inc.   280    7,591 
Gap, Inc.   753    6,724 
Under Armour, Inc. — Class A*   666    4,809 
Under Armour, Inc. — Class C*   670    4,496 
Total Consumer, Cyclical        1,279,368 
Technology - 6.0%          
Lattice Semiconductor Corp.*   486    46,690 
Manhattan Associates, Inc.*   219    43,774 
Super Micro Computer, Inc.*   161    40,129 
Dynatrace, Inc.*   766    39,426 
KBR, Inc.   479    31,164 
CACI International, Inc. — Class A*   80    27,267 
Dropbox, Inc. — Class A*   960    25,603 
Wolfspeed, Inc.*   440    24,460 
ZoomInfo Technologies, Inc. — Class A*   952    24,171 
Genpact Ltd.   598    22,467 
MKS Instruments, Inc.   203    21,944 
Science Applications International Corp.   191    21,484 
Power Integrations, Inc.   203    19,218 
Teradata Corp.*   357    19,067 
Maximus, Inc.   215    18,170 
Silicon Laboratories, Inc.*   113    17,825 
ExlService Holdings, Inc.*   117    17,674 
Aspen Technology, Inc.*   103    17,264 

 

 

Mid-Cap 1.5x Strategy Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 70.5% (continued)          
Technology - 6.0% (continued)          
Cirrus Logic, Inc.*   195   $15,797 
Qualys, Inc.*   119    15,371 
IPG Photonics Corp.*   110    14,940 
Doximity, Inc. — Class A*   419    14,255 
Lumentum Holdings, Inc.*   243    13,785 
NCR Corp.*   496    12,499 
Concentrix Corp.   151    12,193 
MACOM Technology Solutions Holdings, Inc.*   183    11,992 
Synaptics, Inc.*   140    11,953 
Envestnet, Inc.*   192    11,395 
Blackbaud, Inc.*   160    11,389 
CommVault Systems, Inc.*   155    11,256 
Amkor Technology, Inc.   356    10,591 
Allegro MicroSystems, Inc.*   230    10,382 
Kyndryl Holdings, Inc.*   723    9,602 
Crane NXT Co.   170    9,595 
ACI Worldwide, Inc.*   383    8,874 
Xerox Holdings Corp.   399    5,941 
Total Technology        689,607 
Basic Materials - 3.4%          
Reliance Steel & Aluminum Co.   208    56,491 
RPM International, Inc.   455    40,827 
Cleveland-Cliffs, Inc.*   1,819    30,486 
Royal Gold, Inc.   232    26,629 
Axalta Coating Systems Ltd.*   782    25,658 
Olin Corp.   425    21,841 
Commercial Metals Co.   414    21,801 
Alcoa Corp.   630    21,376 
United States Steel Corp.   800    20,008 
Chemours Co.   527    19,441 
Valvoline, Inc.   491    18,417 
Ashland, Inc.   172    14,949 
Westlake Corp.   122    14,575 
Cabot Corp.   198    13,244 
Avient Corp.   302    12,352 
Sensient Technologies Corp.   149    10,598 
NewMarket Corp.   23    9,249 
MP Materials Corp.*,1   326    7,459 
Total Basic Materials        385,401 
Energy - 3.1%          
Ovintiv, Inc.   864    32,892 
Range Resources Corp.   852    25,049 
Southwestern Energy Co.*   3,889    23,373 
Chord Energy Corp.   147    22,609 
Antero Resources Corp.*   975    22,454 
NOV, Inc.   1,390    22,296 
PDC Energy, Inc.   309    21,982 
ChampionX Corp.   699    21,697 
Matador Resources Co.   400    20,928 
HF Sinclair Corp.   455    20,298 
Murphy Oil Corp.   518    19,839 
DT Midstream, Inc.   342    16,953 
PBF Energy, Inc. — Class A   387    15,844 
Equitrans Midstream Corp.   1,530    14,627 
Antero Midstream Corp.   1,186    13,757 
Sunrun, Inc.*   761    13,592 
Valaris Ltd.*   212    13,341 
CNX Resources Corp.*   585    10,366 
Total Energy        351,897 
Utilities - 2.3%          
Essential Utilities, Inc.   850    33,924 
OGE Energy Corp.   707    25,388 
UGI Corp.   739    19,931 
IDACORP, Inc.   179    18,365 
National Fuel Gas Co.   324    16,640 
New Jersey Resources Corp.   342    16,142 
Portland General Electric Co.   341    15,969 
ONE Gas, Inc.   196    15,055 
Ormat Technologies, Inc.   186    14,966 
Southwest Gas Holdings, Inc.   232    14,767 
Black Hills Corp.   235    14,161 
Hawaiian Electric Industries, Inc.   387    14,010 
PNM Resources, Inc.   303    13,665 
NorthWestern Corp.   211    11,976 
Spire, Inc.   186    11,800 
ALLETE, Inc.   202    11,710 
Total Utilities        268,469 
Communications - 1.6%          
Iridium Communications, Inc.   445    27,643 
New York Times Co. — Class A   579    22,801 
Ciena Corp.*   527    22,392 
Nexstar Media Group, Inc. — Class A   127    21,152 
World Wrestling Entertainment, Inc. — Class A   153    16,596 
Frontier Communications Parent, Inc.*   789    14,707 
TEGNA, Inc.   795    12,911 
Ziff Davis, Inc.*   167    11,700 
Cable One, Inc.   17    11,170 
Calix, Inc.*   204    10,182 
TripAdvisor, Inc.*   374    6,167 
Total Communications        177,421 
Total Common Stocks          
(Cost $6,850,019)        8,045,110 
           
MUTUAL FUNDS - 9.7%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   88,750    863,542 
Guggenheim Strategy Fund II2   9,844    238,412 
Total Mutual Funds          
(Cost $1,123,598)        1,101,954 
           
   Face
Amount
      
U.S. TREASURY BILLS†† - 2.5%          
U.S. Treasury Bills          
5.00% due 08/03/233,4  $200,000    199,119 

 

 

Mid-Cap 1.5x Strategy Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Face
Amount
   Value 
U.S. TREASURY BILLS†† - 2.5% (continued)          
5.11% due 07/18/234  $88,000   $87,816 
Total U.S. Treasury Bills          
(Cost $286,867)        286,935 
           
REPURCHASE AGREEMENTS††,5 - 13.5%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/233
   839,369    839,369 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   369,280    369,280 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   335,709    335,709 
Total Repurchase Agreements          
(Cost $1,544,358)        1,544,358 
           
   Shares    
SECURITIES LENDING COLLATERAL†,6 - 0.4%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%7   44,046    44,046 
Total Securities Lending Collateral          
(Cost $44,046)        44,046 
Total Investments - 96.6%          
(Cost $9,848,888)       $11,022,403 
Other Assets & Liabilities, net - 3.4%        384,828 
Total Net Assets - 100.0%       $11,407,231 

 

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 MidCap 400 Index  Pay  5.32% (Federal Funds Rate + 0.25%)  At Maturity  09/21/23   2,155   $5,650,108   $100,125 
Barclays Bank plc  S&P MidCap 400 Index  Pay  5.41% (SOFR + 0.35%)  At Maturity  09/20/23   1,025    2,686,695    77,426 
BNP Paribas  S&P MidCap 400 Index  Pay  5.52% (Federal Funds Rate + 0.45%)  At Maturity  09/21/23   265    693,713    12,435 
                       $9,030,516   $189,986 

 

*  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 June 30, 2023 — See Note 5.
2  Affiliated issuer.
3  All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
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 June 30, 2023.

 

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 June 30, 2023 (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  $8,045,110   $   $   $8,045,110 
Mutual Funds   1,101,954            1,101,954 
U.S. Treasury Bills       286,935        286,935 
Repurchase Agreements       1,544,358        1,544,358 
Securities Lending Collateral   44,046            44,046 
Equity Index Swap Agreements**       189,986        189,986 
Total Assets  $9,191,110   $2,021,279   $   $11,212,389 

 

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

 

 

Mid-Cap 1.5x Strategy Fund

SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
Guggenheim Strategy Fund II  $238,314   $   $   $   $98   $238,412    9,844   $3,239 
Guggenheim Ultra Short Duration Fund — Institutional Class   861,767                1,775    863,542    88,750    11,525 
   $1,100,081   $   $   $   $1,873   $1,101,954        $14,764 

 

 

Monthly Rebalance NASDAQ-100® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 84.2%
Technology - 42.3%
Microsoft Corp.   167,391   $57,003,331 
Apple, Inc.   285,983    55,472,122 
NVIDIA Corp.   72,438    30,642,723 
Broadcom, Inc.   12,228    10,606,934 
Adobe, Inc.*   13,453    6,578,383 
Advanced Micro Devices, Inc.*   47,228    5,379,742 
Texas Instruments, Inc.   26,619    4,791,952 
Intel Corp.   122,324    4,090,515 
QUALCOMM, Inc.   32,670    3,889,037 
Intuit, Inc.   8,213    3,763,114 
Applied Materials, Inc.   24,627    3,559,587 
Analog Devices, Inc.   14,705    2,864,681 
Lam Research Corp.   3,940    2,532,868 
Micron Technology, Inc.   32,095    2,025,515 
KLA Corp.   4,024    1,951,720 
Activision Blizzard, Inc.*   23,056    1,943,621 
Synopsys, Inc.*   4,462    1,942,799 
Cadence Design Systems, Inc.*   7,997    1,875,456 
ASML Holding N.V. — Class G   2,574    1,865,507 
Fortinet, Inc.*   23,027    1,740,611 
NXP Semiconductor N.V.   7,618    1,559,252 
Marvell Technology, Inc.   25,222    1,507,771 
Microchip Technology, Inc.   15,995    1,432,992 
Workday, Inc. — Class A*   6,041    1,364,602 
Autodesk, Inc.*   6,281    1,285,155 
ON Semiconductor Corp.*   12,666    1,197,950 
Paychex, Inc.   10,573    1,182,802 
GLOBALFOUNDRIES, Inc.*,1   16,064    1,037,413 
Electronic Arts, Inc.   7,998    1,037,341 
Cognizant Technology Solutions Corp. — Class A   14,883    971,562 
Crowdstrike Holdings, Inc. — Class A*   6,573    965,377 
Datadog, Inc. — Class A*   8,689    854,824 
ANSYS, Inc.*   2,542    839,546 
Atlassian Corp. — Class A*   4,454    747,426 
Zscaler, Inc.*   4,256    622,653 
Zoom Video Communications, Inc. — Class A*   7,357    499,393 
Total Technology        221,626,277 
Communications - 22.4%          
Amazon.com, Inc.*   231,949    30,236,872 
Meta Platforms, Inc. — Class A*   64,877    18,618,401 
Alphabet, Inc. — Class A*   136,888    16,385,494 
Alphabet, Inc. — Class C*   132,791    16,063,727 
Cisco Systems, Inc.   119,511    6,183,499 
Netflix, Inc.*   13,037    5,742,668 
Comcast Corp. — Class A   121,984    5,068,435 
T-Mobile US, Inc.*   35,189    4,887,752 
Booking Holdings, Inc.*   1,083    2,924,457 
Palo Alto Networks, Inc.*   8,970    2,291,925 
MercadoLibre, Inc.*   1,472    1,743,731 
Charter Communications, Inc. — Class A*   4,416    1,622,306 
Airbnb, Inc. — Class A*   12,095    1,550,095 
PDD Holdings, Inc. ADR*   17,907    1,238,090 
Warner Bros Discovery, Inc.*   71,444    895,908 
eBay, Inc.   15,682    700,829 
Sirius XM Holdings, Inc.1   113,451    513,933 
JD.com, Inc. ADR   13,315    454,441 
Total Communications        117,122,563 
Consumer, Non-cyclical - 9.2%          
PepsiCo, Inc.   40,404    7,483,629 
Intuitive Surgical, Inc.*   10,276    3,513,775 
Amgen, Inc.   15,670    3,479,053 
Mondelez International, Inc. — Class A   39,939    2,913,151 
Gilead Sciences, Inc.   36,581    2,819,298 
Automatic Data Processing, Inc.   12,116    2,662,976 
Vertex Pharmaceuticals, Inc.*   7,554    2,658,328 
Regeneron Pharmaceuticals, Inc.*   3,164    2,273,461 
PayPal Holdings, Inc.*   32,721    2,183,472 
Monster Beverage Corp.*   30,697    1,763,236 
Cintas Corp.   2,983    1,482,790 
Dexcom, Inc.*   11,368    1,460,902 
Moderna, Inc.*   11,180    1,358,370 
Keurig Dr Pepper, Inc.   41,169    1,287,354 
Kraft Heinz Co.   35,992    1,277,716 
AstraZeneca plc ADR   17,359    1,242,383 
IDEXX Laboratories, Inc.*   2,434    1,222,428 
Biogen, Inc.*   4,245    1,209,188 
GE HealthCare Technologies, Inc.   13,334    1,083,254 
CoStar Group, Inc.*   11,982    1,066,398 
Seagen, Inc.*   5,499    1,058,338 
Verisk Analytics, Inc. — Class A   4,246    959,723 
Illumina, Inc.*   4,637    869,391 
Align Technology, Inc.*   2,244    793,568 
Total Consumer, Non-cyclical        48,122,182 
Consumer, Cyclical - 7.7%          
Tesla, Inc.*   71,650    18,755,820 
Costco Wholesale Corp.   13,006    7,002,170 
Starbucks Corp.   33,621    3,330,496 
O'Reilly Automotive, Inc.*   1,786    1,706,166 
Marriott International, Inc. — Class A   8,938    1,641,821 
Lululemon Athletica, Inc.*   3,584    1,356,544 
PACCAR, Inc.   15,326    1,282,020 
Copart, Inc.*   14,002    1,277,122 
Ross Stores, Inc.   10,031    1,124,776 
Fastenal Co.   16,747    987,906 
Dollar Tree, Inc.*   6,463    927,441 
Walgreens Boots Alliance, Inc.   25,303    720,883 
Lucid Group, Inc.*,1   53,793    370,634 
Total Consumer, Cyclical        40,483,799 
Industrial - 1.4%          
Honeywell International, Inc.   19,522    4,050,815 
CSX Corp.   59,623    2,033,144 
Old Dominion Freight Line, Inc.   3,216    1,189,116 
Total Industrial        7,273,075 
Utilities - 0.8%          
American Electric Power Company, Inc.   15,097    1,271,167 
Exelon Corp.   29,168    1,188,304 
Xcel Energy, Inc.   16,140    1,003,424 
Constellation Energy Corp.   9,514    871,007 
Total Utilities        4,333,902 

 

 

Monthly Rebalance NASDAQ-100® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 84.2% (continued)
Energy - 0.4%
Baker Hughes Co.   29,690   $938,501 
Diamondback Energy, Inc.   5,311    697,653 
Enphase Energy, Inc.*   4,020    673,270 
Total Energy        2,309,424 
Total Common Stocks          
(Cost $338,982,611)        441,271,222 
           
MUTUAL FUNDS - 1.3%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   363,006    3,532,047 
Guggenheim Strategy Fund II2   140,153    3,394,514 
Total Mutual Funds          
(Cost $6,977,593)        6,926,561 

 

   Face
Amount
     
U.S. TREASURY BILLS†† - 5.8%
U.S. Treasury Bills          
5.00% due 08/03/233,4  $19,700,000    19,613,251 
5.11% due 07/18/234,5   4,417,000    4,407,757 
5.10% due 08/03/233,4   3,200,000    3,185,909 
5.05% due 08/03/233,4   2,000,000    1,991,193 
5.05% due 08/03/233,4   1,000,000    995,596 
Total U.S. Treasury Bills          
(Cost $30,187,055)        30,193,706 
           
REPURCHASE AGREEMENTS††,6 - 6.0%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%

due 07/03/233
   17,159,628    17,159,628 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%

due 07/03/233
   7,549,371    7,549,371 
BofA Securities, Inc.
issued 06/30/23 at 5.06%

due 07/03/233
   6,863,065    6,863,065 
Total Repurchase Agreements          
(Cost $31,572,064)        31,572,064 

 

   Shares     
SECURITIES LENDING COLLATERAL†,7 - 0.3%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%8   1,423,403    1,423,403 
Total Securities Lending Collateral          
(Cost $1,423,403)        1,423,403 
Total Investments - 97.6%          
(Cost $409,142,726)       $511,386,956 
Other Assets & Liabilities, net - 2.4%        12,409,095 
Total Net Assets - 100.0%       $523,796,051 

 

Futures Contracts

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
NASDAQ-100 Index Mini Futures Contracts   123   Sep 2023  $37,714,875   $1,221,996 

 

Total Return Swap Agreements

 

Counterparty  Index   Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††                  
Barclays Bank plc  NASDAQ-100 Index   Pay   5.56% (SOFR + 0.50%)  At Maturity  09/20/23   18,837   $285,933,500   $8,747,926 
Goldman Sachs International  NASDAQ-100 Index   Pay   5.57% (Federal Funds Rate + 0.50%)  At Maturity  09/21/23   14,769    224,176,144    2,708,264 
BNP Paribas  NASDAQ-100 Index   Pay   5.72% (Federal Funds Rate + 0.65%)  At Maturity  09/21/23   3,875    58,825,881    904,139 
                         $568,935,525   $12,360,329 

 

* 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 June 30, 2023 — See Note 5.
2 Affiliated issuer.

 

 

Monthly Rebalance NASDAQ-100® 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

3 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
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 June 30, 2023.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $441,271,222   $   $   $441,271,222 
Mutual Funds   6,926,561            6,926,561 
U.S. Treasury Bills       30,193,706        30,193,706 
Repurchase Agreements       31,572,064        31,572,064 
Securities Lending Collateral   1,423,403            1,423,403 
Equity Futures Contracts**   1,221,996            1,221,996 
Equity Index Swap Agreements**       12,360,329        12,360,329 
Total Assets  $450,843,182   $74,126,099   $   $524,969,281 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
Guggenheim Strategy Fund II  $3,393,112   $   $   $   $1,402   $3,394,514    140,153   $46,119 
Guggenheim Ultra Short Duration Fund — Institutional Class   3,524,787                7,260    3,532,047    363,006    47,140 
   $6,917,899   $   $   $   $8,662   $6,926,561        $93,259 

 

 

NASDAQ-100® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 95.2%
Technology - 47.8%
Microsoft Corp.   573,212   $195,201,614 
Apple, Inc.   979,323    189,959,283 
NVIDIA Corp.   248,057    104,933,072 
Broadcom, Inc.   41,871    36,320,162 
Adobe, Inc.*   46,066    22,525,813 
Advanced Micro Devices, Inc.*   161,726    18,422,209 
Texas Instruments, Inc.   91,154    16,409,543 
Intel Corp.   418,886    14,007,548 
QUALCOMM, Inc.   111,877    13,317,838 
Intuit, Inc.   28,126    12,887,052 
Applied Materials, Inc.   84,334    12,189,636 
Analog Devices, Inc.   50,356    9,809,852 
Lam Research Corp.   13,492    8,673,467 
Micron Technology, Inc.   109,908    6,936,294 
KLA Corp.   13,779    6,683,091 
Activision Blizzard, Inc.*   78,952    6,655,654 
Synopsys, Inc.*   15,281    6,653,500 
Cadence Design Systems, Inc.*   27,385    6,422,330 
ASML Holding N.V. — Class G   8,814    6,387,946 
Fortinet, Inc.*   78,856    5,960,725 
NXP Semiconductor N.V.   26,085    5,339,078 
Marvell Technology, Inc.   86,368    5,163,079 
Microchip Technology, Inc.   54,772    4,907,023 
Workday, Inc. — Class A*   20,688    4,673,212 
Autodesk, Inc.*   21,507    4,400,547 
ON Semiconductor Corp.*   43,372    4,102,124 
Paychex, Inc.   36,205    4,050,253 
GLOBALFOUNDRIES, Inc.*,1   55,010    3,552,546 
Electronic Arts, Inc.   27,388    3,552,224 
Cognizant Technology Solutions Corp. — Class A   50,965    3,326,995 
Crowdstrike Holdings, Inc. — Class A*   22,508    3,305,750 
Datadog, Inc. — Class A*   29,754    2,927,199 
ANSYS, Inc.*   8,703    2,874,340 
Atlassian Corp. — Class A*   15,253    2,559,606 
Zscaler, Inc.*   14,574    2,132,176 
Zoom Video Communications, Inc. — Class A*   25,195    1,710,237 
Total Technology        758,933,018 
Communications - 25.3%          
Amazon.com, Inc.*   794,286    103,543,123 
Meta Platforms, Inc. — Class A*   222,162    63,756,051 
Alphabet, Inc. — Class A*   468,756    56,110,093 
Alphabet, Inc. — Class C*   454,725    55,008,083 
Cisco Systems, Inc.   409,251    21,174,647 
Netflix, Inc.*   44,644    19,665,236 
Comcast Corp. — Class A   417,719    17,356,225 
T-Mobile US, Inc.*   120,503    16,737,867 
Booking Holdings, Inc.*   3,709    10,015,524 
Palo Alto Networks, Inc.*   30,716    7,848,245 
MercadoLibre, Inc.*   5,042    5,972,753 
Charter Communications, Inc. — Class A*   15,122    5,555,369 
Airbnb, Inc. — Class A*   41,417    5,308,003 
PDD Holdings, Inc. ADR*   61,323    4,239,872 
Warner Bros Discovery, Inc.*   244,654    3,067,961 
eBay, Inc.   53,703    2,399,987 
Sirius XM Holdings, Inc.1   388,496    1,759,887 
JD.com, Inc. ADR   45,595    1,556,157 
Total Communications        401,075,083 
Consumer, Non-cyclical - 10.4%          
PepsiCo, Inc.   138,359    25,626,854 
Intuitive Surgical, Inc.*   35,190    12,032,869 
Amgen, Inc.   53,661    11,913,815 
Mondelez International, Inc. — Class A   136,768    9,975,858 
Gilead Sciences, Inc.   125,269    9,654,482 
Automatic Data Processing, Inc.   41,489    9,118,868 
Vertex Pharmaceuticals, Inc.*   25,865    9,102,152 
Regeneron Pharmaceuticals, Inc.*   10,835    7,785,381 
PayPal Holdings, Inc.*   112,049    7,477,030 
Monster Beverage Corp.*   105,119    6,038,036 
Cintas Corp.   10,214    5,077,175 
Dexcom, Inc.*   38,930    5,002,894 
Moderna, Inc.*   38,284    4,651,506 
Keurig Dr Pepper, Inc.   140,979    4,408,413 
Kraft Heinz Co.   123,249    4,375,339 
AstraZeneca plc ADR   59,444    4,254,407 
IDEXX Laboratories, Inc.*   8,336    4,186,589 
Biogen, Inc.*   14,536    4,140,580 
GE HealthCare Technologies, Inc.   45,662    3,709,581 
CoStar Group, Inc.*   41,029    3,651,581 
Seagen, Inc.*   18,831    3,624,214 
Verisk Analytics, Inc. — Class A   14,541    3,286,702 
Illumina, Inc.*   15,878    2,976,966 
Align Technology, Inc.*   7,684    2,717,370 
Total Consumer, Non-cyclical        164,788,662 
Consumer, Cyclical - 8.7%          
Tesla, Inc.*   245,361    64,228,149 
Costco Wholesale Corp.   44,538    23,978,368 
Starbucks Corp.   115,131    11,404,877 
O'Reilly Automotive, Inc.*   6,114    5,840,704 
Marriott International, Inc. — Class A   30,606    5,622,016 
Lululemon Athletica, Inc.*   12,273    4,645,331 
PACCAR, Inc.   52,482    4,390,119 
Copart, Inc.*   47,948    4,373,337 
Ross Stores, Inc.   34,352    3,851,890 
Fastenal Co.   57,349    3,383,018 
Dollar Tree, Inc.*   22,133    3,176,085 
Walgreens Boots Alliance, Inc.   86,649    2,468,630 
Lucid Group, Inc.*,1   184,210    1,269,207 
Total Consumer, Cyclical        138,631,731 
Industrial - 1.6%          
Honeywell International, Inc.   66,853    13,871,997 
CSX Corp.   204,176    6,962,402 
Old Dominion Freight Line, Inc.   11,012    4,071,687 
Total Industrial        24,906,086 
Utilities - 0.9%          
American Electric Power Company, Inc.   51,699    4,353,056 
Exelon Corp.   99,883    4,069,233 
Xcel Energy, Inc.   55,271    3,436,198 
Constellation Energy Corp.   32,580    2,982,699 
Total Utilities        14,841,186 

 

 

NASDAQ-100® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
COMMON STOCKS - 95.2% (continued)          
Energy - 0.5%          
Baker Hughes Co.   101,670   $3,213,789 
Diamondback Energy, Inc.   18,187    2,389,044 
Enphase Energy, Inc.*   13,763    2,305,027 
Total Energy        7,907,860 
Total Common Stocks          
(Cost $443,489,403)        1,511,083,626 
           
MUTUAL FUNDS - 3.1%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   2,756,359   $26,819,376 
Guggenheim Strategy Fund II2   575,584    13,940,655 
Guggenheim Strategy Fund III2   370,504    8,984,717 
Total Mutual Funds          
(Cost $51,083,878)        49,744,748 
           
    Face
Amount
      
U.S. TREASURY BILLS†† - 1.1%          
U.S. Treasury Bills          
4.31% due 07/05/233  $15,000,000    14,995,911 
5.00% due 08/03/233,4   1,000,000    995,596 
5.11% due 07/18/233,5   477,000    476,002 
5.05% due 08/03/233,4   400,000    398,239 
5.05% due 08/03/233,4   100,000    99,560 
5.10% due 08/03/233,4   50,000    49,780 
Total U.S. Treasury Bills          
(Cost $17,010,485)        17,015,088 
           
REPURCHASE AGREEMENTS††,6 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/234
   5,575,767    5,575,767 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   2,453,056    2,453,056 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   2,230,051    2,230,051 
Total Repurchase Agreements          
(Cost $10,258,874)        10,258,874 
           
    Shares      
SECURITIES LENDING COLLATERAL†,7 - 0.3%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%8   4,836,267    4,836,267 
Total Securities Lending Collateral          
(Cost $4,836,267)        4,836,267 
Total Investments - 100.3%          
(Cost $526,678,907)       $1,592,938,603 
Other Assets & Liabilities, net - (0.3)%        (5,340,799)
Total Net Assets - 100.0%       $1,587,597,804 

 

Futures Contracts

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
NASDAQ-100 Index Mini Futures Contracts   50   Sep 2023  $15,331,250   $202,919 

 

Total Return Swap Agreements

 

Counterparty  Index   Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††                  
Goldman Sachs International  NASDAQ-100 Index   Pay   5.57% (Federal Funds Rate + 0.50%)  At Maturity  09/21/23   2,736   $41,529,897   $638,638 
Barclays Bank plc  NASDAQ-100 Index   Pay   5.56% (SOFR + 0.50%)  At Maturity  09/20/23   817    12,401,867    400,506 
BNP Paribas  NASDAQ-100 Index   Pay   5.72% (Federal Funds Rate + 0.65%)  At Maturity  09/21/23   492    7,472,664    114,850 
                           $61,404,428   $1,153,994 

 

* Non-income producing security.
** Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.

 

 

NASDAQ-100® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

†† Value determined based on Level 2 inputs — See Note 3.
1 All or a portion of this security is on loan at June 30, 2023 — 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 equity index swap collateral at June 30, 2023.
5 All or a portion of this security is pledged as futures collateral at June 30, 2023.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $1,511,083,626   $   $         —   $1,511,083,626 
Mutual Funds   49,744,748            49,744,748 
U.S. Treasury Bills       17,015,088        17,015,088 
Repurchase Agreements       10,258,874        10,258,874 
Securities Lending Collateral   4,836,267            4,836,267 
Equity Futures Contracts**   202,919            202,919 
Equity Index Swap Agreements**       1,153,994        1,153,994 
Total Assets  $1,565,867,560   $28,427,956   $   $1,594,295,516 

 

**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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $13,934,899   $      –   $   $   $5,756   $13,940,655    575,584   $189,403 
  Guggenheim Strategy Fund III   8,984,717                    8,984,717    370,504    119,750 
  Guggenheim Ultra Short Duration Fund — Institutional Class   29,758,082        (3,000,000)   (94,832)   156,126    26,819,376    2,756,359    377,200 
   $52,677,698   $   $(3,000,000)  $(94,832)  $161,882   $49,744,748        $686,353 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 82.2%
Technology - 22.5%
Apple, Inc.   83,850   $16,264,384 
Microsoft Corp.   42,169    14,360,231 
NVIDIA Corp.   14,026    5,933,279 
Broadcom, Inc.   2,364    2,050,604 
Adobe, Inc.*   2,601    1,271,863 
Salesforce, Inc.*   5,552    1,172,916 
Accenture plc — Class A   3,582    1,105,334 
Advanced Micro Devices, Inc.*   9,133    1,040,340 
Oracle Corp.   8,727    1,039,298 
Texas Instruments, Inc.   5,148    926,743 
Intel Corp.   23,655    791,023 
QUALCOMM, Inc.   6,318    752,095 
Intuit, Inc.   1,591    728,980 
Applied Materials, Inc.   4,793    692,780 
International Business Machines Corp.   5,150    689,121 
ServiceNow, Inc.*   1,155    649,075 
Analog Devices, Inc.   2,869    558,910 
Lam Research Corp.   762    489,859 
Fiserv, Inc.*   3,500    441,525 
Micron Technology, Inc.   6,207    391,724 
KLA Corp.   778    377,346 
Synopsys, Inc.*   864    376,194 
Cadence Design Systems, Inc.*   1,546    362,568 
Activision Blizzard, Inc.*   4,057    342,005 
NXP Semiconductor N.V.   1,472    301,289 
Roper Technologies, Inc.   603    289,922 
Fortinet, Inc.*   3,696    279,381 
Microchip Technology, Inc.   3,107    278,356 
Autodesk, Inc.*   1,214    248,397 
ON Semiconductor Corp.*   2,449    231,626 
MSCI, Inc. — Class A   454    213,058 
Paychex, Inc.   1,819    203,492 
Electronic Arts, Inc.   1,477    191,567 
Cognizant Technology Solutions Corp. — Class A   2,877    187,811 
Fidelity National Information Services, Inc.   3,360    183,792 
ANSYS, Inc.*   491    162,163 
HP, Inc.   4,916    150,970 
Monolithic Power Systems, Inc.   255    137,759 
Take-Two Interactive Software, Inc.*   899    132,297 
Hewlett Packard Enterprise Co.   7,349    123,463 
Fair Isaac Corp.*   141    114,099 
Broadridge Financial Solutions, Inc.   669    110,806 
Skyworks Solutions, Inc.   903    99,953 
Tyler Technologies, Inc.*   237    98,703 
Teradyne, Inc.   879    97,859 
NetApp, Inc.   1,212    92,597 
Paycom Software, Inc.   276    88,662 
Zebra Technologies Corp. — Class A*   291    86,087 
PTC, Inc.*   604    85,949 
Akamai Technologies, Inc.*   863    77,558 
EPAM Systems, Inc.*   328    73,718 
Jack Henry & Associates, Inc.   413    69,107 
Leidos Holdings, Inc.   778    68,837 
Western Digital Corp.*   1,814    68,805 
Seagate Technology Holdings plc   1,092   67,562 
Ceridian HCM Holding, Inc.*   879    58,867 
Qorvo, Inc.*   566    57,749 
DXC Technology Co.*   1,291    34,496 
Total Technology        57,574,954 
Consumer, Non-cyclical - 16.6%          
UnitedHealth Group, Inc.   5,280    2,537,779 
Johnson & Johnson   14,738    2,439,434 
Eli Lilly & Co.   4,468    2,095,403 
Procter & Gamble Co.   13,367    2,028,308 
Merck & Company, Inc.   14,391    1,660,578 
PepsiCo, Inc.   7,813    1,447,124 
AbbVie, Inc.   10,006    1,348,108 
Coca-Cola Co.   22,073    1,329,236 
Pfizer, Inc.   32,016    1,174,347 
Thermo Fisher Scientific, Inc.   2,187    1,141,067 
Abbott Laboratories   9,862    1,075,155 
Danaher Corp.   3,766    903,840 
Philip Morris International, Inc.   8,803    859,349 
Bristol-Myers Squibb Co.   11,914    761,900 
S&P Global, Inc.   1,860    745,655 
Intuitive Surgical, Inc.*   1,987    679,435 
Amgen, Inc.   3,030    672,721 
Medtronic plc   7,545    664,715 
Elevance Health, Inc.   1,344    597,126 
Stryker Corp.   1,916    584,552 
Mondelez International, Inc. — Class A   7,723    563,316 
Gilead Sciences, Inc.   7,074    545,193 
Automatic Data Processing, Inc.   2,343    514,968 
Vertex Pharmaceuticals, Inc.*   1,460    513,789 
CVS Health Corp.   7,271    502,644 
Cigna Group   1,677    470,566 
Altria Group, Inc.   10,123    458,572 
Zoetis, Inc.   2,621    451,363 
Boston Scientific Corp.*   8,154    441,050 
Regeneron Pharmaceuticals, Inc.*   612    439,746 
Becton Dickinson and Co.   1,611    425,320 
PayPal Holdings, Inc.*   6,328    422,268 
Colgate-Palmolive Co.   4,705    362,473 
HCA Healthcare, Inc.   1,170    355,072 
McKesson Corp.   768    328,174 
Edwards Lifesciences Corp.*   3,437    324,212 
Humana, Inc.   709    317,015 
Moody's Corp.   895    311,209 
Dexcom, Inc.*   2,198    282,465 
Kimberly-Clark Corp.   1,913    264,109 
Estee Lauder Companies, Inc. — Class A   1,315    258,240 
General Mills, Inc.   3,331    255,488 
Monster Beverage Corp.*   4,333    248,887 
Cintas Corp.   490    243,569 
IQVIA Holdings, Inc.*   1,052    236,458 
IDEXX Laboratories, Inc.*   470    236,048 
Biogen, Inc.*   820    233,577 
Archer-Daniels-Midland Co.   3,089    233,404 
Corteva, Inc.   4,032    231,034 
Moderna, Inc.*   1,859    225,869 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 82.2% (continued)          
Consumer, Non-cyclical - 16.6% (continued)          
Constellation Brands, Inc. — Class A   914   $224,963 
Sysco Corp.   2,873    213,177 
Centene Corp.*   3,112    209,904 
Hershey Co.   835    208,499 
CoStar Group, Inc.*   2,317    206,213 
Verisk Analytics, Inc. — Class A   821    185,571 
ResMed, Inc.   833    182,011 
GE HealthCare Technologies, Inc.   2,218    180,190 
AmerisourceBergen Corp. — Class A   919    176,843 
Kroger Co.   3,704    174,088 
United Rentals, Inc.   390    173,694 
Zimmer Biomet Holdings, Inc.   1,183    172,245 
Illumina, Inc.*   896    167,991 
Equifax, Inc.   696    163,769 
Quanta Services, Inc.   823    161,678 
West Pharmaceutical Services, Inc.   421    161,020 
Kraft Heinz Co.   4,524    160,602 
Gartner, Inc.*   448    156,939 
Keurig Dr Pepper, Inc.   4,777    149,377 
Global Payments, Inc.   1,485    146,302 
Align Technology, Inc.*   404    142,871 
Church & Dwight Company, Inc.   1,385    138,819 
Cardinal Health, Inc.   1,444    136,559 
Baxter International, Inc.   2,868    130,666 
STERIS plc   563    126,664 
McCormick & Company, Inc.   1,423    124,128 
Laboratory Corporation of America Holdings   502    121,148 
Insulet Corp.*   395    113,894 
Hologic, Inc.*   1,396    113,034 
Clorox Co.   701    111,487 
Cooper Companies, Inc.   280    107,360 
FleetCor Technologies, Inc.*   419    105,203 
Molina Healthcare, Inc.*   331    99,710 
Kellogg Co.   1,458    98,269 
Lamb Weston Holdings, Inc.   826    94,949 
Conagra Brands, Inc.   2,705    91,213 
J M Smucker Co.   605    89,340 
Quest Diagnostics, Inc.   635    89,256 
Waters Corp.*   334    89,024 
Revvity, Inc.   711    84,460 
Tyson Foods, Inc. — Class A   1,619    82,634 
Bunge Ltd.   854    80,575 
Avery Dennison Corp.   458    78,684 
Bio-Techne Corp.   893    72,896 
Molson Coors Beverage Co. — Class B   1,065    70,120 
Brown-Forman Corp. — Class B   1,037    69,251 
Viatris, Inc.   6,800    67,864 
Hormel Foods Corp.   1,642    66,041 
Incyte Corp.*   1,050    65,362 
Teleflex, Inc.   266    64,380 
Charles River Laboratories International, Inc.*   290    60,972 
Henry Schein, Inc.*   742    60,176 
Universal Health Services, Inc. — Class B   357    56,324 
Rollins, Inc.   1,314   56,279 
MarketAxess Holdings, Inc.   214    55,944 
Campbell Soup Co.   1,138    52,018 
Dentsply Sirona, Inc.   1,205    48,224 
Robert Half International, Inc.   611    45,959 
Bio-Rad Laboratories, Inc. — Class A*   120    45,494 
Catalent, Inc.*   1,021    44,270 
DaVita, Inc.*   314    31,548 
Organon & Co.   1,447    30,112 
Total Consumer, Non-cyclical        42,530,187 
Financial - 11.1%          
Berkshire Hathaway, Inc. — Class B*   10,114    3,448,874 
JPMorgan Chase & Co.   16,573    2,410,377 
Visa, Inc. — Class A   9,177    2,179,354 
Mastercard, Inc. — Class A   4,745    1,866,209 
Bank of America Corp.   39,320    1,128,091 
Wells Fargo & Co.   21,280    908,230 
Prologis, Inc. REIT   5,237    642,213 
Morgan Stanley   7,388    630,935 
Goldman Sachs Group, Inc.   1,885    607,988 
American Express Co.   3,372    587,402 
BlackRock, Inc. — Class A   849    586,778 
Marsh & McLennan Companies, Inc.   2,806    527,753 
American Tower Corp. — Class A REIT   2,643    512,583 
Citigroup, Inc.   11,041    508,328 
Charles Schwab Corp.   8,428    477,699 
Chubb Ltd.   2,349    452,323 
Progressive Corp.   3,320    439,468 
Equinix, Inc. REIT   529    414,704 
Aon plc — Class A   1,158    399,742 
CME Group, Inc. — Class A   2,040    377,992 
Intercontinental Exchange, Inc.   3,175    359,029 
PNC Financial Services Group, Inc.   2,262    284,899 
Crown Castle, Inc. REIT   2,459    280,179 
Arthur J Gallagher & Co.   1,215    266,778 
Public Storage REIT   897    261,816 
U.S. Bancorp   7,911    261,379 
Capital One Financial Corp.   2,165    236,786 
American International Group, Inc.   4,105    236,202 
Truist Financial Corp.   7,554    229,264 
Realty Income Corp. REIT   3,818    228,278 
Welltower, Inc. REIT   2,819    228,029 
Travelers Companies, Inc.   1,309    227,321 
Aflac, Inc.   3,118    217,636 
Simon Property Group, Inc. REIT   1,854    214,100 
MetLife, Inc.   3,648    206,221 
Ameriprise Financial, Inc.   591    196,307 
Digital Realty Trust, Inc. REIT   1,652    188,113 
Prudential Financial, Inc.   2,070    182,615 
Bank of New York Mellon Corp.   4,073    181,330 
VICI Properties, Inc. REIT   5,695    178,994 
Discover Financial Services   1,440    168,264 
Allstate Corp.   1,491    162,579 
Arch Capital Group Ltd.*   2,112    158,083 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 82.2% (continued)          
Financial - 11.1% (continued)          
AvalonBay Communities, Inc. REIT   805   $152,362 
T. Rowe Price Group, Inc.   1,273    142,601 
SBA Communications Corp. REIT   614    142,301 
CBRE Group, Inc. — Class A*   1,763    142,292 
Willis Towers Watson plc   603    142,007 
Weyerhaeuser Co. REIT   4,153    139,167 
State Street Corp.   1,895    138,676 
Equity Residential REIT   1,934    127,586 
Hartford Financial Services Group, Inc.   1,759    126,683 
M&T Bank Corp.   940    116,334 
Extra Space Storage, Inc. REIT   765    113,870 
Invitation Homes, Inc. REIT   3,297    113,417 
Raymond James Financial, Inc.   1,081    112,175 
Ventas, Inc. REIT   2,269    107,256 
Alexandria Real Estate Equities, Inc. REIT   893    101,347 
Fifth Third Bancorp   3,860    101,171 
Mid-America Apartment Communities, Inc. REIT   661    100,380 
Principal Financial Group, Inc.   1,280    97,075 
Nasdaq, Inc.   1,920    95,712 
Regions Financial Corp.   5,321    94,820 
Iron Mountain, Inc. REIT   1,654    93,980 
Brown & Brown, Inc.   1,335    91,901 
Huntington Bancshares, Inc.   8,187    88,256 
Northern Trust Corp.   1,182    87,634 
Cincinnati Financial Corp.   891    86,712 
Essex Property Trust, Inc. REIT   363    85,051 
Everest Re Group Ltd.   243    83,072 
Cboe Global Markets, Inc.   599    82,668 
Synchrony Financial   2,431    82,460 
UDR, Inc. REIT   1,755    75,395 
Citizens Financial Group, Inc.   2,745    71,590 
Kimco Realty Corp. REIT   3,514    69,296 
Host Hotels & Resorts, Inc. REIT   4,034    67,892 
W R Berkley Corp.   1,138    67,779 
Camden Property Trust REIT   605    65,866 
Loews Corp.   1,073    63,715 
Healthpeak Properties, Inc. REIT   3,102    62,350 
Globe Life, Inc.   504    55,249 
Regency Centers Corp. REIT   872    53,864 
KeyCorp   5,304    49,009 
Boston Properties, Inc. REIT   809    46,590 
Invesco Ltd.   2,598    43,672 
Franklin Resources, Inc.   1,619    43,243 
Federal Realty Investment Trust REIT   416    40,256 
Assurant, Inc.   301    37,842 
Comerica, Inc.   747    31,643 
Zions Bancorp North America1   840    22,562 
Lincoln National Corp.   875    22,540 
Total Financial        28,440,564 
Communications - 10.6%          
Amazon.com, Inc.*   50,625    6,599,475 
Alphabet, Inc. — Class A*   33,693    4,033,052 
Meta Platforms, Inc. — Class A*   12,546    3,600,451 
Alphabet, Inc. — Class C*   28,982    3,505,953 
Cisco Systems, Inc.   23,229    1,201,868 
Netflix, Inc.*   2,521   1,110,475 
Comcast Corp. — Class A   23,589    980,123 
Walt Disney Co.*   10,363    925,209 
Verizon Communications, Inc.   23,842    886,684 
AT&T, Inc.   40,544    646,677 
Booking Holdings, Inc.*   209    564,369 
T-Mobile US, Inc.*   3,266    453,647 
Palo Alto Networks, Inc.*   1,716    438,455 
Motorola Solutions, Inc.   951    278,909 
Arista Networks, Inc.*   1,416    229,477 
Charter Communications, Inc. — Class A*   589    216,381 
Warner Bros Discovery, Inc.*   12,572    157,653 
Corning, Inc.   4,339    152,039 
CDW Corp.   764    140,194 
eBay, Inc.   3,033    135,545 
VeriSign, Inc.*   513    115,923 
Omnicom Group, Inc.   1,131    107,615 
Expedia Group, Inc.*   809    88,497 
FactSet Research Systems, Inc.   217    86,941 
Interpublic Group of Companies, Inc.   2,189    84,451 
Match Group, Inc.*   1,579    66,081 
Gen Digital, Inc.   3,226    59,842 
Etsy, Inc.*   700    59,227 
Juniper Networks, Inc.   1,824    57,146 
Fox Corp. — Class A   1,525    51,850 
F5, Inc.*   343    50,167 
Paramount Global — Class B   2,875    45,741 
News Corp. — Class A   2,160    42,120 
Fox Corp. — Class B   775    24,715 
News Corp. — Class B   666    13,133 
Total Communications        27,210,085 
Consumer, Cyclical - 7.8%          
Tesla, Inc.*   15,279    3,999,584 
Home Depot, Inc.   5,743    1,784,006 
Costco Wholesale Corp.   2,515    1,354,026 
Walmart, Inc.   7,955    1,250,367 
McDonald's Corp.   4,141    1,235,716 
NIKE, Inc. — Class B   6,988    771,265 
Lowe's Companies, Inc.   3,382    763,317 
Starbucks Corp.   6,502    644,088 
TJX Companies, Inc.   6,530    553,679 
Target Corp.   2,618    345,314 
Ford Motor Co.   22,288    337,217 
Chipotle Mexican Grill, Inc. — Class A*   156    333,684 
O'Reilly Automotive, Inc.*   345    329,578 
General Motors Co.   7,884    304,007 
Marriott International, Inc. — Class A   1,462    268,555 
AutoZone, Inc.*   103    256,816 
PACCAR, Inc.   2,964    247,939 
Copart, Inc.*   2,432    221,823 
Yum! Brands, Inc.   1,588    220,017 
Hilton Worldwide Holdings, Inc.   1,500    218,325 
Ross Stores, Inc.   1,940    217,532 
DR Horton, Inc.   1,760    214,174 
Dollar General Corp.   1,243    211,037 
WW Grainger, Inc.   253    199,513 
Cummins, Inc.   803    196,863 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 82.2% (continued)          
Consumer, Cyclical - 7.8% (continued)          
Fastenal Co.   3,238   $191,010 
Lennar Corp. — Class A   1,439    180,321 
Delta Air Lines, Inc.   3,645    173,283 
Dollar Tree, Inc.*   1,179    169,186 
Aptiv plc*   1,534    156,606 
Tractor Supply Co.   621    137,303 
Genuine Parts Co.   797    134,876 
Ulta Beauty, Inc.*   284    133,649 
Royal Caribbean Cruises Ltd.*   1,247    129,364 
Southwest Airlines Co.   3,374    122,173 
Walgreens Boots Alliance, Inc.   4,061    115,698 
Darden Restaurants, Inc.   686    114,617 
Las Vegas Sands Corp.*   1,863    108,054 
NVR, Inc.*   17    107,961 
Carnival Corp.*   5,696    107,255 
United Airlines Holdings, Inc.*   1,860    102,058 
PulteGroup, Inc.   1,266    98,343 
Best Buy Company, Inc.   1,104    90,473 
LKQ Corp.   1,439    83,851 
Pool Corp.   221    82,795 
MGM Resorts International   1,712    75,191 
CarMax, Inc.*   897    75,079 
Live Nation Entertainment, Inc.*   816    74,346 
Domino's Pizza, Inc.   200    67,398 
American Airlines Group, Inc.*   3,702    66,414 
BorgWarner, Inc.   1,329    65,002 
Caesars Entertainment, Inc.*   1,220    62,183 
Wynn Resorts Ltd.   587    61,993 
Tapestry, Inc.   1,314    56,239 
Norwegian Cruise Line Holdings Ltd.*   2,405    52,357 
Bath & Body Works, Inc.   1,298    48,675 
Hasbro, Inc.   739    47,865 
Whirlpool Corp.   310    46,125 
Alaska Air Group, Inc.*   725    38,556 
VF Corp.   1,874    35,775 
Ralph Lauren Corp. — Class A   233    28,729 
Advance Auto Parts, Inc.   336    23,621 
Newell Brands, Inc.   2,136    18,583 
Total Consumer, Cyclical        19,961,449 
Industrial - 6.3%          
Raytheon Technologies Corp.   8,287    811,795 
Honeywell International, Inc.   3,774    783,105 
United Parcel Service, Inc. — Class B   4,110    736,717 
Caterpillar, Inc.   2,923    719,204 
Union Pacific Corp.   3,458    707,576 
General Electric Co.   6,176    678,434 
Boeing Co.*   3,207    677,190 
Deere & Co.   1,529    619,536 
Lockheed Martin Corp.   1,278    588,366 
Eaton Corporation plc   2,261    454,687 
CSX Corp.   11,530    393,173 
Illinois Tool Works, Inc.   1,568    392,251 
Northrop Grumman Corp.   808    368,286 
Waste Management, Inc.   2,099    364,009 
FedEx Corp.   1,311    324,997 
3M Co.   3,128    313,081 
Emerson Electric Co.   3,240    292,863 
Norfolk Southern Corp.   1,291    292,747 
Amphenol Corp. — Class A   3,376    286,791 
Parker-Hannifin Corp.   728   283,949 
General Dynamics Corp.   1,276    274,532 
Johnson Controls International plc   3,891    265,133 
TransDigm Group, Inc.   296    264,674 
TE Connectivity Ltd.   1,787    250,466 
Trane Technologies plc   1,293    247,299 
Carrier Global Corp.   4,735    235,377 
Rockwell Automation, Inc.   651    214,472 
AMETEK, Inc.   1,307    211,577 
L3Harris Technologies, Inc.   1,074    210,257 
Otis Worldwide Corp.   2,344    208,639 
Agilent Technologies, Inc.   1,677    201,659 
Old Dominion Freight Line, Inc.   509    188,203 
Republic Services, Inc. — Class A   1,166    178,596 
Vulcan Materials Co.   755    170,207 
Keysight Technologies, Inc.*   1,009    168,957 
Mettler-Toledo International, Inc.*   125    163,955 
Martin Marietta Materials, Inc.   351    162,053 
Xylem, Inc.   1,357    152,825 
Ingersoll Rand, Inc.   2,294    149,936 
Fortive Corp.   2,005    149,914 
Dover Corp.   793    117,087 
Westinghouse Air Brake Technologies Corp.   1,020    111,863 
Teledyne Technologies, Inc.*   267    109,766 
Expeditors International of Washington, Inc.   867    105,020 
Ball Corp.   1,784    103,847 
Howmet Aerospace, Inc.   2,086    103,382 
IDEX Corp.   428    92,131 
Garmin Ltd.   867    90,419 
Snap-on, Inc.   300    86,457 
Jacobs Solutions, Inc.   719    85,482 
J.B. Hunt Transport Services, Inc.   470    85,084 
Amcor plc   8,345    83,283 
Stanley Black & Decker, Inc.   869    81,434 
Axon Enterprise, Inc.*   397    77,463 
Textron, Inc.   1,143    77,301 
Nordson Corp.   305    75,695 
Trimble, Inc.*   1,405    74,381 
Masco Corp.   1,276    73,217 
Packaging Corporation of America   509    67,269 
CH Robinson Worldwide, Inc.   660    62,271 
Pentair plc   935    60,401 
Allegion plc   499    59,890 
Generac Holdings, Inc.*   352    52,494 
Huntington Ingalls Industries, Inc.   226    51,438 
A O Smith Corp.   706    51,383 
Westrock Co.   1,453    42,239 
Sealed Air Corp.   819    32,760 
Mohawk Industries, Inc.*   299    30,845 
Total Industrial        16,301,790 
Energy - 3.5%          
Exxon Mobil Corp.   22,929    2,459,135 
Chevron Corp.   9,883    1,555,090 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 82.2% (continued)          
Energy - 3.5% (continued)          
ConocoPhillips   6,863   $711,075 
Schlumberger N.V.   8,083    397,037 
EOG Resources, Inc.   3,316    379,483 
Marathon Petroleum Corp.   2,406    280,540 
Pioneer Natural Resources Co.   1,326    274,721 
Phillips 66   2,601    248,083 
Valero Energy Corp.   2,050    240,465 
Occidental Petroleum Corp.   4,075    239,610 
Williams Companies, Inc.   6,909    225,441 
Hess Corp.   1,567    213,034 
Kinder Morgan, Inc.   11,185    192,606 
Baker Hughes Co.   5,741    181,473 
Devon Energy Corp.   3,639    175,909 
Halliburton Co.   5,117    168,810 
ONEOK, Inc.   2,538    156,645 
Diamondback Energy, Inc.   1,026    134,775 
Enphase Energy, Inc.*   776    129,964 
Coterra Energy, Inc. — Class A   4,296    108,689 
First Solar, Inc.*   563    107,021 
Targa Resources Corp.   1,282    97,560 
SolarEdge Technologies, Inc.*   320    86,096 
Equities Corp.   2,050    84,317 
Marathon Oil Corp.   3,502    80,616 
APA Corp.   1,750    59,797 
Total Energy        8,987,992 
Utilities - 2.1%          
NextEra Energy, Inc.   11,475    851,445 
Southern Co.   6,184    434,426 
Duke Energy Corp.   4,371    392,254 
Sempra Energy   1,784    259,733 
American Electric Power Company, Inc.   2,920    245,864 
Dominion Energy, Inc.   4,741    245,536 
Exelon Corp.   5,640    229,774 
Xcel Energy, Inc.   3,121    194,033 
Consolidated Edison, Inc.   1,965    177,636 
Public Service Enterprise Group, Inc.   2,830    177,186 
Constellation Energy Corp.   1,839    168,360 
PG&E Corp.*   9,168    158,423 
WEC Energy Group, Inc.   1,789    157,861 
American Water Works Company, Inc.   1,104    157,596 
Edison International   2,172    150,845 
Eversource Energy   1,978    140,280 
DTE Energy Co.   1,169    128,613 
Ameren Corp.   1,489    121,607 
FirstEnergy Corp.   3,086    119,984 
Entergy Corp.   1,199    116,747 
PPL Corp.   4,180    110,603 
CenterPoint Energy, Inc.   3,578    104,299 
CMS Energy Corp.   1,654    97,172 
Atmos Energy Corp.   819    95,283 
AES Corp.   3,796    78,691 
Evergy, Inc.   1,303    76,121 
Alliant Energy Corp.   1,425    74,784 
NiSource, Inc.   2,343    64,081 
Pinnacle West Capital Corp.   642    52,297 
NRG Energy, Inc.   1,306    48,831 
Total Utilities        5,430,365 
Linde plc   2,777   1,058,259 
Air Products and Chemicals, Inc.   1,259    377,108 
Sherwin-Williams Co.   1,331    353,407 
Freeport-McMoRan, Inc.   8,129    325,160 
Ecolab, Inc.   1,404    262,113 
Nucor Corp.   1,425    233,672 
Dow, Inc.   4,011    213,626 
PPG Industries, Inc.   1,335    197,981 
Newmont Corp.   4,507    192,268 
DuPont de Nemours, Inc.   2,603    185,958 
Albemarle Corp.   665    148,355 
LyondellBasell Industries N.V. — Class A   1,438    132,052 
International Flavors & Fragrances, Inc.   1,446    115,087 
Steel Dynamics, Inc.   911    99,235 
CF Industries Holdings, Inc.   1,105    76,709 
FMC Corp.   709    73,977 
Mosaic Co.   1,883    65,905 
Celanese Corp. — Class A   568    65,774 
International Paper Co.   1,968    62,602 
Eastman Chemical Co.   676    56,595 
Total Basic Materials        4,295,843 
Total Common Stocks          
(Cost $194,677,505)        210,733,229 
           
MUTUAL FUNDS - 7.1%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   785,083    7,638,861 
Guggenheim Strategy Fund II2   245,779    5,952,778 
Guggenheim Strategy Fund III2   184,563    4,475,644 
Total Mutual Funds          
(Cost $18,438,175)        18,067,283 
           
    Face
Amount
      
U.S. TREASURY BILLS†† - 1.8%          
U.S. Treasury Bills          
5.00% due 08/03/233,4  $3,000,000    2,986,790 
5.11% due 07/18/234,5   1,101,000    1,098,696 
5.01% due 08/03/233,4   450,000    448,018 
Total U.S. Treasury Bills          
(Cost $4,532,482)        4,533,504 
           
REPURCHASE AGREEMENTS††,6 - 8.0%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/233
   11,198,905    11,198,905 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   4,926,953    4,926,953 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/233
   4,479,049    4,479,049 
Total Repurchase Agreements          
(Cost $20,604,907)        20,604,907 

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
SECURITIES LENDING COLLATERAL†,7 - 0.0%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%8   17,388   $17,388 
Total Securities Lending Collateral          
(Cost $17,388)        17,388 
Total Investments - 99.1%          
(Cost $238,270,457)       $253,956,311 
Other Assets & Liabilities, net - 0.9%        2,390,378 
Total Net Assets - 100.0%       $256,346,689 

 

Futures Contracts           
Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
S&P 500 Index Mini Futures Contracts   49   Sep 2023  $10,991,925   $336,541 

 

Total Return Swap Agreements                  
Counterparty  Index  Type  Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††               
Goldman Sachs International  S&P 500 Index  Pay  5.57% (Federal Funds Rate + 0.50%)  At Maturity  09/21/23   25,185   $112,081,735   $1,752,154 
Barclays Bank plc  S&P 500 Index  Pay  5.51% (SOFR + 0.45%)  At Maturity  09/20/23   9,332    41,531,643    1,065,887 
BNP Paribas  S&P 500 Index  Pay  5.67% (Federal Funds Rate + 0.60%)  At Maturity  09/21/23   2,066    9,193,961    148,685 
                               
                       $162,807,339   $2,966,726 

 

* 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 June 30, 2023 — See Note 5.
2 Affiliated issuer.
3 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
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 June 30, 2023.
6 Repurchase Agreements — See Note 4.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $210,733,229   $   $   $210,733,229 
Mutual Funds   18,067,283            18,067,283 
U.S. Treasury Bills       4,533,504        4,533,504 
Repurchase Agreements       20,604,907        20,604,907 
Securities Lending Collateral   17,388            17,388 
Equity Futures Contracts**   336,541            336,541 
Equity Index Swap Agreements**       2,966,726        2,966,726 
Total Assets  $229,154,441   $28,105,137   $   $257,259,578 

 

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

 

 

Nova Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:
 
Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $5,950,321   $   $   $   $2,457   $5,952,778    245,779   $80,877 
  Guggenheim Strategy Fund III   4,475,644                    4,475,644    184,563    59,652 
  Guggenheim Ultra Short Duration Fund — Institutional Class   7,623,159                15,702    7,638,861    785,083    101,950 
   $18,049,124   $   $   $   $18,159   $18,067,283        $242,479 

 

 

Precious Metals Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.7%
Mining - 99.7%
Freeport-McMoRan, Inc.   222,215   $8,888,600 
Newmont Corp.   156,976    6,696,596 
Barrick Gold Corp.   366,478    6,204,473 
Agnico Eagle Mines Ltd.   112,174    5,606,457 
Wheaton Precious Metals Corp.   114,521    4,949,598 
Gold Fields Ltd. ADR   257,227    3,557,449 
Franco-Nevada Corp.   23,879    3,405,145 
Royal Gold, Inc.   26,885    3,085,860 
AngloGold Ashanti Ltd. ADR   140,590    2,965,043 
Kinross Gold Corp.   578,967    2,761,673 
Pan American Silver Corp.   175,560    2,559,665 
Alamos Gold, Inc. — Class A   204,561    2,438,367 
B2Gold Corp.   642,082    2,292,233 
SSR Mining, Inc.   135,847    1,926,310 
Hecla Mining Co.   370,801    1,909,625 
Osisko Gold Royalties Ltd.1   121,347    1,865,103 
Sibanye Stillwater Ltd. ADR1   268,993    1,678,516 
Eldorado Gold Corp.*   161,324    1,629,372 
Harmony Gold Mining Company Ltd. ADR   366,659    1,539,968 
First Majestic Silver Corp.   243,789    1,377,408 
Sandstorm Gold Ltd.   268,376    1,374,085 
Equinox Gold Corp.*   272,732    1,249,113 
MAG Silver Corp.*   98,695    1,099,462 
SilverCrest Metals, Inc.*   171,262    1,003,595 
Seabridge Gold, Inc.*   81,485    981,894 
Novagold Resources, Inc.*   245,608    979,976 
Fortuna Silver Mines, Inc.*   292,732    948,452 
IAMGOLD Corp.*   332,223    873,747 
Coeur Mining, Inc.*   279,261    793,101 
Endeavour Silver Corp.*   227,501    657,478 
Silvercorp Metals, Inc.   211,404    596,159 
Gatos Silver, Inc.*   119,478    451,627 
Total Mining        78,346,150 
Total Common Stocks          
(Cost $66,216,830)        78,346,150 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 1.0%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $448,621    448,621 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   197,371    197,371 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   179,428    179,428 
Total Repurchase Agreements          
(Cost $825,420)        825,420 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 2.5%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   1,988,057    1,988,057 
Total Securities Lending Collateral          
(Cost $1,988,057)        1,988,057 
Total Investments - 103.2%          
(Cost $69,030,307)       $81,159,627 
Other Assets & Liabilities, net - (3.2)%        (2,499,819)
Total Net Assets - 100.0%       $78,659,808 
           
* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (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  $78,346,150   $   $   $78,346,150 
Repurchase Agreements       825,420        825,420 
Securities Lending Collateral   1,988,057            1,988,057 
Total Assets  $80,334,207   $825,420   $   $81,159,627 

 

 

Real Estate Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.2%
REITS - 93.5%
REITs-Diversified - 24.0%
American Tower Corp. — Class A   391   $75,830 
Equinix, Inc.   88    68,987 
Crown Castle, Inc.   487    55,489 
Digital Realty Trust, Inc.   424    48,281 
VICI Properties, Inc.   1,395    43,845 
Weyerhaeuser Co.   1,246    41,753 
SBA Communications Corp.   171    39,631 
WP Carey, Inc.   431    29,118 
Gaming and Leisure Properties, Inc.   560    27,138 
Lamar Advertising Co. — Class A   259    25,706 
PotlatchDeltic Corp.   319    16,859 
Vornado Realty Trust   851    15,437 
National Storage Affiliates Trust   435    15,151 
EPR Properties   320    14,976 
Broadstone Net Lease, Inc.   837    12,923 
Outfront Media, Inc.   771    12,120 
Uniti Group, Inc.   1,476    6,819 
Total REITs-Diversified        550,063 
REITs-Apartments - 13.1%          
AvalonBay Communities, Inc.   217    41,072 
Equity Residential   593    39,120 
Invitation Homes, Inc.   1,046    35,982 
Mid-America Apartment Communities, Inc.   218    33,105 
Essex Property Trust, Inc.   131    30,693 
UDR, Inc.   697    29,943 
Camden Property Trust   243    26,455 
American Homes 4 Rent — Class A   743    26,339 
Apartment Income REIT Corp.   505    18,225 
Independence Realty Trust, Inc.   878    15,997 
Total REITs-Apartments        296,931 
REITs-Warehouse/Industries - 9.8%          
Prologis, Inc.   678    83,143 
Rexford Industrial Realty, Inc.   498    26,006 
Americold Realty Trust, Inc.   749    24,193 
EastGroup Properties, Inc.   126    21,874 
First Industrial Realty Trust, Inc.   393    20,687 
STAG Industrial, Inc.   560    20,093 
Terreno Realty Corp.   286    17,189 
Innovative Industrial Properties, Inc.   120    8,761 
Total REITs-Warehouse/Industries        221,946 
REITs-Health Care - 8.6%          
Welltower, Inc.   621    50,233 
Ventas, Inc.   738    34,885 
Healthpeak Properties, Inc.   1,279    25,708 
Omega Healthcare Investors, Inc.   685    21,023 
Healthcare Realty Trust, Inc.   1,084    20,444 
Medical Properties Trust, Inc.   1,996    18,483 
Physicians Realty Trust   1,010    14,130 
Sabra Health Care REIT, Inc.   1,099    12,935 
Total REITs-Health Care        197,841 
REITs-Office Property - 7.7%          
Alexandria Real Estate Equities, Inc.   299   33,933 
Boston Properties, Inc.   406    23,382 
Cousins Properties, Inc.   666    15,185 
Kilroy Realty Corp.   492    14,804 
Highwoods Properties, Inc.   536    12,816 
Corporate Office Properties Trust   538    12,777 
LXP Industrial Trust   1,304    12,714 
SL Green Realty Corp.1   392    11,780 
Douglas Emmett, Inc.   901    11,326 
Equity Commonwealth   556    11,265 
JBG SMITH Properties   667    10,032 
Hudson Pacific Properties, Inc.   1,285    5,423 
Total REITs-Office Property        175,437 
REITs-Storage - 7.7%          
Public Storage   184    53,706 
Extra Space Storage, Inc.   238    35,426 
Iron Mountain, Inc.   568    32,274 
Life Storage, Inc.   202    26,858 
CubeSmart   559    24,965 
Total REITs-Storage        173,229 
REITs-Shopping Centers - 6.8%          
Kimco Realty Corp.   1,400    27,608 
Regency Centers Corp.   426    26,314 
Federal Realty Investment Trust   230    22,257 
Brixmor Property Group, Inc.   934    20,548 
Kite Realty Group Trust   805    17,984 
Phillips Edison & Company, Inc.   505    17,210 
SITE Centers Corp.   923    12,202 
Retail Opportunity Investments Corp.   756    10,214 
Total REITs-Shopping Centers        154,337 
REITs-Single Tenant - 5.4%          
Realty Income Corp.   828    49,506 
NNN REIT, Inc.   510    21,823 
Agree Realty Corp.   294    19,225 
Spirit Realty Capital, Inc.   470    18,509 
Essential Properties Realty Trust, Inc.   610    14,359 
Total REITs-Single Tenant        123,422 
REITs-Hotels - 4.8%          
Host Hotels & Resorts, Inc.   1,567    26,373 
Ryman Hospitality Properties, Inc.   192    17,841 
Apple Hospitality REIT, Inc.   900    13,599 
Park Hotels & Resorts, Inc.   938    12,025 
Sunstone Hotel Investors, Inc.   1,090    11,031 
Pebblebrook Hotel Trust   718    10,009 
RLJ Lodging Trust   937    9,623 
Service Properties Trust   1,067    9,272 
Total REITs-Hotels        109,773 
REITs-Regional Malls - 2.6%          
Simon Property Group, Inc.   421    48,617 
Macerich Co.   1,105    12,453 
Total REITs-Regional Malls        61,070 
REITs-Manufactured Homes - 2.6%          
Sun Communities, Inc.   242    31,571 

 

 

Real Estate Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.2% (continued)          
REITS - 93.5% (continued)          
REITs-Manufactured Homes - 2.6% (continued)          
Equity LifeStyle Properties, Inc.   404   $27,024 
Total REITs-Manufactured Homes        58,595 
Specialized REIT's - 0.4%          
DiamondRock Hospitality Co.   1,229    9,844 
Total REITS        2,132,488 
Real Estate - 3.7%          
Real Estate Management/Services - 3.7%          
CBRE Group, Inc. — Class A*   490    39,548 
Jones Lang LaSalle, Inc.*   116    18,073 
eXp World Holdings, Inc.   494    10,018 
Redfin Corp.*   783    9,725 
Cushman & Wakefield plc*   1,072    8,769 
Total Real Estate Management/Services        86,133 
Total Real Estate        86,133 
Internet - 1.5%          
E-Commerce/Services - 1.5%          
Zillow Group, Inc. — Class C*   536    26,939 
Opendoor Technologies, Inc.*   1,880    7,558 
Total E-Commerce/Services        34,497 
Total Internet        34,497 
Telecommunications - 0.5%          
Telecom Services - 0.5%          
DigitalBridge Group, Inc.   827    12,165 
Total Common Stocks          
(Cost $1,738,133)        2,265,283 
           
   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $6,994    6,994 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   3,077    3,077 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   2,797    2,797 
Total Repurchase Agreements          
(Cost $12,868)        12,868 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.4%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   8,319    8,319 
Total Securities Lending Collateral          
(Cost $8,319)        8,319 
Total Investments - 100.2%          
(Cost $1,759,320)       $2,286,470 
Other Assets & Liabilities, net - (0.2)%        (5,412)
Total Net Assets - 100.0%       $2,281,058 

 

* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (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  $2,265,283   $   $   $2,265,283 
Repurchase Agreements       12,868        12,868 
Securities Lending Collateral   8,319            8,319 
Total Assets  $2,273,602   $12,868   $   $2,286,470 

 

 

Retailing Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.4%
Retail - 68.2%
Walmart, Inc.   4,215   $662,514 
Home Depot, Inc.   1,822    565,986 
Lowe's Companies, Inc.   2,281    514,822 
Costco Wholesale Corp.   956    514,691 
TJX Companies, Inc.   5,284    448,030 
Target Corp.   2,586    341,093 
O'Reilly Automotive, Inc.*   349    333,400 
Ross Stores, Inc.   2,470    276,961 
Dollar General Corp.   1,617    274,534 
Dollar Tree, Inc.*   1,713    245,815 
AutoZone, Inc.*   92    229,389 
Ulta Beauty, Inc.*   472    222,121 
Genuine Parts Co.   1,287    217,799 
Tractor Supply Co.   968    214,025 
Walgreens Boots Alliance, Inc.   6,520    185,755 
Best Buy Company, Inc.   2,198    180,126 
CarMax, Inc.*   1,928    161,374 
Five Below, Inc.*   745    146,422 
Floor & Decor Holdings, Inc. — Class A*   1,398    145,336 
Burlington Stores, Inc.*   921    144,956 
Dick's Sporting Goods, Inc.   1,088    143,823 
BJ's Wholesale Club Holdings, Inc.*   2,001    126,083 
Williams-Sonoma, Inc.   975    122,012 
Bath & Body Works, Inc.   3,148    118,050 
GameStop Corp. — Class A*,1   4,837    117,297 
AutoNation, Inc.*   704    115,885 
RH*   336    110,742 
Murphy USA, Inc.   319    99,244 
Lithia Motors, Inc. — Class A   314    95,491 
Academy Sports & Outdoors, Inc.   1,710    92,425 
Advance Auto Parts, Inc.   1,310    92,093 
Macy's, Inc.   5,698    91,453 
Ollie's Bargain Outlet Holdings, Inc.*   1,369    79,306 
Signet Jewelers Ltd.   1,150    75,049 
Boot Barn Holdings, Inc.*   859    72,749 
Foot Locker, Inc.   2,589    70,188 
Gap, Inc.   7,407    66,145 
American Eagle Outfitters, Inc.   5,394    63,649 
Nordstrom, Inc.1   3,104    63,539 
National Vision Holdings, Inc.*   2,333    56,669 
Leslie's, Inc.*   5,517    51,805 
Victoria's Secret & Co.*   2,873    50,076 
Kohl's Corp.   1,715    39,531 
Carvana Co.*,1   770    19,958 
Total Retail        8,058,411 
Internet - 27.7%          
Amazon.com, Inc.*   9,735   1,269,055 
Alibaba Group Holding Ltd. ADR*   3,646    303,894 
PDD Holdings, Inc. ADR*   3,488    241,160 
eBay, Inc.   4,655    208,032 
JD.com, Inc. ADR   5,897    201,265 
Coupang, Inc.*   11,013    191,626 
MercadoLibre, Inc.*   160    189,536 
Farfetch Ltd. — Class A*   28,577    172,605 
Chewy, Inc. — Class A*   4,189    165,340 
Etsy, Inc.*   1,627    137,660 
Wayfair, Inc. — Class A*   1,906    123,909 
Overstock.com, Inc.*   1,975    64,326 
Total Internet        3,268,408 
Distribution & Wholesale - 3.0%          
LKQ Corp.   3,039    177,082 
Pool Corp.   466    174,582 
Total Distribution & Wholesale        351,664 
Apparel - 0.5%          
Urban Outfitters, Inc.*   1,885    62,450 
Total Common Stocks          
(Cost $8,944,406)        11,740,933 

 

    Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.4%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $25,843    25,843 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   11,369    11,369 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   10,336    10,336 
Total Repurchase Agreements          
(Cost $47,548)        47,548 

 

    Shares     
SECURITIES LENDING COLLATERAL†,3 - 1.6%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   192,040    192,040 
Total Securities Lending Collateral          
(Cost $192,040)        192,040 
Total Investments - 101.4%          
(Cost $9,183,994)       $11,980,521 
Other Assets & Liabilities, net - (1.4)%        (167,851)
Total Net Assets - 100.0%       $11,812,670 
           
* 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 June 30, 2023 — 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 June 30, 2023.

 

ADR — American Depositary Receipt
 
See Sector Classification in Other Information section.

 

 

Retailing Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

  

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $11,740,933   $   $   $11,740,933 
Repurchase Agreements       47,548        47,548 
Securities Lending Collateral   192,040            192,040 
Total Assets  $11,932,973   $47,548   $   $11,980,521 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 61.2%          
Consumer, Non-cyclical - 14.9%          
Intra-Cellular Therapies, Inc.*   162   $10,258 
elf Beauty, Inc.*   87    9,938 
Lantheus Holdings, Inc.*   118    9,903 
API Group Corp.*   362    9,868 
Option Care Health, Inc.*   295    9,585 
IVERIC bio, Inc.*   239    9,402 
HealthEquity, Inc.*   146    9,218 
Alkermes plc*   287    8,983 
Ensign Group, Inc.   94    8,973 
BellRing Brands, Inc.*   232    8,491 
Halozyme Therapeutics, Inc.*   231    8,332 
Neogen Corp.*   377    8,200 
Merit Medical Systems, Inc.*   98    8,197 
Vaxcyte, Inc.*   159    7,940 
ImmunoGen, Inc.*   420    7,925 
Triton International Ltd.   95    7,910 
AMN Healthcare Services, Inc.*   70    7,638 
Insperity, Inc.   63    7,494 
Haemonetics Corp.*   87    7,407 
CONMED Corp.   53    7,202 
Guardant Health, Inc.*   193    6,909 
Lancaster Colony Corp.   34    6,837 
Herc Holdings, Inc.   49    6,706 
Blueprint Medicines Corp.*   105    6,636 
Sprouts Farmers Market, Inc.*   179    6,575 
StoneCo Ltd. — Class A*   504    6,421 
Alight, Inc. — Class A*   690    6,376 
ASGN, Inc.*   84    6,353 
Arrowhead Pharmaceuticals, Inc.*   177    6,312 
Intellia Therapeutics, Inc.*   153    6,239 
TriNet Group, Inc.*   65    6,173 
Amicus Therapeutics, Inc.*   485    6,092 
Denali Therapeutics, Inc.*   205    6,050 
TG Therapeutics, Inc.*   238    5,912 
Hostess Brands, Inc.*   230    5,824 
Pacific Biosciences of California, Inc.*   436    5,799 
Glaukos Corp.*   81    5,768 
Omnicell, Inc.*   78    5,746 
Simply Good Foods Co.*   157    5,745 
Select Medical Holdings Corp.   180    5,735 
Madrigal Pharmaceuticals, Inc.*   24    5,544 
iRhythm Technologies, Inc.*   53    5,529 
Brink's Co.   80    5,426 
Progyny, Inc.*   136    5,350 
Surgery Partners, Inc.*   117    5,264 
Cytokinetics, Inc.*   161    5,252 
Inari Medical, Inc.*   90    5,233 
Flywire Corp.*   166    5,153 
Integer Holdings Corp.*   58    5,139 
Prestige Consumer Healthcare, Inc.*   86    5,111 
Patterson Companies, Inc.   153    5,089 
Coca-Cola Consolidated, Inc.   8    5,088 
ACADIA Pharmaceuticals, Inc.*   210    5,029 
Inmode Ltd.*   134    5,005 
PTC Therapeutics, Inc.*   123    5,002 
Reata Pharmaceuticals, Inc. — Class A*   49    4,996 
Prothena Corporation plc*   72    4,916 
ABM Industries, Inc.   115    4,905 
LivaNova plc*   94    4,834 
Insmed, Inc.*   228    4,811 
REVOLUTION Medicines, Inc.*   176    4,708 
TransMedics Group, Inc.*   55    4,619 
Helen of Troy Ltd.*   42    4,537 
WD-40 Co.   24    4,528 
TreeHouse Foods, Inc.*   89    4,484 
Korn Ferry   90    4,459 
CBIZ, Inc.*   83    4,422 
STAAR Surgical Co.*   84    4,416 
Krystal Biotech, Inc.*   37    4,344 
Inter Parfums, Inc.   32    4,327 
Sage Therapeutics, Inc.*   92    4,326 
Axonics, Inc.*   85    4,290 
Alarm.com Holdings, Inc.*   83    4,289 
EVERTEC, Inc.   113    4,162 
Marqeta, Inc. — Class A*   849    4,135 
J & J Snack Foods Corp.   26    4,117 
Axsome Therapeutics, Inc.*   57    4,096 
Marathon Digital Holdings, Inc.*   292    4,047 
AtriCure, Inc.*   81    3,998 
ICF International, Inc.   32    3,980 
Chinook Therapeutics, Inc.*   100    3,842 
Amphastar Pharmaceuticals, Inc.*   66    3,793 
NuVasive, Inc.*   91    3,785 
Beam Therapeutics, Inc.*   118    3,768 
Edgewell Personal Care Co.   89    3,677 
Revance Therapeutics, Inc.*   144    3,645 
Akero Therapeutics, Inc.*   78    3,642 
Vir Biotechnology, Inc.*   145    3,557 
NeoGenomics, Inc.*   221    3,551 
Graham Holdings Co. — Class B   6    3,429 
Bridgebio Pharma, Inc.*   198    3,406 
Cerevel Therapeutics Holdings, Inc.*   107    3,402 
Primo Water Corp.   271    3,398 
Riot Platforms, Inc.*   277    3,274 
Myriad Genetics, Inc.*   140    3,245 
Vector Group Ltd.   252    3,228 
Veracyte, Inc.*   126    3,209 
Pacira BioSciences, Inc.*   79    3,166 
LiveRamp Holdings, Inc.*   110    3,142 
DICE Therapeutics, Inc.*   67    3,113 
Corcept Therapeutics, Inc.*   139    3,093 
Vericel Corp.*   82    3,081 
Morphic Holding, Inc.*   53    3,038 
Cal-Maine Foods, Inc.   66    2,970 
Upbound Group, Inc.   95    2,957 
Textainer Group Holdings Ltd.   75    2,953 
Coursera, Inc.*   225    2,929 
CorVel Corp.*   15    2,902 
Dynavax Technologies Corp.*   224    2,894 
MGP Ingredients, Inc.   27    2,870 
RadNet, Inc.*   86    2,805 
Huron Consulting Group, Inc.*   33    2,802 
Geron Corp.*   862    2,767 
Remitly Global, Inc.*   146    2,748 
Laureate Education, Inc. — Class A   227    2,744 
Agios Pharmaceuticals, Inc.*   96    2,719 
Stride, Inc.*   73    2,718 

 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Celldex Therapeutics, Inc.*   80   $2,714 
Adtalem Global Education, Inc.*   79    2,713 
Viking Therapeutics, Inc.*   166    2,691 
US Physical Therapy, Inc.   22    2,671 
Ventyx Biosciences, Inc.*   81    2,657 
SpringWorks Therapeutics, Inc.*   101    2,648 
Strategic Education, Inc.   39    2,646 
Protagonist Therapeutics, Inc.*   94    2,596 
Andersons, Inc.   56    2,584 
PROG Holdings, Inc.*   80    2,570 
Supernus Pharmaceuticals, Inc.*   85    2,555 
Ironwood Pharmaceuticals, Inc. — Class A*   240    2,554 
Iovance Biotherapeutics, Inc.*   360    2,534 
John Wiley & Sons, Inc. — Class A   74    2,518 
Addus HomeCare Corp.*   27    2,503 
Xencor, Inc.*   100    2,497 
Central Garden & Pet Co. — Class A*   68    2,479 
Owens & Minor, Inc.*   129    2,456 
Biohaven Ltd.*   101    2,416 
Zentalis Pharmaceuticals, Inc.*   85    2,398 
Alphatec Holdings, Inc.*   133    2,391 
Syndax Pharmaceuticals, Inc.*   114    2,386 
UFP Technologies, Inc.*   12    2,326 
BioCryst Pharmaceuticals, Inc.*   328    2,309 
LeMaitre Vascular, Inc.   34    2,288 
Aurinia Pharmaceuticals, Inc.*   234    2,265 
Herbalife Ltd.*   171    2,264 
Catalyst Pharmaceuticals, Inc.*   167    2,244 
Krispy Kreme, Inc.   152    2,239 
Ideaya Biosciences, Inc.*   94    2,209 
Payoneer Global, Inc.*   459    2,208 
Monro, Inc.   54    2,194 
PROCEPT BioRobotics Corp.*   62    2,192 
Chefs' Warehouse, Inc.*   61    2,181 
Silk Road Medical, Inc.*   67    2,177 
Legalzoom.com, Inc.*   180    2,174 
Matthews International Corp. — Class A   51    2,174 
Oscar Health, Inc. — Class A*   268    2,160 
Embecta Corp.   100    2,160 
ZipRecruiter, Inc. — Class A*   121    2,149 
Kforce, Inc.   34    2,130 
Arvinas, Inc.*   85    2,110 
Universal Corp.   42    2,098 
Ligand Pharmaceuticals, Inc. — Class B*   29    2,091 
Arcellx, Inc.*   66    2,087 
Pediatrix Medical Group, Inc.*   146    2,075 
Utz Brands, Inc.   125    2,045 
Avanos Medical, Inc.*   80    2,045 
89bio, Inc.*   107    2,028 
Twist Bioscience Corp.*   99    2,026 
United Natural Foods, Inc.*   103    2,014 
Harmony Biosciences Holdings, Inc.*   57    2,006 
Treace Medical Concepts, Inc.*   78    1,995 
Ingles Markets, Inc. — Class A   24    1,984 
National Beverage Corp.*   41    1,982 
Relay Therapeutics, Inc.*   156    1,959 
Hain Celestial Group, Inc.*   155    1,939 
Travere Therapeutics, Inc.*   126    1,935 
Rocket Pharmaceuticals, Inc.*   97    1,927 
Healthcare Services Group, Inc.   129    1,926 
Amylyx Pharmaceuticals, Inc.*   88    1,898 
John B Sanfilippo & Son, Inc.   16    1,876 
Weis Markets, Inc.   29    1,862 
Cymabay Therapeutics, Inc.*   170    1,861 
CoreCivic, Inc.*   197    1,854 
Arcus Biosciences, Inc.*   91    1,848 
Cimpress plc*   31    1,844 
Chegg, Inc.*   205    1,820 
Sabre Corp.*   568    1,812 
MannKind Corp.*   445    1,811 
Cytek Biosciences, Inc.*   210    1,793 
Pliant Therapeutics, Inc.*   98    1,776 
Nuvalent, Inc. — Class A*   42    1,771 
Immunovant, Inc.*   93    1,764 
Recursion Pharmaceuticals, Inc. — Class A*   236    1,763 
Medifast, Inc.   19    1,751 
Viridian Therapeutics, Inc.*   73    1,737 
B&G Foods, Inc.1   123    1,712 
Cassava Sciences, Inc.*   69    1,692 
Cross Country Healthcare, Inc.*   60    1,685 
LifeStance Health Group, Inc.*   184    1,680 
Dole plc   124    1,676 
Crinetics Pharmaceuticals, Inc.*   92    1,658 
Verve Therapeutics, Inc.*   88    1,650 
Replimune Group, Inc.*   71    1,649 
Arlo Technologies, Inc.*   150    1,636 
SI-BONE, Inc.*   60    1,619 
Udemy, Inc.*   149    1,599 
Varex Imaging Corp.*   67    1,579 
Keros Therapeutics, Inc.*   39    1,567 
Nevro Corp.*   61    1,551 
AdaptHealth Corp.*   127    1,546 
Accolade, Inc.*   114    1,536 
Inhibrx, Inc.*   59    1,532 
Quanex Building Products Corp.   57    1,530 
Kymera Therapeutics, Inc.*   66    1,517 
Fresh Del Monte Produce, Inc.   59    1,517 
OPKO Health, Inc.*   698    1,515 
Green Dot Corp. — Class A*   80    1,499 
Avid Bioservices, Inc.*   107    1,495 
GEO Group, Inc.*   206    1,475 
Rhythm Pharmaceuticals, Inc.*   89    1,468 
First Advantage Corp.*   95    1,464 
Perdoceo Education Corp.*   116    1,423 
Point Biopharma Global, Inc.*   157    1,422 
Cogent Biosciences, Inc.*   119    1,409 
REGENXBIO, Inc.*   70    1,399 
Multiplan Corp.*   656    1,384 
Quanterix Corp.*   61    1,376 
Innoviva, Inc.*   107    1,362 
National Healthcare Corp.   22    1,360 
RxSight, Inc.*   47    1,354 
Avidity Biosciences, Inc.*   122    1,353 
SpartanNash Co.   60    1,351 
Paragon 28, Inc.*   76    1,348 
ADMA Biologics, Inc.*   365    1,347 
Beyond Meat, Inc.*,1   103    1,337 
SP Plus Corp.*   34    1,330 
BioLife Solutions, Inc.*   60    1,326 
Adaptive Biotechnologies Corp.*   197    1,322 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Vita Coco Company, Inc.*   49   $1,317 
Deluxe Corp.   75    1,311 
MiMedx Group, Inc.*   197    1,302 
Fulgent Genetics, Inc.*   35    1,296 
Collegium Pharmaceutical, Inc.*   60    1,289 
Deciphera Pharmaceuticals, Inc.*   91    1,281 
DocGo, Inc.*   135    1,265 
USANA Health Sciences, Inc.*   20    1,261 
Ardelyx, Inc.*   369    1,251 
Brookdale Senior Living, Inc. — Class A*   295    1,245 
Aclaris Therapeutics, Inc.*   120    1,244 
CRA International, Inc.   12    1,224 
Nano-X Imaging Ltd.*   79    1,224 
ProKidney Corp.*   107    1,197 
Kura Oncology, Inc.*   113    1,196 
Mirum Pharmaceuticals, Inc.*   46    1,190 
Beauty Health Co.*   142    1,188 
ANI Pharmaceuticals, Inc.*   22    1,184 
OrthoPediatrics Corp.*   27    1,184 
Artivion, Inc.*   68    1,169 
Arcturus Therapeutics Holdings, Inc.*   40    1,147 
Atrion Corp.   2    1,131 
Novavax, Inc.*,1   151    1,122 
Transcat, Inc.*   13    1,109 
Theravance Biopharma, Inc.*   107    1,107 
Repay Holdings Corp.*   141    1,104 
Orthofix Medical, Inc.*   61    1,102 
European Wax Center, Inc. — Class A*   59    1,099 
National Research Corp. — Class A   25    1,088 
SunOpta, Inc.*   157    1,050 
Barrett Business Services, Inc.   12    1,046 
EQRx, Inc.*   552    1,027 
Mission Produce, Inc.*   84    1,018 
Day One Biopharmaceuticals, Inc.*   85    1,015 
Kelly Services, Inc. — Class A   57    1,004 
Enhabit, Inc.*   87    1,000 
Tactile Systems Technology, Inc.*   40    997 
Prime Medicine, Inc.*   68    996 
Editas Medicine, Inc.*   121    996 
ModivCare, Inc.*   22    995 
4D Molecular Therapeutics, Inc.*   55    994 
Anavex Life Sciences Corp.*   122    992 
V2X, Inc.*   20    991 
Duckhorn Portfolio, Inc.*   76    986 
Hackett Group, Inc.   43    961 
Sana Biotechnology, Inc.*   161    960 
Community Health Systems, Inc.*   218    959 
Lyell Immunopharma, Inc.*   300    954 
RAPT Therapeutics, Inc.*   51    954 
Agenus, Inc.*   594    950 
Vera Therapeutics, Inc.*   59    947 
Viad Corp.*   35    941 
TrueBlue, Inc.*   53    939 
Marinus Pharmaceuticals, Inc.*   86    934 
Cass Information Systems, Inc.   24    931 
Franklin Covey Co.*   21    917 
Heidrick & Struggles International, Inc.   34    900 
Ennis, Inc.   44    897 
American Well Corp. — Class A*   425    892 
I3 Verticals, Inc. — Class A*   39    892 
2seventy bio, Inc.*   87    880 
Resources Connection, Inc.   56    880 
Calavo Growers, Inc.   30    870 
Harrow Health, Inc.*   45    857 
Arcutis Biotherapeutics, Inc.*   89    848 
Agiliti, Inc.*   51    841 
ACCO Brands Corp.   160    834 
Dyne Therapeutics, Inc.*   74    833 
Pulmonx Corp.*   63    826 
Enliven Therapeutics, Inc.*   40    816 
OmniAb, Inc.*   161    810 
Nurix Therapeutics, Inc.*   81    809 
Seres Therapeutics, Inc.*   168    805 
Zymeworks, Inc.*   92    795 
23andMe Holding Co. — Class A*   450    788 
Aaron's Company, Inc.   55    778 
CareDx, Inc.*   90    765 
Kiniksa Pharmaceuticals Ltd. — Class A*   54    760 
Cerus Corp.*   307    755 
Surmodics, Inc.*   24    751 
Enanta Pharmaceuticals, Inc.*   35    749 
Avita Medical, Inc.*   44    748 
Carriage Services, Inc. — Class A   23    747 
Biomea Fusion, Inc.*   34    746 
Tarsus Pharmaceuticals, Inc.*   41    741 
Target Hospitality Corp.*   54    725 
Turning Point Brands, Inc.   30    720 
PetIQ, Inc.*   47    713 
Allogene Therapeutics, Inc.*   142    706 
Fate Therapeutics, Inc.*   147    700 
Ocular Therapeutix, Inc.*   135    697 
MaxCyte, Inc.*   151    693 
Aldeyra Therapeutics, Inc.*   81    680 
AngioDynamics, Inc.*   65    678 
AnaptysBio, Inc.*   33    671 
Alector, Inc.*   110    661 
Custom Truck One Source, Inc.*   98    660 
Central Garden & Pet Co.*   17    659 
Amneal Pharmaceuticals, Inc.*   211    654 
Anika Therapeutics, Inc.*   25    649 
Terns Pharmaceuticals, Inc.*   74    648 
Emergent BioSolutions, Inc.*   88    647 
OraSure Technologies, Inc.*   129    646 
Vanda Pharmaceuticals, Inc.*   98    646 
Liquidia Corp.*   82    644 
Axogen, Inc.*   70    639 
HilleVax, Inc.*   37    636 
Vital Farms, Inc.*   53    635 
WW International, Inc.*   94    632 
Scilex Holding Co.*   113    630 
Voyager Therapeutics, Inc.*   55    630 
Accuray, Inc.*   161    623 
iRadimed Corp.   13    621 
Tejon Ranch Co.*   36    620 
Phathom Pharmaceuticals, Inc.*   43    616 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Pennant Group, Inc.*   50   $614 
Bluebird Bio, Inc.*   185    609 
SomaLogic, Inc.*   262    605 
Xeris Biopharma Holdings, Inc.*   230    603 
Aura Biosciences, Inc.*   48    593 
Castle Biosciences, Inc.*   43    590 
Forrester Research, Inc.*   20    582 
Disc Medicine, Inc.*   13    577 
Viemed Healthcare, Inc.*   59    577 
Cano Health, Inc.*   414    575 
Edgewise Therapeutics, Inc.*   74    574 
Mersana Therapeutics, Inc.*   174    572 
Alta Equipment Group, Inc.   33    572 
Omeros Corp.*   105    571 
iTeos Therapeutics, Inc.*   43    569 
Cabaletta Bio, Inc.*   44    568 
Coherus Biosciences, Inc.*   133    568 
Alpine Immune Sciences, Inc.*   55    565 
Paysafe Ltd.*   56    565 
MacroGenics, Inc.*   105    562 
Entrada Therapeutics, Inc.*   37    560 
Utah Medical Products, Inc.   6    559 
Butterfly Network, Inc.*   242    557 
2U, Inc.*   137    552 
Westrock Coffee Co.*   49    533 
Taro Pharmaceutical Industries Ltd.*   14    531 
ImmunityBio, Inc.*,1   191    531 
ORIC Pharmaceuticals, Inc.*   68    528 
Evolus, Inc.*   72    523 
Assertio Holdings, Inc.*   96    520 
BrightView Holdings, Inc.*   72    517 
Invitae Corp.*,1   455    514 
Stoke Therapeutics, Inc.*   48    510 
scPharmaceuticals, Inc.*   50    509 
Zimvie, Inc.*   45    505 
Summit Therapeutics, Inc.*   201    504 
Sterling Check Corp.*   41    503 
Compass Therapeutics, Inc.*   158    502 
Allakos, Inc.*   115    501 
Atea Pharmaceuticals, Inc.*   133    497 
Arbutus Biopharma Corp.*   216    497 
Sutro Biopharma, Inc.*   104    484 
SEACOR Marine Holdings, Inc.*   42    480 
Phibro Animal Health Corp. — Class A   35    479 
Icosavax, Inc.*   48    477 
Limoneira Co.   30    467 
Outlook Therapeutics, Inc.*   268    466 
Intercept Pharmaceuticals, Inc.*   42    465 
Tenaya Therapeutics, Inc.*   79    464 
Inogen, Inc.*   40    462 
Nuvation Bio, Inc.*   252    454 
Cullinan Oncology, Inc.*   41    441 
Cutera, Inc.*   29    439 
Y-mAbs Therapeutics, Inc.*   64    435 
Seer, Inc.*   101    431 
Generation Bio Co.*   78    429 
FibroGen, Inc.*   157    424 
Savara, Inc.*   132    422 
PMV Pharmaceuticals, Inc.*   67    419 
Caribou Biosciences, Inc.*   98    416 
Distribution Solutions Group, Inc.*   8    416 
Olema Pharmaceuticals, Inc.*   46    415 
X4 Pharmaceuticals, Inc.*   213    413 
Mineralys Therapeutics, Inc.*   24    409 
Tyra Biosciences, Inc.*   24    409 
Organogenesis Holdings, Inc.*   122    405 
CareMax, Inc.*   130    404 
SIGA Technologies, Inc.   80    404 
Carisma Therapeutics, Inc.   46    403 
Willdan Group, Inc.*   21    402 
Universal Technical Institute, Inc.*   57    394 
FiscalNote Holdings, Inc.*   108    393 
Nathan's Famous, Inc.   5    393 
EyePoint Pharmaceuticals, Inc.*   45    392 
Benson Hill, Inc.*   300    390 
KalVista Pharmaceuticals, Inc.*   43    387 
Erasca, Inc.*   140    386 
Kodiak Sciences, Inc.*   56    386 
Rigel Pharmaceuticals, Inc.*   296    382 
MeiraGTx Holdings plc*   56    376 
Quipt Home Medical Corp.*   70    374 
Harvard Bioscience, Inc.*   68    373 
WaVe Life Sciences Ltd.*   102    371 
Scholar Rock Holding Corp.*   49    369 
Astria Therapeutics, Inc.*   44    367 
Lexicon Pharmaceuticals, Inc.*   160    366 
Monte Rosa Therapeutics, Inc.*   53    363 
Design Therapeutics, Inc.*   57    359 
Janux Therapeutics, Inc.*   30    356 
Immuneering Corp. — Class A*   35    355 
UroGen Pharma Ltd.*   34    352 
Karyopharm Therapeutics, Inc.*   196    351 
Eagle Pharmaceuticals, Inc.*   18    350 
SoundThinking, Inc.*   16    350 
Village Super Market, Inc. — Class A   15    342 
Ovid therapeutics, Inc.*   103    338 
Joint Corp.*   25    338 
Nautilus Biotechnology, Inc.*   87    337 
BRC, Inc. — Class A*   65    335 
Actinium Pharmaceuticals, Inc.*   45    334 
NanoString Technologies, Inc.*   82    332 
Celcuity, Inc.*   30    329 
Inozyme Pharma, Inc.*   59    329 
HF Foods Group, Inc.*   70    328 
Information Services Group, Inc.   61    327 
Theseus Pharmaceuticals, Inc.*   35    327 
Zynex, Inc.*   34    326 
Sangamo Therapeutics, Inc.*   250    325 
Lineage Cell Therapeutics, Inc.*,1   223    314 
Nature's Sunshine Products, Inc.*   23    314 
Performant Financial Corp.*   116    313 
Quantum-Si, Inc.*   174    311 
Zevra Therapeutics, Inc.*   60    306 
Alico, Inc.   12    306 
CorMedix, Inc.*   77    305 
Kezar Life Sciences, Inc.*   124    304 
Altimmune, Inc.*   86    304 
Humacyte, Inc.*   106    303 
Rallybio Corp.*   53    300 
InfuSystem Holdings, Inc.*   31    299 
Gritstone bio, Inc.*   152    296 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Seneca Foods Corp. — Class A*   9   $294 
CVRx, Inc.*   19    293 
Aerovate Therapeutics, Inc.*   17    292 
ClearPoint Neuro, Inc.*   40    290 
Cadiz, Inc.*   70    284 
ARS Pharmaceuticals, Inc.*   42    281 
Sanara Medtech, Inc.*   7    281 
Annexon, Inc.*   79    278 
ALX Oncology Holdings, Inc.*   37    278 
Lincoln Educational Services Corp.*   41    276 
Acacia Research Corp.*   66    275 
Fennec Pharmaceuticals, Inc.*   31    274 
Tela Bio, Inc.*   27    274 
Waldencast plc — Class A*   35    271 
Precigen, Inc.*   234    269 
Atara Biotherapeutics, Inc.*   165    266 
Vigil Neuroscience, Inc.*   28    263 
Tango Therapeutics, Inc.*   77    256 
Citius Pharmaceuticals, Inc.*   213    256 
Allovir, Inc.*   73    248 
Innovage Holding Corp.*   33    248 
Foghorn Therapeutics, Inc.*   35    246 
XOMA Corp.*   13    246 
Ikena Oncology, Inc.*   37    243 
PDS Biotechnology Corp.*   48    241 
Semler Scientific, Inc.*   9    236 
Omega Therapeutics, Inc.*   42    235 
HireQuest, Inc.   9    234 
BioAtla, Inc.*   77    231 
Cara Therapeutics, Inc.*   81    229 
Akoya Biosciences, Inc.*   31    229 
Selecta Biosciences, Inc.*   201    225 
Vicarious Surgical, Inc.*   121    221 
Merrimack Pharmaceuticals, Inc.*   18    221 
Bioxcel Therapeutics, Inc.*   33    220 
Cue Biopharma, Inc.*   60    219 
KORU Medical Systems, Inc.*   61    210 
Verrica Pharmaceuticals, Inc.*   36    208 
Poseida Therapeutics, Inc.*   118    208 
Heron Therapeutics, Inc.*   179    208 
P3 Health Partners, Inc.*   69    206 
Cipher Mining, Inc.*,1   72    206 
Quad/Graphics, Inc.*   54    203 
Pulse Biosciences, Inc.*   28    201 
Vor BioPharma, Inc.*   65    201 
Longboard Pharmaceuticals, Inc.*   27    198 
Natural Grocers by Vitamin Cottage, Inc.   16    196 
Acrivon Therapeutics, Inc.*   15    194 
NGM Biopharmaceuticals, Inc.*   75    194 
Protalix BioTherapeutics, Inc.*   97    194 
IGM Biosciences, Inc.*   21    194 
CompoSecure, Inc.*   28    192 
Nuvectis Pharma, Inc.*   12    192 
Aadi Bioscience, Inc.*   28    192 
Beyond Air, Inc.*   44    187 
Vaxxinity, Inc. — Class A*,1   74    186 
Zevia PBC — Class A*   43    185 
AirSculpt Technologies, Inc.   21    181 
Trevi Therapeutics, Inc.*   72    172 
Rent the Runway, Inc. — Class A*   83    164 
Genelux Corp.*   5    164 
Third Harmonic Bio, Inc.*   34    164 
CPI Card Group, Inc.*   7    163 
Biote Corp. — Class A*   24    162 
Optinose, Inc.*   126    155 
PepGen, Inc.*   17    152 
Bakkt Holdings, Inc.*,1   121    149 
Aveanna Healthcare Holdings, Inc.*   87    147 
Larimar Therapeutics, Inc.*   44    138 
Century Therapeutics, Inc.*   41    130 
Adicet Bio, Inc.*   53    129 
Graphite Bio, Inc.*   49    127 
Nkarta, Inc.*   52    114 
Eyenovia, Inc.*   48    114 
Thorne HealthTech, Inc.*   24    113 
Priority Technology Holdings, Inc.*   31    112 
Reneo Pharmaceuticals, Inc.*   17    112 
Emerald Holding, Inc.*   27    111 
MarketWise, Inc.   55    110 
Zura Bio Ltd.*   13    107 
Bright Green Corp.*   104    105 
Forafric Global plc*   9    99 
ViewRay, Inc.*   259    91 
Ocean Biomedical, Inc.*   15    90 
Prelude Therapeutics, Inc.*   17    77 
Orchestra BioMed Holdings, Inc.*   7    49 
Ispire Technology, Inc.*   5    46 
Rain Oncology, Inc.*   29    35 
BioVie, Inc.*   6    26 
Babylon Holdings Ltd. — Class A*   17    1 
Ligand Pharmaceuticals, Inc.*,††   12     
Ligand Pharmaceuticals, Inc.*,††   12     
Total Consumer, Non-cyclical        1,010,492 
Financial - 12.3%          
Selective Insurance Group, Inc.   104    9,979 
Ryman Hospitality Properties, Inc. REIT   100    9,292 
SouthState Corp.   132    8,686 
Essent Group Ltd.   183    8,564 
Terreno Realty Corp. REIT   142    8,534 
Kite Realty Group Trust REIT   377    8,422 
Home BancShares, Inc.   330    7,524 
PotlatchDeltic Corp. REIT   137    7,240 
Independence Realty Trust, Inc. REIT   391    7,124 
Old National Bancorp   508    7,082 
American Equity Investment Life Holding Co.   135    7,035 
Phillips Edison & Company, Inc. REIT   204    6,952 
Radian Group, Inc.   273    6,901 
United Bankshares, Inc.   227    6,735 
First Financial Bankshares, Inc.   226    6,439 
Blackstone Mortgage Trust, Inc. — Class A REIT   299    6,222 
Cadence Bank   316    6,206 
Essential Properties Realty Trust, Inc. REIT   258    6,073 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Glacier Bancorp, Inc.   193   $6,016 
Mr Cooper Group, Inc.*   115    5,824 
Valley National Bancorp   748    5,797 
Physicians Realty Trust REIT   412    5,764 
Hancock Whitney Corp.   150    5,757 
Apple Hospitality REIT, Inc.   374    5,651 
FTAI Aviation Ltd.   172    5,445 
Focus Financial Partners, Inc. — Class A*   102    5,356 
Moelis & Co. — Class A   116    5,259 
Enstar Group Ltd.*   21    5,129 
Hamilton Lane, Inc. — Class A   63    5,039 
Broadstone Net Lease, Inc. REIT   326    5,033 
United Community Banks, Inc.   200    4,998 
LXP Industrial Trust REIT   502    4,895 
Sabra Health Care REIT, Inc.   401    4,720 
UMB Financial Corp.   77    4,689 
CNO Financial Group, Inc.   197    4,663 
Corporate Office Properties Trust REIT   195    4,631 
Arbor Realty Trust, Inc. REIT1   311    4,609 
Upstart Holdings, Inc.*,1   125    4,476 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT   179    4,475 
SITE Centers Corp. REIT   330    4,363 
Walker & Dunlop, Inc.   55    4,350 
Jackson Financial, Inc. — Class A   141    4,316 
Community Bank System, Inc.   92    4,313 
Texas Capital Bancshares, Inc.*   83    4,275 
Associated Banc-Corp.   262    4,252 
Macerich Co. REIT   374    4,215 
Genworth Financial, Inc. — Class A*   841    4,205 
Artisan Partners Asset Management, Inc. — Class A   106    4,167 
International Bancshares Corp.   93    4,111 
Outfront Media, Inc. REIT   256    4,024 
WSFS Financial Corp.   106    3,998 
McGrath RentCorp   43    3,977 
Ameris Bancorp   115    3,934 
Tanger Factory Outlet Centers, Inc. REIT   177    3,906 
Piper Sandler Cos.   30    3,878 
Axos Financial, Inc.*   98    3,865 
Cathay General Bancorp   120    3,863 
Four Corners Property Trust, Inc. REIT   150    3,810 
Simmons First National Corp. — Class A   219    3,778 
National Health Investors, Inc. REIT   72    3,774 
First BanCorp   307    3,752 
Douglas Emmett, Inc. REIT   295    3,708 
Equity Commonwealth REIT   182    3,687 
NMI Holdings, Inc. — Class A*   142    3,666 
Sunstone Hotel Investors, Inc. REIT   361    3,653 
ServisFirst Bancshares, Inc.   88    3,601 
Innovative Industrial Properties, Inc. REIT   48    3,504 
BancFirst Corp.   38    3,496 
CareTrust REIT, Inc.   174    3,456 
Independent Bank Corp.   77    3,427 
SL Green Realty Corp. REIT1   114    3,426 
First Interstate BancSystem, Inc. — Class A   143    3,409 
Pacific Premier Bancorp, Inc.   164    3,391 
Kennedy-Wilson Holdings, Inc.   207    3,380 
Atlantic Union Bankshares Corp.   130    3,373 
Fulton Financial Corp.   282    3,361 
First Financial Bancorp   163    3,332 
Eastern Bankshares, Inc.   268    3,288 
Pagseguro Digital Ltd. — Class A*   344    3,247 
Seacoast Banking Corporation of Florida   146    3,227 
Ready Capital Corp. REIT   277    3,125 
PennyMac Financial Services, Inc.   44    3,094 
Urban Edge Properties REIT   199    3,071 
CVB Financial Corp.   231    3,068 
Bancorp, Inc.*   93    3,036 
Washington Federal, Inc.   113    2,997 
Navient Corp.   160    2,973 
Pebblebrook Hotel Trust REIT   210    2,927 
PJT Partners, Inc. — Class A   42    2,925 
JBG SMITH Properties REIT   194    2,918 
DiamondRock Hospitality Co. REIT   364    2,916 
St. Joe Co.   60    2,900 
First Merchants Corp.   102    2,879 
Retail Opportunity Investments Corp. REIT   213    2,878 
TowneBank   122    2,835 
RLJ Lodging Trust REIT   276    2,835 
Enova International, Inc.*   53    2,815 
Bank of Hawaii Corp.   68    2,804 
Apollo Commercial Real Estate Finance, Inc. REIT   246    2,785 
BankUnited, Inc.   129    2,780 
Bread Financial Holdings, Inc.   87    2,731 
InvenTrust Properties Corp. REIT   118    2,731 
Getty Realty Corp. REIT   78    2,638 
Cohen & Steers, Inc.   45    2,610 
Banner Corp.   59    2,577 
StoneX Group, Inc.*   31    2,575 
WesBanco, Inc.   100    2,561 
Park National Corp.   25    2,558 
Hilltop Holdings, Inc.   81    2,548 
BRP Group, Inc. — Class A*   102    2,528 
Renasant Corp.   96    2,508 
Cannae Holdings, Inc.*   124    2,506 
Elme Communities REIT   152    2,499 
Service Properties Trust REIT   286    2,485 
Enterprise Financial Services Corp.   63    2,463 
Palomar Holdings, Inc.*   42    2,438 
eXp World Holdings, Inc.   120    2,434 
Nelnet, Inc. — Class A   25    2,412 
BGC Partners, Inc. — Class A   544    2,410 
Bank of NT Butterfield & Son Ltd.   87    2,380 
Xenia Hotels & Resorts, Inc. REIT   193    2,376 
Virtus Investment Partners, Inc.   12    2,370 
Compass Diversified Holdings   109    2,364 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Cushman & Wakefield plc*   288   $2,356 
LTC Properties, Inc. REIT   71    2,344 
Northwest Bancshares, Inc.   221    2,343 
Alexander & Baldwin, Inc. REIT   126    2,341 
City Holding Co.   26    2,340 
Two Harbors Investment Corp. REIT   168    2,332 
Acadia Realty Trust REIT   162    2,331 
Goosehead Insurance, Inc. — Class A*   37    2,327 
Chimera Investment Corp. REIT   403    2,325 
Easterly Government Properties, Inc. REIT   160    2,320 
Triumph Financial, Inc.*   38    2,307 
StepStone Group, Inc. — Class A   93    2,307 
Farmer Mac — Class C   16    2,300 
NBT Bancorp, Inc.   72    2,293 
Redfin Corp.*   184    2,285 
First Commonwealth Financial Corp.   177    2,239 
Pathward Financial, Inc.   48    2,225 
Trustmark Corp.   105    2,218 
Veris Residential, Inc. REIT*   137    2,199 
Radius Global Infrastructure, Inc. — Class A*   147    2,190 
Apartment Investment and Management Co. — Class A REIT   257    2,190 
Independent Bank Group, Inc.   63    2,175 
Stock Yards Bancorp, Inc.   47    2,132 
Ladder Capital Corp. — Class A REIT   196    2,127 
OFG Bancorp   81    2,112 
Horace Mann Educators Corp.   71    2,106 
Lakeland Financial Corp.   43    2,086 
Provident Financial Services, Inc.   127    2,075 
PennyMac Mortgage Investment Trust REIT   153    2,062 
First Bancorp   69    2,053 
Franklin BSP Realty Trust, Inc. REIT   144    2,039 
Heartland Financial USA, Inc.   73    2,035 
MFA Financial, Inc. REIT   177    1,989 
Encore Capital Group, Inc.*   40    1,945 
Stellar Bancorp, Inc.   84    1,923 
Uniti Group, Inc. REIT   413    1,908 
NETSTREIT Corp. REIT   106    1,894 
Stewart Information Services Corp.   46    1,892 
Global Net Lease, Inc. REIT   181    1,861 
National Bank Holdings Corp. — Class A   64    1,859 
S&T Bancorp, Inc.   67    1,822 
ARMOUR Residential REIT, Inc.1   340    1,812 
Compass, Inc. — Class A*   517    1,810 
First Busey Corp.   90    1,809 
LendingClub Corp.*   184    1,794 
Safety Insurance Group, Inc.   25    1,793 
TriCo Bancshares   54    1,793 
Claros Mortgage Trust, Inc.   157    1,780 
NexPoint Residential Trust, Inc. REIT   39    1,774 
AMERISAFE, Inc.   33    1,759 
Sandy Spring Bancorp, Inc.   76    1,724 
Westamerica BanCorp   45    1,724 
Employers Holdings, Inc.   46    1,721 
Empire State Realty Trust, Inc. — Class A REIT   229    1,715 
FB Financial Corp.   61    1,711 
Plymouth Industrial REIT, Inc.   74    1,703 
PacWest Bancorp1   208    1,695 
Hope Bancorp, Inc.   200    1,684 
National Western Life Group, Inc. — Class A   4    1,662 
WisdomTree, Inc.   239    1,640 
American Assets Trust, Inc. REIT   85    1,632 
Veritex Holdings, Inc.   91    1,632 
Argo Group International Holdings Ltd.*   55    1,628 
Centerspace REIT   26    1,595 
OceanFirst Financial Corp.   101    1,578 
Berkshire Hills Bancorp, Inc.   76    1,575 
Necessity Retail REIT, Inc.   233    1,575 
New York Mortgage Trust, Inc. REIT   158    1,567 
Peoples Bancorp, Inc.   59    1,566 
Ellington Financial, Inc. REIT   113    1,559 
RPT Realty REIT   149    1,557 
Piedmont Office Realty Trust, Inc. — Class A REIT   214    1,556 
PRA Group, Inc.*   67    1,531 
Live Oak Bancshares, Inc.   58    1,526 
Avantax, Inc.*   68    1,522 
UMH Properties, Inc. REIT   95    1,518 
Victory Capital Holdings, Inc. — Class A   48    1,514 
Customers Bancorp, Inc.*   50    1,513 
BrightSpire Capital, Inc. REIT   223    1,501 
Origin Bancorp, Inc.   51    1,494 
Nicolet Bankshares, Inc.   22    1,494 
Lemonade, Inc.*,1   88    1,483 
B Riley Financial, Inc.1   32    1,471 
Community Healthcare Trust, Inc. REIT   44    1,453 
Newmark Group, Inc. — Class A   233    1,449 
Lakeland Bancorp, Inc.   108    1,446 
SiriusPoint Ltd.*   158    1,427 
ProAssurance Corp.   94    1,418 
Paramount Group, Inc. REIT   320    1,418 
Mercury General Corp.   46    1,392 
Brandywine Realty Trust REIT   295    1,372 
First Bancshares, Inc.   53    1,370 
Armada Hoffler Properties, Inc. REIT   117    1,367 
Capitol Federal Financial, Inc.   221    1,364 
Trupanion, Inc.*   69    1,358 
Patria Investments Ltd. — Class A   94    1,344 
Peakstone Realty Trust REIT   48    1,340 
Tompkins Financial Corp.   24    1,337 
Southside Bancshares, Inc.   51    1,334 
German American Bancorp, Inc.   49    1,332 
Bank First Corp.   16    1,331 
Marcus & Millichap, Inc.   42    1,323 
Brookline Bancorp, Inc.   151    1,320 
Enact Holdings, Inc.   52    1,307 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
International Money Express, Inc.*   53   $1,300 
Preferred Bank/Los Angeles CA   23    1,265 
Redwood Trust, Inc. REIT   197    1,255 
Anywhere Real Estate, Inc.*   187    1,249 
KKR Real Estate Finance Trust, Inc. REIT   102    1,241 
Safehold, Inc. REIT   52    1,234 
1st Source Corp.   29    1,216 
QCR Holdings, Inc.   29    1,190 
Summit Hotel Properties, Inc. REIT   182    1,185 
Dynex Capital, Inc. REIT   94    1,183 
Brightsphere Investment Group, Inc.   56    1,173 
James River Group Holdings Ltd.   64    1,169 
AssetMark Financial Holdings, Inc.*   38    1,127 
Eagle Bancorp, Inc.   53    1,121 
Applied Digital Corp.*,1   118    1,103 
Banc of California, Inc.   95    1,100 
Ambac Financial Group, Inc.*   77    1,096 
Dime Community Bancshares, Inc.   61    1,075 
Farmland Partners, Inc. REIT   88    1,074 
ConnectOne Bancorp, Inc.   64    1,062 
Universal Health Realty Income Trust REIT   22    1,047 
Urstadt Biddle Properties, Inc. — Class A REIT   49    1,042 
CBL & Associates Properties, Inc. REIT   47    1,036 
Hudson Pacific Properties, Inc. REIT   239    1,009 
Old Second Bancorp, Inc.   75    979 
Premier Financial Corp.   61    977 
Heritage Financial Corp.   60    970 
Global Medical REIT, Inc.   106    968 
Community Trust Bancorp, Inc.   27    960 
Gladstone Land Corp. REIT   58    944 
Diversified Healthcare Trust REIT   414    932 
First Community Bankshares, Inc.   31    922 
TrustCo Bank Corporation NY   32    916 
Ares Commercial Real Estate Corp. REIT   90    914 
Univest Financial Corp.   50    904 
TPG RE Finance Trust, Inc. REIT   120    889 
Columbia Financial, Inc.*   51    882 
Gladstone Commercial Corp. REIT   70    866 
Diamond Hill Investment Group, Inc.   5    856 
Heritage Commerce Corp.   103    853 
Brookfield Business Corp. — Class A   45    850 
Invesco Mortgage Capital, Inc. REIT   73    837 
P10, Inc. — Class A   74    836 
United Fire Group, Inc.   36    816 
Whitestone REIT — Class B   84    815 
Peapack-Gladstone Financial Corp.   30    812 
Great Southern Bancorp, Inc.   16    812 
World Acceptance Corp.*   6    804 
First Mid Bancshares, Inc.   33    797 
F&G Annuities & Life, Inc.   32    793 
Farmers National Banc Corp.   64    792 
Hanmi Financial Corp.   53    791 
Northfield Bancorp, Inc.   72    791 
Horizon Bancorp, Inc.   75    781 
Byline Bancorp, Inc.   43    778 
Washington Trust Bancorp, Inc.   29    777 
Chatham Lodging Trust REIT   83    777 
Camden National Corp.   25    774 
Amerant Bancorp, Inc.   45    774 
CrossFirst Bankshares, Inc.*   77    770 
Mercantile Bank Corp.   27    746 
Midland States Bancorp, Inc.   37    737 
Saul Centers, Inc. REIT   20    737 
Alexander's, Inc. REIT   4    735 
MBIA, Inc.*   84    726 
Central Pacific Financial Corp.   46    723 
Coastal Financial Corp.*   19    715 
Burke & Herbert Financial Services Corp.   11    706 
Cambridge Bancorp   13    706 
Capital City Bank Group, Inc.   23    705 
Orchid Island Capital, Inc. REIT   68    704 
Kearny Financial Corp.   99    698 
Merchants Bancorp   27    691 
HCI Group, Inc.   11    680 
Universal Insurance Holdings, Inc.   44    679 
NexPoint Diversified Real Estate Trust REIT   53    664 
Orion Office REIT, Inc.   99    654 
CTO Realty Growth, Inc. REIT   38    651 
First Financial Corp.   20    649 
Bar Harbor Bankshares   26    641 
Hingham Institution For Savings The   3    639 
Office Properties Income Trust REIT   83    639 
Republic Bancorp, Inc. — Class A   15    638 
NewtekOne, Inc.   40    636 
CNB Financial Corp.   36    635 
HarborOne Bancorp, Inc.   73    634 
FRP Holdings, Inc.*   11    633 
Business First Bancshares, Inc.   42    633 
FTAI Infrastructure, Inc.   171    631 
Tiptree, Inc. — Class A   42    630 
RMR Group, Inc. — Class A   27    626 
Metropolitan Bank Holding Corp.*   18    625 
Perella Weinberg Partners   74    616 
Carter Bankshares, Inc.*   41    606 
Flushing Financial Corp.   49    602 
Citizens Financial Services, Inc.   8    596 
Independent Bank Corp.   35    594 
Equity Bancshares, Inc. — Class A   26    592 
SmartFinancial, Inc.   27    581 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
RE/MAX Holdings, Inc. — Class A   30   $578 
Southern Missouri Bancorp, Inc.   15    577 
Alerus Financial Corp.   32    575 
Metrocity Bankshares, Inc.   32    572 
One Liberty Properties, Inc. REIT   28    569 
HomeTrust Bancshares, Inc.   27    564 
NerdWallet, Inc. — Class A*   59    555 
Mid Penn Bancorp, Inc.   25    552 
Esquire Financial Holdings, Inc.   12    549 
GCM Grosvenor, Inc. — Class A   72    543 
Northeast Bank   13    542 
Farmers & Merchants Bancorp Incorporated/Archbold OH   24    540 
MidWestOne Financial Group, Inc.   25    534 
Peoples Financial Services Corp.   12    525 
American National Bankshares, Inc.   18    522 
West BanCorp, Inc.   28    515 
Bit Digital, Inc.*   125    507 
Arrow Financial Corp.   25    503 
Citizens & Northern Corp.   26    502 
Amalgamated Financial Corp.   31    499 
Five Star Bancorp   22    492 
Enterprise Bancorp, Inc.   17    492 
Bank of Marin Bancorp   27    477 
Greenlight Capital Re Ltd. — Class A*   45    474 
South Plains Financial, Inc.   21    473 
Postal Realty Trust, Inc. — Class A REIT   32    471 
Civista Bancshares, Inc.   27    470 
Granite Point Mortgage Trust, Inc. REIT   88    466 
ACNB Corp.   14    464 
Waterstone Financial, Inc.   32    464 
Forge Global Holdings, Inc.*   190    462 
Selectquote, Inc.*   236    460 
Braemar Hotels & Resorts, Inc. REIT   114    458 
Skyward Specialty Insurance Group, Inc.*,1   18    457 
First of Long Island Corp.   37    445 
John Marshall Bancorp, Inc.   22    442 
Blue Foundry Bancorp*   43    435 
Home Bancorp, Inc.   13    432 
Regional Management Corp.   14    427 
Macatawa Bank Corp.   46    427 
Chicago Atlantic Real Estate Finance, Inc. REIT   28    424 
HBT Financial, Inc.   23    424 
MVB Financial Corp.   20    422 
Capstar Financial Holdings, Inc.   34    417 
BRT Apartments Corp. REIT   21    416 
First Bancorp, Inc.   17    414 
First Business Financial Services, Inc.   14    413 
Financial Institutions, Inc.   26    409 
Sierra Bancorp   24    407 
Guaranty Bancshares, Inc.   15    406 
LendingTree, Inc.*   18    398 
Legacy Housing Corp.*   17    394 
Northrim BanCorp, Inc.   10    393 
Red River Bancshares, Inc.   8    393 
Summit Financial Group, Inc.   19    393 
Donegal Group, Inc. — Class A   27    390 
Fidelity D&D Bancorp, Inc.   8    389 
Norwood Financial Corp.   13    384 
Sculptor Capital Management, Inc.   43    380 
City Office REIT, Inc.   68    379 
Middlefield Banc Corp.   14    375 
Alpine Income Property Trust, Inc. REIT   23    374 
Shore Bancshares, Inc.   31    358 
Greene County Bancorp, Inc.   12    358 
First Foundation, Inc.   89    353 
Third Coast Bancshares, Inc.*   22    349 
AFC Gamma, Inc. REIT   28    349 
RBB Bancorp   29    346 
Bridgewater Bancshares, Inc.*   35    345 
Orrstown Financial Services, Inc.   18    345 
Silvercrest Asset Management Group, Inc. — Class A   17    344 
Northeast Community Bancorp, Inc.   23    342 
eHealth, Inc.*   42    338 
Atlanticus Holdings Corp.*   8    336 
BayCom Corp.   20    334 
Codorus Valley Bancorp, Inc.   17    333 
Orange County Bancorp, Inc.   9    333 
Timberland Bancorp, Inc.   13    332 
FS Bancorp, Inc.   11    331 
Maiden Holdings Ltd.*   157    330 
Ocwen Financial Corp.*   11    330 
Hersha Hospitality Trust — Class A REIT   54    329 
Star Holdings*   22    323 
C&F Financial Corp.   6    322 
Southern First Bancshares, Inc.*   13    322 
Plumas Bancorp   9    321 
Douglas Elliman, Inc.   141    312 
Capital Bancorp, Inc.   17    308 
Unity Bancorp, Inc.   13    307 
Parke Bancorp, Inc.   18    306 
BCB Bancorp, Inc.   26    305 
Ponce Financial Group, Inc.*   35    304 
Oak Valley Bancorp   12    302 
FVCBankcorp, Inc.*   28    302 
Penns Woods Bancorp, Inc.   12    300 
Hippo Holdings, Inc.*   18    297 
Primis Financial Corp.   35    295 
Investors Title Co.   2    292 
National Bankshares, Inc.   10    292 
First Bank/Hamilton NJ   28    291 
PCB Bancorp   19    279 
Crawford & Co. — Class A   25    277 
ChoiceOne Financial Services, Inc.   12    276 
AlTi Global, Inc.*   36    276 
Southern States Bancshares, Inc.   13    274 
Colony Bankcorp, Inc.   29    273 
MainStreet Bancshares, Inc.   12    272 
Ames National Corp.   15    270 
LCNB Corp.   18    266 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Blue Ridge Bankshares, Inc.   30   $265 
Central Valley Community Bancorp   17    263 
Stratus Properties, Inc.   10    263 
First Western Financial, Inc.*   14    260 
Virginia National Bankshares Corp.   8    257 
Princeton Bancorp, Inc.   9    246 
Community Financial Corp.   9    244 
Bankwell Financial Group, Inc.   10    244 
Chemung Financial Corp.   6    230 
First Community Corp.   13    226 
Evans Bancorp, Inc.   9    224 
ESSA Bancorp, Inc.   15    224 
Nexpoint Real Estate Finance, Inc. REIT   14    218 
NI Holdings, Inc.*   14    208 
Sterling Bancorp, Inc.*   36    197 
Consumer Portfolio Services, Inc.*   16    187 
Security National Financial Corp. — Class A*   21    186 
Maui Land & Pineapple Company, Inc.*   13    185 
USCB Financial Holdings, Inc.*   18    184 
HomeStreet, Inc.   31    184 
Pioneer Bancorp, Inc.*   20    179 
Finance of America Companies, Inc. — Class A*   92    176 
Velocity Financial, Inc.*   15    173 
Angel Oak Mortgage REIT, Inc.   20    165 
Luther Burbank Corp.   18    161 
United Insurance Holdings Corp.*   34    152 
Bank7 Corp.   6    147 
Kingsway Financial Services, Inc.*   18    147 
Paysign, Inc.*   57    140 
GoHealth, Inc. — Class A*   7    138 
Clipper Realty, Inc. REIT   22    125 
SWK Holdings Corp.*   7    117 
Transcontinental Realty Investors, Inc.*   3    110 
American Realty Investors, Inc.*   3    65 
OppFi, Inc.*   19    39 
Home Point Capital, Inc.*   14    32 
Total Financial        834,095 
Industrial - 9.3%          
Chart Industries, Inc.*   73    11,665 
Novanta, Inc.*   62    11,414 
Atkore, Inc.*   69    10,760 
Simpson Manufacturing Company, Inc.   74    10,249 
UFP Industries, Inc.   104    10,093 
Comfort Systems USA, Inc.   61    10,016 
Applied Industrial Technologies, Inc.   67    9,704 
Casella Waste Systems, Inc. — Class A*   96    8,683 
Watts Water Technologies, Inc. — Class A   47    8,635 
Mueller Industries, Inc.   97    8,466 
Fabrinet*   64    8,312 
Franklin Electric Company, Inc.   80    8,232 
Exponent, Inc.   88    8,212 
GATX Corp.   62    7,982 
Summit Materials, Inc. — Class A*   207    7,835 
EnerSys   71    7,705 
Aerojet Rocketdyne Holdings, Inc.*   138    7,572 
Badger Meter, Inc.   51    7,526 
AAON, Inc.   78    7,395 
Fluor Corp.*   247    7,311 
Advanced Energy Industries, Inc.   65    7,244 
Belden, Inc.   74    7,078 
Terex Corp.   116    6,940 
Zurn Elkay Water Solutions Corp.   256    6,884 
John Bean Technologies Corp.   55    6,672 
Federal Signal Corp.   104    6,659 
Vishay Intertechnology, Inc.   223    6,556 
SPX Technologies, Inc.*   76    6,458 
Arcosa, Inc.   84    6,365 
Boise Cascade Co.   69    6,234 
Hillenbrand, Inc.   120    6,154 
Sanmina Corp.*   100    6,027 
O-I Glass, Inc.*   269    5,738 
Itron, Inc.*   79    5,696 
Dycom Industries, Inc.*   50    5,683 
Bloom Energy Corp. — Class A*   334    5,461 
Encore Wire Corp.   29    5,392 
Moog, Inc. — Class A   49    5,313 
Albany International Corp. — Class A   54    5,037 
Joby Aviation, Inc.*   483    4,955 
Werner Enterprises, Inc.   110    4,860 
Matson, Inc.   62    4,819 
EnPro Industries, Inc.   36    4,807 
Forward Air Corp.   45    4,775 
Cactus, Inc. — Class A   112    4,740 
Plexus Corp.*   48    4,716 
Hub Group, Inc. — Class A*   57    4,578 
Frontdoor, Inc.*   143    4,562 
ESCO Technologies, Inc.   44    4,560 
RXO, Inc.*   201    4,557 
CSW Industrials, Inc.   27    4,487 
Kadant, Inc.   20    4,442 
AeroVironment, Inc.*   43    4,398 
Mueller Water Products, Inc. — Class A   269    4,366 
Scorpio Tankers, Inc.   91    4,298 
Enovix Corp.*   237    4,275 
Energizer Holdings, Inc.   124    4,164 
ArcBest Corp.   42    4,150 
Materion Corp.   36    4,111 
Kennametal, Inc.   140    3,975 
Masonite International Corp.*   38    3,893 
MYR Group, Inc.*   28    3,874 
Knife River Corp.*   88    3,828 
Helios Technologies, Inc.   57    3,767 
Worthington Industries, Inc.   53    3,682 
Trinity Industries, Inc.   141    3,625 
Barnes Group, Inc.   85    3,586 
Golar LNG Ltd.   175    3,530 
AAR Corp.*   60    3,466 
Gibraltar Industries, Inc.*   54    3,397 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
OSI Systems, Inc.*   27   $3,181 
Alamo Group, Inc.   17    3,126 
Kratos Defense & Security Solutions, Inc.*   217    3,112 
Griffon Corp.   76    3,063 
Granite Construction, Inc.   76    3,023 
Greif, Inc. — Class A   43    2,962 
PGT Innovations, Inc.*   101    2,944 
Modine Manufacturing Co.*   89    2,939 
Mirion Technologies, Inc.*   347    2,932 
Sterling Infrastructure, Inc.*   52    2,902 
Rocket Lab USA, Inc.*   483    2,898 
Standex International Corp.   20    2,829 
Knowles Corp.*   156    2,817 
Primoris Services Corp.   92    2,803 
Enerpac Tool Group Corp.   100    2,700 
Hillman Solutions Corp.*   299    2,694 
Energy Recovery, Inc.*   96    2,683 
International Seaways, Inc.   70    2,677 
NV5 Global, Inc.*   24    2,658 
Masterbrand, Inc.*   225    2,617 
Tennant Co.   32    2,596 
JELD-WEN Holding, Inc.*   147    2,578 
TTM Technologies, Inc.*   177    2,460 
Greenbrier Companies, Inc.   55    2,370 
CTS Corp.   54    2,302 
Lindsay Corp.   19    2,267 
American Woodmark Corp.*   29    2,215 
World Kinect Corp.   107    2,213 
Construction Partners, Inc. — Class A*   70    2,197 
Marten Transport Ltd.   101    2,171 
NEXTracker, Inc. — Class A*   54    2,150 
PureCycle Technologies, Inc.*   201    2,149 
Vicor Corp.*   38    2,052 
DHT Holdings, Inc.   238    2,030 
Montrose Environmental Group, Inc.*   48    2,022 
Columbus McKinnon Corp.   49    1,992 
TriMas Corp.   72    1,979 
Napco Security Technologies, Inc.   55    1,906 
AZZ, Inc.   43    1,869 
SFL Corporation Ltd.   199    1,857 
Air Transport Services Group, Inc.*   98    1,849 
Ichor Holdings Ltd.*   49    1,838 
Apogee Enterprises, Inc.   38    1,804 
Astec Industries, Inc.   39    1,772 
CIRCOR International, Inc.*   31    1,750 
GrafTech International Ltd.   336    1,693 
Ryerson Holding Corp.   39    1,692 
TimkenSteel Corp.*   75    1,618 
Proto Labs, Inc.*   46    1,608 
Golden Ocean Group Ltd.   213    1,608 
Sturm Ruger & Company, Inc.   30    1,589 
FLEX LNG Ltd.   52    1,588 
Chase Corp.   13    1,576 
Benchmark Electronics, Inc.   61    1,576 
Teekay Tankers Ltd. — Class A   41    1,567 
Janus International Group, Inc.*   147    1,567 
Thermon Group Holdings, Inc.*   58    1,543 
Leonardo DRS, Inc.*   87    1,508 
Dorian LPG Ltd.   55    1,411 
MicroVision, Inc.*   306    1,401 
Triumph Group, Inc.*   112    1,385 
Enviri Corp.*   137    1,352 
Heartland Express, Inc.   81    1,329 
Li-Cycle Holdings Corp.*   239    1,327 
Nordic American Tankers Ltd.   355    1,303 
CryoPort, Inc.*   74    1,276 
Xometry, Inc. — Class A*   59    1,249 
Myers Industries, Inc.   63    1,224 
SmartRent, Inc.*   319    1,222 
Kaman Corp.   49    1,192 
nLight, Inc.*   76    1,172 
Evolv Technologies Holdings, Inc.*   195    1,170 
Mesa Laboratories, Inc.   9    1,156 
Gorman-Rupp Co.   40    1,153 
Eagle Bulk Shipping, Inc.1   24    1,153 
Kimball Electronics, Inc.*   41    1,133 
Manitowoc Company, Inc.*   60    1,130 
Archer Aviation, Inc. — Class A*   264    1,088 
Hyster-Yale Materials Handling, Inc.   19    1,061 
Bel Fuse, Inc. — Class B   18    1,033 
Smith & Wesson Brands, Inc.   79    1,030 
Genco Shipping & Trading Ltd.   73    1,024 
Heritage-Crystal Clean, Inc.*   27    1,020 
Insteel Industries, Inc.   32    996 
Powell Industries, Inc.   16    970 
Allied Motion Technologies, Inc.   24    959 
LSB Industries, Inc.*   95    936 
Great Lakes Dredge & Dock Corp.*   114    930 
GoPro, Inc. — Class A*   224    927 
DXP Enterprises, Inc.*   25    910 
Clearwater Paper Corp.*   29    908 
Astronics Corp.*   45    894 
Ardmore Shipping Corp.   71    877 
Stoneridge, Inc.*   46    867 
Argan, Inc.   22    867 
Olympic Steel, Inc.   17    833 
Ducommun, Inc.*   19    828 
Costamare, Inc.   84    812 
IES Holdings, Inc.*   14    796 
NVE Corp.   8    780 
Cadre Holdings, Inc.   34    741 
Greif, Inc. — Class B   9    695 
Teekay Corp.*   115    695 
Aspen Aerogels, Inc.*   88    694 
Luxfer Holdings plc   48    683 
CECO Environmental Corp.*   51    681 
National Presto Industries, Inc.   9    659 
Covenant Logistics Group, Inc. — Class A   15    657 
AerSale Corp.*   44    647 
NuScale Power Corp.*   93    632 
Omega Flex, Inc.   6    623 
Babcock & Wilcox Enterprises, Inc.*   102    602 
FARO Technologies, Inc.*   35    567 
LSI Industries, Inc.   45    565 
Bowman Consulting Group Ltd.*   17    542 
Tutor Perini Corp.*   74    529 
Pactiv Evergreen, Inc.   69    523 
Northwest Pipe Co.*   17    514 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Daseke, Inc.*   70   $499 
Blink Charging Co.*,1   80    479 
Park Aerospace Corp.   34    469 
Eastman Kodak Co.*   99    457 
Radiant Logistics, Inc.*   64    430 
Comtech Telecommunications Corp.   47    430 
Pangaea Logistics Solutions Ltd.   63    427 
Overseas Shipholding Group, Inc. — Class A*   100    417 
Safe Bulkers, Inc.   122    398 
Limbach Holdings, Inc.*   16    396 
Akoustis Technologies, Inc.*   120    382 
Pure Cycle Corp.*   34    374 
Concrete Pumping Holdings, Inc.*   45    361 
Universal Logistics Holdings, Inc.   12    346 
Ranpak Holdings Corp.*   75    339 
AMMO, Inc.*   156    332 
US Xpress Enterprises, Inc. — Class A*   54    332 
Eve Holding, Inc.*   31    325 
Turtle Beach Corp.*   27    315 
Tredegar Corp.   46    307 
Sight Sciences, Inc.*   37    306 
Core Molding Technologies, Inc.*   13    296 
PAM Transportation Services, Inc.*   11    294 
Iteris, Inc.*   74    293 
Park-Ohio Holdings Corp.   15    285 
Gencor Industries, Inc.*   18    280 
Mistras Group, Inc.*   36    278 
Himalaya Shipping Ltd.*   47    261 
908 Devices, Inc.*   38    261 
SKYX Platforms Corp.*   98    261 
Latham Group, Inc.*   67    249 
374Water, Inc.*   103    246 
LanzaTech Global, Inc.*   36    246 
Mayville Engineering Company, Inc.*   19    237 
ESS Tech, Inc.*   158    232 
Charge Enterprises, Inc.*   233    228 
Willis Lease Finance Corp.*   5    196 
Karat Packaging, Inc.   10    183 
Intevac, Inc.*   44    165 
Transphorm, Inc.*   47    160 
Berkshire Grey, Inc.*   110    155 
INNOVATE Corp.*   79    138 
NL Industries, Inc.   15    83 
Amprius Technologies, Inc.*   9    65 
Southland Holdings, Inc.*   7    57 
Redwire Corp.*   14    36 
Total Industrial        626,921 
Consumer, Cyclical - 7.2%          
Light & Wonder, Inc. — Class A*   158    10,864 
Asbury Automotive Group, Inc.*   38    9,136 
Meritage Homes Corp.   63    8,963 
Taylor Morrison Home Corp. — Class A*   182    8,876 
Fox Factory Holding Corp.*   74    8,030 
Beacon Roofing Supply, Inc.*   85    7,053 
Visteon Corp.*   49    7,037 
Academy Sports & Outdoors, Inc.   129    6,972 
Goodyear Tire & Rubber Co.*   488    6,676 
KB Home   128    6,619 
Hilton Grand Vacations, Inc.*   141    6,407 
Adient plc*   166    6,361 
Group 1 Automotive, Inc.   24    6,194 
Skyline Champion Corp.*   93    6,087 
FirstCash Holdings, Inc.   65    6,066 
International Game Technology plc   188    5,995 
Installed Building Products, Inc.   41    5,746 
Tri Pointe Homes, Inc.*   172    5,652 
LCI Industries   43    5,433 
JetBlue Airways Corp.*   573    5,077 
Shake Shack, Inc. — Class A*   65    5,052 
Signet Jewelers Ltd.   77    5,025 
GMS, Inc.*   72    4,982 
Topgolf Callaway Brands Corp.*   249    4,943 
LGI Homes, Inc.*   36    4,856 
MDC Holdings, Inc.   102    4,770 
Resideo Technologies, Inc.*   254    4,486 
Papa John's International, Inc.   60    4,430 
Cavco Industries, Inc.*   15    4,425 
Boot Barn Holdings, Inc.*   52    4,404 
Rush Enterprises, Inc. — Class A   72    4,373 
Carvana Co.*   166    4,303 
Steven Madden Ltd.   130    4,250 
M/I Homes, Inc.*   47    4,098 
Bloomin' Brands, Inc.   152    4,087 
Kontoor Brands, Inc.   96    4,042 
UniFirst Corp.   26    4,030 
SeaWorld Entertainment, Inc.*   69    3,865 
Foot Locker, Inc.   142    3,850 
Dana, Inc.   226    3,842 
Red Rock Resorts, Inc. — Class A   82    3,836 
Century Communities, Inc.   49    3,754 
American Eagle Outfitters, Inc.   317    3,741 
Urban Outfitters, Inc.*   111    3,677 
Dorman Products, Inc.*   46    3,626 
Sonos, Inc.*   220    3,593 
Cracker Barrel Old Country Store, Inc.   38    3,541 
Jack in the Box, Inc.   36    3,511 
SkyWest, Inc.*   84    3,420 
Allegiant Travel Co. — Class A*   27    3,410 
Winnebago Industries, Inc.   51    3,401 
Dave & Buster's Entertainment, Inc.*   75    3,342 
PriceSmart, Inc.   45    3,333 
XPEL, Inc.*   39    3,285 
National Vision Holdings, Inc.*   135    3,279 
Spirit Airlines, Inc.   190    3,260 
Six Flags Entertainment Corp.*   125    3,247 
Luminar Technologies, Inc.*,1   472    3,247 
Gentherm, Inc.*   57    3,221 
Abercrombie & Fitch Co. — Class A*   85    3,203 
Cinemark Holdings, Inc.*   190    3,135 
Patrick Industries, Inc.   37    2,960 
Acushnet Holdings Corp.   54    2,953 
Cheesecake Factory, Inc.   84    2,905 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Leslie's, Inc.*   308   $2,892 
Veritiv Corp.   23    2,889 
Nu Skin Enterprises, Inc. — Class A   86    2,855 
OPENLANE, Inc.*   187    2,846 
Brinker International, Inc.*   76    2,782 
Hanesbrands, Inc.   610    2,769 
ODP Corp.*   59    2,762 
Vista Outdoor, Inc.*   98    2,712 
Green Brick Partners, Inc.*   46    2,613 
Liberty Media Corporation-Liberty Braves — Class C*   65    2,575 
H&E Equipment Services, Inc.   56    2,562 
Oxford Industries, Inc.   26    2,559 
Madison Square Garden Entertainment Corp.*   75    2,521 
Sally Beauty Holdings, Inc.*   186    2,297 
HNI Corp.   80    2,254 
indie Semiconductor, Inc. — Class A*   239    2,247 
Camping World Holdings, Inc. — Class A   72    2,167 
La-Z-Boy, Inc.   75    2,148 
Sweetgreen, Inc. — Class A*   167    2,141 
iRobot Corp.*   47    2,127 
Everi Holdings, Inc.*   146    2,111 
Wabash National Corp.   82    2,102 
Malibu Boats, Inc. — Class A*   35    2,053 
Methode Electronics, Inc.   61    2,045 
Wolverine World Wide, Inc.   135    1,983 
Dillard's, Inc. — Class A   6    1,958 
MillerKnoll, Inc.   132    1,951 
Fisker, Inc.*,1   340    1,918 
Buckle, Inc.   53    1,834 
Warby Parker, Inc. — Class A*   147    1,718 
Virgin Galactic Holdings, Inc.*,1   437    1,695 
Lions Gate Entertainment Corp. — Class B*   200    1,670 
Portillo's, Inc. — Class A*   74    1,667 
Winmark Corp.   5    1,662 
American Axle & Manufacturing Holdings, Inc.*   198    1,637 
Monarch Casino & Resort, Inc.   23    1,620 
Dine Brands Global, Inc.   27    1,567 
Aurora Innovation, Inc.*   527    1,549 
OneSpaWorld Holdings Ltd.*   126    1,525 
Life Time Group Holdings, Inc.*   77    1,514 
Golden Entertainment, Inc.*   35    1,463 
Sun Country Airlines Holdings, Inc.*   65    1,461 
MRC Global, Inc.*   145    1,460 
Clean Energy Fuels Corp.*   294    1,458 
Beazer Homes USA, Inc.*   51    1,443 
Caleres, Inc.   60    1,436 
Nikola Corp.*,1   1,028    1,419 
G-III Apparel Group Ltd.*   73    1,407 
BlueLinx Holdings, Inc.*   15    1,407 
Standard Motor Products, Inc.   37    1,388 
Sovos Brands, Inc.*   69    1,350 
IMAX Corp.*   78    1,325 
Shyft Group, Inc.   60    1,324 
ScanSource, Inc.*   44    1,301 
Sonic Automotive, Inc. — Class A   27    1,287 
Chuy's Holdings, Inc.*   31    1,265 
MarineMax, Inc.*   37    1,264 
BJ's Restaurants, Inc.*   39    1,240 
A-Mark Precious Metals, Inc.   33    1,235 
Sphere Entertainment Co.*   45    1,233 
Steelcase, Inc. — Class A   153    1,180 
Denny's Corp.*   95    1,170 
Douglas Dynamics, Inc.   39    1,165 
RCI Hospitality Holdings, Inc.   15    1,140 
Arko Corp.   143    1,137 
Ethan Allen Interiors, Inc.   40    1,131 
Chico's FAS, Inc.*   211    1,129 
Franchise Group, Inc.   39    1,117 
Titan Machinery, Inc.*   36    1,062 
Titan International, Inc.*   91    1,045 
Dream Finders Homes, Inc. — Class A*   42    1,033 
Sleep Number Corp.*   37    1,009 
America's Car-Mart, Inc.*   10    998 
VSE Corp.   18    984 
Accel Entertainment, Inc.*   93    982 
Guess?, Inc.   50    973 
Xperi, Inc.*   73    960 
Hawaiian Holdings, Inc.*   88    948 
Kura Sushi USA, Inc. — Class A*   10    930 
MasterCraft Boat Holdings, Inc.*   30    919 
PC Connection, Inc.   20    902 
Lions Gate Entertainment Corp. — Class A*   101    892 
Vizio Holding Corp. — Class A*   131    884 
Interface, Inc. — Class A   99    870 
Designer Brands, Inc. — Class A   85    859 
Hibbett, Inc.   22    798 
Hovnanian Enterprises, Inc. — Class A*   8    794 
Bally's Corp.*   51    794 
Haverty Furniture Companies, Inc.   25    756 
Rush Enterprises, Inc. — Class B   11    749 
Xponential Fitness, Inc. — Class A*   43    742 
Hudson Technologies, Inc.*   76    731 
REV Group, Inc.   55    729 
OneWater Marine, Inc. — Class A*   20    725 
Movado Group, Inc.   27    724 
Forestar Group, Inc.*   32    722 
Liberty Media Corporation-Liberty Braves — Class A*   17    696 
Super Group SGHC Ltd.*   236    684 
Shoe Carnival, Inc.   29    681 
Solid Power, Inc.*   268    681 
Bluegreen Vacations Holding Corp.   19    677 
Blue Bird Corp.*   30    674 
Miller Industries, Inc.   19    674 
Lindblad Expeditions Holdings, Inc.*   61    664 
Funko, Inc. — Class A*   60    649 
Lovesac Co.*   24    647 
Global Industrial Co.   23    639 
Frontier Group Holdings, Inc.*   66    638 
Marcus Corp.   42    623 
Commercial Vehicle Group, Inc.*   56    622 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Bowlero Corp.*   51   $594 
Johnson Outdoors, Inc. — Class A   9    553 
SES AI Corp.*   216    527 
Genesco, Inc.*   21    526 
PetMed Express, Inc.   36    496 
EVgo, Inc.*,1   124    496 
Destination XL Group, Inc.*   101    495 
Build-A-Bear Workshop, Inc. — Class A   23    493 
Children's Place, Inc.*   21    487 
TuSimple Holdings, Inc. — Class A*   286    475 
Zumiez, Inc.*   28    467 
Clarus Corp.   51    466 
Proterra, Inc.*   383    460 
First Watch Restaurant Group, Inc.*   26    439 
El Pollo Loco Holdings, Inc.   50    439 
Daktronics, Inc.*   68    435 
Big Lots, Inc.   49    433 
Hyliion Holdings Corp.*   256    428 
Cooper-Standard Holdings, Inc.*   29    414 
Global Business Travel Group I*   56    405 
Potbelly Corp.*   45    395 
Full House Resorts, Inc.*   57    382 
Sportsman's Warehouse Holdings, Inc.*   66    376 
Red Robin Gourmet Burgers, Inc.*   27    373 
Snap One Holdings Corp.*   32    373 
Holley, Inc.*   91    372 
Hooker Furnishings Corp.   19    355 
GrowGeneration Corp.*   102    347 
Century Casinos, Inc.*   48    341 
Rush Street Interactive, Inc.*   109    340 
Big 5 Sporting Goods Corp.1   37    339 
Carrols Restaurant Group, Inc.*   64    323 
Purple Innovation, Inc.   111    309 
ThredUp, Inc. — Class A*   124    302 
VOXX International Corp. — Class A*   24    299 
Microvast Holdings, Inc.*   182    291 
Vera Bradley, Inc.*   45    288 
ONE Group Hospitality, Inc.*   38    278 
Tile Shop Holdings, Inc.*   50    277 
Tilly's, Inc. — Class A*   39    273 
Weyco Group, Inc.   10    267 
JAKKS Pacific, Inc.*   13    260 
Traeger, Inc.*   61    259 
Lazydays Holdings, Inc.*   22    254 
Marine Products Corp.   15    253 
Rocky Brands, Inc.   12    252 
Workhorse Group, Inc.*   287    250 
Fiesta Restaurant Group, Inc.*   31    246 
Cato Corp. — Class A   30    241 
Noodles & Co.*   69    233 
Escalade, Inc.   17    227 
Livewire Group, Inc.*   19    224 
Landsea Homes Corp.*   23    215 
Fossil Group, Inc.*   82    211 
Reservoir Media, Inc.*   34    205 
EVI Industries, Inc.*   8    176 
Aeva Technologies, Inc.*   138    172 
J Jill, Inc.*   8    171 
Loop Media, Inc.*   63    151 
Duluth Holdings, Inc. — Class B*   23    144 
United Homes Group, Inc.*   11    123 
Envela Corp.*   13    96 
CompX International, Inc.   3    65 
Torrid Holdings, Inc.*   21    59 
Dragonfly Energy Holdings Corp.*   26    38 
Qurate Retail, Inc. — Class B*   2    17 
Total Consumer, Cyclical        485,802 
Technology - 7.0%          
Super Micro Computer, Inc.*   86    20,331 
SPS Commerce, Inc.*   64    12,292 
Rambus, Inc.*   189    12,128 
Axcelis Technologies, Inc.*   56    10,266 
Onto Innovation, Inc.*   85    9,900 
Power Integrations, Inc.   98    9,278 
Maximus, Inc.   105    8,874 
Silicon Laboratories, Inc.*   55    8,676 
Workiva, Inc.*   85    8,641 
Tenable Holdings, Inc.*   198    8,623 
ExlService Holdings, Inc.*   56    8,459 
Qualys, Inc.*   64    8,267 
Insight Enterprises, Inc.*   50    7,317 
Diodes, Inc.*   78    7,214 
Box, Inc. — Class A*   244    7,169 
Duolingo, Inc.*   50    7,147 
Altair Engineering, Inc. — Class A*   93    7,053 
MicroStrategy, Inc. — Class A*,1   19    6,506 
MACOM Technology Solutions Holdings, Inc.*   94    6,160 
Synaptics, Inc.*   68    5,806 
Evolent Health, Inc. — Class A*   191    5,787 
Kulicke & Soffa Industries, Inc.   96    5,707 
Appfolio, Inc. — Class A*   33    5,681 
CommVault Systems, Inc.*   77    5,592 
Blackbaud, Inc.*   75    5,338 
Blackline, Inc.*   98    5,274 
Ambarella, Inc.*   63    5,271 
Amkor Technology, Inc.   177    5,266 
Envestnet, Inc.*   87    5,163 
Varonis Systems, Inc.*   188    5,010 
Freshworks, Inc. — Class A*   281    4,940 
Verra Mobility Corp.*   242    4,772 
Rapid7, Inc.*   104    4,709 
Schrodinger Incorporated/United States*   94    4,692 
FormFactor, Inc.*   134    4,585 
DigitalOcean Holdings, Inc.*   110    4,415 
Progress Software Corp.   75    4,358 
ACI Worldwide, Inc.*   188    4,356 
MaxLinear, Inc. — Class A*   129    4,071 
Verint Systems, Inc.*   110    3,857 
Sprout Social, Inc. — Class A*   83    3,831 
ACV Auctions, Inc. — Class A*   220    3,799 
IonQ, Inc.*   278    3,761 
C3.ai, Inc. — Class A*,1   102    3,716 
NetScout Systems, Inc.*   118    3,652 
Impinj, Inc.*   40    3,586 
SiTime Corp.*   30    3,539 
Parsons Corp.*   71    3,418 
Appian Corp. — Class A*   71    3,380 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Cohu, Inc.*   81   $3,366 
Clear Secure, Inc. — Class A   144    3,336 
PagerDuty, Inc.*   148    3,327 
Fastly, Inc. — Class A*   205    3,233 
Privia Health Group, Inc.*   117    3,055 
Asana, Inc. — Class A*   138    3,042 
Xerox Holdings Corp.   199    2,963 
Ultra Clean Holdings, Inc.*   77    2,961 
CSG Systems International, Inc.   54    2,848 
Semtech Corp.*   111    2,826 
Photronics, Inc.*   106    2,734 
Phreesia, Inc.*   88    2,729 
AvidXchange Holdings, Inc.*   259    2,688 
Braze, Inc. — Class A*   60    2,627 
SMART Global Holdings, Inc.*   84    2,437 
Digi International, Inc.*   61    2,403 
Agilysys, Inc.*   35    2,402 
PDF Solutions, Inc.*   53    2,390 
PROS Holdings, Inc.*   77    2,372 
Jamf Holding Corp.*   121    2,362 
Veradigm, Inc.*   187    2,356 
Zuora, Inc. — Class A*   214    2,348 
Apollo Medical Holdings, Inc.*   74    2,338 
Model N, Inc.*   65    2,298 
Veeco Instruments, Inc.*   88    2,260 
3D Systems Corp.*   221    2,195 
Yext, Inc.*   185    2,092 
Cerence, Inc.*   70    2,046 
Adeia, Inc.   185    2,037 
Zeta Global Holdings Corp. — Class A*   232    1,981 
Donnelley Financial Solutions, Inc.*   43    1,958 
E2open Parent Holdings, Inc.*   345    1,932 
Everbridge, Inc.*   70    1,883 
Outset Medical, Inc.*   86    1,881 
Navitas Semiconductor Corp.*   177    1,866 
PowerSchool Holdings, Inc. — Class A*   97    1,857 
Aehr Test Systems*,1   45    1,856 
N-able, Inc.*   121    1,744 
ForgeRock, Inc. — Class A*   82    1,684 
EngageSmart, Inc.*   84    1,604 
AvePoint, Inc.*   266    1,532 
NextGen Healthcare, Inc.*   94    1,525 
Digital Turbine, Inc.*   164    1,522 
PAR Technology Corp.*   46    1,515 
Avid Technology, Inc.*   59    1,504 
Sapiens International Corporation N.V.   53    1,410 
PubMatic, Inc. — Class A*   75    1,371 
Matterport, Inc.*   434    1,367 
Alpha & Omega Semiconductor Ltd.*   40    1,312 
Amplitude, Inc. — Class A*   117    1,287 
Health Catalyst, Inc.*   97    1,213 
Thoughtworks Holding, Inc.*   160    1,208 
Simulations Plus, Inc.   27    1,170 
Integral Ad Science Holding Corp.*   65    1,169 
Ebix, Inc.   46    1,159 
Olo, Inc. — Class A*   179    1,156 
BigCommerce Holdings, Inc.*   116    1,154 
TTEC Holdings, Inc.   34    1,151 
Corsair Gaming, Inc.*   64    1,135 
Intapp, Inc.*   27    1,132 
Alkami Technology, Inc.*   68    1,115 
SoundHound AI, Inc. — Class A*   242    1,101 
Vimeo, Inc.*   264    1,088 
ACM Research, Inc. — Class A*   83    1,086 
Pitney Bowes, Inc.   304    1,076 
Planet Labs PBC*   330    1,063 
Consensus Cloud Solutions, Inc.*   34    1,054 
OneSpan, Inc.*   69    1,024 
CEVA, Inc.*   40    1,022 
Conduent, Inc.*   298    1,013 
Cricut, Inc. — Class A   83    1,013 
MeridianLink, Inc.*   45    936 
Sharecare, Inc.*   534    935 
SolarWinds Corp.*   88    903 
Grid Dynamics Holdings, Inc.*   96    888 
Desktop Metal, Inc. — Class A*   486    860 
Definitive Healthcare Corp.*   78    858 
Instructure Holdings, Inc.*   34    855 
Alignment Healthcare, Inc.*   147    845 
8x8, Inc.*   196    829 
Mitek Systems, Inc.*   74    802 
Cantaloupe, Inc.*   99    788 
Vishay Precision Group, Inc.*   21    780 
Domo, Inc. — Class B*   53    777 
Expensify, Inc. — Class A*   96    766 
Digimarc Corp.*   25    736 
Playstudios, Inc.*   148    727 
Weave Communications, Inc.*   57    633 
Computer Programs and Systems, Inc.*   25    617 
Daily Journal Corp.*   2    579 
American Software, Inc. — Class A   55    578 
Bandwidth, Inc. — Class A*   41    561 
Inspired Entertainment, Inc.*   38    559 
Vuzix Corp.*   102    520 
SEMrush Holdings, Inc. — Class A*   54    517 
inTEST Corp.*   19    499 
Innodata, Inc.*   44    499 
LivePerson, Inc.*   110    497 
Enfusion, Inc. — Class A*   44    494 
EverCommerce, Inc.*   40    474 
ON24, Inc.   57    463 
Unisys Corp.*   115    458 
IBEX Holdings Ltd.*   19    403 
Rimini Street, Inc.*   84    402 
Asure Software, Inc.*   33    401 
Red Violet, Inc.*   19    391 
Immersion Corp.   54    382 
Rackspace Technology, Inc.*   136    370 
Cardlytics, Inc.*   58    367 
PlayAGS, Inc.*   64    362 
Outbrain, Inc.*   71    349 
Richardson Electronics Ltd.   21    347 
Climb Global Solutions, Inc.   7    335 
Velo3D, Inc.*   154    333 
CoreCard Corp.*   13    330 
Atomera, Inc.*   37    324 
CS Disco, Inc.*   39    321 
Kaltura, Inc.*   144    305 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Brightcove, Inc.*   75   $301 
HireRight Holdings Corp.*   26    294 
SkyWater Technology, Inc.*   30    283 
eGain Corp.*   37    277 
NextNav, Inc.*   94    276 
Tingo Group, Inc.*   211    255 
System1, Inc.*   43    193 
Veritone, Inc.*   45    176 
Skillsoft Corp.*   139    172 
Viant Technology, Inc. — Class A*   25    115 
BigBear.ai Holdings, Inc.*   46    108 
LiveVox Holdings, Inc.*   39    107 
CXApp, Inc.*   3    33 
Presto Automation, Inc.*   6    31 
Total Technology        475,173 
Energy - 4.2%          
Chord Energy Corp.   72    11,074 
ChampionX Corp.   345    10,709 
Matador Resources Co.   196    10,255 
Murphy Oil Corp.   257    9,843 
Civitas Resources, Inc.   120    8,324 
PBF Energy, Inc. — Class A   202    8,270 
Weatherford International plc*   123    8,170 
Noble Corporation plc*   186    7,684 
Shoals Technologies Group, Inc. — Class A*   297    7,591 
Denbury, Inc.*   87    7,505 
Equitrans Midstream Corp.   757    7,237 
Valaris Ltd.*   106    6,671 
Magnolia Oil & Gas Corp. — Class A   318    6,646 
SM Energy Co.   208    6,579 
Helmerich & Payne, Inc.   174    6,168 
Array Technologies, Inc.*   262    5,921 
California Resources Corp.   124    5,616 
CNX Resources Corp.*   283    5,015 
Permian Resources Corp.   440    4,822 
Kosmos Energy Ltd.*   791    4,738 
Peabody Energy Corp.   216    4,679 
Tidewater, Inc.*   82    4,546 
Northern Oil and Gas, Inc.   130    4,462 
Patterson-UTI Energy, Inc.   359    4,297 
CONSOL Energy, Inc.   59    4,001 
Liberty Energy, Inc. — Class A   296    3,958 
Callon Petroleum Co.*   106    3,717 
Sitio Royalties Corp. — Class A   140    3,678 
Seadrill Ltd.*   88    3,632 
Alpha Metallurgical Resources, Inc.   22    3,616 
Arch Resources, Inc.   32    3,608 
Warrior Met Coal, Inc.   90    3,505 
Green Plains, Inc.*   101    3,256 
Oceaneering International, Inc.*   174    3,254 
Sunnova Energy International, Inc.*   175    3,204 
NexTier Oilfield Solutions, Inc.*   337    3,013 
Borr Drilling Ltd.*   396    2,982 
Delek US Holdings, Inc.   115    2,754 
Expro Group Holdings N.V.*   153    2,711 
Talos Energy, Inc.*   194    2,691 
Par Pacific Holdings, Inc.*   96    2,555 
Diamond Offshore Drilling, Inc.*   176    2,506 
Archrock, Inc.   241    2,470 
NOW, Inc.*   190    1,968 
Core Laboratories, Inc.   81    1,883 
Comstock Resources, Inc.   159    1,844 
Helix Energy Solutions Group, Inc.*   249    1,838 
Fluence Energy, Inc.*   68    1,812 
Gulfport Energy Corp.*   17    1,786 
US Silica Holdings, Inc.*   131    1,589 
FuelCell Energy, Inc.*,1   709    1,531 
CVR Energy, Inc.   51    1,528 
Nabors Industries Ltd.*   16    1,488 
SunPower Corp. — Class A*   151    1,480 
Earthstone Energy, Inc. — Class A*   99    1,415 
Stem, Inc.*   247    1,413 
ProPetro Holding Corp.*   171    1,409 
Dril-Quip, Inc.*   59    1,373 
Vital Energy, Inc.*   29    1,309 
Tellurian, Inc.*   923    1,301 
Maxeon Solar Technologies Ltd.*   44    1,239 
Select Water Solutions, Inc. — Class A   147    1,191 
Bristow Group, Inc.*   41    1,178 
SunCoke Energy, Inc.   145    1,141 
Kinetik Holdings, Inc. — Class A   30    1,054 
RPC, Inc.   147    1,051 
Vitesse Energy, Inc.   43    963 
REX American Resources Corp.*   27    940 
Berry Corp.   132    908 
SilverBow Resources, Inc.*   31    903 
Montauk Renewables, Inc.*   115    856 
SandRidge Energy, Inc.   55    839 
Oil States International, Inc.*   109    814 
Eos Energy Enterprises, Inc.*   186    807 
TPI Composites, Inc.*   73    757 
TETRA Technologies, Inc.*   217    733 
Vertex Energy, Inc.*   117    731 
VAALCO Energy, Inc.   187    703 
Crescent Energy Co. — Class A   66    688 
Newpark Resources, Inc.*   131    685 
W&T Offshore, Inc.*   170    658 
Excelerate Energy, Inc. — Class A   31    630 
Gevo, Inc.*   405    616 
DMC Global, Inc.*   34    604 
Enviva, Inc.   54    586 
Cleanspark, Inc.*   132    566 
Aris Water Solutions, Inc. — Class A   52    537 
Riley Exploration Permian, Inc.   15    536 
Eneti, Inc.   43    521 
Atlas Energy Solutions, Inc. — Class A   28    486 
ProFrac Holding Corp. — Class A*   42    469 
Solaris Oilfield Infrastructure, Inc. — Class A   56    466 
Energy Vault Holdings, Inc.*   170    464 
Evolution Petroleum Corp.   55    444 
NextDecade Corp.*   53    435 
Forum Energy Technologies, Inc.*   17    435 
Amplify Energy Corp.*   63    426 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
FutureFuel Corp.   45   $398 
Ring Energy, Inc.*   208    356 
Hallador Energy Co.*   40    343 
Ramaco Resources, Inc. — Class A   39    329 
Granite Ridge Resources, Inc.   45    298 
Ranger Energy Services, Inc.*   27    277 
NACCO Industries, Inc. — Class A   7    243 
KLX Energy Services Holdings, Inc.*   22    214 
HighPeak Energy, Inc.   18    196 
Mammoth Energy Services, Inc.*   40    193 
Empire Petroleum Corp.*   18    164 
Ramaco Resources, Inc. — Class B*   9    93 
Verde Clean Fuels, Inc.*   7    46 
Total Energy        285,110 
Communications - 2.3%          
TEGNA, Inc.   388    6,301 
Ziff Davis, Inc.*   82    5,745 
Extreme Networks, Inc.*   219    5,705 
Calix, Inc.*   102    5,091 
Cogent Communications Holdings, Inc.   75    5,047 
Perficient, Inc.*   59    4,916 
InterDigital, Inc.   47    4,538 
Viavi Solutions, Inc.*   387    4,385 
Yelp, Inc. — Class A*   117    4,260 
DigitalBridge Group, Inc.   280    4,119 
Lumen Technologies, Inc.   1,746    3,946 
Cargurus, Inc.*   169    3,824 
Opendoor Technologies, Inc.*   945    3,799 
Magnite, Inc.*   232    3,167 
Harmonic, Inc.*   191    3,088 
Q2 Holdings, Inc.*   99    3,059 
Bumble, Inc. — Class A*   175    2,936 
Credo Technology Group Holding Ltd.*   169    2,930 
ePlus, Inc.*   46    2,590 
Overstock.com, Inc.*   78    2,540 
Squarespace, Inc. — Class A*   77    2,429 
Cars.com, Inc.*   115    2,279 
Liberty Latin America Ltd. — Class C*   249    2,146 
Shutterstock, Inc.   43    2,093 
Sprinklr, Inc. — Class A*   151    2,088 
CommScope Holding Company, Inc.*   359    2,021 
Upwork, Inc.*   214    1,999 
Hims & Hers Health, Inc.*   212    1,993 
Gogo, Inc.*   115    1,956 
Scholastic Corp.   50    1,945 
Figs, Inc. — Class A*   221    1,828 
Open Lending Corp. — Class A*   172    1,808 
A10 Networks, Inc.   122    1,780 
Infinera Corp.*   345    1,666 
Shenandoah Telecommunications Co.   84    1,632 
ADTRAN Holdings, Inc.   135    1,422 
Telephone & Data Systems, Inc.   171    1,407 
TechTarget, Inc.*   45    1,401 
Stagwell, Inc.*   187    1,348 
Thryv Holdings, Inc.*   54    1,328 
Globalstar, Inc.*   1,195    1,291 
Eventbrite, Inc. — Class A*   134    1,280 
Revolve Group, Inc.*   71    1,164 
Gray Television, Inc.   143    1,127 
Clearfield, Inc.*   23    1,089 
HealthStream, Inc.   42    1,032 
Anterix, Inc.*   32    1,014 
EchoStar Corp. — Class A*   58    1,006 
EW Scripps Co. — Class A*   103    943 
Couchbase, Inc.*   59    933 
Clear Channel Outdoor Holdings, Inc.*   642    879 
Sinclair, Inc.   61    843 
Nextdoor Holdings, Inc.*   252    822 
QuinStreet, Inc.*   90    795 
Rover Group, Inc.*   161    791 
Boston Omaha Corp. — Class A*   40    753 
WideOpenWest, Inc.*   89    751 
fuboTV, Inc.*   352    732 
Mondee Holdings, Inc.*,1   79    704 
IDT Corp. — Class B*   27    698 
ATN International, Inc.   19    695 
NETGEAR, Inc.*   49    694 
Liquidity Services, Inc.*   41    676 
iHeartMedia, Inc. — Class A*   178    648 
AMC Networks, Inc. — Class A*   54    645 
Aviat Networks, Inc.*   19    634 
Preformed Line Products Co.   4    624 
Ooma, Inc.*   41    614 
Quotient Technology, Inc.*   157    603 
Gannett Company, Inc.*   250    563 
Stitch Fix, Inc. — Class A*   146    562 
Liberty Latin America Ltd. — Class A*   63    551 
Luna Innovations, Inc.*   56    511 
Consolidated Communications Holdings, Inc.*   129    494 
AST SpaceMobile, Inc.*   105    494 
Tucows, Inc. — Class A*   17    472 
MediaAlpha, Inc. — Class A*   45    464 
Entravision Communications Corp. — Class A   104    457 
BlackSky Technology, Inc.*,1   205    455 
Nerdy, Inc.*   103    429 
Ribbon Communications, Inc.*   152    424 
OptimizeRx Corp.*   29    414 
Spok Holdings, Inc.   31    412 
Blade Air Mobility, Inc.*   101    398 
Grindr, Inc.*   71    393 
CarParts.com, Inc.*   92    391 
Advantage Solutions, Inc.*   150    351 
1-800-Flowers.com, Inc. — Class A*   45    351 
Vivid Seats, Inc. — Class A*   44    348 
Cambium Networks Corp.*   21    320 
KVH Industries, Inc.*   32    292 
DHI Group, Inc.*   75    287 
BARK, Inc.*   190    253 
ContextLogic, Inc. — Class A*   38    250 
EverQuote, Inc. — Class A*   37    240 
Townsquare Media, Inc. — Class A   20    238 
Terran Orbital Corp.*   148    222 

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Solo Brands, Inc. — Class A*   38   $215 
Allbirds, Inc. — Class A*   165    208 
Lands' End, Inc.*   26    202 
Gambling.com Group Ltd.*   18    184 
DZS, Inc.*   38    151 
Urban One, Inc.*   22    132 
Urban One, Inc.*   14    84 
Total Communications        155,247 
Basic Materials - 2.2%          
Commercial Metals Co.   203    10,690 
ATI, Inc.*   223    9,863 
Livent Corp.*   313    8,586 
Balchem Corp.   55    7,415 
HB Fuller Co.   94    6,722 
Cabot Corp.   96    6,421 
Avient Corp.   157    6,421 
Hecla Mining Co.   1,040    5,356 
Sensient Technologies Corp.   73    5,192 
Arconic Corp.*   171    5,058 
Rogers Corp.*   30    4,858 
Quaker Chemical Corp.   24    4,678 
Carpenter Technology Corp.   83    4,659 
Innospec, Inc.   43    4,319 
Ingevity Corp.*   65    3,780 
Constellium SE*   219    3,767 
Stepan Co.   37    3,536 
Minerals Technologies, Inc.   56    3,231 
Tronox Holdings plc — Class A   203    2,580 
Sylvamo Corp.   63    2,548 
Uranium Energy Corp.*   637    2,166 
Orion S.A.   97    2,058 
Compass Minerals International, Inc.   59    2,006 
Kaiser Aluminum Corp.   28    2,006 
Ecovyst, Inc.*   165    1,891 
Piedmont Lithium, Inc.*   31    1,789 
Energy Fuels, Inc.*   272    1,697 
Novagold Resources, Inc.*   419    1,672 
Perimeter Solutions S.A.*   271    1,667 
Hawkins, Inc.   34    1,621 
AdvanSix, Inc.   46    1,609 
Coeur Mining, Inc.*   553    1,570 
Mativ Holdings, Inc.   94    1,421 
Lightwave Logic, Inc.*   199    1,387 
Schnitzer Steel Industries, Inc. — Class A   45    1,350 
Ivanhoe Electric Incorporated / US*   97    1,265 
Koppers Holdings, Inc.   35    1,194 
Diversey Holdings Ltd.*,1   136    1,141 
Haynes International, Inc.   22    1,118 
American Vanguard Corp.   47    840 
United States Lime & Minerals, Inc.   4    836 
Century Aluminum Co.*   91    793 
Origin Materials, Inc.*   184    784 
Trinseo plc   61    773 
i-80 Gold Corp.*   334    751 
Centrus Energy Corp. — Class A*   21    684 
Encore Energy Corp.*   245    590 
Oil-Dri Corporation of America   8    472 
Rayonier Advanced Materials, Inc.*   110    471 
Intrepid Potash, Inc.*   18    408 
Amyris, Inc.*   380    391 
Danimer Scientific, Inc.*   152    362 
Kronos Worldwide, Inc.   38    332 
Caledonia Mining Corporation plc   28    325 
Codexis, Inc.*   115    322 
Dakota Gold Corp.*   93    272 
Perpetua Resources Corp.*   65    239 
Glatfelter Corp.*   77    233 
5E Advanced Materials, Inc.*   68    223 
Contango ORE, Inc.*   6    153 
Terawulf, Inc.*   87    152 
Valhi, Inc.   4    51 
PolyMet Mining Corp.*   59    47 
NioCorp Developments Ltd.*   3    15 
Total Basic Materials        150,827 
Utilities - 1.8%          
New Jersey Resources Corp.   168    7,930 
Portland General Electric Co.   168    7,868 
Brookfield Infrastructure Corp. — Class A   171    7,794 
Ormat Technologies, Inc.   93    7,483 
ONE Gas, Inc.   96    7,374 
Black Hills Corp.   115    6,930 
Southwest Gas Holdings, Inc.   107    6,811 
PNM Resources, Inc.   149    6,720 
NorthWestern Corp.   104    5,903 
ALLETE, Inc.   100    5,797 
Otter Tail Corp.   72    5,685 
Spire, Inc.   89    5,646 
American States Water Co.   64    5,568 
Avista Corp.   131    5,144 
California Water Service Group   97    5,008 
MGE Energy, Inc.   63    4,984 
SJW Group   54    3,786 
Chesapeake Utilities Corp.   30    3,570 
Ameresco, Inc. — Class A*   56    2,723 
Northwest Natural Holding Co.   62    2,669 
Middlesex Water Co.   30    2,420 
Unitil Corp.   28    1,420 
York Water Co.   25    1,032 
Artesian Resources Corp. — Class A   15    708 
Consolidated Water Company Ltd.   26    630 
Altus Power, Inc.*   111    599 
Genie Energy Ltd. — Class B   34    481 
FTC Solar, Inc.*   110    354 
RGC Resources, Inc.   14    280 
Global Water Resources, Inc.   20    253 
Total Utilities        123,570 
Government - 0.0%          
Banco Latinoamericano de Comercio Exterior S.A. — Class E   48    1,059 
         
Total Common Stocks          
(Cost $4,381,183)        4,148,296 
           
RIGHTS††† - 0.0%          
Consumer, Non-cyclical - 0.0%          
Tobira Therapeutics, Inc.*   14     
Total Rights          
(Cost $–)         

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
MUTUAL FUNDS - 20.2%          
Guggenheim Ultra Short Duration Fund — Institutional Class2   76,553   $744,862 
Guggenheim Strategy Fund II2   25,618    620,462 
Total Mutual Funds          
(Cost $1,387,675)        1,365,324 
           
    Face
Amount
      
U.S. TREASURY BILLS†† - 3.8%          
U.S. Treasury Bills          
5.00% due 08/03/233  $150,000    149,340 
5.11% due 07/18/233,4   107,000    106,776 
Total U.S. Treasury Bills          
(Cost $256,050)        256,116 
           
REPURCHASE AGREEMENTS††,5 - 12.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/236
   463,459    463,459 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/236
   203,899    203,899 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/236
   185,362    185,362 
Total Repurchase Agreements          
(Cost $852,720)        852,720 
           
    Shares      
SECURITIES LENDING COLLATERAL†,7 - 0.5%          
Money Market Fund          
First American Government Obligations Fund — Class X, 5.01%8   37,109    37,109 
Total Securities Lending Collateral          
(Cost $37,109)        37,109 
Total Investments - 98.3%          
(Cost $6,914,737)       $6,659,565 
Other Assets & Liabilities, net - 1.7%        118,564 
Total Net Assets - 100.0%       $6,778,129 

 

Futures Contracts

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
Russell 2000 Index Mini Futures Contracts   1   Sep 2023  $95,155   $820 

 

Total Return Swap Agreements

  

Counterparty  Index    Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††                        
Barclays Bank plc  Russell 2000 Index   Pay   5.06% (SOFR)  At Maturity  09/20/23   910   $1,718,127   $59,560 
Goldman Sachs International  Russell 2000 Index   Pay   5.17% (Federal Funds Rate + 0.10%)  At Maturity  09/21/23   1,501    2,834,384    56,358 
BNP Paribas  Russell 2000 Index   Pay   5.27% (Federal Funds Rate + 0.20%)  At Maturity  09/21/23   727    1,372,371    28,195 
                         $5,924,882   $144,113 

 

* Non-income producing security.
** Includes cumulative appreciation (depreciation).
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
††† Value determined based on Level 3 inputs — See Note 3.
1 All or a portion of this security is on loan at June 30, 2023 — 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 June 30, 2023.

 

 

Russell 2000® 1.5x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

  

5 Repurchase Agreements — See Note 4.
6 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
7 Securities lending collateral — See Note 5.
8 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $4,148,296  $*  $   $4,148,296 
Rights           *    
Mutual Funds   1,365,324            1,365,324 
U.S. Treasury Bills       256,116        256,116 
Repurchase Agreements       852,720        852,720 
Securities Lending Collateral   37,109            37,109 
Equity Futures Contracts**   820            820 
Equity Index Swap Agreements**       144,113        144,113 
Total Assets  $5,551,549   $1,252,949   $   $6,804,498 

 

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

 

Affiliated Transactions

 

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

 

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 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 Funds 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 June 30, 2023, in which the company is an affiliated issuer, were as follows:  

 

Security Name  Value
03/31/23
   Additions   Reductions   Realized Gain (Loss)   Change in Unrealized Appreciation (Depreciation)   Value
06/30/23
   Shares
06/30/23
   Investment Income 
Mutual Funds                                        
  Guggenheim Strategy Fund II  $620,207   $        –   $       –   $        –   $255   $620,462    25,618   $8,430 
  Guggenheim Ultra Short Duration Fund — Institutional Class   743,330                1,532    744,862    76,553    9,941 
   $1,363,537   $   $   $   $1,787   $1,365,324        $18,371 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 68.1%
Consumer, Non-cyclical - 16.6%          
Intra-Cellular Therapies, Inc.*   693   $43,881 
elf Beauty, Inc.*   372    42,494 
Lantheus Holdings, Inc.*   503    42,212 
API Group Corp.*   1,548    42,198 
Option Care Health, Inc.*   1,258    40,872 
IVERIC bio, Inc.*   1,021    40,166 
HealthEquity, Inc.*   622    39,273 
Ensign Group, Inc.   403    38,470 
Alkermes plc*   1,227    38,405 
BellRing Brands, Inc.*   992    36,307 
Halozyme Therapeutics, Inc.*   987    35,601 
Merit Medical Systems, Inc.*   421    35,212 
Neogen Corp.*   1,612    35,061 
Vaxcyte, Inc.*   680    33,959 
ImmunoGen, Inc.*   1,794    33,853 
Triton International Ltd.   404    33,637 
AMN Healthcare Services, Inc.*   300    32,736 
Insperity, Inc.   270    32,119 
Haemonetics Corp.*   371    31,587 
CONMED Corp.   227    30,847 
Guardant Health, Inc.*   822    29,428 
Lancaster Colony Corp.   145    29,158 
Herc Holdings, Inc.   209    28,602 
Blueprint Medicines Corp.*   450    28,440 
Sprouts Farmers Market, Inc.*   766    28,135 
StoneCo Ltd. — Class A*   2,153    27,429 
Alight, Inc. — Class A*   2,945    27,212 
Arrowhead Pharmaceuticals, Inc.*   758    27,030 
ASGN, Inc.*   357    27,000 
Intellia Therapeutics, Inc.*   652    26,589 
TriNet Group, Inc.*   279    26,497 
Amicus Therapeutics, Inc.*   2,073    26,037 
Denali Therapeutics, Inc.*   873    25,762 
TG Therapeutics, Inc.*   1,014    25,188 
Hostess Brands, Inc.*   983    24,889 
Pacific Biosciences of California, Inc.*   1,864    24,791 
Glaukos Corp.*   347    24,710 
Simply Good Foods Co.*   672    24,588 
Select Medical Holdings Corp.   769    24,500 
Omnicell, Inc.*   332    24,458 
iRhythm Technologies, Inc.*   227    23,681 
Madrigal Pharmaceuticals, Inc.*   101    23,331 
Brink's Co.   341    23,130 
Progyny, Inc.*   581    22,857 
Cytokinetics, Inc.*   689    22,475 
Surgery Partners, Inc.*   499    22,450 
Inari Medical, Inc.*   383    22,268 
Coca-Cola Consolidated, Inc.   35    22,261 
Flywire Corp.*   711    22,069 
Prestige Consumer Healthcare, Inc.*   368    21,870 
Integer Holdings Corp.*   246    21,798 
Patterson Companies, Inc.   651    21,652 
Reata Pharmaceuticals, Inc. — Class A*   211    21,514 
ACADIA Pharmaceuticals, Inc.*   896    21,459 
Inmode Ltd.*   573    21,402 
PTC Therapeutics, Inc.*   524    21,311 
ABM Industries, Inc.   490    20,898 
Prothena Corporation plc*   306    20,894 
LivaNova plc*   401    20,623 
Insmed, Inc.*   975    20,572 
REVOLUTION Medicines, Inc.*   750    20,062 
TransMedics Group, Inc.*   235    19,735 
Helen of Troy Ltd.*   178    19,228 
TreeHouse Foods, Inc.*   381    19,195 
Korn Ferry   386    19,122 
CBIZ, Inc.*   355    18,914 
STAAR Surgical Co.*   359    18,873 
WD-40 Co.   100    18,865 
Krystal Biotech, Inc.*   160    18,784 
Inter Parfums, Inc.   136    18,391 
Sage Therapeutics, Inc.*   391    18,385 
Axonics, Inc.*   363    18,321 
Alarm.com Holdings, Inc.*   354    18,295 
EVERTEC, Inc.   483    17,789 
Marqeta, Inc. — Class A*   3,625    17,654 
J & J Snack Foods Corp.   111    17,578 
Axsome Therapeutics, Inc.*   243    17,462 
ICF International, Inc.   139    17,290 
Marathon Digital Holdings, Inc.*   1,245    17,256 
AtriCure, Inc.*   344    16,980 
Chinook Therapeutics, Inc.*   429    16,482 
NuVasive, Inc.*   390    16,220 
Amphastar Pharmaceuticals, Inc.*   281    16,149 
Beam Therapeutics, Inc.*   505    16,125 
Edgewell Personal Care Co.   379    15,656 
Revance Therapeutics, Inc.*   617    15,616 
Akero Therapeutics, Inc.*   332    15,501 
Graham Holdings Co. — Class B   27    15,430 
Vir Biotechnology, Inc.*   619    15,184 
NeoGenomics, Inc.*   942    15,138 
Bridgebio Pharma, Inc.*   847    14,568 
Cerevel Therapeutics Holdings, Inc.*   457    14,528 
Primo Water Corp.   1,158    14,521 
Riot Platforms, Inc.*   1,183    13,983 
Myriad Genetics, Inc.*   597    13,838 
Vector Group Ltd.   1,075    13,771 
Veracyte, Inc.*   538    13,703 
Pacira BioSciences, Inc.*   337    13,504 
LiveRamp Holdings, Inc.*   472    13,480 
DICE Therapeutics, Inc.*   286    13,288 
Vericel Corp.*   352    13,225 
Corcept Therapeutics, Inc.*   593    13,194 
Morphic Holding, Inc.*   225    12,899 
Upbound Group, Inc.   408    12,701 
Cal-Maine Foods, Inc.   282    12,690 
Textainer Group Holdings Ltd.   319    12,562 
Coursera, Inc.*   963    12,538 
MGP Ingredients, Inc.   117    12,435 
CorVel Corp.*   64    12,384 
Dynavax Technologies Corp.*   958    12,377 
Huron Consulting Group, Inc.*   141    11,972 
RadNet, Inc.*   365    11,906 
Geron Corp.*   3,682    11,819 
Remitly Global, Inc.*   624    11,744 
Laureate Education, Inc. — Class A   969    11,715 
Stride, Inc.*   314    11,690 
US Physical Therapy, Inc.   96    11,653 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Agios Pharmaceuticals, Inc.*   411   $11,640 
Celldex Therapeutics, Inc.*   343    11,638 
Adtalem Global Education, Inc.*   336    11,538 
Viking Therapeutics, Inc.*   711    11,525 
Ventyx Biosciences, Inc.*   346    11,349 
Strategic Education, Inc.   167    11,329 
SpringWorks Therapeutics, Inc.*   431    11,301 
Protagonist Therapeutics, Inc.*   401    11,076 
PROG Holdings, Inc.*   343    11,017 
Andersons, Inc.   238    10,984 
Supernus Pharmaceuticals, Inc.*   363    10,912 
Ironwood Pharmaceuticals, Inc. — Class A*   1,025    10,906 
Iovance Biotherapeutics, Inc.*   1,538    10,828 
John Wiley & Sons, Inc. — Class A   316    10,753 
Addus HomeCare Corp.*   116    10,753 
Xencor, Inc.*   429    10,712 
Central Garden & Pet Co. — Class A*   291    10,610 
Owens & Minor, Inc.*   549    10,453 
Biohaven Ltd.*   431    10,310 
Alphatec Holdings, Inc.*   570    10,249 
Zentalis Pharmaceuticals, Inc.*   363    10,240 
Syndax Pharmaceuticals, Inc.*   487    10,193 
UFP Technologies, Inc.*   52    10,080 
BioCryst Pharmaceuticals, Inc.*   1,401    9,863 
LeMaitre Vascular, Inc.   146    9,823 
Aurinia Pharmaceuticals, Inc.*   1,001    9,690 
Herbalife Ltd.*   731    9,678 
Catalyst Pharmaceuticals, Inc.*   713    9,583 
Krispy Kreme, Inc.   648    9,545 
PROCEPT BioRobotics Corp.*   267    9,438 
Payoneer Global, Inc.*   1,960    9,428 
Ideaya Biosciences, Inc.*   401    9,423 
Matthews International Corp. — Class A   220    9,376 
Monro, Inc.   230    9,345 
Legalzoom.com, Inc.*   770    9,302 
Chefs' Warehouse, Inc.*   260    9,298 
Silk Road Medical, Inc.*   284    9,227 
Embecta Corp.   427    9,223 
Oscar Health, Inc. — Class A*   1,144    9,221 
ZipRecruiter, Inc. — Class A*   516    9,164 
Arvinas, Inc.*   363    9,010 
Kforce, Inc.   143    8,960 
Universal Corp.   178    8,889 
Arcellx, Inc.*   281    8,885 
Ligand Pharmaceuticals, Inc. — Class B*   123    8,868 
Pediatrix Medical Group, Inc.*   622    8,839 
Avanos Medical, Inc.*   342    8,741 
Utz Brands, Inc.   533    8,720 
89bio, Inc.*   457    8,660 
Twist Bioscience Corp.*   421    8,614 
Ingles Markets, Inc. — Class A   104    8,596 
Harmony Biosciences Holdings, Inc.*   244    8,586 
United Natural Foods, Inc.*   438    8,563 
Treace Medical Concepts, Inc.*   334    8,544 
National Beverage Corp.*   175    8,461 
Relay Therapeutics, Inc.*   667    8,378 
Travere Therapeutics, Inc.*   539    8,279 
Hain Celestial Group, Inc.*   661    8,269 
Rocket Pharmaceuticals, Inc.*   415    8,246 
Healthcare Services Group, Inc.   551    8,226 
Amylyx Pharmaceuticals, Inc.*   375    8,089 
Cymabay Therapeutics, Inc.*   725    7,939 
Arcus Biosciences, Inc.*   390    7,921 
CoreCivic, Inc.*   841    7,914 
Cimpress plc*   132    7,851 
Weis Markets, Inc.   122    7,834 
Chegg, Inc.*   874    7,761 
John B Sanfilippo & Son, Inc.   66    7,740 
Sabre Corp.*   2,424    7,733 
MannKind Corp.*   1,899    7,729 
Cytek Biosciences, Inc.*   896    7,652 
Pliant Therapeutics, Inc.*   418    7,574 
Immunovant, Inc.*   399    7,569 
Recursion Pharmaceuticals, Inc. — Class A*   1,009    7,537 
Nuvalent, Inc. — Class A*   177    7,464 
Viridian Therapeutics, Inc.*   312    7,422 
B&G Foods, Inc.1   526    7,322 
Medifast, Inc.   79    7,281 
Cassava Sciences, Inc.*   294    7,209 
LifeStance Health Group, Inc.*   785    7,167 
Cross Country Healthcare, Inc.*   255    7,160 
Dole plc   529    7,152 
Crinetics Pharmaceuticals, Inc.*   394    7,100 
Verve Therapeutics, Inc.*   375    7,031 
Replimune Group, Inc.*   301    6,989 
Arlo Technologies, Inc.*   639    6,971 
SI-BONE, Inc.*   257    6,934 
Udemy, Inc.*   634    6,803 
Varex Imaging Corp.*   287    6,765 
Nevro Corp.*   263    6,685 
Keros Therapeutics, Inc.*   166    6,670 
AdaptHealth Corp.*   544    6,621 
Inhibrx, Inc.*   254    6,594 
Accolade, Inc.*   488    6,573 
Quanex Building Products Corp.   244    6,551 
Fresh Del Monte Produce, Inc.   252    6,479 
OPKO Health, Inc.*   2,982    6,471 
Kymera Therapeutics, Inc.*   281    6,460 
Green Dot Corp. — Class A*   344    6,447 
Avid Bioservices, Inc.*   459    6,412 
GEO Group, Inc.*   881    6,308 
Rhythm Pharmaceuticals, Inc.*   380    6,266 
First Advantage Corp.*   404    6,226 
Perdoceo Education Corp.*   497    6,098 
Point Biopharma Global, Inc.*   669    6,061 
Cogent Biosciences, Inc.*   510    6,038 
REGENXBIO, Inc.*   300    5,997 
Multiplan Corp.*   2,800    5,908 
Quanterix Corp.*   260    5,863 
Innoviva, Inc.*   459    5,843 
SpartanNash Co.   258    5,807 
Avidity Biosciences, Inc.*   523    5,800 
Paragon 28, Inc.*   325    5,765 
RxSight, Inc.*   200    5,760 
ADMA Biologics, Inc.*   1,557    5,745 
National Healthcare Corp.   92    5,687 
Beyond Meat, Inc.*,1   438    5,685 
BioLife Solutions, Inc.*   257    5,680 
SP Plus Corp.*   145    5,671 
Vita Coco Company, Inc.*   211    5,670 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Atrion Corp.   10   $5,657 
Adaptive Biotechnologies Corp.*   840    5,636 
Deluxe Corp.   322    5,629 
Fulgent Genetics, Inc.*   151    5,592 
MiMedx Group, Inc.*   842    5,566 
Collegium Pharmaceutical, Inc.*   256    5,501 
Deciphera Pharmaceuticals, Inc.*   387    5,449 
DocGo, Inc.*   575    5,388 
Ardelyx, Inc.*   1,575    5,339 
Brookdale Senior Living, Inc. — Class A*   1,261    5,321 
Aclaris Therapeutics, Inc.*   513    5,320 
USANA Health Sciences, Inc.*   84    5,295 
Nano-X Imaging Ltd.*   339    5,251 
OrthoPediatrics Corp.*   117    5,130 
Mirum Pharmaceuticals, Inc.*   198    5,122 
ANI Pharmaceuticals, Inc.*   95    5,114 
ProKidney Corp.*   456    5,103 
CRA International, Inc.   50    5,100 
Kura Oncology, Inc.*   482    5,100 
Beauty Health Co.*   605    5,064 
Artivion, Inc.*   291    5,002 
Arcturus Therapeutics Holdings, Inc.*   172    4,933 
Novavax, Inc.*,1   644    4,785 
Theravance Biopharma, Inc.*   456    4,720 
Repay Holdings Corp.*   601    4,706 
Orthofix Medical, Inc.*   260    4,696 
European Wax Center, Inc. — Class A*   252    4,695 
Transcat, Inc.*   55    4,692 
National Research Corp. — Class A   106    4,612 
SunOpta, Inc.*   672    4,496 
EQRx, Inc.*   2,359    4,388 
Day One Biopharmaceuticals, Inc.*   364    4,346 
Mission Produce, Inc.*   358    4,339 
Kelly Services, Inc. — Class A   244    4,297 
Tactile Systems Technology, Inc.*   172    4,288 
Enhabit, Inc.*   372    4,278 
Prime Medicine, Inc.*   292    4,278 
Barrett Business Services, Inc.   49    4,273 
ModivCare, Inc.*   94    4,250 
Editas Medicine, Inc.*   515    4,238 
Anavex Life Sciences Corp.*   519    4,219 
Duckhorn Portfolio, Inc.*   325    4,215 
V2X, Inc.*   85    4,213 
4D Molecular Therapeutics, Inc.*   233    4,210 
Hackett Group, Inc.   185    4,135 
Sana Biotechnology, Inc.*   689    4,106 
Community Health Systems, Inc.*   930    4,092 
Lyell Immunopharma, Inc.*   1,283    4,080 
RAPT Therapeutics, Inc.*   218    4,077 
Viad Corp.*   151    4,059 
Agenus, Inc.*   2,536    4,058 
Vera Therapeutics, Inc.*   250    4,012 
Marinus Pharmaceuticals, Inc.*   368    3,997 
TrueBlue, Inc.*   225    3,985 
Franklin Covey Co.*   90    3,931 
Cass Information Systems, Inc.   101    3,917 
Heidrick & Struggles International, Inc.   147    3,891 
Ennis, Inc.   189    3,852 
I3 Verticals, Inc. — Class A*   167    3,818 
American Well Corp. — Class A*   1,813    3,807 
Resources Connection, Inc.   240    3,770 
2seventy bio, Inc.*   371    3,755 
Calavo Growers, Inc.   128    3,714 
Harrow Health, Inc.*   192    3,656 
Arcutis Biotherapeutics, Inc.*   380    3,621 
Agiliti, Inc.*   219    3,614 
ACCO Brands Corp.   683    3,558 
Pulmonx Corp.*   271    3,553 
Dyne Therapeutics, Inc.*   314    3,532 
Enliven Therapeutics, Inc.*   173    3,531 
OmniAb, Inc.*   689    3,466 
Nurix Therapeutics, Inc.*   346    3,457 
Seres Therapeutics, Inc.*   719    3,444 
Zymeworks, Inc.*   395    3,413 
23andMe Holding Co. — Class A*   1,921    3,362 
Aaron's Company, Inc.   234    3,309 
CareDx, Inc.*   385    3,272 
Kiniksa Pharmaceuticals Ltd. — Class A*   232    3,267 
Cerus Corp.*   1,312    3,228 
Biomea Fusion, Inc.*   147    3,227 
Carriage Services, Inc. — Class A   99    3,215 
Surmodics, Inc.*   102    3,194 
Enanta Pharmaceuticals, Inc.*   148    3,167 
Avita Medical, Inc.*   186    3,164 
Tarsus Pharmaceuticals, Inc.*   174    3,144 
Target Hospitality Corp.*   231    3,100 
PetIQ, Inc.*   202    3,064 
Turning Point Brands, Inc.   127    3,049 
Allogene Therapeutics, Inc.*   608    3,022 
Fate Therapeutics, Inc.*   627    2,984 
Ocular Therapeutix, Inc.*   577    2,977 
MaxCyte, Inc.*   646    2,965 
AngioDynamics, Inc.*   279    2,910 
Aldeyra Therapeutics, Inc.*   344    2,886 
AnaptysBio, Inc.*   141    2,868 
Custom Truck One Source, Inc.*   419    2,824 
Alector, Inc.*   469    2,819 
Anika Therapeutics, Inc.*   108    2,806 
Amneal Pharmaceuticals, Inc.*   901    2,793 
Central Garden & Pet Co.*   72    2,791 
Terns Pharmaceuticals, Inc.*   317    2,774 
OraSure Technologies, Inc.*   552    2,766 
Liquidia Corp.*   351    2,755 
Vanda Pharmaceuticals, Inc.*   418    2,755 
Emergent BioSolutions, Inc.*   374    2,749 
Axogen, Inc.*   301    2,748 
Vital Farms, Inc.*   226    2,710 
WW International, Inc.*   403    2,708 
HilleVax, Inc.*   157    2,699 
Voyager Therapeutics, Inc.*   235    2,691 
Accuray, Inc.*   690    2,670 
Tejon Ranch Co.*   155    2,668 
Pennant Group, Inc.*   214    2,628 
Phathom Pharmaceuticals, Inc.*   182    2,606 
Bluebird Bio, Inc.*   791    2,602 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
SomaLogic, Inc.*   1,117   $2,580 
Xeris Biopharma Holdings, Inc.*   984    2,578 
iRadimed Corp.   54    2,578 
Forrester Research, Inc.*   87    2,531 
Disc Medicine, Inc.*   57    2,531 
Castle Biosciences, Inc.*   184    2,524 
Aura Biosciences, Inc.*   203    2,507 
Viemed Healthcare, Inc.*   252    2,465 
Cano Health, Inc.*   1,766    2,455 
Edgewise Therapeutics, Inc.*   316    2,449 
Omeros Corp.*   450    2,448 
Alta Equipment Group, Inc.   141    2,444 
Mersana Therapeutics, Inc.*   742    2,441 
Cabaletta Bio, Inc.*   189    2,440 
Coherus Biosciences, Inc.*   569    2,430 
iTeos Therapeutics, Inc.*   183    2,423 
Paysafe Ltd.*   240    2,422 
Alpine Immune Sciences, Inc.*   235    2,416 
MacroGenics, Inc.*   450    2,407 
Entrada Therapeutics, Inc.*   158    2,392 
Butterfly Network, Inc.*   1,032    2,374 
2U, Inc.*   586    2,362 
Utah Medical Products, Inc.   25    2,330 
Westrock Coffee Co.*   210    2,283 
Taro Pharmaceutical Industries Ltd.*   60    2,276 
ImmunityBio, Inc.*,1   815    2,266 
ORIC Pharmaceuticals, Inc.*   289    2,243 
Scilex Holding Co.*   402    2,237 
Evolus, Inc.*   306    2,225 
Assertio Holdings, Inc.*   408    2,211 
BrightView Holdings, Inc.*   306    2,197 
Invitae Corp.*   1,943    2,196 
scPharmaceuticals, Inc.*   213    2,170 
Stoke Therapeutics, Inc.*   204    2,169 
Summit Therapeutics, Inc.*   857    2,151 
Compass Therapeutics, Inc.*   675    2,146 
Sterling Check Corp.*   175    2,145 
Zimvie, Inc.*   191    2,145 
Allakos, Inc.*   491    2,141 
Arbutus Biopharma Corp.*   923    2,123 
Atea Pharmaceuticals, Inc.*   567    2,121 
Sutro Biopharma, Inc.*   445    2,069 
Phibro Animal Health Corp. — Class A   151    2,069 
SEACOR Marine Holdings, Inc.*   178    2,035 
Icosavax, Inc.*   204    2,026 
Limoneira Co.   129    2,007 
Intercept Pharmaceuticals, Inc.*   181    2,002 
Outlook Therapeutics, Inc.*   1,147    1,996 
Inogen, Inc.*   172    1,987 
Tenaya Therapeutics, Inc.*   338    1,984 
Nuvation Bio, Inc.*   1,077    1,939 
Cullinan Oncology, Inc.*   176    1,894 
Cutera, Inc.*   123    1,861 
Seer, Inc.*   433    1,849 
Y-mAbs Therapeutics, Inc.*   272    1,847 
Generation Bio Co.*   335    1,842 
FibroGen, Inc.*   672    1,814 
Savara, Inc.*   564    1,802 
Caribou Biosciences, Inc.*   421    1,789 
Olema Pharmaceuticals, Inc.*   198    1,788 
PMV Pharmaceuticals, Inc.*   285    1,784 
Distribution Solutions Group, Inc.*   34    1,770 
X4 Pharmaceuticals, Inc.*   910    1,765 
Mineralys Therapeutics, Inc.*   103    1,756 
Tyra Biosciences, Inc.*   103    1,754 
CareMax, Inc.*   556    1,729 
Carisma Therapeutics, Inc.   197    1,728 
Willdan Group, Inc.*   90    1,724 
Organogenesis Holdings, Inc.*   519    1,723 
SIGA Technologies, Inc.   341    1,722 
EyePoint Pharmaceuticals, Inc.*   194    1,688 
FiscalNote Holdings, Inc.*   460    1,674 
Universal Technical Institute, Inc.*   242    1,672 
Benson Hill, Inc.*   1,281    1,665 
Kodiak Sciences, Inc.*   240    1,656 
Nathan's Famous, Inc.   21    1,649 
Erasca, Inc.*   597    1,648 
KalVista Pharmaceuticals, Inc.*   182    1,638 
Rigel Pharmaceuticals, Inc.*   1,265    1,632 
MeiraGTx Holdings plc*   241    1,620 
Quipt Home Medical Corp.*   298    1,591 
WaVe Life Sciences Ltd.*   437    1,591 
Harvard Bioscience, Inc.*   289    1,587 
Scholar Rock Holding Corp.*   210    1,583 
Astria Therapeutics, Inc.*   189    1,574 
Lexicon Pharmaceuticals, Inc.*   685    1,569 
Monte Rosa Therapeutics, Inc.*   225    1,541 
Design Therapeutics, Inc.*   242    1,525 
Immuneering Corp. — Class A*   150    1,521 
Janux Therapeutics, Inc.*   128    1,519 
UroGen Pharma Ltd.*   145    1,501 
Karyopharm Therapeutics, Inc.*   837    1,498 
Eagle Pharmaceuticals, Inc.*   76    1,477 
Ovid therapeutics, Inc.*   441    1,446 
Nautilus Biotechnology, Inc.*   373    1,443 
SoundThinking, Inc.*   66    1,443 
Village Super Market, Inc. — Class A   63    1,438 
Actinium Pharmaceuticals, Inc.*   192    1,425 
BRC, Inc. — Class A*   276    1,424 
Joint Corp.*   105    1,418 
NanoString Technologies, Inc.*   350    1,417 
Zynex, Inc.*   146    1,400 
Theseus Pharmaceuticals, Inc.*   150    1,399 
HF Foods Group, Inc.*   298    1,398 
Celcuity, Inc.*   127    1,394 
Information Services Group, Inc.   260    1,394 
Inozyme Pharma, Inc.*   250    1,392 
Sangamo Therapeutics, Inc.*   1,066    1,386 
Alico, Inc.   53    1,349 
Lineage Cell Therapeutics, Inc.*,1   954    1,345 
Performant Financial Corp.*   498    1,345 
Nature's Sunshine Products, Inc.*   98    1,338 
Quantum-Si, Inc.*   743    1,330 
CorMedix, Inc.*   330    1,308 
Zevra Therapeutics, Inc.*   256    1,306 
Humacyte, Inc.*   453    1,296 
Kezar Life Sciences, Inc.*   528    1,294 
InfuSystem Holdings, Inc.*   134    1,290 
Altimmune, Inc.*   365    1,288 
Rallybio Corp.*   226    1,279 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Seneca Foods Corp. — Class A*   39   $1,274 
Aerovate Therapeutics, Inc.*   74    1,269 
CVRx, Inc.*   82    1,266 
Gritstone bio, Inc.*   649    1,266 
ClearPoint Neuro, Inc.*   169    1,224 
Cadiz, Inc.*   300    1,218 
ALX Oncology Holdings, Inc.*   160    1,202 
ARS Pharmaceuticals, Inc.*   179    1,199 
Annexon, Inc.*   337    1,186 
Tela Bio, Inc.*   117    1,185 
Fennec Pharmaceuticals, Inc.*   134    1,183 
Lincoln Educational Services Corp.*   175    1,179 
Acacia Research Corp.*   281    1,169 
Precigen, Inc.*   999    1,149 
Waldencast plc — Class A*   148    1,144 
Atara Biotherapeutics, Inc.*   706    1,137 
Sanara Medtech, Inc.*   28    1,123 
Vigil Neuroscience, Inc.*   119    1,119 
Tango Therapeutics, Inc.*   330    1,096 
Citius Pharmaceuticals, Inc.*   909    1,091 
Foghorn Therapeutics, Inc.*   150    1,056 
Allovir, Inc.*   310    1,054 
Innovage Holding Corp.*   140    1,050 
PDS Biotechnology Corp.*   207    1,041 
HireQuest, Inc.   40    1,041 
Ikena Oncology, Inc.*   157    1,030 
XOMA Corp.*   54    1,020 
Omega Therapeutics, Inc.*   180    1,008 
Akoya Biosciences, Inc.*   134    990 
BioAtla, Inc.*   327    981 
Cara Therapeutics, Inc.*   346    979 
Semler Scientific, Inc.*   37    971 
Selecta Biosciences, Inc.*   859    962 
Vicarious Surgical, Inc.*   518    948 
Merrimack Pharmaceuticals, Inc.*   77    947 
Bioxcel Therapeutics, Inc.*   142    946 
Cue Biopharma, Inc.*   256    934 
KORU Medical Systems, Inc.*   258    890 
Verrica Pharmaceuticals, Inc.*   154    889 
Heron Therapeutics, Inc.*   765    887 
Poseida Therapeutics, Inc.*   502    884 
P3 Health Partners, Inc.*   295    882 
Cipher Mining, Inc.*,1   308    881 
Quad/Graphics, Inc.*   230    865 
Vor BioPharma, Inc.*   279    862 
Pulse Biosciences, Inc.*   119    856 
Natural Grocers by Vitamin Cottage, Inc.   69    846 
Longboard Pharmaceuticals, Inc.*   115    844 
CompoSecure, Inc.*,1   122    837 
NGM Biopharmaceuticals, Inc.*   322    834 
Protalix BioTherapeutics, Inc.*   415    830 
Acrivon Therapeutics, Inc.*   64    829 
Aadi Bioscience, Inc.*   120    821 
Nuvectis Pharma, Inc.*   51    814 
IGM Biosciences, Inc.*   88    812 
Beyond Air, Inc.*   190    809 
Vaxxinity, Inc. — Class A*,1   315    794 
Zevia PBC — Class A*   184    793 
AirSculpt Technologies, Inc.   90    776 
Trevi Therapeutics, Inc.*   308    736 
CPI Card Group, Inc.*   31    721 
Rent the Runway, Inc. — Class A*   356    705 
Biote Corp. — Class A*   103    696 
Third Harmonic Bio, Inc.*   144    693 
Optinose, Inc.*   539    663 
PepGen, Inc.*   74    662 
Genelux Corp.*   20    654 
Bakkt Holdings, Inc.*,1   515    633 
Aveanna Healthcare Holdings, Inc.*   371    627 
Larimar Therapeutics, Inc.*   190    595 
Adicet Bio, Inc.*   225    547 
Century Therapeutics, Inc.*   173    547 
Graphite Bio, Inc.*   207    538 
Nkarta, Inc.*   224    491 
Thorne HealthTech, Inc.*   104    489 
Eyenovia, Inc.*   206    488 
Priority Technology Holdings, Inc.*   131    474 
Reneo Pharmaceuticals, Inc.*   72    472 
Emerald Holding, Inc.*   115    471 
MarketWise, Inc.   234    468 
Zura Bio Ltd.*   56    459 
Bright Green Corp.*   446    451 
Forafric Global plc*   39    428 
ViewRay, Inc.*   1,106    390 
Ocean Biomedical, Inc.*   64    385 
Prelude Therapeutics, Inc.*   73    328 
Orchestra BioMed Holdings, Inc.*   31    217 
Ispire Technology, Inc.*   20    183 
Rain Oncology, Inc.*   126    151 
BioVie, Inc.*   25    108 
Babylon Holdings Ltd. — Class A*   73    5 
Ligand Pharmaceuticals, Inc.*,††   42     
Ligand Pharmaceuticals, Inc.*,††   42     
Total Consumer, Non-cyclical        4,316,988 
Financial - 13.7%          
Selective Insurance Group, Inc.   445    42,698 
Ryman Hospitality Properties, Inc. REIT   427    39,677 
SouthState Corp.   563    37,045 
Essent Group Ltd.   783    36,644 
Terreno Realty Corp. REIT   605    36,361 
Kite Realty Group Trust REIT   1,611    35,990 
Home BancShares, Inc.   1,411    32,171 
PotlatchDeltic Corp. REIT   585    30,917 
Independence Realty Trust, Inc. REIT   1,669    30,409 
Old National Bancorp   2,168    30,222 
American Equity Investment Life Holding Co.   575    29,963 
Phillips Edison & Company, Inc. REIT   873    29,752 
Radian Group, Inc.   1,164    29,426 
United Bankshares, Inc.   968    28,721 
First Financial Bankshares, Inc.   964    27,464 
Blackstone Mortgage Trust, Inc. — Class A REIT   1,275    26,533 
Cadence Bank   1,348    26,475 
Essential Properties Realty Trust, Inc. REIT   1,101    25,918 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Glacier Bancorp, Inc.   825   $25,715 
Mr Cooper Group, Inc.*   493    24,965 
Valley National Bancorp   3,194    24,754 
Hancock Whitney Corp.   642    24,640 
Physicians Realty Trust REIT   1,761    24,636 
Apple Hospitality REIT, Inc.   1,595    24,100 
FTAI Aviation Ltd.   736    23,302 
Focus Financial Partners, Inc. — Class A*   435    22,842 
Moelis & Co. — Class A   494    22,398 
Hamilton Lane, Inc. — Class A   270    21,595 
Enstar Group Ltd.*   88    21,493 
Broadstone Net Lease, Inc. REIT   1,391    21,477 
United Community Banks, Inc.   855    21,366 
LXP Industrial Trust REIT   2,144    20,904 
Sabra Health Care REIT, Inc.   1,713    20,162 
UMB Financial Corp.   328    19,975 
CNO Financial Group, Inc.   842    19,930 
Corporate Office Properties Trust REIT   834    19,807 
Arbor Realty Trust, Inc. REIT1   1,328    19,681 
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT   765    19,125 
Upstart Holdings, Inc.*,1   533    19,087 
SITE Centers Corp. REIT   1,410    18,640 
Walker & Dunlop, Inc.   235    18,586 
Community Bank System, Inc.   394    18,471 
Jackson Financial, Inc. — Class A   602    18,427 
Texas Capital Bancshares, Inc.*   354    18,231 
Associated Banc-Corp.   1,120    18,178 
Macerich Co. REIT   1,599    18,021 
Genworth Financial, Inc. — Class A*   3,594    17,970 
Artisan Partners Asset Management, Inc. — Class A   455    17,886 
International Bancshares Corp.   397    17,547 
Outfront Media, Inc. REIT   1,092    17,166 
WSFS Financial Corp.   453    17,087 
McGrath RentCorp   183    16,924 
Ameris Bancorp   490    16,763 
Tanger Factory Outlet Centers, Inc. REIT   756    16,685 
Axos Financial, Inc.*   421    16,604 
Cathay General Bancorp   514    16,546 
Piper Sandler Cos.   128    16,545 
Four Corners Property Trust, Inc. REIT   641    16,281 
National Health Investors, Inc. REIT   309    16,198 
Simmons First National Corp. — Class A   934    16,111 
First BanCorp   1,312    16,033 
Douglas Emmett, Inc. REIT   1,258    15,813 
Equity Commonwealth REIT   776    15,722 
NMI Holdings, Inc. — Class A*   607    15,673 
Sunstone Hotel Investors, Inc. REIT   1,541    15,595 
ServisFirst Bancshares, Inc.   377    15,427 
Innovative Industrial Properties, Inc. REIT   207    15,113 
BancFirst Corp.   163    14,996 
CareTrust REIT, Inc.   741    14,716 
SL Green Realty Corp. REIT1   487    14,634 
First Interstate BancSystem, Inc. — Class A   611    14,566 
Independent Bank Corp.   327    14,555 
Pacific Premier Bancorp, Inc.   702    14,517 
Kennedy-Wilson Holdings, Inc.   885    14,452 
Atlantic Union Bankshares Corp.   556    14,428 
Fulton Financial Corp.   1,204    14,352 
First Financial Bancorp   697    14,247 
Eastern Bankshares, Inc.   1,147    14,074 
Pagseguro Digital Ltd. — Class A*   1,469    13,867 
Seacoast Banking Corporation of Florida   623    13,768 
Ready Capital Corp. REIT   1,185    13,368 
PennyMac Financial Services, Inc.   189    13,289 
Urban Edge Properties REIT   850    13,116 
CVB Financial Corp.   984    13,068 
Bancorp, Inc.*   396    12,929 
Washington Federal, Inc.   485    12,862 
Navient Corp.   685    12,727 
PJT Partners, Inc. — Class A   180    12,535 
Pebblebrook Hotel Trust REIT   899    12,532 
DiamondRock Hospitality Co. REIT   1,556    12,464 
JBG SMITH Properties REIT   827    12,438 
First Merchants Corp.   437    12,337 
St. Joe Co.   255    12,327 
Retail Opportunity Investments Corp. REIT   911    12,308 
RLJ Lodging Trust REIT   1,177    12,088 
TowneBank   519    12,062 
Bank of Hawaii Corp.   290    11,957 
Enova International, Inc.*   225    11,952 
Apollo Commercial Real Estate Finance, Inc. REIT   1,050    11,886 
BankUnited, Inc.   550    11,852 
Bread Financial Holdings, Inc.   373    11,708 
InvenTrust Properties Corp. REIT   503    11,639 
Getty Realty Corp. REIT   332    11,228 
Cohen & Steers, Inc.   192    11,134 
Banner Corp.   253    11,049 
StoneX Group, Inc.*   132    10,967 
WesBanco, Inc.   427    10,935 
Hilltop Holdings, Inc.   345    10,854 
Park National Corp.   106    10,846 
BRP Group, Inc. — Class A*   437    10,829 
Cannae Holdings, Inc.*   529    10,691 
Elme Communities REIT   650    10,686 
Renasant Corp.   408    10,661 
Service Properties Trust REIT   1,220    10,602 
Enterprise Financial Services Corp.   268    10,479 
Palomar Holdings, Inc.*   180    10,447 
Nelnet, Inc. — Class A   108    10,420 
eXp World Holdings, Inc.   512    10,383 
BGC Partners, Inc. — Class A   2,325    10,300 
City Holding Co.   113    10,169 
Xenia Hotels & Resorts, Inc. REIT   826    10,168 
Bank of NT Butterfield & Son Ltd.   371    10,151 
Compass Diversified Holdings   467    10,129 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Virtus Investment Partners, Inc.   51   $10,071 
Cushman & Wakefield plc*   1,229    10,053 
LTC Properties, Inc. REIT   303    10,005 
Goosehead Insurance, Inc. — Class A*   159    10,000 
Northwest Bancshares, Inc.   943    9,996 
Two Harbors Investment Corp. REIT   719    9,980 
Alexander & Baldwin, Inc. REIT   537    9,977 
Triumph Financial, Inc.*   164    9,958 
Acadia Realty Trust REIT   691    9,943 
Chimera Investment Corp. REIT   1,722    9,936 
Easterly Government Properties, Inc. REIT   685    9,933 
StepStone Group, Inc. — Class A   399    9,899 
NBT Bancorp, Inc.   309    9,842 
Farmer Mac — Class C   68    9,774 
Redfin Corp.*   786    9,762 
First Commonwealth Financial Corp.   757    9,576 
Trustmark Corp.   450    9,504 
Pathward Financial, Inc.   203    9,411 
Veris Residential, Inc. REIT*   585    9,389 
Radius Global Infrastructure, Inc. — Class A*   628    9,357 
Apartment Investment and Management Co. — Class A REIT   1,097    9,346 
Independent Bank Group, Inc.   268    9,254 
Stock Yards Bancorp, Inc.   201    9,119 
Ladder Capital Corp. — Class A REIT   838    9,092 
Horace Mann Educators Corp.   304    9,017 
OFG Bancorp   345    8,998 
Lakeland Financial Corp.   184    8,928 
Provident Financial Services, Inc.   543    8,873 
PennyMac Mortgage Investment Trust REIT   654    8,816 
First Bancorp   294    8,746 
Heartland Financial USA, Inc.   313    8,723 
Franklin BSP Realty Trust, Inc. REIT   615    8,708 
MFA Financial, Inc. REIT   757    8,509 
Encore Capital Group, Inc.*   172    8,363 
Stellar Bancorp, Inc.   360    8,240 
Stewart Information Services Corp.   198    8,146 
Uniti Group, Inc. REIT   1,762    8,140 
NETSTREIT Corp. REIT   453    8,095 
Global Net Lease, Inc. REIT   773    7,946 
National Bank Holdings Corp. — Class A   272    7,899 
S&T Bancorp, Inc.   288    7,831 
ARMOUR Residential REIT, Inc. 1   1,451    7,734 
Compass, Inc. — Class A*   2,209    7,731 
First Busey Corp.   384    7,718 
LendingClub Corp.*   787    7,673 
TriCo Bancshares   230    7,636 
Claros Mortgage Trust, Inc.   671    7,609 
Safety Insurance Group, Inc.   106    7,602 
NexPoint Residential Trust, Inc. REIT   167    7,595 
AMERISAFE, Inc.   141    7,518 
Employers Holdings, Inc.   198    7,407 
Westamerica BanCorp   193    7,392 
FB Financial Corp.   262    7,349 
Sandy Spring Bancorp, Inc.   324    7,348 
Plymouth Industrial REIT, Inc.   318    7,320 
Empire State Realty Trust, Inc. — Class A REIT   977    7,318 
PacWest Bancorp1   887    7,229 
Hope Bancorp, Inc.   854    7,191 
National Western Life Group, Inc. — Class A   17    7,065 
Argo Group International Holdings Ltd.*   237    7,018 
WisdomTree, Inc.   1,021    7,004 
Veritex Holdings, Inc.   388    6,957 
American Assets Trust, Inc. REIT   361    6,931 
Centerspace REIT   112    6,872 
Berkshire Hills Bancorp, Inc.   326    6,758 
OceanFirst Financial Corp.   431    6,732 
Necessity Retail REIT, Inc.   995    6,726 
New York Mortgage Trust, Inc. REIT   673    6,676 
Ellington Financial, Inc. REIT   483    6,665 
RPT Realty REIT   636    6,646 
Piedmont Office Realty Trust, Inc. — Class A REIT   914    6,645 
Peoples Bancorp, Inc.   250    6,637 
Live Oak Bancshares, Inc.   249    6,551 
PRA Group, Inc.*   286    6,535 
Avantax, Inc.*   291    6,513 
UMH Properties, Inc. REIT   407    6,504 
Victory Capital Holdings, Inc. — Class A   205    6,466 
Nicolet Bankshares, Inc.   95    6,451 
Customers Bancorp, Inc.*   212    6,415 
BrightSpire Capital, Inc. REIT   953    6,414 
B Riley Financial, Inc.1   138    6,345 
Origin Bancorp, Inc.   216    6,329 
Lemonade, Inc.*,1   375    6,319 
Community Healthcare Trust, Inc. REIT   189    6,241 
Newmark Group, Inc. — Class A   995    6,189 
Lakeland Bancorp, Inc.   461    6,173 
SiriusPoint Ltd.*   676    6,104 
Paramount Group, Inc. REIT   1,369    6,065 
ProAssurance Corp.   400    6,036 
Mercury General Corp.   198    5,993 
Brandywine Realty Trust REIT   1,259    5,854 
Capitol Federal Financial, Inc.   944    5,825 
Armada Hoffler Properties, Inc. REIT   498    5,817 
First Bancshares, Inc.   224    5,788 
Trupanion, Inc.*   293    5,766 
Peakstone Realty Trust REIT   206    5,752 
Patria Investments Ltd. — Class A   402    5,749 
Bank First Corp.   69    5,741 
Tompkins Financial Corp.   103    5,737 
Southside Bancshares, Inc.   218    5,703 
Brookline Bancorp, Inc.   646    5,646 
Marcus & Millichap, Inc.   179    5,640 
German American Bancorp, Inc.   207    5,626 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
International Money Express, Inc.*   228   $5,593 
Enact Holdings, Inc.   222    5,579 
Preferred Bank/Los Angeles CA   99    5,444 
Redwood Trust, Inc. REIT   843    5,370 
Anywhere Real Estate, Inc.*   798    5,331 
KKR Real Estate Finance Trust, Inc. REIT   436    5,306 
Safehold, Inc. REIT   220    5,221 
1st Source Corp.   123    5,157 
Brightsphere Investment Group, Inc.   241    5,049 
Summit Hotel Properties, Inc. REIT   775    5,045 
Dynex Capital, Inc. REIT   400    5,036 
QCR Holdings, Inc.   122    5,006 
James River Group Holdings Ltd.   274    5,003 
AssetMark Financial Holdings, Inc.*   163    4,835 
Eagle Bancorp, Inc.   227    4,803 
Applied Digital Corp.*,1   504    4,712 
Banc of California, Inc.   404    4,678 
Ambac Financial Group, Inc.*   327    4,657 
Farmland Partners, Inc. REIT   374    4,567 
Dime Community Bancshares, Inc.   259    4,566 
ConnectOne Bancorp, Inc.   274    4,546 
Universal Health Realty Income Trust REIT   95    4,520 
Urstadt Biddle Properties, Inc. — Class A REIT   211    4,486 
CBL & Associates Properties, Inc. REIT   199    4,386 
Hudson Pacific Properties, Inc. REIT   1,022    4,313 
Premier Financial Corp.   262    4,197 
Old Second Bancorp, Inc.   321    4,192 
Heritage Financial Corp.   257    4,156 
Global Medical REIT, Inc.   451    4,118 
Community Trust Bancorp, Inc.   115    4,091 
Gladstone Land Corp. REIT   248    4,035 
Diversified Healthcare Trust REIT   1,767    3,976 
TrustCo Bank Corporation NY   138    3,948 
Ares Commercial Real Estate Corp. REIT   384    3,898 
Univest Financial Corp.   215    3,887 
First Community Bankshares, Inc.   130    3,865 
Columbia Financial, Inc.*   220    3,804 
TPG RE Finance Trust, Inc. REIT   511    3,787 
World Acceptance Corp.*   28    3,752 
Gladstone Commercial Corp. REIT   298    3,686 
Heritage Commerce Corp.   438    3,627 
Brookfield Business Corp. — Class A   192    3,625 
Diamond Hill Investment Group, Inc.   21    3,597 
P10, Inc. — Class A   318    3,593 
Invesco Mortgage Capital, Inc. REIT   310    3,556 
United Fire Group, Inc.   156    3,535 
Whitestone REIT — Class B   360    3,492 
F&G Annuities & Life, Inc.   139    3,444 
First Mid Bancshares, Inc.   142    3,428 
Peapack-Gladstone Financial Corp.   126    3,412 
Great Southern Bancorp, Inc.   67    3,399 
Farmers National Banc Corp.   273    3,377 
Northfield Bancorp, Inc.   307    3,371 
Hanmi Financial Corp.   225    3,359 
Washington Trust Bancorp, Inc.   125    3,351 
Chatham Lodging Trust REIT   357    3,342 
Horizon Bancorp, Inc.   319    3,321 
Byline Bancorp, Inc.   183    3,310 
CrossFirst Bankshares, Inc.*   330    3,300 
Amerant Bancorp, Inc.   191    3,283 
Camden National Corp.   106    3,283 
Mercantile Bank Corp.   116    3,204 
Saul Centers, Inc. REIT   86    3,167 
Midland States Bancorp, Inc.   157    3,126 
MBIA, Inc.*   358    3,093 
Burke & Herbert Financial Services Corp.   48    3,082 
Central Pacific Financial Corp.   196    3,079 
Cambridge Bancorp   56    3,041 
Coastal Financial Corp.*   80    3,012 
Orchid Island Capital, Inc. REIT   291    3,012 
Capital City Bank Group, Inc.   98    3,003 
Merchants Bancorp   117    2,993 
Kearny Financial Corp.   424    2,989 
HCI Group, Inc.   48    2,965 
Alexander's, Inc. REIT   16    2,942 
Universal Insurance Holdings, Inc.   187    2,885 
NexPoint Diversified Real Estate Trust REIT   227    2,842 
First Financial Corp.   87    2,825 
FRP Holdings, Inc.*   49    2,821 
Orion Office REIT, Inc.   423    2,796 
CTO Realty Growth, Inc. REIT   163    2,794 
Office Properties Income Trust REIT   356    2,741 
NewtekOne, Inc.   172    2,735 
Republic Bancorp, Inc. — Class A   64    2,720 
Bar Harbor Bankshares   110    2,710 
Metropolitan Bank Holding Corp.*   78    2,709 
FTAI Infrastructure, Inc.   732    2,701 
CNB Financial Corp.   153    2,700 
HarborOne Bancorp, Inc.   310    2,691 
Business First Bancshares, Inc.   177    2,667 
Tiptree, Inc. — Class A   177    2,657 
RMR Group, Inc. — Class A   114    2,641 
Perella Weinberg Partners   315    2,624 
Carter Bankshares, Inc.*   175    2,588 
Flushing Financial Corp.   209    2,569 
Independent Bank Corp.   149    2,527 
SmartFinancial, Inc.   117    2,517 
Equity Bancshares, Inc. — Class A   110    2,506 
RE/MAX Holdings, Inc. — Class A   129    2,485 
One Liberty Properties, Inc. REIT   120    2,438 
Alerus Financial Corp.   135    2,427 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Southern Missouri Bancorp, Inc.   63   $2,422 
Metrocity Bankshares, Inc.   135    2,415 
HomeTrust Bancshares, Inc.   115    2,402 
Citizens Financial Services, Inc.   32    2,383 
NerdWallet, Inc. — Class A*   253    2,381 
Northeast Bank   57    2,375 
Hingham Institution For Savings The   11    2,345 
Esquire Financial Holdings, Inc.   51    2,333 
Mid Penn Bancorp, Inc.   105    2,318 
GCM Grosvenor, Inc. — Class A   307    2,315 
Peoples Financial Services Corp.   52    2,277 
Farmers & Merchants Bancorp Incorporated/Archbold OH   100    2,251 
MidWestOne Financial Group, Inc.   105    2,244 
West BanCorp, Inc.   120    2,209 
American National Bankshares, Inc.   76    2,202 
Bit Digital, Inc.*   535    2,172 
Citizens & Northern Corp.   112    2,162 
Arrow Financial Corp.   106    2,135 
Amalgamated Financial Corp.   131    2,108 
Five Star Bancorp   94    2,103 
ACNB Corp.   62    2,057 
Enterprise Bancorp, Inc.   71    2,055 
Bank of Marin Bancorp   116    2,050 
Postal Realty Trust, Inc. — Class A REIT   139    2,045 
Greenlight Capital Re Ltd. — Class A*   191    2,012 
Granite Point Mortgage Trust, Inc. REIT   378    2,003 
South Plains Financial, Inc.   89    2,003 
Civista Bancshares, Inc.   114    1,984 
Forge Global Holdings, Inc.*   812    1,973 
Waterstone Financial, Inc.   136    1,971 
Selectquote, Inc.*   1,009    1,968 
Skyward Specialty Insurance Group, Inc.*,1   77    1,956 
Braemar Hotels & Resorts, Inc. REIT   485    1,950 
First of Long Island Corp.   158    1,899 
Blue Foundry Bancorp*   183    1,850 
John Marshall Bancorp, Inc.   92    1,848 
Chicago Atlantic Real Estate Finance, Inc. REIT   121    1,833 
HBT Financial, Inc.   99    1,826 
Macatawa Bank Corp.   195    1,810 
Home Bancorp, Inc.   54    1,793 
Capstar Financial Holdings, Inc.   145    1,779 
MVB Financial Corp.   84    1,771 
Red River Bancshares, Inc.   36    1,769 
Regional Management Corp.   58    1,769 
Financial Institutions, Inc.   112    1,763 
First Bancorp, Inc.   72    1,752 
BRT Apartments Corp. REIT   88    1,742 
Sierra Bancorp   102    1,731 
LendingTree, Inc.*   78    1,725 
Summit Financial Group, Inc.   83    1,715 
First Business Financial Services, Inc.   58    1,710 
Legacy Housing Corp.*   73    1,693 
Guaranty Bancshares, Inc.   62    1,679 
Fidelity D&D Bancorp, Inc.   34    1,652 
Donegal Group, Inc. — Class A   114    1,645 
Sculptor Capital Management, Inc.   185    1,634 
Norwood Financial Corp.   55    1,624 
Northrim BanCorp, Inc.   41    1,613 
City Office REIT, Inc.   288    1,604 
Alpine Income Property Trust, Inc. REIT   96    1,560 
Middlefield Banc Corp.   58    1,554 
Greene County Bancorp, Inc.   52    1,550 
Shore Bancshares, Inc.   132    1,526 
Third Coast Bancshares, Inc.*   95    1,508 
AFC Gamma, Inc. REIT   121    1,506 
First Foundation, Inc.   379    1,505 
Bridgewater Bancshares, Inc.*   151    1,487 
RBB Bancorp   124    1,481 
FS Bancorp, Inc.   49    1,473 
Northeast Community Bancorp, Inc.   99    1,473 
Orrstown Financial Services, Inc.   76    1,455 
eHealth, Inc.*   181    1,455 
BayCom Corp.   87    1,451 
Ocwen Financial Corp.*   48    1,439 
Silvercrest Asset Management Group, Inc. — Class A   71    1,438 
Timberland Bancorp, Inc.   56    1,433 
Atlanticus Holdings Corp.*   34    1,428 
Plumas Bancorp   40    1,428 
Southern First Bancshares, Inc.*   57    1,411 
Maiden Holdings Ltd.*   671    1,409 
Star Holdings*   96    1,408 
Hersha Hospitality Trust — Class A REIT   231    1,407 
Orange County Bancorp, Inc.   38    1,406 
Codorus Valley Bancorp, Inc.   71    1,392 
Douglas Elliman, Inc.   599    1,330 
Investors Title Co.   9    1,314 
Ponce Financial Group, Inc.*   151    1,312 
Parke Bancorp, Inc.   77    1,308 
BCB Bancorp, Inc.   111    1,303 
Hippo Holdings, Inc.*   78    1,289 
C&F Financial Corp.   24    1,289 
Capital Bancorp, Inc.   71    1,285 
FVCBankcorp, Inc.*   119    1,282 
Penns Woods Bancorp, Inc.   51    1,277 
Unity Bancorp, Inc.   54    1,274 
Primis Financial Corp.   150    1,263 
Oak Valley Bancorp   50    1,259 
National Bankshares, Inc.   43    1,255 
First Bank/Hamilton NJ   118    1,225 
ChoiceOne Financial Services, Inc.   52    1,196 
AlTi Global, Inc.*   156    1,195 
PCB Bancorp   81    1,192 
Crawford & Co. — Class A   107    1,187 
Southern States Bancshares, Inc.   55    1,160 
MainStreet Bancshares, Inc.   51    1,156 
Ames National Corp.   64    1,154 
LCNB Corp.   78    1,151 
Blue Ridge Bankshares, Inc.   130    1,150 
Colony Bankcorp, Inc.   122    1,149 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Central Valley Community Bancorp   74   $1,143 
Virginia National Bankshares Corp.   35    1,125 
Stratus Properties, Inc.   42    1,103 
First Western Financial, Inc.*   59    1,097 
Bankwell Financial Group, Inc.   44    1,073 
Princeton Bancorp, Inc.   38    1,038 
Community Financial Corp.   38    1,029 
Chemung Financial Corp.   26    999 
Evans Bancorp, Inc.1   39    972 
ESSA Bancorp, Inc.   64    957 
First Community Corp.   54    937 
Nexpoint Real Estate Finance, Inc. REIT   60    935 
NI Holdings, Inc.*   61    906 
Sterling Bancorp, Inc.*   156    853 
Consumer Portfolio Services, Inc.*   69    805 
Maui Land & Pineapple Company, Inc.*   56    797 
USCB Financial Holdings, Inc.*   78    796 
HomeStreet, Inc.   134    793 
Security National Financial Corp. — Class A*   88    781 
Pioneer Bancorp, Inc.*   86    770 
Finance of America Companies, Inc. — Class A*   395    754 
Velocity Financial, Inc.*   65    749 
Angel Oak Mortgage REIT, Inc.   87    717 
Bank7 Corp.   28    687 
Luther Burbank Corp.   76    678 
United Insurance Holdings Corp.*   145    647 
Kingsway Financial Services, Inc.*   79    644 
Paysign, Inc.*   241    590 
GoHealth, Inc. — Class A*   29    572 
Clipper Realty, Inc. REIT   95    539 
Transcontinental Realty Investors, Inc.*   14    513 
SWK Holdings Corp.*   28    469 
American Realty Investors, Inc.*   11    240 
OppFi, Inc.*   80    163 
Home Point Capital, Inc.*   58    135 
Total Financial        3,562,453 
Industrial - 10.3%          
Chart Industries, Inc.*   312    49,854 
Novanta, Inc.*   265    48,786 
Atkore, Inc.*   293    45,690 
Simpson Manufacturing Company, Inc.   318    44,043 
UFP Industries, Inc.   444    43,090 
Comfort Systems USA, Inc.   262    43,020 
Applied Industrial Technologies, Inc.   286    41,421 
Casella Waste Systems, Inc. — Class A*   412    37,265 
Watts Water Technologies, Inc. — Class A   202    37,113 
Mueller Industries, Inc.   415    36,221 
Fabrinet*   272    35,327 
Franklin Electric Company, Inc.   342    35,192 
Exponent, Inc.   375    34,995 
GATX Corp.   263    33,859 
Summit Materials, Inc. — Class A*   884    33,459 
EnerSys   305    33,099 
Aerojet Rocketdyne Holdings, Inc.*   590    32,373 
Badger Meter, Inc.   218    32,168 
AAON, Inc.   334    31,667 
Fluor Corp.*   1,055    31,228 
Advanced Energy Industries, Inc.   278    30,983 
Belden, Inc.   315    30,130 
Terex Corp.   497    29,735 
Zurn Elkay Water Solutions Corp.   1,095    29,445 
John Bean Technologies Corp.   236    28,627 
Federal Signal Corp.   443    28,365 
Vishay Intertechnology, Inc.   954    28,048 
SPX Technologies, Inc.*   327    27,785 
Arcosa, Inc.   359    27,201 
Boise Cascade Co.   294    26,563 
Hillenbrand, Inc.   511    26,204 
Sanmina Corp.*   427    25,735 
O-I Glass, Inc.*   1,149    24,508 
Itron, Inc.*   337    24,298 
Dycom Industries, Inc.*   212    24,094 
Bloom Energy Corp. — Class A*   1,425    23,299 
Encore Wire Corp.   124    23,055 
Moog, Inc. — Class A   210    22,770 
Albany International Corp. — Class A   231    21,548 
Joby Aviation, Inc.*   2,062    21,156 
EnPro Industries, Inc.   155    20,697 
Werner Enterprises, Inc.   468    20,676 
Matson, Inc.   264    20,521 
Forward Air Corp.   193    20,479 
Cactus, Inc. — Class A   478    20,229 
Plexus Corp.*   203    19,943 
ESCO Technologies, Inc.   189    19,586 
Hub Group, Inc. — Class A*   243    19,518 
RXO, Inc.*   860    19,496 
Frontdoor, Inc.*   609    19,427 
Kadant, Inc.   86    19,101 
CSW Industrials, Inc.   114    18,946 
AeroVironment, Inc.*   185    18,922 
Mueller Water Products, Inc. — Class A   1,148    18,632 
Scorpio Tankers, Inc.   390    18,420 
Enovix Corp.*,1   1,013    18,275 
Energizer Holdings, Inc.   530    17,797 
ArcBest Corp.   178    17,586 
Materion Corp.   152    17,358 
Kennametal, Inc.   597    16,949 
MYR Group, Inc.*   122    16,877 
Masonite International Corp.*   164    16,800 
Knife River Corp.*   377    16,399 
Helios Technologies, Inc.   242    15,994 
Worthington Industries, Inc.   228    15,839 
Trinity Industries, Inc.   601    15,452 
Barnes Group, Inc.   362    15,273 
Golar LNG Ltd.   750    15,127 
AAR Corp.*   255    14,729 
Gibraltar Industries, Inc.*   229    14,409 
Alamo Group, Inc.   75    13,793 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
OSI Systems, Inc.*   117   $13,786 
Kratos Defense & Security Solutions, Inc.*   927    13,293 
Griffon Corp.   325    13,097 
Granite Construction, Inc.   326    12,968 
Greif, Inc. — Class A   183    12,607 
Modine Manufacturing Co.*   381    12,581 
PGT Innovations, Inc.*   430    12,535 
Mirion Technologies, Inc.*   1,482    12,523 
Sterling Infrastructure, Inc.*   222    12,388 
Rocket Lab USA, Inc.*   2,062    12,372 
Standex International Corp.   87    12,308 
Knowles Corp.*   665    12,010 
Primoris Services Corp.   393    11,975 
Energy Recovery, Inc.*   412    11,515 
International Seaways, Inc.   301    11,510 
Hillman Solutions Corp.*   1,277    11,506 
Enerpac Tool Group Corp.   425    11,475 
NV5 Global, Inc.*   101    11,188 
Masterbrand, Inc.*   960    11,165 
Tennant Co.   137    11,112 
JELD-WEN Holding, Inc.*   630    11,050 
TTM Technologies, Inc.*   757    10,522 
Greenbrier Companies, Inc.   233    10,042 
CTS Corp.   232    9,890 
Lindsay Corp.   82    9,786 
World Kinect Corp.   456    9,430 
American Woodmark Corp.*   123    9,394 
Construction Partners, Inc. — Class A*   297    9,323 
Marten Transport Ltd.   430    9,245 
PureCycle Technologies, Inc.*   859    9,183 
NEXTracker, Inc. — Class A*   229    9,117 
Vicor Corp.*   164    8,856 
Montrose Environmental Group, Inc.*   206    8,677 
DHT Holdings, Inc.   1,015    8,658 
Columbus McKinnon Corp.   209    8,496 
TriMas Corp.   307    8,439 
Napco Security Technologies, Inc.   233    8,073 
AZZ, Inc.   184    7,997 
SFL Corporation Ltd.   852    7,949 
Ichor Holdings Ltd.*   211    7,912 
Air Transport Services Group, Inc.*   417    7,869 
Apogee Enterprises, Inc.   163    7,738 
Astec Industries, Inc.   168    7,634 
CIRCOR International, Inc.*   135    7,621 
Ryerson Holding Corp.   167    7,244 
GrafTech International Ltd.   1,434    7,227 
TimkenSteel Corp.*   322    6,946 
Golden Ocean Group Ltd.   910    6,871 
Sturm Ruger & Company, Inc.   129    6,832 
Proto Labs, Inc.*   195    6,817 
Chase Corp.   56    6,788 
Benchmark Electronics, Inc.   262    6,767 
Teekay Tankers Ltd. — Class A   177    6,767 
FLEX LNG Ltd.   220    6,717 
Janus International Group, Inc.*   628    6,694 
Thermon Group Holdings, Inc.*   247    6,570 
Leonardo DRS, Inc.*   373    6,468 
Dorian LPG Ltd.   237    6,079 
MicroVision, Inc.*   1,308    5,991 
Triumph Group, Inc.*   477    5,901 
Enviri Corp.*   584    5,764 
Heartland Express, Inc.   347    5,694 
Li-Cycle Holdings Corp.*,1   1,020    5,661 
Nordic American Tankers Ltd.   1,518    5,571 
CryoPort, Inc.*   317    5,468 
Xometry, Inc. — Class A*   251    5,316 
Myers Industries, Inc.   270    5,246 
SmartRent, Inc.*   1,363    5,220 
Kaman Corp.   208    5,061 
nLight, Inc.*   326    5,027 
Evolv Technologies Holdings, Inc.*   833    4,998 
Kimball Electronics, Inc.*   177    4,891 
Mesa Laboratories, Inc.   38    4,883 
Gorman-Rupp Co.   169    4,872 
Manitowoc Company, Inc.*   258    4,858 
Eagle Bulk Shipping, Inc.1   101    4,852 
Archer Aviation, Inc. — Class A*   1,128    4,648 
Hyster-Yale Materials Handling, Inc.   80    4,467 
Bel Fuse, Inc. — Class B   77    4,421 
Smith & Wesson Brands, Inc.   338    4,408 
Heritage-Crystal Clean, Inc.*   116    4,384 
Genco Shipping & Trading Ltd.   311    4,363 
Insteel Industries, Inc.   139    4,326 
Powell Industries, Inc.   68    4,120 
Allied Motion Technologies, Inc.   102    4,074 
LSB Industries, Inc.*   407    4,009 
GoPro, Inc. — Class A*   957    3,962 
Great Lakes Dredge & Dock Corp.*   485    3,958 
DXP Enterprises, Inc.*   107    3,896 
Clearwater Paper Corp.*   124    3,884 
Astronics Corp.*   192    3,813 
Ardmore Shipping Corp.   304    3,754 
Argan, Inc.   94    3,705 
Stoneridge, Inc.*   196    3,695 
Ducommun, Inc.*   83    3,616 
Olympic Steel, Inc.   73    3,577 
IES Holdings, Inc.*   61    3,470 
Costamare, Inc.   358    3,462 
NVE Corp.   35    3,410 
Cadre Holdings, Inc.   144    3,139 
Aspen Aerogels, Inc.*   378    2,982 
Teekay Corp.*   493    2,978 
CECO Environmental Corp.*   220    2,939 
Greif, Inc. — Class B   38    2,935 
Luxfer Holdings plc   203    2,888 
National Presto Industries, Inc.   38    2,782 
AerSale Corp.*   189    2,778 
Covenant Logistics Group, Inc. — Class A   63    2,761 
NuScale Power Corp.*   396    2,693 
Babcock & Wilcox Enterprises, Inc.*   435    2,566 
Omega Flex, Inc.   24    2,491 
FARO Technologies, Inc.*   150    2,430 
LSI Industries, Inc.   193    2,424 
Bowman Consulting Group Ltd.*   74    2,359 
Tutor Perini Corp.*   314    2,245 
Pactiv Evergreen, Inc.   296    2,241 
Northwest Pipe Co.*   73    2,207 
Daseke, Inc.*   299    2,132 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Blink Charging Co.*,1   341   $2,043 
Park Aerospace Corp.   145    2,001 
Eastman Kodak Co.*   422    1,950 
Comtech Telecommunications Corp.   202    1,846 
Radiant Logistics, Inc.*   273    1,835 
Pangaea Logistics Solutions Ltd.   269    1,821 
Overseas Shipholding Group, Inc. — Class A*   427    1,781 
Safe Bulkers, Inc.   522    1,702 
Limbach Holdings, Inc.*   68    1,682 
Akoustis Technologies, Inc.*   511    1,625 
Pure Cycle Corp.*   145    1,595 
Concrete Pumping Holdings, Inc.*   192    1,542 
Ranpak Holdings Corp.*   321    1,451 
Universal Logistics Holdings, Inc.   50    1,440 
AMMO, Inc.*   667    1,421 
US Xpress Enterprises, Inc. — Class A*   229    1,406 
Eve Holding, Inc.*   134    1,404 
Turtle Beach Corp.*   116    1,351 
Sight Sciences, Inc.*   160    1,325 
Tredegar Corp.   195    1,301 
Core Molding Technologies, Inc.*   57    1,297 
Iteris, Inc.*   316    1,251 
PAM Transportation Services, Inc.*   46    1,231 
Gencor Industries, Inc.*   78    1,215 
Mistras Group, Inc.*   154    1,189 
Park-Ohio Holdings Corp.   62    1,178 
Himalaya Shipping Ltd.*   202    1,123 
SKYX Platforms Corp.*   420    1,117 
908 Devices, Inc.*   162    1,111 
Latham Group, Inc.*   287    1,065 
374Water, Inc.*   438    1,047 
LanzaTech Global, Inc.*   153    1,045 
Mayville Engineering Company, Inc.*   82    1,022 
ESS Tech, Inc.*   675    992 
Charge Enterprises, Inc.*   996    976 
Willis Lease Finance Corp.*   21    822 
Karat Packaging, Inc.   42    767 
Intevac, Inc.*   189    709 
Transphorm, Inc.*   200    680 
Berkshire Grey, Inc.*   468    660 
INNOVATE Corp.*   339    593 
NL Industries, Inc.   62    343 
Amprius Technologies, Inc.*   40    287 
Southland Holdings, Inc.*   28    230 
Redwire Corp.*   58    148 
Total Industrial        2,679,557 
Consumer, Cyclical - 8.0%          
Light & Wonder, Inc. — Class A*   676    46,482 
Asbury Automotive Group, Inc.*   160    38,467 
Meritage Homes Corp.   269    38,271 
Taylor Morrison Home Corp. — Class A*   778    37,943 
Fox Factory Holding Corp.*   316    34,289 
Beacon Roofing Supply, Inc.*   362    30,039 
Visteon Corp.*   208    29,871 
Academy Sports & Outdoors, Inc.   552    29,836 
Goodyear Tire & Rubber Co.*   2,083    28,495 
KB Home   548    28,337 
Hilton Grand Vacations, Inc.*   602    27,355 
Adient plc*   707    27,092 
Group 1 Automotive, Inc.   103    26,584 
FirstCash Holdings, Inc.   279    26,039 
Skyline Champion Corp.*   396    25,918 
International Game Technology plc   803    25,608 
Installed Building Products, Inc.   175    24,528 
Tri Pointe Homes, Inc.*   734    24,119 
LCI Industries   183    23,124 
Shake Shack, Inc. — Class A*   279    21,684 
JetBlue Airways Corp.*   2,446    21,671 
Signet Jewelers Ltd.   330    21,536 
GMS, Inc.*   308    21,314 
Topgolf Callaway Brands Corp.*   1,065    21,140 
LGI Homes, Inc.*   154    20,773 
MDC Holdings, Inc.   434    20,298 
Cavco Industries, Inc.*   65    19,175 
Resideo Technologies, Inc.*   1,084    19,143 
Papa John's International, Inc.   258    19,048 
Rush Enterprises, Inc. — Class A   307    18,647 
Boot Barn Holdings, Inc.*   220    18,632 
Carvana Co.*   710    18,403 
Steven Madden Ltd.   557    18,208 
Bloomin' Brands, Inc.   648    17,425 
M/I Homes, Inc.*   199    17,351 
Kontoor Brands, Inc.   412    17,345 
UniFirst Corp.   111    17,206 
SeaWorld Entertainment, Inc.*   295    16,523 
Red Rock Resorts, Inc. — Class A   352    16,467 
Foot Locker, Inc.   607    16,456 
Dana, Inc.   965    16,405 
Century Communities, Inc.   210    16,090 
American Eagle Outfitters, Inc.   1,352    15,954 
Urban Outfitters, Inc.*   472    15,638 
Dorman Products, Inc.*   195    15,372 
Sonos, Inc.*   940    15,350 
Cracker Barrel Old Country Store, Inc.   163    15,188 
Jack in the Box, Inc.   154    15,020 
Allegiant Travel Co. — Class A*   117    14,775 
Winnebago Industries, Inc.   219    14,605 
SkyWest, Inc.*   357    14,537 
Dave & Buster's Entertainment, Inc.*   321    14,304 
PriceSmart, Inc.   191    14,145 
XPEL, Inc.*   167    14,065 
National Vision Holdings, Inc.*   575    13,967 
Spirit Airlines, Inc.   812    13,934 
Six Flags Entertainment Corp.*   534    13,873 
Luminar Technologies, Inc.*,1   2,014    13,856 
Gentherm, Inc.*   245    13,845 
Abercrombie & Fitch Co. — Class A*   361    13,602 
Cinemark Holdings, Inc.*   813    13,415 
Patrick Industries, Inc.   158    12,640 
Acushnet Holdings Corp.   231    12,631 
Cheesecake Factory, Inc.   359    12,414 
Leslie's, Inc.*   1,314    12,338 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Nu Skin Enterprises, Inc. — Class A   369   $12,251 
Veritiv Corp.   97    12,184 
OPENLANE, Inc.*   799    12,161 
ODP Corp.*   254    11,892 
Brinker International, Inc.*   324    11,858 
Hanesbrands, Inc.   2,604    11,822 
Vista Outdoor, Inc.*   417    11,538 
Green Brick Partners, Inc.*   195    11,076 
Liberty Media Corporation-Liberty Braves — Class C*   277    10,975 
Oxford Industries, Inc.   111    10,925 
H&E Equipment Services, Inc.   238    10,889 
Madison Square Garden Entertainment Corp.*   320    10,758 
Sally Beauty Holdings, Inc.*   794    9,806 
HNI Corp.   342    9,637 
indie Semiconductor, Inc. — Class A*   1,019    9,579 
Camping World Holdings, Inc. — Class A1   309    9,301 
La-Z-Boy, Inc.   321    9,193 
iRobot Corp.*   203    9,186 
Sweetgreen, Inc. — Class A*   715    9,166 
Everi Holdings, Inc.*   624    9,023 
Wabash National Corp.   351    9,000 
Dillard's, Inc. — Class A   27    8,810 
Malibu Boats, Inc. — Class A*   150    8,799 
Methode Electronics, Inc.   261    8,749 
Wolverine World Wide, Inc.   575    8,447 
MillerKnoll, Inc.   562    8,306 
Fisker, Inc.*,1   1,451    8,184 
Buckle, Inc.   226    7,820 
Warby Parker, Inc. — Class A*   627    7,330 
Virgin Galactic Holdings, Inc.*,1   1,868    7,248 
Lions Gate Entertainment Corp. — Class B*   856    7,148 
Portillo's, Inc. — Class A*   314    7,074 
Monarch Casino & Resort, Inc.   100    7,045 
Winmark Corp.   21    6,982 
American Axle & Manufacturing Holdings, Inc.*   844    6,980 
Dine Brands Global, Inc.   116    6,731 
Aurora Innovation, Inc.*   2,249    6,612 
OneSpaWorld Holdings Ltd.*   540    6,534 
Life Time Group Holdings, Inc.*   330    6,491 
Sun Country Airlines Holdings, Inc.*   279    6,272 
Golden Entertainment, Inc.*   150    6,270 
MRC Global, Inc.*   621    6,253 
Clean Energy Fuels Corp.*   1,255    6,225 
Beazer Homes USA, Inc.*   218    6,167 
Caleres, Inc.   257    6,150 
BlueLinx Holdings, Inc.*   65    6,096 
Nikola Corp.*,1   4,390    6,058 
G-III Apparel Group Ltd.*   312    6,012 
Standard Motor Products, Inc.   157    5,891 
Sovos Brands, Inc.*   294    5,751 
IMAX Corp.*   332    5,641 
Shyft Group, Inc.   255    5,625 
Sonic Automotive, Inc. — Class A   116    5,530 
ScanSource, Inc.*   186    5,498 
Chuy's Holdings, Inc.*   134    5,470 
MarineMax, Inc.*   158    5,397 
BJ's Restaurants, Inc.*   168    5,342 
Sphere Entertainment Co.*   193    5,286 
A-Mark Precious Metals, Inc.   141    5,278 
Steelcase, Inc. — Class A   652    5,027 
Douglas Dynamics, Inc.   167    4,990 
Denny's Corp.*   404    4,977 
Arko Corp.   609    4,842 
Chico's FAS, Inc.*   902    4,826 
Franchise Group, Inc.   168    4,811 
RCI Hospitality Holdings, Inc.   63    4,787 
Ethan Allen Interiors, Inc.   169    4,779 
Titan Machinery, Inc.*   152    4,484 
Titan International, Inc.*   388    4,454 
Dream Finders Homes, Inc. — Class A*   179    4,402 
VSE Corp.   79    4,321 
Sleep Number Corp.*   158    4,310 
America's Car-Mart, Inc.*   43    4,290 
Accel Entertainment, Inc.*   399    4,213 
Guess?, Inc.   213    4,143 
Xperi, Inc.*   312    4,103 
Hawaiian Holdings, Inc.*   377    4,060 
Kura Sushi USA, Inc. — Class A*   43    3,997 
MasterCraft Boat Holdings, Inc.*   130    3,985 
PC Connection, Inc.   85    3,833 
Lions Gate Entertainment Corp. — Class A*   431    3,806 
Vizio Holding Corp. — Class A*   561    3,787 
Interface, Inc. — Class A   424    3,727 
Designer Brands, Inc. — Class A   365    3,686 
Hovnanian Enterprises, Inc. — Class A*   36    3,572 
Bally's Corp.*   218    3,392 
Hibbett, Inc.   93    3,375 
Haverty Furniture Companies, Inc.   108    3,264 
Xponential Fitness, Inc. — Class A*   183    3,157 
Rush Enterprises, Inc. — Class B   46    3,131 
Hudson Technologies, Inc.*   324    3,117 
REV Group, Inc.   234    3,103 
OneWater Marine, Inc. — Class A*   85    3,080 
Forestar Group, Inc.*   136    3,067 
Movado Group, Inc.   113    3,032 
Liberty Media Corporation-Liberty Braves — Class A*   74    3,028 
Super Group SGHC Ltd.*   1,009    2,926 
Blue Bird Corp.*   130    2,922 
Shoe Carnival, Inc.   124    2,911 
Solid Power, Inc.*   1,146    2,911 
Miller Industries, Inc.   82    2,909 
Bluegreen Vacations Holding Corp.   80    2,852 
Lindblad Expeditions Holdings, Inc.*   259    2,818 
Lovesac Co.*   104    2,803 
Funko, Inc. — Class A*   257    2,781 
Frontier Group Holdings, Inc.*   282    2,727 
Global Industrial Co.   97    2,694 
Marcus Corp.   179    2,655 
Commercial Vehicle Group, Inc.*   238    2,642 
Bowlero Corp.*   217    2,526 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Johnson Outdoors, Inc. — Class A   40   $2,458 
SES AI Corp.*   923    2,252 
Genesco, Inc.*   89    2,229 
EVgo, Inc.*,1   530    2,120 
Destination XL Group, Inc.*   431    2,112 
Build-A-Bear Workshop, Inc. — Class A   98    2,099 
PetMed Express, Inc.   152    2,096 
Children's Place, Inc.*   88    2,042 
TuSimple Holdings, Inc. — Class A*   1,221    2,027 
Clarus Corp.   216    1,974 
Zumiez, Inc.*   118    1,966 
Proterra, Inc.*,1   1,637    1,964 
First Watch Restaurant Group, Inc.*   112    1,893 
El Pollo Loco Holdings, Inc.   212    1,859 
Big Lots, Inc.   210    1,854 
Daktronics, Inc.*   289    1,850 
Hyliion Holdings Corp.*   1,091    1,822 
Cooper-Standard Holdings, Inc.*   125    1,782 
Global Business Travel Group I*   239    1,728 
Potbelly Corp.*   193    1,695 
Full House Resorts, Inc.*   243    1,628 
Red Robin Gourmet Burgers, Inc.*   117    1,618 
Sportsman's Warehouse Holdings, Inc.*   280    1,596 
Holley, Inc.*   390    1,595 
Snap One Holdings Corp.*   135    1,573 
Hooker Furnishings Corp.   81    1,511 
GrowGeneration Corp.*   435    1,479 
Big 5 Sporting Goods Corp.   159    1,456 
Rush Street Interactive, Inc.*   466    1,454 
Century Casinos, Inc.*   203    1,441 
Carrols Restaurant Group, Inc.*   272    1,371 
Purple Innovation, Inc.   475    1,321 
ThredUp, Inc. — Class A*   531    1,296 
VOXX International Corp. — Class A*   103    1,285 
Microvast Holdings, Inc.*   777    1,243 
Vera Bradley, Inc.*   194    1,240 
ONE Group Hospitality, Inc.*   162    1,186 
Tile Shop Holdings, Inc.*   213    1,180 
Weyco Group, Inc.   44    1,174 
Tilly's, Inc. — Class A*   166    1,164 
Traeger, Inc.*   260    1,105 
Rocky Brands, Inc.   52    1,092 
Lazydays Holdings, Inc.*   94    1,087 
Workhorse Group, Inc.*   1,227    1,069 
JAKKS Pacific, Inc.*   53    1,058 
Marine Products Corp.   62    1,045 
Fiesta Restaurant Group, Inc.*   131    1,040 
Cato Corp. — Class A   129    1,036 
Noodles & Co.*   297    1,004 
Escalade, Inc.   74    988 
Biglari Holdings, Inc. — Class B*   5    986 
Livewire Group, Inc.*   82    968 
Landsea Homes Corp.*   99    925 
Fossil Group, Inc.*   352    905 
Reservoir Media, Inc.*   147    885 
EVI Industries, Inc.*   35    770 
Aeva Technologies, Inc.*   588    735 
J Jill, Inc.*   34    729 
Loop Media, Inc.*   270    645 
Duluth Holdings, Inc. — Class B*   100    628 
United Homes Group, Inc.*   46    513 
Envela Corp.*   56    412 
Torrid Holdings, Inc.*   89    250 
CompX International, Inc.   11    240 
Liberty TripAdvisor Holdings, Inc. — Class B*   4    187 
Dragonfly Energy Holdings Corp.*   113    167 
Qurate Retail, Inc. — Class B*   10    83 
Total Consumer, Cyclical        2,076,747 
Technology - 7.8%          
Super Micro Computer, Inc.*   344    85,497 
SPS Commerce, Inc.*   272    52,240 
Rambus, Inc.*   807    51,785 
Axcelis Technologies, Inc.*   241    44,182 
Onto Innovation, Inc.*   362    42,162 
Power Integrations, Inc.   420    39,761 
Maximus, Inc.   450    38,029 
Silicon Laboratories, Inc.*   235    37,069 
Workiva, Inc.*   362    36,801 
Tenable Holdings, Inc.*   845    36,800 
ExlService Holdings, Inc.*   239    36,103 
Qualys, Inc.*   275    35,522 
Insight Enterprises, Inc.*   212    31,024 
Diodes, Inc.*   334    30,892 
Box, Inc. — Class A*   1,043    30,643 
Duolingo, Inc.*   212    30,303 
Altair Engineering, Inc. — Class A*   397    30,108 
MicroStrategy, Inc. — Class A*,1   82    28,078 
MACOM Technology Solutions Holdings, Inc.*   402    26,343 
Synaptics, Inc.*   292    24,931 
Evolent Health, Inc. — Class A*   814    24,664 
Appfolio, Inc. — Class A*   142    24,444 
Kulicke & Soffa Industries, Inc.   411    24,434 
CommVault Systems, Inc.*   330    23,965 
Blackbaud, Inc.*   322    22,920 
Ambarella, Inc.*   270    22,591 
Amkor Technology, Inc.   758    22,550 
Blackline, Inc.*   417    22,443 
Envestnet, Inc.*   371    22,019 
Varonis Systems, Inc.*   804    21,427 
Freshworks, Inc. — Class A*   1,199    21,078 
Verra Mobility Corp.*   1,033    20,371 
Schrodinger Incorporated/United States*   403    20,118 
Rapid7, Inc.*   444    20,104 
FormFactor, Inc.*   571    19,540 
DigitalOcean Holdings, Inc.*   469    18,826 
Progress Software Corp.   322    18,708 
ACI Worldwide, Inc.*   802    18,582 
MaxLinear, Inc. — Class A*   552    17,421 
Verint Systems, Inc.*   468    16,408 
Sprout Social, Inc. — Class A*   353    16,294 
ACV Auctions, Inc. — Class A*   940    16,234 
IonQ, Inc.*   1,189    16,087 
C3.ai, Inc. — Class A*,1   434    15,811 
NetScout Systems, Inc.*   505    15,630 
Impinj, Inc.*   170    15,240 
SiTime Corp.*   127    14,982 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Parsons Corp.*   305   $14,683 
Appian Corp. — Class A*   304    14,470 
Cohu, Inc.*   345    14,338 
Clear Secure, Inc. — Class A   617    14,296 
PagerDuty, Inc.*   631    14,185 
Fastly, Inc. — Class A*   877    13,830 
Privia Health Group, Inc.*   500    13,055 
Asana, Inc. — Class A*   588    12,960 
Ultra Clean Holdings, Inc.*   329    12,653 
Xerox Holdings Corp.   849    12,642 
CSG Systems International, Inc.   231    12,183 
Semtech Corp.*   473    12,043 
Phreesia, Inc.*   378    11,722 
Photronics, Inc.*   452    11,657 
AvidXchange Holdings, Inc.*   1,105    11,470 
Braze, Inc. — Class A*,1   255    11,166 
SMART Global Holdings, Inc.*   357    10,357 
Digi International, Inc.*   260    10,241 
PDF Solutions, Inc.*   227    10,238 
PROS Holdings, Inc.*   331    10,195 
Agilysys, Inc.*   148    10,159 
Jamf Holding Corp.*   517    10,092 
Veradigm, Inc.*   798    10,055 
Zuora, Inc. — Class A*   915    10,038 
Apollo Medical Holdings, Inc.*   317    10,017 
Model N, Inc.*   276    9,759 
Veeco Instruments, Inc.*   376    9,656 
3D Systems Corp.*   943    9,364 
Yext, Inc.*   792    8,958 
Cerence, Inc.*   298    8,711 
Adeia, Inc.   791    8,709 
Zeta Global Holdings Corp. — Class A*   993    8,480 
Donnelley Financial Solutions, Inc.*   183    8,332 
E2open Parent Holdings, Inc.*   1,475    8,260 
Everbridge, Inc.*   301    8,097 
Outset Medical, Inc.*   365    7,983 
Navitas Semiconductor Corp.*   755    7,958 
PowerSchool Holdings, Inc. — Class A*   415    7,943 
Aehr Test Systems*,1   191    7,879 
N-able, Inc.*   517    7,450 
ForgeRock, Inc. — Class A*   349    7,168 
EngageSmart, Inc.*   359    6,853 
AvePoint, Inc.*   1,134    6,532 
Digital Turbine, Inc.*   700    6,496 
NextGen Healthcare, Inc.*   400    6,488 
PAR Technology Corp.*   197    6,487 
Avid Technology, Inc.*   252    6,426 
Sapiens International Corporation N.V.   227    6,038 
PubMatic, Inc. — Class A*   320    5,850 
Matterport, Inc.*   1,855    5,843 
Alpha & Omega Semiconductor Ltd.*   171    5,609 
Amplitude, Inc. — Class A*   501    5,511 
Thoughtworks Holding, Inc.*   685    5,172 
Health Catalyst, Inc.*   413    5,162 
Simulations Plus, Inc.   117    5,070 
Integral Ad Science Holding Corp.*   279    5,016 
BigCommerce Holdings, Inc.*   497    4,945 
Olo, Inc. — Class A*   765    4,942 
Ebix, Inc.   195    4,914 
TTEC Holdings, Inc.   144    4,873 
Intapp, Inc.*   116    4,862 
Corsair Gaming, Inc.*   273    4,843 
Alkami Technology, Inc.*   292    4,786 
SoundHound AI, Inc. — Class A*   1,035    4,709 
ACM Research, Inc. — Class A*   356    4,656 
Vimeo, Inc.*   1,126    4,639 
Pitney Bowes, Inc.   1,298    4,595 
Consensus Cloud Solutions, Inc.*   147    4,557 
Planet Labs PBC*   1,411    4,543 
CEVA, Inc.*   172    4,395 
OneSpan, Inc.*   296    4,393 
Conduent, Inc.*   1,273    4,328 
Cricut, Inc. — Class A   354    4,319 
MeridianLink, Inc.*   194    4,035 
Sharecare, Inc.*   2,280    3,990 
SolarWinds Corp.*   377    3,868 
Grid Dynamics Holdings, Inc.*   410    3,792 
Definitive Healthcare Corp.*   334    3,674 
Desktop Metal, Inc. — Class A*   2,074    3,671 
Instructure Holdings, Inc.*   144    3,623 
Alignment Healthcare, Inc.*   629    3,617 
8x8, Inc.*   837    3,541 
Mitek Systems, Inc.*   316    3,425 
Vishay Precision Group, Inc.*   92    3,418 
Cantaloupe, Inc.*   424    3,375 
Domo, Inc. — Class B*   227    3,328 
Expensify, Inc. — Class A*   408    3,256 
Playstudios, Inc.*   633    3,108 
Digimarc Corp.*   105    3,091 
Daily Journal Corp.*   10    2,893 
Weave Communications, Inc.*   243    2,700 
Computer Programs and Systems, Inc.*   106    2,617 
American Software, Inc. — Class A   236    2,480 
Bandwidth, Inc. — Class A*   173    2,367 
Inspired Entertainment, Inc.*   160    2,354 
Vuzix Corp.*,1   436    2,224 
SEMrush Holdings, Inc. — Class A*   232    2,220 
Enfusion, Inc. — Class A*   189    2,121 
LivePerson, Inc.*   469    2,120 
Innodata, Inc.*   186    2,107 
inTEST Corp.*   79    2,074 
EverCommerce, Inc.*   173    2,048 
ON24, Inc.   242    1,965 
Unisys Corp.*   492    1,958 
Rimini Street, Inc.*   361    1,729 
IBEX Holdings Ltd.*   81    1,720 
Asure Software, Inc.*   140    1,702 
Red Violet, Inc.*   82    1,687 
Immersion Corp.   231    1,635 
Rackspace Technology, Inc.*   583    1,586 
Cardlytics, Inc.*   250    1,580 
PlayAGS, Inc.*   273    1,542 
Outbrain, Inc.*   303    1,491 
Climb Global Solutions, Inc.   31    1,484 
Richardson Electronics Ltd.   88    1,452 
Velo3D, Inc.*   658    1,421 
Atomera, Inc.*   157    1,377 
CS Disco, Inc.*   167    1,373 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
CoreCard Corp.*   54   $1,369 
Kaltura, Inc.*   614    1,302 
Brightcove, Inc.*   319    1,279 
HireRight Holdings Corp.*   111    1,255 
SkyWater Technology, Inc.*   130    1,225 
eGain Corp.*   158    1,183 
NextNav, Inc.*   400    1,176 
Tingo Group, Inc.*   903    1,093 
System1, Inc.*   183    824 
Veritone, Inc.*   194    760 
Skillsoft Corp.*   592    734 
Viant Technology, Inc. — Class A*   106    489 
BigBear.ai Holdings, Inc.*   199    468 
LiveVox Holdings, Inc.*   165    454 
CXApp, Inc.*   14    153 
Presto Automation, Inc.*   24    125 
Total Technology        2,029,196 
Energy - 4.7%          
Chord Energy Corp.   310    47,678 
ChampionX Corp.   1,472    45,691 
Matador Resources Co.   838    43,844 
Murphy Oil Corp.   1,100    42,130 
Civitas Resources, Inc.   512    35,517 
PBF Energy, Inc. — Class A   861    35,249 
Weatherford International plc*   527    35,003 
Noble Corporation plc*   796    32,883 
Shoals Technologies Group, Inc. — Class A*   1,269    32,436 
Denbury, Inc.*   372    32,089 
Equitrans Midstream Corp.   3,232    30,898 
Valaris Ltd.*   454    28,570 
Magnolia Oil & Gas Corp. — Class A   1,356    28,340 
SM Energy Co.   888    28,087 
Helmerich & Payne, Inc.   743    26,339 
Array Technologies, Inc.*   1,121    25,335 
California Resources Corp.   531    24,049 
CNX Resources Corp.*   1,208    21,406 
Permian Resources Corp.   1,881    20,616 
Kosmos Energy Ltd.*   3,377    20,228 
Peabody Energy Corp.   922    19,971 
Tidewater, Inc.*   351    19,459 
Northern Oil and Gas, Inc.   556    19,082 
Patterson-UTI Energy, Inc.   1,534    18,362 
CONSOL Energy, Inc.   251    17,020 
Liberty Energy, Inc. — Class A   1,265    16,913 
Callon Petroleum Co.*   453    15,887 
Alpha Metallurgical Resources, Inc.   96    15,779 
Sitio Royalties Corp. — Class A   597    15,683 
Seadrill Ltd.*   374    15,435 
Arch Resources, Inc.   135    15,223 
Warrior Met Coal, Inc.   383    14,918 
Oceaneering International, Inc.*   743    13,894 
Green Plains, Inc.*   430    13,863 
Sunnova Energy International, Inc.*,1   747    13,677 
NexTier Oilfield Solutions, Inc.*   1,439    12,865 
Borr Drilling Ltd.*   1,692    12,741 
Delek US Holdings, Inc.   492    11,783 
Expro Group Holdings N.V.*   652    11,553 
Talos Energy, Inc.*   827    11,471 
Par Pacific Holdings, Inc.*   409    10,884 
Diamond Offshore Drilling, Inc.*   753    10,723 
Archrock, Inc.   1,029    10,547 
NOW, Inc.*   812    8,412 
Core Laboratories, Inc.   347    8,068 
Comstock Resources, Inc.   680    7,888 
Helix Energy Solutions Group, Inc.*   1,064    7,852 
Gulfport Energy Corp.*   74    7,775 
Fluence Energy, Inc.*   291    7,752 
US Silica Holdings, Inc.*   558    6,769 
CVR Energy, Inc.   219    6,561 
FuelCell Energy, Inc.*,1   3,029    6,543 
SunPower Corp. — Class A*   646    6,331 
Nabors Industries Ltd.*   68    6,326 
Earthstone Energy, Inc. — Class A*   422    6,030 
Stem, Inc.*   1,053    6,023 
ProPetro Holding Corp.*   729    6,007 
Dril-Quip, Inc.*   252    5,864 
Vital Energy, Inc.*   125    5,644 
Tellurian, Inc.*   3,943    5,560 
Maxeon Solar Technologies Ltd.*   187    5,266 
Select Water Solutions, Inc. — Class A   630    5,103 
Bristow Group, Inc.*   175    5,028 
SunCoke Energy, Inc.   618    4,864 
RPC, Inc.   629    4,497 
Kinetik Holdings, Inc. — Class A   127    4,463 
Vitesse Energy, Inc.   185    4,144 
REX American Resources Corp.*   115    4,003 
Berry Corp.   564    3,880 
SilverBow Resources, Inc.*   131    3,815 
Montauk Renewables, Inc.*   493    3,668 
SandRidge Energy, Inc.   236    3,599 
Oil States International, Inc.*   466    3,481 
Eos Energy Enterprises, Inc.*   796    3,455 
TPI Composites, Inc.*   310    3,215 
TETRA Technologies, Inc.*   927    3,133 
Vertex Energy, Inc.*   499    3,119 
VAALCO Energy, Inc.   797    2,997 
Crescent Energy Co. — Class A   283    2,949 
Newpark Resources, Inc.*   562    2,939 
W&T Offshore, Inc.*   727    2,813 
Excelerate Energy, Inc. — Class A   134    2,724 
Gevo, Inc.*   1,729    2,628 
DMC Global, Inc.*   144    2,557 
Enviva, Inc.   231    2,506 
Cleanspark, Inc.*   566    2,428 
Riley Exploration Permian, Inc.   65    2,322 
Aris Water Solutions, Inc. — Class A   221    2,281 
Eneti, Inc.   182    2,204 
Atlas Energy Solutions, Inc. — Class A   120    2,083 
ProFrac Holding Corp. — Class A*   179    1,998 
Solaris Oilfield Infrastructure, Inc. — Class A   238    1,983 
Energy Vault Holdings, Inc.*   725    1,979 
Evolution Petroleum Corp.   233    1,880 
Forum Energy Technologies, Inc.*   73    1,868 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
NextDecade Corp.*   227   $1,864 
Amplify Energy Corp.*   268    1,814 
FutureFuel Corp.   193    1,708 
Ring Energy, Inc.*   887    1,517 
Hallador Energy Co.*   169    1,448 
Ramaco Resources, Inc. — Class A   167    1,409 
Granite Ridge Resources, Inc.   192    1,273 
Ranger Energy Services, Inc.*   115    1,178 
NACCO Industries, Inc. — Class A   31    1,074 
KLX Energy Services Holdings, Inc.*   94    915 
HighPeak Energy, Inc.   79    860 
Mammoth Energy Services, Inc.*   172    831 
Empire Petroleum Corp.*   75    683 
PrimeEnergy Resources Corp.*   5    460 
Ramaco Resources, Inc. — Class B*   33    354 
Verde Clean Fuels, Inc.*   32    208 
Total Energy        1,218,994 
Communications - 2.5%          
TEGNA, Inc.   1,658    26,926 
Ziff Davis, Inc.*   348    24,381 
Extreme Networks, Inc.*   933    24,305 
Calix, Inc.*   436    21,761 
Cogent Communications Holdings, Inc.   320    21,533 
Perficient, Inc.*   254    21,166 
InterDigital, Inc.   200    19,310 
Viavi Solutions, Inc.*   1,654    18,740 
Yelp, Inc. — Class A*   498    18,132 
DigitalBridge Group, Inc.   1,197    17,608 
Lumen Technologies, Inc.   7,455    16,848 
Cargurus, Inc.*   724    16,384 
Opendoor Technologies, Inc.*   4,037    16,229 
Magnite, Inc.*   990    13,514 
Harmonic, Inc.*   815    13,178 
Q2 Holdings, Inc.*   421    13,009 
Bumble, Inc. — Class A*   749    12,568 
Credo Technology Group Holding Ltd.*   722    12,519 
ePlus, Inc.*   197    11,091 
Overstock.com, Inc.*   334    10,878 
Squarespace, Inc. — Class A*   330    10,408 
Cars.com, Inc.*   492    9,751 
Liberty Latin America Ltd. — Class C*   1,064    9,172 
Sprinklr, Inc. — Class A*   643    8,893 
Shutterstock, Inc.   182    8,858 
CommScope Holding Company, Inc.*   1,533    8,631 
Upwork, Inc.*   915    8,546 
Hims & Hers Health, Inc.*   904    8,498 
Gogo, Inc.*   490    8,335 
Scholastic Corp.   212    8,245 
Figs, Inc. — Class A*   945    7,815 
Open Lending Corp. — Class A*   736    7,735 
A10 Networks, Inc.   522    7,616 
Infinera Corp.*   1,475    7,124 
Shenandoah Telecommunications Co.   359    6,975 
ADTRAN Holdings, Inc.   577    6,076 
Telephone & Data Systems, Inc.   732    6,024 
TechTarget, Inc.*   193    6,008 
Stagwell, Inc.*   800    5,768 
Thryv Holdings, Inc.*   229    5,633 
Globalstar, Inc.*   5,105    5,513 
Eventbrite, Inc. — Class A*   572    5,463 
Revolve Group, Inc.*   303    4,969 
Gray Television, Inc.   612    4,823 
Clearfield, Inc.*   97    4,593 
HealthStream, Inc.   181    4,445 
EchoStar Corp. — Class A*   249    4,318 
Anterix, Inc.*   136    4,310 
EW Scripps Co. — Class A*   440    4,026 
Couchbase, Inc.*   251    3,971 
Clear Channel Outdoor Holdings, Inc.*   2,743    3,758 
Sinclair, Inc.   260    3,593 
Nextdoor Holdings, Inc.*   1,076    3,508 
QuinStreet, Inc.*   384    3,391 
Rover Group, Inc.*   687    3,373 
Boston Omaha Corp. — Class A*   171    3,218 
WideOpenWest, Inc.*   380    3,207 
fuboTV, Inc.*   1,505    3,130 
Mondee Holdings, Inc.*,1   336    2,994 
NETGEAR, Inc.*   211    2,988 
IDT Corp. — Class B*   115    2,973 
ATN International, Inc.   81    2,965 
Liquidity Services, Inc.*   175    2,888 
Preformed Line Products Co.   18    2,810 
iHeartMedia, Inc. — Class A*   759    2,763 
AMC Networks, Inc. — Class A*   229    2,736 
Aviat Networks, Inc.*   82    2,736 
Ooma, Inc.*   176    2,635 
Quotient Technology, Inc.*   669    2,569 
Stitch Fix, Inc. — Class A*   624    2,402 
Gannett Company, Inc.*   1,067    2,401 
Liberty Latin America Ltd. — Class A*   268    2,345 
Luna Innovations, Inc.*   238    2,170 
AST SpaceMobile, Inc.*   448    2,106 
Consolidated Communications Holdings, Inc.*   549    2,103 
Tucows, Inc. — Class A*   73    2,025 
MediaAlpha, Inc. — Class A*   191    1,969 
Entravision Communications Corp. — Class A   445    1,954 
BlackSky Technology, Inc.*,1   874    1,940 
Nerdy, Inc.*   438    1,826 
Ribbon Communications, Inc.*   649    1,811 
OptimizeRx Corp.*   123    1,758 
Spok Holdings, Inc.   131    1,741 
Blade Air Mobility, Inc.*   433    1,706 
Grindr, Inc.*   303    1,676 
CarParts.com, Inc.*   393    1,670 
1-800-Flowers.com, Inc. — Class A*   193    1,505 
Advantage Solutions, Inc.*   642    1,502 
Vivid Seats, Inc. — Class A*   188    1,489 
Cambium Networks Corp.*   90    1,370 
KVH Industries, Inc.*   139    1,270 
DHI Group, Inc.*   322    1,233 
BARK, Inc.*   809    1,076 
ContextLogic, Inc. — Class A*   163    1,073 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
Townsquare Media, Inc. — Class A   86   $1,024 
EverQuote, Inc. — Class A*   157    1,021 
Terran Orbital Corp.*,1   630    945 
Solo Brands, Inc. — Class A*   162    917 
Allbirds, Inc. — Class A*   703    886 
Lands' End, Inc.*   111    861 
Gambling.com Group Ltd.*   79    809 
DZS, Inc.*   161    639 
Urban One, Inc.*   93    558 
Urban One, Inc.*   61    365 
Value Line, Inc.   6    275 
Total Communications        663,278 
Basic Materials - 2.5%          
Commercial Metals Co.   867    45,656 
ATI, Inc.*   954    42,195 
Livent Corp.*   1,335    36,619 
Balchem Corp.   237    31,950 
HB Fuller Co.   400    28,604 
Cabot Corp.   410    27,425 
Avient Corp.   669    27,362 
Hecla Mining Co.   4,444    22,887 
Sensient Technologies Corp.   311    22,121 
Arconic Corp.*   732    21,653 
Rogers Corp.*   128    20,727 
Quaker Chemical Corp.   103    20,075 
Carpenter Technology Corp.   356    19,982 
Innospec, Inc.   185    18,581 
Constellium SE*   937    16,116 
Ingevity Corp.*   277    16,110 
Stepan Co.   158    15,098 
Minerals Technologies, Inc.   241    13,903 
Tronox Holdings plc — Class A   866    11,007 
Sylvamo Corp.   269    10,881 
Uranium Energy Corp.*   2,721    9,251 
Orion S.A.   415    8,806 
Compass Minerals International, Inc.   253    8,602 
Kaiser Aluminum Corp.   118    8,454 
Ecovyst, Inc.*   704    8,068 
Piedmont Lithium, Inc.*   133    7,675 
Energy Fuels, Inc.*   1,162    7,251 
Novagold Resources, Inc.*   1,789    7,138 
Perimeter Solutions S.A.*   1,159    7,128 
AdvanSix, Inc.   196    6,856 
Hawkins, Inc.   143    6,820 
Coeur Mining, Inc.*   2,364    6,714 
Mativ Holdings, Inc.   403    6,093 
Lightwave Logic, Inc.*   848    5,911 
Schnitzer Steel Industries, Inc. — Class A   191    5,728 
Ivanhoe Electric Incorporated / US*   413    5,386 
Koppers Holdings, Inc.   149    5,081 
Diversey Holdings Ltd.*,1   582    4,883 
Haynes International, Inc.   92    4,676 
American Vanguard Corp.   200    3,574 
Century Aluminum Co.*   389    3,392 
Origin Materials, Inc.*   784    3,340 
Trinseo plc   259    3,282 
i-80 Gold Corp.*   1,428    3,213 
United States Lime & Minerals, Inc.   15    3,133 
Centrus Energy Corp. — Class A*   91    2,963 
Encore Energy Corp.*   1,047    2,523 
Oil-Dri Corporation of America   36    2,124 
Rayonier Advanced Materials, Inc.*   472    2,020 
Intrepid Potash, Inc.*   79    1,793 
Amyris, Inc.*   1,624    1,673 
Danimer Scientific, Inc.*   649    1,545 
Kronos Worldwide, Inc.   163    1,423 
Caledonia Mining Corporation plc   121    1,406 
Codexis, Inc.*   493    1,380 
Dakota Gold Corp.*   398    1,162 
Perpetua Resources Corp.*   279    1,024 
Glatfelter Corp.*   327    988 
5E Advanced Materials, Inc.*   291    955 
Contango ORE, Inc.*   28    713 
Terawulf, Inc.*   372    651 
Valhi, Inc.   18    231 
PolyMet Mining Corp.*   253    200 
NioCorp Developments Ltd.*   14    70 
Total Basic Materials        644,251 
Utilities - 2.0%          
New Jersey Resources Corp.   719    33,937 
Portland General Electric Co.   719    33,671 
Brookfield Infrastructure Corp. — Class A   730    33,273 
Ormat Technologies, Inc.   396    31,862 
ONE Gas, Inc.   408    31,339 
Black Hills Corp.   493    29,708 
Southwest Gas Holdings, Inc.   457    29,088 
PNM Resources, Inc.   634    28,593 
NorthWestern Corp.   445    25,258 
ALLETE, Inc.   428    24,811 
Spire, Inc.   381    24,171 
Otter Tail Corp.   305    24,083 
American States Water Co.   274    23,838 
Avista Corp.   558    21,913 
California Water Service Group   415    21,426 
MGE Energy, Inc.   270    21,360 
SJW Group   229    16,055 
Chesapeake Utilities Corp.   129    15,351 
Ameresco, Inc. — Class A*   238    11,574 
Northwest Natural Holding Co.   266    11,451 
Middlesex Water Co.   130    10,486 
Unitil Corp.   118    5,984 
York Water Co.   105    4,333 
Artesian Resources Corp. — Class A   62    2,928 
Consolidated Water Company Ltd.   111    2,690 
Altus Power, Inc.*   472    2,549 
Genie Energy Ltd. — Class B   146    2,064 
FTC Solar, Inc.*   470    1,513 
RGC Resources, Inc.   59    1,182 
Global Water Resources, Inc.   84    1,065 
Total Utilities        527,556 
Government - 0.0%          
Banco Latinoamericano de Comercio Exterior S.A. — Class E   203    4,478 
Total Common Stocks          
(Cost $19,362,411)        17,723,498 

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
RIGHTS††† - 0.0%          
Consumer, Non-cyclical - 0.0%          
Oncternal Therapeutics, Inc.*   7   $ 
Tobira Therapeutics, Inc.*   141     
Total Consumer, Non-cyclical         
Total Rights          
(Cost $104)         
           
EXCHANGE-TRADED FUNDS- 9.1%          
Vanguard Russell 2000 ETF1   15,743    1,190,486 
iShares Russell 2000 Index ETF   6,356    1,190,288 
Total Exchange-Traded Funds          
(Cost $2,799,130)        2,380,774 
           
   Face
Amount
     
U.S. TREASURY BILLS†† - 0.1%          
U.S. Treasury Bills          
5.11% due 07/18/232,3  $19,000    18,960 
Total U.S. Treasury Bills          
(Cost $18,953)        18,960 
           
REPURCHASE AGREEMENTS††,4 - 16.1%          

J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/235

   2,271,502    2,271,502 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/235
   999,346    999,346 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/235
   908,497    908,497 
Total Repurchase Agreements          
(Cost $4,179,345)        4,179,345 
           
    Shares      
SECURITIES LENDING COLLATERAL†,6 - 1.5%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%7   399,310    399,310 
Total Securities Lending Collateral          
(Cost $399,310)        399,310 
Total Investments - 94.9%          
(Cost $26,759,253)       $24,701,887 
Other Assets & Liabilities, net - 5.1%        1,337,303 
Total Net Assets - 100.0%       $26,039,190 

 

Futures Contracts      

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Appreciation**
 
Equity Futures Contracts Purchased                  
Russell 2000 Index Mini Futures Contracts   1   Sep 2023  $95,155   $820 

 

Total Return Swap Agreements                          

 

Counterparty  Index  Type  Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††           
BNP Paribas  Russell 2000 Index  Pay  5.27% (Federal Funds Rate + 0.20%)  At Maturity  09/21/23   1,102   $2,081,548   $42,764 
Goldman Sachs International  Russell 2000 Index  Pay  5.17% (Federal Funds Rate + 0.10%)  At Maturity  09/21/23   1,606    3,033,594    28,216 
Barclays Bank plc  Russell 2000 Index  Pay  5.06% (SOFR)  At Maturity  09/20/23   413    779,654    27,026 
                       $5,894,796   $98,006 

 

* 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.

 

 

Russell 2000® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

††† Value determined based on Level 3 inputs — See Note 3.
1 All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2 All or a portion of this security is pledged as futures collateral at June 30, 2023.
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 June 30, 2023.
6 Securities lending collateral — See Note 5.
7 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $17,723,498   $  — *  $   $17,723,498 
Rights           *    
Exchange-Traded Funds   2,380,774            2,380,774 
U.S. Treasury Bills       18,960        18,960 
Repurchase Agreements       4,179,345        4,179,345 
Securities Lending Collateral   399,310            399,310 
Equity Futures Contracts**   820            820 
Equity Index Swap Agreements**       98,006        98,006 
Total Assets  $20,504,402   $4,296,311   $   $24,800,713 

 

*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) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 95.6%
Technology - 26.1%
Apple, Inc.   57,892   $11,229,311 
Microsoft Corp.   29,114    9,914,482 
NVIDIA Corp.   9,684    4,096,526 
Broadcom, Inc.   1,632    1,415,646 
Adobe, Inc.*   1,796    878,226 
Salesforce, Inc.*   3,833    809,760 
Accenture plc — Class A   2,473    763,118 
Advanced Micro Devices, Inc.*   6,305    718,202 
Oracle Corp.   6,026    717,636 
Texas Instruments, Inc.   3,554    639,791 
Intel Corp.   16,332    546,142 
QUALCOMM, Inc.   4,362    519,252 
Intuit, Inc.   1,098    503,093 
Applied Materials, Inc.   3,309    478,283 
International Business Machines Corp.   3,555    475,695 
ServiceNow, Inc.*   798    448,452 
Analog Devices, Inc.   1,981    385,919 
Lam Research Corp.   526    338,144 
Fiserv, Inc.*   2,417    304,904 
Micron Technology, Inc.   4,285    270,426 
KLA Corp.   537    260,456 
Synopsys, Inc.*   596    259,504 
Cadence Design Systems, Inc.*   1,068    250,467 
Activision Blizzard, Inc.*   2,801    236,124 
NXP Semiconductor N.V.   1,017    208,160 
Roper Technologies, Inc.   417    200,494 
Fortinet, Inc.*   2,552    192,906 
Microchip Technology, Inc.   2,145    192,171 
Autodesk, Inc.*   839    171,668 
ON Semiconductor Corp.*   1,691    159,935 
MSCI, Inc. — Class A   313    146,888 
Paychex, Inc.   1,256    140,509 
Electronic Arts, Inc.   1,020    132,294 
Cognizant Technology Solutions Corp. — Class A   1,987    129,711 
Fidelity National Information Services, Inc.   2,320    126,904 
ANSYS, Inc.*   339    111,961 
HP, Inc.   3,394    104,230 
Monolithic Power Systems, Inc.   176    95,080 
Take-Two Interactive Software, Inc.*   621    91,386 
Hewlett Packard Enterprise Co.   5,074    85,243 
Fair Isaac Corp.*   98    79,303 
Broadridge Financial Solutions, Inc.   462    76,521 
Skyworks Solutions, Inc.   623    68,960 
Tyler Technologies, Inc.*   164    68,301 
Teradyne, Inc.   607    67,577 
NetApp, Inc.   838    64,023 
Paycom Software, Inc.   190    61,036 
Zebra Technologies Corp. — Class A*   201    59,462 
PTC, Inc.*   417    59,339 
Akamai Technologies, Inc.*   596    53,562 
EPAM Systems, Inc.*   227    51,018 
Jack Henry & Associates, Inc.   285    47,689 
Western Digital Corp.*   1,253    47,526 
Leidos Holdings, Inc.   537    47,514 
Seagate Technology Holdings plc   754   46,650 
Ceridian HCM Holding, Inc.*   607    40,651 
Qorvo, Inc.*   391    39,894 
DXC Technology Co.*   891    23,808 
Total Technology        39,751,933 
Consumer, Non-cyclical - 19.3%          
UnitedHealth Group, Inc.   3,645    1,751,933 
Johnson & Johnson   10,175    1,684,166 
Eli Lilly & Co.   3,085    1,446,803 
Procter & Gamble Co.   9,229    1,400,409 
Merck & Company, Inc.   9,935    1,146,400 
PepsiCo, Inc.   5,394    999,077 
AbbVie, Inc.   6,908    930,715 
Coca-Cola Co.   15,240    917,753 
Pfizer, Inc.   22,104    810,775 
Thermo Fisher Scientific, Inc.   1,510    787,842 
Abbott Laboratories   6,809    742,317 
Danaher Corp.   2,600    624,000 
Philip Morris International, Inc.   6,078    593,334 
Bristol-Myers Squibb Co.   8,226    526,053 
S&P Global, Inc.   1,284    514,743 
Intuitive Surgical, Inc.*   1,372    469,142 
Amgen, Inc.   2,092    464,466 
Medtronic plc   5,209    458,913 
Elevance Health, Inc.   928    412,301 
Stryker Corp.   1,323    403,634 
Mondelez International, Inc. — Class A   5,332    388,916 
Gilead Sciences, Inc.   4,884    376,410 
Automatic Data Processing, Inc.   1,618    355,620 
Vertex Pharmaceuticals, Inc.*   1,008    354,725 
CVS Health Corp.   5,020    347,032 
Cigna Group   1,158    324,935 
Altria Group, Inc.   6,989    316,602 
Zoetis, Inc.   1,809    311,528 
Boston Scientific Corp.*   5,629    304,473 
Regeneron Pharmaceuticals, Inc.*   422    303,224 
Becton Dickinson and Co.   1,112    293,579 
PayPal Holdings, Inc.*   4,369    291,543 
Colgate-Palmolive Co.   3,248    250,226 
HCA Healthcare, Inc.   808    245,212 
McKesson Corp.   531    226,902 
Edwards Lifesciences Corp.*   2,374    223,939 
Humana, Inc.   489    218,647 
Moody's Corp.   618    214,891 
Dexcom, Inc.*   1,518    195,078 
Kimberly-Clark Corp.   1,321    182,377 
Estee Lauder Companies, Inc. — Class A   908    178,313 
General Mills, Inc.   2,300    176,410 
Monster Beverage Corp.*   2,992    171,860 
Cintas Corp.   338    168,013 
IQVIA Holdings, Inc.*   727    163,408 
IDEXX Laboratories, Inc.*   325    163,225 
Biogen, Inc.*   567    161,510 
Archer-Daniels-Midland Co.   2,133    161,169 
Corteva, Inc.   2,783    159,466 
Moderna, Inc.*   1,284    156,006 

 

 

S&P 500® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
COMMON STOCKS - 95.6% (continued)          
Consumer, Non-cyclical - 19.3% (continued)          
Constellation Brands, Inc. — Class A   631   $155,308 
Sysco Corp.   1,984    147,213 
Centene Corp.*   2,149    144,950 
Hershey Co.   577    144,077 
CoStar Group, Inc.*   1,600    142,400 
Verisk Analytics, Inc. — Class A   567    128,159 
ResMed, Inc.   575    125,637 
GE HealthCare Technologies, Inc.   1,531    124,378 
AmerisourceBergen Corp. — Class A   634    122,001 
Kroger Co.   2,557    120,179 
United Rentals, Inc.   269    119,804 
Zimmer Biomet Holdings, Inc.   817    118,955 
Illumina, Inc.*   619    116,056 
Equifax, Inc.   480    112,944 
Quanta Services, Inc.   568    111,584 
West Pharmaceutical Services, Inc.   291    111,299 
Kraft Heinz Co.   3,123    110,867 
Gartner, Inc.*   309    108,246 
Keurig Dr Pepper, Inc.   3,298    103,128 
Global Payments, Inc.   1,026    101,081 
Align Technology, Inc.*   279    98,666 
Church & Dwight Company, Inc.   956    95,820 
Cardinal Health, Inc.   997    94,286 
Baxter International, Inc.   1,981    90,254 
STERIS plc   389    87,517 
McCormick & Company, Inc.   982    85,660 
Laboratory Corporation of America Holdings   347    83,741 
Insulet Corp.*   273    78,717 
Hologic, Inc.*   964    78,055 
Clorox Co.   484    76,975 
Cooper Companies, Inc.   194    74,385 
FleetCor Technologies, Inc.*   289    72,562 
Molina Healthcare, Inc.*   228    68,683 
Kellogg Co.   1,007    67,872 
Lamb Weston Holdings, Inc.   571    65,636 
Conagra Brands, Inc.   1,867    62,955 
J M Smucker Co.   418    61,726 
Quest Diagnostics, Inc.   439    61,706 
Waters Corp.*   231    61,571 
Revvity, Inc.   491    58,326 
Tyson Foods, Inc. — Class A   1,118    57,063 
Bunge Ltd.   590    55,667 
Avery Dennison Corp.   316    54,289 
Bio-Techne Corp.   616    50,284 
Molson Coors Beverage Co. — Class B   735    48,392 
Brown-Forman Corp. — Class B   716    47,815 
Viatris, Inc.   4,695    46,856 
Hormel Foods Corp.   1,134    45,609 
Incyte Corp.*   725    45,131 
Teleflex, Inc.   184    44,534 
Charles River Laboratories International, Inc.*   200    42,050 
Henry Schein, Inc.*   513    41,604 
Rollins, Inc.   907    38,847 
Universal Health Services, Inc. — Class B   246   38,811 
MarketAxess Holdings, Inc.   147    38,429 
Campbell Soup Co.   786    35,928 
Dentsply Sirona, Inc.   832    33,297 
Bio-Rad Laboratories, Inc. — Class A*   84    31,846 
Robert Half International, Inc.   422    31,743 
Catalent, Inc.*   705    30,569 
DaVita, Inc.*   217    21,802 
Organon & Co.   999    20,789 
Total Consumer, Non-cyclical        29,364,749 
Financial - 12.9%          
Berkshire Hathaway, Inc. — Class B*   6,983    2,381,203 
JPMorgan Chase & Co.   11,442    1,664,125 
Visa, Inc. — Class A   6,336    1,504,673 
Mastercard, Inc. — Class A   3,276    1,288,451 
Bank of America Corp.   27,147    778,847 
Wells Fargo & Co.   14,692    627,055 
Prologis, Inc. REIT   3,616    443,430 
Morgan Stanley   5,101    435,625 
Goldman Sachs Group, Inc.   1,302    419,947 
American Express Co.   2,328    405,538 
BlackRock, Inc. — Class A   586    405,008 
Marsh & McLennan Companies, Inc.   1,937    364,311 
American Tower Corp. — Class A REIT   1,825    353,941 
Citigroup, Inc.   7,623    350,963 
Charles Schwab Corp.   5,819    329,821 
Chubb Ltd.   1,622    312,332 
Progressive Corp.   2,292    303,392 
Equinix, Inc. REIT   366    286,922 
Aon plc — Class A   800    276,160 
CME Group, Inc. — Class A   1,408    260,888 
Intercontinental Exchange, Inc.   2,192    247,871 
PNC Financial Services Group, Inc.   1,563    196,860 
Crown Castle, Inc. REIT   1,698    193,470 
Arthur J Gallagher & Co.   839    184,219 
Public Storage REIT   620    180,966 
U.S. Bancorp   5,462    180,464 
Capital One Financial Corp.   1,495    163,508 
American International Group, Inc.   2,834    163,068 
Truist Financial Corp.   5,215    158,275 
Realty Income Corp. REIT   2,636    157,606 
Welltower, Inc. REIT   1,946    157,412 
Travelers Companies, Inc.   904    156,989 
Aflac, Inc.   2,153    150,279 
Simon Property Group, Inc. REIT   1,280    147,814 
MetLife, Inc.   2,519    142,399 
Ameriprise Financial, Inc.   408    135,521 
Digital Realty Trust, Inc. REIT   1,141    129,926 
Prudential Financial, Inc.   1,429    126,066 
Bank of New York Mellon Corp.   2,812    125,190 
VICI Properties, Inc. REIT   3,932    123,583 
Discover Financial Services   994    116,149 
Allstate Corp.   1,029    112,202 
Arch Capital Group Ltd.*   1,458    109,131 

 

 

S&P 500® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 95.6% (continued)          
Financial - 12.9% (continued)          
AvalonBay Communities, Inc. REIT   556   $105,234 
T. Rowe Price Group, Inc.   879    98,466 
SBA Communications Corp. REIT   424    98,266 
CBRE Group, Inc. — Class A*   1,217    98,224 
Willis Towers Watson plc   417    98,204 
Weyerhaeuser Co. REIT   2,867    96,073 
State Street Corp.   1,309    95,793 
Equity Residential REIT   1,335    88,070 
Hartford Financial Services Group, Inc.   1,215    87,504 
M&T Bank Corp.   649    80,320 
Extra Space Storage, Inc. REIT   529    78,742 
Invitation Homes, Inc. REIT   2,276    78,294 
Raymond James Financial, Inc.   747    77,516 
Ventas, Inc. REIT   1,566    74,025 
Alexandria Real Estate Equities, Inc. REIT   616    69,910 
Fifth Third Bancorp   2,665    69,850 
Mid-America Apartment Communities, Inc. REIT   457    69,400 
Principal Financial Group, Inc.   884    67,043 
Nasdaq, Inc.   1,326    66,101 
Regions Financial Corp.   3,674    65,471 
Iron Mountain, Inc. REIT   1,142    64,888 
Brown & Brown, Inc.   922    63,471 
Huntington Bancshares, Inc.   5,653    60,939 
Northern Trust Corp.   816    60,498 
Cincinnati Financial Corp.   616    59,949 
Essex Property Trust, Inc. REIT   251    58,809 
Everest Re Group Ltd.   168    57,433 
Cboe Global Markets, Inc.   413    56,998 
Synchrony Financial   1,678    56,918 
UDR, Inc. REIT   1,212    52,068 
Citizens Financial Group, Inc.   1,895    49,422 
Kimco Realty Corp. REIT   2,427    47,860 
Host Hotels & Resorts, Inc. REIT   2,785    46,872 
W R Berkley Corp.   786    46,814 
Camden Property Trust REIT   418    45,508 
Loews Corp.   741    44,001 
Healthpeak Properties, Inc. REIT   2,142    43,054 
Globe Life, Inc.   348    38,148 
Regency Centers Corp. REIT   603    37,247 
KeyCorp   3,662    33,837 
Boston Properties, Inc. REIT   559    32,193 
Invesco Ltd.   1,794    30,157 
Franklin Resources, Inc.   1,118    29,862 
Federal Realty Investment Trust REIT   287    27,773 
Assurant, Inc.   208    26,150 
Comerica, Inc.   516    21,858 
Zions Bancorp North America1   580    15,579 
Lincoln National Corp.   604    15,559 
Total Financial        19,637,971 
Communications - 12.3%          
Amazon.com, Inc.*   34,952    4,556,343 
Alphabet, Inc. — Class A*   23,262    2,784,461 
Meta Platforms, Inc. — Class A*   8,662    2,485,821 
Alphabet, Inc. — Class C*   20,010    2,420,610 
Cisco Systems, Inc.   16,037    829,754 
Netflix, Inc.*   1,741   766,893 
Comcast Corp. — Class A   16,286    676,683 
Walt Disney Co.*   7,155    638,799 
Verizon Communications, Inc.   16,461    612,185 
AT&T, Inc.   27,992    446,472 
Booking Holdings, Inc.*   145    391,548 
T-Mobile US, Inc.*   2,255    313,220 
Palo Alto Networks, Inc.*   1,185    302,779 
Motorola Solutions, Inc.   657    192,685 
Arista Networks, Inc.*   978    158,495 
Charter Communications, Inc. — Class A*   407    149,520 
Warner Bros Discovery, Inc.*   8,680    108,847 
Corning, Inc.   2,996    104,980 
CDW Corp.   528    96,888 
eBay, Inc.   2,094    93,581 
VeriSign, Inc.*   355    80,219 
Omnicom Group, Inc.   781    74,312 
Expedia Group, Inc.*   558    61,039 
FactSet Research Systems, Inc.   150    60,098 
Interpublic Group of Companies, Inc.   1,512    58,333 
Match Group, Inc.*   1,090    45,616 
Gen Digital, Inc.   2,227    41,311 
Etsy, Inc.*   483    40,867 
Juniper Networks, Inc.   1,259    39,444 
Fox Corp. — Class A   1,054    35,836 
F5, Inc.*   237    34,664 
Paramount Global — Class B   1,985    31,581 
News Corp. — Class A   1,492    29,094 
Fox Corp. — Class B   535    17,061 
News Corp. — Class B   460    9,071 
Total Communications        18,789,110 
Consumer, Cyclical - 9.1%          
Tesla, Inc.*   10,549    2,761,412 
Home Depot, Inc.   3,965    1,231,688 
Costco Wholesale Corp.   1,736    934,628 
Walmart, Inc.   5,492    863,233 
McDonald's Corp.   2,859    853,154 
NIKE, Inc. — Class B   4,824    532,425 
Lowe's Companies, Inc.   2,335    527,010 
Starbucks Corp.   4,489    444,680 
TJX Companies, Inc.   4,509    382,318 
Target Corp.   1,807    238,343 
Ford Motor Co.   15,388    232,820 
Chipotle Mexican Grill, Inc. — Class A*   108    231,012 
O'Reilly Automotive, Inc.*   238    227,361 
General Motors Co.   5,443    209,882 
Marriott International, Inc. — Class A   1,010    185,527 
AutoZone, Inc.*   72    179,522 
PACCAR, Inc.   2,046    171,148 
Copart, Inc.*   1,680    153,233 
Yum! Brands, Inc.   1,097    151,989 
Hilton Worldwide Holdings, Inc.   1,036    150,790 
Ross Stores, Inc.   1,339    150,142 
DR Horton, Inc.   1,215    147,853 
Dollar General Corp.   858    145,671 
WW Grainger, Inc.   175    138,003 
Cummins, Inc.   554    135,819 

 

 

S&P 500® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 95.6% (continued)          
Consumer, Cyclical - 9.1% (continued)          
Fastenal Co.   2,236   $131,902 
Lennar Corp. — Class A   994    124,558 
Delta Air Lines, Inc.   2,517    119,658 
Dollar Tree, Inc.*   814    116,809 
Aptiv plc*   1,059    108,113 
Tractor Supply Co.   429    94,852 
Genuine Parts Co.   550    93,076 
Ulta Beauty, Inc.*   196    92,237 
Royal Caribbean Cruises Ltd.*   861    89,320 
Southwest Airlines Co.   2,330    84,369 
Walgreens Boots Alliance, Inc.   2,804    79,886 
Darden Restaurants, Inc.   474    79,196 
NVR, Inc.*   12    76,208 
Las Vegas Sands Corp.*   1,287    74,646 
Carnival Corp.*   3,933    74,058 
United Airlines Holdings, Inc.*   1,284    70,453 
PulteGroup, Inc.   874    67,892 
Best Buy Company, Inc.   762    62,446 
LKQ Corp.   994    57,920 
Pool Corp.   153    57,320 
MGM Resorts International   1,182    51,913 
CarMax, Inc.*   619    51,810 
Live Nation Entertainment, Inc.*   564    51,386 
Domino's Pizza, Inc.   138    46,505 
American Airlines Group, Inc.*   2,556    45,855 
BorgWarner, Inc.   918    44,900 
Caesars Entertainment, Inc.*   843    42,968 
Wynn Resorts Ltd.   405    42,772 
Tapestry, Inc.   908    38,862 
Norwegian Cruise Line Holdings Ltd.*   1,661    36,160 
Bath & Body Works, Inc.   896    33,600 
Hasbro, Inc.   510    33,033 
Whirlpool Corp.   214    31,841 
Alaska Air Group, Inc.*   501    26,643 
VF Corp.   1,294    24,703 
Ralph Lauren Corp. — Class A   161    19,851 
Advance Auto Parts, Inc.   233    16,380 
Newell Brands, Inc.   1,475    12,833 
Total Consumer, Cyclical        13,786,597 
Industrial - 7.4%          
Raytheon Technologies Corp.   5,721    560,429 
Honeywell International, Inc.   2,606    540,745 
United Parcel Service, Inc. — Class B   2,838    508,711 
Caterpillar, Inc.   2,018    496,529 
Union Pacific Corp.   2,387    488,428 
General Electric Co.   4,264    468,401 
Boeing Co.*   2,214    467,508 
Deere & Co.   1,056    427,881 
Lockheed Martin Corp.   883    406,516 
Eaton Corporation plc   1,561    313,917 
CSX Corp.   7,960    271,436 
Illinois Tool Works, Inc.   1,083    270,923 
Northrop Grumman Corp.   559    254,792 
Waste Management, Inc.   1,450    251,459 
FedEx Corp.   905    224,349 
3M Co.   2,160    216,194 
Emerson Electric Co.   2,238    202,293 
Norfolk Southern Corp.   891    202,043 
Amphenol Corp. — Class A   2,331    198,018 
Parker-Hannifin Corp.   502   195,800 
General Dynamics Corp.   881    189,547 
Johnson Controls International plc   2,686    183,024 
TransDigm Group, Inc.   204    182,411 
TE Connectivity Ltd.   1,234    172,957 
Trane Technologies plc   893    170,795 
Carrier Global Corp.   3,269    162,502 
Rockwell Automation, Inc.   450    148,252 
AMETEK, Inc.   902    146,016 
L3Harris Technologies, Inc.   742    145,261 
Otis Worldwide Corp.   1,618    144,018 
Agilent Technologies, Inc.   1,158    139,250 
Old Dominion Freight Line, Inc.   352    130,152 
Republic Services, Inc. — Class A   805    123,302 
Vulcan Materials Co.   521    117,454 
Keysight Technologies, Inc.*   698    116,880 
Mettler-Toledo International, Inc.*   86    112,801 
Martin Marietta Materials, Inc.   243    112,191 
Xylem, Inc.   937    105,525 
Ingersoll Rand, Inc.   1,584    103,530 
Fortive Corp.   1,384    103,482 
Dover Corp.   548    80,912 
Westinghouse Air Brake Technologies Corp.   704    77,208 
Teledyne Technologies, Inc.*   184    75,644 
Expeditors International of Washington, Inc.   598    72,436 
Ball Corp.   1,232    71,715 
Howmet Aerospace, Inc.   1,440    71,367 
IDEX Corp.   296    63,717 
Garmin Ltd.   599    62,470 
Snap-on, Inc.   207    59,655 
Jacobs Solutions, Inc.   497    59,088 
J.B. Hunt Transport Services, Inc.   325    58,835 
Amcor plc   5,761    57,495 
Stanley Black & Decker, Inc.   600    56,226 
Axon Enterprise, Inc.*   275    53,658 
Textron, Inc.   790    53,428 
Nordson Corp.   211    52,366 
Trimble, Inc.*   970    51,352 
Masco Corp.   881    50,552 
Packaging Corporation of America   352    46,520 
CH Robinson Worldwide, Inc.   456    43,024 
Pentair plc   646    41,732 
Allegion plc   344    41,287 
Generac Holdings, Inc.*   244    36,387 
A O Smith Corp.   488    35,517 
Huntington Ingalls Industries, Inc.   156    35,506 
Westrock Co.   1,003    29,157 
Sealed Air Corp.   565    22,600 
Mohawk Industries, Inc.*   207    21,354 
Total Industrial        11,256,930 
Energy - 4.1%          
Exxon Mobil Corp.   15,830    1,697,768 
Chevron Corp.   6,824    1,073,756 

 

 

S&P 500® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
COMMON STOCKS - 95.6% (continued)          
Energy - 4.1% (continued)          
ConocoPhillips   4,738   $490,904 
Schlumberger N.V.   5,581    274,139 
EOG Resources, Inc.   2,290    262,068 
Marathon Petroleum Corp.   1,661    193,673 
Pioneer Natural Resources Co.   915    189,570 
Phillips 66   1,797    171,398 
Valero Energy Corp.   1,416    166,097 
Occidental Petroleum Corp.   2,813    165,404 
Williams Companies, Inc.   4,770    155,645 
Hess Corp.   1,082    147,098 
Kinder Morgan, Inc.   7,722    132,973 
Baker Hughes Co.   3,964    125,302 
Devon Energy Corp.   2,513    121,478 
Halliburton Co.   3,533    116,553 
ONEOK, Inc.   1,752    108,133 
Diamondback Energy, Inc.   709    93,134 
Enphase Energy, Inc.*   537    89,937 
Coterra Energy, Inc. — Class A   2,966    75,040 
First Solar, Inc.*   389    73,945 
Targa Resources Corp.   885    67,349 
SolarEdge Technologies, Inc.*   221    59,460 
Equities Corp.   1,416    58,240 
Marathon Oil Corp.   2,418    55,662 
APA Corp.   1,208    41,277 
Total Energy        6,206,003 
Utilities - 2.5%          
NextEra Energy, Inc.   7,923    587,887 
Southern Co.   4,270    299,968 
Duke Energy Corp.   3,018    270,835 
Sempra Energy   1,232    179,367 
American Electric Power Company, Inc.   2,016    169,747 
Dominion Energy, Inc.   3,273    169,509 
Exelon Corp.   3,894    158,642 
Xcel Energy, Inc.   2,155    133,976 
Consolidated Edison, Inc.   1,357    122,673 
Public Service Enterprise Group, Inc.   1,954    122,340 
Constellation Energy Corp.   1,270    116,268 
PG&E Corp.*   6,330    109,382 
WEC Energy Group, Inc.   1,235    108,976 
American Water Works Company, Inc.   762    108,776 
Edison International   1,500    104,175 
Eversource Energy   1,366    96,877 
DTE Energy Co.   807    88,786 
Ameren Corp.   1,028    83,957 
FirstEnergy Corp.   2,131    82,853 
Entergy Corp.   828    80,622 
PPL Corp.   2,886    76,364 
CenterPoint Energy, Inc.   2,471    72,030 
CMS Energy Corp.   1,142    67,092 
Atmos Energy Corp.   566    65,848 
AES Corp.   2,621    54,333 
Evergy, Inc.   899    52,520 
Alliant Energy Corp.   984    51,640 
NiSource, Inc.   1,617    44,225 
Pinnacle West Capital Corp.   443    36,087 
NRG Energy, Inc.   901    33,688 
Total Utilities        3,749,443 
Linde plc   1,917   730,530 
Air Products and Chemicals, Inc.   870    260,591 
Sherwin-Williams Co.   919    244,013 
Freeport-McMoRan, Inc.   5,612    224,480 
Ecolab, Inc.   970    181,089 
Nucor Corp.   984    161,356 
Dow, Inc.   2,770    147,530 
PPG Industries, Inc.   922    136,733 
Newmont Corp.   3,112    132,758 
DuPont de Nemours, Inc.   1,797    128,378 
Albemarle Corp.   459    102,398 
LyondellBasell Industries N.V. — Class A   993    91,187 
International Flavors & Fragrances, Inc.   999    79,510 
Steel Dynamics, Inc.   629    68,517 
CF Industries Holdings, Inc.   763    52,968 
FMC Corp.   490    51,127 
Mosaic Co.   1,300    45,500 
Celanese Corp. — Class A   392    45,394 
International Paper Co.   1,359    43,230 
Eastman Chemical Co.   467    39,097 
Total Basic Materials        2,966,386 
Total Common Stocks          
(Cost $104,284,982)        145,509,122 

 

    Face
Amount
      
U.S. TREASURY BILLS†† - 0.4%          
U.S. Treasury Bills          
5.10% due 08/03/232,3  $300,000    298,679 
5.00% due 08/03/232,3   200,000    199,119 
5.11% due 07/18/233   69,000    68,856 
Total U.S. Treasury Bills          
(Cost $566,511)        566,654 
           
REPURCHASE AGREEMENTS††,4 - 4.2%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/232
   3,492,286    3,492,286 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   1,536,430    1,536,430 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/232
   1,396,755    1,396,755 
Total Repurchase Agreements          
(Cost $6,425,471)        6,425,471 

 

 

S&P 500® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
SECURITIES LENDING COLLATERAL†,5 - 0.0%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%6   12,180   $12,180 
Total Securities Lending Collateral          
(Cost $12,180)        12,180 
Total Investments - 100.2%          
(Cost $111,289,144)       $152,513,427 
Other Assets & Liabilities, net - (0.2)%        (275,155)
Total Net Assets - 100.0%       $152,238,272 

 

 

S&P 500® Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

Total Return Swap Agreements

 

Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Equity Index Swap Agreements††
Barclays Bank plc  S&P 500 Index   Pay   5.51% (SOFR + 0.45%)  At Maturity  09/20/23   499   $2,222,904   $60,717 
Goldman Sachs International  S&P 500 Index   Pay   5.57% (Federal Funds Rate + 0.50%)  At Maturity  09/21/23   703    3,130,700    49,367 
BNP Paribas  S&P 500 Index   Pay   5.67% (Federal Funds Rate + 0.60%)  At Maturity  09/21/23   305    1,359,027    21,975 
                         $6,712,631   $132,059 

 

* 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 June 30, 2023 — See Note 5.
2 All or a portion of this security is pledged as equity index swap collateral at June 30, 2023.
3 Rate indicated is the effective yield at the time of purchase.
4 Repurchase Agreements — See Note 4.
5 Securities lending collateral — See Note 5.
6 Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $145,509,122   $   $   $145,509,122 
U.S. Treasury Bills       566,654        566,654 
Repurchase Agreements       6,425,471        6,425,471 
Securities Lending Collateral   12,180            12,180 
Equity Index Swap Agreements**       132,059        132,059 
Total Assets  $145,521,302   $7,124,184   $   $152,645,486 

 

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

 

 

S&P 500® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.4%
Energy - 28.7%
Targa Resources Corp.   11,207   $852,853 
Coterra Energy, Inc. — Class A   32,061    811,143 
Equities Corp.   19,468    800,719 
Diamondback Energy, Inc.   5,988    786,584 
APA Corp.   18,517    632,726 
Pioneer Natural Resources Co.   3,019    625,476 
ConocoPhillips   5,864    607,569 
ONEOK, Inc.   8,487    523,817 
Occidental Petroleum Corp.   8,666    509,561 
Hess Corp.   3,706    503,831 
EOG Resources, Inc.   4,303    492,435 
Marathon Oil Corp.   21,197    487,955 
Exxon Mobil Corp.   4,376    469,326 
Chevron Corp.   2,643    415,876 
Enphase Energy, Inc.*   2,369    396,760 
Devon Energy Corp.   7,933    383,481 
Williams Companies, Inc.   10,713    349,565 
SolarEdge Technologies, Inc.*   1,149    309,139 
Total Energy        9,958,816 
Consumer, Non-cyclical - 24.7%          
Vertex Pharmaceuticals, Inc.*   2,381    837,897 
Regeneron Pharmaceuticals, Inc.*   946    679,739 
Molina Healthcare, Inc.*   1,605    483,490 
Quanta Services, Inc.   2,357    463,033 
Eli Lilly & Co.   972    455,848 
Monster Beverage Corp.*   7,473    429,249 
Elevance Health, Inc.   885    393,197 
Danaher Corp.   1,481    355,440 
Hologic, Inc.*   4,332    350,762 
Rollins, Inc.   8,005    342,854 
Insulet Corp.*   1,184    341,395 
AbbVie, Inc.   2,490    335,478 
Pfizer, Inc.   8,982    329,460 
Merck & Company, Inc.   2,793    322,284 
Incyte Corp.*   5,176    322,206 
Hershey Co.   1,234    308,130 
Bristol-Myers Squibb Co.   4,801    307,024 
Moderna, Inc.*   2,506    304,479 
UnitedHealth Group, Inc.   561    269,639 
Thermo Fisher Scientific, Inc.   507    264,527 
Dexcom, Inc.*   2,009    258,177 
Gilead Sciences, Inc.   2,857    220,189 
Amgen, Inc.   941    208,921 
Total Consumer, Non-cyclical        8,583,418 
Technology - 12.5%          
KLA Corp.   1,314    637,316 
Fortinet, Inc.*   7,350    555,587 
Lam Research Corp.   792    509,145 
Apple, Inc.   2,494    483,761 
Monolithic Power Systems, Inc.   841    454,333 
ON Semiconductor Corp.*   4,418    417,855 
PTC, Inc.*   2,669    379,799 
Fair Isaac Corp.*   446    360,908 
Jack Henry & Associates, Inc.   1,614    270,070 
QUALCOMM, Inc.   2,253    268,197 
Total Technology        4,336,971 
Basic Materials - 11.0%          
Nucor Corp.   5,740    941,245 
Steel Dynamics, Inc.   8,292    903,248 
Mosaic Co.   18,552    649,320 
CF Industries Holdings, Inc.   8,230    571,327 
Freeport-McMoRan, Inc.   8,025    321,000 
FMC Corp.   2,238    233,513 
Albemarle Corp.   884    197,211 
Total Basic Materials        3,816,864 
Consumer, Cyclical - 8.2%          
O'Reilly Automotive, Inc.*   630    601,839 
AutoZone, Inc.*   220    548,539 
WW Grainger, Inc.   613    483,405 
Tractor Supply Co.   1,696    374,986 
Dollar Tree, Inc.*   2,134    306,229 
Ulta Beauty, Inc.*   598    281,416 
Dollar General Corp.   1,453    246,690 
Total Consumer, Cyclical        2,843,104 
Industrial - 4.8%          
Expeditors International of Washington, Inc.   4,773    578,154 
Axon Enterprise, Inc.*   2,421    472,386 
Deere & Co.   755    305,918 
J.B. Hunt Transport Services, Inc.   1,677    303,587 
Total Industrial        1,660,045 
Financial - 4.8%          
Arch Capital Group Ltd.*   6,339    474,474 
Raymond James Financial, Inc.   3,222    334,347 
Progressive Corp.   2,228    294,920 
W R Berkley Corp.   4,950    294,822 
Ameriprise Financial, Inc.   754    250,449 
Total Financial        1,649,012 
Communications - 2.8%          
Palo Alto Networks, Inc.*   2,282    583,074 
Arista Networks, Inc.*   2,504    405,798 
Total Communications        988,872 
Utilities - 1.9%          
PG&E Corp.*   38,865    671,587 
Total Common Stocks          
(Cost $31,250,414)        34,508,689 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,1 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $104,363    104,363 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   45,914    45,914 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   41,740    41,740 
Total Repurchase Agreements          
(Cost $192,017)        192,017 
Total Investments - 100.0%          
(Cost $31,442,431)       $34,700,706 
Other Assets & Liabilities, net - 0.0%        (11,592)
Total Net Assets - 100.0%       $34,689,114 

 

 

S&P 500® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

* 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.

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $34,508,689   $   $            —   $34,508,689 
Repurchase Agreements       192,017        192,017 
Total Assets  $34,508,689   $192,017   $   $34,700,706 

 

 

S&P 500® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.5%
Consumer, Cyclical - 25.7%          
General Motors Co.   9,641   $371,757 
CarMax, Inc.*   4,302    360,077 
PulteGroup, Inc.   4,630    359,658 
Ford Motor Co.   22,990    347,839 
Lennar Corp. — Class A   2,311    289,592 
United Airlines Holdings, Inc.*   4,468    245,159 
Walgreens Boots Alliance, Inc.   8,188    233,276 
Whirlpool Corp.   1,508    224,375 
Best Buy Company, Inc.   2,520    206,514 
BorgWarner, Inc.   4,143    202,634 
American Airlines Group, Inc.*   10,212    183,203 
Alaska Air Group, Inc.*   3,327    176,930 
Delta Air Lines, Inc.   3,420    162,587 
Newell Brands, Inc.   15,429    134,232 
Southwest Airlines Co.   1,955    70,791 
Total Consumer, Cyclical        3,568,624 
Financial - 20.9%          
Citigroup, Inc.   6,215    286,139 
Capital One Financial Corp.   2,248    245,864 
Berkshire Hathaway, Inc. — Class B*   677    230,857 
Invesco Ltd.   11,512    193,517 
Loews Corp.   3,256    193,341 
American International Group, Inc.   3,039    174,864 
Assurant, Inc.   1,121    140,932 
Franklin Resources, Inc.   4,821    128,769 
Bank of New York Mellon Corp.   2,767    123,187 
Wells Fargo & Co.   2,528    107,895 
Lincoln National Corp.   4,168    107,368 
Synchrony Financial   2,792    94,704 
State Street Corp.   1,293    94,622 
Citizens Financial Group, Inc.   3,524    91,906 
Prudential Financial, Inc.   1,001    88,308 
CBRE Group, Inc. — Class A*   1,062    85,714 
Hartford Financial Services Group, Inc.   1,140    82,103 
Goldman Sachs Group, Inc.   249    80,312 
Allstate Corp.   718    78,291 
Truist Financial Corp.   2,533    76,876 
Bank of America Corp.   2,482    71,208 
MetLife, Inc.   1,071    60,544 
M&T Bank Corp.   464    57,425 
Total Financial        2,894,746 
Consumer, Non-cyclical - 15.7%          
Viatris, Inc.   25,815    257,634 
Molson Coors Beverage Co. — Class B   3,585    236,036 
Kroger Co.   4,995    234,765 
Tyson Foods, Inc. — Class A   4,341    221,565 
AmerisourceBergen Corp. — Class A   1,112    213,982 
Cardinal Health, Inc.   2,077    196,422 
Centene Corp.*   2,834    191,153 
Universal Health Services, Inc. — Class B   1,135    179,069 
CVS Health Corp.   2,122    146,694 
Kraft Heinz Co.   3,332    118,286 
DaVita, Inc.*   1,058    106,297 
Global Payments, Inc.   748    73,693 
Total Consumer, Non-cyclical        2,175,596 
Technology - 8.9%          
Western Digital Corp.*   6,832    259,138 
DXC Technology Co.*   9,270    247,694 
Hewlett Packard Enterprise Co.   14,186    238,325 
Intel Corp.   3,945    131,921 
Fidelity National Information Services, Inc.   2,252    123,184 
Micron Technology, Inc.   1,907    120,351 
HP, Inc.   3,832    117,681 
Total Technology        1,238,294 
Communications - 8.5%          
Paramount Global — Class B   24,229    385,483 
Warner Bros Discovery, Inc.*   23,724    297,499 
AT&T, Inc.   9,666    154,173 
News Corp. — Class A   5,311    103,565 
Verizon Communications, Inc.   2,376    88,363 
Fox Corp. — Class A   2,288    77,792 
Fox Corp. — Class B   1,054    33,612 
News Corp. — Class B   1,645    32,439 
Total Communications        1,172,926 
Industrial - 7.7%          
Mohawk Industries, Inc.*   3,004    309,893 
FedEx Corp.   1,130    280,127 
Westrock Co.   9,492    275,932 
Stanley Black & Decker, Inc.   2,147    201,195 
Total Industrial        1,067,147 
Basic Materials - 5.8%          
LyondellBasell Industries N.V. — Class A   2,182    200,373 
International Paper Co.   5,499    174,923 
Dow, Inc.   3,135    166,970 
Eastman Chemical Co.   1,196    100,129 
Celanese Corp. — Class A   767    88,819 
DuPont de Nemours, Inc.   1,065    76,084 
Total Basic Materials        807,298 
Energy - 4.4%          
Phillips 66   2,907    277,270 
Valero Energy Corp.   2,198    257,825 
Kinder Morgan, Inc.   4,315    74,304 
Total Energy        609,399 
Utilities - 1.9%          
Exelon Corp.   2,508    102,176 
Pinnacle West Capital Corp.   1,074    87,488 
Evergy, Inc.   1,161    67,826 
Total Utilities        257,490 
Total Common Stocks          
(Cost $11,745,236)        13,791,520 

 

 

 

S&P 500® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Face
Amount
    Value 
REPURCHASE AGREEMENTS††,1 - 0.7%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $56,267   $56,267 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   24,754    24,754 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   22,504    22,504 
Total Repurchase Agreements          
(Cost $103,525)        103,525 
Total Investments - 100.2%          
(Cost $11,848,761)       $13,895,045 
Other Assets & Liabilities, net - (0.2)%        (32,254)
Total Net Assets - 100.0%       $13,862,791 

 

* 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.

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $13,791,520   $   $           —   $13,791,520 
Repurchase Agreements       103,525        103,525 
Total Assets  $13,791,520   $103,525   $   $13,895,045 

 

 

S&P MidCap 400® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.4%
Consumer, Non-cyclical - 23.6%          
Celsius Holdings, Inc.*   5,085   $758,631 
Shockwave Medical, Inc.*   2,515    717,806 
Avis Budget Group, Inc.*   1,933    442,019 
Neurocrine Biosciences, Inc.*   4,363    411,431 
Grand Canyon Education, Inc.*   3,778    389,927 
Lantheus Holdings, Inc.*   4,424    371,262 
Halozyme Therapeutics, Inc.*   10,279    370,764 
Darling Ingredients, Inc.*   5,683    362,519 
Medpace Holdings, Inc.*   1,490    357,853 
Inari Medical, Inc.*   5,433    315,875 
Option Care Health, Inc.*   8,937    290,363 
FTI Consulting, Inc.*   1,381    262,666 
Jazz Pharmaceuticals plc*   1,915    237,403 
Exelixis, Inc.*   11,468    219,153 
WEX, Inc.*   1,179    214,661 
Lancaster Colony Corp.   1,059    212,954 
H&R Block, Inc.   6,452    205,625 
Service Corporation International   3,011    194,481 
Repligen Corp.*   1,242    175,693 
Paylocity Holding Corp.*   934    172,351 
United Therapeutics Corp.*   731    161,368 
HealthEquity, Inc.*   2,541    160,439 
Total Consumer, Non-cyclical        7,005,244 
Energy - 19.2%          
PBF Energy, Inc. — Class A   19,973    817,695 
PDC Energy, Inc.   10,014    712,396 
Range Resources Corp.   22,600    664,440 
Matador Resources Co.   10,755    562,702 
Southwestern Energy Co.*   86,316    518,759 
CNX Resources Corp.*   28,479    504,648 
Antero Resources Corp.*   21,270    489,848 
Murphy Oil Corp.   10,609    406,325 
DT Midstream, Inc.   8,062    399,633 
Valaris Ltd.*   6,179    388,844 
NOV, Inc.   14,300    229,372 
Total Energy        5,694,662 
Industrial - 18.2%          
Builders FirstSource, Inc.*   7,472    1,016,192 
Louisiana-Pacific Corp.   7,436    557,551 
UFP Industries, Inc.   5,210    505,630 
Landstar System, Inc.   2,283    439,569 
Simpson Manufacturing Company, Inc.   2,776    384,476 
Clean Harbors, Inc.*   2,305    379,011 
Belden, Inc.   3,221    308,089 
Valmont Industries, Inc.   1,038    302,110 
EMCOR Group, Inc.   1,585    292,876 
BWX Technologies, Inc.   3,893    278,622 
Eagle Materials, Inc.   1,466    273,292 
Silgan Holdings, Inc.   5,602    262,678 
Carlisle Companies, Inc.   975    250,117 
Toro Co.   1,677    170,467 
Total Industrial        5,420,680 
Consumer, Cyclical - 10.1%          
Murphy USA, Inc.   2,068    643,376 
Casey's General Stores, Inc.   1,672    407,767 
Tempur Sealy International, Inc.   9,165    367,242 
Wingstop, Inc.   1,561    312,450 
Texas Roadhouse, Inc. — Class A   2,780    312,138 
Deckers Outdoor Corp.*   582    307,098 
Crocs, Inc.*   2,187    245,906 
FirstCash Holdings, Inc.   2,349    219,232 
Visteon Corp.*   1,247    179,082 
Total Consumer, Cyclical        2,994,291 
Financial - 10.0%          
Kinsale Capital Group, Inc.   2,013    753,265 
Annaly Capital Management, Inc. REIT   35,037    701,090 
RLI Corp.   3,681    502,346 
Jefferies Financial Group, Inc.   12,531    415,653 
SLM Corp.   24,238    395,564 
Selective Insurance Group, Inc.   2,040    195,738 
Total Financial        2,963,656 
Basic Materials - 6.2%          
Reliance Steel & Aluminum Co.   2,163    587,449 
Westlake Corp.   4,591    548,487 
Olin Corp.   5,038    258,903 
Cabot Corp.   3,525    235,787 
MP Materials Corp.*,1   10,021    229,280 
Total Basic Materials        1,859,906 
Technology - 5.8%          
Amkor Technology, Inc.   16,351    486,442 
Cirrus Logic, Inc.*   3,793    307,271 
Dropbox, Inc. — Class A*   10,493    279,848 
KBR, Inc.   3,876    252,172 
ExlService Holdings, Inc.*   1,612    243,509 
Concentrix Corp.   2,102    169,737 
Total Technology        1,738,979 
Communications - 3.6%          
Nexstar Media Group, Inc. — Class A   2,905    483,828 
World Wrestling Entertainment, Inc. — Class A   4,068    441,256 
Calix, Inc.*   3,086    154,022 
Total Communications        1,079,106 
Utilities - 2.7%          
Essential Utilities, Inc.   7,584    302,677 
ONE Gas, Inc.   3,481    267,376 
OGE Energy Corp.   6,872    246,774 
Total Utilities        816,827 
Total Common Stocks          
(Cost $24,838,128)        29,573,351 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.5%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $76,567    76,567 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   33,685    33,685 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   30,623    30,623 
Total Repurchase Agreements          
(Cost $140,875)        140,875 

 

 

S&P MidCap 400® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

    Shares    Value 
SECURITIES LENDING COLLATERAL†,3 - 0.6%          
Money Market Fund          
First American Government Obligations Fund  —  Class X, 5.01%4   168,942   $168,942 
Total Securities Lending Collateral          
(Cost $168,942)       $168,942 
Total Investments - 100.5%          
(Cost $25,147,945)       $29,883,168 
Other Assets & Liabilities, net - (0.5)%        (159,159)
Total Net Assets - 100.0%       $29,724,009 

 

* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $29,573,351   $   $        —   $29,573,351 
Repurchase Agreements       140,875        140,875 
Securities Lending Collateral   168,942            168,942 
Total Assets  $29,742,293   $140,875   $   $29,883,168 

 

 

S&P MidCap 400® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.5%
Consumer, Cyclical - 37.5%          
Taylor Morrison Home Corp. — Class A*   16,690   $813,971 
KB Home   15,450    798,920 
Goodyear Tire & Rubber Co.*   57,539    787,133 
Lithia Motors, Inc. — Class A   1,848    561,995 
Thor Industries, Inc.   5,167    534,785 
JetBlue Airways Corp.*   59,415    526,417 
Toll Brothers, Inc.   6,390    505,257 
PVH Corp.   5,893    500,728 
Kohl's Corp.   18,015    415,246 
Adient plc*   8,666    332,081 
Nordstrom, Inc.1   13,585    278,085 
Univar Solutions, Inc.*   7,646    274,033 
Foot Locker, Inc.   9,836    266,654 
Macy's, Inc.   15,479    248,438 
Lear Corp.   1,587    227,814 
Gap, Inc.   20,940    186,994 
Topgolf Callaway Brands Corp.*   8,193    162,631 
Skechers USA, Inc. — Class A*   2,412    127,016 
Total Consumer, Cyclical        7,548,198 
Financial - 18.5%          
Brighthouse Financial, Inc.*   9,897    468,623 
Unum Group   6,690    319,113 
Park Hotels & Resorts, Inc. REIT   24,662    316,167 
New York Community Bancorp, Inc.   26,418    296,938 
Jones Lang LaSalle, Inc.*   1,395    217,341 
First American Financial Corp.   3,742    213,369 
MGIC Investment Corp.   11,393    179,896 
Old Republic International Corp.   6,735    169,520 
Janus Henderson Group plc   6,183    168,487 
Vornado Realty Trust REIT   8,685    157,546 
Essent Group Ltd.   3,116    145,829 
Cousins Properties, Inc. REIT   5,909    134,725 
CNO Financial Group, Inc.   5,326    126,066 
Kemper Corp.   2,528    122,001 
Medical Properties Trust, Inc. REIT1   12,871    119,185 
Reinsurance Group of America, Inc. — Class A   799    110,813 
Starwood Property Trust, Inc. REIT   5,525    107,185 
FNB Corp.   9,107    104,184 
Sabra Health Care REIT, Inc.   7,611    89,582 
Kilroy Realty Corp. REIT   2,915    87,712 
Associated Banc-Corp.   5,098    82,741 
Total Financial        3,737,023 
Industrial - 16.6%          
Arrow Electronics, Inc.*   3,862    553,154 
Avnet, Inc.   10,726    541,127 
XPO, Inc.*   8,710    513,890 
Jabil, Inc.   3,747    404,414 
TD SYNNEX Corp.   4,049    380,606 
Ryder System, Inc.   3,566    302,361 
Coherent Corp.*   3,772    192,297 
Greif, Inc. — Class A   2,498    172,087 
Fluor Corp.*   5,363    158,745 
Vishay Intertechnology, Inc.   4,458    131,065 
Total Industrial        3,349,746 
Tenet Healthcare Corp.*   6,032   490,884 
Syneos Health, Inc.*   7,720    325,321 
Enovis Corp.*   4,846    310,725 
ManpowerGroup, Inc.   3,896    309,342 
Graham Holdings Co. — Class B   473    270,310 
Pilgrim's Pride Corp.*   11,596    249,198 
GXO Logistics, Inc.*   3,424    215,096 
Patterson Companies, Inc.   6,306    209,738 
Perrigo Company plc   5,585    189,611 
Hertz Global Holdings, Inc.*   6,132    112,767 
Post Holdings, Inc.*   1,244    107,793 
Total Consumer, Non-cyclical        2,790,785 
Basic Materials - 6.6%          
United States Steel Corp.   22,994    575,080 
Cleveland-Cliffs, Inc.*   28,484    477,392 
Avient Corp.   4,569    186,872 
Alcoa Corp.   2,779    94,291 
Total Basic Materials        1,333,635 
Technology - 4.9%          
Xerox Holdings Corp.   21,594    321,535 
NCR Corp.*   10,751    270,925 
Kyndryl Holdings, Inc.*   17,243    228,987 
MKS Instruments, Inc.   1,463    158,150 
Total Technology        979,597 
Utilities - 1.1%          
UGI Corp.   4,200    113,274 
Southwest Gas Holdings, Inc.   1,739    110,687 
Total Utilities        223,961 
Communications - 0.4%          
Frontier Communications Parent, Inc.*   4,460    83,135 
Total Common Stocks          
(Cost $18,298,570)        20,046,080 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%  
due 07/03/23
  $64,186    64,186 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%  
due 07/03/23
   28,239    28,239 
BofA Securities, Inc.
issued 06/30/23 at 5.06%  
due 07/03/23
   25,671    25,671 
Total Repurchase Agreements          
(Cost $118,096)        118,096 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 1.5%          
Money Market Fund          
First American Government Obligations Fund — Class X, 5.01%4     296,777    296,777 
Total Securities Lending Collateral          
(Cost $296,777)        296,777 
Total Investments - 101.6%          
(Cost $18,713,443)       $20,460,953 
Other Assets & Liabilities, net - (1.6)%        (313,277)
Total Net Assets - 100.0%       $20,147,676 
S&P MidCap 400® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (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  $20,046,080   $   $       —   $20,046,080 
Repurchase Agreements       118,096        118,096 
Securities Lending Collateral   296,777            296,777 
Total Assets  $20,342,857   $118,096   $   $20,460,953 

 

 

S&P SmallCap 600® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.9%
Consumer, Non-cyclical - 24.6%          
elf Beauty, Inc.*   731   $83,502 
Vir Biotechnology, Inc.*   3,235    79,354 
Amphastar Pharmaceuticals, Inc.*   1,189    68,332 
Cross Country Healthcare, Inc.*   2,339    65,679 
Dynavax Technologies Corp.*   4,704    60,776 
iTeos Therapeutics, Inc.*   4,505    59,646 
UFP Technologies, Inc.*   292    56,604 
Catalyst Pharmaceuticals, Inc.*   3,926    52,765 
AMN Healthcare Services, Inc.*   481    52,487 
Cytokinetics, Inc.*   1,366    44,559 
Ensign Group, Inc.   445    42,480 
Adtalem Global Education, Inc.*   1,180    40,521 
Cal-Maine Foods, Inc.   856    38,520 
MGP Ingredients, Inc.   357    37,942 
Simply Good Foods Co.*   1,033    37,798 
Zynex, Inc.*   3,863    37,046 
Innoviva, Inc.*   2,863    36,446 
REGENXBIO, Inc.*   1,668    33,343 
Corcept Therapeutics, Inc.*   1,467    32,641 
Stride, Inc.*   824    30,677 
Supernus Pharmaceuticals, Inc.*   844    25,371 
Tootsie Roll Industries, Inc.   683    24,185 
Hostess Brands, Inc.*   845    21,395 
Arcus Biosciences, Inc.*   1,002    20,351 
Medifast, Inc.   216    19,907 
AdaptHealth Corp.*   1,565    19,046 
Collegium Pharmaceutical, Inc.*   846    18,181 
uniQure N.V.*   1,481    16,972 
Xencor, Inc.*   675    16,855 
Addus HomeCare Corp.*   180    16,686 
Pacira BioSciences, Inc.*   371    14,866 
Ligand Pharmaceuticals, Inc.*,††   107     
Ligand Pharmaceuticals, Inc.*,††   107     
Total Consumer, Non-cyclical        1,204,933 
Industrial - 20.4%          
Encore Wire Corp.   427    79,392 
Matson, Inc.   924    71,823 
Dorian LPG Ltd.   2,764    70,897 
Boise Cascade Co.   784    70,834 
Advanced Energy Industries, Inc.   593    66,090 
Mueller Industries, Inc.   725    63,278 
PGT Innovations, Inc.*   2,034    59,291 
Comfort Systems USA, Inc.   360    59,112 
AAON, Inc.   434    41,148 
Marten Transport Ltd.   1,779    38,248 
Forward Air Corp.   337    35,759 
Fabrinet*   266    34,548 
Myers Industries, Inc.   1,640    31,865 
EnPro Industries, Inc.   231    30,846 
Lindsay Corp.   258    30,789 
Badger Meter, Inc.   194    28,627 
Applied Industrial Technologies, Inc.   189    27,373 
Plexus Corp.*   260    25,542 
Franklin Electric Company, Inc.   243    25,005 
CTS Corp.   531    22,636 
NV5 Global, Inc.*   204    22,597 
Hillenbrand, Inc.   440    22,563 
AeroVironment, Inc.*   216    22,093 
Aerojet Rocketdyne Holdings, Inc.*   343    18,820 
Total Industrial        999,176 
Technology - 16.4%          
Axcelis Technologies, Inc.*   858    157,297 
Rambus, Inc.*   1,443    92,597 
DoubleVerify Holdings, Inc.*   1,696    66,008 
Photronics, Inc.*   2,461    63,469 
Kulicke & Soffa Industries, Inc.   957    56,894 
Verra Mobility Corp.*   2,182    43,029 
Alpha & Omega Semiconductor Ltd.*   1,182    38,770 
Onto Innovation, Inc.*   327    38,086 
Diodes, Inc.*   313    28,949 
Progress Software Corp.   493    28,643 
Veeco Instruments, Inc.*   1,044    26,810 
SPS Commerce, Inc.*   131    25,160 
Digi International, Inc.*   631    24,855 
Agilysys, Inc.*   333    22,857 
Privia Health Group, Inc.*   862    22,507 
MaxLinear, Inc. — Class A*   572    18,052 
NextGen Healthcare, Inc.*   1,036    16,804 
Veradigm, Inc.*   1,286    16,204 
NetScout Systems, Inc.*   510    15,785 
Total Technology        802,776 
Financial - 13.4%          
Mr Cooper Group, Inc.*   1,448    73,327 
ARMOUR Residential REIT, Inc.   12,366    65,911 
StoneX Group, Inc.*   628    52,174 
St. Joe Co.   953    46,068 
OFG Bancorp   1,711    44,623 
Piper Sandler Cos.   286    36,968 
Palomar Holdings, Inc.*   633    36,739 
First BanCorp   2,653    32,420 
Avantax, Inc.*   1,341    30,012 
BancFirst Corp.   299    27,508 
Marcus & Millichap, Inc.   863    27,193 
Bancorp, Inc.*   684    22,333 
Hanmi Financial Corp.   1,464    21,857 
City Holding Co.   242    21,778 
Stellar Bancorp, Inc.   931    21,311 
Preferred Bank/Los Angeles CA   366    20,126 
NBT Bancorp, Inc.   574    18,282 
Dime Community Bancshares, Inc.   882    15,550 
ServisFirst Bancshares, Inc.   299    12,235 
Banner Corp.   265    11,572 
Heritage Financial Corp.   647    10,462 
CVB Financial Corp.   637    8,459 
Total Financial        656,908 
Energy - 9.0%          
Civitas Resources, Inc.   1,144    79,359 
REX American Resources Corp.*   2,184    76,025 
Comstock Resources, Inc.   6,519    75,612 
SM Energy Co.   2,004    63,387 
Northern Oil and Gas, Inc.   1,538    52,784 
Vital Energy, Inc.*   1,147    51,787 
CONSOL Energy, Inc.   348    23,598 
S&P SmallCap 600® Pure Growth Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.9% (continued)
Energy - 9.0% (continued)          
RPC, Inc.   2,378   $17,002 
Total Energy        439,554 
Consumer, Cyclical - 8.4%          
Green Brick Partners, Inc.*   2,122    120,530 
XPEL, Inc.*   612    51,543 
Jack in the Box, Inc.   516    50,325 
Cavco Industries, Inc.*   153    45,135 
Monarch Casino & Resort, Inc.   623    43,890 
Sun Country Airlines Holdings, Inc.*   1,668    37,497 
Titan International, Inc.*   2,906    33,361 
Ethan Allen Interiors, Inc.   1,012    28,619 
Total Consumer, Cyclical        410,900 
Communications - 3.7%          
Cars.com, Inc.*   2,254    44,674 
Harmonic, Inc.*   2,355    38,080 
ATN International, Inc.   873    31,952 
Clearfield, Inc.*   634    30,020 
Extreme Networks, Inc.*   914    23,810 
A10 Networks, Inc.   1,052    15,349 
Total Communications        183,885 
Basic Materials - 3.2%          
Hawkins, Inc.   1,124    53,604 
Kaiser Aluminum Corp.   485    34,745 
Innospec, Inc.   236    23,704 
Livent Corp.*   840    23,041 
American Vanguard Corp.   1,253    22,391 
Total Basic Materials        157,485 
Utilities - 0.8%          
Unitil Corp.   386    19,574 
SJW Group   275    19,280 
Total Utilities        38,854 
Total Common Stocks          
(Cost $3,855,873)        4,894,471 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 1.0%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%  
due 07/03/23
  $27,520    27,520 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%  
due 07/03/23
   12,107    12,107 
BofA Securities, Inc.
issued 06/30/23 at 5.06%  
due 07/03/23
   11,007    11,007 
Total Repurchase Agreements          
(Cost $50,634)        50,634 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 0.3%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   15,279    15,279 
Total Securities Lending Collateral          
(Cost $15,279)        15,279 
Total Investments - 101.2%          
(Cost $3,921,786)       $4,960,384 
Other Assets & Liabilities, net - (1.2)%        (59,990)
Total Net Assets - 100.0%       $4,900,394 

 

*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.
1All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $4,894,471   $*  $        —   $4,894,471 
Repurchase Agreements       50,634        50,634 
Securities Lending Collateral   15,279            15,279 
Total Assets  $4,909,750   $50,634   $   $4,960,384 

 

*Security has a market value of $0.

 

 

S&P SmallCap 600® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.8%
Consumer, Cyclical - 37.5%          
SkyWest, Inc.*   5,213   $212,273 
M/I Homes, Inc.*   2,112    184,145 
G-III Apparel Group Ltd.*   6,657    128,280 
Tri Pointe Homes, Inc.*   3,810    125,197 
Century Communities, Inc.   1,630    124,891 
MDC Holdings, Inc.   2,228    104,204 
America's Car-Mart, Inc.*   968    96,587 
Meritage Homes Corp.   622    88,492 
Patrick Industries, Inc.   1,038    83,040 
Group 1 Automotive, Inc.   317    81,818 
Abercrombie & Fitch Co. — Class A*   2,120    79,882 
Wolverine World Wide, Inc.   5,240    76,975 
MarineMax, Inc.*   2,213    75,596 
Dana, Inc.   4,207    71,519 
ScanSource, Inc.*   2,336    69,052 
Resideo Technologies, Inc.*   3,869    68,327 
ODP Corp.*   1,099    51,455 
Sonic Automotive, Inc. — Class A   997    47,527 
GMS, Inc.*   660    45,672 
La-Z-Boy, Inc.   1,500    42,960 
Caleres, Inc.   1,790    42,835 
Veritiv Corp.   305    38,311 
Allegiant Travel Co. — Class A*   288    36,369 
Hanesbrands, Inc.   7,772    35,285 
Designer Brands, Inc. — Class A   3,443    34,774 
MillerKnoll, Inc.   2,218    32,782 
Sally Beauty Holdings, Inc.*   2,651    32,740 
Urban Outfitters, Inc.*   976    32,335 
American Axle & Manufacturing Holdings, Inc.*   3,869    31,997 
Signet Jewelers Ltd.   460    30,020 
Shoe Carnival, Inc.   1,240    29,115 
OPENLANE, Inc.*   1,882    28,644 
Chico's FAS, Inc.*   4,663    24,947 
LGI Homes, Inc.*   177    23,875 
PC Connection, Inc.   521    23,497 
Standard Motor Products, Inc.   618    23,187 
Sleep Number Corp.*   802    21,879 
Guess?, Inc.   1,103    21,453 
HNI Corp.   737    20,769 
American Eagle Outfitters, Inc.   1,757    20,733 
Interface, Inc. — Class A   2,246    19,742 
Marcus Corp.   1,276    18,923 
Hawaiian Holdings, Inc.*   1,420    15,293 
El Pollo Loco Holdings, Inc.   1,507    13,216 
Total Consumer, Cyclical        2,510,613 
Financial - 15.9%          
Genworth Financial, Inc. — Class A*   18,720    93,600 
Anywhere Real Estate, Inc.*   13,095    87,475 
Stewart Information Services Corp.   1,806    74,299 
Navient Corp.   3,185    59,177 
World Acceptance Corp.*   416    55,748 
Universal Insurance Holdings, Inc.   3,391    52,323 
SiriusPoint Ltd.*   5,162    46,613 
EZCORP, Inc. — Class A*   5,473    45,864 
Radian Group, Inc.   1,679    42,445 
Pebblebrook Hotel Trust REIT   2,881    40,161 
Cushman & Wakefield plc*   4,424    36,188 
SL Green Realty Corp. REIT1   1,178    35,399 
Bread Financial Holdings, Inc.   1,094    34,341 
RE/MAX Holdings, Inc. — Class A   1,781    34,302 
Encore Capital Group, Inc.*   603    29,318 
Ambac Financial Group, Inc.*   1,903    27,099 
Apollo Commercial Real Estate Finance, Inc. REIT   2,285    25,866 
JBG SMITH Properties REIT   1,598    24,034 
Enova International, Inc.*   440    23,373 
Service Properties Trust REIT   2,641    22,950 
PacWest Bancorp1   2,764    22,527 
Office Properties Income Trust REIT   2,706    20,836 
Brandywine Realty Trust REIT   4,243    19,730 
United Fire Group, Inc.   849    19,238 
Hilltop Holdings, Inc.   608    19,128 
Ready Capital Corp. REIT   1,553    17,518 
ProAssurance Corp.   1,066    16,086 
Hudson Pacific Properties, Inc. REIT   3,419    14,428 
Hope Bancorp, Inc.   1,603    13,497 
Orion Office REIT, Inc.   1,775    11,733 
Total Financial        1,065,296 
Consumer, Non-cyclical - 14.7%          
Aaron's Company, Inc.   7,448    105,315 
Kelly Services, Inc. — Class A   5,733    100,958 
Fresh Del Monte Produce, Inc.   3,092    79,495 
PROG Holdings, Inc.*   2,053    65,942 
Enhabit, Inc.*   5,632    64,768 
Upbound Group, Inc.   1,600    49,808 
TrueBlue, Inc.*   2,720    48,171 
Deluxe Corp.   2,681    46,864 
Owens & Minor, Inc.*   2,400    45,696 
Emergent BioSolutions, Inc.*   6,202    45,585 
B&G Foods, Inc.1   3,081    42,888 
SpartanNash Co.   1,585    35,678 
Seneca Foods Corp. — Class A*   1,028    33,595 
Universal Corp.   623    31,113 
ABM Industries, Inc.   717    30,580 
Heidrick & Struggles International, Inc.   1,079    28,561 
United Natural Foods, Inc.*   1,324    25,884 
GEO Group, Inc.*   3,321    23,778 
Phibro Animal Health Corp. — Class A   1,605    21,989 
CoreCivic, Inc.*   2,307    21,709 
Green Dot Corp. — Class A*   1,101    20,633 
Orthofix Medical, Inc.*   869    15,694 
Total Consumer, Non-cyclical        984,704 
Industrial - 13.0%          
Olympic Steel, Inc.   2,501    122,549 
Enviri Corp.*   7,534    74,360 
DXP Enterprises, Inc.*   1,904    69,325 
Greenbrier Companies, Inc.   1,447    62,366 
American Woodmark Corp.*   790    60,332 
World Kinect Corp.   2,615    54,078 
Benchmark Electronics, Inc.   2,043    52,771 
S&P SmallCap 600® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.8% (continued)
Industrial - 13.0% (continued)          
RXO, Inc.*   2,253   $51,076 
ArcBest Corp.   503    49,696 
Powell Industries, Inc.   814    49,320 
Clearwater Paper Corp.*   1,565    49,016 
Kaman Corp.   1,803    43,867 
Proto Labs, Inc.*   994    34,750 
TTM Technologies, Inc.*   1,971    27,397 
Ichor Holdings Ltd.*   706    26,475 
AZZ, Inc.   512    22,252 
Granite Construction, Inc.   525    20,884 
Total Industrial        870,514 
Communications - 7.5%          
Lumen Technologies, Inc.   41,299    93,335 
DISH Network Corp. — Class A*   13,857    91,318 
Telephone & Data Systems, Inc.   8,644    71,140 
AMC Networks, Inc. — Class A*   4,243    50,704 
Consolidated Communications Holdings, Inc.*   11,318    43,348 
EW Scripps Co. — Class A*   4,509    41,257 
Viasat, Inc.*   976    40,270 
Thryv Holdings, Inc.*   1,417    34,858 
NETGEAR, Inc.*   1,487    21,056 
Scholastic Corp.   438    17,034 
Total Communications        504,320 
Basic Materials - 4.5%          
Arconic Corp.*   2,419    71,554 
Century Aluminum Co.*   6,705    58,467 
Koppers Holdings, Inc.   1,663    56,709 
Mativ Holdings, Inc.   2,934    44,362 
Trinseo plc   2,182    27,646 
AdvanSix, Inc.   642    22,457 
Minerals Technologies, Inc.   280    16,153 
Total Basic Materials        297,348 
Energy - 3.5%          
Oil States International, Inc.*   7,825    58,453 
Par Pacific Holdings, Inc.*   1,973    52,502 
SunCoke Energy, Inc.   6,337    49,872 
Bristow Group, Inc.*   1,476    42,405 
Helix Energy Solutions Group, Inc.*   4,353    32,125 
Total Energy        235,357 
Technology - 3.2%          
Ebix, Inc.   2,439    61,463 
Insight Enterprises, Inc.*   396    57,951 
SMART Global Holdings, Inc.*   1,408    40,846 
Cerence, Inc.*   1,172    34,257 
Pitney Bowes, Inc.   6,196    21,934 
Total Technology        216,451 
Total Common Stocks          
(Cost $5,464,695)        6,684,603 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%  
due 07/03/23
  $22,116    22,116 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%  
due 07/03/23
   9,730    9,730 
BofA Securities, Inc.
issued 06/30/23 at 5.06%  
due 07/03/23
   8,845    8,845 
Total Repurchase Agreements          
(Cost $40,691)        40,691 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 1.1%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   76,450    76,450 
Total Securities Lending Collateral          
(Cost $76,450)        76,450 
Total Investments - 101.5%          
(Cost $5,581,836)       $6,801,744 
Other Assets & Liabilities, net - (1.5)%        (98,486)
Total Net Assets - 100.0%       $6,703,258 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of June 30, 2023.

 

plc — Public Limited Company

REIT — Real Estate Investment Trust

 

See Sector Classification in Other Information section.

 

S&P SmallCap 600® Pure Value Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023
   

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $6,684,603   $   $       —   $6,684,603 
Repurchase Agreements       40,691        40,691 
Securities Lending Collateral   76,450            76,450 
Total Assets  $6,761,053   $40,691   $   $6,801,744 

 

 

Strengthening Dollar 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Face
Amount
   Value 
U.S. TREASURY BILLS†† - 4.0%
U.S. Treasury Bills          
5.11% due 07/18/231,2  $277,000   $276,420 
Total U.S. Treasury Bills          
(Cost $276,320)        276,420 
           
REPURCHASE AGREEMENTS††,3 - 99.0%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/234
   3,692,931    3,692,931 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   1,624,704    1,624,704 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   1,477,003    1,477,003 
Total Repurchase Agreements          
(Cost $6,794,638)        6,794,638 
Total Investments - 103.0%          
(Cost $7,070,958)       $7,071,058 
Other Assets & Liabilities, net - (3.0)%        (206,370)
Total Net Assets - 100.0%       $6,864,688 

 

Futures Contracts

 

Description  Number of Contracts   Expiration Date  Notional Amount   Value and Unrealized
Depreciation**
 
Currency Futures Contracts Purchased                  
U.S. Dollar Index Futures Contracts   89   Sep 2023  $9,128,730   $(50,983)

 

Total Return Swap Agreements

 

Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Depreciation 
OTC Currency Index Swap Agreements††
Goldman Sachs International  U.S. Dollar Index   Receive   N/A  At Maturity  09/22/23   44,594   $4,573,488   $(18,954)

 

** 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 June 30, 2023.
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 June 30, 2023.

 

See Sector Classification in Other Information section.

 

 

Strengthening Dollar 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $   $276,420   $   $276,420 
Repurchase Agreements       6,794,638        6,794,638 
Total Assets  $   $7,071,058   $   $7,071,058 

 

Investments in Securities (Liabilities)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Currency Futures Contracts**  $50,983   $   $   $50,983 
Currency Index Swap Agreements**       18,954        18,954 
Total Liabilities  $50,983   $18,954   $   $69,937 

 

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

 

 

 

Technology Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.5%
Software - 31.3%
Microsoft Corp.   8,274   $2,817,628 
Adobe, Inc.*   1,764    862,578 
Oracle Corp.   6,563    781,588 
Salesforce, Inc.*   3,648    770,676 
Intuit, Inc.   1,389    636,426 
ServiceNow, Inc.*   1,059    595,126 
Synopsys, Inc.*   1,019    443,683 
Activision Blizzard, Inc.*   5,240    441,732 
Cadence Design Systems, Inc.*   1,879    440,663 
Workday, Inc. — Class A*   1,923    434,386 
Roper Technologies, Inc.   842    404,834 
Atlassian Corp. — Class A*   2,329    390,830 
Snowflake, Inc. — Class A*   2,161    380,293 
Autodesk, Inc.*   1,786    365,433 
NetEase, Inc. ADR   3,506    338,995 
Electronic Arts, Inc.   2,518    326,585 
MongoDB, Inc.*   737    302,900 
ANSYS, Inc.*   904    298,564 
Datadog, Inc. — Class A*   2,990    294,156 
Palantir Technologies, Inc. — Class A*   19,142    293,447 
Take-Two Interactive Software, Inc.*   1,945    286,226 
Cloudflare, Inc. — Class A*   3,806    248,798 
Zoom Video Communications, Inc. — Class A*   3,489    236,833 
Splunk, Inc.*   2,201    233,504 
ROBLOX Corp. — Class A*   5,526    222,698 
PTC, Inc.*   1,557    221,561 
HubSpot, Inc.*   410    218,157 
Akamai Technologies, Inc.*   2,227    200,141 
Unity Software, Inc.*   4,543    197,257 
BILL Holdings, Inc.*   1,614    188,596 
Twilio, Inc. — Class A*   2,924    186,025 
DocuSign, Inc.*   3,189    162,926 
ZoomInfo Technologies, Inc. — Class A*   6,334    160,820 
Five9, Inc.*   1,685    138,928 
Total Software        14,522,993 
Semiconductors - 28.0%          
NVIDIA Corp.   4,331    1,832,100 
Broadcom, Inc.   1,222    1,059,999 
Texas Instruments, Inc.   3,983    717,020 
Advanced Micro Devices, Inc.*   6,263    713,418 
Intel Corp.   20,130    673,147 
QUALCOMM, Inc.   5,381    640,554 
Applied Materials, Inc.   4,287    619,643 
Analog Devices, Inc.   2,876    560,273 
Lam Research Corp.   807    518,788 
NXP Semiconductor N.V.   2,523    516,408 
ASML Holding N.V. — Class G   644    466,739 
KLA Corp.   931    451,554 
Micron Technology, Inc.   7,097    447,892 
Taiwan Semiconductor Manufacturing Company Ltd. ADR   4,415    445,562 
Microchip Technology, Inc.   4,472    400,646 
Marvell Technology, Inc.   6,514    389,407 
ON Semiconductor Corp.*   3,784    357,891 
STMicroelectronics N.V. — Class Y   7,008   350,330 
Skyworks Solutions, Inc.   2,130    235,770 
Teradyne, Inc.   2,099    233,682 
Entegris, Inc.   1,998    221,418 
Lattice Semiconductor Corp.*   2,227    213,948 
Monolithic Power Systems, Inc.   348    188,000 
Qorvo, Inc.*   1,725    176,002 
Wolfspeed, Inc.*   2,673    148,592 
MKS Instruments, Inc.   1,363    147,340 
GLOBALFOUNDRIES, Inc.*,1   2,042    131,872 
Silicon Laboratories, Inc.*   644    101,585 
Total Semiconductors        12,959,580 
Computers - 15.8%          
Apple, Inc.   15,829    3,070,351 
International Business Machines Corp.   4,516    604,286 
Fortinet, Inc.*   5,324    402,441 
Accenture plc — Class A   1,266    390,662 
Infosys Ltd. ADR   21,704    348,783 
Check Point Software Technologies Ltd.*   2,699    339,048 
Cognizant Technology Solutions Corp. — Class A   4,918    321,047 
Crowdstrike Holdings, Inc. — Class A*   2,135    313,568 
HP, Inc.   9,253    284,160 
Hewlett Packard Enterprise Co.   15,618    262,383 
NetApp, Inc.   3,012    230,117 
Seagate Technology Holdings plc   3,092    191,302 
Zscaler, Inc.*   1,306    191,068 
Western Digital Corp.*   4,838    183,505 
Pure Storage, Inc. — Class A*   4,971    183,032 
Total Computers        7,315,753 
Internet - 15.0%          
Alphabet, Inc. — Class A*   17,580    2,104,326 
Meta Platforms, Inc. — Class A*   5,310    1,523,864 
Palo Alto Networks, Inc.*   2,024    517,152 
Shopify, Inc. — Class A*   6,550    423,130 
Baidu, Inc. ADR*   2,739    374,996 
Sea Ltd. ADR*   5,346    310,282 
CDW Corp.   1,539    282,406 
Pinterest, Inc. — Class A*   9,205    251,665 
VeriSign, Inc.*   1,107    250,149 
Snap, Inc. — Class A*   18,758    222,095 
Match Group, Inc.*   4,613    193,054 
Gen Digital, Inc.   9,646    178,933 
Okta, Inc.*   2,571    178,299 
F5, Inc.*   1,111    162,495 
Total Internet        6,972,846 
Telecommunications - 3.9%          
Cisco Systems, Inc.   15,014    776,824 
Motorola Solutions, Inc.   1,345    394,462 
Arista Networks, Inc.*   2,082    337,409 
Corning, Inc.   8,512    298,260 
Total Telecommunications        1,806,955 
Electronics - 3.2%          
Amphenol Corp. — Class A   4,759    404,277 
TE Connectivity Ltd.   2,717    380,815 

 

 

 

Technology Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.5% (continued)          
Electronics - 3.2% (continued)          
Keysight Technologies, Inc.*   1,813   $303,587 
Trimble, Inc.*   3,820    202,231 
Flex Ltd.*   7,057    195,055 
Total Electronics        1,485,965 
Energy-Alternate Sources - 1.6%          
SolarEdge Technologies, Inc.*   1,010    271,740 
Enphase Energy, Inc.*   1,491    249,713 
First Solar, Inc.*   1,266    240,654 
Total Energy-Alternate Sources        762,107 
Office & Business Equipment - 0.4%          
Zebra Technologies Corp. — Class A*   609    180,160 
Commercial Services - 0.3%          
Paylocity Holding Corp.*   635    117,177 
Total Common Stocks          
(Cost $25,280,310)        46,123,536 
           
   Face
Amount
     
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $148,009   148,009 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   65,116    65,116 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   59,197    59,197 
Total Repurchase Agreements          
(Cost $272,322)        272,322 
           
   Shares     
SECURITIES LENDING COLLATERAL†,3 - 0.2%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   87,656    87,656 
Total Securities Lending Collateral          
(Cost $87,656)        87,656 
Total Investments - 100.3%          
(Cost $25,640,288)       $46,483,514 
Other Assets & Liabilities, net - (0.3)%        (128,509)
Total Net Assets - 100.0%       $46,355,005 

 

* 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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $46,123,536   $   $   $46,123,536 
Repurchase Agreements       272,322        272,322 
Securities Lending Collateral   87,656            87,656 
Total Assets  $46,211,192   $272,322   $   $46,483,514 

 

 

Telecommunications Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

   Shares   Value 
COMMON STOCKS - 99.4%
Telecommunications - 70.6%
Cisco Systems, Inc.   4,826   $249,697 
Verizon Communications, Inc.   5,875    218,491 
AT&T, Inc.   11,851    189,024 
T-Mobile US, Inc.*   1,180    163,902 
Motorola Solutions, Inc.   385    112,913 
Arista Networks, Inc.*   616    99,829 
Juniper Networks, Inc.   2,019    63,255 
Iridium Communications, Inc.   817    50,752 
Ciena Corp.*   1,145    48,651 
Frontier Communications Parent, Inc.*   2,417    45,053 
Vodafone Group plc ADR   4,767    45,048 
Telefonaktiebolaget LM Ericsson ADR   7,941    43,278 
BCE, Inc.   918    41,852 
Viasat, Inc.*   995    41,054 
TELUS Corp.   2,066    40,204 
Nice Ltd. ADR*   193    39,855 
America Movil SAB de CV ADR   1,755    37,978 
Extreme Networks, Inc.*   1,442    37,564 
Nokia Oyj ADR   8,337    34,682 
Viavi Solutions, Inc.*   2,939    33,299 
Calix, Inc.*   659    32,891 
InterDigital, Inc.   336    32,441 
Harmonic, Inc.*   1,518    24,546 
Gogo, Inc.*   1,188    20,208 
CommScope Holding Company, Inc.*   3,527    19,857 
Telephone & Data Systems, Inc.   2,314    19,044 
Infinera Corp.*   3,769    18,204 
ADTRAN Holdings, Inc.   1,687    17,764 
Lumen Technologies, Inc.   5,496    12,421 
Clearfield, Inc.*   197    9,328 
Total Telecommunications        1,843,085 
Media - 19.5%          
Comcast Corp. — Class A   5,652    234,840 
Charter Communications, Inc. — Class A*   297    109,109 
Liberty Broadband Corp. — Class C*   825   66,091 
Liberty Global plc — Class C*   2,412    42,861 
DISH Network Corp. — Class A*   4,803    31,652 
Liberty Latin America Ltd. — Class C*   2,851    24,576 
Total Media        509,129 
Internet - 5.7%          
F5, Inc.*   396    57,919 
Roku, Inc.*   883    56,477 
Cogent Communications Holdings, Inc.   516    34,721 
Total Internet        149,117 
Computers - 2.7%          
Lumentum Holdings, Inc.*   709    40,222 
NetScout Systems, Inc.*   932    28,845 
Total Computers        69,067 
Real Estate - 0.9%          
Radius Global Infrastructure, Inc. — Class A*   1,516    22,588 
Total Common Stocks          
(Cost $2,341,658)        2,592,986 
           
    Face
Amount
     
REPURCHASE AGREEMENTS††,1 - 0.4%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $6,141    6,141 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   2,702    2,702 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   2,456    2,456 
Total Repurchase Agreements          
(Cost $11,299)        11,299 
Total Investments - 99.8%          
(Cost $2,352,957)       $2,604,285 
Other Assets & Liabilities, net - 0.2%        5,540 
Total Net Assets - 100.0%       $2,609,825 
           
* 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.

 

 

Telecommunications Fund  
SCHEDULE OF INVESTMENTS (Unaudited)     June 30, 2023
   

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $2,592,986   $   $   $2,592,986 
Repurchase Agreements       11,299        11,299 
Total Assets  $2,592,986   $11,299   $   $2,604,285 

 

 

Transportation Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.4%
Transportation - 38.7%
United Parcel Service, Inc. — Class B   5,488   $983,724 
Union Pacific Corp.   4,217    862,883 
CSX Corp.   19,270    657,107 
FedEx Corp.   2,473    613,057 
Norfolk Southern Corp.   2,498    566,446 
Old Dominion Freight Line, Inc.   1,358    502,120 
Expeditors International of Washington, Inc.   2,791    338,074 
J.B. Hunt Transport Services, Inc.   1,685    305,036 
Canadian National Railway Co.   2,291    277,371 
Canadian Pacific Kansas City Ltd.   3,395    274,214 
CH Robinson Worldwide, Inc.   2,729    257,481 
ZTO Express Cayman, Inc. ADR   9,143    229,306 
Knight-Swift Transportation Holdings, Inc.   4,027    223,740 
ZIM Integrated Shipping Services Ltd.1   18,035    223,454 
XPO, Inc.*   3,651    215,409 
Landstar System, Inc.   1,061    204,285 
Saia, Inc.*   4    203,392 
Ryder System, Inc.   1,765    149,654 
Hub Group, Inc. — Class A*   1,563    125,540 
Werner Enterprises, Inc.   2,722    120,258 
Forward Air Corp.   972    103,139 
Total Transportation        7,435,690 
Auto Manufacturers - 26.9%          
Tesla, Inc.*   8,307    2,174,523 
Ford Motor Co.   41,984    635,218 
General Motors Co.   14,981    577,667 
NIO, Inc. ADR*   36,756    356,166 
Li Auto, Inc. ADR*   8,496    298,210 
Rivian Automotive, Inc. — Class A*   17,436    290,484 
Ferrari N.V.   841    273,502 
Stellantis N.V.   15,375    269,677 
Lucid Group, Inc.*,1   27,585    190,061 
Fisker, Inc.*,1   18,319    103,319 
Total Auto Manufacturers        5,168,827 
Auto Parts & Equipment - 12.1%          
Aptiv plc*   2,745    280,237 
BorgWarner, Inc.   5,484    268,222 
Magna International, Inc.   4,718    266,284 
Autoliv, Inc.   2,841    241,599 
Lear Corp.   1,611    231,259 
Gentex Corp.   7,107    207,951 
Goodyear Tire & Rubber Co.*   11,157    152,628 
Adient plc*   3,872    148,375 
Visteon Corp.*   962    138,153 
Fox Factory Holding Corp.*   1,269    137,699 
QuantumScape Corp.*,1   16,401    131,044 
Luminar Technologies, Inc.*,1   16,792    115,529 
Total Auto Parts & Equipment        2,318,980 
Airlines - 11.2%          
Delta Air Lines, Inc.   9,838    467,699 
Southwest Airlines Co.   10,680    386,723 
United Airlines Holdings, Inc.*   6,190    339,645 
American Airlines Group, Inc.*   15,615    280,133 
Ryanair Holdings plc ADR*   2,267    250,730 
Alaska Air Group, Inc.*   3,932    209,104 
JetBlue Airways Corp.*   16,049    142,194 
Allegiant Travel Co. — Class A*   668    84,355 
Total Airlines        2,160,583 
Internet - 5.6%          
Uber Technologies, Inc.*   16,830    726,551 
Grab Holdings Ltd. — Class A*   64,540    221,373 
Lyft, Inc. — Class A*   13,468    129,158 
Total Internet        1,077,082 
Commercial Services - 2.6%          
GXO Logistics, Inc.*   3,321    208,625 
Avis Budget Group, Inc.*   777    177,677 
Hertz Global Holdings, Inc.*   6,588    121,153 
Total Commercial Services        507,455 
Home Builders - 1.5%          
Thor Industries, Inc.   1,749    181,021 
Winnebago Industries, Inc.   1,646    109,772 
Total Home Builders        290,793 
Leisure Time - 0.8%          
Harley-Davidson, Inc.   4,698    165,416 
Total Common Stocks          
(Cost $12,851,912)        19,124,826 
           
    Face
Amount
      
REPURCHASE AGREEMENTS††,2 - 0.6%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $58,937    58,937 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   25,930    25,930 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   23,572    23,572 
Total Repurchase Agreements          
(Cost $108,439)        108,439 
           
    Shares      
SECURITIES LENDING COLLATERAL†,3 - 2.8%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   533,500    533,500 
Total Securities Lending Collateral          
(Cost $533,500)        533,500 
Total Investments - 102.8%          
(Cost $13,493,851)       $19,766,765 
Other Assets & Liabilities, net - (2.8)%        (546,324)
Total Net Assets - 100.0%       $19,220,441 

 

 

Transportation Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

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 June 30, 2023 — 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 June 30, 2023.

 

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 June 30, 2023 (See Note 3 in the Notes to Schedule of Investments): 

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $19,124,826   $   $        —   $19,124,826 
Repurchase Agreements       108,439        108,439 
Securities Lending Collateral   533,500            533,500 
Total Assets  $19,658,326   $108,439   $   $19,766,765 

 

 

Utilities Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Shares   Value 
COMMON STOCKS - 99.6%
Electric - 85.8%
NextEra Energy, Inc.   16,475   $1,222,445 
Southern Co.   12,486    877,142 
Duke Energy Corp.   9,217    827,134 
Sempra Energy   4,614    671,752 
American Electric Power Company, Inc.   7,822    658,612 
Dominion Energy, Inc.   12,635    654,367 
Exelon Corp.   15,764    642,225 
Xcel Energy, Inc.   9,276    576,689 
PG&E Corp.*   33,181    573,368 
Public Service Enterprise Group, Inc.   8,965    561,299 
Consolidated Edison, Inc.   6,096    551,078 
Constellation Energy Corp.   5,933    543,166 
WEC Energy Group, Inc.   5,933    523,528 
Edison International   7,518    522,125 
Eversource Energy   6,998    496,298 
FirstEnergy Corp.   11,908    462,983 
Ameren Corp.   5,616    458,659 
Entergy Corp.   4,593    447,220 
DTE Energy Co.   4,046    445,141 
PPL Corp.   16,549    437,887 
CenterPoint Energy, Inc.   14,801    431,449 
CMS Energy Corp.   6,917    406,374 
AES Corp.   18,032    373,803 
Alliant Energy Corp.   6,869    360,485 
Evergy, Inc.   6,142    358,816 
Fortis, Inc.   8,246    355,320 
Algonquin Power & Utilities Corp.1   42,048    347,316 
Vistra Corp.   12,192    320,040 
NRG Energy, Inc.   8,194    306,374 
Pinnacle West Capital Corp.   3,756    305,964 
OGE Energy Corp.   7,429    266,775 
Portland General Electric Co.   4,400    206,052 
PNM Resources, Inc.   4,275    192,802 
Black Hills Corp.   3,035    182,889 
Avista Corp.   4,235    166,308 
Ormat Technologies, Inc.   2,034    163,656 
Avangrid, Inc.   4,301    162,062 
NorthWestern Corp.   2,594    147,235 
Total Electric        17,206,838 
Gas - 7.9%          
Atmos Energy Corp.   3,508    408,121 
NiSource, Inc.   12,312   336,733 
UGI Corp.   8,391    226,305 
National Fuel Gas Co.   4,156    213,452 
Southwest Gas Holdings, Inc.   3,313    210,873 
ONE Gas, Inc.   2,515    193,177 
Total Gas        1,588,661 
Water - 4.1%          
American Water Works Company, Inc.   3,631    518,325 
Essential Utilities, Inc.   7,600    303,316 
Total Water        821,641 
Energy-Alternate Sources - 1.8%          
NextEra Energy Partners, LP   3,570    209,345 
Sunnova Energy International, Inc.*,1   7,536    137,984 
Total Energy-Alternate Sources        347,329 
Total Common Stocks          
(Cost $16,244,283)        19,964,469 
           
   Face
Amount
    
REPURCHASE AGREEMENTS††,2 - 0.5%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/23
  $57,275    57,275 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   25,198    25,198 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/23
   22,907    22,907 
Total Repurchase Agreements          
(Cost $105,380)        105,380 
           
    Shares     
SECURITIES LENDING COLLATERAL†,3 - 1.7%          
Money Market Fund          
First American Government Obligations Fund - Class X, 5.01%4   350,093    350,093 
Total Securities Lending Collateral          
(Cost $350,093)        350,093 
Total Investments - 101.8%          
(Cost $16,699,756)       $20,419,942 
Other Assets & Liabilities, net - (1.8)%        (356,895)
Total Net Assets - 100.0%       $20,063,047 

 

*Non-income producing security.
Value determined based on Level 1 inputs — See Note 3.
†† Value determined based on Level 2 inputs — See Note 3.
1All or a portion of this security is on loan at June 30, 2023 — See Note 5.
2Repurchase Agreements — See Note 4.
3Securities lending collateral — See Note 5.
4Rate indicated is the 7-day yield as of June 30, 2023.

 

See Sector Classification in Other Information section.

 

 

Utilities Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (See Note 3 in the Notes to Schedule of Investments):

 

Investments in Securities (Assets)   Level 1
Quoted
Prices
    Level 2
Significant
Observable
Inputs
    Level 3
Significant
Unobservable
Inputs
    Total  
Common Stocks  $19,964,469   $   $   $19,964,469 
Repurchase Agreements       105,380        105,380 
Securities Lending Collateral   350,093            350,093 
Total Assets  $20,314,562   $105,380   $   $20,419,942 

 

 

Weakening Dollar 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

   Face
Amount
   Value 
U.S. TREASURY BILLS†† - 3.8%
U.S. Treasury Bills          
5.11% due 07/18/231,2  $41,000   $40,914 
Total U.S. Treasury Bills          
(Cost $40,900)        40,914 
           
REPURCHASE AGREEMENTS††,3 - 95.4%          
J.P. Morgan Securities LLC
issued 06/30/23 at 5.05%
due 07/03/234
   565,431    565,431 
Barclays Capital, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   248,761    248,761 
BofA Securities, Inc.
issued 06/30/23 at 5.06%
due 07/03/234
   226,147    226,147 
Total Repurchase Agreements          
(Cost $1,040,339)        1,040,339 
Total Investments - 99.2%          
(Cost $1,081,239)       $1,081,253 
Other Assets & Liabilities, net - 0.8%        8,956 
Total Net Assets - 100.0%       $1,090,209 

 

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   17   Sep 2023  $1,743,690   $9,792 

 

Total Return Swap Agreements

 

Counterparty  Index  Type   Financing Rate  Payment Frequency  Maturity Date  Units   Notional Amount   Value and Unrealized Appreciation 
OTC Currency Index Swap Agreements Sold Short††
Goldman Sachs International  U.S. Dollar Index   Pay    N/A  At Maturity  09/22/23   3,963   $406,480   $2,299 

 

** 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 June 30, 2023.
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 June 30, 2023.

 

See Sector Classification in Other Information section.

 

 

Weakening Dollar 2x Strategy Fund  
SCHEDULE OF INVESTMENTS (Unaudited) June 30, 2023

 

 

 

The following table summarizes the inputs used to value the Fund's investments at June 30, 2023 (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  $   $40,914   $   $40,914 
Repurchase Agreements       1,040,339        1,040,339 
Currency Futures Contracts**   9,792            9,792 
Currency Index Swap Agreements**       2,299        2,299 
Total Assets  $9,792   $1,083,552   $   $1,093,344 

 

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

 

 

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

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  
   

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

 

Significant Accounting Policies

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

 

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

 

(a) Valuation of Investments 

The Board of Trustees of the Funds (the “Board”) 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 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 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, the 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 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 value 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.

 

Note 2 – Financial Instruments and Derivatives

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

 

Short Sales

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

 

Derivatives 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used 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 SCHEDULE OF INVESTMENTS (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. The hierarchy and the corresponding inputs are summarized below:

 

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

 

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

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  
   

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 June 30, 2023, 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 5.05%
Due 07/03/23
  $137,286,751   $137,344,526   U.S. Treasury Inflation Indexed Bond 3.63% Due 04/15/28  $129,694,939   $140,030,466 
             U.S. Treasury Notes 0.25% - 2.75% Due 09/30/23 - 03/31/27   2,100    2,022 
                 129,697,039    140,032,488 
Barclays Capital, Inc. 5.06%
Due 07/03/23
   60,399,250    60,424,719   U.S. Treasury Inflation Indexed Bond 0.13% - 0.75%
Due 10/15/26 - 02/15/45
   68,592,589    61,607,304 
BofA Securities, Inc. 5.06%
Due 07/03/23
   54,908,410    54,931,563   U.S. Treasury Inflation Indexed Bond 0.50% Due 01/15/28   59,873,011    56,006,594 

 

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.

 

At June 30, 2023, 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  $271,062   $280,820 
Basic Materials Fund   396,107    403,604 
Biotechnology Fund   1,519,885    1,568,762 
Consumer Products Fund   913,650    918,181 
Electronics Fund   964,498    965,466 

 

 

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)  
   
Fund  Value of
Securities Loaned
   Collateral Received 
Emerging Markets 2x Strategy Fund   27,630    28,029 
Energy Fund   176,027    173,656*
Energy Services Fund   71,238    69,750*
Europe 1.25x Strategy Fund   122,662    123,773 
Financial Services Fund   122,739    125,375 
Health Care Fund   25,009    26,087 
Internet Fund   76,753    77,516 
Leisure Fund   159,184    163,155 
Mid-Cap 1.5x Strategy Fund   42,594    44,046 
Monthly Rebalance NASDAQ-100® 2x Strategy Fund   1,412,800    1,423,403 
NASDAQ-100® Fund   4,799,930    4,836,267 
Nova Fund   16,680    17,388 
Precious Metals Fund   1,951,116    1,988,057 
Real Estate Fund   8,474    8,319*
Retailing Fund   185,196    192,040 
Russell 2000® 1.5x Strategy Fund   36,166    37,109 
Russell 2000® Fund   391,604    399,310 
S&P 500® Fund   11,684    12,180 
S&P MidCap 400® Pure Growth Fund   164,484    168,942 
S&P MidCap 400® Pure Value Fund   291,716    296,777 
S&P SmallCap 600® Pure Growth Fund   14,807    15,279 
S&P SmallCap 600® Pure Value Fund   74,941    76,450 
Technology Fund   87,764    87,656*
Transportation Fund   515,984    533,500 
Utilities Fund   343,190    350,093 

 

* Subsequent to June 30, 2023, 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 of 1986, as amended (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 June 30, 2023, 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  $12,253,692   $   $(1,038,537)  $(1,038,537)
Basic Materials Fund   24,717,373    10,131,908    (711,765)   9,420,143 
Biotechnology Fund   67,580,836    55,384,248    (4,839,527)   50,544,721 
Consumer Products Fund   45,647,587    33,054,004    (480,116)   32,573,888 
Dow Jones Industrial Average® Fund   25,285,006    1,990,199    (93,052)   1,897,147 
Electronics Fund   67,093,872    28,130,522    (254,609)   27,875,913 
Emerging Markets 2x Strategy Fund   5,713,744    26,941    (90,884)   (63,943)
Emerging Markets Bond Strategy Fund   376,472    4,930    (2,404)   2,526 
Energy Fund   22,022,743    6,016,323    (29,719)   5,986,604 
Energy Services Fund   33,531,751    328,415    (525,545)   (197,130)
Europe 1.25x Strategy Fund   5,858,700    49,426    (5,518)   43,908 
Financial Services Fund   8,245,714        (1,449,811)   (1,449,811)
Government Long Bond 1.2x Strategy Fund   29,259,378    342,240    (141,491)   200,749 
Health Care Fund   21,941,836    5,017,113    (127,766)   4,889,347 
High Yield Strategy Fund   41,149,891    795,793    (622,391)   173,402 
Internet Fund   10,433,034    2,499,769    (87,832)   2,411,937 
Inverse Emerging Markets 2x Strategy Fund   600,298    18,499        18,499 
Inverse Government Long Bond Strategy Fund   27,860,997    1,891    (453,538)   (451,647)
Inverse High Yield Strategy Fund   9,094,765    163,261    (191,569)   (28,308)
Inverse Mid-Cap Strategy Fund   3,740,722    42    (104,024)   (103,982)
Inverse NASDAQ-100® Strategy Fund   21,914,920        (540,780)   (540,780)
Inverse Russell 2000® Strategy Fund   5,323,815    10    (139,056)   (139,046)
Inverse S&P 500® Strategy Fund   51,332,639    4,772    (922,933)   (918,161)
Japan 2x Strategy Fund   1,864,416    146,606    (134,439)   12,167 
Leisure Fund   8,981,125    3,605,901    (56,069)   3,549,832 
Long Short Equity Fund   14,094,107    2,368,965    (857,889)   1,511,076 
Mid-Cap 1.5x Strategy Fund   10,474,928    1,244,180    (506,719)   737,461 
Monthly Rebalance NASDAQ-100® 2x Strategy Fund   487,179,943    42,873,765    (5,084,427)   37,789,338 
NASDAQ-100® Fund   580,732,309    1,023,888,149    (10,324,942)   1,013,563,207 
Nova Fund   260,287,551        (3,027,973)   (3,027,973)
Precious Metals Fund   99,595,610        (18,435,983)   (18,435,983)
Real Estate Fund   2,377,855        (91,385)   (91,385)
Retailing Fund   10,959,534    1,101,568    (80,581)   1,020,987 
Russell 2000® 1.5x Strategy Fund   7,116,229    621,307    (933,038)   (311,731)
Russell 2000® Fund   27,269,524    2,064,622    (4,533,433)   (2,468,811)
S&P 500® Fund   138,081,745    14,668,007    (104,266)   14,563,741 
S&P 500® Pure Growth Fund   33,547,728    2,253,926    (1,100,948)   1,152,978 
S&P 500® Pure Value Fund   15,101,734        (1,206,689)   (1,206,689)
S&P MidCap 400® Pure Growth Fund   27,383,586    3,284,642    (785,060)   2,499,582 
S&P MidCap 400® Pure Value Fund   19,475,530    1,071,274    (85,851)   985,423 
S&P SmallCap 600® Pure Growth Fund   4,299,078    707,829    (46,523)   661,306 
S&P SmallCap 600® Pure Value Fund   6,221,707    942,852    (362,815)   580,037 
Strengthening Dollar 2x Strategy Fund   7,070,958    100    (69,937)   (69,837)
Technology Fund   25,743,474    20,763,138    (23,098)   20,740,040 
Telecommunications Fund   2,748,710        (144,425)   (144,425)
Transportation Fund   16,067,033    3,789,751    (90,019)   3,699,732 
Utilities Fund   19,319,003    1,212,681    (111,742)   1,100,939 
Weakening Dollar 2x Strategy Fund   1,081,239    12,105        12,105 

 

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 periods. 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.