# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0001752724-23-045011
**Filing Date:** 2023-2
**Character Count:** 762037
**Document Hash:** 24660fd2fcd42041790e30fdc54ffb9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-045011.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-045011

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148
- **IRS NUMBER:** 000000000
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 23680319

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

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

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

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

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

## Series and Classes Contracts Data

### Banking Fund (Series ID: S000003683)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000010303 | Investor Class | RYKIX           |
| C000010304 | Class H        | RYKAX           |
| C000010305 | Class A        | RYBKX           |
| C000010306 | Class C        | RYKCX           |

## Nport-Ex

---

| | |
|:---|:---|
| **Banking Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Banks - 91.3%** | **Banks - 91.3%** | **Banks - 91.3%** |
| Bank of America Corp. | 11450 | $379224 |
| JPMorgan Chase & Co. | 2799 | 375346 |
| Wells Fargo & Co. | 8755 | 361494 |
| Citigroup, Inc. | 6846 | 309645 |
| U.S. Bancorp | 6120 | 266893 |
| PNC Financial Services Group, Inc. | 1680 | 265339 |
| Truist Financial Corp. | 5874 | 252758 |
| Bank of New York Mellon Corp. | 4314 | 196373 |
| State Street Corp. | 2156 | 167241 |
| M&T Bank Corp. | 1136 | 164788 |
| First Republic Bank | 1308 | 159432 |
| Fifth Third Bancorp | 4784 | 156963 |
| Regions Financial Corp. | 6773 | 146026 |
| Huntington Bancshares, Inc. | 10303 | 145272 |
| Citizens Financial Group, Inc. | 3639 | 143267 |
| Northern Trust Corp. | 1593 | 140965 |
| KeyCorp | 7683 | 133838 |
| SVB Financial Group<sup>\*</sup> | 524 | 120593 |
| First Horizon Corp. | 4711 | 115420 |
| ICICI Bank Ltd. ADR | 5068 | 110939 |
| HDFC Bank Ltd. ADR | 1590 | 108772 |
| Toronto-Dominion Bank | 1664 | 107761 |
| First Citizens BancShares, Inc. — Class A | 142 | 107687 |
| HSBC Holdings plc ADR | 3357 | 104604 |
| Popular, Inc. | 1573 | 104321 |
| Royal Bank of Canada | 1081 | 101636 |
| Bank of Nova Scotia | 2074 | 101585 |
| East West Bancorp, Inc. | 1507 | 99311 |
| Comerica, Inc. | 1484 | 99205 |
| Webster Financial Corp. | 2066 | 97804 |
| Bank of Montreal | 1072 | 97123 |
| UBS Group AG | 5191 | 96916 |
| Commerce Bancshares, Inc. | 1408 | 95860 |
| Cullen/Frost Bankers, Inc. | 706 | 94392 |
| Zions Bancorp North America | 1888 | 92814 |
| Canadian Imperial Bank of Commerce | 2230 | 90204 |
| Signature Bank | 769 | 88604 |
| BOK Financial Corp. | 827 | 85834 |
| Western Alliance Bancorporation | 1421 | 84635 |
| Prosperity Bancshares, Inc. | 1157 | 84091 |
| Valley National Bancorp | 6990 | 79057 |
| Pinnacle Financial Partners, Inc. | 1053 | 77290 |
| SouthState Corp. | 1000 | 76360 |
| United Bankshares, Inc. | 1859 | 75271 |
| Synovus Financial Corp. | 1999 | 75062 |
| Old National Bancorp | 4151 | 74635 |
| Glacier Bancorp, Inc. | 1478 | 73043 |
| Wintrust Financial Corp. | 854 | 72180 |
| Bank OZK | 1757 | 70385 |
| First Financial Bankshares, Inc. | 2046 | 70382 |
| First Interstate BancSystem, Inc. — Class A | 1803 | 69686 |
| FNB Corp. | 5339 | 69674 |
| Home BancShares, Inc. | 3030 | 69054 |
| Cadence Bank | 2769 | 68284 |
| UMB Financial Corp. | 785 | 65563 |
| Umpqua Holdings Corp. | 3600 | 64260 |
| Hancock Whitney Corp. | 1318 | 63778 |
| Independent Bank Corp. | 737 | 62225 |
| ServisFirst Bancshares, Inc. | 891 | 61399 |
| First Hawaiian, Inc. | 2350 | 61194 |
| Associated Banc-Corp. | 2646 | 61096 |
| United Community Banks, Inc. | 1790 | 60502 |
| CVB Financial Corp. | 2338 | 60203 |
| Community Bank System, Inc. | 952 | 59928 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 957 | 57717 |
| Bank of Hawaii Corp. | 736 | 57084 |
| Ameris Bancorp | 1199 | 56521 |
| Cathay General Bancorp | 1361 | 55515 |
| Simmons First National Corp. — Class A | 2567 | 55396 |
| Eastern Bankshares, Inc. | 3186 | 54959 |
| Fulton Financial Corp. | 3248 | 54664 |
| PacWest Bancorp | 2290 | 52556 |
| BankUnited, Inc. | 1512 | 51363 |
| Atlantic Union Bankshares Corp. | 1439 | 50566 |
| Columbia Banking System, Inc. | 1670 | 50317 |
| Hilltop Holdings, Inc. | 1532 | 45975 |
| Triumph Financial, Inc.<sup>\*</sup> | 704 | 34404 |
| Customers Bancorp, Inc.<sup>\*</sup> | 1084 | 30721 |
| Silvergate Capital Corp. — Class A<sup>\*,1</sup> | 1244 | 21646 |
| **Total Banks** |  | 8424890 |
| **Diversified Financial Services - 4.3%** |  |  |
| Apollo Global Management, Inc. | 3186 | 203235 |
| Capital One Financial Corp. | 2082 | 193543 |
| **Total Diversified Financial Services** |  | 396778 |
| **Insurance - 2.6%** |  |  |
| Equitable Holdings, Inc. | 3579 | 102717 |
| Voya Financial, Inc. | 1271 | 78154 |
| Jackson Financial, Inc. — Class A | 1553 | 54029 |
| **Total Insurance** |  | 234900 |
| **Savings & Loans - 1.3%** |  |  |
| New York Community Bancorp, Inc. | 7714 | 66340 |
| Pacific Premier Bancorp, Inc. | 1705 | 53810 |
| **Total Savings & Loans** |  | 120150 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,782,012) |  | 9176718 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $28240 | 28240 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 10861 | 10861 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 10828 | 10828 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,929) |  | 49929 |

---

---

| | |
|:---|:---|
| **Banking Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.2%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 15772 | $15772 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,772) |  | $15772 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,847,713) |  | $9242419 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (18205) |
| **Total Net Assets - 100.0%** |  | $9224214 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $9176718 | $— | $— | $9176718 |
| Repurchase Agreements |  | 49929 |  | 49929 |
| Securities Lending Collateral | 15772 |  |  | 15772 |
| Total Assets | $9192490 | $49929 | $— | $9242419 |

---

---

| | |
|:---|:---|
| **Basic Materials Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 98.8%** | | |
| **Chemicals - 46.5%** |  |  |
| Air Products and Chemicals, Inc. | 3511 | $1082301 |
| Sherwin-Williams Co. | 4306 | 1021943 |
| Ecolab, Inc. | 5880 | 855893 |
| Dow, Inc. | 15860 | 799185 |
| DuPont de Nemours, Inc. | 11325 | 777235 |
| PPG Industries, Inc. | 5817 | 731430 |
| LyondellBasell Industries N.V. — Class A | 8573 | 711816 |
| International Flavors & Fragrances, Inc. | 6420 | 673073 |
| Linde plc | 2026 | 660841 |
| Albemarle Corp. | 2993 | 649062 |
| FMC Corp. | 4246 | 529901 |
| CF Industries Holdings, Inc. | 5940 | 506088 |
| Mosaic Co. | 11520 | 505382 |
| Westlake Corp. | 4595 | 471171 |
| RPM International, Inc. | 4750 | 462887 |
| Celanese Corp. — Class A | 4482 | 458240 |
| Nutrien Ltd. | 6110 | 446213 |
| Eastman Chemical Co. | 5036 | 410132 |
| Olin Corp. | 6717 | 355598 |
| Valvoline, Inc. | 9985 | 326010 |
| Axalta Coating Systems Ltd.<sup>\*</sup> | 12713 | 323800 |
| Ashland, Inc. | 2982 | 320654 |
| Huntsman Corp. | 11064 | 304039 |
| Chemours Co. | 9603 | 294044 |
| Element Solutions, Inc. | 15324 | 278744 |
| Balchem Corp. | 2141 | 261438 |
| HB Fuller Co. | 3586 | 256829 |
| Cabot Corp. | 3815 | 254995 |
| Livent Corp.<sup>\*</sup> | 12335 | 245096 |
| Avient Corp. | 7104 | 239831 |
| Sensient Technologies Corp. | 3233 | 235750 |
| Ingevity Corp.<sup>\*</sup> | 3064 | 215828 |
| Trinseo plc | 5206 | 118228 |
| **Total Chemicals** |  | 15783677 |
| **Mining - 16.4%** |  |  |
| Freeport-McMoRan, Inc. | 25506 | 969228 |
| Newmont Corp. | 17548 | 828266 |
| Rio Tinto plc ADR | 6268 | 446282 |
| BHP Group Ltd. ADR | 6974 | 432737 |
| Teck Resources Ltd. — Class B | 11082 | 419121 |
| Agnico Eagle Mines Ltd. | 7860 | 408641 |
| Alcoa Corp. | 8424 | 383039 |
| Wheaton Precious Metals Corp. | 9409 | 367704 |
| Royal Gold, Inc. | 3243 | 365551 |
| Franco-Nevada Corp. | 2347 | 320319 |
| MP Materials Corp.<sup>\*</sup> | 10359 | 251516 |
| Arconic Corp.<sup>\*</sup> | 9275 | 196259 |
| Compass Minerals International, Inc. | 3833 | 157153 |
| **Total Mining** |  | 5545816 |
| **Packaging & Containers - 12.1%** |  |  |
| Ball Corp. | 10352 | 529401 |
| Packaging Corporation of America | 3490 | 446406 |
| Crown Holdings, Inc. | 5171 | 425108 |
| Westrock Co. | 11410 | 401176 |
| Berry Global Group, Inc. | 5996 | 362338 |
| AptarGroup, Inc. | 3289 | 361724 |
| Sealed Air Corp. | 7091 | 353699 |
| Graphic Packaging Holding Co. | 15681 | 348902 |
| Sonoco Products Co. | 5396 | 327591 |
| Silgan Holdings, Inc. | 6120 | 317261 |
| O-I Glass, Inc.<sup>\*</sup> | 13189 | 218542 |
| **Total Packaging & Containers** |  | 4092148 |
| **Iron & Steel - 9.7%** |  |  |
| Nucor Corp. | 5566 | 733655 |
| Steel Dynamics, Inc. | 5304 | 518201 |
| Reliance Steel & Aluminum Co. | 2256 | 456705 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 23858 | 384352 |
| United States Steel Corp. | 12745 | 319262 |
| Commercial Metals Co. | 6438 | 310955 |
| ArcelorMittal S.A. | 11653 | 305542 |
| ATI, Inc.<sup>\*</sup> | 8615 | 257244 |
| **Total Iron & Steel** |  | 3285916 |
| **Building Materials - 6.9%** |  |  |
| Vulcan Materials Co. | 3603 | 630921 |
| Martin Marietta Materials, Inc. | 1772 | 598883 |
| MDU Resources Group, Inc. | 10984 | 333255 |
| Eagle Materials, Inc. | 2206 | 293067 |
| Louisiana-Pacific Corp. | 4331 | 256395 |
| Summit Materials, Inc. — Class A<sup>\*</sup> | 8517 | 241808 |
| **Total Building Materials** |  | 2354329 |
| **Biotechnology - 2.5%** |  |  |
| Corteva, Inc. | 14463 | 850135 |
| **Household Products & Housewares - 1.6%** |  |  |
| Avery Dennison Corp. | 2890 | 523090 |
| **Forest Products & Paper - 1.4%** |  |  |
| International Paper Co. | 13323 | 461375 |
| **Coal - 1.1%** |  |  |
| Alpha Metallurgical Resources, Inc. | 1358 | 198798 |
| Warrior Met Coal, Inc. | 5146 | 178257 |
| **Total Coal** |  | 377055 |
| **Housewares - 0.6%** |  |  |
| Scotts Miracle-Gro Co. — Class A | 4525 | 219870 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,364,044) |  | 33493411 |
| **EXCHANGE-TRADED FUNDS<sup>†</sup> - 1.0%** |  |  |
| VanEck Junior Gold Miners ETF | 10328 | 368193 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $443,979) |  | 368193 |

---

---

| | |
|:---|:---|
| **Basic Materials Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 1.0%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $183164 | $183164 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 70448 | 70448 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 70229 | 70229 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $323,841) |  | 323841 |
| **Total Investments - 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,131,864) |  | $34185445 |
| **Other Assets & Liabilities, net - (0.8)%** |  | (281745) |
| **Total Net Assets - 100.0%** |  | $33903700 |

---

---

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

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br>Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $33493411 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $33493411 |
| Exchange-Traded Funds | 368193 |  |  | 368193 |
| Repurchase Agreements |  | 323841 |  | 323841 |
| Total Assets | $33861604 | $323841 | $— | $34185445 |

---

---

| | |
|:---|:---|
| **Biotechnology Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Biotechnology - 73.8%** | **Biotechnology - 73.8%** | **Biotechnology - 73.8%** |
| Amgen, Inc. | 29425 | $7728182 |
| Gilead Sciences, Inc. | 80843 | 6940372 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 8072 | 5823867 |
| Moderna, Inc.<sup>\*</sup> | 31120 | 5589774 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 19158 | 5532447 |
| Corteva, Inc. | 73813 | 4338728 |
| Biogen, Inc.<sup>\*</sup> | 15518 | 4297245 |
| Horizon Therapeutics plc<sup>\*</sup> | 33926 | 3860779 |
| Illumina, Inc.<sup>\*</sup> | 18894 | 3820367 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 15407 | 3661474 |
| Seagen, Inc.<sup>\*</sup> | 26188 | 3365420 |
| Royalty Pharma plc — Class A | 82927 | 3277275 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 28967 | 2997795 |
| Incyte Corp.<sup>\*</sup> | 34788 | 2794172 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 18867 | 2444786 |
| United Therapeutics Corp.<sup>\*</sup> | 8753 | 2434122 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 33232 | 1890901 |
| Karuna Therapeutics, Inc.<sup>\*</sup> | 9503 | 1867340 |
| BioNTech SE ADR | 11295 | 1696735 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 32273 | 1668837 |
| Cytokinetics, Inc.<sup>\*</sup> | 36413 | 1668444 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 40178 | 1629620 |
| Ionis Pharmaceuticals, Inc.<sup>\*</sup> | 42846 | 1618293 |
| Mirati Therapeutics, Inc.<sup>\*</sup> | 35455 | 1606466 |
| Exelixis, Inc.<sup>\*</sup> | 97306 | 1560788 |
| CRISPR Therapeutics AG<sup>\*</sup> | 35871 | 1458156 |
| Maravai LifeSciences Holdings, Inc. — Class A<sup>\*</sup> | 96361 | 1378926 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 46930 | 1305123 |
| Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | 27397 | 1269303 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 34816 | 1214730 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 97834 | 1123134 |
| Blueprint Medicines Corp.<sup>\*</sup> | 24840 | 1088240 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 27758 | 1085615 |
| Guardant Health, Inc.<sup>\*</sup> | 33051 | 898987 |
| Veracyte, Inc.<sup>\*</sup> | 36316 | 861779 |
| Twist Bioscience Corp.<sup>\*</sup> | 32537 | 774706 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 97222 | 621249 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 50376 | 508294 |
| Editas Medicine, Inc.<sup>\*</sup> | 57128 | 506725 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 41151 | 485993 |
| Novavax, Inc.<sup>\*,1</sup> | 45249 | 465160 |
| Biohaven Ltd.<sup>\*</sup> | 28189 | 391263 |
| **Total Biotechnology** |  | 99551612 |
| **Pharmaceuticals - 17.2%** |  |  |
| AbbVie, Inc. | 70229 | 11349709 |
| AstraZeneca plc ADR | 58420 | 3960876 |
| Viatris, Inc. | 229343 | 2552587 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 19520 | 2331469 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 13184 | 2100343 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 78356 | 970831 |
| **Total Pharmaceuticals** |  | 23265815 |
| **Healthcare-Products - 4.9%** |  |  |
| Bio-Techne Corp. | 30342 | 2514745 |
| Exact Sciences Corp.<sup>\*</sup> | 41943 | 2076598 |
| Natera, Inc.<sup>\*</sup> | 37011 | 1486732 |
| CareDx, Inc.<sup>\*</sup> | 44596 | 508840 |
| **Total Healthcare-Products** |  | 6586915 |
| **Healthcare-Services - 3.7%** |  |  |
| ICON plc<sup>\*</sup> | 9906 | 1924241 |
| Medpace Holdings, Inc.<sup>\*</sup> | 8308 | 1764702 |
| Syneos Health, Inc.<sup>\*</sup> | 37205 | 1364679 |
| **Total Healthcare-Services** |  | 5053622 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $72,609,576) |  | 134457964 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.8%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $604997 | 604997 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 232691 | 232691 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 231970 | 231970 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,069,658) |  | 1069658 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.3%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 341490 | 341490 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $341,490) |  | 341490 |
| **Total Investments - 100.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,020,724) |  | $135869112 |
| **Other Assets & Liabilities, net - (0.7)%** |  | (997042) |
| **Total Net Assets - 100.0%** |  | $134872070 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Biotechnology Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $134457964 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $134457964 |
| Repurchase Agreements |  | 1069658 |  | 1069658 |
| Securities Lending Collateral | 341490 |  |  | 341490 |
| Total Assets | $134799454 | $1069658 | $— | $135869112 |

---

---

| | |
|:---|:---|
| **Consumer Products Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Food - 36.9%** | | |
| Mondelez International, Inc. — Class A | 52878 | $3524319 |
| Kraft Heinz Co. | 64169 | 2612320 |
| General Mills, Inc. | 30392 | 2548369 |
| Hershey Co. | 10681 | 2473399 |
| Sysco Corp. | 28956 | 2213686 |
| Kroger Co. | 45507 | 2028702 |
| Kellogg Co. | 25346 | 1805649 |
| Hormel Foods Corp. | 39519 | 1800090 |
| Tyson Foods, Inc. — Class A | 28142 | 1751839 |
| McCormick & Company, Inc. | 20783 | 1722703 |
| Conagra Brands, Inc. | 41158 | 1592815 |
| J M Smucker Co. | 9620 | 1524385 |
| Campbell Soup Co. | 26353 | 1495533 |
| Lamb Weston Holdings, Inc. | 15169 | 1355502 |
| Albertsons Companies, Inc. — Class A | 57581 | 1194230 |
| Performance Food Group Co.<sup>\*</sup> | 18886 | 1102754 |
| US Foods Holding Corp.<sup>\*</sup> | 29792 | 1013524 |
| Ingredion, Inc. | 9588 | 938953 |
| Flowers Foods, Inc. | 31784 | 913472 |
| Post Holdings, Inc.<sup>\*</sup> | 9502 | 857651 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 20397 | 660251 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 22143 | 646354 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 12984 | 641150 |
| Hostess Brands, Inc.<sup>\*</sup> | 27542 | 618042 |
| United Natural Foods, Inc.<sup>\*</sup> | 15801 | 611657 |
| Cal-Maine Foods, Inc. | 10723 | 583867 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 27371 | 442863 |
| Beyond Meat, Inc.<sup>\*,1</sup> | 21543 | 265194 |
| **Total Food** |  | 38939273 |
| **Beverages - 26.2%** |  |  |
| Coca-Cola Co. | 96778 | 6156049 |
| PepsiCo, Inc. | 32224 | 5821588 |
| Monster Beverage Corp.<sup>\*</sup> | 26814 | 2722425 |
| Keurig Dr Pepper, Inc. | 71518 | 2550332 |
| Constellation Brands, Inc. — Class A | 10348 | 2398149 |
| Brown-Forman Corp. — Class B | 32299 | 2121398 |
| Molson Coors Beverage Co. — Class B | 24446 | 1259458 |
| Coca-Cola Europacific Partners plc | 20375 | 1127145 |
| Celsius Holdings, Inc.<sup>\*</sup> | 9416 | 979641 |
| Anheuser-Busch InBev S.A. ADR | 16198 | 972528 |
| Fomento Economico Mexicano SAB de CV ADR | 11302 | 882912 |
| Boston Beer Company, Inc. — Class A<sup>\*</sup> | 2239 | 737795 |
| **Total Beverages** |  | 27729420 |
| **Agriculture - 13.6%** |  |  |
| Philip Morris International, Inc. | 46354 | 4691488 |
| Altria Group, Inc. | 72921 | 3333219 |
| Archer-Daniels-Midland Co. | 28421 | 2638890 |
| Bunge Ltd. | 14569 | 1453549 |
| Darling Ingredients, Inc.<sup>\*</sup> | 18961 | 1186769 |
| British American Tobacco plc ADR | 25250 | 1009495 |
| **Total Agriculture** |  | 14313410 |
| **Cosmetics & Personal Care - 13.2%** |  |  |
| Procter & Gamble Co. | 46236 | 7007528 |
| Estee Lauder Companies, Inc. — Class A | 14216 | 3527132 |
| Colgate-Palmolive Co. | 38351 | 3021675 |
| Beauty Health Co.<sup>\*</sup> | 42079 | 382919 |
| **Total Cosmetics & Personal Care** |  | 13939254 |
| **Household Products & Housewares - 5.9%** |  |  |
| Kimberly-Clark Corp. | 18479 | 2508524 |
| Church & Dwight Company, Inc. | 20579 | 1658873 |
| Clorox Co. | 10606 | 1488340 |
| Spectrum Brands Holdings, Inc. | 10220 | 622603 |
| **Total Household Products & Housewares** |  | 6278340 |
| **Retail - 2.0%** |  |  |
| Casey's General Stores, Inc. | 4435 | 994992 |
| Freshpet, Inc.<sup>\*</sup> | 10723 | 565853 |
| Nu Skin Enterprises, Inc. — Class A | 13016 | 548755 |
| **Total Retail** |  | 2109600 |
| **Pharmaceuticals - 1.2%** |  |  |
| BellRing Brands, Inc.<sup>\*</sup> | 27489 | 704818 |
| Herbalife Nutrition Ltd.<sup>\*</sup> | 38041 | 566050 |
| **Total Pharmaceuticals** |  | 1270868 |
| **Electrical Components & Equipment - 0.5%** |  |  |
| Energizer Holdings, Inc. | 16937 | 568237 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $63,940,403) |  | 105148402 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.0%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $310 | 310 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 119 | 119 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 119 | 119 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $548) |  | 548 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.2%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 208911 | 208911 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $208,911) |  | 208911 |
| **Total Investments - 99.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $64,149,862) |  | $105357861 |
| **Other Assets & Liabilities, net - 0.3%** |  | 316828 |
| **Total Net Assets - 100.0%** |  | $105674689 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Consumer Products Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $105148402 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $105148402 |
| Repurchase Agreements |  | 548 |  | 548 |
| Securities Lending Collateral | 208911 |  |  | 208911 |
| Total Assets | $105357313 | $548 | $— | $105357861 |

---

---

| | |
|:---|:---|
| **Dow Jones Industrial Average<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 84.0%** | | |
| **Consumer, Non-cyclical - 21.6%** | | |
| UnitedHealth Group, Inc. | 6080 | $3223494 |
| Amgen, Inc. | 6080 | 1596851 |
| Johnson & Johnson | 6080 | 1074032 |
| Procter & Gamble Co. | 6080 | 921485 |
| Merck & Company, Inc. | 6080 | 674576 |
| Coca-Cola Co. | 6080 | 386749 |
| **Total Consumer, Non-cyclical** |  | 7877187 |
| **Financial - 17.1%** |  |  |
| Goldman Sachs Group, Inc. | 6080 | 2087750 |
| Visa, Inc. — Class A | 6080 | 1263181 |
| Travelers Companies, Inc. | 6080 | 1139939 |
| American Express Co. | 6080 | 898320 |
| JPMorgan Chase & Co. | 6080 | 815328 |
| **Total Financial** |  | 6204518 |
| **Consumer, Cyclical - 14.6%** |  |  |
| Home Depot, Inc. | 6080 | 1920429 |
| McDonald's Corp. | 6080 | 1602262 |
| Walmart, Inc. | 6080 | 862083 |
| NIKE, Inc. — Class B | 6080 | 711421 |
| Walgreens Boots Alliance, Inc. | 6080 | 227149 |
| **Total Consumer, Cyclical** |  | 5323344 |
| **Industrial - 12.8%** |  |  |
| Caterpillar, Inc. | 6080 | 1456525 |
| Honeywell International, Inc. | 6080 | 1302944 |
| Boeing Co.<sup>\*</sup> | 6080 | 1158179 |
| 3M Co. | 6080 | 729114 |
| **Total Industrial** |  | 4646762 |
| **Technology - 11.2%** |  |  |
| Microsoft Corp. | 6080 | 1458106 |
| International Business Machines Corp. | 6080 | 856611 |
| Salesforce, Inc.<sup>\*</sup> | 6080 | 806147 |
| Apple, Inc. | 6080 | 789975 |
| Intel Corp. | 6080 | 160694 |
| **Total Technology** |  | 4071533 |
| **Energy - 3.0%** |  |  |
| Chevron Corp. | 6080 | 1091299 |
| **Communications - 2.9%** |  |  |
| Walt Disney Co.<sup>\*</sup> | 6080 | 528231 |
| Cisco Systems, Inc. | 6080 | 289651 |
| Verizon Communications, Inc. | 6080 | 239552 |
| **Total Communications** |  | 1057434 |
| **Basic Materials - 0.8%** |  |  |
| Dow, Inc. | 6080 | 306371 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,684,659) |  | 30578448 |
| **MUTUAL FUNDS<sup>†</sup> - 5.1%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 98739 | 951842 |
| Guggenheim Strategy Fund II<sup>1</sup> | 37085 | 891519 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,898,270) |  | 1843361 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 1.7%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | $600000 | 599479 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>3,4</sup> | 8000 | 7988 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $607,274) |  | 607467 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>2</sup> | 2017439 | 2017439 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>2</sup> | 775938 | 775938 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>2</sup> | 773535 | 773535 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,566,912) |  | 3566912 |
| **Total Investments - 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,757,115) |  | $36596188 |
| **Other Assets & Liabilities, net - (0.6)%** |  | (214095) |
| **Total Net Assets - 100.0%** |  | $36382093 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | |  | | |
| Dow Jones Industrial Average Index Mini Futures Contracts | 7 | Mar 2023 | $1165255 | $(34058) |

---

---

| | |
|:---|:---|
| **Dow Jones Industrial Average<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**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>** |  |  | | | |
| BNP Paribas | Dow Jones Industrial Average Index | Pay | 4.88% (Federal Funds Rate + 0.55%) | At Maturity | 01/26/23 | 89 | $2937612 | $10458 |
| Barclays Bank plc | Dow Jones Industrial Average Index | Pay | 4.80% (SOFR + 0.50%) | At Maturity | 01/25/23 | 52 | 1732749 | (25100) |
|  |  |  |  |  |  |  | $4670361 | $(14642) |

---

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

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

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

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

*<sup>1</sup>* *Affiliated issuer.*

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

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

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

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

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $30578448 | $— | $— | $30578448 |
| Mutual Funds | 1843361 |  |  | 1843361 |
| U.S. Treasury Bills |  | 607467 |  | 607467 |
| Repurchase Agreements |  | 3566912 |  | 3566912 |
| Equity Index Swap Agreements\*\* |  | 10458 |  | 10458 |
| Total Assets | $32421809 | $4184837 | $— | $36606646 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $34058 | $— | $— | $34058 |
| Equity Index Swap Agreements\*\* |  | 25100 |  | 25100 |
| Total Liabilities | $34058 | $25100 | $— | $59158 |

---

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

---

| | |
|:---|:---|
| **Dow Jones Industrial Average<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $910432 | $– | $– | $– | $(18913) | $891519 | 37085 | $22217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 2386129 | – | (1400000) | (41542) | 7255 | 951842 | 98739 | 26543 |
|  | $3296561 | $– | $(1400000) | $(41542) | $(11658) | $1843361 |  | $48760 |

---

---

| | |
|:---|:---|
| **Electronics Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Semiconductors - 89.9%** | **Semiconductors - 89.9%** | **Semiconductors - 89.9%** |
| NVIDIA Corp. | 18095 | $2644403 |
| Broadcom, Inc. | 4182 | 2338282 |
| Texas Instruments, Inc. | 10812 | 1786359 |
| QUALCOMM, Inc. | 14620 | 1607323 |
| Intel Corp. | 58000 | 1532940 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 23615 | 1529543 |
| Analog Devices, Inc. | 8197 | 1344554 |
| Applied Materials, Inc. | 13240 | 1289311 |
| Lam Research Corp. | 2613 | 1098244 |
| KLA Corp. | 2816 | 1061716 |
| Micron Technology, Inc. | 20899 | 1044532 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 13899 | 1035336 |
| Microchip Technology, Inc. | 12724 | 893861 |
| Marvell Technology, Inc. | 22351 | 827881 |
| NXP Semiconductor N.V. | 5121 | 809272 |
| GLOBALFOUNDRIES, Inc.<sup>\*,1</sup> | 14084 | 758987 |
| ON Semiconductor Corp.<sup>\*</sup> | 11667 | 727671 |
| ASML Holding N.V. — Class G | 1259 | 687918 |
| Monolithic Power Systems, Inc. | 1660 | 586992 |
| Skyworks Solutions, Inc. | 6122 | 557898 |
| Teradyne, Inc. | 6036 | 527244 |
| STMicroelectronics N.V. — Class Y<sup>1</sup> | 13874 | 493498 |
| Entegris, Inc. | 7044 | 462016 |
| Qorvo, Inc.<sup>\*</sup> | 4787 | 433894 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 6528 | 423537 |
| Wolfspeed, Inc.<sup>\*</sup> | 5720 | 394909 |
| MKS Instruments, Inc. | 4264 | 361289 |
| Amkor Technology, Inc. | 14588 | 349820 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 2250 | 305257 |
| Power Integrations, Inc. | 4203 | 301439 |
| Cirrus Logic, Inc.<sup>\*</sup> | 3883 | 289206 |
| Synaptics, Inc.<sup>\*</sup> | 2969 | 282530 |
| Ambarella, Inc.<sup>\*</sup> | 3299 | 271277 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 7161 | 243116 |
| SiTime Corp.<sup>\*</sup> | 2122 | 215638 |
| Semtech Corp.<sup>\*</sup> | 7072 | 202896 |
| **Total Semiconductors** |  | 29720589 |
| **Energy-Alternate Sources - 6.7%** |  |  |
| Enphase Energy, Inc.<sup>\*</sup> | 3164 | 838334 |
| First Solar, Inc.<sup>\*</sup> | 4100 | 614139 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 1764 | 499688 |
| SunPower Corp. — Class A<sup>\*</sup> | 13778 | 248417 |
| **Total Energy-Alternate Sources** |  | 2200578 |
| **Chemicals - 1.1%** |  |  |
| Daqo New Energy Corp. ADR<sup>\*</sup> | 9517 | 367451 |
| **Electrical Components & Equipment - 1.0%** |  |  |
| Universal Display Corp. | 3001 | 324228 |
| **Healthcare-Products - 0.9%** |  |  |
| Azenta, Inc.<sup>\*</sup> | 5317 | 309556 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,468,121) |  | 32922402 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $94351 | 94351 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 36289 | 36289 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 36177 | 36177 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $166,817) |  | 166817 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 2.9%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 969433 | 969433 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $969,433) |  | 969433 |
| **Total Investments - 103.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,604,371) |  | $34058652 |
| **Other Assets & Liabilities, net - (3.0)%** |  | (998992) |
| **Total Net Assets - 100.0%** |  | $33059660 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*See Sector Classification in Other Information section.*

 

---

| | |
|:---|:---|
| **Electronics Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $32922402 | $— | $— | $32922402 |
| Repurchase Agreements |  | 166817 |  | 166817 |
| Securities Lending Collateral | 969433 |  |  | 969433 |
| Total Assets | $33891835 | $166817 | $— | $34058652 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 76.5%** | **COMMON STOCKS<sup>†</sup> - 76.5%** | **COMMON STOCKS<sup>†</sup> - 76.5%** |
| **Technology - 23.0%** | **Technology - 23.0%** | **Technology - 23.0%** |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 5826 | $433979 |
| Infosys Ltd. ADR | 6312 | 113679 |
| NetEase, Inc. ADR | 647 | 46992 |
| United Microelectronics Corp. ADR<sup>\*,1</sup> | 4099 | 26766 |
| ASE Technology Holding Company Ltd. ADR | 3005 | 18841 |
| Wipro Ltd. ADR | 2615 | 12186 |
| **Total Technology** |  | 652443 |
| **Communications - 22.7%** |  |  |
| Alibaba Group Holding Ltd. ADR<sup>\*</sup> | 3333 | 293604 |
| JD.com, Inc. ADR | 1777 | 99743 |
| Pinduoduo, Inc. ADR<sup>\*</sup> | 960 | 78288 |
| Baidu, Inc. ADR<sup>\*</sup> | 487 | 55703 |
| Trip.com Group Ltd. ADR<sup>\*</sup> | 940 | 32336 |
| America Movil SAB de CV — Class L ADR | 1687 | 30704 |
| Chunghwa Telecom Company Ltd. ADR | 671 | 24552 |
| Telkom Indonesia Persero Tbk PT ADR | 840 | 20034 |
| SK Telecom Company Ltd. ADR | 341 | 7021 |
| **Total Communications** |  | 641985 |
| **Financial - 13.3%** |  |  |
| HDFC Bank Ltd. ADR | 2371 | 162200 |
| ICICI Bank Ltd. ADR | 4555 | 99709 |
| Banco Bradesco S.A. ADR | 9393 | 27052 |
| KB Financial Group, Inc. ADR | 679 | 26250 |
| Shinhan Financial Group Company Ltd. ADR | 906 | 25305 |
| KE Holdings, Inc. ADR<sup>\*</sup> | 1198 | 16724 |
| Woori Financial Group, Inc. ADR<sup>1</sup> | 381 | 10489 |
| Banco de Chile ADR | 383 | 7974 |
| **Total Financial** |  | 375703 |
| **Basic Materials - 8.5%** |  |  |
| Vale S.A. ADR | 6423 | 108998 |
| POSCO Holdings, Inc. ADR | 520 | 28325 |
| Sociedad Quimica y Minera de Chile S.A. ADR | 252 | 20120 |
| Gold Fields Ltd. ADR | 1574 | 16291 |
| Sasol Ltd. ADR | 1030 | 16181 |
| AngloGold Ashanti Ltd. ADR | 739 | 14352 |
| Sibanye Stillwater Ltd. ADR | 1249 | 13314 |
| Suzano S.A. ADR | 1394 | 12880 |
| Gerdau S.A. ADR | 1828 | 10127 |
| **Total Basic Materials** |  | 240588 |
| **Consumer, Non-cyclical - 3.3%** |  |  |
| Fomento Economico Mexicano SAB de CV ADR | 324 | 25311 |
| BeiGene Ltd. ADR<sup>\*</sup> | 115 | 25293 |
| Ambev S.A. ADR | 7787 | 21181 |
| Dr Reddy's Laboratories Ltd. ADR | 215 | 11126 |
| New Oriental Education & Technology Group, Inc. ADR<sup>\*</sup> | 264 | 9192 |
| **Total Consumer, Non-cyclical** |  | 92103 |
| **Consumer, Cyclical - 1.7%** |  |  |
| NIO, Inc. ADR<sup>\*</sup> | 2508 | 24453 |
| Tata Motors Ltd. ADR<sup>\*</sup> | 622 | 14374 |
| H World Group Ltd. ADR | 250 | 10605 |
| **Total Consumer, Cyclical** |  | 49432 |
| **Industrial - 1.7%** |  |  |
| ZTO Express Cayman, Inc. ADR | 734 | 19723 |
| Cemex SAB de CV ADR<sup>\*</sup> | 2673 | 10826 |
| Grupo Aeroportuario del Pacifico SAB de CV ADR | 64 | 9204 |
| Grupo Aeroportuario del Sureste SAB de CV ADR | 33 | 7688 |
| **Total Industrial** |  | 47441 |
| **Energy - 1.2%** |  |  |
| Petroleo Brasileiro S.A. ADR | 3285 | 34985 |
| **Utilities - 1.1%** |  |  |
| Centrais Eletricas Brasileiras S.A. ADR | 2248 | 17827 |
| Korea Electric Power Corp. ADR<sup>\*</sup> | 907 | 7836 |
| Cia de Saneamento Basico do Estado de Sao Paulo ADR | 603 | 6428 |
| **Total Utilities** |  | 32091 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,003,260) |  | 2166771 |
| **PREFERRED STOCKS<sup>†</sup> - 2.8%** |  |  |
| **Financial - 1.4%** |  |  |
| Itau Unibanco Holding S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 8556 | 40299 |
| **Energy - 1.4%** |  |  |
| Petroleo Brasileiro S.A. |  |  |
| &nbsp;&nbsp;&nbsp; ADR | 4055 | 37671 |
| **Total Preferred Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $75,927) |  | 77970 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 30.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 30.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 30.5%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>3</sup> | $488770 | 488770 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>3</sup> | 187989 | 187989 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>3</sup> | 187406 | 187406 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $864,165) |  | 864165 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,4</sup> - 1.1%** | **SECURITIES LENDING COLLATERAL<sup>†,4</sup> - 1.1%** | **SECURITIES LENDING COLLATERAL<sup>†,4</sup> - 1.1%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>5</sup> | $29827 | $29827 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,827) |  | 29827 |
| **Total Investments - 110.9%** | **Total Investments - 110.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,973,179) |  | 3138733 |
| **Other Assets & Liabilities, net - (10.9)%** |  | (307383) |
| **Total Net Assets - 100.0%** |  | $2831350 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements<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>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | S&P Emerging 50 ADR Index | Pay | 4.58% (Federal Funds Rate + 0.25%) | At Maturity | 01/26/23 | 519 | $1247999 | $16990 |
| BNP Paribas | S&P Emerging 50 ADR Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 01/26/23 | 935 | 2250560 | 4606 |
|  |  |  |  |  |  |  | $3498559 | $21596 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>4</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>5</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*See Sector Classification in Other Information section.*

 

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2166771 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2166771 |
| Preferred Stocks | 77970 |  |  | 77970 |
| Repurchase Agreements |  | 864165 |  | 864165 |
| Securities Lending Collateral | 29827 |  |  | 29827 |
| Equity Index Swap Agreements\*\* |  | 21596 |  | 21596 |
| Total Assets | $2274568 | $885761 | $— | $3160329 |

---

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

---

| | |
|:---|:---|
| **Emerging Markets Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS** ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.9%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/17/23<sup>1,2</sup> | $4000 | $3994 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,993) |  | 3994 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 87.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>4</sup> | 224452 | 224452 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>4</sup> | 86328 | 86328 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>4</sup> | 86060 | 86060 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $396,840) |  | 396840 |
| **Total Investments - 88.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $400,833) |  | $400834 |
| **Other Assets & Liabilities, net - 11.6%** |  | 52819 |
| **Total Net Assets - 100.0%** |  | $453653 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | |  | | |
| U.S. Treasury 5 Year Note Futures Contracts | 3 | Mar 2023 | $324070 | $(1333) |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | | |
| **Counterparty** | **Exchange** | **Index** | **Protection Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** |<br>**Upfront Premiums Received** |<br>**Unrealized Appreciation<sup>\*\*</sup>** |
| Barclays Bank plc | ICE | CDX.EM.38.V1 | 1.00% | Quarterly | 12/20/27 | $380000 | $(22179) | $(24704) | $2525 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Depreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |  |  | | | |
| Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 01/06/23 | 8503 | $159601 | $(543) |
|  |  |  |  |  |  |  | $159601 | $(543) |

---

---

| | |
|:---|:---|
| *<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, 2022.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |

---

---

| | |
|:---|:---|
| **Emerging Markets Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS** ***(Unaudited)*** | December 31, 2022 |

---

*CDX.EM.38.V1 — Credit Default Swap Emerging Markets Series 38 Index Version 1*

*ICE — Intercontinental Exchange*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $3994 | $— | $3994 |
| Repurchase Agreements |  | 396840 |  | 396840 |
| Credit Default Swap Agreements\*\* |  | 2525 |  | 2525 |
| Total Assets | $— | $403359 | $— | $403359 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2 <br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $1333 | $— | $— | $1333 |
| Credit Index Swap Agreements\*\* |  | 543 |  | 543 |
| Total Liabilities | $1333 | $543 | $— | $1876 |

---

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

---

| | |
|:---|:---|
| **Energy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.1%** | **COMMON STOCKS<sup>†</sup> - 99.1%** | **COMMON STOCKS<sup>†</sup> - 99.1%** |
| **Oil & Gas - 67.0%** |  |  |
| Exxon Mobil Corp. | 52694 | $5812148 |
| Chevron Corp. | 28067 | 5037746 |
| ConocoPhillips | 28400 | 3351200 |
| EOG Resources, Inc. | 18830 | 2438862 |
| Marathon Petroleum Corp. | 17722 | 2062664 |
| Occidental Petroleum Corp. | 32346 | 2037475 |
| Pioneer Natural Resources Co. | 8791 | 2007777 |
| Valero Energy Corp. | 15468 | 1962270 |
| Phillips 66 | 18236 | 1898003 |
| Hess Corp. | 12945 | 1835860 |
| Devon Energy Corp. | 27336 | 1681437 |
| Diamondback Energy, Inc. | 10003 | 1368210 |
| Petroleo Brasileiro S.A. ADR | 111848 | 1191181 |
| Coterra Energy, Inc. — Class A | 48372 | 1188500 |
| BP plc ADR | 33012 | 1153109 |
| Marathon Oil Corp. | 41864 | 1133258 |
| Texas Pacific Land Corp. | 478 | 1120542 |
| APA Corp. | 23247 | 1085170 |
| Ovintiv, Inc. | 19816 | 1004869 |
| Chesapeake Energy Corp. | 10068 | 950117 |
| Equities Corp. | 27635 | 934892 |
| Shell plc ADR | 16121 | 918091 |
| HF Sinclair Corp. | 17354 | 900499 |
| Suncor Energy, Inc. | 25834 | 819713 |
| Matador Resources Co. | 12629 | 722884 |
| PBF Energy, Inc. — Class A | 17437 | 711081 |
| Murphy Oil Corp. | 16463 | 708074 |
| Canadian Natural Resources Ltd. | 12646 | 702232 |
| PDC Energy, Inc. | 10575 | 671301 |
| Range Resources Corp. | 26647 | 666708 |
| Chord Energy Corp. | 4798 | 656414 |
| Helmerich & Payne, Inc. | 13062 | 647483 |
| Valaris Ltd.<sup>\*</sup> | 9428 | 637521 |
| Magnolia Oil & Gas Corp. — Class A | 27163 | 636972 |
| Equinor ASA ADR | 17501 | 626711 |
| Civitas Resources, Inc. | 10804 | 625876 |
| Noble Corporation plc<sup>\*</sup> | 16320 | 615427 |
| SM Energy Co. | 16281 | 567067 |
| Denbury, Inc.<sup>\*</sup> | 6478 | 563716 |
| Patterson-UTI Energy, Inc. | 32315 | 544185 |
| Comstock Resources, Inc. | 39260 | 538255 |
| Weatherford International plc<sup>\*</sup> | 10531 | 536239 |
| CVR Energy, Inc. | 16354 | 512534 |
| California Resources Corp. | 11504 | 500539 |
| CNX Resources Corp.<sup>\*</sup> | 28552 | 480816 |
| Callon Petroleum Co.<sup>\*</sup> | 11513 | 427017 |
| Northern Oil and Gas, Inc. | 13603 | 419244 |
| Delek US Holdings, Inc. | 13949 | 376623 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 14693 | 341612 |
| Talos Energy, Inc.<sup>\*</sup> | 17835 | 336725 |
| Laredo Petroleum, Inc.<sup>\*</sup> | 5144 | 264505 |
| **Total Oil & Gas** |  | 58931354 |
| **Pipelines - 11.8%** |  |  |
| Kinder Morgan, Inc. | 96203 | 1739350 |
| Williams Companies, Inc. | 51699 | 1700897 |
| Cheniere Energy, Inc. | 10488 | 1572781 |
| ONEOK, Inc. | 22313 | 1465964 |
| Targa Resources Corp. | 15762 | 1158507 |
| New Fortress Energy, Inc. | 18553 | 787018 |
| Enbridge, Inc. | 19306 | 754865 |
| DT Midstream, Inc. | 11094 | 613054 |
| TC Energy Corp. | 14715 | 586540 |
| **Total Pipelines** |  | 10378976 |
| **Oil & Gas Services - 8.0%** |  |  |
| Schlumberger Ltd. | 44681 | 2388646 |
| Halliburton Co. | 44010 | 1731793 |
| Baker Hughes Co. | 50301 | 1485389 |
| NOV, Inc. | 37902 | 791773 |
| ChampionX Corp. | 23022 | 667408 |
| **Total Oil & Gas Services** |  | 7065009 |
| **Energy-Alternate Sources - 6.6%** |  |  |
| Enphase Energy, Inc.<sup>\*</sup> | 5483 | 1452776 |
| First Solar, Inc.<sup>\*</sup> | 7165 | 1073245 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 3283 | 929975 |
| Plug Power, Inc.<sup>\*</sup> | 57198 | 707539 |
| Sunrun, Inc.<sup>\*</sup> | 23467 | 563677 |
| Enviva, Inc. | 9246 | 489761 |
| Green Plains, Inc.<sup>\*</sup> | 12759 | 389150 |
| TPI Composites, Inc.<sup>\*</sup> | 18501 | 187600 |
| **Total Energy-Alternate Sources** |  | 5793723 |
| **Coal - 1.5%** |  |  |
| Peabody Energy Corp.<sup>\*</sup> | 19089 | 504331 |
| Arch Resources, Inc.<sup>1</sup> | 2902 | 414377 |
| CONSOL Energy, Inc. | 5846 | 379990 |
| **Total Coal** |  | 1298698 |
| **Retail - 1.1%** |  |  |
| Murphy USA, Inc. | 2252 | 629524 |
| World Fuel Services Corp. | 12767 | 348922 |
| **Total Retail** |  | 978446 |
| **Mining - 0.9%** |  |  |
| Cameco Corp.<sup>1</sup> | 32869 | 745140 |
| **Metal Fabricate & Hardware - 0.6%** |  |  |
| Tenaris S.A. ADR | 15541 | 546422 |
| **Machinery-Diversified - 0.6%** |  |  |
| Cactus, Inc. — Class A | 10531 | 529288 |
| **Electrical Components & Equipment - 0.5%** |  |  |
| EnerSys | 6167 | 455371 |
| **Electric - 0.5%** |  |  |
| Ameresco, Inc. — Class A<sup>\*</sup> | 7758 | 443292 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $55,915,175) |  | 87165719 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.8%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23 | $408595 | 408595 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23 | 157152 | 157152 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23 | 156665 | 156665 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $722,412) |  | 722412 |

---

---

| | |
|:---|:---|
| **Energy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.7%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 574855 | $574855 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $574,855) |  | $574855 |
| **Total Investments - 100.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $57,212,442) |  | $88462986 |
| **Other Assets & Liabilities, net - (0.6)%** |  | (533712) |
| **Total Net Assets - 100.0%** |  | $87929274 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $87165719 | $— | $— | $87165719 |
| Repurchase Agreements |  | 722412 |  | 722412 |
| Securities Lending Collateral | 574855 |  |  | 574855 |
| Total Assets | $87740574 | $722412 | $— | $88462986 |

---

---

| | |
|:---|:---|
| **Energy Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** | **COMMON STOCKS<sup>†</sup> - 99.6%** |
| **Oil & Gas Services - 65.4%** | **Oil & Gas Services - 65.4%** | **Oil & Gas Services - 65.4%** |
| Schlumberger Ltd. | 34092 | $1822558 |
| Halliburton Co. | 33578 | 1321294 |
| Baker Hughes Co. | 38374 | 1133184 |
| NOV, Inc. | 28916 | 604055 |
| ChampionX Corp. | 17560 | 509064 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 17349 | 437195 |
| Liberty Energy, Inc. — Class A | 22853 | 365877 |
| Expro Group Holdings N.V.<sup>\*</sup> | 18002 | 326376 |
| Tidewater, Inc.<sup>\*</sup> | 8164 | 300843 |
| Oceaneering International, Inc.<sup>\*</sup> | 17164 | 300198 |
| Archrock, Inc. | 27757 | 249258 |
| NOW, Inc.<sup>\*</sup> | 19015 | 241491 |
| ProPetro Holding Corp.<sup>\*</sup> | 22739 | 235803 |
| Core Laboratories N.V. | 11529 | 233693 |
| Dril-Quip, Inc.<sup>\*</sup> | 8044 | 218556 |
| US Silica Holdings, Inc.<sup>\*</sup> | 16656 | 208200 |
| Bristow Group, Inc.<sup>\*</sup> | 6842 | 185624 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 24852 | 172473 |
| Solaris Oilfield Infrastructure, Inc. — Class A | 14348 | 142476 |
| DMC Global, Inc.<sup>\*</sup> | 7025 | 136566 |
| **Total Oil & Gas Services** |  | 9144784 |
| **Oil & Gas - 18.2%** |  |  |
| Helmerich & Payne, Inc. | 9967 | 494064 |
| Valaris Ltd.<sup>\*</sup> | 7192 | 486323 |
| Noble Corporation plc<sup>\*</sup> | 12445 | 469301 |
| Patterson-UTI Energy, Inc. | 24657 | 415224 |
| Weatherford International plc<sup>\*</sup> | 8033 | 409040 |
| Nabors Industries Ltd.<sup>\*</sup> | 1748 | 270713 |
| **Total Oil & Gas** |  | 2544665 |
| **Energy-Alternate Sources - 7.8%** |  |  |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 2306 | 653221 |
| Sunrun, Inc.<sup>\*</sup> | 17898 | 429910 |
| **Total Energy-Alternate Sources** |  | 1083131 |
| **Machinery-Diversified - 2.9%** |  |  |
| Cactus, Inc. — Class A | 8035 | 403839 |
| **Metal Fabricate & Hardware - 2.5%** |  |  |
| Tenaris S.A. ADR | 9852 | 346396 |
| **Distribution & Wholesale - 1.4%** |  |  |
| MRC Global, Inc.<sup>\*</sup> | 17359 | 201017 |
| **Retail - 1.4%** |  |  |
| Aspen Aerogels, Inc.<sup>\*</sup> | 15964 | 188216 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,618,180) |  | 13912048 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $39579 | 39579 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 15223 | 15223 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 15176 | 15176 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $69,978) |  | 69978 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,688,158) |  | $13982026 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (8537) |
| **Total Net Assets - 100.0%** |  | $13973489 |

---

---

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

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*See Sector Classification in Other Information section.*

 

---

| | |
|:---|:---|
| **Energy Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $13912048 | $— | $— | $13912048 |
| Repurchase Agreements |  | 69978 |  | 69978 |
| Total Assets | $13912048 | $69978 | $— | $13982026 |

---

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 12.8%** | | |
| **Consumer, Non-cyclical - 5.4%** | | |
| Nestle S.A. ADR | 165 | $19031 |
| Novo Nordisk A/S ADR | 98 | 13263 |
| Roche Holding AG ADR | 337 | 13194 |
| AstraZeneca plc ADR | 186 | 12611 |
| Novartis AG ADR | 134 | 12156 |
| Unilever plc ADR | 157 | 7905 |
| Sanofi ADR | 138 | 6683 |
| Diageo plc ADR | 34 | 6059 |
| L'Oreal S.A. ADR | 73 | 5201 |
| British American Tobacco plc ADR | 123 | 4917 |
| GSK plc ADR | 119 | 4182 |
| EssilorLuxottica S.A. ADR | 36 | 3261 |
| RELX plc ADR | 117 | 3243 |
| Anheuser-Busch InBev S.A. ADR | 53 | 3182 |
| Reckitt Benckiser Group plc ADR | 218 | 3072 |
| Bayer AG ADR | 234 | 3009 |
| Adyen N.V. ADR<sup>\*</sup> | 172 | 2374 |
| **Total Consumer, Non-cyclical** |  | 123343 |
| **Financial - 1.4%** |  |  |
| HSBC Holdings plc ADR | 243 | 7572 |
| Allianz SE ADR | 242 | 5191 |
| Zurich Insurance Group AG ADR | 90 | 4306 |
| BNP Paribas S.A. ADR | 136 | 3872 |
| UBS Group AG | 188 | 3510 |
| AXA S.A. ADR | 119 | 3317 |
| Banco Santander S.A. ADR | 1013 | 2988 |
| **Total Financial** |  | 30756 |
| **Energy - 1.2%** |  |  |
| Shell plc ADR | 212 | 12073 |
| TotalEnergies SE ADR | 157 | 9747 |
| BP plc ADR | 181 | 6322 |
| **Total Energy** |  | 28142 |
| **Basic Materials - 1.1%** |  |  |
| Linde plc | 30 | 9785 |
| Rio Tinto plc ADR | 63 | 4486 |
| Air Liquide S.A. ADR | 157 | 4440 |
| Glencore plc ADR<sup>1</sup> | 320 | 4262 |
| BASF SE ADR | 220 | 2709 |
| **Total Basic Materials** |  | 25682 |
| **Consumer, Cyclical - 1.1%** |  |  |
| LVMH Moet Hennessy Louis Vuitton SE ADR | 78 | 11300 |
| Cie Financiere Richemont S.A. ADR | 312 | 4022 |
| Hermes International ADR | 21 | 3250 |
| Mercedes-Benz Group AG ADR | 188 | 3074 |
| Kering S.A. ADR<sup>1</sup> | 44 | 2229 |
| **Total Consumer, Cyclical** |  | 23875 |
| **Industrial - 1.0%** |  |  |
| Siemens AG ADR | 89 | 6122 |
| Schneider Electric SE ADR | 171 | 4781 |
| Airbus SE ADR | 140 | 4152 |
| Vinci S.A. ADR | 135 | 3366 |
| ABB Ltd. ADR | 95 | 2894 |
| Deutsche Post AG ADR | 59 | 2213 |
| **Total Industrial** |  | 23528 |
| **Technology - 0.9%** |  |  |
| ASML Holding N.V. — Class G | 24 | 13114 |
| SAP SE ADR | 61 | 6294 |
| **Total Technology** |  | 19408 |
| **Utilities - 0.4%** |  |  |
| Iberdrola S.A. ADR | 87 | 4068 |
| National Grid plc ADR | 44 | 2654 |
| Enel SpA ADR | 466 | 2489 |
| **Total Utilities** |  | 9211 |
| **Communications - 0.3%** |  |  |
| Deutsche Telekom AG ADR | 208 | 4156 |
| Prosus N.V. ADR | 254 | 3487 |
| **Total Communications** |  | 7643 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $207,909) |  | 291588 |
| **MUTUAL FUNDS<sup>†</sup> - 5.9%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 7027 | 67741 |
| Guggenheim Strategy Fund II<sup>2</sup> | 2760 | 66361 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,226) |  | 134102 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.8%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>3,4</sup> | $224000 | 223679 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $223,613) |  | 223679 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 62.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | 801699 | 801699 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 308345 | 308345 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 307391 | 307391 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,417,435) |  | 1417435 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 0.2%** | | |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund – Class X, 4.10%<sup>7</sup> | 3638 | 3638 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,638) |  | 3638 |
| **Total Investments - 91.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,990,821) |  | $2070442 |
| **Other Assets & Liabilities, net - 8.8%** |  | 199256 |
| **Total Net Assets - 100.0%** |  | $2269698 |

---

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Euro FX Futures Contracts | 19 | Mar 2023 | $2555381 | $15197 |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| STOXX 50 Index Futures Contracts | 65 | Mar 2023 | 2537486 | (20220) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Affiliated issuer.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>4</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>6</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>7</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Level 3 <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $291588 | $— | $— | $291588 |
| Mutual Funds | 134102 |  |  | 134102 |
| U.S. Treasury Bills |  | 223679 |  | 223679 |
| Repurchase Agreements |  | 1417435 |  | 1417435 |
| Securities Lending Collateral | 3638 |  |  | 3638 |
| Currency Futures Contracts\*\* | 15197 |  |  | 15197 |
| Total Assets | $444525 | $1641114 | $— | $2085639 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $20220 | $– $– $| 20220 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

---

| | |
|:---|:---|
| **Europe 1.25x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $271082 | $– | $(200000) | $(5943) | $1222 | $66361 | 2760 | $2742 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 271487 | – | (200000) | (5797) | 2051 | 67741 | 7027 | 2096 |
|  | $542569 | $– | $(400000) | $(11740) | $3273 | $134102 |  | $4838 |

---

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | | |
| **REITS - 27.5%** |  |  |
| American Tower Corp. — Class A | 476 | $100845 |
| Prologis, Inc. | 887 | 99992 |
| Crown Castle, Inc. | 559 | 75823 |
| Equinix, Inc. | 114 | 74673 |
| Public Storage | 247 | 69207 |
| Simon Property Group, Inc. | 534 | 62734 |
| Realty Income Corp. | 983 | 62352 |
| Welltower, Inc. | 881 | 57750 |
| SBA Communications Corp. | 202 | 56623 |
| VICI Properties, Inc. | 1737 | 56279 |
| Digital Realty Trust, Inc. | 524 | 52541 |
| Alexandria Real Estate Equities, Inc. | 338 | 49236 |
| AvalonBay Communities, Inc. | 302 | 48779 |
| Weyerhaeuser Co. | 1548 | 47988 |
| Equity Residential | 788 | 46492 |
| Extra Space Storage, Inc. | 300 | 44154 |
| Sun Communities, Inc. | 308 | 44044 |
| Mid-America Apartment Communities, Inc. | 277 | 43486 |
| Ventas, Inc. | 951 | 42843 |
| WP Carey, Inc. | 525 | 41029 |
| Invitation Homes, Inc. | 1384 | 41022 |
| STORE Capital Corp. | 1216 | 38985 |
| Essex Property Trust, Inc. | 181 | 38358 |
| Gaming and Leisure Properties, Inc. | 713 | 37140 |
| Healthpeak Properties, Inc. | 1464 | 36702 |
| Kimco Realty Corp. | 1712 | 36260 |
| Camden Property Trust | 319 | 35690 |
| UDR, Inc. | 915 | 35438 |
| Equity LifeStyle Properties, Inc. | 542 | 35013 |
| Boston Properties, Inc. | 502 | 33925 |
| Host Hotels & Resorts, Inc. | 2048 | 32870 |
| Rexford Industrial Realty, Inc. | 598 | 32675 |
| Lamar Advertising Co. — Class A | 338 | 31907 |
| Regency Centers Corp. | 510 | 31875 |
| Annaly Capital Management, Inc. | 1486 | 31325 |
| American Homes 4 Rent — Class A | 1036 | 31225 |
| Federal Realty Investment Trust | 287 | 28998 |
| CubeSmart | 715 | 28779 |
| National Retail Properties, Inc. | 628 | 28737 |
| Life Storage, Inc. | 289 | 28466 |
| Americold Realty Trust, Inc. | 973 | 27546 |
| Healthcare Realty Trust, Inc. | 1412 | 27209 |
| Brixmor Property Group, Inc. | 1162 | 26343 |
| Medical Properties Trust, Inc. | 2317 | 25811 |
| Agree Realty Corp. | 359 | 25464 |
| First Industrial Realty Trust, Inc. | 522 | 25192 |
| AGNC Investment Corp. | 2420 | 25047 |
| Omega Healthcare Investors, Inc. | 895 | 25015 |
| Spirit Realty Capital, Inc. | 582 | 23239 |
| Kilroy Realty Corp. | 564 | 21810 |
| Vornado Realty Trust | 1004 | 20893 |
| Independence Realty Trust, Inc. | 1117 | 18833 |
| Park Hotels & Resorts, Inc. | 1380 | 16270 |
| SL Green Realty Corp. | 462 | 15579 |
| **Total REITS** |  | 2176511 |
| **Banks - 25.6%** |  |  |
| JPMorgan Chase & Co. | 1510 | 202491 |
| Bank of America Corp. | 5280 | 174874 |
| Wells Fargo & Co. | 3140 | 129651 |
| Morgan Stanley | 1414 | 120218 |
| Goldman Sachs Group, Inc. | 325 | 111598 |
| Citigroup, Inc. | 2160 | 97697 |
| U.S. Bancorp | 1931 | 84211 |
| PNC Financial Services Group, Inc. | 530 | 83708 |
| Truist Financial Corp. | 1852 | 79691 |
| Bank of New York Mellon Corp. | 1361 | 61953 |
| State Street Corp. | 680 | 52748 |
| M&T Bank Corp. | 361 | 52367 |
| First Republic Bank | 413 | 50341 |
| Fifth Third Bancorp | 1509 | 49510 |
| Regions Financial Corp. | 2137 | 46074 |
| Huntington Bancshares, Inc. | 3249 | 45811 |
| Citizens Financial Group, Inc. | 1148 | 45197 |
| Northern Trust Corp. | 502 | 44422 |
| ICICI Bank Ltd. ADR | 1995 | 43670 |
| KeyCorp | 2424 | 42226 |
| HDFC Bank Ltd. ADR | 609 | 41662 |
| SVB Financial Group<sup>\*</sup> | 172 | 39584 |
| Royal Bank of Canada | 412 | 38736 |
| Bank of Nova Scotia | 782 | 38302 |
| First Horizon Corp. | 1486 | 36407 |
| East West Bancorp, Inc. | 476 | 31368 |
| Comerica, Inc. | 467 | 31219 |
| Webster Financial Corp. | 653 | 30913 |
| Zions Bancorp North America | 596 | 29299 |
| Signature Bank | 253 | 29151 |
| Western Alliance Bancorporation | 448 | 26683 |
| Synovus Financial Corp. | 631 | 23694 |
| Silvergate Capital Corp. — Class A<sup>\*,1</sup> | 395 | 6873 |
| **Total Banks** |  | 2022349 |
| **Insurance - 22.5%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 862 | 266272 |
| Marsh & McLennan Companies, Inc. | 543 | 89856 |
| Progressive Corp. | 668 | 86646 |
| Chubb Ltd. | 388 | 85593 |
| Aon plc — Class A | 272 | 81638 |
| MetLife, Inc. | 1052 | 76133 |
| American International Group, Inc. | 1100 | 69564 |
| Aflac, Inc. | 953 | 68559 |
| Travelers Companies, Inc. | 356 | 66746 |
| Arthur J Gallagher & Co. | 336 | 63349 |
| Prudential Financial, Inc. | 617 | 61367 |
| Allstate Corp. | 450 | 61020 |
| Willis Towers Watson plc | 213 | 52096 |
| Hartford Financial Services Group, Inc. | 656 | 49744 |
| Markel Corp.<sup>\*</sup> | 36 | 47430 |
| Principal Financial Group, Inc. | 529 | 44394 |

---

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | | |
| **Insurance - 22.5% (continued)** | | |
| Brown & Brown, Inc. | 713 | $40620 |
| Cincinnati Financial Corp. | 396 | 40546 |
| RenaissanceRe Holdings Ltd. | 219 | 40346 |
| Loews Corp. | 657 | 38323 |
| Globe Life, Inc. | 301 | 36286 |
| American Financial Group, Inc. | 261 | 35830 |
| Equitable Holdings, Inc. | 1129 | 32402 |
| Fidelity National Financial, Inc. | 858 | 32278 |
| Reinsurance Group of America, Inc. — Class A | 225 | 31970 |
| Unum Group | 725 | 29747 |
| Old Republic International Corp. | 1129 | 27265 |
| Assurant, Inc. | 208 | 26012 |
| Voya Financial, Inc. | 404 | 24842 |
| Lincoln National Corp. | 808 | 24822 |
| First American Financial Corp. | 446 | 23344 |
| MGIC Investment Corp. | 1518 | 19734 |
| **Total Insurance** |  | 1774774 |
| **Diversified Financial Services - 16.3%** |  |  |
| Charles Schwab Corp. | 1555 | 129469 |
| BlackRock, Inc. — Class A | 152 | 107712 |
| American Express Co. | 704 | 104016 |
| Intercontinental Exchange, Inc. | 753 | 77250 |
| CME Group, Inc. — Class A | 450 | 75672 |
| Apollo Global Management, Inc. | 1005 | 64109 |
| Capital One Financial Corp. | 656 | 60982 |
| Ameriprise Financial, Inc. | 190 | 59160 |
| Nasdaq, Inc. | 910 | 55829 |
| Discover Financial Services | 522 | 51067 |
| Raymond James Financial, Inc. | 447 | 47762 |
| T. Rowe Price Group, Inc. | 436 | 47550 |
| LPL Financial Holdings, Inc. | 203 | 43883 |
| Tradeweb Markets, Inc. — Class A | 603 | 39153 |
| Cboe Global Markets, Inc. | 301 | 37767 |
| Synchrony Financial | 1148 | 37723 |
| Franklin Resources, Inc. | 1380 | 36404 |
| Invesco Ltd. | 1610 | 28964 |
| Jefferies Financial Group, Inc. | 828 | 28384 |
| Ally Financial, Inc. | 1125 | 27506 |
| Coinbase Global, Inc. — Class A<sup>\*,1</sup> | 760 | 26896 |
| Stifel Financial Corp. | 435 | 25391 |
| Evercore, Inc. — Class A | 203 | 22143 |
| SLM Corp. | 1245 | 20667 |
| OneMain Holdings, Inc. | 603 | 20086 |
| Upstart Holdings, Inc.<sup>\*,1</sup> | 724 | 9571 |
| Brookfield Asset Management Ltd. — Class A<sup>\*</sup> | 231 | 6623 |
| **Total Diversified Financial Services** |  | 1291739 |
| **Private Equity - 3.4%** |  |  |
| Blackstone, Inc. — Class A | 1278 | 94815 |
| KKR & Company, Inc. — Class A | 1397 | 64849 |
| Ares Management Corp. — Class A | 672 | 45991 |
| Carlyle Group, Inc. | 1170 | 34913 |
| Brookfield Corp. | 895 | 28157 |
| **Total Private Equity** |  | 268725 |
| **Commercial Services - 2.7%** |  |  |
| S&P Global, Inc. | 317 | 106176 |
| Moody's Corp. | 266 | 74113 |
| MarketAxess Holdings, Inc. | 113 | 31514 |
| **Total Commercial Services** |  | 211803 |
| **Software - 0.8%** |  |  |
| MSCI, Inc. — Class A | 133 | 61868 |
| **Media - 0.4%** |  |  |
| FactSet Research Systems, Inc. | 93 | 37313 |
| **Savings & Loans - 0.3%** |  |  |
| New York Community Bancorp, Inc. | 2433 | 20924 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,440,310) |  | 7866006 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.6%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23 | $25365 | 25365 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23 | 9756 | 9756 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23 | 9726 | 9726 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,847) |  | 44847 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.4%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 32802 | 32802 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,802) |  | 32802 |
| **Total Investments - 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,517,959) |  | $7943655 |
| **Other Assets & Liabilities, net - (0.5)%** |  | (42129) |
| **Total Net Assets - 100.0%** |  | $7901526 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company* <br> *REIT — Real Estate Investment Trust*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Financial Services Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $7866006 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7866006 |
| Repurchase Agreements |  | 44847 |  | 44847 |
| Securities Lending Collateral | 32802 |  |  | 32802 |
| Total Assets | $7898808 | $44847 | $— | $7943655 |

---

---

| | |
|:---|:---|
| **Government Long Bond 1.2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 7.4%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 253606 | $2444763 |
| Guggenheim Strategy Fund II<sup>1</sup> | 81235 | 1952890 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,535,377) |  | 4397653 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 87.6%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 87.6%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup> - 87.6%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/15/52 | $51200000 | 51784000 |
| **Total U.S. Government Securities** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,628,434) |  | 51784000 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** | **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** | **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>2,3</sup> | 499000 | 498286 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $498,138) |  | 498286 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | 700234 | 700234 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 269321 | 269321 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. <br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 268487 | 268487 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,238,042) |  | 1238042 |
| **Total Investments - 97.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $59,899,991) |  | $57917981 |
| **Other Assets & Liabilities, net - 2.1%** |  | 1233671 |
| **Total Net Assets - 100.0%**  |  | $59151652 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | |  | | |
| U.S. Treasury Ultra Long Bond Futures Contracts | 147 | Mar 2023 | $19785281 | $(573287) |

---

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

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

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

*<sup>1</sup>* *Affiliated issuer.*

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

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

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

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Mutual Funds | $4397653 | $— | $— | $4397653 |
| U.S. Government Securities |  | 51784000 |  | 51784000 |
| U.S. Treasury Bills |  | 498286 |  | 498286 |
| Repurchase Agreements |  | 1238042 |  | 1238042 |
| Total Assets | $4397653 | $53520328 | $— | $57917981 |

---

---

| | |
|:---|:---|
| **Government Long Bond 1.2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $573287 | $– $– $| 573287 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $5728073 | $– | $(3700000) | $(87149) | $11966 | $1952890 | 81235 | $61034 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 5526328 | – | (3000000) | (96827) | 15262 | 2444763 | 253606 | 61419 |
|  | $11254401 | $– | $(6700000) | $(183976) | $27228 | $4397653 |  | $122453 |

---

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | | |
| **Pharmaceuticals - 32.5%** | | |
| Johnson & Johnson | 9513 | $1680471 |
| Eli Lilly & Co. | 3980 | 1456043 |
| Pfizer, Inc. | 25548 | 1309080 |
| Merck & Company, Inc. | 11787 | 1307768 |
| AbbVie, Inc. | 8040 | 1299344 |
| Bristol-Myers Squibb Co. | 12846 | 924270 |
| CVS Health Corp. | 8752 | 815599 |
| Cigna Corp. | 2333 | 773016 |
| Becton Dickinson and Co. | 2677 | 680761 |
| Zoetis, Inc. | 4343 | 636467 |
| McKesson Corp. | 1502 | 563430 |
| AstraZeneca plc ADR | 7836 | 531281 |
| Dexcom, Inc.<sup>\*</sup> | 4298 | 486705 |
| AmerisourceBergen Corp. — Class A | 2731 | 452554 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 2209 | 351916 |
| GSK plc ADR | 10001 | 351435 |
| Novartis AG ADR | 3801 | 344827 |
| Cardinal Health, Inc. | 4443 | 341533 |
| Perrigo Company plc | 9627 | 328184 |
| Viatris, Inc. | 26255 | 292218 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 2234 | 266829 |
| Henry Schein, Inc.<sup>\*</sup> | 3209 | 256303 |
| Elanco Animal Health, Inc.<sup>\*</sup> | 15389 | 188054 |
| Bausch Health Companies, Inc.<sup>\*</sup> | 17329 | 108826 |
| **Total Pharmaceuticals** |  | 15746914 |
| **Healthcare-Products - 29.9%** |  |  |
| Thermo Fisher Scientific, Inc. | 2035 | 1120654 |
| Abbott Laboratories | 10050 | 1103389 |
| Danaher Corp. | 4035 | 1070970 |
| Medtronic plc | 11309 | 878935 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 2801 | 743245 |
| Stryker Corp. | 3015 | 737137 |
| Boston Scientific Corp.<sup>\*</sup> | 13786 | 637878 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 7339 | 547563 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 1094 | 446308 |
| ResMed, Inc. | 2050 | 426667 |
| Zimmer Biomet Holdings, Inc. | 3135 | 399713 |
| Baxter International, Inc. | 7637 | 389258 |
| Waters Corp.<sup>\*</sup> | 1029 | 352515 |
| Align Technology, Inc.<sup>\*</sup> | 1622 | 342080 |
| Hologic, Inc.<sup>\*</sup> | 4538 | 339488 |
| STERIS plc | 1801 | 332627 |
| West Pharmaceutical Services, Inc. | 1398 | 329019 |
| Cooper Companies, Inc. | 975 | 322403 |
| PerkinElmer, Inc. | 2273 | 318720 |
| Avantor, Inc.<sup>\*</sup> | 13926 | 293699 |
| Bio-Techne Corp. | 3473 | 287842 |
| Insulet Corp.<sup>\*</sup> | 970 | 285558 |
| Teleflex, Inc. | 1079 | 269351 |
| Bruker Corp. | 3661 | 250229 |
| Repligen Corp.<sup>\*</sup> | 1438 | 243468 |
| Exact Sciences Corp.<sup>\*</sup> | 4801 | 237698 |
| Masimo Corp.<sup>\*</sup> | 1537 | 227399 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 855 | 215357 |
| Dentsply Sirona, Inc. | 6667 | 212277 |
| Shockwave Medical, Inc.<sup>\*</sup> | 965 | 198414 |
| Envista Holdings Corp.<sup>\*</sup> | 5627 | 189461 |
| QuidelOrtho Corp.<sup>\*</sup> | 2070 | 177337 |
| Natera, Inc.<sup>\*</sup> | 4239 | 170281 |
| 10X Genomics, Inc. — Class A<sup>\*</sup> | 4458 | 162450 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 2925 | 131479 |
| Nevro Corp.<sup>\*</sup> | 2318 | 91793 |
| **Total Healthcare-Products** |  | 14482662 |
| **Biotechnology - 17.4%** |  |  |
| Amgen, Inc. | 3368 | 884572 |
| Gilead Sciences, Inc. | 9254 | 794456 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 925 | 667378 |
| Moderna, Inc.<sup>\*</sup> | 3562 | 639806 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 2194 | 633583 |
| Biogen, Inc.<sup>\*</sup> | 1776 | 491810 |
| Horizon Therapeutics plc<sup>\*</sup> | 3886 | 442227 |
| Illumina, Inc.<sup>\*</sup> | 2164 | 437561 |
| Alnylam Pharmaceuticals, Inc.<sup>\*</sup> | 1762 | 418739 |
| Seagen, Inc.<sup>\*</sup> | 3000 | 385530 |
| Royalty Pharma plc — Class A | 9493 | 375163 |
| BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 3319 | 343483 |
| Incyte Corp.<sup>\*</sup> | 3980 | 319674 |
| BioNTech SE ADR | 1916 | 287822 |
| Sarepta Therapeutics, Inc.<sup>\*</sup> | 2159 | 279763 |
| United Therapeutics Corp.<sup>\*</sup> | 1000 | 278090 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 3697 | 191172 |
| Mirati Therapeutics, Inc.<sup>\*</sup> | 4060 | 183959 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 3985 | 139037 |
| Guardant Health, Inc.<sup>\*</sup> | 3787 | 103006 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 5767 | 58189 |
| Novavax, Inc.<sup>\*,1</sup> | 5180 | 53250 |
| **Total Biotechnology** |  | 8408270 |
| **Healthcare-Services - 16.6%** |  |  |
| UnitedHealth Group, Inc. | 3180 | 1685973 |
| Elevance Health, Inc. | 1636 | 839219 |
| HCA Healthcare, Inc. | 2652 | 636374 |
| Humana, Inc. | 1178 | 603360 |
| Centene Corp.<sup>\*</sup> | 6214 | 509610 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 2353 | 482106 |
| Laboratory Corporation of America Holdings | 1527 | 359578 |
| Quest Diagnostics, Inc. | 2149 | 336190 |
| Molina Healthcare, Inc.<sup>\*</sup> | 1005 | 331871 |
| ICON plc<sup>\*</sup> | 1661 | 322649 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 1229 | 267799 |
| Universal Health Services, Inc. — Class B | 1806 | 254447 |
| Catalent, Inc.<sup>\*</sup> | 5299 | 238508 |
| DaVita, Inc.<sup>\*</sup> | 2672 | 199518 |
| Encompass Health Corp. | 3274 | 195818 |
| Tenet Healthcare Corp.<sup>\*</sup> | 3891 | 189842 |
| Oak Street Health, Inc.<sup>\*</sup> | 8308 | 178705 |
| Syneos Health, Inc.<sup>\*</sup> | 4259 | 156220 |
| Teladoc Health, Inc.<sup>\*</sup> | 6308 | 149184 |
| Amedisys, Inc.<sup>\*</sup> | 1542 | 128819 |
| **Total Healthcare-Services** |  | 8065790 |
| **Electronics - 1.9%** |  |  |
| Agilent Technologies, Inc. | 3368 | 504021 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 299 | 432190 |
| **Total Electronics** |  | 936211 |

---

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | | |
| **Software - 1.2%** |  |  |
| Veeva Systems, Inc. — Class A<sup>\*</sup> | 2348 | $378920 |
| Doximity, Inc. — Class A<sup>\*</sup> | 5757 | 193205 |
| **Total Software** |  | 572125 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,247,717) |  | 48211972 |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Johnson & Johnson | 752 |  |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.6%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $165112 | 165112 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 63504 | 63504 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 63308 | 63308 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $291,924) |  | 291924 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.1%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 38289 | $38289 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,289) |  | 38289 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $39,577,930) |  | $48542185 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (110221) |
| **Total Net Assets - 100.0%** |  | $48431964 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Health Care Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br>Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $48211972 | $— | $— | $48211972 |
| Rights | — \* |  |  |  |
| Repurchase Agreements |  | 291924 |  | 291924 |
| Securities Lending Collateral | 38289 |  |  | 38289 |
| Total Assets | $48250261 | $291924 | $— | $48542185 |

---

\* Security has a market value of $0.

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 24.5%** | | |
| Guggenheim Strategy Fund III<sup>1</sup> | 79841 | $1921775 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 133249 | 1284520 |
| Guggenheim Strategy Fund II<sup>1</sup> | 53173 | 1278273 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,578,426) |  | 4484568 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 38.2%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>2</sup> | 2500000 | 2497822 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>2</sup> | 2500000 | 2493130 |
| &nbsp;&nbsp;&nbsp;3.84% due 01/13/23<sup>2</sup> | 2000000 | 1997812 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,987,250) |  | 6988764 |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.1%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2,3</sup> | 922000 | 920681 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $920,408) |  | 920681 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 26.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>5</sup> | 2733463 | 2733463 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>5</sup> | 1051332 | 1051332 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>5</sup> | 1048076 | 1048076 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,832,871) |  | 4832871 |
| **Total Investments - 94.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,318,955) |  | $17226884 |
| **Other Assets & Liabilities, net - 5.8%** |  | 1055182 |
| **Total Net Assets - 100.0%** |  | $18282066 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 136 | Mar 2023 | $14691188 | $(22516) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront Premiums Received** | **Unrealized Appreciation<sup>\*\*</sup>** |
| Barclays Bank plc ICE | CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | $11050000 | $68615 | $(141678) | $210293 |
| Goldman Sachs International ICE | CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | 5700000 | 35394 | (232654) | 268048 |
|  |  |  |  |  |  | $104009 | $(374332) | $478341 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |  |  |  |  |  |
| BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 01/26/23 | 1222 | $90015 | $(904) |
| BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 4.78% (Federal Funds Rate + 0.45%) | At Maturity | 01/26/23 | 1788 | 160946 | (2128) |
| Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 01/06/23 | 16337 | 1203220 | (9312) |
|  |  |  |  |  |  |  | $1454181 | $(12344) |

---

---

| | |
|:---|:---|
| **High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

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

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

*<sup>1</sup>* *Affiliated issuer.*

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

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

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

*<sup>5</sup>* *All or a portion of this security is pledged as credit index swap collateral at December 31, 2022.*

*CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series XX Index Version X*

*ICE — Intercontinental Exchange*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $4484568 | $— | $— | $4484568 |
| Federal Agency Discount Notes |  | 6988764 |  | 6988764 |
| U.S. Treasury Bills |  | 920681 |  | 920681 |
| Repurchase Agreements |  | 4832871 |  | 4832871 |
| Credit Default Swap Agreements\*\* |  | 478341 |  | 478341 |
| Total Assets | $4484568 | $13220657 | $— | $17705225 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $22516 | $— | $— | $22516 |
| Credit Index Swap Agreements\*\* |  | 12344 |  | 12344 |
| Total Liabilities | $22516 | $12344 | $— | $34860 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1305391 | $– | $– | $– | $(27118) | $1278273 | 53173 | $31853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 2768259 |  | (800000) | (6501) | (39983) | 1921775 | 79841 | 50167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | $1539748 | $– | $(235000) | $(721) | $(19507) | $1284520 | 133249 | $26052 |
|  | $5613398 | $– | $(1035000) | $(7222) | $(86608) | $4484568 |  | $108072 |

---

---

| | |
|:---|:---|
| **Internet Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Internet - 55.2%** | **Internet - 55.2%** | **Internet - 55.2%** |
| Alphabet, Inc. — Class A<sup>\*</sup> | 7805 | $688635 |
| Amazon.com, Inc.<sup>\*</sup> | 6990 | 587160 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 3201 | 385208 |
| Netflix, Inc.<sup>\*</sup> | 783 | 230891 |
| Booking Holdings, Inc.<sup>\*</sup> | 91 | 183390 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 1722 | 147231 |
| Uber Technologies, Inc.<sup>\*</sup> | 5788 | 143137 |
| Alibaba Group Holding Ltd. ADR<sup>\*</sup> | 1436 | 126497 |
| MercadoLibre, Inc.<sup>\*</sup> | 118 | 99856 |
| VeriSign, Inc.<sup>\*</sup> | 481 | 98817 |
| eBay, Inc. | 2307 | 95671 |
| Pinduoduo, Inc. ADR<sup>\*</sup> | 1161 | 94680 |
| Baidu, Inc. ADR<sup>\*</sup> | 825 | 94363 |
| Shopify, Inc. — Class A<sup>\*</sup> | 2678 | 92953 |
| JD.com, Inc. ADR | 1641 | 92109 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 3709 | 90055 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 1730 | 84459 |
| Snap, Inc. — Class A<sup>\*</sup> | 8935 | 79968 |
| Chewy, Inc. — Class A<sup>\*,1</sup> | 2139 | 79314 |
| Spotify Technology S.A.<sup>\*</sup> | 1001 | 79029 |
| Sea Ltd. ADR<sup>\*</sup> | 1493 | 77681 |
| Expedia Group, Inc.<sup>\*</sup> | 880 | 77088 |
| Etsy, Inc.<sup>\*</sup> | 635 | 76060 |
| Trip.com Group Ltd. ADR<sup>\*</sup> | 2194 | 75474 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 951 | 71154 |
| Match Group, Inc.<sup>\*</sup> | 1711 | 70989 |
| Okta, Inc.<sup>\*</sup> | 1038 | 70927 |
| Wix.com Ltd.<sup>\*</sup> | 803 | 61694 |
| F5, Inc.<sup>\*</sup> | 411 | 58983 |
| Zillow Group, Inc. — Class C<sup>\*</sup> | 1765 | 56851 |
| Zillow Group, Inc. — Class A<sup>\*</sup> | 1812 | 56553 |
| Coupang, Inc.<sup>\*</sup> | 3787 | 55707 |
| Roku, Inc.<sup>\*</sup> | 1151 | 46846 |
| Lyft, Inc. — Class A<sup>\*</sup> | 3835 | 42262 |
| IAC, Inc.<sup>\*</sup> | 939 | 41692 |
| Bumble, Inc. — Class A<sup>\*</sup> | 1921 | 40437 |
| Wayfair, Inc. — Class A<sup>\*</sup> | 1182 | 38876 |
| Ziff Davis, Inc.<sup>\*</sup> | 491 | 38838 |
| TripAdvisor, Inc.<sup>\*</sup> | 1857 | 33389 |
| Revolve Group, Inc.<sup>\*</sup> | 1127 | 25087 |
| Overstock.com, Inc.<sup>\*</sup> | 940 | 18198 |
| **Total Internet** |  | 4708209 |
| **Software - 30.3%** |  |  |
| Adobe, Inc.<sup>\*</sup> | 773 | 260138 |
| Salesforce, Inc.<sup>\*</sup> | 1890 | 250595 |
| Activision Blizzard, Inc. | 2094 | 160296 |
| Snowflake, Inc. — Class A<sup>\*</sup> | 990 | 142105 |
| Workday, Inc. — Class A<sup>\*</sup> | 797 | 133362 |
| Electronic Arts, Inc. | 975 | 119126 |
| Veeva Systems, Inc. — Class A<sup>\*</sup> | 615 | 99249 |
| Datadog, Inc. — Class A<sup>\*</sup> | 1337 | 98269 |
| Zoom Video Communications, Inc. — Class A<sup>\*</sup> | 1333 | 90297 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 862 | 89760 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 2895 | 82392 |
| DocuSign, Inc.<sup>\*</sup> | 1436 | 79583 |
| HubSpot, Inc.<sup>\*</sup> | 268 | 77487 |
| Cloudflare, Inc. — Class A<sup>\*</sup> | 1669 | 75455 |
| NetEase, Inc. ADR | 1036 | 75245 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 2457 | 73980 |
| Akamai Technologies, Inc.<sup>\*</sup> | 870 | 73341 |
| MongoDB, Inc.<sup>\*</sup> | 356 | 70075 |
| Bilibili, Inc. ADR<sup>\*,1</sup> | 2797 | 66261 |
| Twilio, Inc. — Class A<sup>\*</sup> | 1339 | 65557 |
| Coupa Software, Inc.<sup>\*</sup> | 785 | 62148 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 2644 | 59173 |
| Smartsheet, Inc. — Class A<sup>\*</sup> | 1245 | 49003 |
| Box, Inc. — Class A<sup>\*</sup> | 1468 | 45699 |
| Five9, Inc.<sup>\*</sup> | 672 | 45602 |
| Nutanix, Inc. — Class A<sup>\*</sup> | 1722 | 44858 |
| New Relic, Inc.<sup>\*</sup> | 699 | 39459 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 1192 | 30360 |
| Fastly, Inc. — Class A<sup>\*</sup> | 2330 | 19083 |
| **Total Software** |  | 2577958 |
| **Telecommunications - 8.0%** |  |  |
| Cisco Systems, Inc. | 5968 | 284315 |
| Motorola Solutions, Inc. | 513 | 132205 |
| Arista Networks, Inc.<sup>\*</sup> | 1032 | 125233 |
| Juniper Networks, Inc. | 2061 | 65870 |
| Ciena Corp.<sup>\*</sup> | 1015 | 51745 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 3400 | 24990 |
| **Total Telecommunications** |  | 684358 |
| **Commercial Services - 4.7%** |  |  |
| PayPal Holdings, Inc.<sup>\*</sup> | 2540 | 180899 |
| CoStar Group, Inc.<sup>\*</sup> | 1454 | 112365 |
| Paylocity Holding Corp.<sup>\*</sup> | 351 | 68185 |
| Chegg, Inc.<sup>\*</sup> | 1409 | 35606 |
| **Total Commercial Services** |  | 397055 |
| **Entertainment - 0.5%** |  |  |
| DraftKings, Inc. — Class A<sup>\*</sup> | 3714 | 42302 |
| **Healthcare-Services - 0.4%** |  |  |
| Teladoc Health, Inc.<sup>\*</sup> | 1651 | 39046 |
| **Computers - 0.4%** |  |  |
| Lumentum Holdings, Inc.<sup>\*</sup> | 708 | 36936 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,755,083) |  | 8485864 |
| **SECURITIES LENDING COLLATERAL<sup>†,2</sup> - 1.4%** |  |  |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>3</sup> | 116222 | 116222 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $116,222) |  | 116222 |
| **Total Investments - 100.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,871,305) |  | $8602086 |
| **Other Assets & Liabilities, net - (0.9)%** |  | (78547) |
| **Total Net Assets - 100.0%** |  | $8523539 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>3</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Internet Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $8485864 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8485864 |
| Securities Lending Collateral | 116222 |  |  | 116222 |
| Total Assets | $8602086 | $— | $— | $8602086 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 104.1%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 104.1%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 104.1%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>2</sup> | $603986 | $603986 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>2</sup> | 232302 | 232302 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>2</sup> | 231583 | 231583 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,067,871) |  | 1067871 |
| **Total Investments - 104.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,067,871) |  | $1067871 |
| **Other Assets & Liabilities, net - (4.1)%** |  | (42008) |
| **Total Net Assets - 100.0%** |  | $1025863 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation (Depreciation)** |
| **OTC Equity Index Swap Agreements 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>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | S&P Emerging 50 ADR Index | Receive | 3.58% (Federal Funds Rate - 0.75%) | At Maturity | 01/26/23 | 572 | $1376545 | $37279 |
| BNP Paribas | S&P Emerging 50 ADR Index | Receive | 4.13% (Federal Funds Rate - 0.20%) | At Maturity | 01/26/23 | 270 | 648704 | (3091) |
|  |  |  |  |  |  |  | $2025249 | $34188 |

---

---

| | |
|:---|:---|
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |

---

*ADR – American Depositary Receipt*

*See Sector Classification in Other Information section.*

 

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Repurchase Agreements | $— | $1067871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1067871 |
| Equity Index Swap Agreements\*\* |  | 37279 |  | 37279 |
| Total Assets | $— | $1105150 | $— | $1105150 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $— | $3091 | $— | $3091 |

---

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

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 15.6%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 528512 | $5094854 |
| Guggenheim Strategy Fund II<sup>1</sup> | 210588 | 5062533 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,470,929) |  | 10157387 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 38.4%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 38.4%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 38.4%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.06%, Rate <br> Floor: 0.00%) due <br> 03/14/23<sup>◊</sup> | $15000000 | 15001155 |
| &nbsp;&nbsp;&nbsp;4.32% (SOFR + 0.02%, Rate <br> Floor: 0.00%) due <br> 01/03/23<sup>◊</sup> | 5000000 | 5000015 |
| &nbsp;&nbsp;&nbsp;4.35% (SOFR + 0.05%, Rate <br> Floor: 0.00%) due <br> 02/21/23<sup>◊</sup> | 2500000 | 2500230 |
| &nbsp;&nbsp;&nbsp;4.35% (SOFR + 0.05%, Rate <br> Floor: 0.00%) due <br> 02/23/23<sup>◊</sup> | 2500000 | 2500140 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,000,000) |  | 25001540 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 15.4%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.84% due 01/13/23<sup>2</sup> | 5000000 | 4994530 |
| &nbsp;&nbsp;&nbsp;4.10% due 02/03/23<sup>2</sup> | 5000000 | 4982035 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,974,558) |  | 9976565 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup> - 1.1%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.1%** | **U.S. TREASURY BILLS<sup>††</sup> - 1.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>2,3</sup> | 729000 | 727957 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $727,741) |  | 727957 |
| **REPURCHASE AGREEMENTS<sup>††</sup>- 74.5%** |  |  |
| **Individual Repurchase Agreements<sup>4</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<br> Mizuho Securities USA LLC<br> issued 12/30/22 at 4.10%<br> due 01/03/23(secured by a U.S. Treasury Bond, at a rate of 4.10% and maturing 11/15/52 as collateral, with a value of $33,361,819) to be repurchased at $32,715,297 | 32704124 | 32704124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.00%<br> due 01/03/23(secured by a U.S. Treasury Bond, at a rate of 4.00% and maturing 11/15/52 as collateral, with a value of $9,463,313) to be repurchased at $9,279,842 | 9276750 | 9276750 |
| **Joint Repurchase Agreements<sup>5</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26%<br> due 01/03/23 | 3678927 | 3678927 |
| &nbsp;&nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 1414972 | 1414972 |
| &nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 1410590 | 1410590 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $48,485,363) |  | 48485363 |
| **Total Investments - 145.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $94,658,591) |  | $94348812 |
| **U.S. Government Securities Sold Short<sup>††</sup> - (81.6)%** | **U.S. Government Securities Sold Short<sup>††</sup> - (81.6)%** | **U.S. Government Securities Sold Short<sup>††</sup> - (81.6)%** |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 11/15/52 | 52500000 | (53098828) |
| **Total Securities Sold Short - (81.6)%** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $53,790,273) |  | $(53098828) |
| **Other Assets & Liabilities, net - 36.6%** |  | 23793650 |
| **Total Net Assets - 100.0%** |  | $65043634 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized Appreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | |  | | |
| U.S. Treasury Ultra Long Bond Futures Contracts | 95 | Mar 2023 | $12786406 | $381898 |

---

---

| | |
|:---|:---|
| **Inverse Government Long Bond Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

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

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

---

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

---

*<sup>1</sup>* *Affiliated issuer.*

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

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

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

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

 

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $10157387 | $— | $— | $10157387 |
| Federal Agency Notes |  | 25001540 |  | 25001540 |
| Federal Agency Discount Notes |  | 9976565 |  | 9976565 |
| U.S. Treasury Bills |  | 727957 |  | 727957 |
| Repurchase Agreements |  | 48485363 |  | 48485363 |
| Interest Rate Futures Contracts\*\* | 381898 |  |  | 381898 |
| Total Assets | $10539285 | $84191425 | $— | $94730710 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| U.S. Government Securities Sold Short | $– $| 53098828 | $– $| 53098828 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $5169933 | $– | $– | $– | $(107400) | $5062533 | 210588 | $126150 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 5174130 | – | – | – | (79276) | 5094854 | 528512 | 102577 |
|  | $10344063 | $– | $– | $– | $(186676) | $10157387 |  | $228727 |

---

---

| | |
|:---|:---|
| **Inverse High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 7.2%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 29310 | $704601 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 37683 | 363265 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,096,686) |  | 1067866 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 59.2%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.90% due 01/03/23<sup>2</sup> | $2000000 | 1999567 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/06/23<sup>2</sup> | 2000000 | 1998889 |
| &nbsp;&nbsp;&nbsp;3.85% due 01/10/23<sup>2</sup> | 1000000 | 999038 |
| &nbsp;&nbsp;&nbsp;4.08% due 01/12/23<sup>2</sup> | 1000000 | 999017 |
| &nbsp;&nbsp;&nbsp;4.04% due 01/27/23<sup>2</sup> | 1000000 | 997252 |
| &nbsp;&nbsp;&nbsp;4.27% due 02/10/23<sup>2</sup> | 1000000 | 995256 |
| &nbsp;&nbsp;&nbsp;4.12% due 02/03/23<sup>2</sup> | 800000 | 797125 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,785,565) |  | 8786144 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup> - 7.3%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 01/05/23<sup>2</sup> | 1000000 | 999798 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>2,3</sup> | 87000 | 86876 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,086,483) |  | 1086674 |

---

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 19.4%** | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | 1632620 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 627930 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 625986 |
| **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,886,536) | 2886536 |
| **Total Investments - 93.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,855,270) | $13827220 |
| **Other Assets & Liabilities, net - 6.9%** | 1031116 |
| **Total Net Assets - 100.0%** | $14858336 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 121 | Mar 2023 | $13070836 | $127186 |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Protection Premium Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value** | **Upfront Premiums Received** | **Unrealized Appreciation<sup>\*\*</sup>** |
| Barclays Bank plc ICE | CDX.NA.HY.39.V1 | 5.00% | Quarterly | 12/20/27 | $14900000 | $(92522) | $(115066) | $22544 |

---

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

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

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

*<sup>1</sup>* *Affiliated issuer.*

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

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

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

*CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series 39 Index Version 1*

*ICE — Intercontinental Exchange*

*plc — Public Limited Company*

 

*See Sector Classification in Other Information section.* 

 

---

| | |
|:---|:---|
| **Inverse High Yield Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $1067866 | $— | $— | $1067866 |
| Federal Agency Discount Notes |  | 8786144 |  | 8786144 |
| U.S. Treasury Bills |  | 1086674 |  | 1086674 |
| Repurchase Agreements |  | 2886536 |  | 2886536 |
| Interest Rate Futures Contracts\*\* | 127186 |  |  | 127186 |
| Credit Default Swap Agreements\*\* |  | 22544 |  | 22544 |
| Total Assets | $1195052 | $12781898 | $— | $13976950 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $369264 | $350000 | $– | $– | $(14663) | $704601 | 29310 | $17420 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 368917 | – | – | – | (5652) | 363265 | 37683 | 7314 |
|  | $738181 | $350000 | $– | $– | $(20315) | $1067866 |  | $24734 |

---

---

| | |
|:---|:---|
| **Inverse Mid-Cap Strategy Fund** |  |
| S**CHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 13.3%** | **MUTUAL FUNDS<sup>†</sup> - 13.3%** | **MUTUAL FUNDS<sup>†</sup> - 13.3%** |
| Guggenheim Strategy Fund II<sup>1</sup> | 2020 | $48561 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 4630 | 44634 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $95,671) |  | 93195 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.0%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.0%** | **U.S. TREASURY BILLS<sup>††</sup> - 2.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2,3</sup> | $14000 | 13980 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,976) |  | 13980 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 78.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup> - 78.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup> - 78.1%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>5</sup> | 309284 | 309284 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>5</sup> | 118955 | 118955 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>5</sup> | 118587 | 118587 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $546,826) |  | 546826 |
| **Total Investments - 93.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $656,473) |  | $654001 |
| **Other Assets & Liabilities, net - 6.6%** |  | 45926 |
| **Total Net Assets - 100.0%** |  | $699927 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | |
| S&P MidCap 400 Index Mini Futures Contracts | 1 | Mar 2023 | $244330 | $7159 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  | | | |
| Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.50% (SOFR + 0.20%) | At Maturity | 01/25/23 | 109 | $264451 | $11575 |
| Goldman Sachs International | S&P MidCap 400 Index | Receive | 4.28% (Federal Funds Rate - 0.05%) | At Maturity | 01/26/23 | 32 | 78774 | 2904 |
| BNP Paribas | S&P MidCap 400 Index | Receive | 4.38% (Federal Funds Rate + 0.05%) | At Maturity | 01/26/23 | 48 | 117791 | 2786 |
|  |  |  |  |  |  |  | $461016 | $17265 |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>5</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse Mid-Cap Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $93195 | $— | $— | $93195 |
| U.S. Treasury Bills |  | 13980 |  | 13980 |
| Repurchase Agreements |  | 546826 |  | 546826 |
| Equity Futures Contracts\*\* | 7159 |  |  | 7159 |
| Equity Index Swap Agreements\*\* |  | 17265 |  | 17265 |
| Total Assets | $100354 | $578071 | $— | $678425 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $49591 | $– | $– | $– | $(1030) | $48561 | 2020 | $1210 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 45328 | – | – | – | (694) | 44634 | 4630 | 899 |
|  | $94919 | $– | $– | $– | $(1724) | $93195 |  | $2109 |

---

---

| | |
|:---|:---|
| **Inverse NASDAQ-100<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 2.4%** | **MUTUAL FUNDS<sup>†</sup> - 2.4%** | **MUTUAL FUNDS<sup>†</sup> - 2.4%** |
| Guggenheim Strategy Fund II<sup>1</sup> | 49399 | $1187560 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 87169 | 840306 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,033,556) |  | 2027866 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 53.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 53.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 53.9%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.00% due 01/06/23<sup>2</sup> | $7000000 | 6996111 |
| &nbsp;&nbsp;&nbsp;4.01% due 01/12/23<sup>2</sup> | 7000000 | 6993126 |
| &nbsp;&nbsp;&nbsp;4.04% due 01/27/23<sup>2</sup> | 7000000 | 6980764 |
| &nbsp;&nbsp;&nbsp;4.27% due 02/10/23<sup>2</sup> | 6000000 | 5971533 |
| &nbsp;&nbsp;&nbsp;3.85% due 01/10/23<sup>2</sup> | 5900000 | 5894321 |
| &nbsp;&nbsp;&nbsp;3.85% due 01/06/23<sup>2</sup> | 5000000 | 4997326 |
| &nbsp;&nbsp;&nbsp;3.84% due 01/13/23<sup>2</sup> | 5000000 | 4994530 |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>2</sup> | 2000000 | 1998259 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,821,445) |  | 44825970 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 23.2%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 23.2%** | **FEDERAL AGENCY NOTES<sup>††</sup> - 23.2%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23<sup>◊</sup> | 10000000 | 10000770 |
| &nbsp;&nbsp;&nbsp;4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/06/23<sup>◊</sup> | 6800000 | 6800041 |
| &nbsp;&nbsp;&nbsp;4.35% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/23/23<sup>◊</sup> | 2500000 | 2500140 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,299,981) |  | 19300951 |
| **U.S. TREASURY BILLS<sup>††</sup> - 11.2%** | **U.S. TREASURY BILLS<sup>††</sup> - 11.2%** | **U.S. TREASURY BILLS<sup>††</sup> - 11.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.30% due 01/05/23<sup>2</sup> | 8000000 | 7998384 |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | 800000 | 799306 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>2,3</sup> | 500000 | 499566 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,295,563) |  | 9297256 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 10.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup> - 10.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup> - 10.8%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>3</sup> | 5064082 | 5064082 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>3</sup> | 1947724 | 1947724 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>3</sup> | 1941691 | 1941691 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,953,497) |  | 8953497 |
| **Total Investments - 101.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $84,404,042) |  | $84405540 |
| **Other Assets & Liabilities, net - (1.5)%** |  | (1252260) |
| **Total Net Assets - 100.0%** |  | $83153280 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of Contracts** | <br>**Expiration Date** |<br>**Notional<br> Amount** |<br>**Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | |
| NASDAQ-100 Index Mini Futures Contracts | 10 | Mar 2023 | $2204600 | $161176 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional<br> Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |  |  | | | |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.65% (SOFR + 0.35%) | At Maturity | 01/25/23 | 1380 | $15098785 | $1248167 |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.58% (Federal Funds Rate + 0.25%) | At Maturity | 01/26/23 | 5449 | 59609142 | 668965 |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.63% (Federal Funds Rate + 0.30%) | At Maturity | 01/26/23 | 563 | 6160032 | 427567 |
|  |  |  |  |  |  |  | $80867959 | $2344699 |

---

---

| | |
|:---|:---|
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>4</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

 

---

| | |
|:---|:---|
| **Inverse NASDAQ-100<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Mutual Funds | $2027866 | $— | $— | $2027866 |
| Federal Agency Discount Notes |  | 44825970 |  | 44825970 |
| Federal Agency Notes |  | 19300951 |  | 19300951 |
| U.S. Treasury Bills |  | 9297256 |  | 9297256 |
| Repurchase Agreements |  | 8953497 |  | 8953497 |
| Equity Futures Contracts\*\* | 161176 |  |  | 161176 |
| Equity Index Swap Agreements\*\* |  | 2344699 |  | 2344699 |
| Total Assets | $2189042 | $84722373 | $— | $86911415 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $1212754 | $– | $– | $– | $(25194) | $1187560 | 49399 | $29595 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 853381 | – | – | – | (13075) | 840306 | 87169 | 16920 |
|  | $2066135 | $– | $– | $– | $(38269) | $2027866 |  | $46515 |

---

---

| | |
|:---|:---|
| **Inverse Russell 2000<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 13.1%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 39100 | $939970 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 97310 | 938068 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,914,221) |  | 1878038 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 13.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 13.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 13.9%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>2</sup> | $1000000 | 999129 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>2</sup> | 1000000 | 997252 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,995,964) |  | 1996381 |
| **** | | |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | 100000 | 99913 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2</sup> | 18000 | 17974 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $117,850) |  | 117887 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup> - 70.6%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>3</sup> | 5750794 | 5750794 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>3</sup> | 2211844 | 2211844 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>3</sup> | 2204994 | 2204994 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,167,632) |  | 10167632 |
| **Total Investments - 98.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,195,667) |  | $14159938 |
| **Other Assets & Liabilities, net - 1.6%** |  | 235146 |
| **Total Net Assets - 100.0%** |  | $14395084 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | <br>**Payment <br> Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and <br> Unrealized <br> 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>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| BNP Paribas | Russell 2000 Index | Receive | 4.13% (Federal Funds Rate - 0.20%) | At Maturity | 01/26/23 | 5521 | $9723742 | $299769 |
| Goldman Sachs International | Russell 2000 Index | Receive | 4.18% (Federal Funds Rate - 0.15%) | At Maturity | 01/26/23 | 2273 | 4002487 | 98755 |
| Barclays Bank plc | Russell 2000 Index | Receive | 3.80% (SOFR - 0.50%) | At Maturity | 01/25/23 | 385 | 677370 | 49212 |
|  |  |  |  |  |  |  | $14403599 | $447736 |

---

---

| | |
|:---|:---|
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| <sup>4</sup> | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company* <br> *SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Inverse Russell 2000<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $1878038 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $1878038 |
| Federal Agency Discount Notes |  | 1996381 |  | 1996381 |
| U.S. Treasury Bills |  | 117887 |  | 117887 |
| Repurchase Agreements |  | 10167632 |  | 10167632 |
| Equity Index Swap Agreements\*\* |  | 447736 |  | 447736 |
| Total Assets | $1878038 | $12729636 | $— | $14607674 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/22** | **Additions** | **Reductions** | **Realized Gain <br> (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/22** | **Shares <br> 12/31/22** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $959911 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(19941) | $939970 | 39100 | $23424 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 952665 | – | – | – | (14597) | 938068 | 97310 | 18889 |
|  | $1912576 | $– | $– | $– | $(34538) | $1878038 |  | $42313 |

---

---

| | |
|:---|:---|
| **Inverse S&P 500<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 11.9%** | | |
| Guggenheim Strategy Fund II<sup>1</sup> | 262625 | $6313508 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 426990 | 4116185 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,738,042) |  | 10429693 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 39.5%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 39.5%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 39.5%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.08% due 01/12/23<sup>2</sup> | 8000000 | 7992143 |
| &nbsp;&nbsp;&nbsp;4.04% due 01/27/23<sup>2</sup> | 7000000 | 6980764 |
| &nbsp;&nbsp;&nbsp;4.27% due 02/10/23<sup>2</sup> | 6275000 | 6245229 |
| &nbsp;&nbsp;&nbsp;3.85% due 01/06/23<sup>2</sup> | 5300000 | 5297166 |
| &nbsp;&nbsp;&nbsp;4.10% due 02/03/23<sup>2</sup> | 5000000 | 4982035 |
| &nbsp;&nbsp;&nbsp;3.84% due 01/13/23<sup>2</sup> | 3000000 | 2996718 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $34,489,230) |  | 34494055 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 29.3%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23<sup>◊</sup> | 10000000 | 10000770 |
| &nbsp;&nbsp;&nbsp;4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/10/23<sup>◊</sup> | 8600000 | 8600112 |
| &nbsp;&nbsp;&nbsp;4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/06/23<sup>◊</sup> | 7000000 | 7000042 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $25,599,942) |  | 25600924 |
| **U.S. TREASURY BILLS<sup>††</sup> - 5.8%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.30% due 01/05/23<sup>2,3</sup> | 3000000 | 2999394 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>2,4</sup> | 1092000 | 1090438 |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | 1000000 | 999132 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,087,827) |  | 5088964 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>3</sup> | 7677940 | 7677940 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>3</sup> | 2953054 | 2953054 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>3</sup> | 2943908 | 2943908 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,574,902) |  | 13574902 |
| **Total Investments - 102.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $89,489,943) |  | $89188538 |
| **Other Assets & Liabilities, net - (2.0)%** |  | (1746306) |
| **Total Net Assets - 100.0%** |  | $87442232 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of<br> Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and<br> Unrealized**<br> **Appreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 69 | Mar 2023 | $13322175 | $488317 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** | <br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | S&P 500 Index | Receive | 4.63% (Federal Funds Rate + 0.30%) | At Maturity | 01/26/23 | 14914 | $57264013 | $1572507 |
| Barclays Bank plc | S&P 500 Index | Receive | 4.60% (SOFR + 0.30%) | At Maturity | 01/25/23 | 2219 | 8521612 | 333060 |
| BNP Paribas | S&P 500 Index | Receive | 4.53% (Federal Funds Rate + 0.20%) | At Maturity | 01/26/23 | 2172 | 8337799 | 269574 |
|  |  |  |  |  |  |  | $74123424 | $2175141 |

---

---

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

---

---

| | |
|:---|:---|
| **Inverse S&P 500<sup>®</sup> Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | |
|:---|:---|
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Mutual Funds | $10429693 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $10429693 |
| Federal Agency Discount Notes |  | 34494055 |  | 34494055 |
| Federal Agency Notes |  | 25600924 |  | 25600924 |
| U.S. Treasury Bills |  | 5088964 |  | 5088964 |
| Repurchase Agreements |  | 13574902 |  | 13574902 |
| Equity Futures Contracts\*\* | 488317 |  |  | 488317 |
| Equity Index Swap Agreements\*\* |  | 2175141 |  | 2175141 |
| Total Assets | $10918010 | $80933986 | $— | $91851996 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized<br> Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 12/31/22** | **Shares<br> 12/31/22** | **Investment<br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $6447447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(133939) | $6313508 | 262625 | $157334 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 4180234 | – | – | – | (64049) | 4116185 | 426990 | 82882 |
|  | $10627681 | $– | $– | $– | $(197988) | $10429693 |  | $240216 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 15.3%** | **U.S. TREASURY BILLS<sup>††</sup> - 15.3%** | **U.S. TREASURY BILLS<sup>††</sup> - 15.3%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>1,2</sup> | $165000 | $164764 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $164,715) |  | 164764 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 83.3%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | 507345 | 507345 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 195133 | 195133 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 194528 | 194528 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $897,006) |  | 897006 |
| **Total Investments - 98.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,061,721) |  | $1061770 |
| **Other Assets & Liabilities, net - 1.4%** |  | 14623 |
| **Total Net Assets - 100.0%** |  | $1076393 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | |
| Japanese Yen Futures Contracts | 23 | Mar 2023 | $2210588 | $88446 |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |
| Nikkei 225 (CME) Index Futures Contracts | 17 | Mar 2023 | 2190450 | (149857) |

---

---

| | |
|:---|:---|
| *<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, 2022.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *Repurchase Agreements — See Note 4.* |

---

*CME — Chicago Mercantile Exchange*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $164764 | $— | $164764 |
| Repurchase Agreements |  | 897006 |  | 897006 |
| Currency Futures Contracts\*\* | 88446 |  |  | 88446 |
| Total Assets | $88446 | $1061770 | $— | $1150216 |

---

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $149857 | $– $– $| 149857 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $138359 | $– | $(136161) | $(3935) | $1737 | $– |  | $912 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 141446 | – | (139423) | (4142) | 2119 | – |  | 633 |
|  | $279805 | $– | $(275584) | $(8077) | $3856 | $– |  | $1545 |

---

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.8%** | **COMMON STOCKS<sup>†</sup> - 99.8%** | **COMMON STOCKS<sup>†</sup> - 99.8%** |
| **Retail - 18.5%** | **Retail - 18.5%** | **Retail - 18.5%** |
| McDonald's Corp. | 1294 | $341008 |
| Starbucks Corp. | 2627 | 260598 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 108 | 149849 |
| Yum! Brands, Inc. | 1151 | 147420 |
| Darden Restaurants, Inc. | 734 | 101534 |
| Yum China Holdings, Inc. | 1603 | 87604 |
| Domino's Pizza, Inc. | 246 | 85214 |
| Restaurant Brands International, Inc. | 1222 | 79027 |
| Texas Roadhouse, Inc. — Class A | 622 | 56571 |
| Wendy's Co. | 2374 | 53724 |
| Wingstop, Inc. | 353 | 48580 |
| Papa John's International, Inc. | 517 | 42554 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 960 | 34022 |
| Bloomin' Brands, Inc. | 1597 | 32132 |
| Cracker Barrel Old Country Store, Inc. | 338 | 32022 |
| Cheesecake Factory, Inc.<sup>1</sup> | 988 | 31330 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 726 | 30151 |
| Jack in the Box, Inc. | 436 | 29748 |
| Brinker International, Inc.<sup>\*</sup> | 813 | 25943 |
| **Total Retail** |  | 1669031 |
| **Media - 17.9%** |  |  |
| Walt Disney Co.<sup>\*</sup> | 3611 | 313724 |
| Comcast Corp. — Class A | 8858 | 309764 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 555 | 188201 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 12175 | 115419 |
| Fox Corp. — Class A | 3317 | 100737 |
| Paramount Global — Class B | 5006 | 84501 |
| News Corp. — Class A | 4548 | 82774 |
| Liberty Broadband Corp. — Class C<sup>\*</sup> | 1034 | 78863 |
| DISH Network Corp. — Class A<sup>\*</sup> | 4859 | 68220 |
| Nexstar Media Group, Inc. — Class A | 357 | 62486 |
| New York Times Co. — Class A | 1761 | 57162 |
| TEGNA, Inc. | 2638 | 55899 |
| World Wrestling Entertainment, Inc. — Class A | 796 | 54542 |
| Cable One, Inc. | 71 | 50542 |
| **Total Media** |  | 1622834 |
| **Internet - 12.5%** |  |  |
| Netflix, Inc.<sup>\*</sup> | 941 | 277482 |
| Booking Holdings, Inc.<sup>\*</sup> | 111 | 223696 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 2104 | 179892 |
| Sea Ltd. ADR<sup>\*</sup> | 2003 | 104216 |
| Spotify Technology S.A.<sup>\*</sup> | 1252 | 98845 |
| Trip.com Group Ltd. ADR<sup>\*</sup> | 2716 | 93431 |
| Expedia Group, Inc.<sup>\*</sup> | 1062 | 93031 |
| Roku, Inc.<sup>\*</sup> | 1403 | 57102 |
| **Total Internet** |  | 1127695 |
| **Lodging - 10.7%** |  |  |
| Marriott International, Inc. — Class A | 1114 | 165863 |
| Las Vegas Sands Corp.<sup>\*</sup> | 3087 | 148392 |
| Hilton Worldwide Holdings, Inc. | 1115 | 140891 |
| MGM Resorts International | 2526 | 84697 |
| Hyatt Hotels Corp. — Class A<sup>\*</sup> | 835 | 75526 |
| Wynn Resorts Ltd.<sup>\*</sup> | 893 | 73646 |
| Wyndham Hotels & Resorts, Inc. | 861 | 61398 |
| Choice Hotels International, Inc. | 532 | 59925 |
| Boyd Gaming Corp. | 1044 | 56929 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 1348 | 51952 |
| Travel + Leisure Co. | 1195 | 43498 |
| **Total Lodging** |  | 962717 |
| **Entertainment - 10.3%** |  |  |
| Warner Music Group Corp. — Class A | 3121 | 109297 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 1440 | 100426 |
| Churchill Downs, Inc. | 329 | 69561 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 1659 | 69014 |
| Vail Resorts, Inc. | 283 | 67453 |
| Marriott Vacations Worldwide Corp. | 431 | 58008 |
| Madison Square Garden Sports Corp. — Class A | 312 | 57199 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 965 | 56549 |
| Penn Entertainment, Inc.<sup>\*</sup> | 1744 | 51797 |
| DraftKings, Inc. — Class A<sup>\*</sup> | 4538 | 51688 |
| International Game Technology plc | 2276 | 51620 |
| Red Rock Resorts, Inc. — Class A | 1216 | 48652 |
| SeaWorld Entertainment, Inc.<sup>\*</sup> | 890 | 47624 |
| Six Flags Entertainment Corp.<sup>\*</sup> | 1655 | 38479 |
| AMC Entertainment Holdings, Inc. — Class A<sup>\*,1</sup> | 8792 | 35783 |
| Cinemark Holdings, Inc.<sup>\*</sup> | 2579 | 22334 |
| **Total Entertainment** |  | 935484 |
| **Software - 8.0%** |  |  |
| Activision Blizzard, Inc. | 2559 | 195891 |
| Electronic Arts, Inc. | 1192 | 145639 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 1040 | 108295 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 3538 | 100692 |
| NetEase, Inc. ADR | 1275 | 92603 |
| Bilibili, Inc. ADR<sup>\*,1</sup> | 3266 | 77372 |
| **Total Software** |  | 720492 |
| **Leisure Time - 7.0%** |  |  |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 7816 | 95668 |
| Royal Caribbean Cruises Ltd.<sup>\*</sup> | 1705 | 84278 |
| Carnival Corp.<sup>\*</sup> | 9614 | 77489 |
| Planet Fitness, Inc. — Class A<sup>\*</sup> | 872 | 68714 |
| Polaris, Inc. | 618 | 62418 |
| Harley-Davidson, Inc. | 1426 | 59322 |
| Brunswick Corp. | 781 | 56294 |
| YETI Holdings, Inc.<sup>\*</sup> | 1119 | 46226 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 2270 | 44832 |
| Peloton Interactive, Inc. — Class A<sup>\*</sup> | 4246 | 33713 |
| **Total Leisure Time** |  | 628954 |
| **Agriculture - 6.8%** |  |  |
| Philip Morris International, Inc. | 3124 | 316180 |

---

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.8% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.8% (continued)** |
| **Agriculture - 6.8% (continued)** | **Agriculture - 6.8% (continued)** | **Agriculture - 6.8% (continued)** |
| Altria Group, Inc. | 4920 | $224893 |
| British American Tobacco plc ADR | 1934 | 77322 |
| **Total Agriculture** |  | 618395 |
| **Beverages - 5.7%** |  |  |
| Constellation Brands, Inc. — Class A | 675 | 156431 |
| Brown-Forman Corp. — Class B | 2180 | 143182 |
| Molson Coors Beverage Co. — Class B | 1650 | 85008 |
| Anheuser-Busch InBev S.A. ADR | 1272 | 76371 |
| Boston Beer Company, Inc. — Class A<sup>\*</sup> | 151 | 49758 |
| **Total Beverages** |  | 510750 |
| **Toys, Games & Hobbies - 1.5%** |  |  |
| Hasbro, Inc. | 1219 | 74371 |
| Mattel, Inc.<sup>\*</sup> | 3665 | 65384 |
| **Total Toys, Games & Hobbies** |  | 139755 |
| **Food Service - 0.9%** |  |  |
| Aramark | 2022 | 83589 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,174,597) |  | 9019696 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.7%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $38292 | 38292 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 14728 | 14728 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 14682 | 14682 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $67,702) |  | 67702 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 1.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 1.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 1.3%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 114043 | 114043 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $114,043) |  | 114043 |
| **Total Investments - 101.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,356,342) |  | $9201441 |
| **Other Assets & Liabilities, net - (1.8)%** |  | (158831) |
| **Total Net Assets - 100.0%** |  | $9042610 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Leisure Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $9019696 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $9019696 |
| Repurchase Agreements |  | 67702 |  | 67702 |
| Securities Lending Collateral | 114043 |  |  | 114043 |
| Total Assets | $9133739 | $67702 | $— | $9201441 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 92.0%** | **COMMON STOCKS<sup>†</sup> - 92.0%** | **COMMON STOCKS<sup>†</sup> - 92.0%** |
| **Consumer, Non-cyclical - 19.7%** | **Consumer, Non-cyclical - 19.7%** | **Consumer, Non-cyclical - 19.7%** |
| Coca-Cola Co.<sup>1</sup> | 2022 | $128620 |
| Danaher Corp. | 460 | 122093 |
| Quest Diagnostics, Inc. | 760 | 118895 |
| Hershey Co. | 491 | 113701 |
| Hologic, Inc.<sup>\*,1</sup> | 1511 | 113038 |
| John B Sanfilippo & Son, Inc. | 1360 | 110595 |
| Bristol-Myers Squibb Co.<sup>1</sup> | 1526 | 109796 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 268 | 109333 |
| Monster Beverage Corp.<sup>\*</sup> | 1049 | 106505 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 7910 | 98005 |
| Tyson Foods, Inc. — Class A<sup>1</sup> | 1537 | 95678 |
| Post Holdings, Inc.<sup>\*,1</sup> | 1044 | 94231 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 1473 | 92210 |
| Perdoceo Education Corp.<sup>\*</sup> | 6569 | 91309 |
| Altria Group, Inc.<sup>1</sup> | 1992 | 91054 |
| Royalty Pharma plc — Class A | 2092 | 82676 |
| Becton Dickinson and Co.<sup>1</sup> | 314 | 79850 |
| Gilead Sciences, Inc. | 841 | 72200 |
| Eli Lilly & Co.<sup>1</sup> | 196 | 71705 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 433 | 68981 |
| Globus Medical, Inc. — Class A<sup>\*</sup> | 923 | 68551 |
| Vertex Pharmaceuticals, Inc.<sup>\*,1</sup> | 234 | 67575 |
| Varex Imaging Corp.<sup>\*</sup> | 3217 | 65305 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 1733 | 61816 |
| United Therapeutics Corp.<sup>\*,1</sup> | 205 | 57008 |
| Lamb Weston Holdings, Inc.<sup>1</sup> | 610 | 54510 |
| Incyte Corp.<sup>\*,1</sup> | 619 | 49718 |
| Triton International Ltd. | 718 | 49384 |
| USANA Health Sciences, Inc.<sup>\*,1</sup> | 889 | 47295 |
| Inter Parfums, Inc. | 483 | 46619 |
| Philip Morris International, Inc. | 452 | 45747 |
| PerkinElmer, Inc.<sup>1</sup> | 325 | 45572 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 59 | 42568 |
| Eagle Pharmaceuticals, Inc.<sup>\*</sup> | 1357 | 39665 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 1192 | 33400 |
| Innoviva, Inc.<sup>\*</sup> | 2446 | 32409 |
| Johnson & Johnson | 171 | 30207 |
| EVERTEC, Inc.<sup>1</sup> | 815 | 26390 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 219 | 26157 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 215 | 22106 |
| Vanda Pharmaceuticals, Inc.<sup>\*,1</sup> | 2984 | 22052 |
| **Total Consumer, Non-cyclical** |  | 2904529 |
| **Industrial - 15.4%** |  |  |
| Emerson Electric Co.<sup>1</sup> | 1214 | 116617 |
| AMETEK, Inc.<sup>1</sup> | 799 | 111636 |
| General Dynamics Corp. | 447 | 110905 |
| Donaldson Company, Inc.<sup>1</sup> | 1881 | 110734 |
| Standex International Corp.<sup>1</sup> | 1076 | 110193 |
| Graco, Inc.<sup>1</sup> | 1638 | 110172 |
| Textron, Inc.<sup>1</sup> | 1543 | 109244 |
| Snap-on, Inc.<sup>1</sup> | 470 | 107390 |
| Albany International Corp. — Class A<sup>1</sup> | 1041 | 102632 |
| Eagle Materials, Inc.<sup>1</sup> | 761 | 101099 |
| Lockheed Martin Corp.<sup>1</sup> | 184 | 89514 |
| Vishay Intertechnology, Inc.<sup>1</sup> | 4042 | 87186 |
| Louisiana-Pacific Corp. | 1468 | 86906 |
| Keysight Technologies, Inc.<sup>\*</sup> | 443 | 75784 |
| Eaton Corporation plc | 464 | 72825 |
| Acuity Brands, Inc. | 422 | 69887 |
| Sealed Air Corp. | 1327 | 66191 |
| Advanced Energy Industries, Inc.<sup>1</sup> | 761 | 65279 |
| Sturm Ruger & Company, Inc.<sup>1</sup> | 1246 | 63073 |
| 3M Co. | 478 | 57322 |
| Otis Worldwide Corp. | 670 | 52468 |
| Mueller Industries, Inc.<sup>1</sup> | 802 | 47318 |
| Dorian LPG Ltd. | 2453 | 46484 |
| Barnes Group, Inc.<sup>1</sup> | 1024 | 41831 |
| Packaging Corporation of America<sup>1</sup> | 324 | 41443 |
| Crane Holdings Co. | 361 | 36262 |
| Toro Co. | 314 | 35545 |
| Sonoco Products Co.<sup>1</sup> | 566 | 34362 |
| OSI Systems, Inc.<sup>\*</sup> | 412 | 32762 |
| EnPro Industries, Inc.<sup>1</sup> | 260 | 28259 |
| Insteel Industries, Inc. | 863 | 23750 |
| TopBuild Corp.<sup>\*,1</sup> | 145 | 22691 |
| **Total Industrial** |  | 2267764 |
| **Financial - 12.9%** |  |  |
| Preferred Bank/Los Angeles CA | 1495 | 111557 |
| National Bank Holdings Corp. — Class A | 2591 | 109003 |
| Hope Bancorp, Inc. | 8507 | 108975 |
| Heritage Financial Corp. | 3474 | 106443 |
| Renasant Corp.<sup>1</sup> | 2807 | 105515 |
| S&T Bancorp, Inc. | 3079 | 105240 |
| TowneBank<sup>1</sup> | 3329 | 102666 |
| Evercore, Inc. — Class A<sup>1</sup> | 815 | 88900 |
| Goldman Sachs Group, Inc. | 188 | 64556 |
| U.S. Bancorp | 1417 | 61795 |
| Global Net Lease, Inc. REIT | 4690 | 58953 |
| Visa, Inc. — Class A<sup>1</sup> | 276 | 57342 |
| Arch Capital Group Ltd.<sup>\*</sup> | 795 | 49910 |
| Mastercard, Inc. — Class A | 142 | 49378 |
| International Bancshares Corp.<sup>1</sup> | 1060 | 48506 |
| Office Properties Income Trust REIT | 3514 | 46912 |
| Apartment Income REIT Corp. <sup>1</sup> | 1309 | 44912 |
| BankUnited, Inc.<sup>1</sup> | 1317 | 44739 |
| Central Pacific Financial Corp. | 2147 | 43541 |
| Virtus Investment Partners, Inc. | 226 | 43265 |
| Stewart Information Services Corp.<sup>1</sup> | 974 | 41619 |
| Trustmark Corp.<sup>1</sup> | 1121 | 39134 |
| FB Financial Corp. | 1042 | 37658 |
| Marcus & Millichap, Inc. | 1079 | 37172 |
| Hilltop Holdings, Inc. | 1238 | 37152 |
| Brightsphere Investment Group, Inc. | 1776 | 36550 |
| Bread Financial Holdings, Inc. | 899 | 33856 |
| PennyMac Financial Services, Inc.<sup>1</sup> | 577 | 32693 |
| PotlatchDeltic Corp. REIT<sup>1</sup> | 734 | 32289 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 1436 | 30012 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 92.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 92.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 92.0% (continued)** |
| **Financial - 12.9% (continued)** | **Financial - 12.9% (continued)** | **Financial - 12.9% (continued)** |
| RLI Corp. | 222 | $29142 |
| Aflac, Inc.<sup>1</sup> | 384 | 27625 |
| Pathward Financial, Inc. | 570 | 24539 |
| Associated Banc-Corp. | 237 | 5472 |
| **Total Financial** |  | 1897021 |
| **Consumer, Cyclical - 11.8%** |  |  |
| Home Depot, Inc.<sup>1</sup> | 417 | 131714 |
| Lowe's Companies, Inc.<sup>1</sup> | 581 | 115759 |
| Yum! Brands, Inc. | 880 | 112710 |
| Wyndham Hotels & Resorts, Inc. | 1556 | 110958 |
| Columbia Sportswear Co.<sup>1</sup> | 1263 | 110613 |
| Brunswick Corp.<sup>1</sup> | 1423 | 102570 |
| Starbucks Corp. | 890 | 88288 |
| GMS, Inc.<sup>\*,1</sup> | 1565 | 77937 |
| NIKE, Inc. — Class B | 604 | 70674 |
| Allison Transmission Holdings, Inc.<sup>1</sup> | 1567 | 65187 |
| Methode Electronics, Inc. | 1442 | 63982 |
| Buckle, Inc. | 1379 | 62538 |
| Steven Madden Ltd. | 1799 | 57496 |
| Boyd Gaming Corp. | 1031 | 56221 |
| Academy Sports & Outdoors, Inc.<sup>1</sup> | 981 | 51542 |
| Watsco, Inc.<sup>1</sup> | 196 | 48882 |
| Casey's General Stores, Inc. | 217 | 48684 |
| Patrick Industries, Inc. | 699 | 42359 |
| General Motors Co. | 1165 | 39191 |
| Williams-Sonoma, Inc. | 339 | 38958 |
| Haverty Furniture Companies, Inc. | 1286 | 38451 |
| Oxford Industries, Inc. | 400 | 37272 |
| Tesla, Inc.<sup>\*,1</sup> | 257 | 31657 |
| Group 1 Automotive, Inc.<sup>1</sup> | 166 | 29941 |
| Winnebago Industries, Inc. | 559 | 29459 |
| Polaris, Inc. | 289 | 29189 |
| Thor Industries, Inc.<sup>1</sup> | 309 | 23327 |
| Harley-Davidson, Inc. | 527 | 21923 |
| **Total Consumer, Cyclical** |  | 1737482 |
| **Technology - 9.5%** |  |  |
| Microsoft Corp.<sup>1</sup> | 794 | 190417 |
| Apple, Inc.<sup>1</sup> | 1253 | 162802 |
| Synopsys, Inc.<sup>\*</sup> | 315 | 100576 |
| Cirrus Logic, Inc.<sup>\*,1</sup> | 1323 | 98537 |
| Applied Materials, Inc. | 968 | 94264 |
| Adobe, Inc.<sup>\*,1</sup> | 148 | 49806 |
| Maximus, Inc. | 649 | 47591 |
| Rambus, Inc.<sup>\*,1</sup> | 1321 | 47318 |
| QUALCOMM, Inc.<sup>1</sup> | 371 | 40788 |
| NetApp, Inc.<sup>1</sup> | 667 | 40060 |
| International Business Machines Corp.<sup>1</sup> | 270 | 38040 |
| SS&C Technologies Holdings, Inc. | 699 | 36390 |
| ServiceNow, Inc.<sup>\*</sup> | 88 | 34168 |
| Diodes, Inc.<sup>\*</sup> | 444 | 33806 |
| NetScout Systems, Inc.<sup>\*,1</sup> | 1038 | 33746 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 1505 | 33682 |
| Synaptics, Inc.<sup>\*,1</sup> | 343 | 32640 |
| CSG Systems International, Inc. | 553 | 31632 |
| Analog Devices, Inc.<sup>1</sup> | 188 | 30838 |
| NVIDIA Corp. | 210 | 30689 |
| NXP Semiconductor N.V. | 189 | 29868 |
| Teradata Corp.<sup>\*</sup> | 850 | 28611 |
| Veeco Instruments, Inc.<sup>\*</sup> | 1449 | 26922 |
| Avid Technology, Inc.<sup>\*</sup> | 944 | 25101 |
| Microchip Technology, Inc. | 357 | 25079 |
| Veradigm, Inc.<sup>\*</sup> | 1400 | 24696 |
| ACI Worldwide, Inc.<sup>\*,1</sup> | 1057 | 24311 |
| **Total Technology** |  | 1392378 |
| **Energy - 7.8%** |  |  |
| Exxon Mobil Corp.<sup>1</sup> | 1319 | 145486 |
| Marathon Petroleum Corp.<sup>1</sup> | 1015 | 118136 |
| Antero Midstream Corp.<sup>1</sup> | 10013 | 108040 |
| DT Midstream, Inc.<sup>1</sup> | 1888 | 104331 |
| Kinder Morgan, Inc.<sup>1</sup> | 5731 | 103617 |
| Valero Energy Corp.<sup>1</sup> | 604 | 76623 |
| Williams Companies, Inc.<sup>1</sup> | 2108 | 69353 |
| Phillips 66<sup>1</sup> | 660 | 68693 |
| Chevron Corp.<sup>1</sup> | 356 | 63898 |
| ONEOK, Inc.<sup>1</sup> | 846 | 55582 |
| CVR Energy, Inc.<sup>1</sup> | 1569 | 49172 |
| Occidental Petroleum Corp.<sup>1</sup> | 653 | 41133 |
| Magnolia Oil & Gas Corp. — Class A | 1345 | 31540 |
| SunCoke Energy, Inc.<sup>1</sup> | 3536 | 30516 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 1190 | 27668 |
| REX American Resources Corp.<sup>\*</sup> | 767 | 24436 |
| Equitrans Midstream Corp.<sup>1</sup> | 3554 | 23812 |
| **Total Energy** |  | 1142036 |
| **Utilities - 6.3%** |  |  |
| FirstEnergy Corp. | 2755 | 115545 |
| OGE Energy Corp. | 2847 | 112599 |
| Black Hills Corp. | 1594 | 112122 |
| UGI Corp.<sup>1</sup> | 2698 | 100015 |
| MGE Energy, Inc.<sup>1</sup> | 1146 | 80679 |
| Chesapeake Utilities Corp.<sup>1</sup> | 632 | 74690 |
| ONE Gas, Inc. | 839 | 63529 |
| Ameren Corp. | 659 | 58598 |
| Clearway Energy, Inc. — Class C | 1791 | 57079 |
| Otter Tail Corp.<sup>1</sup> | 944 | 55422 |
| American States Water Co. | 426 | 39426 |
| National Fuel Gas Co.<sup>1</sup> | 501 | 31713 |
| Unitil Corp. | 567 | 29121 |
| **Total Utilities** |  | 930538 |
| **Communications - 4.6%** |  |  |
| Verizon Communications, Inc.<sup>1</sup> | 2902 | 114339 |
| T-Mobile US, Inc.<sup>\*,1</sup> | 682 | 95480 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 979 | 86867 |
| Gogo, Inc.<sup>\*,1</sup> | 5697 | 84088 |
| Meta Platforms, Inc. — Class A<sup>\*,1</sup> | 610 | 73407 |
| Cisco Systems, Inc.<sup>1</sup> | 1469 | 69983 |
| VeriSign, Inc.<sup>\*</sup> | 199 | 40883 |
| InterDigital, Inc. | 744 | 36813 |
| Amazon.com, Inc.<sup>\*,1</sup> | 406 | 34104 |
| Arista Networks, Inc.<sup>\*</sup> | 168 | 20387 |
| NETGEAR, Inc.<sup>\*</sup> | 1084 | 19631 |
| **Total Communications** |  | 675982 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 92.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 92.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 92.0% (continued)** |
| **Basic Materials - 4.0%** | **Basic Materials - 4.0%** | **Basic Materials - 4.0%** |
| Minerals Technologies, Inc. | 1489 | $90412 |
| Balchem Corp.<sup>1</sup> | 702 | 85721 |
| Huntsman Corp.<sup>1</sup> | 2249 | 61803 |
| NewMarket Corp.<sup>1</sup> | 183 | 56933 |
| FMC Corp.<sup>1</sup> | 424 | 52915 |
| Olin Corp. | 880 | 46587 |
| LyondellBasell Industries N.V. — Class A | 525 | 43591 |
| Dow, Inc. | 794 | 40010 |
| Westlake Corp. | 378 | 38760 |
| PPG Industries, Inc. | 285 | 35836 |
| Ingevity Corp.<sup>\*,1</sup> | 491 | 34586 |
| **Total Basic Materials** |  | 587154 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,321,603) |  | 13534884 |

---

---

| | |
|:---|:---|
| **MONEY MARKET FUND<sup>†</sup> - 1.2%** | |
| Invesco Short-Term Investments Trust Treasury Obligations Portfolio - Institutional Class 1.00%<sup>2</sup> | $169380 |
| **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $169,380) | 169380 |
| **Total Investments - 93.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,490,983) | $13704264 |
| **Other Assets & Liabilities, net - 6.8%** | 1005496 |
| **Total Net Assets - 100.0%** | $14709760 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | | | | |
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Notional Amount** |<br>**Value and Unrealized Appreciation** |
| **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** |  |  |
| Goldman Sachs International | GS Equity Custom Basket | Pay | 4.78% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | $6960332 | $110429 |
| Morgan Stanley Capital Services LLC | MS Equity Custom Basket | Pay | 4.73% (Federal Funds Rate + 0.40%) | At Maturity | 03/27/24 | 7013241 | 98754 |
|  |  |  |  |  |  | $13973573 | $209183 |
| **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** |  |  |  |
| Morgan Stanley Capital Services LLC | MS Equity Custom Basket | Receive | 4.03% (Federal Funds Rate - 0.30%) | At Maturity | 03/27/24 | $7985403 | $400341 |
| Goldman Sachs International | GS Equity Custom Basket | Receive | 4.13% (Federal Funds Rate - 0.20%) | At Maturity | 05/06/24 | 7940376 | 395929 |
|  |  |  |  |  |  | $15925779 | $796270 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| **GS EQUITY LONG CUSTOM BASKET** | **GS EQUITY LONG CUSTOM BASKET** | **GS EQUITY LONG CUSTOM BASKET** | |
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| **Financial** |  |  |  |
| S&T Bancorp, Inc. | 1579 | 0.83% | $8906 |
| Associated Banc-Corp. | 2455 | 0.81% | 7090 |
| Renasant Corp. | 1440 | 0.78% | 5690 |
| TowneBank | 1708 | 0.76% | 5320 |
| Preferred Bank/Los Angeles CA | 766 | 0.82% | 5237 |
| PennyMac Financial Services, Inc. | 296 | 0.24% | 2695 |
| Virtus Investment Partners, Inc. | 116 | 0.32% | 2631 |
| Arch Capital Group Ltd. | 407 | 0.37% | 2539 |
| Trustmark Corp. | 575 | 0.29% | 2292 |
| NMI Holdings, Inc. — Class A | 736 | 0.22% | 1606 |
| Evercore, Inc. — Class A | 418 | 0.66% | 1579 |
| Bread Financial Holdings, Inc. | 461 | 0.25% | 1215 |
| Aflac, Inc. | 197 | 0.20% | 1049 |
| International Bancshares Corp. | 544 | 0.36% | 959 |
| Hilltop Holdings, Inc. | 635 | 0.27% | 929 |
| RLI Corp. | 114 | 0.22% | 547 |
| Visa, Inc. — Class A | 141 | 0.42% | 183 |
| National Bank Holdings Corp. — Class A | 1329 | 0.80% | 36 |
| Brightsphere Investment Group, Inc. | 911 | 0.27% | (71) |
| U.S. Bancorp | 726 | 0.45% | (224) |
| Mastercard, Inc. — Class A | 73 | 0.36% | (570) |
| Marcus & Millichap, Inc. | 553 | 0.27% | (1431) |
| Pathward Financial, Inc. | 292 | 0.18% | (1536) |
| Apartment Income REIT Corp. | 671 | 0.33% | (1729) |
| Hope Bancorp, Inc. | 4364 | 0.80% | (2310) |
| FB Financial Corp. | 534 | 0.28% | (2858) |
| BankUnited, Inc. | 675 | 0.33% | (2883) |
| PotlatchDeltic Corp. | 376 | 0.24% | (3280) |
| Global Net Lease, Inc. | 2406 | 0.43% | (4248) |
| Heritage Financial Corp. | 1782 | 0.78% | (5535) |
| Central Pacific Financial Corp. | 1101 | 0.32% | (6737) |
| Stewart Information Services Corp. | 500 | 0.31% | (7032) |
| Office Properties Income Trust | 1802 | 0.35% | (12647) |
| **Total Financial** |  |  | (2588) |
| **Consumer, Non-cyclical** |  |  |  |
| Perdoceo Education Corp. | 3369 | 0.67% | 10797 |
| Bristol-Myers Squibb Co. | 783 | 0.81% | 8292 |
| Vertex Pharmaceuticals, Inc. | 120 | 0.50% | 7545 |
| Ironwood Pharmaceuticals, Inc. — Class A | 4057 | 0.72% | 6754 |
| Regeneron Pharmaceuticals, Inc. | 30 | 0.31% | 6074 |
| United Therapeutics Corp. | 105 | 0.42% | 5921 |
| Eli Lilly & Co. | 100 | 0.53% | 5524 |
| Coca-Cola Co. | 1037 | 0.95% | 5097 |
| Amphastar Pharmaceuticals, Inc. | 611 | 0.25% | 4779 |
| Jazz Pharmaceuticals plc | 222 | 0.51% | 4312 |
| Incyte Corp. | 318 | 0.37% | 3525 |
| Quest Diagnostics, Inc. | 390 | 0.88% | 3418 |
| Hologic, Inc. | 775 | 0.83% | 3376 |
| Becton Dickinson and Co. | 161 | 0.59% | 2614 |
| Gilead Sciences, Inc. | 431 | 0.53% | 2234 |
| Supernus Pharmaceuticals, Inc. | 889 | 0.46% | 2082 |
| Triton International Ltd. | 368 | 0.36% | 2011 |
| PerkinElmer, Inc. | 167 | 0.34% | 1646 |
| Altria Group, Inc. | 1022 | 0.67% | 1622 |
| Lamb Weston Holdings, Inc. | 313 | 0.40% | 1225 |
| Philip Morris International, Inc. | 232 | 0.34% | 1100 |
| Prestige Consumer Healthcare, Inc. | 755 | 0.68% | 739 |
| Globus Medical, Inc. — Class A | 473 | 0.50% | 652 |
| Innoviva, Inc. | 1254 | 0.24% | 575 |
| Post Holdings, Inc. | 535 | 0.69% | 497 |
| Johnson & Johnson | 87 | 0.22% | (186) |
| Hershey Co. | 252 | 0.84% | (332) |
| Monster Beverage Corp. | 538 | 0.78% | (383) |
| Neurocrine Biosciences, Inc. | 112 | 0.19% | (493) |
| Inter Parfums, Inc. | 247 | 0.34% | (543) |
| Danaher Corp. | 236 | 0.90% | (786) |
| John B Sanfilippo & Son, Inc. | 697 | 0.81% | (1115) |
| IDEXX Laboratories, Inc. | 137 | 0.80% | (1801) |
| AMN Healthcare Services, Inc. | 110 | 0.16% | (1834) |
| Varex Imaging Corp. | 1650 | 0.48% | (2255) |
| Royalty Pharma plc — Class A | 1073 | 0.61% | (3466) |
| EVERTEC, Inc. | 418 | 0.19% | (4005) |
| Eagle Pharmaceuticals, Inc. | 696 | 0.29% | (7878) |
| Vanda Pharmaceuticals, Inc. | 1530 | 0.16% | (12368) |
| USANA Health Sciences, Inc. | 456 | 0.35% | (14386) |
| Tyson Foods, Inc. — Class A | 788 | 0.70% | (16592) |
| **Total Consumer, Non-cyclical** |  |  | 23988 |
| **Consumer, Cyclical** |  |  |  |
| Columbia Sportswear Co. | 648 | 0.82% | 6352 |
| Patrick Industries, Inc. | 377 | 0.33% | 5547 |
| NIKE, Inc. — Class B | 309 | 0.52% | 5123 |
| Academy Sports & Outdoors, Inc. | 503 | 0.38% | 4297 |
| GMS, Inc. | 803 | 0.57% | 3915 |
| Home Depot, Inc. | 214 | 0.97% | 3668 |
| Buckle, Inc. | 707 | 0.46% | 3417 |
| Allison Transmission Holdings, Inc. | 803 | 0.48% | 2870 |
| Lowe's Companies, Inc. | 298 | 0.85% | 1702 |
| Methode Electronics, Inc. | 739 | 0.47% | 1652 |
| Group 1 Automotive, Inc. | 85 | 0.22% | 1017 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| Haverty Furniture Companies, Inc. | 659 | 0.28% | $844 |
| Starbucks Corp. | 456 | 0.65% | 557 |
| Casey's General Stores, Inc. | 111 | 0.36% | 241 |
| Thor Industries, Inc. | 158 | 0.17% | (135) |
| Wyndham Hotels & Resorts, Inc. | 798 | 0.82% | (599) |
| Watsco, Inc. | 100 | 0.36% | (859) |
| Boyd Gaming Corp. | 528 | 0.41% | (1032) |
| Yum! Brands, Inc. | 451 | 0.83% | (1122) |
| Winnebago Industries, Inc. | 286 | 0.22% | (1193) |
| Harley-Davidson, Inc. | 270 | 0.16% | (1429) |
| Oxford Industries, Inc. | 205 | 0.27% | (1432) |
| Polaris, Inc. | 148 | 0.21% | (1569) |
| Williams-Sonoma, Inc. | 174 | 0.29% | (2209) |
| Steven Madden Ltd. | 923 | 0.42% | (2322) |
| Brunswick Corp. | 730 | 0.76% | (2436) |
| General Motors Co. | 597 | 0.29% | (2980) |
| Tesla, Inc. | 131 | 0.23% | (10071) |
| **Total Consumer, Cyclical** |  |  | 11814 |
| **Technology** |  |  |  |
| Apple, Inc. | 642 | 1.20% | 18804 |
| Microsoft Corp. | 407 | 1.40% | 16522 |
| Rambus, Inc. | 677 | 0.35% | 10674 |
| Adobe, Inc. | 76 | 0.37% | 3595 |
| CSG Systems International, Inc. | 283 | 0.23% | 2965 |
| NetApp, Inc. | 342 | 0.30% | 2196 |
| Diodes, Inc. | 227 | 0.25% | 1832 |
| Veradigm, Inc. | 718 | 0.18% | 1440 |
| Analog Devices, Inc. | 96 | 0.23% | 1398 |
| International Business Machines Corp. | 138 | 0.28% | 703 |
| NetScout Systems, Inc. | 532 | 0.25% | 629 |
| Maximus, Inc. | 333 | 0.35% | 323 |
| ServiceNow, Inc. | 45 | 0.25% | (65) |
| QUALCOMM, Inc. | 190 | 0.30% | (132) |
| Dropbox, Inc. — Class A | 772 | 0.25% | (175) |
| Teradata Corp. | 436 | 0.21% | (194) |
| Microchip Technology, Inc. | 183 | 0.18% | (543) |
| Veeco Instruments, Inc. | 743 | 0.20% | (702) |
| Avid Technology, Inc. | 484 | 0.18% | (982) |
| Synaptics, Inc. | 176 | 0.24% | (1385) |
| SS&C Technologies Holdings, Inc. | 359 | 0.27% | (1545) |
| NXP Semiconductor N.V. | 96 | 0.22% | (1745) |
| NVIDIA Corp. | 108 | 0.23% | (2134) |
| ACI Worldwide, Inc. | 542 | 0.18% | (2184) |
| Synopsys, Inc. | 161 | 0.74% | (2187) |
| Cirrus Logic, Inc. | 678 | 0.73% | (2460) |
| Applied Materials, Inc. | 496 | 0.69% | (4504) |
| **Total Technology** |  |  | 40144 |
| **Industrial** |  |  |  |
| Vishay Intertechnology, Inc. | 2073 | 0.64% | 6953 |
| Dorian LPG Ltd. | 1258 | 0.34% | 6396 |
| Standex International Corp. | 552 | 0.81% | 6352 |
| Keysight Technologies, Inc. | 227 | 0.56% | 5223 |
| Donaldson Company, Inc. | 965 | 0.82% | 4683 |
| Emerson Electric Co. | 623 | 0.86% | 4400 |
| Barnes Group, Inc. | 525 | 0.31% | 3705 |
| Snap-on, Inc. | 241 | 0.79% | 3496 |
| Louisiana-Pacific Corp. | 753 | 0.64% | 3347 |
| Eagle Materials, Inc. | 390 | 0.74% | 3193 |
| Albany International Corp. — Class A | 534 | 0.76% | 2914 |
| Mueller Industries, Inc. | 411 | 0.35% | 2623 |
| Textron, Inc. | 791 | 0.80% | 2479 |
| AMETEK, Inc. | 410 | 0.82% | 1358 |
| EnPro Industries, Inc. | 133 | 0.21% | 1349 |
| Advanced Energy Industries, Inc. | 390 | 0.48% | 1155 |
| Lockheed Martin Corp. | 94 | 0.66% | 959 |
| Toro Co. | 161 | 0.26% | 559 |
| General Dynamics Corp. | 229 | 0.82% | 17 |
| OSI Systems, Inc. | 211 | 0.24% | (23) |
| Otis Worldwide Corp. | 344 | 0.39% | (45) |
| Graco, Inc. | 840 | 0.81% | (284) |
| Sonoco Products Co. | 290 | 0.25% | (316) |
| Crane Holdings Co. | 185 | 0.27% | (438) |
| Eaton Corporation plc | 238 | 0.54% | (923) |
| 3M Co. | 245 | 0.42% | (1217) |
| Packaging Corporation of America | 166 | 0.31% | (1255) |
| TopBuild Corp. | 74 | 0.17% | (1332) |
| Sealed Air Corp. | 680 | 0.49% | (2196) |
| Acuity Brands, Inc. | 216 | 0.51% | (3238) |
| Insteel Industries, Inc. | 442 | 0.17% | (3542) |
| Sturm Ruger & Company, Inc. | 639 | 0.46% | (9848) |
| **Total Industrial** |  |  | 36504 |
| **Communications** |  |  |  |
| Alphabet, Inc. — Class C | 502 | 0.64% | 8299 |
| Cisco Systems, Inc. | 753 | 0.52% | 3855 |
| T-Mobile US, Inc. | 350 | 0.70% | 1876 |
| VeriSign, Inc. | 102 | 0.30% | 845 |
| Arista Networks, Inc. | 86 | 0.15% | (966) |
| NETGEAR, Inc. | 556 | 0.14% | (4072) |
| InterDigital, Inc. | 381 | 0.27% | (5302) |
| Meta Platforms, Inc. — Class A | 313 | 0.54% | (5306) |
| Gogo, Inc. | 2922 | 0.62% | (5855) |
| Amazon.com, Inc. | 208 | 0.25% | (7624) |
| Verizon Communications, Inc. | 1489 | 0.84% | (10625) |
| **Total Communications** |  |  | (24875) |
| **Utilities** |  |  |  |
| FirstEnergy Corp. | 1413 | 0.85% | 6291 |
| National Fuel Gas Co. | 257 | 0.23% | 2493 |
| Unitil Corp. | 290 | 0.21% | 1422 |
| ONE Gas, Inc. | 430 | 0.47% | 1177 |
| Ameren Corp. | 338 | 0.43% | 586 |
| OGE Energy Corp. | 1460 | 0.83% | 132 |
| Black Hills Corp. | 818 | 0.83% | 68 |
| Chesapeake Utilities Corp. | 324 | 0.55% | (104) |
| American States Water Co. | 218 | 0.29% | (1046) |
| Otter Tail Corp. | 484 | 0.41% | (1631) |
| Clearway Energy, Inc. — Class C | 918 | 0.42% | (2001) |
| MGE Energy, Inc. | 588 | 0.59% | (2965) |
| UGI Corp. | 1384 | 0.74% | (3081) |
| **Total Utilities** |  |  | 1341 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| **Energy** | | | |
| Exxon Mobil Corp. | 676 | 1.07% | $10303 |
| Marathon Petroleum Corp. | 520 | 0.87% | 8419 |
| Phillips 66 | 338 | 0.51% | 6182 |
| Chevron Corp. | 183 | 0.47% | 5471 |
| Valero Energy Corp. | 310 | 0.57% | 4372 |
| Antero Midstream Corp. | 5136 | 0.80% | 3177 |
| Par Pacific Holdings, Inc. | 610 | 0.20% | 3025 |
| ONEOK, Inc. | 434 | 0.41% | 2433 |
| REX American Resources Corp. | 393 | 0.18% | 777 |
| Kinder Morgan, Inc. | 2940 | 0.76% | 710 |
| SunCoke Energy, Inc. | 1813 | 0.22% | 194 |
| Magnolia Oil & Gas Corp. — Class A | 690 | 0.23% | (551) |
| Williams Companies, Inc. | 1081 | 0.51% | (1061) |
| Equitrans Midstream Corp. | 1823 | 0.18% | (1209) |
| DT Midstream, Inc. | 968 | 0.77% | (1706) |
| Occidental Petroleum Corp. | 335 | 0.30% | (2398) |
| CVR Energy, Inc. | 805 | 0.36% | (3727) |
| **Total Energy** |  |  | 34411 |
| **Basic Materials** |  |  |  |
| FMC Corp. | 217 | 0.39% | 3685 |
| Westlake Corp. | 194 | 0.29% | 2023 |
| Ingevity Corp. | 251 | 0.25% | 612 |
| NewMarket Corp. | 94 | 0.42% | 27 |
| Dow, Inc. | 407 | 0.29% | (290) |
| Olin Corp. | 451 | 0.34% | (1006) |
| PPG Industries, Inc. | 146 | 0.26% | (1310) |
| LyondellBasell Industries N.V. — Class A | 269 | 0.32% | (2644) |
| Minerals Technologies, Inc. | 764 | 0.67% | (3669) |
| Huntsman Corp. | 1153 | 0.46% | (3833) |
| Balchem Corp. | 360 | 0.63% | (3905) |
| **Total Basic Materials** |  |  | (10310) |
| **Total GS Equity Long Custom Basket** |  |  | $110429 |
| **GS EQUITY SHORT CUSTOM BASKET** |  |  |  |
| **Consumer, Non-cyclical** |  |  |  |
| ASGN, Inc. | 541 | (0.56)% | 22405 |
| Healthcare Services Group, Inc. | 2951 | (0.45)% | 14306 |
| Dun & Bradstreet Holdings, Inc. | 1896 | (0.29)% | 12767 |
| Equifax, Inc. | 503 | (1.23)% | 12480 |
| FTI Consulting, Inc. | 431 | (0.86)% | 9512 |
| Viad Corp. | 943 | (0.29)% | 5966 |
| Rollins, Inc. | 940 | (0.43)% | 4807 |
| Driven Brands Holdings, Inc. | 2686 | (0.92)% | 4787 |
| TransUnion | 1322 | (0.94)% | 4639 |
| CoStar Group, Inc. | 854 | (0.83)% | 4496 |
| Patterson Companies, Inc. | 1559 | (0.55)% | 4003 |
| ABM Industries, Inc. | 2025 | (1.13)% | 1768 |
| GXO Logistics, Inc. | 620 | (0.33)% | 1383 |
| Cardinal Health, Inc. | 411 | (0.40)% | 1306 |
| S&P Global, Inc. | 89 | (0.38)% | (1570) |
| Bright Horizons Family Solutions, Inc. | 492 | (0.39)% | (1827) |
| Quanta Services, Inc. | 298 | (0.53)% | (3387) |
| Cintas Corp. | 243 | (1.38)% | (6777) |
| ICU Medical, Inc. | 542 | (1.07)% | (11753) |
| **Total Consumer, Non-cyclical** |  |  | 79311 |
| **Utilities** |  |  |  |
| Public Service Enterprise Group, Inc. | 1853 | (1.43)% | 8484 |
| Atmos Energy Corp. | 560 | (0.79)% | 1850 |
| Eversource Energy | 673 | (0.71)% | (294) |
| AES Corp. | 1545 | (0.56)% | (469) |
| Vistra Corp. | 2372 | (0.69)% | (716) |
| Exelon Corp. | 2370 | (1.29)% | (4035) |
| Edison International | 1716 | (1.37)% | (8997) |
| **Total Utilities** |  |  | (4177) |
| **Basic Materials** |  |  |  |
| Alcoa Corp. | 691 | (0.40)% | 1399 |
| ATI, Inc. | 1090 | (0.41)% | 876 |
| Freeport-McMoRan, Inc. | 884 | (0.42)% | 859 |
| Southern Copper Corp. | 431 | (0.33)% | (3035) |
| **Total Basic Materials** |  |  | 99 |
| **Financial** |  |  |  |
| Signature Bank | 340 | (0.49)% | 45380 |
| Invitation Homes, Inc. | 1985 | (0.74)% | 25933 |
| Crown Castle, Inc. | 361 | (0.62)% | 21168 |
| Equinix, Inc. | 108 | (0.89)% | 17652 |
| Americold Realty Trust, Inc. | 1623 | (0.58)% | 15999 |
| Sun Communities, Inc. | 798 | (1.44)% | 15234 |
| Howard Hughes Corp. | 789 | (0.76)% | 13959 |
| Bank of America Corp. | 2750 | (1.15)% | 11652 |
| Extra Space Storage, Inc. | 228 | (0.42)% | 11347 |
| Welltower, Inc. | 474 | (0.39)% | 10589 |
| Xenia Hotels & Resorts, Inc. | 2745 | (0.46)% | 10568 |
| KKR & Company, Inc. — Class A | 1198 | (0.70)% | 10364 |
| Kennedy-Wilson Holdings, Inc. | 4208 | (0.83)% | 10036 |
| Northern Trust Corp. | 1254 | (1.40)% | 9916 |
| UDR, Inc. | 2782 | (1.36)% | 9713 |
| Ares Management Corp. — Class A | 966 | (0.83)% | 9062 |
| Digital Realty Trust, Inc. | 427 | (0.54)% | 8685 |
| Equitable Holdings, Inc. | 3642 | (1.32)% | 8215 |
| Raymond James Financial, Inc. | 966 | (1.30)% | 8087 |
| Assurant, Inc. | 350 | (0.55)% | 7581 |
| NexPoint Residential Trust, Inc. | 512 | (0.28)% | 7325 |
| American Tower Corp. — Class A | 437 | (1.17)% | 7305 |
| Ryman Hospitality Properties, Inc. | 737 | (0.76)% | 5766 |
| Pebblebrook Hotel Trust | 2466 | (0.42)% | 5417 |
| Host Hotels & Resorts, Inc. | 2795 | (0.56)% | 4730 |
| American Homes 4 Rent — Class A | 748 | (0.28)% | 4599 |
| Wells Fargo & Co. | 1220 | (0.63)% | 3675 |
| Principal Financial Group, Inc. | 694 | (0.73)% | 3601 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| Realty Income Corp. | 364 | (0.29)% | $3353 |
| Kite Realty Group Trust | 3957 | (1.05)% | 3077 |
| KeyCorp | 6375 | (1.40)% | 2779 |
| Alexandria Real Estate Equities, Inc. | 739 | (1.36)% | 2770 |
| Ventas, Inc. | 937 | (0.53)% | 2746 |
| Iron Mountain, Inc. | 1479 | (0.93)% | 2297 |
| Kimco Realty Corp. | 4179 | (1.11)% | 2150 |
| Apple Hospitality REIT, Inc. | 1930 | (0.38)% | 1555 |
| Independence Realty Trust, Inc. | 2436 | (0.52)% | 1053 |
| Citigroup, Inc. | 1568 | (0.89)% | 658 |
| Cboe Global Markets, Inc. | 315 | (0.50)% | 584 |
| Willis Towers Watson plc | 207 | (0.64)% | 557 |
| Cullen/Frost Bankers, Inc. | 353 | (0.59)% | (733) |
| Equity LifeStyle Properties, Inc. | 477 | (0.39)% | (834) |
| Progressive Corp. | 788 | (1.29)% | (954) |
| Cincinnati Financial Corp. | 285 | (0.37)% | (1143) |
| Intercontinental Exchange, Inc. | 628 | (0.81)% | (1369) |
| American International Group, Inc. | 1032 | (0.82)% | (1891) |
| PNC Financial Services Group, Inc. | 692 | (1.38)% | (2037) |
| TFS Financial Corp. | 3025 | (0.55)% | (2089) |
| BlackRock, Inc. — Class A | 83 | (0.74)% | (3013) |
| Aon plc — Class A | 125 | (0.47)% | (3041) |
| Invesco Ltd. | 3349 | (0.76)% | (4956) |
| First Republic Bank | 604 | (0.93)% | (5105) |
| CBRE Group, Inc. — Class A | 769 | (0.75)% | (5451) |
| Arthur J Gallagher & Co. | 271 | (0.64)% | (6746) |
| Allstate Corp. | 681 | (1.16)% | (6883) |
| Apollo Global Management, Inc. | 1520 | (1.22)% | (7882) |
| **Total Financial** |  |  | 293010 |
| **Consumer, Cyclical** |  |  |  |
| MillerKnoll, Inc. | 1323 | (0.35)% | 21553 |
| CarMax, Inc. | 654 | (0.50)% | 15398 |
| American Airlines Group, Inc. | 2575 | (0.41)% | 13955 |
| Hanesbrands, Inc. | 4725 | (0.38)% | 10525 |
| Hawaiian Holdings, Inc. | 2334 | (0.30)% | 7932 |
| Hyatt Hotels Corp. — Class A | 280 | (0.32)% | 2202 |
| Costco Wholesale Corp. | 70 | (0.40)% | 2122 |
| Floor & Decor Holdings, Inc. — Class A | 361 | (0.32)% | 1930 |
| Live Nation Entertainment, Inc. | 476 | (0.42)% | 1901 |
| Cracker Barrel Old Country Store, Inc. | 331 | (0.39)% | 490 |
| Delta Air Lines, Inc. | 2484 | (1.03)% | 327 |
| Walgreens Boots Alliance, Inc. | 2068 | (0.97)% | (1477) |
| WESCO International, Inc. | 309 | (0.49)% | (1872) |
| Copart, Inc. | 1692 | (1.30)% | (3354) |
| Madison Square Garden Sports Corp. — Class A | 309 | (0.71)% | (13177) |
| **Total Consumer, Cyclical** |  |  | 58455 |
| **Industrial** |  |  |  |
| Stanley Black & Decker, Inc. | 570 | (0.57)% | 30689 |
| Stericycle, Inc. | 502 | (0.32)% | 12186 |
| Waste Management, Inc. | 653 | (1.29)% | 9431 |
| CH Robinson Worldwide, Inc. | 255 | (0.29)% | 3979 |
| Republic Services, Inc. — Class A | 313 | (0.51)% | 3259 |
| Union Pacific Corp. | 152 | (0.40)% | 3239 |
| Kirby Corp. | 555 | (0.45)% | 2415 |
| Knight-Swift Transportation Holdings, Inc. | 477 | (0.31)% | 1441 |
| Old Dominion Freight Line, Inc. | 125 | (0.45)% | 1439 |
| Jacobs Solutions, Inc. | 891 | (1.35)% | 1089 |
| Teledyne Technologies, Inc. | 84 | (0.42)% | (321) |
| TD SYNNEX Corp. | 1152 | (1.37)% | (418) |
| Norfolk Southern Corp. | 189 | (0.59)% | (670) |
| J.B. Hunt Transport Services, Inc. | 212 | (0.47)% | (897) |
| TransDigm Group, Inc. | 37 | (0.29)% | (3039) |
| FedEx Corp. | 244 | (0.53)% | (4382) |
| Boeing Co. | 212 | (0.51)% | (5377) |
| Xylem, Inc. | 324 | (0.45)% | (6065) |
| MSA Safety, Inc. | 552 | (1.00)% | (11124) |
| Casella Waste Systems, Inc. — Class A | 963 | (0.96)% | (14308) |
| **Total Industrial** |  |  | 22566 |
| **Energy** |  |  |  |
| Diamondback Energy, Inc. | 273 | (0.47)% | 6146 |
| NOV, Inc. | 2065 | (0.54)% | 4213 |
| Pioneer Natural Resources Co. | 155 | (0.45)% | 475 |
| Helmerich & Payne, Inc. | 897 | (0.56)% | (17) |
| ChampionX Corp. | 1170 | (0.43)% | (8200) |
| Valaris Ltd. | 757 | (0.64)% | (12569) |
| Halliburton Co. | 2969 | (1.47)% | (13104) |
| Hess Corp. | 644 | (1.15)% | (15930) |
| EOG Resources, Inc. | 764 | (1.25)% | (17463) |
| Schlumberger Ltd. | 1178 | (0.79)% | (18427) |
| **Total Energy** |  |  | (74876) |
| **Communications** |  |  |  |
| IAC, Inc. | 887 | (0.50)% | 10439 |
| Walt Disney Co. | 742 | (0.81)% | 8499 |
| Warner Bros Discovery, Inc. | 3007 | (0.36)% | 7192 |
| Paramount Global — Class B | 1955 | (0.42)% | 5286 |
| Uber Technologies, Inc. | 1818 | (0.57)% | 2774 |
| Interpublic Group of Companies, Inc. | 2991 | (1.25)% | (12787) |
| **Total Communications** |  |  | 21403 |
| **Technology** |  |  |  |
| Take-Two Interactive Software, Inc. | 535 | (0.70)% | 1586 |
| Science Applications International Corp. | 998 | (1.39)% | (1448) |
| **Total Technology** |  |  | 138 |
| **Total GS Equity Short Custom Basket** |  |  | $395929 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**MS EQUITY LONG CUSTOM BASKET**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| **Financial** | | | |
| S&T Bancorp, Inc. | 1579 | 0.77% | $8940 |
| Associated Banc-Corp. | 2455 | 0.81% | 7006 |
| Renasant Corp. | 1440 | 0.77% | 5704 |
| Preferred Bank/Los Angeles CA | 766 | 0.82% | 5196 |
| TowneBank | 1708 | 0.75% | 5091 |
| Virtus Investment Partners, Inc. | 116 | 0.32% | 2680 |
| PennyMac Financial Services, Inc. | 296 | 0.24% | 2658 |
| Arch Capital Group Ltd. | 407 | 0.36% | 2510 |
| Trustmark Corp. | 575 | 0.29% | 2293 |
| NMI Holdings, Inc. — Class A | 736 | 0.22% | 1573 |
| Evercore, Inc. — Class A | 418 | 0.65% | 1226 |
| Bread Financial Holdings, Inc. | 461 | 0.25% | 1150 |
| Aflac, Inc. | 197 | 0.20% | 1001 |
| International Bancshares Corp. | 544 | 0.35% | 970 |
| Hilltop Holdings, Inc. | 635 | 0.27% | 932 |
| RLI Corp. | 114 | 0.21% | 535 |
| Visa, Inc. — Class A | 141 | 0.42% | 216 |
| Brightsphere Investment Group, Inc. | 911 | 0.27% | (109) |
| National Bank Holdings Corp. — Class A | 1329 | 0.80% | (112) |
| U.S. Bancorp | 726 | 0.45% | (236) |
| Mastercard, Inc. — Class A | 73 | 0.36% | (571) |
| Marcus & Millichap, Inc. | 553 | 0.27% | (1422) |
| Pathward Financial, Inc. | 292 | 0.18% | (1498) |
| Apartment Income REIT Corp. | 671 | 0.33% | (1776) |
| Hope Bancorp, Inc. | 4364 | 0.80% | (2332) |
| FB Financial Corp. | 534 | 0.28% | (2843) |
| BankUnited, Inc. | 675 | 0.33% | (2888) |
| PotlatchDeltic Corp. | 376 | 0.24% | (3238) |
| Global Net Lease, Inc. | 2406 | 0.43% | (4283) |
| Goldman Sachs Group, Inc. | 192 | 0.94% | (5204) |
| Heritage Financial Corp. | 1782 | 0.78% | (5470) |
| Central Pacific Financial Corp. | 1101 | 0.32% | (6713) |
| Stewart Information Services Corp. | 500 | 0.30% | (7018) |
| Office Properties Income Trust | 1802 | 0.34% | (12649) |
| **Total Financial** |  |  | (8681) |
| **Consumer, Non-cyclical** |  |  |  |
| Perdoceo Education Corp. | 3369 | 0.67% | 10819 |
| Bristol-Myers Squibb Co. | 783 | 0.80% | 8276 |
| Vertex Pharmaceuticals, Inc. | 120 | 0.49% | 7571 |
| Ironwood Pharmaceuticals, Inc. — Class A | 4057 | 0.72% | 6849 |
| Regeneron Pharmaceuticals, Inc. | 30 | 0.31% | 6070 |
| United Therapeutics Corp. | 105 | 0.42% | 5942 |
| Eli Lilly & Co. | 100 | 0.52% | 5515 |
| Coca-Cola Co. | 1037 | 0.94% | 4994 |
| Amphastar Pharmaceuticals, Inc. | 611 | 0.24% | 4785 |
| Jazz Pharmaceuticals plc | 222 | 0.50% | 4210 |
| Incyte Corp. | 318 | 0.36% | 3413 |
| Quest Diagnostics, Inc. | 390 | 0.87% | 3384 |
| Hologic, Inc. | 775 | 0.83% | 3376 |
| Becton Dickinson and Co. | 161 | 0.58% | 2655 |
| Supernus Pharmaceuticals, Inc. | 889 | 0.45% | 2412 |
| Gilead Sciences, Inc. | 431 | 0.53% | 2255 |
| Triton International Ltd. | 368 | 0.36% | 2008 |
| PerkinElmer, Inc. | 167 | 0.33% | 1671 |
| Altria Group, Inc. | 1022 | 0.67% | 1629 |
| Lamb Weston Holdings, Inc. | 313 | 0.40% | 1208 |
| Philip Morris International, Inc. | 232 | 0.33% | 1121 |
| Globus Medical, Inc. — Class A | 473 | 0.50% | 795 |
| Prestige Consumer Healthcare, Inc. | 755 | 0.67% | 742 |
| Innoviva, Inc. | 1254 | 0.24% | 677 |
| Post Holdings, Inc. | 535 | 0.69% | 320 |
| Johnson & Johnson | 87 | 0.22% | (187) |
| Monster Beverage Corp. | 538 | 0.78% | (308) |
| Hershey Co. | 252 | 0.83% | (386) |
| Neurocrine Biosciences, Inc. | 112 | 0.19% | (488) |
| Inter Parfums, Inc. | 247 | 0.34% | (592) |
| Danaher Corp. | 236 | 0.89% | (663) |
| John B Sanfilippo & Son, Inc. | 697 | 0.81% | (1128) |
| IDEXX Laboratories, Inc. | 137 | 0.80% | (1748) |
| AMN Healthcare Services, Inc. | 110 | 0.16% | (1843) |
| Varex Imaging Corp. | 1650 | 0.48% | (2402) |
| Royalty Pharma plc — Class A | 1073 | 0.60% | (3619) |
| EVERTEC, Inc. | 418 | 0.19% | (3989) |
| Eagle Pharmaceuticals, Inc. | 696 | 0.29% | (7726) |
| Vanda Pharmaceuticals, Inc. | 1530 | 0.16% | (12356) |
| USANA Health Sciences, Inc. | 456 | 0.35% | (14356) |
| Tyson Foods, Inc. — Class A | 788 | 0.70% | (16653) |
| **Total Consumer, Non-cyclical** |  |  | 24253 |
| **Consumer, Cyclical** |  |  |  |
| Columbia Sportswear Co. | 648 | 0.81% | 6131 |
| NIKE, Inc. — Class B | 309 | 0.52% | 5116 |
| Academy Sports & Outdoors, Inc. | 503 | 0.38% | 4266 |
| GMS, Inc. | 803 | 0.57% | 3989 |
| Home Depot, Inc. | 214 | 0.96% | 3702 |
| Buckle, Inc. | 707 | 0.46% | 3396 |
| Allison Transmission Holdings, Inc. | 803 | 0.48% | 2870 |
| Patrick Industries, Inc. | 162 | 0.14% | 2402 |
| Lowe's Companies, Inc. | 298 | 0.85% | 1707 |
| Methode Electronics, Inc. | 739 | 0.47% | 1648 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| Group 1 Automotive, Inc. | 85 | 0.22% | $926 |
| Haverty Furniture Companies, Inc. | 659 | 0.28% | 855 |
| Starbucks Corp. | 456 | 0.64% | 565 |
| Casey's General Stores, Inc. | 111 | 0.36% | 150 |
| Thor Industries, Inc. | 158 | 0.17% | (154) |
| Wyndham Hotels & Resorts, Inc. | 798 | 0.81% | (508) |
| Watsco, Inc. | 100 | 0.36% | (1022) |
| Boyd Gaming Corp. | 528 | 0.41% | (1076) |
| Yum! Brands, Inc. | 451 | 0.82% | (1130) |
| Oxford Industries, Inc. | 205 | 0.27% | (1274) |
| Winnebago Industries, Inc. | 286 | 0.21% | (1300) |
| Harley-Davidson, Inc. | 270 | 0.16% | (1412) |
| Polaris, Inc. | 148 | 0.21% | (1560) |
| Steven Madden Ltd. | 923 | 0.42% | (2258) |
| Williams-Sonoma, Inc. | 174 | 0.29% | (2352) |
| Brunswick Corp. | 730 | 0.75% | (2591) |
| General Motors Co. | 597 | 0.29% | (2990) |
| Tesla, Inc. | 131 | 0.23% | (10168) |
| **Total Consumer, Cyclical** |  |  | 7928 |
| **Technology** |  |  |  |
| Apple, Inc. | 642 | 1.19% | 19172 |
| Microsoft Corp. | 407 | 1.39% | 18132 |
| Rambus, Inc. | 677 | 0.35% | 10679 |
| Adobe, Inc. | 76 | 0.36% | 3638 |
| CSG Systems International, Inc. | 283 | 0.23% | 2997 |
| NetApp, Inc. | 342 | 0.29% | 2198 |
| Diodes, Inc. | 227 | 0.25% | 1835 |
| Veradigm, Inc. | 718 | 0.18% | 1450 |
| Analog Devices, Inc. | 96 | 0.22% | 1383 |
| International Business Machines Corp. | 138 | 0.28% | 698 |
| NetScout Systems, Inc. | 532 | 0.25% | 647 |
| Maximus, Inc. | 333 | 0.35% | 266 |
| ServiceNow, Inc. | 45 | 0.25% | (49) |
| Dropbox, Inc. — Class A | 772 | 0.25% | (123) |
| Teradata Corp. | 436 | 0.21% | (188) |
| QUALCOMM, Inc. | 190 | 0.30% | (195) |
| Microchip Technology, Inc. | 183 | 0.18% | (573) |
| Veeco Instruments, Inc. | 743 | 0.20% | (716) |
| Avid Technology, Inc. | 484 | 0.18% | (890) |
| Synaptics, Inc. | 176 | 0.24% | (1438) |
| SS&C Technologies Holdings, Inc. | 359 | 0.27% | (1621) |
| NXP Semiconductor N.V. | 96 | 0.22% | (1804) |
| Synopsys, Inc. | 161 | 0.73% | (2153) |
| ACI Worldwide, Inc. | 542 | 0.18% | (2214) |
| NVIDIA Corp. | 108 | 0.23% | (2269) |
| Cirrus Logic, Inc. | 678 | 0.72% | (2371) |
| Applied Materials, Inc. | 496 | 0.69% | (4392) |
| **Total Technology** |  |  | 42099 |
| **Industrial** |  |  |  |
| Vishay Intertechnology, Inc. | 2073 | 0.61% | 7002 |
| Standex International Corp. | 552 | 0.81% | 6453 |
| Dorian LPG Ltd. | 1258 | 0.34% | 6364 |
| Keysight Technologies, Inc. | 227 | 0.55% | 5222 |
| Donaldson Company, Inc. | 965 | 0.81% | 4542 |
| Emerson Electric Co. | 623 | 0.85% | 4356 |
| Barnes Group, Inc. | 525 | 0.31% | 3762 |
| Snap-on, Inc. | 241 | 0.79% | 3527 |
| Eagle Materials, Inc. | 390 | 0.74% | 3174 |
| Louisiana-Pacific Corp. | 753 | 0.64% | 3111 |
| Albany International Corp. — Class A | 534 | 0.75% | 2948 |
| Mueller Industries, Inc. | 411 | 0.35% | 2593 |
| Textron, Inc. | 791 | 0.80% | 2031 |
| EnPro Industries, Inc. | 133 | 0.21% | 1371 |
| AMETEK, Inc. | 410 | 0.82% | 1278 |
| Advanced Energy Industries, Inc. | 390 | 0.48% | 1051 |
| Lockheed Martin Corp. | 94 | 0.65% | 888 |
| Toro Co. | 161 | 0.26% | 562 |
| OSI Systems, Inc. | 211 | 0.24% | (1) |
| Otis Worldwide Corp. | 344 | 0.38% | (33) |
| General Dynamics Corp. | 229 | 0.81% | (106) |
| Sonoco Products Co. | 290 | 0.25% | (357) |
| Graco, Inc. | 840 | 0.81% | (393) |
| Crane Holdings Co. | 185 | 0.26% | (464) |
| Eaton Corporation plc | 238 | 0.53% | (919) |
| 3M Co. | 245 | 0.42% | (1192) |
| Packaging Corporation of America | 166 | 0.30% | (1231) |
| TopBuild Corp. | 74 | 0.17% | (1297) |
| Sealed Air Corp. | 680 | 0.48% | (2181) |
| Acuity Brands, Inc. | 216 | 0.51% | (3317) |
| Insteel Industries, Inc. | 442 | 0.17% | (3757) |
| Sturm Ruger & Company, Inc. | 639 | 0.46% | (9767) |
| **Total Industrial** |  |  | 35220 |
| **Communications** |  |  |  |
| Alphabet, Inc. — Class C | 502 | 0.64% | 7195 |
| Cisco Systems, Inc. | 753 | 0.51% | 3794 |
| T-Mobile US, Inc. | 350 | 0.70% | 1918 |
| VeriSign, Inc. | 102 | 0.30% | 833 |
| Arista Networks, Inc. | 86 | 0.15% | (1037) |
| NETGEAR, Inc. | 556 | 0.14% | (4020) |
| Meta Platforms, Inc. — Class A | 313 | 0.54% | (5299) |
| InterDigital, Inc. | 381 | 0.27% | (5311) |
| Gogo, Inc. | 2922 | 0.61% | (6206) |
| Amazon.com, Inc. | 208 | 0.25% | (7578) |
| Verizon Communications, Inc. | 1489 | 0.84% | (10560) |
| **Total Communications** |  |  | (26271) |
| **Utilities** |  |  |  |
| FirstEnergy Corp. | 1413 | 0.84% | 5950 |
| National Fuel Gas Co. | 257 | 0.23% | 2502 |
| Unitil Corp. | 290 | 0.21% | 1424 |
| ONE Gas, Inc. | 430 | 0.46% | 1128 |
| Ameren Corp. | 338 | 0.43% | 580 |
| Black Hills Corp. | 818 | 0.82% | 172 |
| OGE Energy Corp. | 1460 | 0.82% | 11 |
| Chesapeake Utilities Corp. | 324 | 0.55% | (43) |
| American States Water Co. | 218 | 0.29% | (1086) |
| Otter Tail Corp. | 484 | 0.41% | (1600) |
| Clearway Energy, Inc. — Class C | 918 | 0.42% | (1998) |
| MGE Energy, Inc. | 588 | 0.59% | (2949) |
| UGI Corp. | 1384 | 0.73% | (3206) |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| **Total Utilities** |  |  | $885 |
| **Energy** |  |  |  |
| Exxon Mobil Corp. | 676 | 1.06% | 10303 |
| Marathon Petroleum Corp. | 520 | 0.86% | 8339 |
| Phillips 66 | 338 | 0.50% | 6138 |
| Chevron Corp. | 183 | 0.47% | 5420 |
| Valero Energy Corp. | 310 | 0.56% | 4277 |
| Antero Midstream Corp. | 5136 | 0.79% | 3074 |
| Par Pacific Holdings, Inc. | 610 | 0.20% | 3025 |
| ONEOK, Inc. | 434 | 0.41% | 2444 |
| REX American Resources Corp. | 393 | 0.18% | 769 |
| Kinder Morgan, Inc. | 2940 | 0.76% | 646 |
| SunCoke Energy, Inc. | 1813 | 0.22% | 194 |
| Magnolia Oil & Gas Corp. — Class A | 690 | 0.23% | (523) |
| Williams Companies, Inc. | 1081 | 0.51% | (1038) |
| Equitrans Midstream Corp. | 1823 | 0.17% | (1116) |
| DT Midstream, Inc. | 968 | 0.76% | (1709) |
| Occidental Petroleum Corp. | 335 | 0.30% | (2617) |
| CVR Energy, Inc. | 805 | 0.36% | (3844) |
| **Total Energy** |  |  | 33782 |
| **Basic Materials** |  |  |  |
| FMC Corp. | 217 | 0.39% | 3555 |
| Westlake Corp. | 194 | 0.28% | 2036 |
| Ingevity Corp. | 251 | 0.25% | 647 |
| NewMarket Corp. | 94 | 0.42% | (35) |
| Dow, Inc. | 407 | 0.29% | (309) |
| Olin Corp. | 451 | 0.34% | (994) |
| PPG Industries, Inc. | 146 | 0.26% | (1294) |
| LyondellBasell Industries N.V. — Class A | 269 | 0.32% | (2634) |
| Huntsman Corp. | 1153 | 0.45% | (3742) |
| Minerals Technologies, Inc. | 764 | 0.66% | (3752) |
| Balchem Corp. | 360 | 0.63% | (3939) |
| **Total Basic Materials** |  |  | (10461) |
| **Total MS Equity Long Custom Basket** |  |  | $98754 |
| **MS EQUITY SHORT CUSTOM BASKET** |  |  |  |
| **Consumer, Non-cyclical** |  |  |  |
| ASGN, Inc. | 541 | (0.55)% | 22454 |
| Healthcare Services Group, Inc. | 2951 | (0.44)% | 14145 |
| Dun & Bradstreet Holdings, Inc. | 1896 | (0.29)% | 12922 |
| Equifax, Inc. | 503 | (1.22)% | 12331 |
| FTI Consulting, Inc. | 431 | (0.86)% | 9261 |
| Viad Corp. | 943 | (0.29)% | 5886 |
| TransUnion | 1322 | (0.94)% | 4861 |
| Rollins, Inc. | 941 | (0.43)% | 4857 |
| Driven Brands Holdings, Inc. | 2686 | (0.92)% | 4711 |
| CoStar Group, Inc. | 854 | (0.83)% | 4692 |
| Patterson Companies, Inc. | 1559 | (0.55)% | 4141 |
| ABM Industries, Inc. | 2025 | (1.13)% | 1791 |
| GXO Logistics, Inc. | 620 | (0.33)% | 1391 |
| Cardinal Health, Inc. | 411 | (0.40)% | 1258 |
| S&P Global, Inc. | 89 | (0.37)% | (1546) |
| Bright Horizons Family Solutions, Inc. | 492 | (0.39)% | (1889) |
| Quanta Services, Inc. | 298 | (0.53)% | (3428) |
| Cintas Corp. | 243 | (1.37)% | (6426) |
| ICU Medical, Inc. | 542 | (1.07)% | (11672) |
| **Total Consumer, Non-cyclical** |  |  | 79740 |
| **Utilities** |  |  |  |
| Public Service Enterprise Group, Inc. | 1853 | (1.42)% | 7993 |
| Atmos Energy Corp. | 560 | (0.79)% | 1845 |
| Eversource Energy | 673 | (0.71)% | (130) |
| AES Corp. | 1545 | (0.56)% | (550) |
| Vistra Corp. | 2372 | (0.69)% | (569) |
| Exelon Corp. | 2370 | (1.28)% | (3962) |
| Edison International | 1716 | (1.37)% | (8390) |
| **Total Utilities** |  |  | (3763) |
| **Basic Materials** |  |  |  |
| Alcoa Corp. | 691 | (0.39)% | 1273 |
| Freeport-McMoRan, Inc. | 884 | (0.42)% | 842 |
| ATI, Inc. | 1090 | (0.41)% | 760 |
| Southern Copper Corp. | 431 | (0.33)% | (3027) |
| **Total Basic Materials** |  |  | (152) |
| **Financial** |  |  |  |
| Signature Bank | 340 | (0.49)% | 45427 |
| Invitation Homes, Inc. | 1985 | (0.74)% | 25963 |
| Crown Castle, Inc. | 361 | (0.61)% | 21483 |
| Equinix, Inc. | 108 | (0.89)% | 17827 |
| Americold Realty Trust, Inc. | 1623 | (0.58)% | 16127 |
| Sun Communities, Inc. | 798 | (1.43)% | 15160 |
| Bank of America Corp. | 2750 | (1.14)% | 11691 |
| Extra Space Storage, Inc. | 228 | (0.42)% | 11424 |
| Northern Trust Corp. | 1254 | (1.39)% | 10717 |
| Welltower, Inc. | 474 | (0.39)% | 10555 |
| KKR & Company, Inc. — Class A | 1198 | (0.70)% | 10315 |
| Xenia Hotels & Resorts, Inc. | 2745 | (0.45)% | 10262 |
| Kennedy-Wilson Holdings, Inc. | 4208 | (0.83)% | 10032 |
| UDR, Inc. | 2782 | (1.35)% | 9705 |
| Ares Management Corp. — Class A | 966 | (0.83)% | 9049 |
| Howard Hughes Corp. | 1377 | (1.32)% | 8846 |
| Digital Realty Trust, Inc. | 427 | (0.54)% | 8721 |
| Equitable Holdings, Inc. | 3642 | (1.31)% | 8396 |
| Raymond James Financial, Inc. | 966 | (1.29)% | 8250 |
| Assurant, Inc. | 350 | (0.55)% | 7557 |
| NexPoint Residential Trust, Inc. | 512 | (0.28)% | 7299 |
| American Tower Corp. — Class A | 437 | (1.16)% | 7130 |
| Ryman Hospitality Properties, Inc. | 737 | (0.75)% | 5790 |
| Pebblebrook Hotel Trust | 2466 | (0.41)% | 5365 |
| Host Hotels & Resorts, Inc. | 2795 | (0.56)% | 4630 |
| American Homes 4 Rent — Class A | 748 | (0.28)% | 4531 |
| Wells Fargo & Co. | 1220 | (0.63)% | 3692 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)** |
| Principal Financial Group, Inc. | 694 | (0.73)% | $3575 |
| Alexandria Real Estate Equities, Inc. | 739 | (1.35)% | 3362 |
| Realty Income Corp. | 364 | (0.29)% | 3288 |
| KeyCorp | 6375 | (1.39)% | 3214 |
| Kite Realty Group Trust | 3957 | (1.04)% | 3025 |
| Ventas, Inc. | 937 | (0.53)% | 2921 |
| Kimco Realty Corp. | 4179 | (1.11)% | 2365 |
| Iron Mountain, Inc. | 1479 | (0.92)% | 2312 |
| Apple Hospitality REIT, Inc. | 1930 | (0.38)% | 1576 |
| Independence Realty Trust, Inc. | 2436 | (0.51)% | 1078 |
| Cboe Global Markets, Inc. | 315 | (0.49)% | 541 |
| Citigroup, Inc. | 1568 | (0.89)% | 538 |
| Willis Towers Watson plc | 207 | (0.63)% | 461 |
| Cullen/Frost Bankers, Inc. | 353 | (0.59)% | (738) |
| Progressive Corp. | 788 | (1.28)% | (886) |
| Cincinnati Financial Corp. | 285 | (0.37)% | (914) |
| Equity LifeStyle Properties, Inc. | 477 | (0.39)% | (1031) |
| Intercontinental Exchange, Inc. | 628 | (0.81)% | (1286) |
| PNC Financial Services Group, Inc. | 692 | (1.37)% | (1696) |
| American International Group, Inc. | 1032 | (0.82)% | (1999) |
| TFS Financial Corp. | 3025 | (0.55)% | (2099) |
| Aon plc — Class A | 125 | (0.47)% | (2938) |
| BlackRock, Inc. — Class A | 83 | (0.74)% | (2999) |
| Invesco Ltd. | 3349 | (0.75)% | (4847) |
| First Republic Bank | 604 | (0.92)% | (4909) |
| CBRE Group, Inc. — Class A | 769 | (0.74)% | (4984) |
| Arthur J Gallagher & Co. | 271 | (0.64)% | (6828) |
| Allstate Corp. | 681 | (1.16)% | (6830) |
| Apollo Global Management, Inc. | 1520 | (1.21)% | (7801) |
| **Total Financial** |  |  | 291415 |
| **Consumer, Cyclical** |  |  |  |
| MillerKnoll, Inc. | 1323 | (0.35)% | 21567 |
| CarMax, Inc. | 654 | (0.50)% | 15433 |
| American Airlines Group, Inc. | 2575 | (0.41)% | 13922 |
| Hanesbrands, Inc. | 4725 | (0.38)% | 10829 |
| Hawaiian Holdings, Inc. | 2334 | (0.30)% | 7991 |
| Hyatt Hotels Corp. — Class A | 280 | (0.32)% | 2159 |
| Costco Wholesale Corp. | 70 | (0.40)% | 2111 |
| Floor & Decor Holdings, Inc. — Class A | 361 | (0.31)% | 1905 |
| Live Nation Entertainment, Inc. | 476 | (0.42)% | 1828 |
| Cracker Barrel Old Country Store, Inc. | 331 | (0.39)% | 539 |
| Delta Air Lines, Inc. | 2484 | (1.02)% | 358 |
| Walgreens Boots Alliance, Inc. | 2068 | (0.97)% | (979) |
| WESCO International, Inc. | 309 | (0.48)% | (1971) |
| Copart, Inc. | 1692 | (1.29)% | (2746) |
| Madison Square Garden Sports Corp. — Class A | 309 | (0.71)% | (12465) |
| **Total Consumer, Cyclical** |  |  | 60481 |
| **Industrial** |  |  |  |
| Stanley Black & Decker, Inc. | 570 | (0.52)% | 30757 |
| Stericycle, Inc. | 502 | (0.31)% | 12195 |
| Waste Management, Inc. | 653 | (1.28)% | 9561 |
| CH Robinson Worldwide, Inc. | 255 | (0.29)% | 4054 |
| Union Pacific Corp. | 152 | (0.39)% | 3262 |
| Republic Services, Inc. — Class A | 313 | (0.51)% | 3237 |
| Kirby Corp. | 555 | (0.45)% | 2259 |
| Old Dominion Freight Line, Inc. | 125 | (0.44)% | 1518 |
| Knight-Swift Transportation Holdings, Inc. | 477 | (0.31)% | 1425 |
| Jacobs Solutions, Inc. | 891 | (1.34)% | 1383 |
| TD SYNNEX Corp. | 1152 | (1.37)% | (260) |
| Teledyne Technologies, Inc. | 84 | (0.42)% | (447) |
| Norfolk Southern Corp. | 189 | (0.58)% | (641) |
| J.B. Hunt Transport Services, Inc. | 212 | (0.46)% | (741) |
| TransDigm Group, Inc. | 37 | (0.29)% | (3107) |
| FedEx Corp. | 244 | (0.53)% | (4320) |
| Boeing Co. | 212 | (0.51)% | (5292) |
| Xylem, Inc. | 324 | (0.45)% | (6131) |
| MSA Safety, Inc. | 552 | (1.00)% | (11126) |
| Casella Waste Systems, Inc. — Class A | 963 | (0.96)% | (14316) |
| **Total Industrial** |  |  | 23270 |
| **Energy** |  |  |  |
| Diamondback Energy, Inc. | 273 | (0.47)% | 6196 |
| NOV, Inc. | 2065 | (0.54)% | 4173 |
| Pioneer Natural Resources Co. | 155 | (0.44)% | 391 |
| Helmerich & Payne, Inc. | 897 | (0.56)% | (42) |
| ChampionX Corp. | 1170 | (0.42)% | (8289) |
| Valaris Ltd. | 757 | (0.64)% | (12465) |
| Halliburton Co. | 2969 | (1.46)% | (12791) |
| Hess Corp. | 644 | (1.14)% | (15968) |
| EOG Resources, Inc. | 764 | (1.24)% | (17111) |
| Schlumberger Ltd. | 1178 | (0.79)% | (18338) |
| **Total Energy** |  |  | (74244) |
| **Communications** |  |  |  |
| IAC, Inc. | 887 | (0.49)% | 10987 |
| Walt Disney Co. | 742 | (0.81)% | 8650 |
| Warner Bros Discovery, Inc. | 3007 | (0.36)% | 7616 |
| Paramount Global — Class B | 1955 | (0.41)% | 5198 |
| Uber Technologies, Inc. | 1818 | (0.56)% | 2746 |
| Interpublic Group of Companies, Inc. | 2991 | (1.25)% | (11804) |
| **Total Communications** |  |  | 23393 |
| **Technology** |  |  |  |
| Take-Two Interactive Software, Inc. | 535 | (0.70)% | 1458 |
| Science Applications International Corp. | 998 | (1.39)% | (1257) |
| **Total Technology** |  |  | $201 |
| **Total MS Equity Short Custom Basket** |  |  | $400341 |

---

---

| | |
|:---|:---|
| **Long Short Equity Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is pledged as equity custom basket swap collateral at December 31, 2022.* |
| *<sup>2</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

---

| |
|:---|
| *GS — Goldman Sachs International* |
| *MS — Morgan Stanley Capital Services LLC* |
| *plc — Public Limited Company* |
| *REIT — Real Estate Investment Trust* |

---

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $13534884 | $— | $— | $13534884 |
| Money Market Fund | 169380 |  |  | 169380 |
| Equity Custom Basket Swap Agreements\*\* |  | 1005453 |  | 1005453 |
| Total Assets | $13704264 | $1005453 | $— | $14709717 |

---

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

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6%** | | |
| **Financial - 14.9%** | | |
| First Horizon Corp. | 1827 | $44761 |
| Rexford Industrial Realty, Inc. REIT | 625 | 34150 |
| Annaly Capital Management, Inc. REIT | 1593 | 33580 |
| American Financial Group, Inc. | 238 | 32673 |
| Reinsurance Group of America, Inc. — Class A | 228 | 32397 |
| East West Bancorp, Inc. | 480 | 31632 |
| CubeSmart REIT | 765 | 30791 |
| Cullen/Frost Bankers, Inc. | 219 | 29280 |
| STORE Capital Corp. REIT | 905 | 29014 |
| Life Storage, Inc. REIT | 289 | 28467 |
| Lamar Advertising Co. — Class A REIT | 297 | 28037 |
| Webster Financial Corp. | 592 | 28025 |
| National Retail Properties, Inc. REIT | 608 | 27822 |
| RenaissanceRe Holdings Ltd. | 149 | 27450 |
| Commerce Bancshares, Inc. | 389 | 26449 |
| Unum Group | 637 | 26136 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 162 | 25818 |
| Interactive Brokers Group, Inc. — Class A | 350 | 25322 |
| Healthcare Realty Trust, Inc. REIT | 1296 | 24974 |
| Old Republic International Corp. | 963 | 23256 |
| Brixmor Property Group, Inc. REIT | 1021 | 23146 |
| Medical Properties Trust, Inc. REIT | 2036 | 22681 |
| Prosperity Bancshares, Inc. | 311 | 22603 |
| Omega Healthcare Investors, Inc. REIT | 797 | 22276 |
| EastGroup Properties, Inc. REIT | 148 | 21913 |
| First Industrial Realty Trust, Inc. REIT | 450 | 21717 |
| Jefferies Financial Group, Inc. | 624 | 21391 |
| Stifel Financial Corp. | 362 | 21130 |
| Voya Financial, Inc. | 331 | 20353 |
| SEI Investments Co. | 349 | 20347 |
| Affiliated Managers Group, Inc. | 128 | 20279 |
| New York Community Bancorp, Inc. | 2316 | 19918 |
| Kinsale Capital Group, Inc. | 73 | 19091 |
| Pinnacle Financial Partners, Inc. | 260 | 19084 |
| Spirit Realty Capital, Inc. REIT | 475 | 18967 |
| Glacier Bancorp, Inc. | 377 | 18631 |
| Synovus Financial Corp. | 495 | 18587 |
| United Bankshares, Inc. | 458 | 18544 |
| First American Financial Corp. | 352 | 18424 |
| Selective Insurance Group, Inc. | 205 | 18165 |
| Western Union Co. | 1315 | 18108 |
| RLI Corp. | 137 | 17984 |
| Old National Bancorp | 997 | 17926 |
| Primerica, Inc. | 126 | 17869 |
| Apartment Income REIT Corp. | 510 | 17498 |
| Wintrust Financial Corp. | 207 | 17496 |
| Rayonier, Inc. REIT | 498 | 16414 |
| Hanover Insurance Group, Inc. | 121 | 16351 |
| Valley National Bancorp | 1431 | 16185 |
| Kite Realty Group Trust REIT | 746 | 15703 |
| FNB Corp. | 1194 | 15582 |
| Cadence Bank | 621 | 15314 |
| First Financial Bankshares, Inc. | 442 | 15205 |
| Bank OZK | 377 | 15103 |
| Home BancShares, Inc. | 646 | 14722 |
| Essent Group Ltd. | 367 | 14269 |
| SLM Corp. | 852 | 14143 |
| Hancock Whitney Corp. | 292 | 14130 |
| Kilroy Realty Corp. REIT | 358 | 13844 |
| Evercore, Inc. — Class A | 122 | 13308 |
| Umpqua Holdings Corp. | 739 | 13191 |
| MGIC Investment Corp. | 1011 | 13143 |
| Cousins Properties, Inc. REIT | 516 | 13050 |
| Independence Realty Trust, Inc. REIT | 762 | 12847 |
| UMB Financial Corp. | 148 | 12361 |
| PotlatchDeltic Corp. REIT | 275 | 12097 |
| Brighthouse Financial, Inc.<sup>\*</sup> | 235 | 12048 |
| Associated Banc-Corp. | 512 | 11822 |
| Physicians Realty Trust REIT | 777 | 11243 |
| Kemper Corp. | 217 | 10676 |
| Janus Henderson Group plc | 451 | 10607 |
| Bank of Hawaii Corp. | 136 | 10548 |
| Federated Hermes, Inc. — Class B | 288 | 10457 |
| National Storage Affiliates Trust REIT | 288 | 10403 |
| Cathay General Bancorp | 253 | 10320 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 170 | 10253 |
| Highwoods Properties, Inc. REIT | 358 | 10017 |
| Corporate Office Properties Trust REIT | 383 | 9935 |
| Sabra Health Care REIT, Inc. | 786 | 9770 |
| EPR Properties REIT | 255 | 9619 |
| Fulton Financial Corp. | 570 | 9593 |
| Douglas Emmett, Inc. REIT | 598 | 9377 |
| PacWest Bancorp | 401 | 9203 |
| Park Hotels & Resorts, Inc. REIT | 765 | 9019 |
| CNO Financial Group, Inc. | 389 | 8889 |
| International Bancshares Corp. | 180 | 8237 |
| Macerich Co. REIT | 731 | 8231 |
| Washington Federal, Inc. | 222 | 7448 |
| SL Green Realty Corp. REIT | 219 | 7385 |
| JBG SMITH Properties REIT | 337 | 6396 |
| Pebblebrook Hotel Trust REIT | 448 | 5999 |
| Navient Corp. | 360 | 5922 |
| **Total Financial** |  | 1634541 |
| **Industrial - 13.3%** |  |  |
| Hubbell, Inc. | 183 | 42946 |
| Carlisle Companies, Inc. | 176 | 41474 |
| AECOM | 475 | 40342 |
| Toro Co. | 355 | 40186 |
| Graco, Inc. | 574 | 38607 |
| Axon Enterprise, Inc.<sup>\*</sup> | 230 | 38164 |
| Builders FirstSource, Inc.<sup>\*</sup> | 501 | 32505 |
| Jabil, Inc. | 458 | 31236 |
| AGCO Corp. | 211 | 29263 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Industrial - 13.3% (continued)** | | |
| Knight-Swift Transportation Holdings, Inc. | 547 | $28668 |
| Lincoln Electric Holdings, Inc. | 197 | 28465 |
| Cognex Corp. | 589 | 27748 |
| Owens Corning | 318 | 27125 |
| Regal Rexnord Corp. | 225 | 26995 |
| Lennox International, Inc. | 110 | 26315 |
| Tetra Tech, Inc. | 180 | 26134 |
| Fortune Brands Innovations, Inc. | 437 | 24957 |
| Donaldson Company, Inc. | 417 | 24549 |
| Middleby Corp.<sup>\*</sup> | 183 | 24504 |
| AptarGroup, Inc. | 222 | 24416 |
| Valmont Industries, Inc. | 73 | 24139 |
| EMCOR Group, Inc. | 162 | 23994 |
| ITT, Inc. | 282 | 22870 |
| Arrow Electronics, Inc.<sup>\*</sup> | 209 | 21855 |
| nVent Electric plc | 567 | 21812 |
| Curtiss-Wright Corp. | 130 | 21708 |
| MDU Resources Group, Inc. | 692 | 20995 |
| Sonoco Products Co. | 332 | 20156 |
| Landstar System, Inc. | 122 | 19874 |
| Woodward, Inc. | 205 | 19805 |
| Oshkosh Corp. | 223 | 19666 |
| Clean Harbors, Inc.<sup>\*</sup> | 171 | 19515 |
| Saia, Inc.<sup>\*</sup> | 90 | 18871 |
| Littelfuse, Inc. | 84 | 18497 |
| Acuity Brands, Inc. | 109 | 18052 |
| MSA Safety, Inc. | 125 | 18024 |
| MasTec, Inc.<sup>\*</sup> | 201 | 17151 |
| TopBuild Corp.<sup>\*</sup> | 109 | 17057 |
| Hexcel Corp. | 287 | 16890 |
| Fluor Corp.<sup>\*</sup> | 484 | 16776 |
| Eagle Materials, Inc. | 125 | 16606 |
| Coherent Corp.<sup>\*</sup> | 472 | 16567 |
| Novanta, Inc.<sup>\*</sup> | 121 | 16440 |
| National Instruments Corp. | 444 | 16384 |
| Chart Industries, Inc.<sup>\*</sup> | 142 | 16363 |
| Crane Holdings Co. | 162 | 16273 |
| Universal Display Corp. | 148 | 15990 |
| Timken Co. | 225 | 15901 |
| Trex Company, Inc.<sup>\*</sup> | 374 | 15832 |
| Stericycle, Inc.<sup>\*</sup> | 314 | 15665 |
| Silgan Holdings, Inc. | 285 | 14774 |
| Louisiana-Pacific Corp. | 244 | 14445 |
| Ryder System, Inc. | 171 | 14291 |
| Flowserve Corp. | 445 | 13653 |
| Watts Water Technologies, Inc. — Class A | 93 | 13599 |
| TD SYNNEX Corp. | 143 | 13544 |
| Kirby Corp.<sup>\*</sup> | 204 | 13127 |
| XPO, Inc.<sup>\*</sup> | 392 | 13050 |
| Avnet, Inc. | 312 | 12973 |
| Simpson Manufacturing Company, Inc. | 145 | 12856 |
| GATX Corp. | 120 | 12761 |
| Belden, Inc. | 146 | 10497 |
| Vontier Corp. | 538 | 10400 |
| EnerSys | 139 | 10264 |
| Terex Corp. | 230 | 9826 |
| Vishay Intertechnology, Inc. | 441 | 9512 |
| Dycom Industries, Inc.<sup>\*</sup> | 100 | 9360 |
| Mercury Systems, Inc.<sup>\*</sup> | 197 | 8814 |
| Enovis Corp.<sup>\*</sup> | 162 | 8670 |
| Esab Corp. | 176 | 8258 |
| Werner Enterprises, Inc. | 200 | 8052 |
| Energizer Holdings, Inc. | 226 | 7582 |
| RXO, Inc.<sup>\*</sup> | 392 | 6742 |
| Kennametal, Inc. | 274 | 6592 |
| Greif, Inc. — Class A | 87 | 5834 |
| Worthington Industries, Inc. | 103 | 5120 |
| Vicor Corp.<sup>\*</sup> | 76 | 4085 |
| **Total Industrial** |  | 1463008 |
| **Consumer, Non-cyclical - 10.7%** |  |  |
| United Therapeutics Corp.<sup>\*</sup> | 155 | 43104 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 327 | 39057 |
| Service Corporation International | 524 | 36229 |
| Darling Ingredients, Inc.<sup>\*</sup> | 546 | 34174 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 214 | 34092 |
| Performance Food Group Co.<sup>\*</sup> | 530 | 30947 |
| Repligen Corp.<sup>\*</sup> | 176 | 29798 |
| Penumbra, Inc.<sup>\*</sup> | 129 | 28697 |
| Paylocity Holding Corp.<sup>\*</sup> | 140 | 27196 |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 460 | 26174 |
| Chemed Corp. | 51 | 26032 |
| Acadia Healthcare Company, Inc.<sup>\*</sup> | 310 | 25519 |
| Shockwave Medical, Inc.<sup>\*</sup> | 123 | 25290 |
| Masimo Corp.<sup>\*</sup> | 165 | 24412 |
| WEX, Inc.<sup>\*</sup> | 148 | 24220 |
| Bruker Corp. | 340 | 23239 |
| Ingredion, Inc. | 223 | 21838 |
| Encompass Health Corp. | 340 | 20335 |
| Globus Medical, Inc. — Class A<sup>\*</sup> | 264 | 19607 |
| H&R Block, Inc. | 529 | 19314 |
| Flowers Foods, Inc. | 654 | 18796 |
| Envista Holdings Corp.<sup>\*</sup> | 555 | 18687 |
| FTI Consulting, Inc.<sup>\*</sup> | 117 | 18580 |
| Medpace Holdings, Inc.<sup>\*</sup> | 86 | 18267 |
| Tenet Healthcare Corp.<sup>\*</sup> | 368 | 17955 |
| HealthEquity, Inc.<sup>\*</sup> | 288 | 17752 |
| Exelixis, Inc.<sup>\*</sup> | 1098 | 17612 |
| GXO Logistics, Inc.<sup>\*</sup> | 404 | 17247 |
| LHC Group, Inc.<sup>\*</sup> | 106 | 17139 |
| Post Holdings, Inc.<sup>\*</sup> | 185 | 16698 |
| Option Care Health, Inc.<sup>\*</sup> | 526 | 15828 |
| Perrigo Company plc | 458 | 15613 |
| QuidelOrtho Corp.<sup>\*</sup> | 182 | 15592 |
| Euronet Worldwide, Inc.<sup>\*</sup> | 160 | 15101 |
| Azenta, Inc.<sup>\*</sup> | 255 | 14846 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 360 | 14601 |
| Celsius Holdings, Inc.<sup>\*</sup> | 138 | 14357 |
| ManpowerGroup, Inc. | 172 | 14312 |
| Avis Budget Group, Inc.<sup>\*</sup> | 85 | 13934 |
| ASGN, Inc.<sup>\*</sup> | 170 | 13851 |
| Integra LifeSciences Holdings Corp.<sup>\*</sup> | 247 | 13849 |
| Insperity, Inc. | 121 | 13746 |
| Haemonetics Corp.<sup>\*</sup> | 172 | 13528 |
| Lancaster Colony Corp. | 68 | 13417 |
| Syneos Health, Inc.<sup>\*</sup> | 350 | 12838 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Consumer, Non-cyclical - 10.7% (continued)** | | |
| Lantheus Holdings, Inc.<sup>\*</sup> | 234 | $11925 |
| BellRing Brands, Inc.<sup>\*</sup> | 461 | 11820 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 360 | 11653 |
| Neogen Corp.<sup>\*</sup> | 736 | 11209 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 104 | 10989 |
| ICU Medical, Inc.<sup>\*</sup> | 69 | 10866 |
| Coty, Inc. — Class A<sup>\*</sup> | 1244 | 10649 |
| Boston Beer Company, Inc. — Class A<sup>\*</sup> | 32 | 10545 |
| Inari Medical, Inc.<sup>\*</sup> | 164 | 10424 |
| LivaNova plc<sup>\*</sup> | 182 | 10108 |
| Tandem Diabetes Care, Inc.<sup>\*</sup> | 219 | 9844 |
| Amedisys, Inc.<sup>\*</sup> | 111 | 9273 |
| Helen of Troy Ltd.<sup>\*</sup> | 82 | 9095 |
| Grocery Outlet Holding Corp.<sup>\*</sup> | 301 | 8786 |
| Brink's Co. | 158 | 8486 |
| Patterson Companies, Inc. | 295 | 8269 |
| Coca-Cola Consolidated, Inc. | 16 | 8198 |
| Progyny, Inc.<sup>\*</sup> | 256 | 7974 |
| STAAR Surgical Co.<sup>\*</sup> | 164 | 7961 |
| Graham Holdings Co. — Class B | 13 | 7855 |
| Omnicell, Inc.<sup>\*</sup> | 152 | 7664 |
| John Wiley & Sons, Inc. — Class A | 146 | 5849 |
| R1 RCM, Inc.<sup>\*</sup> | 468 | 5125 |
| Pilgrim's Pride Corp.<sup>\*</sup> | 153 | 3631 |
| Sotera Health Co.<sup>\*</sup> | 336 | 2799 |
| **Total Consumer, Non-cyclical** |  | 1174417 |
| **Consumer, Cyclical - 9.5%** |  |  |
| Deckers Outdoor Corp.<sup>\*</sup> | 90 | 35925 |
| Five Below, Inc.<sup>\*</sup> | 189 | 33428 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 460 | 30434 |
| Casey's General Stores, Inc. | 127 | 28492 |
| Watsco, Inc. | 113 | 28182 |
| Williams-Sonoma, Inc. | 227 | 26087 |
| Capri Holdings Ltd.<sup>\*</sup> | 438 | 25106 |
| Lear Corp. | 201 | 24928 |
| Churchill Downs, Inc. | 112 | 23680 |
| Crocs, Inc.<sup>\*</sup> | 210 | 22770 |
| Dick's Sporting Goods, Inc. | 189 | 22735 |
| Gentex Corp. | 799 | 21789 |
| Mattel, Inc.<sup>\*</sup> | 1206 | 21515 |
| Wyndham Hotels & Resorts, Inc. | 301 | 21464 |
| Texas Roadhouse, Inc. — Class A | 228 | 20737 |
| Tempur Sealy International, Inc. | 582 | 19980 |
| Murphy USA, Inc. | 71 | 19847 |
| Skechers USA, Inc. — Class A<sup>\*</sup> | 457 | 19171 |
| Macy's, Inc. | 923 | 19060 |
| Lithia Motors, Inc. — Class A | 93 | 19041 |
| Harley-Davidson, Inc. | 453 | 18845 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 319 | 18693 |
| Polaris, Inc. | 185 | 18685 |
| IAA, Inc.<sup>\*</sup> | 455 | 18200 |
| Toll Brothers, Inc. | 359 | 17921 |
| Brunswick Corp. | 247 | 17804 |
| Univar Solutions, Inc.<sup>\*</sup> | 555 | 17649 |
| Marriott Vacations Worldwide Corp. | 130 | 17497 |
| RH<sup>\*</sup> | 65 | 17367 |
| GameStop Corp. — Class A<sup>\*,1</sup> | 860 | 15876 |
| Penn Entertainment, Inc.<sup>\*</sup> | 528 | 15682 |
| PVH Corp. | 222 | 15671 |
| Boyd Gaming Corp. | 270 | 14723 |
| Leggett & Platt, Inc. | 451 | 14536 |
| Wingstop, Inc. | 102 | 14037 |
| Thor Industries, Inc. | 183 | 13815 |
| MSC Industrial Direct Company, Inc. — Class A | 161 | 13154 |
| Fox Factory Holding Corp.<sup>\*</sup> | 144 | 13137 |
| Wendy's Co. | 580 | 13125 |
| Visteon Corp.<sup>\*</sup> | 96 | 12560 |
| AutoNation, Inc.<sup>\*</sup> | 116 | 12447 |
| YETI Holdings, Inc.<sup>\*</sup> | 294 | 12145 |
| Adient plc<sup>\*</sup> | 323 | 11205 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 369 | 11199 |
| FirstCash Holdings, Inc. | 128 | 11125 |
| Columbia Sportswear Co. | 121 | 10597 |
| Choice Hotels International, Inc. | 94 | 10588 |
| Foot Locker, Inc. | 270 | 10203 |
| Travel + Leisure Co. | 277 | 10083 |
| Kohl's Corp. | 397 | 10024 |
| Victoria's Secret & Co.<sup>\*</sup> | 277 | 9911 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 963 | 9774 |
| Carter's, Inc. | 130 | 9699 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 472 | 9322 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 198 | 9274 |
| KB Home | 283 | 9014 |
| Papa John's International, Inc. | 109 | 8972 |
| Gap, Inc. | 718 | 8099 |
| Hanesbrands, Inc. | 1188 | 7556 |
| JetBlue Airways Corp.<sup>\*</sup> | 1103 | 7148 |
| Cracker Barrel Old Country Store, Inc. | 75 | 7106 |
| Scotts Miracle-Gro Co. — Class A | 138 | 6705 |
| Dana, Inc. | 434 | 6566 |
| Under Armour, Inc. — Class A<sup>\*</sup> | 642 | 6523 |
| Nordstrom, Inc. | 379 | 6117 |
| Under Armour, Inc. — Class C<sup>\*</sup> | 671 | 5985 |
| **Total Consumer, Cyclical** |  | 1040735 |
| **Technology - 5.1%** |  |  |
| Fair Isaac Corp.<sup>\*</sup> | 85 | 50879 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 467 | 30299 |
| Wolfspeed, Inc.<sup>\*</sup> | 423 | 29204 |
| Genpact Ltd. | 574 | 26588 |
| Dynatrace, Inc.<sup>\*</sup> | 686 | 26274 |
| Manhattan Associates, Inc.<sup>\*</sup> | 212 | 25737 |
| KBR, Inc. | 467 | 24658 |
| CACI International, Inc. — Class A<sup>\*</sup> | 80 | 24047 |
| Science Applications International Corp. | 188 | 20855 |
| Aspen Technology, Inc.<sup>\*</sup> | 99 | 20334 |
| Concentrix Corp. | 144 | 19175 |
| ExlService Holdings, Inc.<sup>\*</sup> | 113 | 19145 |
| MKS Instruments, Inc. | 195 | 16522 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 113 | 15331 |
| Maximus, Inc. | 206 | 15106 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 63.6% (continued)** | | |
| **Technology - 5.1% (continued)** | | |
| Power Integrations, Inc. | 195 | $13985 |
| Cirrus Logic, Inc.<sup>\*</sup> | 187 | 13928 |
| Qualys, Inc.<sup>\*</sup> | 118 | 13243 |
| Super Micro Computer, Inc.<sup>\*</sup> | 158 | 12972 |
| Synaptics, Inc.<sup>\*</sup> | 136 | 12942 |
| Lumentum Holdings, Inc.<sup>\*</sup> | 232 | 12103 |
| Teradata Corp.<sup>\*</sup> | 347 | 11680 |
| Envestnet, Inc.<sup>\*</sup> | 188 | 11600 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 174 | 10959 |
| NCR Corp.<sup>\*</sup> | 468 | 10956 |
| IPG Photonics Corp.<sup>\*</sup> | 109 | 10319 |
| CommVault Systems, Inc.<sup>\*</sup> | 152 | 9552 |
| Blackbaud, Inc.<sup>\*</sup> | 152 | 8947 |
| ACI Worldwide, Inc.<sup>\*</sup> | 383 | 8809 |
| Amkor Technology, Inc. | 342 | 8201 |
| Kyndryl Holdings, Inc.<sup>\*</sup> | 695 | 7728 |
| Allegro MicroSystems, Inc.<sup>\*</sup> | 221 | 6634 |
| SiTime Corp.<sup>\*</sup> | 55 | 5589 |
| Xerox Holdings Corp. | 381 | 5563 |
| **Total Technology** |  | 559864 |
| **Basic Materials - 3.1%** |  |  |
| RPM International, Inc. | 439 | 42781 |
| Reliance Steel & Aluminum Co. | 200 | 40488 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 1754 | 28257 |
| Alcoa Corp. | 602 | 27373 |
| Royal Gold, Inc. | 223 | 25136 |
| Olin Corp. | 434 | 22976 |
| United States Steel Corp. | 798 | 19990 |
| Valvoline, Inc. | 603 | 19688 |
| Commercial Metals Co. | 399 | 19272 |
| Ashland, Inc. | 170 | 18280 |
| Chemours Co. | 514 | 15739 |
| Cabot Corp. | 191 | 12766 |
| Westlake Corp. | 117 | 11997 |
| Sensient Technologies Corp. | 143 | 10428 |
| Avient Corp. | 291 | 9824 |
| Ingevity Corp.<sup>\*</sup> | 120 | 8453 |
| MP Materials Corp.<sup>\*</sup> | 314 | 7624 |
| NewMarket Corp. | 23 | 7155 |
| **Total Basic Materials** |  | 348227 |
| **Energy - 2.7%** |  |  |
| Antero Resources Corp.<sup>\*</sup> | 940 | 29131 |
| NOV, Inc. | 1337 | 27930 |
| HF Sinclair Corp. | 458 | 23766 |
| Southwestern Energy Co.<sup>\*</sup> | 3757 | 21978 |
| Matador Resources Co. | 382 | 21866 |
| Murphy Oil Corp. | 497 | 21376 |
| Range Resources Corp. | 823 | 20591 |
| PDC Energy, Inc. | 314 | 19933 |
| ChampionX Corp. | 679 | 19684 |
| DT Midstream, Inc. | 329 | 18180 |
| Sunrun, Inc.<sup>\*</sup> | 725 | 17414 |
| PBF Energy, Inc. — Class A | 389 | 15863 |
| Antero Midstream Corp. | 1140 | 12301 |
| CNX Resources Corp.<sup>\*</sup> | 614 | 10340 |
| Equitrans Midstream Corp. | 1473 | 9869 |
| SunPower Corp. — Class A<sup>\*</sup> | 291 | 5247 |
| **Total Energy** |  | 295469 |
| **Utilities - 2.6%** |  |  |
| Essential Utilities, Inc. | 813 | 38804 |
| OGE Energy Corp. | 682 | 26973 |
| UGI Corp. | 713 | 26431 |
| National Fuel Gas Co. | 311 | 19686 |
| IDACORP, Inc. | 172 | 18550 |
| New Jersey Resources Corp. | 328 | 16275 |
| Black Hills Corp. | 222 | 15616 |
| Hawaiian Electric Industries, Inc. | 373 | 15610 |
| Portland General Electric Co. | 304 | 14896 |
| Ormat Technologies, Inc. | 166 | 14356 |
| PNM Resources, Inc. | 292 | 14247 |
| ONE Gas, Inc. | 184 | 13933 |
| Southwest Gas Holdings, Inc. | 210 | 12995 |
| ALLETE, Inc. | 195 | 12579 |
| Spire, Inc. | 179 | 12326 |
| NorthWestern Corp. | 197 | 11690 |
| **Total Utilities** |  | 284967 |
| **Communications - 1.7%** |  |  |
| Ciena Corp.<sup>\*</sup> | 504 | 25694 |
| Nexstar Media Group, Inc. — Class A | 128 | 22404 |
| Iridium Communications, Inc. | 428 | 21999 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 759 | 19339 |
| New York Times Co. — Class A | 560 | 18178 |
| TEGNA, Inc. | 760 | 16104 |
| Calix, Inc.<sup>\*</sup> | 194 | 13276 |
| Ziff Davis, Inc.<sup>\*</sup> | 161 | 12735 |
| Cable One, Inc. | 16 | 11390 |
| World Wrestling Entertainment, Inc. — Class A | 147 | 10072 |
| Viasat, Inc.<sup>\*</sup> | 257 | 8134 |
| TripAdvisor, Inc.<sup>\*</sup> | 357 | 6419 |
| **Total Communications** |  | 185744 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,405,976) |  | 6986972 |
| **MUTUAL FUNDS<sup>†</sup> - 9.9%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 88750 | 855554 |
| Guggenheim Strategy Fund II<sup>2</sup> | 9844 | 236641 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,123,598) |  | 1092195 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 10.8%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>3</sup> | $1100000 | 1099045 |

---

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face <br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 10.8% (continued)** | **U.S. TREASURY BILLS<sup>††</sup> - 10.8% (continued)** | **U.S. TREASURY BILLS<sup>††</sup> - 10.8% (continued)** |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>3,4</sup> | $82000 | $81883 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,180,553) |  | 1180928 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 37.2%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>6</sup> | 2309028 | 2309028 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>6</sup> | 888088 | 888088 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>6</sup> | 885337 | 885337 |
| **Total Repurchase Agreements** |  |  |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;(Cost $4,082,453) | 4082453 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup> - 0.1%** | | |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund — Class X , 4.10%<sup>8</sup> | 12170 | 12170 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,170) |  | 12170 |
| **Total Investments - 121.6%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,804,750) |  | $13354718 |
| **Other Assets & Liabilities, net - (21.6)%** |  | (2368214) |
| **Total Net Assets - 100.0%** |  | $10986504 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | |
| S&P MidCap 400 Index Mini Futures Contracts | 7 | Mar 2023 | $1710310 | $(50060) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  | | | |
| Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.58% (Federal Funds Rate + 0.25%) | At Maturity | 01/26/23 | 1137 | $2764162 | $(9944) |
| BNP Paribas | S&P MidCap 400 Index | Pay | 4.78% (Federal Funds Rate + 0.45%) | At Maturity | 01/26/23 | 816 | 1984196 | (57219) |
| Barclays Bank plc | S&P MidCap 400 Index | Pay | 4.65% (SOFR + 0.35%) | At Maturity | 01/25/23 | 1247 | 3030448 | (118062) |
|  |  |  |  |  |  |  | $7778806 | $(185225) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Affiliated issuer.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>6</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>7</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>8</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Mid-Cap 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $6986972 | $— | $— | $6986972 |
| Mutual Funds | 1092195 |  |  | 1092195 |
| U.S. Treasury Bills |  | 1180928 |  | 1180928 |
| Repurchase Agreements |  | 4082453 |  | 4082453 |
| Securities Lending Collateral | 12170 |  |  | 12170 |
| Total Assets | $8091337 | $5263381 | $— | $13354718 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $50060 | $— | $— | $50060 |
| Equity Index Swap Agreements\*\* |  | 185225 |  | 185225 |
| Total Liabilities | $50060 | $185225 | $— | $235285 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website. https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $241661 | $– | $– | $– | $(5020) | $236641 | 9844 | $5897 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 868866 | – | – | – | (13312) | 855554 | 88750 | 17227 |
|  | $1110527 | $– | $– | $– | $(18332) | $1092195 |  | $23124 |

---

---

| | |
|:---|:---|
| **Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 81.6%** | | |
| **Technology - 37.9%** | | |
| Microsoft Corp. | 97188 | $23307626 |
| Apple, Inc. | 167509 | 21764444 |
| NVIDIA Corp. | 41781 | 6105875 |
| Broadcom, Inc. | 6879 | 3846255 |
| Adobe, Inc.<sup>\*</sup> | 7896 | 2657241 |
| Texas Instruments, Inc. | 15414 | 2546701 |
| QUALCOMM, Inc. | 19039 | 2093148 |
| Intuit, Inc. | 4771 | 1856969 |
| Intel Corp. | 70093 | 1852558 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 27384 | 1773662 |
| Applied Materials, Inc. | 14612 | 1422917 |
| Analog Devices, Inc. | 8650 | 1418859 |
| Fiserv, Inc.<sup>\*</sup> | 10785 | 1090040 |
| Activision Blizzard, Inc. | 13292 | 1017503 |
| Lam Research Corp. | 2316 | 973415 |
| Micron Technology, Inc. | 18465 | 922881 |
| KLA Corp. | 2407 | 907511 |
| Synopsys, Inc.<sup>\*</sup> | 2597 | 829196 |
| ASML Holding N.V. — Class G | 1500 | 819600 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 4659 | 748422 |
| Paychex, Inc. | 6121 | 707343 |
| NXP Semiconductor N.V. | 4401 | 695490 |
| Autodesk, Inc.<sup>\*</sup> | 3666 | 685065 |
| Microchip Technology, Inc. | 9341 | 656205 |
| Fortinet, Inc.<sup>\*</sup> | 13269 | 648722 |
| Workday, Inc. — Class A<sup>\*</sup> | 3431 | 574109 |
| Electronic Arts, Inc. | 4689 | 572902 |
| Marvell Technology, Inc. | 14481 | 536376 |
| Cognizant Technology Solutions Corp. — Class A | 8728 | 499154 |
| GLOBALFOUNDRIES, Inc.<sup>\*,1</sup> | 9258 | 498914 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 3707 | 390310 |
| Datadog, Inc. — Class A<sup>\*</sup> | 4961 | 364634 |
| ANSYS, Inc.<sup>\*</sup> | 1480 | 357553 |
| Atlassian Corp. — Class A<sup>\*</sup> | 2518 | 324016 |
| Zoom Video Communications, Inc. — Class A<sup>\*</sup> | 4172 | 282611 |
| Zscaler, Inc.<sup>\*</sup> | 2449 | 274043 |
| **Total Technology** |  | 86022270 |
| **Communications - 20.9%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 133559 | 11218956 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 79677 | 7069740 |
| Alphabet, Inc. — Class A<sup>\*</sup> | 79702 | 7032107 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 38192 | 4596025 |
| Cisco Systems, Inc. | 69772 | 3323938 |
| T-Mobile US, Inc.<sup>\*</sup> | 21131 | 2958340 |
| Comcast Corp. — Class A | 73269 | 2562217 |
| Netflix, Inc.<sup>\*</sup> | 7558 | 2228703 |
| Booking Holdings, Inc.<sup>\*</sup> | 659 | 1328070 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 2644 | 896581 |
| MercadoLibre, Inc.<sup>\*</sup> | 855 | 723535 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 5135 | 716538 |
| Pinduoduo, Inc. ADR<sup>\*</sup> | 7950 | 648323 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 6764 | 578322 |
| JD.com, Inc. ADR | 8251 | 463129 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 41244 | 390993 |
| Sirius XM Holdings, Inc.<sup>1</sup> | 66060 | 385790 |
| eBay, Inc. | 9217 | 382229 |
| **Total Communications** |  | 47503536 |
| **Consumer, Non-cyclical - 11.8%** |  |  |
| PepsiCo, Inc. | 23399 | 4227263 |
| Amgen, Inc. | 9062 | 2380044 |
| Gilead Sciences, Inc. | 21302 | 1828777 |
| Automatic Data Processing, Inc. | 7045 | 1682769 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 6003 | 1592896 |
| Mondelez International, Inc. — Class A | 23194 | 1545880 |
| PayPal Holdings, Inc.<sup>\*</sup> | 19362 | 1378962 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 1819 | 1312390 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 4360 | 1259081 |
| Moderna, Inc.<sup>\*</sup> | 6525 | 1172021 |
| Monster Beverage Corp.<sup>\*</sup> | 8861 | 899657 |
| Keurig Dr Pepper, Inc. | 24054 | 857766 |
| Kraft Heinz Co. | 20804 | 846931 |
| Cintas Corp. | 1725 | 779044 |
| Dexcom, Inc.<sup>\*</sup> | 6560 | 742854 |
| AstraZeneca plc ADR | 10376 | 703493 |
| Biogen, Inc.<sup>\*</sup> | 2446 | 677346 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 1407 | 574000 |
| Illumina, Inc.<sup>\*</sup> | 2672 | 540278 |
| CoStar Group, Inc.<sup>\*</sup> | 6907 | 533773 |
| Verisk Analytics, Inc. — Class A | 2656 | 468571 |
| Seagen, Inc.<sup>\*</sup> | 3153 | 405192 |
| Align Technology, Inc.<sup>\*</sup> | 1327 | 279864 |
| **Total Consumer, Non-cyclical** |  | 26688852 |
| **Consumer, Cyclical - 7.3%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 41341 | 5092384 |
| Costco Wholesale Corp. | 7517 | 3431510 |
| Starbucks Corp. | 19494 | 1933805 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 1063 | 897204 |
| Marriott International, Inc. — Class A | 5376 | 800433 |
| Ross Stores, Inc. | 5895 | 684233 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 2077 | 665429 |
| PACCAR, Inc. | 5907 | 584616 |
| Walgreens Boots Alliance, Inc. | 14689 | 548781 |
| Dollar Tree, Inc.<sup>\*</sup> | 3757 | 531390 |
| Copart, Inc.<sup>\*</sup> | 8090 | 492600 |
| Fastenal Co. | 9728 | 460329 |
| Rivian Automotive, Inc. — Class A<sup>\*</sup> | 15509 | 285831 |
| Lucid Group, Inc.<sup>\*,1</sup> | 28541 | 194935 |
| **Total Consumer, Cyclical** |  | 16603480 |
| **Industrial - 1.8%** |  |  |
| Honeywell International, Inc. | 11419 | 2447092 |
| CSX Corp. | 35708 | 1106234 |
| Old Dominion Freight Line, Inc. | 1876 | 532371 |
| **Total Industrial** |  | 4085697 |
| **Utilities - 1.2%** |  |  |
| American Electric Power Company, Inc. | 8728 | 828724 |
| Exelon Corp. | 16878 | 729636 |
| Xcel Energy, Inc. | 9295 | 651672 |
| Constellation Energy Corp. | 5554 | 478810 |
| **Total Utilities** |  | 2688842 |

---

---

| | |
|:---|:---|
| **Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 81.6% (continued)** | | |
| **Energy - 0.7%** | | |
| Enphase Energy, Inc.<sup>\*</sup> | 2309 | $611793 |
| Baker Hughes Co. | 17009 | 502276 |
| Diamondback Energy, Inc. | 2989 | 408835 |
| **Total Energy** |  | 1522904 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $195,019,180) |  | 185115581 |

---

---

| | | |
|:---|:---|:---|
| **MUTUAL FUNDS<sup>†</sup> - 5.7%** | | |
| Guggenheim Strategy Fund II<sup>2</sup> | 277075 | 6660881 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 652649 | 6291537 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,182,968) |  | 12952418 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 12.2%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>3,4</sup> | $16400000 | 16385762 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>3,4</sup> | 9000000 | 8992187 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>4,5</sup> | 2369000 | 2365611 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,735,508) |  | 27743560 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup> - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>3</sup> | 12058102 | 12058102 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>3</sup> | 4637731 | 4637731 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>3</sup> | 4623368 | 4623368 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,319,201) |  | 21319201 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup> - 0.4%** | | |
| **Money Market Fund** |  |  |
| First American Government Obligations Fund - Class X, 4.10%<sup>8</sup> | 834554 | 834554 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $834,554) |  | 834554 |
| **Total Investments - 109.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $258,091,411) |  | $247965314 |
| **Other Assets & Liabilities, net - (9.3)%** |  | (21019127) |
| **Total Net Assets - 100.0%** |  | $226946187 |

---

<br>**Futures Contracts**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| NASDAQ-100 Index Mini Futures Contracts | 96 | Mar 2023 | $21164160 | $(1558194) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  | | | |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 01/26/23 | 357 | $3910050 | $(285094) |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.98% (Federal Funds Rate + 0.65%) | At Maturity | 01/26/23 | 8626 | 94369384 | (4882418) |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 4.80% (SOFR + 0.50%) | At Maturity | 01/25/23 | 13659 | 149421016 | (10767765) |
|  |  |  |  |  |  |  | $247700450 | $(15935277) |

---

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

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

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

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

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

*<sup>2</sup>* *Affiliated issuer.*

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

*<sup>4</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>5</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>6</sup>* *Repurchase Agreements — See Note 4.*

*<sup>7</sup>* *Securities lending collateral — See Note 5.*

*<sup>8</sup>* *Rate indicated is the 7-day yield as of December 31, 2022.*

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $185115581 | $— | $— | $185115581 |
| Mutual Funds | 12952418 |  |  | 12952418 |
| U.S. Treasury Bills |  | 27743560 |  | 27743560 |
| Repurchase Agreements |  | 21319201 |  | 21319201 |
| Securities Lending Collateral | 834554 |  |  | 834554 |
| Total Assets | $198902553 | $49062761 | $— | $247965314 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $1558194 | $— | $— | $1558194 |
| Equity Index Swap Agreements\*\* |  | 15935277 |  | 15935277 |
| Total Liabilities | $1558194 | $15935277 | $— | $17493471 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $10904111 | $– | $(4000000) | $(127783) | $(115447) | $6660881 | 277075 | $239844 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | $21389957 | $– | $(14800001) | $(406376) | $107957 | $6291537 | 652649 | $244097 |
|  | $32294068 | $– | $(18800001) | $(534159) | $(7490) | $12952418 |  | $483941 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 94.5%** | | |
| **Technology - 43.9%** | | |
| Microsoft Corp. | 540471 | $129615755 |
| Apple, Inc. | 931541 | 121035122 |
| NVIDIA Corp. | 232349 | 33955483 |
| Broadcom, Inc. | 38253 | 21388400 |
| Adobe, Inc.<sup>\*</sup> | 43910 | 14777032 |
| Texas Instruments, Inc. | 85721 | 14162824 |
| QUALCOMM, Inc. | 105879 | 11640337 |
| Intuit, Inc. | 26534 | 10327563 |
| Intel Corp. | 389797 | 10302335 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 152287 | 9863629 |
| Applied Materials, Inc. | 81257 | 7912807 |
| Analog Devices, Inc. | 48103 | 7890335 |
| Fiserv, Inc.<sup>\*</sup> | 59979 | 6062078 |
| Activision Blizzard, Inc. | 73920 | 5658576 |
| Lam Research Corp. | 12881 | 5413884 |
| Micron Technology, Inc. | 102684 | 5132146 |
| KLA Corp. | 13385 | 5046547 |
| Synopsys, Inc.<sup>\*</sup> | 14443 | 4611505 |
| ASML Holding N.V. — Class G | 8344 | 4559162 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 25908 | 4161861 |
| Paychex, Inc. | 34040 | 3933662 |
| NXP Semiconductor N.V. | 24475 | 3867784 |
| Autodesk, Inc.<sup>\*</sup> | 20388 | 3809906 |
| Microchip Technology, Inc. | 51949 | 3649417 |
| Fortinet, Inc.<sup>\*</sup> | 73788 | 3607495 |
| Workday, Inc. — Class A<sup>\*</sup> | 19078 | 3192322 |
| Electronic Arts, Inc. | 26076 | 3185966 |
| Marvell Technology, Inc. | 80529 | 2982794 |
| Cognizant Technology Solutions Corp. — Class A | 48540 | 2776003 |
| GlobalFoundries, Inc.<sup>\*,1</sup> | 51482 | 2774365 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 20617 | 2170764 |
| Datadog, Inc. — Class A<sup>\*</sup> | 27584 | 2027424 |
| ANSYS, Inc.<sup>\*</sup> | 8228 | 1987803 |
| Atlassian Corp. — Class A<sup>\*</sup> | 14004 | 1802035 |
| Zoom Video Communications, Inc. — Class A<sup>\*</sup> | 23202 | 1571703 |
| Zscaler, Inc.<sup>\*</sup> | 13621 | 1524190 |
| **Total Technology** |  | 478381014 |
| **Communications - 24.2%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 742737 | 62389908 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 443094 | 39315731 |
| Alphabet, Inc. — Class A<sup>\*</sup> | 443230 | 39106183 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 212389 | 25558892 |
| Cisco Systems, Inc. | 388013 | 18484939 |
| T-Mobile US, Inc.<sup>\*</sup> | 117511 | 16451540 |
| Comcast Corp. — Class A | 407457 | 14248771 |
| Netflix, Inc.<sup>\*</sup> | 42033 | 12394691 |
| Booking Holdings, Inc.<sup>\*</sup> | 3664 | 7383986 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 14703 | 4985787 |
| MercadoLibre, Inc.<sup>\*</sup> | 4750 | 4019640 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 28558 | 3984983 |
| Pinduoduo, Inc. ADR<sup>\*</sup> | 44210 | 3605326 |
| Airbnb, Inc. — Class A<sup>\*</sup> | 37615 | 3216082 |
| JD.com, Inc. ADR | 45884 | 2575469 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 229364 | 2174371 |
| Sirius XM Holdings, Inc.<sup>1</sup> | 367369 | 2145435 |
| eBay, Inc. | 51255 | 2125545 |
| **Total Communications** |  | 264167279 |
| **Consumer, Non-cyclical - 13.6%** |  |  |
| PepsiCo, Inc. | 130125 | 23508382 |
| Amgen, Inc. | 50397 | 13236268 |
| Gilead Sciences, Inc. | 118464 | 10170135 |
| Automatic Data Processing, Inc. | 39181 | 9358774 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 33377 | 8856587 |
| Mondelez International, Inc. — Class A | 128984 | 8596784 |
| PayPal Holdings, Inc.<sup>\*</sup> | 107677 | 7668756 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 10114 | 7297150 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 24245 | 7001471 |
| Moderna, Inc.<sup>\*</sup> | 36286 | 6517691 |
| Monster Beverage Corp.<sup>\*</sup> | 49279 | 5003297 |
| Keurig Dr Pepper, Inc. | 133766 | 4770096 |
| Kraft Heinz Co. | 115696 | 4709984 |
| Cintas Corp. | 9591 | 4331487 |
| Dexcom, Inc.<sup>\*</sup> | 36482 | 4131222 |
| AstraZeneca plc ADR | 57702 | 3912195 |
| Biogen, Inc.<sup>\*</sup> | 13601 | 3766389 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 7822 | 3191063 |
| Illumina, Inc.<sup>\*</sup> | 14857 | 3004086 |
| CoStar Group, Inc.<sup>\*</sup> | 38412 | 2968479 |
| Verisk Analytics, Inc. — Class A | 14771 | 2605900 |
| Seagen, Inc.<sup>\*</sup> | 17536 | 2253551 |
| Align Technology, Inc.<sup>\*</sup> | 7378 | 1556020 |
| **Total Consumer, Non-cyclical** |  | 148415767 |
| **Consumer, Cyclical - 8.5%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 229901 | 28319205 |
| Costco Wholesale Corp. | 41804 | 19083526 |
| Starbucks Corp. | 108411 | 10754371 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 5910 | 4988217 |
| Marriott International, Inc. — Class A | 29897 | 4451364 |
| Ross Stores, Inc. | 32780 | 3804775 |
| Lululemon Athletica, Inc.<sup>\*</sup> | 11552 | 3701030 |
| PACCAR, Inc. | 32846 | 3250769 |
| Walgreens Boots Alliance, Inc. | 81682 | 3051639 |
| Dollar Tree, Inc.<sup>\*</sup> | 20890 | 2954682 |
| Copart, Inc.<sup>\*</sup> | 44987 | 2739259 |
| Fastenal Co. | 54098 | 2559917 |
| Rivian Automotive, Inc. — Class A<sup>\*</sup> | 86245 | 1589495 |
| Lucid Group, Inc.<sup>\*,1</sup> | 158718 | 1084044 |
| **Total Consumer, Cyclical** |  | 92332293 |
| **Industrial - 2.1%** |  |  |
| Honeywell International, Inc. | 63501 | 13608264 |
| CSX Corp. | 198574 | 6151823 |
| Old Dominion Freight Line, Inc. | 10435 | 2961244 |
| **Total Industrial** |  | 22721331 |
| **Utilities - 1.4%** |  |  |
| American Electric Power Company, Inc. | 48534 | 4608303 |
| Exelon Corp. | 93859 | 4057525 |
| Xcel Energy, Inc. | 51688 | 3623846 |
| Constellation Energy Corp. | 30887 | 2662768 |
| **Total Utilities** |  | 14952442 |

---

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 94.5% (continued)** | | |
| **Energy - 0.8%** | | |
| Enphase Energy, Inc.<sup>\*</sup> | 12838 | $3401557 |
| Baker Hughes Co. | 94589 | 2793213 |
| Diamondback Energy, Inc. | 16623 | 2273694 |
| **Total Energy** |  | 8468464 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $365,907,334) |  | 1029438590 |
| **MUTUAL FUNDS<sup>†</sup> - 4.8%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 3064684 | 29543554 |
| Guggenheim Strategy Fund II<sup>2</sup> | 575584 | 13837051 |
| Guggenheim Strategy Fund III<sup>2</sup> | 370504 | 8914321 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,178,710) |  | 52294926 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.6%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>3,4</sup> | $4800000 | 4795833 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>4,5</sup> | 958000 | 956629 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,750,648) |  | 5752462 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup> - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>3</sup> | 4622151 | 4622151 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>3</sup> | 1777751 | 1777751 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>3</sup> | 1772245 | 1772245 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,172,147) |  | 8172147 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup> - 0.4%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund, — Class X, 4.10%<sup>8</sup> | 4702863 | 4702863 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,702,863) |  | 4702863 |
| **Total Investments - 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $438,711,702) |  | $1100360988 |
| **Other Assets & Liabilities, net - (1.0)%** |  | (10731229) |
| **Total Net Assets - 100.0%** |  | $1089629759 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | |
| NASDAQ-100 Index Mini Futures Contracts | 5 | Mar 2023 | $1102300 | $(81156**)** |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  | | | |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 01/26/23 | 152 | $1658996 | $(115157) |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.98% (Federal Funds Rate + 0.65%) | At Maturity | 01/26/23 | 3487 | 38149375 | (227816) |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 4.80% (SOFR + 0.50%) | At Maturity | 01/25/23 | 1853 | 20268460 | (1541096) |
|  |  |  |  |  |  |  | $60076831 | $(1884069) |

---

*<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.*

---

| | |
|:---|:---|
| **NASDAQ-100<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

*<sup>2</sup>* *Affiliated issuer.*

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

*<sup>4</sup>* *Rate indicated is the effective yield at the time of purchase.*

*<sup>5</sup>* *All or a portion of this security is pledged as futures collateral at December 31, 2022.*

*<sup>6</sup>* *Repurchase Agreements — See Note 4.*

*<sup>7</sup>* *Securities lending collateral — See Note 5.*

*<sup>8</sup>* *Rate indicated is the 7-day yield as of December 31, 2022.*

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $1029438590 | $— | $— | $1029438590 |
| Mutual Funds | 52294926 |  |  | 52294926 |
| U.S. Treasury Bills |  | 5752462 |  | 5752462 |
| Repurchase Agreements |  | 8172147 |  | 8172147 |
| Securities Lending Collateral | 4702863 |  |  | 4702863 |
| Total Assets | $1086436379 | $13924609 | $— | $1100360988 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $81156 | $— | $— | $81156 |
| Equity Index Swap Agreements\*\* |  | 1884069 |  | 1884069 |
| Total Liabilities | $81156 | $1884069 | $— | $1965225 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $14130599 | $– | $– | $– | $(293548) | $13837051 | 575584 | $344821 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 9129213 |  |  |  | (214892) | 8914321 | 370504 | 231176 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | $30003257 | $– | $– | $– | $(459703) | $29543554 | 3064684 | $594881 |
|  | $53263069 | $– | $– | $– | $(968143) | $52294926 |  | $1170878 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 66.0%** | **COMMON STOCKS<sup>†</sup> - 66.0%** | **COMMON STOCKS<sup>†</sup> - 66.0%** |
| **Consumer, Non-cyclical - 15.5%** |  |  |
| UnitedHealth Group, Inc. | 1576 | $835564 |
| Johnson & Johnson | 4411 | 779203 |
| Procter & Gamble Co. | 3998 | 605937 |
| Eli Lilly & Co. | 1331 | 486933 |
| Pfizer, Inc. | 9471 | 485294 |
| AbbVie, Inc. | 2984 | 482244 |
| Merck & Company, Inc. | 4278 | 474644 |
| PepsiCo, Inc. | 2324 | 419854 |
| Coca-Cola Co. | 6567 | 417727 |
| Thermo Fisher Scientific, Inc. | 662 | 364557 |
| Abbott Laboratories | 2942 | 323002 |
| Danaher Corp. | 1105 | 293289 |
| Philip Morris International, Inc. | 2615 | 264664 |
| Bristol-Myers Squibb Co. | 3587 | 258085 |
| Amgen, Inc. | 900 | 236376 |
| Elevance Health, Inc. | 403 | 206727 |
| CVS Health Corp. | 2217 | 206602 |
| S&P Global, Inc. | 562 | 188236 |
| Gilead Sciences, Inc. | 2116 | 181658 |
| Medtronic plc | 2242 | 174248 |
| Cigna Corp. | 516 | 170971 |
| Automatic Data Processing, Inc. | 700 | 167202 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 596 | 158149 |
| Mondelez International, Inc. — Class A | 2304 | 153562 |
| Stryker Corp. | 568 | 138870 |
| Altria Group, Inc. | 3024 | 138227 |
| PayPal Holdings, Inc.<sup>\*</sup> | 1923 | 136956 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 181 | 130590 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 433 | 125042 |
| Becton Dickinson and Co. | 481 | 122318 |
| Zoetis, Inc. | 786 | 115188 |
| Boston Scientific Corp.<sup>\*</sup> | 2417 | 111835 |
| Colgate-Palmolive Co. | 1409 | 111015 |
| Humana, Inc. | 214 | 109609 |
| Moderna, Inc.<sup>\*</sup> | 557 | 100048 |
| Estee Lauder Companies, Inc. — Class A | 390 | 96763 |
| McKesson Corp. | 239 | 89654 |
| Archer-Daniels-Midland Co. | 926 | 85979 |
| HCA Healthcare, Inc. | 357 | 85666 |
| General Mills, Inc. | 1001 | 83934 |
| Centene Corp.<sup>\*</sup> | 955 | 78320 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 1042 | 77744 |
| Kimberly-Clark Corp. | 569 | 77242 |
| Moody's Corp. | 266 | 74113 |
| Dexcom, Inc.<sup>\*</sup> | 652 | 73833 |
| Corteva, Inc. | 1205 | 70830 |
| Biogen, Inc.<sup>\*</sup> | 242 | 67015 |
| Cintas Corp. | 146 | 65937 |
| Sysco Corp. | 854 | 65288 |
| Monster Beverage Corp.<sup>\*</sup> | 642 | 65182 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 312 | 63926 |
| Constellation Brands, Inc. — Class A | 274 | 63500 |
| Hershey Co. | 246 | 56966 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 139 | 56706 |
| Kraft Heinz Co. | 1343 | 54674 |
| Illumina, Inc.<sup>\*</sup> | 265 | 53583 |
| CoStar Group, Inc.<sup>\*</sup> | 686 | 53014 |
| ResMed, Inc. | 247 | 51408 |
| Keurig Dr Pepper, Inc. | 1434 | 51136 |
| Kroger Co. | 1098 | 48949 |
| Verisk Analytics, Inc. — Class A | 263 | 46398 |
| AmerisourceBergen Corp. — Class A | 273 | 45239 |
| Global Payments, Inc. | 455 | 45191 |
| Zimmer Biomet Holdings, Inc. | 354 | 45135 |
| Gartner, Inc.<sup>\*</sup> | 133 | 44707 |
| Baxter International, Inc. | 851 | 43375 |
| United Rentals, Inc.<sup>\*</sup> | 117 | 41584 |
| Equifax, Inc. | 207 | 40233 |
| Laboratory Corporation of America Holdings | 149 | 35086 |
| McCormick & Company, Inc. | 423 | 35063 |
| Quanta Services, Inc. | 241 | 34342 |
| Waters Corp.<sup>\*</sup> | 100 | 34258 |
| Cardinal Health, Inc. | 442 | 33977 |
| Church & Dwight Company, Inc. | 411 | 33131 |
| Molina Healthcare, Inc.<sup>\*</sup> | 97 | 32031 |
| Hologic, Inc.<sup>\*</sup> | 421 | 31495 |
| Conagra Brands, Inc. | 809 | 31308 |
| STERIS plc | 168 | 31028 |
| Kellogg Co. | 431 | 30704 |
| Tyson Foods, Inc. — Class A | 489 | 30440 |
| Quest Diagnostics, Inc. | 192 | 30036 |
| PerkinElmer, Inc. | 213 | 29867 |
| Clorox Co. | 207 | 29048 |
| West Pharmaceutical Services, Inc. | 123 | 28948 |
| J M Smucker Co. | 180 | 28523 |
| Cooper Companies, Inc. | 83 | 27446 |
| Align Technology, Inc.<sup>\*</sup> | 121 | 25519 |
| Incyte Corp.<sup>\*</sup> | 311 | 24979 |
| Avery Dennison Corp. | 137 | 24797 |
| FleetCor Technologies, Inc.<sup>\*</sup> | 124 | 22776 |
| Viatris, Inc. | 2046 | 22772 |
| Hormel Foods Corp. | 488 | 22228 |
| Bio-Techne Corp. | 264 | 21880 |
| Lamb Weston Holdings, Inc. | 242 | 21625 |
| Brown-Forman Corp. — Class B | 309 | 20295 |
| Teleflex, Inc. | 79 | 19721 |
| Campbell Soup Co. | 338 | 19182 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 85 | 18521 |
| Henry Schein, Inc.<sup>\*</sup> | 229 | 18290 |
| MarketAxess Holdings, Inc. | 63 | 17570 |
| Molson Coors Beverage Co. — Class B | 317 | 16332 |
| Universal Health Services, Inc. — Class B | 108 | 15216 |
| Bio-Rad Laboratories, Inc. — Class A<sup>\*</sup> | 35 | 14717 |
| Rollins, Inc. | 390 | 14251 |
| Catalent, Inc.<sup>\*</sup> | 303 | 13638 |
| Robert Half International, Inc. | 182 | 13437 |
| Organon & Co. | 429 | 11982 |
| Dentsply Sirona, Inc. | 363 | 11558 |
| DaVita, Inc.<sup>\*</sup> | 92 | 6870 |
| **Total Consumer, Non-cyclical** |  | 12722537 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** |
| **Technology - 14.3%** | **Technology - 14.3%** | **Technology - 14.3%** |
| Apple, Inc. | 25229 | $3278004 |
| Microsoft Corp. | 12577 | 3016216 |
| NVIDIA Corp. | 4201 | 613934 |
| Broadcom, Inc. | 683 | 381886 |
| Accenture plc — Class A | 1063 | 283651 |
| Adobe, Inc.<sup>\*</sup> | 784 | 263839 |
| Texas Instruments, Inc. | 1531 | 252952 |
| Salesforce, Inc.<sup>\*</sup> | 1687 | 223679 |
| International Business Machines Corp. | 1525 | 214857 |
| Oracle Corp. | 2593 | 211952 |
| QUALCOMM, Inc. | 1891 | 207897 |
| Intuit, Inc. | 475 | 184879 |
| Intel Corp. | 6963 | 184032 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 2720 | 176174 |
| Analog Devices, Inc. | 867 | 142214 |
| Applied Materials, Inc. | 1451 | 141298 |
| ServiceNow, Inc.<sup>\*</sup> | 341 | 132400 |
| Fiserv, Inc.<sup>\*</sup> | 1071 | 108246 |
| Lam Research Corp. | 230 | 96669 |
| Activision Blizzard, Inc. | 1201 | 91937 |
| Micron Technology, Inc. | 1834 | 91663 |
| KLA Corp. | 239 | 90110 |
| Synopsys, Inc.<sup>\*</sup> | 258 | 82377 |
| Roper Technologies, Inc. | 178 | 76912 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 462 | 74216 |
| NXP Semiconductor N.V. | 437 | 69059 |
| Autodesk, Inc.<sup>\*</sup> | 364 | 68021 |
| Fidelity National Information Services, Inc. | 1000 | 67850 |
| Microchip Technology, Inc. | 928 | 65192 |
| MSCI, Inc. — Class A | 135 | 62798 |
| Paychex, Inc. | 541 | 62518 |
| Electronic Arts, Inc. | 443 | 54126 |
| Fortinet, Inc.<sup>\*</sup> | 1094 | 53485 |
| Cognizant Technology Solutions Corp. — Class A | 867 | 49584 |
| ON Semiconductor Corp.<sup>\*</sup> | 730 | 45530 |
| HP, Inc. | 1493 | 40117 |
| ANSYS, Inc.<sup>\*</sup> | 146 | 35272 |
| Hewlett Packard Enterprise Co. | 2171 | 34649 |
| EPAM Systems, Inc.<sup>\*</sup> | 97 | 31791 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 266 | 27699 |
| Broadridge Financial Solutions, Inc. | 199 | 26692 |
| Monolithic Power Systems, Inc. | 75 | 26521 |
| Paycom Software, Inc.<sup>\*</sup> | 82 | 25445 |
| Skyworks Solutions, Inc. | 271 | 24696 |
| Leidos Holdings, Inc. | 231 | 24299 |
| Teradyne, Inc. | 263 | 22973 |
| Tyler Technologies, Inc.<sup>\*</sup> | 70 | 22569 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 87 | 22308 |
| Akamai Technologies, Inc.<sup>\*</sup> | 264 | 22255 |
| NetApp, Inc. | 366 | 21982 |
| Jack Henry & Associates, Inc. | 122 | 21418 |
| PTC, Inc.<sup>\*</sup> | 177 | 21247 |
| Seagate Technology Holdings plc | 323 | 16993 |
| Western Digital Corp.<sup>\*</sup> | 536 | 16911 |
| Ceridian HCM Holding, Inc.<sup>\*</sup> | 259 | 16615 |
| Qorvo, Inc.<sup>\*</sup> | 171 | 15500 |
| DXC Technology Co.<sup>\*</sup> | 388 | 10282 |
| **Total Technology** |  | 11748391 |
| **Financial - 10.3%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 3040 | 939056 |
| JPMorgan Chase & Co. | 4949 | 663661 |
| Visa, Inc. — Class A | 2759 | 573210 |
| Mastercard, Inc. — Class A | 1432 | 497949 |
| Bank of America Corp. | 11776 | 390021 |
| Wells Fargo & Co. | 6429 | 265453 |
| Charles Schwab Corp. | 2573 | 214228 |
| Goldman Sachs Group, Inc. | 571 | 196070 |
| Morgan Stanley | 2224 | 189085 |
| BlackRock, Inc. — Class A | 253 | 179283 |
| Prologis, Inc. REIT | 1557 | 175521 |
| American Tower Corp. — Class A REIT | 786 | 166522 |
| Chubb Ltd. | 700 | 154420 |
| American Express Co. | 1009 | 149080 |
| Citigroup, Inc. | 3268 | 147812 |
| Marsh & McLennan Companies, Inc. | 837 | 138507 |
| Progressive Corp. | 987 | 128024 |
| PNC Financial Services Group, Inc. | 680 | 107399 |
| Aon plc — Class A | 349 | 104749 |
| Equinix, Inc. REIT | 156 | 102185 |
| CME Group, Inc. — Class A | 607 | 102073 |
| U.S. Bancorp | 2280 | 99431 |
| Crown Castle, Inc. REIT | 730 | 99017 |
| Intercontinental Exchange, Inc. | 942 | 96640 |
| Truist Financial Corp. | 2238 | 96301 |
| MetLife, Inc. | 1111 | 80403 |
| American International Group, Inc. | 1254 | 79303 |
| Public Storage REIT | 267 | 74811 |
| Travelers Companies, Inc. | 395 | 74058 |
| Aflac, Inc. | 955 | 68703 |
| Arthur J Gallagher & Co. | 356 | 67120 |
| Realty Income Corp. REIT | 1058 | 67109 |
| Simon Property Group, Inc. REIT | 552 | 64849 |
| Prudential Financial, Inc. | 621 | 61765 |
| Allstate Corp. | 447 | 60613 |
| Capital One Financial Corp. | 644 | 59866 |
| Bank of New York Mellon Corp. | 1240 | 56445 |
| Ameriprise Financial, Inc. | 178 | 55424 |
| VICI Properties, Inc. REIT | 1625 | 52650 |
| Welltower, Inc. REIT | 797 | 52243 |
| SBA Communications Corp. REIT | 182 | 51016 |
| Digital Realty Trust, Inc. REIT | 485 | 48631 |
| State Street Corp. | 619 | 48016 |
| Discover Financial Services | 461 | 45100 |
| Willis Towers Watson plc | 182 | 44514 |
| M&T Bank Corp. | 291 | 42212 |
| T. Rowe Price Group, Inc. | 377 | 41116 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 533 | 41020 |
| Hartford Financial Services Group, Inc. | 537 | 40721 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** |
| **Financial - 10.3% (continued)** |  |  |
| Arch Capital Group Ltd.<sup>\*</sup> | 623 | $39112 |
| Weyerhaeuser Co. REIT | 1241 | 38471 |
| AvalonBay Communities, Inc. REIT | 236 | 38119 |
| Fifth Third Bancorp | 1158 | 37994 |
| First Republic Bank | 309 | 37664 |
| Alexandria Real Estate Equities, Inc. REIT | 252 | 36709 |
| Nasdaq, Inc. | 570 | 34969 |
| Raymond James Financial, Inc. | 327 | 34940 |
| Huntington Bancshares, Inc. | 2434 | 34319 |
| Regions Financial Corp. | 1577 | 34000 |
| Equity Residential REIT | 574 | 33866 |
| Extra Space Storage, Inc. REIT | 226 | 33263 |
| Citizens Financial Group, Inc. | 831 | 32717 |
| Principal Financial Group, Inc. | 384 | 32225 |
| Northern Trust Corp. | 352 | 31149 |
| Mid-America Apartment Communities, Inc. REIT | 195 | 30613 |
| Ventas, Inc. REIT | 674 | 30364 |
| Invitation Homes, Inc. REIT | 980 | 29047 |
| KeyCorp | 1574 | 27419 |
| Cincinnati Financial Corp. | 265 | 27133 |
| Synchrony Financial | 760 | 24974 |
| W R Berkley Corp. | 344 | 24964 |
| Iron Mountain, Inc. REIT | 489 | 24377 |
| Essex Property Trust, Inc. REIT | 109 | 23099 |
| SVB Financial Group<sup>\*</sup> | 100 | 23014 |
| Healthpeak Properties, Inc. REIT | 905 | 22688 |
| Brown & Brown, Inc. | 395 | 22503 |
| Cboe Global Markets, Inc. | 178 | 22334 |
| Kimco Realty Corp. REIT | 1043 | 22091 |
| Everest Re Group Ltd. | 66 | 21864 |
| Camden Property Trust REIT | 180 | 20138 |
| UDR, Inc. REIT | 516 | 19985 |
| Loews Corp. | 332 | 19366 |
| Host Hotels & Resorts, Inc. REIT | 1205 | 19340 |
| Globe Life, Inc. | 151 | 18203 |
| Boston Properties, Inc. REIT | 240 | 16219 |
| Regency Centers Corp. REIT | 259 | 16187 |
| Comerica, Inc. | 219 | 14640 |
| Invesco Ltd. | 767 | 13798 |
| Franklin Resources, Inc. | 479 | 12636 |
| Federal Realty Investment Trust REIT | 123 | 12428 |
| Zions Bancorp North America | 252 | 12388 |
| Signature Bank | 106 | 12213 |
| Assurant, Inc. | 88 | 11005 |
| Lincoln National Corp. | 259 | 7956 |
| Vornado Realty Trust REIT | 272 | 5660 |
| **Total Financial** |  | 8491568 |
| **Communications - 7.1%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 14974 | 1257816 |
| Alphabet, Inc. — Class A<sup>\*</sup> | 10077 | 889094 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 8933 | 792625 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 3794 | 456570 |
| Cisco Systems, Inc. | 6927 | 330002 |
| Verizon Communications, Inc. | 7086 | 279189 |
| Walt Disney Co.<sup>\*</sup> | 3076 | 267243 |
| Comcast Corp. — Class A | 7278 | 254512 |
| Netflix, Inc.<sup>\*</sup> | 751 | 221455 |
| AT&T, Inc. | 12024 | 221362 |
| T-Mobile US, Inc.<sup>\*</sup> | 1008 | 141120 |
| Booking Holdings, Inc.<sup>\*</sup> | 65 | 130993 |
| Motorola Solutions, Inc. | 282 | 72674 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 181 | 61377 |
| Arista Networks, Inc.<sup>\*</sup> | 418 | 50724 |
| Corning, Inc. | 1284 | 41011 |
| CDW Corp. | 228 | 40716 |
| eBay, Inc. | 916 | 37987 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 3728 | 35341 |
| VeriSign, Inc.<sup>\*</sup> | 156 | 32049 |
| Omnicom Group, Inc. | 343 | 27979 |
| FactSet Research Systems, Inc. | 64 | 25677 |
| Etsy, Inc.<sup>\*</sup> | 211 | 25274 |
| Expedia Group, Inc.<sup>\*</sup> | 254 | 22250 |
| Interpublic Group of Companies, Inc. | 656 | 21851 |
| Gen Digital, Inc. | 977 | 20937 |
| Match Group, Inc.<sup>\*</sup> | 470 | 19500 |
| Juniper Networks, Inc. | 547 | 17482 |
| Fox Corp. — Class A | 510 | 15489 |
| Paramount Global — Class B | 852 | 14382 |
| F5, Inc.<sup>\*</sup> | 99 | 14207 |
| News Corp. — Class A | 645 | 11739 |
| Lumen Technologies, Inc.<sup>\*</sup> | 1606 | 8384 |
| Fox Corp. — Class B | 235 | 6686 |
| DISH Network Corp. — Class A<sup>\*</sup> | 424 | 5953 |
| News Corp. — Class B | 199 | 3669 |
| **Total Communications** |  | 5875319 |
| **Consumer, Cyclical - 6.0%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 4528 | 557759 |
| Home Depot, Inc. | 1727 | 545490 |
| Costco Wholesale Corp. | 747 | 341006 |
| Walmart, Inc. | 2381 | 337602 |
| McDonald's Corp. | 1236 | 325723 |
| NIKE, Inc. — Class B | 2125 | 248646 |
| Lowe's Companies, Inc. | 1047 | 208604 |
| Starbucks Corp. | 1937 | 192150 |
| TJX Companies, Inc. | 1959 | 155936 |
| Target Corp. | 776 | 115655 |
| Dollar General Corp. | 380 | 93575 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 106 | 89467 |
| General Motors Co. | 2397 | 80635 |
| AutoZone, Inc.<sup>\*</sup> | 32 | 78918 |
| Ford Motor Co. | 6664 | 77502 |
| Ross Stores, Inc. | 584 | 67785 |
| Marriott International, Inc. — Class A | 454 | 67596 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 46 | 63825 |
| Yum! Brands, Inc. | 475 | 60838 |
| PACCAR, Inc. | 587 | 58096 |
| Hilton Worldwide Holdings, Inc. | 455 | 57494 |
| Cummins, Inc. | 237 | 57423 |
| Dollar Tree, Inc.<sup>\*</sup> | 354 | 50070 |
| DR Horton, Inc. | 528 | 47066 |
| Fastenal Co. | 966 | 45711 |
| Walgreens Boots Alliance, Inc. | 1211 | 45243 |
| Copart, Inc.<sup>\*</sup> | 723 | 44023 |
| Aptiv plc<sup>\*</sup> | 457 | 42560 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** |
| **Consumer, Cyclical - 6.0% (continued)** |  |  |
| WW Grainger, Inc. | 75 | $41719 |
| Tractor Supply Co. | 185 | 41619 |
| Genuine Parts Co. | 237 | 41122 |
| Ulta Beauty, Inc.<sup>\*</sup> | 86 | 40340 |
| Lennar Corp. — Class A | 430 | 38915 |
| Delta Air Lines, Inc.<sup>\*</sup> | 1081 | 35522 |
| Southwest Airlines Co. | 1002 | 33737 |
| Darden Restaurants, Inc. | 206 | 28496 |
| Best Buy Company, Inc. | 337 | 27031 |
| Las Vegas Sands Corp.<sup>\*</sup> | 554 | 26631 |
| NVR, Inc.<sup>\*</sup> | 5 | 23063 |
| LKQ Corp. | 428 | 22860 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 552 | 20811 |
| Domino's Pizza, Inc. | 60 | 20784 |
| Pool Corp. | 66 | 19954 |
| Royal Caribbean Cruises Ltd.<sup>\*</sup> | 370 | 18289 |
| MGM Resorts International | 538 | 18039 |
| PulteGroup, Inc. | 384 | 17483 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 241 | 16807 |
| CarMax, Inc.<sup>\*</sup> | 267 | 16258 |
| Bath & Body Works, Inc. | 385 | 16224 |
| BorgWarner, Inc. | 395 | 15899 |
| Tapestry, Inc. | 405 | 15422 |
| VF Corp. | 557 | 15379 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 361 | 15018 |
| Advance Auto Parts, Inc. | 101 | 14850 |
| Wynn Resorts Ltd.<sup>\*</sup> | 174 | 14350 |
| American Airlines Group, Inc.<sup>\*</sup> | 1096 | 13941 |
| Carnival Corp.<sup>\*</sup> | 1690 | 13621 |
| Hasbro, Inc. | 217 | 13239 |
| Whirlpool Corp. | 92 | 13014 |
| Alaska Air Group, Inc.<sup>\*</sup> | 214 | 9189 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 711 | 8703 |
| Newell Brands, Inc. | 635 | 8306 |
| Ralph Lauren Corp. — Class A | 69 | 7291 |
| **Total Consumer, Cyclical** |  | 4900324 |
| **Industrial - 5.6%** |  |  |
| Raytheon Technologies Corp. | 2480 | 250282 |
| Honeywell International, Inc. | 1133 | 242802 |
| Union Pacific Corp. | 1037 | 214732 |
| United Parcel Service, Inc. — Class B | 1231 | 213997 |
| Caterpillar, Inc. | 878 | 210334 |
| Deere & Co. | 463 | 198516 |
| Lockheed Martin Corp. | 394 | 191677 |
| Boeing Co.<sup>\*</sup> | 945 | 180013 |
| General Electric Co. | 1844 | 154509 |
| Northrop Grumman Corp. | 243 | 132583 |
| 3M Co. | 932 | 111765 |
| CSX Corp. | 3547 | 109886 |
| Eaton Corporation plc | 671 | 105313 |
| Illinois Tool Works, Inc. | 472 | 103982 |
| Waste Management, Inc. | 630 | 98834 |
| Emerson Electric Co. | 998 | 95868 |
| Norfolk Southern Corp. | 389 | 95857 |
| General Dynamics Corp. | 379 | 94034 |
| Amphenol Corp. — Class A | 1004 | 76445 |
| Agilent Technologies, Inc. | 499 | 74675 |
| Johnson Controls International plc | 1162 | 74368 |
| FedEx Corp. | 404 | 69973 |
| L3Harris Technologies, Inc. | 321 | 66835 |
| Trane Technologies plc | 388 | 65219 |
| Parker-Hannifin Corp. | 216 | 62856 |
| TE Connectivity Ltd. | 537 | 61648 |
| Carrier Global Corp. | 1411 | 58204 |
| Otis Worldwide Corp. | 702 | 54974 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 38 | 54927 |
| TransDigm Group, Inc. | 87 | 54779 |
| AMETEK, Inc. | 387 | 54072 |
| Keysight Technologies, Inc.<sup>\*</sup> | 302 | 51663 |
| Rockwell Automation, Inc. | 194 | 49969 |
| Republic Services, Inc. — Class A | 347 | 44760 |
| Old Dominion Freight Line, Inc. | 152 | 43135 |
| Vulcan Materials Co. | 224 | 39225 |
| Fortive Corp. | 597 | 38357 |
| Ingersoll Rand, Inc. | 682 | 35634 |
| Martin Marietta Materials, Inc. | 105 | 35487 |
| Xylem, Inc. | 304 | 33613 |
| Dover Corp. | 237 | 32092 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 79 | 31593 |
| Westinghouse Air Brake Technologies Corp. | 306 | 30542 |
| Amcor plc | 2512 | 29918 |
| IDEX Corp. | 126 | 28770 |
| Expeditors International of Washington, Inc. | 268 | 27850 |
| Ball Corp. | 530 | 27104 |
| Jacobs Solutions, Inc. | 215 | 25815 |
| Textron, Inc. | 352 | 24922 |
| Howmet Aerospace, Inc. | 621 | 24474 |
| J.B. Hunt Transport Services, Inc. | 139 | 24236 |
| Garmin Ltd. | 258 | 23811 |
| Nordson Corp. | 91 | 21632 |
| Trimble, Inc.<sup>\*</sup> | 416 | 21033 |
| Snap-on, Inc. | 90 | 20564 |
| Packaging Corporation of America | 156 | 19954 |
| Stanley Black & Decker, Inc. | 249 | 18705 |
| CH Robinson Worldwide, Inc. | 198 | 18129 |
| Masco Corp. | 380 | 17734 |
| Allegion plc | 148 | 15578 |
| Huntington Ingalls Industries, Inc. | 66 | 15225 |
| Westrock Co. | 429 | 15084 |
| Pentair plc | 276 | 12414 |
| A O Smith Corp. | 214 | 12249 |
| Sealed Air Corp. | 243 | 12121 |
| Generac Holdings, Inc.<sup>\*</sup> | 107 | 10770 |
| Mohawk Industries, Inc.<sup>\*</sup> | 89 | 9097 |
| **Total Industrial** |  | 4577218 |
| **Energy - 3.6%** |  |  |
| Exxon Mobil Corp. | 6948 | 766364 |
| Chevron Corp. | 3001 | 538649 |
| ConocoPhillips | 2102 | 248036 |
| EOG Resources, Inc. | 990 | 128225 |
| Schlumberger Ltd. | 2392 | 127876 |
| Marathon Petroleum Corp. | 790 | 91948 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** | **COMMON STOCKS<sup>†</sup> - 66.0% (continued)** |
| **Energy - 3.6% (continued)** |  |  |
| Pioneer Natural Resources Co. | 400 | $91356 |
| Phillips 66 | 797 | 82952 |
| Valero Energy Corp. | 650 | 82459 |
| Occidental Petroleum Corp. | 1227 | 77289 |
| Devon Energy Corp. | 1103 | 67845 |
| Williams Companies, Inc. | 2055 | 67609 |
| Hess Corp. | 468 | 66372 |
| Enphase Energy, Inc.<sup>\*</sup> | 229 | 60676 |
| Kinder Morgan, Inc. | 3337 | 60333 |
| Halliburton Co. | 1532 | 60284 |
| Baker Hughes Co. | 1690 | 49906 |
| ONEOK, Inc. | 754 | 49538 |
| Diamondback Energy, Inc. | 297 | 40624 |
| Coterra Energy, Inc. — Class A | 1330 | 32678 |
| Marathon Oil Corp. | 1071 | 28992 |
| Targa Resources Corp. | 382 | 28077 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 94 | 26627 |
| APA Corp. | 542 | 25301 |
| First Solar, Inc.<sup>\*</sup> | 167 | 25015 |
| Equities Corp. | 619 | 20941 |
| **Total Energy** |  | 2945972 |
| **Utilities - 2.1%** |  |  |
| NextEra Energy, Inc. | 3353 | 280311 |
| Duke Energy Corp. | 1299 | 133784 |
| Southern Co. | 1837 | 131180 |
| Dominion Energy, Inc. | 1406 | 86216 |
| American Electric Power Company, Inc. | 867 | 82322 |
| Sempra Energy | 530 | 81906 |
| Exelon Corp. | 1677 | 72497 |
| Xcel Energy, Inc. | 923 | 64712 |
| Consolidated Edison, Inc. | 598 | 56995 |
| Public Service Enterprise Group, Inc. | 842 | 51589 |
| WEC Energy Group, Inc. | 532 | 49880 |
| Eversource Energy | 588 | 49298 |
| Constellation Energy Corp. | 551 | 47502 |
| American Water Works Company, Inc. | 305 | 46488 |
| PG&E Corp.<sup>\*</sup> | 2716 | 44162 |
| Edison International | 644 | 40971 |
| Ameren Corp. | 436 | 38769 |
| Entergy Corp. | 343 | 38587 |
| DTE Energy Co. | 327 | 38432 |
| FirstEnergy Corp. | 916 | 38417 |
| PPL Corp. | 1242 | 36291 |
| AES Corp. | 1127 | 32413 |
| CenterPoint Energy, Inc. | 1062 | 31849 |
| CMS Energy Corp. | 490 | 31032 |
| Atmos Energy Corp. | 236 | 26448 |
| Evergy, Inc. | 387 | 24354 |
| Alliant Energy Corp. | 423 | 23354 |
| NiSource, Inc. | 685 | 18783 |
| Pinnacle West Capital Corp. | 190 | 14448 |
| NRG Energy, Inc. | 389 | 12378 |
| **Total Utilities** |  | 1725368 |
| **Basic Materials - 1.5%** |  |  |
| Linde plc | 833 | 271708 |
| Air Products and Chemicals, Inc. | 374 | 115289 |
| Sherwin-Williams Co. | 398 | 94457 |
| Freeport-McMoRan, Inc. | 2411 | 91618 |
| Newmont Corp. | 1339 | 63201 |
| Ecolab, Inc. | 418 | 60844 |
| Dow, Inc. | 1187 | 59813 |
| DuPont de Nemours, Inc. | 838 | 57512 |
| Nucor Corp. | 432 | 56942 |
| PPG Industries, Inc. | 395 | 49667 |
| International Flavors & Fragrances, Inc. | 430 | 45081 |
| Albemarle Corp. | 198 | 42938 |
| LyondellBasell Industries N.V. — Class A | 429 | 35620 |
| CF Industries Holdings, Inc. | 331 | 28201 |
| Steel Dynamics, Inc. | 281 | 27454 |
| FMC Corp. | 212 | 26458 |
| Mosaic Co. | 574 | 25182 |
| International Paper Co. | 600 | 20778 |
| Celanese Corp. — Class A | 167 | 17074 |
| Eastman Chemical Co. | 202 | 16451 |
| **Total Basic Materials** |  | 1206288 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $52,437,609) |  | 54192985 |
| **MUTUAL FUNDS<sup>†</sup> - 23.0%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 888496 | 8565101 |
| Guggenheim Strategy Fund II<sup>1</sup> | 245779 | 5908538 |
| Guggenheim Strategy Fund III<sup>1</sup> | 184563 | 4440577 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,467,131) |  | 18914216 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 6.3%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,3</sup> | 4800000 | 4795833 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>3,4</sup> | 193000 | 192724 |
| &nbsp;&nbsp;&nbsp;3.61% due 01/12/23<sup>2,3</sup> | 150000 | 149870 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,136,803) |  | 5138427 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>2</sup> | 3242763 | 3242763 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>2</sup> | 1247216 | 1247216 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>2</sup> | 1243354 | 1243354 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,733,333) |  | 5733333 |
| **Total Investments - 102.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $82,774,876) |  | $83978961 |
| **Other Assets & Liabilities, net - (2.3)%** |  | (1921681) |
| **Total Net Assets - 100.0%** |  | $82057280 |

---

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of<br> Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and<br> Unrealized**<br> **Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P 500 Index Mini Futures Contracts | 28 | Mar 2023 | $5406100 | $(20661) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | | | | | |
| **Counterparty** | **Index** | **Type** | **Financing Rate** | <br>**Payment Frequency** | <br>**Maturity Date** |<br>**Units** |<br>**Notional Amount** |<br>**Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |  |  |  |  |  |
| Goldman Sachs International | S&P 500 Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 01/26/23 | 3637 | $13963621 | $(16134) |
| BNP Paribas | S&P 500 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 01/26/23 | 4491 | 17242397 | (282951) |
| Barclays Bank plc | S&P 500 Index | Pay | 4.75% (SOFR + 0.45%) | At Maturity | 01/25/23 | 8419 | 32325317 | (1209814) |
|  |  |  |  |  |  |  | $63531335 | $(1508899) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *Affiliated issuer.* |
| *<sup>2</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |

---

*plc — Public Limited Company* <br> *REIT — Real Estate Investment Trust* <br> *SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $54192985 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54192985 |
| Mutual Funds | 18914216 |  |  | 18914216 |
| U.S. Treasury Bills |  | 5138427 |  | 5138427 |
| Repurchase Agreements |  | 5733333 |  | 5733333 |
| Total Assets | $73107201 | $10871760 | $— | $83978961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $20661 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $20661 |
| Equity Index Swap Agreements\*\* |  | 1508899 |  | 1508899 |
| Total Liabilities | $20661 | $1508899 | $— | $1529560 |

---

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

---

| | |
|:---|:---|
| **Nova Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: | Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows: |
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value<br> 12/31/22** | **Shares<br> 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $7051713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $(1000000) | $(28493) | $(114682) | $5908538 | 245779 | $153425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 4547624 |  |  |  | (107047) | 4440577 | 184563 | 115159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 23837568 | – | (15000000) | (385456) | 112989 | 8565101 | 888496 | 223783 |
|  | $35436905 | $– | $(16000000) | $(413949) | $(108740) | $18914216 |  | $492367 |

---

---

| | |
|:---|:---|
| **Precious Metals Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 95.1%** | | |
| **Mining - 95.1%** | | |
| Freeport-McMoRan, Inc. | 131413 | $4993694 |
| Newmont Corp. | 90395 | 4266644 |
| Barrick Gold Corp. | 222622 | 3824646 |
| Franco-Nevada Corp. | 25217 | 3441616 |
| Agnico Eagle Mines Ltd. | 64311 | 3343529 |
| Wheaton Precious Metals Corp. | 73673 | 2879141 |
| Gold Fields Ltd. ADR | 196647 | 2035296 |
| AngloGold Ashanti Ltd. ADR | 102048 | 1981772 |
| Royal Gold, Inc. | 16719 | 1884566 |
| Sibanye Stillwater Ltd. ADR | 175101 | 1866577 |
| Yamana Gold, Inc. | 285805 | 1586218 |
| Kinross Gold Corp. | 376994 | 1541905 |
| B2Gold Corp. | 395649 | 1412467 |
| Alamos Gold, Inc. — Class A | 135944 | 1374394 |
| Pan American Silver Corp.<sup>1</sup> | 78320 | 1279749 |
| SSR Mining, Inc. | 80556 | 1262312 |
| Hecla Mining Co. | 226457 | 1259101 |
| Osisko Gold Royalties Ltd. | 83372 | 1006300 |
| First Majestic Silver Corp.<sup>1</sup> | 117834 | 982736 |
| Harmony Gold Mining Company Ltd. ADR | 286280 | 973352 |
| Novagold Resources, Inc.<sup>\*</sup> | 162497 | 971732 |
| Sandstorm Gold Ltd. | 164027 | 862782 |
| MAG Silver Corp.<sup>\*</sup> | 55173 | 862354 |
| Eldorado Gold Corp.<sup>\*</sup> | 102939 | 860570 |
| IAMGOLD Corp.<sup>\*</sup> | 333431 | 860252 |
| Seabridge Gold, Inc.<sup>\*</sup> | 56216 | 707197 |
| Fortuna Silver Mines, Inc.<sup>\*</sup> | 187412 | 702795 |
| Coeur Mining, Inc.<sup>\*</sup> | 196914 | 661631 |
| Equinox Gold Corp.<sup>\*</sup> | 200968 | 659175 |
| SilverCrest Metals, Inc.<sup>\*</sup> | 101204 | 607224 |
| Endeavour Silver Corp.<sup>\*</sup> | 164129 | 531778 |
| Silvercorp Metals, Inc. | 169585 | 501972 |
| Gatos Silver, Inc.<sup>\*</sup> | 88447 | 361748 |
| **Total Mining** |  | 52347225 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $40,541,912) |  | 52347225 |
| **EXCHANGE-TRADED FUNDS<sup>†</sup> - 4.4%** |  |  |
| VanEck Junior Gold Miners ETF | 67938 | 2421989 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,031,409) |  | 2421989 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 1.1%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23 | $346938 | 346938 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23 | 133438 | 133438 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23 | 133024 | 133024 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $613,400) |  | 613400 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 2.1%** | | |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 1178897 | 1178897 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,178,897) |  | 1178897 |
| **Total Investments - 102.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,365,618) |  | $56561511 |
| **Other Assets & Liabilities, net - (2.7)%** |  | (1494275) |
| **Total Net Assets - 100.0%** |  | $55067236 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $52347225 | $— | $— | $52347225 |
| Exchange-Traded Funds | 2421989 |  |  | 2421989 |
| Repurchase Agreements |  | 613400 |  | 613400 |
| Securities Lending Collateral | 1178897 |  |  | 1178897 |
| Total Assets | $55948111 | $613400 | $— | $56561511 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.2%** | **COMMON STOCKS<sup>†</sup> - 99.2%** | **COMMON STOCKS<sup>†</sup> - 99.2%** |
| **REITS - 92.5%** | **REITS - 92.5%** | **REITS - 92.5%** |
| **REITs-Diversified - 24.4%** | **REITs-Diversified - 24.4%** | **REITs-Diversified - 24.4%** |
| American Tower Corp. — Class A | 348 | $73727 |
| Equinix, Inc. | 95 | 62228 |
| Crown Castle, Inc. | 410 | 55612 |
| VICI Properties, Inc. | 1273 | 41245 |
| SBA Communications Corp. | 143 | 40084 |
| Digital Realty Trust, Inc. | 384 | 38504 |
| Weyerhaeuser Co. | 1135 | 35185 |
| WP Carey, Inc. | 385 | 30088 |
| Gaming and Leisure Properties, Inc. | 523 | 27243 |
| Lamar Advertising Co. — Class A | 249 | 23506 |
| Rayonier, Inc. | 481 | 15854 |
| Vornado Realty Trust | 736 | 15316 |
| National Storage Affiliates Trust | 414 | 14954 |
| Rithm Capital Corp. | 1697 | 13865 |
| PotlatchDeltic Corp. | 308 | 13549 |
| Outfront Media, Inc. | 753 | 12485 |
| EPR Properties | 317 | 11957 |
| Broadstone Net Lease, Inc. | 737 | 11947 |
| National Health Investors, Inc. | 204 | 10653 |
| Uniti Group, Inc. | 1639 | 9064 |
| Elme Communities | 498 | 8864 |
| **Total REITs-Diversified** |  | 565930 |
| **REITs-Apartments - 11.2%** |  |  |
| AvalonBay Communities, Inc. | 212 | 34242 |
| Equity Residential | 577 | 34043 |
| Mid-America Apartment Communities, Inc. | 195 | 30613 |
| Invitation Homes, Inc. | 1015 | 30085 |
| Essex Property Trust, Inc. | 128 | 27126 |
| UDR, Inc. | 670 | 25949 |
| Camden Property Trust | 225 | 25173 |
| American Homes 4 Rent — Class A | 758 | 22846 |
| Apartment Income REIT Corp. | 476 | 16332 |
| Independence Realty Trust, Inc. | 819 | 13808 |
| **Total REITs-Apartments** |  | 260217 |
| **REITs-Warehouse/Industries - 8.5%** |  |  |
| Prologis, Inc. | 650 | 73275 |
| Rexford Industrial Realty, Inc. | 438 | 23932 |
| Americold Realty Trust, Inc. | 714 | 20213 |
| First Industrial Realty Trust, Inc. | 382 | 18435 |
| EastGroup Properties, Inc. | 123 | 18211 |
| STAG Industrial, Inc. | 544 | 17577 |
| Terreno Realty Corp. | 269 | 15298 |
| Innovative Industrial Properties, Inc. | 114 | 11554 |
| **Total REITs-Warehouse/Industries** |  | 198495 |
| **REITs-Office Property - 8.3%** |  |  |
| Alexandria Real Estate Equities, Inc. | 249 | 36272 |
| Boston Properties, Inc. | 368 | 24869 |
| Kilroy Realty Corp. | 413 | 15971 |
| Cousins Properties, Inc. | 591 | 14946 |
| Highwoods Properties, Inc. | 461 | 12899 |
| Douglas Emmett, Inc. | 819 | 12842 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.2%** | **COMMON STOCKS<sup>†</sup> - 99.2%** | **COMMON STOCKS<sup>†</sup> - 99.2%** |
| **REITS - 92.5% (Continued)** | **REITS - 92.5% (Continued)** | **REITS - 92.5% (Continued)** |
| **REITs-Office Property - 8.3% (Continued)** |  |  |
| Corporate Office Properties Trust | 492 | $12763 |
| Equity Commonwealth | 484 | 12085 |
| LXP Industrial Trust | 1199 | 12014 |
| SL Green Realty Corp. | 339 | 11431 |
| JBG SMITH Properties | 568 | 10781 |
| Hudson Pacific Properties, Inc. | 921 | 8961 |
| Brandywine Realty Trust | 1255 | 7718 |
| **Total REITs-Office Property** |  | 193552 |
| **REITs-Health Care - 8.3%** |  |  |
| Welltower, Inc. | 645 | 42280 |
| Ventas, Inc. | 697 | 31400 |
| Healthpeak Properties, Inc. | 1073 | 26900 |
| Healthcare Realty Trust, Inc. | 1035 | 19944 |
| Medical Properties Trust, Inc. | 1698 | 18916 |
| Omega Healthcare Investors, Inc. | 656 | 18335 |
| Physicians Realty Trust | 910 | 13168 |
| Sabra Health Care REIT, Inc. | 990 | 12306 |
| CareTrust REIT, Inc. | 513 | 9532 |
| **Total REITs-Health Care** |  | 192781 |
| **REITs-Shopping Centers - 6.5%** |  |  |
| Kimco Realty Corp. | 1254 | 26560 |
| Regency Centers Corp. | 374 | 23375 |
| Federal Realty Investment Trust | 203 | 20511 |
| Brixmor Property Group, Inc. | 851 | 19292 |
| Kite Realty Group Trust | 741 | 15598 |
| Phillips Edison & Company, Inc. | 467 | 14869 |
| SITE Centers Corp. | 938 | 12813 |
| Retail Opportunity Investments Corp. | 653 | 9815 |
| Acadia Realty Trust | 592 | 8495 |
| **Total REITs-Shopping Centers** |  | 151328 |
| **REITs-Storage - 6.4%** |  |  |
| Public Storage | 173 | 48473 |
| Extra Space Storage, Inc. | 213 | 31349 |
| Iron Mountain, Inc. | 541 | 26969 |
| CubeSmart | 525 | 21131 |
| Life Storage, Inc. | 204 | 20094 |
| **Total REITs-Storage** |  | 148016 |
| **REITs-Single Tenant - 6.2%** |  |  |
| Realty Income Corp. | 721 | 45733 |
| STORE Capital Corp. | 869 | 27860 |
| National Retail Properties, Inc. | 460 | 21050 |
| Agree Realty Corp. | 255 | 18087 |
| Spirit Realty Capital, Inc. | 426 | 17010 |
| Essential Properties Realty Trust, Inc. | 577 | 13542 |
| **Total REITs-Single Tenant** |  | 143282 |
| **REITs-Hotels – 4.0%** |  |  |
| Host Hotels & Resorts, Inc. | 1501 | 24091 |
| Ryman Hospitality Properties, Inc. | 182 | 14884 |
| Apple Hospitality REIT, Inc. | 855 | 13492 |
| Park Hotels & Resorts, Inc. | 1011 | 11920 |
| Sunstone Hotel Investors, Inc. | 1057 | 10211 |
| RLJ Lodging Trust | 880 | 9319 |
| Pebblebrook Hotel Trust | 687 | 9199 |
| **Total REITs-Hotels** |  | 93116 |

---

---

| | |
|:---|:---|
| **Real Estate Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.2% (continued)** | | |
| **REITS - 92.5% (continued)** |  |  |
| **REITs-Mortgage - 3.9%** |  |  |
| Annaly Capital Management, Inc. | 1089 | $22956 |
| AGNC Investment Corp. | 1774 | 18361 |
| Starwood Property Trust, Inc. | 934 | 17120 |
| Blackstone Mortgage Trust, Inc. — Class A | 632 | 13379 |
| Arbor Realty Trust, Inc. | 874 | 11528 |
| Chimera Investment Corp. | 1376 | 7568 |
| **Total REITs-Mortgage** |  | 90912 |
| **REITs-Manufactured Homes - 2.4%** |  |  |
| Sun Communities, Inc. | 218 | 31174 |
| Equity LifeStyle Properties, Inc. | 397 | 25646 |
| **Total REITs-Manufactured Homes** |  | 56820 |
| **REITs-Regional Malls - 2.4%** |  |  |
| Simon Property Group, Inc. | 391 | 45935 |
| Macerich Co. | 948 | 10674 |
| **Total REITs-Regional Malls** |  | 56609 |
| **Total REITS** |  | 2151058 |
| **Real Estate - 4.0%** |  |  |
| **Real Estate Management/Services - 3.4%** |  |  |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 483 | 37172 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 127 | 20240 |
| Cushman & Wakefield plc<sup>\*</sup> | 1022 | 12734 |
| eXp World Holdings, Inc. | 845 | 9363 |
| **Total Real Estate Management/Services** |  | 79509 |
| **Real Estate Operations/Development - 0.6%** |  |  |
| Howard Hughes Corp.<sup>\*</sup> | 182 | 13908 |
| **Total Real Estate** |  | 93417 |

---

---

| | | |
|:---|:---|:---|
| **Internet - 1.8%** |  |  |
| **E-Commerce/Services - 1.8%** |  |  |
| Zillow Group, Inc. — Class C<sup>\*</sup> | 636.0 | 20485 |
| Zillow Group, Inc. — Class A<sup>\*</sup> | 653.0 | 20380 |
| **Total E-Commerce/Services** |  | 40865 |
| **Total Internet** |  | 40865 |
| **Diversified Financial Services - 0.5%** |  |  |
| **Finance-Commercial - 0.5%** |  |  |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 385.0 | 11157 |
| **Telecommunications - 0.4%** |  |  |
| **Telecom Services - 0.4%** |  |  |
| DigitalBridge Group, Inc. | 869.0 | 9507 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,884,483) |  | 2306004 |

---

---

| | | |
|:---|:---|:---|
| | **Face**<br> **Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC <br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $7932 | 7932 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. <br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 3051 | 3051 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. <br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 3041 | 3041 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,024) |  | 14024 |
| **Total Investments - 99.8%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,898,507) |  | $2320028 |
| **Other Assets & Liabilities, net - 0.2%** |  | 4514 |
| **Total Net Assets - 100.0%** |  | $2324542 |

---

---

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

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant <br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $2306004 | $— | $— | $2306004 |
| Repurchase Agreements |  | 14024 |  | 14024 |
| Total Assets | $2306004 | $14024 | $— | $2320028 |

---

---

| | |
|:---|:---|
| **Retailing Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.3%** | | |
| **Retail - 68.3%** | | |
| Walmart, Inc. | 3677 | $521362 |
| Home Depot, Inc. | 1471 | 464630 |
| Lowe's Companies, Inc. | 1740 | 346678 |
| Costco Wholesale Corp. | 713 | 325485 |
| TJX Companies, Inc. | 3781 | 300968 |
| Target Corp. | 1748 | 260522 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 273 | 230420 |
| Dollar General Corp. | 921 | 226796 |
| AutoZone, Inc.<sup>\*</sup> | 88 | 217024 |
| Ross Stores, Inc. | 1714 | 198944 |
| Dollar Tree, Inc.<sup>\*</sup> | 1253 | 177224 |
| Walgreens Boots Alliance, Inc. | 4562 | 170436 |
| Tractor Supply Co. | 706 | 158829 |
| Genuine Parts Co. | 864 | 149913 |
| Ulta Beauty, Inc.<sup>\*</sup> | 319 | 149633 |
| Best Buy Company, Inc. | 1640 | 131544 |
| Burlington Stores, Inc.<sup>\*</sup> | 565 | 114559 |
| Bath & Body Works, Inc. | 2322 | 97849 |
| Five Below, Inc.<sup>\*</sup> | 549 | 97102 |
| Dick's Sporting Goods, Inc. | 800 | 96232 |
| CarMax, Inc.<sup>\*</sup> | 1577 | 96024 |
| Advance Auto Parts, Inc. | 633 | 93070 |
| BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 1372 | 90772 |
| Williams-Sonoma, Inc. | 758 | 87109 |
| Floor & Decor Holdings, Inc. — Class A<sup>\*</sup> | 1178 | 82024 |
| RH<sup>\*</sup> | 302 | 80691 |
| Murphy USA, Inc. | 271 | 75755 |
| Lithia Motors, Inc. — Class A | 354 | 72478 |
| Macy's, Inc. | 3405 | 70313 |
| AutoNation, Inc.<sup>\*</sup> | 645 | 69209 |
| GameStop Corp. — Class A<sup>\*,1</sup> | 3685 | 68025 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 346 | 62020 |
| Academy Sports & Outdoors, Inc. | 1120 | 58845 |
| Foot Locker, Inc. | 1525 | 57630 |
| Gap, Inc. | 4990 | 56287 |
| Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup> | 1168 | 54709 |
| Nordstrom, Inc. | 3196 | 51583 |
| Signet Jewelers Ltd. | 756 | 51408 |
| American Eagle Outfitters, Inc.<sup>\*</sup> | 3310 | 46208 |
| Victoria's Secret & Co.<sup>\*</sup> | 1282 | 45870 |
| Kohl's Corp. | 1715 | 43304 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 1412 | 32349 |
| Big Lots, Inc. | 1281 | 18831 |
| Carvana Co.<sup>\*,1</sup> | 770 | 3650 |
| **Total Retail** |  | 5904314 |
| **Internet - 27.9%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 7388 | 620592 |
| Booking Holdings, Inc.<sup>\*</sup> | 139 | 280124 |
| Alibaba Group Holding Ltd. ADR<sup>\*</sup> | 1852 | 163143 |
| eBay, Inc. | 3513 | 145684 |
| MercadoLibre, Inc.<sup>\*</sup> | 162 | 137091 |
| Pinduoduo, Inc. ADR<sup>\*</sup> | 1586 | 129338 |
| DoorDash, Inc. — Class A<sup>\*</sup> | 2636 | 128690 |
| JD.com, Inc. ADR | 2278 | 127864 |
| Chewy, Inc. — Class A<sup>\*,1</sup> | 3257 | 120770 |
| Expedia Group, Inc.<sup>\*</sup> | 1342 | 117559 |
| Etsy, Inc.<sup>\*</sup> | 966 | 115707 |
| Trip.com Group Ltd. ADR<sup>\*</sup> | 3330 | 114552 |
| Coupang, Inc.<sup>\*</sup> | 5865 | 86274 |
| Wayfair, Inc. — Class A<sup>\*</sup> | 1800 | 59202 |
| Revolve Group, Inc.<sup>\*</sup> | 1717 | 38220 |
| Overstock.com, Inc.<sup>\*</sup> | 1434 | 27762 |
| **Total Internet** |  | 2412572 |
| **Distribution & Wholesale - 2.6%** |  |  |
| LKQ Corp. | 2225 | 118837 |
| Pool Corp. | 339 | 102490 |
| **Total Distribution & Wholesale** |  | 221327 |
| **Apparel - 0.5%** |  |  |
| Urban Outfitters, Inc.<sup>\*</sup> | 1798 | 42882 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,544,149) |  | 8581095 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.7%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $33382 | 33382 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 12839 | 12839 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 12800 | 12800 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $59,021) |  | 59021 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 1.7%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 149496 | 149496 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $149,496) |  | 149496 |
| **Total Investments - 101.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,752,666) |  | $8789612 |
| **Other Assets & Liabilities, net - (1.7)%** |  | (143091) |
| **Total Net Assets - 100.0%** |  | $8646521 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Retailing Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br>Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $8581095 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $8581095 |
| Repurchase Agreements |  | 59021 |  | 59021 |
| Securities Lending Collateral | 149496 |  |  | 149496 |
| Total Assets | $8730591 | $59021 | $— | $8789612 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 65.6%**  | | |
| **Consumer, Non-cyclical - 15.7%** | | |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 232 | $13201 |
| Shockwave Medical, Inc.<sup>\*</sup> | 62 | 12748 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 49 | 12342 |
| Karuna Therapeutics, Inc.<sup>\*</sup> | 52 | 10218 |
| Celsius Holdings, Inc.<sup>\*</sup> | 96 | 9988 |
| Medpace Holdings, Inc.<sup>\*</sup> | 44 | 9346 |
| HealthEquity, Inc.<sup>\*</sup> | 144 | 8876 |
| Ensign Group, Inc. | 93 | 8799 |
| Intra-Cellular Therapies, Inc.<sup>\*</sup> | 159 | 8414 |
| LHC Group, Inc.<sup>\*</sup> | 52 | 8408 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 162 | 8377 |
| Option Care Health, Inc.<sup>\*</sup> | 270 | 8124 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 75 | 7712 |
| Alkermes plc<sup>\*</sup> | 283 | 7395 |
| Insperity, Inc. | 64 | 7270 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 178 | 7220 |
| Triton International Ltd. | 101 | 6947 |
| ASGN, Inc.<sup>\*</sup> | 85 | 6926 |
| Haemonetics Corp.<sup>\*</sup> | 88 | 6921 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 98 | 6921 |
| API Group Corp.<sup>\*</sup> | 359 | 6753 |
| Lancaster Colony Corp. | 34 | 6708 |
| Prometheus Biosciences, Inc.<sup>\*</sup> | 60 | 6600 |
| Cytokinetics, Inc.<sup>\*</sup> | 143 | 6552 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 22 | 6385 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 186 | 6021 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 118 | 6013 |
| Vaxcyte, Inc.<sup>\*</sup> | 125 | 5994 |
| Simply Good Foods Co.<sup>\*</sup> | 157 | 5971 |
| BellRing Brands, Inc.<sup>\*</sup> | 229 | 5871 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 478 | 5836 |
| Herc Holdings, Inc. | 44 | 5789 |
| Neogen Corp.<sup>\*</sup> | 377 | 5742 |
| Chegg, Inc.<sup>\*</sup> | 216 | 5458 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 86 | 5384 |
| Axonics, Inc.<sup>\*</sup> | 85 | 5315 |
| Inari Medical, Inc.<sup>\*</sup> | 83 | 5275 |
| Hostess Brands, Inc.<sup>\*</sup> | 235 | 5273 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 189 | 5256 |
| LivaNova plc<sup>\*</sup> | 94 | 5221 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 148 | 5164 |
| ABM Industries, Inc. | 116 | 5153 |
| IVERIC bio, Inc.<sup>\*</sup> | 230 | 4924 |
| Alight, Inc. — Class A<sup>\*</sup> | 589 | 4924 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 52 | 4871 |
| Korn Ferry | 94 | 4758 |
| elf Beauty, Inc.<sup>\*</sup> | 85 | 4700 |
| Insmed, Inc.<sup>\*</sup> | 235 | 4695 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 123 | 4695 |
| Helen of Troy Ltd.<sup>\*</sup> | 42 | 4658 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 480 | 4531 |
| Blueprint Medicines Corp.<sup>\*</sup> | 103 | 4512 |
| Select Medical Holdings Corp. | 180 | 4469 |
| CONMED Corp. | 50 | 4432 |
| TriNet Group, Inc.<sup>\*</sup> | 65 | 4407 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 88 | 4345 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 111 | 4341 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 56 | 4319 |
| Patterson Companies, Inc. | 152 | 4261 |
| Brink's Co. | 79 | 4243 |
| Primo Water Corp. | 273 | 4242 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 83 | 4107 |
| Coca-Cola Consolidated, Inc. | 8 | 4099 |
| STAAR Surgical Co.<sup>\*</sup> | 84 | 4077 |
| Progyny, Inc.<sup>\*</sup> | 130 | 4050 |
| United Natural Foods, Inc.<sup>\*</sup> | 102 | 3948 |
| CBIZ, Inc.<sup>\*</sup> | 84 | 3935 |
| Integer Holdings Corp.<sup>\*</sup> | 57 | 3902 |
| J & J Snack Foods Corp. | 26 | 3893 |
| WD-40 Co. | 24 | 3869 |
| Prothena Corporation plc<sup>\*</sup> | 64 | 3856 |
| Omnicell, Inc.<sup>\*</sup> | 76 | 3832 |
| NuVasive, Inc.<sup>\*</sup> | 91 | 3753 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 321 | 3685 |
| AbCellera Biologics, Inc.<sup>\*,1</sup> | 359 | 3637 |
| Graham Holdings Co. — Class B | 6 | 3625 |
| Cal-Maine Foods, Inc. | 66 | 3594 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 79 | 3521 |
| AtriCure, Inc.<sup>\*</sup> | 79 | 3506 |
| Sabre Corp.<sup>\*</sup> | 567 | 3504 |
| EVERTEC, Inc. | 108 | 3497 |
| Glaukos Corp.<sup>\*</sup> | 80 | 3494 |
| Sage Therapeutics, Inc.<sup>\*</sup> | 91 | 3471 |
| Silk Road Medical, Inc.<sup>\*</sup> | 65 | 3435 |
| Edgewell Personal Care Co. | 89 | 3430 |
| Akero Therapeutics, Inc.<sup>\*</sup> | 61 | 3343 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 209 | 3327 |
| TransMedics Group, Inc.<sup>\*</sup> | 53 | 3271 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 88 | 3252 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 391 | 3198 |
| ICF International, Inc. | 32 | 3170 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 125 | 3164 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 166 | 3088 |
| REVOLUTION Medicines, Inc.<sup>\*</sup> | 129 | 3073 |
| Strategic Education, Inc. | 39 | 3054 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 85 | 3032 |
| Cerevel Therapeutics Holdings, Inc.<sup>\*</sup> | 96 | 3028 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 78 | 3012 |
| Inter Parfums, Inc. | 31 | 2992 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 147 | 2986 |
| John Wiley & Sons, Inc. — Class A | 74 | 2964 |
| Vector Group Ltd. | 249 | 2953 |
| Veracyte, Inc.<sup>\*</sup> | 124 | 2943 |
| Arvinas, Inc.<sup>\*</sup> | 86 | 2942 |
| Krystal Biotech, Inc.<sup>\*</sup> | 37 | 2931 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 236 | 2924 |
| R1 RCM, Inc.<sup>\*</sup> | 260 | 2847 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 79 | 2805 |
| Evo Payments, Inc. — Class A<sup>\*</sup> | 82 | 2775 |
| TG Therapeutics, Inc.<sup>\*</sup> | 232 | 2745 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 115 | 2696 |
| Addus HomeCare Corp.<sup>\*</sup> | 27 | 2686 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 95 | 2668 |
| Xencor, Inc.<sup>\*</sup> | 100 | 2604 |
| Revance Therapeutics, Inc.<sup>\*</sup> | 140 | 2584 |
| Embecta Corp. | 101 | 2554 |
| MGP Ingredients, Inc. | 24 | 2553 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 46 | $2535 |
| Herbalife Nutrition Ltd.<sup>\*</sup> | 170 | 2530 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 156 | 2524 |
| Owens & Minor, Inc.<sup>\*</sup> | 128 | 2500 |
| Monro, Inc. | 55 | 2486 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 69 | 2470 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 34 | 2468 |
| Meridian Bioscience, Inc.<sup>\*</sup> | 74 | 2458 |
| FibroGen, Inc.<sup>\*</sup> | 152 | 2435 |
| AdaptHealth Corp.<sup>\*</sup> | 126 | 2422 |
| Textainer Group Holdings Ltd. | 78 | 2419 |
| Nevro Corp.<sup>\*</sup> | 61 | 2416 |
| Ingles Markets, Inc. — Class A | 25 | 2412 |
| Surgery Partners, Inc.<sup>\*</sup> | 86 | 2396 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 92 | 2341 |
| CoreCivic, Inc.<sup>\*</sup> | 202 | 2335 |
| Coursera, Inc.<sup>\*</sup> | 197 | 2331 |
| CorVel Corp.<sup>\*</sup> | 16 | 2325 |
| Twist Bioscience Corp.<sup>\*</sup> | 97 | 2310 |
| Weis Markets, Inc. | 28 | 2304 |
| MannKind Corp.<sup>\*</sup> | 432 | 2277 |
| GEO Group, Inc.<sup>\*</sup> | 206 | 2256 |
| Chinook Therapeutics, Inc.<sup>\*</sup> | 86 | 2253 |
| Laureate Education, Inc. — Class A | 232 | 2232 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 106 | 2229 |
| Universal Corp. | 42 | 2218 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 148 | 2211 |
| Medifast, Inc. | 19 | 2192 |
| Stride, Inc.<sup>\*</sup> | 70 | 2190 |
| Dynavax Technologies Corp.<sup>\*</sup> | 205 | 2181 |
| Avanos Medical, Inc.<sup>\*</sup> | 80 | 2165 |
| Vericel Corp.<sup>\*</sup> | 82 | 2160 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 144 | 2140 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 127 | 2085 |
| Payoneer Global, Inc.<sup>\*</sup> | 376 | 2057 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 198 | 2022 |
| NeoGenomics, Inc.<sup>\*</sup> | 218 | 2014 |
| Myriad Genetics, Inc.<sup>\*</sup> | 138 | 2002 |
| Cassava Sciences, Inc.<sup>\*,1</sup> | 67 | 1979 |
| Vivint Smart Home, Inc.<sup>\*</sup> | 166 | 1975 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 89 | 1975 |
| ModivCare, Inc.<sup>\*</sup> | 22 | 1974 |
| Kforce, Inc. | 36 | 1974 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 59 | 1964 |
| Rent-A-Center, Inc. | 87 | 1962 |
| Andersons, Inc. | 56 | 1959 |
| Remitly Global, Inc.<sup>\*</sup> | 171 | 1958 |
| DICE Therapeutics, Inc.<sup>\*</sup> | 62 | 1934 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 66 | 1928 |
| National Beverage Corp.<sup>\*</sup> | 41 | 1908 |
| Replimune Group, Inc.<sup>\*</sup> | 70 | 1904 |
| SpartanNash Co. | 62 | 1875 |
| Reata Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 49 | 1861 |
| ImmunoGen, Inc.<sup>\*</sup> | 373 | 1850 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 66 | 1849 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 89 | 1841 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 44 | 1828 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 93 | 1820 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 236 | 1820 |
| Utz Brands, Inc. | 114 | 1808 |
| US Physical Therapy, Inc. | 22 | 1783 |
| MoneyGram International, Inc.<sup>\*</sup> | 163 | 1775 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 112 | 1764 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 26 | 1737 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 63 | 1674 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 67 | 1672 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 261 | 1668 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 91 | 1665 |
| Zentalis Pharmaceuticals, Inc.<sup>\*</sup> | 81 | 1631 |
| Perdoceo Education Corp.<sup>\*</sup> | 117 | 1626 |
| RadNet, Inc.<sup>\*</sup> | 86 | 1619 |
| Imago Biosciences, Inc.<sup>\*</sup> | 45 | 1618 |
| REGENXBIO, Inc.<sup>\*</sup> | 70 | 1588 |
| SpringWorks Therapeutics, Inc.<sup>\*</sup> | 61 | 1587 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 34 | 1582 |
| Arcellx, Inc.<sup>\*</sup> | 51 | 1580 |
| LeMaitre Vascular, Inc. | 34 | 1565 |
| Healthcare Services Group, Inc. | 130 | 1560 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 125 | 1544 |
| Paragon 28, Inc.<sup>\*</sup> | 80 | 1529 |
| Verve Therapeutics, Inc.<sup>\*</sup> | 79 | 1529 |
| Biohaven Ltd.<sup>\*</sup> | 110 | 1527 |
| Geron Corp.<sup>\*</sup> | 623 | 1508 |
| Beauty Health Co.<sup>\*</sup> | 165 | 1502 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 31 | 1489 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 194 | 1482 |
| CRA International, Inc. | 12 | 1469 |
| Avid Bioservices, Inc.<sup>\*</sup> | 106 | 1460 |
| Innoviva, Inc.<sup>\*</sup> | 110 | 1457 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 144 | 1453 |
| PROG Holdings, Inc.<sup>\*</sup> | 86 | 1453 |
| SunOpta, Inc.<sup>\*</sup> | 169 | 1426 |
| Ventyx Biosciences, Inc.<sup>\*</sup> | 43 | 1410 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 77 | 1399 |
| Fresh Del Monte Produce, Inc. | 53 | 1388 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 181 | 1379 |
| Kura Oncology, Inc.<sup>\*</sup> | 111 | 1377 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 59 | 1369 |
| National Healthcare Corp. | 23 | 1369 |
| B&G Foods, Inc.<sup>1</sup> | 122 | 1360 |
| Varex Imaging Corp.<sup>\*</sup> | 67 | 1360 |
| Quanex Building Products Corp. | 57 | 1350 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 58 | 1333 |
| Udemy, Inc.<sup>\*</sup> | 126 | 1329 |
| Cutera, Inc.<sup>\*</sup> | 30 | 1327 |
| First Advantage Corp.<sup>\*</sup> | 102 | 1326 |
| Beyond Meat, Inc.<sup>\*,1</sup> | 107 | 1317 |
| Deciphera Pharmaceuticals, Inc.<sup>\*</sup> | 80 | 1311 |
| John B Sanfilippo & Son, Inc. | 16 | 1301 |
| Green Dot Corp. — Class A<sup>\*</sup> | 82 | 1297 |
| Legalzoom.com, Inc.<sup>\*</sup> | 167 | 1293 |
| Deluxe Corp. | 76 | 1291 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 111 | 1283 |
| Inhibrx, Inc.<sup>\*</sup> | 52 | 1281 |
| Krispy Kreme, Inc. | 124 | 1280 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 112 | 1257 |
| ADMA Biologics, Inc.<sup>\*</sup> | 323 | 1253 |
| Repay Holdings Corp.<sup>\*</sup> | 153 | 1232 |
| Immunovant, Inc.<sup>\*</sup> | 69 | 1225 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| SP Plus Corp.<sup>\*</sup> | 35 | $1215 |
| Duckhorn Portfolio, Inc.<sup>\*</sup> | 73 | 1210 |
| TrueBlue, Inc.<sup>\*</sup> | 61 | 1194 |
| Paya Holdings, Inc.<sup>\*</sup> | 151 | 1188 |
| Morphic Holding, Inc.<sup>\*</sup> | 44 | 1177 |
| Agenus, Inc.<sup>\*</sup> | 489 | 1174 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 52 | 1155 |
| ViewRay, Inc.<sup>\*</sup> | 257 | 1151 |
| Tootsie Roll Industries, Inc. | 27 | 1149 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 38 | 1132 |
| American Well Corp. — Class A<sup>\*</sup> | 398 | 1126 |
| Barrett Business Services, Inc. | 12 | 1119 |
| Atrion Corp. | 2 | 1119 |
| Heska Corp.<sup>\*</sup> | 18 | 1119 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 120 | 1111 |
| Cerus Corp.<sup>\*</sup> | 299 | 1091 |
| Point Biopharma Global, Inc.<sup>\*</sup> | 149 | 1086 |
| AnaptysBio, Inc.<sup>\*</sup> | 35 | 1085 |
| Provention Bio, Inc.<sup>\*</sup> | 102 | 1078 |
| Franklin Covey Co.<sup>\*</sup> | 23 | 1076 |
| Editas Medicine, Inc.<sup>\*</sup> | 120 | 1064 |
| BioLife Solutions, Inc.<sup>\*</sup> | 58 | 1056 |
| Cass Information Systems, Inc. | 23 | 1054 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 71 | 1051 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 35 | 1042 |
| Lyell Immunopharma, Inc.<sup>\*</sup> | 300 | 1041 |
| CTI BioPharma Corp.<sup>\*</sup> | 173 | 1040 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 88 | 1039 |
| OrthoPediatrics Corp.<sup>\*</sup> | 26 | 1033 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 48 | 1033 |
| CareDx, Inc.<sup>\*</sup> | 89 | 1015 |
| Resources Connection, Inc. | 55 | 1011 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 19 | 1011 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 233 | 1007 |
| Coherus Biosciences, Inc.<sup>\*</sup> | 127 | 1006 |
| Kelly Services, Inc. — Class A | 59 | 997 |
| DocGo, Inc.<sup>\*</sup> | 141 | 997 |
| Castle Biosciences, Inc.<sup>\*</sup> | 42 | 989 |
| Alector, Inc.<sup>\*</sup> | 107 | 988 |
| Heidrick & Struggles International, Inc. | 35 | 979 |
| Hackett Group, Inc. | 48 | 978 |
| Ennis, Inc. | 44 | 975 |
| 23andMe Holding Co. — Class A<sup>\*</sup> | 446 | 963 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 39 | 949 |
| Cardiovascular Systems, Inc.<sup>\*</sup> | 69 | 940 |
| Community Health Systems, Inc.<sup>\*</sup> | 217 | 937 |
| Riot Blockchain, Inc.<sup>\*,1</sup> | 276 | 936 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 23 | 925 |
| Transcat, Inc.<sup>\*</sup> | 13 | 921 |
| Bluebird Bio, Inc.<sup>\*</sup> | 133 | 920 |
| Mersana Therapeutics, Inc.<sup>\*</sup> | 156 | 914 |
| National Research Corp. — Class A | 24 | 895 |
| AngioDynamics, Inc.<sup>\*</sup> | 65 | 895 |
| ACCO Brands Corp. | 160 | 894 |
| RAPT Therapeutics, Inc.<sup>\*</sup> | 45 | 891 |
| Calavo Growers, Inc. | 30 | 882 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 323 | 882 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 80 | 878 |
| Viad Corp.<sup>\*</sup> | 36 | 878 |
| OPKO Health, Inc.<sup>\*</sup> | 701 | 876 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 139 | 874 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 80 | 873 |
| Accolade, Inc.<sup>\*</sup> | 112 | 872 |
| V2X, Inc.<sup>\*</sup> | 21 | 867 |
| Cimpress plc<sup>\*</sup> | 31 | 856 |
| EQRx, Inc.<sup>\*</sup> | 347 | 854 |
| MaxCyte, Inc.<sup>\*</sup> | 152 | 830 |
| Cara Therapeutics, Inc.<sup>\*</sup> | 77 | 827 |
| Surmodics, Inc.<sup>\*</sup> | 24 | 819 |
| Senseonics Holdings, Inc.<sup>\*</sup> | 795 | 819 |
| Quanterix Corp.<sup>\*</sup> | 59 | 817 |
| 2U, Inc.<sup>\*</sup> | 130 | 815 |
| Mission Produce, Inc.<sup>\*</sup> | 70 | 813 |
| Artivion, Inc.<sup>\*</sup> | 67 | 812 |
| Kiniksa Pharmaceuticals Ltd. — Class A<sup>\*</sup> | 54 | 809 |
| SI-BONE, Inc.<sup>\*</sup> | 59 | 802 |
| iTeos Therapeutics, Inc.<sup>\*</sup> | 41 | 801 |
| Inogen, Inc.<sup>\*</sup> | 40 | 788 |
| Agiliti, Inc.<sup>\*</sup> | 48 | 783 |
| Vital Farms, Inc.<sup>\*</sup> | 52 | 776 |
| Target Hospitality Corp.<sup>\*</sup> | 51 | 772 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 26 | 770 |
| Invitae Corp.<sup>\*</sup> | 408 | 759 |
| Benson Hill, Inc.<sup>\*</sup> | 296 | 755 |
| Multiplan Corp.<sup>\*</sup> | 656 | 754 |
| Bionano Genomics, Inc.<sup>\*</sup> | 507 | 740 |
| Bioxcel Therapeutics, Inc.<sup>\*</sup> | 34 | 730 |
| ImmunityBio, Inc.<sup>\*,1</sup> | 142 | 720 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 115 | 716 |
| Forrester Research, Inc.<sup>\*</sup> | 20 | 715 |
| Nektar Therapeutics<sup>\*</sup> | 315 | 712 |
| Sorrento Therapeutics, Inc.<sup>\*</sup> | 802 | 711 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 96 | 709 |
| MacroGenics, Inc.<sup>\*</sup> | 105 | 705 |
| Axogen, Inc.<sup>\*</sup> | 70 | 699 |
| Orthofix Medical, Inc.<sup>\*</sup> | 34 | 698 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 41 | 695 |
| Sangamo Therapeutics, Inc.<sup>\*</sup> | 221 | 694 |
| Seres Therapeutics, Inc.<sup>\*</sup> | 123 | 689 |
| Sutro Biopharma, Inc.<sup>\*</sup> | 85 | 687 |
| Paysafe Ltd.<sup>\*</sup> | 49 | 678 |
| Tejon Ranch Co.<sup>\*</sup> | 36 | 678 |
| Vita Coco Company, Inc.<sup>\*</sup> | 49 | 677 |
| Inovio Pharmaceuticals, Inc.<sup>\*</sup> | 427 | 666 |
| Carriage Services, Inc. — Class A | 24 | 661 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 104 | 657 |
| Marathon Digital Holdings, Inc.<sup>\*</sup> | 192 | 657 |
| SomaLogic, Inc.<sup>\*</sup> | 260 | 653 |
| Sterling Check Corp.<sup>\*</sup> | 42 | 650 |
| Albireo Pharma, Inc.<sup>\*</sup> | 30 | 648 |
| NanoString Technologies, Inc.<sup>\*</sup> | 81 | 646 |
| Aaron's Company, Inc. | 54 | 645 |
| Kezar Life Sciences, Inc.<sup>\*</sup> | 91 | 641 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 55 | 637 |
| Central Garden & Pet Co.<sup>\*</sup> | 17 | 637 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 132 | 635 |
| Turning Point Brands, Inc. | 29 | 627 |
| Clover Health Investments Corp.<sup>\*</sup> | 668 | 621 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| 2seventy bio, Inc.<sup>\*</sup> | 66 | $618 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 125 | 618 |
| Sana Biotechnology, Inc.<sup>\*</sup> | 155 | 612 |
| Caribou Biosciences, Inc.<sup>\*</sup> | 97 | 609 |
| Design Therapeutics, Inc.<sup>\*</sup> | 59 | 605 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 31 | 604 |
| SIGA Technologies, Inc. | 82 | 604 |
| Utah Medical Products, Inc. | 6 | 603 |
| OraSure Technologies, Inc.<sup>\*</sup> | 125 | 602 |
| Tango Therapeutics, Inc.<sup>\*</sup> | 82 | 595 |
| Veru, Inc.<sup>\*</sup> | 112 | 591 |
| Zynex, Inc. | 42 | 584 |
| Nano-X Imaging Ltd.<sup>\*,1</sup> | 79 | 583 |
| Butterfly Network, Inc.<sup>\*</sup> | 230 | 566 |
| PMV Pharmaceuticals, Inc.<sup>\*</sup> | 64 | 557 |
| Cullinan Oncology, Inc.<sup>\*</sup> | 52 | 549 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 9 | 549 |
| MiMedx Group, Inc.<sup>\*</sup> | 196 | 545 |
| ShotSpotter, Inc.<sup>\*</sup> | 16 | 541 |
| BrightView Holdings, Inc.<sup>\*</sup> | 78 | 537 |
| Liquidia Corp.<sup>\*</sup> | 83 | 529 |
| Seer, Inc.<sup>\*</sup> | 91 | 528 |
| Pennant Group, Inc.<sup>\*</sup> | 48 | 527 |
| Arlo Technologies, Inc.<sup>\*</sup> | 150 | 527 |
| Eagle Pharmaceuticals, Inc.<sup>\*</sup> | 18 | 526 |
| Atara Biotherapeutics, Inc.<sup>\*</sup> | 160 | 525 |
| European Wax Center, Inc. — Class A | 42 | 523 |
| Intercept Pharmaceuticals, Inc.<sup>\*</sup> | 42 | 520 |
| SeaSpine Holdings Corp.<sup>\*</sup> | 62 | 518 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 204 | 502 |
| Alta Equipment Group, Inc. | 38 | 501 |
| Pulmonx Corp.<sup>\*</sup> | 59 | 497 |
| Ocugen, Inc.<sup>\*,1</sup> | 373 | 485 |
| Phibro Animal Health Corp. — Class A | 36 | 483 |
| Erasca, Inc.<sup>\*</sup> | 112 | 483 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 32 | 469 |
| Aerovate Therapeutics, Inc.<sup>\*</sup> | 16 | 469 |
| Evolus, Inc.<sup>\*</sup> | 62 | 466 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 24 | 464 |
| OmniAb, Inc.<sup>\*</sup> | 128 | 461 |
| RxSight, Inc.<sup>\*</sup> | 36 | 456 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 51 | 456 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 40 | 449 |
| Karyopharm Therapeutics, Inc.<sup>\*</sup> | 132 | 449 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 299 | 448 |
| Heron Therapeutics, Inc.<sup>\*</sup> | 179 | 447 |
| Adicet Bio, Inc.<sup>\*</sup> | 50 | 447 |
| PetIQ, Inc.<sup>\*</sup> | 48 | 443 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 187 | 436 |
| C4 Therapeutics, Inc.<sup>\*</sup> | 73 | 431 |
| CinCor Pharma, Inc.<sup>\*</sup> | 35 | 430 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 59 | 429 |
| ALX Oncology Holdings, Inc.<sup>\*</sup> | 37 | 417 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 58 | 415 |
| American Public Education, Inc.<sup>\*</sup> | 33 | 406 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 30 | 395 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 34 | 390 |
| Cue Health, Inc.<sup>\*</sup> | 188 | 389 |
| Nuvation Bio, Inc.<sup>\*</sup> | 202 | 388 |
| Cano Health, Inc.<sup>\*</sup> | 281 | 385 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 57 | 383 |
| Monte Rosa Therapeutics, Inc.<sup>\*</sup> | 50 | 380 |
| CareMax, Inc.<sup>\*</sup> | 104 | 380 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 134 | 376 |
| HilleVax, Inc.<sup>\*</sup> | 22 | 368 |
| iRadimed Corp. | 13 | 368 |
| WW International, Inc.<sup>\*</sup> | 94 | 363 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 39 | 360 |
| Willdan Group, Inc.<sup>\*</sup> | 20 | 357 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 179 | 356 |
| Joint Corp.<sup>\*</sup> | 25 | 349 |
| Village Super Market, Inc. — Class A | 15 | 349 |
| NGM Biopharmaceuticals, Inc.<sup>\*</sup> | 69 | 346 |
| MeiraGTx Holdings plc<sup>\*</sup> | 53 | 346 |
| Nkarta, Inc.<sup>\*</sup> | 57 | 341 |
| Honest Company, Inc.<sup>\*</sup> | 112 | 337 |
| Zimvie, Inc.<sup>\*</sup> | 36 | 336 |
| Aura Biosciences, Inc.<sup>\*</sup> | 32 | 336 |
| Prime Medicine, Inc.<sup>\*</sup> | 18 | 334 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 9 | 332 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 123 | 331 |
| Generation Bio Co.<sup>\*</sup> | 83 | 326 |
| Aadi Bioscience, Inc.<sup>\*</sup> | 25 | 321 |
| Kinnate Biopharma, Inc.<sup>\*</sup> | 52 | 317 |
| Y-mAbs Therapeutics, Inc.<sup>\*</sup> | 65 | 317 |
| Icosavax, Inc.<sup>\*</sup> | 39 | 310 |
| Affimed N.V.<sup>\*</sup> | 248 | 308 |
| IGM Biosciences, Inc.<sup>\*</sup> | 18 | 306 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 230 | 306 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 46 | 298 |
| Information Services Group, Inc. | 64 | 294 |
| Quantum-Si, Inc.<sup>\*</sup> | 159 | 291 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 43 | 291 |
| Whole Earth Brands, Inc.<sup>\*</sup> | 71 | 289 |
| Akoya Biosciences, Inc.<sup>\*</sup> | 29 | 277 |
| Allovir, Inc.<sup>\*</sup> | 54 | 277 |
| Lexicon Pharmaceuticals, Inc.<sup>\*</sup> | 144 | 275 |
| BRC, Inc. — Class A<sup>\*</sup> | 45 | 275 |
| Chimerix, Inc.<sup>\*</sup> | 146 | 271 |
| Precigen, Inc.<sup>\*</sup> | 174 | 264 |
| Berkeley Lights, Inc.<sup>\*</sup> | 98 | 263 |
| Alico, Inc. | 11 | 263 |
| 22nd Century Group, Inc.<sup>\*,1</sup> | 280 | 258 |
| HF Foods Group, Inc.<sup>\*</sup> | 63 | 256 |
| Rent the Runway, Inc. — Class A<sup>\*</sup> | 81 | 247 |
| Innovage Holding Corp.<sup>\*,1</sup> | 34 | 244 |
| Gossamer Bio, Inc.<sup>\*</sup> | 110 | 239 |
| Quad/Graphics, Inc.<sup>\*</sup> | 56 | 229 |
| PepGen, Inc.<sup>\*</sup> | 17 | 227 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 35 | 223 |
| Outlook Therapeutics, Inc.<sup>\*</sup> | 206 | 222 |
| Bright Health Group, Inc.<sup>\*</sup> | 335 | 218 |
| Humacyte, Inc.<sup>\*</sup> | 102 | 215 |
| Spire Global, Inc.<sup>\*</sup> | 217 | 208 |
| Vaxart, Inc.<sup>\*</sup> | 215 | 207 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 24 | 200 |
| Alpine Immune Sciences, Inc.<sup>\*</sup> | 27 | 198 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Singular Genomics Systems, Inc.<sup>\*</sup> | 97 | $195 |
| Vicarious Surgical, Inc.<sup>\*,1</sup> | 95 | 192 |
| Absci Corp.<sup>\*</sup> | 91 | 191 |
| Vintage Wine Estates, Inc.<sup>\*</sup> | 58 | 189 |
| Athira Pharma, Inc.<sup>\*</sup> | 59 | 187 |
| Rallybio Corp.<sup>\*</sup> | 28 | 184 |
| GreenLight Biosciences Holdings PBC<sup>\*,1</sup> | 155 | 183 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 24 | 182 |
| Century Therapeutics, Inc.<sup>\*</sup> | 35 | 180 |
| PFSweb, Inc. | 29 | 178 |
| Relmada Therapeutics, Inc.<sup>\*</sup> | 48 | 167 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 31 | 163 |
| EyePoint Pharmaceuticals, Inc.<sup>\*</sup> | 46 | 161 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 67 | 159 |
| Moneylion, Inc.<sup>\*</sup> | 254 | 158 |
| Local Bounti Corp.<sup>\*</sup> | 112 | 156 |
| Natural Grocers by Vitamin Cottage, Inc. | 17 | 155 |
| Inotiv, Inc.<sup>\*</sup> | 30 | 148 |
| Nautilus Biotechnology, Inc.<sup>\*</sup> | 82 | 148 |
| Theseus Pharmaceuticals, Inc.<sup>\*</sup> | 29 | 144 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 55 | 144 |
| Invivyd, Inc.<sup>\*</sup> | 89 | 133 |
| VBI Vaccines, Inc.<sup>\*</sup> | 334 | 131 |
| Bakkt Holdings, Inc.<sup>\*,1</sup> | 102 | 121 |
| Kronos Bio, Inc.<sup>\*</sup> | 71 | 115 |
| Tattooed Chef, Inc.<sup>\*</sup> | 85 | 105 |
| Pardes Biosciences, Inc.<sup>\*</sup> | 59 | 100 |
| Tenaya Therapeutics, Inc.<sup>\*</sup> | 49 | 98 |
| Beachbody Company, Inc.<sup>\*</sup> | 182 | 96 |
| Thorne HealthTech, Inc.<sup>\*</sup> | 24 | 87 |
| Eiger BioPharmaceuticals, Inc.<sup>\*</sup> | 72 | 85 |
| AirSculpt Technologies, Inc. | 22 | 81 |
| Jounce Therapeutics, Inc.<sup>\*</sup> | 73 | 81 |
| P3 Health Partners, Inc.<sup>\*</sup> | 42 | 77 |
| AN2 Therapeutics, Inc.<sup>\*,1</sup> | 8 | 76 |
| Instil Bio, Inc.<sup>\*</sup> | 121 | 76 |
| AppHarvest, Inc.<sup>\*</sup> | 128 | 73 |
| Sema4 Holdings Corp.<sup>\*</sup> | 275 | 73 |
| CompoSecure, Inc.<sup>\*</sup> | 14 | 69 |
| Oncology Institute, Inc.<sup>\*</sup> | 40 | 66 |
| Alpha Teknova, Inc.<sup>\*</sup> | 11 | 62 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 77 | 60 |
| Bird Global, Inc. — Class A<sup>\*</sup> | 298 | 54 |
| MarketWise, Inc.<sup>\*</sup> | 29 | 49 |
| Babylon Holdings Ltd. — Class A<sup>\*</sup> | 7 | 47 |
| Science 37 Holdings, Inc.<sup>\*</sup> | 109 | 45 |
| Celularity, Inc.<sup>\*</sup> | 33 | 43 |
| Talaris Therapeutics, Inc.<sup>\*</sup> | 40 | 41 |
| ATI Physical Therapy, Inc.<sup>\*</sup> | 130 | 40 |
| Cipher Mining, Inc.<sup>\*</sup> | 68 | 38 |
| Enochian Biosciences, Inc.<sup>\*</sup> | 34 | 35 |
| VistaGen Therapeutics, Inc.<sup>\*</sup> | 337 | 35 |
| Wejo Group Ltd.<sup>\*</sup> | 40 | 19 |
| Owlet, Inc.<sup>\*</sup> | 28 | 16 |
| Tenon Medical, Inc.<sup>\*</sup> | 6 | 9 |
| Tricida, Inc.<sup>\*</sup> | 58 | 9 |
| Greenidge Generation Holdings, Inc.<sup>\*,1</sup> | 23 | 7 |
| Gelesis Holdings, Inc.<sup>\*</sup> | 21 | 6 |
| Leafly Holdings, Inc.<sup>\*</sup> | 9 | 6 |
| Boxed, Inc.<sup>\*</sup> | 25 | 5 |
| Ligand Pharmaceuticals Inc <sup>\*,††</sup> | 12 |  |
| Ligand Pharmaceuticals Inc <sup>\*,††</sup> | 12 | – |
| **Total Consumer, Non-cyclical** |  | 946824 |
| **Financial - 15.4%** |  |  |
| Agree Realty Corp. REIT | 152 | 10781 |
| STAG Industrial, Inc. REIT | 313 | 10113 |
| Kinsale Capital Group, Inc. | 38 | 9938 |
| SouthState Corp. | 130 | 9927 |
| Glacier Bancorp, Inc. | 193 | 9538 |
| Old National Bancorp | 510 | 9170 |
| United Bankshares, Inc. | 226 | 9151 |
| Selective Insurance Group, Inc. | 103 | 9127 |
| RLI Corp. | 67 | 8795 |
| Valley National Bancorp | 748 | 8460 |
| Kite Realty Group Trust REIT | 378 | 7957 |
| First Financial Bankshares, Inc. | 226 | 7774 |
| Cadence Bank | 314 | 7743 |
| Ryman Hospitality Properties, Inc. REIT | 93 | 7606 |
| Home BancShares, Inc. | 330 | 7521 |
| Houlihan Lokey, Inc. | 86 | 7496 |
| Terreno Realty Corp. REIT | 128 | 7279 |
| Hancock Whitney Corp. | 149 | 7210 |
| Essent Group Ltd. | 182 | 7076 |
| Independent Bank Corp. | 79 | 6670 |
| Independence Realty Trust, Inc. REIT | 384 | 6474 |
| Phillips Edison & Company, Inc. REIT | 203 | 6464 |
| UMB Financial Corp. | 76 | 6348 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 295 | 6245 |
| United Community Banks, Inc. | 184 | 6219 |
| First Interstate BancSystem, Inc. — Class A | 158 | 6107 |
| PotlatchDeltic Corp. REIT | 138 | 6071 |
| ServisFirst Bancshares, Inc. | 88 | 6064 |
| Associated Banc-Corp. | 259 | 5980 |
| CVB Financial Corp. | 230 | 5922 |
| Apple Hospitality REIT, Inc. | 374 | 5902 |
| Community Bank System, Inc. | 92 | 5791 |
| Essential Properties Realty Trust, Inc. REIT | 243 | 5703 |
| American Equity Investment Life Holding Co. | 125 | 5703 |
| Physicians Realty Trust REIT | 390 | 5643 |
| Ameris Bancorp | 114 | 5374 |
| Federated Hermes, Inc. — Class B | 148 | 5374 |
| Radian Group, Inc. | 274 | 5225 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 86 | 5187 |
| Pacific Premier Bancorp, Inc. | 164 | 5176 |
| Corporate Office Properties Trust REIT | 197 | 5110 |
| Cathay General Bancorp | 125 | 5099 |
| Sabra Health Care REIT, Inc. | 402 | 4997 |
| Innovative Industrial Properties, Inc. REIT | 49 | 4966 |
| Mr Cooper Group, Inc.<sup>\*</sup> | 122 | 4896 |
| Broadstone Net Lease, Inc. REIT | 301 | 4879 |
| WSFS Financial Corp. | 107 | 4851 |
| LXP Industrial Trust REIT | 478 | 4790 |
| Fulton Financial Corp. | 280 | 4712 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Eastern Bankshares, Inc. | 270 | $4657 |
| SITE Centers Corp. REIT | 339 | 4631 |
| Equity Commonwealth REIT | 184 | 4594 |
| Jackson Financial, Inc. — Class A | 132 | 4592 |
| BankUnited, Inc. | 135 | 4586 |
| Simmons First National Corp. — Class A | 212 | 4575 |
| Atlantic Union Bankshares Corp. | 130 | 4568 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 861 | 4555 |
| CNO Financial Group, Inc. | 196 | 4479 |
| Enstar Group Ltd.<sup>\*</sup> | 19 | 4390 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 148 | 4289 |
| International Bancshares Corp. | 93 | 4256 |
| Walker & Dunlop, Inc. | 54 | 4238 |
| Moelis & Co. — Class A | 110 | 4221 |
| Outfront Media, Inc. REIT | 254 | 4211 |
| Macerich Co. REIT | 373 | 4200 |
| Columbia Banking System, Inc. | 138 | 4158 |
| McGrath RentCorp | 42 | 4147 |
| First BanCorp | 321 | 4083 |
| First Merchants Corp. | 99 | 4070 |
| First Financial Bancorp | 162 | 3925 |
| Piper Sandler Cos. | 30 | 3906 |
| Hamilton Lane, Inc. — Class A | 61 | 3897 |
| National Health Investors, Inc. REIT | 74 | 3864 |
| Axos Financial, Inc.<sup>\*</sup> | 100 | 3822 |
| Four Corners Property Trust, Inc. REIT | 145 | 3760 |
| Arbor Realty Trust, Inc. REIT | 285 | 3759 |
| Washington Federal, Inc. | 112 | 3758 |
| WesBanco, Inc. | 101 | 3735 |
| Banner Corp. | 59 | 3729 |
| Focus Financial Partners, Inc. — Class A<sup>\*</sup> | 100 | 3727 |
| Independent Bank Group, Inc. | 62 | 3725 |
| Trustmark Corp. | 106 | 3700 |
| TowneBank | 117 | 3608 |
| Renasant Corp. | 95 | 3571 |
| Sunstone Hotel Investors, Inc. REIT | 367 | 3545 |
| Park National Corp. | 25 | 3519 |
| Cushman & Wakefield plc<sup>\*</sup> | 276 | 3439 |
| Heartland Financial USA, Inc. | 72 | 3357 |
| Seacoast Banking Corporation of Florida | 107 | 3337 |
| Bread Financial Holdings, Inc. | 87 | 3276 |
| Trupanion, Inc.<sup>\*</sup> | 68 | 3232 |
| Kennedy-Wilson Holdings, Inc. | 205 | 3225 |
| Stock Yards Bancorp, Inc. | 49 | 3184 |
| NBT Bancorp, Inc. | 73 | 3170 |
| Retail Opportunity Investments Corp. REIT | 209 | 3141 |
| Tanger Factory Outlet Centers, Inc. REIT | 175 | 3140 |
| Lakeland Financial Corp. | 43 | 3138 |
| Artisan Partners Asset Management, Inc. — Class A | 105 | 3118 |
| CareTrust REIT, Inc. | 167 | 3103 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 146 | 3051 |
| Navient Corp. | 185 | 3043 |
| Enterprise Financial Services Corp. | 62 | 3036 |
| Pebblebrook Hotel Trust REIT | 226 | 3026 |
| PJT Partners, Inc. — Class A | 41 | 3021 |
| BancFirst Corp. | 34 | 2998 |
| DiamondRock Hospitality Co. REIT | 363 | 2973 |
| Northwest Bancshares, Inc. | 212 | 2964 |
| RLJ Lodging Trust REIT | 277 | 2933 |
| StoneX Group, Inc.<sup>\*</sup> | 30 | 2859 |
| Cohen & Steers, Inc. | 44 | 2841 |
| Urban Edge Properties REIT | 199 | 2804 |
| InvenTrust Properties Corp. REIT | 118 | 2793 |
| TriCo Bancshares | 54 | 2753 |
| PennyMac Financial Services, Inc. | 48 | 2720 |
| Westamerica BanCorp | 46 | 2714 |
| Elme Communities REIT | 152 | 2706 |
| Bancorp, Inc.<sup>\*</sup> | 95 | 2696 |
| Provident Financial Services, Inc. | 126 | 2691 |
| Sandy Spring Bancorp, Inc. | 76 | 2677 |
| First Bancorp | 62 | 2656 |
| Horace Mann Educators Corp. | 71 | 2653 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 245 | 2636 |
| Bank of NT Butterfield & Son Ltd. | 88 | 2623 |
| Xenia Hotels & Resorts, Inc. REIT | 198 | 2610 |
| BRP Group, Inc. — Class A<sup>\*</sup> | 103 | 2589 |
| Hope Bancorp, Inc. | 202 | 2588 |
| Hilltop Holdings, Inc. | 86 | 2581 |
| Veritex Holdings, Inc. | 91 | 2555 |
| Cannae Holdings, Inc.<sup>\*</sup> | 123 | 2540 |
| Getty Realty Corp. REIT | 74 | 2505 |
| LTC Properties, Inc. REIT | 69 | 2452 |
| Eagle Bancorp, Inc. | 55 | 2424 |
| City Holding Co. | 26 | 2420 |
| Veris Residential, Inc. REIT<sup>\*</sup> | 150 | 2390 |
| Flywire Corp.<sup>\*</sup> | 97 | 2374 |
| Alexander & Baldwin, Inc. REIT | 126 | 2360 |
| Claros Mortgage Trust, Inc. | 160 | 2354 |
| Two Harbors Investment Corp. REIT | 149 | 2350 |
| Acadia Realty Trust REIT | 162 | 2325 |
| S&T Bancorp, Inc. | 68 | 2324 |
| St. Joe Co. | 60 | 2319 |
| StepStone Group, Inc. — Class A | 92 | 2317 |
| Stellar Bancorp, Inc. | 78 | 2298 |
| Virtus Investment Partners, Inc. | 12 | 2297 |
| OFG Bancorp | 83 | 2287 |
| Uniti Group, Inc. REIT | 411 | 2273 |
| Berkshire Hills Bancorp, Inc. | 76 | 2272 |
| Nelnet, Inc. — Class A | 25 | 2269 |
| PRA Group, Inc.<sup>\*</sup> | 67 | 2263 |
| First Commonwealth Financial Corp. | 162 | 2263 |
| Global Net Lease, Inc. REIT | 180 | 2263 |
| Easterly Government Properties, Inc. REIT | 158 | 2255 |
| American Assets Trust, Inc. REIT | 85 | 2253 |
| FB Financial Corp. | 62 | 2241 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Pathward Financial, Inc. | 52 | $2239 |
| Chimera Investment Corp. REIT | 402 | 2211 |
| First Busey Corp. | 89 | 2200 |
| National Bank Holdings Corp. — Class A | 52 | 2188 |
| OceanFirst Financial Corp. | 101 | 2146 |
| Safety Insurance Group, Inc. | 25 | 2107 |
| Blucora, Inc.<sup>\*</sup> | 82 | 2093 |
| BGC Partners, Inc. — Class A | 554 | 2089 |
| Service Properties Trust REIT | 284 | 2070 |
| Enova International, Inc.<sup>\*</sup> | 53 | 2034 |
| Employers Holdings, Inc. | 47 | 2027 |
| Stewart Information Services Corp. | 47 | 2008 |
| Triumph Financial, Inc.<sup>\*</sup> | 41 | 2004 |
| Ladder Capital Corp. — Class A REIT | 198 | 1988 |
| Paramount Group, Inc. REIT | 332 | 1972 |
| Encore Capital Group, Inc.<sup>\*</sup> | 41 | 1966 |
| Piedmont Office Realty Trust, Inc. — Class A REIT | 214 | 1962 |
| Capitol Federal Financial, Inc. | 226 | 1955 |
| Compass Diversified Holdings | 107 | 1951 |
| Brookline Bancorp, Inc. | 137 | 1939 |
| PennyMac Mortgage Investment Trust REIT | 155 | 1920 |
| Lakeland Bancorp, Inc. | 109 | 1919 |
| Southside Bancshares, Inc. | 53 | 1907 |
| Palomar Holdings, Inc.<sup>\*</sup> | 42 | 1897 |
| Franklin BSP Realty Trust, Inc. REIT | 146 | 1883 |
| Newmark Group, Inc. — Class A | 235 | 1873 |
| Tompkins Financial Corp. | 24 | 1862 |
| Apartment Investment and Management Co. — Class A REIT | 260 | 1851 |
| Heritage Financial Corp. | 60 | 1838 |
| Brandywine Realty Trust REIT | 296 | 1820 |
| Dime Community Bancshares, Inc. | 57 | 1814 |
| Farmer Mac — Class C | 16 | 1803 |
| Preferred Bank/Los Angeles CA | 24 | 1791 |
| German American Bancorp, Inc. | 48 | 1790 |
| AMERISAFE, Inc. | 34 | 1767 |
| NETSTREIT Corp. REIT | 96 | 1760 |
| MFA Financial, Inc. REIT | 178 | 1753 |
| Live Oak Bancshares, Inc. | 58 | 1752 |
| Cowen, Inc. — Class A | 45 | 1738 |
| NexPoint Residential Trust, Inc. REIT | 39 | 1697 |
| Nicolet Bankshares, Inc.<sup>\*</sup> | 21 | 1676 |
| Premier Financial Corp. | 62 | 1672 |
| ProAssurance Corp. | 95 | 1660 |
| New York Mortgage Trust, Inc. REIT | 643 | 1646 |
| Centerspace REIT | 27 | 1584 |
| ConnectOne Bancorp, Inc. | 65 | 1574 |
| Mercury General Corp. | 46 | 1573 |
| Radius Global Infrastructure, Inc. — Class A<sup>\*</sup> | 133 | 1572 |
| LendingClub Corp.<sup>\*</sup> | 177 | 1558 |
| Empire State Realty Trust, Inc. — Class A REIT | 231 | 1557 |
| Marcus & Millichap, Inc. | 44 | 1516 |
| Customers Bancorp, Inc.<sup>\*</sup> | 53 | 1502 |
| 1st Source Corp. | 28 | 1487 |
| Community Healthcare Trust, Inc. REIT | 41 | 1468 |
| RPT Realty REIT | 146 | 1466 |
| Banc of California, Inc. | 91 | 1450 |
| Origin Bancorp, Inc. | 39 | 1431 |
| Ready Capital Corp. REIT | 128 | 1426 |
| Argo Group International Holdings Ltd. | 55 | 1422 |
| Washington Trust Bancorp, Inc. | 30 | 1415 |
| QCR Holdings, Inc. | 28 | 1390 |
| UMH Properties, Inc. REIT | 86 | 1385 |
| Peoples Bancorp, Inc. | 49 | 1384 |
| KKR Real Estate Finance Trust, Inc. REIT | 99 | 1382 |
| Necessity Retail REIT, Inc. | 233 | 1382 |
| Amerant Bancorp, Inc. | 51 | 1369 |
| Armada Hoffler Properties, Inc. REIT | 117 | 1346 |
| Safehold, Inc. REIT | 47 | 1345 |
| Ambac Financial Group, Inc.<sup>\*</sup> | 77 | 1343 |
| Heritage Commerce Corp. | 103 | 1339 |
| James River Group Holdings Ltd. | 64 | 1338 |
| Redwood Trust, Inc. REIT | 197 | 1332 |
| eXp World Holdings, Inc. | 120 | 1329 |
| International Money Express, Inc.<sup>\*</sup> | 54 | 1316 |
| Summit Hotel Properties, Inc. REIT | 182 | 1314 |
| Univest Financial Corp. | 50 | 1307 |
| ARMOUR Residential REIT, Inc. | 229 | 1289 |
| Hanmi Financial Corp. | 52 | 1287 |
| Community Trust Bancorp, Inc. | 28 | 1286 |
| WisdomTree, Inc. | 235 | 1281 |
| Columbia Financial, Inc.<sup>\*</sup> | 59 | 1276 |
| First Foundation, Inc. | 89 | 1275 |
| Plymouth Industrial REIT, Inc. | 66 | 1266 |
| Northfield Bancorp, Inc. | 80 | 1258 |
| Gladstone Commercial Corp. REIT | 68 | 1258 |
| Enact Holdings, Inc. | 52 | 1254 |
| TrustCo Bank Corporation NY | 33 | 1240 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 194 | 1240 |
| B Riley Financial, Inc. | 36 | 1231 |
| Ellington Financial, Inc. REIT | 98 | 1212 |
| Old Second Bancorp, Inc. | 74 | 1187 |
| Brightsphere Investment Group, Inc. | 56 | 1152 |
| Goosehead Insurance, Inc. — Class A<sup>\*</sup> | 33 | 1133 |
| National Western Life Group, Inc. — Class A | 4 | 1124 |
| Office Properties Income Trust REIT | 84 | 1121 |
| Peapack-Gladstone Financial Corp. | 30 | 1117 |
| Bank First Corp. | 12 | 1114 |
| Lemonade, Inc.<sup>\*</sup> | 81 | 1108 |
| Compass, Inc. — Class A<sup>\*</sup> | 472 | 1100 |
| First Bancshares, Inc. | 34 | 1088 |
| MBIA, Inc.<sup>\*</sup> | 83 | 1067 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CBL & Associates Properties, Inc. REIT | 46 | $1062 |
| First Mid Bancshares, Inc. | 33 | 1059 |
| HarborOne Bancorp, Inc. | 76 | 1056 |
| Metropolitan Bank Holding Corp.<sup>\*</sup> | 18 | 1056 |
| Horizon Bancorp, Inc. | 70 | 1056 |
| Universal Health Realty Income Trust REIT | 22 | 1050 |
| Farmland Partners, Inc. REIT | 84 | 1047 |
| Kearny Financial Corp. | 103 | 1045 |
| Camden National Corp. | 25 | 1042 |
| Chatham Lodging Trust REIT | 84 | 1031 |
| Gladstone Land Corp. REIT | 56 | 1028 |
| Flushing Financial Corp. | 53 | 1027 |
| BrightSpire Capital, Inc. REIT | 163 | 1016 |
| United Fire Group, Inc. | 37 | 1012 |
| Byline Bancorp, Inc. | 44 | 1011 |
| Global Medical REIT, Inc. | 106 | 1005 |
| Cambridge Bancorp | 12 | 997 |
| Midland States Bancorp, Inc. | 37 | 985 |
| CrossFirst Bankshares, Inc.<sup>\*</sup> | 79 | 980 |
| Dynex Capital, Inc. REIT | 76 | 967 |
| Urstadt Biddle Properties, Inc. — Class A REIT | 51 | 966 |
| Central Pacific Financial Corp. | 47 | 953 |
| Great Southern Bancorp, Inc. | 16 | 952 |
| SiriusPoint Ltd.<sup>\*</sup> | 160 | 944 |
| Silvergate Capital Corp. — Class A<sup>\*,1</sup> | 54 | 940 |
| Diamond Hill Investment Group, Inc. | 5 | 925 |
| Bank of Marin Bancorp | 28 | 921 |
| Ares Commercial Real Estate Corp. REIT | 89 | 916 |
| First Community Bankshares, Inc. | 27 | 915 |
| Equity Bancshares, Inc. — Class A | 28 | 915 |
| Mercantile Bank Corp. | 27 | 904 |
| iStar, Inc. REIT | 118 | 900 |
| Alexander's, Inc. REIT | 4 | 880 |
| First Financial Corp. | 19 | 876 |
| AssetMark Financial Holdings, Inc.<sup>\*</sup> | 38 | 874 |
| Coastal Financial Corp.<sup>\*</sup> | 18 | 855 |
| HomeStreet, Inc. | 31 | 855 |
| Saul Centers, Inc. REIT | 21 | 854 |
| Brookfield Business Corp. — Class A | 45 | 846 |
| Orion Office REIT, Inc. | 99 | 845 |
| Independent Bank Corp. | 35 | 837 |
| Bar Harbor Bankshares | 26 | 833 |
| CNB Financial Corp. | 35 | 833 |
| Hingham Institution For Savings The | 3 | 828 |
| Business First Bancshares, Inc. | 37 | 819 |
| TPG RE Finance Trust, Inc. REIT | 120 | 815 |
| Arrow Financial Corp. | 24 | 814 |
| Broadmark Realty Capital, Inc. REIT | 225 | 801 |
| Whitestone REIT — Class B | 81 | 781 |
| Redfin Corp.<sup>\*</sup> | 184 | 780 |
| Capital City Bank Group, Inc. | 24 | 780 |
| Mid Penn Bancorp, Inc. | 26 | 779 |
| Victory Capital Holdings, Inc. — Class A | 29 | 778 |
| West BanCorp, Inc. | 30 | 767 |
| RMR Group, Inc. — Class A | 27 | 763 |
| Farmers National Banc Corp. | 54 | 762 |
| MidWestOne Financial Group, Inc. | 24 | 762 |
| SmartFinancial, Inc. | 27 | 743 |
| Invesco Mortgage Capital, Inc. REIT | 58 | 738 |
| First of Long Island Corp. | 41 | 738 |
| EZCORP, Inc. — Class A<sup>\*</sup> | 87 | 709 |
| Carter Bankshares, Inc.<sup>\*</sup> | 42 | 697 |
| Perella Weinberg Partners | 71 | 696 |
| Metrocity Bankshares, Inc. | 32 | 692 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 38 | 674 |
| Peoples Financial Services Corp. | 13 | 674 |
| American National Bankshares, Inc. | 18 | 665 |
| Financial Institutions, Inc. | 27 | 658 |
| Merchants Bancorp | 27 | 657 |
| Orchid Island Capital, Inc. REIT | 62 | 651 |
| FRP Holdings, Inc.<sup>\*</sup> | 12 | 646 |
| One Liberty Properties, Inc. REIT | 29 | 644 |
| Southern Missouri Bancorp, Inc. | 14 | 642 |
| ACNB Corp. | 16 | 637 |
| Capstar Financial Holdings, Inc. | 36 | 636 |
| Five Star Bancorp | 23 | 627 |
| Republic Bancorp, Inc. — Class A | 15 | 614 |
| Alerus Financial Corp. | 26 | 607 |
| HomeTrust Bancshares, Inc. | 25 | 604 |
| Amalgamated Financial Corp. | 26 | 599 |
| Tiptree, Inc. — Class A | 43 | 595 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 13 | 595 |
| Citizens & Northern Corp. | 26 | 594 |
| Oppenheimer Holdings, Inc. — Class A | 14 | 593 |
| Blue Foundry Bancorp<sup>\*</sup> | 46 | 591 |
| RBB Bancorp | 28 | 584 |
| RE/MAX Holdings, Inc. — Class A | 31 | 578 |
| John Marshall Bancorp, Inc. | 20 | 576 |
| Civista Bancshares, Inc. | 26 | 572 |
| Indus Realty Trust, Inc. REIT | 9 | 571 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 21 | 571 |
| City Office REIT, Inc. | 68 | 570 |
| Waterstone Financial, Inc. | 33 | 569 |
| CTO Realty Growth, Inc. REIT | 31 | 567 |
| Enterprise Bancorp, Inc. | 16 | 565 |
| Shore Bancshares, Inc. | 31 | 540 |
| GCM Grosvenor, Inc. — Class A | 71 | 540 |
| Douglas Elliman, Inc. | 131 | 533 |
| World Acceptance Corp.<sup>\*</sup> | 8 | 527 |
| South Plains Financial, Inc. | 19 | 523 |
| Summit Financial Group, Inc. | 21 | 523 |
| Home Bancorp, Inc. | 13 | 520 |
| Guaranty Bancshares, Inc. | 15 | 520 |
| Esquire Financial Holdings, Inc. | 12 | 519 |
| HCI Group, Inc. | 13 | 515 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| First Business Financial Services, Inc. | 14 | $512 |
| Sierra Bancorp | 24 | 510 |
| First Bancorp, Inc. | 17 | 509 |
| Northeast Bank | 12 | 505 |
| Macatawa Bank Corp. | 45 | 496 |
| Braemar Hotels & Resorts, Inc. REIT | 119 | 489 |
| Granite Point Mortgage Trust, Inc. REIT | 90 | 482 |
| Universal Insurance Holdings, Inc. | 45 | 477 |
| BayCom Corp. | 25 | 474 |
| Hersha Hospitality Trust — Class A REIT | 55 | 469 |
| Franklin Street Properties Corp. REIT | 171 | 467 |
| Primis Financial Corp. | 39 | 462 |
| Postal Realty Trust, Inc. — Class A REIT | 31 | 450 |
| BCB Bancorp, Inc. | 25 | 450 |
| Sculptor Capital Management, Inc. | 51 | 442 |
| AFC Gamma, Inc. REIT | 28 | 440 |
| First Internet Bancorp | 18 | 437 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 45 | 432 |
| PCSB Financial Corp. | 22 | 419 |
| Orrstown Financial Services, Inc. | 18 | 417 |
| BRT Apartments Corp. REIT | 21 | 412 |
| Red River Bancshares, Inc. | 8 | 408 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 22 | 405 |
| FVCBankcorp, Inc.<sup>\*</sup> | 21 | 400 |
| MVB Financial Corp. | 18 | 396 |
| First Western Financial, Inc.<sup>\*</sup> | 14 | 394 |
| LendingTree, Inc.<sup>\*</sup> | 18 | 384 |
| Donegal Group, Inc. — Class A | 27 | 383 |
| Capital Bancorp, Inc. | 16 | 377 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 46 | 375 |
| Parke Bancorp, Inc. | 18 | 373 |
| First Bank/Hamilton NJ | 27 | 372 |
| Hippo Holdings, Inc.<sup>\*</sup> | 27 | 367 |
| Industrial Logistics Properties Trust REIT | 112 | 366 |
| Regional Management Corp. | 13 | 365 |
| Blue Ridge Bankshares, Inc. | 29 | 362 |
| Colony Bankcorp, Inc. | 28 | 355 |
| PCB Bancorp | 20 | 354 |
| HBT Financial, Inc. | 18 | 352 |
| Greene County Bancorp, Inc. | 6 | 345 |
| Silvercrest Asset Management Group, Inc. — Class A | 18 | 338 |
| Unity Bancorp, Inc. | 12 | 328 |
| Luther Burbank Corp. | 27 | 300 |
| Investors Title Co. | 2 | 295 |
| Bankwell Financial Group, Inc. | 10 | 294 |
| Legacy Housing Corp.<sup>\*</sup> | 15 | 284 |
| Oportun Financial Corp.<sup>\*</sup> | 49 | 270 |
| Diversified Healthcare Trust REIT | 413 | 267 |
| Ashford Hospitality Trust, Inc. REIT<sup>\*</sup> | 59 | 264 |
| First Guaranty Bancshares, Inc. | 11 | 258 |
| Trean Insurance Group, Inc.<sup>\*</sup> | 40 | 240 |
| USCB Financial Holdings, Inc.<sup>\*</sup> | 19 | 232 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 20 | 228 |
| Chicago Atlantic Real Estate Finance, Inc. | 15 | 226 |
| Nexpoint Real Estate Finance, Inc. REIT | 14 | 222 |
| Applied Digital Corp.<sup>\*</sup> | 117 | 215 |
| Stratus Properties, Inc. | 11 | 212 |
| eHealth, Inc.<sup>\*</sup> | 43 | 208 |
| NI Holdings, Inc.<sup>\*</sup> | 15 | 199 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 7 | 183 |
| Republic First Bancorp, Inc.<sup>\*</sup> | 85 | 183 |
| Sterling Bancorp, Inc.<sup>\*</sup> | 30 | 183 |
| Provident Bancorp, Inc. | 25 | 182 |
| Selectquote, Inc.<sup>\*</sup> | 232 | 156 |
| Velocity Financial, Inc.<sup>\*</sup> | 16 | 154 |
| Crawford & Co. — Class A | 27 | 150 |
| Consumer Portfolio Services, Inc.<sup>\*</sup> | 16 | 142 |
| Curo Group Holdings Corp.<sup>\*</sup> | 38 | 135 |
| Clipper Realty, Inc. REIT | 21 | 134 |
| Bluerock Homes Trust, Inc.<sup>\*</sup> | 6 | 128 |
| Associated Capital Group, Inc. — Class A | 3 | 126 |
| SWK Holdings Corp.<sup>\*</sup> | 7 | 123 |
| Doma Holdings, Inc.<sup>\*</sup> | 238 | 108 |
| Angel Oak Mortgage, Inc. REIT | 22 | 104 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 2 | 88 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 67 | 85 |
| American Realty Investors, Inc.<sup>\*</sup> | 3 | 77 |
| Root, Inc. — Class A<sup>\*</sup> | 13 | 58 |
| Offerpad Solutions, Inc.<sup>\*,1</sup> | 119 | 55 |
| Sunlight Financial Holdings, Inc.<sup>\*</sup> | 42 | 54 |
| OppFi, Inc.<sup>\*</sup> | 24 | 49 |
| Home Point Capital, Inc.<sup>\*</sup> | 14 | 19 |
| Cryptyde, Inc.<sup>\*</sup> | 34 | 6 |
| **Total Financial** |  | 930541 |
| **Industrial - 9.2%** |  |  |
| EMCOR Group, Inc. | 82 | 12145 |
| RBC Bearings, Inc.<sup>\*</sup> | 49 | 10258 |
| Saia, Inc.<sup>\*</sup> | 46 | 9645 |
| Exponent, Inc. | 88 | 8720 |
| Fluor Corp.<sup>\*</sup> | 247 | 8561 |
| Chart Industries, Inc.<sup>\*</sup> | 74 | 8527 |
| Fabrinet<sup>\*</sup> | 65 | 8334 |
| Applied Industrial Technologies, Inc. | 66 | 8318 |
| Novanta, Inc.<sup>\*</sup> | 61 | 8288 |
| UFP Industries, Inc. | 103 | 8163 |
| Evoqua Water Technologies Corp.<sup>\*</sup> | 205 | 8118 |
| Atkore, Inc.<sup>\*</sup> | 71 | 8053 |
| Aerojet Rocketdyne Holdings, Inc.<sup>\*</sup> | 137 | 7663 |
| Comfort Systems USA, Inc. | 61 | 7020 |
| Watts Water Technologies, Inc. — Class A | 48 | 7019 |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 87 | 6900 |
| Altra Industrial Motion Corp. | 113 | 6752 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Simpson Manufacturing Company, Inc. | 75 | $6650 |
| GATX Corp. | 61 | 6487 |
| Franklin Electric Company, Inc. | 80 | 6380 |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 313 | 5985 |
| Summit Materials, Inc. — Class A<sup>\*</sup> | 208 | 5919 |
| AAON, Inc. | 76 | 5724 |
| Mueller Industries, Inc. | 97 | 5723 |
| Sanmina Corp.<sup>\*</sup> | 99 | 5672 |
| Advanced Energy Industries, Inc. | 65 | 5576 |
| Badger Meter, Inc. | 51 | 5560 |
| Belden, Inc. | 75 | 5392 |
| Albany International Corp. — Class A | 54 | 5324 |
| EnerSys | 71 | 5243 |
| Cactus, Inc. — Class A | 102 | 5127 |
| Hillenbrand, Inc. | 120 | 5120 |
| John Bean Technologies Corp. | 55 | 5023 |
| SPX Technologies, Inc.<sup>\*</sup> | 76 | 4989 |
| Plexus Corp.<sup>\*</sup> | 48 | 4941 |
| Vishay Intertechnology, Inc. | 229 | 4940 |
| Forward Air Corp. | 47 | 4930 |
| Terex Corp. | 115 | 4913 |
| Atlas Air Worldwide Holdings, Inc.<sup>\*</sup> | 48 | 4838 |
| Federal Signal Corp. | 103 | 4786 |
| Boise Cascade Co. | 69 | 4738 |
| Dycom Industries, Inc.<sup>\*</sup> | 50 | 4680 |
| Zurn Elkay Water Solutions Corp. | 216 | 4568 |
| Arcosa, Inc. | 84 | 4565 |
| O-I Glass, Inc.<sup>\*</sup> | 270 | 4474 |
| Hub Group, Inc. — Class A<sup>\*</sup> | 56 | 4451 |
| Werner Enterprises, Inc. | 110 | 4429 |
| Scorpio Tankers, Inc. | 82 | 4409 |
| Moog, Inc. — Class A | 49 | 4300 |
| Encore Wire Corp. | 31 | 4264 |
| Trinity Industries, Inc. | 142 | 4199 |
| Matson, Inc. | 65 | 4063 |
| EnPro Industries, Inc. | 37 | 4022 |
| Golar LNG Ltd.<sup>\*</sup> | 175 | 3988 |
| Itron, Inc.<sup>\*</sup> | 78 | 3951 |
| ESCO Technologies, Inc. | 45 | 3939 |
| Energizer Holdings, Inc. | 116 | 3892 |
| Brady Corp. — Class A | 79 | 3721 |
| AeroVironment, Inc.<sup>\*</sup> | 43 | 3683 |
| Kadant, Inc. | 20 | 3553 |
| Barnes Group, Inc. | 85 | 3472 |
| Kennametal, Inc. | 141 | 3392 |
| International Seaways, Inc. | 86 | 3184 |
| NV5 Global, Inc.<sup>\*</sup> | 24 | 3176 |
| Helios Technologies, Inc. | 57 | 3103 |
| Lindsay Corp. | 19 | 3094 |
| Masonite International Corp.<sup>\*</sup> | 38 | 3063 |
| Materion Corp. | 35 | 3063 |
| Frontdoor, Inc.<sup>\*</sup> | 144 | 2995 |
| ArcBest Corp. | 42 | 2942 |
| Mueller Water Products, Inc. — Class A | 271 | 2916 |
| CSW Industrials, Inc. | 25 | 2898 |
| Greif, Inc. — Class A | 43 | 2883 |
| Griffon Corp. | 80 | 2863 |
| Worthington Industries, Inc. | 55 | 2734 |
| AAR Corp.<sup>\*</sup> | 60 | 2694 |
| Granite Construction, Inc. | 76 | 2665 |
| TTM Technologies, Inc.<sup>\*</sup> | 176 | 2654 |
| Air Transport Services Group, Inc.<sup>\*</sup> | 102 | 2650 |
| Frontline plc<sup>\*</sup> | 216 | 2622 |
| MYR Group, Inc.<sup>\*</sup> | 28 | 2578 |
| Enerpac Tool Group Corp. | 101 | 2570 |
| Knowles Corp.<sup>\*</sup> | 156 | 2561 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 55 | 2524 |
| Alamo Group, Inc. | 17 | 2407 |
| Enovix Corp.<sup>\*</sup> | 189 | 2351 |
| OSI Systems, Inc.<sup>\*</sup> | 28 | 2227 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 215 | 2219 |
| CTS Corp. | 55 | 2168 |
| Standex International Corp. | 21 | 2151 |
| DHT Holdings, Inc. | 237 | 2105 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 47 | 2086 |
| Primoris Services Corp. | 94 | 2062 |
| Vicor Corp.<sup>\*</sup> | 38 | 2042 |
| TriMas Corp. | 73 | 2025 |
| Marten Transport Ltd. | 101 | 1998 |
| Tennant Co. | 32 | 1970 |
| Energy Recovery, Inc.<sup>\*</sup> | 96 | 1967 |
| Xometry, Inc. — Class A<sup>\*</sup> | 58 | 1869 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 70 | 1868 |
| Greenbrier Companies, Inc. | 55 | 1844 |
| Golden Ocean Group Ltd. | 212 | 1842 |
| SFL Corporation Ltd. | 199 | 1835 |
| PGT Innovations, Inc.<sup>\*</sup> | 100 | 1796 |
| Apogee Enterprises, Inc. | 39 | 1734 |
| AZZ, Inc. | 43 | 1729 |
| LSB Industries, Inc.<sup>\*</sup> | 129 | 1716 |
| Modine Manufacturing Co.<sup>\*</sup> | 86 | 1708 |
| Hillman Solutions Corp.<sup>\*</sup> | 234 | 1687 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 51 | 1673 |
| Benchmark Electronics, Inc. | 61 | 1628 |
| Astec Industries, Inc. | 40 | 1626 |
| GrafTech International Ltd. | 337 | 1604 |
| FLEX LNG Ltd. | 49 | 1602 |
| Columbus McKinnon Corp. | 49 | 1591 |
| Matthews International Corp. — Class A | 52 | 1583 |
| Mirion Technologies, Inc.<sup>\*</sup> | 238 | 1573 |
| Sturm Ruger & Company, Inc. | 30 | 1519 |
| Mesa Laboratories, Inc. | 9 | 1496 |
| TimkenSteel Corp.<sup>\*</sup> | 81 | 1472 |
| Joby Aviation, Inc.<sup>\*</sup> | 434 | 1454 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 150 | 1448 |
| Myers Industries, Inc. | 64 | 1423 |
| American Woodmark Corp.<sup>\*</sup> | 29 | 1417 |
| UFP Technologies, Inc.<sup>\*</sup> | 12 | 1415 |
| Rocket Lab USA, Inc.<sup>\*</sup> | 373 | 1406 |
| Napco Security Technologies, Inc.<sup>\*</sup> | 51 | 1401 |
| Janus International Group, Inc.<sup>\*</sup> | 142 | 1352 |
| CryoPort, Inc.<sup>\*</sup> | 77 | 1336 |
| Ichor Holdings Ltd.<sup>\*</sup> | 49 | 1314 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 184 | 1244 |
| Heartland Express, Inc. | 81 | 1243 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Teekay Tankers Ltd. — Class A<sup>\*</sup> | 40 | $1232 |
| Proto Labs, Inc.<sup>\*</sup> | 48 | 1225 |
| Triumph Group, Inc.<sup>\*</sup> | 111 | 1168 |
| Eagle Bulk Shipping, Inc. | 23 | 1149 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 57 | 1145 |
| Li-Cycle Holdings Corp.<sup>\*</sup> | 236 | 1123 |
| Chase Corp. | 13 | 1121 |
| GoPro, Inc. — Class A<sup>\*</sup> | 225 | 1120 |
| Kaman Corp. | 49 | 1093 |
| Nordic American Tankers Ltd. | 343 | 1050 |
| Ryerson Holding Corp. | 34 | 1029 |
| Gorman-Rupp Co. | 40 | 1025 |
| Dorian LPG Ltd. | 54 | 1023 |
| Ardmore Shipping Corp.<sup>\*</sup> | 71 | 1023 |
| Ducommun, Inc.<sup>\*</sup> | 20 | 999 |
| Stoneridge, Inc.<sup>\*</sup> | 46 | 992 |
| Genco Shipping & Trading Ltd. | 64 | 983 |
| FARO Technologies, Inc.<sup>\*</sup> | 32 | 941 |
| Kimball Electronics, Inc.<sup>\*</sup> | 41 | 926 |
| Heritage-Crystal Clean, Inc.<sup>\*</sup> | 28 | 910 |
| Insteel Industries, Inc. | 32 | 881 |
| Harsco Corp.<sup>\*</sup> | 137 | 862 |
| Costamare, Inc. | 92 | 854 |
| Pactiv Evergreen, Inc. | 75 | 852 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 22 | 850 |
| Argan, Inc. | 23 | 848 |
| Allied Motion Technologies, Inc. | 23 | 801 |
| CIRCOR International, Inc.<sup>\*</sup> | 33 | 791 |
| Greif, Inc. — Class B | 10 | 782 |
| nLight, Inc.<sup>\*</sup> | 77 | 781 |
| Blink Charging Co.<sup>\*,1</sup> | 67 | 735 |
| DXP Enterprises, Inc.<sup>\*</sup> | 26 | 716 |
| National Presto Industries, Inc. | 10 | 685 |
| Smith & Wesson Brands, Inc. | 78 | 677 |
| MicroVision, Inc.<sup>\*</sup> | 288 | 677 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 113 | 672 |
| Cadre Holdings, Inc. | 33 | 665 |
| Luxfer Holdings plc | 47 | 645 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 19 | 617 |
| Babcock & Wilcox Enterprises, Inc.<sup>\*</sup> | 105 | 606 |
| Powell Industries, Inc. | 17 | 598 |
| AerSale Corp.<sup>\*</sup> | 36 | 584 |
| Northwest Pipe Co.<sup>\*</sup> | 17 | 573 |
| Olympic Steel, Inc. | 17 | 571 |
| IES Holdings, Inc.<sup>\*</sup> | 16 | 569 |
| Omega Flex, Inc. | 6 | 560 |
| Manitowoc Company, Inc.<sup>\*</sup> | 61 | 559 |
| NuScale Power Corp.<sup>\*</sup> | 54 | 554 |
| Teekay Corp.<sup>\*</sup> | 122 | 554 |
| Covenant Logistics Group, Inc. — Class A | 16 | 553 |
| Tutor Perini Corp.<sup>\*</sup> | 73 | 551 |
| Comtech Telecommunications Corp. | 45 | 546 |
| SmartRent, Inc.<sup>\*</sup> | 210 | 510 |
| Hyster-Yale Materials Handling, Inc. | 19 | 481 |
| Tredegar Corp. | 47 | 480 |
| Universal Logistics Holdings, Inc. | 14 | 468 |
| Sight Sciences, Inc.<sup>\*</sup> | 38 | 464 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 246 | 460 |
| Park Aerospace Corp. | 34 | 456 |
| Astronics Corp.<sup>\*</sup> | 44 | 453 |
| Ranpak Holdings Corp.<sup>\*</sup> | 75 | 433 |
| Daseke, Inc.<sup>\*</sup> | 70 | 398 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 146 | 378 |
| Safe Bulkers, Inc. | 128 | 372 |
| Pure Cycle Corp.<sup>\*</sup> | 34 | 356 |
| ESS Tech, Inc.<sup>\*</sup> | 140 | 340 |
| Radiant Logistics, Inc.<sup>\*</sup> | 66 | 336 |
| PAM Transportation Services, Inc.<sup>\*</sup> | 12 | 311 |
| Eastman Kodak Co.<sup>\*</sup> | 99 | 302 |
| 908 Devices, Inc.<sup>\*</sup> | 38 | 290 |
| Charge Enterprises, Inc.<sup>\*</sup> | 225 | 279 |
| Identiv, Inc.<sup>\*</sup> | 38 | 275 |
| Concrete Pumping Holdings, Inc.<sup>\*</sup> | 45 | 263 |
| AMMO, Inc.<sup>\*</sup> | 152 | 263 |
| Akoustis Technologies, Inc.<sup>\*</sup> | 90 | 254 |
| Latham Group, Inc.<sup>\*</sup> | 75 | 242 |
| Caesarstone Ltd. | 39 | 223 |
| Transphorm, Inc.<sup>\*</sup> | 39 | 212 |
| Turtle Beach Corp.<sup>\*</sup> | 27 | 194 |
| View, Inc.<sup>\*,1</sup> | 194 | 187 |
| Atlas Technical Consultants, Inc.<sup>\*</sup> | 32 | 165 |
| Karat Packaging, Inc. | 11 | 158 |
| Hydrofarm Holdings Group, Inc.<sup>\*</sup> | 76 | 118 |
| Astra Space, Inc.<sup>\*</sup> | 263 | 114 |
| NL Industries, Inc. | 15 | 102 |
| Sarcos Technology and Robotics Corp.<sup>\*</sup> | 163 | 91 |
| Momentus, Inc.<sup>\*</sup> | 96 | 75 |
| Redwire Corp.<sup>\*</sup> | 33 | 65 |
| Berkshire Grey, Inc.<sup>\*</sup> | 86 | 52 |
| Fathom Digital Manufacturing C<sup>\*</sup> | 22 | 29 |
| AEye, Inc.<sup>\*</sup> | 46 | 22 |
| **Total Industrial** |  | 557854 |
| **Consumer, Cyclical - 7.4%** |  |  |
| Crocs, Inc.<sup>\*</sup> | 105 | 11385 |
| Texas Roadhouse, Inc. — Class A | 116 | 10550 |
| Murphy USA, Inc. | 36 | 10063 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 163 | 9552 |
| Wingstop, Inc. | 52 | 7156 |
| Academy Sports & Outdoors, Inc. | 135 | 7093 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 38 | 6812 |
| Fox Factory Holding Corp.<sup>\*</sup> | 74 | 6751 |
| Visteon Corp.<sup>\*</sup> | 48 | 6280 |
| Meritage Homes Corp.<sup>\*</sup> | 63 | 5809 |
| Adient plc<sup>\*</sup> | 166 | 5759 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 149 | 5743 |
| FirstCash Holdings, Inc. | 65 | 5649 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 182 | 5524 |
| Signet Jewelers Ltd. | 79 | 5372 |
| Foot Locker, Inc. | 141 | 5328 |
| National Vision Holdings, Inc.<sup>\*</sup> | 136 | 5271 |
| UniFirst Corp. | 26 | 5018 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 488 | 4953 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 243 | 4799 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Skyline Champion Corp.<sup>\*</sup> | 92 | $4739 |
| Beacon Roofing Supply, Inc.<sup>\*</sup> | 89 | 4698 |
| Papa John's International, Inc. | 56 | 4609 |
| Group 1 Automotive, Inc. | 25 | 4509 |
| KB Home | 136 | 4331 |
| Steven Madden Ltd. | 135 | 4315 |
| Resideo Technologies, Inc.<sup>\*</sup> | 250 | 4112 |
| LCI Industries | 43 | 3975 |
| Rush Enterprises, Inc. — Class A | 74 | 3869 |
| International Game Technology plc | 170 | 3856 |
| Kontoor Brands, Inc. | 96 | 3839 |
| Dorman Products, Inc.<sup>\*</sup> | 47 | 3801 |
| American Eagle Outfitters, Inc.<sup>\*</sup> | 268 | 3741 |
| GMS, Inc.<sup>\*</sup> | 75 | 3735 |
| Sonos, Inc.<sup>\*</sup> | 221 | 3735 |
| Gentherm, Inc.<sup>\*</sup> | 57 | 3721 |
| Spirit Airlines, Inc.<sup>\*</sup> | 190 | 3701 |
| SeaWorld Entertainment, Inc.<sup>\*</sup> | 69 | 3692 |
| Nu Skin Enterprises, Inc. — Class A | 87 | 3668 |
| Cracker Barrel Old Country Store, Inc. | 38 | 3600 |
| Red Rock Resorts, Inc. — Class A | 88 | 3521 |
| Installed Building Products, Inc. | 41 | 3509 |
| Dana, Inc. | 225 | 3404 |
| Cavco Industries, Inc.<sup>\*</sup> | 15 | 3394 |
| LGI Homes, Inc.<sup>\*</sup> | 35 | 3241 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 174 | 3235 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 51 | 3189 |
| ODP Corp.<sup>\*</sup> | 70 | 3188 |
| MDC Holdings, Inc. | 100 | 3160 |
| Bloomin' Brands, Inc. | 154 | 3099 |
| World Fuel Services Corp. | 106 | 2897 |
| Methode Electronics, Inc. | 64 | 2840 |
| Veritiv Corp. | 23 | 2799 |
| MillerKnoll, Inc. | 132 | 2773 |
| Winnebago Industries, Inc. | 52 | 2740 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 65 | 2699 |
| Cheesecake Factory, Inc.<sup>1</sup> | 84 | 2664 |
| Urban Outfitters, Inc.<sup>\*</sup> | 110 | 2624 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 74 | 2623 |
| PriceSmart, Inc. | 43 | 2614 |
| Jack in the Box, Inc. | 37 | 2525 |
| Century Communities, Inc. | 50 | 2500 |
| H&E Equipment Services, Inc. | 55 | 2497 |
| Acushnet Holdings Corp. | 58 | 2463 |
| KAR Auction Services, Inc.<sup>\*</sup> | 188 | 2453 |
| Oxford Industries, Inc. | 26 | 2423 |
| Buckle, Inc. | 53 | 2404 |
| Brinker International, Inc.<sup>\*</sup> | 75 | 2393 |
| Vista Outdoor, Inc.<sup>\*</sup> | 97 | 2364 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 186 | 2329 |
| Patrick Industries, Inc. | 38 | 2303 |
| XPEL, Inc.<sup>\*</sup> | 38 | 2282 |
| Dillard's, Inc. — Class A | 7 | 2262 |
| iRobot Corp.<sup>\*</sup> | 47 | 2262 |
| Fisker, Inc.<sup>\*,1</sup> | 308 | 2239 |
| Everi Holdings, Inc.<sup>\*</sup> | 152 | 2181 |
| Liberty Media Corporation-Liberty Braves — Class C<sup>\*</sup> | 66 | 2127 |
| M/I Homes, Inc.<sup>\*</sup> | 46 | 2124 |
| Luminar Technologies, Inc.<sup>\*,1</sup> | 426 | 2109 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 45 | 2024 |
| HNI Corp. | 71 | 2019 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 86 | 1970 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 146 | 1970 |
| Wabash National Corp. | 85 | 1921 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 35 | 1865 |
| Monarch Casino & Resort, Inc.<sup>\*</sup> | 24 | 1845 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 27 | 1836 |
| La-Z-Boy, Inc. | 74 | 1689 |
| Dine Brands Global, Inc. | 26 | 1680 |
| MRC Global, Inc.<sup>\*</sup> | 145 | 1679 |
| Cinemark Holdings, Inc.<sup>\*</sup> | 189 | 1637 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 295 | 1534 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 196 | 1533 |
| Sonic Automotive, Inc. — Class A | 31 | 1527 |
| Camping World Holdings, Inc. — Class A | 68 | 1518 |
| Hibbett, Inc. | 22 | 1501 |
| Shyft Group, Inc. | 60 | 1492 |
| Wolverine World Wide, Inc. | 134 | 1465 |
| Proterra, Inc.<sup>\*</sup> | 385 | 1452 |
| Douglas Dynamics, Inc. | 40 | 1446 |
| SkyWest, Inc.<sup>\*</sup> | 87 | 1437 |
| Caleres, Inc. | 63 | 1404 |
| RCI Hospitality Holdings, Inc. | 15 | 1398 |
| Titan Machinery, Inc.<sup>\*</sup> | 35 | 1391 |
| Virgin Galactic Holdings, Inc.<sup>\*,1</sup> | 395 | 1375 |
| Titan International, Inc.<sup>\*</sup> | 89 | 1363 |
| Golden Entertainment, Inc.<sup>\*</sup> | 35 | 1309 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 151 | 1294 |
| ScanSource, Inc.<sup>\*</sup> | 44 | 1286 |
| Arko Corp. | 145 | 1256 |
| Bally's Corp.<sup>\*</sup> | 63 | 1221 |
| Standard Motor Products, Inc. | 35 | 1218 |
| Nikola Corp.<sup>\*,1</sup> | 557 | 1203 |
| IMAX Corp.<sup>\*</sup> | 81 | 1187 |
| Winmark Corp. | 5 | 1179 |
| MarineMax, Inc.<sup>\*</sup> | 37 | 1155 |
| Franchise Group, Inc. | 48 | 1143 |
| Green Brick Partners, Inc.<sup>\*</sup> | 47 | 1139 |
| Guess?, Inc.<sup>1</sup> | 54 | 1117 |
| Lions Gate Entertainment Corp. — Class B<sup>\*</sup> | 201 | 1091 |
| Ermenegildo Zegna N.V. | 104 | 1089 |
| A-Mark Precious Metals, Inc. | 31 | 1077 |
| OneSpaWorld Holdings Ltd.<sup>\*</sup> | 115 | 1073 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 15 | 1067 |
| Steelcase, Inc. — Class A | 150 | 1060 |
| Genesco, Inc.<sup>\*</sup> | 23 | 1058 |
| Chico's FAS, Inc.<sup>\*</sup> | 213 | 1048 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 76 | 1042 |
| Ethan Allen Interiors, Inc. | 39 | 1031 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 39 | 1029 |
| indie Semiconductor, Inc. — Class A<sup>\*</sup> | 176 | 1026 |
| Sleep Number Corp.<sup>\*</sup> | 39 | 1013 |
| Interface, Inc. — Class A | 101 | 997 |
| Qurate Retail, Inc. — Class A<sup>\*</sup> | 609 | 993 |
| TravelCenters of America, Inc.<sup>\*</sup> | 22 | 985 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sovos Brands, Inc.<sup>\*</sup> | 66 | $948 |
| PC Connection, Inc. | 20 | 938 |
| VSE Corp. | 20 | 938 |
| Movado Group, Inc. | 29 | 935 |
| Ruth's Hospitality Group, Inc. | 60 | 929 |
| Hawaiian Holdings, Inc.<sup>\*</sup> | 89 | 913 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 57 | 904 |
| Denny's Corp.<sup>\*</sup> | 97 | 893 |
| Chuy's Holdings, Inc.<sup>\*</sup> | 31 | 877 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 73 | 873 |
| Vizio Holding Corp. — Class A<sup>\*</sup> | 117 | 867 |
| Designer Brands, Inc. — Class A | 88 | 861 |
| Shoe Carnival, Inc. | 34 | 813 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 31 | 802 |
| Children's Place, Inc.<sup>\*</sup> | 22 | 801 |
| America's Car-Mart, Inc.<sup>\*</sup> | 11 | 795 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 48 | 783 |
| Hudson Technologies, Inc.<sup>\*</sup> | 75 | 759 |
| Haverty Furniture Companies, Inc. | 25 | 748 |
| Accel Entertainment, Inc.<sup>\*</sup> | 97 | 747 |
| Big Lots, Inc. | 49 | 720 |
| REV Group, Inc. | 57 | 719 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 30 | 688 |
| Bowlero Corp.<sup>\*</sup> | 51 | 687 |
| Destination XL Group, Inc.<sup>\*</sup> | 100 | 675 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 52 | 663 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 64 | 657 |
| PetMed Express, Inc. | 36 | 637 |
| Sportsman's Warehouse Holdings, Inc.<sup>\*</sup> | 67 | 630 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 53 | 625 |
| Xperi, Inc.<sup>\*</sup> | 72 | 620 |
| Rush Enterprises, Inc. — Class B | 11 | 619 |
| Funko, Inc. — Class A<sup>\*</sup> | 56 | 611 |
| Zumiez, Inc.<sup>\*</sup> | 28 | 609 |
| Marcus Corp. | 42 | 604 |
| Build-A-Bear Workshop, Inc. — Class A<sup>\*</sup> | 25 | 596 |
| Johnson Outdoors, Inc. — Class A | 9 | 595 |
| Lions Gate Entertainment Corp. — Class A<sup>\*</sup> | 102 | 582 |
| Solid Power, Inc.<sup>\*</sup> | 226 | 574 |
| Liberty Media Corporation-Liberty Braves — Class A<sup>\*</sup> | 17 | 555 |
| Lovesac Co.<sup>\*</sup> | 25 | 550 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 19 | 543 |
| Global Industrial Co. | 23 | 541 |
| Hyliion Holdings Corp.<sup>\*</sup> | 230 | 538 |
| EVgo, Inc.<sup>\*,1</sup> | 119 | 532 |
| Bluegreen Vacations Holding Corp. | 21 | 524 |
| Miller Industries, Inc. | 19 | 507 |
| Forestar Group, Inc.<sup>\*</sup> | 31 | 478 |
| Microvast Holdings, Inc.<sup>\*</sup> | 300 | 459 |
| Purple Innovation, Inc.<sup>\*</sup> | 95 | 455 |
| Citi Trends, Inc.<sup>\*</sup> | 17 | 450 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 58 | 447 |
| Universal Electronics, Inc.<sup>\*</sup> | 21 | 437 |
| Full House Resorts, Inc.<sup>\*</sup> | 57 | 429 |
| Kimball International, Inc. — Class B | 63 | 409 |
| Sonder Holdings, Inc.<sup>\*</sup> | 327 | 406 |
| Workhorse Group, Inc.<sup>\*</sup> | 264 | 401 |
| TuSimple Holdings, Inc. — Class A<sup>\*</sup> | 243 | 399 |
| Tilly's, Inc. — Class A<sup>\*</sup> | 44 | 398 |
| Noodles & Co.<sup>\*</sup> | 72 | 395 |
| Clarus Corp. | 50 | 392 |
| GrowGeneration Corp.<sup>\*</sup> | 100 | 392 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 8 | 381 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 106 | 381 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 32 | 379 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 9 | 379 |
| Weber, Inc. — Class A<sup>\*,1</sup> | 47 | 378 |
| El Pollo Loco Holdings, Inc. | 36 | 359 |
| Fossil Group, Inc.<sup>\*</sup> | 82 | 353 |
| Bed Bath & Beyond, Inc.<sup>\*,1</sup> | 139 | 349 |
| Cato Corp. — Class A | 36 | 336 |
| Century Casinos, Inc.<sup>\*</sup> | 47 | 330 |
| Lordstown Motors Corp. — Class A<sup>\*</sup> | 289 | 330 |
| Big 5 Sporting Goods Corp. | 37 | 327 |
| Blue Bird Corp.<sup>\*</sup> | 30 | 321 |
| Tupperware Brands Corp.<sup>\*</sup> | 77 | 319 |
| Rite Aid Corp.<sup>\*</sup> | 95 | 317 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 36 | 312 |
| LL Flooring Holdings, Inc.<sup>\*</sup> | 54 | 303 |
| Canoo, Inc.<sup>\*</sup> | 244 | 300 |
| NEOGAMES S.A.<sup>\*</sup> | 24 | 293 |
| Wheels Up Experience, Inc.<sup>\*</sup> | 276 | 284 |
| Rocky Brands, Inc. | 12 | 283 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 2 | 278 |
| Velodyne Lidar, Inc.<sup>\*</sup> | 335 | 247 |
| ONE Group Hospitality, Inc.<sup>\*</sup> | 39 | 246 |
| Container Store Group, Inc.<sup>\*</sup> | 57 | 246 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 18 | 244 |
| Hyzon Motors, Inc.<sup>\*</sup> | 153 | 237 |
| Tile Shop Holdings, Inc.<sup>\*</sup> | 54 | 237 |
| Weyco Group, Inc. | 11 | 233 |
| Aeva Technologies, Inc.<sup>\*</sup> | 169 | 230 |
| Snap One Holdings Corp.<sup>\*</sup> | 31 | 230 |
| Reservoir Media, Inc.<sup>\*</sup> | 36 | 215 |
| Superior Group of Companies, Inc. | 20 | 201 |
| Holley, Inc.<sup>\*</sup> | 89 | 189 |
| Vinco Ventures, Inc.<sup>\*</sup> | 393 | 182 |
| F45 Training Holdings, Inc.<sup>\*</sup> | 63 | 179 |
| Lifetime Brands, Inc. | 22 | 167 |
| Marine Products Corp. | 14 | 165 |
| Mullen Automotive, Inc.<sup>\*</sup> | 571 | 163 |
| Conn's, Inc.<sup>\*</sup> | 23 | 158 |
| Traeger, Inc.<sup>\*</sup> | 56 | 158 |
| PLBY Group, Inc.<sup>\*</sup> | 54 | 148 |
| Duluth Holdings, Inc. — Class B<sup>\*</sup> | 23 | 142 |
| Cenntro Electric Group Ltd.<sup>\*</sup> | 320 | 141 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 102 | 134 |
| Express, Inc.<sup>\*</sup> | 113 | 115 |
| Landsea Homes Corp.<sup>\*</sup> | 22 | 115 |
| Aterian, Inc.<sup>\*</sup> | 114 | 88 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Torrid Holdings, Inc.<sup>\*,1</sup> | 29 | $86 |
| Volta, Inc.<sup>\*,1</sup> | 213 | 76 |
| Party City Holdco, Inc.<sup>\*</sup> | 190 | 69 |
| CompX International, Inc. | 3 | 55 |
| JOANN, Inc.<sup>\*,1</sup> | 19 | 54 |
| Xos, Inc.<sup>\*</sup> | 96 | 43 |
| Lightning eMotors, Inc.<sup>\*</sup> | 69 | 25 |
| Cepton, Inc.<sup>\*</sup> | 17 | 22 |
| **Total Consumer, Cyclical** |  | 448327 |
| **Technology - 6.2%** |  |  |
| ExlService Holdings, Inc.<sup>\*</sup> | 56 | 9488 |
| SPS Commerce, Inc.<sup>\*</sup> | 63 | 8091 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 57 | 7733 |
| Maximus, Inc. | 105 | 7700 |
| Box, Inc. — Class A<sup>\*</sup> | 242 | 7533 |
| Qualys, Inc.<sup>\*</sup> | 67 | 7519 |
| Tenable Holdings, Inc.<sup>\*</sup> | 194 | 7401 |
| Power Integrations, Inc. | 98 | 7029 |
| Workiva, Inc.<sup>\*</sup> | 82 | 6886 |
| Rambus, Inc.<sup>\*</sup> | 186 | 6662 |
| Super Micro Computer, Inc.<sup>\*</sup> | 81 | 6650 |
| Synaptics, Inc.<sup>\*</sup> | 69 | 6566 |
| Blackline, Inc.<sup>\*</sup> | 96 | 6458 |
| Envestnet, Inc.<sup>\*</sup> | 96 | 5923 |
| Diodes, Inc.<sup>\*</sup> | 77 | 5863 |
| Onto Innovation, Inc.<sup>\*</sup> | 86 | 5856 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 88 | 5542 |
| Insight Enterprises, Inc.<sup>\*</sup> | 55 | 5515 |
| 1Life Healthcare, Inc.<sup>\*</sup> | 314 | 5247 |
| Ambarella, Inc.<sup>\*</sup> | 63 | 5180 |
| CommVault Systems, Inc.<sup>\*</sup> | 77 | 4839 |
| Blackbaud, Inc.<sup>\*</sup> | 81 | 4768 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 81 | 4573 |
| Varonis Systems, Inc.<sup>\*</sup> | 190 | 4549 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 57 | 4523 |
| ACI Worldwide, Inc.<sup>\*</sup> | 195 | 4485 |
| Kulicke & Soffa Industries, Inc. | 99 | 4382 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 126 | 4278 |
| Amkor Technology, Inc. | 178 | 4268 |
| Altair Engineering, Inc. — Class A<sup>\*</sup> | 90 | 4092 |
| Impinj, Inc.<sup>\*</sup> | 37 | 4040 |
| Verint Systems, Inc.<sup>\*</sup> | 110 | 3991 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 142 | 3987 |
| PagerDuty, Inc.<sup>\*</sup> | 147 | 3904 |
| NetScout Systems, Inc.<sup>\*</sup> | 118 | 3836 |
| Progress Software Corp. | 76 | 3834 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 33 | 3478 |
| Rapid7, Inc.<sup>\*</sup> | 102 | 3466 |
| Verra Mobility Corp.<sup>\*</sup> | 248 | 3430 |
| Veradigm, Inc.<sup>\*</sup> | 189 | 3334 |
| Semtech Corp.<sup>\*</sup> | 110 | 3156 |
| KnowBe4, Inc. — Class A<sup>\*</sup> | 126 | 3122 |
| CSG Systems International, Inc. | 54 | 3089 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 121 | 3082 |
| Clear Secure, Inc. — Class A | 108 | 2962 |
| FormFactor, Inc.<sup>\*</sup> | 133 | 2957 |
| Duolingo, Inc.<sup>\*</sup> | 41 | 2916 |
| Xerox Holdings Corp. | 198 | 2891 |
| SiTime Corp.<sup>\*</sup> | 28 | 2845 |
| Phreesia, Inc.<sup>\*</sup> | 85 | 2751 |
| Parsons Corp.<sup>\*</sup> | 59 | 2729 |
| Agilysys, Inc.<sup>\*</sup> | 34 | 2691 |
| Cohu, Inc.<sup>\*</sup> | 83 | 2660 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 79 | 2619 |
| Model N, Inc.<sup>\*</sup> | 63 | 2555 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 254 | 2525 |
| Digital Turbine, Inc.<sup>\*</sup> | 162 | 2469 |
| Appian Corp. — Class A<sup>\*</sup> | 70 | 2279 |
| MicroStrategy, Inc. — Class A<sup>\*,1</sup> | 16 | 2265 |
| Outset Medical, Inc.<sup>\*</sup> | 84 | 2169 |
| Digi International, Inc.<sup>\*</sup> | 59 | 2156 |
| Everbridge, Inc.<sup>\*</sup> | 69 | 2041 |
| E2open Parent Holdings, Inc.<sup>\*</sup> | 345 | 2025 |
| Apollo Medical Holdings, Inc.<sup>\*</sup> | 68 | 2012 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 171 | 2011 |
| NextGen Healthcare, Inc.<sup>\*</sup> | 98 | 1840 |
| PowerSchool Holdings, Inc. — Class A<sup>\*</sup> | 79 | 1823 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 33 | 1774 |
| Schrodinger Incorporated/United States<sup>\*</sup> | 94 | 1757 |
| Photronics, Inc.<sup>\*</sup> | 104 | 1750 |
| Asana, Inc. — Class A<sup>\*</sup> | 127 | 1749 |
| Privia Health Group, Inc.<sup>\*</sup> | 77 | 1749 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 45 | 1739 |
| PROS Holdings, Inc.<sup>\*</sup> | 71 | 1722 |
| Adeia, Inc. | 180 | 1706 |
| Avid Technology, Inc.<sup>\*</sup> | 63 | 1675 |
| 3D Systems Corp.<sup>\*</sup> | 221 | 1635 |
| Veeco Instruments, Inc.<sup>\*</sup> | 88 | 1635 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 199 | 1634 |
| Duck Creek Technologies, Inc.<sup>\*</sup> | 135 | 1627 |
| Momentive Global, Inc.<sup>\*</sup> | 227 | 1589 |
| Fastly, Inc. — Class A<sup>\*</sup> | 194 | 1589 |
| Sumo Logic, Inc.<sup>\*</sup> | 196 | 1588 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 189 | 1544 |
| ForgeRock, Inc. — Class A<sup>\*</sup> | 66 | 1503 |
| TTEC Holdings, Inc. | 34 | 1500 |
| PDF Solutions, Inc.<sup>\*</sup> | 52 | 1483 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 211 | 1353 |
| Zuora, Inc. — Class A<sup>\*</sup> | 210 | 1336 |
| Yext, Inc.<sup>\*</sup> | 197 | 1286 |
| SMART Global Holdings, Inc.<sup>\*</sup> | 85 | 1265 |
| Cerence, Inc.<sup>\*</sup> | 68 | 1260 |
| LivePerson, Inc.<sup>\*</sup> | 122 | 1237 |
| N-able, Inc.<sup>\*</sup> | 118 | 1213 |
| PAR Technology Corp.<sup>\*</sup> | 46 | 1199 |
| Conduent, Inc.<sup>\*</sup> | 294 | 1191 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 98 | 1184 |
| C3.ai, Inc. — Class A<sup>\*</sup> | 102 | 1141 |
| Pitney Bowes, Inc. | 300 | 1140 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 38 | 1086 |
| EngageSmart, Inc.<sup>\*</sup> | 61 | 1074 |
| Matterport, Inc.<sup>\*</sup> | 382 | 1070 |
| CEVA, Inc.<sup>\*</sup> | 40 | 1023 |
| Sapiens International Corporation N.V. | 55 | 1016 |
| Health Catalyst, Inc.<sup>\*</sup> | 95 | 1010 |
| Simulations Plus, Inc. | 27 | 987 |
| BigCommerce Holdings, Inc.<sup>\*</sup> | 112 | 979 |
| Olo, Inc. — Class A<sup>\*</sup> | 155 | 969 |
| Ebix, Inc. | 48 | 958 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 85 | $954 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 74 | 948 |
| AvePoint, Inc.<sup>\*</sup> | 224 | 921 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 40 | 918 |
| Alkami Technology, Inc.<sup>\*</sup> | 62 | 905 |
| Corsair Gaming, Inc.<sup>\*</sup> | 66 | 896 |
| Vimeo, Inc.<sup>\*</sup> | 248 | 851 |
| 8x8, Inc.<sup>\*</sup> | 194 | 838 |
| Nutex Health, Inc.<sup>\*</sup> | 436 | 828 |
| Sharecare, Inc.<sup>\*</sup> | 509 | 814 |
| American Software, Inc. — Class A | 55 | 807 |
| OneSpan, Inc.<sup>\*</sup> | 72 | 806 |
| SolarWinds Corp.<sup>\*</sup> | 84 | 786 |
| Domo, Inc. — Class B<sup>\*</sup> | 53 | 755 |
| Mitek Systems, Inc.<sup>\*</sup> | 75 | 727 |
| Instructure Holdings, Inc.<sup>\*</sup> | 31 | 727 |
| IonQ, Inc.<sup>\*</sup> | 206 | 711 |
| Computer Programs and Systems, Inc.<sup>\*</sup> | 25 | 681 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 84 | 648 |
| UserTesting, Inc.<sup>\*</sup> | 84 | 631 |
| Intapp, Inc.<sup>\*</sup> | 25 | 624 |
| Desktop Metal, Inc. — Class A<sup>\*</sup> | 458 | 623 |
| ON24, Inc.<sup>\*</sup> | 72 | 621 |
| Unisys Corp.<sup>\*</sup> | 116 | 593 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 66 | 580 |
| MeridianLink, Inc.<sup>\*</sup> | 40 | 549 |
| Playstudios, Inc.<sup>\*</sup> | 138 | 535 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 42 | 532 |
| Daily Journal Corp.<sup>\*</sup> | 2 | 501 |
| Telos Corp.<sup>\*</sup> | 93 | 473 |
| Benefitfocus, Inc.<sup>\*</sup> | 45 | 471 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 321 | 462 |
| Digimarc Corp.<sup>\*,1</sup> | 24 | 444 |
| Cantaloupe, Inc.<sup>\*</sup> | 101 | 439 |
| HireRight Holdings Corp.<sup>\*</sup> | 37 | 439 |
| Enfusion, Inc. — Class A<sup>\*</sup> | 45 | 435 |
| Cvent Holding Corp.<sup>\*</sup> | 78 | 421 |
| IBEX Holdings Ltd.<sup>\*</sup> | 16 | 398 |
| Red Violet, Inc.<sup>\*</sup> | 17 | 391 |
| Vuzix Corp.<sup>\*,1</sup> | 103 | 375 |
| Brightcove, Inc.<sup>\*</sup> | 71 | 371 |
| Upland Software, Inc.<sup>\*</sup> | 50 | 357 |
| eGain Corp.<sup>\*</sup> | 36 | 325 |
| Cardlytics, Inc.<sup>\*</sup> | 56 | 324 |
| Rimini Street, Inc.<sup>\*</sup> | 84 | 320 |
| EverCommerce, Inc.<sup>\*</sup> | 43 | 320 |
| NextNav, Inc.<sup>\*</sup> | 105 | 308 |
| AXT, Inc.<sup>\*</sup> | 70 | 307 |
| Rackspace Technology, Inc.<sup>\*</sup> | 100 | 295 |
| Veritone, Inc.<sup>\*</sup> | 54 | 286 |
| Skillz, Inc.<sup>\*</sup> | 543 | 275 |
| Porch Group, Inc.<sup>\*</sup> | 140 | 263 |
| Weave Communications, Inc.<sup>\*</sup> | 54 | 247 |
| CS Disco, Inc.<sup>\*</sup> | 39 | 247 |
| Outbrain, Inc.<sup>\*</sup> | 63 | 228 |
| Atomera, Inc.<sup>\*</sup> | 36 | 224 |
| Markforged Holding Corp.<sup>\*</sup> | 191 | 221 |
| Ouster, Inc.<sup>\*</sup> | 247 | 213 |
| Cerberus Cyber Sentinel Corp.<sup>\*</sup> | 79 | 201 |
| Skillsoft Corp.<sup>\*</sup> | 141 | 183 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 128 | 182 |
| Velo3D, Inc.<sup>\*</sup> | 98 | 175 |
| Pear Therapeutics, Inc.<sup>\*</sup> | 118 | 139 |
| SkyWater Technology, Inc.<sup>\*</sup> | 19 | 135 |
| WM Technology, Inc.<sup>\*,1</sup> | 128 | 129 |
| Arteris, Inc.<sup>\*</sup> | 30 | 129 |
| LiveVox Holdings, Inc.<sup>\*</sup> | 39 | 116 |
| SecureWorks Corp. — Class A<sup>\*</sup> | 17 | 109 |
| Latch, Inc.<sup>\*</sup> | 151 | 107 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 25 | 101 |
| Loyalty Ventures, Inc.<sup>\*</sup> | 35 | 84 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 173 | 50 |
| Kaleyra, Inc.<sup>\*</sup> | 59 | 45 |
| Rigetti Computing, Inc.<sup>\*,1</sup> | 58 | 42 |
| Avaya Holdings Corp.<sup>\*</sup> | 148 | 29 |
| IronNet, Inc.<sup>\*</sup> | 112 | 26 |
| Rockley Photonics Holdings Ltd.<sup>\*</sup> | 178 | 25 |
| **Total Technology** |  | 376660 |
| **Energy - 4.4%** |  |  |
| Matador Resources Co. | 196 | 11219 |
| Murphy Oil Corp. | 256 | 11011 |
| ChampionX Corp. | 348 | 10089 |
| Chord Energy Corp. | 72 | 9850 |
| Helmerich & Payne, Inc. | 179 | 8873 |
| Denbury, Inc.<sup>\*</sup> | 87 | 7571 |
| Civitas Resources, Inc. | 128 | 7415 |
| SM Energy Co. | 210 | 7314 |
| Valaris Ltd.<sup>\*</sup> | 107 | 7235 |
| Magnolia Oil & Gas Corp. — Class A | 303 | 7105 |
| PBF Energy, Inc. — Class A | 169 | 6892 |
| Patterson-UTI Energy, Inc. | 372 | 6265 |
| Weatherford International plc<sup>\*</sup> | 123 | 6263 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 241 | 5946 |
| California Resources Corp. | 131 | 5700 |
| Noble Corporation plc<sup>\*</sup> | 147 | 5543 |
| Peabody Energy Corp.<sup>\*</sup> | 204 | 5390 |
| CNX Resources Corp.<sup>\*</sup> | 310 | 5220 |
| Array Technologies, Inc.<sup>\*</sup> | 262 | 5064 |
| Kosmos Energy Ltd.<sup>\*</sup> | 783 | 4980 |
| Equitrans Midstream Corp. | 715 | 4790 |
| Liberty Energy, Inc. — Class A | 247 | 3954 |
| CONSOL Energy, Inc. | 60 | 3900 |
| Alpha Metallurgical Resources, Inc. | 26 | 3806 |
| Arch Resources, Inc. | 26 | 3712 |
| Northern Oil and Gas, Inc. | 116 | 3575 |
| Sitio Royalties Corp. — Class A | 123 | 3548 |
| Permian Resources Corp. | 357 | 3356 |
| Delek US Holdings, Inc. | 122 | 3294 |
| Callon Petroleum Co.<sup>\*</sup> | 85 | 3153 |
| Sunnova Energy International, Inc.<sup>\*</sup> | 173 | 3116 |
| Warrior Met Coal, Inc. | 89 | 3083 |
| Oceaneering International, Inc.<sup>\*</sup> | 174 | 3043 |
| Tidewater, Inc.<sup>\*</sup> | 81 | 2985 |
| NexTier Oilfield Solutions, Inc.<sup>\*</sup> | 305 | 2818 |
| Green Plains, Inc.<sup>\*</sup> | 91 | 2776 |
| SunPower Corp. — Class A<sup>\*</sup> | 142 | 2560 |
| Nabors Industries Ltd.<sup>\*</sup> | 16 | 2478 |
| Expro Group Holdings N.V.<sup>\*</sup> | 135 | 2448 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NOW, Inc.<sup>\*</sup> | 192 | $2438 |
| Stem, Inc.<sup>\*</sup> | 250 | 2235 |
| Comstock Resources, Inc. | 159 | 2180 |
| Talos Energy, Inc.<sup>\*</sup> | 114 | 2152 |
| Archrock, Inc. | 235 | 2110 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 85 | 1976 |
| FuelCell Energy, Inc.<sup>\*</sup> | 673 | 1871 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 249 | 1838 |
| Diamond Offshore Drilling, Inc.<sup>\*</sup> | 175 | 1820 |
| Borr Drilling Ltd.<sup>\*</sup> | 337 | 1675 |
| Dril-Quip, Inc.<sup>\*</sup> | 59 | 1603 |
| US Silica Holdings, Inc.<sup>\*</sup> | 128 | 1600 |
| CVR Energy, Inc. | 51 | 1598 |
| ProPetro Holding Corp.<sup>\*</sup> | 152 | 1576 |
| Laredo Petroleum, Inc.<sup>\*</sup> | 29 | 1491 |
| Tellurian, Inc.<sup>\*</sup> | 885 | 1487 |
| Ranger Oil Corp. — Class A | 35 | 1415 |
| Gulfport Energy Corp.<sup>\*</sup> | 19 | 1399 |
| SunCoke Energy, Inc. | 145 | 1251 |
| Montauk Renewables, Inc.<sup>\*</sup> | 112 | 1235 |
| Bristow Group, Inc.<sup>\*</sup> | 43 | 1167 |
| RPC, Inc. | 129 | 1147 |
| Select Energy Services, Inc. — Class A | 124 | 1146 |
| Earthstone Energy, Inc. — Class A<sup>\*</sup> | 78 | 1110 |
| Fluence Energy, Inc.<sup>\*</sup> | 62 | 1063 |
| Berry Corp. | 132 | 1056 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 41 | 1033 |
| Kinetik Holdings, Inc. — Class A<sup>1</sup> | 31 | 1025 |
| SandRidge Energy, Inc.<sup>\*</sup> | 55 | 937 |
| W&T Offshore, Inc.<sup>\*</sup> | 164 | 915 |
| REX American Resources Corp.<sup>\*</sup> | 27 | 860 |
| VAALCO Energy, Inc. | 184 | 839 |
| Oil States International, Inc.<sup>\*</sup> | 109 | 813 |
| Excelerate Energy, Inc. — Class A | 32 | 802 |
| TETRA Technologies, Inc.<sup>\*</sup> | 216 | 747 |
| Crescent Energy Co. — Class A | 58 | 695 |
| Gevo, Inc.<sup>\*</sup> | 342 | 650 |
| TPI Composites, Inc.<sup>\*</sup> | 63 | 639 |
| DMC Global, Inc.<sup>\*</sup> | 32 | 622 |
| Newpark Resources, Inc.<sup>\*</sup> | 149 | 618 |
| Vertex Energy, Inc.<sup>\*</sup> | 95 | 589 |
| SilverBow Resources, Inc.<sup>\*</sup> | 20 | 566 |
| Aris Water Solution, Inc. — Class A | 38 | 548 |
| Solaris Oilfield Infrastructure, Inc. — Class A | 55 | 546 |
| Amplify Energy Corp.<sup>\*</sup> | 62 | 545 |
| Riley Exploration Permian, Inc. | 18 | 530 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 67 | 465 |
| Eneti, Inc. | 41 | 412 |
| Ring Energy, Inc.<sup>\*</sup> | 149 | 367 |
| FutureFuel Corp. | 45 | 366 |
| Alto Ingredients, Inc.<sup>\*</sup> | 126 | 363 |
| Energy Vault Holdings, Inc.<sup>\*</sup> | 110 | 343 |
| Ramaco Resources, Inc. | 39 | 343 |
| NACCO Industries, Inc. — Class A | 8 | 304 |
| NextDecade Corp.<sup>\*</sup> | 56 | 277 |
| HighPeak Energy, Inc. | 12 | 274 |
| Aemetis, Inc.<sup>\*</sup> | 51 | 202 |
| Empire Petroleum Corp.<sup>\*</sup> | 15 | 185 |
| Cleanspark, Inc.<sup>\*</sup> | 79 | 161 |
| Heliogen, Inc.<sup>\*</sup> | 157 | 110 |
| Battalion Oil Corp.<sup>\*</sup> | 4 | 39 |
| **Total Energy** |  | 267709 |
| **Communications - 2.7%** |  |  |
| Iridium Communications, Inc. | 217 | 11154 |
| TEGNA, Inc. | 388 | 8222 |
| Calix, Inc.<sup>\*</sup> | 100 | 6843 |
| Maxar Technologies, Inc. | 127 | 6571 |
| Ziff Davis, Inc.<sup>\*</sup> | 79 | 6249 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 753 | 4601 |
| Cogent Communications Holdings, Inc. | 74 | 4224 |
| Viavi Solutions, Inc.<sup>\*</sup> | 395 | 4151 |
| Perficient, Inc.<sup>\*</sup> | 59 | 4120 |
| Extreme Networks, Inc.<sup>\*</sup> | 223 | 4083 |
| Yelp, Inc. — Class A<sup>\*</sup> | 119 | 3253 |
| Bumble, Inc. — Class A<sup>\*</sup> | 150 | 3157 |
| DigitalBridge Group, Inc. | 280 | 3063 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 355 | 2609 |
| Q2 Holdings, Inc.<sup>\*</sup> | 97 | 2606 |
| InterDigital, Inc. | 51 | 2524 |
| ADTRAN Holdings, Inc. | 133 | 2499 |
| Cargurus, Inc.<sup>\*</sup> | 176 | 2466 |
| Magnite, Inc.<sup>\*</sup> | 227 | 2404 |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 167 | 2223 |
| Infinera Corp.<sup>\*</sup> | 329 | 2218 |
| Shutterstock, Inc. | 42 | 2214 |
| Upwork, Inc.<sup>\*</sup> | 207 | 2161 |
| TechTarget, Inc.<sup>\*</sup> | 48 | 2115 |
| Harmonic, Inc.<sup>\*</sup> | 160 | 2096 |
| ePlus, Inc.<sup>\*</sup> | 46 | 2037 |
| Scholastic Corp. | 51 | 2012 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 254 | 1930 |
| A10 Networks, Inc. | 114 | 1896 |
| Clearfield, Inc.<sup>\*</sup> | 20 | 1883 |
| Telephone & Data Systems, Inc. | 175 | 1836 |
| Gray Television, Inc. | 142 | 1589 |
| Cars.com, Inc.<sup>\*</sup> | 115 | 1584 |
| Globalstar, Inc.<sup>\*</sup> | 1189 | 1581 |
| Revolve Group, Inc.<sup>\*</sup> | 71 | 1580 |
| Figs, Inc. — Class A<sup>\*</sup> | 221 | 1487 |
| Poshmark, Inc. — Class A<sup>\*</sup> | 81 | 1448 |
| Overstock.com, Inc.<sup>\*</sup> | 74 | 1433 |
| EW Scripps Co. — Class A<sup>\*</sup> | 102 | 1345 |
| Shenandoah Telecommunications Co. | 84 | 1334 |
| QuinStreet, Inc.<sup>\*</sup> | 90 | 1292 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 209 | 1281 |
| Gogo, Inc.<sup>\*</sup> | 86 | 1269 |
| Open Lending Corp. — Class A<sup>\*</sup> | 184 | 1242 |
| Squarespace, Inc. — Class A<sup>\*</sup> | 54 | 1197 |
| Planet Labs PBC<sup>\*</sup> | 269 | 1170 |
| Sinclair Broadcast Group, Inc. — Class A | 69 | 1070 |
| HealthStream, Inc.<sup>\*</sup> | 42 | 1043 |
| EchoStar Corp. — Class A<sup>\*</sup> | 62 | 1034 |
| Anterix, Inc.<sup>\*</sup> | 32 | 1029 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 38 | $1007 |
| NETGEAR, Inc.<sup>\*</sup> | 50 | 906 |
| ATN International, Inc. | 19 | 861 |
| WideOpenWest, Inc.<sup>\*</sup> | 93 | 847 |
| Stagwell, Inc.<sup>\*</sup> | 136 | 845 |
| Thryv Holdings, Inc.<sup>\*</sup> | 44 | 836 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 52 | 815 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 134 | 785 |
| IDT Corp. — Class B<sup>\*</sup> | 25 | 704 |
| Clear Channel Outdoor Holdings, Inc.<sup>\*</sup> | 637 | 669 |
| Liquidity Services, Inc.<sup>\*</sup> | 46 | 647 |
| Couchbase, Inc.<sup>\*</sup> | 46 | 610 |
| Aviat Networks, Inc.<sup>\*</sup> | 19 | 593 |
| Rover Group, Inc.<sup>\*,1</sup> | 161 | 591 |
| Tucows, Inc. — Class A<sup>\*</sup> | 17 | 577 |
| CarParts.com, Inc.<sup>\*</sup> | 90 | 563 |
| Ooma, Inc.<sup>\*</sup> | 40 | 545 |
| United States Cellular Corp.<sup>\*</sup> | 26 | 542 |
| Quotient Technology, Inc.<sup>\*</sup> | 157 | 538 |
| fuboTV, Inc.<sup>\*,1</sup> | 309 | 538 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 71 | 535 |
| OptimizeRx Corp.<sup>\*</sup> | 31 | 521 |
| Gannett Company, Inc.<sup>\*</sup> | 250 | 508 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 34 | 501 |
| Entravision Communications Corp. — Class A | 103 | 494 |
| ContextLogic, Inc. — Class A<sup>\*</sup> | 1001 | 488 |
| Consolidated Communications Holdings, Inc.<sup>\*</sup> | 128 | 458 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 46 | 440 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 141 | 439 |
| Cambium Networks Corp.<sup>\*</sup> | 20 | 433 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 42 | 418 |
| Allbirds, Inc. — Class A<sup>\*</sup> | 167 | 404 |
| DHI Group, Inc.<sup>\*</sup> | 75 | 397 |
| DZS, Inc.<sup>\*</sup> | 30 | 380 |
| Blade Air Mobility, Inc.<sup>\*</sup> | 98 | 351 |
| Ribbon Communications, Inc.<sup>\*</sup> | 125 | 349 |
| Preformed Line Products Co. | 4 | 333 |
| Groupon, Inc.<sup>\*,1</sup> | 38 | 326 |
| Vivid Seats, Inc. — Class A<sup>\*,1</sup> | 44 | 321 |
| BARK, Inc.<sup>\*</sup> | 206 | 307 |
| Advantage Solutions, Inc.<sup>\*</sup> | 144 | 300 |
| Edgio, Inc.<sup>\*</sup> | 238 | 269 |
| Vacasa, Inc. — Class A<sup>\*</sup> | 193 | 243 |
| Innovid Corp.<sup>\*</sup> | 132 | 226 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 20 | 212 |
| Nerdy, Inc.<sup>\*</sup> | 94 | 212 |
| 1stdibs.com, Inc.<sup>\*</sup> | 41 | 208 |
| Lands' End, Inc.<sup>\*</sup> | 27 | 205 |
| Focus Universal, Inc.<sup>\*,1</sup> | 31 | 199 |
| Cumulus Media, Inc. — Class A<sup>\*</sup> | 30 | 186 |
| RealReal, Inc.<sup>\*</sup> | 149 | 186 |
| Casa Systems, Inc.<sup>\*</sup> | 62 | 169 |
| Gambling.com Group Ltd.<sup>\*</sup> | 16 | 146 |
| Solo Brands, Inc. — Class A<sup>\*,1</sup> | 38 | 141 |
| Inseego Corp.<sup>\*</sup> | 149 | 126 |
| Cyxtera Technologies, Inc.<sup>\*</sup> | 64 | 123 |
| RumbleON, Inc. — Class B<sup>\*</sup> | 18 | 116 |
| Value Line, Inc. | 2 | 102 |
| Urban One, Inc.<sup>\*</sup> | 26 | 98 |
| Ondas Holdings, Inc.<sup>\*</sup> | 61 | 97 |
| KORE Group Holdings, Inc.<sup>\*</sup> | 61 | 77 |
| Terran Orbital Corp.<sup>\*,1</sup> | 41 | 65 |
| Urban One, Inc.<sup>\*</sup> | 14 | 64 |
| AdTheorent Holding Company, Inc.<sup>\*</sup> | 34 | 56 |
| Audacy, Inc.<sup>\*</sup> | 208 | 47 |
| Lulu's Fashion Lounge Holdings, Inc.<sup>\*</sup> | 13 | 33 |
| Inspirato, Inc.<sup>\*</sup> | 22 | 26 |
| aka Brands Holding Corp.<sup>\*</sup> | 19 | 24 |
| **Total Communications** |  | 160806 |
| **Basic Materials - 2.3%** |  |  |
| Commercial Metals Co. | 203 | 9805 |
| Balchem Corp. | 55 | 6716 |
| HB Fuller Co. | 92 | 6589 |
| Cabot Corp. | 97 | 6484 |
| ATI, Inc.<sup>\*</sup> | 215 | 6420 |
| Livent Corp.<sup>\*</sup> | 282 | 5603 |
| Sensient Technologies Corp. | 73 | 5323 |
| Hecla Mining Co. | 957 | 5321 |
| Avient Corp. | 157 | 5300 |
| Ingevity Corp.<sup>\*</sup> | 66 | 4649 |
| Innospec, Inc. | 43 | 4423 |
| Stepan Co. | 38 | 4045 |
| Quaker Chemical Corp. | 24 | 4006 |
| Rogers Corp.<sup>\*</sup> | 32 | 3819 |
| Arconic Corp.<sup>\*</sup> | 177 | 3745 |
| Minerals Technologies, Inc. | 56 | 3400 |
| Carpenter Technology Corp. | 83 | 3066 |
| Sylvamo Corp. | 61 | 2964 |
| Tronox Holdings plc — Class A | 203 | 2783 |
| Constellium SE<sup>\*</sup> | 218 | 2579 |
| Compass Minerals International, Inc. | 61 | 2501 |
| Novagold Resources, Inc.<sup>\*</sup> | 415 | 2482 |
| Uranium Energy Corp.<sup>\*,1</sup> | 614 | 2382 |
| Kaiser Aluminum Corp. | 27 | 2051 |
| Mativ Holdings, Inc. | 94 | 1965 |
| Orion Engineered Carbons S.A. | 107 | 1906 |
| Perimeter Solutions S.A.<sup>\*</sup> | 204 | 1865 |
| AdvanSix, Inc. | 48 | 1825 |
| Resolute Forest Products, Inc.<sup>\*</sup> | 81 | 1749 |
| Energy Fuels, Inc.<sup>\*</sup> | 271 | 1683 |
| Coeur Mining, Inc.<sup>\*</sup> | 483 | 1623 |
| Schnitzer Steel Industries, Inc. — Class A | 45 | 1379 |
| Trinseo plc | 60 | 1363 |
| Piedmont Lithium, Inc.<sup>\*</sup> | 30 | 1321 |
| Hawkins, Inc. | 34 | 1312 |
| Ecovyst, Inc.<sup>\*</sup> | 131 | 1161 |
| American Vanguard Corp. | 52 | 1129 |
| Clearwater Paper Corp.<sup>\*</sup> | 29 | 1096 |
| Koppers Holdings, Inc. | 37 | 1043 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 107 | 1027 |
| Haynes International, Inc. | 21 | 960 |
| Origin Materials, Inc.<sup>\*</sup> | 183 | 844 |
| Lightwave Logic, Inc.<sup>\*</sup> | 194 | 836 |
| Century Aluminum Co.<sup>\*</sup> | 91 | 744 |
| Intrepid Potash, Inc.<sup>\*</sup> | 21 | 606 |
| Diversey Holdings Ltd.<sup>\*</sup> | 137 | 584 |
| United States Lime & Minerals, Inc. | 4 | 563 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Amyris, Inc.<sup>\*,1</sup> | 342 | $523 |
| Codexis, Inc.<sup>\*</sup> | 106 | 494 |
| 5E Advanced Materials, Inc.<sup>\*</sup> | 57 | 449 |
| Ur-Energy, Inc.<sup>\*</sup> | 364 | 419 |
| Kronos Worldwide, Inc. | 38 | 357 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 25 | 304 |
| Danimer Scientific, Inc.<sup>\*</sup> | 157 | 281 |
| Dakota Gold Corp.<sup>\*</sup> | 89 | 271 |
| Unifi, Inc.<sup>\*</sup> | 25 | 215 |
| Glatfelter Corp.<sup>\*</sup> | 76 | 211 |
| Hycroft Mining Holding Corp.<sup>\*</sup> | 262 | 139 |
| PolyMet Mining Corp.<sup>\*</sup> | 52 | 138 |
| Valhi, Inc. | 4 | 88 |
| Terawulf, Inc.<sup>\*</sup> | 37 | 25 |
| **Total Basic Materials** |  | 138954 |
| **Utilities - 2.3%** |  |  |
| New Jersey Resources Corp. | 168 | 8336 |
| Black Hills Corp. | 112 | 7878 |
| Portland General Electric Co. | 155 | 7595 |
| South Jersey Industries, Inc. | 213 | 7568 |
| Ormat Technologies, Inc. | 85 | 7351 |
| PNM Resources, Inc. | 149 | 7270 |
| Southwest Gas Holdings, Inc. | 116 | 7178 |
| ONE Gas, Inc. | 93 | 7042 |
| Brookfield Infrastructure Corp. — Class A | 170 | 6613 |
| ALLETE, Inc. | 100 | 6451 |
| Spire, Inc. | 88 | 6060 |
| NorthWestern Corp. | 101 | 5993 |
| American States Water Co. | 64 | 5923 |
| California Water Service Group | 94 | 5700 |
| Avista Corp. | 126 | 5587 |
| Clearway Energy, Inc. — Class C | 142 | 4525 |
| MGE Energy, Inc. | 63 | 4435 |
| Otter Tail Corp. | 72 | 4227 |
| SJW Group | 48 | 3897 |
| Chesapeake Utilities Corp. | 30 | 3546 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 55 | 3143 |
| Northwest Natural Holding Co. | 60 | 2855 |
| Middlesex Water Co. | 30 | 2360 |
| Clearway Energy, Inc. — Class A | 60 | 1795 |
| Unitil Corp. | 27 | 1387 |
| York Water Co. | 25 | 1124 |
| Artesian Resources Corp. — Class A | 15 | 879 |
| Altus Power, Inc.<sup>\*,1</sup> | 73 | 476 |
| Global Water Resources, Inc. | 24 | 319 |
| FTC Solar, Inc.<sup>\*</sup> | 73 | 196 |
| Via Renewables, Inc. | 21 | 107 |
| **Total Utilities** |  | 137816 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 48 | 778 |
| **Diversified - 0.0%** |  |  |
| Professional Holding Corp. — Class A<sup>\*</sup> | 22 | 610 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,475,287) |  | 3966879 |

---

---

| | |
|:---|:---|
| **RIGHTS<sup>†††</sup> - 0.0%** | |
| **Consumer, Non-cyclical - 0.0%** |  |
| Tobira Therapeutics, Inc.\* | 14 |
| UCB\* | 140 |
| **Total Consumer, Non-cyclical** |  |
| **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $–) |  |

---

---

| | | |
|:---|:---|:---|
| **MUTUAL FUNDS<sup>†</sup> - 22.4%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 76553 | 737973 |
| Guggenheim Strategy Fund II<sup>2</sup> | 25618 | 615850 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,387,675) |  | 1353823 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.0%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>3</sup> | $500000 | 499566 |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>3,4</sup> | 47000 | 46933 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $546,325) |  | 546499 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>6</sup> | 229259 | 229259 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>6</sup> | 88176 | 88176 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>6</sup> | 87903 | 87903 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $405,338) |  | 405338 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,7</sup> - 0.5%** | | |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund – Class X, 4.10%<sup>8</sup> | 28035 | 28035 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,035) |  | 28035 |
| **Total Investments - 104.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,842,660) |  | $6300574 |
| **Other Assets & Liabilities, net - (4.2)%** |  | (253639) |
| **Total Net Assets - 100.0%** |  | $6046935 |

---

**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 | 16 | Mar 2023 | $1417040 | $(50419) |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | |  |  |  | | | |
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;Russell 2000 Index | Pay | 4.43% (Federal Funds Rate + 0.10%) | At Maturity | 01/26/23 | 434 | $764611 | $(39905) |
| BNP Paribas | &nbsp;&nbsp;&nbsp;Russell 2000 Index | Pay | 4.53% (Federal Funds Rate + 0.20%) | At Maturity | 01/26/23 | 690 | 1215364 | (47913) |
| Barclays Bank plc | &nbsp;&nbsp;&nbsp;Russell 2000 Index | Pay | 4.30% (SOFR) | At Maturity | 01/25/23 | 970 | 1708026 | (123897) |
|  |  |  |  |  |  |  | $3688001 | $(211715) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Affiliated issuer.* |
| *<sup>3</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>6</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>7</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>8</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted<br> Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Level 3 <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3966879 | $— \* | $— | $3966879 |
| Rights |  |  | — \* |  |
| Mutual Funds | 1353823 |  |  | 1353823 |
| U.S. Treasury Bills |  | 546499 |  | 546499 |
| Repurchase Agreements |  | 405338 |  | 405338 |
| Securities Lending Collateral | 28035 |  |  | 28035 |
| Total Assets | $5348737 | $951837 | $— | $6300574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted<br> Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3 <br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $50419 | $— | $— | $50419 |
| Equity Index Swap Agreements\*\* |  | 211715 |  | 211715 |
| Total Liabilities | $50419 | $211715 | $— | $262134 |

---

\* Security has a market value of $0.

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

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> 1.5x Strategy Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** | | | | | | | | |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $905308 | $– | $(275000) | $(6008) | $(8450) | $615850 | 25618 | $15887 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 899762 | – | (150000) | (3071) | (8718) | 737973 | 76553 | 15038 |
|  | $1805070 | $– | $(425000) | $(9079) | $(17168) | $1353823 |  | $30925 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 62.5%** | **COMMON STOCKS<sup>†</sup> - 62.5%** | **COMMON STOCKS<sup>†</sup> - 62.5%** |
| **Consumer, Non-cyclical - 14.9%** |  |  |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 991 | $56388 |
| Shockwave Medical, Inc.<sup>\*</sup> | 265 | 54487 |
| Inspire Medical Systems, Inc.<sup>\*</sup> | 211 | 53147 |
| Karuna Therapeutics, Inc.<sup>\*</sup> | 225 | 44213 |
| Celsius Holdings, Inc.<sup>\*</sup> | 409 | 42552 |
| Medpace Holdings, Inc.<sup>\*</sup> | 190 | 40358 |
| HealthEquity, Inc.<sup>\*</sup> | 622 | 38340 |
| Ensign Group, Inc. | 401 | 37939 |
| Intra-Cellular Therapies, Inc.<sup>\*</sup> | 686 | 36303 |
| Apellis Pharmaceuticals, Inc.<sup>\*</sup> | 698 | 36094 |
| LHC Group, Inc.<sup>\*</sup> | 223 | 36057 |
| Option Care Health, Inc.<sup>\*</sup> | 1159 | 34874 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 324 | 33314 |
| Alkermes plc<sup>\*</sup> | 1222 | 31931 |
| Arrowhead Pharmaceuticals, Inc.<sup>\*</sup> | 771 | 31272 |
| Insperity, Inc. | 272 | 30899 |
| ASGN, Inc.<sup>\*</sup> | 367 | 29903 |
| Haemonetics Corp.<sup>\*</sup> | 380 | 29887 |
| Triton International Ltd. | 434 | 29850 |
| Merit Medical Systems, Inc.<sup>\*</sup> | 419 | 29590 |
| API Group Corp.<sup>\*</sup> | 1550 | 29155 |
| Lancaster Colony Corp. | 146 | 28806 |
| Prometheus Biosciences, Inc.<sup>\*</sup> | 259 | 28490 |
| Cytokinetics, Inc.<sup>\*</sup> | 615 | 28179 |
| Madrigal Pharmaceuticals, Inc.<sup>\*</sup> | 95 | 27574 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 512 | 26091 |
| Vaxcyte, Inc.<sup>\*</sup> | 534 | 25605 |
| Sprouts Farmers Market, Inc.<sup>\*</sup> | 789 | 25540 |
| BellRing Brands, Inc.<sup>\*</sup> | 988 | 25332 |
| Amicus Therapeutics, Inc.<sup>\*</sup> | 2066 | 25226 |
| Simply Good Foods Co.<sup>\*</sup> | 661 | 25138 |
| Herc Holdings, Inc. | 187 | 24604 |
| Neogen Corp.<sup>\*</sup> | 1615 | 24596 |
| Chegg, Inc.<sup>\*</sup> | 932 | 23552 |
| Prestige Consumer Healthcare, Inc.<sup>\*</sup> | 373 | 23350 |
| Axonics, Inc.<sup>\*</sup> | 367 | 22948 |
| Inari Medical, Inc.<sup>\*</sup> | 361 | 22945 |
| Denali Therapeutics, Inc.<sup>\*</sup> | 810 | 22526 |
| LivaNova plc<sup>\*</sup> | 402 | 22327 |
| Hostess Brands, Inc.<sup>\*</sup> | 993 | 22283 |
| ABM Industries, Inc. | 494 | 21943 |
| Intellia Therapeutics, Inc.<sup>\*</sup> | 612 | 21353 |
| Alight, Inc. — Class A<sup>\*</sup> | 2544 | 21268 |
| IVERIC bio, Inc.<sup>\*</sup> | 984 | 21067 |
| iRhythm Technologies, Inc.<sup>\*</sup> | 224 | 20982 |
| Insmed, Inc.<sup>\*</sup> | 1006 | 20100 |
| PTC Therapeutics, Inc.<sup>\*</sup> | 526 | 20077 |
| elf Beauty, Inc.<sup>\*</sup> | 363 | 20074 |
| Korn Ferry | 395 | 19995 |
| Helen of Troy Ltd.<sup>\*</sup> | 178 | 19742 |
| Blueprint Medicines Corp.<sup>\*</sup> | 448 | 19627 |
| StoneCo Ltd. — Class A<sup>\*</sup> | 2077 | 19607 |
| Select Medical Holdings Corp. | 780 | 19367 |
| TriNet Group, Inc.<sup>\*</sup> | 281 | 19052 |
| TreeHouse Foods, Inc.<sup>\*</sup> | 381 | 18814 |
| Beam Therapeutics, Inc.<sup>\*</sup> | 476 | 18616 |
| CONMED Corp. | 209 | 18526 |
| Axsome Therapeutics, Inc.<sup>\*</sup> | 238 | 18357 |
| Primo Water Corp. | 1181 | 18353 |
| Patterson Companies, Inc. | 653 | 18304 |
| Brink's Co. | 337 | 18100 |
| Coca-Cola Consolidated, Inc. | 35 | 17933 |
| Alarm.com Holdings, Inc.<sup>\*</sup> | 360 | 17813 |
| Progyny, Inc.<sup>\*</sup> | 560 | 17444 |
| STAAR Surgical Co.<sup>\*</sup> | 359 | 17426 |
| J & J Snack Foods Corp. | 114 | 17067 |
| Integer Holdings Corp.<sup>\*</sup> | 247 | 16910 |
| United Natural Foods, Inc.<sup>\*</sup> | 435 | 16839 |
| CBIZ, Inc.<sup>\*</sup> | 356 | 16679 |
| Omnicell, Inc.<sup>\*</sup> | 329 | 16588 |
| WD-40 Co. | 102 | 16443 |
| Graham Holdings Co. — Class B | 27 | 16314 |
| NuVasive, Inc.<sup>\*</sup> | 392 | 16166 |
| Prothena Corporation plc<sup>\*</sup> | 266 | 16027 |
| BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | 1390 | 15957 |
| AbCellera Biologics, Inc.<sup>\*,1</sup> | 1551 | 15712 |
| Cal-Maine Foods, Inc. | 284 | 15464 |
| Celldex Therapeutics, Inc.<sup>\*</sup> | 343 | 15288 |
| AtriCure, Inc.<sup>\*</sup> | 342 | 15178 |
| Sabre Corp.<sup>\*</sup> | 2443 | 15098 |
| Glaukos Corp.<sup>\*</sup> | 343 | 14982 |
| Edgewell Personal Care Co. | 386 | 14876 |
| Sage Therapeutics, Inc.<sup>\*</sup> | 390 | 14875 |
| Silk Road Medical, Inc.<sup>\*</sup> | 279 | 14745 |
| ACADIA Pharmaceuticals, Inc.<sup>\*</sup> | 901 | 14344 |
| EVERTEC, Inc. | 442 | 14312 |
| Akero Therapeutics, Inc.<sup>\*</sup> | 259 | 14193 |
| TransMedics Group, Inc.<sup>\*</sup> | 229 | 14134 |
| Amylyx Pharmaceuticals, Inc.<sup>\*</sup> | 375 | 13856 |
| Pacific Biosciences of California, Inc.<sup>\*</sup> | 1692 | 13840 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 543 | 13743 |
| ICF International, Inc. | 138 | 13669 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 718 | 13355 |
| Strategic Education, Inc. | 170 | 13314 |
| REVOLUTION Medicines, Inc.<sup>\*</sup> | 557 | 13268 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 367 | 13091 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 337 | 13012 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 639 | 12978 |
| Inter Parfums, Inc. | 134 | 12934 |
| John Wiley & Sons, Inc. — Class A | 322 | 12899 |
| Cerevel Therapeutics Holdings, Inc.<sup>\*</sup> | 407 | 12837 |
| Vector Group Ltd. | 1077 | 12773 |
| Veracyte, Inc.<sup>\*</sup> | 537 | 12743 |
| Ironwood Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 1024 | 12687 |
| Arvinas, Inc.<sup>\*</sup> | 364 | 12452 |
| Krystal Biotech, Inc.<sup>\*</sup> | 156 | 12358 |
| R1 RCM, Inc.<sup>\*</sup> | 1126 | 12330 |
| Evo Payments, Inc. — Class A<sup>\*</sup> | 354 | 11979 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 336 | 11928 |
| TG Therapeutics, Inc.<sup>\*</sup> | 998 | 11806 |
| LiveRamp Holdings, Inc.<sup>\*</sup> | 495 | 11603 |
| Addus HomeCare Corp.<sup>\*</sup> | 116 | 11541 |
| Agios Pharmaceuticals, Inc.<sup>\*</sup> | 409 | 11485 |
| Xencor, Inc.<sup>\*</sup> | 430 | 11197 |
| MGP Ingredients, Inc. | 105 | 11170 |
| Revance Therapeutics, Inc.<sup>\*</sup> | 601 | 11094 |
| Herbalife Nutrition Ltd.<sup>\*</sup> | 734 | 10922 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Embecta Corp. | 429 | $10849 |
| Owens & Minor, Inc.<sup>\*</sup> | 553 | 10800 |
| Harmony Biosciences Holdings, Inc.<sup>\*</sup> | 196 | 10800 |
| Hain Celestial Group, Inc.<sup>\*</sup> | 667 | 10792 |
| Central Garden & Pet Co. — Class A<sup>\*</sup> | 301 | 10776 |
| Meridian Bioscience, Inc.<sup>\*</sup> | 322 | 10694 |
| Huron Consulting Group, Inc.<sup>\*</sup> | 147 | 10672 |
| FibroGen, Inc.<sup>\*</sup> | 655 | 10493 |
| Monro, Inc. | 232 | 10486 |
| Surgery Partners, Inc.<sup>\*</sup> | 374 | 10420 |
| AdaptHealth Corp.<sup>\*</sup> | 541 | 10398 |
| Nevro Corp.<sup>\*</sup> | 261 | 10336 |
| Ingles Markets, Inc. — Class A | 107 | 10321 |
| Weis Markets, Inc. | 123 | 10122 |
| Twist Bioscience Corp.<sup>\*</sup> | 421 | 10024 |
| Textainer Group Holdings Ltd. | 323 | 10016 |
| Coursera, Inc.<sup>\*</sup> | 843 | 9973 |
| MannKind Corp.<sup>\*</sup> | 1865 | 9829 |
| CoreCivic, Inc.<sup>\*</sup> | 849 | 9814 |
| Chinook Therapeutics, Inc.<sup>\*</sup> | 374 | 9799 |
| Syndax Pharmaceuticals, Inc.<sup>\*</sup> | 383 | 9747 |
| GEO Group, Inc.<sup>\*</sup> | 887 | 9713 |
| Laureate Education, Inc. — Class A | 1004 | 9658 |
| CorVel Corp.<sup>\*</sup> | 66 | 9592 |
| Travere Therapeutics, Inc.<sup>\*</sup> | 456 | 9590 |
| Universal Corp. | 181 | 9559 |
| Stride, Inc.<sup>\*</sup> | 304 | 9509 |
| Relay Therapeutics, Inc.<sup>\*</sup> | 633 | 9457 |
| Dynavax Technologies Corp.<sup>\*</sup> | 887 | 9438 |
| Avanos Medical, Inc.<sup>\*</sup> | 347 | 9390 |
| Medifast, Inc. | 81 | 9343 |
| Vericel Corp.<sup>\*</sup> | 354 | 9324 |
| Pediatrix Medical Group, Inc.<sup>\*</sup> | 622 | 9243 |
| ZipRecruiter, Inc. — Class A<sup>\*</sup> | 543 | 8916 |
| Payoneer Global, Inc.<sup>\*</sup> | 1622 | 8872 |
| Cytek Biosciences, Inc.<sup>\*</sup> | 855 | 8730 |
| Myriad Genetics, Inc.<sup>\*</sup> | 596 | 8648 |
| NeoGenomics, Inc.<sup>\*</sup> | 928 | 8575 |
| ModivCare, Inc.<sup>\*</sup> | 95 | 8524 |
| Chefs' Warehouse, Inc.<sup>\*</sup> | 255 | 8486 |
| Remitly Global, Inc.<sup>\*</sup> | 739 | 8462 |
| Vivint Smart Home, Inc.<sup>\*</sup> | 711 | 8461 |
| Cassava Sciences, Inc.<sup>\*,1</sup> | 286 | 8448 |
| Andersons, Inc. | 240 | 8398 |
| Rent-A-Center, Inc. | 372 | 8389 |
| Replimune Group, Inc.<sup>\*</sup> | 304 | 8269 |
| National Beverage Corp.<sup>\*</sup> | 177 | 8236 |
| Viridian Therapeutics, Inc.<sup>\*</sup> | 281 | 8208 |
| DICE Therapeutics, Inc.<sup>\*</sup> | 263 | 8206 |
| Kforce, Inc. | 147 | 8060 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 287 | 8042 |
| ImmunoGen, Inc.<sup>\*</sup> | 1608 | 7976 |
| PROCEPT BioRobotics Corp.<sup>\*</sup> | 192 | 7976 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 385 | 7962 |
| Avidity Biosciences, Inc.<sup>\*</sup> | 357 | 7922 |
| Reata Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 207 | 7864 |
| SpartanNash Co. | 259 | 7832 |
| Rocket Pharmaceuticals, Inc.<sup>\*</sup> | 400 | 7828 |
| Recursion Pharmaceuticals, Inc. — Class A<sup>\*</sup> | 1013 | 7810 |
| Utz Brands, Inc. | 492 | 7803 |
| US Physical Therapy, Inc. | 96 | 7779 |
| MoneyGram International, Inc.<sup>\*</sup> | 703 | 7656 |
| Ligand Pharmaceuticals, Inc. — Class B<sup>\*</sup> | 113 | 7548 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 274 | 7280 |
| Iovance Biotherapeutics, Inc.<sup>\*</sup> | 1130 | 7221 |
| Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | 394 | 7210 |
| Zentalis Pharmaceuticals, Inc.<sup>\*</sup> | 352 | 7089 |
| Imago Biosciences, Inc.<sup>\*</sup> | 197 | 7082 |
| Kymera Therapeutics, Inc.<sup>\*</sup> | 283 | 7064 |
| Perdoceo Education Corp.<sup>\*</sup> | 504 | 7006 |
| Arcellx, Inc.<sup>\*</sup> | 222 | 6878 |
| RadNet, Inc.<sup>\*</sup> | 365 | 6873 |
| Keros Therapeutics, Inc.<sup>\*</sup> | 143 | 6867 |
| Enanta Pharmaceuticals, Inc.<sup>\*</sup> | 147 | 6838 |
| REGENXBIO, Inc.<sup>\*</sup> | 301 | 6827 |
| SpringWorks Therapeutics, Inc.<sup>\*</sup> | 260 | 6763 |
| Aclaris Therapeutics, Inc.<sup>\*</sup> | 429 | 6757 |
| LeMaitre Vascular, Inc. | 146 | 6719 |
| Healthcare Services Group, Inc. | 555 | 6660 |
| Verve Therapeutics, Inc.<sup>\*</sup> | 341 | 6598 |
| Paragon 28, Inc.<sup>\*</sup> | 345 | 6593 |
| Biohaven Ltd.<sup>\*</sup> | 471 | 6537 |
| Geron Corp.<sup>\*</sup> | 2691 | 6512 |
| Alphatec Holdings, Inc.<sup>\*</sup> | 523 | 6459 |
| Beauty Health Co.<sup>\*</sup> | 707 | 6434 |
| Adaptive Biotechnologies Corp.<sup>\*</sup> | 835 | 6379 |
| CRA International, Inc. | 52 | 6366 |
| PROG Holdings, Inc.<sup>\*</sup> | 375 | 6334 |
| Avid Bioservices, Inc.<sup>\*</sup> | 458 | 6307 |
| Fate Therapeutics, Inc.<sup>\*</sup> | 623 | 6286 |
| Innoviva, Inc.<sup>\*</sup> | 474 | 6281 |
| SunOpta, Inc.<sup>\*</sup> | 732 | 6178 |
| Fresh Del Monte Produce, Inc. | 229 | 5997 |
| Ideaya Biosciences, Inc.<sup>\*</sup> | 330 | 5996 |
| Bridgebio Pharma, Inc.<sup>\*</sup> | 784 | 5974 |
| Kura Oncology, Inc.<sup>\*</sup> | 475 | 5895 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 254 | 5893 |
| Quanex Building Products Corp. | 248 | 5873 |
| Varex Imaging Corp.<sup>\*</sup> | 289 | 5867 |
| Treace Medical Concepts, Inc.<sup>\*</sup> | 250 | 5747 |
| First Advantage Corp.<sup>\*</sup> | 440 | 5720 |
| Udemy, Inc.<sup>\*</sup> | 541 | 5708 |
| Green Dot Corp. — Class A<sup>\*</sup> | 360 | 5695 |
| Beyond Meat, Inc.<sup>\*,1</sup> | 460 | 5663 |
| Atrion Corp. | 10 | 5594 |
| National Healthcare Corp. | 94 | 5593 |
| B&G Foods, Inc.<sup>1</sup> | 500 | 5575 |
| Legalzoom.com, Inc.<sup>\*</sup> | 719 | 5565 |
| Krispy Kreme, Inc. | 538 | 5552 |
| Cogent Biosciences, Inc.<sup>\*</sup> | 480 | 5549 |
| Deciphera Pharmaceuticals, Inc.<sup>\*</sup> | 337 | 5523 |
| Ventyx Biosciences, Inc.<sup>\*</sup> | 168 | 5509 |
| Deluxe Corp. | 324 | 5501 |
| Cutera, Inc.<sup>\*</sup> | 124 | 5483 |
| John B Sanfilippo & Son, Inc. | 67 | 5448 |
| Theravance Biopharma, Inc.<sup>\*</sup> | 482 | 5408 |
| ADMA Biologics, Inc.<sup>\*</sup> | 1392 | 5401 |
| Inhibrx, Inc.<sup>\*</sup> | 219 | 5396 |
| Immunovant, Inc.<sup>\*</sup> | 300 | 5325 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Repay Holdings Corp.<sup>\*</sup> | 656 | $5281 |
| SP Plus Corp.<sup>\*</sup> | 150 | 5208 |
| Morphic Holding, Inc.<sup>\*</sup> | 193 | 5163 |
| Paya Holdings, Inc.<sup>\*</sup> | 656 | 5163 |
| 4D Molecular Therapeutics, Inc.<sup>\*</sup> | 225 | 4997 |
| ViewRay, Inc.<sup>\*</sup> | 1109 | 4968 |
| American Well Corp. — Class A<sup>\*</sup> | 1718 | 4862 |
| Barrett Business Services, Inc. | 52 | 4851 |
| Fulgent Genetics, Inc.<sup>\*</sup> | 161 | 4795 |
| Tootsie Roll Industries, Inc. | 112 | 4768 |
| Agenus, Inc.<sup>\*</sup> | 1976 | 4742 |
| Anavex Life Sciences Corp.<sup>\*</sup> | 511 | 4732 |
| Cerus Corp.<sup>\*</sup> | 1293 | 4719 |
| TrueBlue, Inc.<sup>\*</sup> | 241 | 4719 |
| AnaptysBio, Inc.<sup>\*</sup> | 152 | 4710 |
| Cass Information Systems, Inc. | 101 | 4628 |
| BioLife Solutions, Inc.<sup>\*</sup> | 253 | 4605 |
| Editas Medicine, Inc.<sup>\*</sup> | 518 | 4595 |
| Duckhorn Portfolio, Inc.<sup>\*</sup> | 277 | 4590 |
| Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 309 | 4573 |
| Lyell Immunopharma, Inc.<sup>\*</sup> | 1296 | 4497 |
| Heska Corp.<sup>\*</sup> | 72 | 4476 |
| USANA Health Sciences, Inc.<sup>\*</sup> | 84 | 4469 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 377 | 4452 |
| Day One Biopharmaceuticals, Inc.<sup>\*</sup> | 206 | 4433 |
| Resources Connection, Inc. | 239 | 4393 |
| Coherus Biosciences, Inc.<sup>\*</sup> | 552 | 4372 |
| CareDx, Inc.<sup>\*</sup> | 381 | 4347 |
| Aurinia Pharmaceuticals, Inc.<sup>\*</sup> | 1005 | 4342 |
| Provention Bio, Inc.<sup>\*</sup> | 407 | 4302 |
| Alector, Inc.<sup>\*</sup> | 466 | 4301 |
| Kelly Services, Inc. — Class A | 253 | 4276 |
| DocGo, Inc.<sup>\*</sup> | 603 | 4263 |
| Franklin Covey Co.<sup>\*</sup> | 91 | 4256 |
| OrthoPediatrics Corp.<sup>\*</sup> | 106 | 4211 |
| Ennis, Inc. | 190 | 4210 |
| 23andMe Holding Co. — Class A<sup>\*</sup> | 1935 | 4180 |
| Castle Biosciences, Inc.<sup>\*</sup> | 177 | 4167 |
| Hackett Group, Inc. | 202 | 4115 |
| Heidrick & Struggles International, Inc. | 146 | 4084 |
| Cardiovascular Systems, Inc.<sup>\*</sup> | 298 | 4059 |
| Community Health Systems, Inc.<sup>\*</sup> | 937 | 4048 |
| Point Biopharma Global, Inc.<sup>\*</sup> | 555 | 4046 |
| I3 Verticals, Inc. — Class A<sup>\*</sup> | 165 | 4016 |
| CTI BioPharma Corp.<sup>\*</sup> | 663 | 3985 |
| National Research Corp. — Class A | 105 | 3916 |
| RAPT Therapeutics, Inc.<sup>\*</sup> | 195 | 3861 |
| ACCO Brands Corp. | 689 | 3851 |
| AngioDynamics, Inc.<sup>\*</sup> | 279 | 3842 |
| Brookdale Senior Living, Inc. — Class A<sup>\*</sup> | 1393 | 3803 |
| Mersana Therapeutics, Inc.<sup>\*</sup> | 648 | 3797 |
| Calavo Growers, Inc. | 129 | 3793 |
| Nuvalent, Inc. — Class A<sup>\*</sup> | 127 | 3782 |
| ANI Pharmaceuticals, Inc.<sup>\*</sup> | 94 | 3782 |
| OPKO Health, Inc.<sup>\*</sup> | 3025 | 3781 |
| Protagonist Therapeutics, Inc.<sup>\*</sup> | 345 | 3764 |
| Transcat, Inc.<sup>\*</sup> | 53 | 3756 |
| Allogene Therapeutics, Inc.<sup>\*</sup> | 597 | 3755 |
| Viad Corp.<sup>\*</sup> | 152 | 3707 |
| EQRx, Inc.<sup>\*</sup> | 1506 | 3705 |
| Cimpress plc<sup>\*</sup> | 132 | 3644 |
| Cara Therapeutics, Inc.<sup>\*</sup> | 336 | 3609 |
| Nurix Therapeutics, Inc.<sup>\*</sup> | 325 | 3569 |
| MaxCyte, Inc.<sup>\*</sup> | 652 | 3560 |
| Bluebird Bio, Inc.<sup>\*</sup> | 513 | 3550 |
| Artivion, Inc.<sup>\*</sup> | 292 | 3539 |
| Senseonics Holdings, Inc.<sup>\*</sup> | 3432 | 3535 |
| Quanterix Corp.<sup>\*</sup> | 254 | 3518 |
| V2X, Inc.<sup>\*</sup> | 85 | 3510 |
| 2U, Inc.<sup>\*</sup> | 559 | 3505 |
| Kiniksa Pharmaceuticals Ltd. — Class A<sup>\*</sup> | 233 | 3490 |
| Mission Produce, Inc.<sup>\*</sup> | 300 | 3486 |
| Surmodics, Inc.<sup>\*</sup> | 102 | 3480 |
| iTeos Therapeutics, Inc.<sup>\*</sup> | 176 | 3437 |
| Riot Blockchain, Inc.<sup>\*,1</sup> | 1012 | 3431 |
| SI-BONE, Inc.<sup>\*</sup> | 251 | 3414 |
| Inogen, Inc.<sup>\*</sup> | 172 | 3390 |
| Agiliti, Inc.<sup>\*</sup> | 206 | 3360 |
| Vital Farms, Inc.<sup>\*</sup> | 224 | 3342 |
| Target Hospitality Corp.<sup>\*</sup> | 219 | 3316 |
| Benson Hill, Inc.<sup>\*</sup> | 1283 | 3272 |
| Multiplan Corp.<sup>\*</sup> | 2831 | 3256 |
| Anika Therapeutics, Inc.<sup>\*</sup> | 109 | 3226 |
| Accolade, Inc.<sup>\*</sup> | 413 | 3217 |
| Bionano Genomics, Inc.<sup>\*</sup> | 2187 | 3193 |
| Invitae Corp.<sup>\*</sup> | 1707 | 3175 |
| ImmunityBio, Inc.<sup>\*,1</sup> | 613 | 3108 |
| Vanda Pharmaceuticals, Inc.<sup>\*</sup> | 416 | 3074 |
| Bioxcel Therapeutics, Inc.<sup>\*</sup> | 143 | 3072 |
| Nektar Therapeutics<sup>\*</sup> | 1359 | 3071 |
| Forrester Research, Inc.<sup>\*</sup> | 85 | 3040 |
| Axogen, Inc.<sup>\*</sup> | 304 | 3034 |
| MacroGenics, Inc.<sup>\*</sup> | 452 | 3033 |
| Orthofix Medical, Inc.<sup>\*</sup> | 145 | 2977 |
| Seres Therapeutics, Inc.<sup>\*</sup> | 528 | 2957 |
| Tejon Ranch Co.<sup>\*</sup> | 156 | 2939 |
| Arcturus Therapeutics Holdings, Inc.<sup>\*</sup> | 173 | 2934 |
| Paysafe Ltd.<sup>\*</sup> | 211 | 2933 |
| Vita Coco Company, Inc.<sup>\*</sup> | 209 | 2888 |
| Esperion Therapeutics, Inc.<sup>\*</sup> | 459 | 2860 |
| Custom Truck One Source, Inc.<sup>\*</sup> | 447 | 2825 |
| SomaLogic, Inc.<sup>\*</sup> | 1121 | 2814 |
| Albireo Pharma, Inc.<sup>\*</sup> | 129 | 2788 |
| NanoString Technologies, Inc.<sup>\*</sup> | 348 | 2773 |
| Central Garden & Pet Co.<sup>\*</sup> | 74 | 2771 |
| Carriage Services, Inc. — Class A | 100 | 2754 |
| Atea Pharmaceuticals, Inc.<sup>\*</sup> | 572 | 2751 |
| Dyne Therapeutics, Inc.<sup>\*</sup> | 237 | 2747 |
| Sterling Check Corp.<sup>\*</sup> | 177 | 2738 |
| Sangamo Therapeutics, Inc.<sup>\*</sup> | 865 | 2716 |
| Aaron's Company, Inc. | 227 | 2713 |
| Marathon Digital Holdings, Inc.<sup>\*,1</sup> | 790 | 2702 |
| LifeStance Health Group, Inc.<sup>\*</sup> | 541 | 2672 |
| Clover Health Investments Corp.<sup>\*</sup> | 2852 | 2651 |
| Sana Biotechnology, Inc.<sup>\*</sup> | 667 | 2635 |
| 2seventy bio, Inc.<sup>\*</sup> | 280 | 2624 |
| Utah Medical Products, Inc. | 26 | 2614 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Design Therapeutics, Inc.<sup>\*</sup> | 254 | $2606 |
| SIGA Technologies, Inc. | 353 | 2598 |
| OraSure Technologies, Inc.<sup>\*</sup> | 538 | 2593 |
| Veru, Inc.<sup>\*</sup> | 487 | 2571 |
| Tango Therapeutics, Inc.<sup>\*</sup> | 349 | 2530 |
| Sorrento Therapeutics, Inc.<sup>\*</sup> | 2848 | 2523 |
| Sutro Biopharma, Inc.<sup>\*</sup> | 311 | 2513 |
| Caribou Biosciences, Inc.<sup>\*</sup> | 397 | 2493 |
| Butterfly Network, Inc.<sup>\*</sup> | 996 | 2450 |
| Turning Point Brands, Inc. | 113 | 2444 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 40 | 2438 |
| Inovio Pharmaceuticals, Inc.<sup>\*</sup> | 1555 | 2426 |
| PMV Pharmaceuticals, Inc.<sup>\*</sup> | 276 | 2401 |
| MiMedx Group, Inc.<sup>\*</sup> | 845 | 2349 |
| Cullinan Oncology, Inc.<sup>\*</sup> | 222 | 2342 |
| Kezar Life Sciences, Inc.<sup>\*</sup> | 329 | 2316 |
| Zynex, Inc. | 166 | 2309 |
| BrightView Holdings, Inc.<sup>\*</sup> | 333 | 2294 |
| Liquidia Corp.<sup>\*</sup> | 358 | 2280 |
| Eagle Pharmaceuticals, Inc.<sup>\*</sup> | 78 | 2280 |
| ShotSpotter, Inc.<sup>\*</sup> | 67 | 2267 |
| Intercept Pharmaceuticals, Inc.<sup>\*</sup> | 183 | 2264 |
| Atara Biotherapeutics, Inc.<sup>\*</sup> | 688 | 2257 |
| Seer, Inc.<sup>\*</sup> | 386 | 2239 |
| Arlo Technologies, Inc.<sup>\*</sup> | 633 | 2222 |
| SeaSpine Holdings Corp.<sup>\*</sup> | 265 | 2213 |
| Nano-X Imaging Ltd.<sup>\*</sup> | 299 | 2207 |
| Mirum Pharmaceuticals, Inc.<sup>\*</sup> | 112 | 2184 |
| Oscar Health, Inc. — Class A<sup>\*</sup> | 885 | 2177 |
| Pulmonx Corp.<sup>\*</sup> | 256 | 2158 |
| Pennant Group, Inc.<sup>\*</sup> | 193 | 2119 |
| Erasca, Inc.<sup>\*</sup> | 486 | 2095 |
| Ocugen, Inc.<sup>\*,1</sup> | 1603 | 2084 |
| Phibro Animal Health Corp. — Class A | 153 | 2052 |
| Alta Equipment Group, Inc. | 155 | 2044 |
| Aerovate Therapeutics, Inc.<sup>\*</sup> | 69 | 2022 |
| Vera Therapeutics, Inc.<sup>\*</sup> | 104 | 2012 |
| Edgewise Therapeutics, Inc.<sup>\*</sup> | 223 | 1994 |
| OmniAb, Inc.<sup>\*</sup> | 553 | 1991 |
| Evolus, Inc.<sup>\*</sup> | 265 | 1990 |
| Tarsus Pharmaceuticals, Inc.<sup>\*</sup> | 135 | 1979 |
| RxSight, Inc.<sup>\*</sup> | 154 | 1951 |
| Karyopharm Therapeutics, Inc.<sup>\*</sup> | 571 | 1941 |
| Phathom Pharmaceuticals, Inc.<sup>\*</sup> | 173 | 1941 |
| Rigel Pharmaceuticals, Inc.<sup>\*</sup> | 1293 | 1940 |
| Heron Therapeutics, Inc.<sup>\*</sup> | 771 | 1928 |
| Adicet Bio, Inc.<sup>\*</sup> | 212 | 1895 |
| PetIQ, Inc.<sup>\*</sup> | 205 | 1890 |
| Arbutus Biopharma Corp.<sup>\*</sup> | 809 | 1885 |
| European Wax Center, Inc. — Class A | 150 | 1867 |
| Fulcrum Therapeutics, Inc.<sup>\*</sup> | 256 | 1864 |
| C4 Therapeutics, Inc.<sup>\*</sup> | 315 | 1858 |
| CinCor Pharma, Inc.<sup>\*</sup> | 150 | 1843 |
| ALX Oncology Holdings, Inc.<sup>\*</sup> | 161 | 1814 |
| Kodiak Sciences, Inc.<sup>\*</sup> | 250 | 1790 |
| American Public Education, Inc.<sup>\*</sup> | 140 | 1721 |
| Janux Therapeutics, Inc.<sup>\*</sup> | 129 | 1699 |
| Nuvation Bio, Inc.<sup>\*</sup> | 872 | 1674 |
| Cue Health, Inc.<sup>\*</sup> | 807 | 1670 |
| Tactile Systems Technology, Inc.<sup>\*</sup> | 145 | 1665 |
| Cano Health, Inc.<sup>\*</sup> | 1213 | 1662 |
| Monte Rosa Therapeutics, Inc.<sup>\*</sup> | 215 | 1636 |
| CareMax, Inc.<sup>\*</sup> | 447 | 1632 |
| HilleVax, Inc.<sup>\*</sup> | 97 | 1623 |
| Ocular Therapeutix, Inc.<sup>\*</sup> | 577 | 1621 |
| Universal Technical Institute, Inc.<sup>\*</sup> | 240 | 1613 |
| WW International, Inc.<sup>\*</sup> | 406 | 1567 |
| Willdan Group, Inc.<sup>\*</sup> | 87 | 1553 |
| Stoke Therapeutics, Inc.<sup>\*</sup> | 168 | 1551 |
| Amneal Pharmaceuticals, Inc.<sup>\*</sup> | 772 | 1536 |
| iRadimed Corp. | 53 | 1499 |
| NGM Biopharmaceuticals, Inc.<sup>\*</sup> | 294 | 1476 |
| MeiraGTx Holdings plc<sup>\*</sup> | 226 | 1474 |
| Joint Corp.<sup>\*</sup> | 105 | 1468 |
| Village Super Market, Inc. — Class A | 63 | 1467 |
| Honest Company, Inc.<sup>\*</sup> | 487 | 1466 |
| Zimvie, Inc.<sup>\*</sup> | 156 | 1457 |
| Nkarta, Inc.<sup>\*</sup> | 243 | 1456 |
| Aura Biosciences, Inc.<sup>\*</sup> | 137 | 1438 |
| Prime Medicine, Inc.<sup>\*</sup> | 77 | 1431 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 522 | 1404 |
| Aadi Bioscience, Inc.<sup>\*</sup> | 108 | 1386 |
| Distribution Solutions Group, Inc.<sup>\*</sup> | 37 | 1364 |
| Generation Bio Co.<sup>\*</sup> | 344 | 1352 |
| Y-mAbs Therapeutics, Inc.<sup>\*</sup> | 275 | 1342 |
| Kinnate Biopharma, Inc.<sup>\*</sup> | 219 | 1336 |
| Icosavax, Inc.<sup>\*</sup> | 167 | 1326 |
| Affimed N.V.<sup>\*</sup> | 1065 | 1321 |
| Xeris Biopharma Holdings, Inc.<sup>\*</sup> | 992 | 1319 |
| Lifecore Biomedical, Inc.<sup>\*</sup> | 196 | 1270 |
| Quantum-Si, Inc.<sup>\*</sup> | 684 | 1252 |
| IGM Biosciences, Inc.<sup>\*</sup> | 73 | 1242 |
| Whole Earth Brands, Inc.<sup>\*</sup> | 305 | 1241 |
| KalVista Pharmaceuticals, Inc.<sup>\*</sup> | 183 | 1237 |
| Information Services Group, Inc. | 263 | 1210 |
| Allovir, Inc.<sup>\*</sup> | 233 | 1195 |
| Chimerix, Inc.<sup>\*</sup> | 631 | 1174 |
| BRC, Inc. — Class A<sup>\*</sup> | 191 | 1167 |
| Precigen, Inc.<sup>\*</sup> | 756 | 1149 |
| Akoya Biosciences, Inc.<sup>\*</sup> | 118 | 1129 |
| Berkeley Lights, Inc.<sup>\*</sup> | 418 | 1120 |
| 22nd Century Group, Inc.<sup>\*,1</sup> | 1213 | 1117 |
| Alico, Inc. | 46 | 1098 |
| Rent the Runway, Inc. — Class A<sup>\*</sup> | 350 | 1067 |
| HF Foods Group, Inc.<sup>\*</sup> | 262 | 1064 |
| Quad/Graphics, Inc.<sup>\*</sup> | 252 | 1028 |
| Innovage Holding Corp.<sup>\*,1</sup> | 143 | 1027 |
| Gossamer Bio, Inc.<sup>\*</sup> | 472 | 1024 |
| Lexicon Pharmaceuticals, Inc.<sup>\*</sup> | 515 | 984 |
| Foghorn Therapeutics, Inc.<sup>\*</sup> | 151 | 963 |
| Outlook Therapeutics, Inc.<sup>\*</sup> | 887 | 958 |
| Bright Health Group, Inc.<sup>\*</sup> | 1446 | 940 |
| Spire Global, Inc.<sup>\*</sup> | 937 | 899 |
| Vaxart, Inc.<sup>\*</sup> | 928 | 892 |
| Alpine Immune Sciences, Inc.<sup>\*</sup> | 117 | 860 |
| Nature's Sunshine Products, Inc.<sup>\*</sup> | 101 | 840 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Singular Genomics Systems, Inc.<sup>\*</sup> | 418 | $840 |
| Absci Corp.<sup>\*</sup> | 395 | 829 |
| Vicarious Surgical, Inc.<sup>\*</sup> | 409 | 826 |
| Athira Pharma, Inc.<sup>\*</sup> | 255 | 808 |
| PepGen, Inc.<sup>\*</sup> | 60 | 802 |
| Rallybio Corp.<sup>\*</sup> | 120 | 788 |
| Vintage Wine Estates, Inc.<sup>\*</sup> | 240 | 782 |
| Century Therapeutics, Inc.<sup>\*</sup> | 151 | 775 |
| PFSweb, Inc. | 123 | 756 |
| Tyra Biosciences, Inc.<sup>\*</sup> | 98 | 745 |
| Relmada Therapeutics, Inc.<sup>\*</sup> | 205 | 715 |
| Priority Technology Holdings, Inc.<sup>\*</sup> | 134 | 705 |
| EyePoint Pharmaceuticals, Inc.<sup>\*</sup> | 195 | 682 |
| Praxis Precision Medicines, Inc.<sup>\*</sup> | 283 | 674 |
| Nautilus Biotechnology, Inc.<sup>\*</sup> | 357 | 643 |
| Inotiv, Inc.<sup>\*</sup> | 130 | 642 |
| Theseus Pharmaceuticals, Inc.<sup>\*</sup> | 127 | 632 |
| Natural Grocers by Vitamin Cottage, Inc. | 69 | 631 |
| Bioventus, Inc. — Class A<sup>\*</sup> | 237 | 619 |
| Celularity, Inc.<sup>\*</sup> | 475 | 613 |
| Moneylion, Inc.<sup>\*</sup> | 934 | 579 |
| Invivyd, Inc.<sup>\*</sup> | 385 | 577 |
| VBI Vaccines, Inc.<sup>\*</sup> | 1444 | 565 |
| Kronos Bio, Inc.<sup>\*</sup> | 305 | 494 |
| Bakkt Holdings, Inc.<sup>\*,1</sup> | 402 | 478 |
| Tattooed Chef, Inc.<sup>\*</sup> | 367 | 451 |
| Tenaya Therapeutics, Inc.<sup>\*</sup> | 209 | 420 |
| Beachbody Company, Inc.<sup>\*</sup> | 784 | 412 |
| Thorne HealthTech, Inc.<sup>\*</sup> | 103 | 374 |
| Eiger BioPharmaceuticals, Inc.<sup>\*</sup> | 306 | 361 |
| Jounce Therapeutics, Inc.<sup>\*</sup> | 316 | 351 |
| AirSculpt Technologies, Inc. | 93 | 344 |
| Pardes Biosciences, Inc.<sup>\*</sup> | 200 | 338 |
| P3 Health Partners, Inc.<sup>\*</sup> | 182 | 335 |
| Instil Bio, Inc.<sup>\*</sup> | 521 | 328 |
| AN2 Therapeutics, Inc.<sup>\*,1</sup> | 34 | 324 |
| Sema4 Holdings Corp.<sup>\*</sup> | 1184 | 312 |
| AppHarvest, Inc.<sup>\*</sup> | 526 | 298 |
| CompoSecure, Inc.<sup>\*</sup> | 57 | 280 |
| Humacyte, Inc.<sup>\*</sup> | 132 | 279 |
| Aveanna Healthcare Holdings, Inc.<sup>\*</sup> | 334 | 260 |
| Alpha Teknova, Inc.<sup>\*</sup> | 46 | 259 |
| Bird Global, Inc. — Class A<sup>\*</sup> | 1284 | 231 |
| Oncology Institute, Inc.<sup>\*</sup> | 133 | 219 |
| Babylon Holdings Ltd. — Class A<sup>\*</sup> | 32 | 216 |
| MarketWise, Inc.<sup>\*</sup> | 128 | 215 |
| Science 37 Holdings, Inc.<sup>\*</sup> | 466 | 193 |
| Local Bounti Corp.<sup>\*</sup> | 133 | 185 |
| ATI Physical Therapy, Inc.<sup>\*</sup> | 560 | 171 |
| Talaris Therapeutics, Inc.<sup>\*</sup> | 166 | 169 |
| Cipher Mining, Inc.<sup>\*</sup> | 293 | 164 |
| Enochian Biosciences, Inc.<sup>\*</sup> | 148 | 152 |
| VistaGen Therapeutics, Inc.<sup>\*</sup> | 1459 | 150 |
| GreenLight Biosciences Holdings PBC<sup>\*,1</sup> | 100 | 118 |
| Wejo Group Ltd.<sup>\*</sup> | 172 | 83 |
| Owlet, Inc.<sup>\*</sup> | 123 | 69 |
| Tricida, Inc.<sup>\*</sup> | 249 | 38 |
| Tenon Medical, Inc.<sup>\*</sup> | 24 | 38 |
| Greenidge Generation Holdings, Inc.<sup>\*,1</sup> | 94 | 27 |
| Leafly Holdings, Inc.<sup>\*</sup> | 32 | 21 |
| Gelesis Holdings, Inc.<sup>\*</sup> | 70 | 20 |
| Boxed, Inc.<sup>\*</sup> | 82 | 16 |
| Ligand Pharmaceuticals Inc<sup>\*,††</sup> | 43 |  |
| Ligand Pharmaceuticals Inc<sup>\*,††</sup> | 43 | – |
| **Total Consumer, Non-cyclical** |  | 4052973 |
| **Financial - 14.7%** |  |  |
| Agree Realty Corp. REIT | 651 | 46175 |
| STAG Industrial, Inc. REIT | 1343 | 43392 |
| SouthState Corp. | 558 | 42609 |
| Kinsale Capital Group, Inc. | 162 | 42366 |
| Glacier Bancorp, Inc. | 827 | 40870 |
| Selective Insurance Group, Inc. | 447 | 39609 |
| United Bankshares, Inc. | 978 | 39599 |
| Old National Bancorp | 2197 | 39502 |
| RLI Corp. | 291 | 38200 |
| Valley National Bancorp | 3228 | 36509 |
| Kite Realty Group Trust REIT | 1632 | 34354 |
| Cadence Bank | 1359 | 33513 |
| First Financial Bankshares, Inc. | 974 | 33506 |
| Ryman Hospitality Properties, Inc. REIT | 403 | 32957 |
| Houlihan Lokey, Inc. | 375 | 32685 |
| Home BancShares, Inc. | 1399 | 31883 |
| Terreno Realty Corp. REIT | 557 | 31677 |
| Hancock Whitney Corp. | 646 | 31260 |
| Essent Group Ltd. | 790 | 30715 |
| Independent Bank Corp. | 343 | 28959 |
| Independence Realty Trust, Inc. REIT | 1661 | 28004 |
| UMB Financial Corp. | 330 | 27562 |
| Phillips Edison & Company, Inc. REIT | 849 | 27032 |
| Blackstone Mortgage Trust, Inc. — Class A REIT | 1276 | 27013 |
| United Community Banks, Inc. | 797 | 26939 |
| PotlatchDeltic Corp. REIT | 596 | 26218 |
| ServisFirst Bancshares, Inc. | 376 | 25910 |
| Associated Banc-Corp. | 1118 | 25815 |
| CVB Financial Corp. | 999 | 25724 |
| First Interstate BancSystem, Inc. — Class A | 665 | 25702 |
| Apple Hospitality REIT, Inc. | 1612 | 25437 |
| Community Bank System, Inc. | 400 | 25180 |
| Essential Properties Realty Trust, Inc. REIT | 1053 | 24714 |
| Physicians Realty Trust REIT | 1686 | 24396 |
| American Equity Investment Life Holding Co. | 527 | 24042 |
| Ameris Bancorp | 496 | 23381 |
| Federated Hermes, Inc. — Class B | 640 | 23238 |
| Texas Capital Bancshares, Inc.<sup>\*</sup> | 375 | 22616 |
| Radian Group, Inc. | 1172 | 22350 |
| Pacific Premier Bancorp, Inc. | 702 | 22155 |
| Cathay General Bancorp | 540 | 22027 |
| Corporate Office Properties Trust REIT | 844 | 21893 |
| Sabra Health Care REIT, Inc. | 1729 | 21491 |
| Innovative Industrial Properties, Inc. REIT | 208 | 21081 |
| Mr Cooper Group, Inc.<sup>\*</sup> | 516 | 20707 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| WSFS Financial Corp. | 456 | $20675 |
| Fulton Financial Corp. | 1215 | 20448 |
| LXP Industrial Trust REIT | 2025 | 20291 |
| Broadstone Net Lease, Inc. REIT | 1250 | 20263 |
| Eastern Bankshares, Inc. | 1169 | 20165 |
| SITE Centers Corp. REIT | 1459 | 19930 |
| BankUnited, Inc. | 583 | 19805 |
| Atlantic Union Bankshares Corp. | 561 | 19714 |
| Simmons First National Corp. — Class A | 905 | 19530 |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 3683 | 19483 |
| Equity Commonwealth REIT | 780 | 19477 |
| CNO Financial Group, Inc. | 850 | 19422 |
| Enstar Group Ltd.<sup>\*</sup> | 84 | 19407 |
| Jackson Financial, Inc. — Class A | 557 | 19378 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 639 | 18518 |
| International Bancshares Corp. | 401 | 18350 |
| Moelis & Co. — Class A | 478 | 18341 |
| Outfront Media, Inc. REIT | 1097 | 18188 |
| Macerich Co. REIT | 1614 | 18174 |
| Walker & Dunlop, Inc. | 230 | 18050 |
| McGrath RentCorp | 182 | 17971 |
| Columbia Banking System, Inc. | 590 | 17777 |
| First Merchants Corp. | 429 | 17636 |
| First BanCorp | 1356 | 17248 |
| Hamilton Lane, Inc. — Class A | 265 | 16928 |
| First Financial Bancorp | 698 | 16913 |
| Piper Sandler Cos. | 127 | 16534 |
| Axos Financial, Inc.<sup>\*</sup> | 429 | 16396 |
| Arbor Realty Trust, Inc. REIT | 1237 | 16316 |
| Washington Federal, Inc. | 486 | 16305 |
| National Health Investors, Inc. REIT | 311 | 16240 |
| Focus Financial Partners, Inc. — Class A<sup>\*</sup> | 435 | 16212 |
| Banner Corp. | 256 | 16179 |
| Independent Bank Group, Inc. | 268 | 16101 |
| Trustmark Corp. | 459 | 16024 |
| WesBanco, Inc. | 426 | 15753 |
| TowneBank | 505 | 15574 |
| Four Corners Property Trust, Inc. REIT | 598 | 15506 |
| Renasant Corp. | 410 | 15412 |
| Sunstone Hotel Investors, Inc. REIT | 1589 | 15350 |
| Park National Corp. | 108 | 15201 |
| Cushman & Wakefield plc<sup>\*</sup> | 1191 | 14840 |
| Heartland Financial USA, Inc. | 308 | 14359 |
| Seacoast Banking Corporation of Florida | 453 | 14129 |
| Bread Financial Holdings, Inc. | 375 | 14123 |
| Stock Yards Bancorp, Inc. | 215 | 13971 |
| Kennedy-Wilson Holdings, Inc. | 885 | 13921 |
| Trupanion, Inc.<sup>\*</sup> | 292 | 13879 |
| Tanger Factory Outlet Centers, Inc. REIT | 760 | 13634 |
| NBT Bancorp, Inc. | 313 | 13590 |
| Retail Opportunity Investments Corp. REIT | 904 | 13587 |
| CareTrust REIT, Inc. | 724 | 13452 |
| Lakeland Financial Corp. | 184 | 13426 |
| Artisan Partners Asset Management, Inc. — Class A | 450 | 13365 |
| Navient Corp. | 793 | 13045 |
| PJT Partners, Inc. — Class A | 177 | 13043 |
| Pebblebrook Hotel Trust REIT | 973 | 13028 |
| BancFirst Corp. | 147 | 12962 |
| Enterprise Financial Services Corp. | 264 | 12925 |
| DiamondRock Hospitality Co. REIT | 1572 | 12875 |
| NMI Holdings, Inc. — Class A<sup>\*</sup> | 611 | 12770 |
| RLJ Lodging Trust REIT | 1202 | 12729 |
| Northwest Bancshares, Inc. | 910 | 12722 |
| StoneX Group, Inc.<sup>\*</sup> | 129 | 12294 |
| Cohen & Steers, Inc. | 190 | 12266 |
| Urban Edge Properties REIT | 857 | 12075 |
| InvenTrust Properties Corp. REIT | 508 | 12024 |
| TriCo Bancshares | 234 | 11932 |
| Bancorp, Inc.<sup>\*</sup> | 413 | 11721 |
| Provident Financial Services, Inc. | 548 | 11705 |
| Elme Communities REIT | 655 | 11659 |
| Sandy Spring Bancorp, Inc. | 327 | 11520 |
| Horace Mann Educators Corp. | 308 | 11510 |
| Westamerica BanCorp | 195 | 11507 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 1054 | 11341 |
| First Bancorp | 264 | 11310 |
| Xenia Hotels & Resorts, Inc. REIT | 857 | 11295 |
| PennyMac Financial Services, Inc. | 199 | 11275 |
| Hilltop Holdings, Inc. | 374 | 11224 |
| Hope Bancorp, Inc. | 868 | 11119 |
| Bank of NT Butterfield & Son Ltd. | 372 | 11089 |
| Veritex Holdings, Inc. | 394 | 11064 |
| BRP Group, Inc. — Class A<sup>\*</sup> | 436 | 10961 |
| Getty Realty Corp. REIT | 316 | 10697 |
| Cannae Holdings, Inc.<sup>\*</sup> | 517 | 10676 |
| Eagle Bancorp, Inc. | 238 | 10489 |
| Veris Residential, Inc. REIT<sup>\*</sup> | 645 | 10275 |
| LTC Properties, Inc. REIT | 289 | 10268 |
| City Holding Co. | 110 | 10240 |
| Two Harbors Investment Corp. REIT | 647 | 10203 |
| Alexander & Baldwin, Inc. REIT | 543 | 10170 |
| Claros Mortgage Trust, Inc. | 689 | 10135 |
| Flywire Corp.<sup>\*</sup> | 413 | 10106 |
| Stellar Bancorp, Inc. | 340 | 10016 |
| Acadia Realty Trust REIT | 698 | 10016 |
| S&T Bancorp, Inc. | 293 | 10015 |
| St. Joe Co. | 258 | 9972 |
| Virtus Investment Partners, Inc. | 52 | 9955 |
| StepStone Group, Inc. — Class A | 395 | 9946 |
| Nelnet, Inc. — Class A | 109 | 9892 |
| Berkshire Hills Bancorp, Inc. | 330 | 9867 |
| Uniti Group, Inc. REIT | 1778 | 9832 |
| Global Net Lease, Inc. REIT | 781 | 9817 |
| American Assets Trust, Inc. REIT | 370 | 9805 |
| First Commonwealth Financial Corp. | 700 | 9779 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Easterly Government Properties, Inc. REIT | 683 | $9746 |
| PRA Group, Inc.<sup>\*</sup> | 288 | 9729 |
| FB Financial Corp. | 268 | 9686 |
| OFG Bancorp | 349 | 9618 |
| Chimera Investment Corp. REIT | 1742 | 9581 |
| First Busey Corp. | 387 | 9567 |
| Pathward Financial, Inc. | 215 | 9256 |
| OceanFirst Financial Corp. | 435 | 9244 |
| National Bank Holdings Corp. — Class A | 219 | 9213 |
| BGC Partners, Inc. — Class A | 2394 | 9025 |
| Safety Insurance Group, Inc. | 107 | 9016 |
| Blucora, Inc.<sup>\*</sup> | 353 | 9012 |
| Enova International, Inc.<sup>\*</sup> | 234 | 8979 |
| Service Properties Trust REIT | 1231 | 8974 |
| Employers Holdings, Inc. | 204 | 8798 |
| Stewart Information Services Corp. | 201 | 8589 |
| Triumph Financial, Inc.<sup>\*</sup> | 175 | 8552 |
| Ladder Capital Corp. — Class A REIT | 851 | 8544 |
| Encore Capital Group, Inc.<sup>\*</sup> | 177 | 8485 |
| Piedmont Office Realty Trust, Inc. — Class A REIT | 921 | 8446 |
| Capitol Federal Financial, Inc. | 974 | 8425 |
| Southside Bancshares, Inc. | 229 | 8242 |
| Paramount Group, Inc. REIT | 1384 | 8221 |
| Palomar Holdings, Inc.<sup>\*</sup> | 182 | 8219 |
| Lakeland Bancorp, Inc. | 466 | 8206 |
| Compass Diversified Holdings | 450 | 8204 |
| PennyMac Mortgage Investment Trust REIT | 662 | 8202 |
| Franklin BSP Realty Trust, Inc. REIT | 631 | 8140 |
| Tompkins Financial Corp. | 104 | 8068 |
| Newmark Group, Inc. — Class A | 1006 | 8018 |
| Apartment Investment and Management Co. — Class A REIT | 1122 | 7989 |
| Brookline Bancorp, Inc. | 563 | 7966 |
| Heritage Financial Corp. | 259 | 7936 |
| Brandywine Realty Trust REIT | 1272 | 7823 |
| Dime Community Bancshares, Inc. | 244 | 7767 |
| German American Bancorp, Inc. | 207 | 7721 |
| Farmer Mac — Class C | 68 | 7664 |
| Cowen, Inc. — Class A | 197 | 7608 |
| MFA Financial, Inc. REIT | 769 | 7575 |
| NETSTREIT Corp. REIT | 410 | 7515 |
| Preferred Bank/Los Angeles CA | 100 | 7462 |
| AMERISAFE, Inc. | 143 | 7432 |
| Live Oak Bancshares, Inc. | 245 | 7399 |
| NexPoint Residential Trust, Inc. REIT | 170 | 7398 |
| Nicolet Bankshares, Inc.<sup>\*</sup> | 92 | 7341 |
| Premier Financial Corp. | 265 | 7147 |
| ProAssurance Corp. | 404 | 7058 |
| New York Mortgage Trust, Inc. REIT | 2755 | 7053 |
| Mercury General Corp. | 200 | 6840 |
| Empire State Realty Trust, Inc. — Class A REIT | 1010 | 6807 |
| Centerspace REIT | 115 | 6747 |
| ConnectOne Bancorp, Inc. | 278 | 6730 |
| LendingClub Corp.<sup>\*</sup> | 758 | 6670 |
| Radius Global Infrastructure, Inc. — Class A<sup>\*</sup> | 554 | 6548 |
| Customers Bancorp, Inc.<sup>\*</sup> | 229 | 6490 |
| 1st Source Corp. | 121 | 6424 |
| Community Healthcare Trust, Inc. REIT | 178 | 6372 |
| Marcus & Millichap, Inc. | 184 | 6339 |
| Banc of California, Inc. | 395 | 6292 |
| RPT Realty REIT | 625 | 6275 |
| Origin Bancorp, Inc. | 168 | 6166 |
| Argo Group International Holdings Ltd. | 238 | 6152 |
| Washington Trust Bancorp, Inc. | 128 | 6039 |
| UMH Properties, Inc. REIT | 371 | 5973 |
| QCR Holdings, Inc. | 120 | 5957 |
| Ready Capital Corp. REIT | 533 | 5938 |
| Necessity Retail REIT, Inc. | 1001 | 5936 |
| KKR Real Estate Finance Trust, Inc. REIT | 425 | 5933 |
| Peoples Bancorp, Inc. | 208 | 5876 |
| International Money Express, Inc.<sup>\*</sup> | 240 | 5849 |
| Ambac Financial Group, Inc.<sup>\*</sup> | 332 | 5790 |
| Armada Hoffler Properties, Inc. REIT | 503 | 5785 |
| James River Group Holdings Ltd. | 275 | 5750 |
| Safehold, Inc. REIT | 200 | 5724 |
| Univest Financial Corp. | 219 | 5722 |
| Heritage Commerce Corp. | 440 | 5720 |
| Redwood Trust, Inc. REIT | 843 | 5699 |
| eXp World Holdings, Inc. | 513 | 5684 |
| Summit Hotel Properties, Inc. REIT | 785 | 5668 |
| Hanmi Financial Corp. | 227 | 5618 |
| Amerant Bancorp, Inc. | 208 | 5583 |
| WisdomTree, Inc. | 1021 | 5564 |
| Columbia Financial, Inc.<sup>\*</sup> | 255 | 5513 |
| ARMOUR Residential REIT, Inc. | 979 | 5512 |
| First Foundation, Inc. | 383 | 5488 |
| Enact Holdings, Inc. | 225 | 5427 |
| Plymouth Industrial REIT, Inc. | 282 | 5409 |
| Bank First Corp. | 58 | 5384 |
| Community Trust Bancorp, Inc. | 117 | 5374 |
| Gladstone Commercial Corp. REIT | 285 | 5273 |
| Ellington Financial, Inc. REIT | 426 | 5270 |
| TrustCo Bank Corporation NY | 140 | 5263 |
| B Riley Financial, Inc. | 153 | 5233 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 800 | 5112 |
| Northfield Bancorp, Inc. | 324 | 5097 |
| Old Second Bancorp, Inc. | 317 | 5085 |
| Brightsphere Investment Group, Inc. | 242 | 4980 |
| Goosehead Insurance, Inc. — Class A<sup>\*</sup> | 143 | 4911 |
| Peapack-Gladstone Financial Corp. | 130 | 4839 |
| Office Properties Income Trust REIT | 359 | 4793 |
| National Western Life Group, Inc. — Class A | 17 | 4777 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lemonade, Inc.<sup>\*</sup> | 348 | $4761 |
| First Bancshares, Inc. | 147 | 4705 |
| HarborOne Bancorp, Inc. | 334 | 4643 |
| MBIA, Inc.<sup>\*</sup> | 360 | 4626 |
| Kearny Financial Corp. | 453 | 4598 |
| CBL & Associates Properties, Inc. REIT | 199 | 4593 |
| Universal Health Realty Income Trust REIT | 96 | 4582 |
| Horizon Bancorp, Inc. | 302 | 4554 |
| Metropolitan Bank Holding Corp.<sup>\*</sup> | 77 | 4518 |
| Camden National Corp. | 108 | 4503 |
| First Mid Bancshares, Inc. | 140 | 4491 |
| Compass, Inc. — Class A<sup>\*</sup> | 1907 | 4443 |
| Gladstone Land Corp. REIT | 241 | 4422 |
| Chatham Lodging Trust REIT | 359 | 4405 |
| United Fire Group, Inc. | 160 | 4378 |
| BrightSpire Capital, Inc. REIT | 702 | 4373 |
| Global Medical REIT, Inc. | 457 | 4332 |
| Cambridge Bancorp | 51 | 4236 |
| Midland States Bancorp, Inc. | 159 | 4233 |
| CrossFirst Bankshares, Inc.<sup>\*</sup> | 341 | 4232 |
| Byline Bancorp, Inc. | 184 | 4226 |
| Urstadt Biddle Properties, Inc. — Class A REIT | 223 | 4226 |
| Great Southern Bancorp, Inc. | 70 | 4164 |
| Farmland Partners, Inc. REIT | 332 | 4137 |
| Flushing Financial Corp. | 213 | 4128 |
| Central Pacific Financial Corp. | 203 | 4117 |
| Silvergate Capital Corp. — Class A<sup>\*,1</sup> | 235 | 4089 |
| SiriusPoint Ltd.<sup>\*</sup> | 690 | 4071 |
| Diamond Hill Investment Group, Inc. | 22 | 4070 |
| First Community Bankshares, Inc. | 120 | 4068 |
| Dynex Capital, Inc. REIT | 309 | 3930 |
| Mercantile Bank Corp. | 115 | 3850 |
| Bank of Marin Bancorp | 117 | 3847 |
| First Financial Corp. | 83 | 3825 |
| iStar, Inc. REIT | 490 | 3739 |
| Equity Bancshares, Inc. — Class A | 114 | 3724 |
| Coastal Financial Corp.<sup>\*</sup> | 78 | 3707 |
| AssetMark Financial Holdings, Inc.<sup>\*</sup> | 161 | 3703 |
| HomeStreet, Inc. | 134 | 3696 |
| Brookfield Business Corp. — Class A | 195 | 3664 |
| Orion Office REIT, Inc. | 427 | 3647 |
| Independent Bank Corp. | 151 | 3612 |
| Saul Centers, Inc. REIT | 88 | 3580 |
| Bar Harbor Bankshares | 111 | 3556 |
| Arrow Financial Corp. | 104 | 3526 |
| Alexander's, Inc. REIT | 16 | 3521 |
| Business First Bancshares, Inc. | 159 | 3520 |
| TPG RE Finance Trust, Inc. REIT | 516 | 3504 |
| Broadmark Realty Capital, Inc. REIT | 976 | 3475 |
| Whitestone REIT — Class B | 350 | 3374 |
| MidWestOne Financial Group, Inc. | 106 | 3365 |
| Redfin Corp.<sup>\*</sup> | 786 | 3333 |
| Farmers National Banc Corp. | 236 | 3332 |
| Victory Capital Holdings, Inc. — Class A | 123 | 3300 |
| Capital City Bank Group, Inc. | 101 | 3282 |
| Ares Commercial Real Estate Corp. REIT | 317 | 3262 |
| RMR Group, Inc. — Class A | 115 | 3249 |
| Mid Penn Bancorp, Inc. | 107 | 3207 |
| SmartFinancial, Inc. | 116 | 3190 |
| Invesco Mortgage Capital, Inc. REIT | 249 | 3170 |
| West BanCorp, Inc. | 121 | 3092 |
| EZCORP, Inc. — Class A<sup>\*</sup> | 374 | 3048 |
| Metrocity Bankshares, Inc. | 140 | 3028 |
| Carter Bankshares, Inc.<sup>\*</sup> | 182 | 3019 |
| First of Long Island Corp. | 165 | 2970 |
| American National Bankshares, Inc. | 78 | 2881 |
| CNB Financial Corp. | 121 | 2879 |
| Merchants Bancorp | 118 | 2870 |
| Orchid Island Capital, Inc. REIT | 267 | 2804 |
| Hingham Institution For Savings The | 10 | 2760 |
| Financial Institutions, Inc. | 113 | 2753 |
| One Liberty Properties, Inc. REIT | 122 | 2711 |
| Southern Missouri Bancorp, Inc. | 59 | 2704 |
| Bridgewater Bancshares, Inc.<sup>\*</sup> | 152 | 2696 |
| Peoples Financial Services Corp. | 52 | 2696 |
| Perella Weinberg Partners | 275 | 2695 |
| FRP Holdings, Inc.<sup>\*</sup> | 50 | 2693 |
| Capstar Financial Holdings, Inc. | 152 | 2684 |
| Alerus Financial Corp. | 114 | 2662 |
| Republic Bancorp, Inc. — Class A | 65 | 2660 |
| Oppenheimer Holdings, Inc. — Class A | 62 | 2625 |
| Southern First Bancshares, Inc.<sup>\*</sup> | 57 | 2608 |
| HomeTrust Bancshares, Inc. | 107 | 2586 |
| Citizens & Northern Corp. | 113 | 2583 |
| Five Star Bancorp | 94 | 2561 |
| City Office REIT, Inc. | 305 | 2556 |
| RE/MAX Holdings, Inc. — Class A | 137 | 2554 |
| Indus Realty Trust, Inc. REIT | 40 | 2540 |
| Blue Foundry Bancorp<sup>\*</sup> | 196 | 2519 |
| Waterstone Financial, Inc. | 144 | 2483 |
| John Marshall Bancorp, Inc. | 86 | 2475 |
| Farmers & Merchants Bancorp Incorporated/Archbold OH | 91 | 2473 |
| Enterprise Bancorp, Inc. | 70 | 2471 |
| ACNB Corp. | 62 | 2468 |
| Tiptree, Inc. — Class A | 176 | 2436 |
| Amalgamated Financial Corp. | 104 | 2396 |
| CTO Realty Growth, Inc. REIT | 131 | 2395 |
| Civista Bancshares, Inc. | 108 | 2377 |
| GCM Grosvenor, Inc. — Class A | 308 | 2344 |
| Shore Bancshares, Inc. | 133 | 2318 |
| Douglas Elliman, Inc. | 566 | 2303 |
| RBB Bancorp | 110 | 2293 |
| Esquire Financial Holdings, Inc. | 52 | 2250 |
| Home Bancorp, Inc. | 55 | 2202 |
| Sierra Bancorp | 103 | 2188 |
| First Bancorp, Inc. | 73 | 2186 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Macatawa Bank Corp. | 197 | $2173 |
| First Business Financial Services, Inc. | 59 | 2156 |
| Guaranty Bancshares, Inc. | 61 | 2113 |
| Braemar Hotels & Resorts, Inc. REIT | 513 | 2108 |
| Granite Point Mortgage Trust, Inc. REIT | 389 | 2085 |
| Universal Insurance Holdings, Inc. | 196 | 2076 |
| Summit Financial Group, Inc. | 83 | 2066 |
| South Plains Financial, Inc. | 75 | 2065 |
| Northeast Bank | 49 | 2063 |
| Franklin Street Properties Corp. REIT | 740 | 2020 |
| Hersha Hospitality Trust — Class A REIT | 235 | 2002 |
| Primis Financial Corp. | 166 | 1967 |
| BCB Bancorp, Inc. | 108 | 1943 |
| Postal Realty Trust, Inc. — Class A REIT | 133 | 1932 |
| World Acceptance Corp.<sup>\*</sup> | 29 | 1912 |
| HCI Group, Inc. | 48 | 1900 |
| AFC Gamma, Inc. REIT | 118 | 1856 |
| NerdWallet, Inc. — Class A<sup>\*</sup> | 192 | 1843 |
| BayCom Corp. | 95 | 1803 |
| PCSB Financial Corp. | 94 | 1790 |
| Orrstown Financial Services, Inc. | 77 | 1783 |
| Third Coast Bancshares, Inc.<sup>\*</sup> | 96 | 1769 |
| BRT Apartments Corp. REIT | 89 | 1748 |
| FVCBankcorp, Inc.<sup>\*</sup> | 90 | 1716 |
| LendingTree, Inc.<sup>\*</sup> | 79 | 1685 |
| Red River Bancshares, Inc. | 33 | 1685 |
| MVB Financial Corp. | 76 | 1674 |
| Sculptor Capital Management, Inc. | 192 | 1663 |
| First Western Financial, Inc.<sup>\*</sup> | 59 | 1661 |
| First Internet Bancorp | 66 | 1602 |
| Regional Management Corp. | 57 | 1601 |
| Blue Ridge Bankshares, Inc. | 128 | 1599 |
| Greenlight Capital Re Ltd. — Class A<sup>\*</sup> | 196 | 1597 |
| First Bank/Hamilton NJ | 116 | 1596 |
| Industrial Logistics Properties Trust REIT | 487 | 1592 |
| Hippo Holdings, Inc.<sup>\*</sup> | 117 | 1591 |
| Capital Bancorp, Inc. | 67 | 1577 |
| Parke Bancorp, Inc. | 76 | 1576 |
| Donegal Group, Inc. — Class A | 111 | 1576 |
| Colony Bankcorp, Inc. | 123 | 1561 |
| PCB Bancorp | 87 | 1539 |
| HBT Financial, Inc. | 76 | 1487 |
| Investors Title Co. | 10 | 1475 |
| Unity Bancorp, Inc. | 53 | 1448 |
| Greene County Bancorp, Inc. | 25 | 1435 |
| Silvercrest Asset Management Group, Inc. — Class A | 74 | 1389 |
| Legacy Housing Corp.<sup>\*</sup> | 66 | 1251 |
| Bankwell Financial Group, Inc. | 42 | 1236 |
| Luther Burbank Corp. | 111 | 1233 |
| Ashford Hospitality Trust, Inc. REIT<sup>\*</sup> | 258 | 1153 |
| Diversified Healthcare Trust REIT | 1782 | 1153 |
| Oportun Financial Corp.<sup>\*</sup> | 208 | 1146 |
| First Guaranty Bancshares, Inc. | 45 | 1055 |
| Trean Insurance Group, Inc.<sup>\*</sup> | 169 | 1014 |
| Pioneer Bancorp, Inc.<sup>\*</sup> | 87 | 992 |
| USCB Financial Holdings, Inc.<sup>\*</sup> | 81 | 988 |
| Nexpoint Real Estate Finance, Inc. REIT | 58 | 922 |
| eHealth, Inc.<sup>\*</sup> | 183 | 886 |
| Stratus Properties, Inc. | 44 | 849 |
| Atlanticus Holdings Corp.<sup>\*</sup> | 32 | 838 |
| NI Holdings, Inc.<sup>\*</sup> | 63 | 836 |
| Provident Bancorp, Inc. | 108 | 786 |
| Sterling Bancorp, Inc.<sup>\*</sup> | 128 | 780 |
| Republic First Bancorp, Inc.<sup>\*</sup> | 362 | 778 |
| Chicago Atlantic Real Estate Finance, Inc. | 49 | 738 |
| Selectquote, Inc.<sup>\*</sup> | 1002 | 673 |
| Crawford & Co. — Class A | 119 | 662 |
| Consumer Portfolio Services, Inc.<sup>\*</sup> | 70 | 620 |
| Velocity Financial, Inc.<sup>\*</sup> | 64 | 618 |
| Curo Group Holdings Corp.<sup>\*</sup> | 165 | 586 |
| Clipper Realty, Inc. REIT | 90 | 576 |
| Associated Capital Group, Inc. — Class A | 13 | 546 |
| Bluerock Homes Trust, Inc.<sup>\*</sup> | 25 | 533 |
| Doma Holdings, Inc.<sup>\*</sup> | 1026 | 465 |
| SWK Holdings Corp.<sup>\*</sup> | 26 | 459 |
| Angel Oak Mortgage, Inc. REIT | 89 | 421 |
| Transcontinental Realty Investors, Inc.<sup>\*</sup> | 9 | 398 |
| Finance of America Companies, Inc. — Class A<sup>\*</sup> | 291 | 370 |
| American Realty Investors, Inc.<sup>\*</sup> | 11 | 282 |
| Root, Inc. — Class A<sup>\*</sup> | 56 | 251 |
| Offerpad Solutions, Inc.<sup>\*</sup> | 511 | 235 |
| Sunlight Financial Holdings, Inc.<sup>\*</sup> | 182 | 235 |
| OppFi, Inc.<sup>\*</sup> | 100 | 205 |
| Applied Digital Corp.<sup>\*</sup> | 60 | 110 |
| Home Point Capital, Inc.<sup>\*</sup> | 59 | 81 |
| Cryptyde, Inc.<sup>\*</sup> | 130 | 25 |
| **Total Financial** |  | 3991440 |
| **Industrial - 8.8%** |  |  |
| EMCOR Group, Inc. | 352 | 52135 |
| RBC Bearings, Inc.<sup>\*</sup> | 212 | 44382 |
| Saia, Inc.<sup>\*</sup> | 198 | 41517 |
| Exponent, Inc. | 381 | 37753 |
| Fluor Corp.<sup>\*</sup> | 1066 | 36948 |
| Chart Industries, Inc.<sup>\*</sup> | 318 | 36643 |
| Applied Industrial Technologies, Inc. | 287 | 36171 |
| Novanta, Inc.<sup>\*</sup> | 266 | 36142 |
| UFP Industries, Inc. | 448 | 35504 |
| Fabrinet<sup>\*</sup> | 275 | 35260 |
| Atkore, Inc.<sup>\*</sup> | 309 | 35047 |
| Evoqua Water Technologies Corp.<sup>\*</sup> | 881 | 34888 |
| Aerojet Rocketdyne Holdings, Inc.<sup>\*</sup> | 595 | 33278 |
| Comfort Systems USA, Inc. | 266 | 30611 |
| Watts Water Technologies, Inc. — Class A | 205 | 29977 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Casella Waste Systems, Inc. — Class A<sup>\*</sup> | 374 | $29662 |
| Altra Industrial Motion Corp. | 487 | 29098 |
| Simpson Manufacturing Company, Inc. | 318 | 28194 |
| GATX Corp. | 261 | 27755 |
| Franklin Electric Company, Inc. | 345 | 27514 |
| Bloom Energy Corp. — Class A<sup>\*</sup> | 1318 | 25200 |
| Summit Materials, Inc. — Class A<sup>\*</sup> | 885 | 25128 |
| AAON, Inc. | 329 | 24780 |
| Mueller Industries, Inc. | 419 | 24721 |
| Sanmina Corp.<sup>\*</sup> | 427 | 24463 |
| Advanced Energy Industries, Inc. | 282 | 24190 |
| Badger Meter, Inc. | 219 | 23877 |
| Albany International Corp. — Class A | 234 | 23070 |
| Belden, Inc. | 316 | 22720 |
| EnerSys | 306 | 22595 |
| Cactus, Inc. — Class A | 442 | 22215 |
| Hillenbrand, Inc. | 519 | 22146 |
| John Bean Technologies Corp. | 237 | 21645 |
| SPX Technologies, Inc.<sup>\*</sup> | 328 | 21533 |
| Terex Corp. | 500 | 21360 |
| Plexus Corp.<sup>\*</sup> | 206 | 21203 |
| Atlas Air Worldwide Holdings, Inc.<sup>\*</sup> | 210 | 21168 |
| Forward Air Corp. | 201 | 21083 |
| Vishay Intertechnology, Inc. | 967 | 20858 |
| Federal Signal Corp. | 448 | 20819 |
| Boise Cascade Co. | 296 | 20326 |
| Dycom Industries, Inc.<sup>\*</sup> | 216 | 20218 |
| Arcosa, Inc. | 363 | 19725 |
| Zurn Elkay Water Solutions Corp. | 930 | 19670 |
| O-I Glass, Inc.<sup>\*</sup> | 1166 | 19321 |
| Werner Enterprises, Inc. | 475 | 19123 |
| Hub Group, Inc. — Class A<sup>\*</sup> | 240 | 19078 |
| Moog, Inc. — Class A | 215 | 18868 |
| Scorpio Tankers, Inc. | 350 | 18819 |
| Trinity Industries, Inc. | 616 | 18215 |
| Encore Wire Corp. | 132 | 18158 |
| Matson, Inc. | 278 | 17378 |
| Golar LNG Ltd.<sup>\*</sup> | 756 | 17229 |
| Itron, Inc.<sup>\*</sup> | 338 | 17120 |
| EnPro Industries, Inc. | 156 | 16956 |
| ESCO Technologies, Inc. | 193 | 16895 |
| Energizer Holdings, Inc. | 500 | 16775 |
| Brady Corp. — Class A | 342 | 16108 |
| AeroVironment, Inc.<sup>\*</sup> | 185 | 15847 |
| Kadant, Inc. | 87 | 15454 |
| Barnes Group, Inc. | 367 | 14992 |
| Kennametal, Inc. | 610 | 14677 |
| Masonite International Corp.<sup>\*</sup> | 167 | 13462 |
| International Seaways, Inc. | 362 | 13401 |
| Materion Corp. | 153 | 13389 |
| NV5 Global, Inc.<sup>\*</sup> | 101 | 13364 |
| Lindsay Corp. | 82 | 13354 |
| Helios Technologies, Inc. | 244 | 13283 |
| Frontdoor, Inc.<sup>\*</sup> | 620 | 12896 |
| ArcBest Corp. | 183 | 12817 |
| CSW Industrials, Inc. | 109 | 12636 |
| Mueller Water Products, Inc. — Class A | 1168 | 12568 |
| Greif, Inc. — Class A | 185 | 12406 |
| Griffon Corp. | 345 | 12348 |
| Worthington Industries, Inc. | 235 | 11682 |
| Granite Construction, Inc. | 331 | 11608 |
| TTM Technologies, Inc.<sup>\*</sup> | 759 | 11446 |
| AAR Corp.<sup>\*</sup> | 253 | 11360 |
| Frontline plc<sup>\*</sup> | 934 | 11339 |
| MYR Group, Inc.<sup>\*</sup> | 123 | 11325 |
| Air Transport Services Group, Inc.<sup>\*</sup> | 430 | 11171 |
| Knowles Corp.<sup>\*</sup> | 671 | 11018 |
| Enerpac Tool Group Corp. | 426 | 10842 |
| Alamo Group, Inc. | 75 | 10620 |
| Gibraltar Industries, Inc.<sup>\*</sup> | 231 | 10598 |
| Enovix Corp.<sup>\*</sup> | 815 | 10138 |
| OSI Systems, Inc.<sup>\*</sup> | 121 | 9622 |
| Kratos Defense & Security Solutions, Inc.<sup>\*</sup> | 926 | 9556 |
| CTS Corp. | 238 | 9382 |
| Montrose Environmental Group, Inc.<sup>\*</sup> | 206 | 9144 |
| Standex International Corp. | 89 | 9114 |
| DHT Holdings, Inc. | 1026 | 9111 |
| Vicor Corp.<sup>\*</sup> | 165 | 8869 |
| TriMas Corp. | 314 | 8710 |
| Primoris Services Corp. | 397 | 8710 |
| Marten Transport Ltd. | 437 | 8644 |
| Tennant Co. | 139 | 8558 |
| Energy Recovery, Inc.<sup>\*</sup> | 412 | 8442 |
| Xometry, Inc. — Class A<sup>\*</sup> | 253 | 8154 |
| Greenbrier Companies, Inc. | 239 | 8013 |
| Golden Ocean Group Ltd. | 920 | 7995 |
| Construction Partners, Inc. — Class A<sup>\*</sup> | 299 | 7980 |
| SFL Corporation Ltd. | 861 | 7938 |
| PGT Innovations, Inc.<sup>\*</sup> | 433 | 7777 |
| Modine Manufacturing Co.<sup>\*</sup> | 373 | 7408 |
| AZZ, Inc. | 184 | 7397 |
| Apogee Enterprises, Inc. | 166 | 7380 |
| LSB Industries, Inc.<sup>\*</sup> | 550 | 7315 |
| Hillman Solutions Corp.<sup>\*</sup> | 1008 | 7268 |
| Sterling Infrastructure, Inc.<sup>\*</sup> | 219 | 7183 |
| FLEX LNG Ltd. | 214 | 6996 |
| Benchmark Electronics, Inc. | 262 | 6993 |
| Astec Industries, Inc. | 171 | 6953 |
| GrafTech International Ltd. | 1452 | 6912 |
| Columbus McKinnon Corp. | 210 | 6819 |
| Matthews International Corp. — Class A | 224 | 6819 |
| Mirion Technologies, Inc.<sup>\*</sup> | 1026 | 6782 |
| Sturm Ruger & Company, Inc. | 129 | 6530 |
| Joby Aviation, Inc.<sup>\*</sup> | 1882 | 6305 |
| Mesa Laboratories, Inc. | 37 | 6150 |
| American Woodmark Corp.<sup>\*</sup> | 124 | 6059 |
| Myers Industries, Inc. | 272 | 6047 |
| Napco Security Technologies, Inc.<sup>\*</sup> | 220 | 6046 |
| JELD-WEN Holding, Inc.<sup>\*</sup> | 625 | 6031 |
| Rocket Lab USA, Inc.<sup>\*</sup> | 1596 | 6017 |
| UFP Technologies, Inc.<sup>\*</sup> | 51 | 6012 |
| TimkenSteel Corp.<sup>\*</sup> | 329 | 5978 |
| Janus International Group, Inc.<sup>\*</sup> | 612 | 5826 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| CryoPort, Inc.<sup>\*</sup> | 328 | $5691 |
| Ichor Holdings Ltd.<sup>\*</sup> | 210 | 5632 |
| PureCycle Technologies, Inc.<sup>\*</sup> | 796 | 5381 |
| Heartland Express, Inc. | 350 | 5369 |
| Teekay Tankers Ltd. — Class A<sup>\*</sup> | 171 | 5269 |
| Proto Labs, Inc.<sup>\*</sup> | 206 | 5259 |
| Triumph Group, Inc.<sup>\*</sup> | 480 | 5050 |
| Eagle Bulk Shipping, Inc. | 101 | 5044 |
| Thermon Group Holdings, Inc.<sup>\*</sup> | 248 | 4980 |
| Chase Corp. | 56 | 4831 |
| GoPro, Inc. — Class A<sup>\*</sup> | 968 | 4821 |
| Kaman Corp. | 210 | 4683 |
| Li-Cycle Holdings Corp.<sup>\*,1</sup> | 977 | 4651 |
| Dorian LPG Ltd. | 230 | 4358 |
| Gorman-Rupp Co. | 170 | 4355 |
| Nordic American Tankers Ltd. | 1396 | 4272 |
| Stoneridge, Inc.<sup>\*</sup> | 197 | 4247 |
| Genco Shipping & Trading Ltd. | 275 | 4224 |
| Ducommun, Inc.<sup>\*</sup> | 83 | 4147 |
| Kimball Electronics, Inc.<sup>\*</sup> | 180 | 4066 |
| FARO Technologies, Inc.<sup>\*</sup> | 137 | 4029 |
| Insteel Industries, Inc. | 140 | 3853 |
| Heritage-Crystal Clean, Inc.<sup>\*</sup> | 117 | 3800 |
| Ardmore Shipping Corp.<sup>\*</sup> | 261 | 3761 |
| Harsco Corp.<sup>\*</sup> | 588 | 3698 |
| Argan, Inc. | 100 | 3688 |
| Pactiv Evergreen, Inc. | 324 | 3681 |
| Costamare, Inc. | 396 | 3675 |
| Vishay Precision Group, Inc.<sup>\*</sup> | 93 | 3594 |
| Ryerson Holding Corp. | 118 | 3571 |
| nLight, Inc.<sup>\*</sup> | 329 | 3336 |
| Allied Motion Technologies, Inc. | 95 | 3307 |
| CIRCOR International, Inc.<sup>\*</sup> | 138 | 3306 |
| DXP Enterprises, Inc.<sup>\*</sup> | 114 | 3141 |
| Greif, Inc. — Class B | 40 | 3129 |
| Smith & Wesson Brands, Inc. | 340 | 2951 |
| Blink Charging Co.<sup>\*,1</sup> | 268 | 2940 |
| Great Lakes Dredge & Dock Corp.<sup>\*</sup> | 490 | 2916 |
| MicroVision, Inc.<sup>\*</sup> | 1240 | 2914 |
| Luxfer Holdings plc | 203 | 2785 |
| National Presto Industries, Inc. | 38 | 2602 |
| Centrus Energy Corp. — Class A<sup>\*</sup> | 79 | 2566 |
| Babcock & Wilcox Enterprises, Inc.<sup>\*</sup> | 443 | 2556 |
| Northwest Pipe Co.<sup>\*</sup> | 73 | 2460 |
| Olympic Steel, Inc. | 72 | 2418 |
| NuScale Power Corp.<sup>\*</sup> | 235 | 2411 |
| Powell Industries, Inc. | 68 | 2392 |
| Covenant Logistics Group, Inc. — Class A | 69 | 2385 |
| Manitowoc Company, Inc.<sup>\*</sup> | 260 | 2382 |
| Tutor Perini Corp.<sup>\*</sup> | 315 | 2378 |
| Teekay Corp.<sup>\*</sup> | 523 | 2374 |
| Cadre Holdings, Inc. | 117 | 2356 |
| Comtech Telecommunications Corp. | 194 | 2355 |
| IES Holdings, Inc.<sup>\*</sup> | 65 | 2312 |
| Omega Flex, Inc. | 24 | 2240 |
| SmartRent, Inc.<sup>\*</sup> | 887 | 2155 |
| Tredegar Corp. | 204 | 2085 |
| Hyster-Yale Materials Handling, Inc. | 81 | 2050 |
| Park Aerospace Corp. | 147 | 1971 |
| Sight Sciences, Inc.<sup>\*</sup> | 161 | 1966 |
| Astronics Corp.<sup>\*</sup> | 189 | 1947 |
| AerSale Corp.<sup>\*</sup> | 119 | 1930 |
| Ranpak Holdings Corp.<sup>\*</sup> | 326 | 1881 |
| Universal Logistics Holdings, Inc. | 54 | 1806 |
| Daseke, Inc.<sup>\*</sup> | 305 | 1735 |
| Archer Aviation, Inc. — Class A<sup>\*</sup> | 881 | 1647 |
| Evolv Technologies Holdings, Inc.<sup>\*</sup> | 630 | 1632 |
| Safe Bulkers, Inc. | 549 | 1598 |
| Pure Cycle Corp.<sup>\*</sup> | 146 | 1530 |
| ESS Tech, Inc.<sup>\*</sup> | 604 | 1468 |
| Radiant Logistics, Inc.<sup>\*</sup> | 284 | 1446 |
| Eastman Kodak Co.<sup>\*</sup> | 428 | 1305 |
| PAM Transportation Services, Inc.<sup>\*</sup> | 49 | 1269 |
| 908 Devices, Inc.<sup>\*</sup> | 164 | 1250 |
| Identiv, Inc.<sup>\*</sup> | 165 | 1195 |
| Concrete Pumping Holdings, Inc.<sup>\*</sup> | 197 | 1152 |
| AMMO, Inc.<sup>\*</sup> | 655 | 1133 |
| Akoustis Technologies, Inc.<sup>\*</sup> | 389 | 1097 |
| Latham Group, Inc.<sup>\*</sup> | 323 | 1040 |
| Caesarstone Ltd. | 170 | 971 |
| Charge Enterprises, Inc.<sup>\*</sup> | 765 | 948 |
| Transphorm, Inc.<sup>\*</sup> | 156 | 849 |
| Turtle Beach Corp.<sup>\*</sup> | 116 | 832 |
| View, Inc.<sup>\*</sup> | 838 | 809 |
| Atlas Technical Consultants, Inc.<sup>\*</sup> | 131 | 675 |
| Karat Packaging, Inc. | 42 | 603 |
| Hydrofarm Holdings Group, Inc.<sup>\*</sup> | 327 | 507 |
| Astra Space, Inc.<sup>\*</sup> | 1046 | 454 |
| NL Industries, Inc. | 63 | 429 |
| Momentus, Inc.<sup>\*</sup> | 408 | 318 |
| Sarcos Technology and Robotics Corp.<sup>\*</sup> | 537 | 301 |
| Redwire Corp.<sup>\*</sup> | 145 | 287 |
| Berkshire Grey, Inc.<sup>\*</sup> | 366 | 221 |
| Fathom Digital Manufacturing C<sup>\*</sup> | 73 | 96 |
| AEye, Inc.<sup>\*</sup> | 198 | 95 |
| **Total Industrial** |  | 2395496 |
| **Consumer, Cyclical - 7.1%** |  |  |
| Crocs, Inc.<sup>\*</sup> | 452 | 49010 |
| Texas Roadhouse, Inc. — Class A | 502 | 45657 |
| Murphy USA, Inc. | 156 | 43608 |
| Light & Wonder, Inc. — Class A<sup>\*</sup> | 703 | 41196 |
| Wingstop, Inc. | 223 | 30689 |
| Academy Sports & Outdoors, Inc. | 577 | 30316 |
| Asbury Automotive Group, Inc.<sup>\*</sup> | 166 | 29755 |
| Fox Factory Holding Corp.<sup>\*</sup> | 318 | 29011 |
| Visteon Corp.<sup>\*</sup> | 208 | 27213 |
| Meritage Homes Corp.<sup>\*</sup> | 272 | 25078 |
| Adient plc<sup>\*</sup> | 711 | 24665 |
| Hilton Grand Vacations, Inc.<sup>\*</sup> | 639 | 24627 |
| FirstCash Holdings, Inc. | 280 | 24335 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 779 | 23643 |
| Signet Jewelers Ltd. | 343 | 23324 |
| National Vision Holdings, Inc.<sup>\*</sup> | 588 | 22791 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Foot Locker, Inc. | 600 | $22674 |
| UniFirst Corp. | 112 | 21615 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 2102 | 21335 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 1048 | 20698 |
| Skyline Champion Corp.<sup>\*</sup> | 400 | 20604 |
| Beacon Roofing Supply, Inc.<sup>\*</sup> | 385 | 20324 |
| Papa John's International, Inc. | 244 | 20084 |
| Group 1 Automotive, Inc. | 105 | 18939 |
| KB Home | 575 | 18314 |
| Steven Madden Ltd. | 573 | 18313 |
| Resideo Technologies, Inc.<sup>\*</sup> | 1084 | 17832 |
| LCI Industries | 186 | 17196 |
| International Game Technology plc | 736 | 16693 |
| Kontoor Brands, Inc. | 416 | 16636 |
| Rush Enterprises, Inc. — Class A | 310 | 16207 |
| Gentherm, Inc.<sup>\*</sup> | 248 | 16192 |
| Sonos, Inc.<sup>\*</sup> | 956 | 16156 |
| American Eagle Outfitters, Inc.<sup>\*</sup> | 1155 | 16124 |
| Dorman Products, Inc.<sup>\*</sup> | 197 | 15931 |
| Spirit Airlines, Inc.<sup>\*</sup> | 817 | 15915 |
| SeaWorld Entertainment, Inc.<sup>\*</sup> | 296 | 15839 |
| GMS, Inc.<sup>\*</sup> | 317 | 15787 |
| Cracker Barrel Old Country Store, Inc. | 165 | 15632 |
| Nu Skin Enterprises, Inc. — Class A | 366 | 15431 |
| Installed Building Products, Inc. | 178 | 15237 |
| Red Rock Resorts, Inc. — Class A | 380 | 15204 |
| Cavco Industries, Inc.<sup>\*</sup> | 67 | 15159 |
| Dana, Inc. | 967 | 14631 |
| LGI Homes, Inc.<sup>\*</sup> | 154 | 14260 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 756 | 14054 |
| Boot Barn Holdings, Inc.<sup>\*</sup> | 221 | 13817 |
| ODP Corp.<sup>\*</sup> | 298 | 13571 |
| MDC Holdings, Inc. | 429 | 13556 |
| Bloomin' Brands, Inc. | 661 | 13299 |
| World Fuel Services Corp. | 459 | 12544 |
| Methode Electronics, Inc. | 272 | 12069 |
| MillerKnoll, Inc. | 569 | 11955 |
| Veritiv Corp. | 97 | 11806 |
| Winnebago Industries, Inc. | 222 | 11699 |
| Shake Shack, Inc. — Class A<sup>\*</sup> | 281 | 11670 |
| Cheesecake Factory, Inc.<sup>1</sup> | 361 | 11447 |
| Dave & Buster's Entertainment, Inc.<sup>\*</sup> | 322 | 11412 |
| Urban Outfitters, Inc.<sup>\*</sup> | 478 | 11400 |
| PriceSmart, Inc. | 184 | 11183 |
| H&E Equipment Services, Inc. | 239 | 10851 |
| Jack in the Box, Inc. | 159 | 10849 |
| Acushnet Holdings Corp. | 248 | 10530 |
| Oxford Industries, Inc. | 113 | 10529 |
| Century Communities, Inc. | 210 | 10502 |
| KAR Auction Services, Inc.<sup>\*</sup> | 804 | 10492 |
| Brinker International, Inc.<sup>\*</sup> | 325 | 10371 |
| Buckle, Inc. | 226 | 10249 |
| Vista Outdoor, Inc.<sup>\*</sup> | 419 | 10211 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 802 | 10041 |
| Patrick Industries, Inc. | 161 | 9757 |
| Dillard's, Inc. — Class A | 30 | 9696 |
| iRobot Corp.<sup>\*</sup> | 201 | 9674 |
| XPEL, Inc.<sup>\*</sup> | 161 | 9670 |
| M/I Homes, Inc.<sup>\*</sup> | 202 | 9328 |
| Everi Holdings, Inc.<sup>\*</sup> | 646 | 9270 |
| Liberty Media Corporation-Liberty Braves — Class C<sup>\*</sup> | 282 | 9089 |
| Fisker, Inc.<sup>\*,1</sup> | 1218 | 8855 |
| HNI Corp. | 309 | 8785 |
| Luminar Technologies, Inc.<sup>\*,1</sup> | 1763 | 8727 |
| Madison Square Garden Entertainment Corp.<sup>\*</sup> | 193 | 8679 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 372 | 8522 |
| Warby Parker, Inc. — Class A<sup>\*</sup> | 625 | 8431 |
| Malibu Boats, Inc. — Class A<sup>\*</sup> | 152 | 8102 |
| Wabash National Corp. | 354 | 8000 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 116 | 7887 |
| Monarch Casino & Resort, Inc.<sup>\*</sup> | 100 | 7689 |
| La-Z-Boy, Inc. | 322 | 7348 |
| MRC Global, Inc.<sup>\*</sup> | 622 | 7203 |
| Dine Brands Global, Inc. | 110 | 7106 |
| Cinemark Holdings, Inc.<sup>\*</sup> | 817 | 7075 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 847 | 6623 |
| Clean Energy Fuels Corp.<sup>\*</sup> | 1270 | 6604 |
| Sonic Automotive, Inc. — Class A | 134 | 6602 |
| Hibbett, Inc. | 96 | 6549 |
| Shyft Group, Inc. | 259 | 6439 |
| Camping World Holdings, Inc. — Class A | 288 | 6428 |
| Wolverine World Wide, Inc. | 580 | 6340 |
| Proterra, Inc.<sup>\*</sup> | 1656 | 6243 |
| SkyWest, Inc.<sup>\*</sup> | 374 | 6175 |
| Douglas Dynamics, Inc. | 168 | 6075 |
| Titan Machinery, Inc.<sup>\*</sup> | 152 | 6039 |
| RCI Hospitality Holdings, Inc. | 64 | 5964 |
| Virgin Galactic Holdings, Inc.<sup>\*</sup> | 1710 | 5951 |
| Caleres, Inc. | 264 | 5882 |
| Titan International, Inc.<sup>\*</sup> | 383 | 5867 |
| Golden Entertainment, Inc.<sup>\*</sup> | 151 | 5647 |
| Sweetgreen, Inc. — Class A<sup>\*</sup> | 657 | 5630 |
| ScanSource, Inc.<sup>\*</sup> | 189 | 5523 |
| Arko Corp. | 625 | 5412 |
| Bally's Corp.<sup>\*</sup> | 272 | 5271 |
| Standard Motor Products, Inc. | 151 | 5255 |
| Nikola Corp.<sup>\*,1</sup> | 2413 | 5212 |
| IMAX Corp.<sup>\*</sup> | 352 | 5160 |
| MarineMax, Inc.<sup>\*</sup> | 158 | 4933 |
| Green Brick Partners, Inc.<sup>\*</sup> | 203 | 4919 |
| Guess?, Inc.<sup>1</sup> | 231 | 4779 |
| BlueLinx Holdings, Inc.<sup>\*</sup> | 67 | 4764 |
| A-Mark Precious Metals, Inc. | 136 | 4723 |
| Winmark Corp. | 20 | 4717 |
| Lions Gate Entertainment Corp. — Class B<sup>\*</sup> | 865 | 4697 |
| Ermenegildo Zegna N.V. | 446 | 4670 |
| OneSpaWorld Holdings Ltd.<sup>\*</sup> | 497 | 4637 |
| Franchise Group, Inc. | 194 | 4621 |
| Steelcase, Inc. — Class A | 646 | 4567 |
| Chico's FAS, Inc.<sup>\*</sup> | 917 | 4512 |
| Genesco, Inc.<sup>\*</sup> | 98 | 4510 |
| Ethan Allen Interiors, Inc. | 170 | 4492 |
| BJ's Restaurants, Inc.<sup>\*</sup> | 170 | 4485 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 327 | 4483 |
| Interface, Inc. — Class A | 439 | 4333 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| indie Semiconductor, Inc. — Class A<sup>\*</sup> | 742 | $4326 |
| Qurate Retail, Inc. — Class A<sup>\*</sup> | 2623 | 4275 |
| TravelCenters of America, Inc.<sup>\*</sup> | 95 | 4254 |
| Sleep Number Corp.<sup>\*</sup> | 160 | 4157 |
| Sovos Brands, Inc.<sup>\*</sup> | 287 | 4124 |
| PC Connection, Inc. | 84 | 3940 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 248 | 3933 |
| Hawaiian Holdings, Inc.<sup>\*</sup> | 379 | 3888 |
| Denny's Corp.<sup>\*</sup> | 422 | 3887 |
| Life Time Group Holdings, Inc.<sup>\*</sup> | 315 | 3767 |
| Vizio Holding Corp. — Class A<sup>\*</sup> | 508 | 3764 |
| Chuy's Holdings, Inc.<sup>\*</sup> | 133 | 3764 |
| Movado Group, Inc. | 116 | 3741 |
| Ruth's Hospitality Group, Inc. | 241 | 3731 |
| VSE Corp. | 79 | 3703 |
| Designer Brands, Inc. — Class A | 377 | 3687 |
| Children's Place, Inc.<sup>\*</sup> | 96 | 3496 |
| MasterCraft Boat Holdings, Inc.<sup>\*</sup> | 134 | 3467 |
| Portillo's, Inc. — Class A<sup>\*</sup> | 207 | 3378 |
| Accel Entertainment, Inc.<sup>\*</sup> | 431 | 3319 |
| Haverty Furniture Companies, Inc. | 110 | 3289 |
| Hudson Technologies, Inc.<sup>\*</sup> | 323 | 3269 |
| REV Group, Inc. | 253 | 3193 |
| America's Car-Mart, Inc.<sup>\*</sup> | 44 | 3179 |
| Big Lots, Inc. | 210 | 3087 |
| Shoe Carnival, Inc. | 129 | 3084 |
| Bowlero Corp.<sup>\*</sup> | 220 | 2966 |
| Destination XL Group, Inc.<sup>\*</sup> | 436 | 2943 |
| Frontier Group Holdings, Inc.<sup>\*</sup> | 280 | 2876 |
| Xponential Fitness, Inc. — Class A<sup>\*</sup> | 125 | 2866 |
| Beazer Homes USA, Inc.<sup>\*</sup> | 223 | 2845 |
| Rush Enterprises, Inc. — Class B | 49 | 2757 |
| Sportsman's Warehouse Holdings, Inc.<sup>\*</sup> | 288 | 2710 |
| Xperi, Inc.<sup>\*</sup> | 312 | 2686 |
| PetMed Express, Inc. | 151 | 2673 |
| Johnson Outdoors, Inc. — Class A | 40 | 2645 |
| Funko, Inc. — Class A<sup>\*</sup> | 238 | 2596 |
| Marcus Corp. | 178 | 2562 |
| Zumiez, Inc.<sup>\*</sup> | 117 | 2544 |
| Build-A-Bear Workshop, Inc. — Class A<sup>\*</sup> | 106 | 2527 |
| Lions Gate Entertainment Corp. — Class A<sup>\*</sup> | 437 | 2495 |
| Solid Power, Inc.<sup>\*</sup> | 982 | 2494 |
| Liberty Media Corporation-Liberty Braves — Class A<sup>\*</sup> | 75 | 2450 |
| OneWater Marine, Inc. — Class A<sup>\*</sup> | 83 | 2374 |
| Hyliion Holdings Corp.<sup>\*</sup> | 994 | 2326 |
| Lovesac Co.<sup>\*</sup> | 104 | 2289 |
| Aspen Aerogels, Inc.<sup>\*</sup> | 194 | 2287 |
| Global Industrial Co. | 97 | 2282 |
| EVgo, Inc.<sup>\*,1</sup> | 509 | 2275 |
| Bluegreen Vacations Holding Corp. | 91 | 2271 |
| Miller Industries, Inc. | 83 | 2213 |
| Forestar Group, Inc.<sup>\*</sup> | 136 | 2096 |
| Purple Innovation, Inc.<sup>\*</sup> | 411 | 1969 |
| Microvast Holdings, Inc.<sup>\*</sup> | 1255 | 1920 |
| Universal Electronics, Inc.<sup>\*</sup> | 91 | 1894 |
| Full House Resorts, Inc.<sup>\*</sup> | 246 | 1850 |
| Lindblad Expeditions Holdings, Inc.<sup>\*</sup> | 236 | 1817 |
| Kimball International, Inc. — Class B | 271 | 1762 |
| Sonder Holdings, Inc.<sup>\*</sup> | 1419 | 1760 |
| TuSimple Holdings, Inc. — Class A<sup>\*</sup> | 1048 | 1719 |
| Clarus Corp. | 216 | 1693 |
| GrowGeneration Corp.<sup>\*</sup> | 430 | 1686 |
| Noodles & Co.<sup>\*</sup> | 306 | 1680 |
| Kura Sushi USA, Inc. — Class A<sup>\*</sup> | 35 | 1669 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 140 | 1660 |
| Hovnanian Enterprises, Inc. — Class A<sup>\*</sup> | 39 | 1641 |
| Workhorse Group, Inc.<sup>\*</sup> | 1078 | 1639 |
| Rush Street Interactive, Inc.<sup>\*</sup> | 455 | 1634 |
| Weber, Inc. — Class A<sup>\*,1</sup> | 202 | 1626 |
| Citi Trends, Inc.<sup>\*</sup> | 61 | 1615 |
| Tilly's, Inc. — Class A<sup>\*</sup> | 169 | 1529 |
| Fossil Group, Inc.<sup>\*</sup> | 349 | 1504 |
| Bed Bath & Beyond, Inc.<sup>\*,1</sup> | 597 | 1498 |
| El Pollo Loco Holdings, Inc. | 146 | 1454 |
| Century Casinos, Inc.<sup>\*</sup> | 204 | 1434 |
| Big 5 Sporting Goods Corp. | 161 | 1422 |
| Blue Bird Corp.<sup>\*</sup> | 131 | 1403 |
| Tupperware Brands Corp.<sup>\*</sup> | 331 | 1370 |
| Rite Aid Corp.<sup>\*</sup> | 409 | 1366 |
| Dream Finders Homes, Inc. — Class A<sup>\*</sup> | 157 | 1360 |
| Lordstown Motors Corp. — Class A<sup>\*</sup> | 1168 | 1331 |
| Cato Corp. — Class A | 134 | 1250 |
| Rocky Brands, Inc. | 52 | 1228 |
| Wheels Up Experience, Inc.<sup>\*</sup> | 1192 | 1228 |
| LL Flooring Holdings, Inc.<sup>\*</sup> | 216 | 1214 |
| Tile Shop Holdings, Inc.<sup>\*</sup> | 273 | 1196 |
| NEOGAMES S.A.<sup>\*</sup> | 97 | 1183 |
| Velodyne Lidar, Inc.<sup>\*</sup> | 1447 | 1069 |
| ONE Group Hospitality, Inc.<sup>\*</sup> | 169 | 1065 |
| Container Store Group, Inc.<sup>\*</sup> | 243 | 1047 |
| Hyzon Motors, Inc.<sup>\*</sup> | 658 | 1020 |
| Canoo, Inc.<sup>\*</sup> | 816 | 1004 |
| First Watch Restaurant Group, Inc.<sup>\*</sup> | 74 | 1001 |
| Snap One Holdings Corp.<sup>\*</sup> | 135 | 1000 |
| Aeva Technologies, Inc.<sup>\*</sup> | 726 | 987 |
| Weyco Group, Inc. | 44 | 931 |
| Reservoir Media, Inc.<sup>\*</sup> | 153 | 913 |
| Superior Group of Companies, Inc. | 88 | 885 |
| Biglari Holdings, Inc. — Class B<sup>\*</sup> | 6 | 833 |
| Holley, Inc.<sup>\*</sup> | 385 | 816 |
| F45 Training Holdings, Inc.<sup>\*</sup> | 271 | 772 |
| Marine Products Corp. | 62 | 730 |
| Lifetime Brands, Inc. | 96 | 729 |
| Mullen Automotive, Inc.<sup>\*</sup> | 2476 | 708 |
| Traeger, Inc.<sup>\*</sup> | 240 | 677 |
| Conn's, Inc.<sup>\*</sup> | 98 | 674 |
| PLBY Group, Inc.<sup>\*</sup> | 233 | 641 |
| Cenntro Electric Group Ltd.<sup>\*</sup> | 1379 | 607 |
| Duluth Holdings, Inc. — Class B<sup>\*</sup> | 98 | 606 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Vinco Ventures, Inc.<sup>\*</sup> | 1299 | $603 |
| ThredUp, Inc. — Class A<sup>\*</sup> | 440 | 576 |
| Express, Inc.<sup>\*</sup> | 481 | 491 |
| Landsea Homes Corp.<sup>\*</sup> | 74 | 386 |
| Aterian, Inc.<sup>\*</sup> | 435 | 335 |
| Volta, Inc.<sup>\*,1</sup> | 915 | 325 |
| Torrid Holdings, Inc.<sup>\*,1</sup> | 109 | 323 |
| Party City Holdco, Inc.<sup>\*</sup> | 817 | 299 |
| JOANN, Inc.<sup>\*</sup> | 83 | 237 |
| CompX International, Inc. | 11 | 203 |
| Xos, Inc.<sup>\*</sup> | 407 | 180 |
| Lightning eMotors, Inc.<sup>\*</sup> | 293 | 107 |
| Cepton, Inc.<sup>\*</sup> | 55 | 70 |
| **Total Consumer, Cyclical** |  | 1923417 |
| **Technology - 5.9%** |  |  |
| ExlService Holdings, Inc.<sup>\*</sup> | 241 | 40833 |
| SPS Commerce, Inc.<sup>\*</sup> | 270 | 34676 |
| Silicon Laboratories, Inc.<sup>\*</sup> | 246 | 33375 |
| Maximus, Inc. | 454 | 33292 |
| Box, Inc. — Class A<sup>\*</sup> | 1048 | 32624 |
| Qualys, Inc.<sup>\*</sup> | 289 | 32434 |
| Tenable Holdings, Inc.<sup>\*</sup> | 824 | 31436 |
| Power Integrations, Inc. | 425 | 30481 |
| Workiva, Inc.<sup>\*</sup> | 357 | 29977 |
| Rambus, Inc.<sup>\*</sup> | 795 | 28477 |
| Synaptics, Inc.<sup>\*</sup> | 297 | 28263 |
| Super Micro Computer, Inc.<sup>\*</sup> | 340 | 27914 |
| Blackline, Inc.<sup>\*</sup> | 414 | 27850 |
| Diodes, Inc.<sup>\*</sup> | 334 | 25431 |
| Envestnet, Inc.<sup>\*</sup> | 412 | 25420 |
| Onto Innovation, Inc.<sup>\*</sup> | 371 | 25261 |
| MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 379 | 23869 |
| Insight Enterprises, Inc.<sup>\*</sup> | 235 | 23563 |
| 1Life Healthcare, Inc.<sup>\*</sup> | 1351 | 22575 |
| Ambarella, Inc.<sup>\*</sup> | 273 | 22449 |
| CommVault Systems, Inc.<sup>\*</sup> | 334 | 20989 |
| Blackbaud, Inc.<sup>\*</sup> | 348 | 20483 |
| Varonis Systems, Inc.<sup>\*</sup> | 816 | 19535 |
| Axcelis Technologies, Inc.<sup>\*</sup> | 245 | 19443 |
| Sprout Social, Inc. — Class A<sup>\*</sup> | 344 | 19422 |
| ACI Worldwide, Inc.<sup>\*</sup> | 834 | 19182 |
| Kulicke & Soffa Industries, Inc. | 428 | 18943 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 537 | 18231 |
| Amkor Technology, Inc. | 760 | 18225 |
| Altair Engineering, Inc. — Class A<sup>\*</sup> | 389 | 17688 |
| Verint Systems, Inc.<sup>\*</sup> | 477 | 17306 |
| Evolent Health, Inc. — Class A<sup>\*</sup> | 614 | 17241 |
| Impinj, Inc.<sup>\*</sup> | 157 | 17141 |
| PagerDuty, Inc.<sup>\*</sup> | 637 | 16919 |
| NetScout Systems, Inc.<sup>\*</sup> | 512 | 16645 |
| Progress Software Corp. | 320 | 16144 |
| Appfolio, Inc. — Class A<sup>\*</sup> | 143 | 15069 |
| Rapid7, Inc.<sup>\*</sup> | 435 | 14781 |
| Verra Mobility Corp.<sup>\*</sup> | 1043 | 14425 |
| Veradigm, Inc.<sup>\*</sup> | 802 | 14147 |
| Semtech Corp.<sup>\*</sup> | 474 | 13599 |
| KnowBe4, Inc. — Class A<sup>\*</sup> | 546 | 13530 |
| DigitalOcean Holdings, Inc.<sup>\*</sup> | 522 | 13295 |
| CSG Systems International, Inc. | 231 | 13213 |
| FormFactor, Inc.<sup>\*</sup> | 578 | 12849 |
| Clear Secure, Inc. — Class A | 466 | 12782 |
| Duolingo, Inc.<sup>\*</sup> | 176 | 12519 |
| Xerox Holdings Corp. | 857 | 12512 |
| SiTime Corp.<sup>\*</sup> | 121 | 12296 |
| Phreesia, Inc.<sup>\*</sup> | 368 | 11908 |
| Parsons Corp.<sup>\*</sup> | 252 | 11655 |
| Agilysys, Inc.<sup>\*</sup> | 146 | 11554 |
| Cohu, Inc.<sup>\*</sup> | 350 | 11217 |
| Ultra Clean Holdings, Inc.<sup>\*</sup> | 338 | 11205 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 1098 | 10914 |
| Model N, Inc.<sup>\*</sup> | 269 | 10911 |
| Digital Turbine, Inc.<sup>\*</sup> | 685 | 10439 |
| MicroStrategy, Inc. — Class A<sup>\*,1</sup> | 70 | 9910 |
| Appian Corp. — Class A<sup>\*</sup> | 300 | 9768 |
| Digi International, Inc.<sup>\*</sup> | 256 | 9357 |
| Outset Medical, Inc.<sup>\*</sup> | 359 | 9269 |
| Everbridge, Inc.<sup>\*</sup> | 297 | 8785 |
| E2open Parent Holdings, Inc.<sup>\*</sup> | 1493 | 8764 |
| Apollo Medical Holdings, Inc.<sup>\*</sup> | 292 | 8640 |
| Alignment Healthcare, Inc.<sup>\*</sup> | 732 | 8608 |
| PowerSchool Holdings, Inc. — Class A<sup>\*</sup> | 342 | 7893 |
| NextGen Healthcare, Inc.<sup>\*</sup> | 415 | 7794 |
| Asana, Inc. — Class A<sup>\*</sup> | 552 | 7601 |
| Photronics, Inc.<sup>\*</sup> | 449 | 7557 |
| Schrodinger Incorporated/United States<sup>\*</sup> | 404 | 7551 |
| Consensus Cloud Solutions, Inc.<sup>\*</sup> | 140 | 7526 |
| Donnelley Financial Solutions, Inc.<sup>\*</sup> | 194 | 7498 |
| PROS Holdings, Inc.<sup>\*</sup> | 307 | 7448 |
| Adeia, Inc. | 781 | 7404 |
| Privia Health Group, Inc.<sup>\*</sup> | 321 | 7290 |
| 3D Systems Corp.<sup>\*</sup> | 949 | 7023 |
| Duck Creek Technologies, Inc.<sup>\*</sup> | 579 | 6977 |
| Veeco Instruments, Inc.<sup>\*</sup> | 372 | 6912 |
| Avid Technology, Inc.<sup>\*</sup> | 259 | 6887 |
| Sumo Logic, Inc.<sup>\*</sup> | 850 | 6885 |
| ACV Auctions, Inc. — Class A<sup>\*</sup> | 838 | 6880 |
| Fastly, Inc. — Class A<sup>\*</sup> | 836 | 6847 |
| Momentive Global, Inc.<sup>\*</sup> | 976 | 6832 |
| Zeta Global Holdings Corp. — Class A<sup>\*</sup> | 819 | 6691 |
| ForgeRock, Inc. — Class A<sup>\*</sup> | 284 | 6467 |
| PDF Solutions, Inc.<sup>\*</sup> | 223 | 6360 |
| TTEC Holdings, Inc. | 141 | 6222 |
| Hims & Hers Health, Inc.<sup>\*</sup> | 909 | 5827 |
| Yext, Inc.<sup>\*</sup> | 853 | 5570 |
| SMART Global Holdings, Inc.<sup>\*</sup> | 368 | 5476 |
| Cerence, Inc.<sup>\*</sup> | 294 | 5448 |
| LivePerson, Inc.<sup>\*</sup> | 527 | 5344 |
| N-able, Inc.<sup>\*</sup> | 511 | 5253 |
| PAR Technology Corp.<sup>\*</sup> | 199 | 5188 |
| Zuora, Inc. — Class A<sup>\*</sup> | 811 | 5158 |
| Conduent, Inc.<sup>\*</sup> | 1272 | 5152 |
| Amplitude, Inc. — Class A<sup>\*</sup> | 419 | 5062 |
| Pitney Bowes, Inc. | 1297 | 4929 |
| C3.ai, Inc. — Class A<sup>\*</sup> | 436 | 4879 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 165 | 4714 |
| EngageSmart, Inc.<sup>\*</sup> | 261 | 4594 |
| Matterport, Inc.<sup>\*</sup> | 1639 | 4589 |
| CEVA, Inc.<sup>\*</sup> | 171 | 4374 |
| Health Catalyst, Inc.<sup>\*</sup> | 404 | 4295 |
| Simulations Plus, Inc. | 117 | 4279 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sapiens International Corporation N.V. | 230 | $4250 |
| Olo, Inc. — Class A<sup>\*</sup> | 674 | 4212 |
| BigCommerce Holdings, Inc.<sup>\*</sup> | 480 | 4195 |
| Grid Dynamics Holdings, Inc.<sup>\*</sup> | 364 | 4084 |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 174 | 3993 |
| PubMatic, Inc. — Class A<sup>\*</sup> | 310 | 3971 |
| AvePoint, Inc.<sup>\*</sup> | 965 | 3966 |
| Ebix, Inc. | 197 | 3932 |
| Alkami Technology, Inc.<sup>\*</sup> | 269 | 3925 |
| Corsair Gaming, Inc.<sup>\*</sup> | 287 | 3895 |
| Vimeo, Inc.<sup>\*</sup> | 1073 | 3680 |
| Nutex Health, Inc.<sup>\*</sup> | 1865 | 3543 |
| Sharecare, Inc.<sup>\*</sup> | 2206 | 3530 |
| 8x8, Inc.<sup>\*</sup> | 785 | 3391 |
| SolarWinds Corp.<sup>\*</sup> | 362 | 3388 |
| OneSpan, Inc.<sup>\*</sup> | 297 | 3323 |
| Domo, Inc. — Class B<sup>\*</sup> | 228 | 3247 |
| American Software, Inc. — Class A | 221 | 3244 |
| IonQ, Inc.<sup>\*,1</sup> | 890 | 3070 |
| Mitek Systems, Inc.<sup>\*</sup> | 316 | 3062 |
| Instructure Holdings, Inc.<sup>\*</sup> | 130 | 3047 |
| Computer Programs and Systems, Inc.<sup>\*</sup> | 107 | 2913 |
| ACM Research, Inc. — Class A<sup>\*</sup> | 359 | 2768 |
| Desktop Metal, Inc. — Class A<sup>\*</sup> | 1981 | 2694 |
| ON24, Inc.<sup>\*</sup> | 312 | 2693 |
| Intapp, Inc.<sup>\*</sup> | 107 | 2669 |
| UserTesting, Inc.<sup>\*</sup> | 354 | 2659 |
| Unisys Corp.<sup>\*</sup> | 496 | 2535 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 286 | 2514 |
| MeridianLink, Inc.<sup>\*</sup> | 172 | 2362 |
| Playstudios, Inc.<sup>\*</sup> | 594 | 2305 |
| Daily Journal Corp.<sup>\*</sup> | 9 | 2255 |
| Telos Corp.<sup>\*</sup> | 404 | 2056 |
| Inspired Entertainment, Inc.<sup>\*</sup> | 162 | 2053 |
| Benefitfocus, Inc.<sup>\*</sup> | 193 | 2019 |
| Blend Labs, Inc. — Class A<sup>\*</sup> | 1386 | 1996 |
| Cantaloupe, Inc.<sup>\*</sup> | 438 | 1905 |
| Digimarc Corp.<sup>\*,1</sup> | 102 | 1886 |
| HireRight Holdings Corp.<sup>\*</sup> | 159 | 1886 |
| Cvent Holding Corp.<sup>\*</sup> | 339 | 1831 |
| Enfusion, Inc. — Class A<sup>\*</sup> | 189 | 1828 |
| Vuzix Corp.<sup>\*,1</sup> | 444 | 1616 |
| Red Violet, Inc.<sup>\*</sup> | 70 | 1611 |
| Brightcove, Inc.<sup>\*</sup> | 308 | 1611 |
| Upland Software, Inc.<sup>\*</sup> | 218 | 1554 |
| eGain Corp.<sup>\*</sup> | 157 | 1418 |
| Rimini Street, Inc.<sup>\*</sup> | 365 | 1391 |
| Cardlytics, Inc.<sup>\*</sup> | 239 | 1381 |
| EverCommerce, Inc.<sup>\*</sup> | 181 | 1347 |
| AXT, Inc.<sup>\*</sup> | 304 | 1331 |
| Rackspace Technology, Inc.<sup>\*</sup> | 431 | 1271 |
| Veritone, Inc.<sup>\*</sup> | 234 | 1240 |
| Skillz, Inc.<sup>\*</sup> | 2260 | 1145 |
| Porch Group, Inc.<sup>\*</sup> | 604 | 1136 |
| Weave Communications, Inc.<sup>\*</sup> | 234 | 1072 |
| CS Disco, Inc.<sup>\*</sup> | 167 | 1055 |
| Outbrain, Inc.<sup>\*</sup> | 290 | 1050 |
| IBEX Holdings Ltd.<sup>\*</sup> | 42 | 1044 |
| NextNav, Inc.<sup>\*</sup> | 345 | 1011 |
| Markforged Holding Corp.<sup>\*</sup> | 825 | 957 |
| Atomera, Inc.<sup>\*</sup> | 153 | 952 |
| Cerberus Cyber Sentinel Corp.<sup>\*</sup> | 342 | 872 |
| Ouster, Inc.<sup>\*</sup> | 1000 | 863 |
| Skillsoft Corp.<sup>\*</sup> | 608 | 790 |
| Diebold Nixdorf, Inc.<sup>\*</sup> | 547 | 777 |
| Velo3D, Inc.<sup>\*</sup> | 422 | 755 |
| Pear Therapeutics, Inc.<sup>\*</sup> | 513 | 605 |
| SkyWater Technology, Inc.<sup>\*</sup> | 81 | 576 |
| Arteris, Inc.<sup>\*</sup> | 125 | 537 |
| WM Technology, Inc.<sup>\*,1</sup> | 530 | 535 |
| LiveVox Holdings, Inc.<sup>\*</sup> | 166 | 493 |
| SecureWorks Corp. — Class A<sup>\*</sup> | 74 | 473 |
| Viant Technology, Inc. — Class A<sup>\*</sup> | 104 | 418 |
| Loyalty Ventures, Inc.<sup>\*</sup> | 150 | 361 |
| Latch, Inc.<sup>\*</sup> | 498 | 354 |
| Faraday Future Intelligent Electric, Inc.<sup>\*</sup> | 744 | 216 |
| Rigetti Computing, Inc.<sup>\*,1</sup> | 237 | 173 |
| Kaleyra, Inc.<sup>\*</sup> | 215 | 162 |
| Avaya Holdings Corp.<sup>\*</sup> | 620 | 122 |
| IronNet, Inc.<sup>\*</sup> | 486 | 112 |
| Rockley Photonics Holdings Ltd.<sup>\*</sup> | 764 | 107 |
| **Total Technology** |  | 1615603 |
| **Energy - 4.2%** |  |  |
| Matador Resources Co. | 838 | 47967 |
| Murphy Oil Corp. | 1097 | 47182 |
| ChampionX Corp. | 1490 | 43195 |
| Chord Energy Corp. | 311 | 42548 |
| Helmerich & Payne, Inc. | 770 | 38169 |
| Denbury, Inc.<sup>\*</sup> | 376 | 32720 |
| Civitas Resources, Inc. | 553 | 32035 |
| SM Energy Co. | 908 | 31626 |
| Valaris Ltd.<sup>\*</sup> | 456 | 30835 |
| Magnolia Oil & Gas Corp. — Class A | 1298 | 30438 |
| PBF Energy, Inc. — Class A | 725 | 29565 |
| Patterson-UTI Energy, Inc. | 1607 | 27062 |
| Weatherford International plc<sup>\*</sup> | 530 | 26988 |
| Shoals Technologies Group, Inc. — Class A<sup>\*</sup> | 1030 | 25410 |
| California Resources Corp. | 551 | 23974 |
| Noble Corporation plc<sup>\*</sup> | 628 | 23682 |
| Peabody Energy Corp.<sup>\*</sup> | 882 | 23302 |
| CNX Resources Corp.<sup>\*</sup> | 1327 | 22347 |
| Array Technologies, Inc.<sup>\*</sup> | 1130 | 21843 |
| Kosmos Energy Ltd.<sup>\*</sup> | 3383 | 21516 |
| Equitrans Midstream Corp. | 3080 | 20636 |
| CONSOL Energy, Inc. | 257 | 16705 |
| Liberty Energy, Inc. — Class A | 1036 | 16586 |
| Alpha Metallurgical Resources, Inc. | 113 | 16542 |
| Arch Resources, Inc. | 111 | 15850 |
| Northern Oil and Gas, Inc. | 488 | 15040 |
| Sitio Royalties Corp. — Class A | 515 | 14866 |
| Permian Resources Corp. | 1541 | 14485 |
| Delek US Holdings, Inc. | 517 | 13959 |
| Callon Petroleum Co.<sup>\*</sup> | 369 | 13686 |
| Sunnova Energy International, Inc.<sup>\*</sup> | 744 | 13399 |
| Warrior Met Coal, Inc. | 386 | 13371 |
| Oceaneering International, Inc.<sup>\*</sup> | 749 | 13100 |
| Tidewater, Inc.<sup>\*</sup> | 347 | 12787 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| NexTier Oilfield Solutions, Inc.<sup>\*</sup> | 1316 | $12160 |
| Green Plains, Inc.<sup>\*</sup> | 395 | 12048 |
| SunPower Corp. — Class A<sup>\*</sup> | 613 | 11052 |
| Expro Group Holdings N.V.<sup>\*</sup> | 581 | 10534 |
| Nabors Industries Ltd.<sup>\*</sup> | 68 | 10531 |
| NOW, Inc.<sup>\*</sup> | 826 | 10490 |
| Stem, Inc.<sup>\*</sup> | 1080 | 9655 |
| Comstock Resources, Inc. | 687 | 9419 |
| Talos Energy, Inc.<sup>\*</sup> | 496 | 9364 |
| Archrock, Inc. | 1014 | 9106 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 366 | 8509 |
| FuelCell Energy, Inc.<sup>\*</sup> | 3041 | 8454 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 1071 | 7904 |
| Diamond Offshore Drilling, Inc.<sup>\*</sup> | 748 | 7779 |
| Borr Drilling Ltd.<sup>\*</sup> | 1461 | 7261 |
| CVR Energy, Inc. | 222 | 6957 |
| US Silica Holdings, Inc.<sup>\*</sup> | 555 | 6937 |
| Dril-Quip, Inc.<sup>\*</sup> | 255 | 6928 |
| ProPetro Holding Corp.<sup>\*</sup> | 654 | 6782 |
| Laredo Petroleum, Inc.<sup>\*</sup> | 126 | 6479 |
| Tellurian, Inc.<sup>\*</sup> | 3823 | 6423 |
| Gulfport Energy Corp.<sup>\*</sup> | 84 | 6186 |
| Ranger Oil Corp. — Class A | 143 | 5781 |
| SunCoke Energy, Inc. | 624 | 5385 |
| Montauk Renewables, Inc.<sup>\*</sup> | 482 | 5317 |
| RPC, Inc. | 557 | 4952 |
| Select Energy Services, Inc. — Class A | 535 | 4943 |
| Bristow Group, Inc.<sup>\*</sup> | 175 | 4748 |
| Berry Corp. | 586 | 4688 |
| Fluence Energy, Inc.<sup>\*</sup> | 269 | 4613 |
| Earthstone Energy, Inc. — Class A<sup>\*</sup> | 318 | 4525 |
| ProFrac Holding Corp. — Class A<sup>\*</sup> | 174 | 4385 |
| SandRidge Energy, Inc.<sup>\*</sup> | 238 | 4053 |
| Kinetik Holdings, Inc. — Class A<sup>1</sup> | 120 | 3970 |
| W&T Offshore, Inc.<sup>\*</sup> | 708 | 3951 |
| REX American Resources Corp.<sup>\*</sup> | 118 | 3760 |
| VAALCO Energy, Inc. | 796 | 3630 |
| Excelerate Energy, Inc. — Class A | 139 | 3482 |
| Oil States International, Inc.<sup>\*</sup> | 450 | 3357 |
| TETRA Technologies, Inc.<sup>\*</sup> | 933 | 3228 |
| Crescent Energy Co. — Class A | 243 | 2914 |
| Gevo, Inc.<sup>\*</sup> | 1475 | 2803 |
| TPI Composites, Inc.<sup>\*</sup> | 274 | 2778 |
| DMC Global, Inc.<sup>\*</sup> | 141 | 2741 |
| Newpark Resources, Inc.<sup>\*</sup> | 632 | 2623 |
| Vertex Energy, Inc.<sup>\*</sup> | 405 | 2511 |
| SilverBow Resources, Inc.<sup>\*</sup> | 88 | 2489 |
| Aris Water Solution, Inc. — Class A | 165 | 2378 |
| Solaris Oilfield Infrastructure, Inc. — Class A | 237 | 2353 |
| Amplify Energy Corp.<sup>\*</sup> | 267 | 2347 |
| Riley Exploration Permian, Inc. | 78 | 2296 |
| National Energy Services Reunited Corp.<sup>\*</sup> | 286 | 1985 |
| Eneti, Inc. | 170 | 1709 |
| Ring Energy, Inc.<sup>\*</sup> | 648 | 1594 |
| FutureFuel Corp. | 194 | 1577 |
| Alto Ingredients, Inc.<sup>\*</sup> | 541 | 1558 |
| Energy Vault Holdings, Inc.<sup>\*</sup> | 475 | 1482 |
| Ramaco Resources, Inc. | 168 | 1477 |
| NACCO Industries, Inc. — Class A | 30 | 1140 |
| NextDecade Corp.<sup>\*</sup> | 227 | 1121 |
| HighPeak Energy, Inc. | 46 | 1052 |
| Aemetis, Inc.<sup>\*</sup> | 218 | 863 |
| Empire Petroleum Corp.<sup>\*</sup> | 48 | 590 |
| Cleanspark, Inc.<sup>\*</sup> | 284 | 579 |
| Heliogen, Inc.<sup>\*</sup> | 681 | 476 |
| Battalion Oil Corp.<sup>\*</sup> | 19 | 184 |
| **Total Energy** |  | 1148762 |
| **Communications - 2.5%** |  |  |
| Iridium Communications, Inc. | 930 | 47802 |
| TEGNA, Inc. | 1669 | 35366 |
| Calix, Inc.<sup>\*</sup> | 425 | 29083 |
| Maxar Technologies, Inc. | 545 | 28198 |
| Ziff Davis, Inc.<sup>\*</sup> | 342 | 27052 |
| Marqeta, Inc. — Class A<sup>\*</sup> | 3253 | 19876 |
| Cogent Communications Holdings, Inc. | 322 | 18380 |
| Viavi Solutions, Inc.<sup>\*</sup> | 1705 | 17920 |
| Perficient, Inc.<sup>\*</sup> | 256 | 17876 |
| Extreme Networks, Inc.<sup>\*</sup> | 946 | 17321 |
| Yelp, Inc. — Class A<sup>\*</sup> | 503 | 13752 |
| Bumble, Inc. — Class A<sup>\*</sup> | 646 | 13598 |
| DigitalBridge Group, Inc. | 1175 | 12855 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 1537 | 11297 |
| Q2 Holdings, Inc.<sup>\*</sup> | 419 | 11258 |
| InterDigital, Inc. | 222 | 10985 |
| Cargurus, Inc.<sup>\*</sup> | 765 | 10718 |
| Magnite, Inc.<sup>\*</sup> | 981 | 10389 |
| ADTRAN Holdings, Inc. | 527 | 9902 |
| Credo Technology Group Holding Ltd.<sup>\*</sup> | 722 | 9610 |
| Shutterstock, Inc. | 182 | 9595 |
| Infinera Corp.<sup>\*</sup> | 1418 | 9557 |
| Upwork, Inc.<sup>\*</sup> | 898 | 9375 |
| Harmonic, Inc.<sup>\*</sup> | 690 | 9039 |
| TechTarget, Inc.<sup>\*</sup> | 205 | 9032 |
| ePlus, Inc.<sup>\*</sup> | 199 | 8812 |
| Scholastic Corp. | 222 | 8760 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 1117 | 8489 |
| Clearfield, Inc.<sup>\*</sup> | 87 | 8190 |
| Telephone & Data Systems, Inc. | 756 | 7930 |
| A10 Networks, Inc. | 475 | 7899 |
| Cars.com, Inc.<sup>\*</sup> | 505 | 6954 |
| Gray Television, Inc. | 615 | 6882 |
| Globalstar, Inc.<sup>\*</sup> | 5125 | 6816 |
| Revolve Group, Inc.<sup>\*</sup> | 306 | 6811 |
| Figs, Inc. — Class A<sup>\*</sup> | 955 | 6427 |
| Overstock.com, Inc.<sup>\*</sup> | 319 | 6176 |
| Poshmark, Inc. — Class A<sup>\*</sup> | 344 | 6151 |
| EW Scripps Co. — Class A<sup>\*</sup> | 438 | 5777 |
| Shenandoah Telecommunications Co. | 363 | 5765 |
| QuinStreet, Inc.<sup>\*</sup> | 389 | 5582 |
| iHeartMedia, Inc. — Class A<sup>\*</sup> | 903 | 5536 |
| Gogo, Inc.<sup>\*</sup> | 375 | 5535 |
| Open Lending Corp. — Class A<sup>\*</sup> | 790 | 5332 |
| Squarespace, Inc. — Class A<sup>\*</sup> | 235 | 5210 |
| Planet Labs PBC<sup>\*</sup> | 1165 | 5068 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sinclair Broadcast Group, Inc. — Class A | 300 | $4653 |
| HealthStream, Inc.<sup>\*</sup> | 181 | 4496 |
| Anterix, Inc.<sup>\*</sup> | 138 | 4440 |
| EchoStar Corp. — Class A<sup>\*</sup> | 252 | 4203 |
| Boston Omaha Corp. — Class A<sup>\*</sup> | 148 | 3922 |
| NETGEAR, Inc.<sup>\*</sup> | 212 | 3839 |
| ATN International, Inc. | 82 | 3715 |
| WideOpenWest, Inc.<sup>\*</sup> | 402 | 3662 |
| Stagwell, Inc.<sup>\*</sup> | 585 | 3633 |
| Thryv Holdings, Inc.<sup>\*</sup> | 190 | 3610 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 227 | 3557 |
| Eventbrite, Inc. — Class A<sup>\*</sup> | 578 | 3387 |
| IDT Corp. — Class B<sup>\*</sup> | 108 | 3042 |
| Clear Channel Outdoor Holdings, Inc.<sup>\*</sup> | 2733 | 2870 |
| Couchbase, Inc.<sup>\*</sup> | 199 | 2639 |
| Aviat Networks, Inc.<sup>\*</sup> | 83 | 2589 |
| Liquidity Services, Inc.<sup>\*</sup> | 183 | 2573 |
| Rover Group, Inc.<sup>\*,1</sup> | 695 | 2551 |
| Tucows, Inc. — Class A<sup>\*</sup> | 74 | 2510 |
| CarParts.com, Inc.<sup>\*</sup> | 380 | 2379 |
| Ooma, Inc.<sup>\*</sup> | 172 | 2343 |
| United States Cellular Corp.<sup>\*</sup> | 112 | 2335 |
| fuboTV, Inc.<sup>\*,1</sup> | 1335 | 2323 |
| Quotient Technology, Inc.<sup>\*</sup> | 669 | 2295 |
| OptimizeRx Corp.<sup>\*</sup> | 132 | 2218 |
| Gannett Company, Inc.<sup>\*</sup> | 1079 | 2191 |
| Liberty Latin America Ltd. — Class A<sup>\*</sup> | 287 | 2161 |
| EverQuote, Inc. — Class A<sup>\*</sup> | 146 | 2152 |
| Entravision Communications Corp. — Class A | 445 | 2136 |
| ContextLogic, Inc. — Class A<sup>\*</sup> | 4245 | 2070 |
| Consolidated Communications Holdings, Inc.<sup>\*</sup> | 557 | 1994 |
| 1-800-Flowers.com, Inc. — Class A<sup>\*</sup> | 202 | 1931 |
| Stitch Fix, Inc. — Class A<sup>\*</sup> | 609 | 1894 |
| Cambium Networks Corp.<sup>\*</sup> | 86 | 1864 |
| MediaAlpha, Inc. — Class A<sup>\*</sup> | 178 | 1771 |
| Allbirds, Inc. — Class A<sup>\*</sup> | 702 | 1699 |
| DHI Group, Inc.<sup>\*</sup> | 320 | 1693 |
| DZS, Inc.<sup>\*</sup> | 131 | 1661 |
| Preformed Line Products Co. | 19 | 1583 |
| Ribbon Communications, Inc.<sup>\*</sup> | 542 | 1512 |
| Blade Air Mobility, Inc.<sup>\*</sup> | 420 | 1504 |
| Groupon, Inc.<sup>\*,1</sup> | 162 | 1390 |
| Vivid Seats, Inc. — Class A<sup>\*</sup> | 183 | 1336 |
| BARK, Inc.<sup>\*</sup> | 894 | 1332 |
| Advantage Solutions, Inc.<sup>\*</sup> | 618 | 1285 |
| Edgio, Inc.<sup>\*</sup> | 1029 | 1163 |
| Vacasa, Inc. — Class A<sup>\*</sup> | 838 | 1056 |
| Innovid Corp.<sup>\*</sup> | 573 | 980 |
| Nerdy, Inc.<sup>\*</sup> | 406 | 913 |
| Arena Group Holdings, Inc.<sup>\*</sup> | 85 | 902 |
| 1stdibs.com, Inc.<sup>\*</sup> | 174 | 884 |
| Lands' End, Inc.<sup>\*</sup> | 114 | 865 |
| Focus Universal, Inc.<sup>\*,1</sup> | 133 | 852 |
| Cumulus Media, Inc. — Class A<sup>\*</sup> | 134 | 832 |
| RealReal, Inc.<sup>\*</sup> | 638 | 797 |
| Casa Systems, Inc.<sup>\*</sup> | 265 | 724 |
| Solo Brands, Inc. — Class A<sup>\*,1</sup> | 165 | 614 |
| Gambling.com Group Ltd.<sup>\*</sup> | 64 | 586 |
| Inseego Corp.<sup>\*</sup> | 646 | 544 |
| Cyxtera Technologies, Inc.<sup>\*</sup> | 276 | 530 |
| RumbleON, Inc. — Class B<sup>\*</sup> | 78 | 505 |
| Ondas Holdings, Inc.<sup>\*</sup> | 251 | 399 |
| Value Line, Inc. | 7 | 356 |
| KORE Group Holdings, Inc.<sup>\*</sup> | 263 | 331 |
| Urban One, Inc.<sup>\*</sup> | 85 | 320 |
| Terran Orbital Corp.<sup>\*,1</sup> | 179 | 283 |
| Urban One, Inc.<sup>\*</sup> | 62 | 282 |
| Audacy, Inc.<sup>\*</sup> | 894 | 201 |
| AdTheorent Holding Company, Inc.<sup>\*</sup> | 113 | 187 |
| aka Brands Holding Corp.<sup>\*</sup> | 84 | 107 |
| Lulu's Fashion Lounge Holdings, Inc.<sup>\*</sup> | 42 | 105 |
| Inspirato, Inc.<sup>\*</sup> | 73 | 87 |
| **Total Communications** |  | 690286 |
| **Basic Materials - 2.2%** |  |  |
| Commercial Metals Co. | 870 | 42021 |
| Balchem Corp. | 239 | 29184 |
| HB Fuller Co. | 398 | 28505 |
| Cabot Corp. | 417 | 27872 |
| ATI, Inc.<sup>\*</sup> | 930 | 27770 |
| Livent Corp.<sup>\*</sup> | 1214 | 24122 |
| Avient Corp. | 682 | 23024 |
| Sensient Technologies Corp. | 314 | 22897 |
| Hecla Mining Co. | 4117 | 22891 |
| Ingevity Corp.<sup>\*</sup> | 279 | 19653 |
| Innospec, Inc. | 186 | 19132 |
| Stepan Co. | 160 | 17034 |
| Quaker Chemical Corp. | 101 | 16857 |
| Rogers Corp.<sup>\*</sup> | 141 | 16827 |
| Arconic Corp.<sup>\*</sup> | 755 | 15976 |
| Minerals Technologies, Inc. | 243 | 14755 |
| Carpenter Technology Corp. | 358 | 13225 |
| Sylvamo Corp. | 266 | 12925 |
| Tronox Holdings plc — Class A | 877 | 12024 |
| Constellium SE<sup>\*</sup> | 925 | 10943 |
| Novagold Resources, Inc.<sup>\*</sup> | 1792 | 10716 |
| Compass Minerals International, Inc. | 257 | 10537 |
| Uranium Energy Corp.<sup>\*</sup> | 2405 | 9331 |
| Kaiser Aluminum Corp. | 119 | 9039 |
| Mativ Holdings, Inc. | 406 | 8485 |
| Orion Engineered Carbons S.A. | 453 | 8068 |
| Perimeter Solutions S.A.<sup>\*</sup> | 875 | 7998 |
| AdvanSix, Inc. | 204 | 7756 |
| Resolute Forest Products, Inc.<sup>\*</sup> | 344 | 7427 |
| Energy Fuels, Inc.<sup>\*</sup> | 1169 | 7260 |
| Coeur Mining, Inc.<sup>\*</sup> | 2087 | 7012 |
| Trinseo plc | 262 | 5950 |
| Schnitzer Steel Industries, Inc. — Class A | 194 | 5946 |
| Piedmont Lithium, Inc.<sup>\*</sup> | 130 | 5723 |
| Hawkins, Inc. | 145 | 5597 |
| Clearwater Paper Corp.<sup>\*</sup> | 125 | 4726 |
| American Vanguard Corp. | 209 | 4537 |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 463 | 4445 |
| Koppers Holdings, Inc. | 152 | 4286 |
| Haynes International, Inc. | 92 | 4203 |
| Ecovyst, Inc.<sup>\*</sup> | 453 | 4014 |
| Origin Materials, Inc.<sup>\*</sup> | 787 | 3628 |
| Lightwave Logic, Inc.<sup>\*</sup> | 837 | 3608 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Century Aluminum Co.<sup>\*</sup> | 389 | $3182 |
| Diversey Holdings Ltd.<sup>\*</sup> | 585 | 2492 |
| Intrepid Potash, Inc.<sup>\*</sup> | 83 | 2396 |
| Amyris, Inc.<sup>\*,1</sup> | 1475 | 2257 |
| Codexis, Inc.<sup>\*</sup> | 459 | 2139 |
| United States Lime & Minerals, Inc. | 15 | 2112 |
| 5E Advanced Materials, Inc.<sup>\*</sup> | 241 | 1899 |
| Ur-Energy, Inc.<sup>\*</sup> | 1569 | 1804 |
| Kronos Worldwide, Inc. | 166 | 1560 |
| Ivanhoe Electric Incorporated / US<sup>\*</sup> | 109 | 1324 |
| Danimer Scientific, Inc.<sup>\*</sup> | 679 | 1215 |
| Dakota Gold Corp.<sup>\*</sup> | 381 | 1162 |
| Glatfelter Corp.<sup>\*</sup> | 330 | 917 |
| Unifi, Inc.<sup>\*</sup> | 104 | 895 |
| Hycroft Mining Holding Corp.<sup>\*</sup> | 1131 | 602 |
| PolyMet Mining Corp.<sup>\*</sup> | 219 | 580 |
| Valhi, Inc. | 18 | 396 |
| Terawulf, Inc.<sup>\*</sup> | 159 | 106 |
| **Total Basic Materials** |  | 594967 |
| **Utilities - 2.2%** |  |  |
| New Jersey Resources Corp. | 721 | 35776 |
| Black Hills Corp. | 487 | 34256 |
| Portland General Electric Co. | 670 | 32830 |
| South Jersey Industries, Inc. | 920 | 32688 |
| Ormat Technologies, Inc. | 367 | 31738 |
| PNM Resources, Inc. | 640 | 31226 |
| Southwest Gas Holdings, Inc. | 494 | 30569 |
| ONE Gas, Inc. | 403 | 30515 |
| Brookfield Infrastructure Corp. — Class A | 734 | 28553 |
| ALLETE, Inc. | 429 | 27675 |
| Spire, Inc. | 382 | 26304 |
| American States Water Co. | 277 | 25636 |
| NorthWestern Corp. | 432 | 25635 |
| California Water Service Group | 401 | 24317 |
| Avista Corp. | 543 | 24077 |
| Clearway Energy, Inc. — Class C | 615 | 19600 |
| MGE Energy, Inc. | 273 | 19219 |
| Otter Tail Corp. | 308 | 18083 |
| SJW Group | 202 | 16400 |
| Chesapeake Utilities Corp. | 130 | 15363 |
| Ameresco, Inc. — Class A<sup>\*</sup> | 238 | 13599 |
| Northwest Natural Holding Co. | 254 | 12088 |
| Middlesex Water Co. | 130 | 10227 |
| Clearway Energy, Inc. — Class A | 261 | 7809 |
| Unitil Corp. | 119 | 6112 |
| York Water Co. | 106 | 4768 |
| Artesian Resources Corp. — Class A | 61 | 3574 |
| Altus Power, Inc.<sup>\*,1</sup> | 314 | 2047 |
| Global Water Resources, Inc. | 94 | 1248 |
| FTC Solar, Inc.<sup>\*</sup> | 308 | 825 |
| Via Renewables, Inc. | 91 | 465 |
| **Total Utilities** |  | 593222 |
| **Government - 0.0%** |  |  |
| Banco Latinoamericano de Comercio Exterior S.A. — Class E | 206 | 3337 |
| **Diversified - 0.0%** |  |  |
| Professional Holding Corp. — Class A<sup>\*</sup> | 97 | 2691 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $20,348,473) |  | 17012194 |
| **RIGHTS<sup>†††</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Oncternal Therapeutics, Inc. <sup>\*</sup> | 7 |  |
| Tobira Therapeutics, Inc.<sup>\*</sup> | 141 |  |
| UCB <sup>\*</sup> | 385 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $104) |  | – |
| **EXCHANGE-TRADED FUNDS<sup>†</sup> - 8.1%** |  |  |
| iShares Russell 2000 Index ETF<sup>1</sup> | 6356 | 1108232 |
| Vanguard Russell 2000 ETF<sup>1</sup> | 15743 | 1107835 |
| **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,799,131) |  | 2216067 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 7.3%** | | |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.00% due 01/11/23<sup>2</sup> | 1000000 | 999129 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>2</sup> | 1000000 | 997252 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,995,964) |  | 1996381 |
| **FEDERAL AGENCY NOTES<sup>††</sup> - 3.7%** |  |  |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23<sup>◊</sup> | 1000000 | 1000077 |
| **Total Federal Agency Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,000,000) |  | 1000077 |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.8%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2,3</sup> | 106000 | 105849 |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>2,4</sup> | 100000 | 99913 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $205,698) |  | 205762 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 18.6%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23<sup>4</sup> | 2857666 | 2857666 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23<sup>4</sup> | 1099102 | 1099102 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23<sup>4</sup> | 1095698 | 1095698 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,052,466) |  | 5052466 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup> - 4.9%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund – Class X, 4.10%<sup>7</sup> | 1333648 | 1333648 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,333,648) |  | 1333648 |
| **Total Investments - 105.9%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $32,735,484) |  | $28816595 |
| **Other Assets & Liabilities, net - (5.9)%** |  | (1612206) |
| **Total Net Assets - 100.0%** |  | $27204389 |

---

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | | | |
| **Description** | **Number of<br> Contracts** | <br>**Expiration Date** |<br>**Notional Amount** |<br>**Value and**<br> **Unrealized**<br> **Depreciation<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Russell 2000 Index Mini Futures Contracts | 17 | Mar 2023 | $1505605 | $(21594) |

---

**Total Return Swap Agreements** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing<br> Rate**  | **Payment<br> 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>** |  |  |  |  |  |
| BNP Paribas | Russell 2000 Index | Pay | 4.53% (Federal Funds Rate + 0.20%) | At Maturity | 01/26/23 | 2034 | $3581972 | $24310 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.43% (Federal Funds Rate + 0.10%) | At Maturity | 01/26/23 | 822 | 1447575 | (60786) |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.30% (SOFR) | At Maturity | 01/25/23 | 818 | 1441205 | (104655) |
|  |  |  |  |  |  |  | $6470752 | $(141131) |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>\*\*</sup>* | *Includes cumulative appreciation (depreciation).* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>†††</sup>* | *Value determined based on Level 3 inputs — See Note 3.* |
| *<sup>◊</sup>* | *Variable rate security. Rate indicated is the rate effective at December 31, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Rate indicated is the effective yield at the time of purchase.* |
| *<sup>3</sup>* | *All or a portion of this security is pledged as futures collateral at December 31, 2022.* |
| *<sup>4</sup>* | *All or a portion of this security is pledged as equity index swap collateral at December 31, 2022.* |
| *<sup>5</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>6</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>7</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

*See Sector Classification in Other Information section.*

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

---

| | |
|:---|:---|
| **Russell 2000<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $17012194 | $&nbsp;&nbsp;&nbsp;&nbsp;— \* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $17012194 |
| Rights |  |  | — \* |  |
| Exchange-Traded Funds | 2216067 |  |  | 2216067 |
| Federal Agency Discount Notes |  | 1996381 |  | 1996381 |
| Federal Agency Notes |  | 1000077 |  | 1000077 |
| U.S. Treasury Bills |  | 205762 |  | 205762 |
| Repurchase Agreements |  | 5052466 |  | 5052466 |
| Securities Lending Collateral | 1333648 |  |  | 1333648 |
| Equity Index Swap Agreements\*\* |  | 24310 |  | 24310 |
| Total Assets | $20561909 | $8278996 | $— | $28840905 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $21594 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $21594 |
| Equity Index Swap Agreements\*\* |  | 165441 |  | 165441 |
| Total Liabilities | $21594 | $165441 | $— | $187035 |

---

\* Security has a market value of $0.

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

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 95.9%** | **COMMON STOCKS<sup>†</sup> - 95.9%** | **COMMON STOCKS<sup>†</sup> - 95.9%** |
| **Consumer, Non-cyclical - 22.5%** |  |  |
| UnitedHealth Group, Inc. | 2413 | $1279324 |
| Johnson & Johnson | 6752 | 1192741 |
| Procter & Gamble Co. | 6120 | 927547 |
| Eli Lilly & Co. | 2037 | 745216 |
| Pfizer, Inc. | 14497 | 742826 |
| AbbVie, Inc. | 4567 | 738073 |
| Merck & Company, Inc. | 6548 | 726501 |
| PepsiCo, Inc. | 3558 | 642788 |
| Coca-Cola Co. | 10052 | 639408 |
| Thermo Fisher Scientific, Inc. | 1013 | 557849 |
| Abbott Laboratories | 4503 | 494384 |
| Danaher Corp. | 1692 | 449091 |
| Philip Morris International, Inc. | 4004 | 405245 |
| Bristol-Myers Squibb Co. | 5491 | 395077 |
| Amgen, Inc. | 1378 | 361918 |
| Elevance Health, Inc. | 617 | 316503 |
| CVS Health Corp. | 3394 | 316287 |
| S&P Global, Inc. | 860 | 288048 |
| Gilead Sciences, Inc. | 3239 | 278068 |
| Medtronic plc | 3433 | 266813 |
| Cigna Corp. | 790 | 261759 |
| Automatic Data Processing, Inc. | 1071 | 255819 |
| Intuitive Surgical, Inc.<sup>\*</sup> | 913 | 242265 |
| Mondelez International, Inc. — Class A | 3527 | 235074 |
| Stryker Corp. | 870 | 212706 |
| Altria Group, Inc. | 4629 | 211592 |
| PayPal Holdings, Inc.<sup>\*</sup> | 2944 | 209672 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 277 | 199853 |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 663 | 191461 |
| Becton Dickinson and Co. | 737 | 187419 |
| Zoetis, Inc. | 1204 | 176446 |
| Boston Scientific Corp.<sup>\*</sup> | 3699 | 171153 |
| Colgate-Palmolive Co. | 2157 | 169950 |
| Humana, Inc. | 327 | 167486 |
| Moderna, Inc.<sup>\*</sup> | 853 | 153216 |
| Estee Lauder Companies, Inc. — Class A | 597 | 148122 |
| McKesson Corp. | 366 | 137294 |
| Archer-Daniels-Midland Co. | 1419 | 131754 |
| HCA Healthcare, Inc. | 548 | 131498 |
| General Mills, Inc. | 1533 | 128542 |
| Centene Corp.<sup>\*</sup> | 1462 | 119899 |
| Edwards Lifesciences Corp.<sup>\*</sup> | 1597 | 119152 |
| Kimberly-Clark Corp. | 872 | 118374 |
| Moody's Corp. | 407 | 113398 |
| Dexcom, Inc.<sup>\*</sup> | 998 | 113013 |
| Corteva, Inc. | 1845 | 108449 |
| Biogen, Inc.<sup>\*</sup> | 372 | 103014 |
| Cintas Corp. | 223 | 100711 |
| Sysco Corp. | 1309 | 100073 |
| Monster Beverage Corp.<sup>\*</sup> | 984 | 99905 |
| IQVIA Holdings, Inc.<sup>\*</sup> | 480 | 98347 |
| Constellation Brands, Inc. — Class A | 419 | 97103 |
| Hershey Co. | 380 | 87997 |
| IDEXX Laboratories, Inc.<sup>\*</sup> | 214 | 87303 |
| Kraft Heinz Co. | 2056 | 83700 |
| Illumina, Inc.<sup>\*</sup> | 406 | 82093 |
| CoStar Group, Inc.<sup>\*</sup> | 1050 | 81144 |
| ResMed, Inc. | 378 | 78673 |
| Keurig Dr Pepper, Inc. | 2195 | 78274 |
| Kroger Co. | 1682 | 74983 |
| Verisk Analytics, Inc. — Class A | 404 | 71274 |
| Global Payments, Inc. | 698 | 69325 |
| AmerisourceBergen Corp. — Class A | 418 | 69267 |
| Zimmer Biomet Holdings, Inc. | 542 | 69105 |
| Gartner, Inc.<sup>\*</sup> | 204 | 68573 |
| Baxter International, Inc. | 1302 | 66363 |
| United Rentals, Inc.<sup>\*</sup> | 179 | 63620 |
| Equifax, Inc. | 316 | 61418 |
| Laboratory Corporation of America Holdings | 229 | 53925 |
| McCormick & Company, Inc. | 647 | 53630 |
| Quanta Services, Inc. | 369 | 52583 |
| Waters Corp.<sup>\*</sup> | 153 | 52415 |
| Cardinal Health, Inc. | 677 | 52041 |
| Church & Dwight Company, Inc. | 630 | 50785 |
| Molina Healthcare, Inc.<sup>\*</sup> | 151 | 49863 |
| Hologic, Inc.<sup>\*</sup> | 645 | 48253 |
| Conagra Brands, Inc. | 1238 | 47911 |
| STERIS plc | 258 | 47650 |
| Kellogg Co. | 661 | 47090 |
| Tyson Foods, Inc. — Class A | 748 | 46563 |
| Quest Diagnostics, Inc. | 294 | 45993 |
| PerkinElmer, Inc. | 326 | 45712 |
| West Pharmaceutical Services, Inc. | 191 | 44952 |
| Clorox Co. | 319 | 44765 |
| J M Smucker Co. | 275 | 43576 |
| Cooper Companies, Inc. | 127 | 41995 |
| Align Technology, Inc.<sup>\*</sup> | 188 | 39649 |
| Incyte Corp.<sup>\*</sup> | 477 | 38313 |
| Avery Dennison Corp. | 209 | 37829 |
| FleetCor Technologies, Inc.<sup>\*</sup> | 190 | 34899 |
| Viatris, Inc. | 3132 | 34859 |
| Hormel Foods Corp. | 748 | 34071 |
| Bio-Techne Corp. | 405 | 33566 |
| Lamb Weston Holdings, Inc. | 371 | 33153 |
| Brown-Forman Corp. — Class B | 472 | 31001 |
| Teleflex, Inc. | 121 | 30205 |
| Campbell Soup Co. | 519 | 29453 |
| Charles River Laboratories International, Inc.<sup>\*</sup> | 131 | 28545 |
| Henry Schein, Inc.<sup>\*</sup> | 350 | 27954 |
| MarketAxess Holdings, Inc. | 97 | 27052 |
| Molson Coors Beverage Co. — Class B | 486 | 25039 |
| Bio-Rad Laboratories, Inc. — Class A<sup>\*</sup> | 56 | 23547 |
| Universal Health Services, Inc. — Class B | 166 | 23388 |
| Rollins, Inc. | 598 | 21851 |
| Catalent, Inc.<sup>\*</sup> | 465 | 20930 |
| Robert Half International, Inc. | 280 | 20673 |
| Organon & Co. | 657 | 18350 |
| Dentsply Sirona, Inc. | 555 | 17671 |
| DaVita, Inc.<sup>\*</sup> | 142 | 10603 |
| **Total Consumer, Non-cyclical** |  | 19483641 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** |
| **Technology - 20.8%** | **Technology - 20.8%** | **Technology - 20.8%** |
| Apple, Inc. | 38620 | $5017897 |
| Microsoft Corp. | 19252 | 4617015 |
| NVIDIA Corp. | 6431 | 939826 |
| Broadcom, Inc. | 1046 | 584850 |
| Accenture plc — Class A | 1627 | 434149 |
| Adobe, Inc.<sup>\*</sup> | 1201 | 404172 |
| Texas Instruments, Inc. | 2344 | 387276 |
| Salesforce, Inc.<sup>\*</sup> | 2583 | 342480 |
| International Business Machines Corp. | 2335 | 328978 |
| Oracle Corp. | 3969 | 324426 |
| QUALCOMM, Inc. | 2895 | 318276 |
| Intuit, Inc. | 728 | 283352 |
| Intel Corp. | 10659 | 281717 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 4164 | 269702 |
| Analog Devices, Inc. | 1328 | 217832 |
| Applied Materials, Inc. | 2222 | 216378 |
| ServiceNow, Inc.<sup>\*</sup> | 522 | 202677 |
| Fiserv, Inc.<sup>\*</sup> | 1640 | 165755 |
| Lam Research Corp. | 352 | 147946 |
| Activision Blizzard, Inc. | 1839 | 140775 |
| Micron Technology, Inc. | 2808 | 140344 |
| KLA Corp. | 366 | 137993 |
| Synopsys, Inc.<sup>\*</sup> | 395 | 126120 |
| Roper Technologies, Inc. | 274 | 118393 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 708 | 113733 |
| NXP Semiconductor N.V. | 669 | 105722 |
| Autodesk, Inc.<sup>\*</sup> | 557 | 104087 |
| Fidelity National Information Services, Inc. | 1532 | 103946 |
| Microchip Technology, Inc. | 1420 | 99755 |
| MSCI, Inc. — Class A | 207 | 96290 |
| Paychex, Inc. | 828 | 95684 |
| Electronic Arts, Inc. | 677 | 82716 |
| Fortinet, Inc.<sup>\*</sup> | 1675 | 81891 |
| Cognizant Technology Solutions Corp. — Class A | 1327 | 75891 |
| ON Semiconductor Corp.<sup>\*</sup> | 1117 | 69667 |
| HP, Inc. | 2286 | 61425 |
| ANSYS, Inc.<sup>\*</sup> | 225 | 54358 |
| Hewlett Packard Enterprise Co. | 3323 | 53035 |
| EPAM Systems, Inc.<sup>\*</sup> | 149 | 48833 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 407 | 42381 |
| Broadridge Financial Solutions, Inc. | 304 | 40775 |
| Monolithic Power Systems, Inc. | 115 | 40665 |
| Paycom Software, Inc.<sup>\*</sup> | 126 | 39099 |
| Skyworks Solutions, Inc. | 414 | 37728 |
| Leidos Holdings, Inc. | 353 | 37132 |
| Teradyne, Inc. | 402 | 35115 |
| Tyler Technologies, Inc.<sup>\*</sup> | 108 | 34820 |
| Akamai Technologies, Inc.<sup>\*</sup> | 406 | 34226 |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 133 | 34103 |
| NetApp, Inc. | 561 | 33694 |
| Jack Henry & Associates, Inc. | 188 | 33005 |
| PTC, Inc.<sup>\*</sup> | 273 | 32771 |
| Seagate Technology Holdings plc | 496 | 26094 |
| Western Digital Corp.<sup>\*</sup> | 820 | 25871 |
| Ceridian HCM Holding, Inc.<sup>\*</sup> | 397 | 25467 |
| Qorvo, Inc.<sup>\*</sup> | 262 | 23748 |
| DXC Technology Co.<sup>\*</sup> | 594 | 15741 |
| **Total Technology** |  | 17987797 |
| **Financial - 15.0%** |  |  |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 4653 | 1437312 |
| JPMorgan Chase & Co. | 7575 | 1015808 |
| Visa, Inc. — Class A | 4223 | 877371 |
| Mastercard, Inc. — Class A | 2192 | 762224 |
| Bank of America Corp. | 18026 | 597021 |
| Wells Fargo & Co. | 9841 | 406335 |
| Charles Schwab Corp. | 3939 | 327961 |
| Goldman Sachs Group, Inc. | 875 | 300458 |
| Morgan Stanley | 3405 | 289493 |
| BlackRock, Inc. — Class A | 388 | 274948 |
| Prologis, Inc. REIT | 2384 | 268748 |
| American Tower Corp. — Class A REIT | 1202 | 254656 |
| Chubb Ltd. | 1072 | 236483 |
| American Express Co. | 1544 | 228126 |
| Citigroup, Inc. | 5002 | 226240 |
| Marsh & McLennan Companies, Inc. | 1281 | 211980 |
| Progressive Corp. | 1511 | 195992 |
| PNC Financial Services Group, Inc. | 1042 | 164573 |
| Aon plc — Class A | 534 | 160275 |
| Equinix, Inc. REIT | 239 | 156552 |
| CME Group, Inc. — Class A | 929 | 156221 |
| U.S. Bancorp | 3492 | 152286 |
| Crown Castle, Inc. REIT | 1118 | 151645 |
| Intercontinental Exchange, Inc. | 1443 | 148037 |
| Truist Financial Corp. | 3427 | 147464 |
| MetLife, Inc. | 1702 | 123174 |
| American International Group, Inc. | 1919 | 121358 |
| Public Storage REIT | 408 | 114318 |
| Travelers Companies, Inc. | 605 | 113431 |
| Aflac, Inc. | 1461 | 105104 |
| Realty Income Corp. REIT | 1620 | 102757 |
| Arthur J Gallagher & Co. | 545 | 102754 |
| Simon Property Group, Inc. REIT | 844 | 99153 |
| Prudential Financial, Inc. | 950 | 94487 |
| Allstate Corp. | 685 | 92886 |
| Capital One Financial Corp. | 986 | 91659 |
| Bank of New York Mellon Corp. | 1900 | 86488 |
| Ameriprise Financial, Inc. | 275 | 85627 |
| VICI Properties, Inc. REIT | 2487 | 80579 |
| Welltower, Inc. REIT | 1220 | 79971 |
| SBA Communications Corp. REIT | 279 | 78206 |
| Digital Realty Trust, Inc. REIT | 743 | 74501 |
| State Street Corp. | 948 | 73536 |
| Discover Financial Services | 706 | 69068 |
| Willis Towers Watson plc | 280 | 68482 |
| M&T Bank Corp. | 446 | 64697 |
| T. Rowe Price Group, Inc. | 577 | 62928 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 816 | 62799 |
| Hartford Financial Services Group, Inc. | 822 | 62332 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** |
| **Financial - 15.0% (continued)** |  |  |
| Arch Capital Group Ltd.<sup>\*</sup> | 955 | $59955 |
| Weyerhaeuser Co. REIT | 1901 | 58931 |
| AvalonBay Communities, Inc. REIT | 361 | 58309 |
| Fifth Third Bancorp | 1773 | 58172 |
| First Republic Bank | 472 | 57532 |
| Alexandria Real Estate Equities, Inc. REIT | 386 | 56229 |
| Nasdaq, Inc. | 875 | 53681 |
| Raymond James Financial, Inc. | 500 | 53425 |
| Huntington Bancshares, Inc. | 3726 | 52537 |
| Regions Financial Corp. | 2413 | 52024 |
| Equity Residential REIT | 878 | 51802 |
| Extra Space Storage, Inc. REIT | 346 | 50924 |
| Citizens Financial Group, Inc. | 1272 | 50079 |
| Principal Financial Group, Inc. | 588 | 49345 |
| Northern Trust Corp. | 538 | 47608 |
| Mid-America Apartment Communities, Inc. REIT | 298 | 46783 |
| Ventas, Inc. REIT | 1032 | 46492 |
| Invitation Homes, Inc. REIT | 1500 | 44460 |
| KeyCorp | 2410 | 41982 |
| Cincinnati Financial Corp. | 406 | 41570 |
| W R Berkley Corp. | 528 | 38317 |
| Synchrony Financial | 1164 | 38249 |
| Iron Mountain, Inc. REIT | 751 | 37437 |
| Essex Property Trust, Inc. REIT | 167 | 35391 |
| SVB Financial Group<sup>\*</sup> | 153 | 35211 |
| Healthpeak Properties, Inc. REIT | 1388 | 34797 |
| Brown & Brown, Inc. | 607 | 34581 |
| Cboe Global Markets, Inc. | 274 | 34379 |
| Kimco Realty Corp. REIT | 1597 | 33824 |
| Everest Re Group Ltd. | 101 | 33458 |
| Camden Property Trust REIT | 275 | 30767 |
| UDR, Inc. REIT | 790 | 30597 |
| Loews Corp. | 509 | 29690 |
| Host Hotels & Resorts, Inc. REIT | 1847 | 29644 |
| Globe Life, Inc. | 234 | 28209 |
| Regency Centers Corp. REIT | 398 | 24875 |
| Boston Properties, Inc. REIT | 368 | 24869 |
| Comerica, Inc. | 338 | 22595 |
| Invesco Ltd. | 1175 | 21138 |
| Franklin Resources, Inc. | 734 | 19363 |
| Federal Realty Investment Trust REIT | 189 | 19097 |
| Zions Bancorp North America | 386 | 18976 |
| Signature Bank | 163 | 18781 |
| Assurant, Inc. | 136 | 17008 |
| Lincoln National Corp. | 398 | 12227 |
| Vornado Realty Trust REIT | 416 | 8657 |
| **Total Financial** |  | 13002481 |
| **Communications - 10.4%** |  |  |
| Amazon.com, Inc.<sup>\*</sup> | 22922 | 1925448 |
| Alphabet, Inc. — Class A<sup>\*</sup> | 15426 | 1361036 |
| Alphabet, Inc. — Class C<sup>\*</sup> | 13675 | 1213383 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 5808 | 698935 |
| Cisco Systems, Inc. | 10604 | 505175 |
| Verizon Communications, Inc. | 10847 | 427372 |
| Walt Disney Co.<sup>\*</sup> | 4708 | 409031 |
| Comcast Corp. — Class A | 11141 | 389601 |
| AT&T, Inc. | 18406 | 338854 |
| Netflix, Inc.<sup>\*</sup> | 1149 | 338817 |
| T-Mobile US, Inc.<sup>\*</sup> | 1542 | 215880 |
| Booking Holdings, Inc.<sup>\*</sup> | 100 | 201528 |
| Motorola Solutions, Inc. | 432 | 111331 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 277 | 93931 |
| Arista Networks, Inc.<sup>\*</sup> | 639 | 77543 |
| Corning, Inc. | 1966 | 62794 |
| CDW Corp. | 350 | 62503 |
| eBay, Inc. | 1401 | 58099 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 5707 | 54102 |
| VeriSign, Inc.<sup>\*</sup> | 238 | 48895 |
| Omnicom Group, Inc. | 527 | 42987 |
| FactSet Research Systems, Inc. | 98 | 39319 |
| Etsy, Inc.<sup>\*</sup> | 325 | 38929 |
| Expedia Group, Inc.<sup>\*</sup> | 389 | 34076 |
| Interpublic Group of Companies, Inc. | 1003 | 33410 |
| Gen Digital, Inc. | 1497 | 32081 |
| Match Group, Inc.<sup>\*</sup> | 721 | 29914 |
| Juniper Networks, Inc. | 838 | 26782 |
| Fox Corp. — Class A | 781 | 23719 |
| F5, Inc.<sup>\*</sup> | 155 | 22244 |
| Paramount Global — Class B | 1304 | 22011 |
| News Corp. — Class A | 987 | 17963 |
| Lumen Technologies, Inc.<sup>\*</sup> | 2458 | 12831 |
| Fox Corp. — Class B | 360 | 10242 |
| DISH Network Corp. — Class A<sup>\*</sup> | 649 | 9112 |
| News Corp. — Class B | 304 | 5606 |
| **Total Communications** |  | 8995484 |
| **Consumer, Cyclical - 8.7%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 6932 | 853884 |
| Home Depot, Inc. | 2644 | 835134 |
| Costco Wholesale Corp. | 1143 | 521779 |
| Walmart, Inc. | 3645 | 516825 |
| McDonald's Corp. | 1892 | 498599 |
| NIKE, Inc. — Class B | 3253 | 380634 |
| Lowe's Companies, Inc. | 1603 | 319382 |
| Starbucks Corp. | 2965 | 294128 |
| TJX Companies, Inc. | 2999 | 238720 |
| Target Corp. | 1189 | 177209 |
| Dollar General Corp. | 583 | 143564 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 162 | 136733 |
| General Motors Co. | 3669 | 123425 |
| AutoZone, Inc.<sup>\*</sup> | 49 | 120843 |
| Ford Motor Co. | 10201 | 118638 |
| Ross Stores, Inc. | 896 | 103999 |
| Marriott International, Inc. — Class A | 695 | 103479 |
| Chipotle Mexican Grill, Inc. — Class A<sup>\*</sup> | 72 | 99899 |
| Yum! Brands, Inc. | 727 | 93114 |
| PACCAR, Inc. | 898 | 88875 |
| Hilton Worldwide Holdings, Inc. | 698 | 88199 |
| Cummins, Inc. | 364 | 88193 |
| Dollar Tree, Inc.<sup>\*</sup> | 544 | 76943 |
| DR Horton, Inc. | 808 | 72025 |
| Fastenal Co. | 1479 | 69986 |
| Walgreens Boots Alliance, Inc. | 1854 | 69265 |
| Copart, Inc.<sup>\*</sup> | 1107 | 67405 |
| Aptiv plc<sup>\*</sup> | 700 | 65191 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** |
| **Consumer, Cyclical - 8.7% (continued)** |  |  |
| WW Grainger, Inc. | 116 | $64525 |
| Tractor Supply Co. | 285 | 64116 |
| Genuine Parts Co. | 364 | 63158 |
| Ulta Beauty, Inc.<sup>\*</sup> | 132 | 61917 |
| Lennar Corp. — Class A | 658 | 59549 |
| Delta Air Lines, Inc.<sup>\*</sup> | 1656 | 54416 |
| Southwest Airlines Co. | 1533 | 51616 |
| Darden Restaurants, Inc. | 316 | 43712 |
| Best Buy Company, Inc. | 517 | 41469 |
| Las Vegas Sands Corp.<sup>\*</sup> | 849 | 40811 |
| NVR, Inc.<sup>\*</sup> | 8 | 36900 |
| LKQ Corp. | 656 | 35037 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 844 | 31819 |
| Domino's Pizza, Inc. | 91 | 31522 |
| Pool Corp. | 101 | 30536 |
| Royal Caribbean Cruises Ltd.<sup>\*</sup> | 567 | 28027 |
| MGM Resorts International | 823 | 27595 |
| PulteGroup, Inc. | 588 | 26772 |
| Live Nation Entertainment, Inc.<sup>\*</sup> | 369 | 25734 |
| Bath & Body Works, Inc. | 590 | 24863 |
| CarMax, Inc.<sup>\*</sup> | 408 | 24843 |
| BorgWarner, Inc. | 605 | 24351 |
| Tapestry, Inc. | 622 | 23686 |
| VF Corp. | 853 | 23551 |
| Caesars Entertainment, Inc.<sup>\*</sup> | 554 | 23046 |
| Advance Auto Parts, Inc. | 155 | 22790 |
| Wynn Resorts Ltd.<sup>\*</sup> | 266 | 21937 |
| American Airlines Group, Inc.<sup>\*</sup> | 1678 | 21344 |
| Carnival Corp.<sup>\*</sup> | 2586 | 20843 |
| Hasbro, Inc. | 335 | 20438 |
| Whirlpool Corp. | 141 | 19946 |
| Alaska Air Group, Inc.<sup>\*</sup> | 328 | 14085 |
| Norwegian Cruise Line Holdings Ltd.<sup>\*</sup> | 1088 | 13317 |
| Newell Brands, Inc. | 972 | 12714 |
| Ralph Lauren Corp. — Class A | 106 | 11201 |
| **Total Consumer, Cyclical** |  | 7508256 |
| **Industrial - 8.1%** |  |  |
| Raytheon Technologies Corp. | 3797 | 383193 |
| Honeywell International, Inc. | 1736 | 372025 |
| Union Pacific Corp. | 1588 | 328827 |
| United Parcel Service, Inc. — Class B | 1885 | 327688 |
| Caterpillar, Inc. | 1344 | 321969 |
| Deere & Co. | 709 | 303991 |
| Lockheed Martin Corp. | 602 | 292867 |
| Boeing Co.<sup>\*</sup> | 1447 | 275639 |
| General Electric Co. | 2822 | 236455 |
| Northrop Grumman Corp. | 374 | 204058 |
| 3M Co. | 1428 | 171246 |
| CSX Corp. | 5430 | 168222 |
| Eaton Corporation plc | 1027 | 161188 |
| Illinois Tool Works, Inc. | 722 | 159057 |
| Waste Management, Inc. | 965 | 151389 |
| Norfolk Southern Corp. | 598 | 147359 |
| Emerson Electric Co. | 1527 | 146684 |
| General Dynamics Corp. | 581 | 144152 |
| Amphenol Corp. — Class A | 1537 | 117027 |
| Agilent Technologies, Inc. | 765 | 114482 |
| Johnson Controls International plc | 1779 | 113856 |
| FedEx Corp. | 618 | 107038 |
| L3Harris Technologies, Inc. | 492 | 102439 |
| Trane Technologies plc | 595 | 100013 |
| Parker-Hannifin Corp. | 332 | 96612 |
| TE Connectivity Ltd. | 821 | 94251 |
| Carrier Global Corp. | 2160 | 89100 |
| Otis Worldwide Corp. | 1076 | 84262 |
| Mettler-Toledo International, Inc.<sup>\*</sup> | 58 | 83836 |
| TransDigm Group, Inc. | 133 | 83744 |
| AMETEK, Inc. | 593 | 82854 |
| Keysight Technologies, Inc.<sup>\*</sup> | 462 | 79034 |
| Rockwell Automation, Inc. | 297 | 76498 |
| Republic Services, Inc. — Class A | 530 | 68365 |
| Old Dominion Freight Line, Inc. | 234 | 66405 |
| Vulcan Materials Co. | 343 | 60063 |
| Fortive Corp. | 914 | 58724 |
| Ingersoll Rand, Inc. | 1046 | 54654 |
| Martin Marietta Materials, Inc. | 160 | 54075 |
| Xylem, Inc. | 465 | 51415 |
| Dover Corp. | 362 | 49018 |
| Teledyne Technologies, Inc.<sup>\*</sup> | 121 | 48389 |
| Westinghouse Air Brake Technologies Corp. | 470 | 46911 |
| Amcor plc | 3846 | 45806 |
| IDEX Corp. | 195 | 44524 |
| Expeditors International of Washington, Inc. | 411 | 42711 |
| Ball Corp. | 811 | 41475 |
| Jacobs Solutions, Inc. | 330 | 39623 |
| Textron, Inc. | 539 | 38161 |
| Howmet Aerospace, Inc. | 951 | 37479 |
| J.B. Hunt Transport Services, Inc. | 214 | 37313 |
| Garmin Ltd. | 396 | 36547 |
| Nordson Corp. | 139 | 33043 |
| Trimble, Inc.<sup>\*</sup> | 637 | 32207 |
| Snap-on, Inc. | 137 | 31303 |
| Packaging Corporation of America | 239 | 30570 |
| Stanley Black & Decker, Inc. | 382 | 28696 |
| CH Robinson Worldwide, Inc. | 304 | 27834 |
| Masco Corp. | 582 | 27162 |
| Allegion plc | 227 | 23894 |
| Huntington Ingalls Industries, Inc. | 103 | 23760 |
| Westrock Co. | 657 | 23100 |
| Pentair plc | 425 | 19116 |
| A O Smith Corp. | 328 | 18775 |
| Sealed Air Corp. | 374 | 18655 |
| Generac Holdings, Inc.<sup>\*</sup> | 164 | 16508 |
| Mohawk Industries, Inc.<sup>\*</sup> | 136 | 13902 |
| **Total Industrial** |  | 7011238 |
| **Energy - 5.2%** |  |  |
| Exxon Mobil Corp. | 10636 | 1173151 |
| Chevron Corp. | 4594 | 824577 |
| ConocoPhillips | 3218 | 379724 |
| EOG Resources, Inc. | 1517 | 196482 |
| Schlumberger Ltd. | 3662 | 195770 |
| Marathon Petroleum Corp. | 1210 | 140832 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** | **COMMON STOCKS<sup>†</sup> - 95.9% (continued)** |
| **Energy - 5.2% (continued)** |  |  |
| Pioneer Natural Resources Co. | 614 | $140231 |
| Phillips 66 | 1221 | 127082 |
| Valero Energy Corp. | 996 | 126353 |
| Occidental Petroleum Corp. | 1878 | 118295 |
| Devon Energy Corp. | 1688 | 103829 |
| Williams Companies, Inc. | 3146 | 103503 |
| Hess Corp. | 717 | 101685 |
| Enphase Energy, Inc.<sup>\*</sup> | 351 | 93001 |
| Kinder Morgan, Inc. | 5108 | 92353 |
| Halliburton Co. | 2345 | 92276 |
| Baker Hughes Co. | 2586 | 76365 |
| ONEOK, Inc. | 1154 | 75818 |
| Diamondback Energy, Inc. | 455 | 62235 |
| Coterra Energy, Inc. — Class A | 2036 | 50024 |
| Marathon Oil Corp. | 1640 | 44395 |
| Targa Resources Corp. | 585 | 42997 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 144 | 40791 |
| APA Corp. | 830 | 38744 |
| First Solar, Inc.<sup>\*</sup> | 256 | 38346 |
| Equities Corp. | 948 | 32071 |
| **Total Energy** |  | 4510930 |
| **Utilities - 3.1%** |  |  |
| NextEra Energy, Inc. | 5132 | 429035 |
| Duke Energy Corp. | 1989 | 204847 |
| Southern Co. | 2812 | 200805 |
| Dominion Energy, Inc. | 2152 | 131961 |
| American Electric Power Company, Inc. | 1327 | 125999 |
| Sempra Energy | 812 | 125486 |
| Exelon Corp. | 2566 | 110928 |
| Xcel Energy, Inc. | 1413 | 99065 |
| Consolidated Edison, Inc. | 916 | 87304 |
| Public Service Enterprise Group, Inc. | 1289 | 78977 |
| WEC Energy Group, Inc. | 815 | 76414 |
| Eversource Energy | 900 | 75456 |
| Constellation Energy Corp. | 845 | 72847 |
| American Water Works Company, Inc. | 470 | 71637 |
| PG&E Corp.<sup>\*</sup> | 4158 | 67609 |
| Edison International | 986 | 62729 |
| Ameren Corp. | 668 | 59399 |
| Entergy Corp. | 526 | 59175 |
| FirstEnergy Corp. | 1403 | 58842 |
| DTE Energy Co. | 500 | 58765 |
| PPL Corp. | 1902 | 55576 |
| AES Corp. | 1725 | 49611 |
| CenterPoint Energy, Inc. | 1626 | 48764 |
| CMS Energy Corp. | 750 | 47498 |
| Atmos Energy Corp. | 361 | 40457 |
| Evergy, Inc. | 593 | 37318 |
| Alliant Energy Corp. | 648 | 35776 |
| NiSource, Inc. | 1049 | 28764 |
| Pinnacle West Capital Corp. | 292 | 22204 |
| NRG Energy, Inc. | 595 | 18933 |
| **Total Utilities** |  | 2642181 |
| **Basic Materials - 2.1%** |  |  |
| Linde plc | 1277 | 416532 |
| Air Products and Chemicals, Inc. | 573 | 176633 |
| Sherwin-Williams Co. | 609 | 144534 |
| Freeport-McMoRan, Inc. | 3691 | 140258 |
| Newmont Corp. | 2050 | 96760 |
| Ecolab, Inc. | 640 | 93158 |
| Dow, Inc. | 1818 | 91609 |
| DuPont de Nemours, Inc. | 1283 | 88052 |
| Nucor Corp. | 663 | 87390 |
| PPG Industries, Inc. | 607 | 76324 |
| International Flavors & Fragrances, Inc. | 658 | 68985 |
| Albemarle Corp. | 303 | 65709 |
| LyondellBasell Industries N.V. — Class A | 656 | 54468 |
| CF Industries Holdings, Inc. | 507 | 43196 |
| Steel Dynamics, Inc. | 431 | 42109 |
| FMC Corp. | 325 | 40560 |
| Mosaic Co. | 879 | 38562 |
| International Paper Co. | 919 | 31825 |
| Celanese Corp. — Class A | 258 | 26378 |
| Eastman Chemical Co. | 310 | 25246 |
| **Total Basic Materials** |  | 1848288 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $59,229,705) |  | 82990296 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup> - 0.6%** |  |  |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.89% due 01/12/23<sup>1,2</sup> | 400000 | 399653 |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>2</sup> | 118000 | 117831 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $517,321) |  | 517484 |

---

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 4.7%** | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>1</sup> | 2281596 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>1</sup> | 877537 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>1</sup> | 874819 |
| **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,033,952) | 4033952 |
| **Total Investments - 101.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $63,780,978) | $87541732 |
| **Other Assets & Liabilities, net - (1.2)%** | (1027986) |
| **Total Net Assets - 100.0%** | $86513746 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

**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>** |  |  |  |  |  |
| Goldman Sachs International | S&P 500 Index | Pay | 4.83% (Federal Funds Rate + 0.50%) | At Maturity | 01/26/23 | 418 | $1603687 | $11805 |
| BNP Paribas | S&P 500 Index | Pay | 4.93% (Federal Funds Rate + 0.60%) | At Maturity | 01/26/23 | 343 | 1315066 | 5561 |
| Barclays Bank plc | S&P 500 Index | Pay | 4.75% (SOFR + 0.45%) | At Maturity | 01/25/23 | 134 | 516048 | (16725) |
|  |  |  |  |  |  |  | $3434801 | $641 |

---

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

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

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

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

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

*<sup>3</sup>* *Repurchase Agreements — See Note 4.*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

*SOFR — Secured Overnight Financing Rate*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $82990296 | $— | $— | $82990296 |
| U.S. Treasury Bills |  | 517484 |  | 517484 |
| Repurchase Agreements |  | 4033952 |  | 4033952 |
| Equity Index Swap Agreements\*\* |  | 17366 |  | 17366 |
| Total Assets | $82990296 | $4568802 | $— | $87559098 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Equity Index Swap Agreements\*\* | $– $| 16725 | $– $| 16725 |

---

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

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** |
| **Energy - 33.3%** | **Energy - 33.3%** | **Energy - 33.3%** |
| APA Corp. | 15172 | $708229 |
| Targa Resources Corp. | 9183 | 674951 |
| Diamondback Energy, Inc. | 4906 | 671043 |
| Coterra Energy, Inc. — Class A | 26269 | 645429 |
| ConocoPhillips | 4805 | 566990 |
| Pioneer Natural Resources Co. | 2474 | 565037 |
| Equities Corp. | 15951 | 539622 |
| Enphase Energy, Inc.<sup>\*</sup> | 1940 | 514022 |
| Marathon Oil Corp. | 17367 | 470125 |
| ONEOK, Inc. | 6955 | 456943 |
| EOG Resources, Inc. | 3526 | 456688 |
| Occidental Petroleum Corp. | 7101 | 447292 |
| Hess Corp. | 3037 | 430707 |
| Devon Energy Corp. | 6501 | 399877 |
| Exxon Mobil Corp. | 3586 | 395536 |
| Chevron Corp. | 2166 | 388775 |
| Williams Companies, Inc. | 8778 | 288796 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 933 | 264291 |
| **Total Energy** |  | 8884353 |
| **Consumer, Non-cyclical - 25.7%** |  |  |
| Vertex Pharmaceuticals, Inc.<sup>\*</sup> | 1950 | 563121 |
| Regeneron Pharmaceuticals, Inc.<sup>\*</sup> | 777 | 560598 |
| Molina Healthcare, Inc.<sup>\*</sup> | 1315 | 434239 |
| Pfizer, Inc. | 7360 | 377127 |
| Elevance Health, Inc. | 727 | 372929 |
| Moderna, Inc.<sup>\*</sup> | 2054 | 368940 |
| Incyte Corp.<sup>\*</sup> | 4241 | 340637 |
| AbbVie, Inc. | 2041 | 329846 |
| Danaher Corp. | 1214 | 322220 |
| Monster Beverage Corp.<sup>\*</sup> | 3062 | 310885 |
| Eli Lilly & Co. | 799 | 292306 |
| Bristol-Myers Squibb Co. | 3934 | 283051 |
| Quanta Services, Inc. | 1932 | 275310 |
| Hologic, Inc.<sup>\*</sup> | 3550 | 265575 |
| Merck & Company, Inc. | 2289 | 253965 |
| UnitedHealth Group, Inc. | 453 | 240172 |
| Rollins, Inc. | 6560 | 239702 |
| Hershey Co. | 1002 | 232033 |
| Thermo Fisher Scientific, Inc. | 410 | 225783 |
| Amgen, Inc. | 774 | 203283 |
| Gilead Sciences, Inc. | 2341 | 200975 |
| Dexcom, Inc.<sup>\*</sup> | 1646 | 186393 |
| **Total Consumer, Non-cyclical** |  | 6879090 |
| **Basic Materials - 11.8%** |  |  |
| Mosaic Co. | 15200 | 666824 |
| Steel Dynamics, Inc. | 6795 | 663872 |
| Nucor Corp. | 4703 | 619902 |
| CF Industries Holdings, Inc. | 6744 | 574589 |
| Freeport-McMoRan, Inc. | 6576 | 249888 |
| FMC Corp. | 1833 | 228759 |
| Albemarle Corp. | 726 | 157440 |
| **Total Basic Materials** |  | 3161274 |
| **Technology - 9.0%** |  |  |
| KLA Corp. | 1077 | 406061 |
| Fortinet, Inc.<sup>\*</sup> | 6022 | 294415 |
| Lam Research Corp. | 651 | 273615 |
| Apple, Inc. | 2044 | 265577 |
| PTC, Inc.<sup>\*</sup> | 2188 | 262648 |
| Monolithic Power Systems, Inc. | 691 | 244345 |
| Jack Henry & Associates, Inc. | 1322 | 232090 |
| ON Semiconductor Corp.<sup>\*</sup> | 3620 | 225780 |
| QUALCOMM, Inc. | 1845 | 202839 |
| **Total Technology** |  | 2407370 |
| **Consumer, Cyclical - 8.4%** |  |  |
| AutoZone, Inc.<sup>\*</sup> | 184 | 453777 |
| O'Reilly Automotive, Inc.<sup>\*</sup> | 510 | 430455 |
| Tractor Supply Co. | 1389 | 312483 |
| Dollar General Corp. | 1190 | 293038 |
| WW Grainger, Inc. | 496 | 275900 |
| Dollar Tree, Inc.<sup>\*</sup> | 1748 | 247237 |
| Ulta Beauty, Inc.<sup>\*</sup> | 484 | 227030 |
| **Total Consumer, Cyclical** |  | 2239920 |
| **Financial - 5.0%** |  |  |
| Arch Capital Group Ltd.<sup>\*</sup> | 5193 | 326016 |
| W R Berkley Corp. | 4056 | 294344 |
| Raymond James Financial, Inc. | 2641 | 282191 |
| Progressive Corp. | 1825 | 236721 |
| Ameriprise Financial, Inc. | 620 | 193049 |
| **Total Financial** |  | 1332321 |
| **Industrial - 3.4%** |  |  |
| Expeditors International of Washington, Inc. | 3911 | 406431 |
| Deere & Co. | 620 | 265831 |
| J.B. Hunt Transport Services, Inc. | 1373 | 239397 |
| **Total Industrial** |  | 911659 |
| **Utilities - 1.9%** |  |  |
| PG&E Corp.<sup>\*</sup> | 31843 | 517767 |
| **Communications - 0.9%** |  |  |
| Arista Networks, Inc.<sup>\*</sup> | 2052 | 249010 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,343,918) |  | 26582764 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $116212 | 116212 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 44697 | 44697 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 44558 | 44558 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $205,467) |  | 205467 |
| **Total Investments - 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $24,549,385) |  | $26788231 |
| **Other Assets & Liabilities, net - (0.2)%** |  | (65880) |
| **Total Net Assets - 100.0%** |  | $26722351 |

---

---

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

---

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $26582764 | $— | $— | $26582764 |
| Repurchase Agreements |  | 205467 |  | 205467 |
| Total Assets | $26582764 | $205467 | $— | $26788231 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** |
| **Financial - 23.5%** | **Financial - 23.5%** | **Financial - 23.5%** |
| Citigroup, Inc. | 29037 | $1313344 |
| Berkshire Hathaway, Inc. — Class B<sup>\*</sup> | 3165 | 977668 |
| Capital One Financial Corp. | 10505 | 976545 |
| Invesco Ltd. | 53784 | 967574 |
| American International Group, Inc. | 14199 | 897945 |
| Loews Corp. | 15211 | 887258 |
| Assurant, Inc. | 5237 | 654939 |
| Citizens Financial Group, Inc. | 16467 | 648306 |
| Vornado Realty Trust REIT | 30699 | 638846 |
| SVB Financial Group<sup>\*</sup> | 2685 | 617926 |
| Lincoln National Corp. | 19472 | 598180 |
| Franklin Resources, Inc. | 22523 | 594157 |
| Bank of New York Mellon Corp. | 12926 | 588392 |
| Signature Bank | 4685 | 539806 |
| Truist Financial Corp. | 11835 | 509260 |
| Wells Fargo & Co. | 11812 | 487717 |
| State Street Corp. | 6039 | 468445 |
| Prudential Financial, Inc. | 4678 | 465274 |
| Allstate Corp. | 3355 | 454938 |
| Synchrony Financial | 13045 | 428658 |
| Hartford Financial Services Group, Inc. | 5327 | 403946 |
| Goldman Sachs Group, Inc. | 1164 | 399694 |
| Bank of America Corp. | 11599 | 384159 |
| CBRE Group, Inc. — Class A<sup>\*</sup> | 4962 | 381876 |
| MetLife, Inc. | 5003 | 362067 |
| M&T Bank Corp. | 2169 | 314635 |
| **Total Financial** |  | 15961555 |
| **Consumer, Cyclical - 20.5%** |  |  |
| General Motors Co. | 45045 | 1515314 |
| Walgreens Boots Alliance, Inc. | 38258 | 1429319 |
| Ford Motor Co. | 107413 | 1249213 |
| CarMax, Inc.<sup>\*</sup> | 20101 | 1223950 |
| Whirlpool Corp. | 7044 | 996444 |
| PulteGroup, Inc. | 21630 | 984814 |
| Lennar Corp. — Class A | 10799 | 977309 |
| Best Buy Company, Inc. | 11773 | 944312 |
| Newell Brands, Inc. | 72088 | 942911 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 20876 | 787025 |
| BorgWarner, Inc. | 19355 | 779039 |
| Alaska Air Group, Inc.<sup>\*</sup> | 15543 | 667417 |
| American Airlines Group, Inc.<sup>\*</sup> | 47711 | 606884 |
| Delta Air Lines, Inc.<sup>\*</sup> | 15977 | 525004 |
| Southwest Airlines Co. | 9134 | 307542 |
| **Total Consumer, Cyclical** |  | 13936497 |
| **Consumer, Non-cyclical - 15.1%** |  |  |
| Viatris, Inc. | 120611 | 1342401 |
| Tyson Foods, Inc. — Class A | 20283 | 1262617 |
| Centene Corp.<sup>\*</sup> | 13242 | 1085976 |
| Kroger Co. | 23338 | 1040408 |
| CVS Health Corp. | 9913 | 923793 |
| Molson Coors Beverage Co. — Class B | 16749 | 862909 |
| AmerisourceBergen Corp. — Class A | 5195 | 860863 |
| Universal Health Services, Inc. — Class B | 5303 | 747140 |
| Cardinal Health, Inc. | 9705 | 746023 |
| Kraft Heinz Co. | 15567 | 633732 |
| DaVita, Inc.<sup>\*</sup> | 4945 | 369243 |
| Global Payments, Inc. | 3497 | 347322 |
| **Total Consumer, Non-cyclical** |  | 10222427 |
| **Communications - 13.8%** |  |  |
| Lumen Technologies, Inc.<sup>\*</sup> | 423317 | 2209714 |
| Paramount Global — Class B | 113201 | 1910833 |
| DISH Network Corp. — Class A<sup>\*</sup> | 130435 | 1831307 |
| Warner Bros Discovery, Inc.<sup>\*</sup> | 110841 | 1050773 |
| AT&T, Inc. | 45163 | 831451 |
| News Corp. — Class A | 24814 | 451615 |
| Verizon Communications, Inc. | 11102 | 437419 |
| Fox Corp. — Class A | 10688 | 324595 |
| News Corp. — Class B | 7683 | 141674 |
| Fox Corp. — Class B | 4924 | 140088 |
| **Total Communications** |  | 9329469 |
| **Technology - 7.9%** |  |  |
| DXC Technology Co.<sup>\*</sup> | 43312 | 1147768 |
| Hewlett Packard Enterprise Co. | 66277 | 1057781 |
| Western Digital Corp.<sup>\*</sup> | 31918 | 1007013 |
| Fidelity National Information Services, Inc. | 10521 | 713850 |
| Intel Corp. | 18434 | 487210 |
| HP, Inc. | 17905 | 481107 |
| Micron Technology, Inc. | 8908 | 445222 |
| **Total Technology** |  | 5339951 |
| **Industrial - 6.9%** |  |  |
| Westrock Co. | 44350 | 1559346 |
| Mohawk Industries, Inc.<sup>\*</sup> | 14036 | 1434760 |
| FedEx Corp. | 5277 | 913976 |
| Stanley Black & Decker, Inc. | 10033 | 753679 |
| **Total Industrial** |  | 4661761 |
| **Basic Materials - 5.4%** |  |  |
| International Paper Co. | 25691 | 889679 |
| LyondellBasell Industries N.V. — Class A | 10196 | 846574 |
| Dow, Inc. | 14646 | 738012 |
| Eastman Chemical Co. | 5588 | 455087 |
| Celanese Corp. — Class A | 3582 | 366224 |
| DuPont de Nemours, Inc. | 4978 | 341640 |
| **Total Basic Materials** |  | 3637216 |
| **Energy - 4.5%** |  |  |
| Phillips 66 | 13582 | 1413615 |
| Valero Energy Corp. | 10269 | 1302725 |
| Kinder Morgan, Inc. | 20158 | 364456 |
| **Total Energy** |  | 3080796 |
| **Utilities - 1.8%** |  |  |
| Exelon Corp. | 11719 | 506612 |
| Pinnacle West Capital Corp. | 5020 | 381721 |
| Evergy, Inc. | 5423 | 341270 |
| **Total Utilities** |  | 1229603 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,086,499) |  | 67399275 |

---

---

| | |
|:---|:---|
| **S&P 500<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $223689 | $223689 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 86034 | 86034 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 85768 | 85768 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $395,491) |  | 395491 |
| **Total Investments - 100.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,481,990) |  | $67794766 |
| **Other Assets & Liabilities, net - 0.0%** |  | (12859) |
| **Total Net Assets - 100.0%** |  | $67781907 |

---

---

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

---

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $67399275 | $— | $— | $67399275 |
| Repurchase Agreements |  | 395491 |  | 395491 |
| Total Assets | $67399275 | $395491 | $— | $67794766 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Consumer, Non-cyclical - 25.0%** | | |
| Halozyme Therapeutics, Inc.<sup>\*</sup> | 15231 | $866644 |
| Celsius Holdings, Inc.<sup>\*</sup> | 7535 | 783941 |
| Neurocrine Biosciences, Inc.<sup>\*</sup> | 6464 | 772060 |
| Shockwave Medical, Inc.<sup>\*</sup> | 3726 | 766103 |
| Grand Canyon Education, Inc.<sup>\*</sup> | 5597 | 591379 |
| Darling Ingredients, Inc.<sup>\*</sup> | 8420 | 527008 |
| Inari Medical, Inc.<sup>\*</sup> | 8049 | 511594 |
| Avis Budget Group, Inc.<sup>\*</sup> | 2864 | 469495 |
| Medpace Holdings, Inc.<sup>\*</sup> | 2207 | 468789 |
| Jazz Pharmaceuticals plc<sup>\*</sup> | 2838 | 452122 |
| Option Care Health, Inc.<sup>\*</sup> | 13243 | 398482 |
| H&R Block, Inc. | 9560 | 349036 |
| Lantheus Holdings, Inc.<sup>\*</sup> | 6555 | 334043 |
| FTI Consulting, Inc.<sup>\*</sup> | 2047 | 325064 |
| Repligen Corp.<sup>\*</sup> | 1840 | 311530 |
| Lancaster Colony Corp. | 1569 | 309564 |
| Service Corporation International | 4461 | 308433 |
| United Therapeutics Corp.<sup>\*</sup> | 1083 | 301171 |
| WEX, Inc.<sup>\*</sup> | 1747 | 285897 |
| Exelixis, Inc.<sup>\*</sup> | 16992 | 272552 |
| Paylocity Holding Corp.<sup>\*</sup> | 1384 | 268856 |
| HealthEquity, Inc.<sup>\*</sup> | 3766 | 232136 |
| **Total Consumer, Non-cyclical** |  | 9905899 |
| **Energy - 20.5%** |  |  |
| PBF Energy, Inc. — Class A | 29594 | 1206843 |
| Antero Resources Corp.<sup>\*</sup> | 31515 | 976650 |
| PDC Energy, Inc. | 14838 | 941916 |
| Matador Resources Co. | 15935 | 912119 |
| Range Resources Corp. | 33486 | 837820 |
| Southwestern Energy Co.<sup>\*</sup> | 127896 | 748192 |
| CNX Resources Corp.<sup>\*</sup> | 42197 | 710598 |
| Murphy Oil Corp. | 15718 | 676031 |
| DT Midstream, Inc. | 11946 | 660136 |
| NOV, Inc. | 21188 | 442617 |
| **Total Energy** |  | 8112922 |
| **Industrial - 14.6%** |  |  |
| Builders FirstSource, Inc.<sup>\*</sup> | 11072 | 718351 |
| Louisiana-Pacific Corp. | 11018 | 652266 |
| Axon Enterprise, Inc.<sup>\*</sup> | 3566 | 591707 |
| Landstar System, Inc. | 3383 | 551091 |
| Valmont Industries, Inc. | 1538 | 508570 |
| Silgan Holdings, Inc. | 8300 | 430272 |
| Clean Harbors, Inc.<sup>\*</sup> | 3415 | 389720 |
| Simpson Manufacturing Company, Inc. | 4113 | 364658 |
| EMCOR Group, Inc. | 2349 | 347910 |
| Belden, Inc. | 4773 | 343179 |
| Carlisle Companies, Inc. | 1445 | 340514 |
| Eagle Materials, Inc. | 2173 | 288683 |
| Toro Co. | 2484 | 281189 |
| **Total Industrial** |  | 5808110 |
| **Financial - 10.3%** |  |  |
| Annaly Capital Management, Inc. REIT | 51915 | 1094368 |
| Kinsale Capital Group, Inc. | 2983 | 780114 |
| RLI Corp. | 5453 | 715816 |
| Jefferies Financial Group, Inc. | 18567 | 636477 |
| SLM Corp. | 35914 | 596172 |
| Selective Insurance Group, Inc. | 3023 | 267868 |
| **Total Financial** |  | 4090815 |
| **Consumer, Cyclical - 9.6%** |  |  |
| Murphy USA, Inc. | 3065 | 856790 |
| Casey's General Stores, Inc. | 2477 | 555715 |
| Tempur Sealy International, Inc. | 13580 | 466201 |
| Texas Roadhouse, Inc. — Class A | 4120 | 374714 |
| Crocs, Inc.<sup>\*</sup> | 3240 | 351313 |
| Deckers Outdoor Corp.<sup>\*</sup> | 862 | 344076 |
| Wingstop, Inc. | 2313 | 318315 |
| FirstCash Holdings, Inc. | 3481 | 302534 |
| Visteon Corp.<sup>\*</sup> | 1848 | 241774 |
| **Total Consumer, Cyclical** |  | 3811432 |
| **Technology - 6.2%** |  |  |
| Amkor Technology, Inc. | 24228 | 580987 |
| Cirrus Logic, Inc.<sup>\*</sup> | 5620 | 418578 |
| Concentrix Corp. | 3115 | 414793 |
| ExlService Holdings, Inc.<sup>\*</sup> | 2389 | 404768 |
| Fair Isaac Corp.<sup>\*</sup> | 588 | 351965 |
| KBR, Inc. | 5742 | 303178 |
| **Total Technology** |  | 2474269 |
| **Basic Materials - 6.2%** |  |  |
| Westlake Corp. | 6803 | 697580 |
| Reliance Steel & Aluminum Co. | 3205 | 648820 |
| Olin Corp. | 7464 | 395144 |
| MP Materials Corp.<sup>\*</sup> | 14849 | 360534 |
| Cabot Corp. | 5222 | 349038 |
| **Total Basic Materials** |  | 2451116 |
| **Communications - 3.7%** |  |  |
| Nexstar Media Group, Inc. — Class A | 4305 | 753504 |
| World Wrestling Entertainment, Inc. — Class A | 6028 | 413039 |
| Calix, Inc.<sup>\*</sup> | 4573 | 312930 |
| **Total Communications** |  | 1479473 |
| **Utilities - 3.4%** |  |  |
| Essential Utilities, Inc. | 11237 | 536342 |
| OGE Energy Corp. | 10183 | 402738 |
| ONE Gas, Inc. | 5158 | 390564 |
| **Total Utilities** |  | 1329644 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,646,358) |  | 39463680 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **S**CHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.6%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $130679 | $130679 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 50261 | 50261 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 50106 | 50106 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $231,046) |  | 231046 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $36,877,404) |  | $39694726 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (36256) |
| **Total Net Assets - 100.0%** |  | $39658470 |

---

---

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

---

*plc — Public Limited Company* <br> *REIT — Real Estate Investment Trust*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Growth Fund** |  |
| **S**CHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $39463680 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $39463680 |
| Repurchase Agreements |  | 231046 |  | 231046 |
| Total Assets | $39463680 | $231046 | $— | $39694726 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** |
| **Consumer, Cyclical - 34.7%** | **Consumer, Cyclical - 34.7%** | **Consumer, Cyclical - 34.7%** |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 71885 | $729633 |
| Taylor Morrison Home Corp. — Class A<sup>\*</sup> | 20850 | 632797 |
| KB Home | 19302 | 614769 |
| Kohl's Corp. | 22506 | 568276 |
| PVH Corp. | 7362 | 519684 |
| Thor Industries, Inc. | 6455 | 487288 |
| JetBlue Airways Corp.<sup>\*</sup> | 74229 | 481004 |
| Lithia Motors, Inc. — Class A | 2309 | 472745 |
| Foot Locker, Inc. | 12288 | 464364 |
| Macy's, Inc. | 19338 | 399330 |
| Toll Brothers, Inc. | 7983 | 398511 |
| Adient plc<sup>\*</sup> | 10827 | 375588 |
| Dana, Inc. | 24609 | 372334 |
| Univar Solutions, Inc.<sup>\*</sup> | 9552 | 303754 |
| Gap, Inc. | 26162 | 295107 |
| Hanesbrands, Inc. | 46356 | 294824 |
| Nordstrom, Inc. | 16973 | 273944 |
| Lear Corp. | 1983 | 245932 |
| Topgolf Callaway Brands Corp.<sup>\*</sup> | 10236 | 202161 |
| Skechers USA, Inc. — Class A<sup>\*</sup> | 3014 | 126437 |
| **Total Consumer, Cyclical** |  | 8258482 |
| **Financial - 22.9%** |  |  |
| Brighthouse Financial, Inc.<sup>\*</sup> | 12364 | 633902 |
| Park Hotels & Resorts, Inc. REIT | 30811 | 363262 |
| Navient Corp. | 21283 | 350105 |
| Unum Group | 8358 | 342929 |
| New York Community Bancorp, Inc. | 33004 | 283834 |
| Jones Lang LaSalle, Inc.<sup>\*</sup> | 1743 | 277782 |
| SL Green Realty Corp. REIT | 7551 | 254620 |
| First American Financial Corp. | 4674 | 244637 |
| Pebblebrook Hotel Trust REIT | 18238 | 244207 |
| Old Republic International Corp. | 8415 | 203222 |
| PacWest Bancorp | 8401 | 192803 |
| Cousins Properties, Inc. REIT | 7383 | 186716 |
| MGIC Investment Corp. | 14233 | 185029 |
| Janus Henderson Group plc | 7724 | 181669 |
| Medical Properties Trust, Inc. REIT | 16080 | 179131 |
| JBG SMITH Properties REIT | 8457 | 160514 |
| Kemper Corp. | 3159 | 155423 |
| CNO Financial Group, Inc. | 6653 | 152021 |
| Essent Group Ltd. | 3893 | 151360 |
| FNB Corp. | 11378 | 148483 |
| Associated Banc-Corp. | 6368 | 147037 |
| Reinsurance Group of America, Inc. — Class A | 1007 | 143085 |
| Kilroy Realty Corp. REIT | 3642 | 140836 |
| Sabra Health Care REIT, Inc. | 9508 | 118184 |
| **Total Financial** |  | 5440791 |
| **Industrial - 16.4%** |  |  |
| Avnet, Inc. | 13400 | 557172 |
| Arrow Electronics, Inc.<sup>\*</sup> | 4824 | 504446 |
| TD SYNNEX Corp. | 5059 | 479138 |
| Ryder System, Inc. | 4454 | 372221 |
| XPO, Inc.<sup>\*</sup> | 10883 | 362295 |
| Enovis Corp.<sup>\*</sup> | 6054 | 324010 |
| Jabil, Inc. | 4681 | 319244 |
| RXO, Inc.<sup>\*</sup> | 15716 | 270315 |
| Fluor Corp.<sup>\*</sup> | 6700 | 232222 |
| Greif, Inc. — Class A | 3121 | 209294 |
| Coherent Corp.<sup>\*</sup> | 4712 | 165391 |
| Vishay Intertechnology, Inc. | 5569 | 120124 |
| **Total Industrial** |  | 3915872 |
| **Consumer, Non-cyclical - 11.0%** |  |  |
| ManpowerGroup, Inc. | 4867 | 404983 |
| Tenet Healthcare Corp.<sup>\*</sup> | 7536 | 367681 |
| Graham Holdings Co. — Class B | 596 | 360109 |
| Syneos Health, Inc.<sup>\*</sup> | 9645 | 353779 |
| Pilgrim's Pride Corp.<sup>\*</sup> | 14487 | 343777 |
| Perrigo Company plc | 6978 | 237880 |
| Patterson Companies, Inc. | 7878 | 220820 |
| GXO Logistics, Inc.<sup>\*</sup> | 4277 | 182585 |
| Post Holdings, Inc.<sup>\*</sup> | 1554 | 140264 |
| **Total Consumer, Non-cyclical** |  | 2611878 |
| **Basic Materials - 6.9%** |  |  |
| United States Steel Corp. | 28727 | 719611 |
| Cleveland-Cliffs, Inc.<sup>\*</sup> | 35585 | 573275 |
| Avient Corp. | 5708 | 192702 |
| Alcoa Corp. | 3473 | 157917 |
| **Total Basic Materials** |  | 1643505 |
| **Technology - 4.6%** |  |  |
| Xerox Holdings Corp. | 26978 | 393879 |
| NCR Corp.<sup>\*</sup> | 13431 | 314420 |
| Kyndryl Holdings, Inc.<sup>\*</sup> | 21542 | 239547 |
| MKS Instruments, Inc. | 1828 | 154886 |
| **Total Technology** |  | 1102732 |
| **Communications - 1.5%** |  |  |
| Viasat, Inc.<sup>\*</sup> | 6864 | 217246 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 5571 | 141949 |
| **Total Communications** |  | 359195 |
| **Utilities - 1.4%** |  |  |
| UGI Corp. | 5247 | 194507 |
| Southwest Gas Holdings, Inc. | 2173 | 134465 |
| **Total Utilities** |  | 328972 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,011,459) |  | 23661427 |

---

---

| | |
|:---|:---|
| **S&P MidCap 400<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.7%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $99062 | $99062 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 38101 | 38101 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 37982 | 37982 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $175,145) |  | 175145 |
| **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $23,186,604) |  | $23836572 |
| **Other Assets & Liabilities, net - (0.1)%** |  | (19084) |
| **Total Net Assets - 100.0%** |  | $23817488 |

---

---

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

---

*plc — Public Limited Company* <br> *REIT — Real Estate Investment Trust*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable <br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $23661427 | $— | $— | $23661427 |
| Repurchase Agreements |  | 175145 |  | 175145 |
| Total Assets | $23661427 | $175145 | $— | $23836572 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** | **COMMON STOCKS<sup>†</sup> - 99.5%** |
| **Consumer, Non-cyclical - 28.2%** | **Consumer, Non-cyclical - 28.2%** | **Consumer, Non-cyclical - 28.2%** |
| iTeos Therapeutics, Inc.<sup>\*</sup> | 15089 | $294688 |
| Vir Biotechnology, Inc.<sup>\*</sup> | 10834 | 274209 |
| Catalyst Pharmaceuticals, Inc.<sup>\*</sup> | 13148 | 244553 |
| Cytokinetics, Inc.<sup>\*</sup> | 4577 | 209718 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 7834 | 208149 |
| Zynex, Inc. | 12938 | 179968 |
| Dynavax Technologies Corp.<sup>\*</sup> | 15753 | 167612 |
| AMN Healthcare Services, Inc.<sup>\*</sup> | 1611 | 165643 |
| Cal-Maine Foods, Inc. | 2867 | 156108 |
| Meridian Bioscience, Inc.<sup>\*</sup> | 4649 | 154393 |
| Ensign Group, Inc. | 1490 | 140969 |
| Adtalem Global Education, Inc.<sup>\*</sup> | 3953 | 140332 |
| elf Beauty, Inc.<sup>\*</sup> | 2447 | 135319 |
| Simply Good Foods Co.<sup>\*</sup> | 3458 | 131508 |
| MGP Ingredients, Inc. | 1199 | 127550 |
| Innoviva, Inc.<sup>\*</sup> | 9588 | 127041 |
| REGENXBIO, Inc.<sup>\*</sup> | 5585 | 126668 |
| uniQure N.V.<sup>\*</sup> | 4959 | 112421 |
| Amphastar Pharmaceuticals, Inc.<sup>\*</sup> | 3982 | 111576 |
| AdaptHealth Corp.<sup>\*</sup> | 5243 | 100770 |
| Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 2824 | 100732 |
| Corcept Therapeutics, Inc.<sup>\*</sup> | 4914 | 99803 |
| Tootsie Roll Industries, Inc. | 2220 | 94505 |
| Stride, Inc.<sup>\*</sup> | 2757 | 86239 |
| Medifast, Inc. | 700 | 80745 |
| Arcus Biosciences, Inc.<sup>\*</sup> | 3355 | 69381 |
| Collegium Pharmaceutical, Inc.<sup>\*</sup> | 2836 | 65795 |
| Hostess Brands, Inc.<sup>\*</sup> | 2832 | 63550 |
| Xencor, Inc.<sup>\*</sup> | 2262 | 58902 |
| Addus HomeCare Corp.<sup>\*</sup> | 582 | 57903 |
| Pacira BioSciences, Inc.<sup>\*</sup> | 1244 | 48031 |
| Ligand Pharmaceuticals, Inc.<sup>\*,††</sup> | 107 |  |
| Ligand Pharmaceuticals, Inc.<sup>\*,††</sup> | 107 | – |
| **Total Consumer, Non-cyclical** |  | 4134781 |
| **Industrial - 19.9%** |  |  |
| Encore Wire Corp. | 1430 | 196711 |
| Matson, Inc. | 3095 | 193468 |
| Boise Cascade Co. | 2624 | 180190 |
| Dorian LPG Ltd. | 9257 | 175420 |
| Advanced Energy Industries, Inc. | 1984 | 170187 |
| UFP Industries, Inc. | 2005 | 158896 |
| Mueller Industries, Inc. | 2427 | 143193 |
| Comfort Systems USA, Inc. | 1208 | 139017 |
| Lindsay Corp. | 836 | 136143 |
| PGT Innovations, Inc.<sup>\*</sup> | 6814 | 122380 |
| Myers Industries, Inc. | 5494 | 122132 |
| Forward Air Corp. | 1127 | 118211 |
| Marten Transport Ltd. | 5961 | 117909 |
| Fabrinet<sup>\*</sup> | 861 | 110397 |
| AAON, Inc. | 1453 | 109440 |
| NV5 Global, Inc.<sup>\*</sup> | 663 | 87728 |
| Plexus Corp.<sup>\*</sup> | 844 | 86873 |
| EnPro Industries, Inc. | 749 | 81409 |
| Applied Industrial Technologies, Inc. | 612 | 77130 |
| CTS Corp. | 1779 | 70128 |
| Badger Meter, Inc. | 629 | 68580 |
| Aerojet Rocketdyne Holdings, Inc.<sup>\*</sup> | 1148 | 64208 |
| Hillenbrand, Inc. | 1475 | 62938 |
| Franklin Electric Company, Inc. | 786 | 62683 |
| AeroVironment, Inc.<sup>\*</sup> | 700 | 59962 |
| **Total Industrial** |  | 2915333 |
| **Financial - 16.4%** |  |  |
| ARMOUR Residential REIT, Inc. | 41411 | 233144 |
| StoneX Group, Inc.<sup>\*</sup> | 2103 | 200416 |
| Mr Cooper Group, Inc.<sup>\*</sup> | 4849 | 194591 |
| OFG Bancorp | 5730 | 157919 |
| St. Joe Co. | 3190 | 123294 |
| Hanmi Financial Corp. | 4903 | 121349 |
| Piper Sandler Cos. | 928 | 120816 |
| Blucora, Inc.<sup>\*</sup> | 4493 | 114706 |
| First BanCorp | 8884 | 113004 |
| Marcus & Millichap, Inc. | 2890 | 99560 |
| Palomar Holdings, Inc.<sup>\*</sup> | 2120 | 95739 |
| Dime Community Bancshares, Inc. | 2956 | 94089 |
| Stellar Bancorp, Inc. | 3117 | 91827 |
| Preferred Bank/Los Angeles CA | 1228 | 91633 |
| BancFirst Corp. | 970 | 85535 |
| NBT Bancorp, Inc. | 1921 | 83410 |
| City Holding Co. | 784 | 72983 |
| ServisFirst Bancshares, Inc. | 969 | 66774 |
| Heritage Financial Corp. | 2169 | 66458 |
| Bancorp, Inc.<sup>\*</sup> | 2291 | 65019 |
| CVB Financial Corp. | 2135 | 54976 |
| Banner Corp. | 860 | 54352 |
| **Total Financial** |  | 2401594 |
| **Technology - 10.8%** |  |  |
| Axcelis Technologies, Inc.<sup>\*</sup> | 2876 | 228239 |
| Rambus, Inc.<sup>\*</sup> | 4831 | 173047 |
| Kulicke & Soffa Industries, Inc. | 3206 | 141898 |
| Photronics, Inc.<sup>\*</sup> | 8239 | 138662 |
| Alpha & Omega Semiconductor Ltd.<sup>\*</sup> | 3959 | 113109 |
| Agilysys, Inc.<sup>\*</sup> | 1113 | 88083 |
| Progress Software Corp. | 1650 | 83242 |
| Diodes, Inc.<sup>\*</sup> | 1015 | 77282 |
| Digi International, Inc.<sup>\*</sup> | 2114 | 77267 |
| Veradigm, Inc.<sup>\*</sup> | 4309 | 76011 |
| Onto Innovation, Inc.<sup>\*</sup> | 1059 | 72107 |
| NextGen Healthcare, Inc.<sup>\*</sup> | 3468 | 65129 |
| MaxLinear, Inc. — Class A<sup>\*</sup> | 1915 | 65014 |
| Veeco Instruments, Inc.<sup>\*</sup> | 3499 | 65011 |
| NetScout Systems, Inc.<sup>\*</sup> | 1707 | 55495 |
| SPS Commerce, Inc.<sup>\*</sup> | 424 | 54454 |
| **Total Technology** |  | 1574050 |
| **Energy - 8.0%** |  |  |
| SM Energy Co. | 6714 | 233849 |
| REX American Resources Corp.<sup>\*</sup> | 7315 | 233056 |
| Civitas Resources, Inc. | 3831 | 221930 |
| Laredo Petroleum, Inc.<sup>\*</sup> | 3842 | 197556 |
| Ranger Oil Corp. — Class A | 3359 | 135804 |
| CONSOL Energy, Inc. | 1165 | 75725 |
| RPC, Inc. | 7963 | 70791 |
| **Total Energy** |  | 1168711 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Growth Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** | **COMMON STOCKS<sup>†</sup> - 99.5% (continued)** |
| **Consumer, Cyclical - 6.9%** | **Consumer, Cyclical - 6.9%** | **Consumer, Cyclical - 6.9%** |
| Green Brick Partners, Inc.<sup>\*</sup> | 7106 | $172178 |
| Monarch Casino & Resort, Inc.<sup>\*</sup> | 2089 | 160623 |
| Titan International, Inc.<sup>\*</sup> | 9730 | 149064 |
| XPEL, Inc.<sup>\*</sup> | 2052 | 123243 |
| Jack in the Box, Inc. | 1728 | 117901 |
| Cavco Industries, Inc.<sup>\*</sup> | 496 | 112220 |
| Ethan Allen Interiors, Inc. | 3388 | 89511 |
| Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 5588 | 88626 |
| **Total Consumer, Cyclical** |  | 1013366 |
| **Communications - 4.5%** |  |  |
| Clearfield, Inc.<sup>\*</sup> | 2124 | 199954 |
| ATN International, Inc. | 2923 | 132441 |
| Cars.com, Inc.<sup>\*</sup> | 7550 | 103963 |
| Harmonic, Inc.<sup>\*</sup> | 7889 | 103346 |
| A10 Networks, Inc. | 3521 | 58554 |
| Extreme Networks, Inc.<sup>\*</sup> | 3061 | 56047 |
| **Total Communications** |  | 654305 |
| **Basic Materials - 3.4%** |  |  |
| Hawkins, Inc. | 3767 | 145406 |
| Kaiser Aluminum Corp. | 1626 | 123511 |
| American Vanguard Corp. | 4197 | 91117 |
| Innospec, Inc. | 764 | 78585 |
| Livent Corp.<sup>\*</sup> | 2816 | 55954 |
| **Total Basic Materials** |  | 494573 |
| **Utilities - 1.4%** |  |  |
| SJW Group | 891 | 72340 |
| South Jersey Industries, Inc. | 1955 | 69461 |
| Unitil Corp. | 1294 | 66460 |
| **Total Utilities** |  | 208261 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,297,765) |  | 14564974 |
| **WARRANTS<sup>†</sup> - 0.0%** |  |  |
| Triumph Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 12/19/23<sup>\*</sup> | *—* |  |
| **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $*—*) |  |  |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.8%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23 | $64410 | 64410 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23 | 24773 | 24773 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23 | 24696 | 24696 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $113,879) |  | 113879 |
| **Total Investments - 100.3%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,411,644) |  | $14678853 |
| **Other Assets & Liabilities, net - (0.3)%** |  | (41494) |
| **Total Net Assets - 100.0%** |  | $14637359 |

---

---

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

---

*REIT — Real Estate Investment Trust*

 

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $14564974 | $— \* | $— | $14564974 |
| Warrants | — \* |  |  |  |
| Repurchase Agreements |  | 113879 |  | 113879 |
| Total Assets | $14564974 | $113879 | $— | $14678853 |

---

\* Security has a market value of $0.

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | | |
| **Consumer, Cyclical - 34.8%** | | |
| M/I Homes, Inc.<sup>\*</sup> | 2341 | $108107 |
| G-III Apparel Group Ltd.<sup>\*</sup> | 7377 | 101139 |
| SkyWest, Inc.<sup>\*</sup> | 5778 | 95395 |
| Century Communities, Inc. | 1807 | 90368 |
| World Fuel Services Corp. | 2898 | 79202 |
| Tri Pointe Homes, Inc.<sup>\*</sup> | 4223 | 78506 |
| Big Lots, Inc. | 5315 | 78131 |
| MDC Holdings, Inc. | 2470 | 78052 |
| America's Car-Mart, Inc.<sup>\*</sup> | 1073 | 77535 |
| MarineMax, Inc.<sup>\*</sup> | 2452 | 76551 |
| ScanSource, Inc.<sup>\*</sup> | 2589 | 75650 |
| Motorcar Parts of America, Inc.<sup>\*</sup> | 5977 | 70887 |
| Resideo Technologies, Inc.<sup>\*</sup> | 4288 | 70538 |
| Patrick Industries, Inc. | 1151 | 69751 |
| Genesco, Inc.<sup>\*</sup> | 1481 | 68156 |
| Wolverine World Wide, Inc. | 5807 | 63470 |
| Meritage Homes Corp.<sup>\*</sup> | 682 | 62880 |
| Group 1 Automotive, Inc. | 345 | 62228 |
| ODP Corp.<sup>\*</sup> | 1219 | 55513 |
| Sonic Automotive, Inc. — Class A | 1106 | 54493 |
| Abercrombie & Fitch Co. — Class A<sup>\*</sup> | 2350 | 53838 |
| MillerKnoll, Inc. | 2459 | 51664 |
| Children's Place, Inc.<sup>\*</sup> | 1328 | 48366 |
| Caleres, Inc. | 1985 | 44226 |
| Zumiez, Inc.<sup>\*</sup> | 1937 | 42110 |
| Veritiv Corp. | 332 | 40408 |
| Universal Electronics, Inc.<sup>\*</sup> | 1843 | 38353 |
| La-Z-Boy, Inc. | 1662 | 37927 |
| Designer Brands, Inc. — Class A | 3816 | 37320 |
| Sally Beauty Holdings, Inc.<sup>\*</sup> | 2938 | 36784 |
| GMS, Inc.<sup>\*</sup> | 723 | 36005 |
| Signet Jewelers Ltd. | 505 | 34340 |
| American Axle & Manufacturing Holdings, Inc.<sup>\*</sup> | 4288 | 33532 |
| Shoe Carnival, Inc. | 1374 | 32852 |
| KAR Auction Services, Inc.<sup>\*</sup> | 2086 | 27222 |
| American Eagle Outfitters, Inc.<sup>\*</sup> | 1948 | 27194 |
| PC Connection, Inc. | 571 | 26780 |
| Urban Outfitters, Inc.<sup>\*</sup> | 1082 | 25806 |
| Chico's FAS, Inc.<sup>\*</sup> | 5168 | 25427 |
| Guess?, Inc.<sup>1</sup> | 1223 | 25304 |
| Interface, Inc. — Class A | 2490 | 24576 |
| Standard Motor Products, Inc. | 677 | 23560 |
| Sleep Number Corp.<sup>\*</sup> | 890 | 23122 |
| HNI Corp. | 808 | 22972 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 314 | 21349 |
| Marcus Corp. | 1414 | 20347 |
| LGI Homes, Inc.<sup>\*</sup> | 190 | 17594 |
| El Pollo Loco Holdings, Inc. | 1669 | 16623 |
| Hawaiian Holdings, Inc.<sup>\*</sup> | 1573 | 16139 |
| **Total Consumer, Cyclical** |  | 2428292 |
| **Consumer, Non-cyclical - 18.0%** |  |  |
| Kelly Services, Inc. — Class A | 6354 | 107383 |
| Aaron's Company, Inc. | 8255 | 98647 |
| Fresh Del Monte Produce, Inc. | 3427 | 89753 |
| Enhabit, Inc.<sup>\*</sup> | 6242 | 82145 |
| Emergent BioSolutions, Inc.<sup>\*</sup> | 6874 | 81182 |
| Zimvie, Inc.<sup>\*</sup> | 8354 | 78026 |
| Seneca Foods Corp. — Class A<sup>\*</sup> | 1139 | 69422 |
| TrueBlue, Inc.<sup>\*</sup> | 3015 | 59034 |
| United Natural Foods, Inc.<sup>\*</sup> | 1468 | 56827 |
| SpartanNash Co. | 1758 | 53162 |
| Owens & Minor, Inc.<sup>\*</sup> | 2660 | 51950 |
| Deluxe Corp. | 2972 | 50464 |
| GEO Group, Inc.<sup>\*</sup> | 3681 | 40307 |
| Rent-A-Center, Inc. | 1773 | 39981 |
| PROG Holdings, Inc.<sup>\*</sup> | 2275 | 38425 |
| B&G Foods, Inc.<sup>1</sup> | 3415 | 38077 |
| Universal Corp. | 683 | 36069 |
| ABM Industries, Inc. | 786 | 34914 |
| Heidrick & Struggles International, Inc. | 1196 | 33452 |
| CoreCivic, Inc.<sup>\*</sup> | 2557 | 29559 |
| Organogenesis Holdings, Inc.<sup>\*</sup> | 9029 | 24288 |
| Phibro Animal Health Corp. — Class A | 1780 | 23870 |
| Orthofix Medical, Inc.<sup>\*</sup> | 964 | 19791 |
| Green Dot Corp. — Class A<sup>\*</sup> | 1221 | 19316 |
| **Total Consumer, Non-cyclical** |  | 1256044 |
| **Financial - 17.6%** |  |  |
| Genworth Financial, Inc. — Class A<sup>\*</sup> | 20747 | 109752 |
| Anywhere Real Estate, Inc.<sup>\*</sup> | 14512 | 92732 |
| Stewart Information Services Corp. | 2002 | 85545 |
| Douglas Elliman, Inc. | 17089 | 69552 |
| Cushman & Wakefield plc<sup>\*</sup> | 4903 | 61091 |
| Hersha Hospitality Trust — Class A REIT | 6141 | 52321 |
| EZCORP, Inc. — Class A<sup>\*</sup> | 6067 | 49446 |
| Bread Financial Holdings, Inc. | 1213 | 45681 |
| Franklin Street Properties Corp. REIT | 15188 | 41463 |
| Office Properties Income Trust REIT | 2999 | 40037 |
| Universal Insurance Holdings, Inc. | 3758 | 39797 |
| Hudson Pacific Properties, Inc. REIT | 3789 | 36867 |
| RE/MAX Holdings, Inc. — Class A | 1975 | 36814 |
| Ambac Financial Group, Inc.<sup>\*</sup> | 2109 | 36781 |
| SiriusPoint Ltd.<sup>\*</sup> | 5721 | 33754 |
| Encore Capital Group, Inc.<sup>\*</sup> | 661 | 31688 |
| World Acceptance Corp.<sup>\*</sup> | 456 | 30069 |
| Brandywine Realty Trust REIT | 4703 | 28923 |
| LendingTree, Inc.<sup>\*</sup> | 1336 | 28497 |
| Apollo Commercial Real Estate Finance, Inc. REIT | 2533 | 27255 |
| United Fire Group, Inc. | 942 | 25773 |
| HomeStreet, Inc. | 830 | 22891 |
| Hope Bancorp, Inc. | 1776 | 22751 |
| Industrial Logistics Properties Trust REIT | 6789 | 22200 |
| Service Properties Trust REIT | 2927 | 21338 |
| ProAssurance Corp. | 1182 | 20650 |
| Hilltop Holdings, Inc. | 667 | 20017 |
| Ready Capital Corp. REIT | 1721 | 19172 |
| iStar, Inc. REIT | 2450 | 18694 |

---

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9% (continued)** | | |
| **Financial - 17.6% (continued)** | | |
| Enova International, Inc.<sup>\*</sup> | 483 | $18533 |
| Orion Office REIT, Inc. | 1968 | 16807 |
| Granite Point Mortgage Trust, Inc. REIT | 2936 | 15737 |
| **Total Financial** |  | 1222628 |
| **Industrial - 9.9%** |  |  |
| Olympic Steel, Inc. | 2772 | 93084 |
| Benchmark Electronics, Inc. | 2265 | 60453 |
| DXP Enterprises, Inc.<sup>\*</sup> | 2110 | 58130 |
| Greenbrier Companies, Inc. | 1604 | 53782 |
| Harsco Corp.<sup>\*</sup> | 8351 | 52528 |
| Tredegar Corp. | 4623 | 47247 |
| Kaman Corp. | 1998 | 44555 |
| Comtech Telecommunications Corp. | 3649 | 44299 |
| American Woodmark Corp.<sup>\*</sup> | 877 | 42850 |
| ArcBest Corp. | 552 | 38662 |
| TTM Technologies, Inc.<sup>\*</sup> | 2185 | 32950 |
| Powell Industries, Inc. | 903 | 31768 |
| Proto Labs, Inc.<sup>\*</sup> | 1102 | 28134 |
| AZZ, Inc. | 561 | 22552 |
| Ichor Holdings Ltd.<sup>\*</sup> | 774 | 20759 |
| Granite Construction, Inc. | 575 | 20165 |
| **Total Industrial** |  | 691918 |
| **Basic Materials - 7.3%** |  |  |
| Rayonier Advanced Materials, Inc.<sup>\*</sup> | 10818 | 103853 |
| Mativ Holdings, Inc. | 3252 | 67967 |
| Clearwater Paper Corp.<sup>\*</sup> | 1734 | 65562 |
| Century Aluminum Co.<sup>\*</sup> | 7432 | 60794 |
| Arconic Corp.<sup>\*</sup> | 2681 | 56730 |
| Trinseo plc | 2418 | 54913 |
| Koppers Holdings, Inc. | 1843 | 51972 |
| AdvanSix, Inc. | 704 | 26766 |
| Minerals Technologies, Inc. | 305 | 18520 |
| **Total Basic Materials** |  | 507077 |
| **Communications - 5.7%** |  |  |
| Telephone & Data Systems, Inc. | 9581 | 100505 |
| AMC Networks, Inc. — Class A<sup>\*</sup> | 4702 | 73680 |
| EW Scripps Co. — Class A<sup>\*</sup> | 4997 | 65911 |
| Consolidated Communications Holdings, Inc.<sup>\*</sup> | 12544 | 44907 |
| Gannett Company, Inc.<sup>\*</sup> | 17638 | 35805 |
| NETGEAR, Inc.<sup>\*</sup> | 1648 | 29845 |
| Thryv Holdings, Inc.<sup>\*</sup> | 1570 | 29830 |
| Scholastic Corp. | 480 | 18941 |
| **Total Communications** |  | 399424 |
| **Energy - 4.1%** |  |  |
| Oil States International, Inc.<sup>\*</sup> | 8672 | 64693 |
| SunCoke Energy, Inc. | 7024 | 60617 |
| Par Pacific Holdings, Inc.<sup>\*</sup> | 2186 | 50825 |
| Bristow Group, Inc.<sup>\*</sup> | 1636 | 44385 |
| Helix Energy Solutions Group, Inc.<sup>\*</sup> | 4824 | 35601 |
| DMC Global, Inc.<sup>\*</sup> | 1628 | 31648 |
| **Total Energy** |  | 287769 |
| **Technology - 2.5%** |  |  |
| Ebix, Inc. | 2703 | 53952 |
| Insight Enterprises, Inc.<sup>\*</sup> | 434 | 43517 |
| Pitney Bowes, Inc. | 6867 | 26095 |
| Cerence, Inc.<sup>\*</sup> | 1299 | 24070 |
| SMART Global Holdings, Inc.<sup>\*</sup> | 1560 | 23213 |
| **Total Technology** |  | 170847 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,453,424) |  | 6963999 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.4%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $15413 | 15413 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 5928 | 5928 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 5909 | 5909 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $27,250) |  | 27250 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.7%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund — Class X, 4.10%<sup>4</sup> | 49245 | 49245 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,245) |  | 49245 |
| **Total Investments - 101.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,529,919) |  | $7040494 |
| **Other Assets & Liabilities, net - (1.0)%** |  | (69798) |
| **Total Net Assets - 100.0%** |  | $6970696 |

---

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

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

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

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

*<sup>2</sup>* *Repurchase Agreements — See Note 4.*

*<sup>3</sup>* *Securities lending collateral — See Note 5.*

*<sup>4</sup>* *Rate indicated is the 7-day yield as of December 31, 2022.*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

---

| | |
|:---|:---|
| **S&P SmallCap 600<sup>®</sup> Pure Value Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $6963999 | $— | $— | $6963999 |
| Repurchase Agreements |  | 27250 |  | 27250 |
| Securities Lending Collateral | 49245 |  |  | 49245 |
| Total Assets | $7013244 | $27250 | $— | $7040494 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 36.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 36.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup> - 36.9%** |
| Federal Home Loan Bank |  |  |
| &nbsp;&nbsp;&nbsp;3.84% due 01/13/23<sup>1</sup> | $2000000 | $1997812 |
| &nbsp;&nbsp;&nbsp;4.05% due 01/27/23<sup>1</sup> | 1000000 | 997252 |
| **Total Federal Agency Discount Notes** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,994,415) |  | 2995064 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup> - 3.5%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.80% due 01/17/23<sup>1,2</sup> | 283000 | 282595 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $282,512) |  | 282595 |

---

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 60.1%** | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>4</sup> | 2752372 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>4</sup> | 1058604 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>4</sup> | 1055326 |
| **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,866,302) | 4866302 |
| **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,143,229) | $8143961 |
| **Other Assets & Liabilities, net - (0.5)%** | (44040) |
| **Total Net Assets - 100.0%** | $8099921 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Depreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| U.S. Dollar Index Futures Contracts | 109 | Mar 2023 | $11256430 | $(6476) |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Depreciation** |
| **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** |  |  |  |  |  |
| Goldman Sachs International | U.S. Dollar Index | Receive | (Federal Funds Rate + 0.10%) | At Maturity | 03/17/23 | 47731 | $4925089 | $(44442) |

---

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

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

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

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

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

*<sup>3</sup>* *Repurchase Agreements — See Note 4.*

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

 

*See Sector Classification in Other Information section.*

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Federal Agency Discount Notes | $— | $2995064 | $— | $2995064 |
| U.S. Treasury Bills |  | 282595 |  | 282595 |
| Repurchase Agreements |  | 4866302 |  | 4866302 |
| Total Assets | $— | $8143961 | $— | $8143961 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Currency Futures Contracts\*\* | $6476 | $— | $— | $6476 |
| Currency Index Swap Agreements\*\* |  | 44442 |  | 44442 |
| Total Liabilities | $6476 | $44442 | $— | $50918 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $670883 | $– | $(660226) | $(16479) | $5822 | $– |  | $4423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 569935 | – | (561784) | (16573) | 8422 | – |  | 2552 |
|  | $1240818 | $– | $(1222010) | $(33052) | $14244 | $– |  | $6975 |

---

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.0%** | | |
| **Software - 35.6%** | | |
| Microsoft Corp. | 5752 | $1379445 |
| Oracle Corp. | 6092 | 497960 |
| Adobe, Inc.<sup>\*</sup> | 1235 | 415615 |
| Salesforce, Inc.<sup>\*</sup> | 3009 | 398963 |
| Intuit, Inc. | 860 | 334729 |
| ServiceNow, Inc.<sup>\*</sup> | 752 | 291979 |
| Fiserv, Inc.<sup>\*</sup> | 2638 | 266623 |
| Activision Blizzard, Inc. | 3335 | 255294 |
| VMware, Inc. — Class A<sup>\*</sup> | 1965 | 241223 |
| Synopsys, Inc.<sup>\*</sup> | 718 | 229250 |
| Snowflake, Inc. — Class A<sup>\*</sup> | 1578 | 226506 |
| Cadence Design Systems, Inc.<sup>\*</sup> | 1369 | 219916 |
| Workday, Inc. — Class A<sup>\*</sup> | 1269 | 212342 |
| Paychex, Inc. | 1823 | 210666 |
| Fidelity National Information Services, Inc. | 3091 | 209724 |
| Autodesk, Inc.<sup>\*</sup> | 1094 | 204436 |
| Electronic Arts, Inc. | 1557 | 190234 |
| Atlassian Corp. — Class A<sup>\*</sup> | 1426 | 183498 |
| Datadog, Inc. — Class A<sup>\*</sup> | 2130 | 156555 |
| ANSYS, Inc.<sup>\*</sup> | 628 | 151718 |
| NetEase, Inc. ADR | 2048 | 148746 |
| Zoom Video Communications, Inc. — Class A<sup>\*</sup> | 2124 | 143880 |
| Take-Two Interactive Software, Inc.<sup>\*</sup> | 1374 | 143075 |
| ROBLOX Corp. — Class A<sup>\*</sup> | 4611 | 131229 |
| Tyler Technologies, Inc.<sup>\*</sup> | 395 | 127352 |
| DocuSign, Inc.<sup>\*</sup> | 2286 | 126690 |
| Broadridge Financial Solutions, Inc. | 943 | 126485 |
| Coupa Software, Inc.<sup>\*</sup> | 1592 | 126039 |
| HubSpot, Inc.<sup>\*</sup> | 433 | 125193 |
| Fair Isaac Corp.<sup>\*</sup> | 208 | 124505 |
| PTC, Inc.<sup>\*</sup> | 1031 | 123761 |
| SS&C Technologies Holdings, Inc. | 2356 | 122653 |
| Splunk, Inc.<sup>\*</sup> | 1420 | 122248 |
| Cloudflare, Inc. — Class A<sup>\*</sup> | 2658 | 120168 |
| ZoomInfo Technologies, Inc. — Class A<sup>\*</sup> | 3914 | 117850 |
| Palantir Technologies, Inc. — Class A<sup>\*</sup> | 18310 | 117550 |
| Akamai Technologies, Inc.<sup>\*</sup> | 1389 | 117093 |
| Jack Henry & Associates, Inc. | 661 | 116045 |
| Dynatrace, Inc.<sup>\*</sup> | 2912 | 111530 |
| MongoDB, Inc.<sup>\*</sup> | 565 | 111215 |
| Bill.com Holdings, Inc.<sup>\*</sup> | 1008 | 109832 |
| Unity Software, Inc.<sup>\*,1</sup> | 3749 | 107184 |
| Twilio, Inc. — Class A<sup>\*</sup> | 2133 | 104432 |
| Ceridian HCM Holding, Inc.<sup>\*</sup> | 1627 | 104372 |
| Dropbox, Inc. — Class A<sup>\*</sup> | 4212 | 94265 |
| UiPath, Inc. — Class A<sup>\*</sup> | 7082 | 90012 |
| Five9, Inc.<sup>\*</sup> | 1071 | 72678 |
| Elastic N.V.<sup>\*</sup> | 1400 | 72100 |
| RingCentral, Inc. — Class A<sup>\*</sup> | 1718 | 60817 |
| Asana, Inc. — Class A<sup>\*</sup> | 3894 | 53620 |
| MicroStrategy, Inc. — Class A<sup>\*,1</sup> | 254 | 35959 |
| **Total Software** |  | 9685254 |
| **Semiconductors - 20.9%** |  |  |
| NVIDIA Corp. | 3939 | 575645 |
| Broadcom, Inc. | 912 | 509927 |
| Texas Instruments, Inc. | 2354 | 388928 |
| QUALCOMM, Inc. | 3185 | 350159 |
| Intel Corp. | 12629 | 333784 |
| Advanced Micro Devices, Inc.<sup>\*</sup> | 5142 | 333047 |
| Analog Devices, Inc. | 1786 | 292958 |
| Applied Materials, Inc. | 2882 | 280649 |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 3475 | 258853 |
| Lam Research Corp. | 568 | 238730 |
| KLA Corp. | 611 | 230365 |
| Micron Technology, Inc. | 4552 | 227509 |
| NXP Semiconductor N.V. | 1332 | 210496 |
| Microchip Technology, Inc. | 2771 | 194663 |
| ASML Holding N.V. — Class G | 340 | 185776 |
| Marvell Technology, Inc. | 4866 | 180237 |
| ON Semiconductor Corp.<sup>\*</sup> | 2541 | 158482 |
| Monolithic Power Systems, Inc. | 366 | 129421 |
| Skyworks Solutions, Inc. | 1335 | 121659 |
| Teradyne, Inc. | 1315 | 114865 |
| Entegris, Inc. | 1537 | 100812 |
| Qorvo, Inc.<sup>\*</sup> | 1045 | 94719 |
| Lattice Semiconductor Corp.<sup>\*</sup> | 1423 | 92324 |
| Wolfspeed, Inc.<sup>\*</sup> | 1246 | 86024 |
| **Total Semiconductors** |  | 5690032 |
| **Computers - 13.4%** |  |  |
| Apple, Inc. | 11033 | 1433518 |
| International Business Machines Corp. | 2544 | 358424 |
| Accenture plc — Class A | 903 | 240956 |
| Fortinet, Inc.<sup>\*</sup> | 3990 | 195071 |
| Dell Technologies, Inc. — Class C | 4430 | 178175 |
| Cognizant Technology Solutions Corp. — Class A | 3103 | 177461 |
| HP, Inc. | 6219 | 167104 |
| Crowdstrike Holdings, Inc. — Class A<sup>\*</sup> | 1542 | 162357 |
| Check Point Software Technologies Ltd.<sup>\*</sup> | 1108 | 139785 |
| Infosys Ltd. ADR | 7700 | 138677 |
| Zscaler, Inc.<sup>\*</sup> | 1189 | 133049 |
| NetApp, Inc. | 1937 | 116336 |
| Seagate Technology Holdings plc | 1977 | 104010 |
| Western Digital Corp.<sup>\*</sup> | 3125 | 98594 |
| **Total Computers** |  | 3643517 |
| **Internet - 13.0%** |  |  |
| Alphabet, Inc. — Class A<sup>\*</sup> | 12431 | 1096787 |
| Meta Platforms, Inc. — Class A<sup>\*</sup> | 5099 | 613614 |
| Palo Alto Networks, Inc.<sup>\*</sup> | 1451 | 202472 |
| Baidu, Inc. ADR<sup>\*</sup> | 1485 | 169854 |
| Shopify, Inc. — Class A<sup>\*</sup> | 4748 | 164803 |
| CDW Corp. | 889 | 158758 |
| VeriSign, Inc.<sup>\*</sup> | 766 | 157367 |
| Pinterest, Inc. — Class A<sup>\*</sup> | 5905 | 143373 |
| Sea Ltd. ADR<sup>\*</sup> | 2754 | 143291 |
| Snap, Inc. — Class A<sup>\*</sup> | 14229 | 127350 |
| Gen Digital, Inc. | 5598 | 119965 |
| GoDaddy, Inc. — Class A<sup>\*</sup> | 1517 | 113502 |

---

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 100.0% (continued)** | | |
| **Internet - 13.0% (continued)** | | |
| Match Group, Inc.<sup>\*</sup> | 2726 | $113102 |
| Okta, Inc.<sup>\*</sup> | 1655 | 113086 |
| F5, Inc.<sup>\*</sup> | 655 | 93999 |
| **Total Internet** |  | 3531323 |
| **Diversified Financial Services - 4.8%** |  |  |
| Visa, Inc. — Class A | 3361 | 698281 |
| Mastercard, Inc. — Class A | 1741 | 605398 |
| **Total Diversified Financial Services** |  | 1303679 |
| **Commercial Services - 4.4%** |  |  |
| Automatic Data Processing, Inc. | 1329 | 317445 |
| PayPal Holdings, Inc.<sup>\*</sup> | 4047 | 288227 |
| Block, Inc. — Class A<sup>\*</sup> | 3313 | 208189 |
| Global Payments, Inc. | 1741 | 172916 |
| FleetCor Technologies, Inc.<sup>\*</sup> | 668 | 122698 |
| Affirm Holdings, Inc.<sup>\*</sup> | 5834 | 56415 |
| Marathon Digital Holdings, Inc.<sup>\*,1</sup> | 5456 | 18660 |
| **Total Commercial Services** |  | 1184550 |
| **Telecommunications - 3.4%** |  |  |
| Cisco Systems, Inc. | 9504 | 452770 |
| Arista Networks, Inc.<sup>\*</sup> | 1648 | 199985 |
| Corning, Inc. | 5244 | 167493 |
| Juniper Networks, Inc. | 3282 | 104893 |
| **Total Telecommunications** |  | 925141 |
| **Electronics - 1.9%** |  |  |
| Amphenol Corp. — Class A | 2842 | 216390 |
| TE Connectivity Ltd. | 1686 | 193553 |
| Trimble, Inc.<sup>\*</sup> | 2204 | 111434 |
| **Total Electronics** |  | 521377 |
| **Energy-Alternate Sources - 1.7%** |  |  |
| Enphase Energy, Inc.<sup>\*</sup> | 690 | 182823 |
| SolarEdge Technologies, Inc.<sup>\*</sup> | 497 | 140785 |
| First Solar, Inc.<sup>\*</sup> | 894 | 133912 |
| **Total Energy-Alternate Sources** |  | 457520 |
| **Advertising - 0.5%** |  |  |
| Trade Desk, Inc. — Class A<sup>\*</sup> | 3461 | 155157 |
| **Office & Business Equipment - 0.4%** |  |  |
| Zebra Technologies Corp. — Class A<sup>\*</sup> | 478 | 122564 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,745,404) |  | 27220114 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.7%** | | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23 | $107876 | 107876 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23 | 41491 | 41491 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23 | 41362 | 41362 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $190,729) |  | 190729 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.5%** | | |
| **Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 122953 | 122953 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $122,953) |  | 122953 |
| **Total Investments - 101.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,059,086) |  | $27533796 |
| **Other Assets & Liabilities, net - (1.2)%** |  | (320646) |
| **Total Net Assets - 100.0%** |  | $27213150 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Technology Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $27220114 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $27220114 |
| Repurchase Agreements |  | 190729 |  | 190729 |
| Securities Lending Collateral | 122953 |  |  | 122953 |
| Total Assets | $27343067 | $190729 | $— | $27533796 |

---

---

| | |
|:---|:---|
| **Telecommunications Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.1%** | | |
| **Telecommunications - 71.5%** | | |
| T-Mobile US, Inc.<sup>\*</sup> | 1341 | $187740 |
| Verizon Communications, Inc. | 4367 | 172060 |
| Cisco Systems, Inc. | 3423 | 163072 |
| AT&T, Inc. | 8544 | 157295 |
| Motorola Solutions, Inc. | 353 | 90972 |
| Arista Networks, Inc.<sup>\*</sup> | 711 | 86280 |
| Ubiquiti, Inc. | 209 | 57168 |
| Juniper Networks, Inc. | 1418 | 45319 |
| Iridium Communications, Inc. | 715 | 36751 |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 1434 | 36538 |
| Ciena Corp.<sup>\*</sup> | 699 | 35635 |
| Lumen Technologies, Inc.<sup>\*</sup> | 6227 | 32505 |
| Calix, Inc.<sup>\*</sup> | 418 | 28604 |
| Vodafone Group plc ADR | 2816 | 28498 |
| BCE, Inc. | 637 | 27996 |
| America Movil SAB de CV — Class L ADR | 1508 | 27446 |
| Rogers Communications, Inc. — Class B<sup>1</sup> | 556 | 26043 |
| Nice Ltd. ADR<sup>\*</sup> | 134 | 25768 |
| TELUS Corp. | 1281 | 24736 |
| Viasat, Inc.<sup>\*</sup> | 771 | 24402 |
| Viavi Solutions, Inc.<sup>\*</sup> | 2030 | 21335 |
| Extreme Networks, Inc.<sup>\*</sup> | 1125 | 20599 |
| Gogo, Inc.<sup>\*</sup> | 1282 | 18922 |
| InterDigital, Inc. | 354 | 17516 |
| CommScope Holding Company, Inc.<sup>\*</sup> | 2340 | 17199 |
| EchoStar Corp. — Class A<sup>\*</sup> | 1010 | 16847 |
| ADTRAN Holdings, Inc. | 879 | 16516 |
| Clearfield, Inc.<sup>\*</sup> | 173 | 16286 |
| Telephone & Data Systems, Inc. | 1517 | 15913 |
| NETGEAR, Inc.<sup>\*</sup> | 519 | 9399 |
| **Total Telecommunications** |  | 1485360 |
| **Media - 20.2%** |  |  |
| Comcast Corp. — Class A | 4987 | 174395 |
| Charter Communications, Inc. — Class A<sup>\*</sup> | 250 | 84775 |
| Liberty Broadband Corp. — Class C<sup>\*</sup> | 591 | 45076 |
| DISH Network Corp. — Class A<sup>\*</sup> | 2736 | 38414 |
| Liberty Global plc — Class C<sup>\*</sup> | 1475 | 28659 |
| Cable One, Inc. | 40 | 28474 |
| Liberty Latin America Ltd. — Class C<sup>\*</sup> | 2631 | 19996 |
| **Total Media** |  | 419789 |
| **Internet - 4.6%** |  |  |
| F5, Inc.<sup>\*</sup> | 283 | 40614 |
| Roku, Inc.<sup>\*</sup> | 793 | 32275 |
| Cogent Communications Holdings, Inc. | 415 | 23688 |
| **Total Internet** |  | 96577 |
| **Computers - 2.3%** |  |  |
| Lumentum Holdings, Inc.<sup>\*</sup> | 487 | 25407 |
| NetScout Systems, Inc.<sup>\*</sup> | 655 | 21294 |
| **Total Computers** |  | 46701 |
| **Software - 0.5%** |  |  |
| Bandwidth, Inc. — Class A<sup>\*</sup> | 442 | 10144 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,905,598) |  | 2058571 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 0.5%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $6025 | $6025 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 2317 | 2317 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 2310 | 2310 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,652) |  | 10652 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 0.9%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 19071 | 19071 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,071) |  | 19071 |
| **Total Investments - 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,935,321) |  | $2088294 |
| **Other Assets & Liabilities, net - (0.5)%** |  | (10392) |
| **Total Net Assets - 100.0%** |  | $2077902 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt* <br> *plc — Public Limited Company*

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Telecommunications Fund** |  |
| **SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br>Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $2058571 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2058571 |
| Repurchase Agreements |  | 10652 |  | 10652 |
| Securities Lending Collateral | 19071 |  |  | 19071 |
| Total Assets | $2077642 | $10652 | $— | $2088294 |

---

---

| | |
|:---|:---|
| **Transportation Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** | **COMMON STOCKS<sup>†</sup> - 99.4%** |
| **Transportation - 42.1%** | **Transportation - 42.1%** | **Transportation - 42.1%** |
| United Parcel Service, Inc. — Class B | 3612 | $627910 |
| Union Pacific Corp. | 2743 | 567993 |
| CSX Corp. | 13222 | 409618 |
| Norfolk Southern Corp. | 1587 | 391068 |
| FedEx Corp. | 2025 | 350730 |
| Old Dominion Freight Line, Inc. | 1021 | 289739 |
| J.B. Hunt Transport Services, Inc. | 1242 | 216555 |
| Expeditors International of Washington, Inc. | 2011 | 208983 |
| CH Robinson Worldwide, Inc. | 1773 | 162336 |
| ZTO Express Cayman, Inc. ADR | 5557 | 149317 |
| Canadian Pacific Railway Ltd. | 1973 | 147166 |
| Knight-Swift Transportation Holdings, Inc. | 2773 | 145333 |
| Canadian National Railway Co. | 1197 | 142299 |
| ZIM Integrated Shipping Services Ltd.<sup>1</sup> | 7695 | 132277 |
| Landstar System, Inc. | 744 | 121198 |
| Saia, Inc.<sup>\*</sup> | 563 | 118050 |
| Ryder System, Inc. | 1264 | 105632 |
| Kirby Corp.<sup>\*</sup> | 1591 | 102381 |
| XPO, Inc.<sup>\*</sup> | 2976 | 99071 |
| Atlas Air Worldwide Holdings, Inc.<sup>\*</sup> | 852 | 85882 |
| Matson, Inc. | 1313 | 82076 |
| Werner Enterprises, Inc. | 1967 | 79191 |
| RXO, Inc.<sup>\*</sup> | 4053 | 69712 |
| ArcBest Corp. | 922 | 64577 |
| **Total Transportation** |  | 4869094 |
| **Auto Manufacturers - 22.9%** |  |  |
| Tesla, Inc.<sup>\*</sup> | 7323 | 902047 |
| General Motors Co. | 10046 | 337947 |
| Ford Motor Co. | 28922 | 336363 |
| Rivian Automotive, Inc. — Class A<sup>\*</sup> | 9570 | 176375 |
| Lucid Group, Inc.<sup>\*,1</sup> | 24306 | 166010 |
| Li Auto, Inc. ADR<sup>\*,1</sup> | 6772 | 138149 |
| Ferrari N.V. | 630 | 134959 |
| Stellantis N.V. | 9162 | 130100 |
| NIO, Inc. ADR<sup>\*</sup> | 13039 | 127130 |
| Toyota Motor Corp. ADR<sup>1</sup> | 929 | 126883 |
| Fisker, Inc.<sup>\*,1</sup> | 10770 | 78298 |
| **Total Auto Manufacturers** |  | 2654261 |
| **Auto Parts & Equipment - 11.8%** |  |  |
| Aptiv plc<sup>\*</sup> | 1917 | 178530 |
| BorgWarner, Inc. | 3921 | 157820 |
| Lear Corp. | 1100 | 136422 |
| Magna International, Inc. | 2351 | 132079 |
| Autoliv, Inc. | 1706 | 130646 |
| Gentex Corp. | 4767 | 129996 |
| Fox Factory Holding Corp.<sup>\*</sup> | 1060 | 96704 |
| Adient plc<sup>\*</sup> | 2787 | 96681 |
| Visteon Corp.<sup>\*</sup> | 718 | 93936 |
| Goodyear Tire & Rubber Co.<sup>\*</sup> | 8437 | 85636 |
| Dana, Inc. | 4865 | 73607 |
| Luminar Technologies, Inc.<sup>\*,1</sup> | 11882 | 58816 |
| **Total Auto Parts & Equipment** |  | 1370873 |
| **Airlines - 10.6%** |  |  |
| Delta Air Lines, Inc.<sup>\*</sup> | 7212 | 236986 |
| Southwest Airlines Co. | 6526 | 219730 |
| United Airlines Holdings, Inc.<sup>\*</sup> | 4465 | 168331 |
| American Airlines Group, Inc.<sup>\*</sup> | 11190 | 142337 |
| Copa Holdings S.A. — Class A<sup>\*</sup> | 1620 | 134735 |
| Alaska Air Group, Inc.<sup>\*</sup> | 2800 | 120232 |
| Spirit Airlines, Inc.<sup>\*</sup> | 3798 | 73985 |
| JetBlue Airways Corp.<sup>\*</sup> | 10789 | 69913 |
| Allegiant Travel Co. — Class A<sup>\*</sup> | 871 | 59219 |
| **Total Airlines** |  | 1225468 |
| **Commercial Services - 4.7%** |  |  |
| U-Haul Holding Co. | 2899 | 159387 |
| Avis Budget Group, Inc.<sup>\*</sup> | 826 | 135406 |
| GXO Logistics, Inc.<sup>\*</sup> | 2721 | 116159 |
| Hertz Global Holdings, Inc.<sup>\*</sup> | 7322 | 112686 |
| U-Haul Holding Co. | 336 | 20224 |
| **Total Commercial Services** |  | 543862 |
| **Internet - 4.0%** |  |  |
| Uber Technologies, Inc.<sup>\*</sup> | 14435 | 356978 |
| Lyft, Inc. — Class A<sup>\*</sup> | 9565 | 105406 |
| **Total Internet** |  | 462384 |
| **Home Builders - 2.2%** |  |  |
| Thor Industries, Inc. | 1411 | 106516 |
| LCI Industries | 849 | 78490 |
| Winnebago Industries, Inc. | 1254 | 66086 |
| **Total Home Builders** |  | 251092 |
| **Leisure Time - 1.1%** |  |  |
| Harley-Davidson, Inc. | 2921 | 121514 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,580,550) |  | 11498548 |

---

---

| | | |
|:---|:---|:---|
| | **Face Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,2</sup> - 1.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 1.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup> - 1.0%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23 | $63146 | 63146 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23 | 24287 | 24287 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23 | 24212 | 24212 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $111,645) |  | 111645 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 4.6%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 4.6%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup> - 4.6%** |
| **Money Market Fund** | | |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.10%<sup>4</sup> | 537883 | 537883 |
| **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $537,883) |  | 537883 |
| **Total Investments - 105.0%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,230,078) |  | $12148076 |
| **Other Assets & Liabilities, net - (5.0)%** |  | (575483) |
| **Total Net Assets - 100.0%** |  | $11572593 |

---

---

| | |
|:---|:---|
| **Transportation Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | &nbsp;&nbsp;December 31, 2022 |

---

---

| | |
|:---|:---|
| *<sup>\*</sup>* | *Non-income producing security.* |
| *<sup>†</sup>* | *Value determined based on Level 1 inputs — See Note 3.* |
| *<sup>††</sup>* | *Value determined based on Level 2 inputs — See Note 3.* |
| *<sup>1</sup>* | *All or a portion of this security is on loan at December 31, 2022 — See Note 5.* |
| *<sup>2</sup>* | *Repurchase Agreements — See Note 4.* |
| *<sup>3</sup>* | *Securities lending collateral — See Note 5.* |
| *<sup>4</sup>* | *Rate indicated is the 7-day yield as of December 31, 2022.* |

---

*ADR — American Depositary Receipt*

*plc — Public Limited Company*

*See Sector Classification in Other Information section.*

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $11498548 | $— | $— | $11498548 |
| Repurchase Agreements |  | 111645 |  | 111645 |
| Securities Lending Collateral | 537883 |  |  | 537883 |
| Total Assets | $12036431 | $111645 | $— | $12148076 |

---

---

| | |
|:---|:---|
| **Utilities Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** | **COMMON STOCKS<sup>†</sup> - 99.9%** |
| **Electric - 84.7%** | **Electric - 84.7%** | **Electric - 84.7%** |
| NextEra Energy, Inc. | 44576 | $3726554 |
| Duke Energy Corp. | 25696 | 2646431 |
| Southern Co. | 36560 | 2610750 |
| Dominion Energy, Inc. | 35931 | 2203289 |
| Sempra Energy | 13134 | 2029728 |
| American Electric Power Company, Inc. | 21087 | 2002211 |
| Exelon Corp. | 45244 | 1955898 |
| Xcel Energy, Inc. | 26007 | 1823351 |
| PG&E Corp.<sup>\*</sup> | 106946 | 1738942 |
| Consolidated Edison, Inc. | 17800 | 1696518 |
| Public Service Enterprise Group, Inc. | 27139 | 1662806 |
| WEC Energy Group, Inc. | 16942 | 1588482 |
| Eversource Energy | 18855 | 1580803 |
| Constellation Energy Corp. | 17768 | 1531779 |
| FirstEnergy Corp. | 34271 | 1437326 |
| Edison International | 22504 | 1431704 |
| Ameren Corp. | 15969 | 1419963 |
| DTE Energy Co. | 11837 | 1391203 |
| PPL Corp. | 47037 | 1374421 |
| Entergy Corp. | 12212 | 1373850 |
| AES Corp. | 45727 | 1315108 |
| CenterPoint Energy, Inc. | 42517 | 1275085 |
| CMS Energy Corp. | 19885 | 1259317 |
| Avangrid, Inc. | 28264 | 1214787 |
| Evergy, Inc. | 17438 | 1097373 |
| Alliant Energy Corp. | 19752 | 1090508 |
| Vistra Corp. | 38550 | 894360 |
| NRG Energy, Inc. | 27724 | 882178 |
| Pinnacle West Capital Corp. | 11252 | 855602 |
| OGE Energy Corp. | 20756 | 820900 |
| Clearway Energy, Inc. — Class C | 23458 | 747606 |
| IDACORP, Inc. | 6402 | 690456 |
| Portland General Electric Co. | 13388 | 656012 |
| Ormat Technologies, Inc. | 7521 | 650416 |
| Hawaiian Electric Industries, Inc. | 15321 | 641184 |
| Black Hills Corp. | 9014 | 634045 |
| PNM Resources, Inc. | 12352 | 602654 |
| NorthWestern Corp. | 9237 | 548124 |
| Avista Corp. | 12123 | 537534 |
| **Total Electric** |  | 53639258 |
| **Gas - 10.4%** |  |  |
| Atmos Energy Corp. | 10171 | 1139864 |
| NiSource, Inc. | 35606 | 976317 |
| UGI Corp. | 21850 | 809980 |
| National Fuel Gas Co. | 11405 | 721936 |
| New Jersey Resources Corp. | 12861 | 638163 |
| South Jersey Industries, Inc. | 17133 | 608735 |
| ONE Gas, Inc. | 7635 | 578122 |
| Spire, Inc. | 8156 | 561622 |
| Southwest Gas Holdings, Inc. | 8970 | 555064 |
| **Total Gas** |  | 6589803 |
| **Water - 4.1%** |  |  |
| American Water Works Company, Inc. | 10063 | 1533802 |
| Essential Utilities, Inc. | 21748 | 1038032 |
| **Total Water** |  | 2571834 |
| **Energy-Alternate Sources - 0.7%** |  |  |
| Sunnova Energy International, Inc.<sup>\*</sup> | 22873 | 411942 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,992,013) |  | 63212837 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup> - 0.5%** |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/23 | $196472 | 196472 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/23 | 75566 | 75566 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/23 | 75332 | 75332 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $347,370) |  | 347370 |
| **Total Investments - 100.4%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $57,339,383) |  | $63560207 |
| **Other Assets & Liabilities, net - (0.4)%** |  | (277643) |
| **Total Net Assets - 100.0%** |  | $63282564 |

---

---

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

---

*See Sector Classification in Other Information section.*

---

| | |
|:---|:---|
| **Utilities Fund** |  |
| **SCHEDULE OF INVESTMENTS *(Unaudited)*** | December 31, 2022 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2<br> Significant<br> Observable<br> Inputs** | **Level 3<br> Significant<br> Unobservable<br> Inputs** | **Total** |
| Common Stocks | $63212837 | $— | $— | $63212837 |
| Repurchase Agreements |  | 347370 |  | 347370 |
| Total Assets | $63212837 | $347370 | $— | $63560207 |

---

---

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

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 3.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 3.5%** | **U.S. TREASURY BILLS<sup>††</sup> - 3.5%** |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.79% due 01/17/23<sup>1,2</sup> | $54000 | $53923 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $53,907) |  | 53923 |

---

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,3</sup> - 82.9%** | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 12/30/22 at 4.26% <br> due 01/03/23<sup>4</sup> | 728319 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 12/30/22 at 4.25% <br> due 01/03/23<sup>4</sup> | 280123 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc.<br> issued 12/30/22 at 4.21% <br> due 01/03/23<sup>4</sup> | 279255 |
| **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,287,697) | 1287697 |
| **Total Investments - 86.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,341,604) | $1341620 |
| **Other Assets & Liabilities, net - 13.6%** | 210984 |
| **Total Net Assets - 100.0%** | $1552604 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Dollar Index Futures Contracts | 24 | Mar 2023 | $2478480 | $4119 |

---

**Total Return Swap Agreements**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Units** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |  |
| Goldman Sachs International | U.S. Dollar Index | Pay | (Federal Funds Rate + 0.10%) | At Maturity | 03/17/23 | 6315 | $651648 | $5338 |

---

*<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, 2022.*

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

*<sup>3</sup>* *Repurchase Agreements — See Note 4.*

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

 

*See Sector Classification in Other Information section.*

---

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

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2 <br> Significant<br> Observable <br> Inputs** | **Level 3 <br> Significant<br> Unobservable<br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $53923 | $— | $53923 |
| Repurchase Agreements |  | 1287697 |  | 1287697 |
| Currency Futures Contracts\*\* | 4119 |  |  | 4119 |
| Currency Index Swap Agreements\*\* |  | 5338 |  | 5338 |
| Total Assets | $4119 | $1346958 | $— | $1351077 |

---

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

**Affiliated Transactions**

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the "Short Term Investment Vehicles"), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2022, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126822000340/gug84768.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2022, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value 03/31/22** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in Unrealized Appreciation (Depreciation)** | **Value 12/31/22** | **Shares 12/31/22** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $307657 | $– | $(303616) | $(5840) | $1799 | $– |  | $1682 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 308689 | – | (305051) | (7601) | 3963 | – |  | 1149 |
|  | $616346 | $– | $(608667) | $(13441) | $5762 | $– |  | $2831 |

---

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

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

**Organization**

The Rydex Series Funds (the "Trust"), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 ("1940 Act"), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

This report covers the following funds (collectively, the "Funds"):

---

| | |
|:---|:---|
| **Fund Name** | **Investment Company Type** |
| Banking Fund | Diversified |
| Basic Materials Fund | Diversified |
| Biotechnology Fund | Non-diversified |
| Consumer Products Fund | Diversified |
| Dow Jones Industrial Average<sup>®</sup> Fund | Non-diversified |
| Electronics Fund | Non-diversified |
| Emerging Markets 2x Strategy Fund | Non-diversified |
| Emerging Markets Bond Strategy Fund | Diversified |
| Energy Fund | Diversified |
| Energy Services Fund | Non-diversified |
| Europe 1.25x Strategy Fund | Non-diversified |
| Financial Services Fund | Diversified |
| Government Long Bond 1.2x Strategy Fund | Diversified |
| Health Care Fund | Diversified |
| High Yield Strategy Fund | Non-diversified |
| Internet Fund | Diversified |
| Inverse Emerging Markets 2x Strategy Fund | Non-diversified |
| Inverse Government Long Bond Strategy Fund | Diversified |
| Inverse High Yield Strategy Fund | Non-diversified |
| Inverse Mid-Cap Strategy Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Non-diversified |
| Japan 2x Strategy Fund | Non-diversified |
| Leisure Fund | Diversified |
| Long Short Equity Fund | Non-diversified |
| Mid-Cap 1.5x Strategy Fund | Non-diversified |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> Fund | Non-diversified |
| Nova Fund | Non-diversified |
| Precious Metals Fund | Non-diversified |
| Real Estate Fund | Diversified |
| Retailing Fund | Diversified |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> Fund | Non-diversified |
| S&P 500<sup>®</sup> Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | Non-diversified |
| Strengthening Dollar 2x Strategy Fund | Non-diversified |
| Technology Fund | Diversified |
| Telecommunications Fund | Non-diversified |
| Transportation Fund | Diversified |
| Utilities Fund | Diversified |
| Weakening Dollar 2x Strategy Fund | Non-diversified |

---

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

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

**Significant Accounting Policies**

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

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

**(a) Valuation of Investments** 

The Board of Trustees of the Funds (the "Board") adopted policies and procedures for the valuation of the Funds' investments (the "Valuation Procedures"). The U.S. Securities and Exchange Commission (the "SEC") adopted Rule 2a-5 under the 1940 Act ("Rule 2a-5") which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines "readily available market quotations" for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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

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

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

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

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

U.S. government securities are valued by either independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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

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

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

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

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

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

**Note 2 – Financial Instruments and Derivatives**

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

**Short Sales**

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

**Derivatives** 

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

**Futures Contracts**

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

**Swap Agreements**

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

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

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

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

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

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

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

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

**Foreign Investments** 

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

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

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

**Note 3 – Fair Value Measurement** 

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

**NOTES TO FINANCIAL STATEMENTS (Unaudited)**

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

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

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

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

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

The inputs or methodologies selected and applied for valuing securities 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, 2022, the repurchase agreements in the joint account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.26% |  |  | &nbsp;&nbsp;&nbsp;0.38% - 2.13% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/03/23 | $152635704 | $152689890 | &nbsp;&nbsp;&nbsp;Due 10/31/23 - 05/31/26 | $171586500 | $155688423 |
| BofA Securities, Inc. |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.25% |  |  | &nbsp;&nbsp;&nbsp;0.88% - 1.38% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/03/23 | 58706040 | 58726832 | &nbsp;&nbsp;&nbsp;Due 09/30/26 - 12/31/28 | 67728600 | 59880171 |
| Barclays Capital, Inc. |  |  | U.S. Treasury Inflation Indexed Bond |  |  |
| &nbsp;&nbsp;&nbsp;4.21% |  |  | &nbsp;&nbsp;&nbsp;0.13% |  |  |
| &nbsp;&nbsp;&nbsp;Due 01/03/23 | 58524226 | 58544758 | &nbsp;&nbsp;&nbsp;Due 01/15/31 | 67503920 | 59694784 |

---

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

**Note 5 – Portfolio Securities Loaned**

The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Value of <br> Securities Loaned** | **Collateral Received** |
| Banking Fund | $16043 | $15772 \* |
| Biotechnology Fund | 348862 | 341490 \* |

---

---

| | | |
|:---|:---|:---|
| Consumer Products Fund | 200444 | 208911 |
| Electronics Fund | 936940 | 969433 |
| Emerging Markets 2x Strategy Fund | 27919 | 29827 |
| Energy Fund | 560081 | 574855 |
| Europe 1.25x Strategy Fund | 3501 | 3638 |
| Financial Services Fund | 32501 | 32802 |
| Health Care Fund | 39115 | 38289 \* |
| Internet Fund | 110414 | 116222 |
| Leisure Fund | 108352 | 114043 |
| Mid-Cap 1.5x Strategy Fund | 11907 | 12170 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 810067 | 834554 |
| NASDAQ-100<sup>®</sup> Fund | 4564738 | 4702863 |
| Precious Metals Fund | 1111753 | 1178897 |
| Retailing Fund | 144289 | 149496 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 26936 | 28035 |
| Russell 2000<sup>®</sup> Fund | 1293574 | 1333648 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 47528 | 49245 |
| Technology Fund | 120416 | 122953 |
| Telecommunications Fund | 19298 | 19071 \* |
| Transportation Fund | 521085 | 537883 |

---

\* Subsequent to December 31, 2022, additional collateral was received.

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

**Note 6 – Federal Income Tax Information**

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Cost** | **Tax<br> Unrealized Appreciation** | **Tax<br> Unrealized Depreciation** | **Net Tax<br> Unrealized Appreciation (Depreciation)** |
| Banking Fund | $10025581 | $- | $(783162) | $(783162) |
| Basic Materials Fund | 24514651 | 10142067 | (471273) | 9670794 |
| Biotechnology Fund | 83294244 | 65510164 | (12935296) | 52574868 |
| Consumer Products Fund | 69959405 | 36789077 | (1390621) | 35398456 |
| Dow Jones Industrial Average<sup>®</sup> Fund | 36412770 | 544482 | (409764) | 134718 |
| Electronics Fund | 25588190 | 9473380 | (1002918) | 8470462 |
| Emerging Markets 2x Strategy Fund | 3472514 |  | (312185) | (312185) |
| Emerging Markets Bond Strategy Fund | 400833 | 2988 | (2338) | 650 |
| Energy Fund | 72199566 | 16731552 | (468132) | 16263420 |
| Energy Services Fund | 13235848 | 746178 |  | 746178 |
| Europe 1.25x Strategy Fund | 1990821 | 99093 | (24495) | 74598 |
| Financial Services Fund | 10598708 |  | (2655053) | (2655053) |
| Government Long Bond 1.2x Strategy Fund | 61675402 | 16 | (4330724) | (4330708) |
| Health Care Fund | 45934702 | 3671321 | (1063838) | 2607483 |
| High Yield Strategy Fund | 17340838 | 479720 | (150193) | 329527 |
| Internet Fund | 9340667 | 396516 | (1135097) | (738581) |
| Inverse Emerging Markets 2x Strategy Fund | 1067871 | 37279 | (3091) | 34188 |
| Inverse Government Long Bond Strategy Fund | 43800876 |  | (2168994) | (2168994) |
| Inverse High Yield Strategy Fund | 13856543 | 150467 | (30060) | 120407 |
| Inverse Mid-Cap Strategy Fund | 656473 | 24428 | (2476) | 21952 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 84425896 | 2501353 | (15834) | 2485519 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 14195667 | 448190 | (36183) | 412007 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 89489943 | 2670402 | (308349) | 2362053 |
| Japan 2x Strategy Fund | 1061721 | 88495 | (149857) | (61362) |
| Leisure Fund | 8883284 | 1192500 | (874343) | 318157 |
| Long Short Equity Fund | 13590144 | 1707805 | (588232) | 1119573 |
| Mid-Cap 1.5x Strategy Fund | 13501029 | 425777 | (807373) | (381596) |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 323505579 |  | (93033736) | (93033736) |
| NASDAQ-100<sup>®</sup> Fund | 483807915 | 639442661 | (24854813) | 614587848 |
| Nova Fund | 82774876 | 2456845 | (2782320) | (325475) |
| Precious Metals Fund | 72785706 |  | (16224195) | (16224195) |
| Real Estate Fund | 2606668 |  | (286640) | (286640) |
| Retailing Fund | 8646652 | 569420 | (426460) | 142960 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 7067957 | 306701 | (1336218) | (1029517) |
| Russell 2000<sup>®</sup> Fund | 33291139 | 1193697 | (5830966) | (4637269) |
| S&P 500<sup>®</sup> Fund | 89234063 |  | (1691690) | (1691690) |
| S&P 500<sup>®</sup> Pure Growth Fund | 25246483 | 1989679 | (447931) | 1541748 |
| S&P 500<sup>®</sup> Pure Value Fund | 73637533 |  | (5842767) | (5842767) |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 38697745 | 1922496 | (925515) | 996981 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 24950190 |  | (1113618) | (1113618) |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 14639774 | 389440 | (350361) | 39079 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 7272019 |  | (231525) | (231525) |
| Strengthening Dollar 2x Strategy Fund | 8143229 | 732 | (50918) | (50186) |
| Technology Fund | 19138454 | 9400738 | (1005396) | 8395342 |
| Telecommunications Fund | 2524559 |  | (436265) | (436265) |
| Transportation Fund | 11340043 | 2094122 | (1286089) | 808033 |
| Utilities Fund | 62742971 | 1810711 | (993475) | 817236 |
| Weakening Dollar 2x Strategy Fund | 1341601 | 9473 |  | 9473 |

---

**Note 7 – Market Risks**

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

**OTHER INFORMATION** *(Unaudited)*

**Sector Classification**

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

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

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

- **a. Name of Series:** Banking Fund

- **b. EDGAR series identifier (if any):** S000003683

- **c. LEI of Series:** 549300JGYZB0E0PR6F56

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $9248377.42

**Total Liabilities:** $80649.54

**Net Assets:** $9167727.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010304 | 9.17%                | 3.86%                | -7.59%               |
| Class ID C000010305 | 9.17%                | 3.86%                | -7.60%               |
| Class ID C000010303 | 9.20%                | 3.88%                | -7.58%               |
| Class ID C000010306 | 9.10%                | 3.80%                | -7.66%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-106480.82              | $888516.70                                 |
| Month 2  | $10642.51                | $353034.74                                 |
| Month 3  | $2762.48                 | $-790812.31                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Comerica Inc                   | Comerica, Inc.                                       | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      1484 | NS      | $99205.40     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Premier Bancorp Inc    | Pacific Premier Bancorp, Inc.                        | CUSIP: 69478X105<br>LEI: 549300Q1KIC3KLI0XG98 | Long             | EC               | CORP              | US        |      1705 | NS      | $53809.80     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosperity Bancshares Inc      | Prosperity Bancshares, Inc.                          | CUSIP: 743606105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1157 | NS      | $84090.76     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First Horizon Corp             | First Horizon Corp.                                  | CUSIP: 320517105<br>LEI: TF3RXI1ZB1TQ30H9JV10 | Long             | EC               | CORP              | US        |      4711 | NS      | $115419.50    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc            | Glacier Bancorp, Inc.                                | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |      1478 | NS      | $73042.76     | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |      2799 | NS      | $375345.90    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| UMB Financial Corp             | UMB Financial Corp.                                  | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |       785 | NS      | $65563.20     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp          | Independent Bank Corp.                               | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |       737 | NS      | $62224.91     | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| First Hawaiian Inc             | First Hawaiian, Inc.                                 | CUSIP: 32051X108<br>LEI: 5493002DJSH46F5OLV06 | Long             | EC               | CORP              | US        |      2350 | NS      | $61194.00     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cullen/Frost Bankers Inc       | Cullen/Frost Bankers, Inc.                           | CUSIP: 229899109<br>LEI: 529900V2E9G9AY665O34 | Long             | EC               | CORP              | US        |       706 | NS      | $94392.20     | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Silvergate Capital Corp        | Silvergate Capital Corp.                             | CUSIP: 82837P408<br>LEI: BPE6FTXDZEBNAGIT2T19 | Long             | EC               | CORP              | US        |      1244 | NS      | $21645.60     | 0.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Fifth Third Bancorp            | Fifth Third Bancorp                                  | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      4784 | NS      | $156963.04    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| FNB Corp/PA                    | FNB Corp.                                            | CUSIP: 302520101<br>LEI: PCYSKIGYNYFDTBLVZU83 | Long             | EC               | CORP              | US        |      5339 | NS      | $69673.95     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| KeyCorp                        | KeyCorp                                              | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      7683 | NS      | $133837.86    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Zions Bancorp NA               | Zions Bancorp North America                          | CUSIP: 989701107<br>LEI: 8WH0EE09O9V05QJZ3V89 | Long             | EC               | CORP              | US        |      1888 | NS      | $92814.08     | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Hilltop Holdings Inc           | Hilltop Holdings, Inc.                               | CUSIP: 432748101<br>LEI: 54930010TA543US0PM65 | Long             | EC               | CORP              | US        |      1532 | NS      | $45975.32     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp     | Capital One Financial Corp.                          | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      2082 | NS      | $193542.72    | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Webster Financial Corp         | Webster Financial Corp.                              | CUSIP: 947890109<br>LEI: KMRURHT0VWKYS6Z5KU67 | Long             | EC               | CORP              | US        |      2066 | NS      | $97804.44     | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Equitable Holdings Inc         | Equitable Holdings, Inc.                             | CUSIP: 29452E101<br>LEI: 549300FIBAKMNHPZ4009 | Long             | EC               | CORP              | US        |      3579 | NS      | $102717.30    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc          | Triumph Financial, Inc.                              | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Long             | EC               | CORP              | US        |       704 | NS      | $34404.48     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management, Inc.                       | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3186 | NS      | $203234.94    | 2.22%             |  |  |  | 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        |     28240 | PA      | $28239.65     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of New York Mellon Corp/T | Bank of New York Mellon Corp.                        | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      4314 | NS      | $196373.28    | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Republic Bank/CA         | First Republic Bank                                  | CUSIP: 33616C100<br>LEI: YWC0TIKBQM2JV8L4IV08 | Long             | EC               | CORP              | US        |      1308 | NS      | $159432.12    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Synovus Financial Corp         | Synovus Financial Corp.                              | CUSIP: 87161C501<br>LEI: 549300EIUS8UN5JTLE54 | Long             | EC               | CORP              | US        |      1999 | NS      | $75062.45     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In | Pinnacle Financial Partners, Inc.                    | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      1053 | NS      | $77290.20     | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc   | Citizens Financial Group, Inc.                       | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      3639 | NS      | $143267.43    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| BankUnited Inc                 | BankUnited, Inc.                                     | CUSIP: 06652K103<br>LEI: 96OVUWEW5D4YX6PFXD91 | Long             | EC               | CORP              | US        |      1512 | NS      | $51362.64     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp              | State Street Corp.                                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      2156 | NS      | $167240.92    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     11450 | NS      | $379224.00    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Home BancShares Inc/AR         | Home BancShares, Inc.                                | CUSIP: 436893200<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3030 | NS      | $69053.70     | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank OZK                       | Bank OZK                                             | CUSIP: 06417N103<br>LEI: 549300VYK2WBD7SST478 | Long             | EC               | CORP              | US        |      1757 | NS      | $70385.42     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| United Bankshares Inc/WV       | United Bankshares, Inc.                              | CUSIP: 909907107<br>LEI: 5299005O3BAMJ9Z92V62 | Long             | EC               | CORP              | US        |      1859 | NS      | $75270.91     | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Funds           | First American Government Obligations Fund - Class X | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |     15772 | NS      | $15772.37     | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc    | Columbia Banking System, Inc.                        | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1670 | NS      | $50317.10     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| United Community Banks Inc/GA  | United Community Banks, Inc.                         | CUSIP: 90984P303<br>LEI: 549300GVW0FV66X3U703 | Long             | EC               | CORP              | US        |      1790 | NS      | $60502.00     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Jackson Financial Inc          | Jackson Financial, Inc.                              | CUSIP: 46817M107<br>LEI: 213800WXW2KG1N4CO374 | Long             | EC               | CORP              | US        |      1553 | NS      | $54028.87     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Customers Bancorp Inc          | Customers Bancorp, Inc.                              | CUSIP: 23204G100<br>LEI: 549300WLBCHYKZ53FN68 | Long             | EC               | CORP              | US        |      1084 | NS      | $30720.56     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp.                      | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1439 | NS      | $50566.46     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Western Alliance Bancorp       | Western Alliance Bancorporation                      | CUSIP: 957638109<br>LEI: 5493003VJXZ5JXT9S762 | Long             | EC               | CORP              | US        |      1421 | NS      | $84634.76     | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Fulton Financial Corp          | Fulton Financial Corp.                               | CUSIP: 360271100<br>LEI: 5493005QLZ6O1BNC0C11 | Long             | EC               | CORP              | US        |      3248 | NS      | $54663.84     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Bank                   | Cadence Bank                                         | CUSIP: 12740C103<br>LEI: Q7C315HKI8VX0SSKBS64 | Long             | EC               | CORP              | US        |      2769 | NS      | $68283.54     | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Simmons First National Corp    | Simmons First National Corp.                         | CUSIP: 828730200<br>LEI: 549300IVR5AJKUVOGN05 | Long             | EC               | CORP              | US        |      2567 | NS      | $55395.86     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp                                 | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |      4151 | NS      | $74634.98     | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Bank of Canada           | Royal Bank of Canada                                 | CUSIP: 780087102<br>LEI: ES7IP3U3RHIGC71XBU11 | Long             | EC               | CORP              | US        |      1081 | NS      | $101635.62    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| SVB Financial Group            | SVB Financial Group                                  | CUSIP: 78486Q101<br>LEI: 549300D2KJ20JMXE7542 | Long             | EC               | CORP              | US        |       524 | NS      | $120593.36    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Montreal               | Bank of Montreal                                     | CUSIP: 063671101<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | EC               | CORP              | US        |      1072 | NS      | $97123.20     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| New York Community Bancorp Inc | New York Community Bancorp, Inc.                     | CUSIP: 649445103<br>LEI: 529900HVXOTLY61GL030 | Long             | EC               | CORP              | US        |      7714 | NS      | $66340.40     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| BOK Financial Corp             | BOK Financial Corp.                                  | CUSIP: 05561Q201<br>LEI: GRI2NT5QHYW751NMR949 | Long             | EC               | CORP              | US        |       827 | NS      | $85834.33     | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                         | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | US        |      5191 | NS      | $96915.97     | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Trust Corp            | Northern Trust Corp.                                 | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      1593 | NS      | $140964.57    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BARCLAYS CAPITAL INC.          | Barclays Capital, Inc.                               | CUSIP: N/A<br>LEI: AC28XWWI3WIBK2824319       | Long             | RA               | CORP              | US        |     10828 | PA      | $10827.76     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank of Hawaii Corp            | Bank of Hawaii Corp.                                 | CUSIP: 062540109<br>LEI: 5493006Q8BQ8AD8M2U33 | Long             | EC               | CORP              | US        |       736 | NS      | $57084.16     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Wintrust Financial Corp        | Wintrust Financial Corp.                             | CUSIP: 97650W108<br>LEI: Q774KI4AW80FHFW33O61 | Long             | EC               | CORP              | US        |       854 | NS      | $72180.08     | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp         | Cathay General Bancorp                               | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |      1361 | NS      | $55515.19     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| First Citizens BancShares Inc/ | First Citizens BancShares, Inc.                      | CUSIP: 31946M103<br>LEI: 549300N3Z00ZHE2XC526 | Long             | EC               | CORP              | US        |       142 | NS      | $107687.12    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| ServisFirst Bancshares Inc     | ServisFirst Bancshares, Inc.                         | CUSIP: 81768T108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       891 | NS      | $61398.81     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular, Inc.                                        | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | US        |      1573 | NS      | $104321.36    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup, Inc.                                      | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      6846 | NS      | $309644.58    | 3.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Umpqua Holdings Corp           | Umpqua Holdings Corp.                                | CUSIP: 904214103<br>LEI: 5299002ENJ7CY215BW86 | Long             | EC               | CORP              | US        |      3600 | NS      | $64260.00     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Truist Financial Corp          | Truist Financial Corp.                               | CUSIP: 89832Q109<br>LEI: 549300DRQQI75D2JP341 | Long             | EC               | CORP              | US        |      5874 | NS      | $252758.22    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| PacWest Bancorp                | PacWest Bancorp                                      | CUSIP: 695263103<br>LEI: 549300YI8VMFO7G36V04 | Long             | EC               | CORP              | US        |      2290 | NS      | $52555.50     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd.                                      | CUSIP: 45104G104<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      5068 | NS      | $110938.52    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Commerce Bancshares Inc/MO     | Commerce Bancshares, Inc.                            | CUSIP: 200525103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1408 | NS      | $95859.58     | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.          | BofA Securities, Inc.                                | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |     10861 | PA      | $10861.40     | 0.12%             |  |  |  | No            |                  2 | On Loan: No      |
| CIBC                           | Canadian Imperial Bank of Commerce                   | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | US        |      2230 | NS      | $90203.50     | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| SouthState Corp                | SouthState Corp.                                     | CUSIP: 840441109<br>LEI: 549300JZUANXM0YQ4W53 | Long             | EC               | CORP              | US        |      1000 | NS      | $76360.00     | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Associated Banc-Corp           | Associated Banc-Corp.                                | CUSIP: 045487105<br>LEI: 549300N3CIN473IW5094 | Long             | EC               | CORP              | US        |      2646 | NS      | $61096.14     | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Regions Financial Corp         | Regions Financial Corp.                              | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |      6773 | NS      | $146025.88    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Huntington Bancshares Inc/OH   | Huntington Bancshares, Inc.                          | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |     10303 | NS      | $145272.30    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                 | Ameris Bancorp                                       | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |      1199 | NS      | $56520.86     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co.                                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |      8755 | NS      | $361493.95    | 3.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Signature Bank/New York NY     | Signature Bank                                       | CUSIP: 82669G104<br>LEI: VLP5AP0XK2GM6GKD1007 | Long             | EC               | CORP              | US        |       769 | NS      | $88604.18     | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Eastern Bankshares Inc         | Eastern Bankshares, Inc.                             | CUSIP: 27627N105<br>LEI: 549300J245MBQU3DO403 | Long             | EC               | CORP              | US        |      3186 | NS      | $54958.50     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group, Inc.                   | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |      1680 | NS      | $265339.20    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Bank System Inc      | Community Bank System, Inc.                          | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |       952 | NS      | $59928.40     | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd.                                       | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      1590 | NS      | $108771.90    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp           | Hancock Whitney Corp.                                | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |      1318 | NS      | $63778.02     | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bankshares Inc | First Financial Bankshares, Inc.                     | CUSIP: 32020R109<br>LEI: 549300XN3GTGOENGNV49 | Long             | EC               | CORP              | US        |      2046 | NS      | $70382.40     | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares, Inc.                       | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |       957 | NS      | $57716.67     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The      | Toronto-Dominion Bank                                | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | US        |      1664 | NS      | $107760.64    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| East West Bancorp Inc          | East West Bancorp, Inc.                              | CUSIP: 27579R104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1507 | NS      | $99311.30     | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC Holdings PLC              | HSBC Holdings plc                                    | CUSIP: 404280406<br>LEI: MLU0ZO3ML4LN2LL2TL39 | Long             | EC               | CORP              | GB        |      3357 | NS      | $104604.12    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First Interstate BancSystem In | First Interstate BancSystem, Inc.                    | CUSIP: 32055Y201<br>LEI: 549300WRWYTYX0RCNJ43 | Long             | EC               | CORP              | US        |      1803 | NS      | $69685.95     | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp.                                       | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |      1136 | NS      | $164788.16    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| US Bancorp                     | U.S. Bancorp                                         | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      6120 | NS      | $266893.20    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The        | Bank of Nova Scotia                                  | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | US        |      2074 | NS      | $101584.52    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Voya Financial Inc             | Voya Financial, Inc.                                 | CUSIP: 929089100<br>LEI: 549300T065Z4KJ686G75 | Long             | EC               | CORP              | US        |      1271 | NS      | $78153.79     | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| CVB Financial Corp             | CVB Financial Corp.                                  | CUSIP: 126600105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2338 | NS      | $60203.50     | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Valley National Bancorp        | Valley National Bancorp                              | CUSIP: 919794107<br>LEI: 549300ET52S1UBIB9762 | Long             | EC               | CORP              | US        |      6990 | NS      | $79056.90     | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Rydex Series Funds

**Signature:** Jim Howley

**Name of Signer:** Jim Howley

**Title:** CFO