# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0000913181-25-000301
**Filing Date:** 2025-12
**Character Count:** 609695
**Document Hash:** 67a6e66738501fac6aebef81eb233050
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-25-000301.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000913181-25-000301

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0001064046

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08821
- **FILM NUMBER:** 251538168

**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

## Series and Classes Contracts Data

### Energy Services Fund (Series ID: S000003715)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010384 | Variable Annuity |  |

## Nport-Ex

---

| | |
|:---|:---|
| **Banking Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.4%** | **COMMON STOCKS<sup>†</sup> - 98.4%** | **COMMON STOCKS<sup>†</sup> - 98.4%** |
| **Banks - 91.6%** | **Banks - 91.6%** | **Banks - 91.6%** |
| JPMorgan Chase & Co. | 897 | $282941 |
| Wells Fargo & Co. | 3374 | 282809 |
| Citigroup, Inc. | 2771 | 281256 |
| Bank of America Corp. | 5396 | 278380 |
| Bank of New York Mellon Corp. | 1940 | 211382 |
| PNC Financial Services Group, Inc. | 1050 | 210977 |
| U.S. Bancorp | 4238 | 204823 |
| NU Holdings Limited/Cayman Islands — Class A<sup>\*</sup> | 12736 | 203903 |
| Truist Financial Corp. | 4023 | 183932 |
| State Street Corp. | 1153 | 133760 |
| M&T Bank Corp. | 669 | 132208 |
| Fifth Third Bancorp | 2894 | 128928 |
| Northern Trust Corp. | 890 | 119794 |
| Huntington Bancshares, Inc. | 6804 | 117505 |
| Regions Financial Corp. | 4344 | 114551 |
| Citizens Financial Group, Inc. | 2116 | 112487 |
| KeyCorp | 5733 | 107150 |
| ICICI Bank Ltd. ADR | 3420 | 103387 |
| Toronto-Dominion Bank | 1192 | 95300 |
| HDFC Bank Ltd. ADR | 2727 | 93154 |
| Royal Bank of Canada | 621 | 91486 |
| East West Bancorp, Inc. | 842 | 89631 |
| Bank of Nova Scotia | 1380 | 89217 |
| Popular, Inc. | 684 | 86875 |
| First Horizon Corp. | 3546 | 80175 |
| Barclays plc ADR | 3798 | 78505 |
| SOUTHSTATE BANK CORP | 751 | 74251 |
| Webster Financial Corp. | 1236 | 73468 |
| Western Alliance Bancorporation | 816 | 70764 |
| Comerica, Inc. | 1025 | 70233 |
| Wintrust Financial Corp. | 528 | 69928 |
| Zions Bancorp North America | 1194 | 67557 |
| UMB Financial Corp. | 567 | 67104 |
| Canadian Imperial Bank of Commerce | 835 | 66708 |
| Commerce Bancshares, Inc. | 1108 | 66214 |
| Columbia Banking System, Inc. | 2540 | 65380 |
| Old National Bancorp | 2976 | 65323 |
| Cullen/Frost Bankers, Inc. | 515 | 65287 |
| Pinnacle Financial Partners, Inc. | 667 | 62558 |
| Cadence Bank | 1666 | 62542 |
| HSBC Holdings plc ADR | 863 | 61256 |
| Synovus Financial Corp. | 1204 | 59092 |
| Prosperity Bancshares, Inc. | 876 | 58123 |
| UBS Group AG | 1385 | 56785 |
| FNB Corp. | 3512 | 56578 |
| Bank of Montreal | 431 | 56138 |
| Bank OZK | 1080 | 55058 |
| Hancock Whitney Corp. | 863 | 54032 |
| United Bankshares, Inc. | 1440 | 53582 |
| Valley National Bancorp | 5029 | 53307 |
| Grupo Financiero Galicia S.A. ADR<sup>\*</sup> | 1900 | 52364 |
| Banco Bradesco S.A. ADR | 14929 | 50460 |
| Associated Banc-Corp. | 1871 | 48103 |
| First Financial Bankshares, Inc. | 1386 | 46639 |
| First Citizens BancShares, Inc. — Class A | 26 | 46518 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 543 | 45900 |
| Eastern Bankshares, Inc. | 2493 | 45248 |
| Independent Bank Corp. | 628 | 43439 |
| Fulton Financial Corp. | 2307 | 42979 |
| Bancorp, Inc.<sup>\*</sup> | 567 | 42463 |
| Cathay General Bancorp | 875 | 42009 |
| First Hawaiian, Inc. | 1659 | 41193 |
| First Interstate BancSystem, Inc. — Class A | 1230 | 39200 |
| International Bancshares Corp. | 570 | 39187 |
| Seacoast Banking Corporation of Florida | 1259 | 38311 |
| Simmons First National Corp. — Class A | 1984 | 38033 |
| CVB Financial Corp. | 1911 | 36137 |
| First Financial Bancorp | 1414 | 35703 |
| Banner Corp. | 369 | 24169 |
| BOK Financial Corp. | 211 | 23514 |
| **Total Banks** |  | 6247353 |
| **Diversified Financial Services - 3.8%** |  |  |
| Capital One Financial Corp. | 1219 | 259135 |
| **Savings & Loans - 3.0%** |  |  |
| Axos Financial, Inc.<sup>\*</sup> | 578 | 48928 |
| Flagstar Financial, Inc. | 3883 | 44848 |
| WSFS Financial Corp. | 747 | 40286 |
| WaFd, Inc. | 1183 | 35833 |
| Banc of California, Inc. | 2082 | 34457 |
| **Total Savings & Loans** |  | 204352 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,278,929) |  | 6710840 |
| **PREFERRED STOCKS<sup>†</sup> - 1.1%** |  |  |
| **Banks - 1.1%** |  |  |
| Itau Unibanco Holding S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 10389 | 76255 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,612) |  | 76255 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $37012 | 37012 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 26632 | 26632 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $63,644) |  | 63644 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,397,185) |  | $6850739 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (25591) |
| **Total Net Assets - 100.0%** |  | $6825148 |

---

---

| | |
|:---|:---|
| **Banking Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $6710840 | $— | $— | $6710840 |
| Preferred Stocks | 76255 |  |  | 76255 |
| Repurchase Agreements |  | 63644 |  | 63644 |
| Total Assets | $6787095 | $63644 | $— | $6850739 |

---

---

| | |
|:---|:---|
| **Basic Materials Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.8%** | **COMMON STOCKS<sup>†</sup> - 99.8%** | **COMMON STOCKS<sup>†</sup> - 99.8%** |
| **Mining - 34.4%** | **Mining - 34.4%** | **Mining - 34.4%** |
| Newmont Corp. | 2544 | $214485 |
| Freeport-McMoRan, Inc. | 3808 | 149350 |
| Barrick Mining Corp. | 3731 | 122265 |
| Agnico Eagle Mines Ltd. | 704 | 118666 |
| Kinross Gold Corp. | 3901 | 96940 |
| Wheaton Precious Metals Corp. | 816 | 91261 |
| Teck Resources Ltd. — Class B | 2047 | 89843 |
| Franco-Nevada Corp. | 401 | 89387 |
| First Majestic Silver Corp. | 7214 | 88660 |
| Rio Tinto plc ADR | 1329 | 87727 |
| Anglogold Ashanti plc | 1221 | 85873 |
| Pan American Silver Corp. | 2204 | 85361 |
| BHP Group Ltd. ADR | 1531 | 85353 |
| IAMGOLD Corp.<sup>\*</sup> | 6542 | 84588 |
| B2Gold Corp. | 16871 | 83511 |
| Harmony Gold Mining Company Ltd. ADR | 4594 | 83381 |
| Alamos Gold, Inc. — Class A | 2368 | 82549 |
| Royal Gold, Inc. | 404 | 81034 |
| Gold Fields Ltd. ADR | 1913 | 80270 |
| Coeur Mining, Inc.<sup>\*</sup> | 4241 | 79561 |
| Hudbay Minerals, Inc. | 5137 | 77877 |
| Southern Copper Corp. | 629 | 76361 |
| Equinox Gold Corp.<sup>\*</sup> | 6674 | 74882 |
| Eldorado Gold Corp.<sup>\*</sup> | 2466 | 71243 |
| MP Materials Corp.<sup>\*</sup> | 1049 | 70356 |
| Alcoa Corp. | 1910 | 62820 |
| Hecla Mining Co. | 5141 | 62206 |
| SSR Mining, Inc.<sup>\*</sup> | 2003 | 48913 |
| Century Aluminum Co.<sup>\*</sup> | 956 | 28068 |
| Kaiser Aluminum Corp. | 178 | 13735 |
| **Total Mining** |  | 2566526 |
| **Chemicals - 29.8%** |  |  |
| Linde plc | 671 | 318725 |
| Sherwin-Williams Co. | 537 | 185942 |
| Ecolab, Inc. | 656 | 179652 |
| Air Products and Chemicals, Inc. | 587 | 160087 |
| DuPont de Nemours, Inc. | 1578 | 122926 |
| PPG Industries, Inc. | 965 | 101431 |
| Nutrien Ltd. | 1447 | 84953 |
| CF Industries Holdings, Inc. | 947 | 84946 |
| Dow, Inc. | 3574 | 81952 |
| International Flavors & Fragrances, Inc. | 1325 | 81540 |
| RPM International, Inc. | 676 | 79687 |
| Mosaic Co. | 2106 | 73036 |
| LyondellBasell Industries N.V. — Class A | 1468 | 71991 |
| Albemarle Corp. | 704 | 57080 |
| Eastman Chemical Co. | 873 | 55043 |
| Axalta Coating Systems Ltd.<sup>\*</sup> | 1775 | 50801 |
| Element Solutions, Inc. | 2007 | 50516 |
| Celanese Corp. — Class A | 1021 | 42964 |
| Cabot Corp. | 546 | 41523 |
| FMC Corp. | 1221 | 41062 |
| Avient Corp. | 1051 | 34630 |
| Olin Corp. | 1381 | 34511 |
| Westlake Corp. | 422 | 32519 |
| Chemours Co. | 2021 | 32013 |
| Ashland, Inc. | 618 | 29608 |
| Balchem Corp. | 176 | 26411 |
| Huntsman Corp. | 2609 | 23429 |
| Hawkins, Inc. | 119 | 21744 |
| Innospec, Inc. | 264 | 20370 |
| **Total Chemicals** |  | 2221092 |
| **Building Materials - 10.3%** |  |  |
| CRH plc | 1649 | 197715 |
| Vulcan Materials Co. | 451 | 138737 |
| Martin Marietta Materials, Inc. | 210 | 132359 |
| James Hardie Industries plc<sup>\*</sup> | 4183 | 80355 |
| Cemex SAB de CV ADR | 7737 | 69556 |
| Eagle Materials, Inc. | 231 | 53832 |
| Louisiana-Pacific Corp. | 547 | 48595 |
| Knife River Corp.<sup>\*</sup> | 568 | 43662 |
| **Total Building Materials** |  | 764811 |
| **Packaging & Containers - 9.3%** |  |  |
| Packaging Corporation of America | 436 | 95018 |
| Amcor plc | 11613 | 94994 |
| Smurfit WestRock plc | 1863 | 79308 |
| Ball Corp. | 1572 | 79260 |
| Crown Holdings, Inc. | 739 | 71380 |
| AptarGroup, Inc. | 475 | 63489 |
| Graphic Packaging Holding Co. | 2547 | 49845 |
| Sealed Air Corp. | 1407 | 49737 |
| Sonoco Products Co. | 982 | 42314 |
| Silgan Holdings, Inc. | 967 | 41591 |
| O-I Glass, Inc.<sup>\*</sup> | 2277 | 29533 |
| **Total Packaging & Containers** |  | 696469 |
| **Iron & Steel - 8.4%** |  |  |
| Nucor Corp. | 851 | 115251 |
| Vale S.A. ADR | 9198 | 99890 |
| Steel Dynamics, Inc. | 696 | 97043 |
| Carpenter Technology Corp. | 310 | 76117 |
| ArcelorMittal S.A. | 1993 | 72047 |
| Reliance, Inc. | 224 | 62906 |
| Commercial Metals Co. | 934 | 53500 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 4329 | 52814 |
| **Total Iron & Steel** |  | 629568 |
| **Biotechnology - 1.9%** |  |  |
| Corteva, Inc. | 2087 | 141144 |
| **Forest Products & Paper - 1.4%** |  |  |
| International Paper Co. | 2319 | 107602 |
| **Coal - 1.4%** |  |  |
| Core Natural Resources, Inc. | 566 | 47250 |
| Warrior Met Coal, Inc. | 640 | 40729 |
| Alpha Metallurgical Resources, Inc.<sup>\*</sup> | 107 | 17558 |
| **Total Coal** |  | 105537 |
| **Aerospace & Defense - 1.0%** |  |  |
| ATI, Inc.<sup>\*</sup> | 926 | 75321 |
| **Household Products & Housewares - 1.0%** |  |  |
| Avery Dennison Corp. | 462 | 74923 |
| **Housewares - 0.5%** |  |  |
| Scotts Miracle-Gro Co. — Class A | 578 | 32917 |

---

---

| | |
|:---|:---|
| **Basic Materials Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.8% (continued)** |
| **Environmental Control - 0.4%** |  |  |
| PureCycle Technologies, Inc.<sup>\*</sup> | 2388 | $31402 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,774,395) |  | 7447312 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $41221 | 41221 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 29662 | 29662 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $70,883) |  | 70883 |
| **Total Investments - 100.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,845,278) |  | $7518195 |
| **Other Assets & Liabilities, net - (0.7)%** |  | (50948) |
| **Total Net Assets - 100.0%** |  | $7467247 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $7447312 | $— | $— | $7447312 |
| Repurchase Agreements |  | 70883 |  | 70883 |
| Total Assets | $7447312 | $70883 | $— | $7518195 |

---

---

| | |
|:---|:---|
| **Biotechnology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Biotechnology - 73.7%** | **Biotechnology - 73.7%** | **Biotechnology - 73.7%** |
| Amgen, Inc. | 1837 | $518401 |
| Gilead Sciences, Inc. | 4302 | 477522 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 1065 | 417097 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 710 | 323760 |
| Regeneron Pharmaceuticals, Inc. | 566 | 318245 |
| Corteva, Inc. | 4059 | 274510 |
| Insmed, Inc.<sup>\*</sup> | 1611 | 232000 |
| BeOne Medicines Ltd. ADR<sup>\*</sup> | 583 | 198628 |
| Biogen, Inc.<sup>\*</sup> | 1302 | 182384 |
| Royalty Pharma plc — Class A | 4901 | 172907 |
| Incyte Corp.<sup>\*</sup> | 1841 | 156135 |
| Illumina, Inc.<sup>\*</sup> | 1614 | 153282 |
| Exelixis, Inc.<sup>\*</sup> | 3392 | 140090 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup> | 2084 | 136335 |
| United Therapeutics Corp.<sup>\*</sup> | 319 | 133728 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 2443 | 132313 |
| Argenx SE ADR<sup>\*</sup> | 174 | 128335 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 2417 | 125539 |
| Moderna, Inc.<sup>\*</sup> | 4856 | 125431 |
| CRISPR Therapeutics AG<sup>\*</sup> | 1926 | 124824 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 1621 | 118884 |
| Revolution Medicines, Inc.<sup>\*</sup> | 2425 | 113248 |
| Cytokinetics, Inc.<sup>\*</sup> | 1977 | 108656 |
| Roivant Sciences Ltd.<sup>\*</sup> | 7119 | 107710 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 2461 | 107226 |
| BioNTech SE ADR<sup>\*</sup> | 1059 | 104439 |
| Legend Biotech Corp. ADR<sup>\*</sup> | 3106 | 101287 |
| TG Therapeutics, Inc.<sup>\*</sup> | 2800 | 101150 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 2790 | 96227 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 2262 | 94212 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 767 | 93152 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 1486 | 91196 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 987 | 85356 |
| Akero Therapeutics, Inc.<sup>\*</sup> | 1728 | 82045 |
| ADMA Biologics, Inc.<sup>\*</sup> | 5026 | 73681 |
| Viking Therapeutics, Inc.<sup>\*</sup> | 2773 | 72874 |
| Veracyte, Inc.<sup>\*</sup> | 2064 | 70857 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 4049 | 69926 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | 2293 | 68973 |
| Summit Therapeutics, Inc.<sup>\*</sup> | 3273 | 67620 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 2460 | 66937 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 8224 | 64805 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 3032 | 64703 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 2642 | 64121 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 2816 | 63726 |
| Arcellx, Inc.<sup>\*</sup> | 769 | 63135 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 11877 | 57960 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 2996 | 57733 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 2164 | 55983 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 3723 | 54058 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 4178 | 52852 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 774 | 52322 |
| Novavax, Inc.<sup>\*</sup> | 5693 | 49358 |
| Dynavax Technologies Corp.<sup>\*</sup> | 4629 | 45966 |
| Immunovant, Inc.<sup>\*</sup> | 2741 | 44185 |
| Krystal Biotech, Inc.<sup>\*</sup> | 250 | 44133 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 9187 | 19936 |
| **Total Biotechnology** |  | 7222098 |
| **Pharmaceuticals - 20.0%** |  |  |
| AbbVie, Inc. | 3723 | 862023 |
| AstraZeneca plc ADR | 2589 | 198628 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 1101 | 154558 |
| Viatris, Inc. | 14421 | 142768 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 1034 | 136281 |
| Alkermes plc<sup>\*</sup> | 3923 | 117690 |
| Vaxcyte, Inc.<sup>\*</sup> | 2602 | 93724 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 1339 | 88950 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 1505 | 60411 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 124 | 56874 |
| Ascendis Pharma A/S ADR<sup>\*</sup> | 264 | 52486 |
| **Total Pharmaceuticals** |  | 1964393 |
| **Healthcare-Products - 5.0%** |  |  |
| Natera, Inc.<sup>\*</sup> | 1149 | 184954 |
| Exact Sciences Corp.<sup>\*</sup> | 2414 | 132070 |
| Guardant Health, Inc.<sup>\*</sup> | 1947 | 121649 |
| Twist Bioscience Corp.<sup>\*</sup> | 1977 | 55633 |
| **Total Healthcare-Products** |  | 494306 |
| **Healthcare-Services - 0.8%** |  |  |
| Medpace Holdings, Inc.<sup>\*</sup> | 145 | 74554 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,774,635) |  | 9755351 |
| **RIGHTS<sup>††</sup> - 0.0%** |  |  |
| **Pharmaceuticals - 0.0%** |  |  |
| Sanofi SA | 940 | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $61458 | 61458 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 44223 | 44223 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $105,681) |  | 105681 |
| **Total Investments - 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,880,316) |  | $9861032 |
| **Other Assets & Liabilities, net - (0.6)%** |  | (61033) |
| **Total Net Assets - 100.0%** |  | $9799999 |

---

---

| | |
|:---|:---|
| **Biotechnology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $9755351 | $— | $— | $9755351 |
| Rights |  | — \* |  |  |
| Repurchase Agreements |  | 105681 |  | 105681 |
| Total Assets | $9755351 | $105681 | $— | $9861032 |

---

*<sup>\*</sup>* *Security has a market value of $0.*

---

| | |
|:---|:---|
| **Commodities Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 45.4%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 113501 | $1142952 |
| Guggenheim Strategy Fund II<sup>1</sup> | 45022 | 1120140 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,249,924) |  | 2263092 |
| **MONEY MARKET FUNDS<sup>\*\*\*,†</sup> - 11.0%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.26%<sup>2</sup> | 549167 | 549167 |
| **Total Money Market Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $549,167) |  | 549167 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 23.7%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.26% due 10/03/25<sup>3</sup> | $682000 | 681849 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>3</sup> | 500000 | 498937 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,180,775) |  | 1180786 |
| **U.S. TREASURY BILLS<sup>††</sup> - 4.0%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 200000 | 199708 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $199,706) |  | 199708 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 720247 | 720247 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 518265 | 518265 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,238,512) |  | 1238512 |
| **Total Investments - 108.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,418,084) |  | $5431265 |
| **Other Assets & Liabilities, net - (8.9)%** |  | (444260) |
| **Total Net Assets - 100.0%** |  | $4987005 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P Goldman Sachs Commodity Index Futures Contracts | 36 | Oct 2025 | $4963500 | $49763 |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 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 September 30, 2025.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Commodities Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $2263092 | $— | $— | $2263092 |
| Money Market Funds | 549167 |  |  | 549167 |
| Federal Agency Discount Notes |  | 1180786 |  | 1180786 |
| U.S. Treasury Bills |  | 199708 |  | 199708 |
| Repurchase Agreements |  | 1238512 |  | 1238512 |
| Commodity Futures Contracts\*\* | 49763 |  |  | 49763 |
| Total Assets | $2862022 | $2619006 | $— | $5481028 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1418428 | $– | $(300000) | $(1206) | $2918 | $1120140 | 45022 | $52743 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 1434948 | – | (300000) | 2687 | 5317 | 1142952 | 113501 | 43952 |
|  | $2853376 | $– | $(600000) | $1481 | $8235 | $2263092 |  | $96695 |

---

---

| | |
|:---|:---|
| **Consumer Products Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.1%** | **COMMON STOCKS<sup>†</sup> - 100.1%** | **COMMON STOCKS<sup>†</sup> - 100.1%** |
| **Food - 32.8%** | **Food - 32.8%** | **Food - 32.8%** |
| Mondelez International, Inc. — Class A | 2762 | $172542 |
| Kroger Co. | 1807 | 121810 |
| Sysco Corp. | 1458 | 120052 |
| Hershey Co. | 625 | 116906 |
| General Mills, Inc. | 1950 | 98319 |
| Kellanova | 1129 | 92600 |
| Kraft Heinz Co. | 3407 | 88718 |
| Tyson Foods, Inc. — Class A | 1502 | 81559 |
| McCormick & Company, Inc. | 1174 | 78552 |
| US Foods Holding Corp.<sup>\*</sup> | 998 | 76467 |
| Performance Food Group Co.<sup>\*</sup> | 721 | 75013 |
| J M Smucker Co. | 578 | 62771 |
| Conagra Brands, Inc. | 2983 | 54619 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 501 | 54509 |
| Lamb Weston Holdings, Inc. | 928 | 53898 |
| Ingredion, Inc. | 426 | 52019 |
| Hormel Foods Corp. | 2026 | 50123 |
| The Campbell's Co. | 1451 | 45822 |
| Albertsons Companies, Inc. — Class A | 2474 | 43320 |
| Post Holdings, Inc.<sup>\*</sup> | 403 | 43314 |
| Cal-Maine Foods, Inc. | 388 | 36511 |
| Marzetti Co. | 195 | 33694 |
| Flowers Foods, Inc. | 2234 | 29154 |
| Simply Good Foods Co.<sup>\*</sup> | 1111 | 27575 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 445 | 25957 |
| Pilgrim's Pride Corp. | 583 | 23740 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 1374 | 22053 |
| **Total Food** |  | 1781617 |
| **Beverages - 26.5%** |  |  |
| Coca-Cola Co. | 4362 | 289288 |
| PepsiCo, Inc. | 1850 | 259814 |
| Monster Beverage Corp.<sup>\*</sup> | 1978 | 133139 |
| Keurig Dr Pepper, Inc. | 4120 | 105101 |
| Coca-Cola Europacific Partners plc | 1090 | 98547 |
| Constellation Brands, Inc. — Class A | 593 | 79859 |
| Brown-Forman Corp. — Class B | 2465 | 66752 |
| Anheuser-Busch InBev S.A. ADR | 1104 | 65810 |
| Celsius Holdings, Inc.<sup>\*</sup> | 1067 | 61342 |
| Fomento Economico Mexicano SAB de CV ADR | 614 | 60559 |
| Diageo plc ADR | 547 | 52200 |
| Molson Coors Beverage Co. — Class B | 1144 | 51766 |
| Coca-Cola Consolidated, Inc. | 409 | 47918 |
| Primo Brands Corp. — Class A | 1950 | 43095 |
| Vita Coco Company, Inc.<sup>\*</sup> | 634 | 26926 |
| **Total Beverages** |  | 1442116 |
| **Cosmetics & Personal Care - 16.2%** |  |  |
| Procter & Gamble Co. | 2312 | 355239 |
| Colgate-Palmolive Co. | 1863 | 148928 |
| Estee Lauder Companies, Inc. — Class A | 1165 | 102660 |
| Kenvue, Inc. | 6010 | 97542 |
| Unilever plc ADR | 1012 | 59992 |
| Haleon plc ADR | 6155 | 55210 |
| elf Beauty, Inc.<sup>\*</sup> | 377 | 49945 |
| Inter Parfums, Inc. | 134 | 13183 |
| **Total Cosmetics & Personal Care** |  | 882699 |
| **Agriculture - 14.7%** |  |  |
| Philip Morris International, Inc. | 1824 | 295853 |
| Altria Group, Inc. | 3036 | 200558 |
| Archer-Daniels-Midland Co. | 1684 | 100602 |
| British American Tobacco plc ADR | 1367 | 72560 |
| Bunge Global S.A. | 861 | 69956 |
| Darling Ingredients, Inc.<sup>\*</sup> | 1294 | 39946 |
| Vital Farms, Inc.<sup>\*</sup> | 497 | 20452 |
| **Total Agriculture** |  | 799927 |
| **Household Products & Housewares - 6.1%** |  |  |
| Kimberly-Clark Corp. | 961 | 119491 |
| Church & Dwight Company, Inc. | 963 | 84387 |
| Clorox Co. | 596 | 73487 |
| Reynolds Consumer Products, Inc. | 910 | 22268 |
| Spectrum Brands Holdings, Inc. | 389 | 20434 |
| WD-40 Co. | 63 | 12449 |
| **Total Household Products & Housewares** |  | 332516 |
| **Retail - 2.2%** |  |  |
| Casey's General Stores, Inc. | 153 | 86494 |
| Freshpet, Inc.<sup>\*</sup> | 576 | 31743 |
| **Total Retail** |  | 118237 |
| **Internet - 0.9%** |  |  |
| Maplebear, Inc.<sup>\*</sup> | 1253 | 46060 |
| **Pharmaceuticals - 0.7%** |  |  |
| BellRing Brands, Inc.<sup>\*</sup> | 1093 | 39730 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,664,434) |  | 5442902 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $10962 | 10962 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 7888 | 7888 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,850) |  | 18850 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,683,284) |  | $5461752 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (20594) |
| **Total Net Assets - 100.0%** |  | $5441158 |

---

---

| | |
|:---|:---|
| **Consumer Products Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5442902 | $— | $— | $5442902 |
| Repurchase Agreements |  | 18850 |  | 18850 |
| Total Assets | $5442902 | $18850 | $— | $5461752 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 73.5%** | **COMMON STOCKS<sup>†</sup> - 73.5%** | **COMMON STOCKS<sup>†</sup> - 73.5%** |
| **Financial - 20.1%** | **Financial - 20.1%** | **Financial - 20.1%** |
| Goldman Sachs Group, Inc. | 667 | $531165 |
| Visa, Inc. — Class A | 667 | 227700 |
| American Express Co. | 667 | 221551 |
| JPMorgan Chase & Co. | 667 | 210392 |
| Travelers Companies, Inc. | 667 | 186240 |
| **Total Financial** |  | 1377048 |
| **Technology - 14.4%** |  |  |
| Microsoft Corp. | 667 | 345473 |
| International Business Machines Corp. | 667 | 188201 |
| Apple, Inc. | 667 | 169838 |
| Salesforce, Inc. | 667 | 158079 |
| NVIDIA Corp. | 667 | 124449 |
| **Total Technology** |  | 986040 |
| **Consumer, Non-cyclical - 10.9%** |  |  |
| UnitedHealth Group, Inc. | 667 | 230315 |
| Amgen, Inc. | 667 | 188227 |
| Johnson & Johnson | 667 | 123675 |
| Procter & Gamble Co. | 667 | 102485 |
| Merck & Company, Inc. | 667 | 55982 |
| Coca-Cola Co. | 667 | 44235 |
| **Total Consumer, Non-cyclical** |  | 744919 |
| **Industrial - 10.3%** |  |  |
| Caterpillar, Inc. | 667 | 318259 |
| Boeing Co.<sup>\*</sup> | 667 | 143959 |
| Honeywell International, Inc. | 667 | 140403 |
| 3M Co. | 667 | 103505 |
| **Total Industrial** |  | 706126 |
| **Consumer, Cyclical - 8.6%** |  |  |
| Home Depot, Inc. | 667 | 270262 |
| McDonald's Corp. | 667 | 202694 |
| Walmart, Inc. | 667 | 68741 |
| NIKE, Inc. — Class B | 667 | 46510 |
| **Total Consumer, Cyclical** |  | 588207 |
| **Communications - 4.3%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 667 | 146453 |
| Walt Disney Co. | 667 | 76372 |
| Cisco Systems, Inc. | 667 | 45636 |
| Verizon Communications, Inc. | 667 | 29315 |
| **Total Communications** |  | 297776 |
| **Basic Materials - 3.4%** |  |  |
| Sherwin-Williams Co. | 667 | 230955 |
| **Energy - 1.5%** |  |  |
| Chevron Corp. | 667 | 103578 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,856,560) |  | 5034649 |
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>1,2</sup> | $243000 | 242646 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | 150000 | 148743 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $391,382) |  | 391389 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 17.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 678090 | 678090 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 487930 | 487930 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,166,020) |  | 1166020 |
| **Total Investments - 96.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,413,962) |  | $6592058 |
| **Other Assets & Liabilities, net - 3.8%** |  | 262999 |
| **Total Net Assets - 100.0%** |  | $6855057 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Dow Jones Industrial Average Mini Futures Contracts | 15 | Dec 2025 | $3501375 | $31772 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> 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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.03% (SOFR + 0.90%) | At Maturity | 11/20/25 | 64 | $2964194 | $18061 |
| BNP Paribas | Dow Jones Industrial Average | Pay | 4.99% (Federal Funds Rate + 0.90%) | At Maturity | 11/20/25 | 47 | 2200930 | 13125 |
|  |  |  |  |  |  |  | $5165124 | $31186 |

---

---

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

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is pledged as futures collateral at September 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 equity index swap collateral at September 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 September 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5034649 | $— | $— | $5034649 |
| U.S. Treasury Bills |  | 391389 |  | 391389 |
| Repurchase Agreements |  | 1166020 |  | 1166020 |
| Equity Futures Contracts\*\* | 31772 |  |  | 31772 |
| Equity Index Swap Agreements\*\* |  | 31186 |  | 31186 |
| Total Assets | $5066421 | $1588595 | $— | $6655016 |

---

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

---

| | |
|:---|:---|
| **Electronics Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Semiconductors - 92.9%** | **Semiconductors - 92.9%** | **Semiconductors - 92.9%** |
| NVIDIA Corp. | 14354 | $2678169 |
| Broadcom, Inc. | 4547 | 1500101 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 4073 | 658971 |
| Micron Technology, Inc. | 3279 | 548642 |
| Applied Materials, Inc. | 2645 | 541537 |
| Intel Corp.<sup>\*</sup> | 15950 | 535123 |
| Lam Research Corp. | 3978 | 532654 |
| QUALCOMM, Inc. | 3194 | 531354 |
| Texas Instruments, Inc. | 2771 | 509116 |
| KLA Corp. | 457 | 492920 |
| Analog Devices, Inc. | 1752 | 430466 |
| Marvell Technology, Inc. | 4502 | 378483 |
| Monolithic Power Systems, Inc. | 296 | 272510 |
| ASML Holding N.V. — Class G | 280 | 271065 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 959 | 267839 |
| NXP Semiconductor N.V. | 1171 | 266672 |
| Microchip Technology, Inc. | 3556 | 228366 |
| Teradyne, Inc. | 1479 | 203570 |
| Astera Labs, Inc.<sup>\*</sup> | 940 | 184052 |
| ON Semiconductor Corp.<sup>\*</sup> | 3569 | 175987 |
| ARM Holdings plc ADR<sup>\*</sup> | 1229 | 173891 |
| Camtek Ltd.<sup>\*</sup> | 1550 | 162828 |
| STMicroelectronics N.V. — Class Y | 5465 | 154441 |
| Entegris, Inc. | 1638 | 151450 |
| United Microelectronics Corp. ADR | 19887 | 150744 |
| Kulicke & Soffa Industries, Inc. | 3363 | 136672 |
| ASE Technology Holding Company Ltd. ADR | 12252 | 135875 |
| Skyworks Solutions, Inc. | 1746 | 134407 |
| Rambus, Inc.<sup>\*</sup> | 1277 | 133063 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 1785 | 130876 |
| Qorvo, Inc.<sup>\*</sup> | 1290 | 117493 |
| MKS, Inc. | 925 | 114487 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 877 | 109178 |
| Onto Innovation, Inc.<sup>\*</sup> | 829 | 107123 |
| Semtech Corp.<sup>\*</sup> | 1499 | 107104 |
| Cirrus Logic, Inc.<sup>\*</sup> | 822 | 102988 |
| Nova Ltd.<sup>\*</sup> | 312 | 99734 |
| Impinj, Inc.<sup>\*</sup> | 479 | 86579 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 2241 | 80317 |
| Amkor Technology, Inc. | 2661 | 75572 |
| Allegro MicroSystems, Inc.<sup>\*</sup> | 2556 | 74635 |
| Ambarella, Inc.<sup>\*</sup> | 869 | 71710 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 731 | 71375 |
| FormFactor, Inc.<sup>\*</sup> | 1936 | 70509 |
| SiTime Corp.<sup>\*</sup> | 231 | 69603 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 1625 | 63586 |
| Synaptics, Inc.<sup>\*</sup> | 889 | 60754 |
| Diodes, Inc.<sup>\*</sup> | 1117 | 59436 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 450 | 59009 |
| Veeco Instruments, Inc.<sup>\*</sup> | 1882 | 57269 |
| Power Integrations, Inc. | 1355 | 54485 |
| Navitas Semiconductor Corp.<sup>\*</sup> | 6405 | 46244 |
| Penguin Solutions, Inc.<sup>\*</sup> | 1730 | 45464 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 2759 | 44365 |
| **Total Semiconductors** |  | 14520863 |
| **Energy-Alternate Sources - 3.9%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 885 | 195169 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 4614 | 170718 |
| Canadian Solar, Inc.<sup>\*</sup> | 11970 | 156089 |
| Enphase Energy, Inc.<sup>\*</sup> | 2292 | 81114 |
| **Total Energy-Alternate Sources** |  | 603090 |
| **Telecommunications - 1.1%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 1232 | 179391 |
| **Computers - 1.0%** |  |  |
| Rigetti Computing, Inc.<sup>\*</sup> | 5281 | 157321 |
| **Electrical Components & Equipment - 0.6%** |  |  |
| Universal Display Corp. | 702 | 100828 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,280,830) |  | 15561493 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $78123 | 78123 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 56215 | 56215 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $134,338) |  | 134338 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,415,168) |  | $15695831 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (63004) |
| **Total Net Assets - 100.0%** |  | $15632827 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Electronics Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $15561493 | $— | $— | $15561493 |
| Repurchase Agreements |  | 134338 |  | 134338 |
| Total Assets | $15561493 | $134338 | $— | $15695831 |

---

---

| | |
|:---|:---|
| **Energy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** |
| **Oil & Gas - 60.6%** |  |  |
| Exxon Mobil Corp. | 5895 | $664661 |
| Chevron Corp. | 3327 | 516650 |
| ConocoPhillips | 3491 | 330214 |
| Marathon Petroleum Corp. | 1234 | 237841 |
| EOG Resources, Inc. | 2040 | 228725 |
| Valero Energy Corp. | 1343 | 228659 |
| Phillips 66 | 1662 | 226065 |
| Equities Corp. | 3345 | 182068 |
| Occidental Petroleum Corp. | 3786 | 178889 |
| Diamondback Energy, Inc. | 1113 | 159270 |
| Expand Energy Corp. | 1491 | 158404 |
| Shell plc ADR | 2004 | 143346 |
| Devon Energy Corp. | 4058 | 142274 |
| BP plc ADR | 4000 | 137840 |
| Canadian Natural Resources Ltd. | 4075 | 130237 |
| Coterra Energy, Inc. — Class A | 5286 | 125014 |
| Petroleo Brasileiro S.A. - Petrobras ADR | 9650 | 122169 |
| Suncor Energy, Inc. | 2753 | 115103 |
| Viper Energy, Inc. — Class A | 2925 | 111794 |
| Cenovus Energy, Inc. | 5924 | 100649 |
| Antero Resources Corp.<sup>\*</sup> | 2837 | 95210 |
| Ovintiv, Inc. | 2356 | 95135 |
| Range Resources Corp. | 2447 | 92105 |
| APA Corp. | 3791 | 92046 |
| Permian Resources Corp. | 6996 | 89549 |
| HF Sinclair Corp. | 1664 | 87094 |
| Equinor ASA ADR | 3405 | 83014 |
| Chord Energy Corp. | 706 | 70155 |
| Weatherford International plc | 1022 | 69935 |
| Texas Pacific Land Corp. | 74 | 69089 |
| Transocean Ltd.<sup>\*</sup> | 21408 | 66793 |
| Matador Resources Co. | 1485 | 66721 |
| CNX Resources Corp.<sup>\*</sup> | 1998 | 64176 |
| Magnolia Oil & Gas Corp. — Class A | 2663 | 63566 |
| Murphy Oil Corp. | 2191 | 62246 |
| California Resources Corp. | 1108 | 58923 |
| Noble Corporation plc | 1936 | 54750 |
| Civitas Resources, Inc. | 1619 | 52618 |
| Valaris Ltd.<sup>\*</sup> | 1004 | 48965 |
| SM Energy Co. | 1953 | 48766 |
| PBF Energy, Inc. — Class A | 1610 | 48574 |
| Northern Oil & Gas, Inc. | 1838 | 45582 |
| Helmerich & Payne, Inc. | 1963 | 43363 |
| Comstock Resources, Inc.<sup>\*</sup> | 2105 | 41742 |
| Patterson-UTI Energy, Inc. | 7786 | 40331 |
| Crescent Energy Co. — Class A | 4343 | 38740 |
| Vital Energy, Inc.<sup>\*</sup> | 1289 | 21771 |
| **Total Oil & Gas** |  | 5950831 |
| **Pipelines - 18.0%** |  |  |
| Williams Companies, Inc. | 4314 | 273292 |
| Kinder Morgan, Inc. | 7997 | 226395 |
| Cheniere Energy, Inc. | 902 | 211952 |
| ONEOK, Inc. | 2804 | 204608 |
| Targa Resources Corp. | 1079 | 180775 |
| Enbridge, Inc. | 2637 | 133063 |
| DT Midstream, Inc. | 930 | 105146 |
| TC Energy Corp. | 1815 | 98754 |
| Golar LNG Ltd. | 2216 | 89548 |
| Venture Global, Inc. — Class A | 6046 | 85793 |
| Antero Midstream Corp. | 4039 | 78518 |
| Pembina Pipeline Corp. | 1752 | 70886 |
| New Fortress Energy, Inc.<sup>\*</sup> | 6020 | 13304 |
| **Total Pipelines** |  | 1772034 |
| **Oil & Gas Services - 8.3%** |  |  |
| Baker Hughes Co. | 4377 | 213247 |
| Schlumberger N.V. | 6151 | 211410 |
| Halliburton Co. | 5638 | 138695 |
| TechnipFMC plc | 2454 | 96810 |
| NOV, Inc. | 4988 | 66091 |
| Liberty Energy, Inc. — Class A | 3556 | 43881 |
| Tidewater, Inc.<sup>\*</sup> | 809 | 43144 |
| **Total Oil & Gas Services** |  | 813278 |
| **Energy-Alternate Sources - 4.4%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 678 | 149519 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 2951 | 109187 |
| Sunrun, Inc.<sup>\*</sup> | 3596 | 62175 |
| Enphase Energy, Inc.<sup>\*</sup> | 1756 | 62145 |
| Plug Power, Inc.<sup>\*</sup> | 12142 | 28291 |
| Green Plains, Inc.<sup>\*</sup> | 2421 | 21281 |
| **Total Energy-Alternate Sources** |  | 432598 |
| **Mining - 3.7%** |  |  |
| Cameco Corp. | 1690 | 141723 |
| Uranium Energy Corp.<sup>\*</sup> | 7268 | 96955 |
| Energy Fuels, Inc.<sup>\*</sup> | 3988 | 61216 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 197 | 61084 |
| **Total Mining** |  | 360978 |
| **Coal - 1.3%** |  |  |
| Core Natural Resources, Inc. | 785 | 65532 |
| Peabody Energy Corp. | 2383 | 63197 |
| **Total Coal** |  | 128729 |
| **Transportation - 1.3%** |  |  |
| Frontline plc | 2782 | 63402 |
| Scorpio Tankers, Inc. | 1053 | 59020 |
| **Total Transportation** |  | 122422 |
| **Metal Fabricate & Hardware - 0.7%** |  |  |
| Tenaris S.A. ADR | 1900 | 67963 |
| **Retail - 0.6%** |  |  |
| Murphy USA, Inc. | 153 | 59404 |
| **Machinery-Diversified - 0.5%** |  |  |
| Cactus, Inc. — Class A | 1314 | 51864 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,308,187) |  | 9760101 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 0.2%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 20980 | 20980 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,980) |  | 20980 |

---

---

| | |
|:---|:---|
| **Energy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $25951 | $25951 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 18674 | 18674 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,625) |  | $44625 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,373,792) |  | $9825706 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (5075) |
| **Total Net Assets - 100.0%** |  | $9820631 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*\*</sup>* | *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>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $9760101 | $— | $— | $9760101 |
| Money Market Fund | 20980 |  |  | 20980 |
| Repurchase Agreements |  | 44625 |  | 44625 |
| Total Assets | $9781081 | $44625 | $— | $9825706 |

---

---

| | |
|:---|:---|
| **Energy Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.2%** | **COMMON STOCKS<sup>†</sup> - 99.2%** | **COMMON STOCKS<sup>†</sup> - 99.2%** |
| **Oil & Gas Services - 71.4%** |  |  |
| Baker Hughes Co. | 7311 | $356192 |
| Schlumberger N.V. | 10277 | 353221 |
| Halliburton Co. | 9419 | 231708 |
| TechnipFMC plc | 2991 | 117995 |
| Archrock, Inc. | 4198 | 110449 |
| NOV, Inc. | 8333 | 110412 |
| Solaris Energy Infrastructure, Inc. — Class A | 2279 | 91092 |
| Kodiak Gas Services, Inc. | 2246 | 83035 |
| Oceaneering International, Inc.<sup>\*</sup> | 3163 | 78379 |
| Liberty Energy, Inc. — Class A | 5942 | 73324 |
| Tidewater, Inc.<sup>\*</sup> | 1352 | 72102 |
| Select Water Solutions, Inc. — Class A | 5849 | 62526 |
| Aris Water Solutions, Inc. — Class A | 2417 | 59603 |
| Expro Group Holdings N.V.<sup>\*</sup> | 4505 | 53519 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 7386 | 48452 |
| Atlas Energy Solutions, Inc. | 4101 | 46628 |
| RPC, Inc. | 7398 | 35215 |
| ProPetro Holding Corp.<sup>\*</sup> | 6709 | 35155 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 3204 | 11855 |
| **Total Oil & Gas Services** |  | 2030862 |
| **Oil & Gas - 21.8%** |  |  |
| Weatherford International plc | 1707 | 116810 |
| Noble Corporation plc | 3235 | 91486 |
| Valaris Ltd.<sup>\*</sup> | 1678 | 81836 |
| Helmerich & Payne, Inc. | 3280 | 72455 |
| Patterson-UTI Energy, Inc. | 13009 | 67387 |
| Seadrill Ltd.<sup>\*</sup> | 2083 | 62927 |
| Transocean Ltd.<sup>\*</sup> | 19984 | 62350 |
| Borr Drilling Ltd.<sup>\*</sup> | 15260 | 41049 |
| Nabors Industries Ltd.<sup>\*</sup> | 618 | 25258 |
| **Total Oil & Gas** |  | 621558 |
| **Machinery-Diversified - 3.0%** |  |  |
| Cactus, Inc. — Class A | 2195 | 86637 |
| **Metal Fabricate & Hardware - 3.0%** |  |  |
| Tenaris S.A. ADR | 2387 | 85383 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,486,927) |  | 2824440 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $15895 | 15895 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 11438 | 11438 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,333) |  | 27333 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,514,260) |  | $2851773 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (6021) |
| **Total Net Assets - 100.0%** |  | $2845752 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2824440 | $— | $— | $2824440 |
| Repurchase Agreements |  | 27333 |  | 27333 |
| Total Assets | $2824440 | $27333 | $— | $2851773 |

---

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 53.8%** | **COMMON STOCKS<sup>†</sup> - 53.8%** | **COMMON STOCKS<sup>†</sup> - 53.8%** |
| **Consumer, Non-cyclical - 16.1%** |  |  |
| Novartis AG ADR | 394 | $50527 |
| AstraZeneca plc ADR | 633 | 48564 |
| Nestle S.A. ADR | 527 | 48363 |
| Roche Holding AG ADR | 1151 | 48123 |
| Novo Nordisk A/S ADR | 660 | 36623 |
| Unilever plc ADR | 515 | 30529 |
| British American Tobacco plc ADR | 448 | 23780 |
| Sanofi S.A. ADR | 466 | 21995 |
| L'Oreal S.A. ADR | 245 | 21227 |
| EssilorLuxottica S.A. ADR | 128 | 20864 |
| RELX plc ADR | 385 | 18387 |
| GSK plc ADR | 414 | 17868 |
| Anheuser-Busch InBev S.A. ADR | 210 | 12518 |
| Diageo plc ADR | 113 | 10784 |
| **Total Consumer, Non-cyclical** |  | 410152 |
| **Financial - 12.3%** |  |  |
| HSBC Holdings plc ADR | 706 | 50112 |
| Allianz SE ADR | 790 | 33156 |
| Banco Santander S.A. ADR | 3039 | 31849 |
| UBS Group AG | 642 | 26322 |
| UniCredit SpA ADR | 639 | 24244 |
| Banco Bilbao Vizcaya Argentaria S.A. ADR | 1180 | 22715 |
| Zurich Insurance Group AG ADR | 597 | 21355 |
| BNP Paribas S.A. ADR | 436 | 19847 |
| Intesa Sanpaolo SpA ADR | 498 | 19765 |
| AXA S.A. ADR | 374 | 17929 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 1335 | 17075 |
| ING Groep N.V. ADR | 618 | 16117 |
| London Stock Exchange Group plc ADR | 415 | 12014 |
| **Total Financial** |  | 312500 |
| **Industrial - 8.6%** |  |  |
| Siemens AG ADR | 307 | 41448 |
| Schneider Electric SE ADR | 591 | 33108 |
| Airbus SE ADR | 482 | 28062 |
| Rolls-Royce Holdings plc ADR | 1711 | 27718 |
| Safran S.A. ADR | 307 | 27111 |
| ABB Ltd. ADR | 323 | 23240 |
| Rheinmetall AG ADR | 47 | 21890 |
| Vinci S.A. ADR | 477 | 16533 |
| **Total Industrial** |  | 219110 |
| **Technology - 5.2%** |  |  |
| ASML Holding N.V. — Class G | 80 | 77447 |
| SAP SE ADR | 209 | 55847 |
| **Total Technology** |  | 133294 |
| **Energy - 3.5%** |  |  |
| Shell plc ADR | 599 | 42846 |
| TotalEnergies SE ADR | 466 | 27816 |
| BP plc ADR | 562 | 19367 |
| **Total Energy** |  | 90029 |
| **Consumer, Cyclical - 2.8%** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE ADR | 259 | 31678 |
| Cie Financiere Richemont S.A. ADR | 1101 | 21040 |
| Hermes International SCA ADR | 72 | 17649 |
| **Total Consumer, Cyclical** |  | 70367 |
| **Utilities - 2.1%** |  |  |
| Iberdrola S.A. ADR | 313 | 23807 |
| National Grid plc ADR | 212 | 15406 |
| Enel SpA ADR | 1596 | 15098 |
| **Total Utilities** |  | 54311 |
| **Communications - 1.7%** |  |  |
| Deutsche Telekom AG ADR | 717 | 24486 |
| Prosus N.V. ADR | 1285 | 18144 |
| **Total Communications** |  | 42630 |
| **Basic Materials - 1.5%** |  |  |
| Air Liquide S.A. ADR | 594 | 24610 |
| Rio Tinto plc ADR | 219 | 14456 |
| **Total Basic Materials** |  | 39066 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,044,818) |  | 1371459 |
| **MUTUAL FUNDS<sup>†</sup> - 16.2%** |  |  |
| Guggenheim Strategy Fund II<sup>1</sup> | 9255 | 230268 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 18098 | 182247 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $407,812) |  | 412515 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 7.0%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | $180000 | 179737 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $179,735) |  | 179737 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 22.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 327656 | 327656 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 235770 | 235770 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $563,426) |  | 563426 |
| **Total Investments - 99.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,195,791) |  | $2527137 |
| **Other Assets & Liabilities, net - 0.9%** |  | 23334 |
| **Total Net Assets - 100.0%** |  | $2550471 |

---

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| STOXX 50 Index Futures Contracts | 33 | Dec 2025 | $1806940 | $27235 |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Euro FX Futures Contracts | 12 | Dec 2025 | 1768650 | 1038 |

---

---

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

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $1371459 | $— | $— | $1371459 |
| Mutual Funds | 412515 |  |  | 412515 |
| U.S. Treasury Bills |  | 179737 |  | 179737 |
| Repurchase Agreements |  | 563426 |  | 563426 |
| Equity Futures Contracts\*\* | 27235 |  |  | 27235 |
| Currency Futures Contracts\*\* | 1038 |  |  | 1038 |
| Total Assets | $1812247 | $743163 | $— | $2555410 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $229991 | $– | $– | $– | $277 | $230268 | 9255 | $9225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 181161 | – | – | – | 1086 | 182247 | 18098 | 5995 |
|  | $411152 | $– | $– | $– | $1363 | $412515 |  | $15220 |

---

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.7%** | **COMMON STOCKS<sup>†</sup> - 98.7%** | **COMMON STOCKS<sup>†</sup> - 98.7%** |
| **Banks - 26.2%** | **Banks - 26.2%** | **Banks - 26.2%** |
| JPMorgan Chase & Co. | 1043 | $328994 |
| Bank of America Corp. | 4046 | 208733 |
| Wells Fargo & Co. | 2198 | 184236 |
| Goldman Sachs Group, Inc. | 219 | 174401 |
| Morgan Stanley | 967 | 153714 |
| Citigroup, Inc. | 1504 | 152656 |
| Bank of New York Mellon Corp. | 901 | 98173 |
| PNC Financial Services Group, Inc. | 488 | 98054 |
| NU Holdings Limited/Cayman Islands — Class A<sup>\*</sup> | 5953 | 95308 |
| U.S. Bancorp | 1967 | 95065 |
| Truist Financial Corp. | 1868 | 85405 |
| Toronto-Dominion Bank | 942 | 75313 |
| Royal Bank of Canada | 497 | 73218 |
| Popular, Inc. | 570 | 72396 |
| Bank of Nova Scotia | 1118 | 72279 |
| ICICI Bank Ltd. ADR | 2371 | 71675 |
| HDFC Bank Ltd. ADR | 2073 | 70814 |
| State Street Corp. | 535 | 62065 |
| M&T Bank Corp. | 311 | 61460 |
| Fifth Third Bancorp | 1343 | 59831 |
| Northern Trust Corp. | 413 | 55590 |
| Huntington Bancshares, Inc. | 3159 | 54556 |
| Regions Financial Corp. | 2017 | 53188 |
| Citizens Financial Group, Inc. | 983 | 52256 |
| KeyCorp | 2663 | 49771 |
| East West Bancorp, Inc. | 391 | 41622 |
| First Horizon Corp. | 1646 | 37216 |
| Western Alliance Bancorporation | 378 | 32780 |
| Comerica, Inc. | 476 | 32616 |
| Zions Bancorp North America | 554 | 31345 |
| UMB Financial Corp. | 264 | 31244 |
| Commerce Bancshares, Inc. | 514 | 30717 |
| Columbia Banking System, Inc. | 1179 | 30347 |
| Old National Bancorp | 1382 | 30335 |
| Pinnacle Financial Partners, Inc. | 310 | 29075 |
| Bank OZK | 502 | 25592 |
| Wintrust Financial Corp. | 190 | 25164 |
| Valley National Bancorp | 2334 | 24740 |
| First Citizens BancShares, Inc. — Class A | 9 | 16102 |
| **Total Banks** |  | 2978046 |
| **Diversified Financial Services - 23.8%** |  |  |
| Visa, Inc. — Class A | 835 | 285052 |
| Mastercard, Inc. — Class A | 413 | 234919 |
| Charles Schwab Corp. | 1507 | 143873 |
| American Express Co. | 429 | 142497 |
| Blackrock, Inc. | 113 | 131743 |
| Capital One Financial Corp. | 586 | 124572 |
| Interactive Brokers Group, Inc. — Class A | 1779 | 122413 |
| CME Group, Inc. — Class A | 410 | 110778 |
| Intercontinental Exchange, Inc. | 625 | 105300 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 311 | 104959 |
| Apollo Global Management, Inc. | 597 | 79562 |
| XP, Inc. — Class A | 4063 | 76344 |
| Ares Management Corp. — Class A | 453 | 72430 |
| Nasdaq, Inc. | 805 | 71202 |
| Rocket Companies, Inc. — Class A | 3418 | 66241 |
| Ameriprise Financial, Inc. | 131 | 64354 |
| Raymond James Financial, Inc. | 354 | 61100 |
| SoFi Technologies, Inc.<sup>\*</sup> | 2305 | 60898 |
| Cboe Global Markets, Inc. | 233 | 57143 |
| Synchrony Financial | 768 | 54566 |
| Blue Owl Capital, Inc. | 3147 | 53279 |
| Tradeweb Markets, Inc. — Class A | 472 | 52383 |
| T. Rowe Price Group, Inc. | 504 | 51731 |
| TPG, Inc. | 813 | 46707 |
| LPL Financial Holdings, Inc. | 133 | 44248 |
| Invesco Ltd. | 1538 | 35282 |
| Ally Financial, Inc. | 889 | 34849 |
| Jefferies Financial Group, Inc. | 517 | 33822 |
| SEI Investments Co. | 398 | 33770 |
| Mr Cooper Group, Inc. | 142 | 29932 |
| Franklin Resources, Inc. | 1221 | 28242 |
| SLM Corp. | 909 | 25161 |
| Virtu Financial, Inc. — Class A | 702 | 24921 |
| Hamilton Lane, Inc. — Class A | 162 | 21836 |
| Upstart Holdings, Inc.<sup>\*</sup> | 408 | 20726 |
| **Total Diversified Financial Services** |  | 2706835 |
| **REITS - 17.7%** |  |  |
| Welltower, Inc. | 701 | 124876 |
| Prologis, Inc. | 991 | 113489 |
| American Tower Corp. — Class A | 538 | 103468 |
| Digital Realty Trust, Inc. | 495 | 85576 |
| Simon Property Group, Inc. | 453 | 85015 |
| Equinix, Inc. | 107 | 83807 |
| Realty Income Corp. | 1360 | 82674 |
| Public Storage | 255 | 73657 |
| Crown Castle, Inc. | 745 | 71885 |
| VICI Properties, Inc. | 1993 | 64992 |
| Ventas, Inc. | 897 | 62781 |
| Iron Mountain, Inc. | 601 | 61266 |
| Extra Space Storage, Inc. | 414 | 58349 |
| AvalonBay Communities, Inc. | 295 | 56985 |
| Equity Residential | 821 | 53143 |
| SBA Communications Corp. | 253 | 48918 |
| Weyerhaeuser Co. | 1830 | 45366 |
| Invitation Homes, Inc. | 1508 | 44230 |
| Mid-America Apartment Communities, Inc. | 313 | 43735 |
| Sun Communities, Inc. | 337 | 43473 |
| Kimco Realty Corp. | 1906 | 41646 |
| Alexandria Real Estate Equities, Inc. | 497 | 41420 |
| Healthpeak Properties, Inc. | 2162 | 41402 |
| Regency Centers Corp. | 564 | 41116 |
| Gaming and Leisure Properties, Inc. | 830 | 38686 |
| Annaly Capital Management, Inc. | 1890 | 38197 |
| Lamar Advertising Co. — Class A | 309 | 37828 |
| UDR, Inc. | 1015 | 37819 |
| Host Hotels & Resorts, Inc. | 2171 | 36950 |
| BXP, Inc. | 497 | 36947 |

---

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 98.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 98.7% (continued)** |
| **REITS - 17.7% (continued)** |  |  |
| Camden Property Trust | 340 | $36305 |
| Equity LifeStyle Properties, Inc. | 589 | 35752 |
| American Homes 4 Rent — Class A | 1061 | 35278 |
| AGNC Investment Corp. | 3545 | 34706 |
| Rexford Industrial Realty, Inc. | 811 | 33340 |
| Sabra Health Care REIT, Inc. | 1230 | 22927 |
| Lineage, Inc. | 455 | 17581 |
| **Total REITS** |  | 2015585 |
| **Insurance - 17.4%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 720 | 361973 |
| Progressive Corp. | 537 | 132612 |
| Marsh & McLennan Companies, Inc. | 541 | 109028 |
| Arthur J Gallagher & Co. | 320 | 99117 |
| Willis Towers Watson plc | 280 | 96726 |
| Arch Capital Group Ltd. | 999 | 90639 |
| Aon plc — Class A | 244 | 87006 |
| Travelers Companies, Inc. | 310 | 86558 |
| Chubb Ltd. | 306 | 86369 |
| Aflac, Inc. | 773 | 86344 |
| Allstate Corp. | 396 | 85001 |
| MetLife, Inc. | 917 | 75533 |
| American International Group, Inc. | 927 | 72807 |
| Hartford Insurance Group, Inc. | 506 | 67495 |
| Prudential Financial, Inc. | 633 | 65667 |
| Brown & Brown, Inc. | 605 | 56743 |
| Everest Group Ltd. | 158 | 55336 |
| Cincinnati Financial Corp. | 343 | 54228 |
| W R Berkley Corp. | 685 | 52485 |
| Principal Financial Group, Inc. | 569 | 47176 |
| Equitable Holdings, Inc. | 820 | 41640 |
| Corebridge Financial, Inc. | 984 | 31537 |
| Selective Insurance Group, Inc. | 302 | 24483 |
| Erie Indemnity Co. — Class A | 53 | 16863 |
| **Total Insurance** |  | 1983366 |
| **Commercial Services - 6.4%** |  |  |
| S&P Global, Inc. | 260 | 126545 |
| Moody's Corp. | 187 | 89102 |
| PayPal Holdings, Inc.<sup>\*</sup> | 1307 | 87647 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 3925 | 74222 |
| Block, Inc. — Class A<sup>\*</sup> | 998 | 72125 |
| Affirm Holdings, Inc.<sup>\*</sup> | 678 | 49548 |
| Global Payments, Inc. | 581 | 48270 |
| Toast, Inc. — Class A<sup>\*</sup> | 1286 | 46952 |
| Corpay, Inc.<sup>\*</sup> | 123 | 35431 |
| Shift4 Payments, Inc. — Class A<sup>\*</sup> | 348 | 26935 |
| MarketAxess Holdings, Inc. | 152 | 26486 |
| Morningstar, Inc. | 107 | 24825 |
| Remitly Global, Inc.<sup>\*</sup> | 1062 | 17311 |
| **Total Commercial Services** |  | 725399 |
| **Private Equity - 3.2%** |  |  |
| Blackstone, Inc. — Class A | 893 | 152569 |
| KKR & Company, Inc. — Class A | 748 | 97203 |
| Brookfield Corp. | 1038 | 71186 |
| Carlyle Group, Inc. | 685 | 42949 |
| **Total Private Equity** |  | 363907 |
| **Software - 2.2%** |  |  |
| Fiserv, Inc.<sup>\*</sup> | 694 | 89477 |
| MSCI, Inc. — Class A | 123 | 69792 |
| Fidelity National Information Services, Inc. | 964 | 63566 |
| Jack Henry & Associates, Inc. | 234 | 34850 |
| **Total Software** |  | 257685 |
| **Internet - 1.2%** |  |  |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 959 | 137310 |
| **Investment Companies - 0.4%** |  |  |
| Ares Capital Corp. | 1966 | 40126 |
| **Healthcare-Services - 0.2%** |  |  |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 1243 | 23530 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,552,957) |  | 11231789 |
| **PREFERRED STOCKS<sup>†</sup> - 0.7%** |  |  |
| **Banks - 0.7%** |  |  |
| Itau Unibanco Holding S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 9733 | 71440 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,632) |  | 71440 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $54509 | 54509 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 39223 | 39223 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,732) |  | 93732 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,688,321) |  | $11396961 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (19557) |
| **Total Net Assets - 100.0%** |  | $11377404 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $11231789 | $— | $— | $11231789 |
| Preferred Stocks | 71440 |  |  | 71440 |
| Repurchase Agreements |  | 93732 |  | 93732 |
| Total Assets | $11303229 | $93732 | $— | $11396961 |

---

---

| | |
|:---|:---|
| **Global Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 40.1%** | **MUTUAL FUNDS<sup>†</sup> - 40.1%** | **MUTUAL FUNDS<sup>†</sup> - 40.1%** |
| Guggenheim Variable Insurance Strategy Fund III<sup>1</sup> | 100294 | $2496321 |
| Guggenheim Strategy Fund III<sup>1</sup> | 89107 | 2223217 |
| Guggenheim Strategy Fund II<sup>1</sup> | 4552 | 113259 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 7274 | 73246 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,886,643) |  | 4906043 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 8.9%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.26%<sup>2</sup> | 1094074 | 1094074 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,094,074) |  | 1094074 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 10.0%** | **U.S. TREASURY BILLS<sup>††</sup> - 10.0%** | **U.S. TREASURY BILLS<sup>††</sup> - 10.0%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | $1227000 | $1225210 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,225,199) |  | 1225210 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 44.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 09/30/25 at 4.20% due 10/01/25 | 3196075 | 3196075 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 09/30/25 at 4.19% due 10/01/25 | 2299785 | 2299785 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,495,860) |  | 5495860 |
| **Total Investments - 103.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,701,776) |  | $12721187 |
| **Other Assets & Liabilities, net - (3.9)%** |  | (477674) |
| **Total Net Assets - 100.0%** |  | $12243513 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 54 | Dec 2025 | $3218184 | $125503 |
| NASDAQ-100 Index Mini Futures Contracts | 5 | Dec 2025 | 2489800 | 52477 |
| S&P/TSX 60 IX Index Futures Contracts | 8 | Dec 2025 | 2039438 | 40112 |
| Nikkei 225 (CME) Index Futures Contracts | 2 | Dec 2025 | 449450 | 29493 |
| IBEX 35 Index Futures Contracts | 6 | Oct 2025 | 1096360 | 21682 |
| Nikkei 225 (OSE) Index Futures Contracts | 2 | Dec 2025 | 606639 | 15674 |
| DAX Index Futures Contracts | 1 | Dec 2025 | 706552 | 7743 |
| FTSE 100 Index Futures Contracts | 9 | Dec 2025 | 1140357 | 5450 |
| Tokyo Stock Price Index Futures Contracts | 1 | Dec 2025 | 210396 | 3873 |
| Dow Jones Industrial Average Index Mini Futures Contracts | 2 | Dec 2025 | 466850 | 2356 |
| FTSE Taiwan Index Futures Contracts | 3 | Oct 2025 | 258150 | 1459 |
|  |  |  | $12682176 | $305822 |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Silver Futures Contracts | 4 | Dec 2025 | 936300 | 117091 |
| Gold 100 oz. Futures Contracts | 3 | Dec 2025 | 1166040 | 95636 |
| Corn Futures Contracts | 21 | Dec 2025 | 436800 | 19621 |
| Palladium Futures Contracts | 1 | Dec 2025 | 128700 | 6998 |
| LME Zinc Futures Contracts | 4 | Nov 2025 | 296400 | 4993 |
| Copper Futures Contracts | 1 | Dec 2025 | 121813 | 3850 |
| Lean Hogs Futures Contracts | 7 | Dec 2025 | 248500 | 2260 |
| WTI Crude Futures Contracts | 4 | Oct 2025 | 250120 | 953 |
| LME Primary Aluminum Futures Contracts | 1 | Nov 2025 | 66975 | 586 |
| Low Sulphur Gas Oil Futures Contracts | 1 | Nov 2025 | 68775 | 526 |
| Brent Crude Futures Contracts | 2 | Oct 2025 | 132340 | 387 |
| Hard Red Winter Wheat Futures Contracts | 1 | Dec 2025 | 24838 | (578) |
| Coffee 'C' Futures Contracts | 1 | Dec 2025 | 140325 | (2422) |
| Live Cattle Futures Contracts | 14 | Dec 2025 | 1314880 | (4789) |
| Cotton #2 Futures Contracts | 36 | Dec 2025 | 1183140 | (7388) |
| Soybean Meal Futures Contracts | 15 | Dec 2025 | 409800 | (13551) |

---

---

| | |
|:---|:---|
| **Global Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| **Commodity Futures Contracts Purchased<sup>†</sup> (continued)** |  |  |  |  |
| Cocoa Futures Contracts | 7 | Dec 2025 | $469490 | $(40463) |
|  |  |  | $7395236 | $183710 |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury Long Bond Futures Contracts | 4 | Dec 2025 | 466500 | (989) |
| Long Gilt Futures Contracts<sup>††</sup> | 3 | Dec 2025 | 366239 | (1639) |
| Australian Government 3 Year Bond Futures Contracts | 12 | Dec 2025 | 847615 | (3477) |
|  |  |  | $1680354 | $(6105) |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Swiss Franc Futures Contracts | 1 | Dec 2025 | 158431 | 22 |
| Euro FX Futures Contracts | 4 | Dec 2025 | 589550 | (794) |
| Swedish Krona Futures Contracts | 1 | Dec 2025 | 213400 | (1429) |
| New Zealand Dollar Futures Contracts | 12 | Dec 2025 | 697800 | (7041) |
| Canadian Dollar Futures Contracts | 34 | Dec 2025 | 2451910 | (19760) |
|  |  |  | $4111091 | $(29002) |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 36 | Dec 2025 | 3930469 | 7799 |
| U.S. Treasury 10 Year Note Futures Contracts | 20 | Dec 2025 | 2250000 | 5506 |
| Euro - Schatz Futures Contracts | 11 | Dec 2025 | 1381717 | (51) |
| Euro - Bund Futures Contracts | 1 | Dec 2025 | 150881 | (370) |
| U.S. Treasury 2 Year Note Futures Contracts | 10 | Dec 2025 | 2083750 | (1019) |
| Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 19 | Dec 2025 | 1671011 | (2029) |
| U.S. Treasury Ultra Long Bond Futures Contracts | 5 | Dec 2025 | 600937 | (2079) |
|  |  |  | $12068765 | $7757 |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Soybean Futures Contracts | 12 | Nov 2025 | 600450 | 24360 |
| Red Spring Wheat Futures Contracts | 14 | Dec 2025 | 393400 | 11217 |
| LME Lead Futures Contracts | 9 | Nov 2025 | 443527 | 4898 |
| LME Nickel Futures Contracts | 5 | Nov 2025 | 454630 | 2488 |
| Gasoline RBOB Futures Contracts | 3 | Oct 2025 | 242815 | 1832 |
| Soybean Oil Futures Contracts | 9 | Dec 2025 | 266976 | 1321 |
| Sugar #11 Futures Contracts | 12 | Feb 2026 | 223104 | (475) |
| NY Harbor ULSD Futures Contracts | 3 | Oct 2025 | 293227 | (3273) |
| Natural Gas Futures Contracts | 9 | Oct 2025 | 299700 | (3425) |
| Platinum Futures Contracts | 3 | Jan 2026 | 242040 | (14414) |
| Cattle Feeder Futures Contracts | 3 | Nov 2025 | 539550 | (17147) |
|  |  |  | $3999419 | $7382 |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Japanese Yen Futures Contracts | 19 | Dec 2025 | 1618325 | 217 |
| British Pound Futures Contracts | 9 | Dec 2025 | 756619 | (1473) |
| Mexican Peso Futures Contracts | 39 | Dec 2025 | 1056120 | (3755) |
| Australian Dollar Futures Contracts | 8 | Dec 2025 | 529800 | (5606) |
|  |  |  | $3960864 | $(10617) |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P MidCap 400 Index Mini Futures Contracts | 2 | Dec 2025 | 657220 | 5977 |
| Russell 2000 Index Mini Futures Contracts | 3 | Dec 2025 | 368355 | (421) |
| S&P 500 Index Mini Futures Contracts | 1 | Dec 2025 | 336850 | (1127) |
| CAC 40 10 Euro Index Futures Contracts | 1 | Oct 2025 | 93084 | (1468) |

---

---

| | |
|:---|:---|
| **Global Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional<br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup> (continued)** |  |  |  |  |
| MSCI Emerging Markets Index Futures Contracts | 8 | Dec 2025 | $543880 | $(6423) |
| Euro STOXX 50 Index Futures Contracts | 7 | Dec 2025 | 456693 | (12027) |
|  |  |  | $2456082 | $(15489) |

---

 

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as futures collateral at September 30, 2025.* |
| *<sup>4</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*CME — Chicago Mercantile Exchange*

 

*See Sector Classification in Other Information section.*

 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $4906043 | $— | $— | $4906043 |
| Money Market Fund | 1094074 |  |  | 1094074 |
| U.S. Treasury Bills |  | 1225210 |  | 1225210 |
| Repurchase Agreements |  | 5495860 |  | 5495860 |
| Equity Futures Contracts\*\* | 186296 | 125503 |  | 311799 |
| Commodity Futures Contracts\*\* | 299017 |  |  | 299017 |
| Interest Rate Futures Contracts\*\* | 13305 |  |  | 13305 |
| Currency Futures Contracts\*\* | 217 |  |  | 239 |
| Total Assets | $6498974 | $6846573 | $— | $13345547 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Commodity Futures Contracts\*\* | $107925 | $— | $— | $107925 |
| Currency Futures Contracts\*\* | 39858 |  |  | 39858 |
| Equity Futures Contracts\*\* | 21466 |  |  | 21466 |
| Interest Rate Futures Contracts\*\* | 7985 | 3668 |  | 11653 |
| Total Liabilities | $177234 | $3668 | $— | $180902 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| Guggenheim Strategy Fund II | $113122 | $– | $– | $– | $137 | $113259 | 4552 | $4538 |
| Guggenheim Strategy Fund III | 2222326 |  |  |  | 891 | 2223217 | 89107 | 91189 |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 72809 |  |  |  | 437 | 73246 | 7274 | 2409 |
| Guggenheim Variable Insurance Strategy Fund III | 2501336 | – | – | – | (5015) | 2496321 | 100294 | 102204 |
|  | $4909593 | $– | $– | $– | $(3550) | $4906043 |  | $200340 |

---

---

| | |
|:---|:---|
| **Government Long Bond 1.2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 9.4%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 10941 | $272219 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 19735 | 198730 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $456,853) |  | 470949 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 46.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 46.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 46.3%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/55 | $2300000 | 2308266 |
| **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,232,226) |  | 2308266 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 18.0%** |  |  |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>2</sup> | 500000 | 498937 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>2</sup> | 400000 | 399693 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $898,625) |  | 898630 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 9.7%** |  |  |
| Fannie Mae |  |  |
| &nbsp;&nbsp;&nbsp;0.54% due 10/27/25 | 375000 | 374048 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.22% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | 110000 | 110026 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $484,093) |  | 484074 |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.8%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 92000 | 91866 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $91,865) |  | 91866 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 438110 | 438110 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 315249 | 315249 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $753,359) |  | 753359 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,917,021) |  | $5007144 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (16398) |
| **Total Net Assets - 100.0%** |  | $4990746 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury Ultra Long Bond Futures Contracts | 32 | Dec 2025 | $3846000 | $66283 |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *Affiliated issuer.* |
| *<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 September 30, 2025.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Government Long Bond 1.2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Mutual Funds | $470949 | $— | $— | $470949 |
| U.S. Government Securities |  | 2308266 |  | 2308266 |
| Federal Agency Discount Notes |  | 898630 |  | 898630 |
| Federal Agency Notes |  | 484074 |  | 484074 |
| U.S. Treasury Bills |  | 91866 |  | 91866 |
| Repurchase Agreements |  | 753359 |  | 753359 |
| Interest Rate Futures Contracts\*\* | 66283 |  |  | 66283 |
| Total Assets | $537232 | $4536195 | $— | $5073427 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $272001 | $– | $– | $– | $218 | $272219 | 10941 | $10906 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 247496 | – | (50000) | 499 | 735 | 198730 | 19735 | 6846 |
|  | $519497 | $– | $(50000) | $499 | $953 | $470949 |  | $17752 |

---

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Pharmaceuticals - 32.4%** | **Pharmaceuticals - 32.4%** | **Pharmaceuticals - 32.4%** |
| Eli Lilly & Co. | 515 | $392945 |
| Johnson & Johnson | 1779 | 329862 |
| AbbVie, Inc. | 1354 | 313505 |
| Merck & Company, Inc. | 2624 | 220232 |
| Pfizer, Inc. | 7327 | 186692 |
| McKesson Corp. | 199 | 153736 |
| CVS Health Corp. | 1987 | 149800 |
| Bristol-Myers Squibb Co. | 3182 | 143508 |
| Cencora, Inc. — Class A | 379 | 118449 |
| Zoetis, Inc. | 798 | 116763 |
| Becton Dickinson & Co. | 595 | 111366 |
| AstraZeneca plc ADR | 1360 | 104339 |
| Novo Nordisk A/S ADR | 1783 | 98939 |
| Cardinal Health, Inc. | 603 | 94647 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 614 | 80925 |
| GSK plc ADR | 1871 | 80752 |
| Teva Pharmaceutical Industries Ltd. ADR<sup>\*</sup> | 3879 | 78356 |
| Alkermes plc<sup>\*</sup> | 2492 | 74760 |
| Dexcom, Inc.<sup>\*</sup> | 1106 | 74423 |
| Novartis AG ADR | 572 | 73353 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 401 | 56292 |
| Viatris, Inc. | 5246 | 51936 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 528 | 43882 |
| Henry Schein, Inc.<sup>\*</sup> | 588 | 39026 |
| Vaxcyte, Inc.<sup>\*</sup> | 947 | 34111 |
| Option Care Health, Inc.<sup>\*</sup> | 1127 | 31286 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 58 | 26602 |
| **Total Pharmaceuticals** |  | 3280487 |
| **Healthcare-Products - 28.4%** |  |  |
| Abbott Laboratories | 1733 | 232118 |
| Thermo Fisher Scientific, Inc. | 422 | 204678 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 429 | 191862 |
| Boston Scientific Corp.<sup>\*</sup> | 1844 | 180030 |
| Danaher Corp. | 887 | 175857 |
| Stryker Corp. | 459 | 169679 |
| Medtronic plc | 1301 | 123907 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 170 | 108611 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 1336 | 103901 |
| ResMed, Inc. | 352 | 96353 |
| Agilent Technologies, Inc. | 721 | 92540 |
| GE HealthCare Technologies, Inc. | 1149 | 86290 |
| STERIS plc | 300 | 74232 |
| Insulet Corp.<sup>\*</sup> | 221 | 68229 |
| Natera, Inc.<sup>\*</sup> | 418 | 67285 |
| West Pharmaceutical Services, Inc. | 251 | 65845 |
| Zimmer Biomet Holdings, Inc. | 666 | 65601 |
| Waters Corp.<sup>\*</sup> | 212 | 63560 |
| Hologic, Inc.<sup>\*</sup> | 882 | 59526 |
| Cooper Companies, Inc.<sup>\*</sup> | 826 | 56631 |
| Baxter International, Inc. | 2208 | 50276 |
| Exact Sciences Corp.<sup>\*</sup> | 878 | 48035 |
| Bio-Techne Corp. | 812 | 45172 |
| Guardant Health, Inc.<sup>\*</sup> | 708 | 44236 |
| Repligen Corp.<sup>\*</sup> | 326 | 43576 |
| Align Technology, Inc.<sup>\*</sup> | 346 | 43326 |
| Avantor, Inc.<sup>\*</sup> | 3464 | 43231 |
| Masimo Corp.<sup>\*</sup> | 284 | 41904 |
| Tempus AI, Inc.<sup>\*</sup> | 501 | 40436 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 388 | 32293 |
| Bruker Corp. | 854 | 27746 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 525 | 26927 |
| TransMedics Group, Inc.<sup>\*</sup> | 235 | 26367 |
| Dentsply Sirona, Inc. | 1822 | 23121 |
| Twist Bioscience Corp.<sup>\*</sup> | 719 | 20233 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 557 | 19879 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 1104 | 13403 |
| **Total Healthcare-Products** |  | 2876896 |
| **Biotechnology - 21.8%** |  |  |
| Amgen, Inc. | 668 | 188510 |
| Gilead Sciences, Inc. | 1565 | 173715 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 388 | 151956 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 258 | 117648 |
| Regeneron Pharmaceuticals, Inc. | 206 | 115828 |
| BeOne Medicines Ltd. ADR<sup>\*</sup> | 270 | 91989 |
| Insmed, Inc.<sup>\*</sup> | 586 | 84390 |
| CRISPR Therapeutics AG<sup>\*</sup> | 1229 | 79651 |
| Argenx SE ADR<sup>\*</sup> | 104 | 76706 |
| Biogen, Inc.<sup>\*</sup> | 474 | 66398 |
| BioNTech SE ADR<sup>\*</sup> | 668 | 65878 |
| Royalty Pharma plc — Class A | 1783 | 62904 |
| United Therapeutics Corp.<sup>\*</sup> | 150 | 62882 |
| Incyte Corp.<sup>\*</sup> | 669 | 56738 |
| Illumina, Inc.<sup>\*</sup> | 587 | 55747 |
| Exelixis, Inc.<sup>\*</sup> | 1234 | 50964 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup> | 758 | 49588 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 889 | 48148 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 879 | 45655 |
| Moderna, Inc.<sup>\*</sup> | 1767 | 45642 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 590 | 43271 |
| Revolution Medicines, Inc.<sup>\*</sup> | 882 | 41189 |
| Cytokinetics, Inc.<sup>\*</sup> | 720 | 39571 |
| Roivant Sciences Ltd.<sup>\*</sup> | 2590 | 39187 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 896 | 39039 |
| Legend Biotech Corp. ADR<sup>\*</sup> | 1130 | 36849 |
| TG Therapeutics, Inc.<sup>\*</sup> | 1019 | 36811 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 284 | 34492 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 823 | 34278 |
| ADMA Biologics, Inc.<sup>\*</sup> | 1828 | 26798 |
| Viking Therapeutics, Inc.<sup>\*</sup> | 1009 | 26517 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 362 | 24471 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 1025 | 23196 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 1090 | 21004 |
| Krystal Biotech, Inc.<sup>\*</sup> | 117 | 20654 |
| Novavax, Inc.<sup>\*</sup> | 2071 | 17956 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 4304 | 9340 |
| **Total Biotechnology** |  | 2205560 |
| **Healthcare-Services - 15.0%** |  |  |
| UnitedHealth Group, Inc. | 770 | 265881 |
| Elevance Health, Inc. | 408 | 131833 |
| Cigna Group | 453 | 130577 |
| HCA Healthcare, Inc. | 306 | 130417 |
| ICON plc<sup>\*</sup> | 512 | 89600 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 446 | 84713 |
| Humana, Inc. | 315 | 81954 |
| Labcorp Holdings, Inc. | 262 | 75210 |
| Quest Diagnostics, Inc. | 377 | 71849 |
| Tenet Healthcare Corp.<sup>\*</sup> | 325 | 65988 |

---

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** |
| **Healthcare-Services - 15.0% (continued)** |  |  |
| Centene Corp.<sup>\*</sup> | 1765 | $62975 |
| Universal Health Services, Inc. — Class B | 272 | 55608 |
| Molina Healthcare, Inc.<sup>\*</sup> | 254 | 48605 |
| Ensign Group, Inc. | 280 | 48376 |
| HealthEquity, Inc.<sup>\*</sup> | 464 | 43973 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 264 | 41306 |
| Medpace Holdings, Inc.<sup>\*</sup> | 68 | 34963 |
| DaVita, Inc.<sup>\*</sup> | 251 | 33350 |
| Acadia Healthcare Company, Inc.<sup>\*</sup> | 949 | 23497 |
| **Total Healthcare-Services** |  | 1520675 |
| **Software - 1.4%** |  |  |
| Veeva Systems, Inc. — Class A<sup>\*</sup> | 352 | 104864 |
| Waystar Holding Corp.<sup>\*</sup> | 790 | 29957 |
| **Total Software** |  | 134821 |
| **Internet - 0.5%** |  |  |
| Hims & Hers Health, Inc.<sup>\*</sup> | 891 | 50538 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,249,092) |  | 10068977 |
| **RIGHTS<sup>††</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Sanofi SA | 313 |  |
| Johnson & Johnson<sup>†††</sup> | 307 | – |
| **Total Pharmaceuticals** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $43941 | 43941 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 31619 | 31619 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $75,560) |  | 75560 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,324,652) |  | $10144537 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (18756) |
| **Total Net Assets - 100.0%** |  | $10125781 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>1</sup>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $10068977 | $— | $— | $10068977 |
| Rights |  | — \* | — \* |  |
| Repurchase Agreements |  | 75560 |  | 75560 |
| Total Assets | $10068977 | $75560 | $— | $10144537 |

---

*<sup>\*</sup>* *Security has a market value of $0.*

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS<sup>\*\*\*,†</sup> - 3.9%** | | |
| iShares iBoxx $ High Yield Corporate Bond ETF | 1556 | $126332 |
| SPDR Bloomberg High Yield Bond ETF | 1245 | 121997 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $263,173) |  | 248329 |
| **MUTUAL FUNDS<sup>†</sup> - 18.1%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 57301 | 577018 |
| Guggenheim Strategy Fund II<sup>1</sup> | 23000 | 572231 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,124,043) |  | 1149249 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 24.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 24.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 24.1%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.26% due 10/03/25<sup>2</sup> | $800000 | 799823 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>2</sup> | 730000 | 728447 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,528,258) |  | 1528270 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup> - 1.3%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.3%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.3%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 80000 | 79883 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $79,882) |  | 79883 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 46.2%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 1703572 | 1703572 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1225832 | 1225832 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,929,404) |  | 2929404 |
| **Total Investments - 93.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,924,760) |  | $5935135 |
| **Other Assets & Liabilities, net - 6.4%** |  | 405487 |
| **Total Net Assets - 100.0%** |  | $6340622 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 57 | Dec 2025 | $6223242 | $3574 |

---

**Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront Premiums Paid** | **Unrealized Appreciation<sup>\*\*</sup>** |
| Barclays Bank plc ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | $5550000 | $429118 | $420763 | $8355 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.64% (Federal Funds Rate + 0.55%) | At Maturity | 11/20/25 | 364 | $29538 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.09% (Federal Funds Rate) | At Maturity | 10/29/25 | 86 | 6982 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 4.64% (Federal Funds Rate + 0.55%) | At Maturity | 11/20/25 | 192 | 18826 | 2 |
|  |  |  |  |  |  |  | $55346 | $20 |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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>* | *Affiliated issuer.* |
| *<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 September 30, 2025.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*CDX.NA.HY.45.V1 — Credit Default Swap North American High Yield Series 45 Index Version 1*

*ICE — Intercontinental Exchange*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Exchange-Traded Funds | $248329 | $— | $— | $248329 |
| Mutual Funds | 1149249 |  |  | 1149249 |
| Federal Agency Discount Notes |  | 1528270 |  | 1528270 |
| U.S. Treasury Bills |  | 79883 |  | 79883 |
| Repurchase Agreements |  | 2929404 |  | 2929404 |
| Interest Rate Futures Contracts\*\* | 3574 |  |  | 3574 |
| Credit Default Swap Agreements\*\* |  | 8355 |  | 8355 |
| Credit Index Swap Agreements\*\* |  | 20 |  | 20 |
| Total Assets | $1401152 | $4545932 | $— | $5947084 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $571771 | $– | $– | $– | $460 | $572231 | 23000 | $22927 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 573580 | – | – | – | 3438 | 577018 | 57301 | 18980 |
|  | $1145351 | $– | $– | $– | $3898 | $1149249 |  | $41907 |

---

---

| | |
|:---|:---|
| **Internet Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Internet - 56.7%** | **Internet - 56.7%** | **Internet - 56.7%** |
| Alphabet, Inc. — Class A | 1649 | $400872 |
| Amazon.com, Inc.<sup>\*</sup> | 1513 | 332209 |
| Meta Platforms, Inc. — Class A | 427 | 313580 |
| Netflix, Inc.<sup>\*</sup> | 199 | 238585 |
| Uber Technologies, Inc.<sup>\*</sup> | 1682 | 164786 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 425 | 115596 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 765 | 92886 |
| Shopify, Inc. — Class A<sup>\*</sup> | 618 | 91841 |
| Alibaba Group Holding Ltd. ADR | 494 | 88293 |
| Coupang, Inc.<sup>\*</sup> | 2591 | 83430 |
| Booking Holdings, Inc. | 14 | 75590 |
| eBay, Inc. | 793 | 72123 |
| Spotify Technology S.A.<sup>\*</sup> | 96 | 67008 |
| Reddit, Inc. — Class A<sup>\*</sup> | 287 | 66007 |
| Baidu, Inc. ADR<sup>\*</sup> | 449 | 59165 |
| JD.com, Inc. ADR | 1646 | 57577 |
| Expedia Group, Inc. | 263 | 56216 |
| Sea Ltd. ADR<sup>\*</sup> | 310 | 55406 |
| VeriSign, Inc. | 191 | 53398 |
| Wix.com Ltd.<sup>\*</sup> | 284 | 50447 |
| Trip.com Group Ltd. ADR | 667 | 50158 |
| Chewy, Inc. — Class A<sup>\*</sup> | 1231 | 49794 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 1545 | 49703 |
| Bilibili, Inc. ADR<sup>\*</sup> | 1731 | 48624 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 342 | 46796 |
| Roku, Inc.<sup>\*</sup> | 440 | 44057 |
| Zillow Group, Inc. — Class C<sup>\*</sup> | 561 | 43225 |
| MercadoLibre, Inc.<sup>\*</sup> | 18 | 42065 |
| F5, Inc.<sup>\*</sup> | 126 | 40722 |
| Wayfair, Inc. — Class A<sup>\*</sup> | 414 | 36983 |
| Lyft, Inc. — Class A<sup>\*</sup> | 1663 | 36603 |
| Snap, Inc. — Class A<sup>\*</sup> | 4670 | 36006 |
| Match Group, Inc. | 900 | 31788 |
| Etsy, Inc.<sup>\*</sup> | 443 | 29411 |
| Cargurus, Inc.<sup>\*</sup> | 574 | 21370 |
| Trump Media & Technology Group Corp.<sup>\*</sup> | 1102 | 18095 |
| IAC, Inc.<sup>\*</sup> | 499 | 17001 |
| TripAdvisor, Inc.<sup>\*</sup> | 936 | 15219 |
| Ziff Davis, Inc.<sup>\*</sup> | 367 | 13983 |
| Bumble, Inc. — Class A<sup>\*</sup> | 1416 | 8623 |
| **Total Internet** |  | 3215241 |
| **Software - 25.1%** |  |  |
| Salesforce, Inc. | 691 | 163767 |
| Adobe, Inc.<sup>\*</sup> | 394 | 138984 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 794 | 109985 |
| Snowflake, Inc. — Class A<sup>\*</sup> | 415 | 93603 |
| Workday, Inc. — Class A<sup>\*</sup> | 388 | 93403 |
| Cloudflare, Inc. — Class A<sup>\*</sup> | 431 | 92488 |
| Electronic Arts, Inc. | 436 | 87941 |
| Datadog, Inc. — Class A<sup>\*</sup> | 564 | 80314 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 304 | 78541 |
| Veeva Systems, Inc. — Class A<sup>\*</sup> | 259 | 77159 |
| MongoDB, Inc.<sup>\*</sup> | 176 | 54627 |
| Zoom Communications, Inc. — Class A<sup>\*</sup> | 652 | 53790 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 628 | 46717 |
| NetEase, Inc. ADR | 299 | 45445 |
| Twilio, Inc. — Class A<sup>\*</sup> | 422 | 42238 |
| DocuSign, Inc.<sup>\*</sup> | 560 | 40370 |
| Akamai Technologies, Inc.<sup>\*</sup> | 471 | 35683 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 1023 | 30905 |
| Box, Inc. — Class A<sup>\*</sup> | 734 | 23686 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 1657 | 18078 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 469 | 16021 |
| **Total Software** |  | 1423745 |
| **Telecommunications - 11.5%** |  |  |
| Cisco Systems, Inc. | 2620 | 179261 |
| Arista Networks, Inc.<sup>\*</sup> | 906 | 132013 |
| Motorola Solutions, Inc. | 207 | 94659 |
| Ciena Corp.<sup>\*</sup> | 364 | 53024 |
| Telefonaktiebolaget LM Ericsson ADR | 5501 | 45493 |
| Nokia Oyj ADR | 9025 | 43410 |
| Applied Digital Corp.<sup>\*</sup> | 1295 | 29707 |
| Viasat, Inc.<sup>\*</sup> | 679 | 19895 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 1267 | 19613 |
| Viavi Solutions, Inc.<sup>\*</sup> | 1497 | 18997 |
| Extreme Networks, Inc.<sup>\*</sup> | 840 | 17346 |
| **Total Telecommunications** |  | 653418 |
| **Commercial Services - 2.0%** |  |  |
| PayPal Holdings, Inc.<sup>\*</sup> | 1333 | 89391 |
| Paylocity Holding Corp.<sup>\*</sup> | 145 | 23094 |
| **Total Commercial Services** |  | 112485 |
| **Computers - 1.5%** |  |  |
| Okta, Inc.<sup>\*</sup> | 491 | 45025 |
| Lumentum Holdings, Inc.<sup>\*</sup> | 231 | 37586 |
| **Total Computers** |  | 82611 |
| **Real Estate - 1.1%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 785 | 66231 |
| **Entertainment - 0.8%** |  |  |
| DraftKings, Inc. — Class A<sup>\*</sup> | 1151 | 43047 |
| **Investment Companies - 0.5%** |  |  |
| Core Scientific, Inc.<sup>\*</sup> | 1526 | 27376 |
| **Electronics - 0.2%** |  |  |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 539 | 13976 |
| **Healthcare-Services - 0.2%** |  |  |
| Teladoc Health, Inc.<sup>\*</sup> | 1675 | 12948 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,819,717) |  | 5651078 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $24765 | 24765 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 17820 | 17820 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,585) |  | 42585 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,862,302) |  | $5693663 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (20481) |
| **Total Net Assets - 100.0%** |  | $5673182 |

---

---

| | |
|:---|:---|
| **Internet Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5651078 | $— | $— | $5651078 |
| Repurchase Agreements |  | 42585 |  | 42585 |
| Total Assets | $5651078 | $42585 | $— | $5693663 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 36.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 36.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 36.6%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>1</sup> | $100000 | $99924 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>1</sup> | 100000 | 99787 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $199,710) |  | 199711 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 9.1%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.29% (SOFR + 0.16%, Rate Floor: 0.00%) due 11/14/25<sup>◊</sup> | 50000 | 50009 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,008) |  | 50009 |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.1%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,579) |  | 49581 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 38.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 122200 | 122200 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 87931 | 87931 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $210,131) |  | 210131 |
| **Total Investments - 93.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,428) |  | $509432 |
| **Other Assets & Liabilities, net - 6.7%** |  | 36432 |
| **Total Net Assets - 100.0%** |  | $545864 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> 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>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | Dow Jones Industrial Average | Receive | 4.59% (Federal Funds Rate + 0.50%) | At Maturity | 11/20/25 | 8 | $375025 | $(2271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank plc | Dow Jones Industrial Average | Receive | 4.73% (SOFR + 0.60%) | At Maturity | 11/20/25 | 15 | 712008 | (4275) |
|  |  |  |  |  |  |  | $1087033 | $(6546) |

---

---

| | |
|:---|:---|
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *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 September 30, 2025.* |
| *<sup>3</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 September 30, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Federal Agency Discount Notes | $— | $199711 | $— | $199711 |
| Federal Agency Notes |  | 50009 |  | 50009 |
| U.S. Treasury Bills |  | 49581 |  | 49581 |
| Repurchase Agreements |  | 210131 |  | 210131 |
| Total Assets | $— | $509432 | $— | $509432 |

---

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 6546 | $– $| 6546 |

---

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

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 44.8%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 31603 | $318244 |
| Guggenheim Strategy Fund II<sup>1</sup> | 12691 | 315760 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $625,627) |  | 634004 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 0.0%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 587 | 587 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $587) |  | 587 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 24.7%** |  |  |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>3</sup> | $200000 | 199575 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>3</sup> | 150000 | 149885 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $349,458) |  | 349460 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 7.7%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.22% (SOFR + 0.09%, Rate Floor: 0.00%) due 12/29/25<sup>◊</sup> | 109000 | 109028 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $109,021) |  | 109028 |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 10000 | 9986 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,985) |  | 9986 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 95.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Individual Repurchase Agreements<br> Barclays Capital, Inc.<br> issued 09/30/25 at 3.75%<br> due 10/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 08/15/55 as collateral, with a value of $709,538) to be repurchased at $695,915 | 695625 | 695625 |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA LLC<br> issued 09/30/25 at 3.90% <br> due 10/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 08/15/55 as collateral, with a value of $405,000) to be repurchased at $397,231 | 397059 | 397059 |
| &nbsp;&nbsp;&nbsp;Joint Repurchase Agreements<sup>4</sup> J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20%<br> due 10/01/25 | 146806 | 146806 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 105636 | 105636 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,345,126) |  | 1345126 |
| **Total Investments - 172.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,439,804) |  | $2448191 |
| **U.S. GOVERNMENT SECURITIES SOLD SHORT <sup>††</sup> - (85.0)%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/55 | 1200000 | (1204312) |
| **Total U.S. Government Securities Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $1,172,797) |  | $(1204312) |
| **Other Assets & Liabilities, net - 12.1%** |  | 171451 |
| **Total Net Assets - 100.0%** |  | $1415330 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury Ultra Long Bond Futures Contracts | 2 | Dec 2025 | $240375 | $(6160) |

---

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 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 short security collateral at September 30, 2025.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $634004 | $— | $— | $634004 |
| Money Market Fund | 587 |  |  | 587 |
| Federal Agency Discount Notes |  | 349460 |  | 349460 |
| Federal Agency Notes |  | 109028 |  | 109028 |
| U.S. Treasury Bills |  | 9986 |  | 9986 |
| Repurchase Agreements |  | 1345126 |  | 1345126 |
| Total Assets | $634591 | $1813600 | $— | $2448191 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Government Securities Sold Short | $— | $1204312 | $— | $1204312 |
| Interest Rate Futures Contracts\*\* | 6160 |  |  | 6160 |
| Total Liabilities | $6160 | $1204312 | $— | $1210472 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $515345 | $– | $(200000) | $2653 | $(2238) | $315760 | 12691 | $20310 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 465455 | – | (150000) | 1678 | 1111 | 318244 | 31603 | 15174 |
|  | $980800 | $– | $(350000) | $4331 | $(1127) | $634004 |  | $35484 |

---

---

| | |
|:---|:---|
| **Inverse Mid-Cap Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 32.1%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 2464 | $24810 |
| Guggenheim Strategy Fund II<sup>1</sup> | 822 | 20445 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,902) |  | 45255 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 7.1%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 10000 | 10000 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,000) |  | 10000 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 17.7%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.29% (SOFR + 0.16%, Rate Floor: 0.00%) due 11/14/25<sup>◊</sup> | $15000 | 15003 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.22% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | 10000 | 10003 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,005) |  | 25006 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 14.1%** |  |  |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>3</sup> | 20000 | 19957 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,957) |  | 19957 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 5612 | 5612 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 4038 | 4038 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,650) |  | 9650 |
| **Total Investments - 77.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $108,514) |  | $109868 |
| **Other Assets & Liabilities, net - 22.2%** |  | 31337 |
| **Total Net Assets - 100.0%** |  | $141205 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing**<br> **Rate** | **Payment Frequency** | **Maturity**<br> **Date** | **Units** | **Notional**<br> **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>** |  |  |  |  |  |  |
| Goldman Sachs International | S&P MidCap 400 Index | Receive | 4.04% (Federal Funds Rate - 0.05%) | At Maturity | 11/19/25 | 13 | $43644 | $143 |
| BNP Paribas | S&P MidCap 400 Index | Receive | 4.24% (Federal Funds Rate + 0.15%) | At Maturity | 11/20/25 | 12 | 38719 | (109) |
| Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.68% (SOFR + 0.55%) | At Maturity | 11/20/25 | 17 | 56065 | (156) |
|  |  |  |  |  |  |  | $138428 | $(122) |

---

---

| | |
|:---|:---|
| *<sup>\*\*\*</sup>* | *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>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<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 Mid-Cap Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $45255 | $— | $— | $45255 |
| Money Market Fund | 10000 |  |  | 10000 |
| Federal Agency Notes |  | 25006 |  | 25006 |
| Federal Agency Discount Notes |  | 19957 |  | 19957 |
| Repurchase Agreements |  | 9650 |  | 9650 |
| Equity Index Swap Agreements\*\* |  | 143 |  | 143 |
| Total Assets | $55255 | $54756 | $— | $110011 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 265 | $– $| 265 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized**<br> **Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $20421 | $– | $– | $– | $24 | $20445 | 822 | $819 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 24662 | – | – | – | 148 | 24810 | 2464 | 816 |
|  | $45083 | $– | $– | $– | $172 | $45255 |  | $1635 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 14.6%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 18765 | $188960 |
| Guggenheim Strategy Fund II<sup>1</sup> | 7386 | 183765 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $368,699) |  | 372725 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 0.4%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 10000 | 10000 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,000) |  | 10000 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.8%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.01% due 10/02/25<sup>3</sup> | $250000 | 249972 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,972) |  | 249972 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 7.8%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>3</sup> | 100000 | 99924 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>3</sup> | 100000 | 99787 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $199,710) |  | 199711 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 2.2%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.29% (SOFR + 0.16%, Rate Floor: 0.00%) due 11/14/25<sup>◊</sup> | 56000 | 56010 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,009) |  | 56010 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 58.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 869365 | 869365 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 625565 | 625565 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,494,930) |  | 1494930 |
| **Total Investments - 93.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,379,320) |  | $2383348 |
| **Other Assets & Liabilities, net - 6.7%** |  | 171710 |
| **Total Net Assets - 100.0%** |  | $2555058 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> 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>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.49% (Federal Funds Rate + 0.40%) | At Maturity | 11/19/25 | 5 | $116317 | $(483) |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.59% (Federal Funds Rate + 0.50%) | At Maturity | 11/20/25 | 43 | 1050101 | (7496) |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.78% (SOFR + 0.65%) | At Maturity | 11/20/25 | 56 | 1393126 | (9958) |
|  |  |  |  |  |  |  | $2559544 | $(17937) |

---

---

| | |
|:---|:---|
| *<sup>\*\*\*</sup>* | *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>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<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> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $372725 | $— | $— | $372725 |
| Money Market Fund | 10000 |  |  | 10000 |
| U.S. Treasury Bills |  | 249972 |  | 249972 |
| Federal Agency Discount Notes |  | 199711 |  | 199711 |
| Federal Agency Notes |  | 56010 |  | 56010 |
| Repurchase Agreements |  | 1494930 |  | 1494930 |
| Total Assets | $382725 | $2000623 | $— | $2383348 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 17937 | $– $| 17937 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $183543 | $– | $– | $– | $222 | $183765 | 7386 | $7362 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 187834 | – | – | – | 1126 | 188960 | 18765 | 6216 |
|  | $371377 | $– | $– | $– | $1348 | $372725 |  | $13578 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 41.6%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 6762 | $68096 |
| Guggenheim Strategy Fund II<sup>1</sup> | 2575 | 64060 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $128,416) |  | 132156 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 28.4%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.29% (SOFR + 0.16%, Rate Floor: 0.00%) due 11/14/25<sup>◊</sup> | $50000 | 50009 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.22% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | 40000 | 40010 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,016) |  | 90019 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 15.7%** |  |  |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>2</sup> | 50000 | 49894 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,894) |  | 49894 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 2595 | 2595 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1868 | 1868 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,463) |  | 4463 |
| **Total Investments - 87.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $272,789) |  | $276532 |
| **Other Assets & Liabilities, net - 12.9%** |  | 41022 |
| **Total Net Assets - 100.0%** |  | $317554 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing**<br> **Rate** | **Payment Frequency** | **Maturity** <br> **Date** | **Units** | **Notional** <br> **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>** |  |  |  |  |  |  |
| Goldman Sachs International | Russell 2000 Index | Receive | 4.19% (Federal Funds Rate + 0.10%) | At Maturity | 11/19/25 | 35 | $85629 | $648 |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.48% (SOFR + 0.35%) | At Maturity | 11/20/25 | 19 | 45602 | (27) |
| BNP Paribas | Russell 2000 Index | Receive | 4.24% (Federal Funds Rate + 0.15%) | At Maturity | 11/20/25 | 77 | 187239 | (116) |
|  |  |  |  |  |  |  | $318470 | $505 |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *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> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $132156 | $— | $— | $132156 |
| Federal Agency Notes |  | 90019 |  | 90019 |
| Federal Agency Discount Notes |  | 49894 |  | 49894 |
| Repurchase Agreements |  | 4463 |  | 4463 |
| Equity Index Swap Agreements\*\* |  | 648 |  | 648 |
| Total Assets | $132156 | $145024 | $— | $277180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 143 | $– $| 143 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $63983 | $– | $– | $– | $77 | $64060 | 2575 | $2567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 67691 | – | – | – | 405 | 68096 | 6762 | 2240 |
|  | $131674 | $– | $– | $– | $482 | $132156 |  | $4807 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 27.4%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 11574 | $116547 |
| Guggenheim Strategy Fund II<sup>1</sup> | 4623 | 115015 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $227,678) |  | 231562 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 29.6%** |  |  |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>2</sup> | $150000 | 149681 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>2</sup> | 100000 | 99923 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,603) |  | 249604 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 9.6%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.19% (SOFR + 0.06%, Rate Floor: 0.00%) due 11/25/25<sup>◊</sup> | 81000 | 81008 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $81,005) |  | 81008 |
| **U.S. TREASURY BILLS<sup>††</sup> - 4.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 40000 | 39942 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,941) |  | 39942 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 75019 | 75019 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 53981 | 53981 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $129,000) |  | 129000 |
| **Total Investments - 86.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $727,227) |  | $731116 |
| **Other Assets & Liabilities, net - 13.4%** |  | 112708 |
| **Total Net Assets - 100.0%** |  | $843824 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and<br> Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 1 | Dec 2025 | $336850 | $(2882) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> Date** | **Units** | **Notional Amount** | **Value and<br> 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>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | S&P 500 Index | Receive | 4.49% (Federal Funds Rate + 0.40%) | At Maturity | 11/19/25 | 27 | $178619 | $(842) |
| Barclays Bank plc | S&P 500 Index | Receive | 4.73% (SOFR + 0.60%) | At Maturity | 11/20/25 | 19 | 124871 | (943) |
| BNP Paribas | S&P 500 Index | Receive | 4.54% (Federal Funds Rate + 0.45%) | At Maturity | 11/20/25 | 27 | 179630 | (1359) |
|  |  |  |  |  |  |  | $483120 | $(3144) |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at September 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>* | *Affiliated issuer.* |
| *<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 September 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> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $231562 | $— | $— | $231562 |
| Federal Agency Discount Notes |  | 249604 |  | 249604 |
| Federal Agency Notes |  | 81008 |  | 81008 |
| U.S. Treasury Bills |  | 39942 |  | 39942 |
| Repurchase Agreements |  | 129000 |  | 129000 |
| Total Assets | $231562 | $499554 | $— | $731116 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $2882 | $— | $— | $2882 |
| Equity Index Swap Agreements\*\* |  | 3144 |  | 3144 |
| Total Liabilities | $2882 | $3144 | $— | $6026 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $114876 | $– | $– | $– | $139 | $115015 | 4623 | $4608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 115853 | – | – | – | 694 | 116547 | 11574 | 3834 |
|  | $230729 | $– | $– | $– | $833 | $231562 |  | $8442 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 40.2%** | **U.S. TREASURY BILLS<sup>††</sup> - 40.2%** | **U.S. TREASURY BILLS<sup>††</sup> - 40.2%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>1,2</sup> | $675000 | $674015 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $674,009) |  | 674015 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 17.9%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>2</sup> | 150000 | 149885 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>2</sup> | 150000 | 149681 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $299,564) |  | 299566 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 41.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 400336 | 400336 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 288068 | 288068 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $688,404) |  | 688404 |
| **Total Investments - 99.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,661,977) |  | $1661985 |
| **Other Assets & Liabilities, net - 0.8%** |  | 12805 |
| **Total Net Assets - 100.0%** |  | $1674790 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and <br> Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Nikkei 225 (CME) Index Futures Contracts | 10 | Dec 2025 | $2247250 | $77717 |
| Micro Nikkei Stock Average Futures Contracts | 48 | Dec 2025 | 1078680 | 24432 |
|  |  |  | $3325930 | $102149 |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Japanese Yen Futures Contracts | 39 | Dec 2025 | 3321825 | (13974) |

---

---

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

---

*CME — Chicago Mercantile Exchange*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $674015 | $— | $674015 |
| Federal Agency Discount Notes |  | 299566 |  | 299566 |
| Repurchase Agreements |  | 688404 |  | 688404 |
| Equity Futures Contracts\*\* | 102149 |  |  | 102149 |
| Total Assets | $102149 | $1661985 | $— | $1764134 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2** <br> **Significant<br> Observable<br> Inputs**  | **Total** |
| Currency Futures Contracts\*\* | $13974 | $– $– $| 13974 |

---

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

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Internet - 18.6%** | **Internet - 18.6%** | **Internet - 18.6%** |
| Netflix, Inc.<sup>\*</sup> | 244 | $292536 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 480 | 130555 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 863 | 104785 |
| Booking Holdings, Inc. | 19 | 102586 |
| Spotify Technology S.A.<sup>\*</sup> | 112 | 78176 |
| Sea Ltd. ADR<sup>\*</sup> | 359 | 64164 |
| Expedia Group, Inc. | 298 | 63698 |
| Trip.com Group Ltd. ADR | 758 | 57002 |
| Roku, Inc.<sup>\*</sup> | 497 | 49765 |
| MakeMyTrip Ltd.<sup>\*</sup> | 486 | 45490 |
| **Total Internet** |  | 988757 |
| **Retail - 18.4%** |  |  |
| McDonald's Corp. | 616 | 187196 |
| Starbucks Corp. | 1498 | 126731 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 2365 | 92684 |
| Yum! Brands, Inc. | 548 | 83296 |
| Darden Restaurants, Inc. | 298 | 56727 |
| Restaurant Brands International, Inc. | 827 | 53044 |
| Domino's Pizza, Inc. | 106 | 45761 |
| Yum China Holdings, Inc. | 1062 | 45581 |
| Texas Roadhouse, Inc. — Class A | 255 | 42368 |
| Dutch Bros, Inc. — Class A<sup>\*</sup> | 621 | 32503 |
| Cava Group, Inc.<sup>\*</sup> | 507 | 30628 |
| Brinker International, Inc.<sup>\*</sup> | 209 | 26476 |
| Wingstop, Inc. | 94 | 23658 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 246 | 23028 |
| Cheesecake Factory, Inc. | 363 | 19834 |
| Papa John's International, Inc. | 317 | 15264 |
| Wendy's Co. | 1611 | 14757 |
| Cracker Barrel Old Country Store, Inc. | 334 | 14716 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 1432 | 11428 |
| Bloomin' Brands, Inc. | 1323 | 9486 |
| Jack in the Box, Inc.<sup>\*</sup> | 409 | 8086 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 429 | 7791 |
| Krispy Kreme, Inc.<sup>\*</sup> | 1845 | 7140 |
| **Total Retail** |  | 978183 |
| **Media - 14.2%** |  |  |
| Walt Disney Co. | 1582 | 181139 |
| Comcast Corp. — Class A | 4252 | 133598 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 4299 | 83960 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 249 | 68501 |
| Fox Corp. — Class A | 1008 | 63565 |
| News Corp. — Class A | 1778 | 54602 |
| Paramount Skydance Corp. — Class B | 2733 | 51708 |
| Liberty Broadband Corp. — Class C<sup>\*</sup> | 597 | 37933 |
| New York Times Co. — Class A | 651 | 37367 |
| Sirius XM Holdings, Inc. | 1123 | 26138 |
| Nexstar Media Group, Inc. — Class A | 100 | 19774 |
| **Total Media** |  | 758285 |
| **Entertainment - 10.3%** |  |  |
| Flutter Entertainment plc<sup>\*</sup> | 314 | 79756 |
| TKO Group Holdings, Inc. | 357 | 72100 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 384 | 62746 |
| Warner Music Group Corp. — Class A | 1544 | 52589 |
| DraftKings, Inc. — Class A<sup>\*</sup> | 1299 | 48583 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 395 | 33156 |
| Churchill Downs, Inc. | 317 | 30752 |
| Vail Resorts, Inc. | 201 | 30063 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 1107 | 29917 |
| Red Rock Resorts, Inc. — Class A | 485 | 29614 |
| Cinemark Holdings, Inc. | 760 | 21295 |
| Penn Entertainment, Inc.<sup>\*</sup> | 1089 | 20974 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 831 | 18880 |
| United Parks & Resorts, Inc.<sup>\*</sup> | 297 | 15355 |
| **Total Entertainment** |  | 545780 |
| **Leisure Time - 8.3%** |  |  |
| Royal Caribbean Cruises Ltd. | 331 | 107105 |
| Carnival Corp.<sup>\*</sup> | 2382 | 68864 |
| Viking Holdings Ltd.<sup>\*</sup> | 794 | 49355 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1617 | 39827 |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 363 | 37679 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 2985 | 26865 |
| Brunswick Corp. | 394 | 24917 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 848 | 23405 |
| Harley-Davidson, Inc. | 795 | 22180 |
| Polaris, Inc. | 375 | 21799 |
| YETI Holdings, Inc.<sup>\*</sup> | 591 | 19609 |
| **Total Leisure Time** |  | 441605 |
| **Lodging - 8.2%** |  |  |
| Hilton Worldwide Holdings, Inc. | 366 | 94955 |
| Marriott International, Inc. — Class A | 362 | 94279 |
| Las Vegas Sands Corp. | 950 | 51100 |
| Hyatt Hotels Corp. — Class A | 318 | 45134 |
| Wynn Resorts Ltd. | 320 | 41046 |
| MGM Resorts International<sup>\*</sup> | 949 | 32892 |
| Wyndham Hotels & Resorts, Inc. | 364 | 29084 |
| Boyd Gaming Corp. | 328 | 28356 |
| Choice Hotels International, Inc. | 170 | 18175 |
| **Total Lodging** |  | 435021 |
| **Agriculture - 7.3%** |  |  |
| Philip Morris International, Inc. | 1225 | 198695 |
| Altria Group, Inc. | 2037 | 134564 |
| British American Tobacco plc ADR | 963 | 51116 |
| **Total Agriculture** |  | 384375 |
| **Software - 6.8%** |  |  |
| ROBLOX Corp. — Class A<sup>\*</sup> | 896 | 124114 |
| Electronic Arts, Inc. | 493 | 99438 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 343 | 88617 |
| NetEase, Inc. ADR | 335 | 50917 |
| **Total Software** |  | 363086 |

---

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** |
| **Beverages - 4.2%** | **Beverages - 4.2%** | **Beverages - 4.2%** |
| Constellation Brands, Inc. — Class A | 398 | $53599 |
| Anheuser-Busch InBev S.A. ADR | 830 | 49476 |
| Brown-Forman Corp. — Class B | 1654 | 44790 |
| Diageo plc ADR | 435 | 41512 |
| Molson Coors Beverage Co. — Class B | 767 | 34707 |
| **Total Beverages** |  | 224084 |
| **Toys, Games & Hobbies - 1.3%** |  |  |
| Hasbro, Inc. | 513 | 38911 |
| Mattel, Inc.<sup>\*</sup> | 1706 | 28712 |
| **Total Toys, Games & Hobbies** |  | 67623 |
| **Telecommunications - 1.2%** |  |  |
| EchoStar Corp. — Class A<sup>\*</sup> | 734 | 56048 |
| GCI Liberty, Inc. — Class C<sup>\*</sup> | 181 | 6746 |
| **Total Telecommunications** |  | 62794 |
| **Food Service - 0.7%** |  |  |
| Aramark | 1042 | 40013 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,019,245) |  | 5289606 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $23888 | 23888 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 17189 | 17189 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,077) |  | 41077 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,060,322) |  | $5330683 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (14590) |
| **Total Net Assets - 100.0%** |  | $5316093 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $5289606 | $— | $— | $5289606 |
| Repurchase Agreements |  | 41077 |  | 41077 |
| Total Assets | $5289606 | $41077 | $— | $5330683 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 70.2%** | **COMMON STOCKS<sup>†</sup> - 70.2%** | **COMMON STOCKS<sup>†</sup> - 70.2%** |
| **Financial - 16.0%** | **Financial - 16.0%** | **Financial - 16.0%** |
| Carlyle Group, Inc. | 214 | $13418 |
| Fidelity National Financial, Inc. | 210 | 12703 |
| Equitable Holdings, Inc. | 246 | 12492 |
| WP Carey, Inc. REIT | 180 | 12163 |
| East West Bancorp, Inc. | 113 | 12029 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 39 | 11633 |
| Gaming and Leisure Properties, Inc. REIT | 233 | 10860 |
| Evercore, Inc. — Class A | 32 | 10794 |
| Annaly Capital Management, Inc. REIT | 528 | 10671 |
| Reinsurance Group of America, Inc. — Class A | 54 | 10375 |
| Omega Healthcare Investors, Inc. REIT | 242 | 10217 |
| Unum Group | 129 | 10034 |
| RenaissanceRe Holdings Ltd. | 39 | 9903 |
| Equity LifeStyle Properties, Inc. REIT | 159 | 9651 |
| Stifel Financial Corp. | 84 | 9532 |
| First Horizon Corp. | 417 | 9428 |
| Houlihan Lokey, Inc. | 45 | 9239 |
| Ally Financial, Inc. | 230 | 9016 |
| American Homes 4 Rent — Class A REIT | 268 | 8911 |
| Jefferies Financial Group, Inc. | 136 | 8897 |
| Lamar Advertising Co. — Class A REIT | 71 | 8692 |
| American Financial Group, Inc. | 57 | 8306 |
| SOUTHSTATE BANK CORP | 83 | 8206 |
| Webster Financial Corp. | 137 | 8143 |
| Old Republic International Corp. | 188 | 7984 |
| Rexford Industrial Realty, Inc. REIT | 194 | 7975 |
| Kinsale Capital Group, Inc. | 18 | 7655 |
| CubeSmart REIT | 187 | 7603 |
| Primerica, Inc. | 27 | 7495 |
| EastGroup Properties, Inc. REIT | 44 | 7447 |
| Western Alliance Bancorporation | 85 | 7371 |
| Wintrust Financial Corp. | 55 | 7284 |
| Comerica, Inc. | 106 | 7263 |
| UMB Financial Corp. | 59 | 6983 |
| Brixmor Property Group, Inc. REIT | 251 | 6948 |
| Zions Bancorp North America | 121 | 6846 |
| Cullen/Frost Bankers, Inc. | 53 | 6719 |
| NNN REIT, Inc. | 155 | 6598 |
| SEI Investments Co. | 77 | 6534 |
| Agree Realty Corp. REIT | 91 | 6465 |
| Columbia Banking System, Inc. | 246 | 6332 |
| Old National Bancorp | 287 | 6300 |
| Commerce Bancshares, Inc. | 102 | 6096 |
| Voya Financial, Inc. | 79 | 5909 |
| Pinnacle Financial Partners, Inc. | 63 | 5909 |
| Cadence Bank | 153 | 5744 |
| First Industrial Realty Trust, Inc. REIT | 109 | 5610 |
| Synovus Financial Corp. | 114 | 5595 |
| Starwood Property Trust, Inc. REIT | 284 | 5501 |
| Affiliated Managers Group, Inc. | 23 | 5484 |
| STAG Industrial, Inc. REIT | 153 | 5399 |
| First American Financial Corp. | 84 | 5396 |
| Vornado Realty Trust REIT | 133 | 5391 |
| MGIC Investment Corp. | 189 | 5362 |
| Hanover Insurance Group, Inc. | 29 | 5267 |
| Ryan Specialty Holdings, Inc. | 93 | 5241 |
| Healthcare Realty Trust, Inc. REIT | 289 | 5211 |
| Prosperity Bancshares, Inc. | 78 | 5175 |
| Essent Group Ltd. | 81 | 5148 |
| RLI Corp. | 75 | 4891 |
| FNB Corp. | 295 | 4753 |
| SLM Corp. | 171 | 4733 |
| Glacier Bancorp, Inc. | 97 | 4721 |
| Janus Henderson Group plc | 103 | 4585 |
| Hamilton Lane, Inc. — Class A | 33 | 4448 |
| Bank OZK | 87 | 4435 |
| Hancock Whitney Corp. | 70 | 4383 |
| United Bankshares, Inc. | 116 | 4316 |
| Home BancShares, Inc. | 151 | 4273 |
| Valley National Bancorp | 395 | 4187 |
| Selective Insurance Group, Inc. | 50 | 4054 |
| Kite Realty Group Trust REIT | 181 | 4036 |
| Cousins Properties, Inc. REIT | 138 | 3994 |
| Kilroy Realty Corp. REIT | 89 | 3760 |
| Sabra Health Care REIT, Inc. | 197 | 3672 |
| EPR Properties REIT | 63 | 3655 |
| First Financial Bankshares, Inc. | 107 | 3601 |
| Associated Banc-Corp. | 134 | 3445 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 38 | 3212 |
| Federated Hermes, Inc. — Class B | 61 | 3168 |
| CNO Financial Group, Inc. | 80 | 3164 |
| Independence Realty Trust, Inc. REIT | 192 | 3147 |
| Rayonier, Inc. REIT | 117 | 3105 |
| International Bancshares Corp. | 44 | 3025 |
| Flagstar Financial, Inc. | 246 | 2841 |
| COPT Defense Properties REIT | 93 | 2703 |
| Kemper Corp. | 52 | 2681 |
| Brighthouse Financial, Inc.<sup>\*</sup> | 47 | 2495 |
| PotlatchDeltic Corp. REIT | 58 | 2364 |
| Western Union Co. | 265 | 2117 |
| Park Hotels & Resorts, Inc. REIT | 164 | 1817 |
| National Storage Affiliates Trust REIT | 58 | 1753 |
| **Total Financial** |  | 584087 |
| **Industrial - 15.8%** |  |  |
| Comfort Systems USA, Inc. | 29 | 23930 |
| Flex Ltd.<sup>\*</sup> | 308 | 17855 |
| Curtiss-Wright Corp. | 31 | 16831 |
| AECOM | 109 | 14221 |
| BWX Technologies, Inc. | 75 | 13828 |
| Coherent Corp.<sup>\*</sup> | 128 | 13788 |
| nVent Electric plc | 132 | 13021 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 139 | 12701 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** |
| **Industrial - 15.8% (continued)** |  |  |
| XPO, Inc.<sup>\*</sup> | 97 | $12539 |
| Woodward, Inc. | 49 | 12383 |
| Graco, Inc. | 136 | 11555 |
| Carlisle Companies, Inc. | 35 | 11513 |
| ITT, Inc. | 64 | 11441 |
| MasTec, Inc.<sup>\*</sup> | 50 | 10641 |
| Lincoln Electric Holdings, Inc. | 45 | 10612 |
| Fabrinet<sup>\*</sup> | 29 | 10574 |
| TD SYNNEX Corp. | 63 | 10316 |
| RBC Bearings, Inc.<sup>\*</sup> | 26 | 10148 |
| Owens Corning | 69 | 9761 |
| Clean Harbors, Inc.<sup>\*</sup> | 41 | 9521 |
| Mueller Industries, Inc. | 91 | 9201 |
| ATI, Inc.<sup>\*</sup> | 113 | 9191 |
| Crown Holdings, Inc. | 95 | 9176 |
| TopBuild Corp.<sup>\*</sup> | 23 | 8990 |
| Acuity, Inc. | 25 | 8610 |
| AeroVironment, Inc.<sup>\*</sup> | 26 | 8187 |
| Advanced Drainage Systems, Inc. | 59 | 8183 |
| Applied Industrial Technologies, Inc. | 31 | 8093 |
| CNH Industrial N.V. | 730 | 7921 |
| Regal Rexnord Corp. | 55 | 7889 |
| Donaldson Company, Inc. | 96 | 7857 |
| Crane Co. | 40 | 7366 |
| AptarGroup, Inc. | 54 | 7218 |
| Tetra Tech, Inc. | 216 | 7210 |
| Chart Industries, Inc.<sup>\*</sup> | 36 | 7205 |
| Oshkosh Corp. | 53 | 6874 |
| Saia, Inc.<sup>\*</sup> | 22 | 6586 |
| Watts Water Technologies, Inc. — Class A | 23 | 6423 |
| Ryder System, Inc. | 34 | 6414 |
| Eagle Materials, Inc. | 27 | 6292 |
| Cognex Corp. | 138 | 6251 |
| Valmont Industries, Inc. | 16 | 6204 |
| Toro Co. | 81 | 6172 |
| Simpson Manufacturing Company, Inc. | 34 | 5694 |
| Flowserve Corp. | 107 | 5686 |
| Fluor Corp.<sup>\*</sup> | 133 | 5595 |
| AGCO Corp. | 51 | 5461 |
| Fortune Brands Innovations, Inc. | 99 | 5285 |
| Knight-Swift Transportation Holdings, Inc. | 133 | 5255 |
| Esab Corp. | 47 | 5252 |
| AAON, Inc. | 56 | 5233 |
| Littelfuse, Inc. | 20 | 5180 |
| Universal Display Corp. | 36 | 5171 |
| MSA Safety, Inc. | 30 | 5162 |
| Arrow Electronics, Inc.<sup>\*</sup> | 42 | 5082 |
| Vontier Corp. | 121 | 5078 |
| GATX Corp. | 29 | 5069 |
| Middleby Corp.<sup>\*</sup> | 38 | 5051 |
| Graphic Packaging Holding Co. | 243 | 4755 |
| Louisiana-Pacific Corp. | 52 | 4620 |
| Trex Company, Inc.<sup>\*</sup> | 88 | 4547 |
| UFP Industries, Inc. | 48 | 4487 |
| Hexcel Corp. | 65 | 4076 |
| Belden, Inc. | 33 | 3969 |
| Timken Co. | 52 | 3909 |
| Kirby Corp.<sup>\*</sup> | 46 | 3839 |
| Sensata Technologies Holding plc | 120 | 3666 |
| Knife River Corp.<sup>\*</sup> | 47 | 3613 |
| Avnet, Inc. | 69 | 3607 |
| EnerSys | 31 | 3502 |
| Sonoco Products Co. | 81 | 3490 |
| Landstar System, Inc. | 28 | 3431 |
| Silgan Holdings, Inc. | 73 | 3140 |
| Novanta, Inc.<sup>\*</sup> | 30 | 3004 |
| Exponent, Inc. | 41 | 2849 |
| Terex Corp. | 54 | 2770 |
| Greif, Inc. — Class A | 21 | 1255 |
| **Total Industrial** |  | 578475 |
| **Consumer, Non-cyclical - 10.5%** |  |  |
| United Therapeutics Corp.<sup>\*</sup> | 37 | 15511 |
| Tenet Healthcare Corp.<sup>\*</sup> | 73 | 14822 |
| US Foods Holding Corp.<sup>\*</sup> | 185 | 14175 |
| Performance Food Group Co.<sup>\*</sup> | 129 | 13421 |
| TransUnion | 160 | 13405 |
| Illumina, Inc.<sup>\*</sup> | 126 | 11966 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 81 | 11371 |
| Encompass Health Corp. | 83 | 10542 |
| API Group Corp.<sup>\*</sup> | 304 | 10448 |
| Service Corporation International | 115 | 9570 |
| Medpace Holdings, Inc.<sup>\*</sup> | 18 | 9255 |
| Exelixis, Inc.<sup>\*</sup> | 221 | 9127 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 80 | 8704 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 158 | 8557 |
| Elanco Animal Health, Inc.<sup>\*</sup> | 408 | 8217 |
| Ensign Group, Inc. | 47 | 8120 |
| Penumbra, Inc.<sup>\*</sup> | 32 | 8106 |
| Celsius Holdings, Inc.<sup>\*</sup> | 131 | 7531 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 96 | 7041 |
| Avantor, Inc.<sup>\*</sup> | 560 | 6989 |
| HealthEquity, Inc.<sup>\*</sup> | 71 | 6729 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 50 | 6590 |
| elf Beauty, Inc.<sup>\*</sup> | 49 | 6492 |
| Ingredion, Inc. | 53 | 6472 |
| Paylocity Holding Corp.<sup>\*</sup> | 37 | 5893 |
| Albertsons Companies, Inc. — Class A | 331 | 5796 |
| Repligen Corp.<sup>\*</sup> | 43 | 5748 |
| Coca-Cola Consolidated, Inc. | 49 | 5741 |
| Masimo Corp.<sup>\*</sup> | 38 | 5607 |
| H&R Block, Inc. | 110 | 5563 |
| Cytokinetics, Inc.<sup>\*</sup> | 98 | 5386 |
| Chemed Corp. | 12 | 5373 |
| Roivant Sciences Ltd.<sup>\*</sup> | 353 | 5341 |
| Globus Medical, Inc. — Class A<sup>\*</sup> | 93 | 5326 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 23 | 5049 |
| GXO Logistics, Inc.<sup>\*</sup> | 94 | 4972 |
| Morningstar, Inc. | 20 | 4640 |
| WEX, Inc.<sup>\*</sup> | 28 | 4411 |
| Shift4 Payments, Inc. — Class A<sup>\*</sup> | 55 | 4257 |
| Bio-Rad Laboratories, Inc. — Class A<sup>\*</sup> | 15 | 4206 |
| FTI Consulting, Inc.<sup>\*</sup> | 26 | 4203 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** |
| **Consumer, Non-cyclical - 10.5% (continued)** |  |  |
| Post Holdings, Inc.<sup>\*</sup> | 39 | $4192 |
| Darling Ingredients, Inc.<sup>\*</sup> | 130 | 4013 |
| Brink's Co. | 34 | 3973 |
| BellRing Brands, Inc.<sup>\*</sup> | 104 | 3780 |
| Valvoline, Inc.<sup>\*</sup> | 104 | 3734 |
| Option Care Health, Inc.<sup>\*</sup> | 133 | 3692 |
| Graham Holdings Co. — Class B | 3 | 3532 |
| Bruker Corp. | 91 | 2956 |
| Marzetti Co. | 17 | 2937 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 56 | 2872 |
| Euronet Worldwide, Inc.<sup>\*</sup> | 32 | 2810 |
| Envista Holdings Corp.<sup>\*</sup> | 137 | 2791 |
| Perrigo Company plc | 113 | 2516 |
| LivaNova plc<sup>\*</sup> | 45 | 2357 |
| Sotera Health Co.<sup>\*</sup> | 145 | 2281 |
| Flowers Foods, Inc. | 173 | 2258 |
| Avis Budget Group, Inc.<sup>\*</sup> | 14 | 2248 |
| Dentsply Sirona, Inc. | 164 | 2081 |
| Haemonetics Corp.<sup>\*</sup> | 40 | 1950 |
| Insperity, Inc. | 29 | 1427 |
| Pilgrim's Pride Corp. | 35 | 1425 |
| Boston Beer Company, Inc. — Class A<sup>\*</sup> | 6 | 1269 |
| Coty, Inc. — Class A<sup>\*</sup> | 301 | 1216 |
| **Total Consumer, Non-cyclical** |  | 382983 |
| **Consumer, Cyclical - 9.9%** |  |  |
| Casey's General Stores, Inc. | 31 | 17525 |
| RB Global, Inc. | 152 | 16471 |
| Somnigroup International, Inc. | 172 | 14505 |
| Burlington Stores, Inc.<sup>\*</sup> | 51 | 12979 |
| Dick's Sporting Goods, Inc. | 55 | 12222 |
| Watsco, Inc. | 29 | 11725 |
| Toll Brothers, Inc. | 81 | 11189 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 108 | 10071 |
| GameStop Corp. — Class A<sup>\*</sup> | 338 | 9221 |
| Texas Roadhouse, Inc. — Class A | 55 | 9138 |
| WESCO International, Inc. | 40 | 8460 |
| Core & Main, Inc. — Class A<sup>\*</sup> | 156 | 8397 |
| Aramark | 216 | 8294 |
| Autoliv, Inc. | 58 | 7163 |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 69 | 7162 |
| Five Below, Inc.<sup>\*</sup> | 45 | 6962 |
| Lithia Motors, Inc. — Class A | 21 | 6636 |
| Floor & Decor Holdings, Inc. — Class A<sup>\*</sup> | 88 | 6486 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 50 | 6420 |
| American Airlines Group, Inc.<sup>\*</sup> | 542 | 6092 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 69 | 5792 |
| Wingstop, Inc. | 23 | 5789 |
| Murphy USA, Inc. | 14 | 5436 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 81 | 5347 |
| Churchill Downs, Inc. | 55 | 5335 |
| Gentex Corp. | 180 | 5094 |
| FirstCash Holdings, Inc. | 32 | 5069 |
| Wyndham Hotels & Resorts, Inc. | 63 | 5034 |
| AutoNation, Inc.<sup>\*</sup> | 23 | 5032 |
| Hyatt Hotels Corp. — Class A | 35 | 4968 |
| Cava Group, Inc.<sup>\*</sup> | 82 | 4954 |
| Alaska Air Group, Inc.<sup>\*</sup> | 95 | 4729 |
| Vail Resorts, Inc. | 31 | 4637 |
| Thor Industries, Inc. | 44 | 4562 |
| Bath & Body Works, Inc. | 174 | 4482 |
| Mattel, Inc.<sup>\*</sup> | 265 | 4460 |
| Lear Corp. | 44 | 4427 |
| Boyd Gaming Corp. | 49 | 4236 |
| Warner Music Group Corp. — Class A | 120 | 4087 |
| Gap, Inc. | 187 | 4000 |
| Macy's, Inc. | 223 | 3998 |
| VF Corp. | 270 | 3896 |
| Crocs, Inc.<sup>\*</sup> | 45 | 3760 |
| Dolby Laboratories, Inc. — Class A | 50 | 3618 |
| Whirlpool Corp. | 46 | 3616 |
| KB Home | 56 | 3564 |
| MSC Industrial Direct Company, Inc. — Class A | 38 | 3501 |
| Brunswick Corp. | 54 | 3415 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 39 | 3336 |
| PVH Corp. | 39 | 3267 |
| Travel + Leisure Co. | 53 | 3153 |
| Harley-Davidson, Inc. | 100 | 2790 |
| RH<sup>\*</sup> | 13 | 2641 |
| Visteon Corp. | 22 | 2637 |
| Penske Automotive Group, Inc. | 15 | 2609 |
| Polaris, Inc. | 44 | 2558 |
| YETI Holdings, Inc.<sup>\*</sup> | 67 | 2223 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 51 | 2132 |
| Scotts Miracle-Gro Co. — Class A | 37 | 2107 |
| Capri Holdings Ltd.<sup>\*</sup> | 98 | 1952 |
| Choice Hotels International, Inc. | 17 | 1817 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 235 | 1758 |
| Marriott Vacations Worldwide Corp. | 23 | 1531 |
| Columbia Sportswear Co. | 21 | 1098 |
| Under Armour, Inc. — Class A<sup>\*</sup> | 155 | 774 |
| Under Armour, Inc. — Class C<sup>\*</sup> | 100 | 483 |
| **Total Consumer, Cyclical** |  | 362822 |
| **Technology - 8.0%** |  |  |
| Pure Storage, Inc. — Class A<sup>\*</sup> | 255 | 21372 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 220 | 16366 |
| Guidewire Software, Inc.<sup>\*</sup> | 69 | 15860 |
| Twilio, Inc. — Class A<sup>\*</sup> | 126 | 12611 |
| Okta, Inc.<sup>\*</sup> | 137 | 12563 |
| Dynatrace, Inc.<sup>\*</sup> | 248 | 12016 |
| DocuSign, Inc.<sup>\*</sup> | 166 | 11967 |
| Entegris, Inc. | 125 | 11557 |
| Duolingo, Inc.<sup>\*</sup> | 33 | 10621 |
| Manhattan Associates, Inc.<sup>\*</sup> | 50 | 10249 |
| Lumentum Holdings, Inc.<sup>\*</sup> | 57 | 9274 |
| Rambus, Inc.<sup>\*</sup> | 88 | 9170 |
| CACI International, Inc. — Class A<sup>\*</sup> | 18 | 8978 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 112 | 8212 |
| Doximity, Inc. — Class A<sup>\*</sup> | 112 | 8193 |
| CommVault Systems, Inc.<sup>\*</sup> | 37 | 6985 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 70.2% (continued)** |
| **Technology - 8.0% (continued)** |  |  |
| MKS, Inc. | 55 | $6807 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 53 | 6598 |
| ExlService Holdings, Inc.<sup>\*</sup> | 133 | 5856 |
| Kyndryl Holdings, Inc.<sup>\*</sup> | 190 | 5706 |
| Genpact Ltd. | 133 | 5571 |
| Cirrus Logic, Inc.<sup>\*</sup> | 42 | 5262 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 19 | 5237 |
| Onto Innovation, Inc.<sup>\*</sup> | 40 | 5169 |
| KBR, Inc. | 106 | 5013 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 152 | 4592 |
| Pegasystems, Inc. | 76 | 4370 |
| Maximus, Inc. | 46 | 4203 |
| BILL Holdings, Inc.<sup>\*</sup> | 75 | 3973 |
| Qualys, Inc.<sup>\*</sup> | 30 | 3970 |
| Science Applications International Corp. | 39 | 3875 |
| Parsons Corp.<sup>\*</sup> | 44 | 3648 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 27 | 3541 |
| Allegro MicroSystems, Inc.<sup>\*</sup> | 102 | 2978 |
| Crane NXT Co. | 41 | 2750 |
| Amkor Technology, Inc. | 93 | 2641 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 230 | 2509 |
| Synaptics, Inc.<sup>\*</sup> | 32 | 2187 |
| Blackbaud, Inc.<sup>\*</sup> | 31 | 1994 |
| Power Integrations, Inc. | 46 | 1850 |
| Concentrix Corp. | 37 | 1707 |
| ASGN, Inc.<sup>\*</sup> | 36 | 1705 |
| IPG Photonics Corp.<sup>\*</sup> | 21 | 1663 |
| **Total Technology** |  | 291369 |
| **Energy - 3.1%** |  |  |
| TechnipFMC plc | 338 | 13334 |
| DT Midstream, Inc. | 83 | 9384 |
| NEXTracker, Inc. — Class A<sup>\*</sup> | 122 | 9027 |
| Ovintiv, Inc. | 211 | 8520 |
| Antero Resources Corp.<sup>\*</sup> | 241 | 8088 |
| Range Resources Corp. | 196 | 7378 |
| Permian Resources Corp. | 574 | 7347 |
| HF Sinclair Corp. | 131 | 6857 |
| Antero Midstream Corp. | 275 | 5346 |
| Viper Energy, Inc. — Class A | 139 | 5313 |
| Chord Energy Corp. | 47 | 4670 |
| Matador Resources Co. | 96 | 4313 |
| NOV, Inc. | 305 | 4041 |
| Weatherford International plc | 59 | 4037 |
| CNX Resources Corp.<sup>\*</sup> | 116 | 3726 |
| Murphy Oil Corp. | 110 | 3125 |
| Valaris Ltd.<sup>\*</sup> | 54 | 2634 |
| Civitas Resources, Inc. | 69 | 2243 |
| PBF Energy, Inc. — Class A | 67 | 2021 |
| **Total Energy** |  | 111404 |
| **Basic Materials - 2.5%** |  |  |
| RPM International, Inc. | 105 | 12378 |
| Reliance, Inc. | 43 | 12076 |
| Royal Gold, Inc. | 54 | 10831 |
| Carpenter Technology Corp. | 41 | 10067 |
| MP Materials Corp.<sup>\*</sup> | 111 | 7445 |
| Alcoa Corp. | 213 | 7005 |
| Commercial Metals Co. | 92 | 5270 |
| Axalta Coating Systems Ltd.<sup>\*</sup> | 178 | 5094 |
| NewMarket Corp. | 6 | 4969 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 406 | 4953 |
| Cabot Corp. | 44 | 3346 |
| Avient Corp. | 75 | 2471 |
| Olin Corp. | 94 | 2349 |
| Westlake Corp. | 27 | 2081 |
| Ashland, Inc. | 38 | 1821 |
| **Total Basic Materials** |  | 92156 |
| **Utilities - 2.5%** |  |  |
| Talen Energy Corp.<sup>\*</sup> | 38 | 16164 |
| Essential Utilities, Inc. | 230 | 9177 |
| OGE Energy Corp. | 165 | 7635 |
| National Fuel Gas Co. | 74 | 6835 |
| UGI Corp. | 177 | 5887 |
| IDACORP, Inc. | 44 | 5815 |
| Ormat Technologies, Inc. | 50 | 4813 |
| TXNM Energy, Inc. | 78 | 4411 |
| Southwest Gas Holdings, Inc. | 53 | 4152 |
| New Jersey Resources Corp. | 83 | 3997 |
| ONE Gas, Inc. | 49 | 3966 |
| Portland General Electric Co. | 90 | 3960 |
| Spire, Inc. | 48 | 3913 |
| Black Hills Corp. | 60 | 3695 |
| ALLETE, Inc. | 48 | 3187 |
| Northwestern Energy Group, Inc. | 50 | 2930 |
| **Total Utilities** |  | 90537 |
| **Communications - 1.9%** |  |  |
| Ciena Corp.<sup>\*</sup> | 116 | 16898 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 170 | 9642 |
| EchoStar Corp. — Class A<sup>\*</sup> | 110 | 8400 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 206 | 7694 |
| New York Times Co. — Class A | 133 | 7634 |
| Chewy, Inc. — Class A<sup>\*</sup> | 183 | 7402 |
| Maplebear, Inc.<sup>\*</sup> | 152 | 5588 |
| Nexstar Media Group, Inc. — Class A | 23 | 4548 |
| Iridium Communications, Inc. | 87 | 1519 |
| **Total Communications** |  | 69325 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,628,340) |  | 2563158 |
| **MUTUAL FUNDS<sup>†</sup> - 6.6%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 15965 | 160769 |
| Guggenheim Strategy Fund II<sup>1</sup> | 3259 | 81072 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $231,938) |  | 241841 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.4%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.4%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.4%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | $50000 | $49581 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,579) |  | 49581 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 14.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $296137 | 296137 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 213090 | $213090 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,227) |  | 509227 |
| **Total Investments - 92.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,419,084) |  | $3363807 |
| **Other Assets & Liabilities, net - 7.8%** |  | 285732 |
| **Total Net Assets - 100.0%** |  | $3649539 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |  |  |
| Barclays Bank plc | S&P MidCap 400 Index | Pay | 4.98% (SOFR + 0.85%) | At Maturity | 11/20/25 | 198 | $644717 | $1802 |
| BNP Paribas | S&P MidCap 400 Index | Pay | 4.64% (Federal Funds Rate + 0.55%) | At Maturity | 11/20/25 | 195 | 635903 | 1774 |
| Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.34% (Federal Funds Rate + 0.25%) | At Maturity | 11/19/25 | 499 | 1627894 | (7649) |
|  |  |  |  |  |  |  | $2908514 | $(4073) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as equity index swap collateral at September 30, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2563158 | $— | $— | $2563158 |
| Mutual Funds | 241841 |  |  | 241841 |
| U.S. Treasury Bills |  | 49581 |  | 49581 |
| Repurchase Agreements |  | 509227 |  | 509227 |
| Equity Index Swap Agreements\*\* |  | 3576 |  | 3576 |
| Total Assets | $2804999 | $562384 | $— | $3367383 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 7649 | $– $| 7649 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $80974 | $– | $– | $– | $98 | $81072 | 3259 | $3248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 159811 | – | – | – | 958 | 160769 | 15965 | 5288 |
|  | $240785 | $– | $– | $– | $1056 | $241841 |  | $8536 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.9%** | **COMMON STOCKS<sup>†</sup> - 26.9%** | **COMMON STOCKS<sup>†</sup> - 26.9%** |
| **Technology - 6.1%** | **Technology - 6.1%** | **Technology - 6.1%** |
| WNS Holdings Ltd.<sup>\*</sup> | 3921 | $299055 |
| Informatica, Inc. — Class A<sup>\*</sup> | 9560 | 237470 |
| Cantaloupe, Inc.<sup>\*</sup> | 19656 | 207764 |
| CoreCard Corp.<sup>\*</sup> | 5926 | 159528 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 14732 | 146584 |
| Electronic Arts, Inc. | 673 | 135744 |
| Vimeo, Inc.<sup>\*</sup> | 14067 | 109019 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 10703 | 108849 |
| PROS Holdings, Inc.<sup>\*</sup> | 4736 | 108502 |
| Verint Systems, Inc.<sup>\*</sup> | 2711 | 54898 |
| **Total Technology** |  | 1567413 |
| **Consumer, Non-cyclical - 5.5%** |  |  |
| Kellanova | 5777 | 473830 |
| Verona Pharma plc ADR<sup>\*</sup> | 3054 | 325892 |
| Tourmaline Bio, Inc.<sup>\*</sup> | 3417 | 163435 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 10771 | 152948 |
| STAAR Surgical Co.<sup>\*</sup> | 5619 | 150983 |
| Merus N.V.<sup>\*</sup> | 1163 | 109497 |
| Surmodics, Inc.<sup>\*</sup> | 2025 | 60527 |
| **Total Consumer, Non-cyclical** |  | 1437112 |
| **Financial - 3.6%** |  |  |
| Mr Cooper Group, Inc. | 1166 | 245781 |
| ProAssurance Corp.<sup>\*</sup> | 9033 | 216702 |
| International Money Express, Inc.<sup>\*</sup> | 10489 | 146531 |
| HarborOne Bancorp, Inc. | 6281 | 85422 |
| Air Lease Corp. — Class A | 1192 | 75871 |
| Synovus Financial Corp. | 1504 | 73816 |
| Guild Holdings Co. — Class A | 3653 | 72841 |
| **Total Financial** |  | 916964 |
| **Communications - 3.4%** |  |  |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 9688 | 361847 |
| Interpublic Group of Companies, Inc. | 7999 | 223252 |
| WideOpenWest, Inc.<sup>\*</sup> | 33729 | 174041 |
| TEGNA, Inc. | 5393 | 109640 |
| **Total Communications** |  | 868780 |
| **Consumer, Cyclical - 3.3%** |  |  |
| Steelcase, Inc. — Class A | 11855 | 203906 |
| MRC Global, Inc.<sup>\*</sup> | 11372 | 163984 |
| Hanesbrands, Inc.<sup>\*</sup> | 24370 | 160598 |
| Potbelly Corp.<sup>\*</sup> | 7978 | 135945 |
| ODP Corp.<sup>\*</sup> | 3919 | 109144 |
| Guess?, Inc. | 4536 | 75797 |
| **Total Consumer, Cyclical** |  | 849374 |
| **Industrial - 2.3%** |  |  |
| Chart Industries, Inc.<sup>\*</sup> | 1543 | 308836 |
| American Woodmark Corp.<sup>\*</sup> | 2415 | 161225 |
| Spirit AeroSystems Holdings, Inc. — Class A<sup>\*</sup> | 1599 | 61721 |
| Norfolk Southern Corp. | 199 | 59782 |
| **Total Industrial** |  | 591564 |
| **Utilities - 1.8%** |  |  |
| ALLETE, Inc. | 3833 | 254511 |
| TXNM Energy, Inc. | 2507 | 141771 |
| Northwestern Energy Group, Inc. | 1335 | 78245 |
| **Total Utilities** |  | 474527 |
| **Energy - 0.9%** |  |  |
| Aris Water Solutions, Inc. — Class A | 6348 | 156542 |
| Vital Energy, Inc.<sup>\*</sup> | 4149 | 70077 |
| Berry Corp. | 2211 | 8357 |
| **Total Energy** |  | 234976 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,801,816) |  | 6940710 |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Financial - 0.0%** |  |  |
| Sycamore Partners | 19209 | – |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Bristol-Myers Squibb Co.<sup>\*</sup> | 5897 |  |
| Sanofi SA<sup>\*,††</sup> | 2004 |  |
| Johnson & Johnson<sup>\*,†††</sup> | 1553 |  |
| Novartis AG<sup>\*,†††</sup> | 4974 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,940) |  | – |
| **MUTUAL FUNDS<sup>†</sup> - 26.6%** |  |  |
| Guggenheim Strategy Fund III<sup>1</sup> | 99249 | 2476259 |
| Guggenheim Variable Insurance Strategy Fund III<sup>1</sup> | 86555 | 2154356 |
| Guggenheim Strategy Fund II<sup>1</sup> | 67185 | 1671559 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 54685 | 550676 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,865,318) |  | 6852850 |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.0%** |  |  |
| Mexico Fund, Inc. | 2362 | 46531 |
| PIMCO New York Municipal Income Fund II | 6621 | 46016 |
| Neuberger Berman Next Generation Connectivity Fund, Inc. | 2950 | 45371 |
| Ellsworth Growth and Income Fund Ltd. | 3891 | 45136 |
| Clough Global Equity Fund | 5899 | 44891 |
| Bancroft Fund Ltd. | 2041 | 44662 |
| General American Investors Company, Inc. | 715 | 44480 |
| Nuveen Dow 30sm Dynamic Overwrite Fund | 2966 | 44164 |
| European Equity Fund, Inc. | 4056 | 43967 |
| Royce Micro-Capital Trust, Inc. | 4224 | 43887 |
| Tri-Continental Corp. | 1281 | 43554 |
| Sprott Focus Trust, Inc. | 5226 | 43376 |
| Gabelli Dividend & Income Trust | 1595 | 43272 |
| Total Return Securities Fund | 7112 | 43241 |
| John Hancock Diversified Income Fund | 4058 | 43218 |
| Eaton Vance California Municipal Income Trust | 4287 | 43213 |
| Royce Small-Capital Trust, Inc. | 2675 | 43148 |
| SRH Total Return Fund, Inc. | 2321 | 42149 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.0% (continued)** | | |
| Templeton Emerging Markets Fund/United States | 2164 | $36225 |
| Gabelli Healthcare & WellnessRx Trust | 3802 | 34484 |
| BlackRock MuniHoldings New York Quality Fund, Inc. | 3026 | 30926 |
| BlackRock New York Municipal Income Trust | 3048 | 30846 |
| abrdn Australia Equity Fund, Inc. | 6490 | 29789 |
| Virtus Total Return Fund, Inc. | 4521 | 29160 |
| Federated Hermes Premier Municipal Income Fund | 2545 | 28097 |
| PIMCO California Municipal Income Fund | 2982 | 26003 |
| Royce Global Trust, Inc. | 1751 | 22675 |
| abrdn Emerging Markets ex China Fund, Inc. | 3404 | 22058 |
| AllianceBernstein National Municipal Income Fund, Inc. | 1872 | 20311 |
| Gabelli Global Small and Mid Capital Value Trust | 1180 | 17051 |
| Mexico Equity and Income Fund, Inc. | 1268 | 15051 |
| abrdn National Municipal Income Fund | 1440 | 14774 |
| New Germany Fund, Inc. | 964 | 11144 |
| Western Asset Inflation-Linked Opportunities & Income Fund | 865 | 7690 |
| abrdn Healthcare Investors | 218 | 4024 |
| abrdn Life Sciences Investors | 259 | 4017 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 377 | 3845 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 359 | 3841 |
| BlackRock MuniYield New York Quality Fund, Inc. | 385 | 3823 |
| Invesco Municipal Trust | 394 | 3802 |
| MFS High Yield Municipal Trust | 1094 | 3796 |
| BlackRock MuniHoldings Quality Fund II, Inc. | 377 | 3793 |
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 327 | 3790 |
| BlackRock California Municipal Income Trust | 346 | 3789 |
| MFS Investment Grade Municipal Trust | 482 | 3789 |
| RiverNorth Flexible Municipal Income Fund, Inc. | 262 | 3788 |
| Blackrock Investment Quality Municipal Trust, Inc. | 334 | 3788 |
| MFS High Income Municipal Trust | 1018 | 3787 |
| RiverNorth Opportunistic Municipal Income Fund, Inc. | 259 | 3787 |
| BlackRock MuniYield Quality Fund, Inc. | 325 | 3786 |
| BlackRock MuniYield Pennsylvania Quality Fund | 333 | 3786 |
| BlackRock MuniHoldings Fund, Inc. | 322 | 3783 |
| Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 388 | 3783 |
| BlackRock Municipal Income Trust II | 362 | 3783 |
| BNY Mellon Strategic Municipals, Inc. | 605 | 3781 |
| BlackRock MuniYield Fund, Inc. | 358 | 3780 |
| Flaherty & Crumrine Preferred & Income Fund, Inc. | 314 | 3774 |
| Western Asset Managed Municipals Fund, Inc. | 365 | 3774 |
| BlackRock MuniYield Quality Fund II, Inc. | 376 | 3771 |
| Putnam Municipal Opportunities Trust | 365 | 3770 |
| BlackRock MuniYield Quality Fund III, Inc. | 340 | 3767 |
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 636 | 3765 |
| Flaherty & Crumrine Total Return Fund, Inc. | 211 | 3760 |
| BlackRock Municipal Income Trust | 374 | 3759 |
| abrdn Total Dynamic Dividend Fund | 397 | 3756 |
| Flaherty & Crumrine Preferred and Income Securities Fund, Inc. | 222 | 3750 |
| BlackRock Municipal Income Quality Trust | 342 | 3745 |
| Nuveen AMT-Free Municipal Value Fund | 264 | 3744 |
| Allspring Utilities and High Income Fund | 302 | 3739 |
| NYLI MacKay DefinedTerm Muni Opportunities Fund | 246 | 3722 |
| Putnam Managed Municipal Income Trust | 616 | 3721 |
| BlackRock MuniVest Fund II, Inc. | 350 | 3720 |
| Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 260 | 3705 |
| First Trust Enhanced Equity Income Fund | 172 | 3701 |
| Nuveen S&P 500 Buy-Write Income Fund | 256 | 3697 |
| Invesco Bond Fund | 234 | 3693 |
| Nuveen New York Municipal Value Fund | 447 | 3692 |
| Franklin Universal Trust | 459 | 3690 |
| BlackRock Health Sciences Trust | 99 | 3686 |
| Nuveen NASDAQ 100 Dynamic Overwrite Fund | 134 | 3680 |
| BlackRock Health Sciences Term Trust | 255 | 3677 |
| Nuveen Real Estate Income Fund | 449 | 3673 |
| Eaton Vance Tax-Advantaged Dividend Income Fund | 150 | 3667 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.0% (continued)** | | |
| BlackRock Enhanced Equity Dividend Trust | 402 | $3662 |
| Eaton Vance Tax-Managed Buy-Write Income Fund | 244 | 3660 |
| MFS Multimarket Income Trust | 765 | 3657 |
| BlackRock Science and Technology Term Trust | 165 | 3656 |
| Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 404 | 3656 |
| Western Asset Investment Grade Opportunity Trust, Inc. | 219 | 3655 |
| BlackRock MuniYield Michigan Quality Fund, Inc. | 324 | 3655 |
| John Hancock Income Securities Trust | 313 | 3654 |
| BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 421 | 3654 |
| MFS Charter Income Trust | 569 | 3653 |
| BlackRock Resources & Commodities Strategy Trust | 359 | 3651 |
| Eaton Vance Risk-Managed Diversified Equity Income Fund | 406 | 3650 |
| BlackRock Enhanced Global Dividend Trust | 315 | 3645 |
| Western Asset Emerging Markets Debt Fund, Inc. | 353 | 3643 |
| BlackRock Enhanced International Dividend Trust | 633 | 3640 |
| BlackRock Municipal 2030 Target Term Trust | 162 | 3639 |
| Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund | 132 | 3638 |
| Allspring Global Dividend Opportunity Fund | 638 | 3637 |
| Principal Real Estate Income Fund | 346 | 3619 |
| Franklin Limited Duration Income Trust | 567 | 3612 |
| John Hancock Investors Trust | 257 | 3596 |
| Eaton Vance Senior Floating-Rate Trust | 312 | 3569 |
| PIMCO Municipal Income Fund II | 450 | 3559 |
| BlackRock Virginia Municipal Bond Trust | 327 | 3538 |
| BlackRock Technology and Private Equity Term Trust | 518 | 3471 |
| DTF Tax-Free Income 2028 Term Fund, Inc. | 289 | 3303 |
| Nuveen Pennsylvania Quality Municipal Income Fund | 261 | 3132 |
| Nuveen New Jersey Quality Municipal Income Fund | 251 | 3115 |
| BlackRock MuniHoldings California Quality Fund, Inc. | 278 | 3016 |
| Voya Emerging Markets High Dividend Equity Fund | 480 | 3010 |
| Neuberger Berman Municipal Fund, Inc. | 290 | 2993 |
| MFS Municipal Income Trust | 552 | 2975 |
| Invesco Pennsylvania Value Municipal Income Trust | 288 | 2975 |
| BlackRock MuniVest Fund, Inc. | 433 | 2971 |
| Western Asset Intermediate Muni Fund, Inc. | 375 | 2966 |
| Voya Asia Pacific High Dividend Equity Income Fund | 395 | 2962 |
| GAMCO Natural Resources Gold & Income Trust | 419 | 2946 |
| Adams Diversified Equity Fund, Inc. | 132 | 2944 |
| Virtus Convertible & Income Fund | 194 | 2910 |
| Virtus Convertible & Income Fund II | 212 | 2900 |
| Nuveen Select Maturities Municipal Fund | 313 | 2898 |
| Duff & Phelps Utility and Infrastructure Fund, Inc. | 224 | 2892 |
| MFS Intermediate High Income Fund | 1636 | 2888 |
| Allspring Multi-Sector Income Fund | 301 | 2884 |
| Source Capital | 64 | 2881 |
| Liberty All Star Growth Fund, Inc. | 516 | 2864 |
| Western Asset Inflation-Linked Income Fund | 340 | 2863 |
| BNY Mellon High Yield Strategies Fund | 1101 | 2852 |
| Eaton Vance Senior Income Trust | 515 | 2822 |
| Liberty All-Star Equity Fund | 434 | 2752 |
| John Hancock Tax-Advantaged Dividend Income Fund | 32 | 794 |
| Cohen & Steers Infrastructure Fund, Inc. | 32 | 794 |
| Invesco Municipal Opportunity Trust | 82 | 793 |
| Nuveen Core Plus Impact Fund | 72 | 793 |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 54 | 793 |
| Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 87 | 792 |
| Invesco Senior Income Trust | 228 | 789 |
| Tortoise Sustainable and Social Impact Term Fund | 67 | 788 |
| PGIM Short Duration High Yield Opportunities Fund | 47 | 786 |
| Blackrock Science & Technology Trust | 19 | 786 |
| RiverNorth Flexible Municipal Income Fund II, Inc. | 60 | 783 |
| Eaton Vance National Municipal Opportunities Trust | 47 | 782 |
| Eaton Vance Tax-Advantaged Global Dividend Income Fund | 37 | 782 |
| Highland Global Allocation Fund | 86 | 782 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.0% (continued)** | | |
| BlackRock Taxable Municipal Bond Trust | 47 | $780 |
| RiverNorth Opportunities Fund, Inc. | 65 | 780 |
| RiverNorth Managed Duration Municipal Income Fund II, Inc. | 52 | 780 |
| Clough Global Dividend and Income Fund | 131 | 779 |
| Kayne Anderson Energy Infrastructure Fund | 63 | 779 |
| Cohen & Steers Real Estate Opportunities and Income Fund | 51 | 779 |
| Nuveen Multi-Asset Income Fund | 60 | 779 |
| RiverNorth Managed Duration Municipal Income Fund, Inc. | 55 | 778 |
| Destra Multi-Alternative Fund | 90 | 778 |
| XAI Madison Equity Premium Income Fund | 126 | 777 |
| Saba Capital Income & Opportunities Fund | 100 | 777 |
| Eaton Vance Floating-Rate Income Trust | 66 | 777 |
| India Fund, Inc. | 53 | 776 |
| Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 89 | 776 |
| Tortoise Energy Infrastructure Corp. | 18 | 776 |
| Eaton Vance Municipal Bond Fund | 78 | 775 |
| Saba Capital Income & Opportunities Fund II | 85 | 775 |
| Clough Global Opportunities Fund | 136 | 775 |
| Special Opportunities Fund, Inc. | 50 | 775 |
| Templeton Emerging Markets Income Fund | 125 | 775 |
| John Hancock Premium Dividend Fund | 58 | 774 |
| BlackRock Energy and Resources Trust | 57 | 773 |
| Angel Oak Financial Strategies Income Term Trust | 59 | 773 |
| PIMCO Dynamic Income Strategy Fund | 31 | 773 |
| Nuveen S&P 500 Dynamic Overwrite Fund | 44 | 770 |
| Nuveen Credit Strategies Income Fund | 146 | 769 |
| Japan Smaller Capitalization Fund, Inc. | 73 | 769 |
| Nuveen Floating Rate Income Fund | 94 | 769 |
| Cohen & Steers Select Preferred and Income Fund, Inc. | 37 | 769 |
| XAI Octagon Floating Rate Alternative Income Trust | 145 | 768 |
| High Income Securities Fund | 121 | 768 |
| Allspring Income Opportunities Fund | 109 | 764 |
| LMP Capital and Income Fund, Inc. | 49 | 761 |
| Highland Opportunities and Income Fund | 115 | 730 |
| Herzfeld Credit Income Fund, Inc. | 154 | 367 |
| **Total Closed-End Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,371,311) |  | 1557162 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 2.7%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.26%<sup>2</sup> | 701862 | 701862 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $701,862) |  | 701862 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.9%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.81% due 10/14/25<sup>3,4</sup> | $900000 | 898687 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 617000 | 616100 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,514,739) |  | 1514787 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 30.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 4581857 | 4581857 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 3296945 | 3296945 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,878,802) |  | 7878802 |
| **Total Investments - 98.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,135,788) |  | $25446173 |
|  | **Shares** |  |
| **COMMON STOCKS SOLD SHORT<sup>†</sup> - (5.9)%** |  |  |
| **Utilities - (0.3)%** |  |  |
| Black Hills Corp. | 1308 | (80560) |
| **Consumer, Non-cyclical - (0.4)%** |  |  |
| Euronet Worldwide, Inc.<sup>\*</sup> | 1333 | (117051) |
| **Industrial - (0.8)%** |  |  |
| Union Pacific Corp. | 199 | (47038) |
| Masterbrand, Inc.<sup>\*</sup> | 12437 | (163795) |
| **Total Industrial** |  | (210833) |
| **Communications - (0.9)%** |  |  |
| Omnicom Group, Inc. | 2752 | (224370) |
| **Energy - (0.9)%** |  |  |
| California Resources Corp. | 130 | (6914) |
| Crescent Energy Co. — Class A | 7909 | (70548) |
| DNOW, Inc.<sup>\*</sup> | 10791 | (164563) |
| **Total Energy** |  | (242025) |
| **Consumer, Cyclical - (1.0)%** |  |  |
| HNI Corp. | 2599 | (121763) |
| Gildan Activewear, Inc. — Class A | 2486 | (143691) |
| **Total Consumer, Cyclical** |  | (265454) |
| **Financial - (1.6)%** |  |  |
| Eastern Bankshares, Inc. | 3844 | (69769) |
| Pinnacle Financial Partners, Inc. | 788 | (73906) |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT<sup>†</sup> - (5.9)% (continued)** | **COMMON STOCKS SOLD SHORT<sup>†</sup> - (5.9)% (continued)** | **COMMON STOCKS SOLD SHORT<sup>†</sup> - (5.9)% (continued)** |
| **Financial - (1.6)% (continued)** |  |  |
| Rocket Companies, Inc. — Class A | 12826 | $(248568) |
| **Total Financial** |  | (392243) |
| **Total Common Stocks Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $1,435,130) |  | (1532536) |
| **MASTER LIMITED PARTNERSHIPS SOLD SHORT<sup>†</sup> - (0.1)%** |  |  |
| **Energy - (0.1)%** |  |  |
| Western Midstream Partners, LP | 333 | (13084) |
| **Total Master Limited Partnerships Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $12,811) |  | (13084) |
| **EXCHANGE-TRADED FUNDS SOLD SHORT<sup>\*\*\*,†</sup> - (6.3)%** |  |  |
| iShares Mortgage Real Estate ETF | 9 | (198) |
| VanEck High Yield Muni ETF | 12 | (611) |
| Materials Select Sector SPDR Fund | 11 | (986) |
| Technology Select Sector SPDR Fund | 7 | (1973) |
| iShares JP Morgan USD Emerging Markets Bond ETF | 26 | (2475) |
| iShares U.S. Real Estate ETF | 40 | (3883) |
| SPDR S&P Biotech ETF | 52 | (5210) |
| Utilities Select Sector SPDR Fund | 61 | (5320) |
| Invesco Senior Loan ETF | 352 | (7367) |
| iShares Preferred & Income Securities ETF | 302 | (9549) |
| iShares MSCI Emerging Markets ETF | 201 | (10733) |
| iShares TIPS Bond ETF | 101 | (11233) |
| VanEck Gold Miners ETF | 149 | (11384) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 104 | (11593) |
| iShares 7-10 Year Treasury Bond ETF | 145 | (13987) |
| iShares Floating Rate Bond ETF | 277 | (14151) |
| iShares Core High Dividend ETF | 197 | (24123) |
| iShares iBoxx $ High Yield Corporate Bond ETF | 318 | (25818) |
| Schwab U.S. Aggregate Bond ETF | 1239 | (29079) |
| Health Care Select Sector SPDR Fund | 231 | (32148) |
| iShares Latin America 40 ETF | 1313 | (37933) |
| iShares MSCI All Country Asia ex Japan ETF | 448 | (40867) |
| iShares Russell 1000 Growth ETF | 117 | (54804) |
| iShares National Muni Bond ETF | 1039 | (110643) |
| SPDR Bloomberg Convertible Securities ETF | 1287 | (116473) |
| SPDR S&P 500 ETF Trust | 200 | (133236) |
| SPDR Nuveen ICE High Yield Municipal Bond ETF | 5794 | (144444) |
| iShares Russell 2000 Index ETF | 630 | (152435) |
| iShares Russell 1000 Value ETF | 766 | (155950) |
| iShares MSCI EAFE ETF | 2451 | (228850) |
| SPDR Nuveen ICE Municipal Bond ETF | 5121 | (233364) |
| **Total Exchange-Traded Funds Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $1,585,718) |  | (1630820) |
| **Total Securities Sold Short - (12.3)%** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $3,033,659) |  | $(3176440) |
| **Other Assets & Liabilities, net - 13.7%** |  | 3534139 |
| **Total Net Assets - 100.0%** |  | $25803872 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and<br> Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Euro - OATS Futures Contracts | 41 | Dec 2025 | $5840911 | $30965 |
| U.S. Treasury Ultra Long Bond Futures Contracts | 3 | Dec 2025 | 360563 | 7995 |
| Gasoline RBOB Futures Contracts | 11 | Dec 2025 | 866111 | (28) |
| U.S. Treasury 5 Year Note Futures Contracts | 5 | Dec 2025 | 545899 | (140) |
| U.S. Treasury 10 Year Note Futures Contracts | 39 | Dec 2025 | 4387500 | (1114) |
| Euro - Bund Futures Contracts | 15 | Dec 2025 | 2263211 | (1558) |
|  |  |  | $14264195 | $36120 |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| CBOE Volatility Index Futures Contracts | 9 | Dec 2025 | $178650 | $765 |
| CBOE Volatility Index Futures Contracts | 1 | Jan 2026 | 20700 | 27 |
| Russell 2000 Index Mini Futures Contracts | 4 | Dec 2025 | 491140 | 2 |
| NASDAQ-100 Index Mini Futures Contracts | 1 | Dec 2025 | 497960 | (162) |
| Dow Jones Industrial Average Index Mini Futures Contracts | 3 | Dec 2025 | 700275 | (186) |
| S&P 500 Index Mini Futures Contracts | 5 | Dec 2025 | 1684250 | (947) |
| CBOE Volatility Index Futures Contracts | 29 | Oct 2025 | 510400 | (7311) |
|  |  |  | $4083375 | $(7812) |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and<br> Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Japanese Yen Futures Contracts | 10 | Dec 2025 | $851750 | $4412 |
| Australian Dollar Futures Contracts | 16 | Dec 2025 | 1059600 | (31) |
| British Pound Futures Contracts | 15 | Dec 2025 | 1261031 | (3531) |
| New Zealand Dollar Futures Contracts | 6 | Dec 2025 | 348900 | (8775) |
|  |  |  | $3521281 | $(7925) |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Sugar #11 Futures Contracts | 67 | Apr 2026 | $1211145 | $13884 |
| Coffee 'C' Futures Contracts | 4 | May 2026 | 520275 | 3737 |
| Natural Gas Futures Contracts | 13 | Oct 2025 | 432900 | 1637 |
| Cotton #2 Futures Contracts | 18 | Dec 2025 | 591570 | (417) |
| WTI Crude Futures Contracts | 1 | Oct 2025 | 62530 | (637) |
| Brent Crude Futures Contracts | 1 | Oct 2025 | 66170 | (1007) |
| Low Sulphur Gas Oil Futures Contracts | 12 | Dec 2025 | 808800 | (2220) |
| Soybean Meal Futures Contracts | 12 | Dec 2025 | 327840 | (8778) |
| Cocoa Futures Contracts | 1 | Dec 2025 | 67070 | (14773) |
|  |  |  | $4088300 | $(8574) |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Long Gilt Futures Contracts<sup>††</sup> | 31 | Dec 2025 | $3784474 | $3916 |
| U.S. Treasury 2 Year Note Futures Contracts | 5 | Dec 2025 | 1041875 | 1981 |
| Euro - BTP Italian Government Bond Futures Contracts<sup>††</sup> | 10 | Dec 2025 | 1406177 | 990 |
| Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 8 | Dec 2025 | 703584 | 450 |
| U.S. Treasury Long Bond Futures Contracts | 2 | Dec 2025 | 233250 | (117) |
|  |  |  | $7169360 | $7220 |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Swiss Franc Futures Contracts | 17 | Dec 2025 | $2693331 | $5498 |
| Euro FX Futures Contracts | 2 | Dec 2025 | 294775 | 7 |
| Canadian Dollar Futures Contracts | 9 | Dec 2025 | 649035 | (156) |
|  |  |  | $3637141 | $5349 |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| CBOE Volatility Index Futures Contracts | 35 | Nov 2025 | $672000 | $2626 |
| CBOE Volatility Index Futures Contracts | 17 | Feb 2026 | 359773 | (1236) |
|  |  |  | $1031773 | $1390 |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Gasoline RBOB Futures Contracts | 11 | Dec 2025 | $856640 | $7973 |
| Natural Gas Futures Contracts | 15 | Nov 2025 | 586200 | 6100 |
| Soybean Oil Futures Contracts | 3 | Dec 2025 | 88992 | 4797 |
| Cotton #2 Futures Contracts | 13 | May 2026 | 447590 | 4054 |
| Hard Red Winter Wheat Futures Contracts | 4 | Dec 2025 | 99350 | 2687 |
| Coffee 'C' Futures Contracts | 2 | Dec 2025 | 280650 | 1081 |
| Gasoline RBOB Futures Contracts | 1 | Oct 2025 | 80938 | 943 |
| Corn Futures Contracts | 8 | Dec 2025 | 166400 | (1888) |
| Low Sulphur Gas Oil Futures Contracts | 10 | Nov 2025 | 687750 | (4267) |
| Cattle Feeder Futures Contracts | 1 | Nov 2025 | 179850 | (5716) |
| Sugar #11 Futures Contracts | 67 | Feb 2026 | 1245664 | (22347) |
|  |  |  | $4720024 | $(6583) |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Custom Basket Swap Agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> Date** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** |  |  |  |
| Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Pay | 4.49% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/28 | $7294694 | $383503 |
| **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** |  |  |  |
| Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Receive | 3.64% (Federal Funds Rate - 0.45%) | At Maturity | 08/31/28 | $4951242 | $106125 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** |
| | **Shares** | **Percentage<br> Notional<br> Amount** | **Value and<br> Unrealized<br> Appreciation (Depreciation)** |
| **Consumer, Non-cyclical** |  |  |  |
| Perdoceo Education Corp. | 1812 | 0.94% | $16787 |
| Incyte Corp. | 894 | 1.04% | 7632 |
| United Therapeutics Corp. | 67 | 0.39% | 6530 |
| Royalty Pharma plc — Class A | 2091 | 1.01% | 6487 |
| United Rentals, Inc. | 40 | 0.52% | 5963 |
| Alkermes plc | 2643 | 1.09% | 4934 |
| ADT, Inc. | 8684 | 1.04% | 4037 |
| Utah Medical Products, Inc. | 1088 | 0.94% | 3793 |
| PTC Therapeutics, Inc. | 579 | 0.49% | 3752 |
| Jazz Pharmaceuticals plc | 134 | 0.24% | 3184 |
| Catalyst Pharmaceuticals, Inc. | 3499 | 0.94% | 3048 |
| Innoviva, Inc. | 3630 | 0.91% | 2896 |
| Exelixis, Inc. | 673 | 0.38% | 2692 |
| Graham Holdings Co. — Class B | 40 | 0.65% | 2008 |
| Theravance Biopharma, Inc. | 3434 | 0.69% | 1947 |
| SIGA Technologies, Inc. | 2933 | 0.37% | 1863 |
| Cal-Maine Foods, Inc. | 661 | 0.85% | 1391 |
| Merck & Company, Inc. | 913 | 1.05% | 619 |
| Collegium Pharmaceutical, Inc. | 551 | 0.26% | 538 |
| H&R Block, Inc. | 439 | 0.30% | (302) |
| Gilead Sciences, Inc. | 242 | 0.37% | (422) |
| Regeneron Pharmaceuticals, Inc. | 120 | 0.92% | (624) |
| Seneca Foods Corp. — Class A | 144 | 0.21% | (633) |
| Biogen, Inc. | 552 | 1.06% | (660) |
| Bristol-Myers Squibb Co. | 1528 | 0.94% | (1142) |
| Ingredion, Inc. | 447 | 0.75% | (2303) |
| USANA Health Sciences, Inc. | 956 | 0.36% | (2814) |
| Pilgrim's Pride Corp. | 592 | 0.33% | (2966) |
| Molson Coors Beverage Co. — Class B | 411 | 0.25% | (3112) |
| Alarm.com Holdings, Inc. | 1331 | 0.97% | (4780) |
| Harmony Biosciences Holdings, Inc. | 1398 | 0.53% | (10373) |
| **Total Consumer, Non-cyclical** |  |  | 49970 |
| **Communications** |  |  |  |
| AT&T, Inc. | 2584 | 1.02% | 12506 |
| Fox Corp. — Class A | 1265 | 1.09% | 10406 |
| Millicom International Cellular S.A. | 1597 | 1.06% | 8955 |
| Lumen Technologies, Inc. | 7031 | 0.59% | 7859 |
| Verizon Communications, Inc. | 1729 | 1.04% | 6888 |
| InterDigital, Inc. | 105 | 0.50% | 6020 |
| Etsy, Inc. | 404 | 0.37% | 5734 |
| A10 Networks, Inc. | 2167 | 0.54% | 3395 |
| Ziff Davis, Inc. | 698 | 0.36% | 1761 |
| Harmonic, Inc. | 2968 | 0.41% | 1399 |
| Spok Holdings, Inc. | 1358 | 0.32% | 419 |
| Gambling.com Group Ltd. | 2416 | 0.27% | (28) |
| T-Mobile US, Inc. | 149 | 0.49% | (899) |
| Yelp, Inc. — Class A | 2411 | 1.03% | (3631) |
| Comcast Corp. — Class A | 2256 | 0.97% | (6623) |
| IDT Corp. — Class B | 577 | 0.41% | (7506) |
| **Total Communications** |  |  | 46655 |
| **Industrial** |  |  |  |
| Mueller Industries, Inc. | 789 | 1.07% | 23484 |
| Snap-on, Inc. | 234 | 1.11% | 10456 |
| Scorpio Tankers, Inc. | 961 | 0.74% | 4460 |
| Lindsay Corp. | 554 | 1.07% | 894 |
| Teekay Tankers Ltd. — Class A | 890 | 0.62% | 713 |
| Gibraltar Industries, Inc. | 696 | 0.60% | 612 |
| International Seaways, Inc. | 334 | 0.21% | 28 |
| Owens Corning | 505 | 0.98% | (425) |
| DHT Holdings, Inc. | 1321 | 0.22% | (438) |
| Karat Packaging, Inc. | 1136 | 0.39% | (467) |
| Uniti Group, Inc. | 5200 | 0.44% | (691) |
| Fortive Corp. | 1616 | 1.09% | (806) |
| Middleby Corp. | 246 | 0.45% | (2690) |
| AZZ, Inc. | 659 | 0.99% | (2713) |
| Gencor Industries, Inc. | 2180 | 0.44% | (3243) |
| CNH Industrial N.V. | 6810 | 1.01% | (3407) |
| Alamo Group, Inc. | 365 | 0.96% | (7106) |
| **Total Industrial** |  |  | 18661 |
| **Consumer, Cyclical** |  |  |  |
| BorgWarner, Inc. | 1756 | 1.06% | 9145 |
| Allison Transmission Holdings, Inc. | 863 | 1.00% | 7990 |
| Visteon Corp. | 617 | 1.01% | 7269 |
| Aptiv plc | 355 | 0.42% | 5004 |
| Gentex Corp. | 1021 | 0.40% | 2818 |
| General Motors Co. | 441 | 0.37% | 2329 |
| Garrett Motion, Inc. | 3133 | 0.58% | 1394 |
| PACCAR, Inc. | 781 | 1.05% | 855 |
| Ford Motor Co. | 2481 | 0.41% | 673 |
| Strattec Security Corp. | 286 | 0.27% | 273 |
| Inspired Entertainment, Inc. | 1851 | 0.24% | 175 |
| Boyd Gaming Corp. | 355 | 0.42% | (31) |
| Dolby Laboratories, Inc. — Class A | 354 | 0.35% | (136) |
| Buckle, Inc. | 322 | 0.26% | (510) |
| Abercrombie & Fitch Co. — Class A | 315 | 0.37% | (1189) |
| Tri Pointe Homes, Inc. | 1748 | 0.81% | (1580) |
| Harley-Davidson, Inc. | 1073 | 0.41% | (2484) |
| Bath & Body Works, Inc. | 889 | 0.31% | (5457) |
| **Total Consumer, Cyclical** |  |  | 26538 |
| **Technology** |  |  |  |
| Cirrus Logic, Inc. | 666 | 1.14% | 16484 |
| Micron Technology, Inc. | 261 | 0.60% | 16381 |
| Axcelis Technologies, Inc. | 268 | 0.36% | 9659 |
| Adeia, Inc. | 2145 | 0.49% | 7588 |
| Zoom Communications, Inc. — Class A | 921 | 1.04% | 7325 |
| Kulicke & Soffa Industries, Inc. | 1160 | 0.65% | 7265 |
| QUALCOMM, Inc. | 479 | 1.09% | 6555 |
| Photronics, Inc. | 2722 | 0.86% | 6419 |
| Dropbox, Inc. — Class A | 2620 | 1.09% | 5498 |
| Consensus Cloud Solutions, Inc. | 972 | 0.39% | 4343 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage<br> Notional<br> Amount** | **Value and<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| OneSpan, Inc. | 3474 | 0.76% | $4252 |
| Bandwidth, Inc. — Class A | 3466 | 0.79% | 3342 |
| Daily Journal Corp. | 97 | 0.62% | 3086 |
| NetScout Systems, Inc. | 2101 | 0.74% | 1696 |
| Teradata Corp. | 1723 | 0.51% | 1522 |
| Skyworks Solutions, Inc. | 874 | 0.92% | 1063 |
| Mitek Systems, Inc. | 2177 | 0.29% | 209 |
| LiveRamp Holdings, Inc. | 909 | 0.34% | (522) |
| **Total Technology** |  |  | 102165 |
| **Basic Materials** |  |  |  |
| Newmont Corp. | 690 | 0.80% | 10871 |
| Caledonia Mining Corporation plc | 788 | 0.39% | 6926 |
| Anglogold Ashanti plc | 435 | 0.42% | 5343 |
| Alcoa Corp. | 1335 | 0.60% | 2194 |
| **Total Basic Materials** |  |  | 25334 |
| **Financial** |  |  |  |
| MGIC Investment Corp. | 2697 | 1.05% | 12239 |
| Enova International, Inc. | 623 | 0.98% | 11775 |
| Synchrony Financial | 996 | 0.97% | 10308 |
| Enact Holdings, Inc. | 2005 | 1.05% | 8600 |
| Jackson Financial, Inc. — Class A | 779 | 1.08% | 8202 |
| Essent Group Ltd. | 1205 | 1.05% | 7970 |
| Fidelity National Financial, Inc. | 1268 | 1.05% | 6171 |
| NMI Holdings, Inc. — Class A | 1901 | 1.00% | 4743 |
| RenaissanceRe Holdings Ltd. | 312 | 1.09% | 4376 |
| Preferred Bank/Los Angeles CA | 341 | 0.42% | 2825 |
| Westamerica BanCorp | 1537 | 1.05% | 2809 |
| Hartford Insurance Group, Inc. | 568 | 1.04% | 2046 |
| BancFirst Corp. | 564 | 0.98% | 827 |
| Bank OZK | 920 | 0.64% | 799 |
| Live Oak Bancshares, Inc. | 1429 | 0.69% | 547 |
| Vornado Realty Trust | 711 | 0.40% | 469 |
| Arch Capital Group Ltd. | 827 | 1.03% | (256) |
| World Acceptance Corp. | 116 | 0.27% | (756) |
| QCR Holdings, Inc. | 978 | 1.01% | (767) |
| GCM Grosvenor, Inc. — Class A | 3432 | 0.57% | (1104) |
| McGrath RentCorp | 612 | 0.98% | (1426) |
| Atlantic Union Bankshares Corp. | 2135 | 1.03% | (1511) |
| Skyward Specialty Insurance Group, Inc. | 550 | 0.36% | (1952) |
| Northeast Community Bancorp, Inc. | 1478 | 0.42% | (2473) |
| Pathward Financial, Inc. | 621 | 0.63% | (2669) |
| Horace Mann Educators Corp. | 1546 | 0.96% | (2721) |
| OneMain Holdings, Inc. | 977 | 0.76% | (2956) |
| **Total Financial** |  |  | 66115 |
| **Utilities** |  |  |  |
| National Fuel Gas Co. | 886 | 1.12% | 17148 |
| Evergy, Inc. | 1027 | 1.07% | 9295 |
| Consolidated Water Company Ltd. | 1384 | 0.67% | 5665 |
| Duke Energy Corp. | 357 | 0.61% | 5656 |
| Brookfield Infrastructure Corp. — Class A | 1936 | 1.09% | 3381 |
| MDU Resources Group, Inc. | 2013 | 0.49% | 3180 |
| Portland General Electric Co. | 1257 | 0.76% | 1873 |
| Otter Tail Corp. | 909 | 1.02% | 1204 |
| Edison International | 445 | 0.34% | 285 |
| Clearway Energy, Inc. — Class C | 2680 | 1.04% | 179 |
| MGE Energy, Inc. | 377 | 0.44% | (301) |
| **Total Utilities** |  |  | 47565 |
| **Energy** |  |  |  |
| Occidental Petroleum Corp. | 790 | 0.51% | 500 |
| **Total MS Long/Short Equity Long Custom Basket** |  |  | $383503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** |
| **Technology** |  |  |  |
| ACV Auctions, Inc. — Class A | 4347 | (0.87)% | 20753 |
| Conduent, Inc. | 24393 | (1.38)% | (1315) |
| Maximus, Inc. | 866 | (1.60)% | (2539) |
| **Total Technology** |  |  | 16899 |
| **Consumer, Non-cyclical** |  |  |  |
| Insperity, Inc. | 1190 | (1.18)% | 11600 |
| Driven Brands Holdings, Inc. | 3968 | (1.29)% | 9268 |
| OrthoPediatrics Corp. | 1912 | (0.72)% | 4954 |
| Tejon Ranch Co. | 3859 | (1.25)% | 4056 |
| FTI Consulting, Inc. | 381 | (1.24)% | 2531 |
| First Advantage Corp. | 4762 | (1.48)% | 2292 |
| Barrett Business Services, Inc. | 1455 | (1.30)% | 1710 |
| ABM Industries, Inc. | 1036 | (0.97)% | 1540 |
| Guardant Health, Inc. | 169 | (0.21)% | (299) |
| GXO Logistics, Inc. | 916 | (0.98)% | (1460) |
| Alico, Inc. | 1535 | (1.07)% | (2509) |
| **Total Consumer, Non-cyclical** |  |  | 33683 |
| **Basic Materials** |  |  |  |
| Ashland, Inc. | 1295 | (1.24)% | 10981 |
| Sensient Technologies Corp. | 677 | (1.28)% | 9965 |
| Air Products and Chemicals, Inc. | 261 | (1.44)% | 4539 |
| Balchem Corp. | 345 | (1.05)% | 4472 |
| RPM International, Inc. | 453 | (1.08)% | 3246 |
| Sherwin-Williams Co. | 209 | (1.46)% | 2805 |
| Kronos Worldwide, Inc. | 7529 | (0.87)% | 2608 |
| International Paper Co. | 1590 | (1.49)% | 1901 |
| Dow, Inc. | 3195 | (1.48)% | 1098 |
| Tronox Holdings plc — Class A | 4625 | (0.38)% | 671 |
| Ecolab, Inc. | 217 | (1.20)% | (332) |
| Hawkins, Inc. | 197 | (0.73)% | (3777) |
| **Total Basic Materials** |  |  | 38177 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage<br> Notional <br> Amount** | **Value and<br> Unrealized<br> Appreciation <br> (Depreciation)** |
| **Financial** |  |  |  |
| Marcus & Millichap, Inc. | 2036 | (1.23)% | $12077 |
| Kennedy-Wilson Holdings, Inc. | 7622 | (1.28)% | 10429 |
| Weyerhaeuser Co. | 3004 | (1.50)% | 9882 |
| SLM Corp. | 1713 | (0.96)% | 7807 |
| FTAI Infrastructure, Inc. | 9622 | (0.85)% | 6609 |
| Redwood Trust, Inc. | 9345 | (1.09)% | 5564 |
| Cannae Holdings, Inc. | 3135 | (1.16)% | 5387 |
| PennyMac Mortgage Investment Trust | 6118 | (1.51)% | 4017 |
| Veris Residential, Inc. | 4199 | (1.29)% | 3754 |
| Heritage Commerce Corp. | 7441 | (1.49)% | 3545 |
| Columbia Financial, Inc. | 5030 | (1.52)% | 3006 |
| PotlatchDeltic Corp. | 1833 | (1.51)% | 2859 |
| Horizon Bancorp, Inc. | 3479 | (1.12)% | 2720 |
| Apartment Investment and Management Co. — Class A | 8569 | (1.37)% | 2514 |
| Western Alliance Bancorporation | 778 | (1.36)% | 2201 |
| Ellington Financial, Inc. | 5577 | (1.46)% | 2074 |
| Primis Financial Corp. | 2664 | (0.57)% | 1943 |
| CoStar Group, Inc. | 397 | (0.68)% | 1824 |
| NewtekOne, Inc. | 4628 | (1.07)% | 1737 |
| AMERISAFE, Inc. | 783 | (0.69)% | 868 |
| Merchants Bancorp | 1549 | (0.99)% | 746 |
| Sun Communities, Inc. | 495 | (1.29)% | 42 |
| Jefferies Financial Group, Inc. | 629 | (0.83)% | (234) |
| SoFi Technologies, Inc. | 601 | (0.32)% | (622) |
| Equinix, Inc. | 56 | (0.89)% | (891) |
| Fidelis Insurance Holdings Ltd. | 2258 | (0.83)% | (1361) |
| PennyMac Financial Services, Inc. | 316 | (0.79)% | (2744) |
| CBRE Group, Inc. — Class A | 475 | (1.51)% | (3308) |
| Iron Mountain, Inc. | 842 | (1.73)% | (3557) |
| Walker & Dunlop, Inc. | 640 | (1.08)% | (3647) |
| Welltower, Inc. | 366 | (1.32)% | (3872) |
| Radian Group, Inc. | 1807 | (1.32)% | (4193) |
| State Street Corp. | 467 | (1.09)% | (4253) |
| American Healthcare REIT, Inc. | 1560 | (1.32)% | (4755) |
| Brighthouse Financial, Inc. | 896 | (0.96)% | (7947) |
| Newmark Group, Inc. — Class A | 3736 | (1.41)% | (8567) |
| **Total Financial** |  |  | 41654 |
| **Energy** |  |  |  |
| Core Laboratories, Inc. | 5709 | (1.44)% | 12638 |
| Seadrill Ltd. | 2332 | (1.42)% | 3930 |
| Kodiak Gas Services, Inc. | 870 | (0.65)% | (478) |
| Bristow Group, Inc. | 1455 | (1.06)% | (1266) |
| Archrock, Inc. | 1554 | (0.83)% | (1388) |
| Oceaneering International, Inc. | 3091 | (1.55)% | (1701) |
| BKV Corp. | 1877 | (0.88)% | (1752) |
| Baker Hughes Co. | 1183 | (1.16)% | (2841) |
| Delek US Holdings, Inc. | 475 | (0.31)% | (3947) |
| **Total Energy** |  |  | 3195 |
| **Industrial** |  |  |  |
| Landstar System, Inc. | 576 | (1.42)% | 6658 |
| Knife River Corp. | 744 | (1.16)% | 5697 |
| RXO, Inc. | 4698 | (1.46)% | 5420 |
| Werner Enterprises, Inc. | 1891 | (1.01)% | 4047 |
| Ball Corp. | 1524 | (1.55)% | 2967 |
| Silgan Holdings, Inc. | 1649 | (1.43)% | 2962 |
| Radiant Logistics, Inc. | 4935 | (0.59)% | 2742 |
| Old Dominion Freight Line, Inc. | 159 | (0.45)% | 1223 |
| LSB Industries, Inc. | 2521 | (0.40)% | 773 |
| XPO, Inc. | 389 | (1.02)% | 486 |
| Ranpak Holdings Corp. | 3694 | (0.42)% | (2666) |
| CH Robinson Worldwide, Inc. | 451 | (1.21)% | (2971) |
| Jacobs Solutions, Inc. | 533 | (1.61)% | (6570) |
| Enviri Corp. | 3890 | (1.00)% | (7442) |
| TriMas Corp. | 1330 | (1.04)% | (8292) |
| Costamare Bulkers Holdings Ltd. | 3869 | (1.12)% | (15451) |
| **Total Industrial** |  |  | (10417) |
| **Consumer, Cyclical** |  |  |  |
| Shake Shack, Inc. — Class A | 150 | (0.28)% | 1243 |
| Southwest Airlines Co. | 1285 | (0.83)% | (25) |
| JetBlue Airways Corp. | 3321 | (0.33)% | (756) |
| Tesla, Inc. | 45 | (0.40)% | (4807) |
| Lucid Group, Inc. | 736 | (0.35)% | (5746) |
| VSE Corp. | 296 | (0.99)% | (6975) |
| **Total Consumer, Cyclical** |  |  | (17066) |
| **Total MS Long/Short Equity Short Custom Basket** |  |  | $106125 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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.* |
| *<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>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as futures and equity custom basket swap collateral at September 30, 2025.* |
| *<sup>4</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*MS — Morgan Stanley Capital Services LLC*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2<br> Significant** <br> **Observable<br> Inputs**  | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $6940710 | $— | $— | $6940710 |
| Rights | — \* | — \* | — \* |  |
| Mutual Funds | 6852850 |  |  | 6852850 |
| Closed-End Mutual Funds | 1557162 |  |  | 1557162 |
| Money Market Fund | 701862 |  |  | 701862 |
| U.S. Treasury Bills |  | 1514787 |  | 1514787 |
| Repurchase Agreements |  | 7878802 |  | 7878802 |
| Commodity Futures Contracts\*\* | 46893 |  |  | 46893 |
| Interest Rate Futures Contracts\*\* | 40941 | 5356 |  | 46297 |
| Currency Futures Contracts\*\* | 9917 |  |  | 9917 |
| Equity Futures Contracts\*\* | 3420 |  |  | 3420 |
| Equity Custom Basket Swap Agreements\*\* |  | 489628 |  | 489628 |
| Total Assets | $16153755 | $9888573 | $— | $26042328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant** <br> **Unobservable<br> Inputs**  | **Total** |
| Common Stocks Sold Short | $1532536 | $— | $— | $1532536 |
| Master Limited Partnership Sold Short | 13084 |  |  | 13084 |
| Exchange-Traded Funds Sold Short | 1630820 |  |  | 1630820 |
| Commodity Futures Contracts\*\* | 62050 |  |  | 62050 |
| Currency Futures Contracts\*\* | 12493 |  |  | 12493 |
| Equity Futures Contracts\*\* | 9842 |  |  | 9842 |
| Interest Rate Futures Contracts\*\* | 2957 |  |  | 2957 |
| Total Liabilities | $3263782 | $— | $— | $3263782 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Includes securities with a market value of $0.* |
| *<sup>\*\*</sup>* | *This derivative is reported as unrealized appreciation/depreciation at period end.* |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1669543 | $– | $– | $– | $2016 | $1671559 | 67185 | $66971 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 2475267 |  |  |  | 992 | 2476259 | 99249 | 101567 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 547395 |  |  |  | 3281 | 550676 | 54685 | 18114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Variable Insurance Strategy Fund III | 2158683 | – | – | – | (4327) | 2154356 | 86555 | 88203 |
|  | $6850888 | $– | $– | $– | $1962 | $6852850 |  | $274855 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.4%** | **COMMON STOCKS<sup>†</sup> - 86.4%** | **COMMON STOCKS<sup>†</sup> - 86.4%** |
| **Technology - 44.1%** | **Technology - 44.1%** | **Technology - 44.1%** |
| NVIDIA Corp. | 68449 | $12771214 |
| Microsoft Corp. | 20938 | 10844837 |
| Apple, Inc. | 41803 | 10644298 |
| Broadcom, Inc. | 21912 | 7228988 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 15761 | 2875122 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 11246 | 1819490 |
| Intuit, Inc. | 1933 | 1320065 |
| Micron Technology, Inc. | 7756 | 1297734 |
| QUALCOMM, Inc. | 7478 | 1244040 |
| Lam Research Corp. | 8771 | 1174437 |
| Texas Instruments, Inc. | 6300 | 1157499 |
| Applied Materials, Inc. | 5521 | 1130370 |
| Adobe, Inc.<sup>\*</sup> | 2940 | 1037085 |
| Intel Corp.<sup>\*</sup> | 30333 | 1017672 |
| KLA Corp. | 915 | 986919 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 1739 | 852771 |
| Analog Devices, Inc. | 3409 | 837591 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 1888 | 663179 |
| Synopsys, Inc.<sup>\*</sup> | 1282 | 632526 |
| Strategy, Inc. — Class A<sup>\*</sup> | 1829 | 589322 |
| ASML Holding N.V. — Class G | 587 | 568269 |
| Marvell Technology, Inc. | 5974 | 502234 |
| Autodesk, Inc.<sup>\*</sup> | 1483 | 471104 |
| Fortinet, Inc.<sup>\*</sup> | 5310 | 446465 |
| NXP Semiconductor N.V. | 1747 | 397844 |
| Roper Technologies, Inc. | 746 | 372023 |
| Workday, Inc. — Class A<sup>\*</sup> | 1504 | 362058 |
| Electronic Arts, Inc. | 1734 | 349748 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 1278 | 330184 |
| Zscaler, Inc.<sup>\*</sup> | 1079 | 323333 |
| Datadog, Inc. — Class A<sup>\*</sup> | 2240 | 318976 |
| Paychex, Inc. | 2492 | 315886 |
| Microchip Technology, Inc. | 3740 | 240183 |
| Cognizant Technology Solutions Corp. — Class A | 3385 | 227032 |
| Atlassian Corp. — Class A<sup>\*</sup> | 1152 | 183974 |
| ON Semiconductor Corp.<sup>\*</sup> | 2834 | 139745 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 3846 | 137841 |
| ARM Holdings plc ADR<sup>\*</sup> | 947 | 133991 |
| **Total Technology** |  | 65946049 |
| **Communications - 23.9%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 30041 | 6596102 |
| Meta Platforms, Inc. — Class A | 6110 | 4487062 |
| Alphabet, Inc. — Class A | 16385 | 3983194 |
| Alphabet, Inc. — Class C | 15295 | 3725097 |
| Netflix, Inc.<sup>\*</sup> | 2945 | 3530820 |
| Cisco Systems, Inc. | 27443 | 1877650 |
| T-Mobile US, Inc. | 7799 | 1866925 |
| AppLovin Corp. — Class A<sup>\*</sup> | 2132 | 1531927 |
| Shopify, Inc. — Class A<sup>\*</sup> | 8458 | 1256943 |
| Booking Holdings, Inc. | 225 | 1214836 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 4636 | 943982 |
| MercadoLibre, Inc.<sup>\*</sup> | 351 | 820266 |
| Comcast Corp. — Class A | 25522 | 801901 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 2788 | 758308 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 4629 | 611815 |
| Thomson Reuters Corp. | 3123 | 485096 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 2974 | 361103 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 17157 | 335076 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 947 | 260524 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 3089 | 151392 |
| CDW Corp. | 908 | 144626 |
| **Total Communications** |  | 35744645 |
| **Consumer, Cyclical - 7.2%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 10267 | 4565940 |
| Costco Wholesale Corp. | 3073 | 2844461 |
| Starbucks Corp. | 7877 | 666394 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 5880 | 633923 |
| Marriott International, Inc. — Class A | 1881 | 489888 |
| Fastenal Co. | 7953 | 390015 |
| PACCAR, Inc. | 3639 | 357787 |
| Ross Stores, Inc. | 2267 | 345468 |
| Copart, Inc.<sup>\*</sup> | 6701 | 301344 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 795 | 141454 |
| **Total Consumer, Cyclical** |  | 10736674 |
| **Consumer, Non-cyclical - 7.1%** |  |  |
| PepsiCo, Inc. | 9488 | 1332494 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 2484 | 1110919 |
| Amgen, Inc. | 3731 | 1052888 |
| Gilead Sciences, Inc. | 8599 | 954489 |
| Automatic Data Processing, Inc. | 2807 | 823855 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 1777 | 695944 |
| Cintas Corp. | 2793 | 573291 |
| Mondelez International, Inc. — Class A | 8967 | 560168 |
| Monster Beverage Corp.<sup>\*</sup> | 6767 | 455487 |
| PayPal Holdings, Inc.<sup>\*</sup> | 6621 | 444004 |
| Regeneron Pharmaceuticals, Inc. | 722 | 405959 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 554 | 353945 |
| AstraZeneca plc ADR | 4071 | 312327 |
| Coca-Cola Europacific Partners plc | 3175 | 287052 |
| Verisk Analytics, Inc. — Class A | 968 | 243462 |
| Keurig Dr Pepper, Inc. | 9414 | 240151 |
| GE HealthCare Technologies, Inc. | 3164 | 237617 |
| Kraft Heinz Co. | 8202 | 213580 |
| Dexcom, Inc.<sup>\*</sup> | 2718 | 182894 |
| Biogen, Inc.<sup>\*</sup> | 1016 | 142322 |
| **Total Consumer, Non-cyclical** |  | 10622848 |
| **Industrial - 1.3%** |  |  |
| Honeywell International, Inc. | 4400 | 926200 |
| CSX Corp. | 12920 | 458789 |
| Axon Enterprise, Inc.<sup>\*</sup> | 544 | 390396 |
| Old Dominion Freight Line, Inc. | 1456 | 204976 |
| **Total Industrial** |  | 1980361 |
| **Utilities - 1.2%** |  |  |
| Constellation Energy Corp. | 2165 | 712437 |
| American Electric Power Company, Inc. | 3706 | 416925 |
| Xcel Energy, Inc. | 4099 | 330584 |
| Exelon Corp. | 6999 | 315025 |
| **Total Utilities** |  | 1774971 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 86.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 86.4% (continued)** |
| **Basic Materials - 1.0%** |  |  |
| Linde plc | 3250 | $1543750 |
| **Energy - 0.4%** |  |  |
| Baker Hughes Co. | 6832 | 332855 |
| Diamondback Energy, Inc. | 2006 | 287059 |
| **Total Energy** |  | 619914 |
| **Financial - 0.2%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 2936 | 247710 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $86,547,014) |  | 129216922 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 7.4%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.05% due 10/28/25<sup>1,2</sup> | $7000000 | 6978766 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 3465000 | 3459946 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | 700000 | 694135 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,132,355) |  | 11132847 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 4353637 | 4353637 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 3132727 | 3132727 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,486,364) |  | 7486364 |
| **Total Investments - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $105,165,733) |  | $147836133 |
| **Other Assets & Liabilities, net - 1.2%** |  | 1811070 |
| **Total Net Assets - 100.0%** |  | $149647203 |

---

**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 | 149 | Dec 2025 | $74196040 | $1022021 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> 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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/19/25 | 2431 | $59995999 | $267268 |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.99% (Federal Funds Rate + 0.90%) | At Maturity | 11/20/25 | 1106 | 27304398 | 195161 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.13% (SOFR + 1.00%) | At Maturity | 11/20/25 | 330 | 8132109 | 58129 |
|  |  |  |  |  |  |  | $95432506 | $520558 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is pledged as equity index swap collateral at September 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 September 30, 2025.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $129216922 | $— | $— | $129216922 |
| U.S. Treasury Bills |  | 11132847 |  | 11132847 |
| Repurchase Agreements |  | 7486364 |  | 7486364 |
| Equity Futures Contracts\*\* | 1022021 |  |  | 1022021 |
| Equity Index Swap Agreements\*\* |  | 520558 |  | 520558 |
| Total Assets | $130238943 | $19139769 | $— | $149378712 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.9%** | **COMMON STOCKS<sup>†</sup> - 82.9%** | **COMMON STOCKS<sup>†</sup> - 82.9%** |
| **Technology - 42.3%** | **Technology - 42.3%** | **Technology - 42.3%** |
| NVIDIA Corp. | 54535 | $10175140 |
| Microsoft Corp. | 16682 | 8640442 |
| Apple, Inc. | 33305 | 8480452 |
| Broadcom, Inc. | 17458 | 5759569 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 12556 | 2290465 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 8960 | 1449639 |
| Intuit, Inc. | 1540 | 1051681 |
| Micron Technology, Inc. | 6179 | 1033870 |
| QUALCOMM, Inc. | 5958 | 991173 |
| Lam Research Corp. | 6988 | 935693 |
| Texas Instruments, Inc. | 5020 | 922325 |
| Applied Materials, Inc. | 4399 | 900651 |
| Adobe, Inc.<sup>\*</sup> | 2342 | 826140 |
| Intel Corp.<sup>\*</sup> | 24166 | 810769 |
| KLA Corp. | 729 | 786299 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 1386 | 679667 |
| Analog Devices, Inc. | 2716 | 667321 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 1505 | 528646 |
| Synopsys, Inc.<sup>\*</sup> | 1022 | 504245 |
| Strategy, Inc. — Class A<sup>\*</sup> | 1456 | 469138 |
| ASML Holding N.V. — Class G | 468 | 453066 |
| Marvell Technology, Inc. | 4760 | 400173 |
| Autodesk, Inc.<sup>\*</sup> | 1182 | 375486 |
| Fortinet, Inc.<sup>\*</sup> | 4231 | 355742 |
| NXP Semiconductor N.V. | 1392 | 317000 |
| Roper Technologies, Inc. | 594 | 296222 |
| Workday, Inc. — Class A<sup>\*</sup> | 1198 | 288395 |
| Electronic Arts, Inc. | 1381 | 278548 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 1019 | 263269 |
| Zscaler, Inc.<sup>\*</sup> | 860 | 257707 |
| Datadog, Inc. — Class A<sup>\*</sup> | 1785 | 254184 |
| Paychex, Inc. | 1986 | 251745 |
| Microchip Technology, Inc. | 2980 | 191376 |
| Cognizant Technology Solutions Corp. — Class A | 2697 | 180888 |
| Atlassian Corp. — Class A<sup>\*</sup> | 918 | 146605 |
| ON Semiconductor Corp.<sup>\*</sup> | 2258 | 111342 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 3064 | 109814 |
| ARM Holdings plc ADR<sup>\*</sup> | 754 | 106684 |
| **Total Technology** |  | 52541571 |
| **Communications - 22.9%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 23933 | 5254969 |
| Meta Platforms, Inc. — Class A | 4868 | 3574962 |
| Alphabet, Inc. — Class A | 13055 | 3173671 |
| Alphabet, Inc. — Class C | 12186 | 2967900 |
| Netflix, Inc.<sup>\*</sup> | 2346 | 2812666 |
| Cisco Systems, Inc. | 21865 | 1496003 |
| T-Mobile US, Inc. | 6214 | 1487508 |
| AppLovin Corp. — Class A<sup>\*</sup> | 1699 | 1220799 |
| Shopify, Inc. — Class A<sup>\*</sup> | 6738 | 1001334 |
| Booking Holdings, Inc. | 179 | 966469 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 3693 | 751969 |
| MercadoLibre, Inc.<sup>\*</sup> | 280 | 654343 |
| Comcast Corp. — Class A | 20334 | 638894 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 2222 | 604362 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 3688 | 487443 |
| Thomson Reuters Corp. | 2488 | 386461 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 2369 | 287644 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 13670 | 266975 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 754 | 207429 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 2461 | 120614 |
| CDW Corp. | 724 | 115319 |
| **Total Communications** |  | 28477734 |
| **Consumer, Cyclical - 6.9%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 8180 | 3637809 |
| Costco Wholesale Corp. | 2449 | 2266868 |
| Starbucks Corp. | 6276 | 530950 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 4685 | 505090 |
| Marriott International, Inc. — Class A | 1499 | 390400 |
| Fastenal Co. | 6337 | 310766 |
| PACCAR, Inc. | 2899 | 285030 |
| Ross Stores, Inc. | 1806 | 275216 |
| Copart, Inc.<sup>\*</sup> | 5339 | 240095 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 633 | 112630 |
| **Total Consumer, Cyclical** |  | 8554854 |
| **Consumer, Non-cyclical - 6.8%** |  |  |
| PepsiCo, Inc. | 7559 | 1061586 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 1979 | 885068 |
| Amgen, Inc. | 2973 | 838981 |
| Gilead Sciences, Inc. | 6851 | 760461 |
| Automatic Data Processing, Inc. | 2236 | 656266 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 1416 | 554562 |
| Cintas Corp. | 2225 | 456703 |
| Mondelez International, Inc. — Class A | 7144 | 446286 |
| Monster Beverage Corp.<sup>\*</sup> | 5391 | 362868 |
| PayPal Holdings, Inc.<sup>\*</sup> | 5275 | 353742 |
| Regeneron Pharmaceuticals, Inc. | 575 | 323305 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 442 | 282390 |
| AstraZeneca plc ADR | 3244 | 248880 |
| Coca-Cola Europacific Partners plc | 2530 | 228737 |
| Verisk Analytics, Inc. — Class A | 771 | 193914 |
| Keurig Dr Pepper, Inc. | 7500 | 191325 |
| GE HealthCare Technologies, Inc. | 2521 | 189327 |
| Kraft Heinz Co. | 6535 | 170171 |
| Dexcom, Inc.<sup>\*</sup> | 2165 | 145683 |
| Biogen, Inc.<sup>\*</sup> | 810 | 113465 |
| **Total Consumer, Non-cyclical** |  | 8463720 |
| **Industrial - 1.3%** |  |  |
| Honeywell International, Inc. | 3506 | 738013 |
| CSX Corp. | 10293 | 365504 |
| Axon Enterprise, Inc.<sup>\*</sup> | 433 | 310738 |
| Old Dominion Freight Line, Inc. | 1160 | 163305 |
| **Total Industrial** |  | 1577560 |
| **Utilities - 1.1%** |  |  |
| Constellation Energy Corp. | 1725 | 567646 |
| American Electric Power Company, Inc. | 2953 | 332212 |
| Xcel Energy, Inc. | 3264 | 263242 |
| Exelon Corp. | 5577 | 251021 |
| **Total Utilities** |  | 1414121 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.9% (continued)** |
| **Basic Materials - 1.0%** |  |  |
| Linde plc | 2589 | $1229775 |
| **Energy - 0.4%** |  |  |
| Baker Hughes Co. | 5443 | 265183 |
| Diamondback Energy, Inc. | 1598 | 228674 |
| **Total Energy** |  | 493857 |
| **Financial - 0.2%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 2339 | 197341 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,329,754) |  | 102950533 |
| **MUTUAL FUNDS<sup>†</sup> - 14.3%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 909569 | 9159355 |
| Guggenheim Strategy Fund II<sup>1</sup> | 347696 | 8650682 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,605,877) |  | 17810037 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | $851000 | 849759 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>3,4</sup> | 100000 | 99162 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $948,909) |  | 948921 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 1394084 | 1394084 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1003134 | 1003134 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,397,218) |  | 2397218 |
| **Total Investments - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $63,281,758) |  | $124106709 |
| **Other Assets & Liabilities, net - 0.1%** |  | 123003 |
| **Total Net Assets - 100.0%** |  | $124229712 |

---

**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 | 28 | Dec 2025 | $13942880 | $192896 |

---

**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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.99% (Federal Funds Rate + 0.90%) | At Maturity | 11/20/25 | 97 | $2384043 | $17059 |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/19/25 | 156 | 3860725 | 14897 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.13% (SOFR + 1.00%) | At Maturity | 11/20/25 | 48 | 1183018 | 8465 |
|  |  |  |  |  |  |  | $7427786 | $40421 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as futures collateral at September 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 September 30, 2025.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $102950533 | $— | $— | $102950533 |
| Mutual Funds | 17810037 |  |  | 17810037 |
| U.S. Treasury Bills |  | 948921 |  | 948921 |
| Repurchase Agreements |  | 2397218 |  | 2397218 |
| Equity Futures Contracts\*\* | 192896 |  |  | 192896 |
| Equity Index Swap Agreements\*\* |  | 40421 |  | 40421 |
| Total Assets | $120953466 | $3386560 | $— | $124340026 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain <br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $8640252 | $– | $– | $– | $10430 | $8650682 | 347696 | $346590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 9104781 | – | – | – | 54574 | 9159355 | 909569 | 301284 |
|  | $17745033 | $– | $– | $– | $65004 | $17810037 |  | $647874 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 76.2%** | **COMMON STOCKS<sup>†</sup> - 76.2%** | **COMMON STOCKS<sup>†</sup> - 76.2%** |
| **Technology - 25.2%** | **Technology - 25.2%** | **Technology - 25.2%** |
| NVIDIA Corp. | 13109 | $2445877 |
| Microsoft Corp. | 3994 | 2068692 |
| Apple, Inc. | 7973 | 2030165 |
| Broadcom, Inc. | 2527 | 833683 |
| Oracle Corp. | 890 | 250304 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 1222 | 222917 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 872 | 141081 |
| International Business Machines Corp. | 500 | 141080 |
| Salesforce, Inc. | 514 | 121818 |
| ServiceNow, Inc.<sup>\*</sup> | 112 | 103071 |
| Intuit, Inc. | 150 | 102436 |
| Micron Technology, Inc. | 601 | 100559 |
| QUALCOMM, Inc. | 579 | 96322 |
| Lam Research Corp. | 680 | 91052 |
| Texas Instruments, Inc. | 488 | 89660 |
| Applied Materials, Inc. | 431 | 88243 |
| Accenture plc — Class A | 335 | 82611 |
| Adobe, Inc.<sup>\*</sup> | 228 | 80427 |
| Intel Corp.<sup>\*</sup> | 2352 | 78910 |
| KLA Corp. | 71 | 76581 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 134 | 65711 |
| Analog Devices, Inc. | 267 | 65602 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 146 | 51284 |
| Synopsys, Inc.<sup>\*</sup> | 99 | 48846 |
| Fiserv, Inc.<sup>\*</sup> | 292 | 37648 |
| Autodesk, Inc.<sup>\*</sup> | 115 | 36532 |
| NXP Semiconductor N.V. | 135 | 30744 |
| Fortinet, Inc.<sup>\*</sup> | 350 | 29428 |
| Roper Technologies, Inc. | 58 | 28924 |
| Workday, Inc. — Class A<sup>\*</sup> | 116 | 27925 |
| Seagate Technology Holdings plc | 114 | 26911 |
| Datadog, Inc. — Class A<sup>\*</sup> | 174 | 24778 |
| Electronic Arts, Inc. | 121 | 24406 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 93 | 24027 |
| Monolithic Power Systems, Inc. | 26 | 23937 |
| MSCI, Inc. — Class A | 42 | 23831 |
| Dell Technologies, Inc. — Class C | 163 | 23108 |
| Western Digital Corp. | 186 | 22331 |
| Paychex, Inc. | 174 | 22056 |
| Fair Isaac Corp.<sup>\*</sup> | 13 | 19455 |
| Microchip Technology, Inc. | 290 | 18624 |
| Fidelity National Information Services, Inc. | 281 | 18529 |
| Cognizant Technology Solutions Corp. — Class A | 262 | 17572 |
| Hewlett Packard Enterprise Co. | 705 | 17315 |
| Broadridge Financial Solutions, Inc. | 63 | 15005 |
| HP, Inc. | 505 | 13751 |
| Leidos Holdings, Inc. | 69 | 13038 |
| PTC, Inc.<sup>\*</sup> | 64 | 12993 |
| Super Micro Computer, Inc.<sup>\*</sup> | 269 | 12896 |
| NetApp, Inc. | 108 | 12794 |
| Tyler Technologies, Inc.<sup>\*</sup> | 23 | 12033 |
| Teradyne, Inc. | 85 | 11699 |
| ON Semiconductor Corp.<sup>\*</sup> | 220 | 10848 |
| Gartner, Inc.<sup>\*</sup> | 41 | 10778 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 27 | 8023 |
| Skyworks Solutions, Inc. | 80 | 6158 |
| Dayforce, Inc.<sup>\*</sup> | 86 | 5925 |
| Akamai Technologies, Inc.<sup>\*</sup> | 77 | 5833 |
| Jack Henry & Associates, Inc. | 39 | 5808 |
| Paycom Software, Inc. | 27 | 5620 |
| EPAM Systems, Inc.<sup>\*</sup> | 30 | 4524 |
| **Total Technology** |  | 10142739 |
| **Communications - 12.7%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 5213 | 1144618 |
| Meta Platforms, Inc. — Class A | 1165 | 855553 |
| Alphabet, Inc. — Class A | 3125 | 759687 |
| Alphabet, Inc. — Class C | 2509 | 611067 |
| Netflix, Inc.<sup>\*</sup> | 228 | 273354 |
| Cisco Systems, Inc. | 2128 | 145598 |
| Walt Disney Co. | 966 | 110607 |
| Uber Technologies, Inc.<sup>\*</sup> | 1120 | 109726 |
| AT&T, Inc. | 3842 | 108498 |
| AppLovin Corp. — Class A<sup>\*</sup> | 145 | 104188 |
| Verizon Communications, Inc. | 2265 | 99547 |
| Booking Holdings, Inc. | 17 | 91788 |
| Arista Networks, Inc.<sup>\*</sup> | 554 | 80723 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 359 | 73100 |
| T-Mobile US, Inc. | 260 | 62239 |
| Comcast Corp. — Class A | 1979 | 62180 |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 416 | 59563 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 199 | 54126 |
| Motorola Solutions, Inc. | 90 | 41156 |
| Corning, Inc. | 419 | 34370 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 231 | 28048 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 1330 | 25975 |
| eBay, Inc. | 246 | 22374 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 50 | 13755 |
| Expedia Group, Inc. | 64 | 13680 |
| VeriSign, Inc. | 45 | 12581 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 239 | 11714 |
| CDW Corp. | 70 | 11150 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 74 | 10125 |
| F5, Inc.<sup>\*</sup> | 31 | 10019 |
| Gen Digital, Inc. | 301 | 8545 |
| Omnicom Group, Inc. | 104 | 8479 |
| Fox Corp. — Class A | 113 | 7126 |
| News Corp. — Class A | 202 | 6203 |
| FactSet Research Systems, Inc. | 20 | 5730 |
| Interpublic Group of Companies, Inc. | 197 | 5498 |
| Fox Corp. — Class B | 80 | 4583 |
| Match Group, Inc. | 129 | 4556 |
| Paramount Skydance Corp. — Class B | 166 | 3141 |
| News Corp. — Class B | 67 | 2315 |
| **Total Communications** |  | 5097285 |
| **Financial - 10.9%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 985 | 495199 |
| JPMorgan Chase & Co. | 1477 | 465890 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** |
| **Financial - 10.9% (continued)** |  |  |
| Visa, Inc. — Class A | 913 | $311680 |
| Mastercard, Inc. — Class A | 444 | 252552 |
| Bank of America Corp. | 3661 | 188871 |
| Wells Fargo & Co. | 1721 | 144254 |
| Goldman Sachs Group, Inc. | 163 | 129805 |
| Morgan Stanley | 652 | 103642 |
| Citigroup, Inc. | 989 | 100383 |
| American Express Co. | 292 | 96991 |
| Blackrock, Inc. | 77 | 89772 |
| Charles Schwab Corp. | 917 | 87546 |
| Progressive Corp. | 315 | 77789 |
| Capital One Financial Corp. | 344 | 73127 |
| Blackstone, Inc. — Class A | 396 | 67657 |
| Welltower, Inc. REIT | 359 | 63952 |
| Prologis, Inc. REIT | 499 | 57145 |
| Chubb Ltd. | 199 | 56168 |
| Marsh & McLennan Companies, Inc. | 264 | 53204 |
| CME Group, Inc. — Class A | 194 | 52417 |
| Intercontinental Exchange, Inc. | 308 | 51892 |
| American Tower Corp. — Class A REIT | 252 | 48465 |
| KKR & Company, Inc. — Class A | 369 | 47951 |
| Arthur J Gallagher & Co. | 138 | 42744 |
| PNC Financial Services Group, Inc. | 212 | 42597 |
| Equinix, Inc. REIT | 53 | 41512 |
| Aon plc — Class A | 116 | 41363 |
| Bank of New York Mellon Corp. | 379 | 41296 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 122 | 41174 |
| U.S. Bancorp | 836 | 40404 |
| Travelers Companies, Inc. | 121 | 33786 |
| Apollo Global Management, Inc. | 247 | 32918 |
| Simon Property Group, Inc. REIT | 175 | 32842 |
| Truist Financial Corp. | 693 | 31684 |
| Allstate Corp. | 142 | 30480 |
| Realty Income Corp. REIT | 491 | 29848 |
| Digital Realty Trust, Inc. REIT | 172 | 29735 |
| Aflac, Inc. | 259 | 28930 |
| Ameriprise Financial, Inc. | 51 | 25054 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 157 | 24737 |
| MetLife, Inc. | 300 | 24711 |
| Public Storage REIT | 85 | 24552 |
| American International Group, Inc. | 298 | 23405 |
| Crown Castle, Inc. REIT | 234 | 22579 |
| Nasdaq, Inc. | 244 | 21582 |
| Hartford Insurance Group, Inc. | 151 | 20142 |
| Prudential Financial, Inc. | 189 | 19607 |
| CoStar Group, Inc.<sup>\*</sup> | 228 | 19236 |
| VICI Properties, Inc. REIT | 573 | 18686 |
| Arch Capital Group Ltd. | 200 | 18146 |
| Willis Towers Watson plc | 52 | 17963 |
| State Street Corp. | 152 | 17634 |
| Ventas, Inc. REIT | 244 | 17078 |
| M&T Bank Corp. | 84 | 16600 |
| Interactive Brokers Group, Inc. — Class A | 239 | 16445 |
| Raymond James Financial, Inc. | 95 | 16397 |
| Iron Mountain, Inc. REIT | 159 | 16208 |
| Extra Space Storage, Inc. REIT | 114 | 16067 |
| Fifth Third Bancorp | 356 | 15860 |
| Brown & Brown, Inc. | 157 | 14725 |
| AvalonBay Communities, Inc. REIT | 76 | 14681 |
| Synchrony Financial | 200 | 14210 |
| Northern Trust Corp. | 103 | 13864 |
| Cboe Global Markets, Inc. | 56 | 13734 |
| Huntington Bancshares, Inc. | 788 | 13609 |
| Cincinnati Financial Corp. | 84 | 13281 |
| Regions Financial Corp. | 479 | 12631 |
| W R Berkley Corp. | 161 | 12336 |
| Citizens Financial Group, Inc. | 232 | 12333 |
| T. Rowe Price Group, Inc. | 118 | 12111 |
| Equity Residential REIT | 187 | 12105 |
| SBA Communications Corp. REIT | 58 | 11214 |
| Weyerhaeuser Co. REIT | 388 | 9619 |
| Essex Property Trust, Inc. REIT | 35 | 9368 |
| KeyCorp | 501 | 9364 |
| Loews Corp. | 91 | 9136 |
| Principal Financial Group, Inc. | 109 | 9037 |
| Invitation Homes, Inc. REIT | 303 | 8887 |
| Mid-America Apartment Communities, Inc. REIT | 63 | 8803 |
| Everest Group Ltd. | 23 | 8055 |
| Kimco Realty Corp. REIT | 364 | 7953 |
| Healthpeak Properties, Inc. REIT | 373 | 7143 |
| Alexandria Real Estate Equities, Inc. REIT | 84 | 7001 |
| Regency Centers Corp. REIT | 88 | 6415 |
| Globe Life, Inc. | 44 | 6291 |
| Camden Property Trust REIT | 57 | 6086 |
| UDR, Inc. REIT | 162 | 6036 |
| BXP, Inc. REIT | 79 | 5873 |
| Host Hotels & Resorts, Inc. REIT | 344 | 5855 |
| Assurant, Inc. | 27 | 5848 |
| Invesco Ltd. | 240 | 5506 |
| Erie Indemnity Co. — Class A | 14 | 4454 |
| Federal Realty Investment Trust REIT | 42 | 4255 |
| Franklin Resources, Inc. | 165 | 3816 |
| **Total Financial** |  | 4395989 |
| **Consumer, Non-cyclical - 10.3%** |  |  |
| Eli Lilly & Co. | 427 | 325801 |
| Johnson & Johnson | 1294 | 239934 |
| AbbVie, Inc. | 949 | 219732 |
| Procter & Gamble Co. | 1259 | 193446 |
| UnitedHealth Group, Inc. | 487 | 168161 |
| Coca-Cola Co. | 2081 | 138012 |
| Philip Morris International, Inc. | 836 | 135599 |
| Abbott Laboratories | 935 | 125234 |
| Merck & Company, Inc. | 1342 | 112634 |
| PepsiCo, Inc. | 736 | 103364 |
| Thermo Fisher Scientific, Inc. | 203 | 98459 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 193 | 86315 |
| S&P Global, Inc. | 168 | 81767 |
| Amgen, Inc. | 289 | 81556 |
| Pfizer, Inc. | 3055 | 77841 |
| Boston Scientific Corp.<sup>\*</sup> | 796 | 77713 |
| Gilead Sciences, Inc. | 667 | 74037 |
| Stryker Corp. | 185 | 68389 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** |
| **Consumer, Non-cyclical - 10.3% (continued)** |  |  |
| Danaher Corp. | 342 | $67805 |
| Medtronic plc | 688 | 65525 |
| Automatic Data Processing, Inc. | 218 | 63983 |
| Altria Group, Inc. | 903 | 59652 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 138 | 54046 |
| McKesson Corp. | 67 | 51760 |
| CVS Health Corp. | 681 | 51341 |
| Bristol-Myers Squibb Co. | 1094 | 49339 |
| Mondelez International, Inc. — Class A | 695 | 43417 |
| Cigna Group | 143 | 41220 |
| Moody's Corp. | 83 | 39548 |
| Elevance Health, Inc. | 121 | 39097 |
| Cintas Corp. | 184 | 37768 |
| HCA Healthcare, Inc. | 88 | 37506 |
| Zoetis, Inc. | 238 | 34824 |
| Colgate-Palmolive Co. | 434 | 34694 |
| PayPal Holdings, Inc.<sup>\*</sup> | 513 | 34402 |
| United Rentals, Inc. | 35 | 33413 |
| Quanta Services, Inc. | 80 | 33154 |
| Cencora, Inc. — Class A | 104 | 32503 |
| Regeneron Pharmaceuticals, Inc. | 55 | 30925 |
| Becton Dickinson & Co. | 154 | 28824 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 43 | 27472 |
| Monster Beverage Corp.<sup>\*</sup> | 383 | 25780 |
| Corteva, Inc. | 365 | 24685 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 315 | 24498 |
| Kimberly-Clark Corp. | 178 | 22132 |
| Kroger Co. | 327 | 22043 |
| ResMed, Inc. | 79 | 21625 |
| Block, Inc. — Class A<sup>\*</sup> | 295 | 21320 |
| Sysco Corp. | 257 | 21161 |
| Cardinal Health, Inc. | 128 | 20091 |
| Agilent Technologies, Inc. | 153 | 19638 |
| Verisk Analytics, Inc. — Class A | 75 | 18863 |
| Keurig Dr Pepper, Inc. | 730 | 18622 |
| GE HealthCare Technologies, Inc. | 245 | 18399 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 91 | 17285 |
| Equifax, Inc. | 67 | 17187 |
| Humana, Inc. | 65 | 16911 |
| Kenvue, Inc. | 1031 | 16733 |
| Archer-Daniels-Midland Co. | 258 | 15413 |
| Hershey Co. | 80 | 14964 |
| General Mills, Inc. | 287 | 14471 |
| Dexcom, Inc.<sup>\*</sup> | 211 | 14198 |
| STERIS plc | 53 | 13114 |
| Labcorp Holdings, Inc. | 45 | 12918 |
| Kraft Heinz Co. | 458 | 11926 |
| Kellanova | 144 | 11811 |
| Insulet Corp.<sup>\*</sup> | 38 | 11732 |
| Church & Dwight Company, Inc. | 131 | 11480 |
| Quest Diagnostics, Inc. | 60 | 11435 |
| Estee Lauder Companies, Inc. — Class A | 126 | 11103 |
| Biogen, Inc.<sup>\*</sup> | 79 | 11066 |
| Corpay, Inc.<sup>\*</sup> | 38 | 10946 |
| Global Payments, Inc. | 130 | 10800 |
| Zimmer Biomet Holdings, Inc. | 106 | 10441 |
| Constellation Brands, Inc. — Class A | 77 | 10369 |
| West Pharmaceutical Services, Inc. | 39 | 10231 |
| Waters Corp.<sup>\*</sup> | 32 | 9594 |
| McCormick & Company, Inc. | 136 | 9100 |
| Centene Corp.<sup>\*</sup> | 251 | 8956 |
| Rollins, Inc. | 151 | 8870 |
| Tyson Foods, Inc. — Class A | 154 | 8362 |
| Clorox Co. | 66 | 8138 |
| Hologic, Inc.<sup>\*</sup> | 120 | 8099 |
| Incyte Corp.<sup>\*</sup> | 88 | 7463 |
| Cooper Companies, Inc.<sup>\*</sup> | 107 | 7336 |
| Avery Dennison Corp. | 42 | 6811 |
| Baxter International, Inc. | 276 | 6285 |
| Viatris, Inc. | 626 | 6197 |
| J M Smucker Co. | 57 | 6190 |
| Universal Health Services, Inc. — Class B | 30 | 6133 |
| Bunge Global S.A. | 75 | 6094 |
| Solventum Corp.<sup>\*</sup> | 79 | 5767 |
| Molina Healthcare, Inc.<sup>\*</sup> | 29 | 5549 |
| Revvity, Inc. | 62 | 5434 |
| Moderna, Inc.<sup>\*</sup> | 186 | 4805 |
| Conagra Brands, Inc. | 257 | 4706 |
| Bio-Techne Corp. | 84 | 4673 |
| Align Technology, Inc.<sup>\*</sup> | 36 | 4508 |
| Lamb Weston Holdings, Inc. | 75 | 4356 |
| Molson Coors Beverage Co. — Class B | 91 | 4118 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 26 | 4068 |
| Hormel Foods Corp. | 157 | 3884 |
| Henry Schein, Inc.<sup>\*</sup> | 55 | 3650 |
| The Campbell's Co. | 106 | 3347 |
| Brown-Forman Corp. — Class B | 95 | 2573 |
| DaVita, Inc.<sup>\*</sup> | 19 | 2524 |
| **Total Consumer, Non-cyclical** |  | 4143193 |
| **Consumer, Cyclical - 6.4%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 1508 | 670638 |
| Walmart, Inc. | 2358 | 243015 |
| Costco Wholesale Corp. | 238 | 220300 |
| Home Depot, Inc. | 535 | 216777 |
| McDonald's Corp. | 383 | 116390 |
| TJX Companies, Inc. | 599 | 86579 |
| Lowe's Companies, Inc. | 301 | 75644 |
| Starbucks Corp. | 611 | 51691 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 456 | 49161 |
| NIKE, Inc. — Class B | 638 | 44488 |
| Royal Caribbean Cruises Ltd. | 136 | 44007 |
| AutoZone, Inc.<sup>\*</sup> | 9 | 38612 |
| Hilton Worldwide Holdings, Inc. | 126 | 32690 |
| Marriott International, Inc. — Class A | 121 | 31513 |
| Cummins, Inc. | 74 | 31255 |
| General Motors Co. | 512 | 31217 |
| Fastenal Co. | 617 | 30258 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 720 | 28217 |
| PACCAR, Inc. | 282 | 27726 |
| Ross Stores, Inc. | 176 | 26821 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** |
| **Consumer, Cyclical - 6.4% (continued)** |  |  |
| DR Horton, Inc. | 149 | $25251 |
| Ford Motor Co. | 2100 | 25116 |
| WW Grainger, Inc. | 24 | 22871 |
| Yum! Brands, Inc. | 149 | 22648 |
| Target Corp. | 244 | 21887 |
| Copart, Inc.<sup>\*</sup> | 478 | 21496 |
| Delta Air Lines, Inc. | 348 | 19749 |
| Carnival Corp.<sup>\*</sup> | 583 | 16854 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 174 | 16791 |
| Tractor Supply Co. | 285 | 16208 |
| NVR, Inc.<sup>\*</sup> | 2 | 16069 |
| Lennar Corp. — Class A | 122 | 15377 |
| PulteGroup, Inc. | 106 | 14006 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 85 | 13889 |
| Ulta Beauty, Inc.<sup>\*</sup> | 24 | 13122 |
| Williams-Sonoma, Inc. | 66 | 12900 |
| Tapestry, Inc. | 112 | 12681 |
| Dollar General Corp. | 118 | 12195 |
| Darden Restaurants, Inc. | 63 | 11993 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 59 | 10498 |
| Genuine Parts Co. | 75 | 10395 |
| Aptiv plc<sup>\*</sup> | 117 | 10088 |
| Dollar Tree, Inc.<sup>\*</sup> | 104 | 9814 |
| Southwest Airlines Co. | 282 | 8999 |
| Las Vegas Sands Corp. | 166 | 8929 |
| Deckers Outdoor Corp.<sup>\*</sup> | 80 | 8109 |
| Best Buy Company, Inc. | 106 | 8016 |
| TKO Group Holdings, Inc. | 37 | 7472 |
| Domino's Pizza, Inc. | 17 | 7339 |
| Ralph Lauren Corp. — Class A | 21 | 6585 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 243 | 5985 |
| Wynn Resorts Ltd. | 45 | 5772 |
| Pool Corp. | 18 | 5581 |
| Hasbro, Inc. | 72 | 5461 |
| LKQ Corp. | 138 | 4214 |
| MGM Resorts International<sup>\*</sup> | 110 | 3813 |
| CarMax, Inc.<sup>\*</sup> | 81 | 3634 |
| **Total Consumer, Cyclical** |  | 2558806 |
| **Industrial - 5.6%** |  |  |
| General Electric Co. | 570 | 171467 |
| RTX Corp. | 719 | 120310 |
| Caterpillar, Inc. | 252 | 120242 |
| GE Vernova, Inc. | 146 | 89775 |
| Boeing Co.<sup>\*</sup> | 406 | 87627 |
| Amphenol Corp. — Class A | 656 | 81180 |
| Eaton Corporation plc | 209 | 78218 |
| Union Pacific Corp. | 319 | 75402 |
| Honeywell International, Inc. | 341 | 71781 |
| Deere & Co. | 135 | 61730 |
| Lockheed Martin Corp. | 110 | 54913 |
| Parker-Hannifin Corp. | 69 | 52312 |
| Trane Technologies plc | 120 | 50635 |
| General Dynamics Corp. | 136 | 46376 |
| 3M Co. | 286 | 44382 |
| Waste Management, Inc. | 199 | 43945 |
| Northrop Grumman Corp. | 72 | 43871 |
| Howmet Aerospace, Inc. | 217 | 42582 |
| Emerson Electric Co. | 302 | 39616 |
| TransDigm Group, Inc. | 30 | 39541 |
| Johnson Controls International plc | 352 | 38702 |
| Illinois Tool Works, Inc. | 143 | 37289 |
| Norfolk Southern Corp. | 121 | 36350 |
| CSX Corp. | 1002 | 35581 |
| TE Connectivity plc | 159 | 34905 |
| United Parcel Service, Inc. — Class B | 395 | 32994 |
| L3Harris Technologies, Inc. | 101 | 30847 |
| Axon Enterprise, Inc.<sup>\*</sup> | 42 | 30141 |
| FedEx Corp. | 117 | 27590 |
| Carrier Global Corp. | 430 | 25671 |
| Republic Services, Inc. — Class A | 109 | 25014 |
| AMETEK, Inc. | 124 | 23312 |
| Vulcan Materials Co. | 71 | 21841 |
| Garmin Ltd. | 88 | 21667 |
| Rockwell Automation, Inc. | 60 | 20972 |
| Martin Marietta Materials, Inc. | 32 | 20169 |
| Xylem, Inc. | 131 | 19323 |
| Otis Worldwide Corp. | 211 | 19292 |
| Westinghouse Air Brake Technologies Corp. | 92 | 18443 |
| Keysight Technologies, Inc.<sup>\*</sup> | 92 | 16093 |
| Ingersoll Rand, Inc. | 194 | 16028 |
| EMCOR Group, Inc. | 24 | 15589 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 25 | 14651 |
| Veralto Corp. | 133 | 14179 |
| Old Dominion Freight Line, Inc. | 99 | 13937 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 11 | 13504 |
| Jabil, Inc. | 58 | 12596 |
| Hubbell, Inc. | 29 | 12479 |
| Dover Corp. | 74 | 12345 |
| Smurfit WestRock plc | 281 | 11962 |
| Packaging Corporation of America | 48 | 10461 |
| Trimble, Inc.<sup>\*</sup> | 128 | 10451 |
| Amcor plc | 1239 | 10135 |
| Pentair plc | 88 | 9747 |
| Snap-on, Inc. | 28 | 9703 |
| Jacobs Solutions, Inc. | 64 | 9591 |
| Lennox International, Inc. | 17 | 8999 |
| Expeditors International of Washington, Inc. | 73 | 8949 |
| Fortive Corp. | 182 | 8916 |
| CH Robinson Worldwide, Inc. | 63 | 8341 |
| Allegion plc | 46 | 8158 |
| Textron, Inc. | 96 | 8111 |
| Masco Corp. | 112 | 7884 |
| Ball Corp. | 146 | 7361 |
| Builders FirstSource, Inc.<sup>\*</sup> | 59 | 7154 |
| Nordson Corp. | 29 | 6582 |
| IDEX Corp. | 40 | 6510 |
| Stanley Black & Decker, Inc. | 83 | 6169 |
| Huntington Ingalls Industries, Inc. | 21 | 6046 |
| J.B. Hunt Transport Services, Inc. | 41 | 5501 |
| Generac Holdings, Inc.<sup>\*</sup> | 32 | 5357 |
| A O Smith Corp. | 61 | 4478 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** | **COMMON STOCKS<sup>†</sup> - 76.2% (continued)** |
| **Industrial - 5.6% (continued)** |  |  |
| Mohawk Industries, Inc.<sup>\*</sup> | 28 | $3610 |
| **Total Industrial** |  | 2267585 |
| **Energy - 2.2%** |  |  |
| Exxon Mobil Corp. | 2291 | 258310 |
| Chevron Corp. | 1034 | 160570 |
| ConocoPhillips | 671 | 63470 |
| Williams Companies, Inc. | 656 | 41557 |
| EOG Resources, Inc. | 293 | 32851 |
| Marathon Petroleum Corp. | 163 | 31417 |
| Kinder Morgan, Inc. | 1051 | 29754 |
| Phillips 66 | 217 | 29516 |
| Valero Energy Corp. | 167 | 28433 |
| Schlumberger N.V. | 802 | 27565 |
| Baker Hughes Co. | 530 | 25821 |
| ONEOK, Inc. | 338 | 24664 |
| Targa Resources Corp. | 116 | 19435 |
| Occidental Petroleum Corp. | 386 | 18239 |
| Equities Corp. | 335 | 18234 |
| Diamondback Energy, Inc. | 101 | 14453 |
| Expand Energy Corp. | 128 | 13599 |
| First Solar, Inc.<sup>\*</sup> | 58 | 12791 |
| Devon Energy Corp. | 341 | 11955 |
| Halliburton Co. | 458 | 11267 |
| Coterra Energy, Inc. — Class A | 410 | 9697 |
| Texas Pacific Land Corp. | 10 | 9336 |
| APA Corp. | 192 | 4662 |
| **Total Energy** |  | 897596 |
| **Utilities - 1.8%** |  |  |
| NextEra Energy, Inc. | 1106 | 83492 |
| Southern Co. | 591 | 56009 |
| Constellation Energy Corp. | 168 | 55284 |
| Duke Energy Corp. | 418 | 51728 |
| Vistra Corp. | 171 | 33502 |
| American Electric Power Company, Inc. | 287 | 32287 |
| Sempra | 351 | 31583 |
| Dominion Energy, Inc. | 459 | 28077 |
| Xcel Energy, Inc. | 318 | 25647 |
| Exelon Corp. | 543 | 24440 |
| Public Service Enterprise Group, Inc. | 268 | 22367 |
| Entergy Corp. | 240 | 22366 |
| WEC Energy Group, Inc. | 173 | 19824 |
| Consolidated Edison, Inc. | 194 | 19501 |
| PG&E Corp. | 1181 | 17809 |
| NRG Energy, Inc. | 104 | 16843 |
| DTE Energy Co. | 112 | 15840 |
| Ameren Corp. | 145 | 15135 |
| PPL Corp. | 397 | 14753 |
| Atmos Energy Corp. | 86 | 14684 |
| American Water Works Company, Inc. | 105 | 14615 |
| Eversource Energy | 199 | 14157 |
| CenterPoint Energy, Inc. | 351 | 13619 |
| FirstEnergy Corp. | 279 | 12784 |
| CMS Energy Corp. | 161 | 11795 |
| Edison International | 207 | 11443 |
| NiSource, Inc. | 253 | 10955 |
| Evergy, Inc. | 124 | 9426 |
| Alliant Energy Corp. | 138 | 9303 |
| Pinnacle West Capital Corp. | 64 | 5738 |
| AES Corp. | 383 | 5040 |
| **Total Utilities** |  | 720046 |
| **Basic Materials - 1.1%** |  |  |
| Linde plc | 252 | 119700 |
| Newmont Corp. | 590 | 49743 |
| Sherwin-Williams Co. | 125 | 43283 |
| Ecolab, Inc. | 137 | 37519 |
| Air Products and Chemicals, Inc. | 120 | 32726 |
| Freeport-McMoRan, Inc. | 771 | 30238 |
| DuPont de Nemours, Inc. | 225 | 17527 |
| Nucor Corp. | 123 | 16658 |
| International Paper Co. | 284 | 13178 |
| PPG Industries, Inc. | 121 | 12718 |
| Steel Dynamics, Inc. | 74 | 10318 |
| Dow, Inc. | 381 | 8736 |
| International Flavors & Fragrances, Inc. | 138 | 8493 |
| CF Industries Holdings, Inc. | 87 | 7804 |
| LyondellBasell Industries N.V. — Class A | 138 | 6768 |
| Mosaic Co. | 171 | 5930 |
| Albemarle Corp. | 63 | 5108 |
| Eastman Chemical Co. | 62 | 3909 |
| **Total Basic Materials** |  | 430356 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,654,259) |  | 30653595 |
| **MUTUAL FUNDS<sup>†</sup> - 9.9%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 202415 | 2038318 |
| Guggenheim Strategy Fund II<sup>1</sup> | 78932 | 1963817 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,941,469) |  | 4002135 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.1%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | $650000 | 644554 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 189000 | 188725 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $833,254) |  | 833279 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 569262 | 569262 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 409622 | 409622 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $978,884) |  | 978884 |
| **Total Investments - 90.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,407,866) |  | $36467893 |
| **Other Assets & Liabilities, net - 9.4%** |  | 3786111 |
| **Total Net Assets - 100.0%** |  | $40254004 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**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 | 19 | Dec 2025 | $6400150 | $24625 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> 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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Barclays Bank plc | S&P 500 Index | Pay | 5.03% (SOFR + 0.90%) | At Maturity | 11/20/25 | 1063 | $7106755 | $53644 |
| BNP Paribas | S&P 500 Index | Pay | 4.94% (Federal Funds Rate + 0.85%) | At Maturity | 11/20/25 | 753 | 5037097 | 38029 |
| Goldman Sachs International | S&P 500 Index | Pay | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/19/25 | 1667 | 11146758 | 31570 |
|  |  |  |  |  |  |  | $23290610 | $123243 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as equity index swap collateral at September 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 September 30, 2025.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $30653595 | $— | $— | $30653595 |
| Mutual Funds | 4002135 |  |  | 4002135 |
| U.S. Treasury Bills |  | 833279 |  | 833279 |
| Repurchase Agreements |  | 978884 |  | 978884 |
| Equity Futures Contracts\*\* | 24625 |  |  | 24625 |
| Equity Index Swap Agreements\*\* |  | 123243 |  | 123243 |
| Total Assets | $34680355 | $1935406 | $— | $36615761 |

---

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

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1961449 | $– | $– | $– | $2368 | $1963817 | 78932 | $78680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 2026173 | – | – | – | 12145 | 2038318 | 202415 | 67048 |
|  | $3987622 | $– | $– | $– | $14513 | $4002135 |  | $145728 |

---

---

| | |
|:---|:---|
| **Precious Metals Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Mining - 99.6%** | **Mining - 99.6%** | **Mining - 99.6%** |
| Newmont Corp. | 36964 | $3116435 |
| Agnico Eagle Mines Ltd. | 18096 | 3050262 |
| Barrick Mining Corp. | 76237 | 2498286 |
| Wheaton Precious Metals Corp. | 20450 | 2287128 |
| Freeport-McMoRan, Inc. | 55343 | 2170552 |
| Franco-Nevada Corp. | 7648 | 1704816 |
| Gold Fields Ltd. ADR | 39594 | 1661364 |
| Anglogold Ashanti plc | 22938 | 1613230 |
| Kinross Gold Corp. | 64671 | 1607074 |
| Pan American Silver Corp. | 33669 | 1303996 |
| Alamos Gold, Inc. — Class A | 35906 | 1251683 |
| Royal Gold, Inc. | 5863 | 1176001 |
| Coeur Mining, Inc.<sup>\*</sup> | 61636 | 1156291 |
| OR Royalties, Inc. | 22765 | 912421 |
| IAMGOLD Corp.<sup>\*</sup> | 70389 | 910130 |
| Harmony Gold Mining Company Ltd. ADR | 49939 | 906393 |
| Hecla Mining Co. | 74727 | 904197 |
| Equinox Gold Corp.<sup>\*</sup> | 80377 | 901830 |
| First Majestic Silver Corp. | 65013 | 799010 |
| Sibanye Stillwater Ltd. ADR<sup>\*</sup> | 69856 | 785181 |
| Eldorado Gold Corp.<sup>\*</sup> | 26687 | 770987 |
| New Gold, Inc.<sup>\*</sup> | 105620 | 758352 |
| SSR Mining, Inc.<sup>\*</sup> | 29115 | 710988 |
| Sandstorm Gold Ltd. | 49459 | 619227 |
| Novagold Resources, Inc.<sup>\*</sup> | 63400 | 557920 |
| B2Gold Corp. | 111328 | 551074 |
| Seabridge Gold, Inc.<sup>\*</sup> | 21922 | 529416 |
| Fortuna Mining Corp.<sup>\*</sup> | 58318 | 522529 |
| Centerra Gold, Inc. | 46621 | 500243 |
| Orla Mining Ltd.<sup>\*</sup> | 45965 | 496422 |
| Endeavour Silver Corp.<sup>\*</sup> | 62882 | 492995 |
| Perpetua Resources Corp.<sup>\*</sup> | 20891 | 422625 |
| McEwen, Inc.<sup>\*</sup> | 17542 | 299968 |
| Silvercorp Metals, Inc. | 47384 | 299467 |
| **Total Mining** |  | 38248493 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,624,595) |  | 38248493 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $150636 | 150636 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 108393 | 108393 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $259,029) |  | 259029 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,883,624) |  | $38507522 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (118432) |
| **Total Net Assets - 100.0%** |  | $38389090 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $38248493 | $— | $— | $38248493 |
| Repurchase Agreements |  | 259029 |  | 259029 |
| Total Assets | $38248493 | $259029 | $— | $38507522 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.7%** | **COMMON STOCKS<sup>†</sup> - 98.7%** | **COMMON STOCKS<sup>†</sup> - 98.7%** |
| **REITs - 87.6%** | **REITs - 87.6%** | **REITs - 87.6%** |
| **REITs-Diversified - 20.0%** | **REITs-Diversified - 20.0%** | **REITs-Diversified - 20.0%** |
| American Tower Corp. — Class A | 633 | $121739 |
| Digital Realty Trust, Inc. | 582 | 100616 |
| Crown Castle, Inc. | 875 | 84429 |
| Equinix, Inc. | 99 | 77541 |
| VICI Properties, Inc. | 2340 | 76307 |
| SBA Communications Corp. | 297 | 57425 |
| Weyerhaeuser Co. | 2149 | 53274 |
| WP Carey, Inc. | 728 | 49191 |
| Gaming and Leisure Properties, Inc. | 975 | 45445 |
| Lamar Advertising Co. — Class A | 294 | 35991 |
| EPR Properties | 467 | 27091 |
| Broadstone Net Lease, Inc. | 1291 | 23070 |
| PotlatchDeltic Corp. | 542 | 22086 |
| Outfront Media, Inc. | 1182 | 21654 |
| **Total REITs-Diversified** |  | 795859 |
| **REITs-Health Care - 12.9%** |  |  |
| Welltower, Inc. | 823 | 146609 |
| Ventas, Inc. | 1053 | 73699 |
| Alexandria Real Estate Equities, Inc. | 584 | 48671 |
| Healthpeak Properties, Inc. | 2539 | 48622 |
| Omega Healthcare Investors, Inc. | 1093 | 46146 |
| CareTrust REIT, Inc. | 1041 | 36102 |
| American Healthcare REIT, Inc. | 828 | 34784 |
| Healthcare Realty Trust, Inc. | 1801 | 32472 |
| Sabra Health Care REIT, Inc. | 1444 | 26916 |
| Medical Properties Trust, Inc. | 3421 | 17344 |
| **Total REITs-Health Care** |  | 511365 |
| **REITs-Apartments - 10.6%** |  |  |
| AvalonBay Communities, Inc. | 347 | 67030 |
| Equity Residential | 965 | 62464 |
| Invitation Homes, Inc. | 1771 | 51943 |
| Mid-America Apartment Communities, Inc. | 368 | 51421 |
| UDR, Inc. | 1192 | 44414 |
| Camden Property Trust | 400 | 42712 |
| American Homes 4 Rent — Class A | 1246 | 41429 |
| Essex Property Trust, Inc. | 139 | 37205 |
| Independence Realty Trust, Inc. | 1480 | 24257 |
| **Total REITs-Apartments** |  | 422875 |
| **REITs-Warehouse/Industries - 9.2%** |  |  |
| Prologis, Inc. | 1164 | 133301 |
| Rexford Industrial Realty, Inc. | 951 | 39096 |
| EastGroup Properties, Inc. | 197 | 33344 |
| First Industrial Realty Trust, Inc. | 644 | 33147 |
| STAG Industrial, Inc. | 937 | 33067 |
| Terreno Realty Corp. | 537 | 30475 |
| Americold Realty Trust, Inc. | 1864 | 22815 |
| LXP Industrial Trust | 2278 | 20411 |
| Lineage, Inc. | 511 | 19745 |
| **Total REITs-Warehouse/Industries** |  | 365401 |
| **REITs-Storage - 7.3%** |  |  |
| Public Storage | 299 | 86366 |
| Iron Mountain, Inc. | 706 | 71970 |
| Extra Space Storage, Inc. | 486 | 68497 |
| CubeSmart | 954 | 38790 |
| National Storage Affiliates Trust | 787 | 23783 |
| **Total REITs-Storage** |  | 289406 |
| **REITs-Shopping Centers - 6.9%** |  |  |
| Kimco Realty Corp. | 2238 | 48900 |
| Regency Centers Corp. | 662 | 48260 |
| Federal Realty Investment Trust | 376 | 38093 |
| Brixmor Property Group, Inc. | 1353 | 37451 |
| Kite Realty Group Trust | 1277 | 28477 |
| Phillips Edison & Company, Inc. | 808 | 27739 |
| Acadia Realty Trust | 1049 | 21137 |
| Urban Edge Properties | 1002 | 20511 |
| SITE Centers Corp. | 958 | 8632 |
| **Total REITs-Shopping Centers** |  | 279200 |
| **REITs-Office Property - 5.6%** |  |  |
| BXP, Inc. | 584 | 43415 |
| Vornado Realty Trust | 828 | 33559 |
| Kilroy Realty Corp. | 674 | 28476 |
| Cousins Properties, Inc. | 973 | 28159 |
| SL Green Realty Corp. | 428 | 25599 |
| Highwoods Properties, Inc. | 744 | 23674 |
| COPT Defense Properties | 792 | 23015 |
| Douglas Emmett, Inc. | 1269 | 19758 |
| **Total REITs-Office Property** |  | 225655 |
| **REITs-Single Tenant - 5.0%** |  |  |
| Realty Income Corp. | 1598 | 97142 |
| NNN REIT, Inc. | 852 | 36270 |
| Agree Realty Corp. | 496 | 35236 |
| Essential Properties Realty Trust, Inc. | 1057 | 31456 |
| **Total REITs-Single Tenant** |  | 200104 |
| **REITs-Hotels - 3.9%** |  |  |
| Host Hotels & Resorts, Inc. | 2550 | 43401 |
| Ryman Hospitality Properties, Inc. | 318 | 28490 |
| Apple Hospitality REIT, Inc. | 1675 | 20117 |
| Sunstone Hotel Investors, Inc. | 1832 | 17166 |
| Park Hotels & Resorts, Inc. | 1547 | 17141 |
| DiamondRock Hospitality Co. | 2011 | 16008 |
| Pebblebrook Hotel Trust | 1275 | 14522 |
| **Total REITs-Hotels** |  | 156845 |
| **REITs-Regional Malls - 3.8%** |  |  |
| Simon Property Group, Inc. | 532 | 99840 |
| Macerich Co. | 1519 | 27646 |
| Tanger, Inc. | 733 | 24805 |
| **Total REITs-Regional Malls** |  | 152291 |
| **REITs-Manufactured Homes - 2.4%** |  |  |
| Sun Communities, Inc. | 396 | 51084 |
| Equity LifeStyle Properties, Inc. | 692 | 42004 |
| **Total REITs-Manufactured Homes** |  | 93088 |
| **Total REITs** |  | 3492089 |
| **Real Estate - 7.1%** |  |  |
| **Real Estate Management/Services - 7.1%** |  |  |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 545 | 85870 |
| CoStar Group, Inc.<sup>\*</sup> | 902 | 76102 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 119 | 35495 |
| Newmark Group, Inc. — Class A | 1407 | 26241 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 98.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 98.7% (continued)** |
| **Real Estate - 7.1% (continued)** | **Real Estate - 7.1% (continued)** | **Real Estate - 7.1% (continued)** |
| **Real Estate Management/Services - 7.1% (continued)** |  |  |
| Compass, Inc. — Class A<sup>\*</sup> | 3041 | $24419 |
| Cushman & Wakefield plc<sup>\*</sup> | 1505 | 23960 |
| eXp World Holdings, Inc. | 1109 | 11822 |
| **Total Real Estate Management/Services** |  | 283909 |
| **Total Real Estate** |  | 283909 |
| **Diversified Financial Services - 2.0%** |  |  |
| **Finance-Mtge Loan/Banker - 2.0%** |  |  |
| Rocket Companies, Inc. — Class A | 4014 | 77791 |
| **Internet - 1.7%** |  |  |
| **E-Commerce/Services - 1.7%** |  |  |
| Zillow Group, Inc. — Class C<sup>\*</sup> | 645 | 49697 |
| Opendoor Technologies, Inc.<sup>\*</sup> | 2380 | 18969 |
| **Total E-Commerce/Services** |  | 68666 |
| **Total Internet** |  | 68666 |
| **Engineering & Construction - 0.3%** |  |  |
| **Building-Heavy Construct - 0.3%** |  |  |
| Uniti Group, Inc.<sup>\*</sup> | 2355 | 14413 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,871,469) |  | 3936868 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>- 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $15448 | 15448 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 11116 | 11116 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,564) |  | 26564 |
| **Total Investments - 99.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,898,033) |  | $3963432 |
| **Other Assets & Liabilities, net - 0.6%** |  | 22205 |
| **Total Net Assets - 100.0%** |  | $3985637 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant** <br> **Unobservable<br> Inputs**  | **Total** |
| Common Stocks | $3936868 | $— | $— | $3936868 |
| Repurchase Agreements |  | 26564 |  | 26564 |
| Total Assets | $3936868 | $26564 | $— | $3963432 |

---

---

| | |
|:---|:---|
| **Retailing Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Retail - 66.5%** | **Retail - 66.5%** | **Retail - 66.5%** |
| TJX Companies, Inc. | 760 | $109850 |
| Walmart, Inc. | 1044 | 107595 |
| Costco Wholesale Corp. | 110 | 101819 |
| Home Depot, Inc. | 247 | 100082 |
| Lowe's Companies, Inc. | 385 | 96754 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 750 | 80858 |
| Carvana Co.<sup>\*</sup> | 203 | 76580 |
| Ross Stores, Inc. | 392 | 59737 |
| Target Corp. | 602 | 53999 |
| Tractor Supply Co. | 795 | 45212 |
| Ulta Beauty, Inc.<sup>\*</sup> | 79 | 43193 |
| AutoZone, Inc.<sup>\*</sup> | 10 | 42902 |
| Dollar General Corp. | 395 | 40823 |
| Williams-Sonoma, Inc. | 208 | 40654 |
| Genuine Parts Co. | 265 | 36729 |
| Dick's Sporting Goods, Inc. | 165 | 36666 |
| Dollar Tree, Inc.<sup>\*</sup> | 375 | 35389 |
| Burlington Stores, Inc.<sup>\*</sup> | 129 | 32830 |
| Best Buy Company, Inc. | 422 | 31912 |
| GameStop Corp. — Class A<sup>\*</sup> | 1092 | 29790 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 313 | 29187 |
| Five Below, Inc.<sup>\*</sup> | 165 | 25525 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 184 | 23626 |
| AutoNation, Inc.<sup>\*</sup> | 106 | 23190 |
| Floor & Decor Holdings, Inc. — Class A<sup>\*</sup> | 287 | 21152 |
| Bath & Body Works, Inc. | 740 | 19062 |
| CarMax, Inc.<sup>\*</sup> | 417 | 18711 |
| Gap, Inc. | 859 | 18374 |
| Macy's, Inc. | 1023 | 18342 |
| Urban Outfitters, Inc.<sup>\*</sup> | 255 | 18215 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 108 | 17898 |
| Signet Jewelers Ltd. | 175 | 16786 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 191 | 16340 |
| Murphy USA, Inc. | 42 | 16307 |
| Academy Sports & Outdoors, Inc. | 319 | 15956 |
| Advance Auto Parts, Inc. | 259 | 15903 |
| Lithia Motors, Inc. — Class A | 50 | 15800 |
| National Vision Holdings, Inc.<sup>\*</sup> | 488 | 14245 |
| RH<sup>\*</sup> | 70 | 14221 |
| American Eagle Outfitters, Inc. | 754 | 12901 |
| Victoria's Secret & Co.<sup>\*</sup> | 451 | 12240 |
| Kohl's Corp. | 700 | 10759 |
| ODP Corp.<sup>\*</sup> | 306 | 8522 |
| **Total Retail** |  | 1606636 |
| **Internet - 29.1%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 1055 | 231646 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 505 | 66746 |
| Alibaba Group Holding Ltd. ADR | 363 | 64879 |
| Coupang, Inc.<sup>\*</sup> | 1959 | 63080 |
| eBay, Inc. | 600 | 54570 |
| JD.com, Inc. ADR | 1248 | 43655 |
| MercadoLibre, Inc.<sup>\*</sup> | 18 | 42065 |
| Sea Ltd. ADR<sup>\*</sup> | 233 | 41644 |
| Chewy, Inc. — Class A<sup>\*</sup> | 929 | 37578 |
| Wayfair, Inc. — Class A<sup>\*</sup> | 313 | 27960 |
| Etsy, Inc.<sup>\*</sup> | 335 | 22241 |
| Groupon, Inc.<sup>\*</sup> | 272 | 6351 |
| **Total Internet** |  | 702415 |
| **Distribution & Wholesale - 2.0%** |  |  |
| Pool Corp. | 84 | 26046 |
| LKQ Corp. | 747 | 22813 |
| **Total Distribution & Wholesale** |  | 48859 |
| **Software - 1.3%** |  |  |
| Global-e Online Ltd<sup>\*</sup> | 914 | 32685 |
| **Commercial Services - 0.7%** |  |  |
| Valvoline, Inc.<sup>\*</sup> | 471 | 16913 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $938,430) |  | 2407508 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $12378 | 12378 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 8906 | 8906 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,284) |  | 21284 |
| **Total Investments - 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $959,714) |  | $2428792 |
| **Other Assets & Liabilities, net - (0.5)%** |  | (13135) |
| **Total Net Assets - 100.0%** |  | $2415657 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Retailing Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2407508 | $— | $— | $2407508 |
| Repurchase Agreements |  | 21284 |  | 21284 |
| Total Assets | $2407508 | $21284 | $— | $2428792 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5%** | **COMMON STOCKS<sup>†</sup> - 26.5%** | **COMMON STOCKS<sup>†</sup> - 26.5%** |
| **Financial - 6.3%** | **Financial - 6.3%** | **Financial - 6.3%** |
| UMB Financial Corp. | 19 | $2249 |
| Old National Bancorp | 93 | 2041 |
| CareTrust REIT, Inc. | 56 | 1942 |
| Jackson Financial, Inc. — Class A | 19 | 1923 |
| Cadence Bank | 50 | 1877 |
| MARA Holdings, Inc.<sup>\*</sup> | 99 | 1808 |
| American Healthcare REIT, Inc. | 43 | 1806 |
| Riot Platforms, Inc.<sup>\*</sup> | 93 | 1770 |
| Piper Sandler Cos. | 5 | 1735 |
| Essent Group Ltd. | 26 | 1653 |
| Terreno Realty Corp. REIT | 28 | 1589 |
| Essential Properties Realty Trust, Inc. REIT | 53 | 1577 |
| Glacier Bancorp, Inc. | 32 | 1557 |
| Home BancShares, Inc. | 51 | 1443 |
| Hancock Whitney Corp. | 23 | 1440 |
| Ryman Hospitality Properties, Inc. REIT | 16 | 1433 |
| Moelis & Co. — Class A | 20 | 1426 |
| United Bankshares, Inc. | 38 | 1414 |
| Valley National Bancorp | 129 | 1367 |
| Atlantic Union Bankshares Corp. | 38 | 1341 |
| Core Scientific, Inc.<sup>\*</sup> | 74 | 1327 |
| Ameris Bancorp | 18 | 1320 |
| Kite Realty Group Trust REIT | 59 | 1316 |
| Radian Group, Inc. | 36 | 1304 |
| Selective Insurance Group, Inc. | 16 | 1297 |
| Axos Financial, Inc.<sup>\*</sup> | 15 | 1270 |
| StepStone Group, Inc. — Class A | 19 | 1241 |
| Macerich Co. REIT | 68 | 1238 |
| First Financial Bankshares, Inc. | 36 | 1211 |
| StoneX Group, Inc.<sup>\*</sup> | 12 | 1211 |
| Sabra Health Care REIT, Inc. | 64 | 1193 |
| Upstart Holdings, Inc.<sup>\*</sup> | 23 | 1168 |
| Phillips Edison & Company, Inc. REIT | 34 | 1167 |
| SL Green Realty Corp. REIT | 19 | 1136 |
| Associated Banc-Corp. | 44 | 1131 |
| ServisFirst Bancshares, Inc. | 14 | 1127 |
| Cleanspark, Inc.<sup>\*</sup> | 74 | 1073 |
| CNO Financial Group, Inc. | 27 | 1068 |
| PJT Partners, Inc. — Class A | 6 | 1066 |
| Independence Realty Trust, Inc. REIT | 63 | 1033 |
| International Bancshares Corp. | 15 | 1031 |
| Tanger, Inc. REIT | 30 | 1015 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 12 | 1014 |
| HA Sustainable Infrastructure Capital, Inc. | 33 | 1013 |
| United Community Banks, Inc. | 32 | 1003 |
| PennyMac Financial Services, Inc. | 8 | 991 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 111 | 988 |
| Compass, Inc. — Class A<sup>\*</sup> | 123 | 988 |
| Cushman & Wakefield plc<sup>\*</sup> | 62 | 987 |
| National Health Investors, Inc. REIT | 12 | 954 |
| First BanCorp | 43 | 948 |
| Eastern Bankshares, Inc. | 52 | 944 |
| Flagstar Financial, Inc. | 81 | 936 |
| Renasant Corp. | 25 | 922 |
| Fulton Financial Corp. | 49 | 913 |
| Broadstone Net Lease, Inc. REIT | 51 | 911 |
| BGC Group, Inc. — Class A | 96 | 908 |
| Independent Bank Corp. | 13 | 899 |
| Bancorp, Inc.<sup>\*</sup> | 12 | 899 |
| Cipher Mining, Inc.<sup>\*</sup> | 71 | 894 |
| COPT Defense Properties REIT | 30 | 872 |
| Hut 8 Corp.<sup>\*</sup> | 25 | 870 |
| Terawulf, Inc.<sup>\*</sup> | 76 | 868 |
| Cathay General Bancorp | 18 | 864 |
| PotlatchDeltic Corp. REIT | 21 | 856 |
| McGrath RentCorp | 7 | 821 |
| Community Financial System, Inc. | 14 | 821 |
| Palomar Holdings, Inc.<sup>\*</sup> | 7 | 817 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 44 | 810 |
| WSFS Financial Corp. | 15 | 809 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 21 | 805 |
| Lemonade, Inc.<sup>\*</sup> | 15 | 803 |
| WesBanco, Inc. | 25 | 798 |
| Victory Capital Holdings, Inc. — Class A | 12 | 777 |
| First Interstate BancSystem, Inc. — Class A | 24 | 765 |
| Newmark Group, Inc. — Class A | 41 | 765 |
| BankUnited, Inc. | 20 | 763 |
| BancFirst Corp. | 6 | 759 |
| Walker & Dunlop, Inc. | 9 | 753 |
| Artisan Partners Asset Management, Inc. — Class A | 17 | 738 |
| Simmons First National Corp. — Class A | 38 | 728 |
| Bread Financial Holdings, Inc. | 13 | 725 |
| Bank of Hawaii Corp. | 11 | 722 |
| Apple Hospitality REIT, Inc. | 60 | 721 |
| Acadia Realty Trust REIT | 35 | 705 |
| Seacoast Banking Corporation of Florida | 23 | 700 |
| LXP Industrial Trust REIT | 78 | 699 |
| Urban Edge Properties REIT | 34 | 696 |
| Enova International, Inc.<sup>\*</sup> | 6 | 691 |
| Outfront Media, Inc. REIT | 37 | 678 |
| Douglas Emmett, Inc. REIT | 43 | 670 |
| WaFd, Inc. | 22 | 666 |
| CVB Financial Corp. | 35 | 662 |
| Four Corners Property Trust, Inc. REIT | 27 | 659 |
| TowneBank | 19 | 657 |
| Provident Financial Services, Inc. | 34 | 655 |
| Park National Corp. | 4 | 650 |
| First Financial Bancorp | 25 | 631 |
| Arbor Realty Trust, Inc. REIT | 51 | 623 |
| Burford Capital Ltd. | 52 | 622 |
| FB Financial Corp. | 11 | 613 |
| First Merchants Corp. | 16 | 603 |
| InvenTrust Properties Corp. REIT | 21 | 601 |
| Trustmark Corp. | 15 | 594 |
| Mercury General Corp. | 7 | 593 |
| Banner Corp. | 9 | 589 |
| NBT Bancorp, Inc. | 14 | 585 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** |
| First Bancorp | 11 | 582 |
| Curbline Properties Corp. REIT | 26 | 580 |
| Enterprise Financial Services Corp. | 10 | 580 |
| HCI Group, Inc. | 3 | 576 |
| Banc of California, Inc. | 34 | 563 |
| Nicolet Bankshares, Inc. | 4 | 538 |
| Baldwin Insurance Group, Inc. — Class A<sup>\*</sup> | 19 | 536 |
| First Busey Corp. | 23 | 532 |
| Beacon Financial Corp. | 22 | 523 |
| Customers Bancorp, Inc.<sup>\*</sup> | 8 | 523 |
| OFG Bancorp | 12 | 522 |
| Bank of NT Butterfield & Son Ltd. | 12 | 515 |
| Stewart Information Services Corp. | 7 | 513 |
| SiriusPoint Ltd.<sup>\*</sup> | 28 | 507 |
| Horace Mann Educators Corp. | 11 | 497 |
| City Holding Co. | 4 | 495 |
| St. Joe Co. | 10 | 495 |
| Stock Yards Bancorp, Inc. | 7 | 490 |
| Pagseguro Digital Ltd. — Class A | 48 | 480 |
| Sunstone Hotel Investors, Inc. REIT | 51 | 478 |
| Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | 10 | 476 |
| Northwest Bancshares, Inc. | 38 | 471 |
| Marex Group plc | 14 | 471 |
| Veritex Holdings, Inc. | 14 | 469 |
| First Commonwealth Financial Corp. | 27 | 460 |
| Cohen & Steers, Inc. | 7 | 459 |
| LendingClub Corp.<sup>\*</sup> | 30 | 456 |
| NETSTREIT Corp. REIT | 25 | 452 |
| Lakeland Financial Corp. | 7 | 449 |
| ARMOUR Residential REIT, Inc. | 30 | 448 |
| Goosehead Insurance, Inc. — Class A | 6 | 446 |
| WisdomTree, Inc. | 32 | 445 |
| Pathward Financial, Inc. | 6 | 444 |
| LTC Properties, Inc. REIT | 12 | 442 |
| DiamondRock Hospitality Co. REIT | 55 | 438 |
| Trupanion, Inc.<sup>\*</sup> | 10 | 433 |
| Global Net Lease, Inc. REIT | 53 | 431 |
| Dynex Capital, Inc. REIT | 35 | 430 |
| Bitdeer Technologies Group — Class A<sup>\*</sup> | 24 | 410 |
| Hilltop Holdings, Inc. | 12 | 401 |
| Dave, Inc.<sup>\*</sup> | 2 | 399 |
| Stellar Bancorp, Inc. | 13 | 394 |
| German American Bancorp, Inc. | 10 | 393 |
| Elme Communities REIT | 23 | 388 |
| National Bank Holdings Corp. — Class A | 10 | 386 |
| Virtus Investment Partners, Inc. | 2 | 380 |
| JBG SMITH Properties REIT | 17 | 378 |
| Sila Realty Trust, Inc. REIT | 15 | 377 |
| Nelnet, Inc. — Class A | 3 | 376 |
| S&T Bancorp, Inc. | 10 | 376 |
| Getty Realty Corp. REIT | 14 | 376 |
| Innovative Industrial Properties, Inc. REIT | 7 | 375 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 37 | 375 |
| Xenia Hotels & Resorts, Inc. REIT | 26 | 357 |
| TriCo Bancshares | 8 | 355 |
| Pebblebrook Hotel Trust REIT | 31 | 353 |
| Live Oak Bancshares, Inc. | 10 | 352 |
| Westamerica BanCorp | 7 | 350 |
| Alexander & Baldwin, Inc. REIT | 19 | 346 |
| Perella Weinberg Partners | 16 | 341 |
| Acadian Asset Management, Inc. | 7 | 337 |
| Farmer Mac — Class C | 2 | 336 |
| ProAssurance Corp.<sup>\*</sup> | 14 | 336 |
| Hope Bancorp, Inc. | 31 | 334 |
| Dime Community Bancshares, Inc. | 11 | 328 |
| Ladder Capital Corp. — Class A REIT | 30 | 327 |
| Paramount Group, Inc. REIT<sup>\*</sup> | 50 | 327 |
| Coastal Financial Corp.<sup>\*</sup> | 3 | 325 |
| Ellington Financial, Inc. REIT | 25 | 325 |
| ConnectOne Bancorp, Inc. | 13 | 323 |
| Veris Residential, Inc. REIT | 21 | 319 |
| UMH Properties, Inc. REIT | 21 | 312 |
| 1st Source Corp. | 5 | 308 |
| Enact Holdings, Inc. | 8 | 307 |
| QCR Holdings, Inc. | 4 | 303 |
| Smartstop Self Storage REIT, Inc. | 8 | 301 |
| Triumph Financial, Inc.<sup>\*</sup> | 6 | 300 |
| Hamilton Insurance Group Ltd. — Class B<sup>\*</sup> | 12 | 298 |
| Piedmont Realty Trust, Inc. — Class A REIT<sup>\*</sup> | 33 | 297 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 28 | 296 |
| Centerspace REIT | 5 | 295 |
| Fidelis Insurance Holdings Ltd. | 16 | 290 |
| RLJ Lodging Trust REIT | 40 | 288 |
| American Assets Trust, Inc. REIT | 14 | 284 |
| Empire State Realty Trust, Inc. — Class A REIT | 37 | 283 |
| Safety Insurance Group, Inc. | 4 | 283 |
| PennyMac Mortgage Investment Trust REIT | 23 | 282 |
| Chimera Investment Corp. REIT | 21 | 278 |
| Apartment Investment and Management Co. — Class A REIT | 35 | 278 |
| Two Harbors Investment Corp. REIT | 28 | 276 |
| Origin Bancorp, Inc. | 8 | 276 |
| Cannae Holdings, Inc. | 15 | 275 |
| Kennedy-Wilson Holdings, Inc. | 33 | 275 |
| Hudson Pacific Properties, Inc. REIT<sup>\*</sup> | 99 | 273 |
| Preferred Bank/Los Angeles CA | 3 | 271 |
| Peoples Bancorp, Inc. | 9 | 270 |
| Root, Inc. — Class A<sup>\*</sup> | 3 | 269 |
| Tompkins Financial Corp. | 4 | 265 |
| OceanFirst Financial Corp. | 15 | 264 |
| Diversified Healthcare Trust REIT | 59 | 260 |
| Bit Digital, Inc.<sup>\*</sup> | 85 | 255 |
| Employers Holdings, Inc. | 6 | 255 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** |
| Easterly Government Properties, Inc. REIT | 11 | 252 |
| Encore Capital Group, Inc.<sup>\*</sup> | 6 | 250 |
| MFA Financial, Inc. REIT | 27 | 248 |
| Burke & Herbert Financial Services Corp. | 4 | 247 |
| Plymouth Industrial REIT, Inc. | 11 | 246 |
| Bank First Corp. | 2 | 243 |
| Univest Financial Corp. | 8 | 240 |
| Franklin BSP Realty Trust, Inc. REIT | 22 | 239 |
| Orchid Island Capital, Inc. REIT | 34 | 238 |
| Navient Corp. | 18 | 237 |
| Alexander's, Inc. REIT | 1 | 234 |
| Patria Investments Ltd. — Class A | 16 | 234 |
| Safehold, Inc. REIT | 15 | 232 |
| First Mid Bancshares, Inc. | 6 | 227 |
| Southside Bancshares, Inc. | 8 | 226 |
| Metropolitan Bank Holding Corp. | 3 | 224 |
| eXp World Holdings, Inc. | 21 | 224 |
| Community Trust Bancorp, Inc. | 4 | 224 |
| Merchants Bancorp | 7 | 223 |
| Byline Bancorp, Inc. | 8 | 222 |
| AMERISAFE, Inc. | 5 | 219 |
| Heritage Financial Corp. | 9 | 218 |
| Central Pacific Financial Corp. | 7 | 212 |
| Capitol Federal Financial, Inc. | 33 | 210 |
| Redwood Trust, Inc. REIT | 36 | 208 |
| Old Second Bancorp, Inc. | 12 | 207 |
| Esquire Financial Holdings, Inc. | 2 | 204 |
| Brookfield Business Corp. — Class A | 6 | 201 |
| Northeast Bank | 2 | 200 |
| Hanmi Financial Corp. | 8 | 198 |
| LendingTree, Inc.<sup>\*</sup> | 3 | 194 |
| NexPoint Residential Trust, Inc. REIT | 6 | 193 |
| Camden National Corp. | 5 | 193 |
| Amerant Bancorp, Inc. | 10 | 193 |
| Horizon Bancorp, Inc. | 12 | 192 |
| Brandywine Realty Trust REIT | 46 | 192 |
| BrightSpire Capital, Inc. REIT | 35 | 190 |
| Business First Bancshares, Inc. | 8 | 189 |
| F&G Annuities & Life, Inc. | 6 | 188 |
| Universal Insurance Holdings, Inc. | 7 | 184 |
| United Fire Group, Inc. | 6 | 182 |
| TrustCo Bank Corporation NY | 5 | 182 |
| Hippo Holdings, Inc.<sup>\*</sup> | 5 | 181 |
| Mercantile Bank Corp. | 4 | 180 |
| Marcus & Millichap, Inc. | 6 | 176 |
| Ready Capital Corp. REIT | 45 | 174 |
| Orrstown Financial Services, Inc. | 5 | 170 |
| PRA Group, Inc.<sup>\*</sup> | 11 | 170 |
| CNB Financial Corp. | 7 | 169 |
| First Financial Corp. | 3 | 169 |
| World Acceptance Corp.<sup>\*</sup> | 1 | 169 |
| Capital City Bank Group, Inc. | 4 | 167 |
| HomeTrust Bancshares, Inc. | 4 | 164 |
| P10, Inc. — Class A | 15 | 163 |
| Amalgamated Financial Corp. | 6 | 163 |
| Equity Bancshares, Inc. — Class A | 4 | 163 |
| Eagle Bancorp, Inc. | 8 | 162 |
| Adamas Trust, Inc. REIT | 23 | 160 |
| Summit Hotel Properties, Inc. REIT | 29 | 159 |
| Heritage Commerce Corp. | 16 | 159 |
| NB Bancorp, Inc. | 9 | 159 |
| Southern Missouri Bancorp, Inc. | 3 | 158 |
| Independent Bank Corp. | 5 | 155 |
| TPG RE Finance Trust, Inc. REIT | 18 | 154 |
| CBL & Associates Properties, Inc. REIT | 5 | 153 |
| Heritage Insurance Holdings, Inc.<sup>\*</sup> | 6 | 151 |
| Gladstone Commercial Corp. REIT | 12 | 148 |
| Whitestone REIT — Class B | 12 | 147 |
| Armada Hoffler Properties, Inc. REIT | 21 | 147 |
| Aspen Insurance Holdings Ltd. — Class A<sup>\*</sup> | 4 | 147 |
| Peoples Financial Services Corp. | 3 | 146 |
| GCM Grosvenor, Inc. — Class A | 12 | 145 |
| Washington Trust Bancorp, Inc. | 5 | 145 |
| Republic Bancorp, Inc. — Class A | 2 | 145 |
| Farmers National Banc Corp. | 10 | 144 |
| Mid Penn Bancorp, Inc. | 5 | 143 |
| SmartFinancial, Inc. | 4 | 143 |
| Diamond Hill Investment Group, Inc. | 1 | 140 |
| First Community Bankshares, Inc. | 4 | 139 |
| Metrocity Bankshares, Inc. | 5 | 138 |
| Invesco Mortgage Capital, Inc. REIT | 18 | 136 |
| Financial Institutions, Inc. | 5 | 136 |
| HarborOne Bancorp, Inc. | 10 | 136 |
| KKR Real Estate Finance Trust, Inc. REIT | 15 | 135 |
| Alerus Financial Corp. | 6 | 133 |
| ACNB Corp. | 3 | 132 |
| Shore Bancshares, Inc. | 8 | 131 |
| Peakstone Realty Trust REIT | 10 | 131 |
| CTO Realty Growth, Inc. REIT | 8 | 130 |
| Five Star Bancorp | 4 | 129 |
| Flushing Financial Corp. | 9 | 124 |
| Great Southern Bancorp, Inc. | 2 | 123 |
| Bar Harbor Bankshares | 4 | 122 |
| Real Brokerage, Inc.<sup>\*</sup> | 29 | 121 |
| Farmland Partners, Inc. REIT | 11 | 120 |
| Compass Diversified Holdings<sup>\*</sup> | 18 | 119 |
| NET Lease Office Properties REIT | 4 | 119 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 11 | 118 |
| Northfield Bancorp, Inc. | 10 | 118 |
| Universal Health Realty Income Trust REIT | 3 | 118 |
| SITE Centers Corp. REIT | 13 | 117 |
| Carter Bankshares, Inc.<sup>\*</sup> | 6 | 116 |
| Firstsun Capital Bancorp<sup>\*</sup> | 3 | 116 |
| South Plains Financial, Inc. | 3 | 116 |
| ChoiceOne Financial Services, Inc. | 4 | 116 |
| Tiptree, Inc. — Class A | 6 | 115 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** |
| Global Medical REIT, Inc. | 3 | 115 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 3 | 114 |
| FTAI Infrastructure, Inc. | 26 | 113 |
| Arrow Financial Corp. | 4 | 113 |
| MidWestOne Financial Group, Inc. | 4 | 113 |
| International Money Express, Inc.<sup>\*</sup> | 8 | 112 |
| Service Properties Trust REIT | 41 | 111 |
| One Liberty Properties, Inc. REIT | 5 | 111 |
| Slide Insurance Holdings, Inc.<sup>\*</sup> | 7 | 110 |
| Peapack-Gladstone Financial Corp. | 4 | 110 |
| Home Bancorp, Inc. | 2 | 109 |
| Bowhead Specialty Holdings, Inc.<sup>\*</sup> | 4 | 108 |
| Community Healthcare Trust, Inc. REIT | 7 | 107 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 6 | 106 |
| Columbia Financial, Inc.<sup>\*</sup> | 7 | 105 |
| First Business Financial Services, Inc. | 2 | 103 |
| California BanCorp<sup>\*</sup> | 6 | 100 |
| Ambac Financial Group, Inc.<sup>\*</sup> | 12 | 100 |
| Kearny Financial Corp. | 15 | 99 |
| First Bank/Hamilton NJ | 6 | 98 |
| Unity Bancorp, Inc. | 2 | 98 |
| Guaranty Bancshares, Inc. | 2 | 98 |
| Bank of Marin Bancorp | 4 | 97 |
| Capital Bancorp, Inc. | 3 | 96 |
| Saul Centers, Inc. REIT | 3 | 96 |
| First Foundation, Inc.<sup>\*</sup> | 17 | 95 |
| Postal Realty Trust, Inc. — Class A REIT | 6 | 94 |
| RBB Bancorp | 5 | 94 |
| MBIA, Inc.<sup>\*</sup> | 12 | 89 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 7 | 89 |
| Bankwell Financial Group, Inc. | 2 | 88 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 2 | 88 |
| Chatham Lodging Trust REIT | 13 | 87 |
| Sierra Bancorp | 3 | 87 |
| Northrim BanCorp, Inc. | 4 | 87 |
| BayCom Corp. | 3 | 86 |
| Midland States Bancorp, Inc. | 5 | 86 |
| Colony Bankcorp, Inc. | 5 | 85 |
| Community West Bancshares | 4 | 83 |
| Claros Mortgage Trust, Inc. REIT<sup>\*</sup> | 25 | 83 |
| Gladstone Land Corp. REIT | 9 | 82 |
| Industrial Logistics Properties Trust REIT | 14 | 82 |
| West BanCorp, Inc. | 4 | 81 |
| Civista Bancshares, Inc. | 4 | 81 |
| NewtekOne, Inc. | 7 | 80 |
| Onity Group, Inc.<sup>\*</sup> | 2 | 80 |
| FS Bancorp, Inc. | 2 | 80 |
| American Coastal Insurance Corp. | 7 | 80 |
| OppFi, Inc. | 7 | 79 |
| Citizens & Northern Corp. | 4 | 79 |
| First Bancorp, Inc. | 3 | 79 |
| GBank Financial Holdings, Inc.<sup>\*</sup> | 2 | 79 |
| Regional Management Corp. | 2 | 78 |
| Donegal Group, Inc. — Class A | 4 | 78 |
| City Office REIT, Inc. | 11 | 77 |
| Orange County Bancorp, Inc. | 3 | 76 |
| HBT Financial, Inc. | 3 | 76 |
| MVB Financial Corp. | 3 | 75 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 3 | 75 |
| First United Corp. | 2 | 74 |
| Ponce Financial Group, Inc.<sup>\*</sup> | 5 | 74 |
| Kingsway Financial Services, Inc.<sup>\*</sup> | 5 | 73 |
| FRP Holdings, Inc.<sup>\*</sup> | 3 | 73 |
| Selectquote, Inc.<sup>\*</sup> | 37 | 72 |
| Resolute Holdings Management, Inc.<sup>\*</sup> | 1 | 72 |
| Blue Ridge Bankshares, Inc.<sup>\*</sup> | 17 | 72 |
| FrontView REIT, Inc. | 5 | 69 |
| loanDepot, Inc. — Class A<sup>\*</sup> | 22 | 68 |
| C&F Financial Corp. | 1 | 67 |
| Timberland Bancorp, Inc. | 2 | 67 |
| Mechanics Bancorp — Class A<sup>\*</sup> | 5 | 67 |
| Red River Bancshares, Inc. | 1 | 65 |
| Parke Bancorp, Inc. | 3 | 65 |
| Chicago Atlantic Real Estate Finance, Inc. REIT | 5 | 64 |
| Ares Commercial Real Estate Corp. REIT | 14 | 63 |
| Primis Financial Corp. | 6 | 63 |
| Abacus Global Management, Inc.<sup>\*</sup> | 11 | 63 |
| Citizens, Inc.<sup>\*</sup> | 12 | 63 |
| PCB Bancorp | 3 | 63 |
| RMR Group, Inc. — Class A | 4 | 63 |
| Waterstone Financial, Inc. | 4 | 62 |
| Hawthorn Bancshares, Inc. | 2 | 62 |
| Northeast Community Bancorp, Inc. | 3 | 62 |
| Citizens Financial Services, Inc. | 1 | 60 |
| FB Bancorp, Inc.<sup>\*</sup> | 5 | 60 |
| Western New England Bancorp, Inc. | 5 | 60 |
| Middlefield Banc Corp. | 2 | 60 |
| LCNB Corp. | 4 | 60 |
| John Marshall Bancorp, Inc. | 3 | 59 |
| Sky Harbour Group Corp.<sup>\*</sup> | 6 | 59 |
| National Bankshares, Inc. | 2 | 59 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 1 | 59 |
| Douglas Elliman, Inc.<sup>\*</sup> | 20 | 57 |
| Paysign, Inc.<sup>\*</sup> | 9 | 57 |
| First Community Corp. | 2 | 56 |
| Oak Valley Bancorp | 2 | 56 |
| Better Home & Finance Holding Co.<sup>\*</sup> | 1 | 56 |
| Oportun Financial Corp.<sup>\*</sup> | 9 | 55 |
| James River Group Holdings Ltd. | 10 | 55 |
| Legacy Housing Corp.<sup>\*</sup> | 2 | 55 |
| Velocity Financial, Inc.<sup>\*</sup> | 3 | 54 |
| Chemung Financial Corp. | 1 | 53 |
| FVCBankcorp, Inc. | 4 | 52 |
| Jefferson Capital, Inc. | 3 | 52 |
| Northpointe Bancshares, Inc. | 3 | 51 |
| Norwood Financial Corp. | 2 | 51 |
| Forge Global Holdings, Inc.<sup>\*</sup> | 3 | 51 |
| AG Mortgage Investment Trust, Inc. REIT | 7 | 51 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** | **Financial - 6.3% (continued)** |
| Provident Bancorp, Inc.<sup>\*</sup> | 4 | 50 |
| Citizens Community Bancorp, Inc. | 3 | 48 |
| RE/MAX Holdings, Inc. — Class A<sup>\*</sup> | 5 | 47 |
| BRT Apartments Corp. REIT | 3 | 47 |
| Investar Holding Corp. | 2 | 46 |
| Bank7 Corp. | 1 | 46 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 1 | 46 |
| Sound Financial Bancorp, Inc. | 1 | 46 |
| First Western Financial, Inc.<sup>\*</sup> | 2 | 46 |
| Franklin Financial Services Corp. | 1 | 46 |
| Seaport Entertainment Group, Inc.<sup>\*</sup> | 2 | 46 |
| First Capital, Inc. | 1 | 46 |
| Blue Foundry Bancorp<sup>\*</sup> | 5 | 45 |
| First National Corp. | 2 | 45 |
| Greene County Bancorp, Inc. | 2 | 45 |
| First Internet Bancorp | 2 | 45 |
| American Integrity Insurance Group, Inc.<sup>\*</sup> | 2 | 45 |
| Kingstone Companies, Inc. | 3 | 44 |
| Fidelity D&D Bancorp, Inc. | 1 | 44 |
| Braemar Hotels & Resorts, Inc. REIT | 16 | 44 |
| Plumas Bancorp | 1 | 43 |
| Crawford & Co. — Class A | 4 | 43 |
| LINKBANCORP, Inc. | 6 | 43 |
| Alpine Income Property Trust, Inc. REIT | 3 | 43 |
| ACRES Commercial Realty Corp. REIT<sup>\*</sup> | 2 | 42 |
| Stratus Properties, Inc.<sup>\*</sup> | 2 | 42 |
| OP Bancorp | 3 | 42 |
| MainStreet Bancshares, Inc. | 2 | 42 |
| Seven Hills Realty Trust REIT | 4 | 41 |
| Ames National Corp. | 2 | 40 |
| Medallion Financial Corp. | 4 | 40 |
| Ategrity Specialty Holdings LLC<sup>\*</sup> | 2 | 40 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 3 | 39 |
| AlTi Global, Inc.<sup>\*</sup> | 11 | 39 |
| Virginia National Bankshares Corp. | 1 | 39 |
| Finwise Bancorp<sup>\*</sup> | 2 | 39 |
| SB Financial Group, Inc. | 2 | 39 |
| Eagle Financial Services, Inc. | 1 | 38 |
| United Security Bancshares | 4 | 37 |
| Maui Land & Pineapple Company, Inc.<sup>\*</sup> | 2 | 37 |
| Ohio Valley Banc Corp. | 1 | 37 |
| BankFinancial Corp. | 3 | 36 |
| BCB Bancorp, Inc. | 4 | 35 |
| Security National Financial Corp. — Class A<sup>\*</sup> | 4 | 35 |
| Eagle Bancorp Montana, Inc. | 2 | 34 |
| eHealth, Inc.<sup>\*</sup> | 8 | 34 |
| Bakkt Holdings, Inc.<sup>\*</sup> | 1 | 34 |
| NexPoint Diversified Real Estate Trust REIT | 9 | 33 |
| CB Financial Services, Inc. | 1 | 33 |
| Westwood Holdings Group, Inc. | 2 | 33 |
| Chain Bridge Bancorp, Inc. — Class A<sup>\*</sup> | 1 | 33 |
| BV Financial, Inc.<sup>\*</sup> | 2 | 32 |
| Finward Bancorp | 1 | 32 |
| Franklin Street Properties Corp. REIT | 20 | 32 |
| Princeton Bancorp, Inc. | 1 | 32 |
| ECB Bancorp, Inc.<sup>\*</sup> | 2 | 32 |
| Meridian Corp. | 2 | 32 |
| Silvercrest Asset Management Group, Inc. — Class A | 2 | 31 |
| First Savings Financial Group, Inc. | 1 | 31 |
| Sunrise Realty Trust, Inc. REIT | 3 | 31 |
| Peoples Bancorp of North Carolina, Inc. | 1 | 31 |
| SR Bancorp, Inc. | 2 | 30 |
| Modiv Industrial, Inc. REIT | 2 | 29 |
| Richmond Mutual BanCorp, Inc. | 2 | 28 |
| Nexpoint Real Estate Finance, Inc. REIT | 2 | 28 |
| Angel Oak Mortgage REIT, Inc. | 3 | 28 |
| NI Holdings, Inc.<sup>\*</sup> | 2 | 27 |
| Riverview Bancorp, Inc. | 5 | 27 |
| Landmark Bancorp Incorporated/Manhattan KS | 1 | 27 |
| Rithm Property Trust, Inc. REIT | 10 | 25 |
| Union Bankshares, Inc. | 1 | 25 |
| Strawberry Fields REIT, Inc. | 2 | 25 |
| Lument Finance Trust, Inc. REIT | 12 | 24 |
| CF Bankshares, Inc. | 1 | 24 |
| Hanover Bancorp, Inc. | 1 | 22 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 1 | 22 |
| Advanced Flower Capital, Inc. REIT | 5 | 19 |
| Patriot National Bancorp, Inc.<sup>\*</sup> | 12 | 16 |
| Clipper Realty, Inc. REIT | 4 | 15 |
| Consumer Portfolio Services, Inc.<sup>\*</sup> | 2 | 15 |
| SWK Holdings Corp. | 1 | 15 |
| Mobile Infrastructure Corp.<sup>\*</sup> | 4 | 14 |
| Siebert Financial Corp.<sup>\*</sup> | 4 | 12 |
| Rhinebeck Bancorp, Inc.<sup>\*</sup> | 1 | 11 |
| GoHealth, Inc. — Class A<sup>\*</sup> | 1 | 5 |
| Logistic Properties of The Americas<sup>\*</sup> | 1 | 5 |
| **Total Financial** |  | 179236 |
| **Consumer, Non-cyclical - 5.6%** |  |  |
| Ensign Group, Inc. | 15 | 2592 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 5 | 2293 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 42 | 2181 |
| HealthEquity, Inc.<sup>\*</sup> | 23 | 2180 |
| Guardant Health, Inc.<sup>\*</sup> | 32 | 1999 |
| Cytokinetics, Inc.<sup>\*</sup> | 31 | 1704 |
| Stride, Inc.<sup>\*</sup> | 11 | 1638 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 9 | 1548 |
| CRISPR Therapeutics AG<sup>\*</sup> | 22 | 1426 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 14 | 1414 |
| TG Therapeutics, Inc.<sup>\*</sup> | 39 | 1409 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 9 | 1390 |
| RadNet, Inc.<sup>\*</sup> | 18 | 1372 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 11 | 1336 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 16 | 1332 |
| Alkermes plc<sup>\*</sup> | 44 | 1320 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 21 | 1289 |
| Brink's Co. | 11 | 1286 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** |
| StoneCo Ltd. — Class A<sup>\*</sup> | 67 | 1267 |
| Krystal Biotech, Inc.<sup>\*</sup> | 7 | 1236 |
| Glaukos Corp.<sup>\*</sup> | 15 | 1223 |
| Option Care Health, Inc.<sup>\*</sup> | 44 | 1221 |
| Graham Holdings Co. — Class B | 1 | 1177 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 27 | 1176 |
| Cal-Maine Foods, Inc. | 12 | 1129 |
| Vaxcyte, Inc.<sup>\*</sup> | 31 | 1117 |
| Laureate Education, Inc. — Class A<sup>\*</sup> | 35 | 1104 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 32 | 1104 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 16 | 1063 |
| Verra Mobility Corp.<sup>\*</sup> | 43 | 1062 |
| Herc Holdings, Inc. | 9 | 1050 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 12 | 1038 |
| TransMedics Group, Inc.<sup>\*</sup> | 9 | 1010 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 24 | 1000 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 52 | 984 |
| Korn Ferry | 14 | 980 |
| Integer Holdings Corp.<sup>\*</sup> | 9 | 930 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 18 | 923 |
| ADMA Biologics, Inc.<sup>\*</sup> | 62 | 909 |
| Akero Therapeutics, Inc.<sup>\*</sup> | 19 | 902 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 5 | 886 |
| Marzetti Co. | 5 | 864 |
| Scholar Rock Holding Corp.<sup>\*</sup> | 22 | 819 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 13 | 811 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 11 | 806 |
| Xenon Pharmaceuticals, Inc.<sup>\*</sup> | 20 | 803 |
| WD-40 Co. | 4 | 790 |
| LivaNova plc<sup>\*</sup> | 15 | 786 |
| ABM Industries, Inc. | 17 | 784 |
| Privia Health Group, Inc.<sup>\*</sup> | 31 | 772 |
| Indivior plc<sup>\*</sup> | 32 | 772 |
| GEO Group, Inc.<sup>\*</sup> | 37 | 758 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 11 | 744 |
| CBIZ, Inc.<sup>\*</sup> | 14 | 741 |
| BrightSpring Health Services, Inc.<sup>\*</sup> | 25 | 739 |
| Arcellx, Inc.<sup>\*</sup> | 9 | 739 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 13 | 736 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 5 | 734 |
| Remitly Global, Inc.<sup>\*</sup> | 45 | 734 |
| Metsera, Inc.<sup>\*</sup> | 14 | 733 |
| Veracyte, Inc.<sup>\*</sup> | 21 | 721 |
| ICU Medical, Inc.<sup>\*</sup> | 6 | 720 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 15 | 717 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 33 | 704 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 13 | 690 |
| Concentra Group Holdings Parent, Inc. | 31 | 649 |
| Perdoceo Education Corp. | 17 | 640 |
| Haemonetics Corp.<sup>\*</sup> | 13 | 634 |
| Simply Good Foods Co.<sup>\*</sup> | 25 | 621 |
| CorVel Corp.<sup>\*</sup> | 8 | 619 |
| Premier, Inc. — Class A | 22 | 612 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 31 | 611 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 25 | 607 |
| CG oncology, Inc.<sup>\*</sup> | 15 | 604 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 15 | 602 |
| United Natural Foods, Inc.<sup>\*</sup> | 16 | 602 |
| Acuren Corp.<sup>\*</sup> | 45 | 599 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 40 | 598 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 10 | 594 |
| CoreCivic, Inc.<sup>\*</sup> | 29 | 590 |
| Addus HomeCare Corp.<sup>\*</sup> | 5 | 590 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 10 | 583 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 74 | 583 |
| EVERTEC, Inc. | 17 | 574 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 24 | 574 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 21 | 571 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 29 | 547 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 103 | 544 |
| GeneDx Holdings Corp.<sup>\*</sup> | 5 | 539 |
| TriNet Group, Inc. | 8 | 535 |
| QuidelOrtho Corp.<sup>\*</sup> | 18 | 530 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 62 | 525 |
| LeMaitre Vascular, Inc. | 6 | 525 |
| Strategic Education, Inc. | 6 | 516 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 35 | 508 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 35 | 503 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 14 | 500 |
| Turning Point Brands, Inc. | 5 | 494 |
| Insperity, Inc. | 10 | 492 |
| Inter Parfums, Inc. | 5 | 492 |
| 89bio, Inc.<sup>\*</sup> | 33 | 485 |
| GRAIL, Inc.<sup>\*</sup> | 8 | 473 |
| Vita Coco Company, Inc.<sup>\*</sup> | 11 | 467 |
| ICF International, Inc. | 5 | 464 |
| Disc Medicine, Inc.<sup>\*</sup> | 7 | 463 |
| AtriCure, Inc.<sup>\*</sup> | 13 | 458 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 5 | 458 |
| Arlo Technologies, Inc.<sup>\*</sup> | 27 | 458 |
| Enovis Corp.<sup>\*</sup> | 15 | 455 |
| Surgery Partners, Inc.<sup>\*</sup> | 21 | 454 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 31 | 451 |
| Twist Bioscience Corp.<sup>\*</sup> | 16 | 450 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 26 | 449 |
| Payoneer Global, Inc.<sup>\*</sup> | 74 | 448 |
| John Wiley & Sons, Inc. — Class A | 11 | 445 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 38 | 444 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 91 | 444 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 17 | 440 |
| MannKind Corp.<sup>\*</sup> | 81 | 435 |
| Coursera, Inc.<sup>\*</sup> | 37 | 433 |
| Progyny, Inc.<sup>\*</sup> | 20 | 430 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 56 | 425 |
| Artivion, Inc.<sup>\*</sup> | 10 | 423 |
| Flywire Corp.<sup>\*</sup> | 31 | 420 |
| Mineralys Therapeutics, Inc.<sup>\*</sup> | 11 | 417 |
| CRA International, Inc. | 2 | 417 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 19 | 410 |
| Vericel Corp.<sup>\*</sup> | 13 | 409 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 14 | 407 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 25 | 401 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 40 | 400 |
| UFP Technologies, Inc.<sup>\*</sup> | 2 | 399 |
| Celcuity, Inc.<sup>\*</sup> | 8 | 395 |
| Universal Corp. | 7 | 391 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 12 | 391 |
| Willdan Group, Inc.<sup>\*</sup> | 4 | 387 |
| Liquidia Corp.<sup>\*</sup> | 17 | 387 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** |
| Harrow, Inc.<sup>\*</sup> | 8 | 385 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 23 | 385 |
| Select Medical Holdings Corp. | 30 | 385 |
| J & J Snack Foods Corp. | 4 | 384 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 13 | 384 |
| Cidara Therapeutics, Inc.<sup>\*</sup> | 4 | 383 |
| Alight, Inc. — Class A | 116 | 378 |
| CONMED Corp. | 8 | 376 |
| Vital Farms, Inc.<sup>\*</sup> | 9 | 370 |
| Spectrum Brands Holdings, Inc. | 7 | 368 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 29 | 367 |
| Avadel Pharmaceuticals plc<sup>\*</sup> | 24 | 366 |
| Omnicell, Inc.<sup>\*</sup> | 12 | 365 |
| National Healthcare Corp. | 3 | 365 |
| Teladoc Health, Inc.<sup>\*</sup> | 47 | 363 |
| Biohaven Ltd.<sup>\*</sup> | 24 | 360 |
| Andersons, Inc. | 9 | 358 |
| Apogee Therapeutics, Inc.<sup>\*</sup> | 9 | 358 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 23 | 354 |
| STAAR Surgical Co.<sup>\*</sup> | 13 | 349 |
| Novocure Ltd.<sup>\*</sup> | 27 | 349 |
| Ardelyx, Inc.<sup>\*</sup> | 63 | 347 |
| Novavax, Inc.<sup>\*</sup> | 40 | 347 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 31 | 342 |
| US Physical Therapy, Inc. | 4 | 340 |
| Neogen Corp.<sup>\*</sup> | 59 | 337 |
| Clover Health Investments Corp.<sup>\*</sup> | 109 | 334 |
| Upbound Group, Inc. | 14 | 331 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 12 | 331 |
| 10X Genomics, Inc. — Class A<sup>\*</sup> | 28 | 327 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 40 | 326 |
| PROG Holdings, Inc. | 10 | 324 |
| First Advantage Corp.<sup>\*</sup> | 21 | 323 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 19 | 320 |
| Sezzle, Inc.<sup>\*</sup> | 4 | 318 |
| Azenta, Inc.<sup>\*</sup> | 11 | 316 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 9 | 315 |
| Fresh Del Monte Produce, Inc. | 9 | 313 |
| Astrana Health, Inc.<sup>\*</sup> | 11 | 312 |
| Legalzoom.com, Inc.<sup>\*</sup> | 30 | 311 |
| Innoviva, Inc.<sup>\*</sup> | 17 | 310 |
| Barrett Business Services, Inc. | 7 | 310 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 12 | 309 |
| Heidrick & Struggles International, Inc. | 6 | 299 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 18 | 292 |
| Immunovant, Inc.<sup>\*</sup> | 18 | 290 |
| Weis Markets, Inc. | 4 | 287 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 14 | 283 |
| Ingles Markets, Inc. — Class A | 4 | 278 |
| Dynavax Technologies Corp.<sup>\*</sup> | 28 | 278 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 11 | 269 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 10 | 267 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 5 | 265 |
| NeoGenomics, Inc.<sup>\*</sup> | 34 | 262 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 11 | 258 |
| Integra LifeSciences Holdings Corp.<sup>\*</sup> | 18 | 258 |
| Driven Brands Holdings, Inc.<sup>\*</sup> | 16 | 258 |
| BioLife Solutions, Inc.<sup>\*</sup> | 10 | 255 |
| BrightView Holdings, Inc.<sup>\*</sup> | 19 | 255 |
| Cimpress plc<sup>\*</sup> | 4 | 252 |
| CompoSecure, Inc. — Class A<sup>\*</sup> | 12 | 250 |
| Nuvation Bio, Inc.<sup>\*</sup> | 67 | 248 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 18 | 245 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 18 | 245 |
| Edgewell Personal Care Co. | 12 | 244 |
| Dole plc | 18 | 242 |
| Tourmaline Bio, Inc.<sup>\*</sup> | 5 | 239 |
| NPK International, Inc.<sup>\*</sup> | 21 | 238 |
| Mind Medicine MindMed, Inc.<sup>\*</sup> | 20 | 236 |
| Immunome, Inc.<sup>\*</sup> | 20 | 234 |
| LENZ Therapeutics, Inc.<sup>\*</sup> | 5 | 233 |
| Deluxe Corp. | 12 | 232 |
| Utz Brands, Inc. | 19 | 231 |
| Herbalife Ltd.<sup>\*</sup> | 27 | 228 |
| EyePoint Pharmaceuticals, Inc.<sup>\*</sup> | 16 | 228 |
| Pennant Group, Inc.<sup>\*</sup> | 9 | 227 |
| Embecta Corp. | 16 | 226 |
| Enliven Therapeutics, Inc.<sup>\*</sup> | 11 | 225 |
| AdaptHealth Corp.<sup>\*</sup> | 25 | 224 |
| MiMedx Group, Inc.<sup>\*</sup> | 32 | 223 |
| Xencor, Inc.<sup>\*</sup> | 19 | 223 |
| Zymeworks, Inc.<sup>\*</sup> | 13 | 222 |
| National Beverage Corp.<sup>\*</sup> | 6 | 221 |
| Mercurity Fintech Holding, Inc.<sup>\*</sup> | 9 | 221 |
| WaVe Life Sciences Ltd.<sup>\*</sup> | 30 | 220 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 18 | 219 |
| CareDx, Inc.<sup>\*</sup> | 15 | 218 |
| Spyre Therapeutics, Inc.<sup>\*</sup> | 13 | 218 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 32 | 218 |
| Axogen, Inc.<sup>\*</sup> | 12 | 214 |
| Fortrea Holdings, Inc.<sup>\*</sup> | 25 | 210 |
| Tootsie Roll Industries, Inc. | 5 | 210 |
| Phibro Animal Health Corp. — Class A | 5 | 202 |
| Geron Corp.<sup>\*</sup> | 146 | 200 |
| UroGen Pharma Ltd.<sup>\*</sup> | 10 | 199 |
| Beta Bionics, Inc.<sup>\*</sup> | 10 | 199 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 36 | 198 |
| CorMedix, Inc.<sup>\*</sup> | 17 | 198 |
| American Public Education, Inc.<sup>\*</sup> | 5 | 197 |
| Dianthus Therapeutics, Inc.<sup>\*</sup> | 5 | 197 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 22 | 196 |
| Matthews International Corp. — Class A | 8 | 194 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 10 | 194 |
| Green Dot Corp. — Class A<sup>\*</sup> | 14 | 188 |
| Lincoln Educational Services Corp.<sup>\*</sup> | 8 | 188 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 36 | 188 |
| Taysha Gene Therapies, Inc.<sup>\*</sup> | 57 | 186 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 41 | 186 |
| Kura Oncology, Inc.<sup>\*</sup> | 21 | 186 |
| Quanex Building Products Corp. | 13 | 185 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 20 | 185 |
| Trevi Therapeutics, Inc.<sup>\*</sup> | 20 | 183 |
| Akebia Therapeutics, Inc.<sup>\*</sup> | 67 | 183 |
| Udemy, Inc.<sup>\*</sup> | 26 | 182 |
| Castle Biosciences, Inc.<sup>\*</sup> | 8 | 182 |
| ORIC Pharmaceuticals, Inc.<sup>\*</sup> | 15 | 180 |
| Carriage Services, Inc. — Class A | 4 | 178 |
| Myriad Genetics, Inc.<sup>\*</sup> | 24 | 173 |
| Upstream Bio, Inc.<sup>\*</sup> | 9 | 169 |
| Rezolute, Inc.<sup>\*</sup> | 18 | 169 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** |
| PACS Group, Inc.<sup>\*</sup> | 12 | 165 |
| Tango Therapeutics, Inc.<sup>\*</sup> | 19 | 160 |
| Olema Pharmaceuticals, Inc.<sup>\*</sup> | 16 | 157 |
| Arvinas, Inc.<sup>\*</sup> | 18 | 153 |
| AnaptysBio, Inc.<sup>\*</sup> | 5 | 153 |
| ClearPoint Neuro, Inc.<sup>\*</sup> | 7 | 153 |
| SunOpta, Inc.<sup>\*</sup> | 26 | 152 |
| Eton Pharmaceuticals, Inc.<sup>\*</sup> | 7 | 152 |
| Helen of Troy Ltd.<sup>\*</sup> | 6 | 151 |
| ARS Pharmaceuticals, Inc.<sup>\*</sup> | 15 | 151 |
| OPKO Health, Inc.<sup>\*</sup> | 97 | 150 |
| ImmunityBio, Inc.<sup>\*</sup> | 61 | 150 |
| Kforce, Inc. | 5 | 150 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 69 | 150 |
| Rapport Therapeutics, Inc.<sup>\*</sup> | 5 | 148 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 9 | 147 |
| SI-BONE, Inc.<sup>\*</sup> | 10 | 147 |
| Performant Healthcare, Inc.<sup>\*</sup> | 19 | 147 |
| Orthofix Medical, Inc.<sup>\*</sup> | 10 | 146 |
| Transcat, Inc.<sup>\*</sup> | 2 | 146 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 10 | 146 |
| Ginkgo Bioworks Holdings, Inc.<sup>\*</sup> | 10 | 146 |
| Mister Car Wash, Inc.<sup>\*</sup> | 27 | 144 |
| Monro, Inc. | 8 | 144 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup> | 19 | 143 |
| Zevra Therapeutics, Inc.<sup>\*</sup> | 15 | 143 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 9 | 142 |
| iRadimed Corp. | 2 | 142 |
| Bicara Therapeutics, Inc.<sup>\*</sup> | 9 | 142 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 5 | 142 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 53 | 140 |
| Vestis Corp.<sup>\*</sup> | 31 | 140 |
| Avanos Medical, Inc.<sup>\*</sup> | 12 | 139 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 24 | 137 |
| Varex Imaging Corp.<sup>\*</sup> | 11 | 136 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 6 | 136 |
| Oruka Therapeutics, Inc.<sup>\*</sup> | 7 | 135 |
| Gossamer Bio, Inc.<sup>\*</sup> | 51 | 134 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 19 | 134 |
| Hackett Group, Inc. | 7 | 133 |
| Zimvie, Inc.<sup>\*</sup> | 7 | 133 |
| Mission Produce, Inc.<sup>\*</sup> | 11 | 132 |
| Precigen, Inc.<sup>\*</sup> | 40 | 132 |
| Guardian Pharmacy Services, Inc. — Class A<sup>\*</sup> | 5 | 131 |
| Niagen Bioscience, Inc.<sup>\*</sup> | 14 | 131 |
| Maze Therapeutics, Inc.<sup>\*</sup> | 5 | 130 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 11 | 129 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 7 | 129 |
| Aquestive Therapeutics, Inc.<sup>\*</sup> | 23 | 129 |
| John B Sanfilippo & Son, Inc. | 2 | 129 |
| Ennis, Inc. | 7 | 128 |
| Sana Biotechnology, Inc.<sup>\*</sup> | 36 | 128 |
| Palvella Therapeutics, Inc.<sup>\*</sup> | 2 | 125 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 14 | 123 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 10 | 122 |
| Natural Grocers by Vitamin Cottage, Inc. | 3 | 120 |
| Surmodics, Inc.<sup>\*</sup> | 4 | 120 |
| Cass Information Systems, Inc. | 3 | 118 |
| Paysafe Ltd.<sup>\*</sup> | 9 | 116 |
| REGENXBIO, Inc.<sup>\*</sup> | 12 | 116 |
| XOMA Royalty Corp.<sup>\*</sup> | 3 | 116 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 8 | 114 |
| Septerna, Inc.<sup>\*</sup> | 6 | 113 |
| Community Health Systems, Inc.<sup>\*</sup> | 35 | 112 |
| AngioDynamics, Inc.<sup>\*</sup> | 10 | 112 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 32 | 111 |
| Nathan's Famous, Inc. | 1 | 111 |
| ArriVent Biopharma, Inc.<sup>\*</sup> | 6 | 111 |
| Savara, Inc.<sup>\*</sup> | 31 | 111 |
| Repay Holdings Corp.<sup>\*</sup> | 21 | 110 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 1 | 108 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 12 | 106 |
| Verastem, Inc.<sup>\*</sup> | 12 | 106 |
| Kelly Services, Inc. — Class A | 8 | 105 |
| Enhabit, Inc.<sup>\*</sup> | 13 | 104 |
| Corvus Pharmaceuticals, Inc.<sup>\*</sup> | 14 | 103 |
| Calavo Growers, Inc. | 4 | 103 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 16 | 103 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 11 | 101 |
| SIGA Technologies, Inc. | 11 | 101 |
| Butterfly Network, Inc.<sup>\*</sup> | 52 | 100 |
| Erasca, Inc.<sup>\*</sup> | 46 | 100 |
| Solid Biosciences, Inc.<sup>\*</sup> | 16 | 99 |
| Prothena Corporation plc<sup>\*</sup> | 10 | 98 |
| MGP Ingredients, Inc. | 4 | 97 |
| Monte Rosa Therapeutics, Inc.<sup>\*</sup> | 13 | 96 |
| Owens & Minor, Inc.<sup>\*</sup> | 20 | 96 |
| Tejon Ranch Co.<sup>\*</sup> | 6 | 96 |
| Korro Bio, Inc.<sup>\*</sup> | 2 | 96 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 11 | 96 |
| Kestra Medical Technologies Ltd.<sup>\*</sup> | 4 | 95 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 74 | 95 |
| Mama's Creations, Inc.<sup>\*</sup> | 9 | 95 |
| B&G Foods, Inc. | 21 | 93 |
| OrthoPediatrics Corp.<sup>\*</sup> | 5 | 93 |
| Honest Company, Inc.<sup>\*</sup> | 25 | 92 |
| ACCO Brands Corp. | 23 | 92 |
| MeiraGTx Holdings plc<sup>\*</sup> | 11 | 90 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 3 | 90 |
| Semler Scientific, Inc.<sup>\*</sup> | 3 | 90 |
| Zenas Biopharma, Inc.<sup>\*</sup> | 4 | 89 |
| Prime Medicine, Inc.<sup>\*</sup> | 16 | 89 |
| Pulse Biosciences, Inc.<sup>\*</sup> | 5 | 89 |
| Sionna Therapeutics, Inc.<sup>\*</sup> | 3 | 88 |
| Absci Corp.<sup>\*</sup> | 29 | 88 |
| Compass Therapeutics, Inc.<sup>\*</sup> | 25 | 87 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 13 | 87 |
| Strata Critical Medical, Inc.<sup>\*</sup> | 17 | 86 |
| Delcath Systems, Inc.<sup>\*</sup> | 8 | 86 |
| Evolus, Inc.<sup>\*</sup> | 14 | 86 |
| agilon health, Inc.<sup>\*</sup> | 83 | 85 |
| Personalis, Inc.<sup>\*</sup> | 13 | 85 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 6 | 84 |
| Maravai LifeSciences Holdings, Inc. — Class A<sup>\*</sup> | 29 | 83 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 6 | 83 |
| Cullinan Therapeutics, Inc.<sup>\*</sup> | 14 | 83 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 3 | 83 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** |
| Monopar Therapeutics, Inc.<sup>\*</sup> | 1 | 82 |
| RxSight, Inc.<sup>\*</sup> | 9 | 81 |
| Ceribell, Inc.<sup>\*</sup> | 7 | 80 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 12 | 80 |
| Ardent Health, Inc.<sup>\*</sup> | 6 | 79 |
| Annexon, Inc.<sup>\*</sup> | 26 | 79 |
| Altimmune, Inc.<sup>\*</sup> | 21 | 79 |
| Aldeyra Therapeutics, Inc.<sup>\*</sup> | 15 | 78 |
| Cerus Corp.<sup>\*</sup> | 49 | 78 |
| Jade Biosciences, Inc. | 9 | 78 |
| Spire Global, Inc.<sup>\*</sup> | 7 | 77 |
| Editas Medicine, Inc.<sup>\*</sup> | 22 | 76 |
| Target Hospitality Corp.<sup>\*</sup> | 9 | 76 |
| ADC Therapeutics S.A.<sup>\*</sup> | 19 | 76 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 18 | 76 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 18 | 76 |
| Replimune Group, Inc.<sup>\*</sup> | 18 | 75 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 23 | 75 |
| SANUWAVE Health, Inc.<sup>\*</sup> | 2 | 75 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 15 | 75 |
| Village Super Market, Inc. — Class A | 2 | 75 |
| Astria Therapeutics, Inc.<sup>\*</sup> | 10 | 73 |
| Capricor Therapeutics, Inc.<sup>\*</sup> | 10 | 72 |
| Cadiz, Inc.<sup>\*</sup> | 15 | 71 |
| MBX Biosciences, Inc.<sup>\*</sup> | 4 | 70 |
| Inhibrx Biosciences, Inc.<sup>\*</sup> | 2 | 67 |
| Central Garden & Pet Co.<sup>\*</sup> | 2 | 65 |
| OraSure Technologies, Inc.<sup>\*</sup> | 20 | 64 |
| Abeona Therapeutics, Inc.<sup>\*</sup> | 12 | 63 |
| Utah Medical Products, Inc. | 1 | 63 |
| Nano-X Imaging Ltd.<sup>\*</sup> | 17 | 63 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 4 | 62 |
| NeuroPace, Inc.<sup>\*</sup> | 6 | 62 |
| Aura Biosciences, Inc.<sup>\*</sup> | 10 | 62 |
| Omeros Corp.<sup>\*</sup> | 15 | 61 |
| Viemed Healthcare, Inc.<sup>\*</sup> | 9 | 61 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 21 | 61 |
| Voyager Therapeutics, Inc.<sup>\*</sup> | 13 | 61 |
| Bright Minds Biosciences, Inc.<sup>\*</sup> | 1 | 61 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 5 | 60 |
| Beauty Health Co.<sup>\*</sup> | 30 | 60 |
| Limoneira Co. | 4 | 59 |
| Puma Biotechnology, Inc.<sup>\*</sup> | 11 | 58 |
| Franklin Covey Co.<sup>\*</sup> | 3 | 58 |
| Humacyte, Inc.<sup>\*</sup> | 33 | 57 |
| Nektar Therapeutics<sup>\*</sup> | 1 | 57 |
| Outset Medical, Inc.<sup>\*</sup> | 4 | 57 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 43 | 56 |
| Fennec Pharmaceuticals, Inc.<sup>\*</sup> | 6 | 56 |
| Benitec Biopharma, Inc.<sup>\*</sup> | 4 | 56 |
| Candel Therapeutics, Inc.<sup>\*</sup> | 11 | 56 |
| Oncology Institute, Inc.<sup>\*</sup> | 16 | 56 |
| Perspective Therapeutics, Inc.<sup>\*</sup> | 16 | 55 |
| Quanterix Corp.<sup>\*</sup> | 10 | 54 |
| Quantum-Si, Inc.<sup>\*</sup> | 38 | 54 |
| Alector, Inc.<sup>\*</sup> | 18 | 53 |
| KinderCare Learning Companies, Inc.<sup>\*</sup> | 8 | 53 |
| USCB Financial Holdings, Inc. | 3 | 52 |
| Neurogene, Inc.<sup>\*</sup> | 3 | 52 |
| Alumis, Inc.<sup>\*</sup> | 13 | 52 |
| Information Services Group, Inc. | 9 | 52 |
| Heron Therapeutics, Inc.<sup>\*</sup> | 41 | 52 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 7 | 52 |
| scPharmaceuticals, Inc.<sup>\*</sup> | 9 | 51 |
| Quad/Graphics, Inc. | 8 | 50 |
| Olaplex Holdings, Inc.<sup>\*</sup> | 38 | 50 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 40 | 50 |
| Electromed, Inc.<sup>\*</sup> | 2 | 49 |
| TrueBlue, Inc.<sup>\*</sup> | 8 | 49 |
| Inogen, Inc.<sup>\*</sup> | 6 | 49 |
| Westrock Coffee Co.<sup>\*</sup> | 10 | 49 |
| Tonix Pharmaceuticals Holding Corp.<sup>\*</sup> | 2 | 48 |
| DiaMedica Therapeutics, Inc.<sup>\*</sup> | 7 | 48 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 7 | 48 |
| Tectonic Therapeutic, Inc.<sup>\*</sup> | 3 | 47 |
| Stereotaxis, Inc.<sup>\*</sup> | 15 | 47 |
| Entrada Therapeutics, Inc.<sup>\*</sup> | 8 | 46 |
| Coherus Oncology, Inc.<sup>\*</sup> | 28 | 46 |
| Resources Connection, Inc. | 9 | 45 |
| Design Therapeutics, Inc.<sup>\*</sup> | 6 | 45 |
| Accuray, Inc.<sup>\*</sup> | 27 | 45 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 9 | 44 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 23 | 44 |
| MaxCyte, Inc.<sup>\*</sup> | 27 | 43 |
| Protalix BioTherapeutics, Inc.<sup>\*</sup> | 19 | 42 |
| KORU Medical Systems, Inc.<sup>\*</sup> | 11 | 42 |
| SELLAS Life Sciences Group, Inc.<sup>\*</sup> | 26 | 42 |
| Eledon Pharmaceuticals, Inc.<sup>\*</sup> | 16 | 41 |
| Acme United Corp. | 1 | 41 |
| Medifast, Inc.<sup>\*</sup> | 3 | 41 |
| OmniAb, Inc.<sup>\*</sup> | 25 | 40 |
| Lexeo Therapeutics, Inc.<sup>\*</sup> | 6 | 40 |
| Protara Therapeutics, Inc.<sup>\*</sup> | 9 | 39 |
| Tvardi Therapeutics, Inc.<sup>\*</sup> | 1 | 39 |
| National Research Corp. — Class A | 3 | 38 |
| Joint Corp.<sup>\*</sup> | 4 | 38 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 24 | 38 |
| Beyond Meat, Inc.<sup>\*</sup> | 20 | 38 |
| LENSAR, Inc.<sup>\*</sup> | 3 | 37 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 29 | 36 |
| Alta Equipment Group, Inc. | 5 | 36 |
| SoundThinking, Inc.<sup>\*</sup> | 3 | 36 |
| MediWound Ltd.<sup>\*</sup> | 2 | 36 |
| Larimar Therapeutics, Inc.<sup>\*</sup> | 11 | 35 |
| BioAge Labs, Inc.<sup>\*</sup> | 6 | 35 |
| Cardiff Oncology, Inc.<sup>\*</sup> | 17 | 35 |
| Alico, Inc. | 1 | 35 |
| DocGo, Inc.<sup>\*</sup> | 24 | 33 |
| CVRx, Inc.<sup>\*</sup> | 4 | 32 |
| European Wax Center, Inc. — Class A<sup>\*</sup> | 8 | 32 |
| Forrester Research, Inc.<sup>\*</sup> | 3 | 32 |
| Sanara Medtech, Inc.<sup>\*</sup> | 1 | 32 |
| HF Foods Group, Inc.<sup>\*</sup> | 11 | 30 |
| CPI Card Group, Inc.<sup>\*</sup> | 2 | 30 |
| Acacia Research Corp.<sup>\*</sup> | 9 | 29 |
| Lifevantage Corp. | 3 | 29 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 3 | 28 |
| Lifeway Foods, Inc.<sup>\*</sup> | 1 | 28 |
| Sonida Senior Living, Inc.<sup>\*</sup> | 1 | 28 |
| Neuronetics, Inc.<sup>\*</sup> | 10 | 27 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** | **Consumer, Non-cyclical - 5.6% (continued)** |
| Anteris Technologies Global Corp.<sup>\*</sup> | 6 | 27 |
| Aardvark Therapeutics, Inc.<sup>\*</sup> | 2 | 27 |
| RCM Technologies, Inc.<sup>\*</sup> | 1 | 27 |
| BRC, Inc. — Class A<sup>\*</sup> | 17 | 26 |
| Inhibikase Therapeutics, Inc.<sup>\*</sup> | 16 | 26 |
| Innovage Holding Corp.<sup>\*</sup> | 5 | 26 |
| AirSculpt Technologies, Inc.<sup>\*</sup> | 3 | 24 |
| Biote Corp. — Class A<sup>\*</sup> | 8 | 24 |
| Nkarta, Inc.<sup>\*</sup> | 11 | 23 |
| Waldencast plc — Class A<sup>\*</sup> | 11 | 22 |
| Zevia PBC — Class A<sup>\*</sup> | 8 | 22 |
| Journey Medical Corp.<sup>\*</sup> | 3 | 21 |
| Cartesian Therapeutics, Inc.<sup>\*</sup> | 2 | 20 |
| Emerald Holding, Inc. | 4 | 20 |
| Greenwich Lifesciences, Inc.<sup>\*</sup> | 2 | 20 |
| FitLife Brands, Inc.<sup>\*</sup> | 1 | 20 |
| Lucid Diagnostics, Inc.<sup>\*</sup> | 19 | 19 |
| TriSalus Life Sciences, Inc.<sup>\*</sup> | 4 | 19 |
| Alpha Teknova, Inc.<sup>\*</sup> | 3 | 19 |
| Nuvectis Pharma, Inc.<sup>\*</sup> | 3 | 18 |
| TuHURA Biosciences, Inc.<sup>\*</sup> | 7 | 17 |
| aTyr Pharma, Inc.<sup>\*</sup> | 23 | 17 |
| MarketWise, Inc. | 1 | 17 |
| Pulmonx Corp.<sup>\*</sup> | 10 | 16 |
| Solesence, Inc.<sup>\*</sup> | 5 | 16 |
| Avita Medical, Inc.<sup>\*</sup> | 3 | 15 |
| Gyre Therapeutics, Inc.<sup>\*</sup> | 2 | 15 |
| Actuate Therapeutics, Inc.<sup>\*</sup> | 2 | 13 |
| Ispire Technology, Inc.<sup>\*</sup> | 5 | 13 |
| HireQuest, Inc. | 1 | 10 |
| Atlantic International Corp.<sup>\*</sup> | 3 | 9 |
| Forafric Global plc<sup>\*</sup> | 1 | 9 |
| SBC Medical Group Holdings, Inc.<sup>\*</sup> | 2 | 9 |
| Scilex Holding Co.<sup>\*</sup> | 0 | 9 |
| Inmune Bio, Inc.<sup>\*</sup> | 4 | 8 |
| Myomo, Inc.<sup>\*</sup> | 9 | 8 |
| Tevogen Bio Holdings, Inc.<sup>\*</sup> | 8 | 6 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 3 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 3 | – |
| **Total Consumer, Non-cyclical** |  | 161288 |
| **Industrial - 4.6%** |  |  |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 57 | 4821 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 44 | 4020 |
| Fabrinet<sup>\*</sup> | 10 | 3646 |
| AeroVironment, Inc.<sup>\*</sup> | 9 | 2834 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 8 | 2718 |
| SPX Technologies, Inc.<sup>\*</sup> | 13 | 2428 |
| Chart Industries, Inc.<sup>\*</sup> | 12 | 2402 |
| Dycom Industries, Inc.<sup>\*</sup> | 8 | 2334 |
| Modine Manufacturing Co.<sup>\*</sup> | 14 | 1990 |
| Joby Aviation, Inc.<sup>\*</sup> | 123 | 1985 |
| JBT Marel Corp. | 14 | 1966 |
| Watts Water Technologies, Inc. — Class A | 7 | 1955 |
| Primoris Services Corp. | 14 | 1923 |
| Federal Signal Corp. | 16 | 1904 |
| Fluor Corp.<sup>\*</sup> | 45 | 1893 |
| Zurn Elkay Water Solutions Corp. | 40 | 1881 |
| GATX Corp. | 10 | 1748 |
| Advanced Energy Industries, Inc. | 10 | 1701 |
| Moog, Inc. — Class A | 8 | 1661 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 13 | 1651 |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 17 | 1613 |
| Sanmina Corp.<sup>\*</sup> | 14 | 1612 |
| TTM Technologies, Inc.<sup>\*</sup> | 27 | 1555 |
| UFP Industries, Inc. | 16 | 1496 |
| Itron, Inc.<sup>\*</sup> | 12 | 1495 |
| ESCO Technologies, Inc. | 7 | 1478 |
| Mirion Technologies, Inc.<sup>\*</sup> | 63 | 1465 |
| Badger Meter, Inc. | 8 | 1429 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 147 | 1408 |
| Enpro, Inc. | 6 | 1356 |
| Frontdoor, Inc.<sup>\*</sup> | 20 | 1346 |
| Belden, Inc. | 11 | 1323 |
| Granite Construction, Inc. | 12 | 1316 |
| NuScale Power Corp.<sup>\*</sup> | 34 | 1224 |
| Arcosa, Inc. | 13 | 1218 |
| Knife River Corp.<sup>\*</sup> | 15 | 1153 |
| EnerSys | 10 | 1130 |
| Golar LNG Ltd. | 27 | 1091 |
| Mercury Systems, Inc.<sup>\*</sup> | 14 | 1084 |
| Argan, Inc. | 4 | 1080 |
| Mueller Water Products, Inc. — Class A | 42 | 1072 |
| Franklin Electric Company, Inc. | 11 | 1047 |
| Plexus Corp.<sup>\*</sup> | 7 | 1013 |
| Novanta, Inc.<sup>\*</sup> | 10 | 1001 |
| OSI Systems, Inc.<sup>\*</sup> | 4 | 997 |
| Atmus Filtration Technologies, Inc. | 22 | 992 |
| Exponent, Inc. | 14 | 973 |
| CSW Industrials, Inc. | 4 | 971 |
| Terex Corp. | 18 | 923 |
| Powell Industries, Inc. | 3 | 914 |
| AAR Corp.<sup>\*</sup> | 10 | 897 |
| Kadant, Inc. | 3 | 893 |
| Matson, Inc. | 9 | 887 |
| AZZ, Inc. | 8 | 873 |
| MYR Group, Inc.<sup>\*</sup> | 4 | 832 |
| IES Holdings, Inc.<sup>\*</sup> | 2 | 795 |
| Tutor Perini Corp.<sup>\*</sup> | 12 | 787 |
| Boise Cascade Co. | 10 | 773 |
| Griffon Corp. | 10 | 762 |
| Materion Corp. | 6 | 725 |
| American Superconductor Corp.<sup>\*</sup> | 12 | 713 |
| Cactus, Inc. — Class A | 18 | 710 |
| Scorpio Tankers, Inc. | 12 | 673 |
| RXO, Inc.<sup>\*</sup> | 43 | 661 |
| Xometry, Inc. — Class A<sup>\*</sup> | 12 | 654 |
| Standex International Corp. | 3 | 636 |
| Trinity Industries, Inc. | 22 | 617 |
| Enerpac Tool Group Corp. | 15 | 615 |
| Alamo Group, Inc. | 3 | 573 |
| Atkore, Inc. | 9 | 565 |
| Hub Group, Inc. — Class A | 16 | 551 |
| Knowles Corp.<sup>\*</sup> | 23 | 536 |
| O-I Glass, Inc.<sup>\*</sup> | 41 | 532 |
| Hillenbrand, Inc. | 19 | 514 |
| International Seaways, Inc. | 11 | 507 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 8 | 502 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Industrial - 4.6% (continued)** | **Industrial - 4.6% (continued)** | **Industrial - 4.6% (continued)** |
| Vishay Intertechnology, Inc. | 32 | 490 |
| Hillman Solutions Corp.<sup>\*</sup> | 53 | 487 |
| Helios Technologies, Inc. | 9 | 469 |
| Tecnoglass, Inc. | 7 | 468 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 35 | 460 |
| Energizer Holdings, Inc. | 18 | 448 |
| Masterbrand, Inc.<sup>\*</sup> | 34 | 448 |
| Worthington Enterprises, Inc. | 8 | 444 |
| Enovix Corp.<sup>\*</sup> | 44 | 439 |
| Albany International Corp. — Class A | 8 | 426 |
| Bel Fuse, Inc. — Class B | 3 | 423 |
| Lindsay Corp. | 3 | 422 |
| ArcBest Corp. | 6 | 419 |
| Kennametal, Inc. | 20 | 419 |
| Greif, Inc. — Class A | 7 | 418 |
| CECO Environmental Corp.<sup>\*</sup> | 8 | 410 |
| DHT Holdings, Inc. | 34 | 406 |
| Tennant Co. | 5 | 405 |
| Centuri Holdings, Inc.<sup>\*</sup> | 19 | 402 |
| Werner Enterprises, Inc. | 15 | 395 |
| World Kinect Corp. | 15 | 389 |
| Napco Security Technologies, Inc. | 9 | 387 |
| Benchmark Electronics, Inc. | 10 | 385 |
| nLight, Inc.<sup>\*</sup> | 13 | 385 |
| Ducommun, Inc.<sup>\*</sup> | 4 | 385 |
| Greenbrier Companies, Inc. | 8 | 370 |
| Astronics Corp.<sup>\*</sup> | 8 | 365 |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 14 | 363 |
| DXP Enterprises, Inc.<sup>\*</sup> | 3 | 357 |
| Janus International Group, Inc.<sup>\*</sup> | 36 | 355 |
| TriMas Corp. | 9 | 348 |
| CTS Corp. | 8 | 320 |
| NANO Nuclear Energy, Inc.<sup>\*</sup> | 8 | 308 |
| Intuitive Machines, Inc.<sup>\*</sup> | 29 | 305 |
| Teekay Tankers Ltd. — Class A | 6 | 303 |
| Proto Labs, Inc.<sup>\*</sup> | 6 | 300 |
| Vicor Corp.<sup>\*</sup> | 6 | 298 |
| Dorian LPG Ltd. | 10 | 298 |
| Cadre Holdings, Inc. | 8 | 292 |
| Limbach Holdings, Inc.<sup>\*</sup> | 3 | 291 |
| Astec Industries, Inc. | 6 | 289 |
| Gorman-Rupp Co. | 6 | 278 |
| Worthington Steel, Inc. | 9 | 273 |
| American Woodmark Corp.<sup>\*</sup> | 4 | 267 |
| Amprius Technologies, Inc.<sup>\*</sup> | 25 | 263 |
| Apogee Enterprises, Inc. | 6 | 262 |
| Enviri Corp.<sup>\*</sup> | 20 | 254 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 9 | 247 |
| SFL Corporation Ltd. | 32 | 241 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 9 | 240 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 31 | 234 |
| Uniti Group, Inc.<sup>\*</sup> | 38 | 233 |
| Energy Recovery, Inc.<sup>\*</sup> | 14 | 216 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 18 | 216 |
| Red Cat Holdings, Inc.<sup>\*</sup> | 20 | 207 |
| FLEX LNG Ltd. | 8 | 202 |
| Power Solutions International, Inc.<sup>\*</sup> | 2 | 196 |
| Insteel Industries, Inc. | 5 | 192 |
| Kimball Electronics, Inc.<sup>\*</sup> | 6 | 179 |
| Allient, Inc. | 4 | 179 |
| Sturm Ruger & Company, Inc. | 4 | 174 |
| Nordic American Tankers Ltd. | 55 | 173 |
| Marten Transport Ltd. | 16 | 171 |
| Bowman Consulting Group Ltd.<sup>\*</sup> | 4 | 170 |
| Myers Industries, Inc. | 10 | 169 |
| Metallus, Inc.<sup>\*</sup> | 10 | 165 |
| LSI Industries, Inc. | 7 | 165 |
| Graham Corp.<sup>\*</sup> | 3 | 165 |
| Genco Shipping & Trading Ltd. | 9 | 160 |
| Ryerson Holding Corp. | 7 | 160 |
| NWPX Infrastructure, Inc.<sup>\*</sup> | 3 | 159 |
| Ichor Holdings Ltd.<sup>\*</sup> | 9 | 158 |
| Forward Air Corp.<sup>\*</sup> | 6 | 154 |
| Ardagh Metal Packaging S.A. | 37 | 148 |
| Costamare, Inc. | 12 | 143 |
| Navigator Holdings Ltd. | 9 | 139 |
| Willis Lease Finance Corp. | 1 | 137 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 18 | 125 |
| CryoPort, Inc.<sup>\*</sup> | 13 | 123 |
| Voyager Technologies, Inc. — Class A<sup>\*</sup> | 4 | 119 |
| Smith & Wesson Brands, Inc. | 12 | 118 |
| Columbus McKinnon Corp. | 8 | 115 |
| Teekay Corporation Ltd. | 14 | 114 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 23 | 113 |
| Aebi Schmidt Holding AG | 9 | 112 |
| National Presto Industries, Inc. | 1 | 112 |
| Byrna Technologies, Inc.<sup>\*</sup> | 5 | 111 |
| Hyster-Yale, Inc. | 3 | 111 |
| LSB Industries, Inc.<sup>\*</sup> | 14 | 110 |
| Eastman Kodak Co.<sup>\*</sup> | 17 | 109 |
| Ardmore Shipping Corp. | 9 | 107 |
| Lightbridge Corp.<sup>\*</sup> | 5 | 106 |
| Standard BioTools, Inc.<sup>\*</sup> | 80 | 104 |
| Park Aerospace Corp. | 5 | 102 |
| Heartland Express, Inc. | 12 | 100 |
| Luxfer Holdings plc | 7 | 97 |
| Kopin Corp.<sup>\*</sup> | 40 | 97 |
| Olympic Steel, Inc. | 3 | 91 |
| Latham Group, Inc.<sup>\*</sup> | 12 | 91 |
| TSS, Inc.<sup>\*</sup> | 5 | 91 |
| Manitowoc Company, Inc.<sup>\*</sup> | 9 | 90 |
| Titan America S.A. | 6 | 90 |
| Covenant Logistics Group, Inc. — Class A | 4 | 87 |
| Orion Group Holdings, Inc.<sup>\*</sup> | 10 | 83 |
| Clearwater Paper Corp.<sup>\*</sup> | 4 | 83 |
| MicroVision, Inc.<sup>\*</sup> | 66 | 82 |
| Richtech Robotics, Inc. — Class B<sup>\*</sup> | 19 | 82 |
| Redwire Corp.<sup>\*</sup> | 9 | 81 |
| L B Foster Co. — Class A<sup>\*</sup> | 3 | 81 |
| AerSale Corp.<sup>\*</sup> | 9 | 74 |
| Ranpak Holdings Corp.<sup>\*</sup> | 13 | 73 |
| Mesa Laboratories, Inc. | 1 | 67 |
| Safe Bulkers, Inc. | 15 | 67 |
| Himalaya Shipping Ltd. | 8 | 66 |
| NVE Corp. | 1 | 65 |
| Arq, Inc.<sup>\*</sup> | 9 | 64 |
| Park-Ohio Holdings Corp. | 3 | 64 |
| Turtle Beach Corp.<sup>\*</sup> | 4 | 64 |
| Greif, Inc. — Class B | 1 | 62 |
| 908 Devices, Inc.<sup>\*</sup> | 7 | 61 |
| Tredegar Corp.<sup>\*</sup> | 7 | 56 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Industrial - 4.6% (continued)** | **Industrial - 4.6% (continued)** | **Industrial - 4.6% (continued)** |
| M-Tron Industries, Inc.<sup>\*</sup> | 1 | 55 |
| Pure Cycle Corp.<sup>\*</sup> | 5 | 55 |
| Mayville Engineering Company, Inc.<sup>\*</sup> | 4 | 55 |
| Eve Holding, Inc.<sup>\*</sup> | 14 | 53 |
| Radiant Logistics, Inc.<sup>\*</sup> | 9 | 53 |
| Palladyne AI Corp.<sup>\*</sup> | 6 | 52 |
| Perma-Fix Environmental Services, Inc.<sup>\*</sup> | 5 | 51 |
| Karat Packaging, Inc. | 2 | 50 |
| Eastern Co. | 2 | 47 |
| Universal Logistics Holdings, Inc. | 2 | 47 |
| Gencor Industries, Inc.<sup>\*</sup> | 3 | 44 |
| Concrete Pumping Holdings, Inc. | 6 | 42 |
| Proficient Auto Logistics, Inc.<sup>\*</sup> | 6 | 41 |
| Core Molding Technologies, Inc.<sup>\*</sup> | 2 | 41 |
| Pangaea Logistics Solutions Ltd. | 8 | 41 |
| Mistras Group, Inc.<sup>\*</sup> | 4 | 39 |
| AIRO Group Holdings, Inc.<sup>\*</sup> | 2 | 38 |
| Sight Sciences, Inc.<sup>\*</sup> | 11 | 38 |
| KULR Technology Group, Inc.<sup>\*</sup> | 9 | 37 |
| Smith-Midland Corp.<sup>\*</sup> | 1 | 37 |
| Outdoor Holding Co.<sup>\*</sup> | 23 | 34 |
| Pro-DEX, Inc.<sup>\*</sup> | 1 | 34 |
| Omega Flex, Inc. | 1 | 31 |
| Energy Services of America Corp. | 3 | 31 |
| Costamare Bulkers Holdings Ltd.<sup>\*</sup> | 2 | 29 |
| AirJoule Technologies Corp.<sup>\*</sup> | 6 | 28 |
| Net Power, Inc.<sup>\*</sup> | 9 | 27 |
| Ascent Industries Co.<sup>\*</sup> | 2 | 26 |
| PAMT CORP<sup>\*</sup> | 2 | 23 |
| SKYX Platforms Corp.<sup>\*</sup> | 16 | 18 |
| Southland Holdings, Inc.<sup>\*</sup> | 3 | 13 |
| NL Industries, Inc. | 2 | 12 |
| Neonode, Inc.<sup>\*</sup> | 3 | 10 |
| **Total Industrial** |  | 130151 |
| **Technology - 2.7%** |  |  |
| IonQ, Inc.<sup>\*</sup> | 74 | 4551 |
| Rambus, Inc.<sup>\*</sup> | 29 | 3022 |
| Rigetti Computing, Inc.<sup>\*</sup> | 85 | 2532 |
| CommVault Systems, Inc.<sup>\*</sup> | 12 | 2265 |
| D-Wave Quantum, Inc.<sup>\*</sup> | 82 | 2026 |
| SiTime Corp.<sup>\*</sup> | 6 | 1808 |
| Varonis Systems, Inc.<sup>\*</sup> | 30 | 1724 |
| Semtech Corp.<sup>\*</sup> | 23 | 1643 |
| SoundHound AI, Inc. — Class A<sup>\*</sup> | 99 | 1592 |
| ACI Worldwide, Inc.<sup>\*</sup> | 28 | 1478 |
| Maximus, Inc. | 15 | 1371 |
| Qualys, Inc.<sup>\*</sup> | 10 | 1323 |
| Impinj, Inc.<sup>\*</sup> | 7 | 1265 |
| Workiva, Inc.<sup>\*</sup> | 14 | 1205 |
| Box, Inc. — Class A<sup>\*</sup> | 37 | 1194 |
| Clearwater Analytics Holdings, Inc. — Class A<sup>\*</sup> | 66 | 1189 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 9 | 1180 |
| Waystar Holding Corp.<sup>\*</sup> | 29 | 1100 |
| SPS Commerce, Inc.<sup>\*</sup> | 10 | 1041 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 51 | 1013 |
| Tenable Holdings, Inc.<sup>\*</sup> | 32 | 933 |
| Ambarella, Inc.<sup>\*</sup> | 11 | 908 |
| Insight Enterprises, Inc.<sup>\*</sup> | 8 | 907 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 9 | 879 |
| Planet Labs PBC<sup>\*</sup> | 62 | 805 |
| NCR Atleos Corp.<sup>\*</sup> | 20 | 786 |
| Clear Secure, Inc. — Class A | 23 | 768 |
| FormFactor, Inc.<sup>\*</sup> | 21 | 765 |
| WNS Holdings Ltd.<sup>\*</sup> | 10 | 763 |
| BlackLine, Inc.<sup>\*</sup> | 14 | 743 |
| Agilysys, Inc.<sup>\*</sup> | 7 | 737 |
| Genius Sports Ltd.<sup>\*</sup> | 58 | 718 |
| Synaptics, Inc.<sup>\*</sup> | 10 | 683 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 39 | 681 |
| Quantum Computing, Inc.<sup>\*</sup> | 36 | 663 |
| Blackbaud, Inc.<sup>\*</sup> | 10 | 643 |
| Diodes, Inc.<sup>\*</sup> | 12 | 639 |
| Freshworks, Inc. — Class A<sup>\*</sup> | 54 | 636 |
| Innodata, Inc.<sup>\*</sup> | 8 | 617 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 18 | 615 |
| Intapp, Inc.<sup>\*</sup> | 15 | 613 |
| Power Integrations, Inc. | 15 | 603 |
| Braze, Inc. — Class A<sup>\*</sup> | 21 | 597 |
| C3.ai, Inc. — Class A<sup>\*</sup> | 33 | 572 |
| Kulicke & Soffa Industries, Inc. | 14 | 569 |
| ASGN, Inc.<sup>\*</sup> | 12 | 568 |
| Progress Software Corp.<sup>\*</sup> | 12 | 527 |
| AvePoint, Inc.<sup>\*</sup> | 35 | 525 |
| Pitney Bowes, Inc. | 46 | 525 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 13 | 509 |
| BigBear.ai Holdings, Inc.<sup>\*</sup> | 77 | 502 |
| NetScout Systems, Inc.<sup>\*</sup> | 19 | 491 |
| Adeia, Inc. | 29 | 487 |
| Five9, Inc.<sup>\*</sup> | 20 | 484 |
| NCR Voyix Corp.<sup>\*</sup> | 37 | 464 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 17 | 461 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 46 | 458 |
| Veeco Instruments, Inc.<sup>\*</sup> | 15 | 456 |
| CSG Systems International, Inc. | 7 | 451 |
| Alkami Technology, Inc.<sup>\*</sup> | 18 | 447 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 45 | 446 |
| PAR Technology Corp.<sup>\*</sup> | 11 | 435 |
| Life360, Inc.<sup>\*</sup> | 4 | 425 |
| Vertex, Inc. — Class A<sup>\*</sup> | 17 | 421 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 7 | 399 |
| Photronics, Inc.<sup>\*</sup> | 17 | 390 |
| PagerDuty, Inc.<sup>\*</sup> | 23 | 380 |
| Ouster, Inc.<sup>\*</sup> | 14 | 379 |
| Penguin Solutions, Inc.<sup>\*</sup> | 14 | 368 |
| Digi International, Inc.<sup>\*</sup> | 10 | 365 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 7 | 360 |
| Pagaya Technologies Ltd. — Class A<sup>\*</sup> | 12 | 356 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 22 | 354 |
| Phreesia, Inc.<sup>\*</sup> | 15 | 353 |
| Porch Group, Inc.<sup>\*</sup> | 21 | 352 |
| Verint Systems, Inc.<sup>\*</sup> | 17 | 344 |
| Sapiens International Corporation N.V. | 8 | 344 |
| Appian Corp. — Class A<sup>\*</sup> | 11 | 336 |
| NextNav, Inc.<sup>\*</sup> | 23 | 329 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 12 | 327 |
| Rapid7, Inc.<sup>\*</sup> | 17 | 319 |
| Fastly, Inc. — Class A<sup>\*</sup> | 37 | 316 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Technology - 2.7% (continued)** | **Technology - 2.7% (continued)** | **Technology - 2.7% (continued)** |
| Asana, Inc. — Class A<sup>\*</sup> | 23 | 307 |
| Vimeo, Inc.<sup>\*</sup> | 39 | 302 |
| Schrodinger Incorporated/United States<sup>\*</sup> | 15 | 301 |
| V2X, Inc.<sup>\*</sup> | 5 | 291 |
| PROS Holdings, Inc.<sup>\*</sup> | 12 | 275 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 31 | 262 |
| Navitas Semiconductor Corp.<sup>\*</sup> | 36 | 260 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 23 | 247 |
| Cohu, Inc.<sup>\*</sup> | 12 | 244 |
| Aehr Test Systems<sup>\*</sup> | 8 | 241 |
| PDF Solutions, Inc.<sup>\*</sup> | 9 | 232 |
| Yext, Inc.<sup>\*</sup> | 27 | 230 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 56 | 204 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 20 | 203 |
| GigaCloud Technology, Inc. — Class A<sup>\*</sup> | 7 | 199 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 7 | 196 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 6 | 195 |
| Rezolve AI plc<sup>\*</sup> | 39 | 194 |
| Jamf Holding Corp.<sup>\*</sup> | 18 | 193 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 14 | 181 |
| MeridianLink, Inc.<sup>\*</sup> | 9 | 179 |
| Digital Turbine, Inc.<sup>\*</sup> | 27 | 173 |
| OneSpan, Inc. | 10 | 159 |
| CEVA, Inc.<sup>\*</sup> | 6 | 158 |
| Red Violet, Inc. | 3 | 157 |
| N-able, Inc.<sup>\*</sup> | 19 | 148 |
| Cantaloupe, Inc.<sup>\*</sup> | 14 | 148 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 5 | 147 |
| Domo, Inc. — Class B<sup>\*</sup> | 9 | 143 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 18 | 139 |
| Cerence, Inc.<sup>\*</sup> | 11 | 137 |
| Climb Global Solutions, Inc. | 1 | 135 |
| SkyWater Technology, Inc.<sup>\*</sup> | 7 | 131 |
| IBEX Holdings Ltd.<sup>\*</sup> | 3 | 122 |
| Xerox Holdings Corp. | 32 | 120 |
| Mitek Systems, Inc.<sup>\*</sup> | 12 | 117 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 7 | 117 |
| Conduent, Inc.<sup>\*</sup> | 40 | 112 |
| Ibotta, Inc. — Class A<sup>\*</sup> | 4 | 111 |
| Corsair Gaming, Inc.<sup>\*</sup> | 12 | 107 |
| Weave Communications, Inc.<sup>\*</sup> | 16 | 107 |
| Claritev Corp.<sup>\*</sup> | 2 | 106 |
| Nutex Health, Inc.<sup>\*</sup> | 1 | 103 |
| 3D Systems Corp.<sup>\*</sup> | 35 | 102 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 3 | 96 |
| Telos Corp.<sup>\*</sup> | 14 | 96 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 11 | 91 |
| Talkspace, Inc.<sup>\*</sup> | 33 | 91 |
| Commerce.com, Inc.<sup>\*</sup> | 18 | 90 |
| SEMrush Holdings, Inc. — Class A<sup>\*</sup> | 12 | 85 |
| Arteris, Inc.<sup>\*</sup> | 8 | 81 |
| Cricut, Inc. — Class A | 12 | 76 |
| McGraw Hill, Inc.<sup>\*</sup> | 6 | 75 |
| 8x8, Inc.<sup>\*</sup> | 35 | 74 |
| Unisys Corp.<sup>\*</sup> | 18 | 70 |
| VTEX — Class A<sup>\*</sup> | 16 | 70 |
| Blaize Holdings, Inc.<sup>\*</sup> | 20 | 69 |
| Rimini Street, Inc.<sup>\*</sup> | 13 | 61 |
| TruBridge, Inc.<sup>\*</sup> | 3 | 61 |
| Simulations Plus, Inc.<sup>\*</sup> | 4 | 60 |
| Immersion Corp. | 8 | 59 |
| Playtika Holding Corp. | 15 | 58 |
| Asure Software, Inc.<sup>\*</sup> | 7 | 57 |
| ON24, Inc.<sup>\*</sup> | 10 | 57 |
| Vuzix Corp.<sup>\*</sup> | 17 | 53 |
| Health Catalyst, Inc.<sup>\*</sup> | 18 | 51 |
| Aeluma, Inc.<sup>\*</sup> | 3 | 48 |
| EverCommerce, Inc.<sup>\*</sup> | 4 | 45 |
| ReposiTrak, Inc. | 3 | 44 |
| Omada Health, Inc.<sup>\*</sup> | 2 | 44 |
| eGain Corp.<sup>\*</sup> | 5 | 44 |
| Digimarc Corp.<sup>\*</sup> | 4 | 39 |
| CS Disco, Inc.<sup>\*</sup> | 6 | 39 |
| Definitive Healthcare Corp.<sup>\*</sup> | 9 | 37 |
| Atomera, Inc.<sup>\*</sup> | 8 | 35 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 4 | 35 |
| Kaltura, Inc.<sup>\*</sup> | 22 | 32 |
| Rackspace Technology, Inc.<sup>\*</sup> | 22 | 31 |
| Ambiq Micro, Inc.<sup>\*</sup> | 1 | 30 |
| Expensify, Inc. — Class A<sup>\*</sup> | 16 | 30 |
| Richardson Electronics Ltd. | 3 | 29 |
| CoreCard Corp.<sup>\*</sup> | 1 | 27 |
| WM Technology, Inc.<sup>\*</sup> | 23 | 27 |
| Airship AI Holdings, Inc.<sup>\*</sup> | 5 | 26 |
| CSP, Inc. | 2 | 23 |
| Playstudios, Inc.<sup>\*</sup> | 24 | 23 |
| Synchronoss Technologies, Inc.<sup>\*</sup> | 3 | 18 |
| TTEC Holdings, Inc.<sup>\*</sup> | 5 | 17 |
| Teads Holding Co.<sup>\*</sup> | 10 | 16 |
| Skillsoft Corp.<sup>\*</sup> | 1 | 13 |
| Silvaco Group, Inc.<sup>\*</sup> | 2 | 11 |
| Golden Matrix Group, Inc.<sup>\*</sup> | 4 | 5 |
| Zspace, Inc.<sup>\*</sup> | 1 | 1 |
| **Total Technology** |  | 78103 |
| **Consumer, Cyclical - 2.7%** |  |  |
| FirstCash Holdings, Inc. | 11 | 1743 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 26 | 1716 |
| Resideo Technologies, Inc.<sup>\*</sup> | 37 | 1598 |
| Brinker International, Inc.<sup>\*</sup> | 12 | 1520 |
| Installed Building Products, Inc. | 6 | 1480 |
| Meritage Homes Corp. | 19 | 1376 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 8 | 1326 |
| Group 1 Automotive, Inc. | 3 | 1313 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 5 | 1222 |
| Urban Outfitters, Inc.<sup>\*</sup> | 17 | 1214 |
| Kontoor Brands, Inc. | 15 | 1197 |
| Cavco Industries, Inc.<sup>\*</sup> | 2 | 1161 |
| Champion Homes, Inc.<sup>\*</sup> | 15 | 1146 |
| KB Home | 18 | 1146 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 13 | 1112 |
| SkyWest, Inc.<sup>\*</sup> | 11 | 1107 |
| Dorman Products, Inc.<sup>\*</sup> | 7 | 1091 |
| Signet Jewelers Ltd. | 11 | 1055 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 37 | 1021 |
| M/I Homes, Inc.<sup>\*</sup> | 7 | 1011 |
| Advance Auto Parts, Inc. | 16 | 982 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 10 | 936 |
| Patrick Industries, Inc. | 9 | 931 |
| Rush Enterprises, Inc. — Class A | 17 | 909 |
| Academy Sports & Outdoors, Inc. | 18 | 900 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Cyclical - 2.7% (continued)** | **Consumer, Cyclical - 2.7% (continued)** | **Consumer, Cyclical - 2.7% (continued)** |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 99 | 891 |
| PriceSmart, Inc. | 7 | 848 |
| Visteon Corp. | 7 | 839 |
| VSE Corp. | 5 | 831 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 24 | 815 |
| Polaris, Inc. | 14 | 814 |
| Cinemark Holdings, Inc. | 29 | 813 |
| OPENLANE, Inc.<sup>\*</sup> | 28 | 806 |
| Red Rock Resorts, Inc. — Class A | 13 | 794 |
| REV Group, Inc. | 13 | 737 |
| American Eagle Outfitters, Inc. | 43 | 736 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 26 | 717 |
| Dana, Inc. | 35 | 701 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 16 | 669 |
| UniFirst Corp. | 4 | 669 |
| Green Brick Partners, Inc.<sup>\*</sup> | 9 | 665 |
| Cheesecake Factory, Inc. | 12 | 656 |
| LCI Industries | 7 | 652 |
| Steven Madden Ltd. | 19 | 636 |
| Phinia, Inc. | 11 | 632 |
| Acushnet Holdings Corp. | 8 | 628 |
| Hanesbrands, Inc.<sup>\*</sup> | 94 | 619 |
| Capri Holdings Ltd.<sup>\*</sup> | 31 | 618 |
| National Vision Holdings, Inc.<sup>\*</sup> | 21 | 613 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 26 | 591 |
| Wolverine World Wide, Inc. | 21 | 576 |
| HNI Corp. | 12 | 562 |
| Super Group SGHC Ltd. | 42 | 554 |
| Adient plc<sup>\*</sup> | 22 | 530 |
| OneSpaWorld Holdings Ltd. | 25 | 529 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 70 | 524 |
| Blue Bird Corp.<sup>\*</sup> | 9 | 518 |
| Brightstar Lottery plc | 30 | 517 |
| Atlanta Braves Holdings, Inc. — Class C<sup>\*</sup> | 12 | 499 |
| Winmark Corp. | 1 | 498 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 11 | 498 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 24 | 492 |
| Sonos, Inc.<sup>\*</sup> | 31 | 490 |
| Victoria's Secret & Co.<sup>\*</sup> | 18 | 489 |
| Buckle, Inc. | 8 | 469 |
| Marriott Vacations Worldwide Corp. | 7 | 466 |
| Garrett Motion, Inc. | 34 | 463 |
| Kohl's Corp. | 29 | 446 |
| Century Communities, Inc. | 7 | 444 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 27 | 440 |
| Interface, Inc. — Class A | 15 | 434 |
| Papa John's International, Inc. | 9 | 433 |
| JetBlue Airways Corp.<sup>\*</sup> | 87 | 428 |
| IMAX Corp.<sup>\*</sup> | 12 | 393 |
| Steelcase, Inc. — Class A | 22 | 379 |
| La-Z-Boy, Inc. | 11 | 378 |
| United Parks & Resorts, Inc.<sup>\*</sup> | 7 | 362 |
| Lionsgate Studios Corp.<sup>\*</sup> | 52 | 359 |
| AMC Entertainment Holdings, Inc. — Class A<sup>\*</sup> | 117 | 339 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 35 | 332 |
| Leggett & Platt, Inc. | 36 | 319 |
| MillerKnoll, Inc. | 18 | 319 |
| Monarch Casino & Resort, Inc. | 3 | 317 |
| MRC Global, Inc.<sup>\*</sup> | 22 | 317 |
| LGI Homes, Inc.<sup>\*</sup> | 6 | 310 |
| Sonic Automotive, Inc. — Class A | 4 | 304 |
| Gentherm, Inc.<sup>\*</sup> | 8 | 273 |
| Fox Factory Holding Corp.<sup>\*</sup> | 11 | 267 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 10 | 266 |
| Cracker Barrel Old Country Store, Inc. | 6 | 264 |
| ScanSource, Inc.<sup>\*</sup> | 6 | 264 |
| Carter's, Inc. | 9 | 254 |
| Camping World Holdings, Inc. — Class A | 16 | 253 |
| Standard Motor Products, Inc. | 6 | 245 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 4 | 243 |
| Winnebago Industries, Inc. | 7 | 234 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 24 | 227 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 28 | 223 |
| Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 6 | 217 |
| indie Semiconductor, Inc. — Class A<sup>\*</sup> | 52 | 212 |
| Daktronics, Inc.<sup>\*</sup> | 10 | 209 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 8 | 207 |
| Microvast Holdings, Inc.<sup>\*</sup> | 53 | 204 |
| Global Business Travel Group I<sup>\*</sup> | 25 | 202 |
| XPEL, Inc.<sup>\*</sup> | 6 | 198 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 8 | 196 |
| Build-A-Bear Workshop, Inc. — Class A | 3 | 196 |
| ODP Corp.<sup>\*</sup> | 7 | 195 |
| Douglas Dynamics, Inc. | 6 | 188 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 31 | 186 |
| PC Connection, Inc. | 3 | 186 |
| Cooper-Standard Holdings, Inc.<sup>\*</sup> | 5 | 185 |
| Sabre Corp.<sup>\*</sup> | 98 | 179 |
| Ethan Allen Interiors, Inc. | 6 | 177 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 11 | 172 |
| Accel Entertainment, Inc.<sup>\*</sup> | 15 | 166 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 14 | 165 |
| Bloomin' Brands, Inc. | 23 | 165 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 5 | 162 |
| Oxford Industries, Inc. | 4 | 162 |
| EVgo, Inc.<sup>\*</sup> | 34 | 161 |
| Nu Skin Enterprises, Inc. — Class A | 13 | 158 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 5 | 153 |
| Ermenegildo Zegna N.V. | 16 | 151 |
| Arhaus, Inc.<sup>\*</sup> | 14 | 149 |
| Global Industrial Co. | 4 | 147 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 2 | 146 |
| Solid Power, Inc.<sup>\*</sup> | 39 | 135 |
| Forestar Group, Inc.<sup>\*</sup> | 5 | 133 |
| Savers Value Village, Inc.<sup>\*</sup> | 10 | 133 |
| A-Mark Precious Metals, Inc. | 5 | 129 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 1 | 129 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 10 | 128 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 7 | 127 |
| MarineMax, Inc.<sup>\*</sup> | 5 | 127 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Consumer, Cyclical - 2.7% (continued)** | **Consumer, Cyclical - 2.7% (continued)** | **Consumer, Cyclical - 2.7% (continued)** |
| Clean Energy Fuels Corp.<sup>\*</sup> | 47 | 121 |
| Miller Industries, Inc. | 3 | 121 |
| Potbelly Corp.<sup>\*</sup> | 7 | 119 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 2 | 119 |
| Golden Entertainment, Inc. | 5 | 118 |
| Caleres, Inc. | 9 | 117 |
| Aeva Technologies, Inc.<sup>\*</sup> | 8 | 116 |
| Rush Enterprises, Inc. — Class B | 2 | 115 |
| Wabash National Corp. | 11 | 109 |
| Shoe Carnival, Inc. | 5 | 104 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 23 | 102 |
| Titan Machinery, Inc.<sup>\*</sup> | 6 | 100 |
| Hudson Technologies, Inc.<sup>\*</sup> | 10 | 99 |
| Dine Brands Global, Inc. | 4 | 99 |
| Jack in the Box, Inc.<sup>\*</sup> | 5 | 99 |
| Titan International, Inc.<sup>\*</sup> | 13 | 98 |
| Webtoon Entertainment, Inc.<sup>\*</sup> | 5 | 97 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 15 | 97 |
| Arko Corp. | 21 | 96 |
| Marcus Corp. | 6 | 93 |
| Atlanta Braves Holdings, Inc. — Class A<sup>\*</sup> | 2 | 91 |
| Haverty Furniture Companies, Inc. | 4 | 88 |
| Genesco, Inc.<sup>\*</sup> | 3 | 87 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 4 | 86 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 5 | 83 |
| Krispy Kreme, Inc.<sup>\*</sup> | 21 | 81 |
| Petco Health & Wellness Company, Inc.<sup>\*</sup> | 21 | 81 |
| Zumiez, Inc.<sup>\*</sup> | 4 | 78 |
| Xperi, Inc.<sup>\*</sup> | 12 | 78 |
| Movado Group, Inc. | 4 | 76 |
| Denny's Corp.<sup>\*</sup> | 14 | 73 |
| Strattec Security Corp.<sup>\*</sup> | 1 | 68 |
| Methode Electronics, Inc. | 9 | 68 |
| El Pollo Loco Holdings, Inc.<sup>\*</sup> | 7 | 68 |
| Lovesac Co.<sup>\*</sup> | 4 | 68 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 7 | 66 |
| Hyliion Holdings Corp.<sup>\*</sup> | 33 | 65 |
| RCI Hospitality Holdings, Inc. | 2 | 61 |
| Weyco Group, Inc. | 2 | 60 |
| Rocky Brands, Inc. | 2 | 60 |
| America's Car-Mart, Inc.<sup>\*</sup> | 2 | 58 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 7 | 55 |
| Holley, Inc.<sup>\*</sup> | 16 | 50 |
| Tile Shop Holdings, Inc.<sup>\*</sup> | 8 | 48 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 3 | 48 |
| Livewire Group, Inc.<sup>\*</sup> | 10 | 47 |
| Flexsteel Industries, Inc. | 1 | 46 |
| Starz Entertainment Corp.<sup>\*</sup> | 3 | 44 |
| Sleep Number Corp.<sup>\*</sup> | 6 | 42 |
| Reservoir Media, Inc.<sup>\*</sup> | 5 | 41 |
| Johnson Outdoors, Inc. — Class A | 1 | 40 |
| Barnes & Noble Education, Inc.<sup>\*</sup> | 4 | 40 |
| Escalade, Inc. | 3 | 38 |
| JAKKS Pacific, Inc. | 2 | 37 |
| J Jill, Inc. | 2 | 34 |
| Superior Group of Companies, Inc. | 3 | 32 |
| Designer Brands, Inc. — Class A | 9 | 32 |
| EVI Industries, Inc. | 1 | 32 |
| Bassett Furniture Industries, Inc. | 2 | 31 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 24 | 31 |
| Citi Trends, Inc.<sup>\*</sup> | 1 | 31 |
| Funko, Inc. — Class A<sup>\*</sup> | 9 | 31 |
| Lakeland Industries, Inc. | 2 | 30 |
| Hamilton Beach Brands Holding Co. — Class A | 2 | 29 |
| Clarus Corp. | 8 | 28 |
| American Outdoor Brands, Inc.<sup>\*</sup> | 3 | 26 |
| Virco Mfg. Corp. | 3 | 23 |
| Bally's Corp.<sup>\*</sup> | 2 | 22 |
| Luminar Technologies, Inc.<sup>\*</sup> | 11 | 21 |
| Marine Products Corp. | 2 | 18 |
| Envela Corp.<sup>\*</sup> | 2 | 16 |
| Traeger, Inc.<sup>\*</sup> | 9 | 11 |
| Torrid Holdings, Inc.<sup>\*</sup> | 6 | 10 |
| **Total Consumer, Cyclical** |  | 77925 |
| **Communications - 1.4%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 40 | 5824 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 51 | 2893 |
| EchoStar Corp. — Class A<sup>\*</sup> | 36 | 2749 |
| InterDigital, Inc. | 7 | 2417 |
| Lumen Technologies, Inc.<sup>\*</sup> | 254 | 1554 |
| Applied Digital Corp.<sup>\*</sup> | 57 | 1308 |
| Q2 Holdings, Inc.<sup>\*</sup> | 17 | 1231 |
| Telephone & Data Systems, Inc. | 26 | 1020 |
| Calix, Inc.<sup>\*</sup> | 16 | 982 |
| Viasat, Inc.<sup>\*</sup> | 31 | 908 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 57 | 882 |
| TEGNA, Inc. | 43 | 874 |
| Magnite, Inc.<sup>\*</sup> | 38 | 828 |
| Cargurus, Inc.<sup>\*</sup> | 22 | 819 |
| Viavi Solutions, Inc.<sup>\*</sup> | 59 | 749 |
| Extreme Networks, Inc.<sup>\*</sup> | 35 | 723 |
| Upwork, Inc.<sup>\*</sup> | 33 | 613 |
| DigitalBridge Group, Inc. | 46 | 538 |
| TripAdvisor, Inc.<sup>\*</sup> | 31 | 504 |
| Yelp, Inc. — Class A<sup>\*</sup> | 16 | 499 |
| ePlus, Inc. | 7 | 497 |
| Globalstar, Inc.<sup>\*</sup> | 13 | 473 |
| Cogent Communications Holdings, Inc. | 12 | 460 |
| Sphere Entertainment Co.<sup>\*</sup> | 7 | 435 |
| Ziff Davis, Inc.<sup>\*</sup> | 11 | 419 |
| fuboTV, Inc.<sup>\*</sup> | 89 | 369 |
| A10 Networks, Inc. | 19 | 345 |
| Harmonic, Inc.<sup>\*</sup> | 30 | 305 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 34 | 287 |
| RealReal, Inc.<sup>\*</sup> | 25 | 266 |
| Revolve Group, Inc.<sup>\*</sup> | 11 | 234 |
| QuinStreet, Inc.<sup>\*</sup> | 15 | 232 |
| Sprinklr, Inc. — Class A<sup>\*</sup> | 30 | 232 |
| NETGEAR, Inc.<sup>\*</sup> | 7 | 227 |
| IDT Corp. — Class B | 4 | 209 |
| Rumble, Inc.<sup>\*</sup> | 28 | 203 |
| HealthStream, Inc. | 7 | 198 |
| Preformed Line Products Co. | 1 | 196 |
| Angi, Inc.<sup>\*</sup> | 12 | 195 |
| Shenandoah Telecommunications Co. | 14 | 188 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Communications - 1.4% (continued)** | **Communications - 1.4% (continued)** | **Communications - 1.4% (continued)** |
| ADTRAN Holdings, Inc.<sup>\*</sup> | 20 | 188 |
| Cars.com, Inc.<sup>\*</sup> | 15 | 183 |
| Cable One, Inc.<sup>\*</sup> | 1 | 177 |
| Stagwell, Inc.<sup>\*</sup> | 31 | 175 |
| Powerfleet Incorporated NJ<sup>\*</sup> | 33 | 173 |
| Altice USA, Inc. — Class A<sup>\*</sup> | 70 | 169 |
| Liquidity Services, Inc.<sup>\*</sup> | 6 | 165 |
| Groupon, Inc.<sup>\*</sup> | 7 | 163 |
| BlackSky Technology, Inc.<sup>\*</sup> | 8 | 161 |
| Figs, Inc. — Class A<sup>\*</sup> | 24 | 160 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 7 | 160 |
| Gannett Company, Inc.<sup>\*</sup> | 38 | 157 |
| Gogo, Inc.<sup>\*</sup> | 18 | 155 |
| Sinclair, Inc. | 10 | 151 |
| Bed Bath & Beyond, Inc.<sup>\*</sup> | 15 | 147 |
| Serve Robotics, Inc.<sup>\*</sup> | 12 | 139 |
| Gray Media, Inc. | 24 | 139 |
| Scholastic Corp. | 5 | 137 |
| Grindr, Inc.<sup>\*</sup> | 9 | 135 |
| Backblaze, Inc. — Class A<sup>\*</sup> | 14 | 130 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 29 | 126 |
| Shutterstock, Inc. | 6 | 125 |
| Thryv Holdings, Inc.<sup>\*</sup> | 10 | 120 |
| Nextdoor Holdings, Inc.<sup>\*</sup> | 56 | 117 |
| Bumble, Inc. — Class A<sup>\*</sup> | 19 | 116 |
| Clearfield, Inc.<sup>\*</sup> | 3 | 103 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 9 | 102 |
| Ribbon Communications, Inc.<sup>\*</sup> | 25 | 95 |
| Nexxen International Ltd.<sup>\*</sup> | 10 | 92 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 32 | 92 |
| Spok Holdings, Inc. | 5 | 86 |
| BK Technologies Corp.<sup>\*</sup> | 1 | 85 |
| Ooma, Inc.<sup>\*</sup> | 7 | 84 |
| OptimizeRx Corp.<sup>\*</sup> | 4 | 82 |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 6 | 78 |
| National CineMedia, Inc. | 17 | 77 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 9 | 74 |
| WideOpenWest, Inc.<sup>\*</sup> | 14 | 72 |
| Aviat Networks, Inc.<sup>\*</sup> | 3 | 69 |
| LifeMD, Inc.<sup>\*</sup> | 10 | 68 |
| Frequency Electronics, Inc.<sup>\*</sup> | 2 | 68 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 8 | 66 |
| Anterix, Inc.<sup>\*</sup> | 3 | 64 |
| Satellogic, Inc. — Class A<sup>\*</sup> | 18 | 59 |
| Getty Images Holdings, Inc.<sup>\*</sup> | 29 | 57 |
| Open Lending Corp. — Class A<sup>\*</sup> | 27 | 57 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 20 | 50 |
| CuriosityStream, Inc. | 9 | 48 |
| ATN International, Inc. | 3 | 45 |
| Inseego Corp.<sup>\*</sup> | 3 | 45 |
| Lands' End, Inc.<sup>\*</sup> | 3 | 42 |
| EW Scripps Co. — Class A<sup>\*</sup> | 17 | 42 |
| TechTarget, Inc.<sup>\*</sup> | 7 | 41 |
| Entravision Communications Corp. — Class A | 17 | 40 |
| Advantage Solutions, Inc.<sup>\*</sup> | 25 | 38 |
| Tucows, Inc. — Class A<sup>\*</sup> | 2 | 37 |
| Gambling.com Group Ltd.<sup>\*</sup> | 4 | 33 |
| Gaia, Inc.<sup>\*</sup> | 5 | 30 |
| AudioEye, Inc.<sup>\*</sup> | 2 | 28 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 6 | 28 |
| Crexendo, Inc.<sup>\*</sup> | 4 | 26 |
| Newsmax, Inc.<sup>\*</sup> | 2 | 25 |
| Triller Group, Inc.<sup>\*</sup> | 27 | 22 |
| BARK, Inc.<sup>\*</sup> | 25 | 21 |
| Nerdy, Inc.<sup>\*</sup> | 16 | 20 |
| Travelzoo<sup>\*</sup> | 2 | 20 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 3 | 16 |
| **Total Communications** |  | 39980 |
| **Energy - 1.3%** |  |  |
| NEXTracker, Inc. — Class A<sup>\*</sup> | 39 | 2886 |
| Magnolia Oil & Gas Corp. — Class A | 50 | 1194 |
| Core Natural Resources, Inc. | 14 | 1169 |
| Archrock, Inc. | 44 | 1158 |
| CNX Resources Corp.<sup>\*</sup> | 36 | 1156 |
| Murphy Oil Corp. | 36 | 1023 |
| Sunrun, Inc.<sup>\*</sup> | 56 | 968 |
| Noble Corporation plc | 34 | 962 |
| California Resources Corp. | 18 | 957 |
| Warrior Met Coal, Inc. | 14 | 891 |
| Peabody Energy Corp. | 33 | 875 |
| Valaris Ltd.<sup>\*</sup> | 17 | 829 |
| Eos Energy Enterprises, Inc.<sup>\*</sup> | 68 | 775 |
| SM Energy Co. | 30 | 749 |
| Tidewater, Inc.<sup>\*</sup> | 14 | 747 |
| Gulfport Energy Corp.<sup>\*</sup> | 4 | 724 |
| Transocean Ltd.<sup>\*</sup> | 227 | 708 |
| PBF Energy, Inc. — Class A | 23 | 694 |
| Plug Power, Inc.<sup>\*</sup> | 291 | 678 |
| Kodiak Gas Services, Inc. | 17 | 628 |
| Northern Oil & Gas, Inc. | 25 | 620 |
| Oceaneering International, Inc.<sup>\*</sup> | 25 | 619 |
| Helmerich & Payne, Inc. | 26 | 574 |
| Liberty Energy, Inc. — Class A | 42 | 518 |
| Delek US Holdings, Inc. | 16 | 516 |
| Seadrill Ltd.<sup>\*</sup> | 17 | 514 |
| Kinetik Holdings, Inc. — Class A | 12 | 513 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 14 | 496 |
| Alpha Metallurgical Resources, Inc.<sup>\*</sup> | 3 | 492 |
| Patterson-UTI Energy, Inc. | 94 | 487 |
| Crescent Energy Co. — Class A | 48 | 428 |
| DNOW, Inc.<sup>\*</sup> | 28 | 427 |
| Solaris Energy Infrastructure, Inc. — Class A | 10 | 400 |
| Comstock Resources, Inc.<sup>\*</sup> | 20 | 397 |
| Sable Offshore Corp.<sup>\*</sup> | 20 | 349 |
| Array Technologies, Inc.<sup>\*</sup> | 41 | 334 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 45 | 334 |
| Expro Group Holdings N.V.<sup>\*</sup> | 28 | 333 |
| Talos Energy, Inc.<sup>\*</sup> | 32 | 307 |
| CVR Energy, Inc.<sup>\*</sup> | 8 | 292 |
| Bristow Group, Inc.<sup>\*</sup> | 8 | 289 |
| Select Water Solutions, Inc. — Class A | 25 | 267 |
| Ramaco Resources, Inc. — Class A<sup>\*</sup> | 8 | 265 |
| REX American Resources Corp.<sup>\*</sup> | 8 | 245 |
| NextDecade Corp.<sup>\*</sup> | 36 | 244 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 37 | 243 |
| Atlas Energy Solutions, Inc. | 21 | 239 |
| Fluence Energy, Inc.<sup>\*</sup> | 20 | 216 |
| Diversified Energy Company plc | 15 | 210 |
| Kosmos Energy Ltd.<sup>\*</sup> | 126 | 209 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Energy - 1.3% (continued)** | **Energy - 1.3% (continued)** | **Energy - 1.3% (continued)** |
| Aris Water Solutions, Inc. — Class A | 8 | 197 |
| TETRA Technologies, Inc.<sup>\*</sup> | 34 | 196 |
| ASP Isotopes, Inc.<sup>\*</sup> | 20 | 192 |
| SunCoke Energy, Inc. | 23 | 188 |
| Vitesse Energy, Inc. | 8 | 186 |
| Innovex International, Inc.<sup>\*</sup> | 10 | 185 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 16 | 164 |
| Nabors Industries Ltd.<sup>\*</sup> | 4 | 164 |
| Borr Drilling Ltd.<sup>\*</sup> | 60 | 161 |
| Core Laboratories, Inc. | 13 | 161 |
| Hallador Energy Co.<sup>\*</sup> | 8 | 157 |
| Excelerate Energy, Inc. — Class A | 6 | 151 |
| Green Plains, Inc.<sup>\*</sup> | 17 | 150 |
| Vital Energy, Inc.<sup>\*</sup> | 8 | 135 |
| Gevo, Inc.<sup>\*</sup> | 62 | 122 |
| ProPetro Holding Corp.<sup>\*</sup> | 22 | 115 |
| RPC, Inc. | 24 | 114 |
| SandRidge Energy, Inc. | 10 | 113 |
| VAALCO Energy, Inc. | 28 | 113 |
| Riley Exploration Permian, Inc. | 4 | 108 |
| New Fortress Energy, Inc.<sup>\*</sup> | 45 | 100 |
| Oil States International, Inc.<sup>\*</sup> | 16 | 97 |
| BKV Corp.<sup>\*</sup> | 4 | 93 |
| Matrix Service Co.<sup>\*</sup> | 7 | 92 |
| Natural Gas Services Group, Inc. | 3 | 84 |
| Granite Ridge Resources, Inc. | 15 | 81 |
| Forum Energy Technologies, Inc.<sup>\*</sup> | 3 | 80 |
| Berry Corp. | 21 | 79 |
| Flowco Holdings, Inc. — Class A | 5 | 74 |
| Ranger Energy Services, Inc. — Class A | 5 | 70 |
| T1 Energy, Inc.<sup>\*</sup> | 30 | 65 |
| Summit Midstream Corp.<sup>\*</sup> | 3 | 62 |
| Flotek Industries, Inc.<sup>\*</sup> | 4 | 58 |
| Infinity Natural Resources, Inc. — Class A<sup>\*</sup> | 4 | 52 |
| Kolibri Global Energy, Inc.<sup>\*</sup> | 9 | 50 |
| W&T Offshore, Inc. | 26 | 47 |
| DMC Global, Inc.<sup>\*</sup> | 5 | 42 |
| NACCO Industries, Inc. — Class A | 1 | 42 |
| SEACOR Marine Holdings, Inc.<sup>\*</sup> | 6 | 39 |
| Evolution Petroleum Corp. | 8 | 39 |
| Montauk Renewables, Inc.<sup>\*</sup> | 18 | 36 |
| HighPeak Energy, Inc. | 5 | 35 |
| Complete Solaria, Inc.<sup>\*</sup> | 16 | 28 |
| FutureFuel Corp. | 7 | 27 |
| Epsilon Energy Ltd. | 5 | 25 |
| Empire Petroleum Corp.<sup>\*</sup> | 4 | 18 |
| Mammoth Energy Services, Inc.<sup>\*</sup> | 6 | 14 |
| OPAL Fuels, Inc. — Class A<sup>\*</sup> | 6 | 13 |
| Prairie Operating Co.<sup>\*</sup> | 6 | 12 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 3 | 11 |
| NextNRG, Inc.<sup>\*</sup> | 5 | 9 |
| Verde Clean Fuels, Inc.<sup>\*</sup> | 1 | 3 |
| **Total Energy** |  | 35797 |
| **Basic Materials - 1.0%** |  |  |
| Coeur Mining, Inc.<sup>\*</sup> | 172 | 3227 |
| Hecla Mining Co. | 160 | 1936 |
| Commercial Metals Co. | 31 | 1776 |
| Uranium Energy Corp.<sup>\*</sup> | 114 | 1521 |
| Balchem Corp. | 9 | 1351 |
| SSR Mining, Inc.<sup>\*</sup> | 54 | 1319 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 4 | 1240 |
| Cabot Corp. | 15 | 1141 |
| Sensient Technologies Corp. | 11 | 1032 |
| Hawkins, Inc. | 5 | 914 |
| HB Fuller Co. | 15 | 889 |
| Energy Fuels, Inc.<sup>\*</sup> | 56 | 859 |
| Perimeter Solutions, Inc.<sup>\*</sup> | 37 | 828 |
| Avient Corp. | 25 | 824 |
| Novagold Resources, Inc.<sup>\*</sup> | 81 | 713 |
| Chemours Co. | 40 | 634 |
| Constellium SE<sup>\*</sup> | 38 | 565 |
| Minerals Technologies, Inc. | 9 | 559 |
| Ingevity Corp.<sup>\*</sup> | 10 | 552 |
| Innospec, Inc. | 7 | 540 |
| Quaker Chemical Corp. | 4 | 527 |
| Century Aluminum Co.<sup>\*</sup> | 14 | 411 |
| Perpetua Resources Corp.<sup>\*</sup> | 20 | 405 |
| Rogers Corp.<sup>\*</sup> | 5 | 402 |
| Sylvamo Corp. | 9 | 398 |
| United States Lime & Minerals, Inc. | 3 | 395 |
| Calumet, Inc.<sup>\*</sup> | 18 | 328 |
| Kaiser Aluminum Corp. | 4 | 309 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 23 | 289 |
| Stepan Co. | 6 | 286 |
| Ecovyst, Inc.<sup>\*</sup> | 29 | 254 |
| MAC Copper Ltd. — Class A<sup>\*</sup> | 16 | 195 |
| Oil-Dri Corporation of America | 3 | 183 |
| Compass Minerals International, Inc.<sup>\*</sup> | 9 | 173 |
| Encore Energy Corp.<sup>\*</sup> | 50 | 160 |
| Mativ Holdings, Inc. | 14 | 158 |
| US Antimony Corp.<sup>\*</sup> | 25 | 155 |
| Ferroglobe plc | 32 | 146 |
| Caledonia Mining Corporation plc | 4 | 145 |
| Koppers Holdings, Inc. | 5 | 140 |
| AdvanSix, Inc. | 7 | 136 |
| Tronox Holdings plc — Class A | 32 | 129 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 17 | 123 |
| Orion S.A. | 15 | 114 |
| American Battery Technology Co.<sup>\*</sup> | 22 | 107 |
| Magnera Corp.<sup>\*</sup> | 9 | 105 |
| Dakota Gold Corp.<sup>\*</sup> | 23 | 105 |
| Idaho Strategic Resources, Inc.<sup>\*</sup> | 3 | 101 |
| NioCorp Developments Ltd.<sup>\*</sup> | 14 | 93 |
| Intrepid Potash, Inc.<sup>\*</sup> | 3 | 92 |
| Critical Metals Corp.<sup>\*</sup> | 9 | 56 |
| Codexis, Inc.<sup>\*</sup> | 22 | 54 |
| Contango ORE, Inc.<sup>\*</sup> | 2 | 50 |
| US Gold Corp.<sup>\*</sup> | 3 | 49 |
| Vox Royalty Corp. | 11 | 47 |
| Friedman Industries, Inc. | 2 | 44 |
| American Vanguard Corp.<sup>\*</sup> | 7 | 40 |
| Lifezone Metals Ltd.<sup>\*</sup> | 7 | 38 |
| Kronos Worldwide, Inc. | 6 | 34 |
| Trinseo plc | 9 | 21 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 26.5% (continued)** |
| **Basic Materials - 1.0% (continued)** | **Basic Materials - 1.0% (continued)** | **Basic Materials - 1.0% (continued)** |
| Valhi, Inc. | 1 | 16 |
| **Total Basic Materials** |  | 29433 |
| **Utilities - 0.9%** |  |  |
| Oklo, Inc.<sup>\*</sup> | 29 | 3237 |
| Ormat Technologies, Inc. | 16 | 1540 |
| TXNM Energy, Inc. | 26 | 1470 |
| Southwest Gas Holdings, Inc. | 17 | 1332 |
| Portland General Electric Co. | 30 | 1320 |
| Brookfield Infrastructure Corp. — Class A | 32 | 1316 |
| Spire, Inc. | 16 | 1304 |
| New Jersey Resources Corp. | 27 | 1300 |
| ONE Gas, Inc. | 16 | 1295 |
| Black Hills Corp. | 20 | 1232 |
| ALLETE, Inc. | 16 | 1062 |
| Northwestern Energy Group, Inc. | 17 | 996 |
| MGE Energy, Inc. | 10 | 842 |
| Avista Corp. | 22 | 832 |
| Otter Tail Corp. | 10 | 820 |
| Chesapeake Utilities Corp. | 6 | 808 |
| California Water Service Group | 16 | 734 |
| American States Water Co. | 10 | 733 |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 47 | 519 |
| Northwest Natural Holding Co. | 11 | 494 |
| H2O America | 9 | 438 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 9 | 302 |
| Middlesex Water Co. | 5 | 271 |
| Unitil Corp. | 4 | 192 |
| Consolidated Water Company Ltd. | 4 | 141 |
| York Water Co. | 4 | 122 |
| Genie Energy Ltd. — Class B | 6 | 90 |
| RGC Resources, Inc. | 2 | 45 |
| Global Water Resources, Inc. | 3 | 31 |
| **Total Utilities** |  | 24818 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 8 | 368 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $627,119) |  | 757099 |
| **RIGHTS<sup>††</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Cartesian Therapeutics Inc.<sup>\*</sup> | 69 |  |
| Sanofi SA | 15 |  |
| Tobira Therapeutics, Inc.<sup>\*,†††</sup> | 8 |  |
| Novartis AG <sup>\*,†††</sup> | 35 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>\*\*\*,†</sup> - 32.0%** |  |  |
| Vanguard Russell 2000 ETF | 4679 | 457700 |
| iShares Russell 2000 Index ETF | 1889 | 457062 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $827,474) |  | 914762 |
| **MUTUAL FUNDS<sup>†</sup> - 12.1%** |  |  |
| Guggenheim Strategy Fund II<sup>1</sup> | 7026 | 174796 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 17110 | 172298 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $341,275) |  | 347094 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.9%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | $55000 | 54920 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,919) |  | 54920 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 20.6%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 343197 | 343197 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 246952 | 246952 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $590,149) |  | 590149 |
| **Total Investments - 93.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,440,950) |  | $2664024 |
| **Other Assets & Liabilities, net - 6.9%** |  | 197253 |
| **Total Net Assets - 100.0%** |  | $2861277 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br> Contracts** | **Expiration** <br> **Date** | **Notional** <br> **Amount** | **Value and<br> Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 6 | Dec 2025 | $736710 | $9013 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing** <br> **Rate** | **Payment<br> Frequency** | **Maturity** <br> **Date** | **Units** | **Notional** <br> **Amount** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |  |
| BNP Paribas | Russell 2000 Index | Pay | 4.64% (Federal Funds Rate + 0.55%) | At Maturity | 11/20/25 | 260 | $632963 | $391 |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.88% (SOFR + 0.75%) | At Maturity | 11/20/25 | 230 | 560786 | 346 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.44% (Federal Funds Rate + 0.35%) | At Maturity | 11/19/25 | 283 | 688805 | (5851) |
|  |  |  |  |  |  |  | $1882554 | $(5114) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs, unless otherwise noted — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as futures collateral at September 30, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $757099 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— \* | $757099 |
| Rights |  | — \* | — \* |  |
| Exchange-Traded Funds | 914762 |  |  | 914762 |
| Mutual Funds | 347094 |  |  | 347094 |
| U.S. Treasury Bills |  | 54920 |  | 54920 |
| Repurchase Agreements |  | 590149 |  | 590149 |
| Equity Futures Contracts\*\* | 9013 |  |  | 9013 |
| Equity Index Swap Agreements\*\* |  | 737 |  | 737 |
| Total Assets | $2027968 | $645806 | $— | $2673774 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 5851 | $– $| 5851 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Security has a market value of $0.* |
| *<sup>\*\*</sup>* | *This derivative is reported as unrealized appreciation/depreciation at period end.* |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $244585 | $– | $(70000) | $310 | $(99) | $174796 | 7026 | $9029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 380753 | – | (210000) | 4172 | (2627) | 172298 | 17110 | 9274 |
|  | $625338 | $– | $(280000) | $4482 | $(2726) | $347094 |  | $18303 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **RIGHTS<sup>†††</sup> - 0.0%** | **RIGHTS<sup>†††</sup> - 0.0%** | **RIGHTS<sup>†††</sup> - 0.0%** |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Tobira Therapeutics, Inc.\* | 7 | $– |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>\*\*\*,†</sup> - 7.8%** |  |  |
| Vanguard Russell 2000 ETF | 2308 | 225768 |
| iShares Russell 2000 Index ETF | 932 | 225507 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $408,358) |  | 451275 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 28.4%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 28.4%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 28.4%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>1</sup> | $750000 | 749427 |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.01% due 11/20/25<sup>1</sup> | 600000 | 596658 |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>1</sup> | 300000 | 299362 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,645,437) |  | 1645447 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup> - 14.9%** | **U.S. TREASURY BILLS<sup>††</sup> - 14.9%** | **U.S. TREASURY BILLS<sup>††</sup> - 14.9%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.01% due 10/02/25<sup>1</sup> | 600000 | 599933 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>1</sup> | 150000 | 148743 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>1,2</sup> | 64000 | 63907 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,3</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $862,167) |  | 862164 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 31.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 1048011 | 1048011 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 754113 | 754113 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,802,124) |  | 1802124 |
| **Total Investments - 82.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,718,086) |  | $4761010 |
| **Other Assets & Liabilities, net - 17.8%** |  | 1032433 |
| **Total Net Assets - 100.0%** |  | $5793443 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional Amount** | **Value and <br> Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 9 | Dec 2025 | $1105065 | $(8305) |

---

**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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.88% (SOFR + 0.75%) | At Maturity | 11/20/25 | 1064 | $2592304 | $1601 |
| BNP Paribas | Russell 2000 Index | Pay | 4.64% (Federal Funds Rate + 0.55%) | At Maturity | 11/20/25 | 409 | 995544 | 616 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.44% (Federal Funds Rate + 0.35%) | At Maturity | 11/19/25 | 2639 | 6429727 | (54928) |
|  |  |  |  |  |  |  | $10017575 | $(52711) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *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>†††</sup>* | *Value determined based on Level 3 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 futures collateral at September 30, 2025.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as equity index swap collateral at September 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.*

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Rights | $— | $— | $— \* | $— |
| Exchange-Traded Funds | 451275 |  |  | 451275 |
| Federal Agency Discount Notes |  | 1645447 |  | 1645447 |
| U.S. Treasury Bills |  | 862164 |  | 862164 |
| Repurchase Agreements |  | 1802124 |  | 1802124 |
| Equity Index Swap Agreements\*\* |  | 2217 |  | 2217 |
| Total Assets | $451275 | $4311952 | $— | $4763227 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $8305 | $— | $— | $8305 |
| Equity Index Swap Agreements\*\* |  | 54928 |  | 54928 |
| Total Liabilities | $8305 | $54928 | $— | $63233 |

---

*<sup>\*</sup>* *Security has a market value of $0.*

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

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 85.0%** | **COMMON STOCKS<sup>†</sup> - 85.0%** | **COMMON STOCKS<sup>†</sup> - 85.0%** |
| **Technology - 28.1%** | **Technology - 28.1%** | **Technology - 28.1%** |
| NVIDIA Corp. | 39658 | $7399390 |
| Microsoft Corp. | 12081 | 6257354 |
| Apple, Inc. | 24120 | 6141676 |
| Broadcom, Inc. | 7645 | 2522162 |
| Oracle Corp. | 2693 | 757379 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 3695 | 674042 |
| International Business Machines Corp. | 1514 | 427190 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 2638 | 426802 |
| Salesforce, Inc. | 1554 | 368298 |
| ServiceNow, Inc.<sup>\*</sup> | 338 | 311055 |
| Intuit, Inc. | 453 | 309358 |
| Micron Technology, Inc. | 1819 | 304355 |
| QUALCOMM, Inc. | 1753 | 291629 |
| Lam Research Corp. | 2057 | 275432 |
| Texas Instruments, Inc. | 1478 | 271553 |
| Applied Materials, Inc. | 1304 | 266981 |
| Accenture plc — Class A | 1012 | 249559 |
| Adobe, Inc.<sup>\*</sup> | 689 | 243045 |
| Intel Corp.<sup>\*</sup> | 7114 | 238675 |
| KLA Corp. | 214 | 230820 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 405 | 198604 |
| Analog Devices, Inc. | 807 | 198280 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 443 | 155608 |
| Synopsys, Inc.<sup>\*</sup> | 301 | 148510 |
| Fiserv, Inc.<sup>\*</sup> | 884 | 113974 |
| Autodesk, Inc.<sup>\*</sup> | 348 | 110549 |
| NXP Semiconductor N.V. | 410 | 93369 |
| Fortinet, Inc.<sup>\*</sup> | 1059 | 89041 |
| Roper Technologies, Inc. | 175 | 87271 |
| Workday, Inc. — Class A<sup>\*</sup> | 351 | 84496 |
| Seagate Technology Holdings plc | 346 | 81677 |
| Datadog, Inc. — Class A<sup>\*</sup> | 525 | 74760 |
| Electronic Arts, Inc. | 366 | 73822 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 282 | 72858 |
| Monolithic Power Systems, Inc. | 78 | 71810 |
| MSCI, Inc. — Class A | 126 | 71494 |
| Dell Technologies, Inc. — Class C | 493 | 69893 |
| Western Digital Corp. | 564 | 67714 |
| Paychex, Inc. | 527 | 66803 |
| Fair Isaac Corp.<sup>\*</sup> | 39 | 58365 |
| Microchip Technology, Inc. | 877 | 56321 |
| Fidelity National Information Services, Inc. | 849 | 55983 |
| Cognizant Technology Solutions Corp. — Class A | 794 | 53254 |
| Hewlett Packard Enterprise Co. | 2133 | 52386 |
| Broadridge Financial Solutions, Inc. | 190 | 45252 |
| HP, Inc. | 1527 | 41580 |
| PTC, Inc.<sup>\*</sup> | 195 | 39589 |
| Leidos Holdings, Inc. | 209 | 39493 |
| Super Micro Computer, Inc.<sup>\*</sup> | 815 | 39071 |
| NetApp, Inc. | 325 | 38499 |
| Tyler Technologies, Inc.<sup>\*</sup> | 70 | 36621 |
| Teradyne, Inc. | 259 | 35649 |
| ON Semiconductor Corp.<sup>\*</sup> | 665 | 32791 |
| Gartner, Inc.<sup>\*</sup> | 123 | 32333 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 83 | 24664 |
| Skyworks Solutions, Inc. | 241 | 18552 |
| Dayforce, Inc.<sup>\*</sup> | 260 | 17911 |
| Akamai Technologies, Inc.<sup>\*</sup> | 233 | 17652 |
| Jack Henry & Associates, Inc. | 118 | 17574 |
| Paycom Software, Inc. | 81 | 16859 |
| EPAM Systems, Inc.<sup>\*</sup> | 91 | 13722 |
| **Total Technology** |  | 30681409 |
| **Communications - 14.1%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 15772 | 3463058 |
| Meta Platforms, Inc. — Class A | 3525 | 2588690 |
| Alphabet, Inc. — Class A | 9454 | 2298267 |
| Alphabet, Inc. — Class C | 7590 | 1848544 |
| Netflix, Inc.<sup>\*</sup> | 691 | 828454 |
| Cisco Systems, Inc. | 6436 | 440351 |
| Walt Disney Co. | 2922 | 334569 |
| Uber Technologies, Inc.<sup>\*</sup> | 3389 | 332020 |
| AT&T, Inc. | 11622 | 328205 |
| AppLovin Corp. — Class A<sup>\*</sup> | 437 | 314002 |
| Verizon Communications, Inc. | 6853 | 301190 |
| Booking Holdings, Inc. | 53 | 286161 |
| Arista Networks, Inc.<sup>\*</sup> | 1675 | 244064 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 1086 | 221131 |
| T-Mobile US, Inc. | 787 | 188392 |
| Comcast Corp. — Class A | 5986 | 188080 |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 1250 | 178975 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 602 | 163738 |
| Motorola Solutions, Inc. | 271 | 123926 |
| Corning, Inc. | 1267 | 103932 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 697 | 84630 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 4022 | 78550 |
| eBay, Inc. | 743 | 67576 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 151 | 41541 |
| Expedia Group, Inc. | 192 | 41040 |
| VeriSign, Inc. | 137 | 38301 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 724 | 35483 |
| CDW Corp. | 213 | 33927 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 225 | 30787 |
| F5, Inc.<sup>\*</sup> | 93 | 30057 |
| Gen Digital, Inc. | 911 | 25863 |
| Omnicom Group, Inc. | 315 | 25682 |
| Fox Corp. — Class A | 341 | 21503 |
| News Corp. — Class A | 612 | 18794 |
| FactSet Research Systems, Inc. | 61 | 17476 |
| Interpublic Group of Companies, Inc. | 595 | 16607 |
| Match Group, Inc. | 391 | 13810 |
| Fox Corp. — Class B | 241 | 13807 |
| Paramount Skydance Corp. — Class B | 502 | 9498 |
| News Corp. — Class B | 202 | 6979 |
| **Total Communications** |  | 15427660 |
| **Financial - 12.2%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 2980 | 1498165 |
| JPMorgan Chase & Co. | 4469 | 1409657 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** |
| **Financial - 12.2% (continued)** |  |  |
| Visa, Inc. — Class A | 2761 | $942550 |
| Mastercard, Inc. — Class A | 1342 | 763343 |
| Bank of America Corp. | 11074 | 571308 |
| Wells Fargo & Co. | 5207 | 436451 |
| Goldman Sachs Group, Inc. | 492 | 391804 |
| Morgan Stanley | 1972 | 313469 |
| Citigroup, Inc. | 2992 | 303688 |
| American Express Co. | 882 | 292965 |
| Blackrock, Inc. | 234 | 272814 |
| Charles Schwab Corp. | 2773 | 264738 |
| Progressive Corp. | 953 | 235343 |
| Capital One Financial Corp. | 1039 | 220871 |
| Blackstone, Inc. — Class A | 1198 | 204679 |
| Welltower, Inc. REIT | 1087 | 193638 |
| Prologis, Inc. REIT | 1508 | 172696 |
| Chubb Ltd. | 603 | 170197 |
| Marsh & McLennan Companies, Inc. | 799 | 161022 |
| CME Group, Inc. — Class A | 586 | 158331 |
| Intercontinental Exchange, Inc. | 930 | 156686 |
| American Tower Corp. — Class A REIT | 761 | 146356 |
| KKR & Company, Inc. — Class A | 1115 | 144894 |
| Arthur J Gallagher & Co. | 417 | 129162 |
| PNC Financial Services Group, Inc. | 640 | 128595 |
| Bank of New York Mellon Corp. | 1146 | 124868 |
| Aon plc — Class A | 350 | 124803 |
| Equinix, Inc. REIT | 159 | 124535 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 368 | 124196 |
| U.S. Bancorp | 2529 | 122227 |
| Travelers Companies, Inc. | 366 | 102195 |
| Apollo Global Management, Inc. | 748 | 99686 |
| Simon Property Group, Inc. REIT | 531 | 99653 |
| Truist Financial Corp. | 2096 | 95829 |
| Allstate Corp. | 428 | 91870 |
| Realty Income Corp. REIT | 1486 | 90334 |
| Digital Realty Trust, Inc. REIT | 521 | 90071 |
| Aflac, Inc. | 782 | 87349 |
| Ameriprise Financial, Inc. | 153 | 75161 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 476 | 74998 |
| MetLife, Inc. | 908 | 74792 |
| Public Storage REIT | 257 | 74234 |
| American International Group, Inc. | 900 | 70686 |
| Crown Castle, Inc. REIT | 708 | 68315 |
| Nasdaq, Inc. | 737 | 65188 |
| Hartford Insurance Group, Inc. | 457 | 60959 |
| Prudential Financial, Inc. | 572 | 59339 |
| CoStar Group, Inc.<sup>\*</sup> | 689 | 58131 |
| VICI Properties, Inc. REIT | 1733 | 56513 |
| Willis Towers Watson plc | 159 | 54927 |
| Arch Capital Group Ltd. | 604 | 54801 |
| State Street Corp. | 461 | 53481 |
| Ventas, Inc. REIT | 739 | 51723 |
| M&T Bank Corp. | 254 | 50195 |
| Interactive Brokers Group, Inc. — Class A | 724 | 49818 |
| Raymond James Financial, Inc. | 288 | 49709 |
| Iron Mountain, Inc. REIT | 480 | 48931 |
| Extra Space Storage, Inc. REIT | 345 | 48624 |
| Fifth Third Bancorp | 1076 | 47936 |
| Brown & Brown, Inc. | 476 | 44644 |
| AvalonBay Communities, Inc. REIT | 231 | 44622 |
| Synchrony Financial | 605 | 42985 |
| Northern Trust Corp. | 311 | 41861 |
| Cboe Global Markets, Inc. | 170 | 41693 |
| Huntington Bancshares, Inc. | 2383 | 41154 |
| Cincinnati Financial Corp. | 254 | 40157 |
| Regions Financial Corp. | 1450 | 38236 |
| W R Berkley Corp. | 487 | 37314 |
| Citizens Financial Group, Inc. | 701 | 37265 |
| T. Rowe Price Group, Inc. | 357 | 36642 |
| Equity Residential REIT | 565 | 36573 |
| SBA Communications Corp. REIT | 175 | 33836 |
| Weyerhaeuser Co. REIT | 1173 | 29079 |
| KeyCorp | 1515 | 28315 |
| Essex Property Trust, Inc. REIT | 105 | 28104 |
| Loews Corp. | 276 | 27708 |
| Principal Financial Group, Inc. | 329 | 27277 |
| Invitation Homes, Inc. REIT | 917 | 26896 |
| Mid-America Apartment Communities, Inc. REIT | 190 | 26549 |
| Kimco Realty Corp. REIT | 1101 | 24057 |
| Everest Group Ltd. | 68 | 23816 |
| Healthpeak Properties, Inc. REIT | 1129 | 21620 |
| Alexandria Real Estate Equities, Inc. REIT | 253 | 21085 |
| Regency Centers Corp. REIT | 266 | 19391 |
| Globe Life, Inc. | 132 | 18872 |
| Camden Property Trust REIT | 174 | 18580 |
| UDR, Inc. REIT | 490 | 18257 |
| BXP, Inc. REIT | 239 | 17767 |
| Assurant, Inc. | 82 | 17761 |
| Host Hotels & Resorts, Inc. REIT | 1039 | 17684 |
| Invesco Ltd. | 725 | 16632 |
| Erie Indemnity Co. — Class A | 41 | 13045 |
| Federal Realty Investment Trust REIT | 128 | 12968 |
| Franklin Resources, Inc. | 498 | 11519 |
| **Total Financial** |  | 13293463 |
| **Consumer, Non-cyclical - 11.5%** |  |  |
| Eli Lilly & Co. | 1292 | 985796 |
| Johnson & Johnson | 3914 | 725734 |
| AbbVie, Inc. | 2871 | 664751 |
| Procter & Gamble Co. | 3807 | 584946 |
| UnitedHealth Group, Inc. | 1472 | 508282 |
| Coca-Cola Co. | 6295 | 417484 |
| Philip Morris International, Inc. | 2530 | 410366 |
| Abbott Laboratories | 2829 | 378916 |
| Merck & Company, Inc. | 4060 | 340756 |
| PepsiCo, Inc. | 2225 | 312479 |
| Thermo Fisher Scientific, Inc. | 614 | 297802 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 583 | 260735 |
| S&P Global, Inc. | 508 | 247249 |
| Amgen, Inc. | 875 | 246925 |
| Pfizer, Inc. | 9241 | 235461 |
| Boston Scientific Corp.<sup>\*</sup> | 2408 | 235093 |
| Gilead Sciences, Inc. | 2017 | 223887 |
| Stryker Corp. | 559 | 206645 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** |
| **Consumer, Non-cyclical - 11.5% (continued)** |  |  |
| Danaher Corp. | 1036 | $205397 |
| Medtronic plc | 2082 | 198290 |
| Automatic Data Processing, Inc. | 658 | 193123 |
| Altria Group, Inc. | 2730 | 180344 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 417 | 163314 |
| McKesson Corp. | 202 | 156053 |
| CVS Health Corp. | 2061 | 155379 |
| Bristol-Myers Squibb Co. | 3308 | 149191 |
| Mondelez International, Inc. — Class A | 2103 | 131374 |
| Cigna Group | 434 | 125101 |
| Moody's Corp. | 251 | 119596 |
| Elevance Health, Inc. | 366 | 118262 |
| Cintas Corp. | 557 | 114330 |
| HCA Healthcare, Inc. | 266 | 113369 |
| Zoetis, Inc. | 720 | 105350 |
| Colgate-Palmolive Co. | 1314 | 105041 |
| PayPal Holdings, Inc.<sup>\*</sup> | 1553 | 104144 |
| Quanta Services, Inc. | 242 | 100290 |
| United Rentals, Inc. | 105 | 100239 |
| Cencora, Inc. — Class A | 315 | 98447 |
| Regeneron Pharmaceuticals, Inc. | 166 | 93337 |
| Becton Dickinson & Co. | 466 | 87221 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 130 | 83056 |
| Monster Beverage Corp.<sup>\*</sup> | 1159 | 78012 |
| Corteva, Inc. | 1104 | 74664 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 954 | 74193 |
| Kimberly-Clark Corp. | 539 | 67019 |
| Kroger Co. | 989 | 66668 |
| ResMed, Inc. | 238 | 65148 |
| Block, Inc. — Class A<sup>\*</sup> | 893 | 64537 |
| Sysco Corp. | 776 | 63896 |
| Cardinal Health, Inc. | 388 | 60900 |
| Agilent Technologies, Inc. | 462 | 59298 |
| Verisk Analytics, Inc. — Class A | 227 | 57093 |
| Keurig Dr Pepper, Inc. | 2208 | 56326 |
| GE HealthCare Technologies, Inc. | 742 | 55724 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 276 | 52423 |
| Equifax, Inc. | 201 | 51563 |
| Humana, Inc. | 195 | 50733 |
| Kenvue, Inc. | 3119 | 50621 |
| Archer-Daniels-Midland Co. | 781 | 46657 |
| Hershey Co. | 241 | 45079 |
| General Mills, Inc. | 869 | 43815 |
| Dexcom, Inc.<sup>\*</sup> | 637 | 42864 |
| STERIS plc | 160 | 39590 |
| Labcorp Holdings, Inc. | 135 | 38753 |
| Kraft Heinz Co. | 1385 | 36065 |
| Kellanova | 437 | 35843 |
| Insulet Corp.<sup>\*</sup> | 114 | 35195 |
| Church & Dwight Company, Inc. | 396 | 34701 |
| Quest Diagnostics, Inc. | 182 | 34686 |
| Estee Lauder Companies, Inc. — Class A | 381 | 33574 |
| Biogen, Inc.<sup>\*</sup> | 238 | 33339 |
| Corpay, Inc.<sup>\*</sup> | 115 | 33127 |
| Global Payments, Inc. | 394 | 32733 |
| Zimmer Biomet Holdings, Inc. | 322 | 31717 |
| Constellation Brands, Inc. — Class A | 232 | 31244 |
| West Pharmaceutical Services, Inc. | 117 | 30693 |
| Waters Corp.<sup>\*</sup> | 97 | 29082 |
| McCormick & Company, Inc. | 411 | 27500 |
| Centene Corp.<sup>\*</sup> | 758 | 27045 |
| Rollins, Inc. | 457 | 26844 |
| Tyson Foods, Inc. — Class A | 464 | 25195 |
| Clorox Co. | 199 | 24537 |
| Hologic, Inc.<sup>\*</sup> | 362 | 24431 |
| Incyte Corp.<sup>\*</sup> | 267 | 22644 |
| Cooper Companies, Inc.<sup>\*</sup> | 324 | 22213 |
| Avery Dennison Corp. | 127 | 20596 |
| Baxter International, Inc. | 835 | 19013 |
| Universal Health Services, Inc. — Class B | 92 | 18808 |
| J M Smucker Co. | 173 | 18788 |
| Viatris, Inc. | 1895 | 18761 |
| Bunge Global S.A. | 228 | 18525 |
| Solventum Corp.<sup>\*</sup> | 240 | 17520 |
| Molina Healthcare, Inc.<sup>\*</sup> | 88 | 16840 |
| Revvity, Inc. | 189 | 16566 |
| Moderna, Inc.<sup>\*</sup> | 563 | 14542 |
| Conagra Brands, Inc. | 779 | 14264 |
| Bio-Techne Corp. | 255 | 14186 |
| Align Technology, Inc.<sup>\*</sup> | 110 | 13774 |
| Lamb Weston Holdings, Inc. | 226 | 13126 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 80 | 12517 |
| Molson Coors Beverage Co. — Class B | 275 | 12444 |
| Hormel Foods Corp. | 474 | 11727 |
| Henry Schein, Inc.<sup>\*</sup> | 168 | 11150 |
| The Campbell's Co. | 320 | 10106 |
| Brown-Forman Corp. — Class B | 286 | 7745 |
| DaVita, Inc.<sup>\*</sup> | 58 | 7706 |
| **Total Consumer, Non-cyclical** |  | 12530243 |
| **Consumer, Cyclical - 7.1%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 4561 | 2028368 |
| Walmart, Inc. | 7134 | 735230 |
| Costco Wholesale Corp. | 721 | 667379 |
| Home Depot, Inc. | 1617 | 655192 |
| McDonald's Corp. | 1160 | 352512 |
| TJX Companies, Inc. | 1813 | 262051 |
| Lowe's Companies, Inc. | 911 | 228943 |
| Starbucks Corp. | 1848 | 156341 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 1379 | 148670 |
| NIKE, Inc. — Class B | 1931 | 134649 |
| Royal Caribbean Cruises Ltd. | 411 | 132992 |
| AutoZone, Inc.<sup>\*</sup> | 27 | 115837 |
| Hilton Worldwide Holdings, Inc. | 382 | 99106 |
| Marriott International, Inc. — Class A | 366 | 95321 |
| Cummins, Inc. | 224 | 94611 |
| General Motors Co. | 1547 | 94320 |
| Fastenal Co. | 1865 | 91459 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 2179 | 85395 |
| PACCAR, Inc. | 853 | 83867 |
| Ross Stores, Inc. | 532 | 81071 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** |
| **Consumer, Cyclical - 7.1% (continued)** |  |  |
| DR Horton, Inc. | 451 | $76431 |
| Ford Motor Co. | 6353 | 75982 |
| WW Grainger, Inc. | 72 | 68613 |
| Yum! Brands, Inc. | 451 | 68552 |
| Target Corp. | 738 | 66199 |
| Copart, Inc.<sup>\*</sup> | 1446 | 65027 |
| Delta Air Lines, Inc. | 1054 | 59815 |
| Carnival Corp.<sup>\*</sup> | 1765 | 51026 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 526 | 50759 |
| Tractor Supply Co. | 861 | 48965 |
| Lennar Corp. — Class A | 370 | 46635 |
| PulteGroup, Inc. | 321 | 42414 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 256 | 41830 |
| NVR, Inc.<sup>\*</sup> | 5 | 40173 |
| Ulta Beauty, Inc.<sup>\*</sup> | 73 | 39913 |
| Williams-Sonoma, Inc. | 200 | 39090 |
| Tapestry, Inc. | 338 | 38268 |
| Dollar General Corp. | 358 | 36999 |
| Darden Restaurants, Inc. | 190 | 36168 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 177 | 31494 |
| Genuine Parts Co. | 226 | 31324 |
| Aptiv plc<sup>\*</sup> | 354 | 30522 |
| Dollar Tree, Inc.<sup>\*</sup> | 315 | 29727 |
| Southwest Airlines Co. | 854 | 27251 |
| Las Vegas Sands Corp. | 502 | 27003 |
| Deckers Outdoor Corp.<sup>\*</sup> | 241 | 24430 |
| Best Buy Company, Inc. | 319 | 24123 |
| TKO Group Holdings, Inc. | 112 | 22620 |
| Domino's Pizza, Inc. | 51 | 22017 |
| Ralph Lauren Corp. — Class A | 63 | 19754 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 735 | 18103 |
| Wynn Resorts Ltd. | 137 | 17573 |
| Hasbro, Inc. | 217 | 16459 |
| Pool Corp. | 53 | 16434 |
| LKQ Corp. | 418 | 12766 |
| MGM Resorts International<sup>\*</sup> | 332 | 11507 |
| CarMax, Inc.<sup>\*</sup> | 244 | 10948 |
| **Total Consumer, Cyclical** |  | 7730228 |
| **Industrial - 6.3%** |  |  |
| General Electric Co. | 1724 | 518614 |
| RTX Corp. | 2176 | 364110 |
| Caterpillar, Inc. | 761 | 363111 |
| GE Vernova, Inc. | 442 | 271786 |
| Boeing Co.<sup>\*</sup> | 1229 | 265255 |
| Amphenol Corp. — Class A | 1984 | 245520 |
| Eaton Corporation plc | 633 | 236900 |
| Union Pacific Corp. | 964 | 227861 |
| Honeywell International, Inc. | 1032 | 217236 |
| Deere & Co. | 409 | 187019 |
| Lockheed Martin Corp. | 334 | 166736 |
| Parker-Hannifin Corp. | 208 | 157695 |
| Trane Technologies plc | 362 | 152750 |
| General Dynamics Corp. | 410 | 139810 |
| 3M Co. | 866 | 134386 |
| Northrop Grumman Corp. | 219 | 133441 |
| Waste Management, Inc. | 602 | 132940 |
| Howmet Aerospace, Inc. | 655 | 128531 |
| TransDigm Group, Inc. | 92 | 121258 |
| Emerson Electric Co. | 915 | 120030 |
| Johnson Controls International plc | 1064 | 116987 |
| Illinois Tool Works, Inc. | 431 | 112388 |
| Norfolk Southern Corp. | 365 | 109650 |
| CSX Corp. | 3030 | 107595 |
| TE Connectivity plc | 480 | 105374 |
| United Parcel Service, Inc. — Class B | 1196 | 99902 |
| L3Harris Technologies, Inc. | 304 | 92844 |
| Axon Enterprise, Inc.<sup>\*</sup> | 128 | 91858 |
| FedEx Corp. | 353 | 83241 |
| Carrier Global Corp. | 1300 | 77610 |
| Republic Services, Inc. — Class A | 330 | 75728 |
| AMETEK, Inc. | 375 | 70500 |
| Vulcan Materials Co. | 215 | 66138 |
| Garmin Ltd. | 266 | 65494 |
| Rockwell Automation, Inc. | 183 | 63964 |
| Martin Marietta Materials, Inc. | 98 | 61767 |
| Xylem, Inc. | 396 | 58410 |
| Otis Worldwide Corp. | 638 | 58332 |
| Westinghouse Air Brake Technologies Corp. | 278 | 55731 |
| Keysight Technologies, Inc.<sup>\*</sup> | 280 | 48978 |
| Ingersoll Rand, Inc. | 588 | 48580 |
| EMCOR Group, Inc. | 73 | 47416 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 76 | 44539 |
| Veralto Corp. | 403 | 42964 |
| Old Dominion Freight Line, Inc. | 301 | 42375 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 33 | 40511 |
| Jabil, Inc. | 174 | 37788 |
| Dover Corp. | 223 | 37203 |
| Hubbell, Inc. | 86 | 37007 |
| Smurfit WestRock plc | 849 | 36142 |
| Packaging Corporation of America | 145 | 31600 |
| Trimble, Inc.<sup>\*</sup> | 387 | 31599 |
| Amcor plc | 3747 | 30650 |
| Pentair plc | 266 | 29462 |
| Snap-on, Inc. | 85 | 29455 |
| Jacobs Solutions, Inc. | 194 | 29073 |
| Lennox International, Inc. | 52 | 27527 |
| Expeditors International of Washington, Inc. | 221 | 27092 |
| Fortive Corp. | 550 | 26944 |
| CH Robinson Worldwide, Inc. | 192 | 25421 |
| Allegion plc | 140 | 24829 |
| Textron, Inc. | 290 | 24502 |
| Masco Corp. | 340 | 23933 |
| Ball Corp. | 442 | 22286 |
| Builders FirstSource, Inc.<sup>\*</sup> | 180 | 21825 |
| IDEX Corp. | 122 | 19857 |
| Nordson Corp. | 87 | 19745 |
| Stanley Black & Decker, Inc. | 252 | 18731 |
| Huntington Ingalls Industries, Inc. | 64 | 18426 |
| J.B. Hunt Transport Services, Inc. | 124 | 16637 |
| Generac Holdings, Inc.<sup>\*</sup> | 95 | 15903 |
| A O Smith Corp. | 186 | 13654 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 85.0% (continued)** |
| **Industrial - 6.3% (continued)** |  |  |
| Mohawk Industries, Inc.<sup>\*</sup> | 85 | $10958 |
| **Total Industrial** |  | 6862114 |
| **Energy - 2.5%** |  |  |
| Exxon Mobil Corp. | 6929 | 781245 |
| Chevron Corp. | 3128 | 485747 |
| ConocoPhillips | 2030 | 192018 |
| Williams Companies, Inc. | 1985 | 125750 |
| EOG Resources, Inc. | 887 | 99450 |
| Marathon Petroleum Corp. | 494 | 95213 |
| Kinder Morgan, Inc. | 3178 | 89969 |
| Phillips 66 | 657 | 89365 |
| Valero Energy Corp. | 505 | 85981 |
| Schlumberger N.V. | 2425 | 83347 |
| Baker Hughes Co. | 1602 | 78050 |
| ONEOK, Inc. | 1024 | 74721 |
| Targa Resources Corp. | 350 | 58639 |
| Equities Corp. | 1014 | 55192 |
| Occidental Petroleum Corp. | 1168 | 55188 |
| Diamondback Energy, Inc. | 306 | 43789 |
| Expand Energy Corp. | 387 | 41115 |
| First Solar, Inc.<sup>\*</sup> | 174 | 38372 |
| Devon Energy Corp. | 1032 | 36182 |
| Halliburton Co. | 1386 | 34096 |
| Coterra Energy, Inc. — Class A | 1240 | 29326 |
| Texas Pacific Land Corp. | 31 | 28943 |
| APA Corp. | 582 | 14131 |
| **Total Energy** |  | 2715829 |
| **Utilities - 2.0%** |  |  |
| NextEra Energy, Inc. | 3347 | 252665 |
| Southern Co. | 1788 | 169449 |
| Constellation Energy Corp. | 508 | 167168 |
| Duke Energy Corp. | 1264 | 156420 |
| Vistra Corp. | 518 | 101487 |
| American Electric Power Company, Inc. | 869 | 97762 |
| Sempra | 1060 | 95379 |
| Dominion Energy, Inc. | 1387 | 84843 |
| Xcel Energy, Inc. | 961 | 77505 |
| Exelon Corp. | 1642 | 73906 |
| Public Service Enterprise Group, Inc. | 811 | 67686 |
| Entergy Corp. | 726 | 67656 |
| WEC Energy Group, Inc. | 523 | 59931 |
| Consolidated Edison, Inc. | 586 | 58905 |
| PG&E Corp. | 3572 | 53866 |
| NRG Energy, Inc. | 314 | 50852 |
| DTE Energy Co. | 337 | 47662 |
| Ameren Corp. | 440 | 45927 |
| PPL Corp. | 1202 | 44666 |
| Atmos Energy Corp. | 261 | 44566 |
| American Water Works Company, Inc. | 317 | 44123 |
| Eversource Energy | 603 | 42897 |
| CenterPoint Energy, Inc. | 1061 | 41167 |
| FirstEnergy Corp. | 845 | 38718 |
| CMS Energy Corp. | 487 | 35678 |
| Edison International | 625 | 34550 |
| NiSource, Inc. | 765 | 33124 |
| Evergy, Inc. | 374 | 28431 |
| Alliant Energy Corp. | 418 | 28177 |
| Pinnacle West Capital Corp. | 194 | 17394 |
| AES Corp. | 1157 | 15226 |
| **Total Utilities** |  | 2177786 |
| **Basic Materials - 1.2%** |  |  |
| Linde plc | 762 | 361950 |
| Newmont Corp. | 1785 | 150493 |
| Sherwin-Williams Co. | 377 | 130540 |
| Ecolab, Inc. | 415 | 113652 |
| Air Products and Chemicals, Inc. | 362 | 98725 |
| Freeport-McMoRan, Inc. | 2334 | 91540 |
| DuPont de Nemours, Inc. | 681 | 53050 |
| Nucor Corp. | 373 | 50515 |
| International Paper Co. | 858 | 39811 |
| PPG Industries, Inc. | 367 | 38576 |
| Steel Dynamics, Inc. | 225 | 31372 |
| Dow, Inc. | 1152 | 26415 |
| International Flavors & Fragrances, Inc. | 417 | 25662 |
| CF Industries Holdings, Inc. | 263 | 23591 |
| LyondellBasell Industries N.V. — Class A | 418 | 20499 |
| Mosaic Co. | 516 | 17895 |
| Albemarle Corp. | 191 | 15486 |
| Eastman Chemical Co. | 187 | 11790 |
| **Total Basic Materials** |  | 1301562 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $70,554,252) |  | 92720294 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 10.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.02% due 10/28/25<sup>1,2</sup> | $10000000 | 9969666 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | 950000 | 942041 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 756000 | 754897 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>2</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,716,337) |  | 11716185 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 739211 | 739211 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 531911 | 531911 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,271,122) |  | 1271122 |
| **Total Investments - 96.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $83,541,711) |  | $105707601 |
| **Other Assets & Liabilities, net - 3.1%** |  | 3429738 |
| **Total Net Assets - 100.0%** |  | $109137339 |

---

---

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

---

**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 | 26 | Dec 2025 | $8758100 | $74911 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> 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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | S&P 500 Index | Pay | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/19/25 | 12301 | $82275159 | $384333 |
| BNP Paribas | S&P 500 Index | Pay | 4.94% (Federal Funds Rate + 0.85%) | At Maturity | 11/20/25 | 3514 | 23506340 | 177445 |
| Barclays Bank plc | S&P 500 Index | Pay | 5.03% (SOFR + 0.90%) | At Maturity | 11/20/25 | 1647 | 11013316 | 83138 |
|  |  |  |  |  |  |  | $116794815 | $644916 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is pledged as equity index swap collateral at September 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 September 30, 2025.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $92720294 | $— | $— | $92720294 |
| U.S. Treasury Bills |  | 11716185 |  | 11716185 |
| Repurchase Agreements |  | 1271122 |  | 1271122 |
| Equity Futures Contracts\*\* | 74911 |  |  | 74911 |
| Equity Index Swap Agreements\*\* |  | 644916 |  | 644916 |
| Total Assets | $92795205 | $13632223 | $— | $106427428 |

---

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

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Consumer, Cyclical - 25.7%** |  |  |
| Royal Caribbean Cruises Ltd. | 2041 | $660427 |
| Carnival Corp.<sup>\*</sup> | 19743 | 570770 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 21200 | 522156 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 5308 | 512222 |
| TKO Group Holdings, Inc. | 2426 | 489955 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 2794 | 456540 |
| Tapestry, Inc. | 3926 | 444501 |
| Delta Air Lines, Inc. | 6828 | 387489 |
| Wynn Resorts Ltd. | 2815 | 361080 |
| Hilton Worldwide Holdings, Inc. | 1279 | 331824 |
| Ralph Lauren Corp. — Class A | 973 | 305094 |
| Tesla, Inc.<sup>\*</sup> | 624 | 277505 |
| PulteGroup, Inc. | 2100 | 277473 |
| Marriott International, Inc. — Class A | 1043 | 271639 |
| Cummins, Inc. | 569 | 240329 |
| Las Vegas Sands Corp. | 4414 | 237429 |
| Deckers Outdoor Corp.<sup>\*</sup> | 1689 | 171214 |
| WW Grainger, Inc. | 140 | 133414 |
| Williams-Sonoma, Inc. | 627 | 122547 |
| Costco Wholesale Corp. | 128 | 118481 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 2379 | 93233 |
| **Total Consumer, Cyclical** |  | 6985322 |
| **Technology - 17.1%** |  |  |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 4353 | 794074 |
| NVIDIA Corp. | 3285 | 612915 |
| Broadcom, Inc. | 1343 | 443069 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 853 | 418294 |
| Fortinet, Inc.<sup>\*</sup> | 4032 | 339011 |
| Datadog, Inc. — Class A<sup>\*</sup> | 2154 | 306730 |
| Super Micro Computer, Inc.<sup>\*</sup> | 5932 | 284380 |
| Oracle Corp. | 817 | 229773 |
| ServiceNow, Inc.<sup>\*</sup> | 241 | 221788 |
| Fair Isaac Corp.<sup>\*</sup> | 138 | 206521 |
| Paycom Software, Inc. | 941 | 195860 |
| International Business Machines Corp. | 572 | 161395 |
| Fiserv, Inc.<sup>\*</sup> | 1038 | 133829 |
| Tyler Technologies, Inc.<sup>\*</sup> | 216 | 113003 |
| Dayforce, Inc.<sup>\*</sup> | 1461 | 100648 |
| Salesforce, Inc. | 326 | 77262 |
| **Total Technology** |  | 4638552 |
| **Communications - 15.2%** |  |  |
| Arista Networks, Inc.<sup>\*</sup> | 3989 | 581237 |
| AppLovin Corp. — Class A<sup>\*</sup> | 671 | 482140 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1586 | 431376 |
| Uber Technologies, Inc.<sup>\*</sup> | 4334 | 424602 |
| Booking Holdings, Inc. | 71 | 383348 |
| Expedia Group, Inc. | 1592 | 340290 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 6140 | 300921 |
| Meta Platforms, Inc. — Class A | 398 | 292283 |
| Netflix, Inc.<sup>\*</sup> | 237 | 284144 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 1459 | 199635 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 835 | 170023 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 1025 | 124456 |
| Motorola Solutions, Inc. | 267 | 122097 |
| **Total Communications** |  | 4136552 |
| **Industrial - 14.9%** |  |  |
| Howmet Aerospace, Inc. | 2765 | 542576 |
| Axon Enterprise, Inc.<sup>\*</sup> | 674 | 483689 |
| EMCOR Group, Inc. | 647 | 420252 |
| GE Vernova, Inc. | 586 | 360331 |
| Trane Technologies plc | 684 | 288621 |
| Amphenol Corp. — Class A | 2147 | 265691 |
| Caterpillar, Inc. | 544 | 259570 |
| Westinghouse Air Brake Technologies Corp. | 1060 | 212498 |
| Hubbell, Inc. | 459 | 197512 |
| Parker-Hannifin Corp. | 230 | 174375 |
| TransDigm Group, Inc. | 132 | 173978 |
| Garmin Ltd. | 661 | 162752 |
| Eaton Corporation plc | 375 | 140344 |
| Ingersoll Rand, Inc. | 1582 | 130705 |
| Republic Services, Inc. — Class A | 539 | 123690 |
| Lennox International, Inc. | 223 | 118047 |
| **Total Industrial** |  | 4054631 |
| **Financial - 11.4%** |  |  |
| Interactive Brokers Group, Inc. — Class A | 5238 | 360427 |
| Apollo Global Management, Inc. | 2457 | 327444 |
| American Express Co. | 977 | 324520 |
| Synchrony Financial | 3880 | 275674 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 1585 | 249733 |
| Arch Capital Group Ltd. | 2738 | 248419 |
| Progressive Corp. | 941 | 232380 |
| Iron Mountain, Inc. REIT | 2122 | 216317 |
| Ameriprise Financial, Inc. | 428 | 210255 |
| Brown & Brown, Inc. | 1831 | 171729 |
| Erie Indemnity Co. — Class A | 514 | 163534 |
| Visa, Inc. — Class A | 462 | 157718 |
| Mastercard, Inc. — Class A | 274 | 155854 |
| **Total Financial** |  | 3094004 |
| **Consumer, Non-cyclical - 8.5%** |  |  |
| Quanta Services, Inc. | 1135 | 470367 |
| United Rentals, Inc. | 441 | 421005 |
| Insulet Corp.<sup>\*</sup> | 914 | 282179 |
| Corpay, Inc.<sup>\*</sup> | 732 | 210860 |
| ResMed, Inc. | 657 | 179841 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 396 | 177103 |
| Cintas Corp. | 803 | 164824 |
| Boston Scientific Corp.<sup>\*</sup> | 1680 | 164018 |
| DaVita, Inc.<sup>\*</sup> | 1058 | 140576 |
| Eli Lilly & Co. | 136 | 103768 |
| **Total Consumer, Non-cyclical** |  | 2314541 |
| **Utilities - 5.0%** |  |  |
| Vistra Corp. | 3248 | 636348 |
| NRG Energy, Inc. | 2817 | 456213 |
| Constellation Energy Corp. | 754 | 248119 |
| **Total Utilities** |  | 1340680 |
| **Energy - 1.8%** |  |  |
| Texas Pacific Land Corp. | 338 | 315570 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** |
| **Energy - 1.8% (continued)** |  |  |
| Targa Resources Corp. | 1088 | $182284 |
| **Total Energy** |  | 497854 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,593,689) |  | 27062136 |
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $131930 | 131930 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 94933 | 94933 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $226,863) |  | 226863 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,820,552) |  | $27288999 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (106446) |
| **Total Net Assets - 100.0%** |  | $27182553 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $27062136 | $— | $— | $27062136 |
| Repurchase Agreements |  | 226863 |  | 226863 |
| Total Assets | $27062136 | $226863 | $— | $27288999 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.7%** | **COMMON STOCKS<sup>†</sup> - 99.7%** | **COMMON STOCKS<sup>†</sup> - 99.7%** |
| **Consumer, Non-cyclical - 29.3%** |  |  |
| CVS Health Corp. | 10946 | $825219 |
| Archer-Daniels-Midland Co. | 9867 | 589455 |
| Bunge Global S.A. | 6097 | 495381 |
| Kroger Co. | 5886 | 396775 |
| Humana, Inc. | 1486 | 386613 |
| Cardinal Health, Inc. | 2375 | 372780 |
| Cencora, Inc. — Class A | 1186 | 370660 |
| McKesson Corp. | 477 | 368502 |
| Tyson Foods, Inc. — Class A | 6583 | 357457 |
| Centene Corp.<sup>\*</sup> | 9506 | 339174 |
| Cigna Group | 1062 | 306121 |
| Kraft Heinz Co. | 9955 | 259228 |
| Viatris, Inc. | 25695 | 254380 |
| Molson Coors Beverage Co. — Class B | 4758 | 215300 |
| Elevance Health, Inc. | 657 | 212290 |
| Universal Health Services, Inc. — Class B | 867 | 177249 |
| Sysco Corp. | 2040 | 167974 |
| Molina Healthcare, Inc.<sup>\*</sup> | 822 | 157298 |
| J M Smucker Co. | 1182 | 128365 |
| Henry Schein, Inc.<sup>\*</sup> | 1770 | 117475 |
| Conagra Brands, Inc. | 6292 | 115207 |
| Biogen, Inc.<sup>\*</sup> | 813 | 113885 |
| Global Payments, Inc. | 1067 | 88646 |
| Baxter International, Inc. | 3327 | 75756 |
| **Total Consumer, Non-cyclical** |  | 6891190 |
| **Financial - 19.1%** |  |  |
| Citigroup, Inc. | 4652 | 472178 |
| Invesco Ltd. | 16925 | 388260 |
| Loews Corp. | 3050 | 306189 |
| American International Group, Inc. | 3514 | 275990 |
| Franklin Resources, Inc. | 11717 | 271014 |
| Everest Group Ltd. | 754 | 264073 |
| Citizens Financial Group, Inc. | 4676 | 248576 |
| Prudential Financial, Inc. | 2309 | 239536 |
| State Street Corp. | 1566 | 181672 |
| MetLife, Inc. | 2056 | 169353 |
| Capital One Financial Corp. | 773 | 164324 |
| Allstate Corp. | 655 | 140596 |
| Assurant, Inc. | 609 | 131909 |
| Bank of America Corp. | 2519 | 129955 |
| Alexandria Real Estate Equities, Inc. REIT | 1477 | 123093 |
| Travelers Companies, Inc. | 432 | 120623 |
| Truist Financial Corp. | 2590 | 118415 |
| VICI Properties, Inc. REIT | 3492 | 113874 |
| M&T Bank Corp. | 538 | 106319 |
| Principal Financial Group, Inc. | 1282 | 106291 |
| Regions Financial Corp. | 4011 | 105770 |
| Chubb Ltd. | 363 | 102457 |
| KeyCorp | 5467 | 102178 |
| Huntington Bancshares, Inc. | 5906 | 101997 |
| **Total Financial** |  | 4484642 |
| **Consumer, Cyclical - 16.0%** |  |  |
| General Motors Co. | 11260 | 686522 |
| Ford Motor Co. | 54985 | 657621 |
| Dollar General Corp. | 3935 | 406682 |
| Aptiv plc<sup>\*</sup> | 4241 | 365659 |
| Dollar Tree, Inc.<sup>\*</sup> | 3334 | 314630 |
| Southwest Airlines Co. | 5830 | 186035 |
| LKQ Corp. | 6064 | 185195 |
| Best Buy Company, Inc. | 2423 | 183227 |
| CarMax, Inc.<sup>\*</sup> | 3220 | 144481 |
| Genuine Parts Co. | 1011 | 140125 |
| MGM Resorts International<sup>\*</sup> | 3962 | 137323 |
| Target Corp. | 1319 | 118314 |
| Lennar Corp. — Class A | 911 | 114823 |
| DR Horton, Inc. | 632 | 107105 |
| **Total Consumer, Cyclical** |  | 3747742 |
| **Energy - 10.0%** |  |  |
| Valero Energy Corp. | 3176 | 540746 |
| Marathon Petroleum Corp. | 2183 | 420751 |
| Phillips 66 | 2934 | 399083 |
| APA Corp. | 9328 | 226484 |
| Devon Energy Corp. | 3490 | 122359 |
| Equities Corp. | 2199 | 119692 |
| Exxon Mobil Corp. | 1018 | 114779 |
| Occidental Petroleum Corp. | 2369 | 111935 |
| Chevron Corp. | 699 | 108548 |
| Diamondback Energy, Inc. | 726 | 103891 |
| Coterra Energy, Inc. — Class A | 3829 | 90556 |
| **Total Energy** |  | 2358824 |
| **Communications - 7.7%** |  |  |
| Paramount Skydance Corp. — Class B | 36313 | 687042 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 29513 | 576389 |
| AT&T, Inc. | 6080 | 171699 |
| Verizon Communications, Inc. | 2664 | 117083 |
| Fox Corp. — Class A | 1557 | 98185 |
| Comcast Corp. — Class A | 3060 | 96145 |
| Fox Corp. — Class B | 928 | 53165 |
| **Total Communications** |  | 1799708 |
| **Industrial - 5.9%** |  |  |
| Huntington Ingalls Industries, Inc. | 1218 | 350674 |
| Mohawk Industries, Inc.<sup>\*</sup> | 2239 | 288652 |
| Jabil, Inc. | 1064 | 231069 |
| Stanley Black & Decker, Inc. | 2219 | 164938 |
| Smurfit WestRock plc | 3016 | 128391 |
| Textron, Inc. | 1318 | 111358 |
| FedEx Corp. | 469 | 110595 |
| **Total Industrial** |  | 1385677 |
| **Basic Materials - 5.7%** |  |  |
| Mosaic Co. | 16649 | 577387 |
| LyondellBasell Industries N.V. — Class A | 2929 | 143638 |
| Nucor Corp. | 1059 | 143420 |
| Dow, Inc. | 5273 | 120910 |
| Steel Dynamics, Inc. | 725 | 101087 |
| DuPont de Nemours, Inc. | 1229 | 95739 |
| International Paper Co. | 1867 | 86629 |
| Eastman Chemical Co. | 1100 | 69355 |
| **Total Basic Materials** |  | 1338165 |
| **Utilities - 3.8%** |  |  |
| Exelon Corp. | 3807 | 171353 |
| AES Corp. | 11782 | 155051 |
| Evergy, Inc. | 1834 | 139421 |
| Consolidated Edison, Inc. | 1141 | 114693 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.7% (continued)** |
| **Utilities - 3.8% (continued)** |  |  |
| Eversource Energy | 1607 | $114322 |
| Pinnacle West Capital Corp. | 1242 | 111358 |
| PG&E Corp. | 5454 | 82246 |
| **Total Utilities** |  | 888444 |
| **Technology - 2.2%** |  |  |
| Hewlett Packard Enterprise Co. | 11090 | 272370 |
| Intel Corp.<sup>\*</sup> | 7498 | 251558 |
| **Total Technology** |  | 523928 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,268,565) |  | 23418320 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $99757 | 99757 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 71782 | 71782 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $171,539) |  | 171539 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,440,104) |  | $23589859 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (89552) |
| **Total Net Assets - 100.0%** |  | $23500307 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $23418320 | $— | $— | $23418320 |
| Repurchase Agreements |  | 171539 |  | 171539 |
| Total Assets | $23418320 | $171539 | $— | $23589859 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Industrial - 28.3%** | **Industrial - 28.3%** | **Industrial - 28.3%** |
| Comfort Systems USA, Inc. | 372 | $306967 |
| MasTec, Inc.<sup>\*</sup> | 745 | 158543 |
| ATI, Inc.<sup>\*</sup> | 1664 | 135350 |
| Chart Industries, Inc.<sup>\*</sup> | 628 | 125694 |
| AAON, Inc. | 1318 | 123154 |
| RBC Bearings, Inc.<sup>\*</sup> | 298 | 116306 |
| Curtiss-Wright Corp. | 190 | 103159 |
| BWX Technologies, Inc. | 514 | 94766 |
| Clean Harbors, Inc.<sup>\*</sup> | 398 | 92424 |
| Fabrinet<sup>\*</sup> | 249 | 90790 |
| nVent Electric plc | 912 | 89960 |
| Eagle Materials, Inc. | 362 | 84361 |
| TopBuild Corp.<sup>\*</sup> | 214 | 83644 |
| AeroVironment, Inc.<sup>\*</sup> | 260 | 81871 |
| Woodward, Inc. | 316 | 79856 |
| Acuity, Inc. | 227 | 78177 |
| Kirby Corp.<sup>\*</sup> | 843 | 70348 |
| Applied Industrial Technologies, Inc. | 265 | 69178 |
| Mueller Industries, Inc. | 669 | 67643 |
| Esab Corp. | 558 | 62351 |
| Belden, Inc. | 490 | 58932 |
| Coherent Corp.<sup>\*</sup> | 519 | 55907 |
| Tetra Tech, Inc. | 1551 | 51772 |
| Knife River Corp.<sup>\*</sup> | 639 | 49120 |
| Owens Corning | 338 | 47813 |
| Carlisle Companies, Inc. | 123 | 40462 |
| Louisiana-Pacific Corp. | 376 | 33404 |
| Saia, Inc.<sup>\*</sup> | 102 | 30535 |
| **Total Industrial** |  | 2482487 |
| **Consumer, Non-cyclical - 23.3%** |  |  |
| Roivant Sciences Ltd.<sup>\*</sup> | 15872 | 240143 |
| Exelixis, Inc.<sup>\*</sup> | 3440 | 142072 |
| Medpace Holdings, Inc.<sup>\*</sup> | 274 | 140880 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 1920 | 140813 |
| Shift4 Payments, Inc. — Class A<sup>\*</sup> | 1475 | 114165 |
| Globus Medical, Inc. — Class A<sup>\*</sup> | 1948 | 111562 |
| Masimo Corp.<sup>\*</sup> | 747 | 110220 |
| United Therapeutics Corp.<sup>\*</sup> | 256 | 107318 |
| TransUnion | 1051 | 88053 |
| Pilgrim's Pride Corp. | 2082 | 84779 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 375 | 82320 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 573 | 80438 |
| Paylocity Holding Corp.<sup>\*</sup> | 505 | 80431 |
| Valvoline, Inc.<sup>\*</sup> | 2044 | 73400 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 666 | 72461 |
| elf Beauty, Inc.<sup>\*</sup> | 528 | 69949 |
| H&R Block, Inc. | 1361 | 68826 |
| Coca-Cola Consolidated, Inc. | 545 | 63852 |
| Ensign Group, Inc. | 349 | 60297 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 1143 | 58624 |
| HealthEquity, Inc.<sup>\*</sup> | 546 | 51744 |
| **Total Consumer, Non-cyclical** |  | 2042347 |
| **Consumer, Cyclical - 14.6%** |  |  |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 1175 | 121965 |
| RB Global, Inc. | 1003 | 108685 |
| Hyatt Hotels Corp. — Class A | 763 | 108293 |
| Texas Roadhouse, Inc. — Class A | 634 | 105339 |
| Toll Brothers, Inc. | 742 | 102500 |
| Travel + Leisure Co. | 1597 | 95006 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 2250 | 94072 |
| Alaska Air Group, Inc.<sup>\*</sup> | 1885 | 93835 |
| American Airlines Group, Inc.<sup>\*</sup> | 8000 | 89920 |
| Wingstop, Inc. | 323 | 81292 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 936 | 80075 |
| Murphy USA, Inc. | 176 | 68334 |
| Churchill Downs, Inc. | 545 | 52870 |
| Crocs, Inc.<sup>\*</sup> | 581 | 48543 |
| Choice Hotels International, Inc. | 313 | 33463 |
| **Total Consumer, Cyclical** |  | 1284192 |
| **Technology - 11.8%** |  |  |
| Guidewire Software, Inc.<sup>\*</sup> | 565 | 129871 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 397 | 109437 |
| Twilio, Inc. — Class A<sup>\*</sup> | 994 | 99489 |
| ExlService Holdings, Inc.<sup>\*</sup> | 2234 | 98363 |
| CommVault Systems, Inc.<sup>\*</sup> | 512 | 96655 |
| Doximity, Inc. — Class A<sup>\*</sup> | 1148 | 83976 |
| Parsons Corp.<sup>\*</sup> | 959 | 79520 |
| Pegasystems, Inc. | 1315 | 75613 |
| DocuSign, Inc.<sup>\*</sup> | 987 | 71153 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 868 | 64571 |
| Okta, Inc.<sup>\*</sup> | 553 | 50710 |
| Dynatrace, Inc.<sup>\*</sup> | 857 | 41522 |
| Manhattan Associates, Inc.<sup>\*</sup> | 179 | 36691 |
| **Total Technology** |  | 1037571 |
| **Financial - 8.5%** |  |  |
| RenaissanceRe Holdings Ltd. | 517 | 131282 |
| Hamilton Lane, Inc. — Class A | 743 | 100149 |
| Kinsale Capital Group, Inc. | 233 | 99085 |
| East West Bancorp, Inc. | 865 | 92079 |
| Western Alliance Bancorporation | 1058 | 91750 |
| Ryan Specialty Holdings, Inc. | 1285 | 72423 |
| Equitable Holdings, Inc. | 1072 | 54436 |
| SLM Corp. | 1946 | 53866 |
| Houlihan Lokey, Inc. | 235 | 48250 |
| **Total Financial** |  | 743320 |
| **Energy - 6.4%** |  |  |
| Valaris Ltd.<sup>\*</sup> | 3739 | 182351 |
| Permian Resources Corp. | 7045 | 90176 |
| CNX Resources Corp.<sup>\*</sup> | 2318 | 74454 |
| Viper Energy, Inc. — Class A | 1912 | 73077 |
| TechnipFMC plc | 1829 | 72154 |
| DT Midstream, Inc. | 617 | 69758 |
| **Total Energy** |  | 561970 |
| **Communications - 4.2%** |  |  |
| Hims & Hers Health, Inc.<sup>\*</sup> | 4703 | 266754 |
| Chewy, Inc. — Class A<sup>\*</sup> | 2464 | 99669 |
| **Total Communications** |  | 366423 |
| **Basic Materials - 2.5%** |  |  |
| Carpenter Technology Corp. | 877 | 215339 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,017,571) |  | 8733649 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $39926 | $39926 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 28729 | 28729 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $68,655) |  | $68655 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,086,226) |  | $8802304 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (34195) |
| **Total Net Assets - 100.0%** |  | $8768109 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $8733649 | $— | $— | $8733649 |
| Repurchase Agreements |  | 68655 |  | 68655 |
| Total Assets | $8733649 | $68655 | $— | $8802304 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.2%** | **COMMON STOCKS<sup>†</sup> - 100.2%** | **COMMON STOCKS<sup>†</sup> - 100.2%** |
| **Consumer, Cyclical - 26.6%** |  |  |
| Macy's, Inc. | 12534 | $224735 |
| Lear Corp. | 2015 | 202729 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 24002 | 179535 |
| AutoNation, Inc.<sup>\*</sup> | 789 | 172609 |
| Lithia Motors, Inc. — Class A | 459 | 145044 |
| Penske Automotive Group, Inc. | 827 | 143823 |
| WESCO International, Inc. | 506 | 107019 |
| Thor Industries, Inc. | 952 | 98713 |
| Whirlpool Corp. | 1194 | 93848 |
| Visteon Corp. | 730 | 87498 |
| PVH Corp. | 999 | 83686 |
| Harley-Davidson, Inc. | 2785 | 77701 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 1087 | 71753 |
| Polaris, Inc. | 1204 | 69989 |
| Capri Holdings Ltd.<sup>\*</sup> | 3049 | 60736 |
| Gap, Inc. | 2499 | 53454 |
| Aramark | 1133 | 43507 |
| Marriott Vacations Worldwide Corp. | 620 | 41267 |
| Under Armour, Inc. — Class A<sup>\*</sup> | 2735 | 13648 |
| Under Armour, Inc. — Class C<sup>\*</sup> | 1903 | 9192 |
| **Total Consumer, Cyclical** |  | 1980486 |
| **Industrial - 16.9%** |  |  |
| TD SYNNEX Corp. | 1576 | 258070 |
| Avnet, Inc. | 4125 | 215655 |
| Arrow Electronics, Inc.<sup>\*</sup> | 1713 | 207273 |
| Oshkosh Corp. | 722 | 93643 |
| AGCO Corp. | 812 | 86941 |
| Flex Ltd.<sup>\*</sup> | 1390 | 80578 |
| Greif, Inc. — Class A | 1335 | 79780 |
| Terex Corp. | 1396 | 71615 |
| CNH Industrial N.V. | 5219 | 56626 |
| Sonoco Products Co. | 1064 | 45848 |
| Knight-Swift Transportation Holdings, Inc. | 875 | 34571 |
| Fluor Corp.<sup>\*</sup> | 757 | 31847 |
| **Total Industrial** |  | 1262447 |
| **Financial - 14.7%** |  |  |
| Brighthouse Financial, Inc.<sup>\*</sup> | 2426 | 128772 |
| Valley National Bancorp | 8427 | 89326 |
| Reinsurance Group of America, Inc. — Class A | 445 | 85498 |
| Ally Financial, Inc. | 2042 | 80046 |
| Unum Group | 947 | 73658 |
| Kilroy Realty Corp. REIT | 1632 | 68952 |
| CNO Financial Group, Inc. | 1624 | 64229 |
| Associated Banc-Corp. | 2452 | 63041 |
| FNB Corp. | 3707 | 59720 |
| Old Republic International Corp. | 1383 | 58736 |
| Bank OZK | 1112 | 56690 |
| Essent Group Ltd. | 872 | 55424 |
| Hanover Insurance Group, Inc. | 270 | 49040 |
| First American Financial Corp. | 746 | 47923 |
| Kemper Corp. | 801 | 41292 |
| Starwood Property Trust, Inc. REIT | 2110 | 40871 |
| Prosperity Bancshares, Inc. | 527 | 34966 |
| **Total Financial** |  | 1098184 |
| **Energy - 13.8%** |  |  |
| HF Sinclair Corp. | 6236 | 326392 |
| PBF Energy, Inc. — Class A | 7977 | 240666 |
| NOV, Inc. | 8538 | 113128 |
| Civitas Resources, Inc. | 2922 | 94965 |
| Murphy Oil Corp. | 3147 | 89406 |
| Chord Energy Corp. | 858 | 85260 |
| Ovintiv, Inc. | 1886 | 76157 |
| **Total Energy** |  | 1025974 |
| **Consumer, Non-cyclical - 13.1%** |  |  |
| Avis Budget Group, Inc.<sup>\*</sup> | 1014 | 162823 |
| Performance Food Group Co.<sup>\*</sup> | 1452 | 151066 |
| Graham Holdings Co. — Class B | 113 | 133036 |
| Albertsons Companies, Inc. — Class A | 5657 | 99054 |
| Perrigo Company plc | 4267 | 95026 |
| US Foods Holding Corp.<sup>\*</sup> | 1130 | 86581 |
| Elanco Animal Health, Inc.<sup>\*</sup> | 4092 | 82413 |
| GXO Logistics, Inc.<sup>\*</sup> | 1144 | 60506 |
| Darling Ingredients, Inc.<sup>\*</sup> | 1572 | 48527 |
| Insperity, Inc. | 629 | 30947 |
| Coty, Inc. — Class A<sup>\*</sup> | 6494 | 26236 |
| **Total Consumer, Non-cyclical** |  | 976215 |
| **Technology - 6.1%** |  |  |
| Concentrix Corp. | 5977 | 275838 |
| BILL Holdings, Inc.<sup>\*</sup> | 1204 | 63776 |
| Amkor Technology, Inc. | 2129 | 60464 |
| Maximus, Inc. | 575 | 52538 |
| **Total Technology** |  | 452616 |
| **Basic Materials - 4.6%** |  |  |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 18642 | 227432 |
| Commercial Metals Co. | 1002 | 57395 |
| Ashland, Inc. | 650 | 31141 |
| Olin Corp. | 1125 | 28114 |
| **Total Basic Materials** |  | 344082 |
| **Utilities - 4.4%** |  |  |
| UGI Corp. | 2301 | 76531 |
| Northwestern Energy Group, Inc. | 964 | 56500 |
| Spire, Inc. | 655 | 53396 |
| Southwest Gas Holdings, Inc. | 634 | 49668 |
| Portland General Electric Co. | 1122 | 49368 |
| Black Hills Corp. | 685 | 42189 |
| **Total Utilities** |  | 327652 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,803,806) |  | 7467656 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $29447 | 29447 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 21189 | 21189 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,636) |  | 50636 |
| **Total Investments - 100.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,854,442) |  | $7518292 |
| **Other Assets & Liabilities, net - (0.9)%** |  | (64325) |
| **Total Net Assets - 100.0%** |  | $7453967 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $7467656 | $— | $— | $7467656 |
| Repurchase Agreements |  | 50636 |  | 50636 |
| Total Assets | $7467656 | $50636 | $— | $7518292 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.1%** | **COMMON STOCKS<sup>†</sup> - 99.1%** | **COMMON STOCKS<sup>†</sup> - 99.1%** |
| **Consumer, Non-cyclical - 28.0%** |  |  |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 2768 | $183878 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 952 | 147037 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 1736 | 144279 |
| TG Therapeutics, Inc.<sup>\*</sup> | 3464 | 125137 |
| Veracyte, Inc.<sup>\*</sup> | 3317 | 113873 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 1822 | 106277 |
| Krystal Biotech, Inc.<sup>\*</sup> | 564 | 99563 |
| TransMedics Group, Inc.<sup>\*</sup> | 839 | 94136 |
| Cal-Maine Foods, Inc. | 983 | 92501 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 4419 | 85154 |
| Phibro Animal Health Corp. — Class A | 2027 | 82013 |
| ADMA Biologics, Inc.<sup>\*</sup> | 5474 | 80249 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 3743 | 73737 |
| UFP Technologies, Inc.<sup>\*</sup> | 340 | 67864 |
| Stride, Inc.<sup>\*</sup> | 446 | 66427 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 1768 | 61862 |
| ICU Medical, Inc.<sup>\*</sup> | 420 | 50383 |
| Artivion, Inc.<sup>\*</sup> | 1188 | 50300 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 1801 | 49636 |
| LeMaitre Vascular, Inc. | 560 | 49006 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 522 | 47815 |
| BioLife Solutions, Inc.<sup>\*</sup> | 1769 | 45127 |
| Astrana Health, Inc.<sup>\*</sup> | 1562 | 44283 |
| Verra Mobility Corp.<sup>\*</sup> | 1729 | 42706 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 2823 | 38393 |
| CorVel Corp.<sup>\*</sup> | 481 | 37239 |
| PROG Holdings, Inc. | 1148 | 37149 |
| RadNet, Inc.<sup>\*</sup> | 427 | 32541 |
| Integer Holdings Corp.<sup>\*</sup> | 313 | 32342 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 337 | 25005 |
| GEO Group, Inc.<sup>\*</sup> | 1198 | 24547 |
| Vericel Corp.<sup>\*</sup> | 767 | 24137 |
| Glaukos Corp.<sup>\*</sup> | 290 | 23650 |
| Inter Parfums, Inc. | 197 | 19381 |
| Payoneer Global, Inc.<sup>\*</sup> | 2683 | 16232 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 169 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 169 | – |
| **Total Consumer, Non-cyclical** |  | 2313859 |
| **Industrial - 20.6%** |  |  |
| DXP Enterprises, Inc.<sup>\*</sup> | 1294 | 154077 |
| Powell Industries, Inc. | 398 | 121314 |
| AZZ, Inc. | 1064 | 116114 |
| Dycom Industries, Inc.<sup>\*</sup> | 371 | 108243 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 318 | 108018 |
| SPX Technologies, Inc.<sup>\*</sup> | 465 | 86853 |
| Mirion Technologies, Inc.<sup>\*</sup> | 3716 | 86434 |
| Armstrong World Industries, Inc. | 402 | 78796 |
| Zurn Elkay Water Solutions Corp. | 1638 | 77035 |
| Greenbrier Companies, Inc. | 1488 | 68701 |
| Trinity Industries, Inc. | 2224 | 62361 |
| Granite Construction, Inc. | 556 | 60966 |
| Cactus, Inc. — Class A | 1317 | 51982 |
| ESCO Technologies, Inc. | 239 | 50455 |
| Federal Signal Corp. | 401 | 47715 |
| OSI Systems, Inc.<sup>\*</sup> | 190 | 47356 |
| Frontdoor, Inc.<sup>\*</sup> | 689 | 46363 |
| CSW Industrials, Inc. | 186 | 45151 |
| Griffon Corp. | 591 | 45005 |
| Itron, Inc.<sup>\*</sup> | 331 | 41230 |
| Badger Meter, Inc. | 216 | 38573 |
| Mueller Water Products, Inc. — Class A | 1492 | 38076 |
| Enerpac Tool Group Corp. | 852 | 34932 |
| Moog, Inc. — Class A | 151 | 31358 |
| Kadant, Inc. | 100 | 29758 |
| Apogee Enterprises, Inc. | 664 | 28930 |
| **Total Industrial** |  | 1705796 |
| **Financial - 20.0%** |  |  |
| Acadian Asset Management, Inc. | 2928 | 141012 |
| Palomar Holdings, Inc.<sup>\*</sup> | 923 | 107760 |
| Axos Financial, Inc.<sup>\*</sup> | 1229 | 104035 |
| HCI Group, Inc. | 496 | 95197 |
| Enova International, Inc.<sup>\*</sup> | 757 | 87123 |
| MARA Holdings, Inc.<sup>\*</sup> | 4583 | 83686 |
| Bancorp, Inc.<sup>\*</sup> | 1040 | 77886 |
| Cleanspark, Inc.<sup>\*</sup> | 5169 | 74950 |
| Mercury General Corp. | 878 | 74437 |
| Trupanion, Inc.<sup>\*</sup> | 1681 | 72754 |
| Pathward Financial, Inc. | 940 | 69569 |
| WisdomTree, Inc. | 5000 | 69500 |
| PJT Partners, Inc. — Class A | 338 | 60073 |
| DiamondRock Hospitality Co. REIT | 7195 | 57272 |
| Xenia Hotels & Resorts, Inc. REIT | 4014 | 55072 |
| Preferred Bank/Los Angeles CA | 566 | 51161 |
| Sunstone Hotel Investors, Inc. REIT | 4918 | 46082 |
| Ryman Hospitality Properties, Inc. REIT | 507 | 45422 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 1007 | 38609 |
| Goosehead Insurance, Inc. — Class A | 457 | 34010 |
| ServisFirst Bancshares, Inc. | 399 | 32131 |
| Virtu Financial, Inc. — Class A | 844 | 29962 |
| Outfront Media, Inc. REIT | 1568 | 28726 |
| Essential Properties Realty Trust, Inc. REIT | 927 | 27587 |
| BancFirst Corp. | 187 | 23646 |
| City Holding Co. | 185 | 22916 |
| Curbline Properties Corp. REIT | 1009 | 22501 |
| NexPoint Residential Trust, Inc. REIT | 648 | 20879 |
| **Total Financial** |  | 1653958 |
| **Consumer, Cyclical - 15.2%** |  |  |
| Cinemark Holdings, Inc. | 3687 | 103310 |
| OPENLANE, Inc.<sup>\*</sup> | 3276 | 94283 |
| Dorman Products, Inc.<sup>\*</sup> | 567 | 88384 |
| Cavco Industries, Inc.<sup>\*</sup> | 140 | 81302 |
| Green Brick Partners, Inc.<sup>\*</sup> | 1075 | 79400 |
| SkyWest, Inc.<sup>\*</sup> | 767 | 77176 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 421 | 69768 |
| Madison Square Garden Sports Corp. — Class A<sup>\*</sup> | 289 | 65603 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.1% (continued)** |
| **Consumer, Cyclical - 15.2% (continued)** |  |  |
| Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 1725 | $62410 |
| Installed Building Products, Inc. | 252 | 62158 |
| Brinker International, Inc.<sup>\*</sup> | 464 | 58779 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 2264 | 58683 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 619 | 57945 |
| Interface, Inc. — Class A | 1830 | 52960 |
| Freshpet, Inc.<sup>\*</sup> | 901 | 49654 |
| Sabre Corp.<sup>\*</sup> | 19995 | 36591 |
| Monarch Casino & Resort, Inc. | 342 | 36197 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 1280 | 29082 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 1504 | 27313 |
| Champion Homes, Inc.<sup>\*</sup> | 332 | 25355 |
| Kontoor Brands, Inc. | 279 | 22256 |
| XPEL, Inc.<sup>\*</sup> | 551 | 18221 |
| **Total Consumer, Cyclical** |  | 1256830 |
| **Technology - 4.5%** |  |  |
| Impinj, Inc.<sup>\*</sup> | 543 | 98148 |
| Clear Secure, Inc. — Class A | 2138 | 71366 |
| ACI Worldwide, Inc.<sup>\*</sup> | 1150 | 60685 |
| Agilysys, Inc.<sup>\*</sup> | 378 | 39785 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 930 | 31769 |
| Semtech Corp.<sup>\*</sup> | 427 | 30509 |
| Box, Inc. — Class A<sup>\*</sup> | 804 | 25945 |
| SPS Commerce, Inc.<sup>\*</sup> | 127 | 13226 |
| **Total Technology** |  | 371433 |
| **Energy - 4.4%** |  |  |
| Warrior Met Coal, Inc. | 935 | 59503 |
| Kodiak Gas Services, Inc. | 1399 | 51721 |
| Archrock, Inc. | 1918 | 50463 |
| Core Natural Resources, Inc. | 591 | 49337 |
| Tidewater, Inc.<sup>\*</sup> | 898 | 47890 |
| Atlas Energy Solutions, Inc. | 3087 | 35099 |
| Northern Oil & Gas, Inc. | 1411 | 34993 |
| Oceaneering International, Inc.<sup>\*</sup> | 1298 | 32164 |
| **Total Energy** |  | 361170 |
| **Communications - 4.0%** |  |  |
| InterDigital, Inc. | 552 | 190567 |
| Q2 Holdings, Inc.<sup>\*</sup> | 722 | 52265 |
| Cargurus, Inc.<sup>\*</sup> | 969 | 36076 |
| QuinStreet, Inc.<sup>\*</sup> | 2291 | 35442 |
| Cogent Communications Holdings, Inc. | 520 | 19942 |
| **Total Communications** |  | 334292 |
| **Basic Materials - 2.4%** |  |  |
| Hawkins, Inc. | 474 | 86609 |
| Century Aluminum Co.<sup>\*</sup> | 2848 | 83617 |
| Sylvamo Corp. | 672 | 29716 |
| **Total Basic Materials** |  | 199942 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,133,565) |  | 8197280 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $41453 | 41453 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 29828 | 29828 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $71,281) |  | 71281 |
| **Total Investments - 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,204,846) |  | $8268561 |
| **Other Assets & Liabilities, net - 0.0%** |  | (1859) |
| **Total Net Assets - 100.0%** |  | $8266702 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>1</sup>* | *Repurchase Agreements — See Note 4.* |

---

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable** <br> **Inputs**  | **Total** |
| Common Stocks | $8197280 | $— | $— \* | $8197280 |
| Repurchase Agreements |  | 71281 |  | 71281 |
| Total Assets | $8197280 | $71281 | $— | $8268561 |

---

<sup>\*</sup> *Security has a market value of $0.*

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** |
| **Consumer, Cyclical - 31.3%** |  |  |
| National Vision Holdings, Inc.<sup>\*</sup> | 6264 | $182846 |
| Dana, Inc. | 9057 | 181503 |
| Adient plc<sup>\*</sup> | 7288 | 175495 |
| Advance Auto Parts, Inc. | 2703 | 165964 |
| Kohl's Corp. | 10392 | 159725 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 16393 | 155733 |
| BorgWarner, Inc. | 2794 | 122824 |
| Titan International, Inc.<sup>\*</sup> | 15827 | 119652 |
| MarineMax, Inc.<sup>\*</sup> | 4544 | 115100 |
| Guess?, Inc. | 5628 | 94044 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 378 | 92402 |
| Standard Motor Products, Inc. | 2255 | 92049 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 15127 | 90913 |
| Sonic Automotive, Inc. — Class A | 1187 | 90319 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 3113 | 82837 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 5048 | 82181 |
| Resideo Technologies, Inc.<sup>\*</sup> | 1799 | 77681 |
| ScanSource, Inc.<sup>\*</sup> | 1624 | 71439 |
| JetBlue Airways Corp.<sup>\*</sup> | 13874 | 68260 |
| Penn Entertainment, Inc.<sup>\*</sup> | 3087 | 59456 |
| Cracker Barrel Old Country Store, Inc. | 1204 | 53048 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 1812 | 48969 |
| Century Communities, Inc. | 721 | 45690 |
| MillerKnoll, Inc. | 2559 | 45397 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 689 | 41871 |
| PriceSmart, Inc. | 342 | 41447 |
| Caleres, Inc. | 2922 | 38103 |
| Academy Sports & Outdoors, Inc. | 755 | 37765 |
| Bloomin' Brands, Inc. | 4381 | 31412 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 2636 | 31131 |
| Winnebago Industries, Inc. | 918 | 30698 |
| Signet Jewelers Ltd. | 310 | 29735 |
| Fox Factory Holding Corp.<sup>\*</sup> | 1097 | 26646 |
| Newell Brands, Inc. | 4457 | 23355 |
| Shoe Carnival, Inc. | 1086 | 22578 |
| Meritage Homes Corp. | 297 | 21512 |
| LGI Homes, Inc.<sup>\*</sup> | 271 | 14013 |
| **Total Consumer, Cyclical** |  | 2863793 |
| **Financial - 21.0%** |  |  |
| Lincoln National Corp. | 3557 | 143454 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 15883 | 141358 |
| EZCORP, Inc. — Class A<sup>\*</sup> | 6948 | 132290 |
| ProAssurance Corp.<sup>\*</sup> | 5428 | 130218 |
| Millrose Properties, Inc. — Class A REIT | 3844 | 129197 |
| Air Lease Corp. — Class A | 1172 | 74598 |
| Cushman & Wakefield plc<sup>\*</sup> | 4397 | 70000 |
| United Fire Group, Inc. | 2283 | 69449 |
| PRA Group, Inc.<sup>\*</sup> | 4064 | 62748 |
| SiriusPoint Ltd.<sup>\*</sup> | 3207 | 58014 |
| Navient Corp. | 4168 | 54809 |
| Adamas Trust, Inc. REIT | 7654 | 53348 |
| JBG SMITH Properties REIT | 2335 | 51954 |
| Jackson Financial, Inc. — Class A | 486 | 49198 |
| PennyMac Mortgage Investment Trust REIT | 3917 | 48022 |
| Global Net Lease, Inc. REIT | 5601 | 45536 |
| Bread Financial Holdings, Inc. | 748 | 41716 |
| Safehold, Inc. REIT | 2613 | 40475 |
| Hilltop Holdings, Inc. | 1146 | 38299 |
| Hope Bancorp, Inc. | 3544 | 38169 |
| SITE Centers Corp. REIT | 4170 | 37572 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 3681 | 37289 |
| Ellington Financial, Inc. REIT | 2707 | 35137 |
| Redwood Trust, Inc. REIT | 5919 | 34271 |
| Renasant Corp. | 919 | 33902 |
| ARMOUR Residential REIT, Inc. | 2117 | 31628 |
| Capitol Federal Financial, Inc. | 4956 | 31471 |
| Eagle Bancorp, Inc. | 1464 | 29602 |
| Horace Mann Educators Corp. | 648 | 29270 |
| Stewart Information Services Corp. | 371 | 27202 |
| Franklin BSP Realty Trust, Inc. REIT | 2337 | 25380 |
| Simmons First National Corp. — Class A | 1270 | 24346 |
| KKR Real Estate Finance Trust, Inc. REIT | 2677 | 24093 |
| Encore Capital Group, Inc.<sup>\*</sup> | 571 | 23834 |
| Ready Capital Corp. REIT | 4839 | 18727 |
| **Total Financial** |  | 1916576 |
| **Consumer, Non-cyclical - 15.7%** |  |  |
| United Natural Foods, Inc.<sup>\*</sup> | 4251 | 159922 |
| Fresh Del Monte Produce, Inc. | 3588 | 124575 |
| ManpowerGroup, Inc. | 2893 | 109645 |
| Andersons, Inc. | 2359 | 93912 |
| AdaptHealth Corp.<sup>\*</sup> | 9688 | 86707 |
| Universal Corp. | 1533 | 85649 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 4220 | 81699 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 3490 | 58737 |
| Select Medical Holdings Corp. | 4436 | 56958 |
| Acadia Healthcare Company, Inc.<sup>\*</sup> | 2057 | 50931 |
| Deluxe Corp. | 2387 | 46212 |
| ABM Industries, Inc. | 983 | 45336 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 2777 | 44571 |
| Avanos Medical, Inc.<sup>\*</sup> | 3615 | 41790 |
| Enovis Corp.<sup>\*</sup> | 1330 | 40352 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 1861 | 37611 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 1344 | 34635 |
| Monro, Inc. | 1632 | 29327 |
| Upbound Group, Inc. | 1235 | 29183 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 944 | 27876 |
| Edgewell Personal Care Co. | 1364 | 27771 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 925 | 25484 |
| Matthews International Corp. — Class A | 1046 | 25397 |
| Helen of Troy Ltd.<sup>\*</sup> | 708 | 17842 |
| Fortrea Holdings, Inc.<sup>\*</sup> | 2073 | 17455 |
| MGP Ingredients, Inc. | 719 | 17393 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** |
| **Consumer, Non-cyclical - 15.7% (continued)** |  |  |
| Neogen Corp.<sup>\*</sup> | 2982 | $17027 |
| Central Garden & Pet Co.<sup>\*</sup> | 173 | 5648 |
| **Total Consumer, Non-cyclical** |  | 1439645 |
| **Energy - 11.5%** |  |  |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 8701 | 308189 |
| CVR Energy, Inc.<sup>\*</sup> | 3514 | 128191 |
| Peabody Energy Corp. | 3855 | 102235 |
| Sunrun, Inc.<sup>\*</sup> | 5179 | 89545 |
| Innovex International, Inc.<sup>\*</sup> | 4765 | 88343 |
| Talos Energy, Inc.<sup>\*</sup> | 7626 | 73133 |
| Vital Energy, Inc.<sup>\*</sup> | 3301 | 55754 |
| Crescent Energy Co. — Class A | 5693 | 50782 |
| Bristow Group, Inc.<sup>\*</sup> | 1193 | 43043 |
| REX American Resources Corp.<sup>\*</sup> | 1256 | 38459 |
| Patterson-UTI Energy, Inc. | 7139 | 36980 |
| SunCoke Energy, Inc. | 4333 | 35357 |
| **Total Energy** |  | 1050011 |
| **Communications - 8.2%** |  |  |
| Viasat, Inc.<sup>\*</sup> | 12637 | 370264 |
| Scholastic Corp. | 4150 | 113627 |
| Angi, Inc.<sup>\*</sup> | 4557 | 74097 |
| IAC, Inc.<sup>\*</sup> | 1575 | 53660 |
| Telephone & Data Systems, Inc. | 1307 | 51287 |
| TEGNA, Inc. | 2256 | 45865 |
| Shenandoah Telecommunications Co. | 3208 | 43051 |
| **Total Communications** |  | 751851 |
| **Industrial - 7.2%** |  |  |
| Enviri Corp.<sup>\*</sup> | 12461 | 158130 |
| World Kinect Corp. | 4866 | 126273 |
| O-I Glass, Inc.<sup>\*</sup> | 6886 | 89311 |
| Metallus, Inc.<sup>\*</sup> | 4184 | 69161 |
| Astec Industries, Inc. | 1009 | 48563 |
| Dorian LPG Ltd. | 1440 | 42912 |
| Vishay Intertechnology, Inc. | 2169 | 33186 |
| American Woodmark Corp.<sup>\*</sup> | 389 | 25970 |
| Heartland Express, Inc. | 2586 | 21671 |
| Masterbrand, Inc.<sup>\*</sup> | 1570 | 20677 |
| ArcBest Corp. | 273 | 19074 |
| **Total Industrial** |  | 654928 |
| **Basic Materials - 3.2%** |  |  |
| Koppers Holdings, Inc. | 2484 | 69552 |
| Celanese Corp. — Class A | 1324 | 55714 |
| Kaiser Aluminum Corp. | 707 | 54552 |
| AdvanSix, Inc. | 2146 | 41590 |
| Chemours Co. | 1772 | 28068 |
| FMC Corp. | 738 | 24819 |
| Stepan Co. | 426 | 20320 |
| **Total Basic Materials** |  | 294615 |
| **Technology - 1.4%** |  |  |
| DXC Technology Co.<sup>\*</sup> | 4498 | 61308 |
| Corsair Gaming, Inc.<sup>\*</sup> | 5647 | 50371 |
| Insight Enterprises, Inc.<sup>\*</sup> | 160 | 18146 |
| **Total Technology** |  | 129825 |
| **Utilities - 0.4%** |  |  |
| MDU Resources Group, Inc. | 1793 | 31933 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,893,639) |  | 9133177 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $42129 | 42129 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 30315 | 30315 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $72,444) |  | 72444 |
| **Total Investments - 100.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,966,083) |  | $9205621 |
| **Other Assets & Liabilities, net - (0.7)%** |  | (61320) |
| **Total Net Assets - 100.0%** |  | $9144301 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2** <br> **Significant<br> Observable<br> Inputs**  | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $9133177 | $— | $— | $9133177 |
| Repurchase Agreements |  | 72444 |  | 72444 |
| Total Assets | $9133177 | $72444 | $— | $9205621 |

---

---

| | |
|:---|:---|
| **Strengthening Dollar 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 22.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 22.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 22.8%** |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>1</sup> | $150000 | $149681 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>1</sup> | 100000 | 99924 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,603) |  | 249605 |
| **U.S. TREASURY BILLS<sup>††</sup> - 16.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;4.01% due 10/02/25<sup>1</sup> | 150000 | 149983 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>1,2</sup> | 33000 | 32952 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $182,935) |  | 182935 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 9.2%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.30% (SOFR + 0.06%, Rate Floor: 0.00%) due 11/25/25<sup>◊</sup> | 100000 | 100009 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,006) |  | 100009 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 47.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 299329 | 299329 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 215387 | 215387 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $514,716) |  | 514716 |
| **Total Investments - 95.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,047,260) |  | $1047265 |
| **Other Assets & Liabilities, net - 4.2%** |  | 45592 |
| **Total Net Assets - 100.0%** |  | $1092857 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Dollar Index Futures Contracts | 17 | Dec 2025 | $1656990 | $1710 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | U.S. Dollar Index | Receive | N/A | At Maturity | 12/19/25 | 5410 | $527391 | $2046 |

---

---

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

---

 

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Strengthening Dollar 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Federal Agency Discount Notes | $— | $249605 | $— | $249605 |
| U.S. Treasury Bills |  | 182935 |  | 182935 |
| Federal Agency Notes |  | 100009 |  | 100009 |
| Repurchase Agreements |  | 514716 |  | 514716 |
| Currency Futures Contracts\*\* | 1710 |  |  | 1710 |
| Currency Index Swap Agreements\*\* |  | 2046 |  | 2046 |
| Total Assets | $1710 | $1049311 | $— | $1051021 |

---

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

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Software - 29.1%** | **Software - 29.1%** | **Software - 29.1%** |
| Microsoft Corp. | 2983 | $1545045 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 2910 | 530842 |
| Oracle Corp. | 1872 | 526481 |
| Salesforce, Inc. | 1492 | 353604 |
| Intuit, Inc. | 495 | 338040 |
| ServiceNow, Inc.<sup>\*</sup> | 360 | 331301 |
| Adobe, Inc.<sup>\*</sup> | 850 | 299837 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 1714 | 237423 |
| Synopsys, Inc.<sup>\*</sup> | 473 | 233373 |
| Strategy, Inc. — Class A<sup>\*</sup> | 723 | 232958 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 661 | 232183 |
| Snowflake, Inc. — Class A<sup>\*</sup> | 895 | 201867 |
| Workday, Inc. — Class A<sup>\*</sup> | 836 | 201250 |
| Autodesk, Inc.<sup>\*</sup> | 628 | 199497 |
| Cloudflare, Inc. — Class A<sup>\*</sup> | 929 | 199354 |
| Electronic Arts, Inc. | 940 | 189598 |
| Roper Technologies, Inc. | 352 | 175539 |
| Datadog, Inc. — Class A<sup>\*</sup> | 1219 | 173586 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 656 | 169484 |
| Atlassian Corp. — Class A<sup>\*</sup> | 1058 | 168963 |
| NetEase, Inc. ADR | 965 | 146670 |
| Monday.com Ltd.<sup>\*</sup> | 633 | 122606 |
| PTC, Inc.<sup>\*</sup> | 583 | 118361 |
| MongoDB, Inc.<sup>\*</sup> | 380 | 117944 |
| Zoom Communications, Inc. — Class A<sup>\*</sup> | 1407 | 116078 |
| Samsara, Inc. — Class A<sup>\*</sup> | 2955 | 110074 |
| IonQ, Inc.<sup>\*</sup> | 1756 | 107994 |
| Guidewire Software, Inc.<sup>\*</sup> | 445 | 102288 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 1354 | 100724 |
| HubSpot, Inc.<sup>\*</sup> | 197 | 92157 |
| Dynatrace, Inc.<sup>\*</sup> | 1891 | 91619 |
| Twilio, Inc. — Class A<sup>\*</sup> | 909 | 90982 |
| DocuSign, Inc.<sup>\*</sup> | 1210 | 87229 |
| Unity Software, Inc.<sup>\*</sup> | 2085 | 83483 |
| Akamai Technologies, Inc.<sup>\*</sup> | 1016 | 76972 |
| Bentley Systems, Inc. — Class B | 1373 | 70682 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 2206 | 66643 |
| SoundHound AI, Inc. — Class A<sup>\*</sup> | 3974 | 63902 |
| Confluent, Inc. — Class A<sup>\*</sup> | 3110 | 61578 |
| Gitlab, Inc. — Class A<sup>\*</sup> | 1334 | 60137 |
| Manhattan Associates, Inc.<sup>\*</sup> | 242 | 49605 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 3577 | 39025 |
| **Total Software** |  | 8516978 |
| **Semiconductors - 27.7%** |  |  |
| NVIDIA Corp. | 8910 | 1662428 |
| Broadcom, Inc. | 2823 | 931336 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 2527 | 408843 |
| Micron Technology, Inc. | 2035 | 340496 |
| Applied Materials, Inc. | 1641 | 335978 |
| Intel Corp.<sup>\*</sup> | 9901 | 332179 |
| Lam Research Corp. | 2468 | 330465 |
| QUALCOMM, Inc. | 1981 | 329559 |
| Texas Instruments, Inc. | 1720 | 316016 |
| KLA Corp. | 284 | 306322 |
| Analog Devices, Inc. | 1086 | 266830 |
| ASML Holding N.V. — Class G | 256 | 247831 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 856 | 239072 |
| Marvell Technology, Inc. | 2795 | 234976 |
| NXP Semiconductor N.V. | 1030 | 234562 |
| ARM Holdings plc ADR<sup>\*</sup> | 1162 | 164411 |
| STMicroelectronics N.V. — Class Y | 5606 | 158426 |
| Microchip Technology, Inc. | 2206 | 141669 |
| Teradyne, Inc. | 917 | 126216 |
| Astera Labs, Inc.<sup>\*</sup> | 583 | 114151 |
| ON Semiconductor Corp.<sup>\*</sup> | 2215 | 109222 |
| Monolithic Power Systems, Inc. | 107 | 98509 |
| Entegris, Inc. | 1016 | 93939 |
| Skyworks Solutions, Inc. | 1084 | 83446 |
| Rambus, Inc.<sup>\*</sup> | 794 | 82735 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 1109 | 81312 |
| Qorvo, Inc.<sup>\*</sup> | 802 | 73046 |
| MKS, Inc. | 574 | 71044 |
| Cirrus Logic, Inc.<sup>\*</sup> | 478 | 59889 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 1390 | 49818 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 386 | 37689 |
| Impinj, Inc.<sup>\*</sup> | 200 | 36150 |
| **Total Semiconductors** |  | 8098565 |
| **Computers - 17.6%** |  |  |
| Apple, Inc. | 6116 | 1557317 |
| International Business Machines Corp. | 1469 | 414493 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 574 | 281478 |
| Dell Technologies, Inc. — Class C | 1706 | 241860 |
| Seagate Technology Holdings plc | 796 | 187904 |
| Fortinet, Inc.<sup>\*</sup> | 2159 | 181529 |
| Accenture plc — Class A | 732 | 180511 |
| Western Digital Corp. | 1458 | 175047 |
| Check Point Software Technologies Ltd.<sup>\*</sup> | 805 | 166562 |
| CyberArk Software Ltd.<sup>\*</sup> | 329 | 158956 |
| Infosys Ltd. ADR | 8888 | 144608 |
| Hewlett Packard Enterprise Co. | 5595 | 137413 |
| Cognizant Technology Solutions Corp. — Class A | 2015 | 135146 |
| Zscaler, Inc.<sup>\*</sup> | 447 | 133948 |
| Super Micro Computer, Inc.<sup>\*</sup> | 2640 | 126562 |
| Pure Storage, Inc. — Class A<sup>\*</sup> | 1494 | 125212 |
| HP, Inc. | 4452 | 121228 |
| NetApp, Inc. | 971 | 115025 |
| Gartner, Inc.<sup>\*</sup> | 422 | 110931 |
| Sandisk Corp.<sup>\*</sup> | 929 | 104234 |
| Rigetti Computing, Inc.<sup>\*</sup> | 3279 | 97681 |
| Okta, Inc.<sup>\*</sup> | 1058 | 97019 |
| Lumentum Holdings, Inc.<sup>\*</sup> | 498 | 81030 |
| Varonis Systems, Inc.<sup>\*</sup> | 1053 | 60516 |
| **Total Computers** |  | 5136210 |
| **Internet - 15.4%** |  |  |
| Alphabet, Inc. — Class A | 5480 | 1332188 |
| Meta Platforms, Inc. — Class A | 1418 | 1041351 |
| AppLovin Corp. — Class A<sup>\*</sup> | 535 | 384419 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 1413 | 287715 |
| Shopify, Inc. — Class A<sup>\*</sup> | 1413 | 209986 |

---

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** |
| **Internet - 15.4% (continued)** |  |  |
| Baidu, Inc. ADR<sup>\*</sup> | 1359 | $179075 |
| Sea Ltd. ADR<sup>\*</sup> | 847 | 151384 |
| Reddit, Inc. — Class A<sup>\*</sup> | 619 | 142364 |
| VeriSign, Inc. | 414 | 115742 |
| CDW Corp. | 698 | 111177 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 3335 | 107287 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 737 | 100844 |
| Gen Digital, Inc. | 3338 | 94766 |
| F5, Inc.<sup>\*</sup> | 259 | 83706 |
| Snap, Inc. — Class A<sup>\*</sup> | 10081 | 77725 |
| Match Group, Inc. | 1942 | 68591 |
| **Total Internet** |  | 4488320 |
| **Telecommunications - 4.4%** |  |  |
| Cisco Systems, Inc. | 5657 | 387052 |
| Arista Networks, Inc.<sup>\*</sup> | 1956 | 285009 |
| Corning, Inc. | 2494 | 204583 |
| Motorola Solutions, Inc. | 447 | 204409 |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 766 | 111537 |
| Applied Digital Corp.<sup>\*</sup> | 2795 | 64117 |
| InterDigital, Inc. | 118 | 40737 |
| **Total Telecommunications** |  | 1297444 |
| **Electronics - 3.5%** |  |  |
| Amphenol Corp. — Class A | 2468 | 305415 |
| TE Connectivity plc | 715 | 156964 |
| Keysight Technologies, Inc.<sup>\*</sup> | 766 | 133989 |
| Jabil, Inc. | 538 | 116837 |
| Flex Ltd.<sup>\*</sup> | 1976 | 114549 |
| Trimble, Inc.<sup>\*</sup> | 1289 | 105247 |
| Coherent Corp.<sup>\*</sup> | 943 | 101580 |
| **Total Electronics** |  | 1034581 |
| **Investment Companies - 0.8%** |  |  |
| Riot Platforms, Inc.<sup>\*</sup> | 3709 | 70582 |
| MARA Holdings, Inc.<sup>\*</sup> | 3707 | 67690 |
| Core Scientific, Inc.<sup>\*</sup> | 3296 | 59130 |
| Cleanspark, Inc.<sup>\*</sup> | 3965 | 57493 |
| **Total Investment Companies** |  | 254895 |
| **Energy-Alternate Sources - 0.6%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 549 | 121071 |
| Enphase Energy, Inc.<sup>\*</sup> | 1421 | 50289 |
| **Total Energy-Alternate Sources** |  | 171360 |
| **Office & Business Equipment - 0.3%** |  |  |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 304 | 90337 |
| **Electrical Components & Equipment - 0.2%** |  |  |
| Universal Display Corp. | 312 | 44812 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,694,863) |  | 29133502 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $132479 | 132479 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 95328 | 95328 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $227,807) |  | 227807 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,922,670) |  | $29361309 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (120485) |
| **Total Net Assets - 100.0%** |  | $29240824 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $29133502 | $— | $— | $29133502 |
| Repurchase Agreements |  | 227807 |  | 227807 |
| Total Assets | $29133502 | $227807 | $— | $29361309 |

---

---

| | |
|:---|:---|
| **Telecommunications Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Telecommunications - 73.8%** | **Telecommunications - 73.8%** | **Telecommunications - 73.8%** |
| Cisco Systems, Inc. | 6804 | $465530 |
| AT&T, Inc. | 14457 | 408266 |
| Arista Networks, Inc.<sup>\*</sup> | 2774 | 404199 |
| Verizon Communications, Inc. | 8693 | 382057 |
| T-Mobile US, Inc. | 1313 | 314306 |
| Motorola Solutions, Inc. | 539 | 246479 |
| Ciena Corp.<sup>\*</sup> | 1351 | 196800 |
| EchoStar Corp. — Class A<sup>\*</sup> | 2420 | 184791 |
| AST SpaceMobile, Inc.<sup>\*</sup> | 3536 | 173547 |
| Telefonaktiebolaget LM Ericsson ADR | 15747 | 130228 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 3415 | 127550 |
| Nokia Oyj ADR | 24818 | 119375 |
| Vodafone Group plc ADR | 9960 | 115536 |
| BCE, Inc. | 4938 | 115500 |
| America Movil SAB de CV ADR | 5297 | 111237 |
| TELUS Corp. | 6990 | 110232 |
| Rogers Communications, Inc. — Class B | 3006 | 103617 |
| Lumen Technologies, Inc.<sup>\*</sup> | 16711 | 102271 |
| Telephone & Data Systems, Inc. | 2057 | 80717 |
| Calix, Inc.<sup>\*</sup> | 1283 | 78738 |
| Viasat, Inc.<sup>\*</sup> | 2524 | 73953 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 4708 | 72880 |
| Viavi Solutions, Inc.<sup>\*</sup> | 5567 | 70645 |
| InterDigital, Inc. | 200 | 69046 |
| Extreme Networks, Inc.<sup>\*</sup> | 3123 | 64490 |
| Globalstar, Inc.<sup>\*</sup> | 1710 | 62227 |
| Iridium Communications, Inc. | 2955 | 51594 |
| Harmonic, Inc.<sup>\*</sup> | 4351 | 44293 |
| Gogo, Inc.<sup>\*</sup> | 3554 | 30529 |
| GCI Liberty, Inc. — Class C<sup>\*</sup> | 458 | 17070 |
| **Total Telecommunications** |  | 4527703 |
| **Media - 13.3%** |  |  |
| Comcast Corp. — Class A | 9793 | 307696 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 818 | 225036 |
| Liberty Broadband Corp. — Class C<sup>\*</sup> | 1966 | 124920 |
| Liberty Global Ltd. — Class A<sup>\*</sup> | 9126 | 104584 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 6090 | 51399 |
| **Total Media** |  | 813635 |
| **Internet - 6.0%** |  |  |
| Roku, Inc.<sup>\*</sup> | 1633 | 163512 |
| F5, Inc.<sup>\*</sup> | 440 | 142204 |
| Cogent Communications Holdings, Inc. | 1531 | 58714 |
| **Total Internet** |  | 364430 |
| **Computers - 3.2%** |  |  |
| Lumentum Holdings, Inc.<sup>\*</sup> | 858 | 139605 |
| NetScout Systems, Inc.<sup>\*</sup> | 2155 | 55664 |
| **Total Computers** |  | 195269 |
| **Software - 1.6%** |  |  |
| Nice Ltd. ADR<sup>\*</sup> | 679 | 98305 |
| **Electronics - 0.8%** |  |  |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 2001 | 51886 |
| **Engineering & Construction - 0.8%** |  |  |
| Uniti Group, Inc.<sup>\*</sup> | 7610 | 46573 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,474,825) |  | 6097801 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $29117 | 29117 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 20952 | 20952 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,069) |  | 50069 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,524,894) |  | $6147870 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (15747) |
| **Total Net Assets - 100.0%** |  | $6132123 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Telecommunications Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $6097801 | $— | $— | $6097801 |
| Repurchase Agreements |  | 50069 |  | 50069 |
| Total Assets | $6097801 | $50069 | $— | $6147870 |

---

---

| | |
|:---|:---|
| **Transportation Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 97.7%** | **COMMON STOCKS<sup>†</sup> - 97.7%** | **COMMON STOCKS<sup>†</sup> - 97.7%** |
| **Transportation - 35.5%** | **Transportation - 35.5%** | **Transportation - 35.5%** |
| Union Pacific Corp. | 649 | $153404 |
| Norfolk Southern Corp. | 357 | 107246 |
| CSX Corp. | 2934 | 104186 |
| United Parcel Service, Inc. — Class B | 1245 | 103995 |
| FedEx Corp. | 381 | 89844 |
| Old Dominion Freight Line, Inc. | 440 | 61943 |
| Expeditors International of Washington, Inc. | 409 | 50139 |
| CH Robinson Worldwide, Inc. | 365 | 48326 |
| Canadian Pacific Kansas City Ltd. | 638 | 47525 |
| Canadian National Railway Co. | 502 | 47339 |
| XPO, Inc.<sup>\*</sup> | 355 | 45891 |
| ZIM Integrated Shipping Services Ltd. | 3342 | 45284 |
| ZTO Express Cayman, Inc. ADR | 2328 | 44698 |
| Star Bulk Carriers Corp. | 2327 | 43259 |
| TFI International, Inc. | 472 | 41564 |
| J.B. Hunt Transport Services, Inc. | 283 | 37970 |
| Ryder System, Inc. | 164 | 30937 |
| Knight-Swift Transportation Holdings, Inc. | 744 | 29395 |
| Kirby Corp.<sup>\*</sup> | 312 | 26036 |
| Saia, Inc.<sup>\*</sup> | 85 | 25446 |
| Landstar System, Inc. | 199 | 24389 |
| Matson, Inc. | 211 | 20803 |
| Hub Group, Inc. — Class A | 485 | 16703 |
| Werner Enterprises, Inc. | 546 | 14371 |
| Forward Air Corp.<sup>\*</sup> | 454 | 11641 |
| ArcBest Corp. | 135 | 9432 |
| **Total Transportation** |  | 1281766 |
| **Auto Manufacturers - 26.7%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 1061 | 471848 |
| General Motors Co. | 1573 | 95906 |
| Ford Motor Co. | 7153 | 85550 |
| NIO, Inc. ADR<sup>\*</sup> | 7667 | 58422 |
| Li Auto, Inc. ADR<sup>\*</sup> | 1927 | 48830 |
| Rivian Automotive, Inc. — Class A<sup>\*</sup> | 3145 | 46169 |
| Ferrari N.V. | 95 | 46096 |
| Stellantis N.V. | 4811 | 44935 |
| Toyota Motor Corp. ADR | 226 | 43186 |
| Lucid Group, Inc.<sup>\*</sup> | 979 | 23290 |
| **Total Auto Manufacturers** |  | 964232 |
| **Auto Parts & Equipment - 11.4%** |  |  |
| Aptiv plc<sup>\*</sup> | 562 | 48456 |
| Magna International, Inc. | 969 | 45911 |
| Mobileye Global, Inc. — Class A<sup>\*</sup> | 3238 | 45721 |
| Autoliv, Inc. | 354 | 43719 |
| BorgWarner, Inc. | 858 | 37718 |
| QuantumScape Corp.<sup>\*</sup> | 2661 | 32783 |
| Gentex Corp. | 1090 | 30847 |
| Lear Corp. | 274 | 27567 |
| Visteon Corp. | 179 | 21455 |
| Dana, Inc. | 965 | 19339 |
| Adient plc<sup>\*</sup> | 696 | 16760 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 2234 | 16710 |
| Dorman Products, Inc.<sup>\*</sup> | 96 | 14964 |
| Fox Factory Holding Corp.<sup>\*</sup> | 448 | 10882 |
| **Total Auto Parts & Equipment** |  | 412832 |
| **Airlines - 10.7%** |  |  |
| Delta Air Lines, Inc. | 1306 | 74116 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 675 | 65138 |
| Southwest Airlines Co. | 1578 | 50354 |
| Ryanair Holdings plc ADR | 765 | 46068 |
| Copa Holdings S.A. — Class A | 381 | 45270 |
| American Airlines Group, Inc.<sup>\*</sup> | 2777 | 31213 |
| Alaska Air Group, Inc.<sup>\*</sup> | 526 | 26184 |
| SkyWest, Inc.<sup>\*</sup> | 235 | 23646 |
| JetBlue Airways Corp.<sup>\*</sup> | 2931 | 14421 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 190 | 11546 |
| **Total Airlines** |  | 387956 |
| **Internet - 7.6%** |  |  |
| Uber Technologies, Inc.<sup>\*</sup> | 1850 | 181245 |
| Grab Holdings Ltd. — Class A<sup>\*</sup> | 8612 | 51844 |
| Lyft, Inc. — Class A<sup>\*</sup> | 1830 | 40278 |
| **Total Internet** |  | 273367 |
| **Commercial Services - 1.7%** |  |  |
| GXO Logistics, Inc.<sup>\*</sup> | 575 | 30412 |
| Avis Budget Group, Inc.<sup>\*</sup> | 127 | 20393 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 1666 | 11329 |
| **Total Commercial Services** |  | 62134 |
| **Home Builders - 1.1%** |  |  |
| Thor Industries, Inc. | 264 | 27374 |
| Winnebago Industries, Inc. | 339 | 11336 |
| **Total Home Builders** |  | 38710 |
| **Aerospace & Defense - 1.0%** |  |  |
| Joby Aviation, Inc.<sup>\*</sup> | 2359 | 38074 |
| **Building Materials - 0.9%** |  |  |
| Modine Manufacturing Co.<sup>\*</sup> | 237 | 33692 |
| **Leisure Time - 0.6%** |  |  |
| Harley-Davidson, Inc. | 775 | 21623 |
| **Retail - 0.5%** |  |  |
| Patrick Industries, Inc. | 170 | 17583 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,432,889) |  | 3531969 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $27887 | 27887 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 20066 | 20066 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $47,953) |  | 47953 |
| **Total Investments - 99.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,480,842) |  | $3579922 |
| **Other Assets & Liabilities, net - 1.0%** |  | 34955 |
| **Total Net Assets - 100.0%** |  | $3614877 |

---

---

| | |
|:---|:---|
| **Transportation Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3531969 | $— | $— | $3531969 |
| Repurchase Agreements |  | 47953 |  | 47953 |
| Total Assets | $3531969 | $47953 | $— | $3579922 |

---

---

| | |
|:---|:---|
| **Utilities Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.3%** | **COMMON STOCKS<sup>†</sup> - 100.3%** | **COMMON STOCKS<sup>†</sup> - 100.3%** |
| **Electric - 88.5%** | **Electric - 88.5%** | **Electric - 88.5%** |
| NextEra Energy, Inc. | 8220 | $620528 |
| Constellation Energy Corp. | 1519 | 499857 |
| Southern Co. | 5264 | 498869 |
| Duke Energy Corp. | 3848 | 476190 |
| Vistra Corp. | 1986 | 389097 |
| Sempra | 4246 | 382055 |
| American Electric Power Company, Inc. | 3376 | 379800 |
| Dominion Energy, Inc. | 5743 | 351299 |
| Xcel Energy, Inc. | 4347 | 350586 |
| Exelon Corp. | 7363 | 331409 |
| Entergy Corp. | 3384 | 315355 |
| Public Service Enterprise Group, Inc. | 3766 | 314310 |
| WEC Energy Group, Inc. | 2621 | 300340 |
| Consolidated Edison, Inc. | 2933 | 294825 |
| NRG Energy, Inc. | 1700 | 275315 |
| PG&E Corp. | 17812 | 268605 |
| Ameren Corp. | 2496 | 260532 |
| Eversource Energy | 3629 | 258167 |
| PPL Corp. | 6783 | 252056 |
| DTE Energy Co. | 1753 | 247927 |
| FirstEnergy Corp. | 5405 | 247657 |
| CenterPoint Energy, Inc. | 6278 | 243586 |
| CMS Energy Corp. | 3101 | 227179 |
| Edison International | 3982 | 220125 |
| Alliant Energy Corp. | 3034 | 204522 |
| Evergy, Inc. | 2685 | 204114 |
| Oklo, Inc.<sup>\*</sup> | 1789 | 199706 |
| Talen Energy Corp.<sup>\*</sup> | 427 | 181637 |
| National Grid plc ADR | 2462 | 178914 |
| Fortis, Inc. | 3522 | 178706 |
| Brookfield Renewable Corp. | 4673 | 160845 |
| Pinnacle West Capital Corp. | 1771 | 158788 |
| OGE Energy Corp. | 3254 | 150563 |
| AES Corp. | 11264 | 148234 |
| IDACORP, Inc. | 999 | 132018 |
| TXNM Energy, Inc. | 2071 | 117115 |
| Ormat Technologies, Inc. | 1215 | 116944 |
| Clearway Energy, Inc. — Class C | 3982 | 112492 |
| Portland General Electric Co. | 2449 | 107756 |
| Northwestern Energy Group, Inc. | 1570 | 92018 |
| Otter Tail Corp. | 926 | 75904 |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 5751 | 63491 |
| MGE Energy, Inc. | 370 | 31147 |
| **Total Electric** |  | 10620583 |
| **Gas - 7.9%** |  |  |
| Atmos Energy Corp. | 1491 | 254588 |
| NiSource, Inc. | 5148 | 222908 |
| National Fuel Gas Co. | 1532 | 141511 |
| UGI Corp. | 3770 | 125390 |
| ONE Gas, Inc. | 1343 | 108703 |
| MDU Resources Group, Inc. | 5368 | 95604 |
| **Total Gas** |  | 948704 |
| **Water - 3.5%** |  |  |
| American Water Works Company, Inc. | 1835 | 255414 |
| Essential Utilities, Inc. | 4134 | 164947 |
| **Total Water** |  | 420361 |
| **Energy-Alternate Sources - 0.4%** |  |  |
| XPLR Infrastructure, LP<sup>\*</sup> | 4596 | 46741 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,079,643) |  | 12036389 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $29087 | 29087 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 20930 | 20930 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $50,017) |  | 50017 |
| **Total Investments - 100.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,129,660) |  | $12086406 |
| **Other Assets & Liabilities, net - (0.7)%** |  | (88434) |
| **Total Net Assets - 100.0%** |  | $11997972 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<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>* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Utilities Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $12036389 | $— | $— | $12036389 |
| Repurchase Agreements |  | 50017 |  | 50017 |
| Total Assets | $12036389 | $50017 | $— | $12086406 |

---

---

| | |
|:---|:---|
| **Weakening Dollar 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 24.3%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 24.3%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 24.3%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.22% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | $50000 | $50012 |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.29% (SOFR + 0.16%, Rate Floor: 0.00%) due 11/14/25<sup>◊</sup> | 50000 | 50009 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,018) |  | 100021 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 12.1%** |  |  |
| Freddie Mac |  |  |
| &nbsp;&nbsp;&nbsp;4.03% due 10/20/25<sup>1</sup> | 50000 | 49894 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,894) |  | 49894 |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>1,2</sup> | 11000 | 10984 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,983) |  | 10984 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 50.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 120658 | 120658 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 86821 | 86821 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $207,479) |  | 207479 |
| **Total Investments - 89.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $368,374) |  | $368378 |
| **Other Assets & Liabilities, net - 10.4%** |  | 42759 |
| **Total Net Assets - 100.0%** |  | $411137 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Dollar Index Futures Contracts | 6 | Dec 2025 | $584820 | $(632) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity<br> Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |
| Goldman Sachs International | U.S. Dollar Index | Pay | N/A | At Maturity | 12/19/25 | 2376 | $231628 | $(689) |

---

---

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

---

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Weakening Dollar 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant** <br> **Unobservable<br> Inputs**  | **Total** |
| Federal Agency Notes | $— | $100021 | $— | $100021 |
| Federal Agency Discount Notes |  | 49894 |  | 49894 |
| U.S. Treasury Bills |  | 10984 |  | 10984 |
| Repurchase Agreements |  | 207479 |  | 207479 |
| Total Assets | $— | $368378 | $— | $368378 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Currency Futures Contracts\*\* | $632 | $— | $— | $632 |
| Currency Index Swap Agreements\*\* |  | 689 |  | 689 |
| Total Liabilities | $632 | $689 | $— | $1321 |

---

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

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

**Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies** 

**Organization**

Rydex Variable Trust (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** |
| Banking Fund | Diversified |
| Basic Materials Fund | Diversified |
| Biotechnology Fund | Diversified |
| Consumer Products Fund | Diversified |
| Electronics Fund | Non-diversified |
| Energy Fund | Diversified |
| Energy Services Fund | Non-diversified |
| Financial Services Fund | Diversified |
| Health Care Fund | Diversified |
| Internet Fund | Diversified |
| Leisure Fund | Diversified |
| Precious Metals Fund | Non-diversified |
| Real Estate Fund | Diversified |
| Retailing Fund | Diversified |
| Technology Fund | Diversified |
| Telecommunications Fund | Non-diversified |
| Transportation Fund | Diversified |
| Utilities Fund | Diversified |
| Dow 2x Strategy Fund | Non-diversified |
| Inverse Dow 2x Strategy Fund | Non-diversified |
| Mid-Cap 1.5x Strategy Fund | Non-diversified |
| Inverse Mid-Cap Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
| Nova Fund | Non-diversified |
| S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | Non-diversified |
| Government Long Bond 1.2x Strategy Fund | Diversified |
| Inverse Government Long Bond Strategy Fund | Diversified |
| High Yield Strategy Fund | Non-diversified |
| Europe 1.25x Strategy Fund | Non-diversified |
| Japan 2x Strategy Fund | Non-diversified |
| Strengthening Dollar 2x Strategy Fund | Non-diversified |
| Weakening Dollar 2x Strategy Fund | Non-diversified |
| Commodities Strategy Fund | Non-diversified |
| Global Managed Futures Strategy Fund | Diversified |
| Multi-Hedge Strategies Fund | Diversified |

---

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

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

**Consolidation of Subsidiaries**

The consolidated schedules of investments of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a "Subsidiary" and together, the "Subsidiaries"). Significant inter-company accounts and transactions have been eliminated in consolidation for the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund.

Each of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund may invest up to 25% of its total assets in its respective Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Funds' investment objectives and policies while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

**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)**

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include those discussed above, as well as the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADR") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by an independent third-party pricing service in valuing foreign securities.

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.

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

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.

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

**Note 2 – Financial Instruments and Derivatives**

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

**Short Sales**

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

**Derivatives**

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

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

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

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

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

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 the 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.

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

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return or custom basket swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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

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

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

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

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

**Foreign Investments** 

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

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

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

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

**Note 3 – Fair Value Measurement**

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

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

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

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

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

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

The inputs or methodologies selected and applied for valuing securities 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.

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

At September 30, 2025, the repurchase agreements in the joint account were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;&nbsp;1.88% - 4.38% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | $28864346 | $28867714 | &nbsp;&nbsp;&nbsp;Due 12/15/26 - 02/28/27 | $30100900 | $29406262 |
|  |  |  | U.S. Treasury Strip |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;0.00% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 08/15/28 | 39311 | 35372 |
|  |  |  |  | 30140211 | 29441634 |
| BofA Securities, Inc. |  |  | U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;&nbsp;2.75% - 3.00% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | 20769784 | 20772202 | &nbsp;&nbsp;&nbsp;Due 05/15/42 - 11/15/47 | 19673000 | 16157387 |
|  |  |  | U.S. Treasury Note |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;3.75% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 04/15/28 | 4929300 | 5027458 |
|  |  |  | U.S. Treasury Strips |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;0.00% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 05/15/32 - 05/15/46 | 800 | 337 |
|  |  |  |  | 24603100 | 21185182 |

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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 September 30, 2025, none of the Funds participated in securities lending transactions.

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 such counterparties to evaluate potential risks.

**Note 6 – Federal Income Tax Information** 

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

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

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.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund intend to invest up to 25% of their assets in their respective Subsidiaries, which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. Each Fund has received a private letter ruling from the IRS that concludes that the income each Fund receives from its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. Each Subsidiary is classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiaries, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

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

At September 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:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax<br> Unrealized<br> Appreciation** | **Tax<br> Unrealized<br> Depreciation** | **Net Tax<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Banking Fund | $4839543.00 | $2046569.00 | $(35373.00) | $2011196.00 |
| Basic Materials Fund | 4452880 | 3113139 | (47824) | 3065315 |
| Biotechnology Fund | 5791915 | 4280911 | (211794) | 4069117 |
| Commodities Strategy Fund | 5571404 |  | (90376) | (90376) |
| Consumer Products Fund | 3078186 | 2508238 | (124672) | 2383566 |
| Dow 2x Strategy Fund | 4692991 | 1962025 |  | 1962025 |
| Electronics Fund | 5589750 | 10114150 | (8069) | 10106081 |
| Energy Fund | 6223244 | 3663786 | (61324) | 3602462 |
| Energy Services Fund | 2262845 | 589312 | (384) | 588928 |
| Europe 1.25x Strategy Fund | 2300011 | 255762 | (363) | 255399 |
| Financial Services Fund | 6069093 | 5358405 | (30537) | 5327868 |
| Global Managed Futures Strategy Fund | 12703936 | 641611 | (180902) | 460709 |
| Government Long Bond 1.2x Strategy Fund | 4933134 | 140321 | (28) | 140293 |
| Health Care Fund | 5110437 | 5245031 | (210931) | 5034100 |
| High Yield Strategy Fund | 5934246 | 31197 | (18359) | 12838 |
| Internet Fund | 2479067 | 3222976 | (8380) | 3214596 |
| Inverse Dow 2x Strategy Fund | 509428 | 4 | (6546) | (6542) |
| Inverse Government Long Bond Strategy Fund | 1273657 | 6989 | (42927) | (35938) |
| Inverse Mid-Cap Strategy Fund | 109102 | 909 | (265) | 644 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 2380959 | 2389 | (17937) | (15548) |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 274067 | 3113 | (143) | 2970 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 728986 | 2130 | (6026) | (3896) |
| Japan 2x Strategy Fund | 1661977 | 102157 | (13974) | 88183 |
| Leisure Fund | 3657378 | 1708435 | (35130) | 1673305 |
| Mid-Cap 1.5x Strategy Fund | 2709230 | 761828 | (111324) | 650504 |
| Multi-Hedge Strategies Fund | 22174870 | 1080243 | (476567) | 603676 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 127948929 | 21654977 | (225194) | 21429783 |
| NASDAQ-100<sup>®</sup> Fund | 67702484 | 56808845 | (171303) | 56637542 |
| Nova Fund | 28169586 | 8482997 | (36822) | 8446175 |
| Precious Metals Fund | 14822012 | 23724379 | (38869) | 23685510 |
| Real Estate Fund | 2639662 | 1340711 | (16941) | 1323770 |
| Retailing Fund | 1135536 | 1299086 | (5830) | 1293256 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 2498999 | 301232 | (132308) | 168924 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 4718086 | 45144 | (63236) | (18092) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 87159704 | 20007335 | (739611) | 19267724 |
| S&P 500<sup>®</sup> Pure Growth Fund | 20867423 | 6918928 | (497352) | 6421576 |
| S&P 500<sup>®</sup> Pure Value Fund | 20808091 | 3339976 | (558208) | 2781768 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 6676995 | 1024785 | (183488) | 841297 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 7639508 | 1424134 | (261338) | 1162796 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 7158184 | 1290107 | (179730) | 1110377 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 8424038 | 964954 | (183371) | 781583 |
| Strengthening Dollar 2x Strategy Fund | 1047260 | 3761 |  | 3761 |
| Technology Fund | 12525059 | 16894097 | (57847) | 16836250 |
| Telecommunications Fund | 5214489 | 969863 | (36482) | 933381 |
| Transportation Fund | 1953876 | 1627321 | (1275) | 1626046 |
| Utilities Fund | 6162762 | 5925475 | (1831) | 5923644 |
| Weakening Dollar 2x Strategy Fund | 368374 | 4 | (1321) | (1317) |

---

 **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, actual or threatened imposition of 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 Variable Trust

- **b. Investment Company Act file number:** 811-08821

- **c. CIK number of Registrant:** 0001064046

- **d. LEI of Registrant:** 549300LJH0YR8RY3N305

- **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:** Energy Services Fund

- **b. EDGAR series identifier (if any):** S000003715

- **c. LEI of Series:** 5493008C68OBZH304M86

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $3148890.73

**Total Liabilities:** $11998.18

**Net Assets:** $3136892.55

**Cash Not Reported:** $0.03

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010384 | 4.98%                | 5.37%                | 2.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $24449.08                | $80863.64                                  |
| Month 2  | $27187.28                | $114420.92                                 |
| Month 3  | $-5732.01                | $54196.10                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Aris Water Solutions Inc       | Aris Water Solutions, Inc.          | CUSIP: 04041L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2417 | NS      | $59603.22     | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Kodiak Gas Services Inc        | Kodiak Gas Services, Inc.           | CUSIP: 50012A108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2246 | NS      | $83034.62     | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC     | J.P. Morgan Securities LLC          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |     15895 | PA      | $15895.29     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Borr Drilling Ltd              | Borr Drilling Ltd.                  | CUSIP: N/A<br>LEI: 213800J2JPCTXLHQ5R78       | Long             | EC               | CORP              | US        |     15260 | NS      | $41049.40     | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Archrock Inc                   | Archrock, Inc.                      | CUSIP: 03957W106<br>LEI: 549300K3RIHMHDVFTL28 | Long             | EC               | CORP              | US        |      4198 | NS      | $110449.38    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Seadrill Ltd                   | Seadrill Ltd.                       | CUSIP: N/A<br>LEI: 213800EQ6L456U2JCO89       | Long             | EC               | CORP              | US        |      2083 | NS      | $62927.43     | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Halliburton Co                 | Halliburton Co.                     | CUSIP: 406216101<br>LEI: ENYF8GB5SMQZ25S06U51 | Long             | EC               | CORP              | US        |      9419 | NS      | $231707.40    | 7.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Valaris Ltd                    | Valaris Ltd.                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |      1678 | NS      | $81836.06     | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Energy Solutions Inc     | Atlas Energy Solutions, Inc.        | CUSIP: 642045108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4101 | NS      | $46628.37     | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Helmerich & Payne Inc          | Helmerich & Payne, Inc.             | CUSIP: 423452101<br>LEI: 254900NAOGHJ88RZ4C73 | Long             | EC               | CORP              | US        |      3280 | NS      | $72455.20     | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Patterson-UTI Energy Inc       | Patterson-UTI Energy, Inc.          | CUSIP: 703481101<br>LEI: 254900XGFBKIXD6G0697 | Long             | EC               | CORP              | US        |     13009 | NS      | $67386.62     | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Tenaris SA                     | Tenaris S.A.                        | CUSIP: 88031M109<br>LEI: 549300Y7C05BKC4HZB40 | Long             | EC               | CORP              | LU        |      2387 | NS      | $85382.99     | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Cactus Inc                     | Cactus, Inc.                        | CUSIP: 127203107<br>LEI: 549300J3T8C9F8QFKV08 | Long             | EC               | CORP              | US        |      2195 | NS      | $86636.65     | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co.                    | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7311 | NS      | $356191.92    | 11.35%            |  |  |  | No            |                  1 | On Loan: No      |
| RPC Inc                        | RPC, Inc.                           | CUSIP: 749660106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      7398 | NS      | $35214.48     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corporation plc               | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Long             | EC               | CORP              | US        |      3235 | NS      | $91485.80     | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NOV Inc                        | NOV, Inc.                           | CUSIP: 62955J103<br>LEI: 549300EHF3IW1AR6U008 | Long             | EC               | CORP              | US        |      8333 | NS      | $110412.25    | 3.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Nabors Industries Ltd          | Nabors Industries Ltd.              | CUSIP: N/A<br>LEI: 5493008TXYN3II3PU369       | Long             | EC               | CORP              | US        |       618 | NS      | $25257.66     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV        | Expro Group Holdings N.V.           | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Long             | EC               | CORP              | US        |      4505 | NS      | $53519.40     | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.               | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     11438 | PA      | $11437.70     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Tidewater Inc                  | Tidewater, Inc.                     | CUSIP: 88642R109<br>LEI: 2549000JA5GRUPLMUH98 | Long             | EC               | CORP              | US        |      1352 | NS      | $72102.16     | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International plc       | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |      1707 | NS      | $116810.01    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International, Inc.     | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |      3163 | NS      | $78379.14     | 2.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Schlumberger NV                | Schlumberger N.V.                   | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     10277 | NS      | $353220.49    | 11.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure  | Solaris Energy Infrastructure, Inc. | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |      2279 | NS      | $91091.63     | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Energy Inc             | Liberty Energy, Inc.                | CUSIP: 53115L104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5942 | NS      | $73324.28     | 2.34%             |  |  |  | No            |                  1 | On Loan: No      |
| ProFrac Holding Corp           | ProFrac Holding Corp.               | CUSIP: 74319N100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3204 | NS      | $11854.80     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc     | Select Water Solutions, Inc.        | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |      5849 | NS      | $62525.81     | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ProPetro Holding Corp          | ProPetro Holding Corp.              | CUSIP: 74347M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6709 | NS      | $35155.16     | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Helix Energy Solutions Group I | Helix Energy Solutions Group, Inc.  | CUSIP: 42330P107<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | EC               | CORP              | US        |      7386 | NS      | $48452.16     | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| TechnipFMC PLC                 | TechnipFMC plc                      | CUSIP: N/A<br>LEI: 549300D5I93QWCJTCK36       | Long             | EC               | CORP              | US        |      2991 | NS      | $117994.95    | 3.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                 | Transocean Ltd.                     | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | US        |     19984 | NS      | $62350.08     | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Rydex Variable Trust

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO