| COMMON STOCKS - 113.4% | | Shares | | | Value |
| Administrative and Support Services - 3.1% | | |
Booking Holdings, Inc. (a) | | 104 | | $ | 406,560 |
Bread Financial Holdings, Inc. (a) | | 25,748 | | | 1,497,761 |
Expedia Group, Inc. (a)(b) | | 6,400 | | | 890,176 |
Janus Henderson Group PLC (a) | | 41,409 | | | 1,557,393 |
PayPal Holdings, Inc. (b) | | 10,566 | | | 765,295 |
| | | | | | 5,117,185 |
| | | | | | | |
| Air Transportation - 0.3% | | |
SkyWest, Inc. (a)(b) | | 6,162 | | | 477,802 |
| | | | | | | |
| Ambulatory Health Care Services - 0.9% | | |
DaVita, Inc. (a)(b) | | 8,385 | | | 1,265,464 |
Natera, Inc. (b) | | 1,539 | | | 182,002 |
| | | | | | 1,447,466 |
| | | | | | | |
| Beverage and Tobacco Product Manufacturing - 0.8% | | |
Altria Group, Inc. (a) | | 24,717 | | | 1,329,033 |
| | | | | | | |
| Broadcasting and Content Providers - 0.1% | | |
Spotify Technology SA (a)(b) | | 627 | | | 214,986 |
| | | | | | | |
| Building Material and Garden Equipment and Supplies Dealers - 1.1% | | |
Home Depot, Inc. (a) | | 5,044 | | | 1,858,714 |
| | | | | | | |
| Chemical Manufacturing - 7.8% | | |
AbbVie, Inc. (a) | | 8,619 | | | 1,691,996 |
ADMA Biologics, Inc. (a)(b) | | 41,013 | | | 709,935 |
Alnylam Pharmaceuticals, Inc. (a)(b) | | 724 | | | 190,188 |
Amgen, Inc. (a) | | 3,191 | | | 1,065,252 |
Bristol-Myers Squibb Co. (a) | | 16,202 | | | 809,290 |
Gilead Sciences, Inc. (a) | | 18,805 | | | 1,485,595 |
Halozyme Therapeutics, Inc. (a)(b) | | 27,377 | | | 1,748,021 |
Lantheus Holdings, Inc. (a)(b) | | 7,031 | | | 748,591 |
Merck & Co., Inc. (a) | | 7,095 | | | 840,403 |
Organon & Co. (a) | | 72,532 | | | 1,621,090 |
Procter & Gamble Co. (a) | | 7,493 | | | 1,285,349 |
Viatris, Inc. (a) | | 42,692 | | | 515,719 |
| | | | | | 12,711,429 |
| | | | | | | |
| Clothing, Clothing Accessories, Shoe and Jewelry Retailers - 0.1% | | |
Abercrombie & Fitch Co. - Class A (a)(b) | | 1,385 | | | 204,385 |
| | | | | | | |
| Computer and Electronic Product Manufacturing - 19.3% | | |
| Apple, Inc. | | 16,274 | | | 3,726,746 |
Arista Networks, Inc. (a)(b) | | 8,393 | | | 2,965,918 |
Broadcom, Inc. (a) | | 25,163 | | | 4,097,040 |
InterDigital, Inc. (a) | | 7,790 | | | 1,079,382 |
International Business Machines Corp. (a) | | 12,892 | | | 2,605,860 |
Micron Technology, Inc. (a) | | 21,866 | | | 2,104,384 |
NetApp, Inc. (a) | | 22,582 | | | 2,726,099 |
NVIDIA Corp. (a) | | 55,474 | | | 6,621,931 |
QUALCOMM, Inc. (a) | | 25,089 | | | 4,398,102 |
Vertiv Holdings Co. - Class A (a) | | 11,823 | | | 981,664 |
| | | | | | 31,307,126 |
| | | | | | | |
| Construction of Buildings - 0.6% | | |
M/I Homes, Inc. (a)(b) | | 2,561 | | | 408,146 |
NVR, Inc. (a)(b) | | 60 | | | 550,348 |
| | | | | | 958,494 |
| | | | | | | |
| Couriers and Messengers - 0.5% | | |
FedEx Corp. (a) | | 2,799 | | | 836,257 |
| | | | | | | |
| Credit Intermediation and Related Activities - 7.7% | | |
Bank of America Corp. (a) | | 33,591 | | | 1,368,833 |
Citizens Financial Group, Inc. (a) | | 27,257 | | | 1,173,414 |
Coinbase Global, Inc. - Class A (a)(b) | | 2,574 | | | 471,969 |
Euronet Worldwide, Inc. (a)(b) | | 7,421 | | | 800,800 |
Fifth Third Bancorp (a) | | 23,771 | | | 1,014,784 |
JPMorgan Chase & Co. (a) | | 5,946 | | | 1,336,661 |
Northern Trust Corp. (a) | | 16,725 | | | 1,525,487 |
Regions Financial Corp. (a) | | 50,494 | | | 1,182,569 |
Synchrony Financial (a) | | 29,532 | | | 1,484,278 |
UMB Financial Corp. (a) | | 11,183 | | | 1,158,447 |
Wells Fargo & Co. (a) | | 18,033 | | | 1,054,390 |
| | | | | | 12,571,632 |
| | | | | | | |
| Data Processing, Hosting & Related Services - 0.8% | | |
Pagseguro Digital Ltd. - Class A (a)(b) | | 111,703 | | | 1,236,552 |
| | | | | | | |
| Fabricated Metal Product Manufacturing - 1.3% | | |
Mueller Industries, Inc. (a) | | 17,530 | | | 1,274,607 |
Mueller Water Products, Inc. - Class A (a) | | 42,558 | | | 913,720 |
| | | | | | 2,188,327 |
| | | | | | | |
| Food and Beverage Stores - 0.2% | | |
Kroger Co. (a) | | 5,935 | | | 315,801 |
| | | | | | | |
| Food Manufacturing - 1.4% | | |
Pilgrim's Pride Corp. (a)(b) | | 28,019 | | | 1,305,125 |
Tyson Foods, Inc. - Class A (a) | | 14,152 | | | 910,115 |
| | | | | | 2,215,240 |
| | | | | | | |
| Food Services and Drinking Places - 0.1% | | |
Cava Group, Inc. (a)(b) | | 1,603 | | | 182,806 |
| | | | | | | |
| Funds, Trust, and Other Financial Vehicles - 1.2% | | |
Garmin Ltd. (a) | | 3,280 | | | 601,191 |
SEI Investments Co. (a) | | 19,498 | | | 1,318,650 |
| | | | | | 1,919,841 |
| | | | | | | |
| General Merchandise Retailers - 2.0% | | |
Walmart, Inc. (a) | | 41,741 | | | 3,223,657 |
| | | | | | | |
| Heavy and Civil Engineering Construction - 2.1% | | |
Granite Construction, Inc. (a) | | 13,631 | | | 1,024,506 |
MasTec, Inc. (b) | | 4,643 | | | 525,263 |
Primoris Services Corp. (a) | | 16,068 | | | 906,878 |
Sterling Infrastructure, Inc. (a)(b) | | 7,844 | | | 937,593 |
| | | | | | 3,394,240 |
| | | | | | | |
| Hospitals - 1.8% | | |
Tenet Healthcare Corp. (a)(b) | | 8,586 | | | 1,423,903 |
Universal Health Services, Inc. - Class B (a) | | 6,026 | | | 1,434,007 |
| | | | | | 2,857,910 |
| | | | | | | |
| Insurance Carriers and Related Activities - 5.0% | | |
Centene Corp. (a)(b) | | 15,569 | | | 1,227,304 |
CNA Financial Corp. (a) | | 15,868 | | | 823,867 |
Frontdoor, Inc. (a)(b) | | 25,297 | | | 1,216,280 |
Jackson Financial, Inc. - Class A (a) | | 15,195 | | | 1,367,094 |
MetLife, Inc. (a) | | 11,536 | | | 893,809 |
Progressive Corp. (a) | | 3,557 | | | 897,075 |
Reinsurance Group of America, Inc. (a) | | 3,997 | | | 882,378 |
W R Berkley Corp. (a) | | 15,109 | | | 902,007 |
| | | | | | 8,209,814 |
| | | | | | | |
| Machinery Manufacturing - 1.2% | | |
Caterpillar, Inc. (a) | | 2,474 | | | 880,992 |
KLA Corp. (a) | | 1,210 | | | 991,510 |
| | | | | | 1,872,502 |
| | | | | | | |
| Management of Companies and Enterprises - 0.7% | | |
Bunge Global SA (a) | | 11,926 | | | 1,209,058 |
| | | | | | | |
| Merchant Wholesalers, Durable Goods - 2.0% | | |
Allison Transmission Holdings, Inc. (a) | | 9,609 | | | 891,235 |
| Avnet, Inc. | | 28,147 | | | 1,553,151 |
Resideo Technologies, Inc. (a)(b) | | 37,682 | | | 759,669 |
| | | | | | 3,204,055 |
| | | | | | | |
| Merchant Wholesalers, Nondurable Goods - 2.8% | | |
Amneal Pharmaceuticals, Inc. (a)(b) | | 161,521 | | | 1,398,772 |
Cardinal Health, Inc. (a) | | 6,473 | | | 729,636 |
Cencora, Inc. (a) | | 4,971 | | | 1,190,902 |
McKesson Corp. (a) | | 2,232 | | | 1,252,331 |
| | | | | | 4,571,641 |
| | | | | | | |
| Mining (except Oil and Gas) - 1.8% | | |
Freeport-McMoRan, Inc. (a) | | 14,770 | | | 654,016 |
Knife River Corp. (a)(b) | | 7,184 | | | 566,602 |
Newmont Corp. (a) | | 19,235 | | | 1,026,957 |
Southern Copper Corp. (a) | | 6,751 | | | 686,718 |
| | | | | | 2,934,293 |
| | | | | | | |
| Miscellaneous Manufacturing - 1.0% | | |
Johnson & Johnson (a) | | 9,341 | | | 1,549,298 |
| | | | | | | |
| Motor Vehicle and Parts Dealers - 2.2% | | |
Carvana Co. (a)(b) | | 17,440 | | | 2,626,813 |
Murphy USA, Inc. (a) | | 1,763 | | | 916,108 |
| | | | | | 3,542,921 |
| | | | | | | |
| Nonmetallic Mineral Product Manufacturing - 1.2% | | |
Corning, Inc. (a) | | 12,159 | | | 508,854 |
Eagle Materials, Inc. (a) | | 1,893 | | | 487,921 |
Patrick Industries, Inc. (a) | | 7,060 | | | 912,293 |
| | | | | | 1,909,068 |
| | | | | | | |
| Nonstore Retailers - 2.4% | | |
Amazon.com, Inc. (a)(b) | | 21,415 | | | 3,822,578 |
| | | | | | | |
| Oil and Gas Extraction - 1.4% | | |
Devon Energy Corp. (a) | | 14,035 | | | 628,487 |
| Exxon Mobil Corp. | | 8,401 | | | 990,814 |
Marathon Oil Corp. (a) | | 23,950 | | | 686,168 |
| | | | | | 2,305,469 |
| | | | | | | |
| Other Information Services - 3.1% | | |
Meta Platforms, Inc. - Class A (a) | | 9,623 | | | 5,016,566 |
| | | | | | | |
| Paper Manufacturing - 0.9% | | |
Kimberly-Clark Corp. (a) | | 4,483 | | | 648,511 |
Sylvamo Corp. (a) | | 11,268 | | | 891,186 |
| | | | | | 1,539,697 |
| | | | | | | |
| Petroleum and Coal Products Manufacturing - 2.1% | | |
Chevron Corp. (a) | | 6,145 | | | 909,153 |
Marathon Petroleum Corp. (a) | | 7,305 | | | 1,293,861 |
Valero Energy Corp. (a) | | 7,815 | | | 1,146,695 |
| | | | | | 3,349,709 |
| | | | | | | |
| Pipeline Transportation - 0.7% | | |
Scorpio Tankers, Inc. (a) | | 16,327 | | | 1,168,034 |
| | | | | | | |
| Professional, Scientific, and Technical Services - 11.7% | | |
Alphabet, Inc. - Class A (a) | | 27,809 | | | 4,543,434 |
Alphabet, Inc. - Class C (a) | | 12,564 | | | 2,074,442 |
AppLovin Corp. - Class A (a)(b) | | 31,011 | | | 2,879,991 |
Eaton Corp. PLC (a) | | 2,671 | | | 819,810 |
GoDaddy, Inc. - Class A (a)(b) | | 17,568 | | | 2,941,059 |
H&R Block, Inc. (a) | | 13,460 | | | 852,153 |
Jacobs Solutions, Inc. (a) | | 3,269 | | | 493,227 |
| Leidos Holdings, Inc. | | 3,931 | | | 623,103 |
Nutanix, Inc. - Class A (a)(b) | | 22,152 | | | 1,399,785 |
Oracle Corp. (a) | | 12,117 | | | 1,712,011 |
Science Applications International Corp. (a) | | 4,755 | | | 620,955 |
| | | | | | 18,959,970 |
| | | | | | | |
| Publishing Industries - 7.1% | | |
ACI Worldwide, Inc. (a)(b) | | 37,745 | | | 1,900,838 |
CommVault Systems, Inc. (a)(b) | | 17,872 | | | 2,777,309 |
DocuSign, Inc. (a)(b) | | 30,921 | | | 1,830,832 |
Hewlett Packard Enterprise Co. (a) | | 144,825 | | | 2,805,260 |
| Microsoft Corp. | | 5,525 | | | 2,304,699 |
| | | | | | 11,618,938 |
| | | | | | | |
| Rail Transportation - 0.3% | | |
Union Pacific Corp. (a) | | 1,971 | | | 504,753 |
| | | | | | | |
| Real Estate - 0.3% | | |
Jones Lang LaSalle, Inc. (a)(b) | | 2,049 | | | 522,966 |
| | | | | | | |
| Rental and Leasing Services - 0.3% | | |
Netflix, Inc. (a)(b) | | 724 | | | 507,777 |
| | | | | | | |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 2.0% | | |
Affiliated Managers Group, Inc. (a) | | 9,384 | | | 1,631,221 |
StoneX Group, Inc. (a)(b) | | 19,437 | | | 1,610,550 |
| | | | | | 3,241,771 |
| | | | | | | |
| Specialty Trade Contractors - 2.2% | | |
ABM Industries, Inc. (a) | | 10,957 | | | 626,192 |
EMCOR Group, Inc. (a) | | 3,331 | | | 1,309,283 |
IES Holdings, Inc. (a)(b) | | 6,379 | | | 1,189,875 |
Installed Building Products, Inc. (a) | | 2,055 | | | 456,847 |
| | | | | | 3,582,197 |
| | | | | | | |
| Sporting Goods, Hobby, Musical Instrument, Book, and Miscellaneous Retailers - 0.3% | | |
| Dick's Sporting Goods, Inc. | | 1,896 | | | 449,276 |
| | | | | | | |
| Support Activities for Mining - 0.4% | | |
Royal Gold, Inc. (a) | | 4,483 | | | 628,382 |
| | | | | | | |
| Support Activities for Transportation - 1.1% | | |
Brink's Co. (a) | | 6,777 | | | 751,773 |
CH Robinson Worldwide, Inc. (a) | | 10,687 | | | 1,106,211 |
| | | | | | 1,857,984 |
| | | | | | | |
| Telecommunications - 1.0% | | |
AT&T, Inc. (a) | | 78,901 | | | 1,570,130 |
| | | | | | | |
| Transportation Equipment Manufacturing - 2.0% | | |
| Atmus Filtration Technologies, Inc. | | 15,471 | | | 554,636 |
General Motors Co. (a) | | 20,522 | | | 1,021,585 |
Lockheed Martin Corp. (a) | | 1,522 | | | 864,648 |
Tesla, Inc. (a)(b) | | 4,139 | | | 886,201 |
| | | | | | 3,327,070 |
| | | | | | | |
| Utilities - 2.7% | | |
Avista Corp. (a) | | 23,659 | | | 914,184 |
NextEra Energy, Inc. (a) | | 10,638 | | | 856,465 |
NRG Energy, Inc. (a) | | 10,933 | | | 929,414 |
Pinnacle West Capital Corp. (a) | | 10,562 | | | 924,386 |
Vistra Corp. (a) | | 9,269 | | | 791,851 |
| | | | | | 4,416,300 |
| | | | | | | |
| Water Transportation - 0.3% | | |
Carnival Corp. (a)(b) | | 27,792 | | | 458,568 |
TOTAL COMMON STOCKS (Cost $165,967,776) | | | 184,419,668 |
| | | | | | | |
| REAL ESTATE INVESTMENT TRUSTS - 3.1% | | Shares | | | Value |
| Real Estate - 2.5% | | |
CareTrust REIT, Inc. (a) | | 18,664 | | | 557,680 |
Equity Residential (a) | | 9,169 | | | 686,575 |
Lamar Advertising Co. - Class A (a) | | 4,907 | | | 617,203 |
National Storage Affiliates Trust (a) | | 18,718 | | | 874,879 |
Simon Property Group, Inc. (a) | | 3,982 | | | 666,388 |
STAG Industrial, Inc. (a) | | 13,555 | | | 550,062 |
| | | | | | 3,952,787 |
| | | | | | | |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities - 0.6% | | |
Innovative Industrial Properties, Inc. (a) | | 8,240 | | | 1,024,067 |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,348,210) | | | 4,976,854 |
| | | | | | | |
SHORT-TERM INVESTMENTS - 0.0%(c) | | | | |
Money Market Funds - 0.0%(c) | | Shares | | | |
First American Government Obligations Fund - Class X, 4.82% (d) | | 33,720 | | | 33,720 |
TOTAL SHORT-TERM INVESTMENTS (Cost $33,720) | | | 33,720 |
| | | | | | | |
TOTAL INVESTMENTS - 116.5% (Cost $170,349,706) | | | 189,430,242 |
| Liabilities in Excess of Other Assets - (16.5)% | | | (26,875,721) |
| TOTAL NET ASSETS - 100.0% | | | | | $ | 162,554,521 |
| | | |
| Percentages are stated as a percent of net assets. | | |
COMMON STOCKS - (49.1)% | | Shares | | | Value |
| Accommodation - (0.6)% | | |
| Hilton Grand Vacations, Inc. | | (4,448) | | $ | (171,604) |
| Las Vegas Sands Corp. | | (14,357) | | | (559,779) |
| Vail Resorts, Inc. | | (1,476) | | | (268,189) |
| | | | | | (999,572) |
| | | | | | |
| Administrative and Support Services - (1.8)% | | |
| ACV Auctions, Inc. - Class A | | (8,723) | | | (163,207) |
| Carlyle Group, Inc. | | (6,217) | | | (249,488) |
| EVERTEC, Inc. | | (15,787) | | | (540,705) |
| Live Nation Entertainment, Inc. | | (7,963) | | | (777,746) |
| RB Global, Inc. | | (4,126) | | | (355,372) |
| ROBLOX Corp. - Class A | | (5,346) | | | (235,171) |
| Shift4 Payments, Inc. - Class A | | (6,594) | | | (547,962) |
| | | | | | (2,869,651) |
| | | | | | |
| Air Transportation - (0.3)% | | |
| American Airlines Group, Inc. | | (17,823) | | | (189,280) |
| Southwest Airlines Co. | | (11,779) | | | (340,649) |
| | | | | | (529,929) |
| | | | | | |
| Ambulatory Health Care Services - (0.2)% | | |
| agilon health, Inc. | | (43,037) | | | (175,591) |
| Progyny, Inc. | | (8,265) | | | (194,145) |
| | | | | | (369,736) |
| | | | | | |
| Apparel Manufacturing - (0.1)% | | |
| VF Corp. | | (11,490) | | | (209,233) |
| | | | | | |
| Beverage and Tobacco Product Manufacturing - (0.6)% | | |
| Celsius Holdings, Inc. | | (11,899) | | | (452,519) |
| Monster Beverage Corp. | | (10,069) | | | (474,552) |
| | | | | | (927,071) |
| | | | | | |
| Broadcasting and Content Providers - (1.1)% | | |
| Liberty Broadband Corp. - Class C | | (15,130) | | | (943,809) |
| Nexstar Media Group, Inc. | | (868) | | | (148,324) |
| Warner Bros Discovery, Inc. | | (80,091) | | | (627,914) |
| | | | | | (1,720,047) |
| | | | | | |
| Chemical Manufacturing - (3.7)% | | |
| 10X Genomics, Inc. - Class A | | (7,486) | | | (174,798) |
| Air Products and Chemicals, Inc. | | (1,481) | | | (412,977) |
| Albemarle Corp. | | (4,777) | | | (431,124) |
| Apellis Pharmaceuticals, Inc. | | (10,148) | | | (394,757) |
| Bridgebio Pharma, Inc. | | (22,457) | | | (625,427) |
| Celldex Therapeutics, Inc. | | (8,595) | | | (355,231) |
| Coty, Inc. - Class A | | (29,296) | | | (274,797) |
| Crinetics Pharmaceuticals, Inc. | | (1,647) | | | (87,390) |
| Estee Lauder Cos., Inc. - Class A | | (3,786) | | | (347,025) |
| Exact Sciences Corp. | | (7,043) | | | (434,483) |
| Inter Parfums, Inc. | | (3,142) | | | (404,815) |
| Ionis Pharmaceuticals, Inc. | | (8,345) | | | (397,890) |
| Moderna, Inc. | | (1,263) | | | (97,756) |
| QuidelOrtho Corp. | | (7,040) | | | (297,440) |
| Regeneron Pharmaceuticals, Inc. | | (434) | | | (514,156) |
| Repligen Corp. | | (3,684) | | | (556,026) |
| Sherwin-Williams Co. | | (560) | | | (206,847) |
| | | | | | (6,012,939) |
| | | | | | |
| Computer and Electronic Product Manufacturing - (10.7)% | | |
| Advanced Energy Industries, Inc. | | (3,904) | | | (414,175) |
| Bio-Rad Laboratories, Inc. - Class A | | (1,187) | | | (400,399) |
| Bloom Energy Corp. - Class A | | (27,660) | | | (329,431) |
| Ciena Corp. | | (7,759) | | | (447,306) |
| Cisco Systems, Inc. | | (8,826) | | | (446,066) |
| Cognex Corp. | | (17,917) | | | (723,488) |
| EchoStar Corp. - Class A | | (29,010) | | | (537,845) |
| Enphase Energy, Inc. | | (4,807) | | | (581,839) |
| GLOBALFOUNDRIES, Inc. | | (19,049) | | | (889,207) |
| Illumina, Inc. | | (3,889) | | | (511,015) |
| Intel Corp. | | (76,540) | | | (1,686,942) |
| Kulicke & Soffa Industries, Inc. | | (14,494) | | | (634,982) |
| Lattice Semiconductor Corp. | | (18,558) | | | (878,907) |
| Lumentum Holdings, Inc. | | (19,797) | | | (1,140,505) |
| Microchip Technology, Inc. | | (13,514) | | | (1,110,310) |
| ON Semiconductor Corp. | | (8,234) | | | (641,182) |
| Super Micro Computer, Inc. | | (1,992) | | | (871,898) |
| Texas Instruments, Inc. | | (7,571) | | | (1,622,768) |
| TransMedics Group, Inc. | | (2,167) | | | (364,186) |
| Viasat, Inc. | | (11,760) | | | (184,632) |
| Vishay Intertechnology, Inc. | | (22,233) | | | (447,995) |
| Waters Corp. | | (1,242) | | | (430,167) |
| Western Digital Corp. | | (13,764) | | | (902,781) |
| Wolfspeed, Inc. | | (38,754) | | | (377,852) |
| Zebra Technologies Corp. - Class A | | (2,294) | | | (792,302) |
| | | | | | (17,368,180) |
| | | | | | |
| Credit Intermediation and Related Activities - (2.5)% | | |
| Affirm Holdings, Inc. | | (13,619) | | | (599,372) |
| Banc of California, Inc. | | (22,255) | | | (316,466) |
| Citigroup, Inc. | | (13,422) | | | (840,754) |
| Columbia Banking System, Inc. | | (13,406) | | | (337,563) |
| First Citizens BancShares, Inc./NC - Class A | | (157) | | | (318,820) |
| Flywire Corp. | | (22,993) | | | (416,403) |
| New York Community Bancorp, Inc. | | (35,628) | | | (386,208) |
| Pacific Premier Bancorp, Inc. | | (8,850) | | | (227,445) |
| Valley National Bancorp | | (40,833) | | | (354,430) |
| Western Alliance Bancorp | | (2,966) | | | (242,263) |
| | | | | | (4,039,724) |
| | | | | | |
| Data Processing, Hosting & Related Services - (0.7)% | | |
| Five9, Inc. | | (17,441) | | | (562,472) |
| Riot Platforms, Inc. | | (73,206) | | | (551,241) |
| | | | | | (1,113,713) |
| | | | | | |
| Electrical Equipment, Appliance, and Component Manufacturing - (0.2)% | | |
| Rockwell Automation, Inc. | | (1,063) | | | (289,168) |
| | | | | | |
| Fabricated Metal Product Manufacturing - (0.3)% | | |
| Chart Industries, Inc. | | (1,620) | | | (198,288) |
| Enovis Corp. | | (6,661) | | | (310,403) |
| | | | | | (508,691) |
| | | | | | |
| Food Manufacturing - (0.7)% | | |
| Hershey Co. | | (2,270) | | | (438,246) |
| J M Smucker Co. | | (2,252) | | | (258,259) |
| Lamb Weston Holdings, Inc. | | (7,164) | | | (443,595) |
| | | | | | (1,140,100) |
| | | | | | |
| Food Services and Drinking Places - (0.1)% | | |
| Darden Restaurants, Inc. | | (1,074) | | | (169,853) |
| | | | | | |
| Furniture, Home Furnishings, Electronics, and Appliance Retailers - (1.1)% | | |
| Floor & Decor Holdings, Inc. - Class A | | (8,644) | | | (971,931) |
| RH | | (3,427) | | | (869,430) |
| | | | | | (1,841,361) |
| | | | | | |
| General Merchandise Retailers - (0.6)% | | |
| Dollar Tree, Inc. | | (4,566) | | | (385,781) |
| Five Below, Inc. | | (7,702) | | | (580,962) |
| | | | | | (966,743) |
| | | | | | |
| Health and Personal Care Retailers - (0.2)% | | |
| Walgreens Boots Alliance, Inc. | | (39,327) | | | (363,775) |
| | | | | | |
| Heavy and Civil Engineering Construction - (0.1)% | | |
| Howard Hughes Holdings, Inc. | | (1,589) | | | (119,525) |
| | | | | | |
| Insurance Carriers and Related Activities - (0.9)% | | |
| Arthur J Gallagher & Co. | | (1,078) | | | (315,390) |
| Cincinnati Financial Corp. | | (2,360) | | | (323,391) |
| Kinsale Capital Group, Inc. | | (629) | | | (308,896) |
| RenaissanceRe Holdings Ltd. | | (1,413) | | | (360,018) |
| Willis Towers Watson PLC | | (527) | | | (153,942) |
| | | | | | (1,461,637) |
| | | | | | |
| Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) - (0.4)% | | |
| MARA Holdings Inc | | (34,892) | | | (582,696) |
| | | | | | |
| Machinery Manufacturing - (1.2)% | | |
| AGCO Corp. | | (4,225) | | | (384,644) |
| Brunswick Corp./DE | | (2,661) | | | (210,352) |
| General Electric Co. | | (3,372) | | | (588,819) |
| Hillenbrand, Inc. | | (9,992) | | | (329,336) |
| Xylem, Inc./NY | | (2,606) | | | (358,403) |
| | | | | | (1,871,554) |
| | | | | | |
| Management of Companies and Enterprises - (1.9)% | | |
| Atlanta Braves Holdings, Inc. - Class C | | (7,507) | | | (321,900) |
| CNH Industrial NV | | (24,192) | | | (250,145) |
| Globant SA | | (3,850) | | | (778,624) |
| Rivian Automotive, Inc. - Class A | | (46,797) | | | (661,242) |
| Smurfit WestRock PLC | | (7,776) | | | (368,738) |
| U-Haul Holding Co. | | (3,469) | | | (237,106) |
| White Mountains Insurance Group Ltd. | | (216) | | | (398,356) |
| | | | | | (3,016,111) |
| | | | | | |
| Merchant Wholesalers, Durable Goods - (1.0)% | | |
| LKQ Corp. | | (7,928) | | | (329,725) |
| Pool Corp. | | (2,467) | | | (867,447) |
| SiteOne Landscape Supply, Inc. | | (3,024) | | | (428,985) |
| | | | | | (1,626,157) |
| | | | | | |
| Merchant Wholesalers, Nondurable Goods - (0.2)% | | |
| Birkenstock Holding PLC | | (5,600) | | | (279,440) |
| | | | | | |
| Mining (except Oil and Gas) - (0.5)% | | |
| Summit Materials, Inc. - Class A | | (8,840) | | | (358,020) |
| Uranium Energy Corp. | | (53,169) | | | (278,074) |
| Vulcan Materials Co. | | (766) | | | (187,831) |
| | | | | | (823,925) |
| | | | | | |
| Miscellaneous Manufacturing - (1.6)% | | |
| Dexcom, Inc. | | (5,127) | | | (355,506) |
| Globus Medical, Inc. - Class A | | (4,520) | | | (328,604) |
| Inspire Medical Systems, Inc. | | (3,634) | | | (653,466) |
| iRhythm Technologies, Inc. | | (4,764) | | | (337,673) |
| Neogen Corp. | | (27,133) | | | (468,044) |
| Penumbra, Inc. | | (2,538) | | | (513,488) |
| | | | | | (2,656,781) |
| | | | | | |
| Motor Vehicle and Parts Dealers - (0.2)% | | |
| Lithia Motors, Inc. | | (1,098) | | | (330,586) |
| | | | | | |
| Oil and Gas Extraction - (1.0)% | | |
| Chesapeake Energy Corp. | | (3,406) | | | (253,713) |
| CNX Resources Corp. | | (13,143) | | | (363,667) |
| Dominion Energy, Inc. | | (9,388) | | | (524,789) |
| EQT Corp. | | (11,616) | | | (389,252) |
| ONE Gas, Inc. | | (2,288) | | | (157,735) |
| | | | | | (1,689,156) |
| | | | | | |
| Performing Arts, Spectator Sports, and Related Industries - (0.2)% | | |
| Caesars Entertainment, Inc. | | (8,409) | | | (316,515) |
| | | | | | |
| Plastics and Rubber Products Manufacturing - (0.3)% | | |
| Goodyear Tire & Rubber Co. | | (51,673) | | | (455,756) |
| | | | | | |
| Primary Metal Manufacturing - (0.2)% | | |
| Alcoa Corp. | | (5,962) | | | (191,380) |
| Worthington Enterprises, Inc. | | (2,933) | | | (134,332) |
| | | | | | (325,712) |
| | | | | | |
| Professional, Scientific, and Technical Services - (3.1)% | | |
| Aspen Technology, Inc. | | (4,780) | | | (1,119,189) |
| CG oncology, Inc. | | (5,037) | | | (185,765) |
| DoubleVerify Holdings, Inc. | | (42,526) | | | (837,762) |
| Paycom Software, Inc. | | (1,316) | | | (214,218) |
| REVOLUTION Medicines, Inc. | | (12,196) | | | (519,915) |
| Take-Two Interactive Software, Inc. | | (5,515) | | | (891,831) |
| Trade Desk, Inc. - Class A | | (3,554) | | | (371,500) |
| Unity Software, Inc. | | (51,467) | | | (842,515) |
| | | | | | (4,982,695) |
| | | | | | |
| Publishing Industries - (2.9)% | | |
| Adobe, Inc. | | (976) | | | (560,624) |
| BILL Holdings, Inc. | | (15,335) | | | (836,678) |
| Braze, Inc. - Class A | | (18,695) | | | (837,162) |
| Confluent, Inc. - Class A | | (39,965) | | | (848,057) |
| Dayforce, Inc. | | (4,048) | | | (231,424) |
| Paycor HCM, Inc. | | (17,246) | | | (244,203) |
| Toast, Inc. - Class A | | (20,650) | | | (513,359) |
| ZoomInfo Technologies, Inc. | | (57,021) | | | (563,938) |
| | | | | | (4,635,445) |
| | | | | | |
| Real Estate - (0.1)% | | |
| Marriott Vacations Worldwide Corp. | | (2,281) | | | (168,794) |
| | | | | | |
| Rental and Leasing Services - (0.8)% | | |
| Air Lease Corp. | | (9,755) | | | (451,364) |
| Avis Budget Group, Inc. | | (1,201) | | | (98,470) |
| FTAI Aviation Ltd. | | (2,791) | | | (356,717) |
| WillScot Holdings Corp. | | (10,407) | | | (401,086) |
| | | | | | (1,307,637) |
| | | | | | |
| Repair and Maintenance - (0.4)% | | |
| Driven Brands Holdings, Inc. | | (11,788) | | | (169,040) |
| Mister Car Wash, Inc. | | (24,262) | | | (157,946) |
| Valvoline, Inc. | | (8,478) | | | (357,771) |
| | | | | | (684,757) |
| | | | | | |
| Securities, Commodity Contracts, and Other Financial Investments and Related Activities - (2.4)% | | |
| Blackstone, Inc. | | (3,488) | | | (496,552) |
| LPL Financial Holdings, Inc. | | (2,387) | | | (535,500) |
| MarketAxess Holdings, Inc. | | (2,485) | | | (602,339) |
| Morgan Stanley | | (4,168) | | | (431,846) |
| Nasdaq, Inc. | | (7,308) | | | (526,761) |
| New Fortress Energy, Inc. | | (13,622) | | | (167,823) |
| Roivant Sciences Ltd. | | (40,344) | | | (493,407) |
| SoFi Technologies, Inc. | | (43,987) | | | (351,456) |
| XP, Inc. - Class A | | (19,644) | | | (361,646) |
| | | | | | (3,967,330) |
| | | | | | |
| Social Assistance - (0.3)% | | |
| IAC, Inc. | | (10,569) | | | (557,832) |
| | | | | | |
| Software Publishers - (0.6)% | | |
| MongoDB, Inc. | | (3,424) | | | (995,665) |
| | | | | | |
| Support Activities for Mining - (0.7)% | | |
| Atlas Energy Solutions, Inc. | | (12,013) | | | (253,354) |
| Gulfport Energy Corp. | | (2,381) | | | (345,388) |
| Noble Corp. PLC | | (7,583) | | | (289,292) |
| Patterson-UTI Energy, Inc. | | (29,783) | | | (274,301) |
| | | | | | (1,162,335) |
| | | | | | |
| Support Activities for Transportation - (0.2)% | | |
| XPO, Inc. | | (2,655) | | | (304,316) |
| | | | | | |
| Telecommunications - (0.4)% | | |
| Cogent Communications Holdings, Inc. | | (9,494) | | | (664,390) |
| | | | | | |
| Transportation Equipment Manufacturing - (0.7)% | | |
| AeroVironment, Inc. | | (1,686) | | | (343,539) |
| Boeing Co. | | (3,691) | | | (641,274) |
| Fox Factory Holding Corp. | | (3,437) | | | (139,130) |
| Joby Aviation, Inc. | | (18,386) | | | (91,930) |
| | | | | | (1,215,873) |
| | | | | | |
| Truck Transportation - (0.4)% | | |
| Maplebear, Inc. | | (20,130) | | | (722,466) |
| | | | | | |
| Utilities - (0.9)% | | |
| AES Corp. | | (9,060) | | | (155,198) |
| American States Water Co. | | (1,914) | | | (155,838) |
| Essential Utilities, Inc. | | (6,784) | | | (264,508) |
| ONEOK, Inc. | | (4,197) | | | (387,635) |
| Sempra | | (6,470) | | | (531,704) |
| | | | | | (1,494,883) |
TOTAL COMMON STOCKS (Proceeds $82,610,115) | | | (79,859,455) |
| | | | | | |
REAL ESTATE INVESTMENT TRUSTS - (1.6)% | | Shares | | | Value |
| Credit Intermediation and Related Activities - (0.3)% | | |
| HA Sustainable Infrastructure Capital, Inc. | | (13,843) | | | (448,236) |
| | | | | | |
| Forestry and Logging - (0.2)% | | |
| PotlatchDeltic Corp. | | (5,886) | | | (255,805) |
| | | | | | |
| Real Estate - (0.8)% | | |
| Equinix, Inc. | | (217) | | | (181,056) |
| Healthcare Realty Trust, Inc. | | (10,379) | | | (184,746) |
| Kite Realty Group Trust | | (8,565) | | | (223,375) |
| Realty Income Corp. | | (7,921) | | | (491,974) |
| Vornado Realty Trust | | (7,602) | | | (261,281) |
| | | | | | (1,342,432) |
| | | | | | |
| Warehousing and Storage - (0.1)% | | |
| Extra Space Storage, Inc. | | (1,263) | | | (223,551) |
| | | | | | |
| Wood Product Manufacturing - (0.2)% | | |
| Weyerhaeuser Co. | | (9,726) | | | (296,546) |
TOTAL REAL ESTATE INVESTMENT TRUSTS (Proceeds $2,327,976) | | | (2,566,570) |
| | | | | | |
EXCHANGE TRADED FUNDS - (0.0)%(a) | | Shares | | | Value |
Exchange Traded Funds - (0.0)%(a) |
| iShares Core S&P 500 ETF | | (2) | | | (1,134) |
| | | | | | |
Funds, Trust, and Other Financial Vehicles - (0.0)%(a) |
| Invesco QQQ Trust Series 1 | | (1) | | | (476) |
TOTAL EXCHANGE TRADED FUNDS (Proceeds $1,573) | | | (1,610) |
| | | | | | |
TOTAL SECURITIES SOLD SHORT - (50.7)% (Proceeds $84,939,664) | | | | $ | (82,427,635) |
| | | | | | |
| Percentages are stated as a percent of net assets. | | | | | |
Each equity security owned by the Fund that is listed on a securities exchange, except for securities listed on the NASDAQ Stock Market LLC (“NASDAQ”), is valued at its last sale price at the close of that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Fund will use the price on the exchange that the Fund generally considers to be the principal exchange on which the security is traded.
Fund securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If the NOCP is not available, such securities shall be valued at the last sale price on the day of valuation. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at (i) the mean between the most recent quoted bid and asked prices at the close of the exchange on such day or (ii) the latest sales price on the Composite Market for the day such security is being valued. “Composite Market” means a consolidation of the trade information provided by national securities and foreign exchanges and over-the counter markets as published by a pricing service.
If market quotations are not readily available, any security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser's fair value procedures, subject to oversight by the Board of Trustees. These fair value procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair market value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Adviser will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through their application of such procedures.
In the case of foreign securities, the occurrence of certain events after the close of foreign markets, but prior to the time the Fund’s net asset value (“NAV”) is calculated (such as a significant surge or decline in the U.S. or other markets) often will result in an adjustment to the trading prices of foreign securities when foreign markets open on the following business day. If such events occur, the Fund will value foreign securities at fair value, taking into account such events, in calculating the NAV. In such cases, use of fair valuation can reduce an investor’s ability to seek to profit by estimating the Fund's NAV in advance of the time the NAV is calculated.
Redeemable securities issued by open-end, registered investment companies, including money market mutual funds, are valued at the NAVs of such companies for purchase and/or redemption orders placed on that day. If, on a particular day, a share of an investment company is not listed on NASDAQ, such security’s fair value will be determined. Money market mutual funds are valued at cost. If cost does not represent current market value the securities will be priced at fair value.
The Trust has adopted Statement of Financial Accounting Standards, “Fair Value Measurements and Disclosures,” which requires the Fund to classify its securities based on a valuation method. These inputs are summarized in the three broad levels listed below:
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the Fund's investments carried at fair value as of August 31, 2024:
