# EDGAR Filing Document

**Accession Number:** 0001092720
**File Stem:** 0001752724-25-209213
**Filing Date:** 2025-8
**Character Count:** 216605
**Document Hash:** 42f263cbe2dfb00b5bd799b815ced23a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-209213.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001752724-25-209213

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **CENTRAL INDEX KEY:** 0001092720

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09525
- **FILM NUMBER:** 251264179

**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

### Inverse Dow 2x Strategy Fund (Series ID: S000003706)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010373 | A            | RYIDX           |
| C000010374 | C            | RYCZX           |
| C000010375 | H            | RYCWX           |

## Nport-Ex

---

| | |
|:---|:---|
| **Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 89.3%** | | |
| **Financial - 24.1%** |  |  |
| Goldman Sachs Group, Inc. | 4436 | $3139579 |
| Visa, Inc. — Class A | 4436 | 1575002 |
| American Express Co. | 4436 | 1414995 |
| JPMorgan Chase & Co. | 4436 | 1286041 |
| Travelers Companies, Inc. | 4436 | 1186807 |
| **Total Financial** |  | 8602424 |
| **Technology - 17.8%** |  |  |
| Microsoft Corp. | 4436 | 2206510 |
| International Business Machines Corp. | 4436 | 1307644 |
| Salesforce, Inc. | 4436 | 1209653 |
| Apple, Inc. | 4436 | 910134 |
| NVIDIA Corp. | 4436 | 700844 |
| **Total Technology** |  | 6334785 |
| **Consumer, Non-cyclical - 13.1%** |  |  |
| UnitedHealth Group, Inc. | 4436 | 1383899 |
| Amgen, Inc. | 4436 | 1238576 |
| Procter & Gamble Co. | 4436 | 706743 |
| Johnson & Johnson | 4436 | 677599 |
| Merck & Company, Inc. | 4436 | 351154 |
| Coca-Cola Co. | 4436 | 313847 |
| **Total Consumer, Non-cyclical** |  | 4671818 |
| **Industrial - 12.2%** |  |  |
| Caterpillar, Inc. | 4436 | 1722099 |
| Honeywell International, Inc. | 4436 | 1033056 |
| Boeing Co.<sup>\*</sup> | 4436 | 929475 |
| 3M Co. | 4436 | 675337 |
| **Total Industrial** |  | 4359967 |
| **Consumer, Cyclical - 10.3%** |  |  |
| Home Depot, Inc. | 4436 | 1626415 |
| McDonald's Corp. | 4436 | 1296066 |
| Walmart, Inc. | 4436 | 433752 |
| NIKE, Inc. — Class B | 4436 | 315134 |
| **Total Consumer, Cyclical** |  | 3671367 |
| **Communications - 5.7%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 4436 | 973214 |
| Walt Disney Co. | 4436 | 550108 |
| Cisco Systems, Inc. | 4436 | 307770 |
| Verizon Communications, Inc. | 4436 | 191946 |
| **Total Communications** |  | 2023038 |
| **Basic Materials - 4.3%** |  |  |
| Sherwin-Williams Co. | 4436 | 1523145 |
| **Energy - 1.8%** |  |  |
| Chevron Corp. | 4436 | 635191 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,191,695) |  | 31821735 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 7.8%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>1,2</sup> | $1800000 | 1783337 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>2,3</sup> | 1006000 | 1005189 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,788,482) |  | 2788526 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 1953471 | 1953471 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>1</sup> | 842922 | 842922 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 813946 | 813946 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,610,339) |  | 3610339 |
| **Total Investments - 107.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,590,516) |  | $38220600 |
| **Other Assets & Liabilities, net - (7.2)%** |  | (2561179) |
| **Total Net Assets - 100.0%** |  | $35659421 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration** <br> **Date** | **Notional** <br> **Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Dow Jones Industrial Average Mini Futures Contracts | 56 | Sep 2025 | $12425280 | $518470 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing** <br> **Rate** | **Payment Frequency** | **Maturity** <br> **Date** | **Units** | **Notional** <br> **Amount** | **Value and Unrealized Appreciation** |
| **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>** |  |  |  |  |  |
| Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.29% (SOFR + 0.90%) | At Maturity | 09/25/25 | 477 | $21048837 | $447339 |
| BNP Paribas | Dow Jones Industrial Average | Pay | 5.23% (Federal Funds Rate + 0.90%) | At Maturity | 09/25/25 | 132 | 5835290 | 147162 |
|  |  |  |  |  |  |  | $26884127 | $594501 |

---

---

| | |
|:---|:---|
| **Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *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 June 30, 2025.* |
| *<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 June 30, 2025.* |
| *<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 June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1**<br> **Quoted**<br> **Prices** | **Level 2**<br> **Significant**<br> **Observable**<br> **Inputs** | **Level 3**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| Common Stocks | $31821735 | $— | $— | $31821735 |
| U.S. Treasury Bills |  | 2788526 |  | 2788526 |
| Repurchase Agreements |  | 3610339 |  | 3610339 |
| Equity Futures Contracts\*\* | 518470 |  |  | 518470 |
| Equity Index Swap Agreements\*\* |  | 594501 |  | 594501 |
| Total Assets | $32340205 | $6993366 | $— | $39333571 |

---

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

---

| | |
|:---|:---|
| **Inverse Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 33.7%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>1,2</sup> | $1150000 | $1139354 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>2,3</sup> | 51000 | 50959 |
| &nbsp;&nbsp;&nbsp;4.20% due 09/18/25<sup>1,2</sup> | 50000 | 49537 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,239,822) |  | 1239850 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 75.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 1505991 | 1505991 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>1</sup> | 649834 | 649834 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 627496 | 627496 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,783,321) |  | 2783321 |
| **Total Investments - 109.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,023,143) |  | $4023171 |
| **Other Assets & Liabilities, net - (9.5)%** |  | (349954) |
| **Total Net Assets - 100.0%** |  | $3673217 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Dow Jones Industrial Average Mini Futures Contracts | 3 | Sep 2025 | $665640 | $(27666) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements Sold Short<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 | Receive | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 09/25/25 | 39 | $1699880 | $(58313) |
| Barclays Bank plc | Dow Jones Industrial Average | Receive | 4.99% (SOFR + 0.60%) | At Maturity | 09/25/25 | 113 | 4978255 | (160267) |
|  |  |  |  |  |  |  | $6678135 | $(218580) |

---

---

| | |
|:---|:---|
| *\*\** | *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 June 30, 2025.* |
| *<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 June 30, 2025.* |
| *<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)*** | **June 30, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $1239850 | $— | $1239850 |
| Repurchase Agreements |  | 2783321 |  | 2783321 |
| Total Assets | $— | $4023171 | $— | $4023171 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $27666 | $— | $— | $27666 |
| Equity Index Swap Agreements\*\* |  | 218580 |  | 218580 |
| Total Liabilities | $27666 | $218580 | $— | $246246 |

---

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

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 87.7%** | | |
| **Technology - 44.2%** |  |  |
| NVIDIA Corp. | 623808 | $98555426 |
| Microsoft Corp. | 190020 | 94517848 |
| Apple, Inc. | 381847 | 78343549 |
| Broadcom, Inc. | 198815 | 54803355 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 142334 | 19402971 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 101984 | 14471530 |
| Intuit, Inc. | 17545 | 13818968 |
| Texas Instruments, Inc. | 57142 | 11863822 |
| QUALCOMM, Inc. | 69063 | 10998973 |
| Adobe, Inc.<sup>\*</sup> | 26807 | 10371092 |
| Applied Materials, Inc. | 50476 | 9240641 |
| Micron Technology, Inc. | 70294 | 8663736 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 15666 | 7978851 |
| Lam Research Corp. | 80455 | 7831490 |
| KLA Corp. | 8318 | 7450765 |
| Analog Devices, Inc. | 31213 | 7429318 |
| AppLovin Corp. — Class A<sup>\*</sup> | 19354 | 6775448 |
| MicroStrategy, Inc. — Class A<sup>\*</sup> | 15961 | 6451915 |
| Intel Corp.<sup>\*</sup> | 274363 | 6145731 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 17174 | 5292168 |
| Fortinet, Inc.<sup>\*</sup> | 48144 | 5089784 |
| Synopsys, Inc.<sup>\*</sup> | 9759 | 5003244 |
| ASML Holding N.V. — Class G | 5498 | 4406042 |
| Marvell Technology, Inc. | 54231 | 4197479 |
| Autodesk, Inc.<sup>\*</sup> | 13460 | 4166812 |
| Roper Technologies, Inc. | 6763 | 3833539 |
| NXP Semiconductor N.V. | 15890 | 3471806 |
| Paychex, Inc. | 22656 | 3295542 |
| Workday, Inc. — Class A<sup>\*</sup> | 13586 | 3260640 |
| Zscaler, Inc.<sup>\*</sup> | 9793 | 3074414 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 11459 | 2782818 |
| Datadog, Inc. — Class A<sup>\*</sup> | 20096 | 2699496 |
| Electronic Arts, Inc. | 15773 | 2518948 |
| Cognizant Technology Solutions Corp. — Class A | 31005 | 2419320 |
| Microchip Technology, Inc. | 33928 | 2387513 |
| Atlassian Corp. — Class A<sup>\*</sup> | 10394 | 2110918 |
| ANSYS, Inc.<sup>\*</sup> | 5530 | 1942247 |
| ON Semiconductor Corp.<sup>\*</sup> | 26284 | 1377545 |
| ARM Holdings plc ADR<sup>\*</sup> | 8415 | 1361042 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 34778 | 1328520 |
| **Total Technology** |  | 541135266 |
| **Communications - 23.7%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 271416 | 59545956 |
| Meta Platforms, Inc. — Class A | 55507 | 40969162 |
| Netflix, Inc.<sup>\*</sup> | 26768 | 35845832 |
| Alphabet, Inc. — Class A | 148794 | 26221967 |
| Alphabet, Inc. — Class C | 139564 | 24757258 |
| Cisco Systems, Inc. | 249078 | 17281031 |
| T-Mobile US, Inc. | 71418 | 17016053 |
| Booking Holdings, Inc. | 2047 | 11850574 |
| Shopify, Inc. — Class A<sup>\*</sup> | 76619 | 8838002 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 41941 | 8582806 |
| Comcast Corp. — Class A | 234250 | 8360383 |
| MercadoLibre, Inc.<sup>\*</sup> | 3189 | 8334866 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 25077 | 6181731 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 42012 | 4396976 |
| Charter Communications, Inc. — Class A<sup>\*,1</sup> | 8829 | 3609384 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 27147 | 3592634 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 28187 | 2029182 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 155616 | 1783359 |
| CDW Corp. | 8283 | 1479261 |
| **Total Communications** |  | 290676417 |
| **Consumer, Non-cyclical - 8.2%** |  |  |
| Intuitive Surgical, Inc.<sup>\*</sup> | 22544 | 12250635 |
| PepsiCo, Inc. | 86239 | 11386997 |
| Amgen, Inc. | 33821 | 9443161 |
| Gilead Sciences, Inc. | 78242 | 8674691 |
| Automatic Data Processing, Inc. | 25532 | 7874069 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 16152 | 7190870 |
| Cintas Corp. | 25398 | 5660452 |
| Mondelez International, Inc. — Class A | 81442 | 5492449 |
| PayPal Holdings, Inc.<sup>\*</sup> | 61171 | 4546229 |
| Monster Beverage Corp.<sup>\*</sup> | 61342 | 3842463 |
| Regeneron Pharmaceuticals, Inc. | 6677 | 3505425 |
| Keurig Dr Pepper, Inc. | 85428 | 2824250 |
| Verisk Analytics, Inc. — Class A | 8799 | 2740888 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 5058 | 2712808 |
| Coca-Cola Europacific Partners plc | 28886 | 2678310 |
| AstraZeneca plc ADR | 37488 | 2619661 |
| Dexcom, Inc.<sup>\*</sup> | 24663 | 2152833 |
| GE HealthCare Technologies, Inc. | 28800 | 2133216 |
| Kraft Heinz Co. | 74443 | 1922118 |
| Biogen, Inc.<sup>\*</sup> | 9216 | 1157438 |
| **Total Consumer, Non-cyclical** |  | 100808963 |
| **Consumer, Cyclical - 7.1%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 93051 | 29558581 |
| Costco Wholesale Corp. | 27907 | 27626255 |
| Starbucks Corp. | 71478 | 6549529 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 53768 | 4846110 |
| Marriott International, Inc. — Class A | 17228 | 4706862 |
| PACCAR, Inc. | 33019 | 3138786 |
| Fastenal Co. | 72160 | 3030720 |
| Copart, Inc.<sup>\*</sup> | 60766 | 2981788 |
| Ross Stores, Inc. | 20683 | 2638737 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 7236 | 1719129 |
| **Total Consumer, Cyclical** |  | 86796497 |
| **Industrial - 1.6%** |  |  |
| Honeywell International, Inc. | 40424 | 9413941 |
| Axon Enterprise, Inc.<sup>\*</sup> | 4897 | 4054423 |
| CSX Corp. | 118158 | 3855495 |
| Old Dominion Freight Line, Inc. | 13292 | 2157292 |
| **Total Industrial** |  | 19481151 |
| **Utilities - 1.2%** |  |  |
| Constellation Energy Corp. | 19714 | 6362891 |
| American Electric Power Company, Inc. | 33600 | 3486336 |
| Exelon Corp. | 63499 | 2757126 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 87.7% (continued)** | | |
| **Utilities - 1.2% (continued)** |  |  |
| Xcel Energy, Inc. | 36278 | $2470532 |
| **Total Utilities** |  | 15076885 |
| **Basic Materials - 1.1%** |  |  |
| Linde plc | 29608 | 13891481 |
| **Energy - 0.4%** |  |  |
| Diamondback Energy, Inc. | 18377 | 2525000 |
| Baker Hughes Co. | 62317 | 2389234 |
| **Total Energy** |  | 4914234 |
| **Financial - 0.2%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 26536 | 2133494 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $638,928,413) |  | 1074914388 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 6.7%** | **U.S. TREASURY BILLS<sup>††</sup> - 6.7%** | **U.S. TREASURY BILLS<sup>††</sup> - 6.7%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>2,3</sup> | $32551000 | 32524765 |
| &nbsp;&nbsp;&nbsp;4.20% due 09/04/25<sup>3,4</sup> | 30000000 | 29769317 |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>3,4</sup> | 13850000 | 13721787 |
| &nbsp;&nbsp;&nbsp;4.25% due 09/04/25<sup>3,4</sup> | 5000000 | 4961553 |
| &nbsp;&nbsp;&nbsp;4.20% due 09/18/25<sup>3,4</sup> | 1100000 | 1089817 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $82,067,964) |  | 82067239 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 24785916 | 24785916 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>4</sup> | 10695112 | 10695112 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 10327465 | 10327465 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,808,493) |  | 45808493 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.2%** | | |
| **Money Market Fund<sup>\*\*\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.25%<sup>7</sup> | 2455636 | 2455636 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,455,636) |  | 2455636 |
| **Total Investments - 98.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $769,260,506) |  | $1205245756 |
| **Other Assets & Liabilities, net - 1.7%** |  | 20239602 |
| **Total Net Assets - 100.0%** |  | $1225485358 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| NASDAQ-100 Index Mini Futures Contracts | 907 | Sep 2025 | $415152040 | $16052048 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<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 | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/24/25 | 24661 | $559290046 | $8155731 |
| BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal Funds Rate + 0.90%) | At Maturity | 09/25/25 | 11514 | 261118680 | 3516208 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.39% (SOFR + 1.00%) | At Maturity | 09/25/25 | 6246 | 141650926 | 2740168 |
|  |  |  |  |  |  |  | $962059652 | $14412107 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *\*\*\** | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<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 June 30, 2025 — See Note 5.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as futures collateral at June 30, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.* |
| *<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 June 30, 2025.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $1074914388 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1074914388 |
| U.S. Treasury Bills |  | 82067239 |  | 82067239 |
| Repurchase Agreements |  | 45808493 |  | 45808493 |
| Securities Lending Collateral | 2455636 |  |  | 2455636 |
| Equity Futures Contracts\*\* | 16052048 |  |  | 16052048 |
| Equity Index Swap Agreements\*\* |  | 14412107 |  | 14412107 |
| Total Assets | $1093422072 | $142287839 | $— | $1235709911 |

---

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

---

| | |
|:---|:---|
| **Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 38.4%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>1,2</sup> | $4537000 | $4495000 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>2,3</sup> | 149000 | 148880 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,643,762) |  | 4643880 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 72.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 4744815 | 4744815 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>1</sup> | 2047385 | 2047385 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 1977006 | 1977006 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,769,206) |  | 8769206 |
| **Total Investments - 111.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,412,968) |  | $13413086 |
| **Other Assets & Liabilities, net - (11.1)%** |  | (1345374) |
| **Total Net Assets - 100.0%** |  | $12067712 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| NASDAQ-100 Index Mini Futures Contracts | 4 | Sep 2025 | $1830880 | $(81755) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements Sold Short<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 | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 09/25/25 | 201 | $4556581 | $(157041) |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 5.04% (SOFR + 0.65%) | At Maturity | 09/25/25 | 561 | 12717606 | (161292) |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 09/24/25 | 221 | 5021230 | (169835) |
|  |  |  |  |  |  |  | $22295417 | $(488168) |

---

---

| | |
|:---|:---|
| *\*\** | *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 June 30, 2025.* |
| *<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 June 30, 2025.* |
| *<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<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $4643880 | $— | $4643880 |
| Repurchase Agreements |  | 8769206 |  | 8769206 |
| Total Assets | $— | $13413086 | $— | $13413086 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $81755 | $— | $— | $81755 |
| Equity Index Swap Agreements\*\* |  | 488168 |  | 488168 |
| Total Liabilities | $81755 | $488168 | $— | $569923 |

---

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

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7%** | | |
| **Financial - 6.4%** |  |  |
| UMB Financial Corp. | 371 | $39014 |
| Old National Bancorp | 1635 | 34891 |
| Jackson Financial, Inc. — Class A | 366 | 32497 |
| Essential Properties Realty Trust, Inc. REIT | 1014 | 32357 |
| Essent Group Ltd. | 507 | 30790 |
| American Healthcare REIT, Inc. | 812 | 29833 |
| Ryman Hospitality Properties, Inc. REIT | 300 | 29601 |
| CareTrust REIT, Inc. | 964 | 29498 |
| Terreno Realty Corp. REIT | 522 | 29269 |
| Cadence Bank | 895 | 28622 |
| MARA Holdings, Inc.<sup>\*</sup> | 1770 | 27754 |
| Upstart Holdings, Inc.<sup>\*</sup> | 429 | 27748 |
| Home BancShares, Inc. | 961 | 27350 |
| Selective Insurance Group, Inc. | 310 | 26861 |
| United Bankshares, Inc. | 722 | 26302 |
| Radian Group, Inc. | 721 | 25970 |
| Kite Realty Group Trust REIT | 1127 | 25527 |
| Hancock Whitney Corp. | 439 | 25199 |
| Glacier Bancorp, Inc. | 583 | 25116 |
| Piper Sandler Cos. | 89 | 24737 |
| First Financial Bankshares, Inc. | 686 | 24682 |
| Core Scientific, Inc.<sup>\*</sup> | 1408 | 24034 |
| Moelis & Co. — Class A | 379 | 23619 |
| Atlantic Union Bankshares Corp. | 727 | 22741 |
| SL Green Realty Corp. REIT | 367 | 22717 |
| Phillips Edison & Company, Inc. REIT | 644 | 22559 |
| Sabra Health Care REIT, Inc. | 1213 | 22368 |
| Valley National Bancorp | 2475 | 22102 |
| Ameris Bancorp | 338 | 21869 |
| StoneX Group, Inc.<sup>\*</sup> | 231 | 21053 |
| Independence Realty Trust, Inc. REIT | 1187 | 20998 |
| Macerich Co. REIT | 1296 | 20969 |
| Palomar Holdings, Inc.<sup>\*</sup> | 135 | 20824 |
| Associated Banc-Corp. | 849 | 20707 |
| Enstar Group Ltd.<sup>\*</sup> | 61 | 20518 |
| ServisFirst Bancshares, Inc. | 263 | 20385 |
| Axos Financial, Inc.<sup>\*</sup> | 266 | 20227 |
| CNO Financial Group, Inc. | 506 | 19521 |
| PJT Partners, Inc. — Class A | 117 | 19306 |
| Riot Platforms, Inc.<sup>\*</sup> | 1686 | 19052 |
| BGC Group, Inc. — Class A | 1828 | 18700 |
| International Bancshares Corp. | 278 | 18504 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 232 | 18421 |
| United Community Banks, Inc. | 615 | 18321 |
| StepStone Group, Inc. — Class A | 320 | 17760 |
| Tanger, Inc. REIT | 570 | 17431 |
| Renasant Corp. | 481 | 17282 |
| First BanCorp | 825 | 17185 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 399 | 16834 |
| Fulton Financial Corp. | 931 | 16795 |
| HA Sustainable Infrastructure Capital, Inc. | 624 | 16761 |
| National Health Investors, Inc. REIT | 236 | 16548 |
| Flagstar Financial, Inc. | 1550 | 16430 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 2101 | 16346 |
| WSFS Financial Corp. | 296 | 16280 |
| COPT Defense Properties REIT | 581 | 16024 |
| Blackstone Mortgage Trust, Inc. — Class A REIT<sup>1</sup> | 830 | 15978 |
| Cathay General Bancorp | 344 | 15662 |
| Cleanspark, Inc.<sup>\*,1</sup> | 1416 | 15618 |
| Broadstone Net Lease, Inc. REIT | 968 | 15536 |
| Baldwin Insurance Group, Inc. — Class A<sup>\*</sup> | 359 | 15369 |
| Community Financial System, Inc. | 270 | 15355 |
| PotlatchDeltic Corp. REIT | 400 | 15348 |
| Eastern Bankshares, Inc. | 1003 | 15316 |
| WesBanco, Inc. | 483 | 15277 |
| PennyMac Financial Services, Inc. | 149 | 14846 |
| Compass, Inc. — Class A<sup>\*</sup> | 2325 | 14601 |
| McGrath RentCorp | 125 | 14495 |
| Victory Capital Holdings, Inc. — Class A | 226 | 14389 |
| Artisan Partners Asset Management, Inc. — Class A | 319 | 14141 |
| Burford Capital Ltd. | 979 | 13961 |
| Enova International, Inc.<sup>\*</sup> | 125 | 13940 |
| Independent Bank Corp. | 218 | 13709 |
| BankUnited, Inc. | 385 | 13702 |
| Four Corners Property Trust, Inc. REIT | 509 | 13697 |
| Bread Financial Holdings, Inc. | 238 | 13595 |
| Bank of Hawaii Corp. | 201 | 13574 |
| Apple Hospitality REIT, Inc. <sup>1</sup> | 1143 | 13339 |
| CVB Financial Corp. | 674 | 13338 |
| Bancorp, Inc.<sup>\*</sup> | 233 | 13274 |
| BancFirst Corp. | 107 | 13227 |
| Cushman & Wakefield plc<sup>\*</sup> | 1181 | 13074 |
| First Interstate BancSystem, Inc. — Class A | 449 | 12940 |
| Goosehead Insurance, Inc. — Class A | 122 | 12872 |
| Park National Corp. | 76 | 12712 |
| Dave, Inc.<sup>\*</sup> | 47 | 12615 |
| Acadia Realty Trust REIT | 673 | 12498 |
| Lemonade, Inc.<sup>\*</sup> | 284 | 12442 |
| Douglas Emmett, Inc. REIT<sup>1</sup> | 826 | 12423 |
| TowneBank | 361 | 12339 |
| LXP Industrial Trust REIT | 1487 | 12283 |
| Simmons First National Corp. — Class A | 641 | 12153 |
| Urban Edge Properties REIT | 649 | 12110 |
| WaFd, Inc. | 410 | 12005 |
| Seacoast Banking Corporation of Florida | 434 | 11987 |
| Walker & Dunlop, Inc. | 168 | 11841 |
| First Financial Bancorp | 486 | 11790 |
| Outfront Media, Inc. REIT<sup>1</sup> | 711 | 11604 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | | |
| **Financial - 6.4% (continued)** |  |  |
| Provident Financial Services, Inc. | 657 | $11517 |
| First Merchants Corp. | 298 | 11413 |
| Curbline Properties Corp. REIT | 497 | 11347 |
| Banner Corp. | 174 | 11162 |
| InvenTrust Properties Corp. REIT | 398 | 10905 |
| NBT Bancorp, Inc. | 261 | 10845 |
| Cohen & Steers, Inc. | 142 | 10700 |
| SiriusPoint Ltd.<sup>\*</sup> | 523 | 10664 |
| Stock Yards Bancorp, Inc. | 134 | 10583 |
| Trustmark Corp. | 290 | 10573 |
| Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | 182 | 10518 |
| Trupanion, Inc.<sup>\*</sup> | 189 | 10461 |
| Arbor Realty Trust, Inc. REIT<sup>1</sup> | 973 | 10411 |
| Pacific Premier Bancorp, Inc. | 490 | 10334 |
| Enterprise Financial Services Corp. | 187 | 10304 |
| First Busey Corp. | 437 | 10001 |
| Banc of California, Inc. | 707 | 9933 |
| OFG Bancorp | 231 | 9887 |
| Bank of NT Butterfield & Son Ltd. | 222 | 9830 |
| FB Financial Corp. | 215 | 9740 |
| Pathward Financial, Inc. | 120 | 9494 |
| Farmer Mac — Class C | 48 | 9325 |
| St. Joe Co. | 194 | 9254 |
| Stewart Information Services Corp. | 142 | 9244 |
| Mercury General Corp. | 137 | 9226 |
| First BanCorp Puerto Rico | 206 | 9083 |
| Hut 8 Corp.<sup>\*</sup> | 481 | 8947 |
| Horace Mann Educators Corp. | 208 | 8938 |
| City Holding Co. | 73 | 8937 |
| Customers Bancorp, Inc.<sup>\*</sup> | 151 | 8870 |
| Pagseguro Digital Ltd. — Class A | 905 | 8724 |
| Nelnet, Inc. — Class A | 71 | 8599 |
| Sunstone Hotel Investors, Inc. REIT | 983 | 8532 |
| Nicolet Bankshares, Inc. | 69 | 8520 |
| Newmark Group, Inc. — Class A | 695 | 8444 |
| First Commonwealth Financial Corp. | 517 | 8391 |
| Northwest Bancshares, Inc. | 651 | 8320 |
| DiamondRock Hospitality Co. REIT | 1064 | 8150 |
| Lakeland Financial Corp. | 131 | 8050 |
| LTC Properties, Inc. REIT | 232 | 8030 |
| Innovative Industrial Properties, Inc. REIT | 142 | 7841 |
| Global Net Lease, Inc. REIT | 1008 | 7610 |
| S&T Bancorp, Inc. | 195 | 7375 |
| Getty Realty Corp. REIT | 265 | 7325 |
| National Bank Holdings Corp. — Class A | 193 | 7259 |
| Elme Communities REIT | 449 | 7139 |
| Hilltop Holdings, Inc. | 235 | 7132 |
| German American Bancorp, Inc. | 185 | 7124 |
| NETSTREIT Corp. REIT | 419 | 7094 |
| ARMOUR Residential REIT, Inc.<sup>1</sup> | 421 | 7077 |
| WisdomTree, Inc. | 614 | 7067 |
| Veritex Holdings, Inc. | 270 | 7047 |
| LendingClub Corp.<sup>\*</sup> | 578 | 6953 |
| Root, Inc. — Class A<sup>\*</sup> | 54 | 6910 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 713 | 6902 |
| Sila Realty Trust, Inc. REIT | 284 | 6722 |
| Stellar Bancorp, Inc. | 240 | 6715 |
| HCI Group, Inc. | 44 | 6697 |
| UMH Properties, Inc. REIT | 398 | 6682 |
| Alexander & Baldwin, Inc. REIT | 372 | 6633 |
| Dynex Capital, Inc. REIT | 538 | 6574 |
| Xenia Hotels & Resorts, Inc. REIT | 519 | 6524 |
| JBG SMITH Properties REIT | 377 | 6522 |
| Cipher Mining, Inc.<sup>\*</sup> | 1352 | 6462 |
| Hope Bancorp, Inc. | 596 | 6395 |
| Marex Group plc | 162 | 6394 |
| Coastal Financial Corp.<sup>\*</sup> | 66 | 6393 |
| TriCo Bancshares | 156 | 6316 |
| Westamerica BanCorp | 130 | 6297 |
| Triumph Financial, Inc.<sup>\*</sup> | 114 | 6283 |
| Ladder Capital Corp. — Class A REIT | 583 | 6267 |
| Virtus Investment Partners, Inc. | 34 | 6168 |
| Cannae Holdings, Inc. | 294 | 6130 |
| Ellington Financial, Inc. REIT<sup>1</sup> | 471 | 6118 |
| Perella Weinberg Partners | 311 | 6040 |
| 1st Source Corp. | 97 | 6021 |
| Veris Residential, Inc. REIT | 403 | 6001 |
| Pebblebrook Hotel Trust REIT | 600 | 5994 |
| Safety Insurance Group, Inc. | 75 | 5954 |
| Terawulf, Inc.<sup>\*</sup> | 1358 | 5948 |
| ProAssurance Corp.<sup>\*</sup> | 260 | 5936 |
| Berkshire Hills Bancorp, Inc. | 237 | 5934 |
| Apartment Investment and Management Co. — Class A REIT | 673 | 5821 |
| Paramount Group, Inc. REIT<sup>\*</sup> | 953 | 5813 |
| Employers Holdings, Inc. | 123 | 5803 |
| Two Harbors Investment Corp. REIT | 533 | 5740 |
| PennyMac Mortgage Investment Trust REIT | 445 | 5723 |
| QCR Holdings, Inc. | 84 | 5704 |
| Empire State Realty Trust, Inc. — Class A REIT | 704 | 5695 |
| Chimera Investment Corp. REIT | 406 | 5631 |
| ConnectOne Bancorp, Inc. | 243 | 5628 |
| Bank First Corp. | 47 | 5530 |
| RLJ Lodging Trust REIT | 757 | 5511 |
| Enact Holdings, Inc. | 148 | 5498 |
| Dime Community Bancshares, Inc. | 203 | 5469 |
| Preferred Bank/Los Angeles CA | 63 | 5452 |
| Peoples Bancorp, Inc. | 178 | 5436 |
| Origin Bancorp, Inc. | 152 | 5433 |
| Live Oak Bancshares, Inc. | 180 | 5364 |
| Bitdeer Technologies Group — Class A<sup>\*</sup> | 458 | 5258 |
| American Assets Trust, Inc. REIT | 265 | 5234 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Financial - 6.4% (continued)** |  |  |
| Uniti Group, Inc. REIT<sup>\*</sup> | 1210 | $5227 |
| Smartstop Self Storage REIT, Inc. | 144 | 5217 |
| Centerspace REIT | 86 | 5176 |
| OceanFirst Financial Corp. | 292 | 5142 |
| Navient Corp. | 360 | 5076 |
| Fidelis Insurance Holdings Ltd. | 304 | 5040 |
| Acadian Asset Management, Inc. | 142 | 5004 |
| MFA Financial, Inc. REIT | 525 | 4967 |
| Hamilton Insurance Group Ltd. — Class B<sup>\*</sup> | 229 | 4951 |
| Brookline Bancorp, Inc. | 448 | 4726 |
| Piedmont Realty Trust, Inc. — Class A REIT<sup>\*</sup> | 634 | 4622 |
| Encore Capital Group, Inc.<sup>\*</sup> | 118 | 4568 |
| Easterly Government Properties, Inc. REIT | 203 | 4507 |
| Franklin BSP Realty Trust, Inc. REIT<sup>1</sup> | 418 | 4468 |
| Hudson Pacific Properties, Inc. REIT<sup>\*</sup> | 1630 | 4466 |
| Safehold, Inc. REIT | 286 | 4450 |
| Univest Financial Corp. | 147 | 4416 |
| Merchants Bancorp | 132 | 4365 |
| Tompkins Financial Corp. | 69 | 4328 |
| Southside Bancshares, Inc. | 147 | 4326 |
| Patria Investments Ltd. — Class A | 307 | 4316 |
| Community Trust Bancorp, Inc. | 81 | 4287 |
| AMERISAFE, Inc. | 97 | 4242 |
| Kennedy-Wilson Holdings, Inc. | 617 | 4195 |
| Heritage Financial Corp. | 174 | 4148 |
| Burke & Herbert Financial Services Corp. | 69 | 4121 |
| Diversified Healthcare Trust REIT | 1120 | 4010 |
| Redwood Trust, Inc. REIT | 678 | 4007 |
| First Mid Bancshares, Inc. | 106 | 3974 |
| Old Second Bancorp, Inc. | 221 | 3921 |
| Orchid Island Capital, Inc. REIT | 550 | 3856 |
| NexPoint Residential Trust, Inc. REIT | 115 | 3832 |
| Capitol Federal Financial, Inc. | 628 | 3831 |
| Central Pacific Financial Corp. | 136 | 3812 |
| Brookfield Business Corp. — Class A | 122 | 3806 |
| Hanmi Financial Corp. | 153 | 3776 |
| Brandywine Realty Trust REIT | 878 | 3767 |
| Mercantile Bank Corp. | 81 | 3759 |
| Marcus & Millichap, Inc. | 122 | 3746 |
| Byline Bancorp, Inc. | 139 | 3716 |
| Ready Capital Corp. REIT | 850 | 3715 |
| Amalgamated Financial Corp. | 119 | 3713 |
| eXp World Holdings, Inc. | 400 | 3640 |
| Universal Insurance Holdings, Inc. | 130 | 3605 |
| Business First Bancshares, Inc. | 145 | 3574 |
| Metropolitan Bank Holding Corp.<sup>\*</sup> | 50 | 3500 |
| Camden National Corp. | 86 | 3490 |
| F&G Annuities & Life, Inc. | 109 | 3486 |
| Amerant Bancorp, Inc. | 189 | 3446 |
| Horizon Bancorp, Inc. | 222 | 3414 |
| Esquire Financial Holdings, Inc. | 36 | 3408 |
| Northeast Bank | 38 | 3382 |
| Plymouth Industrial REIT, Inc. | 209 | 3357 |
| Gladstone Commercial Corp. REIT | 233 | 3339 |
| Independent Bank Corp. | 103 | 3338 |
| BrightSpire Capital, Inc. REIT | 658 | 3323 |
| Equity Bancshares, Inc. — Class A | 81 | 3305 |
| NB Bancorp, Inc.<sup>\*</sup> | 179 | 3197 |
| TrustCo Bank Corporation NY | 95 | 3175 |
| Republic Bancorp, Inc. — Class A | 43 | 3144 |
| First Financial Corp. | 58 | 3143 |
| First Community Bankshares, Inc. | 80 | 3134 |
| FTAI Infrastructure, Inc. | 498 | 3073 |
| United Fire Group, Inc. | 107 | 3071 |
| HomeTrust Bancshares, Inc. | 82 | 3068 |
| Bowhead Specialty Holdings, Inc.<sup>\*</sup> | 81 | 3040 |
| Heritage Commerce Corp. | 306 | 3039 |
| Orrstown Financial Services, Inc. | 95 | 3024 |
| MidWestOne Financial Group, Inc. | 105 | 3021 |
| PRA Group, Inc.<sup>\*</sup> | 201 | 2965 |
| Eagle Bancorp, Inc. | 152 | 2961 |
| New York Mortgage Trust, Inc. REIT | 434 | 2908 |
| SITE Centers Corp. REIT | 256 | 2895 |
| Mid Penn Bancorp, Inc. | 102 | 2876 |
| Whitestone REIT — Class B | 230 | 2870 |
| Metrocity Bankshares, Inc. | 100 | 2858 |
| Summit Hotel Properties, Inc. REIT | 560 | 2850 |
| Heritage Insurance Holdings, Inc.<sup>\*</sup> | 114 | 2843 |
| P10, Inc. — Class A | 277 | 2831 |
| Tiptree, Inc. — Class A | 120 | 2830 |
| World Acceptance Corp.<sup>\*</sup> | 17 | 2807 |
| Armada Hoffler Properties, Inc. REIT<sup>1</sup> | 408 | 2803 |
| Capital City Bank Group, Inc. | 71 | 2794 |
| Washington Trust Bancorp, Inc. | 98 | 2771 |
| TPG RE Finance Trust, Inc. REIT | 349 | 2694 |
| Southern Missouri Bancorp, Inc. | 49 | 2684 |
| CTO Realty Growth, Inc. REIT | 155 | 2675 |
| Universal Health Realty Income Trust REIT | 66 | 2638 |
| Invesco Mortgage Capital, Inc. REIT | 336 | 2634 |
| GCM Grosvenor, Inc. — Class A | 226 | 2613 |
| Northrim BanCorp, Inc. | 28 | 2611 |
| Financial Institutions, Inc. | 101 | 2594 |
| Great Southern Bancorp, Inc. | 44 | 2586 |
| Farmers National Banc Corp. | 186 | 2565 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Financial - 6.4% (continued)** |  |  |
| KKR Real Estate Finance Trust, Inc. REIT | 291 | $2552 |
| Hippo Holdings, Inc.<sup>\*</sup> | 91 | 2542 |
| SmartFinancial, Inc. | 74 | 2500 |
| Alerus Financial Corp. | 115 | 2489 |
| Peakstone Realty Trust REIT | 188 | 2484 |
| Alexander's, Inc. REIT | 11 | 2479 |
| NET Lease Office Properties REIT<sup>\*</sup> | 76 | 2474 |
| Shore Bancshares, Inc. | 157 | 2468 |
| Farmland Partners, Inc. REIT | 212 | 2440 |
| Real Brokerage, Inc.<sup>\*</sup> | 541 | 2440 |
| CNB Financial Corp. | 106 | 2423 |
| South Plains Financial, Inc. | 66 | 2379 |
| CBL & Associates Properties, Inc. REIT | 93 | 2361 |
| Community Healthcare Trust, Inc. REIT | 140 | 2328 |
| Peoples Financial Services Corp. | 47 | 2320 |
| Peapack-Gladstone Financial Corp. | 82 | 2317 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 211 | 2315 |
| Bar Harbor Bankshares | 77 | 2307 |
| Five Star Bancorp | 80 | 2283 |
| HarborOne Bancorp, Inc. | 195 | 2278 |
| Global Medical REIT, Inc. | 326 | 2259 |
| One Liberty Properties, Inc. REIT | 94 | 2243 |
| ACNB Corp. | 52 | 2228 |
| Firstsun Capital Bancorp<sup>\*</sup> | 64 | 2224 |
| Arrow Financial Corp. | 84 | 2219 |
| Northfield Bancorp, Inc. | 192 | 2204 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 66 | 2156 |
| Compass Diversified Holdings<sup>\*</sup> | 343 | 2154 |
| Saul Centers, Inc. REIT | 63 | 2151 |
| LendingTree, Inc.<sup>\*</sup> | 57 | 2113 |
| ChoiceOne Financial Services, Inc. | 73 | 2095 |
| First Business Financial Services, Inc. | 41 | 2077 |
| Diamond Hill Investment Group, Inc. | 14 | 2034 |
| Carter Bankshares, Inc.<sup>\*</sup> | 117 | 2029 |
| Bit Digital, Inc.<sup>\*</sup> | 925 | 2026 |
| Enterprise Bancorp, Inc. | 51 | 2022 |
| Columbia Financial, Inc.<sup>\*</sup> | 139 | 2017 |
| Capital Bancorp, Inc. | 60 | 2015 |
| Hingham Institution For Savings | 8 | 1987 |
| Guaranty Bancshares, Inc. | 46 | 1952 |
| Flushing Financial Corp. | 164 | 1948 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 538 | 1947 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 135 | 1940 |
| Sierra Bancorp | 64 | 1900 |
| Kearny Financial Corp. | 292 | 1886 |
| Service Properties Trust REIT | 788 | 1883 |
| Midland States Bancorp, Inc. | 105 | 1819 |
| California BanCorp<sup>\*</sup> | 115 | 1812 |
| Home Bancorp, Inc. | 35 | 1812 |
| Civista Bancshares, Inc. | 78 | 1810 |
| Gladstone Land Corp. REIT | 174 | 1770 |
| Unity Bancorp, Inc. | 37 | 1742 |
| OppFi, Inc. | 124 | 1735 |
| Ambac Financial Group, Inc.<sup>\*</sup> | 242 | 1718 |
| Bank of Marin Bancorp | 75 | 1713 |
| First Bank/Hamilton NJ | 110 | 1702 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 106 | 1686 |
| Postal Realty Trust, Inc. — Class A REIT | 114 | 1679 |
| Selectquote, Inc.<sup>\*</sup> | 701 | 1668 |
| Donegal Group, Inc. — Class A | 83 | 1662 |
| Chatham Lodging Trust REIT | 238 | 1659 |
| Community West Bancshares | 85 | 1658 |
| First Foundation, Inc.<sup>\*</sup> | 324 | 1652 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 65 | 1643 |
| HBT Financial, Inc. | 65 | 1639 |
| GBank Financial Holdings, Inc.<sup>\*</sup> | 46 | 1629 |
| FRP Holdings, Inc.<sup>\*</sup> | 59 | 1586 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 40 | 1521 |
| West BanCorp, Inc. | 77 | 1512 |
| RBB Bancorp | 86 | 1480 |
| Investors Title Co. | 7 | 1479 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 27 | 1478 |
| BayCom Corp. | 53 | 1469 |
| Northeast Community Bancorp, Inc. | 63 | 1464 |
| International Money Express, Inc.<sup>\*</sup> | 143 | 1443 |
| Citizens & Northern Corp. | 76 | 1439 |
| NewtekOne, Inc. | 126 | 1421 |
| Colony Bankcorp, Inc. | 86 | 1416 |
| Red River Bancshares, Inc. | 24 | 1409 |
| First Bancorp, Inc. | 55 | 1398 |
| American Coastal Insurance Corp. | 125 | 1390 |
| Ponce Financial Group, Inc.<sup>\*</sup> | 100 | 1384 |
| Regional Management Corp. | 47 | 1373 |
| Citizens Financial Services, Inc. | 23 | 1364 |
| Claros Mortgage Trust, Inc. REIT<sup>\*</sup> | 471 | 1342 |
| FS Bancorp, Inc. | 34 | 1339 |
| MVB Financial Corp. | 59 | 1329 |
| Onity Group, Inc.<sup>\*</sup> | 34 | 1298 |
| Bankwell Financial Group, Inc. | 36 | 1297 |
| RMR Group, Inc. — Class A | 79 | 1292 |
| Ares Commercial Real Estate Corp. REIT | 270 | 1288 |
| Orange County Bancorp, Inc. | 49 | 1266 |
| Paysign, Inc.<sup>\*</sup> | 175 | 1260 |
| Kingsway Financial Services, Inc.<sup>\*</sup> | 92 | 1246 |
| Industrial Logistics Properties Trust REIT | 273 | 1242 |
| HomeStreet, Inc.<sup>\*</sup> | 94 | 1229 |
| Chicago Atlantic Real Estate Finance, Inc. REIT | 88 | 1229 |
| Oportun Financial Corp.<sup>\*</sup> | 171 | 1224 |
| Plumas Bancorp | 27 | 1200 |
| John Marshall Bancorp, Inc. | 64 | 1186 |
| Timberland Bancorp, Inc. | 38 | 1186 |
| Blue Ridge Bankshares, Inc.<sup>\*</sup> | 328 | 1178 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Financial - 6.4% (continued)** |  |  |
| PCB Bancorp | 56 | $1175 |
| Primis Financial Corp. | 107 | 1161 |
| Penns Woods Bancorp, Inc. | 38 | 1154 |
| Norwood Financial Corp. | 44 | 1134 |
| Waterstone Financial, Inc. | 81 | 1119 |
| Middlefield Banc Corp. | 37 | 1114 |
| Fidelity D&D Bancorp, Inc. | 24 | 1104 |
| James River Group Holdings Ltd. | 188 | 1102 |
| FrontView REIT, Inc. | 90 | 1080 |
| First Internet Bancorp | 40 | 1076 |
| AG Mortgage Investment Trust, Inc. REIT | 142 | 1072 |
| City Office REIT, Inc. | 199 | 1063 |
| Velocity Financial, Inc.<sup>\*</sup> | 57 | 1057 |
| Sky Harbour Group Corp.<sup>\*</sup> | 108 | 1055 |
| Parke Bancorp, Inc. | 51 | 1039 |
| Provident Bancorp, Inc.<sup>\*</sup> | 82 | 1024 |
| FB Bancorp, Inc.<sup>\*</sup> | 91 | 1024 |
| Chemung Financial Corp. | 21 | 1018 |
| MBIA, Inc.<sup>\*</sup> | 233 | 1011 |
| LCNB Corp. | 69 | 1003 |
| Legacy Housing Corp.<sup>\*</sup> | 44 | 997 |
| Forge Global Holdings, Inc.<sup>\*</sup> | 52 | 990 |
| C&F Financial Corp. | 16 | 988 |
| First United Corp. | 31 | 961 |
| Oak Valley Bancorp | 35 | 953 |
| First Western Financial, Inc.<sup>\*</sup> | 42 | 948 |
| FVCBankcorp, Inc.<sup>\*</sup> | 80 | 944 |
| Alpine Income Property Trust, Inc. REIT | 64 | 941 |
| Blue Foundry Bancorp<sup>\*</sup> | 97 | 928 |
| First Community Corp. | 38 | 926 |
| Bank7 Corp. | 22 | 920 |
| Investar Holding Corp. | 47 | 908 |
| AlTi Global, Inc.<sup>\*</sup> | 217 | 901 |
| Seven Hills Realty Trust REIT | 74 | 893 |
| USCB Financial Holdings, Inc. | 54 | 893 |
| Virginia National Bankshares Corp. | 24 | 888 |
| Crawford & Co. — Class A | 83 | 878 |
| Hawthorn Bancshares, Inc. | 30 | 874 |
| National Bankshares, Inc. | 32 | 870 |
| Douglas Elliman, Inc.<sup>\*</sup> | 374 | 868 |
| Western New England Bancorp, Inc. | 94 | 868 |
| Kingstone Companies, Inc.<sup>\*</sup> | 56 | 863 |
| BRT Apartments Corp. REIT | 55 | 860 |
| ESSA Bancorp, Inc. | 44 | 854 |
| Princeton Bancorp, Inc. | 27 | 825 |
| Citizens, Inc.<sup>\*</sup> | 231 | 806 |
| LINKBANCORP, Inc. | 110 | 804 |
| Ames National Corp. | 45 | 801 |
| Greene County Bancorp, Inc. | 36 | 800 |
| Medallion Financial Corp. | 83 | 791 |
| Old Point Financial Corp. | 20 | 785 |
| OP Bancorp | 60 | 779 |
| First National Corp. | 40 | 779 |
| RE/MAX Holdings, Inc. — Class A<sup>\*</sup> | 93 | 761 |
| Northpointe Bancshares, Inc. | 54 | 740 |
| Security National Financial Corp. — Class A<sup>\*</sup> | 75 | 739 |
| Braemar Hotels & Resorts, Inc. REIT | 301 | 737 |
| NexPoint Diversified Real Estate Trust REIT | 174 | 729 |
| Franklin Financial Services Corp. | 21 | 727 |
| Seaport Entertainment Group, Inc.<sup>\*</sup> | 38 | 709 |
| Eagle Financial Services, Inc. | 23 | 704 |
| First Capital, Inc. | 17 | 702 |
| Resolute Holdings Management, Inc.<sup>\*</sup> | 22 | 701 |
| First Savings Financial Group, Inc. | 28 | 701 |
| Finwise Bancorp<sup>\*</sup> | 46 | 690 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 57 | 686 |
| CB Financial Services, Inc. | 24 | 684 |
| MainStreet Bancshares, Inc. | 36 | 680 |
| Citizens Community Bancorp, Inc. | 49 | 676 |
| Modiv Industrial, Inc. REIT | 48 | 676 |
| BV Financial, Inc.<sup>\*</sup> | 44 | 670 |
| BCB Bancorp, Inc. | 79 | 665 |
| BankFinancial Corp. | 57 | 660 |
| Silvercrest Asset Management Group, Inc. — Class A | 41 | 650 |
| Stratus Properties, Inc.<sup>\*</sup> | 34 | 642 |
| eHealth, Inc.<sup>\*</sup> | 147 | 639 |
| Maui Land & Pineapple Company, Inc.<sup>\*</sup> | 35 | 637 |
| Richmond Mutual BanCorp, Inc. | 46 | 635 |
| Franklin Street Properties Corp. REIT | 387 | 635 |
| Eagle Bancorp Montana, Inc. | 38 | 633 |
| United Security Bancshares | 71 | 614 |
| Ohio Valley Banc Corp. | 19 | 612 |
| Landmark Bancorp Incorporated/Manhattan KS | 23 | 608 |
| Peoples Bancorp of North Carolina, Inc. | 21 | 606 |
| ECB Bancorp, Inc.<sup>\*</sup> | 39 | 602 |
| Angel Oak Mortgage REIT, Inc. | 63 | 593 |
| Meridian Corp. | 46 | 593 |
| Westwood Holdings Group, Inc. | 38 | 593 |
| Rithm Property Trust, Inc. REIT | 215 | 581 |
| SB Financial Group, Inc. | 30 | 573 |
| Riverview Bancorp, Inc. | 104 | 572 |
| ACRES Commercial Realty Corp. REIT<sup>\*</sup> | 31 | 556 |
| Sunrise Realty Trust, Inc. REIT | 52 | 551 |
| Hanover Bancorp, Inc. | 24 | 549 |
| SR Bancorp, Inc. | 40 | 540 |
| Nexpoint Real Estate Finance, Inc. REIT | 39 | 538 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 23 | 536 |
| loanDepot, Inc. — Class A<sup>\*</sup> | 416 | 528 |
| Lument Finance Trust, Inc. REIT | 233 | 515 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Financial - 6.4% (continued)** |  |  |
| Sound Financial Bancorp, Inc. | 11 | $506 |
| Union Bankshares, Inc. | 19 | 506 |
| CF Bankshares, Inc. | 20 | 479 |
| Finward Bancorp | 17 | 470 |
| Consumer Portfolio Services, Inc.<sup>\*</sup> | 47 | 462 |
| NI Holdings, Inc.<sup>\*</sup> | 35 | 446 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 10 | 426 |
| Advanced Flower Capital, Inc. REIT | 93 | 417 |
| Strawberry Fields REIT, Inc. | 37 | 390 |
| Bakkt Holdings, Inc.<sup>\*</sup> | 26 | 363 |
| Patriot National Bancorp, Inc.<sup>\*</sup> | 224 | 341 |
| Mobile Infrastructure Corp.<sup>\*</sup> | 73 | 331 |
| Siebert Financial Corp.<sup>\*</sup> | 72 | 318 |
| Better Home & Finance Holding Co.<sup>\*</sup> | 25 | 310 |
| Chain Bridge Bancorp, Inc. — Class A<sup>\*</sup> | 12 | 309 |
| Rhinebeck Bancorp, Inc.<sup>\*</sup> | 23 | 270 |
| Clipper Realty, Inc. REIT | 71 | 261 |
| Kestrel Group Ltd.<sup>\*</sup> | 9 | 249 |
| SWK Holdings Corp. | 16 | 236 |
| Vroom, Inc.<sup>\*</sup> | 5 | 143 |
| GoHealth, Inc. — Class A<sup>\*</sup> | 25 | 139 |
| Logistic Properties of The Americas<sup>\*</sup> | 16 | 109 |
| American Realty Investors, Inc.<sup>\*</sup> | 7 | 99 |
| **Total Financial** |  | 3237562 |
| **Consumer, Non-cyclical - 5.6%** |  |  |
| HealthEquity, Inc.<sup>\*</sup> | 435 | 45583 |
| Ensign Group, Inc. | 287 | 44273 |
| Blueprint Medicines Corp.<sup>\*</sup> | 326 | 41787 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 797 | 34414 |
| Guardant Health, Inc.<sup>\*</sup> | 609 | 31692 |
| Stride, Inc.<sup>\*</sup> | 218 | 31651 |
| Glaukos Corp.<sup>\*</sup> | 285 | 29438 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 344 | 28160 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 298 | 27857 |
| Option Care Health, Inc.<sup>\*</sup> | 840 | 27283 |
| TG Therapeutics, Inc.<sup>\*</sup> | 741 | 26669 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 86 | 26027 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 163 | 25095 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 188 | 23919 |
| Alkermes plc<sup>\*</sup> | 827 | 23660 |
| Cal-Maine Foods, Inc. | 234 | 23313 |
| TransMedics Group, Inc.<sup>\*</sup> | 170 | 22782 |
| Herc Holdings, Inc. | 167 | 21992 |
| Integer Holdings Corp.<sup>\*</sup> | 176 | 21643 |
| ADMA Biologics, Inc.<sup>\*</sup> | 1182 | 21524 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 206 | 21504 |
| Vaxcyte, Inc.<sup>\*</sup> | 641 | 20839 |
| Verra Mobility Corp.<sup>\*</sup> | 815 | 20693 |
| CRISPR Therapeutics AG<sup>\*</sup> | 422 | 20526 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 252 | 20122 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 934 | 20025 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 1237 | 19841 |
| Brink's Co. | 221 | 19733 |
| Cytokinetics, Inc.<sup>\*</sup> | 596 | 19692 |
| Korn Ferry | 264 | 19359 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 396 | 19341 |
| RadNet, Inc.<sup>\*</sup> | 339 | 19292 |
| Haemonetics Corp.<sup>\*</sup> | 257 | 19175 |
| CBIZ, Inc.<sup>\*</sup> | 267 | 19147 |
| Akero Therapeutics, Inc.<sup>\*</sup> | 356 | 18996 |
| Marzetti Co | 103 | 17795 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 278 | 17567 |
| Krystal Biotech, Inc.<sup>\*</sup> | 126 | 17320 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 205 | 17175 |
| GEO Group, Inc.<sup>\*</sup> | 698 | 16717 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 219 | 16710 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 584 | 16586 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 297 | 16415 |
| ICU Medical, Inc.<sup>\*</sup> | 123 | 16254 |
| WD-40 Co. | 69 | 15738 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 268 | 15437 |
| Laureate Education, Inc. — Class A<sup>\*</sup> | 657 | 15361 |
| CorVel Corp.<sup>\*</sup> | 148 | 15211 |
| Graham Holdings Co. — Class B | 16 | 15139 |
| Simply Good Foods Co.<sup>\*</sup> | 478 | 15100 |
| ABM Industries, Inc. | 316 | 14918 |
| Remitly Global, Inc.<sup>\*</sup> | 791 | 14847 |
| Scholar Rock Holding Corp.<sup>\*</sup> | 414 | 14664 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 243 | 13746 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 635 | 13697 |
| Privia Health Group, Inc.<sup>\*</sup> | 587 | 13501 |
| Sezzle, Inc.<sup>\*</sup> | 75 | 13444 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 461 | 13258 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 590 | 12803 |
| LivaNova plc<sup>\*</sup> | 278 | 12516 |
| Alight, Inc. — Class A | 2200 | 12452 |
| Inter Parfums, Inc. | 94 | 12343 |
| Arcellx, Inc.<sup>\*</sup> | 187 | 12314 |
| Concentra Group Holdings Parent, Inc. | 596 | 12260 |
| Xenon Pharmaceuticals, Inc.<sup>\*</sup> | 387 | 12113 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 87 | 11966 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 186 | 11869 |
| EVERTEC, Inc. | 328 | 11824 |
| CoreCivic, Inc.<sup>\*</sup> | 550 | 11588 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 1962 | 11438 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 222 | 11298 |
| TriNet Group, Inc. | 153 | 11190 |
| Twist Bioscience Corp.<sup>\*</sup> | 302 | 11111 |
| Insperity, Inc. | 184 | 11062 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 97 | 11027 |
| Vericel Corp.<sup>\*</sup> | 257 | 10935 |
| Veracyte, Inc.<sup>\*</sup> | 400 | 10812 |
| Addus HomeCare Corp.<sup>\*</sup> | 93 | 10713 |
| Strategic Education, Inc. | 123 | 10471 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 239 | 10430 |
| Perdoceo Education Corp. | 314 | 10265 |
| Premier, Inc. — Class A | 466 | 10219 |
| BrightSpring Health Services, Inc.<sup>\*</sup> | 431 | 10167 |
| QuidelOrtho Corp.<sup>\*</sup> | 346 | 9972 |
| Payoneer Global, Inc.<sup>\*</sup> | 1421 | 9734 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** |  |  |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 615 | $9717 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 288 | 9579 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 1068 | 9569 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 675 | 9443 |
| John Wiley & Sons, Inc. — Class A | 210 | 9372 |
| UFP Technologies, Inc.<sup>\*</sup> | 38 | 9278 |
| Novocure Ltd.<sup>\*</sup> | 518 | 9220 |
| Enovis Corp.<sup>\*</sup> | 292 | 9157 |
| Indivior plc<sup>\*</sup> | 619 | 9124 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 427 | 8976 |
| J & J Snack Foods Corp. | 79 | 8959 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 762 | 8877 |
| GeneDx Holdings Corp.<sup>\*</sup> | 96 | 8862 |
| LeMaitre Vascular, Inc. | 106 | 8803 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*,1</sup> | 1731 | 8759 |
| Surgery Partners, Inc.<sup>\*</sup> | 394 | 8759 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 275 | 8668 |
| Select Medical Holdings Corp. | 570 | 8653 |
| Arlo Technologies, Inc.<sup>\*</sup> | 507 | 8599 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 488 | 8301 |
| CONMED Corp. | 159 | 8281 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 264 | 8261 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 1171 | 8150 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 1420 | 8137 |
| AtriCure, Inc.<sup>\*</sup> | 247 | 8094 |
| GRAIL, Inc.<sup>\*</sup> | 156 | 8022 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 198 | 8021 |
| ICF International, Inc. | 94 | 7963 |
| Teladoc Health, Inc.<sup>\*</sup> | 897 | 7813 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 229 | 7761 |
| Progyny, Inc.<sup>\*</sup> | 350 | 7700 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 546 | 7655 |
| CG oncology, Inc.<sup>\*</sup> | 285 | 7410 |
| Vita Coco Company, Inc.<sup>\*</sup> | 205 | 7401 |
| Universal Corp. | 123 | 7164 |
| United Natural Foods, Inc.<sup>\*</sup> | 306 | 7133 |
| Apogee Therapeutics, Inc.<sup>\*</sup> | 163 | 7079 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 223 | 7047 |
| Omnicell, Inc.<sup>\*</sup> | 238 | 6997 |
| Flywire Corp.<sup>\*</sup> | 598 | 6997 |
| National Healthcare Corp. | 65 | 6956 |
| Spectrum Brands Holdings, Inc. | 130 | 6890 |
| Vital Farms, Inc.<sup>\*</sup> | 177 | 6818 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 334 | 6797 |
| Upbound Group, Inc. | 268 | 6727 |
| First Advantage Corp.<sup>\*</sup> | 404 | 6710 |
| Disc Medicine, Inc.<sup>\*</sup> | 126 | 6673 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 450 | 6660 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 717 | 6654 |
| Turning Point Brands, Inc. | 87 | 6592 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 592 | 6571 |
| Biohaven Ltd.<sup>\*</sup> | 461 | 6505 |
| Innoviva, Inc.<sup>\*</sup> | 321 | 6449 |
| Azenta, Inc.<sup>\*</sup> | 208 | 6402 |
| CRA International, Inc. | 34 | 6371 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 341 | 6356 |
| 89bio, Inc.<sup>\*</sup> | 636 | 6246 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 435 | 6242 |
| 10X Genomics, Inc. — Class A<sup>\*</sup> | 538 | 6230 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 767 | 6205 |
| Coursera, Inc.<sup>\*</sup> | 705 | 6176 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 262 | 6173 |
| Andersons, Inc. | 167 | 6137 |
| Weis Markets, Inc. | 84 | 6089 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 93 | 6068 |
| Artivion, Inc.<sup>\*</sup> | 194 | 6033 |
| US Physical Therapy, Inc. | 77 | 6021 |
| PROG Holdings, Inc. | 205 | 6017 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 483 | 5999 |
| Acuren Corp.<sup>\*</sup> | 528 | 5829 |
| MannKind Corp.<sup>\*</sup> | 1544 | 5775 |
| Clover Health Investments Corp.<sup>\*</sup> | 2059 | 5745 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 235 | 5617 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 372 | 5591 |
| Edgewell Personal Care Co. | 238 | 5572 |
| Immunovant, Inc.<sup>\*</sup> | 348 | 5568 |
| Fresh Del Monte Produce, Inc. | 169 | 5479 |
| CareDx, Inc.<sup>\*</sup> | 278 | 5432 |
| Driven Brands Holdings, Inc.<sup>\*</sup> | 305 | 5356 |
| Neogen Corp.<sup>\*</sup> | 1115 | 5330 |
| Dynavax Technologies Corp.<sup>\*</sup> | 536 | 5317 |
| Barrett Business Services, Inc. | 127 | 5295 |
| National Beverage Corp.<sup>\*</sup> | 122 | 5275 |
| Astrana Health, Inc.<sup>\*</sup> | 208 | 5175 |
| Pennant Group, Inc.<sup>\*</sup> | 173 | 5164 |
| BrightView Holdings, Inc.<sup>\*</sup> | 307 | 5112 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 601 | 5090 |
| WK Kellogg Co. | 318 | 5069 |
| Legalzoom.com, Inc.<sup>\*</sup> | 565 | 5034 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 256 | 4972 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 354 | 4949 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 526 | 4934 |
| Harrow, Inc.<sup>\*</sup> | 161 | 4917 |
| ARS Pharmaceuticals, Inc.<sup>\*</sup> | 280 | 4886 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 372 | 4877 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 163 | 4820 |
| NeoGenomics, Inc.<sup>\*</sup> | 658 | 4810 |
| Novavax, Inc.<sup>\*,1</sup> | 763 | 4807 |
| Heidrick & Struggles International, Inc. | 104 | 4759 |
| Ingles Markets, Inc. — Class A | 75 | 4753 |
| Dole plc | 338 | 4729 |
| Ardelyx, Inc.<sup>\*</sup> | 1203 | 4716 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 201 | 4643 |
| Akebia Therapeutics, Inc.<sup>\*</sup> | 1275 | 4641 |
| Utz Brands, Inc. | 369 | 4631 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 479 | 4560 |
| SpartanNash Co. | 172 | 4556 |
| Quanex Building Products Corp. | 241 | 4555 |
| AdaptHealth Corp.<sup>\*</sup> | 472 | 4451 |
| Herbalife Ltd.<sup>\*</sup> | 516 | 4448 |
| Willdan Group, Inc.<sup>\*</sup> | 71 | 4438 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 384 | 4374 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** |  |  |
| Geron Corp.<sup>\*</sup> | 3095 | $4364 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 189 | 4339 |
| STAAR Surgical Co.<sup>\*</sup> | 255 | 4279 |
| Integra LifeSciences Holdings Corp.<sup>\*</sup> | 342 | 4196 |
| Cidara Therapeutics, Inc.<sup>\*</sup> | 86 | 4189 |
| BioLife Solutions, Inc.<sup>\*</sup> | 193 | 4157 |
| Hertz Global Holdings, Inc.<sup>\*,1</sup> | 602 | 4112 |
| Liquidia Corp.<sup>\*</sup> | 327 | 4074 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 435 | 4074 |
| CorMedix, Inc.<sup>\*</sup> | 328 | 4041 |
| Transcat, Inc.<sup>\*</sup> | 47 | 4040 |
| Avadel Pharmaceuticals plc<sup>\*</sup> | 456 | 4036 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 195 | 4031 |
| Anavex Life Sciences Corp.<sup>\*,1</sup> | 426 | 3928 |
| Verve Therapeutics, Inc.<sup>\*</sup> | 348 | 3908 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 541 | 3884 |
| Niagen Bioscience, Inc.<sup>\*</sup> | 266 | 3833 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 91 | 3827 |
| Spyre Therapeutics, Inc.<sup>\*</sup> | 254 | 3802 |
| Kforce, Inc. | 91 | 3743 |
| WaVe Life Sciences Ltd.<sup>\*</sup> | 572 | 3718 |
| MiMedx Group, Inc.<sup>\*</sup> | 603 | 3684 |
| SI-BONE, Inc.<sup>\*</sup> | 194 | 3651 |
| Matthews International Corp. — Class A | 152 | 3634 |
| agilon health, Inc.<sup>\*</sup> | 1574 | 3620 |
| Cimpress plc<sup>\*</sup> | 77 | 3619 |
| Deluxe Corp. | 226 | 3596 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 764 | 3568 |
| Owens & Minor, Inc.<sup>\*</sup> | 385 | 3504 |
| Immunome, Inc.<sup>\*</sup> | 376 | 3497 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 676 | 3495 |
| Lincoln Educational Services Corp.<sup>\*</sup> | 151 | 3481 |
| Udemy, Inc.<sup>\*</sup> | 495 | 3480 |
| Vestis Corp. | 588 | 3369 |
| Helen of Troy Ltd.<sup>\*</sup> | 117 | 3320 |
| Carriage Services, Inc. — Class A | 72 | 3293 |
| Enliven Therapeutics, Inc.<sup>\*</sup> | 164 | 3290 |
| Hackett Group, Inc. | 128 | 3254 |
| CompoSecure, Inc. — Class A<sup>\*</sup> | 224 | 3156 |
| Zymeworks, Inc.<sup>\*</sup> | 250 | 3138 |
| Replimune Group, Inc.<sup>\*</sup> | 336 | 3121 |
| ImmunityBio, Inc.<sup>\*</sup> | 1173 | 3097 |
| Mister Car Wash, Inc.<sup>\*</sup> | 506 | 3041 |
| Tootsie Roll Industries, Inc. | 90 | 3011 |
| EyePoint Pharmaceuticals, Inc.<sup>\*</sup> | 316 | 2974 |
| Castle Biosciences, Inc.<sup>\*</sup> | 145 | 2961 |
| Green Dot Corp. — Class A<sup>\*</sup> | 274 | 2954 |
| PACS Group, Inc.<sup>\*</sup> | 225 | 2907 |
| Embecta Corp. | 298 | 2888 |
| Mission Produce, Inc.<sup>\*</sup> | 246 | 2883 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 351 | 2857 |
| SunOpta, Inc.<sup>\*</sup> | 488 | 2830 |
| Xencor, Inc.<sup>\*</sup> | 359 | 2822 |
| Avanos Medical, Inc.<sup>\*</sup> | 228 | 2791 |
| American Public Education, Inc.<sup>\*</sup> | 89 | 2711 |
| Mineralys Therapeutics, Inc.<sup>\*</sup> | 200 | 2706 |
| Cass Information Systems, Inc. | 62 | 2694 |
| LENZ Therapeutics, Inc.<sup>\*</sup> | 91 | 2667 |
| Phibro Animal Health Corp. — Class A | 104 | 2656 |
| Sage Therapeutics, Inc.<sup>\*</sup> | 290 | 2645 |
| Metsera, Inc.<sup>\*,1</sup> | 91 | 2589 |
| UroGen Pharma Ltd.<sup>\*</sup> | 188 | 2576 |
| Natural Grocers by Vitamin Cottage, Inc. | 65 | 2551 |
| ArriVent Biopharma, Inc.<sup>\*</sup> | 117 | 2547 |
| John B Sanfilippo & Son, Inc. | 40 | 2530 |
| iRadimed Corp. | 42 | 2511 |
| Evolus, Inc.<sup>\*</sup> | 272 | 2505 |
| Mind Medicine MindMed, Inc.<sup>\*</sup> | 384 | 2492 |
| Nuvation Bio, Inc.<sup>\*</sup> | 1273 | 2482 |
| RxSight, Inc.<sup>\*</sup> | 190 | 2470 |
| Arvinas, Inc.<sup>\*</sup> | 335 | 2466 |
| Myriad Genetics, Inc.<sup>\*</sup> | 464 | 2464 |
| Zevra Therapeutics, Inc.<sup>\*</sup> | 277 | 2440 |
| Enhabit, Inc.<sup>\*</sup> | 253 | 2439 |
| OPKO Health, Inc.<sup>\*</sup> | 1845 | 2435 |
| Axogen, Inc.<sup>\*</sup> | 224 | 2430 |
| Honest Company, Inc.<sup>\*</sup> | 476 | 2423 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 367 | 2385 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 772 | 2385 |
| Ceribell, Inc.<sup>\*</sup> | 127 | 2379 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 209 | 2372 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 675 | 2335 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 23 | 2333 |
| Kura Oncology, Inc.<sup>\*</sup> | 403 | 2325 |
| ORIC Pharmaceuticals, Inc.<sup>\*</sup> | 229 | 2324 |
| Fortrea Holdings, Inc.<sup>\*</sup> | 466 | 2302 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 172 | 2296 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 454 | 2288 |
| Calavo Growers, Inc. | 86 | 2287 |
| Ennis, Inc. | 126 | 2286 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 354 | 2269 |
| Monro, Inc. | 152 | 2266 |
| aTyr Pharma, Inc.<sup>\*</sup> | 444 | 2251 |
| Community Health Systems, Inc.<sup>\*</sup> | 662 | 2251 |
| Iovance Biotherapeutics, Inc.<sup>\*,1</sup> | 1307 | 2248 |
| Ginkgo Bioworks Holdings, Inc.<sup>\*</sup> | 198 | 2227 |
| Orthofix Medical, Inc.<sup>\*</sup> | 198 | 2208 |
| AnaptysBio, Inc.<sup>\*</sup> | 99 | 2198 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 192 | 2171 |
| MGP Ingredients, Inc. | 72 | 2158 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 193 | 2129 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 107 | 2127 |
| Trevi Therapeutics, Inc.<sup>\*</sup> | 387 | 2117 |
| Surmodics, Inc.<sup>\*</sup> | 71 | 2109 |
| Paysafe Ltd.<sup>\*</sup> | 166 | 2095 |
| Delcath Systems, Inc.<sup>\*</sup> | 154 | 2094 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 160 | 2088 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 215 | 2062 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 600 | 2040 |
| Tango Therapeutics, Inc.<sup>\*</sup> | 391 | 2002 |
| AngioDynamics, Inc.<sup>\*</sup> | 198 | 1964 |
| REGENXBIO, Inc.<sup>\*</sup> | 239 | 1962 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** |  |  |
| Butterfly Network, Inc.<sup>\*</sup> | 979 | $1958 |
| Cullinan Therapeutics, Inc.<sup>\*</sup> | 260 | 1958 |
| Upstream Bio, Inc.<sup>\*</sup> | 178 | 1954 |
| Taysha Gene Therapies, Inc.<sup>\*</sup> | 845 | 1952 |
| Celcuity, Inc.<sup>\*</sup> | 146 | 1949 |
| Capricor Therapeutics, Inc.<sup>\*,1</sup> | 196 | 1946 |
| Repay Holdings Corp.<sup>\*</sup> | 397 | 1914 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 272 | 1871 |
| Eton Pharmaceuticals, Inc.<sup>\*</sup> | 131 | 1867 |
| Dianthus Therapeutics, Inc.<sup>\*</sup> | 100 | 1863 |
| Sana Biotechnology, Inc.<sup>\*</sup> | 680 | 1856 |
| OrthoPediatrics Corp.<sup>\*</sup> | 86 | 1847 |
| Kelly Services, Inc. — Class A | 155 | 1815 |
| Tejon Ranch Co.<sup>\*</sup> | 107 | 1815 |
| Varex Imaging Corp.<sup>\*</sup> | 209 | 1812 |
| Village Super Market, Inc. — Class A | 47 | 1810 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 275 | 1754 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 1408 | 1746 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 57 | 1740 |
| Nano-X Imaging Ltd.<sup>\*,1</sup> | 328 | 1696 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 90 | 1686 |
| Personalis, Inc.<sup>\*</sup> | 256 | 1679 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 129 | 1678 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 334 | 1673 |
| Spire Global, Inc.<sup>\*,1</sup> | 140 | 1666 |
| Semler Scientific, Inc.<sup>\*,1</sup> | 43 | 1666 |
| B&G Foods, Inc.<sup>1</sup> | 393 | 1662 |
| Central Garden & Pet Co.<sup>\*</sup> | 47 | 1653 |
| Jade Biosciences, Inc. | 165 | 1648 |
| Solid Biosciences, Inc.<sup>\*</sup> | 337 | 1641 |
| KinderCare Learning Companies, Inc.<sup>\*</sup> | 161 | 1626 |
| Bicara Therapeutics, Inc.<sup>\*</sup> | 174 | 1616 |
| Heron Therapeutics, Inc.<sup>\*,1</sup> | 780 | 1615 |
| Ardent Health, Inc.<sup>\*</sup> | 118 | 1612 |
| ACCO Brands Corp. | 446 | 1597 |
| ClearPoint Neuro, Inc.<sup>\*</sup> | 133 | 1588 |
| Oruka Therapeutics, Inc. | 139 | 1558 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 235 | 1556 |
| Tourmaline Bio, Inc.<sup>\*</sup> | 97 | 1551 |
| Altimmune, Inc.<sup>\*,1</sup> | 395 | 1529 |
| Rezolute, Inc.<sup>\*</sup> | 341 | 1521 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 307 | 1517 |
| iTeos Therapeutics, Inc.<sup>\*</sup> | 152 | 1515 |
| Maravai LifeSciences Holdings, Inc. — Class A<sup>\*</sup> | 622 | 1499 |
| Savara, Inc.<sup>\*</sup> | 645 | 1471 |
| Aquestive Therapeutics, Inc.<sup>\*</sup> | 439 | 1453 |
| Mama's Creations, Inc.<sup>\*</sup> | 174 | 1444 |
| Nathan's Famous, Inc. | 13 | 1438 |
| Performant Healthcare, Inc.<sup>\*</sup> | 358 | 1432 |
| Absci Corp.<sup>\*</sup> | 556 | 1429 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 243 | 1429 |
| Quantum-Si, Inc.<sup>\*</sup> | 719 | 1409 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 391 | 1408 |
| Tonix Pharmaceuticals Holding Corp.<sup>\*</sup> | 39 | 1403 |
| Guardian Pharmacy Services, Inc. — Class A<sup>\*</sup> | 65 | 1385 |
| MeiraGTx Holdings plc<sup>\*</sup> | 212 | 1382 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup> | 369 | 1376 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 50 | 1373 |
| NeuroPace, Inc.<sup>\*</sup> | 123 | 1370 |
| SIGA Technologies, Inc. | 209 | 1363 |
| Pulse Biosciences, Inc.<sup>\*</sup> | 90 | 1358 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 284 | 1340 |
| Humacyte, Inc.<sup>\*</sup> | 639 | 1336 |
| Limoneira Co. | 85 | 1330 |
| Cerus Corp.<sup>\*</sup> | 942 | 1328 |
| Blade Air Mobility, Inc.<sup>\*</sup> | 327 | 1318 |
| Beyond Meat, Inc.<sup>\*</sup> | 376 | 1312 |
| Zimvie, Inc.<sup>\*</sup> | 140 | 1309 |
| Olema Pharmaceuticals, Inc.<sup>\*</sup> | 304 | 1295 |
| Franklin Covey Co.<sup>\*</sup> | 56 | 1278 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 348 | 1274 |
| Abeona Therapeutics, Inc.<sup>\*</sup> | 223 | 1267 |
| Quanterix Corp.<sup>\*</sup> | 188 | 1250 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 236 | 1234 |
| Viemed Healthcare, Inc.<sup>\*</sup> | 178 | 1230 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 120 | 1217 |
| Compass Therapeutics, Inc.<sup>\*</sup> | 467 | 1214 |
| XOMA Royalty Corp.<sup>\*</sup> | 48 | 1210 |
| Prothena Corporation plc<sup>\*</sup> | 198 | 1202 |
| Aura Biosciences, Inc.<sup>\*</sup> | 191 | 1196 |
| Gossamer Bio, Inc.<sup>\*</sup> | 968 | 1191 |
| SANUWAVE Health, Inc.<sup>\*</sup> | 36 | 1183 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 123 | 1177 |
| Annexon, Inc.<sup>\*</sup> | 488 | 1171 |
| Astria Therapeutics, Inc.<sup>\*</sup> | 218 | 1168 |
| Target Hospitality Corp.<sup>\*</sup> | 164 | 1168 |
| Septerna, Inc.<sup>\*</sup> | 109 | 1152 |
| OraSure Technologies, Inc.<sup>\*</sup> | 383 | 1149 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 141 | 1145 |
| MaxCyte, Inc.<sup>\*</sup> | 516 | 1125 |
| Erasca, Inc.<sup>\*</sup> | 885 | 1124 |
| Beauty Health Co.<sup>\*</sup> | 583 | 1114 |
| Tectonic Therapeutic, Inc.<sup>\*</sup> | 56 | 1113 |
| Kestra Medical Technologies Ltd.<sup>\*</sup> | 67 | 1111 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 75 | 1109 |
| Sionna Therapeutics, Inc.<sup>\*</sup> | 63 | 1093 |
| Precigen, Inc.<sup>\*</sup> | 765 | 1086 |
| National Research Corp. — Class A | 64 | 1075 |
| Monte Rosa Therapeutics, Inc.<sup>\*</sup> | 238 | 1073 |
| Corvus Pharmaceuticals, Inc.<sup>\*</sup> | 267 | 1068 |
| SELLAS Life Sciences Group, Inc.<sup>\*</sup> | 487 | 1067 |
| Aldeyra Therapeutics, Inc.<sup>\*</sup> | 277 | 1061 |
| Westrock Coffee Co.<sup>\*</sup> | 184 | 1054 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 428 | 1049 |
| Perspective Therapeutics, Inc.<sup>\*</sup> | 304 | 1046 |
| Rapport Therapeutics, Inc.<sup>\*</sup> | 90 | 1023 |
| Candel Therapeutics, Inc.<sup>\*</sup> | 201 | 1017 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** |  |  |
| Olaplex Holdings, Inc.<sup>\*</sup> | 716 | $1002 |
| Esperion Therapeutics, Inc.<sup>\*,1</sup> | 1018 | 1002 |
| Fennec Pharmaceuticals, Inc.<sup>\*</sup> | 120 | 996 |
| Cardiff Oncology, Inc.<sup>\*</sup> | 316 | 995 |
| MBX Biosciences, Inc.<sup>\*</sup> | 87 | 993 |
| ADC Therapeutics S.A.<sup>\*</sup> | 369 | 989 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 127 | 988 |
| Beta Bionics, Inc.<sup>\*,1</sup> | 67 | 976 |
| Entrada Therapeutics, Inc.<sup>\*</sup> | 143 | 961 |
| Verastem, Inc.<sup>\*</sup> | 231 | 959 |
| TrueBlue, Inc.<sup>\*</sup> | 146 | 946 |
| Editas Medicine, Inc.<sup>\*</sup> | 430 | 946 |
| Utah Medical Products, Inc. | 16 | 911 |
| Resources Connection, Inc. | 166 | 891 |
| OmniAb, Inc.<sup>\*</sup> | 511 | 889 |
| Joint Corp.<sup>\*</sup> | 77 | 889 |
| Alico, Inc. | 27 | 882 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 773 | 873 |
| Benitec Biopharma, Inc.<sup>\*</sup> | 74 | 866 |
| Information Services Group, Inc. | 180 | 864 |
| Omeros Corp.<sup>\*</sup> | 288 | 864 |
| Inogen, Inc.<sup>\*</sup> | 121 | 851 |
| Y-mAbs Therapeutics, Inc.<sup>\*</sup> | 188 | 848 |
| European Wax Center, Inc. — Class A<sup>\*</sup> | 149 | 839 |
| Cadiz, Inc.<sup>\*</sup> | 280 | 837 |
| Quad/Graphics, Inc. | 148 | 836 |
| Eledon Pharmaceuticals, Inc.<sup>\*</sup> | 299 | 810 |
| Zenas Biopharma, Inc.<sup>\*</sup> | 83 | 804 |
| Palvella Therapeutics, Inc.<sup>\*</sup> | 35 | 789 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 167 | 785 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 103 | 779 |
| KORU Medical Systems, Inc.<sup>\*</sup> | 217 | 777 |
| Medifast, Inc.<sup>\*</sup> | 55 | 773 |
| Electromed, Inc.<sup>\*</sup> | 35 | 770 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 205 | 761 |
| MediWound Ltd.<sup>\*</sup> | 39 | 755 |
| Monopar Therapeutics, Inc.<sup>\*</sup> | 21 | 751 |
| Neurogene, Inc.<sup>\*</sup> | 50 | 748 |
| Cargo Therapeutics, Inc.<sup>\*</sup> | 181 | 746 |
| Puma Biotechnology, Inc.<sup>\*</sup> | 216 | 741 |
| Alumis, Inc.<sup>\*</sup> | 246 | 738 |
| Voyager Therapeutics, Inc.<sup>\*</sup> | 237 | 737 |
| Prime Medicine, Inc.<sup>\*</sup> | 298 | 736 |
| DocGo, Inc.<sup>\*</sup> | 465 | 730 |
| Avita Medical, Inc.<sup>\*</sup> | 135 | 714 |
| CPI Card Group, Inc.<sup>\*</sup> | 30 | 712 |
| Accuray, Inc.<sup>\*</sup> | 517 | 708 |
| Lifevantage Corp. | 54 | 706 |
| Acme United Corp. | 17 | 705 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 462 | 702 |
| Sonida Senior Living, Inc.<sup>\*</sup> | 28 | 699 |
| Third Harmonic Bio, Inc.<sup>\*</sup> | 128 | 695 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 64 | 677 |
| scPharmaceuticals, Inc.<sup>\*</sup> | 175 | 667 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 463 | 657 |
| Alta Equipment Group, Inc. | 104 | 657 |
| Inhibrx Biosciences, Inc.<sup>\*</sup> | 46 | 656 |
| HF Foods Group, Inc.<sup>\*</sup> | 205 | 652 |
| Neuronetics, Inc.<sup>\*</sup> | 184 | 642 |
| Lifeway Foods, Inc.<sup>\*</sup> | 26 | 641 |
| SoundThinking, Inc.<sup>\*</sup> | 49 | 640 |
| LENSAR, Inc.<sup>\*</sup> | 48 | 632 |
| Mercurity Fintech Holding, Inc.<sup>\*</sup> | 163 | 628 |
| Larimar Therapeutics, Inc.<sup>\*</sup> | 216 | 624 |
| Acacia Research Corp.<sup>\*</sup> | 174 | 623 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 167 | 623 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 555 | 622 |
| Stereotaxis, Inc.<sup>\*</sup> | 292 | 619 |
| Oncology Institute, Inc.<sup>\*</sup> | 301 | 617 |
| Inhibikase Therapeutics, Inc.<sup>\*</sup> | 308 | 601 |
| Bright Minds Biosciences, Inc.<sup>\*</sup> | 23 | 601 |
| Biote Corp. — Class A<sup>\*</sup> | 149 | 599 |
| RCM Technologies, Inc.<sup>\*</sup> | 25 | 589 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 816 | 585 |
| Forrester Research, Inc.<sup>\*</sup> | 58 | 574 |
| Alector, Inc.<sup>\*</sup> | 406 | 568 |
| Maze Therapeutics, Inc.<sup>\*</sup> | 45 | 552 |
| Design Therapeutics, Inc.<sup>\*</sup> | 161 | 543 |
| Waldencast plc — Class A<sup>\*</sup> | 216 | 529 |
| Protalix BioTherapeutics, Inc.<sup>\*</sup> | 356 | 527 |
| DiaMedica Therapeutics, Inc.<sup>\*</sup> | 135 | 526 |
| Zevia PBC — Class A<sup>\*</sup> | 161 | 518 |
| Gyre Therapeutics, Inc.<sup>\*</sup> | 69 | 507 |
| Pulmonx Corp.<sup>\*</sup> | 195 | 505 |
| Protara Therapeutics, Inc.<sup>\*</sup> | 165 | 500 |
| BioAge Labs, Inc.<sup>\*</sup> | 121 | 500 |
| Nuvectis Pharma, Inc.<sup>\*</sup> | 66 | 493 |
| Lexeo Therapeutics, Inc.<sup>\*</sup> | 122 | 490 |
| Cartesian Therapeutics, Inc.<sup>\*,1</sup> | 47 | 488 |
| CVRx, Inc.<sup>\*</sup> | 82 | 482 |
| Nkarta, Inc.<sup>\*</sup> | 273 | 453 |
| Journey Medical Corp.<sup>\*</sup> | 62 | 445 |
| TriSalus Life Sciences, Inc.<sup>\*</sup> | 81 | 441 |
| Sanara Medtech, Inc.<sup>\*</sup> | 15 | 426 |
| Korro Bio, Inc.<sup>\*</sup> | 34 | 425 |
| Solesence Inc<sup>\*</sup> | 96 | 419 |
| Anteris Technologies Global Corp.<sup>\*</sup> | 110 | 417 |
| BRC, Inc. — Class A<sup>\*</sup> | 316 | 414 |
| Lucid Diagnostics, Inc.<sup>\*</sup> | 353 | 406 |
| Tvardi Therapeutics, Inc.<sup>\*</sup> | 17 | 397 |
| Coherus Oncology, Inc.<sup>\*</sup> | 541 | 396 |
| Aardvark Therapeutics, Inc.<sup>\*</sup> | 29 | 392 |
| Innovage Holding Corp.<sup>\*</sup> | 103 | 380 |
| Myomo, Inc.<sup>\*</sup> | 166 | 359 |
| Emerald Holding, Inc. | 71 | 344 |
| AirSculpt Technologies, Inc.<sup>\*,1</sup> | 65 | 314 |
| TuHURA Biosciences, Inc.<sup>\*</sup> | 131 | 292 |
| Greenwich Lifesciences, Inc.<sup>\*</sup> | 31 | 281 |
| HireQuest, Inc. | 28 | 280 |
| Alpha Teknova, Inc.<sup>\*</sup> | 55 | 270 |
| FitLife Brands, Inc.<sup>\*</sup> | 20 | 260 |
| Ispire Technology, Inc.<sup>\*</sup> | 96 | 246 |
| MarketWise, Inc. | 11 | 218 |
| Forafric Global plc<sup>\*</sup> | 26 | 203 |
| Inmune Bio, Inc.<sup>\*</sup> | 85 | 196 |
| Actuate Therapeutics, Inc.<sup>\*</sup> | 30 | 183 |
| Tevogen Bio Holdings, Inc.<sup>\*</sup> | 145 | 181 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** |  |  |
| SBC Medical Group Holdings, Inc.<sup>\*</sup> | 29 | $134 |
| Atlantic International Corp.<sup>\*</sup> | 55 | 112 |
| Scilex Holding Co.<sup>\*</sup> | 7 | 41 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 23 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 23 | – |
| **Total Consumer, Non-cyclical** |  | 2829634 |
| **Industrial - 4.3%** |  |  |
| Fabrinet<sup>\*</sup> | 184 | 54221 |
| Fluor Corp.<sup>\*</sup> | 854 | 43785 |
| AeroVironment, Inc.<sup>\*</sup> | 144 | 41033 |
| NEXTracker, Inc. — Class A<sup>\*</sup> | 724 | 39364 |
| SPX Technologies, Inc.<sup>\*</sup> | 233 | 39069 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 841 | 39064 |
| Chart Industries, Inc.<sup>\*</sup> | 231 | 38034 |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 321 | 37037 |
| Badger Meter, Inc. | 151 | 36987 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 152 | 35071 |
| Dycom Industries, Inc.<sup>\*</sup> | 143 | 34948 |
| Watts Water Technologies, Inc. — Class A | 140 | 34425 |
| Federal Signal Corp. | 306 | 32565 |
| JBT Marel Corp. | 267 | 32109 |
| UFP Industries, Inc. | 308 | 30603 |
| Itron, Inc.<sup>\*</sup> | 232 | 30538 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 2781 | 30174 |
| GATX Corp. | 183 | 28101 |
| Zurn Elkay Water Solutions Corp. | 767 | 28049 |
| Modine Manufacturing Co.<sup>\*</sup> | 267 | 26299 |
| Sanmina Corp.<sup>\*</sup> | 267 | 26121 |
| Moog, Inc. — Class A | 144 | 26060 |
| NuScale Power Corp.<sup>\*</sup> | 647 | 25595 |
| ESCO Technologies, Inc. | 133 | 25519 |
| Advanced Energy Industries, Inc. | 192 | 25440 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 239 | 25401 |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 1045 | 24996 |
| Joby Aviation, Inc.<sup>\*,1</sup> | 2354 | 24835 |
| Knife River Corp.<sup>\*</sup> | 292 | 23839 |
| CSW Industrials, Inc. | 83 | 23807 |
| Novanta, Inc.<sup>\*</sup> | 184 | 23723 |
| Belden, Inc. | 202 | 23392 |
| Mirion Technologies, Inc.<sup>\*</sup> | 1072 | 23080 |
| Frontdoor, Inc.<sup>\*</sup> | 380 | 22397 |
| Primoris Services Corp. | 276 | 21511 |
| Arcosa, Inc. | 248 | 21504 |
| Golar LNG Ltd. | 510 | 21007 |
| TTM Technologies, Inc.<sup>\*</sup> | 514 | 20981 |
| Granite Construction, Inc. | 223 | 20853 |
| Enpro, Inc. | 108 | 20687 |
| Exponent, Inc. | 259 | 19350 |
| Mueller Water Products, Inc. — Class A | 796 | 19136 |
| Kadant, Inc. | 60 | 19047 |
| Plexus Corp.<sup>\*</sup> | 137 | 18537 |
| Matson, Inc. | 166 | 18484 |
| OSI Systems, Inc.<sup>\*</sup> | 82 | 18438 |
| Franklin Electric Company, Inc. | 204 | 18307 |
| EnerSys | 200 | 17154 |
| Boise Cascade Co. | 195 | 16930 |
| Atmus Filtration Technologies, Inc. | 426 | 15515 |
| Terex Corp. | 332 | 15501 |
| Cactus, Inc. — Class A | 350 | 15302 |
| Argan, Inc. | 68 | 14993 |
| Griffon Corp. | 200 | 14474 |
| MYR Group, Inc.<sup>\*</sup> | 79 | 14335 |
| Mercury Systems, Inc.<sup>\*</sup> | 266 | 14327 |
| AZZ, Inc. | 151 | 14266 |
| IES Holdings, Inc.<sup>\*</sup> | 46 | 13627 |
| RXO, Inc.<sup>\*</sup> | 829 | 13032 |
| AAR Corp.<sup>\*</sup> | 182 | 12520 |
| Atkore, Inc. | 176 | 12417 |
| Alamo Group, Inc. | 53 | 11574 |
| O-I Glass, Inc.<sup>\*</sup> | 784 | 11556 |
| Trinity Industries, Inc. | 418 | 11290 |
| Enerpac Tool Group Corp. | 277 | 11235 |
| Albany International Corp. — Class A | 154 | 10800 |
| Tutor Perini Corp.<sup>\*</sup> | 227 | 10619 |
| Powell Industries, Inc. | 49 | 10312 |
| Hub Group, Inc. — Class A | 305 | 10196 |
| Worthington Enterprises, Inc. | 160 | 10182 |
| Vishay Intertechnology, Inc. | 618 | 9814 |
| Triumph Group, Inc.<sup>\*</sup> | 379 | 9759 |
| Tecnoglass, Inc. | 124 | 9593 |
| Standex International Corp. | 60 | 9389 |
| ArcBest Corp. | 118 | 9087 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 662 | 9069 |
| Kennametal, Inc. | 394 | 9046 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 152 | 8968 |
| Scorpio Tankers, Inc. | 222 | 8687 |
| Enovix Corp.<sup>\*</sup> | 840 | 8686 |
| Materion Corp. | 106 | 8413 |
| Greif, Inc. — Class A | 129 | 8384 |
| Werner Enterprises, Inc. | 306 | 8372 |
| Lindsay Corp. | 56 | 8078 |
| World Kinect Corp. | 282 | 7995 |
| Knowles Corp.<sup>\*</sup> | 441 | 7770 |
| Limbach Holdings, Inc.<sup>\*</sup> | 54 | 7565 |
| Xometry, Inc. — Class A<sup>\*</sup> | 222 | 7501 |
| International Seaways, Inc. | 205 | 7478 |
| Tennant Co. | 96 | 7438 |
| Greenbrier Companies, Inc. | 157 | 7230 |
| Hillenbrand, Inc. | 360 | 7225 |
| Hillman Solutions Corp.<sup>\*</sup> | 1010 | 7211 |
| American Superconductor Corp.<sup>\*</sup> | 195 | 7154 |
| Masterbrand, Inc.<sup>\*</sup> | 648 | 7083 |
| Benchmark Electronics, Inc. | 182 | 7067 |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 274 | 7039 |
| DHT Holdings, Inc. | 650 | 7027 |
| NV5 Global, Inc.<sup>\*</sup> | 296 | 6835 |
| Energizer Holdings, Inc. | 338 | 6814 |
| CTS Corp. | 151 | 6434 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Industrial - 4.3% (continued)** |  |  |
| Intuitive Machines, Inc.<sup>\*</sup> | 558 | $6065 |
| DXP Enterprises, Inc.<sup>\*</sup> | 66 | 5785 |
| Ducommun, Inc.<sup>\*</sup> | 70 | 5784 |
| Helios Technologies, Inc. | 169 | 5640 |
| Janus International Group, Inc.<sup>\*</sup> | 692 | 5633 |
| Vicor Corp.<sup>\*</sup> | 119 | 5398 |
| Napco Security Technologies, Inc. | 180 | 5344 |
| Bel Fuse, Inc. — Class B | 53 | 5178 |
| SFL Corporation Ltd. | 619 | 5156 |
| Astronics Corp.<sup>\*</sup> | 154 | 5156 |
| Teekay Tankers Ltd. — Class A | 123 | 5132 |
| Worthington Steel, Inc. | 168 | 5011 |
| Astec Industries, Inc. | 117 | 4878 |
| Proto Labs, Inc.<sup>\*</sup> | 121 | 4845 |
| TriMas Corp. | 169 | 4835 |
| nLight, Inc.<sup>\*</sup> | 245 | 4822 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 170 | 4774 |
| NANO Nuclear Energy, Inc.<sup>\*</sup> | 136 | 4691 |
| Dorian LPG Ltd. | 190 | 4632 |
| Cadre Holdings, Inc. | 145 | 4618 |
| Apogee Enterprises, Inc. | 108 | 4385 |
| FARO Technologies, Inc.<sup>\*</sup> | 97 | 4260 |
| CECO Environmental Corp.<sup>\*</sup> | 149 | 4218 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 339 | 4132 |
| American Woodmark Corp.<sup>\*</sup> | 75 | 4003 |
| Gorman-Rupp Co. | 107 | 3929 |
| Marten Transport Ltd. | 298 | 3871 |
| Golden Ocean Group Ltd.<sup>1</sup> | 522 | 3821 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 590 | 3682 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 165 | 3612 |
| Insteel Industries, Inc. | 95 | 3535 |
| FLEX LNG Ltd. | 160 | 3517 |
| Energy Recovery, Inc.<sup>\*</sup> | 272 | 3476 |
| Ichor Holdings Ltd.<sup>\*</sup> | 173 | 3398 |
| Enviri Corp.<sup>\*</sup> | 388 | 3368 |
| Ardagh Metal Packaging S.A. | 711 | 3043 |
| Ryerson Holding Corp. | 138 | 2977 |
| Sturm Ruger & Company, Inc. | 82 | 2944 |
| Metallus, Inc.<sup>\*</sup> | 187 | 2882 |
| Byrna Technologies, Inc.<sup>\*</sup> | 92 | 2841 |
| Forward Air Corp.<sup>\*</sup> | 115 | 2822 |
| Redwire Corp.<sup>\*,1</sup> | 171 | 2787 |
| Red Cat Holdings, Inc.<sup>\*</sup> | 382 | 2781 |
| Nordic American Tankers Ltd. | 1046 | 2751 |
| Myers Industries, Inc. | 189 | 2739 |
| TSS, Inc.<sup>\*</sup> | 93 | 2681 |
| Allient, Inc. | 73 | 2651 |
| National Presto Industries, Inc. | 27 | 2645 |
| Genco Shipping & Trading Ltd. | 201 | 2627 |
| Graham Corp.<sup>\*</sup> | 53 | 2624 |
| Willis Lease Finance Corp. | 18 | 2570 |
| Mesa Laboratories, Inc. | 26 | 2450 |
| Hyster-Yale, Inc. | 60 | 2387 |
| Kimball Electronics, Inc.<sup>\*</sup> | 124 | 2385 |
| Navigator Holdings Ltd. | 167 | 2363 |
| LSI Industries, Inc. | 136 | 2313 |
| Heartland Express, Inc. | 260 | 2246 |
| Clearwater Paper Corp.<sup>\*</sup> | 81 | 2207 |
| Columbus McKinnon Corp. | 144 | 2199 |
| Teekay Corporation Ltd. | 266 | 2195 |
| LSB Industries, Inc.<sup>\*</sup> | 275 | 2145 |
| Power Solutions International, Inc.<sup>\*</sup> | 33 | 2134 |
| Manitowoc Company, Inc.<sup>\*</sup> | 176 | 2116 |
| Bowman Consulting Group Ltd.<sup>\*</sup> | 72 | 2070 |
| Costamare, Inc. | 226 | 2059 |
| NWPX Infrastructure Inc<sup>\*</sup> | 50 | 2050 |
| Covenant Logistics Group, Inc. — Class A | 83 | 2001 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 338 | 2001 |
| Amprius Technologies, Inc.<sup>\*</sup> | 475 | 2000 |
| Centuri Holdings, Inc.<sup>\*</sup> | 87 | 1952 |
| Smith & Wesson Brands, Inc. | 224 | 1944 |
| CryoPort, Inc.<sup>\*</sup> | 249 | 1858 |
| NVE Corp. | 25 | 1840 |
| Standard BioTools, Inc.<sup>\*</sup> | 1526 | 1831 |
| Eastman Kodak Co.<sup>\*</sup> | 324 | 1830 |
| Eve Holding, Inc.<sup>\*</sup> | 260 | 1783 |
| Orion Group Holdings, Inc.<sup>\*</sup> | 192 | 1742 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 434 | 1701 |
| Ardmore Shipping Corp. | 176 | 1690 |
| Luxfer Holdings plc | 136 | 1657 |
| Greif, Inc. — Class B | 24 | 1656 |
| Olympic Steel, Inc. | 50 | 1630 |
| Titan America S.A. | 124 | 1548 |
| Latham Group, Inc.<sup>\*</sup> | 229 | 1461 |
| MicroVision, Inc.<sup>\*</sup> | 1251 | 1426 |
| Neonode, Inc.<sup>\*</sup> | 54 | 1377 |
| Park Aerospace Corp. | 93 | 1374 |
| Lightbridge Corp.<sup>\*</sup> | 96 | 1283 |
| KULR Technology Group, Inc.<sup>\*</sup> | 168 | 1198 |
| Tredegar Corp.<sup>\*</sup> | 136 | 1197 |
| Kopin Corp.<sup>\*</sup> | 762 | 1166 |
| Mayville Engineering Company, Inc.<sup>\*</sup> | 73 | 1165 |
| L B Foster Co. — Class A<sup>\*</sup> | 52 | 1137 |
| Palladyne AI Corp.<sup>\*</sup> | 130 | 1126 |
| Pure Cycle Corp.<sup>\*</sup> | 101 | 1083 |
| Safe Bulkers, Inc. | 294 | 1061 |
| Turtle Beach Corp.<sup>\*</sup> | 76 | 1051 |
| Radiant Logistics, Inc.<sup>\*</sup> | 169 | 1028 |
| 908 Devices, Inc.<sup>\*</sup> | 140 | 998 |
| AerSale Corp.<sup>\*</sup> | 164 | 986 |
| Karat Packaging, Inc. | 35 | 986 |
| Perma-Fix Environmental Services, Inc.<sup>\*</sup> | 88 | 926 |
| Himalaya Shipping Ltd. | 152 | 877 |
| Park-Ohio Holdings Corp. | 49 | 875 |
| Sight Sciences, Inc.<sup>\*</sup> | 211 | 872 |
| Proficient Auto Logistics, Inc.<sup>\*</sup> | 120 | 871 |
| Arq, Inc.<sup>\*</sup> | 161 | 864 |
| Universal Logistics Holdings, Inc. | 34 | 863 |
| Ranpak Holdings Corp.<sup>\*</sup> | 239 | 853 |
| Gencor Industries, Inc.<sup>\*</sup> | 53 | 742 |
| Bel Fuse, Inc. — Class A | 8 | 719 |
| Pangaea Logistics Solutions Ltd. | 152 | 714 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Industrial - 4.3% (continued)** |  |  |
| Core Molding Technologies, Inc.<sup>\*</sup> | 43 | $713 |
| Concrete Pumping Holdings, Inc. | 115 | 707 |
| Richtech Robotics, Inc. — Class B<sup>\*</sup> | 353 | 688 |
| Mistras Group, Inc.<sup>\*</sup> | 84 | 673 |
| Eastern Co. | 29 | 662 |
| Energy Services of America Corp. | 60 | 596 |
| Omega Flex, Inc. | 18 | 583 |
| Outdoor Holding Co.<sup>\*</sup> | 448 | 574 |
| M-Tron Industries, Inc.<sup>\*</sup> | 13 | 546 |
| Ascent Industries Co.<sup>\*</sup> | 41 | 517 |
| AirJoule Technologies Corp.<sup>\*</sup> | 110 | 509 |
| Pro-DEX, Inc.<sup>\*</sup> | 11 | 480 |
| Smith-Midland Corp.<sup>\*</sup> | 14 | 470 |
| Net Power, Inc.<sup>\*</sup> | 173 | 427 |
| PAMT CORP<sup>\*</sup> | 31 | 399 |
| Costamare Bulkers Holdings Ltd.<sup>\*</sup> | 44 | 381 |
| SKYX Platforms Corp.<sup>\*</sup> | 312 | 326 |
| NL Industries, Inc. | 43 | 275 |
| Southland Holdings, Inc.<sup>\*</sup> | 54 | 226 |
| **Total Industrial** |  | 2172854 |
| **Consumer, Cyclical - 2.8%** |  |  |
| Brinker International, Inc.<sup>\*</sup> | 226 | 40755 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 503 | 30894 |
| Group 1 Automotive, Inc. | 64 | 27949 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 198 | 27839 |
| FirstCash Holdings, Inc. | 202 | 27298 |
| Meritage Homes Corp. | 363 | 24310 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 157 | 23864 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 100 | 23854 |
| Urban Outfitters, Inc.<sup>\*</sup> | 323 | 23430 |
| Installed Building Products, Inc. | 120 | 21639 |
| GMS, Inc.<sup>\*</sup> | 197 | 21424 |
| SkyWest, Inc.<sup>\*</sup> | 206 | 21212 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 693 | 21019 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 240 | 19884 |
| KB Home | 357 | 18910 |
| Kontoor Brands, Inc. | 281 | 18537 |
| Dorman Products, Inc.<sup>\*</sup> | 141 | 17296 |
| Champion Homes, Inc.<sup>\*</sup> | 276 | 17280 |
| Signet Jewelers Ltd. | 213 | 16944 |
| Cavco Industries, Inc.<sup>\*</sup> | 39 | 16943 |
| Resideo Technologies, Inc.<sup>\*</sup> | 758 | 16721 |
| Rush Enterprises, Inc. — Class A | 319 | 16432 |
| Cinemark Holdings, Inc. | 544 | 16418 |
| Patrick Industries, Inc. | 166 | 15317 |
| Academy Sports & Outdoors, Inc. | 338 | 15146 |
| M/I Homes, Inc.<sup>\*</sup> | 135 | 15136 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 489 | 14880 |
| Cheesecake Factory, Inc.<sup>1</sup> | 236 | 14788 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 456 | 14569 |
| UniFirst Corp. | 77 | 14493 |
| Advance Auto Parts, Inc. | 306 | 14226 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 1332 | 13813 |
| PriceSmart, Inc. | 131 | 13760 |
| VSE Corp. | 104 | 13622 |
| OPENLANE, Inc.<sup>\*</sup> | 542 | 13252 |
| Visteon Corp.<sup>\*</sup> | 140 | 13062 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 1881 | 13054 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 312 | 12957 |
| Red Rock Resorts, Inc. — Class A | 249 | 12955 |
| REV Group, Inc. | 262 | 12469 |
| Marriott Vacations Worldwide Corp. | 163 | 11787 |
| Genius Sports Ltd.<sup>\*</sup> | 1130 | 11752 |
| HNI Corp. | 237 | 11656 |
| Dana, Inc. | 675 | 11576 |
| LCI Industries | 126 | 11490 |
| Polaris, Inc. | 272 | 11057 |
| Atlanta Braves Holdings, Inc. — Class C<sup>\*</sup> | 235 | 10991 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 501 | 10987 |
| Foot Locker, Inc.<sup>\*</sup> | 437 | 10706 |
| Capri Holdings Ltd.<sup>\*</sup> | 594 | 10514 |
| Acushnet Holdings Corp. | 144 | 10486 |
| Green Brick Partners, Inc.<sup>\*</sup> | 161 | 10124 |
| OneSpaWorld Holdings Ltd. | 484 | 9869 |
| National Vision Holdings, Inc.<sup>\*</sup> | 397 | 9135 |
| International Game Technology plc | 571 | 9027 |
| Phinia, Inc. | 201 | 8943 |
| Super Group SGHC Ltd. | 813 | 8919 |
| Steven Madden Ltd. | 354 | 8489 |
| Adient plc<sup>\*</sup> | 429 | 8348 |
| Hanesbrands, Inc.<sup>\*</sup> | 1793 | 8212 |
| Papa John's International, Inc. | 167 | 8173 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 202 | 8074 |
| American Eagle Outfitters, Inc. | 829 | 7975 |
| La-Z-Boy, Inc. | 212 | 7880 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 528 | 7857 |
| Century Communities, Inc. | 137 | 7716 |
| Wolverine World Wide, Inc. | 411 | 7431 |
| Buckle, Inc. | 161 | 7301 |
| Blue Bird Corp.<sup>\*</sup> | 164 | 7078 |
| JetBlue Airways Corp.<sup>\*</sup> | 1641 | 6942 |
| Cracker Barrel Old Country Store, Inc. | 113 | 6902 |
| AMC Entertainment Holdings, Inc. — Class A<sup>\*</sup> | 2220 | 6882 |
| Garrett Motion, Inc. | 648 | 6811 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 453 | 6750 |
| MillerKnoll, Inc. | 345 | 6700 |
| United Parks & Resorts, Inc.<sup>\*</sup> | 139 | 6554 |
| Sonos, Inc.<sup>\*</sup> | 600 | 6486 |
| Victoria's Secret & Co.<sup>\*,1</sup> | 349 | 6463 |
| Interface, Inc. — Class A | 296 | 6195 |
| IMAX Corp.<sup>\*</sup> | 220 | 6151 |
| Everi Holdings, Inc.<sup>\*</sup> | 431 | 6137 |
| Leggett & Platt, Inc. | 680 | 6066 |
| Sonic Automotive, Inc. — Class A | 75 | 5995 |
| MRC Global, Inc.<sup>\*</sup> | 435 | 5964 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Cyclical - 2.8% (continued)** |  |  |
| Aeva Technologies, Inc.<sup>\*</sup> | 156 | $5895 |
| Sabre Corp.<sup>\*</sup> | 1850 | 5846 |
| Monarch Casino & Resort, Inc. | 66 | 5705 |
| Lionsgate Studios Corp.<sup>\*</sup> | 978 | 5682 |
| Winmark Corp. | 15 | 5664 |
| Fox Factory Holding Corp.<sup>\*</sup> | 214 | 5551 |
| Carter's, Inc. | 182 | 5484 |
| LGI Homes, Inc.<sup>\*</sup> | 106 | 5461 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 673 | 5418 |
| Camping World Holdings, Inc. — Class A | 307 | 5277 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 109 | 4861 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 521 | 4824 |
| Kohl's Corp. | 556 | 4715 |
| ScanSource, Inc.<sup>\*</sup> | 111 | 4641 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 200 | 4480 |
| Steelcase, Inc. — Class A | 428 | 4464 |
| XPEL, Inc.<sup>\*</sup> | 123 | 4416 |
| Gentherm, Inc.<sup>\*</sup> | 155 | 4385 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 139 | 4181 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 74 | 4066 |
| Winnebago Industries, Inc. | 139 | 4031 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 154 | 3870 |
| PC Connection, Inc. | 57 | 3749 |
| Bloomin' Brands, Inc. | 428 | 3685 |
| Microvast Holdings, Inc.<sup>\*</sup> | 1015 | 3684 |
| indie Semiconductor, Inc. — Class A<sup>\*,1</sup> | 989 | 3521 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 464 | 3475 |
| Douglas Dynamics, Inc. | 116 | 3419 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 288 | 3361 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 208 | 3336 |
| Standard Motor Products, Inc. | 108 | 3318 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 148 | 3311 |
| Ethan Allen Interiors, Inc. | 118 | 3286 |
| Accel Entertainment, Inc.<sup>\*</sup> | 276 | 3249 |
| Build-A-Bear Workshop, Inc. — Class A | 63 | 3248 |
| Daktronics, Inc.<sup>\*</sup> | 210 | 3175 |
| Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 108 | 3114 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 261 | 3067 |
| Global Business Travel Group I<sup>\*</sup> | 482 | 3036 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 96 | 3009 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 40 | 2975 |
| Golden Entertainment, Inc. | 100 | 2943 |
| Oxford Industries, Inc. | 72 | 2898 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 32 | 2755 |
| Ermenegildo Zegna N.V. | 315 | 2693 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 25 | 2614 |
| ODP Corp.<sup>\*</sup> | 141 | 2556 |
| Titan International, Inc.<sup>\*</sup> | 248 | 2547 |
| Miller Industries, Inc. | 56 | 2490 |
| Rush Enterprises, Inc. — Class B | 47 | 2466 |
| MarineMax, Inc.<sup>\*</sup> | 97 | 2439 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 590 | 2407 |
| EVgo, Inc.<sup>\*</sup> | 654 | 2387 |
| Arhaus, Inc.<sup>\*</sup> | 261 | 2263 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 192 | 2241 |
| Wabash National Corp. | 210 | 2232 |
| A-Mark Precious Metals, Inc. | 97 | 2151 |
| America's Car-Mart, Inc.<sup>\*</sup> | 38 | 2130 |
| Titan Machinery, Inc.<sup>\*</sup> | 106 | 2100 |
| Shyft Group, Inc. | 166 | 2082 |
| Caleres, Inc. | 168 | 2053 |
| Marcus Corp. | 121 | 2040 |
| Nu Skin Enterprises, Inc. — Class A | 249 | 1990 |
| Forestar Group, Inc.<sup>\*</sup> | 99 | 1980 |
| Global Industrial Co. | 73 | 1972 |
| Dine Brands Global, Inc. | 78 | 1898 |
| Cooper-Standard Holdings, Inc.<sup>\*</sup> | 86 | 1849 |
| Xperi, Inc.<sup>\*</sup> | 228 | 1803 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 899 | 1753 |
| Shoe Carnival, Inc. | 93 | 1740 |
| Jack in the Box, Inc.<sup>\*</sup> | 96 | 1676 |
| Atlanta Braves Holdings, Inc. — Class A<sup>\*</sup> | 34 | 1673 |
| Arko Corp. | 392 | 1658 |
| Methode Electronics, Inc. | 173 | 1645 |
| Solid Power, Inc.<sup>\*</sup> | 739 | 1618 |
| Hudson Technologies, Inc.<sup>\*</sup> | 198 | 1608 |
| RCI Hospitality Holdings, Inc. | 42 | 1601 |
| Potbelly Corp.<sup>\*</sup> | 130 | 1593 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 432 | 1568 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 83 | 1542 |
| El Pollo Loco Holdings, Inc.<sup>\*</sup> | 135 | 1486 |
| Haverty Furniture Companies, Inc. | 69 | 1404 |
| Lovesac Co.<sup>\*</sup> | 69 | 1256 |
| Strattec Security Corp.<sup>\*</sup> | 20 | 1244 |
| Savers Value Village, Inc.<sup>\*</sup> | 119 | 1214 |
| Movado Group, Inc. | 78 | 1190 |
| Krispy Kreme, Inc.<sup>\*,1</sup> | 393 | 1144 |
| Petco Health & Wellness Company, Inc.<sup>\*</sup> | 400 | 1132 |
| Zumiez, Inc.<sup>\*</sup> | 80 | 1061 |
| Denny's Corp.<sup>\*</sup> | 257 | 1054 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 140 | 1048 |
| Starz Entertainment Corp.<sup>\*</sup> | 65 | 1045 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 93 | 1042 |
| Weyco Group, Inc. | 31 | 1028 |
| Genesco, Inc.<sup>\*</sup> | 52 | 1024 |
| JAKKS Pacific, Inc. | 45 | 935 |
| Tile Shop Holdings, Inc.<sup>\*</sup> | 147 | 935 |
| Barnes & Noble Education, Inc.<sup>\*</sup> | 76 | 895 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 3 | 877 |
| Hyliion Holdings Corp.<sup>\*</sup> | 661 | 873 |
| Livewire Group, Inc.<sup>\*</sup> | 187 | 860 |
| Funko, Inc. — Class A<sup>\*</sup> | 177 | 843 |
| Webtoon Entertainment, Inc.<sup>\*,1</sup> | 92 | 835 |
| Johnson Outdoors, Inc. — Class A | 27 | 817 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Consumer, Cyclical - 2.8% (continued)** |  |  |
| Citi Trends, Inc.<sup>\*</sup> | 24 | $801 |
| Rocky Brands, Inc. | 36 | 799 |
| Reservoir Media, Inc.<sup>\*</sup> | 104 | 798 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 57 | 763 |
| Escalade, Inc. | 52 | 727 |
| Sleep Number Corp.<sup>\*</sup> | 107 | 723 |
| Flexsteel Industries, Inc. | 19 | 684 |
| Hamilton Beach Brands Holding Co. — Class A | 37 | 662 |
| American Outdoor Brands, Inc.<sup>\*</sup> | 63 | 658 |
| Lakeland Industries, Inc. | 47 | 640 |
| Bassett Furniture Industries, Inc. | 42 | 638 |
| Holley, Inc.<sup>\*</sup> | 304 | 608 |
| Superior Group of Companies, Inc. | 58 | 597 |
| Luminar Technologies, Inc.<sup>\*</sup> | 205 | 588 |
| EVI Industries, Inc. | 26 | 568 |
| J Jill, Inc. | 37 | 542 |
| Clarus Corp. | 151 | 524 |
| Virco Mfg. Corp. | 56 | 447 |
| Spirit Aviation Holdings, Inc.<sup>\*</sup> | 82 | 409 |
| Designer Brands, Inc. — Class A<sup>1</sup> | 164 | 390 |
| Marine Products Corp. | 45 | 383 |
| Torrid Holdings, Inc.<sup>\*,1</sup> | 121 | 357 |
| Bally's Corp.<sup>\*</sup> | 37 | 354 |
| Traeger, Inc.<sup>\*</sup> | 162 | 277 |
| CompX International, Inc. | 8 | 212 |
| Envela Corp.<sup>\*</sup> | 34 | 208 |
| **Total Consumer, Cyclical** |  | 1412090 |
| **Technology - 2.6%** |  |  |
| IonQ, Inc.<sup>\*</sup> | 1210 | 51994 |
| CommVault Systems, Inc.<sup>\*</sup> | 226 | 39399 |
| Rambus, Inc.<sup>\*</sup> | 551 | 35275 |
| Varonis Systems, Inc.<sup>\*</sup> | 563 | 28572 |
| Clearwater Analytics Holdings, Inc. — Class A<sup>\*</sup> | 1259 | 27610 |
| Qualys, Inc.<sup>\*</sup> | 186 | 26574 |
| SPS Commerce, Inc.<sup>\*</sup> | 194 | 26401 |
| ACI Worldwide, Inc.<sup>\*</sup> | 538 | 24700 |
| Box, Inc. — Class A<sup>\*</sup> | 717 | 24500 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 165 | 24314 |
| SiTime Corp.<sup>\*</sup> | 108 | 23013 |
| D-Wave Quantum, Inc.<sup>\*,1</sup> | 1470 | 21521 |
| Tenable Holdings, Inc.<sup>\*</sup> | 610 | 20606 |
| Maximus, Inc. | 289 | 20288 |
| Semtech Corp.<sup>\*</sup> | 445 | 20087 |
| SoundHound AI, Inc. — Class A<sup>\*,1</sup> | 1868 | 20044 |
| Insight Enterprises, Inc.<sup>\*</sup> | 142 | 19608 |
| Waystar Holding Corp.<sup>\*</sup> | 465 | 19005 |
| Workiva, Inc.<sup>\*</sup> | 256 | 17523 |
| Rigetti Computing, Inc.<sup>\*,1</sup> | 1443 | 17114 |
| Power Integrations, Inc. | 289 | 16155 |
| Freshworks, Inc. — Class A<sup>\*</sup> | 1040 | 15506 |
| BlackLine, Inc.<sup>\*</sup> | 269 | 15231 |
| C3.ai, Inc. — Class A<sup>\*</sup> | 618 | 15184 |
| Agilysys, Inc.<sup>\*</sup> | 132 | 15132 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 960 | 14870 |
| Impinj, Inc.<sup>\*</sup> | 132 | 14661 |
| Intapp, Inc.<sup>\*</sup> | 283 | 14608 |
| PAR Technology Corp.<sup>\*</sup> | 204 | 14152 |
| Progress Software Corp. | 218 | 13917 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 857 | 13901 |
| Ambarella, Inc.<sup>\*,1</sup> | 208 | 13742 |
| FormFactor, Inc.<sup>\*</sup> | 397 | 13661 |
| AvePoint, Inc.<sup>\*</sup> | 678 | 13092 |
| WNS Holdings Ltd.<sup>\*</sup> | 206 | 13027 |
| Synaptics, Inc.<sup>\*</sup> | 199 | 12899 |
| Blackbaud, Inc.<sup>\*</sup> | 195 | 12521 |
| Diodes, Inc.<sup>\*</sup> | 234 | 12376 |
| Clear Secure, Inc. — Class A | 427 | 11854 |
| Vertex, Inc. — Class A<sup>\*</sup> | 332 | 11731 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 164 | 11429 |
| Quantum Computing, Inc.<sup>\*</sup> | 588 | 11272 |
| Braze, Inc. — Class A<sup>\*</sup> | 389 | 10931 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 330 | 10903 |
| ASGN, Inc.<sup>\*</sup> | 218 | 10885 |
| NCR Atleos Corp.<sup>\*</sup> | 374 | 10670 |
| Alkami Technology, Inc.<sup>\*</sup> | 348 | 10489 |
| Five9, Inc.<sup>\*</sup> | 390 | 10327 |
| Pitney Bowes, Inc. | 936 | 10212 |
| BigBear.ai Holdings, Inc.<sup>\*,1</sup> | 1476 | 10022 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 330 | 9425 |
| CSG Systems International, Inc. | 142 | 9274 |
| Kulicke & Soffa Industries, Inc. | 266 | 9204 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 651 | 9114 |
| NetScout Systems, Inc.<sup>\*</sup> | 357 | 8857 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 872 | 8537 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 136 | 8384 |
| NCR Voyix Corp.<sup>\*</sup> | 710 | 8328 |
| Phreesia, Inc.<sup>\*</sup> | 288 | 8196 |
| Innodata, Inc.<sup>\*</sup> | 155 | 7939 |
| Adeia, Inc. | 555 | 7848 |
| Rapid7, Inc.<sup>\*</sup> | 326 | 7540 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 130 | 7202 |
| NextNav, Inc.<sup>\*</sup> | 449 | 6825 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 598 | 6733 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 258 | 6682 |
| Planet Labs PBC<sup>\*</sup> | 1092 | 6661 |
| PagerDuty, Inc.<sup>\*</sup> | 430 | 6570 |
| Digi International, Inc.<sup>\*</sup> | 186 | 6484 |
| Asana, Inc. — Class A<sup>\*</sup> | 476 | 6426 |
| Ouster, Inc.<sup>\*</sup> | 259 | 6281 |
| Verint Systems, Inc.<sup>\*</sup> | 317 | 6235 |
| Appian Corp. — Class A<sup>\*</sup> | 201 | 6002 |
| Veeco Instruments, Inc.<sup>\*</sup> | 292 | 5933 |
| Photronics, Inc.<sup>\*</sup> | 314 | 5913 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 416 | 5911 |
| Schrodinger Incorporated/United States<sup>\*</sup> | 287 | 5774 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 264 | 5520 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 444 | 5506 |
| Penguin Solutions, Inc.<sup>\*</sup> | 272 | 5388 |
| Life360, Inc.<sup>\*,1</sup> | 82 | 5351 |
| Olo, Inc. — Class A<sup>\*</sup> | 589 | 5242 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 228 | 5146 |
| Fastly, Inc. — Class A<sup>\*</sup> | 699 | 4935 |
| Porch Group, Inc.<sup>\*</sup> | 411 | 4846 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Technology - 2.6% (continued)** |  |  |
| Sapiens International Corporation N.V. | 159 | $4651 |
| Pagaya Technologies Ltd. — Class A<sup>\*</sup> | 214 | 4562 |
| Cohu, Inc.<sup>\*</sup> | 233 | 4483 |
| Yext, Inc.<sup>\*</sup> | 527 | 4480 |
| Navitas Semiconductor Corp.<sup>\*</sup> | 683 | 4474 |
| V2X, Inc.<sup>\*</sup> | 88 | 4272 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 337 | 3892 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 1070 | 3531 |
| PROS Holdings, Inc.<sup>\*</sup> | 223 | 3492 |
| PDF Solutions, Inc.<sup>\*</sup> | 163 | 3485 |
| Jamf Holding Corp.<sup>\*</sup> | 344 | 3271 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 118 | 3243 |
| Vimeo, Inc.<sup>\*</sup> | 802 | 3240 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 126 | 3233 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 389 | 3233 |
| Xerox Holdings Corp.<sup>1</sup> | 601 | 3167 |
| OneSpan, Inc. | 184 | 3071 |
| Digital Turbine, Inc.<sup>\*</sup> | 519 | 3062 |
| E2open Parent Holdings, Inc.<sup>\*</sup> | 933 | 3014 |
| N-able, Inc.<sup>\*</sup> | 368 | 2981 |
| Cantaloupe, Inc.<sup>\*</sup> | 271 | 2978 |
| Red Violet, Inc. | 58 | 2854 |
| GigaCloud Technology, Inc. — Class A<sup>\*,1</sup> | 135 | 2670 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 213 | 2650 |
| MeridianLink, Inc.<sup>\*</sup> | 163 | 2645 |
| CEVA, Inc.<sup>\*</sup> | 119 | 2616 |
| PlayAGS, Inc.<sup>\*</sup> | 205 | 2561 |
| Daily Journal Corp.<sup>\*</sup> | 6 | 2534 |
| Weave Communications, Inc.<sup>\*</sup> | 297 | 2471 |
| Domo, Inc. — Class B<sup>\*</sup> | 176 | 2459 |
| Ibotta, Inc. — Class A<sup>\*</sup> | 67 | 2452 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 99 | 2283 |
| Cerence, Inc.<sup>\*</sup> | 223 | 2277 |
| Mitek Systems, Inc.<sup>\*</sup> | 227 | 2247 |
| Corsair Gaming, Inc.<sup>\*</sup> | 238 | 2244 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 137 | 2178 |
| Climb Global Solutions, Inc. | 20 | 2138 |
| SEMrush Holdings, Inc. — Class A<sup>\*</sup> | 235 | 2127 |
| Nutex Health, Inc.<sup>\*</sup> | 17 | 2116 |
| Conduent, Inc.<sup>\*</sup> | 760 | 2006 |
| VTEX — Class A<sup>\*</sup> | 294 | 1940 |
| Aehr Test Systems<sup>\*</sup> | 145 | 1875 |
| Claritev Corp.<sup>\*</sup> | 39 | 1760 |
| Talkspace, Inc.<sup>\*</sup> | 628 | 1746 |
| Outset Medical, Inc.<sup>\*</sup> | 90 | 1729 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 61 | 1714 |
| BigCommerce Holdings, Inc.<sup>\*</sup> | 335 | 1675 |
| Cricut, Inc. — Class A | 235 | 1591 |
| Unisys Corp.<sup>\*</sup> | 340 | 1540 |
| IBEX Holdings Ltd.<sup>\*</sup> | 51 | 1484 |
| Simulations Plus, Inc. | 85 | 1483 |
| Rezolve AI plc<sup>\*</sup> | 463 | 1424 |
| Arteris, Inc.<sup>\*</sup> | 144 | 1372 |
| Playtika Holding Corp. | 287 | 1358 |
| SkyWater Technology, Inc.<sup>\*</sup> | 134 | 1319 |
| 8x8, Inc.<sup>\*</sup> | 665 | 1303 |
| Health Catalyst, Inc.<sup>\*</sup> | 345 | 1301 |
| Asure Software, Inc.<sup>\*</sup> | 126 | 1230 |
| TruBridge, Inc.<sup>\*</sup> | 51 | 1194 |
| Immersion Corp. | 151 | 1190 |
| ReposiTrak, Inc.<sup>1</sup> | 57 | 1120 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 80 | 1058 |
| Digimarc Corp.<sup>\*</sup> | 80 | 1057 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 127 | 1038 |
| ON24, Inc.<sup>\*</sup> | 191 | 1037 |
| 3D Systems Corp.<sup>\*,1</sup> | 672 | 1035 |
| Vuzix Corp.<sup>\*</sup> | 327 | 955 |
| Rimini Street, Inc.<sup>\*</sup> | 249 | 939 |
| Telos Corp.<sup>\*</sup> | 280 | 888 |
| CoreCard Corp.<sup>\*</sup> | 29 | 840 |
| Kaltura, Inc.<sup>\*</sup> | 415 | 834 |
| Aeluma, Inc.<sup>\*</sup> | 49 | 802 |
| Expensify, Inc. — Class A<sup>\*</sup> | 305 | 790 |
| EverCommerce, Inc.<sup>\*</sup> | 75 | 788 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 454 | 763 |
| Atomera, Inc.<sup>\*</sup> | 149 | 751 |
| Definitive Healthcare Corp.<sup>\*</sup> | 181 | 706 |
| Airship AI Holdings, Inc.<sup>\*</sup> | 102 | 601 |
| Richardson Electronics Ltd. | 62 | 598 |
| Playstudios, Inc.<sup>\*</sup> | 450 | 590 |
| eGain Corp.<sup>\*</sup> | 93 | 581 |
| Rackspace Technology, Inc.<sup>\*</sup> | 426 | 545 |
| CS Disco, Inc.<sup>\*</sup> | 122 | 533 |
| TTEC Holdings, Inc.<sup>\*</sup> | 101 | 486 |
| Teads Holding Co.<sup>\*</sup> | 184 | 456 |
| CSP, Inc. | 35 | 453 |
| WM Technology, Inc.<sup>\*</sup> | 445 | 399 |
| Synchronoss Technologies, Inc.<sup>\*</sup> | 55 | 377 |
| Skillsoft Corp.<sup>\*</sup> | 23 | 367 |
| Wolfspeed, Inc.<sup>\*</sup> | 797 | 318 |
| Silvaco Group, Inc.<sup>\*</sup> | 39 | 184 |
| Golden Matrix Group, Inc.<sup>\*</sup> | 74 | 126 |
| Zspace, Inc.<sup>\*</sup> | 11 | 36 |
| **Total Technology** |  | 1307342 |
| **Communications - 1.2%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 748 | 69257 |
| Hims & Hers Health, Inc.<sup>\*,1</sup> | 972 | 48454 |
| Q2 Holdings, Inc.<sup>\*</sup> | 317 | 29668 |
| InterDigital, Inc. | 132 | 29598 |
| Lumen Technologies, Inc.<sup>\*</sup> | 4867 | 21317 |
| EchoStar Corp. — Class A<sup>\*,1</sup> | 692 | 19168 |
| Telephone & Data Systems, Inc. | 501 | 17826 |
| Magnite, Inc.<sup>\*</sup> | 714 | 17222 |
| Calix, Inc.<sup>\*</sup> | 301 | 16010 |
| Cargurus, Inc.<sup>\*</sup> | 420 | 14057 |
| TEGNA, Inc. | 821 | 13760 |
| Extreme Networks, Inc.<sup>\*</sup> | 673 | 12080 |
| Viavi Solutions, Inc.<sup>\*</sup> | 1129 | 11369 |
| Cogent Communications Holdings, Inc. | 230 | 11088 |
| Yelp, Inc. — Class A<sup>\*</sup> | 315 | 10795 |
| ePlus, Inc.<sup>\*</sup> | 135 | 9734 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Communications - 1.2% (continued)** |  |  |
| Applied Digital Corp.<sup>\*,1</sup> | 902 | $9083 |
| DigitalBridge Group, Inc. | 874 | 9046 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 1088 | 9009 |
| Upwork, Inc.<sup>\*</sup> | 634 | 8521 |
| Viasat, Inc.<sup>\*</sup> | 578 | 8439 |
| TripAdvisor, Inc.<sup>\*</sup> | 594 | 7752 |
| A10 Networks, Inc. | 376 | 7276 |
| fuboTV, Inc.<sup>\*</sup> | 1702 | 6570 |
| Ziff Davis, Inc.<sup>\*</sup> | 217 | 6569 |
| Globalstar, Inc.<sup>\*</sup> | 256 | 6029 |
| Sphere Entertainment Co.<sup>\*</sup> | 142 | 5936 |
| IDT Corp. — Class B | 83 | 5670 |
| Harmonic, Inc.<sup>\*</sup> | 574 | 5436 |
| Couchbase, Inc.<sup>\*</sup> | 220 | 5364 |
| Gogo, Inc.<sup>\*</sup> | 349 | 5123 |
| Sprinklr, Inc. — Class A<sup>\*</sup> | 562 | 4755 |
| QuinStreet, Inc.<sup>\*</sup> | 277 | 4460 |
| Groupon, Inc.<sup>\*</sup> | 128 | 4282 |
| Revolve Group, Inc.<sup>\*</sup> | 207 | 4150 |
| NETGEAR, Inc.<sup>\*</sup> | 141 | 4099 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 640 | 3981 |
| Grindr, Inc.<sup>\*</sup> | 170 | 3859 |
| Rumble, Inc.<sup>\*</sup> | 402 | 3610 |
| Shenandoah Telecommunications Co. | 259 | 3538 |
| Cable One, Inc.<sup>\*</sup> | 26 | 3531 |
| Cars.com, Inc.<sup>\*</sup> | 297 | 3519 |
| HealthStream, Inc. | 125 | 3459 |
| ADTRAN Holdings, Inc.<sup>\*</sup> | 379 | 3400 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 140 | 3385 |
| Angi, Inc.<sup>\*</sup> | 221 | 3372 |
| BlackSky Technology, Inc.<sup>\*,1</sup> | 143 | 2943 |
| Altice USA, Inc. — Class A<sup>\*</sup> | 1333 | 2853 |
| Liquidity Services, Inc.<sup>\*</sup> | 119 | 2807 |
| Serve Robotics, Inc.<sup>\*</sup> | 239 | 2734 |
| Powerfleet Incorporated NJ<sup>\*</sup> | 634 | 2732 |
| Sinclair, Inc. | 197 | 2722 |
| Stagwell, Inc.<sup>\*</sup> | 589 | 2651 |
| Clearfield, Inc.<sup>\*</sup> | 60 | 2605 |
| Gannett Company, Inc.<sup>\*</sup> | 719 | 2574 |
| LifeMD, Inc.<sup>\*</sup> | 188 | 2561 |
| Figs, Inc. — Class A<sup>\*</sup> | 451 | 2544 |
| Bumble, Inc. — Class A<sup>\*</sup> | 371 | 2445 |
| Scholastic Corp. | 111 | 2329 |
| RealReal, Inc.<sup>\*</sup> | 486 | 2328 |
| Shutterstock, Inc.<sup>1</sup> | 122 | 2313 |
| Thryv Holdings, Inc.<sup>\*</sup> | 190 | 2310 |
| Gray Media, Inc. | 448 | 2029 |
| Nexxen International Ltd.<sup>\*</sup> | 193 | 2009 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 541 | 2002 |
| Beyond, Inc.<sup>\*</sup> | 281 | 1933 |
| Preformed Line Products Co. | 12 | 1918 |
| Ribbon Communications, Inc.<sup>\*</sup> | 478 | 1917 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 170 | 1861 |
| Spok Holdings, Inc. | 104 | 1839 |
| Nextdoor Holdings, Inc.<sup>\*</sup> | 1080 | 1793 |
| Anterix, Inc.<sup>\*</sup> | 66 | 1693 |
| Ooma, Inc.<sup>\*</sup> | 129 | 1664 |
| National CineMedia, Inc. | 327 | 1584 |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 111 | 1558 |
| Backblaze, Inc. — Class A<sup>\*</sup> | 273 | 1501 |
| Aviat Networks, Inc.<sup>\*</sup> | 59 | 1419 |
| Satellogic, Inc. — Class A<sup>\*</sup> | 352 | 1274 |
| OptimizeRx Corp.<sup>\*</sup> | 88 | 1188 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 608 | 1070 |
| TechTarget, Inc.<sup>\*</sup> | 135 | 1049 |
| WideOpenWest, Inc.<sup>\*</sup> | 258 | 1047 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 165 | 1034 |
| Open Lending Corp. — Class A<sup>\*</sup> | 523 | 1015 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 380 | 999 |
| Gambling.com Group Ltd.<sup>\*</sup> | 84 | 999 |
| EW Scripps Co. — Class A<sup>\*</sup> | 321 | 944 |
| Getty Images Holdings, Inc.<sup>\*</sup> | 561 | 931 |
| CuriosityStream, Inc. | 163 | 918 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 149 | 909 |
| ATN International, Inc. | 51 | 829 |
| Frequency Electronics, Inc. | 34 | 772 |
| Entravision Communications Corp. — Class A | 317 | 735 |
| Tucows, Inc. — Class A<sup>\*</sup> | 34 | 670 |
| BK Technologies Corp.<sup>\*</sup> | 14 | 660 |
| Lands' End, Inc.<sup>\*</sup> | 61 | 653 |
| Advantage Solutions, Inc.<sup>\*</sup> | 481 | 635 |
| Newsmax, Inc.<sup>\*</sup> | 39 | 590 |
| Vivid Seats, Inc. — Class A<sup>\*</sup> | 333 | 563 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*,1</sup> | 112 | 551 |
| Inseego Corp.<sup>\*</sup> | 63 | 519 |
| Triller Group, Inc.<sup>\*</sup> | 525 | 489 |
| Nerdy, Inc.<sup>\*</sup> | 295 | 481 |
| BARK, Inc.<sup>\*</sup> | 544 | 478 |
| AudioEye, Inc.<sup>\*</sup> | 41 | 478 |
| Crexendo, Inc.<sup>\*</sup> | 74 | 449 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 66 | 409 |
| Travelzoo<sup>\*</sup> | 32 | 407 |
| Gaia, Inc.<sup>\*</sup> | 87 | 382 |
| Value Line, Inc. | 4 | 157 |
| **Total Communications** |  | 607081 |
| **Energy - 1.2%** |  |  |
| CNX Resources Corp.<sup>\*</sup> | 727 | 24487 |
| ChampionX Corp. | 979 | 24318 |
| Magnolia Oil & Gas Corp. — Class A | 950 | 21356 |
| Archrock, Inc. | 844 | 20957 |
| Core Natural Resources, Inc. | 270 | 18830 |
| Noble Corporation plc | 644 | 17098 |
| Gulfport Energy Corp.<sup>\*</sup> | 78 | 15691 |
| Murphy Oil Corp. | 690 | 15525 |
| California Resources Corp. | 333 | 15208 |
| SM Energy Co. | 582 | 14381 |
| Valaris Ltd.<sup>\*</sup> | 325 | 13686 |
| Northern Oil & Gas, Inc. | 471 | 13353 |
| Warrior Met Coal, Inc. | 266 | 12191 |
| Tidewater, Inc.<sup>\*</sup> | 258 | 11902 |
| Patterson-UTI Energy, Inc. | 1802 | 10686 |
| Comstock Resources, Inc.<sup>\*</sup> | 378 | 10459 |
| Kinetik Holdings, Inc. — Class A | 226 | 9955 |
| Oceaneering International, Inc.<sup>\*</sup> | 479 | 9925 |
| Transocean Ltd.<sup>\*</sup> | 3801 | 9845 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Energy - 1.2% (continued)** |  |  |
| Kodiak Gas Services, Inc. | 275 | $9424 |
| PBF Energy, Inc. — Class A | 428 | 9275 |
| Liberty Energy, Inc. — Class A | 806 | 9253 |
| Sunrun, Inc.<sup>\*</sup> | 1069 | 8744 |
| Seadrill Ltd.<sup>\*</sup> | 320 | 8400 |
| Peabody Energy Corp. | 624 | 8374 |
| DNOW, Inc.<sup>\*</sup> | 550 | 8156 |
| Crescent Energy Co. — Class A | 913 | 7852 |
| Sable Offshore Corp.<sup>\*</sup> | 349 | 7671 |
| Helmerich & Payne, Inc. | 493 | 7474 |
| Sitio Royalties Corp. — Class A | 398 | 7315 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 272 | 7216 |
| Plug Power, Inc.<sup>\*,1</sup> | 4662 | 6946 |
| Alpha Metallurgical Resources, Inc.<sup>\*</sup> | 60 | 6749 |
| Delek US Holdings, Inc. | 310 | 6566 |
| NextDecade Corp.<sup>\*</sup> | 682 | 6077 |
| Eos Energy Enterprises, Inc.<sup>\*</sup> | 1135 | 5811 |
| Atlas Energy Solutions, Inc.<sup>1</sup> | 396 | 5295 |
| Solaris Energy Infrastructure, Inc. — Class A | 186 | 5262 |
| Talos Energy, Inc.<sup>\*</sup> | 614 | 5207 |
| Bristow Group, Inc.<sup>\*</sup> | 145 | 4781 |
| Array Technologies, Inc.<sup>\*,1</sup> | 775 | 4573 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 731 | 4561 |
| Expro Group Holdings N.V.<sup>\*</sup> | 527 | 4527 |
| CVR Energy, Inc.<sup>\*</sup> | 158 | 4242 |
| Kosmos Energy Ltd.<sup>\*</sup> | 2419 | 4161 |
| Select Water Solutions, Inc. — Class A | 476 | 4113 |
| Diversified Energy Company plc | 280 | 4108 |
| SunCoke Energy, Inc. | 433 | 3720 |
| Aris Water Solutions, Inc. — Class A | 157 | 3713 |
| REX American Resources Corp.<sup>\*</sup> | 76 | 3702 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 858 | 3647 |
| NPK International, Inc.<sup>\*</sup> | 410 | 3489 |
| Excelerate Energy, Inc. — Class A | 117 | 3430 |
| Vitesse Energy, Inc. | 150 | 3314 |
| Innovex International, Inc.<sup>\*</sup> | 198 | 3093 |
| New Fortress Energy, Inc.<sup>\*</sup> | 863 | 2865 |
| Core Laboratories, Inc. | 240 | 2765 |
| Fluence Energy, Inc.<sup>\*</sup> | 387 | 2597 |
| Hallador Energy Co.<sup>\*</sup> | 158 | 2501 |
| Vital Energy, Inc.<sup>\*,1</sup> | 152 | 2446 |
| ProPetro Holding Corp.<sup>\*</sup> | 409 | 2442 |
| Ramaco Resources, Inc. — Class A | 181 | 2378 |
| TETRA Technologies, Inc.<sup>\*</sup> | 648 | 2177 |
| RPC, Inc. | 456 | 2157 |
| ASP Isotopes, Inc.<sup>\*</sup> | 290 | 2134 |
| Borr Drilling Ltd.<sup>\*</sup> | 1135 | 2077 |
| BKV Corp.<sup>\*</sup> | 85 | 2050 |
| Nabors Industries Ltd.<sup>\*</sup> | 72 | 2017 |
| SandRidge Energy, Inc. | 185 | 2002 |
| Green Plains, Inc.<sup>\*</sup> | 328 | 1978 |
| VAALCO Energy, Inc. | 528 | 1906 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 311 | 1872 |
| Matrix Service Co.<sup>\*</sup> | 136 | 1837 |
| Granite Ridge Resources, Inc. | 276 | 1758 |
| Riley Exploration Permian, Inc. | 67 | 1757 |
| Flowco Holdings, Inc. — Class A | 94 | 1674 |
| Oil States International, Inc.<sup>\*</sup> | 299 | 1603 |
| Gevo, Inc.<sup>\*</sup> | 1180 | 1558 |
| Infinity Natural Resources, Inc. — Class A<sup>\*</sup> | 75 | 1373 |
| Natural Gas Services Group, Inc.<sup>\*</sup> | 52 | 1342 |
| Kolibri Global Energy, Inc.<sup>\*</sup> | 180 | 1233 |
| Summit Midstream Corp.<sup>\*</sup> | 50 | 1227 |
| Forum Energy Technologies, Inc.<sup>\*</sup> | 57 | 1110 |
| Berry Corp. | 393 | 1089 |
| Flotek Industries, Inc.<sup>\*</sup> | 73 | 1077 |
| Ranger Energy Services, Inc. — Class A | 87 | 1039 |
| HighPeak Energy, Inc.<sup>1</sup> | 93 | 911 |
| NACCO Industries, Inc. — Class A | 20 | 886 |
| W&T Offshore, Inc. | 506 | 835 |
| DMC Global, Inc.<sup>\*</sup> | 99 | 798 |
| Montauk Renewables, Inc.<sup>\*</sup> | 343 | 761 |
| Evolution Petroleum Corp. | 159 | 747 |
| Epsilon Energy Ltd. | 98 | 723 |
| T1 Energy, Inc.<sup>\*</sup> | 569 | 700 |
| Complete Solaria, Inc.<sup>\*</sup> | 307 | 565 |
| SEACOR Marine Holdings, Inc.<sup>\*</sup> | 105 | 535 |
| FutureFuel Corp. | 128 | 497 |
| ProFrac Holding Corp. — Class A<sup>\*,1</sup> | 63 | 489 |
| PrimeEnergy Resources Corp.<sup>\*</sup> | 3 | 439 |
| Empire Petroleum Corp.<sup>\*</sup> | 75 | 396 |
| Mammoth Energy Services, Inc.<sup>\*</sup> | 124 | 347 |
| Prairie Operating Co.<sup>\*</sup> | 110 | 329 |
| OPAL Fuels, Inc. — Class A<sup>\*</sup> | 108 | 261 |
| NextNRG, Inc.<sup>\*</sup> | 89 | 247 |
| Verde Clean Fuels, Inc.<sup>\*</sup> | 21 | 72 |
| **Total Energy** |  | 568673 |
| **Basic Materials - 0.8%** |  |  |
| Coeur Mining, Inc.<sup>\*</sup> | 3267 | 28946 |
| Commercial Metals Co. | 579 | 28319 |
| Balchem Corp. | 168 | 26746 |
| Sensient Technologies Corp. | 216 | 21280 |
| Cabot Corp. | 277 | 20775 |
| Hecla Mining Co. | 3061 | 18335 |
| HB Fuller Co. | 279 | 16782 |
| Avient Corp. | 469 | 15153 |
| Uranium Energy Corp.<sup>\*</sup> | 2171 | 14763 |
| Hawkins, Inc. | 100 | 14210 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 75 | 13738 |
| SSR Mining, Inc.<sup>\*</sup> | 1039 | 13237 |
| Innospec, Inc. | 128 | 10763 |
| Perimeter Solutions, Inc.<sup>\*</sup> | 710 | 9883 |
| Constellium SE<sup>\*</sup> | 726 | 9656 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 25.7% (continued)** |
| **Basic Materials - 0.8% (continued)** |  |  |
| Minerals Technologies, Inc. | 163 | $8976 |
| Chemours Co. | 768 | 8794 |
| Sylvamo Corp. | 175 | 8767 |
| Ingevity Corp.<sup>\*</sup> | 186 | 8015 |
| Quaker Chemical Corp. | 71 | 7948 |
| Kaiser Aluminum Corp. | 82 | 6552 |
| Rogers Corp.<sup>\*</sup> | 95 | 6506 |
| Energy Fuels, Inc.<sup>\*</sup> | 1062 | 6106 |
| Stepan Co. | 110 | 6004 |
| Calumet, Inc.<sup>\*</sup> | 352 | 5546 |
| United States Lime & Minerals, Inc. | 55 | 5489 |
| Novagold Resources, Inc.<sup>\*</sup> | 1271 | 5198 |
| Century Aluminum Co.<sup>\*</sup> | 267 | 4811 |
| Ecovyst, Inc.<sup>\*</sup> | 551 | 4535 |
| MAC Copper Ltd. — Class A<sup>\*</sup> | 364 | 4401 |
| Radius Recycling, Inc. — Class A | 142 | 4216 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 438 | 3973 |
| Compass Minerals International, Inc.<sup>\*</sup> | 176 | 3536 |
| AdvanSix, Inc. | 134 | 3182 |
| Koppers Holdings, Inc. | 98 | 3151 |
| Tronox Holdings plc — Class A | 610 | 3093 |
| Oil-Dri Corporation of America | 51 | 3008 |
| Orion S.A. | 283 | 2969 |
| Perpetua Resources Corp.<sup>\*</sup> | 235 | 2853 |
| Encore Energy Corp.<sup>\*</sup> | 939 | 2685 |
| Ferroglobe plc | 610 | 2239 |
| Magnera Corp.<sup>\*</sup> | 170 | 2054 |
| Intrepid Potash, Inc.<sup>\*</sup> | 55 | 1965 |
| Mativ Holdings, Inc. | 276 | 1882 |
| Caledonia Mining Corporation plc | 84 | 1623 |
| Dakota Gold Corp.<sup>\*</sup> | 439 | 1620 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 329 | 1267 |
| US Antimony Corp.<sup>\*</sup> | 467 | 1018 |
| Codexis, Inc.<sup>\*</sup> | 417 | 1017 |
| Contango ORE, Inc.<sup>\*</sup> | 44 | 857 |
| Idaho Strategic Resources, Inc.<sup>\*</sup> | 64 | 837 |
| Kronos Worldwide, Inc. | 111 | 688 |
| US Gold Corp.<sup>\*</sup> | 56 | 683 |
| American Battery Technology Co.<sup>\*</sup> | 414 | 671 |
| Vox Royalty Corp. | 205 | 648 |
| Piedmont Lithium, Inc.<sup>\*</sup> | 106 | 617 |
| NioCorp Developments Ltd.<sup>\*</sup> | 264 | 615 |
| Critical Metals Corp.<sup>\*</sup> | 164 | 587 |
| Lifezone Metals Ltd.<sup>\*</sup> | 142 | 585 |
| Friedman Industries, Inc. | 34 | 563 |
| Trinseo plc | 174 | 543 |
| American Vanguard Corp. | 133 | 521 |
| Valhi, Inc. | 12 | 194 |
| US Goldmining, Inc.<sup>\*</sup> | 8 | 66 |
| **Total Basic Materials** |  | 416260 |
| **Utilities - 0.8%** |  |  |
| Oklo, Inc.<sup>\*</sup> | 524 | 29339 |
| TXNM Energy, Inc. | 473 | 26639 |
| Ormat Technologies, Inc. | 312 | 26133 |
| Brookfield Infrastructure Corp. — Class A | 615 | 25584 |
| Southwest Gas Holdings, Inc. | 330 | 24549 |
| New Jersey Resources Corp. | 516 | 23127 |
| Portland General Electric Co. | 563 | 22875 |
| ONE Gas, Inc. | 306 | 21989 |
| Spire, Inc. | 294 | 21459 |
| Black Hills Corp. | 371 | 20813 |
| ALLETE, Inc. | 299 | 19157 |
| MGE Energy, Inc. | 188 | 16627 |
| Northwestern Energy Group, Inc. | 315 | 16160 |
| Avista Corp. | 411 | 15597 |
| Otter Tail Corp. | 197 | 15187 |
| American States Water Co. | 197 | 15102 |
| Chesapeake Utilities Corp. | 117 | 14066 |
| California Water Service Group | 305 | 13871 |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 890 | 9461 |
| H2O America | 162 | 8419 |
| Northwest Natural Holding Co. | 206 | 8182 |
| Middlesex Water Co. | 91 | 4930 |
| Unitil Corp. | 82 | 4276 |
| Genie Energy Ltd. — Class B | 108 | 2903 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 164 | 2491 |
| Consolidated Water Company Ltd. | 77 | 2312 |
| York Water Co. | 73 | 2307 |
| RGC Resources, Inc. | 42 | 940 |
| Global Water Resources, Inc. | 63 | 642 |
| **Total Utilities** |  | 415137 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 148 | 5964 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,310,226) |  | 12972597 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Danimer Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/15/25<sup>\*</sup> | 1 | – |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Communications - 0.0%** |  |  |
| Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expires 04/17/27 | 43 | 351 |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Cartesian Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expires 07/31/25 | 525 |  |
| Oncternal Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expires 07/31/25<sup>\*,†††</sup> | 2 |  |
| Sanofi SA |  |  |
| &nbsp;&nbsp;&nbsp;Expires 06/30/27 | 160 |  |
| Tobira Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expires 12/31/28<sup>\*,†††</sup> | 80 |  |
| Novartis AG<sup>†††</sup> | 262 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $274) |  | 351 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS<sup>\*\*\*,†</sup> - 1.0%** | | |
| Vanguard Russell 2000 ETF | 2883 | $251455 |
| iShares Russell 2000 Index ETF<sup>1</sup> | 1164 | 251180 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,845) |  | 502635 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 39.1%** | **U.S. TREASURY BILLS<sup>††</sup> - 39.1%** | **U.S. TREASURY BILLS<sup>††</sup> - 39.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.22% due 08/19/25<sup>2</sup> | $5000000 | 4970651 |
| &nbsp;&nbsp;&nbsp;4.19% due 08/26/25<sup>2</sup> | 4800000 | 4767744 |
| &nbsp;&nbsp;&nbsp;4.27% due 08/05/25<sup>2</sup> | 3200000 | 3186762 |
| &nbsp;&nbsp;&nbsp;4.01% due 08/12/25<sup>2</sup> | 2500000 | 2487453 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>2,3</sup> | 2008000 | 2006382 |
| &nbsp;&nbsp;&nbsp;4.22% due 09/09/25<sup>2</sup> | 1500000 | 1487689 |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>2,4</sup> | 650000 | 643983 |
| &nbsp;&nbsp;&nbsp;4.20% due 09/18/25<sup>2,4</sup> | 150000 | 148611 |
| &nbsp;&nbsp;&nbsp;4.22% due 09/18/25<sup>2,4</sup> | 50000 | 49537 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,750,080) |  | 19748812 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 6.0%** |  |  |
| United States Treasury Floating Rate Note |  |  |
| &nbsp;&nbsp;&nbsp;4.49% (3 Month U.S. Treasury Bill Rate + 0.25%, Rate Floor: 0.00%) due 01/31/26<sup>◊</sup> | 3000000 | 3003323 |
| **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,003,164) |  | 3003323 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 29.6%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 8065619 | 8065619 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>4</sup> | 3480311 | 3480311 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 3360674 | 3360674 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,906,604) |  | 14906604 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.9%** | | |
| **Money Market Fund<sup>\*\*\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.25%<sup>7</sup> | 465436 | $465436 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $465,436) |  | 465436 |
| **Total Investments - 102.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,945,629) |  | $51599758 |
| **Other Assets & Liabilities, net - (2.3)%** |  | (1161196) |
| **Total Net Assets - 100.0%** |  | $50438562 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 199 | Sep 2025 | $21802440 | $711194 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<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 | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 09/25/25 | 9727 | $21156273 | $324008 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal Funds Rate + 0.35%) | At Maturity | 09/24/25 | 16138 | 35100588 | 231175 |
| Barclays Bank plc | Russell 2000 Index | Pay | 5.14% (SOFR + 0.75%) | At Maturity | 09/25/25 | 4255 | 9254967 | 157686 |
|  |  |  |  |  |  |  | $65511828 | $712869 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *\*\*\** | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | |
|:---|:---|
| *<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 June 30, 2025. 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 June 30, 2025 — 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 futures collateral at June 30, 2025.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.* |
| *<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 June 30, 2025.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $12972597 | $— | $— \* | $12972597 |
| Warrants | — \* |  |  |  |
| Rights | 351 |  | — \* | 351 |
| Exchange-Traded Funds | 502635 |  |  | 502635 |
| U.S. Treasury Bills |  | 19748812 |  | 19748812 |
| U.S. Government Securities |  | 3003323 |  | 3003323 |
| Repurchase Agreements |  | 14906604 |  | 14906604 |
| Securities Lending Collateral | 465436 |  |  | 465436 |
| Equity Futures Contracts\*\* | 711194 |  |  | 711194 |
| Equity Index Swap Agreements\*\* |  | 712869 |  | 712869 |
| Total Assets | $14652213 | $38371608 | $— | $53023821 |

---

*\** *Security has a market value of $0.*

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

---

| | |
|:---|:---|
| **Inverse Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 22.1%** | **U.S. TREASURY BILLS<sup>††</sup> - 22.1%** | **U.S. TREASURY BILLS<sup>††</sup> - 22.1%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>1,2</sup> | $750000 | $743057 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>2,3</sup> | 135000 | 134892 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $877,929) |  | 877949 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 94.2%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 2022366 | 2022366 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>1</sup> | 872650 | 872650 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 842652 | 842652 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,737,668) |  | 3737668 |
| **Total Investments - 116.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,615,597) |  | $4615617 |
| **Other Assets & Liabilities, net - (16.3)%** |  | (647414) |
| **Total Net Assets - 100.0%** |  | $3968203 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 18 | Sep 2025 | $1972080 | $(52509) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements Sold Short<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 | Russell 2000 Index | Receive | 4.48% (Federal Funds Rate + 0.15%) | At Maturity | 09/25/25 | 500 | $1088583 | $628 |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.74% (SOFR + 0.35%) | At Maturity | 09/25/25 | 1564 | 3401858 | (13453) |
| Goldman Sachs International | Russell 2000 Index | Receive | 4.43% (Federal Funds Rate + 0.10%) | At Maturity | 09/24/25 | 682 | 1482705 | (24080) |
|  |  |  |  |  |  |  | $5973146 | $(36905) |

---

---

| | |
|:---|:---|
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *†* | *Value determined based on Level 1 inputs — See Note 3.* |
| *††* | *Value determined based on Level 2 inputs — See Note 3.* |
| *1* | *All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.* |
| *2* | *Rate indicated is the effective yield at the time of purchase.* |
| *3* | *All or a portion of this security is pledged as futures collateral at June 30, 2025.* |
| *4* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $877949 | $— | $877949 |
| Repurchase Agreements |  | 3737668 |  | 3737668 |
| Equity Index Swap Agreements\*\* |  | 628 |  | 628 |
| Total Assets | $— | $4616245 | $— | $4616245 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $52509 | $— | $— | $52509 |
| Equity Index Swap Agreements\*\* |  | 37533 |  | 37533 |
| Total Liabilities | $52509 | $37533 | $— | $90042 |

---

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

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.1%** | | |
| **Technology - 27.4%** |  |  |
| NVIDIA Corp. | 78952 | $12473632 |
| Microsoft Corp. | 24062 | 11968679 |
| Apple, Inc. | 48354 | 9920790 |
| Broadcom, Inc. | 15222 | 4195944 |
| Oracle Corp. | 5266 | 1151306 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 6886 | 938700 |
| International Business Machines Corp. | 3008 | 886698 |
| Salesforce, Inc. | 3106 | 846975 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 5249 | 744833 |
| Intuit, Inc. | 905 | 712805 |
| ServiceNow, Inc.<sup>\*</sup> | 670 | 688814 |
| Texas Instruments, Inc. | 2941 | 610610 |
| Accenture plc — Class A | 2027 | 605850 |
| QUALCOMM, Inc. | 3552 | 565692 |
| Adobe, Inc.<sup>\*</sup> | 1380 | 533894 |
| Applied Materials, Inc. | 2630 | 481474 |
| Micron Technology, Inc. | 3618 | 445919 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 806 | 410504 |
| Lam Research Corp. | 4141 | 403085 |
| KLA Corp. | 428 | 383377 |
| Analog Devices, Inc. | 1606 | 382260 |
| Intel Corp.<sup>\*</sup> | 14121 | 316310 |
| Fiserv, Inc.<sup>\*</sup> | 1795 | 309476 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 884 | 272405 |
| Synopsys, Inc.<sup>\*</sup> | 501 | 256853 |
| Fortinet, Inc.<sup>\*</sup> | 2057 | 217466 |
| Autodesk, Inc.<sup>\*</sup> | 693 | 214532 |
| Roper Technologies, Inc. | 348 | 197260 |
| NXP Semiconductor N.V. | 818 | 178725 |
| Workday, Inc. — Class A<sup>\*</sup> | 701 | 168240 |
| Paychex, Inc. | 1038 | 150987 |
| MSCI, Inc. — Class A | 251 | 144762 |
| Fair Isaac Corp.<sup>\*</sup> | 79 | 144409 |
| Fidelity National Information Services, Inc. | 1701 | 138478 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 549 | 133325 |
| Cognizant Technology Solutions Corp. — Class A | 1596 | 124536 |
| Microchip Technology, Inc. | 1741 | 122514 |
| Dell Technologies, Inc. — Class C | 970 | 118922 |
| Electronic Arts, Inc. | 739 | 118018 |
| Monolithic Power Systems, Inc. | 155 | 113364 |
| Gartner, Inc.<sup>\*</sup> | 249 | 100651 |
| ANSYS, Inc.<sup>\*</sup> | 285 | 100098 |
| Seagate Technology Holdings plc | 687 | 99155 |
| Broadridge Financial Solutions, Inc. | 380 | 92351 |
| Hewlett Packard Enterprise Co. | 4253 | 86974 |
| Tyler Technologies, Inc.<sup>\*</sup> | 140 | 82998 |
| Super Micro Computer, Inc.<sup>\*</sup> | 1662 | 81454 |
| HP, Inc. | 3052 | 74652 |
| Western Digital Corp. | 1130 | 72309 |
| ON Semiconductor Corp.<sup>\*</sup> | 1353 | 70911 |
| NetApp, Inc. | 659 | 70216 |
| PTC, Inc.<sup>\*</sup> | 388 | 66868 |
| Leidos Holdings, Inc. | 417 | 65786 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 165 | 50880 |
| Teradyne, Inc. | 519 | 46668 |
| Jack Henry & Associates, Inc. | 236 | 42520 |
| Akamai Technologies, Inc.<sup>\*</sup> | 473 | 37726 |
| Paycom Software, Inc. | 158 | 36561 |
| Skyworks Solutions, Inc. | 486 | 36217 |
| EPAM Systems, Inc.<sup>\*</sup> | 183 | 32358 |
| Dayforce, Inc.<sup>\*</sup> | 518 | 28692 |
| **Total Technology** |  | 54168468 |
| **Communications - 13.8%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 30589 | 6710921 |
| Meta Platforms, Inc. — Class A | 7029 | 5188035 |
| Alphabet, Inc. — Class A | 18842 | 3320526 |
| Alphabet, Inc. — Class C | 15199 | 2696150 |
| Netflix, Inc.<sup>\*</sup> | 1378 | 1845321 |
| Cisco Systems, Inc. | 12879 | 893545 |
| Walt Disney Co. | 5820 | 721738 |
| AT&T, Inc. | 23295 | 674157 |
| Uber Technologies, Inc.<sup>\*</sup> | 6770 | 631641 |
| Booking Holdings, Inc. | 105 | 607870 |
| Verizon Communications, Inc. | 13649 | 590592 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 2144 | 438748 |
| Comcast Corp. — Class A | 12056 | 430279 |
| T-Mobile US, Inc. | 1544 | 367874 |
| Arista Networks, Inc.<sup>\*</sup> | 3334 | 341102 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1110 | 273626 |
| Motorola Solutions, Inc. | 540 | 227048 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 1397 | 184879 |
| Corning, Inc. | 2495 | 131212 |
| Charter Communications, Inc. — Class A<sup>\*,1</sup> | 309 | 126322 |
| eBay, Inc. | 1493 | 111169 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 7288 | 83521 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 461 | 83008 |
| CDW Corp. | 426 | 76079 |
| VeriSign, Inc. | 261 | 75377 |
| Expedia Group, Inc. | 394 | 66460 |
| FactSet Research Systems, Inc. | 123 | 55015 |
| F5, Inc.<sup>\*</sup> | 186 | 54743 |
| Gen Digital, Inc. | 1767 | 51950 |
| Omnicom Group, Inc. | 632 | 45466 |
| Juniper Networks, Inc. | 1072 | 42805 |
| Fox Corp. — Class A | 693 | 38836 |
| News Corp. — Class A | 1221 | 36288 |
| Interpublic Group of Companies, Inc. | 1197 | 29302 |
| Paramount Global — Class B | 1948 | 25129 |
| Match Group, Inc. | 794 | 24527 |
| Fox Corp. — Class B | 427 | 22046 |
| News Corp. — Class B | 361 | 12386 |
| **Total Communications** |  | 27335693 |
| **Financial - 12.9%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 5936 | 2883531 |
| JPMorgan Chase & Co. | 8997 | 2608320 |
| Visa, Inc. — Class A | 5540 | 1966977 |
| Mastercard, Inc. — Class A | 2625 | 1475092 |
| Bank of America Corp. | 21214 | 1003846 |
| Wells Fargo & Co. | 10535 | 844064 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.1% (continued)** | | |
| **Financial - 12.9% (continued)** |  |  |
| Goldman Sachs Group, Inc. | 993 | $702796 |
| American Express Co. | 1792 | 571612 |
| Morgan Stanley | 3999 | 563299 |
| Citigroup, Inc. | 6047 | 514721 |
| Progressive Corp. | 1898 | 506500 |
| Charles Schwab Corp. | 5530 | 504557 |
| Blackrock, Inc. | 472 | 495246 |
| Capital One Financial Corp. | 2070 | 440413 |
| Blackstone, Inc. — Class A | 2362 | 353308 |
| Chubb Ltd. | 1207 | 349692 |
| Marsh & McLennan Companies, Inc. | 1595 | 348731 |
| Intercontinental Exchange, Inc. | 1857 | 340704 |
| American Tower Corp. — Class A REIT | 1516 | 335066 |
| CME Group, Inc. — Class A | 1167 | 321649 |
| Prologis, Inc. REIT | 3004 | 315780 |
| Welltower, Inc. REIT | 2011 | 309151 |
| KKR & Company, Inc. — Class A | 2192 | 291602 |
| Arthur J Gallagher & Co. | 829 | 265380 |
| Equinix, Inc. REIT | 317 | 252164 |
| Aon plc — Class A | 699 | 249375 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 684 | 239735 |
| PNC Financial Services Group, Inc. | 1281 | 238804 |
| U.S. Bancorp | 5043 | 228196 |
| Bank of New York Mellon Corp. | 2316 | 211011 |
| Apollo Global Management, Inc. | 1461 | 207272 |
| Travelers Companies, Inc. | 734 | 196374 |
| Truist Financial Corp. | 4240 | 182277 |
| Digital Realty Trust, Inc. REIT | 1025 | 178688 |
| Allstate Corp. | 857 | 172523 |
| Realty Income Corp. REIT | 2924 | 168452 |
| Aflac, Inc. | 1575 | 166100 |
| Ameriprise Financial, Inc. | 308 | 164389 |
| American International Group, Inc. | 1866 | 159711 |
| Simon Property Group, Inc. REIT | 993 | 159635 |
| Public Storage REIT | 511 | 149938 |
| MetLife, Inc. | 1826 | 146847 |
| Crown Castle, Inc. REIT | 1410 | 144849 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 951 | 133254 |
| Prudential Financial, Inc. | 1146 | 123126 |
| Nasdaq, Inc. | 1338 | 119644 |
| Hartford Insurance Group, Inc. | 920 | 116720 |
| VICI Properties, Inc. REIT | 3421 | 111525 |
| Arch Capital Group Ltd. | 1208 | 109988 |
| CoStar Group, Inc.<sup>\*</sup> | 1366 | 109827 |
| Extra Space Storage, Inc. REIT | 687 | 101291 |
| M&T Bank Corp. | 520 | 100875 |
| Brown & Brown, Inc. | 907 | 100559 |
| Willis Towers Watson plc | 321 | 98387 |
| State Street Corp. | 923 | 98152 |
| Iron Mountain, Inc. REIT | 955 | 97954 |
| AvalonBay Communities, Inc. REIT | 460 | 93610 |
| Ventas, Inc. REIT | 1461 | 92262 |
| Raymond James Financial, Inc. | 588 | 90182 |
| Fifth Third Bancorp | 2161 | 88882 |
| Synchrony Financial | 1232 | 82224 |
| SBA Communications Corp. REIT | 348 | 81724 |
| Northern Trust Corp. | 630 | 79878 |
| Cboe Global Markets, Inc. | 339 | 79058 |
| Huntington Bancshares, Inc. | 4716 | 79040 |
| Cincinnati Financial Corp. | 506 | 75354 |
| Equity Residential REIT | 1107 | 74711 |
| W R Berkley Corp. | 970 | 71266 |
| T. Rowe Price Group, Inc. | 713 | 68804 |
| Regions Financial Corp. | 2910 | 68443 |
| Citizens Financial Group, Inc. | 1404 | 62829 |
| Invitation Homes, Inc. REIT | 1846 | 60549 |
| Weyerhaeuser Co. REIT | 2348 | 60320 |
| Essex Property Trust, Inc. REIT | 208 | 58947 |
| Mid-America Apartment Communities, Inc. REIT | 379 | 56096 |
| KeyCorp | 3193 | 55622 |
| Principal Financial Group, Inc. | 668 | 53059 |
| Loews Corp. | 564 | 51696 |
| Everest Group Ltd. | 138 | 46899 |
| Kimco Realty Corp. REIT | 2190 | 46034 |
| UDR, Inc. REIT | 976 | 39850 |
| Healthpeak Properties, Inc. REIT | 2249 | 39380 |
| Camden Property Trust REIT | 346 | 38991 |
| Regency Centers Corp. REIT | 529 | 37681 |
| Alexandria Real Estate Equities, Inc. REIT | 498 | 36170 |
| Host Hotels & Resorts, Inc. REIT | 2246 | 34499 |
| Globe Life, Inc. | 267 | 33186 |
| Assurant, Inc. | 164 | 32388 |
| BXP, Inc. REIT<sup>1</sup> | 472 | 31846 |
| Erie Indemnity Co. — Class A | 81 | 28090 |
| Franklin Resources, Inc. | 1004 | 23945 |
| Federal Realty Investment Trust REIT | 251 | 23842 |
| Invesco Ltd. | 1449 | 22851 |
| **Total Financial** |  | 25449887 |
| **Consumer, Non-cyclical - 12.5%** |  |  |
| Eli Lilly & Co. | 2547 | 1985463 |
| Procter & Gamble Co. | 7591 | 1209398 |
| Johnson & Johnson | 7789 | 1189770 |
| AbbVie, Inc. | 5719 | 1061561 |
| Philip Morris International, Inc. | 5039 | 917753 |
| UnitedHealth Group, Inc. | 2937 | 916256 |
| Coca-Cola Co. | 12540 | 887205 |
| Abbott Laboratories | 5633 | 766144 |
| Merck & Company, Inc. | 8129 | 643492 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 1160 | 630356 |
| PepsiCo, Inc. | 4439 | 586125 |
| S&P Global, Inc. | 1016 | 535727 |
| Boston Scientific Corp.<sup>\*</sup> | 4789 | 514386 |
| Thermo Fisher Scientific, Inc. | 1222 | 495472 |
| Amgen, Inc. | 1741 | 486105 |
| Gilead Sciences, Inc. | 4027 | 446473 |
| Pfizer, Inc. | 18406 | 446161 |
| Stryker Corp. | 1114 | 440732 |
| Danaher Corp. | 2062 | 407327 |
| Automatic Data Processing, Inc. | 1314 | 405238 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 831 | 369961 |
| Medtronic plc | 4151 | 361843 |
| Altria Group, Inc. | 5454 | 319768 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.1% (continued)** | | |
| **Consumer, Non-cyclical - 12.5% (continued)** |  |  |
| Bristol-Myers Squibb Co. | 6588 | $304958 |
| McKesson Corp. | 405 | 296776 |
| Cigna Group | 865 | 285952 |
| Elevance Health, Inc. | 732 | 284719 |
| Mondelez International, Inc. — Class A | 4192 | 282709 |
| CVS Health Corp. | 4095 | 282473 |
| Moody's Corp. | 501 | 251297 |
| Cintas Corp. | 1111 | 247608 |
| Colgate-Palmolive Co. | 2624 | 238522 |
| PayPal Holdings, Inc.<sup>\*</sup> | 3148 | 233959 |
| Zoetis, Inc. | 1441 | 224724 |
| HCA Healthcare, Inc. | 561 | 214919 |
| Quanta Services, Inc. | 480 | 181478 |
| Regeneron Pharmaceuticals, Inc. | 336 | 176400 |
| Cencora, Inc. — Class A | 559 | 167616 |
| Corteva, Inc. | 2209 | 164637 |
| Becton Dickinson & Co. | 928 | 159848 |
| United Rentals, Inc. | 210 | 158214 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 1899 | 148521 |
| Keurig Dr Pepper, Inc. | 4397 | 145365 |
| Monster Beverage Corp.<sup>\*</sup> | 2273 | 142381 |
| Kroger Co. | 1983 | 142241 |
| Verisk Analytics, Inc. — Class A | 453 | 141109 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 260 | 139448 |
| Kimberly-Clark Corp. | 1074 | 138460 |
| Kenvue, Inc. | 6216 | 130101 |
| Cardinal Health, Inc. | 773 | 129864 |
| ResMed, Inc. | 475 | 122550 |
| Sysco Corp. | 1569 | 118836 |
| Dexcom, Inc.<sup>\*</sup> | 1270 | 110858 |
| GE HealthCare Technologies, Inc. | 1482 | 109772 |
| Agilent Technologies, Inc. | 923 | 108923 |
| Equifax, Inc. | 402 | 104267 |
| Humana, Inc. | 391 | 95592 |
| General Mills, Inc. | 1773 | 91859 |
| Centene Corp.<sup>\*</sup> | 1611 | 87445 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 532 | 83838 |
| Archer-Daniels-Midland Co. | 1556 | 82126 |
| Constellation Brands, Inc. — Class A | 496 | 80689 |
| Hershey Co. | 479 | 79490 |
| Church & Dwight Company, Inc. | 797 | 76600 |
| STERIS plc | 318 | 76390 |
| Corpay, Inc.<sup>\*</sup> | 228 | 75655 |
| Kraft Heinz Co. | 2797 | 72219 |
| Insulet Corp.<sup>\*</sup> | 228 | 71633 |
| Labcorp Holdings, Inc. | 271 | 71140 |
| Kellanova | 870 | 69191 |
| Waters Corp.<sup>\*</sup> | 193 | 67365 |
| Quest Diagnostics, Inc. | 361 | 64846 |
| Global Payments, Inc. | 790 | 63232 |
| McCormick & Company, Inc. | 818 | 62021 |
| Estee Lauder Companies, Inc. — Class A | 758 | 61246 |
| Biogen, Inc.<sup>\*</sup> | 474 | 59530 |
| Zimmer Biomet Holdings, Inc. | 641 | 58466 |
| Molina Healthcare, Inc.<sup>\*</sup> | 175 | 52132 |
| Tyson Foods, Inc. — Class A | 927 | 51856 |
| Rollins, Inc. | 910 | 51342 |
| West Pharmaceutical Services, Inc. | 233 | 50980 |
| Baxter International, Inc. | 1661 | 50295 |
| Clorox Co. | 399 | 47908 |
| Hologic, Inc.<sup>\*</sup> | 721 | 46980 |
| Cooper Companies, Inc.<sup>\*</sup> | 647 | 46041 |
| Avery Dennison Corp. | 253 | 44394 |
| Align Technology, Inc.<sup>\*</sup> | 221 | 41842 |
| Revvity, Inc. | 382 | 36947 |
| Incyte Corp.<sup>\*</sup> | 520 | 35412 |
| Bunge Global S.A. | 435 | 34922 |
| Solventum Corp.<sup>\*</sup> | 448 | 33976 |
| Viatris, Inc. | 3800 | 33934 |
| J M Smucker Co. | 345 | 33879 |
| Universal Health Services, Inc. — Class B | 185 | 33513 |
| Conagra Brands, Inc. | 1545 | 31626 |
| Moderna, Inc.<sup>\*</sup> | 1102 | 30404 |
| Henry Schein, Inc.<sup>\*</sup> | 394 | 28782 |
| Hormel Foods Corp. | 944 | 28556 |
| MarketAxess Holdings, Inc. | 121 | 27024 |
| Molson Coors Beverage Co. — Class B | 555 | 26690 |
| Bio-Techne Corp. | 508 | 26137 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 159 | 24125 |
| Lamb Weston Holdings, Inc. | 457 | 23695 |
| The Campbell's Co. | 637 | 19524 |
| DaVita, Inc.<sup>\*</sup> | 134 | 19088 |
| Brown-Forman Corp. — Class B | 590 | 15877 |
| **Total Consumer, Non-cyclical** |  | 24690675 |
| **Consumer, Cyclical - 7.0%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 9073 | 2882129 |
| Costco Wholesale Corp. | 1436 | 1421554 |
| Walmart, Inc. | 13987 | 1367649 |
| Home Depot, Inc. | 3218 | 1179847 |
| McDonald's Corp. | 2315 | 676374 |
| TJX Companies, Inc. | 3615 | 446416 |
| Lowe's Companies, Inc. | 1812 | 402028 |
| Starbucks Corp. | 3679 | 337107 |
| NIKE, Inc. — Class B | 3814 | 270947 |
| Royal Caribbean Cruises Ltd. | 809 | 253330 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 2768 | 249480 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 4362 | 244926 |
| Hilton Worldwide Holdings, Inc. | 770 | 205082 |
| Marriott International, Inc. — Class A | 736 | 201083 |
| AutoZone, Inc.<sup>\*</sup> | 54 | 200460 |
| PACCAR, Inc. | 1700 | 161602 |
| Fastenal Co. | 3714 | 155988 |
| General Motors Co. | 3113 | 153191 |
| WW Grainger, Inc. | 141 | 146674 |
| Cummins, Inc. | 446 | 146065 |
| Target Corp. | 1471 | 145114 |
| Copart, Inc.<sup>\*</sup> | 2846 | 139653 |
| Ford Motor Co. | 12644 | 137187 |
| Ross Stores, Inc. | 1065 | 135873 |
| Yum! Brands, Inc. | 900 | 133362 |
| DR Horton, Inc. | 895 | 115383 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.1% (continued)** | | |
| **Consumer, Cyclical - 7.0% (continued)** |  |  |
| Delta Air Lines, Inc. | 2114 | $103966 |
| Carnival Corp.<sup>\*</sup> | 3399 | 95580 |
| Tractor Supply Co. | 1717 | 90606 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 358 | 85054 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 1057 | 84169 |
| Lennar Corp. — Class A | 752 | 83179 |
| Darden Restaurants, Inc. | 379 | 82611 |
| Dollar General Corp. | 712 | 81439 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 510 | 77153 |
| PulteGroup, Inc. | 649 | 68444 |
| Ulta Beauty, Inc.<sup>\*</sup> | 146 | 68302 |
| NVR, Inc.<sup>\*</sup> | 9 | 66471 |
| Williams-Sonoma, Inc. | 398 | 65021 |
| Dollar Tree, Inc.<sup>\*</sup> | 640 | 63386 |
| Southwest Airlines Co. | 1845 | 59852 |
| Tapestry, Inc. | 672 | 59008 |
| Genuine Parts Co. | 449 | 54468 |
| Deckers Outdoor Corp.<sup>\*</sup> | 491 | 50607 |
| Domino's Pizza, Inc. | 110 | 49566 |
| Aptiv plc<sup>\*</sup> | 705 | 48095 |
| Las Vegas Sands Corp. | 1098 | 47774 |
| Best Buy Company, Inc. | 624 | 41889 |
| TKO Group Holdings, Inc. | 217 | 39483 |
| Pool Corp. | 122 | 35561 |
| Ralph Lauren Corp. — Class A | 129 | 35382 |
| CarMax, Inc.<sup>\*</sup> | 493 | 33135 |
| Hasbro, Inc. | 426 | 31447 |
| LKQ Corp. | 836 | 30940 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1447 | 29345 |
| Wynn Resorts Ltd. | 285 | 26696 |
| Walgreens Boots Alliance, Inc.<sup>\*</sup> | 2324 | 26679 |
| MGM Resorts International<sup>\*</sup> | 670 | 23041 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 673 | 19107 |
| **Total Consumer, Cyclical** |  | 13765960 |
| **Industrial - 6.5%** |  |  |
| General Electric Co. | 3452 | 888510 |
| RTX Corp. | 4325 | 631536 |
| Caterpillar, Inc. | 1523 | 591244 |
| Boeing Co.<sup>\*</sup> | 2441 | 511463 |
| Honeywell International, Inc. | 2081 | 484623 |
| GE Vernova, Inc. | 884 | 467768 |
| Eaton Corporation plc | 1267 | 452306 |
| Union Pacific Corp. | 1934 | 444975 |
| Deere & Co. | 817 | 415436 |
| Amphenol Corp. — Class A | 3916 | 386705 |
| Trane Technologies plc | 722 | 315810 |
| Lockheed Martin Corp. | 675 | 312620 |
| Parker-Hannifin Corp. | 414 | 289166 |
| TransDigm Group, Inc. | 182 | 276756 |
| Waste Management, Inc. | 1186 | 271381 |
| 3M Co. | 1742 | 265202 |
| Howmet Aerospace, Inc. | 1307 | 243272 |
| Emerson Electric Co. | 1821 | 242794 |
| United Parcel Service, Inc. — Class B | 2376 | 239833 |
| General Dynamics Corp. | 816 | 237995 |
| Johnson Controls International plc | 2131 | 225076 |
| Northrop Grumman Corp. | 438 | 218991 |
| Illinois Tool Works, Inc. | 863 | 213377 |
| CSX Corp. | 6082 | 198456 |
| Axon Enterprise, Inc.<sup>\*</sup> | 239 | 197878 |
| Carrier Global Corp. | 2581 | 188904 |
| Norfolk Southern Corp. | 730 | 186858 |
| FedEx Corp. | 714 | 162299 |
| Republic Services, Inc. — Class A | 658 | 162269 |
| TE Connectivity plc | 960 | 161923 |
| L3Harris Technologies, Inc. | 605 | 151758 |
| AMETEK, Inc. | 748 | 135358 |
| Otis Worldwide Corp. | 1278 | 126548 |
| Rockwell Automation, Inc. | 365 | 121242 |
| Westinghouse Air Brake Technologies Corp. | 554 | 115980 |
| Vulcan Materials Co. | 428 | 111631 |
| Ingersoll Rand, Inc. | 1306 | 108633 |
| Martin Marietta Materials, Inc. | 195 | 107047 |
| Garmin Ltd. | 499 | 104151 |
| Xylem, Inc. | 787 | 101806 |
| Old Dominion Freight Line, Inc. | 602 | 97705 |
| Keysight Technologies, Inc.<sup>\*</sup> | 560 | 91762 |
| Dover Corp. | 444 | 81354 |
| Veralto Corp. | 802 | 80962 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 67 | 78706 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 152 | 77871 |
| Jabil, Inc. | 348 | 75899 |
| Hubbell, Inc. | 173 | 70655 |
| Smurfit WestRock plc | 1606 | 69299 |
| Amcor plc | 7418 | 68171 |
| Lennox International, Inc. | 103 | 59044 |
| Trimble, Inc.<sup>\*</sup> | 772 | 58657 |
| Fortive Corp. | 1100 | 57343 |
| Pentair plc | 533 | 54718 |
| Packaging Corporation of America | 289 | 54462 |
| Snap-on, Inc. | 169 | 52589 |
| Jacobs Solutions, Inc. | 389 | 51134 |
| Expeditors International of Washington, Inc. | 443 | 50613 |
| Ball Corp. | 898 | 50369 |
| Textron, Inc. | 585 | 46970 |
| Masco Corp. | 683 | 43958 |
| IDEX Corp. | 245 | 43015 |
| Builders FirstSource, Inc.<sup>\*</sup> | 358 | 41775 |
| Allegion plc | 279 | 40210 |
| Nordson Corp. | 175 | 37515 |
| CH Robinson Worldwide, Inc. | 384 | 36845 |
| J.B. Hunt Transport Services, Inc. | 254 | 36474 |
| Stanley Black & Decker, Inc. | 501 | 33943 |
| Huntington Ingalls Industries, Inc. | 127 | 30665 |
| Generac Holdings, Inc.<sup>\*</sup> | 191 | 27353 |
| A O Smith Corp. | 376 | 24654 |
| Mohawk Industries, Inc.<sup>\*</sup> | 168 | 17613 |
| Ralliant Corp.<sup>\*</sup> | 352 | 17052 |
| **Total Industrial** |  | 12828935 |
| **Energy - 2.6%** |  |  |
| Exxon Mobil Corp. | 13953 | 1504133 |
| Chevron Corp. | 5258 | 752893 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.1% (continued)** | | |
| **Energy - 2.6% (continued)** |  |  |
| ConocoPhillips | 4087 | $366767 |
| Williams Companies, Inc. | 3953 | 248288 |
| EOG Resources, Inc. | 1767 | 211351 |
| Kinder Morgan, Inc. | 6259 | 184014 |
| Marathon Petroleum Corp. | 995 | 165279 |
| ONEOK, Inc. | 2022 | 165056 |
| Phillips 66 | 1319 | 157357 |
| Schlumberger N.V. | 4404 | 148855 |
| Valero Energy Corp. | 1014 | 136302 |
| Hess Corp. | 898 | 124409 |
| Baker Hughes Co. | 3207 | 122956 |
| Targa Resources Corp. | 702 | 122204 |
| Equities Corp. | 1938 | 113024 |
| Occidental Petroleum Corp. | 2294 | 96371 |
| Diamondback Energy, Inc. | 605 | 83127 |
| Expand Energy Corp. | 701 | 81975 |
| Devon Energy Corp. | 2079 | 66133 |
| Texas Pacific Land Corp. | 61 | 64440 |
| Coterra Energy, Inc. — Class A | 2471 | 62714 |
| First Solar, Inc.<sup>\*</sup> | 347 | 57443 |
| Halliburton Co. | 2783 | 56718 |
| APA Corp. | 1168 | 21363 |
| Enphase Energy, Inc.<sup>\*</sup> | 425 | 16851 |
| **Total Energy** |  | 5130023 |
| **Utilities - 2.1%** |  |  |
| NextEra Energy, Inc. | 6664 | 462615 |
| Constellation Energy Corp. | 1015 | 327601 |
| Southern Co. | 3558 | 326731 |
| Duke Energy Corp. | 2516 | 296888 |
| Vistra Corp. | 1099 | 212997 |
| American Electric Power Company, Inc. | 1730 | 179505 |
| Sempra | 2112 | 160026 |
| Dominion Energy, Inc. | 2761 | 156052 |
| Exelon Corp. | 3269 | 141940 |
| Public Service Enterprise Group, Inc. | 1616 | 136035 |
| Xcel Energy, Inc. | 1867 | 127143 |
| Entergy Corp. | 1445 | 120108 |
| Consolidated Edison, Inc. | 1167 | 117108 |
| WEC Energy Group, Inc. | 1033 | 107639 |
| NRG Energy, Inc. | 633 | 101647 |
| PG&E Corp. | 7114 | 99169 |
| DTE Energy Co. | 672 | 89013 |
| American Water Works Company, Inc. | 631 | 87778 |
| Ameren Corp. | 875 | 84035 |
| PPL Corp. | 2393 | 81099 |
| Atmos Energy Corp. | 514 | 79213 |
| CenterPoint Energy, Inc. | 2113 | 77632 |
| Eversource Energy | 1189 | 75644 |
| CMS Energy Corp. | 968 | 67063 |
| FirstEnergy Corp. | 1663 | 66952 |
| Edison International | 1246 | 64294 |
| NiSource, Inc. | 1524 | 61478 |
| Evergy, Inc. | 745 | 51353 |
| Alliant Energy Corp. | 832 | 50311 |
| Pinnacle West Capital Corp. | 387 | 34625 |
| AES Corp. | 2305 | 24249 |
| **Total Utilities** |  | 4067943 |
| **Basic Materials - 1.3%** |  |  |
| Linde plc | 1524 | 715030 |
| Sherwin-Williams Co. | 746 | 256147 |
| Ecolab, Inc. | 817 | 220133 |
| Newmont Corp. | 3604 | 209969 |
| Air Products and Chemicals, Inc. | 721 | 203365 |
| Freeport-McMoRan, Inc. | 4650 | 201578 |
| Nucor Corp. | 747 | 96766 |
| DuPont de Nemours, Inc. | 1355 | 92939 |
| PPG Industries, Inc. | 735 | 83606 |
| International Paper Co. | 1709 | 80032 |
| International Flavors & Fragrances, Inc. | 828 | 60899 |
| Dow, Inc. | 2289 | 60613 |
| Steel Dynamics, Inc. | 447 | 57221 |
| CF Industries Holdings, Inc. | 525 | 48300 |
| LyondellBasell Industries N.V. — Class A | 832 | 48140 |
| Mosaic Co. | 1027 | 37465 |
| Eastman Chemical Co. | 374 | 27923 |
| Albemarle Corp. | 381 | 23877 |
| **Total Basic Materials** |  | 2524003 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $92,596,338) |  | 169961587 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 10.0%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.20% due 09/04/25<sup>2,3</sup> | $10000000 | 9923106 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>3,4</sup> | 6210000 | 6204995 |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>2,3</sup> | 3100000 | 3071303 |
| &nbsp;&nbsp;&nbsp;4.20% due 09/18/25<sup>2,3</sup> | 500000 | 495371 |
| &nbsp;&nbsp;&nbsp;4.22% due 09/18/25<sup>2,3</sup> | 50000 | 49537 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,744,550) |  | 19744312 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 3247823 | 3247823 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>2</sup> | 1401434 | 1401434 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 1353259 | 1353259 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,002,516) |  | 6002516 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | <br>**Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.1%** | | |
| **Money Market Fund<sup>\*\*\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.25%<sup>7</sup> | 114528 | $114528 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $114,528) |  | 114528 |
| **Total Investments - 99.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $118,457,932) |  | $195822943 |
| **Other Assets & Liabilities, net - 0.8%** |  | 1615790 |
| **Total Net Assets - 100.0%** |  | $197438733 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 194 | Sep 2025 | $60639550 | $1945352 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<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 | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 09/24/25 | 11915 | $73934789 | $1214389 |
| BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal Funds Rate + 0.85%) | At Maturity | 09/25/25 | 8750 | 54293184 | 986910 |
| Barclays Bank plc | S&P 500 Index | Pay | 5.29% (SOFR + 0.90%) | At Maturity | 09/25/25 | 5918 | 36718511 | 664318 |
|  |  |  |  |  |  |  | $164946484 | $2865617 |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *\*\*\** | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<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 June 30, 2025 — See Note 5.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as futures collateral at June 30, 2025.* |
| *<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 June 30, 2025.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $169961587 | $— | $— | $169961587 |
| U.S. Treasury Bills |  | 19744312 |  | 19744312 |
| Repurchase Agreements |  | 6002516 |  | 6002516 |
| Securities Lending Collateral | 114528 |  |  | 114528 |
| Equity Futures Contracts\*\* | 1945352 |  |  | 1945352 |
| Equity Index Swap Agreements\*\* |  | 2865617 |  | 2865617 |
| Total Assets | $172021467 | $28612445 | $— | $200633912 |

---

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

---

| | |
|:---|:---|
| **Inverse S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 36.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 36.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 36.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.01% due 08/12/25<sup>1</sup> | $2000000 | $1989962 |
| &nbsp;&nbsp;&nbsp;4.23% due 09/18/25<sup>1,2</sup> | 1600000 | 1585188 |
| &nbsp;&nbsp;&nbsp;3.94% due 07/08/25<sup>1,3</sup> | 240000 | 239807 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,814,751) |  | 3814957 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 62.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 3516319 | 3516319 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>2</sup> | 1517290 | 1517290 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 1465133 | 1465133 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,498,742) |  | 6498742 |
| **Total Investments - 98.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,313,493) |  | $10313699 |
| **Other Assets & Liabilities, net - 1.4%** |  | 147869 |
| **Total Net Assets - 100.0%** |  | $10461568 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 3 | Sep 2025 | $937725 | $(22880) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements Sold Short<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 | 4.99% (SOFR + 0.60%) | At Maturity | 09/25/25 | 906 | $5619104 | $(157962) |
| BNP Paribas | S&P 500 Index | Receive | 4.78% (Federal Funds Rate + 0.45%) | At Maturity | 09/25/25 | 886 | 5495371 | (159221) |
| Goldman Sachs International | S&P 500 Index | Receive | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 09/24/25 | 1416 | 8784155 | (227777) |
|  |  |  |  |  |  |  | $19898630 | $(544960) |

---

---

| | |
|:---|:---|
| *\*\** | *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 June 30, 2025.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as futures collateral at June 30, 2025.* |
| *<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 S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **June 30, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $3814957 | $— | $3814957 |
| Repurchase Agreements |  | 6498742 |  | 6498742 |
| Total Assets | $— | $10313699 | $— | $10313699 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $22880 | $— | $— | $22880 |
| Equity Index Swap Agreements\*\* |  | 544960 |  | 544960 |
| Total Liabilities | $22880 | $544960 | $— | $567840 |

---

*\*\** *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 U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). 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:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification Status** |
| Dow 2x Strategy Fund | Non-diversified |
| Inverse Dow 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse 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 Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated Security Investors, LLC (the "Adviser") as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the "Valuation Designee Procedures" and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. 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. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party 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. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

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

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market ("NASDAQ") will 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.

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

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

U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

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 third-party 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 third-party pricing service.

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

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. 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 of the underlying securities would provide a more accurate valuation of the futures contract.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. 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. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset. 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 for investment purposes (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 seek 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)**

If a Fund's 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. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in 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 Funds' 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) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement.When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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.

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

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

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

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

**Note 4 – Repurchase Agreements** 

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

At June 30, 2025, 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 Strip |  |  |
| &nbsp;&nbsp;&nbsp;4.37% |  |  | &nbsp;&nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;&nbsp;Due 07/01/25 | $49842318 | $49848369 | &nbsp;&nbsp;&nbsp;Due 11/15/29 | $60261254 | $50839166 |
| Barclays Capital, Inc. |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.39% |  |  | &nbsp;&nbsp;&nbsp;3.88% |  |  |
| &nbsp;&nbsp;&nbsp;Due 07/01/25 | 21506937 | 21509560 | &nbsp;&nbsp;&nbsp;Due 05/15/43 | 24514300 | 21937106 |
| BofA Securities, Inc. |  |  | U.S. Treasury Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.37% |  |  | &nbsp;&nbsp;&nbsp;4.75% |  |  |
| &nbsp;&nbsp;&nbsp;Due 07/01/25 | 20767633 | 20770154 | &nbsp;&nbsp;&nbsp;Due 11/15/53 | 13543700 | 13369819 |
|  |  |  | U.S. Treasury Notes |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;3.88% - 4.25% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 10/15/25 - 08/15/34 | 7746300 | 7811988 |
|  |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;0.13% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 07/15/26 | 1071 | 1061 |
|  |  |  | U.S. Treasury Strips |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;0.00% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 07/31/25 - 08/15/44 | 284 | 118 |
|  |  |  |  | 21291355 | 21182986 |

---

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 their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

At June 30, 2025, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of <br> Securities Loaned** | **Collateral Received** |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | $2454495 | $2455636 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 457418 | 465436 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 113628 | 114528 |

---

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.

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

**Note 6 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code") , applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

At June 30, 2025, 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 <br> Unrealized<br> Appreciation** | **Tax <br> Unrealized<br> Depreciation** | **Net Tax <br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Dow 2x Strategy Fund | $26886647 | $12446928 | $(4) | $12446924 |
| Inverse Dow 2x Strategy Fund | 4023143 | 28 | (246246) | (246218) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 862443522 | 373296565 | (30176) | 373266389 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 13412968 | 118 | (569923) | (569805) |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 49469474 | 4364677 | (810330) | 3554347 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 4615597 | 648 | (90042) | (89394) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 147033177 | 53608507 | (7772) | 53600735 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 10313493 | 207 | (567841) | (567634) |

---

**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 (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or 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:** Inverse Dow 2x Strategy Fund

- **b. EDGAR series identifier (if any):** S000003706

- **c. LEI of Series:** 5493004XEAOM0XJ15V77

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-06-30

**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:** $4040834.74

**Total Liabilities:** $377916.15

**Net Assets:** $3662918.59

**Cash Not Reported:** $0.06

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010373 | 3.31%                | -7.43%               | -7.79%               |
| Class ID C000010374 | 3.25%                | -7.50%               | -7.84%               |
| Class ID C000010375 | 3.31%                | -7.42%               | -7.80%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2.07                   | $-62.94                                    |
| Month 2  | $0.00                    | $192.44                                    |
| Month 3  | $0.00                    | $-121.89                                   |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TREASURY BILL              | U.S. Treasury Bills                                       | CUSIP: 912797PX9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $1188891.29   | 32.46%            | 2025-09-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL              | U.S. Treasury Bills                                       | CUSIP: 912797PZ4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     51000 | PA      | $50958.90     | 1.39%             | 2025-07-08      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BNP Paribas                | Dow Jones Industrial Average Index                        | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DE               |  | US        |       -39 | NC      | $-58313.60    | -1.59%            |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank plc          | Dow Jones Industrial Average Index                        | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DE               |  | US        |      -113 | NC      | $-160266.88   | -4.38%            |  |  |  | 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        |        -3 | NC      | $-27665.97    | -0.76%            |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.      | BofA Securities, Inc.                                     | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    627496 | PA      | $627495.99    | 17.13%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.      | Barclays Capital, Inc.                                    | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |    649834 | PA      | $649834.15    | 17.74%            |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC | J.P. Morgan Securities LLC                                | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |   1505990 | PA      | $1505990.38   | 41.11%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-30

**Name of Applicant:** Rydex Dynamic Funds

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO