# EDGAR Filing Document

**Accession Number:** 0001092720
**File Stem:** 0001752724-23-045050
**Filing Date:** 2023-2
**Character Count:** 221832
**Document Hash:** a66885d3e5d4cdca1b49a0192ea0fa40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045050.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045050

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **CENTRAL INDEX KEY:** 0001092720
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09525
- **FILM NUMBER:** 23680355

**BUSINESS ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 301-296-5100

**MAIL ADDRESS:**
- **STREET 1:** 702 KING FARM BOULEVARD
- **STREET 2:** SUITE 200
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEWCO TRUST
- **DATE OF NAME CHANGE:** 19990806

## Series and Classes Contracts Data

### Dow 2x Strategy Fund (Series ID: S000003705)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010370 | A            | RYLDX           |
| C000010371 | C            | RYCYX           |
| C000010372 | H            | RYCVX           |

## Nport-Ex

---

| | |
|:---|:---|
| **Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 77.5%** | **COMMON STOCKS<sup>†</sup> - 77.5%** | **COMMON STOCKS<sup>†</sup> - 77.5%** |
| **Consumer, Non-cyclical - 19.9%** | **Consumer, Non-cyclical - 19.9%** | **Consumer, Non-cyclical - 19.9%** |
| UnitedHealth Group, Inc. | 5287 | $2803061 |
| Amgen, Inc. | 5287 | 1388578 |
| Johnson & Johnson | 5287 | 933948 |
| Procter & Gamble Co. | 5287 | 801298 |
| Merck & Company, Inc. | 5287 | 586593 |
| Coca-Cola Co. | 5287 | 336306 |
| **Total Consumer, Non-cyclical** |  | 6849784 |
| **Financial - 15.7%** |  |  |
| Goldman Sachs Group, Inc. | 5287 | 1815450 |
| Visa, Inc. — Class A | 5287 | 1098427 |
| Travelers Companies, Inc. | 5287 | 991260 |
| American Express Co. | 5287 | 781154 |
| JPMorgan Chase & Co. | 5287 | 708987 |
| **Total Financial** |  | 5395278 |
| **Consumer, Cyclical - 13.5%** |  |  |
| Home Depot, Inc. | 5287 | 1669952 |
| McDonald's Corp. | 5287 | 1393283 |
| Walmart, Inc. | 5287 | 749644 |
| NIKE, Inc. — Class B | 5287 | 618632 |
| Walgreens Boots Alliance, Inc. | 5287 | 197522 |
| **Total Consumer, Cyclical** |  | 4629033 |
| **Industrial - 11.8%** |  |  |
| Caterpillar, Inc. | 5287 | 1266554 |
| Honeywell International, Inc. | 5287 | 1133004 |
| Boeing Co.<sup>\*</sup> | 5287 | 1007120 |
| 3M Co. | 5287 | 634017 |
| **Total Industrial** |  | 4040695 |
| **Technology - 10.3%** |  |  |
| Microsoft Corp. | 5287 | 1267929 |
| International Business Machines Corp. | 5287 | 744885 |
| Salesforce, Inc.<sup>\*</sup> | 5287 | 701003 |
| Apple, Inc. | 5287 | 686940 |
| Intel Corp. | 5287 | 139735 |
| **Total Technology** |  | 3540492 |
| **Energy - 2.8%** |  |  |
| Chevron Corp. | 5287 | 948964 |
| **Communications - 2.7%** |  |  |
| Walt Disney Co.<sup>\*</sup> | 5287 | 459335 |
| Cisco Systems, Inc. | 5287 | 251872 |
| Verizon Communications, Inc. | 5287 | 208308 |
| **Total Communications** |  | 919515 |
| **Basic Materials - 0.8%** |  |  |
| Dow, Inc. | 5287 | 266412 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,874,762) |  | 26590173 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 14.9%** | **U.S. TREASURY BILLS<sup>††</sup> - 14.9%** | **U.S. TREASURY BILLS<sup>††</sup> - 14.9%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | $5000000 | 4995660 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2,3</sup> | 129000 | 128815 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,122,842) |  | 5124475 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>1</sup> | 1249398 | 1249398 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>1</sup> | 480538 | 480538 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>1</sup> | 479049 | 479049 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,208,985) |  | 2208985 |
| **Total Investments - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,206,589) |  | $33923633 |
| **Other Assets & Liabilities, net - 1.2%** |  | 419063 |
| **Total Net Assets - 100.0%** |  | $34342696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | |
| Dow Jones Industrial Average Index Mini Futures Contracts | 23 | Mar 2023 | $3828695 | $9740 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  | | | |
| BNP Paribas | Dow Jones Industrial Average Index | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 01/26/23 | 309 | $10230209 | $12595 |
| Barclays Bank plc | Dow Jones Industrial Average Index | Pay | 4.80% (SOFR + 0.50%) | At Maturity | 01/25/23 | 845 | $28017196 | $(450337) |
|  |  |  |  |  |  |  | $38247405 | $(437742) |

---

---

| | |
|:---|:---|
| **Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

*<sup>\*</sup>* *Non-income producing security.*

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

*<sup>1</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>2</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>3</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>4</sup>* *Repurchase Agreements — See Note 4.*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Common Stocks | $26590173 | $— | $— | $26590173 |
| U.S. Treasury Bills |  | 5124475 |  | 5124475 |
| Repurchase Agreements |  | 2208985 |  | 2208985 |
| Equity Futures Contracts\*\* | 9740 |  |  | 9740 |
| Equity Index Swap Agreements\*\* |  | 12595 |  | 12595 |
| Total Assets | $26599913 | $7346055 | $— | $33945968 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 450337 | $– $| 450337 |

---

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

---

| | |
|:---|:---|
| **Inverse Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 6.9%** | **U.S. TREASURY BILLS<sup>††</sup> - 6.9%** | **U.S. TREASURY BILLS<sup>††</sup> - 6.9%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | $400000 | $399653 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>1,2</sup> | 150000 | 149870 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>2,3</sup> | 8000 | 7988 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $557,346) |  | 557511 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 102.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>1</sup> | 4701475 | 4701475 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>1</sup> | 1808260 | 1808260 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>1</sup> | 1802659 | 1802659 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,312,394) |  | 8312394 |
| **Total Investments - 108.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,869,740) |  | $8869905 |
| **Other Assets & Liabilities, net - (8.9)%** |  | (722114) |
| **Total Net Assets - 100.0%** |  | $8147791 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | |
| Dow Jones Industrial Average Index Mini Futures Contracts | 6 | Mar 2023 | $998790 | $19180 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  | | | |
| BNP Paribas | Dow Jones Industrial Average Index | Receive | 4.48% (Federal Funds Rate + 0.15%) | At Maturity | 01/26/23 | 250 | $8299143 | $96286 |
| Barclays Bank plc | Dow Jones Industrial Average Index | Receive | 4.55% (SOFR + 0.25%) | At Maturity | 01/25/23 | 211 | 6982916 | 53453 |
|  |  |  |  |  |  |  | $15282059 | $149739 |

---

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

*<sup>1</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>2</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>3</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>4</sup>* *Repurchase Agreements — See Note 4.*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| U.S. Treasury Bills | $— | $557511 | $— | $557511 |
| Repurchase Agreements |  | 8312394 |  | 8312394 |
| Equity Futures Contracts\*\* | 19180 |  |  | 19180 |
| Equity Index Swap Agreements\*\* |  | 149739 |  | 149739 |
| Total Assets | $19180 | $9019644 | $— | $9038824 |

---

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

---

| | |
|:---|:---|
| **Inverse NASDAQ-100® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 56.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 56.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 56.1%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.00% due 01/06/23<sup>1</sup> | $12000000 | $11993333 |
| &nbsp;&nbsp;&nbsp;3.90% due 01/03/23<sup>1</sup> | 11050000 | 11047606 |
| &nbsp;&nbsp;&nbsp;4.04% due 01/27/23<sup>1</sup> | 7000000 | 6980764 |
| &nbsp;&nbsp;&nbsp;4.27% due 02/10/23<sup>1</sup> | 6500000 | 6469161 |
| &nbsp;&nbsp;&nbsp;3.85% due 01/10/23<sup>1</sup> | 6000000 | 5994225 |
| &nbsp;&nbsp;&nbsp;4.01% due 01/12/23<sup>1</sup> | 3000000 | 2997054 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>1</sup> | 2500000 | 2497823 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>1</sup> | 2500000 | 2493130 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,470,155) |  | 50473096 |
| **U.S. TREASURY BILLS<sup>††</sup> - 27.1%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 01/05/23<sup>1,2</sup> | 10000000 | 9997980 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/17/23<sup>1,3</sup> | 10000000 | 9985694 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>1,2</sup> | 3300000 | 3297135 |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | 900000 | 899219 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>1,3</sup> | 256000 | 255634 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,431,607) |  | 24435662 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>2</sup> | 6956175 | 6956175 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>2</sup> | 2675452 | 2675452 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>2</sup> | 2667166 | 2667166 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,298,793) |  | 12298793 |
| **Total Investments - 96.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $87,200,555) |  | $87207551 |
| **Other Assets & Liabilities, net - 3.1%** |  | 2749783 |
| **Total Net Assets - 100.0%** |  | $89957334 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | |
| NASDAQ-100 Index Mini Futures Contracts | 54 | Mar 2023 | $11904840 | $411939 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.58% (Federal Funds Rate + 0.25%) | At Maturity | 01/26/23 | 8735 | $95555421 | $3251571 |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.65% (SOFR + 0.35%) | At Maturity | 01/25/23 | 5900 | 64541426 | 2426198 |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.63% (Federal Funds Rate + 0.30%) | At Maturity | 01/26/23 | 706 | 7724000 | 410463 |
|  |  |  |  |  |  |  | $167820847 | $6088232 |

---

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

*<sup>1</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>2</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>3</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>4</sup>* *Repurchase Agreements — See Note 4.*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse NASDAQ-100® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Federal Agency Discount Notes | $— | $50473096 | $— | $50473096 |
| U.S. Treasury Bills |  | 24435662 |  | 24435662 |
| Repurchase Agreements |  | 12298793 |  | 12298793 |
| Equity Futures Contracts\*\* | 411939 |  |  | 411939 |
| Equity Index Swap Agreements\*\* |  | 6088232 |  | 6088232 |
| Total Assets | $411939 | $93295783 | $— | $93707722 |

---

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

---

| | |
|:---|:---|
| **Inverse Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 10.3%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 10.3%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 10.3%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>1</sup> | $500000 | $499565 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>1</sup> | 500000 | 498626 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $997,982) |  | 998191 |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | 100000 | 99913 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>1,3</sup> | 65000 | 64907 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $164,769) |  | 164820 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>2</sup> | 5494372 | 5494372 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>2</sup> | 2113220 | 2113220 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>2</sup> | 2106675 | 2106675 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,714,267) |  | 9714267 |
| **Total Investments - 112.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,877,018) |  | $10877278 |
| **Other Assets & Liabilities, net - (12.1)%** |  | (1170231) |
| **Total Net Assets - 100.0%** |  | $9707047 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  | | | |
| Goldman Sachs International | Russell 2000 Index | Receive | 4.18% (Federal Funds Rate - 0.15%) | At Maturity | 01/26/23 | 7082 | $12472476 | $543846 |
| BNP Paribas | Russell 2000 Index | Receive | 4.13% (Federal Funds Rate - 0.20%) | At Maturity | 01/26/23 | 3388 | 5967590 | 209516 |
| Barclays Bank plc | Russell 2000 Index | Receive | 3.80% (SOFR - 0.50%) | At Maturity | 01/25/23 | 512 | 901435 | 61363 |
|  |  |  |  |  |  |  | $19341501 | $814725 |

---

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

*<sup>1</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>2</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>3</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>4</sup>* *Repurchase Agreements — See Note 4.*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Federal Agency Discount Notes | $— | $998191 | $— | $998191 |
| U.S. Treasury Bills |  | 164820 |  | 164820 |
| Repurchase Agreements |  | 9714267 |  | 9714267 |
| Equity Index Swap Agreements\*\* |  | 814725 |  | 814725 |
| Total Assets | $— | $11692003 | $— | $11692003 |

---

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

---

| | |
|:---|:---|
| **Inverse S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 98.4%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 98.4%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 98.4%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 01/03/23<sup>1</sup> | $5000000 | $4998917 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/06/23<sup>1</sup> | 4000000 | 3997778 |
| &nbsp;&nbsp;&nbsp;4.08% due 01/12/23<sup>1</sup> | 3500000 | 3496563 |
| &nbsp;&nbsp;&nbsp;4.04% due 01/27/23<sup>1</sup> | 3000000 | 2991756 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>1</sup> | 2500000 | 2497822 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>1</sup> | 2500000 | 2493130 |
| &nbsp;&nbsp;&nbsp;3.85% due 01/10/23<sup>1</sup> | 2000000 | 1998075 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,471,569) |  | 22474041 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 21.9%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/03/23<sup>◊</sup> | 5000000 | 5000015 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,000,000) |  | 5000015 |
| **U.S. TREASURY BILLS<sup>††</sup> - 17.4%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 01/05/23<sup>1,2</sup> | 3000000 | 2999394 |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | 500000 | 499566 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>1,2</sup> | 400000 | 399652 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>1,3</sup> | 86000 | 85877 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,983,715) |  | 3984489 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 38.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>2</sup> | 4959924 | 4959924 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>2</sup> | 1907663 | 1907663 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>2</sup> | 1901755 | 1901755 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,769,342) |  | 8769342 |
| **Total Investments - 176.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $40,224,626) |  | $40227887 |
| **Other Assets & Liabilities, net - (76.1)%** |  | (17382659) |
| **Total Net Assets - 100.0%** |  | $22845228 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 41 | Mar 2023 | $7916075 | $238751 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |
| Barclays Bank plc | S&P 500 Index | Receive | 4.60% (SOFR + 0.30%) | At Maturity | 01/25/23 | 2442 | $9375918 | $457520 |
| BNP Paribas | S&P 500 Index | Receive | 4.53% (Federal Funds Rate + 0.20%) | At Maturity | 01/26/23 | 6076 | 23327840 | 400308 |
| Goldman Sachs International | S&P 500 Index | Receive | 4.63% (Federal Funds Rate + 0.30%) | At Maturity | 01/26/23 | 1304 | 5008506 | 263029 |
|  |  |  |  |  |  |  | $37712264 | $1120857 |

---

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

---

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

---

*<sup>1</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>2</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>3</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>4</sup>* *Repurchase Agreements — See Note 4.*

---

| | |
|:---|:---|
| **Inverse S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Federal Agency Discount Notes | $— | $22474041 | $— | $22474041 |
| Federal Agency Notes |  | 5000015 |  | 5000015 |
| U.S. Treasury Bills |  | 3984489 |  | 3984489 |
| Repurchase Agreements |  | 8769342 |  | 8769342 |
| Equity Futures Contracts\*\* | 238751 |  |  | 238751 |
| Equity Index Swap Agreements\*\* |  | 1120857 |  | 1120857 |
| Total Assets | $238751 | $41348744 | $— | $41587495 |

---

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

---

| | |
|:---|:---|
| **NASDAQ-100® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 87.4%** | **COMMON STOCKS<sup>†</sup> - 87.4%** | **COMMON STOCKS<sup>†</sup> - 87.4%** |
| **Technology - 40.6%** | **Technology - 40.6%** | **Technology - 40.6%** |
| Microsoft Corp. | 178784 | $42875979 |
| Apple, Inc. | 308146 | 40037410 |
| NVIDIA Corp. | 76860 | 11232320 |
| Broadcom, Inc. | 12653 | 7074672 |
| Adobe, Inc.<sup>\*</sup> | 14525 | 4888098 |
| Texas Instruments, Inc. | 28356 | 4684978 |
| QUALCOMM, Inc. | 35024 | 3850539 |
| Intuit, Inc. | 8777 | 3416184 |
| Intel Corp. | 128943 | 3407963 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 50376 | 3262854 |
| Applied Materials, Inc. | 26879 | 2617477 |
| Analog Devices, Inc. | 15912 | 2610045 |
| Fiserv, Inc.<sup>\*</sup> | 19841 | 2005330 |
| Activision Blizzard, Inc. | 24452 | 1871801 |
| Lam Research Corp. | 4261 | 1790898 |
| Micron Technology, Inc. | 33966 | 1697621 |
| KLA Corp. | 4427 | 1669112 |
| Synopsys, Inc.<sup>\*</sup> | 4777 | 1525248 |
| ASML Holding N.V. — Class G | 2760 | 1508064 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 8571 | 1376845 |
| Paychex, Inc. | 11260 | 1301206 |
| NXP Semiconductor N.V. | 8096 | 1279411 |
| Autodesk, Inc.<sup>\*</sup> | 6744 | 1260251 |
| Microchip Technology, Inc. | 17184 | 1207176 |
| Fortinet, Inc.<sup>\*</sup> | 24409 | 1193356 |
| Workday, Inc. — Class A<sup>\*</sup> | 6311 | 1056020 |
| Electronic Arts, Inc. | 8626 | 1053925 |
| Marvell Technology, Inc. | 26638 | 986672 |
| Cognizant Technology Solutions Corp. — Class A | 16057 | 918300 |
| GLOBALFOUNDRIES, Inc.<sup>\*,1</sup> | 17029 | 917693 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 6820 | 718078 |
| Datadog, Inc. — Class A<sup>\*</sup> | 9125 | 670687 |
| ANSYS, Inc.<sup>\*</sup> | 2721 | 657366 |
| Atlassian Corp. — Class A<sup>\*</sup> | 4633 | 596174 |
| Zoom Video Communications, Inc. — Class A<sup>\*</sup> | 7675 | 519905 |
| Zscaler, Inc.<sup>\*</sup> | 4505 | 504109 |
| **Total Technology** |  | 158243767 |
| **Communications - 22.4%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 245693 | 20638212 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 146573 | 13005422 |
| Alphabet, Inc. — Class A<sup>\*</sup> | 146617 | 12936018 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 70257 | 8454727 |
| Cisco Systems, Inc. | 128351 | 6114642 |
| T-Mobile US, Inc.<sup>\*</sup> | 38872 | 5442080 |
| Comcast Corp. — Class A | 134785 | 4713432 |
| Netflix, Inc.<sup>\*</sup> | 13904 | 4100012 |
| Booking Holdings, Inc.<sup>\*</sup> | 1212 | 2442519 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 4864 | 1649382 |
| MercadoLibre, Inc.<sup>\*</sup> | 1571 | 1329443 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 9447 | 1318234 |
| Pinduoduo, Inc. ADR<sup>\*</sup> | 14625 | 1192669 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 12442 | 1063791 |
| JD.com, Inc. ADR | 15177 | 851885 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 75873 | 719276 |
| Sirius XM Holdings, Inc.<sup>1</sup> | 121523 | 709694 |
| eBay, Inc. | 16954 | 703083 |
| **Total Communications** |  | 87384521 |
| **Consumer, Non-cyclical - 12.6%** |  |  |
| PepsiCo, Inc. | 43045 | 7776510 |
| Amgen, Inc. | 16671 | 4378471 |
| Gilead Sciences, Inc. | 39186 | 3364118 |
| Automatic Data Processing, Inc. | 12961 | 3095864 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 11041 | 2929729 |
| Mondelez International, Inc. — Class A | 42667 | 2843756 |
| PayPal Holdings, Inc.<sup>\*</sup> | 35618 | 2536714 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 3346 | 2414106 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 8020 | 2316016 |
| Moderna, Inc.<sup>\*</sup> | 12003 | 2155979 |
| Monster Beverage Corp.<sup>\*</sup> | 16301 | 1655040 |
| Keurig Dr Pepper, Inc. | 44248 | 1577884 |
| Kraft Heinz Co. | 38271 | 1558012 |
| Cintas Corp. | 3172 | 1432539 |
| Dexcom, Inc.<sup>\*</sup> | 12068 | 1366580 |
| AstraZeneca plc ADR | 19087 | 1294099 |
| Biogen, Inc.<sup>\*</sup> | 4499 | 1245863 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 2588 | 1055801 |
| Illumina, Inc.<sup>\*</sup> | 4914 | 993611 |
| CoStar Group, Inc.<sup>\*</sup> | 12707 | 981997 |
| Verisk Analytics, Inc. — Class A | 4886 | 861988 |
| Seagen, Inc.<sup>\*</sup> | 5801 | 745486 |
| Align Technology, Inc.<sup>\*</sup> | 2440 | 514596 |
| **Total Consumer, Non-cyclical** |  | 49094759 |
| **Consumer, Cyclical - 7.9%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 76050 | 9367839 |
| Costco Wholesale Corp. | 13829 | 6312939 |
| Starbucks Corp. | 35862 | 3557510 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 1955 | 1650079 |
| Marriott International, Inc. — Class A | 9890 | 1472522 |
| Ross Stores, Inc. | 10843 | 1258547 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 3821 | 1224172 |
| PACCAR, Inc. | 10865 | 1075309 |
| Walgreens Boots Alliance, Inc. | 27020 | 1009467 |
| Dollar Tree, Inc.<sup>\*</sup> | 6910 | 977350 |
| Copart, Inc.<sup>\*</sup> | 14881 | 906104 |
| Fastenal Co. | 17895 | 846792 |
| Rivian Automotive, Inc. — Class A<sup>\*</sup> | 28529 | 525789 |
| Lucid Group, Inc.<sup>\*,1</sup> | 52502 | 358589 |
| **Total Consumer, Cyclical** |  | 30543008 |
| **Industrial - 1.9%** |  |  |
| Honeywell International, Inc. | 21006 | 4501585 |
| CSX Corp. | 65687 | 2034983 |
| Old Dominion Freight Line, Inc. | 3452 | 979609 |
| **Total Industrial** |  | 7516177 |
| **Utilities - 1.3%** |  |  |
| American Electric Power Company, Inc. | 16055 | 1524422 |
| Exelon Corp. | 31048 | 1342205 |
| Xcel Energy, Inc. | 17098 | 1198741 |
| Constellation Energy Corp. | 10217 | 880807 |
| **Total Utilities** |  | 4946175 |

---

---

| | |
|:---|:---|
| **NASDAQ-100® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 87.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 87.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 87.4% (continued)** |
| **Energy - 0.7%** | **Energy - 0.7%** | **Energy - 0.7%** |
| Enphase Energy, Inc.<sup>\*</sup> | 4247 | $1125285 |
| Baker Hughes Co. | 31290 | 923994 |
| Diamondback Energy, Inc. | 5499 | 752153 |
| **Total Energy** |  | 2801432 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $222,057,390) |  | 340529839 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 11.8%** | **U.S. TREASURY BILLS<sup>††</sup> - 11.8%** | **U.S. TREASURY BILLS<sup>††</sup> - 11.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | $36850000 | 36818009 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>3,4</sup> | 9029000 | 9016083 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>2,3</sup> | 300000 | 299740 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $46,119,334) |  | 46133832 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>2</sup> | 14228590 | 14228590 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>2</sup> | 5472535 | 5472535 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>2</sup> | 5455586 | 5455586 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,156,711) |  | 25156711 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.4%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>7</sup> | 1386247 | 1386247 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,386,247) |  | 1386247 |
| **Total Investments - 106.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $294,719,682) |  | $413206629 |
| **Other Assets & Liabilities, net - (6.1)%** |  | (23734013) |
| **Total Net Assets - 100.0%** |  | $389472616 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | |
| NASDAQ-100 Index Mini Futures Contracts | 451 | Mar 2023 | $99427460 | $(3915264) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 01/26/23 | 3411 | $37314562 | $(2520564) |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.98% (Federal Funds Rate + 0.65%) | At Maturity | 01/26/23 | 6033 | 65998078 | (2684086) |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 4.80% (SOFR + 0.50%) | At Maturity | 01/25/23 | 21546 | 235704019 | (16821320) |
|  |  |  |  |  |  |  | $339016659 | $(22025970) |

---

*<sup>\*</sup>* *Non-income producing security.*

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

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

*<sup>2</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>3</sup>* *Rate indicated is the effective yield at the time of purchase.*

---

| | |
|:---|:---|
| **NASDAQ-100® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

*<sup>4</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>5</sup>* *Repurchase Agreements — See Note 4.*

*<sup>6</sup>* *Securities lending collateral — See Note 5.*

*<sup>7</sup>* *Rate indicated is the 7-day yield as of December 31, 2022.*

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Common Stocks | $340529839 | $— | $— | $340529839 |
| U.S. Treasury Bills |  | 46133832 |  | 46133832 |
| Repurchase Agreements |  | 25156711 |  | 25156711 |
| Securities Lending Collateral | 1386247 |  |  | 1386247 |
| Total Assets | $341916086 | $71290543 | $— | $413206629 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Equity Futures Contracts\*\* | $3915264 | $— | $— | $3915264 |
| Equity Index Swap Agreements\*\* |  | 22025970 |  | 22025970 |
| Total Liabilities | $3915264 | $22025970 | $— | $25941234 |

---

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

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6%** | **COMMON STOCKS<sup>†</sup> - 63.6%** | **COMMON STOCKS<sup>†</sup> - 63.6%** |
| **Consumer, Non-cyclical - 15.2%** | **Consumer, Non-cyclical - 15.2%** | **Consumer, Non-cyclical - 15.2%** |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 600 | $34140 |
| Shockwave Medical, Inc.<sup>\*</sup> | 160 | 32898 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 127 | 31989 |
| Karuna Therapeutics, Inc.<sup>\*</sup> | 136 | 26724 |
| Celsius Holdings, Inc.<sup>\*</sup> | 248 | 25802 |
| Medpace Holdings, Inc.<sup>\*</sup> | 114 | 24215 |
| HealthEquity, Inc.<sup>\*</sup> | 374 | 23053 |
| Ensign Group, Inc. | 243 | 22990 |
| LHC Group, Inc.<sup>\*</sup> | 135 | 21828 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 422 | 21822 |
| Intra-Cellular Therapies, Inc.<sup>\*</sup> | 412 | 21803 |
| Option Care Health, Inc.<sup>\*</sup> | 702 | 21123 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 194 | 19947 |
| Alkermes plc<sup>\*</sup> | 739 | 19310 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 467 | 18941 |
| Insperity, Inc. | 164 | 18630 |
| Haemonetics Corp.<sup>\*</sup> | 230 | 18089 |
| Triton International Ltd. | 262 | 18020 |
| ASGN, Inc.<sup>\*</sup> | 221 | 18007 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 253 | 17867 |
| API Group Corp.<sup>\*</sup> | 938 | 17644 |
| Lancaster Colony Corp. | 88 | 17362 |
| Prometheus Biosciences, Inc.<sup>\*</sup> | 157 | 17270 |
| Cytokinetics, Inc.<sup>\*</sup> | 372 | 17045 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 58 | 16835 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 310 | 15798 |
| Vaxcyte, Inc.<sup>\*</sup> | 323 | 15488 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 477 | 15441 |
| BellRing Brands, Inc.<sup>\*</sup> | 598 | 15333 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 1250 | 15262 |
| Simply Good Foods Co.<sup>\*</sup> | 400 | 15212 |
| Neogen Corp.<sup>\*</sup> | 977 | 14880 |
| Herc Holdings, Inc. | 113 | 14867 |
| Chegg, Inc.<sup>\*</sup> | 564 | 14252 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 224 | 14022 |
| Inari Medical, Inc.<sup>\*</sup> | 219 | 13920 |
| Axonics, Inc.<sup>\*</sup> | 221 | 13819 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 490 | 13627 |
| LivaNova plc<sup>\*</sup> | 243 | 13496 |
| Hostess Brands, Inc.<sup>\*</sup> | 601 | 13486 |
| ABM Industries, Inc. | 299 | 13282 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 370 | 12909 |
| Alight, Inc. — Class A<sup>\*</sup> | 1539 | 12866 |
| IVERIC bio, Inc.<sup>\*</sup> | 596 | 12760 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 134 | 12552 |
| Insmed, Inc.<sup>\*</sup> | 609 | 12168 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 318 | 12138 |
| elf Beauty, Inc.<sup>\*</sup> | 219 | 12110 |
| Korn Ferry | 239 | 12098 |
| Helen of Troy Ltd.<sup>\*</sup> | 108 | 11978 |
| Blueprint Medicines Corp.<sup>\*</sup> | 271 | 11872 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 1256 | 11857 |
| Select Medical Holdings Corp. | 470 | 11670 |
| TriNet Group, Inc.<sup>\*</sup> | 169 | 11458 |
| CONMED Corp. | 129 | 11434 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 231 | 11407 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 288 | 11264 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 144 | 11107 |
| Primo Water Corp. | 714 | 11096 |
| Patterson Companies, Inc. | 395 | 11072 |
| Brink's Co. | 204 | 10957 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 218 | 10787 |
| Coca-Cola Consolidated, Inc. | 21 | 10759 |
| Progyny, Inc.<sup>\*</sup> | 339 | 10560 |
| STAAR Surgical Co.<sup>\*</sup> | 217 | 10533 |
| Graham Holdings Co. — Class B | 17 | 10272 |
| Integer Holdings Corp.<sup>\*</sup> | 149 | 10200 |
| United Natural Foods, Inc.<sup>\*</sup> | 263 | 10181 |
| J & J Snack Foods Corp. | 68 | 10180 |
| CBIZ, Inc.<sup>\*</sup> | 216 | 10120 |
| Omnicell, Inc.<sup>\*</sup> | 199 | 10034 |
| WD-40 Co. | 62 | 9995 |
| NuVasive, Inc.<sup>\*</sup> | 237 | 9774 |
| Prothena Corporation plc<sup>\*</sup> | 161 | 9700 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 841 | 9655 |
| AbCellera Biologics, Inc.<sup>\*,1</sup> | 939 | 9512 |
| Cal-Maine Foods, Inc. | 172 | 9365 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 208 | 9271 |
| AtriCure, Inc.<sup>\*</sup> | 207 | 9187 |
| Sabre Corp.<sup>\*</sup> | 1478 | 9134 |
| Glaukos Corp.<sup>\*</sup> | 207 | 9042 |
| Sage Therapeutics, Inc.<sup>\*</sup> | 236 | 9001 |
| Edgewell Personal Care Co. | 233 | 8980 |
| EVERTEC, Inc. | 277 | 8969 |
| Silk Road Medical, Inc.<sup>\*</sup> | 169 | 8932 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 545 | 8676 |
| Akero Therapeutics, Inc.<sup>\*</sup> | 157 | 8604 |
| TransMedics Group, Inc.<sup>\*</sup> | 137 | 8456 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 227 | 8388 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 1024 | 8376 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 329 | 8327 |
| ICF International, Inc. | 84 | 8320 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 434 | 8072 |
| Strategic Education, Inc. | 103 | 8067 |
| REVOLUTION Medicines, Inc.<sup>\*</sup> | 335 | 7980 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 222 | 7919 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 387 | 7860 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 203 | 7838 |
| Inter Parfums, Inc. | 81 | 7818 |
| John Wiley & Sons, Inc. — Class A | 195 | 7812 |
| Cerevel Therapeutics Holdings, Inc.<sup>\*</sup> | 246 | 7759 |
| Vector Group Ltd. | 652 | 7733 |
| Veracyte, Inc.<sup>\*</sup> | 325 | 7712 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 620 | 7682 |
| Arvinas, Inc.<sup>\*</sup> | 220 | 7526 |
| Krystal Biotech, Inc.<sup>\*</sup> | 95 | 7526 |
| R1 RCM, Inc.<sup>\*</sup> | 677 | 7413 |
| Evo Payments, Inc. — Class A<sup>\*</sup> | 214 | 7242 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 203 | 7206 |
| TG Therapeutics, Inc.<sup>\*</sup> | 604 | 7145 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 299 | 7009 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 247 | 6936 |
| Addus HomeCare Corp.<sup>\*</sup> | 69 | 6865 |
| MGP Ingredients, Inc. | 64 | 6808 |
| Xencor, Inc.<sup>\*</sup> | 260 | 6770 |
| Revance Therapeutics, Inc.<sup>\*</sup> | 364 | 6719 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Non-cyclical - 15.2% (continued)** | | |
| Herbalife Nutrition Ltd.<sup>\*</sup> | 444 | $6607 |
| Embecta Corp. | 260 | 6575 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 119 | 6557 |
| Owens & Minor, Inc.<sup>\*</sup> | 334 | 6523 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 403 | 6521 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 182 | 6516 |
| Meridian Bioscience, Inc.<sup>\*</sup> | 195 | 6476 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 89 | 6461 |
| Monro, Inc. | 141 | 6373 |
| FibroGen, Inc.<sup>\*</sup> | 396 | 6344 |
| Surgery Partners, Inc.<sup>\*</sup> | 227 | 6324 |
| AdaptHealth Corp.<sup>\*</sup> | 327 | 6285 |
| Nevro Corp.<sup>\*</sup> | 158 | 6257 |
| Ingles Markets, Inc. — Class A | 64 | 6173 |
| Weis Markets, Inc. | 75 | 6172 |
| Textainer Group Holdings Ltd. | 196 | 6078 |
| Coursera, Inc.<sup>\*</sup> | 512 | 6057 |
| Twist Bioscience Corp.<sup>\*</sup> | 254 | 6048 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 237 | 6032 |
| MannKind Corp.<sup>\*</sup> | 1128 | 5945 |
| CoreCivic, Inc.<sup>\*</sup> | 514 | 5942 |
| Chinook Therapeutics, Inc.<sup>\*</sup> | 225 | 5895 |
| GEO Group, Inc.<sup>\*</sup> | 537 | 5880 |
| Laureate Education, Inc. — Class A | 610 | 5868 |
| CorVel Corp.<sup>\*</sup> | 40 | 5813 |
| Universal Corp. | 110 | 5809 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 276 | 5804 |
| Stride, Inc.<sup>\*</sup> | 184 | 5756 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 383 | 5722 |
| Dynavax Technologies Corp.<sup>\*</sup> | 536 | 5703 |
| Avanos Medical, Inc.<sup>\*</sup> | 210 | 5683 |
| Medifast, Inc. | 49 | 5652 |
| Vericel Corp.<sup>\*</sup> | 213 | 5610 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 373 | 5543 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 328 | 5386 |
| Payoneer Global, Inc.<sup>\*</sup> | 981 | 5366 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 518 | 5289 |
| Myriad Genetics, Inc.<sup>\*</sup> | 360 | 5224 |
| NeoGenomics, Inc.<sup>\*</sup> | 563 | 5202 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 155 | 5158 |
| Vivint Smart Home, Inc.<sup>\*</sup> | 430 | 5117 |
| ModivCare, Inc.<sup>\*</sup> | 57 | 5115 |
| Cassava Sciences, Inc.<sup>\*,1</sup> | 173 | 5110 |
| Remitly Global, Inc.<sup>\*</sup> | 445 | 5095 |
| Rent-A-Center, Inc. | 225 | 5074 |
| Andersons, Inc. | 145 | 5073 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 226 | 5015 |
| Replimune Group, Inc.<sup>\*</sup> | 184 | 5005 |
| National Beverage Corp.<sup>\*</sup> | 107 | 4979 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 170 | 4966 |
| DICE Therapeutics, Inc.<sup>\*</sup> | 159 | 4961 |
| Kforce, Inc. | 89 | 4880 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 174 | 4875 |
| ImmunoGen, Inc.<sup>\*</sup> | 973 | 4826 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 116 | 4819 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 233 | 4818 |
| Reata Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 125 | 4749 |
| SpartanNash Co. | 157 | 4748 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 242 | 4736 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 614 | 4734 |
| Utz Brands, Inc. | 298 | 4726 |
| US Physical Therapy, Inc. | 58 | 4700 |
| MoneyGram International, Inc.<sup>\*</sup> | 425 | 4628 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 69 | 4609 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 281 | 4426 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 239 | 4374 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 683 | 4364 |
| Imago Biosciences, Inc.<sup>\*</sup> | 119 | 4278 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 161 | 4278 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 171 | 4268 |
| Zentalis Pharmaceuticals, Inc.<sup>\*</sup> | 211 | 4250 |
| Perdoceo Education Corp.<sup>\*</sup> | 305 | 4240 |
| RadNet, Inc.<sup>\*</sup> | 223 | 4199 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 89 | 4140 |
| REGENXBIO, Inc.<sup>\*</sup> | 182 | 4128 |
| Arcellx, Inc.<sup>\*</sup> | 133 | 4120 |
| SpringWorks Therapeutics, Inc.<sup>\*</sup> | 157 | 4084 |
| LeMaitre Vascular, Inc. | 88 | 4050 |
| Healthcare Services Group, Inc. | 336 | 4032 |
| Paragon 28, Inc.<sup>\*</sup> | 209 | 3994 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 323 | 3989 |
| Biohaven Ltd.<sup>\*</sup> | 285 | 3956 |
| Verve Therapeutics, Inc.<sup>\*</sup> | 204 | 3947 |
| Geron Corp.<sup>\*</sup> | 1629 | 3942 |
| Beauty Health Co.<sup>\*</sup> | 427 | 3886 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 505 | 3858 |
| PROG Holdings, Inc.<sup>\*</sup> | 226 | 3817 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 377 | 3804 |
| Innoviva, Inc.<sup>\*</sup> | 287 | 3803 |
| Avid Bioservices, Inc.<sup>\*</sup> | 276 | 3801 |
| CRA International, Inc. | 31 | 3795 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 79 | 3794 |
| SunOpta, Inc.<sup>\*</sup> | 442 | 3731 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 199 | 3616 |
| Fresh Del Monte Produce, Inc. | 138 | 3614 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 474 | 3612 |
| Kura Oncology, Inc.<sup>\*</sup> | 288 | 3574 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 154 | 3573 |
| Varex Imaging Corp.<sup>\*</sup> | 175 | 3552 |
| Quanex Building Products Corp. | 150 | 3552 |
| B&G Foods, Inc.<sup>1</sup> | 314 | 3501 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 151 | 3471 |
| First Advantage Corp.<sup>\*</sup> | 266 | 3458 |
| Udemy, Inc.<sup>\*</sup> | 327 | 3450 |
| Green Dot Corp. — Class A<sup>\*</sup> | 218 | 3449 |
| Beyond Meat, Inc.<sup>\*,1</sup> | 278 | 3422 |
| National Healthcare Corp. | 57 | 3392 |
| Legalzoom.com, Inc.<sup>\*</sup> | 435 | 3367 |
| Krispy Kreme, Inc. | 326 | 3364 |
| Atrion Corp. | 6 | 3357 |
| Deciphera Pharmaceuticals, Inc.<sup>\*</sup> | 204 | 3344 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 289 | 3341 |
| Deluxe Corp. | 196 | 3328 |
| Cutera, Inc.<sup>\*</sup> | 75 | 3316 |
| Ventyx Biosciences, Inc.<sup>\*</sup> | 101 | 3312 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 292 | 3276 |
| ADMA Biologics, Inc.<sup>\*</sup> | 842 | 3267 |
| John B Sanfilippo & Son, Inc. | 40 | 3253 |
| Inhibrx, Inc.<sup>\*</sup> | 132 | 3252 |
| Immunovant, Inc.<sup>\*</sup> | 182 | 3230 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Non-cyclical - 15.2% (continued)** | | |
| Repay Holdings Corp.<sup>\*</sup> | 397 | $3196 |
| SP Plus Corp.<sup>\*</sup> | 91 | 3160 |
| Morphic Holding, Inc.<sup>\*</sup> | 117 | 3130 |
| Paya Holdings, Inc.<sup>\*</sup> | 397 | 3124 |
| ViewRay, Inc.<sup>\*</sup> | 671 | 3006 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 135 | 2998 |
| Agenus, Inc.<sup>\*</sup> | 1249 | 2998 |
| Barrett Business Services, Inc. | 32 | 2985 |
| Tootsie Roll Industries, Inc. | 70 | 2980 |
| American Well Corp. — Class A<sup>\*</sup> | 1040 | 2943 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 98 | 2918 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 309 | 2861 |
| TrueBlue, Inc.<sup>\*</sup> | 146 | 2859 |
| Cerus Corp.<sup>\*</sup> | 782 | 2854 |
| AnaptysBio, Inc.<sup>\*</sup> | 91 | 2820 |
| Cass Information Systems, Inc. | 61 | 2795 |
| BioLife Solutions, Inc.<sup>\*</sup> | 153 | 2785 |
| Editas Medicine, Inc.<sup>\*</sup> | 313 | 2776 |
| Duckhorn Portfolio, Inc.<sup>\*</sup> | 167 | 2767 |
| Provention Bio, Inc.<sup>\*</sup> | 260 | 2748 |
| Heska Corp.<sup>\*</sup> | 44 | 2735 |
| Lyell Immunopharma, Inc.<sup>\*</sup> | 784 | 2720 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 51 | 2713 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 228 | 2693 |
| Resources Connection, Inc. | 144 | 2647 |
| Coherus Biosciences, Inc.<sup>\*</sup> | 334 | 2645 |
| CareDx, Inc.<sup>\*</sup> | 231 | 2636 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 608 | 2627 |
| OrthoPediatrics Corp.<sup>\*</sup> | 66 | 2622 |
| CTI BioPharma Corp.<sup>\*</sup> | 436 | 2620 |
| Alector, Inc.<sup>\*</sup> | 282 | 2603 |
| Kelly Services, Inc. — Class A | 153 | 2586 |
| DocGo, Inc.<sup>\*</sup> | 365 | 2581 |
| Franklin Covey Co.<sup>\*</sup> | 55 | 2572 |
| Castle Biosciences, Inc.<sup>\*</sup> | 109 | 2566 |
| Ennis, Inc. | 115 | 2548 |
| 23andMe Holding Co. — Class A<sup>\*</sup> | 1165 | 2516 |
| Heidrick & Struggles International, Inc. | 89 | 2489 |
| Hackett Group, Inc. | 122 | 2485 |
| Community Health Systems, Inc.<sup>\*</sup> | 567 | 2449 |
| Point Biopharma Global, Inc.<sup>\*</sup> | 336 | 2449 |
| Cardiovascular Systems, Inc.<sup>\*</sup> | 179 | 2438 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 100 | 2434 |
| National Research Corp. — Class A | 64 | 2387 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 160 | 2368 |
| Mersana Therapeutics, Inc.<sup>\*</sup> | 401 | 2350 |
| RAPT Therapeutics, Inc.<sup>\*</sup> | 118 | 2336 |
| ACCO Brands Corp. | 417 | 2331 |
| AngioDynamics, Inc.<sup>\*</sup> | 169 | 2327 |
| Bluebird Bio, Inc.<sup>\*</sup> | 336 | 2325 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 843 | 2301 |
| Calavo Growers, Inc. | 78 | 2293 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 57 | 2293 |
| OPKO Health, Inc.<sup>\*</sup> | 1830 | 2288 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 106 | 2281 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 209 | 2280 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 361 | 2271 |
| Transcat, Inc.<sup>\*</sup> | 32 | 2268 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 76 | 2263 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 205 | 2251 |
| Viad Corp.<sup>\*</sup> | 92 | 2244 |
| EQRx, Inc.<sup>\*</sup> | 908 | 2234 |
| Cimpress plc<sup>\*</sup> | 80 | 2209 |
| V2X, Inc.<sup>\*</sup> | 53 | 2188 |
| Cara Therapeutics, Inc.<sup>\*</sup> | 203 | 2180 |
| MaxCyte, Inc.<sup>\*</sup> | 394 | 2151 |
| Accolade, Inc.<sup>\*</sup> | 276 | 2150 |
| Artivion, Inc.<sup>\*</sup> | 177 | 2145 |
| Senseonics Holdings, Inc.<sup>\*</sup> | 2076 | 2138 |
| Quanterix Corp.<sup>\*</sup> | 154 | 2133 |
| 2U, Inc.<sup>\*</sup> | 338 | 2119 |
| Mission Produce, Inc.<sup>\*</sup> | 182 | 2115 |
| Kiniksa Pharmaceuticals Ltd. — Class A<sup>\*</sup> | 141 | 2112 |
| iTeos Therapeutics, Inc.<sup>\*</sup> | 107 | 2090 |
| Surmodics, Inc.<sup>\*</sup> | 61 | 2081 |
| SI-BONE, Inc.<sup>\*</sup> | 152 | 2067 |
| Riot Blockchain, Inc.<sup>\*,1</sup> | 609 | 2065 |
| Inogen, Inc.<sup>\*</sup> | 104 | 2050 |
| Agiliti, Inc.<sup>\*</sup> | 125 | 2039 |
| Target Hospitality Corp.<sup>\*</sup> | 134 | 2029 |
| Vital Farms, Inc.<sup>\*</sup> | 135 | 2014 |
| Benson Hill, Inc.<sup>\*</sup> | 776 | 1979 |
| Multiplan Corp.<sup>\*</sup> | 1713 | 1970 |
| Invitae Corp.<sup>\*</sup> | 1054 | 1960 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 66 | 1954 |
| Bionano Genomics, Inc.<sup>\*</sup> | 1323 | 1931 |
| ImmunityBio, Inc.<sup>\*,1</sup> | 371 | 1881 |
| Bioxcel Therapeutics, Inc.<sup>\*</sup> | 87 | 1869 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 252 | 1862 |
| Nektar Therapeutics<sup>\*</sup> | 823 | 1860 |
| Axogen, Inc.<sup>\*</sup> | 184 | 1836 |
| MacroGenics, Inc.<sup>\*</sup> | 273 | 1832 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 293 | 1825 |
| Orthofix Medical, Inc.<sup>\*</sup> | 88 | 1807 |
| Forrester Research, Inc.<sup>\*</sup> | 50 | 1788 |
| Seres Therapeutics, Inc.<sup>\*</sup> | 319 | 1786 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 105 | 1781 |
| Paysafe Ltd.<sup>\*</sup> | 128 | 1774 |
| Tejon Ranch Co.<sup>\*</sup> | 94 | 1771 |
| Sangamo Therapeutics, Inc.<sup>\*</sup> | 559 | 1755 |
| Vita Coco Company, Inc.<sup>\*</sup> | 126 | 1741 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 270 | 1706 |
| SomaLogic, Inc.<sup>\*</sup> | 678 | 1702 |
| Albireo Pharma, Inc.<sup>\*</sup> | 78 | 1686 |
| Central Garden & Pet Co.<sup>\*</sup> | 45 | 1685 |
| NanoString Technologies, Inc.<sup>\*</sup> | 211 | 1682 |
| Sutro Biopharma, Inc.<sup>\*</sup> | 207 | 1673 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 144 | 1669 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 346 | 1664 |
| Sterling Check Corp.<sup>\*</sup> | 107 | 1655 |
| Carriage Services, Inc. — Class A | 60 | 1652 |
| Marathon Digital Holdings, Inc.<sup>\*,1</sup> | 479 | 1638 |
| Aaron's Company, Inc. | 137 | 1637 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 328 | 1620 |
| Clover Health Investments Corp.<sup>\*</sup> | 1733 | 1611 |
| Inovio Pharmaceuticals, Inc.<sup>\*</sup> | 1030 | 1607 |
| Sana Biotechnology, Inc.<sup>\*</sup> | 403 | 1592 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Non-cyclical - 15.2% (continued)** |  |  |
| 2seventy bio, Inc.<sup>\*</sup> | 169 | $1584 |
| Design Therapeutics, Inc.<sup>\*</sup> | 154 | 1580 |
| SIGA Technologies, Inc. | 214 | 1575 |
| OraSure Technologies, Inc.<sup>\*</sup> | 325 | 1566 |
| Caribou Biosciences, Inc.<sup>\*</sup> | 249 | 1564 |
| Veru, Inc.<sup>\*</sup> | 295 | 1558 |
| Tango Therapeutics, Inc.<sup>\*</sup> | 211 | 1530 |
| Kezar Life Sciences, Inc.<sup>\*</sup> | 217 | 1528 |
| Sorrento Therapeutics, Inc.<sup>\*</sup> | 1723 | 1527 |
| Utah Medical Products, Inc. | 15 | 1508 |
| Butterfly Network, Inc.<sup>\*</sup> | 602 | 1481 |
| Turning Point Brands, Inc. | 68 | 1471 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 24 | 1463 |
| Nano-X Imaging Ltd.<sup>\*,1</sup> | 198 | 1461 |
| PMV Pharmaceuticals, Inc.<sup>\*</sup> | 167 | 1453 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 74 | 1443 |
| Cullinan Oncology, Inc.<sup>\*</sup> | 136 | 1435 |
| MiMedx Group, Inc.<sup>\*</sup> | 511 | 1421 |
| Zynex, Inc. | 100 | 1391 |
| BrightView Holdings, Inc.<sup>\*</sup> | 201 | 1385 |
| Liquidia Corp.<sup>\*</sup> | 216 | 1376 |
| Eagle Pharmaceuticals, Inc.<sup>\*</sup> | 47 | 1374 |
| Intercept Pharmaceuticals, Inc.<sup>\*</sup> | 111 | 1373 |
| Atara Biotherapeutics, Inc.<sup>\*</sup> | 417 | 1368 |
| Arlo Technologies, Inc.<sup>\*</sup> | 388 | 1362 |
| Seer, Inc.<sup>\*</sup> | 234 | 1357 |
| ShotSpotter, Inc.<sup>\*</sup> | 40 | 1353 |
| SeaSpine Holdings Corp.<sup>\*</sup> | 161 | 1344 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 536 | 1319 |
| Pulmonx Corp.<sup>\*</sup> | 155 | 1307 |
| Pennant Group, Inc.<sup>\*</sup> | 117 | 1285 |
| Erasca, Inc.<sup>\*</sup> | 294 | 1267 |
| Ocugen, Inc.<sup>\*,1</sup> | 970 | 1261 |
| Alta Equipment Group, Inc. | 94 | 1240 |
| Phibro Animal Health Corp. — Class A | 92 | 1234 |
| Aerovate Therapeutics, Inc.<sup>\*</sup> | 42 | 1231 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 63 | 1219 |
| OmniAb, Inc.<sup>\*</sup> | 336 | 1210 |
| Evolus, Inc.<sup>\*</sup> | 161 | 1209 |
| European Wax Center, Inc. — Class A | 97 | 1208 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 135 | 1207 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 82 | 1202 |
| RxSight, Inc.<sup>\*</sup> | 93 | 1178 |
| Karyopharm Therapeutics, Inc.<sup>\*</sup> | 345 | 1173 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 782 | 1173 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 104 | 1167 |
| Heron Therapeutics, Inc.<sup>\*</sup> | 466 | 1165 |
| Adicet Bio, Inc.<sup>\*</sup> | 128 | 1144 |
| PetIQ, Inc.<sup>\*</sup> | 124 | 1143 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 490 | 1142 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 155 | 1128 |
| C4 Therapeutics, Inc.<sup>\*</sup> | 191 | 1127 |
| CinCor Pharma, Inc.<sup>\*</sup> | 90 | 1106 |
| ALX Oncology Holdings, Inc.<sup>\*</sup> | 97 | 1093 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 150 | 1074 |
| American Public Education, Inc.<sup>\*</sup> | 85 | 1045 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 77 | 1014 |
| Nuvation Bio, Inc.<sup>\*</sup> | 528 | 1014 |
| Cue Health, Inc.<sup>\*</sup> | 489 | 1012 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 88 | 1010 |
| Cano Health, Inc.<sup>\*</sup> | 734 | 1006 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 148 | 995 |
| HilleVax, Inc.<sup>\*</sup> | 59 | 987 |
| CareMax, Inc.<sup>\*</sup> | 270 | 985 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 349 | 981 |
| Monte Rosa Therapeutics, Inc.<sup>\*</sup> | 128 | 974 |
| WW International, Inc.<sup>\*</sup> | 246 | 950 |
| Willdan Group, Inc.<sup>\*</sup> | 53 | 946 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 102 | 941 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 467 | 929 |
| iRadimed Corp. | 32 | 905 |
| Joint Corp.<sup>\*</sup> | 64 | 895 |
| NGM Biopharmaceuticals, Inc.<sup>\*</sup> | 178 | 894 |
| MeiraGTx Holdings plc<sup>\*</sup> | 137 | 893 |
| Honest Company, Inc.<sup>\*</sup> | 295 | 888 |
| Village Super Market, Inc. — Class A | 38 | 885 |
| Nkarta, Inc.<sup>\*</sup> | 147 | 881 |
| Zimvie, Inc.<sup>\*</sup> | 94 | 878 |
| Prime Medicine, Inc.<sup>\*</sup> | 47 | 873 |
| Aura Biosciences, Inc.<sup>\*</sup> | 83 | 871 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 318 | 855 |
| Aadi Bioscience, Inc.<sup>\*</sup> | 66 | 847 |
| Generation Bio Co.<sup>\*</sup> | 214 | 841 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 22 | 811 |
| Y-mAbs Therapeutics, Inc.<sup>\*</sup> | 166 | 810 |
| Kinnate Biopharma, Inc.<sup>\*</sup> | 132 | 805 |
| Icosavax, Inc.<sup>\*</sup> | 101 | 802 |
| Affimed N.V.<sup>\*</sup> | 645 | 800 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 600 | 798 |
| IGM Biosciences, Inc.<sup>\*</sup> | 46 | 782 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 119 | 771 |
| Quantum-Si, Inc.<sup>\*</sup> | 414 | 758 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 111 | 750 |
| Whole Earth Brands, Inc.<sup>\*</sup> | 184 | 749 |
| Information Services Group, Inc. | 159 | 731 |
| Allovir, Inc.<sup>\*</sup> | 141 | 723 |
| BRC, Inc. — Class A<sup>\*</sup> | 117 | 715 |
| Chimerix, Inc.<sup>\*</sup> | 382 | 711 |
| Precigen, Inc.<sup>\*</sup> | 458 | 696 |
| Akoya Biosciences, Inc.<sup>\*</sup> | 71 | 679 |
| Berkeley Lights, Inc.<sup>\*</sup> | 253 | 678 |
| 22nd Century Group, Inc.<sup>\*,1</sup> | 734 | 676 |
| Alico, Inc. | 28 | 668 |
| Rent the Runway, Inc. — Class A<sup>\*</sup> | 212 | 647 |
| HF Foods Group, Inc.<sup>\*</sup> | 159 | 646 |
| Lexicon Pharmaceuticals, Inc.<sup>\*</sup> | 337 | 644 |
| Innovage Holding Corp.<sup>\*,1</sup> | 87 | 625 |
| Quad/Graphics, Inc.<sup>\*</sup> | 153 | 624 |
| Gossamer Bio, Inc.<sup>\*</sup> | 285 | 618 |
| Outlook Therapeutics, Inc.<sup>\*</sup> | 537 | 580 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 90 | 574 |
| Bright Health Group, Inc.<sup>\*</sup> | 875 | 569 |
| Spire Global, Inc.<sup>\*</sup> | 567 | 544 |
| Vaxart, Inc.<sup>\*</sup> | 561 | 539 |
| Alpine Immune Sciences, Inc.<sup>\*</sup> | 71 | 522 |
| Singular Genomics Systems, Inc.<sup>\*</sup> | 253 | 509 |
| PepGen, Inc.<sup>\*</sup> | 38 | 508 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Non-cyclical - 15.2% (continued)** |  |  |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 61 | $508 |
| Absci Corp.<sup>\*</sup> | 239 | 502 |
| Vicarious Surgical, Inc.<sup>\*,1</sup> | 247 | 499 |
| Athira Pharma, Inc.<sup>\*</sup> | 154 | 488 |
| Vintage Wine Estates, Inc.<sup>\*</sup> | 145 | 473 |
| Rallybio Corp.<sup>\*</sup> | 71 | 466 |
| Century Therapeutics, Inc.<sup>\*</sup> | 90 | 462 |
| PFSweb, Inc. | 75 | 461 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 59 | 448 |
| Relmada Therapeutics, Inc.<sup>\*</sup> | 124 | 433 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 81 | 426 |
| EyePoint Pharmaceuticals, Inc.<sup>\*</sup> | 118 | 413 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 171 | 407 |
| Inotiv, Inc.<sup>\*</sup> | 79 | 390 |
| Nautilus Biotechnology, Inc.<sup>\*</sup> | 216 | 389 |
| Natural Grocers by Vitamin Cottage, Inc. | 42 | 384 |
| Theseus Pharmaceuticals, Inc.<sup>\*</sup> | 77 | 383 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 143 | 373 |
| Moneylion, Inc.<sup>\*</sup> | 593 | 368 |
| Invivyd, Inc.<sup>\*</sup> | 233 | 349 |
| VBI Vaccines, Inc.<sup>\*</sup> | 874 | 342 |
| Bakkt Holdings, Inc.<sup>\*,1</sup> | 268 | 319 |
| Kronos Bio, Inc.<sup>\*</sup> | 184 | 298 |
| Tattooed Chef, Inc.<sup>\*</sup> | 221 | 272 |
| Tenaya Therapeutics, Inc.<sup>\*</sup> | 127 | 255 |
| Beachbody Company, Inc.<sup>\*</sup> | 474 | 249 |
| Thorne HealthTech, Inc.<sup>\*</sup> | 61 | 221 |
| Eiger BioPharmaceuticals, Inc.<sup>\*</sup> | 187 | 221 |
| Pardes Biosciences, Inc.<sup>\*</sup> | 129 | 218 |
| Jounce Therapeutics, Inc.<sup>\*</sup> | 191 | 212 |
| AN2 Therapeutics, Inc.<sup>\*,1</sup> | 22 | 210 |
| AirSculpt Technologies, Inc. | 56 | 207 |
| P3 Health Partners, Inc.<sup>\*</sup> | 111 | 204 |
| Instil Bio, Inc.<sup>\*</sup> | 315 | 198 |
| Sema4 Holdings Corp.<sup>\*</sup> | 717 | 189 |
| AppHarvest, Inc.<sup>\*</sup> | 329 | 187 |
| CompoSecure, Inc.<sup>\*</sup> | 35 | 172 |
| Humacyte, Inc.<sup>\*</sup> | 80 | 169 |
| Alpha Teknova, Inc.<sup>\*</sup> | 28 | 158 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 201 | 157 |
| Bird Global, Inc. — Class A<sup>\*</sup> | 777 | 140 |
| Oncology Institute, Inc.<sup>\*</sup> | 84 | 139 |
| MarketWise, Inc.<sup>\*</sup> | 77 | 129 |
| Babylon Holdings Ltd. — Class A<sup>\*</sup> | 19 | 128 |
| Science 37 Holdings, Inc.<sup>\*</sup> | 282 | 117 |
| Local Bounti Corp.<sup>\*</sup> | 84 | 117 |
| Talaris Therapeutics, Inc.<sup>\*</sup> | 102 | 104 |
| ATI Physical Therapy, Inc.<sup>\*</sup> | 339 | 103 |
| Celularity, Inc.<sup>\*</sup> | 77 | 99 |
| Cipher Mining, Inc.<sup>\*</sup> | 176 | 99 |
| Enochian Biosciences, Inc.<sup>\*</sup> | 89 | 92 |
| VistaGen Therapeutics, Inc.<sup>\*</sup> | 883 | 91 |
| GreenLight Biosciences Holdings PBC<sup>\*,1</sup> | 63 | 74 |
| Wejo Group Ltd.<sup>\*</sup> | 103 | 50 |
| Owlet, Inc.<sup>\*</sup> | 75 | 42 |
| Tricida, Inc.<sup>\*</sup> | 151 | 23 |
| Tenon Medical, Inc.<sup>\*</sup> | 14 | 22 |
| Greenidge Generation Holdings, Inc.<sup>\*,1</sup> | 59 | 17 |
| Gelesis Holdings, Inc.<sup>\*</sup> | 44 | 13 |
| Leafly Holdings, Inc.<sup>\*</sup> | 19 | 13 |
| Boxed, Inc.<sup>\*</sup> | 52 | 10 |
| **Total Consumer, Non-cyclical** |  | 2452883 |
| **Financial - 14.9%** |  |  |
| Agree Realty Corp. REIT | 394 | 27946 |
| STAG Industrial, Inc. REIT | 812 | 26236 |
| SouthState Corp. | 338 | 25810 |
| Kinsale Capital Group, Inc. | 97 | 25368 |
| Glacier Bancorp, Inc. | 501 | 24759 |
| United Bankshares, Inc. | 589 | 23849 |
| Selective Insurance Group, Inc. | 269 | 23836 |
| Old National Bancorp | 1321 | 23752 |
| RLI Corp. | 176 | 23104 |
| Valley National Bancorp | 1940 | 21941 |
| Kite Realty Group Trust REIT | 981 | 20650 |
| Cadence Bank | 819 | 20196 |
| First Financial Bankshares, Inc. | 585 | 20124 |
| Ryman Hospitality Properties, Inc. REIT | 242 | 19791 |
| Houlihan Lokey, Inc. | 226 | 19698 |
| Home BancShares, Inc. | 847 | 19303 |
| Terreno Realty Corp. REIT | 335 | 19051 |
| Hancock Whitney Corp. | 388 | 18775 |
| Essent Group Ltd. | 475 | 18468 |
| Independent Bank Corp. | 207 | 17477 |
| Independence Realty Trust, Inc. REIT | 1005 | 16944 |
| Phillips Edison & Company, Inc. REIT | 522 | 16620 |
| UMB Financial Corp. | 198 | 16537 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 772 | 16343 |
| United Community Banks, Inc. | 482 | 16292 |
| PotlatchDeltic Corp. REIT | 359 | 15792 |
| ServisFirst Bancshares, Inc. | 227 | 15643 |
| Associated Banc-Corp. | 677 | 15632 |
| First Interstate BancSystem, Inc. — Class A | 402 | 15537 |
| CVB Financial Corp. | 602 | 15501 |
| Apple Hospitality REIT, Inc. | 975 | 15385 |
| Community Bank System, Inc. | 242 | 15234 |
| Essential Properties Realty Trust, Inc. REIT | 634 | 14880 |
| Physicians Realty Trust REIT | 1020 | 14759 |
| American Equity Investment Life Holding Co. | 319 | 14553 |
| Ameris Bancorp | 300 | 14142 |
| Federated Hermes, Inc. — Class B | 384 | 13943 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 226 | 13630 |
| Radian Group, Inc. | 709 | 13521 |
| Pacific Premier Bancorp, Inc. | 425 | 13413 |
| Cathay General Bancorp | 326 | 13298 |
| Corporate Office Properties Trust REIT | 511 | 13255 |
| Sabra Health Care REIT, Inc. | 1046 | 13002 |
| Innovative Industrial Properties, Inc. REIT | 126 | 12770 |
| Mr Cooper Group, Inc.<sup>\*</sup> | 312 | 12521 |
| WSFS Financial Corp. | 276 | 12514 |
| LXP Industrial Trust REIT | 1225 | 12275 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Financial - 14.9% (continued)** | | |
| Broadstone Net Lease, Inc. REIT | 753 | $12206 |
| Fulton Financial Corp. | 722 | 12151 |
| Eastern Bankshares, Inc. | 703 | 12127 |
| SITE Centers Corp. REIT | 883 | 12062 |
| Atlantic Union Bankshares Corp. | 340 | 11948 |
| BankUnited, Inc. | 350 | 11889 |
| Simmons First National Corp. — Class A | 548 | 11826 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 2229 | 11791 |
| Equity Commonwealth REIT | 472 | 11786 |
| Enstar Group Ltd.<sup>\*</sup> | 51 | 11783 |
| Jackson Financial, Inc. — Class A | 337 | 11724 |
| CNO Financial Group, Inc. | 513 | 11722 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 386 | 11186 |
| International Bancshares Corp. | 242 | 11074 |
| Moelis & Co. — Class A | 287 | 11012 |
| Outfront Media, Inc. REIT | 664 | 11009 |
| Macerich Co. REIT | 977 | 11001 |
| Walker & Dunlop, Inc. | 139 | 10909 |
| McGrath RentCorp | 110 | 10861 |
| Columbia Banking System, Inc. | 357 | 10756 |
| First Merchants Corp. | 260 | 10689 |
| First BanCorp | 820 | 10430 |
| First Financial Bancorp | 423 | 10249 |
| Hamilton Lane, Inc. — Class A | 160 | 10221 |
| Piper Sandler Cos. | 77 | 10025 |
| Axos Financial, Inc.<sup>\*</sup> | 260 | 9937 |
| Washington Federal, Inc. | 294 | 9864 |
| Arbor Realty Trust, Inc. REIT | 746 | 9840 |
| National Health Investors, Inc. REIT | 188 | 9817 |
| Focus Financial Partners, Inc. — Class A<sup>\*</sup> | 263 | 9802 |
| Banner Corp. | 155 | 9796 |
| Trustmark Corp. | 278 | 9705 |
| Independent Bank Group, Inc. | 161 | 9673 |
| WesBanco, Inc. | 258 | 9541 |
| Four Corners Property Trust, Inc. REIT | 365 | 9464 |
| TowneBank | 305 | 9406 |
| Renasant Corp. | 248 | 9322 |
| Sunstone Hotel Investors, Inc. REIT | 957 | 9245 |
| Park National Corp. | 65 | 9149 |
| Cushman & Wakefield plc<sup>\*</sup> | 721 | 8984 |
| Heartland Financial USA, Inc. | 186 | 8671 |
| Seacoast Banking Corporation of Florida | 274 | 8546 |
| Bread Financial Holdings, Inc. | 226 | 8511 |
| Kennedy-Wilson Holdings, Inc. | 535 | 8416 |
| Trupanion, Inc.<sup>\*</sup> | 177 | 8413 |
| Stock Yards Bancorp, Inc. | 129 | 8382 |
| Tanger Factory Outlet Centers, Inc. REIT | 460 | 8252 |
| NBT Bancorp, Inc. | 190 | 8250 |
| Retail Opportunity Investments Corp. REIT | 547 | 8221 |
| CareTrust REIT, Inc. | 437 | 8119 |
| Lakeland Financial Corp. | 111 | 8100 |
| Artisan Partners Asset Management, Inc. — Class A | 272 | 8078 |
| Navient Corp. | 480 | 7896 |
| Pebblebrook Hotel Trust REIT | 589 | 7887 |
| PJT Partners, Inc. — Class A | 107 | 7885 |
| BancFirst Corp. | 89 | 7848 |
| Enterprise Financial Services Corp. | 160 | 7834 |
| DiamondRock Hospitality Co. REIT | 951 | 7789 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 370 | 7733 |
| Northwest Bancshares, Inc. | 551 | 7703 |
| RLJ Lodging Trust REIT | 723 | 7657 |
| StoneX Group, Inc.<sup>\*</sup> | 78 | 7433 |
| Cohen & Steers, Inc. | 115 | 7424 |
| Urban Edge Properties REIT | 519 | 7313 |
| InvenTrust Properties Corp. REIT | 307 | 7267 |
| TriCo Bancshares | 141 | 7190 |
| Bancorp, Inc.<sup>\*</sup> | 250 | 7095 |
| Elme Communities REIT | 396 | 7049 |
| Provident Financial Services, Inc. | 329 | 7027 |
| Sandy Spring Bancorp, Inc. | 198 | 6976 |
| Westamerica BanCorp | 118 | 6963 |
| Horace Mann Educators Corp. | 186 | 6951 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 638 | 6865 |
| PennyMac Financial Services, Inc. | 121 | 6856 |
| First BanCorp Puerto Rico | 160 | 6854 |
| Xenia Hotels & Resorts, Inc. REIT | 519 | 6840 |
| Hilltop Holdings, Inc. | 225 | 6752 |
| Hope Bancorp, Inc. | 525 | 6725 |
| Bank of NT Butterfield & Son Ltd. | 225 | 6707 |
| BRP Group, Inc. — Class A<sup>\*</sup> | 266 | 6687 |
| Veritex Holdings, Inc. | 238 | 6683 |
| Getty Realty Corp. REIT | 191 | 6465 |
| Cannae Holdings, Inc.<sup>\*</sup> | 313 | 6463 |
| LTC Properties, Inc. REIT | 178 | 6324 |
| Eagle Bancorp, Inc. | 143 | 6302 |
| City Holding Co. | 67 | 6237 |
| Veris Residential, Inc. REIT<sup>\*</sup> | 391 | 6229 |
| Two Harbors Investment Corp. REIT | 392 | 6182 |
| Alexander & Baldwin, Inc. REIT | 328 | 6143 |
| Flywire Corp.<sup>\*</sup> | 251 | 6142 |
| Claros Mortgage Trust, Inc. | 417 | 6134 |
| Stellar Bancorp, Inc. | 206 | 6069 |
| Acadia Realty Trust REIT | 422 | 6056 |
| St. Joe Co. | 156 | 6029 |
| StepStone Group, Inc. — Class A | 239 | 6018 |
| S&T Bancorp, Inc. | 176 | 6016 |
| Nelnet, Inc. — Class A | 66 | 5990 |
| Uniti Group, Inc. REIT | 1076 | 5950 |
| Berkshire Hills Bancorp, Inc. | 199 | 5950 |
| American Assets Trust, Inc. REIT | 224 | 5936 |
| Virtus Investment Partners, Inc. | 31 | 5935 |
| Global Net Lease, Inc. REIT | 472 | 5933 |
| First Commonwealth Financial Corp. | 423 | 5909 |
| Easterly Government Properties, Inc. REIT | 413 | 5894 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Financial - 14.9% (continued)** | | |
| FB Financial Corp. | 162 | $5855 |
| PRA Group, Inc.<sup>\*</sup> | 173 | 5844 |
| OFG Bancorp | 211 | 5815 |
| First Busey Corp. | 234 | 5784 |
| Chimera Investment Corp. REIT | 1049 | 5769 |
| Pathward Financial, Inc. | 130 | 5596 |
| OceanFirst Financial Corp. | 263 | 5589 |
| National Bank Holdings Corp. — Class A | 132 | 5553 |
| Safety Insurance Group, Inc. | 65 | 5477 |
| Blucora, Inc.<sup>\*</sup> | 214 | 5463 |
| BGC Partners, Inc. — Class A | 1449 | 5463 |
| Service Properties Trust REIT | 745 | 5431 |
| Enova International, Inc.<sup>\*</sup> | 139 | 5333 |
| Employers Holdings, Inc. | 123 | 5305 |
| Stewart Information Services Corp. | 122 | 5213 |
| Triumph Financial, Inc.<sup>\*</sup> | 106 | 5180 |
| Ladder Capital Corp. — Class A REIT | 515 | 5171 |
| Piedmont Office Realty Trust, Inc. — Class A REIT | 557 | 5108 |
| Capitol Federal Financial, Inc. | 589 | 5095 |
| Paramount Group, Inc. REIT | 854 | 5073 |
| Compass Diversified Holdings | 277 | 5050 |
| Southside Bancshares, Inc. | 139 | 5003 |
| Encore Capital Group, Inc.<sup>\*</sup> | 104 | 4986 |
| PennyMac Mortgage Investment Trust REIT | 401 | 4968 |
| Palomar Holdings, Inc.<sup>\*</sup> | 110 | 4968 |
| Lakeland Bancorp, Inc. | 282 | 4966 |
| Franklin BSP Realty Trust, Inc. REIT | 382 | 4928 |
| Tompkins Financial Corp. | 63 | 4888 |
| Newmark Group, Inc. — Class A | 609 | 4854 |
| Apartment Investment and Management Co. — Class A REIT | 679 | 4834 |
| Brookline Bancorp, Inc. | 341 | 4825 |
| Heritage Financial Corp. | 157 | 4810 |
| Brandywine Realty Trust REIT | 769 | 4729 |
| Dime Community Bancshares, Inc. | 148 | 4711 |
| German American Bancorp, Inc. | 126 | 4700 |
| Farmer Mac — Class C | 41 | 4621 |
| Cowen, Inc. — Class A | 119 | 4596 |
| MFA Financial, Inc. REIT | 465 | 4580 |
| NETSTREIT Corp. REIT | 248 | 4546 |
| AMERISAFE, Inc. | 87 | 4521 |
| NexPoint Residential Trust, Inc. REIT | 103 | 4483 |
| Preferred Bank/Los Angeles CA | 60 | 4477 |
| Live Oak Bancshares, Inc. | 148 | 4470 |
| Nicolet Bankshares, Inc.<sup>\*</sup> | 55 | 4388 |
| Premier Financial Corp. | 161 | 4342 |
| New York Mortgage Trust, Inc. REIT | 1666 | 4265 |
| ProAssurance Corp. | 244 | 4263 |
| Mercury General Corp. | 121 | 4138 |
| Empire State Realty Trust, Inc. — Class A REIT | 611 | 4118 |
| ConnectOne Bancorp, Inc. | 168 | 4067 |
| Centerspace REIT | 69 | 4048 |
| LendingClub Corp.<sup>\*</sup> | 460 | 4048 |
| Radius Global Infrastructure, Inc. — Class A<sup>\*</sup> | 341 | 4031 |
| Marcus & Millichap, Inc. | 114 | 3927 |
| Customers Bancorp, Inc.<sup>\*</sup> | 138 | 3911 |
| 1st Source Corp. | 73 | 3876 |
| Community Healthcare Trust, Inc. REIT | 107 | 3831 |
| RPT Realty REIT | 379 | 3805 |
| Banc of California, Inc. | 238 | 3791 |
| Origin Bancorp, Inc. | 102 | 3743 |
| Argo Group International Holdings Ltd. | 144 | 3722 |
| Washington Trust Bancorp, Inc. | 77 | 3633 |
| UMH Properties, Inc. | 224 | 3606 |
| Necessity Retail REIT, Inc. | 606 | 3594 |
| Ready Capital Corp. REIT | 322 | 3587 |
| QCR Holdings, Inc. | 72 | 3574 |
| Peoples Bancorp, Inc. | 126 | 3559 |
| International Money Express, Inc.<sup>\*</sup> | 145 | 3534 |
| Ambac Financial Group, Inc.<sup>\*</sup> | 201 | 3506 |
| Armada Hoffler Properties, Inc. REIT | 304 | 3496 |
| James River Group Holdings Ltd. | 167 | 3492 |
| Heritage Commerce Corp. | 266 | 3458 |
| eXp World Holdings, Inc.<sup>1</sup> | 312 | 3457 |
| Univest Financial Corp. | 132 | 3449 |
| Redwood Trust, Inc. REIT | 510 | 3448 |
| Safehold, Inc. REIT | 120 | 3434 |
| Summit Hotel Properties, Inc. REIT | 475 | 3430 |
| KKR Real Estate Finance Trust, Inc. REIT | 245 | 3420 |
| Hanmi Financial Corp. | 137 | 3391 |
| Amerant Bancorp, Inc. | 126 | 3382 |
| WisdomTree, Inc. | 618 | 3368 |
| ARMOUR Residential REIT, Inc. | 592 | 3333 |
| Columbia Financial, Inc.<sup>\*</sup> | 154 | 3330 |
| First Foundation, Inc. | 232 | 3325 |
| Enact Holdings, Inc. | 136 | 3280 |
| Plymouth Industrial REIT, Inc. | 171 | 3280 |
| Community Trust Bancorp, Inc. | 71 | 3261 |
| Bank First Corp. | 35 | 3249 |
| Gladstone Commercial Corp. REIT | 174 | 3219 |
| TrustCo Bank Corporation NY | 85 | 3195 |
| Ellington Financial, Inc. REIT | 258 | 3191 |
| B Riley Financial, Inc. | 92 | 3146 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 483 | 3086 |
| Northfield Bancorp, Inc. | 196 | 3083 |
| Old Second Bancorp, Inc. | 192 | 3080 |
| Brightsphere Investment Group, Inc. | 147 | 3025 |
| Goosehead Insurance, Inc. — Class A<sup>\*</sup> | 86 | 2953 |
| Peapack-Gladstone Financial Corp. | 79 | 2940 |
| Office Properties Income Trust REIT | 217 | 2897 |
| Lemonade, Inc.<sup>\*</sup> | 211 | 2887 |
| First Bancshares, Inc. | 89 | 2849 |
| National Western Life Group, Inc. — Class A | 10 | 2810 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Financial - 14.9% (continued)** | | |
| HarborOne Bancorp, Inc. | 202 | $2808 |
| Compass, Inc. — Class A<sup>\*</sup> | 1205 | 2808 |
| MBIA, Inc.<sup>\*</sup> | 218 | 2801 |
| CBL & Associates Properties, Inc. REIT | 121 | 2793 |
| Kearny Financial Corp. | 274 | 2781 |
| Universal Health Realty Income Trust REIT | 58 | 2768 |
| Metropolitan Bank Holding Corp.<sup>\*</sup> | 47 | 2757 |
| Horizon Bancorp, Inc. | 182 | 2745 |
| Camden National Corp. | 65 | 2710 |
| First Mid Bancshares, Inc. | 84 | 2695 |
| Gladstone Land Corp. REIT | 146 | 2679 |
| Chatham Lodging Trust REIT | 217 | 2663 |
| Farmland Partners, Inc. REIT | 213 | 2654 |
| United Fire Group, Inc. | 97 | 2654 |
| BrightSpire Capital, Inc. REIT | 425 | 2648 |
| Global Medical REIT, Inc. | 277 | 2626 |
| Dynex Capital, Inc. REIT | 205 | 2608 |
| Cambridge Bancorp | 31 | 2575 |
| CrossFirst Bankshares, Inc.<sup>\*</sup> | 207 | 2569 |
| Urstadt Biddle Properties, Inc. — Class A REIT | 135 | 2558 |
| Byline Bancorp, Inc. | 111 | 2550 |
| Midland States Bancorp, Inc. | 95 | 2529 |
| Flushing Financial Corp. | 129 | 2500 |
| Great Southern Bancorp, Inc. | 42 | 2499 |
| Central Pacific Financial Corp. | 122 | 2474 |
| Silvergate Capital Corp. — Class A<sup>\*,1</sup> | 142 | 2471 |
| SiriusPoint Ltd.<sup>\*</sup> | 418 | 2466 |
| First Community Bankshares, Inc. | 72 | 2441 |
| Diamond Hill Investment Group, Inc. | 13 | 2405 |
| Mercantile Bank Corp. | 70 | 2344 |
| Bank of Marin Bancorp | 71 | 2334 |
| iStar, Inc. REIT | 304 | 2320 |
| First Financial Corp. | 50 | 2304 |
| Equity Bancshares, Inc. — Class A | 69 | 2254 |
| AssetMark Financial Holdings, Inc.<sup>\*</sup> | 98 | 2254 |
| HomeStreet, Inc. | 81 | 2234 |
| Coastal Financial Corp.<sup>\*</sup> | 47 | 2233 |
| Brookfield Business Corp. — Class A | 118 | 2217 |
| Orion Office REIT, Inc. | 259 | 2212 |
| Alexander's, Inc. REIT | 10 | 2201 |
| Saul Centers, Inc. REIT | 54 | 2197 |
| Independent Bank Corp. | 90 | 2153 |
| Bar Harbor Bankshares | 67 | 2147 |
| Arrow Financial Corp. | 63 | 2136 |
| TPG RE Finance Trust, Inc. REIT | 313 | 2125 |
| Ares Commercial Real Estate Corp. REIT | 206 | 2120 |
| Business First Bancshares, Inc. | 95 | 2103 |
| Broadmark Realty Capital, Inc. REIT | 590 | 2100 |
| Whitestone REIT — Class B | 212 | 2044 |
| MidWestOne Financial Group, Inc. | 64 | 2032 |
| Farmers National Banc Corp. | 143 | 2019 |
| Redfin Corp.<sup>\*</sup> | 476 | 2018 |
| Victory Capital Holdings, Inc. — Class A | 74 | 1985 |
| Capital City Bank Group, Inc. | 61 | 1982 |
| RMR Group, Inc. — Class A | 69 | 1949 |
| Mid Penn Bancorp, Inc. | 65 | 1948 |
| SmartFinancial, Inc. | 70 | 1925 |
| Invesco Mortgage Capital, Inc. REIT | 151 | 1922 |
| West BanCorp, Inc. | 73 | 1865 |
| EZCORP, Inc. — Class A<sup>\*</sup> | 227 | 1850 |
| Metrocity Bankshares, Inc. | 85 | 1839 |
| Carter Bankshares, Inc.<sup>\*</sup> | 110 | 1825 |
| First of Long Island Corp. | 100 | 1800 |
| CNB Financial Corp. | 73 | 1737 |
| American National Bankshares, Inc. | 47 | 1736 |
| Merchants Bancorp | 71 | 1727 |
| Orchid Island Capital, Inc. REIT | 160 | 1680 |
| Peoples Financial Services Corp. | 32 | 1659 |
| Financial Institutions, Inc. | 68 | 1656 |
| Hingham Institution For Savings The | 6 | 1656 |
| Southern Missouri Bancorp, Inc. | 36 | 1650 |
| One Liberty Properties, Inc. REIT | 74 | 1644 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 92 | 1632 |
| Perella Weinberg Partners | 166 | 1627 |
| Capstar Financial Holdings, Inc. | 92 | 1625 |
| Republic Bancorp, Inc. — Class A | 39 | 1596 |
| Alerus Financial Corp. | 68 | 1588 |
| City Office REIT, Inc. | 188 | 1575 |
| FRP Holdings, Inc.<sup>\*</sup> | 29 | 1562 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 34 | 1555 |
| Citizens & Northern Corp. | 68 | 1554 |
| Five Star Bancorp | 57 | 1553 |
| RE/MAX Holdings, Inc. — Class A | 83 | 1547 |
| HomeTrust Bancshares, Inc. | 64 | 1547 |
| Blue Foundry Bancorp<sup>\*</sup> | 119 | 1529 |
| Oppenheimer Holdings, Inc. — Class A | 36 | 1524 |
| Indus Realty Trust, Inc. REIT | 24 | 1524 |
| Waterstone Financial, Inc. | 88 | 1517 |
| ACNB Corp. | 38 | 1513 |
| Tiptree, Inc. — Class A | 109 | 1509 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 55 | 1495 |
| Enterprise Bancorp, Inc. | 42 | 1483 |
| Civista Bancshares, Inc. | 67 | 1475 |
| John Marshall Bancorp, Inc. | 51 | 1468 |
| Amalgamated Financial Corp. | 63 | 1451 |
| GCM Grosvenor, Inc. — Class A | 186 | 1415 |
| Shore Bancshares, Inc. | 81 | 1412 |
| CTO Realty Growth, Inc. REIT | 77 | 1408 |
| Douglas Elliman, Inc. | 343 | 1396 |
| RBB Bancorp | 66 | 1376 |
| Esquire Financial Holdings, Inc. | 31 | 1341 |
| Home Bancorp, Inc. | 33 | 1321 |
| First Bancorp, Inc. | 44 | 1317 |
| First Business Financial Services, Inc. | 36 | 1316 |
| Macatawa Bank Corp. | 119 | 1313 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Financial - 14.9% (continued)** | | |
| Sierra Bancorp | 61 | $1296 |
| Guaranty Bancshares, Inc. | 37 | 1282 |
| Braemar Hotels & Resorts, Inc. REIT | 310 | 1274 |
| Northeast Bank | 30 | 1263 |
| Universal Insurance Holdings, Inc. | 119 | 1260 |
| Granite Point Mortgage Trust, Inc. REIT | 235 | 1260 |
| Summit Financial Group, Inc. | 50 | 1244 |
| South Plains Financial, Inc. | 45 | 1239 |
| Franklin Street Properties Corp. REIT | 448 | 1223 |
| Hersha Hospitality Trust — Class A REIT | 142 | 1210 |
| World Acceptance Corp.<sup>\*</sup> | 18 | 1187 |
| Primis Financial Corp. | 100 | 1185 |
| BCB Bancorp, Inc. | 65 | 1169 |
| HCI Group, Inc. | 29 | 1148 |
| Postal Realty Trust, Inc. — Class A REIT | 79 | 1148 |
| AFC Gamma, Inc. REIT | 72 | 1133 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 116 | 1114 |
| BayCom Corp. | 58 | 1101 |
| PCSB Financial Corp. | 56 | 1066 |
| Orrstown Financial Services, Inc. | 46 | 1065 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 57 | 1050 |
| BRT Apartments Corp. REIT | 53 | 1041 |
| FVCBankcorp, Inc.<sup>\*</sup> | 54 | 1030 |
| MVB Financial Corp. | 46 | 1013 |
| Sculptor Capital Management, Inc. | 116 | 1005 |
| LendingTree, Inc.<sup>\*</sup> | 47 | 1003 |
| First Western Financial, Inc.<sup>\*</sup> | 35 | 985 |
| Regional Management Corp. | 35 | 983 |
| Donegal Group, Inc. — Class A | 69 | 980 |
| First Internet Bancorp | 40 | 971 |
| Red River Bancshares, Inc. | 19 | 970 |
| Hippo Holdings, Inc.<sup>\*</sup> | 71 | 966 |
| Capital Bancorp, Inc. | 41 | 965 |
| Industrial Logistics Properties Trust REIT | 295 | 965 |
| First Bank/Hamilton NJ | 70 | 963 |
| Blue Ridge Bankshares, Inc. | 77 | 962 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 118 | 962 |
| Parke Bancorp, Inc. | 46 | 954 |
| Colony Bankcorp, Inc. | 74 | 939 |
| PCB Bancorp | 53 | 938 |
| HBT Financial, Inc. | 46 | 900 |
| Investors Title Co. | 6 | 885 |
| Unity Bancorp, Inc. | 32 | 875 |
| Greene County Bancorp, Inc. | 15 | 861 |
| Silvercrest Asset Management Group, Inc. — Class A | 45 | 845 |
| Bankwell Financial Group, Inc. | 26 | 765 |
| Legacy Housing Corp.<sup>\*</sup> | 40 | 758 |
| Luther Burbank Corp. | 67 | 744 |
| Ashford Hospitality Trust, Inc. REIT<sup>\*</sup> | 156 | 697 |
| Diversified Healthcare Trust REIT | 1078 | 697 |
| Oportun Financial Corp.<sup>\*</sup> | 126 | 694 |
| First Guaranty Bancshares, Inc. | 27 | 633 |
| Trean Insurance Group, Inc.<sup>\*</sup> | 102 | 612 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 53 | 604 |
| USCB Financial Holdings, Inc.<sup>\*</sup> | 48 | 586 |
| Nexpoint Real Estate Finance, Inc. REIT | 36 | 572 |
| eHealth, Inc.<sup>\*</sup> | 110 | 532 |
| Stratus Properties, Inc. | 27 | 521 |
| NI Holdings, Inc.<sup>\*</sup> | 38 | 504 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 19 | 498 |
| Sterling Bancorp, Inc.<sup>\*</sup> | 78 | 475 |
| Provident Bancorp, Inc. | 65 | 473 |
| Republic First Bancorp, Inc.<sup>\*</sup> | 219 | 471 |
| Chicago Atlantic Real Estate Finance, Inc. | 31 | 467 |
| Crawford & Co. — Class A | 75 | 417 |
| Selectquote, Inc.<sup>\*</sup> | 606 | 407 |
| Consumer Portfolio Services, Inc.<sup>\*</sup> | 43 | 381 |
| Velocity Financial, Inc.<sup>\*</sup> | 39 | 376 |
| Curo Group Holdings Corp.<sup>\*</sup> | 99 | 351 |
| Clipper Realty, Inc. REIT | 54 | 346 |
| Bluerock Homes Trust, Inc.<sup>\*</sup> | 16 | 341 |
| Associated Capital Group, Inc. — Class A | 8 | 336 |
| SWK Holdings Corp.<sup>\*</sup> | 16 | 282 |
| Doma Holdings, Inc.<sup>\*</sup> | 621 | 281 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 6 | 265 |
| Angel Oak Mortgage, Inc. REIT | 54 | 256 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 176 | 224 |
| Root, Inc. — Class A<sup>\*</sup> | 35 | 157 |
| American Realty Investors, Inc.<sup>\*</sup> | 6 | 154 |
| Offerpad Solutions, Inc.<sup>\*,1</sup> | 309 | 142 |
| Sunlight Financial Holdings, Inc.<sup>\*</sup> | 110 | 142 |
| OppFi, Inc.<sup>\*</sup> | 61 | 125 |
| Applied Digital Corp.<sup>\*</sup> | 36 | 66 |
| Home Point Capital, Inc.<sup>\*</sup> | 36 | 49 |
| Cryptyde, Inc.<sup>\*</sup> | 85 | 16 |
| **Total Financial** |  | 2412118 |
| **Industrial - 9.0%** |  |  |
| EMCOR Group, Inc. | 213 | 31547 |
| RBC Bearings, Inc.<sup>\*</sup> | 129 | 27006 |
| Saia, Inc.<sup>\*</sup> | 120 | 25162 |
| Exponent, Inc. | 229 | 22692 |
| Fluor Corp.<sup>\*</sup> | 641 | 22217 |
| Chart Industries, Inc.<sup>\*</sup> | 192 | 22124 |
| Novanta, Inc.<sup>\*</sup> | 160 | 21739 |
| Applied Industrial Technologies, Inc. | 172 | 21677 |
| Fabrinet<sup>\*</sup> | 167 | 21413 |
| UFP Industries, Inc. | 270 | 21397 |
| Atkore, Inc.<sup>\*</sup> | 186 | 21096 |
| Evoqua Water Technologies Corp.<sup>\*</sup> | 530 | 20988 |
| Aerojet Rocketdyne Holdings, Inc.<sup>\*</sup> | 357 | 19967 |
| Comfort Systems USA, Inc. | 160 | 18413 |
| Watts Water Technologies, Inc. — Class A | 124 | 18133 |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 226 | 17924 |
| Altra Industrial Motion Corp. | 293 | 17507 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Industrial - 9.0% (continued)** | | |
| Simpson Manufacturing Company, Inc. | 193 | $17111 |
| GATX Corp. | 158 | 16802 |
| Franklin Electric Company, Inc. | 209 | 16668 |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 797 | 15239 |
| Summit Materials, Inc. — Class A<sup>\*</sup> | 535 | 15192 |
| AAON, Inc. | 199 | 14989 |
| Mueller Industries, Inc. | 252 | 14868 |
| Sanmina Corp.<sup>\*</sup> | 257 | 14724 |
| Advanced Energy Industries, Inc. | 170 | 14583 |
| Badger Meter, Inc. | 132 | 14392 |
| Albany International Corp. — Class A | 141 | 13901 |
| Belden, Inc. | 191 | 13733 |
| EnerSys | 183 | 13513 |
| Cactus, Inc. — Class A | 267 | 13419 |
| Hillenbrand, Inc. | 312 | 13313 |
| John Bean Technologies Corp. | 143 | 13060 |
| SPX Technologies, Inc.<sup>\*</sup> | 198 | 12999 |
| Terex Corp. | 302 | 12901 |
| Atlas Air Worldwide Holdings, Inc.<sup>\*</sup> | 127 | 12802 |
| Forward Air Corp. | 122 | 12797 |
| Plexus Corp.<sup>\*</sup> | 124 | 12763 |
| Vishay Intertechnology, Inc. | 585 | 12618 |
| Federal Signal Corp. | 271 | 12593 |
| Boise Cascade Co. | 179 | 12292 |
| Dycom Industries, Inc.<sup>\*</sup> | 131 | 12262 |
| Arcosa, Inc. | 220 | 11955 |
| Zurn Elkay Water Solutions Corp. | 563 | 11907 |
| O-I Glass, Inc.<sup>\*</sup> | 706 | 11698 |
| Hub Group, Inc. — Class A<sup>\*</sup> | 145 | 11526 |
| Werner Enterprises, Inc. | 285 | 11474 |
| Scorpio Tankers, Inc. | 212 | 11399 |
| Moog, Inc. — Class A | 129 | 11321 |
| Encore Wire Corp. | 80 | 11005 |
| Trinity Industries, Inc. | 371 | 10970 |
| Matson, Inc. | 168 | 10502 |
| Golar LNG Ltd.<sup>\*</sup> | 458 | 10438 |
| Itron, Inc.<sup>\*</sup> | 205 | 10383 |
| ESCO Technologies, Inc. | 117 | 10242 |
| EnPro Industries, Inc. | 94 | 10217 |
| Energizer Holdings, Inc. | 302 | 10132 |
| Brady Corp. — Class A | 206 | 9703 |
| AeroVironment, Inc.<sup>\*</sup> | 111 | 9508 |
| Kadant, Inc. | 52 | 9237 |
| Barnes Group, Inc. | 221 | 9028 |
| Kennametal, Inc. | 369 | 8878 |
| Lindsay Corp. | 50 | 8142 |
| Masonite International Corp.<sup>\*</sup> | 101 | 8142 |
| Materion Corp. | 93 | 8138 |
| International Seaways, Inc. | 219 | 8107 |
| NV5 Global, Inc.<sup>\*</sup> | 61 | 8072 |
| Helios Technologies, Inc. | 148 | 8057 |
| Frontdoor, Inc.<sup>\*</sup> | 375 | 7800 |
| ArcBest Corp. | 111 | 7774 |
| CSW Industrials, Inc. | 66 | 7651 |
| Mueller Water Products, Inc. — Class A | 707 | 7607 |
| Greif, Inc. — Class A | 112 | 7511 |
| Griffon Corp. | 209 | 7480 |
| Worthington Industries, Inc. | 142 | 7059 |
| Granite Construction, Inc. | 201 | 7049 |
| TTM Technologies, Inc.<sup>\*</sup> | 459 | 6922 |
| AAR Corp.<sup>\*</sup> | 153 | 6870 |
| Frontline plc<sup>\*</sup> | 565 | 6859 |
| MYR Group, Inc.<sup>\*</sup> | 74 | 6813 |
| Air Transport Services Group, Inc.<sup>\*</sup> | 260 | 6755 |
| Knowles Corp.<sup>\*</sup> | 406 | 6666 |
| Enerpac Tool Group Corp. | 257 | 6541 |
| Alamo Group, Inc. | 46 | 6514 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 140 | 6423 |
| Enovix Corp.<sup>\*</sup> | 493 | 6133 |
| OSI Systems, Inc.<sup>\*</sup> | 73 | 5805 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 560 | 5779 |
| CTS Corp. | 143 | 5637 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 125 | 5549 |
| Standex International Corp. | 54 | 5530 |
| DHT Holdings, Inc. | 620 | 5506 |
| Vicor Corp.<sup>\*</sup> | 100 | 5375 |
| TriMas Corp. | 190 | 5271 |
| Primoris Services Corp. | 240 | 5266 |
| Marten Transport Ltd. | 264 | 5222 |
| Tennant Co. | 84 | 5172 |
| Energy Recovery, Inc.<sup>\*</sup> | 249 | 5102 |
| Xometry, Inc. — Class A<sup>\*</sup> | 153 | 4931 |
| Golden Ocean Group Ltd. | 557 | 4840 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 181 | 4831 |
| Greenbrier Companies, Inc. | 144 | 4828 |
| SFL Corporation Ltd. | 520 | 4794 |
| PGT Innovations, Inc.<sup>\*</sup> | 262 | 4706 |
| Apogee Enterprises, Inc. | 101 | 4490 |
| Modine Manufacturing Co.<sup>\*</sup> | 226 | 4488 |
| AZZ, Inc. | 111 | 4462 |
| LSB Industries, Inc.<sup>\*</sup> | 333 | 4429 |
| Hillman Solutions Corp.<sup>\*</sup> | 610 | 4398 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 133 | 4362 |
| Astec Industries, Inc. | 104 | 4229 |
| Benchmark Electronics, Inc. | 158 | 4217 |
| FLEX LNG Ltd. | 129 | 4217 |
| GrafTech International Ltd. | 879 | 4184 |
| Columbus McKinnon Corp. | 127 | 4124 |
| Matthews International Corp. — Class A | 135 | 4109 |
| Mirion Technologies, Inc.<sup>\*</sup> | 621 | 4105 |
| Sturm Ruger & Company, Inc. | 78 | 3948 |
| Mesa Laboratories, Inc. | 23 | 3823 |
| Joby Aviation, Inc.<sup>\*</sup> | 1139 | 3816 |
| Napco Security Technologies, Inc.<sup>\*</sup> | 133 | 3655 |
| UFP Technologies, Inc.<sup>\*</sup> | 31 | 3655 |
| Rocket Lab USA, Inc.<sup>\*</sup> | 968 | 3649 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 378 | 3648 |
| Myers Industries, Inc. | 164 | 3646 |
| TimkenSteel Corp.<sup>\*</sup> | 199 | 3616 |
| American Woodmark Corp.<sup>\*</sup> | 74 | 3616 |
| Janus International Group, Inc.<sup>\*</sup> | 370 | 3522 |
| CryoPort, Inc.<sup>\*</sup> | 198 | 3435 |
| Ichor Holdings Ltd.<sup>\*</sup> | 127 | 3406 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 482 | 3259 |
| Heartland Express, Inc. | 212 | 3252 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Industrial - 9.0% (continued)** | | |
| Teekay Tankers Ltd. — Class A<sup>\*</sup> | 104 | $3204 |
| Proto Labs, Inc.<sup>\*</sup> | 125 | 3191 |
| Triumph Group, Inc.<sup>\*</sup> | 290 | 3051 |
| Eagle Bulk Shipping, Inc. | 61 | 3046 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 150 | 3012 |
| Chase Corp. | 34 | 2933 |
| GoPro, Inc. — Class A<sup>\*</sup> | 586 | 2918 |
| Li-Cycle Holdings Corp.<sup>\*,1</sup> | 608 | 2894 |
| Kaman Corp. | 127 | 2832 |
| Nordic American Tankers Ltd. | 877 | 2684 |
| Gorman-Rupp Co. | 103 | 2639 |
| Dorian LPG Ltd. | 139 | 2634 |
| Stoneridge, Inc.<sup>\*</sup> | 119 | 2566 |
| Genco Shipping & Trading Ltd. | 166 | 2550 |
| Ducommun, Inc.<sup>\*</sup> | 50 | 2498 |
| Kimball Electronics, Inc.<sup>\*</sup> | 109 | 2462 |
| FARO Technologies, Inc.<sup>\*</sup> | 82 | 2412 |
| Insteel Industries, Inc. | 85 | 2339 |
| Heritage-Crystal Clean, Inc.<sup>\*</sup> | 71 | 2306 |
| Ryerson Holding Corp. | 76 | 2300 |
| Ardmore Shipping Corp.<sup>\*</sup> | 158 | 2277 |
| Argan, Inc. | 61 | 2250 |
| Harsco Corp.<sup>\*</sup> | 356 | 2239 |
| Pactiv Evergreen, Inc. | 196 | 2226 |
| Costamare, Inc. | 239 | 2218 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 56 | 2164 |
| Allied Motion Technologies, Inc. | 60 | 2089 |
| nLight, Inc.<sup>\*</sup> | 199 | 2018 |
| CIRCOR International, Inc.<sup>\*</sup> | 84 | 2013 |
| DXP Enterprises, Inc.<sup>\*</sup> | 69 | 1901 |
| Greif, Inc. — Class B | 24 | 1877 |
| Smith & Wesson Brands, Inc. | 206 | 1788 |
| Blink Charging Co.<sup>\*,1</sup> | 162 | 1777 |
| MicroVision, Inc.<sup>\*</sup> | 751 | 1765 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 296 | 1761 |
| Luxfer Holdings plc | 123 | 1687 |
| National Presto Industries, Inc. | 23 | 1575 |
| Babcock & Wilcox Enterprises, Inc.<sup>\*</sup> | 272 | 1569 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 48 | 1559 |
| Cadre Holdings, Inc. | 76 | 1531 |
| Northwest Pipe Co.<sup>\*</sup> | 44 | 1483 |
| Olympic Steel, Inc. | 44 | 1478 |
| Covenant Logistics Group, Inc. — Class A | 42 | 1452 |
| NuScale Power Corp.<sup>\*</sup> | 141 | 1447 |
| Powell Industries, Inc. | 41 | 1442 |
| Tutor Perini Corp.<sup>\*</sup> | 191 | 1442 |
| Manitowoc Company, Inc.<sup>\*</sup> | 157 | 1438 |
| Teekay Corp.<sup>\*</sup> | 316 | 1435 |
| Comtech Telecommunications Corp. | 116 | 1408 |
| Omega Flex, Inc. | 15 | 1400 |
| IES Holdings, Inc.<sup>\*</sup> | 39 | 1387 |
| SmartRent, Inc.<sup>\*</sup> | 541 | 1315 |
| Tredegar Corp. | 122 | 1247 |
| Hyster-Yale Materials Handling, Inc. | 49 | 1240 |
| Sight Sciences, Inc.<sup>\*</sup> | 98 | 1197 |
| Park Aerospace Corp. | 89 | 1194 |
| Astronics Corp.<sup>\*</sup> | 115 | 1184 |
| AerSale Corp.<sup>\*</sup> | 72 | 1168 |
| Ranpak Holdings Corp.<sup>\*</sup> | 197 | 1137 |
| Universal Logistics Holdings, Inc. | 33 | 1103 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 578 | 1081 |
| Daseke, Inc.<sup>\*</sup> | 185 | 1053 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 381 | 987 |
| Safe Bulkers, Inc. | 332 | 966 |
| Pure Cycle Corp.<sup>\*</sup> | 88 | 922 |
| ESS Tech, Inc.<sup>\*</sup> | 366 | 890 |
| Radiant Logistics, Inc.<sup>\*</sup> | 172 | 875 |
| Eastman Kodak Co.<sup>\*</sup> | 259 | 790 |
| PAM Transportation Services, Inc.<sup>\*</sup> | 30 | 777 |
| 908 Devices, Inc.<sup>\*</sup> | 99 | 754 |
| Identiv, Inc.<sup>\*</sup> | 100 | 724 |
| Concrete Pumping Holdings, Inc.<sup>\*</sup> | 119 | 696 |
| AMMO, Inc.<sup>\*</sup> | 396 | 685 |
| Akoustis Technologies, Inc.<sup>\*</sup> | 236 | 665 |
| Latham Group, Inc.<sup>\*</sup> | 195 | 628 |
| Charge Enterprises, Inc.<sup>\*</sup> | 490 | 608 |
| Caesarstone Ltd. | 103 | 588 |
| Transphorm, Inc.<sup>\*</sup> | 100 | 544 |
| Turtle Beach Corp.<sup>\*</sup> | 69 | 495 |
| View, Inc.<sup>\*,1</sup> | 507 | 489 |
| Atlas Technical Consultants, Inc.<sup>\*</sup> | 82 | 422 |
| Karat Packaging, Inc. | 26 | 374 |
| Hydrofarm Holdings Group, Inc.<sup>\*</sup> | 198 | 307 |
| Astra Space, Inc.<sup>\*</sup> | 668 | 290 |
| NL Industries, Inc. | 38 | 259 |
| Momentus, Inc.<sup>\*</sup> | 248 | 193 |
| Sarcos Technology and Robotics Corp.<sup>\*</sup> | 339 | 190 |
| Redwire Corp.<sup>\*</sup> | 88 | 174 |
| Berkshire Grey, Inc.<sup>\*</sup> | 221 | 133 |
| Fathom Digital Manufacturing C<sup>\*</sup> | 44 | 58 |
| AEye, Inc.<sup>\*</sup> | 120 | 58 |
| **Total Industrial** |  | 1448075 |
| **Consumer, Cyclical - 7.2%** |  |  |
| Crocs, Inc.<sup>\*</sup> | 274 | 29710 |
| Texas Roadhouse, Inc. — Class A | 302 | 27467 |
| Murphy USA, Inc. | 94 | 26277 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 427 | 25022 |
| Wingstop, Inc. | 135 | 18579 |
| Academy Sports & Outdoors, Inc. | 349 | 18336 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 100 | 17925 |
| Fox Factory Holding Corp.<sup>\*</sup> | 192 | 17516 |
| Visteon Corp.<sup>\*</sup> | 126 | 16485 |
| Meritage Homes Corp.<sup>\*</sup> | 164 | 15121 |
| Adient plc<sup>\*</sup> | 430 | 14917 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 387 | 14915 |
| FirstCash Holdings, Inc. | 170 | 14775 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 471 | 14295 |
| Signet Jewelers Ltd. | 207 | 14076 |
| National Vision Holdings, Inc.<sup>\*</sup> | 354 | 13721 |
| Foot Locker, Inc. | 363 | 13718 |
| UniFirst Corp. | 68 | 13123 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 1272 | 12911 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 634 | 12522 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Cyclical - 7.2% (continued)** | | |
| Skyline Champion Corp.<sup>\*</sup> | 242 | $12465 |
| Beacon Roofing Supply, Inc.<sup>\*</sup> | 232 | 12247 |
| Papa John's International, Inc. | 148 | 12182 |
| Group 1 Automotive, Inc. | 64 | 11544 |
| Steven Madden Ltd. | 347 | 11090 |
| KB Home | 348 | 11084 |
| Resideo Technologies, Inc.<sup>\*</sup> | 656 | 10791 |
| LCI Industries | 113 | 10447 |
| International Game Technology plc | 443 | 10047 |
| Kontoor Brands, Inc. | 251 | 10038 |
| Gentherm, Inc.<sup>\*</sup> | 150 | 9793 |
| Sonos, Inc.<sup>\*</sup> | 579 | 9785 |
| Rush Enterprises, Inc. — Class A | 187 | 9776 |
| American Eagle Outfitters, Inc.<sup>\*</sup> | 699 | 9758 |
| Dorman Products, Inc.<sup>\*</sup> | 119 | 9624 |
| Spirit Airlines, Inc.<sup>\*</sup> | 494 | 9623 |
| SeaWorld Entertainment, Inc.<sup>\*</sup> | 179 | 9578 |
| GMS, Inc.<sup>\*</sup> | 192 | 9562 |
| Cracker Barrel Old Country Store, Inc. | 100 | 9474 |
| Nu Skin Enterprises, Inc. — Class A | 221 | 9317 |
| Installed Building Products, Inc. | 108 | 9245 |
| Red Rock Resorts, Inc. — Class A | 228 | 9122 |
| Cavco Industries, Inc.<sup>\*</sup> | 40 | 9050 |
| Dana, Inc. | 585 | 8851 |
| LGI Homes, Inc.<sup>\*</sup> | 93 | 8612 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 456 | 8477 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 134 | 8378 |
| ODP Corp.<sup>\*</sup> | 180 | 8197 |
| MDC Holdings, Inc. | 259 | 8184 |
| Bloomin' Brands, Inc. | 393 | 7907 |
| World Fuel Services Corp. | 277 | 7570 |
| Methode Electronics, Inc. | 164 | 7277 |
| MillerKnoll, Inc. | 345 | 7248 |
| Veritiv Corp. | 59 | 7181 |
| Winnebago Industries, Inc. | 134 | 7062 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 169 | 7019 |
| Cheesecake Factory, Inc.<sup>1</sup> | 218 | 6913 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 195 | 6911 |
| Urban Outfitters, Inc.<sup>\*</sup> | 289 | 6893 |
| PriceSmart, Inc. | 112 | 6807 |
| H&E Equipment Services, Inc. | 145 | 6583 |
| Jack in the Box, Inc. | 95 | 6482 |
| Oxford Industries, Inc. | 69 | 6429 |
| Century Communities, Inc. | 128 | 6401 |
| Acushnet Holdings Corp. | 150 | 6369 |
| KAR Auction Services, Inc.<sup>\*</sup> | 487 | 6355 |
| Brinker International, Inc.<sup>\*</sup> | 197 | 6286 |
| Buckle, Inc. | 137 | 6213 |
| Vista Outdoor, Inc.<sup>\*</sup> | 253 | 6166 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 486 | 6085 |
| Patrick Industries, Inc. | 99 | 5999 |
| XPEL, Inc.<sup>\*</sup> | 98 | 5886 |
| iRobot Corp.<sup>\*</sup> | 122 | 5872 |
| Dillard's, Inc. — Class A | 18 | 5818 |
| M/I Homes, Inc.<sup>\*</sup> | 122 | 5634 |
| Everi Holdings, Inc.<sup>\*</sup> | 391 | 5611 |
| Liberty Media Corporation - Liberty Braves — Class C<sup>\*</sup> | 171 | 5511 |
| Luminar Technologies, Inc.<sup>\*,1</sup> | 1096 | 5425 |
| Fisker, Inc.<sup>\*,1</sup> | 737 | 5358 |
| HNI Corp. | 186 | 5288 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 117 | 5262 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 224 | 5132 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 378 | 5099 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 92 | 4904 |
| Wabash National Corp. | 214 | 4836 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 69 | 4691 |
| Monarch Casino & Resort, Inc.<sup>\*</sup> | 60 | 4613 |
| La-Z-Boy, Inc. | 195 | 4450 |
| MRC Global, Inc.<sup>\*</sup> | 376 | 4354 |
| Dine Brands Global, Inc. | 67 | 4328 |
| Cinemark Holdings, Inc.<sup>\*</sup> | 494 | 4278 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 512 | 4004 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 768 | 3994 |
| Sonic Automotive, Inc. — Class A | 81 | 3991 |
| Hibbett, Inc. | 58 | 3957 |
| Camping World Holdings, Inc. — Class A | 174 | 3884 |
| Shyft Group, Inc. | 156 | 3878 |
| Wolverine World Wide, Inc. | 348 | 3804 |
| Proterra, Inc.<sup>\*</sup> | 1002 | 3778 |
| SkyWest, Inc.<sup>\*</sup> | 226 | 3731 |
| Douglas Dynamics, Inc. | 102 | 3688 |
| Titan Machinery, Inc.<sup>\*</sup> | 92 | 3655 |
| RCI Hospitality Holdings, Inc. | 39 | 3635 |
| Virgin Galactic Holdings, Inc.<sup>\*,1</sup> | 1035 | 3602 |
| Caleres, Inc. | 160 | 3565 |
| Titan International, Inc.<sup>\*</sup> | 232 | 3554 |
| Golden Entertainment, Inc.<sup>\*</sup> | 91 | 3404 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 395 | 3385 |
| ScanSource, Inc.<sup>\*</sup> | 114 | 3331 |
| Arko Corp. | 378 | 3273 |
| Bally's Corp.<sup>\*</sup> | 164 | 3178 |
| Standard Motor Products, Inc. | 91 | 3167 |
| Nikola Corp.<sup>\*,1</sup> | 1453 | 3138 |
| IMAX Corp.<sup>\*</sup> | 213 | 3123 |
| Winmark Corp. | 13 | 3066 |
| MarineMax, Inc.<sup>\*</sup> | 96 | 2997 |
| Green Brick Partners, Inc.<sup>\*</sup> | 123 | 2980 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 41 | 2915 |
| Guess?, Inc.<sup>1</sup> | 140 | 2897 |
| A-Mark Precious Metals, Inc. | 82 | 2848 |
| Lions Gate Entertainment Corp. — Class B<sup>\*</sup> | 523 | 2840 |
| Ermenegildo Zegna N.V. | 270 | 2827 |
| OneSpaWorld Holdings Ltd.<sup>\*</sup> | 301 | 2808 |
| Franchise Group, Inc. | 117 | 2787 |
| Steelcase, Inc. — Class A | 391 | 2764 |
| Chico's FAS, Inc.<sup>\*</sup> | 555 | 2731 |
| Ethan Allen Interiors, Inc. | 103 | 2721 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 103 | 2717 |
| Genesco, Inc.<sup>\*</sup> | 59 | 2715 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 198 | 2715 |
| indie Semiconductor, Inc. — Class A<sup>\*</sup> | 456 | 2658 |
| Interface, Inc. — Class A | 266 | 2626 |
| Qurate Retail, Inc. — Class A<sup>\*</sup> | 1587 | 2587 |
| TravelCenters of America, Inc.<sup>\*</sup> | 57 | 2552 |
| Sleep Number Corp.<sup>\*</sup> | 97 | 2520 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Cyclical - 7.2% (continued)** | | |
| Sovos Brands, Inc.<sup>\*</sup> | 173 | $2486 |
| PC Connection, Inc. | 51 | 2392 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 150 | 2379 |
| Hawaiian Holdings, Inc.<sup>\*</sup> | 230 | 2360 |
| Denny's Corp.<sup>\*</sup> | 255 | 2349 |
| Chuy's Holdings, Inc.<sup>\*</sup> | 81 | 2292 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 191 | 2284 |
| Vizio Holding Corp. — Class A<sup>\*</sup> | 308 | 2282 |
| Ruth's Hospitality Group, Inc. | 146 | 2260 |
| Movado Group, Inc. | 70 | 2257 |
| VSE Corp. | 48 | 2250 |
| Designer Brands, Inc. — Class A | 228 | 2230 |
| Children's Place, Inc.<sup>\*</sup> | 58 | 2112 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 81 | 2095 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 125 | 2040 |
| Accel Entertainment, Inc.<sup>\*</sup> | 261 | 2010 |
| Haverty Furniture Companies, Inc. | 67 | 2003 |
| Hudson Technologies, Inc.<sup>\*</sup> | 195 | 1974 |
| America's Car-Mart, Inc.<sup>\*</sup> | 27 | 1951 |
| REV Group, Inc. | 153 | 1931 |
| Big Lots, Inc. | 127 | 1867 |
| Shoe Carnival, Inc. | 78 | 1865 |
| Bowlero Corp.<sup>\*</sup> | 133 | 1793 |
| Destination XL Group, Inc.<sup>\*</sup> | 264 | 1782 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 77 | 1766 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 169 | 1736 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 135 | 1722 |
| Rush Enterprises, Inc. — Class B | 30 | 1688 |
| Sportsman's Warehouse Holdings, Inc.<sup>\*</sup> | 173 | 1628 |
| Xperi, Inc.<sup>\*</sup> | 188 | 1619 |
| PetMed Express, Inc. | 91 | 1611 |
| Johnson Outdoors, Inc. — Class A | 24 | 1587 |
| Funko, Inc. — Class A<sup>\*</sup> | 144 | 1571 |
| Marcus Corp. | 108 | 1554 |
| Zumiez, Inc.<sup>\*</sup> | 71 | 1543 |
| Build-A-Bear Workshop, Inc. — Class A<sup>\*</sup> | 64 | 1526 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 129 | 1521 |
| Lions Gate Entertainment Corp. — Class A<sup>\*</sup> | 264 | 1508 |
| Solid Power, Inc.<sup>\*</sup> | 592 | 1504 |
| Liberty Media Corporation-Liberty Braves — Class A<sup>\*</sup> | 45 | 1470 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 51 | 1459 |
| Bluegreen Vacations Holding Corp. | 57 | 1423 |
| Hyliion Holdings Corp.<sup>\*</sup> | 602 | 1409 |
| Global Industrial Co. | 59 | 1388 |
| Lovesac Co.<sup>\*</sup> | 63 | 1387 |
| EVgo, Inc.<sup>\*,1</sup> | 308 | 1377 |
| Miller Industries, Inc. | 50 | 1333 |
| Forestar Group, Inc.<sup>\*</sup> | 83 | 1279 |
| Purple Innovation, Inc.<sup>\*</sup> | 249 | 1193 |
| Microvast Holdings, Inc.<sup>\*</sup> | 759 | 1161 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 149 | 1147 |
| Universal Electronics, Inc.<sup>\*</sup> | 55 | 1144 |
| Full House Resorts, Inc.<sup>\*</sup> | 149 | 1120 |
| Kimball International, Inc. — Class B | 164 | 1066 |
| Sonder Holdings, Inc.<sup>\*</sup> | 854 | 1059 |
| TuSimple Holdings, Inc. — Class A<sup>\*</sup> | 634 | 1040 |
| Clarus Corp. | 131 | 1027 |
| Workhorse Group, Inc.<sup>\*</sup> | 675 | 1026 |
| GrowGeneration Corp.<sup>\*</sup> | 260 | 1019 |
| Noodles & Co.<sup>\*</sup> | 185 | 1016 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 85 | 1008 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 21 | 1001 |
| Weber, Inc. — Class A<sup>\*,1</sup> | 123 | 990 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 275 | 987 |
| Citi Trends, Inc.<sup>\*</sup> | 37 | 980 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 23 | 968 |
| Tilly's, Inc. — Class A<sup>\*</sup> | 102 | 923 |
| Fossil Group, Inc.<sup>\*</sup> | 211 | 909 |
| Bed Bath & Beyond, Inc.<sup>\*,1</sup> | 361 | 906 |
| El Pollo Loco Holdings, Inc. | 88 | 876 |
| Century Casinos, Inc.<sup>\*</sup> | 124 | 872 |
| Big 5 Sporting Goods Corp. | 97 | 856 |
| Blue Bird Corp.<sup>\*</sup> | 79 | 846 |
| Lordstown Motors Corp. — Class A<sup>\*</sup> | 738 | 841 |
| Tupperware Brands Corp.<sup>\*</sup> | 200 | 828 |
| Rite Aid Corp.<sup>\*</sup> | 247 | 825 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 95 | 823 |
| Cato Corp. — Class A | 81 | 756 |
| Wheels Up Experience, Inc.<sup>\*</sup> | 722 | 744 |
| LL Flooring Holdings, Inc.<sup>\*</sup> | 131 | 736 |
| Rocky Brands, Inc. | 31 | 732 |
| NEOGAMES S.A.<sup>\*</sup> | 59 | 719 |
| Tile Shop Holdings, Inc.<sup>\*</sup> | 164 | 718 |
| Velodyne Lidar, Inc.<sup>\*</sup> | 875 | 646 |
| ONE Group Hospitality, Inc.<sup>\*</sup> | 102 | 643 |
| Container Store Group, Inc.<sup>\*</sup> | 148 | 638 |
| Canoo, Inc.<sup>\*</sup> | 517 | 636 |
| Hyzon Motors, Inc.<sup>\*</sup> | 398 | 617 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 45 | 609 |
| Snap One Holdings Corp.<sup>\*</sup> | 82 | 608 |
| Aeva Technologies, Inc.<sup>\*</sup> | 439 | 597 |
| Weyco Group, Inc. | 27 | 571 |
| Reservoir Media, Inc.<sup>\*</sup> | 93 | 555 |
| Superior Group of Companies, Inc. | 53 | 533 |
| Holley, Inc.<sup>\*</sup> | 233 | 494 |
| F45 Training Holdings, Inc.<sup>\*</sup> | 164 | 467 |
| Marine Products Corp. | 38 | 447 |
| Lifetime Brands, Inc. | 58 | 440 |
| Mullen Automotive, Inc.<sup>\*</sup> | 1491 | 426 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 3 | 416 |
| Traeger, Inc.<sup>\*</sup> | 145 | 409 |
| Conn's, Inc.<sup>\*</sup> | 59 | 406 |
| PLBY Group, Inc.<sup>\*</sup> | 141 | 388 |
| Vinco Ventures, Inc.<sup>\*</sup> | 820 | 381 |
| Cenntro Electric Group Ltd.<sup>\*</sup> | 834 | 367 |
| Duluth Holdings, Inc. — Class B<sup>\*</sup> | 59 | 365 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 266 | 349 |
| Express, Inc.<sup>\*</sup> | 291 | 297 |
| Landsea Homes Corp.<sup>\*</sup> | 47 | 245 |
| Aterian, Inc.<sup>\*</sup> | 287 | 221 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Cyclical - 7.2% (continued)** | | |
| Volta, Inc.<sup>\*,1</sup> | 554 | $197 |
| Torrid Holdings, Inc.<sup>\*,1</sup> | 66 | 195 |
| Party City Holdco, Inc.<sup>\*</sup> | 494 | 181 |
| JOANN, Inc.<sup>\*,1</sup> | 50 | 142 |
| CompX International, Inc. | 7 | 129 |
| Xos, Inc.<sup>\*</sup> | 249 | 110 |
| Lightning eMotors, Inc.<sup>\*</sup> | 177 | 65 |
| Cepton, Inc.<sup>\*</sup> | 34 | 43 |
| **Total Consumer, Cyclical** |  | 1163796 |
| **Technology - 6.0%** |  |  |
| ExlService Holdings, Inc.<sup>\*</sup> | 146 | 24737 |
| SPS Commerce, Inc.<sup>\*</sup> | 164 | 21063 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 149 | 20215 |
| Maximus, Inc. | 272 | 19946 |
| Box, Inc. — Class A<sup>\*</sup> | 630 | 19612 |
| Qualys, Inc.<sup>\*</sup> | 173 | 19416 |
| Tenable Holdings, Inc.<sup>\*</sup> | 498 | 18999 |
| Power Integrations, Inc. | 255 | 18289 |
| Workiva, Inc.<sup>\*</sup> | 216 | 18138 |
| Rambus, Inc.<sup>\*</sup> | 481 | 17229 |
| Synaptics, Inc.<sup>\*</sup> | 179 | 17034 |
| Super Micro Computer, Inc.<sup>\*</sup> | 206 | 16913 |
| Blackline, Inc.<sup>\*</sup> | 250 | 16817 |
| Envestnet, Inc.<sup>\*</sup> | 249 | 15363 |
| Diodes, Inc.<sup>\*</sup> | 201 | 15304 |
| Onto Innovation, Inc.<sup>\*</sup> | 223 | 15184 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 229 | 14422 |
| Insight Enterprises, Inc.<sup>\*</sup> | 142 | 14238 |
| 1Life Healthcare, Inc.<sup>\*</sup> | 817 | 13652 |
| Ambarella, Inc.<sup>\*</sup> | 165 | 13568 |
| CommVault Systems, Inc.<sup>\*</sup> | 201 | 12631 |
| Blackbaud, Inc.<sup>\*</sup> | 211 | 12419 |
| Varonis Systems, Inc.<sup>\*</sup> | 494 | 11826 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 148 | 11745 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 208 | 11744 |
| ACI Worldwide, Inc.<sup>\*</sup> | 505 | 11615 |
| Kulicke & Soffa Industries, Inc. | 257 | 11375 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 326 | 11068 |
| Amkor Technology, Inc. | 460 | 11031 |
| Altair Engineering, Inc. — Class A<sup>\*</sup> | 236 | 10731 |
| Verint Systems, Inc.<sup>\*</sup> | 288 | 10449 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 372 | 10446 |
| Impinj, Inc.<sup>\*</sup> | 95 | 10372 |
| PagerDuty, Inc.<sup>\*</sup> | 386 | 10252 |
| NetScout Systems, Inc.<sup>\*</sup> | 308 | 10013 |
| Progress Software Corp. | 193 | 9737 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 86 | 9063 |
| Rapid7, Inc.<sup>\*</sup> | 263 | 8937 |
| Verra Mobility Corp.<sup>\*</sup> | 631 | 8727 |
| Veradigm, Inc.<sup>\*</sup> | 492 | 8679 |
| Semtech Corp.<sup>\*</sup> | 287 | 8234 |
| KnowBe4, Inc. — Class A<sup>\*</sup> | 330 | 8177 |
| CSG Systems International, Inc. | 140 | 8008 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 314 | 7998 |
| FormFactor, Inc.<sup>\*</sup> | 350 | 7780 |
| Clear Secure, Inc. — Class A | 282 | 7735 |
| Duolingo, Inc.<sup>\*</sup> | 107 | 7611 |
| Xerox Holdings Corp. | 518 | 7563 |
| SiTime Corp.<sup>\*</sup> | 72 | 7317 |
| Phreesia, Inc.<sup>\*</sup> | 223 | 7216 |
| Parsons Corp.<sup>\*</sup> | 153 | 7076 |
| Agilysys, Inc.<sup>\*</sup> | 89 | 7043 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 205 | 6796 |
| Cohu, Inc.<sup>\*</sup> | 212 | 6795 |
| Model N, Inc.<sup>\*</sup> | 164 | 6652 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 665 | 6610 |
| Digital Turbine, Inc.<sup>\*</sup> | 420 | 6401 |
| MicroStrategy, Inc. — Class A<sup>\*,1</sup> | 43 | 6088 |
| Appian Corp. — Class A<sup>\*</sup> | 181 | 5893 |
| Digi International, Inc.<sup>\*</sup> | 155 | 5665 |
| Outset Medical, Inc.<sup>\*</sup> | 217 | 5603 |
| E2open Parent Holdings, Inc.<sup>\*</sup> | 903 | 5301 |
| Everbridge, Inc.<sup>\*</sup> | 179 | 5295 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 443 | 5210 |
| Apollo Medical Holdings, Inc.<sup>\*</sup> | 176 | 5208 |
| PowerSchool Holdings, Inc. — Class A<sup>\*</sup> | 207 | 4778 |
| NextGen Healthcare, Inc.<sup>\*</sup> | 253 | 4751 |
| Asana, Inc. — Class A<sup>\*</sup> | 334 | 4599 |
| Schrodinger Incorporated/United States<sup>\*</sup> | 245 | 4579 |
| Photronics, Inc.<sup>\*</sup> | 272 | 4578 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 85 | 4570 |
| Privia Health Group, Inc.<sup>\*</sup> | 199 | 4519 |
| PROS Holdings, Inc.<sup>\*</sup> | 186 | 4512 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 116 | 4483 |
| Adeia, Inc. | 472 | 4475 |
| 3D Systems Corp.<sup>\*</sup> | 574 | 4248 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 515 | 4228 |
| Veeco Instruments, Inc.<sup>\*</sup> | 227 | 4218 |
| Duck Creek Technologies, Inc.<sup>\*</sup> | 350 | 4217 |
| Avid Technology, Inc.<sup>\*</sup> | 157 | 4175 |
| Fastly, Inc. — Class A<sup>\*</sup> | 506 | 4144 |
| Sumo Logic, Inc.<sup>\*</sup> | 511 | 4139 |
| Momentive Global, Inc.<sup>\*</sup> | 591 | 4137 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 493 | 4028 |
| ForgeRock, Inc. — Class A<sup>\*</sup> | 172 | 3916 |
| PDF Solutions, Inc.<sup>\*</sup> | 135 | 3850 |
| TTEC Holdings, Inc. | 85 | 3751 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 550 | 3525 |
| Zuora, Inc. — Class A<sup>\*</sup> | 530 | 3371 |
| Yext, Inc.<sup>\*</sup> | 514 | 3356 |
| SMART Global Holdings, Inc.<sup>\*</sup> | 223 | 3318 |
| Cerence, Inc.<sup>\*</sup> | 178 | 3298 |
| LivePerson, Inc.<sup>\*</sup> | 319 | 3235 |
| N-able, Inc.<sup>\*</sup> | 309 | 3177 |
| PAR Technology Corp.<sup>\*</sup> | 120 | 3128 |
| Conduent, Inc.<sup>\*</sup> | 770 | 3118 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 253 | 3056 |
| Pitney Bowes, Inc. | 785 | 2983 |
| C3.ai, Inc. — Class A<sup>\*</sup> | 264 | 2954 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 100 | 2857 |
| Matterport, Inc.<sup>\*</sup> | 994 | 2783 |
| EngageSmart, Inc.<sup>\*</sup> | 158 | 2781 |
| CEVA, Inc.<sup>\*</sup> | 104 | 2660 |
| Health Catalyst, Inc.<sup>\*</sup> | 246 | 2615 |
| Simulations Plus, Inc. | 71 | 2596 |
| Sapiens International Corporation N.V. | 139 | 2569 |
| Olo, Inc. — Class A<sup>\*</sup> | 408 | 2550 |
| BigCommerce Holdings, Inc.<sup>\*</sup> | 291 | 2543 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 220 | 2468 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Technology - 6.0% (continued)** | | |
| PubMatic, Inc. — Class A<sup>\*</sup> | 190 | $2434 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 105 | 2410 |
| AvePoint, Inc.<sup>\*</sup> | 584 | 2400 |
| Alkami Technology, Inc.<sup>\*</sup> | 163 | 2378 |
| Ebix, Inc. | 119 | 2375 |
| Corsair Gaming, Inc.<sup>\*</sup> | 174 | 2361 |
| 8x8, Inc.<sup>\*</sup> | 518 | 2238 |
| Vimeo, Inc.<sup>\*</sup> | 649 | 2226 |
| Nutex Health, Inc.<sup>\*</sup> | 1128 | 2143 |
| American Software, Inc. — Class A | 145 | 2129 |
| Sharecare, Inc.<sup>\*</sup> | 1327 | 2123 |
| SolarWinds Corp.<sup>\*</sup> | 219 | 2050 |
| OneSpan, Inc.<sup>\*</sup> | 180 | 2014 |
| Domo, Inc. — Class B<sup>\*</sup> | 137 | 1951 |
| IonQ, Inc.<sup>\*,1</sup> | 539 | 1860 |
| Mitek Systems, Inc.<sup>\*</sup> | 191 | 1851 |
| Instructure Holdings, Inc.<sup>\*</sup> | 78 | 1828 |
| Computer Programs and Systems, Inc.<sup>\*</sup> | 65 | 1769 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 217 | 1673 |
| ON24, Inc.<sup>\*</sup> | 189 | 1631 |
| Desktop Metal, Inc. — Class A<sup>\*</sup> | 1199 | 1631 |
| UserTesting, Inc.<sup>\*</sup> | 214 | 1607 |
| Intapp, Inc.<sup>\*</sup> | 63 | 1571 |
| Unisys Corp.<sup>\*</sup> | 300 | 1533 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 173 | 1521 |
| MeridianLink, Inc.<sup>\*</sup> | 104 | 1428 |
| Playstudios, Inc.<sup>\*</sup> | 359 | 1393 |
| Daily Journal Corp.<sup>\*</sup> | 5 | 1253 |
| Telos Corp.<sup>\*</sup> | 244 | 1242 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 98 | 1242 |
| Benefitfocus, Inc.<sup>\*</sup> | 117 | 1224 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 839 | 1208 |
| Cantaloupe, Inc.<sup>\*</sup> | 264 | 1148 |
| Digimarc Corp.<sup>\*,1</sup> | 62 | 1146 |
| Enfusion, Inc. — Class A<sup>\*</sup> | 117 | 1131 |
| HireRight Holdings Corp.<sup>\*</sup> | 95 | 1127 |
| Cvent Holding Corp.<sup>\*</sup> | 204 | 1102 |
| Vuzix Corp.<sup>\*,1</sup> | 269 | 979 |
| Brightcove, Inc.<sup>\*</sup> | 187 | 978 |
| Red Violet, Inc.<sup>\*</sup> | 42 | 967 |
| Upland Software, Inc.<sup>\*</sup> | 132 | 941 |
| eGain Corp.<sup>\*</sup> | 95 | 858 |
| Rimini Street, Inc.<sup>\*</sup> | 221 | 842 |
| Cardlytics, Inc.<sup>\*</sup> | 145 | 838 |
| EverCommerce, Inc.<sup>\*</sup> | 109 | 811 |
| AXT, Inc.<sup>\*</sup> | 184 | 806 |
| Rackspace Technology, Inc.<sup>\*</sup> | 261 | 770 |
| Veritone, Inc.<sup>\*</sup> | 142 | 753 |
| Skillz, Inc.<sup>\*</sup> | 1400 | 709 |
| Porch Group, Inc.<sup>\*</sup> | 366 | 688 |
| Weave Communications, Inc.<sup>\*</sup> | 142 | 650 |
| IBEX Holdings Ltd.<sup>\*</sup> | 26 | 646 |
| NextNav, Inc.<sup>\*</sup> | 218 | 639 |
| CS Disco, Inc.<sup>\*</sup> | 101 | 638 |
| Outbrain, Inc.<sup>\*</sup> | 175 | 634 |
| Markforged Holding Corp.<sup>\*</sup> | 499 | 579 |
| Atomera, Inc.<sup>\*</sup> | 92 | 572 |
| Ouster, Inc.<sup>\*</sup> | 631 | 544 |
| Cerberus Cyber Sentinel Corp.<sup>\*</sup> | 207 | 528 |
| Skillsoft Corp.<sup>\*</sup> | 368 | 478 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 331 | 470 |
| Velo3D, Inc.<sup>\*</sup> | 256 | 458 |
| Pear Therapeutics, Inc.<sup>\*</sup> | 310 | 366 |
| SkyWater Technology, Inc.<sup>\*</sup> | 49 | 348 |
| WM Technology, Inc.<sup>\*,1</sup> | 330 | 333 |
| Arteris, Inc.<sup>\*</sup> | 77 | 331 |
| LiveVox Holdings, Inc.<sup>\*</sup> | 102 | 303 |
| SecureWorks Corp. — Class A<sup>\*</sup> | 45 | 288 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 63 | 253 |
| Latch, Inc.<sup>\*</sup> | 314 | 223 |
| Loyalty Ventures, Inc.<sup>\*</sup> | 91 | 219 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 450 | 131 |
| Rigetti Computing, Inc.<sup>\*,1</sup> | 147 | 107 |
| Kaleyra, Inc.<sup>\*</sup> | 130 | 98 |
| Avaya Holdings Corp.<sup>\*</sup> | 381 | 75 |
| IronNet, Inc.<sup>\*</sup> | 294 | 68 |
| Rockley Photonics Holdings Ltd.<sup>\*</sup> | 462 | 65 |
| **Total Technology** |  | 977445 |
| **Energy - 4.3%** |  |  |
| Matador Resources Co. | 507 | 29021 |
| Murphy Oil Corp. | 664 | 28559 |
| ChampionX Corp. | 902 | 26149 |
| Chord Energy Corp. | 188 | 25720 |
| Helmerich & Payne, Inc. | 463 | 22951 |
| Denbury, Inc.<sup>\*</sup> | 226 | 19667 |
| Civitas Resources, Inc. | 334 | 19349 |
| SM Energy Co. | 549 | 19122 |
| Valaris Ltd.<sup>\*</sup> | 276 | 18663 |
| Magnolia Oil & Gas Corp. — Class A | 785 | 18408 |
| PBF Energy, Inc. — Class A | 439 | 17902 |
| Patterson-UTI Energy, Inc. | 973 | 16385 |
| Weatherford International plc<sup>\*</sup> | 320 | 16294 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 623 | 15369 |
| California Resources Corp. | 333 | 14489 |
| Noble Corporation plc<sup>\*</sup> | 380 | 14330 |
| Peabody Energy Corp.<sup>\*</sup> | 534 | 14108 |
| CNX Resources Corp.<sup>\*</sup> | 803 | 13522 |
| Array Technologies, Inc.<sup>\*</sup> | 683 | 13202 |
| Kosmos Energy Ltd.<sup>\*</sup> | 2047 | 13019 |
| Equitrans Midstream Corp. | 1864 | 12489 |
| CONSOL Energy, Inc. | 156 | 10140 |
| Alpha Metallurgical Resources, Inc. | 69 | 10101 |
| Liberty Energy, Inc. — Class A | 627 | 10038 |
| Arch Resources, Inc. | 67 | 9567 |
| Northern Oil and Gas, Inc. | 299 | 9215 |
| Sitio Royalties Corp. — Class A | 317 | 9145 |
| Permian Resources Corp. | 933 | 8770 |
| Delek US Holdings, Inc. | 313 | 8451 |
| Callon Petroleum Co.<sup>\*</sup> | 223 | 8271 |
| Sunnova Energy International, Inc.<sup>\*</sup> | 450 | 8105 |
| Warrior Met Coal, Inc. | 233 | 8071 |
| Oceaneering International, Inc.<sup>\*</sup> | 453 | 7923 |
| Tidewater, Inc.<sup>\*</sup> | 210 | 7738 |
| NexTier Oilfield Solutions, Inc.<sup>\*</sup> | 796 | 7355 |
| Green Plains, Inc.<sup>\*</sup> | 239 | 7290 |
| SunPower Corp. — Class A<sup>\*</sup> | 371 | 6689 |
| Expro Group Holdings N.V.<sup>\*</sup> | 351 | 6364 |
| NOW, Inc.<sup>\*</sup> | 500 | 6350 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Energy - 4.3% (continued)** | | |
| Nabors Industries Ltd.<sup>\*</sup> | 41 | $6350 |
| Stem, Inc.<sup>\*</sup> | 653 | 5838 |
| Comstock Resources, Inc. | 416 | 5703 |
| Talos Energy, Inc.<sup>\*</sup> | 300 | 5664 |
| Archrock, Inc. | 614 | 5514 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 222 | 5161 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 648 | 4782 |
| FuelCell Energy, Inc.<sup>\*</sup> | 1715 | 4768 |
| Diamond Offshore Drilling, Inc.<sup>\*</sup> | 453 | 4711 |
| Borr Drilling Ltd.<sup>\*</sup> | 881 | 4379 |
| Dril-Quip, Inc.<sup>\*</sup> | 155 | 4211 |
| US Silica Holdings, Inc.<sup>\*</sup> | 336 | 4200 |
| CVR Energy, Inc. | 133 | 4168 |
| ProPetro Holding Corp.<sup>\*</sup> | 396 | 4107 |
| Laredo Petroleum, Inc.<sup>\*</sup> | 76 | 3908 |
| Tellurian, Inc.<sup>\*</sup> | 2313 | 3886 |
| Gulfport Energy Corp.<sup>\*</sup> | 51 | 3756 |
| Ranger Oil Corp. — Class A | 86 | 3477 |
| SunCoke Energy, Inc. | 378 | 3262 |
| Montauk Renewables, Inc.<sup>\*</sup> | 292 | 3221 |
| RPC, Inc. | 337 | 2996 |
| Select Energy Services, Inc. — Class A | 324 | 2994 |
| Bristow Group, Inc.<sup>\*</sup> | 106 | 2876 |
| Berry Corp. | 354 | 2832 |
| Earthstone Energy, Inc. — Class A<sup>\*</sup> | 199 | 2832 |
| Fluence Energy, Inc.<sup>\*</sup> | 163 | 2795 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 105 | 2646 |
| Kinetik Holdings, Inc. — Class A<sup>1</sup> | 77 | 2547 |
| SandRidge Energy, Inc.<sup>\*</sup> | 144 | 2452 |
| W&T Offshore, Inc.<sup>\*</sup> | 429 | 2394 |
| REX American Resources Corp.<sup>\*</sup> | 71 | 2262 |
| VAALCO Energy, Inc. | 478 | 2180 |
| Excelerate Energy, Inc. — Class A | 84 | 2104 |
| Oil States International, Inc.<sup>\*</sup> | 280 | 2089 |
| TETRA Technologies, Inc.<sup>\*</sup> | 564 | 1951 |
| Crescent Energy Co. — Class A | 147 | 1763 |
| Gevo, Inc.<sup>\*</sup> | 892 | 1695 |
| TPI Composites, Inc.<sup>\*</sup> | 166 | 1683 |
| DMC Global, Inc.<sup>\*</sup> | 85 | 1652 |
| Newpark Resources, Inc.<sup>\*</sup> | 386 | 1602 |
| Vertex Energy, Inc.<sup>\*</sup> | 245 | 1519 |
| SilverBow Resources, Inc.<sup>\*</sup> | 53 | 1499 |
| Aris Water Solution, Inc. — Class A | 100 | 1441 |
| Amplify Energy Corp.<sup>\*</sup> | 162 | 1424 |
| Solaris Oilfield Infrastructure, Inc. — Class A | 142 | 1410 |
| Riley Exploration Permian, Inc. | 47 | 1383 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 173 | 1201 |
| Eneti, Inc. | 104 | 1045 |
| Ring Energy, Inc.<sup>\*</sup> | 392 | 964 |
| FutureFuel Corp. | 116 | 943 |
| Alto Ingredients, Inc.<sup>\*</sup> | 327 | 942 |
| Energy Vault Holdings, Inc.<sup>\*</sup> | 287 | 895 |
| Ramaco Resources, Inc. | 101 | 888 |
| NextDecade Corp.<sup>\*</sup> | 142 | 701 |
| HighPeak Energy, Inc. | 30 | 686 |
| NACCO Industries, Inc. — Class A | 18 | 684 |
| Aemetis, Inc.<sup>\*</sup> | 132 | 523 |
| Cleanspark, Inc.<sup>\*</sup> | 187 | 381 |
| Empire Petroleum Corp.<sup>\*</sup> | 30 | 369 |
| Heliogen, Inc.<sup>\*</sup> | 409 | 286 |
| Battalion Oil Corp.<sup>\*</sup> | 11 | 107 |
| **Total Energy** |  | 695003 |
| **Communications - 2.6%** |  |  |
| Iridium Communications, Inc. | 563 | 28938 |
| TEGNA, Inc. | 1003 | 21253 |
| Calix, Inc.<sup>\*</sup> | 257 | 17587 |
| Maxar Technologies, Inc. | 330 | 17074 |
| Ziff Davis, Inc.<sup>\*</sup> | 207 | 16374 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 1968 | 12024 |
| Cogent Communications Holdings, Inc. | 195 | 11131 |
| Viavi Solutions, Inc.<sup>\*</sup> | 1032 | 10846 |
| Perficient, Inc.<sup>\*</sup> | 155 | 10824 |
| Extreme Networks, Inc.<sup>\*</sup> | 572 | 10473 |
| Yelp, Inc. — Class A<sup>\*</sup> | 305 | 8339 |
| Bumble, Inc. — Class A<sup>\*</sup> | 391 | 8231 |
| DigitalBridge Group, Inc. | 711 | 7778 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 930 | 6836 |
| Q2 Holdings, Inc.<sup>\*</sup> | 253 | 6798 |
| InterDigital, Inc. | 135 | 6680 |
| Cargurus, Inc.<sup>\*</sup> | 463 | 6487 |
| Magnite, Inc.<sup>\*</sup> | 593 | 6280 |
| ADTRAN Holdings, Inc. | 319 | 5994 |
| Shutterstock, Inc. | 110 | 5799 |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 435 | 5790 |
| Infinera Corp.<sup>\*</sup> | 858 | 5783 |
| Upwork, Inc.<sup>\*</sup> | 544 | 5679 |
| TechTarget, Inc.<sup>\*</sup> | 124 | 5463 |
| Harmonic, Inc.<sup>\*</sup> | 417 | 5463 |
| ePlus, Inc.<sup>\*</sup> | 120 | 5314 |
| Scholastic Corp. | 130 | 5130 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 657 | 4993 |
| Clearfield, Inc.<sup>\*</sup> | 52 | 4895 |
| Telephone & Data Systems, Inc. | 457 | 4794 |
| A10 Networks, Inc. | 287 | 4773 |
| Cars.com, Inc.<sup>\*</sup> | 306 | 4214 |
| Gray Television, Inc. | 369 | 4129 |
| Globalstar, Inc.<sup>\*</sup> | 3101 | 4124 |
| Revolve Group, Inc.<sup>\*</sup> | 185 | 4118 |
| Figs, Inc. — Class A<sup>\*</sup> | 578 | 3890 |
| Overstock.com, Inc.<sup>\*</sup> | 193 | 3736 |
| Poshmark, Inc. — Class A<sup>\*</sup> | 208 | 3719 |
| EW Scripps Co. — Class A<sup>\*</sup> | 265 | 3495 |
| Shenandoah Telecommunications Co. | 220 | 3494 |
| QuinStreet, Inc.<sup>\*</sup> | 235 | 3372 |
| Gogo, Inc.<sup>\*</sup> | 227 | 3351 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 546 | 3347 |
| Open Lending Corp. — Class A<sup>\*</sup> | 478 | 3227 |
| Squarespace, Inc. — Class A<sup>\*</sup> | 142 | 3148 |
| Planet Labs PBC<sup>\*</sup> | 705 | 3067 |
| Sinclair Broadcast Group, Inc. — Class A | 182 | 2823 |
| HealthStream, Inc.<sup>\*</sup> | 110 | 2732 |
| Anterix, Inc.<sup>\*</sup> | 82 | 2638 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Communications - 2.6% (continued)** | | |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 96 | $2544 |
| EchoStar Corp. — Class A<sup>\*</sup> | 152 | 2535 |
| NETGEAR, Inc.<sup>\*</sup> | 128 | 2318 |
| ATN International, Inc. | 49 | 2220 |
| WideOpenWest, Inc.<sup>\*</sup> | 242 | 2205 |
| Stagwell, Inc.<sup>\*</sup> | 354 | 2198 |
| Thryv Holdings, Inc.<sup>\*</sup> | 115 | 2185 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 137 | 2147 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 349 | 2045 |
| IDT Corp. — Class B<sup>\*</sup> | 66 | 1859 |
| Clear Channel Outdoor Holdings, Inc.<sup>\*</sup> | 1657 | 1740 |
| Couchbase, Inc.<sup>\*</sup> | 120 | 1591 |
| Liquidity Services, Inc.<sup>\*</sup> | 111 | 1561 |
| Aviat Networks, Inc.<sup>\*</sup> | 50 | 1560 |
| Rover Group, Inc.<sup>\*,1</sup> | 420 | 1541 |
| Tucows, Inc. — Class A<sup>\*</sup> | 45 | 1526 |
| CarParts.com, Inc.<sup>\*</sup> | 230 | 1440 |
| fuboTV, Inc.<sup>\*,1</sup> | 808 | 1406 |
| Ooma, Inc.<sup>\*</sup> | 103 | 1403 |
| United States Cellular Corp.<sup>\*</sup> | 67 | 1397 |
| Quotient Technology, Inc.<sup>\*</sup> | 406 | 1393 |
| OptimizeRx Corp.<sup>\*</sup> | 80 | 1344 |
| Gannett Company, Inc.<sup>\*</sup> | 653 | 1326 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 173 | 1303 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 88 | 1297 |
| Entravision Communications Corp. — Class A | 269 | 1291 |
| ContextLogic, Inc. — Class A<sup>\*</sup> | 2589 | 1263 |
| Consolidated Communications Holdings, Inc.<sup>\*</sup> | 337 | 1206 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 122 | 1166 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 368 | 1144 |
| Cambium Networks Corp.<sup>\*</sup> | 52 | 1127 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 108 | 1075 |
| Allbirds, Inc. — Class A<sup>\*</sup> | 430 | 1041 |
| DHI Group, Inc.<sup>\*</sup> | 194 | 1026 |
| DZS, Inc.<sup>\*</sup> | 79 | 1002 |
| Preformed Line Products Co. | 11 | 916 |
| Ribbon Communications, Inc.<sup>\*</sup> | 328 | 915 |
| Blade Air Mobility, Inc.<sup>\*</sup> | 254 | 909 |
| Groupon, Inc.<sup>\*,1</sup> | 97 | 832 |
| Vivid Seats, Inc. — Class A<sup>\*,1</sup> | 114 | 832 |
| BARK, Inc.<sup>\*</sup> | 539 | 803 |
| Advantage Solutions, Inc.<sup>\*</sup> | 374 | 778 |
| Edgio, Inc.<sup>\*</sup> | 622 | 703 |
| Vacasa, Inc. — Class A<sup>\*</sup> | 505 | 636 |
| Innovid Corp.<sup>\*</sup> | 345 | 590 |
| Nerdy, Inc.<sup>\*</sup> | 245 | 551 |
| 1stdibs.com, Inc.<sup>\*</sup> | 106 | 538 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 50 | 531 |
| Lands' End, Inc.<sup>\*</sup> | 69 | 524 |
| Focus Universal, Inc.<sup>\*,1</sup> | 79 | 506 |
| Cumulus Media, Inc. — Class A<sup>\*</sup> | 81 | 503 |
| RealReal, Inc.<sup>\*</sup> | 386 | 483 |
| Casa Systems, Inc.<sup>\*</sup> | 160 | 437 |
| Solo Brands, Inc. — Class A<sup>\*,1</sup> | 100 | 372 |
| Gambling.com Group Ltd.<sup>\*</sup> | 39 | 357 |
| Cyxtera Technologies, Inc.<sup>\*</sup> | 175 | 336 |
| Inseego Corp.<sup>\*</sup> | 391 | 329 |
| RumbleON, Inc. — Class B<sup>\*</sup> | 47 | 304 |
| Ondas Holdings, Inc.<sup>\*</sup> | 158 | 251 |
| Value Line, Inc. | 4 | 203 |
| Urban One, Inc.<sup>\*</sup> | 53 | 199 |
| KORE Group Holdings, Inc.<sup>\*</sup> | 158 | 199 |
| Urban One, Inc.<sup>\*</sup> | 38 | 173 |
| Terran Orbital Corp.<sup>\*,1</sup> | 109 | 172 |
| Audacy, Inc.<sup>\*</sup> | 542 | 122 |
| AdTheorent Holding Company, Inc.<sup>\*</sup> | 72 | 120 |
| Lulu's Fashion Lounge Holdings, Inc.<sup>\*</sup> | 26 | 65 |
| aka Brands Holding Corp.<sup>\*</sup> | 51 | 65 |
| Inspirato, Inc.<sup>\*</sup> | 45 | 54 |
| **Total Communications** |  | 417180 |
| **Basic Materials - 2.2%** |  |  |
| Commercial Metals Co. | 526 | 25406 |
| Balchem Corp. | 144 | 17584 |
| HB Fuller Co. | 239 | 17117 |
| Cabot Corp. | 252 | 16844 |
| ATI, Inc.<sup>\*</sup> | 563 | 16811 |
| Livent Corp.<sup>\*</sup> | 735 | 14604 |
| Avient Corp. | 413 | 13943 |
| Sensient Technologies Corp. | 190 | 13855 |
| Hecla Mining Co. | 2457 | 13661 |
| Ingevity Corp.<sup>\*</sup> | 169 | 11904 |
| Innospec, Inc. | 111 | 11417 |
| Stepan Co. | 97 | 10327 |
| Quaker Chemical Corp. | 61 | 10181 |
| Rogers Corp.<sup>\*</sup> | 85 | 10144 |
| Arconic Corp.<sup>\*</sup> | 457 | 9670 |
| Minerals Technologies, Inc. | 147 | 8926 |
| Carpenter Technology Corp. | 216 | 7979 |
| Sylvamo Corp. | 161 | 7823 |
| Tronox Holdings plc — Class A | 530 | 7266 |
| Constellium SE<sup>\*</sup> | 566 | 6696 |
| Novagold Resources, Inc.<sup>\*</sup> | 1084 | 6482 |
| Compass Minerals International, Inc. | 155 | 6355 |
| Uranium Energy Corp.<sup>\*,1</sup> | 1455 | 5645 |
| Kaiser Aluminum Corp. | 72 | 5469 |
| Mativ Holdings, Inc. | 245 | 5121 |
| Orion Engineered Carbons S.A. | 274 | 4880 |
| Perimeter Solutions S.A.<sup>\*</sup> | 529 | 4835 |
| AdvanSix, Inc. | 123 | 4677 |
| Resolute Forest Products, Inc.<sup>\*</sup> | 208 | 4491 |
| Energy Fuels, Inc.<sup>\*</sup> | 707 | 4391 |
| Coeur Mining, Inc.<sup>\*</sup> | 1263 | 4244 |
| Trinseo plc | 159 | 3611 |
| Schnitzer Steel Industries, Inc. — Class A | 114 | 3494 |
| Piedmont Lithium, Inc.<sup>\*</sup> | 79 | 3478 |
| Hawkins, Inc. | 88 | 3397 |
| Clearwater Paper Corp.<sup>\*</sup> | 76 | 2873 |
| American Vanguard Corp. | 132 | 2866 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 279 | 2678 |
| Koppers Holdings, Inc. | 92 | 2594 |
| Ecovyst, Inc.<sup>\*</sup> | 292 | 2587 |
| Haynes International, Inc. | 55 | 2513 |
| Origin Materials, Inc.<sup>\*</sup> | 476 | 2194 |
| Lightwave Logic, Inc.<sup>\*</sup> | 507 | 2185 |
| Century Aluminum Co.<sup>\*</sup> | 235 | 1922 |
| Diversey Holdings Ltd.<sup>\*</sup> | 354 | 1508 |
| Intrepid Potash, Inc.<sup>\*</sup> | 50 | 1444 |
| Amyris, Inc.<sup>\*,1</sup> | 892 | 1365 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Basic Materials - 2.2% (continued)** | | |
| Codexis, Inc.<sup>\*</sup> | 277 | $1291 |
| 5E Advanced Materials, Inc.<sup>\*</sup> | 147 | 1158 |
| United States Lime & Minerals, Inc. | 8 | 1126 |
| Ur-Energy, Inc.<sup>\*</sup> | 949 | 1091 |
| Kronos Worldwide, Inc. | 100 | 940 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 65 | 790 |
| Danimer Scientific, Inc.<sup>\*</sup> | 410 | 734 |
| Dakota Gold Corp.<sup>\*</sup> | 230 | 702 |
| Glatfelter Corp.<sup>\*</sup> | 199 | 553 |
| Unifi, Inc.<sup>\*</sup> | 63 | 542 |
| Hycroft Mining Holding Corp.<sup>\*</sup> | 684 | 364 |
| PolyMet Mining Corp.<sup>\*</sup> | 132 | 350 |
| Valhi, Inc. | 11 | 242 |
| Terawulf, Inc.<sup>\*</sup> | 98 | 65 |
| **Total Basic Materials** |  | 359405 |
| **Utilities - 2.2%** |  |  |
| New Jersey Resources Corp. | 436 | 21634 |
| Black Hills Corp. | 293 | 20610 |
| Portland General Electric Co. | 403 | 19747 |
| South Jersey Industries, Inc. | 553 | 19648 |
| Ormat Technologies, Inc. | 221 | 19112 |
| PNM Resources, Inc. | 387 | 18882 |
| Southwest Gas Holdings, Inc. | 300 | 18564 |
| ONE Gas, Inc. | 242 | 18324 |
| Brookfield Infrastructure Corp. — Class A | 444 | 17272 |
| ALLETE, Inc. | 260 | 16773 |
| Spire, Inc. | 231 | 15907 |
| NorthWestern Corp. | 261 | 15488 |
| American States Water Co. | 167 | 15456 |
| California Water Service Group | 243 | 14735 |
| Avista Corp. | 328 | 14543 |
| Clearway Energy, Inc. — Class C | 371 | 11824 |
| MGE Energy, Inc. | 165 | 11616 |
| Otter Tail Corp. | 186 | 10920 |
| SJW Group | 122 | 9905 |
| Chesapeake Utilities Corp. | 79 | 9336 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 144 | 8228 |
| Northwest Natural Holding Co. | 155 | 7377 |
| Middlesex Water Co. | 79 | 6215 |
| Clearway Energy, Inc. — Class A | 158 | 4727 |
| Unitil Corp. | 72 | 3698 |
| York Water Co. | 64 | 2879 |
| Artesian Resources Corp. — Class A | 37 | 2167 |
| Altus Power, Inc.<sup>\*,1</sup> | 190 | 1239 |
| Global Water Resources, Inc. | 60 | 797 |
| FTC Solar, Inc.<sup>\*</sup> | 189 | 506 |
| Via Renewables, Inc. | 55 | 281 |
| **Total Utilities** |  | 358410 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 125 | 2025 |
| **Diversified - 0.0%** |  |  |
| Professional Holding Corp. — Class A<sup>\*</sup> | 59 | 1637 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,616,738) |  | 10287977 |
| **RIGHTS<sup>†††</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Oncternal Therapeutics, Inc.<sup>\*</sup> | 2 |  |
| Tobira Therapeutics, Inc.<sup>\*</sup> | 80 |  |
| UCB<sup>\*</sup> | 512 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>†</sup> - 2.5%** |  |  |
| iShares Russell 2000 Index ETF | 1164 | 202955 |
| Vanguard Russell 2000 ETF<sup>1</sup> | 2883 | 202877 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,845) |  | 405832 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 24.7%** | | |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.84% due 01/13/23<sup>2</sup> | $2000000 | 1997812 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>2</sup> | 1000000 | 999129 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>2</sup> | 1000000 | 997252 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,993,304) |  | 3994193 |
| **U.S. TREASURY BILLS<sup>††</sup> - 21.0%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | 1700000 | 1698524 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>2,3</sup> | 1300000 | 1298871 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2,4</sup> | 393000 | 392438 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,388,869) |  | 3389833 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 6.2%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23<sup>◊</sup> | 1000000 | 1000077 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,000,000) |  | 1000077 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 36.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>3</sup> | 3294260 | 3294260 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>3</sup> | 1267023 | 1267023 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>3</sup> | 1263099 | 1263099 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,824,382) |  | 5824382 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 1.4%** | | |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>7</sup> | 232940 | 232940 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $232,940) |  | 232940 |
| **Total Investments - 155.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,566,082) |  | $25135234 |
| **Other Assets & Liabilities, net - (55.4)%** |  | (8956995) |
| **Total Net Assets - 100.0%** |  | $16178239 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 69 | Mar 2023 | $6110985 | $(42557) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  | | | |
| BNP Paribas | Russell 2000 Index | Pay | 4.53% (Federal Funds Rate + 0.20%) | At Maturity | 01/26/23 | 4222 | $7435485 | $26361 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.43% (Federal Funds Rate + 0.10%) | At Maturity | 01/26/23 | 1343 | 2365923 | 15807 |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.30% (SOFR) | At Maturity | 01/25/23 | 3254 | 5730515 | (156256) |
|  |  |  |  |  |  |  | $15531923 | $(114088) |

---

*<sup>\*</sup>* *Non-income producing security.*

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

*<sup>†††</sup>* *Value determined based on Level 3 inputs — See Note 3.*

---

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

---

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

*<sup>2</sup>* *Rate indicated is the effective yield at the time of purchase.*

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

*<sup>4</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>5</sup>* *Repurchase Agreements — See Note 4.*

*<sup>6</sup>* *Securities lending collateral — See Note 5.*

*<sup>7</sup>* *Rate indicated is the 7-day yield as of December 31, 2022.*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Common Stocks | $10287977 | $— | $— | $10287977 |
| Rights |  |  | — \* |  |
| Exchange-Traded Funds | 405832 |  |  | 405832 |
| Federal Agency Discount Notes |  | 3994193 |  | 3994193 |
| U.S. Treasury Bills |  | 3389833 |  | 3389833 |
| Federal Agency Notes |  | 1000077 |  | 1000077 |
| Repurchase Agreements |  | 5824382 |  | 5824382 |
| Securities Lending Collateral | 232940 |  |  | 232940 |
| Equity Index Swap Agreements\*\* |  | 42168 |  | 42168 |
| Total Assets | $10926749 | $14250653 | $— | $25177402 |

---

---

| | |
|:---|:---|
| **Russell 2000® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Equity Futures Contracts\*\* | $42557 | $— | $— | $42557 |
| Equity Index Swap Agreements\*\* |  | 156256 |  | 156256 |
| Total Liabilities | $42557 | $156256 | $— | $198813 |

---

\* Security has a market value of $0.

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

---

| | |
|:---|:---|
| **S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 84.7%** | **COMMON STOCKS<sup>†</sup> - 84.7%** | **COMMON STOCKS<sup>†</sup> - 84.7%** |
| **Consumer, Non-cyclical - 19.9%** | **Consumer, Non-cyclical - 19.9%** | **Consumer, Non-cyclical - 19.9%** |
| UnitedHealth Group, Inc. | 3036 | $1609626 |
| Johnson & Johnson | 8497 | 1500995 |
| Procter & Gamble Co. | 7702 | 1167315 |
| Eli Lilly & Co. | 2563 | 937648 |
| Pfizer, Inc. | 18242 | 934720 |
| AbbVie, Inc. | 5747 | 928773 |
| Merck & Company, Inc. | 8239 | 914117 |
| PepsiCo, Inc. | 4478 | 808996 |
| Coca-Cola Co. | 12648 | 804539 |
| Thermo Fisher Scientific, Inc. | 1274 | 701579 |
| Abbott Laboratories | 5666 | 622070 |
| Danaher Corp. | 2129 | 565079 |
| Philip Morris International, Inc. | 5038 | 509896 |
| Bristol-Myers Squibb Co. | 6910 | 497175 |
| Amgen, Inc. | 1734 | 455418 |
| Elevance Health, Inc. | 776 | 398065 |
| CVS Health Corp. | 4271 | 398015 |
| S&P Global, Inc. | 1082 | 362405 |
| Gilead Sciences, Inc. | 4076 | 349925 |
| Medtronic plc | 4319 | 335673 |
| Cigna Corp. | 994 | 329352 |
| Automatic Data Processing, Inc. | 1348 | 321983 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 1149 | 304887 |
| Mondelez International, Inc. — Class A | 4438 | 295793 |
| Stryker Corp. | 1094 | 267472 |
| Altria Group, Inc. | 5824 | 266215 |
| PayPal Holdings, Inc.<sup>\*</sup> | 3705 | 263870 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 348 | 251078 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 835 | 241131 |
| Becton Dickinson and Co. | 927 | 235736 |
| Zoetis, Inc. | 1515 | 222023 |
| Boston Scientific Corp.<sup>\*</sup> | 4655 | 215387 |
| Colgate-Palmolive Co. | 2715 | 213915 |
| Humana, Inc. | 411 | 210510 |
| Moderna, Inc.<sup>\*</sup> | 1074 | 192912 |
| Estee Lauder Companies, Inc. — Class A | 752 | 186579 |
| McKesson Corp. | 461 | 172930 |
| Archer-Daniels-Midland Co. | 1785 | 165737 |
| HCA Healthcare, Inc. | 689 | 165332 |
| General Mills, Inc. | 1929 | 161747 |
| Centene Corp.<sup>\*</sup> | 1840 | 150898 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 2009 | 149892 |
| Kimberly-Clark Corp. | 1097 | 148918 |
| Moody's Corp. | 512 | 142653 |
| Dexcom, Inc.<sup>\*</sup> | 1256 | 142229 |
| Corteva, Inc. | 2323 | 136546 |
| Biogen, Inc.<sup>\*</sup> | 468 | 129599 |
| Cintas Corp. | 280 | 126454 |
| Sysco Corp. | 1647 | 125913 |
| Monster Beverage Corp.<sup>\*</sup> | 1238 | 125694 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 604 | 123754 |
| Constellation Brands, Inc. — Class A | 527 | 122132 |
| Hershey Co. | 478 | 110690 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 269 | 109741 |
| Kraft Heinz Co. | 2588 | 105357 |
| Illumina, Inc.<sup>\*</sup> | 511 | 103324 |
| CoStar Group, Inc.<sup>\*</sup> | 1322 | 102164 |
| ResMed, Inc. | 476 | 99070 |
| Keurig Dr Pepper, Inc. | 2761 | 98457 |
| Kroger Co. | 2117 | 94376 |
| Verisk Analytics, Inc. — Class A | 508 | 89621 |
| Global Payments, Inc. | 879 | 87302 |
| AmerisourceBergen Corp. — Class A | 526 | 87164 |
| Zimmer Biomet Holdings, Inc. | 682 | 86955 |
| Gartner, Inc.<sup>\*</sup> | 257 | 86388 |
| Baxter International, Inc. | 1638 | 83489 |
| United Rentals, Inc.<sup>\*</sup> | 225 | 79970 |
| Equifax, Inc. | 398 | 77355 |
| Laboratory Corporation of America Holdings | 288 | 67818 |
| McCormick & Company, Inc. | 814 | 67472 |
| Quanta Services, Inc. | 465 | 66263 |
| Waters Corp.<sup>\*</sup> | 193 | 66118 |
| Cardinal Health, Inc. | 852 | 65493 |
| Church & Dwight Company, Inc. | 793 | 63924 |
| Molina Healthcare, Inc.<sup>\*</sup> | 190 | 62742 |
| Hologic, Inc.<sup>\*</sup> | 812 | 60746 |
| Conagra Brands, Inc. | 1557 | 60256 |
| STERIS plc | 325 | 60024 |
| Kellogg Co. | 832 | 59272 |
| Tyson Foods, Inc. — Class A | 941 | 58577 |
| Quest Diagnostics, Inc. | 370 | 57883 |
| PerkinElmer, Inc. | 410 | 57490 |
| West Pharmaceutical Services, Inc. | 241 | 56719 |
| Clorox Co. | 401 | 56272 |
| J M Smucker Co. | 346 | 54827 |
| Cooper Companies, Inc. | 160 | 52907 |
| Align Technology, Inc.<sup>\*</sup> | 236 | 49773 |
| Incyte Corp.<sup>\*</sup> | 600 | 48192 |
| Avery Dennison Corp. | 263 | 47603 |
| FleetCor Technologies, Inc.<sup>\*</sup> | 240 | 44083 |
| Viatris, Inc. | 3941 | 43863 |
| Hormel Foods Corp. | 941 | 42863 |
| Bio-Techne Corp. | 510 | 42269 |
| Lamb Weston Holdings, Inc. | 467 | 41731 |
| Brown-Forman Corp. — Class B | 594 | 39014 |
| Teleflex, Inc. | 153 | 38193 |
| Campbell Soup Co. | 653 | 37058 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 165 | 35954 |
| Henry Schein, Inc.<sup>\*</sup> | 440 | 35143 |
| MarketAxess Holdings, Inc. | 123 | 34304 |
| Molson Coors Beverage Co. — Class B | 611 | 31479 |
| Universal Health Services, Inc. — Class B | 209 | 29446 |
| Bio-Rad Laboratories, Inc. — Class A<sup>\*</sup> | 70 | 29434 |
| Rollins, Inc. | 752 | 27478 |
| Catalent, Inc.<sup>\*</sup> | 585 | 26331 |
| Robert Half International, Inc. | 353 | 26062 |
| Organon & Co. | 827 | 23098 |
| Dentsply Sirona, Inc. | 698 | 22224 |
| DaVita, Inc.<sup>\*</sup> | 179 | 13366 |
| **Total Consumer, Non-cyclical** |  | 24516487 |

---

---

| | |
|:---|:---|
| **S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** |
| **Technology - 18.4%** | **Technology - 18.4%** | **Technology - 18.4%** |
| Apple, Inc. | 48596 | $6314078 |
| Microsoft Corp. | 24226 | 5809879 |
| NVIDIA Corp. | 8092 | 1182565 |
| Broadcom, Inc. | 1316 | 735815 |
| Accenture plc — Class A | 2048 | 546488 |
| Adobe, Inc.<sup>\*</sup> | 1512 | 508833 |
| Texas Instruments, Inc. | 2950 | 487399 |
| Salesforce, Inc.<sup>\*</sup> | 3250 | 430918 |
| International Business Machines Corp. | 2938 | 413935 |
| Oracle Corp. | 4995 | 408291 |
| QUALCOMM, Inc. | 3643 | 400511 |
| Intuit, Inc. | 916 | 356526 |
| Intel Corp. | 13412 | 354479 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 5240 | 339395 |
| Analog Devices, Inc. | 1671 | 274094 |
| Applied Materials, Inc. | 2796 | 272275 |
| ServiceNow, Inc.<sup>\*</sup> | 656 | 254705 |
| Fiserv, Inc.<sup>\*</sup> | 2064 | 208609 |
| Lam Research Corp. | 443 | 186193 |
| Activision Blizzard, Inc. | 2314 | 177137 |
| Micron Technology, Inc. | 3534 | 176629 |
| KLA Corp. | 461 | 173811 |
| Synopsys, Inc.<sup>\*</sup> | 497 | 158687 |
| Roper Technologies, Inc. | 345 | 149071 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 891 | 143130 |
| NXP Semiconductor N.V. | 843 | 133219 |
| Autodesk, Inc.<sup>\*</sup> | 701 | 130996 |
| Fidelity National Information Services, Inc. | 1928 | 130815 |
| Microchip Technology, Inc. | 1788 | 125607 |
| MSCI, Inc. — Class A | 260 | 120944 |
| Paychex, Inc. | 1043 | 120529 |
| Electronic Arts, Inc. | 852 | 104097 |
| Fortinet, Inc.<sup>\*</sup> | 2108 | 103060 |
| Cognizant Technology Solutions Corp. — Class A | 1670 | 95507 |
| ON Semiconductor Corp.<sup>\*</sup> | 1405 | 87630 |
| HP, Inc. | 2877 | 77305 |
| ANSYS, Inc.<sup>\*</sup> | 283 | 68370 |
| Hewlett Packard Enterprise Co. | 4181 | 66729 |
| EPAM Systems, Inc.<sup>\*</sup> | 187 | 61288 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 513 | 53419 |
| Monolithic Power Systems, Inc. | 145 | 51273 |
| Broadridge Financial Solutions, Inc. | 382 | 51238 |
| Paycom Software, Inc.<sup>\*</sup> | 158 | 49029 |
| Skyworks Solutions, Inc. | 521 | 47479 |
| Leidos Holdings, Inc. | 444 | 46704 |
| Teradyne, Inc. | 507 | 44286 |
| Tyler Technologies, Inc.<sup>\*</sup> | 135 | 43525 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 169 | 43333 |
| Akamai Technologies, Inc.<sup>\*</sup> | 511 | 43077 |
| NetApp, Inc. | 706 | 42402 |
| Jack Henry & Associates, Inc. | 237 | 41608 |
| PTC, Inc.<sup>\*</sup> | 344 | 41294 |
| Seagate Technology Holdings plc | 624 | 32829 |
| Western Digital Corp.<sup>\*</sup> | 1032 | 32560 |
| Ceridian HCM Holding, Inc.<sup>\*</sup> | 500 | 32075 |
| Qorvo, Inc.<sup>\*</sup> | 329 | 29821 |
| DXC Technology Co.<sup>\*</sup> | 748 | 19822 |
| **Total Technology** |  | 22635323 |
| **Financial - 13.3%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 5856 | 1808918 |
| JPMorgan Chase & Co. | 9533 | 1278375 |
| Visa, Inc. — Class A | 5314 | 1104037 |
| Mastercard, Inc. — Class A | 2759 | 959387 |
| Bank of America Corp. | 22682 | 751228 |
| Wells Fargo & Co. | 12383 | 511294 |
| Charles Schwab Corp. | 4957 | 412720 |
| Goldman Sachs Group, Inc. | 1101 | 378061 |
| Morgan Stanley | 4285 | 364311 |
| BlackRock, Inc. — Class A | 488 | 345811 |
| Prologis, Inc. REIT | 3000 | 338190 |
| American Tower Corp. — Class A REIT | 1513 | 320544 |
| Chubb Ltd. | 1350 | 297810 |
| American Express Co. | 1943 | 287078 |
| Citigroup, Inc. | 6295 | 284723 |
| Marsh & McLennan Companies, Inc. | 1612 | 266754 |
| Progressive Corp. | 1902 | 246709 |
| PNC Financial Services Group, Inc. | 1312 | 207217 |
| Aon plc — Class A | 672 | 201694 |
| Equinix, Inc. REIT | 301 | 197164 |
| CME Group, Inc. — Class A | 1169 | 196579 |
| U.S. Bancorp | 4394 | 191622 |
| Crown Castle, Inc. REIT | 1407 | 190845 |
| Intercontinental Exchange, Inc. | 1815 | 186201 |
| Truist Financial Corp. | 4312 | 185545 |
| MetLife, Inc. | 2142 | 155017 |
| American International Group, Inc. | 2414 | 152661 |
| Public Storage REIT | 514 | 144018 |
| Travelers Companies, Inc. | 762 | 142867 |
| Aflac, Inc. | 1839 | 132298 |
| Realty Income Corp. REIT | 2039 | 129334 |
| Arthur J Gallagher & Co. | 685 | 129150 |
| Simon Property Group, Inc. REIT | 1062 | 124764 |
| Prudential Financial, Inc. | 1196 | 118954 |
| Allstate Corp. | 863 | 117023 |
| Capital One Financial Corp. | 1240 | 115270 |
| Bank of New York Mellon Corp. | 2390 | 108793 |
| Ameriprise Financial, Inc. | 346 | 107734 |
| VICI Properties, Inc. REIT | 3130 | 101412 |
| Welltower, Inc. REIT | 1536 | 100685 |
| SBA Communications Corp. REIT | 351 | 98389 |
| Digital Realty Trust, Inc. REIT | 935 | 93752 |
| State Street Corp. | 1192 | 92463 |
| Discover Financial Services | 888 | 86873 |
| Willis Towers Watson plc | 352 | 86092 |
| M&T Bank Corp. | 561 | 81379 |
| T. Rowe Price Group, Inc. | 726 | 79178 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 1027 | 79038 |
| Hartford Financial Services Group, Inc. | 1034 | 78408 |

---

---

| | |
|:---|:---|
| **S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** |
| **Financial - 13.3% (continued)** | **Financial - 13.3% (continued)** | **Financial - 13.3% (continued)** |
| Arch Capital Group Ltd.<sup>\*</sup> | 1202 | $75462 |
| Weyerhaeuser Co. REIT | 2391 | 74121 |
| AvalonBay Communities, Inc. REIT | 456 | 73653 |
| Fifth Third Bancorp | 2231 | 73199 |
| First Republic Bank | 594 | 72403 |
| Alexandria Real Estate Equities, Inc. REIT | 486 | 70796 |
| Nasdaq, Inc. | 1102 | 67608 |
| Raymond James Financial, Inc. | 630 | 67316 |
| Huntington Bancshares, Inc. | 4688 | 66101 |
| Regions Financial Corp. | 3037 | 65478 |
| Equity Residential REIT | 1106 | 65254 |
| Extra Space Storage, Inc. REIT | 435 | 64023 |
| Citizens Financial Group, Inc. | 1601 | 63031 |
| Principal Financial Group, Inc. | 739 | 62017 |
| Northern Trust Corp. | 677 | 59908 |
| Mid-America Apartment Communities, Inc. REIT | 375 | 58871 |
| Ventas, Inc. REIT | 1300 | 58565 |
| Invitation Homes, Inc. REIT | 1888 | 55960 |
| KeyCorp | 3033 | 52835 |
| Cincinnati Financial Corp. | 511 | 52321 |
| W R Berkley Corp. | 664 | 48187 |
| Synchrony Financial | 1464 | 48107 |
| Iron Mountain, Inc. REIT | 945 | 47108 |
| Essex Property Trust, Inc. REIT | 211 | 44715 |
| SVB Financial Group<sup>\*</sup> | 192 | 44187 |
| Healthpeak Properties, Inc. REIT | 1747 | 43797 |
| Brown & Brown, Inc. | 764 | 43525 |
| Cboe Global Markets, Inc. | 345 | 43287 |
| Kimco Realty Corp. REIT | 2010 | 42572 |
| Everest Re Group Ltd. | 127 | 42071 |
| Camden Property Trust REIT | 346 | 38711 |
| UDR, Inc. REIT | 994 | 38498 |
| Loews Corp. | 640 | 37331 |
| Host Hotels & Resorts, Inc. REIT | 2324 | 37300 |
| Globe Life, Inc. | 294 | 35442 |
| Boston Properties, Inc. REIT | 464 | 31357 |
| Regency Centers Corp. REIT | 500 | 31250 |
| Comerica, Inc. | 426 | 28478 |
| Invesco Ltd. | 1479 | 26607 |
| Franklin Resources, Inc. | 924 | 24375 |
| Federal Realty Investment Trust REIT | 238 | 24048 |
| Zions Bancorp North America | 486 | 23892 |
| Signature Bank | 204 | 23505 |
| Assurant, Inc. | 172 | 21510 |
| Lincoln National Corp. | 500 | 15360 |
| Vornado Realty Trust REIT | 524 | 10904 |
| **Total Financial** |  | 16363415 |
| **Communications - 9.2%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 28843 | 2422812 |
| Alphabet, Inc. — Class A<sup>\*</sup> | 19411 | 1712633 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 17207 | 1526777 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 7308 | 879445 |
| Cisco Systems, Inc. | 13344 | 635708 |
| Verizon Communications, Inc. | 13649 | 537771 |
| Walt Disney Co.<sup>\*</sup> | 5925 | 514764 |
| Comcast Corp. — Class A | 14020 | 490279 |
| Netflix, Inc.<sup>\*</sup> | 1446 | 426397 |
| AT&T, Inc. | 23161 | 426394 |
| T-Mobile US, Inc.<sup>\*</sup> | 1941 | 271740 |
| Booking Holdings, Inc.<sup>\*</sup> | 126 | 253925 |
| Motorola Solutions, Inc. | 544 | 140194 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 350 | 118685 |
| Arista Networks, Inc.<sup>\*</sup> | 804 | 97565 |
| Corning, Inc. | 2474 | 79020 |
| CDW Corp. | 440 | 78575 |
| eBay, Inc. | 1763 | 73112 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 7182 | 68085 |
| VeriSign, Inc.<sup>\*</sup> | 300 | 61632 |
| Omnicom Group, Inc. | 663 | 54081 |
| FactSet Research Systems, Inc. | 124 | 49750 |
| Etsy, Inc.<sup>\*</sup> | 408 | 48870 |
| Expedia Group, Inc.<sup>\*</sup> | 489 | 42836 |
| Interpublic Group of Companies, Inc. | 1263 | 42071 |
| Gen Digital, Inc. | 1884 | 40374 |
| Match Group, Inc.<sup>\*</sup> | 908 | 37673 |
| Juniper Networks, Inc. | 1055 | 33718 |
| Fox Corp. — Class A | 984 | 29884 |
| F5, Inc.<sup>\*</sup> | 195 | 27984 |
| Paramount Global — Class B | 1641 | 27700 |
| News Corp. — Class A | 1243 | 22623 |
| Lumen Technologies, Inc.<sup>\*</sup> | 3093 | 16145 |
| Fox Corp. — Class B | 453 | 12888 |
| DISH Network Corp. — Class A<sup>\*</sup> | 817 | 11471 |
| News Corp. — Class B | 384 | 7081 |
| **Total Communications** |  | 11320662 |
| **Consumer, Cyclical - 7.6%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 8723 | 1074499 |
| Home Depot, Inc. | 3328 | 1051182 |
| Costco Wholesale Corp. | 1439 | 656903 |
| Walmart, Inc. | 4587 | 650391 |
| McDonald's Corp. | 2380 | 627201 |
| NIKE, Inc. — Class B | 4094 | 479039 |
| Lowe's Companies, Inc. | 2018 | 402066 |
| Starbucks Corp. | 3730 | 370016 |
| TJX Companies, Inc. | 3774 | 300410 |
| Target Corp. | 1496 | 222964 |
| Dollar General Corp. | 733 | 180501 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 203 | 171338 |
| General Motors Co. | 4617 | 155316 |
| AutoZone, Inc.<sup>\*</sup> | 62 | 152903 |
| Ford Motor Co. | 12836 | 149283 |
| Ross Stores, Inc. | 1128 | 130927 |
| Marriott International, Inc. — Class A | 875 | 130279 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 90 | 124874 |
| Yum! Brands, Inc. | 915 | 117193 |
| PACCAR, Inc. | 1130 | 111836 |
| Hilton Worldwide Holdings, Inc. | 879 | 111070 |
| Cummins, Inc. | 458 | 110969 |
| Dollar Tree, Inc.<sup>\*</sup> | 684 | 96745 |
| DR Horton, Inc. | 1018 | 90744 |
| Fastenal Co. | 1862 | 88110 |
| Walgreens Boots Alliance, Inc. | 2333 | 87161 |
| Copart, Inc.<sup>\*</sup> | 1393 | 84820 |
| Aptiv plc<sup>\*</sup> | 881 | 82048 |

---

---

| | |
|:---|:---|
| **S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** | | |
| **Consumer, Cyclical - 7.6% (continued)** |  |  |
| WW Grainger, Inc. | 146 | $81212 |
| Tractor Supply Co. | 359 | 80764 |
| Genuine Parts Co. | 458 | 79468 |
| Ulta Beauty, Inc.<sup>\*</sup> | 167 | 78335 |
| Lennar Corp. — Class A | 828 | 74934 |
| Delta Air Lines, Inc.<sup>\*</sup> | 2084 | 68480 |
| Southwest Airlines Co. | 1929 | 64950 |
| Darden Restaurants, Inc. | 399 | 55194 |
| Best Buy Company, Inc. | 651 | 52217 |
| Las Vegas Sands Corp.<sup>\*</sup> | 1069 | 51387 |
| NVR, Inc.<sup>\*</sup> | 10 | 46126 |
| LKQ Corp. | 826 | 44117 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 1062 | 40038 |
| Domino's Pizza, Inc. | 115 | 39836 |
| Pool Corp. | 127 | 38396 |
| Royal Caribbean Cruises Ltd.<sup>\*</sup> | 713 | 35244 |
| MGM Resorts International | 1036 | 34737 |
| PulteGroup, Inc. | 740 | 33692 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 465 | 32429 |
| Bath & Body Works, Inc. | 742 | 31268 |
| CarMax, Inc.<sup>\*</sup> | 513 | 31237 |
| BorgWarner, Inc. | 762 | 30670 |
| Tapestry, Inc. | 783 | 29816 |
| VF Corp. | 1074 | 29653 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 697 | 28995 |
| Advance Auto Parts, Inc. | 195 | 28671 |
| Wynn Resorts Ltd.<sup>\*</sup> | 335 | 27628 |
| American Airlines Group, Inc.<sup>\*</sup> | 2113 | 26877 |
| Carnival Corp.<sup>\*</sup> | 3255 | 26235 |
| Hasbro, Inc. | 422 | 25746 |
| Whirlpool Corp. | 177 | 25038 |
| Alaska Air Group, Inc.<sup>\*</sup> | 412 | 17691 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1370 | 16769 |
| Newell Brands, Inc. | 1224 | 16010 |
| Ralph Lauren Corp. — Class A | 134 | 14160 |
| **Total Consumer, Cyclical** |  | 9448808 |
| **Industrial - 7.1%** |  |  |
| Raytheon Technologies Corp. | 4778 | 482196 |
| Honeywell International, Inc. | 2185 | 468246 |
| Union Pacific Corp. | 1999 | 413933 |
| United Parcel Service, Inc. — Class B | 2372 | 412348 |
| Caterpillar, Inc. | 1691 | 405096 |
| Deere & Co. | 893 | 382883 |
| Lockheed Martin Corp. | 758 | 368759 |
| Boeing Co.<sup>\*</sup> | 1821 | 346882 |
| General Electric Co. | 3552 | 297622 |
| Northrop Grumman Corp. | 470 | 256437 |
| 3M Co. | 1796 | 215376 |
| CSX Corp. | 6833 | 211686 |
| Eaton Corporation plc | 1293 | 202936 |
| Illinois Tool Works, Inc. | 908 | 200033 |
| Waste Management, Inc. | 1215 | 190609 |
| Norfolk Southern Corp. | 752 | 185308 |
| Emerson Electric Co. | 1921 | 184531 |
| General Dynamics Corp. | 732 | 181617 |
| Amphenol Corp. — Class A | 1934 | 147255 |
| Agilent Technologies, Inc. | 963 | 144113 |
| Johnson Controls International plc | 2238 | 143232 |
| FedEx Corp. | 778 | 134750 |
| L3Harris Technologies, Inc. | 619 | 128882 |
| Trane Technologies plc | 748 | 125731 |
| Parker-Hannifin Corp. | 417 | 121347 |
| TE Connectivity Ltd. | 1034 | 118703 |
| Carrier Global Corp. | 2718 | 112117 |
| TransDigm Group, Inc. | 169 | 106411 |
| Otis Worldwide Corp. | 1354 | 106032 |
| AMETEK, Inc. | 747 | 104371 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 72 | 104072 |
| Keysight Technologies, Inc.<sup>\*</sup> | 581 | 99392 |
| Rockwell Automation, Inc. | 373 | 96073 |
| Republic Services, Inc. — Class A | 668 | 86166 |
| Old Dominion Freight Line, Inc. | 294 | 83431 |
| Vulcan Materials Co. | 432 | 75648 |
| Fortive Corp. | 1150 | 73887 |
| Ingersoll Rand, Inc. | 1316 | 68761 |
| Martin Marietta Materials, Inc. | 202 | 68270 |
| Xylem, Inc. | 586 | 64794 |
| Dover Corp. | 456 | 61747 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 153 | 61186 |
| Westinghouse Air Brake Technologies Corp. | 591 | 58988 |
| Amcor plc | 4839 | 57632 |
| IDEX Corp. | 245 | 55941 |
| Expeditors International of Washington, Inc. | 518 | 53831 |
| Ball Corp. | 1020 | 52163 |
| Jacobs Solutions, Inc. | 415 | 49829 |
| Textron, Inc. | 678 | 48003 |
| Howmet Aerospace, Inc. | 1196 | 47134 |
| J.B. Hunt Transport Services, Inc. | 269 | 46903 |
| Garmin Ltd. | 498 | 45960 |
| Nordson Corp. | 175 | 41601 |
| Trimble, Inc.<sup>\*</sup> | 801 | 40499 |
| Snap-on, Inc. | 173 | 39529 |
| Packaging Corporation of America | 301 | 38501 |
| Stanley Black & Decker, Inc. | 481 | 36132 |
| CH Robinson Worldwide, Inc. | 383 | 35067 |
| Masco Corp. | 733 | 34209 |
| Allegion plc | 285 | 29999 |
| Huntington Ingalls Industries, Inc. | 130 | 29988 |
| Westrock Co. | 826 | 29042 |
| Pentair plc | 535 | 24064 |
| A O Smith Corp. | 412 | 23583 |
| Sealed Air Corp. | 470 | 23444 |
| Generac Holdings, Inc.<sup>\*</sup> | 206 | 20736 |
| Mohawk Industries, Inc.<sup>\*</sup> | 171 | 17480 |
| **Total Industrial** |  | 8823127 |
| **Energy - 4.6%** |  |  |
| Exxon Mobil Corp. | 13384 | 1476255 |
| Chevron Corp. | 5781 | 1037632 |
| ConocoPhillips | 4049 | 477782 |
| EOG Resources, Inc. | 1909 | 247254 |
| Schlumberger Ltd. | 4609 | 246397 |
| Marathon Petroleum Corp. | 1523 | 177262 |

---

---

| | |
|:---|:---|
| **S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 84.7% (continued)** | | |
| **Energy - 4.6% (continued)** | | |
| Pioneer Natural Resources Co. | 772 | $176317 |
| Phillips 66 | 1537 | 159971 |
| Valero Energy Corp. | 1253 | 158956 |
| Occidental Petroleum Corp. | 2363 | 148845 |
| Devon Energy Corp. | 2125 | 130709 |
| Williams Companies, Inc. | 3958 | 130218 |
| Hess Corp. | 902 | 127922 |
| Enphase Energy, Inc.<sup>\*</sup> | 442 | 117112 |
| Kinder Morgan, Inc. | 6429 | 116237 |
| Halliburton Co. | 2951 | 116122 |
| Baker Hughes Co. | 3255 | 96120 |
| ONEOK, Inc. | 1453 | 95462 |
| Diamondback Energy, Inc. | 572 | 78238 |
| Coterra Energy, Inc. — Class A | 2562 | 62948 |
| Marathon Oil Corp. | 2065 | 55899 |
| Targa Resources Corp. | 736 | 54096 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 182 | 51555 |
| APA Corp. | 1045 | 48781 |
| First Solar, Inc.<sup>\*</sup> | 322 | 48233 |
| Equities Corp. | 1193 | 40359 |
| **Total Energy** |  | 5676682 |
| **Utilities - 2.7%** |  |  |
| NextEra Energy, Inc. | 6457 | 539805 |
| Duke Energy Corp. | 2503 | 257784 |
| Southern Co. | 3538 | 252649 |
| Dominion Energy, Inc. | 2708 | 166055 |
| American Electric Power Company, Inc. | 1671 | 158661 |
| Sempra Energy | 1022 | 157940 |
| Exelon Corp. | 3229 | 139590 |
| Xcel Energy, Inc. | 1778 | 124656 |
| Consolidated Edison, Inc. | 1153 | 109892 |
| Public Service Enterprise Group, Inc. | 1621 | 99319 |
| WEC Energy Group, Inc. | 1026 | 96198 |
| Eversource Energy | 1132 | 94907 |
| Constellation Energy Corp. | 1063 | 91641 |
| American Water Works Company, Inc. | 591 | 90080 |
| PG&E Corp.<sup>\*</sup> | 5232 | 85072 |
| Edison International | 1241 | 78952 |
| Ameren Corp. | 840 | 74693 |
| Entergy Corp. | 661 | 74362 |
| FirstEnergy Corp. | 1766 | 74066 |
| DTE Energy Co. | 630 | 74044 |
| PPL Corp. | 2393 | 69923 |
| AES Corp. | 2171 | 62438 |
| CenterPoint Energy, Inc. | 2046 | 61360 |
| CMS Energy Corp. | 944 | 59784 |
| Atmos Energy Corp. | 455 | 50992 |
| Evergy, Inc. | 746 | 46946 |
| Alliant Energy Corp. | 816 | 45051 |
| NiSource, Inc. | 1320 | 36194 |
| Pinnacle West Capital Corp. | 368 | 27983 |
| NRG Energy, Inc. | 749 | 23833 |
| **Total Utilities** |  | 3324870 |
| **Basic Materials - 1.9%** |  |  |
| Linde plc | 1607 | 524171 |
| Air Products and Chemicals, Inc. | 721 | 222255 |
| Sherwin-Williams Co. | 766 | 181795 |
| Freeport-McMoRan, Inc. | 4646 | 176548 |
| Newmont Corp. | 2579 | 121729 |
| Ecolab, Inc. | 805 | 117176 |
| Dow, Inc. | 2288 | 115292 |
| DuPont de Nemours, Inc. | 1615 | 110837 |
| Nucor Corp. | 834 | 109930 |
| PPG Industries, Inc. | 764 | 96065 |
| International Flavors & Fragrances, Inc. | 829 | 86912 |
| Albemarle Corp. | 381 | 82624 |
| LyondellBasell Industries N.V. — Class A | 825 | 68500 |
| CF Industries Holdings, Inc. | 638 | 54358 |
| Steel Dynamics, Inc. | 542 | 52953 |
| FMC Corp. | 409 | 51043 |
| Mosaic Co. | 1107 | 48564 |
| International Paper Co. | 1157 | 40067 |
| Celanese Corp. — Class A | 324 | 33126 |
| Eastman Chemical Co. | 390 | 31762 |
| **Total Basic Materials** |  | 2325707 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $83,155,241) |  | 104435081 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 10.9%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | $10600000 | 10590798 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>2,3</sup> | 1552000 | 1549780 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>1,2</sup> | 1300000 | 1298871 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,435,302) |  | 13439449 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>1</sup> | 6388379 | 6388379 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>1</sup> | 2457069 | 2457069 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>1</sup> | 2449459 | 2449459 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,294,907) |  | 11294907 |
| **Total Investments - 104.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $107,885,450) |  | $129169437 |
| **Other Assets & Liabilities, net - (4.8)%** |  | (5943206) |
| **Total Net Assets - 100.0%** |  | $123226231 |

---

---

| | |
|:---|:---|
| **S&P 500® 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 23 | Mar 2023 | $4440725 | $(3642) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  | | | |
| Goldman Sachs International | S&P 500 Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 01/26/23 | 7371 | $28300125 | $(6691) |
| BNP Paribas | S&P 500 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 01/26/23 | 5233 | 20092877 | (377326) |
| Barclays Bank plc | S&P 500 Index | Pay | 4.75% (SOFR + 0.45%) | At Maturity | 01/25/23 | 23222 | 89161091 | (3425022) |
|  |  |  |  |  |  |  | $137554093 | $(3809039) |

---

*<sup>\*</sup>* *Non-income producing security.*

*<sup>\*\*</sup>* *Includes cumulative appreciation (depreciation).*

*<sup>†</sup>* *Value determined based on Level 1 inputs — See Note 3.*

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.*

*<sup>1</sup>* *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.*

*<sup>2</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>3</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>4</sup>* *Repurchase Agreements — See Note 4.*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Common Stocks | $104435081 | $— | $— | $104435081 |
| U.S. Treasury Bills |  | 13439449 |  | 13439449 |
| Repurchase Agreements |  | 11294907 |  | 11294907 |
| Total Assets | $104435081 | $24734356 | $— | $129169437 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted Prices** | **Level 2 Significant Observable Inputs** | **Level 3 Significant Unobservable Inputs** | **Total** |
| Equity Futures Contracts\*\* | $3642 | $— | $— | $3642 |
| Equity Index Swap Agreements\*\* |  | 3809039 |  | 3809039 |
| Total Liabilities | $3642 | $3809039 | $— | $3812681 |

---

\*\* 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 Dynamic 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** |
| Dow 2x Strategy Fund | Non-diversified |
| Inverse Dow 2x Strategy Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |

---

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

**Significant Accounting Policies**

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

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

**(a) Valuation of Investments** 

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

Valuations of the Funds' securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

**NOTES TO SCHEDULE OF INVESTMENTS** **(Unaudited)**

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

Open-end investment companies are valued at their net asset value ("NAV") as of the close of business, on the valuation date. Exchange-traded funds 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.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The values of swap agreements entered into by a fund are generally valued using an evaluated price provided by a third party pricing vendor.

Investments for which market quotations are not readily available are fair-valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

**Note 2 – Derivatives**

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

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used 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:

**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.

**NOTES TO SCHEDULE OF INVESTMENTS** **(Unaudited)**

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund's use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

**Futures Contracts**

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

**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.

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

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

**Note 3 – Fair Value Measurement** 

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

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

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

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

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

**NOTES TO SCHEDULE OF INVESTMENTS** **(Unaudited)**

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 collateral is in the possession of the Funds' custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At December 31, 2022, the repurchase agreements in the joint account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.26% |  |  | &nbsp;&nbsp;&nbsp;3.00% - 4.50% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/03/23 | $47272574 | $47289355 | &nbsp;&nbsp;&nbsp;Due 08/15/39 - 05/15/45 | $39778900 | $33056765 |
|  |  |  | U.S. Treasury Notes |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;0.88% - 2.38% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 05/15/29 - 11/15/30 | 18958300 | 15161269 |
|  |  |  |  | 58737200 | 48218034 |
| BofA Securities, Inc. |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.25% |  |  | &nbsp;&nbsp;&nbsp;0.75% - 1.50% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/03/23 | 18181759 | 18188198 | &nbsp;&nbsp;&nbsp;Due 02/15/25 - 04/30/26 | 19595000 | 18545407 |
| Barclays Capital, Inc. |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.21% |  |  | &nbsp;&nbsp;&nbsp;0.13% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/03/23 | 18125450 | 18131809 | &nbsp;&nbsp;&nbsp;Due 01/15/31 | 20906528 | 18487974 |

---

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 December 31, 2022, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of Securities Loaned** | **Collateral Received** |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | $1345829 | $1386247 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 225322 | 232940 |

---

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

**Note 6 – Federal Income Tax Information**

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

**NOTES TO SCHEDULE OF INVESTMENTS** **(Unaudited)**

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

At December 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax Unrealized Appreciation** | **Tax Unrealized Depreciation** | **Net Tax Unrealized Appreciation (Depreciation)** |
| Dow 2x Strategy Fund | $28415636 | $5584805 | $(504810) | $5079995 |
| Inverse Dow 2x Strategy Fund | 8869740 | 169084 |  | 169084 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 87200555 | 6507167 |  | 6507167 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 10877018 | 814985 |  | 814985 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 40224626 | 1362869 |  | 1362869 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 382631309 | 32854852 | (28220766) | 4634086 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 27191187 | 460726 | (2673324) | (2212598) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 144663291 |  | (19306535) | (19306535) |

---

**Note 7 – Market Risks**

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

**OTHER INFORMATION *(Unaudited)*** 

**Sector Classification**

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Rydex Dynamic Funds

- **b. Investment Company Act file number:** 811-09525

- **c. CIK number of Registrant:** 0001092720

- **d. LEI of Registrant:** 549300O9WV1GMCZ8G606

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Dow 2x Strategy Fund

- **b. EDGAR series identifier (if any):** S000003705

- **c. LEI of Series:** 549300UKHDJBVPFK5N77

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-03-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $36140265.43

**Total Liabilities:** $394635.95

**Net Assets:** $35745629.48

**Cash Not Reported:** $59361.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010371 | 28.87%               | 11.37%               | -8.82%               |
| Class ID C000010372 | 28.94%               | 11.44%               | -8.76%               |
| Class ID C000010370 | 28.94%               | 11.44%               | -8.76%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $59729.64                | $2682542.96                                |
| Month 2  | $-437747.03              | $2144376.08                                |
| Month 3  | $-151006.61              | $-1276268.19                               |

**Designated Index Information**

- **Index Name:** Dow Jones Industrial Average

- **Index Identifier:** DJINDAVG

### Schedule of Portfolio Investments

| Name                         | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amgen Inc                    | Amgen, Inc.                                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5287 | NS      | $1388577.68   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The             | Coca-Cola Co.                                             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      5287 | NS      | $336306.07    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc       | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5287 | NS      | $2803061.66   | 7.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Dow Inc                      | Dow, Inc.                                                 | CUSIP: 260557103<br>LEI: 5493003S21INSLK2IP73 | Long             | EC               | CORP              | US        |      5287 | NS      | $266411.93    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The        | Travelers Companies, Inc.                                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      5287 | NS      | $991259.63    | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                    | Apple, Inc.                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5287 | NS      | $686939.91    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                | Boeing Co.                                                | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      5287 | NS      | $1007120.63   | 2.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                     | Visa, Inc.                                                | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      5287 | NS      | $1098427.12   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The  | Goldman Sachs Group, Inc.                                 | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5287 | NS      | $1815450.06   | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                     | NIKE, Inc.                                                | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      5287 | NS      | $618631.87    | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                | U.S. Treasury Bills                                       | CUSIP: 912796XR5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5000000 | PA      | $4995659.35   | 13.98%            | 2023-01-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade       | Dow Jones Industrial Average Index Mini Futures Contracts | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |        23 | NC      | $9739.53      | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co          | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5287 | NS      | $708986.70    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc            | Cisco Systems, Inc.                                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      5287 | NS      | $251872.68    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc   | Verizon Communications, Inc.                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      5287 | NS      | $208307.80    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                  | Walmart, Inc.                                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5287 | NS      | $749643.73    | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc               | Salesforce, Inc.                                          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5287 | NS      | $701003.33    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.        | Barclays Capital, Inc.                                    | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |    479049 | PA      | $479049.40    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| BNP Paribas                  | Dow Jones Industrial Average Index                        | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DE               |  | US        |       309 | NC      | $12594.79     | 0.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank plc            | Dow Jones Industrial Average Index                        | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DE               |  | US        |       845 | NC      | $-450336.75   | -1.26%            |  |  |  | No            |                  2 | On Loan: No      |
| Procter & Gamble Co/The      | Procter & Gamble Co.                                      | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5287 | NS      | $801297.72    | 2.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                 | Chevron Corp.                                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5287 | NS      | $948963.63    | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC   | J.P. Morgan Securities LLC                                | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |   1249398 | PA      | $1249397.85   | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                | U.S. Treasury Bills                                       | CUSIP: 912796ZK8<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    129000 | PA      | $128815.45    | 0.36%             | 2023-01-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| 3M Co                        | 3M Co.                                                    | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      5287 | NS      | $634017.04    | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co          | American Express Co.                                      | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      5287 | NS      | $781154.25    | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The           | Home Depot, Inc.                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5287 | NS      | $1669951.82   | 4.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc               | Merck & Company, Inc.                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5287 | NS      | $586592.65    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp               | Microsoft Corp.                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5287 | NS      | $1267928.34   | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The           | Walt Disney Co.                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5287 | NS      | $459334.56    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                   | Intel Corp.                                               | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      5287 | NS      | $139735.41    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson            | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      5287 | NS      | $933948.55    | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp              | McDonald's Corp.                                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      5287 | NS      | $1393283.11   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Walgreens Boots Alliance Inc | Walgreens Boots Alliance, Inc.                            | CUSIP: 931427108<br>LEI: 549300RPTUOIXG4LIH86 | Long             | EC               | CORP              | US        |      5287 | NS      | $197522.32    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc              | Caterpillar, Inc.                                         | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      5287 | NS      | $1266553.72   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc  | Honeywell International, Inc.                             | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5287 | NS      | $1133004.10   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                          | International Business Machines Corp.                     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5287 | NS      | $744885.43    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.        | BofA Securities, Inc.                                     | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    480538 | PA      | $480537.64    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-30

**Name of Applicant:** Rydex Dynamic Funds

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO