Rydex Dynamic Funds NPORT-P Inverse Russell 2000 2x Strategy Fund (Dec 2022 report)

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 77.5%
Consumer, Non-cyclical - 19.9%
UnitedHealth Group, Inc.		5,287	$	2,803,061
Amgen, Inc.		5,287		1,388,578
Johnson & Johnson		5,287		933,948
Procter & Gamble Co.		5,287		801,298
Merck & Company, Inc.		5,287		586,593
Coca-Cola Co.		5,287		336,306
Total Consumer, Non-cyclical				6,849,784
Financial - 15.7%
Goldman Sachs Group, Inc.		5,287		1,815,450
Visa, Inc. — Class A		5,287		1,098,427
Travelers Companies, Inc.		5,287		991,260
American Express Co.		5,287		781,154
JPMorgan Chase & Co.		5,287		708,987
Total Financial				5,395,278
Consumer, Cyclical - 13.5%
Home Depot, Inc.		5,287		1,669,952
McDonald's Corp.		5,287		1,393,283
Walmart, Inc.		5,287		749,644
NIKE, Inc. — Class B		5,287		618,632
Walgreens Boots Alliance, Inc.		5,287		197,522
Total Consumer, Cyclical				4,629,033
Industrial - 11.8%
Caterpillar, Inc.		5,287		1,266,554
Honeywell International, Inc.		5,287		1,133,004
Boeing Co.*		5,287		1,007,120
3M Co.		5,287		634,017
Total Industrial				4,040,695
Technology - 10.3%
Microsoft Corp.		5,287		1,267,929
International Business Machines Corp.		5,287		744,885
Salesforce, Inc.*		5,287		701,003
Apple, Inc.		5,287		686,940
Intel Corp.		5,287		139,735
Total Technology				3,540,492
Energy - 2.8%
Chevron Corp.		5,287		948,964
		–
Communications - 2.7%
Walt Disney Co.*		5,287		459,335
Cisco Systems, Inc.		5,287		251,872
Verizon Communications, Inc.		5,287		208,308
Total Communications				919,515
Basic Materials - 0.8%
Dow, Inc.		5,287		266,412
		–
Total Common Stocks
(Cost $17,874,762)				26,590,173

	Face Amount
U.S. TREASURY BILLS†† - 14.9%
U.S. Treasury Bills
3.89% due 01/12/231,2	$	5,000,000		4,995,660
3.79% due 01/17/232,3		129,000		128,815
Total U.S. Treasury Bills
(Cost $5,122,842)				5,124,475
REPURCHASE AGREEMENTS††,4 - 6.4%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/231		1,249,398		1,249,398
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/231		480,538		480,538
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/231		479,049		479,049
Total Repurchase Agreements
(Cost $2,208,985)				2,208,985
Total Investments - 98.8%
(Cost $25,206,589)			$	33,923,633
Other Assets & Liabilities, net - 1.2%				419,063
Total Net Assets - 100.0%			$	34,342,696

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		23	Mar 2023	$	3,828,695	$	9,740

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	4.88% (Federal Funds Rate + 0.55%)	At Maturity	01/26/23		309	$	10,230,209	$	12,595
Barclays Bank plc	Dow Jones Industrial Average Index	Pay	4.80% (SOFR + 0.50%)	At Maturity	01/25/23		845	$	28,017,196	$	(450,337)
								$	38,247,405	$	(437,742)

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 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 pledged as equity index swap collateral at December 31, 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 December 31, 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 December 31, 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	$	26,590,173	$	—	$	—	$	26,590,173
U.S. Treasury Bills		—		5,124,475		—		5,124,475
Repurchase Agreements		—		2,208,985		—		2,208,985
Equity Futures Contracts**		9,740		—		—		9,740
Equity Index Swap Agreements**		—		12,595		—		12,595
Total Assets	$	26,599,913	$	7,346,055	$	—	$	33,945,968

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	450,337	$	—	$	450,337

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

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
U.S. TREASURY BILLS†† - 6.9%
U.S. Treasury Bills
3.89% due 01/12/231,2	$	400,000	$	399,653
3.61% due 01/12/231,2		150,000		149,870
3.80% due 01/17/232,3		8,000		7,988
Total U.S. Treasury Bills
(Cost $557,346)				557,511
REPURCHASE AGREEMENTS††,4 - 102.0%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/231		4,701,475		4,701,475
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/231		1,808,260		1,808,260
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/231		1,802,659		1,802,659
Total Repurchase Agreements
(Cost $8,312,394)				8,312,394
Total Investments - 108.9%
(Cost $8,869,740)			$	8,869,905
Other Assets & Liabilities, net - (8.9)%				(722,114)
Total Net Assets - 100.0%			$	8,147,791

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		6	Mar 2023	$	998,790	$	19,180

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	4.48% (Federal Funds Rate + 0.15%)	At Maturity	01/26/23		250	$	8,299,143	$	96,286
Barclays Bank plc	Dow Jones Industrial Average Index	Receive	4.55% (SOFR + 0.25%)	At Maturity	01/25/23		211		6,982,916		53,453
								$	15,282,059	$	149,739

^** 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 December 31, 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 December 31, 2022.

⁴ Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	557,511	$	—	$	557,511
Repurchase Agreements		—		8,312,394		—		8,312,394
Equity Futures Contracts**		19,180		—		—		19,180
Equity Index Swap Agreements**		—		149,739		—		149,739
Total Assets	$	19,180	$	9,019,644	$	—	$	9,038,824

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

Inverse NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 56.1%
Federal Home Loan Bank
4.00% due 01/06/231	$	12,000,000	$	11,993,333
3.90% due 01/03/231		11,050,000		11,047,606
4.04% due 01/27/231		7,000,000		6,980,764
4.27% due 02/10/231		6,500,000		6,469,161
3.85% due 01/10/231		6,000,000		5,994,225
4.01% due 01/12/231		3,000,000		2,997,054
4.00% due 01/11/231		2,500,000		2,497,823
4.05% due 01/27/231		2,500,000		2,493,130
Total Federal Agency Discount Notes
(Cost $50,470,155)				50,473,096
U.S. TREASURY BILLS†† - 27.1%
U.S. Treasury Bills
3.30% due 01/05/231,2		10,000,000		9,997,980
3.50% due 01/17/231,3		10,000,000		9,985,694
3.61% due 01/12/231,2		3,300,000		3,297,135
3.89% due 01/12/231,2		900,000		899,219
3.80% due 01/17/231,3		256,000		255,634
Total U.S. Treasury Bills
(Cost $24,431,607)				24,435,662
REPURCHASE AGREEMENTS††,4 - 13.7%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/232		6,956,175		6,956,175
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/232		2,675,452		2,675,452
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/232		2,667,166		2,667,166
Total Repurchase Agreements
(Cost $12,298,793)				12,298,793
Total Investments - 96.9%
(Cost $87,200,555)			$	87,207,551
Other Assets & Liabilities, net - 3.1%				2,749,783
Total Net Assets - 100.0%			$	89,957,334

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		54	Mar 2023	$	11,904,840	$	411,939

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	4.58% (Federal Funds Rate + 0.25%)	At Maturity	01/26/23		8,735	$	95,555,421	$	3,251,571
Barclays Bank plc	NASDAQ-100 Index	Receive	4.65% (SOFR + 0.35%)	At Maturity	01/25/23		5,900		64,541,426		2,426,198
Goldman Sachs International	NASDAQ-100 Index	Receive	4.63% (Federal Funds Rate + 0.30%)	At Maturity	01/26/23		706		7,724,000		410,463
								$	167,820,847	$	6,088,232

^** 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 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 December 31, 2022.

³ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁴ Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Discount Notes	$	—	$	50,473,096	$	—	$	50,473,096
U.S. Treasury Bills		—		24,435,662		—		24,435,662
Repurchase Agreements		—		12,298,793		—		12,298,793
Equity Futures Contracts**		411,939		—		—		411,939
Equity Index Swap Agreements**		—		6,088,232		—		6,088,232
Total Assets	$	411,939	$	93,295,783	$	—	$	93,707,722

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

Inverse Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 10.3%
Federal Home Loan Bank
4.00% due 01/11/231	$	500,000	$	499,565
4.05% due 01/27/231		500,000		498,626
Total Federal Agency Discount Notes
(Cost $997,982)				998,191
U.S. TREASURY BILLS†† - 1.7%
U.S. Treasury Bills
3.89% due 01/12/231,2		100,000		99,913
3.79% due 01/17/231,3		65,000		64,907
Total U.S. Treasury Bills
(Cost $164,769)				164,820
REPURCHASE AGREEMENTS††,4 - 100.1%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/232		5,494,372		5,494,372
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/232		2,113,220		2,113,220
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/232		2,106,675		2,106,675
Total Repurchase Agreements
(Cost $9,714,267)				9,714,267
Total Investments - 112.1%
(Cost $10,877,018)			$	10,877,278
Other Assets & Liabilities, net - (12.1)%				(1,170,231)
Total Net Assets - 100.0%			$	9,707,047

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	4.18% (Federal Funds Rate - 0.15%)	At Maturity	01/26/23		7,082	$	12,472,476	$	543,846
BNP Paribas	Russell 2000 Index	Receive	4.13% (Federal Funds Rate - 0.20%)	At Maturity	01/26/23		3,388		5,967,590		209,516
Barclays Bank plc	Russell 2000 Index	Receive	3.80% (SOFR - 0.50%)	At Maturity	01/25/23		512		901,435		61,363
								$	19,341,501	$	814,725

^†† Value determined based on Level 2 inputs — See Note 3.

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 December 31, 2022.

³ All or a portion of this security is pledged as futures collateral at December 31, 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 December 31, 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	$	—	$	998,191	$	—	$	998,191
U.S. Treasury Bills		—		164,820		—		164,820
Repurchase Agreements		—		9,714,267		—		9,714,267
Equity Index Swap Agreements**		—		814,725		—		814,725
Total Assets	$	—	$	11,692,003	$	—	$	11,692,003

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

Inverse S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 98.4%
Federal Home Loan Bank
3.90% due 01/03/231	$	5,000,000	$	4,998,917
4.00% due 01/06/231		4,000,000		3,997,778
4.08% due 01/12/231		3,500,000		3,496,563
4.04% due 01/27/231		3,000,000		2,991,756
4.00% due 01/11/231		2,500,000		2,497,822
4.05% due 01/27/231		2,500,000		2,493,130
3.85% due 01/10/231		2,000,000		1,998,075
Total Federal Agency Discount Notes
(Cost $22,471,569)				22,474,041
FEDERAL AGENCY NOTES†† - 21.9%
Federal Home Loan Bank
4.32% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/03/23◊		5,000,000		5,000,015
Total Federal Agency Notes
(Cost $5,000,000)				5,000,015
U.S. TREASURY BILLS†† - 17.4%
U.S. Treasury Bills
3.30% due 01/05/231,2		3,000,000		2,999,394
3.89% due 01/12/231,2		500,000		499,566
3.61% due 01/12/231,2		400,000		399,652
3.79% due 01/17/231,3		86,000		85,877
Total U.S. Treasury Bills
(Cost $3,983,715)				3,984,489
REPURCHASE AGREEMENTS††,4 - 38.4%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/232		4,959,924		4,959,924
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/232		1,907,663		1,907,663
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/232		1,901,755		1,901,755
Total Repurchase Agreements
(Cost $8,769,342)				8,769,342
Total Investments - 176.1%
(Cost $40,224,626)			$	40,227,887
Other Assets & Liabilities, net - (76.1)%				(17,382,659)
Total Net Assets - 100.0%			$	22,845,228

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		41	Mar 2023	$	7,916,075	$	238,751

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††
Barclays Bank plc	S&P 500 Index	Receive	4.60% (SOFR + 0.30%)	At Maturity	01/25/23		2,442	$	9,375,918	$	457,520
BNP Paribas	S&P 500 Index	Receive	4.53% (Federal Funds Rate + 0.20%)	At Maturity	01/26/23		6,076		23,327,840		400,308
Goldman Sachs International	S&P 500 Index	Receive	4.63% (Federal Funds Rate + 0.30%)	At Maturity	01/26/23		1,304		5,008,506		263,029
								$	37,712,264	$	1,120,857

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

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 December 31, 2022.

³ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁴ Repurchase Agreements — See Note 4.

Inverse S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Discount Notes	$	—	$	22,474,041	$	—	$	22,474,041
Federal Agency Notes		—		5,000,015		—		5,000,015
U.S. Treasury Bills		—		3,984,489		—		3,984,489
Repurchase Agreements		—		8,769,342		—		8,769,342
Equity Futures Contracts**		238,751		—		—		238,751
Equity Index Swap Agreements**		—		1,120,857		—		1,120,857
Total Assets	$	238,751	$	41,348,744	$	—	$	41,587,495

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

NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 87.4%
Technology - 40.6%
Microsoft Corp.		178,784	$	42,875,979
Apple, Inc.		308,146		40,037,410
NVIDIA Corp.		76,860		11,232,320
Broadcom, Inc.		12,653		7,074,672
Adobe, Inc.*		14,525		4,888,098
Texas Instruments, Inc.		28,356		4,684,978
QUALCOMM, Inc.		35,024		3,850,539
Intuit, Inc.		8,777		3,416,184
Intel Corp.		128,943		3,407,963
Advanced Micro Devices, Inc.*		50,376		3,262,854
Applied Materials, Inc.		26,879		2,617,477
Analog Devices, Inc.		15,912		2,610,045
Fiserv, Inc.*		19,841		2,005,330
Activision Blizzard, Inc.		24,452		1,871,801
Lam Research Corp.		4,261		1,790,898
Micron Technology, Inc.		33,966		1,697,621
KLA Corp.		4,427		1,669,112
Synopsys, Inc.*		4,777		1,525,248
ASML Holding N.V. — Class G		2,760		1,508,064
Cadence Design Systems, Inc.*		8,571		1,376,845
Paychex, Inc.		11,260		1,301,206
NXP Semiconductor N.V.		8,096		1,279,411
Autodesk, Inc.*		6,744		1,260,251
Microchip Technology, Inc.		17,184		1,207,176
Fortinet, Inc.*		24,409		1,193,356
Workday, Inc. — Class A*		6,311		1,056,020
Electronic Arts, Inc.		8,626		1,053,925
Marvell Technology, Inc.		26,638		986,672
Cognizant Technology Solutions Corp. — Class A		16,057		918,300
GLOBALFOUNDRIES, Inc.*,1		17,029		917,693
Crowdstrike Holdings, Inc. — Class A*		6,820		718,078
Datadog, Inc. — Class A*		9,125		670,687
ANSYS, Inc.*		2,721		657,366
Atlassian Corp. — Class A*		4,633		596,174
Zoom Video Communications, Inc. — Class A*		7,675		519,905
Zscaler, Inc.*		4,505		504,109
Total Technology				158,243,767
Communications - 22.4%
Amazon.com, Inc.*		245,693		20,638,212
Alphabet, Inc. — Class C*		146,573		13,005,422
Alphabet, Inc. — Class A*		146,617		12,936,018
Meta Platforms, Inc. — Class A*		70,257		8,454,727
Cisco Systems, Inc.		128,351		6,114,642
T-Mobile US, Inc.*		38,872		5,442,080
Comcast Corp. — Class A		134,785		4,713,432
Netflix, Inc.*		13,904		4,100,012
Booking Holdings, Inc.*		1,212		2,442,519
Charter Communications, Inc. — Class A*		4,864		1,649,382
MercadoLibre, Inc.*		1,571		1,329,443
Palo Alto Networks, Inc.*		9,447		1,318,234
Pinduoduo, Inc. ADR*		14,625		1,192,669
Airbnb, Inc. — Class A*		12,442		1,063,791
JD.com, Inc. ADR		15,177		851,885
Warner Bros Discovery, Inc.*		75,873		719,276
Sirius XM Holdings, Inc.1		121,523		709,694
eBay, Inc.		16,954		703,083
Total Communications				87,384,521
Consumer, Non-cyclical - 12.6%
PepsiCo, Inc.		43,045		7,776,510
Amgen, Inc.		16,671		4,378,471
Gilead Sciences, Inc.		39,186		3,364,118
Automatic Data Processing, Inc.		12,961		3,095,864
Intuitive Surgical, Inc.*		11,041		2,929,729
Mondelez International, Inc. — Class A		42,667		2,843,756
PayPal Holdings, Inc.*		35,618		2,536,714
Regeneron Pharmaceuticals, Inc.*		3,346		2,414,106
Vertex Pharmaceuticals, Inc.*		8,020		2,316,016
Moderna, Inc.*		12,003		2,155,979
Monster Beverage Corp.*		16,301		1,655,040
Keurig Dr Pepper, Inc.		44,248		1,577,884
Kraft Heinz Co.		38,271		1,558,012
Cintas Corp.		3,172		1,432,539
Dexcom, Inc.*		12,068		1,366,580
AstraZeneca plc ADR		19,087		1,294,099
Biogen, Inc.*		4,499		1,245,863
IDEXX Laboratories, Inc.*		2,588		1,055,801
Illumina, Inc.*		4,914		993,611
CoStar Group, Inc.*		12,707		981,997
Verisk Analytics, Inc. — Class A		4,886		861,988
Seagen, Inc.*		5,801		745,486
Align Technology, Inc.*		2,440		514,596
Total Consumer, Non-cyclical				49,094,759
Consumer, Cyclical - 7.9%
Tesla, Inc.*		76,050		9,367,839
Costco Wholesale Corp.		13,829		6,312,939
Starbucks Corp.		35,862		3,557,510
O'Reilly Automotive, Inc.*		1,955		1,650,079
Marriott International, Inc. — Class A		9,890		1,472,522
Ross Stores, Inc.		10,843		1,258,547
Lululemon Athletica, Inc.*		3,821		1,224,172
PACCAR, Inc.		10,865		1,075,309
Walgreens Boots Alliance, Inc.		27,020		1,009,467
Dollar Tree, Inc.*		6,910		977,350
Copart, Inc.*		14,881		906,104
Fastenal Co.		17,895		846,792
Rivian Automotive, Inc. — Class A*		28,529		525,789
Lucid Group, Inc.*,1		52,502		358,589
Total Consumer, Cyclical				30,543,008
Industrial - 1.9%
Honeywell International, Inc.		21,006		4,501,585
CSX Corp.		65,687		2,034,983
Old Dominion Freight Line, Inc.		3,452		979,609
Total Industrial				7,516,177
Utilities - 1.3%
American Electric Power Company, Inc.		16,055		1,524,422
Exelon Corp.		31,048		1,342,205
Xcel Energy, Inc.		17,098		1,198,741
Constellation Energy Corp.		10,217		880,807
Total Utilities				4,946,175

NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 87.4% (continued)
Energy - 0.7%
Enphase Energy, Inc.*		4,247	$	1,125,285
Baker Hughes Co.		31,290		923,994
Diamondback Energy, Inc.		5,499		752,153
Total Energy				2,801,432
Total Common Stocks
(Cost $222,057,390)				340,529,839

	Face Amount
U.S. TREASURY BILLS†† - 11.8%
U.S. Treasury Bills
3.89% due 01/12/232,3	$	36,850,000	36,818,009
3.80% due 01/17/233,4		9,029,000	9,016,083
3.61% due 01/12/232,3		300,000	299,740
Total U.S. Treasury Bills
(Cost $46,119,334)			46,133,832
REPURCHASE AGREEMENTS††,5 - 6.5%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/232		14,228,590	14,228,590
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/232		5,472,535	5,472,535
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/232		5,455,586	5,455,586
Total Repurchase Agreements
(Cost $25,156,711)			25,156,711

	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%7		1,386,247		1,386,247
Total Securities Lending Collateral
(Cost $1,386,247)				1,386,247
Total Investments - 106.1%
(Cost $294,719,682)			$	413,206,629
Other Assets & Liabilities, net - (6.1)%				(23,734,013)
Total Net Assets - 100.0%			$	389,472,616

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		451	Mar 2023	$	99,427,460	$	(3,915,264)

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	NASDAQ-100 Index	Pay	4.83% (Federal Funds Rate + 0.50%)	At Maturity	01/26/23		3,411	$	37,314,562	$	(2,520,564)
BNP Paribas	NASDAQ-100 Index	Pay	4.98% (Federal Funds Rate + 0.65%)	At Maturity	01/26/23		6,033		65,998,078		(2,684,086)
Barclays Bank plc	NASDAQ-100 Index	Pay	4.80% (SOFR + 0.50%)	At Maturity	01/25/23		21,546		235,704,019		(16,821,320)
								$	339,016,659	$	(22,025,970)

^* 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 December 31, 2022 — See Note 5.

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

³ Rate indicated is the effective yield at the time of purchase.

NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

⁴ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁵ Repurchase Agreements — See Note 4.

⁶ Securities lending collateral — See Note 5.

⁷ Rate indicated is the 7-day yield as of December 31, 2022.

ADR — American Depositary Receipt

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	340,529,839	$	—	$	—	$	340,529,839
U.S. Treasury Bills		—		46,133,832		—		46,133,832
Repurchase Agreements		—		25,156,711		—		25,156,711
Securities Lending Collateral		1,386,247		—		—		1,386,247
Total Assets	$	341,916,086	$	71,290,543	$	—	$	413,206,629

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,915,264	$	—	$	—	$	3,915,264
Equity Index Swap Agreements**		—		22,025,970		—		22,025,970
Total Liabilities	$	3,915,264	$	22,025,970	$	—	$	25,941,234

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

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6%
Consumer, Non-cyclical - 15.2%
Halozyme Therapeutics, Inc.*		600	$	34,140
Shockwave Medical, Inc.*		160		32,898
Inspire Medical Systems, Inc.*		127		31,989
Karuna Therapeutics, Inc.*		136		26,724
Celsius Holdings, Inc.*		248		25,802
Medpace Holdings, Inc.*		114		24,215
HealthEquity, Inc.*		374		23,053
Ensign Group, Inc.		243		22,990
LHC Group, Inc.*		135		21,828
Apellis Pharmaceuticals, Inc.*		422		21,822
Intra-Cellular Therapies, Inc.*		412		21,803
Option Care Health, Inc.*		702		21,123
AMN Healthcare Services, Inc.*		194		19,947
Alkermes plc*		739		19,310
Arrowhead Pharmaceuticals, Inc.*		467		18,941
Insperity, Inc.		164		18,630
Haemonetics Corp.*		230		18,089
Triton International Ltd.		262		18,020
ASGN, Inc.*		221		18,007
Merit Medical Systems, Inc.*		253		17,867
API Group Corp.*		938		17,644
Lancaster Colony Corp.		88		17,362
Prometheus Biosciences, Inc.*		157		17,270
Cytokinetics, Inc.*		372		17,045
Madrigal Pharmaceuticals, Inc.*		58		16,835
Lantheus Holdings, Inc.*		310		15,798
Vaxcyte, Inc.*		323		15,488
Sprouts Farmers Market, Inc.*		477		15,441
BellRing Brands, Inc.*		598		15,333
Amicus Therapeutics, Inc.*		1,250		15,262
Simply Good Foods Co.*		400		15,212
Neogen Corp.*		977		14,880
Herc Holdings, Inc.		113		14,867
Chegg, Inc.*		564		14,252
Prestige Consumer Healthcare, Inc.*		224		14,022
Inari Medical, Inc.*		219		13,920
Axonics, Inc.*		221		13,819
Denali Therapeutics, Inc.*		490		13,627
LivaNova plc*		243		13,496
Hostess Brands, Inc.*		601		13,486
ABM Industries, Inc.		299		13,282
Intellia Therapeutics, Inc.*		370		12,909
Alight, Inc. — Class A*		1,539		12,866
IVERIC bio, Inc.*		596		12,760
iRhythm Technologies, Inc.*		134		12,552
Insmed, Inc.*		609		12,168
PTC Therapeutics, Inc.*		318		12,138
elf Beauty, Inc.*		219		12,110
Korn Ferry		239		12,098
Helen of Troy Ltd.*		108		11,978
Blueprint Medicines Corp.*		271		11,872
StoneCo Ltd. — Class A*		1,256		11,857
Select Medical Holdings Corp.		470		11,670
TriNet Group, Inc.*		169		11,458
CONMED Corp.		129		11,434
TreeHouse Foods, Inc.*		231		11,407
Beam Therapeutics, Inc.*		288		11,264
Axsome Therapeutics, Inc.*		144		11,107
Primo Water Corp.		714		11,096
Patterson Companies, Inc.		395		11,072
Brink's Co.		204		10,957
Alarm.com Holdings, Inc.*		218		10,787
Coca-Cola Consolidated, Inc.		21		10,759
Progyny, Inc.*		339		10,560
STAAR Surgical Co.*		217		10,533
Graham Holdings Co. — Class B		17		10,272
Integer Holdings Corp.*		149		10,200
United Natural Foods, Inc.*		263		10,181
J & J Snack Foods Corp.		68		10,180
CBIZ, Inc.*		216		10,120
Omnicell, Inc.*		199		10,034
WD-40 Co.		62		9,995
NuVasive, Inc.*		237		9,774
Prothena Corporation plc*		161		9,700
BioCryst Pharmaceuticals, Inc.*		841		9,655
AbCellera Biologics, Inc.*,1		939		9,512
Cal-Maine Foods, Inc.		172		9,365
Celldex Therapeutics, Inc.*		208		9,271
AtriCure, Inc.*		207		9,187
Sabre Corp.*		1,478		9,134
Glaukos Corp.*		207		9,042
Sage Therapeutics, Inc.*		236		9,001
Edgewell Personal Care Co.		233		8,980
EVERTEC, Inc.		277		8,969
Silk Road Medical, Inc.*		169		8,932
ACADIA Pharmaceuticals, Inc.*		545		8,676
Akero Therapeutics, Inc.*		157		8,604
TransMedics Group, Inc.*		137		8,456
Amylyx Pharmaceuticals, Inc.*		227		8,388
Pacific Biosciences of California, Inc.*		1,024		8,376
Vir Biotechnology, Inc.*		329		8,327
ICF International, Inc.		84		8,320
Catalyst Pharmaceuticals, Inc.*		434		8,072
Strategic Education, Inc.		103		8,067
REVOLUTION Medicines, Inc.*		335		7,980
Supernus Pharmaceuticals, Inc.*		222		7,919
Corcept Therapeutics, Inc.*		387		7,860
Pacira BioSciences, Inc.*		203		7,838
Inter Parfums, Inc.		81		7,818
John Wiley & Sons, Inc. — Class A		195		7,812
Cerevel Therapeutics Holdings, Inc.*		246		7,759
Vector Group Ltd.		652		7,733
Veracyte, Inc.*		325		7,712
Ironwood Pharmaceuticals, Inc. — Class A*		620		7,682
Arvinas, Inc.*		220		7,526
Krystal Biotech, Inc.*		95		7,526
R1 RCM, Inc.*		677		7,413
Evo Payments, Inc. — Class A*		214		7,242
Adtalem Global Education, Inc.*		203		7,206
TG Therapeutics, Inc.*		604		7,145
LiveRamp Holdings, Inc.*		299		7,009
Agios Pharmaceuticals, Inc.*		247		6,936
Addus HomeCare Corp.*		69		6,865
MGP Ingredients, Inc.		64		6,808
Xencor, Inc.*		260		6,770
Revance Therapeutics, Inc.*		364		6,719

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Non-cyclical - 15.2% (continued)
Herbalife Nutrition Ltd.*		444	$	6,607
Embecta Corp.		260		6,575
Harmony Biosciences Holdings, Inc.*		119		6,557
Owens & Minor, Inc.*		334		6,523
Hain Celestial Group, Inc.*		403		6,521
Central Garden & Pet Co. — Class A*		182		6,516
Meridian Bioscience, Inc.*		195		6,476
Huron Consulting Group, Inc.*		89		6,461
Monro, Inc.		141		6,373
FibroGen, Inc.*		396		6,344
Surgery Partners, Inc.*		227		6,324
AdaptHealth Corp.*		327		6,285
Nevro Corp.*		158		6,257
Ingles Markets, Inc. — Class A		64		6,173
Weis Markets, Inc.		75		6,172
Textainer Group Holdings Ltd.		196		6,078
Coursera, Inc.*		512		6,057
Twist Bioscience Corp.*		254		6,048
Syndax Pharmaceuticals, Inc.*		237		6,032
MannKind Corp.*		1,128		5,945
CoreCivic, Inc.*		514		5,942
Chinook Therapeutics, Inc.*		225		5,895
GEO Group, Inc.*		537		5,880
Laureate Education, Inc. — Class A		610		5,868
CorVel Corp.*		40		5,813
Universal Corp.		110		5,809
Travere Therapeutics, Inc.*		276		5,804
Stride, Inc.*		184		5,756
Relay Therapeutics, Inc.*		383		5,722
Dynavax Technologies Corp.*		536		5,703
Avanos Medical, Inc.*		210		5,683
Medifast, Inc.		49		5,652
Vericel Corp.*		213		5,610
Pediatrix Medical Group, Inc.*		373		5,543
ZipRecruiter, Inc. — Class A*		328		5,386
Payoneer Global, Inc.*		981		5,366
Cytek Biosciences, Inc.*		518		5,289
Myriad Genetics, Inc.*		360		5,224
NeoGenomics, Inc.*		563		5,202
Chefs' Warehouse, Inc.*		155		5,158
Vivint Smart Home, Inc.*		430		5,117
ModivCare, Inc.*		57		5,115
Cassava Sciences, Inc.*,1		173		5,110
Remitly Global, Inc.*		445		5,095
Rent-A-Center, Inc.		225		5,074
Andersons, Inc.		145		5,073
Avidity Biosciences, Inc.*		226		5,015
Replimune Group, Inc.*		184		5,005
National Beverage Corp.*		107		4,979
Viridian Therapeutics, Inc.*		170		4,966
DICE Therapeutics, Inc.*		159		4,961
Kforce, Inc.		89		4,880
Amphastar Pharmaceuticals, Inc.*		174		4,875
ImmunoGen, Inc.*		973		4,826
PROCEPT BioRobotics Corp.*		116		4,819
Arcus Biosciences, Inc.*		233		4,818
Reata Pharmaceuticals, Inc. — Class A*		125		4,749
SpartanNash Co.		157		4,748
Rocket Pharmaceuticals, Inc.*		242		4,736
Recursion Pharmaceuticals, Inc. — Class A*		614		4,734
Utz Brands, Inc.		298		4,726
US Physical Therapy, Inc.		58		4,700
MoneyGram International, Inc.*		425		4,628
Ligand Pharmaceuticals, Inc. — Class B*		69		4,609
Aclaris Therapeutics, Inc.*		281		4,426
Crinetics Pharmaceuticals, Inc.*		239		4,374
Iovance Biotherapeutics, Inc.*		683		4,364
Imago Biosciences, Inc.*		119		4,278
Cross Country Healthcare, Inc.*		161		4,278
Kymera Therapeutics, Inc.*		171		4,268
Zentalis Pharmaceuticals, Inc.*		211		4,250
Perdoceo Education Corp.*		305		4,240
RadNet, Inc.*		223		4,199
Enanta Pharmaceuticals, Inc.*		89		4,140
REGENXBIO, Inc.*		182		4,128
Arcellx, Inc.*		133		4,120
SpringWorks Therapeutics, Inc.*		157		4,084
LeMaitre Vascular, Inc.		88		4,050
Healthcare Services Group, Inc.		336		4,032
Paragon 28, Inc.*		209		3,994
Alphatec Holdings, Inc.*		323		3,989
Biohaven Ltd.*		285		3,956
Verve Therapeutics, Inc.*		204		3,947
Geron Corp.*		1,629		3,942
Beauty Health Co.*		427		3,886
Adaptive Biotechnologies Corp.*		505		3,858
PROG Holdings, Inc.*		226		3,817
Fate Therapeutics, Inc.*		377		3,804
Innoviva, Inc.*		287		3,803
Avid Bioservices, Inc.*		276		3,801
CRA International, Inc.		31		3,795
Keros Therapeutics, Inc.*		79		3,794
SunOpta, Inc.*		442		3,731
Ideaya Biosciences, Inc.*		199		3,616
Fresh Del Monte Produce, Inc.		138		3,614
Bridgebio Pharma, Inc.*		474		3,612
Kura Oncology, Inc.*		288		3,574
Collegium Pharmaceutical, Inc.*		154		3,573
Varex Imaging Corp.*		175		3,552
Quanex Building Products Corp.		150		3,552
B&G Foods, Inc.1		314		3,501
Treace Medical Concepts, Inc.*		151		3,471
First Advantage Corp.*		266		3,458
Udemy, Inc.*		327		3,450
Green Dot Corp. — Class A*		218		3,449
Beyond Meat, Inc.*,1		278		3,422
National Healthcare Corp.		57		3,392
Legalzoom.com, Inc.*		435		3,367
Krispy Kreme, Inc.		326		3,364
Atrion Corp.		6		3,357
Deciphera Pharmaceuticals, Inc.*		204		3,344
Cogent Biosciences, Inc.*		289		3,341
Deluxe Corp.		196		3,328
Cutera, Inc.*		75		3,316
Ventyx Biosciences, Inc.*		101		3,312
Theravance Biopharma, Inc.*		292		3,276
ADMA Biologics, Inc.*		842		3,267
John B Sanfilippo & Son, Inc.		40		3,253
Inhibrx, Inc.*		132		3,252
Immunovant, Inc.*		182		3,230

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Non-cyclical - 15.2% (continued)
Repay Holdings Corp.*		397	$	3,196
SP Plus Corp.*		91		3,160
Morphic Holding, Inc.*		117		3,130
Paya Holdings, Inc.*		397		3,124
ViewRay, Inc.*		671		3,006
4D Molecular Therapeutics, Inc.*		135		2,998
Agenus, Inc.*		1,249		2,998
Barrett Business Services, Inc.		32		2,985
Tootsie Roll Industries, Inc.		70		2,980
American Well Corp. — Class A*		1,040		2,943
Fulgent Genetics, Inc.*		98		2,918
Anavex Life Sciences Corp.*		309		2,861
TrueBlue, Inc.*		146		2,859
Cerus Corp.*		782		2,854
AnaptysBio, Inc.*		91		2,820
Cass Information Systems, Inc.		61		2,795
BioLife Solutions, Inc.*		153		2,785
Editas Medicine, Inc.*		313		2,776
Duckhorn Portfolio, Inc.*		167		2,767
Provention Bio, Inc.*		260		2,748
Heska Corp.*		44		2,735
Lyell Immunopharma, Inc.*		784		2,720
USANA Health Sciences, Inc.*		51		2,713
Emergent BioSolutions, Inc.*		228		2,693
Resources Connection, Inc.		144		2,647
Coherus Biosciences, Inc.*		334		2,645
CareDx, Inc.*		231		2,636
Aurinia Pharmaceuticals, Inc.*		608		2,627
OrthoPediatrics Corp.*		66		2,622
CTI BioPharma Corp.*		436		2,620
Alector, Inc.*		282		2,603
Kelly Services, Inc. — Class A		153		2,586
DocGo, Inc.*		365		2,581
Franklin Covey Co.*		55		2,572
Castle Biosciences, Inc.*		109		2,566
Ennis, Inc.		115		2,548
23andMe Holding Co. — Class A*		1,165		2,516
Heidrick & Struggles International, Inc.		89		2,489
Hackett Group, Inc.		122		2,485
Community Health Systems, Inc.*		567		2,449
Point Biopharma Global, Inc.*		336		2,449
Cardiovascular Systems, Inc.*		179		2,438
I3 Verticals, Inc. — Class A*		100		2,434
National Research Corp. — Class A		64		2,387
Arcutis Biotherapeutics, Inc.*		160		2,368
Mersana Therapeutics, Inc.*		401		2,350
RAPT Therapeutics, Inc.*		118		2,336
ACCO Brands Corp.		417		2,331
AngioDynamics, Inc.*		169		2,327
Bluebird Bio, Inc.*		336		2,325
Brookdale Senior Living, Inc. — Class A*		843		2,301
Calavo Growers, Inc.		78		2,293
ANI Pharmaceuticals, Inc.*		57		2,293
OPKO Health, Inc.*		1,830		2,288
Day One Biopharmaceuticals, Inc.*		106		2,281
Protagonist Therapeutics, Inc.*		209		2,280
Allogene Therapeutics, Inc.*		361		2,271
Transcat, Inc.*		32		2,268
Nuvalent, Inc. — Class A*		76		2,263
Nurix Therapeutics, Inc.*		205		2,251
Viad Corp.*		92		2,244
EQRx, Inc.*		908		2,234
Cimpress plc*		80		2,209
V2X, Inc.*		53		2,188
Cara Therapeutics, Inc.*		203		2,180
MaxCyte, Inc.*		394		2,151
Accolade, Inc.*		276		2,150
Artivion, Inc.*		177		2,145
Senseonics Holdings, Inc.*		2,076		2,138
Quanterix Corp.*		154		2,133
2U, Inc.*		338		2,119
Mission Produce, Inc.*		182		2,115
Kiniksa Pharmaceuticals Ltd. — Class A*		141		2,112
iTeos Therapeutics, Inc.*		107		2,090
Surmodics, Inc.*		61		2,081
SI-BONE, Inc.*		152		2,067
Riot Blockchain, Inc.*,1		609		2,065
Inogen, Inc.*		104		2,050
Agiliti, Inc.*		125		2,039
Target Hospitality Corp.*		134		2,029
Vital Farms, Inc.*		135		2,014
Benson Hill, Inc.*		776		1,979
Multiplan Corp.*		1,713		1,970
Invitae Corp.*		1,054		1,960
Anika Therapeutics, Inc.*		66		1,954
Bionano Genomics, Inc.*		1,323		1,931
ImmunityBio, Inc.*,1		371		1,881
Bioxcel Therapeutics, Inc.*		87		1,869
Vanda Pharmaceuticals, Inc.*		252		1,862
Nektar Therapeutics*		823		1,860
Axogen, Inc.*		184		1,836
MacroGenics, Inc.*		273		1,832
Esperion Therapeutics, Inc.*		293		1,825
Orthofix Medical, Inc.*		88		1,807
Forrester Research, Inc.*		50		1,788
Seres Therapeutics, Inc.*		319		1,786
Arcturus Therapeutics Holdings, Inc.*		105		1,781
Paysafe Ltd.*		128		1,774
Tejon Ranch Co.*		94		1,771
Sangamo Therapeutics, Inc.*		559		1,755
Vita Coco Company, Inc.*		126		1,741
Custom Truck One Source, Inc.*		270		1,706
SomaLogic, Inc.*		678		1,702
Albireo Pharma, Inc.*		78		1,686
Central Garden & Pet Co.*		45		1,685
NanoString Technologies, Inc.*		211		1,682
Sutro Biopharma, Inc.*		207		1,673
Dyne Therapeutics, Inc.*		144		1,669
Atea Pharmaceuticals, Inc.*		346		1,664
Sterling Check Corp.*		107		1,655
Carriage Services, Inc. — Class A		60		1,652
Marathon Digital Holdings, Inc.*,1		479		1,638
Aaron's Company, Inc.		137		1,637
LifeStance Health Group, Inc.*		328		1,620
Clover Health Investments Corp.*		1,733		1,611
Inovio Pharmaceuticals, Inc.*		1,030		1,607
Sana Biotechnology, Inc.*		403		1,592

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Non-cyclical - 15.2% (continued)
2seventy bio, Inc.*	169	$	1,584
Design Therapeutics, Inc.*	154		1,580
SIGA Technologies, Inc.	214		1,575
OraSure Technologies, Inc.*	325		1,566
Caribou Biosciences, Inc.*	249		1,564
Veru, Inc.*	295		1,558
Tango Therapeutics, Inc.*	211		1,530
Kezar Life Sciences, Inc.*	217		1,528
Sorrento Therapeutics, Inc.*	1,723		1,527
Utah Medical Products, Inc.	15		1,508
Butterfly Network, Inc.*	602		1,481
Turning Point Brands, Inc.	68		1,471
Seneca Foods Corp. — Class A*	24		1,463
Nano-X Imaging Ltd.*,1	198		1,461
PMV Pharmaceuticals, Inc.*	167		1,453
Mirum Pharmaceuticals, Inc.*	74		1,443
Cullinan Oncology, Inc.*	136		1,435
MiMedx Group, Inc.*	511		1,421
Zynex, Inc.	100		1,391
BrightView Holdings, Inc.*	201		1,385
Liquidia Corp.*	216		1,376
Eagle Pharmaceuticals, Inc.*	47		1,374
Intercept Pharmaceuticals, Inc.*	111		1,373
Atara Biotherapeutics, Inc.*	417		1,368
Arlo Technologies, Inc.*	388		1,362
Seer, Inc.*	234		1,357
ShotSpotter, Inc.*	40		1,353
SeaSpine Holdings Corp.*	161		1,344
Oscar Health, Inc. — Class A*	536		1,319
Pulmonx Corp.*	155		1,307
Pennant Group, Inc.*	117		1,285
Erasca, Inc.*	294		1,267
Ocugen, Inc.*,1	970		1,261
Alta Equipment Group, Inc.	94		1,240
Phibro Animal Health Corp. — Class A	92		1,234
Aerovate Therapeutics, Inc.*	42		1,231
Vera Therapeutics, Inc.*	63		1,219
OmniAb, Inc.*	336		1,210
Evolus, Inc.*	161		1,209
European Wax Center, Inc. — Class A	97		1,208
Edgewise Therapeutics, Inc.*	135		1,207
Tarsus Pharmaceuticals, Inc.*	82		1,202
RxSight, Inc.*	93		1,178
Karyopharm Therapeutics, Inc.*	345		1,173
Rigel Pharmaceuticals, Inc.*	782		1,173
Phathom Pharmaceuticals, Inc.*	104		1,167
Heron Therapeutics, Inc.*	466		1,165
Adicet Bio, Inc.*	128		1,144
PetIQ, Inc.*	124		1,143
Arbutus Biopharma Corp.*	490		1,142
Fulcrum Therapeutics, Inc.*	155		1,128
C4 Therapeutics, Inc.*	191		1,127
CinCor Pharma, Inc.*	90		1,106
ALX Oncology Holdings, Inc.*	97		1,093
Kodiak Sciences, Inc.*	150		1,074
American Public Education, Inc.*	85		1,045
Janux Therapeutics, Inc.*	77		1,014
Nuvation Bio, Inc.*	528		1,014
Cue Health, Inc.*	489		1,012
Tactile Systems Technology, Inc.*	88		1,010
Cano Health, Inc.*	734		1,006
Universal Technical Institute, Inc.*	148		995
HilleVax, Inc.*	59		987
CareMax, Inc.*	270		985
Ocular Therapeutix, Inc.*	349		981
Monte Rosa Therapeutics, Inc.*	128		974
WW International, Inc.*	246		950
Willdan Group, Inc.*	53		946
Stoke Therapeutics, Inc.*	102		941
Amneal Pharmaceuticals, Inc.*	467		929
iRadimed Corp.	32		905
Joint Corp.*	64		895
NGM Biopharmaceuticals, Inc.*	178		894
MeiraGTx Holdings plc*	137		893
Honest Company, Inc.*	295		888
Village Super Market, Inc. — Class A	38		885
Nkarta, Inc.*	147		881
Zimvie, Inc.*	94		878
Prime Medicine, Inc.*	47		873
Aura Biosciences, Inc.*	83		871
Organogenesis Holdings, Inc.*	318		855
Aadi Bioscience, Inc.*	66		847
Generation Bio Co.*	214		841
Distribution Solutions Group, Inc.*	22		811
Y-mAbs Therapeutics, Inc.*	166		810
Kinnate Biopharma, Inc.*	132		805
Icosavax, Inc.*	101		802
Affimed N.V.*	645		800
Xeris Biopharma Holdings, Inc.*	600		798
IGM Biosciences, Inc.*	46		782
Lifecore Biomedical, Inc.*	119		771
Quantum-Si, Inc.*	414		758
KalVista Pharmaceuticals, Inc.*	111		750
Whole Earth Brands, Inc.*	184		749
Information Services Group, Inc.	159		731
Allovir, Inc.*	141		723
BRC, Inc. — Class A*	117		715
Chimerix, Inc.*	382		711
Precigen, Inc.*	458		696
Akoya Biosciences, Inc.*	71		679
Berkeley Lights, Inc.*	253		678
22nd Century Group, Inc.*,1	734		676
Alico, Inc.	28		668
Rent the Runway, Inc. — Class A*	212		647
HF Foods Group, Inc.*	159		646
Lexicon Pharmaceuticals, Inc.*	337		644
Innovage Holding Corp.*,1	87		625
Quad/Graphics, Inc.*	153		624
Gossamer Bio, Inc.*	285		618
Outlook Therapeutics, Inc.*	537		580
Foghorn Therapeutics, Inc.*	90		574
Bright Health Group, Inc.*	875		569
Spire Global, Inc.*	567		544
Vaxart, Inc.*	561		539
Alpine Immune Sciences, Inc.*	71		522
Singular Genomics Systems, Inc.*	253		509
PepGen, Inc.*	38		508

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Non-cyclical - 15.2% (continued)
Nature's Sunshine Products, Inc.*	61	$	508
Absci Corp.*	239		502
Vicarious Surgical, Inc.*,1	247		499
Athira Pharma, Inc.*	154		488
Vintage Wine Estates, Inc.*	145		473
Rallybio Corp.*	71		466
Century Therapeutics, Inc.*	90		462
PFSweb, Inc.	75		461
Tyra Biosciences, Inc.*	59		448
Relmada Therapeutics, Inc.*	124		433
Priority Technology Holdings, Inc.*	81		426
EyePoint Pharmaceuticals, Inc.*	118		413
Praxis Precision Medicines, Inc.*	171		407
Inotiv, Inc.*	79		390
Nautilus Biotechnology, Inc.*	216		389
Natural Grocers by Vitamin Cottage, Inc.	42		384
Theseus Pharmaceuticals, Inc.*	77		383
Bioventus, Inc. — Class A*	143		373
Moneylion, Inc.*	593		368
Invivyd, Inc.*	233		349
VBI Vaccines, Inc.*	874		342
Bakkt Holdings, Inc.*,1	268		319
Kronos Bio, Inc.*	184		298
Tattooed Chef, Inc.*	221		272
Tenaya Therapeutics, Inc.*	127		255
Beachbody Company, Inc.*	474		249
Thorne HealthTech, Inc.*	61		221
Eiger BioPharmaceuticals, Inc.*	187		221
Pardes Biosciences, Inc.*	129		218
Jounce Therapeutics, Inc.*	191		212
AN2 Therapeutics, Inc.*,1	22		210
AirSculpt Technologies, Inc.	56		207
P3 Health Partners, Inc.*	111		204
Instil Bio, Inc.*	315		198
Sema4 Holdings Corp.*	717		189
AppHarvest, Inc.*	329		187
CompoSecure, Inc.*	35		172
Humacyte, Inc.*	80		169
Alpha Teknova, Inc.*	28		158
Aveanna Healthcare Holdings, Inc.*	201		157
Bird Global, Inc. — Class A*	777		140
Oncology Institute, Inc.*	84		139
MarketWise, Inc.*	77		129
Babylon Holdings Ltd. — Class A*	19		128
Science 37 Holdings, Inc.*	282		117
Local Bounti Corp.*	84		117
Talaris Therapeutics, Inc.*	102		104
ATI Physical Therapy, Inc.*	339		103
Celularity, Inc.*	77		99
Cipher Mining, Inc.*	176		99
Enochian Biosciences, Inc.*	89		92
VistaGen Therapeutics, Inc.*	883		91
GreenLight Biosciences Holdings PBC*,1	63		74
Wejo Group Ltd.*	103		50
Owlet, Inc.*	75		42
Tricida, Inc.*	151		23
Tenon Medical, Inc.*	14		22
Greenidge Generation Holdings, Inc.*,1	59		17
Gelesis Holdings, Inc.*	44		13
Leafly Holdings, Inc.*	19		13
Boxed, Inc.*	52		10
Total Consumer, Non-cyclical			2,452,883
Financial - 14.9%
Agree Realty Corp. REIT	394		27,946
STAG Industrial, Inc. REIT	812		26,236
SouthState Corp.	338		25,810
Kinsale Capital Group, Inc.	97		25,368
Glacier Bancorp, Inc.	501		24,759
United Bankshares, Inc.	589		23,849
Selective Insurance Group, Inc.	269		23,836
Old National Bancorp	1,321		23,752
RLI Corp.	176		23,104
Valley National Bancorp	1,940		21,941
Kite Realty Group Trust REIT	981		20,650
Cadence Bank	819		20,196
First Financial Bankshares, Inc.	585		20,124
Ryman Hospitality Properties, Inc. REIT	242		19,791
Houlihan Lokey, Inc.	226		19,698
Home BancShares, Inc.	847		19,303
Terreno Realty Corp. REIT	335		19,051
Hancock Whitney Corp.	388		18,775
Essent Group Ltd.	475		18,468
Independent Bank Corp.	207		17,477
Independence Realty Trust, Inc. REIT	1,005		16,944
Phillips Edison & Company, Inc. REIT	522		16,620
UMB Financial Corp.	198		16,537
Blackstone Mortgage Trust, Inc. — Class A REIT	772		16,343
United Community Banks, Inc.	482		16,292
PotlatchDeltic Corp. REIT	359		15,792
ServisFirst Bancshares, Inc.	227		15,643
Associated Banc-Corp.	677		15,632
First Interstate BancSystem, Inc. — Class A	402		15,537
CVB Financial Corp.	602		15,501
Apple Hospitality REIT, Inc.	975		15,385
Community Bank System, Inc.	242		15,234
Essential Properties Realty Trust, Inc. REIT	634		14,880
Physicians Realty Trust REIT	1,020		14,759
American Equity Investment Life Holding Co.	319		14,553
Ameris Bancorp	300		14,142
Federated Hermes, Inc. — Class B	384		13,943
Texas Capital Bancshares, Inc.*	226		13,630
Radian Group, Inc.	709		13,521
Pacific Premier Bancorp, Inc.	425		13,413
Cathay General Bancorp	326		13,298
Corporate Office Properties Trust REIT	511		13,255
Sabra Health Care REIT, Inc.	1,046		13,002
Innovative Industrial Properties, Inc. REIT	126		12,770
Mr Cooper Group, Inc.*	312		12,521
WSFS Financial Corp.	276		12,514
LXP Industrial Trust REIT	1,225		12,275

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Financial - 14.9% (continued)
Broadstone Net Lease, Inc. REIT		753	$	12,206
Fulton Financial Corp.		722		12,151
Eastern Bankshares, Inc.		703		12,127
SITE Centers Corp. REIT		883		12,062
Atlantic Union Bankshares Corp.		340		11,948
BankUnited, Inc.		350		11,889
Simmons First National Corp. — Class A		548		11,826
Genworth Financial, Inc. — Class A*		2,229		11,791
Equity Commonwealth REIT		472		11,786
Enstar Group Ltd.*		51		11,783
Jackson Financial, Inc. — Class A		337		11,724
CNO Financial Group, Inc.		513		11,722
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		386		11,186
International Bancshares Corp.		242		11,074
Moelis & Co. — Class A		287		11,012
Outfront Media, Inc. REIT		664		11,009
Macerich Co. REIT		977		11,001
Walker & Dunlop, Inc.		139		10,909
McGrath RentCorp		110		10,861
Columbia Banking System, Inc.		357		10,756
First Merchants Corp.		260		10,689
First BanCorp		820		10,430
First Financial Bancorp		423		10,249
Hamilton Lane, Inc. — Class A		160		10,221
Piper Sandler Cos.		77		10,025
Axos Financial, Inc.*		260		9,937
Washington Federal, Inc.		294		9,864
Arbor Realty Trust, Inc. REIT		746		9,840
National Health Investors, Inc. REIT		188		9,817
Focus Financial Partners, Inc. — Class A*		263		9,802
Banner Corp.		155		9,796
Trustmark Corp.		278		9,705
Independent Bank Group, Inc.		161		9,673
WesBanco, Inc.		258		9,541
Four Corners Property Trust, Inc. REIT		365		9,464
TowneBank		305		9,406
Renasant Corp.		248		9,322
Sunstone Hotel Investors, Inc. REIT		957		9,245
Park National Corp.		65		9,149
Cushman & Wakefield plc*		721		8,984
Heartland Financial USA, Inc.		186		8,671
Seacoast Banking Corporation of Florida		274		8,546
Bread Financial Holdings, Inc.		226		8,511
Kennedy-Wilson Holdings, Inc.		535		8,416
Trupanion, Inc.*		177		8,413
Stock Yards Bancorp, Inc.		129		8,382
Tanger Factory Outlet Centers, Inc. REIT		460		8,252
NBT Bancorp, Inc.		190		8,250
Retail Opportunity Investments Corp. REIT		547		8,221
CareTrust REIT, Inc.		437		8,119
Lakeland Financial Corp.		111		8,100
Artisan Partners Asset Management, Inc. — Class A		272		8,078
Navient Corp.		480		7,896
Pebblebrook Hotel Trust REIT		589		7,887
PJT Partners, Inc. — Class A		107		7,885
BancFirst Corp.		89		7,848
Enterprise Financial Services Corp.		160		7,834
DiamondRock Hospitality Co. REIT		951		7,789
NMI Holdings, Inc. — Class A*		370		7,733
Northwest Bancshares, Inc.		551		7,703
RLJ Lodging Trust REIT		723		7,657
StoneX Group, Inc.*		78		7,433
Cohen & Steers, Inc.		115		7,424
Urban Edge Properties REIT		519		7,313
InvenTrust Properties Corp. REIT		307		7,267
TriCo Bancshares		141		7,190
Bancorp, Inc.*		250		7,095
Elme Communities REIT		396		7,049
Provident Financial Services, Inc.		329		7,027
Sandy Spring Bancorp, Inc.		198		6,976
Westamerica BanCorp		118		6,963
Horace Mann Educators Corp.		186		6,951
Apollo Commercial Real Estate Finance, Inc. REIT		638		6,865
PennyMac Financial Services, Inc.		121		6,856
First BanCorp Puerto Rico		160		6,854
Xenia Hotels & Resorts, Inc. REIT		519		6,840
Hilltop Holdings, Inc.		225		6,752
Hope Bancorp, Inc.		525		6,725
Bank of NT Butterfield & Son Ltd.		225		6,707
BRP Group, Inc. — Class A*		266		6,687
Veritex Holdings, Inc.		238		6,683
Getty Realty Corp. REIT		191		6,465
Cannae Holdings, Inc.*		313		6,463
LTC Properties, Inc. REIT		178		6,324
Eagle Bancorp, Inc.		143		6,302
City Holding Co.		67		6,237
Veris Residential, Inc. REIT*		391		6,229
Two Harbors Investment Corp. REIT		392		6,182
Alexander & Baldwin, Inc. REIT		328		6,143
Flywire Corp.*		251		6,142
Claros Mortgage Trust, Inc.		417		6,134
Stellar Bancorp, Inc.		206		6,069
Acadia Realty Trust REIT		422		6,056
St. Joe Co.		156		6,029
StepStone Group, Inc. — Class A		239		6,018
S&T Bancorp, Inc.		176		6,016
Nelnet, Inc. — Class A		66		5,990
Uniti Group, Inc. REIT		1,076		5,950
Berkshire Hills Bancorp, Inc.		199		5,950
American Assets Trust, Inc. REIT		224		5,936
Virtus Investment Partners, Inc.		31		5,935
Global Net Lease, Inc. REIT		472		5,933
First Commonwealth Financial Corp.		423		5,909
Easterly Government Properties, Inc. REIT		413		5,894

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares			Value
COMMON STOCKS† - 63.6% (continued)
Financial - 14.9% (continued)
FB Financial Corp.		162		$	5,855
PRA Group, Inc.*		173			5,844
OFG Bancorp		211			5,815
First Busey Corp.		234			5,784
Chimera Investment Corp. REIT		1,049			5,769
Pathward Financial, Inc.		130			5,596
OceanFirst Financial Corp.		263			5,589
National Bank Holdings Corp. — Class A		132			5,553
Safety Insurance Group, Inc.		65			5,477
Blucora, Inc.*		214			5,463
BGC Partners, Inc. — Class A		1,449			5,463
Service Properties Trust REIT		745			5,431
Enova International, Inc.*		139			5,333
Employers Holdings, Inc.		123			5,305
Stewart Information Services Corp.		122			5,213
Triumph Financial, Inc.*		106	��		5,180
Ladder Capital Corp. — Class A REIT		515			5,171
Piedmont Office Realty Trust, Inc. — Class A REIT		557			5,108
Capitol Federal Financial, Inc.		589			5,095
Paramount Group, Inc. REIT		854			5,073
Compass Diversified Holdings		277			5,050
Southside Bancshares, Inc.		139			5,003
Encore Capital Group, Inc.*		104			4,986
PennyMac Mortgage Investment Trust REIT		401			4,968
Palomar Holdings, Inc.*		110			4,968
Lakeland Bancorp, Inc.		282			4,966
Franklin BSP Realty Trust, Inc. REIT		382			4,928
Tompkins Financial Corp.		63			4,888
Newmark Group, Inc. — Class A		609			4,854
Apartment Investment and Management Co. — Class A REIT		679			4,834
Brookline Bancorp, Inc.		341			4,825
Heritage Financial Corp.		157			4,810
Brandywine Realty Trust REIT		769			4,729
Dime Community Bancshares, Inc.		148			4,711
German American Bancorp, Inc.		126			4,700
Farmer Mac — Class C		41			4,621
Cowen, Inc. — Class A		119			4,596
MFA Financial, Inc. REIT		465			4,580
NETSTREIT Corp. REIT		248			4,546
AMERISAFE, Inc.		87			4,521
NexPoint Residential Trust, Inc. REIT		103			4,483
Preferred Bank/Los Angeles CA		60			4,477
Live Oak Bancshares, Inc.		148			4,470
Nicolet Bankshares, Inc.*		55			4,388
Premier Financial Corp.		161			4,342
New York Mortgage Trust, Inc. REIT		1,666			4,265
ProAssurance Corp.		244			4,263
Mercury General Corp.		121			4,138
Empire State Realty Trust, Inc. — Class A REIT		611			4,118
ConnectOne Bancorp, Inc.		168			4,067
Centerspace REIT		69			4,048
LendingClub Corp.*		460			4,048
Radius Global Infrastructure, Inc. — Class A*		341			4,031
Marcus & Millichap, Inc.		114			3,927
Customers Bancorp, Inc.*		138			3,911
1st Source Corp.		73			3,876
Community Healthcare Trust, Inc. REIT		107			3,831
RPT Realty REIT		379			3,805
Banc of California, Inc.		238			3,791
Origin Bancorp, Inc.		102			3,743
Argo Group International Holdings Ltd.		144			3,722
Washington Trust Bancorp, Inc.		77			3,633
UMH Properties, Inc.		224			3,606
Necessity Retail REIT, Inc.		606			3,594
Ready Capital Corp. REIT		322			3,587
QCR Holdings, Inc.		72			3,574
Peoples Bancorp, Inc.		126			3,559
International Money Express, Inc.*		145			3,534
Ambac Financial Group, Inc.*		201			3,506
Armada Hoffler Properties, Inc. REIT		304			3,496
James River Group Holdings Ltd.		167			3,492
Heritage Commerce Corp.		266			3,458
eXp World Holdings, Inc.1		312			3,457
Univest Financial Corp.		132			3,449
Redwood Trust, Inc. REIT		510			3,448
Safehold, Inc. REIT		120			3,434
Summit Hotel Properties, Inc. REIT		475			3,430
KKR Real Estate Finance Trust, Inc. REIT		245			3,420
Hanmi Financial Corp.		137			3,391
Amerant Bancorp, Inc.		126			3,382
WisdomTree, Inc.		618			3,368
ARMOUR Residential REIT, Inc.		592			3,333
Columbia Financial, Inc.*		154			3,330
First Foundation, Inc.		232			3,325
Enact Holdings, Inc.		136			3,280
Plymouth Industrial REIT, Inc.		171			3,280
Community Trust Bancorp, Inc.		71			3,261
Bank First Corp.		35			3,249
Gladstone Commercial Corp. REIT		174			3,219
TrustCo Bank Corporation NY		85			3,195
Ellington Financial, Inc. REIT		258			3,191
B Riley Financial, Inc.		92			3,146
Anywhere Real Estate, Inc.*		483			3,086
Northfield Bancorp, Inc.		196			3,083
Old Second Bancorp, Inc.		192			3,080
Brightsphere Investment Group, Inc.		147			3,025
Goosehead Insurance, Inc. — Class A*		86			2,953
Peapack-Gladstone Financial Corp.		79			2,940
Office Properties Income Trust REIT		217			2,897
Lemonade, Inc.*		211			2,887
First Bancshares, Inc.		89			2,849
National Western Life Group, Inc. — Class A		10			2,810

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Financial - 14.9% (continued)
HarborOne Bancorp, Inc.		202	$	2,808
Compass, Inc. — Class A*		1,205		2,808
MBIA, Inc.*		218		2,801
CBL & Associates Properties, Inc. REIT		121		2,793
Kearny Financial Corp.		274		2,781
Universal Health Realty Income Trust REIT		58		2,768
Metropolitan Bank Holding Corp.*		47		2,757
Horizon Bancorp, Inc.		182		2,745
Camden National Corp.		65		2,710
First Mid Bancshares, Inc.		84		2,695
Gladstone Land Corp. REIT		146		2,679
Chatham Lodging Trust REIT		217		2,663
Farmland Partners, Inc. REIT		213		2,654
United Fire Group, Inc.		97		2,654
BrightSpire Capital, Inc. REIT		425		2,648
Global Medical REIT, Inc.		277		2,626
Dynex Capital, Inc. REIT		205		2,608
Cambridge Bancorp		31		2,575
CrossFirst Bankshares, Inc.*		207		2,569
Urstadt Biddle Properties, Inc. — Class A REIT		135		2,558
Byline Bancorp, Inc.		111		2,550
Midland States Bancorp, Inc.		95		2,529
Flushing Financial Corp.		129		2,500
Great Southern Bancorp, Inc.		42		2,499
Central Pacific Financial Corp.		122		2,474
Silvergate Capital Corp. — Class A*,1		142		2,471
SiriusPoint Ltd.*		418		2,466
First Community Bankshares, Inc.		72		2,441
Diamond Hill Investment Group, Inc.		13		2,405
Mercantile Bank Corp.		70		2,344
Bank of Marin Bancorp		71		2,334
iStar, Inc. REIT		304		2,320
First Financial Corp.		50		2,304
Equity Bancshares, Inc. — Class A		69		2,254
AssetMark Financial Holdings, Inc.*		98		2,254
HomeStreet, Inc.		81		2,234
Coastal Financial Corp.*		47		2,233
Brookfield Business Corp. — Class A		118		2,217
Orion Office REIT, Inc.		259		2,212
Alexander's, Inc. REIT		10		2,201
Saul Centers, Inc. REIT		54		2,197
Independent Bank Corp.		90		2,153
Bar Harbor Bankshares		67		2,147
Arrow Financial Corp.		63		2,136
TPG RE Finance Trust, Inc. REIT		313		2,125
Ares Commercial Real Estate Corp. REIT		206		2,120
Business First Bancshares, Inc.		95		2,103
Broadmark Realty Capital, Inc. REIT		590		2,100
Whitestone REIT — Class B		212		2,044
MidWestOne Financial Group, Inc.		64		2,032
Farmers National Banc Corp.		143		2,019
Redfin Corp.*		476		2,018
Victory Capital Holdings, Inc. — Class A		74		1,985
Capital City Bank Group, Inc.		61		1,982
RMR Group, Inc. — Class A		69		1,949
Mid Penn Bancorp, Inc.		65		1,948
SmartFinancial, Inc.		70		1,925
Invesco Mortgage Capital, Inc. REIT		151		1,922
West BanCorp, Inc.		73		1,865
EZCORP, Inc. — Class A*		227		1,850
Metrocity Bankshares, Inc.		85		1,839
Carter Bankshares, Inc.*		110		1,825
First of Long Island Corp.		100		1,800
CNB Financial Corp.		73		1,737
American National Bankshares, Inc.		47		1,736
Merchants Bancorp		71		1,727
Orchid Island Capital, Inc. REIT		160		1,680
Peoples Financial Services Corp.		32		1,659
Financial Institutions, Inc.		68		1,656
Hingham Institution For Savings The		6		1,656
Southern Missouri Bancorp, Inc.		36		1,650
One Liberty Properties, Inc. REIT		74		1,644
Bridgewater Bancshares, Inc.*		92		1,632
Perella Weinberg Partners		166		1,627
Capstar Financial Holdings, Inc.		92		1,625
Republic Bancorp, Inc. — Class A		39		1,596
Alerus Financial Corp.		68		1,588
City Office REIT, Inc.		188		1,575
FRP Holdings, Inc.*		29		1,562
Southern First Bancshares, Inc.*		34		1,555
Citizens & Northern Corp.		68		1,554
Five Star Bancorp		57		1,553
RE/MAX Holdings, Inc. — Class A		83		1,547
HomeTrust Bancshares, Inc.		64		1,547
Blue Foundry Bancorp*		119		1,529
Oppenheimer Holdings, Inc. — Class A		36		1,524
Indus Realty Trust, Inc. REIT		24		1,524
Waterstone Financial, Inc.		88		1,517
ACNB Corp.		38		1,513
Tiptree, Inc. — Class A		109		1,509
Farmers & Merchants Bancorp Incorporated/Archbold OH		55		1,495
Enterprise Bancorp, Inc.		42		1,483
Civista Bancshares, Inc.		67		1,475
John Marshall Bancorp, Inc.		51		1,468
Amalgamated Financial Corp.		63		1,451
GCM Grosvenor, Inc. — Class A		186		1,415
Shore Bancshares, Inc.		81		1,412
CTO Realty Growth, Inc. REIT		77		1,408
Douglas Elliman, Inc.		343		1,396
RBB Bancorp		66		1,376
Esquire Financial Holdings, Inc.		31		1,341
Home Bancorp, Inc.		33		1,321
First Bancorp, Inc.		44		1,317
First Business Financial Services, Inc.		36		1,316
Macatawa Bank Corp.		119		1,313

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Financial - 14.9% (continued)
Sierra Bancorp		61	$	1,296
Guaranty Bancshares, Inc.		37		1,282
Braemar Hotels & Resorts, Inc. REIT		310		1,274
Northeast Bank		30		1,263
Universal Insurance Holdings, Inc.		119		1,260
Granite Point Mortgage Trust, Inc. REIT		235		1,260
Summit Financial Group, Inc.		50		1,244
South Plains Financial, Inc.		45		1,239
Franklin Street Properties Corp. REIT		448		1,223
Hersha Hospitality Trust — Class A REIT		142		1,210
World Acceptance Corp.*		18		1,187
Primis Financial Corp.		100		1,185
BCB Bancorp, Inc.		65		1,169
HCI Group, Inc.		29		1,148
Postal Realty Trust, Inc. — Class A REIT		79		1,148
AFC Gamma, Inc. REIT		72		1,133
NerdWallet, Inc. — Class A*		116		1,114
BayCom Corp.		58		1,101
PCSB Financial Corp.		56		1,066
Orrstown Financial Services, Inc.		46		1,065
Third Coast Bancshares, Inc.*		57		1,050
BRT Apartments Corp. REIT		53		1,041
FVCBankcorp, Inc.*		54		1,030
MVB Financial Corp.		46		1,013
Sculptor Capital Management, Inc.		116		1,005
LendingTree, Inc.*		47		1,003
First Western Financial, Inc.*		35		985
Regional Management Corp.		35		983
Donegal Group, Inc. — Class A		69		980
First Internet Bancorp		40		971
Red River Bancshares, Inc.		19		970
Hippo Holdings, Inc.*		71		966
Capital Bancorp, Inc.		41		965
Industrial Logistics Properties Trust REIT		295		965
First Bank/Hamilton NJ		70		963
Blue Ridge Bankshares, Inc.		77		962
Greenlight Capital Re Ltd. — Class A*		118		962
Parke Bancorp, Inc.		46		954
Colony Bankcorp, Inc.		74		939
PCB Bancorp		53		938
HBT Financial, Inc.		46		900
Investors Title Co.		6		885
Unity Bancorp, Inc.		32		875
Greene County Bancorp, Inc.		15		861
Silvercrest Asset Management Group, Inc. — Class A		45		845
Bankwell Financial Group, Inc.		26		765
Legacy Housing Corp.*		40		758
Luther Burbank Corp.		67		744
Ashford Hospitality Trust, Inc. REIT*		156		697
Diversified Healthcare Trust REIT		1,078		697
Oportun Financial Corp.*		126		694
First Guaranty Bancshares, Inc.		27		633
Trean Insurance Group, Inc.*		102		612
Pioneer Bancorp, Inc.*		53		604
USCB Financial Holdings, Inc.*		48		586
Nexpoint Real Estate Finance, Inc. REIT		36		572
eHealth, Inc.*		110		532
Stratus Properties, Inc.		27		521
NI Holdings, Inc.*		38		504
Atlanticus Holdings Corp.*		19		498
Sterling Bancorp, Inc.*		78		475
Provident Bancorp, Inc.		65		473
Republic First Bancorp, Inc.*		219		471
Chicago Atlantic Real Estate Finance, Inc.		31		467
Crawford & Co. — Class A		75		417
Selectquote, Inc.*		606		407
Consumer Portfolio Services, Inc.*		43		381
Velocity Financial, Inc.*		39		376
Curo Group Holdings Corp.*		99		351
Clipper Realty, Inc. REIT		54		346
Bluerock Homes Trust, Inc.*		16		341
Associated Capital Group, Inc. — Class A		8		336
SWK Holdings Corp.*		16		282
Doma Holdings, Inc.*		621		281
Transcontinental Realty Investors, Inc.*		6		265
Angel Oak Mortgage, Inc. REIT		54		256
Finance of America Companies, Inc. — Class A*		176		224
Root, Inc. — Class A*		35		157
American Realty Investors, Inc.*		6		154
Offerpad Solutions, Inc.*,1		309		142
Sunlight Financial Holdings, Inc.*		110		142
OppFi, Inc.*		61		125
Applied Digital Corp.*		36		66
Home Point Capital, Inc.*		36		49
Cryptyde, Inc.*		85		16
Total Financial				2,412,118
Industrial - 9.0%
EMCOR Group, Inc.		213		31,547
RBC Bearings, Inc.*		129		27,006
Saia, Inc.*		120		25,162
Exponent, Inc.		229		22,692
Fluor Corp.*		641		22,217
Chart Industries, Inc.*		192		22,124
Novanta, Inc.*		160		21,739
Applied Industrial Technologies, Inc.		172		21,677
Fabrinet*		167		21,413
UFP Industries, Inc.		270		21,397
Atkore, Inc.*		186		21,096
Evoqua Water Technologies Corp.*		530		20,988
Aerojet Rocketdyne Holdings, Inc.*		357		19,967
Comfort Systems USA, Inc.		160		18,413
Watts Water Technologies, Inc. — Class A		124		18,133
Casella Waste Systems, Inc. — Class A*		226		17,924
Altra Industrial Motion Corp.		293		17,507

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Industrial - 9.0% (continued)
Simpson Manufacturing Company, Inc.		193	$	17,111
GATX Corp.		158		16,802
Franklin Electric Company, Inc.		209		16,668
Bloom Energy Corp. — Class A*		797		15,239
Summit Materials, Inc. — Class A*		535		15,192
AAON, Inc.		199		14,989
Mueller Industries, Inc.		252		14,868
Sanmina Corp.*		257		14,724
Advanced Energy Industries, Inc.		170		14,583
Badger Meter, Inc.		132		14,392
Albany International Corp. — Class A		141		13,901
Belden, Inc.		191		13,733
EnerSys		183		13,513
Cactus, Inc. — Class A		267		13,419
Hillenbrand, Inc.		312		13,313
John Bean Technologies Corp.		143		13,060
SPX Technologies, Inc.*		198		12,999
Terex Corp.		302		12,901
Atlas Air Worldwide Holdings, Inc.*		127		12,802
Forward Air Corp.		122		12,797
Plexus Corp.*		124		12,763
Vishay Intertechnology, Inc.		585		12,618
Federal Signal Corp.		271		12,593
Boise Cascade Co.		179		12,292
Dycom Industries, Inc.*		131		12,262
Arcosa, Inc.		220		11,955
Zurn Elkay Water Solutions Corp.		563		11,907
O-I Glass, Inc.*		706		11,698
Hub Group, Inc. — Class A*		145		11,526
Werner Enterprises, Inc.		285		11,474
Scorpio Tankers, Inc.		212		11,399
Moog, Inc. — Class A		129		11,321
Encore Wire Corp.		80		11,005
Trinity Industries, Inc.		371		10,970
Matson, Inc.		168		10,502
Golar LNG Ltd.*		458		10,438
Itron, Inc.*		205		10,383
ESCO Technologies, Inc.		117		10,242
EnPro Industries, Inc.		94		10,217
Energizer Holdings, Inc.		302		10,132
Brady Corp. — Class A		206		9,703
AeroVironment, Inc.*		111		9,508
Kadant, Inc.		52		9,237
Barnes Group, Inc.		221		9,028
Kennametal, Inc.		369		8,878
Lindsay Corp.		50		8,142
Masonite International Corp.*		101		8,142
Materion Corp.		93		8,138
International Seaways, Inc.		219		8,107
NV5 Global, Inc.*		61		8,072
Helios Technologies, Inc.		148		8,057
Frontdoor, Inc.*		375		7,800
ArcBest Corp.		111		7,774
CSW Industrials, Inc.		66		7,651
Mueller Water Products, Inc. — Class A		707		7,607
Greif, Inc. — Class A		112		7,511
Griffon Corp.		209		7,480
Worthington Industries, Inc.		142		7,059
Granite Construction, Inc.		201		7,049
TTM Technologies, Inc.*		459		6,922
AAR Corp.*		153		6,870
Frontline plc*		565		6,859
MYR Group, Inc.*		74		6,813
Air Transport Services Group, Inc.*		260		6,755
Knowles Corp.*		406		6,666
Enerpac Tool Group Corp.		257		6,541
Alamo Group, Inc.		46		6,514
Gibraltar Industries, Inc.*		140		6,423
Enovix Corp.*		493		6,133
OSI Systems, Inc.*		73		5,805
Kratos Defense & Security Solutions, Inc.*		560		5,779
CTS Corp.		143		5,637
Montrose Environmental Group, Inc.*		125		5,549
Standex International Corp.		54		5,530
DHT Holdings, Inc.		620		5,506
Vicor Corp.*		100		5,375
TriMas Corp.		190		5,271
Primoris Services Corp.		240		5,266
Marten Transport Ltd.		264		5,222
Tennant Co.		84		5,172
Energy Recovery, Inc.*		249		5,102
Xometry, Inc. — Class A*		153		4,931
Golden Ocean Group Ltd.		557		4,840
Construction Partners, Inc. — Class A*		181		4,831
Greenbrier Companies, Inc.		144		4,828
SFL Corporation Ltd.		520		4,794
PGT Innovations, Inc.*		262		4,706
Apogee Enterprises, Inc.		101		4,490
Modine Manufacturing Co.*		226		4,488
AZZ, Inc.		111		4,462
LSB Industries, Inc.*		333		4,429
Hillman Solutions Corp.*		610		4,398
Sterling Infrastructure, Inc.*		133		4,362
Astec Industries, Inc.		104		4,229
Benchmark Electronics, Inc.		158		4,217
FLEX LNG Ltd.		129		4,217
GrafTech International Ltd.		879		4,184
Columbus McKinnon Corp.		127		4,124
Matthews International Corp. — Class A		135		4,109
Mirion Technologies, Inc.*		621		4,105
Sturm Ruger & Company, Inc.		78		3,948
Mesa Laboratories, Inc.		23		3,823
Joby Aviation, Inc.*		1,139		3,816
Napco Security Technologies, Inc.*		133		3,655
UFP Technologies, Inc.*		31		3,655
Rocket Lab USA, Inc.*		968		3,649
JELD-WEN Holding, Inc.*		378		3,648
Myers Industries, Inc.		164		3,646
TimkenSteel Corp.*		199		3,616
American Woodmark Corp.*		74		3,616
Janus International Group, Inc.*		370		3,522
CryoPort, Inc.*		198		3,435
Ichor Holdings Ltd.*		127		3,406
PureCycle Technologies, Inc.*		482		3,259
Heartland Express, Inc.		212		3,252

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Industrial - 9.0% (continued)
Teekay Tankers Ltd. — Class A*		104	$	3,204
Proto Labs, Inc.*		125		3,191
Triumph Group, Inc.*		290		3,051
Eagle Bulk Shipping, Inc.		61		3,046
Thermon Group Holdings, Inc.*		150		3,012
Chase Corp.		34		2,933
GoPro, Inc. — Class A*		586		2,918
Li-Cycle Holdings Corp.*,1		608		2,894
Kaman Corp.		127		2,832
Nordic American Tankers Ltd.		877		2,684
Gorman-Rupp Co.		103		2,639
Dorian LPG Ltd.		139		2,634
Stoneridge, Inc.*		119		2,566
Genco Shipping & Trading Ltd.		166		2,550
Ducommun, Inc.*		50		2,498
Kimball Electronics, Inc.*		109		2,462
FARO Technologies, Inc.*		82		2,412
Insteel Industries, Inc.		85		2,339
Heritage-Crystal Clean, Inc.*		71		2,306
Ryerson Holding Corp.		76		2,300
Ardmore Shipping Corp.*		158		2,277
Argan, Inc.		61		2,250
Harsco Corp.*		356		2,239
Pactiv Evergreen, Inc.		196		2,226
Costamare, Inc.		239		2,218
Vishay Precision Group, Inc.*		56		2,164
Allied Motion Technologies, Inc.		60		2,089
nLight, Inc.*		199		2,018
CIRCOR International, Inc.*		84		2,013
DXP Enterprises, Inc.*		69		1,901
Greif, Inc. — Class B		24		1,877
Smith & Wesson Brands, Inc.		206		1,788
Blink Charging Co.*,1		162		1,777
MicroVision, Inc.*		751		1,765
Great Lakes Dredge & Dock Corp.*		296		1,761
Luxfer Holdings plc		123		1,687
National Presto Industries, Inc.		23		1,575
Babcock & Wilcox Enterprises, Inc.*		272		1,569
Centrus Energy Corp. — Class A*		48		1,559
Cadre Holdings, Inc.		76		1,531
Northwest Pipe Co.*		44		1,483
Olympic Steel, Inc.		44		1,478
Covenant Logistics Group, Inc. — Class A		42		1,452
NuScale Power Corp.*		141		1,447
Powell Industries, Inc.		41		1,442
Tutor Perini Corp.*		191		1,442
Manitowoc Company, Inc.*		157		1,438
Teekay Corp.*		316		1,435
Comtech Telecommunications Corp.		116		1,408
Omega Flex, Inc.		15		1,400
IES Holdings, Inc.*		39		1,387
SmartRent, Inc.*		541		1,315
Tredegar Corp.		122		1,247
Hyster-Yale Materials Handling, Inc.		49		1,240
Sight Sciences, Inc.*		98		1,197
Park Aerospace Corp.		89		1,194
Astronics Corp.*		115		1,184
AerSale Corp.*		72		1,168
Ranpak Holdings Corp.*		197		1,137
Universal Logistics Holdings, Inc.		33		1,103
Archer Aviation, Inc. — Class A*		578		1,081
Daseke, Inc.*		185		1,053
Evolv Technologies Holdings, Inc.*		381		987
Safe Bulkers, Inc.		332		966
Pure Cycle Corp.*		88		922
ESS Tech, Inc.*		366		890
Radiant Logistics, Inc.*		172		875
Eastman Kodak Co.*		259		790
PAM Transportation Services, Inc.*		30		777
908 Devices, Inc.*		99		754
Identiv, Inc.*		100		724
Concrete Pumping Holdings, Inc.*		119		696
AMMO, Inc.*		396		685
Akoustis Technologies, Inc.*		236		665
Latham Group, Inc.*		195		628
Charge Enterprises, Inc.*		490		608
Caesarstone Ltd.		103		588
Transphorm, Inc.*		100		544
Turtle Beach Corp.*		69		495
View, Inc.*,1		507		489
Atlas Technical Consultants, Inc.*		82		422
Karat Packaging, Inc.		26		374
Hydrofarm Holdings Group, Inc.*		198		307
Astra Space, Inc.*		668		290
NL Industries, Inc.		38		259
Momentus, Inc.*		248		193
Sarcos Technology and Robotics Corp.*		339		190
Redwire Corp.*		88		174
Berkshire Grey, Inc.*		221		133
Fathom Digital Manufacturing C*		44		58
AEye, Inc.*		120		58
Total Industrial				1,448,075
Consumer, Cyclical - 7.2%
Crocs, Inc.*		274		29,710
Texas Roadhouse, Inc. — Class A		302		27,467
Murphy USA, Inc.		94		26,277
Light & Wonder, Inc. — Class A*		427		25,022
Wingstop, Inc.		135		18,579
Academy Sports & Outdoors, Inc.		349		18,336
Asbury Automotive Group, Inc.*		100		17,925
Fox Factory Holding Corp.*		192		17,516
Visteon Corp.*		126		16,485
Meritage Homes Corp.*		164		15,121
Adient plc*		430		14,917
Hilton Grand Vacations, Inc.*		387		14,915
FirstCash Holdings, Inc.		170		14,775
Taylor Morrison Home Corp. — Class A*		471		14,295
Signet Jewelers Ltd.		207		14,076
National Vision Holdings, Inc.*		354		13,721
Foot Locker, Inc.		363		13,718
UniFirst Corp.		68		13,123
Goodyear Tire & Rubber Co.*		1,272		12,911
Topgolf Callaway Brands Corp.*		634		12,522

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Cyclical - 7.2% (continued)
Skyline Champion Corp.*		242	$	12,465
Beacon Roofing Supply, Inc.*		232		12,247
Papa John's International, Inc.		148		12,182
Group 1 Automotive, Inc.		64		11,544
Steven Madden Ltd.		347		11,090
KB Home		348		11,084
Resideo Technologies, Inc.*		656		10,791
LCI Industries		113		10,447
International Game Technology plc		443		10,047
Kontoor Brands, Inc.		251		10,038
Gentherm, Inc.*		150		9,793
Sonos, Inc.*		579		9,785
Rush Enterprises, Inc. — Class A		187		9,776
American Eagle Outfitters, Inc.*		699		9,758
Dorman Products, Inc.*		119		9,624
Spirit Airlines, Inc.*		494		9,623
SeaWorld Entertainment, Inc.*		179		9,578
GMS, Inc.*		192		9,562
Cracker Barrel Old Country Store, Inc.		100		9,474
Nu Skin Enterprises, Inc. — Class A		221		9,317
Installed Building Products, Inc.		108		9,245
Red Rock Resorts, Inc. — Class A		228		9,122
Cavco Industries, Inc.*		40		9,050
Dana, Inc.		585		8,851
LGI Homes, Inc.*		93		8,612
Tri Pointe Homes, Inc.*		456		8,477
Boot Barn Holdings, Inc.*		134		8,378
ODP Corp.*		180		8,197
MDC Holdings, Inc.		259		8,184
Bloomin' Brands, Inc.		393		7,907
World Fuel Services Corp.		277		7,570
Methode Electronics, Inc.		164		7,277
MillerKnoll, Inc.		345		7,248
Veritiv Corp.		59		7,181
Winnebago Industries, Inc.		134		7,062
Shake Shack, Inc. — Class A*		169		7,019
Cheesecake Factory, Inc.1		218		6,913
Dave & Buster's Entertainment, Inc.*		195		6,911
Urban Outfitters, Inc.*		289		6,893
PriceSmart, Inc.		112		6,807
H&E Equipment Services, Inc.		145		6,583
Jack in the Box, Inc.		95		6,482
Oxford Industries, Inc.		69		6,429
Century Communities, Inc.		128		6,401
Acushnet Holdings Corp.		150		6,369
KAR Auction Services, Inc.*		487		6,355
Brinker International, Inc.*		197		6,286
Buckle, Inc.		137		6,213
Vista Outdoor, Inc.*		253		6,166
Sally Beauty Holdings, Inc.*		486		6,085
Patrick Industries, Inc.		99		5,999
XPEL, Inc.*		98		5,886
iRobot Corp.*		122		5,872
Dillard's, Inc. — Class A		18		5,818
M/I Homes, Inc.*		122		5,634
Everi Holdings, Inc.*		391		5,611
Liberty Media Corporation - Liberty Braves — Class C*		171		5,511
Luminar Technologies, Inc.*,1		1,096		5,425
Fisker, Inc.*,1		737		5,358
HNI Corp.		186		5,288
Madison Square Garden Entertainment Corp.*		117		5,262
Abercrombie & Fitch Co. — Class A*		224		5,132
Warby Parker, Inc. — Class A*		378		5,099
Malibu Boats, Inc. — Class A*		92		4,904
Wabash National Corp.		214		4,836
Allegiant Travel Co. — Class A*		69		4,691
Monarch Casino & Resort, Inc.*		60		4,613
La-Z-Boy, Inc.		195		4,450
MRC Global, Inc.*		376		4,354
Dine Brands Global, Inc.		67		4,328
Cinemark Holdings, Inc.*		494		4,278
American Axle & Manufacturing Holdings, Inc.*		512		4,004
Clean Energy Fuels Corp.*		768		3,994
Sonic Automotive, Inc. — Class A		81		3,991
Hibbett, Inc.		58		3,957
Camping World Holdings, Inc. — Class A		174		3,884
Shyft Group, Inc.		156		3,878
Wolverine World Wide, Inc.		348		3,804
Proterra, Inc.*		1,002		3,778
SkyWest, Inc.*		226		3,731
Douglas Dynamics, Inc.		102		3,688
Titan Machinery, Inc.*		92		3,655
RCI Hospitality Holdings, Inc.		39		3,635
Virgin Galactic Holdings, Inc.*,1		1,035		3,602
Caleres, Inc.		160		3,565
Titan International, Inc.*		232		3,554
Golden Entertainment, Inc.*		91		3,404
Sweetgreen, Inc. — Class A*		395		3,385
ScanSource, Inc.*		114		3,331
Arko Corp.		378		3,273
Bally's Corp.*		164		3,178
Standard Motor Products, Inc.		91		3,167
Nikola Corp.*,1		1,453		3,138
IMAX Corp.*		213		3,123
Winmark Corp.		13		3,066
MarineMax, Inc.*		96		2,997
Green Brick Partners, Inc.*		123		2,980
BlueLinx Holdings, Inc.*		41		2,915
Guess?, Inc.1		140		2,897
A-Mark Precious Metals, Inc.		82		2,848
Lions Gate Entertainment Corp. — Class B*		523		2,840
Ermenegildo Zegna N.V.		270		2,827
OneSpaWorld Holdings Ltd.*		301		2,808
Franchise Group, Inc.		117		2,787
Steelcase, Inc. — Class A		391		2,764
Chico's FAS, Inc.*		555		2,731
Ethan Allen Interiors, Inc.		103		2,721
BJ's Restaurants, Inc.*		103		2,717
Genesco, Inc.*		59		2,715
G-III Apparel Group Ltd.*		198		2,715
indie Semiconductor, Inc. — Class A*		456		2,658
Interface, Inc. — Class A		266		2,626
Qurate Retail, Inc. — Class A*		1,587		2,587
TravelCenters of America, Inc.*		57		2,552
Sleep Number Corp.*		97		2,520

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Cyclical - 7.2% (continued)
Sovos Brands, Inc.*		173	$	2,486
PC Connection, Inc.		51		2,392
Sun Country Airlines Holdings, Inc.*		150		2,379
Hawaiian Holdings, Inc.*		230		2,360
Denny's Corp.*		255		2,349
Chuy's Holdings, Inc.*		81		2,292
Life Time Group Holdings, Inc.*		191		2,284
Vizio Holding Corp. — Class A*		308		2,282
Ruth's Hospitality Group, Inc.		146		2,260
Movado Group, Inc.		70		2,257
VSE Corp.		48		2,250
Designer Brands, Inc. — Class A		228		2,230
Children's Place, Inc.*		58		2,112
MasterCraft Boat Holdings, Inc.*		81		2,095
Portillo's, Inc. — Class A*		125		2,040
Accel Entertainment, Inc.*		261		2,010
Haverty Furniture Companies, Inc.		67		2,003
Hudson Technologies, Inc.*		195		1,974
America's Car-Mart, Inc.*		27		1,951
REV Group, Inc.		153		1,931
Big Lots, Inc.		127		1,867
Shoe Carnival, Inc.		78		1,865
Bowlero Corp.*		133		1,793
Destination XL Group, Inc.*		264		1,782
Xponential Fitness, Inc. — Class A*		77		1,766
Frontier Group Holdings, Inc.*		169		1,736
Beazer Homes USA, Inc.*		135		1,722
Rush Enterprises, Inc. — Class B		30		1,688
Sportsman's Warehouse Holdings, Inc.*		173		1,628
Xperi, Inc.*		188		1,619
PetMed Express, Inc.		91		1,611
Johnson Outdoors, Inc. — Class A		24		1,587
Funko, Inc. — Class A*		144		1,571
Marcus Corp.		108		1,554
Zumiez, Inc.*		71		1,543
Build-A-Bear Workshop, Inc. — Class A*		64		1,526
Aspen Aerogels, Inc.*		129		1,521
Lions Gate Entertainment Corp. — Class A*		264		1,508
Solid Power, Inc.*		592		1,504
Liberty Media Corporation-Liberty Braves — Class A*		45		1,470
OneWater Marine, Inc. — Class A*		51		1,459
Bluegreen Vacations Holding Corp.		57		1,423
Hyliion Holdings Corp.*		602		1,409
Global Industrial Co.		59		1,388
Lovesac Co.*		63		1,387
EVgo, Inc.*,1		308		1,377
Miller Industries, Inc.		50		1,333
Forestar Group, Inc.*		83		1,279
Purple Innovation, Inc.*		249		1,193
Microvast Holdings, Inc.*		759		1,161
Lindblad Expeditions Holdings, Inc.*		149		1,147
Universal Electronics, Inc.*		55		1,144
Full House Resorts, Inc.*		149		1,120
Kimball International, Inc. — Class B		164		1,066
Sonder Holdings, Inc.*		854		1,059
TuSimple Holdings, Inc. — Class A*		634		1,040
Clarus Corp.		131		1,027
Workhorse Group, Inc.*		675		1,026
GrowGeneration Corp.*		260		1,019
Noodles & Co.*		185		1,016
Motorcar Parts of America, Inc.*		85		1,008
Kura Sushi USA, Inc. — Class A*		21		1,001
Weber, Inc. — Class A*,1		123		990
Rush Street Interactive, Inc.*		275		987
Citi Trends, Inc.*		37		980
Hovnanian Enterprises, Inc. — Class A*		23		968
Tilly's, Inc. — Class A*		102		923
Fossil Group, Inc.*		211		909
Bed Bath & Beyond, Inc.*,1		361		906
El Pollo Loco Holdings, Inc.		88		876
Century Casinos, Inc.*		124		872
Big 5 Sporting Goods Corp.		97		856
Blue Bird Corp.*		79		846
Lordstown Motors Corp. — Class A*		738		841
Tupperware Brands Corp.*		200		828
Rite Aid Corp.*		247		825
Dream Finders Homes, Inc. — Class A*		95		823
Cato Corp. — Class A		81		756
Wheels Up Experience, Inc.*		722		744
LL Flooring Holdings, Inc.*		131		736
Rocky Brands, Inc.		31		732
NEOGAMES S.A.*		59		719
Tile Shop Holdings, Inc.*		164		718
Velodyne Lidar, Inc.*		875		646
ONE Group Hospitality, Inc.*		102		643
Container Store Group, Inc.*		148		638
Canoo, Inc.*		517		636
Hyzon Motors, Inc.*		398		617
First Watch Restaurant Group, Inc.*		45		609
Snap One Holdings Corp.*		82		608
Aeva Technologies, Inc.*		439		597
Weyco Group, Inc.		27		571
Reservoir Media, Inc.*		93		555
Superior Group of Companies, Inc.		53		533
Holley, Inc.*		233		494
F45 Training Holdings, Inc.*		164		467
Marine Products Corp.		38		447
Lifetime Brands, Inc.		58		440
Mullen Automotive, Inc.*		1,491		426
Biglari Holdings, Inc. — Class B*		3		416
Traeger, Inc.*		145		409
Conn's, Inc.*		59		406
PLBY Group, Inc.*		141		388
Vinco Ventures, Inc.*		820		381
Cenntro Electric Group Ltd.*		834		367
Duluth Holdings, Inc. — Class B*		59		365
ThredUp, Inc. — Class A*		266		349
Express, Inc.*		291		297
Landsea Homes Corp.*		47		245
Aterian, Inc.*		287		221

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Consumer, Cyclical - 7.2% (continued)
Volta, Inc.*,1		554	$	197
Torrid Holdings, Inc.*,1		66		195
Party City Holdco, Inc.*		494		181
JOANN, Inc.*,1		50		142
CompX International, Inc.		7		129
Xos, Inc.*		249		110
Lightning eMotors, Inc.*		177		65
Cepton, Inc.*		34		43
Total Consumer, Cyclical				1,163,796
Technology - 6.0%
ExlService Holdings, Inc.*		146		24,737
SPS Commerce, Inc.*		164		21,063
Silicon Laboratories, Inc.*		149		20,215
Maximus, Inc.		272		19,946
Box, Inc. — Class A*		630		19,612
Qualys, Inc.*		173		19,416
Tenable Holdings, Inc.*		498		18,999
Power Integrations, Inc.		255		18,289
Workiva, Inc.*		216		18,138
Rambus, Inc.*		481		17,229
Synaptics, Inc.*		179		17,034
Super Micro Computer, Inc.*		206		16,913
Blackline, Inc.*		250		16,817
Envestnet, Inc.*		249		15,363
Diodes, Inc.*		201		15,304
Onto Innovation, Inc.*		223		15,184
MACOM Technology Solutions Holdings, Inc.*		229		14,422
Insight Enterprises, Inc.*		142		14,238
1Life Healthcare, Inc.*		817		13,652
Ambarella, Inc.*		165		13,568
CommVault Systems, Inc.*		201		12,631
Blackbaud, Inc.*		211		12,419
Varonis Systems, Inc.*		494		11,826
Axcelis Technologies, Inc.*		148		11,745
Sprout Social, Inc. — Class A*		208		11,744
ACI Worldwide, Inc.*		505		11,615
Kulicke & Soffa Industries, Inc.		257		11,375
MaxLinear, Inc. — Class A*		326		11,068
Amkor Technology, Inc.		460		11,031
Altair Engineering, Inc. — Class A*		236		10,731
Verint Systems, Inc.*		288		10,449
Evolent Health, Inc. — Class A*		372		10,446
Impinj, Inc.*		95		10,372
PagerDuty, Inc.*		386		10,252
NetScout Systems, Inc.*		308		10,013
Progress Software Corp.		193		9,737
Appfolio, Inc. — Class A*		86		9,063
Rapid7, Inc.*		263		8,937
Verra Mobility Corp.*		631		8,727
Veradigm, Inc.*		492		8,679
Semtech Corp.*		287		8,234
KnowBe4, Inc. — Class A*		330		8,177
CSG Systems International, Inc.		140		8,008
DigitalOcean Holdings, Inc.*		314		7,998
FormFactor, Inc.*		350		7,780
Clear Secure, Inc. — Class A		282		7,735
Duolingo, Inc.*		107		7,611
Xerox Holdings Corp.		518		7,563
SiTime Corp.*		72		7,317
Phreesia, Inc.*		223		7,216
Parsons Corp.*		153		7,076
Agilysys, Inc.*		89		7,043
Ultra Clean Holdings, Inc.*		205		6,796
Cohu, Inc.*		212		6,795
Model N, Inc.*		164		6,652
AvidXchange Holdings, Inc.*		665		6,610
Digital Turbine, Inc.*		420		6,401
MicroStrategy, Inc. — Class A*,1		43		6,088
Appian Corp. — Class A*		181		5,893
Digi International, Inc.*		155		5,665
Outset Medical, Inc.*		217		5,603
E2open Parent Holdings, Inc.*		903		5,301
Everbridge, Inc.*		179		5,295
Alignment Healthcare, Inc.*		443		5,210
Apollo Medical Holdings, Inc.*		176		5,208
PowerSchool Holdings, Inc. — Class A*		207		4,778
NextGen Healthcare, Inc.*		253		4,751
Asana, Inc. — Class A*		334		4,599
Schrodinger Incorporated/United States*		245		4,579
Photronics, Inc.*		272		4,578
Consensus Cloud Solutions, Inc.*		85		4,570
Privia Health Group, Inc.*		199		4,519
PROS Holdings, Inc.*		186		4,512
Donnelley Financial Solutions, Inc.*		116		4,483
Adeia, Inc.		472		4,475
3D Systems Corp.*		574		4,248
ACV Auctions, Inc. — Class A*		515		4,228
Veeco Instruments, Inc.*		227		4,218
Duck Creek Technologies, Inc.*		350		4,217
Avid Technology, Inc.*		157		4,175
Fastly, Inc. — Class A*		506		4,144
Sumo Logic, Inc.*		511		4,139
Momentive Global, Inc.*		591		4,137
Zeta Global Holdings Corp. — Class A*		493		4,028
ForgeRock, Inc. — Class A*		172		3,916
PDF Solutions, Inc.*		135		3,850
TTEC Holdings, Inc.		85		3,751
Hims & Hers Health, Inc.*		550		3,525
Zuora, Inc. — Class A*		530		3,371
Yext, Inc.*		514		3,356
SMART Global Holdings, Inc.*		223		3,318
Cerence, Inc.*		178		3,298
LivePerson, Inc.*		319		3,235
N-able, Inc.*		309		3,177
PAR Technology Corp.*		120		3,128
Conduent, Inc.*		770		3,118
Amplitude, Inc. — Class A*		253		3,056
Pitney Bowes, Inc.		785		2,983
C3.ai, Inc. — Class A*		264		2,954
Alpha & Omega Semiconductor Ltd.*		100		2,857
Matterport, Inc.*		994		2,783
EngageSmart, Inc.*		158		2,781
CEVA, Inc.*		104		2,660
Health Catalyst, Inc.*		246		2,615
Simulations Plus, Inc.		71		2,596
Sapiens International Corporation N.V.		139		2,569
Olo, Inc. — Class A*		408		2,550
BigCommerce Holdings, Inc.*		291		2,543
Grid Dynamics Holdings, Inc.*		220		2,468

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Technology - 6.0% (continued)
PubMatic, Inc. — Class A*		190	$	2,434
Bandwidth, Inc. — Class A*		105		2,410
AvePoint, Inc.*		584		2,400
Alkami Technology, Inc.*		163		2,378
Ebix, Inc.		119		2,375
Corsair Gaming, Inc.*		174		2,361
8x8, Inc.*		518		2,238
Vimeo, Inc.*		649		2,226
Nutex Health, Inc.*		1,128		2,143
American Software, Inc. — Class A		145		2,129
Sharecare, Inc.*		1,327		2,123
SolarWinds Corp.*		219		2,050
OneSpan, Inc.*		180		2,014
Domo, Inc. — Class B*		137		1,951
IonQ, Inc.*,1		539		1,860
Mitek Systems, Inc.*		191		1,851
Instructure Holdings, Inc.*		78		1,828
Computer Programs and Systems, Inc.*		65		1,769
ACM Research, Inc. — Class A*		217		1,673
ON24, Inc.*		189		1,631
Desktop Metal, Inc. — Class A*		1,199		1,631
UserTesting, Inc.*		214		1,607
Intapp, Inc.*		63		1,571
Unisys Corp.*		300		1,533
Integral Ad Science Holding Corp.*		173		1,521
MeridianLink, Inc.*		104		1,428
Playstudios, Inc.*		359		1,393
Daily Journal Corp.*		5		1,253
Telos Corp.*		244		1,242
Inspired Entertainment, Inc.*		98		1,242
Benefitfocus, Inc.*		117		1,224
Blend Labs, Inc. — Class A*		839		1,208
Cantaloupe, Inc.*		264		1,148
Digimarc Corp.*,1		62		1,146
Enfusion, Inc. — Class A*		117		1,131
HireRight Holdings Corp.*		95		1,127
Cvent Holding Corp.*		204		1,102
Vuzix Corp.*,1		269		979
Brightcove, Inc.*		187		978
Red Violet, Inc.*		42		967
Upland Software, Inc.*		132		941
eGain Corp.*		95		858
Rimini Street, Inc.*		221		842
Cardlytics, Inc.*		145		838
EverCommerce, Inc.*		109		811
AXT, Inc.*		184		806
Rackspace Technology, Inc.*		261		770
Veritone, Inc.*		142		753
Skillz, Inc.*		1,400		709
Porch Group, Inc.*		366		688
Weave Communications, Inc.*		142		650
IBEX Holdings Ltd.*		26		646
NextNav, Inc.*		218		639
CS Disco, Inc.*		101		638
Outbrain, Inc.*		175		634
Markforged Holding Corp.*		499		579
Atomera, Inc.*		92		572
Ouster, Inc.*		631		544
Cerberus Cyber Sentinel Corp.*		207		528
Skillsoft Corp.*		368		478
Diebold Nixdorf, Inc.*		331		470
Velo3D, Inc.*		256		458
Pear Therapeutics, Inc.*		310		366
SkyWater Technology, Inc.*		49		348
WM Technology, Inc.*,1		330		333
Arteris, Inc.*		77		331
LiveVox Holdings, Inc.*		102		303
SecureWorks Corp. — Class A*		45		288
Viant Technology, Inc. — Class A*		63		253
Latch, Inc.*		314		223
Loyalty Ventures, Inc.*		91		219
Faraday Future Intelligent Electric, Inc.*		450		131
Rigetti Computing, Inc.*,1		147		107
Kaleyra, Inc.*		130		98
Avaya Holdings Corp.*		381		75
IronNet, Inc.*		294		68
Rockley Photonics Holdings Ltd.*		462		65
Total Technology				977,445
Energy - 4.3%
Matador Resources Co.		507		29,021
Murphy Oil Corp.		664		28,559
ChampionX Corp.		902		26,149
Chord Energy Corp.		188		25,720
Helmerich & Payne, Inc.		463		22,951
Denbury, Inc.*		226		19,667
Civitas Resources, Inc.		334		19,349
SM Energy Co.		549		19,122
Valaris Ltd.*		276		18,663
Magnolia Oil & Gas Corp. — Class A		785		18,408
PBF Energy, Inc. — Class A		439		17,902
Patterson-UTI Energy, Inc.		973		16,385
Weatherford International plc*		320		16,294
Shoals Technologies Group, Inc. — Class A*		623		15,369
California Resources Corp.		333		14,489
Noble Corporation plc*		380		14,330
Peabody Energy Corp.*		534		14,108
CNX Resources Corp.*		803		13,522
Array Technologies, Inc.*		683		13,202
Kosmos Energy Ltd.*		2,047		13,019
Equitrans Midstream Corp.		1,864		12,489
CONSOL Energy, Inc.		156		10,140
Alpha Metallurgical Resources, Inc.		69		10,101
Liberty Energy, Inc. — Class A		627		10,038
Arch Resources, Inc.		67		9,567
Northern Oil and Gas, Inc.		299		9,215
Sitio Royalties Corp. — Class A		317		9,145
Permian Resources Corp.		933		8,770
Delek US Holdings, Inc.		313		8,451
Callon Petroleum Co.*		223		8,271
Sunnova Energy International, Inc.*		450		8,105
Warrior Met Coal, Inc.		233		8,071
Oceaneering International, Inc.*		453		7,923
Tidewater, Inc.*		210		7,738
NexTier Oilfield Solutions, Inc.*		796		7,355
Green Plains, Inc.*		239		7,290
SunPower Corp. — Class A*		371		6,689
Expro Group Holdings N.V.*		351		6,364
NOW, Inc.*		500		6,350

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Energy - 4.3% (continued)
Nabors Industries Ltd.*		41	$	6,350
Stem, Inc.*		653		5,838
Comstock Resources, Inc.		416		5,703
Talos Energy, Inc.*		300		5,664
Archrock, Inc.		614		5,514
Par Pacific Holdings, Inc.*		222		5,161
Helix Energy Solutions Group, Inc.*		648		4,782
FuelCell Energy, Inc.*		1,715		4,768
Diamond Offshore Drilling, Inc.*		453		4,711
Borr Drilling Ltd.*		881		4,379
Dril-Quip, Inc.*		155		4,211
US Silica Holdings, Inc.*		336		4,200
CVR Energy, Inc.		133		4,168
ProPetro Holding Corp.*		396		4,107
Laredo Petroleum, Inc.*		76		3,908
Tellurian, Inc.*		2,313		3,886
Gulfport Energy Corp.*		51		3,756
Ranger Oil Corp. — Class A		86		3,477
SunCoke Energy, Inc.		378		3,262
Montauk Renewables, Inc.*		292		3,221
RPC, Inc.		337		2,996
Select Energy Services, Inc. — Class A		324		2,994
Bristow Group, Inc.*		106		2,876
Berry Corp.		354		2,832
Earthstone Energy, Inc. — Class A*		199		2,832
Fluence Energy, Inc.*		163		2,795
ProFrac Holding Corp. — Class A*		105		2,646
Kinetik Holdings, Inc. — Class A1		77		2,547
SandRidge Energy, Inc.*		144		2,452
W&T Offshore, Inc.*		429		2,394
REX American Resources Corp.*		71		2,262
VAALCO Energy, Inc.		478		2,180
Excelerate Energy, Inc. — Class A		84		2,104
Oil States International, Inc.*		280		2,089
TETRA Technologies, Inc.*		564		1,951
Crescent Energy Co. — Class A		147		1,763
Gevo, Inc.*		892		1,695
TPI Composites, Inc.*		166		1,683
DMC Global, Inc.*		85		1,652
Newpark Resources, Inc.*		386		1,602
Vertex Energy, Inc.*		245		1,519
SilverBow Resources, Inc.*		53		1,499
Aris Water Solution, Inc. — Class A		100		1,441
Amplify Energy Corp.*		162		1,424
Solaris Oilfield Infrastructure, Inc. — Class A		142		1,410
Riley Exploration Permian, Inc.		47		1,383
National Energy Services Reunited Corp.*		173		1,201
Eneti, Inc.		104		1,045
Ring Energy, Inc.*		392		964
FutureFuel Corp.		116		943
Alto Ingredients, Inc.*		327		942
Energy Vault Holdings, Inc.*		287		895
Ramaco Resources, Inc.		101		888
NextDecade Corp.*		142		701
HighPeak Energy, Inc.		30		686
NACCO Industries, Inc. — Class A		18		684
Aemetis, Inc.*		132		523
Cleanspark, Inc.*		187		381
Empire Petroleum Corp.*		30		369
Heliogen, Inc.*		409		286
Battalion Oil Corp.*		11		107
Total Energy				695,003
Communications - 2.6%
Iridium Communications, Inc.		563		28,938
TEGNA, Inc.		1,003		21,253
Calix, Inc.*		257		17,587
Maxar Technologies, Inc.		330		17,074
Ziff Davis, Inc.*		207		16,374
Marqeta, Inc. — Class A*		1,968		12,024
Cogent Communications Holdings, Inc.		195		11,131
Viavi Solutions, Inc.*		1,032		10,846
Perficient, Inc.*		155		10,824
Extreme Networks, Inc.*		572		10,473
Yelp, Inc. — Class A*		305		8,339
Bumble, Inc. — Class A*		391		8,231
DigitalBridge Group, Inc.		711		7,778
CommScope Holding Company, Inc.*		930		6,836
Q2 Holdings, Inc.*		253		6,798
InterDigital, Inc.		135		6,680
Cargurus, Inc.*		463		6,487
Magnite, Inc.*		593		6,280
ADTRAN Holdings, Inc.		319		5,994
Shutterstock, Inc.		110		5,799
Credo Technology Group Holding Ltd.*		435		5,790
Infinera Corp.*		858		5,783
Upwork, Inc.*		544		5,679
TechTarget, Inc.*		124		5,463
Harmonic, Inc.*		417		5,463
ePlus, Inc.*		120		5,314
Scholastic Corp.		130		5,130
Liberty Latin America Ltd. — Class C*		657		4,993
Clearfield, Inc.*		52		4,895
Telephone & Data Systems, Inc.		457		4,794
A10 Networks, Inc.		287		4,773
Cars.com, Inc.*		306		4,214
Gray Television, Inc.		369		4,129
Globalstar, Inc.*		3,101		4,124
Revolve Group, Inc.*		185		4,118
Figs, Inc. — Class A*		578		3,890
Overstock.com, Inc.*		193		3,736
Poshmark, Inc. — Class A*		208		3,719
EW Scripps Co. — Class A*		265		3,495
Shenandoah Telecommunications Co.		220		3,494
QuinStreet, Inc.*		235		3,372
Gogo, Inc.*		227		3,351
iHeartMedia, Inc. — Class A*		546		3,347
Open Lending Corp. — Class A*		478		3,227
Squarespace, Inc. — Class A*		142		3,148
Planet Labs PBC*		705		3,067
Sinclair Broadcast Group, Inc. — Class A		182		2,823
HealthStream, Inc.*		110		2,732
Anterix, Inc.*		82		2,638

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Communications - 2.6% (continued)
Boston Omaha Corp. — Class A*		96	$	2,544
EchoStar Corp. — Class A*		152		2,535
NETGEAR, Inc.*		128		2,318
ATN International, Inc.		49		2,220
WideOpenWest, Inc.*		242		2,205
Stagwell, Inc.*		354		2,198
Thryv Holdings, Inc.*		115		2,185
AMC Networks, Inc. — Class A*		137		2,147
Eventbrite, Inc. — Class A*		349		2,045
IDT Corp. — Class B*		66		1,859
Clear Channel Outdoor Holdings, Inc.*		1,657		1,740
Couchbase, Inc.*		120		1,591
Liquidity Services, Inc.*		111		1,561
Aviat Networks, Inc.*		50		1,560
Rover Group, Inc.*,1		420		1,541
Tucows, Inc. — Class A*		45		1,526
CarParts.com, Inc.*		230		1,440
fuboTV, Inc.*,1		808		1,406
Ooma, Inc.*		103		1,403
United States Cellular Corp.*		67		1,397
Quotient Technology, Inc.*		406		1,393
OptimizeRx Corp.*		80		1,344
Gannett Company, Inc.*		653		1,326
Liberty Latin America Ltd. — Class A*		173		1,303
EverQuote, Inc. — Class A*		88		1,297
Entravision Communications Corp. — Class A		269		1,291
ContextLogic, Inc. — Class A*		2,589		1,263
Consolidated Communications Holdings, Inc.*		337		1,206
1-800-Flowers.com, Inc. — Class A*		122		1,166
Stitch Fix, Inc. — Class A*		368		1,144
Cambium Networks Corp.*		52		1,127
MediaAlpha, Inc. — Class A*		108		1,075
Allbirds, Inc. — Class A*		430		1,041
DHI Group, Inc.*		194		1,026
DZS, Inc.*		79		1,002
Preformed Line Products Co.		11		916
Ribbon Communications, Inc.*		328		915
Blade Air Mobility, Inc.*		254		909
Groupon, Inc.*,1		97		832
Vivid Seats, Inc. — Class A*,1		114		832
BARK, Inc.*		539		803
Advantage Solutions, Inc.*		374		778
Edgio, Inc.*		622		703
Vacasa, Inc. — Class A*		505		636
Innovid Corp.*		345		590
Nerdy, Inc.*		245		551
1stdibs.com, Inc.*		106		538
Arena Group Holdings, Inc.*		50		531
Lands' End, Inc.*		69		524
Focus Universal, Inc.*,1		79		506
Cumulus Media, Inc. — Class A*		81		503
RealReal, Inc.*		386		483
Casa Systems, Inc.*		160		437
Solo Brands, Inc. — Class A*,1		100		372
Gambling.com Group Ltd.*		39		357
Cyxtera Technologies, Inc.*		175		336
Inseego Corp.*		391		329
RumbleON, Inc. — Class B*		47		304
Ondas Holdings, Inc.*		158		251
Value Line, Inc.		4		203
Urban One, Inc.*		53		199
KORE Group Holdings, Inc.*		158		199
Urban One, Inc.*		38		173
Terran Orbital Corp.*,1		109		172
Audacy, Inc.*		542		122
AdTheorent Holding Company, Inc.*		72		120
Lulu's Fashion Lounge Holdings, Inc.*		26		65
aka Brands Holding Corp.*		51		65
Inspirato, Inc.*		45		54
Total Communications				417,180
Basic Materials - 2.2%
Commercial Metals Co.		526		25,406
Balchem Corp.		144		17,584
HB Fuller Co.		239		17,117
Cabot Corp.		252		16,844
ATI, Inc.*		563		16,811
Livent Corp.*		735		14,604
Avient Corp.		413		13,943
Sensient Technologies Corp.		190		13,855
Hecla Mining Co.		2,457		13,661
Ingevity Corp.*		169		11,904
Innospec, Inc.		111		11,417
Stepan Co.		97		10,327
Quaker Chemical Corp.		61		10,181
Rogers Corp.*		85		10,144
Arconic Corp.*		457		9,670
Minerals Technologies, Inc.		147		8,926
Carpenter Technology Corp.		216		7,979
Sylvamo Corp.		161		7,823
Tronox Holdings plc — Class A		530		7,266
Constellium SE*		566		6,696
Novagold Resources, Inc.*		1,084		6,482
Compass Minerals International, Inc.		155		6,355
Uranium Energy Corp.*,1		1,455		5,645
Kaiser Aluminum Corp.		72		5,469
Mativ Holdings, Inc.		245		5,121
Orion Engineered Carbons S.A.		274		4,880
Perimeter Solutions S.A.*		529		4,835
AdvanSix, Inc.		123		4,677
Resolute Forest Products, Inc.*		208		4,491
Energy Fuels, Inc.*		707		4,391
Coeur Mining, Inc.*		1,263		4,244
Trinseo plc		159		3,611
Schnitzer Steel Industries, Inc. — Class A		114		3,494
Piedmont Lithium, Inc.*		79		3,478
Hawkins, Inc.		88		3,397
Clearwater Paper Corp.*		76		2,873
American Vanguard Corp.		132		2,866
Rayonier Advanced Materials, Inc.*		279		2,678
Koppers Holdings, Inc.		92		2,594
Ecovyst, Inc.*		292		2,587
Haynes International, Inc.		55		2,513
Origin Materials, Inc.*		476		2,194
Lightwave Logic, Inc.*		507		2,185
Century Aluminum Co.*		235		1,922
Diversey Holdings Ltd.*		354		1,508
Intrepid Potash, Inc.*		50		1,444
Amyris, Inc.*,1		892		1,365

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 63.6% (continued)
Basic Materials - 2.2% (continued)
Codexis, Inc.*		277	$	1,291
5E Advanced Materials, Inc.*		147		1,158
United States Lime & Minerals, Inc.		8		1,126
Ur-Energy, Inc.*		949		1,091
Kronos Worldwide, Inc.		100		940
Ivanhoe Electric Incorporated / US*		65		790
Danimer Scientific, Inc.*		410		734
Dakota Gold Corp.*		230		702
Glatfelter Corp.*		199		553
Unifi, Inc.*		63		542
Hycroft Mining Holding Corp.*		684		364
PolyMet Mining Corp.*		132		350
Valhi, Inc.		11		242
Terawulf, Inc.*		98		65
Total Basic Materials				359,405
Utilities - 2.2%
New Jersey Resources Corp.		436		21,634
Black Hills Corp.		293		20,610
Portland General Electric Co.		403		19,747
South Jersey Industries, Inc.		553		19,648
Ormat Technologies, Inc.		221		19,112
PNM Resources, Inc.		387		18,882
Southwest Gas Holdings, Inc.		300		18,564
ONE Gas, Inc.		242		18,324
Brookfield Infrastructure Corp. — Class A		444		17,272
ALLETE, Inc.		260		16,773
Spire, Inc.		231		15,907
NorthWestern Corp.		261		15,488
American States Water Co.		167		15,456
California Water Service Group		243		14,735
Avista Corp.		328		14,543
Clearway Energy, Inc. — Class C		371		11,824
MGE Energy, Inc.		165		11,616
Otter Tail Corp.		186		10,920
SJW Group		122		9,905
Chesapeake Utilities Corp.		79		9,336
Ameresco, Inc. — Class A*		144		8,228
Northwest Natural Holding Co.		155		7,377
Middlesex Water Co.		79		6,215
Clearway Energy, Inc. — Class A		158		4,727
Unitil Corp.		72		3,698
York Water Co.		64		2,879
Artesian Resources Corp. — Class A		37		2,167
Altus Power, Inc.*,1		190		1,239
Global Water Resources, Inc.		60		797
FTC Solar, Inc.*		189		506
Via Renewables, Inc.		55		281
Total Utilities				358,410
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		125		2,025
Diversified - 0.0%
Professional Holding Corp. — Class A*		59		1,637
Total Common Stocks
(Cost $10,616,738)				10,287,977
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Oncternal Therapeutics, Inc.*		2		–
Tobira Therapeutics, Inc.*		80		–
UCB*		512		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $4)				–
EXCHANGE-TRADED FUNDS† - 2.5%
iShares Russell 2000 Index ETF		1,164		202,955
Vanguard Russell 2000 ETF1		2,883		202,877
Total Exchange-Traded Funds
(Cost $509,845)				405,832

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 24.7%
Federal Home Loan Bank
3.84% due 01/13/232	$	2,000,000	1,997,812
4.00% due 01/11/232		1,000,000	999,129
4.05% due 01/27/232		1,000,000	997,252
Total Federal Agency Discount Notes
(Cost $3,993,304)			3,994,193
U.S. TREASURY BILLS†† - 21.0%
U.S. Treasury Bills
3.89% due 01/12/232,3		1,700,000	1,698,524
3.61% due 01/12/232,3		1,300,000	1,298,871
3.79% due 01/17/232,4		393,000	392,438
Total U.S. Treasury Bills
(Cost $3,388,869)			3,389,833
FEDERAL AGENCY NOTES†† - 6.2%
Federal Home Loan Bank
4.36% (SOFR + 0.06%, Rate Floor: 0.00%) due 03/14/23◊		1,000,000	1,000,077
Total Federal Agency Notes
(Cost $1,000,000)			1,000,077
REPURCHASE AGREEMENTS††,5 - 36.0%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/233		3,294,260	3,294,260
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/233		1,267,023	1,267,023
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/233		1,263,099	1,263,099
Total Repurchase Agreements
(Cost $5,824,382)			5,824,382

	Shares
SECURITIES LENDING COLLATERAL†,6 - 1.4%			��
Money Market Fund
First American Government Obligations Fund - Class X, 4.10%7		232,940			232,940
Total Securities Lending Collateral
(Cost $232,940)					232,940
Total Investments - 155.4%
(Cost $25,566,082)				$	25,135,234
Other Assets & Liabilities, net - (55.4)%					(8,956,995)
Total Net Assets - 100.0%				$	16,178,239

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		69	Mar 2023	$	6,110,985	$	(42,557)

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	Russell 2000 Index	Pay	4.53% (Federal Funds Rate + 0.20%)	At Maturity	01/26/23		4,222	$	7,435,485	$	26,361
Goldman Sachs International	Russell 2000 Index	Pay	4.43% (Federal Funds Rate + 0.10%)	At Maturity	01/26/23		1,343		2,365,923		15,807
Barclays Bank plc	Russell 2000 Index	Pay	4.30% (SOFR)	At Maturity	01/25/23		3,254		5,730,515		(156,256)
								$	15,531,923	$	(114,088)

^* 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.

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

¹ All or a portion of this security is on loan at December 31, 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 December 31, 2022.

⁴ All or a portion of this security is pledged as futures collateral at December 31, 2022.

⁵ Repurchase Agreements — See Note 4.

⁶ Securities lending collateral — See Note 5.

⁷ Rate indicated is the 7-day yield as of December 31, 2022.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	10,287,977	$	—	$	—		$	10,287,977
Rights		—		—		—	*		—
Exchange-Traded Funds		405,832		—		—			405,832
Federal Agency Discount Notes		—		3,994,193		—			3,994,193
U.S. Treasury Bills		—		3,389,833		—			3,389,833
Federal Agency Notes		—		1,000,077		—			1,000,077
Repurchase Agreements		—		5,824,382		—			5,824,382
Securities Lending Collateral		232,940		—		—			232,940
Equity Index Swap Agreements**		—		42,168		—			42,168
Total Assets	$	10,926,749	$	14,250,653	$	—		$	25,177,402

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	42,557	$	—	$	—	$	42,557
Equity Index Swap Agreements**		—		156,256		—		156,256
Total Liabilities	$	42,557	$	156,256	$	—	$	198,813

* 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)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 84.7%
Consumer, Non-cyclical - 19.9%
UnitedHealth Group, Inc.		3,036	$	1,609,626
Johnson & Johnson		8,497		1,500,995
Procter & Gamble Co.		7,702		1,167,315
Eli Lilly & Co.		2,563		937,648
Pfizer, Inc.		18,242		934,720
AbbVie, Inc.		5,747		928,773
Merck & Company, Inc.		8,239		914,117
PepsiCo, Inc.		4,478		808,996
Coca-Cola Co.		12,648		804,539
Thermo Fisher Scientific, Inc.		1,274		701,579
Abbott Laboratories		5,666		622,070
Danaher Corp.		2,129		565,079
Philip Morris International, Inc.		5,038		509,896
Bristol-Myers Squibb Co.		6,910		497,175
Amgen, Inc.		1,734		455,418
Elevance Health, Inc.		776		398,065
CVS Health Corp.		4,271		398,015
S&P Global, Inc.		1,082		362,405
Gilead Sciences, Inc.		4,076		349,925
Medtronic plc		4,319		335,673
Cigna Corp.		994		329,352
Automatic Data Processing, Inc.		1,348		321,983
Intuitive Surgical, Inc.*		1,149		304,887
Mondelez International, Inc. — Class A		4,438		295,793
Stryker Corp.		1,094		267,472
Altria Group, Inc.		5,824		266,215
PayPal Holdings, Inc.*		3,705		263,870
Regeneron Pharmaceuticals, Inc.*		348		251,078
Vertex Pharmaceuticals, Inc.*		835		241,131
Becton Dickinson and Co.		927		235,736
Zoetis, Inc.		1,515		222,023
Boston Scientific Corp.*		4,655		215,387
Colgate-Palmolive Co.		2,715		213,915
Humana, Inc.		411		210,510
Moderna, Inc.*		1,074		192,912
Estee Lauder Companies, Inc. — Class A		752		186,579
McKesson Corp.		461		172,930
Archer-Daniels-Midland Co.		1,785		165,737
HCA Healthcare, Inc.		689		165,332
General Mills, Inc.		1,929		161,747
Centene Corp.*		1,840		150,898
Edwards Lifesciences Corp.*		2,009		149,892
Kimberly-Clark Corp.		1,097		148,918
Moody's Corp.		512		142,653
Dexcom, Inc.*		1,256		142,229
Corteva, Inc.		2,323		136,546
Biogen, Inc.*		468		129,599
Cintas Corp.		280		126,454
Sysco Corp.		1,647		125,913
Monster Beverage Corp.*		1,238		125,694
IQVIA Holdings, Inc.*		604		123,754
Constellation Brands, Inc. — Class A		527		122,132
Hershey Co.		478		110,690
IDEXX Laboratories, Inc.*		269		109,741
Kraft Heinz Co.		2,588		105,357
Illumina, Inc.*		511		103,324
CoStar Group, Inc.*		1,322		102,164
ResMed, Inc.		476		99,070
Keurig Dr Pepper, Inc.		2,761		98,457
Kroger Co.		2,117		94,376
Verisk Analytics, Inc. — Class A		508		89,621
Global Payments, Inc.		879		87,302
AmerisourceBergen Corp. — Class A		526		87,164
Zimmer Biomet Holdings, Inc.		682		86,955
Gartner, Inc.*		257		86,388
Baxter International, Inc.		1,638		83,489
United Rentals, Inc.*		225		79,970
Equifax, Inc.		398		77,355
Laboratory Corporation of America Holdings		288		67,818
McCormick & Company, Inc.		814		67,472
Quanta Services, Inc.		465		66,263
Waters Corp.*		193		66,118
Cardinal Health, Inc.		852		65,493
Church & Dwight Company, Inc.		793		63,924
Molina Healthcare, Inc.*		190		62,742
Hologic, Inc.*		812		60,746
Conagra Brands, Inc.		1,557		60,256
STERIS plc		325		60,024
Kellogg Co.		832		59,272
Tyson Foods, Inc. — Class A		941		58,577
Quest Diagnostics, Inc.		370		57,883
PerkinElmer, Inc.		410		57,490
West Pharmaceutical Services, Inc.		241		56,719
Clorox Co.		401		56,272
J M Smucker Co.		346		54,827
Cooper Companies, Inc.		160		52,907
Align Technology, Inc.*		236		49,773
Incyte Corp.*		600		48,192
Avery Dennison Corp.		263		47,603
FleetCor Technologies, Inc.*		240		44,083
Viatris, Inc.		3,941		43,863
Hormel Foods Corp.		941		42,863
Bio-Techne Corp.		510		42,269
Lamb Weston Holdings, Inc.		467		41,731
Brown-Forman Corp. — Class B		594		39,014
Teleflex, Inc.		153		38,193
Campbell Soup Co.		653		37,058
Charles River Laboratories International, Inc.*		165		35,954
Henry Schein, Inc.*		440		35,143
MarketAxess Holdings, Inc.		123		34,304
Molson Coors Beverage Co. — Class B		611		31,479
Universal Health Services, Inc. — Class B		209		29,446
Bio-Rad Laboratories, Inc. — Class A*		70		29,434
Rollins, Inc.		752		27,478
Catalent, Inc.*		585		26,331
Robert Half International, Inc.		353		26,062
Organon & Co.		827		23,098
Dentsply Sirona, Inc.		698		22,224
DaVita, Inc.*		179		13,366
Total Consumer, Non-cyclical				24,516,487

S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 84.7% (continued)
Technology - 18.4%
Apple, Inc.		48,596	$	6,314,078
Microsoft Corp.		24,226		5,809,879
NVIDIA Corp.		8,092		1,182,565
Broadcom, Inc.		1,316		735,815
Accenture plc — Class A		2,048		546,488
Adobe, Inc.*		1,512		508,833
Texas Instruments, Inc.		2,950		487,399
Salesforce, Inc.*		3,250		430,918
International Business Machines Corp.		2,938		413,935
Oracle Corp.		4,995		408,291
QUALCOMM, Inc.		3,643		400,511
Intuit, Inc.		916		356,526
Intel Corp.		13,412		354,479
Advanced Micro Devices, Inc.*		5,240		339,395
Analog Devices, Inc.		1,671		274,094
Applied Materials, Inc.		2,796		272,275
ServiceNow, Inc.*		656		254,705
Fiserv, Inc.*		2,064		208,609
Lam Research Corp.		443		186,193
Activision Blizzard, Inc.		2,314		177,137
Micron Technology, Inc.		3,534		176,629
KLA Corp.		461		173,811
Synopsys, Inc.*		497		158,687
Roper Technologies, Inc.		345		149,071
Cadence Design Systems, Inc.*		891		143,130
NXP Semiconductor N.V.		843		133,219
Autodesk, Inc.*		701		130,996
Fidelity National Information Services, Inc.		1,928		130,815
Microchip Technology, Inc.		1,788		125,607
MSCI, Inc. — Class A		260		120,944
Paychex, Inc.		1,043		120,529
Electronic Arts, Inc.		852		104,097
Fortinet, Inc.*		2,108		103,060
Cognizant Technology Solutions Corp. — Class A		1,670		95,507
ON Semiconductor Corp.*		1,405		87,630
HP, Inc.		2,877		77,305
ANSYS, Inc.*		283		68,370
Hewlett Packard Enterprise Co.		4,181		66,729
EPAM Systems, Inc.*		187		61,288
Take-Two Interactive Software, Inc.*		513		53,419
Monolithic Power Systems, Inc.		145		51,273
Broadridge Financial Solutions, Inc.		382		51,238
Paycom Software, Inc.*		158		49,029
Skyworks Solutions, Inc.		521		47,479
Leidos Holdings, Inc.		444		46,704
Teradyne, Inc.		507		44,286
Tyler Technologies, Inc.*		135		43,525
Zebra Technologies Corp. — Class A*		169		43,333
Akamai Technologies, Inc.*		511		43,077
NetApp, Inc.		706		42,402
Jack Henry & Associates, Inc.		237		41,608
PTC, Inc.*		344		41,294
Seagate Technology Holdings plc		624		32,829
Western Digital Corp.*		1,032		32,560
Ceridian HCM Holding, Inc.*		500		32,075
Qorvo, Inc.*		329		29,821
DXC Technology Co.*		748		19,822
Total Technology				22,635,323
Financial - 13.3%
Berkshire Hathaway, Inc. — Class B*		5,856		1,808,918
JPMorgan Chase & Co.		9,533		1,278,375
Visa, Inc. — Class A		5,314		1,104,037
Mastercard, Inc. — Class A		2,759		959,387
Bank of America Corp.		22,682		751,228
Wells Fargo & Co.		12,383		511,294
Charles Schwab Corp.		4,957		412,720
Goldman Sachs Group, Inc.		1,101		378,061
Morgan Stanley		4,285		364,311
BlackRock, Inc. — Class A		488		345,811
Prologis, Inc. REIT		3,000		338,190
American Tower Corp. — Class A REIT		1,513		320,544
Chubb Ltd.		1,350		297,810
American Express Co.		1,943		287,078
Citigroup, Inc.		6,295		284,723
Marsh & McLennan Companies, Inc.		1,612		266,754
Progressive Corp.		1,902		246,709
PNC Financial Services Group, Inc.		1,312		207,217
Aon plc — Class A		672		201,694
Equinix, Inc. REIT		301		197,164
CME Group, Inc. — Class A		1,169		196,579
U.S. Bancorp		4,394		191,622
Crown Castle, Inc. REIT		1,407		190,845
Intercontinental Exchange, Inc.		1,815		186,201
Truist Financial Corp.		4,312		185,545
MetLife, Inc.		2,142		155,017
American International Group, Inc.		2,414		152,661
Public Storage REIT		514		144,018
Travelers Companies, Inc.		762		142,867
Aflac, Inc.		1,839		132,298
Realty Income Corp. REIT		2,039		129,334
Arthur J Gallagher & Co.		685		129,150
Simon Property Group, Inc. REIT		1,062		124,764
Prudential Financial, Inc.		1,196		118,954
Allstate Corp.		863		117,023
Capital One Financial Corp.		1,240		115,270
Bank of New York Mellon Corp.		2,390		108,793
Ameriprise Financial, Inc.		346		107,734
VICI Properties, Inc. REIT		3,130		101,412
Welltower, Inc. REIT		1,536		100,685
SBA Communications Corp. REIT		351		98,389
Digital Realty Trust, Inc. REIT		935		93,752
State Street Corp.		1,192		92,463
Discover Financial Services		888		86,873
Willis Towers Watson plc		352		86,092
M&T Bank Corp.		561		81,379
T. Rowe Price Group, Inc.		726		79,178
CBRE Group, Inc. — Class A*		1,027		79,038
Hartford Financial Services Group, Inc.		1,034		78,408

S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 84.7% (continued)
Financial - 13.3% (continued)
Arch Capital Group Ltd.*		1,202	$	75,462
Weyerhaeuser Co. REIT		2,391		74,121
AvalonBay Communities, Inc. REIT		456		73,653
Fifth Third Bancorp		2,231		73,199
First Republic Bank		594		72,403
Alexandria Real Estate Equities, Inc. REIT		486		70,796
Nasdaq, Inc.		1,102		67,608
Raymond James Financial, Inc.		630		67,316
Huntington Bancshares, Inc.		4,688		66,101
Regions Financial Corp.		3,037		65,478
Equity Residential REIT		1,106		65,254
Extra Space Storage, Inc. REIT		435		64,023
Citizens Financial Group, Inc.		1,601		63,031
Principal Financial Group, Inc.		739		62,017
Northern Trust Corp.		677		59,908
Mid-America Apartment Communities, Inc. REIT		375		58,871
Ventas, Inc. REIT		1,300		58,565
Invitation Homes, Inc. REIT		1,888		55,960
KeyCorp		3,033		52,835
Cincinnati Financial Corp.		511		52,321
W R Berkley Corp.		664		48,187
Synchrony Financial		1,464		48,107
Iron Mountain, Inc. REIT		945		47,108
Essex Property Trust, Inc. REIT		211		44,715
SVB Financial Group*		192		44,187
Healthpeak Properties, Inc. REIT		1,747		43,797
Brown & Brown, Inc.		764		43,525
Cboe Global Markets, Inc.		345		43,287
Kimco Realty Corp. REIT		2,010		42,572
Everest Re Group Ltd.		127		42,071
Camden Property Trust REIT		346		38,711
UDR, Inc. REIT		994		38,498
Loews Corp.		640		37,331
Host Hotels & Resorts, Inc. REIT		2,324		37,300
Globe Life, Inc.		294		35,442
Boston Properties, Inc. REIT		464		31,357
Regency Centers Corp. REIT		500		31,250
Comerica, Inc.		426		28,478
Invesco Ltd.		1,479		26,607
Franklin Resources, Inc.		924		24,375
Federal Realty Investment Trust REIT		238		24,048
Zions Bancorp North America		486		23,892
Signature Bank		204		23,505
Assurant, Inc.		172		21,510
Lincoln National Corp.		500		15,360
Vornado Realty Trust REIT		524		10,904
Total Financial				16,363,415
Communications - 9.2%
Amazon.com, Inc.*		28,843		2,422,812
Alphabet, Inc. — Class A*		19,411		1,712,633
Alphabet, Inc. — Class C*		17,207		1,526,777
Meta Platforms, Inc. — Class A*		7,308		879,445
Cisco Systems, Inc.		13,344		635,708
Verizon Communications, Inc.		13,649		537,771
Walt Disney Co.*		5,925		514,764
Comcast Corp. — Class A		14,020		490,279
Netflix, Inc.*		1,446		426,397
AT&T, Inc.		23,161		426,394
T-Mobile US, Inc.*		1,941		271,740
Booking Holdings, Inc.*		126		253,925
Motorola Solutions, Inc.		544		140,194
Charter Communications, Inc. — Class A*		350		118,685
Arista Networks, Inc.*		804		97,565
Corning, Inc.		2,474		79,020
CDW Corp.		440		78,575
eBay, Inc.		1,763		73,112
Warner Bros Discovery, Inc.*		7,182		68,085
VeriSign, Inc.*		300		61,632
Omnicom Group, Inc.		663		54,081
FactSet Research Systems, Inc.		124		49,750
Etsy, Inc.*		408		48,870
Expedia Group, Inc.*		489		42,836
Interpublic Group of Companies, Inc.		1,263		42,071
Gen Digital, Inc.		1,884		40,374
Match Group, Inc.*		908		37,673
Juniper Networks, Inc.		1,055		33,718
Fox Corp. — Class A		984		29,884
F5, Inc.*		195		27,984
Paramount Global — Class B		1,641		27,700
News Corp. — Class A		1,243		22,623
Lumen Technologies, Inc.*		3,093		16,145
Fox Corp. — Class B		453		12,888
DISH Network Corp. — Class A*		817		11,471
News Corp. — Class B		384		7,081
Total Communications				11,320,662
Consumer, Cyclical - 7.6%
Tesla, Inc.*		8,723		1,074,499
Home Depot, Inc.		3,328		1,051,182
Costco Wholesale Corp.		1,439		656,903
Walmart, Inc.		4,587		650,391
McDonald's Corp.		2,380		627,201
NIKE, Inc. — Class B		4,094		479,039
Lowe's Companies, Inc.		2,018		402,066
Starbucks Corp.		3,730		370,016
TJX Companies, Inc.		3,774		300,410
Target Corp.		1,496		222,964
Dollar General Corp.		733		180,501
O'Reilly Automotive, Inc.*		203		171,338
General Motors Co.		4,617		155,316
AutoZone, Inc.*		62		152,903
Ford Motor Co.		12,836		149,283
Ross Stores, Inc.		1,128		130,927
Marriott International, Inc. — Class A		875		130,279
Chipotle Mexican Grill, Inc. — Class A*		90		124,874
Yum! Brands, Inc.		915		117,193
PACCAR, Inc.		1,130		111,836
Hilton Worldwide Holdings, Inc.		879		111,070
Cummins, Inc.		458		110,969
Dollar Tree, Inc.*		684		96,745
DR Horton, Inc.		1,018		90,744
Fastenal Co.		1,862		88,110
Walgreens Boots Alliance, Inc.		2,333		87,161
Copart, Inc.*		1,393		84,820
Aptiv plc*		881		82,048

S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 84.7% (continued)
Consumer, Cyclical - 7.6% (continued)
WW Grainger, Inc.	146	$	81,212
Tractor Supply Co.	359		80,764
Genuine Parts Co.	458		79,468
Ulta Beauty, Inc.*	167		78,335
Lennar Corp. — Class A	828		74,934
Delta Air Lines, Inc.*	2,084		68,480
Southwest Airlines Co.	1,929		64,950
Darden Restaurants, Inc.	399		55,194
Best Buy Company, Inc.	651		52,217
Las Vegas Sands Corp.*	1,069		51,387
NVR, Inc.*	10		46,126
LKQ Corp.	826		44,117
United Airlines Holdings, Inc.*	1,062		40,038
Domino's Pizza, Inc.	115		39,836
Pool Corp.	127		38,396
Royal Caribbean Cruises Ltd.*	713		35,244
MGM Resorts International	1,036		34,737
PulteGroup, Inc.	740		33,692
Live Nation Entertainment, Inc.*	465		32,429
Bath & Body Works, Inc.	742		31,268
CarMax, Inc.*	513		31,237
BorgWarner, Inc.	762		30,670
Tapestry, Inc.	783		29,816
VF Corp.	1,074		29,653
Caesars Entertainment, Inc.*	697		28,995
Advance Auto Parts, Inc.	195		28,671
Wynn Resorts Ltd.*	335		27,628
American Airlines Group, Inc.*	2,113		26,877
Carnival Corp.*	3,255		26,235
Hasbro, Inc.	422		25,746
Whirlpool Corp.	177		25,038
Alaska Air Group, Inc.*	412		17,691
Norwegian Cruise Line Holdings Ltd.*	1,370		16,769
Newell Brands, Inc.	1,224		16,010
Ralph Lauren Corp. — Class A	134		14,160
Total Consumer, Cyclical			9,448,808
Industrial - 7.1%
Raytheon Technologies Corp.	4,778		482,196
Honeywell International, Inc.	2,185		468,246
Union Pacific Corp.	1,999		413,933
United Parcel Service, Inc. — Class B	2,372		412,348
Caterpillar, Inc.	1,691		405,096
Deere & Co.	893		382,883
Lockheed Martin Corp.	758		368,759
Boeing Co.*	1,821		346,882
General Electric Co.	3,552		297,622
Northrop Grumman Corp.	470		256,437
3M Co.	1,796		215,376
CSX Corp.	6,833		211,686
Eaton Corporation plc	1,293		202,936
Illinois Tool Works, Inc.	908		200,033
Waste Management, Inc.	1,215		190,609
Norfolk Southern Corp.	752		185,308
Emerson Electric Co.	1,921		184,531
General Dynamics Corp.	732		181,617
Amphenol Corp. — Class A	1,934		147,255
Agilent Technologies, Inc.	963		144,113
Johnson Controls International plc	2,238		143,232
FedEx Corp.	778		134,750
L3Harris Technologies, Inc.	619		128,882
Trane Technologies plc	748		125,731
Parker-Hannifin Corp.	417		121,347
TE Connectivity Ltd.	1,034		118,703
Carrier Global Corp.	2,718		112,117
TransDigm Group, Inc.	169		106,411
Otis Worldwide Corp.	1,354		106,032
AMETEK, Inc.	747		104,371
Mettler-Toledo International, Inc.*	72		104,072
Keysight Technologies, Inc.*	581		99,392
Rockwell Automation, Inc.	373		96,073
Republic Services, Inc. — Class A	668		86,166
Old Dominion Freight Line, Inc.	294		83,431
Vulcan Materials Co.	432		75,648
Fortive Corp.	1,150		73,887
Ingersoll Rand, Inc.	1,316		68,761
Martin Marietta Materials, Inc.	202		68,270
Xylem, Inc.	586		64,794
Dover Corp.	456		61,747
Teledyne Technologies, Inc.*	153		61,186
Westinghouse Air Brake Technologies Corp.	591		58,988
Amcor plc	4,839		57,632
IDEX Corp.	245		55,941
Expeditors International of Washington, Inc.	518		53,831
Ball Corp.	1,020		52,163
Jacobs Solutions, Inc.	415		49,829
Textron, Inc.	678		48,003
Howmet Aerospace, Inc.	1,196		47,134
J.B. Hunt Transport Services, Inc.	269		46,903
Garmin Ltd.	498		45,960
Nordson Corp.	175		41,601
Trimble, Inc.*	801		40,499
Snap-on, Inc.	173		39,529
Packaging Corporation of America	301		38,501
Stanley Black & Decker, Inc.	481		36,132
CH Robinson Worldwide, Inc.	383		35,067
Masco Corp.	733		34,209
Allegion plc	285		29,999
Huntington Ingalls Industries, Inc.	130		29,988
Westrock Co.	826		29,042
Pentair plc	535		24,064
A O Smith Corp.	412		23,583
Sealed Air Corp.	470		23,444
Generac Holdings, Inc.*	206		20,736
Mohawk Industries, Inc.*	171		17,480
Total Industrial			8,823,127
Energy - 4.6%
Exxon Mobil Corp.	13,384		1,476,255
Chevron Corp.	5,781		1,037,632
ConocoPhillips	4,049		477,782
EOG Resources, Inc.	1,909		247,254
Schlumberger Ltd.	4,609		246,397
Marathon Petroleum Corp.	1,523		177,262

S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

	Shares		Value
COMMON STOCKS† - 84.7% (continued)
Energy - 4.6% (continued)
Pioneer Natural Resources Co.		772	$	176,317
Phillips 66		1,537		159,971
Valero Energy Corp.		1,253		158,956
Occidental Petroleum Corp.		2,363		148,845
Devon Energy Corp.		2,125		130,709
Williams Companies, Inc.		3,958		130,218
Hess Corp.		902		127,922
Enphase Energy, Inc.*		442		117,112
Kinder Morgan, Inc.		6,429		116,237
Halliburton Co.		2,951		116,122
Baker Hughes Co.		3,255		96,120
ONEOK, Inc.		1,453		95,462
Diamondback Energy, Inc.		572		78,238
Coterra Energy, Inc. — Class A		2,562		62,948
Marathon Oil Corp.		2,065		55,899
Targa Resources Corp.		736		54,096
SolarEdge Technologies, Inc.*		182		51,555
APA Corp.		1,045		48,781
First Solar, Inc.*		322		48,233
Equities Corp.		1,193		40,359
Total Energy				5,676,682
Utilities - 2.7%
NextEra Energy, Inc.		6,457		539,805
Duke Energy Corp.		2,503		257,784
Southern Co.		3,538		252,649
Dominion Energy, Inc.		2,708		166,055
American Electric Power Company, Inc.		1,671		158,661
Sempra Energy		1,022		157,940
Exelon Corp.		3,229		139,590
Xcel Energy, Inc.		1,778		124,656
Consolidated Edison, Inc.		1,153		109,892
Public Service Enterprise Group, Inc.		1,621		99,319
WEC Energy Group, Inc.		1,026		96,198
Eversource Energy		1,132		94,907
Constellation Energy Corp.		1,063		91,641
American Water Works Company, Inc.		591		90,080
PG&E Corp.*		5,232		85,072
Edison International		1,241		78,952
Ameren Corp.		840		74,693
Entergy Corp.		661		74,362
FirstEnergy Corp.		1,766		74,066
DTE Energy Co.		630		74,044
PPL Corp.		2,393		69,923
AES Corp.		2,171		62,438
CenterPoint Energy, Inc.		2,046		61,360
CMS Energy Corp.		944		59,784
Atmos Energy Corp.		455		50,992
Evergy, Inc.		746		46,946
Alliant Energy Corp.		816		45,051
NiSource, Inc.		1,320		36,194
Pinnacle West Capital Corp.		368		27,983
NRG Energy, Inc.		749		23,833
Total Utilities				3,324,870
Basic Materials - 1.9%
Linde plc		1,607		524,171
Air Products and Chemicals, Inc.		721		222,255
Sherwin-Williams Co.		766		181,795
Freeport-McMoRan, Inc.		4,646		176,548
Newmont Corp.		2,579		121,729
Ecolab, Inc.		805		117,176
Dow, Inc.		2,288		115,292
DuPont de Nemours, Inc.		1,615		110,837
Nucor Corp.		834		109,930
PPG Industries, Inc.		764		96,065
International Flavors & Fragrances, Inc.		829		86,912
Albemarle Corp.		381		82,624
LyondellBasell Industries N.V. — Class A		825		68,500
CF Industries Holdings, Inc.		638		54,358
Steel Dynamics, Inc.		542		52,953
FMC Corp.		409		51,043
Mosaic Co.		1,107		48,564
International Paper Co.		1,157		40,067
Celanese Corp. — Class A		324		33,126
Eastman Chemical Co.		390		31,762
Total Basic Materials				2,325,707
Total Common Stocks
(Cost $83,155,241)				104,435,081

	Face Amount
U.S. TREASURY BILLS†† - 10.9%
U.S. Treasury Bills
3.89% due 01/12/231,2	$	10,600,000		10,590,798
3.80% due 01/17/232,3		1,552,000		1,549,780
3.61% due 01/12/231,2		1,300,000		1,298,871
Total U.S. Treasury Bills
(Cost $13,435,302)				13,439,449
REPURCHASE AGREEMENTS††,4 - 9.2%
J.P. Morgan Securities LLC issued 12/30/22 at 4.26% due 01/03/231		6,388,379		6,388,379
BofA Securities, Inc. issued 12/30/22 at 4.25% due 01/03/231		2,457,069		2,457,069
Barclays Capital, Inc. issued 12/30/22 at 4.21% due 01/03/231		2,449,459		2,449,459
Total Repurchase Agreements
(Cost $11,294,907)				11,294,907
Total Investments - 104.8%
(Cost $107,885,450)			$	129,169,437
Other Assets & Liabilities, net - (4.8)%				(5,943,206)
Total Net Assets - 100.0%			$	123,226,231

S&P 500® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2022

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		23	Mar 2023	$	4,440,725	$	(3,642)

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

4.83% (Federal Funds Rate + 0.50%)

At Maturity

01/26/23

7,371

$

28,300,125

$

(6,691

)

BNP Paribas

S&P 500 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

01/26/23

5,233

20,092,877

(377,326

)

Barclays Bank plc

S&P 500 Index

Pay

4.75% (SOFR + 0.45%)

At Maturity

01/25/23

23,222

89,161,091

(3,425,022

)

$

137,554,093

$

(3,809,039

)

^* 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 December 31, 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 December 31, 2022.

⁴ Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

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

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	104,435,081	$	—	$	—	$	104,435,081
U.S. Treasury Bills		—		13,439,449		—		13,439,449
Repurchase Agreements		—		11,294,907		—		11,294,907
Total Assets	$	104,435,081	$	24,734,356	$	—	$	129,169,437

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,642	$	—	$	—	$	3,642
Equity Index Swap Agreements**		—		3,809,039		—		3,809,039
Total Liabilities	$	3,642	$	3,809,039	$	—	$	3,812,681

** 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”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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 generally valued at the last quoted sale price.

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.

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

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

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

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

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

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

Note 2 – Derivatives

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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.

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 rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Note 3 – Fair Value Measurement  

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

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

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

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

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

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

Note 4 – Repurchase Agreements

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies.   The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At December 31, 2022, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Bonds
4.26%					3.00% - 4.50%
Due 01/03/23	$	47,272,574	$	47,289,355	Due 08/15/39 - 05/15/45	$	39,778,900	$	33,056,765
					U.S. Treasury Notes
					0.88% - 2.38%
					Due 05/15/29 - 11/15/30		18,958,300		15,161,269
							58,737,200		48,218,034
BofA Securities, Inc.					U.S. Treasury Notes
4.25%					0.75% - 1.50%
Due 01/03/23		18,181,759		18,188,198	Due 02/15/25 - 04/30/26		19,595,000		18,545,407
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.21%					0.13%
Due 01/03/23		18,125,450		18,131,809	Due  01/15/31		20,906,528		18,487,974

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 December 31, 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	$	1,345,829	$	1,386,247
Russell 2000® 2x Strategy Fund		225,322		232,940

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 6 – Federal Income Tax Information

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

At December 31, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Dow 2x Strategy Fund	$	28,415,636	$	5,584,805	$	(504,810	)	$	5,079,995
Inverse Dow 2x Strategy Fund		8,869,740		169,084		–			169,084
Inverse NASDAQ-100® 2x Strategy Fund		87,200,555		6,507,167		–			6,507,167
Inverse Russell 2000® 2x Strategy Fund		10,877,018		814,985		–			814,985
Inverse S&P 500® 2x Strategy Fund		40,224,626		1,362,869		–			1,362,869
NASDAQ-100® 2x Strategy Fund		382,631,309		32,854,852		(28,220,766	)		4,634,086
Russell 2000® 2x Strategy Fund		27,191,187		460,726		(2,673,324	)		(2,212,598	)
S&P 500® 2x Strategy Fund		144,663,291		–		(19,306,535	)		(19,306,535	)

Note 7 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended period. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

OTHER INFORMATION (Unaudited)   

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.