Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 69.5% | ||||||||
Consumer, Non-cyclical - 15.6% | ||||||||
UnitedHealth Group, Inc. | 6,131 | $ | 3,227,787 | |||||
Amgen, Inc. | 6,131 | 1,765,851 | ||||||
Johnson & Johnson | 6,131 | 960,973 | ||||||
Procter & Gamble Co. | 6,131 | 898,437 | ||||||
Merck & Company, Inc. | 6,131 | 668,401 | ||||||
Coca-Cola Co. | 6,131 | 361,300 | ||||||
Total Consumer, Non-cyclical | 7,882,749 | |||||||
Financial - 14.5% | ||||||||
Goldman Sachs Group, Inc. | 6,131 | 2,365,156 | ||||||
Visa, Inc. — Class A | 6,131 | 1,596,206 | ||||||
Travelers Companies, Inc. | 6,131 | 1,167,894 | ||||||
American Express Co. | 6,131 | 1,148,582 | ||||||
JPMorgan Chase & Co. | 6,131 | 1,042,883 | ||||||
Total Financial | 7,320,721 | |||||||
Technology - 12.7% | ||||||||
Microsoft Corp. | 6,131 | 2,305,501 | ||||||
Salesforce, Inc.* | 6,131 | 1,613,312 | ||||||
Apple, Inc. | 6,131 | 1,180,401 | ||||||
International Business Machines Corp. | 6,131 | 1,002,725 | ||||||
Intel Corp. | 6,131 | 308,083 | ||||||
Total Technology | 6,410,022 | |||||||
Consumer, Cyclical - 11.4% | ||||||||
Home Depot, Inc. | 6,131 | 2,124,698 | ||||||
McDonald’s Corp. | 6,131 | 1,817,903 | ||||||
Walmart, Inc. | 6,131 | 966,552 | ||||||
NIKE, Inc. — Class B | 6,131 | 665,643 | ||||||
Walgreens Boots Alliance, Inc. | 6,131 | 160,080 | ||||||
Total Consumer, Cyclical | 5,734,876 | |||||||
Industrial - 10.6% | ||||||||
Caterpillar, Inc. | 6,131 | 1,812,753 | ||||||
Boeing Co.* | 6,131 | 1,598,106 | ||||||
Honeywell International, Inc. | 6,131 | 1,285,732 | ||||||
3M Co. | 6,131 | 670,241 | ||||||
Total Industrial | 5,366,832 | |||||||
Communications - 2.2% | ||||||||
Walt Disney Co. | 6,131 | 553,568 | ||||||
Cisco Systems, Inc. | 6,131 | 309,738 | ||||||
Verizon Communications, Inc. | 6,131 | 231,139 | ||||||
Total Communications | 1,094,445 | |||||||
Energy - 1.8% | ||||||||
Chevron Corp. | 6,131 | 914,500 | ||||||
Basic Materials - 0.7% | ||||||||
Dow, Inc. | 6,131 | 336,224 | ||||||
Total Common Stocks | ||||||||
(Cost $22,961,073) | 35,060,369 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 6.1% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/241,2 | $ | 3,000,000 | 2,977,699 | |||||
5.17% due 01/09/242,3 | 88,000 | 87,910 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $3,065,060) | 3,065,609 | |||||||
REPURCHASE AGREEMENTS††,4 - 1.5% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/241 | 408,111 | 408,111 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/241 | 328,891 | 328,891 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $737,002) | 737,002 | |||||||
Total Investments - 77.1% | ||||||||
(Cost $26,763,135) | $ | 38,862,980 | ||||||
Other Assets & Liabilities, net - 22.9% | 11,556,680 | |||||||
Total Net Assets - 100.0% | $ | 50,419,660 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Dow Jones Industrial Average Mini Futures Contracts | 40 | Mar 2024 | $ | 7,600,600 | $ | 30,374 |
Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
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†† | ||||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average | Pay | 5.88% (Federal Funds Rate + 0.55%) | At Maturity | 03/21/24 | 317 | $ | 11,935,478 | $ | 192,393 | ||||||||||||
Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.90% (SOFR + 0.50%) | At Maturity | 03/20/24 | 1,229 | 46,317,890 | 147,108 | ||||||||||||||
$ | 58,253,368 | $ | 339,501 |
* | 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, 2023. |
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, 2023. |
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, 2023 (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 | $ | 35,060,369 | $ | — | $ | — | $ | 35,060,369 | ||||||||
U.S. Treasury Bills | — | 3,065,609 | — | 3,065,609 | ||||||||||||
Repurchase Agreements | — | 737,002 | — | 737,002 | ||||||||||||
Equity Futures Contracts** | 30,374 | — | — | 30,374 | ||||||||||||
Equity Index Swap Agreements** | — | 339,501 | — | 339,501 | ||||||||||||
Total Assets | $ | 35,090,743 | $ | 4,142,112 | $ | — | $ | 39,232,855 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 12.6% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/241,2 | $ | 600,000 | $ | 595,540 | ||||
5.17% due 01/09/242,3 | 16,000 | 15,983 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $611,414) | 611,523 | |||||||
REPURCHASE AGREEMENTS††,4 - 88.0% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/241 | 2,361,598 | 2,361,598 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/241 | 1,903,180 | 1,903,180 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,264,778) | 4,264,778 | |||||||
Total Investments - 100.6% | ||||||||
(Cost $4,876,192) | $ | 4,876,301 | ||||||
Other Assets & Liabilities, net - (0.6)% | (28,213 | ) | ||||||
Total Net Assets - 100.0% | $ | 4,848,088 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 12 | Mar 2024 | $ | 2,280,180 | $ | (54,897 | ) |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Receive | 5.65% (SOFR + 0.25%) | At Maturity | 03/20/24 | 120 | $ | 4,538,518 | $ | (10,656 | ) | |||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Receive | 5.48% (Federal Funds Rate + 0.15%) | At Maturity | 03/21/24 | 75 | 2,835,704 | (45,708 | ) | |||||||||||||
$ | 7,374,222 | $ | (56,364 | ) |
** | 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, 2023. |
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, 2023. |
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, 2023 (See Note 3 in the Notes to Schedule of Investments):
Inverse Dow 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
U.S. Treasury Bills | $ | — | $ | 611,523 | $ | — | $ | 611,523 | ||||||||
Repurchase Agreements | — | 4,264,778 | — | 4,264,778 | ||||||||||||
Total Assets | $ | — | $ | 4,876,301 | $ | — | $ | 4,876,301 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 54,897 | $ | — | $ | — | $ | 54,897 | ||||||||
Equity Index Swap Agreements** | — | 56,364 | — | 56,364 | ||||||||||||
Total Liabilities | $ | 54,897 | $ | 56,364 | $ | — | $ | 111,261 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 33.7% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/241,2 | $ | 4,600,000 | $ | 4,565,805 | ||||
5.17% due 01/09/242,3 | 338,000 | 337,655 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $4,902,587) | 4,903,460 | |||||||
FEDERAL AGENCY NOTES†† - 13.8% | ||||||||
Federal Home Loan Bank | ||||||||
5.44% (SOFR + 0.04%, Rate Floor: 0.00%) due 02/27/24◊ | 2,000,000 | 2,000,048 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $2,000,000) | 2,000,048 | |||||||
REPURCHASE AGREEMENTS††,4 - 55.7% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/241 | 4,491,484 | 4,491,484 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/241 | 3,619,626 | 3,619,626 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $8,111,110) | 8,111,110 | |||||||
Total Investments - 103.2% | ||||||||
(Cost $15,013,697) | $ | 15,014,618 | ||||||
Other Assets & Liabilities, net - (3.2)% | (462,236 | ) | ||||||
Total Net Assets - 100.0% | $ | 14,552,382 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 25 | Mar 2024 | $ | 8,509,625 | $ | (121,444 | ) |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Receive | 5.75% (SOFR + 0.35%) | At Maturity | 03/20/24 | 460 | $ | 7,737,572 | $ | (6,472 | ) | |||||||||||
BNP Paribas | NASDAQ-100 Index | Receive | 5.58% (Federal Funds Rate + 0.25%) | At Maturity | 03/21/24 | 240 | 4,030,742 | (65,094 | ) | |||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Receive | 5.63% (Federal Funds Rate + 0.30%) | At Maturity | 03/21/24 | 524 | 8,822,754 | (75,396 | ) | |||||||||||||
$ | 20,591,068 | $ | (146,962 | ) |
** | 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, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | All or a portion of this security is pledged as equity index swap collateral at December 31, 2023. |
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, 2023. |
4 | Repurchase Agreements — See Note 4. |
Inverse NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
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, 2023 (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 | $ | — | $ | 4,903,460 | $ | — | $ | 4,903,460 | ||||||||
Federal Agency Notes | — | 2,000,048 | — | 2,000,048 | ||||||||||||
Repurchase Agreements | — | 8,111,110 | — | 8,111,110 | ||||||||||||
Total Assets | $ | — | $ | 15,014,618 | $ | — | $ | 15,014,618 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 121,444 | $ | — | $ | — | $ | 121,444 | ||||||||
Equity Index Swap Agreements** | — | 146,962 | — | 146,962 | ||||||||||||
Total Liabilities | $ | 121,444 | $ | 146,962 | $ | — | $ | 268,406 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 8.2% | ||||||||
U.S. Treasury Bills | ||||||||
5.23% due 02/22/241,2 | $ | 200,000 | $ | 198,513 | ||||
5.17% due 01/09/242,3 | 156,000 | 155,841 | ||||||
5.27% due 02/22/241,2 | 100,000 | 99,257 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $453,544) | 453,611 | |||||||
FEDERAL AGENCY NOTES†† - 7.2% | ||||||||
Federal Home Loan Bank | ||||||||
5.47% (SOFR + 0.07%, Rate Floor: 0.00%) due 06/17/24◊ | 400,000 | 400,210 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $400,000) | 400,210 | |||||||
REPURCHASE AGREEMENTS††,4 - 108.4% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/241 | 3,331,063 | 3,331,063 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/241 | 2,684,458 | 2,684,458 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $6,015,521) | 6,015,521 | |||||||
Total Investments - 123.8% | ||||||||
(Cost $6,869,065) | $ | 6,869,342 | ||||||
Other Assets & Liabilities, net - (23.8)% | (1,319,273 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,550,069 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 32 | Mar 2024 | $ | 3,275,200 | $ | (65,351 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Receive | 5.18% (Federal Funds Rate - 0.15%) | At Maturity | 03/21/24 | 1,535 | $ | 3,111,627 | $ | 40,444 | ||||||||||||
Barclays Bank plc | Russell 2000 Index | Receive | 4.90% (SOFR - 0.50%) | At Maturity | 03/20/24 | 735 | 1,490,599 | (4,502 | ) | |||||||||||||
BNP Paribas | Russell 2000 Index | Receive | 5.13% (Federal Funds Rate - 0.20%) | At Maturity | 03/21/24 | 1,588 | 3,219,394 | (70,257 | ) | |||||||||||||
$ | 7,821,620 | $ | (34,315 | ) |
** | 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, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | All or a portion of this security is pledged as equity index swap collateral at December 31, 2023. |
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, 2023. |
4 | Repurchase Agreements — See Note 4. |
Inverse Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
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, 2023 (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 | $ | — | $ | 453,611 | $ | — | $ | 453,611 | ||||||||
Federal Agency Notes | — | 400,210 | — | 400,210 | ||||||||||||
Repurchase Agreements | — | 6,015,521 | — | 6,015,521 | ||||||||||||
Equity Index Swap Agreements** | — | 40,444 | — | 40,444 | ||||||||||||
Total Assets | $ | — | $ | 6,909,786 | $ | — | $ | 6,909,786 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 65,351 | $ | — | $ | — | $ | 65,351 | ||||||||
Equity Index Swap Agreements** | — | 74,759 | — | 74,759 | ||||||||||||
Total Liabilities | $ | 65,351 | $ | 74,759 | $ | — | $ | 140,110 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Face Amount | Value | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 110.0% | ||||||||
Federal Home Loan Bank | ||||||||
5.20% due 01/02/241 | $ | 18,000,000 | $ | 17,997,354 | ||||
Total Federal Agency Discount Notes | ||||||||
(Cost $17,997,400) | 17,997,354 | |||||||
FEDERAL AGENCY NOTES†† - 36.7% | ||||||||
Federal Home Loan Bank | ||||||||
5.44% (SOFR + 0.04%, Rate Floor: 0.00%) due 02/27/24◊ | 3,000,000 | 3,000,072 | ||||||
5.44% (SOFR + 0.04%, Rate Floor: 0.00%) due 01/19/24◊ | 3,000,000 | 3,000,048 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $6,000,000) | 6,000,120 | |||||||
U.S. TREASURY BILLS†† - 28.9% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/241,2 | 4,500,000 | 4,466,548 | ||||||
5.17% due 01/09/241,3 | 259,000 | 258,736 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $4,724,441) | 4,725,284 | |||||||
REPURCHASE AGREEMENTS††,4 - 94.0% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/242 | 8,513,712 | 8,513,712 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/242 | 6,861,083 | 6,861,083 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $15,374,795) | 15,374,795 | |||||||
Total Investments - 269.6% | ||||||||
(Cost $44,096,636) | $ | 44,097,553 | ||||||
Other Assets & Liabilities, net - (169.6)% | (27,741,793 | ) | ||||||
Total Net Assets - 100.0% | $ | 16,355,760 |
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 | 29 | Mar 2024 | $ | 6,987,550 | $ | 19,332 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Barclays Bank plc | S&P 500 Index | Receive | 5.70% (SOFR + 0.30%) | At Maturity | 03/20/24 | 2,787 | $ | 13,291,635 | $ | 36,342 | ||||||||||||
Goldman Sachs International | S&P 500 Index | Receive | 5.63% (Federal Funds Rate + 0.30%) | At Maturity | 03/21/24 | 2,172 | 10,359,152 | 30,240 | ||||||||||||||
BNP Paribas | S&P 500 Index | Receive | 5.53% (Federal Funds Rate + 0.20%) | At Maturity | 03/21/24 | 431 | 2,057,725 | (30,837 | ) | |||||||||||||
$ | 25,708,512 | $ | 35,745 |
** | 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, 2023. 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, 2023. |
3 | All or a portion of this security is pledged as futures collateral at December 31, 2023. |
4 | Repurchase Agreements — See Note 4. |
Inverse S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
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, 2023 (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 | $ | — | $ | 17,997,354 | $ | — | $ | 17,997,354 | ||||||||
Federal Agency Notes | — | 6,000,120 | — | 6,000,120 | ||||||||||||
U.S. Treasury Bills | — | 4,725,284 | — | 4,725,284 | ||||||||||||
Repurchase Agreements | — | 15,374,795 | — | 15,374,795 | ||||||||||||
Equity Futures Contracts** | 19,332 | — | — | 19,332 | ||||||||||||
Equity Index Swap Agreements** | — | 66,582 | — | 66,582 | ||||||||||||
Total Assets | $ | 19,332 | $ | 44,164,135 | $ | — | $ | 44,183,467 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 30,837 | $ | — | $ | 30,837 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 78.7% | ||||||||
Technology - 37.7% | ||||||||
Apple, Inc. | 363,785 | $ | 70,039,526 | |||||
Microsoft Corp. | 173,843 | 65,371,922 | ||||||
Broadcom, Inc. | 28,221 | 31,501,691 | ||||||
NVIDIA Corp. | 57,774 | 28,610,840 | ||||||
Adobe, Inc.* | 27,506 | 16,410,080 | ||||||
Advanced Micro Devices, Inc.* | 97,599 | 14,387,068 | ||||||
Intel Corp. | 254,705 | 12,798,926 | ||||||
Intuit, Inc. | 16,912 | 10,570,507 | ||||||
QUALCOMM, Inc. | 67,241 | 9,725,066 | ||||||
Texas Instruments, Inc. | 54,868 | 9,352,799 | ||||||
Applied Materials, Inc. | 50,539 | 8,190,856 | ||||||
Lam Research Corp. | 7,963 | 6,237,099 | ||||||
Analog Devices, Inc. | 29,981 | 5,953,027 | ||||||
Micron Technology, Inc. | 66,682 | 5,690,642 | ||||||
KLA Corp. | 8,212 | 4,773,636 | ||||||
Synopsys, Inc.* | 9,188 | 4,730,993 | ||||||
Cadence Design Systems, Inc.* | 16,436 | 4,476,673 | ||||||
ASML Holding N.V. — Class G | 5,303 | 4,013,947 | ||||||
NXP Semiconductor N.V. | 15,573 | 3,576,807 | ||||||
Roper Technologies, Inc. | 6,454 | 3,518,527 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 13,752 | 3,511,161 | ||||||
Workday, Inc. — Class A* | 12,627 | 3,485,810 | ||||||
Autodesk, Inc.* | 12,916 | 3,144,788 | ||||||
Marvell Technology, Inc. | 52,125 | 3,143,659 | ||||||
Microchip Technology, Inc. | 32,687 | 2,947,714 | ||||||
Fortinet, Inc.* | 46,392 | 2,715,324 | ||||||
Paychex, Inc. | 21,823 | 2,599,337 | ||||||
Cognizant Technology Solutions Corp. — Class A | 30,293 | 2,288,030 | ||||||
Atlassian Corp. — Class A* | 9,365 | 2,227,559 | ||||||
Electronic Arts, Inc. | 16,259 | 2,224,394 | ||||||
Datadog, Inc. — Class A* | 18,255 | 2,215,792 | ||||||
ON Semiconductor Corp.* | 26,020 | 2,173,451 | ||||||
GLOBALFOUNDRIES, Inc.*,1 | 33,092 | 2,005,375 | ||||||
Zscaler, Inc.* | 8,961 | 1,985,399 | ||||||
ANSYS, Inc.* | 5,248 | 1,904,394 | ||||||
MongoDB, Inc.* | 4,310 | 1,762,143 | ||||||
Take-Two Interactive Software, Inc.* | 10,276 | 1,653,922 | ||||||
Splunk, Inc.* | 10,180 | 1,550,923 | ||||||
Total Technology | 363,469,807 | |||||||
Communications - 19.8% | ||||||||
Amazon.com, Inc.* | 241,716 | 36,726,329 | ||||||
Meta Platforms, Inc. — Class A* | 82,595 | 29,235,326 | ||||||
Alphabet, Inc. — Class A* | 138,424 | 19,336,449 | ||||||
Alphabet, Inc. — Class C* | 133,910 | 18,871,936 | ||||||
Netflix, Inc.* | 26,442 | 12,874,081 | ||||||
Cisco Systems, Inc. | 245,491 | 12,402,205 | ||||||
T-Mobile US, Inc. | 69,867 | 11,201,776 | ||||||
Comcast Corp. — Class A | 242,601 | 10,638,054 | ||||||
Booking Holdings, Inc.* | 2,108 | 7,477,540 | ||||||
PDD Holdings, Inc. ADR* | 40,353 | 5,904,047 | ||||||
Palo Alto Networks, Inc.* | 19,049 | 5,617,169 | ||||||
MercadoLibre, Inc.* | 3,055 | 4,801,055 | ||||||
Airbnb, Inc. — Class A* | 26,266 | 3,575,853 | ||||||
Charter Communications, Inc. — Class A* | 8,937 | 3,473,633 | ||||||
DoorDash, Inc. — Class A* | 22,399 | 2,215,037 | ||||||
Trade Desk, Inc. — Class A* | 26,961 | 1,940,114 | ||||||
CDW Corp. | 8,093 | 1,839,701 | ||||||
Warner Bros Discovery, Inc.* | 147,323 | 1,676,536 | ||||||
Sirius XM Holdings, Inc.1 | 231,926 | 1,268,635 | ||||||
Total Communications | 191,075,476 | |||||||
Consumer, Non-cyclical - 10.3% | ||||||||
PepsiCo, Inc. | 83,061 | 14,107,080 | ||||||
Amgen, Inc. | 32,332 | 9,312,263 | ||||||
Intuitive Surgical, Inc.* | 21,272 | 7,176,322 | ||||||
Vertex Pharmaceuticals, Inc.* | 15,569 | 6,334,870 | ||||||
Gilead Sciences, Inc. | 75,278 | 6,098,271 | ||||||
Mondelez International, Inc. — Class A | 82,217 | 5,954,977 | ||||||
Automatic Data Processing, Inc. | 24,849 | 5,789,071 | ||||||
Regeneron Pharmaceuticals, Inc.* | 6,472 | 5,684,293 | ||||||
PayPal Holdings, Inc.* | 65,135 | 3,999,940 | ||||||
Cintas Corp. | 6,153 | 3,708,167 | ||||||
Monster Beverage Corp.* | 62,857 | 3,621,192 | ||||||
Dexcom, Inc.* | 23,342 | 2,896,509 | ||||||
Keurig Dr Pepper, Inc. | 84,479 | 2,814,840 | ||||||
IDEXX Laboratories, Inc.* | 5,018 | 2,785,241 | ||||||
Kraft Heinz Co. | 74,101 | 2,740,255 | ||||||
AstraZeneca plc ADR | 35,179 | 2,369,306 | ||||||
Moderna, Inc.* | 23,035 | 2,290,831 | ||||||
Biogen, Inc.* | 8,754 | 2,265,273 | ||||||
CoStar Group, Inc.* | 24,671 | 2,155,999 | ||||||
GE HealthCare Technologies, Inc. | 27,503 | 2,126,532 | ||||||
Verisk Analytics, Inc. — Class A | 8,760 | 2,092,414 | ||||||
Coca-Cola Europacific Partners plc | 27,596 | 1,841,757 | ||||||
Illumina, Inc.* | 9,594 | 1,335,868 | ||||||
Total Consumer, Non-cyclical | 99,501,271 | |||||||
Consumer, Cyclical - 8.0% | ||||||||
Tesla, Inc.* | 112,550 | 27,966,424 | ||||||
Costco Wholesale Corp. | 26,748 | 17,655,820 | ||||||
Starbucks Corp. | 68,673 | 6,593,295 | ||||||
Marriott International, Inc. — Class A | 17,744 | 4,001,449 | ||||||
Lululemon Athletica, Inc.* | 7,336 | 3,750,823 | ||||||
O’Reilly Automotive, Inc.* | 3,574 | 3,395,586 | ||||||
PACCAR, Inc. | 31,601 | 3,085,838 | ||||||
Copart, Inc.* | 58,012 | 2,842,588 | ||||||
Ross Stores, Inc. | 20,458 | 2,831,183 | ||||||
Fastenal Co. | 34,522 | 2,235,990 | ||||||
Dollar Tree, Inc.* | 13,164 | 1,869,946 | ||||||
Walgreens Boots Alliance, Inc. | 52,192 | 1,362,733 | ||||||
Total Consumer, Cyclical | 77,591,675 | |||||||
Industrial - 1.6% | ||||||||
Honeywell International, Inc. | 39,829 | 8,352,540 | ||||||
CSX Corp. | 119,386 | 4,139,113 | ||||||
Old Dominion Freight Line, Inc. | 6,592 | 2,671,935 | ||||||
Total Industrial | 15,163,588 | |||||||
Utilities - 0.9% | ||||||||
American Electric Power Company, Inc. | 31,770 | 2,580,359 | ||||||
Constellation Energy Corp. | 19,295 | 2,255,393 | ||||||
Exelon Corp. | 60,139 | 2,158,990 |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 78.7% (continued) | ||||||||
Utilities - 0.9% (continued) | ||||||||
Xcel Energy, Inc. | 33,337 | $ | 2,063,894 | |||||
Total Utilities | 9,058,636 | |||||||
Energy - 0.4% | ||||||||
Baker Hughes Co. | 60,791 | 2,077,836 | ||||||
Diamondback Energy, Inc. | 10,813 | 1,676,880 | ||||||
Total Energy | 3,754,716 | |||||||
Total Common Stocks | ||||||||
(Cost $453,258,591) | 759,615,169 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 9.8% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/242,3 | $ | 43,200,000 | 42,878,861 | |||||
5.28% due 02/06/242,3 | 30,000,000 | 29,846,014 | ||||||
5.22% due 02/22/243 | 14,500,000 | 14,392,210 | ||||||
5.17% due 01/09/243,4 | 7,416,000 | 7,408,438 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $94,510,850) | 94,525,523 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 7.1% | ||||||||
Federal Home Loan Bank | ||||||||
5.20% due 01/02/243 | 60,000,000 | 59,991,180 | ||||||
5.26% due 01/10/243 | 3,400,000 | 3,395,529 | ||||||
Farmer Mac | ||||||||
4.59% due 01/05/243 | 5,000,000 | 4,997,089 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $68,383,951) | 68,383,798 | |||||||
REPURCHASE AGREEMENTS††,5 - 7.3% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/242 | 39,243,480 | 39,243,480 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/242 | 31,625,782 | 31,625,782 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $70,869,262) | 70,869,262 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 5.29%7 | 2,860,387 | 2,860,387 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,860,387) | 2,860,387 | |||||||
Total Investments - 103.2% | ||||||||
(Cost $689,883,041) | $ | 996,254,139 | ||||||
Other Assets & Liabilities, net - (3.2)% | (31,330,923 | ) | ||||||
Total Net Assets - 100.0% | $ | 964,923,216 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 389 | Mar 2024 | $ | 132,409,765 | $ | 2,407,700 |
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†† | ||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 5.83% (Federal Funds Rate + 0.50%) | At Maturity | 03/21/24 | 33,287 | $ | 560,083,687 | $ | 8,919,904 | ||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 5.98% (Federal Funds Rate + 0.65%) | At Maturity | 03/21/24 | 2,610 | 43,910,059 | 709,230 | ||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 5.90% (SOFR + 0.50%) | At Maturity | 03/20/24 | 25,844 | 434,842,805 | 520,025 | ||||||||||||||
$ | 1,038,836,551 | $ | 10,149,159 |
* | 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, 2023 — See Note 5. |
2 | All or a portion of this security is pledged as equity index swap collateral at December 31, 2023. |
3 | Rate indicated is the effective yield at the time of purchase. |
NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
4 | All or a portion of this security is pledged as futures collateral at December 31, 2023. |
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, 2023. |
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, 2023 (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 | $ | 759,615,169 | $ | — | $ | — | $ | 759,615,169 | ||||||||
U.S. Treasury Bills | — | 94,525,523 | — | 94,525,523 | ||||||||||||
Federal Agency Discount Notes | — | 68,383,798 | — | 68,383,798 | ||||||||||||
Repurchase Agreements | — | 70,869,262 | — | 70,869,262 | ||||||||||||
Securities Lending Collateral | 2,860,387 | — | — | 2,860,387 | ||||||||||||
Equity Futures Contracts** | 2,407,700 | — | — | 2,407,700 | ||||||||||||
Equity Index Swap Agreements** | — | 10,149,159 | — | 10,149,159 | ||||||||||||
Total Assets | $ | 764,883,256 | $ | 243,927,742 | $ | — | $ | 1,008,810,998 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% | ||||||||
Consumer, Non-cyclical - 3.9% | ||||||||
Cytokinetics, Inc.* | 421 | $ | 35,149 | |||||
elf Beauty, Inc.* | 240 | 34,642 | ||||||
BellRing Brands, Inc.* | 592 | 32,815 | ||||||
API Group Corp.* | 943 | 32,628 | ||||||
ImmunoGen, Inc.* | 1,079 | 31,992 | ||||||
Intra-Cellular Therapies, Inc.* | 422 | 30,224 | ||||||
Ensign Group, Inc. | 246 | 27,604 | ||||||
Vaxcyte, Inc.* | 416 | 26,125 | ||||||
Option Care Health, Inc.* | 753 | 25,369 | ||||||
Blueprint Medicines Corp.* | 275 | 25,366 | ||||||
HealthEquity, Inc.* | 379 | 25,128 | ||||||
StoneCo Ltd. — Class A* | 1,311 | 23,637 | ||||||
Marathon Digital Holdings, Inc.* | 956 | 22,456 | ||||||
Sprouts Farmers Market, Inc.* | 458 | 22,034 | ||||||
Halozyme Therapeutics, Inc.* | 585 | 21,622 | ||||||
Bridgebio Pharma, Inc.* | 518 | 20,912 | ||||||
Alkermes plc* | 747 | 20,722 | ||||||
Neogen Corp.* | 981 | 19,728 | ||||||
Merit Medical Systems, Inc.* | 257 | 19,522 | ||||||
Coca-Cola Consolidated, Inc. | 21 | 19,496 | ||||||
Haemonetics Corp.* | 226 | 19,325 | ||||||
Insmed, Inc.* | 620 | 19,214 | ||||||
Herc Holdings, Inc. | 128 | 19,058 | ||||||
Lantheus Holdings, Inc.* | 306 | 18,972 | ||||||
Insperity, Inc. | 160 | 18,755 | ||||||
REVOLUTION Medicines, Inc.* | 645 | 18,499 | ||||||
Brink’s Co. | 208 | 18,294 | ||||||
Amicus Therapeutics, Inc.* | 1,262 | 17,908 | ||||||
ACADIA Pharmaceuticals, Inc.* | 548 | 17,158 | ||||||
TriNet Group, Inc.* | 144 | 17,126 | ||||||
Glaukos Corp.* | 212 | 16,852 | ||||||
Simply Good Foods Co.* | 411 | 16,276 | ||||||
Alight, Inc. — Class A* | 1,794 | 15,303 | ||||||
Madrigal Pharmaceuticals, Inc.* | 66 | 15,271 | ||||||
Inari Medical, Inc.* | 235 | 15,256 | ||||||
CONMED Corp. | 138 | 15,112 | ||||||
Marqeta, Inc. — Class A* | 2,158 | 15,063 | ||||||
iRhythm Technologies, Inc.* | 139 | 14,879 | ||||||
Integer Holdings Corp.* | 150 | 14,862 | ||||||
Lancaster Colony Corp. | 88 | 14,642 | ||||||
WD-40 Co. | 61 | 14,583 | ||||||
Alarm.com Holdings, Inc.* | 217 | 14,023 | ||||||
Korn Ferry | 236 | 14,007 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 456 | 13,954 | ||||||
Axonics, Inc.* | 222 | 13,815 | ||||||
Prestige Consumer Healthcare, Inc.* | 225 | 13,774 | ||||||
Guardant Health, Inc.* | 503 | 13,606 | ||||||
CBIZ, Inc.* | 217 | 13,582 | ||||||
ABM Industries, Inc. | 300 | 13,449 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 314 | 13,314 | ||||||
Riot Platforms, Inc.* | 854 | 13,211 | ||||||
Progyny, Inc.* | 355 | 13,199 | ||||||
Helen of Troy Ltd.* | 109 | 13,168 | ||||||
Biohaven Ltd.* | 307 | 13,140 | ||||||
AMN Healthcare Services, Inc.* | 171 | 12,805 | ||||||
LivaNova plc* | 245 | 12,676 | ||||||
Axsome Therapeutics, Inc.* | 158 | 12,575 | ||||||
Intellia Therapeutics, Inc.* | 399 | 12,165 | ||||||
EVERTEC, Inc. | 296 | 12,118 | ||||||
Krystal Biotech, Inc.* | 97 | 12,034 | ||||||
Cymabay Therapeutics, Inc.* | 508 | 11,999 | ||||||
Inter Parfums, Inc. | 83 | 11,953 | ||||||
Corcept Therapeutics, Inc.* | 363 | 11,790 | ||||||
Denali Therapeutics, Inc.* | 534 | 11,460 | ||||||
Remitly Global, Inc.* | 589 | 11,438 | ||||||
Coursera, Inc.* | 589 | 11,409 | ||||||
Stride, Inc.* | 192 | 11,399 | ||||||
ICF International, Inc. | 85 | 11,398 | ||||||
TransMedics Group, Inc.* | 144 | 11,366 | ||||||
J & J Snack Foods Corp. | 68 | 11,365 | ||||||
Pacific Biosciences of California, Inc.* | 1,140 | 11,183 | ||||||
Graham Holdings Co. — Class B | 16 | 11,144 | ||||||
Select Medical Holdings Corp. | 470 | 11,045 | ||||||
Flywire Corp.* | 477 | 11,043 | ||||||
SpringWorks Therapeutics, Inc.* | 302 | 11,023 | ||||||
Patterson Companies, Inc. | 387 | 11,010 | ||||||
LiveRamp Holdings, Inc.* | 289 | 10,947 | ||||||
Surgery Partners, Inc.* | 340 | 10,877 | ||||||
Rhythm Pharmaceuticals, Inc.* | 232 | 10,665 | ||||||
Primo Water Corp. | 708 | 10,655 | ||||||
Amphastar Pharmaceuticals, Inc.* | 172 | 10,638 | ||||||
TG Therapeutics, Inc.* | 621 | 10,607 | ||||||
Cal-Maine Foods, Inc. | 184 | 10,560 | ||||||
Adtalem Global Education, Inc.* | 178 | 10,493 | ||||||
Crinetics Pharmaceuticals, Inc.* | 291 | 10,354 | ||||||
Immunovant, Inc.* | 244 | 10,280 | ||||||
TreeHouse Foods, Inc.* | 233 | 9,658 | ||||||
CorVel Corp.* | 39 | 9,641 | ||||||
Ideaya Biosciences, Inc.* | 270 | 9,607 | ||||||
Arcellx, Inc.* | 172 | 9,546 | ||||||
Twist Bioscience Corp.* | 257 | 9,473 | ||||||
Strategic Education, Inc. | 102 | 9,422 | ||||||
NeoGenomics, Inc.* | 576 | 9,320 | ||||||
RadNet, Inc.* | 268 | 9,318 | ||||||
Textainer Group Holdings Ltd. | 189 | 9,299 | ||||||
Arvinas, Inc.* | 222 | 9,137 | ||||||
Veracyte, Inc.* | 329 | 9,051 | ||||||
Huron Consulting Group, Inc.* | 86 | 8,841 | ||||||
PTC Therapeutics, Inc.* | 320 | 8,819 | ||||||
Nuvalent, Inc. — Class A* | 119 | 8,757 | ||||||
Edgewell Personal Care Co. | 232 | 8,498 | ||||||
Upbound Group, Inc. | 249 | 8,459 | ||||||
Rocket Pharmaceuticals, Inc.* | 282 | 8,452 | ||||||
Beam Therapeutics, Inc.*,1 | 309 | 8,411 | ||||||
Andersons, Inc. | 146 | 8,401 | ||||||
Iovance Biotherapeutics, Inc.* | 1,029 | 8,366 | ||||||
Celldex Therapeutics, Inc.* | 210 | 8,329 | ||||||
Dynavax Technologies Corp.* | 586 | 8,192 | ||||||
Laureate Education, Inc. — Class A | 593 | 8,130 | ||||||
Viking Therapeutics, Inc.* | 435 | 8,095 | ||||||
Central Garden & Pet Co. — Class A* | 178 | 7,839 | ||||||
Inmode Ltd.* | 351 | 7,806 | ||||||
Vericel Corp.* | 215 | 7,656 | ||||||
Omnicell, Inc.* | 203 | 7,639 | ||||||
PROCEPT BioRobotics Corp.* | 181 | 7,586 | ||||||
AtriCure, Inc.* | 211 | 7,531 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Consumer, Non-cyclical - 3.9% (continued) | ||||||||
CoreCivic, Inc.* | 515 | $ | 7,483 | |||||
Apollo Medical Holdings, Inc.* | 194 | 7,430 | ||||||
Vector Group Ltd. | 658 | 7,422 | ||||||
Cleanspark, Inc.* | 672 | 7,412 | ||||||
Universal Corp. | 109 | 7,338 | ||||||
Catalyst Pharmaceuticals, Inc.* | 436 | 7,329 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 627 | 7,173 | ||||||
MGP Ingredients, Inc. | 72 | 7,094 | ||||||
Myriad Genetics, Inc.* | 365 | 6,986 | ||||||
Pacira BioSciences, Inc.* | 206 | 6,950 | ||||||
STAAR Surgical Co.* | 220 | 6,866 | ||||||
Prothena Corporation plc* | 188 | 6,832 | ||||||
Herbalife Ltd.* | 447 | 6,821 | ||||||
Addus HomeCare Corp.* | 71 | 6,592 | ||||||
Sabre Corp.* | 1,483 | 6,525 | ||||||
Cimpress plc* | 81 | 6,484 | ||||||
Owens & Minor, Inc.* | 336 | 6,475 | ||||||
Syndax Pharmaceuticals, Inc.* | 298 | 6,440 | ||||||
Supernus Pharmaceuticals, Inc.* | 222 | 6,425 | ||||||
Oscar Health, Inc. — Class A* | 700 | 6,405 | ||||||
Alphatec Holdings, Inc.* | 414 | 6,256 | ||||||
Payoneer Global, Inc.* | 1,199 | 6,247 | ||||||
PROG Holdings, Inc.* | 199 | 6,151 | ||||||
US Physical Therapy, Inc. | 66 | 6,147 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 617 | 6,084 | ||||||
Legalzoom.com, Inc.* | 532 | 6,012 | ||||||
Ardelyx, Inc.* | 964 | 5,977 | ||||||
Krispy Kreme, Inc. | 396 | 5,976 | ||||||
Kforce, Inc. | 88 | 5,945 | ||||||
Inhibrx, Inc.* | 155 | 5,890 | ||||||
GEO Group, Inc.* | 539 | 5,837 | ||||||
Chegg, Inc.* | 511 | 5,805 | ||||||
Udemy, Inc.* | 388 | 5,715 | ||||||
Protagonist Therapeutics, Inc.* | 245 | 5,618 | ||||||
RayzeBio, Inc.* | 90 | 5,595 | ||||||
Agios Pharmaceuticals, Inc.* | 251 | 5,590 | ||||||
Xencor, Inc.* | 262 | 5,562 | ||||||
Ingles Markets, Inc. — Class A | 64 | 5,528 | ||||||
Aurinia Pharmaceuticals, Inc.* | 613 | 5,511 | ||||||
UFP Technologies, Inc.* | 32 | 5,505 | ||||||
Akero Therapeutics, Inc.* | 231 | 5,394 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 75 | 5,356 | ||||||
National Beverage Corp.* | 107 | 5,320 | ||||||
Utz Brands, Inc. | 326 | 5,294 | ||||||
National Healthcare Corp. | 57 | 5,268 | ||||||
John Wiley & Sons, Inc. — Class A | 164 | 5,205 | ||||||
Sage Therapeutics, Inc.* | 239 | 5,179 | ||||||
Perdoceo Education Corp. | 293 | 5,145 | ||||||
BioCryst Pharmaceuticals, Inc.* | 857 | 5,133 | ||||||
LeMaitre Vascular, Inc. | 89 | 5,052 | ||||||
Cytek Biosciences, Inc.* | 548 | 4,998 | ||||||
RxSight, Inc.* | 123 | 4,959 | ||||||
Embecta Corp. | 261 | 4,941 | ||||||
Matthews International Corp. — Class A | 134 | 4,911 | ||||||
Collegium Pharmaceutical, Inc.* | 157 | 4,832 | ||||||
Harmony Biosciences Holdings, Inc.* | 149 | 4,813 | ||||||
Weis Markets, Inc. | 75 | 4,797 | ||||||
Geron Corp.* | 2,242 | 4,731 | ||||||
Avanos Medical, Inc.* | 209 | 4,688 | ||||||
Scholar Rock Holding Corp.* | 249 | 4,681 | ||||||
Chefs’ Warehouse, Inc.* | 159 | 4,679 | ||||||
Pliant Therapeutics, Inc.* | 256 | 4,636 | ||||||
Arcus Biosciences, Inc.* | 239 | 4,565 | ||||||
SP Plus Corp.* | 89 | 4,561 | ||||||
Quanex Building Products Corp. | 149 | 4,555 | ||||||
MiMedx Group, Inc.* | 515 | 4,517 | ||||||
Relay Therapeutics, Inc.* | 408 | 4,492 | ||||||
Brookdale Senior Living, Inc. — Class A* | 771 | 4,487 | ||||||
Morphic Holding, Inc.* | 155 | 4,476 | ||||||
Hain Celestial Group, Inc.* | 405 | 4,435 | ||||||
Kymera Therapeutics, Inc.* | 172 | 4,379 | ||||||
Quanterix Corp.* | 159 | 4,347 | ||||||
Innoviva, Inc.* | 269 | 4,315 | ||||||
ADMA Biologics, Inc.* | 953 | 4,307 | ||||||
ZipRecruiter, Inc. — Class A* | 309 | 4,295 | ||||||
United Natural Foods, Inc.* | 263 | 4,268 | ||||||
Kura Oncology, Inc.* | 295 | 4,242 | ||||||
MannKind Corp.* | 1,162 | 4,230 | ||||||
Deluxe Corp. | 197 | 4,226 | ||||||
John B Sanfilippo & Son, Inc. | 41 | 4,225 | ||||||
Viridian Therapeutics, Inc.* | 191 | 4,160 | ||||||
Monro, Inc. | 141 | 4,137 | ||||||
Day One Biopharmaceuticals, Inc.* | 282 | 4,117 | ||||||
First Advantage Corp. | 247 | 4,093 | ||||||
Keros Therapeutics, Inc.* | 102 | 4,055 | ||||||
Cassava Sciences, Inc.*,1 | 180 | 4,052 | ||||||
Fresh Del Monte Produce, Inc. | 154 | 4,043 | ||||||
Dole plc | 324 | 3,982 | ||||||
Zentalis Pharmaceuticals, Inc.* | 262 | 3,969 | ||||||
Deciphera Pharmaceuticals, Inc.* | 237 | 3,823 | ||||||
Vir Biotechnology, Inc.* | 379 | 3,813 | ||||||
LifeStance Health Group, Inc.* | 480 | 3,758 | ||||||
Editas Medicine, Inc.* | 369 | 3,738 | ||||||
Arlo Technologies, Inc.* | 391 | 3,722 | ||||||
4D Molecular Therapeutics, Inc.* | 179 | 3,627 | ||||||
SpartanNash Co. | 158 | 3,626 | ||||||
Varex Imaging Corp.* | 176 | 3,608 | ||||||
Transcat, Inc.* | 33 | 3,608 | ||||||
Accolade, Inc.* | 299 | 3,591 | ||||||
Pediatrix Medical Group, Inc.* | 381 | 3,543 | ||||||
Cross Country Healthcare, Inc.* | 156 | 3,532 | ||||||
Cabaletta Bio, Inc.* | 155 | 3,518 | ||||||
Healthcare Services Group, Inc.* | 337 | 3,495 | ||||||
Barrett Business Services, Inc. | 30 | 3,474 | ||||||
Nevro Corp.* | 161 | 3,465 | ||||||
Amylyx Pharmaceuticals, Inc.* | 230 | 3,386 | ||||||
B&G Foods, Inc.1 | 322 | 3,381 | ||||||
Amneal Pharmaceuticals, Inc.* | 551 | 3,345 | ||||||
Viad Corp.* | 92 | 3,330 | ||||||
RAPT Therapeutics, Inc.* | 134 | 3,330 | ||||||
Revance Therapeutics, Inc.* | 377 | 3,314 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 105 | 3,311 | ||||||
Vita Coco Company, Inc.* | 129 | 3,309 | ||||||
REGENXBIO, Inc.* | 184 | 3,303 | ||||||
SI-BONE, Inc.* | 157 | 3,295 | ||||||
Medifast, Inc. | 49 | 3,294 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Consumer, Non-cyclical - 3.9% (continued) | ||||||||
Mirum Pharmaceuticals, Inc.* | 111 | $ | 3,277 | |||||
ANI Pharmaceuticals, Inc.* | 58 | 3,198 | ||||||
Verve Therapeutics, Inc.* | 229 | 3,192 | ||||||
Artivion, Inc.* | 178 | 3,183 | ||||||
Repay Holdings Corp.* | 368 | 3,143 | ||||||
AdaptHealth Corp.* | 431 | 3,142 | ||||||
89bio, Inc.* | 280 | 3,128 | ||||||
Kelly Services, Inc. — Class A | 144 | 3,113 | ||||||
CRA International, Inc. | 31 | 3,064 | ||||||
Travere Therapeutics, Inc.* | 330 | 2,967 | ||||||
Anavex Life Sciences Corp.* | 318 | 2,961 | ||||||
Avidity Biosciences, Inc.* | 320 | 2,896 | ||||||
CareDx, Inc.* | 235 | 2,820 | ||||||
Cass Information Systems, Inc. | 62 | 2,793 | ||||||
Alpine Immune Sciences, Inc.* | 144 | 2,745 | ||||||
OPKO Health, Inc.* | 1,816 | 2,742 | ||||||
USANA Health Sciences, Inc.* | 51 | 2,734 | ||||||
EyePoint Pharmaceuticals, Inc.* | 118 | 2,727 | ||||||
Fulgent Genetics, Inc.* | 93 | 2,689 | ||||||
OraSure Technologies, Inc.* | 325 | 2,665 | ||||||
Heidrick & Struggles International, Inc. | 90 | 2,658 | ||||||
MacroGenics, Inc.* | 275 | 2,645 | ||||||
Treace Medical Concepts, Inc.* | 205 | 2,614 | ||||||
OmniAb, Inc.* | 422 | 2,604 | ||||||
Theravance Biopharma, Inc.* | 231 | 2,596 | ||||||
Liquidia Corp.* | 215 | 2,586 | ||||||
Hackett Group, Inc. | 113 | 2,573 | ||||||
National Research Corp. — Class A | 65 | 2,571 | ||||||
Dyne Therapeutics, Inc.* | 192 | 2,554 | ||||||
ModivCare, Inc.* | 58 | 2,552 | ||||||
BioLife Solutions, Inc.* | 157 | 2,551 | ||||||
ACCO Brands Corp. | 418 | 2,542 | ||||||
Altimmune, Inc.*,1 | 224 | 2,520 | ||||||
Ennis, Inc. | 115 | 2,520 | ||||||
Adaptive Biotechnologies Corp.* | 514 | 2,519 | ||||||
ImmunityBio, Inc.*,1 | 499 | 2,505 | ||||||
Zymeworks, Inc.* | 241 | 2,504 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 142 | 2,491 | ||||||
Paragon 28, Inc.* | 199 | 2,474 | ||||||
Multiplan Corp.* | 1,713 | 2,467 | ||||||
Apogee Therapeutics, Inc.* | 88 | 2,459 | ||||||
PetIQ, Inc.* | 124 | 2,449 | ||||||
Marinus Pharmaceuticals, Inc.* | 225 | 2,446 | ||||||
Castle Biosciences, Inc.* | 112 | 2,417 | ||||||
V2X, Inc.* | 52 | 2,415 | ||||||
Beyond Meat, Inc.* | 268 | 2,385 | ||||||
Enhabit, Inc.* | 228 | 2,360 | ||||||
Vera Therapeutics, Inc.* | 153 | 2,353 | ||||||
OrthoPediatrics Corp.* | 72 | 2,341 | ||||||
Calavo Growers, Inc. | 78 | 2,294 | ||||||
Alector, Inc.* | 287 | 2,290 | ||||||
Atrion Corp. | 6 | 2,273 | ||||||
Franklin Covey Co.* | 52 | 2,264 | ||||||
Surmodics, Inc.* | 62 | 2,254 | ||||||
SunOpta, Inc.* | 411 | 2,248 | ||||||
Mission Produce, Inc.* | 219 | 2,210 | ||||||
Central Garden & Pet Co.* | 44 | 2,205 | ||||||
Nurix Therapeutics, Inc.* | 212 | 2,188 | ||||||
Tarsus Pharmaceuticals, Inc.* | 107 | 2,167 | ||||||
Vital Farms, Inc.* | 138 | 2,165 | ||||||
WW International, Inc.* | 247 | 2,161 | ||||||
I3 Verticals, Inc. — Class A* | 102 | 2,159 | ||||||
Cogent Biosciences, Inc.* | 365 | 2,146 | ||||||
Orthofix Medical, Inc.* | 159 | 2,143 | ||||||
Silk Road Medical, Inc.* | 174 | 2,135 | ||||||
Edgewise Therapeutics, Inc.* | 194 | 2,122 | ||||||
TrueBlue, Inc.* | 138 | 2,117 | ||||||
Pulmonx Corp.* | 166 | 2,116 | ||||||
Caribou Biosciences, Inc.* | 367 | 2,103 | ||||||
European Wax Center, Inc. — Class A* | 154 | 2,093 | ||||||
Resources Connection, Inc. | 147 | 2,083 | ||||||
Green Dot Corp. — Class A* | 210 | 2,079 | ||||||
Zimvie, Inc.* | 117 | 2,077 | ||||||
Turning Point Brands, Inc. | 78 | 2,053 | ||||||
Disc Medicine, Inc.* | 35 | 2,022 | ||||||
Tango Therapeutics, Inc.* | 202 | 2,000 | ||||||
Icosavax, Inc.* | 125 | 1,970 | ||||||
Evolus, Inc.* | 187 | 1,969 | ||||||
DocGo, Inc.* | 352 | 1,968 | ||||||
Duckhorn Portfolio, Inc.* | 199 | 1,960 | ||||||
Novavax, Inc.* | 394 | 1,891 | ||||||
Paysafe Ltd.* | 147 | 1,880 | ||||||
MaxCyte, Inc.* | 395 | 1,856 | ||||||
Universal Technical Institute, Inc.* | 148 | 1,853 | ||||||
AnaptysBio, Inc.* | 86 | 1,842 | ||||||
Avid Bioservices, Inc.* | 281 | 1,826 | ||||||
Pennant Group, Inc.* | 131 | 1,824 | ||||||
Community Health Systems, Inc.* | 569 | 1,781 | ||||||
Waldencast plc — Class A* | 162 | 1,772 | ||||||
Cerus Corp.* | 803 | 1,734 | ||||||
SomaLogic, Inc.* | 684 | 1,731 | ||||||
Sana Biotechnology, Inc.* | 422 | 1,722 | ||||||
Olema Pharmaceuticals, Inc.* | 121 | 1,698 | ||||||
American Well Corp. — Class A* | 1,109 | 1,652 | ||||||
Tejon Ranch Co.* | 95 | 1,634 | ||||||
Limoneira Co. | 79 | 1,630 | ||||||
ORIC Pharmaceuticals, Inc.* | 177 | 1,628 | ||||||
Savara, Inc.* | 345 | 1,621 | ||||||
Custom Truck One Source, Inc.* | 257 | 1,588 | ||||||
Prime Medicine, Inc.* | 179 | 1,586 | ||||||
BrightView Holdings, Inc.* | 187 | 1,575 | ||||||
Ocular Therapeutix, Inc.* | 353 | 1,574 | ||||||
CVRx, Inc.* | 50 | 1,572 | ||||||
iRadimed Corp. | 33 | 1,566 | ||||||
Avita Medical, Inc.* | 114 | 1,564 | ||||||
Aaron’s Company, Inc. | 143 | 1,556 | ||||||
Replimune Group, Inc.* | 184 | 1,551 | ||||||
Taro Pharmaceutical Industries Ltd.* | 37 | 1,546 | ||||||
HilleVax, Inc.* | 96 | 1,541 | ||||||
Carriage Services, Inc. — Class A | 61 | 1,526 | ||||||
Lyell Immunopharma, Inc.* | 785 | 1,523 | ||||||
Tactile Systems Technology, Inc.* | 105 | 1,501 | ||||||
Anika Therapeutics, Inc.* | 66 | 1,496 | ||||||
Sterling Check Corp.* | 107 | 1,489 | ||||||
Enliven Therapeutics, Inc.* | 106 | 1,467 | ||||||
Terawulf, Inc.* | 610 | 1,464 | ||||||
Entrada Therapeutics, Inc.* | 97 | 1,464 | ||||||
ALX Oncology Holdings, Inc.* | 98 | 1,459 | ||||||
Fate Therapeutics, Inc.* | 383 | 1,432 | ||||||
Forrester Research, Inc.* | 53 | 1,421 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Consumer, Non-cyclical - 3.9% (continued) | ||||||||
Xeris Biopharma Holdings, Inc.* | 602 | $ | 1,415 | |||||
Arbutus Biopharma Corp.* | 565 | 1,412 | ||||||
Target Hospitality Corp.* | 141 | 1,372 | ||||||
Summit Therapeutics, Inc.* | 524 | 1,368 | ||||||
KalVista Pharmaceuticals, Inc.* | 111 | 1,360 | ||||||
WaVe Life Sciences Ltd.* | 267 | 1,348 | ||||||
Utah Medical Products, Inc. | 16 | 1,348 | ||||||
AngioDynamics, Inc.* | 171 | 1,341 | ||||||
UroGen Pharma Ltd.* | 89 | 1,335 | ||||||
Nano-X Imaging Ltd.*,1 | 208 | 1,325 | ||||||
Harrow, Inc.* | 118 | 1,322 | ||||||
Westrock Coffee Co.* | 129 | 1,317 | ||||||
Biomea Fusion, Inc.* | 90 | 1,307 | ||||||
Organogenesis Holdings, Inc.*,1 | 318 | 1,301 | ||||||
Agenus, Inc.* | 1,552 | 1,285 | ||||||
Distribution Solutions Group, Inc.* | 40 | 1,262 | ||||||
Terns Pharmaceuticals, Inc.* | 194 | 1,259 | ||||||
Seneca Foods Corp. — Class A* | 24 | 1,259 | ||||||
Axogen, Inc.* | 184 | 1,257 | ||||||
iTeos Therapeutics, Inc.* | 112 | 1,226 | ||||||
Voyager Therapeutics, Inc.* | 144 | 1,215 | ||||||
Viemed Healthcare, Inc.* | 154 | 1,209 | ||||||
Accuray, Inc.* | 422 | 1,194 | ||||||
Allogene Therapeutics, Inc.* | 372 | 1,194 | ||||||
Willdan Group, Inc.* | 55 | 1,183 | ||||||
Genelux Corp.* | 84 | 1,177 | ||||||
Sutro Biopharma, Inc.* | 272 | 1,167 | ||||||
SIGA Technologies, Inc. | 208 | 1,165 | ||||||
Coherus Biosciences, Inc.* | 348 | 1,159 | ||||||
Beauty Health Co.* | 370 | 1,151 | ||||||
Neumora Therapeutics, Inc.* | 67 | 1,142 | ||||||
Celcuity, Inc.* | 78 | 1,136 | ||||||
Y-mAbs Therapeutics, Inc.* | 166 | 1,132 | ||||||
Rigel Pharmaceuticals, Inc.* | 774 | 1,122 | ||||||
ACELYRIN, Inc.* | 149 | 1,111 | ||||||
Cullinan Oncology, Inc.* | 108 | 1,100 | ||||||
Aura Biosciences, Inc.* | 124 | 1,099 | ||||||
Vanda Pharmaceuticals, Inc.* | 256 | 1,080 | ||||||
Phibro Animal Health Corp. — Class A | 93 | 1,077 | ||||||
Lincoln Educational Services Corp.* | 107 | 1,074 | ||||||
23andMe Holding Co. — Class A* | 1,176 | 1,074 | ||||||
Alta Equipment Group, Inc. | 86 | 1,064 | ||||||
Agiliti, Inc.* | 134 | 1,061 | ||||||
Atea Pharmaceuticals, Inc.* | 347 | 1,058 | ||||||
Mersana Therapeutics, Inc.* | 454 | 1,053 | ||||||
SoundThinking, Inc.* | 41 | 1,047 | ||||||
Aerovate Therapeutics, Inc.* | 46 | 1,041 | ||||||
MeiraGTx Holdings plc* | 148 | 1,039 | ||||||
Nature’s Sunshine Products, Inc.* | 60 | 1,037 | ||||||
Poseida Therapeutics, Inc.* | 307 | 1,031 | ||||||
Zevra Therapeutics, Inc.* | 157 | 1,028 | ||||||
Village Super Market, Inc. — Class A | 39 | 1,023 | ||||||
Semler Scientific, Inc.* | 23 | 1,019 | ||||||
Nathan’s Famous, Inc. | 13 | 1,014 | ||||||
Phathom Pharmaceuticals, Inc.* | 111 | 1,013 | ||||||
Nuvation Bio, Inc.* | 659 | 995 | ||||||
HF Foods Group, Inc.* | 182 | 972 | ||||||
Ispire Technology, Inc.* | 80 | 970 | ||||||
2seventy bio, Inc.* | 227 | 969 | ||||||
Zynex, Inc.* | 89 | 969 | ||||||
Third Harmonic Bio, Inc.* | 88 | 965 | ||||||
Performant Financial Corp.* | 304 | 950 | ||||||
Harvard Bioscience, Inc.* | 177 | 947 | ||||||
Annexon, Inc.* | 206 | 935 | ||||||
Quipt Home Medical Corp.* | 183 | 932 | ||||||
Alico, Inc. | 32 | 931 | ||||||
Fennec Pharmaceuticals, Inc.* | 82 | 920 | ||||||
Quantum-Si, Inc.* | 454 | 913 | ||||||
Nkarta, Inc.* | 137 | 904 | ||||||
Omeros Corp.*,1 | 275 | 899 | ||||||
Pulse Biosciences, Inc.* | 73 | 893 | ||||||
Astria Therapeutics, Inc.* | 116 | 891 | ||||||
Tyra Biosciences, Inc.* | 63 | 873 | ||||||
Ovid therapeutics, Inc.* | 270 | 869 | ||||||
InfuSystem Holdings, Inc.* | 82 | 864 | ||||||
Enanta Pharmaceuticals, Inc.* | 90 | 847 | ||||||
Janux Therapeutics, Inc.* | 78 | 837 | ||||||
Allakos, Inc.* | 301 | 822 | ||||||
scPharmaceuticals, Inc.* | 131 | 821 | ||||||
Precigen, Inc.* | 611 | 819 | ||||||
Gritstone bio, Inc.* | 397 | 810 | ||||||
Heron Therapeutics, Inc.* | 468 | 796 | ||||||
Humacyte, Inc.* | 277 | 787 | ||||||
Monte Rosa Therapeutics, Inc.* | 138 | 780 | ||||||
Erasca, Inc.* | 365 | 777 | ||||||
Cipher Mining, Inc.*,1 | 188 | 776 | ||||||
Quad/Graphics, Inc.* | 141 | 764 | ||||||
CorMedix, Inc.* | 202 | 759 | ||||||
Arcutis Biotherapeutics, Inc.* | 233 | 753 | ||||||
Information Services Group, Inc. | 159 | 749 | ||||||
Aldeyra Therapeutics, Inc.* | 211 | 741 | ||||||
Invitae Corp.*,1 | 1,179 | 739 | ||||||
ClearPoint Neuro, Inc.* | 104 | 706 | ||||||
Bakkt Holdings, Inc.*,1 | 315 | 702 | ||||||
Sanara Medtech, Inc.* | 17 | 699 | ||||||
Verrica Pharmaceuticals, Inc.* | 94 | 688 | ||||||
Nautilus Biotechnology, Inc.* | 228 | 682 | ||||||
Butterfly Network, Inc.* | 631 | 681 | ||||||
Immuneering Corp. — Class A* | 92 | 676 | ||||||
Acacia Research Corp.* | 172 | 674 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 42 | 672 | ||||||
Tenaya Therapeutics, Inc.* | 207 | 671 | ||||||
Bluebird Bio, Inc.* | 484 | 668 | ||||||
Stoke Therapeutics, Inc.* | 125 | 657 | ||||||
Inozyme Pharma, Inc.* | 153 | 652 | ||||||
Compass Therapeutics, Inc.* | 413 | 644 | ||||||
Lexicon Pharmaceuticals, Inc.* | 419 | 641 | ||||||
Lineage Cell Therapeutics, Inc.* | 584 | 637 | ||||||
Merrimack Pharmaceuticals, Inc.* | 47 | 630 | ||||||
PDS Biotechnology Corp.* | 126 | 626 | ||||||
Seres Therapeutics, Inc.* | 440 | 616 | ||||||
Joint Corp.* | 64 | 615 | ||||||
BRC, Inc. — Class A* | 169 | 614 | ||||||
XOMA Corp.* | 33 | 610 | ||||||
Aveanna Healthcare Holdings, Inc.* | 227 | 608 | ||||||
ARS Pharmaceuticals, Inc.* | 110 | 603 | ||||||
Actinium Pharmaceuticals, Inc.* | 118 | 599 | ||||||
Foghorn Therapeutics, Inc.* | 92 | 593 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Consumer, Non-cyclical - 3.9% (continued) | ||||||||
Inogen, Inc.* | 105 | $ | 576 | |||||
Emergent BioSolutions, Inc.* | 229 | 550 | ||||||
Mineralys Therapeutics, Inc.* | 63 | 542 | ||||||
PMV Pharmaceuticals, Inc.* | 174 | 539 | ||||||
Larimar Therapeutics, Inc.* | 116 | 528 | ||||||
Ventyx Biosciences, Inc.* | 212 | 524 | ||||||
Innovage Holding Corp.* | 86 | 516 | ||||||
Seer, Inc.* | 265 | 514 | ||||||
Cadiz, Inc.* | 183 | 512 | ||||||
Scilex Holding Co.* | 243 | 496 | ||||||
BioAtla, Inc.* | 200 | 492 | ||||||
Tela Bio, Inc.* | 72 | 477 | ||||||
X4 Pharmaceuticals, Inc.* | 557 | 467 | ||||||
Protalix BioTherapeutics, Inc.* | 254 | 452 | ||||||
IGM Biosciences, Inc.* | 54 | 449 | ||||||
Kodiak Sciences, Inc.* | 147 | 447 | ||||||
Karyopharm Therapeutics, Inc.* | 512 | 443 | ||||||
2U, Inc.* | 358 | 440 | ||||||
Mural Oncology plc* | 74 | 438 | ||||||
Assertio Holdings, Inc.* | 401 | 429 | ||||||
Optinose, Inc.* | 330 | 426 | ||||||
Emerald Holding, Inc.* | 71 | 425 | ||||||
Longboard Pharmaceuticals, Inc.* | 70 | 422 | ||||||
Citius Pharmaceuticals, Inc.* | 556 | 421 | ||||||
AirSculpt Technologies, Inc.* | 55 | 412 | ||||||
Cue Biopharma, Inc.* | 156 | 412 | ||||||
Akoya Biosciences, Inc.* | 82 | 400 | ||||||
CompoSecure, Inc.* | 74 | 400 | ||||||
Design Therapeutics, Inc.* | 148 | 392 | ||||||
MarketWise, Inc. | 143 | 390 | ||||||
KORU Medical Systems, Inc.* | 158 | 388 | ||||||
Vor BioPharma, Inc.* | 170 | 382 | ||||||
Theseus Pharmaceuticals, Inc.* | 92 | 373 | ||||||
HireQuest, Inc. | 24 | 368 | ||||||
CPI Card Group, Inc.* | 19 | 365 | ||||||
FibroGen, Inc.* | 411 | 364 | ||||||
Cartesian Therapeutics, Inc.* | 525 | 362 | ||||||
ProKidney Corp.* | 203 | 361 | ||||||
Carisma Therapeutics, Inc. | 121 | 355 | ||||||
Sangamo Therapeutics, Inc.* | 652 | 354 | ||||||
Century Therapeutics, Inc.* | 106 | 352 | ||||||
Generation Bio Co.* | 205 | 338 | ||||||
Graphite Bio, Inc.* | 127 | 333 | ||||||
Omega Therapeutics, Inc.* | 110 | 331 | ||||||
Rallybio Corp.* | 138 | 330 | ||||||
Aclaris Therapeutics, Inc.* | 314 | 330 | ||||||
Biote Corp. — Class A* | 63 | 311 | ||||||
FiscalNote Holdings, Inc.* | 269 | 307 | ||||||
Kezar Life Sciences, Inc.* | 323 | 306 | ||||||
PepGen, Inc.* | 45 | 306 | ||||||
Priority Technology Holdings, Inc.* | 80 | 285 | ||||||
Outlook Therapeutics, Inc.* | 702 | 277 | ||||||
Cutera, Inc.* | 75 | 264 | ||||||
Eyenovia, Inc.* | 126 | 262 | ||||||
Adicet Bio, Inc.* | 137 | 259 | ||||||
Nuvectis Pharma, Inc.* | 31 | 258 | ||||||
Bioxcel Therapeutics, Inc.* | 87 | 257 | ||||||
Forafric Global plc* | 24 | 254 | ||||||
P3 Health Partners, Inc.* | 180 | 254 | ||||||
Trevi Therapeutics, Inc.* | 188 | 252 | ||||||
Vigil Neuroscience, Inc.* | 73 | 247 | ||||||
Eagle Pharmaceuticals, Inc.* | 47 | 246 | ||||||
Beyond Air, Inc.* | 116 | 227 | ||||||
Zevia PBC — Class A* | 113 | 227 | ||||||
Atara Biotherapeutics, Inc.* | 432 | 221 | ||||||
Prelude Therapeutics, Inc.* | 45 | 192 | ||||||
Acrivon Therapeutics, Inc.* | 39 | 192 | ||||||
Ikena Oncology, Inc.* | 96 | 189 | ||||||
Orchestra BioMed Holdings, Inc.* | 19 | 173 | ||||||
CareMax, Inc.* | 340 | 169 | ||||||
NGM Biopharmaceuticals, Inc.* | 197 | 169 | ||||||
Vaxxinity, Inc. — Class A* | 193 | 164 | ||||||
NanoString Technologies, Inc.* | 214 | 160 | ||||||
Zura Bio Ltd.* | 34 | 159 | ||||||
Cara Therapeutics, Inc.* | 212 | 157 | ||||||
Aadi Bioscience, Inc.* | 73 | 147 | ||||||
Benson Hill, Inc.* | 784 | 136 | ||||||
Allovir, Inc.* | 190 | 129 | ||||||
Vicarious Surgical, Inc.* | 317 | 116 | ||||||
Rent the Runway, Inc. — Class A* | 218 | 115 | ||||||
Rain Oncology, Inc.* | 77 | 92 | ||||||
Bright Green Corp.* | 273 | 90 | ||||||
Reneo Pharmaceuticals, Inc.* | 44 | 70 | ||||||
Cano Health, Inc.* | 10 | 59 | ||||||
Ocean Biomedical, Inc.* | 39 | 26 | ||||||
BioVie, Inc.* | 15 | 19 | ||||||
ATI Physical Therapy, Inc.* | 1 | 6 | ||||||
Ligand Pharmaceuticals, Inc.*,†† | 23 | – | ||||||
Ligand Pharmaceuticals, Inc.*,†† | 23 | – | ||||||
Total Consumer, Non-cyclical | 2,647,084 | |||||||
Financial - 3.7% | ||||||||
SouthState Corp. | 343 | 28,966 | ||||||
Ryman Hospitality Properties, Inc. REIT | 260 | 28,616 | ||||||
Selective Insurance Group, Inc. | 271 | 26,959 | ||||||
Essent Group Ltd. | 477 | 25,157 | ||||||
Cadence Bank | 821 | 24,293 | ||||||
Terreno Realty Corp. REIT | 368 | 23,063 | ||||||
Kite Realty Group Trust REIT | 981 | 22,426 | ||||||
Old National Bancorp | 1,320 | 22,295 | ||||||
United Bankshares, Inc. | 592 | 22,230 | ||||||
Home BancShares, Inc. | 860 | 21,784 | ||||||
Valley National Bancorp | 1,945 | 21,123 | ||||||
Glacier Bancorp, Inc. | 505 | 20,867 | ||||||
FTAI Aviation Ltd. | 448 | 20,787 | ||||||
Radian Group, Inc. | 712 | 20,328 | ||||||
American Equity Investment Life Holding Co.* | 350 | 19,530 | ||||||
Phillips Edison & Company, Inc. REIT | 532 | 19,407 | ||||||
Mr Cooper Group, Inc.* | 295 | 19,210 | ||||||
Hancock Whitney Corp. | 393 | 19,096 | ||||||
Jackson Financial, Inc. — Class A | 368 | 18,842 | ||||||
Hamilton Lane, Inc. — Class A | 165 | 18,718 | ||||||
Essential Properties Realty Trust, Inc. REIT | 703 | 17,969 | ||||||
First Financial Bankshares, Inc. | 590 | 17,877 | ||||||
PotlatchDeltic Corp. REIT | 358 | 17,578 | ||||||
Moelis & Co. — Class A | 302 | 16,951 | ||||||
UMB Financial Corp. | 200 | 16,710 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 776 | 16,505 | ||||||
Apple Hospitality REIT, Inc. | 976 | 16,211 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Financial - 3.7% (continued) | ||||||||
Walker & Dunlop, Inc. | 144 | $ | 15,985 | |||||
Ameris Bancorp | 300 | 15,915 | ||||||
Enstar Group Ltd.* | 54 | 15,895 | ||||||
Independence Realty Trust, Inc. REIT | 1,021 | 15,621 | ||||||
ServisFirst Bancshares, Inc. | 231 | 15,392 | ||||||
United Community Banks, Inc. | 523 | 15,303 | ||||||
Macerich Co. REIT | 978 | 15,090 | ||||||
Sabra Health Care REIT, Inc. | 1,048 | 14,955 | ||||||
Broadstone Net Lease, Inc. REIT | 851 | 14,654 | ||||||
Associated Banc-Corp. | 685 | 14,652 | ||||||
Physicians Realty Trust REIT | 1,078 | 14,348 | ||||||
Cathay General Bancorp | 315 | 14,040 | ||||||
CNO Financial Group, Inc. | 503 | 14,034 | ||||||
Axos Financial, Inc.* | 257 | 14,032 | ||||||
Texas Capital Bancshares, Inc.* | 217 | 14,025 | ||||||
Genworth Financial, Inc. — Class A* | 2,075 | 13,861 | ||||||
Piper Sandler Cos. | 78 | 13,640 | ||||||
McGrath RentCorp | 112 | 13,397 | ||||||
Upstart Holdings, Inc.* | 326 | 13,320 | ||||||
International Bancshares Corp. | 243 | 13,200 | ||||||
SL Green Realty Corp. REIT1 | 292 | 13,190 | ||||||
Independent Bank Corp. | 200 | 13,162 | ||||||
COPT Defense Properties REIT | 511 | 13,097 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 468 | 12,907 | ||||||
LXP Industrial Trust REIT | 1,301 | 12,906 | ||||||
Bank of Hawaii Corp.1 | 178 | 12,898 | ||||||
Tanger, Inc. REIT | �� | 463 | 12,834 | |||||
WSFS Financial Corp. | 277 | 12,723 | ||||||
Innovative Industrial Properties, Inc. REIT | 126 | 12,703 | ||||||
First BanCorp | 772 | 12,699 | ||||||
Community Bank System, Inc. | 241 | 12,558 | ||||||
Pacific Premier Bancorp, Inc. | 430 | 12,517 | ||||||
Atlantic Union Bankshares Corp. | 340 | 12,424 | ||||||
Arbor Realty Trust, Inc. REIT1 | 813 | 12,341 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 278 | 12,282 | ||||||
CVB Financial Corp. | 602 | 12,154 | ||||||
Fulton Financial Corp. | 723 | 11,901 | ||||||
SITE Centers Corp. REIT | 863 | 11,763 | ||||||
BGC Group, Inc. — Class A | 1,608 | 11,610 | ||||||
First Interstate BancSystem, Inc. — Class A | 374 | 11,500 | ||||||
Pagseguro Digital Ltd. — Class A* | 899 | 11,211 | ||||||
Simmons First National Corp. — Class A | 558 | 11,071 | ||||||
NMI Holdings, Inc. — Class A* | 372 | 11,041 | ||||||
BankUnited, Inc. | 337 | 10,929 | ||||||
PJT Partners, Inc. — Class A | 107 | 10,900 | ||||||
Seacoast Banking Corporation of Florida | 381 | 10,843 | ||||||
National Health Investors, Inc. REIT | 189 | 10,556 | ||||||
Douglas Emmett, Inc. REIT | 725 | 10,512 | ||||||
PennyMac Financial Services, Inc. | 115 | 10,163 | ||||||
CareTrust REIT, Inc. | 453 | 10,138 | ||||||
Sunstone Hotel Investors, Inc. REIT | 943 | 10,118 | ||||||
First Financial Bancorp | 426 | 10,117 | ||||||
Eastern Bankshares, Inc. | 702 | 9,968 | ||||||
First Merchants Corp. | 268 | 9,937 | ||||||
Four Corners Property Trust, Inc. REIT | 392 | 9,918 | ||||||
WaFd, Inc. | 297 | 9,789 | ||||||
BancFirst Corp. | 100 | 9,733 | ||||||
Urban Edge Properties REIT | 520 | 9,516 | ||||||
TowneBank | 318 | 9,464 | ||||||
St. Joe Co. | 156 | 9,388 | ||||||
Outfront Media, Inc. REIT | 668 | 9,325 | ||||||
Bancorp, Inc.* | 238 | 9,177 | ||||||
DiamondRock Hospitality Co. REIT | 952 | 8,939 | ||||||
Cohen & Steers, Inc. | 118 | 8,936 | ||||||
StoneX Group, Inc.* | 121 | 8,933 | ||||||
Equity Commonwealth REIT | 458 | 8,794 | ||||||
Global Net Lease, Inc. REIT | 881 | 8,766 | ||||||
Park National Corp. | 65 | 8,636 | ||||||
NBT Bancorp, Inc. | 206 | 8,633 | ||||||
Pebblebrook Hotel Trust REIT | 535 | 8,549 | ||||||
Renasant Corp. | 250 | 8,420 | ||||||
Independent Bank Group, Inc. | 164 | 8,344 | ||||||
Banner Corp. | 155 | 8,302 | ||||||
RLJ Lodging Trust REIT | 705 | 8,263 | ||||||
WesBanco, Inc. | 261 | 8,188 | ||||||
Cushman & Wakefield plc* | 752 | 8,122 | ||||||
Triumph Financial, Inc.* | 101 | 8,098 | ||||||
Banc of California, Inc. | 595 | 7,993 | ||||||
OFG Bancorp | 211 | 7,908 | ||||||
Farmer Mac — Class C | 41 | 7,840 | ||||||
Retail Opportunity Investments Corp. REIT | 557 | 7,815 | ||||||
InvenTrust Properties Corp. REIT | 308 | 7,805 | ||||||
StepStone Group, Inc. — Class A | 244 | 7,767 | ||||||
JBG SMITH Properties REIT | 455 | 7,740 | ||||||
Trustmark Corp. | 275 | 7,667 | ||||||
Enova International, Inc.* | 138 | 7,640 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 643 | 7,549 | ||||||
Bread Financial Holdings, Inc. | 228 | 7,510 | ||||||
Virtus Investment Partners, Inc. | 31 | 7,495 | ||||||
Customers Bancorp, Inc.* | 130 | 7,491 | ||||||
Ready Capital Corp. REIT | 725 | 7,431 | ||||||
Hilltop Holdings, Inc. | 211 | 7,429 | ||||||
Goosehead Insurance, Inc. — Class A* | 98 | 7,428 | ||||||
City Holding Co. | 67 | 7,387 | ||||||
Enterprise Financial Services Corp. | 164 | 7,323 | ||||||
Lakeland Financial Corp. | 112 | 7,298 | ||||||
Bank of NT Butterfield & Son Ltd. | 227 | 7,266 | ||||||
Navient Corp. | 387 | 7,206 | ||||||
Northwest Bancshares, Inc. | 577 | 7,201 | ||||||
Acadia Realty Trust REIT | 423 | 7,187 | ||||||
Heartland Financial USA, Inc. | 191 | 7,183 | ||||||
First Commonwealth Financial Corp. | 463 | 7,149 | ||||||
Stewart Information Services Corp. | 121 | 7,109 | ||||||
Live Oak Bancshares, Inc. | 152 | 6,916 | ||||||
Kennedy-Wilson Holdings, Inc. | 542 | 6,710 | ||||||
Newmark Group, Inc. — Class A | 609 | 6,675 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Financial - 3.7% (continued) | ||||||||
First BanCorp Puerto Rico | 180 | $ | 6,662 | |||||
Westamerica BanCorp | 118 | 6,656 | ||||||
Xenia Hotels & Resorts, Inc. REIT | 482 | 6,565 | ||||||
BRP Group, Inc. — Class A* | 268 | 6,437 | ||||||
Compass Diversified Holdings | 286 | 6,421 | ||||||
FB Financial Corp. | 161 | 6,416 | ||||||
Pathward Financial, Inc. | 121 | 6,405 | ||||||
Service Properties Trust REIT | 747 | 6,379 | ||||||
Stock Yards Bancorp, Inc. | 123 | 6,333 | ||||||
Hope Bancorp, Inc. | 522 | 6,306 | ||||||
Alexander & Baldwin, Inc. REIT | 328 | 6,239 | ||||||
Uniti Group, Inc. REIT | 1,078 | 6,231 | ||||||
National Bank Holdings Corp. — Class A | 167 | 6,211 | ||||||
Two Harbors Investment Corp. REIT | 440 | 6,129 | ||||||
Stellar Bancorp, Inc. | 220 | 6,125 | ||||||
Palomar Holdings, Inc.* | 110 | 6,105 | ||||||
Horace Mann Educators Corp. | 186 | 6,082 | ||||||
TriCo Bancshares | 141 | 6,059 | ||||||
Cannae Holdings, Inc.* | 309 | 6,028 | ||||||
Provident Financial Services, Inc. | 332 | 5,986 | ||||||
LTC Properties, Inc. REIT | 186 | 5,974 | ||||||
Getty Realty Corp. REIT | 203 | 5,932 | ||||||
Ladder Capital Corp. — Class A REIT | 513 | 5,905 | ||||||
S&T Bancorp, Inc. | 176 | 5,882 | ||||||
First Busey Corp. | 235 | 5,833 | ||||||
PennyMac Mortgage Investment Trust REIT | 390 | 5,830 | ||||||
Hudson Pacific Properties, Inc. REIT | 625 | 5,819 | ||||||
Elme Communities REIT | 398 | 5,811 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 598 | 5,795 | ||||||
Easterly Government Properties, Inc. REIT | 419 | 5,631 | ||||||
Veris Residential, Inc. REIT | 358 | 5,631 | ||||||
Claros Mortgage Trust, Inc. | 411 | 5,602 | ||||||
NETSTREIT Corp. REIT | 311 | 5,551 | ||||||
Veritex Holdings, Inc. | 238 | 5,538 | ||||||
Trupanion, Inc.* | 179 | 5,461 | ||||||
Sandy Spring Bancorp, Inc. | 198 | 5,394 | ||||||
Encore Capital Group, Inc.* | 105 | 5,329 | ||||||
MFA Financial, Inc. REIT | 463 | 5,218 | ||||||
Peoples Bancorp, Inc. | 153 | 5,165 | ||||||
Apartment Investment and Management Co. — Class A REIT* | 658 | 5,152 | ||||||
Nelnet, Inc. — Class A | 58 | 5,117 | ||||||
Chimera Investment Corp. REIT | 1,021 | 5,095 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 376 | 5,080 | ||||||
American Assets Trust, Inc. REIT | 221 | 4,975 | ||||||
Berkshire Hills Bancorp, Inc. | 200 | 4,966 | ||||||
Redfin Corp.* | 481 | 4,964 | ||||||
Safety Insurance Group, Inc. | 65 | 4,939 | ||||||
eXp World Holdings, Inc.1 | 313 | 4,858 | ||||||
National Western Life Group, Inc. — Class A | 10 | 4,830 | ||||||
Compass, Inc. — Class A* | 1,278 | 4,805 | ||||||
Employers Holdings, Inc. | 121 | 4,767 | ||||||
Marcus & Millichap, Inc. | 109 | 4,761 | ||||||
Origin Bancorp, Inc. | 132 | 4,695 | ||||||
Plymouth Industrial REIT, Inc. | 194 | 4,670 | ||||||
Nicolet Bankshares, Inc. | 58 | 4,668 | ||||||
Safehold, Inc. REIT | 197 | 4,610 | ||||||
PRA Group, Inc.* | 175 | 4,585 | ||||||
OceanFirst Financial Corp. | 264 | 4,583 | ||||||
Mercury General Corp. | 121 | 4,515 | ||||||
Preferred Bank/Los Angeles CA | 61 | 4,456 | ||||||
QCR Holdings, Inc. | 75 | 4,379 | ||||||
BrightSpire Capital, Inc. REIT | 583 | 4,337 | ||||||
WisdomTree, Inc. | 625 | 4,331 | ||||||
Paramount Group, Inc. REIT | 837 | 4,327 | ||||||
Brookline Bancorp, Inc. | 395 | 4,310 | ||||||
Ellington Financial, Inc. REIT | 339 | 4,309 | ||||||
Victory Capital Holdings, Inc. — Class A | 125 | 4,305 | ||||||
Dime Community Bancshares, Inc. | 158 | 4,255 | ||||||
LendingClub Corp.* | 482 | 4,213 | ||||||
Lakeland Bancorp, Inc. | 282 | 4,171 | ||||||
Southside Bancshares, Inc. | 133 | 4,166 | ||||||
Brandywine Realty Trust REIT | 770 | 4,158 | ||||||
1st Source Corp. | 75 | 4,121 | ||||||
German American Bancorp, Inc. | 127 | 4,116 | ||||||
Diversified Healthcare Trust REIT | 1,081 | 4,043 | ||||||
AMERISAFE, Inc. | 86 | 4,023 | ||||||
First Bancshares, Inc. | 137 | 4,018 | ||||||
Eagle Bancorp, Inc. | 133 | 4,009 | ||||||
ARMOUR Residential REIT, Inc. 1 | 206 | 3,980 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 559 | 3,974 | ||||||
Anywhere Real Estate, Inc.* | 488 | 3,958 | ||||||
Centerspace REIT | 68 | 3,958 | ||||||
Enact Holdings, Inc. | 136 | 3,929 | ||||||
F&G Annuities & Life, Inc. | 85 | 3,910 | ||||||
Premier Financial Corp. | 160 | 3,856 | ||||||
ConnectOne Bancorp, Inc. | 168 | 3,849 | ||||||
Redwood Trust, Inc. REIT | 516 | 3,824 | ||||||
Patria Investments Ltd. — Class A | 246 | 3,816 | ||||||
UMH Properties, Inc. REIT | 249 | 3,815 | ||||||
Tompkins Financial Corp. | 63 | 3,794 | ||||||
Armada Hoffler Properties, Inc. REIT | 305 | 3,773 | ||||||
Capitol Federal Financial, Inc. | 578 | 3,728 | ||||||
Lemonade, Inc.*,1 | 229 | 3,694 | ||||||
SiriusPoint Ltd.* | 314 | 3,642 | ||||||
Bank First Corp. | 42 | 3,640 | ||||||
Skyward Specialty Insurance Group, Inc.* | 107 | 3,625 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 267 | 3,532 | ||||||
New York Mortgage Trust, Inc. REIT | 412 | 3,514 | ||||||
NexPoint Residential Trust, Inc. REIT | 102 | 3,512 | ||||||
Heritage Financial Corp. | 157 | 3,358 | ||||||
Ambac Financial Group, Inc.* | 200 | 3,296 | ||||||
Peakstone Realty Trust REIT | 163 | 3,249 | ||||||
ProAssurance Corp. | 234 | 3,227 | ||||||
Summit Hotel Properties, Inc. REIT | 474 | 3,185 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Financial - 3.7% (continued) | ||||||||
International Money Express, Inc.* | 140 | $ | 3,093 | |||||
Community Healthcare Trust, Inc. REIT | 116 | 3,090 | ||||||
Community Trust Bancorp, Inc. | 70 | 3,070 | ||||||
Merchants Bancorp | 72 | 3,066 | ||||||
Global Medical REIT, Inc. | 276 | 3,064 | ||||||
Dynex Capital, Inc. REIT | 244 | 3,055 | ||||||
Old Second Bancorp, Inc. | 196 | 3,026 | ||||||
First Mid Bancshares, Inc. | 87 | 3,015 | ||||||
CBL & Associates Properties, Inc. REIT | 122 | 2,979 | ||||||
First Community Bankshares, Inc. | 80 | 2,968 | ||||||
AssetMark Financial Holdings, Inc.* | 99 | 2,965 | ||||||
Univest Financial Corp. | 131 | 2,886 | ||||||
Amerant Bancorp, Inc. | 117 | 2,875 | ||||||
Mercantile Bank Corp. | 71 | 2,867 | ||||||
Brightsphere Investment Group, Inc. | 147 | 2,816 | ||||||
Horizon Bancorp, Inc. | 195 | 2,790 | ||||||
Brookfield Business Corp. — Class A | 118 | 2,747 | ||||||
CrossFirst Bankshares, Inc.* | 202 | 2,743 | ||||||
Whitestone REIT — Class B | 220 | 2,704 | ||||||
Business First Bancshares, Inc. | 109 | 2,687 | ||||||
Hanmi Financial Corp. | 138 | 2,677 | ||||||
Heritage Commerce Corp. | 268 | 2,659 | ||||||
Midland States Bancorp, Inc. | 96 | 2,646 | ||||||
Byline Bancorp, Inc. | 112 | 2,639 | ||||||
TrustCo Bank Corporation NY | 84 | 2,608 | ||||||
Metropolitan Bank Holding Corp.* | 47 | 2,603 | ||||||
Columbia Financial, Inc.* | 134 | 2,583 | ||||||
HCI Group, Inc. | 29 | 2,535 | ||||||
Farmland Partners, Inc. REIT1 | 202 | 2,521 | ||||||
Universal Health Realty Income Trust REIT | 58 | 2,508 | ||||||
Washington Trust Bancorp, Inc. | 77 | 2,493 | ||||||
Camden National Corp. | 65 | 2,446 | ||||||
Ares Commercial Real Estate Corp. REIT | 235 | 2,435 | ||||||
Great Southern Bancorp, Inc. | 41 | 2,433 | ||||||
Farmers National Banc Corp. | 167 | 2,413 | ||||||
Gladstone Commercial Corp. REIT | 182 | 2,410 | ||||||
Independent Bank Corp. | 91 | 2,368 | ||||||
Northfield Bancorp, Inc. | 188 | 2,365 | ||||||
Central Pacific Financial Corp. | 120 | 2,362 | ||||||
Perella Weinberg Partners | 193 | 2,360 | ||||||
Cambridge Bancorp | 34 | 2,360 | ||||||
Chatham Lodging Trust REIT | 218 | 2,337 | ||||||
Kearny Financial Corp. | 259 | 2,323 | ||||||
Peapack-Gladstone Financial Corp. | 77 | 2,296 | ||||||
American National Bankshares, Inc. | 47 | 2,291 | ||||||
NerdWallet, Inc. — Class A* | 155 | 2,282 | ||||||
First Financial Corp. | 53 | 2,281 | ||||||
HarborOne Bancorp, Inc. | 190 | 2,276 | ||||||
Equity Bancshares, Inc. — Class A | 67 | 2,271 | ||||||
First Foundation, Inc. | 232 | 2,246 | ||||||
World Acceptance Corp.* | 17 | 2,219 | ||||||
Gladstone Land Corp. REIT | 152 | 2,196 | ||||||
Coastal Financial Corp.* | 49 | 2,176 | ||||||
Amalgamated Financial Corp. | 80 | 2,155 | ||||||
Diamond Hill Investment Group, Inc. | 13 | 2,153 | ||||||
Republic Bancorp, Inc. — Class A | 39 | 2,151 | ||||||
Alexander’s, Inc. REIT | 10 | 2,136 | ||||||
CNB Financial Corp. | 94 | 2,123 | ||||||
Flushing Financial Corp. | 128 | 2,109 | ||||||
Southern Missouri Bancorp, Inc. | 39 | 2,082 | ||||||
Saul Centers, Inc. REIT | 53 | 2,081 | ||||||
Tiptree, Inc. — Class A | 109 | 2,067 | ||||||
TPG RE Finance Trust, Inc. REIT | 313 | 2,034 | ||||||
Bar Harbor Bankshares | 68 | 1,996 | ||||||
Metrocity Bankshares, Inc. | 83 | 1,994 | ||||||
P10, Inc. — Class A | 195 | 1,993 | ||||||
RMR Group, Inc. — Class A | 70 | 1,976 | ||||||
United Fire Group, Inc. | 95 | 1,911 | ||||||
Shore Bancshares, Inc. | 134 | 1,909 | ||||||
FRP Holdings, Inc.* | 30 | 1,886 | ||||||
HomeTrust Bancshares, Inc. | 70 | 1,884 | ||||||
Arrow Financial Corp. | 66 | 1,844 | ||||||
Universal Insurance Holdings, Inc. | 115 | 1,838 | ||||||
Alerus Financial Corp. | 82 | 1,836 | ||||||
Burke & Herbert Financial Services Corp. | 29 | 1,824 | ||||||
B Riley Financial, Inc.1 | 85 | 1,784 | ||||||
Capital City Bank Group, Inc. | 60 | 1,766 | ||||||
SmartFinancial, Inc. | 72 | 1,763 | ||||||
FTAI Infrastructure, Inc. | 448 | 1,743 | ||||||
MidWestOne Financial Group, Inc. | 64 | 1,722 | ||||||
CTO Realty Growth, Inc. REIT | 99 | 1,716 | ||||||
Forge Global Holdings, Inc.* | 497 | 1,705 | ||||||
ACNB Corp. | 38 | 1,701 | ||||||
GCM Grosvenor, Inc. — Class A | 188 | 1,684 | ||||||
Invesco Mortgage Capital, Inc. REIT | 190 | 1,683 | ||||||
Capstar Financial Holdings, Inc. | 89 | 1,668 | ||||||
Northeast Bank | 30 | 1,656 | ||||||
One Liberty Properties, Inc. REIT | 74 | 1,621 | ||||||
Carter Bankshares, Inc.* | 107 | 1,602 | ||||||
Office Properties Income Trust REIT | 218 | 1,596 | ||||||
Summit Financial Group, Inc. | 51 | 1,565 | ||||||
South Plains Financial, Inc. | 54 | 1,564 | ||||||
Bank of Marin Bancorp | 71 | 1,563 | ||||||
Peoples Financial Services Corp. | 32 | 1,558 | ||||||
Mid Penn Bancorp, Inc. | 64 | 1,554 | ||||||
James River Group Holdings Ltd. | 168 | 1,552 | ||||||
Esquire Financial Holdings, Inc. | 31 | 1,549 | ||||||
Citizens & Northern Corp. | 69 | 1,548 | ||||||
West BanCorp, Inc. | 73 | 1,548 | ||||||
Five Star Bancorp | 58 | 1,518 | ||||||
Farmers & Merchants Bancorp Incorporated/Archbold OH | 61 | 1,513 | ||||||
Orchid Island Capital, Inc. REIT | 178 | 1,501 | ||||||
Orion Office REIT, Inc. | 259 | 1,481 | ||||||
Financial Institutions, Inc. | 69 | 1,470 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Financial - 3.7% (continued) | ||||||||
LendingTree, Inc.* | 48 | $ | 1,455 | |||||
NewtekOne, Inc. | 105 | 1,449 | ||||||
RBB Bancorp | 76 | 1,447 | ||||||
First Business Financial Services, Inc. | 36 | 1,444 | ||||||
Northrim BanCorp, Inc. | 25 | 1,430 | ||||||
Sierra Bancorp | 63 | 1,421 | ||||||
Enterprise Bancorp, Inc. | 43 | 1,387 | ||||||
Home Bancorp, Inc. | 33 | 1,386 | ||||||
Orange County Bancorp, Inc. | 23 | 1,386 | ||||||
Bit Digital, Inc.* | 327 | 1,383 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 231 | 1,372 | ||||||
Hingham Institution For Savings | 7 | 1,361 | ||||||
Orrstown Financial Services, Inc. | 46 | 1,357 | ||||||
Macatawa Bank Corp. | 119 | 1,342 | ||||||
Greenlight Capital Re Ltd. — Class A* | 117 | 1,336 | ||||||
Southern First Bancshares, Inc.* | 35 | 1,298 | ||||||
Civista Bancshares, Inc. | 70 | 1,291 | ||||||
HBT Financial, Inc. | 61 | 1,288 | ||||||
Guaranty Bancshares, Inc. | 38 | 1,278 | ||||||
First of Long Island Corp. | 96 | 1,271 | ||||||
John Marshall Bancorp, Inc. | 56 | 1,263 | ||||||
MBIA, Inc.* | 206 | 1,261 | ||||||
Bridgewater Bancshares, Inc.* | 93 | 1,257 | ||||||
BayCom Corp. | 53 | 1,250 | ||||||
First Bancorp, Inc. | 44 | 1,242 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 85 | 1,238 | ||||||
Red River Bancshares, Inc. | 22 | 1,234 | ||||||
Fidelity D&D Bancorp, Inc. | 21 | 1,219 | ||||||
Chicago Atlantic Real Estate Finance, Inc. REIT | 74 | 1,197 | ||||||
Waterstone Financial, Inc. | 83 | 1,179 | ||||||
Middlefield Banc Corp. | 36 | 1,165 | ||||||
Primis Financial Corp. | 92 | 1,165 | ||||||
Third Coast Bancshares, Inc.* | 58 | 1,152 | ||||||
MVB Financial Corp. | 51 | 1,151 | ||||||
Legacy Housing Corp.* | 45 | 1,135 | ||||||
FS Bancorp, Inc. | 30 | 1,109 | ||||||
Codorus Valley Bancorp, Inc. | 43 | 1,105 | ||||||
NexPoint Diversified Real Estate Trust REIT | 139 | 1,105 | ||||||
Citizens Financial Services, Inc. | 17 | 1,100 | ||||||
Norwood Financial Corp. | 33 | 1,086 | ||||||
Douglas Elliman, Inc. | 367 | 1,083 | ||||||
Northeast Community Bancorp, Inc. | 61 | 1,082 | ||||||
City Office REIT, Inc. | 176 | 1,075 | ||||||
Timberland Bancorp, Inc. | 34 | 1,070 | ||||||
Capital Bancorp, Inc. | 44 | 1,065 | ||||||
First Bank/Hamilton NJ | 72 | 1,058 | ||||||
RE/MAX Holdings, Inc. — Class A | 79 | 1,053 | ||||||
FVCBankcorp, Inc.* | 73 | 1,037 | ||||||
Plumas Bancorp | 25 | 1,034 | ||||||
C&F Financial Corp. | 15 | 1,023 | ||||||
Central Valley Community Bancorp | 45 | 1,006 | ||||||
BRT Apartments Corp. REIT | 54 | 1,004 | ||||||
Alpine Income Property Trust, Inc. REIT | 59 | 998 | ||||||
Colony Bankcorp, Inc. | 75 | 997 | ||||||
Southern States Bancshares, Inc. | 34 | 996 | ||||||
Blue Foundry Bancorp* | 102 | 986 | ||||||
Donegal Group, Inc. — Class A | 70 | 979 | ||||||
Unity Bancorp, Inc. | 33 | 976 | ||||||
Investors Title Co. | 6 | 973 | ||||||
eHealth, Inc.* | 111 | 968 | ||||||
Parke Bancorp, Inc. | 47 | 952 | ||||||
Maiden Holdings Ltd.* | 411 | 941 | ||||||
ChoiceOne Financial Services, Inc. | 32 | 938 | ||||||
Ponce Financial Group, Inc.* | 93 | 908 | ||||||
PCB Bancorp | 49 | 903 | ||||||
Regional Management Corp. | 36 | 903 | ||||||
Greene County Bancorp, Inc. | 32 | 902 | ||||||
Oak Valley Bancorp | 30 | 898 | ||||||
Ocwen Financial Corp.* | 29 | 892 | ||||||
AFC Gamma, Inc. REIT | 74 | 890 | ||||||
Star Holdings* | 59 | 884 | ||||||
BCB Bancorp, Inc. | 68 | 874 | ||||||
Crawford & Co. — Class A | 66 | 870 | ||||||
Fidelis Insurance Holdings Ltd.* | 68 | 862 | ||||||
Selectquote, Inc.* | 617 | 845 | ||||||
HomeStreet, Inc. | 82 | 845 | ||||||
American Coastal Insurance Corp.* | 89 | 842 | ||||||
National Bankshares, Inc. | 26 | 841 | ||||||
Ames National Corp. | 39 | 832 | ||||||
AlTi Global, Inc.* | 95 | 832 | ||||||
Princeton Bancorp, Inc. | 23 | 826 | ||||||
Bankwell Financial Group, Inc. | 27 | 815 | ||||||
Atlanticus Holdings Corp.* | 21 | 812 | ||||||
Chemung Financial Corp. | 16 | 797 | ||||||
MainStreet Bancshares, Inc. | 32 | 794 | ||||||
ESSA Bancorp, Inc. | 39 | 781 | ||||||
LCNB Corp. | 48 | 757 | ||||||
Evans Bancorp, Inc. | 24 | 757 | ||||||
Braemar Hotels & Resorts, Inc. REIT | 297 | 742 | ||||||
Silvercrest Asset Management Group, Inc. — Class A | 43 | 731 | ||||||
Virginia National Bankshares Corp. | 21 | 722 | ||||||
Stratus Properties, Inc.* | 25 | 721 | ||||||
First Western Financial, Inc.* | 36 | 714 | ||||||
First Community Corp. | 33 | 710 | ||||||
Penns Woods Bancorp, Inc. | 31 | 698 | ||||||
Velocity Financial, Inc.* | 40 | 689 | ||||||
USCB Financial Holdings, Inc.* | 48 | 588 | ||||||
Nexpoint Real Estate Finance, Inc. REIT | 37 | 583 | ||||||
Angel Oak Mortgage REIT, Inc. | 53 | 562 | ||||||
Sterling Bancorp, Inc.* | 95 | 548 | ||||||
Maui Land & Pineapple Company, Inc.* | 34 | 540 | ||||||
Pioneer Bancorp, Inc.* | 53 | 531 | ||||||
Security National Financial Corp. — Class A* | 57 | 510 | ||||||
Luther Burbank Corp.* | 46 | 493 | ||||||
NI Holdings, Inc.* | 37 | 481 | ||||||
Bank7 Corp. | 17 | 465 | ||||||
Hippo Holdings, Inc.* | 47 | 429 | ||||||
Paysign, Inc.* | 148 | 414 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Financial - 3.7% (continued) | ||||||||
Kingsway Financial Services, Inc.* | 48 | $ | 403 | |||||
Consumer Portfolio Services, Inc.* | 42 | 394 | ||||||
Clipper Realty, Inc. REIT | 58 | 313 | ||||||
Transcontinental Realty Investors, Inc.* | 9 | 311 | ||||||
SWK Holdings Corp.* | 17 | 298 | ||||||
Finance of America Companies, Inc. — Class A* | 242 | 266 | ||||||
OppFi, Inc.* | 49 | 251 | ||||||
Blue Ridge Bankshares, Inc. | 80 | 242 | ||||||
GoHealth, Inc. — Class A* | 18 | 240 | ||||||
American Realty Investors, Inc.* | 7 | 122 | ||||||
Total Financial | 2,516,439 | |||||||
Industrial - 2.5% | ||||||||
Simpson Manufacturing Company, Inc. | 193 | 38,210 | ||||||
UFP Industries, Inc. | 271 | 34,024 | ||||||
Comfort Systems USA, Inc. | 159 | 32,701 | ||||||
Fabrinet* | 166 | 31,595 | ||||||
Applied Industrial Technologies, Inc. | 174 | 30,048 | ||||||
Atkore, Inc.* | 170 | 27,200 | ||||||
Novanta, Inc.* | 161 | 27,114 | ||||||
Chart Industries, Inc.* | 191 | 26,039 | ||||||
Watts Water Technologies, Inc. — Class A | 123 | 25,626 | ||||||
Fluor Corp.* | 643 | 25,186 | ||||||
Mueller Industries, Inc. | 506 | 23,858 | ||||||
Boise Cascade Co. | 179 | 23,155 | ||||||
AAON, Inc. | 306 | 22,604 | ||||||
Casella Waste Systems, Inc. — Class A* | 252 | 21,536 | ||||||
Federal Signal Corp. | 271 | 20,796 | ||||||
Summit Materials, Inc. — Class A* | 538 | 20,692 | ||||||
Badger Meter, Inc. | 133 | 20,531 | ||||||
Exponent, Inc. | 229 | 20,161 | ||||||
Franklin Electric Company, Inc. | 208 | 20,103 | ||||||
SPX Technologies, Inc.* | 199 | 20,101 | ||||||
Zurn Elkay Water Solutions Corp. | 667 | 19,616 | ||||||
GATX Corp. | 160 | 19,235 | ||||||
EnerSys | 186 | 18,779 | ||||||
Moog, Inc. — Class A | 128 | 18,532 | ||||||
Advanced Energy Industries, Inc. | 170 | 18,516 | ||||||
Arcosa, Inc. | 219 | 18,098 | ||||||
Terex Corp. | 304 | 17,468 | ||||||
Matson, Inc. | 155 | 16,988 | ||||||
Knife River Corp.* | 255 | 16,876 | ||||||
Itron, Inc.* | 206 | 15,555 | ||||||
Hillenbrand, Inc. | 313 | 14,977 | ||||||
Enpro, Inc. | 95 | 14,890 | ||||||
Kadant, Inc. | 53 | 14,856 | ||||||
Dycom Industries, Inc.* | 129 | 14,847 | ||||||
Belden, Inc. | 192 | 14,832 | ||||||
Encore Wire Corp. | 68 | 14,525 | ||||||
John Bean Technologies Corp. | 144 | 14,321 | ||||||
CSW Industrials, Inc. | 69 | 14,311 | ||||||
AeroVironment, Inc.* | 113 | 14,242 | ||||||
Vishay Intertechnology, Inc. | 584 | 13,999 | ||||||
Modine Manufacturing Co.* | 233 | 13,910 | ||||||
Albany International Corp. — Class A | 141 | 13,849 | ||||||
ESCO Technologies, Inc. | 116 | 13,576 | ||||||
Scorpio Tankers, Inc. | 222 | 13,498 | ||||||
Plexus Corp.* | 124 | 13,408 | ||||||
Sanmina Corp.* | 261 | 13,408 | ||||||
Cactus, Inc. — Class A | 291 | 13,211 | ||||||
Frontdoor, Inc.* | 373 | 13,137 | ||||||
ArcBest Corp. | 109 | 13,103 | ||||||
Hub Group, Inc. — Class A* | 142 | 13,055 | ||||||
Bloom Energy Corp. — Class A* | 872 | 12,906 | ||||||
RXO, Inc.* | 526 | 12,235 | ||||||
Werner Enterprises, Inc. | 287 | 12,160 | ||||||
Materion Corp. | 93 | 12,102 | ||||||
Sterling Infrastructure, Inc.* | 135 | 11,871 | ||||||
O-I Glass, Inc.* | 703 | 11,515 | ||||||
Kratos Defense & Security Solutions, Inc.* | 567 | 11,504 | ||||||
Griffon Corp. | 188 | 11,459 | ||||||
Gibraltar Industries, Inc.* | 138 | 10,899 | ||||||
MYR Group, Inc.* | 74 | 10,703 | ||||||
Golar LNG Ltd. | 459 | 10,552 | ||||||
NEXTracker, Inc. — Class A* | 224 | 10,494 | ||||||
PGT Innovations, Inc.* | 256 | 10,419 | ||||||
Energizer Holdings, Inc. | 324 | 10,264 | ||||||
Granite Construction, Inc. | 200 | 10,172 | ||||||
Mueller Water Products, Inc. — Class A | 703 | 10,123 | ||||||
Trinity Industries, Inc. | 368 | 9,785 | ||||||
AAR Corp.* | 156 | 9,734 | ||||||
Alamo Group, Inc. | 45 | 9,459 | ||||||
Kennametal, Inc. | 365 | 9,413 | ||||||
Mirion Technologies, Inc.* | 907 | 9,297 | ||||||
OSI Systems, Inc.* | 72 | 9,292 | ||||||
Masterbrand, Inc.* | 587 | 8,717 | ||||||
Masonite International Corp.* | 100 | 8,466 | ||||||
Standex International Corp. | 53 | 8,394 | ||||||
International Seaways, Inc. | 184 | 8,368 | ||||||
Joby Aviation, Inc.* | 1,255 | 8,346 | ||||||
Hillman Solutions Corp.* | 880 | 8,105 | ||||||
Worthington Enterprises, Inc. | 139 | 7,999 | ||||||
Primoris Services Corp. | 240 | 7,970 | ||||||
Construction Partners, Inc. — Class A* | 182 | 7,921 | ||||||
Enerpac Tool Group Corp. | 254 | 7,897 | ||||||
Tennant Co. | 84 | 7,786 | ||||||
Enovix Corp.* | 620 | 7,762 | ||||||
Forward Air Corp. | 118 | 7,419 | ||||||
TTM Technologies, Inc.* | 463 | 7,320 | ||||||
Knowles Corp.* | 407 | 7,289 | ||||||
JELD-WEN Holding, Inc.* | 385 | 7,269 | ||||||
Barnes Group, Inc. | 222 | 7,244 | ||||||
Greif, Inc. — Class A | 110 | 7,215 | ||||||
Rocket Lab USA, Inc.* | 1,251 | 6,918 | ||||||
NV5 Global, Inc.* | 62 | 6,889 | ||||||
American Woodmark Corp.* | 74 | 6,871 | ||||||
Helios Technologies, Inc. | 148 | 6,712 | ||||||
AZZ, Inc. | 112 | 6,506 | ||||||
Lindsay Corp. | 50 | 6,458 | ||||||
Dorian LPG Ltd. | 145 | 6,361 | ||||||
Leonardo DRS, Inc.* | 310 | 6,212 | ||||||
CTS Corp. | 142 | 6,211 | ||||||
World Kinect Corp. | 268 | 6,105 | ||||||
Greenbrier Companies, Inc. | 138 | 6,097 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Industrial - 2.5% (continued) | ||||||||
DHT Holdings, Inc. | 621 | $ | 6,092 | |||||
SFL Corporation Ltd. | 521 | 5,877 | ||||||
Xometry, Inc. — Class A* | 154 | 5,530 | ||||||
Marten Transport Ltd. | 263 | 5,518 | ||||||
Golden Ocean Group Ltd. | 557 | 5,436 | ||||||
Teekay Tankers Ltd. — Class A | 108 | 5,397 | ||||||
Apogee Enterprises, Inc. | 100 | 5,341 | ||||||
Janus International Group, Inc.* | 384 | 5,011 | ||||||
Columbus McKinnon Corp. | 128 | 4,995 | ||||||
Thermon Group Holdings, Inc.* | 151 | 4,918 | ||||||
Napco Security Technologies, Inc. | 143 | 4,898 | ||||||
Triumph Group, Inc.* | 292 | 4,841 | ||||||
TriMas Corp. | 188 | 4,762 | ||||||
Energy Recovery, Inc.* | 252 | 4,748 | ||||||
Proto Labs, Inc.* | 119 | 4,636 | ||||||
TimkenSteel Corp.* | 197 | 4,620 | ||||||
Vicor Corp.* | 100 | 4,494 | ||||||
Air Transport Services Group, Inc.* | 255 | 4,490 | ||||||
Benchmark Electronics, Inc. | 160 | 4,422 | ||||||
Ryerson Holding Corp. | 126 | 4,370 | ||||||
Ichor Holdings Ltd.* | 129 | 4,338 | ||||||
Archer Aviation, Inc. — Class A* | 690 | 4,237 | ||||||
Montrose Environmental Group, Inc.* | 126 | 4,048 | ||||||
FLEX LNG Ltd. | 135 | 3,923 | ||||||
Nordic American Tankers Ltd. | 929 | 3,902 | ||||||
Astec Industries, Inc. | 103 | 3,832 | ||||||
Gorman-Rupp Co. | 104 | 3,695 | ||||||
Aspen Aerogels, Inc.* | 231 | 3,645 | ||||||
Powell Industries, Inc. | 41 | 3,624 | ||||||
Sturm Ruger & Company, Inc. | 79 | 3,591 | ||||||
Insteel Industries, Inc. | 85 | 3,255 | ||||||
Myers Industries, Inc. | 165 | 3,226 | ||||||
Enviri Corp.* | 357 | 3,213 | ||||||
Genco Shipping & Trading Ltd. | 190 | 3,152 | ||||||
Bel Fuse, Inc. — Class B | 47 | 3,138 | ||||||
Hyster-Yale Materials Handling, Inc. | 49 | 3,047 | ||||||
Kaman Corp. | 127 | 3,042 | ||||||
Heartland Express, Inc. | 212 | 3,023 | ||||||
Olympic Steel, Inc. | 45 | 3,001 | ||||||
IES Holdings, Inc.* | 37 | 2,931 | ||||||
Kimball Electronics, Inc.* | 108 | 2,911 | ||||||
Cadre Holdings, Inc. | 88 | 2,894 | ||||||
CryoPort, Inc.* | 182 | 2,819 | ||||||
Smith & Wesson Brands, Inc. | 207 | 2,807 | ||||||
Clearwater Paper Corp.* | 76 | 2,745 | ||||||
CECO Environmental Corp.* | 134 | 2,718 | ||||||
nLight, Inc.* | 200 | 2,700 | ||||||
Argan, Inc. | 57 | 2,667 | ||||||
SmartRent, Inc.* | 834 | 2,661 | ||||||
Ducommun, Inc.* | 51 | 2,655 | ||||||
Manitowoc Company, Inc.* | 158 | 2,637 | ||||||
Ardmore Shipping Corp. | 186 | 2,621 | ||||||
Pactiv Evergreen, Inc. | 181 | 2,482 | ||||||
Mesa Laboratories, Inc. | 23 | 2,410 | ||||||
Evolv Technologies Holdings, Inc.* | 510 | 2,407 | ||||||
Stoneridge, Inc.* | 120 | 2,348 | ||||||
Eagle Bulk Shipping, Inc. | 42 | 2,327 | ||||||
LSB Industries, Inc.* | 249 | 2,318 | ||||||
Great Lakes Dredge & Dock Corp.* | 297 | 2,281 | ||||||
DXP Enterprises, Inc.* | 65 | 2,191 | ||||||
Costamare, Inc. | 209 | 2,176 | ||||||
PureCycle Technologies, Inc.*,1 | 526 | 2,130 | ||||||
MicroVision, Inc.* | 800 | 2,128 | ||||||
Astronics Corp.* | 118 | 2,056 | ||||||
Teekay Corp.* | 278 | 1,988 | ||||||
GoPro, Inc. — Class A* | 566 | 1,964 | ||||||
GrafTech International Ltd. | 877 | 1,921 | ||||||
FARO Technologies, Inc.* | 85 | 1,915 | ||||||
Limbach Holdings, Inc.* | 42 | 1,910 | ||||||
National Presto Industries, Inc. | 23 | 1,847 | ||||||
Covenant Logistics Group, Inc. — Class A | 39 | 1,795 | ||||||
Allient, Inc. | 58 | 1,752 | ||||||
Cadeler A/S ADR* | 95 | 1,748 | ||||||
Tutor Perini Corp.* | 192 | 1,747 | ||||||
Atmus Filtration Technologies, Inc.*,1 | 74 | 1,738 | ||||||
NVE Corp. | 22 | 1,726 | ||||||
LSI Industries, Inc. | 118 | 1,661 | ||||||
Bowman Consulting Group Ltd.* | 45 | 1,598 | ||||||
Greif, Inc. — Class B | 23 | 1,518 | ||||||
Daseke, Inc.* | 183 | 1,482 | ||||||
AerSale Corp.* | 116 | 1,473 | ||||||
Overseas Shipholding Group, Inc. — Class A | 261 | 1,375 | ||||||
Northwest Pipe Co.* | 45 | 1,362 | ||||||
Pangaea Logistics Solutions Ltd. | 165 | 1,359 | ||||||
Park Aerospace Corp. | 84 | 1,235 | ||||||
Safe Bulkers, Inc. | 304 | 1,195 | ||||||
Ranpak Holdings Corp.* | 196 | 1,141 | ||||||
908 Devices, Inc.* | 99 | 1,111 | ||||||
Radiant Logistics, Inc.* | 167 | 1,109 | ||||||
Luxfer Holdings plc | 124 | 1,109 | ||||||
Omega Flex, Inc. | 15 | 1,058 | ||||||
Comtech Telecommunications Corp. | 123 | 1,037 | ||||||
Park-Ohio Holdings Corp. | 38 | 1,024 | ||||||
Eastman Kodak Co.* | 258 | 1,006 | ||||||
Iteris, Inc.* | 193 | 1,004 | ||||||
Concrete Pumping Holdings, Inc.* | 117 | 959 | ||||||
Pure Cycle Corp.* | 88 | 921 | ||||||
Universal Logistics Holdings, Inc. | 31 | 869 | ||||||
AMMO, Inc.* | 408 | 857 | ||||||
NuScale Power Corp.* | 242 | 796 | ||||||
Turtle Beach Corp.* | 71 | 777 | ||||||
Gencor Industries, Inc.* | 48 | 775 | ||||||
Mayville Engineering Company, Inc.* | 50 | 721 | ||||||
Blink Charging Co.* | 209 | 708 | ||||||
Mistras Group, Inc.* | 94 | 688 | ||||||
Core Molding Technologies, Inc.* | 35 | 648 | ||||||
Karat Packaging, Inc. | 26 | 646 | ||||||
Tredegar Corp. | 119 | 644 | ||||||
Willis Lease Finance Corp.* | 13 | 636 | ||||||
Eve Holding, Inc.* | 82 | 600 | ||||||
PAM Transportation Services, Inc.* | 28 | 582 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Industrial - 2.5% (continued) | ||||||||
Sight Sciences, Inc.* | 98 | $ | 506 | |||||
Intevac, Inc.* | 115 | 497 | ||||||
ESS Tech, Inc.* | 413 | 471 | ||||||
LanzaTech Global, Inc.* | 93 | 468 | ||||||
Latham Group, Inc.* | 176 | 463 | ||||||
Transphorm, Inc.* | 122 | 445 | ||||||
SKYX Platforms Corp.* | 257 | 411 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 266 | 388 | ||||||
374Water, Inc.* | 268 | 381 | ||||||
Li-Cycle Holdings Corp.*,1 | 624 | 365 | ||||||
Himalaya Shipping Ltd.* | 39 | 264 | ||||||
Akoustis Technologies, Inc.* | 313 | 261 | ||||||
INNOVATE Corp.* | 208 | 256 | ||||||
NL Industries, Inc. | 38 | 213 | ||||||
Amprius Technologies, Inc.* | 24 | 127 | ||||||
Redwire Corp.* | 36 | 103 | ||||||
Southland Holdings, Inc.* | 17 | 88 | ||||||
Charge Enterprises, Inc.* | 609 | 70 | ||||||
Total Industrial | 1,713,943 | |||||||
Consumer, Cyclical - 1.9% | ||||||||
Light & Wonder, Inc. — Class A* | 411 | 33,747 | ||||||
Meritage Homes Corp. | 164 | 28,569 | ||||||
Taylor Morrison Home Corp. — Class A* | 465 | 24,808 | ||||||
Carvana Co.* | 432 | 22,870 | ||||||
Beacon Roofing Supply, Inc.* | 260 | 22,625 | ||||||
Signet Jewelers Ltd. | 201 | 21,559 | ||||||
Academy Sports & Outdoors, Inc. | 325 | 21,450 | ||||||
Asbury Automotive Group, Inc.* | 93 | 20,922 | ||||||
KB Home | 326 | 20,362 | ||||||
Installed Building Products, Inc. | 107 | 19,562 | ||||||
Abercrombie & Fitch Co. — Class A* | 221 | 19,497 | ||||||
Group 1 Automotive, Inc. | 61 | 18,589 | ||||||
FirstCash Holdings, Inc. | 170 | 18,426 | ||||||
Goodyear Tire & Rubber Co.* | 1,269 | 18,172 | ||||||
Skyline Champion Corp.* | 241 | 17,897 | ||||||
American Eagle Outfitters, Inc. | 827 | 17,499 | ||||||
M/I Homes, Inc.* | 122 | 16,804 | ||||||
Visteon Corp.* | 127 | 15,862 | ||||||
Kontoor Brands, Inc. | 252 | 15,730 | ||||||
Adient plc* | 430 | 15,635 | ||||||
Tri Pointe Homes, Inc.* | 432 | 15,293 | ||||||
GMS, Inc.* | 185 | 15,250 | ||||||
Hilton Grand Vacations, Inc.* | 368 | 14,786 | ||||||
MDC Holdings, Inc. | 266 | 14,696 | ||||||
Steven Madden Ltd. | 341 | 14,322 | ||||||
Rush Enterprises, Inc. — Class A | 282 | 14,185 | ||||||
LCI Industries | 112 | 14,079 | ||||||
Cavco Industries, Inc.* | 39 | 13,518 | ||||||
International Game Technology plc | 489 | 13,403 | ||||||
Fox Factory Holding Corp.* | 192 | 12,956 | ||||||
Shake Shack, Inc. — Class A* | 171 | 12,675 | ||||||
LGI Homes, Inc.* | 94 | 12,517 | ||||||
Resideo Technologies, Inc.* | 663 | 12,478 | ||||||
UniFirst Corp. | 68 | 12,438 | ||||||
Century Communities, Inc. | 129 | 11,757 | ||||||
Foot Locker, Inc. | 372 | 11,588 | ||||||
Red Rock Resorts, Inc. — Class A | 215 | 11,466 | ||||||
Papa John’s International, Inc. | 148 | 11,282 | ||||||
Bloomin’ Brands, Inc. | 397 | 11,176 | ||||||
Urban Outfitters, Inc.* | 289 | 10,314 | ||||||
Boot Barn Holdings, Inc.* | 134 | 10,286 | ||||||
Dorman Products, Inc.* | 119 | 9,926 | ||||||
Sonos, Inc.* | 575 | 9,855 | ||||||
Patrick Industries, Inc. | 97 | 9,734 | ||||||
Winnebago Industries, Inc. | 132 | 9,620 | ||||||
SkyWest, Inc.* | 182 | 9,500 | ||||||
Topgolf Callaway Brands Corp.* | 651 | 9,335 | ||||||
Acushnet Holdings Corp. | 141 | 8,907 | ||||||
PriceSmart, Inc. | 117 | 8,866 | ||||||
MillerKnoll, Inc. | 331 | 8,831 | ||||||
Dave & Buster’s Entertainment, Inc.* | 163 | 8,778 | ||||||
HNI Corp. | 209 | 8,742 | ||||||
SeaWorld Entertainment, Inc.* | 164 | 8,664 | ||||||
Dana, Inc. | 590 | 8,620 | ||||||
Brinker International, Inc.* | 199 | 8,593 | ||||||
ODP Corp.* | 148 | 8,332 | ||||||
JetBlue Airways Corp.* | 1,490 | 8,270 | ||||||
Six Flags Entertainment Corp.* | 327 | 8,201 | ||||||
Spirit Airlines, Inc. | 497 | 8,146 | ||||||
Gentherm, Inc.* | 150 | 7,854 | ||||||
Atlanta Braves Holdings, Inc. — Class C* | 198 | 7,837 | ||||||
Cracker Barrel Old Country Store, Inc. | 100 | 7,708 | ||||||
Cheesecake Factory, Inc. | 220 | 7,702 | ||||||
H&E Equipment Services, Inc. | 146 | 7,639 | ||||||
Jack in the Box, Inc. | 93 | 7,592 | ||||||
Vista Outdoor, Inc.* | 255 | 7,540 | ||||||
National Vision Holdings, Inc.* | 352 | 7,367 | ||||||
La-Z-Boy, Inc. | 197 | 7,273 | ||||||
OPENLANE, Inc.* | 489 | 7,242 | ||||||
Hanesbrands, Inc.* | 1,586 | 7,074 | ||||||
Cinemark Holdings, Inc.* | 498 | 7,017 | ||||||
Oxford Industries, Inc. | 68 | 6,800 | ||||||
Aurora Innovation, Inc.* | 1,519 | 6,638 | ||||||
Buckle, Inc. | 138 | 6,558 | ||||||
Dillard’s, Inc. — Class A | 16 | 6,458 | ||||||
Sally Beauty Holdings, Inc.* | 486 | 6,454 | ||||||
G-III Apparel Group Ltd.* | 186 | 6,320 | ||||||
Green Brick Partners, Inc.* | 119 | 6,181 | ||||||
Allegiant Travel Co. — Class A | 72 | 5,948 | ||||||
Madison Square Garden Entertainment Corp.* | 178 | 5,659 | ||||||
Leslie’s, Inc.* | 804 | 5,556 | ||||||
Wabash National Corp. | 215 | 5,508 | ||||||
XPEL, Inc.* | 102 | 5,493 | ||||||
Winmark Corp. | 13 | 5,428 | ||||||
Warby Parker, Inc. — Class A* | 384 | 5,414 | ||||||
Steelcase, Inc. — Class A | 399 | 5,394 | ||||||
Lions Gate Entertainment Corp. — Class B* | 524 | 5,339 | ||||||
OneSpaWorld Holdings Ltd.* | 376 | 5,302 | ||||||
Sovos Brands, Inc.* | 230 | 5,067 | ||||||
indie Semiconductor, Inc. — Class A* | 624 | 5,061 | ||||||
Malibu Boats, Inc. — Class A* | 92 | 5,043 | ||||||
Camping World Holdings, Inc. — Class A | 189 | 4,963 | ||||||
Sweetgreen, Inc. — Class A* | 437 | 4,938 | ||||||
Caleres, Inc. | 157 | 4,825 | ||||||
iRobot Corp.* | 124 | 4,799 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Consumer, Cyclical - 1.9% (continued) | ||||||||
American Axle & Manufacturing Holdings, Inc.* | 517 | $ | 4,555 | |||||
BlueLinx Holdings, Inc.* | 40 | 4,532 | ||||||
ScanSource, Inc.* | 114 | 4,516 | ||||||
Beazer Homes USA, Inc.* | 133 | 4,494 | ||||||
Nu Skin Enterprises, Inc. — Class A | 226 | 4,389 | ||||||
Everi Holdings, Inc.* | 382 | 4,305 | ||||||
Monarch Casino & Resort, Inc. | 61 | 4,218 | ||||||
MRC Global, Inc.* | 380 | 4,184 | ||||||
Luminar Technologies, Inc.*,1 | 1,223 | 4,121 | ||||||
Chico’s FAS, Inc.* | 542 | 4,108 | ||||||
Hibbett, Inc. | 57 | 4,105 | ||||||
Sonic Automotive, Inc. — Class A | 71 | 3,991 | ||||||
Dream Finders Homes, Inc. — Class A* | 110 | 3,908 | ||||||
Standard Motor Products, Inc. | 96 | 3,822 | ||||||
MarineMax, Inc.* | 97 | 3,773 | ||||||
VSE Corp. | 58 | 3,747 | ||||||
BJ’s Restaurants, Inc.* | 103 | 3,709 | ||||||
Bluegreen Vacations Holding Corp.1 | 49 | 3,681 | ||||||
Golden Entertainment, Inc. | 92 | 3,673 | ||||||
Methode Electronics, Inc. | 160 | 3,637 | ||||||
Virgin Galactic Holdings, Inc.* | 1,473 | 3,609 | ||||||
Titan International, Inc.* | 237 | 3,527 | ||||||
Dine Brands Global, Inc. | 71 | 3,525 | ||||||
PC Connection, Inc. | 52 | 3,495 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 22 | 3,424 | ||||||
Ethan Allen Interiors, Inc. | 103 | 3,288 | ||||||
Hawaiian Holdings, Inc.* | 231 | 3,280 | ||||||
Interface, Inc. — Class A | 259 | 3,269 | ||||||
Chuy’s Holdings, Inc.* | 82 | 3,135 | ||||||
Wolverine World Wide, Inc. | 352 | 3,129 | ||||||
Arko Corp. | 373 | 3,077 | ||||||
Blue Bird Corp.* | 114 | 3,073 | ||||||
Portillo’s, Inc. — Class A* | 192 | 3,059 | ||||||
IMAX Corp.* | 203 | 3,049 | ||||||
Life Time Group Holdings, Inc.* | 202 | 3,046 | ||||||
Douglas Dynamics, Inc. | 102 | 3,027 | ||||||
Guess?, Inc. | 130 | 2,998 | ||||||
Clean Energy Fuels Corp.* | 768 | 2,941 | ||||||
Lions Gate Entertainment Corp. — Class A* | 264 | 2,878 | ||||||
Forestar Group, Inc.* | 83 | 2,745 | ||||||
Sun Country Airlines Holdings, Inc.* | 171 | 2,690 | ||||||
Titan Machinery, Inc.* | 93 | 2,686 | ||||||
Hudson Technologies, Inc.* | 198 | 2,671 | ||||||
Vizio Holding Corp. — Class A* | 343 | 2,641 | ||||||
A-Mark Precious Metals, Inc. | 86 | �� | 2,601 | |||||
REV Group, Inc. | 143 | 2,598 | ||||||
RCI Hospitality Holdings, Inc. | 39 | 2,584 | ||||||
Accel Entertainment, Inc.* | 244 | 2,506 | ||||||
Denny’s Corp.* | 230 | 2,502 | ||||||
Nikola Corp.*,1 | 2,686 | 2,350 | ||||||
Haverty Furniture Companies, Inc. | 66 | 2,343 | ||||||
Shoe Carnival, Inc. | 76 | 2,296 | ||||||
Global Industrial Co. | 59 | 2,292 | ||||||
Rush Enterprises, Inc. — Class B | 42 | 2,225 | ||||||
Miller Industries, Inc. | 50 | 2,114 | ||||||
Xperi, Inc.* | 191 | 2,105 | ||||||
Movado Group, Inc. | 69 | 2,080 | ||||||
Savers Value Village, Inc.* | 117 | 2,034 | ||||||
First Watch Restaurant Group, Inc.* | 100 | 2,010 | ||||||
Kura Sushi USA, Inc. — Class A* | 26 | 1,976 | ||||||
America’s Car-Mart, Inc.* | 26 | 1,970 | ||||||
Super Group SGHC Ltd.* | 617 | 1,956 | ||||||
Genesco, Inc.* | 55 | 1,937 | ||||||
Atlanta Braves Holdings, Inc. — Class A* | 45 | 1,925 | ||||||
Shyft Group, Inc. | 156 | 1,906 | ||||||
Bally’s Corp.* | 133 | 1,854 | ||||||
MasterCraft Boat Holdings, Inc.* | 79 | 1,789 | ||||||
Lindblad Expeditions Holdings, Inc.* | 158 | 1,781 | ||||||
OneWater Marine, Inc. — Class A* | 52 | 1,757 | ||||||
Designer Brands, Inc. — Class A | 194 | 1,717 | ||||||
EVgo, Inc.*,1 | 460 | 1,647 | ||||||
Lovesac Co.* | 63 | 1,610 | ||||||
Marcus Corp. | 110 | 1,604 | ||||||
Fisker, Inc.* | 888 | 1,554 | ||||||
Cooper-Standard Holdings, Inc.* | 76 | 1,485 | ||||||
Zumiez, Inc.* | 72 | 1,465 | ||||||
Xponential Fitness, Inc. — Class A* | 112 | 1,444 | ||||||
Daktronics, Inc.* | 170 | 1,442 | ||||||
Sleep Number Corp.* | 97 | 1,438 | ||||||
Build-A-Bear Workshop, Inc. — Class A | 60 | 1,379 | ||||||
Microvast Holdings, Inc.* | 965 | 1,351 | ||||||
Carrols Restaurant Group, Inc. | 166 | 1,308 | ||||||
Hooker Furnishings Corp. | 50 | 1,304 | ||||||
Johnson Outdoors, Inc. — Class A | 24 | 1,282 | ||||||
Rush Street Interactive, Inc.* | 285 | 1,280 | ||||||
Children’s Place, Inc.* | 54 | 1,254 | ||||||
Potbelly Corp.* | 118 | 1,230 | ||||||
Funko, Inc. — Class A* | 157 | 1,214 | ||||||
JAKKS Pacific, Inc.* | 33 | 1,173 | ||||||
Holley, Inc.* | 239 | 1,164 | ||||||
El Pollo Loco Holdings, Inc.* | 129 | 1,138 | ||||||
Destination XL Group, Inc.* | 252 | 1,109 | ||||||
Bowlero Corp. — Class A* | 76 | 1,076 | ||||||
SES AI Corp.* | 565 | 1,034 | ||||||
Commercial Vehicle Group, Inc.* | 145 | 1,016 | ||||||
Solid Power, Inc.* | 701 | 1,016 | ||||||
Big Lots, Inc. | 129 | 1,005 | ||||||
Rocky Brands, Inc. | 32 | 966 | ||||||
Tile Shop Holdings, Inc.* | 130 | 957 | ||||||
Global Business Travel Group I* | 146 | 942 | ||||||
Frontier Group Holdings, Inc.* | 172 | 939 | ||||||
Vera Bradley, Inc.* | 119 | 916 | ||||||
Clarus Corp. | 132 | 910 | ||||||
Escalade, Inc. | 45 | 904 | ||||||
Red Robin Gourmet Burgers, Inc.* | 72 | 898 | ||||||
Weyco Group, Inc. | 27 | 847 | ||||||
Landsea Homes Corp.* | 61 | 802 | ||||||
Full House Resorts, Inc.* | 149 | 800 | ||||||
Tilly’s, Inc. — Class A* | 101 | 762 | ||||||
Snap One Holdings Corp.* | 83 | 740 | ||||||
ThredUp, Inc. — Class A* | 325 | 731 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Consumer, Cyclical - 1.9% (continued) | ||||||||
Sportsman’s Warehouse Holdings, Inc.* | 171 | $ | 728 | |||||
PetMed Express, Inc. | 93 | 703 | ||||||
GrowGeneration Corp.* | 266 | 668 | ||||||
TuSimple Holdings, Inc. — Class A* | 747 | 656 | ||||||
Reservoir Media, Inc.* | 90 | 642 | ||||||
Big 5 Sporting Goods Corp. | 97 | 615 | ||||||
ONE Group Hospitality, Inc.* | 99 | 606 | ||||||
Century Casinos, Inc.* | 124 | 605 | ||||||
Noodles & Co.* | 182 | 573 | ||||||
VOXX International Corp. — Class A* | 53 | 566 | ||||||
Livewire Group, Inc.* | 50 | 566 | ||||||
Cato Corp. — Class A | 79 | 564 | ||||||
Hyliion Holdings Corp.* | 668 | 544 | ||||||
J Jill, Inc.* | 21 | 541 | ||||||
EVI Industries, Inc. | 21 | 498 | ||||||
Biglari Holdings, Inc. — Class B* | 3 | 495 | ||||||
Traeger, Inc.* | 159 | 434 | ||||||
Marine Products Corp. | 38 | 433 | ||||||
Duluth Holdings, Inc. — Class B* | 61 | 328 | ||||||
Torrid Holdings, Inc.* | 55 | 317 | ||||||
Fossil Group, Inc.* | 215 | 314 | ||||||
Aeva Technologies, Inc.* | 360 | 273 | ||||||
Workhorse Group, Inc.* | 751 | 270 | ||||||
Purple Innovation, Inc. | 247 | 254 | ||||||
Lazydays Holdings, Inc.* | 34 | 240 | ||||||
United Homes Group, Inc.* | 28 | 236 | ||||||
CompX International, Inc. | 7 | 177 | ||||||
Envela Corp.* | 34 | 165 | ||||||
Loop Media, Inc.* | 165 | 165 | ||||||
Qurate Retail, Inc. — Class B* | 6 | 39 | ||||||
Dragonfly Energy Holdings Corp.* | 69 | 37 | ||||||
Total Consumer, Cyclical | 1,338,287 | |||||||
Technology - 1.9% | ||||||||
Super Micro Computer, Inc.* | 209 | 59,410 | ||||||
MicroStrategy, Inc. — Class A* | 55 | 34,739 | ||||||
Onto Innovation, Inc.* | 221 | 33,791 | ||||||
Rambus, Inc.* | 491 | 33,511 | ||||||
Qualys, Inc.* | 168 | 32,975 | ||||||
SPS Commerce, Inc.* | 165 | 31,984 | ||||||
Duolingo, Inc.* | 129 | 29,264 | ||||||
Tenable Holdings, Inc.* | 514 | 23,675 | ||||||
Maximus, Inc. | 275 | 23,061 | ||||||
Insight Enterprises, Inc.* | 129 | 22,858 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 245 | 22,773 | ||||||
ExlService Holdings, Inc.* | 730 | 22,520 | ||||||
Workiva, Inc.* | 221 | 22,438 | ||||||
Varonis Systems, Inc.* | 492 | 22,278 | ||||||
Power Integrations, Inc. | 256 | 21,020 | ||||||
Altair Engineering, Inc. — Class A* | 243 | 20,448 | ||||||
ASGN, Inc.* | 212 | 20,388 | ||||||
Synaptics, Inc.* | 178 | 20,306 | ||||||
Axcelis Technologies, Inc.* | 147 | 19,064 | ||||||
Silicon Laboratories, Inc.* | 143 | 18,915 | ||||||
Freshworks, Inc. — Class A* | 733 | 17,218 | ||||||
Blackbaud, Inc.* | 197 | 17,080 | ||||||
Amkor Technology, Inc. | 505 | 16,801 | ||||||
Evolent Health, Inc. — Class A* | 498 | 16,449 | ||||||
Diodes, Inc.* | 204 | 16,426 | ||||||
Box, Inc. — Class A* | 638 | 16,339 | ||||||
BlackLine, Inc.* | 255 | 15,922 | ||||||
CommVault Systems, Inc.* | 199 | 15,890 | ||||||
Rapid7, Inc.* | 272 | 15,531 | ||||||
Appfolio, Inc. — Class A* | 87 | 15,072 | ||||||
ACI Worldwide, Inc.* | 491 | 15,025 | ||||||
FormFactor, Inc.* | 349 | 14,557 | ||||||
Verra Mobility Corp.* | 632 | 14,555 | ||||||
Kulicke & Soffa Industries, Inc. | 251 | 13,735 | ||||||
Sprout Social, Inc. — Class A* | 216 | 13,271 | ||||||
Braze, Inc. — Class A* | 236 | 12,539 | ||||||
Parsons Corp.* | 187 | 11,727 | ||||||
Privia Health Group, Inc.* | 499 | 11,492 | ||||||
Envestnet, Inc.* | 227 | 11,241 | ||||||
Progress Software Corp. | 197 | 10,697 | ||||||
DigitalOcean Holdings, Inc.* | 287 | 10,530 | ||||||
C3.ai, Inc. — Class A*,1 | 365 | 10,479 | ||||||
Ambarella, Inc.* | 165 | 10,113 | ||||||
Fastly, Inc. — Class A* | 537 | 9,559 | ||||||
Xerox Holdings Corp. | 520 | 9,532 | ||||||
SiTime Corp.* | 78 | 9,522 | ||||||
Impinj, Inc.* | 104 | 9,363 | ||||||
IonQ, Inc.* | 728 | 9,020 | ||||||
PagerDuty, Inc.* | 386 | 8,936 | ||||||
Schrodinger Incorporated/United States* | 247 | 8,843 | ||||||
ACV Auctions, Inc. — Class A* | 575 | 8,711 | ||||||
Photronics, Inc.* | 276 | 8,658 | ||||||
AvidXchange Holdings, Inc.* | 676 | 8,376 | ||||||
MaxLinear, Inc. — Class A* | 338 | 8,034 | ||||||
PROS Holdings, Inc.* | 202 | 7,836 | ||||||
Clear Secure, Inc. — Class A | 377 | 7,785 | ||||||
Agilysys, Inc.* | 91 | 7,719 | ||||||
Verint Systems, Inc.* | 281 | 7,595 | ||||||
CSG Systems International, Inc. | 141 | 7,503 | ||||||
Cohu, Inc.* | 211 | 7,467 | ||||||
Veeco Instruments, Inc.* | 230 | 7,137 | ||||||
Appian Corp. — Class A* | 186 | 7,005 | ||||||
Donnelley Financial Solutions, Inc.* | 112 | 6,985 | ||||||
Ultra Clean Holdings, Inc.* | 201 | 6,862 | ||||||
Asana, Inc. — Class A* | 360 | 6,844 | ||||||
NetScout Systems, Inc.* | 309 | 6,783 | ||||||
Semtech Corp.* | 289 | 6,332 | ||||||
Adeia, Inc. | 484 | 5,997 | ||||||
PowerSchool Holdings, Inc. — Class A* | 254 | 5,984 | ||||||
Jamf Holding Corp.* | 316 | 5,707 | ||||||
AvePoint, Inc.* | 667 | 5,476 | ||||||
Zeta Global Holdings Corp. — Class A* | 607 | 5,354 | ||||||
Phreesia, Inc.* | 231 | 5,348 | ||||||
PAR Technology Corp.* | 121 | 5,268 | ||||||
Zuora, Inc. — Class A* | 560 | 5,264 | ||||||
Veradigm, Inc.* | 488 | 5,119 | ||||||
EngageSmart, Inc.* | 220 | 5,038 | ||||||
Intapp, Inc.* | 124 | 4,714 | ||||||
Model N, Inc.* | 169 | 4,551 | ||||||
Everbridge, Inc.* | 184 | 4,473 | ||||||
PDF Solutions, Inc.* | 139 | 4,467 | ||||||
Alkami Technology, Inc.* | 179 | 4,341 | ||||||
ACM Research, Inc. — Class A* | 218 | 4,260 | ||||||
N-able, Inc.* | 317 | 4,200 | ||||||
SMART Global Holdings, Inc.* | 219 | 4,146 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Technology - 1.9% (continued) | ||||||||
Digi International, Inc.* | 159 | $ | 4,134 | |||||
Sapiens International Corporation N.V. | 139 | 4,023 | ||||||
Amplitude, Inc. — Class A* | 306 | 3,892 | ||||||
Navitas Semiconductor Corp.* | 462 | 3,728 | ||||||
3D Systems Corp.* | 577 | 3,664 | ||||||
Cerence, Inc.* | 183 | 3,598 | ||||||
Pitney Bowes, Inc. | 794 | 3,493 | ||||||
E2open Parent Holdings, Inc.* | 765 | 3,358 | ||||||
Grid Dynamics Holdings, Inc.* | 251 | 3,346 | ||||||
Alignment Healthcare, Inc.* | 385 | 3,315 | ||||||
Simulations Plus, Inc. | 72 | 3,222 | ||||||
PubMatic, Inc. — Class A* | 196 | 3,197 | ||||||
Integral Ad Science Holding Corp.* | 216 | 3,108 | ||||||
Aehr Test Systems* | 117 | 3,104 | ||||||
Matterport, Inc.* | 1,135 | 3,053 | ||||||
BigCommerce Holdings, Inc.* | 304 | 2,958 | ||||||
MeridianLink, Inc.* | 119 | 2,948 | ||||||
Digital Turbine, Inc.* | 428 | 2,936 | ||||||
SolarWinds Corp.* | 231 | 2,885 | ||||||
Yext, Inc.* | 484 | 2,851 | ||||||
Conduent, Inc.* | 779 | 2,843 | ||||||
Alpha & Omega Semiconductor Ltd.* | 105 | 2,736 | ||||||
Vimeo, Inc.* | 689 | 2,701 | ||||||
Olo, Inc. — Class A* | 468 | 2,677 | ||||||
Mitek Systems, Inc.* | 193 | 2,517 | ||||||
CEVA, Inc.* | 105 | 2,385 | ||||||
Instructure Holdings, Inc.* | 88 | 2,377 | ||||||
Consensus Cloud Solutions, Inc.* | 90 | 2,359 | ||||||
Corsair Gaming, Inc.* | 167 | 2,355 | ||||||
Health Catalyst, Inc.* | 253 | 2,343 | ||||||
Digimarc Corp.* | 64 | 2,312 | ||||||
Daily Journal Corp.* | 6 | 2,045 | ||||||
Definitive Healthcare Corp.* | 204 | 2,028 | ||||||
Thoughtworks Holding, Inc.* | 419 | 2,015 | ||||||
OneSpan, Inc.* | 181 | 1,940 | ||||||
SEMrush Holdings, Inc. — Class A* | 142 | 1,940 | ||||||
8x8, Inc.* | 512 | 1,935 | ||||||
Cantaloupe, Inc.* | 259 | 1,919 | ||||||
Vishay Precision Group, Inc.* | 56 | 1,908 | ||||||
TTEC Holdings, Inc. | 88 | 1,907 | ||||||
Planet Labs PBC* | 757 | 1,870 | ||||||
Weave Communications, Inc.* | 148 | 1,697 | ||||||
Unisys Corp.* | 301 | 1,692 | ||||||
American Software, Inc. — Class A | 144 | 1,627 | ||||||
Bandwidth, Inc. — Class A* | 106 | 1,534 | ||||||
Sharecare, Inc.* | 1,388 | 1,499 | ||||||
Domo, Inc. — Class B* | 139 | 1,430 | ||||||
Cricut, Inc. — Class A | 216 | 1,423 | ||||||
Cardlytics, Inc.* | 153 | 1,409 | ||||||
PlayAGS, Inc.* | 167 | 1,408 | ||||||
SoundHound AI, Inc. — Class A*,1 | 622 | 1,319 | ||||||
Outset Medical, Inc.* | 224 | 1,212 | ||||||
EverCommerce, Inc.* | 106 | 1,169 | ||||||
ON24, Inc. | 148 | 1,166 | ||||||
Enfusion, Inc. — Class A* | 116 | 1,125 | ||||||
NextNav, Inc.* | 245 | 1,090 | ||||||
LivePerson, Inc.* | 287 | 1,088 | ||||||
Playstudios, Inc.* | 387 | 1,049 | ||||||
Climb Global Solutions, Inc. | 19 | 1,042 | ||||||
Immersion Corp. | 142 | 1,002 | ||||||
Red Violet, Inc.* | 50 | 998 | ||||||
Inspired Entertainment, Inc.* | 98 | 968 | ||||||
Desktop Metal, Inc. — Class A* | 1,259 | 946 | ||||||
IBEX Holdings Ltd.* | 49 | 931 | ||||||
Innodata, Inc.* | 114 | 928 | ||||||
HireRight Holdings Corp.* | 68 | 915 | ||||||
Asure Software, Inc.* | 86 | 819 | ||||||
Outbrain, Inc.* | 186 | 815 | ||||||
eGain Corp.* | 97 | 808 | ||||||
CS Disco, Inc.* | 102 | 774 | ||||||
SkyWater Technology, Inc.* | 80 | 770 | ||||||
Kaltura, Inc.* | 376 | 733 | ||||||
Computer Programs and Systems, Inc.* | 65 | 728 | ||||||
Rimini Street, Inc.* | 221 | 723 | ||||||
Richardson Electronics Ltd. | 54 | 721 | ||||||
Atomera, Inc.* | 96 | 673 | ||||||
inTEST Corp.* | 49 | 666 | ||||||
Expensify, Inc. — Class A* | 250 | 617 | ||||||
Rackspace Technology, Inc.* | 285 | 570 | ||||||
Vuzix Corp.* | 267 | 557 | ||||||
Brightcove, Inc.* | 195 | 505 | ||||||
CoreCard Corp.* | 33 | 456 | ||||||
Viant Technology, Inc. — Class A* | 65 | 448 | ||||||
Tingo Group, Inc.* | 552 | 381 | ||||||
Skillsoft Corp.* | 18 | 316 | ||||||
BigBear.ai Holdings, Inc.* | 121 | 259 | ||||||
System1, Inc.* | 112 | 249 | ||||||
Veritone, Inc.* | 119 | 215 | ||||||
Velo3D, Inc.* | 403 | 160 | ||||||
CXApp, Inc.* | 9 | 12 | ||||||
Presto Automation, Inc.* | 14 | 7 | ||||||
Total Technology | 1,297,795 | |||||||
Energy - 1.1% | ||||||||
Chord Energy Corp. | 189 | 31,417 | ||||||
Weatherford International plc* | 321 | 31,403 | ||||||
Matador Resources Co. | 511 | 29,055 | ||||||
Murphy Oil Corp. | 670 | 28,582 | ||||||
ChampionX Corp. | 879 | 25,676 | ||||||
Civitas Resources, Inc. | 363 | 24,822 | ||||||
Noble Corporation plc | 499 | 24,032 | ||||||
Permian Resources Corp. | 1,757 | 23,895 | ||||||
PBF Energy, Inc. — Class A | 501 | 22,024 | ||||||
SM Energy Co. | 531 | 20,560 | ||||||
Equitrans Midstream Corp. | 1,968 | 20,034 | ||||||
Valaris Ltd.* | 277 | 18,994 | ||||||
Alpha Metallurgical Resources, Inc. | 52 | 17,624 | ||||||
Patterson-UTI Energy, Inc. | 1,593 | 17,204 | ||||||
Magnolia Oil & Gas Corp. — Class A | 806 | 17,160 | ||||||
California Resources Corp. | 313 | 17,115 | ||||||
Helmerich & Payne, Inc. | 439 | 15,901 | ||||||
Tidewater, Inc.* | 215 | 15,504 | ||||||
Northern Oil and Gas, Inc. | 395 | 14,643 | ||||||
Warrior Met Coal, Inc. | 234 | 14,267 | ||||||
CNX Resources Corp.* | 704 | 14,080 | ||||||
Kosmos Energy Ltd.* | 2,057 | 13,802 | ||||||
CONSOL Energy, Inc. | 137 | 13,773 | ||||||
Arch Resources, Inc. | 82 | 13,607 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Energy - 1.1% (continued) | ||||||||
Liberty Energy, Inc. — Class A | 738 | $ | 13,387 | |||||
Peabody Energy Corp. | 513 | 12,476 | ||||||
Shoals Technologies Group, Inc. — Class A* | 776 | 12,059 | ||||||
Array Technologies, Inc.* | 682 | 11,458 | ||||||
Seadrill Ltd.* | 229 | 10,827 | ||||||
Archrock, Inc. | 629 | 9,687 | ||||||
Oceaneering International, Inc.* | 455 | 9,682 | ||||||
Par Pacific Holdings, Inc.* | 250 | 9,093 | ||||||
Callon Petroleum Co.* | 277 | 8,975 | ||||||
Sitio Royalties Corp. — Class A | 365 | 8,581 | ||||||
Delek US Holdings, Inc. | 294 | 7,585 | ||||||
Borr Drilling Ltd.* | 990 | 7,286 | ||||||
Talos Energy, Inc.* | 496 | 7,058 | ||||||
Sunnova Energy International, Inc.* | 457 | 6,969 | ||||||
Helix Energy Solutions Group, Inc.* | 651 | 6,692 | ||||||
Gulfport Energy Corp.* | 50 | 6,660 | ||||||
Green Plains, Inc.* | 263 | 6,633 | ||||||
Expro Group Holdings N.V.* | 399 | 6,352 | ||||||
Fluence Energy, Inc.* | 259 | 6,177 | ||||||
Diamond Offshore Drilling, Inc.* | 461 | 5,993 | ||||||
NOW, Inc.* | 480 | 5,434 | ||||||
Vital Energy, Inc.* | 105 | 4,776 | ||||||
Crescent Energy Co. — Class A | 346 | 4,571 | ||||||
CVR Energy, Inc. | 134 | 4,060 | ||||||
SunCoke Energy, Inc. | 378 | 4,060 | ||||||
US Silica Holdings, Inc.* | 341 | 3,857 | ||||||
Core Laboratories, Inc. | 212 | 3,744 | ||||||
Comstock Resources, Inc. | 416 | 3,682 | ||||||
ProPetro Holding Corp.* | 433 | 3,629 | ||||||
Dril-Quip, Inc.* | 154 | 3,584 | ||||||
Nabors Industries Ltd.* | 41 | 3,347 | ||||||
REX American Resources Corp.* | 70 | 3,311 | ||||||
Bristow Group, Inc.* | 107 | 3,025 | ||||||
FuelCell Energy, Inc.* | 1,844 | 2,950 | ||||||
RPC, Inc. | 385 | 2,803 | ||||||
Select Water Solutions, Inc. — Class A | 366 | 2,778 | ||||||
Montauk Renewables, Inc.* | 302 | 2,691 | ||||||
Kinetik Holdings, Inc. — Class A | 78 | 2,605 | ||||||
TETRA Technologies, Inc.* | 567 | 2,563 | ||||||
Stem, Inc.* | 644 | 2,499 | ||||||
Vitesse Energy, Inc. | 113 | 2,474 | ||||||
Berry Corp. | 345 | 2,425 | ||||||
SilverBow Resources, Inc.* | 80 | 2,326 | ||||||
Newpark Resources, Inc.* | 337 | 2,238 | ||||||
VAALCO Energy, Inc. | 488 | 2,191 | ||||||
SandRidge Energy, Inc. | 144 | 1,968 | ||||||
Oil States International, Inc.* | 285 | 1,935 | ||||||
SunPower Corp. — Class A* | 395 | 1,908 | ||||||
Tellurian, Inc.* | 2,401 | 1,814 | ||||||
Ramaco Resources, Inc. — Class A | 102 | 1,752 | ||||||
NextDecade Corp.* | 350 | 1,670 | ||||||
DMC Global, Inc.* | 88 | 1,656 | ||||||
W&T Offshore, Inc. | 445 | 1,451 | ||||||
Kodiak Gas Services, Inc. | 69 | 1,385 | ||||||
SEACOR Marine Holdings, Inc.* | 109 | 1,372 | ||||||
Atlas Energy Solutions, Inc. | 74 | 1,274 | ||||||
Excelerate Energy, Inc. — Class A | 82 | 1,268 | ||||||
Gevo, Inc.* | 1,058 | 1,227 | ||||||
Aris Water Solutions, Inc. — Class A | 135 | 1,133 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 139 | 1,106 | ||||||
Riley Exploration Permian, Inc. | 40 | 1,090 | ||||||
Energy Vault Holdings, Inc.* | 444 | 1,035 | ||||||
Vertex Energy, Inc.* | 294 | 997 | ||||||
Forum Energy Technologies, Inc.* | 44 | 975 | ||||||
Amplify Energy Corp.* | 164 | 973 | ||||||
ProFrac Holding Corp. — Class A* | 109 | 924 | ||||||
Hallador Energy Co.* | 103 | 911 | ||||||
Evolution Petroleum Corp. | 143 | 831 | ||||||
Maxeon Solar Technologies Ltd.* | 114 | 817 | ||||||
Ring Energy, Inc.* | 543 | 793 | ||||||
TPI Composites, Inc.* | 190 | 787 | ||||||
FutureFuel Corp. | 118 | 717 | ||||||
Ranger Energy Services, Inc. | 70 | 716 | ||||||
Granite Ridge Resources, Inc. | 118 | 710 | ||||||
NACCO Industries, Inc. — Class A | 19 | 693 | ||||||
HighPeak Energy, Inc. | 48 | 684 | ||||||
KLX Energy Services Holdings, Inc.* | 57 | 642 | ||||||
Eos Energy Enterprises, Inc.* | 487 | 531 | ||||||
Empire Petroleum Corp.* | 46 | 506 | ||||||
Mammoth Energy Services, Inc.* | 105 | 468 | ||||||
PrimeEnergy Resources Corp.* | 3 | 319 | ||||||
Ramaco Resources, Inc. — Class B | 20 | 266 | ||||||
Enviva, Inc. | 142 | 141 | ||||||
Verde Clean Fuels, Inc.* | 4 | 9 | ||||||
Total Energy | 779,881 | |||||||
Communications - 0.6% | ||||||||
Cogent Communications Holdings, Inc. | 197 | 14,908 | ||||||
Yelp, Inc. — Class A* | 305 | 14,439 | ||||||
Ziff Davis, Inc.* | 213 | 14,311 | ||||||
TEGNA, Inc. | 910 | 13,923 | ||||||
InterDigital, Inc. | 121 | 13,133 | ||||||
DigitalBridge Group, Inc. | 732 | 12,839 | ||||||
Calix, Inc.* | 267 | 11,665 | ||||||
Q2 Holdings, Inc.* | 258 | 11,200 | ||||||
Opendoor Technologies, Inc.* | 2,458 | 11,012 | ||||||
Cargurus, Inc.* | 443 | 10,703 | ||||||
Perficient, Inc.* | 155 | 10,202 | ||||||
Extreme Networks, Inc.* | 571 | 10,073 | ||||||
Viavi Solutions, Inc.* | 997 | 10,040 | ||||||
Credo Technology Group Holding Ltd.* | 515 | 10,027 | ||||||
ePlus, Inc.* | 120 | 9,581 | ||||||
EchoStar Corp. — Class A* | 547 | 9,064 | ||||||
Upwork, Inc.* | 560 | 8,327 | ||||||
Lumen Technologies, Inc.* | 4,526 | 8,283 | ||||||
Telephone & Data Systems, Inc. | 448 | 8,221 | ||||||
Squarespace, Inc. — Class A* | 227 | 7,493 | ||||||
Bumble, Inc. — Class A* | 458 | 6,751 | ||||||
Harmonic, Inc.* | 498 | 6,494 | ||||||
Globalstar, Inc.* | 3,110 | 6,033 | ||||||
Cars.com, Inc.* | 301 | 5,710 | ||||||
Magnite, Inc.* | 606 | 5,660 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Communications - 0.6% (continued) | ||||||||
Beyond, Inc.* | 204 | $ | 5,649 | |||||
Sprinklr, Inc. — Class A* | 464 | 5,587 | ||||||
Shutterstock, Inc. | 112 | 5,407 | ||||||
Hims & Hers Health, Inc.* | 553 | 4,922 | ||||||
Shenandoah Telecommunications Co. | 220 | 4,756 | ||||||
Scholastic Corp. | 123 | 4,637 | ||||||
Liberty Latin America Ltd. — Class C* | 617 | 4,529 | ||||||
Rover Group, Inc.* | 410 | 4,461 | ||||||
Infinera Corp.* | 903 | 4,289 | ||||||
A10 Networks, Inc. | 320 | 4,214 | ||||||
TechTarget, Inc.* | 118 | 4,113 | ||||||
fuboTV, Inc.* | 1,276 | 4,058 | ||||||
Figs, Inc. — Class A* | 578 | 4,017 | ||||||
Sphere Entertainment Co.* | 118 | 4,007 | ||||||
Open Lending Corp. — Class A* | 450 | 3,830 | ||||||
Couchbase, Inc.* | 154 | 3,468 | ||||||
Gray Television, Inc. | 375 | 3,360 | ||||||
Revolve Group, Inc.* | 186 | 3,084 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 1,678 | 3,054 | ||||||
Gogo, Inc.* | 300 | 3,039 | ||||||
QuinStreet, Inc.* | 235 | 3,013 | ||||||
HealthStream, Inc. | 110 | 2,973 | ||||||
Eventbrite, Inc. — Class A* | 350 | 2,926 | ||||||
Thryv Holdings, Inc.* | 140 | 2,849 | ||||||
CommScope Holding Company, Inc.* | 938 | 2,645 | ||||||
AMC Networks, Inc. — Class A* | 140 | 2,631 | ||||||
ADTRAN Holdings, Inc. | 353 | 2,591 | ||||||
IDT Corp. — Class B* | 70 | 2,386 | ||||||
Stagwell, Inc.* | 355 | 2,353 | ||||||
EW Scripps Co. — Class A* | 269 | 2,149 | ||||||
Applied Digital Corp.* | 309 | 2,083 | ||||||
ATN International, Inc. | 50 | 1,949 | ||||||
Anterix, Inc.* | 58 | 1,933 | ||||||
Sinclair, Inc. | 148 | 1,928 | ||||||
NETGEAR, Inc.* | 129 | 1,881 | ||||||
Liquidity Services, Inc.* | 107 | 1,841 | ||||||
Clearfield, Inc.* | 59 | 1,716 | ||||||
AST SpaceMobile, Inc.* | 274 | 1,652 | ||||||
Boston Omaha Corp. — Class A* | 104 | 1,636 | ||||||
Grindr, Inc.* | 186 | 1,633 | ||||||
Aviat Networks, Inc.* | 50 | 1,633 | ||||||
Gannett Company, Inc.* | 653 | 1,502 | ||||||
Preformed Line Products Co. | 11 | 1,473 | ||||||
Consolidated Communications Holdings, Inc.* | 336 | 1,462 | ||||||
Advantage Solutions, Inc.* | 393 | 1,423 | ||||||
Stitch Fix, Inc. — Class A* | 382 | 1,364 | ||||||
1-800-Flowers.com, Inc. — Class A* | 118 | 1,272 | ||||||
Nextdoor Holdings, Inc.* | 658 | 1,244 | ||||||
iHeartMedia, Inc. — Class A* | 465 | 1,241 | ||||||
Spok Holdings, Inc. | 80 | 1,238 | ||||||
Tucows, Inc. — Class A* | 45 | 1,215 | ||||||
Liberty Latin America Ltd. — Class A* | 164 | 1,199 | ||||||
EverQuote, Inc. — Class A* | 96 | 1,175 | ||||||
Ooma, Inc.* | 108 | 1,159 | ||||||
Ribbon Communications, Inc.* | 397 | 1,151 | ||||||
Entravision Communications Corp. — Class A | 272 | 1,134 | ||||||
MediaAlpha, Inc. — Class A* | 97 | 1,082 | ||||||
OptimizeRx Corp.* | 75 | 1,073 | ||||||
Luna Innovations, Inc.* | 145 | 964 | ||||||
WideOpenWest, Inc.* | 233 | 944 | ||||||
Blade Air Mobility, Inc.* | 265 | 935 | ||||||
Nerdy, Inc.* | 268 | 919 | ||||||
CarParts.com, Inc.* | 240 | 758 | ||||||
BlackSky Technology, Inc.* | 535 | 749 | ||||||
Vivid Seats, Inc. — Class A* | 115 | 727 | ||||||
Lands’ End, Inc.* | 68 | 650 | ||||||
ContextLogic, Inc. — Class A* | 100 | 595 | ||||||
Mondee Holdings, Inc.* | 205 | 566 | ||||||
Townsquare Media, Inc. — Class A | 53 | 560 | ||||||
Solo Brands, Inc. — Class A* | 89 | 548 | ||||||
Allbirds, Inc. — Class A* | 430 | 527 | ||||||
DHI Group, Inc.* | 197 | 510 | ||||||
Gambling.com Group Ltd.* | 48 | 468 | ||||||
KVH Industries, Inc.* | 85 | 447 | ||||||
Terran Orbital Corp.* | 385 | 439 | ||||||
BARK, Inc.* | 495 | 399 | ||||||
Cambium Networks Corp.* | 55 | 330 | ||||||
Urban One, Inc.* | 57 | 201 | ||||||
DZS, Inc.* | 99 | 195 | ||||||
Value Line, Inc. | 4 | 195 | ||||||
Urban One, Inc.* | 38 | 153 | ||||||
Total Communications | 415,160 | |||||||
Basic Materials - 0.6% | ||||||||
Commercial Metals Co. | 528 | 26,421 | ||||||
ATI, Inc.* | 581 | 26,418 | ||||||
Balchem Corp. | 144 | 21,420 | ||||||
Cabot Corp. | 250 | 20,875 | ||||||
HB Fuller Co. | 244 | 19,864 | ||||||
Avient Corp. | 409 | 17,002 | ||||||
Carpenter Technology Corp. | 218 | 15,434 | ||||||
Livent Corp.* | 817 | 14,690 | ||||||
Innospec, Inc. | 113 | 13,926 | ||||||
Quaker Chemical Corp. | 63 | 13,446 | ||||||
Hecla Mining Co. | 2,719 | 13,078 | ||||||
Sensient Technologies Corp. | 190 | 12,540 | ||||||
Constellium SE* | 573 | 11,437 | ||||||
Uranium Energy Corp.* | 1,657 | 10,605 | ||||||
Minerals Technologies, Inc. | 147 | 10,483 | ||||||
Rogers Corp.* | 78 | 10,301 | ||||||
Stepan Co. | 96 | 9,077 | ||||||
Sylvamo Corp. | 165 | 8,103 | ||||||
Ingevity Corp.* | 165 | 7,791 | ||||||
Tronox Holdings plc — Class A | 530 | 7,505 | ||||||
Orion S.A. | 254 | 7,043 | ||||||
Hawkins, Inc. | 88 | 6,197 | ||||||
Kaiser Aluminum Corp. | 72 | 5,126 | ||||||
Energy Fuels, Inc.* | 711 | 5,112 | ||||||
Coeur Mining, Inc.* | 1,446 | 4,714 | ||||||
Koppers Holdings, Inc. | 91 | 4,661 | ||||||
Novagold Resources, Inc.* | 1,094 | 4,091 | ||||||
Ecovyst, Inc.* | 415 | 4,055 | ||||||
Compass Minerals International, Inc. | 155 | 3,925 | ||||||
Worthington Steel, Inc. | 139 | 3,906 | ||||||
Mativ Holdings, Inc. | 247 | 3,782 | ||||||
AdvanSix, Inc. | 120 | 3,595 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 117 | 3,529 | ||||||
Haynes International, Inc. | 57 | 3,252 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 16.6% (continued) | ||||||||
Basic Materials - 0.6% (continued) | ||||||||
Perimeter Solutions S.A.* | 686 | 3,156 | ||||||
Centrus Energy Corp. — Class A* | 56 | 3,047 | ||||||
Century Aluminum Co.* | 238 | 2,889 | ||||||
Lightwave Logic, Inc.*,1 | 519 | 2,585 | ||||||
Ivanhoe Electric Incorporated / US* | 252 | 2,540 | ||||||
Encore Energy Corp.* | 641 | 2,519 | ||||||
Piedmont Lithium, Inc.* | 81 | 2,287 | ||||||
United States Lime & Minerals, Inc. | 9 | 2,073 | ||||||
i-80 Gold Corp.* | 874 | 1,538 | ||||||
Oil-Dri Corporation of America | 22 | 1,476 | ||||||
American Vanguard Corp. | 122 | 1,338 | ||||||
Trinseo plc | 158 | 1,322 | ||||||
Rayonier Advanced Materials, Inc.* | 289 | 1,170 | ||||||
Intrepid Potash, Inc.* | 48 | 1,147 | ||||||
Kronos Worldwide, Inc. | 100 | 994 | ||||||
Codexis, Inc.* | 302 | 921 | ||||||
Caledonia Mining Corporation plc | 74 | 903 | ||||||
Dakota Gold Corp.* | 243 | 637 | ||||||
Perpetua Resources Corp.* | 171 | 542 | ||||||
Danimer Scientific, Inc.* | 397 | 405 | ||||||
Origin Materials, Inc.* | 480 | 401 | ||||||
Glatfelter Corp.* | 200 | 388 | ||||||
Contango ORE, Inc.* | 17 | 308 | ||||||
5E Advanced Materials, Inc.* | 178 | 251 | ||||||
Valhi, Inc. | 11 | 167 | ||||||
NioCorp Developments Ltd.* | 9 | 29 | ||||||
Total Basic Materials | 388,437 | |||||||
Utilities - 0.4% | ||||||||
Portland General Electric Co. | 457 | 19,806 | ||||||
New Jersey Resources Corp. | 438 | 19,526 | ||||||
Brookfield Infrastructure Corp. — Class A | 541 | 19,087 | ||||||
Ormat Technologies, Inc. | 242 | 18,341 | ||||||
Southwest Gas Holdings, Inc. | 278 | 17,611 | ||||||
Black Hills Corp. | 300 | 16,185 | ||||||
PNM Resources, Inc. | 388 | 16,141 | ||||||
ALLETE, Inc. | 260 | 15,902 | ||||||
Otter Tail Corp. | 187 | 15,889 | ||||||
ONE Gas, Inc. | 249 | 15,866 | ||||||
Spire, Inc. | 233 | 14,525 | ||||||
Northwestern Energy Group, Inc. | 272 | 13,842 | ||||||
American States Water Co. | 167 | 13,430 | ||||||
California Water Service Group | 254 | 13,175 | ||||||
Avista Corp. | 342 | 12,223 | ||||||
MGE Energy, Inc. | 165 | 11,931 | ||||||
Chesapeake Utilities Corp. | 96 | 10,141 | ||||||
SJW Group | 140 | 9,149 | ||||||
Northwest Natural Holding Co. | 163 | 6,347 | ||||||
Middlesex Water Co. | 79 | 5,184 | ||||||
Ameresco, Inc. — Class A* | 146 | 4,624 | ||||||
Unitil Corp. | 72 | 3,785 | ||||||
Genie Energy Ltd. — Class B | 89 | 2,504 | ||||||
York Water Co. | 64 | 2,472 | ||||||
Consolidated Water Company Ltd. | 68 | 2,421 | ||||||
Altus Power, Inc.* | 289 | 1,974 | ||||||
Artesian Resources Corp. — Class A | 38 | 1,575 | ||||||
RGC Resources, Inc. | 36 | 732 | ||||||
Global Water Resources, Inc. | 51 | 667 | ||||||
FTC Solar, Inc.* | 288 | 199 | ||||||
Total Utilities | 305,254 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 124 | 3,068 | ||||||
Total Common Stocks | ||||||||
(Cost $10,234,745) | 11,405,348 | |||||||
WARRANT† - 0.0% | ||||||||
Cassava Sciences Inc | ||||||||
Expiring 11/15/24 | 72 | – | ||||||
Total Warrant | ||||||||
(Cost $0) | – | |||||||
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Cartesian Therapeutics Inc.* | 525 | – | ||||||
Oncternal Therapeutics, Inc.* | 2 | – | ||||||
Tobira Therapeutics, Inc.* | 80 | – | ||||||
Novartis AG* | 262 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $106) | – | |||||||
EXCHANGE-TRADED FUNDS† - 0.7% | ||||||||
Vanguard Russell 2000 ETF1 | 2,883 | 233,811 | ||||||
iShares Russell 2000 Index ETF | 1,164 | 233,627 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $509,845) | 467,438 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 48.2% | ||||||||
Federal Home Loan Bank | ||||||||
5.20% due 01/02/242 | $ | 12,000,000 | 11,998,236 | |||||
5.26% due 03/20/242 | 3,100,000 | 3,064,620 | ||||||
Federal Farm Credit Bank | ||||||||
5.25% due 01/08/242 | 10,000,000 | 9,989,792 | ||||||
Farmer Mac | ||||||||
4.59% due 01/05/242 | 8,000,000 | 7,995,342 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $33,047,652) | 33,047,990 | |||||||
U.S. TREASURY BILLS†† - 10.5% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/242,3 | 4,800,000 | 4,764,318 | ||||||
5.22% due 02/22/242,3 | 2,100,000 | 2,084,389 | ||||||
5.17% due 01/09/242,4 | 393,000 | 392,599 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $7,240,162) | 7,241,306 |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Face Amount | Value | |||||||
FEDERAL AGENCY NOTE†† - 2.6% | ||||||||
Federal Home Loan Bank | ||||||||
5.45% (SOFR + 0.05%, Rate Floor: 0.00%) due 03/25/24◊ | $ | 1,800,000 | $ | 1,800,149 | ||||
Total Federal Agency Note | ||||||||
(Cost $1,800,000) | 1,800,149 | |||||||
REPURCHASE AGREEMENTS††,5 - 27.4% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/243 | 10,408,708 | 10,408,708 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/243 | 8,388,235 | 8,388,235 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $18,796,943) | 18,796,943 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund - Class X, 5.29%7 | 265,022 | 265,022 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $265,022) | 265,022 | |||||||
Total Investments - 106.4% | ||||||||
(Cost $71,894,475) | $ | 73,024,196 | ||||||
Other Assets & Liabilities, net - (6.4)% | (4,422,742 | ) | ||||||
Total Net Assets - 100.0% | $ | 68,601,454 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 25 | Mar 2024 | $ | 2,558,750 | $ | 39,433 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 5.43% (Federal Funds Rate + 0.10%) | At Maturity | 03/21/24 | 24,897 | $ | 50,467,262 | $ | 677,074 | ||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 5.53% (Federal Funds Rate + 0.20%) | At Maturity | 03/21/24 | 1,885 | 3,821,130 | 83,391 | ||||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 5.40% (SOFR) | At Maturity | 03/20/24 | 33,792 | 68,497,917 | (10,758 | ) | |||||||||||||
$ | 122,786,309 | $ | 749,707 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs, unless otherwise noted — 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, 2023. 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, 2023 — 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, 2023. |
4 | All or a portion of this security is pledged as futures collateral at December 31, 2023. |
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, 2023. |
plc — Public Limited Company | |
REIT — Real Estate Investment Trust | |
SOFR — Secured Overnight Financing Rate |
Russell 2000® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (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 | $ | 11,405,348 | $ | — | * | $ | — | $ | 11,405,348 | |||||||
Warrant | — | * | — | — | — | |||||||||||
Rights | — | — | — | * | — | |||||||||||
Exchange-Traded Funds | 467,438 | — | — | 467,438 | ||||||||||||
Federal Agency Discount Notes | — | 33,047,990 | — | 33,047,990 | ||||||||||||
U.S. Treasury Bills | — | 7,241,306 | — | 7,241,306 | ||||||||||||
Federal Agency Note | — | 1,800,149 | — | 1,800,149 | ||||||||||||
Repurchase Agreements | — | 18,796,943 | — | 18,796,943 | ||||||||||||
Securities Lending Collateral | 265,022 | — | — | 265,022 | ||||||||||||
Equity Futures Contracts** | 39,433 | — | — | 39,433 | ||||||||||||
Equity Index Swap Agreements** | — | 760,465 | — | 760,465 | ||||||||||||
Total Assets | $ | 12,177,241 | $ | 61,646,853 | $ | — | $ | 73,824,094 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 10,758 | $ | — | $ | 10,758 |
* | Includes securities with 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, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 74.5% | ||||||||
Technology - 20.7% | ||||||||
Apple, Inc. | 52,190 | $ | 10,048,141 | |||||
Microsoft Corp. | 26,532 | 9,977,093 | ||||||
NVIDIA Corp. | 8,818 | 4,366,850 | ||||||
Broadcom, Inc. | 1,566 | 1,748,047 | ||||||
Adobe, Inc.* | 1,625 | 969,475 | ||||||
Salesforce, Inc.* | 3,473 | 913,885 | ||||||
Advanced Micro Devices, Inc.* | 5,768 | 850,261 | ||||||
Accenture plc — Class A | 2,240 | 786,038 | ||||||
Intel Corp. | 15,050 | 756,263 | ||||||
Intuit, Inc. | 1,000 | 625,030 | ||||||
Oracle Corp. | 5,672 | 597,999 | ||||||
QUALCOMM, Inc. | 3,973 | 574,615 | ||||||
Texas Instruments, Inc. | 3,242 | 552,631 | ||||||
International Business Machines Corp. | 3,260 | 533,173 | ||||||
ServiceNow, Inc.* | 732 | 517,151 | ||||||
Applied Materials, Inc. | 2,986 | 483,941 | ||||||
Lam Research Corp. | 470 | 368,132 | ||||||
Analog Devices, Inc. | 1,779 | 353,238 | ||||||
Micron Technology, Inc. | 3,920 | 334,533 | ||||||
Fiserv, Inc.* | 2,143 | 284,676 | ||||||
KLA Corp. | 485 | 281,931 | ||||||
Synopsys, Inc.* | 542 | 279,081 | ||||||
Cadence Design Systems, Inc.* | 971 | 264,471 | ||||||
NXP Semiconductor N.V. | 920 | 211,306 | ||||||
Roper Technologies, Inc. | 381 | 207,710 | ||||||
Autodesk, Inc.* | 761 | 185,288 | ||||||
Microchip Technology, Inc. | 1,931 | 174,138 | ||||||
MSCI, Inc. — Class A | 282 | 159,513 | ||||||
Paychex, Inc. | 1,148 | 136,738 | ||||||
Cognizant Technology Solutions Corp. — Class A | 1,790 | 135,199 | ||||||
Fortinet, Inc.* | 2,275 | 133,156 | ||||||
ON Semiconductor Corp.* | 1,538 | 128,469 | ||||||
Fidelity National Information Services, Inc. | 2,115 | 127,048 | ||||||
Electronic Arts, Inc. | 874 | 119,572 | ||||||
ANSYS, Inc.* | 309 | 112,130 | ||||||
Monolithic Power Systems, Inc. | 171 | 107,863 | ||||||
Fair Isaac Corp.* | 88 | 102,433 | ||||||
HP, Inc. | 3,104 | 93,399 | ||||||
Take-Two Interactive Software, Inc.* | 565 | 90,937 | ||||||
Broadridge Financial Solutions, Inc. | 420 | 86,415 | ||||||
Hewlett Packard Enterprise Co. | 4,580 | 77,768 | ||||||
PTC, Inc.* | 424 | 74,183 | ||||||
NetApp, Inc. | 745 | 65,679 | ||||||
Skyworks Solutions, Inc. | 569 | 63,967 | ||||||
Akamai Technologies, Inc.* | 538 | 63,673 | ||||||
Tyler Technologies, Inc.* | 150 | 62,718 | ||||||
EPAM Systems, Inc.* | 206 | 61,252 | ||||||
Western Digital Corp.* | 1,157 | 60,592 | ||||||
Teradyne, Inc. | 546 | 59,252 | ||||||
Seagate Technology Holdings plc | 694 | 59,247 | ||||||
Leidos Holdings, Inc. | 491 | 53,146 | ||||||
Zebra Technologies Corp. — Class A* | 183 | 50,019 | ||||||
Jack Henry & Associates, Inc. | 260 | 42,487 | ||||||
Qorvo, Inc.* | 348 | 39,188 | ||||||
Ceridian HCM Holding, Inc.* | 557 | 37,386 | ||||||
Paycom Software, Inc. | 175 | 36,176 | ||||||
Total Technology | 39,684,702 | |||||||
Consumer, Non-cyclical - 14.1% | ||||||||
UnitedHealth Group, Inc. | 3,302 | 1,738,404 | ||||||
Eli Lilly & Co. | 2,847 | 1,659,573 | ||||||
Johnson & Johnson | 8,594 | 1,347,024 | ||||||
Procter & Gamble Co. | 8,414 | 1,232,988 | ||||||
Merck & Company, Inc. | 9,046 | 986,195 | ||||||
AbbVie, Inc. | 6,303 | 976,776 | ||||||
PepsiCo, Inc. | 4,908 | 833,575 | ||||||
Coca-Cola Co. | 13,891 | 818,596 | ||||||
Thermo Fisher Scientific, Inc. | 1,379 | 731,959 | ||||||
Abbott Laboratories | 6,195 | 681,884 | ||||||
Pfizer, Inc. | 20,157 | 580,320 | ||||||
Amgen, Inc. | 1,911 | 550,406 | ||||||
Danaher Corp. | 2,348 | 543,186 | ||||||
Philip Morris International, Inc. | 5,542 | 521,391 | ||||||
S&P Global, Inc. | 1,156 | 509,241 | ||||||
Intuitive Surgical, Inc.* | 1,257 | 424,062 | ||||||
Elevance Health, Inc. | 839 | 395,639 | ||||||
Medtronic plc | 4,749 | 391,223 | ||||||
Vertex Pharmaceuticals, Inc.* | 920 | 374,339 | ||||||
Bristol-Myers Squibb Co. | 7,264 | 372,716 | ||||||
CVS Health Corp. | 4,585 | 362,032 | ||||||
Stryker Corp. | 1,207 | 361,448 | ||||||
Gilead Sciences, Inc. | 4,448 | 360,332 | ||||||
Mondelez International, Inc. — Class A | 4,856 | 351,720 | ||||||
Automatic Data Processing, Inc. | 1,468 | 342,000 | ||||||
Regeneron Pharmaceuticals, Inc.* | 382 | 335,507 | ||||||
Zoetis, Inc. | 1,639 | 323,489 | ||||||
Cigna Group | 1,045 | 312,925 | ||||||
Boston Scientific Corp.* | 5,227 | 302,173 | ||||||
Altria Group, Inc. | 6,314 | 254,707 | ||||||
Becton Dickinson & Co. | 1,035 | 252,364 | ||||||
PayPal Holdings, Inc.* | 3,849 | 236,367 | ||||||
Colgate-Palmolive Co. | 2,939 | 234,268 | ||||||
Moody’s Corp. | 562 | 219,495 | ||||||
McKesson Corp. | 474 | 219,452 | ||||||
Humana, Inc. | 439 | 200,979 | ||||||
HCA Healthcare, Inc. | 707 | 191,371 | ||||||
Cintas Corp. | 309 | 186,222 | ||||||
Dexcom, Inc.* | 1,379 | 171,120 | ||||||
Edwards Lifesciences Corp.* | 2,165 | 165,081 | ||||||
IDEXX Laboratories, Inc.* | 296 | 164,295 | ||||||
Monster Beverage Corp.* | 2,636 | 151,860 | ||||||
IQVIA Holdings, Inc.* | 653 | 151,091 | ||||||
Kimberly-Clark Corp. | 1,206 | 146,541 | ||||||
Agilent Technologies, Inc. | 1,044 | 145,147 | ||||||
Centene Corp.* | 1,907 | 141,518 | ||||||
Constellation Brands, Inc. — Class A | 577 | 139,490 | ||||||
United Rentals, Inc. | 242 | 138,768 | ||||||
Archer-Daniels-Midland Co. | 1,904 | 137,507 | ||||||
General Mills, Inc. | 2,075 | 135,165 | ||||||
Biogen, Inc.* | 517 | 133,784 | ||||||
Kenvue, Inc. | 6,153 | 132,474 | ||||||
Sysco Corp. | 1,800 | 131,634 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 74.5% (continued) | ||||||||
Consumer, Non-cyclical - 14.1% (continued) | ||||||||
CoStar Group, Inc.* | 1,457 | $ | 127,327 | |||||
Gartner, Inc.* | 278 | 125,408 | ||||||
Verisk Analytics, Inc. — Class A | 517 | 123,491 | ||||||
Cencora, Inc. — Class A | 595 | 122,201 | ||||||
Estee Lauder Companies, Inc. — Class A | 829 | 121,241 | ||||||
Corteva, Inc. | 2,516 | 120,567 | ||||||
Keurig Dr Pepper, Inc. | 3,594 | 119,752 | ||||||
Global Payments, Inc. | 930 | 118,110 | ||||||
Moderna, Inc.* | 1,184 | 117,749 | ||||||
Quanta Services, Inc. | 518 | 111,784 | ||||||
Equifax, Inc. | 440 | 108,807 | ||||||
GE HealthCare Technologies, Inc. | 1,398 | 108,093 | ||||||
Kroger Co. | 2,362 | 107,967 | ||||||
Kraft Heinz Co. | 2,846 | 105,245 | ||||||
Hershey Co. | 535 | 99,745 | ||||||
West Pharmaceutical Services, Inc. | 264 | 92,960 | ||||||
Zimmer Biomet Holdings, Inc. | 746 | 90,788 | ||||||
ResMed, Inc. | 525 | 90,311 | ||||||
Cardinal Health, Inc. | 880 | 88,704 | ||||||
Church & Dwight Company, Inc. | 879 | 83,118 | ||||||
Illumina, Inc.* | 567 | 78,949 | ||||||
STERIS plc | 352 | 77,387 | ||||||
Molina Healthcare, Inc.* | 208 | 75,152 | ||||||
FleetCor Technologies, Inc.* | 257 | 72,631 | ||||||
Baxter International, Inc. | 1,811 | 70,013 | ||||||
Align Technology, Inc.* | 254 | 69,596 | ||||||
Waters Corp.* | 211 | 69,468 | ||||||
Laboratory Corporation of America Holdings | 302 | 68,642 | ||||||
Cooper Companies, Inc. | 176 | 66,606 | ||||||
Clorox Co. | 442 | 63,025 | ||||||
Hologic, Inc.* | 874 | 62,447 | ||||||
McCormick & Company, Inc. | 897 | 61,373 | ||||||
Avery Dennison Corp. | 287 | 58,020 | ||||||
Lamb Weston Holdings, Inc. | 517 | 55,883 | ||||||
Quest Diagnostics, Inc. | 401 | 55,290 | ||||||
Tyson Foods, Inc. — Class A | 1,018 | 54,718 | ||||||
Insulet Corp.* | 249 | 54,028 | ||||||
Kellanova | 941 | 52,611 | ||||||
Bunge Global S.A. | 518 | 52,292 | ||||||
Conagra Brands, Inc. | 1,706 | 48,894 | ||||||
Revvity, Inc. | 440 | 48,096 | ||||||
J M Smucker Co. | 379 | 47,898 | ||||||
Viatris, Inc. | 4,283 | 46,385 | ||||||
Rollins, Inc. | 1,001 | 43,714 | ||||||
Bio-Techne Corp. | 565 | 43,595 | ||||||
Charles River Laboratories International, Inc.* | 183 | 43,261 | ||||||
Incyte Corp.* | 664 | 41,692 | ||||||
Teleflex, Inc. | 167 | 41,640 | ||||||
Molson Coors Beverage Co. — Class B | 661 | 40,460 | ||||||
MarketAxess Holdings, Inc. | 135 | 39,535 | ||||||
Brown-Forman Corp. — Class B | 653 | 37,286 | ||||||
Henry Schein, Inc.* | 466 | 35,281 | ||||||
Robert Half, Inc. | 378 | 33,234 | ||||||
Universal Health Services, Inc. — Class B | 218 | 33,232 | ||||||
Hormel Foods Corp. | 1,033 | 33,170 | ||||||
Campbell Soup Co. | 701 | 30,304 | ||||||
Catalent, Inc.* | 644 | 28,935 | ||||||
Dentsply Sirona, Inc. | 756 | 26,906 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 75 | 24,217 | ||||||
DaVita, Inc.* | 192 | 20,114 | ||||||
Total Consumer, Non-cyclical | 27,091,171 | |||||||
Financial - 10.5% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 6,495 | 2,316,507 | ||||||
JPMorgan Chase & Co. | 10,320 | 1,755,432 | ||||||
Visa, Inc. — Class A | 5,690 | 1,481,392 | ||||||
Mastercard, Inc. — Class A | 2,956 | 1,260,764 | ||||||
Bank of America Corp. | 24,578 | 827,541 | ||||||
Wells Fargo & Co. | 12,964 | 638,088 | ||||||
Goldman Sachs Group, Inc. | 1,164 | 449,036 | ||||||
Prologis, Inc. REIT | 3,298 | 439,623 | ||||||
Morgan Stanley | 4,512 | 420,744 | ||||||
BlackRock, Inc. — Class A | 499 | 405,088 | ||||||
American Express Co. | 2,055 | 384,984 | ||||||
Charles Schwab Corp. | 5,313 | 365,534 | ||||||
American Tower Corp. — Class A REIT | 1,664 | 359,224 | ||||||
Citigroup, Inc. | 6,832 | 351,438 | ||||||
Marsh & McLennan Companies, Inc. | 1,760 | 333,467 | ||||||
Progressive Corp. | 2,088 | 332,577 | ||||||
Blackstone, Inc. — Class A | 2,537 | 332,144 | ||||||
Chubb Ltd. | 1,456 | 329,056 | ||||||
CME Group, Inc. — Class A | 1,285 | 270,621 | ||||||
Equinix, Inc. REIT | 334 | 269,000 | ||||||
Intercontinental Exchange, Inc. | 2,043 | 262,382 | ||||||
U.S. Bancorp | 5,558 | 240,550 | ||||||
PNC Financial Services Group, Inc. | 1,422 | 220,197 | ||||||
Aon plc — Class A | 715 | 208,079 | ||||||
Crown Castle, Inc. REIT | 1,549 | 178,429 | ||||||
Capital One Financial Corp. | 1,360 | 178,323 | ||||||
Welltower, Inc. REIT | 1,976 | 178,176 | ||||||
Truist Financial Corp. | 4,761 | 175,776 | ||||||
Arthur J Gallagher & Co. | 771 | 173,382 | ||||||
Public Storage REIT | 565 | 172,325 | ||||||
American International Group, Inc. | 2,506 | 169,781 | ||||||
Simon Property Group, Inc. REIT | 1,164 | 166,033 | ||||||
Aflac, Inc. | 1,898 | 156,585 | ||||||
Travelers Companies, Inc. | 815 | 155,249 | ||||||
Realty Income Corp. REIT | 2,584 | 148,373 | ||||||
MetLife, Inc. | 2,220 | 146,809 | ||||||
Digital Realty Trust, Inc. REIT | 1,081 | 145,481 | ||||||
Bank of New York Mellon Corp. | 2,745 | 142,877 | ||||||
Ameriprise Financial, Inc. | 361 | 137,119 | ||||||
Prudential Financial, Inc. | 1,289 | 133,682 | ||||||
Allstate Corp. | 934 | 130,741 | ||||||
Extra Space Storage, Inc. REIT | 754 | 120,889 | ||||||
VICI Properties, Inc. REIT | 3,693 | 117,733 | ||||||
CBRE Group, Inc. — Class A* | 1,088 | 101,282 | ||||||
Discover Financial Services | 893 | 100,373 | ||||||
Arch Capital Group Ltd.* | 1,332 | 98,928 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 74.5% (continued) | ||||||||
Financial - 10.5% (continued) | ||||||||
SBA Communications Corp. REIT | 385 | $ | 97,671 | |||||
AvalonBay Communities, Inc. REIT | 507 | 94,921 | ||||||
Weyerhaeuser Co. REIT | 2,606 | 90,611 | ||||||
Willis Towers Watson plc | 368 | 88,762 | ||||||
Hartford Financial Services Group, Inc. | 1,074 | 86,328 | ||||||
T. Rowe Price Group, Inc. | 798 | 85,937 | ||||||
State Street Corp. | 1,101 | 85,284 | ||||||
Fifth Third Bancorp | 2,431 | 83,845 | ||||||
M&T Bank Corp. | 592 | 81,151 | ||||||
Equity Residential REIT | 1,233 | 75,410 | ||||||
Raymond James Financial, Inc. | 670 | 74,705 | ||||||
Iron Mountain, Inc. REIT | 1,042 | 72,919 | ||||||
Ventas, Inc. REIT | 1,436 | 71,570 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 558 | 70,738 | ||||||
Nasdaq, Inc. | 1,215 | 70,640 | ||||||
Invitation Homes, Inc. REIT | 2,053 | 70,028 | ||||||
Cboe Global Markets, Inc. | 377 | 67,317 | ||||||
Huntington Bancshares, Inc. | 5,169 | 65,750 | ||||||
Regions Financial Corp. | 3,320 | 64,342 | ||||||
Northern Trust Corp. | 739 | 62,357 | ||||||
Principal Financial Group, Inc. | 783 | 61,599 | ||||||
Brown & Brown, Inc. | 842 | 59,875 | ||||||
Cincinnati Financial Corp. | 560 | 57,937 | ||||||
Essex Property Trust, Inc. REIT | 229 | 56,778 | ||||||
Synchrony Financial | 1,477 | 56,407 | ||||||
Mid-America Apartment Communities, Inc. REIT | 417 | 56,070 | ||||||
Citizens Financial Group, Inc. | 1,663 | 55,112 | ||||||
Everest Group Ltd. | 155 | 54,805 | ||||||
W R Berkley Corp. | 727 | 51,413 | ||||||
Kimco Realty Corp. REIT | 2,374 | 50,590 | ||||||
Host Hotels & Resorts, Inc. REIT | 2,518 | 49,025 | ||||||
KeyCorp | 3,342 | 48,125 | ||||||
Loews Corp. | 653 | 45,442 | ||||||
UDR, Inc. REIT | 1,080 | 41,353 | ||||||
Regency Centers Corp. REIT | 586 | 39,262 | ||||||
Healthpeak Properties, Inc. REIT | 1,953 | 38,669 | ||||||
Camden Property Trust REIT | 381 | 37,830 | ||||||
Globe Life, Inc. | 305 | 37,125 | ||||||
Boston Properties, Inc. REIT | 515 | 36,138 | ||||||
Assurant, Inc. | 187 | 31,508 | ||||||
Franklin Resources, Inc. | 1,005 | 29,939 | ||||||
Invesco Ltd. | 1,604 | 28,615 | ||||||
Federal Realty Investment Trust REIT | 262 | 26,999 | ||||||
Comerica, Inc. | 471 | 26,287 | ||||||
Zions Bancorp North America | 528 | 23,163 | ||||||
Total Financial | 20,142,166 | |||||||
Communications - 10.5% | ||||||||
Amazon.com, Inc.* | 32,464 | 4,932,580 | ||||||
Alphabet, Inc. — Class A* | 21,126 | 2,951,091 | ||||||
Meta Platforms, Inc. — Class A* | 7,924 | 2,804,779 | ||||||
Alphabet, Inc. — Class C* | 17,781 | 2,505,876 | ||||||
Netflix, Inc.* | 1,562 | 760,507 | ||||||
Cisco Systems, Inc. | 14,460 | 730,519 | ||||||
Comcast Corp. — Class A | 14,335 | 628,590 | ||||||
Walt Disney Co. | 6,532 | 589,774 | ||||||
Verizon Communications, Inc. | 15,008 | 565,802 | ||||||
Uber Technologies, Inc.* | 7,342 | 452,047 | ||||||
Booking Holdings, Inc.* | 125 | 443,403 | ||||||
AT&T, Inc. | 25,524 | 428,293 | ||||||
Palo Alto Networks, Inc.* | 1,109 | 327,022 | ||||||
T-Mobile US, Inc. | 1,817 | 291,320 | ||||||
Arista Networks, Inc.* | 900 | 211,959 | ||||||
Airbnb, Inc. — Class A* | 1,552 | 211,289 | ||||||
Motorola Solutions, Inc. | 592 | 185,349 | ||||||
Charter Communications, Inc. — Class A* | 359 | 139,536 | ||||||
CDW Corp. | 478 | 108,659 | ||||||
Warner Bros Discovery, Inc.* | 7,922 | 90,152 | ||||||
Corning, Inc. | 2,741 | 83,463 | ||||||
eBay, Inc. | 1,853 | 80,828 | ||||||
Expedia Group, Inc.* | 476 | 72,252 | ||||||
VeriSign, Inc.* | 317 | 65,289 | ||||||
FactSet Research Systems, Inc. | 136 | 64,879 | ||||||
Omnicom Group, Inc. | 707 | 61,162 | ||||||
Gen Digital, Inc. | 2,013 | 45,937 | ||||||
Interpublic Group of Companies, Inc. | 1,367 | 44,619 | ||||||
F5, Inc.* | 213 | 38,123 | ||||||
Match Group, Inc.* | 970 | 35,405 | ||||||
Etsy, Inc.* | 426 | 34,527 | ||||||
Juniper Networks, Inc. | 1,138 | 33,548 | ||||||
News Corp. — Class A | 1,358 | 33,339 | ||||||
Fox Corp. — Class A | 883 | 26,199 | ||||||
Paramount Global — Class B | 1,722 | 25,469 | ||||||
Fox Corp. — Class B | 471 | 13,023 | ||||||
News Corp. — Class B | 410 | 10,545 | ||||||
Total Communications | 20,127,154 | |||||||
Consumer, Cyclical - 6.8% | ||||||||
Tesla, Inc.* | 9,873 | 2,453,243 | ||||||
Home Depot, Inc. | 3,570 | 1,237,184 | ||||||
Costco Wholesale Corp. | 1,580 | 1,042,926 | ||||||
Walmart, Inc. | 5,092 | 802,754 | ||||||
McDonald’s Corp. | 2,589 | 767,664 | ||||||
NIKE, Inc. — Class B | 4,369 | 474,342 | ||||||
Lowe’s Companies, Inc. | 2,060 | 458,453 | ||||||
Starbucks Corp. | 4,079 | 391,625 | ||||||
TJX Companies, Inc. | 4,084 | 383,120 | ||||||
Target Corp. | 1,648 | 234,708 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 98 | 224,122 | ||||||
Lululemon Athletica, Inc.* | 411 | 210,140 | ||||||
O’Reilly Automotive, Inc.* | 211 | 200,467 | ||||||
Marriott International, Inc. — Class A | 880 | 198,449 | ||||||
PACCAR, Inc. | 1,867 | 182,313 | ||||||
General Motors Co. | 4,889 | 175,613 | ||||||
Ford Motor Co. | 14,037 | 171,111 | ||||||
Ross Stores, Inc. | 1,208 | 167,175 | ||||||
Hilton Worldwide Holdings, Inc. | 915 | 166,612 | ||||||
DR Horton, Inc. | 1,076 | 163,531 | ||||||
AutoZone, Inc.* | 62 | 160,308 | ||||||
Copart, Inc.* | 3,119 | 152,831 | ||||||
Lennar Corp. — Class A | 893 | 133,093 | ||||||
Fastenal Co. | 2,040 | 132,131 | ||||||
Yum! Brands, Inc. | 1,001 | 130,791 | ||||||
WW Grainger, Inc. | 157 | 130,104 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 74.5% (continued) | ||||||||
Consumer, Cyclical - 6.8% (continued) | ||||||||
Cummins, Inc. | 506 | $ | 121,222 | |||||
Royal Caribbean Cruises Ltd.* | 842 | 109,031 | ||||||
Dollar General Corp. | 783 | 106,449 | ||||||
Dollar Tree, Inc.* | 746 | 105,969 | ||||||
Delta Air Lines, Inc. | 2,297 | 92,408 | ||||||
Aptiv plc* | 1,010 | 90,617 | ||||||
Ulta Beauty, Inc.* | 176 | 86,238 | ||||||
Tractor Supply Co. | 386 | 83,002 | ||||||
PulteGroup, Inc. | 770 | 79,479 | ||||||
NVR, Inc.* | 11 | 77,005 | ||||||
Darden Restaurants, Inc. | 428 | 70,320 | ||||||
Genuine Parts Co. | 499 | 69,111 | ||||||
Walgreens Boots Alliance, Inc. | 2,560 | 66,842 | ||||||
Carnival Corp.* | 3,597 | 66,688 | ||||||
Las Vegas Sands Corp. | 1,318 | 64,859 | ||||||
Southwest Airlines Co. | 2,128 | 61,457 | ||||||
Pool Corp. | 138 | 55,022 | ||||||
Best Buy Company, Inc. | 691 | 54,091 | ||||||
Domino’s Pizza, Inc. | 125 | 51,529 | ||||||
United Airlines Holdings, Inc.* | 1,171 | 48,316 | ||||||
Live Nation Entertainment, Inc.* | 506 | 47,361 | ||||||
LKQ Corp. | 955 | 45,640 | ||||||
MGM Resorts International* | 976 | 43,608 | ||||||
CarMax, Inc.* | 566 | 43,435 | ||||||
Caesars Entertainment, Inc.* | 769 | 36,051 | ||||||
Bath & Body Works, Inc. | 811 | 35,003 | ||||||
American Airlines Group, Inc.* | 2,333 | 32,055 | ||||||
Wynn Resorts Ltd. | 342 | 31,159 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 1,518 | 30,421 | ||||||
Tapestry, Inc. | 818 | 30,111 | ||||||
BorgWarner, Inc. | 838 | 30,042 | ||||||
Whirlpool Corp. | 196 | 23,867 | ||||||
Hasbro, Inc. | 465 | 23,743 | ||||||
VF Corp. | 1,180 | 22,184 | ||||||
Ralph Lauren Corp. — Class A | 142 | 20,476 | ||||||
Total Consumer, Cyclical | 12,999,621 | |||||||
Industrial - 5.7% | ||||||||
Caterpillar, Inc. | 1,821 | 538,415 | ||||||
Union Pacific Corp. | 2,176 | 534,469 | ||||||
Boeing Co.* | 2,030 | 529,140 | ||||||
General Electric Co. | 3,885 | 495,843 | ||||||
Honeywell International, Inc. | 2,353 | 493,448 | ||||||
RTX Corp. | 5,133 | 431,891 | ||||||
United Parcel Service, Inc. — Class B | 2,582 | 405,968 | ||||||
Deere & Co. | 956 | 382,276 | ||||||
Lockheed Martin Corp. | 788 | 357,153 | ||||||
Eaton Corporation plc | 1,425 | 343,168 | ||||||
Illinois Tool Works, Inc. | 977 | 255,915 | ||||||
CSX Corp. | 7,054 | 244,562 | ||||||
Northrop Grumman Corp. | 506 | 236,879 | ||||||
Waste Management, Inc. | 1,308 | 234,263 | ||||||
3M Co. | 1,972 | 215,579 | ||||||
Amphenol Corp. — Class A | 2,136 | 211,742 | ||||||
Parker-Hannifin Corp. | 458 | 211,001 | ||||||
General Dynamics Corp. | 808 | 209,813 | ||||||
FedEx Corp. | 826 | 208,953 | ||||||
TransDigm Group, Inc. | 197 | 199,285 | ||||||
Trane Technologies plc | 815 | 198,778 | ||||||
Emerson Electric Co. | 2,035 | 198,067 | ||||||
Norfolk Southern Corp. | 807 | 190,759 | ||||||
Carrier Global Corp. | 2,995 | 172,063 | ||||||
TE Connectivity Ltd. | 1,109 | 155,814 | ||||||
L3Harris Technologies, Inc. | 677 | 142,590 | ||||||
Johnson Controls International plc | 2,429 | 140,007 | ||||||
AMETEK, Inc. | 823 | 135,704 | ||||||
Otis Worldwide Corp. | 1,461 | 130,716 | ||||||
Old Dominion Freight Line, Inc. | 319 | 129,300 | ||||||
Rockwell Automation, Inc. | 409 | 126,986 | ||||||
Republic Services, Inc. — Class A | 730 | 120,384 | ||||||
Ingersoll Rand, Inc. | 1,445 | 111,756 | ||||||
Martin Marietta Materials, Inc. | 221 | 110,259 | ||||||
Vulcan Materials Co. | 474 | 107,603 | ||||||
Keysight Technologies, Inc.* | 634 | 100,863 | ||||||
Xylem, Inc. | 861 | 98,464 | ||||||
Mettler-Toledo International, Inc.* | 77 | 93,398 | ||||||
Fortive Corp. | 1,254 | 92,332 | ||||||
Westinghouse Air Brake Technologies Corp. | 640 | 81,216 | ||||||
Dover Corp. | 499 | 76,751 | ||||||
Howmet Aerospace, Inc. | 1,396 | 75,551 | ||||||
Teledyne Technologies, Inc.* | 167 | 74,530 | ||||||
Builders FirstSource, Inc.* | 440 | 73,454 | ||||||
Garmin Ltd. | 546 | 70,183 | ||||||
Expeditors International of Washington, Inc. | 519 | 66,017 | ||||||
Axon Enterprise, Inc.* | 251 | 64,841 | ||||||
Ball Corp. | 1,126 | 64,767 | ||||||
Veralto Corp. | 783 | 64,410 | ||||||
Hubbell, Inc. | 191 | 62,826 | ||||||
IDEX Corp. | 269 | 58,403 | ||||||
Jacobs Solutions, Inc. | 448 | 58,150 | ||||||
J.B. Hunt Transport Services, Inc. | 291 | 58,125 | ||||||
Jabil, Inc. | 456 | 58,094 | ||||||
Textron, Inc. | 700 | 56,294 | ||||||
Snap-on, Inc. | 188 | 54,302 | ||||||
Stanley Black & Decker, Inc. | 547 | 53,661 | ||||||
Masco Corp. | 801 | 53,651 | ||||||
Packaging Corporation of America | 319 | 51,968 | ||||||
Nordson Corp. | 193 | 50,983 | ||||||
Amcor plc | 5,159 | 49,733 | ||||||
Trimble, Inc.* | 888 | 47,241 | ||||||
Pentair plc | 590 | 42,899 | ||||||
Allegion plc | 313 | 39,654 | ||||||
Westrock Co. | 915 | 37,991 | ||||||
Huntington Ingalls Industries, Inc. | 142 | 36,869 | ||||||
A O Smith Corp. | 437 | 36,026 | ||||||
CH Robinson Worldwide, Inc. | 416 | 35,938 | ||||||
Generac Holdings, Inc.* | 219 | 28,304 | ||||||
Mohawk Industries, Inc.* | 188 | 19,458 | ||||||
Total Industrial | 10,997,896 | |||||||
Energy - 3.0% | ||||||||
Exxon Mobil Corp. | 14,300 | 1,429,714 | ||||||
Chevron Corp. | 6,267 | 934,786 | ||||||
ConocoPhillips | 4,239 | 492,021 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Shares | Value | |||||||
COMMON STOCKS† - 74.5% (continued) | ||||||||
Energy - 3.0% (continued) | ||||||||
Schlumberger N.V. | 5,099 | $ | 265,352 | |||||
EOG Resources, Inc. | 2,082 | 251,818 | ||||||
Phillips 66 | 1,571 | 209,163 | ||||||
Marathon Petroleum Corp. | 1,355 | 201,028 | ||||||
Pioneer Natural Resources Co. | 832 | 187,100 | ||||||
Valero Energy Corp. | 1,215 | 157,950 | ||||||
Williams Companies, Inc. | 4,343 | 151,267 | ||||||
ONEOK, Inc. | 2,080 | 146,057 | ||||||
Hess Corp. | 987 | 142,286 | ||||||
Occidental Petroleum Corp. | 2,357 | 140,736 | ||||||
Baker Hughes Co. | 3,592 | 122,775 | ||||||
Kinder Morgan, Inc. | 6,903 | 121,769 | ||||||
Halliburton Co. | 3,195 | 115,499 | ||||||
Devon Energy Corp. | 2,287 | 103,601 | ||||||
Diamondback Energy, Inc. | 639 | 99,096 | ||||||
Targa Resources Corp. | 796 | 69,148 | ||||||
Coterra Energy, Inc. — Class A | 2,685 | 68,521 | ||||||
First Solar, Inc.* | 381 | 65,639 | ||||||
Enphase Energy, Inc.* | 487 | 64,352 | ||||||
Equities Corp. | 1,468 | 56,753 | ||||||
Marathon Oil Corp. | 2,089 | 50,470 | ||||||
APA Corp. | 1,095 | 39,289 | ||||||
Total Energy | 5,686,190 | |||||||
Utilities - 1.7% | ||||||||
NextEra Energy, Inc. | 7,324 | 444,860 | ||||||
Southern Co. | 3,893 | 272,977 | ||||||
Duke Energy Corp. | 2,751 | 266,957 | ||||||
Sempra | 2,247 | 167,918 | ||||||
American Electric Power Company, Inc. | 1,877 | 152,450 | ||||||
Dominion Energy, Inc. | 2,987 | 140,389 | ||||||
PG&E Corp. | 7,616 | 137,317 | ||||||
Constellation Energy Corp. | 1,140 | 133,255 | ||||||
Exelon Corp. | 3,554 | 127,589 | ||||||
Xcel Energy, Inc. | 1,970 | 121,963 | ||||||
Consolidated Edison, Inc. | 1,232 | 112,075 | ||||||
Public Service Enterprise Group, Inc. | 1,779 | 108,786 | ||||||
Edison International | 1,368 | 97,798 | ||||||
WEC Energy Group, Inc. | 1,126 | 94,775 | ||||||
American Water Works Company, Inc. | 695 | 91,733 | ||||||
DTE Energy Co. | 736 | 81,151 | ||||||
Eversource Energy | 1,247 | 76,965 | ||||||
Entergy Corp. | 754 | 76,297 | ||||||
PPL Corp. | 2,631 | 71,300 | ||||||
Ameren Corp. | 939 | 67,927 | ||||||
FirstEnergy Corp. | 1,844 | 67,601 | ||||||
CenterPoint Energy, Inc. | 2,253 | 64,368 | ||||||
Atmos Energy Corp. | 530 | 61,427 | ||||||
CMS Energy Corp. | 1,042 | 60,509 | ||||||
Alliant Energy Corp. | 910 | 46,683 | ||||||
AES Corp. | 2,390 | 46,008 | ||||||
Evergy, Inc. | 820 | 42,804 | ||||||
NRG Energy, Inc. | 806 | 41,670 | ||||||
NiSource, Inc. | 1,475 | 39,161 | ||||||
Pinnacle West Capital Corp. | 404 | 29,023 | ||||||
Total Utilities | 3,343,736 | |||||||
Basic Materials - 1.5% | ||||||||
Linde plc | 1,730 | 710,528 | ||||||
Sherwin-Williams Co. | 841 | 262,308 | ||||||
Freeport-McMoRan, Inc. | 5,119 | 217,916 | ||||||
Air Products and Chemicals, Inc. | 793 | 217,123 | ||||||
Ecolab, Inc. | 906 | 179,705 | ||||||
Newmont Corp. | 4,114 | 170,279 | ||||||
Nucor Corp. | 877 | 152,633 | ||||||
Dow, Inc. | 2,504 | 137,319 | ||||||
PPG Industries, Inc. | 841 | 125,772 | ||||||
DuPont de Nemours, Inc. | 1,535 | 118,088 | ||||||
LyondellBasell Industries N.V. — Class A | 914 | 86,903 | ||||||
International Flavors & Fragrances, Inc. | 911 | 73,764 | ||||||
Steel Dynamics, Inc. | 542 | 64,010 | ||||||
Albemarle Corp. | 419 | 60,537 | ||||||
Celanese Corp. — Class A | 358 | 55,623 | ||||||
CF Industries Holdings, Inc. | 682 | 54,219 | ||||||
International Paper Co. | 1,235 | 44,645 | ||||||
Mosaic Co. | 1,166 | 41,661 | ||||||
Eastman Chemical Co. | 423 | 37,994 | ||||||
FMC Corp. | 445 | 28,057 | ||||||
Total Basic Materials | 2,839,084 | |||||||
Total Common Stocks | ||||||||
(Cost $95,225,986) | 142,911,720 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 10.0% | ||||||||
U.S. Treasury Bills | ||||||||
5.27% due 02/22/241,2 | $ | 11,300,000 | 11,215,998 | |||||
5.22% due 02/22/242 | 4,300,000 | 4,268,035 | ||||||
5.17% due 01/09/242,3 | 3,183,000 | 3,179,754 | ||||||
5.25% due 02/22/242 | 400,000 | 397,027 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $19,057,788) | 19,060,814 | |||||||
REPURCHASE AGREEMENTS††,4 - 7.4% | ||||||||
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/241 | 7,890,970 | 7,890,970 | ||||||
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/241 | 6,359,224 | 6,359,224 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $14,250,194) | 14,250,194 | |||||||
Total Investments - 91.9% | ||||||||
(Cost $128,533,968) | $ | 176,222,728 | ||||||
Other Assets & Liabilities, net - 8.1% | 15,596,118 | |||||||
Total Net Assets - 100.0% | $ | 191,818,846 |
S&P 500® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2023 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 60 | Mar 2024 | $ | 14,457,000 | $ | 2,830 |
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†† | ||||||||||||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 5.85% (SOFR + 0.45%) | At Maturity | 03/20/24 | 18,890 | $ | 90,100,814 | $ | 757,290 | ||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 5.83% (Federal Funds Rate + 0.50%) | At Maturity | 03/21/24 | 24,417 | 116,466,000 | 725,370 | ||||||||||||||
BNP Paribas | S&P 500 Index | Pay | 5.93% (Federal Funds Rate + 0.60%) | At Maturity | 03/21/24 | 4,111 | 19,608,366 | 293,847 | ||||||||||||||
$ | 226,175,180 | $ | 1,776,507 |
* | 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, 2023. |
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, 2023. |
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, 2023 (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 | $ | 142,911,720 | $ | — | $ | — | $ | 142,911,720 | ||||||||
U.S. Treasury Bills | — | 19,060,814 | — | 19,060,814 | ||||||||||||
Repurchase Agreements | — | 14,250,194 | — | 14,250,194 | ||||||||||||
Equity Futures Contracts** | 2,830 | — | — | 2,830 | ||||||||||||
Equity Index Swap Agreements** | — | 1,776,507 | — | 1,776,507 | ||||||||||||
Total Assets | $ | 142,914,550 | $ | 35,087,515 | $ | — | $ | 178,002,065 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 1 – Organization and Significant Accounting Policies
Organization
The Rydex Dynamic Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company, 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”) adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. 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 other assets.
Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing service provider.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
If the pricing service provider cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.
Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.
Open-end investment companies are valued at their net asset value (“NAV”) as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.
U.S. Government securities are valued by pricing service providers, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.
Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from pricing service providers, 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.
Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
Swap agreements entered into by a fund are generally valued using an evaluated price provided by a pricing service provider.
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 anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.
In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.
Note 2 – Derivatives
As part of their investment strategy, the Funds utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.
The Funds may utilize derivatives for the following purposes:
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)
If a Fund's investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. 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 Funds' Schedules of Investments.
Swap Agreements
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as 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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”
Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.
Note 4 – Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The 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, 2023, 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 5.33% Due 01/02/24 | $ | 132,111,694 | $ | 132,170,374 | U.S. Treasury Notes 0.38% - 4.50% Due 03/31/24 - 02/15/33 | $ | 135,741,000 | $ | 134,749,446 | |||||||||
U.S. Treasury Bills 0.00% Due 01/16/24 - 10/03/24 | 1,900 | 1,857 | ||||||||||||||||
U.S. Treasury Strip 0.00% Due 11/15/30 | 2,000 | 1,538 | ||||||||||||||||
U.S. Treasury Bonds 4.75% - 6.63% Due 02/15/27 - 11/15/43 | 900 | 980 | ||||||||||||||||
U.S. Treasury Floating Rate Note 5.53% Due 01/31/25 | 200 | 202 | ||||||||||||||||
135,746,000 | 134,754,023 | |||||||||||||||||
BofA Securities, Inc. 5.35% Due 01/02/24 | 106,467,001 | 106,514,467 | U.S. Treasury Strip 0.00% Due 02/15/41 | 201,313,820 | 96,703,107 | |||||||||||||
U.S. Treasury Bond 2.88% Due 05/15/49 | 14,701,200 | 11,834,352 | ||||||||||||||||
U.S. Treasury Note 1.63% Due 08/15/29 | 65,700 | 58,882 | ||||||||||||||||
216,080,720 | 108,596,341 |
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, 2023, 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 | $ | 2,724,746 | $ | 2,860,387 | ||||
Russell 2000® 2x Strategy Fund | 250,281 | 265,022 |
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
Note 6 – Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.
Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.
At December 31, 2023, 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 | $ | 29,263,078 | $ | 9,969,777 | $ | – | $ | 9,969,777 | ||||||||
Inverse Dow 2x Strategy Fund | 4,876,192 | 109 | (111,261 | ) | (111,152 | ) | ||||||||||
Inverse NASDAQ-100® 2x Strategy Fund | 15,013,697 | 921 | (268,406 | ) | (267,485 | ) | ||||||||||
Inverse Russell 2000® 2x Strategy Fund | 6,869,065 | 40,721 | (140,110 | ) | (99,389 | ) | ||||||||||
Inverse S&P 500® 2x Strategy Fund | 44,096,636 | 86,877 | (30,883 | ) | 55,994 | |||||||||||
NASDAQ-100® 2x Strategy Fund | 789,079,923 | 219,884,887 | (153,812 | ) | 219,731,075 | |||||||||||
Russell 2000® 2x Strategy Fund | 73,225,308 | 2,397,088 | (1,809,060 | ) | 588,028 | |||||||||||
S&P 500® 2x Strategy Fund | 168,372,271 | 9,636,140 | (6,346 | ) | 9,629,794 |
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 may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, 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 ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.
OTHER INFORMATION (Unaudited)
Sector Classification
Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.