Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 86.6% | ||||||||
Consumer, Non-cyclical - 22.8% | ||||||||
UnitedHealth Group, Inc. | 5,062 | $ | 2,599,995 | |||||
Amgen, Inc. | 5,062 | 1,231,585 | ||||||
Johnson & Johnson | 5,062 | 898,556 | ||||||
Procter & Gamble Co. | 5,062 | 727,865 | ||||||
Merck & Company, Inc. | 5,062 | 461,502 | ||||||
Coca-Cola Co. | 5,062 | 318,450 | ||||||
Total Consumer, Non-cyclical | 6,237,953 | |||||||
Financial - 16.9% | ||||||||
Goldman Sachs Group, Inc. | 5,062 | 1,503,515 | ||||||
Visa, Inc. — Class A | 5,062 | 996,657 | ||||||
Travelers Companies, Inc. | 5,062 | 856,136 | ||||||
American Express Co. | 5,062 | 701,695 | ||||||
JPMorgan Chase & Co. | 5,062 | 570,032 | ||||||
Total Financial | 4,628,035 | |||||||
Consumer, Cyclical - 14.5% | ||||||||
Home Depot, Inc. | 5,062 | 1,388,355 | ||||||
McDonald's Corp. | 5,062 | 1,249,706 | ||||||
Walmart, Inc. | 5,062 | 615,438 | ||||||
NIKE, Inc. — Class B | 5,062 | 517,337 | ||||||
Walgreens Boots Alliance, Inc. | 5,062 | 191,850 | ||||||
Total Consumer, Cyclical | 3,962,686 | |||||||
Technology - 13.7% | ||||||||
Microsoft Corp. | 5,062 | 1,300,073 | ||||||
Salesforce, Inc.* | 5,062 | 835,433 | ||||||
International Business Machines Corp. | 5,062 | 714,704 | ||||||
Apple, Inc. | 5,062 | 692,077 | ||||||
Intel Corp. | 5,062 | 189,369 | ||||||
Total Technology | 3,731,656 | |||||||
Industrial - 11.5% | ||||||||
Caterpillar, Inc. | 5,062 | 904,883 | ||||||
Honeywell International, Inc. | 5,062 | 879,826 | ||||||
Boeing Co.* | 5,062 | 692,077 | ||||||
3M Co. | 5,062 | 655,073 | ||||||
Total Industrial | 3,131,859 | |||||||
Communications - 3.5% | ||||||||
Walt Disney Co.* | 5,062 | 477,853 | ||||||
Verizon Communications, Inc. | 5,062 | 256,896 | ||||||
Cisco Systems, Inc. | 5,062 | 215,844 | ||||||
Total Communications | 950,593 | |||||||
Energy - 2.7% | ||||||||
Chevron Corp. | 5,062 | 732,876 | ||||||
Basic Materials - 1.0% | ||||||||
Dow, Inc. | 5,062 | 261,250 | ||||||
Total Common Stocks | ||||||||
(Cost $17,184,105) | 23,636,908 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 13.0% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/221,2 | $ | 2,533,000 | 2,520,935 | |||||
1.78% due 10/04/222 | 1,000,000 | 995,237 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 41,000 | 40,979 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $3,559,975) | 3,557,151 |
REPURCHASE AGREEMENTS††,4 - 6.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/221 | 923,332 | 923,332 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/221 | 359,579 | 359,579 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/221 | 356,019 | 356,019 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,638,930) | 1,638,930 | |||||||
Total Investments - 105.6% | ||||||||
(Cost $22,383,010) | $ | 28,832,989 | ||||||
Other Assets & Liabilities, net - (5.6)% | (1,536,550 | ) | ||||||
Total Net Assets - 100.0% | $ | 27,296,439 |
Futures Contracts | ||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
Equity Futures Contracts Purchased† | ||||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 15 | Sep 2022 | $ | 2,308,350 | $ | 4,841 |
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†† | |||||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Pay | 2.13% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 184 | $ | 5,664,741 | $ | 56,971 |
Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||||
OTC Equity Index Swap Agreements†† (continued) | |||||||||||||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Pay | 2.01% (SOFR + 0.50%) | At Maturity | 11/16/22 | 744 | $ | 22,892,507 | $ | (1,117,242 | ) | ||||||||||
$ | 28,557,248 | $ | (1,060,271 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company | |
SOFR — Secured Overnight Financing Rate | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 23,636,908 | $ | — | $ | — | $ | 23,636,908 | |||||
U.S. Treasury Bills | — | 3,557,151 | — | 3,557,151 | |||||||||
Repurchase Agreements | — | 1,638,930 | — | 1,638,930 | |||||||||
Equity Futures Contracts** | 4,841 | — | — | 4,841 | |||||||||
Equity Index Swap Agreements** | — | 56,971 | — | 56,971 | |||||||||
Total Assets | $ | 23,641,749 | $ | 5,253,052 | $ | — | $ | 28,894,801 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Equity Index Swap Agreements** | $ | — | $ | 1,117,242 | $ | — | $ | 1,117,242 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 15.3% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/221,2 | $ | 707,000 | $ | 703,632 | ||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 169,000 | 168,914 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $873,311) | 872,546 |
FEDERAL AGENCY NOTES†† - 8.8% | ||||||||
Federal Farm Credit Bank | ||||||||
1.57% (1 Year U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 500,000 | 500,051 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $500,000) | 500,051 |
REPURCHASE AGREEMENTS††,4 - 76.2% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/221 | 2,445,444 | 2,445,444 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/221 | 952,346 | 952,346 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/221 | 942,917 | 942,917 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,340,707) | 4,340,707 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $5,714,018) | $ | 5,713,304 | ||||||
Other Assets & Liabilities, net - (0.3)% | (16,849 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,696,455 |
Futures Contracts | ||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
Equity Futures Contracts Sold Short† | ||||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 16 | Sep 2022 | $ | 2,462,240 | $ | 42,560 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Receive | 1.73% (Federal Funds Rate + 0.15%) | At Maturity | 11/17/22 | 185 | $ | 5,691,082 | $ | 488,854 | ||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Receive | 1.76% (SOFR + 0.25%) | At Maturity | 11/16/22 | 106 | 3,272,751 | 329,889 | ||||||||||||
$ | 8,963,833 | $ | 818,743 |
Inverse Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 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. |
1 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company | |
SOFR — Secured Overnight Financing Rate | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||
U.S. Treasury Bills | $ | — | $ | 872,546 | $ | — | $ | 872,546 | ||||
Federal Agency Notes | — | 500,051 | — | 500,051 | ||||||||
Repurchase Agreements | — | 4,340,707 | — | 4,340,707 | ||||||||
Equity Futures Contracts** | 42,560 | — | — | 42,560 | ||||||||
Equity Index Swap Agreements** | — | 818,743 | — | 818,743 | ||||||||
Total Assets | $ | 42,560 | $ | 6,532,047 | $ | — | $ | 6,574,607 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 49.3% | ||||||||
Federal Home Loan Bank | ||||||||
1.01% due 07/01/221 | $ | 6,500,000 | $ | 6,500,000 | ||||
1.03% due 07/29/221 | 5,000,000 | 4,995,994 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $11,495,994) | 11,495,994 |
FEDERAL AGENCY NOTES†† - 4.3% | ||||||||
Federal Farm Credit Bank | ||||||||
1.57% (1 Year U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 1,000,000 | 1,000,102 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,000,000) | 1,000,102 |
U.S. TREASURY BILLS†† - 4.3% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/221,2 | 850,000 | 845,952 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/221,3 | 151,000 | 150,923 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $997,795) | 996,875 |
REPURCHASE AGREEMENTS††,4 - 25.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | 3,367,582 | 3,367,582 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 1,311,460 | 1,311,460 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 1,298,476 | 1,298,476 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,977,518) | 5,977,518 | |||||||
Total Investments - 83.6% | ||||||||
(Cost $19,471,307) | $ | 19,470,489 | ||||||
Other Assets & Liabilities, net - 16.4% | 3,826,254 | |||||||
Total Net Assets - 100.0% | $ | 23,296,743 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 21 | Sep 2022 | $ | 4,845,960 | $ | 137,343 |
Total Return Swap Agreements | |||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | |||||||||||||||||||||||||
BNP Paribas | NASDAQ-100 Index | Receive | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 2,232 | $ | 25,676,591 | $ | 4,049,711 | |||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Receive | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 1,233 | 14,187,723 | 471,419 | |||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Receive | 1.86% (SOFR + 0.35%) | At Maturity | 11/16/22 | 165 | 1,902,250 | 402,900 | |||||||||||||||||
$ | 41,766,564 | $ | 4,924,030 |
Inverse NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 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. |
1 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company | |
SOFR — Secured Overnight Financing Rate | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Federal Agency Discount Notes | $ | — | $ | 11,495,994 | $ | — | $ | 11,495,994 | ||||||||
Federal Agency Notes | — | 1,000,102 | — | 1,000,102 | ||||||||||||
U.S. Treasury Bills | — | 996,875 | — | 996,875 | ||||||||||||
Repurchase Agreements | — | 5,977,518 | — | 5,977,518 | ||||||||||||
Equity Futures Contracts** | 137,343 | — | — | 137,343 | ||||||||||||
Equity Index Swap Agreements** | — | 4,924,030 | — | 4,924,030 | ||||||||||||
Total Assets | $ | 137,343 | $ | 24,394,519 | $ | — | $ | 24,531,862 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 36.2% | ||||||||
Federal Home Loan Bank | ||||||||
1.40% due 08/03/221 | $ | 2,000,000 | $ | 1,997,433 | ||||
1.45% due 08/08/221 | 2,000,000 | 1,996,939 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $3,994,372) | 3,994,372 |
FEDERAL AGENCY NOTES†† - 4.5% | ||||||||
Federal Farm Credit Bank | ||||||||
1.57% (1 Year U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 500,000 | 500,051 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $500,000) | 500,051 |
U.S. TREASURY BILLS†† - 1.3% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/221,2 | 100,000 | 99,523 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/221,3 | 45,000 | 44,977 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $144,608) | 144,500 |
REPURCHASE AGREEMENTS††,4 - 49.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | 3,071,043 | 3,071,043 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 1,195,977 | 1,195,977 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 1,184,136 | 1,184,136 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,451,156) | 5,451,156 | |||||||
Total Investments - 91.4% | ||||||||
(Cost $10,090,136) | $ | 10,090,079 | ||||||
Other Assets & Liabilities, net - 8.6% | 951,706 | |||||||
Total Net Assets - 100.0% | $ | 11,041,785 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 3 | Sep 2022 | $ | 256,275 | $ | 13,826 |
Total Return Swap Agreements | |||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | |||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Receive | 1.53% (Federal Funds Rate - 0.05%) | At Maturity | 11/17/22 | 11,000 | $ | 18,788,614 | $ | 2,022,897 | |||||||||||||
Barclays Bank plc | Russell 2000 Index | Receive | 1.01% (SOFR - 0.50%) | At Maturity | 11/16/22 | 1,384 | 2,363,269 | 191,526 | |||||||||||||||
BNP Paribas | Russell 2000 Index | Receive | 1.38% (Federal Funds Rate - 0.20%) | At Maturity | 11/17/22 | 380 | 649,111 | 48,772 | |||||||||||||||
$ | 21,800,994 | $ | 2,263,195 |
Inverse Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 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. |
1 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company | |
SOFR — Secured Overnight Financing Rate | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Federal Agency Discount Notes | $ | — | $ | 3,994,372 | $ | — | $ | 3,994,372 | ||||||||
Federal Agency Notes | — | 500,051 | — | 500,051 | ||||||||||||
U.S. Treasury Bills | — | 144,500 | — | 144,500 | ||||||||||||
Repurchase Agreements | — | 5,451,156 | — | 5,451,156 | ||||||||||||
Equity Futures Contracts** | 13,826 | — | — | 13,826 | ||||||||||||
Equity Index Swap Agreements** | — | 2,263,195 | — | 2,263,195 | ||||||||||||
Total Assets | $ | 13,826 | $ | 12,353,274 | $ | — | $ | 12,367,100 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
FEDERAL AGENCY NOTES†† - 38.2% | ||||||||
Federal Farm Credit Bank | ||||||||
1.56% (SOFR + 0.05%) due 08/25/22◊ | $ | 5,000,000 | $ | 5,000,265 | ||||
1.57% (1 Year U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 1,000,000 | 1,000,102 | ||||||
Federal Home Loan Bank | ||||||||
1.52% (SOFR + 0.01%, Rate Floor: 0.00%) due 09/15/22◊ | 3,000,000 | 2,999,922 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $9,000,256) | 9,000,289 |
FEDERAL AGENCY DISCOUNT NOTES†† - 25.5% | ||||||||
Federal Home Loan Bank | ||||||||
1.35% due 07/11/221 | 6,000,000 | 5,997,750 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $5,997,750) | 5,997,750 |
U.S. TREASURY BILLS†† - 4.3% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/221,2 | 729,000 | 728,627 | ||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/221,3 | 273,000 | 271,700 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,000,606) | 1,000,327 |
REPURCHASE AGREEMENTS††,4 - 31.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | 4,205,023 | 4,205,023 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 1,637,591 | 1,637,591 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 1,621,377 | 1,621,377 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $7,463,991) | 7,463,991 | |||||||
Total Investments - 99.7% | ||||||||
(Cost $23,462,603) | $ | 23,462,357 | ||||||
Other Assets & Liabilities, net - 0.3% | 71,526 | |||||||
Total Net Assets - 100.0% | $ | 23,533,883 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 12 | Sep 2022 | $ | 2,273,700 | $ | 11,140 |
Total Return Swap Agreements | |||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | |||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Receive | 1.93% (Federal Funds Rate + 0.35%) | At Maturity | 11/17/22 | 8,188 | $ | 30,995,519 | $ | 1,621,607 | |||||||||||||
BNP Paribas | S&P 500 Index | Receive | 1.78% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 3,036 | 11,494,135 | 1,043,903 | |||||||||||||||
Barclays Bank plc | S&P 500 Index | Receive | 1.81% (SOFR + 0.30%) | At Maturity | 11/16/22 | 610 | 2,308,543 | 267,213 | |||||||||||||||
$ | 44,798,197 | $ | 2,932,723 |
Inverse S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 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. |
1 | Rate indicated is the effective yield at the time of purchase. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company | |
SOFR — Secured Overnight Financing Rate | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Federal Agency Notes | $ | — | $ | 9,000,289 | $ | — | $ | 9,000,289 | ||||||||
Federal Agency Discount Notes | — | 5,997,750 | — | 5,997,750 | ||||||||||||
U.S. Treasury Bills | — | 1,000,327 | — | 1,000,327 | ||||||||||||
Repurchase Agreements | — | 7,463,991 | — | 7,463,991 | ||||||||||||
Equity Futures Contracts** | 11,140 | — | — | 11,140 | ||||||||||||
Equity Index Swap Agreements** | — | 2,932,723 | — | 2,932,723 | ||||||||||||
Total Assets | $ | 11,140 | $ | 26,395,080 | $ | — | $ | 26,406,220 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 87.3% | ||||||||
Technology - 41.0% | ||||||||
Apple, Inc. | 320,705 | $ | 43,846,788 | |||||
Microsoft Corp. | 148,195 | 38,060,922 | ||||||
NVIDIA Corp. | 69,714 | 10,567,945 | ||||||
Broadcom, Inc. | 13,423 | 6,521,028 | ||||||
Adobe, Inc.* | 15,533 | 5,686,010 | ||||||
Intel Corp. | 134,422 | 5,028,727 | ||||||
QUALCOMM, Inc. | 36,819 | 4,703,259 | ||||||
Texas Instruments, Inc. | 30,314 | 4,657,746 | ||||||
Advanced Micro Devices, Inc.* | 53,272 | 4,073,710 | ||||||
Intuit, Inc. | 9,273 | 3,574,185 | ||||||
Applied Materials, Inc. | 28,599 | 2,601,937 | ||||||
Analog Devices, Inc. | 17,089 | 2,496,532 | ||||||
Micron Technology, Inc. | 36,709 | 2,029,274 | ||||||
Activision Blizzard, Inc. | 25,704 | 2,001,314 | ||||||
Lam Research Corp. | 4,560 | 1,943,244 | ||||||
Fiserv, Inc.* | 21,250 | 1,890,613 | ||||||
KLA Corp. | 4,906 | 1,565,406 | ||||||
Synopsys, Inc.* | 5,029 | 1,527,307 | ||||||
Fortinet, Inc.* | 26,386 | 1,492,920 | ||||||
Cadence Design Systems, Inc.* | 9,066 | 1,360,172 | ||||||
Paychex, Inc. | 11,868 | 1,351,409 | ||||||
ASML Holding N.V. — Class G | 2,816 | 1,340,078 | ||||||
NXP Semiconductor N.V. | 8,632 | 1,277,795 | ||||||
Autodesk, Inc.* | 7,152 | 1,229,858 | ||||||
Marvell Technology, Inc. | 27,940 | 1,216,228 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 7,014 | 1,182,280 | ||||||
Cognizant Technology Solutions Corp. — Class A | 17,133 | 1,156,306 | ||||||
Electronic Arts, Inc. | 9,201 | 1,119,302 | ||||||
Microchip Technology, Inc. | 18,229 | 1,058,740 | ||||||
Workday, Inc. — Class A* | 6,543 | 913,272 | ||||||
Zoom Video Communications, Inc. — Class A* | 8,275 | 893,452 | ||||||
Datadog, Inc. — Class A* | 9,307 | 886,399 | ||||||
Atlassian Corporation plc — Class A* | 4,701 | 880,967 | ||||||
Zscaler, Inc.* | 4,638 | 693,427 | ||||||
ANSYS, Inc.* | 2,860 | 684,369 | ||||||
NetEase, Inc. ADR | 5,972 | 557,546 | ||||||
Skyworks Solutions, Inc. | 5,290 | 490,066 | ||||||
Splunk, Inc.* | 5,290 | 467,953 | ||||||
DocuSign, Inc.* | 6,572 | 377,101 | ||||||
Total Technology | 163,405,587 | |||||||
Communications - 23.5% | ||||||||
Amazon.com, Inc.* | 201,603 | 21,412,255 | ||||||
Alphabet, Inc. — Class C* | 6,209 | 13,581,877 | ||||||
Alphabet, Inc. — Class A* | 5,960 | 12,988,390 | ||||||
Meta Platforms, Inc. — Class A* | 68,049 | 10,972,901 | ||||||
Cisco Systems, Inc. | 136,130 | 5,804,583 | ||||||
Comcast Corp. — Class A | 146,965 | 5,766,907 | ||||||
T-Mobile US, Inc.* | 41,210 | 5,544,393 | ||||||
Charter Communications, Inc. — Class A* | 5,518 | 2,585,349 | ||||||
Netflix, Inc.* | 14,605 | 2,553,976 | ||||||
Booking Holdings, Inc.* | 1,336 | 2,336,651 | ||||||
Palo Alto Networks, Inc.* | 3,276 | 1,618,148 | ||||||
Airbnb, Inc. — Class A* | 12,566 | 1,119,379 | ||||||
JD.com, Inc. ADR | 16,660 | 1,069,905 | ||||||
Baidu, Inc. ADR* | 7,106 | 1,056,875 | ||||||
MercadoLibre, Inc.* | 1,656 | 1,054,657 | ||||||
Pinduoduo, Inc. ADR* | 14,570 | 900,426 | ||||||
Sirius XM Holdings, Inc.1 | 129,396 | 793,197 | ||||||
eBay, Inc. | 18,404 | 766,895 | ||||||
Match Group, Inc.* | 9,389 | 654,319 | ||||||
VeriSign, Inc.* | 3,601 | 602,555 | ||||||
Okta, Inc.* | 4,956 | 448,022 | ||||||
Total Communications | 93,631,660 | |||||||
Consumer, Non-cyclical - 11.3% | ||||||||
PepsiCo, Inc. | 45,455 | 7,575,530 | ||||||
Amgen, Inc. | 17,562 | 4,272,835 | ||||||
Automatic Data Processing, Inc. | 13,733 | 2,884,480 | ||||||
Mondelez International, Inc. — Class A | 45,495 | 2,824,785 | ||||||
PayPal Holdings, Inc.* | 38,069 | 2,658,739 | ||||||
Gilead Sciences, Inc. | 41,234 | 2,548,673 | ||||||
Vertex Pharmaceuticals, Inc.* | 8,408 | 2,369,290 | ||||||
Intuitive Surgical, Inc.* | 11,800 | 2,368,378 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,552 | 2,099,694 | ||||||
Moderna, Inc.* | 13,076 | 1,867,907 | ||||||
Keurig Dr Pepper, Inc. | 46,633 | 1,650,342 | ||||||
Monster Beverage Corp.* | 17,413 | 1,614,185 | ||||||
Kraft Heinz Co. | 40,239 | 1,534,715 | ||||||
Cintas Corp. | 3,364 | 1,256,555 | ||||||
AstraZeneca plc ADR | 18,997 | 1,255,132 | ||||||
Seagen, Inc.* | 6,051 | 1,070,664 | ||||||
Biogen, Inc.* | 4,814 | 981,767 | ||||||
IDEXX Laboratories, Inc.* | 2,762 | 968,716 | ||||||
Dexcom, Inc.* | 12,903 | 961,660 | ||||||
Illumina, Inc.* | 5,164 | 952,035 | ||||||
Verisk Analytics, Inc. — Class A | 5,191 | 898,510 | ||||||
Align Technology, Inc.* | 2,591 | 613,212 | ||||||
Total Consumer, Non-cyclical | 45,227,804 | |||||||
Consumer, Cyclical - 8.6% | ||||||||
Tesla, Inc.* | 20,528 | 13,823,966 | ||||||
Costco Wholesale Corp. | 14,571 | 6,983,589 | ||||||
Starbucks Corp. | 37,703 | 2,880,132 | ||||||
Marriott International, Inc. — Class A | 10,760 | 1,463,468 | ||||||
O'Reilly Automotive, Inc.* | 2,161 | 1,365,233 | ||||||
Dollar Tree, Inc.* | 7,383 | 1,150,641 | ||||||
Lululemon Athletica, Inc.* | 4,037 | 1,100,527 | ||||||
Walgreens Boots Alliance, Inc. | 28,396 | 1,076,208 | ||||||
Fastenal Co. | 18,923 | 944,636 | ||||||
PACCAR, Inc. | 11,430 | 941,146 | ||||||
Lucid Group, Inc.*,1 | 54,828 | 940,848 | ||||||
Copart, Inc.* | 7,813 | 848,961 | ||||||
Ross Stores, Inc. | 11,552 | 811,297 | ||||||
Total Consumer, Cyclical | 34,330,652 | |||||||
Industrial - 1.7% | ||||||||
Honeywell International, Inc. | 22,378 | 3,889,520 | ||||||
CSX Corp. | 71,476 | 2,077,093 | ||||||
Old Dominion Freight Line, Inc. | 3,726 | 954,899 | ||||||
Total Industrial | 6,921,512 | |||||||
Utilities - 1.2% | ||||||||
American Electric Power Company, Inc. | 16,882 | 1,619,659 | ||||||
Exelon Corp. | 32,223 | 1,460,346 |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 87.3% (continued) | ||||||||
Utilities - 1.2% (continued) | ||||||||
Xcel Energy, Inc. | 17,905 | $ | 1,266,958 | |||||
Constellation Energy Corp. | 10,734 | 614,629 | ||||||
Total Utilities | 4,961,592 | |||||||
Total Common Stocks | ||||||||
(Cost $214,066,220) | 348,478,807 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 17.2% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,3 | $ | 42,180,000 | 41,979,089 | |||||
1.78% due 10/04/223 | 12,000,000 | 11,942,842 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/223,4 | 14,955,000 | 14,947,354 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $68,915,644) | 68,869,285 |
FEDERAL AGENCY DISCOUNT NOTES†† - 1.3% | ||||||||
Federal Home Loan Bank | ||||||||
1.15% due 07/06/223 | 5,000,000 | 4,999,201 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $4,999,201) | 4,999,201 |
REPURCHASE AGREEMENTS††,5 - 8.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | 19,316,240 | 19,316,240 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 7,522,454 | 7,522,454 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 7,447,974 | 7,447,974 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $34,286,668) | 34,286,668 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%7 | 1,248,065 | 1,248,065 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,248,065) | 1,248,065 | |||||||
Total Investments - 114.7% | ||||||||
(Cost $323,515,798) | $ | 457,882,026 | ||||||
Other Assets & Liabilities, net - (14.7)% | (58,796,866 | ) | ||||||
Total Net Assets - 100.0% | $ | 399,085,160 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 969 | Sep 2022 | $ | 223,606,440 | $ | (6,000,427 | ) |
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†† | |||||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 2.13% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 2,814 | $ | 32,368,297 | $ | 674,598 | |||||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 2.23% (Federal Funds Rate + 0.65%) | At Maturity | 11/17/22 | 1,761 | 20,252,497 | (968,771 | ) | ||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 2.01% (SOFR + 0.50%) | At Maturity | 11/16/22 | 15,134 | 174,094,251 | (20,485,211 | ) | ||||||||||||||||
$ | 226,715,045 | $ | (20,779,384 | ) |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 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 June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 348,478,807 | $ | — | $ | — | $ | 348,478,807 | ||||||||
U.S. Treasury Bills | — | 68,869,285 | — | 68,869,285 | ||||||||||||
Federal Agency Discount Notes | — | 4,999,201 | — | 4,999,201 | ||||||||||||
Repurchase Agreements | — | 34,286,668 | — | 34,286,668 | ||||||||||||
Securities Lending Collateral | 1,248,065 | — | — | 1,248,065 | ||||||||||||
Equity Index Swap Agreements** | — | 674,598 | — | 674,598 | ||||||||||||
Total Assets | $ | 349,726,872 | $ | 108,829,752 | $ | — | $ | 458,556,624 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 6,000,427 | $ | — | $ | — | $ | 6,000,427 | ||||||||
Equity Index Swap Agreements** | — | 21,453,982 | — | 21,453,982 | ||||||||||||
Total Liabilities | $ | 6,000,427 | $ | 21,453,982 | $ | — | $ | 27,454,409 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% | ||||||||
Financial - 8.7% | ||||||||
SouthState Corp. | 335 | $ | 25,845 | |||||
STAG Industrial, Inc. REIT | 806 | 24,889 | ||||||
Agree Realty Corp. REIT | 331 | 23,875 | ||||||
Glacier Bancorp, Inc. | 496 | 23,520 | ||||||
Selective Insurance Group, Inc. | 267 | 23,213 | ||||||
First Financial Bankshares, Inc. | 581 | 22,816 | ||||||
Kinsale Capital Group, Inc. | 97 | 22,275 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 761 | 21,057 | ||||||
United Bankshares, Inc. | 592 | 20,761 | ||||||
Independence Realty Trust, Inc. REIT | 990 | 20,523 | ||||||
RLI Corp. | 174 | 20,287 | ||||||
Valley National Bancorp | 1,924 | 20,029 | ||||||
Old National Bancorp | 1,309 | 19,360 | ||||||
Cadence Bank | 818 | 19,207 | ||||||
Terreno Realty Corp. REIT | 332 | 18,502 | ||||||
Healthcare Realty Trust, Inc. REIT | 676 | 18,387 | ||||||
Essent Group Ltd. | 470 | 18,283 | ||||||
Ryman Hospitality Properties, Inc. REIT* | 240 | 18,247 | ||||||
Houlihan Lokey, Inc. | 227 | 17,917 | ||||||
ServisFirst Bancshares, Inc. | 224 | 17,678 | ||||||
Home BancShares, Inc. | 849 | 17,634 | ||||||
Physicians Realty Trust REIT | 1,005 | 17,537 | ||||||
Phillips Edison & Company, Inc. REIT1 | 511 | 17,073 | ||||||
Hancock Whitney Corp. | 385 | 17,067 | ||||||
UMB Financial Corp. | 196 | 16,876 | ||||||
PS Business Parks, Inc. REIT | 90 | 16,844 | ||||||
Kite Realty Group Trust REIT | 973 | 16,823 | ||||||
Independent Bank Corp. | 209 | 16,601 | ||||||
First Interstate BancSystem, Inc. — Class A | 418 | 15,930 | ||||||
Broadstone Net Lease, Inc. REIT | 756 | 15,506 | ||||||
Radian Group, Inc. | 774 | 15,209 | ||||||
Community Bank System, Inc. | 238 | 15,061 | ||||||
CVB Financial Corp. | 604 | 14,985 | ||||||
Sabra Health Care REIT, Inc. | 1,031 | 14,403 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT1 | 380 | 14,387 | ||||||
United Community Banks, Inc. | 475 | 14,340 | ||||||
Apple Hospitality REIT, Inc. | 961 | 14,098 | ||||||
Innovative Industrial Properties, Inc. REIT | 124 | 13,624 | ||||||
LXP Industrial Trust REIT | 1,264 | 13,575 | ||||||
PotlatchDeltic Corp. REIT | 305 | 13,478 | ||||||
Eastern Bankshares, Inc. | 719 | 13,273 | ||||||
Equity Commonwealth REIT* | 482 | 13,269 | ||||||
Walker & Dunlop, Inc. | 137 | 13,199 | ||||||
Corporate Office Properties Trust REIT | 503 | 13,174 | ||||||
BankUnited, Inc. | 365 | 12,983 | ||||||
American Equity Investment Life Holding Co. | 348 | 12,726 | ||||||
Cathay General Bancorp | 321 | 12,567 | ||||||
Essential Properties Realty Trust, Inc. REIT | 583 | 12,529 | ||||||
Federated Hermes, Inc. — Class B | 392 | 12,462 | ||||||
Pacific Premier Bancorp, Inc. | 419 | 12,251 | ||||||
Associated Banc-Corp. | 666 | 12,161 | ||||||
Texas Capital Bancshares, Inc.* | 227 | 11,949 | ||||||
National Health Investors, Inc. REIT | 197 | 11,940 | ||||||
Mr Cooper Group, Inc.* | 324 | 11,904 | ||||||
Ameris Bancorp | 296 | 11,893 | ||||||
Simmons First National Corp. — Class A | 558 | 11,863 | ||||||
SITE Centers Corp. REIT | 870 | 11,719 | ||||||
WSFS Financial Corp. | 287 | 11,506 | ||||||
Atlantic Union Bankshares Corp. | 335 | 11,363 | ||||||
Moelis & Co. — Class A | 288 | 11,333 | ||||||
First BanCorp | 876 | 11,309 | ||||||
Independent Bank Group, Inc. | 164 | 11,137 | ||||||
Enstar Group Ltd.* | 52 | 11,127 | ||||||
Outfront Media, Inc. REIT | 654 | 11,085 | ||||||
Cushman & Wakefield plc* | 710 | 10,820 | ||||||
Hamilton Lane, Inc. — Class A | 157 | 10,547 | ||||||
Trupanion, Inc.* | 174 | 10,485 | ||||||
Columbia Banking System, Inc. | 351 | 10,056 | ||||||
Kennedy-Wilson Holdings, Inc. | 528 | 10,000 | ||||||
Uniti Group, Inc. REIT | 1,060 | 9,985 | ||||||
International Bancshares Corp. | 243 | 9,739 | ||||||
Pebblebrook Hotel Trust REIT | 580 | 9,611 | ||||||
Fulton Financial Corp. | 663 | 9,580 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 269 | 9,568 | ||||||
Sunstone Hotel Investors, Inc. REIT* | 960 | 9,523 | ||||||
Four Corners Property Trust, Inc. REIT | 358 | 9,519 | ||||||
Chimera Investment Corp. REIT | 1,062 | 9,367 | ||||||
CNO Financial Group, Inc. | 513 | 9,280 | ||||||
Axos Financial, Inc.* | 256 | 9,178 | ||||||
First Merchants Corp. | 256 | 9,119 | ||||||
Arbor Realty Trust, Inc. REIT | 694 | 9,098 | ||||||
Jackson Financial, Inc. — Class A | 337 | 9,015 | ||||||
Seacoast Banking Corporation of Florida | 270 | 8,921 | ||||||
Focus Financial Partners, Inc. — Class A* | 259 | 8,821 | ||||||
Piper Sandler Cos. | 77 | 8,729 | ||||||
Washington Federal, Inc. | 289 | 8,676 | ||||||
Banner Corp. | 153 | 8,600 | ||||||
Retail Opportunity Investments Corp. REIT | 539 | 8,505 | ||||||
BancFirst Corp. | 88 | 8,423 | ||||||
Macerich Co. REIT | 963 | 8,388 | ||||||
Washington Real Estate Investment Trust REIT | 390 | 8,311 | ||||||
Bread Financial Holdings, Inc. | 224 | 8,301 | ||||||
Flagstar Bancorp, Inc. | 234 | 8,295 | ||||||
WesBanco, Inc. | 261 | 8,276 | ||||||
McGrath RentCorp | 108 | 8,208 | ||||||
TowneBank | 300 | 8,145 | ||||||
RLJ Lodging Trust REIT | 734 | 8,096 | ||||||
First Financial Bancorp | 415 | 8,051 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Financial - 8.7% (continued) | ||||||||
Genworth Financial, Inc. — Class A* | 2,273 | $ | 8,024 | |||||
Trustmark Corp. | 273 | 7,969 | ||||||
CareTrust REIT, Inc. | 432 | 7,966 | ||||||
InvenTrust Properties Corp. REIT | 302 | 7,789 | ||||||
Urban Edge Properties REIT | 511 | 7,772 | ||||||
Park National Corp. | 64 | 7,760 | ||||||
Easterly Government Properties, Inc. REIT | 407 | 7,749 | ||||||
Sandy Spring Bancorp, Inc. | 198 | 7,736 | ||||||
DiamondRock Hospitality Co. REIT* | 937 | 7,693 | ||||||
Two Harbors Investment Corp. REIT | 1,543 | 7,684 | ||||||
Heartland Financial USA, Inc. | 183 | 7,602 | ||||||
Stock Yards Bancorp, Inc. | 127 | 7,597 | ||||||
PJT Partners, Inc. — Class A | 107 | 7,520 | ||||||
Silvergate Capital Corp. — Class A* | 140 | 7,494 | ||||||
Xenia Hotels & Resorts, Inc. REIT* | 511 | 7,425 | ||||||
Provident Financial Services, Inc. | 333 | 7,413 | ||||||
Brandywine Realty Trust REIT | 758 | 7,307 | ||||||
Hilltop Holdings, Inc. | 274 | 7,305 | ||||||
Navient Corp. | 519 | 7,261 | ||||||
Lakeland Financial Corp. | 109 | 7,240 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 549 | 7,203 | ||||||
Cohen & Steers, Inc. | 113 | 7,186 | ||||||
Hope Bancorp, Inc. | 518 | 7,169 | ||||||
Horace Mann Educators Corp. | 186 | 7,139 | ||||||
Renasant Corp. | 244 | 7,030 | ||||||
NBT Bancorp, Inc. | 186 | 6,992 | ||||||
Palomar Holdings, Inc.* | 108 | 6,955 | ||||||
Northwest Bancshares, Inc. | 542 | 6,938 | ||||||
Bank of NT Butterfield & Son Ltd. | 222 | 6,924 | ||||||
Veritex Holdings, Inc. | 235 | 6,876 | ||||||
Claros Mortgage Trust, Inc. | 410 | 6,867 | ||||||
Eagle Bancorp, Inc. | 142 | 6,732 | ||||||
Triumph Bancorp, Inc.* | 107 | 6,694 | ||||||
LTC Properties, Inc. REIT | 174 | 6,680 | ||||||
Global Net Lease, Inc. REIT | 466 | 6,599 | ||||||
American Assets Trust, Inc. REIT | 221 | 6,564 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 628 | 6,556 | ||||||
Cannae Holdings, Inc.* | 337 | 6,518 | ||||||
Enterprise Financial Services Corp. | 157 | 6,516 | ||||||
Acadia Realty Trust REIT | 416 | 6,498 | ||||||
Westamerica BanCorp | 116 | 6,457 | ||||||
PRA Group, Inc.* | 177 | 6,436 | ||||||
TriCo Bancshares | 141 | 6,435 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 452 | 6,427 | ||||||
Newmark Group, Inc. — Class A | 660 | 6,382 | ||||||
FB Financial Corp. | 161 | 6,314 | ||||||
NexPoint Residential Trust, Inc. REIT | 101 | 6,314 | ||||||
BRP Group, Inc. — Class A* | 261 | 6,303 | ||||||
NMI Holdings, Inc. — Class A* | 377 | 6,277 | ||||||
Encore Capital Group, Inc.* | 107 | 6,181 | ||||||
Safety Insurance Group, Inc. | 63 | 6,117 | ||||||
StepStone Group, Inc. — Class A | 235 | 6,117 | ||||||
St. Joe Co. | 154 | 6,092 | ||||||
Paramount Group, Inc. REIT | 834 | 6,030 | ||||||
Stewart Information Services Corp. | 120 | 5,970 | ||||||
StoneX Group, Inc.* | 76 | 5,933 | ||||||
Alexander & Baldwin, Inc. REIT | 323 | 5,798 | ||||||
Compass Diversified Holdings | 270 | 5,783 | ||||||
PennyMac Financial Services, Inc. | 132 | 5,770 | ||||||
ProAssurance Corp. | 240 | 5,671 | ||||||
PennyMac Mortgage Investment Trust REIT | 410 | 5,670 | ||||||
Nelnet, Inc. — Class A | 66 | 5,626 | ||||||
First Commonwealth Financial Corp. | 417 | 5,596 | ||||||
Centerspace REIT | 68 | 5,545 | ||||||
First BanCorp Puerto Rico | 157 | 5,479 | ||||||
Virtus Investment Partners, Inc. | 32 | 5,473 | ||||||
OFG Bancorp | 213 | 5,410 | ||||||
Ladder Capital Corp. — Class A REIT | 508 | 5,354 | ||||||
Capitol Federal Financial, Inc. | 581 | 5,334 | ||||||
Mercury General Corp. | 120 | 5,316 | ||||||
LendingClub Corp.* | 452 | 5,284 | ||||||
First Busey Corp. | 231 | 5,278 | ||||||
City Holding Co. | 66 | 5,272 | ||||||
Argo Group International Holdings Ltd. | 142 | 5,234 | ||||||
Employers Holdings, Inc. | 123 | 5,152 | ||||||
Southside Bancshares, Inc. | 137 | 5,127 | ||||||
Berkshire Hills Bancorp, Inc. | 206 | 5,103 | ||||||
Anywhere Real Estate, Inc.* | 518 | 5,092 | ||||||
Veris Residential, Inc. REIT* | 384 | 5,084 | ||||||
Radius Global Infrastructure, Inc. — Class A* | 333 | 5,082 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 376 | 5,068 | ||||||
Meta Financial Group, Inc. | 130 | 5,027 | ||||||
National Bank Holdings Corp. — Class A | 131 | 5,013 | ||||||
Getty Realty Corp. REIT | 188 | 4,982 | ||||||
OceanFirst Financial Corp. | 259 | 4,955 | ||||||
Live Oak Bancshares, Inc. | 146 | 4,948 | ||||||
MFA Financial, Inc. REIT | 458 | 4,924 | ||||||
Bancorp, Inc.* | 249 | 4,861 | ||||||
BGC Partners, Inc. — Class A | 1,427 | 4,809 | ||||||
S&T Bancorp, Inc. | 175 | 4,800 | ||||||
Customers Bancorp, Inc.* | 139 | 4,712 | ||||||
New York Mortgage Trust, Inc. REIT | 1,698 | 4,686 | ||||||
First Foundation, Inc. | 228 | 4,669 | ||||||
Tompkins Financial Corp. | 63 | 4,542 | ||||||
Brookline Bancorp, Inc. | 339 | 4,512 | ||||||
AMERISAFE, Inc. | 85 | 4,421 | ||||||
Dime Community Bancshares, Inc. | 149 | 4,418 | ||||||
Flywire Corp.* | 247 | 4,355 | ||||||
Necessity Retail REIT, Inc. | 596 | 4,339 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 616 | 4,330 | ||||||
Banc of California, Inc. | 245 | 4,317 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Financial - 8.7% (continued) | ||||||||
Apartment Investment and Management Co. — Class A REIT* | 669 | $ | 4,282 | |||||
Office Properties Income Trust REIT | 214 | 4,269 | ||||||
German American Bancorp, Inc. | 124 | 4,238 | ||||||
Compass, Inc. — Class A* | 1,165 | 4,206 | ||||||
Preferred Bank/Los Angeles CA | 61 | 4,149 | ||||||
Redwood Trust, Inc. REIT | 536 | 4,133 | ||||||
Marcus & Millichap, Inc. | 111 | 4,106 | ||||||
Enova International, Inc.* | 142 | 4,092 | ||||||
Industrial Logistics Properties Trust REIT | 290 | 4,083 | ||||||
Lakeland Bancorp, Inc. | 278 | 4,064 | ||||||
James River Group Holdings Ltd. | 164 | 4,064 | ||||||
iStar, Inc. REIT | 296 | 4,058 | ||||||
NETSTREIT Corp. REIT | 215 | 4,057 | ||||||
ConnectOne Bancorp, Inc. | 165 | 4,034 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 231 | 4,031 | ||||||
Premier Financial Corp. | 158 | 4,005 | ||||||
Farmer Mac — Class C | 41 | 4,004 | ||||||
QCR Holdings, Inc. | 74 | 3,995 | ||||||
Ready Capital Corp. REIT | 331 | 3,946 | ||||||
Nicolet Bankshares, Inc.* | 54 | 3,906 | ||||||
UMH Properties, Inc. REIT | 221 | 3,903 | ||||||
Broadmark Realty Capital, Inc. REIT | 581 | 3,899 | ||||||
Blucora, Inc.* | 211 | 3,895 | ||||||
Goosehead Insurance, Inc. — Class A | 85 | 3,882 | ||||||
Origin Bancorp, Inc. | 100 | 3,880 | ||||||
Heritage Financial Corp. | 154 | 3,875 | ||||||
Redfin Corp.* | 469 | 3,865 | ||||||
B Riley Financial, Inc. | 91 | 3,845 | ||||||
Armada Hoffler Properties, Inc. REIT | 299 | 3,839 | ||||||
Service Properties Trust REIT | 734 | 3,839 | ||||||
Community Healthcare Trust, Inc. REIT | 105 | 3,802 | ||||||
Ellington Financial, Inc. REIT | 254 | 3,726 | ||||||
Washington Trust Bancorp, Inc. | 77 | 3,725 | ||||||
RPT Realty REIT | 372 | 3,657 | ||||||
eXp World Holdings, Inc. | 307 | 3,613 | ||||||
Amerant Bancorp, Inc. | 125 | 3,515 | ||||||
GEO Group, Inc. REIT* | 529 | 3,491 | ||||||
Summit Hotel Properties, Inc. REIT* | 468 | 3,402 | ||||||
Safehold, Inc. REIT | 96 | 3,396 | ||||||
Columbia Financial, Inc.* | 154 | 3,359 | ||||||
Bluerock Residential Growth REIT, Inc. | 127 | 3,339 | ||||||
Univest Financial Corp. | 130 | 3,307 | ||||||
Peoples Bancorp, Inc. | 124 | 3,298 | ||||||
Lemonade, Inc.*,1 | 180 | 3,287 | ||||||
Allegiance Bancshares, Inc. | 87 | 3,285 | ||||||
1st Source Corp. | 72 | 3,269 | ||||||
United Fire Group, Inc. | 95 | 3,252 | ||||||
ARMOUR Residential REIT, Inc.1 | 459 | 3,231 | ||||||
Gladstone Commercial Corp. REIT | 171 | 3,222 | ||||||
BrightSpire Capital, Inc. REIT | 426 | 3,216 | ||||||
Metropolitan Bank Holding Corp.* | 46 | 3,193 | ||||||
Gladstone Land Corp. REIT | 144 | 3,191 | ||||||
Horizon Bancorp, Inc. | 180 | 3,136 | ||||||
WisdomTree Investments, Inc. | 609 | 3,088 | ||||||
Kearny Financial Corp. | 277 | 3,077 | ||||||
Global Medical REIT, Inc. | 273 | 3,066 | ||||||
Universal Health Realty Income Trust REIT | 57 | 3,033 | ||||||
Hanmi Financial Corp. | 135 | 3,029 | ||||||
International Money Express, Inc.* | 145 | 2,968 | ||||||
First Mid Bancshares, Inc. | 83 | 2,961 | ||||||
Plymouth Industrial REIT, Inc. | 168 | 2,947 | ||||||
Enact Holdings, Inc. | 134 | 2,878 | ||||||
Community Trust Bancorp, Inc. | 70 | 2,831 | ||||||
Camden National Corp. | 64 | 2,819 | ||||||
Farmland Partners, Inc. REIT | 204 | 2,815 | ||||||
HarborOne Bancorp, Inc. | 204 | 2,813 | ||||||
Heritage Commerce Corp. | 263 | 2,811 | ||||||
CBL & Associates Properties, Inc. REIT | 119 | 2,795 | ||||||
Orion Office REIT, Inc. | 255 | 2,795 | ||||||
TPG RE Finance Trust, Inc. REIT | 308 | 2,775 | ||||||
HomeStreet, Inc. | 80 | 2,774 | ||||||
Cowen, Inc. — Class A | 117 | 2,772 | ||||||
Flushing Financial Corp. | 128 | 2,721 | ||||||
CrossFirst Bankshares, Inc.* | 204 | 2,693 | ||||||
Brookfield Business Corp. — Class A | 116 | 2,669 | ||||||
MBIA, Inc.* | 214 | 2,643 | ||||||
Byline Bancorp, Inc. | 110 | 2,618 | ||||||
Central Pacific Financial Corp. | 121 | 2,595 | ||||||
Brightsphere Investment Group, Inc. | 144 | 2,593 | ||||||
TrustCo Bank Corporation NY | 84 | 2,591 | ||||||
Dynex Capital, Inc. REIT | 162 | 2,579 | ||||||
Cambridge Bancorp | 31 | 2,564 | ||||||
Northfield Bancorp, Inc. | 195 | 2,541 | ||||||
Old Second Bancorp, Inc. | 189 | 2,529 | ||||||
Great Southern Bancorp, Inc. | 43 | 2,518 | ||||||
First Bancshares, Inc. | 88 | 2,517 | ||||||
Saul Centers, Inc. REIT | 53 | 2,497 | ||||||
City Office REIT, Inc. | 191 | 2,473 | ||||||
Ares Commercial Real Estate Corp. REIT | 199 | 2,434 | ||||||
Ambac Financial Group, Inc.* | 205 | 2,327 | ||||||
Peapack-Gladstone Financial Corp. | 78 | 2,317 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 238 | 2,278 | ||||||
First Financial Corp. | 51 | 2,270 | ||||||
Orchid Island Capital, Inc. REIT | 795 | 2,266 | ||||||
Midland States Bancorp, Inc. | 94 | 2,260 | ||||||
Diamond Hill Investment Group, Inc. | 13 | 2,257 | ||||||
Chatham Lodging Trust REIT* | 214 | 2,236 | ||||||
Whitestone REIT — Class B | 208 | 2,236 | ||||||
SiriusPoint Ltd.* | 411 | 2,228 | ||||||
Bank of Marin Bancorp | 70 | 2,225 | ||||||
Alexander's, Inc. REIT | 10 | 2,222 | ||||||
Mercantile Bank Corp. | 69 | 2,205 | ||||||
Bank First Corp. | 29 | 2,199 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Financial - 8.7% (continued) | ||||||||
CatchMark Timber Trust, Inc. — Class A REIT | 218 | $ | 2,193 | |||||
CBTX, Inc. | 82 | 2,180 | ||||||
Invesco Mortgage Capital, Inc. REIT | 148 | 2,173 | ||||||
HCI Group, Inc. | 32 | 2,168 | ||||||
Urstadt Biddle Properties, Inc. — Class A REIT | 133 | 2,155 | ||||||
First Community Bankshares, Inc. | 73 | 2,147 | ||||||
Farmers National Banc Corp. | 141 | 2,115 | ||||||
RE/MAX Holdings, Inc. — Class A | 84 | 2,060 | ||||||
LendingTree, Inc.* | 47 | 2,059 | ||||||
National Western Life Group, Inc. — Class A | 10 | 2,027 | ||||||
World Acceptance Corp.* | 18 | 2,020 | ||||||
Business First Bancshares, Inc. | 94 | 2,003 | ||||||
Hingham Institution For Savings The | 7 | 1,986 | ||||||
Equity Bancshares, Inc. — Class A | 68 | 1,983 | ||||||
Arrow Financial Corp. | 61 | 1,940 | ||||||
Diversified Healthcare Trust REIT | 1,062 | 1,933 | ||||||
RMR Group, Inc. — Class A | 68 | 1,928 | ||||||
One Liberty Properties, Inc. REIT | 73 | 1,897 | ||||||
Republic Bancorp, Inc. — Class A | 39 | 1,882 | ||||||
MidWestOne Financial Group, Inc. | 63 | 1,872 | ||||||
Franklin Street Properties Corp. REIT | 441 | 1,839 | ||||||
FRP Holdings, Inc.* | 30 | 1,810 | ||||||
AssetMark Financial Holdings, Inc.* | 96 | 1,802 | ||||||
Farmers & Merchants Bancorp Incorporated/Archbold OH | 54 | 1,792 | ||||||
Capstar Financial Holdings, Inc. | 91 | 1,785 | ||||||
Victory Capital Holdings, Inc. — Class A | 73 | 1,759 | ||||||
Coastal Financial Corp.* | 46 | 1,754 | ||||||
West BanCorp, Inc. | 72 | 1,753 | ||||||
Financial Institutions, Inc. | 67 | 1,743 | ||||||
CNB Financial Corp. | 72 | 1,742 | ||||||
First of Long Island Corp. | 99 | 1,736 | ||||||
Independent Bank Corp. | 90 | 1,735 | ||||||
Peoples Financial Services Corp. | 31 | 1,731 | ||||||
Mid Penn Bancorp, Inc. | 64 | 1,726 | ||||||
Bar Harbor Bankshares | 66 | 1,707 | ||||||
Metrocity Bankshares, Inc. | 83 | 1,686 | ||||||
EZCORP, Inc. — Class A* | 223 | 1,675 | ||||||
Capital City Bank Group, Inc. | 60 | 1,673 | ||||||
SmartFinancial, Inc. | 69 | 1,667 | ||||||
Southern Missouri Bancorp, Inc. | 36 | 1,629 | ||||||
HomeTrust Bancshares, Inc. | 65 | 1,625 | ||||||
Citizens & Northern Corp. | 67 | 1,619 | ||||||
Alerus Financial Corp. | 68 | 1,619 | ||||||
Douglas Elliman, Inc. | 337 | 1,614 | ||||||
American National Bankshares, Inc. | 46 | 1,592 | ||||||
CTO Realty Growth, Inc. REIT | 26 | 1,589 | ||||||
Merchants Bancorp | 70 | 1,587 | ||||||
Waterstone Financial, Inc. | 90 | 1,534 | ||||||
Universal Insurance Holdings, Inc. | 117 | 1,525 | ||||||
First Internet Bancorp | 41 | 1,510 | ||||||
Bridgewater Bancshares, Inc.* | 92 | 1,485 | ||||||
Southern First Bancshares, Inc.* | 34 | 1,482 | ||||||
Selectquote, Inc.* | 597 | 1,481 | ||||||
Shore Bancshares, Inc. | 80 | 1,480 | ||||||
Five Star Bancorp | 56 | 1,480 | ||||||
Carter Bankshares, Inc.* | 109 | 1,439 | ||||||
MVB Financial Corp. | 46 | 1,431 | ||||||
Indus Realty Trust, Inc. REIT | 24 | 1,425 | ||||||
Blue Foundry Bancorp* | 117 | 1,403 | ||||||
Summit Financial Group, Inc. | 50 | 1,389 | ||||||
Cedar Realty Trust, Inc. REIT | 48 | 1,382 | ||||||
Civista Bancshares, Inc. | 65 | 1,382 | ||||||
Hersha Hospitality Trust REIT* | 140 | 1,373 | ||||||
RBB Bancorp | 66 | 1,364 | ||||||
Enterprise Bancorp, Inc. | 42 | 1,352 | ||||||
Guaranty Bancshares, Inc. | 37 | 1,341 | ||||||
Primis Financial Corp. | 98 | 1,336 | ||||||
Sierra Bancorp | 61 | 1,326 | ||||||
Braemar Hotels & Resorts, Inc. REIT | 306 | 1,313 | ||||||
GCM Grosvenor, Inc. — Class A | 190 | 1,301 | ||||||
First Bancorp, Inc. | 43 | 1,296 | ||||||
Oppenheimer Holdings, Inc. — Class A | 39 | 1,289 | ||||||
Regional Management Corp. | 34 | 1,271 | ||||||
Third Coast Bancshares, Inc.* | 57 | 1,248 | ||||||
Amalgamated Financial Corp. | 63 | 1,246 | ||||||
Perella Weinberg Partners | 208 | 1,213 | ||||||
Baycom Corp. | 57 | 1,179 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 79 | 1,177 | ||||||
Blue Ridge Bankshares, Inc. | 76 | 1,164 | ||||||
John Marshall Bancorp, Inc. | 51 | 1,150 | ||||||
Donegal Group, Inc. — Class A | 67 | 1,142 | ||||||
BRT Apartments Corp. REIT | 53 | 1,139 | ||||||
Orrstown Financial Services, Inc. | 47 | 1,136 | ||||||
Tiptree, Inc. — Class A | 106 | 1,126 | ||||||
Colony Bankcorp, Inc. | 73 | 1,102 | ||||||
ACNB Corp. | 37 | 1,099 | ||||||
Home Bancorp, Inc. | 32 | 1,092 | ||||||
First Business Financial Services, Inc. | 35 | 1,092 | ||||||
BCB Bancorp, Inc. | 64 | 1,090 | ||||||
AFC Gamma, Inc. REIT | 71 | 1,088 | ||||||
South Plains Financial, Inc. | 45 | 1,086 | ||||||
PCSB Financial Corp. | 56 | 1,069 | ||||||
Northeast Bank | 29 | 1,059 | ||||||
Macatawa Bank Corp. | 117 | 1,034 | ||||||
Esquire Financial Holdings, Inc. | 31 | 1,032 | ||||||
Red River Bancshares, Inc. | 19 | 1,028 | ||||||
Oportun Financial Corp.* | 124 | 1,025 | ||||||
Seritage Growth Properties REIT* | 196 | 1,021 | ||||||
eHealth, Inc.* | 109 | 1,017 | ||||||
Provident Bancorp, Inc. | 64 | 1,005 | ||||||
Hippo Holdings, Inc.* | 1,137 | 999 | ||||||
FVCBankcorp, Inc.* | 53 | 998 | ||||||
Sculptor Capital Management, Inc. | 117 | 977 | ||||||
PCB Bancorp | 52 | 971 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Financial - 8.7% (continued) | ||||||||
First Western Financial, Inc.* | 35 | $ | 952 | |||||
First Bank/Hamilton NJ | 68 | 951 | ||||||
Parke Bancorp, Inc. | 45 | 943 | ||||||
Investors Title Co. | 6 | 941 | ||||||
Ashford Hospitality Trust, Inc. REIT* | 154 | 921 | ||||||
NerdWallet, Inc. — Class A* | 114 | 904 | ||||||
Greenlight Capital Re Ltd. — Class A* | 116 | 897 | ||||||
Manning & Napier, Inc. — Class A | 71 | 885 | ||||||
Capital Bancorp, Inc. | 40 | 868 | ||||||
Luther Burbank Corp. | 66 | 861 | ||||||
Stratus Properties, Inc.* | 26 | 838 | ||||||
Republic First Bancorp, Inc.* | 216 | 823 | ||||||
Unity Bancorp, Inc. | 31 | 821 | ||||||
HBT Financial, Inc. | 45 | 804 | ||||||
Bankwell Financial Group, Inc. | 25 | 776 | ||||||
Root, Inc. — Class A* | 624 | 743 | ||||||
Silvercrest Asset Management Group, Inc. — Class A | 44 | 722 | ||||||
Nexpoint Real Estate Finance, Inc. REIT | 35 | 709 | ||||||
Angel Oak Mortgage, Inc. REIT | 53 | 687 | ||||||
Greene County Bancorp, Inc. | 15 | 679 | ||||||
Atlanticus Holdings Corp.* | 19 | 668 | ||||||
Offerpad Solutions, Inc.* | 305 | 665 | ||||||
First Guaranty Bancshares, Inc. | 27 | 656 | ||||||
Consumer Portfolio Services, Inc.* | 64 | 656 | ||||||
Doma Holdings, Inc.* | 612 | 630 | ||||||
Trean Insurance Group, Inc.* | 101 | 629 | ||||||
NI Holdings, Inc.* | 38 | 624 | ||||||
Crawford & Co. — Class A | 75 | 585 | ||||||
USCB Financial Holdings, Inc.* | 48 | 554 | ||||||
Curo Group Holdings Corp. | 98 | 542 | ||||||
Pioneer Bancorp, Inc.* | 52 | 510 | ||||||
Legacy Housing Corp.* | 39 | 509 | ||||||
Pzena Investment Management, Inc. — Class A | 75 | 494 | ||||||
Chicago Atlantic Real Estate Finance, Inc. | 31 | 467 | ||||||
GAMCO Investors, Inc. — Class A | 21 | 439 | ||||||
Sterling Bancorp, Inc.* | 77 | 439 | ||||||
Velocity Financial, Inc.* | 38 | 418 | ||||||
Clipper Realty, Inc. REIT | 53 | 409 | ||||||
Sunlight Financial Holdings, Inc.* | 109 | 322 | ||||||
Associated Capital Group, Inc. — Class A | 8 | 287 | ||||||
SWK Holdings Corp.* | 16 | 279 | ||||||
Finance of America Companies, Inc. — Class A* | 173 | 272 | ||||||
Transcontinental Realty Investors, Inc.* | 5 | 199 | ||||||
OppFi, Inc.* | 60 | 197 | ||||||
Cryptyde, Inc.* | 81 | 164 | ||||||
Home Point Capital, Inc.1 | 35 | 137 | ||||||
American Realty Investors, Inc.* | 6 | 85 | ||||||
Applied Blockchain, Inc.* | 36 | 38 | ||||||
Total Financial | 2,458,835 | |||||||
Consumer, Non-cyclical - 8.6% | ||||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 278 | 40,508 | ||||||
Shockwave Medical, Inc.* | 159 | 30,396 | ||||||
Halozyme Therapeutics, Inc.* | 606 | 26,664 | ||||||
Intra-Cellular Therapies, Inc.* | 409 | 23,346 | ||||||
HealthEquity, Inc.* | 371 | 22,776 | ||||||
Omnicell, Inc.* | 196 | 22,295 | ||||||
Inspire Medical Systems, Inc.* | 122 | 22,286 | ||||||
AMN Healthcare Services, Inc.* | 200 | 21,942 | ||||||
Alkermes plc* | 728 | 21,687 | ||||||
LHC Group, Inc.* | 133 | 20,713 | ||||||
Sanderson Farms, Inc. | 96 | 20,691 | ||||||
ASGN, Inc.* | 224 | 20,216 | ||||||
Lantheus Holdings, Inc.* | 304 | 20,073 | ||||||
Medpace Holdings, Inc.* | 123 | 18,409 | ||||||
Apellis Pharmaceuticals, Inc.* | 406 | 18,359 | ||||||
Option Care Health, Inc.* | 642 | 17,841 | ||||||
Ensign Group, Inc. | 241 | 17,706 | ||||||
Intellia Therapeutics, Inc.* | 337 | 17,443 | ||||||
Helen of Troy Ltd.* | 106 | 17,215 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 460 | 16,197 | ||||||
Insperity, Inc. | 162 | 16,172 | ||||||
Celsius Holdings, Inc.* | 244 | 15,923 | ||||||
Turning Point Therapeutics, Inc.* | 204 | 15,351 | ||||||
Simply Good Foods Co.* | 402 | 15,184 | ||||||
STAAR Surgical Co.* | 214 | 15,179 | ||||||
Triton International Ltd. | 284 | 14,953 | ||||||
LivaNova plc* | 239 | 14,930 | ||||||
Karuna Therapeutics, Inc.* | 117 | 14,802 | ||||||
Haemonetics Corp.* | 227 | 14,796 | ||||||
Inari Medical, Inc.* | 216 | 14,686 | ||||||
Cytokinetics, Inc.* | 367 | 14,419 | ||||||
iRhythm Technologies, Inc.* | 133 | 14,368 | ||||||
Korn Ferry | 239 | 13,867 | ||||||
API Group Corp.* | 924 | 13,832 | ||||||
Merit Medical Systems, Inc.* | 249 | 13,513 | ||||||
Blueprint Medicines Corp.* | 267 | 13,486 | ||||||
Alarm.com Holdings, Inc.* | 215 | 13,300 | ||||||
Amicus Therapeutics, Inc.* | 1,232 | 13,232 | ||||||
Prestige Consumer Healthcare, Inc.* | 225 | 13,230 | ||||||
Hostess Brands, Inc.* | 615 | 13,044 | ||||||
ABM Industries, Inc. | 300 | 13,026 | ||||||
BellRing Brands, Inc.* | 522 | 12,993 | ||||||
TriNet Group, Inc.* | 167 | 12,963 | ||||||
Denali Therapeutics, Inc.* | 440 | 12,949 | ||||||
R1 RCM, Inc.* | 604 | 12,660 | ||||||
PTC Therapeutics, Inc.* | 314 | 12,579 | ||||||
Brink's Co. | 207 | 12,567 | ||||||
Sprouts Farmers Market, Inc.* | 490 | 12,407 | ||||||
WD-40 Co. | 61 | 12,283 | ||||||
CONMED Corp. | 126 | 12,066 | ||||||
Axonics, Inc.* | 210 | 11,901 | ||||||
Coca-Cola Consolidated, Inc. | 21 | 11,842 | ||||||
Patterson Companies, Inc. | 389 | 11,787 | ||||||
Pacira BioSciences, Inc.* | 201 | 11,718 | ||||||
Neogen Corp.* | 483 | 11,635 | ||||||
NuVasive, Inc.* | 233 | 11,454 | ||||||
Select Medical Holdings Corp. | 483 | 11,409 | ||||||
Lancaster Colony Corp. | 86 | 11,075 | ||||||
Beam Therapeutics, Inc.* | 284 | 10,994 | ||||||
Insmed, Inc.* | 532 | 10,491 | ||||||
Chegg, Inc.* | 556 | 10,442 | ||||||
Integer Holdings Corp.* | 147 | 10,387 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Non-cyclical - 8.6% (continued) | ||||||||
Owens & Minor, Inc. | 330 | $ | 10,379 | |||||
Herc Holdings, Inc. | 114 | 10,277 | ||||||
United Natural Foods, Inc.* | 260 | 10,244 | ||||||
Alight, Inc. — Class A* | 1,514 | 10,219 | ||||||
EVERTEC, Inc. | 269 | 9,921 | ||||||
AbCellera Biologics, Inc.* | 925 | 9,851 | ||||||
Covetrus, Inc.* | 472 | 9,794 | ||||||
Progyny, Inc.* | 334 | 9,703 | ||||||
StoneCo Ltd. — Class A* | 1,238 | 9,533 | ||||||
TreeHouse Foods, Inc.* | 227 | 9,493 | ||||||
Primo Water Corp. | 704 | 9,419 | ||||||
J & J Snack Foods Corp. | 67 | 9,357 | ||||||
Glaukos Corp.* | 204 | 9,266 | ||||||
Multiplan Corp.* | 1,687 | 9,262 | ||||||
Medifast, Inc. | 51 | 9,206 | ||||||
Fate Therapeutics, Inc.* | 371 | 9,193 | ||||||
John Wiley & Sons, Inc. — Class A | 192 | 9,170 | ||||||
Arvinas, Inc.* | 217 | 9,134 | ||||||
Graham Holdings Co. — Class B | 16 | 9,069 | ||||||
Corcept Therapeutics, Inc.* | 381 | 9,060 | ||||||
Herbalife Nutrition Ltd.* | 442 | 9,039 | ||||||
Global Blood Therapeutics, Inc.* | 278 | 8,882 | ||||||
Twist Bioscience Corp.* | 251 | 8,775 | ||||||
BioCryst Pharmaceuticals, Inc.* | 829 | 8,771 | ||||||
CBIZ, Inc.* | 219 | 8,751 | ||||||
Sabre Corp.* | 1,455 | 8,483 | ||||||
Cal-Maine Foods, Inc. | 169 | 8,350 | ||||||
AtriCure, Inc.* | 204 | 8,335 | ||||||
Edgewell Personal Care Co. | 240 | 8,285 | ||||||
Vir Biotechnology, Inc.* | 324 | 8,252 | ||||||
MEDNAX, Inc.* | 384 | 8,068 | ||||||
Hain Celestial Group, Inc.* | 336 | 7,977 | ||||||
ICF International, Inc. | 82 | 7,790 | ||||||
LiveRamp Holdings, Inc.* | 299 | 7,717 | ||||||
ACADIA Pharmaceuticals, Inc.* | 536 | 7,552 | ||||||
Sage Therapeutics, Inc.* | 232 | 7,494 | ||||||
Iovance Biotherapeutics, Inc.* | 673 | 7,430 | ||||||
Stride, Inc.* | 181 | 7,383 | ||||||
Strategic Education, Inc. | 103 | 7,270 | ||||||
Central Garden & Pet Co. — Class A* | 181 | 7,242 | ||||||
B&G Foods, Inc.1 | 304 | 7,229 | ||||||
Adtalem Global Education, Inc.* | 200 | 7,194 | ||||||
Coursera, Inc.* | 503 | 7,133 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 610 | 7,033 | ||||||
Xencor, Inc.* | 256 | 7,007 | ||||||
ChemoCentryx, Inc.* | 282 | 6,988 | ||||||
Emergent BioSolutions, Inc.* | 225 | 6,984 | ||||||
Nevro Corp.* | 156 | 6,837 | ||||||
Vector Group Ltd. | 642 | 6,741 | ||||||
Dynavax Technologies Corp.* | 529 | 6,660 | ||||||
elf Beauty, Inc.* | 216 | 6,627 | ||||||
Travere Therapeutics, Inc.* | 272 | 6,591 | ||||||
Beyond Meat, Inc.*,1 | 274 | 6,560 | ||||||
Universal Corp. | 108 | 6,534 | ||||||
Embecta Corp.* | 256 | 6,482 | ||||||
Myriad Genetics, Inc.* | 355 | 6,450 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 242 | 6,398 | ||||||
Veracyte, Inc.* | 320 | 6,368 | ||||||
Monro, Inc. | 148 | 6,346 | ||||||
MGP Ingredients, Inc. | 63 | 6,306 | ||||||
Supernus Pharmaceuticals, Inc.* | 218 | 6,305 | ||||||
US Physical Therapy, Inc. | 57 | 6,224 | ||||||
Huron Consulting Group, Inc.* | 94 | 6,109 | ||||||
Krystal Biotech, Inc.* | 93 | 6,106 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 68 | 6,067 | ||||||
Aurinia Pharmaceuticals, Inc.* | 599 | 6,020 | ||||||
CoreCivic, Inc.* | 539 | 5,988 | ||||||
Amphastar Pharmaceuticals, Inc.* | 171 | 5,949 | ||||||
Chefs' Warehouse, Inc.* | 152 | 5,911 | ||||||
CorVel Corp.* | 40 | 5,891 | ||||||
Laureate Education, Inc. — Class A | 506 | 5,854 | ||||||
Inter Parfums, Inc. | 80 | 5,845 | ||||||
Meridian Bioscience, Inc.* | 192 | 5,841 | ||||||
AdaptHealth Corp.* | 323 | 5,827 | ||||||
Arcus Biosciences, Inc.* | 229 | 5,803 | ||||||
Avanos Medical, Inc.* | 211 | 5,769 | ||||||
Addus HomeCare Corp.* | 69 | 5,746 | ||||||
Beauty Health Co.* | 446 | 5,735 | ||||||
Relay Therapeutics, Inc.* | 342 | 5,729 | ||||||
Harmony Biosciences Holdings, Inc.* | 117 | 5,706 | ||||||
Textainer Group Holdings Ltd. | 207 | 5,674 | ||||||
Silk Road Medical, Inc.* | 154 | 5,604 | ||||||
Kforce, Inc. | 91 | 5,582 | ||||||
Celldex Therapeutics, Inc.* | 205 | 5,527 | ||||||
REVOLUTION Medicines, Inc.* | 282 | 5,496 | ||||||
Cytek Biosciences, Inc.* | 510 | 5,472 | ||||||
Ingles Markets, Inc. — Class A | 63 | 5,465 | ||||||
Green Dot Corp. — Class A* | 217 | 5,449 | ||||||
Weis Markets, Inc. | 73 | 5,441 | ||||||
Agios Pharmaceuticals, Inc.* | 244 | 5,409 | ||||||
Vericel Corp.* | 211 | 5,313 | ||||||
ZipRecruiter, Inc. — Class A* | 357 | 5,291 | ||||||
Fulgent Genetics, Inc.* | 96 | 5,235 | ||||||
Kura Oncology, Inc.* | 283 | 5,187 | ||||||
National Beverage Corp. | 105 | 5,139 | ||||||
Surgery Partners, Inc.* | 177 | 5,119 | ||||||
Vaxcyte, Inc.* | 235 | 5,114 | ||||||
Natus Medical, Inc.* | 154 | 5,047 | ||||||
Lyell Immunopharma, Inc.*,1 | 773 | 5,040 | ||||||
Repay Holdings Corp.* | 391 | 5,024 | ||||||
IVERIC bio, Inc.* | 522 | 5,022 | ||||||
Evo Payments, Inc. — Class A* | 210 | 4,939 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 604 | 4,917 | ||||||
Axsome Therapeutics, Inc.* | 128 | 4,902 | ||||||
CareDx, Inc.* | 227 | 4,876 | ||||||
Zentalis Pharmaceuticals, Inc.* | 172 | 4,833 | ||||||
Legalzoom.com, Inc.* | 438 | 4,814 | ||||||
SpartanNash Co. | 159 | 4,797 | ||||||
Cassava Sciences, Inc.*,1 | 170 | 4,780 | ||||||
ModivCare, Inc.* | 56 | 4,732 | ||||||
Andersons, Inc. | 143 | 4,718 | ||||||
Rent-A-Center, Inc. | 237 | 4,610 | ||||||
OPKO Health, Inc.*,1 | 1,803 | 4,562 | ||||||
NeoGenomics, Inc.* | 554 | 4,515 | ||||||
Pacific Biosciences of California, Inc.* | 1,009 | 4,460 | ||||||
Syndax Pharmaceuticals, Inc.* | 231 | 4,444 | ||||||
American Well Corp. — Class A* | 1,025 | 4,428 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Non-cyclical - 8.6% (continued) | ||||||||
REGENXBIO, Inc.* | 179 | $ | 4,421 | |||||
Crinetics Pharmaceuticals, Inc.* | 235 | 4,383 | ||||||
Krispy Kreme, Inc. | 321 | 4,366 | ||||||
Revance Therapeutics, Inc.* | 313 | 4,326 | ||||||
Prothena Corporation plc* | 159 | 4,317 | ||||||
ImmunoGen, Inc.* | 959 | 4,315 | ||||||
Bridgebio Pharma, Inc.* | 467 | 4,240 | ||||||
MannKind Corp.* | 1,111 | 4,233 | ||||||
MoneyGram International, Inc.* | 419 | 4,190 | ||||||
Deluxe Corp. | 193 | 4,182 | ||||||
Avid Bioservices, Inc.* | 273 | 4,166 | ||||||
Innoviva, Inc.* | 282 | 4,162 | ||||||
FibroGen, Inc.* | 390 | 4,118 | ||||||
Enanta Pharmaceuticals, Inc.* | 87 | 4,112 | ||||||
Madrigal Pharmaceuticals, Inc.* | 57 | 4,080 | ||||||
Cerus Corp.* | 771 | 4,079 | ||||||
Heska Corp.* | 43 | 4,064 | ||||||
Utz Brands, Inc. | 294 | 4,063 | ||||||
Allogene Therapeutics, Inc.* | 356 | 4,058 | ||||||
Adaptive Biotechnologies Corp.* | 498 | 4,029 | ||||||
Fresh Del Monte Produce, Inc. | 136 | 4,016 | ||||||
PROG Holdings, Inc.* | 242 | 3,993 | ||||||
LeMaitre Vascular, Inc. | 86 | 3,917 | ||||||
National Healthcare Corp. | 56 | 3,914 | ||||||
SpringWorks Therapeutics, Inc.* | 155 | 3,816 | ||||||
Payoneer Global, Inc.* | 967 | 3,791 | ||||||
RadNet, Inc.* | 219 | 3,784 | ||||||
TransMedics Group, Inc.* | 120 | 3,774 | ||||||
Atrion Corp. | 6 | 3,773 | ||||||
Brookdale Senior Living, Inc. — Class A* | 831 | 3,773 | ||||||
Reata Pharmaceuticals, Inc. — Class A* | 123 | 3,738 | ||||||
Aclaris Therapeutics, Inc.* | 267 | 3,727 | ||||||
PROCEPT BioRobotics Corp.*,1 | 114 | 3,727 | ||||||
Varex Imaging Corp.* | 173 | 3,700 | ||||||
Prometheus Biosciences, Inc.* | 131 | 3,698 | ||||||
Clover Health Investments Corp.* | 1,703 | 3,645 | ||||||
Editas Medicine, Inc.* | 308 | 3,644 | ||||||
USANA Health Sciences, Inc.* | 50 | 3,618 | ||||||
Perdoceo Education Corp.* | 305 | 3,593 | ||||||
2U, Inc.* | 334 | 3,497 | ||||||
Duckhorn Portfolio, Inc.* | 165 | 3,475 | ||||||
Sorrento Therapeutics, Inc.*,1 | 1,698 | 3,413 | ||||||
Chinook Therapeutics, Inc.* | 195 | 3,411 | ||||||
Cross Country Healthcare, Inc.* | 163 | 3,395 | ||||||
SunOpta, Inc.* | 436 | 3,392 | ||||||
Quanex Building Products Corp. | 148 | 3,367 | ||||||
Arcutis Biotherapeutics, Inc.* | 156 | 3,324 | ||||||
First Advantage Corp.* | 262 | 3,320 | ||||||
Kymera Therapeutics, Inc.* | 168 | 3,308 | ||||||
Udemy, Inc.* | 322 | 3,288 | ||||||
Artivion, Inc.* | 174 | 3,285 | ||||||
Veru, Inc.* | 290 | 3,277 | ||||||
Paragon 28, Inc.* | 206 | 3,269 | ||||||
Calavo Growers, Inc. | 77 | 3,212 | ||||||
AngioDynamics, Inc.* | 166 | 3,212 | ||||||
Atara Biotherapeutics, Inc.* | 410 | 3,194 | ||||||
Avidity Biosciences, Inc.* | 218 | 3,168 | ||||||
Cano Health, Inc.* | 723 | 3,167 | ||||||
SP Plus Corp.* | 103 | 3,164 | ||||||
Kelly Services, Inc. — Class A | 157 | 3,113 | ||||||
Nektar Therapeutics* | 811 | 3,082 | ||||||
Cimpress plc* | 79 | 3,073 | ||||||
Anavex Life Sciences Corp.* | 305 | 3,053 | ||||||
SomaLogic, Inc.* | 668 | 3,019 | ||||||
Catalyst Pharmaceuticals, Inc.* | 428 | 3,000 | ||||||
Paysafe Ltd.* | 1,509 | 2,943 | ||||||
John B Sanfilippo & Son, Inc. | 40 | 2,900 | ||||||
Resources Connection, Inc. | 142 | 2,893 | ||||||
Remitly Global, Inc.* | 376 | 2,880 | ||||||
EQRx, Inc.* | 610 | 2,861 | ||||||
CRA International, Inc. | 32 | 2,858 | ||||||
Heidrick & Struggles International, Inc. | 87 | 2,815 | ||||||
Alector, Inc.* | 277 | 2,814 | ||||||
Cutera, Inc.* | 74 | 2,775 | ||||||
OrthoPediatrics Corp.* | 64 | 2,762 | ||||||
ACCO Brands Corp. | 422 | 2,756 | ||||||
Vanda Pharmaceuticals, Inc.* | 248 | 2,703 | ||||||
Collegium Pharmaceutical, Inc.* | 152 | 2,693 | ||||||
Rocket Pharmaceuticals, Inc.* | 195 | 2,683 | ||||||
Deciphera Pharmaceuticals, Inc.* | 200 | 2,630 | ||||||
NanoString Technologies, Inc.* | 207 | 2,629 | ||||||
TrueBlue, Inc.* | 146 | 2,613 | ||||||
Theravance Biopharma, Inc.* | 287 | 2,600 | ||||||
Franklin Covey Co.* | 56 | 2,586 | ||||||
Paya Holdings, Inc.* | 391 | 2,569 | ||||||
DocGo, Inc.* | 359 | 2,563 | ||||||
Sana Biotechnology, Inc.* | 397 | 2,553 | ||||||
Cardiovascular Systems, Inc.* | 177 | 2,542 | ||||||
Mission Produce, Inc.* | 178 | 2,537 | ||||||
TG Therapeutics, Inc.* | 594 | 2,525 | ||||||
Agiliti, Inc.* | 123 | 2,523 | ||||||
Verve Therapeutics, Inc.* | 165 | 2,521 | ||||||
Viad Corp.* | 91 | 2,512 | ||||||
Nurix Therapeutics, Inc.* | 198 | 2,509 | ||||||
Invitae Corp.*,1 | 1,028 | 2,508 | ||||||
Morphic Holding, Inc.* | 115 | 2,495 | ||||||
Inogen, Inc.* | 103 | 2,491 | ||||||
Geron Corp.* | 1,605 | 2,488 | ||||||
Y-mAbs Therapeutics, Inc.* | 164 | 2,481 | ||||||
CTI BioPharma Corp.* | 414 | 2,472 | ||||||
Quanterix Corp.* | 152 | 2,461 | ||||||
I3 Verticals, Inc. — Class A* | 98 | 2,452 | ||||||
National Research Corp. — Class A | 64 | 2,450 | ||||||
Forrester Research, Inc.* | 51 | 2,440 | ||||||
SIGA Technologies, Inc. | 210 | 2,432 | ||||||
Atea Pharmaceuticals, Inc.* | 340 | 2,414 | ||||||
Marathon Digital Holdings, Inc.*,1 | 451 | 2,408 | ||||||
Hanger, Inc.* | 168 | 2,406 | ||||||
Arlo Technologies, Inc.* | 380 | 2,383 | ||||||
Coherus Biosciences, Inc.* | 329 | 2,382 | ||||||
Carriage Services, Inc. — Class A | 60 | 2,379 | ||||||
BrightView Holdings, Inc.* | 198 | 2,376 | ||||||
Tootsie Roll Industries, Inc. | 67 | 2,368 | ||||||
Replimune Group, Inc.* | 135 | 2,360 | ||||||
Gossamer Bio, Inc.* | 281 | 2,352 | ||||||
Agenus, Inc.* | 1,207 | 2,342 | ||||||
PMV Pharmaceuticals, Inc.* | 164 | 2,337 | ||||||
Barrett Business Services, Inc. | 32 | 2,332 | ||||||
Castle Biosciences, Inc.* | 106 | 2,327 | ||||||
Relmada Therapeutics, Inc.* | 122 | 2,317 | ||||||
Ennis, Inc. | 113 | 2,286 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Non-cyclical - 8.6% (continued) | ||||||||
Hackett Group, Inc. | 120 | $ | 2,276 | |||||
Surmodics, Inc.* | 61 | 2,271 | ||||||
Pulmonx Corp.* | 153 | 2,252 | ||||||
Point Biopharma Global, Inc.* | 330 | 2,247 | ||||||
Oscar Health, Inc. — Class A* | 528 | 2,244 | ||||||
NGM Biopharmaceuticals, Inc.* | 175 | 2,243 | ||||||
Sangamo Therapeutics, Inc.* | 534 | 2,211 | ||||||
2seventy bio, Inc.* | 167 | 2,204 | ||||||
Riot Blockchain, Inc.*,1 | 523 | 2,191 | ||||||
Ideaya Biosciences, Inc.* | 158 | 2,180 | ||||||
Ocugen, Inc.*,1 | 955 | 2,168 | ||||||
iTeos Therapeutics, Inc.* | 105 | 2,163 | ||||||
Radius Health, Inc.* | 208 | 2,157 | ||||||
Treace Medical Concepts, Inc.* | 149 | 2,137 | ||||||
Nano-X Imaging Ltd.* | 188 | 2,124 | ||||||
RAPT Therapeutics, Inc.* | 116 | 2,117 | ||||||
Design Therapeutics, Inc.* | 151 | 2,114 | ||||||
Senseonics Holdings, Inc.*,1 | 2,046 | 2,107 | ||||||
Community Health Systems, Inc.* | 559 | 2,096 | ||||||
Benson Hill, Inc.* | 765 | 2,096 | ||||||
Keros Therapeutics, Inc.* | 75 | 2,072 | ||||||
BioLife Solutions, Inc.* | 150 | 2,071 | ||||||
Alphatec Holdings, Inc.* | 315 | 2,060 | ||||||
Seer, Inc.* | 230 | 2,059 | ||||||
PetIQ, Inc.* | 122 | 2,048 | ||||||
Orthofix Medical, Inc.* | 87 | 2,048 | ||||||
Eagle Pharmaceuticals, Inc.* | 46 | 2,044 | ||||||
Cass Information Systems, Inc. | 60 | 2,028 | ||||||
SI-BONE, Inc.* | 150 | 1,980 | ||||||
Aaron's Company, Inc. | 135 | 1,964 | ||||||
DICE Therapeutics, Inc.* | 126 | 1,956 | ||||||
Vaxart, Inc.*,1 | 553 | 1,936 | ||||||
Accolade, Inc.* | 261 | 1,931 | ||||||
23andMe Holding Co. — Class A* | 768 | 1,905 | ||||||
Central Garden & Pet Co.* | 44 | 1,866 | ||||||
Day One Biopharmaceuticals, Inc.* | 104 | 1,862 | ||||||
AnaptysBio, Inc.* | 91 | 1,847 | ||||||
Turning Point Brands, Inc. | 68 | 1,845 | ||||||
Adicet Bio, Inc.* | 126 | 1,840 | ||||||
MaxCyte, Inc.* | 388 | 1,835 | ||||||
Evolus, Inc.* | 158 | 1,833 | ||||||
Cara Therapeutics, Inc.* | 200 | 1,826 | ||||||
Butterfly Network, Inc.* | 594 | 1,824 | ||||||
Transcat, Inc.* | 32 | 1,818 | ||||||
Mersana Therapeutics, Inc.* | 391 | 1,806 | ||||||
Bionano Genomics, Inc.* | 1,304 | 1,799 | ||||||
LifeStance Health Group, Inc.* | 323 | 1,796 | ||||||
Cogent Biosciences, Inc.* | 199 | 1,795 | ||||||
Esperion Therapeutics, Inc.* | 282 | 1,794 | ||||||
Nkarta, Inc.* | 145 | 1,786 | ||||||
Affimed N.V.* | 635 | 1,759 | ||||||
ViewRay, Inc.* | 660 | 1,749 | ||||||
MiMedx Group, Inc.* | 504 | 1,749 | ||||||
Phibro Animal Health Corp. — Class A | 91 | 1,741 | ||||||
Sterling Check Corp.* | 105 | 1,713 | ||||||
Kezar Life Sciences, Inc.* | 207 | 1,712 | ||||||
Vectrus, Inc.* | 51 | 1,706 | ||||||
Cullinan Oncology, Inc.* | 133 | 1,705 | ||||||
Inovio Pharmaceuticals, Inc.* | 982 | 1,699 | ||||||
Nuvation Bio, Inc.* | 520 | 1,685 | ||||||
ANI Pharmaceuticals, Inc.* | 56 | 1,662 | ||||||
European Wax Center, Inc. — Class A | 94 | 1,656 | ||||||
Kinnate Biopharma, Inc.* | 131 | 1,652 | ||||||
ADMA Biologics, Inc.* | 829 | 1,641 | ||||||
Protagonist Therapeutics, Inc.* | 205 | 1,622 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 103 | 1,621 | ||||||
Erasca, Inc.* | 289 | 1,610 | ||||||
Imago Biosciences, Inc.* | 118 | 1,580 | ||||||
Bright Health Group, Inc.* | 862 | 1,569 | ||||||
Aerie Pharmaceuticals, Inc.* | 209 | 1,567 | ||||||
WW International, Inc.* | 242 | 1,546 | ||||||
22nd Century Group, Inc.* | 723 | 1,540 | ||||||
Cue Health, Inc.* | 481 | 1,539 | ||||||
Karyopharm Therapeutics, Inc.* | 340 | 1,533 | ||||||
Organogenesis Holdings, Inc.* | 313 | 1,527 | ||||||
Albireo Pharma, Inc.* | 76 | 1,509 | ||||||
Intercept Pharmaceuticals, Inc.* | 109 | 1,505 | ||||||
Custom Truck One Source, Inc.* | 266 | 1,490 | ||||||
Zimvie, Inc.* | 93 | 1,489 | ||||||
Pennant Group, Inc.* | 116 | 1,486 | ||||||
Axogen, Inc.* | 181 | 1,482 | ||||||
Inhibrx, Inc.* | 130 | 1,475 | ||||||
Vivint Smart Home, Inc.* | 423 | 1,472 | ||||||
Amneal Pharmaceuticals, Inc.* | 460 | 1,463 | ||||||
Core Scientific, Inc.* | 977 | 1,456 | ||||||
Anika Therapeutics, Inc.* | 65 | 1,451 | ||||||
Seneca Foods Corp. — Class A* | 26 | 1,444 | ||||||
Tejon Ranch Co.* | 93 | 1,443 | ||||||
Instil Bio, Inc.* | 311 | 1,437 | ||||||
Willdan Group, Inc.* | 52 | 1,434 | ||||||
Tricida, Inc.* | 148 | 1,433 | ||||||
C4 Therapeutics, Inc.* | 187 | 1,410 | ||||||
Ocular Therapeutix, Inc.* | 344 | 1,383 | ||||||
Mirum Pharmaceuticals, Inc.* | 71 | 1,382 | ||||||
Tattooed Chef, Inc.* | 219 | 1,380 | ||||||
Generation Bio Co.* | 208 | 1,364 | ||||||
ImmunityBio, Inc.*,1 | 366 | 1,362 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 139 | 1,347 | ||||||
American Public Education, Inc.* | 83 | 1,341 | ||||||
Viridian Therapeutics, Inc.* | 115 | 1,331 | ||||||
Bluebird Bio, Inc.* | 320 | 1,325 | ||||||
Stoke Therapeutics, Inc.* | 100 | 1,321 | ||||||
Caribou Biosciences, Inc.* | 241 | 1,309 | ||||||
Arbutus Biopharma Corp.*,1 | 482 | 1,306 | ||||||
RxSight, Inc.* | 92 | 1,295 | ||||||
Utah Medical Products, Inc. | 15 | 1,288 | ||||||
Heron Therapeutics, Inc.* | 459 | 1,281 | ||||||
Berkeley Lights, Inc.* | 250 | 1,242 | ||||||
Monte Rosa Therapeutics, Inc.* | 127 | 1,228 | ||||||
Foghorn Therapeutics, Inc.* | 90 | 1,224 | ||||||
Vita Coco Company, Inc.* | 124 | 1,214 | ||||||
Ventyx Biosciences, Inc.* | 99 | 1,211 | ||||||
Tarsus Pharmaceuticals, Inc.* | 81 | 1,183 | ||||||
Akero Therapeutics, Inc.* | 125 | 1,181 | ||||||
Landec Corp.* | 117 | 1,166 | ||||||
Vital Farms, Inc.* | 133 | 1,164 | ||||||
Aura Biosciences, Inc.* | 82 | 1,162 | ||||||
Eiger BioPharmaceuticals, Inc.* | 183 | 1,153 | ||||||
Kodiak Sciences, Inc.* | 149 | 1,138 | ||||||
Vintage Wine Estates, Inc.* | 144 | 1,132 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Non-cyclical - 8.6% (continued) | ||||||||
Distribution Solutions Group, Inc.* | 22 | $ | 1,131 | |||||
CinCor Pharma, Inc.* | 60 | 1,130 | ||||||
Whole Earth Brands, Inc.* | 181 | 1,122 | ||||||
Bioxcel Therapeutics, Inc.* | 85 | 1,122 | ||||||
Forma Therapeutics Holdings, Inc.* | 162 | 1,116 | ||||||
AppHarvest, Inc.* | 319 | 1,113 | ||||||
iRadimed Corp. | 32 | 1,086 | ||||||
Seres Therapeutics, Inc.* | 314 | 1,077 | ||||||
ShotSpotter, Inc.* | 40 | 1,076 | ||||||
Information Services Group, Inc. | 159 | 1,075 | ||||||
KalVista Pharmaceuticals, Inc.* | 109 | 1,073 | ||||||
Edgewise Therapeutics, Inc.* | 133 | 1,059 | ||||||
Universal Technical Institute, Inc.* | 144 | 1,027 | ||||||
Sutro Biopharma, Inc.* | 197 | 1,026 | ||||||
MeiraGTx Holdings plc* | 135 | 1,022 | ||||||
Nuvalent, Inc. — Class A* | 75 | 1,017 | ||||||
Provention Bio, Inc.* | 250 | 1,000 | ||||||
Alico, Inc. | 28 | 998 | ||||||
Amylyx Pharmaceuticals, Inc.* | 51 | 982 | ||||||
Dyne Therapeutics, Inc.* | 142 | 976 | ||||||
CareMax, Inc.* | 266 | 966 | ||||||
Joint Corp.* | 63 | 965 | ||||||
Bioventus, Inc. — Class A* | 140 | 955 | ||||||
Singular Genomics Systems, Inc.* | 249 | 951 | ||||||
Quantum-Si, Inc.* | 408 | 947 | ||||||
Tango Therapeutics, Inc.* | 208 | 942 | ||||||
Janux Therapeutics, Inc.* | 77 | 940 | ||||||
4D Molecular Therapeutics, Inc.* | 134 | 935 | ||||||
BRC, Inc. — Class A* | 114 | 930 | ||||||
Liquidia Corp.* | 213 | 929 | ||||||
EyePoint Pharmaceuticals, Inc.* | 116 | 913 | ||||||
Xeris Biopharma Holdings, Inc.* | 591 | 910 | ||||||
Akoya Biosciences, Inc.* | 70 | 899 | ||||||
SeaSpine Holdings Corp.* | 158 | 893 | ||||||
Sema4 Holdings Corp.* | 706 | 890 | ||||||
OraSure Technologies, Inc.* | 326 | 883 | ||||||
Rigel Pharmaceuticals, Inc.* | 771 | 871 | ||||||
PFSweb, Inc.* | 74 | 870 | ||||||
Phathom Pharmaceuticals, Inc.* | 103 | 869 | ||||||
Village Super Market, Inc. — Class A | 38 | 867 | ||||||
Moneylion, Inc.* | 645 | 851 | ||||||
Honest Company, Inc.* | 291 | 850 | ||||||
HF Foods Group, Inc.* | 162 | 846 | ||||||
Vera Therapeutics, Inc.* | 62 | 844 | ||||||
Alta Equipment Group, Inc.* | 94 | 843 | ||||||
Aadi Bioscience, Inc.* | 65 | 801 | ||||||
Zynex, Inc. | 100 | 798 | ||||||
Arcellx, Inc.* | 44 | 796 | ||||||
MacroGenics, Inc.* | 269 | 794 | ||||||
IGM Biosciences, Inc.* | 44 | 793 | ||||||
Chimerix, Inc.* | 376 | 782 | ||||||
Absci Corp.* | 235 | 780 | ||||||
ALX Oncology Holdings, Inc.* | 95 | 769 | ||||||
VistaGen Therapeutics, Inc.* | 869 | 765 | ||||||
Century Therapeutics, Inc.* | 90 | 756 | ||||||
Adagio Therapeutics, Inc.*,1 | 229 | 751 | ||||||
Fulcrum Therapeutics, Inc.* | 153 | 750 | ||||||
Inotiv, Inc.* | 78 | 749 | ||||||
Vicarious Surgical, Inc.*,1 | 244 | 717 | ||||||
Tenaya Therapeutics, Inc.* | 125 | 704 | ||||||
Immunovant, Inc.* | 179 | 698 | ||||||
VBI Vaccines, Inc.* | 861 | 696 | ||||||
Kronos Bio, Inc.* | 182 | 662 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 41 | 654 | ||||||
Nature's Sunshine Products, Inc.* | 61 | 651 | ||||||
Spire Global, Inc.* | 559 | 648 | ||||||
Aerovate Therapeutics, Inc.* | 41 | 641 | ||||||
Rent the Runway, Inc. — Class A*,1 | 208 | 639 | ||||||
Tactile Systems Technology, Inc.* | 87 | 635 | ||||||
HilleVax, Inc.* | 57 | 623 | ||||||
Lexicon Pharmaceuticals, Inc.* | 325 | 604 | ||||||
Precigen, Inc.* | 450 | 603 | ||||||
Alpine Immune Sciences, Inc.* | 69 | 587 | ||||||
Nautilus Biotechnology, Inc.* | 213 | 573 | ||||||
Jounce Therapeutics, Inc.* | 188 | 570 | ||||||
Icosavax, Inc.* | 99 | 567 | ||||||
Beachbody Company, Inc.* | 467 | 560 | ||||||
Science 37 Holdings, Inc.* | 278 | 559 | ||||||
Outlook Therapeutics, Inc.* | 529 | 540 | ||||||
Allovir, Inc.* | 138 | 538 | ||||||
Rallybio Corp.* | 71 | 536 | ||||||
Bakkt Holdings, Inc.* | 254 | 533 | ||||||
Endo International plc* | 1,045 | 487 | ||||||
Babylon Holdings Ltd. — Class A* | 486 | 475 | ||||||
ATI Physical Therapy, Inc.* | 334 | 471 | ||||||
Athira Pharma, Inc.* | 151 | 461 | ||||||
Aveanna Healthcare Holdings, Inc.* | 199 | 450 | ||||||
Talaris Therapeutics, Inc.* | 99 | 446 | ||||||
Quad/Graphics, Inc.* | 156 | 429 | ||||||
Oncology Institute, Inc.* | 84 | 425 | ||||||
Tyra Biosciences, Inc.* | 59 | 422 | ||||||
P3 Health Partners, Inc.* | 113 | 420 | ||||||
Theseus Pharmaceuticals, Inc.* | 76 | 420 | ||||||
StoneMor, Inc.* | 122 | 417 | ||||||
Praxis Precision Medicines, Inc.* | 168 | 412 | ||||||
Pardes Biosciences, Inc.* | 127 | 390 | ||||||
Innovage Holding Corp.* | 85 | 372 | ||||||
PepGen, Inc.* | 37 | 367 | ||||||
Bird Global, Inc. — Class A* | 765 | 333 | ||||||
AirSculpt Technologies, Inc.* | 55 | 326 | ||||||
Thorne HealthTech, Inc.* | 61 | 295 | ||||||
MarketWise, Inc.* | 76 | 274 | ||||||
Local Bounti Corp.* | 84 | 267 | ||||||
Priority Technology Holdings, Inc.* | 80 | 264 | ||||||
Humacyte, Inc.* | 79 | 254 | ||||||
Cipher Mining, Inc.* | 175 | 240 | ||||||
Celularity, Inc.* | 70 | 238 | ||||||
Alpha Teknova, Inc.* | 28 | 235 | ||||||
Redbox Entertainment, Inc.* | 29 | 215 | ||||||
CompoSecure, Inc.* | 34 | 177 | ||||||
Enochian Biosciences, Inc.* | 88 | 170 | ||||||
AN2 Therapeutics, Inc.* | 21 | 163 | ||||||
Greenidge Generation Holdings, Inc.* | 57 | 145 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Non-cyclical - 8.6% (continued) | ||||||||
GreenLight Biosciences Holdings PBC* | 63 | $ | 139 | |||||
Owlet, Inc.* | 73 | 124 | ||||||
Wejo Group Ltd.* | 102 | 121 | ||||||
Boxed, Inc.* | 52 | 96 | ||||||
Leafly Holdings, Inc.* | 19 | 86 | ||||||
Gelesis Holdings, Inc.* | 44 | 68 | ||||||
Tenon Medical, Inc.* | 14 | 32 | ||||||
Total Consumer, Non-cyclical | 2,444,616 | |||||||
Industrial - 4.7% | ||||||||
Chart Industries, Inc.* | 164 | 27,450 | ||||||
RBC Bearings, Inc.* | 127 | 23,489 | ||||||
EMCOR Group, Inc. | 226 | 23,269 | ||||||
Saia, Inc.* | 119 | 22,372 | ||||||
Exponent, Inc. | 230 | 21,038 | ||||||
Simpson Manufacturing Company, Inc. | 194 | 19,518 | ||||||
Novanta, Inc.* | 159 | 19,282 | ||||||
UFP Industries, Inc. | 271 | 18,466 | ||||||
Evoqua Water Technologies Corp.* | 525 | 17,068 | ||||||
Applied Industrial Technologies, Inc. | 171 | 16,445 | ||||||
Casella Waste Systems, Inc. — Class A* | 223 | 16,208 | ||||||
Atkore, Inc.* | 192 | 15,938 | ||||||
John Bean Technologies Corp. | 141 | 15,569 | ||||||
Fluor Corp.* | 636 | 15,480 | ||||||
Franklin Electric Company, Inc. | 206 | 15,092 | ||||||
Zurn Water Solutions Corp. | 554 | 15,091 | ||||||
Watts Water Technologies, Inc. — Class A | 122 | 14,987 | ||||||
GATX Corp. | 159 | 14,971 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 354 | 14,372 | ||||||
Welbilt, Inc.* | 587 | 13,976 | ||||||
Fabrinet* | 165 | 13,382 | ||||||
Hillenbrand, Inc. | 325 | 13,312 | ||||||
Mueller Industries, Inc. | 249 | 13,269 | ||||||
Comfort Systems USA, Inc. | 158 | 13,138 | ||||||
Matson, Inc. | 178 | 12,973 | ||||||
Summit Materials, Inc. — Class A* | 530 | 12,344 | ||||||
Advanced Energy Industries, Inc. | 167 | 12,188 | ||||||
Bloom Energy Corp. — Class A* | 728 | 12,012 | ||||||
Dycom Industries, Inc.* | 129 | 12,002 | ||||||
Werner Enterprises, Inc. | 290 | 11,177 | ||||||
Forward Air Corp. | 120 | 11,035 | ||||||
Albany International Corp. — Class A | 140 | 11,031 | ||||||
Sanmina Corp.* | 268 | 10,916 | ||||||
EnerSys | 185 | 10,908 | ||||||
AAON, Inc. | 196 | 10,733 | ||||||
Hub Group, Inc. — Class A* | 150 | 10,641 | ||||||
Badger Meter, Inc. | 131 | 10,597 | ||||||
Cactus, Inc. — Class A | 263 | 10,591 | ||||||
Vishay Intertechnology, Inc. | 591 | 10,532 | ||||||
Boise Cascade Co. | 176 | 10,470 | ||||||
SPX Corp.* | 198 | 10,462 | ||||||
Belden, Inc. | 196 | 10,441 | ||||||
Golar LNG Ltd.* | 451 | 10,260 | ||||||
Altra Industrial Motion Corp. | 290 | 10,223 | ||||||
Moog, Inc. — Class A | 127 | 10,083 | ||||||
Arcosa, Inc. | 216 | 10,029 | ||||||
Itron, Inc.* | 202 | 9,985 | ||||||
Brady Corp. — Class A | 210 | 9,920 | ||||||
O-I Glass, Inc.* | 696 | 9,744 | ||||||
Plexus Corp.* | 123 | 9,655 | ||||||
Helios Technologies, Inc. | 145 | 9,606 | ||||||
Federal Signal Corp. | 267 | 9,505 | ||||||
Kadant, Inc. | 52 | 9,482 | ||||||
Trinity Industries, Inc. | 372 | 9,010 | ||||||
Frontdoor, Inc.* | 369 | 8,886 | ||||||
Encore Wire Corp. | 85 | 8,833 | ||||||
Kennametal, Inc. | 369 | 8,572 | ||||||
AeroVironment, Inc.* | 104 | 8,549 | ||||||
Energizer Holdings, Inc. | 298 | 8,448 | ||||||
Terex Corp. | 305 | 8,348 | ||||||
Mueller Water Products, Inc. — Class A | 696 | 8,164 | ||||||
ESCO Technologies, Inc. | 115 | 7,863 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 125 | 7,714 | ||||||
Masonite International Corp.* | 100 | 7,683 | ||||||
ArcBest Corp. | 109 | 7,670 | ||||||
Kratos Defense & Security Solutions, Inc.* | 552 | 7,662 | ||||||
Scorpio Tankers, Inc. | 222 | 7,661 | ||||||
EnPro Industries, Inc. | 93 | 7,619 | ||||||
Air Transport Services Group, Inc.* | 264 | 7,585 | ||||||
Greif, Inc. — Class A | 115 | 7,174 | ||||||
NV5 Global, Inc.* | 60 | 7,004 | ||||||
Knowles Corp.* | 400 | 6,932 | ||||||
Cornerstone Building Brands, Inc.* | 282 | 6,906 | ||||||
CSW Industrials, Inc. | 67 | 6,903 | ||||||
Barnes Group, Inc. | 219 | 6,820 | ||||||
Materion Corp. | 91 | 6,709 | ||||||
MYR Group, Inc.* | 75 | 6,610 | ||||||
Lindsay Corp. | 49 | 6,508 | ||||||
Golden Ocean Group Ltd. | 548 | 6,379 | ||||||
AAR Corp.* | 151 | 6,318 | ||||||
Worthington Industries, Inc. | 142 | 6,262 | ||||||
GrafTech International Ltd. | 878 | 6,207 | ||||||
CryoPort, Inc.* | 199 | 6,165 | ||||||
OSI Systems, Inc.* | 72 | 6,152 | ||||||
Granite Construction, Inc. | 203 | 5,915 | ||||||
Proto Labs, Inc.* | 123 | 5,884 | ||||||
Griffon Corp. | 206 | 5,774 | ||||||
Gibraltar Industries, Inc.* | 147 | 5,696 | ||||||
TTM Technologies, Inc.* | 453 | 5,662 | ||||||
JELD-WEN Holding, Inc.* | 385 | 5,617 | ||||||
Joby Aviation, Inc.* | 1,122 | 5,509 | ||||||
Vicor Corp.* | 98 | 5,364 | ||||||
Alamo Group, Inc. | 45 | 5,239 | ||||||
TriMas Corp. | 189 | 5,233 | ||||||
Hillman Solutions Corp.* | 601 | 5,193 | ||||||
Enerpac Tool Group Corp. | 272 | 5,173 | ||||||
Primoris Services Corp. | 237 | 5,157 | ||||||
Xometry, Inc. — Class A* | 151 | 5,124 | ||||||
Greenbrier Companies, Inc. | 142 | 5,111 | ||||||
Frontline Ltd.* | 557 | 4,935 | ||||||
Tennant Co. | 83 | 4,918 | ||||||
Sturm Ruger & Company, Inc. | 77 | 4,901 | ||||||
SFL Corporation Ltd. | 513 | 4,868 | ||||||
Energy Recovery, Inc.* | 249 | 4,836 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Industrial - 4.7% (continued) | ||||||||
CTS Corp. | 142 | $ | 4,835 | |||||
International Seaways, Inc. | 219 | 4,643 | ||||||
Standex International Corp. | 53 | 4,493 | ||||||
Mesa Laboratories, Inc. | 22 | 4,487 | ||||||
AZZ, Inc. | 109 | 4,449 | ||||||
Marten Transport Ltd. | 264 | 4,441 | ||||||
PGT Innovations, Inc.* | 263 | 4,376 | ||||||
Enovix Corp.* | 485 | 4,321 | ||||||
Astec Industries, Inc. | 102 | 4,160 | ||||||
Montrose Environmental Group, Inc.* | 123 | 4,152 | ||||||
Li-Cycle Holdings Corp.* | 591 | 4,066 | ||||||
Matthews International Corp. — Class A | 137 | 3,928 | ||||||
Kaman Corp. | 125 | 3,906 | ||||||
Apogee Enterprises, Inc. | 99 | 3,883 | ||||||
TimkenSteel Corp.* | 207 | 3,873 | ||||||
DHT Holdings, Inc. | 626 | 3,837 | ||||||
Great Lakes Dredge & Dock Corp.* | 292 | 3,828 | ||||||
Triumph Group, Inc.* | 286 | 3,801 | ||||||
Construction Partners, Inc. — Class A* | 178 | 3,727 | ||||||
Myers Industries, Inc. | 162 | 3,682 | ||||||
Rocket Lab USA, Inc.* | 952 | 3,608 | ||||||
Columbus McKinnon Corp. | 125 | 3,546 | ||||||
Mirion Technologies, Inc.* | 612 | 3,525 | ||||||
PureCycle Technologies, Inc.* | 475 | 3,525 | ||||||
Benchmark Electronics, Inc. | 156 | 3,519 | ||||||
FLEX LNG Ltd. | 127 | 3,479 | ||||||
American Woodmark Corp.* | 74 | 3,331 | ||||||
Janus International Group, Inc.* | 365 | 3,296 | ||||||
Ichor Holdings Ltd.* | 125 | 3,248 | ||||||
GoPro, Inc. — Class A* | 584 | 3,229 | ||||||
Genco Shipping & Trading Ltd. | 164 | 3,169 | ||||||
Eagle Bulk Shipping, Inc. | 60 | 3,113 | ||||||
Costamare, Inc. | 241 | 2,916 | ||||||
Heartland Express, Inc. | 208 | 2,893 | ||||||
Gorman-Rupp Co. | 102 | 2,887 | ||||||
Sterling Infrastructure, Inc.* | 131 | 2,872 | ||||||
MicroVision, Inc.* | 739 | 2,838 | ||||||
Insteel Industries, Inc. | 84 | 2,828 | ||||||
Blink Charging Co.*,1 | 165 | 2,728 | ||||||
Napco Security Technologies, Inc.* | 131 | 2,697 | ||||||
Smith & Wesson Brands, Inc. | 203 | 2,665 | ||||||
Chase Corp. | 34 | 2,646 | ||||||
FARO Technologies, Inc.* | 82 | 2,528 | ||||||
Harsco Corp.* | 350 | 2,488 | ||||||
UFP Technologies, Inc.* | 31 | 2,467 | ||||||
SmartRent, Inc.* | 531 | 2,400 | ||||||
Modine Manufacturing Co.* | 222 | 2,338 | ||||||
Argan, Inc. | 62 | 2,314 | ||||||
Charge Enterprises, Inc.* | 483 | 2,304 | ||||||
Kimball Electronics, Inc.* | 107 | 2,151 | ||||||
Ducommun, Inc.* | 49 | 2,109 | ||||||
Dorian LPG Ltd. | 137 | 2,082 | ||||||
Thermon Group Holdings, Inc.* | 148 | 2,079 | ||||||
DXP Enterprises, Inc.* | 67 | 2,052 | ||||||
Stoneridge, Inc.* | 118 | 2,024 | ||||||
nLight, Inc.* | 196 | 2,003 | ||||||
908 Devices, Inc.* | 97 | 1,997 | ||||||
LSB Industries, Inc.* | 142 | 1,968 | ||||||
Pactiv Evergreen, Inc. | 193 | 1,922 | ||||||
Luxfer Holdings plc | 125 | 1,890 | ||||||
Heritage-Crystal Clean, Inc.* | 70 | 1,887 | ||||||
Nordic American Tankers Ltd. | 849 | 1,808 | ||||||
Teekay Tankers Ltd. — Class A* | 102 | 1,798 | ||||||
Haynes International, Inc. | 54 | 1,770 | ||||||
Archer Aviation, Inc. — Class A* | 556 | 1,713 | ||||||
Tutor Perini Corp.* | 187 | 1,642 | ||||||
Manitowoc Company, Inc.* | 155 | 1,632 | ||||||
Omega Flex, Inc. | 15 | 1,614 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 266 | 1,604 | ||||||
Vishay Precision Group, Inc.* | 55 | 1,602 | ||||||
Ryerson Holding Corp. | 74 | 1,576 | ||||||
Hyster-Yale Materials Handling, Inc. | 48 | 1,547 | ||||||
National Presto Industries, Inc. | 23 | 1,510 | ||||||
AMMO, Inc.*,1 | 390 | 1,502 | ||||||
Greif, Inc. — Class B | 24 | 1,495 | ||||||
Cadre Holdings, Inc. | 74 | 1,456 | ||||||
Latham Group, Inc.* | 196 | 1,358 | ||||||
Ranpak Holdings Corp.* | 194 | 1,358 | ||||||
CIRCOR International, Inc.* | 82 | 1,344 | ||||||
Allied Motion Technologies, Inc. | 57 | 1,302 | ||||||
Northwest Pipe Co.* | 43 | 1,287 | ||||||
Radiant Logistics, Inc.* | 169 | 1,254 | ||||||
Safe Bulkers, Inc. | 327 | 1,249 | ||||||
Covenant Logistics Group, Inc. — Class A | 49 | 1,229 | ||||||
Tredegar Corp. | 121 | 1,210 | ||||||
Centrus Energy Corp. — Class A* | 48 | 1,188 | ||||||
Eastman Kodak Co.* | 255 | 1,183 | ||||||
IES Holdings, Inc.* | 39 | 1,177 | ||||||
Daseke, Inc.* | 182 | 1,163 | ||||||
Astronics Corp.* | 113 | 1,149 | ||||||
Identiv, Inc.* | 99 | 1,146 | ||||||
CyberOptics Corp.* | 32 | 1,118 | ||||||
Park Aerospace Corp. | 87 | 1,110 | ||||||
Olympic Steel, Inc. | 43 | 1,107 | ||||||
Ardmore Shipping Corp.* | 155 | 1,080 | ||||||
Comtech Telecommunications Corp. | 115 | 1,043 | ||||||
AerSale Corp.* | 71 | 1,030 | ||||||
ESS Tech, Inc.* | 360 | 1,012 | ||||||
Evolv Technologies Holdings, Inc.* | 376 | 1,000 | ||||||
Powell Industries, Inc. | 41 | 958 | ||||||
Caesarstone Ltd. | 101 | 922 | ||||||
Pure Cycle Corp.* | 86 | 906 | ||||||
Sarcos Technology and Robotics Corp.* | 339 | 902 | ||||||
Teekay Corp.* | 311 | 896 | ||||||
Universal Logistics Holdings, Inc. | 32 | 874 | ||||||
Sight Sciences, Inc.* | 96 | 863 | ||||||
Akoustis Technologies, Inc.* | 232 | 858 | ||||||
Astra Space, Inc.* | 642 | 835 | ||||||
Turtle Beach Corp.* | 68 | 832 | ||||||
View, Inc.* | 499 | 809 | ||||||
PAM Transportation Services, Inc.* | 29 | 794 | ||||||
NuScale Power Corp.* | 77 | 769 | ||||||
Concrete Pumping Holdings, Inc.* | 117 | 709 | ||||||
Volta, Inc.* | 545 | 708 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Industrial - 4.7% (continued) | ||||||||
Hydrofarm Holdings Group, Inc.* | 195 | $ | 679 | |||||
Momentus, Inc.* | 244 | 527 | ||||||
Karat Packaging, Inc.* | 25 | 426 | ||||||
Atlas Technical Consultants, Inc.* | 80 | 421 | ||||||
NL Industries, Inc. | 37 | 365 | ||||||
Transphorm, Inc.* | 95 | 362 | ||||||
Berkshire Grey, Inc.* | 218 | 316 | ||||||
Redwire Corp.*,1 | 86 | 261 | ||||||
AEye, Inc.* | 117 | 223 | ||||||
Fathom Digital Manufacturing C* | 45 | 175 | ||||||
Total Industrial | 1,318,357 | |||||||
Consumer, Cyclical - 4.0% | ||||||||
Murphy USA, Inc. | 99 | 23,054 | ||||||
Texas Roadhouse, Inc. — Class A | 305 | 22,326 | ||||||
Light & Wonder, Inc. — Class A* | 436 | 20,488 | ||||||
Asbury Automotive Group, Inc.* | 98 | 16,595 | ||||||
Avient Corp. | 407 | 16,313 | ||||||
Fox Factory Holding Corp.* | 190 | 15,303 | ||||||
Hilton Grand Vacations, Inc.* | 400 | 14,292 | ||||||
Goodyear Tire & Rubber Co.* | 1,253 | 13,420 | ||||||
Academy Sports & Outdoors, Inc. | 374 | 13,292 | ||||||
Crocs, Inc.* | 271 | 13,190 | ||||||
Dorman Products, Inc.* | 118 | 12,946 | ||||||
Visteon Corp.* | 124 | 12,844 | ||||||
Callaway Golf Co.* | 624 | 12,730 | ||||||
Resideo Technologies, Inc.* | 646 | 12,545 | ||||||
Adient plc* | 423 | 12,533 | ||||||
Beacon Roofing Supply, Inc.* | 243 | 12,481 | ||||||
LCI Industries | 111 | 12,419 | ||||||
Papa John's International, Inc. | 147 | 12,277 | ||||||
Group 1 Automotive, Inc. | 72 | 12,226 | ||||||
Taylor Morrison Home Corp. — Class A* | 515 | 12,030 | ||||||
FirstCash Holdings, Inc. | 172 | 11,956 | ||||||
Meritage Homes Corp.* | 162 | 11,745 | ||||||
Spirit Airlines, Inc.* | 486 | 11,586 | ||||||
UniFirst Corp. | 67 | 11,536 | ||||||
Meritor, Inc.* | 314 | 11,408 | ||||||
Steven Madden Ltd. | 352 | 11,338 | ||||||
Skyline Champion Corp.* | 238 | 11,286 | ||||||
Signet Jewelers Ltd. | 208 | 11,120 | ||||||
Sonos, Inc.* | 570 | 10,283 | ||||||
KB Home | 357 | 10,160 | ||||||
Wingstop, Inc. | 134 | 10,019 | ||||||
National Vision Holdings, Inc.* | 363 | 9,983 | ||||||
Nu Skin Enterprises, Inc. — Class A | 223 | 9,656 | ||||||
Foot Locker, Inc. | 371 | 9,368 | ||||||
Gentherm, Inc.* | 148 | 9,237 | ||||||
Rush Enterprises, Inc. — Class A | 190 | 9,158 | ||||||
Boot Barn Holdings, Inc.* | 132 | 9,096 | ||||||
Installed Building Products, Inc. | 108 | 8,981 | ||||||
SeaWorld Entertainment, Inc.* | 202 | 8,924 | ||||||
MillerKnoll, Inc. | 339 | 8,906 | ||||||
Cracker Barrel Old Country Store, Inc. | 103 | 8,599 | ||||||
GMS, Inc.* | 193 | 8,589 | ||||||
Kontoor Brands, Inc. | 252 | 8,409 | ||||||
International Game Technology plc | 445 | 8,259 | ||||||
MDC Holdings, Inc. | 255 | 8,239 | ||||||
Dana, Inc. | 576 | 8,104 | ||||||
LGI Homes, Inc.* | 93 | 8,082 | ||||||
Cavco Industries, Inc.* | 41 | 8,036 | ||||||
KAR Auction Services, Inc.* | 539 | 7,961 | ||||||
Red Rock Resorts, Inc. — Class A | 238 | 7,940 | ||||||
PriceSmart, Inc. | 110 | 7,879 | ||||||
Tri Pointe Homes, Inc.* | 459 | 7,743 | ||||||
American Eagle Outfitters, Inc.1 | 689 | 7,703 | ||||||
Allegiant Travel Co. — Class A* | 68 | 7,690 | ||||||
Cinemark Holdings, Inc.* | 487 | 7,315 | ||||||
Wolverine World Wide, Inc. | 357 | 7,197 | ||||||
Veritiv Corp.* | 65 | 7,056 | ||||||
Vista Outdoor, Inc.* | 250 | 6,975 | ||||||
Winnebago Industries, Inc. | 143 | 6,944 | ||||||
Shake Shack, Inc. — Class A* | 168 | 6,633 | ||||||
Bloomin' Brands, Inc. | 394 | 6,548 | ||||||
HNI Corp. | 188 | 6,522 | ||||||
Everi Holdings, Inc.* | 392 | 6,393 | ||||||
Acushnet Holdings Corp. | 153 | 6,377 | ||||||
Luminar Technologies, Inc.* | 1,067 | 6,327 | ||||||
Tenneco, Inc. — Class A* | 368 | 6,315 | ||||||
Dave & Buster's Entertainment, Inc.* | 192 | 6,294 | ||||||
Fisker, Inc.*,1 | 726 | 6,222 | ||||||
Nikola Corp.*,1 | 1,304 | 6,207 | ||||||
Virgin Galactic Holdings, Inc.*,1 | 1,019 | 6,134 | ||||||
Oxford Industries, Inc. | 69 | 6,123 | ||||||
Madison Square Garden Entertainment Corp.* | 115 | 6,051 | ||||||
Methode Electronics, Inc. | 161 | 5,963 | ||||||
Century Communities, Inc. | 131 | 5,891 | ||||||
Cheesecake Factory, Inc. | 222 | 5,865 | ||||||
ODP Corp.* | 192 | 5,806 | ||||||
Healthcare Services Group, Inc. | 331 | 5,763 | ||||||
Sally Beauty Holdings, Inc.* | 478 | 5,698 | ||||||
World Fuel Services Corp. | 278 | 5,688 | ||||||
Urban Outfitters, Inc.* | 294 | 5,486 | ||||||
Jack in the Box, Inc. | 94 | 5,270 | ||||||
Patrick Industries, Inc. | 98 | 5,080 | ||||||
Malibu Boats, Inc. — Class A* | 93 | 4,902 | ||||||
M/I Homes, Inc.* | 123 | 4,878 | ||||||
SkyWest, Inc.* | 223 | 4,739 | ||||||
Dine Brands Global, Inc. | 71 | 4,621 | ||||||
Lions Gate Entertainment Corp. — Class B* | 521 | 4,600 | ||||||
Proterra, Inc.*,1 | 986 | 4,575 | ||||||
La-Z-Boy, Inc. | 192 | 4,552 | ||||||
TuSimple Holdings, Inc. — Class A* | 625 | 4,519 | ||||||
Qurate Retail, Inc. — Class A | 1,562 | 4,483 | ||||||
iRobot Corp.* | 120 | 4,410 | ||||||
XPEL, Inc.* | 96 | 4,409 | ||||||
Franchise Group, Inc. | 123 | 4,314 | ||||||
Caleres, Inc. | 163 | 4,277 | ||||||
Brinker International, Inc.* | 194 | 4,274 | ||||||
Dillard's, Inc. — Class A | 19 | 4,191 | ||||||
Warby Parker, Inc. — Class A* | 372 | 4,189 | ||||||
H&E Equipment Services, Inc. | 143 | 4,143 | ||||||
Standard Motor Products, Inc. | 92 | 4,139 | ||||||
Steelcase, Inc. — Class A | 385 | 4,131 | ||||||
Liberty Media Corporation - Liberty Braves — Class C* | 168 | 4,032 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Cyclical - 4.0% (continued) | ||||||||
G-III Apparel Group Ltd.* | 195 | $ | 3,945 | |||||
American Axle & Manufacturing Holdings, Inc.* | 504 | 3,795 | ||||||
Abercrombie & Fitch Co. — Class A* | 222 | 3,756 | ||||||
Buckle, Inc. | 135 | 3,738 | ||||||
Camping World Holdings, Inc. — Class A1 | 172 | 3,713 | ||||||
IMAX Corp.* | 219 | 3,699 | ||||||
Golden Entertainment, Inc.* | 91 | 3,599 | ||||||
ScanSource, Inc.* | 114 | 3,550 | ||||||
Bally's Corp.* | 178 | 3,521 | ||||||
Monarch Casino & Resort, Inc.* | 59 | 3,462 | ||||||
Titan International, Inc.* | 229 | 3,458 | ||||||
MarineMax, Inc.* | 94 | 3,395 | ||||||
Clean Energy Fuels Corp.* | 757 | 3,391 | ||||||
Designer Brands, Inc. — Class A | 258 | 3,370 | ||||||
Interface, Inc. — Class A | 262 | 3,285 | ||||||
Sonic Automotive, Inc. — Class A | 89 | 3,260 | ||||||
Hawaiian Holdings, Inc.* | 226 | 3,234 | ||||||
Funko, Inc. — Class A* | 142 | 3,170 | ||||||
Arko Corp. | 379 | 3,093 | ||||||
Sleep Number Corp.* | 96 | 2,971 | ||||||
Wabash National Corp. | 217 | 2,947 | ||||||
Genesco, Inc.* | 58 | 2,895 | ||||||
Douglas Dynamics, Inc. | 100 | 2,874 | ||||||
Shyft Group, Inc. | 154 | 2,863 | ||||||
BlueLinx Holdings, Inc.* | 42 | 2,806 | ||||||
Accel Entertainment, Inc.* | 262 | 2,782 | ||||||
Chico's FAS, Inc.* | 547 | 2,719 | ||||||
America's Car-Mart, Inc.* | 27 | 2,716 | ||||||
Sun Country Airlines Holdings, Inc.* | 148 | 2,714 | ||||||
Big Lots, Inc. | 125 | 2,621 | ||||||
A-Mark Precious Metals, Inc. | 81 | 2,612 | ||||||
Guess?, Inc.1 | 152 | 2,592 | ||||||
indie Semiconductor, Inc. — Class A* | 446 | 2,542 | ||||||
Green Brick Partners, Inc.* | 128 | 2,505 | ||||||
Hibbett, Inc. | 57 | 2,491 | ||||||
Clarus Corp. | 129 | 2,450 | ||||||
Lions Gate Entertainment Corp. — Class A* | 260 | 2,421 | ||||||
Life Time Group Holdings, Inc.* | 187 | 2,409 | ||||||
Holley, Inc.* | 229 | 2,405 | ||||||
Ruth's Hospitality Group, Inc. | 146 | 2,374 | ||||||
Winmark Corp. | 12 | 2,347 | ||||||
Denny's Corp.* | 268 | 2,326 | ||||||
Children's Place, Inc.* | 59 | 2,296 | ||||||
Ermenegildo Zegna Holditalia SpA | 210 | 2,215 | ||||||
PC Connection, Inc. | 50 | 2,203 | ||||||
BJ's Restaurants, Inc.* | 101 | 2,190 | ||||||
Movado Group, Inc. | 70 | 2,165 | ||||||
OneSpaWorld Holdings Ltd.* | 296 | 2,122 | ||||||
Vizio Holding Corp. — Class A* | 303 | 2,066 | ||||||
Ethan Allen Interiors, Inc. | 101 | 2,041 | ||||||
Titan Machinery, Inc.* | 90 | 2,017 | ||||||
Sovos Brands, Inc.* | 127 | 2,015 | ||||||
Global Industrial Co. | 58 | 1,959 | ||||||
TravelCenters of America, Inc.* | 56 | 1,930 | ||||||
Hyliion Holdings Corp.*,1 | 592 | 1,906 | ||||||
RCI Hospitality Holdings, Inc. | 39 | 1,886 | ||||||
Sportsman's Warehouse Holdings, Inc.* | 194 | 1,860 | ||||||
Bowlero Corp.* | 174 | 1,843 | ||||||
EVgo, Inc.* | 304 | 1,827 | ||||||
Zumiez, Inc.* | 70 | 1,820 | ||||||
PetMed Express, Inc. | 90 | 1,791 | ||||||
Bed Bath & Beyond, Inc.*,1 | 356 | 1,769 | ||||||
VSE Corp. | 47 | 1,766 | ||||||
MasterCraft Boat Holdings, Inc.* | 82 | 1,726 | ||||||
Lovesac Co.* | 62 | 1,705 | ||||||
Workhorse Group, Inc.* | 655 | 1,703 | ||||||
REV Group, Inc. | 156 | 1,696 | ||||||
Microvast Holdings, Inc.* | 761 | 1,689 | ||||||
Shoe Carnival, Inc. | 78 | 1,686 | ||||||
Chuy's Holdings, Inc.* | 84 | 1,673 | ||||||
Rite Aid Corp.* | 244 | 1,645 | ||||||
OneWater Marine, Inc. — Class A* | 49 | 1,619 | ||||||
Beazer Homes USA, Inc.* | 133 | 1,605 | ||||||
Marcus Corp.* | 106 | 1,566 | ||||||
Frontier Group Holdings, Inc.*,1 | 166 | 1,555 | ||||||
Haverty Furniture Companies, Inc. | 67 | 1,553 | ||||||
Rush Enterprises, Inc. — Class B | 30 | 1,488 | ||||||
Hudson Technologies, Inc.* | 193 | 1,449 | ||||||
Portillo's, Inc. — Class A* | 88 | 1,439 | ||||||
Bluegreen Vacations Holding Corp. | 57 | 1,423 | ||||||
Johnson Outdoors, Inc. — Class A | 23 | 1,407 | ||||||
Wheels Up Experience, Inc.* | 711 | 1,387 | ||||||
Universal Electronics, Inc.* | 54 | 1,381 | ||||||
Solid Power, Inc.* | 254 | 1,367 | ||||||
Aeva Technologies, Inc.* | 432 | 1,352 | ||||||
Tupperware Brands Corp.* | 203 | 1,287 | ||||||
Rush Street Interactive, Inc.* | 271 | 1,266 | ||||||
Kimball International, Inc. — Class B | 162 | 1,243 | ||||||
Cenntro Electric Group Ltd.* | 822 | 1,241 | ||||||
LL Flooring Holdings, Inc.* | 131 | 1,227 | ||||||
Aspen Aerogels, Inc.*,1 | 122 | 1,205 | ||||||
Lindblad Expeditions Holdings, Inc.* | 144 | 1,166 | ||||||
Hyzon Motors, Inc.*,1 | 392 | 1,152 | ||||||
Miller Industries, Inc. | 50 | 1,134 | ||||||
Vinco Ventures, Inc.* | 819 | 1,130 | ||||||
Lordstown Motors Corp. — Class A* | 713 | 1,127 | ||||||
Forestar Group, Inc.* | 81 | 1,109 | ||||||
Liberty Media Corporation-Liberty Braves — Class A* | 44 | 1,107 | ||||||
Motorcar Parts of America, Inc.* | 83 | 1,089 | ||||||
Fossil Group, Inc.* | 208 | 1,075 | ||||||
Big 5 Sporting Goods Corp. | 95 | 1,065 | ||||||
Rocky Brands, Inc. | 31 | 1,060 | ||||||
Kura Sushi USA, Inc. — Class A* | 21 | 1,040 | ||||||
Build-A-Bear Workshop, Inc. — Class A | 63 | 1,034 | ||||||
Dream Finders Homes, Inc. — Class A* | 93 | 990 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 23 | 984 | ||||||
Cato Corp. — Class A | 82 | 952 | ||||||
Canoo, Inc.* | 514 | 951 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Consumer, Cyclical - 4.0% (continued) | ||||||||
Xponential Fitness, Inc. — Class A* | 75 | $ | 942 | |||||
Superior Group of Companies, Inc. | 52 | 923 | ||||||
GrowGeneration Corp.* | 256 | 919 | ||||||
Destination XL Group, Inc.* | 267 | 905 | ||||||
Container Store Group, Inc.* | 145 | 903 | ||||||
PLBY Group, Inc.* | 139 | 890 | ||||||
Full House Resorts, Inc.* | 146 | 888 | ||||||
Century Casinos, Inc.* | 122 | 878 | ||||||
Citi Trends, Inc.* | 37 | 875 | ||||||
Weber, Inc. — Class A | 121 | 872 | ||||||
Noodles & Co.* | 183 | 860 | ||||||
El Pollo Loco Holdings, Inc.* | 87 | 856 | ||||||
Velodyne Lidar, Inc.* | 863 | 824 | ||||||
NEOGAMES S.A.* | 59 | 791 | ||||||
Target Hospitality Corp.* | 136 | 776 | ||||||
Purple Innovation, Inc.* | 245 | 750 | ||||||
ONE Group Hospitality, Inc.* | 101 | 744 | ||||||
Snap One Holdings Corp.* | 80 | 734 | ||||||
Tilly's, Inc. — Class A | 103 | 723 | ||||||
Blue Bird Corp.* | 77 | 709 | ||||||
Sweetgreen, Inc. — Class A* | 60 | 699 | ||||||
ThredUp, Inc. — Class A* | 262 | 655 | ||||||
Party City Holdco, Inc.* | 486 | 642 | ||||||
F45 Training Holdings, Inc.* | 162 | 637 | ||||||
Weyco Group, Inc. | 26 | 636 | ||||||
First Watch Restaurant Group, Inc.* | 44 | 635 | ||||||
Lifetime Brands, Inc. | 57 | 629 | ||||||
Traeger, Inc.* | 143 | 608 | ||||||
Reservoir Media, Inc.* | 91 | 593 | ||||||
Aterian, Inc.*,1 | 272 | 587 | ||||||
Express, Inc.* | 287 | 563 | ||||||
Duluth Holdings, Inc. — Class B* | 58 | 553 | ||||||
Tile Shop Holdings, Inc. | 163 | 500 | ||||||
Lightning eMotors, Inc.* | 175 | 485 | ||||||
Conn's, Inc.* | 58 | 465 | ||||||
Xos, Inc.* | 244 | 449 | ||||||
JOANN, Inc. | 49 | 380 | ||||||
Biglari Holdings, Inc. — Class B* | 3 | 368 | ||||||
Marine Products Corp. | 36 | 342 | ||||||
Landsea Homes Corp.* | 47 | 313 | ||||||
Torrid Holdings, Inc.* | 66 | 285 | ||||||
Sonder Holdings, Inc.* | 195 | 203 | ||||||
CompX International, Inc. | 7 | 162 | ||||||
Mullen Automotive, Inc.* | 68 | 69 | ||||||
Cepton, Inc.* | 34 | 53 | ||||||
Total Consumer, Cyclical | 1,131,328 | |||||||
Technology - 3.8% | ||||||||
Sailpoint Technologies Holdings, Inc.* | 416 | 26,075 | ||||||
Silicon Laboratories, Inc.* | 162 | 22,716 | ||||||
Tenable Holdings, Inc.* | 491 | 22,296 | ||||||
CMC Materials, Inc. | 127 | 22,160 | ||||||
Qualys, Inc.* | 174 | 21,948 | ||||||
ExlService Holdings, Inc.* | 144 | 21,216 | ||||||
Synaptics, Inc.* | 177 | 20,895 | ||||||
Power Integrations, Inc. | 258 | 19,353 | ||||||
SPS Commerce, Inc.* | 162 | 18,314 | ||||||
Rapid7, Inc.* | 260 | 17,368 | ||||||
Maximus, Inc. | 274 | 17,128 | ||||||
Blackline, Inc.* | 246 | 16,384 | ||||||
Semtech Corp.* | 283 | 15,556 | ||||||
Onto Innovation, Inc.* | 222 | 15,482 | ||||||
Ziff Davis, Inc.* | 204 | 15,204 | ||||||
Box, Inc. — Class A* | 576 | 14,481 | ||||||
Varonis Systems, Inc.* | 487 | 14,279 | ||||||
DigitalOcean Holdings, Inc.*,1 | 340 | 14,062 | ||||||
Workiva, Inc.* | 213 | 14,056 | ||||||
FormFactor, Inc.* | 348 | 13,478 | ||||||
ACI Worldwide, Inc.* | 511 | 13,230 | ||||||
Envestnet, Inc.* | 245 | 12,929 | ||||||
Diodes, Inc.* | 199 | 12,849 | ||||||
ManTech International Corp. — Class A | 133 | 12,695 | ||||||
CommVault Systems, Inc.* | 199 | 12,517 | ||||||
Altair Engineering, Inc. — Class A* | 232 | 12,180 | ||||||
Insight Enterprises, Inc.* | 140 | 12,079 | ||||||
Verint Systems, Inc.* | 284 | 12,027 | ||||||
Blackbaud, Inc.* | 207 | 12,020 | ||||||
Sprout Social, Inc. — Class A* | 205 | 11,904 | ||||||
SiTime Corp.* | 72 | 11,738 | ||||||
Evolent Health, Inc. — Class A* | 366 | 11,240 | ||||||
Kulicke & Soffa Industries, Inc. | 260 | 11,131 | ||||||
MaxLinear, Inc. — Class A* | 321 | 10,908 | ||||||
Ambarella, Inc.* | 163 | 10,670 | ||||||
NetScout Systems, Inc.* | 315 | 10,663 | ||||||
Rambus, Inc.* | 490 | 10,530 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 226 | 10,419 | ||||||
Verra Mobility Corp.* | 653 | 10,259 | ||||||
PagerDuty, Inc.* | 380 | 9,416 | ||||||
Duolingo, Inc.* | 105 | 9,193 | ||||||
Progress Software Corp. | 195 | 8,834 | ||||||
CSG Systems International, Inc. | 143 | 8,534 | ||||||
Appian Corp.*,1 | 179 | 8,477 | ||||||
Super Micro Computer, Inc.* | 203 | 8,191 | ||||||
Axcelis Technologies, Inc.* | 146 | 8,007 | ||||||
Appfolio, Inc. — Class A* | 85 | 7,704 | ||||||
Amkor Technology, Inc. | 453 | 7,678 | ||||||
Xerox Holdings Corp. | 511 | 7,589 | ||||||
Allscripts Healthcare Solutions, Inc.* | 509 | 7,548 | ||||||
Digital Turbine, Inc.* | 411 | 7,180 | ||||||
E2open Parent Holdings, Inc.* | 889 | 6,916 | ||||||
MicroStrategy, Inc. — Class A*,1 | 42 | 6,901 | ||||||
Xperi Holding Corp. | 466 | 6,724 | ||||||
Apollo Medical Holdings, Inc.* | 174 | 6,715 | ||||||
Schrodinger Incorporated/United States* | 241 | 6,365 | ||||||
1Life Healthcare, Inc.* | 805 | 6,311 | ||||||
Ping Identity Holding Corp.* | 345 | 6,258 | ||||||
Parsons Corp.* | 150 | 6,063 | ||||||
Ultra Clean Holdings, Inc.* | 201 | 5,984 | ||||||
Cohu, Inc.* | 214 | 5,938 | ||||||
Asana, Inc. — Class A* | 329 | 5,784 | ||||||
Fastly, Inc. — Class A* | 497 | 5,770 | ||||||
TTEC Holdings, Inc. | 84 | 5,703 | ||||||
Privia Health Group, Inc.* | 194 | 5,649 | ||||||
C3.ai, Inc. — Class A* | 307 | 5,606 | ||||||
Clear Secure, Inc. — Class A* | 278 | 5,560 | ||||||
Impinj, Inc.* | 94 | 5,515 | ||||||
3D Systems Corp.* | 565 | 5,480 | ||||||
Phreesia, Inc.* | 219 | 5,477 | ||||||
Photronics, Inc.* | 267 | 5,201 | ||||||
Momentive Global, Inc.* | 591 | 5,201 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Technology - 3.8% (continued) | ||||||||
Duck Creek Technologies, Inc.* | 344 | $ | 5,108 | |||||
KnowBe4, Inc. — Class A* | 325 | 5,076 | ||||||
Everbridge, Inc.* | 176 | 4,909 | ||||||
PROS Holdings, Inc.* | 183 | 4,800 | ||||||
BigCommerce Holdings, Inc.* | 286 | 4,633 | ||||||
Zuora, Inc. — Class A* | 504 | 4,511 | ||||||
LivePerson, Inc.* | 314 | 4,440 | ||||||
PAR Technology Corp.* | 118 | 4,424 | ||||||
Cerence, Inc.* | 175 | 4,415 | ||||||
Veeco Instruments, Inc.* | 223 | 4,326 | ||||||
NextGen Healthcare, Inc.* | 248 | 4,325 | ||||||
Alignment Healthcare, Inc.* | 377 | 4,302 | ||||||
Avid Technology, Inc.* | 160 | 4,152 | ||||||
Model N, Inc.* | 161 | 4,118 | ||||||
Agilysys, Inc.* | 87 | 4,112 | ||||||
AvidXchange Holdings, Inc.* | 655 | 4,022 | ||||||
Olo, Inc. — Class A*,1 | 402 | 3,968 | ||||||
Domo, Inc. — Class B* | 135 | 3,753 | ||||||
Digi International, Inc.* | 153 | 3,706 | ||||||
Grid Dynamics Holdings, Inc.* | 217 | 3,650 | ||||||
Donnelley Financial Solutions, Inc.* | 123 | 3,603 | ||||||
ACM Research, Inc. — Class A* | 214 | 3,602 | ||||||
SMART Global Holdings, Inc.* | 219 | 3,585 | ||||||
Matterport, Inc.*,1 | 978 | 3,579 | ||||||
Unisys Corp.* | 296 | 3,561 | ||||||
Amplitude, Inc. — Class A* | 249 | 3,558 | ||||||
Health Catalyst, Inc.* | 241 | 3,492 | ||||||
CEVA, Inc.* | 102 | 3,423 | ||||||
Simulations Plus, Inc. | 69 | 3,404 | ||||||
Sapiens International Corporation N.V. | 137 | 3,314 | ||||||
Cardlytics, Inc.* | 148 | 3,302 | ||||||
ACV Auctions, Inc. — Class A* | 503 | 3,290 | ||||||
Conduent, Inc.* | 759 | 3,279 | ||||||
Alpha & Omega Semiconductor Ltd.* | 98 | 3,267 | ||||||
Outset Medical, Inc.* | 214 | 3,180 | ||||||
Consensus Cloud Solutions, Inc.* | 71 | 3,101 | ||||||
PubMatic, Inc. — Class A* | 186 | 2,956 | ||||||
PDF Solutions, Inc.* | 135 | 2,904 | ||||||
Sumo Logic, Inc.* | 381 | 2,854 | ||||||
Pitney Bowes, Inc. | 773 | 2,798 | ||||||
N-able, Inc.* | 305 | 2,745 | ||||||
ForgeRock, Inc. — Class A* | 125 | 2,678 | ||||||
Desktop Metal, Inc. — Class A* | 1,181 | 2,598 | ||||||
Yext, Inc.* | 537 | 2,567 | ||||||
8x8, Inc.* | 491 | 2,529 | ||||||
EngageSmart, Inc.* | 156 | 2,508 | ||||||
AvePoint, Inc.* | 575 | 2,496 | ||||||
PowerSchool Holdings, Inc. — Class A* | 204 | 2,458 | ||||||
Hims & Hers Health, Inc.* | 542 | 2,455 | ||||||
IonQ, Inc.*,1 | 531 | 2,326 | ||||||
American Software, Inc. — Class A | 140 | 2,262 | ||||||
Corsair Gaming, Inc.*,1 | 171 | 2,245 | ||||||
BTRS Holdings, Inc. — Class 1* | 448 | 2,231 | ||||||
Alkami Technology, Inc.* | 160 | 2,222 | ||||||
SolarWinds Corp. | 215 | 2,204 | ||||||
OneSpan, Inc.* | 179 | 2,130 | ||||||
Computer Programs and Systems, Inc.* | 63 | 2,014 | ||||||
Ebix, Inc.1 | 117 | 1,977 | ||||||
Blend Labs, Inc. — Class A* | 826 | 1,949 | ||||||
Telos Corp.* | 241 | 1,947 | ||||||
Bandwidth, Inc. — Class A* | 103 | 1,938 | ||||||
Upland Software, Inc.* | 130 | 1,888 | ||||||
Vuzix Corp.*,1 | 265 | 1,882 | ||||||
Rackspace Technology, Inc.* | 257 | 1,843 | ||||||
CS Disco, Inc.* | 99 | 1,786 | ||||||
ON24, Inc.* | 186 | 1,765 | ||||||
Instructure Holdings, Inc.* | 77 | 1,748 | ||||||
Cvent Holding Corp.* | 376 | 1,737 | ||||||
Mitek Systems, Inc.* | 188 | 1,737 | ||||||
MeridianLink, Inc.* | 103 | 1,720 | ||||||
Integral Ad Science Holding Corp.* | 171 | 1,698 | ||||||
Skillz, Inc.* | 1,363 | 1,690 | ||||||
Playstudios, Inc.* | 353 | 1,511 | ||||||
Cantaloupe, Inc.* | 261 | 1,462 | ||||||
HireRight Holdings Corp.*,1 | 94 | 1,336 | ||||||
Rimini Street, Inc.* | 217 | 1,304 | ||||||
Daily Journal Corp.* | 5 | 1,294 | ||||||
Skillsoft Corp.* | 363 | 1,278 | ||||||
Enfusion, Inc. — Class A* | 114 | 1,164 | ||||||
Brightcove, Inc.* | 184 | 1,163 | ||||||
Faraday Future Intelligent Electric, Inc.* | 443 | 1,152 | ||||||
GTY Technology Holdings, Inc.* | 182 | 1,139 | ||||||
AXT, Inc.* | 181 | 1,061 | ||||||
UserTesting, Inc.* | 211 | 1,059 | ||||||
WM Technology, Inc.* | 320 | 1,053 | ||||||
Rockley Photonics Holdings Ltd.* | 455 | 992 | ||||||
Ouster, Inc.* | 610 | 988 | ||||||
EverCommerce, Inc.* | 108 | 976 | ||||||
Intapp, Inc.* | 63 | 922 | ||||||
Porch Group, Inc.* | 360 | 922 | ||||||
Veritone, Inc.* | 140 | 914 | ||||||
Markforged Holding Corp.* | 491 | 908 | ||||||
eGain Corp.* | 93 | 907 | ||||||
Outbrain, Inc.* | 178 | 895 | ||||||
Benefitfocus, Inc.* | 115 | 895 | ||||||
Digimarc Corp.* | 61 | 863 | ||||||
Atomera, Inc.* | 91 | 853 | ||||||
Inspired Entertainment, Inc.* | 98 | 844 | ||||||
Avaya Holdings Corp.* | 372 | 833 | ||||||
Red Violet, Inc.* | 42 | 800 | ||||||
Convey Health Solutions Holdings, Inc.* | 72 | 749 | ||||||
Diebold Nixdorf, Inc.* | 326 | 740 | ||||||
Cerberus Cyber Sentinel Corp.*,1 | 204 | 734 | ||||||
Inseego Corp.*,1 | 385 | 728 | ||||||
IronNet, Inc.* | 289 | 639 | ||||||
Zeta Global Holdings Corp. — Class A* | 139 | 628 | ||||||
Nutex Health, Inc.* | 173 | 558 | ||||||
Rigetti Computing, Inc.*,1 | 143 | 525 | ||||||
Arteris, Inc.* | 75 | 523 | ||||||
NextNav, Inc.* | 218 | 495 | ||||||
SecureWorks Corp. — Class A* | 44 | 478 | ||||||
Sharecare, Inc.* | 274 | 433 | ||||||
IBEX Holdings Ltd.* | 25 | 422 | ||||||
Latch, Inc.* | 314 | 358 | ||||||
Velo3D, Inc.* | 252 | 348 | ||||||
Loyalty Ventures, Inc.* | 90 | 321 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Technology - 3.8% (continued) | ||||||||
Viant Technology, Inc. — Class A* | 62 | $ | 315 | |||||
SkyWater Technology, Inc.* | 48 | 289 | ||||||
Kaleyra, Inc.* | 132 | 269 | ||||||
LiveVox Holdings, Inc.* | 99 | 164 | ||||||
Weave Communications, Inc.* | 22 | 67 | ||||||
Total Technology | 1,067,957 | |||||||
Energy - 2.0% | ||||||||
Matador Resources Co. | 502 | 23,388 | ||||||
Murphy Oil Corp. | 659 | 19,895 | ||||||
Helmerich & Payne, Inc. | 459 | 19,765 | ||||||
SM Energy Co. | 541 | 18,497 | ||||||
ChampionX Corp. | 913 | 18,123 | ||||||
Civitas Resources, Inc. | 329 | 17,203 | ||||||
Magnolia Oil & Gas Corp. — Class A | 745 | 15,638 | ||||||
Patterson-UTI Energy, Inc. | 958 | 15,098 | ||||||
CNX Resources Corp.* | 861 | 14,172 | ||||||
Denbury, Inc.* | 227 | 13,618 | ||||||
California Resources Corp. | 349 | 13,436 | ||||||
PBF Energy, Inc. — Class A* | 433 | 12,566 | ||||||
Kosmos Energy Ltd.* | 2,017 | 12,485 | ||||||
Whiting Petroleum Corp. | 176 | 11,973 | ||||||
Equitrans Midstream Corp. | 1,836 | 11,677 | ||||||
Valaris Ltd.* | 272 | 11,489 | ||||||
Peabody Energy Corp.* | 526 | 11,220 | ||||||
Oasis Petroleum, Inc. | 88 | 10,705 | ||||||
Alpha Metallurgical Resources, Inc. | 79 | 10,201 | ||||||
Arch Resources, Inc.1 | 67 | 9,587 | ||||||
Callon Petroleum Co.* | 220 | 8,624 | ||||||
Shoals Technologies Group, Inc. — Class A* | 499 | 8,224 | ||||||
Sunnova Energy International, Inc.* | 443 | 8,165 | ||||||
Liberty Energy, Inc. — Class A* | 638 | 8,141 | ||||||
Delek US Holdings, Inc. | 315 | 8,140 | ||||||
CONSOL Energy, Inc.* | 153 | 7,555 | ||||||
NexTier Oilfield Solutions, Inc.* | 784 | 7,456 | ||||||
Array Technologies, Inc.* | 673 | 7,410 | ||||||
Northern Oil and Gas, Inc. | 293 | 7,401 | ||||||
Warrior Met Coal, Inc. | 230 | 7,040 | ||||||
Tellurian, Inc.* | 2,278 | 6,788 | ||||||
Weatherford International plc* | 316 | 6,690 | ||||||
Green Plains, Inc.* | 235 | 6,385 | ||||||
FuelCell Energy, Inc.* | 1,650 | 6,188 | ||||||
SunPower Corp. — Class A* | 366 | 5,786 | ||||||
Brigham Minerals, Inc. — Class A | 227 | 5,591 | ||||||
Centennial Resource Development, Inc. — Class A* | 919 | 5,496 | ||||||
Nabors Industries Ltd.* | 40 | 5,356 | ||||||
Laredo Petroleum, Inc.* | 76 | 5,239 | ||||||
Archrock, Inc. | 604 | 4,995 | ||||||
Comstock Resources, Inc.* | 409 | 4,941 | ||||||
NOW, Inc.* | 492 | 4,812 | ||||||
Oceaneering International, Inc.* | 447 | 4,774 | ||||||
Stem, Inc.* | 643 | 4,604 | ||||||
Talos Energy, Inc.* | 295 | 4,564 | ||||||
CVR Energy, Inc. | 132 | 4,422 | ||||||
Noble Corp.* | 168 | 4,259 | ||||||
Gulfport Energy Corp.* | 53 | 4,214 | ||||||
Archaea Energy, Inc.* | 266 | 4,131 | ||||||
Expro Group Holdings N.V.* | 346 | 3,986 | ||||||
Dril-Quip, Inc.* | 152 | 3,922 | ||||||
ProPetro Holding Corp.* | 390 | 3,900 | ||||||
US Silica Holdings, Inc.* | 331 | 3,780 | ||||||
MRC Global, Inc.* | 370 | 3,685 | ||||||
Tidewater, Inc.* | 170 | 3,585 | ||||||
Par Pacific Holdings, Inc.* | 218 | 3,399 | ||||||
Ranger Oil Corp. — Class A* | 95 | 3,123 | ||||||
Montauk Renewables, Inc.* | 287 | 2,884 | ||||||
Borr Drilling Ltd.* | 600 | 2,766 | ||||||
Berry Corp. | 358 | 2,728 | ||||||
Earthstone Energy, Inc. — Class A* | 193 | 2,634 | ||||||
Diamond Offshore Drilling, Inc.* | 446 | 2,627 | ||||||
Vertex Energy, Inc.* | 241 | 2,535 | ||||||
SunCoke Energy, Inc. | 372 | 2,534 | ||||||
Kinetik Holdings, Inc. — Class A | 74 | 2,526 | ||||||
Bristow Group, Inc.* | 106 | 2,480 | ||||||
RPC, Inc.* | 332 | 2,294 | ||||||
TETRA Technologies, Inc.* | 555 | 2,253 | ||||||
SandRidge Energy, Inc.* | 142 | 2,225 | ||||||
Select Energy Services, Inc. — Class A* | 319 | 2,176 | ||||||
Gevo, Inc.* | 879 | 2,066 | ||||||
TPI Composites, Inc.* | 163 | 2,038 | ||||||
REX American Resources Corp.* | 24 | 2,035 | ||||||
Helix Energy Solutions Group, Inc.* | 639 | 1,981 | ||||||
W&T Offshore, Inc.* | 422 | 1,823 | ||||||
Crescent Energy Co. — Class A | 145 | 1,810 | ||||||
VAALCO Energy, Inc. | 260 | 1,804 | ||||||
Excelerate Energy, Inc. — Class A* | 83 | 1,653 | ||||||
Aris Water Solution, Inc. — Class A | 98 | 1,635 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 141 | 1,534 | ||||||
Fluence Energy, Inc.* | 161 | 1,526 | ||||||
DMC Global, Inc.* | 84 | 1,514 | ||||||
SilverBow Resources, Inc.* | 52 | 1,475 | ||||||
Oil States International, Inc.* | 272 | 1,474 | ||||||
Ramaco Resources, Inc. | 99 | 1,302 | ||||||
Sitio Royalties Corp. | 53 | 1,217 | ||||||
Alto Ingredients, Inc.* | 323 | 1,198 | ||||||
Newpark Resources, Inc.* | 378 | 1,168 | ||||||
National Energy Services Reunited Corp.* | 170 | 1,153 | ||||||
Energy Vault Holdings, Inc.* | 112 | 1,122 | ||||||
Riley Exploration Permian, Inc. | 46 | 1,112 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 136 | 1,092 | ||||||
Amplify Energy Corp.* | 159 | 1,040 | ||||||
Ring Energy, Inc.* | 386 | 1,027 | ||||||
FutureFuel Corp. | 115 | 837 | ||||||
HighPeak Energy, Inc. | 29 | 743 | ||||||
Cleanspark, Inc.* | 180 | 706 | ||||||
NACCO Industries, Inc. — Class A | 17 | 644 | ||||||
Aemetis, Inc.* | 130 | 638 | ||||||
Eneti, Inc. | 102 | 626 | ||||||
NextDecade Corp.*,1 | 138 | 613 | ||||||
Empire Petroleum Corp.* | 30 | 356 | ||||||
Heliogen, Inc.* | 85 | 179 | ||||||
Battalion Oil Corp.* | 11 | 94 | ||||||
Total Energy | 571,404 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Communications - 1.6% | ||||||||
Vonage Holdings Corp.* | 1,147 | $ | 21,609 | |||||
Iridium Communications, Inc.* | 569 | 21,372 | ||||||
TEGNA, Inc. | 994 | 20,844 | ||||||
Marqeta, Inc. — Class A* | 1,939 | 15,725 | ||||||
Perficient, Inc.* | 153 | 14,029 | ||||||
Viavi Solutions, Inc.* | 1,016 | 13,442 | ||||||
DigitalBridge Group, Inc.* | 2,641 | 12,888 | ||||||
Cogent Communications Holdings, Inc. | 192 | 11,666 | ||||||
Upwork, Inc.* | 536 | 11,084 | ||||||
Bumble, Inc. — Class A* | 385 | 10,838 | ||||||
Cargurus, Inc.* | 456 | 9,799 | ||||||
Q2 Holdings, Inc.* | 250 | 9,643 | ||||||
Calix, Inc.* | 254 | 8,672 | ||||||
Yelp, Inc. — Class A* | 307 | 8,525 | ||||||
Maxar Technologies, Inc. | 325 | 8,479 | ||||||
InterDigital, Inc. | 137 | 8,330 | ||||||
TechTarget, Inc.* | 122 | 8,018 | ||||||
Plantronics, Inc.* | 189 | 7,499 | ||||||
Telephone & Data Systems, Inc. | 450 | 7,105 | ||||||
Gray Television, Inc. | 378 | 6,385 | ||||||
ePlus, Inc.* | 118 | 6,268 | ||||||
Shutterstock, Inc. | 108 | 6,189 | ||||||
CommScope Holding Company, Inc.* | 916 | 5,606 | ||||||
Liberty Latin America Ltd. — Class C* | 683 | 5,321 | ||||||
Magnite, Inc.* | 585 | 5,195 | ||||||
Figs, Inc. — Class A* | 570 | 5,193 | ||||||
Extreme Networks, Inc.* | 571 | 5,093 | ||||||
Open Lending Corp. — Class A* | 471 | 4,818 | ||||||
Shenandoah Telecommunications Co. | 216 | 4,795 | ||||||
Overstock.com, Inc.* | 190 | 4,752 | ||||||
Revolve Group, Inc.* | 182 | 4,716 | ||||||
Infinera Corp.* | 844 | 4,524 | ||||||
Scholastic Corp. | 123 | 4,424 | ||||||
WideOpenWest, Inc.* | 240 | 4,370 | ||||||
iHeartMedia, Inc. — Class A* | 539 | 4,253 | ||||||
A10 Networks, Inc. | 294 | 4,228 | ||||||
ContextLogic, Inc. — Class A*,1 | 2,541 | 4,066 | ||||||
AMC Networks, Inc. — Class A* | 135 | 3,931 | ||||||
Vimeo, Inc.* | 640 | 3,853 | ||||||
ADTRAN, Inc. | 218 | 3,822 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 186 | 3,794 | ||||||
Globalstar, Inc.*,1 | 3,054 | 3,756 | ||||||
NeoPhotonics Corp.* | 235 | 3,697 | ||||||
Gogo, Inc.* | 223 | 3,610 | ||||||
Harmonic, Inc.* | 411 | 3,563 | ||||||
Eventbrite, Inc. — Class A* | 343 | 3,523 | ||||||
EW Scripps Co. — Class A* | 261 | 3,255 | ||||||
Clearfield, Inc.* | 52 | 3,221 | ||||||
EchoStar Corp. — Class A* | 157 | 3,030 | ||||||
Planet Labs PBC* | 694 | 3,005 | ||||||
Cars.com, Inc.* | 310 | 2,923 | ||||||
Squarespace, Inc. — Class A* | 139 | 2,908 | ||||||
Thryv Holdings, Inc.* | 113 | 2,530 | ||||||
NETGEAR, Inc.* | 127 | 2,352 | ||||||
HealthStream, Inc.* | 108 | 2,345 | ||||||
QuinStreet, Inc.* | 232 | 2,334 | ||||||
Consolidated Communications Holdings, Inc.* | 331 | 2,317 | ||||||
ATN International, Inc. | 49 | 2,299 | ||||||
Anterix, Inc.* | 54 | 2,218 | ||||||
OptimizeRx Corp.* | 79 | 2,164 | ||||||
Cyxtera Technologies, Inc.*,1 | 190 | 2,155 | ||||||
Poshmark, Inc. — Class A* | 205 | 2,073 | ||||||
fuboTV, Inc.* | 795 | 1,964 | ||||||
Tucows, Inc. — Class A* | 44 | 1,958 | ||||||
ChannelAdvisor Corp.* | 134 | 1,954 | ||||||
Couchbase, Inc.* | 118 | 1,938 | ||||||
United States Cellular Corp.* | 66 | 1,911 | ||||||
Boston Omaha Corp. — Class A* | 92 | 1,900 | ||||||
Stagwell, Inc.* | 349 | 1,895 | ||||||
Gannett Company, Inc.* | 643 | 1,865 | ||||||
Stitch Fix, Inc. — Class A* | 363 | 1,793 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 1,630 | 1,744 | ||||||
Allbirds, Inc. — Class A* | 421 | 1,655 | ||||||
IDT Corp. — Class B* | 64 | 1,610 | ||||||
CarParts.com, Inc.* | 227 | 1,575 | ||||||
Rover Group, Inc.* | 414 | 1,557 | ||||||
Liquidity Services, Inc.* | 110 | 1,478 | ||||||
Edgio, Inc.*,1 | 613 | 1,416 | ||||||
Advantage Solutions, Inc.* | 368 | 1,398 | ||||||
Liberty Latin America Ltd. — Class A* | 173 | 1,349 | ||||||
DZS, Inc.* | 78 | 1,269 | ||||||
Aviat Networks, Inc.* | 49 | 1,227 | ||||||
Credo Technology Group Holding Ltd.*,1 | 105 | 1,226 | ||||||
Entravision Communications Corp. — Class A | 265 | 1,208 | ||||||
Ooma, Inc.* | 102 | 1,208 | ||||||
Quotient Technology, Inc.* | 399 | 1,185 | ||||||
1-800-Flowers.com, Inc. — Class A* | 120 | 1,141 | ||||||
Blade Air Mobility, Inc.*,1 | 251 | 1,119 | ||||||
Groupon, Inc.* | 96 | 1,085 | ||||||
MediaAlpha, Inc. — Class A* | 106 | 1,044 | ||||||
Ribbon Communications, Inc.* | 322 | 979 | ||||||
RealReal, Inc.* | 380 | 946 | ||||||
DHI Group, Inc.* | 190 | 944 | ||||||
Focus Universal, Inc.*,1 | 79 | 902 | ||||||
Vivid Seats, Inc. — Class A1 | 111 | 829 | ||||||
Ondas Holdings, Inc.* | 153 | 825 | ||||||
EverQuote, Inc. — Class A* | 87 | 769 | ||||||
Cambium Networks Corp.* | 51 | 747 | ||||||
Lands' End, Inc.* | 68 | 722 | ||||||
RumbleON, Inc. — Class B* | 46 | 677 | ||||||
Preformed Line Products Co. | 11 | 676 | ||||||
Cumulus Media, Inc. — Class A* | 82 | 634 | ||||||
Casa Systems, Inc.* | 158 | 621 | ||||||
1stdibs.com, Inc.* | 104 | 592 | ||||||
Vacasa, Inc. — Class A* | 183 | 527 | ||||||
Nerdy, Inc.* | 242 | 515 | ||||||
Audacy, Inc.* | 533 | 502 | ||||||
Terran Orbital Corp.* | 107 | 490 | ||||||
KORE Group Holdings, Inc.* | 157 | 482 | ||||||
Arena Group Holdings, Inc.* | 51 | 459 | ||||||
Starry Group Holdings, Inc. — Class A*,1 | 106 | 437 | ||||||
Solo Brands, Inc. — Class A*,1 | 98 | 398 | ||||||
Gambling.com Group Ltd.* | 39 | 307 | ||||||
BARK, Inc.* | 230 | 294 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 35.9% (continued) | ||||||||
Communications - 1.6% (continued) | ||||||||
Lulu's Fashion Lounge Holdings, Inc.* | 26 | $ | 282 | |||||
Value Line, Inc. | 4 | 264 | ||||||
Urban One, Inc.* | 53 | 227 | ||||||
AdTheorent Holding Company, Inc.* | 72 | 223 | ||||||
Inspirato, Inc.* | 45 | 208 | ||||||
Urban One, Inc.* | 36 | 197 | ||||||
Innovid Corp.* | 100 | 166 | ||||||
aka Brands Holding Corp.* | 50 | 138 | ||||||
Total Communications | 454,092 | |||||||
Utilities - 1.3% | ||||||||
Southwest Gas Holdings, Inc. | 295 | 25,689 | ||||||
Black Hills Corp. | 291 | 21,176 | ||||||
ONE Gas, Inc. | 240 | 19,486 | ||||||
Portland General Electric Co. | 399 | 19,284 | ||||||
New Jersey Resources Corp. | 430 | 19,148 | ||||||
South Jersey Industries, Inc. | 549 | 18,743 | ||||||
Brookfield Infrastructure Corp. — Class A | 437 | 18,572 | ||||||
PNM Resources, Inc. | 381 | 18,204 | ||||||
Spire, Inc. | 227 | 16,882 | ||||||
Ormat Technologies, Inc. | 203 | 15,905 | ||||||
ALLETE, Inc. | 256 | 15,048 | ||||||
NorthWestern Corp. | 242 | 14,261 | ||||||
Avista Corp. | 323 | 14,054 | ||||||
American States Water Co. | 165 | 13,449 | ||||||
California Water Service Group | 239 | 13,277 | ||||||
Clearway Energy, Inc. — Class C | 366 | 12,751 | ||||||
MGE Energy, Inc. | 163 | 12,686 | ||||||
Otter Tail Corp. | 184 | 12,352 | ||||||
Chesapeake Utilities Corp. | 78 | 10,105 | ||||||
Northwest Natural Holding Co. | 152 | 8,071 | ||||||
SJW Group | 121 | 7,552 | ||||||
Middlesex Water Co. | 77 | 6,751 | ||||||
Ameresco, Inc. — Class A* | 142 | 6,469 | ||||||
Clearway Energy, Inc. — Class A | 156 | 4,987 | ||||||
Unitil Corp. | 71 | 4,169 | ||||||
York Water Co. | 63 | 2,547 | ||||||
Artesian Resources Corp. — Class A | 37 | 1,819 | ||||||
Altus Power, Inc.* | 187 | 1,180 | ||||||
Global Water Resources, Inc. | 58 | 766 | ||||||
FTC Solar, Inc.* | 185 | 670 | ||||||
Via Renewables, Inc. | 54 | 414 | ||||||
Total Utilities | 356,467 | |||||||
Basic Materials - 1.2% | ||||||||
Rogers Corp.* | 84 | 22,016 | ||||||
Balchem Corp. | 142 | 18,423 | ||||||
Commercial Metals Co. | 540 | 17,874 | ||||||
Livent Corp.* | 724 | 16,428 | ||||||
Cabot Corp. | 248 | 15,820 | ||||||
Sensient Technologies Corp. | 187 | 15,065 | ||||||
HB Fuller Co. | 237 | 14,270 | ||||||
Arconic Corp.* | 472 | 13,240 | ||||||
Allegheny Technologies, Inc.* | 555 | 12,604 | ||||||
Ingevity Corp.* | 174 | 10,986 | ||||||
Innospec, Inc. | 111 | 10,633 | ||||||
Stepan Co. | 95 | 9,628 | ||||||
Hecla Mining Co. | 2,388 | 9,361 | ||||||
Quaker Chemical Corp. | 61 | 9,121 | ||||||
Minerals Technologies, Inc. | 146 | 8,956 | ||||||
Tronox Holdings plc — Class A | 522 | 8,770 | ||||||
Constellium SE* | 555 | 7,332 | ||||||
GCP Applied Technologies, Inc.* | 222 | 6,944 | ||||||
Trinseo plc | 162 | 6,230 | ||||||
Carpenter Technology Corp. | 213 | 5,945 | ||||||
Perimeter Solutions S.A.* | 544 | 5,897 | ||||||
Kaiser Aluminum Corp. | 71 | 5,615 | ||||||
Compass Minerals International, Inc. | 153 | 5,415 | ||||||
Sylvamo Corp. | 159 | 5,196 | ||||||
Novagold Resources, Inc.* | 1,068 | 5,137 | ||||||
Orion Engineered Carbons S.A. | 270 | 4,193 | ||||||
AdvanSix, Inc. | 122 | 4,080 | ||||||
Uranium Energy Corp.* | 1,248 | 3,844 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 116 | 3,810 | ||||||
Coeur Mining, Inc.* | 1,245 | 3,785 | ||||||
Schweitzer-Mauduit International, Inc. | 141 | 3,542 | ||||||
Energy Fuels, Inc.* | 696 | 3,417 | ||||||
Lightwave Logic, Inc.* | 499 | 3,263 | ||||||
Hawkins, Inc. | 87 | 3,135 | ||||||
American Vanguard Corp. | 130 | 2,905 | ||||||
Codexis, Inc.* | 274 | 2,866 | ||||||
Ecovyst, Inc. | 286 | 2,817 | ||||||
Piedmont Lithium, Inc.* | 77 | 2,804 | ||||||
Resolute Forest Products, Inc.* | 205 | 2,616 | ||||||
Neenah, Inc. | 75 | 2,561 | ||||||
Clearwater Paper Corp.* | 75 | 2,522 | ||||||
Origin Materials, Inc.* | 474 | 2,427 | ||||||
Diversey Holdings Ltd.* | 349 | 2,303 | ||||||
Intrepid Potash, Inc.* | 50 | 2,264 | ||||||
Koppers Holdings, Inc. | 92 | 2,083 | ||||||
Danimer Scientific, Inc.* | 405 | 1,847 | ||||||
Kronos Worldwide, Inc. | 98 | 1,803 | ||||||
5E Advanced Materials, Inc.* | 144 | 1,754 | ||||||
Century Aluminum Co.* | 231 | 1,702 | ||||||
Amyris, Inc.* | 879 | 1,626 | ||||||
Glatfelter Corp. | 197 | 1,355 | ||||||
Ur-Energy, Inc.* | 935 | 991 | ||||||
United States Lime & Minerals, Inc. | 9 | 950 | ||||||
Unifi, Inc.* | 62 | 872 | ||||||
Dakota Gold Corp.* | 227 | 760 | ||||||
Hycroft Mining Holding Corp.* | 674 | 748 | ||||||
Rayonier Advanced Materials, Inc.* | 276 | 723 | ||||||
Valhi, Inc. | 11 | 499 | ||||||
PolyMet Mining Corp.* | 131 | 360 | ||||||
Terawulf, Inc.* | 96 | 115 | ||||||
Total Basic Materials | 344,248 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 123 | 1,632 | ||||||
Diversified - 0.0% | ||||||||
Professional Holding Corp. — Class A* | 58 | 1,163 | ||||||
Total Common Stocks | ||||||||
(Cost $10,782,155) | 10,150,099 |
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Elanco Animal Health, Inc.* | 232 | – | ||||||
Oncternal Therapeutics, Inc.* | 2 | – |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
RIGHTS††† - 0.0% (continued) | ||||||||
Consumer, Non-cyclical - 0.0% (continued) | ||||||||
Tobira Therapeutics, Inc.* | 80 | $ | – | |||||
UCB* | 512 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $4) | – |
EXCHANGE-TRADED FUNDS† - 1.4% | ||||||||
iShares Russell 2000 Index ETF1 | 1,164 | 197,135 | ||||||
Vanguard Russell 2000 ETF1 | 2,883 | 197,111 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $509,845) | 394,246 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 38.9% | ||||||||
Federal Home Loan Bank | ||||||||
1.01% due 07/01/222 | $ | 6,000,000 | 6,000,000 | |||||
1.45% due 08/08/222 | 5,000,000 | 4,992,347 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $10,992,347) | 10,992,347 |
U.S. TREASURY BILLS†† - 11.1% | ||||||||
U.S. Cash Management Bill | ||||||||
1.78% due 10/04/222 | 1,500,000 | 1,492,855 | ||||||
1.34% due 10/04/222,3 | 1,242,000 | 1,236,084 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,4 | 415,000 | 414,788 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $3,145,174) | 3,143,727 |
REPURCHASE AGREEMENTS††,5 - 28.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | 4,526,453 | 4,526,453 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 1,762,768 | 1,762,768 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 1,745,314 | 1,745,314 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $8,034,535) | 8,034,535 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 1.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%7 | 444,723 | 444,723 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $444,723) | 444,723 | |||||||
Total Investments - 117.3% | ||||||||
(Cost $33,908,783) | $ | 33,159,677 | ||||||
Other Assets & Liabilities, net - (17.3)% | (4,884,880 | ) | ||||||
Total Net Assets - 100.0% | $ | 28,274,797 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 91 | Sep 2022 | $ | 7,773,675 | $ | 15,311 |
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†† | |||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 4,659 | $ | 7,957,095 | $ | 163,626 | |||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 1.51% (SOFR) | At Maturity | 11/16/22 | 12,689 | 21,672,517 | (1,262,285 | ) | ||||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 1.78% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 5,057 | 8,637,844 | (1,298,805 | ) | ||||||||||||||
$ | 38,267,456 | $ | (2,397,464 | ) |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 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 June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 10,150,099 | $ | — | $ | — | $ | 10,150,099 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Exchange-Traded Funds | 394,246 | — | — | 394,246 | ||||||||||||
Federal Agency Discount Notes | — | 10,992,347 | — | 10,992,347 | ||||||||||||
U.S. Treasury Bills | — | 3,143,727 | — | 3,143,727 | ||||||||||||
Repurchase Agreements | — | 8,034,535 | — | 8,034,535 | ||||||||||||
Securities Lending Collateral | 444,723 | — | — | 444,723 | ||||||||||||
Equity Futures Contracts** | 15,311 | — | — | 15,311 | ||||||||||||
Equity Index Swap Agreements** | — | 163,626 | — | 163,626 | ||||||||||||
Total Assets | $ | 11,004,379 | $ | 22,334,235 | $ | — | $ | 33,338,614 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 2,561,090 | $ | — | $ | 2,561,090 |
* | Security has a market value of $0. |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.8% | ||||||||
Technology - 16.9% | ||||||||
Apple, Inc. | 51,316 | $ | 7,015,924 | |||||
Microsoft Corp. | 24,961 | 6,410,734 | ||||||
NVIDIA Corp. | 8,357 | 1,266,838 | ||||||
Broadcom, Inc. | 1,363 | 662,159 | ||||||
Accenture plc — Class A | 2,114 | 586,952 | ||||||
Adobe, Inc.* | 1,577 | 577,277 | ||||||
Salesforce, Inc.* | 3,316 | 547,273 | ||||||
Intel Corp. | 13,647 | 510,534 | ||||||
QUALCOMM, Inc. | 3,738 | 477,492 | ||||||
Texas Instruments, Inc. | 3,078 | 472,935 | ||||||
International Business Machines Corp. | 3,002 | 423,852 | ||||||
Advanced Micro Devices, Inc.* | 5,409 | 413,626 | ||||||
Oracle Corp. | 5,254 | 367,097 | ||||||
Intuit, Inc. | 944 | 363,855 | ||||||
ServiceNow, Inc.* | 669 | 318,123 | ||||||
Applied Materials, Inc. | 2,948 | 268,209 | ||||||
Analog Devices, Inc. | 1,747 | 255,219 | ||||||
Micron Technology, Inc. | 3,727 | 206,029 | ||||||
Activision Blizzard, Inc. | 2,610 | 203,214 | ||||||
Lam Research Corp. | 463 | 197,307 | ||||||
Fidelity National Information Services, Inc. | 2,038 | 186,823 | ||||||
Fiserv, Inc.* | 1,942 | 172,780 | ||||||
KLA Corp. | 498 | 158,902 | ||||||
Synopsys, Inc.* | 511 | 155,191 | ||||||
Roper Technologies, Inc. | 353 | 139,311 | ||||||
Cadence Design Systems, Inc.* | 920 | 138,028 | ||||||
NXP Semiconductor N.V. | 876 | 129,674 | ||||||
Fortinet, Inc.* | 2,223 | 125,777 | ||||||
Autodesk, Inc.* | 726 | 124,843 | ||||||
Paychex, Inc. | 1,072 | 122,069 | ||||||
Cognizant Technology Solutions Corp. — Class A | 1,739 | 117,365 | ||||||
HP, Inc. | 3,516 | 115,255 | ||||||
Electronic Arts, Inc. | 939 | 114,229 | ||||||
MSCI, Inc. — Class A | 271 | 111,693 | ||||||
Microchip Technology, Inc. | 1,856 | 107,796 | ||||||
ON Semiconductor Corp.* | 1,450 | 72,950 | ||||||
ANSYS, Inc.* | 290 | 69,394 | ||||||
Take-Two Interactive Software, Inc.* | 528 | 64,696 | ||||||
Hewlett Packard Enterprise Co. | 4,339 | 57,535 | ||||||
EPAM Systems, Inc.* | 191 | 56,303 | ||||||
Monolithic Power Systems, Inc. | 146 | 56,070 | ||||||
Broadridge Financial Solutions, Inc. | 391 | 55,737 | ||||||
Zebra Technologies Corp. — Class A* | 175 | 51,441 | ||||||
Skyworks Solutions, Inc. | 537 | 49,748 | ||||||
Akamai Technologies, Inc.* | 535 | 48,861 | ||||||
NetApp, Inc. | 743 | 48,473 | ||||||
Teradyne, Inc. | 535 | 47,909 | ||||||
Seagate Technology Holdings plc | 660 | 47,151 | ||||||
Western Digital Corp.* | 1,045 | 46,847 | ||||||
Leidos Holdings, Inc. | 456 | 45,924 | ||||||
Tyler Technologies, Inc.* | 138 | 45,882 | ||||||
Paycom Software, Inc.* | 161 | 45,099 | ||||||
Jack Henry & Associates, Inc. | 243 | 43,745 | ||||||
Citrix Systems, Inc.* | 416 | 40,423 | ||||||
PTC, Inc.* | 351 | 37,325 | ||||||
Qorvo, Inc.* | 362 | 34,144 | ||||||
DXC Technology Co.* | 816 | 24,733 | ||||||
Ceridian HCM Holding, Inc.* | 459 | 21,610 | ||||||
Total Technology | 24,676,385 | |||||||
Consumer, Non-cyclical - 16.4% | ||||||||
UnitedHealth Group, Inc. | 3,131 | 1,608,175 | ||||||
Johnson & Johnson | 8,782 | 1,558,893 | ||||||
Procter & Gamble Co. | 8,008 | 1,151,470 | ||||||
Pfizer, Inc. | 18,726 | 981,804 | ||||||
AbbVie, Inc. | 5,898 | 903,338 | ||||||
Eli Lilly & Co. | 2,632 | 853,373 | ||||||
Coca-Cola Co. | 13,022 | 819,214 | ||||||
Merck & Company, Inc. | 8,440 | 769,475 | ||||||
PepsiCo, Inc. | 4,615 | 769,136 | ||||||
Thermo Fisher Scientific, Inc. | 1,307 | 710,067 | ||||||
Abbott Laboratories | 5,844 | 634,951 | ||||||
Danaher Corp. | 2,160 | 547,603 | ||||||
Bristol-Myers Squibb Co. | 7,106 | 547,162 | ||||||
Philip Morris International, Inc. | 5,174 | 510,881 | ||||||
Amgen, Inc. | 1,783 | 433,804 | ||||||
CVS Health Corp. | 4,377 | 405,573 | ||||||
Medtronic plc | 4,477 | 401,811 | ||||||
S&P Global, Inc. | 1,158 | 390,315 | ||||||
Elevance Health, Inc. | 805 | 388,477 | ||||||
Automatic Data Processing, Inc. | 1,394 | 292,796 | ||||||
Mondelez International, Inc. — Class A | 4,619 | 286,794 | ||||||
Cigna Corp. | 1,059 | 279,068 | ||||||
Zoetis, Inc. | 1,571 | 270,039 | ||||||
PayPal Holdings, Inc.* | 3,865 | 269,932 | ||||||
Gilead Sciences, Inc. | 4,186 | 258,737 | ||||||
Altria Group, Inc. | 6,043 | 252,416 | ||||||
Vertex Pharmaceuticals, Inc.* | 854 | 240,649 | ||||||
Intuitive Surgical, Inc.* | 1,198 | 240,451 | ||||||
Becton Dickinson and Co. | 951 | 234,450 | ||||||
Colgate-Palmolive Co. | 2,797 | 224,152 | ||||||
Stryker Corp. | 1,123 | 223,398 | ||||||
Regeneron Pharmaceuticals, Inc.* | 361 | 213,398 | ||||||
Humana, Inc. | 422 | 197,526 | ||||||
Edwards Lifesciences Corp.* | 2,075 | 197,312 | ||||||
Estee Lauder Companies, Inc. — Class A | 774 | 197,115 | ||||||
Boston Scientific Corp.* | 4,771 | 177,815 | ||||||
Centene Corp.* | 1,952 | 165,159 | ||||||
Moderna, Inc.* | 1,155 | 164,992 | ||||||
McKesson Corp. | 485 | 158,212 | ||||||
Kimberly-Clark Corp. | 1,125 | 152,044 | ||||||
General Mills, Inc. | 2,010 | 151,654 | ||||||
Moody's Corp. | 536 | 145,776 | ||||||
Archer-Daniels-Midland Co. | 1,878 | 145,733 | ||||||
Sysco Corp. | 1,700 | 144,007 | ||||||
IQVIA Holdings, Inc.* | 632 | 137,138 | ||||||
Corteva, Inc. | 2,415 | 130,748 | ||||||
HCA Healthcare, Inc. | 759 | 127,557 | ||||||
Constellation Brands, Inc. — Class A | 543 | 126,552 | ||||||
Monster Beverage Corp.* | 1,255 | 116,338 | ||||||
Cintas Corp. | 290 | 108,324 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.8% (continued) | ||||||||
Consumer, Non-cyclical - 16.4% (continued) | ||||||||
Baxter International, Inc. | 1,681 | $ | 107,971 | |||||
Hershey Co. | 487 | 104,783 | ||||||
Global Payments, Inc. | 940 | 104,002 | ||||||
Kroger Co. | 2,190 | 103,653 | ||||||
ResMed, Inc. | 488 | 102,299 | ||||||
Biogen, Inc.* | 489 | 99,726 | ||||||
IDEXX Laboratories, Inc.* | 280 | 98,204 | ||||||
Dexcom, Inc.* | 1,310 | 97,634 | ||||||
Illumina, Inc.* | 524 | 96,604 | ||||||
Verisk Analytics, Inc. — Class A | 527 | 91,218 | ||||||
Kraft Heinz Co. | 2,369 | 90,354 | ||||||
Keurig Dr Pepper, Inc. | 2,462 | 87,130 | ||||||
Tyson Foods, Inc. — Class A | 973 | 83,736 | ||||||
Church & Dwight Company, Inc. | 810 | 75,055 | ||||||
West Pharmaceutical Services, Inc. | 247 | 74,685 | ||||||
Equifax, Inc. | 408 | 74,574 | ||||||
Zimmer Biomet Holdings, Inc. | 699 | 73,437 | ||||||
Laboratory Corporation of America Holdings | 309 | 72,417 | ||||||
AmerisourceBergen Corp. — Class A | 503 | 71,164 | ||||||
McCormick & Company, Inc. | 835 | 69,514 | ||||||
STERIS plc | 334 | 68,854 | ||||||
Waters Corp.* | 201 | 66,527 | ||||||
Gartner, Inc.* | 269 | 65,052 | ||||||
Catalent, Inc.* | 598 | 64,159 | ||||||
Kellogg Co. | 846 | 60,354 | ||||||
Quanta Services, Inc. | 480 | 60,163 | ||||||
PerkinElmer, Inc. | 421 | 59,875 | ||||||
United Rentals, Inc.* | 239 | 58,056 | ||||||
Align Technology, Inc.* | 245 | 57,984 | ||||||
Clorox Co. | 411 | 57,943 | ||||||
Hologic, Inc.* | 832 | 57,658 | ||||||
Conagra Brands, Inc. | 1,602 | 54,852 | ||||||
Molina Healthcare, Inc.* | 196 | 54,804 | ||||||
FleetCor Technologies, Inc.* | 258 | 54,208 | ||||||
Quest Diagnostics, Inc. | 392 | 52,128 | ||||||
Cooper Companies, Inc. | 165 | 51,665 | ||||||
Incyte Corp.* | 628 | 47,709 | ||||||
Cardinal Health, Inc. | 909 | 47,513 | ||||||
J M Smucker Co. | 362 | 46,339 | ||||||
Bio-Techne Corp. | 131 | 45,410 | ||||||
Hormel Foods Corp. | 946 | 44,802 | ||||||
Avery Dennison Corp. | 273 | 44,190 | ||||||
Brown-Forman Corp. — Class B | 610 | 42,798 | ||||||
Viatris, Inc. | 4,046 | 42,362 | ||||||
Teleflex, Inc. | 157 | 38,598 | ||||||
ABIOMED, Inc.* | 152 | 37,621 | ||||||
Charles River Laboratories International, Inc.* | 170 | 36,375 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 72 | 35,640 | ||||||
Henry Schein, Inc.* | 461 | 35,377 | ||||||
Lamb Weston Holdings, Inc. | 482 | 34,444 | ||||||
Molson Coors Beverage Co. — Class B | 629 | 34,287 | ||||||
Campbell Soup Co. | 675 | 32,434 | ||||||
MarketAxess Holdings, Inc. | 126 | 32,257 | ||||||
Organon & Co. | 847 | 28,586 | ||||||
Nielsen Holdings plc | 1,200 | 27,864 | ||||||
Robert Half International, Inc. | 369 | 27,634 | ||||||
Rollins, Inc. | 756 | 26,400 | ||||||
Dentsply Sirona, Inc. | 719 | 25,690 | ||||||
Universal Health Services, Inc. — Class B | 224 | 22,559 | ||||||
DaVita, Inc.* | 202 | 16,152 | ||||||
Total Consumer, Non-cyclical | 23,991,287 | |||||||
Financial - 10.9% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 6,038 | 1,648,495 | ||||||
JPMorgan Chase & Co. | 9,803 | 1,103,916 | ||||||
Visa, Inc. — Class A | 5,493 | 1,081,517 | ||||||
Mastercard, Inc. — Class A | 2,866 | 904,166 | ||||||
Bank of America Corp. | 23,662 | 736,598 | ||||||
Wells Fargo & Co. | 12,651 | 495,540 | ||||||
American Tower Corp. — Class A REIT | 1,551 | 396,420 | ||||||
Morgan Stanley | 4,671 | 355,276 | ||||||
Goldman Sachs Group, Inc. | 1,146 | 340,385 | ||||||
Charles Schwab Corp. | 5,034 | 318,048 | ||||||
Citigroup, Inc. | 6,481 | 298,061 | ||||||
Prologis, Inc. REIT | 2,471 | 290,713 | ||||||
BlackRock, Inc. — Class A | 475 | 289,294 | ||||||
American Express Co. | 2,036 | 282,230 | ||||||
Chubb Ltd. | 1,414 | 277,964 | ||||||
Marsh & McLennan Companies, Inc. | 1,675 | 260,044 | ||||||
CME Group, Inc. — Class A | 1,200 | 245,640 | ||||||
Crown Castle International Corp. REIT | 1,445 | 243,309 | ||||||
Progressive Corp. | 1,952 | 226,959 | ||||||
PNC Financial Services Group, Inc. | 1,380 | 217,723 | ||||||
Truist Financial Corp. | 4,444 | 210,779 | ||||||
U.S. Bancorp | 4,512 | 207,642 | ||||||
Equinix, Inc. REIT | 304 | 199,734 | ||||||
Aon plc — Class A | 709 | 191,203 | ||||||
Intercontinental Exchange, Inc. | 1,863 | 175,196 | ||||||
Public Storage REIT | 510 | 159,462 | ||||||
MetLife, Inc. | 2,307 | 144,857 | ||||||
Realty Income Corp. REIT | 2,008 | 137,066 | ||||||
Capital One Financial Corp. | 1,312 | 136,697 | ||||||
Travelers Companies, Inc. | 801 | 135,473 | ||||||
American International Group, Inc. | 2,644 | 135,188 | ||||||
Welltower, Inc. REIT | 1,515 | 124,760 | ||||||
Digital Realty Trust, Inc. REIT | 950 | 123,339 | ||||||
Prudential Financial, Inc. | 1,252 | 119,791 | ||||||
Allstate Corp. | 918 | 116,338 | ||||||
SBA Communications Corp. REIT | 360 | 115,218 | ||||||
Arthur J Gallagher & Co. | 701 | 114,291 | ||||||
Aflac, Inc. | 1,978 | 109,443 | ||||||
Simon Property Group, Inc. REIT | 1,096 | 104,032 | ||||||
Bank of New York Mellon Corp. | 2,480 | 103,441 | ||||||
VICI Properties, Inc. REIT | 3,214 | 95,745 | ||||||
M&T Bank Corp. | 599 | 95,475 | ||||||
AvalonBay Communities, Inc. REIT | 467 | 90,715 | ||||||
Discover Financial Services | 938 | 88,716 | ||||||
Ameriprise Financial, Inc. | 367 | 87,229 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.8% (continued) | ||||||||
Financial - 10.9% (continued) | ||||||||
First Republic Bank | 599 | $ | 86,376 | |||||
T. Rowe Price Group, Inc. | 759 | 86,230 | ||||||
Equity Residential REIT | 1,142 | 82,475 | ||||||
Weyerhaeuser Co. REIT | 2,485 | 82,303 | ||||||
CBRE Group, Inc. — Class A* | 1,091 | 80,308 | ||||||
SVB Financial Group* | 196 | 77,418 | ||||||
Fifth Third Bancorp | 2,290 | 76,944 | ||||||
Extra Space Storage, Inc. REIT | 448 | 76,214 | ||||||
State Street Corp. | 1,225 | 75,521 | ||||||
Willis Towers Watson plc | 372 | 73,429 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 496 | 71,935 | ||||||
Hartford Financial Services Group, Inc. | 1,098 | 71,842 | ||||||
Duke Realty Corp. REIT | 1,283 | 70,501 | ||||||
Ventas, Inc. REIT | 1,334 | 68,608 | ||||||
Mid-America Apartment Communities, Inc. REIT | 385 | 67,248 | ||||||
Northern Trust Corp. | 695 | 67,054 | ||||||
Cincinnati Financial Corp. | 498 | 59,252 | ||||||
Nasdaq, Inc. | 385 | 58,728 | ||||||
Regions Financial Corp. | 3,119 | 58,481 | ||||||
Citizens Financial Group, Inc. | 1,637 | 58,424 | ||||||
Raymond James Financial, Inc. | 649 | 58,027 | ||||||
Huntington Bancshares, Inc. | 4,803 | 57,780 | ||||||
Essex Property Trust, Inc. REIT | 218 | 57,009 | ||||||
KeyCorp | 3,112 | 53,620 | ||||||
Principal Financial Group, Inc. | 784 | 52,363 | ||||||
Camden Property Trust REIT | 356 | 47,875 | ||||||
W R Berkley Corp. | 699 | 47,714 | ||||||
Iron Mountain, Inc. REIT | 970 | 47,229 | ||||||
Healthpeak Properties, Inc. REIT | 1,801 | 46,664 | ||||||
Synchrony Financial | 1,674 | 46,236 | ||||||
UDR, Inc. REIT | 999 | 45,994 | ||||||
Brown & Brown, Inc. | 782 | 45,622 | ||||||
Boston Properties, Inc. REIT | 476 | 42,354 | ||||||
Kimco Realty Corp. REIT | 2,063 | 40,786 | ||||||
Cboe Global Markets, Inc. | 354 | 40,069 | ||||||
Loews Corp. | 649 | 38,460 | ||||||
Signature Bank | 210 | 37,634 | ||||||
Host Hotels & Resorts, Inc. REIT | 2,386 | 37,412 | ||||||
Everest Re Group Ltd. | 132 | 36,997 | ||||||
Comerica, Inc. | 436 | 31,994 | ||||||
Assurant, Inc. | 181 | 31,286 | ||||||
Regency Centers Corp. REIT | 518 | 30,723 | ||||||
Globe Life, Inc. | 303 | 29,533 | ||||||
Zions Bancorp North America | 505 | 25,704 | ||||||
Lincoln National Corp. | 539 | 25,209 | ||||||
Federal Realty OP, LP REIT | 239 | 22,882 | ||||||
Franklin Resources, Inc. | 934 | 21,772 | ||||||
Invesco Ltd. | 1,124 | 18,130 | ||||||
Vornado Realty Trust REIT | 531 | 15,181 | ||||||
Total Financial | 15,915,678 | |||||||
Communications - 9.3% | ||||||||
Amazon.com, Inc.* | 29,203 | 3,101,651 | ||||||
Alphabet, Inc. — Class A* | 1,004 | 2,187,977 | ||||||
Alphabet, Inc. — Class C* | 920 | 2,012,454 | ||||||
Meta Platforms, Inc. — Class A* | 7,655 | 1,234,369 | ||||||
Verizon Communications, Inc. | 14,017 | 711,363 | ||||||
Cisco Systems, Inc. | 13,865 | 591,203 | ||||||
Comcast Corp. — Class A | 14,921 | 585,500 | ||||||
Walt Disney Co.* | 6,079 | 573,858 | ||||||
AT&T, Inc. | 23,893 | 500,797 | ||||||
T-Mobile US, Inc.* | 1,966 | 264,505 | ||||||
Netflix, Inc.* | 1,483 | 259,332 | ||||||
Booking Holdings, Inc.* | 136 | 237,863 | ||||||
Charter Communications, Inc. — Class A* | 387 | 181,321 | ||||||
Motorola Solutions, Inc. | 558 | 116,957 | ||||||
Warner Bros Discovery, Inc.* | 7,371 | 98,919 | ||||||
Twitter, Inc.* | 2,546 | 95,195 | ||||||
Corning, Inc. | 2,537 | 79,941 | ||||||
eBay, Inc. | 1,869 | 77,881 | ||||||
CDW Corp. | 451 | 71,059 | ||||||
Arista Networks, Inc.* | 751 | 70,399 | ||||||
Match Group, Inc.* | 953 | 66,415 | ||||||
VeriSign, Inc.* | 318 | 53,211 | ||||||
Paramount Global — Class B | 2,031 | 50,125 | ||||||
FactSet Research Systems, Inc. | 126 | 48,456 | ||||||
Expedia Group, Inc.* | 506 | 47,984 | ||||||
Omnicom Group, Inc. | 687 | 43,700 | ||||||
NortonLifeLock, Inc. | 1,942 | 42,646 | ||||||
Interpublic Group of Companies, Inc. | 1,314 | 36,175 | ||||||
Lumen Technologies, Inc. | 3,103 | 33,854 | ||||||
Fox Corp. — Class A | 1,040 | 33,446 | ||||||
Etsy, Inc.* | 424 | 31,041 | ||||||
F5, Inc.* | 202 | 30,914 | ||||||
Juniper Networks, Inc. | 1,078 | 30,723 | ||||||
News Corp. — Class A | 1,297 | 20,207 | ||||||
DISH Network Corp. — Class A* | 837 | 15,007 | ||||||
Fox Corp. — Class B | 483 | 14,345 | ||||||
News Corp. — Class B | 402 | 6,388 | ||||||
Total Communications | 13,657,181 | |||||||
Consumer, Cyclical - 6.6% | ||||||||
Tesla, Inc.* | 2,801 | 1,886,250 | ||||||
Home Depot, Inc. | 3,449 | 945,957 | ||||||
Costco Wholesale Corp. | 1,479 | 708,855 | ||||||
McDonald's Corp. | 2,468 | 609,300 | ||||||
Walmart, Inc. | 4,686 | 569,724 | ||||||
NIKE, Inc. — Class B | 4,235 | 432,817 | ||||||
Lowe's Companies, Inc. | 2,207 | 385,497 | ||||||
Starbucks Corp. | 3,828 | 292,421 | ||||||
TJX Companies, Inc. | 3,920 | 218,932 | ||||||
Target Corp. | 1,543 | 217,918 | ||||||
Dollar General Corp. | 764 | 187,516 | ||||||
General Motors Co.* | 4,866 | 154,544 | ||||||
Ford Motor Co. | 13,180 | 146,693 | ||||||
AutoZone, Inc.* | 66 | 141,842 | ||||||
O'Reilly Automotive, Inc.* | 219 | 138,355 | ||||||
Marriott International, Inc. — Class A | 918 | 124,857 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 93 | 121,575 | ||||||
Dollar Tree, Inc.* | 751 | 117,043 | ||||||
Yum! Brands, Inc. | 952 | 108,062 | ||||||
Hilton Worldwide Holdings, Inc. | 929 | 103,528 | ||||||
Fastenal Co. | 1,921 | 95,896 | ||||||
PACCAR, Inc. | 1,160 | 95,514 | ||||||
Cummins, Inc. | 471 | 91,153 | ||||||
Walgreens Boots Alliance, Inc. | 2,393 | 90,695 | ||||||
Ross Stores, Inc. | 1,173 | 82,380 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.8% (continued) | ||||||||
Consumer, Cyclical - 6.6% (continued) | ||||||||
Aptiv plc* | 904 | $ | 80,519 | |||||
Copart, Inc.* | 713 | 77,475 | ||||||
Tractor Supply Co. | 373 | 72,306 | ||||||
Southwest Airlines Co.* | 1,979 | 71,481 | ||||||
DR Horton, Inc. | 1,069 | 70,757 | ||||||
Ulta Beauty, Inc.* | 174 | 67,074 | ||||||
WW Grainger, Inc. | 143 | 64,983 | ||||||
Genuine Parts Co. | 473 | 62,909 | ||||||
Delta Air Lines, Inc.* | 2,140 | 61,996 | ||||||
Lennar Corp. — Class A | 863 | 60,902 | ||||||
CarMax, Inc.* | 536 | 48,497 | ||||||
VF Corp. | 1,077 | 47,571 | ||||||
Pool Corp. | 134 | 47,065 | ||||||
Darden Restaurants, Inc. | 416 | 47,058 | ||||||
Domino's Pizza, Inc. | 120 | 46,765 | ||||||
Best Buy Company, Inc. | 676 | 44,069 | ||||||
NVR, Inc.* | 11 | 44,045 | ||||||
LKQ Corp. | 868 | 42,610 | ||||||
United Airlines Holdings, Inc.* | 1,090 | 38,608 | ||||||
Las Vegas Sands Corp.* | 1,148 | 38,561 | ||||||
Live Nation Entertainment, Inc.* | 457 | 37,739 | ||||||
Hasbro, Inc. | 437 | 35,782 | ||||||
Advance Auto Parts, Inc. | 204 | 35,310 | ||||||
MGM Resorts International | 1,180 | 34,161 | ||||||
PulteGroup, Inc. | 793 | 31,427 | ||||||
Whirlpool Corp. | 188 | 29,116 | ||||||
American Airlines Group, Inc.* | 2,168 | 27,490 | ||||||
Caesars Entertainment, Inc.* | 715 | 27,385 | ||||||
BorgWarner, Inc. | 800 | 26,696 | ||||||
Royal Caribbean Cruises Ltd.* | 749 | 26,147 | ||||||
Tapestry, Inc. | 840 | 25,637 | ||||||
Carnival Corp.* | 2,709 | 23,433 | ||||||
Newell Brands, Inc. | 1,228 | 23,381 | ||||||
Bath & Body Works, Inc. | 796 | 21,428 | ||||||
Wynn Resorts Ltd.* | 352 | 20,057 | ||||||
Alaska Air Group, Inc.* | 421 | 16,861 | ||||||
Penn National Gaming, Inc.* | 546 | 16,609 | ||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 1,399 | 15,557 | ||||||
Ralph Lauren Corp. — Class A | 154 | 13,806 | ||||||
PVH Corp. | 225 | 12,803 | ||||||
Total Consumer, Cyclical | 9,703,400 | |||||||
Industrial - 5.6% | ||||||||
Raytheon Technologies Corp. | 4,964 | 477,090 | ||||||
United Parcel Service, Inc. — Class B | 2,451 | 447,405 | ||||||
Union Pacific Corp. | 2,096 | 447,035 | ||||||
Honeywell International, Inc. | 2,272 | 394,896 | ||||||
Lockheed Martin Corp. | 790 | 339,669 | ||||||
Caterpillar, Inc. | 1,780 | 318,193 | ||||||
Deere & Co. | 932 | 279,106 | ||||||
Boeing Co.* | 1,856 | 253,752 | ||||||
3M Co. | 1,899 | 245,750 | ||||||
General Electric Co. | 3,674 | 233,924 | ||||||
Northrop Grumman Corp. | 488 | 233,542 | ||||||
CSX Corp. | 7,257 | 210,888 | ||||||
Waste Management, Inc. | 1,275 | 195,049 | ||||||
Norfolk Southern Corp. | 795 | 180,696 | ||||||
FedEx Corp. | 796 | 180,461 | ||||||
Illinois Tool Works, Inc. | 946 | 172,409 | ||||||
General Dynamics Corp. | 769 | 170,141 | ||||||
Eaton Corporation plc | 1,332 | 167,819 | ||||||
Emerson Electric Co. | 1,983 | 157,728 | ||||||
L3Harris Technologies, Inc. | 644 | 155,655 | ||||||
Amphenol Corp. — Class A | 1,993 | 128,309 | ||||||
TE Connectivity Ltd. | 1,075 | 121,636 | ||||||
Agilent Technologies, Inc. | 1,002 | 119,008 | ||||||
Johnson Controls International plc | 2,322 | 111,177 | ||||||
Parker-Hannifin Corp. | 428 | 105,309 | ||||||
Trane Technologies plc | 781 | 101,428 | ||||||
Carrier Global Corp. | 2,831 | 100,953 | ||||||
Otis Worldwide Corp. | 1,411 | 99,715 | ||||||
TransDigm Group, Inc.* | 173 | 92,844 | ||||||
Republic Services, Inc. — Class A | 696 | 91,086 | ||||||
Mettler-Toledo International, Inc.* | 76 | 87,307 | ||||||
AMETEK, Inc. | 771 | 84,725 | ||||||
Keysight Technologies, Inc.* | 607 | 83,675 | ||||||
Old Dominion Freight Line, Inc. | 306 | 78,422 | ||||||
Rockwell Automation, Inc. | 388 | 77,332 | ||||||
Ball Corp. | 1,067 | 73,378 | ||||||
Fortive Corp. | 1,196 | 65,038 | ||||||
Vulcan Materials Co. | 444 | 63,092 | ||||||
Amcor plc | 5,016 | 62,349 | ||||||
Martin Marietta Materials, Inc. | 208 | 62,242 | ||||||
Teledyne Technologies, Inc.* | 156 | 58,517 | ||||||
Dover Corp. | 481 | 58,355 | ||||||
Ingersoll Rand, Inc. | 1,355 | 57,019 | ||||||
Expeditors International of Washington, Inc. | 560 | 54,578 | ||||||
Jacobs Engineering Group, Inc. | 429 | 54,539 | ||||||
Stanley Black & Decker, Inc. | 504 | 52,850 | ||||||
Westinghouse Air Brake Technologies Corp. | 610 | 50,069 | ||||||
Garmin Ltd. | 509 | 50,009 | ||||||
Trimble, Inc.* | 835 | 48,622 | ||||||
Xylem, Inc. | 601 | 46,986 | ||||||
IDEX Corp. | 254 | 46,134 | ||||||
Generac Holdings, Inc.* | 213 | 44,853 | ||||||
J.B. Hunt Transport Services, Inc. | 280 | 44,092 | ||||||
Textron, Inc. | 718 | 43,848 | ||||||
CH Robinson Worldwide, Inc. | 425 | 43,082 | ||||||
Packaging Corporation of America | 313 | 43,037 | ||||||
Masco Corp. | 787 | 39,822 | ||||||
Howmet Aerospace, Inc. | 1,255 | 39,470 | ||||||
Nordson Corp. | 180 | 36,439 | ||||||
Snap-on, Inc. | 178 | 35,071 | ||||||
Westrock Co. | 851 | 33,904 | ||||||
Huntington Ingalls Industries, Inc. | 134 | 29,188 | ||||||
Allegion plc | 293 | 28,685 | ||||||
Sealed Air Corp. | 488 | 28,167 | ||||||
Fortune Brands Home & Security, Inc. | 437 | 26,168 | ||||||
Pentair plc | 552 | 25,265 | ||||||
A O Smith Corp. | 434 | 23,731 | ||||||
Mohawk Industries, Inc.* | 172 | 21,344 | ||||||
Total Industrial | 8,234,077 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 72.8% (continued) | ||||||||
Energy - 3.3% | ||||||||
Exxon Mobil Corp. | 14,060 | $ | 1,204,099 | |||||
Chevron Corp. | 6,558 | 949,467 | ||||||
ConocoPhillips | 4,317 | 387,710 | ||||||
EOG Resources, Inc. | 1,955 | 215,910 | ||||||
Occidental Petroleum Corp. | 2,972 | 174,991 | ||||||
Schlumberger N.V. | 4,718 | 168,716 | ||||||
Pioneer Natural Resources Co. | 751 | 167,533 | ||||||
Marathon Petroleum Corp. | 1,806 | 148,471 | ||||||
Valero Energy Corp. | 1,362 | 144,753 | ||||||
Phillips 66 | 1,606 | 131,676 | ||||||
Williams Companies, Inc. | 4,065 | 126,869 | ||||||
Devon Energy Corp. | 2,049 | 112,920 | ||||||
Kinder Morgan, Inc. | 6,508 | 109,074 | ||||||
Hess Corp. | 925 | 97,995 | ||||||
Halliburton Co. | 3,010 | 94,394 | ||||||
Baker Hughes Co. | 3,122 | 90,132 | ||||||
Enphase Energy, Inc.* | 451 | 88,053 | ||||||
ONEOK, Inc. | 1,491 | 82,750 | ||||||
Coterra Energy, Inc. — Class A | 2,689 | 69,349 | ||||||
Diamondback Energy, Inc. | 557 | 67,481 | ||||||
Marathon Oil Corp. | 2,362 | 53,098 | ||||||
SolarEdge Technologies, Inc.* | 185 | 50,631 | ||||||
APA Corp. | 1,129 | 39,402 | ||||||
Total Energy | 4,775,474 | |||||||
Utilities - 2.3% | ||||||||
NextEra Energy, Inc. | 6,557 | 507,905 | ||||||
Duke Energy Corp. | 2,570 | 275,530 | ||||||
Southern Co. | 3,546 | 252,865 | ||||||
Dominion Energy, Inc. | 2,708 | 216,126 | ||||||
American Electric Power Company, Inc. | 1,714 | 164,441 | ||||||
Sempra Energy | 1,049 | 157,633 | ||||||
Exelon Corp. | 3,272 | 148,287 | ||||||
Xcel Energy, Inc. | 1,818 | 128,642 | ||||||
Consolidated Edison, Inc. | 1,182 | 112,408 | ||||||
WEC Energy Group, Inc. | 1,053 | 105,974 | ||||||
Public Service Enterprise Group, Inc. | 1,666 | 105,425 | ||||||
Eversource Energy | 1,151 | 97,225 | ||||||
American Water Works Company, Inc. | 607 | 90,303 | ||||||
DTE Energy Co. | 647 | 82,007 | ||||||
Edison International | 1,272 | 80,441 | ||||||
Ameren Corp. | 862 | 77,890 | ||||||
Entergy Corp. | 679 | 76,483 | ||||||
FirstEnergy Corp. | 1,906 | 73,171 | ||||||
PPL Corp. | 2,456 | 66,631 | ||||||
CMS Energy Corp. | 968 | 65,340 | ||||||
Constellation Energy Corp. | 1,090 | 62,413 | ||||||
CenterPoint Energy, Inc. | 2,101 | 62,148 | ||||||
Atmos Energy Corp. | 464 | 52,014 | ||||||
Evergy, Inc. | 766 | 49,982 | ||||||
Alliant Energy Corp. | 837 | 49,057 | ||||||
AES Corp. | 2,229 | 46,831 | ||||||
NiSource, Inc. | 1,354 | 39,930 | ||||||
NRG Energy, Inc. | 792 | 30,231 | ||||||
Pinnacle West Capital Corp. | 377 | 27,566 | ||||||
Total Utilities | 3,304,899 | |||||||
Basic Materials - 1.5% | ||||||||
Linde plc | 1,680 | 483,051 | ||||||
Sherwin-Williams Co. | 799 | 178,904 | ||||||
Air Products and Chemicals, Inc. | 740 | 177,955 | ||||||
Newmont Corp. | 2,649 | 158,066 | ||||||
Freeport-McMoRan, Inc. | 4,837 | 141,531 | ||||||
Ecolab, Inc. | 829 | 127,467 | ||||||
Dow, Inc. | 2,430 | 125,412 | ||||||
International Flavors & Fragrances, Inc. | 851 | 101,371 | ||||||
DuPont de Nemours, Inc. | 1,697 | 94,319 | ||||||
Nucor Corp. | 888 | 92,716 | ||||||
PPG Industries, Inc. | 788 | 90,100 | ||||||
Albemarle Corp. | 391 | 81,711 | ||||||
LyondellBasell Industries N.V. — Class A | 864 | 75,566 | ||||||
CF Industries Holdings, Inc. | 696 | 59,668 | ||||||
Mosaic Co. | 1,208 | 57,054 | ||||||
International Paper Co. | 1,237 | 51,744 | ||||||
FMC Corp. | 420 | 44,944 | ||||||
Celanese Corp. — Class A | 361 | 42,457 | ||||||
Eastman Chemical Co. | 430 | 38,601 | ||||||
Total Basic Materials | 2,222,637 | |||||||
Total Common Stocks | ||||||||
(Cost $91,082,002) | 106,481,018 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 13.9% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,3 | $ | 16,958,000 | 16,877,226 | |||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/223,4 | 3,348,000 | 3,346,288 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $20,241,872) | 20,223,514 |
FEDERAL AGENCY DISCOUNT NOTES†† - 10.3% | ||||||||
Federal Home Loan Bank | ||||||||
1.01% due 07/01/223 | 10,000,000 | 10,000,000 | ||||||
1.15% due 07/06/223 | 5,000,000 | 4,999,201 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $14,999,201) | 14,999,201 |
REPURCHASE AGREEMENTS††,5 - 14.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | 11,573,448 | 11,573,448 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 4,507,127 | 4,507,127 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 4,462,501 | 4,462,501 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $20,543,076) | 20,543,076 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,6 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%7 | 12,216 | $ | 12,216 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $12,216) | 12,216 | |||||||
Total Investments - 111.0% | ||||||||
(Cost $146,878,367) | $ | 162,259,025 | ||||||
Other Assets & Liabilities, net - (11.0)% | (16,037,433 | ) | ||||||
Total Net Assets - 100.0% | $ | 146,221,592 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 407 | Sep 2022 | $ | 77,116,325 | $ | (1,622,291 | ) |
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†† | |||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 2.03% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 8,185 | $ | 30,984,511 | $ | (295,719 | ) | ||||||||||||
BNP Paribas | S&P 500 Index | Pay | 2.18% (Federal Funds Rate + 0.60%) | At Maturity | 11/17/22 | 2,885 | 10,919,292 | (559,592 | ) | ||||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 1.96% (SOFR + 0.45%) | At Maturity | 11/16/22 | 17,671 | 66,891,834 | (8,324,501 | ) | ||||||||||||||
$ | 108,795,637 | $ | (9,179,812 | ) |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2022. |
CME — Chicago Mercantile Exchange | |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust | |
SOFR — Secured Overnight Financing Rate | |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 106,481,018 | $ | — | $ | — | $ | 106,481,018 | ||||||||
U.S. Treasury Bills | — | 20,223,514 | — | 20,223,514 | ||||||||||||
Federal Agency Discount Notes | — | 14,999,201 | — | 14,999,201 | ||||||||||||
Repurchase Agreements | — | 20,543,076 | — | 20,543,076 | ||||||||||||
Securities Lending Collateral | 12,216 | — | — | 12,216 | ||||||||||||
Total Assets | $ | 106,493,234 | $ | 55,765,791 | $ | — | $ | 162,259,025 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 1,622,291 | $ | — | $ | — | $ | 1,622,291 | ||||||||
Equity Index Swap Agreements** | — | 9,179,812 | — | 9,179,812 | ||||||||||||
Total Liabilities | $ | 1,622,291 | $ | 9,179,812 | $ | — | $ | 10,802,103 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
Note 1 – Organization and Significant Accounting Policies
Organization
The Rydex Dynamic Funds (the “Trust”), a Delaware statutory trust, is registered with the 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 |
Dow 2x Strategy Fund | Non-diversified |
Inverse Dow 2x Strategy Fund | Non-diversified |
Inverse NASDAQ-100® 2x Strategy Fund | Non-diversified |
Inverse Russell 2000® 2x Strategy Fund | Non-diversified |
Inverse S&P 500® 2x Strategy Fund | Non-diversified |
NASDAQ-100® 2x Strategy Fund | Non-diversified |
Russell 2000® 2x Strategy Fund | Non-diversified |
S&P 500® 2x Strategy Fund | Non-diversified |
For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for 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 Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided 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 Valuation Committee.
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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid 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 are valued at the last quoted sale price.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.
Debt securities 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. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.
The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued 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 accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the New York Stock Exchange ("NYSE").
Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Investments (“GI”), subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. 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.
Note 2 – Derivatives
As part of their investment strategy, the Funds utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used 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:
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 SCHEDULE OF INVESTMENTS (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.
In conjunction with the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.
The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — 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.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored 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 collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
At June 30, 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 Bond | |||||||||||||||||
1.48% | 2.38% | |||||||||||||||||
Due 07/01/22 | $ | 49,428,565 | $ | 49,430,597 | Due 05/15/51 | $ | 59,190,200 | $ | 50,417,191 | |||||||||
Barclays Capital, Inc. | U.S. Treasury Inflation Indexed Bond | |||||||||||||||||
1.42% | 0.38% | |||||||||||||||||
Due 07/01/22 | 19,249,301 | 19,250,061 | Due 07/15/23 | 19,244,446 | 19,634,408 | |||||||||||||
BofA Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
1.44% | 1.63% | |||||||||||||||||
Due 07/01/22 | 19,058,714 | 19,059,477 | Due 05/15/31 | 21,869,500 | 19,439,935 |
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.
At June 30, 2022, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Fund | Value of Securities Loaned | Collateral Received | ||||||
NASDAQ-100® 2x Strategy Fund | $ | 1,213,738 | $ | 1,248,065 | ||||
Russell 2000® 2x Strategy Fund | 428,803 | 444,723 | ||||||
S&P 500® 2x Strategy Fund | 11,320 | 12,216 |
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
Note 6 – Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code 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 June 30, 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 Unrealized Appreciation | Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) | ||||||||||||
Dow 2x Strategy Fund | $ | 24,872,876 | $ | 4,354,931 | $ | (1,450,248 | ) | $ | 2,904,683 | |||||||
Inverse Dow 2x Strategy Fund | 5,714,018 | 861,358 | (769 | ) | 860,589 | |||||||||||
Inverse NASDAQ-100® 2x Strategy Fund | 19,471,307 | 5,061,479 | (924 | ) | 5,060,555 | |||||||||||
Inverse Russell 2000® 2x Strategy Fund | 10,090,136 | 2,277,073 | (109 | ) | 2,276,964 | |||||||||||
Inverse S&P 500® 2x Strategy Fund | 23,462,603 | 2,943,992 | (375 | ) | 2,943,617 | |||||||||||
NASDAQ-100® 2x Strategy Fund | 400,573,665 | 61,449,935 | (30,921,385 | ) | 30,528,550 | |||||||||||
Russell 2000® 2x Strategy Fund | 35,649,875 | 191,406 | (5,063,757 | ) | (4,872,351 | ) | ||||||||||
S&P 500® 2x Strategy Fund | 175,823,265 | – | (24,366,343 | ) | (24,366,343 | ) |
Note 7 – COVID-19 and Other Market Risks
The outbreak of COVID-19 and the recovery response has caused and continues to cause at times reduced consumer demand and economic output, supply chain disruptions, and market closures, travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded in recent years to this situation with significant fiscal and monetary policy changes. These included providing direct capital infusions into companies, introducing new monetary programs, and lowering interest rates. In some cases, these responses resulted in high inflation, low interest rates, and negative interest rates. Recently, the United States and other governments have also made investments and engaged in infrastructure modernization projects that have also increased public debt and spending. These actions, including their reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. These actions also contribute to a risk that asset prices have a high degree of correlation across markets and asset classes. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict.
The value of, or income generated by, the investments held by a Fund are subject to the possibility of rapid and unpredictable fluctuation, and loss. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, 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, 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 periods. Changing economic, political, geopolitical, social, or, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by a Fund in a different country or geographic region and economies, markets and issuers generally because of the increasingly interconnected global economies and financial markets.
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.