# EDGAR Filing Document

**Accession Number:** 0001092720
**File Stem:** 0000913181-26-000271
**Filing Date:** 2026-3
**Character Count:** 226101
**Document Hash:** 7c93576fe15ba47703772a1df81839d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-26-000271.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000913181-26-000271

**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 DYNAMIC FUNDS
- **CENTRAL INDEX KEY:** 0001092720

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09525
- **FILM NUMBER:** 26705251

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 89.0%** | **COMMON STOCKS<sup>†</sup> - 89.0%** | **COMMON STOCKS<sup>†</sup> - 89.0%** |
| **Financial - 25.2%** | **Financial - 25.2%** | **Financial - 25.2%** |
| Goldman Sachs Group, Inc. | 5786 | $5085039 |
| American Express Co. | 5785 | 2140161 |
| Visa, Inc. — Class A | 5785 | 2028857 |
| JPMorgan Chase & Co. | 5785 | 1864043 |
| Travelers Companies, Inc. | 5785 | 1677997 |
| **Total Financial** |  | 12796097 |
| **Technology - 17.1%** |  |  |
| Microsoft Corp. | 5785 | 2797742 |
| International Business Machines Corp. | 5785 | 1713575 |
| Apple, Inc. | 5785 | 1572710 |
| Salesforce, Inc. | 5785 | 1532504 |
| NVIDIA Corp. | 5785 | 1078902 |
| **Total Technology** |  | 8695433 |
| **Consumer, Non-cyclical - 13.5%** |  |  |
| UnitedHealth Group, Inc. | 5785 | 1909686 |
| Amgen, Inc. | 5785 | 1893489 |
| Johnson & Johnson | 5785 | 1197206 |
| Procter & Gamble Co. | 5785 | 829048 |
| Merck & Company, Inc. | 5785 | 608929 |
| Coca-Cola Co. | 5785 | 404429 |
| **Total Consumer, Non-cyclical** |  | 6842787 |
| **Industrial - 13.1%** |  |  |
| Caterpillar, Inc. | 5785 | 3314053 |
| Boeing Co.<sup>\*</sup> | 5785 | 1256039 |
| Honeywell International, Inc. | 5785 | 1128596 |
| 3M Co. | 5785 | 926178 |
| **Total Industrial** |  | 6624866 |
| **Consumer, Cyclical - 9.4%** |  |  |
| Home Depot, Inc. | 5785 | 1990618 |
| McDonald's Corp. | 5785 | 1768070 |
| Walmart, Inc. | 5785 | 644507 |
| NIKE, Inc. — Class B | 5785 | 368562 |
| **Total Consumer, Cyclical** |  | 4771757 |
| **Communications - 5.3%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 5785 | 1335294 |
| Walt Disney Co. | 5785 | 658159 |
| Cisco Systems, Inc. | 5785 | 445619 |
| Verizon Communications, Inc. | 5785 | 235623 |
| **Total Communications** |  | 2674695 |
| **Basic Materials - 3.7%** |  |  |
| Sherwin-Williams Co. | 5785 | 1874514 |
| **Energy - 1.7%** |  |  |
| Chevron Corp. | 5785 | 881692 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,778,342) |  | 45161841 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $2628000 | 2622812 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,622,473) |  | 2622812 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 523556 | 523556 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 523556 | 523556 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,047,112) |  | 1047112 |
| **Total Investments - 96.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,447,927) |  | $48831765 |
| **Other Assets & Liabilities, net - 3.7%** |  | 1870651 |
| **Total Net Assets - 100.0%** |  | $50702416 |

---

**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 | 165 | Mar 2026 | $39878850 | $(276842) |

---

**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 | Dow Jones Industrial Average | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 67 | $3209022 | $128492 |
| Barclays Bank plc | Dow Jones Industrial Average | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 273 | 13104485 | (5659) |
|  |  |  |  |  |  |  | $16313507 | $122833 |

---

---

| | |
|:---|:---|
| **Dow 2x Strategy 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>* | *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.* |

---

*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 | $45161841 | $— | $— | $45161841 |
| U.S. Treasury Bills |  | 2622812 |  | 2622812 |
| Repurchase Agreements |  | 1047112 |  | 1047112 |
| Equity Index Swap Agreements\*\* |  | 128492 |  | 128492 |
| Total Assets | $45161841 | $3798416 | $— | $48960257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $276842 | $— | $— | $276842 |
| Equity Index Swap Agreements\*\* |  | 5659 |  | 5659 |
| Total Liabilities | $276842 | $5659 | $— | $282501 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.7%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.7%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.7%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.51% due 01/22/26<sup>1,2</sup> | $54000 | $53894 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,887) |  | 53894 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 77.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1187709 | 1187709 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1187709 | 1187709 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,375,418) |  | 2375418 |
| **Total Investments - 79.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,429,305) |  | $2429312 |
| **Other Assets & Liabilities, net - 20.8%** |  | 637176 |
| **Total Net Assets - 100.0%** |  | $3066488 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Dow Jones Industrial Average Mini Futures Contracts | 2 | Mar 2026 | $483380 | $5256 |

---

**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 | Dow Jones Industrial Average | Receive | 4.31% (SOFR + 0.60%) | At Maturity | 01/22/26 | 93 | $4492884 | $28734 |
| BNP Paribas | Dow Jones Industrial Average | Receive | 4.14% (Federal Funds Rate + 0.50%) | At Maturity | 01/22/26 | 25 | 1185207 | (23930) |
|  |  |  |  |  |  |  | $5678091 | $4804 |

---

---

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

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse Dow 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 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 | $— | $53894 | $— | $53894 |
| Repurchase Agreements |  | 2375418 |  | 2375418 |
| Equity Futures Contracts\*\* | 5256 |  |  | 5256 |
| Equity Index Swap Agreements\*\* |  | 28734 |  | 28734 |
| Total Assets | $5256 | $2458046 | $— | $2463302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 23930 | $– $| 23930 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 87.8%** | **COMMON STOCKS<sup>†</sup> - 87.8%** | **COMMON STOCKS<sup>†</sup> - 87.8%** |
| **Technology - 43.0%** | **Technology - 43.0%** | **Technology - 43.0%** |
| NVIDIA Corp. | 622128 | $116026872 |
| Apple, Inc. | 378304 | 102845726 |
| Microsoft Corp. | 190284 | 92025148 |
| Broadcom, Inc. | 120903 | 41844528 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 161454 | 28698448 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 115068 | 24642963 |
| Micron Technology, Inc. | 79539 | 22701226 |
| Lam Research Corp. | 88775 | 15196505 |
| Applied Materials, Inc. | 56307 | 14470336 |
| Intuit, Inc. | 19668 | 13028476 |
| QUALCOMM, Inc. | 75697 | 12947972 |
| Intel Corp.<sup>\*</sup> | 337139 | 12440429 |
| KLA Corp. | 9287 | 11284448 |
| Texas Instruments, Inc. | 64221 | 11141701 |
| Adobe, Inc.<sup>\*</sup> | 29586 | 10354804 |
| Analog Devices, Inc. | 34608 | 9385690 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 17737 | 8314396 |
| ASML Holding N.V. — Class G | 6201 | 6634202 |
| Synopsys, Inc.<sup>\*</sup> | 13128 | 6166484 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 19239 | 6013726 |
| Marvell Technology, Inc. | 60933 | 5178086 |
| Autodesk, Inc.<sup>\*</sup> | 14984 | 4435414 |
| Fortinet, Inc.<sup>\*</sup> | 52561 | 4173869 |
| Western Digital Corp. | 24166 | 4163077 |
| Seagate Technology Holdings plc | 15095 | 4157012 |
| NXP Semiconductor N.V. | 17789 | 3861280 |
| Electronic Arts, Inc. | 17678 | 3612146 |
| Roper Technologies, Inc. | 7608 | 3386549 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 13060 | 3343752 |
| Workday, Inc. — Class A<sup>\*</sup> | 15055 | 3233513 |
| Datadog, Inc. — Class A<sup>\*</sup> | 23002 | 3128042 |
| Monolithic Power Systems, Inc. | 3386 | 3068935 |
| Strategy, Inc. — Class A<sup>\*</sup> | 18923 | 2875350 |
| Paychex, Inc. | 25437 | 2853523 |
| Cognizant Technology Solutions Corp. — Class A | 34113 | 2831379 |
| Zscaler, Inc.<sup>\*</sup> | 11272 | 2535298 |
| Microchip Technology, Inc. | 38199 | 2434040 |
| Atlassian Corp. — Class A<sup>\*</sup> | 11877 | 1925737 |
| ARM Holdings plc ADR<sup>\*</sup> | 9779 | 1068943 |
| **Total Technology** |  | 628430025 |
| **Communications - 24.7%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 273690 | 63173126 |
| Meta Platforms, Inc. — Class A | 75189 | 49631507 |
| Alphabet, Inc. — Class A | 148953 | 46622289 |
| Alphabet, Inc. — Class C | 138430 | 43439334 |
| Netflix, Inc.<sup>\*</sup> | 299490 | 28080182 |
| Cisco Systems, Inc. | 279260 | 21511398 |
| T-Mobile US, Inc. | 79055 | 16051327 |
| AppLovin Corp. — Class A<sup>\*</sup> | 21741 | 14649521 |
| Shopify, Inc. — Class A<sup>\*</sup> | 86413 | 13909901 |
| Booking Holdings, Inc. | 2278 | 12199442 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 49263 | 9074245 |
| Comcast Corp. — Class A | 256880 | 7678143 |
| MercadoLibre, Inc.<sup>\*</sup> | 3583 | 7217093 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 28720 | 6504505 |
| PDD Holdings, Inc. ADR<sup>\*</sup> | 47208 | 5352915 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 175141 | 5047564 |
| Thomson Reuters Corp. | 31441 | 4146754 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 30059 | 4079607 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 9147 | 1909436 |
| **Total Communications** |  | 360278289 |
| **Consumer, Non-cyclical - 8.2%** |  |  |
| Intuitive Surgical, Inc.<sup>\*</sup> | 25056 | 14190716 |
| PepsiCo, Inc. | 96643 | 13870203 |
| Amgen, Inc. | 38060 | 12457418 |
| Gilead Sciences, Inc. | 87690 | 10763071 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 17933 | 8130105 |
| Automatic Data Processing, Inc. | 28586 | 7353177 |
| Regeneron Pharmaceuticals, Inc. | 7300 | 5634651 |
| Cintas Corp. | 28404 | 5341940 |
| Monster Beverage Corp.<sup>\*</sup> | 69055 | 5294447 |
| Mondelez International, Inc. — Class A | 91201 | 4909350 |
| PayPal Holdings, Inc. | 66131 | 3860728 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 5644 | 3818335 |
| AstraZeneca plc ADR | 41257 | 3792756 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 9338 | 3713256 |
| Coca-Cola Europacific Partners plc | 32385 | 2937320 |
| Keurig Dr Pepper, Inc. | 96024 | 2689632 |
| GE HealthCare Technologies, Inc. | 32196 | 2640716 |
| Insmed, Inc.<sup>\*</sup> | 15074 | 2623479 |
| Verisk Analytics, Inc. — Class A | 9851 | 2203570 |
| Kraft Heinz Co. | 83660 | 2028755 |
| Dexcom, Inc.<sup>\*</sup> | 27567 | 1829622 |
| **Total Consumer, Non-cyclical** |  | 120083247 |
| **Consumer, Cyclical - 7.6%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 113254 | 50932589 |
| Costco Wholesale Corp. | 31323 | 27011076 |
| Starbucks Corp. | 80370 | 6767958 |
| Marriott International, Inc. — Class A | 18967 | 5884322 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 59660 | 5441588 |
| Ross Stores, Inc. | 22987 | 4140878 |
| PACCAR, Inc. | 37121 | 4065121 |
| Fastenal Co. | 81142 | 3256228 |
| Copart, Inc.<sup>\*</sup> | 68419 | 2678604 |
| **Total Consumer, Cyclical** |  | 110178364 |
| **Industrial - 1.5%** |  |  |
| Honeywell International, Inc. | 44873 | 8754274 |
| CSX Corp. | 131614 | 4771007 |
| Ferrovial SE | 51861 | 3350739 |
| Axon Enterprise, Inc.<sup>\*</sup> | 5578 | 3167914 |
| Old Dominion Freight Line, Inc. | 14780 | 2317504 |
| **Total Industrial** |  | 22361438 |
| **Utilities - 1.3%** |  |  |
| Constellation Energy Corp. | 22072 | 7797375 |
| American Electric Power Company, Inc. | 37749 | 4352837 |
| Exelon Corp. | 71406 | 3112588 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 87.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 87.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 87.8% (continued)** |
| **Utilities - 1.3% (continued)** |  |  |
| Xcel Energy, Inc. | 41809 | $3088013 |
| **Total Utilities** |  | 18350813 |
| **Basic Materials - 1.0%** |  |  |
| Linde plc | 33005 | 14072600 |
| **Energy - 0.4%** |  |  |
| Baker Hughes Co. | 69745 | 3176187 |
| Diamondback Energy, Inc. | 20251 | 3044333 |
| **Total Energy** |  | 6220520 |
| **Financial - 0.1%** |  |  |
| CoStar Group, Inc.<sup>\*</sup> | 29962 | 2014645 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $749,524,637) |  | 1281989941 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 8.4%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $75268000 | 75119415 |
| &nbsp;&nbsp;&nbsp;3.69% due 02/24/26<sup>2,3</sup> | 35000000 | 34817942 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | 12900000 | 12803958 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $122,716,577) |  | 122741315 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 1.7%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.49% due 01/02/26<sup>2</sup> | 25000000 | 24997569 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,997,569) |  | 24997569 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 0.5%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 7000000 | 6999972 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,000,000) |  | 6999972 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 12940710 | 12940710 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 12940709 | 12940709 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,881,419) |  | 25881419 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $930,120,202) |  | $1462610216 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (2333022) |
| **Total Net Assets - 100.0%** |  | $1460277194 |

---

**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>** |  |  |  |  |
| NASDAQ-100 Index Mini Futures Contracts | 3000 | Mar 2026 | $1527300000 | $(5973218) |

---

**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** |
| **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 | 2149 | $54272553 | $1605090 |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 1711 | 43200241 | 1042507 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 4.71% (SOFR + 1.00%) | At Maturity | 01/22/26 | 844 | 21305159 | 514142 |
|  |  |  |  |  |  |  | $118777953 | $3161739 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> 2x Strategy 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>◊</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>* | *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.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $1281989941 | $— | $— | $1281989941 |
| U.S. Treasury Bills |  | 122741315 |  | 122741315 |
| Federal Agency Discount Notes |  | 24997569 |  | 24997569 |
| Federal Agency Notes |  | 6999972 |  | 6999972 |
| Repurchase Agreements |  | 25881419 |  | 25881419 |
| Equity Index Swap Agreements\*\* |  | 3161739 |  | 3161739 |
| Total Assets | $1281989941 | $183782014 | $— | $1465771955 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $5973218 | $– $– $| 5973218 |

---

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

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 29.4%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 29.4%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 29.4%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.76% (SOFR + 0.05%, Rate Floor: 0.00%) due 07/20/26<sup>◊</sup> | $1000000 | $1000233 |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 600000 | 599997 |
| 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 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,100,003) |  | 3100230 |
| **U.S. TREASURY BILLS<sup>††</sup> - 19.0%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.75% due 02/17/26<sup>1</sup> | 1000000 | 995485 |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | 616000 | 614784 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>1,3</sup> | 400000 | 397022 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,006,777) |  | 2007291 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 44.3%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 2339287 | 2339287 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 2339287 | 2339287 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,678,574) |  | 4678574 |
| **Total Investments - 92.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,785,354) |  | $9786095 |
| **Other Assets & Liabilities, net - 7.3%** |  | 775414 |
| **Total Net Assets - 100.0%** |  | $10561509 |

---

**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 | 20 | Mar 2026 | $10182000 | $11752 |

---

**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 | NASDAQ-100 Index | Receive | 4.29% (Federal Funds Rate + 0.65%) | At Maturity | 01/21/26 | 222 | $5602209 | $67775 |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.14% (Federal Funds Rate + 0.50%) | At Maturity | 01/22/26 | 59 | 1500945 | (13317) |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.36% (SOFR + 0.65%) | At Maturity | 01/22/26 | 151 | 3804766 | (33776) |
|  |  |  |  |  |  |  | $10907920 | $20682 |

---

---

| | |
|:---|:---|
| *<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>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2025.* |
| *<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*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse 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** |
| Federal Agency Notes | $— | $3100230 | $— | $3100230 |
| U.S. Treasury Bills |  | 2007291 |  | 2007291 |
| Repurchase Agreements |  | 4678574 |  | 4678574 |
| Equity Futures Contracts\*\* | 11752 |  |  | 11752 |
| Equity Index Swap Agreements\*\* |  | 67775 |  | 67775 |
| Total Assets | $11752 | $9853870 | $— | $9865622 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 47093 | $– $| 47093 |

---

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

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0%** | **COMMON STOCKS<sup>†</sup> - 29.0%** | **COMMON STOCKS<sup>†</sup> - 29.0%** |
| **Financial - 6.8%** | **Financial - 6.8%** | **Financial - 6.8%** |
| UMB Financial Corp. | 361 | $41529 |
| CareTrust REIT, Inc. | 1117 | 40391 |
| Cadence Bank | 928 | 39755 |
| American Healthcare REIT, Inc.<sup>1</sup> | 840 | 39530 |
| Old National Bancorp | 1740 | 38819 |
| Jackson Financial, Inc. — Class A | 344 | 36688 |
| Essent Group Ltd. | 471 | 30620 |
| Terreno Realty Corp. REIT | 508 | 29825 |
| Piper Sandler Cos. | 87 | 29555 |
| Essential Properties Realty Trust, Inc. REIT<sup>1</sup> | 987 | 29274 |
| Ryman Hospitality Properties, Inc. REIT | 307 | 29048 |
| Valley National Bancorp | 2410 | 28149 |
| Glacier Bancorp, Inc. | 638 | 28104 |
| Hancock Whitney Corp. | 421 | 26809 |
| United Bankshares, Inc. | 695 | 26688 |
| Home BancShares, Inc. | 936 | 26002 |
| Kite Realty Group Trust REIT | 1081 | 25912 |
| Compass, Inc. — Class A<sup>\*</sup> | 2438 | 25770 |
| Moelis & Co. — Class A | 369 | 25365 |
| Selective Insurance Group, Inc. | 302 | 25268 |
| Atlantic Union Bankshares Corp. | 709 | 25028 |
| Ameris Bancorp | 329 | 24435 |
| Radian Group, Inc. | 674 | 24257 |
| Cipher Mining, Inc.<sup>\*</sup> | 1612 | 23793 |
| Macerich Co. REIT | 1262 | 23296 |
| Axos Financial, Inc.<sup>\*</sup> | 270 | 23263 |
| StoneX Group, Inc.<sup>\*</sup> | 243 | 23117 |
| Sabra Health Care REIT, Inc.<sup>1</sup> | 1181 | 22368 |
| Phillips Edison & Company, Inc. REIT | 628 | 22338 |
| StepStone Group, Inc. — Class A | 347 | 22267 |
| Riot Platforms, Inc.<sup>\*</sup> | 1733 | 21957 |
| Hut 8 Corp.<sup>\*</sup> | 476 | 21867 |
| Lemonade, Inc.<sup>\*</sup> | 301 | 21425 |
| Associated Banc-Corp. | 827 | 21303 |
| Independence Realty Trust, Inc. REIT | 1187 | 20749 |
| Core Scientific, Inc.<sup>\*</sup> | 1408 | 20501 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 226 | 20462 |
| CNO Financial Group, Inc. | 478 | 20301 |
| Eastern Bankshares, Inc. | 1101 | 20291 |
| First Financial Bankshares, Inc. | 668 | 19953 |
| PennyMac Financial Services, Inc. | 145 | 19117 |
| PJT Partners, Inc. — Class A | 114 | 19061 |
| HA Sustainable Infrastructure Capital, Inc. | 606 | 19047 |
| Flagstar Bank North America | 1510 | 19011 |
| United Community Banks, Inc. | 608 | 18982 |
| Enova International, Inc.<sup>\*</sup> | 120 | 18864 |
| Upstart Holdings, Inc.<sup>\*,1</sup> | 426 | 18629 |
| Cushman & Wakefield Ltd.<sup>\*</sup> | 1150 | 18619 |
| Tanger, Inc. REIT | 555 | 18520 |
| ServisFirst Bancshares, Inc. | 256 | 18378 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 2020 | 18241 |
| Independent Bank Corp. | 248 | 18124 |
| International Bancshares Corp. | 271 | 18005 |
| National Health Investors, Inc. REIT | 234 | 17871 |
| Outfront Media, Inc. REIT | 735 | 17713 |
| Palomar Holdings, Inc.<sup>\*</sup> | 131 | 17654 |
| Fulton Financial Corp. | 907 | 17532 |
| Terawulf, Inc.<sup>\*</sup> | 1507 | 17315 |
| Bread Financial Holdings, Inc. | 227 | 16805 |
| BankUnited, Inc. | 375 | 16714 |
| MARA Holdings, Inc.<sup>\*,1</sup> | 1847 | 16586 |
| Renasant Corp. | 469 | 16518 |
| Broadstone Net Lease, Inc. REIT | 943 | 16380 |
| First BanCorp | 790 | 16377 |
| SL Green Realty Corp. REIT | 357 | 16376 |
| BGC Group, Inc. — Class A | 1828 | 16324 |
| Cathay General Bancorp | 330 | 15969 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 388 | 15827 |
| COPT Defense Properties REIT | 566 | 15735 |
| WesBanco, Inc. | 470 | 15623 |
| First Interstate BancSystem, Inc. — Class A | 449 | 15535 |
| WSFS Financial Corp. | 278 | 15357 |
| PotlatchDeltic Corp. REIT | 382 | 15196 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 790 | 15113 |
| Community Financial System, Inc. | 263 | 15107 |
| LXP Industrial Trust REIT | 290 | 14378 |
| Bancorp, Inc.<sup>\*</sup> | 210 | 14179 |
| Cleanspark, Inc.<sup>\*</sup> | 1379 | 13956 |
| Victory Capital Holdings, Inc. — Class A | 220 | 13880 |
| Bank of Hawaii Corp. | 199 | 13606 |
| Simmons First National Corp. — Class A | 717 | 13515 |
| Seacoast Banking Corporation of Florida | 430 | 13511 |
| Acadia Realty Trust REIT | 656 | 13474 |
| Apple Hospitality REIT, Inc. | 1132 | 13414 |
| McGrath RentCorp | 122 | 12801 |
| Newmark Group, Inc. — Class A | 735 | 12745 |
| Artisan Partners Asset Management, Inc. — Class A | 311 | 12670 |
| Provident Financial Services, Inc. | 640 | 12640 |
| Mercury General Corp. | 134 | 12604 |
| WaFd, Inc. | 387 | 12396 |
| Banc of California, Inc. | 638 | 12307 |
| Urban Edge Properties REIT | 632 | 12128 |
| CVB Financial Corp. | 649 | 12071 |
| TowneBank | 361 | 12047 |
| First Financial Bancorp | 474 | 11859 |
| Four Corners Property Trust, Inc. REIT | 509 | 11738 |
| FB Financial Corp. | 210 | 11718 |
| Dave, Inc.<sup>\*</sup> | 51 | 11292 |
| Park National Corp. | 74 | 11261 |
| Curbline Properties Corp. REIT | 484 | 11234 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Financial - 6.8% (continued)** |  |  |
| St. Joe Co. | 189 | $11221 |
| SiriusPoint Ltd.<sup>\*</sup> | 509 | 11142 |
| Customers Bancorp, Inc.<sup>\*</sup> | 151 | 11041 |
| BancFirst Corp. | 104 | 11026 |
| InvenTrust Properties Corp. REIT | 388 | 10945 |
| Beacon Financial Corp. | 414 | 10917 |
| Trustmark Corp. | 279 | 10867 |
| First Merchants Corp. | 286 | 10719 |
| LendingClub Corp.<sup>\*</sup> | 563 | 10663 |
| Banner Corp. | 169 | 10590 |
| NBT Bancorp, Inc. | 254 | 10546 |
| Webull Corp.<sup>\*</sup> | 1356 | 10536 |
| Marex Group plc | 272 | 10434 |
| Bank of NT Butterfield & Son Ltd. | 207 | 10313 |
| Dynex Capital, Inc. REIT | 730 | 10227 |
| First BanCorp Puerto Rico | 201 | 10209 |
| First Busey Corp. | 420 | 9992 |
| HCI Group, Inc. | 52 | 9968 |
| ARMOUR Residential REIT, Inc. | 562 | 9942 |
| Walker & Dunlop, Inc. | 164 | 9865 |
| Enterprise Financial Services Corp. | 182 | 9828 |
| Stewart Information Services Corp. | 138 | 9696 |
| Horace Mann Educators Corp. | 203 | 9375 |
| Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | 182 | 9302 |
| DiamondRock Hospitality Co. REIT | 1024 | 9175 |
| Douglas Emmett, Inc. REIT | 826 | 9078 |
| OFG Bancorp | 219 | 8975 |
| Cohen & Steers, Inc. | 140 | 8789 |
| Burford Capital Ltd. | 979 | 8733 |
| Pagseguro Digital Ltd. — Class A | 905 | 8724 |
| First Commonwealth Financial Corp. | 517 | 8717 |
| Goosehead Insurance, Inc. — Class A | 118 | 8691 |
| Northwest Bancshares, Inc. | 721 | 8652 |
| Baldwin Insurance Group, Inc. — Class A<sup>\*</sup> | 359 | 8627 |
| Stock Yards Bancorp, Inc.<sup>1</sup> | 131 | 8508 |
| Global Net Lease, Inc. REIT | 985 | 8471 |
| City Holding Co. | 71 | 8463 |
| Farmer Mac — Class C | 47 | 8252 |
| Sunstone Hotel Investors, Inc. REIT | 904 | 8082 |
| Pathward Financial, Inc. | 113 | 8023 |
| Nicolet Bankshares, Inc. | 66 | 8006 |
| LTC Properties, Inc. REIT | 226 | 7770 |
| Elme Communities REIT | 437 | 7604 |
| Arbor Realty Trust, Inc. REIT<sup>1</sup> | 973 | 7550 |
| Alexander & Baldwin, Inc. REIT | 363 | 7492 |
| WisdomTree, Inc. | 614 | 7485 |
| S&T Bancorp, Inc. | 190 | 7476 |
| Nelnet, Inc. — Class A | 56 | 7446 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 524 | 7420 |
| NETSTREIT Corp. REIT<sup>1</sup> | 418 | 7373 |
| Coastal Financial Corp.<sup>\*</sup> | 64 | 7334 |
| Hilltop Holdings, Inc. | 216 | 7331 |
| Getty Realty Corp. REIT | 265 | 7253 |
| TriCo Bancshares | 153 | 7248 |
| Lakeland Financial Corp. | 127 | 7247 |
| Stellar Bancorp, Inc. | 234 | 7240 |
| National Bank Holdings Corp. — Class A | 188 | 7146 |
| Triumph Financial, Inc.<sup>\*,1</sup> | 114 | 7140 |
| German American Bancorp, Inc. | 180 | 7052 |
| QCR Holdings, Inc. | 84 | 6997 |
| Trupanion, Inc.<sup>\*</sup> | 184 | 6876 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 694 | 6718 |
| Xenia Hotels & Resorts, Inc. REIT | 472 | 6674 |
| Pebblebrook Hotel Trust REIT<sup>1</sup> | 584 | 6611 |
| Innovative Industrial Properties, Inc. REIT | 138 | 6536 |
| Hope Bancorp, Inc. | 596 | 6532 |
| Sila Realty Trust, Inc. REIT | 276 | 6434 |
| Ellington Financial, Inc. REIT | 471 | 6396 |
| Acadian Asset Management, Inc. | 136 | 6392 |
| Hamilton Insurance Group Ltd. — Class B<sup>\*</sup> | 229 | 6389 |
| UMH Properties, Inc. REIT | 398 | 6332 |
| ProAssurance Corp.<sup>\*</sup> | 260 | 6282 |
| Ladder Capital Corp. — Class A REIT | 567 | 6231 |
| ConnectOne Bancorp, Inc. | 237 | 6214 |
| Live Oak Bancshares, Inc. | 180 | 6183 |
| Dime Community Bancshares, Inc. | 203 | 6108 |
| Encore Capital Group, Inc.<sup>\*,1</sup> | 112 | 6087 |
| Westamerica BanCorp | 125 | 5979 |
| Kennedy-Wilson Holdings, Inc. | 617 | 5966 |
| 1st Source Corp. | 94 | 5874 |
| Safety Insurance Group, Inc. | 75 | 5843 |
| Centerspace REIT | 86 | 5738 |
| Origin Bancorp, Inc. | 152 | 5717 |
| F&G Annuities & Life, Inc. | 184 | 5676 |
| Bank First Corp.<sup>1</sup> | 46 | 5604 |
| Two Harbors Investment Corp. REIT | 533 | 5596 |
| PennyMac Mortgage Investment Trust REIT | 445 | 5585 |
| Veris Residential, Inc. REIT | 375 | 5580 |
| Preferred Bank/Los Angeles CA | 59 | 5571 |
| Enact Holdings, Inc. | 140 | 5550 |
| Orchid Island Capital, Inc. REIT | 762 | 5486 |
| Fidelis Insurance Holdings Ltd. | 278 | 5440 |
| Diversified Healthcare Trust REIT | 1120 | 5432 |
| Perella Weinberg Partners | 311 | 5380 |
| Peoples Bancorp, Inc. | 178 | 5345 |
| Piedmont Realty Trust, Inc. — Class A REIT | 634 | 5288 |
| Virtus Investment Partners, Inc. | 32 | 5221 |
| Miami International Holdings, Inc.<sup>\*</sup> | 117 | 5192 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Financial - 6.8% (continued)** |  |  |
| Bitdeer Technologies Group — Class A<sup>\*</sup> | 458 | $5134 |
| RLJ Lodging Trust REIT | 682 | 5081 |
| JBG SMITH Properties REIT | 297 | 5052 |
| Chimera Investment Corp. REIT | 406 | 5047 |
| American Assets Trust, Inc. REIT | 265 | 5016 |
| OceanFirst Financial Corp. | 279 | 5008 |
| Tompkins Financial Corp. | 69 | 5004 |
| Old Second Bancorp, Inc. | 255 | 4972 |
| Smartstop Self Storage REIT, Inc. | 158 | 4889 |
| MFA Financial, Inc. REIT | 525 | 4888 |
| Patria Investments Ltd. — Class A | 307 | 4878 |
| Employers Holdings, Inc. | 111 | 4792 |
| Univest Financial Corp. | 141 | 4616 |
| Byline Bancorp, Inc. | 158 | 4606 |
| Empire State Realty Trust, Inc. — Class A REIT | 704 | 4590 |
| Community Trust Bancorp, Inc. | 81 | 4576 |
| Plymouth Industrial REIT, Inc. REIT | 209 | 4573 |
| Merchants Bancorp | 132 | 4496 |
| Southside Bancshares, Inc. | 147 | 4467 |
| Navient Corp. | 338 | 4394 |
| Universal Insurance Holdings, Inc. | 130 | 4394 |
| Resolute Holdings Management, Inc.<sup>\*</sup> | 21 | 4335 |
| Easterly Government Properties, Inc. REIT | 203 | 4302 |
| Burke & Herbert Financial Services Corp. | 69 | 4299 |
| Capitol Federal Financial, Inc. | 628 | 4277 |
| Brookfield Business Corp. — Class A | 118 | 4234 |
| Franklin BSP Realty Trust, Inc. REIT | 418 | 4193 |
| Hanmi Financial Corp. | 153 | 4136 |
| First Mid Bancshares, Inc. | 106 | 4134 |
| Heritage Financial Corp. | 174 | 4115 |
| Central Pacific Financial Corp. | 131 | 4082 |
| eXp World Holdings, Inc. | 445 | 4027 |
| Apartment Investment and Management Co. — Class A REIT | 673 | 3998 |
| Northeast Bank | 38 | 3949 |
| TrustCo Bank Corporation NY | 95 | 3926 |
| NB Bancorp, Inc. | 198 | 3924 |
| Safehold, Inc. REIT | 286 | 3915 |
| Root, Inc. — Class A<sup>\*</sup> | 54 | 3900 |
| Mercantile Bank Corp. | 81 | 3896 |
| United Fire Group, Inc. | 107 | 3889 |
| Amalgamated Financial Corp. | 119 | 3812 |
| Business First Bancshares, Inc. | 145 | 3790 |
| Horizon Bancorp, Inc. | 222 | 3765 |
| CNB Financial Corp. | 143 | 3742 |
| Camden National Corp. | 86 | 3731 |
| AMERISAFE, Inc. | 97 | 3726 |
| Cannae Holdings, Inc. | 235 | 3697 |
| Amerant Bancorp, Inc. | 189 | 3687 |
| BrightSpire Capital, Inc. REIT | 658 | 3685 |
| Heritage Commerce Corp. | 306 | 3675 |
| Esquire Financial Holdings, Inc. | 36 | 3675 |
| PRA Group, Inc.<sup>\*</sup> | 201 | 3556 |
| Mechanics Bancorp — Class A | 241 | 3526 |
| HomeTrust Bancshares, Inc. | 82 | 3521 |
| Metropolitan Bank Holding Corp. | 46 | 3513 |
| First Financial Corp. | 58 | 3504 |
| Redwood Trust, Inc. REIT | 629 | 3478 |
| NexPoint Residential Trust, Inc. REIT | 115 | 3461 |
| CBL & Associates Properties, Inc. REIT | 93 | 3441 |
| Orrstown Financial Services, Inc. | 95 | 3365 |
| Independent Bank Corp. | 103 | 3351 |
| Heritage Insurance Holdings, Inc.<sup>\*</sup> | 114 | 3336 |
| Marcus & Millichap, Inc. | 122 | 3329 |
| MidWestOne Financial Group, Inc. | 83 | 3195 |
| Whitestone REIT — Class B | 230 | 3195 |
| Equity Bancshares, Inc. — Class A | 71 | 3170 |
| Adamas Trust, Inc. REIT | 434 | 3168 |
| Mid Penn Bancorp, Inc. | 102 | 3164 |
| Financial Institutions, Inc. | 101 | 3148 |
| Eagle Bancorp, Inc. | 142 | 3042 |
| Bit Digital, Inc.<sup>\*</sup> | 1608 | 3039 |
| LendingTree, Inc.<sup>\*</sup> | 57 | 3026 |
| Capital City Bank Group, Inc. | 71 | 3022 |
| TPG RE Finance Trust, Inc. REIT | 349 | 3005 |
| Northrim BanCorp, Inc. | 112 | 2980 |
| Republic Bancorp, Inc. — Class A | 43 | 2967 |
| Hudson Pacific Properties, Inc. REIT<sup>\*</sup> | 268 | 2902 |
| Southern Missouri Bancorp, Inc. | 49 | 2897 |
| Washington Trust Bancorp, Inc. | 98 | 2896 |
| Aspen Insurance Holdings Ltd. — Class A<sup>\*</sup> | 78 | 2894 |
| Five Star Bancorp | 80 | 2862 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 211 | 2859 |
| CTO Realty Growth, Inc. REIT | 155 | 2854 |
| Invesco Mortgage Capital, Inc. REIT | 336 | 2826 |
| Shore Bancshares, Inc. | 157 | 2776 |
| Hippo Holdings, Inc.<sup>\*</sup> | 91 | 2737 |
| SmartFinancial, Inc. | 74 | 2737 |
| Summit Hotel Properties, Inc. REIT | 560 | 2727 |
| P10, Inc. — Class A | 277 | 2718 |
| Great Southern Bancorp, Inc. | 44 | 2709 |
| Armada Hoffler Properties, Inc. REIT | 408 | 2701 |
| First Community Bankshares, Inc. | 80 | 2698 |
| Peakstone Realty Trust REIT | 188 | 2698 |
| Metrocity Bankshares, Inc. | 100 | 2654 |
| Arrow Financial Corp. | 84 | 2638 |
| Slide Insurance Holdings, Inc.<sup>\*</sup> | 135 | 2630 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Financial - 6.8% (continued)** |  |  |
| Alerus Financial Corp. | 115 | $2590 |
| Universal Health Realty Income Trust REIT | 66 | 2588 |
| Brandywine Realty Trust REIT | 878 | 2564 |
| South Plains Financial, Inc. | 66 | 2561 |
| GCM Grosvenor, Inc. — Class A | 226 | 2558 |
| ACNB Corp. | 52 | 2514 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 66 | 2509 |
| Flushing Financial Corp. | 164 | 2488 |
| Gladstone Commercial Corp. REIT | 233 | 2486 |
| Farmers National Banc Corp. | 186 | 2478 |
| Firstsun Capital Bancorp<sup>\*</sup> | 64 | 2409 |
| Alexander's, Inc. REIT | 11 | 2397 |
| KKR Real Estate Finance Trust, Inc. REIT | 291 | 2392 |
| Bar Harbor Bankshares | 77 | 2391 |
| Forge Global Holdings, Inc.<sup>\*</sup> | 52 | 2317 |
| Bowhead Specialty Holdings, Inc.<sup>\*</sup> | 81 | 2312 |
| Carter Bankshares, Inc.<sup>\*</sup> | 117 | 2300 |
| Community Healthcare Trust, Inc. REIT | 140 | 2299 |
| FTAI Infrastructure, Inc. | 498 | 2296 |
| Peoples Financial Services Corp. | 47 | 2289 |
| Peapack-Gladstone Financial Corp. | 82 | 2284 |
| Hingham Institution For Savings<sup>1</sup> | 8 | 2272 |
| First Business Financial Services, Inc. | 41 | 2226 |
| Midland States Bancorp, Inc. | 105 | 2223 |
| Diamond Hill Investment Group, Inc. | 13 | 2203 |
| International Money Express, Inc.<sup>\*</sup> | 143 | 2196 |
| Northfield Bancorp, Inc. | 192 | 2195 |
| Global Medical REIT, Inc. | 65 | 2193 |
| Tiptree, Inc. — Class A | 120 | 2192 |
| Kearny Financial Corp. | 292 | 2164 |
| Columbia Financial, Inc.<sup>\*</sup> | 139 | 2160 |
| ChoiceOne Financial Services, Inc. | 73 | 2155 |
| California BanCorp | 115 | 2147 |
| Sierra Bancorp | 64 | 2092 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 40 | 2061 |
| Home Bancorp, Inc. | 35 | 2023 |
| First Foundation, Inc.<sup>\*</sup> | 324 | 1996 |
| Saul Centers, Inc. REIT | 63 | 1986 |
| Real Brokerage, Inc.<sup>\*</sup> | 541 | 1975 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 135 | 1968 |
| NET Lease Office Properties REIT | 76 | 1960 |
| Bank of Marin Bancorp | 75 | 1951 |
| Unity Bancorp, Inc. | 37 | 1914 |
| Community West Bancshares | 85 | 1912 |
| One Liberty Properties, Inc. REIT | 94 | 1907 |
| Farmland Partners, Inc. REIT | 193 | 1870 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 106 | 1858 |
| Postal Realty Trust, Inc. — Class A REIT | 114 | 1840 |
| World Acceptance Corp.<sup>\*</sup> | 13 | 1825 |
| Regional Management Corp. | 47 | 1821 |
| First Bank/Hamilton NJ | 110 | 1811 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 27 | 1808 |
| RBB Bancorp | 86 | 1775 |
| Investors Title Co. | 7 | 1747 |
| Abacus Global Management, Inc. | 204 | 1744 |
| Civista Bancshares, Inc. | 78 | 1733 |
| Red River Bancshares, Inc. | 24 | 1714 |
| Northpointe Bancshares, Inc. | 102 | 1712 |
| West BanCorp, Inc. | 77 | 1709 |
| Octave Specialty Group, Inc.<sup>\*</sup> | 218 | 1696 |
| Capital Bancorp, Inc. | 60 | 1690 |
| MBIA, Inc.<sup>\*</sup> | 233 | 1668 |
| Donegal Group, Inc. — Class A | 83 | 1658 |
| Bankwell Financial Group, Inc. | 36 | 1649 |
| Compass Diversified Holdings | 343 | 1646 |
| SITE Centers Corp. REIT | 256 | 1644 |
| Ponce Financial Group, Inc.<sup>\*</sup> | 100 | 1635 |
| Chatham Lodging Trust REIT | 238 | 1621 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 65 | 1607 |
| Ready Capital Corp. REIT<sup>1</sup> | 737 | 1607 |
| Gladstone Land Corp. REIT | 174 | 1592 |
| American Coastal Insurance Corp. | 125 | 1579 |
| GBank Financial Holdings, Inc.<sup>\*</sup> | 46 | 1559 |
| BayCom Corp. | 53 | 1558 |
| Onity Group, Inc.<sup>\*</sup> | 34 | 1557 |
| Citizens & Northern Corp. | 76 | 1533 |
| Colony Bankcorp, Inc. | 86 | 1533 |
| MVB Financial Corp. | 59 | 1524 |
| Industrial Logistics Properties Trust REIT | 273 | 1512 |
| HBT Financial, Inc. | 58 | 1499 |
| Primis Financial Corp. | 107 | 1488 |
| First Bancorp, Inc. | 55 | 1454 |
| Service Properties Trust REIT | 788 | 1450 |
| Claros Mortgage Trust, Inc. REIT<sup>\*</sup> | 471 | 1441 |
| Northeast Community Bancorp, Inc. | 63 | 1424 |
| Blue Ridge Bankshares, Inc. | 328 | 1401 |
| FS Bancorp, Inc. | 34 | 1400 |
| Orange County Bancorp, Inc. | 49 | 1399 |
| City Office REIT, Inc. | 199 | 1391 |
| Timberland Bancorp, Inc. | 38 | 1360 |
| FRP Holdings, Inc.<sup>\*</sup> | 59 | 1345 |
| Waterstone Financial, Inc. | 81 | 1341 |
| FrontView REIT, Inc. | 90 | 1328 |
| Citizens Financial Services, Inc. | 23 | 1311 |
| OppFi, Inc. | 124 | 1297 |
| Ares Commercial Real Estate Corp. REIT<sup>1</sup> | 270 | 1291 |
| John Marshall Bancorp, Inc. | 64 | 1279 |
| Middlefield Banc Corp. | 37 | 1278 |
| Parke Bancorp, Inc. | 51 | 1277 |
| NewtekOne, Inc. | 111 | 1260 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Financial - 6.8% (continued)** |  |  |
| Investar Holding Corp. | 47 | $1256 |
| Kingsway Financial Services, Inc.<sup>\*</sup> | 92 | 1237 |
| Norwood Financial Corp. | 44 | 1234 |
| PCB Bancorp | 56 | 1212 |
| TPG Mortgage Investment Trust, Inc. REIT | 142 | 1210 |
| Plumas Bancorp | 27 | 1207 |
| Blue Foundry Bancorp<sup>\*</sup> | 97 | 1206 |
| James River Group Holdings, Inc. | 188 | 1196 |
| Western New England Bancorp, Inc. | 94 | 1186 |
| RMR Group, Inc. — Class A | 79 | 1177 |
| Chemung Financial Corp. | 21 | 1172 |
| FB Bancorp, Inc.<sup>\*</sup> | 91 | 1169 |
| C&F Financial Corp. | 16 | 1161 |
| First United Corp. | 31 | 1161 |
| LCNB Corp. | 69 | 1131 |
| First Community Corp. | 38 | 1127 |
| First Western Financial, Inc.<sup>\*</sup> | 42 | 1126 |
| Citizens, Inc.<sup>\*</sup> | 231 | 1116 |
| FVCBankcorp, Inc. | 80 | 1113 |
| Chicago Atlantic Real Estate Finance, Inc. REIT | 88 | 1079 |
| National Bankshares, Inc. | 32 | 1073 |
| Alpine Income Property Trust, Inc. REIT | 64 | 1070 |
| Franklin Financial Services Corp. | 21 | 1054 |
| Oak Valley Bancorp | 35 | 1052 |
| Hawthorn Bancshares, Inc. | 30 | 1046 |
| Fidelity D&D Bancorp, Inc. | 24 | 1045 |
| Ames National Corp. | 45 | 1033 |
| First National Corp. | 40 | 1010 |
| AlTi Global, Inc.<sup>\*</sup> | 217 | 1007 |
| First Capital, Inc. | 17 | 1006 |
| Velocity Financial, Inc.<sup>\*</sup> | 48 | 996 |
| Selectquote, Inc.<sup>\*</sup> | 701 | 988 |
| Sky Harbour Group Corp.<sup>\*</sup> | 108 | 969 |
| Virginia National Bankshares Corp. | 24 | 956 |
| Kingstone Companies, Inc. | 56 | 942 |
| Princeton Bancorp, Inc. | 27 | 937 |
| Crawford & Co. — Class A | 83 | 934 |
| Eagle Financial Services, Inc. | 23 | 915 |
| LINKBANCORP, Inc. | 110 | 909 |
| Oportun Financial Corp.<sup>\*</sup> | 171 | 905 |
| Bank7 Corp. | 22 | 902 |
| Paysign, Inc.<sup>\*</sup> | 175 | 901 |
| First Savings Financial Group, Inc. | 28 | 892 |
| Douglas Elliman, Inc.<sup>\*</sup> | 374 | 886 |
| Citizens Community Bancorp, Inc. | 49 | 873 |
| Jefferson Capital, Inc. | 39 | 871 |
| Braemar Hotels & Resorts, Inc. REIT | 301 | 864 |
| loanDepot, Inc. — Class A<sup>\*</sup> | 416 | 861 |
| Legacy Housing Corp.<sup>\*</sup> | 44 | 859 |
| Medallion Financial Corp.<sup>1</sup> | 83 | 854 |
| OP Bancorp | 60 | 847 |
| CB Financial Services, Inc. | 24 | 837 |
| Commercial Bancgroup, Inc.<sup>\*</sup> | 34 | 835 |
| First Internet Bancorp | 40 | 835 |
| American Integrity Insurance Group, Inc.<sup>\*</sup> | 40 | 833 |
| Finwise Bancorp<sup>\*</sup> | 46 | 825 |
| Stratus Properties, Inc.<sup>\*</sup> | 34 | 822 |
| Better Home & Finance Holding Co.<sup>\*,1</sup> | 25 | 814 |
| Meridian Corp. | 46 | 809 |
| BRT Apartments Corp. REIT | 55 | 808 |
| Greene County Bancorp, Inc. | 36 | 800 |
| BV Financial, Inc.<sup>\*</sup> | 44 | 798 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 57 | 768 |
| Peoples Bancorp of North Carolina, Inc. | 21 | 760 |
| Ohio Valley Banc Corp. | 19 | 760 |
| Eagle Bancorp Montana, Inc. | 38 | 756 |
| Seaport Entertainment Group, Inc.<sup>\*</sup> | 38 | 751 |
| MainStreet Bancshares, Inc. | 36 | 733 |
| United Security Bancshares | 71 | 715 |
| NexPoint Diversified Real Estate Trust REIT | 186 | 712 |
| RE/MAX Holdings, Inc. — Class A<sup>\*</sup> | 93 | 706 |
| Security National Financial Corp. — Class A<sup>\*</sup> | 78 | 703 |
| Modiv Industrial, Inc. REIT | 48 | 691 |
| BankFinancial Corp. | 57 | 684 |
| ECB Bancorp, Inc.<sup>\*</sup> | 39 | 678 |
| eHealth, Inc.<sup>\*</sup> | 147 | 676 |
| Ategrity Specialty Holdings LLC<sup>\*</sup> | 32 | 672 |
| SB Financial Group, Inc. | 30 | 668 |
| ACRES Commercial Realty Corp. REIT<sup>\*</sup> | 31 | 662 |
| Seven Hills Realty Trust REIT | 74 | 659 |
| Westwood Holdings Group, Inc. | 38 | 654 |
| Richmond Mutual BanCorp, Inc. | 46 | 646 |
| BCB Bancorp, Inc. | 79 | 638 |
| SR Bancorp, Inc. | 40 | 630 |
| Silvercrest Asset Management Group, Inc. — Class A | 41 | 623 |
| Landmark Bancorp Incorporated/Manhattan KS | 23 | 602 |
| Finward Bancorp | 17 | 598 |
| Rithm Property Trust, Inc. REIT | 36 | 594 |
| Maui Land & Pineapple Company, Inc.<sup>\*</sup> | 35 | 593 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 10 | 586 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 23 | 557 |
| Hanover Bancorp, Inc. | 24 | 555 |
| Nexpoint Real Estate Finance, Inc. REIT | 39 | 549 |
| Angel Oak Mortgage REIT, Inc. | 63 | 542 |
| CoastalSouth Bancshares, Inc.<sup>\*</sup> | 23 | 535 |
| Riverview Bancorp, Inc. | 104 | 522 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Financial - 6.8% (continued)** |  |  |
| CF Bankshares, Inc. | 20 | $499 |
| Sunrise Realty Trust, Inc. REIT | 52 | 490 |
| Strawberry Fields REIT, Inc. | 37 | 485 |
| Sound Financial Bancorp, Inc. | 11 | 480 |
| NI Holdings, Inc.<sup>\*</sup> | 35 | 466 |
| Union Bankshares, Inc. | 19 | 451 |
| Consumer Portfolio Services, Inc.<sup>\*,1</sup> | 47 | 439 |
| Chain Bridge Bancorp, Inc. — Class A<sup>\*</sup> | 12 | 416 |
| Patriot National Bancorp, Inc.<sup>\*</sup> | 224 | 408 |
| Franklin Street Properties Corp. REIT | 387 | 366 |
| Lument Finance Trust, Inc. REIT | 233 | 329 |
| Rhinebeck Bancorp, Inc.<sup>\*</sup> | 23 | 276 |
| SWK Holdings Corp. | 16 | 275 |
| Clipper Realty, Inc. REIT | 71 | 271 |
| Advanced Flower Capital, Inc. REIT | 93 | 265 |
| Bakkt Holdings, Inc.<sup>\*</sup> | 26 | 261 |
| Siebert Financial Corp.<sup>\*</sup> | 72 | 253 |
| Mobile Infrastructure Corp.<sup>\*</sup> | 73 | 186 |
| American Realty Investors, Inc.<sup>\*</sup> | 7 | 112 |
| Vroom, Inc.<sup>\*</sup> | 5 | 99 |
| Kestrel Group Ltd.<sup>\*</sup> | 9 | 92 |
| GoHealth, Inc. — Class A<sup>\*</sup> | 25 | 54 |
| Logistic Properties of The Americas<sup>\*</sup> | 16 | 44 |
| **Total Financial** |  | 3380603 |
| **Consumer, Non-cyclical - 6.8%** |  |  |
| Guardant Health, Inc.<sup>\*,1</sup> | 604 | 61693 |
| Bridgebio Pharma, Inc.<sup>\*,1</sup> | 790 | 60427 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 92 | 53575 |
| Ensign Group, Inc. | 279 | 48602 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 659 | 43751 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 575 | 41475 |
| HealthEquity, Inc.<sup>\*</sup> | 424 | 38843 |
| Cytokinetics, Inc.<sup>\*,1</sup> | 590 | 37489 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 204 | 37259 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 112 | 33011 |
| Glaukos Corp.<sup>\*</sup> | 278 | 31389 |
| Krystal Biotech, Inc.<sup>\*</sup> | 123 | 30324 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 386 | 29321 |
| Rhythm Pharmaceuticals, Inc.<sup>\*</sup> | 264 | 28259 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 158 | 28036 |
| Vaxcyte, Inc.<sup>\*</sup> | 569 | 26254 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 291 | 25649 |
| Option Care Health, Inc.<sup>\*</sup> | 794 | 25297 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 289 | 25241 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 249 | 25047 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 690 | 24509 |
| Brink's Co. | 209 | 24397 |
| RadNet, Inc.<sup>\*</sup> | 339 | 24188 |
| Herc Holdings, Inc. | 162 | 24038 |
| CRISPR Therapeutics AG<sup>\*</sup> | 433 | 22707 |
| Alkermes plc<sup>\*</sup> | 806 | 22552 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 333 | 22161 |
| Kymera Therapeutics, Inc.<sup>\*,1</sup> | 280 | 21787 |
| Indivior plc<sup>\*</sup> | 602 | 21600 |
| TG Therapeutics, Inc.<sup>\*</sup> | 721 | 21493 |
| Cidara Therapeutics, Inc.<sup>\*</sup> | 97 | 21426 |
| Laureate Education, Inc. — Class A<sup>\*</sup> | 632 | 21279 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 1480 | 21075 |
| ADMA Biologics, Inc.<sup>\*</sup> | 1151 | 20994 |
| Crinetics Pharmaceuticals, Inc.<sup>\*,1</sup> | 449 | 20901 |
| TransMedics Group, Inc.<sup>\*,1</sup> | 168 | 20437 |
| BrightSpring Health Services, Inc.<sup>\*</sup> | 542 | 20298 |
| Haemonetics Corp.<sup>\*</sup> | 239 | 19156 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 179 | 18521 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 1248 | 18458 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*,1</sup> | 97 | 18340 |
| Scholar Rock Holding Corp.<sup>\*,1</sup> | 414 | 18237 |
| Verra Mobility Corp.<sup>\*</sup> | 794 | 17794 |
| Graham Holdings Co. — Class B | 16 | 17578 |
| Cal-Maine Foods, Inc.<sup>1</sup> | 220 | 17505 |
| Korn Ferry | 261 | 17231 |
| Terns Pharmaceuticals, Inc.<sup>\*</sup> | 426 | 17210 |
| ICU Medical, Inc.<sup>\*</sup> | 120 | 17120 |
| Xenon Pharmaceuticals, Inc.<sup>\*</sup> | 377 | 16897 |
| LivaNova plc<sup>\*</sup> | 271 | 16675 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 618 | 16507 |
| Marzetti Co. | 100 | 16442 |
| Veracyte, Inc.<sup>\*</sup> | 389 | 16377 |
| Mirum Pharmaceuticals, Inc.<sup>\*,1</sup> | 204 | 16114 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 195 | 15967 |
| Celcuity, Inc.<sup>\*</sup> | 160 | 15958 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 546 | 15856 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 410 | 15666 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 246 | 15176 |
| GRAIL, Inc.<sup>\*</sup> | 175 | 14978 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 85 | 14697 |
| Apogee Therapeutics, Inc.<sup>\*</sup> | 191 | 14417 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 981 | 14097 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 399 | 13793 |
| Privia Health Group, Inc.<sup>\*</sup> | 581 | 13775 |
| Stride, Inc.<sup>\*</sup> | 212 | 13765 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 575 | 13420 |
| Integer Holdings Corp.<sup>\*</sup> | 171 | 13412 |
| WD-40 Co. | 68 | 13389 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 268 | 13320 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 262 | 13268 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 475 | 13167 |
| ABM Industries, Inc. | 303 | 12817 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 1155 | 12462 |
| CBIZ, Inc.<sup>\*</sup> | 245 | 12360 |
| GeneDx Holdings Corp.<sup>\*</sup> | 95 | 12356 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 397 | 12355 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 241 | 12296 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 583 | 12266 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 626 | 12245 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 742 | 12050 |
| Vita Coco Company, Inc.<sup>\*</sup> | 223 | 11821 |
| Remitly Global, Inc.<sup>\*</sup> | 844 | 11647 |
| CG oncology, Inc.<sup>\*</sup> | 277 | 11501 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Consumer, Non-cyclical - 6.8% (continued)** |  |  |
| Concentra Group Holdings Parent, Inc. | 580 | $11414 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 181 | 11282 |
| Spyre Therapeutics, Inc.<sup>\*</sup> | 342 | 11204 |
| Arcellx, Inc.<sup>\*,1</sup> | 170 | 11084 |
| Liquidia Corp.<sup>\*</sup> | 319 | 11002 |
| Denali Therapeutics, Inc.<sup>\*,1</sup> | 658 | 10864 |
| GEO Group, Inc.<sup>\*</sup> | 672 | 10833 |
| Soleno Therapeutics, Inc.<sup>\*,1</sup> | 232 | 10742 |
| Nuvation Bio, Inc.<sup>\*</sup> | 1198 | 10734 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 880 | 10683 |
| Omnicell, Inc.<sup>\*</sup> | 227 | 10283 |
| United Natural Foods, Inc.<sup>\*</sup> | 298 | 10034 |
| CoreCivic, Inc.<sup>\*</sup> | 525 | 10033 |
| TIC Solutions, Inc.<sup>\*</sup> | 992 | 10029 |
| CorVel Corp.<sup>\*</sup> | 148 | 10015 |
| Immunome, Inc.<sup>\*</sup> | 465 | 9988 |
| WaVe Life Sciences Ltd.<sup>\*</sup> | 572 | 9724 |
| Addus HomeCare Corp.<sup>\*</sup> | 90 | 9665 |
| QuidelOrtho Corp.<sup>\*</sup> | 337 | 9625 |
| Twist Bioscience Corp.<sup>\*</sup> | 302 | 9579 |
| Progyny, Inc.<sup>\*</sup> | 373 | 9579 |
| Avadel Pharmaceuticals plc<sup>\*</sup> | 444 | 9568 |
| AtriCure, Inc.<sup>\*</sup> | 240 | 9494 |
| Strategic Education, Inc. | 118 | 9464 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 498 | 9447 |
| Turning Point Brands, Inc. | 87 | 9431 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 747 | 9412 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 589 | 9395 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 391 | 9318 |
| EVERTEC, Inc. | 320 | 9309 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 435 | 9305 |
| Disc Medicine, Inc.<sup>\*</sup> | 117 | 9291 |
| Simply Good Foods Co.<sup>\*</sup> | 461 | 9257 |
| Perdoceo Education Corp. | 314 | 9210 |
| Vericel Corp.<sup>\*</sup> | 250 | 9002 |
| Syndax Pharmaceuticals, Inc.<sup>\*,1</sup> | 423 | 8887 |
| Andersons, Inc. | 167 | 8879 |
| Artivion, Inc.<sup>\*</sup> | 194 | 8848 |
| Immunovant, Inc.<sup>\*</sup> | 348 | 8846 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 325 | 8827 |
| TriNet Group, Inc. | 149 | 8810 |
| 10X Genomics, Inc. — Class A<sup>\*</sup> | 538 | 8775 |
| PACS Group, Inc.<sup>\*</sup> | 225 | 8638 |
| National Healthcare Corp. | 63 | 8637 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 1814 | 8617 |
| MannKind Corp.<sup>\*</sup> | 1504 | 8528 |
| Flywire Corp.<sup>\*</sup> | 598 | 8468 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 341 | 8462 |
| UFP Technologies, Inc.<sup>\*</sup> | 38 | 8437 |
| LeMaitre Vascular, Inc.<sup>1</sup> | 104 | 8434 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 268 | 8431 |
| Mineralys Therapeutics, Inc.<sup>\*</sup> | 232 | 8419 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 217 | 8120 |
| BioCryst Pharmaceuticals, Inc.<sup>\*,1</sup> | 1040 | 8112 |
| Dynavax Technologies Corp.<sup>\*,1</sup> | 522 | 8028 |
| ICF International, Inc. | 94 | 8018 |
| Select Medical Holdings Corp. | 534 | 7930 |
| Legence Corp. — Class A<sup>\*</sup> | 184 | 7919 |
| Inter Parfums, Inc.<sup>1</sup> | 93 | 7889 |
| Fortrea Holdings, Inc.<sup>\*</sup> | 454 | 7831 |
| Payoneer Global, Inc.<sup>\*</sup> | 1384 | 7778 |
| Harrow, Inc.<sup>\*</sup> | 157 | 7693 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 280 | 7622 |
| Olema Pharmaceuticals, Inc.<sup>\*</sup> | 304 | 7600 |
| Neogen Corp.<sup>\*</sup> | 1086 | 7591 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*,1</sup> | 1854 | 7583 |
| Enovis Corp.<sup>\*</sup> | 284 | 7566 |
| NeoGenomics, Inc.<sup>\*</sup> | 641 | 7538 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 341 | 7495 |
| Willdan Group, Inc.<sup>\*</sup> | 71 | 7360 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 93 | 7341 |
| Axogen, Inc.<sup>\*</sup> | 224 | 7332 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 156 | 7223 |
| Ardelyx, Inc.<sup>\*</sup> | 1203 | 7013 |
| J & J Snack Foods Corp. | 77 | 6959 |
| Insperity, Inc. | 179 | 6931 |
| Spectrum Brands Holdings, Inc. | 117 | 6912 |
| Arlo Technologies, Inc.<sup>\*</sup> | 494 | 6911 |
| EyePoint, Inc.<sup>\*</sup> | 375 | 6851 |
| Azenta, Inc.<sup>\*</sup> | 203 | 6752 |
| Healthcare Services Group, Inc.<sup>\*</sup> | 350 | 6692 |
| Herbalife Ltd.<sup>\*</sup> | 516 | 6651 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 209 | 6634 |
| Zymeworks, Inc.<sup>\*</sup> | 250 | 6582 |
| Novocure Ltd.<sup>\*</sup> | 505 | 6530 |
| Universal Corp. | 123 | 6488 |
| John Wiley & Sons, Inc. — Class A<sup>1</sup> | 210 | 6432 |
| CRA International, Inc. | 32 | 6422 |
| CONMED Corp. | 155 | 6293 |
| Teladoc Health, Inc.<sup>\*</sup> | 897 | 6279 |
| Innoviva, Inc.<sup>\*</sup> | 313 | 6257 |
| Mind Medicine MindMed, Inc.<sup>\*</sup> | 467 | 6253 |
| Dole plc | 410 | 6146 |
| Surgery Partners, Inc.<sup>\*</sup> | 394 | 6087 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 256 | 6039 |
| Fresh Del Monte Produce, Inc. | 169 | 6022 |
| US Physical Therapy, Inc. | 77 | 6013 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 764 | 5997 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 229 | 5984 |
| Beta Bionics, Inc.<sup>\*</sup> | 194 | 5911 |
| Taysha Gene Therapies, Inc.<sup>\*</sup> | 1073 | 5901 |
| First Advantage Corp.<sup>\*</sup> | 404 | 5870 |
| PROG Holdings, Inc. | 199 | 5869 |
| Oruka Therapeutics, Inc.<sup>\*</sup> | 192 | 5819 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 826 | 5815 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 222 | 5745 |
| STAAR Surgical Co.<sup>\*</sup> | 248 | 5726 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 675 | 5710 |
| Capricor Therapeutics, Inc.<sup>\*</sup> | 196 | 5657 |
| Trevi Therapeutics, Inc.<sup>\*</sup> | 451 | 5647 |
| Castle Biosciences, Inc.<sup>\*</sup> | 145 | 5641 |
| Legalzoom.com, Inc.<sup>\*</sup> | 565 | 5610 |
| Xencor, Inc.<sup>\*</sup> | 359 | 5496 |
| CompoSecure, Inc. — Class A<sup>\*</sup> | 285 | 5495 |
| Vital Farms, Inc.<sup>\*</sup> | 172 | 5494 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 441 | 5327 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Consumer, Non-cyclical - 6.8% (continued)** |  |  |
| Biohaven Ltd.<sup>\*</sup> | 461 | $5205 |
| Coursera, Inc.<sup>\*</sup> | 705 | 5189 |
| Astrana Health, Inc.<sup>\*</sup> | 208 | 5160 |
| Ingles Markets, Inc. — Class A | 75 | 5141 |
| Cimpress plc<sup>\*</sup> | 77 | 5127 |
| Novavax, Inc.<sup>\*,1</sup> | 763 | 5127 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 189 | 5061 |
| Deluxe Corp. | 226 | 5047 |
| Dianthus Therapeutics, Inc.<sup>\*</sup> | 122 | 5028 |
| Omeros Corp.<sup>\*</sup> | 288 | 4946 |
| CareDx, Inc.<sup>\*</sup> | 259 | 4880 |
| Grocery Outlet Holding Corp.<sup>\*,1</sup> | 483 | 4878 |
| Pennant Group, Inc.<sup>\*</sup> | 173 | 4870 |
| Clover Health Investments Corp.<sup>\*</sup> | 2059 | 4839 |
| Sezzle, Inc.<sup>\*</sup> | 75 | 4761 |
| NPK International, Inc.<sup>\*</sup> | 397 | 4732 |
| Upbound Group, Inc. | 268 | 4706 |
| AdaptHealth Corp.<sup>\*</sup> | 472 | 4701 |
| Tango Therapeutics, Inc.<sup>\*,1</sup> | 528 | 4678 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 167 | 4669 |
| BioLife Solutions, Inc.<sup>\*</sup> | 193 | 4667 |
| BrightView Holdings, Inc.<sup>\*</sup> | 363 | 4599 |
| Barrett Business Services, Inc. | 127 | 4599 |
| Driven Brands Holdings, Inc.<sup>\*</sup> | 305 | 4520 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 502 | 4513 |
| Upstream Bio, Inc.<sup>\*</sup> | 166 | 4507 |
| AnaptysBio, Inc.<sup>\*</sup> | 92 | 4460 |
| MBX Biosciences, Inc.<sup>\*</sup> | 141 | 4447 |
| UroGen Pharma Ltd.<sup>\*</sup> | 188 | 4403 |
| Weis Markets, Inc.<sup>1</sup> | 68 | 4358 |
| Alight, Inc. — Class A | 2200 | 4290 |
| Rapport Therapeutics, Inc.<sup>\*</sup> | 141 | 4278 |
| Integra LifeSciences Holdings Corp.<sup>\*</sup> | 342 | 4248 |
| Savara, Inc.<sup>\*</sup> | 703 | 4239 |
| Kura Oncology, Inc.<sup>\*</sup> | 403 | 4187 |
| Maze Therapeutics, Inc.<sup>\*</sup> | 99 | 4102 |
| iRadimed Corp. | 42 | 4086 |
| MiMedx Group, Inc.<sup>\*</sup> | 603 | 4082 |
| Arvinas, Inc.<sup>\*</sup> | 335 | 3973 |
| Matthews International Corp. — Class A | 152 | 3970 |
| Vestis Corp.<sup>\*</sup> | 588 | 3922 |
| Edgewell Personal Care Co. | 230 | 3922 |
| National Beverage Corp.<sup>\*</sup> | 122 | 3891 |
| Phibro Animal Health Corp. — Class A | 104 | 3885 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 90 | 3855 |
| Utz Brands, Inc. | 369 | 3830 |
| SI-BONE, Inc.<sup>\*</sup> | 194 | 3826 |
| CorMedix, Inc.<sup>\*,1</sup> | 328 | 3815 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 1018 | 3767 |
| Monte Rosa Therapeutics, Inc.<sup>\*,1</sup> | 238 | 3732 |
| Butterfly Network, Inc.<sup>\*</sup> | 979 | 3720 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 772 | 3713 |
| Palvella Therapeutics, Inc.<sup>\*</sup> | 35 | 3663 |
| Lincoln Educational Services Corp.<sup>\*</sup> | 151 | 3647 |
| Geron Corp.<sup>\*</sup> | 2761 | 3644 |
| Inhibrx Biosciences, Inc.<sup>\*</sup> | 46 | 3634 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 193 | 3611 |
| Quanex Building Products Corp. | 233 | 3584 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 1307 | 3568 |
| Jade Biosciences, Inc. | 230 | 3549 |
| Embecta Corp. | 298 | 3540 |
| Green Dot Corp. — Class A<sup>\*</sup> | 274 | 3510 |
| Compass Therapeutics, Inc.<sup>\*</sup> | 650 | 3490 |
| REGENXBIO, Inc.<sup>\*</sup> | 239 | 3442 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 367 | 3420 |
| American Public Education, Inc.<sup>\*</sup> | 89 | 3364 |
| Tootsie Roll Industries, Inc. | 90 | 3297 |
| Erasca, Inc.<sup>\*</sup> | 885 | 3292 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 197 | 3268 |
| Replimune Group, Inc.<sup>\*</sup> | 336 | 3266 |
| ARS Pharmaceuticals, Inc.<sup>\*,1</sup> | 280 | 3262 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 123 | 3234 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 259 | 3201 |
| Precigen, Inc.<sup>\*</sup> | 765 | 3198 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 110 | 3190 |
| Lexeo Therapeutics, Inc.<sup>\*</sup> | 313 | 3108 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 192 | 3101 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 602 | 3094 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 195 | 3073 |
| Monro, Inc. | 152 | 3046 |
| Carriage Services, Inc. — Class A | 72 | 3046 |
| Septerna, Inc.<sup>\*</sup> | 109 | 3039 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 600 | 3030 |
| Zenas Biopharma, Inc.<sup>\*,1</sup> | 83 | 3014 |
| Enliven Therapeutics, Inc.<sup>\*,1</sup> | 195 | 3003 |
| Orthofix Medical, Inc.<sup>\*</sup> | 198 | 3002 |
| Gossamer Bio, Inc.<sup>\*</sup> | 968 | 3001 |
| Guardian Pharmacy Services, Inc. — Class A<sup>\*</sup> | 99 | 2979 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 145 | 2952 |
| Udemy, Inc.<sup>\*</sup> | 495 | 2896 |
| Myriad Genetics, Inc.<sup>\*</sup> | 464 | 2854 |
| Aquestive Therapeutics, Inc.<sup>\*</sup> | 439 | 2836 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 346 | 2827 |
| John B Sanfilippo & Son, Inc. | 40 | 2824 |
| Kforce, Inc. | 91 | 2814 |
| Mister Car Wash, Inc.<sup>\*</sup> | 506 | 2813 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 107 | 2811 |
| Ceribell, Inc.<sup>\*</sup> | 127 | 2785 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 201 | 2774 |
| Sana Biotechnology, Inc.<sup>\*,1</sup> | 680 | 2768 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 816 | 2750 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 454 | 2738 |
| Cullinan Therapeutics, Inc.<sup>\*</sup> | 260 | 2691 |
| Transcat, Inc.<sup>\*</sup> | 47 | 2666 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 1408 | 2633 |
| Bicara Therapeutics, Inc.<sup>\*</sup> | 156 | 2625 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Consumer, Non-cyclical - 6.8% (continued)** |  |  |
| Kestra Medical Technologies Ltd.<sup>\*</sup> | 98 | $2599 |
| Sionna Therapeutics, Inc.<sup>\*</sup> | 63 | 2592 |
| Cass Information Systems, Inc. | 62 | 2574 |
| Avanos Medical, Inc.<sup>\*</sup> | 228 | 2561 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 23 | 2544 |
| AngioDynamics, Inc.<sup>\*</sup> | 198 | 2542 |
| Hackett Group, Inc. | 128 | 2513 |
| Mission Produce, Inc.<sup>\*</sup> | 216 | 2506 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 284 | 2505 |
| Helen of Troy Ltd.<sup>\*</sup> | 117 | 2486 |
| Zevra Therapeutics, Inc.<sup>\*</sup> | 277 | 2482 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 218 | 2466 |
| Annexon, Inc.<sup>\*</sup> | 488 | 2450 |
| Varex Imaging Corp.<sup>\*</sup> | 209 | 2435 |
| Astria Therapeutics, Inc.<sup>\*</sup> | 186 | 2435 |
| Alumis, Inc.<sup>\*</sup> | 246 | 2401 |
| ORIC Pharmaceuticals, Inc.<sup>\*,1</sup> | 293 | 2397 |
| ArriVent Biopharma, Inc.<sup>\*</sup> | 117 | 2354 |
| Mama's Creations, Inc.<sup>\*</sup> | 174 | 2347 |
| Enhabit, Inc.<sup>\*</sup> | 253 | 2333 |
| OPKO Health, Inc.<sup>\*</sup> | 1845 | 2325 |
| ImmunityBio, Inc.<sup>\*,1</sup> | 1173 | 2323 |
| Ennis, Inc. | 126 | 2269 |
| Eton Pharmaceuticals, Inc.<sup>\*</sup> | 131 | 2215 |
| LB Pharmaceuticals, Inc.<sup>\*</sup> | 96 | 2137 |
| Community Health Systems, Inc.<sup>\*</sup> | 662 | 2065 |
| Corvus Pharmaceuticals, Inc.<sup>\*</sup> | 267 | 2056 |
| Akebia Therapeutics, Inc.<sup>\*</sup> | 1275 | 2053 |
| Personalis, Inc.<sup>\*</sup> | 256 | 2038 |
| Cerus Corp.<sup>\*</sup> | 942 | 1941 |
| Absci Corp.<sup>\*,1</sup> | 556 | 1940 |
| NeuroPace, Inc.<sup>\*</sup> | 123 | 1899 |
| Prothena Corporation plc<sup>\*</sup> | 198 | 1891 |
| Calavo Growers, Inc. | 86 | 1871 |
| SunOpta, Inc.<sup>\*</sup> | 488 | 1854 |
| SELLAS Life Sciences Group, Inc.<sup>\*,1</sup> | 487 | 1836 |
| RxSight, Inc.<sup>\*</sup> | 176 | 1834 |
| ClearPoint Neuro, Inc.<sup>\*</sup> | 133 | 1819 |
| Evolus, Inc.<sup>\*</sup> | 272 | 1809 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 348 | 1803 |
| Bright Minds Biosciences, Inc.<sup>\*</sup> | 23 | 1795 |
| Maravai LifeSciences Holdings, Inc. — Class A<sup>\*</sup> | 552 | 1794 |
| Verastem, Inc.<sup>\*</sup> | 231 | 1783 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 307 | 1768 |
| MGP Ingredients, Inc. | 72 | 1750 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 235 | 1748 |
| Prime Medicine, Inc.<sup>\*</sup> | 494 | 1714 |
| Niagen Bioscience, Inc.<sup>\*</sup> | 266 | 1692 |
| B&G Foods, Inc.<sup>1</sup> | 393 | 1690 |
| Tejon Ranch Co.<sup>\*</sup> | 107 | 1687 |
| MeiraGTx Holdings plc<sup>\*</sup> | 212 | 1685 |
| Solid Biosciences, Inc.<sup>\*</sup> | 298 | 1681 |
| ACCO Brands Corp. | 446 | 1664 |
| Village Super Market, Inc. — Class A | 47 | 1664 |
| Ginkgo Bioworks Holdings, Inc.<sup>\*</sup> | 198 | 1645 |
| Natural Grocers by Vitamin Cottage, Inc. | 65 | 1628 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 103 | 1624 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 75 | 1619 |
| BioAge Labs, Inc.<sup>\*</sup> | 121 | 1601 |
| Strata Critical Medical, Inc.<sup>\*</sup> | 327 | 1573 |
| Cadiz, Inc.<sup>\*</sup> | 280 | 1571 |
| Beyond Meat, Inc.<sup>\*,1</sup> | 1904 | 1561 |
| Delcath Systems, Inc.<sup>\*</sup> | 154 | 1555 |
| 4D Molecular Therapeutics, Inc.<sup>\*,1</sup> | 205 | 1537 |
| OrthoPediatrics Corp.<sup>\*</sup> | 86 | 1527 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 426 | 1517 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 428 | 1502 |
| MapLight Therapeutics, Inc.<sup>\*</sup> | 84 | 1475 |
| Entrada Therapeutics, Inc.<sup>\*</sup> | 143 | 1470 |
| Repay Holdings Corp.<sup>\*</sup> | 397 | 1449 |
| Aldeyra Therapeutics, Inc.<sup>\*</sup> | 277 | 1435 |
| Altimmune, Inc.<sup>\*</sup> | 395 | 1426 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 391 | 1396 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 463 | 1394 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 50 | 1370 |
| Kelly Services, Inc. — Class A | 155 | 1364 |
| Paysafe Ltd.<sup>\*</sup> | 166 | 1343 |
| Viemed Healthcare, Inc.<sup>\*</sup> | 178 | 1322 |
| Target Hospitality Corp.<sup>\*</sup> | 164 | 1314 |
| LENZ Therapeutics, Inc.<sup>\*</sup> | 82 | 1312 |
| ADC Therapeutics S.A.<sup>\*</sup> | 369 | 1303 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 160 | 1296 |
| Puma Biotechnology, Inc.<sup>\*</sup> | 216 | 1285 |
| SIGA Technologies, Inc. | 209 | 1277 |
| XOMA Royalty Corp.<sup>\*</sup> | 48 | 1276 |
| KORU Medical Systems, Inc.<sup>\*</sup> | 217 | 1261 |
| Pulse Biosciences, Inc.<sup>\*</sup> | 90 | 1236 |
| Honest Company, Inc.<sup>\*,1</sup> | 476 | 1228 |
| Nathan's Famous, Inc. | 13 | 1216 |
| National Research Corp. — Class A | 64 | 1201 |
| Quanterix Corp.<sup>\*</sup> | 188 | 1196 |
| Monopar Therapeutics, Inc.<sup>\*</sup> | 18 | 1175 |
| Abeona Therapeutics, Inc.<sup>\*</sup> | 223 | 1175 |
| Tectonic Therapeutic, Inc.<sup>\*,1</sup> | 56 | 1168 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 141 | 1153 |
| Candel Therapeutics, Inc.<sup>\*,1</sup> | 201 | 1136 |
| Design Therapeutics, Inc.<sup>\*</sup> | 121 | 1135 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 57 | 1119 |
| agilon health, Inc.<sup>\*</sup> | 1574 | 1084 |
| Accendra Health, Inc.<sup>\*</sup> | 385 | 1078 |
| DiaMedica Therapeutics, Inc.<sup>\*</sup> | 135 | 1075 |
| SANUWAVE Health, Inc.<sup>\*</sup> | 36 | 1074 |
| Limoneira Co. | 85 | 1073 |
| Oncology Institute, Inc.<sup>\*</sup> | 301 | 1072 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 773 | 1059 |
| Spire Global, Inc.<sup>\*</sup> | 140 | 1050 |
| Ardent Health, Inc.<sup>\*</sup> | 118 | 1042 |
| Aura Biosciences, Inc.<sup>\*</sup> | 191 | 1041 |
| Information Services Group, Inc. | 180 | 1040 |
| Neurogene, Inc.<sup>\*,1</sup> | 50 | 1030 |
| Electromed, Inc.<sup>\*</sup> | 35 | 1019 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Consumer, Non-cyclical - 6.8% (continued)** |  |  |
| Heron Therapeutics, Inc.<sup>\*</sup> | 780 | $1014 |
| Benitec Biopharma, Inc.<sup>\*</sup> | 74 | 997 |
| USCB Financial Holdings, Inc. | 54 | 995 |
| Alico, Inc. | 27 | 982 |
| Olaplex Holdings, Inc.<sup>\*</sup> | 716 | 960 |
| OmniAb, Inc.<sup>\*</sup> | 511 | 945 |
| Franklin Covey Co.<sup>\*</sup> | 56 | 940 |
| Semler Scientific, Inc.<sup>\*</sup> | 61 | 933 |
| Voyager Therapeutics, Inc.<sup>\*</sup> | 237 | 931 |
| Quad/Graphics, Inc. | 148 | 928 |
| OraSure Technologies, Inc.<sup>\*</sup> | 383 | 927 |
| Fennec Pharmaceuticals, Inc.<sup>\*</sup> | 120 | 924 |
| Nano-X Imaging Ltd.<sup>\*</sup> | 328 | 918 |
| Sonida Senior Living, Inc.<sup>\*</sup> | 28 | 913 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 167 | 902 |
| Utah Medical Products, Inc. | 16 | 895 |
| Cardiff Oncology, Inc.<sup>\*,1</sup> | 316 | 888 |
| Editas Medicine, Inc.<sup>\*</sup> | 430 | 881 |
| Protara Therapeutics, Inc.<sup>\*</sup> | 165 | 879 |
| Resources Connection, Inc. | 166 | 837 |
| Perspective Therapeutics, Inc.<sup>\*</sup> | 304 | 836 |
| Larimar Therapeutics, Inc.<sup>\*</sup> | 216 | 823 |
| Inogen, Inc.<sup>\*</sup> | 121 | 813 |
| Beauty Health Co.<sup>\*,1</sup> | 583 | 810 |
| Chaince Digital Holdings, Inc.<sup>\*</sup> | 163 | 810 |
| Rezolute, Inc.<sup>\*</sup> | 341 | 805 |
| MaxCyte, Inc.<sup>\*</sup> | 516 | 800 |
| Quantum-Si, Inc.<sup>\*</sup> | 719 | 791 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 129 | 791 |
| Coherus Oncology, Inc.<sup>\*</sup> | 541 | 768 |
| Westrock Coffee Co.<sup>\*</sup> | 184 | 749 |
| MediWound Ltd.<sup>\*</sup> | 39 | 720 |
| KinderCare Learning Companies, Inc.<sup>\*</sup> | 161 | 696 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 127 | 692 |
| Acme United Corp. | 17 | 685 |
| Stereotaxis, Inc.<sup>\*</sup> | 292 | 672 |
| Joint Corp.<sup>\*</sup> | 77 | 671 |
| TrueBlue, Inc.<sup>\*</sup> | 146 | 664 |
| Greenwich Lifesciences, Inc.<sup>\*,1</sup> | 31 | 651 |
| Acacia Research Corp.<sup>\*</sup> | 174 | 651 |
| Protalix BioTherapeutics, Inc.<sup>\*</sup> | 356 | 641 |
| Inhibikase Therapeutics, Inc.<sup>\*</sup> | 308 | 631 |
| Lifeway Foods, Inc.<sup>\*</sup> | 26 | 630 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 64 | 615 |
| Humacyte, Inc.<sup>\*</sup> | 639 | 614 |
| Tonix Pharmaceuticals Holding Corp.<sup>\*</sup> | 39 | 609 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 243 | 595 |
| Medifast, Inc.<sup>\*</sup> | 55 | 587 |
| CVRx, Inc.<sup>\*</sup> | 82 | 582 |
| TriSalus Life Sciences, Inc.<sup>\*</sup> | 81 | 565 |
| LENSAR, Inc.<sup>\*</sup> | 48 | 558 |
| Anteris Technologies Global Corp.<sup>\*</sup> | 110 | 549 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 555 | 545 |
| Alector, Inc.<sup>\*</sup> | 349 | 544 |
| European Wax Center, Inc. — Class A<sup>\*</sup> | 149 | 536 |
| Innovage Holding Corp.<sup>\*</sup> | 103 | 535 |
| RCM Technologies, Inc.<sup>\*</sup> | 25 | 511 |
| Nuvectis Pharma, Inc.<sup>\*</sup> | 66 | 498 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 462 | 494 |
| Alta Equipment Group, Inc. | 104 | 478 |
| Journey Medical Corp.<sup>\*</sup> | 62 | 478 |
| Forrester Research, Inc.<sup>\*</sup> | 58 | 471 |
| Eledon Pharmaceuticals, Inc.<sup>\*</sup> | 299 | 451 |
| HF Foods Group, Inc.<sup>\*</sup> | 205 | 441 |
| CPI Card Group, Inc.<sup>\*</sup> | 30 | 440 |
| Pulmonx Corp.<sup>\*</sup> | 195 | 431 |
| Accuray, Inc.<sup>\*</sup> | 517 | 426 |
| DocGo, Inc.<sup>\*</sup> | 465 | 408 |
| Waldencast plc — Class A<sup>\*</sup> | 216 | 406 |
| Nkarta, Inc.<sup>\*</sup> | 216 | 400 |
| SoundThinking, Inc.<sup>\*</sup> | 49 | 393 |
| Biote Corp. — Class A<sup>\*</sup> | 149 | 387 |
| Lucid Diagnostics, Inc.<sup>\*</sup> | 353 | 385 |
| Aardvark Therapeutics, Inc.<sup>\*</sup> | 29 | 381 |
| Zevia PBC — Class A<sup>\*</sup> | 161 | 373 |
| BRC, Inc. — Class A<sup>\*</sup> | 316 | 351 |
| Sanara Medtech, Inc.<sup>\*</sup> | 15 | 350 |
| aTyr Pharma, Inc.<sup>\*,1</sup> | 444 | 348 |
| Cartesian Therapeutics, Inc.<sup>\*,1</sup> | 47 | 339 |
| Outset Medical, Inc.<sup>\*</sup> | 90 | 334 |
| Lifevantage Corp. | 54 | 333 |
| FitLife Brands, Inc.<sup>\*</sup> | 20 | 325 |
| Gyre Therapeutics, Inc.<sup>\*</sup> | 46 | 325 |
| Emerald Holding, Inc. | 71 | 317 |
| HireQuest, Inc. | 28 | 294 |
| Forafric Global plc<sup>\*</sup> | 26 | 287 |
| Korro Bio, Inc.<sup>\*</sup> | 34 | 272 |
| Ispire Technology, Inc.<sup>\*</sup> | 96 | 269 |
| Neuronetics, Inc.<sup>\*</sup> | 184 | 254 |
| Avita Medical, Inc.<sup>\*</sup> | 62 | 214 |
| Alpha Teknova, Inc.<sup>\*</sup> | 55 | 209 |
| Actuate Therapeutics, Inc.<sup>\*,1</sup> | 30 | 184 |
| MarketWise, Inc. | 11 | 165 |
| Solesence, Inc.<sup>\*</sup> | 96 | 153 |
| Myomo, Inc.<sup>\*</sup> | 166 | 151 |
| Inmune Bio, Inc.<sup>\*</sup> | 85 | 133 |
| AirSculpt Technologies, Inc.<sup>\*,1</sup> | 65 | 129 |
| SBC Medical Group Holdings, Inc.<sup>\*</sup> | 29 | 125 |
| TuHURA Biosciences, Inc.<sup>\*</sup> | 131 | 99 |
| Atlantic International Corp.<sup>\*</sup> | 55 | 73 |
| Tvardi Therapeutics, Inc.<sup>\*</sup> | 17 | 73 |
| Tevogen Bio Holdings, Inc.<sup>\*</sup> | 145 | 48 |
| Nektar Therapeutics<sup>\*</sup> | 1 | 42 |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 23 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,†††</sup> | 23 | – |
| **Total Consumer, Non-cyclical** |  | 3374524 |
| **Industrial - 4.9%** |  |  |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 1086 | 94363 |
| Fabrinet<sup>\*</sup> | 180 | 81950 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 829 | 62929 |
| SPX Technologies, Inc.<sup>\*</sup> | 240 | 48014 |
| Dycom Industries, Inc.<sup>\*</sup> | 139 | 46968 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Industrial - 4.9% (continued)** |  |  |
| Chart Industries, Inc.<sup>\*</sup> | 225 | $46402 |
| AeroVironment, Inc.<sup>\*</sup> | 188 | 45475 |
| Sterling Infrastructure, Inc.<sup>\*,1</sup> | 148 | 45322 |
| JBT Marel Corp. | 260 | 39174 |
| Advanced Energy Industries, Inc. | 187 | 39152 |
| Sanmina Corp.<sup>\*</sup> | 260 | 39018 |
| Watts Water Technologies, Inc. — Class A | 136 | 37539 |
| TTM Technologies, Inc.<sup>\*</sup> | 509 | 35121 |
| Zurn Elkay Water Solutions Corp. | 747 | 34728 |
| Modine Manufacturing Co.<sup>\*</sup> | 260 | 34713 |
| Moog, Inc. — Class A | 140 | 34097 |
| Primoris Services Corp. | 269 | 33394 |
| Federal Signal Corp. | 298 | 32360 |
| Joby Aviation, Inc.<sup>\*</sup> | 2417 | 31904 |
| Fluor Corp.<sup>\*</sup> | 800 | 31704 |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 312 | 30557 |
| GATX Corp. | 178 | 30189 |
| Mirion Technologies, Inc.<sup>\*</sup> | 1189 | 27846 |
| EnerSys | 185 | 27149 |
| UFP Industries, Inc. | 289 | 26313 |
| Badger Meter, Inc. | 147 | 25638 |
| Arcosa, Inc. | 241 | 25623 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 233 | 25292 |
| ESCO Technologies, Inc. | 129 | 25205 |
| Granite Construction, Inc. | 218 | 25146 |
| CSW Industrials, Inc. | 81 | 23776 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 3143 | 23635 |
| Belden, Inc. | 195 | 22727 |
| Enpro, Inc. | 105 | 22484 |
| Atmus Filtration Technologies, Inc. | 415 | 21543 |
| Novanta, Inc.<sup>\*</sup> | 179 | 21299 |
| Frontdoor, Inc.<sup>\*</sup> | 364 | 20999 |
| Argan, Inc. | 67 | 20993 |
| Itron, Inc.<sup>\*</sup> | 226 | 20986 |
| OSI Systems, Inc.<sup>\*,1</sup> | 81 | 20660 |
| Knife River Corp.<sup>\*</sup> | 284 | 19979 |
| Plexus Corp.<sup>\*</sup> | 134 | 19698 |
| Matson, Inc. | 156 | 19274 |
| Mercury Systems, Inc.<sup>\*</sup> | 259 | 18910 |
| Mueller Water Products, Inc. — Class A | 775 | 18461 |
| Franklin Electric Company, Inc. | 193 | 18437 |
| Golar LNG Ltd. | 485 | 18047 |
| Exponent, Inc. | 253 | 17573 |
| IES Holdings, Inc.<sup>\*</sup> | 45 | 17506 |
| Terex Corp. | 320 | 17082 |
| MYR Group, Inc.<sup>\*</sup> | 77 | 16825 |
| Kadant, Inc. | 59 | 16816 |
| AAR Corp.<sup>\*</sup> | 194 | 16061 |
| AZZ, Inc. | 148 | 15863 |
| Cactus, Inc. — Class A | 341 | 15577 |
| Powell Industries, Inc. | 47 | 14983 |
| Tutor Perini Corp. | 221 | 14811 |
| Avient Corp. | 457 | 14277 |
| Griffon Corp. | 191 | 14067 |
| Boise Cascade Co. | 187 | 13763 |
| Standex International Corp. | 60 | 13037 |
| Xometry, Inc. — Class A<sup>\*,1</sup> | 216 | 12845 |
| Materion Corp. | 103 | 12805 |
| Hub Group, Inc. — Class A | 297 | 12655 |
| Vicor Corp.<sup>\*</sup> | 114 | 12494 |
| Scorpio Tankers, Inc. | 222 | 11284 |
| O-I Glass, Inc.<sup>\*</sup> | 764 | 11277 |
| Hillenbrand, Inc. | 351 | 11134 |
| Kennametal, Inc. | 378 | 10739 |
| Trinity Industries, Inc. | 400 | 10576 |
| Atkore, Inc. | 167 | 10563 |
| Applied Optoelectronics, Inc.<sup>\*</sup> | 300 | 10458 |
| RXO, Inc.<sup>\*</sup> | 808 | 10213 |
| Enerpac Tool Group Corp. | 264 | 10095 |
| Centuri Holdings, Inc.<sup>\*</sup> | 389 | 9822 |
| International Seaways, Inc. | 200 | 9710 |
| Knowles Corp.<sup>\*</sup> | 424 | 9086 |
| Helios Technologies, Inc. | 169 | 9040 |
| Bel Fuse, Inc. — Class B | 53 | 8990 |
| NuScale Power Corp.<sup>\*,1</sup> | 630 | 8927 |
| CECO Environmental Corp.<sup>\*</sup> | 149 | 8918 |
| Intuitive Machines, Inc.<sup>\*</sup> | 543 | 8813 |
| Werner Enterprises, Inc. | 293 | 8793 |
| Hillman Solutions Corp.<sup>\*</sup> | 1010 | 8747 |
| Alamo Group, Inc. | 52 | 8729 |
| Vishay Intertechnology, Inc. | 602 | 8723 |
| nLight, Inc.<sup>\*</sup> | 230 | 8627 |
| ArcBest Corp. | 115 | 8532 |
| Greif, Inc. — Class A | 126 | 8530 |
| Astronics Corp.<sup>\*,1</sup> | 154 | 8353 |
| Worthington Enterprises, Inc. | 156 | 8045 |
| DHT Holdings, Inc. | 650 | 7937 |
| Benchmark Electronics, Inc. | 178 | 7611 |
| Albany International Corp. — Class A | 147 | 7453 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 148 | 7317 |
| Napco Security Technologies, Inc. | 175 | 7298 |
| DXP Enterprises, Inc.<sup>\*</sup> | 66 | 7246 |
| Greenbrier Companies, Inc. | 153 | 7151 |
| Masterbrand, Inc.<sup>\*</sup> | 631 | 6966 |
| Tennant Co. | 92 | 6780 |
| Enviri Corp.<sup>\*</sup> | 378 | 6774 |
| Ducommun, Inc.<sup>\*</sup> | 70 | 6659 |
| Lindsay Corp. | 55 | 6483 |
| American Superconductor Corp.<sup>\*</sup> | 221 | 6360 |
| Teekay Tankers Ltd. — Class A | 119 | 6357 |
| World Kinect Corp. | 269 | 6303 |
| Tecnoglass, Inc. | 124 | 6240 |
| Energizer Holdings, Inc. | 311 | 6186 |
| Enovix Corp.<sup>\*</sup> | 840 | 6141 |
| CTS Corp. | 143 | 6131 |
| Proto Labs, Inc.<sup>\*</sup> | 121 | 6121 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 163 | 6057 |
| Cadre Holdings, Inc. | 145 | 5922 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 662 | 5687 |
| Worthington Steel, Inc. | 163 | 5643 |
| TriMas Corp. | 159 | 5636 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Industrial - 4.9% (continued)** |  |  |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 759 | $5435 |
| Gorman-Rupp Co. | 107 | 5109 |
| Astec Industries, Inc. | 117 | 5068 |
| SFL Corporation Ltd. | 619 | 4834 |
| NANO Nuclear Energy, Inc.<sup>\*,1</sup> | 199 | 4778 |
| Dorian LPG Ltd. | 190 | 4625 |
| Janus International Group, Inc.<sup>\*</sup> | 692 | 4526 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 339 | 4448 |
| Limbach Holdings, Inc.<sup>\*</sup> | 54 | 4204 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 165 | 4097 |
| FLEX LNG Ltd. | 160 | 3992 |
| American Woodmark Corp.<sup>\*</sup> | 73 | 3935 |
| Apogee Enterprises, Inc. | 108 | 3932 |
| Allient, Inc. | 73 | 3924 |
| Amprius Technologies, Inc.<sup>\*,1</sup> | 475 | 3748 |
| Nordic American Tankers Ltd. | 1046 | 3598 |
| Costamare, Inc. | 226 | 3569 |
| Myers Industries, Inc. | 189 | 3538 |
| Ryerson Holding Corp. | 138 | 3472 |
| Energy Recovery, Inc.<sup>\*</sup> | 257 | 3467 |
| Kimball Electronics, Inc.<sup>\*</sup> | 124 | 3450 |
| Red Cat Holdings, Inc.<sup>\*</sup> | 432 | 3426 |
| Graham Corp.<sup>\*</sup> | 53 | 3404 |
| Marten Transport Ltd. | 298 | 3391 |
| Metallus, Inc.<sup>\*</sup> | 187 | 3209 |
| Ichor Holdings Ltd.<sup>\*</sup> | 173 | 3188 |
| Insteel Industries, Inc. | 95 | 3009 |
| NWPX Infrastructure, Inc.<sup>\*</sup> | 47 | 2937 |
| Ardagh Metal Packaging S.A. | 711 | 2915 |
| Genco Shipping & Trading Ltd. | 157 | 2894 |
| National Presto Industries, Inc. | 27 | 2883 |
| Redwire Corp.<sup>\*</sup> | 364 | 2767 |
| Navigator Holdings Ltd. | 157 | 2719 |
| Forward Air Corp.<sup>\*</sup> | 107 | 2675 |
| LSI Industries, Inc. | 136 | 2492 |
| Columbus McKinnon Corp. | 144 | 2484 |
| Richtech Robotics, Inc. — Class B<sup>\*</sup> | 761 | 2458 |
| Teekay Corporation Ltd. | 266 | 2402 |
| Firefly Aerospace, Inc.<sup>\*,1</sup> | 107 | 2394 |
| CryoPort, Inc.<sup>\*</sup> | 249 | 2390 |
| Bowman Consulting Group Ltd.<sup>\*</sup> | 72 | 2377 |
| LSB Industries, Inc.<sup>\*</sup> | 275 | 2337 |
| Sturm Ruger & Company, Inc. | 70 | 2285 |
| Smith & Wesson Brands, Inc. | 224 | 2211 |
| Aebi Schmidt Holding AG | 172 | 2176 |
| Olympic Steel, Inc. | 50 | 2139 |
| Manitowoc Company, Inc.<sup>\*</sup> | 176 | 2110 |
| Titan America S.A. | 124 | 2044 |
| Mesa Laboratories, Inc. | 26 | 2041 |
| Heartland Express, Inc. | 225 | 2032 |
| Eastman Kodak Co.<sup>\*</sup> | 240 | 2030 |
| Park Aerospace Corp. | 93 | 1985 |
| Standard BioTools, Inc.<sup>\*</sup> | 1526 | 1953 |
| Orion Group Holdings, Inc.<sup>\*</sup> | 192 | 1909 |
| Eve Holding, Inc.<sup>\*</sup> | 476 | 1899 |
| Willis Lease Finance Corp. | 14 | 1899 |
| Power Solutions International, Inc.<sup>\*</sup> | 33 | 1886 |
| Ardmore Shipping Corp. | 176 | 1864 |
| Luxfer Holdings plc | 136 | 1840 |
| Voyager Technologies, Inc. — Class A<sup>\*,1</sup> | 69 | 1804 |
| Greif, Inc. — Class B | 24 | 1793 |
| Kopin Corp.<sup>\*</sup> | 762 | 1783 |
| Hyster-Yale, Inc. | 60 | 1783 |
| Covenant Logistics Group, Inc. — Class A | 76 | 1675 |
| Sight Sciences, Inc.<sup>\*</sup> | 211 | 1673 |
| Byrna Technologies, Inc.<sup>\*</sup> | 92 | 1545 |
| NVE Corp. | 25 | 1483 |
| Latham Group, Inc.<sup>\*</sup> | 229 | 1454 |
| Clearwater Paper Corp.<sup>\*</sup> | 81 | 1409 |
| L B Foster Co. — Class A<sup>\*</sup> | 52 | 1401 |
| Himalaya Shipping Ltd. | 152 | 1383 |
| Mayville Engineering Company, Inc.<sup>\*</sup> | 73 | 1367 |
| Ranpak Holdings Corp.<sup>\*</sup> | 239 | 1293 |
| Safe Bulkers, Inc. | 255 | 1229 |
| Bel Fuse, Inc. — Class A | 8 | 1215 |
| Lightbridge Corp.<sup>\*</sup> | 96 | 1213 |
| AerSale Corp.<sup>\*</sup> | 164 | 1166 |
| Proficient Auto Logistics, Inc.<sup>\*</sup> | 120 | 1157 |
| Pure Cycle Corp.<sup>\*</sup> | 101 | 1110 |
| Perma-Fix Environmental Services, Inc.<sup>\*</sup> | 88 | 1108 |
| Radiant Logistics, Inc.<sup>\*</sup> | 169 | 1070 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 434 | 1068 |
| Turtle Beach Corp.<sup>\*</sup> | 76 | 1066 |
| Pangaea Logistics Solutions Ltd. | 152 | 1046 |
| MicroVision, Inc.<sup>\*</sup> | 1251 | 1036 |
| Park-Ohio Holdings Corp. | 49 | 1026 |
| Tredegar Corp.<sup>\*</sup> | 136 | 976 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 338 | 957 |
| Core Molding Technologies, Inc.<sup>\*</sup> | 43 | 862 |
| Karat Packaging, Inc. | 35 | 790 |
| Mistras Group, Inc.<sup>\*</sup> | 62 | 784 |
| Concrete Pumping Holdings, Inc. | 115 | 772 |
| Outdoor Holding Co.<sup>\*</sup> | 448 | 766 |
| 908 Devices, Inc.<sup>\*</sup> | 140 | 735 |
| M-Tron Industries, Inc.<sup>\*</sup> | 13 | 692 |
| Gencor Industries, Inc.<sup>\*</sup> | 53 | 687 |
| Costamare Bulkers Holdings Ltd.<sup>\*</sup> | 44 | 678 |
| SKYX Platforms Corp.<sup>\*</sup> | 312 | 677 |
| Ascent Industries Co.<sup>\*</sup> | 41 | 664 |
| TSS, Inc.<sup>\*</sup> | 93 | 658 |
| Eastern Co. | 29 | 571 |
| Palladyne AI Corp.<sup>\*</sup> | 130 | 554 |
| Omega Flex, Inc. | 18 | 530 |
| Arq, Inc.<sup>\*</sup> | 161 | 526 |
| Universal Logistics Holdings, Inc. | 34 | 516 |
| Smith-Midland Corp.<sup>\*</sup> | 14 | 509 |
| KULR Technology Group, Inc.<sup>\*</sup> | 168 | 497 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Industrial - 4.9% (continued)** |  |  |
| Energy Services of America Corp. | 60 | $490 |
| AirJoule Technologies Corp.<sup>\*,1</sup> | 110 | 433 |
| Pro-DEX, Inc.<sup>\*</sup> | 11 | 423 |
| Net Power, Inc.<sup>\*</sup> | 173 | 394 |
| PAMT CORP<sup>\*</sup> | 31 | 374 |
| AIRO Group Holdings, Inc.<sup>\*</sup> | 35 | 286 |
| NL Industries, Inc. | 43 | 235 |
| Southland Holdings, Inc.<sup>\*</sup> | 54 | 179 |
| Neonode, Inc.<sup>\*</sup> | 54 | 94 |
| **Total Industrial** |  | 2429884 |
| **Consumer, Cyclical - 2.8%** |  |  |
| Brinker International, Inc.<sup>\*</sup> | 220 | 31574 |
| FirstCash Holdings, Inc. | 197 | 31398 |
| Installed Building Products, Inc. | 115 | 29830 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 231 | 29076 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 477 | 28081 |
| Boot Barn Holdings, Inc.<sup>\*,1</sup> | 153 | 27000 |
| Group 1 Automotive, Inc. | 61 | 23991 |
| Champion Homes, Inc.<sup>\*</sup> | 281 | 23745 |
| Cavco Industries, Inc.<sup>\*</sup> | 39 | 23039 |
| Urban Outfitters, Inc.<sup>\*</sup> | 304 | 22879 |
| Meritage Homes Corp. | 346 | 22767 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 97 | 22555 |
| Resideo Technologies, Inc.<sup>\*</sup> | 642 | 22547 |
| American Eagle Outfitters, Inc. | 793 | 20911 |
| SkyWest, Inc.<sup>\*</sup> | 201 | 20182 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 751 | 19962 |
| VSE Corp. | 114 | 19696 |
| Victoria's Secret & Co.<sup>\*</sup> | 344 | 18635 |
| KB Home | 314 | 17713 |
| Patrick Industries, Inc. | 161 | 17457 |
| Dorman Products, Inc.<sup>\*</sup> | 137 | 16877 |
| Polaris, Inc.<sup>1</sup> | 265 | 16761 |
| Kontoor Brands, Inc. | 274 | 16739 |
| M/I Homes, Inc.<sup>\*</sup> | 130 | 16634 |
| Signet Jewelers Ltd. | 199 | 16493 |
| Academy Sports & Outdoors, Inc. | 330 | 16487 |
| Rush Enterprises, Inc. — Class A<sup>1</sup> | 304 | 16398 |
| PriceSmart, Inc. | 128 | 15702 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 193 | 15666 |
| OPENLANE, Inc.<sup>\*</sup> | 523 | 15575 |
| Red Rock Resorts, Inc. — Class A<sup>1</sup> | 243 | 15054 |
| REV Group, Inc. | 245 | 14898 |
| Steven Madden Ltd. | 354 | 14741 |
| LCI Industries | 118 | 14318 |
| Capri Holdings Ltd.<sup>\*</sup> | 578 | 14103 |
| UniFirst Corp. | 73 | 14082 |
| Dana, Inc. | 585 | 13900 |
| Garrett Motion, Inc. | 789 | 13752 |
| HNI Corp. | 322 | 13537 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 421 | 13249 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 292 | 13067 |
| Visteon Corp. | 136 | 12934 |
| Cinemark Holdings, Inc. | 516 | 11992 |
| Phinia, Inc. | 189 | 11848 |
| Advance Auto Parts, Inc. | 298 | 11711 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 1332 | 11668 |
| Cheesecake Factory, Inc. | 230 | 11610 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 1881 | 11587 |
| Acushnet Holdings Corp. | 140 | 11175 |
| Kohl's Corp. | 542 | 11062 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 488 | 10634 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 197 | 10616 |
| Sonos, Inc.<sup>\*</sup> | 600 | 10536 |
| OneSpaWorld Holdings Ltd. | 484 | 10038 |
| National Vision Holdings, Inc.<sup>\*</sup> | 387 | 9992 |
| Green Brick Partners, Inc.<sup>\*</sup> | 155 | 9712 |
| Super Group SGHC Ltd. | 791 | 9453 |
| Atlanta Braves Holdings, Inc. — Class C<sup>\*</sup> | 229 | 9034 |
| Lionsgate Studios Corp.<sup>\*</sup> | 978 | 8929 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 453 | 8802 |
| Buckle, Inc. | 157 | 8387 |
| Marriott Vacations Worldwide Corp. | 141 | 8134 |
| IMAX Corp.<sup>\*</sup> | 220 | 8131 |
| Brightstar Lottery plc | 521 | 8065 |
| Interface, Inc. — Class A | 288 | 8041 |
| La-Z-Boy, Inc. | 212 | 7901 |
| Century Communities, Inc. | 132 | 7834 |
| Adient plc<sup>\*</sup> | 405 | 7764 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 656 | 7655 |
| Blue Bird Corp.<sup>\*</sup> | 160 | 7520 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 255 | 7443 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 477 | 7317 |
| Leggett & Platt, Inc. | 663 | 7293 |
| Wolverine World Wide, Inc. | 400 | 7260 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 493 | 7030 |
| JetBlue Airways Corp.<sup>\*</sup> | 1476 | 6716 |
| MillerKnoll, Inc. | 345 | 6307 |
| Papa John's International, Inc. | 163 | 6274 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 72 | 6139 |
| XPEL, Inc.<sup>\*</sup> | 123 | 6139 |
| Monarch Casino & Resort, Inc. | 64 | 6125 |
| Winmark Corp. | 15 | 6074 |
| Carter's, Inc. | 177 | 5740 |
| Gentherm, Inc.<sup>\*</sup> | 155 | 5637 |
| Winnebago Industries, Inc. | 139 | 5632 |
| G-III Apparel Group Ltd. | 181 | 5242 |
| United Parks & Resorts, Inc.<sup>\*</sup> | 139 | 5046 |
| Global Business Travel Group I<sup>\*</sup> | 649 | 4965 |
| Sonic Automotive, Inc. — Class A | 75 | 4640 |
| Alliance Laundry Holdings, Inc.<sup>\*</sup> | 217 | 4416 |
| LGI Homes, Inc.<sup>\*</sup> | 102 | 4382 |
| ScanSource, Inc.<sup>\*</sup> | 106 | 4140 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 273 | 4117 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 102 | 4019 |
| Standard Motor Products, Inc. | 108 | 3980 |
| Build-A-Bear Workshop, Inc. — Class A<sup>1</sup> | 63 | 3860 |
| Daktronics, Inc.<sup>\*</sup> | 195 | 3855 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Consumer, Cyclical - 2.8% (continued)** |  |  |
| Douglas Dynamics, Inc. | 116 | $3787 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 590 | 3782 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 261 | 3756 |
| Fox Factory Holding Corp.<sup>\*</sup> | 214 | 3661 |
| Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 108 | 3637 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 528 | 3569 |
| indie Semiconductor, Inc. — Class A<sup>\*,1</sup> | 989 | 3491 |
| AMC Entertainment Holdings, Inc. — Class A<sup>\*</sup> | 2220 | 3463 |
| Gold.com, Inc. | 97 | 3303 |
| PC Connection, Inc. | 57 | 3292 |
| Ermenegildo Zegna N.V. | 315 | 3229 |
| Solid Power, Inc.<sup>\*</sup> | 739 | 3141 |
| Camping World Holdings, Inc. — Class A | 307 | 2987 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 464 | 2965 |
| Arhaus, Inc.<sup>\*</sup> | 261 | 2926 |
| Accel Entertainment, Inc.<sup>\*</sup> | 254 | 2898 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 142 | 2878 |
| Cracker Barrel Old Country Store, Inc.<sup>1</sup> | 113 | 2870 |
| Microvast Holdings, Inc.<sup>\*,1</sup> | 1015 | 2842 |
| Cooper-Standard Holdings, Inc.<sup>\*</sup> | 86 | 2823 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 192 | 2769 |
| Golden Entertainment, Inc. | 100 | 2719 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 96 | 2708 |
| Ethan Allen Interiors, Inc. | 118 | 2695 |
| Bloomin' Brands, Inc. | 428 | 2641 |
| Dream Finders Homes, Inc. — Class A<sup>\*,1</sup> | 154 | 2633 |
| Sabre Corp.<sup>\*</sup> | 1850 | 2516 |
| Dine Brands Global, Inc. | 78 | 2507 |
| Rush Enterprises, Inc. — Class B | 44 | 2475 |
| Oxford Industries, Inc.<sup>1</sup> | 72 | 2462 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 40 | 2457 |
| Forestar Group, Inc.<sup>\*</sup> | 99 | 2438 |
| Nu Skin Enterprises, Inc. — Class A | 249 | 2395 |
| MarineMax, Inc.<sup>\*</sup> | 97 | 2350 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 24 | 2341 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 139 | 2253 |
| Global Industrial Co. | 73 | 2133 |
| Miller Industries, Inc. | 56 | 2093 |
| Aeva Technologies, Inc.<sup>\*</sup> | 156 | 2072 |
| Caleres, Inc. | 168 | 2045 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 432 | 2035 |
| Titan International, Inc.<sup>\*</sup> | 248 | 1942 |
| EVgo, Inc.<sup>\*</sup> | 654 | 1903 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 899 | 1888 |
| Marcus Corp. | 121 | 1877 |
| Wabash National Corp. | 210 | 1817 |
| Savers Value Village, Inc.<sup>\*</sup> | 194 | 1812 |
| Black Rock Coffee Bar, Inc. — Class A<sup>\*</sup> | 81 | 1802 |
| Arko Corp. | 392 | 1780 |
| Zumiez, Inc.<sup>\*</sup> | 66 | 1719 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 32 | 1675 |
| Jack in the Box, Inc. | 87 | 1649 |
| Haverty Furniture Companies, Inc. | 69 | 1612 |
| Movado Group, Inc. | 78 | 1608 |
| Denny's Corp.<sup>\*</sup> | 257 | 1599 |
| Titan Machinery, Inc.<sup>\*</sup> | 106 | 1594 |
| Krispy Kreme, Inc. | 393 | 1580 |
| Shoe Carnival, Inc. | 93 | 1570 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 83 | 1570 |
| Strattec Security Corp.<sup>\*</sup> | 20 | 1523 |
| Atlanta Braves Holdings, Inc. — Class A<sup>\*</sup> | 34 | 1445 |
| El Pollo Loco Holdings, Inc.<sup>\*</sup> | 135 | 1412 |
| Central Garden & Pet Co.<sup>\*</sup> | 43 | 1383 |
| Hudson Technologies, Inc.<sup>\*</sup> | 198 | 1356 |
| Xperi, Inc.<sup>\*</sup> | 228 | 1336 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 288 | 1308 |
| Genesco, Inc.<sup>\*</sup> | 52 | 1288 |
| Holley, Inc.<sup>\*</sup> | 304 | 1255 |
| Designer Brands, Inc. — Class A | 164 | 1219 |
| Hyliion Holdings Corp.<sup>\*</sup> | 661 | 1216 |
| Webtoon Entertainment, Inc.<sup>\*,1</sup> | 92 | 1199 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 127 | 1189 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 140 | 1152 |
| Methode Electronics, Inc. | 173 | 1149 |
| Johnson Outdoors, Inc. — Class A | 27 | 1146 |
| Petco Health & Wellness Company, Inc.<sup>\*</sup> | 400 | 1124 |
| Falcon's Beyond Global, Inc. — Class A<sup>\*</sup> | 72 | 1081 |
| Rocky Brands, Inc. | 36 | 1056 |
| Lovesac Co.<sup>\*</sup> | 69 | 1018 |
| RCI Hospitality Holdings, Inc. | 42 | 1001 |
| Citi Trends, Inc.<sup>\*</sup> | 24 | 997 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 3 | 997 |
| America's Car-Mart, Inc.<sup>\*</sup> | 38 | 960 |
| Weyco Group, Inc. | 31 | 948 |
| Sleep Number Corp.<sup>\*</sup> | 107 | 905 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 67 | 827 |
| Livewire Group, Inc.<sup>\*</sup> | 187 | 827 |
| Reservoir Media, Inc.<sup>\*</sup> | 104 | 787 |
| Starz Entertainment Corp.<sup>\*</sup> | 65 | 761 |
| JAKKS Pacific, Inc. | 45 | 759 |
| Flexsteel Industries, Inc. | 19 | 750 |
| Bassett Furniture Industries, Inc. | 42 | 704 |
| Escalade, Inc. | 52 | 701 |
| Barnes & Noble Education, Inc.<sup>\*</sup> | 76 | 698 |
| EVI Industries, Inc. | 26 | 641 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 57 | 617 |
| Bally's Corp.<sup>\*</sup> | 37 | 611 |
| Hamilton Beach Brands Holding Co. — Class A | 37 | 609 |
| Funko, Inc. — Class A<sup>\*</sup> | 177 | 602 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Consumer, Cyclical - 2.8% (continued)** |  |  |
| Superior Group of Companies, Inc. | 58 | $561 |
| J Jill, Inc. | 37 | 508 |
| Clarus Corp. | 151 | 506 |
| American Outdoor Brands, Inc.<sup>\*</sup> | 63 | 487 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 454 | 463 |
| Envela Corp.<sup>\*</sup> | 34 | 455 |
| Lakeland Industries, Inc. | 47 | 416 |
| Marine Products Corp. | 45 | 394 |
| Virco Mfg. Corp. | 56 | 358 |
| CompX International, Inc. | 8 | 186 |
| Traeger, Inc.<sup>\*</sup> | 162 | 175 |
| Torrid Holdings, Inc.<sup>\*,1</sup> | 121 | 118 |
| **Total Consumer, Cyclical** |  | 1415842 |
| **Technology - 2.7%** |  |  |
| IonQ, Inc.<sup>\*</sup> | 1681 | 75426 |
| Rambus, Inc.<sup>\*</sup> | 536 | 49253 |
| D-Wave Quantum, Inc.<sup>\*</sup> | 1663 | 43488 |
| SiTime Corp.<sup>\*</sup> | 107 | 37791 |
| Rigetti Computing, Inc.<sup>\*</sup> | 1587 | 35152 |
| Clearwater Analytics Holdings, Inc. — Class A<sup>\*</sup> | 1386 | 33430 |
| Semtech Corp.<sup>\*</sup> | 433 | 31908 |
| CommVault Systems, Inc.<sup>\*</sup> | 222 | 27830 |
| ACI Worldwide, Inc.<sup>\*</sup> | 514 | 24574 |
| Maximus, Inc. | 281 | 24256 |
| Qualys, Inc.<sup>\*</sup> | 182 | 24188 |
| Planet Labs PBC<sup>\*</sup> | 1180 | 23270 |
| Impinj, Inc.<sup>\*,1</sup> | 131 | 22795 |
| FormFactor, Inc.<sup>\*</sup> | 387 | 21587 |
| Workiva, Inc.<sup>\*,1</sup> | 250 | 21563 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 163 | 21304 |
| Box, Inc. — Class A<sup>\*</sup> | 698 | 20877 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 942 | 19170 |
| SoundHound AI, Inc. — Class A<sup>\*</sup> | 1852 | 18464 |
| Varonis Systems, Inc.<sup>\*</sup> | 558 | 18302 |
| Waystar Holding Corp.<sup>\*</sup> | 547 | 17914 |
| SPS Commerce, Inc.<sup>\*</sup> | 189 | 16846 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 843 | 16649 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 340 | 16361 |
| Agilysys, Inc.<sup>\*</sup> | 129 | 15330 |
| Clear Secure, Inc. — Class A | 423 | 14839 |
| Braze, Inc. — Class A<sup>\*</sup> | 424 | 14539 |
| Synaptics, Inc.<sup>\*</sup> | 194 | 14360 |
| Tenable Holdings, Inc.<sup>\*</sup> | 610 | 14353 |
| BlackLine, Inc.<sup>\*,1</sup> | 259 | 14320 |
| Ambarella, Inc.<sup>\*</sup> | 202 | 14310 |
| NCR Atleos Corp.<sup>\*</sup> | 370 | 14101 |
| Intapp, Inc.<sup>\*</sup> | 283 | 12967 |
| Freshworks, Inc. — Class A<sup>\*</sup> | 1016 | 12446 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 154 | 12372 |
| Blackbaud, Inc.<sup>\*</sup> | 190 | 12031 |
| Genius Sports Ltd.<sup>\*</sup> | 1087 | 11979 |
| BigBear.ai Holdings, Inc.<sup>\*,1</sup> | 2155 | 11637 |
| Insight Enterprises, Inc.<sup>\*</sup> | 142 | 11569 |
| Kulicke & Soffa Industries, Inc. | 253 | 11527 |
| Diodes, Inc.<sup>\*</sup> | 228 | 11250 |
| CSG Systems International, Inc. | 138 | 10583 |
| Quantum Computing, Inc.<sup>\*</sup> | 1001 | 10270 |
| ASGN, Inc.<sup>\*</sup> | 207 | 9971 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 251 | 9902 |
| Power Integrations, Inc. | 278 | 9880 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 321 | 9428 |
| AvePoint, Inc.<sup>\*</sup> | 678 | 9417 |
| NetScout Systems, Inc.<sup>\*</sup> | 347 | 9390 |
| Adeia, Inc. | 540 | 9315 |
| Progress Software Corp.<sup>\*</sup> | 213 | 9150 |
| Photronics, Inc.<sup>\*</sup> | 283 | 9056 |
| Pitney Bowes, Inc. | 802 | 8477 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 123 | 8351 |
| Veeco Instruments, Inc.<sup>\*</sup> | 292 | 8345 |
| C3.ai, Inc. — Class A<sup>\*,1</sup> | 618 | 8331 |
| Alkami Technology, Inc.<sup>\*</sup> | 348 | 8028 |
| Innodata, Inc.<sup>\*</sup> | 155 | 7897 |
| Digi International, Inc.<sup>\*</sup> | 181 | 7835 |
| Five9, Inc.<sup>\*</sup> | 390 | 7819 |
| NextNav, Inc.<sup>\*</sup> | 449 | 7471 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 416 | 7251 |
| PAR Technology Corp.<sup>\*</sup> | 199 | 7220 |
| Fastly, Inc. — Class A<sup>\*</sup> | 699 | 7116 |
| NCR Voyix Corp.<sup>\*,1</sup> | 691 | 7048 |
| Appian Corp. — Class A<sup>\*</sup> | 196 | 6942 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 834 | 6689 |
| Vertex, Inc. — Class A<sup>\*</sup> | 332 | 6630 |
| Life360, Inc.<sup>\*</sup> | 102 | 6542 |
| V2X, Inc.<sup>\*</sup> | 115 | 6273 |
| Asana, Inc. — Class A<sup>\*</sup> | 438 | 6005 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 127 | 5930 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 228 | 5775 |
| Navitas Semiconductor Corp.<sup>\*</sup> | 795 | 5676 |
| PagerDuty, Inc.<sup>\*</sup> | 430 | 5637 |
| Ouster, Inc.<sup>\*</sup> | 259 | 5605 |
| Cohu, Inc.<sup>\*</sup> | 233 | 5422 |
| Penguin Solutions, Inc.<sup>\*</sup> | 263 | 5144 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 444 | 5142 |
| Schrodinger Inc./United States<sup>\*</sup> | 287 | 5132 |
| Rapid7, Inc.<sup>\*</sup> | 326 | 4955 |
| Phreesia, Inc.<sup>\*</sup> | 288 | 4873 |
| Pagaya Technologies Ltd. — Class A<sup>\*</sup> | 233 | 4870 |
| GigaCloud Technology, Inc. — Class A<sup>\*</sup> | 122 | 4792 |
| PDF Solutions, Inc.<sup>\*</sup> | 163 | 4650 |
| Jamf Holding Corp.<sup>\*</sup> | 344 | 4475 |
| Yext, Inc.<sup>\*</sup> | 513 | 4135 |
| Porch Group, Inc.<sup>\*,1</sup> | 411 | 3752 |
| Red Violet, Inc. | 58 | 3303 |
| Navan, Inc. — Class A<sup>\*</sup> | 186 | 3177 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 337 | 3043 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 980 | 2979 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 264 | 2975 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 118 | 2972 |
| Aehr Test Systems<sup>\*</sup> | 145 | 2928 |
| Daily Journal Corp.<sup>\*</sup> | 6 | 2924 |
| Cantaloupe, Inc.<sup>\*</sup> | 271 | 2878 |
| Nutex Health, Inc.<sup>\*</sup> | 17 | 2799 |
| HeartFlow, Inc.<sup>\*</sup> | 96 | 2798 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Technology - 2.7% (continued)** |  |  |
| SEMrush Holdings, Inc. — Class A<sup>\*</sup> | 235 | $2794 |
| N-able, Inc.<sup>\*</sup> | 368 | 2753 |
| Digital Turbine, Inc.<sup>\*</sup> | 519 | 2595 |
| CEVA, Inc.<sup>\*</sup> | 119 | 2561 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 126 | 2496 |
| SkyWater Technology, Inc.<sup>\*</sup> | 134 | 2433 |
| Mitek Systems, Inc.<sup>\*</sup> | 227 | 2395 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 598 | 2392 |
| OneSpan, Inc. | 184 | 2363 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 61 | 2349 |
| Talkspace, Inc.<sup>\*</sup> | 628 | 2280 |
| Weave Communications, Inc.<sup>\*</sup> | 297 | 2254 |
| Arteris, Inc.<sup>\*</sup> | 144 | 2232 |
| Cerence, Inc.<sup>\*</sup> | 205 | 2191 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 99 | 2160 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 137 | 2117 |
| Climb Global Solutions, Inc. | 20 | 2056 |
| McGraw Hill, Inc.<sup>\*</sup> | 119 | 1964 |
| IBEX Holdings Ltd.<sup>\*</sup> | 51 | 1947 |
| Rezolve AI plc<sup>\*</sup> | 741 | 1904 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 213 | 1889 |
| Claritev Corp.<sup>\*,1</sup> | 39 | 1667 |
| Simulations Plus, Inc.<sup>\*</sup> | 85 | 1550 |
| Ibotta, Inc. — Class A<sup>\*</sup> | 67 | 1523 |
| ON24, Inc.<sup>\*</sup> | 191 | 1520 |
| Via Transportation, Inc. — Class A<sup>\*</sup> | 51 | 1480 |
| Conduent, Inc.<sup>\*</sup> | 760 | 1459 |
| Telos Corp.<sup>\*</sup> | 280 | 1428 |
| Xerox Holdings Corp. | 601 | 1424 |
| Corsair Gaming, Inc.<sup>\*</sup> | 238 | 1414 |
| Domo, Inc. — Class B<sup>\*</sup> | 164 | 1383 |
| Commerce.com, Inc.<sup>\*</sup> | 335 | 1380 |
| 8x8, Inc.<sup>\*</sup> | 665 | 1310 |
| Vuzix Corp.<sup>\*</sup> | 327 | 1236 |
| 3D Systems Corp.<sup>\*</sup> | 672 | 1189 |
| Asure Software, Inc.<sup>\*</sup> | 126 | 1187 |
| Cricut, Inc. — Class A | 235 | 1163 |
| Playtika Holding Corp. | 287 | 1134 |
| TruBridge, Inc.<sup>\*</sup> | 51 | 1126 |
| VTEX — Class A<sup>\*</sup> | 294 | 1105 |
| Immersion Corp. | 151 | 1027 |
| Rimini Street, Inc.<sup>\*</sup> | 249 | 966 |
| eGain Corp.<sup>\*</sup> | 93 | 957 |
| CS Disco, Inc.<sup>\*</sup> | 122 | 947 |
| Unisys Corp.<sup>\*</sup> | 340 | 938 |
| EverCommerce, Inc.<sup>\*</sup> | 75 | 908 |
| Whitefiber, Inc.<sup>\*</sup> | 54 | 853 |
| Aeluma, Inc.<sup>\*</sup> | 49 | 841 |
| Health Catalyst, Inc.<sup>\*</sup> | 345 | 825 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 68 | 819 |
| Omada Health, Inc.<sup>\*</sup> | 47 | 742 |
| Blaize Holdings, Inc.<sup>\*,1</sup> | 370 | 721 |
| ReposiTrak, Inc. | 57 | 705 |
| Ambiq Micro, Inc.<sup>\*,1</sup> | 24 | 684 |
| Kaltura, Inc.<sup>\*</sup> | 415 | 681 |
| Richardson Electronics Ltd. | 62 | 675 |
| Digimarc Corp.<sup>\*</sup> | 80 | 525 |
| Definitive Healthcare Corp.<sup>\*</sup> | 181 | 519 |
| Synchronoss Technologies, Inc.<sup>\*</sup> | 55 | 471 |
| Expensify, Inc. — Class A<sup>\*</sup> | 305 | 461 |
| CSP, Inc. | 35 | 438 |
| Carlsmed, Inc.<sup>\*</sup> | 34 | 420 |
| Rackspace Technology, Inc.<sup>\*</sup> | 426 | 414 |
| WM Technology, Inc.<sup>\*</sup> | 445 | 367 |
| TTEC Holdings, Inc.<sup>\*</sup> | 101 | 364 |
| Atomera, Inc.<sup>\*</sup> | 149 | 329 |
| Airship AI Holdings, Inc.<sup>\*</sup> | 102 | 295 |
| Playstudios, Inc.<sup>\*</sup> | 450 | 293 |
| Skillsoft Corp.<sup>\*</sup> | 23 | 214 |
| Silvaco Group, Inc.<sup>\*</sup> | 39 | 158 |
| Teads Holding Co.<sup>\*</sup> | 184 | 130 |
| Golden Matrix Group, Inc.<sup>\*</sup> | 74 | 59 |
| Zspace, Inc.<sup>\*</sup> | 11 | 5 |
| **Total Technology** |  | 1344255 |
| **Communications - 1.6%** |  |  |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 762 | 109644 |
| EchoStar Corp. — Class A<sup>\*</sup> | 674 | 73264 |
| InterDigital, Inc. | 129 | 41071 |
| Lumen Technologies, Inc.<sup>\*</sup> | 4740 | 36830 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 1019 | 33087 |
| Applied Digital Corp.<sup>\*,1</sup> | 1181 | 28958 |
| Q2 Holdings, Inc.<sup>\*</sup> | 309 | 22297 |
| Viasat, Inc.<sup>\*</sup> | 596 | 20538 |
| Telephone & Data Systems, Inc. | 495 | 20295 |
| Viavi Solutions, Inc.<sup>\*</sup> | 1100 | 19602 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 1079 | 19562 |
| Calix, Inc.<sup>\*</sup> | 298 | 15773 |
| Cargurus, Inc.<sup>\*</sup> | 409 | 15685 |
| TEGNA, Inc. | 799 | 15509 |
| Globalstar, Inc.<sup>\*</sup> | 249 | 15199 |
| DigitalBridge Group, Inc. | 874 | 13407 |
| Sphere Entertainment Co.<sup>\*</sup> | 138 | 13121 |
| Upwork, Inc.<sup>\*</sup> | 611 | 12110 |
| ePlus, Inc. | 131 | 11489 |
| Magnite, Inc.<sup>\*</sup> | 695 | 11280 |
| Extreme Networks, Inc.<sup>\*</sup> | 656 | 10922 |
| Yelp, Inc. — Class A<sup>\*</sup> | 301 | 9147 |
| TripAdvisor, Inc.<sup>\*</sup> | 568 | 8270 |
| RealReal, Inc.<sup>\*,1</sup> | 486 | 7669 |
| Ziff Davis, Inc.<sup>\*</sup> | 202 | 7100 |
| A10 Networks, Inc. | 364 | 6439 |
| Revolve Group, Inc.<sup>\*</sup> | 207 | 6249 |
| Harmonic, Inc.<sup>\*</sup> | 574 | 5677 |
| Figs, Inc. — Class A<sup>\*</sup> | 451 | 5123 |
| Uniti Group, Inc.<sup>\*</sup> | 729 | 5110 |
| Cogent Communications Holdings, Inc. | 230 | 4959 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 640 | 4774 |
| Sprinklr, Inc. — Class A<sup>\*</sup> | 562 | 4372 |
| fuboTV, Inc. — Class A<sup>\*</sup> | 1702 | 4289 |
| IDT Corp. — Class B | 83 | 4251 |
| QuinStreet, Inc.<sup>\*</sup> | 277 | 3981 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 140 | 3780 |
| USA TODAY Company, Inc.<sup>\*</sup> | 719 | 3703 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Communications - 1.6% (continued)** |  |  |
| Liquidity Services, Inc.<sup>\*</sup> | 119 | $3607 |
| NETGEAR, Inc.<sup>\*</sup> | 141 | 3459 |
| Rumble, Inc.<sup>\*,1</sup> | 539 | 3406 |
| Powerfleet Incorporated NJ<sup>\*</sup> | 634 | 3373 |
| ADTRAN Holdings, Inc.<sup>\*</sup> | 379 | 3294 |
| Cars.com, Inc.<sup>\*</sup> | 267 | 3257 |
| Serve Robotics, Inc.<sup>\*,1</sup> | 310 | 3218 |
| Scholastic Corp. | 103 | 3052 |
| Sinclair, Inc. | 197 | 3014 |
| Shenandoah Telecommunications Co. | 259 | 2994 |
| Cable One, Inc. | 26 | 2934 |
| HealthStream, Inc. | 125 | 2884 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 541 | 2840 |
| Stagwell, Inc.<sup>\*</sup> | 555 | 2714 |
| BlackSky Technology, Inc.<sup>\*,1</sup> | 143 | 2681 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 608 | 2529 |
| Preformed Line Products Co. | 12 | 2481 |
| Shutterstock, Inc. | 122 | 2330 |
| Angi, Inc.<sup>\*</sup> | 179 | 2314 |
| Grindr, Inc.<sup>\*</sup> | 170 | 2302 |
| Nextdoor Holdings, Inc.<sup>\*</sup> | 1080 | 2268 |
| Groupon, Inc.<sup>\*</sup> | 128 | 2254 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 170 | 2202 |
| Optimum Communications, Inc. — Class A<sup>\*</sup> | 1333 | 2199 |
| Gray Media, Inc. | 448 | 2168 |
| Frequency Electronics, Inc.<sup>\*</sup> | 34 | 1831 |
| Newsmax, Inc.<sup>\*</sup> | 236 | 1824 |
| Clearfield, Inc.<sup>\*</sup> | 60 | 1749 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 380 | 1691 |
| Gogo, Inc.<sup>\*</sup> | 349 | 1626 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 165 | 1571 |
| Bed Bath & Beyond, Inc.<sup>\*</sup> | 281 | 1534 |
| Ooma, Inc.<sup>\*</sup> | 129 | 1513 |
| Ribbon Communications, Inc.<sup>\*</sup> | 478 | 1377 |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 111 | 1373 |
| Spok Holdings, Inc. | 104 | 1372 |
| Bumble, Inc. — Class A<sup>\*</sup> | 371 | 1324 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 334 | 1303 |
| EW Scripps Co. — Class A<sup>\*</sup> | 321 | 1281 |
| Backblaze, Inc. — Class A<sup>\*</sup> | 273 | 1272 |
| National CineMedia, Inc. | 327 | 1272 |
| Nexxen International Ltd.<sup>\*</sup> | 193 | 1262 |
| Aviat Networks, Inc.<sup>\*</sup> | 59 | 1261 |
| Anterix, Inc.<sup>\*</sup> | 57 | 1244 |
| ATN International, Inc. | 51 | 1163 |
| Thryv Holdings, Inc.<sup>\*</sup> | 190 | 1150 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 149 | 1101 |
| BK Technologies Corp.<sup>\*</sup> | 14 | 1044 |
| OptimizeRx Corp.<sup>\*</sup> | 80 | 981 |
| Entravision Communications Corp. — Class A | 317 | 929 |
| Lands' End, Inc.<sup>\*</sup> | 61 | 886 |
| Open Lending Corp. — Class A<sup>\*</sup> | 523 | 811 |
| Tucows, Inc. — Class A<sup>\*</sup> | 34 | 762 |
| Phoenix Education Partners, Inc.<sup>\*</sup> | 25 | 758 |
| Getty Images Holdings, Inc.<sup>\*</sup> | 561 | 752 |
| TechTarget, Inc.<sup>\*</sup> | 135 | 729 |
| Satellogic, Inc. — Class A<sup>\*</sup> | 352 | 658 |
| Inseego Corp.<sup>\*</sup> | 63 | 647 |
| LifeMD, Inc.<sup>\*</sup> | 188 | 641 |
| CuriosityStream, Inc. | 163 | 619 |
| Crexendo, Inc.<sup>\*</sup> | 74 | 479 |
| Gambling.com Group Ltd.<sup>\*</sup> | 84 | 459 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 112 | 440 |
| Advantage Solutions, Inc.<sup>\*</sup> | 481 | 424 |
| AudioEye, Inc.<sup>\*</sup> | 41 | 410 |
| BARK, Inc.<sup>\*</sup> | 544 | 328 |
| Gaia, Inc.<sup>\*</sup> | 87 | 316 |
| Nerdy, Inc.<sup>\*</sup> | 295 | 307 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 66 | 264 |
| Travelzoo<sup>\*</sup> | 32 | 228 |
| Value Line, Inc. | 4 | 154 |
| Vivid Seats, Inc. — Class A<sup>\*,1</sup> | 16 | 115 |
| Triller Group, Inc.<sup>\*</sup> | 525 | 17 |
| **Total Communications** |  | 769562 |
| **Energy - 1.4%** |  |  |
| Nextpower, Inc. — Class A<sup>\*</sup> | 725 | 63155 |
| CNX Resources Corp.<sup>\*</sup> | 648 | 23827 |
| Warrior Met Coal, Inc. | 259 | 22836 |
| Core Natural Resources, Inc. | 253 | 22393 |
| Archrock, Inc. | 836 | 21753 |
| Murphy Oil Corp. | 672 | 21000 |
| Sunrun, Inc.<sup>\*</sup> | 1111 | 20442 |
| Magnolia Oil & Gas Corp. — Class A | 899 | 19679 |
| Transocean Ltd.<sup>\*</sup> | 4616 | 19064 |
| Peabody Energy Corp. | 608 | 18057 |
| Noble Corporation plc | 628 | 17735 |
| Eos Energy Enterprises, Inc.<sup>\*</sup> | 1534 | 17580 |
| California Resources Corp. | 364 | 16274 |
| Gulfport Energy Corp.<sup>\*</sup> | 78 | 16223 |
| Kodiak Gas Services, Inc. | 420 | 15708 |
| Valaris Ltd.<sup>\*</sup> | 310 | 15624 |
| Liberty Energy, Inc. — Class A | 785 | 14491 |
| Helmerich & Payne, Inc. | 480 | 13766 |
| Tidewater, Inc.<sup>\*</sup> | 249 | 12577 |
| DNOW, Inc.<sup>\*</sup> | 929 | 12309 |
| Alpha Metallurgical Resources, Inc.<sup>\*</sup> | 58 | 11593 |
| Oceaneering International, Inc.<sup>\*</sup> | 479 | 11510 |
| PBF Energy, Inc. — Class A | 416 | 11282 |
| Plug Power, Inc.<sup>\*</sup> | 5520 | 10874 |
| Seadrill Ltd.<sup>\*</sup> | 312 | 10795 |
| SM Energy Co. | 567 | 10603 |
| Patterson-UTI Energy, Inc. | 1724 | 10534 |
| Northern Oil & Gas, Inc.<sup>1</sup> | 471 | 10112 |
| Crescent Energy Co. — Class A | 1171 | 9825 |
| Solaris Energy Infrastructure, Inc. — Class A<sup>1</sup> | 210 | 9654 |
| Delek US Holdings, Inc. | 297 | 8809 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 248 | 8715 |
| Comstock Resources, Inc.<sup>\*</sup> | 368 | 8530 |
| Kinetik Holdings, Inc. — Class A<sup>1</sup> | 220 | 7931 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 835 | 7098 |
| Array Technologies, Inc.<sup>\*,1</sup> | 754 | 6952 |
| Talos Energy, Inc.<sup>\*</sup> | 614 | 6766 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Energy - 1.4% (continued)** |  |  |
| Fluence Energy, Inc.<sup>\*</sup> | 317 | $6270 |
| TETRA Technologies, Inc.<sup>\*</sup> | 648 | 6072 |
| Expro Group Holdings N.V.<sup>\*</sup> | 443 | 5914 |
| Borr Drilling Ltd.<sup>\*</sup> | 1322 | 5328 |
| Bristow Group, Inc.<sup>\*</sup> | 145 | 5310 |
| Select Water Solutions, Inc. — Class A | 476 | 5008 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 311 | 4870 |
| REX American Resources Corp.<sup>\*</sup> | 143 | 4622 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 703 | 4408 |
| Innovex International, Inc.<sup>\*</sup> | 198 | 4330 |
| Diversified Energy Co. | 280 | 4054 |
| CVR Energy, Inc.<sup>\*</sup> | 158 | 4019 |
| Nabors Industries Ltd.<sup>\*</sup> | 72 | 3910 |
| ProPetro Holding Corp.<sup>\*</sup> | 409 | 3890 |
| Core Laboratories, Inc. | 240 | 3847 |
| T1 Energy, Inc.<sup>\*</sup> | 569 | 3801 |
| Atlas Energy Solutions, Inc. | 396 | 3730 |
| Ramaco Resources, Inc. — Class A<sup>\*</sup> | 206 | 3708 |
| NextDecade Corp.<sup>\*</sup> | 682 | 3594 |
| Sable Offshore Corp.<sup>\*</sup> | 384 | 3464 |
| Excelerate Energy, Inc. — Class A | 117 | 3282 |
| Green Plains, Inc.<sup>\*</sup> | 328 | 3214 |
| SunCoke Energy, Inc. | 433 | 3118 |
| Hallador Energy Co.<sup>\*</sup> | 158 | 3008 |
| Vitesse Energy, Inc.<sup>1</sup> | 150 | 2889 |
| SandRidge Energy, Inc. | 185 | 2669 |
| RPC, Inc. | 456 | 2481 |
| Gevo, Inc.<sup>\*</sup> | 1180 | 2360 |
| BKV Corp.<sup>\*</sup> | 85 | 2308 |
| Kosmos Energy Ltd.<sup>\*</sup> | 2419 | 2195 |
| ASP Isotopes, Inc.<sup>\*</sup> | 387 | 2071 |
| Oil States International, Inc.<sup>\*</sup> | 299 | 2024 |
| VAALCO Energy, Inc. | 528 | 1922 |
| Forum Energy Technologies, Inc.<sup>\*</sup> | 51 | 1885 |
| Riley Exploration Permian, Inc. | 67 | 1769 |
| Flowco Holdings, Inc. — Class A | 94 | 1762 |
| Natural Gas Services Group, Inc. | 52 | 1750 |
| Matrix Service Co.<sup>\*</sup> | 136 | 1591 |
| Summit Midstream Corp.<sup>\*</sup> | 50 | 1334 |
| Granite Ridge Resources, Inc. | 276 | 1297 |
| Flotek Industries, Inc.<sup>\*</sup> | 73 | 1258 |
| Ranger Energy Services, Inc. — Class A | 87 | 1216 |
| Infinity Natural Resources, Inc. — Class A<sup>\*</sup> | 75 | 1105 |
| New Fortress Energy, Inc.<sup>\*,1</sup> | 863 | 984 |
| NACCO Industries, Inc. — Class A | 20 | 981 |
| W&T Offshore, Inc. | 506 | 825 |
| DMC Global, Inc.<sup>\*</sup> | 99 | 662 |
| SEACOR Marine Holdings, Inc.<sup>\*</sup> | 105 | 632 |
| Kolibri Global Energy, Inc.<sup>\*</sup> | 151 | 593 |
| Montauk Renewables, Inc.<sup>\*</sup> | 343 | 573 |
| Evolution Petroleum Corp. | 159 | 563 |
| SunPower, Inc.<sup>\*</sup> | 307 | 482 |
| Epsilon Energy Ltd. | 98 | 455 |
| HighPeak Energy, Inc. | 93 | 441 |
| FutureFuel Corp. | 128 | 408 |
| PrimeEnergy Resources Corp.<sup>\*</sup> | 2 | 342 |
| OPAL Fuels, Inc. — Class A<sup>\*</sup> | 108 | 254 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 63 | 245 |
| Mammoth Energy Services, Inc.<sup>\*</sup> | 124 | 229 |
| Empire Petroleum Corp.<sup>\*</sup> | 75 | 228 |
| Prairie Operating Co.<sup>\*</sup> | 110 | 186 |
| NextNRG, Inc.<sup>\*</sup> | 89 | 129 |
| Verde Clean Fuels, Inc.<sup>\*</sup> | 21 | 43 |
| **Total Energy** |  | 713988 |
| **Basic Materials - 1.1%** |  |  |
| Hecla Mining Co. | 3159 | 60621 |
| Coeur Mining, Inc.<sup>\*</sup> | 3182 | 56735 |
| Commercial Metals Co. | 553 | 38278 |
| Uranium Energy Corp.<sup>\*</sup> | 2372 | 27705 |
| Balchem Corp. | 163 | 24998 |
| SSR Mining, Inc.<sup>\*</sup> | 1012 | 22183 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 84 | 20392 |
| Sensient Technologies Corp. | 210 | 19729 |
| Perimeter Solutions, Inc.<sup>\*</sup> | 691 | 19023 |
| Cabot Corp. | 264 | 17498 |
| Energy Fuels, Inc.<sup>\*</sup> | 1135 | 16503 |
| HB Fuller Co. | 272 | 16173 |
| Novagold Resources, Inc.<sup>\*</sup> | 1505 | 14027 |
| Hawkins, Inc. | 97 | 13780 |
| Constellium SE<sup>\*</sup> | 682 | 12856 |
| Ingevity Corp.<sup>\*</sup> | 181 | 10712 |
| Century Aluminum Co.<sup>\*,1</sup> | 262 | 10265 |
| Perpetua Resources Corp.<sup>\*</sup> | 422 | 10217 |
| Minerals Technologies, Inc. | 157 | 9569 |
| Innospec, Inc. | 123 | 9414 |
| Quaker Chemical Corp.<sup>1</sup> | 68 | 9337 |
| Kaiser Aluminum Corp. | 80 | 9189 |
| Chemours Co. | 768 | 9055 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 529 | 8453 |
| Rogers Corp.<sup>\*</sup> | 90 | 8241 |
| Sylvamo Corp. | 171 | 8234 |
| Calumet, Inc.<sup>\*</sup> | 343 | 6815 |
| United States Lime & Minerals, Inc. | 55 | 6586 |
| Ecovyst, Inc.<sup>\*</sup> | 551 | 5361 |
| Stepan Co. | 110 | 5210 |
| USA Rare Earth, Inc.<sup>\*</sup> | 437 | 5200 |
| Compass Minerals International, Inc.<sup>\*</sup> | 176 | 3457 |
| Mativ Holdings, Inc. | 276 | 3353 |
| Ferroglobe plc | 610 | 2830 |
| NioCorp Developments Ltd.<sup>\*</sup> | 532 | 2820 |
| Koppers Holdings, Inc. | 98 | 2654 |
| Idaho Strategic Resources, Inc.<sup>\*</sup> | 64 | 2579 |
| Tronox Holdings plc — Class A | 610 | 2544 |
| Oil-Dri Corporation of America | 51 | 2496 |
| Dakota Gold Corp.<sup>\*</sup> | 439 | 2493 |
| Magnera Corp.<sup>\*</sup> | 159 | 2407 |
| US Antimony Corp.<sup>\*</sup> | 467 | 2344 |
| Encore Energy Corp.<sup>\*</sup> | 939 | 2329 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 29.0% (continued)** |
| **Basic Materials - 1.1% (continued)** |  |  |
| AdvanSix, Inc. | 134 | $2318 |
| Caledonia Mining Corporation plc | 84 | 2198 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 329 | 1938 |
| Intrepid Potash, Inc.<sup>\*</sup> | 55 | 1525 |
| Orion S.A. | 283 | 1494 |
| American Battery Technology Co.<sup>\*</sup> | 414 | 1383 |
| Contango ORE, Inc.<sup>\*</sup> | 44 | 1162 |
| Critical Metals Corp.<sup>\*</sup> | 164 | 1138 |
| US Gold Corp.<sup>\*</sup> | 56 | 1087 |
| Vox Royalty Corp. | 205 | 972 |
| Friedman Industries, Inc. | 34 | 697 |
| Codexis, Inc.<sup>\*</sup> | 417 | 680 |
| Lifezone Metals Ltd.<sup>\*</sup> | 142 | 606 |
| American Vanguard Corp.<sup>\*</sup> | 133 | 508 |
| Kronos Worldwide, Inc. | 111 | 491 |
| Valhi, Inc. | 12 | 145 |
| Trinseo plc | 174 | 86 |
| US Goldmining, Inc.<sup>\*</sup> | 8 | 71 |
| **Total Basic Materials** |  | 563164 |
| **Utilities - 0.9%** |  |  |
| Oklo, Inc.<sup>\*,1</sup> | 540 | 38750 |
| Ormat Technologies, Inc. | 303 | 33472 |
| TXNM Energy, Inc. | 493 | 29028 |
| Brookfield Infrastructure Corp. — Class A | 599 | 27195 |
| Portland General Electric Co. | 558 | 26778 |
| Southwest Gas Holdings, Inc. | 322 | 25766 |
| Black Hills Corp. | 365 | 25338 |
| Spire, Inc. | 290 | 23983 |
| New Jersey Resources Corp. | 502 | 23152 |
| ONE Gas, Inc. | 298 | 23021 |
| Northwestern Energy Group, Inc. | 307 | 19814 |
| Avista Corp. | 407 | 15686 |
| Otter Tail Corp.<sup>1</sup> | 192 | 15516 |
| Chesapeake Utilities Corp. | 116 | 14472 |
| MGE Energy, Inc. | 183 | 14351 |
| American States Water Co. | 192 | 13916 |
| California Water Service Group | 297 | 12869 |
| Hawaiian Electric Industries, Inc.<sup>\*</sup> | 866 | 10652 |
| Northwest Natural Holding Co. | 206 | 9628 |
| H2O America | 162 | 7937 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 164 | 4804 |
| Middlesex Water Co. | 91 | 4588 |
| Unitil Corp. | 82 | 3972 |
| Consolidated Water Company Ltd. | 77 | 2717 |
| York Water Co. | 73 | 2324 |
| Genie Energy Ltd. — Class B | 108 | 1488 |
| RGC Resources, Inc. | 42 | 895 |
| Global Water Resources, Inc. | 63 | 533 |
| **Total Utilities** |  | 432645 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 140 | 6244 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,092,348) |  | 14430711 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Bed Bath & Beyond Inc |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 10/07/26<sup>\*</sup> |  | – |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  | – |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Cartesian Therapeutics, Inc. | 525 |  |
| Sanofi SA | 160 |  |
| Novo Nordisk A/S | 356 |  |
| Oncternal Therapeutics, Inc.<sup>†††</sup> | 2 |  |
| Tobira Therapeutics, Inc.<sup>†††</sup> | 80 |  |
| Novartis AG <sup>†††</sup> | 262 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Communications - 0.0%** |  |  |
| E.W. Scripps Co. |  |  |
|  | 321 | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $284) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>\*\*\*,†</sup> - 1.1%** |  |  |
| Vanguard Russell 2000 ETF<sup>\*</sup> | 2883 | 286916 |
| iShares Russell 2000 Index ETF | 1164 | 286531 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,845) |  | 573447 |
| **SECURITIES LENDING COLLATERAL<sup>+,7</sup> - 0.2%** |  |  |
| **Money Market Fund \*\*\*** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 3.65%<sup>2</sup> | 88140 | 88140 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $88,140) |  | 88140 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 10.1%** |  |  |
| 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 |
| **U.S. TREASURY BILLS<sup>††</sup> - 8.2%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.78% due 02/24/26<sup>3,4</sup> | 2000000 | 1989597 |
| &nbsp;&nbsp;&nbsp;3.51% due 01/22/26<sup>3,5</sup> | 1723000 | 1719598 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 8.2% (continued)** | | |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>3,4</sup> | $400000 | $397022 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,105,003) |  | 4106217 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup> - 50.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 12469712 | 12469712 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 12469711 | 12469711 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,939,423) |  | 24939423 |
| **Total Investments - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,734,557) |  | $49137452 |
| **Other Assets & Liabilities, net - 1.2%** |  | 579327 |
| **Total Net Assets - 100.0%** |  | $49716779 |

---

**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 | 292 | Mar 2026 | $36479560 | $(872637) |

---

**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>** |  |  |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.46% (SOFR + 0.75%) | At Maturity | 01/22/26 | 2825 | $7010599 | $210408 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.34% (Federal Funds Rate + 0.70%) | At Maturity | 01/21/26 | 2074 | 5147943 | 37916 |
| BNP Paribas | Russell 2000 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 14406 | 35754983 | (563437) |
|  |  |  |  |  |  |  | $47913525 | $(315113) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>\*\*\*</sup>* | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2025 — See Note 5.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of 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>* | *All or a portion of this security is pledged as futures collateral at December 31, 2025.* |
| *<sup>6</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>7</sup>* | *Securities lending collateral — See Note 5.* |

---

*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> 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 | $14430711 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;— \* | $14430711 |
| Warrants | — \* |  |  |  |
| Rights | — \* |  | — \* |  |
| Exchange-Traded Funds | 573447 |  |  | 573447 |
| Money Market Funds | 88140 |  |  | 88140 |
| Federal Agency Discount Notes |  | 4999514 |  | 4999514 |
| U.S. Treasury Bills |  | 4106217 |  | 4106217 |
| Repurchase Agreements |  | 24939423 |  | 24939423 |
| Equity Index Swap Agreements\*\* |  | 248324 |  | 248324 |
| Total Assets | $15092298 | $34293478 | $— | $49385776 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $872637 | $— | $— | $872637 |
| Equity Index Swap Agreements\*\* |  | 563437 |  | 563437 |
| Total Liabilities | $872637 | $563437 | $— | $1436074 |

---

---

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

---

---

| | |
|:---|:---|
| **Inverse Russell 2000<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 7.6%** | **U.S. TREASURY BILLS<sup>††</sup> - 7.6%** | **U.S. TREASURY BILLS<sup>††</sup> - 7.6%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>1,2</sup> | $226000 | $225554 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | 50000 | 49627 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $275,145) |  | 275181 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 74.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1340019 | 1340019 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1340018 | 1340018 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,680,037) |  | 2680037 |
| **Total Investments - 81.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,955,182) |  | $2955218 |
| **Other Assets & Liabilities, net - 18.3%** |  | 662367 |
| **Total Net Assets - 100.0%** |  | $3617585 |

---

**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 | 19 | Mar 2026 | $2373670 | $64109 |

---

**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 | Russell 2000 Index | Receive | 4.09% (Federal Funds Rate + 0.45%) | At Maturity | 01/21/26 | 783 | $1943036 | $62309 |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.06% (SOFR + 0.35%) | At Maturity | 01/22/26 | 787 | 1952150 | 28868 |
| BNP Paribas | Russell 2000 Index | Receive | 3.79% (Federal Funds Rate + 0.15%) | At Maturity | 01/22/26 | 388 | 963489 | (32870) |
|  |  |  |  |  |  |  | $4858675 | $58307 |

---

---

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

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse Russell 2000<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** |
| U.S. Treasury Bills | $— | $275181 | $— | $275181 |
| Repurchase Agreements |  | 2680037 |  | 2680037 |
| Equity Futures Contracts\*\* | 64109 |  |  | 64109 |
| Equity Index Swap Agreements\*\* |  | 91177 |  | 91177 |
| Total Assets | $64109 | $3046395 | $— | $3110504 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 32870 | $– $| 32870 |

---

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

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.4%** | **COMMON STOCKS<sup>†</sup> - 82.4%** | **COMMON STOCKS<sup>†</sup> - 82.4%** |
| **Technology - 26.9%** | **Technology - 26.9%** | **Technology - 26.9%** |
| NVIDIA Corp. | 97285 | $18143652 |
| Apple, Inc. | 59157 | 16082422 |
| Microsoft Corp. | 29756 | 14390597 |
| Broadcom, Inc. | 18906 | 6543367 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 9145 | 1625524 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 6518 | 1395895 |
| Oracle Corp. | 6734 | 1312524 |
| Micron Technology, Inc. | 4494 | 1282633 |
| International Business Machines Corp. | 3742 | 1108418 |
| Salesforce, Inc. | 3811 | 1009572 |
| Lam Research Corp. | 5029 | 860864 |
| Applied Materials, Inc. | 3189 | 819541 |
| Intuit, Inc. | 1116 | 739261 |
| QUALCOMM, Inc. | 4288 | 733462 |
| Accenture plc — Class A | 2483 | 666189 |
| Intel Corp.<sup>\*</sup> | 17951 | 662392 |
| KLA Corp. | 526 | 639132 |
| ServiceNow, Inc.<sup>\*</sup> | 4153 | 636198 |
| Texas Instruments, Inc. | 3638 | 631157 |
| Adobe, Inc.<sup>\*</sup> | 1676 | 586583 |
| Analog Devices, Inc. | 1970 | 534264 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 1005 | 471104 |
| Synopsys, Inc.<sup>\*</sup> | 744 | 349472 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 1090 | 340712 |
| Autodesk, Inc.<sup>\*</sup> | 853 | 252496 |
| Seagate Technology Holdings plc | 872 | 240140 |
| Western Digital Corp. | 1369 | 235837 |
| NXP Semiconductor N.V. | 1008 | 218796 |
| Fortinet, Inc.<sup>\*</sup> | 2531 | 200987 |
| Roper Technologies, Inc. | 431 | 191851 |
| Workday, Inc. — Class A<sup>\*</sup> | 869 | 186644 |
| Electronic Arts, Inc. | 899 | 183693 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 695 | 177941 |
| Datadog, Inc. — Class A<sup>\*</sup> | 1303 | 177195 |
| Monolithic Power Systems, Inc. | 192 | 174021 |
| MSCI, Inc. — Class A | 301 | 172693 |
| Fair Isaac Corp.<sup>\*</sup> | 95 | 160609 |
| Cognizant Technology Solutions Corp. — Class A | 1932 | 160356 |
| Dell Technologies, Inc. — Class C | 1207 | 151937 |
| Paychex, Inc. | 1297 | 145497 |
| Fiserv, Inc.<sup>\*</sup> | 2153 | 144617 |
| Microchip Technology, Inc. | 2164 | 137890 |
| Fidelity National Information Services, Inc. | 2073 | 137772 |
| Sandisk Corp.<sup>\*</sup> | 557 | 132221 |
| Hewlett Packard Enterprise Co. | 5282 | 126873 |
| Teradyne, Inc. | 627 | 121362 |
| Broadridge Financial Solutions, Inc. | 467 | 104220 |
| Leidos Holdings, Inc. | 512 | 92365 |
| ON Semiconductor Corp.<sup>\*</sup> | 1611 | 87236 |
| NetApp, Inc. | 799 | 85565 |
| PTC, Inc.<sup>\*</sup> | 480 | 83621 |
| HP, Inc. | 3742 | 83372 |
| Tyler Technologies, Inc.<sup>\*</sup> | 172 | 78079 |
| Gartner, Inc.<sup>\*</sup> | 289 | 72909 |
| Super Micro Computer, Inc.<sup>\*</sup> | 2008 | 58774 |
| Jack Henry & Associates, Inc. | 290 | 52919 |
| Akamai Technologies, Inc.<sup>\*</sup> | 576 | 50256 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 203 | 49293 |
| EPAM Systems, Inc.<sup>\*</sup> | 221 | 45278 |
| Dayforce, Inc.<sup>\*</sup> | 641 | 44331 |
| Skyworks Solutions, Inc. | 595 | 37729 |
| Paycom Software, Inc. | 196 | 31235 |
| **Total Technology** |  | 76453545 |
| **Communications - 14.0%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 38947 | 8989746 |
| Alphabet, Inc. — Class A | 23292 | 7290396 |
| Alphabet, Inc. — Class C | 18616 | 5841701 |
| Meta Platforms, Inc. — Class A | 8719 | 5755325 |
| Netflix, Inc.<sup>\*</sup> | 16964 | 1590545 |
| Cisco Systems, Inc. | 15777 | 1215302 |
| Walt Disney Co. | 7147 | 813114 |
| AppLovin Corp. — Class A<sup>\*</sup> | 1084 | 730421 |
| AT&T, Inc. | 28383 | 705034 |
| Booking Holdings, Inc. | 129 | 690838 |
| Verizon Communications, Inc. | 16881 | 687563 |
| Uber Technologies, Inc.<sup>\*</sup> | 8319 | 679745 |
| Arista Networks, Inc.<sup>\*</sup> | 4134 | 541678 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 2738 | 504340 |
| Comcast Corp. — Class A | 14551 | 434929 |
| T-Mobile US, Inc. | 1926 | 391055 |
| Robinhood Markets, Inc. — Class A<sup>\*</sup> | 3148 | 356039 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1497 | 339041 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 9921 | 285923 |
| Corning, Inc. | 3124 | 273538 |
| Motorola Solutions, Inc. | 667 | 255674 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 1703 | 231131 |
| eBay, Inc. | 1810 | 157651 |
| Expedia Group, Inc. | 468 | 132589 |
| Omnicom Group, Inc. | 1277 | 103118 |
| VeriSign, Inc. | 334 | 81145 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 352 | 73480 |
| CDW Corp. | 521 | 70960 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 541 | 67127 |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 1763 | 66923 |
| Gen Digital, Inc. | 2247 | 61096 |
| Fox Corp. — Class A | 834 | 60940 |
| F5, Inc.<sup>\*</sup> | 231 | 58965 |
| FactSet Research Systems, Inc. | 150 | 43529 |
| News Corp. — Class A | 1499 | 39154 |
| Fox Corp. — Class B | 594 | 38569 |
| Match Group, Inc. | 945 | 30514 |
| Paramount Skydance Corp. — Class B | 1244 | 16670 |
| News Corp. — Class B | 494 | 14637 |
| **Total Communications** |  | 39720145 |
| **Financial - 11.7%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 7341 | 3689954 |
| JPMorgan Chase & Co. | 10899 | 3511876 |
| Visa, Inc. — Class A | 6756 | 2369397 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** |
| **Financial - 11.7% (continued)** |  |  |
| Mastercard, Inc. — Class A | 3283 | $1874199 |
| Bank of America Corp. | 26897 | 1479335 |
| Wells Fargo & Co. | 12567 | 1171244 |
| Goldman Sachs Group, Inc. | 1201 | 1055679 |
| Morgan Stanley | 4836 | 858535 |
| Citigroup, Inc. | 7163 | 835851 |
| American Express Co. | 2151 | 795762 |
| Charles Schwab Corp. | 6687 | 668098 |
| Blackrock, Inc. | 578 | 618656 |
| Capital One Financial Corp. | 2545 | 616806 |
| Progressive Corp. | 2348 | 534686 |
| Welltower, Inc. REIT | 2748 | 510056 |
| Prologis, Inc. REIT | 3719 | 474768 |
| Chubb Ltd. | 1465 | 457256 |
| Blackstone, Inc. — Class A | 2956 | 455638 |
| CME Group, Inc. — Class A | 1444 | 394327 |
| Intercontinental Exchange, Inc. | 2283 | 369755 |
| Marsh & McLennan Companies, Inc. | 1961 | 363805 |
| KKR & Company, Inc. — Class A | 2748 | 350315 |
| U.S. Bancorp | 6223 | 332059 |
| American Tower Corp. — Class A REIT | 1874 | 329018 |
| PNC Financial Services Group, Inc. | 1570 | 327706 |
| Bank of New York Mellon Corp. | 2792 | 324123 |
| Aon plc — Class A | 860 | 303477 |
| Equinix, Inc. REIT | 393 | 301101 |
| Apollo Global Management, Inc. | 1859 | 269109 |
| Arthur J Gallagher & Co. | 1028 | 266036 |
| Travelers Companies, Inc. | 893 | 259024 |
| Truist Financial Corp. | 5121 | 252005 |
| Simon Property Group, Inc. REIT | 1307 | 241939 |
| Allstate Corp. | 1048 | 218141 |
| Aflac, Inc. | 1888 | 208190 |
| Realty Income Corp. REIT | 3683 | 207611 |
| Coinbase Global, Inc. — Class A<sup>\*</sup> | 913 | 206466 |
| Digital Realty Trust, Inc. REIT | 1293 | 200040 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 1174 | 188768 |
| American International Group, Inc. | 2160 | 184788 |
| Ameriprise Financial, Inc. | 372 | 182406 |
| Nasdaq, Inc. | 1806 | 175417 |
| MetLife, Inc. | 2216 | 174931 |
| Public Storage REIT | 632 | 164004 |
| Prudential Financial, Inc. | 1401 | 158145 |
| Crown Castle, Inc. REIT | 1743 | 154900 |
| Hartford Insurance Group, Inc. | 1116 | 153785 |
| Ventas, Inc. REIT | 1881 | 145552 |
| State Street Corp. | 1118 | 144233 |
| Arch Capital Group Ltd.<sup>\*</sup> | 1446 | 138700 |
| Ares Management Corp. — Class A | 825 | 133345 |
| Willis Towers Watson plc | 383 | 125854 |
| M&T Bank Corp. | 615 | 123910 |
| Fifth Third Bancorp | 2646 | 123859 |
| VICI Properties, Inc. REIT | 4279 | 120325 |
| Synchrony Financial | 1442 | 120306 |
| Interactive Brokers Group, Inc. — Class A | 1783 | 114665 |
| CoStar Group, Inc.<sup>\*</sup> | 1697 | 114106 |
| Raymond James Financial, Inc. | 706 | 113377 |
| Extra Space Storage, Inc. REIT | 850 | 110687 |
| Huntington Bancshares, Inc. | 6294 | 109201 |
| Cboe Global Markets, Inc. | 419 | 105169 |
| Northern Trust Corp. | 757 | 103399 |
| AvalonBay Communities, Inc. REIT | 566 | 102621 |
| Cincinnati Financial Corp. | 625 | 102075 |
| Citizens Financial Group, Inc. | 1719 | 100407 |
| Iron Mountain, Inc. REIT | 1183 | 98130 |
| Regions Financial Corp. | 3511 | 95148 |
| Brown & Brown, Inc. | 1176 | 93727 |
| T. Rowe Price Group, Inc. | 874 | 89480 |
| Equity Residential REIT | 1386 | 87373 |
| W R Berkley Corp. | 1202 | 84284 |
| SBA Communications Corp. REIT | 427 | 82595 |
| KeyCorp | 3719 | 76760 |
| Loews Corp. | 678 | 71400 |
| Principal Financial Group, Inc. | 800 | 70568 |
| Weyerhaeuser Co. REIT | 2886 | 68369 |
| Essex Property Trust, Inc. REIT | 258 | 67513 |
| Mid-America Apartment Communities, Inc. REIT | 469 | 65149 |
| Invitation Homes, Inc. REIT | 2258 | 62750 |
| Everest Group Ltd. | 168 | 57011 |
| Kimco Realty Corp. REIT | 2711 | 54952 |
| Assurant, Inc. | 200 | 48170 |
| Camden Property Trust REIT | 426 | 46894 |
| Invesco Ltd. | 1782 | 46813 |
| Regency Centers Corp. REIT | 659 | 45491 |
| Host Hotels & Resorts, Inc. REIT | 2560 | 45389 |
| Healthpeak Properties, Inc. REIT | 2782 | 44735 |
| Globe Life, Inc. | 319 | 44615 |
| UDR, Inc. REIT | 1204 | 44163 |
| BXP, Inc. REIT<sup>1</sup> | 590 | 39813 |
| Federal Realty Investment Trust REIT | 314 | 31651 |
| Alexandria Real Estate Equities, Inc. REIT | 623 | 30490 |
| Franklin Resources, Inc. | 1231 | 29409 |
| Erie Indemnity Co. — Class A | 102 | 29238 |
| **Total Financial** |  | 33243058 |
| **Consumer, Non-cyclical - 11.5%** |  |  |
| Eli Lilly & Co. | 3179 | 3416408 |
| Johnson & Johnson | 9646 | 1996240 |
| AbbVie, Inc. | 7076 | 1616795 |
| Procter & Gamble Co. | 9355 | 1340665 |
| UnitedHealth Group, Inc. | 3627 | 1197309 |
| Coca-Cola Co. | 15499 | 1083535 |
| Merck & Company, Inc. | 9937 | 1045969 |
| Philip Morris International, Inc. | 6232 | 999613 |
| Abbott Laboratories | 6962 | 872269 |
| Thermo Fisher Scientific, Inc. | 1504 | 871493 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 1419 | 803665 |
| PepsiCo, Inc. | 5474 | 785629 |
| Amgen, Inc. | 2156 | 705680 |
| S&P Global, Inc. | 1241 | 648534 |
| Gilead Sciences, Inc. | 4967 | 609650 |
| Danaher Corp. | 2517 | 576192 |
| Pfizer, Inc. | 22763 | 566799 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** |
| **Consumer, Non-cyclical - 11.5% (continued)** |  |  |
| Boston Scientific Corp.<sup>\*</sup> | 5935 | $565902 |
| Medtronic plc | 5135 | 493268 |
| Stryker Corp. | 1378 | 484326 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 1016 | 460614 |
| Bristol-Myers Squibb Co. | 8150 | 439611 |
| Automatic Data Processing, Inc. | 1619 | 416455 |
| McKesson Corp. | 494 | 405223 |
| CVS Health Corp. | 5082 | 403307 |
| Altria Group, Inc. | 6721 | 387533 |
| Moody's Corp. | 614 | 313662 |
| Elevance Health, Inc. | 890 | 311990 |
| Regeneron Pharmaceuticals, Inc. | 403 | 311064 |
| HCA Healthcare, Inc. | 640 | 298790 |
| Cigna Group | 1069 | 294221 |
| Mondelez International, Inc. — Class A | 5166 | 278086 |
| Cencora, Inc. — Class A | 776 | 262094 |
| Cintas Corp. | 1368 | 257280 |
| Colgate-Palmolive Co. | 3227 | 254998 |
| Quanta Services, Inc. | 597 | 251970 |
| Becton Dickinson & Co. | 1148 | 222792 |
| Zoetis, Inc. | 1764 | 221946 |
| Monster Beverage Corp.<sup>\*</sup> | 2855 | 218893 |
| PayPal Holdings, Inc. | 3746 | 218692 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 320 | 216490 |
| United Rentals, Inc. | 255 | 206377 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 2323 | 198036 |
| Cardinal Health, Inc. | 951 | 195430 |
| Corteva, Inc. | 2705 | 181316 |
| Agilent Technologies, Inc. | 1135 | 154439 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 682 | 153730 |
| Kroger Co. | 2441 | 152514 |
| Keurig Dr Pepper, Inc. | 5439 | 152346 |
| GE HealthCare Technologies, Inc. | 1824 | 149604 |
| Block, Inc. — Class A<sup>\*</sup> | 2193 | 142742 |
| Sysco Corp. | 1917 | 141264 |
| ResMed, Inc. | 584 | 140668 |
| Kimberly-Clark Corp. | 1329 | 134083 |
| Kenvue, Inc. | 7670 | 132307 |
| Verisk Analytics, Inc. — Class A | 558 | 124819 |
| Humana, Inc. | 482 | 123455 |
| Archer-Daniels-Midland Co. | 1924 | 110611 |
| Hershey Co. | 593 | 107914 |
| Equifax, Inc. | 490 | 106320 |
| Dexcom, Inc.<sup>\*</sup> | 1561 | 103604 |
| Biogen, Inc.<sup>\*</sup> | 587 | 103306 |
| Estee Lauder Companies, Inc. — Class A | 984 | 103044 |
| STERIS plc | 393 | 99633 |
| General Mills, Inc. | 2136 | 99324 |
| Waters Corp.<sup>\*</sup> | 238 | 90400 |
| Corpay, Inc.<sup>\*</sup> | 280 | 84260 |
| Labcorp Holdings, Inc. | 332 | 83292 |
| Kraft Heinz Co. | 3412 | 82741 |
| Church & Dwight Company, Inc. | 961 | 80580 |
| Insulet Corp.<sup>\*</sup> | 282 | 80156 |
| West Pharmaceutical Services, Inc. | 288 | 79240 |
| Constellation Brands, Inc. — Class A | 564 | 77809 |
| Quest Diagnostics, Inc. | 445 | 77221 |
| Centene Corp.<sup>\*</sup> | 1869 | 76909 |
| Global Payments, Inc. | 948 | 73375 |
| Zimmer Biomet Holdings, Inc. | 793 | 71307 |
| Rollins, Inc. | 1175 | 70524 |
| McCormick & Company, Inc. | 1014 | 69063 |
| Tyson Foods, Inc. — Class A | 1133 | 66416 |
| Hologic, Inc.<sup>\*</sup> | 891 | 66371 |
| Cooper Companies, Inc.<sup>\*</sup> | 796 | 65240 |
| Incyte Corp.<sup>\*</sup> | 660 | 65188 |
| Viatris, Inc. | 4611 | 57407 |
| Avery Dennison Corp. | 309 | 56201 |
| Clorox Co. | 488 | 49205 |
| Bunge Global S.A. | 542 | 48281 |
| Universal Health Services, Inc. — Class B | 221 | 48182 |
| Solventum Corp.<sup>\*</sup> | 590 | 46752 |
| Revvity, Inc. | 454 | 43924 |
| J M Smucker Co. | 427 | 41765 |
| Align Technology, Inc.<sup>\*</sup> | 267 | 41692 |
| Moderna, Inc.<sup>\*,1</sup> | 1392 | 41050 |
| Baxter International, Inc. | 2058 | 39328 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 197 | 39298 |
| Bio-Techne Corp. | 624 | 36697 |
| Molina Healthcare, Inc.<sup>\*</sup> | 206 | 35749 |
| Conagra Brands, Inc. | 1915 | 33149 |
| Molson Coors Beverage Co. — Class B | 678 | 31649 |
| Henry Schein, Inc.<sup>\*</sup> | 401 | 30308 |
| Hormel Foods Corp. | 1167 | 27658 |
| Lamb Weston Holdings, Inc. | 558 | 23374 |
| The Campbell's Co.<sup>1</sup> | 787 | 21934 |
| Brown-Forman Corp. — Class B<sup>1</sup> | 705 | 18372 |
| DaVita, Inc.<sup>\*,1</sup> | 141 | 16019 |
| **Total Consumer, Non-cyclical** |  | 32630624 |
| **Consumer, Cyclical - 6.7%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 11250 | 5059350 |
| Walmart, Inc. | 17556 | 1955914 |
| Costco Wholesale Corp. | 1774 | 1529791 |
| Home Depot, Inc. | 3985 | 1371239 |
| McDonald's Corp. | 2851 | 871351 |
| TJX Companies, Inc. | 4456 | 684486 |
| Lowe's Companies, Inc. | 2245 | 541404 |
| Starbucks Corp. | 4552 | 383324 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 3379 | 308199 |
| General Motors Co. | 3735 | 303730 |
| NIKE, Inc. — Class B | 4761 | 303323 |
| Royal Caribbean Cruises Ltd. | 1015 | 283104 |
| Cummins, Inc. | 553 | 282279 |
| Marriott International, Inc. — Class A | 892 | 276734 |
| Hilton Worldwide Holdings, Inc. | 931 | 267430 |
| Carvana Co.<sup>\*</sup> | 566 | 238863 |
| Ross Stores, Inc. | 1302 | 234542 |
| PACCAR, Inc. | 2103 | 230300 |
| AutoZone, Inc.<sup>\*</sup> | 67 | 227231 |
| Ford Motor Co. | 15668 | 205564 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** |
| **Consumer, Cyclical - 6.7% (continued)** |  |  |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 5294 | $195878 |
| Fastenal Co. | 4596 | 184437 |
| Delta Air Lines, Inc. | 2597 | 180232 |
| Target Corp. | 1819 | 177807 |
| WW Grainger, Inc. | 175 | 176584 |
| Yum! Brands, Inc. | 1112 | 168223 |
| DR Horton, Inc. | 1096 | 157857 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 1296 | 144919 |
| Copart, Inc.<sup>\*</sup> | 3565 | 139570 |
| Carnival Corp. | 4347 | 132758 |
| Dollar General Corp. | 881 | 116970 |
| Ulta Beauty, Inc.<sup>\*</sup> | 180 | 108902 |
| Tractor Supply Co. | 2115 | 105771 |
| Tapestry, Inc. | 819 | 104644 |
| Dollar Tree, Inc.<sup>\*</sup> | 759 | 93365 |
| PulteGroup, Inc. | 780 | 91463 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 632 | 90060 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 432 | 89774 |
| Lennar Corp. — Class A | 864 | 88819 |
| Williams-Sonoma, Inc. | 488 | 87152 |
| Darden Restaurants, Inc. | 466 | 85753 |
| Southwest Airlines Co. | 2070 | 85553 |
| NVR, Inc.<sup>\*</sup> | 11 | 80220 |
| Las Vegas Sands Corp. | 1218 | 79280 |
| Genuine Parts Co. | 557 | 68489 |
| Aptiv plc<sup>\*</sup> | 865 | 65818 |
| Deckers Outdoor Corp.<sup>\*</sup> | 583 | 60440 |
| TKO Group Holdings, Inc.<sup>1</sup> | 265 | 55385 |
| Ralph Lauren Corp. — Class A | 155 | 54809 |
| Best Buy Company, Inc. | 782 | 52339 |
| Domino's Pizza, Inc. | 124 | 51686 |
| Hasbro, Inc. | 534 | 43788 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1823 | 40689 |
| Wynn Resorts Ltd. | 338 | 40671 |
| Pool Corp. | 131 | 29966 |
| MGM Resorts International<sup>\*</sup> | 821 | 29958 |
| **Total Consumer, Cyclical** |  | 19118187 |
| **Industrial - 6.2%** |  |  |
| General Electric Co. | 4223 | 1300811 |
| Caterpillar, Inc. | 1874 | 1073558 |
| RTX Corp. | 5368 | 984491 |
| GE Vernova, Inc. | 1086 | 709777 |
| Boeing Co.<sup>\*</sup> | 3135 | 680671 |
| Amphenol Corp. — Class A | 4901 | 662321 |
| Union Pacific Corp. | 2375 | 549385 |
| Honeywell International, Inc. | 2542 | 495919 |
| Eaton Corporation plc | 1555 | 495283 |
| Deere & Co. | 1007 | 468829 |
| Parker-Hannifin Corp. | 505 | 443875 |
| Lockheed Martin Corp. | 815 | 394191 |
| Trane Technologies plc | 888 | 345610 |
| General Dynamics Corp. | 1015 | 341710 |
| 3M Co. | 2127 | 340533 |
| CRH plc | 2683 | 334839 |
| Howmet Aerospace, Inc. | 1610 | 330082 |
| Waste Management, Inc. | 1484 | 326050 |
| Northrop Grumman Corp. | 537 | 306203 |
| TransDigm Group, Inc. | 225 | 299216 |
| Emerson Electric Co. | 2249 | 298487 |
| United Parcel Service, Inc. — Class B | 2959 | 293503 |
| Johnson Controls International plc | 2447 | 293028 |
| CSX Corp. | 7455 | 270244 |
| TE Connectivity plc | 1178 | 268007 |
| Illinois Tool Works, Inc. | 1057 | 260339 |
| Norfolk Southern Corp. | 898 | 259271 |
| FedEx Corp. | 869 | 251019 |
| L3Harris Technologies, Inc. | 749 | 219884 |
| AMETEK, Inc. | 922 | 189296 |
| Axon Enterprise, Inc.<sup>\*</sup> | 316 | 179466 |
| Rockwell Automation, Inc. | 449 | 174692 |
| Republic Services, Inc. — Class A | 806 | 170815 |
| Carrier Global Corp. | 3169 | 167450 |
| Vulcan Materials Co. | 529 | 150881 |
| Martin Marietta Materials, Inc. | 241 | 150061 |
| Westinghouse Air Brake Technologies Corp. | 684 | 146000 |
| Keysight Technologies, Inc.<sup>\*</sup> | 688 | 139795 |
| Otis Worldwide Corp. | 1560 | 136266 |
| Garmin Ltd. | 655 | 132867 |
| Xylem, Inc. | 975 | 132775 |
| Comfort Systems USA, Inc. | 141 | 131594 |
| Old Dominion Freight Line, Inc. | 737 | 115562 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 82 | 114324 |
| Ingersoll Rand, Inc. | 1439 | 113998 |
| EMCOR Group, Inc. | 179 | 109511 |
| Dover Corp. | 549 | 107187 |
| Veralto Corp. | 994 | 99181 |
| Jabil, Inc. | 428 | 97592 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 188 | 96017 |
| Hubbell, Inc. | 213 | 94595 |
| Smurfit WestRock plc | 2091 | 80859 |
| Expeditors International of Washington, Inc. | 537 | 80018 |
| Amcor plc | 9242 | 77078 |
| CH Robinson Worldwide, Inc. | 473 | 76040 |
| Trimble, Inc.<sup>\*</sup> | 953 | 74667 |
| Packaging Corporation of America | 358 | 73831 |
| Snap-on, Inc. | 208 | 71677 |
| Fortive Corp. | 1272 | 70227 |
| Pentair plc | 655 | 68212 |
| Jacobs Solutions, Inc. | 479 | 63448 |
| Lennox International, Inc. | 128 | 62154 |
| Textron, Inc. | 706 | 61542 |
| J.B. Hunt Transport Services, Inc. | 301 | 58496 |
| Ball Corp. | 1073 | 56837 |
| Allegion plc | 344 | 54772 |
| Huntington Ingalls Industries, Inc. | 157 | 53391 |
| IDEX Corp. | 300 | 53382 |
| Masco Corp. | 832 | 52799 |
| Nordson Corp. | 214 | 51452 |
| Stanley Black & Decker, Inc. | 620 | 46053 |
| Builders FirstSource, Inc.<sup>\*</sup> | 443 | 45580 |
| Generac Holdings, Inc.<sup>\*</sup> | 235 | 32047 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** | **COMMON STOCKS<sup>†</sup> - 82.4% (continued)** |
| **Industrial - 6.2% (continued)** |  |  |
| A O Smith Corp. | 454 | $30363 |
| **Total Industrial** |  | 17641986 |
| **Energy - 2.4%** |  |  |
| Exxon Mobil Corp. | 16883 | 2031700 |
| Chevron Corp. | 7577 | 1154811 |
| ConocoPhillips | 4947 | 463089 |
| Williams Companies, Inc. | 4889 | 293878 |
| SLB Ltd. | 5981 | 229551 |
| EOG Resources, Inc. | 2172 | 228082 |
| Kinder Morgan, Inc. | 7838 | 215467 |
| Phillips 66 | 1613 | 208142 |
| Valero Energy Corp. | 1221 | 198767 |
| Marathon Petroleum Corp. | 1203 | 195644 |
| ONEOK, Inc. | 2519 | 185146 |
| Baker Hughes Co. | 3951 | 179928 |
| Targa Resources Corp. | 859 | 158485 |
| Equities Corp. | 2498 | 133893 |
| Occidental Petroleum Corp. | 2879 | 118384 |
| First Solar, Inc.<sup>\*</sup> | 430 | 112329 |
| Diamondback Energy, Inc. | 746 | 112146 |
| Expand Energy Corp. | 954 | 105283 |
| Halliburton Co. | 3369 | 95208 |
| Devon Energy Corp. | 2511 | 91978 |
| Coterra Energy, Inc. — Class A | 3048 | 80223 |
| Texas Pacific Land Corp. | 232 | 66635 |
| APA Corp. | 1420 | 34733 |
| **Total Energy** |  | 6693502 |
| **Utilities - 1.9%** |  |  |
| NextEra Energy, Inc. | 8338 | 669375 |
| Constellation Energy Corp. | 1250 | 441588 |
| Southern Co. | 4408 | 384378 |
| Duke Energy Corp. | 3113 | 364875 |
| American Electric Power Company, Inc. | 2143 | 247109 |
| Sempra | 2613 | 230702 |
| Vistra Corp. | 1275 | 205696 |
| Dominion Energy, Inc. | 3419 | 200319 |
| Exelon Corp. | 4045 | 176322 |
| Xcel Energy, Inc. | 2368 | 174900 |
| Entergy Corp. | 1788 | 165265 |
| Public Service Enterprise Group, Inc. | 1998 | 160439 |
| Consolidated Edison, Inc. | 1445 | 143517 |
| PG&E Corp. | 8799 | 141400 |
| WEC Energy Group, Inc. | 1302 | 137309 |
| NRG Energy, Inc. | 767 | 122137 |
| Ameren Corp. | 1083 | 108148 |
| Atmos Energy Corp.<sup>1</sup> | 643 | 107786 |
| DTE Energy Co. | 831 | 107182 |
| PPL Corp.<sup>1</sup> | 2962 | 103729 |
| American Water Works Company, Inc. | 781 | 101920 |
| Eversource Energy | 1502 | 101130 |
| CenterPoint Energy, Inc. | 2614 | 100221 |
| FirstEnergy Corp. | 2081 | 93166 |
| Edison International | 1540 | 92431 |
| CMS Energy Corp. | 1218 | 85175 |
| NiSource, Inc. | 1910 | 79762 |
| Alliant Energy Corp. | 1029 | 66895 |
| Evergy, Inc. | 922 | 66836 |
| Pinnacle West Capital Corp. | 479 | 42487 |
| AES Corp. | 2851 | 40883 |
| **Total Utilities** |  | 5263082 |
| **Basic Materials - 1.1%** |  |  |
| Linde plc | 1869 | 796923 |
| Newmont Corp. | 4369 | 436244 |
| Sherwin-Williams Co. | 923 | 299080 |
| Freeport-McMoRan, Inc. | 5749 | 291992 |
| Ecolab, Inc. | 1021 | 268033 |
| Air Products and Chemicals, Inc. | 891 | 220095 |
| Nucor Corp. | 916 | 149409 |
| Steel Dynamics, Inc. | 550 | 93197 |
| PPG Industries, Inc. | 898 | 92009 |
| International Paper Co. | 2114 | 83271 |
| International Flavors & Fragrances, Inc. | 1025 | 69075 |
| Qnity Electronics, Inc. | 838 | 68423 |
| DuPont de Nemours, Inc. | 1677 | 67415 |
| Albemarle Corp. | 471 | 66618 |
| Dow, Inc. | 2846 | 66540 |
| CF Industries Holdings, Inc. | 624 | 48260 |
| LyondellBasell Industries N.V. — Class A | 1031 | 44642 |
| Mosaic Co. | 1271 | 30618 |
| **Total Basic Materials** |  | 3191844 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,815,277) |  | 233955973 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 8.1%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.50% due 01/22/26<sup>2,3</sup> | $11192000 | 11169906 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>3,4</sup> | 7500000 | 7444162 |
| &nbsp;&nbsp;&nbsp;3.69% due 02/24/26<sup>3,4</sup> | 4500000 | 4476592 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,086,471) |  | 23090660 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 1.8%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.50% 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> - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 7867839 | 7867839 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 7867839 | 7867839 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,735,678) |  | 15735678 |
| **Total Investments - 97.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $183,636,940) |  | $277781825 |
| **Other Assets & Liabilities, net - 2.1%** |  | 6064709 |
| **Total Net Assets - 100.0%** |  | $283846534 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> 2x 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>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 653 | Mar 2026 | $225015638 | $(583738) |

---

**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>** |  |  |  |
| Barclays Bank plc | S&P 500 Index | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 6502 | $44506384 | $1368675 |
| BNP Paribas | S&P 500 Index | Pay | 4.49% (Federal Funds Rate + 0.85%) | At Maturity | 01/22/26 | 3258 | 22303616 | 616145 |
| Goldman Sachs International | S&P 500 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 6207 | 42488979 | 433235 |
|  |  |  |  |  |  |  | $109298979 | $2418055 |

---

---

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

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 | $233955973 | $— | $— | $233955973 |
| U.S. Treasury Bills |  | 23090660 |  | 23090660 |
| Federal Agency Discount Notes |  | 4999514 |  | 4999514 |
| Repurchase Agreements |  | 15735678 |  | 15735678 |
| Equity Index Swap Agreements\*\* |  | 2418055 |  | 2418055 |
| Total Assets | $233955973 | $46243907 | $— | $280199880 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2** <br> **Significant** <br> **Observable<br> Inputs**  | **Total** |
| Equity Futures Contracts\*\* | $583738 | $– $– $| 583738 |

---

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

---

| | |
|:---|:---|
| **Inverse S&P 500<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 8.6%** | **U.S. TREASURY BILLS<sup>††</sup> - 8.6%** | **U.S. TREASURY BILLS<sup>††</sup> - 8.6%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.51% due 01/22/26<sup>1,2</sup> | $423000 | $422165 |
| &nbsp;&nbsp;&nbsp;3.51% due 03/19/26<sup>2,3</sup> | 300000 | 297766 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $719,835) |  | 719931 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 5.9%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.71% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 500000 | 499998 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $500,000) |  | 499998 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 85.4%** |  |  |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 3599094 | 3599094 |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 3599094 | 3599094 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,198,188) |  | 7198188 |
| **Total Investments - 99.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,418,023) |  | $8418117 |
| **Other Assets & Liabilities, net - 0.1%** |  | 7037 |
| **Total Net Assets - 100.0%** |  | $8425154 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 18 | Mar 2026 | $6202575 | $62902 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<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 | S&P 500 Index | Receive | 4.09% (Federal Funds Rate + 0.45%) | At Maturity | 01/22/26 | 673 | $4608565 | $43282 |
| Barclays Bank plc | S&P 500 Index | Receive | 4.31% (SOFR + 0.60%) | At Maturity | 01/22/26 | 554 | 3789834 | 35215 |
| Goldman Sachs International | S&P 500 Index | Receive | 4.29% (Federal Funds Rate + 0.65%) | At Maturity | 01/21/26 | 328 | 2248569 | 21770 |
|  |  |  |  |  |  |  | $10646968 | $100267 |

---

---

| | |
|:---|:---|
| *<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>* | *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*

*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** |
| U.S. Treasury Bills | $— | $719931 | $— | $719931 |
| Federal Agency Notes |  | 499998 |  | 499998 |
| Repurchase Agreements |  | 7198188 |  | 7198188 |
| Equity Futures Contracts\*\* | 62902 |  |  | 62902 |
| Equity Index Swap Agreements\*\* |  | 100267 |  | 100267 |
| Total Assets | $62902 | $8518384 | $— | $8581286 |

---

 

*<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**

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

This report covers the following Funds:

---

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

---

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

**Significant Accounting Policies** 

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

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

**(a) Valuation of Investments** 

The Board of Trustees of the Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated 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.

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

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.

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

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

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

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**Note 2 – Derivatives**

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

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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 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.

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

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

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

**Note 3 – Fair Value Measurement**

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

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

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

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

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

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

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

**Note 4 – Repurchase Agreements** 

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| BofA Securities, Inc.<br> 3.81%<br> Due 01/02/26 | $42267924 | $42276870 | U.S. Treasury Inflation Indexed Bonds<br> 1.13% - 3.63%<br> Due 4/15/28 - 10/15/30 | $43595431 | $43109916 |
|  |  |  | U.S. Treasury Note<br> 3.88%<br> Due 12/31/32 | 3200 | 3196 |
|  |  |  | U.S. Treasury Strip<br> 0.00%<br> Due 02/15/37 | 279 | 170 |
|  |  |  |  | 43598910 | 43113282 |
| J.P. Morgan Securities LLC<br> 3.82%<br> Due 01/02/26 | 42267923 | 42276894 | U.S. Treasury Note<br> 4.50%<br> Due 04/15/27 | 42187700 | 43113350 |

---

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**<br> **Securities Loaned** | **Collateral** <br> **Received<sup>a</sup>** | **Net** | **Cash**<br> **Collateral Received**<br> **and Invested** | **Non-Cash**<br> **Collateral Received,**<br> **at Value** | **Total**<br> **Collateral Received** |
| Russell 2000<sup>®</sup> 2x Strategy Fund | $745529 | $745529 | $– $| 88140 | $661905 | $750045 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 255271 | 255271 | – |  | 260444 | 260444 |

---

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

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 Appreciation** | **Tax Unrealized Depreciation** | **Net Tax Unrealized Appreciation (Depreciation)** |
| Dow 2x Strategy Fund | $35566511 | $13416994 | $(305749) | $13111245 |
| Inverse Dow 2x Strategy Fund | 2429305 | 33997 | (23930) | 10067 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 1066146717 | 401765534 | (8113514) | 393652020 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 9785354 | 80273 | (47098) | 33175 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 45237556 | 5009112 | (2296966) | 2712146 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 2955182 | 155322 | (32870) | 122452 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 216591969 | 63713176 | (689003) | 63024173 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 8418023 | 163265 | (2) | 163263 |

---

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

**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 Dynamic Funds

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

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

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

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 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:** $52918482.28

**Total Liabilities:** $9620419.09

**Net Assets:** $43298063.19

**Cash Not Reported:** $1095042.39

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010371 | 4.42%                | 0.24%                | 1.01%                |
| Class ID C000010372 | 4.49%                | 0.30%                | 1.07%                |
| Class ID C000010370 | 4.49%                | 0.30%                | 1.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $72981.16                | $670706.08                                 |
| Month 2  | $-193902.82              | $186794.15                                 |
| Month 3  | $-157719.40              | $201550.21                                 |

**Designated Index Information**

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

- **Index Identifier:** DJINDAVG

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Amgen Inc                      | Amgen, Inc.                                               | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |      5785 | NS      | $1893488.35   | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co/The               | Coca-Cola Co.                                             | CUSIP: 191216100<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | EC               | CORP              | US        |      5785 | NS      | $404429.35    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Chicago Board of Trade         | Dow Jones Industrial Average Index Mini Futures Contracts | CUSIP: N/A<br>LEI: N/A                        | N/A              | DE               |  | US        |       165 | NC      | $-276841.89   | -0.64%            |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group, Inc.                                  | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5785 | NS      | $1909686.35   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Companies, Inc.                                 | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      5785 | NS      | $1677997.10   | 3.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple, Inc.                                               | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5785 | NS      | $1572710.10   | 3.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co.                                                | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EC               | CORP              | US        |      5785 | NS      | $1256039.20   | 2.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa, Inc.                                                | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |      5785 | NS      | $2028857.35   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group, Inc.                                 | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      5785 | NS      | $5085015.00   | 11.74%            |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE, Inc.                                                | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |      5785 | NS      | $368562.35    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                      | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      5785 | NS      | $1864042.70   | 4.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems, Inc.                                       | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      5785 | NS      | $445618.55    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc     | Verizon Communications, Inc.                              | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      5785 | NS      | $235623.05    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart, Inc.                                             | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |      5785 | NS      | $644506.85    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce, Inc.                                          | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |      5785 | NS      | $1532504.35   | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BNP Paribas                    | Dow Jones Industrial Average Index                        | CUSIP: N/A<br>LEI: R0MUWSFPU8MPRO8K5P83       | N/A              | DE               |  | US        |        67 | NC      | $128492.02    | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Barclays Bank plc              | Dow Jones Industrial Average Index                        | CUSIP: N/A<br>LEI: G5GSEF7VJP5I7OUK5573       | N/A              | DE               |  | US        |       273 | NC      | $-5658.80     | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co.                                      | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Long             | EC               | CORP              | US        |      5785 | NS      | $1874513.55   | 4.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co.                                      | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      5785 | NS      | $829048.35    | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                             | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5785 | NS      | $881691.85    | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC     | J.P. Morgan Securities LLC                                | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |    523556 | PA      | $523555.76    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| 3M Co                          | 3M Co.                                                    | CUSIP: 88579Y101<br>LEI: LUZQVYP4VS22CLWDAR65 | Long             | EC               | CORP              | US        |      5785 | NS      | $926178.50    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com, Inc.                                          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5785 | NS      | $1335293.70   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| American Express Co            | American Express Co.                                      | CUSIP: 025816109<br>LEI: R4PP93JZOLY261QX3811 | Long             | EC               | CORP              | US        |      5785 | NS      | $2140160.75   | 4.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot, Inc.                                          | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      5785 | NS      | $1990618.50   | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Company, Inc.                                     | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      5785 | NS      | $608929.10    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp.                                           | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      5785 | NS      | $2797741.70   | 6.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The             | Walt Disney Co.                                           | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |      5785 | NS      | $658159.45    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      5785 | NS      | $1197205.75   | 2.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Solstice Advanced Materials In | Solstice Advanced Materials, Inc.                         | CUSIP: 83443Q103<br>LEI: 2138004GZ4H9TW6HK435 | Long             | EC               | CORP              | US        |         0 | NS      | $24.29        | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                          | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      5785 | NS      | $1768069.55   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | U.S. Treasury Bills                                       | CUSIP: 912797PD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2628000 | PA      | $2622812.14   | 6.06%             | 2026-01-22      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp.                                              | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      5785 | NS      | $1078902.50   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar, Inc.                                         | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      5785 | NS      | $3314052.95   | 7.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc    | Honeywell International, Inc.                             | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      5785 | NS      | $1128595.65   | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| IBM                            | International Business Machines Corp.                     | CUSIP: 459200101<br>LEI: VGRQXHF3J8VDLUA7XE92 | Long             | EC               | CORP              | US        |      5785 | NS      | $1713574.85   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                     | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |    523556 | PA      | $523555.76    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Rydex Dynamic Funds

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO