# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0000913181-26-000255
**Filing Date:** 2026-3
**Character Count:** 667357
**Document Hash:** fb94d8d6b791c480aa3cf8d05efb918d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000255.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000255

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 26705233

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **DATE OF NAME CHANGE:** 20170712

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES FUNDS
- **DATE OF NAME CHANGE:** 20000229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RYDEX SERIES TRUST
- **DATE OF NAME CHANGE:** 19930714

## Series and Classes Contracts Data

### Inverse Government Long Bond Strategy Fund (Series ID: S000003690)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010326 | Investor Class | RYJUX           |
| C000010328 | Class A        | RYAQX           |
| C000010329 | Class C        | RYJCX           |
| C000149022 | Class H        | RYHJX           |

## Nport-Ex

---

| | |
|:---|:---|
| **Banking Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.7%** | **COMMON STOCKS<sup>†</sup> - 98.7%** | **COMMON STOCKS<sup>†</sup> - 98.7%** |
| **Banks - 93.1%** |  |  |
| Citigroup, Inc. | 3122 | $364306 |
| JPMorgan Chase & Co. | 1098 | 353798 |
| Bank of America Corp. | 6396 | 351780 |
| Wells Fargo & Co. | 3733 | 347916 |
| U.S. Bancorp | 5039 | 268881 |
| PNC Financial Services Group, Inc. | 1268 | 264670 |
| Bank of New York Mellon Corp. | 2260 | 262363 |
| Truist Financial Corp. | 4736 | 233059 |
| NU Holdings Limited/Cayman Islands — Class A<sup>\*</sup> | 13866 | 232117 |
| State Street Corp. | 1337 | 172486 |
| M&T Bank Corp. | 803 | 161788 |
| Fifth Third Bancorp | 3434 | 160746 |
| Huntington Bancshares, Inc. | 8669 | 150407 |
| Northern Trust Corp. | 1062 | 145059 |
| Citizens Financial Group, Inc. | 2456 | 143455 |
| Regions Financial Corp. | 5234 | 141841 |
| KeyCorp | 6811 | 140579 |
| First Citizens BancShares, Inc. — Class A | 62 | 133063 |
| ICICI Bank Ltd. ADR | 4138 | 123312 |
| Toronto-Dominion Bank | 1271 | 119728 |
| East West Bancorp, Inc. | 1022 | 114863 |
| Bank of Nova Scotia | 1498 | 110388 |
| Royal Bank of Canada | 642 | 109455 |
| HDFC Bank Ltd. ADR | 2933 | 107172 |
| Popular, Inc. | 854 | 106340 |
| First Horizon Corp. | 4228 | 101049 |
| Comerica, Inc. | 1107 | 96232 |
| Webster Financial Corp. | 1478 | 93025 |
| SOUTHSTATE BANK CORP | 958 | 90157 |
| Barclays plc ADR | 3433 | 87370 |
| Western Alliance Bancorporation | 1023 | 86004 |
| Zions Bancorp North America | 1465 | 85761 |
| Columbia Banking System, Inc. | 2990 | 83570 |
| Grupo Financiero Galicia S.A. ADR<sup>\*</sup> | 1507 | 81288 |
| Cadence Bank | 1890 | 80968 |
| Cullen/Frost Bankers, Inc. | 638 | 80790 |
| Old National Bancorp | 3610 | 80539 |
| HSBC Holdings plc ADR | 988 | 77726 |
| Commerce Bancshares, Inc. | 1485 | 77725 |
| Pinnacle Financial Partners, Inc. | 808 | 77091 |
| Canadian Imperial Bank of Commerce | 841 | 76203 |
| Synovus Financial Corp. | 1474 | 73774 |
| Prosperity Bancshares, Inc. | 1041 | 71944 |
| FNB Corp. | 4193 | 71700 |
| Wintrust Financial Corp. | 511 | 71448 |
| UMB Financial Corp. | 603 | 69369 |
| Valley National Bancorp | 5889 | 68784 |
| Bank of Montreal | 527 | 68399 |
| UBS Group AG | 1460 | 67613 |
| United Bankshares, Inc. | 1742 | 66893 |
| Hancock Whitney Corp. | 1045 | 66546 |
| Deutsche Bank AG | 1665 | 64202 |
| Bank OZK | 1370 | 63047 |
| Flagstar Bank North America | 4798 | 60407 |
| ING Groep N.V. ADR | 2156 | 60368 |
| Banco Bradesco S.A. ADR | 17992 | 59913 |
| Associated Banc-Corp. | 2273 | 58552 |
| Eastern Bankshares, Inc. | 3125 | 57594 |
| Mitsubishi UFJ Financial Group, Inc. ADR | 3497 | 55462 |
| First Financial Bankshares, Inc. | 1827 | 54572 |
| Fulton Financial Corp. | 2788 | 53892 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 573 | 51879 |
| Cathay General Bancorp | 1067 | 51632 |
| First Hawaiian, Inc. | 2030 | 51359 |
| First Interstate BancSystem, Inc. — Class A | 1469 | 50827 |
| WesBanco, Inc. | 1528 | 50791 |
| Seacoast Banking Corporation of Florida | 1592 | 50021 |
| International Bancshares Corp. | 734 | 48767 |
| Bancorp, Inc.<sup>\*</sup> | 714 | 48209 |
| Simmons First National Corp. — Class A | 2525 | 47596 |
| CVB Financial Corp. | 2354 | 43784 |
| Independent Bank Corp. | 521 | 38075 |
| BOK Financial Corp. | 249 | 29497 |
| Pathward Financial, Inc. | 313 | 22223 |
| **Total Banks** |  | 8044209 |
| **Diversified Financial Services - 4.1%** |  |  |
| Capital One Financial Corp. | 1454 | 352391 |
| **Savings & Loans - 1.5%** |  |  |
| Banc of California, Inc. | 2409 | 46470 |
| WaFd, Inc. | 1412 | 45226 |
| WSFS Financial Corp. | 752 | 41540 |
| **Total Savings & Loans** |  | 133236 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,833,442) |  | 8529836 |
| **PREFERRED STOCKS<sup>†</sup> - 1.0%** |  |  |
| **Banks - 1.0%** |  |  |
| Itau Unibanco Holding S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 11938 | 85476 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,713) |  | 85476 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $22862 | 22862 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 22862 | 22862 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $45,724) |  | 45724 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,928,879) |  | $8661036 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (18501) |
| **Total Net Assets - 100.0%** |  | $8642535 |

---

---

| | |
|:---|:---|
| **Banking Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 December 31, 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 | $8529836 | $— | $— | $8529836 |
| Preferred Stocks | 85476 |  |  | 85476 |
| Repurchase Agreements |  | 45724 |  | 45724 |
| Total Assets | $8615312 | $45724 | $— | $8661036 |

---

---

| | |
|:---|:---|
| **Basic Materials Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.7%** | **COMMON STOCKS<sup>†</sup> - 99.7%** | **COMMON STOCKS<sup>†</sup> - 99.7%** |
| **Mining - 39.5%** | **Mining - 39.5%** | **Mining - 39.5%** |
| Newmont Corp. | 8460 | $844731 |
| Freeport-McMoRan, Inc. | 14082 | 715225 |
| Barrick Mining Corp. | 10215 | 444863 |
| Agnico Eagle Mines Ltd. | 2292 | 388563 |
| Royal Gold, Inc. | 1609 | 357665 |
| Kinross Gold Corp. | 12258 | 345185 |
| Teck Resources Ltd. — Class B | 7070 | 338582 |
| Rio Tinto plc ADR | 4148 | 331965 |
| Pan American Silver Corp. | 6361 | 329563 |
| Wheaton Precious Metals Corp. | 2779 | 326588 |
| BHP Group Ltd. ADR | 5281 | 318814 |
| Alcoa Corp. | 5958 | 316608 |
| Anglogold Ashanti plc | 3652 | 311443 |
| Hudbay Minerals, Inc. | 14880 | 295368 |
| First Majestic Silver Corp. | 17694 | 294782 |
| Franco-Nevada Corp. | 1418 | 293923 |
| Alamos Gold, Inc. — Class A | 7614 | 293748 |
| IAMGOLD Corp.<sup>\*</sup> | 17784 | 293258 |
| Southern Copper Corp. | 2020 | 289809 |
| Sibanye Stillwater Ltd. ADR<sup>\*</sup> | 20169 | 287408 |
| Equinox Gold Corp.<sup>\*</sup> | 20338 | 285546 |
| B2Gold Corp. | 63173 | 284910 |
| New Gold, Inc.<sup>\*</sup> | 32027 | 278955 |
| Gold Fields Ltd. ADR | 6332 | 276455 |
| Hecla Mining Co. | 14179 | 272095 |
| Eldorado Gold Corp.<sup>\*</sup> | 7496 | 269256 |
| Fortuna Mining Corp.<sup>\*</sup> | 26950 | 264380 |
| Harmony Gold Mining Company Ltd. ADR | 13148 | 261645 |
| Endeavour Silver Corp.<sup>\*</sup> | 27774 | 261076 |
| OR Royalties, Inc. | 7181 | 254136 |
| Coeur Mining, Inc.<sup>\*</sup> | 13966 | 249014 |
| Novagold Resources, Inc.<sup>\*</sup> | 26066 | 242935 |
| TMC the metals co, Inc.<sup>\*</sup> | 35244 | 217456 |
| MP Materials Corp.<sup>\*</sup> | 4198 | 212083 |
| SSR Mining, Inc.<sup>\*</sup> | 7570 | 165934 |
| Century Aluminum Co.<sup>\*</sup> | 3351 | 131292 |
| Perpetua Resources Corp.<sup>\*</sup> | 4096 | 99164 |
| USA Rare Earth, Inc.<sup>\*</sup> | 6332 | 75351 |
| US Antimony Corp.<sup>\*</sup> | 11745 | 58960 |
| **Total Mining** |  | 11578734 |
| **Chemicals - 28.7%** |  |  |
| Linde plc | 2799 | 1193466 |
| Sherwin-Williams Co. | 2201 | 713190 |
| Ecolab, Inc. | 2590 | 679927 |
| Air Products and Chemicals, Inc. | 2472 | 610633 |
| Albemarle Corp. | 3091 | 437191 |
| PPG Industries, Inc. | 3851 | 394573 |
| International Flavors & Fragrances, Inc. | 5322 | 358650 |
| DuPont de Nemours, Inc. | 8282 | 332936 |
| Dow, Inc. | 14038 | 328208 |
| Nutrien Ltd. | 5225 | 322487 |
| RPM International, Inc. | 2832 | 294528 |
| CF Industries Holdings, Inc. | 3617 | 279739 |
| LyondellBasell Industries N.V. — Class A | 6300 | 272790 |
| Solstice Advanced Materials, Inc.<sup>\*</sup> | 4636 | 225217 |
| Eastman Chemical Co. | 3445 | 219894 |
| Axalta Coating Systems Ltd.<sup>\*</sup> | 6796 | 219579 |
| Mosaic Co. | 9047 | 217942 |
| Element Solutions, Inc. | 7611 | 190199 |
| Celanese Corp. — Class A | 4245 | 179479 |
| Westlake Corp. | 1786 | 132057 |
| Olin Corp. | 5876 | 122397 |
| Sensient Technologies Corp. | 1223 | 114901 |
| FMC Corp. | 7762 | 107659 |
| Chemours Co. | 8828 | 104082 |
| Huntsman Corp. | 10220 | 102200 |
| Balchem Corp. | 651 | 99837 |
| Innospec, Inc. | 1010 | 77305 |
| Hawkins, Inc. | 525 | 74582 |
| **Total Chemicals** |  | 8405648 |
| **Packaging & Containers - 9.1%** |  |  |
| Packaging Corporation of America | 1719 | 354509 |
| Amcor plc | 40139 | 334759 |
| Smurfit WestRock plc | 8314 | 321502 |
| Ball Corp. | 6040 | 319939 |
| Crown Holdings, Inc. | 2849 | 293362 |
| AptarGroup, Inc. | 1944 | 237090 |
| Sealed Air Corp. | 4904 | 203173 |
| Sonoco Products Co. | 3987 | 173993 |
| Graphic Packaging Holding Co. | 11341 | 170796 |
| Silgan Holdings, Inc. | 3920 | 158250 |
| TriMas Corp. | 2683 | 95112 |
| **Total Packaging & Containers** |  | 2662485 |
| **Building Materials - 8.5%** |  |  |
| Martin Marietta Materials, Inc. | 803 | 499996 |
| Vulcan Materials Co. | 1728 | 492860 |
| CRH plc | 3103 | 387254 |
| James Hardie Industries plc<sup>\*</sup> | 16132 | 334739 |
| Cemex SAB de CV ADR | 25377 | 291582 |
| Louisiana-Pacific Corp. | 2219 | 179207 |
| Knife River Corp.<sup>\*</sup> | 2192 | 154207 |
| Eagle Materials, Inc. | 718 | 148396 |
| **Total Building Materials** |  | 2488241 |
| **Iron & Steel - 7.8%** |  |  |
| Nucor Corp. | 3004 | 489982 |
| Steel Dynamics, Inc. | 2330 | 394819 |
| Vale S.A. ADR | 27809 | 362351 |
| Reliance, Inc. | 1103 | 318624 |
| ArcelorMittal S.A. | 5867 | 267359 |
| Commercial Metals Co. | 3232 | 223719 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 16447 | 218416 |
| **Total Iron & Steel** |  | 2275270 |
| **Biotechnology - 1.9%** |  |  |
| Corteva, Inc. | 8338 | 558896 |
| **Forest Products & Paper - 1.3%** |  |  |
| International Paper Co. | 9540 | 375781 |
| **Household Products & Housewares - 1.1%** |  |  |
| Avery Dennison Corp. | 1696 | 308468 |
| **Coal - 0.8%** |  |  |
| Warrior Met Coal, Inc. | 2003 | 176605 |
| Ramaco Resources, Inc. — Class A<sup>\*</sup> | 4382 | 78876 |
| **Total Coal** |  | 255481 |

---

---

| | |
|:---|:---|
| **Basic Materials Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.7% (continued)** |
| **Housewares - 0.5%** | **Housewares - 0.5%** | **Housewares - 0.5%** |
| Scotts Miracle-Gro Co. — Class A | 2339 | $136481 |
| **Environmental Control - 0.3%** |  |  |
| PureCycle Technologies, Inc.<sup>\*</sup> | 10775 | 92557 |
| **Energy-Alternate Sources - 0.2%** |  |  |
| ASP Isotopes, Inc.<sup>\*</sup> | 10030 | 53660 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,974,823) |  | 29191702 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $124640 | 124640 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 124640 | 124640 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $249,280) |  | 249280 |
| **Total Investments - 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,224,103) |  | $29440982 |
| **Other Assets & Liabilities, net - (0.6)%** |  | (172306) |
| **Total Net Assets - 100.0%** |  | $29268676 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $29191702 | $— | $— | $29191702 |
| Repurchase Agreements |  | 249280 |  | 249280 |
| Total Assets | $29191702 | $249280 | $— | $29440982 |

---

---

| | |
|:---|:---|
| **Biotechnology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Biotechnology - 70.6%** |  |  |
| Amgen, Inc. | 16516 | $5405852 |
| Gilead Sciences, Inc. | 39844 | 4890453 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 10599 | 4805163 |
| Regeneron Pharmaceuticals, Inc. | 5152 | 3976674 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 7947 | 3160125 |
| Insmed, Inc.<sup>\*</sup> | 14529 | 2528627 |
| Biogen, Inc.<sup>\*</sup> | 12936 | 2276607 |
| BeOne Medicines Ltd. ADR<sup>\*</sup> | 7379 | 2241814 |
| United Therapeutics Corp.<sup>\*</sup> | 4137 | 2015753 |
| Royalty Pharma plc — Class A | 51524 | 1990887 |
| Illumina, Inc.<sup>\*</sup> | 14715 | 1930019 |
| Incyte Corp.<sup>\*</sup> | 18317 | 1809170 |
| Revolution Medicines, Inc.<sup>\*</sup> | 21352 | 1700687 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 21199 | 1621511 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 26548 | 1577748 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup> | 19693 | 1557913 |
| Argenx SE ADR<sup>\*</sup> | 1845 | 1551553 |
| Exelixis, Inc.<sup>\*</sup> | 34986 | 1533436 |
| Moderna, Inc.<sup>\*</sup> | 48915 | 1442503 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 19911 | 1436180 |
| Roivant Sciences Ltd.<sup>\*</sup> | 61011 | 1323939 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 19343 | 1301784 |
| Cytokinetics, Inc.<sup>\*</sup> | 20111 | 1277853 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 18776 | 1246539 |
| CRISPR Therapeutics AG<sup>\*</sup> | 23590 | 1237060 |
| BioNTech SE ADR<sup>\*</sup> | 12684 | 1207517 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 78127 | 1112528 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 14278 | 1084557 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 5927 | 1082507 |
| TG Therapeutics, Inc.<sup>\*</sup> | 29921 | 891945 |
| Legend Biotech Corp. ADR<sup>\*</sup> | 39822 | 865730 |
| ADMA Biologics, Inc.<sup>\*</sup> | 47114 | 859359 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 22050 | 842530 |
| Viking Therapeutics, Inc.<sup>\*</sup> | 23939 | 842174 |
| Scholar Rock Holding Corp.<sup>\*</sup> | 18732 | 825145 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 30598 | 817273 |
| Veracyte, Inc.<sup>\*</sup> | 19321 | 813414 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 27126 | 787739 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 29157 | 732424 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 25336 | 702314 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 8853 | 688852 |
| Liquidia Corp.<sup>\*</sup> | 19725 | 680315 |
| Celcuity, Inc.<sup>\*</sup> | 6702 | 668457 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 30630 | 659158 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 14213 | 658062 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 6277 | 631403 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 149289 | 610592 |
| Summit Therapeutics, Inc.<sup>\*</sup> | 33632 | 588224 |
| Krystal Biotech, Inc.<sup>\*</sup> | 2380 | 586765 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | 22214 | 510922 |
| Arcellx, Inc.<sup>\*</sup> | 7434 | 484697 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 48347 | 434640 |
| **Total Biotechnology** |  | 76509093 |
| **Pharmaceuticals - 21.3%** |  |  |
| AbbVie, Inc. | 35903 | 8203476 |
| AstraZeneca plc ADR | 26373 | 2424470 |
| Viatris, Inc. | 140709 | 1751827 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 11298 | 1602395 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 8580 | 1458600 |
| Alkermes plc<sup>\*</sup> | 43315 | 1211954 |
| Cidara Therapeutics, Inc.<sup>\*</sup> | 4967 | 1097161 |
| Vaxcyte, Inc.<sup>\*</sup> | 23633 | 1090427 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 11396 | 995327 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 1637 | 953290 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 8285 | 886826 |
| Ascendis Pharma A/S ADR<sup>\*</sup> | 3657 | 779819 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 8493 | 670862 |
| **Total Pharmaceuticals** |  | 23126434 |
| **Healthcare-Products - 6.5%** |  |  |
| Natera, Inc.<sup>\*</sup> | 10785 | 2470736 |
| Exact Sciences Corp.<sup>\*</sup> | 18983 | 1927913 |
| Guardant Health, Inc.<sup>\*</sup> | 15544 | 1587664 |
| Twist Bioscience Corp.<sup>\*</sup> | 19190 | 608707 |
| GRAIL, Inc.<sup>\*</sup> | 4486 | 383957 |
| **Total Healthcare-Products** |  | 6978977 |
| **Healthcare-Services - 1.2%** |  |  |
| Medpace Holdings, Inc.<sup>\*</sup> | 2281 | 1281124 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,815,040) |  | 107895628 |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Pharmaceuticals - 0.0%** |  |  |
| Novo Nordisk A/S<sup>\*</sup> | 17387 |  |
| Sanofi SA<sup>\*</sup> | 8866 | – |
| **Total Pharmaceuticals** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $117823 | 117823 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 117823 | 117823 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $235,646) |  | 235646 |
| **Total Investments - 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,050,686) |  | $108131274 |
| **Other Assets & Liabilities, net - 0.2%** |  | 264232 |
| **Total Net Assets - 100.0%** |  | $108395506 |

---

---

| | |
|:---|:---|
| **Biotechnology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 December 31, 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 | $107895628 | $— | $— | $107895628 |
| Rights | — \* |  |  |  |
| Repurchase Agreements |  | 235646 |  | 235646 |
| Total Assets | $107895628 | $235646 | $— | $108131274 |

---

*<sup>\*</sup>* *Includes securities with a market value of $0.*

---

| | |
|:---|:---|
| **Consumer Products Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.3%** | **COMMON STOCKS<sup>†</sup> - 99.3%** | **COMMON STOCKS<sup>†</sup> - 99.3%** |
| **Food - 31.1%** | **Food - 31.1%** | **Food - 31.1%** |
| Mondelez International, Inc. — Class A | 16256 | $875060 |
| Kroger Co. | 10207 | 637733 |
| Hershey Co. | 3470 | 631471 |
| Sysco Corp. | 8342 | 614722 |
| General Mills, Inc. | 11154 | 518661 |
| Kraft Heinz Co. | 19569 | 474548 |
| Tyson Foods, Inc. — Class A | 7889 | 462453 |
| McCormick & Company, Inc. | 6550 | 446120 |
| US Foods Holding Corp.<sup>\*</sup> | 5565 | 419156 |
| Performance Food Group Co.<sup>\*</sup> | 4096 | 368312 |
| J M Smucker Co. | 3292 | 321991 |
| Conagra Brands, Inc. | 17129 | 296503 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 3609 | 287529 |
| Hormel Foods Corp. | 11531 | 273285 |
| Ingredion, Inc. | 2476 | 273004 |
| Albertsons Companies, Inc. — Class A | 15555 | 267079 |
| The Campbell's Co. | 8572 | 238902 |
| Post Holdings, Inc.<sup>\*</sup> | 2246 | 222466 |
| Lamb Weston Holdings, Inc. | 5002 | 209534 |
| Cal-Maine Foods, Inc. | 2367 | 188342 |
| Flowers Foods, Inc. | 13953 | 151809 |
| Simply Good Foods Co.<sup>\*</sup> | 7306 | 146704 |
| Pilgrim's Pride Corp. | 3337 | 130110 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 2074 | 129272 |
| Marzetti Co. | 771 | 126768 |
| Smithfield Foods, Inc. | 4700 | 104951 |
| J & J Snack Foods Corp. | 1088 | 98323 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 9500 | 95950 |
| **Total Food** |  | 9010758 |
| **Beverages - 27.9%** |  |  |
| Coca-Cola Co. | 21431 | 1498241 |
| PepsiCo, Inc. | 9038 | 1297134 |
| Monster Beverage Corp.<sup>\*</sup> | 10319 | 791158 |
| Keurig Dr Pepper, Inc. | 21872 | 612635 |
| Coca-Cola Europacific Partners plc | 5710 | 517897 |
| Constellation Brands, Inc. — Class A | 3131 | 431953 |
| Coca-Cola Consolidated, Inc. | 2415 | 370219 |
| Anheuser-Busch InBev S.A. ADR | 5613 | 359457 |
| Brown-Forman Corp. — Class B | 12484 | 325333 |
| Celsius Holdings, Inc.<sup>\*</sup> | 6889 | 315103 |
| Diageo plc ADR | 3546 | 305913 |
| Molson Coors Beverage Co. — Class B | 6360 | 296885 |
| Ambev S.A. ADR | 118339 | 292297 |
| Fomento Economico Mexicano SAB de CV ADR | 2862 | 289262 |
| Primo Brands Corp. — Class A | 12795 | 209198 |
| Vita Coco Company, Inc.<sup>\*</sup> | 3104 | 164543 |
| **Total Beverages** |  | 8077228 |
| **Cosmetics & Personal Care - 16.3%** |  |  |
| Procter & Gamble Co. | 12030 | 1724019 |
| Colgate-Palmolive Co. | 10634 | 840299 |
| Estee Lauder Companies, Inc. — Class A | 5831 | 610622 |
| Kenvue, Inc. | 34316 | 591951 |
| Unilever plc ADR | 5498 | 359569 |
| Oddity Tech Ltd. — Class A<sup>\*</sup> | 7121 | 286122 |
| elf Beauty, Inc.<sup>\*</sup> | 2844 | 216258 |
| Inter Parfums, Inc. | 1049 | 88987 |
| **Total Cosmetics & Personal Care** |  | 4717827 |
| **Agriculture - 14.5%** |  |  |
| Philip Morris International, Inc. | 9491 | 1522356 |
| Altria Group, Inc. | 17598 | 1014701 |
| Archer-Daniels-Midland Co. | 9246 | 531553 |
| British American Tobacco plc ADR | 6895 | 390395 |
| Bunge Global S.A. | 4268 | 380193 |
| Darling Ingredients, Inc.<sup>\*</sup> | 6623 | 238428 |
| Vital Farms, Inc.<sup>\*</sup> | 3425 | 109395 |
| **Total Agriculture** |  | 4187021 |
| **Household Products & Housewares - 5.6%** |  |  |
| Kimberly-Clark Corp. | 5879 | 593132 |
| Church & Dwight Company, Inc. | 5580 | 467883 |
| Clorox Co. | 3585 | 361476 |
| Reynolds Consumer Products, Inc. | 4872 | 111666 |
| WD-40 Co. | 393 | 77382 |
| **Total Household Products & Housewares** |  | 1611539 |
| **Retail - 2.2%** |  |  |
| Casey's General Stores, Inc. | 846 | 467593 |
| Freshpet, Inc.<sup>\*</sup> | 2859 | 174199 |
| **Total Retail** |  | 641792 |
| **Internet - 1.1%** |  |  |
| Maplebear, Inc.<sup>\*</sup> | 6737 | 303030 |
| **Pharmaceuticals - 0.6%** |  |  |
| BellRing Brands, Inc.<sup>\*</sup> | 6366 | 170163 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,152,896) |  | 28719358 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $64035 | 64035 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 64035 | 64035 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $128,070) |  | 128070 |
| **Total Investments - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,280,966) |  | $28847428 |
| **Other Assets & Liabilities, net - 0.3%** |  | 99735 |
| **Total Net Assets - 100.0%** |  | $28947163 |

---

---

| | |
|:---|:---|
| **Consumer Products Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 December 31, 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 | $28719358 | $— | $— | $28719358 |
| Repurchase Agreements |  | 128070 |  | 128070 |
| Total Assets | $28719358 | $128070 | $— | $28847428 |

---

---

| | |
|:---|:---|
| **Electronics Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.8%** | **COMMON STOCKS<sup>†</sup> - 99.8%** | **COMMON STOCKS<sup>†</sup> - 99.8%** |
| **Semiconductors - 92.3%** |  |  |
| NVIDIA Corp. | 127268 | $23735482 |
| Broadcom, Inc. | 37704 | 13049354 |
| Micron Technology, Inc. | 23362 | 6667748 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 30137 | 6454140 |
| Lam Research Corp. | 30497 | 5220476 |
| Applied Materials, Inc. | 19291 | 4957594 |
| QUALCOMM, Inc. | 27332 | 4675139 |
| KLA Corp. | 3639 | 4421676 |
| Texas Instruments, Inc. | 24973 | 4332566 |
| Intel Corp.<sup>\*</sup> | 114753 | 4234386 |
| Analog Devices, Inc. | 14630 | 3967656 |
| Marvell Technology, Inc. | 34928 | 2968181 |
| Monolithic Power Systems, Inc. | 2402 | 2177077 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 7149 | 2172510 |
| NXP Semiconductor N.V. | 9609 | 2085729 |
| Microchip Technology, Inc. | 30957 | 1972580 |
| ASML Holding N.V. — Class G | 1841 | 1969612 |
| Teradyne, Inc. | 9739 | 1885081 |
| Astera Labs, Inc.<sup>\*</sup> | 9739 | 1620180 |
| ON Semiconductor Corp.<sup>\*</sup> | 29778 | 1612479 |
| ARM Holdings plc ADR<sup>\*</sup> | 11638 | 1272150 |
| STMicroelectronics N.V. — Class Y | 43774 | 1135497 |
| MKS, Inc. | 7006 | 1119559 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 6531 | 1118630 |
| ASE Technology Holding Company Ltd. ADR | 67626 | 1088779 |
| United Microelectronics Corp. ADR | 137985 | 1084562 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 14385 | 1058448 |
| Skyworks Solutions, Inc. | 16514 | 1047153 |
| Rambus, Inc.<sup>\*</sup> | 11235 | 1032384 |
| Tower Semiconductor Ltd.<sup>\*</sup> | 8631 | 1013452 |
| Onto Innovation, Inc.<sup>\*</sup> | 6330 | 999254 |
| Nova Ltd.<sup>\*</sup> | 3007 | 987469 |
| Kulicke & Soffa Industries, Inc. | 21506 | 979813 |
| Qorvo, Inc.<sup>\*</sup> | 11278 | 953104 |
| Silicon Motion Technology Corp. ADR | 10242 | 949433 |
| Camtek Ltd.<sup>\*</sup> | 8818 | 937750 |
| Semtech Corp.<sup>\*</sup> | 11882 | 875585 |
| SiTime Corp.<sup>\*</sup> | 2474 | 873792 |
| Cirrus Logic, Inc.<sup>\*</sup> | 7020 | 831870 |
| FormFactor, Inc.<sup>\*</sup> | 12760 | 711753 |
| Amkor Technology, Inc. | 17593 | 694572 |
| Impinj, Inc.<sup>\*</sup> | 3826 | 665762 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 18212 | 635963 |
| Allegro MicroSystems, Inc.<sup>\*</sup> | 23736 | 626156 |
| Ambarella, Inc.<sup>\*</sup> | 8013 | 567641 |
| Synaptics, Inc.<sup>\*</sup> | 7624 | 564328 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 3999 | 522669 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 6502 | 522371 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 13148 | 518689 |
| Diodes, Inc.<sup>\*</sup> | 10343 | 510324 |
| Power Integrations, Inc. | 13421 | 476982 |
| Veeco Instruments, Inc.<sup>\*</sup> | 14716 | 420583 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 23894 | 416472 |
| Navitas Semiconductor Corp.<sup>\*</sup> | 51212 | 365654 |
| Penguin Solutions, Inc.<sup>\*</sup> | 17018 | 332872 |
| **Total Semiconductors** |  | 128091121 |
| **Energy-Alternate Sources - 3.2%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 6732 | 1758600 |
| SolarEdge Technologies, Inc.<sup>\*,1</sup> | 35302 | 1018463 |
| Canadian Solar, Inc.<sup>\*</sup> | 41559 | 987858 |
| Enphase Energy, Inc.<sup>\*</sup> | 21765 | 697568 |
| **Total Energy-Alternate Sources** |  | 4462489 |
| **Telecommunications - 1.2%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 11494 | 1653872 |
| **Chemicals - 1.1%** |  |  |
| Qnity Electronics, Inc. | 17651 | 1441204 |
| **Miscellaneous Manufacturing - 0.8%** |  |  |
| Entegris, Inc. | 13968 | 1176804 |
| **Computers - 0.6%** |  |  |
| Rigetti Computing, Inc.<sup>\*</sup> | 38164 | 845333 |
| **Electrical Components & Equipment - 0.6%** |  |  |
| Universal Display Corp. | 6747 | 787914 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $64,380,869) |  | 138458737 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $347135 | 347135 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 347135 | 347135 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $694,270) |  | 694270 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,075,139) |  | $139153007 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (349082) |
| **Total Net Assets - 100.0%** |  | $138803925 |

---

---

| | |
|:---|:---|
| *<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>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $138458737 | $— | $— | $138458737 |
| Repurchase Agreements |  | 694270 |  | 694270 |
| Total Assets | $138458737 | $694270 | $— | $139153007 |

---

---

| | |
|:---|:---|
| **Energy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.6%** | **COMMON STOCKS<sup>†</sup> - 98.6%** | **COMMON STOCKS<sup>†</sup> - 98.6%** |
| **Oil & Gas - 59.6%** |  |  |
| Exxon Mobil Corp. | 9081 | $1092808 |
| Chevron Corp. | 5423 | 826519 |
| ConocoPhillips | 5492 | 514106 |
| EOG Resources, Inc. | 3427 | 359869 |
| Valero Energy Corp. | 2073 | 337464 |
| Phillips 66 | 2578 | 332665 |
| Marathon Petroleum Corp. | 1961 | 318917 |
| Equities Corp. | 5146 | 275826 |
| Occidental Petroleum Corp. | 6440 | 264813 |
| Diamondback Energy, Inc. | 1680 | 252554 |
| Shell plc ADR | 3393 | 249318 |
| Expand Energy Corp. | 2228 | 245882 |
| Devon Energy Corp. | 6301 | 230806 |
| Canadian Natural Resources Ltd. | 6628 | 224358 |
| Coterra Energy, Inc. — Class A | 8219 | 216324 |
| BP plc ADR | 5819 | 202094 |
| Suncor Energy, Inc. | 4312 | 191280 |
| Petroleo Brasileiro S.A. - Petrobras ADR | 15993 | 189517 |
| Cenovus Energy, Inc. | 10724 | 181450 |
| Viper Energy, Inc. — Class A | 4536 | 175226 |
| Permian Resources Corp. | 11536 | 161850 |
| Antero Resources Corp.<sup>\*</sup> | 4426 | 152520 |
| Ovintiv, Inc. | 3871 | 151704 |
| Equinor ASA ADR | 6125 | 144734 |
| APA Corp.<sup>1</sup> | 5714 | 139764 |
| Range Resources Corp. | 3924 | 138360 |
| Texas Pacific Land Corp. | 447 | 128387 |
| HF Sinclair Corp. | 2751 | 126766 |
| Transocean Ltd.<sup>\*</sup> | 30060 | 124148 |
| Weatherford International plc | 1429 | 111834 |
| Chord Energy Corp. | 1157 | 107254 |
| Matador Resources Co. | 2460 | 104402 |
| CNX Resources Corp.<sup>\*</sup> | 2740 | 100750 |
| Murphy Oil Corp.<sup>1</sup> | 3102 | 96937 |
| Magnolia Oil & Gas Corp. — Class A | 4380 | 95878 |
| Noble Corporation plc | 3023 | 85370 |
| California Resources Corp. | 1879 | 84010 |
| Valaris Ltd.<sup>\*</sup> | 1492 | 75197 |
| Patterson-UTI Energy, Inc. | 11852 | 72416 |
| Civitas Resources, Inc. | 2612 | 70759 |
| Comstock Resources, Inc.<sup>\*</sup> | 3010 | 69772 |
| SM Energy Co. | 3696 | 69115 |
| PBF Energy, Inc. — Class A | 2545 | 69020 |
| Northern Oil & Gas, Inc.<sup>1</sup> | 3160 | 67845 |
| Sable Offshore Corp.<sup>\*</sup> | 6986 | 63014 |
| Delek US Holdings, Inc. | 2036 | 60388 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 1672 | 58754 |
| **Total Oil & Gas** |  | 9412744 |
| **Pipelines - 18.2%** |  |  |
| Williams Companies, Inc. | 6819 | 409890 |
| Kinder Morgan, Inc. | 12980 | 356820 |
| ONEOK, Inc. | 4478 | 329133 |
| Cheniere Energy, Inc. | 1602 | 311413 |
| Targa Resources Corp. | 1630 | 300735 |
| Enbridge, Inc. | 4448 | 212748 |
| DT Midstream, Inc. | 1400 | 167552 |
| TC Energy Corp. | 2969 | 163325 |
| Golar LNG Ltd. | 3639 | 135407 |
| Pembina Pipeline Corp. | 3151 | 119927 |
| Antero Midstream Corp. | 6518 | 115955 |
| Venture Global, Inc. — Class A<sup>1</sup> | 15415 | 105130 |
| Kinetik Holdings, Inc. — Class A<sup>1</sup> | 2767 | 99751 |
| NextDecade Corp.<sup>\*</sup> | 7512 | 39588 |
| **Total Pipelines** |  | 2867374 |
| **Oil & Gas Services - 9.0%** |  |  |
| SLB Ltd. | 9190 | 352712 |
| Baker Hughes Co. | 7018 | 319600 |
| Halliburton Co. | 7740 | 218732 |
| TechnipFMC plc | 3744 | 166833 |
| NOV, Inc. | 7105 | 111051 |
| Kodiak Gas Services, Inc. | 2314 | 86544 |
| Solaris Energy Infrastructure, Inc. — Class A<sup>1</sup> | 1753 | 80585 |
| Liberty Energy, Inc. — Class A | 4274 | 78898 |
| **Total Oil & Gas Services** |  | 1414955 |
| **Mining - 4.7%** |  |  |
| Cameco Corp. | 2520 | 230555 |
| Uranium Energy Corp.<sup>\*</sup> | 13593 | 158766 |
| NexGen Energy Ltd.<sup>\*</sup> | 12211 | 112341 |
| Denison Mines Corporation<sup>\*</sup> | 37065 | 98593 |
| Energy Fuels, Inc.<sup>\*</sup> | 5620 | 81715 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 278 | 67487 |
| **Total Mining** |  | 749457 |
| **Energy-Alternate Sources - 4.0%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 929 | 242683 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 5389 | 155473 |
| Enphase Energy, Inc.<sup>\*</sup> | 3008 | 96406 |
| Sunrun, Inc.<sup>\*</sup> | 5162 | 94981 |
| Plug Power, Inc.<sup>\*</sup> | 24162 | 47599 |
| **Total Energy-Alternate Sources** |  | 637142 |
| **Coal - 1.0%** |  |  |
| Peabody Energy Corp. | 3039 | 90259 |
| Core Natural Resources, Inc. | 720 | 63727 |
| **Total Coal** |  | 153986 |
| **Transportation - 0.7%** |  |  |
| Frontline plc | 5110 | 111500 |
| **Metal Fabricate & Hardware - 0.7%** |  |  |
| Tenaris S.A. ADR | 2895 | 111313 |
| **Retail - 0.7%** |  |  |
| Murphy USA, Inc. | 264 | 106529 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,808,252) |  | 15565000 |
| **MASTER LIMITED PARTNERSHIPS<sup>†</sup> - 1.0%** |  |  |
| **Energy - 1.0%** |  |  |
| Western Midstream Partners, LP | 3791 | 149744 |
| **Total Master Limited Partnerships** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $149,192) |  | 149744 |

---

---

| | |
|:---|:---|
| **Energy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 1.3%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | $103835 | $103835 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 103835 | 103835 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $207,670) |  | 207670 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.9%** |  |  |
| **Money Market Fund<sup>\*\*\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 3.65%<sup>4</sup> | 142220 | 142220 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $142,220) |  | 142220 |
| **Total Investments - 101.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,307,334) |  | $16064634 |
| **Other Assets & Liabilities, net - (1.8)%** |  | (285608) |
| **Total Net Assets - 100.0%** |  | $15779026 |

---

---

| | |
|:---|:---|
| *<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>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2025.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $15565000 | $— | $— | $15565000 |
| Master Limited Partnership | 149744 |  |  | 149744 |
| Repurchase Agreements |  | 207670 |  | 207670 |
| Securities Lending Collateral | 142220 |  |  | 142220 |
| Total Assets | $15856964 | $207670 | $— | $16064634 |

---

---

| | |
|:---|:---|
| **Energy Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Oil & Gas Services - 68.7%** |  |  |
| SLB Ltd. | 19315 | $741310 |
| Baker Hughes Co. | 14750 | 671715 |
| Halliburton Co. | 16268 | 459734 |
| TechnipFMC plc | 5957 | 265444 |
| NOV, Inc. | 14935 | 233434 |
| Archrock, Inc. | 8171 | 212609 |
| Kodiak Gas Services, Inc. | 4864 | 181914 |
| Solaris Energy Infrastructure, Inc. — Class A | 3685 | 169399 |
| Liberty Energy, Inc. — Class A | 8983 | 165826 |
| Oceaneering International, Inc.<sup>\*</sup> | 6230 | 149707 |
| Expro Group Holdings N.V.<sup>\*</sup> | 8382 | 111900 |
| Tidewater, Inc.<sup>\*</sup> | 2105 | 106323 |
| TETRA Technologies, Inc.<sup>\*</sup> | 11329 | 106153 |
| Select Water Solutions, Inc. — Class A | 9388 | 98762 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 6230 | 97562 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 14266 | 89448 |
| ProPetro Holding Corp.<sup>\*</sup> | 9061 | 86170 |
| Atlas Energy Solutions, Inc. | 8601 | 81021 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 8551 | 33263 |
| **Total Oil & Gas Services** |  | 4061694 |
| **Oil & Gas - 24.4%** |  |  |
| Weatherford International plc | 3005 | 235171 |
| Transocean Ltd.<sup>\*</sup> | 50390 | 208111 |
| Noble Corporation plc | 6353 | 179409 |
| Valaris Ltd.<sup>\*</sup> | 3135 | 158004 |
| Helmerich & Payne, Inc. | 5389 | 154557 |
| Borr Drilling Ltd.<sup>\*</sup> | 38008 | 153172 |
| Patterson-UTI Energy, Inc. | 24910 | 152200 |
| Seadrill Ltd.<sup>\*</sup> | 4369 | 151167 |
| Nabors Industries Ltd.<sup>\*</sup> | 901 | 48924 |
| **Total Oil & Gas** |  | 1440715 |
| **Metal Fabricate & Hardware - 3.2%** |  |  |
| Tenaris S.A. ADR | 4951 | 190366 |
| **Machinery-Diversified - 3.2%** |  |  |
| Cactus, Inc. — Class A | 4132 | 188750 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,226,530) |  | 5881525 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $17531 | 17531 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 17530 | 17530 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,061) |  | 35061 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,261,591) |  | $5916586 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (5992) |
| **Total Net Assets - 100.0%** |  | $5910594 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $5881525 | $— | $— | $5881525 |
| Repurchase Agreements |  | 35061 |  | 35061 |
| Total Assets | $5881525 | $35061 | $— | $5916586 |

---

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.8%** | **COMMON STOCKS<sup>†</sup> - 98.8%** | **COMMON STOCKS<sup>†</sup> - 98.8%** |
| **Banks - 27.5%** | **Banks - 27.5%** | **Banks - 27.5%** |
| JPMorgan Chase & Co. | 1089 | $350898 |
| Bank of America Corp. | 4196 | 230780 |
| Wells Fargo & Co. | 2165 | 201778 |
| Goldman Sachs Group, Inc. | 219 | 192501 |
| Citigroup, Inc. | 1512 | 176435 |
| Morgan Stanley | 964 | 171139 |
| U.S. Bancorp | 2030 | 108321 |
| PNC Financial Services Group, Inc. | 511 | 106661 |
| Bank of New York Mellon Corp. | 910 | 105642 |
| NU Holdings Limited/Cayman Islands — Class A<sup>\*</sup> | 5659 | 94732 |
| Truist Financial Corp. | 1908 | 93893 |
| Toronto-Dominion Bank | 890 | 83838 |
| Royal Bank of Canada | 484 | 82517 |
| Popular, Inc. | 661 | 82308 |
| Barclays plc ADR | 3204 | 81542 |
| Bank of Nova Scotia | 1106 | 81501 |
| HDFC Bank Ltd. ADR | 2227 | 81374 |
| ICICI Bank Ltd. ADR | 2729 | 81324 |
| State Street Corp. | 538 | 69407 |
| M&T Bank Corp. | 323 | 65078 |
| Fifth Third Bancorp | 1383 | 64738 |
| Huntington Bancshares, Inc. | 3492 | 60586 |
| Northern Trust Corp. | 428 | 58460 |
| Citizens Financial Group, Inc. | 989 | 57767 |
| Regions Financial Corp. | 2108 | 57127 |
| KeyCorp | 2744 | 56636 |
| First Citizens BancShares, Inc. — Class A | 25 | 53654 |
| East West Bancorp, Inc. | 377 | 42371 |
| First Horizon Corp. | 1703 | 40702 |
| Comerica, Inc. | 446 | 38771 |
| Zions Bancorp North America | 590 | 34539 |
| Columbia Banking System, Inc. | 1204 | 33652 |
| Old National Bancorp | 1455 | 32461 |
| Commerce Bancshares, Inc. | 598 | 31299 |
| Pinnacle Financial Partners, Inc. | 326 | 31104 |
| Valley National Bancorp | 2372 | 27705 |
| Hancock Whitney Corp. | 420 | 26746 |
| Wintrust Financial Corp. | 187 | 26146 |
| UMB Financial Corp. | 221 | 25424 |
| Bank OZK | 552 | 25403 |
| **Total Banks** |  | 3366960 |
| **Diversified Financial Services - 24.6%** |  |  |
| Visa, Inc. — Class A | 877 | 307573 |
| Mastercard, Inc. — Class A | 448 | 255754 |
| Charles Schwab Corp. | 1587 | 158557 |
| American Express Co. | 425 | 157229 |
| Blackrock, Inc. | 138 | 147707 |
| Capital One Financial Corp. | 609 | 147597 |
| Interactive Brokers Group, Inc. — Class A | 1911 | 122896 |
| CME Group, Inc. — Class A | 432 | 117971 |
| Intercontinental Exchange, Inc. | 700 | 113372 |
| Apollo Global Management, Inc. | 623 | 90186 |
| Rocket Companies, Inc. — Class A | 4481 | 86752 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 381 | 86159 |
| Nasdaq, Inc. | 870 | 84503 |
| Ares Management Corp. — Class A | 501 | 80977 |
| Ameriprise Financial, Inc. | 163 | 79925 |
| XP, Inc. — Class A | 4648 | 76088 |
| SoFi Technologies, Inc.<sup>\*</sup> | 2500 | 65450 |
| Synchrony Financial | 768 | 64074 |
| Raymond James Financial, Inc. | 394 | 63273 |
| LPL Financial Holdings, Inc. | 171 | 61076 |
| Cboe Global Markets, Inc. | 242 | 60742 |
| Tradeweb Markets, Inc. — Class A | 531 | 57104 |
| Blue Owl Capital, Inc. | 3726 | 55666 |
| T. Rowe Price Group, Inc. | 534 | 54671 |
| TPG, Inc. | 844 | 53881 |
| Brookfield Asset Management Ltd. — Class A | 1017 | 53281 |
| Ally Financial, Inc. | 921 | 41712 |
| Invesco Ltd. | 1512 | 39720 |
| SEI Investments Co. | 439 | 36007 |
| Jefferies Financial Group, Inc. | 570 | 35323 |
| Franklin Resources, Inc. | 1360 | 32490 |
| Galaxy Digital, Inc. — Class A<sup>\*</sup> | 1385 | 30969 |
| SLM Corp. | 1003 | 27141 |
| Upstart Holdings, Inc.<sup>\*</sup> | 499 | 21821 |
| Hamilton Lane, Inc. — Class A | 146 | 19609 |
| Webull Corp.<sup>\*</sup> | 1994 | 15493 |
| Dave, Inc.<sup>\*</sup> | 34 | 7528 |
| **Total Diversified Financial Services** |  | 3010277 |
| **Insurance - 17.1%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 785 | 394580 |
| Progressive Corp. | 592 | 134810 |
| Marsh & McLennan Companies, Inc. | 609 | 112982 |
| Willis Towers Watson plc | 311 | 102195 |
| Arch Capital Group Ltd.<sup>\*</sup> | 1050 | 100716 |
| Arthur J Gallagher & Co. | 380 | 98340 |
| Travelers Companies, Inc. | 332 | 96300 |
| Aon plc — Class A | 268 | 94572 |
| Chubb Ltd. | 299 | 93324 |
| Aflac, Inc. | 817 | 90091 |
| Allstate Corp. | 417 | 86798 |
| American International Group, Inc. | 953 | 81529 |
| MetLife, Inc. | 962 | 75940 |
| Hartford Insurance Group, Inc. | 532 | 73310 |
| Prudential Financial, Inc. | 644 | 72695 |
| Cincinnati Financial Corp. | 360 | 58795 |
| Brown & Brown, Inc. | 719 | 57304 |
| W R Berkley Corp. | 759 | 53221 |
| Principal Financial Group, Inc. | 579 | 51074 |
| Equitable Holdings, Inc. | 910 | 43361 |
| Corebridge Financial, Inc. | 1133 | 34183 |
| Erie Indemnity Co. — Class A | 101 | 28952 |
| Selective Insurance Group, Inc. | 321 | 26858 |
| Brighthouse Financial, Inc.<sup>\*</sup> | 351 | 22741 |
| **Total Insurance** |  | 2084671 |
| **REITs - 15.6%** |  |  |
| Welltower, Inc. | 743 | 137908 |
| Prologis, Inc. | 1017 | 129830 |

---

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 98.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 98.8% (continued)** |
| **REITs - 15.6% (continued)** |  |  |
| American Tower Corp. — Class A | 604 | $106044 |
| Equinix, Inc. | 135 | 103432 |
| Simon Property Group, Inc. | 498 | 92185 |
| Digital Realty Trust, Inc. | 566 | 87566 |
| Realty Income Corp. | 1512 | 85231 |
| Public Storage | 284 | 73698 |
| Crown Castle, Inc. | 821 | 72962 |
| Ventas, Inc. | 931 | 72041 |
| VICI Properties, Inc. | 2329 | 65492 |
| AvalonBay Communities, Inc. | 340 | 61645 |
| Extra Space Storage, Inc. | 472 | 61464 |
| Equity Residential | 936 | 59005 |
| Iron Mountain, Inc. | 663 | 54996 |
| SBA Communications Corp. | 276 | 53387 |
| Weyerhaeuser Co. | 2105 | 49868 |
| Mid-America Apartment Communities, Inc. | 353 | 49035 |
| Invitation Homes, Inc. | 1756 | 48799 |
| Annaly Capital Management, Inc. | 2092 | 46777 |
| Sun Communities, Inc. | 369 | 45723 |
| Regency Centers Corp. | 629 | 43420 |
| Gaming and Leisure Properties, Inc. | 961 | 42947 |
| UDR, Inc. | 1148 | 42109 |
| AGNC Investment Corp. | 3847 | 41240 |
| Host Hotels & Resorts, Inc. | 2296 | 40708 |
| Healthpeak Properties, Inc. | 2462 | 39589 |
| Equity LifeStyle Properties, Inc. | 644 | 39033 |
| Lamar Advertising Co. — Class A | 285 | 36075 |
| Sabra Health Care REIT, Inc. | 1367 | 25891 |
| **Total REITs** |  | 1908100 |
| **Commercial Services - 6.8%** |  |  |
| S&P Global, Inc. | 294 | 153642 |
| Moody's Corp. | 209 | 106768 |
| PayPal Holdings, Inc. | 1471 | 85877 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 5279 | 78076 |
| Block, Inc. — Class A<sup>\*</sup> | 1164 | 75765 |
| Affirm Holdings, Inc.<sup>\*</sup> | 805 | 59916 |
| Toast, Inc. — Class A<sup>\*</sup> | 1490 | 52910 |
| Corpay, Inc.<sup>\*</sup> | 174 | 52362 |
| Global Payments, Inc. | 639 | 49459 |
| MarketAxess Holdings, Inc. | 149 | 27006 |
| Shift4 Payments, Inc. — Class A<sup>\*</sup> | 423 | 26636 |
| Euronet Worldwide, Inc.<sup>\*</sup> | 267 | 20321 |
| Remitly Global, Inc.<sup>\*</sup> | 1288 | 17774 |
| Morningstar, Inc. | 63 | 13691 |
| Sezzle, Inc.<sup>\*</sup> | 127 | 8061 |
| **Total Commercial Services** |  | 828264 |
| **Private Equity - 3.2%** |  |  |
| Blackstone, Inc. — Class A | 1076 | 165854 |
| KKR & Company, Inc. — Class A | 818 | 104279 |
| Brookfield Corp. | 1747 | 80170 |
| Carlyle Group, Inc. | 789 | 46638 |
| **Total Private Equity** |  | 396941 |
| **Software - 2.1%** |  |  |
| MSCI, Inc. — Class A | 136 | 78027 |
| Fiserv, Inc.<sup>\*</sup> | 1049 | 70461 |
| Fidelity National Information Services, Inc. | 1053 | 69983 |
| Jack Henry & Associates, Inc. | 232 | 42335 |
| **Total Software** |  | 260806 |
| **Internet - 1.0%** |  |  |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 1062 | 120112 |
| **Investment Companies - 0.4%** |  |  |
| Ares Capital Corp. | 2207 | 44648 |
| **Media - 0.3%** |  |  |
| FactSet Research Systems, Inc. | 134 | 38886 |
| **Healthcare-Services - 0.2%** |  |  |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 1456 | 20923 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,610,323) |  | 12080588 |
| **PREFERRED STOCKS<sup>†</sup> - 0.7%** |  |  |
| **Banks - 0.7%** |  |  |
| Itau Unibanco Holding S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 10910 | 78116 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $52,244) |  | 78116 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $38803 | 38803 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 38803 | 38803 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $77,606) |  | 77606 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,740,173) |  | $12236310 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (9498) |
| **Total Net Assets - 100.0%** |  | $12226812 |

---

---

| | |
|:---|:---|
| *<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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $12080588 | $— | $— | $12080588 |
| Preferred Stocks | 78116 |  |  | 78116 |
| Repurchase Agreements |  | 77606 |  | 77606 |
| Total Assets | $12158704 | $77606 | $— | $12236310 |

---

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Pharmaceuticals - 33.2%** | **Pharmaceuticals - 33.2%** | **Pharmaceuticals - 33.2%** |
| Eli Lilly & Co. | 727 | $781292 |
| Johnson & Johnson | 2686 | 555868 |
| AbbVie, Inc. | 2261 | 516616 |
| Merck & Company, Inc. | 3989 | 419882 |
| Pfizer, Inc. | 11916 | 296708 |
| Bristol-Myers Squibb Co. | 5064 | 273152 |
| Cencora, Inc. — Class A | 791 | 267160 |
| McKesson Corp. | 307 | 251829 |
| CVS Health Corp. | 3112 | 246968 |
| AstraZeneca plc ADR | 2107 | 193697 |
| Zoetis, Inc. | 1481 | 186340 |
| Becton Dickinson & Co. | 953 | 184949 |
| Cardinal Health, Inc. | 870 | 178785 |
| Novo Nordisk A/S ADR | 3323 | 169074 |
| Teva Pharmaceutical Industries Ltd. ADR<sup>\*</sup> | 4394 | 137137 |
| GSK plc ADR | 2670 | 130937 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 757 | 128690 |
| Dexcom, Inc.<sup>\*</sup> | 1884 | 125041 |
| Novartis AG ADR | 899 | 123945 |
| Alkermes plc<sup>\*</sup> | 3934 | 110073 |
| Viatris, Inc. | 7983 | 99388 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 641 | 90913 |
| Ascendis Pharma A/S ADR<sup>\*</sup> | 420 | 89561 |
| Elanco Animal Health, Inc.<sup>\*</sup> | 3803 | 86062 |
| Henry Schein, Inc.<sup>\*</sup> | 914 | 69080 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 116 | 67552 |
| Vaxcyte, Inc.<sup>\*</sup> | 1339 | 61782 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 558 | 59728 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 647 | 56509 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 800 | 27840 |
| **Total Pharmaceuticals** |  | 5986558 |
| **Healthcare-Products - 28.1%** |  |  |
| Thermo Fisher Scientific, Inc. | 645 | 373745 |
| Abbott Laboratories | 2972 | 372362 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 645 | 365302 |
| Boston Scientific Corp.<sup>\*</sup> | 3213 | 306360 |
| Danaher Corp. | 1332 | 304921 |
| Stryker Corp. | 795 | 279419 |
| Medtronic plc | 1881 | 180689 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 267 | 180633 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 2096 | 178684 |
| Agilent Technologies, Inc. | 1130 | 153759 |
| GE HealthCare Technologies, Inc. | 1800 | 147636 |
| ResMed, Inc. | 604 | 145485 |
| Natera, Inc.<sup>\*</sup> | 612 | 140203 |
| STERIS plc | 502 | 127267 |
| Waters Corp.<sup>\*</sup> | 314 | 119267 |
| Alcon, Inc. | 1449 | 114196 |
| West Pharmaceutical Services, Inc. | 408 | 112257 |
| Insulet Corp.<sup>\*</sup> | 390 | 110854 |
| Exact Sciences Corp.<sup>\*</sup> | 1077 | 109380 |
| Zimmer Biomet Holdings, Inc. | 1179 | 106016 |
| Hologic, Inc.<sup>\*</sup> | 1367 | 101828 |
| Cooper Companies, Inc.<sup>\*</sup> | 1224 | 100319 |
| Guardant Health, Inc.<sup>\*</sup> | 883 | 90190 |
| Align Technology, Inc.<sup>\*</sup> | 522 | 81510 |
| Revvity, Inc. | 838 | 81076 |
| Baxter International, Inc. | 4103 | 78408 |
| Bio-Techne Corp. | 1283 | 75453 |
| Avantor, Inc.<sup>\*</sup> | 6286 | 72038 |
| Repligen Corp.<sup>\*</sup> | 397 | 65052 |
| Masimo Corp.<sup>\*</sup> | 460 | 59828 |
| Tempus AI, Inc.<sup>\*</sup> | 1002 | 59168 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 651 | 57379 |
| Bruker Corp. | 1208 | 56909 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 804 | 53506 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 240 | 42586 |
| TransMedics Group, Inc.<sup>\*</sup> | 318 | 38685 |
| Dentsply Sirona, Inc. | 3310 | 37833 |
| **Total Healthcare-Products** |  | 5080203 |
| **Biotechnology - 22.6%** |  |  |
| Amgen, Inc. | 1041 | 340730 |
| Gilead Sciences, Inc. | 2511 | 308200 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 601 | 272469 |
| Regeneron Pharmaceuticals, Inc. | 291 | 224614 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 450 | 178942 |
| Insmed, Inc.<sup>\*</sup> | 822 | 143061 |
| BeOne Medicines Ltd. ADR<sup>\*</sup> | 462 | 140360 |
| Argenx SE ADR<sup>\*</sup> | 158 | 132870 |
| Biogen, Inc.<sup>\*</sup> | 733 | 129001 |
| United Therapeutics Corp.<sup>\*</sup> | 234 | 114016 |
| Royalty Pharma plc — Class A | 2923 | 112945 |
| BioNTech SE ADR<sup>\*</sup> | 1164 | 110813 |
| CRISPR Therapeutics AG<sup>\*</sup> | 2091 | 109652 |
| Illumina, Inc.<sup>\*</sup> | 834 | 109387 |
| Incyte Corp.<sup>\*</sup> | 1039 | 102622 |
| Revolution Medicines, Inc.<sup>\*</sup> | 1211 | 96456 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 1204 | 92094 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 1506 | 89502 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup> | 1116 | 88287 |
| Exelixis, Inc.<sup>\*</sup> | 1985 | 87003 |
| Moderna, Inc.<sup>\*</sup> | 2777 | 81894 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 1130 | 81507 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 418 | 76344 |
| Roivant Sciences Ltd.<sup>\*</sup> | 3462 | 75125 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 1097 | 73828 |
| Cytokinetics, Inc.<sup>\*</sup> | 1130 | 71800 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 1064 | 70639 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 811 | 61604 |
| TG Therapeutics, Inc.<sup>\*</sup> | 1698 | 50617 |
| ADMA Biologics, Inc.<sup>\*</sup> | 2674 | 48774 |
| Viking Therapeutics, Inc.<sup>\*</sup> | 1358 | 47774 |
| Scholar Rock Holding Corp.<sup>\*</sup> | 1063 | 46825 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 1736 | 46369 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 1655 | 41574 |
| Krystal Biotech, Inc.<sup>\*</sup> | 167 | 41172 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 1738 | 37402 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 804 | 37225 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 8469 | 34638 |
| Summit Therapeutics, Inc.<sup>\*</sup> | 1907 | 33353 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | 1262 | 29026 |
| **Total Biotechnology** |  | 4070514 |
| **Healthcare-Services - 14.0%** |  |  |
| UnitedHealth Group, Inc. | 1287 | 424852 |

---

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 - 14.0% (continued)** |  |  |
| Cigna Group | 776 | $213579 |
| Elevance Health, Inc. | 609 | 213485 |
| HCA Healthcare, Inc. | 451 | 210554 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 683 | 153955 |
| Humana, Inc. | 526 | 134724 |
| ICON plc<sup>\*</sup> | 677 | 123363 |
| Labcorp Holdings, Inc. | 445 | 111642 |
| Centene Corp.<sup>\*</sup> | 2683 | 110405 |
| Quest Diagnostics, Inc. | 621 | 107762 |
| Tenet Healthcare Corp.<sup>\*</sup> | 529 | 105123 |
| Universal Health Services, Inc. — Class B | 411 | 89606 |
| Medpace Holdings, Inc.<sup>\*</sup> | 158 | 88741 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 403 | 80390 |
| Molina Healthcare, Inc.<sup>\*</sup> | 427 | 74102 |
| Ensign Group, Inc. | 399 | 69506 |
| HealthEquity, Inc.<sup>\*</sup> | 728 | 66692 |
| Option Care Health, Inc.<sup>\*</sup> | 1749 | 55723 |
| RadNet, Inc.<sup>\*</sup> | 749 | 53441 |
| Acadia Healthcare Company, Inc.<sup>\*</sup> | 1991 | 28252 |
| GeneDx Holdings Corp.<sup>\*</sup> | 136 | 17688 |
| **Total Healthcare-Services** |  | 2533585 |
| **Software - 1.3%** |  |  |
| Veeva Systems, Inc. — Class A<sup>\*</sup> | 641 | 143091 |
| Waystar Holding Corp.<sup>\*</sup> | 1495 | 48961 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 2134 | 42147 |
| **Total Software** |  | 234199 |
| **Internet - 0.3%** |  |  |
| Hims & Hers Health, Inc.<sup>\*</sup> | 1911 | 62050 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,750,855) |  | 17967109 |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Pharmaceuticals - 0.0%** |  |  |
| Sanofi SA |  |  |
| &nbsp;&nbsp;&nbsp;Expires 06/30/32 | 630 |  |
| Johnson & Johnson <sup>†††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Expires 12/31/29 | 752 | – |
| **Total Pharmaceuticals** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $69190 | 69190 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 69190 | 69190 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,380) |  | 138380 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,889,235) |  | $18105489 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (46197) |
| **Total Net Assets - 100.0%** |  | $18059292 |

---

---

| | |
|:---|:---|
| *<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.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted<br> Prices** | **Level 2 <br> Significant Observable <br> Inputs** | **Level 3 <br> Significant Unobservable<br> Inputs** | **Total** |
| Common Stocks | $17967109 | $— | $— | $17967109 |
| Rights | — \* |  | — \* |  |
| Repurchase Agreements |  | 138380 |  | 138380 |
| Total Assets | $17967109 | $138380 | $— | $18105489 |

---

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

---

| | |
|:---|:---|
| **Internet Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Internet - 56.7%** |  |  |
| Alphabet, Inc. — Class A | 4339 | $1358107 |
| Amazon.com, Inc.<sup>\*</sup> | 4505 | 1039844 |
| Meta Platforms, Inc. — Class A | 1357 | 895742 |
| Netflix, Inc.<sup>\*</sup> | 5788 | 542683 |
| Booking Holdings, Inc. | 78 | 417716 |
| Uber Technologies, Inc.<sup>\*</sup> | 4844 | 395803 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1264 | 286271 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 2056 | 279040 |
| Shopify, Inc. — Class A<sup>\*</sup> | 1572 | 253045 |
| MercadoLibre, Inc.<sup>\*</sup> | 107 | 215526 |
| eBay, Inc. | 2266 | 197369 |
| Reddit, Inc. — Class A<sup>\*</sup> | 858 | 197228 |
| Coupang, Inc.<sup>\*</sup> | 8191 | 193226 |
| Expedia Group, Inc. | 645 | 182735 |
| Alibaba Group Holding Ltd. ADR | 1245 | 182492 |
| Spotify Technology S.A.<sup>\*</sup> | 272 | 157953 |
| VeriSign, Inc. | 575 | 139696 |
| Baidu, Inc. ADR<sup>\*</sup> | 1038 | 135625 |
| JD.com, Inc. ADR | 4653 | 133541 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 1022 | 126810 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 4869 | 126058 |
| Roku, Inc.<sup>\*</sup> | 1145 | 124221 |
| Trip.com Group Ltd. ADR | 1653 | 118867 |
| F5, Inc.<sup>\*</sup> | 465 | 118696 |
| Zillow Group, Inc. — Class C<sup>\*</sup> | 1677 | 114405 |
| Chewy, Inc. — Class A<sup>\*</sup> | 3431 | 113395 |
| Wayfair, Inc. — Class A<sup>\*</sup> | 1067 | 107137 |
| Snap, Inc. — Class A<sup>\*</sup> | 13083 | 105580 |
| Bilibili, Inc. ADR<sup>\*</sup> | 4016 | 98753 |
| Match Group, Inc. | 2624 | 84729 |
| Lyft, Inc. — Class A<sup>\*</sup> | 4329 | 83853 |
| Wix.com Ltd.<sup>\*</sup> | 750 | 77918 |
| Etsy, Inc.<sup>\*</sup> | 1306 | 72405 |
| Cargurus, Inc.<sup>\*</sup> | 1552 | 59519 |
| IAC, Inc.<sup>\*</sup> | 1333 | 52120 |
| Trump Media & Technology Group Corp.<sup>\*</sup> | 3933 | 52073 |
| TripAdvisor, Inc.<sup>\*</sup> | 2844 | 41409 |
| Ziff Davis, Inc.<sup>\*</sup> | 1029 | 36169 |
| Grindr, Inc.<sup>\*</sup> | 1365 | 18482 |
| Bumble, Inc. — Class A<sup>\*</sup> | 4516 | 16122 |
| **Total Internet** |  | 8952363 |
| **Software - 25.1%** |  |  |
| Salesforce, Inc. | 1842 | 487964 |
| Adobe, Inc.<sup>\*</sup> | 1056 | 369590 |
| Snowflake, Inc. — Class A<sup>\*</sup> | 1173 | 257309 |
| Cloudflare, Inc. — Class A<sup>\*</sup> | 1261 | 248606 |
| Workday, Inc. — Class A<sup>\*</sup> | 1056 | 226808 |
| Electronic Arts, Inc. | 1094 | 223537 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 847 | 216857 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 2607 | 211245 |
| Datadog, Inc. — Class A<sup>\*</sup> | 1509 | 205209 |
| MongoDB, Inc.<sup>\*</sup> | 428 | 179627 |
| Veeva Systems, Inc. — Class A<sup>\*</sup> | 795 | 177468 |
| CoreWeave, Inc. — Class A<sup>\*</sup> | 2181 | 156182 |
| Zoom Communications, Inc. — Class A<sup>\*</sup> | 1766 | 152388 |
| Twilio, Inc. — Class A<sup>\*</sup> | 1032 | 146792 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 2341 | 121006 |
| DocuSign, Inc.<sup>\*</sup> | 1630 | 111492 |
| Akamai Technologies, Inc.<sup>\*</sup> | 1272 | 110982 |
| NetEase, Inc. ADR | 724 | 99637 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 2904 | 80731 |
| Box, Inc. — Class A<sup>\*</sup> | 2108 | 63050 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 1172 | 56397 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 5046 | 51318 |
| **Total Software** |  | 3954195 |
| **Telecommunications - 11.4%** |  |  |
| Cisco Systems, Inc. | 6643 | 511710 |
| Arista Networks, Inc.<sup>\*</sup> | 2731 | 357843 |
| Motorola Solutions, Inc. | 666 | 255291 |
| Ciena Corp.<sup>\*</sup> | 729 | 170491 |
| Telefonaktiebolaget LM Ericsson ADR | 10903 | 105214 |
| Nokia Oyj ADR | 15974 | 103352 |
| Applied Digital Corp.<sup>\*</sup> | 2895 | 70986 |
| Viavi Solutions, Inc.<sup>\*</sup> | 3264 | 58165 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 3149 | 57091 |
| Viasat, Inc.<sup>\*</sup> | 1557 | 53654 |
| Extreme Networks, Inc.<sup>\*</sup> | 2729 | 45438 |
| **Total Telecommunications** |  | 1789235 |
| **Computers - 1.9%** |  |  |
| Lumentum Holdings, Inc.<sup>\*</sup> | 382 | 140801 |
| Okta, Inc.<sup>\*</sup> | 1365 | 118032 |
| NetScout Systems, Inc.<sup>\*</sup> | 1557 | 42132 |
| **Total Computers** |  | 300965 |
| **Commercial Services - 1.8%** |  |  |
| PayPal Holdings, Inc. | 3842 | 224296 |
| Paylocity Holding Corp.<sup>\*</sup> | 384 | 58560 |
| **Total Commercial Services** |  | 282856 |
| **Real Estate - 1.0%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 2478 | 166620 |
| **Entertainment - 0.8%** |  |  |
| DraftKings, Inc. — Class A<sup>\*</sup> | 3680 | 126813 |
| **Aerospace & Defense - 0.3%** |  |  |
| Ondas Holdings, Inc.<sup>\*</sup> | 6110 | 59634 |
| **Electronics - 0.3%** |  |  |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 1283 | 44725 |
| **Healthcare-Services - 0.2%** |  |  |
| Teladoc Health, Inc.<sup>\*</sup> | 4750 | 33250 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,965,554) |  | 15710656 |

---

---

| | |
|:---|:---|
| **Internet Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** | | |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $51943 | $51943 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 51943 | 51943 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $103,886) |  | 103886 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,069,440) |  | $15814542 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (32428) |
| **Total Net Assets - 100.0%** |  | $15782114 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $15710656 | $— | $— | $15710656 |
| Repurchase Agreements |  | 103886 |  | 103886 |
| Total Assets | $15710656 | $103886 | $— | $15814542 |

---

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** |
| **Retail - 18.4%** |  |  |
| McDonald's Corp. | 691 | $211190 |
| Starbucks Corp. | 1665 | 140210 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 2763 | 102231 |
| Yum! Brands, Inc. | 611 | 92432 |
| Darden Restaurants, Inc. | 358 | 65879 |
| Restaurant Brands International, Inc. | 862 | 58814 |
| Yum China Holdings, Inc. | 1136 | 54233 |
| Domino's Pizza, Inc. | 120 | 50018 |
| Texas Roadhouse, Inc. — Class A | 283 | 46978 |
| Dutch Bros, Inc. — Class A<sup>\*</sup> | 749 | 45854 |
| Cava Group, Inc.<sup>\*,1</sup> | 623 | 36564 |
| Brinker International, Inc.<sup>\*</sup> | 247 | 35449 |
| Wingstop, Inc. | 135 | 32196 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 323 | 26218 |
| Cheesecake Factory, Inc.<sup>1</sup> | 441 | 22262 |
| Cracker Barrel Old Country Store, Inc.<sup>1</sup> | 762 | 19355 |
| Wendy's Co. | 1925 | 16035 |
| Papa John's International, Inc.<sup>1</sup> | 388 | 14934 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 1725 | 11661 |
| Bloomin' Brands, Inc. | 1439 | 8879 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 506 | 8202 |
| **Total Retail** |  | 1099594 |
| **Internet - 18.3%** |  |  |
| Netflix, Inc.<sup>\*</sup> | 3123 | 292813 |
| Booking Holdings, Inc. | 36 | 192792 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 582 | 131811 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 945 | 128256 |
| Expedia Group, Inc. | 298 | 84426 |
| Spotify Technology S.A.<sup>\*</sup> | 141 | 81880 |
| Trip.com Group Ltd. ADR | 896 | 64431 |
| Roku, Inc.<sup>\*</sup> | 528 | 57283 |
| MakeMyTrip Ltd.<sup>\*</sup> | 634 | 52064 |
| Serve Robotics, Inc.<sup>\*,1</sup> | 1022 | 10608 |
| **Total Internet** |  | 1096364 |
| **Media - 14.3%** |  |  |
| Walt Disney Co. | 1817 | 206720 |
| Comcast Corp. — Class A | 5240 | 156623 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 4052 | 116779 |
| Fox Corp. — Class A | 1030 | 75262 |
| Charter Communications, Inc. — Class A<sup>\*,1</sup> | 305 | 63669 |
| News Corp. — Class A | 2157 | 56341 |
| Paramount Skydance Corp. — Class B | 3699 | 49567 |
| New York Times Co. — Class A | 691 | 47969 |
| Liberty Broadband Corp. — Class C<sup>\*</sup> | 758 | 36839 |
| Sirius XM Holdings, Inc. | 1313 | 26253 |
| Nexstar Media Group, Inc. — Class A | 85 | 17259 |
| **Total Media** |  | 853281 |
| **Entertainment - 10.0%** |  |  |
| Flutter Entertainment plc<sup>\*</sup> | 387 | 83220 |
| TKO Group Holdings, Inc. | 393 | 82137 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 482 | 68685 |
| Warner Music Group Corp. — Class A | 1955 | 59960 |
| DraftKings, Inc. — Class A<sup>\*,1</sup> | 1699 | 58548 |
| Sportradar Group AG — Class A<sup>\*</sup> | 2356 | 56002 |
| Churchill Downs, Inc. | 329 | 37434 |
| Red Rock Resorts, Inc. — Class A | 539 | 33391 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 1287 | 30103 |
| Vail Resorts, Inc. | 211 | 28021 |
| Cinemark Holdings, Inc. | 924 | 21474 |
| Penn Entertainment, Inc.<sup>\*</sup> | 1379 | 20340 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 1133 | 17380 |
| **Total Entertainment** |  | 596695 |
| **Lodging - 8.8%** |  |  |
| Marriott International, Inc. — Class A | 389 | 120683 |
| Hilton Worldwide Holdings, Inc. | 409 | 117485 |
| Las Vegas Sands Corp. | 958 | 62356 |
| Hyatt Hotels Corp. — Class A | 337 | 54028 |
| Wynn Resorts Ltd. | 359 | 43199 |
| MGM Resorts International<sup>\*</sup> | 1034 | 37731 |
| Wyndham Hotels & Resorts, Inc. | 447 | 33775 |
| Boyd Gaming Corp. | 362 | 30857 |
| Choice Hotels International, Inc.<sup>1</sup> | 245 | 23339 |
| **Total Lodging** |  | 523453 |
| **Leisure Time - 7.9%** |  |  |
| Royal Caribbean Cruises Ltd. | 409 | 114078 |
| Carnival Corp. | 2898 | 88505 |
| Viking Holdings Ltd.<sup>\*</sup> | 855 | 61056 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 2085 | 46537 |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 399 | 43280 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 1049 | 27882 |
| YETI Holdings, Inc.<sup>\*</sup> | 586 | 25884 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 3589 | 22108 |
| Harley-Davidson, Inc. | 1059 | 21699 |
| Polaris, Inc. | 306 | 19354 |
| **Total Leisure Time** |  | 470383 |
| **Agriculture - 7.3%** |  |  |
| Philip Morris International, Inc. | 1457 | 233703 |
| Altria Group, Inc. | 2432 | 140229 |
| British American Tobacco plc ADR | 1062 | 60131 |
| **Total Agriculture** |  | 434063 |
| **Software - 7.2%** |  |  |
| Electronic Arts, Inc. | 503 | 102778 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 390 | 99852 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 1203 | 97479 |
| NetEase, Inc. ADR | 429 | 59039 |
| Genius Sports Ltd.<sup>\*</sup> | 4876 | 53733 |
| Sharplink Gaming, Inc.<sup>\*</sup> | 1939 | 17335 |
| **Total Software** |  | 430216 |
| **Beverages - 4.3%** |  |  |
| Constellation Brands, Inc. — Class A | 433 | 59737 |

---

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** | | |
| **Beverages - 4.3% (continued)** |  |  |
| Anheuser-Busch InBev S.A. ADR | 915 | $58597 |
| Diageo plc ADR | 616 | 53142 |
| Brown-Forman Corp. — Class B<sup>1</sup> | 1725 | 44953 |
| Molson Coors Beverage Co. — Class B | 878 | 40985 |
| **Total Beverages** |  | 257414 |
| **Toys, Games & Hobbies - 1.4%** |  |  |
| Hasbro, Inc. | 584 | 47888 |
| Mattel, Inc.<sup>\*</sup> | 1750 | 34720 |
| **Total Toys, Games & Hobbies** |  | 82608 |
| **Telecommunications - 1.3%** |  |  |
| EchoStar Corp. — Class A<sup>\*</sup> | 701 | 76199 |
| **Food Service - 0.7%** |  |  |
| Aramark | 1197 | 44121 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,126,446) |  | 5964391 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $6832 | 6832 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 6833 | 6833 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,665) |  | 13665 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.7%** |  |  |
| **Money Market Fund<sup>\*\*\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 3.65%<sup>4</sup> | 40628 | 40628 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $40,628) |  | 40628 |
| **Total Investments - 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,180,739) |  | $6018684 |
| **Other Assets & Liabilities, net - (0.8)%** |  | (49640) |
| **Total Net Assets - 100.0%** |  | $5969044 |

---

---

| | |
|:---|:---|
| *<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>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2025.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $5964391 | $— | $— | $5964391 |
| Repurchase Agreements |  | 13665 |  | 13665 |
| Securities Lending Collateral | 40628 |  |  | 40628 |
| Total Assets | $6005019 | $13665 | $— | $6018684 |

---

---

| | |
|:---|:---|
| **Precious Metals Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Mining - 99.5%** | **Mining - 99.5%** | **Mining - 99.5%** |
| Newmont Corp. | 137118 | $13691232 |
| Agnico Eagle Mines Ltd. | 71297 | 12086980 |
| Freeport-McMoRan, Inc. | 228191 | 11589821 |
| Barrick Mining Corp. | 259141 | 11285591 |
| Wheaton Precious Metals Corp. | 81557 | 9584579 |
| Anglogold Ashanti plc | 88859 | 7577895 |
| Gold Fields Ltd. ADR | 162151 | 7079513 |
| Kinross Gold Corp. | 241680 | 6805709 |
| Pan American Silver Corp. | 119657 | 6199429 |
| Franco-Nevada Corp. | 28820 | 5973810 |
| Alamos Gold, Inc. — Class A | 137574 | 5307605 |
| Hecla Mining Co. | 229780 | 4409478 |
| Equinox Gold Corp.<sup>\*</sup> | 298322 | 4188441 |
| Royal Gold, Inc. | 18627 | 4140596 |
| IAMGOLD Corp.<sup>\*</sup> | 245010 | 4040215 |
| Coeur Mining, Inc.<sup>\*</sup> | 226332 | 4035500 |
| First Majestic Silver Corp. | 218658 | 3642842 |
| Harmony Gold Mining Company Ltd. ADR | 180423 | 3590418 |
| Eldorado Gold Corp.<sup>\*</sup> | 98342 | 3532445 |
| Sibanye Stillwater Ltd. ADR<sup>\*</sup> | 246734 | 3515959 |
| OR Royalties, Inc. | 96111 | 3401368 |
| New Gold, Inc.<sup>\*</sup> | 379304 | 3303738 |
| B2Gold Corp. | 631515 | 2848133 |
| Orla Mining Ltd. | 200960 | 2706931 |
| SSR Mining, Inc.<sup>\*</sup> | 122682 | 2689189 |
| Aris Mining Corp.<sup>\*</sup> | 148696 | 2413336 |
| Fortuna Mining Corp.<sup>\*</sup> | 232890 | 2284651 |
| Centerra Gold, Inc. | 156505 | 2248977 |
| Novagold Resources, Inc.<sup>\*</sup> | 232146 | 2163601 |
| Seabridge Gold, Inc.<sup>\*</sup> | 73106 | 2163206 |
| Endeavour Silver Corp.<sup>\*</sup> | 228411 | 2147063 |
| Silvercorp Metals, Inc. | 207147 | 1727606 |
| Perpetua Resources Corp.<sup>\*</sup> | 66395 | 1607423 |
| Triple Flag Precious Metals Corp. | 43153 | 1433543 |
| Avino Silver & Gold Mines Ltd.<sup>\*</sup> | 195095 | 1211540 |
| McEwen, Inc.<sup>\*</sup> | 49982 | 925167 |
| Aura Minerals, Inc. | 16109 | 812135 |
| **Total Mining** |  | 168365665 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,773,797) |  | 168365665 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $1064107 | 1064107 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1064108 | 1064108 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,128,215) |  | 2128215 |
| **Total Investments - 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,902,012) |  | $170493880 |
| **Other Assets & Liabilities, net - (0.8)%** |  | (1413608) |
| **Total Net Assets - 100.0%** |  | $169080272 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $168365665 | $— | $— | $168365665 |
| Repurchase Agreements |  | 2128215 |  | 2128215 |
| Total Assets | $168365665 | $2128215 | $— | $170493880 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.1%** | **COMMON STOCKS<sup>†</sup> - 100.1%** | **COMMON STOCKS<sup>†</sup> - 100.1%** |
| **REITs - 90.0%** |  |  |
| **REITs-Diversified - 23.3%** |  |  |
| American Tower Corp. — Class A | 552 | $96915 |
| Equinix, Inc. | 123 | 94238 |
| Digital Realty Trust, Inc. | 517 | 79985 |
| Crown Castle, Inc. | 749 | 66564 |
| VICI Properties, Inc. | 2126 | 59783 |
| SBA Communications Corp. | 253 | 48938 |
| Weyerhaeuser Co. | 1920 | 45485 |
| WP Carey, Inc. | 629 | 40482 |
| Gaming and Leisure Properties, Inc. | 877 | 39193 |
| Lamar Advertising Co. — Class A | 213 | 26961 |
| Vornado Realty Trust | 776 | 25825 |
| Millrose Properties, Inc. — Class A | 790 | 23597 |
| Outfront Media, Inc. | 880 | 21208 |
| EPR Properties | 425 | 21207 |
| Rayonier, Inc. | 910 | 19701 |
| National Storage Affiliates Trust | 692 | 19521 |
| Broadstone Net Lease, Inc. | 1118 | 19420 |
| PotlatchDeltic Corp. | 359 | 14281 |
| **Total REITs-Diversified** |  | 763304 |
| **REITs-Health Care - 12.2%** |  |  |
| Welltower, Inc. | 678 | 125844 |
| Ventas, Inc. | 850 | 65773 |
| Omega Healthcare Investors, Inc. | 909 | 40305 |
| Healthpeak Properties, Inc. | 2247 | 36132 |
| American Healthcare REIT, Inc. | 708 | 33318 |
| CareTrust REIT, Inc. | 867 | 31351 |
| Healthcare Realty Trust, Inc. | 1542 | 26137 |
| Sabra Health Care REIT, Inc. | 1248 | 23637 |
| Medical Properties Trust, Inc. | 3415 | 17075 |
| **Total REITs-Health Care** |  | 399572 |
| **REITs-Apartments - 11.5%** |  |  |
| AvalonBay Communities, Inc. | 310 | 56206 |
| Equity Residential | 854 | 53836 |
| Essex Property Trust, Inc. | 172 | 45009 |
| Mid-America Apartment Communities, Inc. | 322 | 44729 |
| Invitation Homes, Inc. | 1602 | 44520 |
| UDR, Inc. | 1047 | 38404 |
| Camden Property Trust | 346 | 38088 |
| American Homes 4 Rent — Class A | 1096 | 35182 |
| Independence Realty Trust, Inc. | 1282 | 22409 |
| **Total REITs-Apartments** |  | 378383 |
| **REITs-Warehouse/Industries - 9.5%** |  |  |
| Prologis, Inc. | 929 | 118596 |
| Rexford Industrial Realty, Inc. | 812 | 31441 |
| First Industrial Realty Trust, Inc. | 515 | 29494 |
| STAG Industrial, Inc. | 778 | 28599 |
| Terreno Realty Corp. | 442 | 25950 |
| Americold Realty Trust, Inc. | 1662 | 21373 |
| EastGroup Properties, Inc. | 113 | 20130 |
| LXP Industrial Trust | 370 | 18345 |
| Lineage, Inc. | 486 | 17010 |
| **Total REITs-Warehouse/Industries** |  | 310938 |
| **REITs-Shopping Centers - 6.8%** |  |  |
| Kimco Realty Corp. | 1984 | 40216 |
| Regency Centers Corp. | 574 | 39623 |
| Federal Realty Investment Trust | 321 | 32357 |
| Brixmor Property Group, Inc. | 1185 | 31071 |
| Kite Realty Group Trust | 1048 | 25121 |
| Phillips Edison & Company, Inc. | 693 | 24650 |
| Acadia Realty Trust | 883 | 18137 |
| NETSTREIT Corp. | 752 | 13265 |
| **Total REITs-Shopping Centers** |  | 224440 |
| **REITs-Storage - 6.2%** |  |  |
| Public Storage | 259 | 67210 |
| Extra Space Storage, Inc. | 431 | 56125 |
| Iron Mountain, Inc. | 606 | 50268 |
| CubeSmart | 857 | 30895 |
| **Total REITs-Storage** |  | 204498 |
| **REITs-Office Property - 5.6%** |  |  |
| BXP, Inc. | 511 | 34482 |
| Alexandria Real Estate Equities, Inc. | 675 | 33034 |
| Cousins Properties, Inc. | 891 | 22970 |
| Kilroy Realty Corp. | 583 | 21787 |
| SL Green Realty Corp. | 435 | 19953 |
| COPT Defense Properties | 680 | 18904 |
| Highwoods Properties, Inc. | 704 | 18177 |
| Douglas Emmett, Inc. | 1281 | 14078 |
| **Total REITs-Office Property** |  | 183385 |
| **REITs-Single Tenant - 5.0%** |  |  |
| Realty Income Corp. | 1381 | 77847 |
| Agree Realty Corp. | 434 | 31261 |
| NNN REIT, Inc. | 751 | 29762 |
| Essential Properties Realty Trust, Inc. | 884 | 26219 |
| **Total REITs-Single Tenant** |  | 165089 |
| **REITs-Regional Malls - 3.9%** |  |  |
| Simon Property Group, Inc. | 454 | 84040 |
| Macerich Co. | 1274 | 23518 |
| Tanger, Inc. | 634 | 21157 |
| **Total REITs-Regional Malls** |  | 128715 |
| **REITs-Hotels - 3.6%** |  |  |
| Host Hotels & Resorts, Inc. | 2097 | 37180 |
| Ryman Hospitality Properties, Inc. | 228 | 21573 |
| Apple Hospitality REIT, Inc. | 1442 | 17088 |
| Park Hotels & Resorts, Inc. | 1419 | 14843 |
| DiamondRock Hospitality Co. | 1605 | 14381 |
| Pebblebrook Hotel Trust | 1076 | 12180 |
| **Total REITs-Hotels** |  | 117245 |
| **REITs-Manufactured Homes - 2.4%** |  |  |
| Sun Communities, Inc. | 337 | 41758 |
| Equity LifeStyle Properties, Inc. | 587 | 35578 |
| **Total REITs-Manufactured Homes** |  | 77336 |
| **Total REITs** |  | 2952905 |
| **Real Estate - 8.2%** |  |  |
| **Real Estate Management/Services - 8.2%** |  |  |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 464 | 74607 |
| CoStar Group, Inc.<sup>\*</sup> | 859 | 57759 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 112 | 37685 |
| Compass, Inc. — Class A<sup>\*</sup> | 2484 | 26256 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 100.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 100.1% (continued)** |
| **Real Estate - 8.2% (continued)** |  |  |
| **Real Estate Management/Services - 8.2% (continued)** |  |  |
| Newmark Group, Inc. — Class A | 1236 | $21432 |
| Cushman & Wakefield Ltd.<sup>\*</sup> | 1307 | 21160 |
| FirstService Corp. | 132 | 20530 |
| eXp World Holdings, Inc. | 1026 | 9285 |
| **Total Real Estate Management/Services** |  | 268714 |
| **Total Real Estate** |  | 268714 |
| **Internet - 1.9%** |  |  |
| **E-Commerce/Services - 1.9%** |  |  |
| Zillow Group, Inc. — Class C<sup>\*</sup> | 586 | 39977 |
| Opendoor Technologies, Inc.<sup>\*</sup> | 3695 | 21541 |
| **Total E-Commerce/Services** |  | 61518 |
| **Total Internet** |  | 61518 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,723,841) |  | 3283137 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Opendoor Technologies Inc |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 11/20/26<sup>\*</sup> | 39 | 35 |
| Opendoor Technologies Inc |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 11/20/26<sup>\*</sup> | 39 | 20 |
| Opendoor Technologies Inc |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 11/20/26<sup>\*</sup> | 39 | 16 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $0) |  | 71 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $20875 | 20875 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 20875 | 20875 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,750) |  | 41750 |
| **Total Investments - 101.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,765,591) |  | $3324958 |
| **Other Assets & Liabilities, net - (1.4)%** |  | (45382) |
| **Total Net Assets - 100.0%** |  | $3279576 |

---

---

| | |
|:---|:---|
| *<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.* |

---

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $3283137 | $— | $— | $3283137 |
| Warrants | 71 |  |  | 71 |
| Repurchase Agreements |  | 41750 |  | 41750 |
| Total Assets | $3283208 | $41750 | $— | $3324958 |

---

---

| | |
|:---|:---|
| **Retailing Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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%** |
| Walmart, Inc. | 2964 | $330219 |
| Costco Wholesale Corp. | 345 | 297507 |
| TJX Companies, Inc. | 1903 | 292320 |
| Home Depot, Inc. | 805 | 277000 |
| Lowe's Companies, Inc. | 1125 | 271305 |
| Carvana Co.<sup>\*</sup> | 488 | 205946 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 2239 | 204219 |
| Ross Stores, Inc. | 989 | 178158 |
| AutoZone, Inc.<sup>\*</sup> | 52 | 176358 |
| Target Corp. | 1615 | 157866 |
| Dollar General Corp. | 948 | 125866 |
| Ulta Beauty, Inc.<sup>\*</sup> | 208 | 125842 |
| Tractor Supply Co. | 2429 | 121474 |
| Dollar Tree, Inc.<sup>\*</sup> | 881 | 108372 |
| Williams-Sonoma, Inc. | 592 | 105725 |
| Burlington Stores, Inc.<sup>\*</sup> | 362 | 104564 |
| Dick's Sporting Goods, Inc. | 479 | 94828 |
| Genuine Parts Co. | 762 | 93696 |
| Best Buy Company, Inc. | 1209 | 80918 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 882 | 79406 |
| Five Below, Inc.<sup>\*</sup> | 403 | 75909 |
| GameStop Corp. — Class A<sup>\*</sup> | 3274 | 65742 |
| Lithia Motors, Inc. — Class A | 192 | 63807 |
| Murphy USA, Inc. | 153 | 61739 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 474 | 59662 |
| Floor & Decor Holdings, Inc. — Class A<sup>\*</sup> | 974 | 59307 |
| Gap, Inc. | 2306 | 59034 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 531 | 58203 |
| CarMax, Inc.<sup>\*</sup> | 1403 | 54212 |
| Macy's, Inc. | 2416 | 53273 |
| AutoNation, Inc.<sup>\*</sup> | 243 | 50175 |
| Victoria's Secret & Co.<sup>\*</sup> | 924 | 50053 |
| Urban Outfitters, Inc.<sup>\*</sup> | 662 | 49822 |
| American Eagle Outfitters, Inc. | 1843 | 48600 |
| Bath & Body Works, Inc. | 2397 | 48132 |
| Signet Jewelers Ltd. | 493 | 40860 |
| Academy Sports & Outdoors, Inc. | 811 | 40518 |
| RH<sup>\*</sup> | 195 | 34934 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 192 | 33882 |
| Kohl's Corp. | 1631 | 33289 |
| Advance Auto Parts, Inc. | 842 | 33091 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 1489 | 32445 |
| National Vision Holdings, Inc.<sup>\*</sup> | 1238 | 31965 |
| PriceSmart, Inc. | 221 | 27110 |
| **Total Retail** |  | 4597353 |
| **Internet - 29.4%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 3180 | 734008 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 1585 | 179723 |
| MercadoLibre, Inc.<sup>\*</sup> | 84 | 169198 |
| eBay, Inc. | 1723 | 150073 |
| Coupang, Inc.<sup>\*</sup> | 6229 | 146942 |
| Alibaba Group Holding Ltd. ADR | 982 | 143942 |
| Sea Ltd. ADR<sup>\*</sup> | 965 | 123105 |
| JD.com, Inc. ADR | 3908 | 112160 |
| Chewy, Inc. — Class A<sup>\*</sup> | 2608 | 86194 |
| Wayfair, Inc. — Class A<sup>\*</sup> | 812 | 81533 |
| Etsy, Inc.<sup>\*</sup> | 994 | 55107 |
| RealReal, Inc.<sup>\*</sup> | 2036 | 32128 |
| Groupon, Inc.<sup>\*</sup> | 923 | 16254 |
| **Total Internet** |  | 2030367 |
| **Distribution & Wholesale - 1.8%** |  |  |
| LKQ Corp. | 2124 | 64145 |
| Pool Corp. | 275 | 62906 |
| **Total Distribution & Wholesale** |  | 127051 |
| **Software - 1.3%** |  |  |
| Global-e Online Ltd<sup>\*</sup> | 2251 | 88487 |
| **Commercial Services - 0.6%** |  |  |
| Valvoline, Inc.<sup>\*</sup> | 1552 | 45101 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,834,198) |  | 6888359 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| GameStop Corp |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 10/30/26<sup>\*</sup> | 1 | 3 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | 3 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $16726 | 16726 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 16725 | 16725 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,451) |  | 33451 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,867,649) |  | $6921813 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (6575) |
| **Total Net Assets - 100.0%** |  | $6915238 |

---

---

| | |
|:---|:---|
| *<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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $6888359 | $— | $— | $6888359 |
| Warrants | 3 |  |  | 3 |
| Repurchase Agreements |  | 33451 |  | 33451 |
| Total Assets | $6888362 | $33451 | $— | $6921813 |

---

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | | |
| **Software - 28.3%** |  |  |
| Microsoft Corp. | 8985 | $4345326 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 8105 | 1440664 |
| Oracle Corp. | 7136 | 1390878 |
| Salesforce, Inc. | 4310 | 1141762 |
| Intuit, Inc. | 1449 | 959847 |
| Adobe, Inc.<sup>\*</sup> | 2471 | 864825 |
| ServiceNow, Inc.<sup>\*</sup> | 5599 | 857711 |
| Synopsys, Inc.<sup>\*</sup> | 1431 | 672169 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 2088 | 652667 |
| Snowflake, Inc. — Class A<sup>\*</sup> | 2746 | 602363 |
| Cloudflare, Inc. — Class A<sup>\*</sup> | 2950 | 581593 |
| Autodesk, Inc.<sup>\*</sup> | 1928 | 570707 |
| Workday, Inc. — Class A<sup>\*</sup> | 2471 | 530721 |
| Electronic Arts, Inc. | 2559 | 522880 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 1982 | 507451 |
| Atlassian Corp. — Class A<sup>\*</sup> | 3102 | 502958 |
| Roper Technologies, Inc. | 1129 | 502552 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 6096 | 493959 |
| Datadog, Inc. — Class A<sup>\*</sup> | 3528 | 479773 |
| Strategy, Inc. — Class A<sup>\*</sup> | 2986 | 453723 |
| Nebius Group N.V. — Class A<sup>\*</sup> | 5261 | 440372 |
| MongoDB, Inc.<sup>\*</sup> | 1004 | 421369 |
| SAP SE ADR | 1697 | 412218 |
| CoreWeave, Inc. — Class A<sup>\*</sup> | 5101 | 365283 |
| Zoom Communications, Inc. — Class A<sup>\*</sup> | 4132 | 356550 |
| Twilio, Inc. — Class A<sup>\*</sup> | 2417 | 343794 |
| HubSpot, Inc.<sup>\*</sup> | 835 | 335086 |
| PTC, Inc.<sup>\*</sup> | 1866 | 325076 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 5474 | 282951 |
| Samsara, Inc. — Class A<sup>\*</sup> | 7980 | 282891 |
| Monday.com Ltd.<sup>\*</sup> | 1857 | 274019 |
| Unity Software, Inc.<sup>\*</sup> | 6025 | 266124 |
| DocuSign, Inc.<sup>\*</sup> | 3812 | 260741 |
| IonQ, Inc.<sup>\*</sup> | 5803 | 260381 |
| Akamai Technologies, Inc.<sup>\*</sup> | 2977 | 259743 |
| Confluent, Inc. — Class A<sup>\*</sup> | 7438 | 224925 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 6798 | 188984 |
| Bentley Systems, Inc. — Class B | 4675 | 178421 |
| Manhattan Associates, Inc.<sup>\*</sup> | 1013 | 175563 |
| Gitlab, Inc. — Class A<sup>\*</sup> | 4461 | 167421 |
| SoundHound AI, Inc. — Class A<sup>\*</sup> | 13864 | 138224 |
| BigBear.ai Holdings, Inc.<sup>\*</sup> | 18387 | 99290 |
| Quantum Computing, Inc.<sup>\*</sup> | 9171 | 94094 |
| **Total Software** |  | 24228049 |
| **Semiconductors - 27.3%** |  |  |
| NVIDIA Corp. | 26590 | 4959035 |
| Broadcom, Inc. | 7874 | 2725191 |
| Micron Technology, Inc. | 4879 | 1392515 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 6292 | 1347495 |
| Lam Research Corp. | 6372 | 1090759 |
| Applied Materials, Inc. | 4035 | 1036955 |
| QUALCOMM, Inc. | 5714 | 977380 |
| KLA Corp. | 764 | 928321 |
| Texas Instruments, Inc. | 5217 | 905097 |
| Intel Corp.<sup>\*</sup> | 23977 | 884751 |
| Analog Devices, Inc. | 3057 | 829059 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 2133 | 648197 |
| NXP Semiconductor N.V. | 2862 | 621226 |
| Marvell Technology, Inc. | 7296 | 620014 |
| ASML Holding N.V. — Class G | 560 | 599122 |
| Microchip Technology, Inc. | 6470 | 412268 |
| ARM Holdings plc ADR<sup>\*</sup> | 3733 | 408054 |
| Teradyne, Inc. | 2035 | 393895 |
| Monolithic Power Systems, Inc. | 409 | 370701 |
| Astera Labs, Inc.<sup>\*</sup> | 2035 | 338543 |
| ON Semiconductor Corp.<sup>\*</sup> | 6221 | 336867 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 3004 | 221034 |
| Skyworks Solutions, Inc. | 3448 | 218638 |
| Qorvo, Inc.<sup>\*</sup> | 2355 | 199021 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 1111 | 190292 |
| MKS, Inc. | 1173 | 187445 |
| Rambus, Inc.<sup>\*</sup> | 1893 | 173948 |
| Semtech Corp.<sup>\*</sup> | 2248 | 165655 |
| GLOBALFOUNDRIES, Inc.<sup>\*</sup> | 3804 | 132836 |
| **Total Semiconductors** |  | 23314314 |
| **Computers - 16.6%** |  |  |
| Apple, Inc. | 16761 | 4556645 |
| International Business Machines Corp. | 4035 | 1195207 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 1582 | 741578 |
| Dell Technologies, Inc. — Class C | 4950 | 623106 |
| Western Digital Corp. | 3066 | 528180 |
| Seagate Technology Holdings plc | 1893 | 521313 |
| Fortinet, Inc.<sup>\*</sup> | 6239 | 495439 |
| Accenture plc — Class A | 1831 | 491257 |
| Cognizant Technology Solutions Corp. — Class A | 5510 | 457330 |
| Infosys Ltd. ADR | 23879 | 425524 |
| Hewlett Packard Enterprise Co. | 17187 | 412832 |
| CyberArk Software Ltd.<sup>\*</sup> | 915 | 408145 |
| Sandisk Corp.<sup>\*</sup> | 1715 | 407107 |
| Check Point Software Technologies Ltd.<sup>\*</sup> | 2000 | 371120 |
| Zscaler, Inc.<sup>\*</sup> | 1502 | 337830 |
| Lumentum Holdings, Inc.<sup>\*</sup> | 906 | 333942 |
| NetApp, Inc. | 2986 | 319771 |
| Gartner, Inc.<sup>\*</sup> | 1262 | 318377 |
| HP, Inc. | 13988 | 311653 |
| Okta, Inc.<sup>\*</sup> | 3190 | 275839 |
| Super Micro Computer, Inc.<sup>\*</sup> | 9251 | 270777 |
| D-Wave Quantum, Inc.<sup>\*</sup> | 7892 | 206376 |
| Rigetti Computing, Inc.<sup>\*</sup> | 7972 | 176580 |
| **Total Computers** |  | 14185928 |
| **Internet - 15.6%** |  |  |
| Alphabet, Inc. — Class A | 14503 | 4539439 |
| Meta Platforms, Inc. — Class A | 4541 | 2997469 |
| AppLovin Corp. — Class A<sup>\*</sup> | 1422 | 958172 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 4417 | 813611 |
| Shopify, Inc. — Class A<sup>\*</sup> | 3795 | 610881 |
| Reddit, Inc. — Class A<sup>\*</sup> | 2008 | 461579 |
| Baidu, Inc. ADR<sup>\*</sup> | 3404 | 444767 |
| VeriSign, Inc. | 1342 | 326039 |

---

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** |
| **Internet - 15.6% (continued)** |  |  |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 2391 | $296675 |
| CDW Corp. | 2168 | 295282 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 11393 | 294965 |
| Gen Digital, Inc. | 10353 | 281498 |
| F5, Inc.<sup>\*</sup> | 1084 | 276702 |
| Wix.com Ltd.<sup>\*</sup> | 2586 | 268659 |
| Snap, Inc. — Class A<sup>\*</sup> | 30607 | 246998 |
| Match Group, Inc. | 6141 | 198293 |
| **Total Internet** |  | 13311029 |
| **Telecommunications - 4.8%** |  |  |
| Cisco Systems, Inc. | 15534 | 1196584 |
| Arista Networks, Inc.<sup>\*</sup> | 6390 | 837282 |
| Motorola Solutions, Inc. | 1555 | 596063 |
| Corning, Inc. | 6541 | 572730 |
| Ciena Corp.<sup>\*</sup> | 1706 | 398982 |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 2399 | 345192 |
| Applied Digital Corp.<sup>\*</sup> | 6772 | 166049 |
| **Total Telecommunications** |  | 4112882 |
| **Electronics - 3.7%** |  |  |
| Amphenol Corp. — Class A | 6870 | 928412 |
| TE Connectivity plc | 1742 | 396322 |
| Coherent Corp.<sup>\*</sup> | 2026 | 373939 |
| Jabil, Inc. | 1529 | 348643 |
| Flex Ltd.<sup>\*</sup> | 5234 | 316238 |
| Celestica, Inc.<sup>\*</sup> | 1066 | 315120 |
| Trimble, Inc.<sup>\*</sup> | 3901 | 305643 |
| TTM Technologies, Inc.<sup>\*</sup> | 2577 | 177813 |
| **Total Electronics** |  | 3162130 |
| **Investment Companies - 1.4%** |  |  |
| IREN Ltd.<sup>\*</sup> | 11553 | 436357 |
| Cipher Mining, Inc.<sup>\*</sup> | 10691 | 157799 |
| Riot Platforms, Inc.<sup>\*</sup> | 11198 | 141879 |
| Core Scientific, Inc.<sup>\*</sup> | 9696 | 141174 |
| Terawulf, Inc.<sup>\*</sup> | 11198 | 128665 |
| MARA Holdings, Inc.<sup>\*</sup> | 13224 | 118751 |
| Cleanspark, Inc.<sup>\*</sup> | 9625 | 97405 |
| **Total Investment Companies** |  | 1222030 |
| **Energy-Alternate Sources - 0.6%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 1404 | 366767 |
| Enphase Energy, Inc.<sup>\*</sup> | 4550 | 145828 |
| **Total Energy-Alternate Sources** |  | 512595 |
| **Diversified Financial Services - 0.6%** |  |  |
| Circle Internet Group, Inc.<sup>\*</sup> | 3573 | 283339 |
| BitMine Immersion Technologies, Inc. | 7892 | 214268 |
| **Total Diversified Financial Services** |  | 497607 |
| **Chemicals - 0.3%** |  |  |
| Qnity Electronics, Inc. | 3688 | 301125 |
| **Miscellaneous Manufacturing - 0.3%** |  |  |
| Entegris, Inc. | 2915 | 245589 |
| **Office & Business Equipment - 0.3%** |  |  |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 986 | 239421 |
| **Electrical Components & Equipment - 0.1%** |  |  |
| Universal Display Corp. | 933 | 108956 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $46,082,874) |  | 85441655 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $130144 | 130144 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 130143 | 130143 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $260,287) |  | 260287 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $46,343,161) |  | $85701942 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (203397) |
| **Total Net Assets - 100.0%** |  | $85498545 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $85441655 | $— | $— | $85441655 |
| Repurchase Agreements |  | 260287 |  | 260287 |
| Total Assets | $85441655 | $260287 | $— | $85701942 |

---

---

| | |
|:---|:---|
| **Telecommunications Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** |
| **Telecommunications - 77.5%** |  |  |
| Cisco Systems, Inc. | 9860 | $759516 |
| AT&T, Inc. | 24965 | 620131 |
| Verizon Communications, Inc. | 14282 | 581706 |
| Arista Networks, Inc.<sup>\*</sup> | 4054 | 531196 |
| T-Mobile US, Inc. | 2302 | 467398 |
| Motorola Solutions, Inc. | 1051 | 402869 |
| Ciena Corp.<sup>\*</sup> | 1353 | 316426 |
| EchoStar Corp. — Class A<sup>\*</sup> | 2814 | 305882 |
| AST SpaceMobile, Inc.<sup>\*,1</sup> | 2677 | 194431 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 4674 | 177939 |
| Telefonaktiebolaget LM Ericsson ADR | 16140 | 155751 |
| Millicom International Cellular S.A. | 2719 | 150741 |
| Lumen Technologies, Inc.<sup>\*</sup> | 19303 | 149984 |
| Nokia Oyj ADR | 23121 | 149593 |
| BCE, Inc. | 6170 | 146969 |
| Vodafone Group plc ADR | 10997 | 145270 |
| TELUS Corp. | 10878 | 143263 |
| Rogers Communications, Inc. — Class B | 3650 | 137714 |
| KT Corp. ADR | 6963 | 132088 |
| America Movil SAB de CV ADR | 6101 | 126108 |
| Telephone & Data Systems, Inc. | 2968 | 121688 |
| Viasat, Inc.<sup>\*</sup> | 3191 | 109962 |
| Viavi Solutions, Inc.<sup>\*</sup> | 6056 | 107918 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 5844 | 105952 |
| Calix, Inc.<sup>\*</sup> | 1882 | 99614 |
| InterDigital, Inc.<sup>1</sup> | 298 | 94877 |
| Extreme Networks, Inc.<sup>\*</sup> | 5063 | 84299 |
| Uniti Group, Inc.<sup>\*</sup> | 10441 | 73191 |
| Iridium Communications, Inc. | 4078 | 70876 |
| GCI Liberty, Inc. — Class C<sup>\*</sup> | 1727 | 64262 |
| Harmonic, Inc.<sup>\*</sup> | 5916 | 58509 |
| Globalstar, Inc.<sup>\*</sup> | 891 | 54387 |
| ADTRAN Holdings, Inc.<sup>\*</sup> | 5575 | 48447 |
| NETGEAR, Inc.<sup>\*</sup> | 1541 | 37801 |
| Gogo, Inc.<sup>\*</sup> | 6829 | 31823 |
| Ubiquiti, Inc. | 55 | 30434 |
| **Total Telecommunications** |  | 6989015 |
| **Media - 10.6%** |  |  |
| Comcast Corp. — Class A | 16938 | 506277 |
| Charter Communications, Inc. — Class A<sup>\*,1</sup> | 1230 | 256762 |
| Liberty Global Ltd. — Class A<sup>\*</sup> | 11729 | 130661 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 7804 | 58218 |
| **Total Media** |  | 951918 |
| **Internet - 5.6%** |  |  |
| Roku, Inc.<sup>\*</sup> | 2126 | 230650 |
| F5, Inc.<sup>\*</sup> | 862 | 220034 |
| Cogent Communications Holdings, Inc. | 2552 | 55021 |
| **Total Internet** |  | 505705 |
| **Computers - 4.1%** |  |  |
| Lumentum Holdings, Inc.<sup>\*</sup> | 784 | 288975 |
| NetScout Systems, Inc.<sup>\*</sup> | 2889 | 78176 |
| **Total Computers** |  | 367151 |
| **Aerospace & Defense - 1.2%** |  |  |
| Ondas Holdings, Inc.<sup>\*,1</sup> | 11334 | 110620 |
| **Electronics - 0.9%** |  |  |
| Applied Optoelectronics, Inc.<sup>\*,1</sup> | 2381 | 83002 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,577,592) |  | 9007411 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $57297 | 57297 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 57296 | 57296 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $114,593) |  | 114593 |
| **Total Investments - 101.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,692,185) |  | $9122004 |
| **Other Assets & Liabilities, net - (1.2)%** |  | (110722) |
| **Total Net Assets - 100.0%** |  | $9011282 |

---

---

| | |
|:---|:---|
| *<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>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $9007411 | $— | $— | $9007411 |
| Repurchase Agreements |  | 114593 |  | 114593 |
| Total Assets | $9007411 | $114593 | $— | $9122004 |

---

---

| | |
|:---|:---|
| **Transportation Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.3%** | **COMMON STOCKS<sup>†</sup> - 99.3%** | **COMMON STOCKS<sup>†</sup> - 99.3%** |
| **Transportation - 37.9%** | **Transportation - 37.9%** | **Transportation - 37.9%** |
| Union Pacific Corp. | 1227 | $283830 |
| United Parcel Service, Inc. — Class B | 2230 | 221194 |
| CSX Corp. | 5460 | 197925 |
| Norfolk Southern Corp. | 674 | 194597 |
| FedEx Corp. | 668 | 192959 |
| Old Dominion Freight Line, Inc. | 823 | 129046 |
| Expeditors International of Washington, Inc. | 714 | 106393 |
| CH Robinson Worldwide, Inc. | 654 | 105137 |
| ZIM Integrated Shipping Services Ltd. | 4372 | 92818 |
| Canadian National Railway Co. | 926 | 91535 |
| Canadian Pacific Kansas City Ltd. | 1232 | 90712 |
| J.B. Hunt Transport Services, Inc. | 466 | 90562 |
| XPO, Inc.<sup>\*</sup> | 659 | 89565 |
| Star Bulk Carriers Corp. | 4614 | 88681 |
| TFI International, Inc. | 838 | 86607 |
| ZTO Express Cayman, Inc. ADR | 4079 | 85210 |
| Saia, Inc.<sup>\*</sup> | 212 | 69222 |
| Knight-Swift Transportation Holdings, Inc. | 1308 | 68382 |
| Ryder System, Inc. | 329 | 62967 |
| Kirby Corp.<sup>\*</sup> | 536 | 59057 |
| GXO Logistics, Inc.<sup>\*</sup> | 1114 | 58641 |
| Landstar System, Inc. | 367 | 52738 |
| Matson, Inc. | 371 | 45837 |
| Hub Group, Inc. — Class A | 891 | 37966 |
| Werner Enterprises, Inc. | 1033 | 31000 |
| RXO, Inc.<sup>\*</sup> | 2450 | 30968 |
| Forward Air Corp.<sup>\*</sup> | 950 | 23750 |
| ArcBest Corp. | 293 | 21738 |
| **Total Transportation** |  | 2709037 |
| **Auto Manufacturers - 27.2%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 1981 | 890895 |
| General Motors Co. | 2620 | 213058 |
| Ford Motor Co. | 13097 | 171833 |
| Rivian Automotive, Inc. — Class A<sup>\*</sup> | 6084 | 119916 |
| NIO, Inc. ADR<sup>\*</sup> | 18126 | 92443 |
| Toyota Motor Corp. ADR | 422 | 90333 |
| Li Auto, Inc. ADR<sup>\*</sup> | 5284 | 89458 |
| Ferrari N.V. | 242 | 89433 |
| Stellantis N.V. | 7556 | 82285 |
| Honda Motor Company Ltd. ADR | 2784 | 82072 |
| Lucid Group, Inc.<sup>\*</sup> | 2470 | 26108 |
| **Total Auto Manufacturers** |  | 1947834 |
| **Auto Parts & Equipment - 12.3%** |  |  |
| Magna International, Inc. | 1689 | 90024 |
| Garrett Motion, Inc. | 5128 | 89381 |
| Aptiv plc<sup>\*</sup> | 1134 | 86286 |
| Autoliv, Inc. | 712 | 84514 |
| Mobileye Global, Inc. — Class A<sup>\*</sup> | 7868 | 82142 |
| BorgWarner, Inc. | 1651 | 74394 |
| Lear Corp. | 519 | 59477 |
| Gentex Corp. | 2358 | 54871 |
| QuantumScape Corp.<sup>\*</sup> | 4751 | 49505 |
| Dana, Inc. | 1712 | 40677 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 4319 | 37834 |
| Visteon Corp. | 386 | 36709 |
| Adient plc<sup>\*</sup> | 1557 | 29848 |
| Dorman Products, Inc.<sup>\*</sup> | 238 | 29319 |
| Fox Factory Holding Corp.<sup>\*</sup> | 1216 | 20806 |
| Solid Power, Inc.<sup>\*</sup> | 4254 | 18080 |
| **Total Auto Parts & Equipment** |  | 883867 |
| **Airlines - 12.2%** |  |  |
| Delta Air Lines, Inc. | 2353 | 163298 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 1349 | 150845 |
| Southwest Airlines Co. | 2722 | 112500 |
| Ryanair Holdings plc ADR | 1253 | 90454 |
| Copa Holdings S.A. — Class A | 723 | 87201 |
| American Airlines Group, Inc.<sup>\*</sup> | 5117 | 78444 |
| Alaska Air Group, Inc.<sup>\*</sup> | 1142 | 57443 |
| SkyWest, Inc.<sup>\*</sup> | 468 | 46992 |
| JetBlue Airways Corp.<sup>\*</sup> | 6229 | 28342 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 1455 | 20937 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 233 | 19868 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 2974 | 14008 |
| **Total Airlines** |  | 870332 |
| **Internet - 6.5%** |  |  |
| Uber Technologies, Inc.<sup>\*</sup> | 3781 | 308945 |
| Grab Holdings Ltd. — Class A<sup>\*</sup> | 18196 | 90798 |
| Lyft, Inc. — Class A<sup>\*</sup> | 3380 | 65471 |
| **Total Internet** |  | 465214 |
| **Leisure Time - 0.9%** |  |  |
| Harley-Davidson, Inc. | 1791 | 36698 |
| Patrick Industries, Inc. | 238 | 25806 |
| **Total Leisure Time** |  | 62504 |
| **Aerospace & Defense - 0.8%** |  |  |
| Joby Aviation, Inc.<sup>\*</sup> | 4572 | 60351 |
| **Home Builders - 0.8%** |  |  |
| Thor Industries, Inc. | 540 | 55442 |
| **Commercial Services - 0.7%** |  |  |
| Avis Budget Group, Inc.<sup>\*</sup> | 234 | 30027 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 3714 | 19090 |
| **Total Commercial Services** |  | 49117 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,757,191) |  | 7103698 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $29186 | 29186 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 29185 | 29185 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $58,371) |  | 58371 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,815,562) |  | $7162069 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (9871) |
| **Total Net Assets - 100.0%** |  | $7152198 |

---

---

| | |
|:---|:---|
| **Transportation Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 December 31, 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 | $7103698 | $— | $— | $7103698 |
| Repurchase Agreements |  | 58371 |  | 58371 |
| Total Assets | $7103698 | $58371 | $— | $7162069 |

---

---

| | |
|:---|:---|
| **Utilities Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Electric - 88.6%** |  |  |
| NextEra Energy, Inc. | 14368 | $1153463 |
| Constellation Energy Corp. | 2581 | 911790 |
| Southern Co. | 10240 | 892928 |
| Duke Energy Corp. | 7426 | 870401 |
| American Electric Power Company, Inc. | 6137 | 707657 |
| Sempra | 7738 | 683188 |
| Dominion Energy, Inc. | 10901 | 638690 |
| Vistra Corp. | 3923 | 632898 |
| Exelon Corp. | 13836 | 603111 |
| Xcel Energy, Inc. | 8022 | 592505 |
| Entergy Corp. | 6227 | 575562 |
| Public Service Enterprise Group, Inc. | 7128 | 572378 |
| PG&E Corp. | 34951 | 561663 |
| Consolidated Edison, Inc. | 5533 | 549538 |
| WEC Energy Group, Inc. | 5048 | 532362 |
| NRG Energy, Inc. | 3027 | 482019 |
| Ameren Corp. | 4738 | 473137 |
| PPL Corp. | 13107 | 459007 |
| CenterPoint Energy, Inc. | 11892 | 455939 |
| Eversource Energy | 6715 | 452121 |
| FirstEnergy Corp. | 10029 | 448998 |
| Edison International | 7343 | 440727 |
| DTE Energy Co. | 3356 | 432857 |
| CMS Energy Corp. | 5970 | 417482 |
| Alliant Energy Corp. | 5654 | 367566 |
| Evergy, Inc. | 4977 | 360783 |
| Talen Energy Corp.<sup>\*</sup> | 909 | 340730 |
| Fortis, Inc. | 6434 | 334182 |
| National Grid plc ADR | 4263 | 329743 |
| Brookfield Renewable Corp. | 8129 | 311666 |
| Pinnacle West Capital Corp. | 3341 | 296347 |
| AES Corp. | 20144 | 288865 |
| OGE Energy Corp. | 6324 | 270035 |
| IDACORP, Inc. | 1860 | 235402 |
| Clearway Energy, Inc. — Class C | 6985 | 232321 |
| TXNM Energy, Inc. | 3868 | 227748 |
| Oklo, Inc.<sup>\*</sup> | 3159 | 226690 |
| Ormat Technologies, Inc. | 1951 | 215527 |
| Portland General Electric Co. | 4395 | 210916 |
| Black Hills Corp. | 2891 | 200693 |
| Northwestern Energy Group, Inc. | 2695 | 173935 |
| Otter Tail Corp. | 1184 | 95679 |
| MGE Energy, Inc. | 951 | 74577 |
| **Total Electric** |  | 19333826 |
| **Gas - 7.0%** |  |  |
| Atmos Energy Corp. | 2798 | 469028 |
| NiSource, Inc. | 9599 | 400854 |
| UGI Corp. | 6702 | 250856 |
| National Fuel Gas Co. | 2963 | 237218 |
| MDU Resources Group, Inc. | 9375 | 183000 |
| **Total Gas** |  | 1540956 |
| **Water - 4.0%** |  |  |
| American Water Works Company, Inc. | 3471 | 452965 |
| Essential Utilities, Inc. | 7756 | 297520 |
| H2O America | 2342 | 114735 |
| **Total Water** |  | 865220 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,156,206) |  | 21740002 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $80422 | 80422 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 80422 | 80422 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $160,844) |  | 160844 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,317,050) |  | $21900846 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (70181) |
| **Total Net Assets - 100.0%** |  | $21830665 |

---

---

| | |
|:---|:---|
| *<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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $21740002 | $— | $— | $21740002 |
| Repurchase Agreements |  | 160844 |  | 160844 |
| Total Assets | $21740002 | $160844 | $— | $21900846 |

---

---

| | |
|:---|:---|
| **Dow Jones Industrial Average<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 86.6%** | **COMMON STOCKS<sup>†</sup> - 86.6%** | **COMMON STOCKS<sup>†</sup> - 86.6%** |
| **Financial - 24.5%** |  |  |
| Goldman Sachs Group, Inc. | 2410 | $2118390 |
| American Express Co. | 2410 | 891579 |
| Visa, Inc. — Class A | 2410 | 845211 |
| JPMorgan Chase & Co. | 2410 | 776550 |
| Travelers Companies, Inc. | 2410 | 699045 |
| **Total Financial** |  | 5330775 |
| **Technology - 16.7%** |  |  |
| Microsoft Corp. | 2410 | 1165524 |
| International Business Machines Corp. | 2410 | 713866 |
| Apple, Inc. | 2410 | 655183 |
| Salesforce, Inc. | 2410 | 638433 |
| NVIDIA Corp. | 2410 | 449465 |
| **Total Technology** |  | 3622471 |
| **Consumer, Non-cyclical - 13.1%** |  |  |
| UnitedHealth Group, Inc. | 2410 | 795565 |
| Amgen, Inc. | 2410 | 788818 |
| Johnson & Johnson | 2410 | 498749 |
| Procter & Gamble Co. | 2410 | 345377 |
| Merck & Company, Inc. | 2410 | 253677 |
| Coca-Cola Co. | 2410 | 168483 |
| **Total Consumer, Non-cyclical** |  | 2850669 |
| **Industrial - 12.7%** |  |  |
| Caterpillar, Inc. | 2410 | 1380617 |
| Boeing Co.<sup>\*</sup> | 2410 | 523259 |
| Honeywell International, Inc. | 2410 | 470167 |
| 3M Co. | 2410 | 385841 |
| **Total Industrial** |  | 2759884 |
| **Consumer, Cyclical - 9.2%** |  |  |
| Home Depot, Inc. | 2410 | 829281 |
| McDonald's Corp. | 2410 | 736569 |
| Walmart, Inc. | 2410 | 268498 |
| NIKE, Inc. — Class B | 2410 | 153541 |
| **Total Consumer, Cyclical** |  | 1987889 |
| **Communications - 5.1%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 2410 | 556276 |
| Walt Disney Co. | 2410 | 274186 |
| Cisco Systems, Inc. | 2410 | 185642 |
| Verizon Communications, Inc. | 2410 | 98159 |
| **Total Communications** |  | 1114263 |
| **Basic Materials - 3.6%** |  |  |
| Sherwin-Williams Co. | 2410 | 780924 |
| **Energy - 1.7%** |  |  |
| Chevron Corp. | 2410 | 367308 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,331,514) |  | 18814183 |
| **MUTUAL FUNDS<sup>†</sup> - 6.0%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 67906 | 684496 |
| Guggenheim Strategy Fund II<sup>1</sup> | 24698 | 612766 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,285,414) |  | 1297262 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.3%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $57000 | 56888 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,880) |  | 56888 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 512326 | 512326 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 512326 | 512326 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,024,652) |  | 1024652 |
| **Total Investments - 97.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,698,460) |  | $21192985 |
| **Other Assets & Liabilities, net - 2.4%** |  | 527629 |
| **Total Net Assets - 100.0%** |  | $21720614 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Dow Jones Industrial Average Mini Futures Contracts | 5 | Mar 2026 | $1208450 | $(12275) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | Dow Jones Industrial Average | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 22 | $1041849 | $21692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Bank plc | Dow Jones Industrial Average | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 14 | 665143 | 20576 |
|  |  |  |  |  |  |  | $1706992 | $42268 |

---

---

| | |
|:---|:---|
| **Dow Jones Industrial Average<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 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.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $18814183 | $— | $— | $18814183 |
| Mutual Funds | 1297262 |  |  | 1297262 |
| U.S. Treasury Bills |  | 56888 |  | 56888 |
| Repurchase Agreements |  | 1024652 |  | 1024652 |
| Equity Index Swap Agreements\*\* |  | 42268 |  | 42268 |
| Total Assets | $20111445 | $1123808 | $— | $21235253 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $12275 | $– $– $| 12275 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $614001 | $– | $– | $– | $(1235) | $612766 | 24698 | $24102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 681100 | – | – | – | 3396 | 684496 | 67906 | 22225 |
|  | $1295101 | $– | $– | $– | $2161 | $1297262 |  | $46327 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 69.3%** | **COMMON STOCKS<sup>†</sup> - 69.3%** | **COMMON STOCKS<sup>†</sup> - 69.3%** |
| **Industrial - 16.0%** | **Industrial - 16.0%** | **Industrial - 16.0%** |
| Coherent Corp.<sup>\*</sup> | 432 | $79734 |
| Flex Ltd.<sup>\*</sup> | 1016 | 61387 |
| Curtiss-Wright Corp. | 101 | 55678 |
| Woodward, Inc. | 165 | 49883 |
| nVent Electric plc | 444 | 45275 |
| Fabrinet<sup>\*</sup> | 98 | 44617 |
| XPO, Inc.<sup>\*</sup> | 323 | 43899 |
| BWX Technologies, Inc. | 251 | 43383 |
| ATI, Inc.<sup>\*</sup> | 373 | 42806 |
| ITT, Inc. | 234 | 40601 |
| RBC Bearings, Inc.<sup>\*</sup> | 87 | 39013 |
| Graco, Inc. | 456 | 37378 |
| Carlisle Companies, Inc. | 115 | 36784 |
| MasTec, Inc.<sup>\*</sup> | 169 | 36736 |
| Lincoln Electric Holdings, Inc. | 151 | 36186 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 464 | 35222 |
| Entegris, Inc. | 417 | 35132 |
| Mueller Industries, Inc. | 305 | 35014 |
| AECOM | 364 | 34700 |
| Clean Harbors, Inc.<sup>\*</sup> | 138 | 32358 |
| Crown Holdings, Inc. | 313 | 32230 |
| TopBuild Corp.<sup>\*</sup> | 77 | 32124 |
| TD SYNNEX Corp. | 208 | 31248 |
| Acuity, Inc. | 84 | 30243 |
| Advanced Drainage Systems, Inc. | 197 | 28532 |
| Donaldson Company, Inc. | 318 | 28194 |
| SPX Technologies, Inc.<sup>\*</sup> | 137 | 27408 |
| Dycom Industries, Inc.<sup>\*</sup> | 80 | 27032 |
| Applied Industrial Technologies, Inc. | 104 | 26704 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 84 | 25723 |
| Regal Rexnord Corp. | 182 | 25538 |
| Owens Corning | 226 | 25292 |
| Chart Industries, Inc.<sup>\*</sup> | 121 | 24954 |
| Crane Co. | 135 | 24898 |
| Flowserve Corp. | 349 | 24214 |
| Tetra Tech, Inc. | 719 | 24115 |
| Saia, Inc.<sup>\*</sup> | 73 | 23836 |
| Knight-Swift Transportation Holdings, Inc. | 446 | 23317 |
| CNH Industrial N.V. | 2432 | 22423 |
| AptarGroup, Inc. | 180 | 21953 |
| Oshkosh Corp. | 174 | 21860 |
| Valmont Industries, Inc. | 54 | 21725 |
| Ryder System, Inc. | 111 | 21244 |
| Toro Co. | 269 | 21176 |
| AeroVironment, Inc.<sup>\*</sup> | 87 | 21044 |
| Watts Water Technologies, Inc. — Class A | 75 | 20702 |
| Middleby Corp.<sup>\*</sup> | 127 | 18881 |
| Simpson Manufacturing Company, Inc. | 114 | 18407 |
| Eagle Materials, Inc. | 88 | 18188 |
| AGCO Corp. | 170 | 17734 |
| Fluor Corp.<sup>\*</sup> | 443 | 17556 |
| Esab Corp. | 157 | 17540 |
| Littelfuse, Inc. | 68 | 17199 |
| GATX Corp. | 98 | 16621 |
| Cognex Corp. | 461 | 16587 |
| GXO Logistics, Inc.<sup>\*</sup> | 315 | 16581 |
| Fortune Brands Innovations, Inc. | 330 | 16507 |
| Kirby Corp.<sup>\*</sup> | 149 | 16417 |
| Hexcel Corp. | 219 | 16184 |
| MSA Safety, Inc. | 101 | 16174 |
| Arrow Electronics, Inc.<sup>\*</sup> | 142 | 15645 |
| Vontier Corp. | 399 | 14835 |
| EnerSys | 101 | 14822 |
| Timken Co. | 174 | 14639 |
| UFP Industries, Inc. | 160 | 14568 |
| Universal Display Corp. | 122 | 14247 |
| AAON, Inc. | 186 | 14182 |
| Louisiana-Pacific Corp. | 174 | 14052 |
| Landstar System, Inc. | 94 | 13508 |
| Sensata Technologies Holding plc | 400 | 13316 |
| Belden, Inc. | 108 | 12587 |
| Graphic Packaging Holding Co. | 811 | 12214 |
| Sonoco Products Co. | 271 | 11826 |
| Novanta, Inc.<sup>\*</sup> | 98 | 11661 |
| Knife River Corp.<sup>\*</sup> | 156 | 10975 |
| Avnet, Inc. | 224 | 10770 |
| Trex Company, Inc.<sup>\*</sup> | 295 | 10349 |
| Silgan Holdings, Inc. | 241 | 9729 |
| Terex Corp. | 180 | 9608 |
| Exponent, Inc. | 137 | 9516 |
| Avient Corp. | 252 | 7873 |
| Greif, Inc. — Class A | 72 | 4874 |
| **Total Industrial** |  | 2029887 |
| **Financial - 15.5%** |  |  |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 130 | 43741 |
| East West Bancorp, Inc. | 378 | 42483 |
| Carlyle Group, Inc. | 713 | 42146 |
| Annaly Capital Management, Inc. REIT | 1877 | 41981 |
| WP Carey, Inc. REIT | 602 | 38745 |
| Fidelity National Financial, Inc. | 700 | 38213 |
| Equitable Holdings, Inc. | 788 | 37548 |
| Reinsurance Group of America, Inc. — Class A | 181 | 36826 |
| Evercore, Inc. — Class A | 106 | 36066 |
| Omega Healthcare Investors, Inc. REIT | 812 | 36004 |
| RenaissanceRe Holdings Ltd. | 127 | 35707 |
| Stifel Financial Corp. | 280 | 35062 |
| Ally Financial, Inc. | 771 | 34919 |
| Gaming and Leisure Properties, Inc. REIT | 778 | 34769 |
| Unum Group | 423 | 32783 |
| First Horizon Corp. | 1353 | 32337 |
| Equity LifeStyle Properties, Inc. REIT | 533 | 32305 |
| Comerica, Inc. | 351 | 30512 |
| Lamar Advertising Co. — Class A REIT | 239 | 30253 |
| American Homes 4 Rent — Class A REIT | 896 | 28762 |
| Old Republic International Corp. | 626 | 28571 |
| Jefferies Financial Group, Inc. | 454 | 28134 |
| Webster Financial Corp. | 443 | 27882 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 69.3% (continued)** | | |
| **Financial - 15.5% (continued)** |  |  |
| Houlihan Lokey, Inc. | 150 | $26129 |
| EastGroup Properties, Inc. REIT | 146 | 26008 |
| SOUTHSTATE BANK CORP | 276 | 25974 |
| American Financial Group, Inc. | 190 | 25969 |
| Wintrust Financial Corp. | 184 | 25727 |
| Rexford Industrial Realty, Inc. REIT | 638 | 24703 |
| Western Alliance Bancorporation | 284 | 23876 |
| Kinsale Capital Group, Inc. | 61 | 23858 |
| Zions Bancorp North America | 406 | 23767 |
| Columbia Banking System, Inc. | 822 | 22975 |
| Primerica, Inc. | 88 | 22736 |
| Agree Realty Corp. REIT | 315 | 22689 |
| CubeSmart REIT | 627 | 22603 |
| UMB Financial Corp. | 196 | 22548 |
| Cullen/Frost Bankers, Inc. | 176 | 22287 |
| Affiliated Managers Group, Inc. | 77 | 22198 |
| Corebridge Financial, Inc. | 735 | 22175 |
| Brixmor Property Group, Inc. REIT | 841 | 22051 |
| Cadence Bank | 512 | 21934 |
| Old National Bancorp | 956 | 21328 |
| SEI Investments Co. | 256 | 20997 |
| First Industrial Realty Trust, Inc. REIT | 364 | 20846 |
| NNN REIT, Inc. | 522 | 20687 |
| Pinnacle Financial Partners, Inc. | 211 | 20132 |
| Voya Financial, Inc. | 262 | 19516 |
| Synovus Financial Corp. | 382 | 19119 |
| STAG Industrial, Inc. REIT | 513 | 18858 |
| Commerce Bancshares, Inc. | 355 | 18581 |
| Prosperity Bancshares, Inc. | 261 | 18038 |
| MGIC Investment Corp. | 615 | 17970 |
| Hanover Insurance Group, Inc. | 98 | 17912 |
| Essent Group Ltd. | 266 | 17293 |
| Starwood Property Trust, Inc. REIT | 957 | 17236 |
| First American Financial Corp. | 280 | 17203 |
| FNB Corp. | 984 | 16826 |
| Healthcare Realty Trust, Inc. REIT | 966 | 16374 |
| Janus Henderson Group plc | 340 | 16174 |
| RLI Corp. | 252 | 16123 |
| Ryan Specialty Holdings, Inc. | 311 | 16057 |
| Glacier Bancorp, Inc. | 354 | 15594 |
| Valley National Bancorp | 1318 | 15394 |
| SLM Corp. | 558 | 15099 |
| Hamilton Lane, Inc. — Class A | 112 | 15043 |
| United Bankshares, Inc. | 385 | 14784 |
| Vornado Realty Trust REIT | 443 | 14743 |
| Hancock Whitney Corp. | 230 | 14646 |
| Kite Realty Group Trust REIT | 595 | 14262 |
| Home BancShares, Inc. | 502 | 13946 |
| Selective Insurance Group, Inc. | 166 | 13889 |
| Bank OZK | 291 | 13392 |
| Sabra Health Care REIT, Inc. | 685 | 12974 |
| Cousins Properties, Inc. REIT | 462 | 11910 |
| Associated Banc-Corp. | 449 | 11566 |
| Independence Realty Trust, Inc. REIT | 656 | 11467 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 125 | 11318 |
| Kilroy Realty Corp. REIT | 299 | 11174 |
| CNO Financial Group, Inc. | 262 | 11127 |
| First Financial Bankshares, Inc. | 358 | 10693 |
| Federated Hermes, Inc. — Class B | 203 | 10570 |
| EPR Properties REIT | 209 | 10429 |
| Flagstar Bank North America | 823 | 10362 |
| Brighthouse Financial, Inc.<sup>\*</sup> | 157 | 10172 |
| International Bancshares Corp. | 149 | 9900 |
| Rayonier, Inc. REIT | 408 | 8833 |
| COPT Defense Properties REIT | 311 | 8646 |
| PotlatchDeltic Corp. REIT | 195 | 7757 |
| Kemper Corp. | 161 | 6527 |
| Park Hotels & Resorts, Inc. REIT | 549 | 5742 |
| National Storage Affiliates Trust REIT | 195 | 5501 |
| **Total Financial** |  | 1970686 |
| **Consumer, Non-cyclical - 10.4%** |  |  |
| United Therapeutics Corp.<sup>\*</sup> | 118 | 57495 |
| Illumina, Inc.<sup>\*</sup> | 420 | 55087 |
| Tenet Healthcare Corp.<sup>\*</sup> | 242 | 48090 |
| US Foods Holding Corp.<sup>\*</sup> | 613 | 46171 |
| TransUnion | 534 | 45791 |
| API Group Corp.<sup>\*</sup> | 1017 | 38910 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 274 | 38861 |
| Performance Food Group Co.<sup>\*</sup> | 431 | 38756 |
| Medpace Holdings, Inc.<sup>\*</sup> | 61 | 34261 |
| Penumbra, Inc.<sup>\*</sup> | 108 | 33578 |
| Exelixis, Inc.<sup>\*</sup> | 737 | 32303 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 528 | 31379 |
| Elanco Animal Health, Inc.<sup>\*</sup> | 1366 | 30913 |
| Service Corporation International | 385 | 30018 |
| Encompass Health Corp. | 277 | 29401 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 167 | 28390 |
| Booz Allen Hamilton Holding Corp. | 333 | 28092 |
| Ensign Group, Inc. | 158 | 27524 |
| Globus Medical, Inc. — Class A<sup>\*</sup> | 306 | 26717 |
| Roivant Sciences Ltd.<sup>\*</sup> | 1204 | 26127 |
| Coca-Cola Consolidated, Inc. | 155 | 23761 |
| Repligen Corp.<sup>\*</sup> | 145 | 23760 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 323 | 21738 |
| HealthEquity, Inc.<sup>\*</sup> | 237 | 21711 |
| Avantor, Inc.<sup>\*</sup> | 1874 | 21476 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 268 | 21352 |
| Cytokinetics, Inc.<sup>\*</sup> | 331 | 21032 |
| Celsius Holdings, Inc.<sup>\*</sup> | 439 | 20080 |
| Ingredion, Inc. | 175 | 19295 |
| Albertsons Companies, Inc. — Class A | 1087 | 18664 |
| Paylocity Holding Corp.<sup>\*</sup> | 121 | 18453 |
| Chemed Corp. | 39 | 16686 |
| UL Solutions, Inc. — Class A | 207 | 16324 |
| Masimo Corp.<sup>\*</sup> | 125 | 16257 |
| Darling Ingredients, Inc.<sup>\*</sup> | 435 | 15660 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 69.3% (continued)** | | |
| **Consumer, Non-cyclical - 10.4% (continued)** |  |  |
| Bio-Rad Laboratories, Inc. — Class A<sup>\*</sup> | 50 | $15149 |
| H&R Block, Inc. | 347 | 15122 |
| Bruker Corp. | 305 | 14369 |
| Morningstar, Inc. | 66 | 14343 |
| FTI Consulting, Inc.<sup>\*</sup> | 83 | 14179 |
| WEX, Inc.<sup>\*</sup> | 94 | 14004 |
| Option Care Health, Inc.<sup>\*</sup> | 436 | 13891 |
| Brink's Co. | 114 | 13307 |
| Post Holdings, Inc.<sup>\*</sup> | 131 | 12976 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 76 | 12640 |
| elf Beauty, Inc.<sup>\*</sup> | 164 | 12470 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 182 | 12112 |
| Shift4 Payments, Inc. — Class A<sup>\*</sup> | 186 | 11712 |
| Haemonetics Corp.<sup>\*</sup> | 129 | 10339 |
| Valvoline, Inc.<sup>\*</sup> | 349 | 10142 |
| Sotera Health Co.<sup>\*</sup> | 570 | 10055 |
| Graham Holdings Co. — Class B | 9 | 9887 |
| Envista Holdings Corp.<sup>\*</sup> | 452 | 9813 |
| BellRing Brands, Inc.<sup>\*</sup> | 346 | 9249 |
| LivaNova plc<sup>\*</sup> | 150 | 9229 |
| Marzetti Co. | 56 | 9207 |
| Euronet Worldwide, Inc.<sup>\*</sup> | 107 | 8144 |
| Flowers Foods, Inc. | 580 | 6310 |
| Dentsply Sirona, Inc. | 548 | 6264 |
| Avis Budget Group, Inc.<sup>\*</sup> | 46 | 5903 |
| Pilgrim's Pride Corp. | 118 | 4601 |
| Boston Beer Company, Inc. — Class A<sup>\*</sup> | 21 | 4098 |
| Coty, Inc. — Class A<sup>\*</sup> | 1010 | 3111 |
| **Total Consumer, Non-cyclical** |  | 1316739 |
| **Consumer, Cyclical - 9.4%** |  |  |
| Casey's General Stores, Inc. | 102 | 56376 |
| RB Global, Inc. | 510 | 52464 |
| Somnigroup International, Inc. | 577 | 51514 |
| Burlington Stores, Inc.<sup>\*</sup> | 171 | 49393 |
| Dick's Sporting Goods, Inc. | 182 | 36031 |
| Toll Brothers, Inc. | 265 | 35833 |
| WESCO International, Inc. | 134 | 32782 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 362 | 32591 |
| Watsco, Inc. | 96 | 32347 |
| Texas Roadhouse, Inc. — Class A | 182 | 30212 |
| Five Below, Inc.<sup>\*</sup> | 152 | 28631 |
| American Airlines Group, Inc.<sup>\*</sup> | 1814 | 27808 |
| Core & Main, Inc. — Class A<sup>\*</sup> | 524 | 27232 |
| Aramark | 722 | 26613 |
| BorgWarner, Inc. | 588 | 26495 |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 228 | 24731 |
| Autoliv, Inc. | 192 | 22790 |
| GameStop Corp. — Class A<sup>\*</sup> | 1133 | 22751 |
| Lithia Motors, Inc. — Class A | 67 | 22266 |
| Churchill Downs, Inc. | 182 | 20708 |
| Murphy USA, Inc. | 47 | 18965 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 169 | 18524 |
| Hyatt Hotels Corp. — Class A | 115 | 18437 |
| Wingstop, Inc. | 76 | 18125 |
| Floor & Decor Holdings, Inc. — Class A<sup>\*</sup> | 296 | 18024 |
| FirstCash Holdings, Inc. | 107 | 17054 |
| Mattel, Inc.<sup>\*</sup> | 854 | 16943 |
| Lear Corp. | 143 | 16388 |
| VF Corp. | 902 | 16308 |
| Macy's, Inc. | 738 | 16273 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 129 | 16237 |
| Cava Group, Inc.<sup>\*</sup> | 274 | 16081 |
| Alaska Air Group, Inc.<sup>\*</sup> | 319 | 16046 |
| Gap, Inc. | 622 | 15923 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 269 | 15836 |
| Wyndham Hotels & Resorts, Inc. | 208 | 15716 |
| AutoNation, Inc.<sup>\*</sup> | 75 | 15486 |
| Thor Industries, Inc. | 145 | 14887 |
| Gentex Corp. | 602 | 14009 |
| Boyd Gaming Corp. | 159 | 13553 |
| Brunswick Corp. | 179 | 13289 |
| Vail Resorts, Inc. | 99 | 13147 |
| Travel + Leisure Co. | 177 | 12484 |
| Warner Music Group Corp. — Class A | 401 | 12299 |
| Crocs, Inc.<sup>\*</sup> | 143 | 12229 |
| Bath & Body Works, Inc. | 567 | 11385 |
| Whirlpool Corp. | 154 | 11110 |
| Dolby Laboratories, Inc. — Class A | 168 | 10789 |
| MSC Industrial Direct Company, Inc. — Class A | 126 | 10597 |
| KB Home | 178 | 10041 |
| YETI Holdings, Inc.<sup>\*</sup> | 214 | 9453 |
| Polaris, Inc. | 147 | 9298 |
| PVH Corp. | 132 | 8847 |
| Penske Automotive Group, Inc. | 51 | 8073 |
| Capri Holdings Ltd.<sup>\*</sup> | 327 | 7979 |
| RH<sup>\*</sup> | 42 | 7524 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 165 | 7384 |
| Visteon Corp. | 75 | 7133 |
| Scotts Miracle-Gro Co. — Class A | 122 | 7119 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 787 | 6894 |
| Harley-Davidson, Inc. | 325 | 6659 |
| Choice Hotels International, Inc. | 57 | 5430 |
| Columbia Sportswear Co. | 70 | 3856 |
| **Total Consumer, Cyclical** |  | 1201402 |
| **Technology - 7.4%** |  |  |
| Lumentum Holdings, Inc.<sup>\*</sup> | 195 | 71875 |
| Twilio, Inc. — Class A<sup>\*</sup> | 417 | 59314 |
| Pure Storage, Inc. — Class A<sup>\*</sup> | 858 | 57494 |
| Guidewire Software, Inc.<sup>\*</sup> | 234 | 47036 |
| Okta, Inc.<sup>\*</sup> | 463 | 40036 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 744 | 38457 |
| DocuSign, Inc.<sup>\*</sup> | 553 | 37825 |
| Dynatrace, Inc.<sup>\*</sup> | 829 | 35929 |
| CACI International, Inc. — Class A<sup>\*</sup> | 61 | 32501 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 176 | 30145 |
| MKS, Inc. | 185 | 29563 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 69.3% (continued)** | **COMMON STOCKS<sup>†</sup> - 69.3% (continued)** | **COMMON STOCKS<sup>†</sup> - 69.3% (continued)** |
| **Technology - 7.4% (continued)** |  |  |
| Manhattan Associates, Inc.<sup>\*</sup> | 166 | $28770 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 376 | 27666 |
| Rambus, Inc.<sup>\*</sup> | 296 | 27200 |
| Onto Innovation, Inc.<sup>\*</sup> | 135 | 21311 |
| Genpact Ltd. | 441 | 20630 |
| Duolingo, Inc.<sup>\*</sup> | 110 | 19305 |
| UiPath, Inc. — Class A<sup>\*</sup> | 1157 | 18963 |
| ExlService Holdings, Inc.<sup>\*</sup> | 436 | 18504 |
| Doximity, Inc. — Class A<sup>\*</sup> | 378 | 16738 |
| Kyndryl Holdings, Inc.<sup>\*</sup> | 628 | 16680 |
| Cirrus Logic, Inc.<sup>\*</sup> | 140 | 16590 |
| Bentley Systems, Inc. — Class B | 409 | 15610 |
| CommVault Systems, Inc.<sup>\*</sup> | 121 | 15169 |
| Pegasystems, Inc. | 252 | 15050 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 63 | 14657 |
| KBR, Inc. | 349 | 14030 |
| Maximus, Inc. | 155 | 13380 |
| BILL Holdings, Inc.<sup>\*</sup> | 245 | 13362 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 479 | 13316 |
| Qualys, Inc.<sup>\*</sup> | 99 | 13157 |
| Science Applications International Corp. | 126 | 12683 |
| Amkor Technology, Inc. | 313 | 12357 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 90 | 11763 |
| Parsons Corp.<sup>\*</sup> | 146 | 9023 |
| Allegro MicroSystems, Inc.<sup>\*</sup> | 341 | 8996 |
| Synaptics, Inc.<sup>\*</sup> | 107 | 7920 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 754 | 7668 |
| Crane NXT Co. | 136 | 6401 |
| Blackbaud, Inc.<sup>\*</sup> | 101 | 6395 |
| ASGN, Inc.<sup>\*</sup> | 117 | 5636 |
| Concentrix Corp. | 121 | 5031 |
| IPG Photonics Corp.<sup>\*</sup> | 69 | 4940 |
| **Total Technology** |  | 939076 |
| **Energy - 3.0%** |  |  |
| TechnipFMC plc | 1112 | 49551 |
| Nextpower, Inc. — Class A<sup>\*</sup> | 408 | 35541 |
| DT Midstream, Inc. | 279 | 33391 |
| Antero Resources Corp.<sup>\*</sup> | 806 | 27775 |
| Ovintiv, Inc. | 696 | 27276 |
| Permian Resources Corp. | 1909 | 26784 |
| Range Resources Corp. | 651 | 22954 |
| HF Sinclair Corp. | 430 | 19815 |
| Viper Energy, Inc. — Class A | 463 | 17886 |
| Antero Midstream Corp. | 916 | 16295 |
| NOV, Inc. | 1003 | 15677 |
| Weatherford International plc | 197 | 15417 |
| Chord Energy Corp. | 156 | 14461 |
| CNX Resources Corp.<sup>\*</sup> | 371 | 13642 |
| Matador Resources Co. | 321 | 13623 |
| Murphy Oil Corp. | 369 | 11531 |
| Valaris Ltd.<sup>\*</sup> | 178 | 8971 |
| PBF Energy, Inc. — Class A | 226 | 6129 |
| Civitas Resources, Inc. | 211 | 5716 |
| **Total Energy** |  | 382435 |
| **Basic Materials - 2.9%** |  |  |
| Royal Gold, Inc. | 223 | 49571 |
| Carpenter Technology Corp. | 137 | 43133 |
| Reliance, Inc. | 144 | 41597 |
| Alcoa Corp. | 712 | 37836 |
| RPM International, Inc. | 352 | 36608 |
| Hecla Mining Co. | 1842 | 35348 |
| Commercial Metals Co. | 305 | 21112 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 1566 | 20797 |
| Axalta Coating Systems Ltd.<sup>\*</sup> | 586 | 18934 |
| MP Materials Corp.<sup>\*</sup> | 370 | 18692 |
| NewMarket Corp. | 21 | 14432 |
| Cabot Corp. | 146 | 9677 |
| Ashland, Inc. | 126 | 7392 |
| Westlake Corp. | 92 | 6802 |
| Olin Corp. | 314 | 6541 |
| **Total Basic Materials** |  | 368472 |
| **Communications - 2.4%** |  |  |
| Ciena Corp.<sup>\*</sup> | 388 | 90742 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 1638 | 42408 |
| EchoStar Corp. — Class A<sup>\*</sup> | 370 | 40219 |
| New York Times Co. — Class A | 444 | 30822 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 688 | 26192 |
| Maplebear, Inc.<sup>\*</sup> | 505 | 22715 |
| Chewy, Inc. — Class A<sup>\*</sup> | 619 | 20458 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 573 | 18605 |
| Nexstar Media Group, Inc. — Class A | 78 | 15838 |
| **Total Communications** |  | 307999 |
| **Utilities - 2.3%** |  |  |
| Talen Energy Corp.<sup>\*</sup> | 126 | 47230 |
| Essential Utilities, Inc. | 778 | 29844 |
| OGE Energy Corp. | 554 | 23656 |
| UGI Corp. | 591 | 22121 |
| National Fuel Gas Co. | 248 | 19855 |
| IDACORP, Inc. | 149 | 18857 |
| Ormat Technologies, Inc. | 167 | 18449 |
| TXNM Energy, Inc. | 269 | 15839 |
| Portland General Electric Co. | 309 | 14829 |
| Black Hills Corp. | 207 | 14370 |
| Southwest Gas Holdings, Inc. | 177 | 14164 |
| Spire, Inc. | 162 | 13397 |
| ONE Gas, Inc. | 165 | 12746 |
| New Jersey Resources Corp. | 276 | 12729 |
| Northwestern Energy Group, Inc. | 169 | 10907 |
| **Total Utilities** |  | 288993 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,047,056) |  | 8805689 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| GameStop Corp |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 10/30/26<sup>\*</sup> | 1 | 2 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | 2 |
| **MUTUAL FUNDS<sup>†</sup> - 9.0%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 88750 | 894604 |
| Guggenheim Strategy Fund II<sup>1</sup> | 9844 | 244220 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,123,598) |  | 1138824 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.2%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.2%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.2%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $184000 | $183637 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>3,4</sup> | 100000 | 99255 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $282,855) |  | 282892 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 20.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1302152 | 1302152 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1302153 | 1302153 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,604,305) |  | 2604305 |
| **Total Investments - 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,057,814) |  | $12831712 |
| **Other Assets & Liabilities, net - (1.0)%** |  | (123597) |
| **Total Net Assets - 100.0%** |  | $12708115 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P MidCap 400 Index Mini Futures Contracts | 16 | Mar 2026 | $5320960 | $(87699) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **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 MidCap 400 Index | Pay | 4.24% (Federal Funds Rate + 0.60%) | At Maturity | 01/21/26 | 768 | $2536970 | $114431 |
| Barclays Bank plc | S&P MidCap 400 Index | Pay | 4.56% (SOFR + 0.85%) | At Maturity | 01/22/26 | 405 | 1338107 | 57412 |
| &nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas | S&P MidCap 400 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 334 | 1104042 | 42790 |
|  |  |  |  |  |  |  | $4979119 | $214633 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 December 31, 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.*

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $8805689 | $— | $— | $8805689 |
| Warrants | 2 |  |  | 2 |
| Mutual Funds | 1138824 |  |  | 1138824 |
| U.S. Treasury Bills |  | 282892 |  | 282892 |
| Repurchase Agreements |  | 2604305 |  | 2604305 |
| Equity Index Swap Agreements\*\* |  | 214633 |  | 214633 |
| Total Assets | $9944515 | $3101830 | $— | $13046345 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $87699 | $– $– $| 87699 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $244712 | $– | $– | $– | $(492) | $244220 | 9844 | $9606 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 890167 | – | – | – | 4437 | 894604 | 88750 | 29047 |
|  | $1134879 | $– | $– | $– | $3945 | $1138824 |  | $38653 |

---

---

| | |
|:---|:---|
| **Inverse Mid-Cap Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 23.4%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 1417 | $35152 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 3141 | 31657 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,045) |  | 66809 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 87.1%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | $250000 | 248139 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $248,104) |  | 248139 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 102.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 146454 | 146454 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 146455 | 146455 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $292,909) |  | 292909 |
| **Total Investments - 213.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $607,058) |  | $607857 |
| **Other Assets & Liabilities, net - (113.4)%** |  | (323073) |
| **Total Net Assets - 100.0%** |  | $284784 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  |
| Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.26% (SOFR + 0.55%) | At Maturity | 01/22/26 | 18 | $59938 | $669 |
| Goldman Sachs International | S&P MidCap 400 Index | Receive | 3.94% (Federal Funds Rate + 0.30%) | At Maturity | 01/21/26 | 54 | 180118 | 613 |
| BNP Paribas | S&P MidCap 400 Index | Receive | 3.79% (Federal Funds Rate + 0.15%) | At Maturity | 01/22/26 | 14 | 45539 | (1457) |
|  |  |  |  |  |  |  | $285595 | $(175) |

---

---

| | |
|:---|:---|
| *<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 December 31, 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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $66809 | $— | $— | $66809 |
| U.S. Treasury Bills |  | 248139 |  | 248139 |
| Repurchase Agreements |  | 292909 |  | 292909 |
| Equity Index Swap Agreements\*\* |  | 1282 |  | 1282 |
| Total Assets | $66809 | $542330 | $— | $609139 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 1457 | $– $| 1457 |

---

*\*\** *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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $50217 | $– | $(15000) | $121 | $(186) | $35152 | 1417 | $1769 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 46439 | – | (15000) | 253 | (35) | 31657 | 3141 | 1342 |
|  | $96656 | $– | $(30000) | $374 | $(221) | $66809 |  | $3111 |

---

---

| | |
|:---|:---|
| **Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 81.9%** | **COMMON STOCKS<sup>†</sup> - 81.9%** | **COMMON STOCKS<sup>†</sup> - 81.9%** |
| **Technology - 40.2%** | **Technology - 40.2%** | **Technology - 40.2%** |
| NVIDIA Corp. | 349619 | $65203944 |
| Apple, Inc. | 212596 | 57796348 |
| Microsoft Corp. | 106934 | 51715421 |
| Broadcom, Inc. | 67943 | 23515072 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 90733 | 16127791 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 64665 | 13848656 |
| Micron Technology, Inc. | 44698 | 12757256 |
| Lam Research Corp. | 49889 | 8539999 |
| Applied Materials, Inc. | 31642 | 8131678 |
| Intuit, Inc. | 11053 | 7321728 |
| QUALCOMM, Inc. | 42540 | 7276467 |
| Intel Corp.<sup>\*</sup> | 189463 | 6991185 |
| KLA Corp. | 5218 | 6340287 |
| Texas Instruments, Inc. | 36090 | 6261254 |
| Adobe, Inc.<sup>\*</sup> | 16627 | 5819284 |
| Analog Devices, Inc. | 19449 | 5274569 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 9968 | 4672600 |
| ASML Holding N.V. — Class G | 3485 | 3728462 |
| Synopsys, Inc.<sup>\*</sup> | 7378 | 3465594 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 10812 | 3379615 |
| Marvell Technology, Inc. | 34242 | 2909885 |
| Autodesk, Inc.<sup>\*</sup> | 8421 | 2492700 |
| Fortinet, Inc.<sup>\*</sup> | 29537 | 2345533 |
| Western Digital Corp. | 13580 | 2339427 |
| Seagate Technology Holdings plc | 8482 | 2335858 |
| NXP Semiconductor N.V. | 9996 | 2169732 |
| Electronic Arts, Inc. | 9934 | 2029814 |
| Roper Technologies, Inc. | 4275 | 1902931 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 7339 | 1879004 |
| Workday, Inc. — Class A<sup>\*</sup> | 8459 | 1816824 |
| Datadog, Inc. — Class A<sup>\*</sup> | 12926 | 1757807 |
| Monolithic Power Systems, Inc. | 1903 | 1724803 |
| Strategy, Inc. — Class A<sup>\*</sup> | 10633 | 1615684 |
| Paychex, Inc. | 14294 | 1603501 |
| Cognizant Technology Solutions Corp. — Class A | 19171 | 1591193 |
| Zscaler, Inc.<sup>\*</sup> | 6334 | 1424643 |
| Microchip Technology, Inc. | 21466 | 1367814 |
| Atlassian Corp. — Class A<sup>\*</sup> | 6674 | 1082123 |
| ARM Holdings plc ADR<sup>\*</sup> | 5495 | 600658 |
| **Total Technology** |  | 353157144 |
| **Communications - 23.0%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 153807 | 35501732 |
| Meta Platforms, Inc. — Class A | 42254 | 27891443 |
| Alphabet, Inc. — Class A | 83707 | 26200291 |
| Alphabet, Inc. — Class C | 77793 | 24411443 |
| Netflix, Inc.<sup>\*</sup> | 168305 | 15780277 |
| Cisco Systems, Inc. | 156936 | 12088780 |
| T-Mobile US, Inc. | 44427 | 9020458 |
| AppLovin Corp. — Class A<sup>\*</sup> | 12217 | 8232059 |
| Shopify, Inc. — Class A<sup>\*</sup> | 48561 | 7816864 |
| Booking Holdings, Inc. | 1280 | 6854822 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 27685 | 5099577 |
| Comcast Corp. — Class A | 144359 | 4314890 |
| MercadoLibre, Inc.<sup>\*</sup> | 2014 | 4056720 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 16139 | 3655161 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 26530 | 3008237 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 98424 | 2836580 |
| Thomson Reuters Corp. | 17669 | 2330364 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 16892 | 2292582 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 5140 | 1072975 |
| **Total Communications** |  | 202465255 |
| **Consumer, Non-cyclical - 7.7%** |  |  |
| Intuitive Surgical, Inc.<sup>\*</sup> | 14080 | 7974349 |
| PepsiCo, Inc. | 54310 | 7794571 |
| Amgen, Inc. | 21388 | 7000506 |
| Gilead Sciences, Inc. | 49279 | 6048504 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 10077 | 4568509 |
| Automatic Data Processing, Inc. | 16064 | 4132143 |
| Regeneron Pharmaceuticals, Inc. | 4102 | 3166211 |
| Cintas Corp. | 15961 | 3001785 |
| Monster Beverage Corp.<sup>\*</sup> | 38807 | 2975333 |
| Mondelez International, Inc. — Class A | 51253 | 2758949 |
| PayPal Holdings, Inc. | 37164 | 2169634 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 3171 | 2145276 |
| AstraZeneca plc ADR | 23185 | 2131397 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 5247 | 2086470 |
| Coca-Cola Europacific Partners plc | 18200 | 1650740 |
| Keurig Dr Pepper, Inc. | 53962 | 1511476 |
| GE HealthCare Technologies, Inc. | 18093 | 1483988 |
| Insmed, Inc.<sup>\*</sup> | 8471 | 1474293 |
| Verisk Analytics, Inc. — Class A | 5536 | 1238348 |
| Kraft Heinz Co. | 47014 | 1140089 |
| Dexcom, Inc.<sup>\*</sup> | 15491 | 1028138 |
| **Total Consumer, Non-cyclical** |  | 67480709 |
| **Consumer, Cyclical - 7.0%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 63646 | 28622879 |
| Costco Wholesale Corp. | 17603 | 15179771 |
| Starbucks Corp. | 45165 | 3803345 |
| Marriott International, Inc. — Class A | 10659 | 3306848 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 33528 | 3058089 |
| Ross Stores, Inc. | 12917 | 2326868 |
| PACCAR, Inc. | 20861 | 2284488 |
| Fastenal Co. | 45600 | 1829928 |
| Copart, Inc.<sup>\*</sup> | 38449 | 1505279 |
| **Total Consumer, Cyclical** |  | 61917495 |
| **Industrial - 1.4%** |  |  |
| Honeywell International, Inc. | 25218 | 4919780 |
| CSX Corp. | 73963 | 2681159 |
| Ferrovial SE | 29145 | 1883058 |
| Axon Enterprise, Inc.<sup>\*</sup> | 3134 | 1779892 |
| Old Dominion Freight Line, Inc. | 8305 | 1302224 |
| **Total Industrial** |  | 12566113 |
| **Utilities - 1.2%** |  |  |
| Constellation Energy Corp. | 12404 | 4381961 |
| American Electric Power Company, Inc. | 21214 | 2446186 |
| Exelon Corp. | 40128 | 1749180 |
| Xcel Energy, Inc. | 23496 | 1735415 |
| **Total Utilities** |  | 10312742 |

---

---

| | |
|:---|:---|
| **Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 81.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 81.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 81.9% (continued)** |
| **Basic Materials - 0.9%** |  |  |
| Linde plc | 18547 | $7908292 |
| **Energy - 0.4%** |  |  |
| Baker Hughes Co. | 39194 | 1784895 |
| Diamondback Energy, Inc. | 11381 | 1710905 |
| **Total Energy** |  | 3495800 |
| **Financial - 0.1%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 16834 | 1131918 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $620,840,932) |  | 720435468 |
| **MUTUAL FUNDS<sup>†</sup> - 0.6%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 301467 | 3038791 |
| Guggenheim Strategy Fund II<sup>1</sup> | 115431 | 2863855 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,770,077) |  | 5902646 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.0%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $43278000 | 43192567 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>3,4</sup> | 950000 | 942927 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,129,785) |  | 44135494 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 7272881 | 7272881 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 7272881 | 7272881 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,545,762) |  | 14545762 |
| **Total Investments - 89.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $685,286,556) |  | $785019370 |
| **Other Assets & Liabilities, net - 10.8%** |  | 94826150 |
| **Total Net Assets - 100.0%** |  | $879845520 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| NASDAQ-100 Index Mini Futures Contracts | 846 | Mar 2026 | $430698600 | $(123090) |

---

**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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 6049 | $152729644 | $485761 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 4.71% (SOFR + 1.00%) | At Maturity | 01/22/26 | 4194 | 105895785 | 142288 |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 13758 | 347389052 | (206497) |
|  |  |  |  |  |  |  | $606014481 | $421552 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 December 31, 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.* 

---

| | |
|:---|:---|
| **Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $720435468 | $— | $— | $720435468 |
| Mutual Funds | 5902646 |  |  | 5902646 |
| U.S. Treasury Bills |  | 44135494 |  | 44135494 |
| Repurchase Agreements |  | 14545762 |  | 14545762 |
| Equity Index Swap Agreements\*\* |  | 628049 |  | 628049 |
| Total Assets | $726338114 | $59309305 | $— | $785647419 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $123090 | $— | $— | $123090 |
| Equity Index Swap Agreements\*\* |  | 206497 |  | 206497 |
| Total Liabilities | $123090 | $206497 | $— | $329587 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $2869626 | $– | $– | $– | $(5771) | $2863855 | 115431 | $112643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 3023718 | – | – | – | 15073 | 3038791 | 301467 | 98668 |
|  | $5893344 | $– | $– | $– | $9302 | $5902646 |  | $211311 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 97.1%** | **COMMON STOCKS<sup>†</sup> - 97.1%** | **COMMON STOCKS<sup>†</sup> - 97.1%** |
| **Technology - 47.6%** | **Technology - 47.6%** | **Technology - 47.6%** |
| NVIDIA Corp. | 957170 | $178512205 |
| Apple, Inc. | 582037 | 158232579 |
| Microsoft Corp. | 292759 | 141584108 |
| Broadcom, Inc. | 186013 | 64379099 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 248405 | 44153989 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 177038 | 37914458 |
| Micron Technology, Inc. | 122373 | 34926478 |
| Lam Research Corp. | 136584 | 23380449 |
| Applied Materials, Inc. | 86629 | 22262787 |
| Intuit, Inc. | 30261 | 20045492 |
| QUALCOMM, Inc. | 116463 | 19920996 |
| Intel Corp.<sup>\*</sup> | 518702 | 19140104 |
| KLA Corp. | 14288 | 17361063 |
| Texas Instruments, Inc. | 98807 | 17142027 |
| Adobe, Inc.<sup>\*</sup> | 45520 | 15931545 |
| Analog Devices, Inc. | 53246 | 14440315 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 27289 | 12791992 |
| ASML Holding N.V. — Class G | 9541 | 10207534 |
| Synopsys, Inc.<sup>\*</sup> | 20199 | 9487874 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 29600 | 9252368 |
| Marvell Technology, Inc. | 93747 | 7966620 |
| Autodesk, Inc.<sup>\*</sup> | 23054 | 6824214 |
| Fortinet, Inc.<sup>\*</sup> | 80866 | 6421569 |
| Western Digital Corp. | 37179 | 6404826 |
| Seagate Technology Holdings plc | 23223 | 6395382 |
| NXP Semiconductor N.V. | 27368 | 5940498 |
| Electronic Arts, Inc. | 27199 | 5557572 |
| Roper Technologies, Inc. | 11705 | 5210247 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 20094 | 5144667 |
| Workday, Inc. — Class A<sup>\*</sup> | 23162 | 4974734 |
| Datadog, Inc. — Class A<sup>\*</sup> | 35390 | 4812686 |
| Monolithic Power Systems, Inc. | 5210 | 4722136 |
| Strategy, Inc. — Class A<sup>\*</sup> | 29112 | 4423568 |
| Paychex, Inc. | 39136 | 4390276 |
| Cognizant Technology Solutions Corp. — Class A | 52484 | 4356172 |
| Zscaler, Inc.<sup>\*</sup> | 17341 | 3900338 |
| Microchip Technology, Inc. | 58770 | 3744824 |
| Atlassian Corp. — Class A<sup>\*</sup> | 18273 | 2962784 |
| ARM Holdings plc ADR<sup>\*</sup> | 15045 | 1644569 |
| **Total Technology** |  | 966865144 |
| **Communications - 27.3%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 421084 | 97194609 |
| Meta Platforms, Inc. — Class A | 115681 | 76359871 |
| Alphabet, Inc. — Class A | 229169 | 71729897 |
| Alphabet, Inc. — Class C | 212980 | 66833124 |
| Netflix, Inc.<sup>\*</sup> | 460795 | 43204139 |
| Cisco Systems, Inc. | 429652 | 33096094 |
| T-Mobile US, Inc. | 121630 | 24695755 |
| AppLovin Corp. — Class A<sup>\*</sup> | 33449 | 22538605 |
| Shopify, Inc. — Class A<sup>\*</sup> | 132950 | 21400962 |
| Booking Holdings, Inc. | 3505 | 18770432 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 75794 | 13961255 |
| Comcast Corp. — Class A | 395247 | 11813932 |
| MercadoLibre, Inc.<sup>\*</sup> | 5513 | 11104615 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 44188 | 10007698 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 72632 | 8235743 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 269484 | 7766529 |
| Thomson Reuters Corp. | 48373 | 6379915 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 46252 | 6277321 |
| Charter Communications, Inc. — Class A<sup>\*,1</sup> | 14072 | 2937530 |
| **Total Communications** |  | 554308026 |
| **Consumer, Non-cyclical - 9.1%** |  |  |
| Intuitive Surgical, Inc.<sup>\*</sup> | 38549 | 21832611 |
| PepsiCo, Inc. | 148688 | 21339702 |
| Amgen, Inc. | 58556 | 19165964 |
| Gilead Sciences, Inc. | 134915 | 16559467 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 27590 | 12508202 |
| Automatic Data Processing, Inc. | 43981 | 11313233 |
| Regeneron Pharmaceuticals, Inc. | 11232 | 8669644 |
| Cintas Corp. | 43700 | 8218659 |
| Monster Beverage Corp.<sup>\*</sup> | 106245 | 8145804 |
| Mondelez International, Inc. — Class A | 140317 | 7553264 |
| PayPal Holdings, Inc. | 101745 | 5939873 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 8683 | 5874310 |
| AstraZeneca plc ADR | 63476 | 5835349 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 14366 | 5712640 |
| Coca-Cola Europacific Partners plc | 49827 | 4519309 |
| Keurig Dr Pepper, Inc. | 147736 | 4138085 |
| GE HealthCare Technologies, Inc. | 49535 | 4062861 |
| Insmed, Inc.<sup>\*</sup> | 23192 | 4036336 |
| Verisk Analytics, Inc. — Class A | 15156 | 3390246 |
| Kraft Heinz Co. | 128714 | 3121315 |
| Dexcom, Inc.<sup>\*</sup> | 42411 | 2814818 |
| **Total Consumer, Non-cyclical** |  | 184751692 |
| **Consumer, Cyclical - 8.3%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 174246 | 78361911 |
| Costco Wholesale Corp. | 48193 | 41558752 |
| Starbucks Corp. | 123661 | 10413493 |
| Marriott International, Inc. — Class A | 29183 | 9053734 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 91790 | 8372166 |
| Ross Stores, Inc. | 35366 | 6370831 |
| PACCAR, Inc. | 57112 | 6254335 |
| Fastenal Co. | 124840 | 5009829 |
| Copart, Inc.<sup>\*</sup> | 105265 | 4121125 |
| **Total Consumer, Cyclical** |  | 169516176 |
| **Industrial - 1.7%** |  |  |
| Honeywell International, Inc. | 69039 | 13468819 |
| CSX Corp. | 202494 | 7340408 |
| Ferrovial SE | 79790 | 5155232 |
| Axon Enterprise, Inc.<sup>\*</sup> | 8581 | 4873407 |
| Old Dominion Freight Line, Inc. | 22738 | 3565318 |
| **Total Industrial** |  | 34403184 |
| **Utilities - 1.4%** |  |  |
| Constellation Energy Corp. | 33959 | 11996696 |
| American Electric Power Company, Inc. | 58079 | 6697089 |
| Exelon Corp. | 109862 | 4788885 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 97.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 97.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 97.1% (continued)** |
| **Utilities - 1.4% (continued)** |  |  |
| Xcel Energy, Inc. | 64326 | $4751118 |
| **Total Utilities** |  | 28233788 |
| **Basic Materials - 1.1%** |  |  |
| Linde plc | 50778 | 21651231 |
| **Energy - 0.5%** |  |  |
| Baker Hughes Co. | 107305 | 4886670 |
| Diamondback Energy, Inc. | 31157 | 4683832 |
| **Total Energy** |  | 9570502 |
| **Financial - 0.1%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 46088 | 3098957 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $488,047,716) |  | 1972398700 |
| **MUTUAL FUNDS<sup>†</sup> - 2.5%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 2756359 | 27784101 |
| Guggenheim Strategy Fund II<sup>2</sup> | 575584 | 14280250 |
| Guggenheim Strategy Fund III<sup>2</sup> | 370504 | 9229250 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,083,879) |  | 51293601 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.78% due 02/24/26<sup>3,4</sup> | $2000000 | 1989597 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>4,5</sup> | 1558000 | 1554924 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>3,4</sup> | 400000 | 397022 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,940,350) |  | 3941543 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup> - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 4584352 | 4584352 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 4584352 | 4584352 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,168,704) |  | 9168704 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $552,240,649) |  | $2036802548 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (5303004) |
| **Total Net Assets - 100.0%** |  | $2031499544 |

---

**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 | 77 | Mar 2026 | $39200700 | $260689 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 4.71% (SOFR + 1.00%) | At Maturity | 01/22/26 | 220 | $5559570 | $206047 |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 219 | 5524861 | 133327 |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 355 | 8958291 | 10120 |
|  |  |  |  |  |  |  | $20042722 | $349494 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</sup>* | *Affiliated issuer.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2025.* |
| *<sup>4</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>5</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2025.* |
| *<sup>6</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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $1972398700 | $— | $— | $1972398700 |
| Mutual Funds | 51293601 |  |  | 51293601 |
| U.S. Treasury Bills |  | 3941543 |  | 3941543 |
| Repurchase Agreements |  | 9168704 |  | 9168704 |
| Equity Futures Contracts\*\* | 260689 |  |  | 260689 |
| Equity Index Swap Agreements\*\* |  | 349494 |  | 349494 |
| Total Assets | $2023952990 | $13459741 | $— | $2037412731 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $14309030 | $– | $– | $– | $(28780) | $14280250 | 575584 | $561682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 9236660 |  |  |  | (7410) | 9229250 | 370504 | 368250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 27646283 | – | – | – | 137818 | 27784101 | 2756359 | 902136 |
|  | $51191973 | $– | $– | $– | $101628 | $51293601 |  | $1832068 |

---

---

| | |
|:---|:---|
| **Inverse NASDAQ-100<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 6.1%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 49399 | $1225598 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 87169 | 878660 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,033,556) |  | 2104258 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 19.3%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.58% due 01/28/26<sup>2</sup> | $2600000 | 2593019 |
| &nbsp;&nbsp;&nbsp;3.59% due 01/16/26<sup>2</sup> | 2275000 | 2271597 |
| &nbsp;&nbsp;&nbsp;3.59% due 01/23/26<sup>2</sup> | 1800000 | 1796051 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,660,667) |  | 6660667 |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | 1800000 | 1786599 |
| &nbsp;&nbsp;&nbsp;3.75% due 02/17/26<sup>2</sup> | 1400000 | 1393679 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,4</sup> | 162000 | 161680 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,341,157) |  | 3341958 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 1.1%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 400000 | 399998 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $400,000) |  | 399998 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 60.7%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 10475478 | 10475478 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 10475478 | 10475478 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,950,956) |  | 20950956 |
| **Total Investments - 96.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,386,336) |  | $33457837 |
| **Other Assets & Liabilities, net - 3.1%** |  | 1057418 |
| **Total Net Assets - 100.0%** |  | $34515255 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| NASDAQ-100 Index Mini Futures Contracts | 5 | Mar 2026 | $2545500 | $1742 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.14% (Federal Funds Rate + 0.50%) | At Maturity | 01/22/26 | 423 | $10684885 | $25598 |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.29% (Federal Funds Rate + 0.65%) | At Maturity | 01/21/26 | 160 | 4045279 | (23021) |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.36% (SOFR + 0.65%) | At Maturity | 01/22/26 | 681 | 17205902 | (354083) |
|  |  |  |  |  |  |  | $31936066 | $(351506) |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 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 equity index swap collateral at December 31, 2025.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2025.* |
| *<sup>5</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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $2104258 | $— | $— | $2104258 |
| Federal Agency Discount Notes |  | 6660667 |  | 6660667 |
| U.S. Treasury Bills |  | 3341958 |  | 3341958 |
| Federal Agency Notes |  | 399998 |  | 399998 |
| Repurchase Agreements |  | 20950956 |  | 20950956 |
| Equity Futures Contracts\*\* | 1742 |  |  | 1742 |
| Equity Index Swap Agreements\*\* |  | 25598 |  | 25598 |
| Total Assets | $2106000 | $31379177 | $— | $33485177 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 377104 | $– $| 377104 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1228068 | $– | $– | $– | $(2470) | $1225598 | 49399 | $48206 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 874301 | – | – | – | 4359 | 878660 | 87169 | 28530 |
|  | $2102369 | $– | $– | $– | $1889 | $2104258 |  | $76736 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1%** | **COMMON STOCKS<sup>†</sup> - 47.1%** | **COMMON STOCKS<sup>†</sup> - 47.1%** |
| **Financial - 11.0%** | **Financial - 11.0%** | **Financial - 11.0%** |
| UMB Financial Corp. | 99 | $11389 |
| CareTrust REIT, Inc. | 308 | 11137 |
| Cadence Bank | 256 | 10967 |
| American Healthcare REIT, Inc. | 231 | 10871 |
| Old National Bancorp | 479 | 10686 |
| Jackson Financial, Inc. — Class A | 95 | 10132 |
| Essent Group Ltd. | 130 | 8451 |
| Terreno Realty Corp. REIT | 140 | 8219 |
| Piper Sandler Cos. | 24 | 8153 |
| Essential Properties Realty Trust, Inc. REIT | 272 | 8067 |
| Ryman Hospitality Properties, Inc. REIT | 85 | 8043 |
| Valley National Bancorp | 664 | 7756 |
| Glacier Bancorp, Inc. | 176 | 7753 |
| Hancock Whitney Corp. | 116 | 7387 |
| United Bankshares, Inc. | 191 | 7334 |
| Home BancShares, Inc. | 258 | 7167 |
| Kite Realty Group Trust REIT | 298 | 7143 |
| Compass, Inc. — Class A<sup>\*</sup> | 671 | 7092 |
| Moelis & Co. — Class A | 102 | 7011 |
| Selective Insurance Group, Inc. | 83 | 6945 |
| Atlantic Union Bankshares Corp. | 195 | 6883 |
| Ameris Bancorp | 91 | 6759 |
| Radian Group, Inc. | 186 | 6694 |
| Cipher Mining, Inc.<sup>\*</sup> | 444 | 6553 |
| Macerich Co. REIT | 348 | 6424 |
| Axos Financial, Inc.<sup>\*</sup> | 74 | 6376 |
| StoneX Group, Inc.<sup>\*</sup> | 67 | 6374 |
| Sabra Health Care REIT, Inc. | 325 | 6155 |
| Phillips Edison & Company, Inc. REIT | 173 | 6154 |
| StepStone Group, Inc. — Class A | 95 | 6096 |
| Riot Platforms, Inc.<sup>\*</sup> | 477 | 6044 |
| Hut 8 Corp.<sup>\*</sup> | 131 | 6018 |
| Lemonade, Inc.<sup>\*</sup> | 83 | 5908 |
| Associated Banc-Corp. | 228 | 5873 |
| Independence Realty Trust, Inc. REIT | 327 | 5716 |
| Core Scientific, Inc.<sup>\*</sup> | 387 | 5635 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 62 | 5613 |
| CNO Financial Group, Inc. | 132 | 5606 |
| Eastern Bankshares, Inc. | 303 | 5584 |
| First Financial Bankshares, Inc. | 184 | 5496 |
| PennyMac Financial Services, Inc. | 40 | 5274 |
| HA Sustainable Infrastructure Capital, Inc. | 167 | 5249 |
| United Community Banks, Inc. | 168 | 5245 |
| Flagstar Bank North America | 416 | 5237 |
| Enova International, Inc.<sup>\*</sup> | 33 | 5188 |
| PJT Partners, Inc. — Class A | 31 | 5183 |
| Cushman & Wakefield Ltd.<sup>\*</sup> | 317 | 5132 |
| Upstart Holdings, Inc.<sup>\*</sup> | 117 | 5116 |
| Tanger, Inc. REIT | 153 | 5106 |
| ServisFirst Bancshares, Inc. | 71 | 5097 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 556 | 5021 |
| International Bancshares Corp. | 75 | 4983 |
| Independent Bank Corp. | 68 | 4969 |
| National Health Investors, Inc. REIT | 64 | 4888 |
| Palomar Holdings, Inc.<sup>\*</sup> | 36 | 4851 |
| Fulton Financial Corp. | 250 | 4832 |
| Terawulf, Inc.<sup>\*</sup> | 415 | 4768 |
| Outfront Media, Inc. REIT | 194 | 4675 |
| Bread Financial Holdings, Inc. | 63 | 4664 |
| BankUnited, Inc. | 103 | 4591 |
| MARA Holdings, Inc.<sup>\*</sup> | 509 | 4571 |
| Renasant Corp. | 129 | 4543 |
| First BanCorp | 218 | 4519 |
| Broadstone Net Lease, Inc. REIT | 260 | 4516 |
| SL Green Realty Corp. REIT | 98 | 4495 |
| BGC Group, Inc. — Class A | 496 | 4429 |
| Cathay General Bancorp | 91 | 4403 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 107 | 4365 |
| COPT Defense Properties REIT | 156 | 4337 |
| WesBanco, Inc. | 130 | 4321 |
| First Interstate BancSystem, Inc. — Class A | 124 | 4290 |
| WSFS Financial Corp. | 77 | 4253 |
| PotlatchDeltic Corp. REIT | 105 | 4177 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 218 | 4170 |
| Community Financial System, Inc. | 72 | 4136 |
| LXP Industrial Trust REIT | 80 | 3966 |
| Bancorp, Inc.<sup>\*</sup> | 58 | 3916 |
| Victory Capital Holdings, Inc. — Class A | 61 | 3848 |
| Cleanspark, Inc.<sup>\*</sup> | 380 | 3846 |
| Seacoast Banking Corporation of Florida | 119 | 3739 |
| Acadia Realty Trust REIT | 181 | 3718 |
| Simmons First National Corp. — Class A | 197 | 3713 |
| Bank of Hawaii Corp. | 54 | 3692 |
| Apple Hospitality REIT, Inc. | 307 | 3638 |
| McGrath RentCorp | 34 | 3568 |
| Provident Financial Services, Inc. | 179 | 3535 |
| Newmark Group, Inc. — Class A | 203 | 3520 |
| Artisan Partners Asset Management, Inc. — Class A | 86 | 3504 |
| Mercury General Corp. | 37 | 3480 |
| WaFd, Inc. | 107 | 3427 |
| Urban Edge Properties REIT | 177 | 3397 |
| Banc of California, Inc. | 176 | 3395 |
| CVB Financial Corp. | 179 | 3329 |
| TowneBank | 99 | 3304 |
| First Financial Bancorp | 130 | 3253 |
| Four Corners Property Trust, Inc. REIT | 140 | 3228 |
| FB Financial Corp. | 57 | 3181 |
| St. Joe Co. | 53 | 3147 |
| Dave, Inc.<sup>\*</sup> | 14 | 3100 |
| Curbline Properties Corp. REIT | 133 | 3087 |
| BancFirst Corp. | 29 | 3075 |
| Customers Bancorp, Inc.<sup>\*</sup> | 42 | 3071 |
| SiriusPoint Ltd.<sup>\*</sup> | 140 | 3065 |
| Beacon Financial Corp. | 116 | 3059 |
| Park National Corp. | 20 | 3044 |
| InvenTrust Properties Corp. REIT | 107 | 3018 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** |
| Trustmark Corp. | 77 | $2999 |
| First Merchants Corp. | 79 | 2961 |
| Banner Corp. | 47 | 2945 |
| LendingClub Corp.<sup>\*</sup> | 155 | 2936 |
| NBT Bancorp, Inc. | 70 | 2906 |
| Webull Corp.<sup>\*</sup> | 374 | 2906 |
| Marex Group plc | 75 | 2877 |
| Bank of NT Butterfield & Son Ltd. | 57 | 2840 |
| Dynex Capital, Inc. REIT | 201 | 2816 |
| First Bancorp | 55 | 2793 |
| Walker & Dunlop, Inc. | 46 | 2767 |
| First Busey Corp. | 116 | 2760 |
| ARMOUR Residential REIT, Inc. | 155 | 2742 |
| Enterprise Financial Services Corp. | 50 | 2700 |
| HCI Group, Inc. | 14 | 2684 |
| Stewart Information Services Corp. | 38 | 2670 |
| Horace Mann Educators Corp. | 57 | 2632 |
| Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | 50 | 2556 |
| DiamondRock Hospitality Co. REIT | 282 | 2527 |
| OFG Bancorp | 60 | 2459 |
| Douglas Emmett, Inc. REIT | 222 | 2440 |
| Goosehead Insurance, Inc. — Class A | 33 | 2430 |
| Northwest Bancshares, Inc. | 202 | 2424 |
| Pagseguro Digital Ltd. — Class A | 249 | 2400 |
| Burford Capital Ltd. | 269 | 2399 |
| First Commonwealth Financial Corp. | 142 | 2394 |
| Global Net Lease, Inc. REIT | 278 | 2391 |
| Cohen & Steers, Inc. | 38 | 2386 |
| Baldwin Insurance Group, Inc. — Class A<sup>\*</sup> | 99 | 2379 |
| Stock Yards Bancorp, Inc. | 36 | 2338 |
| Farmer Mac — Class C | 13 | 2282 |
| City Holding Co. | 19 | 2265 |
| Sunstone Hotel Investors, Inc. REIT | 249 | 2226 |
| Pathward Financial, Inc. | 31 | 2201 |
| Nicolet Bankshares, Inc. | 18 | 2183 |
| LTC Properties, Inc. REIT | 62 | 2132 |
| Elme Communities REIT | 120 | 2088 |
| Arbor Realty Trust, Inc. REIT | 266 | 2064 |
| Alexander & Baldwin, Inc. REIT | 100 | 2064 |
| Coastal Financial Corp.<sup>\*</sup> | 18 | 2063 |
| S&T Bancorp, Inc. | 52 | 2046 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 144 | 2039 |
| WisdomTree, Inc. | 167 | 2036 |
| NETSTREIT Corp. | 115 | 2029 |
| Hilltop Holdings, Inc. | 59 | 2002 |
| German American Bancorp, Inc. | 51 | 1998 |
| Getty Realty Corp. REIT | 73 | 1998 |
| Nelnet, Inc. — Class A | 15 | 1994 |
| Stellar Bancorp, Inc. | 64 | 1980 |
| National Bank Holdings Corp. — Class A | 52 | 1977 |
| TriCo Bancshares | 41 | 1942 |
| Triumph Financial, Inc.<sup>\*</sup> | 31 | 1942 |
| Lakeland Financial Corp. | 34 | 1940 |
| QCR Holdings, Inc. | 23 | 1916 |
| Trupanion, Inc.<sup>\*</sup> | 51 | 1906 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 194 | 1878 |
| Xenia Hotels & Resorts, Inc. REIT | 130 | 1838 |
| Pebblebrook Hotel Trust REIT | 161 | 1822 |
| Innovative Industrial Properties, Inc. REIT | 38 | 1800 |
| Hope Bancorp, Inc. | 164 | 1797 |
| Sila Realty Trust, Inc. REIT | 76 | 1772 |
| Ellington Financial, Inc. REIT | 130 | 1765 |
| UMH Properties, Inc. REIT | 110 | 1750 |
| Acadian Asset Management, Inc. | 37 | 1739 |
| Live Oak Bancshares, Inc. | 50 | 1717 |
| Ladder Capital Corp. — Class A REIT | 156 | 1714 |
| ConnectOne Bancorp, Inc. | 65 | 1704 |
| Hamilton Insurance Group Ltd. — Class B<sup>\*</sup> | 61 | 1702 |
| ProAssurance Corp.<sup>\*</sup> | 70 | 1691 |
| Encore Capital Group, Inc.<sup>\*</sup> | 31 | 1685 |
| Dime Community Bancshares, Inc. | 55 | 1655 |
| Kennedy-Wilson Holdings, Inc. | 168 | 1624 |
| Westamerica BanCorp | 33 | 1578 |
| F&G Annuities & Life, Inc. | 51 | 1573 |
| 1st Source Corp. | 25 | 1562 |
| Safety Insurance Group, Inc. | 20 | 1558 |
| Enact Holdings, Inc. | 39 | 1546 |
| Origin Bancorp, Inc. | 41 | 1542 |
| Centerspace REIT | 23 | 1535 |
| Veris Residential, Inc. REIT | 103 | 1533 |
| Two Harbors Investment Corp. REIT | 145 | 1522 |
| PennyMac Mortgage Investment Trust REIT | 121 | 1519 |
| Orchid Island Capital, Inc. REIT | 210 | 1512 |
| Preferred Bank/Los Angeles CA | 16 | 1511 |
| Fidelis Insurance Holdings Ltd. | 77 | 1507 |
| Perella Weinberg Partners | 86 | 1488 |
| Diversified Healthcare Trust REIT | 306 | 1484 |
| Peoples Bancorp, Inc. | 49 | 1471 |
| Virtus Investment Partners, Inc. | 9 | 1468 |
| Bank First Corp. | 12 | 1462 |
| Piedmont Realty Trust, Inc. — Class A REIT<sup>\*</sup> | 173 | 1443 |
| Miami International Holdings, Inc.<sup>\*</sup> | 32 | 1420 |
| Bitdeer Technologies Group — Class A<sup>\*</sup> | 125 | 1401 |
| RLJ Lodging Trust REIT | 188 | 1401 |
| JBG SMITH Properties REIT | 82 | 1395 |
| Chimera Investment Corp. REIT | 112 | 1392 |
| OceanFirst Financial Corp. | 77 | 1382 |
| American Assets Trust, Inc. REIT | 73 | 1382 |
| Employers Holdings, Inc. | 31 | 1338 |
| Patria Investments Ltd. — Class A | 84 | 1335 |
| MFA Financial, Inc. REIT | 143 | 1331 |
| Univest Financial Corp. | 40 | 1310 |
| Tompkins Financial Corp. | 18 | 1305 |
| Plymouth Industrial REIT, Inc. | 58 | 1269 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** |
| Empire State Realty Trust, Inc. — Class A REIT | 192 | $1252 |
| Community Trust Bancorp, Inc. | 22 | 1243 |
| Resolute Holdings Management, Inc.<sup>\*</sup> | 6 | 1239 |
| Smartstop Self Storage REIT, Inc. | 40 | 1238 |
| Merchants Bancorp | 36 | 1226 |
| Universal Insurance Holdings, Inc. | 36 | 1217 |
| Southside Bancshares, Inc. | 40 | 1216 |
| Navient Corp. | 93 | 1209 |
| Old Second Bancorp, Inc. | 61 | 1189 |
| Easterly Government Properties, Inc. REIT | 56 | 1187 |
| Burke & Herbert Financial Services Corp. | 19 | 1184 |
| Capitol Federal Financial, Inc. | 171 | 1164 |
| Franklin BSP Realty Trust, Inc. REIT | 115 | 1153 |
| Central Pacific Financial Corp. | 37 | 1153 |
| Brookfield Business Corp. — Class A | 32 | 1148 |
| Hanmi Financial Corp. | 42 | 1135 |
| Heritage Financial Corp. | 48 | 1135 |
| First Mid Bancshares, Inc. | 29 | 1131 |
| Byline Bancorp, Inc. | 38 | 1108 |
| Apartment Investment and Management Co. — Class A REIT | 185 | 1099 |
| NB Bancorp, Inc. | 55 | 1090 |
| Root, Inc. — Class A<sup>\*</sup> | 15 | 1083 |
| Safehold, Inc. REIT | 79 | 1081 |
| TrustCo Bank Corporation NY | 26 | 1075 |
| Mercantile Bank Corp. | 22 | 1058 |
| United Fire Group, Inc. | 29 | 1054 |
| Business First Bancshares, Inc. | 40 | 1046 |
| Northeast Bank | 10 | 1039 |
| AMERISAFE, Inc. | 27 | 1037 |
| Horizon Bancorp, Inc. | 61 | 1035 |
| Cannae Holdings, Inc. | 65 | 1022 |
| Esquire Financial Holdings, Inc. | 10 | 1021 |
| CNB Financial Corp. | 39 | 1021 |
| Amerant Bancorp, Inc. | 52 | 1014 |
| BrightSpire Capital, Inc. REIT | 181 | 1014 |
| Heritage Commerce Corp. | 84 | 1009 |
| Camden National Corp. | 23 | 998 |
| eXp World Holdings, Inc. | 110 | 995 |
| Amalgamated Financial Corp. | 31 | 993 |
| Metropolitan Bank Holding Corp. | 13 | 993 |
| PRA Group, Inc.<sup>\*</sup> | 55 | 973 |
| First Financial Corp. | 16 | 967 |
| Mechanics Bancorp — Class A | 66 | 966 |
| NexPoint Residential Trust, Inc. REIT | 32 | 963 |
| CBL & Associates Properties, Inc. REIT | 26 | 962 |
| Redwood Trust, Inc. REIT | 173 | 957 |
| HomeTrust Bancshares, Inc. | 22 | 945 |
| Marcus & Millichap, Inc. | 34 | 928 |
| Orrstown Financial Services, Inc. | 26 | 921 |
| Independent Bank Corp. | 28 | 911 |
| Heritage Insurance Holdings, Inc.<sup>\*</sup> | 31 | 907 |
| Equity Bancshares, Inc. — Class A | 20 | 893 |
| MidWestOne Financial Group, Inc. | 23 | 885 |
| Whitestone REIT — Class B | 63 | 875 |
| Financial Institutions, Inc. | 28 | 873 |
| Adamas Trust, Inc. REIT | 119 | 869 |
| Mid Penn Bancorp, Inc. | 28 | 869 |
| LendingTree, Inc.<sup>\*</sup> | 16 | 849 |
| Bit Digital, Inc.<sup>\*</sup> | 443 | 837 |
| Eagle Bancorp, Inc. | 39 | 835 |
| Republic Bancorp, Inc. — Class A | 12 | 828 |
| TPG RE Finance Trust, Inc. REIT | 94 | 809 |
| Capital City Bank Group, Inc. | 19 | 809 |
| Hudson Pacific Properties, Inc. REIT<sup>\*</sup> | 74 | 801 |
| Northrim BanCorp, Inc. | 30 | 798 |
| Washington Trust Bancorp, Inc. | 27 | 798 |
| CTO Realty Growth, Inc. REIT | 43 | 792 |
| Five Star Bancorp | 22 | 787 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 58 | 786 |
| Invesco Mortgage Capital, Inc. REIT | 93 | 782 |
| Aspen Insurance Holdings Ltd. — Class A<sup>\*</sup> | 21 | 779 |
| Southern Missouri Bancorp, Inc. | 13 | 768 |
| Shore Bancshares, Inc. | 43 | 760 |
| Hippo Holdings, Inc.<sup>\*</sup> | 25 | 752 |
| Peakstone Realty Trust REIT | 52 | 746 |
| P10, Inc. — Class A | 76 | 745 |
| First Community Bankshares, Inc. | 22 | 742 |
| Armada Hoffler Properties, Inc. REIT | 112 | 741 |
| SmartFinancial, Inc. | 20 | 740 |
| Great Southern Bancorp, Inc. | 12 | 739 |
| Arrow Financial Corp. | 23 | 722 |
| Slide Insurance Holdings, Inc.<sup>\*</sup> | 37 | 721 |
| Alerus Financial Corp. | 32 | 721 |
| Metrocity Bankshares, Inc. | 27 | 717 |
| Summit Hotel Properties, Inc. REIT | 146 | 711 |
| Universal Health Realty Income Trust REIT | 18 | 706 |
| GCM Grosvenor, Inc. — Class A | 62 | 702 |
| Brandywine Realty Trust REIT | 240 | 701 |
| South Plains Financial, Inc. | 18 | 698 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 18 | 684 |
| Gladstone Commercial Corp. REIT | 64 | 683 |
| Flushing Financial Corp. | 45 | 683 |
| Farmers National Banc Corp. | 51 | 679 |
| Firstsun Capital Bancorp<sup>\*</sup> | 18 | 677 |
| ACNB Corp. | 14 | 677 |
| KKR Real Estate Finance Trust, Inc. REIT | 80 | 658 |
| Alexander's, Inc. REIT | 3 | 654 |
| Bar Harbor Bankshares | 21 | 652 |
| Peoples Financial Services Corp. | 13 | 633 |
| FTAI Infrastructure, Inc. | 137 | 632 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** |
| Carter Bankshares, Inc.<sup>\*</sup> | 32 | $629 |
| Bowhead Specialty Holdings, Inc.<sup>\*</sup> | 22 | 628 |
| Community Healthcare Trust, Inc. REIT | 38 | 624 |
| Forge Global Holdings, Inc.<sup>\*</sup> | 14 | 624 |
| Midland States Bancorp, Inc. | 29 | 614 |
| Peapack-Gladstone Financial Corp. | 22 | 613 |
| Global Medical REIT, Inc. | 18 | 607 |
| Tiptree, Inc. — Class A | 33 | 603 |
| International Money Express, Inc.<sup>\*</sup> | 39 | 599 |
| California BanCorp | 32 | 597 |
| First Business Financial Services, Inc. | 11 | 597 |
| Kearny Financial Corp. | 80 | 593 |
| Columbia Financial, Inc.<sup>\*</sup> | 38 | 591 |
| ChoiceOne Financial Services, Inc. | 20 | 590 |
| Northfield Bancorp, Inc. | 51 | 583 |
| Home Bancorp, Inc. | 10 | 578 |
| Hingham Institution For Savings | 2 | 568 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 11 | 567 |
| World Acceptance Corp.<sup>\*</sup> | 4 | 562 |
| Sierra Bancorp | 17 | 556 |
| First Foundation, Inc.<sup>\*</sup> | 89 | 548 |
| Bank of Marin Bancorp | 21 | 546 |
| Real Brokerage, Inc.<sup>\*</sup> | 149 | 544 |
| NET Lease Office Properties REIT | 21 | 542 |
| Community West Bancshares | 24 | 540 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 37 | 540 |
| Saul Centers, Inc. REIT | 17 | 536 |
| One Liberty Properties, Inc. REIT | 26 | 528 |
| Unity Bancorp, Inc. | 10 | 517 |
| Farmland Partners, Inc. REIT | 53 | 514 |
| Diamond Hill Investment Group, Inc. | 3 | 508 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 29 | 508 |
| Regional Management Corp. | 13 | 504 |
| Postal Realty Trust, Inc. — Class A REIT | 31 | 500 |
| Red River Bancshares, Inc. | 7 | 500 |
| Investors Title Co. | 2 | 499 |
| RBB Bancorp | 24 | 495 |
| First Bank/Hamilton NJ | 30 | 494 |
| Abacus Global Management, Inc. | 56 | 479 |
| Northpointe Bancshares, Inc. | 28 | 470 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 7 | 469 |
| Octave Specialty Group, Inc.<sup>\*</sup> | 60 | 467 |
| Civista Bancshares, Inc. | 21 | 467 |
| West BanCorp, Inc. | 21 | 466 |
| Donegal Group, Inc. — Class A | 23 | 460 |
| MBIA, Inc.<sup>\*</sup> | 64 | 458 |
| Bankwell Financial Group, Inc. | 10 | 458 |
| Ponce Financial Group, Inc.<sup>\*</sup> | 28 | 458 |
| Compass Diversified Holdings | 94 | 451 |
| Capital Bancorp, Inc. | 16 | 451 |
| SITE Centers Corp. REIT | 70 | 449 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 18 | 445 |
| Chatham Lodging Trust REIT | 65 | 443 |
| Ready Capital Corp. REIT | 203 | 443 |
| BayCom Corp. | 15 | 441 |
| GBank Financial Holdings, Inc.<sup>\*</sup> | 13 | 441 |
| Gladstone Land Corp. REIT | 48 | 439 |
| American Coastal Insurance Corp. | 34 | 429 |
| Colony Bankcorp, Inc. | 24 | 428 |
| Citizens & Northern Corp. | 21 | 424 |
| Primis Financial Corp. | 30 | 417 |
| Industrial Logistics Properties Trust REIT | 75 | 415 |
| HBT Financial, Inc. | 16 | 414 |
| MVB Financial Corp. | 16 | 413 |
| Onity Group, Inc.<sup>\*</sup> | 9 | 412 |
| First Bancorp, Inc. | 15 | 397 |
| Service Properties Trust REIT | 215 | 396 |
| Claros Mortgage Trust, Inc. REIT<sup>\*</sup> | 128 | 392 |
| City Office REIT, Inc. | 55 | 384 |
| Northeast Community Bancorp, Inc. | 17 | 384 |
| Blue Ridge Bankshares, Inc. | 89 | 380 |
| Orange County Bancorp, Inc. | 13 | 371 |
| FS Bancorp, Inc. | 9 | 370 |
| FrontView REIT, Inc. | 25 | 369 |
| FRP Holdings, Inc.<sup>\*</sup> | 16 | 365 |
| Waterstone Financial, Inc. | 22 | 364 |
| John Marshall Bancorp, Inc. | 18 | 360 |
| Timberland Bancorp, Inc. | 10 | 358 |
| OppFi, Inc. | 34 | 356 |
| Ares Commercial Real Estate Corp. REIT | 74 | 354 |
| NewtekOne, Inc. | 31 | 352 |
| Parke Bancorp, Inc. | 14 | 351 |
| Investar Holding Corp. | 13 | 347 |
| Middlefield Banc Corp. | 10 | 345 |
| Citizens Financial Services, Inc. | 6 | 342 |
| Norwood Financial Corp. | 12 | 337 |
| Kingsway Financial Services, Inc.<sup>\*</sup> | 25 | 336 |
| Blue Foundry Bancorp<sup>\*</sup> | 27 | 336 |
| Chemung Financial Corp. | 6 | 335 |
| TPG Mortgage Investment Trust, Inc. REIT | 39 | 332 |
| James River Group Holdings, Inc. | 52 | 331 |
| Western New England Bancorp, Inc. | 26 | 328 |
| RMR Group, Inc. — Class A | 22 | 328 |
| PCB Bancorp | 15 | 325 |
| First Western Financial, Inc.<sup>\*</sup> | 12 | 322 |
| FB Bancorp, Inc.<sup>\*</sup> | 25 | 321 |
| Plumas Bancorp | 7 | 313 |
| LCNB Corp. | 19 | 311 |
| FVCBankcorp, Inc. | 22 | 306 |
| Fidelity D&D Bancorp, Inc. | 7 | 305 |
| Citizens, Inc.<sup>\*</sup> | 63 | 304 |
| National Bankshares, Inc. | 9 | 302 |
| Franklin Financial Services Corp. | 6 | 301 |
| Alpine Income Property Trust, Inc. REIT | 18 | 301 |
| Oak Valley Bancorp | 10 | 301 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** | **Financial - 11.0% (continued)** |
| First United Corp. | 8 | $300 |
| First Community Corp. | 10 | 296 |
| First Capital, Inc. | 5 | 296 |
| Chicago Atlantic Real Estate Finance, Inc. REIT | 24 | 294 |
| C&F Financial Corp. | 4 | 290 |
| Hawthorn Bancshares, Inc. | 8 | 279 |
| Virginia National Bankshares Corp. | 7 | 279 |
| AlTi Global, Inc.<sup>\*</sup> | 60 | 278 |
| First National Corp. | 11 | 278 |
| Ames National Corp. | 12 | 276 |
| Velocity Financial, Inc.<sup>\*</sup> | 13 | 270 |
| Selectquote, Inc.<sup>\*</sup> | 191 | 269 |
| Kingstone Companies, Inc. | 16 | 269 |
| Sky Harbour Group Corp.<sup>\*</sup> | 30 | 269 |
| Crawford & Co. — Class A | 23 | 259 |
| First Savings Financial Group, Inc. | 8 | 255 |
| Oportun Financial Corp.<sup>\*</sup> | 47 | 249 |
| LINKBANCORP, Inc. | 30 | 248 |
| Paysign, Inc.<sup>\*</sup> | 48 | 247 |
| Bank7 Corp. | 6 | 246 |
| Jefferson Capital, Inc. | 11 | 246 |
| CB Financial Services, Inc. | 7 | 244 |
| Princeton Bancorp, Inc. | 7 | 243 |
| Douglas Elliman, Inc.<sup>\*</sup> | 102 | 242 |
| OP Bancorp | 17 | 240 |
| Eagle Financial Services, Inc. | 6 | 239 |
| Braemar Hotels & Resorts, Inc. REIT | 83 | 238 |
| Medallion Financial Corp. | 23 | 237 |
| loanDepot, Inc. — Class A<sup>\*</sup> | 114 | 236 |
| Legacy Housing Corp.<sup>\*</sup> | 12 | 234 |
| Finwise Bancorp<sup>\*</sup> | 13 | 233 |
| Citizens Community Bancorp, Inc. | 13 | 232 |
| First Internet Bancorp | 11 | 230 |
| American Integrity Insurance Group, Inc.<sup>\*</sup> | 11 | 229 |
| Meridian Corp. | 13 | 229 |
| Better Home & Finance Holding Co.<sup>\*</sup> | 7 | 228 |
| Greene County Bancorp, Inc. | 10 | 222 |
| Commercial Bancgroup, Inc.<sup>\*</sup> | 9 | 221 |
| BRT Apartments Corp. REIT | 15 | 220 |
| BV Financial, Inc.<sup>\*</sup> | 12 | 218 |
| Stratus Properties, Inc.<sup>\*</sup> | 9 | 218 |
| Peoples Bancorp of North Carolina, Inc. | 6 | 217 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 16 | 216 |
| MainStreet Bancshares, Inc. | 10 | 204 |
| Ohio Valley Banc Corp. | 5 | 200 |
| Eagle Bancorp Montana, Inc. | 10 | 199 |
| Security National Financial Corp. — Class A<sup>\*</sup> | 22 | 198 |
| Seaport Entertainment Group, Inc.<sup>\*</sup> | 10 | 198 |
| RE/MAX Holdings, Inc. — Class A<sup>\*</sup> | 26 | 197 |
| ACRES Commercial Realty Corp. REIT<sup>\*</sup> | 9 | 192 |
| BankFinancial Corp. | 16 | 192 |
| United Security Bancshares | 19 | 191 |
| ECB Bancorp, Inc.<sup>\*</sup> | 11 | 191 |
| Ategrity Specialty Holdings LLC<sup>\*</sup> | 9 | 189 |
| Modiv Industrial, Inc. REIT | 13 | 187 |
| eHealth, Inc.<sup>\*</sup> | 40 | 184 |
| NexPoint Diversified Real Estate Trust REIT | 48 | 184 |
| Richmond Mutual BanCorp, Inc. | 13 | 183 |
| SB Financial Group, Inc. | 8 | 178 |
| Seven Hills Realty Trust REIT | 20 | 178 |
| BCB Bancorp, Inc. | 22 | 178 |
| Finward Bancorp | 5 | 176 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 3 | 176 |
| SR Bancorp, Inc. | 11 | 173 |
| Westwood Holdings Group, Inc. | 10 | 172 |
| Maui Land & Pineapple Company, Inc.<sup>\*</sup> | 10 | 169 |
| Silvercrest Asset Management Group, Inc. — Class A | 11 | 167 |
| Hanover Bancorp, Inc. | 7 | 162 |
| Landmark Bancorp Incorporated/Manhattan KS | 6 | 157 |
| Nexpoint Real Estate Finance, Inc. REIT | 11 | 155 |
| Rithm Property Trust, Inc. REIT | 9 | 152 |
| Angel Oak Mortgage REIT, Inc. | 17 | 146 |
| Riverview Bancorp, Inc. | 29 | 146 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 6 | 145 |
| NI Holdings, Inc.<sup>\*</sup> | 10 | 133 |
| Sunrise Realty Trust, Inc. REIT | 14 | 132 |
| Strawberry Fields REIT, Inc. | 10 | 131 |
| Sound Financial Bancorp, Inc. | 3 | 131 |
| CF Bankshares, Inc. | 5 | 125 |
| Consumer Portfolio Services, Inc.<sup>\*</sup> | 13 | 121 |
| Union Bankshares, Inc. | 5 | 119 |
| Patriot National Bancorp, Inc.<sup>\*</sup> | 62 | 113 |
| Chain Bridge Bancorp, Inc. — Class A<sup>\*</sup> | 3 | 104 |
| Franklin Street Properties Corp. REIT | 107 | 101 |
| Lument Finance Trust, Inc. REIT | 64 | 90 |
| Advanced Flower Capital, Inc. REIT | 26 | 74 |
| Clipper Realty, Inc. REIT | 19 | 73 |
| Rhinebeck Bancorp, Inc.<sup>\*</sup> | 6 | 72 |
| Bakkt Holdings, Inc.<sup>\*</sup> | 7 | 70 |
| Siebert Financial Corp.<sup>\*</sup> | 20 | 70 |
| SWK Holdings Corp. | 4 | 69 |
| Mobile Infrastructure Corp.<sup>\*</sup> | 20 | 51 |
| Vroom, Inc.<sup>\*</sup> | 2 | 40 |
| American Realty Investors, Inc.<sup>\*</sup> | 2 | 32 |
| Kestrel Group Ltd.<sup>\*</sup> | 2 | 21 |
| GoHealth, Inc. — Class A<sup>\*</sup> | 7 | 15 |
| Logistic Properties of The Americas<sup>\*</sup> | 4 | 11 |
| **Total Financial** |  | 928902 |
| **Consumer, Non-cyclical - 11.0%** |  |  |
| Guardant Health, Inc.<sup>\*</sup> | 166 | 16955 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 217 | 16598 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 25 | 14558 |
| Ensign Group, Inc. | 77 | 13413 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 182 | $12083 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 158 | 11397 |
| HealthEquity, Inc.<sup>\*</sup> | 117 | 10718 |
| Cytokinetics, Inc.<sup>\*</sup> | 164 | 10421 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 56 | 10228 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 31 | 9137 |
| Glaukos Corp.<sup>\*</sup> | 76 | 8581 |
| Krystal Biotech, Inc.<sup>\*</sup> | 34 | 8382 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 106 | 8052 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 44 | 7807 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 72 | 7707 |
| Vaxcyte, Inc.<sup>\*</sup> | 157 | 7244 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 80 | 7051 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 80 | 6987 |
| Option Care Health, Inc.<sup>\*</sup> | 219 | 6977 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 68 | 6840 |
| Brink's Co. | 58 | 6770 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 190 | 6749 |
| Herc Holdings, Inc. | 45 | 6677 |
| RadNet, Inc.<sup>\*</sup> | 93 | 6636 |
| CRISPR Therapeutics AG<sup>\*</sup> | 119 | 6240 |
| Alkermes plc<sup>\*</sup> | 222 | 6212 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 92 | 6123 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 77 | 5991 |
| Cidara Therapeutics, Inc.<sup>\*</sup> | 27 | 5964 |
| Indivior plc<sup>\*</sup> | 166 | 5956 |
| TG Therapeutics, Inc.<sup>\*</sup> | 199 | 5932 |
| Laureate Education, Inc. — Class A<sup>\*</sup> | 174 | 5859 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 408 | 5810 |
| ADMA Biologics, Inc.<sup>\*</sup> | 317 | 5782 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 124 | 5772 |
| TransMedics Group, Inc.<sup>\*</sup> | 46 | 5596 |
| BrightSpring Health Services, Inc.<sup>\*</sup> | 149 | 5580 |
| Haemonetics Corp.<sup>\*</sup> | 66 | 5290 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 27 | 5105 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 344 | 5088 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 49 | 5070 |
| Scholar Rock Holding Corp.<sup>\*</sup> | 113 | 4978 |
| Verra Mobility Corp.<sup>\*</sup> | 219 | 4908 |
| Cal-Maine Foods, Inc. | 61 | 4854 |
| Korn Ferry | 72 | 4753 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup> | 117 | 4727 |
| ICU Medical, Inc.<sup>\*</sup> | 33 | 4708 |
| Xenon Pharmaceuticals, Inc.<sup>\*</sup> | 104 | 4661 |
| LivaNova plc<sup>\*</sup> | 75 | 4615 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 170 | 4541 |
| Veracyte, Inc.<sup>\*</sup> | 107 | 4505 |
| Marzetti Co. | 27 | 4439 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 56 | 4423 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 54 | 4422 |
| Graham Holdings Co. — Class B | 4 | 4394 |
| Celcuity, Inc.<sup>\*</sup> | 44 | 4389 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 150 | 4356 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 113 | 4318 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 68 | 4195 |
| GRAIL, Inc.<sup>\*</sup> | 48 | 4108 |
| Apogee Therapeutics, Inc.<sup>\*</sup> | 53 | 4000 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 23 | 3977 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 270 | 3880 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 76 | 3849 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 110 | 3803 |
| Privia Health Group, Inc.<sup>\*</sup> | 159 | 3770 |
| Stride, Inc.<sup>\*</sup> | 58 | 3766 |
| WD-40 Co. | 19 | 3741 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 158 | 3688 |
| Integer Holdings Corp.<sup>\*</sup> | 47 | 3686 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 74 | 3678 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 131 | 3631 |
| ABM Industries, Inc. | 83 | 3511 |
| Vita Coco Company, Inc.<sup>\*</sup> | 65 | 3446 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 319 | 3442 |
| CBIZ, Inc.<sup>\*</sup> | 68 | 3431 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 109 | 3392 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 161 | 3387 |
| GeneDx Holdings Corp.<sup>\*</sup> | 26 | 3382 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 172 | 3364 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 65 | 3316 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 204 | 3313 |
| Remitly Global, Inc.<sup>\*</sup> | 232 | 3202 |
| CG oncology, Inc.<sup>\*</sup> | 76 | 3155 |
| Concentra Group Holdings Parent, Inc. | 160 | 3149 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 50 | 3116 |
| Spyre Therapeutics, Inc.<sup>\*</sup> | 94 | 3079 |
| Arcellx, Inc.<sup>\*</sup> | 47 | 3064 |
| Liquidia Corp.<sup>\*</sup> | 88 | 3035 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 181 | 2988 |
| GEO Group, Inc.<sup>\*</sup> | 185 | 2982 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 64 | 2963 |
| Nuvation Bio, Inc.<sup>\*</sup> | 330 | 2957 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 242 | 2938 |
| Omnicell, Inc.<sup>\*</sup> | 63 | 2854 |
| CoreCivic, Inc.<sup>\*</sup> | 145 | 2771 |
| United Natural Foods, Inc.<sup>\*</sup> | 82 | 2761 |
| TIC Solutions, Inc.<sup>\*</sup> | 273 | 2760 |
| Immunome, Inc.<sup>\*</sup> | 128 | 2749 |
| CorVel Corp.<sup>\*</sup> | 40 | 2707 |
| Addus HomeCare Corp.<sup>\*</sup> | 25 | 2685 |
| QuidelOrtho Corp.<sup>\*</sup> | 94 | 2685 |
| WaVe Life Sciences Ltd.<sup>\*</sup> | 157 | 2669 |
| Progyny, Inc.<sup>\*</sup> | 103 | 2645 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 209 | 2633 |
| Twist Bioscience Corp.<sup>\*</sup> | 83 | 2633 |
| Avadel Pharmaceuticals plc<sup>\*</sup> | 122 | 2629 |
| EVERTEC, Inc. | 90 | 2618 |
| AtriCure, Inc.<sup>\*</sup> | 66 | 2611 |
| Turning Point Brands, Inc. | 24 | 2601 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 137 | 2599 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 162 | 2584 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 108 | 2574 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 120 | 2567 |
| Strategic Education, Inc. | 32 | 2566 |
| Simply Good Foods Co.<sup>\*</sup> | 127 | 2550 |
| Disc Medicine, Inc.<sup>\*</sup> | 32 | 2541 |
| Perdoceo Education Corp. | 86 | 2522 |
| Vericel Corp.<sup>\*</sup> | 69 | 2485 |
| Artivion, Inc.<sup>\*</sup> | 54 | 2463 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 117 | 2458 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 90 | 2444 |
| Immunovant, Inc.<sup>\*</sup> | 96 | 2440 |
| TriNet Group, Inc. | 41 | 2424 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** |
| 10X Genomics, Inc. — Class A<sup>\*</sup> | 147 | $2398 |
| Andersons, Inc. | 45 | 2393 |
| MannKind Corp.<sup>\*</sup> | 421 | 2387 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 500 | 2375 |
| LeMaitre Vascular, Inc. | 29 | 2352 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 94 | 2333 |
| National Healthcare Corp. | 17 | 2331 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 74 | 2328 |
| Mineralys Therapeutics, Inc.<sup>\*</sup> | 64 | 2323 |
| Flywire Corp.<sup>\*</sup> | 163 | 2308 |
| PACS Group, Inc.<sup>\*</sup> | 60 | 2303 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 291 | 2270 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 60 | 2245 |
| UFP Technologies, Inc.<sup>\*</sup> | 10 | 2220 |
| Legence Corp. — Class A<sup>\*</sup> | 51 | 2195 |
| Fortrea Holdings, Inc.<sup>\*</sup> | 127 | 2191 |
| Select Medical Holdings Corp. | 147 | 2183 |
| Payoneer Global, Inc.<sup>\*</sup> | 388 | 2181 |
| Harrow, Inc.<sup>\*</sup> | 44 | 2156 |
| ICF International, Inc. | 25 | 2133 |
| NeoGenomics, Inc.<sup>\*</sup> | 181 | 2129 |
| Neogen Corp.<sup>\*</sup> | 304 | 2125 |
| Dynavax Technologies Corp.<sup>\*</sup> | 138 | 2122 |
| Inter Parfums, Inc. | 25 | 2121 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 77 | 2096 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 510 | 2086 |
| Enovis Corp.<sup>\*</sup> | 78 | 2078 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 94 | 2066 |
| Axogen, Inc.<sup>\*</sup> | 62 | 2029 |
| Olema Pharmaceuticals, Inc.<sup>\*</sup> | 81 | 2025 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 43 | 1991 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 25 | 1973 |
| Willdan Group, Inc.<sup>\*</sup> | 19 | 1970 |
| Arlo Technologies, Inc.<sup>\*</sup> | 138 | 1931 |
| Ardelyx, Inc.<sup>\*</sup> | 328 | 1912 |
| J & J Snack Foods Corp. | 21 | 1898 |
| Insperity, Inc. | 49 | 1897 |
| Azenta, Inc.<sup>\*</sup> | 57 | 1896 |
| Spectrum Brands Holdings, Inc. | 32 | 1891 |
| EyePoint, Inc.<sup>\*</sup> | 103 | 1882 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 58 | 1841 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 96 | 1836 |
| Herbalife Ltd.<sup>\*</sup> | 142 | 1830 |
| Novocure Ltd.<sup>\*</sup> | 141 | 1823 |
| Zymeworks, Inc.<sup>\*</sup> | 69 | 1817 |
| CRA International, Inc. | 9 | 1806 |
| CONMED Corp. | 44 | 1786 |
| Innoviva, Inc.<sup>\*</sup> | 88 | 1759 |
| Universal Corp. | 33 | 1741 |
| Mind Medicine MindMed, Inc.<sup>\*</sup> | 129 | 1727 |
| John Wiley & Sons, Inc. — Class A | 56 | 1715 |
| Teladoc Health, Inc.<sup>\*</sup> | 245 | 1715 |
| Dole plc | 113 | 1694 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 210 | 1649 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 63 | 1646 |
| US Physical Therapy, Inc. | 21 | 1640 |
| Surgery Partners, Inc.<sup>\*</sup> | 106 | 1638 |
| Taysha Gene Therapies, Inc.<sup>\*</sup> | 296 | 1628 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 69 | 1628 |
| Beta Bionics, Inc.<sup>\*</sup> | 53 | 1615 |
| First Advantage Corp.<sup>\*</sup> | 111 | 1613 |
| Oruka Therapeutics, Inc.<sup>\*</sup> | 53 | 1606 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 228 | 1605 |
| Fresh Del Monte Produce, Inc. | 45 | 1603 |
| Cimpress plc<sup>\*</sup> | 24 | 1598 |
| PROG Holdings, Inc. | 54 | 1592 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 61 | 1579 |
| STAAR Surgical Co.<sup>\*</sup> | 68 | 1570 |
| Vital Farms, Inc.<sup>\*</sup> | 49 | 1565 |
| Capricor Therapeutics, Inc.<sup>\*</sup> | 54 | 1558 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 184 | 1557 |
| Trevi Therapeutics, Inc.<sup>\*</sup> | 124 | 1552 |
| Legalzoom.com, Inc.<sup>\*</sup> | 156 | 1549 |
| CompoSecure, Inc. — Class A<sup>\*</sup> | 79 | 1523 |
| Castle Biosciences, Inc.<sup>\*</sup> | 39 | 1517 |
| Xencor, Inc.<sup>\*</sup> | 99 | 1516 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 121 | 1462 |
| Biohaven Ltd.<sup>\*</sup> | 127 | 1434 |
| Coursera, Inc.<sup>\*</sup> | 194 | 1428 |
| Astrana Health, Inc.<sup>\*</sup> | 57 | 1414 |
| Novavax, Inc.<sup>\*</sup> | 208 | 1398 |
| Deluxe Corp. | 62 | 1385 |
| Ingles Markets, Inc. — Class A | 20 | 1371 |
| Dianthus Therapeutics, Inc.<sup>\*</sup> | 33 | 1360 |
| Omeros Corp.<sup>\*</sup> | 79 | 1357 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 50 | 1339 |
| CareDx, Inc.<sup>\*</sup> | 71 | 1338 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 132 | 1333 |
| Sezzle, Inc.<sup>\*</sup> | 21 | 1333 |
| Clover Health Investments Corp.<sup>\*</sup> | 562 | 1321 |
| Upbound Group, Inc. | 74 | 1299 |
| NPK International, Inc.<sup>\*</sup> | 109 | 1299 |
| Pennant Group, Inc.<sup>\*</sup> | 46 | 1295 |
| AdaptHealth Corp.<sup>\*</sup> | 130 | 1295 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 46 | 1286 |
| Tango Therapeutics, Inc.<sup>\*</sup> | 145 | 1285 |
| BioLife Solutions, Inc.<sup>\*</sup> | 53 | 1282 |
| Barrett Business Services, Inc. | 35 | 1267 |
| BrightView Holdings, Inc.<sup>\*</sup> | 100 | 1267 |
| Upstream Bio, Inc.<sup>\*</sup> | 46 | 1249 |
| Driven Brands Holdings, Inc.<sup>\*</sup> | 84 | 1245 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 138 | 1241 |
| MBX Biosciences, Inc.<sup>\*</sup> | 39 | 1230 |
| UroGen Pharma Ltd.<sup>\*</sup> | 52 | 1218 |
| Weis Markets, Inc. | 19 | 1218 |
| AnaptysBio, Inc.<sup>\*</sup> | 25 | 1212 |
| Rapport Therapeutics, Inc.<sup>\*</sup> | 39 | 1183 |
| Alight, Inc. — Class A | 600 | 1170 |
| Savara, Inc.<sup>\*</sup> | 194 | 1170 |
| Integra LifeSciences Holdings Corp.<sup>\*</sup> | 94 | 1168 |
| Kura Oncology, Inc.<sup>\*</sup> | 111 | 1153 |
| MiMedx Group, Inc.<sup>\*</sup> | 166 | 1124 |
| Maze Therapeutics, Inc.<sup>\*</sup> | 27 | 1119 |
| Matthews International Corp. — Class A | 42 | 1097 |
| Arvinas, Inc.<sup>\*</sup> | 92 | 1091 |
| National Beverage Corp.<sup>\*</sup> | 34 | 1084 |
| Phibro Animal Health Corp. — Class A | 29 | 1083 |
| Edgewell Personal Care Co. | 63 | 1074 |
| Vestis Corp.<sup>\*</sup> | 161 | 1074 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 25 | $1071 |
| iRadimed Corp. | 11 | 1070 |
| Utz Brands, Inc. | 102 | 1059 |
| CorMedix, Inc.<sup>\*</sup> | 90 | 1047 |
| Palvella Therapeutics, Inc.<sup>\*</sup> | 10 | 1047 |
| SI-BONE, Inc.<sup>\*</sup> | 53 | 1045 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 278 | 1029 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 212 | 1020 |
| Monte Rosa Therapeutics, Inc.<sup>\*</sup> | 65 | 1019 |
| Butterfly Network, Inc.<sup>\*</sup> | 268 | 1018 |
| Lincoln Educational Services Corp.<sup>\*</sup> | 42 | 1014 |
| Geron Corp.<sup>\*</sup> | 760 | 1003 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 53 | 992 |
| Quanex Building Products Corp. | 64 | 984 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 360 | 983 |
| Embecta Corp. | 82 | 974 |
| Jade Biosciences, Inc. | 63 | 972 |
| Compass Therapeutics, Inc.<sup>\*</sup> | 179 | 961 |
| Green Dot Corp. — Class A<sup>\*</sup> | 75 | 961 |
| REGENXBIO, Inc.<sup>\*</sup> | 66 | 950 |
| Inhibrx Biosciences, Inc.<sup>\*</sup> | 12 | 948 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 101 | 941 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 76 | 939 |
| Tootsie Roll Industries, Inc. | 25 | 916 |
| American Public Education, Inc.<sup>\*</sup> | 24 | 907 |
| Sionna Therapeutics, Inc.<sup>\*</sup> | 22 | 905 |
| Erasca, Inc.<sup>\*</sup> | 242 | 900 |
| ARS Pharmaceuticals, Inc.<sup>\*</sup> | 77 | 897 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 54 | 896 |
| Replimune Group, Inc.<sup>\*</sup> | 92 | 894 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 34 | 894 |
| Precigen, Inc.<sup>\*</sup> | 209 | 874 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 30 | 870 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 53 | 856 |
| Lexeo Therapeutics, Inc.<sup>\*</sup> | 86 | 854 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 54 | 851 |
| Carriage Services, Inc. — Class A | 20 | 846 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 164 | 843 |
| Monro, Inc. | 42 | 842 |
| Septerna, Inc.<sup>\*</sup> | 30 | 836 |
| Zenas Biopharma, Inc.<sup>\*</sup> | 23 | 835 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 165 | 833 |
| Enliven Therapeutics, Inc.<sup>\*</sup> | 54 | 832 |
| Gossamer Bio, Inc.<sup>\*</sup> | 265 | 821 |
| Orthofix Medical, Inc.<sup>\*</sup> | 54 | 819 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 40 | 814 |
| Guardian Pharmacy Services, Inc. — Class A<sup>\*</sup> | 27 | 812 |
| Udemy, Inc.<sup>\*</sup> | 136 | 796 |
| Myriad Genetics, Inc.<sup>\*</sup> | 128 | 787 |
| Aquestive Therapeutics, Inc.<sup>\*</sup> | 121 | 782 |
| John B Sanfilippo & Son, Inc. | 11 | 777 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 95 | 776 |
| Kforce, Inc. | 25 | 773 |
| Mister Car Wash, Inc.<sup>\*</sup> | 139 | 773 |
| Ceribell, Inc.<sup>\*</sup> | 35 | 768 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 29 | 762 |
| Sana Biotechnology, Inc.<sup>\*</sup> | 187 | 761 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 55 | 759 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 125 | 754 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 223 | 752 |
| Cullinan Therapeutics, Inc.<sup>\*</sup> | 72 | 745 |
| Transcat, Inc.<sup>\*</sup> | 13 | 738 |
| Bicara Therapeutics, Inc.<sup>\*</sup> | 43 | 724 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 384 | 718 |
| Kestra Medical Technologies Ltd.<sup>\*</sup> | 27 | 716 |
| Avanos Medical, Inc.<sup>\*</sup> | 63 | 708 |
| AngioDynamics, Inc.<sup>\*</sup> | 55 | 706 |
| Cass Information Systems, Inc. | 17 | 706 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 78 | 688 |
| Hackett Group, Inc. | 35 | 687 |
| Mission Produce, Inc.<sup>\*</sup> | 59 | 684 |
| Zevra Therapeutics, Inc.<sup>\*</sup> | 76 | 681 |
| Helen of Troy Ltd.<sup>\*</sup> | 32 | 680 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 60 | 679 |
| Varex Imaging Corp.<sup>\*</sup> | 58 | 676 |
| Annexon, Inc.<sup>\*</sup> | 134 | 673 |
| Astria Therapeutics, Inc.<sup>\*</sup> | 51 | 668 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 6 | 664 |
| Alumis, Inc.<sup>\*</sup> | 68 | 664 |
| ORIC Pharmaceuticals, Inc.<sup>\*</sup> | 81 | 663 |
| Mama's Creations, Inc.<sup>\*</sup> | 48 | 648 |
| Enhabit, Inc.<sup>\*</sup> | 70 | 645 |
| ArriVent Biopharma, Inc.<sup>\*</sup> | 32 | 644 |
| OPKO Health, Inc.<sup>\*</sup> | 508 | 640 |
| ImmunityBio, Inc.<sup>\*</sup> | 320 | 634 |
| Ennis, Inc. | 35 | 630 |
| Eton Pharmaceuticals, Inc.<sup>\*</sup> | 36 | 609 |
| LB Pharmaceuticals, Inc.<sup>\*</sup> | 26 | 579 |
| Corvus Pharmaceuticals, Inc.<sup>\*</sup> | 74 | 570 |
| Community Health Systems, Inc.<sup>\*</sup> | 182 | 568 |
| Akebia Therapeutics, Inc.<sup>\*</sup> | 348 | 560 |
| Personalis, Inc.<sup>\*</sup> | 70 | 557 |
| Absci Corp.<sup>\*</sup> | 153 | 534 |
| Cerus Corp.<sup>\*</sup> | 257 | 529 |
| NeuroPace, Inc.<sup>\*</sup> | 34 | 525 |
| Calavo Growers, Inc. | 24 | 522 |
| Prothena Corporation plc<sup>\*</sup> | 54 | 516 |
| SunOpta, Inc.<sup>\*</sup> | 134 | 509 |
| ClearPoint Neuro, Inc.<sup>\*</sup> | 37 | 506 |
| SELLAS Life Sciences Group, Inc.<sup>\*</sup> | 133 | 501 |
| RxSight, Inc.<sup>\*</sup> | 48 | 500 |
| Evolus, Inc.<sup>\*</sup> | 75 | 499 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 96 | 497 |
| Verastem, Inc.<sup>\*</sup> | 64 | 494 |
| Maravai LifeSciences Holdings, Inc. — Class A<sup>\*</sup> | 152 | 494 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 85 | 490 |
| MGP Ingredients, Inc. | 20 | 486 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 65 | 484 |
| Tejon Ranch Co.<sup>\*</sup> | 30 | 473 |
| Prime Medicine, Inc.<sup>\*</sup> | 136 | 472 |
| Bright Minds Biosciences, Inc.<sup>\*</sup> | 6 | 468 |
| B&G Foods, Inc. | 108 | 464 |
| Niagen Bioscience, Inc.<sup>\*</sup> | 73 | 464 |
| Solid Biosciences, Inc.<sup>\*</sup> | 82 | 462 |
| MeiraGTx Holdings plc<sup>\*</sup> | 58 | 461 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** |
| Village Super Market, Inc. — Class A | 13 | $460 |
| ACCO Brands Corp. | 123 | 459 |
| Ginkgo Bioworks Holdings, Inc.<sup>\*</sup> | 55 | 457 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 21 | 453 |
| Natural Grocers by Vitamin Cottage, Inc. | 18 | 451 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 28 | 442 |
| BioAge Labs, Inc.<sup>\*</sup> | 33 | 437 |
| Strata Critical Medical, Inc.<sup>\*</sup> | 90 | 433 |
| Cadiz, Inc.<sup>\*</sup> | 77 | 432 |
| Beyond Meat, Inc.<sup>\*</sup> | 524 | 430 |
| OrthoPediatrics Corp.<sup>\*</sup> | 24 | 426 |
| Delcath Systems, Inc.<sup>\*</sup> | 42 | 424 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 56 | 420 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 117 | 416 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 118 | 414 |
| MapLight Therapeutics, Inc.<sup>\*</sup> | 23 | 404 |
| Entrada Therapeutics, Inc.<sup>\*</sup> | 39 | 401 |
| Aldeyra Therapeutics, Inc.<sup>\*</sup> | 76 | 394 |
| Altimmune, Inc.<sup>\*</sup> | 109 | 393 |
| Monopar Therapeutics, Inc.<sup>\*</sup> | 6 | 392 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 108 | 386 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 14 | 384 |
| Kelly Services, Inc. — Class A | 43 | 378 |
| Nathan's Famous, Inc. | 4 | 374 |
| Paysafe Ltd.<sup>\*</sup> | 46 | 372 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 121 | 364 |
| Viemed Healthcare, Inc.<sup>\*</sup> | 49 | 364 |
| Target Hospitality Corp.<sup>\*</sup> | 45 | 360 |
| ADC Therapeutics S.A.<sup>\*</sup> | 102 | 360 |
| Puma Biotechnology, Inc.<sup>\*</sup> | 60 | 357 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 44 | 356 |
| SIGA Technologies, Inc. | 58 | 354 |
| LENZ Therapeutics, Inc.<sup>\*</sup> | 22 | 352 |
| KORU Medical Systems, Inc.<sup>\*</sup> | 60 | 349 |
| XOMA Royalty Corp.<sup>\*</sup> | 13 | 346 |
| Pulse Biosciences, Inc.<sup>\*</sup> | 25 | 343 |
| Honest Company, Inc.<sup>\*</sup> | 131 | 338 |
| National Research Corp. — Class A | 18 | 338 |
| Repay Holdings Corp.<sup>\*</sup> | 92 | 336 |
| Quanterix Corp.<sup>\*</sup> | 52 | 331 |
| Abeona Therapeutics, Inc.<sup>\*</sup> | 61 | 321 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 39 | 319 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 16 | 314 |
| Tectonic Therapeutic, Inc.<sup>\*</sup> | 15 | 313 |
| Candel Therapeutics, Inc.<sup>\*</sup> | 55 | 311 |
| Design Therapeutics, Inc.<sup>\*</sup> | 33 | 310 |
| SANUWAVE Health, Inc.<sup>\*</sup> | 10 | 298 |
| Accendra Health, Inc.<sup>\*</sup> | 106 | 297 |
| Oncology Institute, Inc.<sup>\*</sup> | 83 | 296 |
| agilon health, Inc.<sup>\*</sup> | 429 | 295 |
| DiaMedica Therapeutics, Inc.<sup>\*</sup> | 37 | 294 |
| Spire Global, Inc.<sup>\*</sup> | 39 | 293 |
| Ardent Health, Inc.<sup>\*</sup> | 33 | 291 |
| Electromed, Inc.<sup>\*</sup> | 10 | 291 |
| Limoneira Co. | 23 | 290 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 211 | 289 |
| Aura Biosciences, Inc.<sup>\*</sup> | 53 | 289 |
| Neurogene, Inc.<sup>\*</sup> | 14 | 288 |
| Information Services Group, Inc. | 49 | 283 |
| Heron Therapeutics, Inc.<sup>\*</sup> | 213 | 277 |
| USCB Financial Holdings, Inc. | 15 | 276 |
| Benitec Biopharma, Inc.<sup>\*</sup> | 20 | 269 |
| Franklin Covey Co.<sup>\*</sup> | 16 | 269 |
| Olaplex Holdings, Inc.<sup>\*</sup> | 195 | 261 |
| Sonida Senior Living, Inc.<sup>\*</sup> | 8 | 261 |
| Quad/Graphics, Inc. | 41 | 257 |
| OraSure Technologies, Inc.<sup>\*</sup> | 106 | 257 |
| Voyager Therapeutics, Inc.<sup>\*</sup> | 65 | 255 |
| Alico, Inc. | 7 | 255 |
| Fennec Pharmaceuticals, Inc.<sup>\*</sup> | 33 | 254 |
| Nano-X Imaging Ltd.<sup>\*</sup> | 90 | 252 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 46 | 248 |
| Cardiff Oncology, Inc.<sup>\*</sup> | 87 | 244 |
| Editas Medicine, Inc.<sup>\*</sup> | 118 | 242 |
| OmniAb, Inc.<sup>\*</sup> | 130 | 241 |
| Protara Therapeutics, Inc.<sup>\*</sup> | 45 | 240 |
| Resources Connection, Inc. | 46 | 232 |
| Perspective Therapeutics, Inc.<sup>\*</sup> | 84 | 231 |
| Larimar Therapeutics, Inc.<sup>\*</sup> | 59 | 225 |
| Utah Medical Products, Inc. | 4 | 224 |
| Chaince Digital Holdings, Inc.<sup>\*</sup> | 45 | 224 |
| Beauty Health Co.<sup>\*</sup> | 160 | 222 |
| Inogen, Inc.<sup>\*</sup> | 33 | 222 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 36 | 221 |
| MaxCyte, Inc.<sup>\*</sup> | 142 | 220 |
| Rezolute, Inc.<sup>\*</sup> | 93 | 219 |
| Quantum-Si, Inc.<sup>\*</sup> | 198 | 218 |
| Coherus Oncology, Inc.<sup>\*</sup> | 149 | 212 |
| Westrock Coffee Co.<sup>\*</sup> | 51 | 208 |
| MediWound Ltd.<sup>\*</sup> | 11 | 203 |
| Acme United Corp. | 5 | 201 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 35 | 191 |
| KinderCare Learning Companies, Inc.<sup>\*</sup> | 44 | 190 |
| Greenwich Lifesciences, Inc.<sup>\*</sup> | 9 | 189 |
| Stereotaxis, Inc.<sup>\*</sup> | 80 | 184 |
| Semler Scientific, Inc.<sup>\*</sup> | 12 | 183 |
| Joint Corp.<sup>\*</sup> | 21 | 183 |
| TrueBlue, Inc.<sup>\*</sup> | 40 | 182 |
| Acacia Research Corp.<sup>\*</sup> | 48 | 180 |
| Protalix BioTherapeutics, Inc.<sup>\*</sup> | 97 | 175 |
| Inhibikase Therapeutics, Inc.<sup>\*</sup> | 84 | 172 |
| Tonix Pharmaceuticals Holding Corp.<sup>\*</sup> | 11 | 172 |
| Lifeway Foods, Inc.<sup>\*</sup> | 7 | 170 |
| Humacyte, Inc.<sup>\*</sup> | 174 | 167 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 67 | 164 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 17 | 163 |
| CVRx, Inc.<sup>\*</sup> | 23 | 163 |
| Medifast, Inc.<sup>\*</sup> | 15 | 160 |
| TriSalus Life Sciences, Inc.<sup>\*</sup> | 22 | 154 |
| LENSAR, Inc.<sup>\*</sup> | 13 | 151 |
| Alector, Inc.<sup>\*</sup> | 96 | 150 |
| Anteris Technologies Global Corp.<sup>\*</sup> | 30 | 150 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 151 | 148 |
| European Wax Center, Inc. — Class A<sup>\*</sup> | 41 | 148 |
| Innovage Holding Corp.<sup>\*</sup> | 28 | 145 |
| RCM Technologies, Inc.<sup>\*</sup> | 7 | 143 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** | **Consumer, Non-cyclical - 11.0% (continued)** |
| Nuvectis Pharma, Inc.<sup>\*</sup> | 18 | $136 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 127 | 136 |
| Alta Equipment Group, Inc. | 29 | 133 |
| Journey Medical Corp.<sup>\*</sup> | 17 | 131 |
| Forrester Research, Inc.<sup>\*</sup> | 16 | 130 |
| HF Foods Group, Inc.<sup>\*</sup> | 56 | 120 |
| Pulmonx Corp.<sup>\*</sup> | 54 | 119 |
| Eledon Pharmaceuticals, Inc.<sup>\*</sup> | 78 | 118 |
| CPI Card Group, Inc.<sup>\*</sup> | 8 | 117 |
| Accuray, Inc.<sup>\*</sup> | 142 | 117 |
| DocGo, Inc.<sup>\*</sup> | 128 | 112 |
| Waldencast plc — Class A<sup>\*</sup> | 59 | 111 |
| Nkarta, Inc.<sup>\*</sup> | 59 | 109 |
| Biote Corp. — Class A<sup>\*</sup> | 41 | 107 |
| Aardvark Therapeutics, Inc.<sup>\*</sup> | 8 | 105 |
| Lucid Diagnostics, Inc.<sup>\*</sup> | 96 | 105 |
| SoundThinking, Inc.<sup>\*</sup> | 13 | 104 |
| Zevia PBC — Class A<sup>\*</sup> | 44 | 102 |
| BRC, Inc. — Class A<sup>\*</sup> | 87 | 96 |
| aTyr Pharma, Inc.<sup>\*</sup> | 121 | 95 |
| Cartesian Therapeutics, Inc.<sup>\*</sup> | 13 | 94 |
| Sanara Medtech, Inc.<sup>\*</sup> | 4 | 93 |
| Lifevantage Corp. | 15 | 92 |
| Gyre Therapeutics, Inc.<sup>\*</sup> | 13 | 92 |
| Emerald Holding, Inc. | 20 | 89 |
| Outset Medical, Inc.<sup>\*</sup> | 23 | 85 |
| HireQuest, Inc. | 8 | 84 |
| FitLife Brands, Inc.<sup>\*</sup> | 5 | 81 |
| Ispire Technology, Inc.<sup>\*</sup> | 26 | 73 |
| Korro Bio, Inc.<sup>\*</sup> | 9 | 72 |
| Neuronetics, Inc.<sup>\*</sup> | 51 | 70 |
| Avita Medical, Inc.<sup>\*</sup> | 17 | 59 |
| Alpha Teknova, Inc.<sup>\*</sup> | 15 | 57 |
| Forafric Global plc<sup>\*</sup> | 5 | 55 |
| Actuate Therapeutics, Inc.<sup>\*</sup> | 8 | 49 |
| MarketWise, Inc. | 3 | 45 |
| Solesence, Inc.<sup>\*</sup> | 26 | 42 |
| Myomo, Inc.<sup>\*</sup> | 43 | 39 |
| Inmune Bio, Inc.<sup>\*</sup> | 23 | 36 |
| AirSculpt Technologies, Inc.<sup>\*</sup> | 18 | 36 |
| SBC Medical Group Holdings, Inc.<sup>\*</sup> | 8 | 35 |
| TuHURA Biosciences, Inc.<sup>\*</sup> | 36 | 27 |
| Tvardi Therapeutics, Inc.<sup>\*</sup> | 5 | 21 |
| Atlantic International Corp.<sup>\*</sup> | 15 | 20 |
| Tevogen Bio Holdings, Inc.<sup>\*</sup> | 40 | 13 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 12 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 12 | – |
| **Total Consumer, Non-cyclical** |  | 928509 |
| **Industrial - 7.9%** |  |  |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 299 | 25980 |
| Fabrinet<sup>\*</sup> | 49 | 22309 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 228 | 17307 |
| SPX Technologies, Inc.<sup>\*</sup> | 66 | 13204 |
| Dycom Industries, Inc.<sup>\*</sup> | 38 | 12840 |
| Chart Industries, Inc.<sup>\*</sup> | 62 | 12786 |
| AeroVironment, Inc.<sup>\*</sup> | 52 | 12578 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 41 | 12555 |
| Advanced Energy Industries, Inc. | 52 | 10887 |
| JBT Marel Corp. | 72 | 10848 |
| Sanmina Corp.<sup>\*</sup> | 72 | 10805 |
| Watts Water Technologies, Inc. — Class A | 38 | 10489 |
| TTM Technologies, Inc.<sup>\*</sup> | 140 | 9660 |
| Modine Manufacturing Co.<sup>\*</sup> | 72 | 9613 |
| Zurn Elkay Water Solutions Corp. | 206 | 9577 |
| Moog, Inc. — Class A | 39 | 9498 |
| Primoris Services Corp. | 74 | 9186 |
| Federal Signal Corp. | 82 | 8904 |
| Joby Aviation, Inc.<sup>\*</sup> | 666 | 8791 |
| Fluor Corp.<sup>\*</sup> | 220 | 8719 |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 86 | 8423 |
| GATX Corp. | 49 | 8310 |
| Mirion Technologies, Inc.<sup>\*</sup> | 327 | 7658 |
| EnerSys | 51 | 7484 |
| UFP Industries, Inc. | 80 | 7284 |
| Badger Meter, Inc. | 41 | 7151 |
| ESCO Technologies, Inc. | 36 | 7034 |
| Arcosa, Inc. | 66 | 7017 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 64 | 6947 |
| Granite Construction, Inc. | 60 | 6921 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 866 | 6512 |
| CSW Industrials, Inc. | 22 | 6458 |
| Belden, Inc. | 54 | 6294 |
| Enpro, Inc. | 29 | 6210 |
| Atmus Filtration Technologies, Inc. | 114 | 5918 |
| Novanta, Inc.<sup>\*</sup> | 49 | 5831 |
| Frontdoor, Inc.<sup>\*</sup> | 100 | 5769 |
| Itron, Inc.<sup>\*</sup> | 62 | 5757 |
| Argan, Inc. | 18 | 5640 |
| OSI Systems, Inc.<sup>\*</sup> | 22 | 5611 |
| Knife River Corp.<sup>\*</sup> | 78 | 5487 |
| Plexus Corp.<sup>\*</sup> | 37 | 5439 |
| Matson, Inc. | 43 | 5313 |
| Mercury Systems, Inc.<sup>\*</sup> | 71 | 5184 |
| Mueller Water Products, Inc. — Class A | 213 | 5074 |
| Franklin Electric Company, Inc. | 53 | 5063 |
| Golar LNG Ltd. | 134 | 4986 |
| Exponent, Inc. | 70 | 4862 |
| Terex Corp. | 88 | 4697 |
| IES Holdings, Inc.<sup>\*</sup> | 12 | 4668 |
| MYR Group, Inc.<sup>\*</sup> | 21 | 4589 |
| Kadant, Inc. | 16 | 4560 |
| AAR Corp.<sup>\*</sup> | 54 | 4471 |
| AZZ, Inc. | 41 | 4394 |
| Cactus, Inc. — Class A | 94 | 4294 |
| Powell Industries, Inc. | 13 | 4144 |
| Tutor Perini Corp. | 61 | 4088 |
| Avient Corp. | 126 | 3936 |
| Griffon Corp. | 53 | 3904 |
| Boise Cascade Co. | 52 | 3827 |
| Xometry, Inc. — Class A<sup>\*</sup> | 59 | 3509 |
| Hub Group, Inc. — Class A | 82 | 3494 |
| Materion Corp. | 28 | 3481 |
| Standex International Corp. | 16 | 3476 |
| Vicor Corp.<sup>\*</sup> | 31 | 3398 |
| O-I Glass, Inc.<sup>\*</sup> | 214 | 3159 |
| Scorpio Tankers, Inc. | 61 | 3101 |
| Hillenbrand, Inc. | 97 | 3077 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Industrial - 7.9% (continued)** | **Industrial - 7.9% (continued)** | **Industrial - 7.9% (continued)** |
| Kennametal, Inc. | 104 | $2955 |
| Atkore, Inc. | 46 | 2910 |
| Trinity Industries, Inc. | 110 | 2908 |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 83 | 2893 |
| RXO, Inc.<sup>\*</sup> | 222 | 2806 |
| Enerpac Tool Group Corp. | 73 | 2791 |
| Centuri Holdings, Inc.<sup>\*</sup> | 107 | 2702 |
| International Seaways, Inc. | 55 | 2670 |
| Knowles Corp.<sup>\*</sup> | 117 | 2507 |
| NuScale Power Corp.<sup>\*</sup> | 176 | 2494 |
| CECO Environmental Corp.<sup>\*</sup> | 41 | 2454 |
| Intuitive Machines, Inc.<sup>\*</sup> | 150 | 2435 |
| Werner Enterprises, Inc. | 81 | 2431 |
| Helios Technologies, Inc. | 45 | 2407 |
| Vishay Intertechnology, Inc. | 166 | 2405 |
| Bel Fuse, Inc. — Class B | 14 | 2375 |
| Greif, Inc. — Class A | 35 | 2369 |
| nLight, Inc.<sup>\*</sup> | 63 | 2363 |
| Alamo Group, Inc. | 14 | 2350 |
| Hillman Solutions Corp.<sup>\*</sup> | 271 | 2347 |
| ArcBest Corp. | 31 | 2300 |
| Astronics Corp.<sup>\*</sup> | 42 | 2278 |
| Worthington Enterprises, Inc. | 43 | 2218 |
| DHT Holdings, Inc. | 177 | 2161 |
| Benchmark Electronics, Inc. | 49 | 2095 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 42 | 2077 |
| Albany International Corp. — Class A | 40 | 2028 |
| DXP Enterprises, Inc.<sup>\*</sup> | 18 | 1976 |
| Napco Security Technologies, Inc. | 47 | 1960 |
| Masterbrand, Inc.<sup>\*</sup> | 174 | 1921 |
| Enviri Corp.<sup>\*</sup> | 107 | 1917 |
| Greenbrier Companies, Inc. | 41 | 1916 |
| Tennant Co. | 26 | 1916 |
| Ducommun, Inc.<sup>\*</sup> | 19 | 1807 |
| Lindsay Corp. | 15 | 1768 |
| Teekay Tankers Ltd. — Class A | 33 | 1763 |
| American Superconductor Corp.<sup>\*</sup> | 61 | 1756 |
| World Kinect Corp. | 74 | 1734 |
| Tecnoglass, Inc. | 34 | 1711 |
| Energizer Holdings, Inc. | 86 | 1711 |
| Enovix Corp.<sup>\*</sup> | 229 | 1674 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 45 | 1672 |
| CTS Corp. | 39 | 1672 |
| Proto Labs, Inc.<sup>\*</sup> | 33 | 1669 |
| Cadre Holdings, Inc. | 39 | 1593 |
| Worthington Steel, Inc. | 46 | 1593 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 182 | 1563 |
| TriMas Corp. | 44 | 1560 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 209 | 1496 |
| Astec Industries, Inc. | 32 | 1386 |
| Gorman-Rupp Co. | 29 | 1385 |
| SFL Corporation Ltd. | 170 | 1328 |
| NANO Nuclear Energy, Inc.<sup>\*</sup> | 55 | 1321 |
| Dorian LPG Ltd. | 52 | 1266 |
| Janus International Group, Inc.<sup>\*</sup> | 190 | 1243 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 93 | 1220 |
| Limbach Holdings, Inc.<sup>\*</sup> | 15 | 1168 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 46 | 1142 |
| Red Cat Holdings, Inc.<sup>\*</sup> | 140 | 1110 |
| FLEX LNG Ltd. | 44 | 1098 |
| Apogee Enterprises, Inc. | 30 | 1092 |
| American Woodmark Corp.<sup>\*</sup> | 20 | 1078 |
| Allient, Inc. | 20 | 1075 |
| Amprius Technologies, Inc.<sup>\*</sup> | 130 | 1026 |
| Nordic American Tankers Ltd. | 285 | 980 |
| Costamare, Inc. | 62 | 979 |
| Myers Industries, Inc. | 52 | 973 |
| Energy Recovery, Inc.<sup>\*</sup> | 71 | 958 |
| Ryerson Holding Corp. | 38 | 956 |
| Kimball Electronics, Inc.<sup>\*</sup> | 34 | 946 |
| Marten Transport Ltd. | 82 | 933 |
| Graham Corp.<sup>\*</sup> | 14 | 899 |
| Metallus, Inc.<sup>\*</sup> | 52 | 892 |
| Ichor Holdings Ltd.<sup>\*</sup> | 48 | 885 |
| Insteel Industries, Inc. | 26 | 823 |
| NWPX Infrastructure, Inc.<sup>\*</sup> | 13 | 812 |
| Ardagh Metal Packaging S.A. | 194 | 795 |
| Genco Shipping & Trading Ltd. | 43 | 792 |
| Redwire Corp.<sup>\*</sup> | 100 | 760 |
| National Presto Industries, Inc. | 7 | 747 |
| Navigator Holdings Ltd. | 43 | 745 |
| Forward Air Corp.<sup>\*</sup> | 29 | 725 |
| Columbus McKinnon Corp. | 40 | 690 |
| Richtech Robotics, Inc. — Class B<sup>\*</sup> | 210 | 678 |
| LSI Industries, Inc. | 37 | 678 |
| CryoPort, Inc.<sup>\*</sup> | 69 | 662 |
| Bowman Consulting Group Ltd.<sup>\*</sup> | 20 | 660 |
| Teekay Corporation Ltd. | 73 | 659 |
| Firefly Aerospace, Inc.<sup>\*</sup> | 29 | 649 |
| LSB Industries, Inc.<sup>\*</sup> | 76 | 646 |
| Sturm Ruger & Company, Inc. | 19 | 620 |
| Smith & Wesson Brands, Inc. | 62 | 612 |
| Olympic Steel, Inc. | 14 | 599 |
| Aebi Schmidt Holding AG | 47 | 595 |
| Manitowoc Company, Inc.<sup>\*</sup> | 48 | 576 |
| Titan America S.A. | 34 | 560 |
| Heartland Express, Inc. | 62 | 560 |
| Eastman Kodak Co.<sup>\*</sup> | 66 | 558 |
| Park Aerospace Corp. | 26 | 555 |
| Mesa Laboratories, Inc. | 7 | 550 |
| Willis Lease Finance Corp. | 4 | 543 |
| Standard BioTools, Inc.<sup>\*</sup> | 416 | 533 |
| Orion Group Holdings, Inc.<sup>\*</sup> | 53 | 527 |
| Eve Holding, Inc.<sup>\*</sup> | 131 | 523 |
| Power Solutions International, Inc.<sup>\*</sup> | 9 | 514 |
| Luxfer Holdings plc | 38 | 514 |
| Ardmore Shipping Corp. | 48 | 508 |
| Voyager Technologies, Inc. — Class A<sup>\*</sup> | 19 | 497 |
| Kopin Corp.<sup>\*</sup> | 209 | 489 |
| Hyster-Yale, Inc. | 16 | 475 |
| Covenant Logistics Group, Inc. — Class A | 21 | 463 |
| Sight Sciences, Inc.<sup>\*</sup> | 58 | 460 |
| Greif, Inc. — Class B | 6 | 448 |
| Byrna Technologies, Inc.<sup>\*</sup> | 25 | 420 |
| NVE Corp. | 7 | 415 |
| Latham Group, Inc.<sup>\*</sup> | 63 | 400 |
| Clearwater Paper Corp.<sup>\*</sup> | 22 | 383 |
| Himalaya Shipping Ltd. | 42 | 382 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Industrial - 7.9% (continued)** | **Industrial - 7.9% (continued)** | **Industrial - 7.9% (continued)** |
| L B Foster Co. — Class A<sup>\*</sup> | 14 | $377 |
| Safe Bulkers, Inc. | 78 | 376 |
| Mayville Engineering Company, Inc.<sup>\*</sup> | 20 | 374 |
| Ranpak Holdings Corp.<sup>\*</sup> | 66 | 357 |
| Lightbridge Corp.<sup>\*</sup> | 26 | 329 |
| AerSale Corp.<sup>\*</sup> | 45 | 320 |
| Proficient Auto Logistics, Inc.<sup>\*</sup> | 33 | 318 |
| Pure Cycle Corp.<sup>\*</sup> | 28 | 308 |
| Bel Fuse, Inc. — Class A | 2 | 304 |
| Perma-Fix Environmental Services, Inc.<sup>\*</sup> | 24 | 302 |
| Radiant Logistics, Inc.<sup>\*</sup> | 47 | 297 |
| Turtle Beach Corp.<sup>\*</sup> | 21 | 295 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 119 | 293 |
| Pangaea Logistics Solutions Ltd. | 42 | 289 |
| MicroVision, Inc.<sup>\*</sup> | 344 | 285 |
| Park-Ohio Holdings Corp. | 13 | 272 |
| Tredegar Corp.<sup>\*</sup> | 37 | 266 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 93 | 263 |
| Core Molding Technologies, Inc.<sup>\*</sup> | 12 | 241 |
| Karat Packaging, Inc. | 10 | 226 |
| Mistras Group, Inc.<sup>\*</sup> | 17 | 215 |
| Concrete Pumping Holdings, Inc. | 32 | 215 |
| Outdoor Holding Co.<sup>\*</sup> | 121 | 207 |
| 908 Devices, Inc.<sup>\*</sup> | 38 | 200 |
| Gencor Industries, Inc.<sup>\*</sup> | 15 | 194 |
| Costamare Bulkers Holdings Ltd.<sup>\*</sup> | 12 | 185 |
| SKYX Platforms Corp.<sup>\*</sup> | 85 | 184 |
| TSS, Inc.<sup>\*</sup> | 26 | 184 |
| Ascent Industries Co.<sup>\*</sup> | 11 | 178 |
| M-Tron Industries, Inc.<sup>\*</sup> | 3 | 160 |
| Eastern Co. | 8 | 158 |
| Omega Flex, Inc. | 5 | 147 |
| Smith-Midland Corp.<sup>\*</sup> | 4 | 145 |
| Arq, Inc.<sup>\*</sup> | 44 | 144 |
| Palladyne AI Corp.<sup>\*</sup> | 33 | 141 |
| Energy Services of America Corp. | 17 | 139 |
| Universal Logistics Holdings, Inc. | 9 | 137 |
| KULR Technology Group, Inc.<sup>\*</sup> | 46 | 136 |
| AirJoule Technologies Corp.<sup>\*</sup> | 30 | 118 |
| Pro-DEX, Inc.<sup>\*</sup> | 3 | 116 |
| Net Power, Inc.<sup>\*</sup> | 48 | 109 |
| PAMT CORP<sup>\*</sup> | 8 | 97 |
| AIRO Group Holdings, Inc.<sup>\*</sup> | 10 | 82 |
| NL Industries, Inc. | 12 | 66 |
| Southland Holdings, Inc.<sup>\*</sup> | 15 | 50 |
| Neonode, Inc.<sup>\*</sup> | 15 | 26 |
| **Total Industrial** |  | 668481 |
| **Consumer, Cyclical - 4.6%** |  |  |
| Brinker International, Inc.<sup>\*</sup> | 61 | 8755 |
| FirstCash Holdings, Inc. | 54 | 8607 |
| Installed Building Products, Inc. | 32 | 8300 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 64 | 8056 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 131 | 7712 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 42 | 7412 |
| Group 1 Automotive, Inc. | 17 | 6686 |
| Champion Homes, Inc.<sup>\*</sup> | 77 | 6506 |
| Cavco Industries, Inc.<sup>\*</sup> | 11 | 6498 |
| Urban Outfitters, Inc.<sup>\*</sup> | 84 | 6322 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 27 | 6278 |
| Meritage Homes Corp. | 95 | 6251 |
| Resideo Technologies, Inc.<sup>\*</sup> | 177 | 6216 |
| American Eagle Outfitters, Inc. | 218 | 5749 |
| SkyWest, Inc.<sup>\*</sup> | 55 | 5523 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 207 | 5502 |
| VSE Corp. | 31 | 5356 |
| Victoria's Secret & Co.<sup>\*</sup> | 95 | 5146 |
| KB Home | 86 | 4851 |
| Patrick Industries, Inc. | 44 | 4771 |
| Dorman Products, Inc.<sup>\*</sup> | 38 | 4681 |
| Polaris, Inc. | 73 | 4617 |
| M/I Homes, Inc.<sup>\*</sup> | 36 | 4606 |
| Kontoor Brands, Inc. | 75 | 4582 |
| Signet Jewelers Ltd. | 55 | 4558 |
| Academy Sports & Outdoors, Inc. | 91 | 4546 |
| Rush Enterprises, Inc. — Class A | 84 | 4531 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 53 | 4302 |
| PriceSmart, Inc. | 35 | 4294 |
| OPENLANE, Inc.<sup>\*</sup> | 144 | 4288 |
| Red Rock Resorts, Inc. — Class A | 67 | 4151 |
| Steven Madden Ltd. | 97 | 4039 |
| REV Group, Inc. | 66 | 4013 |
| LCI Industries | 32 | 3883 |
| Capri Holdings Ltd.<sup>\*</sup> | 159 | 3880 |
| UniFirst Corp. | 20 | 3858 |
| Dana, Inc. | 161 | 3825 |
| Garrett Motion, Inc. | 217 | 3782 |
| HNI Corp. | 88 | 3699 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 116 | 3651 |
| Visteon Corp. | 38 | 3614 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 80 | 3580 |
| Cinemark Holdings, Inc. | 142 | 3300 |
| Phinia, Inc. | 52 | 3260 |
| Advance Auto Parts, Inc. | 82 | 3223 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 518 | 3191 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 364 | 3189 |
| Cheesecake Factory, Inc. | 63 | 3180 |
| Kohl's Corp. | 149 | 3041 |
| Acushnet Holdings Corp. | 38 | 3033 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 134 | 2920 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 54 | 2910 |
| Sonos, Inc.<sup>\*</sup> | 165 | 2897 |
| National Vision Holdings, Inc.<sup>\*</sup> | 107 | 2763 |
| OneSpaWorld Holdings Ltd. | 133 | 2759 |
| Green Brick Partners, Inc.<sup>\*</sup> | 43 | 2694 |
| Super Group SGHC Ltd. | 218 | 2605 |
| Atlanta Braves Holdings, Inc. — Class C<sup>\*</sup> | 63 | 2485 |
| Lionsgate Studios Corp.<sup>\*</sup> | 269 | 2456 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 125 | 2429 |
| Buckle, Inc. | 43 | 2297 |
| IMAX Corp.<sup>\*</sup> | 61 | 2255 |
| Brightstar Lottery plc | 144 | 2229 |
| Interface, Inc. — Class A | 79 | 2206 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Cyclical - 4.6% (continued)** | **Consumer, Cyclical - 4.6% (continued)** | **Consumer, Cyclical - 4.6% (continued)** |
| Marriott Vacations Worldwide Corp. | 38 | $2192 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 185 | 2159 |
| Adient plc<sup>\*</sup> | 112 | 2147 |
| Century Communities, Inc. | 36 | 2137 |
| La-Z-Boy, Inc. | 57 | 2124 |
| Leggett & Platt, Inc. | 186 | 2046 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 70 | 2043 |
| Blue Bird Corp.<sup>\*</sup> | 43 | 2021 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 131 | 2010 |
| Wolverine World Wide, Inc. | 110 | 1997 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 136 | 1939 |
| JetBlue Airways Corp.<sup>\*</sup> | 406 | 1847 |
| MillerKnoll, Inc. | 95 | 1737 |
| Papa John's International, Inc. | 45 | 1732 |
| Monarch Casino & Resort, Inc. | 18 | 1723 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 20 | 1705 |
| XPEL, Inc.<sup>\*</sup> | 34 | 1697 |
| Carter's, Inc. | 50 | 1621 |
| Winmark Corp. | 4 | 1620 |
| Winnebago Industries, Inc. | 38 | 1540 |
| Gentherm, Inc.<sup>\*</sup> | 42 | 1528 |
| G-III Apparel Group Ltd. | 50 | 1448 |
| United Parks & Resorts, Inc.<sup>\*</sup> | 38 | 1379 |
| Global Business Travel Group I<sup>\*</sup> | 179 | 1369 |
| Sonic Automotive, Inc. — Class A | 21 | 1299 |
| Alliance Laundry Holdings, Inc.<sup>\*</sup> | 60 | 1221 |
| LGI Homes, Inc.<sup>\*</sup> | 28 | 1203 |
| ScanSource, Inc.<sup>\*</sup> | 29 | 1133 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 75 | 1131 |
| Standard Motor Products, Inc. | 30 | 1106 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 28 | 1103 |
| Daktronics, Inc.<sup>\*</sup> | 54 | 1068 |
| Douglas Dynamics, Inc. | 32 | 1045 |
| Build-A-Bear Workshop, Inc. — Class A | 17 | 1042 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 162 | 1038 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 72 | 1036 |
| Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 30 | 1010 |
| Fox Factory Holding Corp.<sup>\*</sup> | 59 | 1009 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 145 | 980 |
| indie Semiconductor, Inc. — Class A<sup>\*</sup> | 270 | 953 |
| AMC Entertainment Holdings, Inc. — Class A<sup>\*</sup> | 606 | 945 |
| Gold.com, Inc. | 27 | 919 |
| Ermenegildo Zegna N.V. | 86 | 882 |
| PC Connection, Inc. | 15 | 866 |
| Solid Power, Inc.<sup>\*</sup> | 203 | 863 |
| Camping World Holdings, Inc. — Class A | 85 | 827 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 128 | 818 |
| Arhaus, Inc.<sup>\*</sup> | 72 | 807 |
| Accel Entertainment, Inc.<sup>\*</sup> | 70 | 799 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 39 | 791 |
| Cooper-Standard Holdings, Inc.<sup>\*</sup> | 24 | 788 |
| Cracker Barrel Old Country Store, Inc. | 31 | 787 |
| Microvast Holdings, Inc.<sup>\*</sup> | 277 | 776 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 53 | 764 |
| Ethan Allen Interiors, Inc. | 33 | 754 |
| Golden Entertainment, Inc. | 27 | 734 |
| Bloomin' Brands, Inc. | 118 | 728 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 42 | 718 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 25 | 705 |
| Sabre Corp.<sup>\*</sup> | 505 | 687 |
| Oxford Industries, Inc. | 20 | 684 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 7 | 683 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 11 | 676 |
| Rush Enterprises, Inc. — Class B | 12 | 675 |
| Dine Brands Global, Inc. | 21 | 675 |
| Forestar Group, Inc.<sup>\*</sup> | 27 | 665 |
| Nu Skin Enterprises, Inc. — Class A | 69 | 664 |
| MarineMax, Inc.<sup>\*</sup> | 27 | 654 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 38 | 616 |
| Miller Industries, Inc. | 16 | 598 |
| Global Industrial Co. | 20 | 584 |
| Aeva Technologies, Inc.<sup>\*</sup> | 43 | 571 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 119 | 561 |
| Caleres, Inc. | 46 | 560 |
| Titan International, Inc.<sup>\*</sup> | 68 | 532 |
| Zumiez, Inc.<sup>\*</sup> | 20 | 521 |
| EVgo, Inc.<sup>\*</sup> | 178 | 518 |
| Marcus Corp. | 33 | 512 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 242 | 508 |
| Wabash National Corp. | 58 | 502 |
| Savers Value Village, Inc.<sup>\*</sup> | 53 | 495 |
| Jack in the Box, Inc. | 26 | 493 |
| Arko Corp. | 108 | 490 |
| Black Rock Coffee Bar, Inc. — Class A<sup>\*</sup> | 22 | 490 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 9 | 471 |
| Haverty Furniture Companies, Inc. | 19 | 444 |
| Denny's Corp.<sup>\*</sup> | 71 | 442 |
| Titan Machinery, Inc.<sup>\*</sup> | 29 | 436 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 23 | 435 |
| Krispy Kreme, Inc. | 108 | 434 |
| Movado Group, Inc. | 21 | 433 |
| Shoe Carnival, Inc. | 25 | 422 |
| El Pollo Loco Holdings, Inc.<sup>\*</sup> | 37 | 387 |
| Atlanta Braves Holdings, Inc. — Class A<sup>\*</sup> | 9 | 382 |
| Strattec Security Corp.<sup>\*</sup> | 5 | 381 |
| Hudson Technologies, Inc.<sup>\*</sup> | 55 | 377 |
| Xperi, Inc.<sup>\*</sup> | 63 | 369 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 79 | 359 |
| Central Garden & Pet Co.<sup>\*</sup> | 11 | 354 |
| Holley, Inc.<sup>\*</sup> | 84 | 347 |
| Genesco, Inc.<sup>\*</sup> | 14 | 347 |
| Designer Brands, Inc. — Class A | 45 | 334 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 1 | 332 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 35 | 328 |
| Webtoon Entertainment, Inc.<sup>\*</sup> | 25 | 326 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 39 | 321 |
| Hyliion Holdings Corp.<sup>\*</sup> | 172 | 316 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Consumer, Cyclical - 4.6% (continued)** | **Consumer, Cyclical - 4.6% (continued)** | **Consumer, Cyclical - 4.6% (continued)** |
| Petco Health & Wellness Company, Inc.<sup>\*</sup> | 110 | $309 |
| Methode Electronics, Inc. | 46 | 305 |
| Falcon's Beyond Global, Inc. — Class A<sup>\*</sup> | 20 | 300 |
| Johnson Outdoors, Inc. — Class A | 7 | 297 |
| Rocky Brands, Inc. | 10 | 293 |
| Citi Trends, Inc.<sup>\*</sup> | 7 | 291 |
| RCI Hospitality Holdings, Inc. | 12 | 286 |
| Lovesac Co.<sup>\*</sup> | 19 | 280 |
| America's Car-Mart, Inc.<sup>\*</sup> | 11 | 278 |
| Weyco Group, Inc. | 9 | 275 |
| Livewire Group, Inc.<sup>\*</sup> | 52 | 230 |
| Sleep Number Corp.<sup>\*</sup> | 27 | 228 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 18 | 222 |
| Reservoir Media, Inc.<sup>\*</sup> | 29 | 220 |
| JAKKS Pacific, Inc. | 13 | 219 |
| Flexsteel Industries, Inc. | 5 | 197 |
| Barnes & Noble Education, Inc.<sup>\*</sup> | 21 | 193 |
| Escalade, Inc. | 14 | 189 |
| Starz Entertainment Corp.<sup>\*</sup> | 16 | 187 |
| Bassett Furniture Industries, Inc. | 11 | 184 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 16 | 173 |
| EVI Industries, Inc. | 7 | 173 |
| Funko, Inc. — Class A<sup>\*</sup> | 49 | 167 |
| Bally's Corp.<sup>\*</sup> | 10 | 165 |
| Hamilton Beach Brands Holding Co. — Class A | 10 | 165 |
| Superior Group of Companies, Inc. | 16 | 155 |
| Clarus Corp. | 41 | 137 |
| J Jill, Inc. | 10 | 137 |
| American Outdoor Brands, Inc.<sup>\*</sup> | 17 | 132 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 124 | 127 |
| Envela Corp.<sup>\*</sup> | 9 | 120 |
| Lakeland Industries, Inc. | 13 | 115 |
| Marine Products Corp. | 12 | 105 |
| Virco Mfg. Corp. | 15 | 96 |
| Traeger, Inc.<sup>\*</sup> | 44 | 48 |
| CompX International, Inc. | 2 | 46 |
| Torrid Holdings, Inc.<sup>\*</sup> | 33 | 32 |
| **Total Consumer, Cyclical** |  | 389675 |
| **Technology - 4.4%** |  |  |
| IonQ, Inc.<sup>\*</sup> | 463 | 20775 |
| Rambus, Inc.<sup>\*</sup> | 148 | 13600 |
| D-Wave Quantum, Inc.<sup>\*</sup> | 458 | 11977 |
| SiTime Corp.<sup>\*</sup> | 29 | 10243 |
| Rigetti Computing, Inc.<sup>\*</sup> | 437 | 9680 |
| Clearwater Analytics Holdings, Inc. — Class A<sup>\*</sup> | 382 | 9214 |
| Semtech Corp.<sup>\*</sup> | 119 | 8769 |
| CommVault Systems, Inc.<sup>\*</sup> | 61 | 7647 |
| ACI Worldwide, Inc.<sup>\*</sup> | 142 | 6789 |
| Maximus, Inc. | 77 | 6647 |
| Qualys, Inc.<sup>\*</sup> | 50 | 6645 |
| Planet Labs PBC<sup>\*</sup> | 325 | 6409 |
| Impinj, Inc.<sup>\*</sup> | 36 | 6264 |
| FormFactor, Inc.<sup>\*</sup> | 107 | 5969 |
| Workiva, Inc.<sup>\*</sup> | 69 | 5951 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 45 | 5882 |
| Box, Inc. — Class A<sup>\*</sup> | 192 | 5743 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 259 | 5271 |
| SoundHound AI, Inc. — Class A<sup>\*</sup> | 510 | 5085 |
| Varonis Systems, Inc.<sup>\*</sup> | 155 | 5084 |
| Waystar Holding Corp.<sup>\*</sup> | 152 | 4978 |
| SPS Commerce, Inc.<sup>\*</sup> | 52 | 4635 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 232 | 4582 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 91 | 4379 |
| Agilysys, Inc.<sup>\*</sup> | 35 | 4159 |
| Clear Secure, Inc. — Class A | 116 | 4069 |
| Braze, Inc. — Class A<sup>\*</sup> | 117 | 4012 |
| Ambarella, Inc.<sup>\*</sup> | 56 | 3967 |
| BlackLine, Inc.<sup>\*</sup> | 71 | 3926 |
| Synaptics, Inc.<sup>\*</sup> | 53 | 3923 |
| Tenable Holdings, Inc.<sup>\*</sup> | 166 | 3906 |
| NCR Atleos Corp.<sup>\*</sup> | 100 | 3811 |
| Intapp, Inc.<sup>\*</sup> | 78 | 3574 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 42 | 3374 |
| Freshworks, Inc. — Class A<sup>\*</sup> | 275 | 3369 |
| Genius Sports Ltd.<sup>\*</sup> | 299 | 3295 |
| Blackbaud, Inc.<sup>\*</sup> | 52 | 3293 |
| BigBear.ai Holdings, Inc.<sup>\*</sup> | 593 | 3202 |
| Kulicke & Soffa Industries, Inc. | 70 | 3189 |
| Insight Enterprises, Inc.<sup>\*</sup> | 39 | 3177 |
| Diodes, Inc.<sup>\*</sup> | 63 | 3108 |
| CSG Systems International, Inc. | 38 | 2914 |
| Quantum Computing, Inc.<sup>\*</sup> | 276 | 2832 |
| AvePoint, Inc.<sup>\*</sup> | 201 | 2792 |
| ASGN, Inc.<sup>\*</sup> | 57 | 2746 |
| Power Integrations, Inc. | 77 | 2737 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 69 | 2722 |
| Adeia, Inc. | 151 | 2605 |
| NetScout Systems, Inc.<sup>\*</sup> | 96 | 2598 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 88 | 2585 |
| Progress Software Corp.<sup>\*</sup> | 59 | 2535 |
| Photronics, Inc.<sup>\*</sup> | 78 | 2496 |
| Pitney Bowes, Inc. | 221 | 2336 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 34 | 2308 |
| C3.ai, Inc. — Class A<sup>\*</sup> | 170 | 2292 |
| Veeco Instruments, Inc.<sup>\*</sup> | 80 | 2286 |
| Alkami Technology, Inc.<sup>\*</sup> | 96 | 2215 |
| Digi International, Inc.<sup>\*</sup> | 50 | 2164 |
| Innodata, Inc.<sup>\*</sup> | 42 | 2140 |
| Five9, Inc.<sup>\*</sup> | 106 | 2125 |
| NextNav, Inc.<sup>\*</sup> | 124 | 2063 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 115 | 2004 |
| PAR Technology Corp.<sup>\*</sup> | 55 | 1995 |
| Fastly, Inc. — Class A<sup>\*</sup> | 192 | 1955 |
| Appian Corp. — Class A<sup>\*</sup> | 55 | 1948 |
| NCR Voyix Corp.<sup>\*</sup> | 190 | 1938 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 234 | 1877 |
| Vertex, Inc. — Class A<sup>\*</sup> | 91 | 1817 |
| Life360, Inc.<sup>\*</sup> | 28 | 1796 |
| V2X, Inc.<sup>\*</sup> | 32 | 1746 |
| Asana, Inc. — Class A<sup>\*</sup> | 121 | 1659 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 35 | 1634 |
| Navitas Semiconductor Corp.<sup>\*</sup> | 219 | 1564 |
| PagerDuty, Inc.<sup>\*</sup> | 118 | 1547 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 61 | 1545 |
| Ouster, Inc.<sup>\*</sup> | 71 | 1536 |
| Cohu, Inc.<sup>\*</sup> | 64 | 1489 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 122 | 1413 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Technology - 4.4% (continued)** | **Technology - 4.4% (continued)** | **Technology - 4.4% (continued)** |
| Schrodinger Incorporated/United States<sup>\*</sup> | 79 | $1412 |
| Penguin Solutions, Inc.<sup>\*</sup> | 72 | 1408 |
| Rapid7, Inc.<sup>\*</sup> | 90 | 1368 |
| Pagaya Technologies Ltd. — Class A<sup>\*</sup> | 64 | 1338 |
| Phreesia, Inc.<sup>\*</sup> | 79 | 1337 |
| GigaCloud Technology, Inc. — Class A<sup>\*</sup> | 34 | 1335 |
| PDF Solutions, Inc.<sup>\*</sup> | 45 | 1284 |
| Jamf Holding Corp.<sup>\*</sup> | 95 | 1236 |
| Yext, Inc.<sup>\*</sup> | 141 | 1136 |
| Porch Group, Inc.<sup>\*</sup> | 113 | 1032 |
| Daily Journal Corp.<sup>\*</sup> | 2 | 975 |
| Red Violet, Inc. | 16 | 911 |
| Navan, Inc. — Class A<sup>\*</sup> | 51 | 871 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 93 | 840 |
| Nutex Health, Inc.<sup>\*</sup> | 5 | 823 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 73 | 823 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 270 | 821 |
| Aehr Test Systems<sup>\*</sup> | 40 | 808 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 32 | 806 |
| Cantaloupe, Inc.<sup>\*</sup> | 75 | 796 |
| HeartFlow, Inc.<sup>\*</sup> | 27 | 787 |
| SEMrush Holdings, Inc. — Class A<sup>\*</sup> | 65 | 773 |
| N-able, Inc.<sup>\*</sup> | 101 | 755 |
| Digital Turbine, Inc.<sup>\*</sup> | 143 | 715 |
| CEVA, Inc.<sup>\*</sup> | 33 | 710 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 35 | 693 |
| SkyWater Technology, Inc.<sup>\*</sup> | 37 | 672 |
| OneSpan, Inc. | 51 | 655 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 17 | 655 |
| Mitek Systems, Inc.<sup>\*</sup> | 62 | 654 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 163 | 652 |
| Talkspace, Inc.<sup>\*</sup> | 173 | 628 |
| Weave Communications, Inc.<sup>\*</sup> | 82 | 622 |
| Arteris, Inc.<sup>\*</sup> | 40 | 620 |
| Cerence, Inc.<sup>\*</sup> | 56 | 599 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 27 | 589 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 38 | 587 |
| McGraw Hill, Inc.<sup>\*</sup> | 33 | 544 |
| IBEX Holdings Ltd.<sup>\*</sup> | 14 | 534 |
| Rezolve AI plc<sup>\*</sup> | 204 | 524 |
| Climb Global Solutions, Inc. | 5 | 514 |
| Claritev Corp.<sup>\*</sup> | 11 | 470 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 52 | 461 |
| ON24, Inc.<sup>\*</sup> | 53 | 422 |
| Simulations Plus, Inc.<sup>\*</sup> | 23 | 419 |
| Ibotta, Inc. — Class A<sup>\*</sup> | 18 | 409 |
| Via Transportation, Inc. — Class A<sup>\*</sup> | 14 | 406 |
| Conduent, Inc.<sup>\*</sup> | 207 | 397 |
| Corsair Gaming, Inc.<sup>\*</sup> | 66 | 392 |
| Xerox Holdings Corp. | 165 | 391 |
| Telos Corp.<sup>\*</sup> | 75 | 383 |
| Domo, Inc. — Class B<sup>\*</sup> | 45 | 379 |
| Commerce.com, Inc.<sup>\*</sup> | 92 | 379 |
| 8x8, Inc.<sup>\*</sup> | 183 | 360 |
| Vuzix Corp.<sup>\*</sup> | 89 | 336 |
| Asure Software, Inc.<sup>\*</sup> | 35 | 330 |
| 3D Systems Corp.<sup>\*</sup> | 183 | 324 |
| Cricut, Inc. — Class A | 65 | 322 |
| Playtika Holding Corp. | 79 | 312 |
| TruBridge, Inc.<sup>\*</sup> | 14 | 309 |
| VTEX — Class A<sup>\*</sup> | 81 | 305 |
| eGain Corp.<sup>\*</sup> | 26 | 268 |
| Immersion Corp. | 39 | 265 |
| Rimini Street, Inc.<sup>\*</sup> | 68 | 264 |
| Unisys Corp.<sup>\*</sup> | 94 | 259 |
| CS Disco, Inc.<sup>\*</sup> | 33 | 256 |
| EverCommerce, Inc.<sup>\*</sup> | 21 | 254 |
| Whitefiber, Inc.<sup>\*</sup> | 15 | 237 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 19 | 229 |
| Health Catalyst, Inc.<sup>\*</sup> | 95 | 227 |
| Aeluma, Inc.<sup>\*</sup> | 13 | 223 |
| Omada Health, Inc.<sup>\*</sup> | 13 | 205 |
| Blaize Holdings, Inc.<sup>\*</sup> | 102 | 199 |
| ReposiTrak, Inc. | 16 | 198 |
| Kaltura, Inc.<sup>\*</sup> | 114 | 187 |
| Richardson Electronics Ltd. | 17 | 185 |
| Ambiq Micro, Inc.<sup>\*</sup> | 6 | 171 |
| Digimarc Corp.<sup>\*</sup> | 22 | 144 |
| Definitive Healthcare Corp.<sup>\*</sup> | 50 | 143 |
| Synchronoss Technologies, Inc.<sup>\*</sup> | 15 | 128 |
| Expensify, Inc. — Class A<sup>\*</sup> | 84 | 127 |
| CSP, Inc. | 10 | 125 |
| Rackspace Technology, Inc.<sup>\*</sup> | 117 | 114 |
| WM Technology, Inc.<sup>\*</sup> | 123 | 101 |
| TTEC Holdings, Inc.<sup>\*</sup> | 28 | 101 |
| Atomera, Inc.<sup>\*</sup> | 41 | 91 |
| Airship AI Holdings, Inc.<sup>\*</sup> | 28 | 81 |
| Playstudios, Inc.<sup>\*</sup> | 124 | 81 |
| Skillsoft Corp.<sup>\*</sup> | 6 | 56 |
| Silvaco Group, Inc.<sup>\*</sup> | 11 | 45 |
| Teads Holding Co.<sup>\*</sup> | 51 | 36 |
| Golden Matrix Group, Inc.<sup>\*</sup> | 20 | 16 |
| Zspace, Inc.<sup>\*</sup> | 3 | 1 |
| **Total Technology** |  | 369891 |
| **Communications - 2.5%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 210 | 30217 |
| EchoStar Corp. — Class A<sup>\*</sup> | 186 | 20218 |
| InterDigital, Inc. | 35 | 11143 |
| Lumen Technologies, Inc.<sup>\*</sup> | 1306 | 10148 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 281 | 9124 |
| Applied Digital Corp.<sup>\*</sup> | 325 | 7969 |
| Q2 Holdings, Inc.<sup>\*</sup> | 85 | 6134 |
| Viasat, Inc.<sup>\*</sup> | 169 | 5824 |
| Telephone & Data Systems, Inc. | 136 | 5576 |
| Viavi Solutions, Inc.<sup>\*</sup> | 303 | 5399 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 297 | 5385 |
| Calix, Inc.<sup>\*</sup> | 83 | 4393 |
| Cargurus, Inc.<sup>\*</sup> | 113 | 4334 |
| TEGNA, Inc. | 220 | 4270 |
| Globalstar, Inc.<sup>\*</sup> | 69 | 4212 |
| DigitalBridge Group, Inc. | 239 | 3666 |
| Sphere Entertainment Co.<sup>\*</sup> | 38 | 3613 |
| Upwork, Inc.<sup>\*</sup> | 171 | 3389 |
| Magnite, Inc.<sup>\*</sup> | 195 | 3165 |
| ePlus, Inc. | 36 | 3157 |
| Extreme Networks, Inc.<sup>\*</sup> | 181 | 3014 |
| Yelp, Inc. — Class A<sup>\*</sup> | 83 | 2522 |
| TripAdvisor, Inc.<sup>\*</sup> | 157 | 2286 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Communications - 2.5% (continued)** | **Communications - 2.5% (continued)** | **Communications - 2.5% (continued)** |
| RealReal, Inc.<sup>\*</sup> | 134 | $2115 |
| Ziff Davis, Inc.<sup>\*</sup> | 56 | 1968 |
| A10 Networks, Inc. | 100 | 1769 |
| Revolve Group, Inc.<sup>\*</sup> | 55 | 1660 |
| Uniti Group, Inc.<sup>\*</sup> | 229 | 1605 |
| Harmonic, Inc.<sup>\*</sup> | 158 | 1563 |
| Figs, Inc. — Class A<sup>\*</sup> | 124 | 1409 |
| Cogent Communications Holdings, Inc. | 63 | 1358 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 176 | 1313 |
| Sprinklr, Inc. — Class A<sup>\*</sup> | 155 | 1206 |
| IDT Corp. — Class B | 23 | 1178 |
| fuboTV, Inc. — Class A<sup>\*</sup> | 464 | 1169 |
| QuinStreet, Inc.<sup>\*</sup> | 76 | 1092 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 38 | 1026 |
| USA TODAY Company, Inc.<sup>\*</sup> | 196 | 1009 |
| Liquidity Services, Inc.<sup>\*</sup> | 33 | 1000 |
| NETGEAR, Inc.<sup>\*</sup> | 39 | 957 |
| Rumble, Inc.<sup>\*</sup> | 148 | 935 |
| Powerfleet Incorporated NJ<sup>\*</sup> | 174 | 926 |
| ADTRAN Holdings, Inc.<sup>\*</sup> | 104 | 904 |
| Cars.com, Inc.<sup>\*</sup> | 74 | 903 |
| Scholastic Corp. | 28 | 830 |
| Sinclair, Inc. | 54 | 826 |
| Shenandoah Telecommunications Co. | 71 | 821 |
| Cable One, Inc. | 7 | 790 |
| HealthStream, Inc. | 34 | 784 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 149 | 782 |
| Stagwell, Inc.<sup>\*</sup> | 153 | 748 |
| BlackSky Technology, Inc.<sup>\*</sup> | 39 | 731 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 167 | 695 |
| Serve Robotics, Inc.<sup>\*</sup> | 66 | 685 |
| Shutterstock, Inc. | 34 | 649 |
| Grindr, Inc.<sup>\*</sup> | 47 | 636 |
| Angi, Inc.<sup>\*</sup> | 49 | 634 |
| Preformed Line Products Co. | 3 | 620 |
| Nextdoor Holdings, Inc.<sup>\*</sup> | 295 | 620 |
| Groupon, Inc.<sup>\*</sup> | 35 | 616 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 47 | 609 |
| Optimum Communications, Inc. — Class A<sup>\*</sup> | 365 | 602 |
| Gray Media, Inc. | 123 | 595 |
| Newsmax, Inc.<sup>\*</sup> | 65 | 503 |
| Frequency Electronics, Inc.<sup>\*</sup> | 9 | 485 |
| Clearfield, Inc.<sup>\*</sup> | 16 | 466 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 104 | 463 |
| Gogo, Inc.<sup>\*</sup> | 96 | 447 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 45 | 428 |
| Ooma, Inc.<sup>\*</sup> | 36 | 422 |
| Bed Bath & Beyond, Inc.<sup>\*</sup> | 77 | 420 |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 31 | 383 |
| Spok Holdings, Inc. | 29 | 382 |
| Ribbon Communications, Inc.<sup>\*</sup> | 132 | 380 |
| Bumble, Inc. — Class A<sup>\*</sup> | 102 | 364 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 92 | 359 |
| EW Scripps Co. — Class A<sup>\*</sup> | 88 | 351 |
| National CineMedia, Inc. | 90 | 350 |
| Backblaze, Inc. — Class A<sup>\*</sup> | 75 | 350 |
| Anterix, Inc.<sup>\*</sup> | 16 | 349 |
| Nexxen International Ltd.<sup>\*</sup> | 53 | 347 |
| Aviat Networks, Inc.<sup>\*</sup> | 16 | 342 |
| ATN International, Inc. | 14 | 319 |
| Thryv Holdings, Inc.<sup>\*</sup> | 52 | 315 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 41 | 303 |
| BK Technologies Corp.<sup>\*</sup> | 4 | 298 |
| OptimizeRx Corp.<sup>\*</sup> | 22 | 270 |
| Entravision Communications Corp. — Class A | 87 | 255 |
| Open Lending Corp. — Class A<sup>\*</sup> | 144 | 223 |
| Phoenix Education Partners, Inc.<sup>\*</sup> | 7 | 212 |
| Getty Images Holdings, Inc.<sup>\*</sup> | 153 | 205 |
| Tucows, Inc. — Class A<sup>\*</sup> | 9 | 202 |
| TechTarget, Inc.<sup>\*</sup> | 37 | 200 |
| Lands' End, Inc.<sup>\*</sup> | 13 | 189 |
| Satellogic, Inc. — Class A<sup>\*</sup> | 96 | 180 |
| LifeMD, Inc.<sup>\*</sup> | 52 | 177 |
| Inseego Corp.<sup>\*</sup> | 17 | 175 |
| CuriosityStream, Inc. | 45 | 171 |
| Crexendo, Inc.<sup>\*</sup> | 20 | 129 |
| Gambling.com Group Ltd.<sup>\*</sup> | 23 | 126 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 31 | 122 |
| Advantage Solutions, Inc.<sup>\*</sup> | 132 | 116 |
| AudioEye, Inc.<sup>\*</sup> | 11 | 110 |
| Gaia, Inc.<sup>\*</sup> | 24 | 87 |
| Nerdy, Inc.<sup>\*</sup> | 81 | 84 |
| BARK, Inc.<sup>\*</sup> | 129 | 78 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 18 | 72 |
| Travelzoo<sup>\*</sup> | 9 | 64 |
| Value Line, Inc. | 1 | 39 |
| Vivid Seats, Inc. — Class A<sup>\*</sup> | 4 | 29 |
| Triller Group, Inc.<sup>\*</sup> | 144 | 5 |
| **Total Communications** |  | 211842 |
| **Energy - 2.4%** |  |  |
| Nextpower, Inc. — Class A<sup>\*</sup> | 200 | 17422 |
| CNX Resources Corp.<sup>\*</sup> | 179 | 6582 |
| Warrior Met Coal, Inc. | 71 | 6260 |
| Core Natural Resources, Inc. | 70 | 6196 |
| Archrock, Inc. | 230 | 5985 |
| Murphy Oil Corp. | 185 | 5781 |
| Sunrun, Inc.<sup>\*</sup> | 306 | 5630 |
| Magnolia Oil & Gas Corp. — Class A | 248 | 5429 |
| Transocean Ltd.<sup>\*</sup> | 1271 | 5249 |
| Peabody Energy Corp. | 167 | 4960 |
| Noble Corporation plc | 173 | 4885 |
| Eos Energy Enterprises, Inc.<sup>\*</sup> | 422 | 4836 |
| Gulfport Energy Corp.<sup>\*</sup> | 22 | 4576 |
| California Resources Corp. | 99 | 4426 |
| Kodiak Gas Services, Inc. | 116 | 4338 |
| Valaris Ltd.<sup>\*</sup> | 85 | 4284 |
| Liberty Energy, Inc. — Class A | 216 | 3987 |
| Helmerich & Payne, Inc. | 132 | 3786 |
| Tidewater, Inc.<sup>\*</sup> | 68 | 3435 |
| DNOW, Inc.<sup>\*</sup> | 256 | 3392 |
| Alpha Metallurgical Resources, Inc.<sup>\*</sup> | 16 | 3198 |
| Oceaneering International, Inc.<sup>\*</sup> | 132 | 3172 |
| PBF Energy, Inc. — Class A | 115 | 3119 |
| Plug Power, Inc.<sup>\*</sup> | 1520 | 2994 |
| Seadrill Ltd.<sup>\*</sup> | 86 | 2976 |
| SM Energy Co. | 156 | 2917 |
| Patterson-UTI Energy, Inc. | 475 | 2902 |
| Northern Oil & Gas, Inc. | 130 | 2791 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Energy - 2.4% (continued)** | **Energy - 2.4% (continued)** | **Energy - 2.4% (continued)** |
| Crescent Energy Co. — Class A | 323 | $2710 |
| Solaris Energy Infrastructure, Inc. — Class A | 58 | 2666 |
| Delek US Holdings, Inc. | 83 | 2462 |
| Comstock Resources, Inc.<sup>\*</sup> | 104 | 2411 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 68 | 2389 |
| Kinetik Holdings, Inc. — Class A | 61 | 2199 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 234 | 1989 |
| Array Technologies, Inc.<sup>\*</sup> | 211 | 1945 |
| Talos Energy, Inc.<sup>\*</sup> | 169 | 1862 |
| Fluence Energy, Inc.<sup>\*</sup> | 87 | 1721 |
| TETRA Technologies, Inc.<sup>\*</sup> | 178 | 1668 |
| Expro Group Holdings N.V.<sup>\*</sup> | 122 | 1629 |
| Borr Drilling Ltd.<sup>\*</sup> | 364 | 1467 |
| Bristow Group, Inc.<sup>\*</sup> | 40 | 1465 |
| Select Water Solutions, Inc. — Class A | 131 | 1378 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 85 | 1331 |
| REX American Resources Corp.<sup>\*</sup> | 39 | 1261 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 194 | 1216 |
| Innovex International, Inc.<sup>\*</sup> | 54 | 1181 |
| Diversified Energy Co. | 77 | 1115 |
| CVR Energy, Inc.<sup>\*</sup> | 43 | 1094 |
| Nabors Industries Ltd.<sup>\*</sup> | 20 | 1086 |
| ProPetro Holding Corp.<sup>\*</sup> | 112 | 1065 |
| Core Laboratories, Inc. | 66 | 1058 |
| T1 Energy, Inc.<sup>\*</sup> | 155 | 1035 |
| Atlas Energy Solutions, Inc. | 109 | 1027 |
| Ramaco Resources, Inc. — Class A<sup>\*</sup> | 57 | 1026 |
| NextDecade Corp.<sup>\*</sup> | 186 | 980 |
| Sable Offshore Corp.<sup>\*</sup> | 106 | 956 |
| Excelerate Energy, Inc. — Class A | 32 | 898 |
| Green Plains, Inc.<sup>\*</sup> | 90 | 882 |
| SunCoke Energy, Inc. | 119 | 857 |
| Hallador Energy Co.<sup>\*</sup> | 44 | 838 |
| Vitesse Energy, Inc. | 41 | 790 |
| SandRidge Energy, Inc. | 51 | 736 |
| RPC, Inc. | 125 | 680 |
| BKV Corp.<sup>\*</sup> | 24 | 652 |
| Gevo, Inc.<sup>\*</sup> | 323 | 646 |
| Kosmos Energy Ltd.<sup>\*</sup> | 660 | 599 |
| ASP Isotopes, Inc.<sup>\*</sup> | 107 | 573 |
| Oil States International, Inc.<sup>\*</sup> | 82 | 555 |
| VAALCO Energy, Inc. | 145 | 528 |
| Forum Energy Technologies, Inc.<sup>\*</sup> | 14 | 517 |
| Flowco Holdings, Inc. — Class A | 26 | 487 |
| Riley Exploration Permian, Inc. | 18 | 475 |
| Natural Gas Services Group, Inc. | 14 | 471 |
| Matrix Service Co.<sup>\*</sup> | 37 | 433 |
| Summit Midstream Corp.<sup>\*</sup> | 14 | 373 |
| Granite Ridge Resources, Inc. | 76 | 357 |
| Flotek Industries, Inc.<sup>\*</sup> | 20 | 345 |
| Ranger Energy Services, Inc. — Class A | 24 | 335 |
| Infinity Natural Resources, Inc. — Class A<sup>\*</sup> | 21 | 309 |
| NACCO Industries, Inc. — Class A | 6 | 294 |
| New Fortress Energy, Inc.<sup>\*</sup> | 236 | 269 |
| W&T Offshore, Inc. | 139 | 227 |
| DMC Global, Inc.<sup>\*</sup> | 27 | 181 |
| SEACOR Marine Holdings, Inc.<sup>\*</sup> | 29 | 175 |
| PrimeEnergy Resources Corp.<sup>\*</sup> | 1 | 171 |
| Kolibri Global Energy, Inc.<sup>\*</sup> | 41 | 161 |
| Montauk Renewables, Inc.<sup>\*</sup> | 94 | 157 |
| Evolution Petroleum Corp. | 44 | 156 |
| SunPower, Inc.<sup>\*</sup> | 84 | 132 |
| Epsilon Energy Ltd. | 27 | 125 |
| HighPeak Energy, Inc. | 26 | 123 |
| FutureFuel Corp. | 35 | 112 |
| OPAL Fuels, Inc. — Class A<sup>\*</sup> | 30 | 71 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 17 | 66 |
| Empire Petroleum Corp.<sup>\*</sup> | 21 | 64 |
| Mammoth Energy Services, Inc.<sup>\*</sup> | 34 | 63 |
| Prairie Operating Co.<sup>\*</sup> | 30 | 51 |
| NextNRG, Inc.<sup>\*</sup> | 25 | 36 |
| Verde Clean Fuels, Inc.<sup>\*</sup> | 6 | 12 |
| **Total Energy** |  | 196882 |
| **Basic Materials - 1.9%** |  |  |
| Hecla Mining Co. | 870 | 16695 |
| Coeur Mining, Inc.<sup>\*</sup> | 876 | 15619 |
| Commercial Metals Co. | 152 | 10522 |
| Uranium Energy Corp.<sup>\*</sup> | 653 | 7627 |
| Balchem Corp. | 45 | 6901 |
| SSR Mining, Inc.<sup>\*</sup> | 279 | 6116 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 23 | 5584 |
| Sensient Technologies Corp. | 58 | 5449 |
| Perimeter Solutions, Inc.<sup>\*</sup> | 190 | 5231 |
| Cabot Corp. | 73 | 4838 |
| Energy Fuels, Inc.<sup>\*</sup> | 313 | 4551 |
| HB Fuller Co. | 75 | 4460 |
| Novagold Resources, Inc.<sup>\*</sup> | 415 | 3868 |
| Hawkins, Inc. | 27 | 3836 |
| Constellium SE<sup>\*</sup> | 188 | 3544 |
| Ingevity Corp.<sup>\*</sup> | 50 | 2959 |
| Century Aluminum Co.<sup>\*</sup> | 73 | 2860 |
| Perpetua Resources Corp.<sup>\*</sup> | 116 | 2808 |
| Minerals Technologies, Inc. | 43 | 2621 |
| Quaker Chemical Corp. | 19 | 2609 |
| Innospec, Inc. | 34 | 2602 |
| Kaiser Aluminum Corp. | 22 | 2527 |
| Chemours Co. | 211 | 2488 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 146 | 2333 |
| Rogers Corp.<sup>\*</sup> | 25 | 2289 |
| Sylvamo Corp. | 47 | 2263 |
| Calumet, Inc.<sup>\*</sup> | 96 | 1908 |
| United States Lime & Minerals, Inc. | 15 | 1796 |
| Ecovyst, Inc.<sup>\*</sup> | 152 | 1479 |
| USA Rare Earth, Inc.<sup>\*</sup> | 120 | 1428 |
| Stepan Co. | 30 | 1421 |
| Compass Minerals International, Inc.<sup>\*</sup> | 49 | 962 |
| Mativ Holdings, Inc. | 76 | 923 |
| NioCorp Developments Ltd.<sup>\*</sup> | 147 | 779 |
| Ferroglobe plc | 167 | 775 |
| Koppers Holdings, Inc. | 27 | 731 |
| Idaho Strategic Resources, Inc.<sup>\*</sup> | 18 | 725 |
| Tronox Holdings plc — Class A | 166 | 692 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 47.1% (continued)** |
| **Basic Materials - 1.9% (continued)** | **Basic Materials - 1.9% (continued)** | **Basic Materials - 1.9% (continued)** |
| Dakota Gold Corp.<sup>\*</sup> | 121 | $687 |
| Oil-Dri Corporation of America | 14 | 685 |
| Magnera Corp.<sup>\*</sup> | 44 | 666 |
| US Antimony Corp.<sup>\*</sup> | 128 | 643 |
| AdvanSix, Inc. | 37 | 640 |
| Encore Energy Corp.<sup>\*</sup> | 256 | 635 |
| Caledonia Mining Corporation plc | 23 | 602 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 90 | 530 |
| Intrepid Potash, Inc.<sup>\*</sup> | 15 | 416 |
| Orion S.A. | 78 | 412 |
| American Battery Technology Co.<sup>\*</sup> | 113 | 377 |
| Contango ORE, Inc.<sup>\*</sup> | 12 | 317 |
| Critical Metals Corp.<sup>\*</sup> | 45 | 312 |
| US Gold Corp.<sup>\*</sup> | 15 | 291 |
| Vox Royalty Corp. | 56 | 265 |
| Codexis, Inc.<sup>\*</sup> | 115 | 188 |
| Friedman Industries, Inc. | 9 | 184 |
| Lifezone Metals Ltd.<sup>\*</sup> | 39 | 167 |
| American Vanguard Corp.<sup>\*</sup> | 37 | 141 |
| Kronos Worldwide, Inc. | 31 | 137 |
| Valhi, Inc. | 3 | 36 |
| Trinseo plc | 48 | 24 |
| US Goldmining, Inc.<sup>\*</sup> | 2 | 18 |
| **Total Basic Materials** |  | 155192 |
| **Utilities - 1.4%** |  |  |
| Oklo, Inc.<sup>\*</sup> | 149 | 10692 |
| Ormat Technologies, Inc. | 84 | 9280 |
| TXNM Energy, Inc. | 136 | 8008 |
| Brookfield Infrastructure Corp. — Class A | 165 | 7491 |
| Portland General Electric Co. | 155 | 7439 |
| Southwest Gas Holdings, Inc. | 89 | 7122 |
| Black Hills Corp. | 101 | 7011 |
| Spire, Inc. | 80 | 6616 |
| New Jersey Resources Corp. | 138 | 6365 |
| ONE Gas, Inc. | 82 | 6334 |
| Northwestern Energy Group, Inc. | 84 | 5421 |
| Otter Tail Corp. | 53 | 4283 |
| Avista Corp. | 111 | 4278 |
| MGE Energy, Inc. | 51 | 3999 |
| Chesapeake Utilities Corp. | 32 | 3992 |
| American States Water Co. | 53 | 3841 |
| California Water Service Group | 82 | 3553 |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 239 | 2940 |
| Northwest Natural Holding Co. | 57 | 2664 |
| H2O America | 45 | 2205 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 45 | 1318 |
| Middlesex Water Co. | 25 | 1260 |
| Unitil Corp. | 23 | 1114 |
| Consolidated Water Company Ltd. | 21 | 741 |
| York Water Co. | 20 | 637 |
| Genie Energy Ltd. — Class B | 30 | 413 |
| RGC Resources, Inc. | 12 | 256 |
| Global Water Resources, Inc. | 17 | 144 |
| **Total Utilities** |  | 119417 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 39 | 1740 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,328,102) |  | 3970531 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Bed Bath & Beyond Inc |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 10/07/26<sup>\*</sup> | 1 | – |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics Inc. | 179 |  |
| &nbsp;&nbsp;&nbsp;Sanofi SA | 52 |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S | 98 |  |
| &nbsp;&nbsp;&nbsp;Tobira Therapeutics, Inc. <sup>†††</sup> | 14 |  |
| &nbsp;&nbsp;&nbsp;Novartis AG<sup>†††,</sup> <sup>\*</sup> | 100 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Communications - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co. | 88 | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $421) |  | – |
| **MUTUAL FUNDS<sup>†</sup> - 12.6%** |  |  |
| Guggenheim Strategy Fund II<sup>1</sup> | 25618 | 635576 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 42083 | 424200 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,044,011) |  | 1059776 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.5%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $469000 | 468074 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $468,014) |  | 468074 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 32.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1361977 | 1361977 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1361977 | 1361977 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,723,954) |  | 2723954 |
| **Total Investments - 97.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,564,502) |  | $8222335 |
| **Other Assets & Liabilities, net - 2.5%** |  | 207227 |
| **Total Net Assets - 100.0%** |  | $8429562 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 49 | Mar 2026 | $6121570 | $(185547) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and <br> Unrealized <br> 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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |
| BNP Paribas | Russell 2000 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 647 | $1605565 | $80586 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.34% (Federal Funds Rate + 0.70%) | At Maturity | 01/21/26 | 174 | 431302 | 23143 |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.46% (SOFR + 0.75%) | At Maturity | 01/22/26 | 217 | 537982 | 21873 |
|  |  |  |  |  |  |  | $2574849 | $125602 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<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>* | *All or a portion of this security is pledged as futures collateral at December 31, 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 December 31, 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 | $3970531 | $— | $— \* | $3970531 |
| Warrants | — \* |  |  |  |
| Rights | — \* |  | — \* |  |
| Mutual Funds | 1059776 |  |  | 1059776 |
| U.S. Treasury Bills |  | 468074 |  | 468074 |
| Repurchase Agreements |  | 2723954 |  | 2723954 |
| Equity Index Swap Agreements\*\* |  | 125602 |  | 125602 |
| Total Assets | $5030307 | $3317630 | $— | $8347937 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $185547 | $– $– $| 185547 |

---

---

| | |
|:---|:---|
| *<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)*** | **December 31, 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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $636857 | $– | $– | $– | $(1281) | $635576 | 25618 | $24999 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 562295 | – | (140000) | 639 | 1266 | 424200 | 42083 | 13877 |
|  | $1199152 | $– | $(140000) | $639 | $(15) | $1059776 |  | $38876 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0%** | **COMMON STOCKS<sup>†</sup> - 43.0%** | **COMMON STOCKS<sup>†</sup> - 43.0%** |
| **Consumer, Non-cyclical - 10.1%** |  |  |
| Guardant Health, Inc.<sup>\*</sup> | 278 | $28395 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 362 | 27689 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 42 | 24458 |
| Ensign Group, Inc. | 128 | 22298 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 303 | 20116 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 264 | 19042 |
| HealthEquity, Inc.<sup>\*</sup> | 195 | 17864 |
| Cytokinetics, Inc.<sup>\*</sup> | 272 | 17283 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 94 | 17168 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 51 | 15032 |
| Glaukos Corp.<sup>\*</sup> | 128 | 14452 |
| Krystal Biotech, Inc.<sup>\*</sup> | 57 | 14053 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 177 | 13445 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 73 | 12953 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 121 | 12952 |
| Vaxcyte, Inc.<sup>\*</sup> | 261 | 12043 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 134 | 11811 |
| Option Care Health, Inc.<sup>\*</sup> | 365 | 11629 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 133 | 11616 |
| Nuvalent, Inc. — Class A<sup>\*,1</sup> | 114 | 11467 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 317 | 11260 |
| Brink's Co. | 96 | 11206 |
| RadNet, Inc.<sup>\*</sup> | 156 | 11131 |
| Herc Holdings, Inc.<sup>1</sup> | 75 | 11128 |
| CRISPR Therapeutics AG<sup>\*</sup> | 199 | 10436 |
| Alkermes plc<sup>\*</sup> | 370 | 10353 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 153 | 10182 |
| Kymera Therapeutics, Inc.<sup>\*,1</sup> | 129 | 10038 |
| Cidara Therapeutics, Inc.<sup>\*</sup> | 45 | 9940 |
| Indivior plc<sup>\*</sup> | 277 | 9939 |
| TG Therapeutics, Inc.<sup>\*</sup> | 332 | 9897 |
| Laureate Education, Inc. — Class A<sup>\*</sup> | 290 | 9764 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 680 | 9683 |
| ADMA Biologics, Inc.<sup>\*</sup> | 529 | 9649 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 206 | 9589 |
| TransMedics Group, Inc.<sup>\*</sup> | 77 | 9367 |
| BrightSpring Health Services, Inc.<sup>\*</sup> | 249 | 9325 |
| Haemonetics Corp.<sup>\*</sup> | 110 | 8817 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 82 | 8485 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 569 | 8415 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 44 | 8319 |
| Scholar Rock Holding Corp.<sup>\*</sup> | 188 | 8281 |
| Verra Mobility Corp.<sup>\*</sup> | 365 | 8180 |
| Cal-Maine Foods, Inc.<sup>1</sup> | 101 | 8037 |
| Korn Ferry | 120 | 7922 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup> | 196 | 7918 |
| ICU Medical, Inc.<sup>\*</sup> | 55 | 7847 |
| Xenon Pharmaceuticals, Inc.<sup>\*</sup> | 174 | 7799 |
| LivaNova plc<sup>\*</sup> | 125 | 7691 |
| Graham Holdings Co. — Class B | 7 | 7690 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 284 | 7586 |
| Marzetti Co. | 46 | 7563 |
| Veracyte, Inc.<sup>\*</sup> | 179 | 7536 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 94 | 7425 |
| Arcutis Biotherapeutics, Inc.<sup>\*,1</sup> | 251 | 7289 |
| Tarsus Pharmaceuticals, Inc.<sup>\*,1</sup> | 89 | 7287 |
| Celcuity, Inc.<sup>\*,1</sup> | 73 | 7281 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 188 | 7184 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 113 | 6971 |
| GRAIL, Inc.<sup>\*,1</sup> | 80 | 6847 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 39 | 6743 |
| Apogee Therapeutics, Inc.<sup>\*</sup> | 88 | 6642 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 451 | 6481 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 127 | 6431 |
| Stride, Inc.<sup>\*</sup> | 98 | 6363 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 183 | 6326 |
| Privia Health Group, Inc.<sup>\*</sup> | 266 | 6307 |
| Integer Holdings Corp.<sup>\*</sup> | 79 | 6196 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 264 | 6162 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 123 | 6113 |
| WD-40 Co. | 31 | 6104 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 218 | 6043 |
| ABM Industries, Inc. | 139 | 5880 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 538 | 5805 |
| Vita Coco Company, Inc.<sup>\*</sup> | 109 | 5778 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 272 | 5723 |
| GeneDx Holdings Corp.<sup>\*</sup> | 44 | 5723 |
| CBIZ, Inc.<sup>\*</sup> | 113 | 5701 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 182 | 5664 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 109 | 5561 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 341 | 5538 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 283 | 5536 |
| Remitly Global, Inc.<sup>\*</sup> | 388 | 5354 |
| CG oncology, Inc.<sup>\*,1</sup> | 128 | 5315 |
| Concentra Group Holdings Parent, Inc. | 267 | 5255 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 83 | 5173 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 425 | 5160 |
| Spyre Therapeutics, Inc.<sup>\*</sup> | 157 | 5143 |
| Arcellx, Inc.<sup>\*</sup> | 78 | 5086 |
| Liquidia Corp.<sup>\*</sup> | 147 | 5070 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 302 | 4986 |
| GEO Group, Inc.<sup>\*</sup> | 309 | 4981 |
| Soleno Therapeutics, Inc.<sup>\*</sup> | 107 | 4954 |
| Nuvation Bio, Inc.<sup>\*</sup> | 551 | 4937 |
| Omnicell, Inc.<sup>\*</sup> | 104 | 4711 |
| United Natural Foods, Inc.<sup>\*</sup> | 137 | 4613 |
| TIC Solutions, Inc.<sup>\*</sup> | 456 | 4610 |
| CoreCivic, Inc.<sup>\*</sup> | 241 | 4605 |
| Immunome, Inc.<sup>\*</sup> | 214 | 4597 |
| Addus HomeCare Corp.<sup>\*</sup> | 42 | 4510 |
| WaVe Life Sciences Ltd.<sup>\*</sup> | 263 | 4471 |
| CorVel Corp.<sup>\*</sup> | 66 | 4466 |
| QuidelOrtho Corp.<sup>\*</sup> | 155 | 4427 |
| Progyny, Inc.<sup>\*</sup> | 172 | 4417 |
| Twist Bioscience Corp.<sup>\*</sup> | 139 | 4409 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 276 | 4402 |
| Avadel Pharmaceuticals plc<sup>\*</sup> | 204 | 4396 |
| Artivion, Inc.<sup>\*</sup> | 96 | 4379 |
| AtriCure, Inc.<sup>\*</sup> | 110 | 4352 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 229 | 4344 |
| Turning Point Brands, Inc. | 40 | 4336 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 344 | 4334 |
| Strategic Education, Inc. | 54 | 4331 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 180 | 4289 |
| Disc Medicine, Inc.<sup>\*</sup> | 54 | 4288 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 200 | 4278 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Consumer, Non-cyclical - 10.1% (continued)** |  |  |
| EVERTEC, Inc. | 147 | $4276 |
| Simply Good Foods Co.<sup>\*</sup> | 212 | 4257 |
| Perdoceo Education Corp. | 144 | 4224 |
| Vericel Corp.<sup>\*</sup> | 115 | 4141 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 195 | 4097 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 150 | 4074 |
| Immunovant, Inc.<sup>\*</sup> | 160 | 4067 |
| 10X Genomics, Inc. — Class A<sup>\*</sup> | 247 | 4029 |
| TriNet Group, Inc. | 68 | 4021 |
| Andersons, Inc. | 75 | 3988 |
| National Healthcare Corp. | 29 | 3976 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 834 | 3961 |
| MannKind Corp.<sup>\*</sup> | 691 | 3918 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 157 | 3896 |
| LeMaitre Vascular, Inc. | 48 | 3893 |
| Mineralys Therapeutics, Inc.<sup>\*</sup> | 107 | 3883 |
| PACS Group, Inc.<sup>\*</sup> | 101 | 3877 |
| PROCEPT BioRobotics Corp.<sup>\*,1</sup> | 123 | 3870 |
| Flywire Corp.<sup>\*</sup> | 268 | 3795 |
| UFP Technologies, Inc.<sup>\*</sup> | 17 | 3775 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 100 | 3742 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 478 | 3728 |
| Fortrea Holdings, Inc.<sup>\*</sup> | 213 | 3674 |
| Legence Corp. — Class A<sup>\*</sup> | 85 | 3658 |
| Select Medical Holdings Corp. | 246 | 3653 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 132 | 3593 |
| ICF International, Inc. | 42 | 3583 |
| Payoneer Global, Inc.<sup>\*</sup> | 636 | 3574 |
| Inter Parfums, Inc. | 42 | 3563 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*,1</sup> | 869 | 3554 |
| Enovis Corp.<sup>\*</sup> | 133 | 3543 |
| Dynavax Technologies Corp.<sup>\*,1</sup> | 230 | 3537 |
| Harrow, Inc.<sup>\*</sup> | 72 | 3528 |
| Neogen Corp.<sup>\*</sup> | 499 | 3488 |
| NeoGenomics, Inc.<sup>\*</sup> | 295 | 3469 |
| Tandem Diabetes Care, Inc.<sup>\*,1</sup> | 157 | 3451 |
| Olema Pharmaceuticals, Inc.<sup>\*</sup> | 136 | 3400 |
| Axogen, Inc.<sup>\*</sup> | 103 | 3371 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 72 | 3334 |
| Willdan Group, Inc.<sup>\*</sup> | 32 | 3317 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 42 | 3316 |
| J & J Snack Foods Corp. | 36 | 3253 |
| Spectrum Brands Holdings, Inc. | 55 | 3249 |
| Ardelyx, Inc.<sup>\*</sup> | 553 | 3224 |
| Arlo Technologies, Inc.<sup>\*</sup> | 227 | 3176 |
| Insperity, Inc. | 82 | 3175 |
| EyePoint, Inc.<sup>\*</sup> | 173 | 3161 |
| Azenta, Inc.<sup>\*</sup> | 93 | 3093 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 161 | 3078 |
| Novocure Ltd.<sup>\*</sup> | 238 | 3077 |
| Herbalife Ltd.<sup>\*</sup> | 237 | 3055 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 96 | 3047 |
| Zymeworks, Inc.<sup>\*</sup> | 115 | 3028 |
| CRA International, Inc. | 15 | 3010 |
| CONMED Corp. | 73 | 2964 |
| Universal Corp. | 55 | 2901 |
| Legalzoom.com, Inc.<sup>\*</sup> | 291 | 2890 |
| Teladoc Health, Inc.<sup>\*</sup> | 412 | 2884 |
| Mind Medicine MindMed, Inc.<sup>\*</sup> | 215 | 2879 |
| Innoviva, Inc.<sup>\*</sup> | 144 | 2879 |
| John Wiley & Sons, Inc. — Class A<sup>1</sup> | 93 | 2849 |
| Dole plc | 189 | 2833 |
| Surgery Partners, Inc.<sup>\*</sup> | 181 | 2797 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 118 | 2784 |
| Taysha Gene Therapies, Inc.<sup>\*</sup> | 504 | 2772 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 352 | 2763 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 105 | 2744 |
| US Physical Therapy, Inc. | 35 | 2733 |
| Beta Bionics, Inc.<sup>\*</sup> | 89 | 2712 |
| Fresh Del Monte Produce, Inc. | 76 | 2708 |
| First Advantage Corp.<sup>\*</sup> | 186 | 2703 |
| STAAR Surgical Co.<sup>\*</sup> | 117 | 2702 |
| PROG Holdings, Inc. | 91 | 2684 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 380 | 2675 |
| Oruka Therapeutics, Inc.<sup>\*</sup> | 88 | 2667 |
| Cimpress plc<sup>\*</sup> | 40 | 2664 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 102 | 2640 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 311 | 2631 |
| Capricor Therapeutics, Inc.<sup>\*</sup> | 90 | 2597 |
| Trevi Therapeutics, Inc.<sup>\*</sup> | 207 | 2592 |
| Vital Farms, Inc.<sup>\*</sup> | 81 | 2587 |
| Castle Biosciences, Inc.<sup>\*</sup> | 65 | 2528 |
| Xencor, Inc.<sup>\*</sup> | 165 | 2526 |
| CompoSecure, Inc. — Class A<sup>\*</sup> | 131 | 2526 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 203 | 2452 |
| Biohaven Ltd.<sup>\*</sup> | 212 | 2394 |
| Coursera, Inc.<sup>\*</sup> | 324 | 2385 |
| Astrana Health, Inc.<sup>\*</sup> | 96 | 2382 |
| Novavax, Inc.<sup>\*,1</sup> | 351 | 2359 |
| Ingles Markets, Inc. — Class A | 34 | 2331 |
| Deluxe Corp. | 104 | 2322 |
| Dianthus Therapeutics, Inc.<sup>\*</sup> | 56 | 2308 |
| Omeros Corp.<sup>\*</sup> | 132 | 2267 |
| CareDx, Inc.<sup>\*</sup> | 119 | 2242 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 221 | 2232 |
| Pennant Group, Inc.<sup>\*</sup> | 79 | 2224 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 83 | 2223 |
| Sezzle, Inc.<sup>\*</sup> | 35 | 2222 |
| Clover Health Investments Corp.<sup>\*</sup> | 943 | 2216 |
| NPK International, Inc.<sup>\*</sup> | 183 | 2181 |
| AdaptHealth Corp.<sup>\*</sup> | 217 | 2161 |
| Upbound Group, Inc. | 123 | 2160 |
| Tango Therapeutics, Inc.<sup>\*,1</sup> | 243 | 2153 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 77 | 2153 |
| BioLife Solutions, Inc.<sup>\*</sup> | 89 | 2152 |
| BrightView Holdings, Inc.<sup>\*</sup> | 167 | 2116 |
| Barrett Business Services, Inc. | 58 | 2100 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 231 | 2077 |
| Driven Brands Holdings, Inc.<sup>\*</sup> | 140 | 2075 |
| Upstream Bio, Inc.<sup>\*</sup> | 76 | 2063 |
| MBX Biosciences, Inc.<sup>\*</sup> | 65 | 2050 |
| UroGen Pharma Ltd.<sup>\*</sup> | 87 | 2038 |
| AnaptysBio, Inc.<sup>\*</sup> | 42 | 2036 |
| Weis Markets, Inc. | 31 | 1987 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 534 | 1976 |
| Alight, Inc. — Class A | 1012 | 1973 |
| Rapport Therapeutics, Inc.<sup>\*</sup> | 65 | 1972 |
| Integra LifeSciences Holdings Corp.<sup>\*</sup> | 157 | 1950 |
| Savara, Inc.<sup>\*</sup> | 323 | 1948 |
| Kura Oncology, Inc.<sup>\*</sup> | 185 | 1922 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 702 | 1916 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Consumer, Non-cyclical - 10.1% (continued)** |  |  |
| MiMedx Group, Inc.<sup>\*</sup> | 278 | $1882 |
| Maze Therapeutics, Inc.<sup>\*</sup> | 45 | 1864 |
| iRadimed Corp. | 19 | 1848 |
| Matthews International Corp. — Class A | 70 | 1828 |
| Arvinas, Inc.<sup>\*</sup> | 154 | 1826 |
| Edgewell Personal Care Co. | 106 | 1807 |
| Vestis Corp.<sup>\*</sup> | 270 | 1801 |
| Phibro Animal Health Corp. — Class A | 48 | 1793 |
| National Beverage Corp.<sup>\*</sup> | 56 | 1786 |
| Utz Brands, Inc. | 170 | 1765 |
| CorMedix, Inc.<sup>\*</sup> | 151 | 1756 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 41 | 1756 |
| SI-BONE, Inc.<sup>\*</sup> | 89 | 1755 |
| Precigen, Inc.<sup>\*</sup> | 412 | 1722 |
| Monte Rosa Therapeutics, Inc.<sup>\*,1</sup> | 109 | 1709 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 355 | 1708 |
| Butterfly Network, Inc.<sup>\*</sup> | 448 | 1702 |
| Geron Corp.<sup>\*</sup> | 1270 | 1676 |
| Palvella Therapeutics, Inc.<sup>\*</sup> | 16 | 1675 |
| Lincoln Educational Services Corp.<sup>\*</sup> | 69 | 1666 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 89 | 1665 |
| Inhibrx Biosciences, Inc.<sup>\*</sup> | 21 | 1659 |
| Jade Biosciences, Inc. | 106 | 1636 |
| Embecta Corp. | 137 | 1628 |
| Quanex Building Products Corp. | 105 | 1615 |
| Green Dot Corp. — Class A<sup>\*</sup> | 126 | 1614 |
| Compass Therapeutics, Inc.<sup>\*</sup> | 299 | 1606 |
| REGENXBIO, Inc.<sup>\*</sup> | 110 | 1584 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 169 | 1575 |
| American Public Education, Inc.<sup>\*</sup> | 41 | 1550 |
| Sana Biotechnology, Inc.<sup>\*,1</sup> | 377 | 1534 |
| Sionna Therapeutics, Inc.<sup>\*</sup> | 37 | 1522 |
| Erasca, Inc.<sup>\*</sup> | 407 | 1514 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 91 | 1510 |
| ARS Pharmaceuticals, Inc.<sup>\*,1</sup> | 129 | 1503 |
| Tootsie Roll Industries, Inc.<sup>1</sup> | 41 | 1502 |
| Replimune Group, Inc.<sup>\*</sup> | 154 | 1497 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 56 | 1472 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 119 | 1471 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 50 | 1450 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 89 | 1437 |
| Lexeo Therapeutics, Inc.<sup>\*</sup> | 144 | 1430 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 277 | 1424 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 90 | 1418 |
| Monro, Inc.<sup>1</sup> | 70 | 1403 |
| Carriage Services, Inc. — Class A | 33 | 1396 |
| Septerna, Inc.<sup>\*</sup> | 50 | 1394 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 276 | 1394 |
| Enliven Therapeutics, Inc.<sup>\*</sup> | 90 | 1386 |
| Zenas Biopharma, Inc.<sup>\*,1</sup> | 38 | 1380 |
| Orthofix Medical, Inc.<sup>\*</sup> | 91 | 1380 |
| Gossamer Bio, Inc.<sup>\*</sup> | 443 | 1373 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 67 | 1364 |
| Guardian Pharmacy Services, Inc. — Class A<sup>\*</sup> | 45 | 1354 |
| ArriVent Biopharma, Inc.<sup>\*,1</sup> | 67 | 1348 |
| ImmunityBio, Inc.<sup>\*,1</sup> | 674 | 1335 |
| Udemy, Inc.<sup>\*</sup> | 228 | 1334 |
| Myriad Genetics, Inc.<sup>\*</sup> | 214 | 1316 |
| Aquestive Therapeutics, Inc.<sup>\*</sup> | 202 | 1305 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 159 | 1299 |
| Kforce, Inc. | 42 | 1299 |
| Mister Car Wash, Inc.<sup>\*,1</sup> | 233 | 1295 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 49 | 1287 |
| Ceribell, Inc.<sup>\*</sup> | 58 | 1272 |
| John B Sanfilippo & Son, Inc. | 18 | 1271 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 92 | 1270 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 375 | 1264 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 209 | 1260 |
| Transcat, Inc.<sup>\*</sup> | 22 | 1248 |
| Cullinan Therapeutics, Inc.<sup>\*</sup> | 120 | 1242 |
| ORIC Pharmaceuticals, Inc.<sup>\*,1</sup> | 151 | 1235 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 11 | 1217 |
| Bicara Therapeutics, Inc.<sup>\*</sup> | 72 | 1212 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 648 | 1212 |
| Kestra Medical Technologies Ltd.<sup>\*</sup> | 45 | 1193 |
| Avanos Medical, Inc.<sup>\*</sup> | 105 | 1179 |
| AngioDynamics, Inc.<sup>\*</sup> | 91 | 1168 |
| Cass Information Systems, Inc. | 28 | 1163 |
| Hackett Group, Inc. | 59 | 1158 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 131 | 1155 |
| Mission Produce, Inc.<sup>\*</sup> | 99 | 1148 |
| Helen of Troy Ltd.<sup>\*</sup> | 54 | 1148 |
| Zevra Therapeutics, Inc.<sup>\*</sup> | 127 | 1138 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 100 | 1131 |
| Annexon, Inc.<sup>\*</sup> | 225 | 1130 |
| Varex Imaging Corp.<sup>\*</sup> | 96 | 1118 |
| Astria Therapeutics, Inc.<sup>\*</sup> | 85 | 1113 |
| Alumis, Inc.<sup>\*</sup> | 113 | 1103 |
| Mama's Creations, Inc.<sup>\*</sup> | 80 | 1079 |
| Enhabit, Inc.<sup>\*</sup> | 116 | 1069 |
| OPKO Health, Inc.<sup>\*</sup> | 847 | 1067 |
| Ennis, Inc. | 58 | 1045 |
| Eton Pharmaceuticals, Inc.<sup>\*</sup> | 60 | 1015 |
| LB Pharmaceuticals, Inc.<sup>\*</sup> | 44 | 979 |
| Community Health Systems, Inc.<sup>\*</sup> | 305 | 952 |
| Akebia Therapeutics, Inc.<sup>\*</sup> | 586 | 943 |
| Corvus Pharmaceuticals, Inc.<sup>\*</sup> | 122 | 939 |
| Personalis, Inc.<sup>\*</sup> | 117 | 931 |
| Absci Corp.<sup>\*</sup> | 256 | 893 |
| Cerus Corp.<sup>\*</sup> | 433 | 892 |
| Prothena Corporation plc<sup>\*</sup> | 91 | 869 |
| NeuroPace, Inc.<sup>\*</sup> | 56 | 865 |
| Bright Minds Biosciences, Inc.<sup>\*</sup> | 11 | 858 |
| SunOpta, Inc.<sup>\*</sup> | 225 | 855 |
| Calavo Growers, Inc. | 39 | 848 |
| SELLAS Life Sciences Group, Inc.<sup>\*,1</sup> | 223 | 841 |
| ClearPoint Neuro, Inc.<sup>\*</sup> | 61 | 834 |
| RxSight, Inc.<sup>\*</sup> | 80 | 834 |
| Evolus, Inc.<sup>\*</sup> | 125 | 831 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 160 | 829 |
| Maravai LifeSciences Holdings, Inc. — Class A<sup>\*</sup> | 255 | 829 |
| Verastem, Inc.<sup>\*</sup> | 106 | 818 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Consumer, Non-cyclical - 10.1% (continued)** |  |  |
| Custom Truck One Source, Inc.<sup>\*</sup> | 141 | $812 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 108 | 804 |
| MGP Ingredients, Inc. | 33 | 802 |
| Prime Medicine, Inc.<sup>\*</sup> | 227 | 788 |
| MeiraGTx Holdings plc<sup>\*</sup> | 98 | 779 |
| Solid Biosciences, Inc.<sup>\*</sup> | 138 | 778 |
| B&G Foods, Inc.<sup>1</sup> | 181 | 778 |
| Niagen Bioscience, Inc.<sup>\*</sup> | 122 | 776 |
| Tejon Ranch Co.<sup>\*</sup> | 49 | 773 |
| ACCO Brands Corp. | 205 | 765 |
| Ginkgo Bioworks Holdings, Inc.<sup>\*</sup> | 91 | 756 |
| Natural Grocers by Vitamin Cottage, Inc. | 30 | 752 |
| Village Super Market, Inc. — Class A | 21 | 743 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 47 | 741 |
| BioAge Labs, Inc.<sup>\*</sup> | 56 | 741 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 34 | 734 |
| Cadiz, Inc.<sup>\*</sup> | 129 | 724 |
| Strata Critical Medical, Inc.<sup>\*</sup> | 150 | 721 |
| Beyond Meat, Inc.<sup>\*,1</sup> | 875 | 717 |
| Delcath Systems, Inc.<sup>\*</sup> | 71 | 717 |
| OrthoPediatrics Corp.<sup>\*</sup> | 40 | 710 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 94 | 705 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 196 | 698 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 197 | 691 |
| MapLight Therapeutics, Inc.<sup>\*</sup> | 39 | 685 |
| Entrada Therapeutics, Inc.<sup>\*</sup> | 66 | 679 |
| Aldeyra Therapeutics, Inc.<sup>\*</sup> | 127 | 658 |
| Altimmune, Inc.<sup>\*</sup> | 181 | 653 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 180 | 643 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 212 | 638 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 23 | 630 |
| Kelly Services, Inc. — Class A | 71 | 625 |
| Paysafe Ltd.<sup>\*</sup> | 76 | 615 |
| Viemed Healthcare, Inc.<sup>\*</sup> | 82 | 609 |
| LENZ Therapeutics, Inc.<sup>\*</sup> | 38 | 608 |
| Target Hospitality Corp.<sup>\*</sup> | 75 | 601 |
| ADC Therapeutics S.A.<sup>\*</sup> | 170 | 600 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 73 | 591 |
| Puma Biotechnology, Inc.<sup>\*</sup> | 99 | 589 |
| SIGA Technologies, Inc. | 96 | 587 |
| XOMA Royalty Corp.<sup>\*</sup> | 22 | 585 |
| KORU Medical Systems, Inc.<sup>\*</sup> | 100 | 581 |
| Pulse Biosciences, Inc.<sup>\*</sup> | 42 | 577 |
| Honest Company, Inc.<sup>\*</sup> | 219 | 565 |
| National Research Corp. — Class A | 30 | 563 |
| Repay Holdings Corp.<sup>\*</sup> | 154 | 562 |
| Nathan's Famous, Inc. | 6 | 561 |
| Quanterix Corp.<sup>\*</sup> | 86 | 547 |
| Tectonic Therapeutic, Inc.<sup>\*,1</sup> | 26 | 542 |
| Abeona Therapeutics, Inc.<sup>\*</sup> | 102 | 538 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 65 | 532 |
| Design Therapeutics, Inc.<sup>\*</sup> | 56 | 525 |
| Monopar Therapeutics, Inc.<sup>\*</sup> | 8 | 522 |
| Candel Therapeutics, Inc.<sup>\*,1</sup> | 92 | 520 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 26 | 510 |
| agilon health, Inc.<sup>\*</sup> | 724 | 499 |
| Accendra Health, Inc.<sup>\*</sup> | 177 | 496 |
| DiaMedica Therapeutics, Inc.<sup>\*</sup> | 62 | 494 |
| Limoneira Co. | 39 | 492 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 356 | 488 |
| Oncology Institute, Inc.<sup>\*</sup> | 137 | 488 |
| Spire Global, Inc.<sup>\*,1</sup> | 64 | 480 |
| Information Services Group, Inc. | 83 | 480 |
| Aura Biosciences, Inc.<sup>\*</sup> | 88 | 480 |
| SANUWAVE Health, Inc.<sup>\*</sup> | 16 | 477 |
| Ardent Health, Inc.<sup>\*</sup> | 54 | 477 |
| Neurogene, Inc.<sup>\*,1</sup> | 23 | 474 |
| Alico, Inc. | 13 | 473 |
| Heron Therapeutics, Inc.<sup>\*</sup> | 359 | 467 |
| Electromed, Inc.<sup>\*</sup> | 16 | 466 |
| USCB Financial Holdings, Inc. | 25 | 460 |
| Benitec Biopharma, Inc.<sup>\*</sup> | 34 | 458 |
| Olaplex Holdings, Inc.<sup>\*</sup> | 329 | 441 |
| Franklin Covey Co.<sup>\*</sup> | 26 | 436 |
| OmniAb, Inc.<sup>\*</sup> | 235 | 435 |
| Voyager Therapeutics, Inc.<sup>\*</sup> | 109 | 428 |
| Quad/Graphics, Inc. | 68 | 426 |
| OraSure Technologies, Inc.<sup>\*</sup> | 176 | 426 |
| Sonida Senior Living, Inc.<sup>\*</sup> | 13 | 424 |
| Fennec Pharmaceuticals, Inc.<sup>\*</sup> | 55 | 423 |
| Nano-X Imaging Ltd.<sup>\*</sup> | 151 | 423 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 77 | 416 |
| Cardiff Oncology, Inc.<sup>\*</sup> | 145 | 407 |
| Editas Medicine, Inc.<sup>\*</sup> | 198 | 406 |
| Protara Therapeutics, Inc.<sup>\*</sup> | 76 | 405 |
| Utah Medical Products, Inc. | 7 | 392 |
| Perspective Therapeutics, Inc.<sup>\*</sup> | 140 | 385 |
| Resources Connection, Inc. | 76 | 383 |
| Larimar Therapeutics, Inc.<sup>\*</sup> | 99 | 377 |
| Inogen, Inc.<sup>\*</sup> | 56 | 376 |
| Chaince Digital Holdings, Inc.<sup>\*</sup> | 75 | 373 |
| Beauty Health Co.<sup>\*</sup> | 268 | 373 |
| Rezolute, Inc.<sup>\*,1</sup> | 156 | 368 |
| MaxCyte, Inc.<sup>\*</sup> | 237 | 367 |
| Quantum-Si, Inc.<sup>\*</sup> | 331 | 364 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 59 | 362 |
| Coherus Oncology, Inc.<sup>\*</sup> | 249 | 354 |
| Westrock Coffee Co.<sup>\*</sup> | 85 | 346 |
| MediWound Ltd.<sup>\*</sup> | 18 | 332 |
| Acme United Corp. | 8 | 322 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 59 | 322 |
| KinderCare Learning Companies, Inc.<sup>\*</sup> | 74 | 320 |
| Stereotaxis, Inc.<sup>\*</sup> | 134 | 308 |
| Semler Scientific, Inc.<sup>\*</sup> | 20 | 306 |
| Joint Corp.<sup>\*</sup> | 35 | 305 |
| TrueBlue, Inc.<sup>\*</sup> | 67 | 305 |
| Acacia Research Corp.<sup>\*</sup> | 80 | 299 |
| Greenwich Lifesciences, Inc.<sup>\*</sup> | 14 | 294 |
| Protalix BioTherapeutics, Inc.<sup>\*</sup> | 163 | 293 |
| Lifeway Foods, Inc.<sup>\*</sup> | 12 | 291 |
| Inhibikase Therapeutics, Inc.<sup>\*</sup> | 141 | 289 |
| Humacyte, Inc.<sup>\*</sup> | 294 | 282 |
| Tonix Pharmaceuticals Holding Corp.<sup>\*</sup> | 18 | 281 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 29 | 279 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 112 | 274 |
| CVRx, Inc.<sup>\*</sup> | 38 | 270 |
| Medifast, Inc.<sup>\*,1</sup> | 25 | 267 |
| TriSalus Life Sciences, Inc.<sup>\*</sup> | 37 | 258 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Consumer, Non-cyclical - 10.1% (continued)** |  |  |
| LENSAR, Inc.<sup>\*</sup> | 22 | $256 |
| Alector, Inc.<sup>\*</sup> | 162 | 253 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 255 | 251 |
| Anteris Technologies Global Corp.<sup>\*</sup> | 50 | 249 |
| RCM Technologies, Inc.<sup>\*</sup> | 12 | 245 |
| European Wax Center, Inc. — Class A<sup>\*</sup> | 68 | 245 |
| Innovage Holding Corp.<sup>\*</sup> | 47 | 244 |
| Nkarta, Inc.<sup>\*</sup> | 125 | 231 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 212 | 227 |
| Nuvectis Pharma, Inc.<sup>\*</sup> | 30 | 227 |
| Alta Equipment Group, Inc. | 48 | 221 |
| Forrester Research, Inc.<sup>\*</sup> | 27 | 219 |
| Journey Medical Corp.<sup>\*</sup> | 28 | 216 |
| CPI Card Group, Inc.<sup>\*</sup> | 14 | 206 |
| Eledon Pharmaceuticals, Inc.<sup>\*</sup> | 136 | 205 |
| HF Foods Group, Inc.<sup>\*</sup> | 94 | 202 |
| Pulmonx Corp.<sup>\*</sup> | 90 | 199 |
| Accuray, Inc.<sup>\*</sup> | 238 | 196 |
| DocGo, Inc.<sup>\*</sup> | 214 | 188 |
| Waldencast plc — Class A<sup>\*</sup> | 99 | 186 |
| Biote Corp. — Class A<sup>\*</sup> | 68 | 177 |
| SoundThinking, Inc.<sup>\*</sup> | 22 | 177 |
| Lucid Diagnostics, Inc.<sup>\*</sup> | 161 | 175 |
| Zevia PBC — Class A<sup>\*</sup> | 74 | 172 |
| Aardvark Therapeutics, Inc.<sup>\*</sup> | 13 | 171 |
| Sanara Medtech, Inc.<sup>\*</sup> | 7 | 163 |
| BRC, Inc. — Class A<sup>\*</sup> | 145 | 161 |
| aTyr Pharma, Inc.<sup>\*</sup> | 203 | 159 |
| Cartesian Therapeutics, Inc.<sup>\*</sup> | 22 | 159 |
| Outset Medical, Inc.<sup>\*</sup> | 42 | 156 |
| Lifevantage Corp. | 25 | 154 |
| Gyre Therapeutics, Inc.<sup>\*</sup> | 21 | 148 |
| Emerald Holding, Inc. | 33 | 147 |
| FitLife Brands, Inc.<sup>\*</sup> | 9 | 146 |
| HireQuest, Inc. | 13 | 137 |
| Forafric Global plc<sup>\*</sup> | 12 | 132 |
| Korro Bio, Inc.<sup>\*</sup> | 16 | 128 |
| Ispire Technology, Inc.<sup>\*</sup> | 44 | 123 |
| Neuronetics, Inc.<sup>\*</sup> | 85 | 117 |
| Avita Medical, Inc.<sup>\*</sup> | 28 | 97 |
| Alpha Teknova, Inc.<sup>\*</sup> | 25 | 95 |
| Actuate Therapeutics, Inc.<sup>\*</sup> | 14 | 86 |
| MarketWise, Inc. | 5 | 75 |
| Solesence, Inc.<sup>\*</sup> | 44 | 70 |
| Myomo, Inc.<sup>\*</sup> | 76 | 69 |
| Inmune Bio, Inc.<sup>\*</sup> | 39 | 61 |
| AirSculpt Technologies, Inc.<sup>\*</sup> | 30 | 59 |
| SBC Medical Group Holdings, Inc.<sup>\*</sup> | 13 | 56 |
| TuHURA Biosciences, Inc.<sup>\*</sup> | 60 | 45 |
| Nektar Therapeutics<sup>\*</sup> | 1 | 42 |
| Tvardi Therapeutics, Inc.<sup>\*</sup> | 8 | 34 |
| Atlantic International Corp.<sup>\*</sup> | 25 | 33 |
| Tevogen Bio Holdings, Inc.<sup>\*</sup> | 66 | 22 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 42 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 42 | - |
| **Total Consumer, Non-cyclical** |  | 1553340 |
| **Financial - 10.1%** |  |  |
| UMB Financial Corp. | 166 | 19097 |
| CareTrust REIT, Inc. | 514 | 18586 |
| Cadence Bank | 427 | 18293 |
| American Healthcare REIT, Inc.<sup>1</sup> | 386 | 18165 |
| Old National Bancorp | 800 | 17848 |
| Jackson Financial, Inc. — Class A | 158 | 16851 |
| Essent Group Ltd. | 217 | 14107 |
| Terreno Realty Corp. REIT | 234 | 13738 |
| Piper Sandler Cos. | 40 | 13588 |
| Essential Properties Realty Trust, Inc. REIT<sup>1</sup> | 454 | 13466 |
| Ryman Hospitality Properties, Inc. REIT | 141 | 13341 |
| Valley National Bancorp | 1108 | 12941 |
| Glacier Bancorp, Inc. | 293 | 12907 |
| Hancock Whitney Corp. | 194 | 12354 |
| United Bankshares, Inc. | 320 | 12288 |
| Home BancShares, Inc. | 430 | 11945 |
| Kite Realty Group Trust REIT | 497 | 11913 |
| Compass, Inc. — Class A<sup>\*</sup> | 1121 | 11849 |
| Moelis & Co. — Class A | 170 | 11686 |
| Selective Insurance Group, Inc. | 139 | 11630 |
| Atlantic Union Bankshares Corp. | 326 | 11508 |
| Ameris Bancorp | 151 | 11215 |
| Radian Group, Inc. | 310 | 11157 |
| Cipher Mining, Inc.<sup>\*</sup> | 741 | 10937 |
| Macerich Co. REIT | 580 | 10707 |
| Axos Financial, Inc.<sup>\*</sup> | 124 | 10684 |
| StoneX Group, Inc.<sup>\*</sup> | 112 | 10655 |
| Sabra Health Care REIT, Inc. <sup>1</sup> | 543 | 10284 |
| Phillips Edison & Company, Inc. REIT | 289 | 10280 |
| StepStone Group, Inc. — Class A | 159 | 10203 |
| Riot Platforms, Inc.<sup>\*</sup> | 797 | 10098 |
| Hut 8 Corp.<sup>\*</sup> | 219 | 10061 |
| Lemonade, Inc.<sup>\*,1</sup> | 138 | 9823 |
| Associated Banc-Corp. | 380 | 9789 |
| Core Scientific, Inc.<sup>\*</sup> | 663 | 9653 |
| Independence Realty Trust, Inc. REIT | 546 | 9544 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 104 | 9416 |
| CNO Financial Group, Inc. | 220 | 9343 |
| Eastern Bankshares, Inc. | 506 | 9326 |
| First Financial Bankshares, Inc. | 307 | 9170 |
| PennyMac Financial Services, Inc. | 67 | 8833 |
| HA Sustainable Infrastructure Capital, Inc. | 279 | 8769 |
| United Community Banks, Inc. | 280 | 8742 |
| Flagstar Bank North America | 694 | 8737 |
| PJT Partners, Inc. — Class A | 52 | 8694 |
| Enova International, Inc.<sup>\*</sup> | 55 | 8646 |
| Upstart Holdings, Inc.<sup>\*,1</sup> | 196 | 8571 |
| Cushman & Wakefield Ltd.<sup>\*</sup> | 529 | 8565 |
| Tanger, Inc. REIT | 255 | 8509 |
| ServisFirst Bancshares, Inc. | 118 | 8471 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 929 | 8389 |
| International Bancshares Corp. | 125 | 8305 |
| Independent Bank Corp. | 113 | 8258 |
| National Health Investors, Inc. REIT | 108 | 8248 |
| Outfront Media, Inc. REIT | 338 | 8146 |
| Palomar Holdings, Inc.<sup>\*</sup> | 60 | 8086 |
| Fulton Financial Corp. | 417 | 8061 |
| Terawulf, Inc.<sup>\*,1</sup> | 693 | 7963 |
| Bread Financial Holdings, Inc. | 105 | 7773 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Financial - 10.1% (continued)** |  |  |
| BankUnited, Inc. | 172 | $7666 |
| MARA Holdings, Inc.<sup>\*,1</sup> | 849 | 7624 |
| Renasant Corp. | 215 | 7572 |
| First BanCorp | 363 | 7525 |
| SL Green Realty Corp. REIT | 164 | 7523 |
| Broadstone Net Lease, Inc. REIT | 433 | 7521 |
| BGC Group, Inc. — Class A | 828 | 7394 |
| Cathay General Bancorp | 152 | 7355 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 179 | 7301 |
| COPT Defense Properties REIT | 260 | 7228 |
| WesBanco, Inc. | 216 | 7180 |
| WSFS Financial Corp. | 128 | 7071 |
| First Interstate BancSystem, Inc. — Class A | 204 | 7058 |
| PotlatchDeltic Corp. REIT | 176 | 7001 |
| Community Financial System, Inc. | 121 | 6950 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 363 | 6944 |
| LXP Industrial Trust REIT | 133 | 6594 |
| Bancorp, Inc.<sup>\*</sup> | 97 | 6549 |
| Cleanspark, Inc.<sup>\*</sup> | 634 | 6416 |
| Victory Capital Holdings, Inc. — Class A | 101 | 6372 |
| Seacoast Banking Corporation of Florida | 200 | 6284 |
| Simmons First National Corp. — Class A | 330 | 6221 |
| Acadia Realty Trust REIT | 302 | 6203 |
| Bank of Hawaii Corp. | 90 | 6153 |
| Apple Hospitality REIT, Inc. | 512 | 6067 |
| McGrath RentCorp | 56 | 5876 |
| Newmark Group, Inc. — Class A | 338 | 5861 |
| Artisan Partners Asset Management, Inc. — Class A | 143 | 5826 |
| Provident Financial Services, Inc. | 294 | 5806 |
| Mercury General Corp. | 61 | 5738 |
| WaFd, Inc. | 178 | 5701 |
| Banc of California, Inc. | 293 | 5652 |
| Urban Edge Properties REIT | 291 | 5584 |
| CVB Financial Corp. | 299 | 5561 |
| TowneBank | 166 | 5539 |
| First Financial Bancorp | 218 | 5454 |
| Four Corners Property Trust, Inc. REIT | 234 | 5396 |
| FB Financial Corp. | 96 | 5357 |
| Customers Bancorp, Inc.<sup>\*</sup> | 73 | 5338 |
| Dave, Inc.<sup>\*</sup> | 24 | 5314 |
| Park National Corp. | 34 | 5174 |
| St. Joe Co. | 87 | 5165 |
| Curbline Properties Corp. REIT | 222 | 5153 |
| SiriusPoint Ltd.<sup>\*</sup> | 234 | 5122 |
| BancFirst Corp. | 48 | 5089 |
| InvenTrust Properties Corp. REIT | 178 | 5021 |
| Beacon Financial Corp. | 190 | 5010 |
| Trustmark Corp. | 128 | 4986 |
| First Merchants Corp. | 132 | 4947 |
| LendingClub Corp.<sup>\*</sup> | 259 | 4905 |
| Banner Corp. | 78 | 4887 |
| NBT Bancorp, Inc. | 117 | 4858 |
| Webull Corp.<sup>\*</sup> | 624 | 4849 |
| Marex Group plc | 125 | 4795 |
| Bank of NT Butterfield & Son Ltd. | 95 | 4733 |
| Dynex Capital, Inc. REIT | 336 | 4707 |
| First Bancorp | 92 | 4673 |
| HCI Group, Inc. | 24 | 4600 |
| First Busey Corp. | 193 | 4591 |
| ARMOUR Residential REIT, Inc.<sup>1</sup> | 258 | 4564 |
| Enterprise Financial Services Corp. | 84 | 4536 |
| Walker & Dunlop, Inc. | 75 | 4511 |
| Stewart Information Services Corp. | 64 | 4497 |
| Horace Mann Educators Corp. | 93 | 4295 |
| DiamondRock Hospitality Co. REIT | 471 | 4220 |
| Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | 82 | 4191 |
| OFG Bancorp | 101 | 4139 |
| Douglas Emmett, Inc. REIT | 370 | 4066 |
| Burford Capital Ltd. | 450 | 4014 |
| First Commonwealth Financial Corp. | 238 | 4013 |
| Pagseguro Digital Ltd. — Class A | 416 | 4010 |
| Northwest Bancshares, Inc. | 332 | 3984 |
| Goosehead Insurance, Inc. — Class A | 54 | 3977 |
| Baldwin Insurance Group, Inc. — Class A<sup>\*</sup> | 165 | 3965 |
| Cohen & Steers, Inc. | 63 | 3955 |
| Stock Yards Bancorp, Inc. | 60 | 3897 |
| Global Net Lease, Inc. REIT | 453 | 3896 |
| City Holding Co. | 32 | 3814 |
| Sunstone Hotel Investors, Inc. REIT | 416 | 3719 |
| Pathward Financial, Inc. | 52 | 3692 |
| Farmer Mac — Class C | 21 | 3687 |
| Nicolet Bankshares, Inc. | 30 | 3639 |
| LTC Properties, Inc. REIT | 104 | 3576 |
| Elme Communities REIT | 201 | 3497 |
| Arbor Realty Trust, Inc. REIT<sup>1</sup> | 448 | 3477 |
| Nelnet, Inc. — Class A | 26 | 3457 |
| Alexander & Baldwin, Inc. REIT | 167 | 3447 |
| Coastal Financial Corp.<sup>\*</sup> | 30 | 3438 |
| WisdomTree, Inc.<sup>1</sup> | 282 | 3438 |
| S&T Bancorp, Inc. | 87 | 3423 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 241 | 3413 |
| NETSTREIT Corp.<sup>1</sup> | 192 | 3387 |
| Hilltop Holdings, Inc. | 99 | 3360 |
| Getty Realty Corp. REIT | 122 | 3339 |
| Triumph Financial, Inc.<sup>\*,1</sup> | 53 | 3319 |
| Stellar Bancorp, Inc. | 107 | 3311 |
| Lakeland Financial Corp. | 58 | 3309 |
| National Bank Holdings Corp. — Class A | 87 | 3307 |
| TriCo Bancshares | 69 | 3269 |
| German American Bancorp, Inc. | 83 | 3252 |
| Trupanion, Inc.<sup>\*</sup> | 85 | 3176 |
| QCR Holdings, Inc. | 38 | 3165 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 319 | 3088 |
| Xenia Hotels & Resorts, Inc. REIT | 217 | 3068 |
| Pebblebrook Hotel Trust REIT<sup>1</sup> | 269 | 3045 |
| Sila Realty Trust, Inc. REIT | 130 | 3030 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Financial - 10.1% (continued)** |  |  |
| Hope Bancorp, Inc. | 274 | $3003 |
| Innovative Industrial Properties, Inc. REIT | 63 | 2984 |
| Ellington Financial, Inc. REIT | 217 | 2947 |
| Acadian Asset Management, Inc. | 62 | 2914 |
| UMH Properties, Inc. REIT | 183 | 2912 |
| Hamilton Insurance Group Ltd. — Class B<sup>\*</sup> | 103 | 2874 |
| Ladder Capital Corp. — Class A REIT | 261 | 2868 |
| ConnectOne Bancorp, Inc. | 109 | 2858 |
| ProAssurance Corp.<sup>\*</sup> | 117 | 2827 |
| Live Oak Bancshares, Inc. | 81 | 2782 |
| Encore Capital Group, Inc.<sup>\*</sup> | 51 | 2772 |
| Kennedy-Wilson Holdings, Inc. | 284 | 2746 |
| Dime Community Bancshares, Inc. | 91 | 2738 |
| 1st Source Corp. | 43 | 2687 |
| Safety Insurance Group, Inc. | 34 | 2649 |
| Origin Bancorp, Inc. | 70 | 2633 |
| Westamerica BanCorp | 55 | 2631 |
| F&G Annuities & Life, Inc. | 85 | 2622 |
| PennyMac Mortgage Investment Trust REIT | 205 | 2573 |
| Two Harbors Investment Corp. REIT | 245 | 2573 |
| Veris Residential, Inc. REIT | 172 | 2559 |
| Bank First Corp. | 21 | 2558 |
| Preferred Bank/Los Angeles CA | 27 | 2550 |
| Enact Holdings, Inc. | 64 | 2537 |
| Centerspace REIT | 38 | 2535 |
| Orchid Island Capital, Inc. REIT | 350 | 2520 |
| Fidelis Insurance Holdings Ltd. | 128 | 2505 |
| Diversified Healthcare Trust REIT | 515 | 2498 |
| Perella Weinberg Partners | 143 | 2474 |
| Peoples Bancorp, Inc. | 82 | 2462 |
| Virtus Investment Partners, Inc. | 15 | 2447 |
| Piedmont Realty Trust, Inc. — Class A REIT | 292 | 2435 |
| Miami International Holdings, Inc.<sup>\*</sup> | 54 | 2397 |
| Bitdeer Technologies Group — Class A<sup>\*</sup> | 210 | 2354 |
| RLJ Lodging Trust REIT | 314 | 2339 |
| JBG SMITH Properties REIT<sup>1</sup> | 137 | 2330 |
| Chimera Investment Corp. REIT | 187 | 2324 |
| American Assets Trust, Inc. REIT | 122 | 2309 |
| OceanFirst Financial Corp. | 128 | 2298 |
| MFA Financial, Inc. REIT | 242 | 2253 |
| Tompkins Financial Corp. | 31 | 2248 |
| Old Second Bancorp, Inc. | 115 | 2242 |
| Patria Investments Ltd. — Class A | 141 | 2240 |
| Employers Holdings, Inc. | 51 | 2202 |
| Univest Financial Corp. | 65 | 2128 |
| Empire State Realty Trust, Inc. — Class A REIT | 324 | 2113 |
| Plymouth Industrial REIT, Inc. | 96 | 2101 |
| Community Trust Bancorp, Inc. | 37 | 2090 |
| Merchants Bancorp | 61 | 2078 |
| Southside Bancshares, Inc. | 68 | 2067 |
| Resolute Holdings Management, Inc.<sup>\*</sup> | 10 | 2064 |
| Smartstop Self Storage REIT, Inc. | 66 | 2042 |
| Universal Insurance Holdings, Inc. | 60 | 2028 |
| Navient Corp. | 155 | 2015 |
| Burke & Herbert Financial Services Corp. | 32 | 1994 |
| Easterly Government Properties, Inc. REIT | 93 | 1971 |
| Capitol Federal Financial, Inc. | 289 | 1968 |
| Central Pacific Financial Corp. | 62 | 1932 |
| Franklin BSP Realty Trust, Inc. REIT | 192 | 1926 |
| First Mid Bancshares, Inc. | 49 | 1911 |
| Brookfield Business Corp. — Class A | 53 | 1902 |
| Hanmi Financial Corp. | 70 | 1892 |
| Heritage Financial Corp. | 80 | 1892 |
| Byline Bancorp, Inc. | 64 | 1866 |
| Apartment Investment and Management Co. — Class A REIT | 310 | 1841 |
| TrustCo Bank Corporation NY | 44 | 1819 |
| Safehold, Inc. REIT | 132 | 1807 |
| Root, Inc. — Class A<sup>\*</sup> | 25 | 1806 |
| NB Bancorp, Inc. | 91 | 1804 |
| United Fire Group, Inc. | 49 | 1781 |
| Mercantile Bank Corp. | 37 | 1780 |
| Northeast Bank | 17 | 1767 |
| Business First Bancshares, Inc. | 67 | 1751 |
| Esquire Financial Holdings, Inc. | 17 | 1735 |
| Horizon Bancorp, Inc. | 102 | 1730 |
| AMERISAFE, Inc. | 45 | 1728 |
| CNB Financial Corp. | 66 | 1727 |
| Cannae Holdings, Inc. | 108 | 1699 |
| Amerant Bancorp, Inc. | 87 | 1697 |
| BrightSpire Capital, Inc. REIT | 303 | 1697 |
| Heritage Commerce Corp. | 141 | 1693 |
| Camden National Corp. | 39 | 1692 |
| Amalgamated Financial Corp. | 52 | 1666 |
| eXp World Holdings, Inc. | 184 | 1665 |
| PRA Group, Inc.<sup>\*</sup> | 93 | 1645 |
| HomeTrust Bancshares, Inc. | 38 | 1632 |
| First Financial Corp. | 27 | 1631 |
| Mechanics Bancorp — Class A | 111 | 1624 |
| Metropolitan Bank Holding Corp. | 21 | 1604 |
| Redwood Trust, Inc. REIT | 289 | 1598 |
| NexPoint Residential Trust, Inc. REIT | 53 | 1595 |
| CBL & Associates Properties, Inc. REIT | 43 | 1591 |
| Orrstown Financial Services, Inc. | 44 | 1558 |
| Heritage Insurance Holdings, Inc.<sup>\*</sup> | 53 | 1551 |
| Independent Bank Corp. | 47 | 1529 |
| Marcus & Millichap, Inc. | 56 | 1528 |
| Equity Bancshares, Inc. — Class A | 33 | 1473 |
| Whitestone REIT — Class B | 106 | 1472 |
| Financial Institutions, Inc. | 47 | 1465 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Financial - 10.1% (continued)** |  |  |
| MidWestOne Financial Group, Inc. | 38 | $1463 |
| Adamas Trust, Inc. REIT | 200 | 1460 |
| Mid Penn Bancorp, Inc. | 47 | 1458 |
| Capital City Bank Group, Inc. | 33 | 1405 |
| Bit Digital, Inc.<sup>\*</sup> | 740 | 1399 |
| Eagle Bancorp, Inc. | 65 | 1392 |
| TPG RE Finance Trust, Inc. REIT | 161 | 1386 |
| Northrim BanCorp, Inc. | 52 | 1384 |
| LendingTree, Inc.<sup>\*</sup> | 26 | 1380 |
| Republic Bancorp, Inc. — Class A | 20 | 1380 |
| Southern Missouri Bancorp, Inc. | 23 | 1360 |
| Aspen Insurance Holdings Ltd. — Class A<sup>\*</sup> | 36 | 1336 |
| Washington Trust Bancorp, Inc. | 45 | 1330 |
| Five Star Bancorp | 37 | 1324 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 97 | 1314 |
| CTO Realty Growth, Inc. REIT | 71 | 1307 |
| Invesco Mortgage Capital, Inc. REIT | 155 | 1304 |
| Shore Bancshares, Inc. | 72 | 1273 |
| Hippo Holdings, Inc.<sup>\*</sup> | 42 | 1263 |
| SmartFinancial, Inc. | 34 | 1258 |
| Summit Hotel Properties, Inc. REIT | 258 | 1256 |
| P10, Inc. — Class A<sup>1</sup> | 128 | 1256 |
| First Community Bankshares, Inc. | 37 | 1248 |
| Armada Hoffler Properties, Inc. REIT | 188 | 1245 |
| Peakstone Realty Trust REIT | 86 | 1234 |
| Great Southern Bancorp, Inc. | 20 | 1231 |
| Arrow Financial Corp. | 39 | 1225 |
| Metrocity Bankshares, Inc. | 46 | 1221 |
| Slide Insurance Holdings, Inc.<sup>\*</sup> | 62 | 1208 |
| Alerus Financial Corp. | 53 | 1194 |
| Brandywine Realty Trust REIT | 404 | 1180 |
| GCM Grosvenor, Inc. — Class A | 104 | 1177 |
| Universal Health Realty Income Trust REIT | 30 | 1176 |
| South Plains Financial, Inc. | 30 | 1164 |
| ACNB Corp. | 24 | 1160 |
| Hudson Pacific Properties, Inc. REIT<sup>\*</sup> | 107 | 1159 |
| Flushing Financial Corp. | 76 | 1153 |
| Farmers National Banc Corp. | 86 | 1146 |
| Gladstone Commercial Corp. REIT | 107 | 1142 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 30 | 1140 |
| Hingham Institution For Savings<sup>1</sup> | 4 | 1136 |
| Firstsun Capital Bancorp<sup>\*</sup> | 30 | 1129 |
| KKR Real Estate Finance Trust, Inc. REIT<sup>1</sup> | 134 | 1102 |
| Alexander's, Inc. REIT | 5 | 1090 |
| Bar Harbor Bankshares | 35 | 1087 |
| Peoples Financial Services Corp. | 22 | 1072 |
| Forge Global Holdings, Inc.<sup>\*</sup> | 24 | 1069 |
| Carter Bankshares, Inc.<sup>\*</sup> | 54 | 1062 |
| Peapack-Gladstone Financial Corp. | 38 | 1058 |
| Bowhead Specialty Holdings, Inc.<sup>\*</sup> | 37 | 1056 |
| FTAI Infrastructure, Inc. | 229 | 1056 |
| Community Healthcare Trust, Inc. REIT | 64 | 1051 |
| First Business Financial Services, Inc. | 19 | 1032 |
| Diamond Hill Investment Group, Inc. | 6 | 1017 |
| Midland States Bancorp, Inc. | 48 | 1016 |
| International Money Express, Inc.<sup>\*</sup> | 66 | 1014 |
| Global Medical REIT, Inc. | 30 | 1012 |
| Northfield Bancorp, Inc. | 88 | 1006 |
| Tiptree, Inc. — Class A | 55 | 1005 |
| ChoiceOne Financial Services, Inc. | 34 | 1004 |
| Columbia Financial, Inc.<sup>\*</sup> | 64 | 995 |
| Kearny Financial Corp. | 134 | 993 |
| California BanCorp | 53 | 990 |
| Sierra Bancorp | 29 | 948 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 18 | 927 |
| Home Bancorp, Inc. | 16 | 925 |
| First Foundation, Inc.<sup>\*</sup> | 149 | 918 |
| Saul Centers, Inc. REIT | 29 | 914 |
| Bank of Marin Bancorp | 35 | 910 |
| Real Brokerage, Inc.<sup>\*</sup> | 249 | 909 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 62 | 904 |
| NET Lease Office Properties REIT | 35 | 903 |
| Unity Bancorp, Inc. | 17 | 879 |
| Community West Bancshares | 39 | 877 |
| One Liberty Properties, Inc. REIT | 43 | 872 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 13 | 870 |
| Farmland Partners, Inc. REIT | 89 | 862 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 49 | 859 |
| Postal Realty Trust, Inc. — Class A REIT | 53 | 855 |
| Regional Management Corp. | 22 | 853 |
| World Acceptance Corp.<sup>\*</sup> | 6 | 842 |
| First Bank/Hamilton NJ | 51 | 839 |
| RBB Bancorp | 40 | 826 |
| Abacus Global Management, Inc. | 94 | 804 |
| Civista Bancshares, Inc. | 36 | 800 |
| Northpointe Bancshares, Inc. | 47 | 789 |
| Red River Bancshares, Inc. | 11 | 786 |
| Bankwell Financial Group, Inc. | 17 | 779 |
| Octave Specialty Group, Inc.<sup>\*</sup> | 100 | 778 |
| West BanCorp, Inc. | 35 | 777 |
| MBIA, Inc.<sup>\*</sup> | 107 | 766 |
| Capital Bancorp, Inc. | 27 | 761 |
| Donegal Group, Inc. — Class A | 38 | 759 |
| Compass Diversified Holdings | 158 | 758 |
| SITE Centers Corp. REIT | 118 | 758 |
| Ponce Financial Group, Inc.<sup>\*</sup> | 46 | 752 |
| Investors Title Co. | 3 | 749 |
| Chatham Lodging Trust REIT | 109 | 742 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 30 | 742 |
| Ready Capital Corp. REIT | 339 | 739 |
| Onity Group, Inc.<sup>\*</sup> | 16 | 733 |
| Gladstone Land Corp. REIT | 80 | 732 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Financial - 10.1% (continued)** |  |  |
| American Coastal Insurance Corp. | 57 | $720 |
| Colony Bankcorp, Inc. | 40 | 713 |
| GBank Financial Holdings, Inc.<sup>\*</sup> | 21 | 712 |
| Citizens & Northern Corp.<sup>1</sup> | 35 | 706 |
| BayCom Corp. | 24 | 706 |
| HBT Financial, Inc. | 27 | 698 |
| MVB Financial Corp. | 27 | 697 |
| Industrial Logistics Properties Trust REIT | 125 | 693 |
| Primis Financial Corp. | 49 | 682 |
| Service Properties Trust REIT | 363 | 668 |
| First Bancorp, Inc. | 25 | 661 |
| Claros Mortgage Trust, Inc. REIT<sup>\*</sup> | 216 | 661 |
| FS Bancorp, Inc. | 16 | 659 |
| Northeast Community Bancorp, Inc. | 29 | 656 |
| City Office REIT, Inc. | 92 | 643 |
| Blue Ridge Bankshares, Inc. | 150 | 640 |
| Orange County Bancorp, Inc. | 22 | 628 |
| Citizens Financial Services, Inc. | 11 | 627 |
| FRP Holdings, Inc.<sup>\*</sup> | 27 | 615 |
| Waterstone Financial, Inc. | 37 | 612 |
| Timberland Bancorp, Inc. | 17 | 609 |
| FrontView REIT, Inc. | 41 | 605 |
| John Marshall Bancorp, Inc. | 30 | 600 |
| OppFi, Inc. | 57 | 596 |
| Ares Commercial Real Estate Corp. REIT<sup>1</sup> | 124 | 593 |
| Middlefield Banc Corp. | 17 | 587 |
| NewtekOne, Inc. | 51 | 579 |
| Kingsway Financial Services, Inc.<sup>\*</sup> | 43 | 578 |
| Parke Bancorp, Inc. | 23 | 576 |
| PCB Bancorp | 26 | 563 |
| Investar Holding Corp. | 21 | 561 |
| Norwood Financial Corp. | 20 | 561 |
| Blue Foundry Bancorp<sup>\*</sup> | 45 | 559 |
| Chemung Financial Corp. | 10 | 558 |
| TPG Mortgage Investment Trust, Inc. REIT | 65 | 554 |
| James River Group Holdings, Inc. | 86 | 547 |
| Western New England Bancorp, Inc. | 43 | 543 |
| FB Bancorp, Inc.<sup>\*</sup> | 42 | 540 |
| RMR Group, Inc. — Class A | 36 | 536 |
| Plumas Bancorp | 12 | 536 |
| LCNB Corp. | 32 | 524 |
| First United Corp. | 14 | 524 |
| FVCBankcorp, Inc. | 37 | 515 |
| Citizens, Inc.<sup>\*</sup> | 106 | 512 |
| First Western Financial, Inc.<sup>\*</sup> | 19 | 509 |
| C&F Financial Corp. | 7 | 508 |
| First Community Corp. | 17 | 504 |
| National Bankshares, Inc. | 15 | 503 |
| Chicago Atlantic Real Estate Finance, Inc. REIT | 41 | 503 |
| Franklin Financial Services Corp. | 10 | 502 |
| Alpine Income Property Trust, Inc. REIT | 30 | 502 |
| Hawthorn Bancshares, Inc. | 14 | 488 |
| Ames National Corp. | 21 | 482 |
| Oak Valley Bancorp | 16 | 481 |
| Fidelity D&D Bancorp, Inc. | 11 | 479 |
| First Capital, Inc. | 8 | 474 |
| AlTi Global, Inc.<sup>\*</sup> | 100 | 464 |
| Velocity Financial, Inc.<sup>\*</sup> | 22 | 457 |
| First National Corp. | 18 | 454 |
| Selectquote, Inc.<sup>\*</sup> | 322 | 454 |
| Sky Harbour Group Corp.<sup>\*</sup> | 50 | 449 |
| Virginia National Bankshares Corp. | 11 | 438 |
| Eagle Financial Services, Inc. | 11 | 438 |
| Kingstone Companies, Inc. | 26 | 437 |
| Crawford & Co. — Class A | 38 | 427 |
| Oportun Financial Corp.<sup>\*</sup> | 79 | 418 |
| Paysign, Inc.<sup>\*</sup> | 81 | 417 |
| Princeton Bancorp, Inc. | 12 | 416 |
| First Savings Financial Group, Inc. | 13 | 414 |
| LINKBANCORP, Inc. | 50 | 413 |
| Citizens Community Bancorp, Inc. | 23 | 410 |
| Bank7 Corp. | 10 | 410 |
| Douglas Elliman, Inc.<sup>\*</sup> | 171 | 405 |
| Jefferson Capital, Inc. | 18 | 402 |
| Braemar Hotels & Resorts, Inc. REIT | 138 | 396 |
| American Integrity Insurance Group, Inc.<sup>\*</sup> | 19 | 396 |
| OP Bancorp | 28 | 395 |
| loanDepot, Inc. — Class A<sup>\*</sup> | 190 | 393 |
| Commercial Bancgroup, Inc.<sup>\*</sup> | 16 | 393 |
| Medallion Financial Corp.<sup>1</sup> | 38 | 391 |
| Better Home & Finance Holding Co.<sup>\*</sup> | 12 | 391 |
| Legacy Housing Corp.<sup>\*</sup> | 20 | 391 |
| Stratus Properties, Inc.<sup>\*</sup> | 16 | 387 |
| CB Financial Services, Inc. | 11 | 383 |
| Finwise Bancorp<sup>\*</sup> | 21 | 377 |
| First Internet Bancorp | 18 | 376 |
| Meridian Corp. | 21 | 369 |
| BRT Apartments Corp. REIT | 25 | 368 |
| BV Financial, Inc.<sup>\*</sup> | 20 | 363 |
| Peoples Bancorp of North Carolina, Inc. | 10 | 362 |
| Ohio Valley Banc Corp. | 9 | 360 |
| Seaport Entertainment Group, Inc.<sup>\*</sup> | 18 | 356 |
| Greene County Bancorp, Inc. | 16 | 356 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 26 | 350 |
| Eagle Bancorp Montana, Inc. | 17 | 338 |
| NexPoint Diversified Real Estate Trust REIT | 86 | 329 |
| RE/MAX Holdings, Inc. — Class A<sup>\*</sup> | 43 | 326 |
| MainStreet Bancshares, Inc. | 16 | 326 |
| Security National Financial Corp. — Class A<sup>\*,1</sup> | 36 | 324 |
| United Security Bancshares | 32 | 322 |
| Modiv Industrial, Inc. REIT | 22 | 317 |
| Ategrity Specialty Holdings LLC<sup>\*</sup> | 15 | 315 |
| ECB Bancorp, Inc.<sup>\*</sup> | 18 | 313 |
| BankFinancial Corp. | 26 | 312 |
| SB Financial Group, Inc. | 14 | 312 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Financial - 10.1% (continued)** |  |  |
| eHealth, Inc.<sup>\*</sup> | 67 | $308 |
| Seven Hills Realty Trust REIT | 34 | 303 |
| ACRES Commercial Realty Corp. REIT<sup>\*</sup> | 14 | 299 |
| Richmond Mutual BanCorp, Inc. | 21 | 295 |
| Westwood Holdings Group, Inc. | 17 | 293 |
| BCB Bancorp, Inc. | 36 | 291 |
| Silvercrest Asset Management Group, Inc. — Class A | 19 | 289 |
| Landmark Bancorp Incorporated/Manhattan KS | 11 | 288 |
| SR Bancorp, Inc. | 18 | 283 |
| Finward Bancorp | 8 | 281 |
| CoastalSouth Bancshares, Inc.<sup>\*</sup> | 12 | 279 |
| Rithm Property Trust, Inc. REIT | 17 | 274 |
| Maui Land & Pineapple Company, Inc.<sup>\*</sup> | 16 | 271 |
| Innventure, Inc.<sup>\*</sup> | 62 | 259 |
| Hanover Bancorp, Inc. | 11 | 254 |
| Nexpoint Real Estate Finance, Inc. REIT | 18 | 253 |
| Angel Oak Mortgage REIT, Inc. | 29 | 250 |
| Finance of America Companies, Inc. — Class A<sup>\*,1</sup> | 10 | 242 |
| Riverview Bancorp, Inc. | 48 | 241 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 4 | 234 |
| Sunrise Realty Trust, Inc. REIT | 24 | 226 |
| CF Bankshares, Inc. | 9 | 224 |
| Strawberry Fields REIT, Inc. | 17 | 223 |
| Sound Financial Bancorp, Inc. | 5 | 218 |
| Union Bankshares, Inc. | 9 | 214 |
| NI Holdings, Inc.<sup>\*</sup> | 16 | 213 |
| Consumer Portfolio Services, Inc.<sup>\*,1</sup> | 22 | 205 |
| Patriot National Bancorp, Inc.<sup>\*</sup> | 103 | 187 |
| Chain Bridge Bancorp, Inc. — Class A<sup>\*</sup> | 5 | 173 |
| Franklin Street Properties Corp. REIT | 178 | 168 |
| Lument Finance Trust, Inc. REIT | 107 | 151 |
| Rhinebeck Bancorp, Inc.<sup>\*</sup> | 11 | 132 |
| Advanced Flower Capital, Inc. REIT | 43 | 123 |
| Clipper Realty, Inc. REIT | 32 | 122 |
| Bakkt Holdings, Inc.<sup>\*</sup> | 12 | 121 |
| SWK Holdings Corp. | 7 | 120 |
| Siebert Financial Corp.<sup>\*</sup> | 33 | 116 |
| Mobile Infrastructure Corp.<sup>\*</sup> | 34 | 87 |
| Vroom, Inc.<sup>\*</sup> | 3 | 60 |
| American Realty Investors, Inc.<sup>\*</sup> | 3 | 48 |
| Kestrel Group Ltd.<sup>\*</sup> | 4 | 41 |
| GoHealth, Inc. — Class A<sup>\*</sup> | 11 | 24 |
| Logistic Properties of The Americas<sup>\*</sup> | 7 | 19 |
| **Total Financial** |  | 1553333 |
| **Industrial - 7.2%** |  |  |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 499 | 43358 |
| Fabrinet<sup>\*</sup> | 83 | 37788 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 381 | 28922 |
| SPX Technologies, Inc.<sup>\*</sup> | 110 | 22007 |
| Dycom Industries, Inc.<sup>\*</sup> | 64 | 21625 |
| Chart Industries, Inc.<sup>\*</sup> | 103 | 21242 |
| Sterling Infrastructure, Inc.<sup>\*,1</sup> | 68 | 20824 |
| AeroVironment, Inc.<sup>\*</sup> | 86 | 20803 |
| Advanced Energy Industries, Inc. | 86 | 18006 |
| JBT Marel Corp. | 119 | 17930 |
| Sanmina Corp.<sup>\*</sup> | 119 | 17858 |
| Watts Water Technologies, Inc. — Class A | 63 | 17389 |
| TTM Technologies, Inc.<sup>\*</sup> | 234 | 16146 |
| Modine Manufacturing Co.<sup>\*</sup> | 120 | 16021 |
| Zurn Elkay Water Solutions Corp. | 343 | 15946 |
| Moog, Inc. — Class A | 65 | 15831 |
| Primoris Services Corp. | 124 | 15393 |
| Federal Signal Corp. | 137 | 14877 |
| Joby Aviation, Inc.<sup>\*</sup> | 1111 | 14665 |
| Fluor Corp.<sup>\*</sup> | 368 | 14584 |
| Casella Waste Systems, Inc. — Class A<sup>\*,1</sup> | 144 | 14103 |
| GATX Corp. | 82 | 13907 |
| Mirion Technologies, Inc.<sup>\*</sup> | 547 | 12811 |
| EnerSys | 85 | 12474 |
| UFP Industries, Inc. | 133 | 12110 |
| Badger Meter, Inc. | 68 | 11860 |
| Arcosa, Inc. | 111 | 11801 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 107 | 11615 |
| Granite Construction, Inc. | 100 | 11535 |
| ESCO Technologies, Inc. | 59 | 11528 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 1445 | 10866 |
| CSW Industrials, Inc. | 37 | 10861 |
| Belden, Inc. | 89 | 10373 |
| Enpro, Inc. | 48 | 10278 |
| Atmus Filtration Technologies, Inc. | 191 | 9915 |
| Novanta, Inc.<sup>\*</sup> | 82 | 9757 |
| Argan, Inc. | 31 | 9713 |
| Frontdoor, Inc.<sup>\*</sup> | 168 | 9692 |
| Itron, Inc.<sup>\*</sup> | 104 | 9657 |
| OSI Systems, Inc.<sup>\*,1</sup> | 37 | 9437 |
| Knife River Corp.<sup>\*</sup> | 131 | 9216 |
| Plexus Corp.<sup>\*</sup> | 61 | 8967 |
| Matson, Inc. | 72 | 8896 |
| Mercury Systems, Inc.<sup>\*</sup> | 119 | 8688 |
| Franklin Electric Company, Inc. | 89 | 8502 |
| Mueller Water Products, Inc. — Class A | 356 | 8480 |
| Golar LNG Ltd. | 223 | 8298 |
| IES Holdings, Inc.<sup>\*,1</sup> | 21 | 8169 |
| Exponent, Inc. | 116 | 8057 |
| Terex Corp. | 147 | 7847 |
| Kadant, Inc.<sup>1</sup> | 27 | 7695 |
| MYR Group, Inc.<sup>\*</sup> | 35 | 7647 |
| AAR Corp.<sup>\*</sup> | 89 | 7368 |
| AZZ, Inc. | 68 | 7288 |
| Cactus, Inc. — Class A | 157 | 7172 |
| Powell Industries, Inc. | 22 | 7013 |
| Tutor Perini Corp. | 102 | 6836 |
| Avient Corp. | 210 | 6560 |
| Griffon Corp. | 88 | 6481 |
| Boise Cascade Co. | 86 | 6330 |
| Xometry, Inc. — Class A<sup>\*</sup> | 99 | 5887 |
| Standex International Corp. | 27 | 5867 |
| Materion Corp. | 47 | 5843 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Industrial - 7.2% (continued)** |  |  |
| Vicor Corp.<sup>\*</sup> | 53 | $5809 |
| Hub Group, Inc. — Class A | 136 | 5795 |
| Scorpio Tankers, Inc. | 102 | 5185 |
| O-I Glass, Inc.<sup>\*</sup> | 351 | 5181 |
| Hillenbrand, Inc. | 161 | 5107 |
| Kennametal, Inc. | 174 | 4943 |
| Atkore, Inc. | 78 | 4933 |
| Trinity Industries, Inc. | 184 | 4865 |
| Applied Optoelectronics, Inc.<sup>\*,1</sup> | 138 | 4811 |
| RXO, Inc.<sup>\*</sup> | 371 | 4689 |
| Enerpac Tool Group Corp. | 121 | 4627 |
| Centuri Holdings, Inc.<sup>\*</sup> | 179 | 4520 |
| International Seaways, Inc. | 92 | 4467 |
| Knowles Corp.<sup>\*</sup> | 195 | 4179 |
| NuScale Power Corp.<sup>\*</sup> | 290 | 4109 |
| Bel Fuse, Inc. — Class B | 24 | 4071 |
| CECO Environmental Corp.<sup>\*</sup> | 68 | 4070 |
| Helios Technologies, Inc. | 76 | 4065 |
| Intuitive Machines, Inc.<sup>\*</sup> | 250 | 4058 |
| Werner Enterprises, Inc. | 135 | 4051 |
| Alamo Group, Inc. | 24 | 4029 |
| Vishay Intertechnology, Inc. | 277 | 4014 |
| Greif, Inc. — Class A | 59 | 3994 |
| nLight, Inc.<sup>\*</sup> | 106 | 3976 |
| Hillman Solutions Corp.<sup>\*</sup> | 452 | 3914 |
| ArcBest Corp. | 52 | 3858 |
| Astronics Corp.<sup>\*,1</sup> | 71 | 3851 |
| Worthington Enterprises, Inc. | 72 | 3713 |
| DHT Holdings, Inc. | 299 | 3651 |
| Benchmark Electronics, Inc. | 82 | 3506 |
| Albany International Corp. — Class A | 67 | 3397 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 68 | 3362 |
| Napco Security Technologies, Inc. | 80 | 3336 |
| DXP Enterprises, Inc.<sup>\*</sup> | 30 | 3294 |
| Greenbrier Companies, Inc. | 70 | 3272 |
| Masterbrand, Inc.<sup>\*</sup> | 290 | 3202 |
| Enviri Corp.<sup>\*</sup> | 178 | 3190 |
| Tecnoglass, Inc. | 62 | 3120 |
| Tennant Co. | 42 | 3095 |
| Ducommun, Inc.<sup>\*</sup> | 32 | 3044 |
| Teekay Tankers Ltd. — Class A | 56 | 2991 |
| Lindsay Corp. | 25 | 2947 |
| American Superconductor Corp.<sup>\*</sup> | 102 | 2936 |
| World Kinect Corp. | 124 | 2905 |
| Energizer Holdings, Inc. | 143 | 2844 |
| CTS Corp. | 66 | 2829 |
| Enovix Corp.<sup>\*</sup> | 386 | 2822 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 75 | 2787 |
| Proto Labs, Inc.<sup>\*</sup> | 54 | 2732 |
| Worthington Steel, Inc. | 77 | 2666 |
| Cadre Holdings, Inc.<sup>1</sup> | 65 | 2655 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 305 | 2620 |
| TriMas Corp. | 73 | 2588 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 349 | 2499 |
| Gorman-Rupp Co. | 49 | 2340 |
| Astec Industries, Inc. | 52 | 2253 |
| SFL Corporation Ltd. | 285 | 2226 |
| NANO Nuclear Energy, Inc.<sup>\*,1</sup> | 91 | 2185 |
| Dorian LPG Ltd. | 87 | 2118 |
| Janus International Group, Inc.<sup>\*</sup> | 318 | 2080 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 156 | 2047 |
| Amprius Technologies, Inc.<sup>\*</sup> | 252 | 1988 |
| Limbach Holdings, Inc.<sup>\*</sup> | 25 | 1946 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 76 | 1887 |
| Red Cat Holdings, Inc.<sup>\*</sup> | 234 | 1856 |
| American Woodmark Corp.<sup>\*</sup> | 34 | 1832 |
| Allient, Inc. | 34 | 1827 |
| FLEX LNG Ltd. | 73 | 1821 |
| Apogee Enterprises, Inc. | 50 | 1820 |
| Nordic American Tankers Ltd. | 481 | 1655 |
| Costamare, Inc. | 104 | 1642 |
| Myers Industries, Inc. | 87 | 1629 |
| Ryerson Holding Corp. | 64 | 1610 |
| Energy Recovery, Inc.<sup>\*</sup> | 118 | 1592 |
| Kimball Electronics, Inc.<sup>\*</sup> | 57 | 1586 |
| Marten Transport Ltd. | 137 | 1559 |
| Graham Corp.<sup>\*</sup> | 24 | 1542 |
| Metallus, Inc.<sup>\*</sup> | 86 | 1476 |
| Ichor Holdings Ltd.<sup>\*</sup> | 80 | 1474 |
| Insteel Industries, Inc. | 44 | 1393 |
| NWPX Infrastructure, Inc.<sup>\*</sup> | 22 | 1375 |
| Ardagh Metal Packaging S.A. | 327 | 1341 |
| Genco Shipping & Trading Ltd. | 72 | 1327 |
| National Presto Industries, Inc. | 12 | 1281 |
| Redwire Corp.<sup>\*</sup> | 167 | 1269 |
| Navigator Holdings Ltd. | 72 | 1247 |
| Forward Air Corp.<sup>\*</sup> | 49 | 1225 |
| Power Solutions International, Inc.<sup>\*</sup> | 20 | 1143 |
| Columbus McKinnon Corp. | 66 | 1138 |
| LSI Industries, Inc. | 62 | 1136 |
| Richtech Robotics, Inc. — Class B<sup>\*</sup> | 350 | 1130 |
| CryoPort, Inc.<sup>\*</sup> | 115 | 1104 |
| Teekay Corporation Ltd. | 122 | 1102 |
| Firefly Aerospace, Inc.<sup>\*</sup> | 49 | 1096 |
| Bowman Consulting Group Ltd.<sup>\*</sup> | 33 | 1090 |
| LSB Industries, Inc.<sup>\*</sup> | 126 | 1071 |
| Sturm Ruger & Company, Inc. | 32 | 1045 |
| Smith & Wesson Brands, Inc. | 103 | 1017 |
| Aebi Schmidt Holding AG | 79 | 999 |
| Olympic Steel, Inc. | 23 | 984 |
| Manitowoc Company, Inc.<sup>\*</sup> | 81 | 971 |
| Willis Lease Finance Corp. | 7 | 949 |
| Mesa Laboratories, Inc. | 12 | 942 |
| Titan America S.A. | 57 | 939 |
| Eastman Kodak Co.<sup>\*</sup> | 110 | 931 |
| Heartland Express, Inc. | 103 | 930 |
| Park Aerospace Corp. | 43 | 918 |
| Standard BioTools, Inc.<sup>\*</sup> | 702 | 899 |
| Orion Group Holdings, Inc.<sup>\*</sup> | 88 | 875 |
| Eve Holding, Inc.<sup>\*</sup> | 219 | 874 |
| Ardmore Shipping Corp. | 81 | 858 |
| Luxfer Holdings plc | 63 | 853 |
| Covenant Logistics Group, Inc. — Class A | 38 | 837 |
| Voyager Technologies, Inc. — Class A<sup>\*</sup> | 32 | 837 |
| Hyster-Yale, Inc. | 28 | 832 |
| Greif, Inc. — Class B | 11 | 821 |
| Kopin Corp.<sup>\*</sup> | 349 | 817 |
| Sight Sciences, Inc.<sup>\*</sup> | 97 | 769 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Industrial - 7.2% (continued)** |  |  |
| Byrna Technologies, Inc.<sup>\*</sup> | 42 | $705 |
| Latham Group, Inc.<sup>\*</sup> | 105 | 667 |
| NVE Corp. | 11 | 653 |
| L B Foster Co. — Class A<sup>\*</sup> | 24 | 647 |
| Clearwater Paper Corp.<sup>\*</sup> | 37 | 644 |
| Himalaya Shipping Ltd. | 70 | 637 |
| Mayville Engineering Company, Inc.<sup>\*</sup> | 33 | 618 |
| Bel Fuse, Inc. — Class A | 4 | 607 |
| Ranpak Holdings Corp.<sup>\*</sup> | 110 | 595 |
| Safe Bulkers, Inc. | 117 | 564 |
| Lightbridge Corp.<sup>\*</sup> | 44 | 556 |
| AerSale Corp.<sup>\*</sup> | 75 | 533 |
| Proficient Auto Logistics, Inc.<sup>\*</sup> | 55 | 530 |
| Perma-Fix Environmental Services, Inc.<sup>\*</sup> | 41 | 516 |
| Pure Cycle Corp.<sup>\*</sup> | 46 | 506 |
| Radiant Logistics, Inc.<sup>\*</sup> | 78 | 494 |
| Turtle Beach Corp.<sup>\*</sup> | 35 | 491 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 199 | 489 |
| Park-Ohio Holdings Corp. | 23 | 482 |
| Pangaea Logistics Solutions Ltd. | 70 | 482 |
| MicroVision, Inc.<sup>\*</sup> | 575 | 476 |
| Tredegar Corp.<sup>\*</sup> | 63 | 452 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 155 | 439 |
| Core Molding Technologies, Inc.<sup>\*</sup> | 20 | 401 |
| Karat Packaging, Inc. | 16 | 361 |
| Concrete Pumping Holdings, Inc. | 53 | 356 |
| Mistras Group, Inc.<sup>\*</sup> | 28 | 354 |
| Outdoor Holding Co.<sup>\*</sup> | 206 | 352 |
| 908 Devices, Inc.<sup>\*</sup> | 64 | 336 |
| M-Tron Industries, Inc.<sup>\*</sup> | 6 | 319 |
| Gencor Industries, Inc.<sup>\*</sup> | 24 | 311 |
| SKYX Platforms Corp.<sup>\*</sup> | 143 | 310 |
| Costamare Bulkers Holdings Ltd.<sup>\*</sup> | 20 | 308 |
| Ascent Industries Co.<sup>\*</sup> | 19 | 308 |
| TSS, Inc.<sup>\*,1</sup> | 43 | 304 |
| Eastern Co. | 13 | 256 |
| Palladyne AI Corp.<sup>\*</sup> | 60 | 256 |
| Universal Logistics Holdings, Inc. | 16 | 243 |
| Arq, Inc.<sup>\*</sup> | 74 | 242 |
| Omega Flex, Inc. | 8 | 235 |
| Energy Services of America Corp. | 28 | 229 |
| KULR Technology Group, Inc.<sup>\*,1</sup> | 77 | 228 |
| Smith-Midland Corp.<sup>\*</sup> | 6 | 218 |
| AirJoule Technologies Corp.<sup>\*,1</sup> | 50 | 197 |
| Pro-DEX, Inc.<sup>\*</sup> | 5 | 192 |
| Net Power, Inc.<sup>\*</sup> | 80 | 182 |
| PAMT CORP<sup>\*</sup> | 14 | 169 |
| NL Industries, Inc. | 20 | 109 |
| Southland Holdings, Inc.<sup>\*</sup> | 25 | 83 |
| Neonode, Inc.<sup>\*</sup> | 25 | 44 |
| **Total Industrial** |  | 1117831 |
| **Consumer, Cyclical - 4.2%** |  |  |
| FirstCash Holdings, Inc. | 91 | 14504 |
| Brinker International, Inc.<sup>\*</sup> | 101 | 14495 |
| Installed Building Products, Inc.<sup>1</sup> | 53 | 13748 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 106 | 13342 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 219 | 12893 |
| Boot Barn Holdings, Inc.<sup>\*,1</sup> | 70 | 12353 |
| Group 1 Automotive, Inc. | 28 | 11012 |
| Champion Homes, Inc.<sup>\*</sup> | 129 | 10901 |
| Cavco Industries, Inc.<sup>\*</sup> | 18 | 10633 |
| Urban Outfitters, Inc.<sup>\*</sup> | 140 | 10536 |
| Meritage Homes Corp. | 159 | 10462 |
| Resideo Technologies, Inc.<sup>\*</sup> | 295 | 10360 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 44 | 10231 |
| American Eagle Outfitters, Inc. | 364 | 9599 |
| SkyWest, Inc.<sup>\*</sup> | 92 | 9238 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 345 | 9170 |
| VSE Corp. | 53 | 9157 |
| Victoria's Secret & Co.<sup>\*</sup> | 158 | 8559 |
| KB Home | 144 | 8123 |
| Patrick Industries, Inc. | 74 | 8024 |
| Dorman Products, Inc.<sup>\*</sup> | 63 | 7761 |
| Polaris, Inc. | 122 | 7717 |
| Kontoor Brands, Inc. | 126 | 7697 |
| M/I Homes, Inc.<sup>\*</sup> | 60 | 7677 |
| Signet Jewelers Ltd. | 92 | 7625 |
| Academy Sports & Outdoors, Inc. | 152 | 7594 |
| Rush Enterprises, Inc. — Class A<sup>1</sup> | 140 | 7552 |
| PriceSmart, Inc. | 59 | 7238 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 89 | 7224 |
| OPENLANE, Inc.<sup>\*</sup> | 240 | 7147 |
| Red Rock Resorts, Inc. — Class A | 112 | 6938 |
| Steven Madden Ltd. | 163 | 6787 |
| REV Group, Inc. | 111 | 6750 |
| LCI Industries | 54 | 6552 |
| Capri Holdings Ltd.<sup>\*</sup> | 266 | 6490 |
| Dana, Inc. | 269 | 6391 |
| UniFirst Corp. | 33 | 6366 |
| Garrett Motion, Inc. | 363 | 6327 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 194 | 6105 |
| HNI Corp. | 145 | 6096 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 134 | 5996 |
| Visteon Corp. | 63 | 5991 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 905 | 5575 |
| Cinemark Holdings, Inc. | 237 | 5508 |
| Phinia, Inc. | 87 | 5454 |
| Advance Auto Parts, Inc. | 137 | 5384 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 613 | 5370 |
| Cheesecake Factory, Inc.<sup>1</sup> | 106 | 5351 |
| Acushnet Holdings Corp.<sup>1</sup> | 64 | 5108 |
| Kohl's Corp. | 249 | 5082 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 91 | 4904 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 224 | 4881 |
| Sonos, Inc.<sup>\*</sup> | 276 | 4847 |
| OneSpaWorld Holdings Ltd. | 222 | 4604 |
| National Vision Holdings, Inc.<sup>\*</sup> | 178 | 4596 |
| Green Brick Partners, Inc.<sup>\*</sup> | 71 | 4449 |
| Super Group SGHC Ltd. | 364 | 4350 |
| Atlanta Braves Holdings, Inc. — Class C<sup>\*</sup> | 105 | 4142 |
| Lionsgate Studios Corp.<sup>\*</sup> | 450 | 4109 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Consumer, Cyclical - 4.2% (continued)** |  |  |
| Rush Street Interactive, Inc.<sup>\*</sup> | 208 | $4042 |
| Buckle, Inc. | 72 | 3846 |
| Marriott Vacations Worldwide Corp. | 65 | 3750 |
| IMAX Corp.<sup>\*</sup> | 101 | 3733 |
| Brightstar Lottery plc | 240 | 3715 |
| Interface, Inc. — Class A | 132 | 3685 |
| Adient plc<sup>\*</sup> | 186 | 3566 |
| Century Communities, Inc. | 60 | 3561 |
| La-Z-Boy, Inc. | 95 | 3541 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 302 | 3524 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 117 | 3415 |
| Blue Bird Corp.<sup>\*</sup> | 72 | 3384 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 219 | 3360 |
| Leggett & Platt, Inc. | 305 | 3355 |
| Wolverine World Wide, Inc. | 184 | 3340 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 227 | 3237 |
| JetBlue Airways Corp.<sup>\*</sup> | 678 | 3085 |
| MillerKnoll, Inc. | 159 | 2907 |
| Papa John's International, Inc. | 75 | 2887 |
| Winmark Corp. | 7 | 2835 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 33 | 2814 |
| XPEL, Inc.<sup>\*,1</sup> | 56 | 2795 |
| Monarch Casino & Resort, Inc. | 29 | 2775 |
| Carter's, Inc. | 81 | 2627 |
| Winnebago Industries, Inc. | 64 | 2593 |
| Gentherm, Inc.<sup>\*</sup> | 71 | 2582 |
| G-III Apparel Group Ltd. | 83 | 2404 |
| United Parks & Resorts, Inc.<sup>\*</sup> | 64 | 2323 |
| Global Business Travel Group I<sup>\*</sup> | 298 | 2280 |
| Sonic Automotive, Inc. — Class A | 35 | 2165 |
| Alliance Laundry Holdings, Inc.<sup>\*</sup> | 100 | 2035 |
| LGI Homes, Inc.<sup>\*</sup> | 47 | 2019 |
| ScanSource, Inc.<sup>\*</sup> | 49 | 1914 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 126 | 1900 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 47 | 1852 |
| Standard Motor Products, Inc. | 50 | 1843 |
| AMC Entertainment Holdings, Inc. — Class A<sup>\*</sup> | 1180 | 1841 |
| Daktronics, Inc.<sup>\*</sup> | 90 | 1779 |
| Build-A-Bear Workshop, Inc. — Class A<sup>1</sup> | 29 | 1777 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*,1</sup> | 271 | 1737 |
| Douglas Dynamics, Inc. | 53 | 1730 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 120 | 1727 |
| Fox Factory Holding Corp.<sup>\*</sup> | 99 | 1694 |
| Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 50 | 1684 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 243 | 1643 |
| indie Semiconductor, Inc. — Class A<sup>\*</sup> | 455 | 1606 |
| Gold.com, Inc.<sup>1</sup> | 45 | 1532 |
| PC Connection, Inc. | 26 | 1502 |
| Ermenegildo Zegna N.V. | 144 | 1476 |
| Solid Power, Inc.<sup>\*</sup> | 340 | 1445 |
| Camping World Holdings, Inc. — Class A | 141 | 1372 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 213 | 1361 |
| Arhaus, Inc.<sup>\*</sup> | 120 | 1345 |
| Accel Entertainment, Inc.<sup>\*</sup> | 117 | 1335 |
| Cracker Barrel Old Country Store, Inc.<sup>1</sup> | 52 | 1321 |
| Cooper-Standard Holdings, Inc.<sup>\*</sup> | 40 | 1313 |
| Microvast Holdings, Inc.<sup>\*</sup> | 465 | 1302 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 63 | 1277 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 88 | 1269 |
| Golden Entertainment, Inc. | 46 | 1251 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 44 | 1241 |
| Ethan Allen Interiors, Inc. | 54 | 1233 |
| Bloomin' Brands, Inc. | 197 | 1215 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 71 | 1214 |
| Sabre Corp.<sup>\*</sup> | 851 | 1157 |
| Dine Brands Global, Inc. | 36 | 1157 |
| Oxford Industries, Inc. | 33 | 1129 |
| Rush Enterprises, Inc. — Class B | 20 | 1125 |
| Forestar Group, Inc.<sup>\*</sup> | 45 | 1108 |
| Nu Skin Enterprises, Inc. — Class A | 115 | 1106 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 18 | 1106 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 11 | 1073 |
| MarineMax, Inc.<sup>\*</sup> | 44 | 1066 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 64 | 1037 |
| Global Industrial Co. | 34 | 994 |
| Miller Industries, Inc. | 26 | 972 |
| Aeva Technologies, Inc.<sup>\*</sup> | 72 | 956 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 199 | 937 |
| Caleres, Inc. | 77 | 937 |
| Titan International, Inc.<sup>\*</sup> | 114 | 893 |
| EVgo, Inc.<sup>\*</sup> | 301 | 876 |
| Marcus Corp. | 56 | 869 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 413 | 867 |
| Zumiez, Inc.<sup>\*</sup> | 33 | 860 |
| Wabash National Corp. | 97 | 839 |
| Jack in the Box, Inc. | 44 | 834 |
| Savers Value Village, Inc.<sup>\*</sup> | 89 | 831 |
| Black Rock Coffee Bar, Inc. — Class A<sup>\*</sup> | 37 | 823 |
| Arko Corp. | 180 | 817 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 15 | 785 |
| Haverty Furniture Companies, Inc. | 32 | 748 |
| Movado Group, Inc. | 36 | 742 |
| Titan Machinery, Inc.<sup>\*</sup> | 49 | 737 |
| Denny's Corp.<sup>\*</sup> | 118 | 734 |
| Krispy Kreme, Inc. | 181 | 728 |
| Shoe Carnival, Inc. | 43 | 726 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 38 | 719 |
| Strattec Security Corp.<sup>\*</sup> | 9 | 685 |
| Atlanta Braves Holdings, Inc. — Class A<sup>\*</sup> | 16 | 680 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 2 | 665 |
| El Pollo Loco Holdings, Inc.<sup>\*</sup> | 62 | 649 |
| Central Garden & Pet Co.<sup>\*</sup> | 20 | 643 |
| Hudson Technologies, Inc.<sup>\*</sup> | 91 | 623 |
| Xperi, Inc.<sup>\*</sup> | 105 | 615 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 132 | 599 |
| Genesco, Inc.<sup>\*</sup> | 24 | 594 |
| Holley, Inc.<sup>\*</sup> | 140 | 578 |
| Hyliion Holdings Corp.<sup>\*</sup> | 304 | 560 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Consumer, Cyclical - 4.2% (continued)** |  |  |
| Designer Brands, Inc. — Class A | 75 | $557 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 59 | 552 |
| Webtoon Entertainment, Inc.<sup>\*</sup> | 42 | 547 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 64 | 527 |
| Methode Electronics, Inc. | 79 | 525 |
| Petco Health & Wellness Company, Inc.<sup>\*</sup> | 184 | 517 |
| Johnson Outdoors, Inc. — Class A | 12 | 509 |
| Rocky Brands, Inc. | 17 | 499 |
| Falcon's Beyond Global, Inc. — Class A<sup>\*</sup> | 33 | 495 |
| Lovesac Co.<sup>\*</sup> | 32 | 472 |
| Citi Trends, Inc.<sup>\*</sup> | 11 | 457 |
| America's Car-Mart, Inc.<sup>\*</sup> | 18 | 455 |
| RCI Hospitality Holdings, Inc. | 19 | 453 |
| Weyco Group, Inc. | 14 | 428 |
| Sleep Number Corp.<sup>\*</sup> | 49 | 415 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 31 | 383 |
| Livewire Group, Inc.<sup>\*</sup> | 86 | 380 |
| Reservoir Media, Inc.<sup>\*</sup> | 48 | 363 |
| Flexsteel Industries, Inc. | 9 | 355 |
| JAKKS Pacific, Inc. | 21 | 354 |
| Starz Entertainment Corp.<sup>\*</sup> | 30 | 351 |
| Escalade, Inc. | 24 | 324 |
| Barnes & Noble Education, Inc.<sup>\*</sup> | 35 | 322 |
| Bassett Furniture Industries, Inc. | 19 | 318 |
| EVI Industries, Inc. | 12 | 296 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 26 | 281 |
| Bally's Corp.<sup>\*</sup> | 17 | 281 |
| Hamilton Beach Brands Holding Co. — Class A | 17 | 280 |
| Funko, Inc. — Class A<sup>\*</sup> | 82 | 279 |
| Superior Group of Companies, Inc. | 27 | 261 |
| J Jill, Inc. | 17 | 233 |
| Clarus Corp. | 69 | 231 |
| American Outdoor Brands, Inc.<sup>\*</sup> | 29 | 224 |
| Envela Corp.<sup>\*</sup> | 16 | 214 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 208 | 212 |
| Lakeland Industries, Inc.<sup>1</sup> | 21 | 186 |
| Marine Products Corp. | 21 | 184 |
| Virco Mfg. Corp.<sup>1</sup> | 26 | 166 |
| CompX International, Inc.<sup>1</sup> | 4 | 93 |
| Traeger, Inc.<sup>\*</sup> | 74 | 80 |
| Torrid Holdings, Inc.<sup>\*</sup> | 56 | 55 |
| **Total Consumer, Cyclical** |  | 651279 |
| **Technology - 4.0%** |  |  |
| IonQ, Inc.<sup>\*,1</sup> | 773 | 34685 |
| Rambus, Inc.<sup>\*</sup> | 247 | 22697 |
| D-Wave Quantum, Inc.<sup>\*</sup> | 765 | 20005 |
| SiTime Corp.<sup>\*</sup> | 49 | 17306 |
| Rigetti Computing, Inc.<sup>\*</sup> | 730 | 16169 |
| Clearwater Analytics Holdings, Inc. — Class A<sup>\*</sup> | 637 | 15364 |
| Semtech Corp.<sup>\*</sup> | 199 | 14664 |
| CommVault Systems, Inc.<sup>\*</sup> | 102 | 12787 |
| ACI Worldwide, Inc.<sup>\*</sup> | 236 | 11283 |
| Maximus, Inc. | 129 | 11135 |
| Qualys, Inc.<sup>\*</sup> | 83 | 11031 |
| Impinj, Inc.<sup>\*,1</sup> | 62 | 10789 |
| Planet Labs PBC<sup>\*</sup> | 543 | 10708 |
| FormFactor, Inc.<sup>\*</sup> | 178 | 9929 |
| Workiva, Inc.<sup>\*</sup> | 115 | 9919 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 75 | 9802 |
| Box, Inc. — Class A<sup>\*</sup> | 321 | 9601 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 433 | 8812 |
| Varonis Systems, Inc.<sup>\*</sup> | 266 | 8725 |
| SoundHound AI, Inc. — Class A<sup>\*</sup> | 852 | 8494 |
| Waystar Holding Corp.<sup>\*</sup> | 254 | 8318 |
| SPS Commerce, Inc.<sup>\*</sup> | 87 | 7754 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 387 | 7643 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 152 | 7314 |
| Agilysys, Inc.<sup>\*</sup> | 59 | 7012 |
| Clear Secure, Inc. — Class A | 196 | 6876 |
| Braze, Inc. — Class A<sup>\*</sup> | 195 | 6687 |
| Tenable Holdings, Inc.<sup>\*</sup> | 280 | 6588 |
| Ambarella, Inc.<sup>\*</sup> | 93 | 6588 |
| Synaptics, Inc.<sup>\*</sup> | 89 | 6588 |
| BlackLine, Inc.<sup>\*</sup> | 119 | 6580 |
| NCR Atleos Corp.<sup>\*</sup> | 167 | 6364 |
| Intapp, Inc.<sup>\*</sup> | 130 | 5957 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 71 | 5704 |
| Freshworks, Inc. — Class A<sup>\*</sup> | 459 | 5623 |
| Genius Sports Ltd.<sup>\*</sup> | 500 | 5510 |
| Blackbaud, Inc.<sup>\*</sup> | 87 | 5509 |
| BigBear.ai Holdings, Inc.<sup>\*,1</sup> | 991 | 5351 |
| Insight Enterprises, Inc.<sup>\*</sup> | 65 | 5296 |
| Kulicke & Soffa Industries, Inc. | 116 | 5285 |
| Diodes, Inc.<sup>\*</sup> | 105 | 5181 |
| CSG Systems International, Inc. | 63 | 4831 |
| Quantum Computing, Inc.<sup>\*</sup> | 460 | 4720 |
| AvePoint, Inc.<sup>\*</sup> | 336 | 4667 |
| ASGN, Inc.<sup>\*</sup> | 95 | 4576 |
| Power Integrations, Inc. | 128 | 4549 |
| ACM Research, Inc. — Class A<sup>\*,1</sup> | 115 | 4537 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 148 | 4347 |
| NetScout Systems, Inc.<sup>\*</sup> | 160 | 4330 |
| Adeia, Inc. | 248 | 4278 |
| Progress Software Corp.<sup>\*</sup> | 98 | 4210 |
| Photronics, Inc.<sup>\*</sup> | 130 | 4160 |
| Pitney Bowes, Inc. | 369 | 3900 |
| Veeco Instruments, Inc.<sup>\*</sup> | 134 | 3830 |
| C3.ai, Inc. — Class A<sup>\*,1</sup> | 284 | 3828 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 56 | 3802 |
| Alkami Technology, Inc.<sup>\*,1</sup> | 160 | 3691 |
| Digi International, Inc.<sup>\*</sup> | 85 | 3680 |
| Innodata, Inc.<sup>\*,1</sup> | 71 | 3617 |
| Five9, Inc.<sup>\*</sup> | 178 | 3569 |
| NextNav, Inc.<sup>\*</sup> | 206 | 3428 |
| PAR Technology Corp.<sup>\*</sup> | 92 | 3338 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 191 | 3329 |
| Fastly, Inc. — Class A<sup>\*</sup> | 321 | 3268 |
| Appian Corp. — Class A<sup>\*</sup> | 92 | 3259 |
| NCR Voyix Corp.<sup>\*</sup> | 318 | 3244 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 384 | 3080 |
| Vertex, Inc. — Class A<sup>\*</sup> | 153 | 3055 |
| Life360, Inc.<sup>\*,1</sup> | 47 | 3015 |
| V2X, Inc.<sup>\*</sup> | 53 | 2891 |
| Asana, Inc. — Class A<sup>\*</sup> | 201 | 2756 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 58 | 2708 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 105 | 2660 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Technology - 4.0% (continued)** |  |  |
| Navitas Semiconductor Corp.<sup>\*</sup> | 365 | $2606 |
| PagerDuty, Inc.<sup>\*</sup> | 198 | 2596 |
| Ouster, Inc.<sup>\*</sup> | 119 | 2575 |
| Cohu, Inc.<sup>\*</sup> | 107 | 2490 |
| Penguin Solutions, Inc.<sup>\*</sup> | 121 | 2367 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 204 | 2362 |
| Schrodinger Incorporated/United States<sup>\*</sup> | 132 | 2360 |
| Jamf Holding Corp.<sup>\*</sup> | 179 | 2329 |
| Rapid7, Inc.<sup>\*</sup> | 150 | 2280 |
| Phreesia, Inc.<sup>\*</sup> | 133 | 2250 |
| Pagaya Technologies Ltd. — Class A<sup>\*</sup> | 107 | 2236 |
| GigaCloud Technology, Inc. — Class A<sup>\*</sup> | 56 | 2200 |
| PDF Solutions, Inc.<sup>\*</sup> | 75 | 2140 |
| Yext, Inc.<sup>\*</sup> | 232 | 1870 |
| Porch Group, Inc.<sup>\*</sup> | 189 | 1726 |
| Red Violet, Inc. | 26 | 1481 |
| Daily Journal Corp.<sup>\*</sup> | 3 | 1462 |
| Navan, Inc. — Class A<sup>\*</sup> | 85 | 1452 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 155 | 1400 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 451 | 1371 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 121 | 1364 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 54 | 1360 |
| Aehr Test Systems<sup>\*</sup> | 67 | 1353 |
| Cantaloupe, Inc.<sup>\*</sup> | 125 | 1327 |
| Nutex Health, Inc.<sup>\*,1</sup> | 8 | 1317 |
| SEMrush Holdings, Inc. — Class A<sup>\*</sup> | 108 | 1284 |
| HeartFlow, Inc.<sup>\*</sup> | 44 | 1283 |
| N-able, Inc.<sup>\*</sup> | 169 | 1264 |
| Digital Turbine, Inc.<sup>\*</sup> | 239 | 1195 |
| CEVA, Inc.<sup>\*</sup> | 55 | 1184 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 58 | 1149 |
| SkyWater Technology, Inc.<sup>\*</sup> | 62 | 1126 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 275 | 1100 |
| Mitek Systems, Inc.<sup>\*</sup> | 104 | 1097 |
| OneSpan, Inc. | 85 | 1091 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 28 | 1078 |
| Talkspace, Inc.<sup>\*</sup> | 289 | 1049 |
| Weave Communications, Inc.<sup>\*</sup> | 137 | 1040 |
| Arteris, Inc.<sup>\*</sup> | 66 | 1023 |
| Cerence, Inc.<sup>\*</sup> | 94 | 1005 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 46 | 1004 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 63 | 973 |
| Climb Global Solutions, Inc. | 9 | 925 |
| McGraw Hill, Inc.<sup>\*</sup> | 55 | 907 |
| IBEX Holdings Ltd.<sup>\*</sup> | 23 | 878 |
| Rezolve AI plc<sup>\*</sup> | 341 | 876 |
| Claritev Corp.<sup>\*</sup> | 18 | 769 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 86 | 763 |
| Simulations Plus, Inc.<sup>\*</sup> | 39 | 711 |
| Ibotta, Inc. — Class A<sup>\*</sup> | 31 | 705 |
| ON24, Inc.<sup>\*</sup> | 88 | 700 |
| Via Transportation, Inc. — Class A<sup>\*</sup> | 24 | 696 |
| Conduent, Inc.<sup>\*</sup> | 350 | 672 |
| Telos Corp.<sup>\*</sup> | 129 | 658 |
| Xerox Holdings Corp. | 276 | 654 |
| Corsair Gaming, Inc.<sup>\*</sup> | 109 | 647 |
| Commerce.com, Inc.<sup>\*</sup> | 154 | 634 |
| Domo, Inc. — Class B<sup>\*</sup> | 75 | 632 |
| 8x8, Inc.<sup>\*</sup> | 306 | 603 |
| Vuzix Corp.<sup>\*,1</sup> | 150 | 567 |
| 3D Systems Corp.<sup>\*</sup> | 309 | 547 |
| Asure Software, Inc.<sup>\*</sup> | 58 | 546 |
| Cricut, Inc. — Class A | 108 | 535 |
| Playtika Holding Corp. | 131 | 517 |
| TruBridge, Inc.<sup>\*</sup> | 23 | 508 |
| VTEX — Class A<sup>\*</sup> | 134 | 504 |
| Immersion Corp. | 69 | 469 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 37 | 445 |
| eGain Corp.<sup>\*</sup> | 43 | 442 |
| Rimini Street, Inc.<sup>\*</sup> | 114 | 442 |
| CS Disco, Inc.<sup>\*</sup> | 56 | 435 |
| Unisys Corp.<sup>\*</sup> | 156 | 431 |
| EverCommerce, Inc.<sup>\*,1</sup> | 34 | 412 |
| Whitefiber, Inc.<sup>\*</sup> | 25 | 395 |
| Aeluma, Inc.<sup>\*</sup> | 23 | 395 |
| Health Catalyst, Inc.<sup>\*</sup> | 159 | 380 |
| Blaize Holdings, Inc.<sup>\*,1</sup> | 170 | 331 |
| Omada Health, Inc.<sup>\*</sup> | 21 | 331 |
| ReposiTrak, Inc. | 26 | 322 |
| Ambiq Micro, Inc.<sup>\*</sup> | 11 | 313 |
| Kaltura, Inc.<sup>\*</sup> | 191 | 313 |
| Richardson Electronics Ltd. | 28 | 305 |
| Digimarc Corp.<sup>\*</sup> | 37 | 243 |
| Definitive Healthcare Corp.<sup>\*</sup> | 83 | 238 |
| Synchronoss Technologies, Inc.<sup>\*</sup> | 25 | 214 |
| Expensify, Inc. — Class A<sup>\*</sup> | 139 | 210 |
| CSP, Inc. | 16 | 200 |
| Rackspace Technology, Inc.<sup>\*</sup> | 196 | 190 |
| TTEC Holdings, Inc.<sup>\*</sup> | 47 | 169 |
| WM Technology, Inc.<sup>\*</sup> | 205 | 169 |
| Atomera, Inc.<sup>\*</sup> | 69 | 152 |
| Airship AI Holdings, Inc.<sup>\*</sup> | 47 | 136 |
| Playstudios, Inc.<sup>\*</sup> | 207 | 135 |
| Skillsoft Corp.<sup>\*,1</sup> | 10 | 93 |
| Silvaco Group, Inc.<sup>\*</sup> | 18 | 73 |
| Teads Holding Co.<sup>\*</sup> | 85 | 60 |
| Golden Matrix Group, Inc.<sup>\*</sup> | 34 | 27 |
| Zspace, Inc.<sup>\*</sup> | 5 | 2 |
| **Total Technology** |  | 618631 |
| **Communications - 2.3%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 351 | 50505 |
| EchoStar Corp. — Class A<sup>\*</sup> | 310 | 33697 |
| InterDigital, Inc.<sup>1</sup> | 59 | 18784 |
| Lumen Technologies, Inc.<sup>\*</sup> | 2179 | 16931 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 468 | 15196 |
| Applied Digital Corp.<sup>\*,1</sup> | 543 | 13314 |
| Q2 Holdings, Inc.<sup>\*</sup> | 142 | 10247 |
| Viasat, Inc.<sup>\*</sup> | 282 | 9718 |
| Telephone & Data Systems, Inc. | 227 | 9307 |
| Viavi Solutions, Inc.<sup>\*</sup> | 506 | 9017 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 496 | 8992 |
| Calix, Inc.<sup>\*</sup> | 138 | 7304 |
| Cargurus, Inc.<sup>\*</sup> | 188 | 7210 |
| TEGNA, Inc. | 367 | 7123 |
| Globalstar, Inc.<sup>\*</sup> | 115 | 7020 |
| DigitalBridge Group, Inc. | 402 | 6167 |
| Sphere Entertainment Co.<sup>\*</sup> | 64 | 6085 |
| Upwork, Inc.<sup>\*</sup> | 281 | 5569 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Communications - 2.3% (continued)** |  |  |
| ePlus, Inc. | 60 | $5262 |
| Magnite, Inc.<sup>\*</sup> | 320 | 5194 |
| Extreme Networks, Inc.<sup>\*</sup> | 301 | 5012 |
| Yelp, Inc. — Class A<sup>\*</sup> | 138 | 4194 |
| TripAdvisor, Inc.<sup>\*</sup> | 261 | 3800 |
| RealReal, Inc.<sup>\*,1</sup> | 223 | 3519 |
| Ziff Davis, Inc.<sup>\*</sup> | 93 | 3269 |
| A10 Networks, Inc. | 167 | 2954 |
| Revolve Group, Inc.<sup>\*</sup> | 95 | 2868 |
| Uniti Group, Inc.<sup>\*</sup> | 382 | 2678 |
| Harmonic, Inc.<sup>\*</sup> | 264 | 2611 |
| Figs, Inc. — Class A<sup>\*</sup> | 208 | 2363 |
| Cogent Communications Holdings, Inc. | 106 | 2285 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 294 | 2193 |
| Sprinklr, Inc. — Class A<sup>\*</sup> | 258 | 2007 |
| fuboTV, Inc. — Class A<sup>\*</sup> | 783 | 1973 |
| IDT Corp. — Class B | 38 | 1946 |
| QuinStreet, Inc.<sup>\*</sup> | 128 | 1839 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 64 | 1728 |
| USA TODAY Company, Inc.<sup>\*</sup> | 331 | 1705 |
| Liquidity Services, Inc.<sup>\*</sup> | 55 | 1667 |
| NETGEAR, Inc.<sup>\*</sup> | 65 | 1594 |
| Rumble, Inc.<sup>\*</sup> | 248 | 1567 |
| Powerfleet Incorporated NJ<sup>\*</sup> | 292 | 1553 |
| ADTRAN Holdings, Inc.<sup>\*</sup> | 174 | 1512 |
| Cars.com, Inc.<sup>\*</sup> | 123 | 1501 |
| Serve Robotics, Inc.<sup>\*,1</sup> | 143 | 1484 |
| Scholastic Corp. | 47 | 1393 |
| Sinclair, Inc. | 91 | 1392 |
| Shenandoah Telecommunications Co. | 119 | 1376 |
| Cable One, Inc. | 12 | 1354 |
| HealthStream, Inc. | 57 | 1315 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 249 | 1307 |
| Stagwell, Inc.<sup>\*</sup> | 255 | 1247 |
| Preformed Line Products Co. | 6 | 1240 |
| BlackSky Technology, Inc.<sup>\*,1</sup> | 66 | 1238 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 280 | 1165 |
| Shutterstock, Inc. | 56 | 1070 |
| Angi, Inc.<sup>\*</sup> | 82 | 1060 |
| Grindr, Inc.<sup>\*</sup> | 78 | 1056 |
| Nextdoor Holdings, Inc.<sup>\*</sup> | 496 | 1042 |
| Groupon, Inc.<sup>\*</sup> | 59 | 1039 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 78 | 1010 |
| Optimum Communications, Inc. — Class A<sup>\*</sup> | 610 | 1006 |
| Gray Media, Inc. | 206 | 997 |
| Newsmax, Inc.<sup>\*</sup> | 108 | 835 |
| Clearfield, Inc.<sup>\*</sup> | 28 | 816 |
| Frequency Electronics, Inc.<sup>\*,1</sup> | 15 | 808 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 175 | 779 |
| Gogo, Inc.<sup>\*</sup> | 161 | 750 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 76 | 724 |
| Bed Bath & Beyond, Inc.<sup>\*</sup> | 129 | 704 |
| Ooma, Inc.<sup>\*</sup> | 60 | 704 |
| Ribbon Communications, Inc.<sup>\*</sup> | 220 | 634 |
| Spok Holdings, Inc. | 48 | 633 |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 51 | 631 |
| Bumble, Inc. — Class A<sup>\*</sup> | 171 | 610 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 154 | 601 |
| Backblaze, Inc. — Class A<sup>\*</sup> | 126 | 587 |
| EW Scripps Co. — Class A<sup>\*</sup> | 147 | 587 |
| National CineMedia, Inc. | 150 | 584 |
| Nexxen International Ltd.<sup>\*</sup> | 89 | 582 |
| Aviat Networks, Inc.<sup>\*</sup> | 27 | 577 |
| Anterix, Inc.<sup>\*</sup> | 26 | 568 |
| Thryv Holdings, Inc.<sup>\*</sup> | 87 | 526 |
| ATN International, Inc. | 23 | 524 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 68 | 503 |
| OptimizeRx Corp.<sup>\*</sup> | 37 | 454 |
| BK Technologies Corp.<sup>\*</sup> | 6 | 448 |
| Entravision Communications Corp. — Class A | 146 | 428 |
| Open Lending Corp. — Class A<sup>\*</sup> | 240 | 372 |
| Tucows, Inc. — Class A<sup>\*</sup> | 16 | 359 |
| Getty Images Holdings, Inc.<sup>\*,1</sup> | 258 | 346 |
| TechTarget, Inc.<sup>\*</sup> | 62 | 335 |
| Phoenix Education Partners, Inc.<sup>\*</sup> | 11 | 333 |
| Lands' End, Inc.<sup>\*</sup> | 21 | 305 |
| Satellogic, Inc. — Class A<sup>\*</sup> | 161 | 301 |
| Inseego Corp.<sup>\*</sup> | 29 | 298 |
| LifeMD, Inc.<sup>\*</sup> | 86 | 293 |
| CuriosityStream, Inc. | 75 | 285 |
| Crexendo, Inc.<sup>\*</sup> | 34 | 220 |
| Gambling.com Group Ltd.<sup>\*</sup> | 39 | 213 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 51 | 200 |
| Advantage Solutions, Inc.<sup>\*</sup> | 221 | 194 |
| AudioEye, Inc.<sup>\*</sup> | 19 | 190 |
| BARK, Inc.<sup>\*</sup> | 250 | 151 |
| Gaia, Inc.<sup>\*</sup> | 40 | 145 |
| Nerdy, Inc.<sup>\*</sup> | 136 | 141 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 30 | 120 |
| Travelzoo<sup>\*</sup> | 15 | 107 |
| Value Line, Inc. | 2 | 77 |
| Vivid Seats, Inc. — Class A<sup>\*,1</sup> | 7 | 50 |
| Triller Group, Inc.<sup>\*</sup> | 241 | 8 |
| **Total Communications** |  | 354411 |
| **Energy - 2.1%** |  |  |
| Nextpower, Inc. — Class A<sup>\*</sup> | 333 | 29008 |
| CNX Resources Corp.<sup>\*</sup> | 298 | 10957 |
| Warrior Met Coal, Inc. | 119 | 10492 |
| Core Natural Resources, Inc. | 116 | 10267 |
| Archrock, Inc. | 388 | 10096 |
| Murphy Oil Corp.<sup>1</sup> | 309 | 9656 |
| Sunrun, Inc.<sup>\*</sup> | 511 | 9402 |
| Magnolia Oil & Gas Corp. — Class A | 414 | 9062 |
| Transocean Ltd.<sup>\*</sup> | 2122 | 8764 |
| Peabody Energy Corp. | 280 | 8316 |
| Noble Corporation plc | 289 | 8161 |
| Eos Energy Enterprises, Inc.<sup>\*</sup> | 705 | 8079 |
| Gulfport Energy Corp.<sup>\*</sup> | 36 | 7488 |
| California Resources Corp. | 165 | 7377 |
| Kodiak Gas Services, Inc. | 193 | 7218 |
| Valaris Ltd.<sup>\*</sup> | 143 | 7207 |
| Liberty Energy, Inc. — Class A | 361 | 6664 |
| Helmerich & Payne, Inc. | 221 | 6338 |
| Tidewater, Inc.<sup>\*</sup> | 112 | 5657 |
| DNOW, Inc.<sup>\*</sup> | 425 | 5631 |
| Alpha Metallurgical Resources, Inc.<sup>\*</sup> | 27 | 5397 |
| Oceaneering International, Inc.<sup>\*</sup> | 220 | 5287 |
| PBF Energy, Inc. — Class A | 191 | 5180 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Energy - 2.1% (continued)** |  |  |
| Plug Power, Inc.<sup>\*</sup> | 2539 | $5002 |
| Seadrill Ltd.<sup>\*</sup> | 143 | 4948 |
| SM Energy Co. | 261 | 4881 |
| Patterson-UTI Energy, Inc. | 793 | 4845 |
| Northern Oil & Gas, Inc.<sup>1</sup> | 217 | 4659 |
| Crescent Energy Co. — Class A | 538 | 4514 |
| Solaris Energy Infrastructure, Inc. — Class A<sup>1</sup> | 97 | 4459 |
| Delek US Holdings, Inc. | 136 | 4034 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 114 | 4006 |
| Comstock Resources, Inc.<sup>\*</sup> | 169 | 3917 |
| Kinetik Holdings, Inc. — Class A<sup>1</sup> | 101 | 3641 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 384 | 3264 |
| Array Technologies, Inc.<sup>\*</sup> | 347 | 3199 |
| Talos Energy, Inc.<sup>\*</sup> | 282 | 3108 |
| Fluence Energy, Inc.<sup>\*</sup> | 146 | 2888 |
| TETRA Technologies, Inc.<sup>\*</sup> | 298 | 2792 |
| Expro Group Holdings N.V.<sup>\*</sup> | 204 | 2723 |
| Bristow Group, Inc.<sup>\*</sup> | 67 | 2454 |
| Borr Drilling Ltd.<sup>\*</sup> | 608 | 2450 |
| Select Water Solutions, Inc. — Class A<sup>1</sup> | 219 | 2304 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 142 | 2224 |
| REX American Resources Corp.<sup>\*</sup> | 66 | 2133 |
| T1 Energy, Inc.<sup>\*</sup> | 305 | 2037 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 323 | 2025 |
| Innovex International, Inc.<sup>\*</sup> | 91 | 1990 |
| Diversified Energy Co. | 129 | 1868 |
| CVR Energy, Inc.<sup>\*</sup> | 73 | 1857 |
| Nabors Industries Ltd.<sup>\*</sup> | 33 | 1792 |
| ProPetro Holding Corp.<sup>\*</sup> | 188 | 1788 |
| Core Laboratories, Inc. | 110 | 1763 |
| Atlas Energy Solutions, Inc. | 182 | 1714 |
| Ramaco Resources, Inc. — Class A<sup>\*</sup> | 95 | 1710 |
| NextDecade Corp.<sup>\*</sup> | 314 | 1655 |
| Sable Offshore Corp.<sup>\*</sup> | 177 | 1597 |
| Excelerate Energy, Inc. — Class A | 54 | 1515 |
| Green Plains, Inc.<sup>\*,1</sup> | 151 | 1480 |
| SunCoke Energy, Inc. | 199 | 1433 |
| Hallador Energy Co.<sup>\*</sup> | 73 | 1390 |
| BKV Corp.<sup>\*</sup> | 51 | 1385 |
| Vitesse Energy, Inc.<sup>1</sup> | 69 | 1329 |
| SandRidge Energy, Inc. | 85 | 1227 |
| RPC, Inc.<sup>1</sup> | 210 | 1142 |
| Gevo, Inc.<sup>\*</sup> | 541 | 1082 |
| Kosmos Energy Ltd.<sup>\*</sup> | 1113 | 1010 |
| ASP Isotopes, Inc.<sup>\*</sup> | 178 | 952 |
| Oil States International, Inc.<sup>\*</sup> | 137 | 928 |
| VAALCO Energy, Inc. | 243 | 885 |
| Forum Energy Technologies, Inc.<sup>\*</sup> | 23 | 850 |
| Riley Exploration Permian, Inc. | 31 | 818 |
| Natural Gas Services Group, Inc. | 24 | 808 |
| Flowco Holdings, Inc. — Class A | 43 | 806 |
| Matrix Service Co.<sup>\*</sup> | 63 | 737 |
| Summit Midstream Corp.<sup>\*</sup> | 23 | 614 |
| Granite Ridge Resources, Inc. | 127 | 597 |
| Flotek Industries, Inc.<sup>\*</sup> | 33 | 569 |
| Ranger Energy Services, Inc. — Class A | 40 | 559 |
| Infinity Natural Resources, Inc. — Class A<sup>\*</sup> | 34 | 501 |
| New Fortress Energy, Inc.<sup>\*,1</sup> | 395 | 450 |
| NACCO Industries, Inc. — Class A | 9 | 441 |
| W&T Offshore, Inc. | 233 | 380 |
| DMC Global, Inc.<sup>\*</sup> | 45 | 301 |
| SEACOR Marine Holdings, Inc.<sup>\*</sup> | 48 | 289 |
| Kolibri Global Energy, Inc.<sup>\*</sup> | 70 | 275 |
| Montauk Renewables, Inc.<sup>\*</sup> | 158 | 264 |
| Evolution Petroleum Corp. | 73 | 258 |
| SunPower, Inc.<sup>\*</sup> | 140 | 220 |
| Epsilon Energy Ltd. | 45 | 209 |
| HighPeak Energy, Inc. | 43 | 204 |
| FutureFuel Corp. | 59 | 188 |
| PrimeEnergy Resources Corp.<sup>\*</sup> | 1 | 171 |
| OPAL Fuels, Inc. — Class A<sup>\*</sup> | 50 | 118 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 29 | 113 |
| Mammoth Energy Services, Inc.<sup>\*</sup> | 57 | 105 |
| Empire Petroleum Corp.<sup>\*</sup> | 34 | 103 |
| Prairie Operating Co.<sup>\*</sup> | 51 | 86 |
| NextNRG, Inc.<sup>\*</sup> | 41 | 59 |
| Verde Clean Fuels, Inc.<sup>\*</sup> | 10 | 21 |
| **Total Energy** |  | 328817 |
| **Basic Materials - 1.7%** |  |  |
| Hecla Mining Co. | 1452 | 27864 |
| Coeur Mining, Inc.<sup>\*</sup> | 1463 | 26085 |
| Commercial Metals Co. | 254 | 17582 |
| Uranium Energy Corp.<sup>\*</sup> | 1090 | 12731 |
| Balchem Corp. | 75 | 11502 |
| SSR Mining, Inc.<sup>\*</sup> | 465 | 10193 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 39 | 9468 |
| Sensient Technologies Corp. | 97 | 9113 |
| Perimeter Solutions, Inc.<sup>\*</sup> | 318 | 8754 |
| Cabot Corp. | 122 | 8086 |
| Energy Fuels, Inc.<sup>\*</sup> | 522 | 7590 |
| HB Fuller Co. | 125 | 7432 |
| Novagold Resources, Inc.<sup>\*</sup> | 692 | 6449 |
| Hawkins, Inc. | 45 | 6393 |
| Constellium SE<sup>\*</sup> | 313 | 5900 |
| Ingevity Corp.<sup>\*</sup> | 83 | 4912 |
| Century Aluminum Co.<sup>\*</sup> | 121 | 4741 |
| Perpetua Resources Corp.<sup>\*</sup> | 194 | 4697 |
| Minerals Technologies, Inc. | 73 | 4449 |
| Innospec, Inc. | 57 | 4363 |
| Quaker Chemical Corp.<sup>1</sup> | 31 | 4257 |
| Kaiser Aluminum Corp. | 37 | 4250 |
| Chemours Co. | 344 | 4056 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 243 | 3883 |
| Sylvamo Corp. | 79 | 3804 |
| Rogers Corp.<sup>\*</sup> | 41 | 3754 |
| Calumet, Inc.<sup>\*</sup> | 161 | 3199 |
| United States Lime & Minerals, Inc. | 25 | 2993 |
| Ecovyst, Inc.<sup>\*</sup> | 253 | 2462 |
| USA Rare Earth, Inc.<sup>\*</sup> | 201 | 2392 |
| Stepan Co. | 49 | 2321 |
| Compass Minerals International, Inc.<sup>\*</sup> | 81 | 1591 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 43.0% (continued)** |
| **Basic Materials - 1.7% (continued)** |  |  |
| Mativ Holdings, Inc. | 127 | $1543 |
| US Antimony Corp.<sup>\*</sup> | 272 | 1365 |
| NioCorp Developments Ltd.<sup>\*</sup> | 245 | 1298 |
| Ferroglobe plc | 279 | 1295 |
| Koppers Holdings, Inc. | 45 | 1219 |
| Magnera Corp.<sup>\*</sup> | 78 | 1181 |
| Idaho Strategic Resources, Inc.<sup>\*</sup> | 29 | 1169 |
| Tronox Holdings plc — Class A | 280 | 1168 |
| Dakota Gold Corp.<sup>\*</sup> | 202 | 1147 |
| Oil-Dri Corporation of America | 23 | 1126 |
| AdvanSix, Inc. | 62 | 1073 |
| Encore Energy Corp.<sup>\*</sup> | 432 | 1071 |
| Caledonia Mining Corporation plc | 39 | 1021 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 151 | 889 |
| American Battery Technology Co.<sup>\*</sup> | 258 | 862 |
| Intrepid Potash, Inc.<sup>\*</sup> | 25 | 693 |
| Orion S.A. | 130 | 686 |
| Contango ORE, Inc.<sup>\*</sup> | 20 | 528 |
| Critical Metals Corp.<sup>\*</sup> | 76 | 527 |
| US Gold Corp.<sup>\*</sup> | 26 | 505 |
| Vox Royalty Corp. | 94 | 446 |
| Friedman Industries, Inc. | 16 | 327 |
| Codexis, Inc.<sup>\*</sup> | 192 | 313 |
| Lifezone Metals Ltd.<sup>\*</sup> | 65 | 278 |
| American Vanguard Corp.<sup>\*</sup> | 61 | 233 |
| Kronos Worldwide, Inc. | 51 | 225 |
| Valhi, Inc. | 6 | 72 |
| Trinseo plc | 80 | 40 |
| US Goldmining, Inc.<sup>\*</sup> | 4 | 35 |
| **Total Basic Materials** |  | 259601 |
| **Utilities - 1.3%** |  |  |
| Oklo, Inc.<sup>\*</sup> | 248 | 17797 |
| Ormat Technologies, Inc. | 140 | 15466 |
| TXNM Energy, Inc. | 227 | 13366 |
| Brookfield Infrastructure Corp. — Class A | 275 | 12485 |
| Portland General Electric Co. | 256 | 12285 |
| Southwest Gas Holdings, Inc. | 148 | 11843 |
| Black Hills Corp. | 169 | 11732 |
| Spire, Inc. | 133 | 10999 |
| New Jersey Resources Corp. | 231 | 10654 |
| ONE Gas, Inc. | 137 | 10583 |
| Northwestern Energy Group, Inc. | 141 | 9100 |
| Avista Corp. | 186 | 7169 |
| Otter Tail Corp. | 88 | 7111 |
| Chesapeake Utilities Corp. | 53 | 6612 |
| MGE Energy, Inc. | 84 | 6587 |
| American States Water Co. | 88 | 6378 |
| California Water Service Group | 137 | 5936 |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 398 | 4895 |
| Northwest Natural Holding Co. | 95 | 4440 |
| H2O America | 75 | 3674 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 75 | 2197 |
| Middlesex Water Co. | 42 | 2118 |
| Unitil Corp. | 38 | 1841 |
| Consolidated Water Company Ltd. | 35 | 1235 |
| York Water Co. | 34 | 1083 |
| Genie Energy Ltd. — Class B | 50 | 689 |
| RGC Resources, Inc. | 19 | 405 |
| Global Water Resources, Inc. | 29 | 245 |
| **Total Utilities** |  | 198925 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 66 | 2944 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,928,806) |  | 6639112 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Bed Bath & Beyond Inc |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 10/07/26<sup>\*</sup> | 1 | 1 |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | 1 |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics Inc.\* | 881 |  |
| &nbsp;&nbsp;&nbsp;Sanofi SA\* | 261 |  |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S\* | 164 |  |
| &nbsp;&nbsp;&nbsp;Oncternal Therapeutics, Inc. <sup>\*,†††</sup> | 7 |  |
| &nbsp;&nbsp;&nbsp;Tobira Therapeutics, Inc.\*<sup>,†††</sup> | 141 |  |
| &nbsp;&nbsp;&nbsp;Novartis AG\*<sup>,†††</sup> | 429 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Communications - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;E.W. Scripps Co. | 147 | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $631) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>\*\*\*,†</sup> - 20.2%** |  |  |
| Vanguard Russell 2000 ETF<sup>\*</sup> | 15743 | 1566743 |
| iShares Russell 2000 Index ETF | 6356 | 1564593 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,799,130) |  | 3131336 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.6%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | $50000 | 49628 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>3,4</sup> | 38000 | 37925 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $87,541) |  | 87553 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 33.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 2559696 | 2559696 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 2559696 | 2559696 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,119,392) |  | 5119392 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.2%** | | |
| **Money Market Fund<sup>\*\*\*</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 3.65%<sup>7</sup> | 30036 | $30036 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $30,036) |  | 30036 |
| **Total Investments - 97.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,965,536) |  | $15007430 |
| **Other Assets & Liabilities, net - 2.9%** |  | 443977 |
| **Total Net Assets - 100.0%** |  | $15451407 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 4 | Mar 2026 | $499720 | $(15147) |

---

**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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |
| BNP Paribas | Russell 2000 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 441 | $1094233 | $59085 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.34% (Federal Funds Rate + 0.70%) | At Maturity | 01/21/26 | 936 | 2323935 | 36235 |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.46% (SOFR + 0.75%) | At Maturity | 01/22/26 | 710 | 1761051 | (17630) |
|  |  |  |  |  |  |  | $5179219 | $77690 |

---

---

| | |
|:---|:---|
| *<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>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 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 December 31, 2025.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>6</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>7</sup>* | *Rate indicated is the 7-day yield as of December 31, 2025.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $6639112 | $— | $— \* | $6639112 |
| Warrants | 1 |  |  | 1 |
| Rights | — \* |  | — \* |  |
| Exchange-Traded Funds | 3131336 |  |  | 3131336 |
| U.S. Treasury Bills |  | 87553 |  | 87553 |
| Repurchase Agreements |  | 5119392 |  | 5119392 |
| Securities Lending Collateral | 30036 |  |  | 30036 |
| Equity Index Swap Agreements\*\* |  | 95320 |  | 95320 |
| Total Assets | $9800485 | $5302265 | $— | $15102750 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $15147 | $— | $— | $15147 |
| Equity Index Swap Agreements\*\* |  | 17630 |  | 17630 |
| Total Liabilities | $15147 | $17630 | $— | $32777 |

---

---

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

---

---

| | |
|:---|:---|
| **Inverse Russell 2000<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 59.4%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 34623 | $348999 |
| Guggenheim Strategy Fund II<sup>1</sup> | 13870 | 344117 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $673,496) |  | 693116 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.5%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $18000 | 17964 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,962) |  | 17964 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 32.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 188900 | 188900 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 188899 | 188899 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $377,799) |  | 377799 |
| **Total Investments - 93.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,069,257) |  | $1088879 |
| **Other Assets & Liabilities, net - 6.7%** |  | 78631 |
| **Total Net Assets - 100.0%** |  | $1167510 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 2 | Mar 2026 | $249860 | $7567 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **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 | 4.09% (Federal Funds Rate + 0.45%) | At Maturity | 01/21/26 | 112 | $277234 | $(7993) |
| BNP Paribas | Russell 2000 Index | Receive | 3.79% (Federal Funds Rate + 0.15%) | At Maturity | 01/22/26 | 142 | 351323 | (10590) |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.06% (SOFR + 0.35%) | At Maturity | 01/22/26 | 115 | 286263 | (12266) |
|  |  |  |  |  |  |  | $914820 | $(30849) |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 Russell 2000<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $693116 | $— | $— | $693116 |
| U.S. Treasury Bills |  | 17964 |  | 17964 |
| Repurchase Agreements |  | 377799 |  | 377799 |
| Equity Futures Contracts\*\* | 7567 |  |  | 7567 |
| Total Assets | $700683 | $395763 | $— | $1096446 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 30849 | $– $| 30849 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $444730 | $– | $(100000) | $2157 | $(2770) | $344117 | 13870 | $16407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 446771 | – | (100000) | 2381 | (153) | 348999 | 34623 | 13665 |
|  | $891501 | $– | $(200000) | $4538 | $(2923) | $693116 |  | $30072 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 80.1%** | | |
| **Technology - 26.2%** |  |  |
| NVIDIA Corp. | 86469 | $16126468 |
| Apple, Inc. | 52580 | 14294399 |
| Microsoft Corp. | 26447 | 12790298 |
| Broadcom, Inc. | 16804 | 5815864 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 8129 | 1444930 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 5793 | 1240629 |
| Oracle Corp. | 5985 | 1166536 |
| Micron Technology, Inc. | 3994 | 1139928 |
| International Business Machines Corp. | 3326 | 985194 |
| Salesforce, Inc. | 3388 | 897515 |
| Lam Research Corp. | 4469 | 765003 |
| Applied Materials, Inc. | 2835 | 728567 |
| Intuit, Inc. | 992 | 657121 |
| QUALCOMM, Inc. | 3811 | 651872 |
| Accenture plc — Class A | 2207 | 592138 |
| Intel Corp.<sup>\*</sup> | 15955 | 588739 |
| KLA Corp. | 468 | 568657 |
| ServiceNow, Inc.<sup>\*</sup> | 3692 | 565577 |
| Texas Instruments, Inc. | 3233 | 560893 |
| Adobe, Inc.<sup>\*</sup> | 1490 | 521485 |
| Analog Devices, Inc. | 1751 | 474871 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 893 | 418603 |
| Synopsys, Inc.<sup>\*</sup> | 661 | 310485 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 969 | 302890 |
| Autodesk, Inc.<sup>\*</sup> | 758 | 224376 |
| Seagate Technology Holdings plc | 775 | 213427 |
| Western Digital Corp. | 1217 | 209653 |
| NXP Semiconductor N.V. | 896 | 194486 |
| Fortinet, Inc.<sup>\*</sup> | 2249 | 178593 |
| Roper Technologies, Inc. | 383 | 170485 |
| Workday, Inc. — Class A<sup>\*</sup> | 772 | 165810 |
| Electronic Arts, Inc. | 799 | 163260 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 618 | 158227 |
| Datadog, Inc. — Class A<sup>\*</sup> | 1158 | 157476 |
| Monolithic Power Systems, Inc. | 170 | 154081 |
| MSCI, Inc. — Class A | 267 | 153186 |
| Cognizant Technology Solutions Corp. — Class A | 1717 | 142511 |
| Fair Isaac Corp.<sup>\*</sup> | 84 | 142012 |
| Dell Technologies, Inc. — Class C | 1072 | 134943 |
| Paychex, Inc. | 1153 | 129343 |
| Fiserv, Inc.<sup>\*</sup> | 1914 | 128563 |
| Microchip Technology, Inc. | 1923 | 122534 |
| Fidelity National Information Services, Inc. | 1843 | 122486 |
| Sandisk Corp.<sup>\*</sup> | 495 | 117503 |
| Hewlett Packard Enterprise Co. | 4695 | 112774 |
| Teradyne, Inc. | 557 | 107813 |
| Broadridge Financial Solutions, Inc. | 415 | 92616 |
| Leidos Holdings, Inc. | 455 | 82082 |
| ON Semiconductor Corp.<sup>\*</sup> | 1432 | 77543 |
| NetApp, Inc. | 710 | 76034 |
| PTC, Inc.<sup>\*</sup> | 426 | 74213 |
| HP, Inc. | 3326 | 74103 |
| Tyler Technologies, Inc.<sup>\*</sup> | 153 | 69454 |
| Gartner, Inc.<sup>\*</sup> | 256 | 64584 |
| Super Micro Computer, Inc.<sup>\*</sup> | 1784 | 52218 |
| Jack Henry & Associates, Inc. | 258 | 47080 |
| Akamai Technologies, Inc.<sup>\*</sup> | 512 | 44672 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 180 | 43708 |
| EPAM Systems, Inc.<sup>\*</sup> | 197 | 40361 |
| Dayforce, Inc.<sup>\*</sup> | 569 | 39352 |
| Skyworks Solutions, Inc. | 529 | 33544 |
| Paycom Software, Inc. | 174 | 27729 |
| **Total Technology** |  | 67951497 |
| **Communications - 13.6%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 34616 | 7990065 |
| Alphabet, Inc. — Class A | 20703 | 6480039 |
| Alphabet, Inc. — Class C | 16547 | 5192449 |
| Meta Platforms, Inc. — Class A | 7750 | 5115697 |
| Netflix, Inc.<sup>\*</sup> | 15078 | 1413713 |
| Cisco Systems, Inc. | 14023 | 1080192 |
| Walt Disney Co. | 6353 | 722781 |
| AppLovin Corp. — Class A<sup>\*</sup> | 963 | 648889 |
| AT&T, Inc. | 25227 | 626639 |
| Booking Holdings, Inc. | 115 | 615863 |
| Verizon Communications, Inc. | 15004 | 611113 |
| Uber Technologies, Inc.<sup>\*</sup> | 7394 | 604164 |
| Arista Networks, Inc.<sup>\*</sup> | 3674 | 481404 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 2434 | 448343 |
| Comcast Corp. — Class A | 12933 | 386567 |
| T-Mobile US, Inc. | 1711 | 347401 |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 2798 | 316454 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1330 | 301218 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 8818 | 254135 |
| Corning, Inc. | 2776 | 243066 |
| Motorola Solutions, Inc. | 593 | 227309 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 1513 | 205344 |
| eBay, Inc. | 1608 | 140057 |
| Expedia Group, Inc. | 416 | 117857 |
| Omnicom Group, Inc. | 1135 | 91651 |
| VeriSign, Inc. | 297 | 72156 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 313 | 65339 |
| CDW Corp. | 463 | 63061 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 481 | 59682 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 1567 | 59484 |
| Gen Digital, Inc. | 1997 | 54298 |
| Fox Corp. — Class A | 741 | 54145 |
| F5, Inc.<sup>\*</sup> | 205 | 52328 |
| FactSet Research Systems, Inc. | 133 | 38595 |
| News Corp. — Class A | 1333 | 34818 |
| Fox Corp. — Class B | 528 | 34283 |
| Match Group, Inc. | 840 | 27124 |
| Paramount Skydance Corp. — Class B | 1106 | 14820 |
| News Corp. — Class B | 439 | 13008 |
| **Total Communications** |  | 35305551 |
| **Financial - 11.4%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 6525 | 3279791 |
| JPMorgan Chase & Co. | 9687 | 3121345 |
| Visa, Inc. — Class A | 6005 | 2106014 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** |
| **Financial - 11.4% (continued)** |  |  |
| Mastercard, Inc. — Class A | 2918 | $1665828 |
| Bank of America Corp. | 23906 | 1314830 |
| Wells Fargo & Co. | 11170 | 1041044 |
| Goldman Sachs Group, Inc. | 1067 | 937893 |
| Morgan Stanley | 4298 | 763024 |
| Citigroup, Inc. | 6367 | 742965 |
| American Express Co. | 1912 | 707344 |
| Charles Schwab Corp. | 5944 | 593865 |
| Blackrock, Inc. | 513 | 549084 |
| Capital One Financial Corp. | 2262 | 548218 |
| Progressive Corp. | 2087 | 475252 |
| Welltower, Inc. REIT | 2442 | 453260 |
| Prologis, Inc. REIT | 3305 | 421916 |
| Chubb Ltd. | 1302 | 406380 |
| Blackstone, Inc. — Class A | 2628 | 405080 |
| CME Group, Inc. — Class A | 1283 | 350362 |
| Intercontinental Exchange, Inc. | 2029 | 328617 |
| Marsh & McLennan Companies, Inc. | 1743 | 323361 |
| KKR & Company, Inc. — Class A | 2442 | 311306 |
| U.S. Bancorp | 5531 | 295134 |
| American Tower Corp. — Class A REIT | 1666 | 292500 |
| PNC Financial Services Group, Inc. | 1395 | 291178 |
| Bank of New York Mellon Corp. | 2481 | 288019 |
| Aon plc — Class A | 765 | 269953 |
| Equinix, Inc. REIT | 349 | 267390 |
| Apollo Global Management, Inc. | 1652 | 239143 |
| Arthur J Gallagher & Co. | 914 | 236534 |
| Travelers Companies, Inc. | 794 | 230308 |
| Truist Financial Corp. | 4552 | 224004 |
| Simon Property Group, Inc. REIT | 1162 | 215098 |
| Allstate Corp. | 931 | 193788 |
| Aflac, Inc. | 1679 | 185143 |
| Realty Income Corp. REIT | 3273 | 184499 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 812 | 183626 |
| Digital Realty Trust, Inc. REIT | 1149 | 177762 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 1043 | 167704 |
| American International Group, Inc. | 1920 | 164256 |
| Ameriprise Financial, Inc. | 331 | 162303 |
| Nasdaq, Inc. | 1605 | 155894 |
| MetLife, Inc. | 1969 | 155433 |
| Public Storage REIT | 562 | 145839 |
| Prudential Financial, Inc. | 1245 | 140536 |
| Crown Castle, Inc. REIT | 1550 | 137748 |
| Hartford Insurance Group, Inc. | 992 | 136698 |
| Ventas, Inc. REIT | 1671 | 129302 |
| State Street Corp. | 994 | 128236 |
| Arch Capital Group Ltd.<sup>\*</sup> | 1285 | 123257 |
| Ares Management Corp. — Class A | 733 | 118475 |
| Willis Towers Watson plc | 341 | 112053 |
| M&T Bank Corp. | 547 | 110210 |
| Fifth Third Bancorp | 2352 | 110097 |
| Synchrony Financial | 1282 | 106957 |
| VICI Properties, Inc. REIT | 3803 | 106940 |
| Interactive Brokers Group, Inc. — Class A | 1585 | 101931 |
| CoStar Group, Inc.<sup>\*</sup> | 1508 | 101398 |
| Raymond James Financial, Inc. | 627 | 100690 |
| Extra Space Storage, Inc. REIT | 755 | 98316 |
| Huntington Bancshares, Inc. | 5594 | 97056 |
| Cboe Global Markets, Inc. | 372 | 93372 |
| Northern Trust Corp. | 673 | 91925 |
| AvalonBay Communities, Inc. REIT | 503 | 91199 |
| Cincinnati Financial Corp. | 555 | 90643 |
| Citizens Financial Group, Inc. | 1528 | 89251 |
| Iron Mountain, Inc. REIT | 1052 | 87263 |
| Regions Financial Corp. | 3120 | 84552 |
| Brown & Brown, Inc. | 1045 | 83286 |
| T. Rowe Price Group, Inc. | 777 | 79549 |
| Equity Residential REIT | 1232 | 77665 |
| W R Berkley Corp. | 1068 | 74888 |
| SBA Communications Corp. REIT | 379 | 73310 |
| KeyCorp | 3306 | 68236 |
| Loews Corp. | 603 | 63502 |
| Principal Financial Group, Inc. | 711 | 62717 |
| Weyerhaeuser Co. REIT | 2565 | 60765 |
| Essex Property Trust, Inc. REIT | 229 | 59925 |
| Mid-America Apartment Communities, Inc. REIT | 417 | 57925 |
| Invitation Homes, Inc. REIT | 2007 | 55775 |
| Everest Group Ltd. | 149 | 50563 |
| Kimco Realty Corp. REIT | 2410 | 48851 |
| Assurant, Inc. | 178 | 42871 |
| Camden Property Trust REIT | 379 | 41720 |
| Invesco Ltd. | 1584 | 41612 |
| Regency Centers Corp. REIT | 586 | 40452 |
| Host Hotels & Resorts, Inc. REIT | 2276 | 40353 |
| Healthpeak Properties, Inc. REIT | 2473 | 39766 |
| Globe Life, Inc. | 283 | 39580 |
| UDR, Inc. REIT | 1070 | 39248 |
| BXP, Inc. REIT | 524 | 35359 |
| Federal Realty Investment Trust REIT | 279 | 28123 |
| Alexandria Real Estate Equities, Inc. REIT | 553 | 27064 |
| Franklin Resources, Inc. | 1094 | 26136 |
| Erie Indemnity Co. — Class A | 90 | 25799 |
| **Total Financial** |  | 29545432 |
| **Consumer, Non-cyclical - 11.2%** |  |  |
| Eli Lilly & Co. | 2826 | 3037046 |
| Johnson & Johnson | 8573 | 1774182 |
| AbbVie, Inc. | 6289 | 1436974 |
| Procter & Gamble Co. | 8315 | 1191623 |
| UnitedHealth Group, Inc. | 3223 | 1063944 |
| Coca-Cola Co. | 13776 | 963080 |
| Merck & Company, Inc. | 8832 | 929656 |
| Philip Morris International, Inc. | 5539 | 888456 |
| Abbott Laboratories | 6188 | 775294 |
| Thermo Fisher Scientific, Inc. | 1337 | 774725 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 1261 | 714180 |
| PepsiCo, Inc. | 4866 | 698368 |
| Amgen, Inc. | 1916 | 627126 |
| S&P Global, Inc. | 1103 | 576417 |
| Gilead Sciences, Inc. | 4415 | 541897 |
| Danaher Corp. | 2237 | 512094 |
| Pfizer, Inc. | 20232 | 503777 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** |
| **Consumer, Non-cyclical - 11.2% (continued)** |  |  |
| Boston Scientific Corp.<sup>\*</sup> | 5275 | $502971 |
| Medtronic plc | 4564 | 438418 |
| Stryker Corp. | 1225 | 430551 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 903 | 409384 |
| Bristol-Myers Squibb Co. | 7244 | 390741 |
| Automatic Data Processing, Inc. | 1439 | 370154 |
| McKesson Corp. | 439 | 360107 |
| CVS Health Corp. | 4517 | 358469 |
| Altria Group, Inc. | 5973 | 344403 |
| Moody's Corp. | 546 | 278924 |
| Elevance Health, Inc. | 791 | 277285 |
| Regeneron Pharmaceuticals, Inc. | 359 | 277102 |
| HCA Healthcare, Inc. | 568 | 265176 |
| Cigna Group | 951 | 261744 |
| Mondelez International, Inc. — Class A | 4592 | 247187 |
| Cencora, Inc. — Class A | 690 | 233048 |
| Cintas Corp. | 1216 | 228693 |
| Colgate-Palmolive Co. | 2868 | 226629 |
| Quanta Services, Inc. | 531 | 224114 |
| Becton Dickinson & Co. | 1020 | 197951 |
| Zoetis, Inc. | 1568 | 197286 |
| Monster Beverage Corp.<sup>\*</sup> | 2538 | 194589 |
| PayPal Holdings, Inc. | 3329 | 194347 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 284 | 192134 |
| United Rentals, Inc. | 226 | 182906 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 2065 | 176041 |
| Cardinal Health, Inc. | 845 | 173648 |
| Corteva, Inc. | 2405 | 161207 |
| Agilent Technologies, Inc. | 1009 | 137295 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 606 | 136598 |
| Kroger Co. | 2169 | 135519 |
| Keurig Dr Pepper, Inc. | 4834 | 135400 |
| GE HealthCare Technologies, Inc. | 1621 | 132954 |
| Block, Inc. — Class A<sup>\*</sup> | 1949 | 126861 |
| Sysco Corp. | 1704 | 125568 |
| ResMed, Inc. | 519 | 125012 |
| Kimberly-Clark Corp. | 1181 | 119151 |
| Kenvue, Inc. | 6817 | 117593 |
| Verisk Analytics, Inc. — Class A | 496 | 110950 |
| Humana, Inc. | 428 | 109624 |
| Archer-Daniels-Midland Co. | 1710 | 98308 |
| Hershey Co. | 527 | 95904 |
| Equifax, Inc. | 436 | 94603 |
| Dexcom, Inc.<sup>\*</sup> | 1388 | 92122 |
| Biogen, Inc.<sup>\*</sup> | 522 | 91867 |
| Estee Lauder Companies, Inc. — Class A | 875 | 91630 |
| STERIS plc | 349 | 88478 |
| General Mills, Inc. | 1898 | 88257 |
| Waters Corp.<sup>\*</sup> | 212 | 80524 |
| Corpay, Inc.<sup>\*</sup> | 249 | 74932 |
| Labcorp Holdings, Inc. | 295 | 74010 |
| Kraft Heinz Co. | 3033 | 73550 |
| Church & Dwight Company, Inc. | 854 | 71608 |
| Insulet Corp.<sup>\*</sup> | 250 | 71060 |
| West Pharmaceutical Services, Inc. | 256 | 70436 |
| Constellation Brands, Inc. — Class A | 502 | 69256 |
| Quest Diagnostics, Inc. | 396 | 68718 |
| Centene Corp.<sup>\*</sup> | 1662 | 68391 |
| Global Payments, Inc. | 842 | 65171 |
| Zimmer Biomet Holdings, Inc. | 705 | 63394 |
| Rollins, Inc. | 1044 | 62661 |
| McCormick & Company, Inc. | 901 | 61367 |
| Tyson Foods, Inc. — Class A | 1007 | 59030 |
| Hologic, Inc.<sup>\*</sup> | 792 | 58996 |
| Incyte Corp.<sup>\*</sup> | 587 | 57978 |
| Cooper Companies, Inc.<sup>\*</sup> | 707 | 57946 |
| Viatris, Inc. | 4098 | 51020 |
| Avery Dennison Corp. | 275 | 50017 |
| Clorox Co. | 434 | 43760 |
| Universal Health Services, Inc. — Class B | 197 | 42950 |
| Bunge Global S.A. | 482 | 42936 |
| Solventum Corp.<sup>\*</sup> | 525 | 41601 |
| Revvity, Inc. | 403 | 38990 |
| J M Smucker Co. | 380 | 37168 |
| Align Technology, Inc.<sup>\*</sup> | 237 | 37008 |
| Moderna, Inc.<sup>\*</sup> | 1237 | 36479 |
| Baxter International, Inc. | 1829 | 34952 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 175 | 34909 |
| Bio-Techne Corp. | 554 | 32581 |
| Molina Healthcare, Inc.<sup>\*</sup> | 183 | 31758 |
| Conagra Brands, Inc. | 1702 | 29462 |
| Molson Coors Beverage Co. — Class B | 602 | 28101 |
| Henry Schein, Inc.<sup>\*</sup> | 356 | 26906 |
| Hormel Foods Corp. | 1037 | 24577 |
| Lamb Weston Holdings, Inc. | 496 | 20777 |
| The Campbell's Co. | 699 | 19481 |
| Brown-Forman Corp. — Class B | 627 | 16340 |
| DaVita, Inc.<sup>\*</sup> | 126 | 14315 |
| **Total Consumer, Non-cyclical** |  | 29002858 |
| **Consumer, Cyclical - 6.5%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 9999 | 4496751 |
| Walmart, Inc. | 15604 | 1738442 |
| Costco Wholesale Corp. | 1577 | 1359910 |
| Home Depot, Inc. | 3542 | 1218802 |
| McDonald's Corp. | 2534 | 774466 |
| TJX Companies, Inc. | 3960 | 608296 |
| Lowe's Companies, Inc. | 1996 | 481355 |
| Starbucks Corp. | 4046 | 340714 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 3004 | 273995 |
| General Motors Co. | 3319 | 269901 |
| NIKE, Inc. — Class B | 4232 | 269621 |
| Royal Caribbean Cruises Ltd. | 902 | 251586 |
| Cummins, Inc. | 491 | 250631 |
| Marriott International, Inc. — Class A | 793 | 246020 |
| Hilton Worldwide Holdings, Inc. | 827 | 237556 |
| Carvana Co.<sup>\*</sup> | 503 | 212276 |
| Ross Stores, Inc. | 1157 | 208422 |
| PACCAR, Inc. | 1869 | 204674 |
| AutoZone, Inc.<sup>\*</sup> | 59 | 200098 |
| Ford Motor Co. | 13926 | 182709 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** |
| **Consumer, Cyclical - 6.5% (continued)** |  |  |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 4705 | $174085 |
| Fastenal Co. | 4085 | 163931 |
| Delta Air Lines, Inc. | 2308 | 160175 |
| Target Corp. | 1617 | 158062 |
| WW Grainger, Inc. | 156 | 157412 |
| Yum! Brands, Inc. | 988 | 149465 |
| DR Horton, Inc. | 975 | 140429 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 1152 | 128817 |
| Copart, Inc.<sup>\*</sup> | 3168 | 124027 |
| Carnival Corp. | 3864 | 118007 |
| Dollar General Corp. | 783 | 103959 |
| Ulta Beauty, Inc.<sup>\*</sup> | 160 | 96802 |
| Tractor Supply Co. | 1880 | 94019 |
| Tapestry, Inc. | 728 | 93016 |
| Dollar Tree, Inc.<sup>\*</sup> | 675 | 83032 |
| PulteGroup, Inc. | 694 | 81379 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 562 | 80085 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 384 | 79799 |
| Lennar Corp. — Class A | 768 | 78950 |
| Williams-Sonoma, Inc. | 433 | 77329 |
| Darden Restaurants, Inc. | 414 | 76184 |
| Southwest Airlines Co. | 1840 | 76047 |
| NVR, Inc.<sup>\*</sup> | 10 | 72928 |
| Las Vegas Sands Corp. | 1083 | 70492 |
| Genuine Parts Co. | 495 | 60865 |
| Aptiv plc<sup>\*</sup> | 769 | 58513 |
| Deckers Outdoor Corp.<sup>\*</sup> | 519 | 53805 |
| TKO Group Holdings, Inc. | 236 | 49324 |
| Ralph Lauren Corp. — Class A | 138 | 48798 |
| Best Buy Company, Inc. | 695 | 46516 |
| Domino's Pizza, Inc. | 111 | 46267 |
| Hasbro, Inc. | 474 | 38868 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1620 | 36158 |
| Wynn Resorts Ltd. | 300 | 36099 |
| Pool Corp. | 117 | 26764 |
| MGM Resorts International<sup>\*</sup> | 730 | 26638 |
| **Total Consumer, Cyclical** |  | 16993271 |
| **Industrial - 6.0%** |  |  |
| General Electric Co. | 3753 | 1156037 |
| Caterpillar, Inc. | 1665 | 953829 |
| RTX Corp. | 4771 | 875001 |
| GE Vernova, Inc. | 965 | 630695 |
| Boeing Co.<sup>\*</sup> | 2786 | 604896 |
| Amphenol Corp. — Class A | 4356 | 588670 |
| Union Pacific Corp. | 2111 | 488316 |
| Honeywell International, Inc. | 2259 | 440708 |
| Eaton Corporation plc | 1382 | 440181 |
| Deere & Co. | 895 | 416685 |
| Parker-Hannifin Corp. | 449 | 394653 |
| Lockheed Martin Corp. | 725 | 350661 |
| Trane Technologies plc | 789 | 307079 |
| General Dynamics Corp. | 902 | 303667 |
| 3M Co. | 1890 | 302589 |
| CRH plc | 2385 | 297648 |
| Howmet Aerospace, Inc. | 1431 | 293384 |
| Waste Management, Inc. | 1319 | 289797 |
| Northrop Grumman Corp. | 477 | 271990 |
| TransDigm Group, Inc. | 200 | 265970 |
| Emerson Electric Co. | 1999 | 265307 |
| United Parcel Service, Inc. — Class B | 2630 | 260870 |
| Johnson Controls International plc | 2175 | 260456 |
| CSX Corp. | 6626 | 240192 |
| TE Connectivity plc | 1047 | 238203 |
| Illinois Tool Works, Inc. | 939 | 231276 |
| Norfolk Southern Corp. | 798 | 230399 |
| FedEx Corp. | 772 | 223000 |
| L3Harris Technologies, Inc. | 666 | 195518 |
| AMETEK, Inc. | 819 | 168149 |
| Axon Enterprise, Inc.<sup>\*</sup> | 281 | 159588 |
| Rockwell Automation, Inc. | 400 | 155628 |
| Republic Services, Inc. — Class A | 716 | 151742 |
| Carrier Global Corp. | 2817 | 148850 |
| Vulcan Materials Co. | 470 | 134054 |
| Martin Marietta Materials, Inc. | 215 | 133872 |
| Westinghouse Air Brake Technologies Corp. | 608 | 129778 |
| Keysight Technologies, Inc.<sup>\*</sup> | 612 | 124352 |
| Otis Worldwide Corp. | 1387 | 121154 |
| Garmin Ltd. | 582 | 118059 |
| Xylem, Inc. | 866 | 117932 |
| Comfort Systems USA, Inc. | 125 | 116661 |
| Old Dominion Freight Line, Inc. | 655 | 102704 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 73 | 101776 |
| Ingersoll Rand, Inc. | 1279 | 101322 |
| EMCOR Group, Inc. | 159 | 97275 |
| Dover Corp. | 488 | 95277 |
| Veralto Corp. | 884 | 88206 |
| Jabil, Inc. | 380 | 86648 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 167 | 85292 |
| Hubbell, Inc. | 189 | 83937 |
| Smurfit WestRock plc | 1858 | 71849 |
| Expeditors International of Washington, Inc. | 477 | 71078 |
| Amcor plc | 8214 | 68505 |
| CH Robinson Worldwide, Inc. | 420 | 67519 |
| Trimble, Inc.<sup>\*</sup> | 847 | 66363 |
| Packaging Corporation of America | 318 | 65581 |
| Snap-on, Inc. | 185 | 63751 |
| Fortive Corp. | 1130 | 62387 |
| Pentair plc | 582 | 60609 |
| Jacobs Solutions, Inc. | 425 | 56295 |
| Lennox International, Inc. | 114 | 55356 |
| Textron, Inc. | 627 | 54655 |
| J.B. Hunt Transport Services, Inc. | 268 | 52083 |
| Ball Corp. | 954 | 50533 |
| Allegion plc | 306 | 48721 |
| Huntington Ingalls Industries, Inc. | 140 | 47610 |
| IDEX Corp. | 266 | 47332 |
| Masco Corp. | 739 | 46897 |
| Nordson Corp. | 190 | 45682 |
| Stanley Black & Decker, Inc. | 551 | 40928 |
| Builders FirstSource, Inc.<sup>\*</sup> | 393 | 40436 |
| Generac Holdings, Inc.<sup>\*</sup> | 209 | 28501 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 80.1% (continued)** |
| **Industrial - 6.0% (continued)** |  |  |
| A O Smith Corp. | 403 | $26953 |
| **Total Industrial** |  | 15679557 |
| **Energy - 2.3%** |  |  |
| Exxon Mobil Corp. | 15006 | 1805822 |
| Chevron Corp. | 6735 | 1026481 |
| ConocoPhillips | 4397 | 411603 |
| Williams Companies, Inc. | 4346 | 261238 |
| SLB Ltd. | 5316 | 204028 |
| EOG Resources, Inc. | 1931 | 202774 |
| Kinder Morgan, Inc. | 6967 | 191523 |
| Phillips 66 | 1434 | 185044 |
| Valero Energy Corp. | 1085 | 176627 |
| Marathon Petroleum Corp. | 1070 | 174014 |
| ONEOK, Inc. | 2239 | 164566 |
| Baker Hughes Co. | 3511 | 159891 |
| Targa Resources Corp. | 764 | 140958 |
| Equities Corp. | 2221 | 119046 |
| Occidental Petroleum Corp. | 2559 | 105226 |
| First Solar, Inc.<sup>\*</sup> | 382 | 99790 |
| Diamondback Energy, Inc. | 663 | 99669 |
| Expand Energy Corp. | 848 | 93585 |
| Halliburton Co. | 2995 | 84639 |
| Devon Energy Corp. | 2232 | 81758 |
| Coterra Energy, Inc. — Class A | 2709 | 71301 |
| Texas Pacific Land Corp. | 206 | 59167 |
| APA Corp. | 1262 | 30869 |
| **Total Energy** |  | 5949619 |
| **Utilities - 1.8%** |  |  |
| NextEra Energy, Inc. | 7411 | 594955 |
| Constellation Energy Corp. | 1111 | 392483 |
| Southern Co. | 3918 | 341650 |
| Duke Energy Corp. | 2767 | 324320 |
| American Electric Power Company, Inc. | 1905 | 219666 |
| Sempra | 2323 | 205098 |
| Vistra Corp. | 1133 | 182787 |
| Dominion Energy, Inc. | 3039 | 178055 |
| Exelon Corp. | 3595 | 156706 |
| Xcel Energy, Inc. | 2105 | 155475 |
| Entergy Corp. | 1589 | 146871 |
| Public Service Enterprise Group, Inc. | 1776 | 142613 |
| Consolidated Edison, Inc. | 1284 | 127527 |
| PG&E Corp. | 7821 | 125683 |
| WEC Energy Group, Inc. | 1158 | 122123 |
| NRG Energy, Inc. | 682 | 108602 |
| Ameren Corp. | 963 | 96165 |
| Atmos Energy Corp. | 571 | 95717 |
| DTE Energy Co. | 739 | 95316 |
| PPL Corp. | 2632 | 92173 |
| American Water Works Company, Inc. | 694 | 90567 |
| Eversource Energy | 1335 | 89886 |
| CenterPoint Energy, Inc. | 2323 | 89064 |
| FirstEnergy Corp. | 1850 | 82824 |
| Edison International | 1369 | 82167 |
| CMS Energy Corp. | 1083 | 75734 |
| NiSource, Inc. | 1698 | 70908 |
| Alliant Energy Corp. | 915 | 59484 |
| Evergy, Inc. | 819 | 59369 |
| Pinnacle West Capital Corp. | 426 | 37786 |
| AES Corp. | 2534 | 36338 |
| **Total Utilities** |  | 4678112 |
| **Basic Materials - 1.1%** |  |  |
| Linde plc | 1662 | 708660 |
| Newmont Corp. | 3883 | 387718 |
| Sherwin-Williams Co. | 820 | 265705 |
| Freeport-McMoRan, Inc. | 5110 | 259537 |
| Ecolab, Inc. | 907 | 238106 |
| Air Products and Chemicals, Inc. | 792 | 195640 |
| Nucor Corp. | 814 | 132771 |
| Steel Dynamics, Inc. | 488 | 82692 |
| PPG Industries, Inc. | 799 | 81865 |
| International Paper Co. | 1879 | 74014 |
| International Flavors & Fragrances, Inc. | 911 | 61392 |
| Qnity Electronics, Inc. | 745 | 60829 |
| DuPont de Nemours, Inc. | 1491 | 59938 |
| Albemarle Corp. | 419 | 59263 |
| Dow, Inc. | 2529 | 59128 |
| CF Industries Holdings, Inc. | 555 | 42924 |
| LyondellBasell Industries N.V. — Class A | 916 | 39663 |
| Mosaic Co. | 1129 | 27198 |
| **Total Basic Materials** |  | 2837043 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $164,848,592) |  | 207942940 |
| **MUTUAL FUNDS<sup>†</sup> - 6.8%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 733906 | 7397775 |
| Guggenheim Strategy Fund II<sup>1</sup> | 225195 | 5587084 |
| Guggenheim Strategy Fund III<sup>1</sup> | 184563 | 4597456 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,418,465) |  | 17582315 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 3.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $8831000 | 8813567 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>3,4</sup> | 700000 | 694788 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,507,120) |  | 9508355 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 1.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 1.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 1.9%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.49% due 01/02/26<sup>3</sup> | $5000000 | $4999514 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,999,514) |  | 4999514 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 8608882 | 8608882 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 8608881 | 8608881 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,217,763) |  | 17217763 |
| **Total Investments - 99.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $213,991,454) |  | $257250887 |
| **Other Assets & Liabilities, net - 0.9%** |  | 2322677 |
| **Total Net Assets - 100.0%** |  | $259573564 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 458 | Mar 2026 | $157821075 | $(225966) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **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 | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 1146 | $7847903 | $138958 |
| BNP Paribas | S&P 500 Index | Pay | 4.49% (Federal Funds Rate + 0.85%) | At Maturity | 01/22/26 | 595 | 4072861 | 86127 |
| Goldman Sachs International | S&P 500 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 1714 | 11735430 | 15684 |
|  |  |  |  |  |  |  | $23656194 | $240769 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 December 31, 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.*

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $207942940 | $— | $— | $207942940 |
| Mutual Funds | 17582315 |  |  | 17582315 |
| U.S. Treasury Bills |  | 9508355 |  | 9508355 |
| Federal Agency Discount Notes |  | 4999514 |  | 4999514 |
| Repurchase Agreements |  | 17217763 |  | 17217763 |
| Equity Index Swap Agreements\*\* |  | 240769 |  | 240769 |
| Total Assets | $225525255 | $31966401 | $— | $257491656 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $225966 | $– $– $| 225966 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized** <br> **Appreciation<br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $5598344 | $– | $– | $– | $(11260) | $5587084 | 225195 | $219756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 4601147 |  |  |  | (3691) | 4597456 | 184563 | 183440 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 7361079 | – | – | – | 36696 | 7397775 | 733906 | 240202 |
|  | $17560570 | $– | $– | $– | $21745 | $17582315 |  | $643398 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 90.7%** | **COMMON STOCKS<sup>†</sup> - 90.7%** | **COMMON STOCKS<sup>†</sup> - 90.7%** |
| **Technology - 29.7%** |  |  |
| NVIDIA Corp. | 65137 | $12148050 |
| Apple, Inc. | 39608 | 10767831 |
| Microsoft Corp. | 19923 | 9635161 |
| Broadcom, Inc. | 12659 | 4381280 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 6123 | 1088363 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 4364 | 934594 |
| Oracle Corp. | 4509 | 878849 |
| Micron Technology, Inc. | 3009 | 858799 |
| International Business Machines Corp. | 2506 | 742302 |
| Salesforce, Inc. | 2552 | 676050 |
| Lam Research Corp. | 3367 | 576363 |
| Applied Materials, Inc. | 2135 | 548674 |
| Intuit, Inc. | 747 | 494828 |
| QUALCOMM, Inc. | 2871 | 491085 |
| Accenture plc — Class A | 1662 | 445915 |
| Intel Corp.<sup>\*</sup> | 12019 | 443501 |
| KLA Corp. | 352 | 427708 |
| ServiceNow, Inc.<sup>\*</sup> | 2781 | 426021 |
| Texas Instruments, Inc. | 2436 | 422622 |
| Adobe, Inc.<sup>\*</sup> | 1122 | 392689 |
| Analog Devices, Inc. | 1319 | 357713 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 673 | 315475 |
| Synopsys, Inc.<sup>\*</sup> | 498 | 233921 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 730 | 228183 |
| Autodesk, Inc.<sup>\*</sup> | 571 | 169022 |
| Seagate Technology Holdings plc | 584 | 160828 |
| Western Digital Corp. | 916 | 157799 |
| NXP Semiconductor N.V. | 675 | 146515 |
| Fortinet, Inc.<sup>\*</sup> | 1694 | 134520 |
| Roper Technologies, Inc. | 289 | 128643 |
| Workday, Inc. — Class A<sup>\*</sup> | 582 | 125002 |
| Electronic Arts, Inc. | 602 | 123007 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 466 | 119310 |
| Datadog, Inc. — Class A<sup>\*</sup> | 872 | 118583 |
| Monolithic Power Systems, Inc. | 128 | 116014 |
| MSCI, Inc. — Class A | 201 | 115320 |
| Fair Isaac Corp.<sup>\*</sup> | 64 | 108200 |
| Cognizant Technology Solutions Corp. — Class A | 1294 | 107402 |
| Dell Technologies, Inc. — Class C | 808 | 101711 |
| Paychex, Inc. | 868 | 97372 |
| Fiserv, Inc.<sup>\*</sup> | 1442 | 96859 |
| Microchip Technology, Inc. | 1449 | 92330 |
| Fidelity National Information Services, Inc. | 1388 | 92247 |
| Sandisk Corp.<sup>\*</sup> | 373 | 88543 |
| Hewlett Packard Enterprise Co. | 3537 | 84959 |
| Teradyne, Inc. | 420 | 81295 |
| Broadridge Financial Solutions, Inc. | 313 | 69852 |
| Leidos Holdings, Inc. | 343 | 61877 |
| ON Semiconductor Corp.<sup>\*</sup> | 1079 | 58428 |
| NetApp, Inc. | 535 | 57293 |
| PTC, Inc.<sup>\*</sup> | 321 | 55921 |
| HP, Inc. | 2506 | 55834 |
| Tyler Technologies, Inc.<sup>\*</sup> | 115 | 52204 |
| Gartner, Inc.<sup>\*</sup> | 193 | 48690 |
| Super Micro Computer, Inc.<sup>\*</sup> | 1344 | 39339 |
| Jack Henry & Associates, Inc. | 194 | 35401 |
| Akamai Technologies, Inc.<sup>\*</sup> | 386 | 33679 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 136 | 33023 |
| EPAM Systems, Inc.<sup>\*</sup> | 148 | 30322 |
| Dayforce, Inc.<sup>\*</sup> | 429 | 29670 |
| Skyworks Solutions, Inc. | 399 | 25301 |
| Paycom Software, Inc. | 131 | 20876 |
| **Total Technology** |  | 51189168 |
| **Communications - 15.4%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 26076 | 6018862 |
| Alphabet, Inc. — Class A | 15596 | 4881548 |
| Alphabet, Inc. — Class C | 12465 | 3911517 |
| Meta Platforms, Inc. — Class A | 5838 | 3853605 |
| Netflix, Inc.<sup>\*</sup> | 11358 | 1064926 |
| Cisco Systems, Inc. | 10563 | 813668 |
| Walt Disney Co. | 4786 | 544503 |
| AppLovin Corp. — Class A<sup>\*</sup> | 726 | 489193 |
| AT&T, Inc. | 19004 | 472059 |
| Booking Holdings, Inc. | 86 | 460558 |
| Verizon Communications, Inc. | 11302 | 460330 |
| Uber Technologies, Inc.<sup>\*</sup> | 5570 | 455125 |
| Arista Networks, Inc.<sup>\*</sup> | 2768 | 362691 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 1833 | 337639 |
| Comcast Corp. — Class A | 9742 | 291188 |
| T-Mobile US, Inc. | 1289 | 261719 |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 2108 | 238415 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1002 | 226933 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 6642 | 191423 |
| Corning, Inc. | 2091 | 183088 |
| Motorola Solutions, Inc. | 446 | 170961 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 1140 | 154721 |
| eBay, Inc. | 1212 | 105565 |
| Expedia Group, Inc. | 314 | 88959 |
| Omnicom Group, Inc. | 855 | 69041 |
| VeriSign, Inc. | 224 | 54421 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 236 | 49265 |
| CDW Corp. | 349 | 47534 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 362 | 44917 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 1180 | 44793 |
| Gen Digital, Inc. | 1504 | 40894 |
| Fox Corp. — Class A | 559 | 40846 |
| F5, Inc.<sup>\*</sup> | 155 | 39565 |
| FactSet Research Systems, Inc. | 100 | 29019 |
| News Corp. — Class A | 1004 | 26225 |
| Fox Corp. — Class B | 398 | 25842 |
| Match Group, Inc. | 633 | 20440 |
| Paramount Skydance Corp. — Class B | 833 | 11162 |
| News Corp. — Class B | 331 | 9808 |
| **Total Communications** |  | 26592968 |
| **Financial - 12.9%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 4915 | 2470525 |
| JPMorgan Chase & Co. | 7297 | 2351240 |
| Visa, Inc. — Class A | 4524 | 1586612 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** |
| **Financial - 12.9% (continued)** |  |  |
| Mastercard, Inc. — Class A | 2198 | $1254794 |
| Bank of America Corp. | 18009 | 990495 |
| Wells Fargo & Co. | 8415 | 784278 |
| Goldman Sachs Group, Inc. | 804 | 706716 |
| Morgan Stanley | 3238 | 574842 |
| Citigroup, Inc. | 4796 | 559645 |
| American Express Co. | 1440 | 532728 |
| Charles Schwab Corp. | 4477 | 447297 |
| Blackrock, Inc. | 387 | 414222 |
| Capital One Financial Corp. | 1704 | 412982 |
| Progressive Corp. | 1572 | 357976 |
| Welltower, Inc. REIT | 1840 | 341522 |
| Prologis, Inc. REIT | 2490 | 317873 |
| Chubb Ltd. | 981 | 306190 |
| Blackstone, Inc. — Class A | 1979 | 305043 |
| CME Group, Inc. — Class A | 967 | 264068 |
| Intercontinental Exchange, Inc. | 1528 | 247475 |
| Marsh & McLennan Companies, Inc. | 1313 | 243588 |
| KKR & Company, Inc. — Class A | 1840 | 234563 |
| U.S. Bancorp | 4167 | 222351 |
| American Tower Corp. — Class A REIT | 1255 | 220340 |
| PNC Financial Services Group, Inc. | 1051 | 219375 |
| Bank of New York Mellon Corp. | 1869 | 216972 |
| Aon plc — Class A | 576 | 203259 |
| Equinix, Inc. REIT | 263 | 201500 |
| Apollo Global Management, Inc. | 1245 | 180226 |
| Arthur J Gallagher & Co. | 688 | 178047 |
| Travelers Companies, Inc. | 598 | 173456 |
| Truist Financial Corp. | 3429 | 168741 |
| Simon Property Group, Inc. REIT | 875 | 161971 |
| Allstate Corp. | 701 | 145913 |
| Aflac, Inc. | 1264 | 139381 |
| Realty Income Corp. REIT | 2466 | 139009 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 612 | 138398 |
| Digital Realty Trust, Inc. REIT | 866 | 133979 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 786 | 126381 |
| American International Group, Inc. | 1446 | 123705 |
| Ameriprise Financial, Inc. | 249 | 122095 |
| Nasdaq, Inc. | 1209 | 117430 |
| MetLife, Inc. | 1484 | 117147 |
| Public Storage REIT | 423 | 109769 |
| Prudential Financial, Inc. | 938 | 105881 |
| Crown Castle, Inc. REIT | 1167 | 103711 |
| Hartford Insurance Group, Inc. | 747 | 102937 |
| Ventas, Inc. REIT | 1259 | 97421 |
| State Street Corp. | 749 | 96629 |
| Arch Capital Group Ltd.<sup>\*</sup> | 968 | 92851 |
| Ares Management Corp. — Class A | 552 | 89220 |
| Willis Towers Watson plc | 257 | 84450 |
| M&T Bank Corp. | 412 | 83010 |
| Fifth Third Bancorp | 1772 | 82947 |
| VICI Properties, Inc. REIT | 2865 | 80564 |
| Synchrony Financial | 965 | 80510 |
| Interactive Brokers Group, Inc. — Class A | 1194 | 76786 |
| CoStar Group, Inc.<sup>\*</sup> | 1136 | 76385 |
| Raymond James Financial, Inc. | 473 | 75959 |
| Extra Space Storage, Inc. REIT | 569 | 74095 |
| Huntington Bancshares, Inc. | 4214 | 73113 |
| Cboe Global Markets, Inc. | 281 | 70531 |
| Northern Trust Corp. | 507 | 69251 |
| AvalonBay Communities, Inc. REIT | 379 | 68717 |
| Cincinnati Financial Corp. | 418 | 68268 |
| Citizens Financial Group, Inc. | 1151 | 67230 |
| Iron Mountain, Inc. REIT | 792 | 65696 |
| Regions Financial Corp. | 2351 | 63712 |
| Brown & Brown, Inc. | 787 | 62724 |
| T. Rowe Price Group, Inc. | 585 | 59892 |
| Equity Residential REIT | 928 | 58501 |
| W R Berkley Corp. | 805 | 56447 |
| SBA Communications Corp. REIT | 286 | 55321 |
| KeyCorp | 2490 | 51394 |
| Loews Corp. | 454 | 47811 |
| Principal Financial Group, Inc. | 536 | 47280 |
| Weyerhaeuser Co. REIT | 1932 | 45769 |
| Essex Property Trust, Inc. REIT | 173 | 45271 |
| Mid-America Apartment Communities, Inc. REIT | 314 | 43618 |
| Invitation Homes, Inc. REIT | 1512 | 42019 |
| Everest Group Ltd. | 113 | 38346 |
| Kimco Realty Corp. REIT | 1815 | 36790 |
| Assurant, Inc. | 134 | 32274 |
| Camden Property Trust REIT | 285 | 31373 |
| Invesco Ltd. | 1193 | 31340 |
| Regency Centers Corp. REIT | 441 | 30442 |
| Host Hotels & Resorts, Inc. REIT | 1714 | 30389 |
| Healthpeak Properties, Inc. REIT | 1863 | 29957 |
| Globe Life, Inc. | 213 | 29790 |
| UDR, Inc. REIT | 806 | 29564 |
| BXP, Inc. REIT | 395 | 26655 |
| Federal Realty Investment Trust REIT | 210 | 21168 |
| Alexandria Real Estate Equities, Inc. REIT | 417 | 20408 |
| Franklin Resources, Inc. | 824 | 19685 |
| Erie Indemnity Co. — Class A | 68 | 19492 |
| **Total Financial** |  | 22257713 |
| **Consumer, Non-cyclical - 12.7%** |  |  |
| Eli Lilly & Co. | 2129 | 2287994 |
| Johnson & Johnson | 6458 | 1336483 |
| AbbVie, Inc. | 4738 | 1082586 |
| Procter & Gamble Co. | 6264 | 897694 |
| UnitedHealth Group, Inc. | 2428 | 801507 |
| Coca-Cola Co. | 10378 | 725526 |
| Merck & Company, Inc. | 6653 | 700295 |
| Philip Morris International, Inc. | 4173 | 669349 |
| Abbott Laboratories | 4661 | 583977 |
| Thermo Fisher Scientific, Inc. | 1007 | 583506 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 950 | 538042 |
| PepsiCo, Inc. | 3665 | 526001 |
| Amgen, Inc. | 1443 | 472308 |
| S&P Global, Inc. | 831 | 434272 |
| Gilead Sciences, Inc. | 3326 | 408233 |
| Danaher Corp. | 1685 | 385730 |
| Pfizer, Inc. | 15241 | 379501 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** |
| **Consumer, Non-cyclical - 12.7% (continued)** |  |  |
| Boston Scientific Corp.<sup>\*</sup> | 3974 | $378921 |
| Medtronic plc | 3438 | 330254 |
| Stryker Corp. | 923 | 324407 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 680 | 308285 |
| Bristol-Myers Squibb Co. | 5457 | 294350 |
| Automatic Data Processing, Inc. | 1084 | 278837 |
| McKesson Corp. | 331 | 271516 |
| CVS Health Corp. | 3403 | 270062 |
| Altria Group, Inc. | 4500 | 259470 |
| Moody's Corp. | 411 | 209959 |
| Elevance Health, Inc. | 596 | 208928 |
| Regeneron Pharmaceuticals, Inc. | 270 | 208405 |
| HCA Healthcare, Inc. | 428 | 199816 |
| Cigna Group | 716 | 197065 |
| Mondelez International, Inc. — Class A | 3459 | 186198 |
| Cencora, Inc. — Class A | 520 | 175630 |
| Cintas Corp. | 916 | 172272 |
| Colgate-Palmolive Co. | 2161 | 170762 |
| Quanta Services, Inc. | 400 | 168824 |
| Becton Dickinson & Co. | 768 | 149046 |
| Zoetis, Inc. | 1181 | 148593 |
| Monster Beverage Corp.<sup>\*</sup> | 1912 | 146593 |
| PayPal Holdings, Inc. | 2508 | 146417 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 214 | 144777 |
| United Rentals, Inc. | 171 | 138394 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 1556 | 132649 |
| Cardinal Health, Inc. | 637 | 130903 |
| Corteva, Inc. | 1811 | 121391 |
| Agilent Technologies, Inc. | 760 | 103413 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 457 | 103012 |
| Kroger Co. | 1634 | 102092 |
| Keurig Dr Pepper, Inc. | 3642 | 102012 |
| GE HealthCare Technologies, Inc. | 1221 | 100146 |
| Block, Inc. — Class A<sup>\*</sup> | 1468 | 95552 |
| Sysco Corp. | 1284 | 94618 |
| ResMed, Inc. | 391 | 94180 |
| Kimberly-Clark Corp. | 890 | 89792 |
| Kenvue, Inc. | 5135 | 88579 |
| Verisk Analytics, Inc. — Class A | 374 | 83660 |
| Humana, Inc. | 322 | 82474 |
| Archer-Daniels-Midland Co. | 1288 | 74047 |
| Hershey Co. | 397 | 72246 |
| Equifax, Inc. | 328 | 71170 |
| Dexcom, Inc.<sup>\*</sup> | 1045 | 69357 |
| Biogen, Inc.<sup>\*</sup> | 393 | 69164 |
| Estee Lauder Companies, Inc. — Class A | 659 | 69010 |
| STERIS plc | 263 | 66676 |
| General Mills, Inc. | 1430 | 66495 |
| Waters Corp.<sup>\*</sup> | 160 | 60773 |
| Corpay, Inc.<sup>\*</sup> | 188 | 56575 |
| Labcorp Holdings, Inc. | 222 | 55695 |
| Kraft Heinz Co. | 2284 | 55387 |
| Church & Dwight Company, Inc. | 644 | 53999 |
| Insulet Corp.<sup>\*</sup> | 189 | 53721 |
| West Pharmaceutical Services, Inc. | 193 | 53102 |
| Constellation Brands, Inc. — Class A | 378 | 52149 |
| Quest Diagnostics, Inc. | 298 | 51712 |
| Centene Corp.<sup>\*</sup> | 1252 | 51520 |
| Global Payments, Inc. | 635 | 49149 |
| Zimmer Biomet Holdings, Inc. | 531 | 47747 |
| Rollins, Inc. | 787 | 47236 |
| McCormick & Company, Inc. | 679 | 46247 |
| Tyson Foods, Inc. — Class A | 759 | 44493 |
| Hologic, Inc.<sup>\*</sup> | 597 | 44471 |
| Cooper Companies, Inc.<sup>\*</sup> | 533 | 43685 |
| Incyte Corp.<sup>\*</sup> | 442 | 43657 |
| Viatris, Inc. | 3087 | 38433 |
| Avery Dennison Corp. | 207 | 37649 |
| Clorox Co. | 327 | 32972 |
| Bunge Global S.A. | 363 | 32336 |
| Universal Health Services, Inc. — Class B | 148 | 32267 |
| Solventum Corp.<sup>\*</sup> | 395 | 31300 |
| Revvity, Inc. | 304 | 29412 |
| J M Smucker Co. | 286 | 27974 |
| Align Technology, Inc.<sup>\*</sup> | 179 | 27951 |
| Moderna, Inc.<sup>\*</sup> | 932 | 27485 |
| Baxter International, Inc. | 1378 | 26334 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 132 | 26331 |
| Bio-Techne Corp. | 418 | 24583 |
| Molina Healthcare, Inc.<sup>\*</sup> | 138 | 23949 |
| Conagra Brands, Inc. | 1282 | 22191 |
| Molson Coors Beverage Co. — Class B | 454 | 21193 |
| Henry Schein, Inc.<sup>\*</sup> | 268 | 20255 |
| Hormel Foods Corp. | 781 | 18510 |
| Lamb Weston Holdings, Inc. | 374 | 15667 |
| The Campbell's Co. | 527 | 14687 |
| Brown-Forman Corp. — Class B | 472 | 12300 |
| DaVita, Inc.<sup>\*</sup> | 95 | 10793 |
| **Total Consumer, Non-cyclical** |  | 21849313 |
| **Consumer, Cyclical - 7.4%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 7532 | 3387291 |
| Walmart, Inc. | 11754 | 1309513 |
| Costco Wholesale Corp. | 1188 | 1024460 |
| Home Depot, Inc. | 2668 | 918059 |
| McDonald's Corp. | 1909 | 583448 |
| TJX Companies, Inc. | 2983 | 458219 |
| Lowe's Companies, Inc. | 1503 | 362464 |
| Starbucks Corp. | 3048 | 256672 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 2263 | 206408 |
| General Motors Co. | 2501 | 203381 |
| NIKE, Inc. — Class B | 3188 | 203108 |
| Royal Caribbean Cruises Ltd. | 680 | 189666 |
| Cummins, Inc. | 370 | 188867 |
| Marriott International, Inc. — Class A | 597 | 185213 |
| Hilton Worldwide Holdings, Inc. | 623 | 178957 |
| Carvana Co.<sup>\*</sup> | 379 | 159946 |
| Ross Stores, Inc. | 872 | 157082 |
| PACCAR, Inc. | 1408 | 154190 |
| AutoZone, Inc.<sup>\*</sup> | 45 | 152618 |
| Ford Motor Co. | 10491 | 137642 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** |
| **Consumer, Cyclical - 7.4% (continued)** |  |  |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 3544 | $131128 |
| Fastenal Co. | 3077 | 123480 |
| Delta Air Lines, Inc. | 1739 | 120687 |
| Target Corp. | 1218 | 119060 |
| WW Grainger, Inc. | 117 | 118059 |
| Yum! Brands, Inc. | 744 | 112552 |
| DR Horton, Inc. | 734 | 105718 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 868 | 97060 |
| Copart, Inc.<sup>\*</sup> | 2387 | 93451 |
| Carnival Corp. | 2911 | 88902 |
| Dollar General Corp. | 590 | 78334 |
| Ulta Beauty, Inc.<sup>\*</sup> | 120 | 72601 |
| Tractor Supply Co. | 1416 | 70814 |
| Tapestry, Inc. | 549 | 70146 |
| Dollar Tree, Inc.<sup>\*</sup> | 508 | 62489 |
| PulteGroup, Inc. | 522 | 61210 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 423 | 60277 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 289 | 60057 |
| Lennar Corp. — Class A | 578 | 59418 |
| NVR, Inc.<sup>\*</sup> | 8 | 58342 |
| Williams-Sonoma, Inc. | 326 | 58220 |
| Darden Restaurants, Inc. | 312 | 57414 |
| Southwest Airlines Co. | 1386 | 57283 |
| Las Vegas Sands Corp. | 816 | 53113 |
| Genuine Parts Co. | 373 | 45864 |
| Aptiv plc<sup>\*</sup> | 579 | 44056 |
| Deckers Outdoor Corp.<sup>\*</sup> | 391 | 40535 |
| TKO Group Holdings, Inc. | 178 | 37202 |
| Ralph Lauren Corp. — Class A | 104 | 36775 |
| Best Buy Company, Inc. | 524 | 35071 |
| Domino's Pizza, Inc. | 83 | 34596 |
| Hasbro, Inc. | 357 | 29274 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1220 | 27230 |
| Wynn Resorts Ltd. | 226 | 27195 |
| Pool Corp. | 88 | 20130 |
| MGM Resorts International<sup>\*</sup> | 550 | 20069 |
| **Total Consumer, Cyclical** |  | 12805016 |
| **Industrial - 6.8%** |  |  |
| General Electric Co. | 2827 | 870801 |
| Caterpillar, Inc. | 1254 | 718379 |
| RTX Corp. | 3594 | 659140 |
| GE Vernova, Inc. | 727 | 475145 |
| Boeing Co.<sup>\*</sup> | 2099 | 455735 |
| Amphenol Corp. — Class A | 3281 | 443394 |
| Union Pacific Corp. | 1590 | 367799 |
| Honeywell International, Inc. | 1702 | 332043 |
| Eaton Corporation plc | 1041 | 331569 |
| Deere & Co. | 674 | 313794 |
| Parker-Hannifin Corp. | 338 | 297089 |
| Lockheed Martin Corp. | 546 | 264084 |
| Trane Technologies plc | 594 | 231185 |
| General Dynamics Corp. | 680 | 228929 |
| 3M Co. | 1424 | 227982 |
| CRH plc | 1797 | 224266 |
| Howmet Aerospace, Inc. | 1078 | 221011 |
| Waste Management, Inc. | 994 | 218392 |
| Northrop Grumman Corp. | 360 | 205276 |
| TransDigm Group, Inc. | 151 | 200807 |
| Emerson Electric Co. | 1506 | 199877 |
| United Parcel Service, Inc. — Class B | 1981 | 196495 |
| Johnson Controls International plc | 1638 | 196151 |
| CSX Corp. | 4992 | 180960 |
| TE Connectivity plc | 789 | 179505 |
| Illinois Tool Works, Inc. | 708 | 174380 |
| Norfolk Southern Corp. | 601 | 173521 |
| FedEx Corp. | 582 | 168116 |
| L3Harris Technologies, Inc. | 501 | 147078 |
| AMETEK, Inc. | 617 | 126676 |
| Axon Enterprise, Inc.<sup>\*</sup> | 212 | 120401 |
| Rockwell Automation, Inc. | 301 | 117110 |
| Republic Services, Inc. — Class A | 539 | 114230 |
| Carrier Global Corp. | 2122 | 112126 |
| Vulcan Materials Co. | 354 | 100968 |
| Martin Marietta Materials, Inc. | 162 | 100871 |
| Westinghouse Air Brake Technologies Corp. | 458 | 97760 |
| Keysight Technologies, Inc.<sup>\*</sup> | 461 | 93671 |
| Otis Worldwide Corp. | 1045 | 91281 |
| Xylem, Inc. | 653 | 88926 |
| Garmin Ltd. | 438 | 88848 |
| Comfort Systems USA, Inc. | 94 | 87729 |
| Old Dominion Freight Line, Inc. | 493 | 77302 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 55 | 76680 |
| Ingersoll Rand, Inc. | 964 | 76368 |
| EMCOR Group, Inc. | 120 | 73415 |
| Dover Corp. | 368 | 71848 |
| Veralto Corp. | 666 | 66454 |
| Jabil, Inc. | 286 | 65214 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 126 | 64352 |
| Hubbell, Inc. | 142 | 63064 |
| Smurfit WestRock plc | 1400 | 54138 |
| Expeditors International of Washington, Inc. | 359 | 53495 |
| Amcor plc | 6188 | 51608 |
| CH Robinson Worldwide, Inc. | 317 | 50961 |
| Trimble, Inc.<sup>\*</sup> | 638 | 49987 |
| Packaging Corporation of America | 240 | 49495 |
| Snap-on, Inc. | 139 | 47900 |
| Fortive Corp. | 851 | 46984 |
| Pentair plc | 439 | 45717 |
| Jacobs Solutions, Inc. | 320 | 42387 |
| Lennox International, Inc. | 86 | 41760 |
| Textron, Inc. | 472 | 41144 |
| J.B. Hunt Transport Services, Inc. | 202 | 39257 |
| Ball Corp. | 718 | 38033 |
| Allegion plc | 231 | 36780 |
| IDEX Corp. | 201 | 35766 |
| Huntington Ingalls Industries, Inc. | 105 | 35707 |
| Masco Corp. | 557 | 35347 |
| Nordson Corp. | 143 | 34382 |
| Stanley Black & Decker, Inc. | 415 | 30826 |
| Builders FirstSource, Inc.<sup>\*</sup> | 296 | 30455 |
| Generac Holdings, Inc.<sup>\*</sup> | 157 | 21410 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** | **COMMON STOCKS<sup>†</sup> - 90.7% (continued)** |
| **Industrial - 6.8% (continued)** |  |  |
| A O Smith Corp. | 304 | $20332 |
| **Total Industrial** |  | 11812068 |
| **Energy - 2.6%** |  |  |
| Exxon Mobil Corp. | 11304 | 1360323 |
| Chevron Corp. | 5074 | 773328 |
| ConocoPhillips | 3312 | 310036 |
| Williams Companies, Inc. | 3274 | 196800 |
| SLB Ltd. | 4005 | 153712 |
| EOG Resources, Inc. | 1454 | 152685 |
| Kinder Morgan, Inc. | 5248 | 144268 |
| Phillips 66 | 1080 | 139363 |
| Valero Energy Corp. | 818 | 133162 |
| Marathon Petroleum Corp. | 806 | 131080 |
| ONEOK, Inc. | 1687 | 123994 |
| Baker Hughes Co. | 2645 | 120453 |
| Targa Resources Corp. | 575 | 106088 |
| Equities Corp. | 1673 | 89673 |
| Occidental Petroleum Corp. | 1928 | 79279 |
| First Solar, Inc.<sup>\*</sup> | 288 | 75234 |
| Diamondback Energy, Inc. | 499 | 75015 |
| Expand Energy Corp. | 638 | 70410 |
| Halliburton Co. | 2256 | 63755 |
| Devon Energy Corp. | 1682 | 61612 |
| Coterra Energy, Inc. — Class A | 2041 | 53719 |
| Texas Pacific Land Corp. | 155 | 44519 |
| APA Corp. | 951 | 23261 |
| **Total Energy** |  | 4481769 |
| **Utilities - 2.0%** |  |  |
| NextEra Energy, Inc. | 5583 | 448203 |
| Constellation Energy Corp. | 837 | 295687 |
| Southern Co. | 2952 | 257414 |
| Duke Energy Corp. | 2085 | 244383 |
| American Electric Power Company, Inc. | 1435 | 165470 |
| Sempra | 1750 | 154507 |
| Vistra Corp. | 854 | 137776 |
| Dominion Energy, Inc. | 2289 | 134113 |
| Exelon Corp. | 2708 | 118042 |
| Xcel Energy, Inc. | 1586 | 117142 |
| Entergy Corp. | 1197 | 110639 |
| Public Service Enterprise Group, Inc. | 1338 | 107441 |
| Consolidated Edison, Inc. | 968 | 96142 |
| PG&E Corp. | 5892 | 94684 |
| WEC Energy Group, Inc. | 872 | 91961 |
| NRG Energy, Inc. | 514 | 81849 |
| Ameren Corp. | 725 | 72398 |
| Atmos Energy Corp. | 430 | 72081 |
| DTE Energy Co. | 557 | 71842 |
| PPL Corp. | 1983 | 69445 |
| American Water Works Company, Inc. | 523 | 68252 |
| Eversource Energy | 1006 | 67734 |
| CenterPoint Energy, Inc. | 1750 | 67095 |
| FirstEnergy Corp. | 1394 | 62409 |
| Edison International | 1031 | 61881 |
| CMS Energy Corp. | 816 | 57063 |
| NiSource, Inc. | 1279 | 53411 |
| Alliant Energy Corp. | 689 | 44792 |
| Evergy, Inc. | 617 | 44726 |
| Pinnacle West Capital Corp. | 321 | 28473 |
| AES Corp. | 1909 | 27375 |
| **Total Utilities** |  | 3524430 |
| **Basic Materials - 1.2%** |  |  |
| Linde plc | 1252 | 533840 |
| Newmont Corp. | 2925 | 292061 |
| Sherwin-Williams Co. | 618 | 200250 |
| Freeport-McMoRan, Inc. | 3849 | 195491 |
| Ecolab, Inc. | 683 | 179301 |
| Air Products and Chemicals, Inc. | 597 | 147471 |
| Nucor Corp. | 613 | 99986 |
| Steel Dynamics, Inc. | 368 | 62358 |
| PPG Industries, Inc. | 602 | 61681 |
| International Paper Co. | 1415 | 55737 |
| International Flavors & Fragrances, Inc. | 686 | 46229 |
| Qnity Electronics, Inc. | 561 | 45806 |
| DuPont de Nemours, Inc. | 1123 | 45145 |
| Albemarle Corp. | 315 | 44554 |
| Dow, Inc. | 1905 | 44539 |
| CF Industries Holdings, Inc. | 418 | 32328 |
| LyondellBasell Industries N.V. — Class A | 690 | 29877 |
| Mosaic Co. | 851 | 20501 |
| **Total Basic Materials** |  | 2137155 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $84,617,966) |  | 156649600 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $227000 | 226552 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | 100000 | 99255 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $325,764) |  | 325807 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 5611872 | 5611872 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 5611872 | 5611872 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,223,744) |  | 11223744 |
| **Total Investments - 97.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $96,167,474) |  | $168199151 |
| **Other Assets & Liabilities, net - 2.6%** |  | 4401528 |
| **Total Net Assets - 100.0%** |  | $172600679 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration**<br> **Date** | **Notional** <br> **Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 25 | Mar 2026 | $8614688 | $(30445) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financing**<br> **Rate** | **Payment Frequency** | **Maturity**<br> **Date** | **Units** | **Notional** <br> **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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |
| BNP Paribas | S&P 500 Index | Pay | 4.49% (Federal Funds Rate + 0.85%) | At Maturity | 01/22/26 | 115 | $789846 | $21523 |
| Barclays Bank plc | S&P 500 Index | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 172 | 1174587 | 15307 |
| Goldman Sachs International | S&P 500 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 776 | 5309311 | (10985) |
|  |  |  |  |  |  |  | $7273744 | $25845 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 December 31, 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 December 31, 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 | $156649600 | $— | $— | $156649600 |
| U.S. Treasury Bills |  | 325807 |  | 325807 |
| Repurchase Agreements |  | 11223744 |  | 11223744 |
| Equity Index Swap Agreements\*\* |  | 36830 |  | 36830 |
| Total Assets | $156649600 | $11586381 | $— | $168235981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $30445 | $— | $— | $30445 |
| Equity Index Swap Agreements\*\* |  | 10985 |  | 10985 |
| Total Liabilities | $30445 | $10985 | $— | $41430 |

---

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

---

| | |
|:---|:---|
| **Inverse S&P 500<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 26.5%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 262625 | $6515729 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 426990 | 4304062 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,738,043) |  | 10819791 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 35.0%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.86% due 01/09/26<sup>2</sup> | $4400000 | 4396226 |
| &nbsp;&nbsp;&nbsp;3.58% due 01/28/26<sup>2</sup> | 3800000 | 3789797 |
| &nbsp;&nbsp;&nbsp;3.59% due 01/16/26<sup>2</sup> | 3400000 | 3394914 |
| &nbsp;&nbsp;&nbsp;3.59% due 01/23/26<sup>2</sup> | 2700000 | 2694076 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,275,013) |  | 14275013 |
| **U.S. TREASURY BILLS<sup>††</sup> - 12.5%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/17/26<sup>2</sup> | 2700000 | 2687809 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | 1438000 | 1435161 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,4</sup> | 1000000 | 992555 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,114,180) |  | 5115525 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 8.5%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.76% (SOFR + 0.05%, Rate Floor: 0.00%) due 07/20/26<sup>◊</sup> | 2000000 | 2000466 |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 1500000 | 1499994 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,500,000) |  | 3500460 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 17.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 3650717 | 3650717 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 3650717 | 3650717 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,301,434) |  | 7301434 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $40,928,670) |  | $41012223 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (168434) |
| **Total Net Assets - 100.0%** |  | $40843789 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration**<br> **Date** | **Notional** <br> **Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 66 | Mar 2026 | $22742775 | $(3905) |

---

**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>** | **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 | 4.29% (Federal Funds Rate + 0.65%) | At Maturity | 01/21/26 | 426 | $2914686 | $13140 |
| Barclays Bank plc | S&P 500 Index | Receive | 4.31% (SOFR + 0.60%) | At Maturity | 01/22/26 | 1266 | 8666134 | (155225) |
| BNP Paribas | S&P 500 Index | Receive | 4.09% (Federal Funds Rate + 0.45%) | At Maturity | 01/22/26 | 955 | 6536316 | (194152) |
|  |  |  |  |  |  |  | $18117136 | $(336237) |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 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 December 31, 2025.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2025.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

---

| | |
|:---|:---|
| **Inverse S&P 500<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $10819791 | $— | $— | $10819791 |
| Federal Agency Discount Notes |  | 14275013 |  | 14275013 |
| U.S. Treasury Bills |  | 5115525 |  | 5115525 |
| Federal Agency Notes |  | 3500460 |  | 3500460 |
| Repurchase Agreements |  | 7301434 |  | 7301434 |
| Equity Index Swap Agreements\*\* |  | 13140 |  | 13140 |
| Total Assets | $10819791 | $30205572 | $— | $41025363 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $3905 | $— | $— | $3905 |
| Equity Index Swap Agreements\*\* |  | 349377 |  | 349377 |
| Total Liabilities | $3905 | $349377 | $— | $353282 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $6528860 | $– | $– | $– | $(13131) | $6515729 | 262625 | $256282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 4282712 | – | – | – | 21350 | 4304062 | 426990 | 139751 |
|  | $10811572 | $– | $– | $– | $8219 | $10819791 |  | $396033 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** |
| **Technology - 21.8%** |  |  |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 4068 | $723087 |
| Monolithic Power Systems, Inc. | 666 | 603636 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 1281 | 600482 |
| NVIDIA Corp. | 3114 | 580761 |
| KLA Corp. | 454 | 551646 |
| Broadcom, Inc. | 1584 | 548222 |
| Sandisk Corp.<sup>\*</sup> | 2038 | 483780 |
| Micron Technology, Inc. | 1621 | 462650 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 2034 | 435601 |
| Lam Research Corp. | 2454 | 420076 |
| Datadog, Inc. — Class A<sup>\*</sup> | 2612 | 355206 |
| Applied Materials, Inc. | 1187 | 305047 |
| Microsoft Corp. | 606 | 293074 |
| **Total Technology** |  | 6363268 |
| **Consumer, Cyclical - 19.0%** |  |  |
| TKO Group Holdings, Inc. | 3145 | 657305 |
| Wynn Resorts Ltd. | 5367 | 645811 |
| Carnival Corp. | 20016 | 611289 |
| Las Vegas Sands Corp. | 9019 | 587047 |
| Ralph Lauren Corp. — Class A | 1466 | 518392 |
| Tapestry, Inc. | 4035 | 515552 |
| Royal Caribbean Cruises Ltd. | 1820 | 507634 |
| Hilton Worldwide Holdings, Inc. | 1451 | 416800 |
| Ulta Beauty, Inc.<sup>\*</sup> | 681 | 412012 |
| Marriott International, Inc. — Class A | 1227 | 380664 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 3325 | 303273 |
| **Total Consumer, Cyclical** |  | 5555779 |
| **Communications - 18.6%** |  |  |
| AppLovin Corp. — Class A<sup>\*</sup> | 1094 | 737159 |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 5727 | 647724 |
| Arista Networks, Inc.<sup>\*</sup> | 4252 | 557140 |
| Expedia Group, Inc. | 1866 | 528656 |
| Uber Technologies, Inc.<sup>\*</sup> | 5697 | 465502 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 2012 | 455678 |
| Meta Platforms, Inc. — Class A | 690 | 455462 |
| Booking Holdings, Inc. | 62 | 332030 |
| Alphabet, Inc. — Class A | 1046 | 327398 |
| Netflix, Inc.<sup>\*</sup> | 3458 | 324222 |
| VeriSign, Inc. | 1326 | 322152 |
| Alphabet, Inc. — Class C | 834 | 261709 |
| **Total Communications** |  | 5414832 |
| **Consumer, Non-cyclical - 14.5%** |  |  |
| Eli Lilly & Co. | 609 | 654480 |
| HCA Healthcare, Inc. | 1276 | 595713 |
| Incyte Corp.<sup>\*</sup> | 5903 | 583039 |
| Insulet Corp.<sup>\*</sup> | 1737 | 493725 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 690 | 466806 |
| Quanta Services, Inc. | 1069 | 451182 |
| Monster Beverage Corp.<sup>\*</sup> | 5114 | 392091 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 532 | 301303 |
| Rollins, Inc. | 4938 | 296379 |
| **Total Consumer, Non-cyclical** |  | 4234718 |
| **Industrial - 14.3%** |  |  |
| Comfort Systems USA, Inc. | 755 | 704634 |
| Amphenol Corp. — Class A | 5157 | 696917 |
| Howmet Aerospace, Inc. | 3257 | 667750 |
| RTX Corp. | 2707 | 496464 |
| EMCOR Group, Inc. | 775 | 474137 |
| GE Vernova, Inc. | 660 | 431356 |
| TransDigm Group, Inc. | 268 | 356400 |
| Caterpillar, Inc. | 579 | 331692 |
| **Total Industrial** |  | 4159350 |
| **Financial - 6.2%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 1712 | 860537 |
| Interactive Brokers Group, Inc. — Class A | 9085 | 584257 |
| Welltower, Inc. REIT | 1889 | 350617 |
| **Total Financial** |  | 1795411 |
| **Energy - 2.2%** |  |  |
| First Solar, Inc.<sup>\*</sup> | 2499 | 652814 |
| **Basic Materials - 1.8%** |  |  |
| Newmont Corp. | 5167 | 515925 |
| **Utilities - 1.5%** |  |  |
| Vistra Corp. | 2701 | 435752 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,306,007) |  | 29127849 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $67380 | 67380 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 67379 | 67379 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $134,759) |  | 134759 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,440,766) |  | $29262608 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (103372) |
| **Total Net Assets - 100.0%** |  | $29159236 |

---

---

| | |
|:---|:---|
| *<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.* |

---

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $29127849 | $— | $— | $29127849 |
| Repurchase Agreements |  | 134759 |  | 134759 |
| Total Assets | $29127849 | $134759 | $— | $29262608 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Consumer, Non-cyclical - 32.2%** |  |  |
| Bunge Global S.A. | 2386 | $212545 |
| Centene Corp.<sup>\*</sup> | 4932 | 202952 |
| Molina Healthcare, Inc.<sup>\*</sup> | 1144 | 198530 |
| Tyson Foods, Inc. — Class A | 3355 | 196670 |
| Archer-Daniels-Midland Co. | 3354 | 192821 |
| Cigna Group | 700 | 192661 |
| CVS Health Corp. | 2400 | 190464 |
| Humana, Inc. | 721 | 184670 |
| Elevance Health, Inc. | 473 | 165810 |
| Conagra Brands, Inc. | 8504 | 147204 |
| Kroger Co. | 2255 | 140893 |
| Global Payments, Inc. | 1591 | 123144 |
| Kraft Heinz Co. | 4991 | 121032 |
| Cardinal Health, Inc. | 556 | 114258 |
| McKesson Corp. | 137 | 112380 |
| Cencora, Inc. — Class A | 324 | 109431 |
| Viatris, Inc. | 8498 | 105800 |
| Molson Coors Beverage Co. — Class B | 2163 | 100969 |
| Baxter International, Inc. | 4556 | 87065 |
| Sysco Corp. | 1041 | 76711 |
| Hormel Foods Corp. | 3044 | 72143 |
| Henry Schein, Inc.<sup>\*</sup> | 885 | 66888 |
| UnitedHealth Group, Inc. | 196 | 64701 |
| Universal Health Services, Inc. — Class B | 294 | 64098 |
| The Campbell's Co. | 2129 | 59335 |
| Block, Inc. — Class A<sup>\*</sup> | 703 | 45758 |
| Biogen, Inc.<sup>\*</sup> | 255 | 44877 |
| Pfizer, Inc. | 1696 | 42230 |
| Keurig Dr Pepper, Inc. | 1481 | 41483 |
| Zimmer Biomet Holdings, Inc. | 451 | 40554 |
| **Total Consumer, Non-cyclical** |  | 3518077 |
| **Financial - 19.9%** |  |  |
| Everest Group Ltd. | 492 | 166960 |
| Prudential Financial, Inc. | 1144 | 129135 |
| Alexandria Real Estate Equities, Inc. REIT | 2439 | 119365 |
| Franklin Resources, Inc. | 4484 | 107123 |
| American International Group, Inc. | 1199 | 102575 |
| Citigroup, Inc. | 815 | 95102 |
| Invesco Ltd. | 3526 | 92628 |
| MetLife, Inc. | 1156 | 91255 |
| Loews Corp. | 843 | 88776 |
| Citizens Financial Group, Inc. | 1404 | 82008 |
| Truist Financial Corp. | 1659 | 81639 |
| Allstate Corp. | 349 | 72644 |
| Assurant, Inc. | 298 | 71773 |
| M&T Bank Corp. | 341 | 68705 |
| Principal Financial Group, Inc. | 753 | 66422 |
| VICI Properties, Inc. REIT | 2198 | 61808 |
| Huntington Bancshares, Inc. | 3558 | 61731 |
| Arch Capital Group Ltd.<sup>\*</sup> | 638 | 61197 |
| KeyCorp | 2923 | 60331 |
| Regions Financial Corp. | 2108 | 57127 |
| U.S. Bancorp | 1017 | 54267 |
| State Street Corp. | 417 | 53797 |
| Chubb Ltd. | 161 | 50251 |
| Travelers Companies, Inc. | 168 | 48730 |
| Hartford Insurance Group, Inc. | 343 | 47266 |
| PNC Financial Services Group, Inc. | 226 | 47173 |
| Capital One Financial Corp. | 182 | 44109 |
| Bank of America Corp. | 780 | 42900 |
| Fifth Third Bancorp | 867 | 40584 |
| **Total Financial** |  | 2167381 |
| **Consumer, Cyclical - 12.4%** |  |  |
| Ford Motor Co. | 16689 | 218960 |
| General Motors Co. | 2569 | 208911 |
| Target Corp. | 1478 | 144474 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 931 | 104104 |
| Best Buy Company, Inc. | 1383 | 92564 |
| Delta Air Lines, Inc. | 1269 | 88069 |
| Dollar General Corp. | 641 | 85106 |
| Southwest Airlines Co. | 1745 | 72121 |
| Lennar Corp. — Class A | 698 | 71754 |
| MGM Resorts International<sup>\*</sup> | 1828 | 66704 |
| Aptiv plc<sup>\*</sup> | 871 | 66274 |
| Genuine Parts Co. | 371 | 45618 |
| PulteGroup, Inc. | 379 | 44442 |
| DR Horton, Inc. | 299 | 43065 |
| **Total Consumer, Cyclical** |  | 1352166 |
| **Energy - 8.3%** |  |  |
| Phillips 66 | 919 | 118588 |
| Valero Energy Corp. | 637 | 103697 |
| Marathon Petroleum Corp. | 546 | 88796 |
| APA Corp. | 3293 | 80547 |
| Diamondback Energy, Inc. | 449 | 67498 |
| Devon Energy Corp. | 1709 | 62601 |
| Occidental Petroleum Corp. | 1368 | 56252 |
| Chevron Corp. | 363 | 55325 |
| Halliburton Co. | 1857 | 52479 |
| Coterra Energy, Inc. — Class A | 1848 | 48639 |
| ConocoPhillips | 496 | 46431 |
| Exxon Mobil Corp. | 362 | 43563 |
| ONEOK, Inc. | 582 | 42777 |
| SLB Ltd. | 1025 | 39339 |
| **Total Energy** |  | 906532 |
| **Basic Materials - 8.1%** |  |  |
| Mosaic Co. | 8565 | 206331 |
| Dow, Inc. | 7551 | 176542 |
| DuPont de Nemours, Inc. | 3594 | 144479 |
| LyondellBasell Industries N.V. — Class A | 3068 | 132844 |
| International Paper Co. | 2674 | 105329 |
| International Flavors & Fragrances, Inc. | 917 | 61797 |
| Nucor Corp. | 351 | 57251 |
| **Total Basic Materials** |  | 884573 |
| **Communications - 6.6%** |  |  |
| Comcast Corp. — Class A | 4943 | 147746 |
| Paramount Skydance Corp. — Class B | 10310 | 138154 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 620 | 129425 |
| Verizon Communications, Inc. | 1624 | 66145 |
| AT&T, Inc. | 2321 | 57654 |
| Omnicom Group, Inc. | 689 | 55637 |
| Walt Disney Co. | 387 | 44029 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** |
| **Communications - 6.6% (continued)** |  |  |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 1474 | $42481 |
| News Corp. — Class A | 1209 | 31579 |
| News Corp. — Class B | 404 | 11970 |
| **Total Communications** |  | 724820 |
| **Industrial - 5.8%** |  |  |
| Smurfit WestRock plc | 4144 | 160249 |
| Stanley Black & Decker, Inc. | 1541 | 114465 |
| Amcor plc | 9195 | 76686 |
| FedEx Corp. | 252 | 72793 |
| Textron, Inc. | 674 | 58753 |
| Builders FirstSource, Inc.<sup>\*</sup> | 491 | 50519 |
| Huntington Ingalls Industries, Inc. | 140 | 47610 |
| Ball Corp. | 889 | 47090 |
| **Total Industrial** |  | 628165 |
| **Utilities - 3.9%** |  |  |
| PG&E Corp. | 5766 | 92660 |
| Edison International | 1294 | 77666 |
| AES Corp. | 4566 | 65476 |
| Consolidated Edison, Inc. | 506 | 50256 |
| Pinnacle West Capital Corp. | 562 | 49849 |
| Eversource Energy | 708 | 47670 |
| Exelon Corp. | 974 | 42457 |
| **Total Utilities** |  | 426034 |
| **Technology - 2.3%** |  |  |
| Hewlett Packard Enterprise Co. | 4197 | 100812 |
| HP, Inc. | 3415 | 76086 |
| Fiserv, Inc.<sup>\*</sup> | 1100 | 73887 |
| **Total Technology** |  | 250785 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,834,405) |  | 10858533 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $50034 | 50034 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 50034 | 50034 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $100,068) |  | 100068 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,934,473) |  | $10958601 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (43138) |
| **Total Net Assets - 100.0%** |  | $10915463 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $10858533 | $— | $— | $10858533 |
| Repurchase Agreements |  | 100068 |  | 100068 |
| Total Assets | $10858533 | $100068 | $— | $10958601 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.0%** | **COMMON STOCKS<sup>†</sup> - 100.0%** | **COMMON STOCKS<sup>†</sup> - 100.0%** |
| **Industrial - 26.6%** |  |  |
| Woodward, Inc. | 1719 | $519688 |
| AeroVironment, Inc.<sup>\*</sup> | 2091 | 505792 |
| Fabrinet<sup>\*</sup> | 964 | 438890 |
| Dycom Industries, Inc.<sup>\*</sup> | 1281 | 432850 |
| MasTec, Inc.<sup>\*</sup> | 1848 | 401700 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 1311 | 401467 |
| Curtiss-Wright Corp. | 696 | 383684 |
| ATI, Inc.<sup>\*</sup> | 3101 | 355871 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 4304 | 326717 |
| Chart Industries, Inc.<sup>\*</sup> | 1496 | 308520 |
| BWX Technologies, Inc. | 1700 | 293828 |
| Coherent Corp.<sup>\*</sup> | 1553 | 286637 |
| SPX Technologies, Inc.<sup>\*</sup> | 1371 | 274282 |
| nVent Electric plc | 2507 | 255639 |
| EnerSys | 1648 | 241844 |
| XPO, Inc.<sup>\*</sup> | 1773 | 240968 |
| ITT, Inc. | 1250 | 216887 |
| Flex Ltd.<sup>\*</sup> | 3580 | 216304 |
| Flowserve Corp. | 2702 | 187465 |
| Watts Water Technologies, Inc. — Class A | 664 | 183277 |
| Hexcel Corp. | 2445 | 180685 |
| RBC Bearings, Inc.<sup>\*</sup> | 398 | 178475 |
| Tetra Tech, Inc. | 4855 | 162837 |
| TopBuild Corp.<sup>\*</sup> | 305 | 127243 |
| **Total Industrial** |  | 7121550 |
| **Consumer, Non-cyclical - 26.1%** |  |  |
| Medpace Holdings, Inc.<sup>\*</sup> | 1052 | 590855 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 8534 | 574338 |
| Celsius Holdings, Inc.<sup>\*</sup> | 11537 | 527702 |
| United Therapeutics Corp.<sup>\*</sup> | 860 | 419035 |
| Exelixis, Inc.<sup>\*</sup> | 8602 | 377026 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 2539 | 360106 |
| Ensign Group, Inc. | 2030 | 353626 |
| Option Care Health, Inc.<sup>\*</sup> | 10994 | 350269 |
| Tenet Healthcare Corp.<sup>\*</sup> | 1747 | 347164 |
| UL Solutions, Inc. — Class A | 4218 | 332631 |
| Globus Medical, Inc. — Class A<sup>\*</sup> | 3728 | 325492 |
| Penumbra, Inc.<sup>\*</sup> | 1018 | 316506 |
| Elanco Animal Health, Inc.<sup>\*</sup> | 11540 | 261150 |
| API Group Corp.<sup>\*</sup> | 6693 | 256074 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 1411 | 239870 |
| Valvoline, Inc.<sup>\*</sup> | 6264 | 182032 |
| Coca-Cola Consolidated, Inc. | 1178 | 180588 |
| HealthEquity, Inc.<sup>\*</sup> | 1958 | 179372 |
| Encompass Health Corp. | 1663 | 176511 |
| Sotera Health Co.<sup>\*</sup> | 9992 | 176259 |
| LivaNova plc<sup>\*</sup> | 2752 | 169331 |
| Paylocity Holding Corp.<sup>\*</sup> | 1031 | 157228 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 931 | 154835 |
| **Total Consumer, Non-cyclical** |  | 7008000 |
| **Technology - 13.1%** |  |  |
| Rambus, Inc.<sup>\*</sup> | 5087 | 467444 |
| Twilio, Inc. — Class A<sup>\*</sup> | 2696 | 383479 |
| CACI International, Inc. — Class A<sup>\*</sup> | 563 | 299972 |
| Pure Storage, Inc. — Class A<sup>\*</sup> | 4219 | 282715 |
| Lumentum Holdings, Inc.<sup>\*</sup> | 723 | 266491 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 1075 | 250099 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 1357 | 232427 |
| Doximity, Inc. — Class A<sup>\*</sup> | 5094 | 225562 |
| Pegasystems, Inc. | 3337 | 199286 |
| Okta, Inc.<sup>\*</sup> | 2277 | 196892 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 7079 | 196796 |
| Guidewire Software, Inc.<sup>\*</sup> | 894 | 179703 |
| Dynatrace, Inc.<sup>\*</sup> | 4022 | 174313 |
| ExlService Holdings, Inc.<sup>\*</sup> | 3459 | 146800 |
| **Total Technology** |  | 3501979 |
| **Consumer, Cyclical - 12.5%** |  |  |
| Five Below, Inc.<sup>\*</sup> | 2548 | 479941 |
| FirstCash Holdings, Inc. | 2409 | 383947 |
| Boyd Gaming Corp. | 3977 | 338999 |
| Somnigroup International, Inc. | 3681 | 328640 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 6214 | 278077 |
| Travel + Leisure Co. | 3851 | 271611 |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 2346 | 254471 |
| RB Global, Inc. | 2351 | 241847 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 2154 | 236100 |
| Wingstop, Inc. | 798 | 190315 |
| Churchill Downs, Inc. | 1549 | 176245 |
| Casey's General Stores, Inc. | 313 | 172998 |
| **Total Consumer, Cyclical** |  | 3353191 |
| **Basic Materials - 5.7%** |  |  |
| Hecla Mining Co. | 26812 | 514523 |
| Carpenter Technology Corp. | 1461 | 459981 |
| Royal Gold, Inc. | 1590 | 353441 |
| NewMarket Corp. | 274 | 188309 |
| **Total Basic Materials** |  | 1516254 |
| **Communications - 5.5%** |  |  |
| EchoStar Corp. — Class A<sup>\*</sup> | 4612 | 501324 |
| Ciena Corp.<sup>\*</sup> | 1762 | 412079 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 11836 | 384315 |
| New York Times Co. — Class A | 2399 | 166539 |
| **Total Communications** |  | 1464257 |
| **Financial - 4.1%** |  |  |
| Sabra Health Care REIT, Inc. REIT | 16402 | 310654 |
| Federated Hermes, Inc. — Class B | 4742 | 246916 |
| Affiliated Managers Group, Inc. | 748 | 215633 |
| Kinsale Capital Group, Inc. | 472 | 184609 |
| First Industrial Realty Trust, Inc. REIT | 2370 | 135730 |
| **Total Financial** |  | 1093542 |
| **Energy - 3.6%** |  |  |
| TechnipFMC plc | 10269 | 457587 |
| Valaris Ltd.<sup>\*</sup> | 7234 | 364593 |
| Antero Midstream Corp. | 8510 | 151393 |
| **Total Energy** |  | 973573 |
| **Utilities - 2.8%** |  |  |
| Talen Energy Corp.<sup>\*</sup> | 1403 | 525901 |
| Ormat Technologies, Inc. | 2060 | 227568 |
| **Total Utilities** |  | 753469 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,302,288) |  | 26785815 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | | |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 108878 | $108878 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 108878 | 108878 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $217,756) |  | 217756 |
| **Total Investments - 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,520,044) |  | $27003571 |
| **Other Assets & Liabilities, net - (0.8)%** |  | (211145) |
| **Total Net Assets - 100.0%** |  | $26792426 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 | $26785815 | $— | $— | $26785815 |
| Repurchase Agreements |  | 217756 |  | 217756 |
| Total Assets | $26785815 | $217756 | $— | $27003571 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Consumer, Cyclical - 25.4%** |  |  |
| Lear Corp. | 1059 | $121362 |
| Lithia Motors, Inc. — Class A | 331 | 110001 |
| Macy's, Inc. | 4583 | 101055 |
| Alaska Air Group, Inc.<sup>\*</sup> | 1927 | 96928 |
| PVH Corp. | 1398 | 93694 |
| Harley-Davidson, Inc. | 4185 | 85751 |
| Penske Automotive Group, Inc. | 528 | 83577 |
| Whirlpool Corp. | 1052 | 75891 |
| AutoNation, Inc.<sup>\*</sup> | 350 | 72268 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 7761 | 67986 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 1140 | 67112 |
| KB Home | 1082 | 61036 |
| Thor Industries, Inc. | 590 | 60575 |
| American Airlines Group, Inc.<sup>\*</sup> | 3578 | 54851 |
| BorgWarner, Inc. | 1049 | 47268 |
| Aramark | 989 | 36454 |
| Murphy USA, Inc. | 90 | 36317 |
| Visteon Corp. | 359 | 34141 |
| WESCO International, Inc. | 134 | 32782 |
| Columbia Sportswear Co. | 567 | 31236 |
| Gap, Inc. | 1176 | 30106 |
| Polaris, Inc. | 418 | 26438 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 290 | 26109 |
| Bath & Body Works, Inc. | 1230 | 24698 |
| **Total Consumer, Cyclical** |  | 1477636 |
| **Financial - 23.0%** |  |  |
| Brighthouse Financial, Inc.<sup>\*</sup> | 1896 | 122842 |
| Kemper Corp. | 2403 | 97418 |
| Reinsurance Group of America, Inc. — Class A | 438 | 89115 |
| Park Hotels & Resorts, Inc. REIT | 7824 | 81839 |
| Flagstar Bank North America | 3853 | 48509 |
| Voya Financial, Inc. | 649 | 48344 |
| Corebridge Financial, Inc. | 1590 | 47970 |
| Unum Group | 616 | 47740 |
| Valley National Bancorp | 3702 | 43239 |
| Selective Insurance Group, Inc. | 510 | 42672 |
| First American Financial Corp. | 693 | 42578 |
| Ally Financial, Inc. | 897 | 40625 |
| Prosperity Bancshares, Inc. | 583 | 40291 |
| Bank OZK | 875 | 40268 |
| FNB Corp. | 2337 | 39963 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 118 | 39703 |
| CNO Financial Group, Inc. | 911 | 38690 |
| United Bankshares, Inc. | 867 | 33293 |
| Associated Banc-Corp. | 1287 | 33153 |
| Jefferies Financial Group, Inc. | 531 | 32906 |
| Cousins Properties, Inc. REIT | 1276 | 32895 |
| SOUTHSTATE BANK CORP | 347 | 32656 |
| Kilroy Realty Corp. REIT | 870 | 32512 |
| Columbia Banking System, Inc. | 1050 | 29348 |
| Zions Bancorp North America | 497 | 29094 |
| Old National Bancorp | 1286 | 28691 |
| Webster Financial Corp. | 452 | 28449 |
| Pinnacle Financial Partners, Inc. | 295 | 28146 |
| Starwood Property Trust, Inc. REIT | 1355 | 24404 |
| Hancock Whitney Corp. | 383 | 24389 |
| **Total Financial** |  | 1341742 |
| **Industrial - 18.0%** |  |  |
| Avnet, Inc. | 2782 | 133758 |
| Arrow Electronics, Inc.<sup>\*</sup> | 1165 | 128360 |
| TD SYNNEX Corp. | 646 | 97049 |
| Fluor Corp.<sup>\*</sup> | 1875 | 74306 |
| Greif, Inc. — Class A | 1002 | 67835 |
| Sonoco Products Co. | 1539 | 67162 |
| Graphic Packaging Holding Co. | 4266 | 64246 |
| Terex Corp. | 1116 | 59572 |
| GXO Logistics, Inc.<sup>\*</sup> | 1090 | 57378 |
| Knight-Swift Transportation Holdings, Inc. | 965 | 50450 |
| Avient Corp. | 1582 | 49422 |
| CNH Industrial N.V. | 4991 | 46017 |
| Silgan Holdings, Inc. | 1108 | 44730 |
| Ryder System, Inc. | 229 | 43828 |
| UFP Industries, Inc. | 376 | 34235 |
| AGCO Corp. | 317 | 33070 |
| **Total Industrial** |  | 1051418 |
| **Energy - 10.9%** |  |  |
| PBF Energy, Inc. — Class A | 3995 | 108344 |
| HF Sinclair Corp. | 2199 | 101330 |
| Civitas Resources, Inc. | 3717 | 100693 |
| NOV, Inc. | 5106 | 79807 |
| Chord Energy Corp. | 788 | 73048 |
| Matador Resources Co. | 1109 | 47066 |
| Murphy Oil Corp. | 1439 | 44969 |
| Ovintiv, Inc. | 1103 | 43227 |
| Permian Resources Corp. | 2414 | 33868 |
| **Total Energy** |  | 632352 |
| **Consumer, Non-cyclical - 10.1%** |  |  |
| Coty, Inc. — Class A<sup>\*</sup> | 26842 | 82673 |
| Albertsons Companies, Inc. — Class A | 4516 | 77540 |
| Flowers Foods, Inc. | 7012 | 76291 |
| Performance Food Group Co.<sup>\*</sup> | 753 | 67710 |
| Pilgrim's Pride Corp. | 1349 | 52597 |
| Post Holdings, Inc.<sup>\*</sup> | 491 | 48633 |
| US Foods Holding Corp.<sup>\*</sup> | 547 | 41200 |
| Darling Ingredients, Inc.<sup>\*</sup> | 1126 | 40536 |
| Ingredion, Inc. | 311 | 34291 |
| Envista Holdings Corp.<sup>\*</sup> | 1579 | 34280 |
| Euronet Worldwide, Inc.<sup>\*</sup> | 391 | 29759 |
| **Total Consumer, Non-cyclical** |  | 585510 |
| **Technology - 6.4%** |  |  |
| Concentrix Corp. | 3994 | 166071 |
| ASGN, Inc.<sup>\*</sup> | 1885 | 90801 |
| Kyndryl Holdings, Inc.<sup>\*</sup> | 1947 | 51712 |
| Science Applications International Corp. | 430 | 43284 |
| KBR, Inc. | 557 | 22391 |
| **Total Technology** |  | 374259 |
| **Basic Materials - 5.8%** |  |  |
| Olin Corp. | 4689 | 97672 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 6413 | 85164 |
| Westlake Corp. | 815 | 60261 |
| Alcoa Corp. | 822 | 43681 |
| Commercial Metals Co. | 376 | 26027 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.6% (continued)** |
| **Basic Materials - 5.8% (continued)** |  |  |
| Cabot Corp. | 371 | $24590 |
| **Total Basic Materials** |  | 337395 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,058,975) |  | 5800312 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $24418 | 24418 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 24419 | 24419 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,837) |  | 48837 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,107,812) |  | $5849149 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (23568) |
| **Total Net Assets - 100.0%** |  | $5825581 |

---

---

| | |
|:---|:---|
| *<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.* |

---

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $5800312 | $— | $— | $5800312 |
| Repurchase Agreements |  | 48837 |  | 48837 |
| Total Assets | $5800312 | $48837 | $— | $5849149 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** |
| **Consumer, Non-cyclical - 31.3%** |  |  |
| PTC Therapeutics, Inc.<sup>\*</sup> | 20279 | $1540393 |
| Progyny, Inc.<sup>\*</sup> | 54189 | 1391574 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 51007 | 1362397 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 20060 | 1331783 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 15168 | 1324773 |
| TransMedics Group, Inc.<sup>\*</sup> | 10514 | 1279028 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 26897 | 1245331 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 14942 | 1179522 |
| Indivior plc<sup>\*</sup> | 31600 | 1133808 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 16558 | 1032060 |
| Phibro Animal Health Corp. — Class A | 27329 | 1021011 |
| Krystal Biotech, Inc.<sup>\*</sup> | 3700 | 912198 |
| Artivion, Inc.<sup>\*</sup> | 19464 | 887753 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 4554 | 861025 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 36046 | 841314 |
| TG Therapeutics, Inc.<sup>\*</sup> | 25915 | 772526 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 7463 | 772197 |
| Vital Farms, Inc.<sup>\*</sup> | 23034 | 735706 |
| BrightSpring Health Services, Inc.<sup>\*</sup> | 19247 | 720800 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 18764 | 702149 |
| Veracyte, Inc.<sup>\*</sup> | 16418 | 691198 |
| Cal-Maine Foods, Inc. | 8410 | 669184 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 34296 | 655739 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 30574 | 653978 |
| Sezzle, Inc.<sup>\*</sup> | 9686 | 614819 |
| ADMA Biologics, Inc.<sup>\*</sup> | 33118 | 604072 |
| Privia Health Group, Inc.<sup>\*</sup> | 24393 | 578358 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 21016 | 543894 |
| National Healthcare Corp. | 3803 | 521353 |
| UFP Technologies, Inc.<sup>\*</sup> | 2104 | 467151 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 12867 | 447772 |
| Alkermes plc<sup>\*</sup> | 14836 | 415111 |
| EVERTEC, Inc. | 13790 | 401151 |
| Tootsie Roll Industries, Inc. | 9425 | 345238 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 2805 | 258705 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 107 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 107 | – |
| **Total Consumer, Non-cyclical** |  | 28915071 |
| **Financial - 21.5%** |  |  |
| ARMOUR Residential REIT, Inc. | 77148 | 1364748 |
| Adamas Trust, Inc. REIT | 174451 | 1273492 |
| SiriusPoint Ltd.<sup>\*</sup> | 57292 | 1254122 |
| Enova International, Inc.<sup>\*</sup> | 7166 | 1126495 |
| Acadian Asset Management, Inc. | 22626 | 1063422 |
| StoneX Group, Inc.<sup>\*</sup> | 10929 | 1039676 |
| Palomar Holdings, Inc.<sup>\*</sup> | 7690 | 1036304 |
| HCI Group, Inc. | 5176 | 992187 |
| Mercury General Corp. | 10514 | 988947 |
| Ellington Financial, Inc. REIT | 71238 | 967412 |
| EZCORP, Inc. — Class A<sup>\*</sup> | 46985 | 912449 |
| St. Joe Co. | 14790 | 878082 |
| Bancorp, Inc.<sup>\*</sup> | 12367 | 835020 |
| PennyMac Mortgage Investment Trust REIT | 65244 | 818812 |
| Axos Financial, Inc.<sup>\*</sup> | 8544 | 736151 |
| Curbline Properties Corp. REIT | 31593 | 733274 |
| StepStone Group, Inc. — Class A | 8965 | 575284 |
| Pathward Financial, Inc. | 7581 | 538251 |
| PJT Partners, Inc. — Class A | 3134 | 524005 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 11526 | 470146 |
| Virtu Financial, Inc. — Class A | 14073 | 468912 |
| WisdomTree, Inc. | 38123 | 464719 |
| CareTrust REIT, Inc. | 10966 | 396531 |
| Preferred Bank/Los Angeles CA | 4047 | 382158 |
| **Total Financial** |  | 19840599 |
| **Industrial - 20.3%** |  |  |
| Primoris Services Corp. | 9674 | 1200930 |
| OSI Systems, Inc.<sup>\*</sup> | 4223 | 1077118 |
| DXP Enterprises, Inc.<sup>\*</sup> | 9755 | 1071001 |
| Powell Industries, Inc. | 2791 | 889715 |
| Vicor Corp.<sup>\*</sup> | 7631 | 836358 |
| Enviri Corp.<sup>\*</sup> | 43217 | 774449 |
| AAR Corp.<sup>\*</sup> | 9271 | 767546 |
| National Presto Industries, Inc. | 7185 | 767071 |
| MYR Group, Inc.<sup>\*</sup> | 3455 | 754917 |
| Sanmina Corp.<sup>\*</sup> | 4753 | 713283 |
| ESCO Technologies, Inc. | 3639 | 711024 |
| AZZ, Inc. | 6551 | 702136 |
| Federal Signal Corp. | 6385 | 693347 |
| TTM Technologies, Inc.<sup>\*</sup> | 9884 | 681996 |
| Everus Construction Group, Inc.<sup>\*</sup> | 7685 | 657529 |
| Armstrong World Industries, Inc. | 3395 | 648784 |
| Mirion Technologies, Inc.<sup>\*</sup> | 27628 | 647048 |
| International Seaways, Inc. | 12708 | 616973 |
| Advanced Energy Industries, Inc. | 2806 | 587492 |
| Mercury Systems, Inc.<sup>\*</sup> | 7018 | 512384 |
| Granite Construction, Inc. | 3923 | 452518 |
| JBT Marel Corp. | 2932 | 441765 |
| Badger Meter, Inc. | 2508 | 437420 |
| Proto Labs, Inc.<sup>\*</sup> | 8611 | 435631 |
| Zurn Elkay Water Solutions Corp. | 8187 | 380614 |
| Frontdoor, Inc.<sup>\*</sup> | 6217 | 358659 |
| Moog, Inc. — Class A | 1446 | 352174 |
| Brady Corp. — Class A | 4138 | 324295 |
| Standex International Corp. | 1311 | 284854 |
| **Total Industrial** |  | 18779031 |
| **Technology - 8.3%** |  |  |
| ACM Research, Inc. — Class A<sup>\*</sup> | 35027 | 1381815 |
| Clear Secure, Inc. — Class A | 32426 | 1137504 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 19067 | 917504 |
| Adeia, Inc. | 52071 | 898225 |
| CSG Systems International, Inc. | 9763 | 748724 |
| Waystar Holding Corp.<sup>\*</sup> | 16460 | 539065 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 13944 | 409535 |
| FormFactor, Inc.<sup>\*</sup> | 6615 | 368985 |
| Agilysys, Inc.<sup>\*</sup> | 3067 | 364482 |
| Digi International, Inc.<sup>\*</sup> | 7726 | 334459 |
| PDF Solutions, Inc.<sup>\*</sup> | 10271 | 293032 |
| SiTime Corp.<sup>\*</sup> | 761 | 268777 |
| **Total Technology** |  | 7662107 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.4% (continued)** |
| **Communications - 7.8%** |  |  |
| InterDigital, Inc. | 3869 | $1231812 |
| Uniti Group, Inc.<sup>\*</sup> | 150407 | 1054353 |
| Liquidity Services, Inc.<sup>\*</sup> | 28702 | 869958 |
| Calix, Inc.<sup>\*</sup> | 13728 | 726623 |
| Viasat, Inc.<sup>\*</sup> | 17859 | 615421 |
| Upwork, Inc.<sup>\*</sup> | 27054 | 536210 |
| Viavi Solutions, Inc.<sup>\*</sup> | 28882 | 514677 |
| Etsy, Inc.<sup>\*</sup> | 8899 | 493361 |
| TripAdvisor, Inc.<sup>\*</sup> | 32738 | 476665 |
| Sprinklr, Inc. — Class A<sup>\*</sup> | 47199 | 367208 |
| Gogo, Inc.<sup>\*</sup> | 70001 | 326205 |
| **Total Communications** |  | 7212493 |
| **Consumer, Cyclical - 7.6%** |  |  |
| Urban Outfitters, Inc.<sup>\*</sup> | 11742 | 883703 |
| PriceSmart, Inc. | 5645 | 692472 |
| Brinker International, Inc.<sup>\*</sup> | 4801 | 689040 |
| OPENLANE, Inc.<sup>\*</sup> | 22982 | 684404 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 3574 | 630704 |
| XPEL, Inc.<sup>\*</sup> | 10650 | 531541 |
| National Vision Holdings, Inc.<sup>\*</sup> | 20265 | 523242 |
| Acushnet Holdings Corp. | 6217 | 496241 |
| Red Rock Resorts, Inc. — Class A | 7297 | 452049 |
| Installed Building Products, Inc. | 1618 | 419693 |
| Monarch Casino & Resort, Inc. | 3600 | 344520 |
| Cavco Industries, Inc.<sup>\*</sup> | 532 | 314274 |
| Dorman Products, Inc.<sup>\*</sup> | 2515 | 309823 |
| **Total Consumer, Cyclical** |  | 6971706 |
| **Energy - 1.9%** |  |  |
| Tidewater, Inc.<sup>\*</sup> | 15327 | 774167 |
| Archrock, Inc. | 21328 | 554954 |
| Sunrun, Inc.<sup>\*</sup> | 22684 | 417386 |
| **Total Energy** |  | 1746507 |
| **Basic Materials - 0.4%** |  |  |
| Sensient Technologies Corp. | 4151 | 389986 |
| **Utilities - 0.3%** |  |  |
| Clearway Energy, Inc. — Class C | 6901 | 229527 |
| Clearway Energy, Inc. — Class A | 2808 | 88228 |
| **Total Utilities** |  | 317755 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,259,913) |  | 91835255 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $234485 | 234485 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 234485 | 234485 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $468,970) |  | 468970 |
| **Total Investments - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $93,728,883) |  | $92304225 |
| **Other Assets & Liabilities, net - 0.1%** |  | 71372 |
| **Total Net Assets - 100.0%** |  | $92375597 |

---

---

| | |
|:---|:---|
| *<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.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.* 

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $91835255 | $— | $— \* | $91835255 |
| Repurchase Agreements |  | 468970 |  | 468970 |
| Total Assets | $91835255 | $468970 | $— | $92304225 |

---

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

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.1%** | | |
| **Consumer, Cyclical - 33.3%** |  |  |
| MillerKnoll, Inc. | 33476 | $611941 |
| Newell Brands, Inc. | 163683 | 608901 |
| Kohl's Corp. | 28168 | 574909 |
| MarineMax, Inc.<sup>\*</sup> | 23293 | 564389 |
| Winnebago Industries, Inc. | 13234 | 536242 |
| G-III Apparel Group Ltd. | 18446 | 534196 |
| CarMax, Inc.<sup>\*</sup> | 13572 | 524422 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 77436 | 496365 |
| ScanSource, Inc.<sup>\*</sup> | 12511 | 488680 |
| Titan International, Inc.<sup>\*</sup> | 61863 | 484387 |
| Century Communities, Inc. | 8006 | 475156 |
| Adient plc<sup>\*</sup> | 24263 | 465122 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 1970 | 458084 |
| Marriott Vacations Worldwide Corp. | 7860 | 453444 |
| JetBlue Airways Corp.<sup>\*</sup> | 96980 | 441259 |
| Leggett & Platt, Inc. | 37634 | 413974 |
| Oxford Industries, Inc. | 11880 | 406296 |
| Cracker Barrel Old Country Store, Inc. | 15225 | 386715 |
| Guess?, Inc. | 22961 | 384597 |
| LGI Homes, Inc.<sup>\*</sup> | 8748 | 375814 |
| Group 1 Automotive, Inc. | 923 | 363016 |
| Fox Factory Holding Corp.<sup>\*</sup> | 20910 | 357770 |
| Carter's, Inc. | 10859 | 352157 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 19146 | 327397 |
| Bloomin' Brands, Inc. | 52547 | 324215 |
| Sonic Automotive, Inc. — Class A | 5172 | 319940 |
| Standard Motor Products, Inc. | 8621 | 317684 |
| Penn Entertainment, Inc.<sup>\*</sup> | 21256 | 313526 |
| LKQ Corp. | 9771 | 295084 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 12462 | 291486 |
| Under Armour, Inc. — Class A<sup>\*</sup> | 54879 | 272749 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 8365 | 263246 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 16239 | 231568 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 15559 | 223894 |
| Advance Auto Parts, Inc. | 5663 | 222556 |
| Meritage Homes Corp. | 3291 | 216548 |
| Phinia, Inc. | 3395 | 212832 |
| PC Connection, Inc. | 3460 | 199850 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 12203 | 197811 |
| Academy Sports & Outdoors, Inc. | 3942 | 196942 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 6554 | 191311 |
| M/I Homes, Inc.<sup>\*</sup> | 1433 | 183352 |
| Rush Enterprises, Inc. — Class A | 3107 | 167592 |
| Under Armour, Inc. — Class C<sup>\*</sup> | 34233 | 164318 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 1584 | 135068 |
| Ethan Allen Interiors, Inc. | 5091 | 116279 |
| La-Z-Boy, Inc. | 3060 | 114046 |
| Central Garden & Pet Co.<sup>\*</sup> | 1029 | 33082 |
| **Total Consumer, Cyclical** |  | 16290212 |
| **Consumer, Non-cyclical - 20.8%** |  |  |
| ManpowerGroup, Inc. | 22069 | 656111 |
| Edgewell Personal Care Co. | 34161 | 582445 |
| Perrigo Company plc | 38558 | 536727 |
| Acadia Healthcare Company, Inc.<sup>\*</sup> | 37741 | 535545 |
| AdaptHealth Corp.<sup>\*</sup> | 51539 | 513328 |
| Fresh Del Monte Produce, Inc. | 13426 | 478368 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 47145 | 476165 |
| Vestis Corp.<sup>\*</sup> | 67759 | 451953 |
| Universal Corp. | 8534 | 450169 |
| Select Medical Holdings Corp. | 29322 | 435432 |
| Andersons, Inc. | 7718 | 410366 |
| United Natural Foods, Inc.<sup>\*</sup> | 11426 | 384713 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 16200 | 382158 |
| Upbound Group, Inc. | 21658 | 380314 |
| Astrana Health, Inc.<sup>\*</sup> | 15250 | 378352 |
| Quanex Building Products Corp. | 24366 | 374749 |
| ABM Industries, Inc. | 8779 | 371352 |
| Monro, Inc. | 17451 | 349718 |
| Organon & Co. | 47644 | 341608 |
| Deluxe Corp. | 15170 | 338746 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 18863 | 297281 |
| PROG Holdings, Inc. | 8490 | 250370 |
| Insperity, Inc. | 4827 | 186901 |
| Matthews International Corp. — Class A | 6859 | 179157 |
| Robert Half, Inc. | 6474 | 175834 |
| GEO Group, Inc.<sup>\*</sup> | 7730 | 124608 |
| CoreCivic, Inc.<sup>\*</sup> | 6406 | 122419 |
| **Total Consumer, Non-cyclical** |  | 10164889 |
| **Industrial - 12.5%** |  |  |
| Greenbrier Companies, Inc. | 9904 | 462913 |
| ArcBest Corp. | 6146 | 455972 |
| World Kinect Corp. | 17915 | 419748 |
| American Woodmark Corp.<sup>\*</sup> | 7267 | 391691 |
| O-I Glass, Inc.<sup>\*</sup> | 22717 | 335303 |
| Masterbrand, Inc.<sup>\*</sup> | 29591 | 326685 |
| Mohawk Industries, Inc.<sup>\*</sup> | 2906 | 317626 |
| Boise Cascade Co. | 4147 | 305219 |
| Ichor Holdings Ltd.<sup>\*</sup> | 16281 | 300059 |
| Werner Enterprises, Inc. | 9803 | 294188 |
| Heartland Express, Inc. | 32460 | 293114 |
| RXO, Inc.<sup>\*</sup> | 22226 | 280937 |
| Vishay Intertechnology, Inc. | 18236 | 264240 |
| Metallus, Inc.<sup>\*</sup> | 14065 | 241355 |
| Worthington Steel, Inc. | 6173 | 213709 |
| Hub Group, Inc. — Class A | 4375 | 186419 |
| Apogee Enterprises, Inc. | 4910 | 178773 |
| Schneider National, Inc. — Class B | 6055 | 160639 |
| Marten Transport Ltd. | 13717 | 156099 |
| Benchmark Electronics, Inc. | 3460 | 147949 |
| Forward Air Corp.<sup>\*</sup> | 5367 | 134175 |
| Matson, Inc. | 1020 | 126021 |
| Energizer Holdings, Inc. | 6266 | 124631 |
| **Total Industrial** |  | 6117465 |
| **Financial - 11.3%** |  |  |
| Lincoln National Corp. | 11791 | 525053 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 57353 | 517898 |
| Summit Hotel Properties, Inc. REIT | 67621 | 329314 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.1% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.1% (continued)** |
| **Financial - 11.3% (continued)** |  |  |
| Cushman & Wakefield Ltd.<sup>\*</sup> | 18719 | $303060 |
| Jackson Financial, Inc. — Class A | 2791 | 297660 |
| Pebblebrook Hotel Trust REIT | 24172 | 273627 |
| Employers Holdings, Inc. | 5734 | 247537 |
| Safehold, Inc. REIT | 17618 | 241190 |
| Franklin BSP Realty Trust, Inc. REIT | 20254 | 203148 |
| PRA Group, Inc.<sup>\*</sup> | 11267 | 199313 |
| Hope Bancorp, Inc. | 18030 | 197609 |
| Bread Financial Holdings, Inc. | 2512 | 185964 |
| Navient Corp. | 13891 | 180583 |
| Arbor Realty Trust, Inc. REIT | 23181 | 179885 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 17347 | 167919 |
| Easterly Government Properties, Inc. REIT | 7758 | 164392 |
| Innovative Industrial Properties, Inc. REIT | 3294 | 156004 |
| Apple Hospitality REIT, Inc. | 12791 | 151573 |
| Capitol Federal Financial, Inc. | 20705 | 141001 |
| Hilltop Holdings, Inc. | 3860 | 131008 |
| KKR Real Estate Finance Trust, Inc. REIT | 15485 | 127287 |
| Encore Capital Group, Inc.<sup>\*</sup> | 2237 | 121581 |
| Stewart Information Services Corp. | 1725 | 121198 |
| Provident Financial Services, Inc. | 6058 | 119646 |
| First Financial Bancorp | 4743 | 118670 |
| eXp World Holdings, Inc. | 12998 | 117632 |
| **Total Financial** |  | 5519752 |
| **Energy - 8.1%** |  |  |
| SunCoke Energy, Inc. | 87414 | 629381 |
| Patterson-UTI Energy, Inc. | 73270 | 447679 |
| SM Energy Co. | 20624 | 385669 |
| Crescent Energy Co. — Class A | 44790 | 375788 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 52154 | 327006 |
| Bristow Group, Inc.<sup>\*</sup> | 6789 | 248613 |
| Peabody Energy Corp. | 7586 | 225304 |
| DNOW, Inc.<sup>\*</sup> | 16441 | 217843 |
| RPC, Inc. | 38107 | 207302 |
| Atlas Energy Solutions, Inc. | 21224 | 199930 |
| Northern Oil & Gas, Inc. | 8040 | 172619 |
| Liberty Energy, Inc. — Class A | 7630 | 140850 |
| Core Natural Resources, Inc. | 1573 | 139226 |
| Talos Energy, Inc.<sup>\*</sup> | 12243 | 134918 |
| California Resources Corp. | 2625 | 117364 |
| **Total Energy** |  | 3969492 |
| **Communications - 4.7%** |  |  |
| Angi, Inc.<sup>\*</sup> | 34843 | 450520 |
| Scholastic Corp. | 14006 | 414998 |
| IAC, Inc.<sup>\*</sup> | 8473 | 331294 |
| Ziff Davis, Inc.<sup>\*</sup> | 9264 | 325630 |
| Shenandoah Telecommunications Co. | 17992 | 207987 |
| Shutterstock, Inc. | 10308 | 196883 |
| Cable One, Inc. | 1673 | 188798 |
| TEGNA, Inc. | 9384 | 182143 |
| **Total Communications** |  | 2298253 |
| **Basic Materials - 4.3%** |  |  |
| Stepan Co. | 9841 | 466070 |
| Koppers Holdings, Inc. | 16711 | 452534 |
| FMC Corp. | 25892 | 359122 |
| Kaiser Aluminum Corp. | 1905 | 218808 |
| Eastman Chemical Co. | 2809 | 179299 |
| Sylvamo Corp. | 3392 | 163325 |
| Minerals Technologies, Inc. | 2511 | 153045 |
| Chemours Co. | 9637 | 113620 |
| **Total Basic Materials** |  | 2105823 |
| **Technology - 3.7%** |  |  |
| DXC Technology Co.<sup>\*</sup> | 42638 | 624647 |
| Insight Enterprises, Inc.<sup>\*</sup> | 4332 | 352928 |
| Corsair Gaming, Inc.<sup>\*</sup> | 40911 | 243011 |
| Amentum Holdings, Inc.<sup>\*</sup> | 7589 | 220081 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 10945 | 216820 |
| NCR Voyix Corp.<sup>\*</sup> | 15444 | 157529 |
| **Total Technology** |  | 1815016 |
| **Utilities - 0.4%** |  |  |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 16236 | 199703 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,872,016) |  | 48480605 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $198732 | 198732 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 198732 | 198732 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $397,464) |  | 397464 |
| **Total Investments - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,269,480) |  | $48878069 |
| **Other Assets & Liabilities, net - 0.1%** |  | 31764 |
| **Total Net Assets - 100.0%** |  | $48909833 |

---

---

| | |
|:---|:---|
| *<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)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $48480605 | $— | $— | $48480605 |
| Repurchase Agreements |  | 397464 |  | 397464 |
| Total Assets | $48480605 | $397464 | $— | $48878069 |

---

---

| | |
|:---|:---|
| **Emerging Markets Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $13000 | $12974 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,972) |  | 12974 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 88.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 683129 | 683129 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 683128 | 683128 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,366,257) |  | 1366257 |
| **Total Investments - 88.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,379,229) |  | $1379231 |
| **Other Assets & Liabilities, net - 11.2%** |  | 174037 |
| **Total Net Assets - 100.0%** |  | $1553268 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 6 | Mar 2026 | $655734 | $(2073) |
| U.S. Treasury 10 Year Note Futures Contracts | 3 | Mar 2026 | 337313 | (2302) |
|  |  |  | $993047 | $(4375) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront Premiums Received** | **Unrealized Appreciation<sup>\*\*</sup>** |
| Barclays Bank plc ICE | CDX.EM.44.V1 | 1.00% | Quarterly | 12/20/30 | $1200000 | $(12907) | $(25537) | $12630 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Credit Index Swap Agreements<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>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |  |  |
| Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | Pay | 4.39% (Federal Funds Rate + 0.75%) | At Maturity | 01/07/26 | 21303 | $463021 | $(693) |

---

---

| | |
|:---|:---|
| *<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 December 31, 2025.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *Repurchase Agreements — See Note 4.* |

---

*CDX.EM.44.V1 — Credit Default Swap Emerging Markets Series 44 Index Version 1*

*ICE — Intercontinental Exchange*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Emerging Markets Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $— | $12974 | $— | $12974 |
| Repurchase Agreements |  | 1366257 |  | 1366257 |
| Credit Default Swap Agreements\*\* |  | 12630 |  | 12630 |
| Total Assets | $— | $1391861 | $— | $1391861 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Interest Rate Futures Contracts\*\* | $4375 | $— | $— | $4375 |
| Credit Index Swap Agreements\*\* |  | 693 |  | 693 |
| Total Liabilities | $4375 | $693 | $— | $5068 |

---

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

---

| | |
|:---|:---|
| **Government Long Bond 1.2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 6.6%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 51284 | $517460 |
| Guggenheim Strategy Fund II<sup>1</sup> | 20287 | 503737 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,011,484) |  | 1021197 |
|  | **Face<br> Amount** |  |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 75.5%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 11/15/55 | $12200000 | 11806359 |
| **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,928,651) |  | 11806359 |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.3%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | 206000 | 205593 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $205,567) |  | 205593 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 10.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 824586 | 824586 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 824585 | 824585 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,649,171) |  | 1649171 |
| **Total Investments - 93.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,794,873) |  | $14682320 |
| **Other Assets & Liabilities, net - 6.1%** |  | 961443 |
| **Total Net Assets - 100.0%** |  | $15643763 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury Ultra Long Bond Futures Contracts | 62 | Mar 2026 | $7316000 | $(67) |

---

---

| | |
|:---|:---|
| *<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 December 31, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $1021197 | $— | $— | $1021197 |
| U.S. Government Securities |  | 11806359 |  | 11806359 |
| U.S. Treasury Bills |  | 205593 |  | 205593 |
| Repurchase Agreements |  | 1649171 |  | 1649171 |
| Total Assets | $1021197 | $13661123 | $— | $14682320 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2<br> Significant <br> Observable<br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $67 | $– $– $| 67 |

---

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

---

| | |
|:---|:---|
| **Government Long Bond 1.2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $504345 | $– | $– | $– | $(608) | $503737 | 20287 | $19801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 514383 | – | – | – | 3077 | 517460 | 51284 | 16841 |
|  | $1018728 | $– | $– | $– | $2469 | $1021197 |  | $36642 |

---

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 45.6%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 137556 | $3415508 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 326794 | 3297354 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,642,019) |  | 6712862 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/17/26<sup>2</sup> | $1200000 | 1194579 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | 160000 | 159683 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,353,792) |  | 1354262 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 5.4%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 800000 | 799997 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $800,000) |  | 799997 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 116.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Individual Repurchase Agreements <br>Barclays Capital, Inc.<br> issued 12/31/25 at 3.40% due 01/02/26 (secured by a U.S. Treasury Bond, at a rate of 3.40% and maturing 11/15/55 as collateral, with a value of $6,836,550) to be repurchased at $6,703,133 | 6702500 | 6702500 |
| &nbsp;&nbsp;&nbsp;Mizuho Securities USA LLC<br> issued 12/31/25 at 3.55% due 01/02/26 (secured by a U.S. Treasury Bond, at a rate of 3.55% and maturing 11/15/55 as collateral, with a value of $4,493,347) to be repurchased at $4,405,677 | 4405242 | 4405242 |
| &nbsp;&nbsp;&nbsp;Joint Repurchase Agreements <br>BofA Securities, Inc.<br> issued 12/31/25 at 3.81% due 01/02/26 | 3010175 | 3010175 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% due 01/02/26 | 3010175 | 3010175 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,128,092) |  | 17128092 |
| **Total Investments - 176.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,923,903) |  | $25995213 |
| **U.S. Government Securities Sold Short<sup>†</sup> - (76.9)%** |  |  |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.63% due 11/15/55<sup>††</sup> | 11700000 | (11322492) |
| **Total U.S. Government Securities Sold Short - (76.9)%** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $11,491,134) |  | $(11322492) |
| **Other Assets & Liabilities, net - 0.3%** |  | 47183 |
| **Total Net Assets - 100.0%** |  | $14719904 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury Ultra Long Bond Futures Contracts | 29 | Mar 2026 | $3422000 | $81262 |

---

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 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 December 31, 2025.* |
| *<sup>4</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 December 31, 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 | $6712862 | $— | $— | $6712862 |
| U.S. Treasury Bills |  | 1354262 |  | 1354262 |
| Federal Agency Notes |  | 799997 |  | 799997 |
| Repurchase Agreements |  | 17128092 |  | 17128092 |
| Interest Rate Futures Contracts\*\* | 81262 |  |  | 81262 |
| Total Assets | $6794124 | $19282351 | $— | $26076475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $– $| 11322492 | $– $| 11322492 |

---

*\*\** *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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $3419634 | $– | $– | $– | $(4126) | $3415508 | 137556 | $134261 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 3277747 | – | – | – | 19607 | 3297354 | 326794 | 107314 |
|  | $6697381 | $– | $– | $– | $15481 | $6712862 |  | $241575 |

---

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 19.3%** | | |
| Guggenheim Strategy Fund III<sup>1</sup> | 79841 | $1989640 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 133249 | 1344482 |
| Guggenheim Strategy Fund II<sup>1</sup> | 53173 | 1320279 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,578,426) |  | 4654401 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 15.0%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.59% due 01/16/26<sup>2</sup> | $2000000 | 1997008 |
| &nbsp;&nbsp;&nbsp;3.86% due 01/09/26<sup>2</sup> | 1600000 | 1598628 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,595,636) |  | 3595636 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 12.5%** |  |  |
| Federal Farm Credit Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.68% (Fed Funds Effective Rate + 0.04%, Rate Floor: 0.00%) due 01/06/26<sup>◊</sup> | 1500000 | 1500000 |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR) due 01/09/26<sup>◊</sup> | 1500000 | 1499994 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,000,003) |  | 2999994 |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.5%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/17/26<sup>2</sup> | 1600000 | 1592772 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | 688000 | 686640 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,278,724) |  | 2279412 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 37.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 4498330 | 4498330 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 4498329 | 4498329 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,996,659) |  | 8996659 |
| **Total Investments - 93.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,449,448) |  | $22526102 |
| **Other Assets & Liabilities, net - 6.2%** |  | 1489218 |
| **Total Net Assets - 100.0%** |  | $24015320 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 206 | Mar 2026 | $22513547 | $(67485) |

---

**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 | $14150000 | $1077437 | $1037643 | $39794 |
| Goldman Sachs International ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | 6700000 | 510165 | 483799 | 26366 |
|  |  |  |  |  |  | $1587602 | $1521442 | $66160 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation (Depreciation)** |
| **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>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |  |  |
| BNP Paribas | State Street SPDR Bloomberg High Yield Bond ETF | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 1788 | $173919 | $1386 |
| BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 1222 | 98613 | 654 |
| Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 3.64% (Federal Funds Rate) | At Maturity | 01/07/26 | 16337 | 1318151 | (3023) |
|  |  |  |  |  |  |  | $1590683 | $(983) |

---

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 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 and credit default swap collateral at December 31, 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*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.* 

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $4654401 | $— | $— | $4654401 |
| Federal Agency Discount Notes |  | 3595636 |  | 3595636 |
| Federal Agency Notes |  | 2999994 |  | 2999994 |
| U.S. Treasury Bills |  | 2279412 |  | 2279412 |
| Repurchase Agreements |  | 8996659 |  | 8996659 |
| Credit Default Swap Agreements\*\* |  | 66160 |  | 66160 |
| Credit Index Swap Agreements\*\* |  | 2040 |  | 2040 |
| Total Assets | $4654401 | $17939901 | $— | $22594302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
| Interest Rate Futures Contracts\*\* | $67485 | $— | $— | $67485 |
| Credit Index Swap Agreements\*\* |  | 3023 |  | 3023 |
| Total Liabilities | $67485 | $3023 | $— | $70508 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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.<br>

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

Transactions during the period ended December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value<br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 12/31/25** | **Shares<br> 12/31/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1321874 | $– | $– | $– | $(1595) | $1320279 | 53173 | $51899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 1990438 |  |  |  | (798) | 1989640 | 79841 | 79368 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 1336487 | – | – | – | 7995 | 1344482 | 133249 | 43757 |
|  | $4648799 | $– | $– | $– | $5602 | $4654401 |  | $175024 |

---

---

| | |
|:---|:---|
| **Inverse High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 48.9%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 16720 | $168703 |
| Guggenheim Strategy Fund II<sup>1</sup> | 6753 | 167675 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $331,495) |  | 336378 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.9%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $6000 | 5988 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,987) |  | 5988 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 31.0%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 106355 | 106355 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 106354 | 106354 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $212,709) |  | 212709 |
| **Total Investments - 80.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $550,191) |  | $555075 |
| **Other Assets & Liabilities, net - 19.2%** |  | 131902 |
| **Total Net Assets - 100.0%** |  | $686977 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 6 | Mar 2026 | $655734 | $2060 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront Premiums Received** | **Unrealized Depreciation<sup>\*\*</sup>** |
| Barclays Bank plc ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | $650000 | $(49494) | $(47253) | $(2241) |

---

---

| | |
|:---|:---|
| *<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 December 31, 2025.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<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.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $336378 | $— | $— | $336378 |
| U.S. Treasury Bills |  | 5988 |  | 5988 |
| Repurchase Agreements |  | 212709 |  | 212709 |
| Interest Rate Futures Contracts\*\* | 2060 |  |  | 2060 |
| Total Assets | $338438 | $218697 | $— | $557135 |

---

---

| | |
|:---|:---|
| **Inverse High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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** |
| Credit Default Swap Agreements\*\* | $– $| 2241 | $– $| 2241 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $227829 | $– | $(60000) | $844 | $(998) | $167675 | 6753 | $8090 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 227461 | – | (60000) | 893 | 349 | 168703 | 16720 | 6709 |
|  | $455290 | $– | $(120000) | $1737 | $(649) | $336378 |  | $14799 |

---

---

| | |
|:---|:---|
| **Emerging Markets 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 55.2%** | **COMMON STOCKS<sup>†</sup> - 55.2%** | **COMMON STOCKS<sup>†</sup> - 55.2%** |
| **Communications - 18.7%** |  |  |
| Alibaba Group Holding Ltd. ADR | 7300 | $1070034 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 2451 | 277919 |
| Trip.com Group Ltd. ADR | 2031 | 146049 |
| JD.com, Inc. ADR | 4843 | 138994 |
| Baidu, Inc. ADR<sup>\*</sup> | 930 | 121514 |
| America Movil SAB de CV ADR | 3022 | 62465 |
| Chunghwa Telecom Company Ltd. ADR | 1270 | 52971 |
| Telkom Indonesia Persero Tbk PT ADR | 1522 | 32038 |
| Full Truck Alliance Company Ltd. ADR | 2761 | 29626 |
| Tencent Music Entertainment Group ADR | 1651 | 28942 |
| Kanzhun Ltd. ADR | 1245 | 25373 |
| Bilibili, Inc. ADR<sup>\*</sup> | 968 | 23803 |
| **Total Communications** |  | 2009728 |
| **Technology - 16.6%** |  |  |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 4050 | 1230755 |
| Infosys Ltd. ADR | 11797 | 210222 |
| NetEase, Inc. ADR | 1142 | 157162 |
| ASE Technology Holding Company Ltd. ADR | 5854 | 94249 |
| United Microelectronics Corp. ADR | 7886 | 61984 |
| Wipro Ltd. ADR | 10157 | 28846 |
| **Total Technology** |  | 1783218 |
| **Financial - 9.7%** |  |  |
| HDFC Bank Ltd. ADR | 11594 | 423645 |
| ICICI Bank Ltd. ADR | 8832 | 263193 |
| KB Financial Group, Inc. ADR | 1185 | 101958 |
| Shinhan Financial Group Company Ltd. ADR | 1541 | 82644 |
| Banco Bradesco S.A. ADR | 17667 | 58831 |
| Woori Financial Group, Inc. ADR | 752 | 44210 |
| KE Holdings, Inc. ADR | 2175 | 34278 |
| Banco de Chile ADR | 776 | 29488 |
| **Total Financial** |  | 1038247 |
| **Basic Materials - 4.1%** |  |  |
| Vale S.A. ADR | 11980 | 156100 |
| Gold Fields Ltd. ADR | 2990 | 130543 |
| POSCO Holdings, Inc. ADR | 1006 | 53529 |
| Harmony Gold Mining Company Ltd. ADR | 1824 | 36298 |
| Sibanye Stillwater Ltd. ADR<sup>\*</sup> | 2362 | 33658 |
| Sociedad Quimica y Minera de Chile S.A. ADR<sup>\*</sup> | 477 | 32818 |
| **Total Basic Materials** |  | 442946 |
| **Consumer, Non-cyclical - 2.0%** |  |  |
| BeOne Medicines Ltd. ADR<sup>\*</sup> | 242 | 73522 |
| Fomento Economico Mexicano SAB de CV ADR | 568 | 57408 |
| Ambev S.A. ADR | 14217 | 35116 |
| Dr Reddy's Laboratories Ltd. ADR | 2035 | 28571 |
| New Oriental Education & Technology Group, Inc. ADR | 458 | 25204 |
| **Total Consumer, Non-cyclical** |  | 219821 |
| **Industrial - 1.5%** |  |  |
| Cemex SAB de CV ADR | 5057 | 58105 |
| Embraer S.A. ADR | 581 | 37399 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 136 | 35854 |
| ZTO Express Cayman, Inc. ADR | 1399 | 29225 |
| **Total Industrial** |  | 160583 |
| **Consumer, Cyclical - 1.1%** |  |  |
| XPeng, Inc. ADR<sup>\*</sup> | 2451 | 49706 |
| Li Auto, Inc. ADR<sup>\*</sup> | 1998 | 33826 |
| NIO, Inc. ADR<sup>\*</sup> | 6140 | 31314 |
| **Total Consumer, Cyclical** |  | 114846 |
| **Utilities - 0.8%** |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR | 1575 | 37571 |
| Korea Electric Power Corp. ADR | 1716 | 28314 |
| Axia Energia ADR | 3050 | 27938 |
| **Total Utilities** |  | 93823 |
| **Energy - 0.7%** |  |  |
| Petroleo Brasileiro S.A. - Petrobras ADR | 6216 | 73660 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,724,140) |  | 5936872 |
| **PREFERRED STOCKS<sup>†</sup> - 2.1%** |  |  |
| **Financial - 1.2%** |  |  |
| Itau Unibanco Holding S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 18342 | 131330 |
| **Energy - 0.8%** |  |  |
| Petroleo Brasileiro S.A. - Petrobras |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 7369 | 83049 |
| **Utilities - 0.1%** |  |  |
| Axia Energia ADR<sup>\*</sup> | 801 | 6904 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $188,767) |  | 221283 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 23.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.78% due 02/24/26<sup>1</sup> | $2500000 | 2486996 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,485,825) |  | 2486996 |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 838626 | 838626 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 838627 | 838627 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,677,253) |  | 1677253 |
| **Total Investments - 96.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,075,985) |  | $10322404 |
| **Other Assets & Liabilities, net - 3.9%** |  | 420029 |
| **Total Net Assets - 100.0%** |  | $10742433 |

---

---

| | |
|:---|:---|
| **Emerging Markets 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **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 Emerging 50 ADR Index | Pay | 4.14% (Federal Funds Rate + 0.50%) | At Maturity | 01/21/26 | 2434 | $9711234 | $141124 |
| BNP Paribas | S&P Emerging 50 ADR Index | Pay | 4.24% (Federal Funds Rate + 0.60%) | At Maturity | 01/22/26 | 1392 | 5555321 | 19406 |
|  |  |  |  |  |  |  | $15266555 | $160530 |

---

---

| | |
|:---|:---|
| *<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>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>2</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 December 31, 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 | $5936872 | $— | $— | $5936872 |
| Preferred Stocks | 221283 |  |  | 221283 |
| U.S. Treasury Bills |  | 2486996 |  | 2486996 |
| Repurchase Agreements |  | 1677253 |  | 1677253 |
| Equity Index Swap Agreements\*\* |  | 160530 |  | 160530 |
| Total Assets | $6158155 | $4324779 | $— | $10482934 |

---

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

---

| | |
|:---|:---|
| **Inverse Emerging Markets 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 78.9%** | | |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $107528 | $107528 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 107528 | 107528 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $215,056) |  | 215056 |
| **Total Investments - 78.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $215,056) |  | $215056 |
| **Other Assets & Liabilities, net - 21.1%** |  | 57625 |
| **Total Net Assets - 100.0%** |  | $272681 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **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 Emerging 50 ADR Index | Receive | 3.14% (Federal Funds Rate - 0.50%) | At Maturity | 01/21/26 | 124 | $495072 | $4258 |
| BNP Paribas | S&P Emerging 50 ADR Index | Receive | 3.44% (Federal Funds Rate - 0.20%) | At Maturity | 01/22/26 | 12 | 49455 | (104) |
|  |  |  |  |  |  |  | $544527 | $4154 |

---

*<sup>††</sup>* *Value determined based on Level 2 inputs — See Note 3.* <br> *<sup>1</sup>* *Repurchase Agreements — See Note 4.*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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** |
| Repurchase Agreements | $— | $215056 | $— | $215056 |
| Equity Index Swap Agreements\*\* |  | 4258 |  | 4258 |
| Total Assets | $— | $219314 | $— | $219314 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 104 | $– $| 104 |

---

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

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 46.2%** | **COMMON STOCKS<sup>†</sup> - 46.2%** | **COMMON STOCKS<sup>†</sup> - 46.2%** |
| **Consumer, Non-cyclical - 14.0%** |  |  |
| Roche Holding AG ADR | 807 | $41617 |
| AstraZeneca plc ADR | 446 | 41001 |
| Novartis AG ADR | 275 | 37914 |
| Nestle S.A. ADR | 371 | 36647 |
| Novo Nordisk A/S ADR | 461 | 23455 |
| Unilever plc ADR | 323 | 21124 |
| British American Tobacco plc ADR | 313 | 17722 |
| Sanofi S.A. ADR | 328 | 15895 |
| L'Oreal S.A. ADR | 173 | 14818 |
| GSK plc ADR | 294 | 14418 |
| EssilorLuxottica S.A. ADR | 90 | 14258 |
| RELX plc ADR | 271 | 10954 |
| Anheuser-Busch InBev S.A. ADR | 147 | 9414 |
| Diageo plc ADR | 80 | 6902 |
| **Total Consumer, Non-cyclical** |  | 306139 |
| **Financial - 10.9%** |  |  |
| HSBC Holdings plc ADR | 492 | 38706 |
| Allianz SE ADR | 548 | 25208 |
| Banco Santander S.A. ADR | 2139 | 25090 |
| UBS Group AG | 445 | 20608 |
| Banco Bilbao Vizcaya Argentaria S.A. ADR | 830 | 19347 |
| UniCredit SpA ADR | 448 | 18579 |
| Zurich Insurance Group AG ADR | 419 | 15935 |
| Intesa Sanpaolo SpA ADR | 366 | 15229 |
| BNP Paribas S.A. ADR | 302 | 14315 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 940 | 12399 |
| AXA S.A. ADR | 256 | 12285 |
| ING Groep N.V. ADR | 436 | 12208 |
| London Stock Exchange Group plc ADR<sup>\*</sup> | 291 | 8896 |
| **Total Financial** |  | 238805 |
| **Industrial - 6.9%** |  |  |
| Siemens AG ADR | 216 | 30229 |
| Schneider Electric SE ADR | 414 | 22743 |
| Airbus SE ADR | 339 | 19635 |
| Rolls-Royce Holdings plc ADR | 1205 | 18943 |
| Safran S.A. ADR | 215 | 18716 |
| ABB Ltd. ADR | 226 | 16717 |
| Rheinmetall AG ADR | 33 | 12061 |
| Vinci S.A. ADR | 338 | 11898 |
| **Total Industrial** |  | 150942 |
| **Technology - 4.4%** |  |  |
| ASML Holding N.V. — Class G | 56 | 59912 |
| SAP SE ADR | 146 | 35465 |
| **Total Technology** |  | 95377 |
| **Energy - 2.9%** |  |  |
| Shell plc ADR | 413 | 30347 |
| TotalEnergies SE | 317 | 20738 |
| BP plc ADR | 374 | 12989 |
| **Total Energy** |  | 64074 |
| **Consumer, Cyclical - 2.6%** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE ADR | 180 | 27146 |
| Cie Financiere Richemont S.A. ADR | 776 | 16707 |
| Hermes International SCA ADR | 50 | 12400 |
| **Total Consumer, Cyclical** |  | 56253 |
| **Utilities - 1.9%** |  |  |
| Iberdrola S.A. ADR | 219 | 18922 |
| Enel SpA ADR | 1121 | 11636 |
| National Grid plc ADR | 149 | 11525 |
| **Total Utilities** |  | 42083 |
| **Basic Materials - 1.3%** |  |  |
| Air Liquide S.A. ADR | 417 | 15662 |
| Rio Tinto plc ADR | 154 | 12325 |
| **Total Basic Materials** |  | 27987 |
| **Communications - 1.3%** |  |  |
| Deutsche Telekom AG ADR | 505 | 16513 |
| Prosus N.V. ADR | 894 | 11050 |
| **Total Communications** |  | 27563 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $637,688) |  | 1009223 |
| **MUTUAL FUNDS<sup>†</sup> - 6.4%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 7027 | 70833 |
| Guggenheim Strategy Fund II<sup>1</sup> | 2760 | 68487 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,226) |  | 139320 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.7%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $125000 | 124753 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $124,737) |  | 124753 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 41.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 455023 | 455023 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 455023 | 455023 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $910,046) |  | 910046 |
| **Total Investments - 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,810,697) |  | $2183342 |
| **Other Assets & Liabilities, net - 0.0%** |  | (920) |
| **Total Net Assets - 100.0%** |  | $2182422 |

---

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional Amount** | **Value and <br> Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Euro FX Futures Contracts | 12 | Mar 2026 | $1768800 | $12920 |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| STOXX 50 Index Futures Contracts<sup>††</sup> | 30 | Mar 2026 | $1721930 | $8751 |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 December 31, 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 | $1009223 | $— | $— | $1009223 |
| Mutual Funds | 139320 |  |  | 139320 |
| U.S. Treasury Bills |  | 124753 |  | 124753 |
| Repurchase Agreements |  | 910046 |  | 910046 |
| Currency Futures Contracts\*\* | 12920 |  |  | 12920 |
| Equity Futures Contracts\*\* |  | 8751 |  | 8751 |
| Total Assets | $1161463 | $1043550 | $— | $2205013 |

---

*<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 and Guggenheim 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized** <br> **Appreciation<br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $68625 | $– | $– | $– | $(138) | $68487 | 2760 | $2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 70482 | – | – | – | 351 | 70833 | 7027 | 2300 |
|  | $139107 | $– | $– | $– | $213 | $139320 |  | $4994 |

---

---

| | |
|:---|:---|
| **Japan 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 44.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 44.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 44.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $747000 | $745526 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $745,430) |  | 745526 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 86.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 726666 | 726666 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 726666 | 726666 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,453,332) |  | 1453332 |
| **Total Investments - 131.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,198,762) |  | $2198858 |
| **Other Assets & Liabilities, net - (31.2)%** |  | (522415) |
| **Total Net Assets - 100.0%** |  | $1676443 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration** <br> **Date** | **Notional**<br> **Amount** | **Value and Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Nikkei 225 (CME) Index Futures Contracts | 12 | Mar 2026 | $3034200 | $3634 |
| Micro Nikkei Stock Average Futures Contracts | 13 | Mar 2026 | 328640 | (1049) |
|  |  |  | $3362840 | $2585 |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Japanese Yen Futures Contracts | 42 | Mar 2026 | 3372075 | (3572) |

---

---

| | |
|:---|:---|
| *<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 December 31, 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 December 31, 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 | $— | $745526 | $— | $745526 |
| Repurchase Agreements |  | 1453332 |  | 1453332 |
| Equity Futures Contracts\*\* | 3634 |  |  | 3634 |
| Total Assets | $3634 | $2198858 | $— | $2202492 |

---

---

| | |
|:---|:---|
| **Japan 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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** |
| Currency Futures Contracts\*\* | $3572 | $— | $— | $3572 |
| Equity Futures Contracts\*\* | 1049 |  |  | 1049 |
| Total Liabilities | $4621 | $— | $— | $4621 |

---

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

---

| | |
|:---|:---|
| **Strengthening Dollar 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.8%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.8%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.8%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $49000 | $48904 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,897) |  | 48904 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 89.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 779414 | 779414 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 779414 | 779414 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,558,828) |  | 1558828 |
| **Total Investments - 91.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,607,725) |  | $1607732 |
| **Other Assets & Liabilities, net - 8.1%** |  | 140997 |
| **Total Net Assets - 100.0%** |  | $1748729 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration** <br> **Date** | **Notional** <br> **Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Dollar Index Futures Contracts | 24 | Mar 2026 | $2350920 | $2683 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing** <br> **Rate** | **Payment Frequency** | **Maturity** <br> **Date** | **Units** | **Notional**<br> **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>** | **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 | 03/20/26 | 11673 | $1143783 | $2633 |

---

---

| | |
|:---|:---|
| *<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 December 31, 2025.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *Repurchase Agreements — See Note 4.* |

---

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $— | $48904 | $— | $48904 |
| Repurchase Agreements |  | 1558828 |  | 1558828 |
| Currency Futures Contracts\*\* | 2683 |  |  | 2683 |
| Currency Index Swap Agreements\*\* |  | 2633 |  | 2633 |
| Total Assets | $2683 | $1610365 | $— | $1613048 |

---

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

---

| | |
|:---|:---|
| **Weakening Dollar 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.51% due 01/22/26<sup>1,2</sup> | $33000 | $32935 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,931) |  | 32935 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 83.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 537813 | 537813 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 537814 | 537814 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,075,627) |  | 1075627 |
| **Total Investments - 85.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,108,558) |  | $1108562 |
| **Other Assets & Liabilities, net - 14.3%** |  | 184605 |
| **Total Net Assets - 100.0%** |  | $1293167 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Dollar Index Futures Contracts | 18 | Mar 2026 | $1763190 | $12373 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Currency Index Swap Agreements Sold Short<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>** | **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 | 03/20/26 | 7991 | $782979 | $62 |

---

---

| | |
|:---|:---|
| *<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 December 31, 2025.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *Repurchase Agreements — See Note 4.* |

---

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $— | $32935 | $— | $32935 |
| Repurchase Agreements |  | 1075627 |  | 1075627 |
| Currency Futures Contracts\*\* | 12373 |  |  | 12373 |
| Currency Index Swap Agreements\*\* |  | 62 |  | 62 |
| Total Assets | $12373 | $1108624 | $— | $1120997 |

---

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

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

**Note 1 – Organization and Significant Accounting Policies**

**Organization**

Rydex Series Funds (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification Status** |
| 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 Jones Industrial Average<sup>®</sup> Fund | Non-diversified |
| Mid-Cap 1.5x Strategy Fund | Non-diversified |
| Inverse Mid-Cap Strategy Fund | Non-diversified |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> 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> Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
| Nova Fund | Non-diversified |
| S&P 500<sup>®</sup> 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 |
| Emerging Markets Bond Strategy Fund | Diversified |
| Government Long Bond 1.2x Strategy Fund | Diversified |
| Inverse Government Long Bond Strategy Fund | Diversified |
| High Yield Strategy Fund | Non-diversified |
| Inverse High Yield Strategy Fund | Non-diversified |
| Emerging Markets 2x Strategy Fund | Non-diversified |
| Inverse Emerging Markets 2x 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 |

---

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

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

**Significant Accounting Policies** 

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

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

**(a) Valuation of Investments** 

The Board of Trustees of the 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 each Fund 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.

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.

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

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.

**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:

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

**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 they had not been leveraged.

**Futures Contracts**

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

**Swap Agreements**

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

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

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.

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

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.

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:

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

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

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

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

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

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

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

**Note 4 – Repurchase Agreements** 

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

At December 31, 2025, the repurchase agreements in the joint account were as follows:

**Repurchase Agreements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc. |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
| &nbsp;&nbsp;&nbsp;3.81% |  |  | &nbsp;&nbsp;&nbsp;1.25% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/02/26 | $95132966 | $95153103 | &nbsp;&nbsp;&nbsp;Due 04/15/28 | $79890555 | $79827887 |
|  |  |  | U.S. Treasury Bond |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;4.63% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 11/15/45 | 17407300 | 17207761 |
|  |  |  |  | 97297855 | 97035648 |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp;&nbsp;3.82% |  |  | &nbsp;&nbsp;&nbsp;4.13% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/02/26 | 95132966 | 95153156 | &nbsp;&nbsp;&nbsp;Due 10/31/31 | 94717400 | 97035700 |

---

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. Securities 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, the Bank of New York Mellon Corp. ("BNY") acts as the lending agent (prior to September 29, 2025, U.S. Bank acted as the lending agent), and other approved registered broker dealers act as the borrowers. The Funds receive collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with BNY, cash collateral and proceeds are invested in the Dreyfus Treasury Obligations Cash Management Fund – Institutional Shares. The Funds may also receive non-cash collateral in the form of securities issued or guaranteed by the U.S. Government. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

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

At December 31, 2025, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Value of Securities Loaned** | **Collateral Received<sup>a</sup>** | **Net** | **Cash Collateral Received and Invested** | **Non-Cash Collateral Received, at Value** | **Total Collateral Received** |
| Electronics Fund | $756377 | $756377 | $- | $- | $771694 | $771694 |
| Energy Fund | 335341 | 335341 |  | 142220 | 200370 | 342590 |
| Leisure Fund | 191515 | 191515 |  | 40628 | 155091 | 195719 |
| NASDAQ-100® Fund | 2212118 | 2212118 |  |  | 2257628 | 2257628 |
| Russell 2000® Fund | 317518 | 315647 | 1871 \* | 30036 | 285611 | 315647 |
| Telecommunications Fund | 735698 | 735698 |  |  | 750833 | 750833 |

---

<sup>a</sup> Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

<sup>\*</sup> Subsequent to December 31, 2025, additional collateral was received.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of 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 of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

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

At December 31, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax Unrealized <br> Appreciation** | **Tax Unrealized <br> Depreciation** | **Net Tax Unrealized <br> Appreciation (Depreciation)** |
| Banking Fund | $6202905 | $2463463 | $(5332) | $2458131 |
| Basic Materials Fund | 19602415 | 10301170 | (462603) | 9838567 |
| Biotechnology Fund | 61869165 | 48350135 | (2088026) | 46262109 |
| Consumer Products Fund | 18665563 | 11287738 | (1105873) | 10181865 |
| Electronics Fund | 77234578 | 62699749 | (781320) | 61918429 |
| Energy Fund | 13209552 | 2882389 | (27307) | 2855082 |
| Energy Services Fund | 6418162 |  | (501576) | (501576) |
| Financial Services Fund | 10649393 | 1608989 | (22072) | 1586917 |
| Health Care Fund | 13063796 | 5198731 | (157038) | 5041693 |
| Internet Fund | 8667818 | 7184536 | (37812) | 7146724 |
| Leisure Fund | 3892136 | 2203196 | (76648) | 2126548 |
| Precious Metals Fund | 92212055 | 78354590 | (72765) | 78281825 |
| Real Estate Fund | 3220656 | 104762 | (460) | 104302 |
| Retailing Fund | 4780132 | 2181788 | (40107) | 2141681 |
| Technology Fund | 50405266 | 36469427 | (1172751) | 35296676 |
| Telecommunications Fund | 7582199 | 1582221 | (42416) | 1539805 |
| Transportation Fund | 4877918 | 2300280 | (16129) | 2284151 |
| Utilities Fund | 16835472 | 5079239 | (13865) | 5065374 |
| Dow Jones Industrial Average® Fund | 15188426 | 6075006 | (40454) | 6034552 |
| Mid-Cap 1.5x Strategy Fund | 10701470 | 2660495 | (403319) | 2257176 |
| Inverse Mid-Cap Strategy Fund | 607058 | 2081 | (1457) | 624 |
| Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 749868072 | 38395447 | (2945687) | 35449760 |
| NASDAQ-100® Fund | 593560631 | 1459217286 | (15365186) | 1443852100 |
| Inverse NASDAQ-100® Strategy Fund | 33408190 | 76990 | (377107) | (300117) |
| Russell 2000® 1.5x Strategy Fund | 7678979 | 1354225 | (870814) | 483411 |
| Russell 2000® Fund | 13237179 | 2415444 | (582650) | 1832794 |
| Inverse Russell 2000® Strategy Fund | 1069257 | 27189 | (30849) | (3660) |
| Nova Fund | 238300398 | 19581733 | (616441) | 18965292 |
| S&P 500® Fund | 110041042 | 58454974 | (301465) | 58153509 |
| Inverse S&P 500® Strategy Fund | 40928670 | 96699 | (353288) | (256589) |
| S&P 500® Pure Growth Fund | 23999239 | 5459910 | (196541) | 5263369 |
| S&P 500® Pure Value Fund | 13042075 |  | (2083474) | (2083474) |
| S&P MidCap 400® Pure Growth Fund | 25136670 | 2256115 | (389214) | 1866901 |
| S&P MidCap 400® Pure Value Fund | 5348804 | 560407 | (60062) | 500345 |
| S&P SmallCap 600® Pure Growth Fund | 94010580 | 522839 | (2229194) | (1706355) |
| S&P SmallCap 600® Pure Value Fund | 49566844 | 410098 | (1098873) | (688775) |
| Emerging Markets Bond Strategy Fund | 1379229 | 12632 | (5068) | 7564 |
| Government Long Bond 1.2x Strategy Fund | 14816427 | 8148 | (142322) | (134174) |
| Inverse Government Long Bond Strategy Fund | 14451276 | 302710 | (3) | 302707 |
| High Yield Strategy Fund | 22471331 | 122983 | (70520) | 52463 |
| Inverse High Yield Strategy Fund | 550951 | 6184 | (2241) | 3943 |
| Emerging Markets 2x Strategy Fund | 9245911 | 1262748 | (25725) | 1237023 |
| Inverse Emerging Markets 2x Strategy Fund | 215056 | 4258 | (104) | 4154 |
| Europe 1.25x Strategy Fund | 1861070 | 345538 | (1595) | 343943 |
| Japan 2x Strategy Fund | 2198762 | 3730 | (4621) | (891) |
| Strengthening Dollar 2x Strategy Fund | 1607725 | 5323 |  | 5323 |
| Weakening Dollar 2x Strategy Fund | 1108558 | 12439 |  | 12439 |

---

**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 Series Funds

- **b. Investment Company Act file number:** 811-07584

- **c. CIK number of Registrant:** 0000899148

- **d. LEI of Registrant:** 5493004D62WV1EDNTU07

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

- **a. Name of Series:** Inverse Government Long Bond Strategy Fund

- **b. EDGAR series identifier (if any):** S000003690

- **c. LEI of Series:** 549300MEBX6MJKGCC831

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

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

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $26157796.38

**Total Liabilities:** $11428837.47

**Net Assets:** $14728958.91

**Cash Not Reported:** $16663.37

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 2.21188300 | **1-Year:** 673.69808350 | **5-Year:** 99.73588290 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010326 | -0.82%               | 0.19%                | 2.72%                |
| Class ID C000010329 | -0.91%               | 0.11%                | 2.62%                |
| Class ID C000010328 | -0.84%               | 0.17%                | 2.69%                |
| Class ID C000149022 | -0.84%               | 0.17%                | 2.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-126357.14              | $-34977.52                                 |
| Month 2  | $-192959.47              | $201127.76                                 |
| Month 3  | $-1229.42                | $284920.84                                 |

**Designated Index Information**

- **Index Name:** Bloomberg US Treasury Bellwethers 30 Year Index

- **Index Identifier:** LEH_30PYR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOFA SECURITIES, INC.                         | BofA Securities, Inc.                                      | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   3010175 | PA      | $3010174.89   | 20.44%            |  |  |  | No            |                  2 | On Loan: No      |
| US TREASURY N/B                               | U.S. Treasury Bonds                                        | CUSIP: 912810UP1<br>LEI: 254900HROIFWPRGM1V77 | Short            | DBT              | UST               | US        | -11700000 | PA      | $-11322492.25 | -76.87%           | 2055-11-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Ultra Short Duration Fund - Institutional Class | CUSIP: 40169J523<br>LEI: N/A                  | Long             | EC               | RF                | US        |    326794 | NS      | $3297354.18   | 22.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |    137556 | NS      | $3415507.78   | 23.19%            |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC                     | Mizuho Securities USA LLC                                  | CUSIP: N/A<br>LEI: 7TK5RJIZDFROZCA6XF66       | Long             | RA               | CORP              | US        |   4405242 | PA      | $4405242.19   | 29.91%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                        | CUSIP: 912797SR9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1200000 | PA      | $1194578.90   | 8.11%             | 2026-02-17      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                        | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    160000 | PA      | $159683.70    | 1.08%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Trade                        | U.S. Treasury Ultra Long Bond Futures Contracts            | CUSIP: N/A<br>LEI: N/A                        | N/A              | DIR              |  | US        |       -29 | NC      | $81261.99     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| FEDERAL HOME LOAN BANK                        | Federal Home Loan Bank                                     | CUSIP: 3130B6YW0<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    800000 | PA      | $799996.80    | 5.43%             | 2026-01-09      | Floating      | 3.71%                 | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                    | J.P. Morgan Securities LLC                                 | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |   3010175 | PA      | $3010174.88   | 20.44%            |  |  |  | No            |                  2 | On Loan: No      |
| BARCLAYS CAPITAL INC.                         | Barclays Capital, Inc.                                     | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |   6702500 | PA      | $6702500.00   | 45.51%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-30

**Name of Applicant:** Rydex Series Funds

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO