Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Banks - 90.6% | ||||||||
Wells Fargo & Co. | 38,180 | $ | 1,729,172 | |||||
Bank of America Corp. | 41,045 | 1,692,285 | ||||||
Citigroup, Inc. | 23,723 | 1,678,402 | ||||||
JPMorgan Chase & Co. | 10,765 | 1,674,388 | ||||||
U.S. Bancorp | 23,139 | 1,318,229 | ||||||
PNC Financial Services Group, Inc. | 6,828 | 1,302,509 | ||||||
Truist Financial Corp. | 22,264 | 1,235,652 | ||||||
Bank of New York Mellon Corp. | 18,831 | 964,712 | ||||||
First Republic Bank | 4,415 | 826,356 | ||||||
SVB Financial Group* | 1,413 | 786,236 | ||||||
State Street Corp. | 9,169 | 754,425 | ||||||
Fifth Third Bancorp | 19,255 | 736,119 | ||||||
Northern Trust Corp. | 6,082 | 703,201 | ||||||
Huntington Bancshares, Inc. | 46,772 | 667,437 | ||||||
KeyCorp | 30,786 | 635,731 | ||||||
Citizens Financial Group, Inc. | 13,724 | 629,520 | ||||||
Regions Financial Corp. | 31,164 | 628,890 | ||||||
M&T Bank Corp. | 4,169 | 605,797 | ||||||
Signature Bank | 2,176 | 534,534 | ||||||
East West Bancorp, Inc. | 6,441 | 461,755 | ||||||
ICICI Bank Ltd. ADR* | 26,975 | 461,273 | ||||||
Comerica, Inc. | 6,314 | 450,441 | ||||||
Western Alliance Bancorporation | 4,772 | 443,080 | ||||||
Royal Bank of Canada | 4,364 | 442,117 | ||||||
First Horizon Corp. | 25,457 | 439,897 | ||||||
HDFC Bank Ltd. ADR* | 6,013 | 439,671 | ||||||
Toronto-Dominion Bank | 6,265 | 438,863 | ||||||
Bank of Nova Scotia | 6,556 | 426,599 | ||||||
Popular, Inc. | 5,642 | 423,432 | ||||||
Commerce Bancshares, Inc. | 5,666 | 422,457 | ||||||
Zions Bancorp North America | 7,977 | 421,664 | ||||||
Bank of Montreal | 4,094 | 419,881 | ||||||
First Citizens BancShares, Inc. — Class A | 480 | 399,715 | ||||||
Credit Suisse Group AG ADR | 37,527 | 393,658 | ||||||
Canadian Imperial Bank of Commerce | 3,388 | 385,758 | ||||||
HSBC Holdings plc ADR | 13,347 | 385,061 | ||||||
UBS Group AG | 24,883 | 381,705 | ||||||
Cullen/Frost Bankers, Inc. | 3,404 | 381,248 | ||||||
Deutsche Bank AG* | 29,030 | 379,712 | ||||||
First Financial Bankshares, Inc. | 7,591 | 372,946 | ||||||
Pinnacle Financial Partners, Inc. | 4,224 | 372,937 | ||||||
Prosperity Bancshares, Inc. | 5,073 | 364,241 | ||||||
Synovus Financial Corp. | 8,180 | 358,938 | ||||||
Bank OZK | 7,983 | 336,563 | ||||||
South State Corp. | 4,096 | 334,889 | ||||||
Glacier Bancorp, Inc. | 5,833 | 321,282 | ||||||
CIT Group, Inc. | 6,189 | 319,291 | ||||||
PacWest Bancorp | 7,551 | 310,799 | ||||||
Webster Financial Corp. | 5,813 | 310,066 | ||||||
United Bankshares, Inc. | 8,438 | 307,987 | ||||||
UMB Financial Corp. | 3,247 | 302,166 | ||||||
Wintrust Financial Corp. | 3,837 | 290,192 | ||||||
Umpqua Holdings Corp. | 15,527 | 286,473 | ||||||
Home BancShares, Inc. | 11,425 | 281,969 | ||||||
Community Bank System, Inc. | 3,716 | 281,115 | ||||||
BankUnited, Inc. | 6,547 | 279,492 | ||||||
Hancock Whitney Corp. | 6,185 | 274,861 | ||||||
First Hawaiian, Inc. | 9,650 | 273,481 | ||||||
Bank of Hawaii Corp. | 3,091 | 260,324 | ||||||
Ameris Bancorp | 5,138 | 260,137 | ||||||
Silvergate Capital Corp. — Class A* | 2,290 | 259,503 | ||||||
Simmons First National Corp. — Class A | 8,533 | 250,358 | ||||||
Independent Bank Group, Inc. | 3,382 | 250,200 | ||||||
Texas Capital Bancshares, Inc.* | 3,935 | 249,833 | ||||||
Associated Banc-Corp. | 12,059 | 246,968 | ||||||
Hilltop Holdings, Inc. | 6,670 | 242,788 | ||||||
BancorpSouth Bank | 8,562 | 242,562 | ||||||
Old National Bancorp | 13,481 | 237,401 | ||||||
United Community Banks, Inc. | 7,291 | 233,385 | ||||||
Columbia Banking System, Inc. | 5,988 | 230,897 | ||||||
Cadence BanCorp | 10,956 | 228,761 | ||||||
Fulton Financial Corp. | 14,180 | 223,760 | ||||||
First Midwest Bancorp, Inc. | 10,620 | 210,595 | ||||||
Total Banks | 37,108,742 | |||||||
Savings & Loans - 3.8% | ||||||||
People's United Financial, Inc. | 22,190 | 380,336 | ||||||
New York Community Bancorp, Inc. | 28,592 | 315,084 | ||||||
Sterling Bancorp | 12,576 | 311,759 | ||||||
Pacific Premier Bancorp, Inc. | 6,620 | 279,960 | ||||||
Investors Bancorp, Inc. | 18,553 | 264,566 | ||||||
Total Savings & Loans | 1,551,705 | |||||||
Diversified Financial Services - 2.9% | ||||||||
Capital One Financial Corp. | 7,675 | 1,187,246 | ||||||
Insurance - 2.2% | ||||||||
Equitable Holdings, Inc. | 16,769 | 510,616 | ||||||
Voya Financial, Inc. | 6,295 | 387,142 | ||||||
Total Insurance | 897,758 | |||||||
Total Common Stocks | ||||||||
(Cost $34,625,567) | 40,745,451 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 208,590 | 208,590 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 82,121 | 82,121 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 80,511 | 80,511 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $371,222) | 371,222 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $34,996,789) | $ | 41,116,673 | ||||||
Other Assets & Liabilities, net - (0.4)% | (160,147 | ) | ||||||
Total Net Assets - 100.0% | $ | 40,956,526 |
Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 40,745,451 | $ | — | $ | — | $ | 40,745,451 | ||||||||
Repurchase Agreements | — | 371,222 | — | 371,222 | ||||||||||||
Total Assets | $ | 40,745,451 | $ | 371,222 | $ | — | $ | 41,116,673 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 98.8% | ||||||||
Chemicals - 42.3% | ||||||||
Sherwin-Williams Co. | 8,367 | $ | 2,279,589 | |||||
Air Products and Chemicals, Inc. | 7,238 | 2,082,228 | ||||||
Ecolab, Inc. | 9,824 | 2,023,449 | ||||||
Dow, Inc. | 28,819 | 1,823,666 | ||||||
DuPont de Nemours, Inc. | 22,009 | 1,703,717 | ||||||
PPG Industries, Inc. | 9,906 | 1,681,742 | ||||||
International Flavors & Fragrances, Inc. | 10,996 | 1,642,802 | ||||||
LyondellBasell Industries N.V. — Class A | 15,204 | 1,564,036 | ||||||
Linde plc | 4,911 | 1,419,770 | ||||||
Albemarle Corp. | 7,103 | 1,196,571 | ||||||
Celanese Corp. — Class A | 7,351 | 1,114,412 | ||||||
Eastman Chemical Co. | 9,088 | 1,061,024 | ||||||
FMC Corp. | 8,794 | 951,511 | ||||||
Mosaic Co. | 29,765 | 949,801 | ||||||
RPM International, Inc. | 10,180 | 902,762 | ||||||
CF Industries Holdings, Inc. | 17,428 | 896,671 | ||||||
Westlake Chemical Corp. | 9,831 | 885,675 | ||||||
Nutrien Ltd.1 | 12,337 | 747,746 | ||||||
Olin Corp. | 15,836 | 732,573 | ||||||
Axalta Coating Systems Ltd.* | 23,047 | 702,703 | ||||||
Huntsman Corp. | 24,642 | 653,506 | ||||||
Chemours Co. | 18,527 | 644,740 | ||||||
Valvoline, Inc. | 19,705 | 639,624 | ||||||
Element Solutions, Inc. | 27,209 | 636,146 | ||||||
Ashland Global Holdings, Inc. | 6,962 | 609,175 | ||||||
Amyris, Inc.* | 36,070 | 590,466 | ||||||
W R Grace & Co. | 8,264 | 571,208 | ||||||
Sensient Technologies Corp. | 5,840 | 505,510 | ||||||
Ingevity Corp.* | 5,970 | 485,719 | ||||||
HB Fuller Co. | 7,420 | 471,986 | ||||||
Danimer Scientific, Inc.*,1 | 16,040 | 401,802 | ||||||
Total Chemicals | 32,572,330 | |||||||
Mining - 20.2% | ||||||||
Freeport-McMoRan, Inc. | 54,338 | 2,016,483 | ||||||
Newmont Corp. | 29,853 | 1,892,083 | ||||||
Barrick Gold Corp. | 60,735 | 1,256,000 | ||||||
Rio Tinto plc ADR | 9,765 | 819,186 | ||||||
BHP Group Ltd. ADR1 | 11,215 | 816,788 | ||||||
Teck Resources Ltd. — Class B | 34,665 | 798,682 | ||||||
Royal Gold, Inc. | 6,432 | 733,891 | ||||||
Alcoa Corp.* | 19,842 | 730,979 | ||||||
MP Materials Corp.*,1 | 19,320 | 712,135 | ||||||
Wheaton Precious Metals Corp. | 15,698 | 691,811 | ||||||
AngloGold Ashanti Ltd. ADR | 34,249 | 636,346 | ||||||
Franco-Nevada Corp. | 4,313 | 625,687 | ||||||
Agnico Eagle Mines Ltd. | 10,182 | 615,502 | ||||||
Pan American Silver Corp. | 21,427 | 612,169 | ||||||
First Majestic Silver Corp.1 | 36,980 | 584,654 | ||||||
Kirkland Lake Gold Ltd. | 15,100 | 581,803 | ||||||
Arconic Corp.* | 14,730 | 524,683 | ||||||
Livent Corp.* | 25,460 | 492,906 | ||||||
Coeur Mining, Inc.* | 43,320 | 384,682 | ||||||
Total Mining | 15,526,470 | |||||||
Packaging & Containers - 12.4% | ||||||||
Ball Corp. | 17,053 | 1,381,634 | ||||||
Westrock Co. | 18,901 | 1,005,911 | ||||||
Crown Holdings, Inc. | 9,786 | 1,000,227 | ||||||
Packaging Corporation of America | 7,087 | 959,722 | ||||||
Amcor plc | 80,404 | 921,430 | ||||||
Sealed Air Corp. | 13,694 | 811,369 | ||||||
AptarGroup, Inc. | 5,734 | 807,577 | ||||||
Berry Global Group, Inc.* | 12,179 | 794,314 | ||||||
Sonoco Products Co. | 10,419 | 697,031 | ||||||
Graphic Packaging Holding Co. | 34,036 | 617,413 | ||||||
Silgan Holdings, Inc. | 13,782 | 571,953 | ||||||
Total Packaging & Containers | 9,568,581 | |||||||
Iron & Steel - 10.5% | ||||||||
Vale S.A. ADR | 71,540 | 1,631,827 | ||||||
Nucor Corp. | 14,917 | 1,430,988 | ||||||
Steel Dynamics, Inc. | 15,904 | 947,878 | ||||||
Cleveland-Cliffs, Inc.*,1 | 40,850 | 880,726 | ||||||
Reliance Steel & Aluminum Co. | 5,399 | 814,709 | ||||||
ArcelorMittal S.A.1 | 24,533 | 761,995 | ||||||
United States Steel Corp. | 28,307 | 679,368 | ||||||
Commercial Metals Co. | 16,829 | 516,987 | ||||||
Allegheny Technologies, Inc.* | 20,306 | 423,380 | ||||||
Total Iron & Steel | 8,087,858 | |||||||
Building Materials - 5.8% | ||||||||
Vulcan Materials Co. | 7,520 | 1,309,006 | ||||||
Martin Marietta Materials, Inc. | 3,624 | 1,274,960 | ||||||
Louisiana-Pacific Corp. | 11,289 | 680,614 | ||||||
Eagle Materials, Inc. | 4,670 | 663,654 | ||||||
Summit Materials, Inc. — Class A* | 16,051 | 559,377 | ||||||
Total Building Materials | 4,487,611 | |||||||
Forest Products & Paper - 2.3% | ||||||||
International Paper Co. | 21,463 | 1,315,897 | ||||||
Domtar Corp.* | 8,117 | 446,110 | ||||||
Total Forest Products & Paper | 1,762,007 | |||||||
Biotechnology - 2.0% | ||||||||
Corteva, Inc. | 34,663 | 1,537,304 | ||||||
Household Products & Housewares - 1.4% | ||||||||
Avery Dennison Corp. | 5,307 | 1,115,744 | ||||||
Housewares - 1.2% | ||||||||
Scotts Miracle-Gro Co. — Class A | 4,570 | 877,075 | ||||||
Distribution & Wholesale - 0.7% | ||||||||
Avient Corp. | 11,540 | 567,306 | ||||||
Total Common Stocks | ||||||||
(Cost $55,766,537) | 76,102,286 |
EXCHANGE-TRADED FUNDS† - 0.8% | ||||||||
VanEck Vectors Junior Gold Miners ETF1 | 12,771 | 597,044 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $597,336) | 597,044 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 273,054 | $ | 273,054 | ||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 107,501 | 107,501 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 105,393 | 105,393 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $485,948) | 485,948 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 4.8% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 3,680,716 | 3,680,716 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,680,716) | 3,680,716 | |||||||
Total Investments - 105.0% | ||||||||
(Cost $60,530,537) | $ | 80,865,994 | ||||||
Other Assets & Liabilities, net - (5.0)% | (3,877,435 | ) | ||||||
Total Net Assets - 100.0% | $ | 76,988,559 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 76,102,286 | $ | — | $ | — | $ | 76,102,286 | ||||||||
Exchange-Traded Funds | 597,044 | — | — | 597,044 | ||||||||||||
Repurchase Agreements | — | 485,948 | — | 485,948 | ||||||||||||
Securities Lending Collateral | 3,680,716 | — | — | 3,680,716 | ||||||||||||
Total Assets | $ | 80,380,046 | $ | 485,948 | $ | — | $ | 80,865,994 |
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Biotechnology - 75.7% | ||||||||
Amgen, Inc. | 40,084 | $ | 9,770,475 | |||||
Moderna, Inc.* | 36,544 | 8,587,109 | ||||||
Gilead Sciences, Inc. | 112,107 | 7,719,688 | ||||||
Illumina, Inc.* | 14,813 | 7,009,660 | ||||||
Regeneron Pharmaceuticals, Inc.* | 11,656 | 6,510,342 | ||||||
Vertex Pharmaceuticals, Inc.* | 30,420 | 6,133,585 | ||||||
Biogen, Inc.* | 16,380 | 5,671,903 | ||||||
Alexion Pharmaceuticals, Inc.* | 28,770 | 5,285,337 | ||||||
Corteva, Inc. | 106,911 | 4,741,503 | ||||||
Seagen, Inc.* | 28,229 | 4,456,794 | ||||||
CRISPR Therapeutics AG* | 25,300 | 4,095,817 | ||||||
Horizon Therapeutics plc* | 40,545 | 3,796,634 | ||||||
Exact Sciences Corp.* | 30,184 | 3,752,173 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 5,700 | 3,672,453 | ||||||
Alnylam Pharmaceuticals, Inc.* | 21,438 | 3,634,170 | ||||||
Novavax, Inc.*,1 | 16,780 | 3,562,562 | ||||||
Incyte Corp.* | 42,214 | 3,551,464 | ||||||
BioMarin Pharmaceutical, Inc.* | 38,509 | 3,213,191 | ||||||
BioNTech SE ADR* | 13,510 | 3,024,619 | ||||||
Guardant Health, Inc.* | 23,466 | 2,914,242 | ||||||
Beam Therapeutics, Inc.* | 22,270 | 2,866,372 | ||||||
Zai Lab Ltd. ADR* | 14,690 | 2,599,983 | ||||||
BeiGene Ltd. ADR* | 7,410 | 2,543,038 | ||||||
Bridgebio Pharma, Inc.* | 40,060 | 2,442,058 | ||||||
Fate Therapeutics, Inc.* | 27,430 | 2,380,650 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 28,544 | 2,364,014 | ||||||
Mirati Therapeutics, Inc.* | 14,533 | 2,347,515 | ||||||
United Therapeutics Corp.* | 12,964 | 2,325,871 | ||||||
Twist Bioscience Corp.* | 17,160 | 2,286,570 | ||||||
Acceleron Pharma, Inc.* | 18,042 | 2,264,090 | ||||||
Halozyme Therapeutics, Inc.* | 47,250 | 2,145,622 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 21,560 | 2,093,045 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 21,759 | 2,074,721 | ||||||
Editas Medicine, Inc.* | 35,580 | 2,015,251 | ||||||
Ionis Pharmaceuticals, Inc.* | 50,319 | 2,007,225 | ||||||
TG Therapeutics, Inc.* | 50,160 | 1,945,706 | ||||||
Blueprint Medicines Corp.* | 21,690 | 1,907,852 | ||||||
Exelixis, Inc.* | 97,663 | 1,779,420 | ||||||
Arena Pharmaceuticals, Inc.* | 24,800 | 1,691,360 | ||||||
Iovance Biotherapeutics, Inc.* | 64,674 | 1,682,817 | ||||||
ACADIA Pharmaceuticals, Inc.* | 64,613 | 1,575,911 | ||||||
Sage Therapeutics, Inc.* | 26,716 | 1,517,736 | ||||||
Emergent BioSolutions, Inc.* | 23,906 | 1,505,839 | ||||||
PTC Therapeutics, Inc.* | 32,748 | 1,384,258 | ||||||
Veracyte, Inc.* | 34,450 | 1,377,311 | ||||||
Amicus Therapeutics, Inc.* | 132,550 | 1,277,782 | ||||||
Bluebird Bio, Inc.* | 37,115 | 1,186,938 | ||||||
Global Blood Therapeutics, Inc.* | 33,635 | 1,177,898 | ||||||
Inovio Pharmaceuticals, Inc.*,1 | 126,450 | 1,172,191 | ||||||
ChemoCentryx, Inc.* | 58,930 | 789,073 | ||||||
Total Biotechnology | 157,831,838 | |||||||
Pharmaceuticals - 14.5% | ||||||||
AbbVie, Inc. | 101,742 | 11,460,219 | ||||||
Intellia Therapeutics, Inc.* | 24,500 | 3,966,795 | ||||||
Viatris, Inc. | 235,567 | 3,366,252 | ||||||
Jazz Pharmaceuticals plc* | 16,559 | 2,941,541 | ||||||
PRA Health Sciences, Inc.* | 16,154 | 2,668,802 | ||||||
Neurocrine Biosciences, Inc.* | 25,446 | 2,476,405 | ||||||
Sarepta Therapeutics, Inc.* | 25,899 | 2,013,388 | ||||||
Pacira BioSciences, Inc.* | 22,151 | 1,344,123 | ||||||
Total Pharmaceuticals | 30,237,525 | |||||||
Healthcare-Products - 6.1% | ||||||||
Bio-Techne Corp. | 7,725 | 3,478,258 | ||||||
Novocure Ltd.* | 12,863 | 2,853,271 | ||||||
Natera, Inc.* | 23,950 | 2,719,043 | ||||||
Adaptive Biotechnologies Corp.* | 48,710 | 1,990,291 | ||||||
CareDx, Inc.* | 19,480 | 1,782,810 | ||||||
Total Healthcare-Products | 12,823,673 | |||||||
Healthcare-Services - 3.3% | ||||||||
Syneos Health, Inc.* | 28,604 | 2,559,772 | ||||||
Invitae Corp.*,1 | 64,550 | 2,177,272 | ||||||
Medpace Holdings, Inc.* | 11,621 | 2,052,617 | ||||||
Total Healthcare-Services | 6,789,661 | |||||||
Total Common Stocks | ||||||||
(Cost $108,128,482) | 207,682,697 |
RIGHTS††† - 0.0% | ||||||||
Biotechnology - 0.0% | ||||||||
Clinical Data, Inc. | 24,000 | – | ||||||
Total Rights | ||||||||
(Cost $–) | – |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 745,038 | 745,038 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 293,321 | 293,321 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 287,570 | 287,570 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,325,929) | 1,325,929 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.7% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 3,575,002 | 3,575,002 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,575,002) | 3,575,002 | |||||||
Total Investments - 101.9% | ||||||||
(Cost $113,029,413) | $ | 212,583,628 | ||||||
Other Assets & Liabilities, net - (1.9)% | (4,002,505 | ) | ||||||
Total Net Assets - 100.0% | $ | 208,581,123 |
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 207,682,697 | $ | — | $ | — | $ | 207,682,697 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Repurchase Agreements | — | 1,325,929 | — | 1,325,929 | ||||||||||||
Securities Lending Collateral | 3,575,002 | — | — | 3,575,002 | ||||||||||||
Total Assets | $ | 211,257,699 | $ | 1,325,929 | $ | — | $ | 212,583,628 |
* | Security has a market value of $0. |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
Food - 36.2% | ||||||||
Mondelez International, Inc. — Class A | 58,072 | $ | 3,626,016 | |||||
Kraft Heinz Co. | 67,005 | 2,732,464 | ||||||
Sysco Corp. | 31,943 | 2,483,568 | ||||||
General Mills, Inc. | 38,913 | 2,370,969 | ||||||
Hershey Co. | 13,454 | 2,343,418 | ||||||
Kroger Co. | 54,142 | 2,074,180 | ||||||
Tyson Foods, Inc. — Class A | 27,374 | 2,019,106 | ||||||
Hormel Foods Corp. | 41,251 | 1,969,735 | ||||||
McCormick & Company, Inc. | 21,516 | 1,900,293 | ||||||
Kellogg Co. | 28,295 | 1,820,217 | ||||||
Conagra Brands, Inc. | 44,737 | 1,627,532 | ||||||
Campbell Soup Co. | 31,725 | 1,446,343 | ||||||
J M Smucker Co. | 11,091 | 1,437,061 | ||||||
Lamb Weston Holdings, Inc. | 16,703 | 1,347,264 | ||||||
Beyond Meat, Inc.*,1 | 7,990 | 1,258,345 | ||||||
US Foods Holding Corp.* | 30,237 | 1,159,891 | ||||||
Post Holdings, Inc.* | 9,331 | 1,012,134 | ||||||
Performance Food Group Co.* | 20,767 | 1,006,992 | ||||||
Ingredion, Inc. | 10,538 | 953,689 | ||||||
Flowers Foods, Inc. | 36,363 | 879,985 | ||||||
Sanderson Farms, Inc. | 4,597 | 864,098 | ||||||
Hain Celestial Group, Inc.* | 19,092 | 765,971 | ||||||
Grocery Outlet Holding Corp.* | 20,304 | 703,737 | ||||||
Sprouts Farmers Market, Inc.* | 25,344 | 629,798 | ||||||
Total Food | 38,432,806 | |||||||
Beverages - 26.3% | ||||||||
Coca-Cola Co. | 109,113 | 5,904,104 | ||||||
PepsiCo, Inc. | 37,572 | 5,567,043 | ||||||
Keurig Dr Pepper, Inc. | 78,960 | 2,782,550 | ||||||
Monster Beverage Corp.* | 29,430 | 2,688,431 | ||||||
Constellation Brands, Inc. — Class A | 11,275 | 2,637,110 | ||||||
Brown-Forman Corp. — Class B | 30,867 | 2,313,173 | ||||||
Boston Beer Company, Inc. — Class A* | 1,385 | 1,413,808 | ||||||
Molson Coors Beverage Co. — Class B* | 24,259 | 1,302,466 | ||||||
Coca-Cola Europacific Partners plc | 15,193 | 901,249 | ||||||
Anheuser-Busch InBev S.A. ADR | 12,229 | 880,610 | ||||||
Diageo plc ADR | 3,920 | 751,425 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 8,754 | 739,801 | ||||||
Total Beverages | 27,881,770 | |||||||
Cosmetics & Personal Care - 13.8% | ||||||||
Procter & Gamble Co. | 52,656 | 7,104,874 | ||||||
Estee Lauder Companies, Inc. — Class A | 13,538 | 4,306,167 | ||||||
Colgate-Palmolive Co. | 39,465 | 3,210,478 | ||||||
Total Cosmetics & Personal Care | 14,621,519 | |||||||
Agriculture - 13.4% | ||||||||
Philip Morris International, Inc. | 48,634 | 4,820,115 | ||||||
Altria Group, Inc. | 77,397 | 3,690,289 | ||||||
Archer-Daniels-Midland Co. | 36,993 | 2,241,776 | ||||||
Darling Ingredients, Inc.* | 19,380 | 1,308,150 | ||||||
Bunge Ltd. | 16,594 | 1,296,821 | ||||||
British American Tobacco plc ADR | 20,954 | 823,702 | ||||||
Total Agriculture | 14,180,853 | |||||||
Household Products & Housewares - 5.9% | ||||||||
Kimberly-Clark Corp. | 19,841 | 2,654,329 | ||||||
Clorox Co. | 10,370 | 1,865,667 | ||||||
Church & Dwight Company, Inc. | 20,871 | 1,778,626 | ||||||
Total Household Products & Housewares | 6,298,622 | |||||||
Retail - 2.0% | ||||||||
Freshpet, Inc.* | 6,346 | 1,034,144 | ||||||
Casey's General Stores, Inc. | 5,272 | 1,026,142 | ||||||
Total Retail | 2,060,286 | |||||||
Pharmaceuticals - 0.9% | ||||||||
Herbalife Nutrition Ltd.* | 18,668 | 984,364 | ||||||
Commercial Services - 0.7% | ||||||||
Medifast, Inc. | 2,580 | 730,088 | ||||||
Electrical Components & Equipment - 0.6% | ||||||||
Energizer Holdings, Inc. | 15,506 | 666,448 | ||||||
Total Common Stocks | ||||||||
(Cost $50,232,858) | 105,856,756 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 156,706 | 156,706 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 61,695 | 61,695 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 60,485 | 60,485 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $278,886) | 278,886 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 460,941 | 460,941 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $460,941) | 460,941 | |||||||
Total Investments - 100.5% | ||||||||
(Cost $50,972,685) | $ | 106,596,583 | ||||||
Other Assets & Liabilities, net - (0.5)% | (478,891 | ) | ||||||
Total Net Assets - 100.0% | $ | 106,117,692 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 105,856,756 | $ | — | $ | — | $ | 105,856,756 | ||||||||
Repurchase Agreements | — | 278,886 | — | 278,886 | ||||||||||||
Securities Lending Collateral | 460,941 | — | — | 460,941 | ||||||||||||
Total Assets | $ | 106,317,697 | $ | 278,886 | $ | — | $ | 106,596,583 |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 90.0% | ||||||||
Financial - 18.6% | ||||||||
Goldman Sachs Group, Inc. | 4,313 | $ | 1,636,913 | |||||
Visa, Inc. — Class A | 4,313 | 1,008,466 | ||||||
American Express Co. | 4,313 | 712,637 | ||||||
JPMorgan Chase & Co. | 4,313 | 670,844 | ||||||
Travelers Companies, Inc. | 4,313 | 645,699 | ||||||
Total Financial | 4,674,559 | |||||||
Consumer, Non-cyclical - 18.5% | ||||||||
UnitedHealth Group, Inc. | 4,313 | 1,727,098 | ||||||
Amgen, Inc. | 4,313 | 1,051,294 | ||||||
Johnson & Johnson | 4,313 | 710,524 | ||||||
Procter & Gamble Co. | 4,313 | 581,953 | ||||||
Merck & Company, Inc. | 4,313 | 335,422 | ||||||
Coca-Cola Co. | 4,313 | 233,376 | ||||||
Total Consumer, Non-cyclical | 4,639,667 | |||||||
Consumer, Cyclical - 15.4% | ||||||||
Home Depot, Inc. | 4,313 | 1,375,373 | ||||||
McDonald's Corp. | 4,313 | 996,260 | ||||||
NIKE, Inc. — Class B | 4,313 | 666,315 | ||||||
Walmart, Inc. | 4,313 | 608,219 | ||||||
Walgreens Boots Alliance, Inc. | 4,313 | 226,907 | ||||||
Total Consumer, Cyclical | 3,873,074 | |||||||
Industrial - 15.0% | ||||||||
Boeing Co.* | 4,313 | 1,033,222 | ||||||
Honeywell International, Inc. | 4,313 | 946,057 | ||||||
Caterpillar, Inc. | 4,313 | 938,638 | ||||||
3M Co. | 4,313 | 856,691 | ||||||
Total Industrial | 3,774,608 | |||||||
Technology - 14.7% | ||||||||
Microsoft Corp. | 4,313 | 1,168,392 | ||||||
salesforce.com, Inc.* | 4,313 | 1,053,536 | ||||||
International Business Machines Corp. | 4,313 | 632,243 | ||||||
Apple, Inc. | 4,313 | 590,708 | ||||||
Intel Corp. | 4,313 | 242,132 | ||||||
Total Technology | 3,687,011 | |||||||
Communications - 4.9% | ||||||||
Walt Disney Co.* | 4,313 | 758,096 | ||||||
Verizon Communications, Inc. | 4,313 | 241,657 | ||||||
Cisco Systems, Inc. | 4,313 | 228,589 | ||||||
Total Communications | 1,228,342 | |||||||
Energy - 1.8% | ||||||||
Chevron Corp. | 4,313 | 451,744 | ||||||
Basic Materials - 1.1% | ||||||||
Dow, Inc. | 4,313 | 272,927 | ||||||
Total Common Stocks | ||||||||
(Cost $16,441,100) | 22,601,932 |
MUTUAL FUNDS† - 8.2% | ||||||||
Guggenheim Strategy Fund II1 | 57,491 | 1,436,704 | ||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 62,558 | 623,706 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,045,530) | 2,060,410 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 1.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/212,3 | $ | 300,000 | 299,929 | |||||
0.01% due 08/03/213 | 73,000 | 72,997 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $372,948) | 372,926 |
REPURCHASE AGREEMENTS††,4 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 47,988 | 47,988 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 18,893 | 18,893 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 18,523 | 18,523 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $85,404) | 85,404 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $18,944,982) | $ | 25,120,672 | ||||||
Other Assets & Liabilities, net - 0.0% | 2,610 | |||||||
Total Net Assets - 100.0% | $ | 25,123,282 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | 0.59% (1 Month USD LIBOR + 0.50%) | At Maturity | 07/15/21 | 26 | $ | 902,520 | $ | 13,942 | |||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | 0.59% (1 Week USD LIBOR + 0.50%) | At Maturity | 07/14/21 | 49 | 1,676,439 | 9,228 | |||||||||||||
$ | 2,578,959 | $ | 23,170 |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 22,601,932 | $ | — | $ | — | $ | 22,601,932 | ||||||||
Mutual Funds | 2,060,410 | — | — | 2,060,410 | ||||||||||||
U.S. Treasury Bills | — | 372,926 | — | 372,926 | ||||||||||||
Repurchase Agreements | — | 85,404 | — | 85,404 | ||||||||||||
Equity Index Swap Agreements** | — | 23,170 | — | 23,170 | ||||||||||||
Total Assets | $ | 24,662,342 | $ | 481,500 | $ | — | $ | 25,143,842 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,835,969 | $ | – | $ | (400,000 | ) | $ | 2,904 | $ | (2,169 | ) | $ | 1,436,704 | 57,491 | $ | 6,296 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 623,081 | – | – | – | 625 | 623,706 | 62,558 | 1,449 | ||||||||||||||||||||||||
$ | 2,459,050 | $ | – | $ | (400,000 | ) | $ | 2,904 | $ | (1,544 | ) | $ | 2,060,410 | $ | 7,745 |
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Semiconductors - 88.7% | ||||||||
NVIDIA Corp. | 4,327 | $ | 3,462,033 | |||||
Intel Corp. | 39,795 | 2,234,091 | ||||||
Broadcom, Inc. | 4,420 | 2,107,633 | ||||||
Texas Instruments, Inc. | 10,504 | 2,019,919 | ||||||
QUALCOMM, Inc. | 13,671 | 1,953,996 | ||||||
Applied Materials, Inc. | 12,218 | 1,739,843 | ||||||
Advanced Micro Devices, Inc.* | 17,952 | 1,686,231 | ||||||
Micron Technology, Inc.* | 17,659 | 1,500,662 | ||||||
Lam Research Corp. | 2,235 | 1,454,314 | ||||||
Analog Devices, Inc. | 7,055 | 1,214,589 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 10,065 | 1,209,410 | ||||||
KLA Corp. | 3,287 | 1,065,678 | ||||||
Marvell Technology, Inc. | 18,260 | 1,065,106 | ||||||
NXP Semiconductor N.V. | 4,944 | 1,017,080 | ||||||
Microchip Technology, Inc. | 6,389 | 956,689 | ||||||
Xilinx, Inc. | 6,454 | 933,507 | ||||||
Skyworks Solutions, Inc. | 4,632 | 888,186 | ||||||
Maxim Integrated Products, Inc. | 7,660 | 807,058 | ||||||
ASML Holding N.V. — Class G | 1,121 | 774,432 | ||||||
Qorvo, Inc.* | 3,730 | 729,774 | ||||||
Teradyne, Inc. | 5,364 | 718,561 | ||||||
Monolithic Power Systems, Inc. | 1,699 | 634,491 | ||||||
Entegris, Inc. | 5,036 | 619,277 | ||||||
ON Semiconductor Corp.* | 16,087 | 615,810 | ||||||
Cree, Inc.* | 5,256 | 514,720 | ||||||
MKS Instruments, Inc. | 2,659 | 473,169 | ||||||
Lattice Semiconductor Corp.* | 7,710 | 433,148 | ||||||
STMicroelectronics N.V. — Class Y | 11,429 | 415,787 | ||||||
Silicon Laboratories, Inc.* | 2,655 | 406,879 | ||||||
Brooks Automation, Inc. | 4,142 | 394,650 | ||||||
Synaptics, Inc.* | 2,316 | 360,323 | ||||||
Cirrus Logic, Inc.* | 4,003 | 340,735 | ||||||
Power Integrations, Inc. | 4,061 | 333,246 | ||||||
Semtech Corp.* | 4,701 | 323,429 | ||||||
CMC Materials, Inc. | 2,081 | 313,690 | ||||||
Ambarella, Inc.* | 2,844 | 303,256 | ||||||
Total Semiconductors | 36,021,402 | |||||||
Energy-Alternate Sources - 8.2% | ||||||||
Enphase Energy, Inc.* | 4,335 | 796,036 | ||||||
JinkoSolar Holding Company Ltd. ADR*,1 | 10,546 | 590,787 | ||||||
SolarEdge Technologies, Inc.* | 2,131 | 588,945 | ||||||
First Solar, Inc.* | 5,510 | 498,710 | ||||||
Canadian Solar, Inc.*,1 | 10,908 | 489,115 | ||||||
SunPower Corp. — Class A*,1 | 12,033 | 351,604 | ||||||
Total Energy-Alternate Sources | 3,315,197 | |||||||
Chemicals - 1.3% | ||||||||
Daqo New Energy Corp. ADR* | 7,938 | 516,129 | ||||||
Electrical Components & Equipment - 1.2% | ||||||||
Universal Display Corp. | 2,216 | 492,683 | ||||||
Total Common Stocks | ||||||||
(Cost $16,156,485) | 40,345,411 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 156,655 | 156,655 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 61,675 | 61,675 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 60,466 | 60,466 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $278,796) | 278,796 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 999,118 | 999,118 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $999,118) | 999,118 | |||||||
Total Investments - 102.6% | ||||||||
(Cost $17,434,399) | $ | 41,623,325 | ||||||
Other Assets & Liabilities, net - (2.6)% | (1,037,811 | ) | ||||||
Total Net Assets - 100.0% | $ | 40,585,514 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 40,345,411 | $ | — | $ | — | $ | 40,345,411 | ||||||||
Repurchase Agreements | — | 278,796 | — | 278,796 | ||||||||||||
Securities Lending Collateral | 999,118 | — | — | 999,118 | ||||||||||||
Total Assets | $ | 41,344,529 | $ | 278,796 | $ | — | $ | 41,623,325 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 82.4% | ||||||||
Communications - 28.8% | ||||||||
Alibaba Group Holding Ltd. ADR* | 7,032 | $ | 1,594,717 | |||||
JD.com, Inc. ADR* | 3,647 | 291,067 | ||||||
Baidu, Inc. ADR* | 1,108 | 225,921 | ||||||
Pinduoduo, Inc. ADR* | 1,426 | 181,130 | ||||||
America Movil SAB de CV — Class L ADR | 4,771 | 71,565 | ||||||
Trip.com Group Ltd. ADR* | 1,876 | 66,523 | ||||||
Chunghwa Telecom Company Ltd. ADR | 1,545 | 62,820 | ||||||
Telkom Indonesia Persero Tbk PT ADR | 1,932 | 41,867 | ||||||
SK Telecom Company Ltd. ADR | 1,291 | 40,550 | ||||||
GDS Holdings Ltd. ADR* | 464 | 36,419 | ||||||
Vipshop Holdings Ltd. ADR* | 1,611 | 32,349 | ||||||
Total Communications | 2,644,928 | |||||||
Technology - 25.7% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 12,983 | 1,560,038 | ||||||
Infosys Ltd. ADR | 14,890 | 315,519 | ||||||
NetEase, Inc. ADR | 1,629 | 187,742 | ||||||
Bilibili, Inc. ADR* | 883 | 107,585 | ||||||
United Microelectronics Corp. ADR1 | 9,389 | 88,726 | ||||||
ASE Technology Holding Company Ltd. ADR | 6,941 | 55,875 | ||||||
Wipro Ltd. ADR | 5,789 | 45,212 | ||||||
Total Technology | 2,360,697 | |||||||
Financial - 9.8% | ||||||||
HDFC Bank Ltd. ADR* | 5,189 | 379,420 | ||||||
ICICI Bank Ltd. ADR* | 10,403 | 177,891 | ||||||
Banco Bradesco S.A. ADR | 19,703 | 101,076 | ||||||
KB Financial Group, Inc. ADR | 1,588 | 78,288 | ||||||
Shinhan Financial Group Company Ltd. ADR | 2,099 | 75,249 | ||||||
China Life Insurance Company Ltd. ADR1 | 6,048 | 60,178 | ||||||
KE Holdings, Inc. ADR* | 650 | 30,992 | ||||||
Total Financial | 903,094 | |||||||
Basic Materials - 6.5% | ||||||||
Vale S.A. ADR | 13,958 | 318,382 | ||||||
POSCO ADR | 1,304 | 100,108 | ||||||
Sibanye Stillwater Ltd. ADR | 2,822 | 47,212 | ||||||
Sasol Ltd. ADR* | 2,347 | 35,980 | ||||||
Suzano S.A. ADR* | 2,877 | 34,639 | ||||||
Gold Fields Ltd. ADR | 3,607 | 32,102 | ||||||
AngloGold Ashanti Ltd. ADR | 1,696 | 31,512 | ||||||
Total Basic Materials | 599,935 | |||||||
Consumer, Non-cyclical - 4.4% | ||||||||
Fomento Economico Mexicano SAB de CV ADR | 755 | 63,805 | ||||||
Ambev S.A. ADR | 17,909 | 61,607 | ||||||
BeiGene Ltd. ADR* | 160 | 54,910 | ||||||
Zai Lab Ltd. ADR* | 299 | 52,920 | ||||||
New Oriental Education & Technology Group, Inc. ADR* | 6,130 | 50,205 | ||||||
TAL Education Group ADR* | 1,623 | 40,948 | ||||||
Natura & Company Holding S.A. ADR*,1 | 1,706 | 38,709 | ||||||
Dr Reddy's Laboratories Ltd. ADR | 493 | 36,241 | ||||||
Total Consumer, Non-cyclical | 399,345 | |||||||
Consumer, Cyclical - 3.9% | ||||||||
NIO, Inc. ADR* | 5,534 | 294,409 | ||||||
Tata Motors Ltd. ADR* | 1,538 | 35,036 | ||||||
Huazhu Group Ltd. ADR* | 593 | 31,316 | ||||||
Total Consumer, Cyclical | 360,761 | |||||||
Energy - 2.1% | ||||||||
Petroleo Brasileiro S.A. ADR | 7,561 | 92,471 | ||||||
China Petroleum & Chemical Corp. ADR | 1,037 | 52,897 | ||||||
PetroChina Company Ltd. ADR | 857 | 42,019 | ||||||
Total Energy | 187,387 | |||||||
Industrial - 1.2% | ||||||||
ZTO Express Cayman, Inc. ADR | 1,918 | 58,211 | ||||||
Cemex SAB de CV ADR* | 6,151 | 51,669 | ||||||
Total Industrial | 109,880 | |||||||
Total Common Stocks | ||||||||
(Cost $6,634,596) | 7,566,027 |
PREFERRED STOCKS† - 2.5% | ||||||||
Financial - 1.3% | ||||||||
Itau Unibanco Holding S.A. ADR | 19,692 | 118,349 | ||||||
Energy - 1.2% | ||||||||
Petroleo Brasileiro S.A. ADR | 9,334 | 110,234 | ||||||
Total Preferred Stocks | ||||||||
(Cost $190,068) | 228,583 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 15.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | $ | 787,367 | 787,367 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 309,985 | 309,985 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 303,907 | 303,907 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,401,259) | 1,401,259 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,4 - 1.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%5 | 113,134 | 113,134 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $113,134) | 113,134 | |||||||
Total Investments - 101.4% | ||||||||
(Cost $8,339,057) | $ | 9,309,003 | ||||||
Other Assets & Liabilities, net - (1.4)% | (130,941 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,178,062 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
Goldman Sachs International | BNY Mellon Emerging Markets 50 ADR Index | 0.64% (1 Week USD LIBOR + 0.55%) | At Maturity | 07/15/21 | 1,801 | $ | 6,683,888 | $ | 238,353 | |||||||||||
BNP Paribas | BNY Mellon Emerging Markets 50 ADR Index | 0.69% (1 Month USD LIBOR + 0.60%) | At Maturity | 07/15/21 | 1,038 | 3,850,753 | 147,682 | |||||||||||||
$ | 10,534,641 | $ | 386,035 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Securities lending collateral — See Note 5. |
5 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
LIBOR — London Interbank Offered Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 7,566,027 | $ | — | $ | — | $ | 7,566,027 | ||||||||
Preferred Stocks | 228,583 | — | — | 228,583 | ||||||||||||
Repurchase Agreements | — | 1,401,259 | — | 1,401,259 | ||||||||||||
Securities Lending Collateral | 113,134 | — | — | 113,134 | ||||||||||||
Equity Index Swap Agreements** | — | 386,035 | — | 386,035 | ||||||||||||
Total Assets | $ | 7,907,744 | $ | 1,787,294 | $ | — | $ | 9,695,038 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Emerging Markets Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 0.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/211,2 | $ | 4,000 | $ | 4,000 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $4,000) | 4,000 |
REPURCHASE AGREEMENTS††,3 - 89.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/214 | 384,413 | 384,413 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/214 | 151,343 | 151,343 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/214 | 148,375 | 148,375 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $684,131) | 684,131 | |||||||
Total Investments - 90.2% | ||||||||
(Cost $688,131) | $ | 688,131 | ||||||
Other Assets & Liabilities, net - 9.8% | 74,835 | |||||||
Total Net Assets - 100.0% | $ | 762,966 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | ||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
U.S. Treasury 10 Year Note Futures Contracts | 1 | Sep 2021 | $ | 132,422 | $ | 678 | ||||||||
U.S. Treasury 5 Year Note Futures Contracts | 2 | Sep 2021 | 246,797 | (635 | ) | |||||||||
$ | 379,219 | $ | 43 |
Centrally Cleared Credit Default Swap Agreements Protection Sold†† | |||||||||||||||||||||||||||
Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Appreciation** | ||||||||||||||||||
Barclays Bank plc | ICE | CDX.EM.35.V1 | 1.00 | % | Quarterly | 06/20/26 | $ | 500,000 | $ | (13,088 | ) | $ | (17,021 | ) | $ | 3,933 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Credit Index Swap Agreements†† | ||||||||||||||||||||
Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | 0.64% (1 Week USD LIBOR + 0.55%) | At Maturity | 07/29/21 | 11,935 | $ | 329,645 | $ | 597 |
** | 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 futures collateral at June 30, 2021. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as credit index swap collateral at June 30, 2021. |
Emerging Markets Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
CDX.EM.35.V1 — Credit Default Swap Emerging Markets Series 35 Index Version 1
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | — | $ | 4,000 | $ | — | $ | 4,000 | ||||||||
Repurchase Agreements | — | 684,131 | — | 684,131 | ||||||||||||
Interest Rate Futures Contracts** | 678 | — | — | 678 | ||||||||||||
Credit Default Swap Agreements** | — | 3,933 | — | 3,933 | ||||||||||||
Credit Index Swap Agreements** | — | 597 | — | 597 | ||||||||||||
Total Assets | $ | 678 | $ | 692,661 | $ | — | $ | 693,339 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 635 | $ | — | $ | — | $ | 635 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas - 71.4% | ||||||||
Exxon Mobil Corp. | 80,921 | $ | 5,104,497 | |||||
Chevron Corp. | 41,598 | 4,356,975 | ||||||
ConocoPhillips | 46,826 | 2,851,703 | ||||||
EOG Resources, Inc. | 26,208 | 2,186,796 | ||||||
Pioneer Natural Resources Co. | 12,193 | 1,981,606 | ||||||
Marathon Petroleum Corp. | 32,038 | 1,935,736 | ||||||
Phillips 66 | 22,012 | 1,889,070 | ||||||
Occidental Petroleum Corp. | 56,315 | 1,760,970 | ||||||
Valero Energy Corp. | 22,336 | 1,743,995 | ||||||
Hess Corp. | 18,589 | 1,623,191 | ||||||
Devon Energy Corp. | 48,508 | 1,415,949 | ||||||
Diamondback Energy, Inc. | 14,130 | 1,326,666 | ||||||
Continental Resources, Inc. | 32,068 | 1,219,546 | ||||||
Petroleo Brasileiro S.A. ADR | 98,168 | 1,200,595 | ||||||
Texas Pacific Land Corp. | 700 | 1,119,818 | ||||||
BP plc ADR | 37,960 | 1,002,903 | ||||||
Ovintiv, Inc. | 29,141 | 917,067 | ||||||
APA Corp. | 41,408 | 895,655 | ||||||
Cimarex Energy Co. | 12,251 | 887,585 | ||||||
Cabot Oil & Gas Corp. — Class A | 49,075 | 856,849 | ||||||
Equities Corp.* | 36,141 | 804,499 | ||||||
Royal Dutch Shell plc — Class A ADR1 | 17,795 | 718,918 | ||||||
HollyFrontier Corp. | 21,473 | 706,462 | ||||||
Matador Resources Co. | 18,526 | 667,121 | ||||||
PDC Energy, Inc. | 14,305 | 655,026 | ||||||
Suncor Energy, Inc. | 25,048 | 600,401 | ||||||
Murphy Oil Corp. | 25,238 | 587,541 | ||||||
Helmerich & Payne, Inc. | 17,967 | 586,263 | ||||||
SM Energy Co. | 23,150 | 570,184 | ||||||
Callon Petroleum Co.*,1 | 9,620 | 554,978 | ||||||
Canadian Natural Resources Ltd. | 14,755 | 535,311 | ||||||
CNX Resources Corp.* | 39,134 | 534,570 | ||||||
PBF Energy, Inc. — Class A* | 26,890 | 411,417 | ||||||
Delek US Holdings, Inc. | 18,236 | 394,262 | ||||||
Equinor ASA ADR1 | 16,902 | 358,322 | ||||||
Total Oil & Gas | 44,962,447 | |||||||
Pipelines - 14.6% | ||||||||
Kinder Morgan, Inc. | 108,899 | 1,985,229 | ||||||
Williams Companies, Inc. | 65,766 | 1,746,087 | ||||||
ONEOK, Inc. | 28,083 | 1,562,538 | ||||||
Cheniere Energy, Inc.* | 16,776 | 1,455,150 | ||||||
Targa Resources Corp. | 21,983 | 977,144 | ||||||
Enbridge, Inc. | 16,048 | 642,562 | ||||||
TC Energy Corp. | 11,475 | 568,242 | ||||||
Pembina Pipeline Corp. | 7,876 | 250,221 | ||||||
Total Pipelines | 9,187,173 | |||||||
Oil & Gas Services - 10.2% | ||||||||
Schlumberger N.V. | 64,257 | 2,056,867 | ||||||
Baker Hughes Co. | 64,537 | 1,475,961 | ||||||
Halliburton Co. | 61,278 | 1,416,747 | ||||||
NOV, Inc.* | 48,342 | 740,600 | ||||||
ChampionX Corp.* | 26,846 | 688,600 | ||||||
Total Oil & Gas Services | 6,378,775 | |||||||
Energy-Alternate Sources - 1.4% | ||||||||
Renewable Energy Group, Inc.* | 8,218 | 512,310 | ||||||
Green Plains, Inc.* | 11,470 | 385,622 | ||||||
Total Energy-Alternate Sources | 897,932 | |||||||
Mining - 0.7% | ||||||||
Cameco Corp. | 23,661 | 453,818 | ||||||
Retail - 0.7% | ||||||||
World Fuel Services Corp. | 13,569 | 430,544 | ||||||
Metal Fabricate & Hardware - 0.5% | ||||||||
Tenaris S.A. ADR | 12,880 | 282,072 | ||||||
Total Common Stocks | ||||||||
(Cost $48,650,499) | 62,592,761 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 297,469 | 297,469 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 117,113 | 117,113 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 114,817 | 114,817 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $529,399) | 529,399 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.8% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,164,576 | 1,164,576 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,164,576) | 1,164,576 | |||||||
Total Investments - 102.1% | ||||||||
(Cost $50,344,474) | $ | 64,286,736 | ||||||
Other Assets & Liabilities, net - (2.1)% | (1,323,514 | ) | ||||||
Total Net Assets - 100.0% | $ | 62,963,222 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 62,592,761 | $ | — | $ | — | $ | 62,592,761 | ||||||||
Repurchase Agreements | — | 529,399 | — | 529,399 | ||||||||||||
Securities Lending Collateral | 1,164,576 | — | — | 1,164,576 | ||||||||||||
Total Assets | $ | 63,757,337 | $ | 529,399 | $ | — | $ | 64,286,736 |
Energy Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas Services - 78.3% | ||||||||
Schlumberger N.V. | 177,261 | $ | 5,674,125 | |||||
Baker Hughes Co. | 178,019 | 4,071,295 | ||||||
Halliburton Co. | 169,030 | 3,907,974 | ||||||
NOV, Inc.* | 133,347 | 2,042,876 | ||||||
ChampionX Corp.* | 77,588 | 1,990,132 | ||||||
Liberty Oilfield Services, Inc. — Class A* | 105,167 | 1,489,165 | ||||||
TechnipFMC plc* | 148,198 | 1,341,192 | ||||||
Oceaneering International, Inc.* | 74,088 | 1,153,550 | ||||||
Archrock, Inc. | 123,199 | 1,097,703 | ||||||
Dril-Quip, Inc.* | 28,948 | 979,311 | ||||||
DMC Global, Inc.* | 17,174 | 965,351 | ||||||
US Silica Holdings, Inc.* | 76,507 | 884,421 | ||||||
Core Laboratories N.V. | 21,923 | 853,901 | ||||||
ProPetro Holding Corp.* | 92,775 | 849,819 | ||||||
Bristow Group, Inc.* | 30,563 | 782,718 | ||||||
Oil States International, Inc.* | 82,178 | 645,097 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 65,433 | 637,317 | ||||||
Matrix Service Co.* | 45,179 | 474,379 | ||||||
Total Oil & Gas Services | 29,840,326 | |||||||
Oil & Gas - 10.4% | ||||||||
Helmerich & Payne, Inc. | 54,528 | 1,779,248 | ||||||
Patterson-UTI Energy, Inc. | 128,801 | 1,280,282 | ||||||
Nabors Industries Ltd.* | 7,807 | 891,872 | ||||||
Total Oil & Gas | 3,951,402 | |||||||
Machinery-Diversified - 3.9% | ||||||||
Cactus, Inc. — Class A | 40,654 | 1,492,815 | ||||||
Metal Fabricate & Hardware - 2.8% | ||||||||
Tenaris S.A. ADR | 47,655 | 1,043,645 | ||||||
Retail - 2.5% | ||||||||
Aspen Aerogels, Inc.* | 32,300 | 966,416 | ||||||
Transportation - 1.6% | ||||||||
Tidewater, Inc.* | 51,646 | 622,334 | ||||||
Total Common Stocks | ||||||||
(Cost $31,955,427) | 37,916,938 |
WARRANTS† - 0.1% | ||||||||
Nabors Industries Ltd. | ||||||||
Expiring 06/11/26* | 3,018 | 30,180 | ||||||
Total Warrants | ||||||||
(Cost $0) | 30,180 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 101,419 | 101,419 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 39,928 | 39,928 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 39,146 | 39,146 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $180,493) | 180,493 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $32,135,920) | $ | 38,127,611 | ||||||
Other Assets & Liabilities, net - (0.1)% | (42,072 | ) | ||||||
Total Net Assets - 100.0% | $ | 38,085,539 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 37,916,938 | $ | — | $ | — | $ | 37,916,938 | ||||||||
Warrants | 30,180 | — | — | 30,180 | ||||||||||||
Repurchase Agreements | — | 180,493 | — | 180,493 | ||||||||||||
Total Assets | $ | 37,947,118 | $ | 180,493 | $ | — | $ | 38,127,611 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 6.0% | ||||||||
Consumer, Non-cyclical - 2.5% | ||||||||
Nestle S.A. ADR | 274 | $ | 34,179 | |||||
Roche Holding AG ADR | 535 | 25,140 | ||||||
Novartis AG ADR | 235 | 21,441 | ||||||
AstraZeneca plc ADR1 | 251 | 15,035 | ||||||
Unilever plc ADR | 251 | 14,683 | ||||||
Novo Nordisk A/S ADR | 158 | 13,236 | ||||||
Sanofi ADR | 218 | 11,480 | ||||||
Diageo plc ADR | 56 | 10,735 | ||||||
L'Oreal S.A. ADR | 117 | 10,459 | ||||||
GlaxoSmithKline plc ADR | 236 | 9,397 | ||||||
British American Tobacco plc ADR | 203 | 7,980 | ||||||
Adyen N.V. ADR* | 134 | 6,585 | ||||||
Reckitt Benckiser Group plc ADR1 | 346 | 6,193 | ||||||
Anheuser-Busch InBev S.A. ADR | 81 | 5,833 | ||||||
Bayer AG ADR | 374 | 5,700 | ||||||
RELX plc ADR | 189 | 5,040 | ||||||
Total Consumer, Non-cyclical | 203,116 | |||||||
Financial - 0.7% | ||||||||
HSBC Holdings plc ADR | 396 | 11,425 | ||||||
Allianz SE ADR | 393 | 9,821 | ||||||
BNP Paribas S.A. ADR | 220 | 6,890 | ||||||
Zurich Insurance Group AG ADR | 143 | 5,756 | ||||||
UBS Group AG | 331 | 5,077 | ||||||
AXA S.A. ADR | 196 | 4,988 | ||||||
Intesa Sanpaolo SpA ADR | 290 | 4,849 | ||||||
Prudential plc ADR1 | 125 | 4,763 | ||||||
Total Financial | 53,569 | |||||||
Industrial - 0.5% | ||||||||
Siemens AG ADR | 142 | 11,309 | ||||||
Schneider Electric SE ADR | 271 | 8,561 | ||||||
Airbus SE ADR* | 223 | 7,181 | ||||||
Vinci S.A. ADR | 225 | 6,020 | ||||||
ABB Ltd. ADR | 167 | 5,676 | ||||||
Safran S.A. ADR | 145 | 5,034 | ||||||
Total Industrial | 43,781 | |||||||
Basic Materials - 0.5% | ||||||||
Linde plc | 49 | 14,166 | ||||||
Rio Tinto plc ADR | 101 | 8,473 | ||||||
Air Liquide S.A. ADR | 226 | 7,942 | ||||||
BASF SE ADR1 | 351 | 6,960 | ||||||
BHP Group plc ADR | 100 | 5,969 | ||||||
Total Basic Materials | 43,510 | |||||||
Technology - 0.5% | ||||||||
ASML Holding N.V. — Class G | 40 | 27,634 | ||||||
SAP SE ADR | 104 | 14,608 | ||||||
Total Technology | 42,242 | |||||||
Consumer, Cyclical - 0.5% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 126 | 19,883 | ||||||
Daimler AG ADR | 321 | 7,185 | ||||||
adidas AG ADR | 36 | 6,724 | ||||||
Kering S.A. ADR | 70 | 6,136 | ||||||
Total Consumer, Cyclical | 39,928 | |||||||
Energy - 0.4% | ||||||||
TotalEnergies SE ADR | 251 | 11,360 | ||||||
BP plc ADR | 319 | 8,428 | ||||||
Royal Dutch Shell plc — Class A ADR1 | 195 | 7,878 | ||||||
Total Energy | 27,666 | |||||||
Utilities - 0.2% | ||||||||
Enel SpA ADR | 742 | 6,878 | ||||||
Iberdrola S.A. ADR | 139 | 6,791 | ||||||
National Grid plc ADR | 67 | 4,284 | ||||||
Total Utilities | 17,953 | |||||||
Communications - 0.2% | ||||||||
Deutsche Telekom AG ADR | 308 | 6,548 | ||||||
Vodafone Group plc ADR | 270 | 4,625 | ||||||
Prosus N.V. ADR | 212 | 4,155 | ||||||
Total Communications | 15,328 | |||||||
Total Common Stocks | ||||||||
(Cost $394,928) | 487,093 |
MUTUAL FUNDS† - 6.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 27,782 | 276,983 | ||||||
Guggenheim Strategy Fund II2 | 11,082 | 276,947 | ||||||
Total Mutual Funds | ||||||||
(Cost $552,516) | 553,930 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 10.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.03% due 08/03/213,4 | $ | 657,000 | 656,972 | |||||
0.01% due 08/03/213,4 | 193,000 | 192,991 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $849,977) | 849,963 |
REPURCHASE AGREEMENTS††,5 - 39.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 1,785,787 | 1,785,787 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 703,063 | 703,063 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 689,277 | 689,277 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $3,178,127) | 3,178,127 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%7 | 23,505 | 23,505 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $23,505) | 23,505 | |||||||
Total Investments - 63.0% | ||||||||
(Cost $4,999,053) | $ | 5,092,618 | ||||||
Other Assets & Liabilities, net - 37.0% | 2,986,078 | |||||||
Total Net Assets - 100.0% | $ | 8,078,696 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Euro FX Futures Contracts | 65 | Sep 2021 | $ | 9,649,656 | $ | (33,172 | ) | |||||||
Equity Futures Contracts Purchased† | ||||||||||||||
STOXX 50 Index Futures Contracts | 231 | Sep 2021 | 9,609,929 | (44,764 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 487,093 | $ | — | $ | — | $ | 487,093 | ||||||||
Mutual Funds | 553,930 | — | — | 553,930 | ||||||||||||
U.S. Treasury Bills | — | 849,963 | — | 849,963 | ||||||||||||
Repurchase Agreements | — | 3,178,127 | — | 3,178,127 | ||||||||||||
Securities Lending Collateral | 23,505 | — | — | 23,505 | ||||||||||||
Total Assets | $ | 1,064,528 | $ | 4,028,090 | $ | — | $ | 5,092,618 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 44,764 | $ | — | $ | — | $ | 44,764 | ||||||||
Currency Futures Contracts** | 33,172 | — | — | 33,172 | ||||||||||||
Total Liabilities | $ | 77,936 | $ | — | $ | — | $ | 77,936 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 276,836 | $ | – | $ | – | $ | – | $ | 111 | $ | 276,947 | 11,082 | $ | 984 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 276,705 | – | – | – | 278 | 276,983 | 27,782 | 643 | ||||||||||||||||||||||||
$ | 553,541 | $ | – | $ | – | $ | – | $ | 389 | $ | 553,930 | $ | 1,627 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
REITS - 28.2% | ||||||||
American Tower Corp. — Class A | 1,448 | $ | 391,163 | |||||
Prologis, Inc. | 2,757 | 329,544 | ||||||
Crown Castle International Corp. | 1,668 | 325,427 | ||||||
Equinix, Inc. | 365 | 292,949 | ||||||
Public Storage | 861 | 258,894 | ||||||
Simon Property Group, Inc. | 1,796 | 234,342 | ||||||
Digital Realty Trust, Inc. | 1,531 | 230,354 | ||||||
Welltower, Inc. | 2,561 | 212,819 | ||||||
SBA Communications Corp. | 656 | 209,067 | ||||||
AvalonBay Communities, Inc. | 913 | 190,534 | ||||||
Equity Residential | 2,444 | 188,188 | ||||||
Alexandria Real Estate Equities, Inc. | 1,028 | 187,034 | ||||||
Weyerhaeuser Co. | 5,276 | 181,600 | ||||||
Realty Income Corp. | 2,630 | 175,526 | ||||||
Extra Space Storage, Inc. | 1,019 | 166,933 | ||||||
Ventas, Inc. | 2,865 | 163,592 | ||||||
Invitation Homes, Inc. | 4,377 | 163,218 | ||||||
Mid-America Apartment Communities, Inc. | 920 | 154,946 | ||||||
Essex Property Trust, Inc. | 511 | 153,305 | ||||||
Sun Communities, Inc. | 891 | 152,717 | ||||||
Healthpeak Properties, Inc. | 4,462 | 148,540 | ||||||
Duke Realty Corp. | 3,119 | 147,685 | ||||||
Boston Properties, Inc. | 1,278 | 146,446 | ||||||
VICI Properties, Inc. | 4,582 | 142,134 | ||||||
UDR, Inc. | 2,757 | 135,038 | ||||||
WP Carey, Inc. | 1,750 | 130,585 | ||||||
Equity LifeStyle Properties, Inc. | 1,733 | 128,779 | ||||||
Camden Property Trust | 959 | 127,231 | ||||||
American Homes 4 Rent — Class A | 3,248 | 126,185 | ||||||
Host Hotels & Resorts, Inc.* | 7,078 | 120,963 | ||||||
Medical Properties Trust, Inc. | 5,971 | 120,017 | ||||||
Regency Centers Corp. | 1,820 | 116,607 | ||||||
Gaming and Leisure Properties, Inc. | 2,502 | 115,918 | ||||||
Lamar Advertising Co. — Class A | 1,098 | 114,653 | ||||||
VEREIT, Inc. | 2,473 | 113,585 | ||||||
Americold Realty Trust | 2,889 | 109,349 | ||||||
CubeSmart | 2,348 | 108,759 | ||||||
STORE Capital Corp. | 3,126 | 107,878 | ||||||
CyrusOne, Inc. | 1,490 | 106,565 | ||||||
Federal Realty Investment Trust | 901 | 105,570 | ||||||
AGNC Investment Corp. | 6,246 | 105,495 | ||||||
Vornado Realty Trust | 2,245 | 104,774 | ||||||
Omega Healthcare Investors, Inc. | 2,863 | 103,898 | ||||||
Life Storage, Inc. | 955 | 102,519 | ||||||
National Retail Properties, Inc. | 2,144 | 100,511 | ||||||
Kilroy Realty Corp. | 1,436 | 100,003 | ||||||
Rexford Industrial Realty, Inc. | 1,754 | 99,890 | ||||||
Brixmor Property Group, Inc. | 4,034 | 92,338 | ||||||
First Industrial Realty Trust, Inc. | 1,749 | 91,350 | ||||||
CoreSite Realty Corp. | 677 | 91,124 | ||||||
EastGroup Properties, Inc. | 540 | 88,803 | ||||||
American Campus Communities, Inc. | 1,895 | 88,535 | ||||||
SL Green Realty Corp. | 1,057 | 84,560 | ||||||
Douglas Emmett, Inc. | 2,514 | 84,521 | ||||||
Healthcare Trust of America, Inc. — Class A | 3,097 | 82,690 | ||||||
QTS Realty Trust, Inc. — Class A | 1,060 | 81,938 | ||||||
Agree Realty Corp. | 1,103 | 77,751 | ||||||
Healthcare Realty Trust, Inc. | 2,401 | 72,510 | ||||||
Hudson Pacific Properties, Inc. | 2,572 | 71,553 | ||||||
Total REITS | 8,559,402 | |||||||
Banks - 25.5% | ||||||||
JPMorgan Chase & Co. | 5,023 | 781,277 | ||||||
Bank of America Corp. | 16,492 | 679,965 | ||||||
Wells Fargo & Co. | 11,045 | 500,228 | ||||||
Morgan Stanley | 5,174 | 474,404 | ||||||
Citigroup, Inc. | 6,159 | 435,749 | ||||||
Goldman Sachs Group, Inc. | 1,111 | 421,658 | ||||||
U.S. Bancorp | 5,816 | 331,338 | ||||||
PNC Financial Services Group, Inc. | 1,719 | 327,916 | ||||||
Truist Financial Corp. | 5,594 | 310,467 | ||||||
Bank of New York Mellon Corp. | 4,733 | 242,472 | ||||||
First Republic Bank | 1,101 | 206,074 | ||||||
SVB Financial Group* | 353 | 196,420 | ||||||
State Street Corp. | 2,303 | 189,491 | ||||||
Fifth Third Bancorp | 4,840 | 185,033 | ||||||
Northern Trust Corp. | 1,525 | 176,321 | ||||||
Huntington Bancshares, Inc. | 11,751 | 167,687 | ||||||
KeyCorp | 7,733 | 159,686 | ||||||
Citizens Financial Group, Inc. | 3,452 | 158,343 | ||||||
Regions Financial Corp. | 7,833 | 158,070 | ||||||
ICICI Bank Ltd. ADR* | 9,015 | 154,157 | ||||||
M&T Bank Corp. | 1,038 | 150,832 | ||||||
Royal Bank of Canada | 1,440 | 145,886 | ||||||
HDFC Bank Ltd. ADR* | 1,991 | 145,582 | ||||||
Toronto-Dominion Bank | 2,065 | 144,653 | ||||||
Bank of Nova Scotia | 2,140 | 139,250 | ||||||
Signature Bank | 542 | 133,142 | ||||||
HSBC Holdings plc ADR | 4,282 | 123,536 | ||||||
East West Bancorp, Inc. | 1,610 | 115,421 | ||||||
First Horizon Corp. | 6,398 | 110,557 | ||||||
Western Alliance Bancorporation | 1,190 | 110,492 | ||||||
Zions Bancorp North America | 2,002 | 105,826 | ||||||
Silvergate Capital Corp. — Class A* | 570 | 64,592 | ||||||
Total Banks | 7,746,525 | |||||||
Insurance - 21.6% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 3,225 | 896,292 | ||||||
Marsh & McLennan Companies, Inc. | 2,165 | 304,572 | ||||||
Progressive Corp. | 2,832 | 278,131 | ||||||
Chubb Ltd. | 1,693 | 269,085 | ||||||
Aon plc — Class A | 1,103 | 263,352 | ||||||
Willis Towers Watson plc | 1,117 | 256,932 | ||||||
MetLife, Inc. | 4,289 | 256,697 | ||||||
Prudential Financial, Inc. | 2,222 | 227,688 | ||||||
Allstate Corp. | 1,723 | 224,748 | ||||||
American International Group, Inc. | 4,721 | 224,720 | ||||||
Travelers Companies, Inc. | 1,458 | 218,277 | ||||||
Aflac, Inc. | 4,004 | 214,855 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Insurance - 21.6% (continued) | ||||||||
Arthur J Gallagher & Co. | 1,363 | $ | 190,929 | |||||
Hartford Financial Services Group, Inc. | 2,675 | 165,770 | ||||||
Everest Re Group Ltd. | 620 | 156,246 | ||||||
Athene Holding Ltd. — Class A* | 2,314 | 156,195 | ||||||
Cincinnati Financial Corp. | 1,314 | 153,239 | ||||||
Arch Capital Group Ltd.* | 3,927 | 152,917 | ||||||
RenaissanceRe Holdings Ltd. | 1,000 | 148,820 | ||||||
Principal Financial Group, Inc. | 2,355 | 148,813 | ||||||
Markel Corp.* | 120 | 142,405 | ||||||
Brown & Brown, Inc. | 2,594 | 137,845 | ||||||
Loews Corp. | 2,462 | 134,548 | ||||||
Equitable Holdings, Inc. | 4,209 | 128,164 | ||||||
Fidelity National Financial, Inc. | 2,842 | 123,513 | ||||||
Lincoln National Corp. | 1,963 | 123,355 | ||||||
American Financial Group, Inc. | 933 | 116,364 | ||||||
Globe Life, Inc. | 1,150 | 109,538 | ||||||
Assurant, Inc. | 701 | 109,482 | ||||||
Reinsurance Group of America, Inc. — Class A | 853 | 97,242 | ||||||
Voya Financial, Inc. | 1,579 | 97,109 | ||||||
Lemonade, Inc.* | 882 | 96,500 | ||||||
First American Financial Corp. | 1,474 | 91,904 | ||||||
Unum Group | 3,021 | 85,796 | ||||||
MGIC Investment Corp. | 5,555 | 75,548 | ||||||
Brookfield Asset Management Reinsurance Partners Ltd. — Class A* | 20 | 1,052 | ||||||
Total Insurance | 6,578,643 | |||||||
Diversified Financial Services - 17.0% | ||||||||
Charles Schwab Corp. | 5,743 | 418,148 | ||||||
American Express Co. | 2,495 | 412,249 | ||||||
BlackRock, Inc. — Class A | 466 | 407,736 | ||||||
CME Group, Inc. — Class A | 1,443 | 306,897 | ||||||
Capital One Financial Corp. | 1,924 | 297,623 | ||||||
Intercontinental Exchange, Inc. | 2,491 | 295,682 | ||||||
Futu Holdings Ltd. ADR* | 1,520 | 272,217 | ||||||
Ameriprise Financial, Inc. | 1,027 | 255,600 | ||||||
T. Rowe Price Group, Inc. | 1,218 | 241,127 | ||||||
Rocket Companies, Inc. — Class A | 11,283 | 218,326 | ||||||
Discover Financial Services | 1,811 | 214,223 | ||||||
Apollo Global Management, Inc. | 3,069 | 190,892 | ||||||
Synchrony Financial | 3,929 | 190,635 | ||||||
Nasdaq, Inc. | 1,064 | 187,051 | ||||||
Tradeweb Markets, Inc. — Class A | 1,862 | 157,451 | ||||||
Ally Financial, Inc. | 3,051 | 152,062 | ||||||
Franklin Resources, Inc. | 4,446 | 142,227 | ||||||
Cboe Global Markets, Inc. | 1,070 | 127,383 | ||||||
Invesco Ltd. | 4,626 | 123,653 | ||||||
LPL Financial Holdings, Inc. | 842 | 113,653 | ||||||
Jefferies Financial Group, Inc. | 3,210 | 109,782 | ||||||
Credit Acceptance Corp.*,1 | 217 | 98,542 | ||||||
SLM Corp. | 4,524 | 94,733 | ||||||
Evercore, Inc. — Class A | 630 | 88,685 | ||||||
LendingTree, Inc.* | 270 | 57,208 | ||||||
Total Diversified Financial Services | 5,173,785 | |||||||
Private Equity - 3.1% | ||||||||
Blackstone Group, Inc. — Class A | 3,949 | 383,606 | ||||||
KKR & Company, Inc. — Class A | 4,395 | 260,360 | ||||||
Brookfield Asset Management, Inc. — Class A | 2,943 | 150,034 | ||||||
Carlyle Group, Inc. | 3,160 | 146,877 | ||||||
Total Private Equity | 940,877 | |||||||
Commercial Services - 2.6% | ||||||||
S&P Global, Inc. | 864 | 354,629 | ||||||
Moody's Corp. | 811 | 293,882 | ||||||
MarketAxess Holdings, Inc. | 316 | 146,494 | ||||||
Total Commercial Services | 795,005 | |||||||
Software - 0.8% | ||||||||
MSCI, Inc. — Class A | 447 | 238,287 | ||||||
Media - 0.4% | ||||||||
FactSet Research Systems, Inc. | 376 | 126,189 | ||||||
Savings & Loans - 0.3% | ||||||||
People's United Financial, Inc. | 5,577 | 95,590 | ||||||
Total Common Stocks | ||||||||
(Cost $20,822,450) | 30,254,303 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 183,835 | 183,835 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 72,376 | 72,376 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 70,957 | 70,957 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $327,168) | 327,168 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 6,904 | 6,904 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $6,904) | 6,904 | |||||||
Total Investments - 100.6% | ||||||||
(Cost $21,156,522) | $ | 30,588,375 | ||||||
Other Assets & Liabilities, net - (0.6)% | (177,237 | ) | ||||||
Total Net Assets - 100.0% | $ | 30,411,138 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 30,254,303 | $ | — | $ | — | $ | 30,254,303 | ||||||||
Repurchase Agreements | — | 327,168 | — | 327,168 | ||||||||||||
Securities Lending Collateral | 6,904 | — | — | 6,904 | ||||||||||||
Total Assets | $ | 30,261,207 | $ | 327,168 | $ | — | $ | 30,588,375 |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 19.1% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 462,837 | $ | 4,614,483 | |||||
Guggenheim Strategy Fund II1 | 182,784 | 4,567,770 | ||||||
Total Mutual Funds | ||||||||
(Cost $9,151,172) | 9,182,253 |
Face Amount | ||||||||
U.S. GOVERNMENT SECURITIES†† - 66.2% | ||||||||
U.S. Treasury Bonds | ||||||||
2.38% due 05/15/51 | $ | 29,900,000 | 31,918,250 | |||||
Total U.S. Government Securities | ||||||||
(Cost $30,418,080) | 31,918,250 |
U.S. TREASURY BILLS†† - 2.8% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/212,3 | 1,131,000 | 1,130,952 | ||||||
0.03% due 08/03/212,3 | 209,000 | 208,991 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,339,983) | 1,339,943 |
REPURCHASE AGREEMENTS††,4 - 19.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 5,173,300 | 5,173,300 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 2,036,723 | 2,036,723 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 1,996,788 | 1,996,788 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $9,206,811) | 9,206,811 | |||||||
Total Investments - 107.2% | ||||||||
(Cost $50,116,046) | $ | 51,647,257 | ||||||
Other Assets & Liabilities, net - (7.2)% | (3,448,929 | ) | ||||||
Total Net Assets - 100.0% | $ | 48,198,328 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 156 | Sep 2021 | $ | 30,034,875 | $ | 1,274,549 |
** | 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 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 9,182,253 | $ | — | $ | — | $ | 9,182,253 | ||||||||
U.S. Government Securities | — | 31,918,250 | — | 31,918,250 | ||||||||||||
U.S. Treasury Bills | — | 1,339,943 | — | 1,339,943 | ||||||||||||
Repurchase Agreements | — | 9,206,811 | — | 9,206,811 | ||||||||||||
Interest Rate Futures Contracts** | 1,274,549 | — | — | 1,274,549 | ||||||||||||
Total Assets | $ | 10,456,802 | $ | 42,465,004 | $ | — | $ | 52,921,806 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,565,542 | $ | – | $ | (1,000,000 | ) | $ | (60 | ) | $ | 2,288 | $ | 4,567,770 | 182,784 | $ | 16,531 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 5,608,852 | – | (1,000,000 | ) | (2,006 | ) | 7,637 | 4,614,483 | 462,837 | 10,885 | ||||||||||||||||||||||
$ | 11,174,394 | $ | – | $ | (2,000,000 | ) | $ | (2,066 | ) | $ | 9,925 | $ | 9,182,253 | $ | 27,416 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Healthcare-Products - 30.3% | ||||||||
Abbott Laboratories | 6,271 | $ | 726,997 | |||||
Thermo Fisher Scientific, Inc. | 1,413 | 712,816 | ||||||
Danaher Corp. | 2,619 | 702,835 | ||||||
Medtronic plc | 4,784 | 593,838 | ||||||
Intuitive Surgical, Inc.* | 575 | 528,793 | ||||||
Stryker Corp. | 1,894 | 491,929 | ||||||
Edwards Lifesciences Corp.* | 3,899 | 403,819 | ||||||
Boston Scientific Corp.* | 9,000 | 384,840 | ||||||
IDEXX Laboratories, Inc.* | 591 | 373,246 | ||||||
Align Technology, Inc.* | 565 | 345,215 | ||||||
Baxter International, Inc. | 3,912 | 314,916 | ||||||
ResMed, Inc. | 1,223 | 301,494 | ||||||
Zimmer Biomet Holdings, Inc. | 1,791 | 288,029 | ||||||
West Pharmaceutical Services, Inc. | 718 | 257,834 | ||||||
10X Genomics, Inc. — Class A* | 1,169 | 228,914 | ||||||
STERIS plc | 1,109 | 228,787 | ||||||
Avantor, Inc.* | 6,421 | 228,010 | ||||||
Novocure Ltd.* | 989 | 219,380 | ||||||
Hologic, Inc.* | 3,174 | 211,769 | ||||||
PerkinElmer, Inc. | 1,360 | 209,998 | ||||||
Bio-Techne Corp. | 464 | 208,921 | ||||||
Insulet Corp.* | 758 | 208,079 | ||||||
QIAGEN N.V.* | 3,875 | 187,472 | ||||||
ABIOMED, Inc.* | 598 | 186,642 | ||||||
Masimo Corp.* | 768 | 186,202 | ||||||
Dentsply Sirona, Inc. | 2,880 | 182,189 | ||||||
Repligen Corp.* | 825 | 164,686 | ||||||
Natera, Inc.* | 1,450 | 164,618 | ||||||
Henry Schein, Inc.* | 2,128 | 157,876 | ||||||
Penumbra, Inc.* | 575 | 157,584 | ||||||
Hill-Rom Holdings, Inc. | 1,206 | 136,989 | ||||||
Tandem Diabetes Care, Inc.* | 1,286 | 125,256 | ||||||
Quidel Corp.* | 966 | 123,764 | ||||||
Nevro Corp.* | 732 | 121,358 | ||||||
Haemonetics Corp.* | 1,420 | 94,629 | ||||||
iRhythm Technologies, Inc.* | 1,066 | 70,729 | ||||||
Total Healthcare-Products | 10,230,453 | |||||||
Pharmaceuticals - 30.0% | ||||||||
Johnson & Johnson | 6,274 | 1,033,579 | ||||||
Eli Lilly & Co. | 3,264 | 749,153 | ||||||
Pfizer, Inc. | 18,716 | 732,918 | ||||||
Merck & Company, Inc. | 9,000 | 699,930 | ||||||
AbbVie, Inc. | 6,164 | 694,313 | ||||||
Bristol-Myers Squibb Co. | 9,091 | 607,461 | ||||||
CVS Health Corp. | 6,214 | 518,496 | ||||||
Zoetis, Inc. | 2,509 | 467,577 | ||||||
Cigna Corp. | 1,894 | 449,011 | ||||||
Becton Dickinson and Co. | 1,731 | 420,962 | ||||||
AstraZeneca plc ADR1 | 5,676 | 339,992 | ||||||
DexCom, Inc.* | 762 | 325,374 | ||||||
McKesson Corp. | 1,420 | 271,561 | ||||||
Intellia Therapeutics, Inc.* | 1,483 | 240,112 | ||||||
AmerisourceBergen Corp. — Class A | 2,081 | 238,254 | ||||||
Jazz Pharmaceuticals plc* | 1,263 | 224,359 | ||||||
GlaxoSmithKline plc ADR | 5,255 | 209,254 | ||||||
Novartis AG ADR | 2,252 | 205,472 | ||||||
Viatris, Inc. | 14,269 | 203,904 | ||||||
Cardinal Health, Inc. | 3,535 | 201,813 | ||||||
Elanco Animal Health, Inc.* | 5,720 | 198,427 | ||||||
Teva Pharmaceutical Industries Ltd. ADR* | 19,312 | 191,189 | ||||||
Perrigo Company plc | 4,133 | 189,498 | ||||||
PRA Health Sciences, Inc.* | 972 | 160,584 | ||||||
Bausch Health Companies, Inc.* | 5,452 | 159,853 | ||||||
Neurocrine Biosciences, Inc.* | 1,540 | 149,873 | ||||||
Organon & Co.* | 4,460 | 134,960 | ||||||
Sarepta Therapeutics, Inc.* | 1,570 | 122,052 | ||||||
Total Pharmaceuticals | 10,139,931 | |||||||
Biotechnology - 20.5% | ||||||||
Amgen, Inc. | 2,429 | 592,069 | ||||||
Moderna, Inc.* | 2,215 | 520,481 | ||||||
Gilead Sciences, Inc. | 6,789 | 467,490 | ||||||
Illumina, Inc.* | 889 | 420,684 | ||||||
Regeneron Pharmaceuticals, Inc.* | 702 | 392,095 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,844 | 371,806 | ||||||
Biogen, Inc.* | 986 | 341,422 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,741 | 319,839 | ||||||
CRISPR Therapeutics AG* | 1,904 | 308,239 | ||||||
Seagen, Inc.* | 1,711 | 270,133 | ||||||
Royalty Pharma plc — Class A | 5,830 | 238,972 | ||||||
BioNTech SE ADR* | 1,032 | 231,044 | ||||||
Horizon Therapeutics plc* | 2,456 | 229,980 | ||||||
Exact Sciences Corp.* | 1,827 | 227,114 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,300 | 220,376 | ||||||
Incyte Corp.* | 2,556 | 215,036 | ||||||
Novavax, Inc.* | 1,009 | 214,221 | ||||||
BioMarin Pharmaceutical, Inc.* | 2,332 | 194,582 | ||||||
Guardant Health, Inc.* | 1,420 | 176,350 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 1,731 | 143,361 | ||||||
Pacific Biosciences of California, Inc.* | 4,073 | 142,433 | ||||||
Mirati Therapeutics, Inc.* | 872 | 140,854 | ||||||
United Therapeutics Corp.* | 778 | 139,581 | ||||||
Twist Bioscience Corp.* | 1,032 | 137,514 | ||||||
Exelixis, Inc.* | 5,917 | 107,808 | ||||||
Emergent BioSolutions, Inc.* | 1,450 | 91,335 | ||||||
Inovio Pharmaceuticals, Inc.*,1 | 7,905 | 73,279 | ||||||
Total Biotechnology | 6,928,098 | |||||||
Healthcare-Services - 14.9% | ||||||||
UnitedHealth Group, Inc. | 2,422 | 969,866 | ||||||
Anthem, Inc. | 1,266 | 483,359 | ||||||
HCA Healthcare, Inc. | 2,005 | 414,514 | ||||||
Humana, Inc. | 862 | 381,625 | ||||||
IQVIA Holdings, Inc.* | 1,386 | 335,855 | ||||||
Centene Corp.* | 4,403 | 321,111 | ||||||
Laboratory Corporation of America Holdings* | 962 | 265,368 | ||||||
Teladoc Health, Inc.* | 1,567 | 260,576 | ||||||
Charles River Laboratories International, Inc.* | 588 | 217,513 | ||||||
Catalent, Inc.* | 1,951 | 210,942 | ||||||
Quest Diagnostics, Inc. | 1,587 | 209,436 | ||||||
Molina Healthcare, Inc.* | 758 | 191,819 | ||||||
DaVita, Inc.* | 1,457 | 175,466 | ||||||
Universal Health Services, Inc. — Class B | 1,176 | 172,202 | ||||||
Syneos Health, Inc.* | 1,734 | 155,176 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% (continued) | ||||||||
Healthcare-Services - 14.9% (continued) | ||||||||
Encompass Health Corp. | 1,747 | $ | 136,318 | |||||
Invitae Corp.*,1 | 3,909 | 131,851 | ||||||
Total Healthcare-Services | 5,032,997 | |||||||
Electronics - 2.5% | ||||||||
Agilent Technologies, Inc. | 2,258 | 333,755 | ||||||
Mettler-Toledo International, Inc.* | 204 | 282,609 | ||||||
Waters Corp.* | 665 | 229,831 | ||||||
Total Electronics | 846,195 | |||||||
Software - 1.7% | ||||||||
Veeva Systems, Inc. — Class A* | 1,113 | 346,087 | ||||||
Cerner Corp. | 3,070 | 239,951 | ||||||
Total Software | 586,038 | |||||||
Total Common Stocks | ||||||||
(Cost $20,810,735) | 33,763,712 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 61,339 | $ | 61,339 | ||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 24,149 | 24,149 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 23,676 | 23,676 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $109,164) | 109,164 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 379,738 | 379,738 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $379,738) | 379,738 | |||||||
Total Investments - 101.3% | ||||||||
(Cost $21,299,637) | $ | 34,252,614 | ||||||
Other Assets & Liabilities, net - (1.3)% | (447,839 | ) | ||||||
Total Net Assets - 100.0% | $ | 33,804,775 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 33,763,712 | $ | — | $ | — | $ | 33,763,712 | ||||||||
Repurchase Agreements | — | 109,164 | — | 109,164 | ||||||||||||
Securities Lending Collateral | 379,738 | — | — | 379,738 | ||||||||||||
Total Assets | $ | 34,143,450 | $ | 109,164 | $ | — | $ | 34,252,614 |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 23.1% | ||||||||
Guggenheim Strategy Fund III1 | 112,348 | $ | 2,826,680 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 227,842 | 2,271,586 | ||||||
Guggenheim Strategy Fund II1 | 53,173 | 1,328,787 | ||||||
Total Mutual Funds | ||||||||
(Cost $6,316,655) | 6,427,053 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 34.5% | ||||||||
Federal Farm Credit Bank | ||||||||
0.13% (1 Month USD LIBOR + 0.03%, Rate Floor: 0.00%) due 12/29/212 | $ | 2,000,000 | 2,000,493 | |||||
0.34% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222 | 1,700,000 | 1,703,466 | ||||||
0.28% (U.S. Prime Rate - 2.97%, Rate Floor: 0.00%) due 05/27/222 | 620,000 | 621,177 | ||||||
Fannie Mae | ||||||||
0.42% due 07/21/23 | 2,220,000 | 2,220,387 | ||||||
Federal Home Loan Bank | ||||||||
0.02% due 09/03/21 | 2,000,000 | 1,999,806 | ||||||
4.00% due 12/24/30 | 25,000 | 25,476 | ||||||
3.98% due 09/21/33 | 25,000 | 25,204 | ||||||
Farmer Mac | ||||||||
0.06% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 11/22/212 | 1,000,000 | 1,000,011 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $9,593,811) | 9,596,020 |
U.S. GOVERNMENT SECURITIES†† - 9.1% | ||||||||
U.S. Treasury Note | ||||||||
1.75% due 05/15/22 | 2,500,000 | 2,536,133 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $2,536,529) | 2,536,133 |
FEDERAL AGENCY DISCOUNT NOTES†† - 8.8% | ||||||||
Federal Home Loan Bank | ||||||||
0.02% due 11/19/213 | 2,449,000 | 2,448,424 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $2,448,760) | 2,448,424 |
U.S. TREASURY BILLS†† - 4.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/213,4 | 1,246,000 | 1,245,947 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,245,989) | 1,245,947 |
REPURCHASE AGREEMENTS††,5 - 16.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/216 | 2,549,641 | 2,549,641 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/216 | 1,003,791 | 1,003,791 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/216 | 984,109 | 984,109 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,537,541) | 4,537,541 | |||||||
Total Investments - 96.3% | ||||||||
(Cost $26,679,285) | $ | 26,791,118 | ||||||
Other Assets & Liabilities, net - 3.7% | 1,043,005 | |||||||
Total Net Assets - 100.0% | $ | 27,834,123 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
U.S. Treasury 5 Year Note Futures Contracts | 164 | Sep 2021 | $ | 20,237,344 | $ | (49,013 | ) |
Centrally Cleared Credit Default Swap Agreements Protection Sold†† | ||||||||||||||||||||||||||||
Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid | Unrealized Appreciation** | |||||||||||||||||||
Goldman Sachs International | ICE | CDX.NA.HY.36.V1 | 5.00 | % | Quarterly | 06/20/26 | $ | 13,800,000 | $ | 1,407,069 | $ | 1,111,310 | $ | 295,759 | ||||||||||||||
Barclays Bank plc | ICE | CDX.NA.HY.36.V1 | 5.00 | % | Quarterly | 06/20/26 | 6,600,000 | 672,946 | 559,062 | 113,884 | ||||||||||||||||||
$ | 2,080,015 | $ | 1,670,372 | $ | 409,643 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Credit Index Swap Agreements†† | ||||||||||||||||||||
BNP Paribas | SPDR Bloomberg Barclays High Yield Bond ETF | 0.49% (1 Month USD LIBOR + 0.40%) | At Maturity | 07/15/21 | 29,193 | $ | 3,210,050 | $ | 29,193 |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | 0.44% (1 Month USD LIBOR + 0.35%) | At Maturity | 07/15/21 | 33,133 | 2,917,003 | 26,175 | |||||||||||||
Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | 0.44% (1 Week USD LIBOR + 0.35%) | At Maturity | 07/29/21 | 9,924 | 873,709 | 1,191 | |||||||||||||
$ | 7,000,762 | $ | 56,559 |
** | 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 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures and credit default swap collateral at June 30, 2021. |
5 | Repurchase Agreements — See Note 4. |
6 | All or a portion of this security is pledged as credit index swap collateral at June 30, 2021. |
CDX.NA.HY.36.V1 — Credit Default Swap North American High Yield Series 36 Index Version 1
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 6,427,053 | $ | — | $ | — | $ | 6,427,053 | ||||||||
Federal Agency Notes | — | 9,596,020 | — | 9,596,020 | ||||||||||||
U.S. Government Securities | — | 2,536,133 | — | 2,536,133 | ||||||||||||
Federal Agency Discount Notes | — | 2,448,424 | — | 2,448,424 | ||||||||||||
U.S. Treasury Bills | — | 1,245,947 | — | 1,245,947 | ||||||||||||
Repurchase Agreements | — | 4,537,541 | — | 4,537,541 | ||||||||||||
Credit Default Swap Agreements** | — | 409,643 | — | 409,643 | ||||||||||||
Credit Index Swap Agreements** | — | 56,559 | — | 56,559 | ||||||||||||
Total Assets | $ | 6,427,053 | $ | 20,830,267 | $ | — | $ | 27,257,320 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 49,013 | $ | — | $ | — | $ | 49,013 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,328,255 | $ | – | $ | – | $ | – | $ | 532 | $ | 1,328,787 | 53,173 | $ | 4,720 | |||||||||||||||||
Guggenheim Strategy Fund III | 2,824,433 | – | – | – | 2,247 | 2,826,680 | 112,348 | 11,804 | ||||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,269,308 | – | – | – | 2,278 | 2,271,586 | 227,842 | 5,277 | ||||||||||||||||||||||||
$ | 6,421,996 | $ | – | $ | – | $ | – | $ | 5,057 | $ | 6,427,053 | $ | 21,801 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Internet - 61.9% | ||||||||
Amazon.com, Inc.* | 504 | $ | 1,733,841 | |||||
Alphabet, Inc. — Class A* | 703 | 1,716,578 | ||||||
Facebook, Inc. — Class A* | 3,850 | 1,338,684 | ||||||
Alibaba Group Holding Ltd. ADR* | 4,254 | 964,722 | ||||||
Netflix, Inc.* | 1,251 | 660,791 | ||||||
Baidu, Inc. ADR* | 2,769 | 564,599 | ||||||
Snap, Inc. — Class A* | 6,558 | 446,862 | ||||||
Uber Technologies, Inc.* | 8,152 | 408,578 | ||||||
Booking Holdings, Inc.* | 179 | 391,668 | ||||||
Roku, Inc.* | 812 | 372,911 | ||||||
JD.com, Inc. ADR* | 4,547 | 362,896 | ||||||
Pinduoduo, Inc. ADR* | 2,663 | 338,254 | ||||||
DoorDash, Inc. — Class A* | 1,866 | 332,764 | ||||||
Twitter, Inc.* | 4,808 | 330,838 | ||||||
Shopify, Inc. — Class A* | 213 | 311,189 | ||||||
Pinterest, Inc. — Class A* | 3,914 | 309,010 | ||||||
Sea Ltd. ADR* | 1,111 | 305,081 | ||||||
eBay, Inc. | 4,281 | 300,569 | ||||||
MercadoLibre, Inc.* | 192 | 299,096 | ||||||
Match Group, Inc.* | 1,779 | 286,864 | ||||||
Okta, Inc.* | 1,071 | 262,052 | ||||||
Spotify Technology S.A.* | 937 | 258,228 | ||||||
Vipshop Holdings Ltd. ADR* | 12,330 | 247,586 | ||||||
Chewy, Inc. — Class A*,1 | 3,067 | 244,471 | ||||||
Wayfair, Inc. — Class A* | 770 | 243,097 | ||||||
Zillow Group, Inc. — Class C* | 1,967 | 240,407 | ||||||
Zillow Group, Inc. — Class A* | 1,951 | 239,056 | ||||||
Etsy, Inc.* | 1,148 | 236,304 | ||||||
VeriSign, Inc.* | 942 | 214,484 | ||||||
Farfetch Ltd. — Class A* | 4,244 | 213,728 | ||||||
Expedia Group, Inc.* | 1,249 | 204,474 | ||||||
Fiverr International Ltd.* | 830 | 201,267 | ||||||
Just Eat Takeaway.com N.V. ADR* | 10,646 | 194,402 | ||||||
Lyft, Inc. — Class A* | 3,139 | 189,847 | ||||||
Trip.com Group Ltd. ADR* | 5,300 | 187,938 | ||||||
Jumia Technologies AG ADR*,1 | 6,004 | 182,101 | ||||||
Wix.com Ltd.* | 623 | 180,844 | ||||||
Weibo Corp. ADR* | 3,402 | 179,013 | ||||||
Autohome, Inc. ADR | 2,563 | 163,929 | ||||||
JOYY, Inc. ADR | 2,473 | 163,144 | ||||||
GoDaddy, Inc. — Class A* | 1,856 | 161,398 | ||||||
IAC* | 1,014 | 156,328 | ||||||
F5 Networks, Inc.* | 748 | 139,622 | ||||||
Vimeo, Inc.* | 2,502 | 122,598 | ||||||
Anaplan, Inc.* | 2,178 | 116,087 | ||||||
Stitch Fix, Inc. — Class A* | 1,749 | 105,465 | ||||||
TripAdvisor, Inc.* | 2,423 | 97,647 | ||||||
Overstock.com, Inc.* | 921 | 84,916 | ||||||
Stamps.com, Inc.* | 396 | 79,315 | ||||||
Total Internet | 17,085,543 | |||||||
Software - 24.9% | ||||||||
Adobe, Inc.* | 1,235 | 723,265 | ||||||
salesforce.com, Inc.* | 2,579 | 629,972 | ||||||
Zoom Video Communications, Inc. — Class A* | 1,180 | 456,695 | ||||||
Activision Blizzard, Inc. | 3,829 | 365,440 | ||||||
Twilio, Inc. — Class A* | 918 | 361,839 | ||||||
Snowflake, Inc. — Class A* | 1,457 | 352,303 | ||||||
Workday, Inc. — Class A* | 1,360 | 324,686 | ||||||
DocuSign, Inc.* | 1,148 | 320,946 | ||||||
Veeva Systems, Inc. — Class A* | 937 | 291,360 | ||||||
Electronic Arts, Inc. | 1,882 | 270,688 | ||||||
Bilibili, Inc. ADR* | 2,074 | 252,696 | ||||||
NetEase, Inc. ADR | 2,064 | 237,876 | ||||||
HubSpot, Inc.* | 380 | 221,434 | ||||||
MongoDB, Inc.* | 541 | 195,582 | ||||||
Take-Two Interactive Software, Inc.* | 1,095 | 193,837 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 3,687 | 192,351 | ||||||
Coupa Software, Inc.* | 732 | 191,865 | ||||||
Akamai Technologies, Inc.* | 1,565 | 182,479 | ||||||
Citrix Systems, Inc. | 1,360 | 159,487 | ||||||
Dropbox, Inc. — Class A* | 4,914 | 148,943 | ||||||
Five9, Inc.* | 812 | 148,913 | ||||||
Skillz, Inc.*,1 | 6,060 | 131,623 | ||||||
Smartsheet, Inc. — Class A* | 1,795 | 129,814 | ||||||
Fastly, Inc. — Class A*,1 | 1,885 | 112,346 | ||||||
J2 Global, Inc.* | 770 | 105,914 | ||||||
BigCommerce Holdings, Inc.* | 1,430 | 92,836 | ||||||
New Relic, Inc.* | 1,251 | 83,780 | ||||||
Total Software | 6,878,970 | |||||||
Telecommunications - 6.1% | ||||||||
Cisco Systems, Inc. | 11,810 | 625,930 | ||||||
Motorola Solutions, Inc. | 1,190 | 258,051 | ||||||
Arista Networks, Inc.* | 602 | 218,111 | ||||||
GDS Holdings Ltd. ADR* | 2,186 | 171,579 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 12,146 | 152,797 | ||||||
Juniper Networks, Inc. | 4,558 | 124,661 | ||||||
Ciena Corp.* | 2,188 | 124,475 | ||||||
Total Telecommunications | 1,675,604 | |||||||
Commercial Services - 5.0% | ||||||||
PayPal Holdings, Inc.* | 2,726 | 794,575 | ||||||
CoStar Group, Inc.* | 2,795 | 231,482 | ||||||
Chegg, Inc.* | 1,784 | 148,268 | ||||||
Paylocity Holding Corp.* | 729 | 139,093 | ||||||
2U, Inc.* | 1,808 | 75,339 | ||||||
Total Commercial Services | 1,388,757 | |||||||
Healthcare-Services - 0.8% | ||||||||
Teladoc Health, Inc.* | 1,320 | 219,503 | ||||||
Real Estate - 0.4% | ||||||||
Redfin Corp.* | 1,739 | 110,270 | ||||||
Computers - 0.4% | ||||||||
Lumentum Holdings, Inc.* | 1,283 | 105,245 | ||||||
Total Common Stocks | ||||||||
(Cost $13,715,513) | 27,463,892 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 105,706 | $ | 105,706 | ||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 41,617 | 41,617 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 40,800 | 40,800 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $188,123) | 188,123 |
SECURITIES LENDING COLLATERAL†,3 - 1.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 389,884 | 389,884 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $389,884) | 389,884 | |||||||
Total Investments - 101.6% | ||||||||
(Cost $14,293,520) | $ | 28,041,899 | ||||||
Other Assets & Liabilities, net - (1.6)% | (450,975 | ) | ||||||
Total Net Assets - 100.0% | $ | 27,590,924 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 27,463,892 | $ | — | $ | — | $ | 27,463,892 | ||||||||
Repurchase Agreements | — | 188,123 | — | 188,123 | ||||||||||||
Securities Lending Collateral | 389,884 | — | — | 389,884 | ||||||||||||
Total Assets | $ | 27,853,776 | $ | 188,123 | $ | — | $ | 28,041,899 |
Inverse Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 51.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/212 | $ | 129,185 | $ | 129,185 | ||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/212 | 50,860 | 50,860 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/212 | 49,863 | 49,863 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $229,908) | 229,908 | |||||||
Total Investments - 51.9% | ||||||||
(Cost $229,908) | $ | 229,908 | ||||||
Other Assets & Liabilities, net - 48.1% | 212,695 | |||||||
Total Net Assets - 100.0% | $ | 442,603 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | |||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
Goldman Sachs International | BNY Mellon Emerging Markets 50 ADR Index | (0.36%) (1 Week USD LIBOR - 0.45%) | At Maturity | 07/15/21 | 191 | $ | 708,098 | $ | (771 | ) | ||||||||||
BNP Paribas | BNY Mellon Emerging Markets 50 ADR Index | (0.21%) (1 Month USD LIBOR - 0.30%) | At Maturity | 07/15/21 | 48 | 178,364 | (2,705 | ) | ||||||||||||
$ | 886,462 | $ | (3,476 | ) |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
ADR — American Depositary Receipt
LIBOR — London Interbank Offered Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Repurchase Agreements | $ | — | $ | 229,908 | $ | — | $ | 229,908 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 3,476 | $ | — | $ | 3,476 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 18.6% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 528,512 | $ | 5,269,262 | |||||
Guggenheim Strategy Fund II1 | 210,588 | 5,262,592 | ||||||
Total Mutual Funds | ||||||||
(Cost $10,470,929) | 10,531,854 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 40.9% | ||||||||
Federal Home Loan Bank | ||||||||
0.02% due 09/03/21 | $ | 9,000,000 | 8,999,125 | |||||
4.00% due 12/24/30 | 1,000,000 | 1,019,045 | ||||||
3.98% due 09/21/33 | 1,000,000 | 1,008,161 | ||||||
0.17% (U.S. Secured Overnight Financing Rate + 0.12%, Rate Floor: 0.00%) due 02/10/222 | 100,000 | 100,049 | ||||||
1.13% due 07/14/21 | 325,000 | 325,126 | ||||||
1.88% due 07/07/21 | 170,000 | 170,058 | ||||||
Federal Farm Credit Bank | ||||||||
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/222 | 3,000,000 | 3,011,198 | ||||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 2,220,000 | 2,227,294 | ||||||
3.78% due 08/02/28 | 2,000,000 | 2,006,610 | ||||||
Farmer Mac | ||||||||
0.08% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 08/03/212 | 2,000,000 | 2,000,040 | ||||||
Freddie Mac | ||||||||
0.32% due 10/20/22 | 1,775,000 | 1,775,002 | ||||||
0.19% (U.S. Secured Overnight Financing Rate + 0.14%, Rate Floor: 0.00%) due 12/10/212 | 140,000 | 140,047 | ||||||
Fannie Mae | ||||||||
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/11/222 | 100,000 | 100,098 | ||||||
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/09/222 | 100,000 | 100,094 | ||||||
0.20% (U.S. Secured Overnight Financing Rate + 0.15%, Rate Floor: 0.00%) due 12/10/212 | 100,000 | 100,055 | ||||||
0.19% (U.S. Secured Overnight Financing Rate + 0.14%, Rate Floor: 0.00%) due 09/10/212 | 100,000 | 100,024 | ||||||
0.20% (U.S. Secured Overnight Financing Rate + 0.15%, Rate Floor: 0.00%) due 12/09/212 | 25,000 | 25,016 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $23,221,548) | 23,207,042 |
U.S. GOVERNMENT SECURITIES†† - 10.7% | ||||||||
U.S. Treasury Notes | ||||||||
1.75% due 03/31/22 | 5,000,000 | 5,062,109 | ||||||
1.75% due 05/15/22 | 1,000,000 | 1,014,453 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $6,077,743) | 6,076,562 |
U.S. TREASURY BILLS†† - 1.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/213,4 | 588,000 | 587,975 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $587,994) | 587,975 |
REPURCHASE AGREEMENTS†† - 87.8% | ||||||||
Individual Repurchase Agreements6 | ||||||||
Mizuho Securities USA LLC issued 06/30/21 at (0.15)% due 07/01/21 (secured by a U.S. Treasury Bond, at a rate of 2.38% and maturing 05/15/51 as collateral, with a value of $26,648,438) to be repurchased at $26,125,919 | 26,125,919 | 26,125,919 | ||||||
Barclays Capital, Inc. issued 06/30/21 at (0.10)% due 07/01/21 (secured by a U.S. Treasury Bond, at a rate of 2.38% and maturing 05/15/51 as collateral, with a value of $12,867,300) to be repurchased at $12,615,000 | 12,615,000 | 12,615,000 | ||||||
Joint Repurchase Agreements5 | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 6,221,073 | 6,221,073 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 2,449,231 | 2,449,231 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 2,401,206 | 2,401,206 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $49,812,429) | 49,812,429 | |||||||
Total Investments - 159.1% | ||||||||
(Cost $90,170,643) | $ | 90,215,862 |
U.S. Government Securities Sold Short†† - (75.1)% | ||||||||
U.S. Treasury Bonds | ||||||||
2.38% due 05/15/51 | 39,900,000 | (42,593,250 | ) | |||||
Total Securities Sold Short - (75.1)% | ||||||||
(Proceeds $41,200,995) | $ | (42,593,250 | ) | |||||
Other Assets & Liabilities, net - 16.0% | 9,102,166 | |||||||
Total Net Assets - 100.0% | $ | 56,724,778 |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Interest Rate Futures Contracts Sold Short† | ||||||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 83 | Sep 2021 | $ | 15,980,094 | $ | (516,935 | ) |
** | 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 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | All or a portion of this security is pledged as short security collateral at June 30, 2021. |
LIBOR — London Interbank Offered Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 10,531,854 | $ | — | $ | — | $ | 10,531,854 | ||||||||
Federal Agency Notes | — | 23,207,042 | — | 23,207,042 | ||||||||||||
U.S. Government Securities | — | 6,076,562 | — | 6,076,562 | ||||||||||||
U.S. Treasury Bills | — | 587,975 | — | 587,975 | ||||||||||||
Repurchase Agreements | — | 49,812,429 | — | 49,812,429 | ||||||||||||
Total Assets | $ | 10,531,854 | $ | 79,684,008 | $ | — | $ | 90,215,862 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
U.S. Government Securities Sold Short | $ | — | $ | 42,593,250 | $ | — | $ | 42,593,250 | ||||||||
Interest Rate Futures Contracts** | 516,935 | — | — | 516,935 | ||||||||||||
Total Liabilities | $ | 516,935 | $ | 42,593,250 | $ | — | $ | 43,110,185 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,260,486 | $ | – | $ | – | $ | – | $ | 2,106 | $ | 5,262,592 | 210,588 | $ | 18,694 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 5,263,977 | – | – | – | 5,285 | 5,269,262 | 528,512 | 12,241 | ||||||||||||||||||||||||
$ | 10,524,463 | $ | – | $ | – | $ | – | $ | 7,391 | $ | 10,531,854 | $ | 30,935 |
Inverse High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 59.2% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 26,589 | $ | 265,096 | |||||
Guggenheim Strategy Fund II1 | 10,226 | 255,554 | ||||||
Total Mutual Funds | ||||||||
(Cost $516,916) | 520,650 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 0.7% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/212,3 | $ | 5,000 | 5,000 | |||||
0.03% due 08/03/213 | 1,000 | 1,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $6,000) | 6,000 |
REPURCHASE AGREEMENTS††,4 - 36.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 178,644 | 178,644 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 70,332 | 70,332 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 68,953 | 68,953 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $317,929) | 317,929 | |||||||
Total Investments - 96.0% | ||||||||
(Cost $840,845) | $ | 844,579 | ||||||
Other Assets & Liabilities, net - 4.0% | 35,485 | |||||||
Total Net Assets - 100.0% | $ | 880,064 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Interest Rate Futures Contracts Sold Short† | ||||||||||||||
U.S. Treasury 5 Year Note Futures Contracts | 6 | Sep 2021 | $ | 740,391 | $ | 2,357 |
Centrally Cleared Credit Default Swap Agreements Protection Purchased†† | |||||||||||||||||||||||||||
Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Received | Unrealized Depreciation** | ||||||||||||||||||
Barclays Bank plc | ICE | CDX.NA.HY.36.V1 | 5.00 | % | Quarterly | 06/20/26 | $ | 800,000 | $ | (81,569 | ) | $ | (74,791 | ) | $ | (6,778 | ) |
** | 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 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
CDX.NA.HY.36.V1 — Credit Default Swap North American High Yield Series 36 Index Version 1
ICE — Intercontinental Exchange
plc — Public Limited Company
See Sector Classification in Other Information section.
Inverse High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 520,650 | $ | — | $ | — | $ | 520,650 | ||||||||
U.S. Treasury Bills | — | 6,000 | — | 6,000 | ||||||||||||
Repurchase Agreements | — | 317,929 | — | 317,929 | ||||||||||||
Interest Rate Futures Contracts** | 2,357 | — | — | 2,357 | ||||||||||||
Total Assets | $ | 523,007 | $ | 323,929 | $ | — | $ | 846,936 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Credit Default Swap Agreements** | $ | — | $ | 6,778 | $ | — | $ | 6,778 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 875,453 | $ | – | $ | (620,000 | ) | $ | (398 | ) | $ | 499 | $ | 255,554 | 10,226 | $ | 1,075 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 874,218 | – | (610,000 | ) | (351 | ) | 1,229 | 265,096 | 26,589 | 701 | ||||||||||||||||||||||
$ | 1,749,671 | $ | – | $ | (1,230,000 | ) | $ | (749 | ) | $ | 1,728 | $ | 520,650 | $ | 1,776 |
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 20.3% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 8,145 | $ | 81,202 | |||||
Guggenheim Strategy Fund II1 | 3,222 | 80,515 | ||||||
Total Mutual Funds | ||||||||
(Cost $160,346) | 161,717 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 79.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | $ | 357,775 | 357,775 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 140,855 | 140,855 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 138,094 | 138,094 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $636,724) | 636,724 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $797,070) | $ | 798,441 | ||||||
Other Assets & Liabilities, net - 0.0% | 244 | |||||||
Total Net Assets - 100.0% | $ | 798,685 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
BNP Paribas | S&P MidCap 400 Index | 0.04% (1 Month USD LIBOR - 0.05%) | At Maturity | 07/15/21 | 176 | $ | 475,486 | $ | 2,348 | |||||||||||
Goldman Sachs International | S&P MidCap 400 Index | 0.19% (1 Week USD LIBOR + 0.10%) | At Maturity | 07/15/21 | 80 | 215,112 | 1,199 | |||||||||||||
Barclays Bank plc | S&P MidCap 400 Index | 0.29% (1 Week USD LIBOR + 0.20%) | At Maturity | 07/14/21 | 40 | 108,942 | (527 | ) | ||||||||||||
$ | 799,540 | $ | 3,020 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Repurchase Agreements — See Note 4. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 161,717 | $ | — | $ | — | $ | 161,717 | ||||||||
Repurchase Agreements | — | 636,724 | — | 636,724 | ||||||||||||
Equity Index Swap Agreements** | — | 3,547 | — | 3,547 | ||||||||||||
Total Assets | $ | 161,717 | $ | 640,271 | $ | — | $ | 801,988 |
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 527 | $ | — | $ | 527 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 80,483 | $ | – | $ | – | $ | – | $ | 32 | $ | 80,515 | 3,222 | $ | 286 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 81,121 | – | – | – | 81 | 81,202 | 8,145 | 189 | ||||||||||||||||||||||||
$ | 161,604 | $ | – | $ | – | $ | – | $ | 113 | $ | 161,717 | $ | 475 |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 16.4% | ||||||||
Guggenheim Strategy Fund II1 | 61,417 | $ | 1,534,810 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 152,495 | 1,520,378 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,973,832) | 3,055,188 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 53.7% | ||||||||
Freddie Mac | ||||||||
0.32% due 10/20/22 | $ | 6,050,000 | 6,050,006 | |||||
Federal Home Loan Bank | ||||||||
0.02% due 09/03/21 | 1,500,000 | 1,499,854 | ||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | 750,000 | 752,061 | ||||||
0.32% (3 Month U.S. Treasury Bill Rate + 0.27%, Rate Floor: 0.00%) due 05/16/222 | 500,000 | 501,104 | ||||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 240,000 | 240,789 | ||||||
Farmer Mac | ||||||||
0.06% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 11/22/212 | 1,000,000 | 1,000,011 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $10,042,340) | 10,043,825 |
U.S. GOVERNMENT SECURITIES†† - 10.9% | ||||||||
U.S. Treasury Note | ||||||||
2.00% due 07/31/22 | 2,000,000 | 2,040,938 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $2,040,707) | 2,040,938 |
U.S. TREASURY BILLS†† - 7.6% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/213,4 | 1,000,000 | 999,765 | ||||||
0.01% due 08/03/214,5 | 274,000 | 273,988 | ||||||
0.03% due 12/09/214 | 150,000 | 149,965 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,423,806) | 1,423,718 |
REPURCHASE AGREEMENTS††,6 - 23.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 2,446,809 | 2,446,809 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 963,307 | 963,307 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 944,418 | 944,418 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,354,534) | 4,354,534 | |||||||
Total Investments - 111.9% | ||||||||
(Cost $20,835,219) | $ | 20,918,203 | ||||||
Other Assets & Liabilities, net - (11.9)% | (2,221,445 | ) | ||||||
Total Net Assets - 100.0% | $ | 18,696,758 |
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 | 13 | Sep 2021 | $ | 3,781,310 | $ | (144,838 | ) |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | |||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | (0.34)% (1 Week USD LIBOR + 0.25%) | At Maturity | 07/15/21 | 56 | $ | 821,943 | $ | (27,153 | ) | ||||||||||
BNP Paribas | NASDAQ-100 Index | (0.24)% (1 Month USD LIBOR + 0.15%) | At Maturity | 07/15/21 | 412 | 5,997,957 | (351,137 | ) | ||||||||||||
Barclays Bank plc | NASDAQ-100 Index | (0.44)% (1 Week USD LIBOR + 0.35%) | At Maturity | 07/14/21 | 557 | 8,107,602 | (499,704 | ) | ||||||||||||
$ | 14,927,502 | $ | (877,994 | ) |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
** | 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 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
6 | Repurchase Agreements — See Note 4. |
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 3,055,188 | $ | — | $ | — | $ | 3,055,188 | ||||||||
Federal Agency Notes | — | 10,043,825 | — | 10,043,825 | ||||||||||||
U.S. Government Securities | — | 2,040,938 | — | 2,040,938 | ||||||||||||
U.S. Treasury Bills | — | 1,423,718 | — | 1,423,718 | ||||||||||||
Repurchase Agreements | — | 4,354,534 | — | 4,354,534 | ||||||||||||
Total Assets | $ | 3,055,188 | $ | 17,863,015 | $ | — | $ | 20,918,203 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 144,838 | $ | — | $ | — | $ | 144,838 | ||||||||
Equity Index Swap Agreements** | — | 877,994 | — | 877,994 | ||||||||||||
Total Liabilities | $ | 144,838 | $ | 877,994 | $ | — | $ | 1,022,832 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,534,196 | $ | – | $ | – | $ | – | $ | 614 | $ | 1,534,810 | 61,417 | $ | 5,452 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,518,853 | – | – | – | 1,525 | 1,520,378 | 152,495 | 3,532 | ||||||||||||||||||||||||
$ | 3,053,049 | $ | – | $ | – | $ | – | $ | 2,139 | $ | 3,055,188 | $ | 8,984 |
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 44.8% | ||||||||
Guggenheim Strategy Fund II1 | 51,129 | $ | 1,277,717 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 127,491 | 1,271,085 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,512,853) | 2,548,802 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 4.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/212 | $ | 131,000 | 130,994 | |||||
0.04% due 12/09/212,3 | 100,000 | 99,977 | ||||||
0.03% due 12/09/212 | 25,000 | 24,994 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $255,978) | 255,965 | |||||||
FEDERAL AGENCY NOTES†† - 2.1% | ||||||||
Federal Farm Credit Bank | ||||||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/224 | 120,000 | 120,394 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $120,000) | 120,394 |
REPURCHASE AGREEMENTS††,5 - 50.2% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 1,606,205 | 1,606,205 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 632,362 | 632,362 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 619,962 | 619,962 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,858,529) | 2,858,529 | |||||||
Total Investments - 101.6% | ||||||||
(Cost $5,747,360) | $ | 5,783,690 | ||||||
Other Assets & Liabilities, net - (1.6)% | (90,841 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,692,849 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | |||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
BNP Paribas | Russell 2000 Index | 0.31% (1 Month USD LIBOR - 0.40%) | At Maturity | 07/15/21 | 236 | $ | 545,537 | $ | (13,952 | ) | ||||||||||
Barclays Bank plc | Russell 2000 Index | 0.41% (1 Week USD LIBOR - 0.50%) | At Maturity | 07/14/21 | 169 | 389,748 | (17,678 | ) | ||||||||||||
Goldman Sachs International | Russell 2000 Index | (0.04)% (1 Week USD LIBOR - 0.05%) | At Maturity | 07/15/21 | 2,060 | 4,759,840 | (43,329 | ) | ||||||||||||
$ | 5,695,125 | $ | (74,959 | ) |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
5 | Repurchase Agreements — See Note 4. |
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 2,548,802 | $ | — | $ | — | $ | 2,548,802 | ||||||||
U.S. Treasury Bills | — | 255,965 | — | 255,965 | ||||||||||||
Federal Agency Notes | — | 120,394 | — | 120,394 | ||||||||||||
Repurchase Agreements | — | 2,858,529 | — | 2,858,529 | ||||||||||||
Total Assets | $ | 2,548,802 | $ | 3,234,888 | $ | — | $ | 5,783,690 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 74,959 | $ | — | $ | 74,959 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,277,205 | $ | – | $ | – | $ | – | $ | 512 | $ | 1,277,717 | 51,129 | $ | 4,539 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,269,811 | – | – | – | 1,274 | 1,271,085 | 127,491 | 2,953 | ||||||||||||||||||||||||
$ | 2,547,016 | $ | – | $ | – | $ | – | $ | 1,786 | $ | 2,548,802 | $ | 7,492 |
Inverse S&P 500® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 26.9% | ||||||||
Guggenheim Strategy Fund II1 | 282,633 | $ | 7,063,002 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 527,442 | 5,258,601 | ||||||
Total Mutual Funds | ||||||||
(Cost $12,230,893) | 12,321,603 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 54.6% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 4,500,000 | 4,512,367 | |||||
0.09% due 01/06/22 | 3,500,000 | 3,500,005 | ||||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 3,040,000 | 3,049,988 | ||||||
0.34% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222 | 3,000,000 | 3,006,117 | ||||||
Fannie Mae | ||||||||
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222 | 5,000,000 | 5,007,213 | ||||||
Freddie Mac | ||||||||
0.32% due 10/20/22 | 5,000,000 | 5,000,005 | ||||||
Federal Home Loan Bank | ||||||||
4.00% due 12/24/30 | 475,000 | 484,046 | ||||||
3.98% due 09/21/33 | 475,000 | 478,876 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $25,012,987) | 25,038,617 |
U.S. TREASURY BILLS†† - 2.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/213,4 | 1,100,000 | 1,099,742 | ||||||
0.03% due 08/03/214,5 | 34,000 | 33,998 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,133,812) | 1,133,740 |
REPURCHASE AGREEMENTS††,6 - 17.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 4,607,101 | 4,607,101 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 1,813,811 | 1,813,811 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 1,778,247 | 1,778,247 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $8,199,159) | 8,199,159 | |||||||
Total Investments - 101.9% | ||||||||
(Cost $46,576,851) | $ | 46,693,119 | ||||||
Other Assets & Liabilities, net - (1.9)% | (866,404 | ) | ||||||
Total Net Assets - 100.0% | $ | 45,826,715 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Sold Short† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 95 | Sep 2021 | $ | 20,360,875 | $ | (40,020 | ) |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | |||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
BNP Paribas | S&P 500 Index | (0.14)% (1 Month USD LIBOR + 0.05%) | At Maturity | 07/15/21 | 375 | $ | 1,612,288 | $ | (38,082 | ) | ||||||||||
Barclays Bank plc | S&P 500 Index | (0.39)% (1 Week USD LIBOR + 0.30%) | At Maturity | 07/14/21 | 495 | 2,128,185 | (54,162 | ) | ||||||||||||
Goldman Sachs International | S&P 500 Index | (0.44)% (1 Week USD LIBOR + 0.35%) | At Maturity | 07/15/21 | 5,044 | 21,676,891 | (497,756 | ) | ||||||||||||
$ | 25,417,364 | $ | (590,000 | ) |
Inverse S&P 500® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
** | 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 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
6 | Repurchase Agreements — See Note 4. |
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 12,321,603 | $ | — | $ | — | $ | 12,321,603 | ||||||||
Federal Agency Notes | — | 25,038,617 | — | 25,038,617 | ||||||||||||
U.S. Treasury Bills | — | 1,133,740 | — | 1,133,740 | ||||||||||||
Repurchase Agreements | — | 8,199,159 | — | 8,199,159 | ||||||||||||
Total Assets | $ | 12,321,603 | $ | 34,371,516 | $ | — | $ | 46,693,119 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 40,020 | $ | — | $ | — | $ | 40,020 | ||||||||
Equity Index Swap Agreements** | — | 590,000 | — | 590,000 | ||||||||||||
Total Liabilities | $ | 40,020 | $ | 590,000 | $ | — | $ | 630,020 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 7,060,175 | $ | – | $ | – | $ | – | $ | 2,827 | $ | 7,063,002 | 282,633 | $ | 25,090 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 5,253,327 | – | – | – | 5,274 | 5,258,601 | 527,442 | 12,216 | ||||||||||||||||||||||||
$ | 12,313,502 | $ | – | $ | – | $ | – | $ | 8,101 | $ | 12,321,603 | $ | 37,306 | |||||||||||||||||||
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 14.7% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 14,448 | $ | 144,047 | |||||
Guggenheim Strategy Fund II1 | 5,636 | 140,838 | ||||||
Total Mutual Funds | ||||||||
(Cost $283,661) | 284,885 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 13.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/212,3 | $ | 263,000 | 262,989 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $262,997) | 262,989 |
FEDERAL AGENCY NOTES†† - 10.3% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/224 | 100,000 | 100,275 | ||||||
0.34% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/224 | 100,000 | 100,204 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $200,000) | 200,479 |
REPURCHASE AGREEMENTS††,5 - 69.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 756,525 | 756,525 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 297,844 | 297,844 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 292,003 | 292,003 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,346,372) | 1,346,372 | |||||||
Total Investments - 107.9% | ||||||||
(Cost $2,093,030) | $ | 2,094,725 | ||||||
Other Assets & Liabilities, net - (7.9)% | (154,021 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,940,704 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Nikkei 225 (CME) Index Futures Contracts | 27 | Sep 2021 | $ | 3,885,300 | $ | (24,365 | ) | |||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Japanese Yen Futures Contracts | 34 | Sep 2021 | 3,828,188 | (51,598 | ) |
** | 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 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
5 | Repurchase Agreements — See Note 4. |
CME — Chicago Mercantile Exchange
See Sector Classification in Other Information section.
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 284,885 | $ | — | $ | — | $ | 284,885 | ||||||||
U.S. Treasury Bills | — | 262,989 | — | 262,989 | ||||||||||||
Federal Agency Notes | — | 200,479 | — | 200,479 | ||||||||||||
Repurchase Agreements | — | 1,346,372 | — | 1,346,372 | ||||||||||||
Total Assets | $ | 284,885 | $ | 1,809,840 | $ | — | $ | 2,094,725 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 51,598 | $ | — | $ | — | $ | 51,598 | ||||||||
Equity Futures Contracts** | 24,365 | — | — | 24,365 | ||||||||||||
Total Liabilities | $ | 75,963 | $ | — | $ | — | $ | 75,963 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 140,782 | $ | – | $ | – | $ | – | $ | 56 | $ | 140,838 | 5,636 | $ | 500 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 143,902 | – | – | – | 145 | 144,047 | 14,448 | 335 | ||||||||||||||||||||||||
$ | 284,684 | $ | – | $ | – | $ | – | $ | 201 | $ | 284,885 | $ | 835 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.2% | ||||||||
Media - 20.4% | ||||||||
Walt Disney Co.* | 6,672 | $ | 1,172,737 | |||||
Comcast Corp. — Class A | 18,488 | 1,054,186 | ||||||
Charter Communications, Inc. — Class A* | 1,149 | 828,946 | ||||||
Liberty Broadband Corp. — Class C* | 2,235 | 388,130 | ||||||
ViacomCBS, Inc. — Class B | 8,320 | 376,064 | ||||||
Discovery, Inc. — Class A*,1 | 10,188 | 312,568 | ||||||
DISH Network Corp. — Class A* | 7,405 | 309,529 | ||||||
Fox Corp. — Class A | 8,092 | 300,456 | ||||||
Altice USA, Inc. — Class A* | 7,653 | 261,273 | ||||||
News Corp. — Class A | 9,871 | 254,376 | ||||||
Cable One, Inc. | 120 | 229,537 | ||||||
New York Times Co. — Class A | 4,220 | 183,781 | ||||||
Nexstar Media Group, Inc. — Class A | 1,129 | 166,956 | ||||||
World Wrestling Entertainment, Inc. — Class A | 2,358 | 136,505 | ||||||
Total Media | 5,975,044 | |||||||
Retail - 16.6% | ||||||||
McDonald's Corp. | 3,695 | 853,508 | ||||||
Starbucks Corp. | 6,729 | 752,370 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 294 | 455,800 | ||||||
Yum! Brands, Inc. | 3,305 | 380,174 | ||||||
Darden Restaurants, Inc. | 2,061 | 300,886 | ||||||
Domino's Pizza, Inc. | 602 | 280,827 | ||||||
Yum China Holdings, Inc. | 4,040 | 267,650 | ||||||
Restaurant Brands International, Inc. | 3,162 | 203,759 | ||||||
Texas Roadhouse, Inc. — Class A | 1,805 | 173,641 | ||||||
Wendy's Co. | 6,350 | 148,717 | ||||||
Wingstop, Inc. | 932 | 146,911 | ||||||
Shake Shack, Inc. — Class A* | 1,363 | 145,868 | ||||||
Papa John's International, Inc. | 1,229 | 128,357 | ||||||
Cracker Barrel Old Country Store, Inc. | 833 | 123,667 | ||||||
Brinker International, Inc.* | 1,845 | 114,113 | ||||||
Cheesecake Factory, Inc.* | 1,984 | 107,493 | ||||||
Bloomin' Brands, Inc.* | 3,815 | 103,539 | ||||||
Jack in the Box, Inc. | 892 | 99,405 | ||||||
Dave & Buster's Entertainment, Inc.* | 2,270 | 92,162 | ||||||
Total Retail | 4,878,847 | |||||||
Internet - 13.7% | ||||||||
Netflix, Inc.* | 1,950 | 1,030,010 | ||||||
Booking Holdings, Inc.* | 277 | 606,101 | ||||||
Roku, Inc.* | 1,269 | 582,788 | ||||||
Sea Ltd. ADR* | 1,697 | 465,996 | ||||||
Spotify Technology S.A.* | 1,354 | 373,149 | ||||||
Tencent Music Entertainment Group ADR* | 23,549 | 364,539 | ||||||
Expedia Group, Inc.* | 1,947 | 318,743 | ||||||
iQIYI, Inc. ADR* | 18,990 | 295,864 | ||||||
Total Internet | 4,037,190 | |||||||
Lodging - 10.2% | ||||||||
Marriott International, Inc. — Class A* | 3,136 | 428,127 | ||||||
Las Vegas Sands Corp.* | 7,770 | 409,401 | ||||||
Hilton Worldwide Holdings, Inc.* | 3,074 | 370,786 | ||||||
MGM Resorts International | 7,122 | 303,753 | ||||||
Wynn Resorts Ltd.* | 1,987 | 243,010 | ||||||
Huazhu Group Ltd. ADR* | 3,881 | 204,956 | ||||||
Melco Resorts & Entertainment Ltd. ADR* | 11,622 | 192,576 | ||||||
Hyatt Hotels Corp. — Class A* | 2,295 | 178,184 | ||||||
Boyd Gaming Corp.* | 2,831 | 174,078 | ||||||
Wyndham Hotels & Resorts, Inc. | 2,327 | 168,219 | ||||||
Choice Hotels International, Inc. | 1,400 | 166,404 | ||||||
Travel + Leisure Co. | 2,478 | 147,317 | ||||||
Total Lodging | 2,986,811 | |||||||
Entertainment - 8.5% | ||||||||
DraftKings, Inc. — Class A* | 5,905 | 308,064 | ||||||
Caesars Entertainment, Inc.* | 2,934 | 304,403 | ||||||
Live Nation Entertainment, Inc.* | 3,310 | 289,923 | ||||||
Vail Resorts, Inc.* | 738 | 233,592 | ||||||
Penn National Gaming, Inc.* | 2,965 | 226,793 | ||||||
Churchill Downs, Inc. | 927 | 183,787 | ||||||
Scientific Games Corp. — Class A* | 2,332 | 180,590 | ||||||
Marriott Vacations Worldwide Corp.* | 1,055 | 168,061 | ||||||
Madison Square Garden Sports Corp. — Class A* | 776 | 133,914 | ||||||
Six Flags Entertainment Corp.* | 2,943 | 127,373 | ||||||
SeaWorld Entertainment, Inc.* | 2,546 | 127,147 | ||||||
AMC Entertainment Holdings, Inc. — Class A*,1 | 2,004 | 113,587 | ||||||
Cinemark Holdings, Inc.* | 4,833 | 106,084 | ||||||
Total Entertainment | 2,503,318 | |||||||
Software - 8.3% | ||||||||
Activision Blizzard, Inc. | 5,973 | 570,063 | ||||||
Electronic Arts, Inc. | 2,937 | 422,429 | ||||||
Bilibili, Inc. ADR* | 3,008 | 366,495 | ||||||
NetEase, Inc. ADR | 2,965 | 341,716 | ||||||
Take-Two Interactive Software, Inc.* | 1,708 | 302,350 | ||||||
HUYA, Inc. ADR*,1 | 11,970 | 211,271 | ||||||
Skillz, Inc.*,1 | 9,452 | 205,297 | ||||||
Total Software | 2,419,621 | |||||||
Leisure Time - 8.1% | ||||||||
Peloton Interactive, Inc. — Class A* | 3,424 | 424,644 | ||||||
Carnival Corp.* | 12,916 | 340,466 | ||||||
Royal Caribbean Cruises Ltd.* | 3,550 | 302,744 | ||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 7,816 | 229,869 | ||||||
Polaris, Inc. | 1,411 | 193,251 | ||||||
Brunswick Corp. | 1,896 | 188,880 | ||||||
YETI Holdings, Inc.* | 2,053 | 188,506 | ||||||
Harley-Davidson, Inc. | 3,838 | 175,857 | ||||||
Planet Fitness, Inc. — Class A* | 2,235 | 168,184 | ||||||
Callaway Golf Co.* | 4,876 | 164,467 | ||||||
Total Leisure Time | 2,376,868 | |||||||
Beverages - 5.7% | ||||||||
Constellation Brands, Inc. — Class A | 1,893 | 442,754 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.2% (continued) | ||||||||
Beverages - 5.7% (continued) | ||||||||
Brown-Forman Corp. — Class B | 5,186 | $ | 388,639 | |||||
Boston Beer Company, Inc. — Class A* | 234 | 238,867 | ||||||
Molson Coors Beverage Co. — Class B* | 4,074 | 218,733 | ||||||
Anheuser-Busch InBev S.A. ADR | 2,746 | 197,739 | ||||||
Diageo plc ADR | 1,001 | 191,882 | ||||||
Total Beverages | 1,678,614 | |||||||
Agriculture - 5.6% | ||||||||
Philip Morris International, Inc. | 8,166 | 809,332 | ||||||
Altria Group, Inc. | 12,999 | 619,793 | ||||||
British American Tobacco plc ADR | 5,061 | 198,948 | ||||||
Total Agriculture | 1,628,073 | |||||||
Toys, Games & Hobbies - 1.4% | ||||||||
Hasbro, Inc. | 2,532 | 239,324 | ||||||
Mattel, Inc.* | 8,788 | 176,639 | ||||||
Total Toys, Games & Hobbies | 415,963 | |||||||
Food Service - 0.7% | ||||||||
Aramark | 5,400 | 201,150 | ||||||
Total Common Stocks | ||||||||
(Cost $20,057,735) | 29,101,499 |
RIGHTS††† - 0.0% | ||||||||
Media - 0.0% | ||||||||
Nexstar Media Group, Inc.* | 8,160 | – | ||||||
Total Rights | ||||||||
(Cost $–) | – |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 113,178 | 113,178 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 44,558 | 44,558 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 43,685 | 43,685 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $201,421) | 201,421 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 708,042 | 708,042 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $708,042) | 708,042 | |||||||
Total Investments - 102.3% | ||||||||
(Cost $20,967,198) | $ | 30,010,962 | ||||||
Other Assets & Liabilities, net - (2.3)% | (668,550 | ) | ||||||
Total Net Assets - 100.0% | $ | 29,342,412 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 29,101,499 | $ | — | $ | — | $ | 29,101,499 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Repurchase Agreements | — | 201,421 | — | 201,421 | ||||||||||||
Securities Lending Collateral | 708,042 | — | — | 708,042 | ||||||||||||
Total Assets | $ | 29,809,541 | $ | 201,421 | $ | — | $ | 30,010,962 |
* | Security has a market value of $0. |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.7% | ||||||||
Financial - 19.1% | ||||||||
Berkshire Hathaway, Inc. — Class B*,1 | 652 | $ | 181,204 | |||||
Aflac, Inc.1 | 2,051 | 110,057 | ||||||
Hanover Insurance Group, Inc. | 795 | 107,834 | ||||||
Allstate Corp.1 | 815 | 106,309 | ||||||
Synchrony Financial | 2,158 | 104,706 | ||||||
Raymond James Financial, Inc. | 769 | 99,893 | ||||||
Highwoods Properties, Inc. REIT1 | 2,194 | 99,103 | ||||||
Mercury General Corp. | 1,469 | 95,411 | ||||||
Brandywine Realty Trust REIT1 | 6,664 | 91,364 | ||||||
Old Republic International Corp. | 3,609 | 89,900 | ||||||
Healthcare Realty Trust, Inc. REIT | 2,956 | 89,271 | ||||||
Safety Insurance Group, Inc. | 1,056 | 82,664 | ||||||
Progressive Corp. | 806 | 79,157 | ||||||
Discover Financial Services | 648 | 76,652 | ||||||
Jefferies Financial Group, Inc. | 2,022 | 69,152 | ||||||
Marsh & McLennan Companies, Inc. | 463 | 65,135 | ||||||
Travelers Companies, Inc.1 | 433 | 64,824 | ||||||
Markel Corp.* | 54 | 64,082 | ||||||
Enstar Group Ltd.* | 267 | 63,792 | ||||||
Everest Re Group Ltd. | 251 | 63,254 | ||||||
Evercore, Inc. — Class A | 439 | 61,798 | ||||||
Arch Capital Group Ltd.* | 1,573 | 61,253 | ||||||
Capital One Financial Corp. | 394 | 60,948 | ||||||
Associated Banc-Corp. | 2,889 | 59,167 | ||||||
Brighthouse Financial, Inc.* | 1,291 | 58,792 | ||||||
Houlihan Lokey, Inc. | 688 | 56,272 | ||||||
Essent Group Ltd. | 1,238 | 55,648 | ||||||
Interactive Brokers Group, Inc. — Class A | 838 | 55,082 | ||||||
Cboe Global Markets, Inc. | 454 | 54,049 | ||||||
Federated Hermes, Inc. — Class B | 1,581 | 53,612 | ||||||
AMERISAFE, Inc. | 841 | 50,199 | ||||||
Janus Henderson Group plc | 1,253 | 48,629 | ||||||
BankUnited, Inc. | 1,091 | 46,575 | ||||||
SEI Investments Co. | 749 | 46,416 | ||||||
RenaissanceRe Holdings Ltd. | 308 | 45,837 | ||||||
Radian Group, Inc. | 1,988 | 44,233 | ||||||
Affiliated Managers Group, Inc. | 283 | 43,641 | ||||||
Cincinnati Financial Corp. | 356 | 41,517 | ||||||
Goldman Sachs Group, Inc. | 108 | 40,989 | ||||||
OneMain Holdings, Inc. | 668 | 40,020 | ||||||
First American Financial Corp. | 629 | 39,218 | ||||||
JPMorgan Chase & Co. | 246 | 38,263 | ||||||
Citigroup, Inc. | 520 | 36,790 | ||||||
Stewart Information Services Corp. | 638 | 36,168 | ||||||
MGIC Investment Corp. | 2,320 | 31,552 | ||||||
Western Union Co. | 1,359 | 31,216 | ||||||
Sabra Health Care REIT, Inc. | 1,686 | 30,685 | ||||||
Brown & Brown, Inc. | 568 | 30,183 | ||||||
W R Berkley Corp. | 397 | 29,549 | ||||||
Visa, Inc. — Class A | 125 | 29,227 | ||||||
Mastercard, Inc. — Class A | 80 | 29,207 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 545 | 27,697 | ||||||
Lexington Realty Trust REIT | 2,292 | 27,389 | ||||||
Total Financial | 3,245,585 | |||||||
Consumer, Non-cyclical - 16.6% | ||||||||
Johnson & Johnson1 | 1,064 | 175,283 | ||||||
Merck & Company, Inc.1 | 2,164 | 168,294 | ||||||
Gilead Sciences, Inc.1 | 2,102 | 144,744 | ||||||
Bristol-Myers Squibb Co.1 | 2,092 | 139,787 | ||||||
Amgen, Inc.1 | 503 | 122,606 | ||||||
Thermo Fisher Scientific, Inc.1 | 206 | 103,921 | ||||||
Pfizer, Inc.1 | 2,411 | 94,415 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 143 | 92,133 | ||||||
Regeneron Pharmaceuticals, Inc.*,1 | 162 | 90,484 | ||||||
Molson Coors Beverage Co. — Class B*,1 | 1,643 | 88,213 | ||||||
Hershey Co. | 431 | 75,072 | ||||||
John B Sanfilippo & Son, Inc. | 839 | 74,310 | ||||||
Hologic, Inc.* | 1,071 | 71,457 | ||||||
McKesson Corp.1 | 369 | 70,568 | ||||||
United Therapeutics Corp.* | 392 | 70,329 | ||||||
Incyte Corp.*,1 | 795 | 66,883 | ||||||
Vertex Pharmaceuticals, Inc.* | 281 | 56,658 | ||||||
Vector Group Ltd.1 | 3,989 | 56,404 | ||||||
Prestige Consumer Healthcare, Inc.* | 1,065 | 55,487 | ||||||
PerkinElmer, Inc. | 350 | 54,044 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,251 | 53,543 | ||||||
H&R Block, Inc. | 2,153 | 50,552 | ||||||
Humana, Inc. | 114 | 50,470 | ||||||
Quest Diagnostics, Inc. | 381 | 50,281 | ||||||
PepsiCo, Inc.1 | 333 | 49,340 | ||||||
Abbott Laboratories | 419 | 48,575 | ||||||
Chemed Corp. | 102 | 48,399 | ||||||
Blueprint Medicines Corp.* | 537 | 47,235 | ||||||
Innoviva, Inc.* | 3,028 | 40,605 | ||||||
Laboratory Corporation of America Holdings* | 144 | 39,722 | ||||||
Coherus Biosciences, Inc.* | 2,740 | 37,894 | ||||||
Hill-Rom Holdings, Inc. | 321 | 36,462 | ||||||
Grand Canyon Education, Inc.* | 374 | 33,649 | ||||||
Vanda Pharmaceuticals, Inc.* | 1,560 | 33,556 | ||||||
Masimo Corp.* | 132 | 32,003 | ||||||
PayPal Holdings, Inc.* | 108 | 31,480 | ||||||
Exelixis, Inc.* | 1,686 | 30,719 | ||||||
Bruker Corp. | 402 | 30,544 | ||||||
Zoetis, Inc. | 161 | 30,004 | ||||||
Philip Morris International, Inc.1 | 300 | 29,733 | ||||||
UnitedHealth Group, Inc. | 74 | 29,632 | ||||||
Procter & Gamble Co.1 | 219 | 29,550 | ||||||
HCA Healthcare, Inc. | 140 | 28,944 | ||||||
Baxter International, Inc. | 358 | 28,819 | ||||||
J M Smucker Co.1 | 214 | 27,728 | ||||||
Total Consumer, Non-cyclical | 2,820,531 | |||||||
Industrial - 14.1% | ||||||||
Toro Co. | 1,392 | 152,953 | ||||||
Donaldson Company, Inc.1 | 1,927 | 122,422 | ||||||
MDU Resources Group, Inc.1 | 3,845 | 120,502 | ||||||
Garmin Ltd. | 749 | 108,335 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.7% (continued) | ||||||||
Industrial - 14.1% (continued) | ||||||||
Vishay Intertechnology, Inc.1 | 4,109 | $ | 92,658 | |||||
Watts Water Technologies, Inc. — Class A | 631 | 92,069 | ||||||
Eagle Materials, Inc. | 644 | 91,519 | ||||||
Mettler-Toledo International, Inc.* | 58 | 80,350 | ||||||
3M Co.1 | 400 | 79,452 | ||||||
Oshkosh Corp.1 | 610 | 76,030 | ||||||
OSI Systems, Inc.* | 739 | 75,112 | ||||||
Northrop Grumman Corp.1 | 186 | 67,598 | ||||||
Masco Corp.1 | 1,130 | 66,568 | ||||||
Snap-on, Inc.1 | 288 | 64,348 | ||||||
Parker-Hannifin Corp.1 | 202 | 62,036 | ||||||
Agilent Technologies, Inc. | 419 | 61,933 | ||||||
Owens Corning | 558 | 54,628 | ||||||
Waters Corp.* | 155 | 53,570 | ||||||
Timken Co. | 660 | 53,190 | ||||||
Fortive Corp. | 751 | 52,375 | ||||||
Louisiana-Pacific Corp. | 836 | 50,403 | ||||||
Huntington Ingalls Industries, Inc. | 218 | 45,943 | ||||||
Lennox International, Inc. | 126 | 44,201 | ||||||
Lincoln Electric Holdings, Inc.1 | 331 | 43,596 | ||||||
Carlisle Companies, Inc. | 223 | 42,678 | ||||||
Keysight Technologies, Inc.* | 274 | 42,308 | ||||||
Sealed Air Corp. | 689 | 40,823 | ||||||
Acuity Brands, Inc. | 214 | 40,024 | ||||||
Hillenbrand, Inc. | 906 | 39,937 | ||||||
AGCO Corp. | 295 | 38,462 | ||||||
Boise Cascade Co. | 649 | 37,869 | ||||||
Sanmina Corp.* | 971 | 37,830 | ||||||
Lockheed Martin Corp.1 | 97 | 36,700 | ||||||
Sturm Ruger & Company, Inc. | 380 | 34,192 | ||||||
Worthington Industries, Inc. | 552 | 33,771 | ||||||
A O Smith Corp. | 442 | 31,851 | ||||||
Pentair plc | 461 | 31,113 | ||||||
Graco, Inc. | 405 | 30,659 | ||||||
Berry Global Group, Inc.* | 442 | 28,827 | ||||||
Arrow Electronics, Inc.* | 239 | 27,205 | ||||||
Total Industrial | 2,386,040 | |||||||
Technology - 13.9% | ||||||||
Microsoft Corp.1 | 991 | 268,462 | ||||||
Apple, Inc.1 | 1,324 | 181,335 | ||||||
CSG Systems International, Inc. | 3,085 | 145,550 | ||||||
Activision Blizzard, Inc. | 1,192 | 113,765 | ||||||
Cadence Design Systems, Inc.* | 756 | 103,436 | ||||||
Texas Instruments, Inc.1 | 524 | 100,765 | ||||||
Electronic Arts, Inc. | 642 | 92,339 | ||||||
Rambus, Inc.* | 3,192 | 75,682 | ||||||
Broadcom, Inc.1 | 154 | 73,434 | ||||||
Cerner Corp.1 | 931 | 72,767 | ||||||
CDK Global, Inc.1 | 1,360 | 67,578 | ||||||
HP, Inc.1 | 2,202 | 66,479 | ||||||
Seagate Technology Holdings plc1 | 731 | 64,277 | ||||||
Intel Corp.1 | 1,064 | 59,733 | ||||||
Take-Two Interactive Software, Inc.* | 332 | 58,771 | ||||||
Cirrus Logic, Inc.* | 677 | 57,626 | ||||||
Cognizant Technology Solutions Corp. — Class A | 809 | 56,031 | ||||||
Progress Software Corp. | 1,079 | 49,904 | ||||||
Kulicke & Soffa Industries, Inc. | 785 | 48,042 | ||||||
NetApp, Inc. | 587 | 48,028 | ||||||
International Business Machines Corp.1 | 324 | 47,495 | ||||||
QUALCOMM, Inc. | 303 | 43,308 | ||||||
Lumentum Holdings, Inc.* | 509 | 41,753 | ||||||
Paychex, Inc. | 347 | 37,233 | ||||||
Qorvo, Inc.* | 185 | 36,195 | ||||||
Synaptics, Inc.* | 212 | 32,983 | ||||||
MAXIMUS, Inc. | 373 | 32,813 | ||||||
NVIDIA Corp. | 41 | 32,804 | ||||||
Synopsys, Inc.* | 112 | 30,888 | ||||||
Accenture plc — Class A | 103 | 30,363 | ||||||
KLA Corp. | 93 | 30,152 | ||||||
Dropbox, Inc. — Class A* | 994 | 30,128 | ||||||
ExlService Holdings, Inc.* | 283 | 30,072 | ||||||
Oracle Corp.1 | 359 | 27,945 | ||||||
NetScout Systems, Inc.* | 963 | 27,484 | ||||||
Adobe, Inc.* | 36 | 21,083 | ||||||
salesforce.com, Inc.* | 82 | 20,030 | ||||||
Total Technology | 2,356,733 | |||||||
Consumer, Cyclical - 11.4% | ||||||||
AutoZone, Inc.*,1 | 106 | 158,175 | ||||||
O'Reilly Automotive, Inc.*,1 | 251 | 142,119 | ||||||
Gentex Corp.1 | 3,734 | 123,558 | ||||||
Lowe's Companies, Inc. | 631 | 122,395 | ||||||
Yum! Brands, Inc. | 1,064 | 122,392 | ||||||
Cummins, Inc.1 | 345 | 84,114 | ||||||
Allison Transmission Holdings, Inc.1 | 2,034 | 80,831 | ||||||
WW Grainger, Inc.1 | 179 | 78,402 | ||||||
Dolby Laboratories, Inc. — Class A | 702 | 69,000 | ||||||
Brunswick Corp. | 687 | 68,439 | ||||||
MSC Industrial Direct Company, Inc. — Class A1 | 751 | 67,387 | ||||||
Best Buy Company, Inc. | 543 | 62,434 | ||||||
Gentherm, Inc.*,1 | 844 | 59,967 | ||||||
PulteGroup, Inc. | 1,063 | 58,008 | ||||||
Carter's, Inc. | 530 | 54,680 | ||||||
AutoNation, Inc.*,1 | 576 | 54,611 | ||||||
Murphy USA, Inc. | 401 | 53,481 | ||||||
Whirlpool Corp. | 229 | 49,926 | ||||||
Polaris, Inc. | 340 | 46,566 | ||||||
NVR, Inc.* | 8 | 39,786 | ||||||
Meritage Homes Corp.* | 374 | 35,186 | ||||||
Lennar Corp. — Class A | 347 | 34,474 | ||||||
Deckers Outdoor Corp.* | 89 | 34,182 | ||||||
Tesla, Inc.* | 48 | 32,626 | ||||||
Dick's Sporting Goods, Inc. | 303 | 30,358 | ||||||
LKQ Corp.* | 616 | 30,320 | ||||||
Home Depot, Inc.1 | 95 | 30,295 | ||||||
Genuine Parts Co. | 239 | 30,226 | ||||||
Target Corp. | 125 | 30,217 | ||||||
Fastenal Co. | 558 | 29,016 | ||||||
Tri Pointe Homes, Inc.* | 1,341 | 28,738 | ||||||
Total Consumer, Cyclical | 1,941,909 | |||||||
Communications - 10.4% | ||||||||
Alphabet, Inc. — Class C*,1 | 105 | 263,164 | ||||||
Verizon Communications, Inc.1 | 2,728 | 152,850 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.7% (continued) | ||||||||
Communications - 10.4% (continued) | ||||||||
VeriSign, Inc.*,1 | 631 | $ | 143,672 | |||||
Viavi Solutions, Inc.*,1 | 7,298 | 128,883 | ||||||
Amazon.com, Inc.*,1 | 37 | 127,286 | ||||||
Omnicom Group, Inc.1 | 1,514 | 121,105 | ||||||
Cisco Systems, Inc.1 | 2,086 | 110,558 | ||||||
Facebook, Inc. — Class A*,1 | 244 | 84,841 | ||||||
Cogent Communications Holdings, Inc. | 860 | 66,125 | ||||||
Juniper Networks, Inc.1 | 2,198 | 60,115 | ||||||
Telephone & Data Systems, Inc.1 | 2,481 | 56,219 | ||||||
TEGNA, Inc. | 2,960 | 55,530 | ||||||
Motorola Solutions, Inc. | 240 | 52,044 | ||||||
InterDigital, Inc. | 630 | 46,009 | ||||||
F5 Networks, Inc.* | 216 | 40,319 | ||||||
Comcast Corp. — Class A1 | 684 | 39,002 | ||||||
Nexstar Media Group, Inc. — Class A | 260 | 38,449 | ||||||
Ciena Corp.* | 672 | 38,230 | ||||||
World Wrestling Entertainment, Inc. — Class A | 659 | 38,149 | ||||||
Fox Corp. — Class A | 973 | 36,127 | ||||||
Yelp, Inc. — Class A* | 738 | 29,491 | ||||||
Walt Disney Co.* | 166 | 29,178 | ||||||
AT&T, Inc.1 | 572 | 16,462 | ||||||
Total Communications | 1,773,808 | |||||||
Utilities - 9.5% | ||||||||
CMS Energy Corp. | 2,147 | 126,845 | ||||||
Southern Co.1 | 2,092 | 126,587 | ||||||
Public Service Enterprise Group, Inc.1 | 2,115 | 126,350 | ||||||
UGI Corp.1 | 2,682 | 124,203 | ||||||
IDACORP, Inc.1 | 1,273 | 124,117 | ||||||
DTE Energy Co. | 948 | 122,861 | ||||||
MGE Energy, Inc. | 1,561 | 116,201 | ||||||
American States Water Co. | 1,388 | 110,429 | ||||||
Chesapeake Utilities Corp. | 752 | 90,488 | ||||||
New Jersey Resources Corp. | 2,169 | 85,827 | ||||||
Sempra Energy1 | 633 | 83,860 | ||||||
American Water Works Company, Inc. | 508 | 78,298 | ||||||
Pinnacle West Capital Corp.1 | 933 | 76,478 | ||||||
Avista Corp. | 1,495 | 63,792 | ||||||
WEC Energy Group, Inc. | 710 | 63,154 | ||||||
National Fuel Gas Co. | 1,014 | 52,982 | ||||||
Portland General Electric Co. | 995 | 45,850 | ||||||
Total Utilities | 1,618,322 | |||||||
Basic Materials - 1.4% | ||||||||
Reliance Steel & Aluminum Co. | 473 | 71,376 | ||||||
NewMarket Corp. | 178 | 57,312 | ||||||
Commercial Metals Co. | 1,301 | 39,967 | ||||||
Ingevity Corp.* | 485 | 39,460 | ||||||
Celanese Corp. — Class A | 192 | 29,107 | ||||||
Total Basic Materials | 237,222 | |||||||
Energy - 1.3% | ||||||||
Williams Companies, Inc. | 2,443 | 64,862 | ||||||
Kinder Morgan, Inc. | 3,422 | 62,383 | ||||||
Antero Midstream Corp. | 3,577 | 37,165 | ||||||
Chevron Corp. | 272 | 28,489 | ||||||
Equitrans Midstream Corp. | 3,100 | 26,381 | ||||||
Total Energy | 219,280 | |||||||
Total Common Stocks | ||||||||
(Cost $14,581,003) | 16,599,430 |
MONEY MARKET FUND† - 7.8% | ||||||||
Invesco Short-Term Investments Trust Treasury Obligations Portfolio, — Institutional Class 0.01%2 | 1,320,336 | 1,320,336 | ||||||
Total Money Market Fund | ||||||||
(Cost $1,320,336) | 1,320,336 | |||||||
Total Investments - 105.5% | ||||||||
(Cost $15,901,339) | $ | 17,919,766 | ||||||
Other Assets & Liabilities, net - (5.5)% | (937,257 | ) | ||||||
Total Net Assets - 100.0% | $ | 16,982,509 |
Custom Basket Swap Agreements | ||||||||||||||||
Counterparty | Reference Obligation | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
OTC Custom Basket Swap Agreements †† | ||||||||||||||||
Morgan Stanley Capital Services LLC | MS Equity Custom Basket | 0.50% (Federal Funds Rate + 0.40%) | At Maturity | 03/27/24 | $ | 6,077,132 | $ | 465,996 | ||||||||
Goldman Sachs International | GS Equity Custom Basket | 0.55% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | 6,046,770 | 461,520 | ||||||||||
$ | 12,123,902 | $ | 927,516 | |||||||||||||
OTC Custom Basket Swap Agreements Sold Short †† | ||||||||||||||||
Morgan Stanley Capital Services LLC | MS Equity Custom Basket | (0.20%) (Federal Funds Rate - 0.30%) | At Maturity | 03/27/24 | $ | 7,387,624 | $ | (348,178 | ) | |||||||
Goldman Sachs International | GS Equity Custom Basket | (0.10%) (Federal Funds Rate - 0.20%) | At Maturity | 05/06/24 | $ | 7,623,416 | $ | (353,221 | ) | |||||||
$ | 15,011,040 | $ | (701,399 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
GS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Financial | ||||||||||||
Berkshire Hathaway, Inc. — Class B | 241 | 1.12 | % | $ | 7,889 | |||||||
Allstate Corp. | 301 | 0.65 | % | 7,733 | ||||||||
Synchrony Financial | 797 | 0.64 | % | 6,005 | ||||||||
JPMorgan Chase & Co. | 91 | 0.23 | % | 4,474 | ||||||||
Aflac, Inc. | 758 | 0.67 | % | 4,318 | ||||||||
Travelers Companies, Inc. | 160 | 0.40 | % | 3,348 | ||||||||
Mercury General Corp. | 542 | 0.58 | % | 2,411 | ||||||||
Highwoods Properties, Inc. | 811 | 0.61 | % | 2,261 | ||||||||
Visa, Inc. — Class A | 46 | 0.18 | % | 2,025 | ||||||||
Jefferies Financial Group, Inc. | 747 | 0.42 | % | 1,550 | ||||||||
Progressive Corp. | 298 | 0.48 | % | 1,450 | ||||||||
Western Union Co. | 502 | 0.19 | % | 1,135 | ||||||||
Cboe Global Markets, Inc. | 167 | 0.33 | % | 956 | ||||||||
Mastercard, Inc. — Class A | 29 | 0.18 | % | 933 | ||||||||
Federated Hermes, Inc. — Class B | 584 | 0.33 | % | 913 | ||||||||
Houlihan Lokey, Inc. | 254 | 0.34 | % | 658 | ||||||||
Marsh & McLennan Companies, Inc. | 171 | 0.40 | % | 407 | ||||||||
Brown & Brown, Inc. | 210 | 0.18 | % | 242 | ||||||||
Sabra Health Care REIT, Inc. | 623 | 0.19 | % | 212 | ||||||||
Interactive Brokers Group, Inc. — Class A | 309 | 0.34 | % | 129 | ||||||||
OneMain Holdings, Inc. | 246 | 0.24 | % | 115 | ||||||||
Janus Henderson Group plc | 463 | 0.30 | % | (90 | ) | |||||||
Arch Capital Group Ltd. | 581 | 0.37 | % | (142 | ) | |||||||
SEI Investments Co. | 276 | 0.28 | % | (172 | ) | |||||||
Evercore, Inc. — Class A | 162 | 0.38 | % | (175 | ) | |||||||
W R Berkley Corp. | 146 | 0.18 | % | (209 | ) | |||||||
RenaissanceRe Holdings Ltd. | 114 | 0.28 | % | (237 | ) | |||||||
Everest Re Group Ltd. | 93 | 0.39 | % | (248 | ) | |||||||
Raymond James Financial, Inc. | 284 | 0.61 | % | (281 | ) | |||||||
Markel Corp. | 20 | 0.39 | % | (386 | ) | |||||||
Brighthouse Financial, Inc. | 477 | 0.36 | % | (522 | ) | |||||||
Radian Group, Inc. | 734 | 0.27 | % | (532 | ) | |||||||
Citigroup, Inc. | 192 | 0.22 | % | (579 | ) | |||||||
Artisan Partners Asset Management, Inc. — Class A | 201 | 0.17 | % | (599 | ) | |||||||
Stewart Information Services Corp. | 236 | 0.22 | % | (640 | ) | |||||||
Cincinnati Financial Corp. | 131 | 0.25 | % | (679 | ) | |||||||
Affiliated Managers Group, Inc. | 104 | 0.27 | % | (718 | ) | |||||||
MGIC Investment Corp. | 857 | 0.19 | % | (763 | ) | |||||||
First American Financial Corp. | 232 | 0.24 | % | (798 | ) | |||||||
Capital One Financial Corp. | 145 | 0.37 | % | (807 | ) | |||||||
AMERISAFE, Inc. | 310 | 0.31 | % | (812 | ) | |||||||
Lexington Realty Trust | 847 | 0.17 | % | (838 | ) | |||||||
Enstar Group Ltd. | 98 | 0.39 | % | (859 | ) | |||||||
Safety Insurance Group, Inc. | 390 | 0.50 | % | (896 | ) | |||||||
Brandywine Realty Trust | 2,462 | 0.56 | % | (960 | ) | |||||||
Hanover Insurance Group, Inc. | 294 | 0.66 | % | (1,102 | ) | |||||||
Essent Group Ltd. | 457 | 0.34 | % | (1,284 | ) | |||||||
Discover Financial Services | 239 | 0.47 | % | (1,299 | ) | |||||||
BankUnited, Inc. | 403 | 0.28 | % | (1,485 | ) | |||||||
Old Republic International Corp. | 1,333 | 0.55 | % | (1,880 | ) | |||||||
Associated Banc-Corp. | 1,067 | 0.36 | % | (2,000 | ) | |||||||
Healthcare Realty Trust, Inc. | 1,092 | 0.55 | % | (2,113 | ) | |||||||
Total Financial | 25,059 | |||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 39 | 1.62 | % | 21,696 | ||||||||
Amazon.com, Inc. | 13 | 0.74 | % | 14,844 | ||||||||
Facebook, Inc. — Class A | 90 | 0.52 | % | 11,620 | ||||||||
Viavi Solutions, Inc. | 2,697 | 0.79 | % | 9,908 | ||||||||
Cisco Systems, Inc. | 771 | 0.68 | % | 8,547 | ||||||||
VeriSign, Inc. | 233 | 0.88 | % | 5,567 | ||||||||
Motorola Solutions, Inc. | 89 | 0.32 | % | 4,740 | ||||||||
Juniper Networks, Inc. | 812 | 0.37 | % | 4,028 | ||||||||
Ciena Corp. | 248 | 0.23 | % | 3,148 | ||||||||
Comcast Corp. — Class A | 252 | 0.24 | % | 2,689 | ||||||||
Walt Disney Co. | 61 | 0.18 | % | 1,374 | ||||||||
Omnicom Group, Inc. | 559 | 0.74 | % | 1,230 | ||||||||
InterDigital, Inc. | 233 | 0.28 | % | 270 | ||||||||
Cogent Communications Holdings, Inc. | 317 | 0.40 | % | 105 | ||||||||
Yelp, Inc. — Class A | 272 | 0.18 | % | (82 | ) | |||||||
Fox Corp. — Class A | 359 | 0.22 | % | (254 | ) | |||||||
TEGNA, Inc. | 1,094 | 0.34 | % | (414 | ) | |||||||
F5 Networks, Inc. | 80 | 0.25 | % | (419 | ) | |||||||
Nexstar Media Group, Inc. — Class A | 96 | 0.23 | % | (469 | ) | |||||||
Verizon Communications, Inc. | 726 | 0.67 | % | (528 | ) | |||||||
AT&T, Inc. | 211 | 0.10 | % | (703 | ) | |||||||
World Wrestling Entertainment, Inc. — Class A | 243 | 0.23 | % | (998 | ) | |||||||
Telephone & Data Systems, Inc. | 916 | 0.34 | % | (1,811 | ) | |||||||
Total Communications | 84,088 | |||||||||||
Consumer, Non-cyclical | ||||||||||||
Molson Coors Beverage Co. — Class B | 607 | 0.54 | % | 8,593 | ||||||||
McKesson Corp. | 136 | 0.43 | % | 7,975 | ||||||||
Amgen, Inc. | 186 | 0.75 | % | 7,064 | ||||||||
Johnson & Johnson | 285 | 0.78 | % | 6,514 | ||||||||
United Therapeutics Corp. | 145 | 0.43 | % | 5,087 | ||||||||
Thermo Fisher Scientific, Inc. | 76 | 0.63 | % | 4,618 | ||||||||
H&R Block, Inc. | 795 | 0.31 | % | 4,413 | ||||||||
Laboratory Corporation of America Holdings | 53 | 0.24 | % | 3,874 | ||||||||
Prestige Consumer Healthcare, Inc. | 393 | 0.34 | % | 3,163 | ||||||||
Regeneron Pharmaceuticals, Inc. | 60 | 0.55 | % | 3,127 | ||||||||
PayPal Holdings, Inc. | 40 | 0.19 | % | 3,042 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Bristol-Myers Squibb Co. | 773 | 0.85 | % | $ | 2,936 | |||||||
UnitedHealth Group, Inc. | 27 | 0.18 | % | 2,887 | ||||||||
Philip Morris International, Inc. | 111 | 0.18 | % | 2,579 | ||||||||
Bio-Rad Laboratories, Inc. — Class A | 53 | 0.56 | % | 2,329 | ||||||||
Vector Group Ltd. | 878 | 0.21 | % | 2,128 | ||||||||
Procter & Gamble Co. | 81 | 0.18 | % | 2,070 | ||||||||
J M Smucker Co. | 79 | 0.17 | % | 2,064 | ||||||||
Abbott Laboratories | 154 | 0.30 | % | 1,932 | ||||||||
Hill-Rom Holdings, Inc. | 118 | 0.22 | % | 1,725 | ||||||||
Pfizer, Inc. | 891 | 0.58 | % | 1,641 | ||||||||
Hershey Co. | 159 | 0.46 | % | 1,604 | ||||||||
Humana, Inc. | 42 | 0.31 | % | 1,598 | ||||||||
Quest Diagnostics, Inc. | 141 | 0.31 | % | 1,384 | ||||||||
Vanda Pharmaceuticals, Inc. | 576 | 0.20 | % | 1,320 | ||||||||
Merck & Company, Inc. | 558 | 0.72 | % | 1,307 | ||||||||
Masimo Corp. | 49 | 0.20 | % | 1,053 | ||||||||
PerkinElmer, Inc. | 129 | 0.33 | % | 1,043 | ||||||||
PepsiCo, Inc. | 123 | 0.30 | % | 960 | ||||||||
Eagle Pharmaceuticals, Inc. | 462 | 0.33 | % | 759 | ||||||||
Innoviva, Inc. | 1,119 | 0.25 | % | 742 | ||||||||
Vertex Pharmaceuticals, Inc. | 103 | 0.34 | % | 630 | ||||||||
Bruker Corp. | 148 | 0.19 | % | 439 | ||||||||
HCA Healthcare, Inc. | 51 | 0.17 | % | 432 | ||||||||
Blueprint Medicines Corp. | 198 | 0.29 | % | 383 | ||||||||
Zoetis, Inc. | 59 | 0.18 | % | 360 | ||||||||
Incyte Corp. | 293 | 0.41 | % | 276 | ||||||||
Organon & Co. | 1 | 0.00 | % | (4 | ) | |||||||
Hologic, Inc. | 396 | 0.44 | % | (133 | ) | |||||||
Gilead Sciences, Inc. | 776 | 0.88 | % | (184 | ) | |||||||
Chemed Corp. | 37 | 0.29 | % | (213 | ) | |||||||
Baxter International, Inc. | 132 | 0.18 | % | (306 | ) | |||||||
Grand Canyon Education, Inc. | 138 | 0.21 | % | (437 | ) | |||||||
John B Sanfilippo & Son, Inc. | 310 | 0.45 | % | (554 | ) | |||||||
Coherus Biosciences, Inc. | 1,012 | 0.23 | % | (625 | ) | |||||||
Exelixis, Inc. | 623 | 0.19 | % | (2,947 | ) | |||||||
Total Consumer, Non-cyclical | 88,648 | |||||||||||
Consumer, Cyclical | ||||||||||||
Gentherm, Inc. | 312 | 0.37 | % | 8,809 | ||||||||
AutoZone, Inc. | 39 | 0.96 | % | 8,092 | ||||||||
AutoNation, Inc. | 212 | 0.33 | % | 5,018 | ||||||||
Brunswick Corp. | 254 | 0.42 | % | 5,007 | ||||||||
O'Reilly Automotive, Inc. | 92 | 0.86 | % | 4,941 | ||||||||
Cummins, Inc. | 127 | 0.51 | % | 4,750 | ||||||||
Home Depot, Inc. | 35 | 0.18 | % | 2,993 | ||||||||
Genuine Parts Co. | 88 | 0.18 | % | 2,724 | ||||||||
MSC Industrial Direct Company, Inc. — Class A | 277 | 0.41 | % | 2,646 | ||||||||
PulteGroup, Inc. | 392 | 0.35 | % | 2,589 | ||||||||
Lowe's Companies, Inc. | 233 | 0.75 | % | 2,584 | ||||||||
Lennar Corp. — Class A | 128 | 0.21 | % | 2,226 | ||||||||
Dolby Laboratories, Inc. — Class A | 259 | 0.42 | % | 2,045 | ||||||||
Gentex Corp. | 1,380 | 0.76 | % | 1,895 | ||||||||
Deckers Outdoor Corp. | 32 | 0.20 | % | 1,618 | ||||||||
Polaris, Inc. | 125 | 0.28 | % | 952 | ||||||||
NVR, Inc. | 3 | 0.25 | % | 870 | ||||||||
Target Corp. | 46 | 0.18 | % | 410 | ||||||||
WW Grainger, Inc. | 66 | 0.48 | % | 372 | ||||||||
Best Buy Company, Inc. | 200 | 0.38 | % | 78 | ||||||||
Dick's Sporting Goods, Inc. | 112 | 0.19 | % | 66 | ||||||||
LKQ Corp. | 227 | 0.18 | % | (83 | ) | |||||||
Fastenal Co. | 206 | 0.18 | % | (139 | ) | |||||||
Carter's, Inc. | 196 | 0.33 | % | (283 | ) | |||||||
Tri Pointe Homes, Inc. | 495 | 0.18 | % | (342 | ) | |||||||
Whirlpool Corp. | 84 | 0.30 | % | (594 | ) | |||||||
Meritage Homes Corp. | 138 | 0.21 | % | (599 | ) | |||||||
Murphy USA, Inc. | 148 | 0.33 | % | (780 | ) | |||||||
Allison Transmission Holdings, Inc. | 751 | 0.49 | % | (1,201 | ) | |||||||
Tesla, Inc. | 18 | 0.20 | % | (1,674 | ) | |||||||
Yum! Brands, Inc. | 393 | 0.75 | % | (1,762 | ) | |||||||
Total Consumer, Cyclical | 53,228 | |||||||||||
Energy | ||||||||||||
Antero Midstream Corp. | 1,322 | 0.23 | % | (223 | ) | |||||||
Chevron Corp. | 100 | 0.17 | % | (344 | ) | |||||||
Williams Companies, Inc. | 903 | 0.40 | % | (1,140 | ) | |||||||
Kinder Morgan, Inc. | 1,264 | 0.38 | % | (1,199 | ) | |||||||
Equitrans Midstream Corp. | 1,145 | 0.16 | % | (1,311 | ) | |||||||
Total Energy | (4,217 | ) | ||||||||||
Utilities | ||||||||||||
UGI Corp. | 991 | 0.76 | % | 8,321 | ||||||||
Public Service Enterprise Group, Inc. | 781 | 0.77 | % | 1,948 | ||||||||
Southern Co. | 773 | 0.77 | % | 1,215 | ||||||||
IDACORP, Inc. | 470 | 0.76 | % | 593 | ||||||||
Pinnacle West Capital Corp. | 344 | 0.47 | % | 521 | ||||||||
Chesapeake Utilities Corp. | 277 | 0.55 | % | (15 | ) | |||||||
Sempra Energy | 234 | 0.51 | % | (502 | ) | |||||||
WEC Energy Group, Inc. | 262 | 0.39 | % | (931 | ) | |||||||
American Water Works Company, Inc. | 187 | 0.48 | % | (1,011 | ) | |||||||
CMS Energy Corp. | 793 | 0.77 | % | (1,016 | ) | |||||||
MGE Energy, Inc. | 577 | 0.71 | % | (1,023 | ) | |||||||
National Fuel Gas Co. | 375 | 0.32 | % | (1,055 | ) | |||||||
DTE Energy Co. | 350 | 0.75 | % | (1,186 | ) | |||||||
American States Water Co. | 513 | 0.67 | % | (1,303 | ) | |||||||
Avista Corp. | 552 | 0.39 | % | (1,683 | ) | |||||||
Portland General Electric Co. | 368 | 0.28 | % | (1,721 | ) | |||||||
New Jersey Resources Corp. | 801 | 0.52 | % | (3,450 | ) | |||||||
Total Utilities | (2,298 | ) | ||||||||||
Industrial | ||||||||||||
Owens Corning | 206 | 0.33 | % | 7,887 | ||||||||
Oshkosh Corp. | 225 | 0.46 | % | 7,541 | ||||||||
AGCO Corp. | 109 | 0.24 | % | 6,951 | ||||||||
Acuity Brands, Inc. | 79 | 0.24 | % | 6,923 | ||||||||
Snap-on, Inc. | 106 | 0.39 | % | 6,860 | ||||||||
Waters Corp. | 57 | 0.33 | % | 5,922 | ||||||||
Vishay Intertechnology, Inc. | 1,518 | 0.57 | % | 5,192 | ||||||||
3M Co. | 148 | 0.49 | % | 4,794 | ||||||||
Timken Co. | 244 | 0.33 | % | 4,512 | ||||||||
Mettler-Toledo International, Inc. | 21 | 0.48 | % | 3,775 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Lincoln Electric Holdings, Inc. | 122 | 0.27 | % | $ | 3,617 | |||||||
Arrow Electronics, Inc. | 88 | 0.17 | % | 3,402 | ||||||||
Northrop Grumman Corp. | 68 | 0.41 | % | 3,231 | ||||||||
Agilent Technologies, Inc. | 155 | 0.38 | % | 2,823 | ||||||||
Lennox International, Inc. | 46 | 0.27 | % | 2,763 | ||||||||
Toro Co. | 514 | 0.93 | % | 2,023 | ||||||||
Sealed Air Corp. | 254 | 0.25 | % | 1,988 | ||||||||
Donaldson Company, Inc. | 712 | 0.75 | % | 1,615 | ||||||||
Sturm Ruger & Company, Inc. | 140 | 0.21 | % | 1,544 | ||||||||
Berry Global Group, Inc. | 163 | 0.18 | % | 1,430 | ||||||||
Lockheed Martin Corp. | 35 | 0.22 | % | 1,202 | ||||||||
OSI Systems, Inc. | 273 | 0.46 | % | 978 | ||||||||
Masco Corp. | 417 | 0.41 | % | 888 | ||||||||
Watts Water Technologies, Inc. — Class A | 233 | 0.56 | % | 799 | ||||||||
Keysight Technologies, Inc. | 101 | 0.26 | % | 734 | ||||||||
Parker-Hannifin Corp. | 74 | 0.38 | % | 625 | ||||||||
A O Smith Corp. | 163 | 0.19 | % | 584 | ||||||||
Graco, Inc. | 149 | 0.19 | % | 362 | ||||||||
Carlisle Companies, Inc. | 82 | 0.26 | % | 228 | ||||||||
Garmin Ltd. | 277 | 0.66 | % | 164 | ||||||||
Pentair plc | 170 | 0.19 | % | 76 | ||||||||
Huntington Ingalls Industries, Inc. | 80 | 0.28 | % | (50 | ) | |||||||
Fortive Corp. | 277 | 0.32 | % | (237 | ) | |||||||
Louisiana-Pacific Corp. | 309 | 0.31 | % | (245 | ) | |||||||
Sanmina Corp. | 359 | 0.23 | % | (451 | ) | |||||||
Worthington Industries, Inc. | 204 | 0.21 | % | (747 | ) | |||||||
Boise Cascade Co. | 239 | 0.23 | % | (917 | ) | |||||||
Hillenbrand, Inc. | 334 | 0.24 | % | (1,656 | ) | |||||||
Eagle Materials, Inc. | 238 | 0.56 | % | (2,106 | ) | |||||||
MDU Resources Group, Inc. | 1,421 | 0.74 | % | (2,924 | ) | |||||||
Total Industrial | 82,100 | |||||||||||
Technology | ||||||||||||
Apple, Inc. | 489 | 1.11 | % | 30,193 | ||||||||
Microsoft Corp. | 366 | 1.64 | % | 25,032 | ||||||||
Kulicke & Soffa Industries, Inc. | 290 | 0.29 | % | 9,935 | ||||||||
Seagate Technology Holdings plc | 270 | 0.39 | % | 9,907 | ||||||||
NetApp, Inc. | 217 | 0.29 | % | 7,745 | ||||||||
HP, Inc. | 813 | 0.41 | % | 7,728 | ||||||||
Texas Instruments, Inc. | 193 | 0.61 | % | 6,860 | ||||||||
KLA Corp. | 34 | 0.18 | % | 4,739 | ||||||||
Rambus, Inc. | 1,179 | 0.46 | % | 4,521 | ||||||||
NVIDIA Corp. | 15 | 0.20 | % | 4,123 | ||||||||
CDK Global, Inc. | 502 | 0.41 | % | 3,353 | ||||||||
Oracle Corp. | 132 | 0.17 | % | 3,162 | ||||||||
International Business Machines Corp. | 120 | 0.29 | % | 3,117 | ||||||||
Cerner Corp. | 344 | 0.44 | % | 2,839 | ||||||||
Adobe, Inc. | 13 | 0.13 | % | 2,822 | ||||||||
Cirrus Logic, Inc. | 250 | 0.35 | % | 2,640 | ||||||||
QUALCOMM, Inc. | 112 | 0.26 | % | 2,503 | ||||||||
Cadence Design Systems, Inc. | 279 | 0.63 | % | 2,226 | ||||||||
Broadcom, Inc. | 56 | 0.44 | % | 2,178 | ||||||||
Dropbox, Inc. — Class A | 367 | 0.18 | % | 2,058 | ||||||||
Intel Corp. | 393 | 0.36 | % | 1,803 | ||||||||
CSG Systems International, Inc. | 1,140 | 0.89 | % | 1,691 | ||||||||
Qorvo, Inc. | 68 | 0.22 | % | 1,647 | ||||||||
Paychex, Inc. | 128 | 0.23 | % | 1,474 | ||||||||
Accenture plc — Class A | 38 | 0.19 | % | 1,410 | ||||||||
Synaptics, Inc. | 78 | 0.20 | % | 1,230 | ||||||||
Synopsys, Inc. | 41 | 0.19 | % | 1,030 | ||||||||
Lumentum Holdings, Inc. | 188 | 0.26 | % | 230 | ||||||||
salesforce.com, Inc. | 30 | 0.12 | % | 145 | ||||||||
ExlService Holdings, Inc. | 104 | 0.18 | % | 117 | ||||||||
Electronic Arts, Inc. | 237 | 0.56 | % | (313 | ) | |||||||
Progress Software Corp. | 398 | 0.30 | % | (605 | ) | |||||||
MAXIMUS, Inc. | 138 | 0.20 | % | (769 | ) | |||||||
NetScout Systems, Inc. | 355 | 0.17 | % | (798 | ) | |||||||
Take-Two Interactive Software, Inc. | 123 | 0.36 | % | (1,091 | ) | |||||||
Activision Blizzard, Inc. | 440 | 0.69 | % | (1,203 | ) | |||||||
Cognizant Technology Solutions Corp. — Class A | 299 | 0.34 | % | (1,779 | ) | |||||||
Total Technology | 141,900 | |||||||||||
Basic Materials | ||||||||||||
Arconic Corp. | 1 | 0.00 | % | 10 | ||||||||
Ingevity Corp. | 179 | 0.24 | % | (407 | ) | |||||||
Celanese Corp. — Class A | 71 | 0.18 | % | (635 | ) | |||||||
NewMarket Corp. | 65 | 0.35 | % | (903 | ) | |||||||
Commercial Metals Co. | 481 | 0.24 | % | (1,231 | ) | |||||||
Reliance Steel & Aluminum Co. | 174 | 0.43 | % | (3,822 | ) | |||||||
Total Basic Materials | (6,988 | ) | ||||||||||
Total GS Equity Long Custom Basket | $ | 461,520 |
GS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Financial | ||||||||||||
JBG SMITH Properties | 3,478 | (1.45 | )% | 4,874 | ||||||||
Lincoln National Corp. | 882 | (0.73 | )% | 4,413 | ||||||||
Alexandria Real Estate Equities, Inc. | 353 | (0.84 | )% | 3,770 | ||||||||
American International Group, Inc. | 846 | (0.53 | )% | 3,758 | ||||||||
U.S. Bancorp | 1,756 | (1.31 | )% | 3,620 | ||||||||
Truist Financial Corp. | 1,434 | (1.04 | )% | 3,610 | ||||||||
Prudential Financial, Inc. | 982 | (1.32 | )% | 3,131 | ||||||||
Comerica, Inc. | 586 | (0.55 | )% | 1,466 | ||||||||
Bank of America Corp. | 2,513 | (1.36 | )% | 1,308 | ||||||||
UDR, Inc. | 2,277 | (1.46 | )% | 1,297 | ||||||||
State Street Corp. | 860 | (0.93 | )% | 1,290 | ||||||||
Equitable Holdings, Inc. | 1,473 | (0.59 | )% | 1,032 | ||||||||
CyrusOne, Inc. | 633 | (0.59 | )% | 1,011 | ||||||||
Mid-America Apartment Communities, Inc. | 354 | (0.78 | )% | 922 | ||||||||
Global Net Lease, Inc. | 1,755 | (0.43 | )% | 804 | ||||||||
Ryman Hospitality Properties, Inc. | 376 | (0.39 | )% | 739 | ||||||||
Wells Fargo & Co. | 559 | (0.33 | )% | 131 | ||||||||
SBA Communications Corp. | 90 | (0.38 | )% | (165 | ) | |||||||
Crown Castle International Corp. | 244 | (0.62 | )% | (209 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Bank of New York Mellon Corp. | 510 | (0.34 | )% | $ | (463 | ) | ||||||
Host Hotels & Resorts, Inc. | 3,476 | (0.78 | )% | (676 | ) | |||||||
Digital Realty Trust, Inc. | 514 | (1.01 | )% | (1,396 | ) | |||||||
Welltower, Inc. | 590 | (0.64 | )% | (2,301 | ) | |||||||
American Homes 4 Rent — Class A | 945 | (0.48 | )% | (2,977 | ) | |||||||
Federal Realty Investment Trust | 312 | (0.48 | )% | (3,048 | ) | |||||||
Charles Schwab Corp. | 1,354 | (1.29 | )% | (3,488 | ) | |||||||
Americold Realty Trust | 2,262 | (1.12 | )% | (3,853 | ) | |||||||
Invitation Homes, Inc. | 1,472 | (0.72 | )% | (4,109 | ) | |||||||
Healthpeak Properties, Inc. | 3,139 | (1.37 | )% | (4,803 | ) | |||||||
American Tower Corp. — Class A | 122 | (0.43 | )% | (8,142 | ) | |||||||
Howard Hughes Corp. | 478 | (0.61 | )% | (9,635 | ) | |||||||
Rayonier, Inc. | 1,636 | (0.77 | )% | (10,194 | ) | |||||||
Prologis, Inc. | 618 | (0.97 | )% | (12,086 | ) | |||||||
Equinix, Inc. | 111 | (1.17 | )% | (12,405 | ) | |||||||
Brookline Bancorp, Inc. | 3,098 | (0.61 | )% | (12,851 | ) | |||||||
Loews Corp. | 817 | (0.59 | )% | (12,917 | ) | |||||||
Morgan Stanley | 2,572 | (3.09 | )% | (13,081 | ) | |||||||
Camden Property Trust | 561 | (0.98 | )% | (17,878 | ) | |||||||
Sun Communities, Inc. | 504 | (1.13 | )% | (19,912 | ) | |||||||
Rexford Industrial Realty, Inc. | 1,501 | (1.12 | )% | (25,156 | ) | |||||||
First Republic Bank | 660 | (1.62 | )% | (33,720 | ) | |||||||
Total Financial | (178,289 | ) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Verisk Analytics, Inc. — Class A | 738 | (1.69 | )% | 7,865 | ||||||||
Archer-Daniels-Midland Co. | 1,406 | (1.12 | )% | 7,101 | ||||||||
ManpowerGroup, Inc. | 598 | (0.93 | )% | 2,044 | ||||||||
CoStar Group, Inc. | 760 | (0.83 | )% | 1,716 | ||||||||
Cooper Companies, Inc. | 69 | (0.36 | )% | 511 | ||||||||
McCormick & Company, Inc. | 725 | (0.84 | )% | 17 | ||||||||
Brink's Co. | 451 | (0.45 | )% | (319 | ) | |||||||
Alnylam Pharmaceuticals, Inc. | 158 | (0.35 | )% | (969 | ) | |||||||
Guardant Health, Inc. | 316 | (0.51 | )% | (1,200 | ) | |||||||
Rollins, Inc. | 1,502 | (0.67 | )% | (1,408 | ) | |||||||
TransUnion | 729 | (1.05 | )% | (5,748 | ) | |||||||
Avalara, Inc. | 127 | (0.27 | )% | (7,280 | ) | |||||||
Cintas Corp. | 358 | (1.79 | )% | (10,811 | ) | |||||||
Equifax, Inc. | 276 | (0.87 | )% | (19,869 | ) | |||||||
Total Consumer, Non-cyclical | (28,350 | ) | ||||||||||
Industrial | ||||||||||||
Jacobs Engineering Group, Inc. | 905 | (1.58 | )% | 5,960 | ||||||||
Ball Corp. | 535 | (0.57 | )% | 4,487 | ||||||||
Stericycle, Inc. | 1,560 | (1.46 | )% | 4,080 | ||||||||
XPO Logistics, Inc. | 393 | (0.72 | )% | 3,365 | ||||||||
Norfolk Southern Corp. | 352 | (1.23 | )% | 2,221 | ||||||||
Exponent, Inc. | 347 | (0.41 | )% | 2,155 | ||||||||
MSA Safety, Inc. | 335 | (0.73 | )% | 190 | ||||||||
US Ecology, Inc. | 1,094 | (0.54 | )% | 36 | ||||||||
FedEx Corp. | 174 | (0.68 | )% | (513 | ) | |||||||
Raytheon Technologies Corp. | 1,148 | (1.28 | )% | (714 | ) | |||||||
United Parcel Service, Inc. — Class B | 140 | (0.38 | )% | (792 | ) | |||||||
Republic Services, Inc. — Class A | 1,161 | (1.68 | )% | (1,027 | ) | |||||||
Boeing Co. | 224 | (0.70 | )% | (1,233 | ) | |||||||
TransDigm Group, Inc. | 52 | (0.44 | )% | (2,330 | ) | |||||||
Waste Management, Inc. | 892 | (1.64 | )% | (3,082 | ) | |||||||
Tetra Tech, Inc. | 330 | (0.53 | )% | (8,063 | ) | |||||||
Ingersoll Rand, Inc. | 1,169 | (0.75 | )% | (9,307 | ) | |||||||
Casella Waste Systems, Inc. — Class A | 1,324 | (1.10 | )% | (12,520 | ) | |||||||
Total Industrial | (17,087 | ) | ||||||||||
Utilities | ||||||||||||
Atmos Energy Corp. | 1,038 | (1.31 | )% | 5,443 | ||||||||
Exelon Corp. | 2,164 | (1.26 | )% | 4,708 | ||||||||
ONE Gas, Inc. | 1,377 | (1.34 | )% | 4,461 | ||||||||
Xcel Energy, Inc. | 1,281 | (1.11 | )% | 4,162 | ||||||||
Black Hills Corp. | 667 | (0.57 | )% | 2,443 | ||||||||
OGE Energy Corp. | 1,578 | (0.70 | )% | 2,209 | ||||||||
CenterPoint Energy, Inc. | 1,328 | (0.43 | )% | 1,795 | ||||||||
Edison International | 1,895 | (1.44 | )% | (289 | ) | |||||||
Total Utilities | 24,932 | |||||||||||
Consumer, Cyclical | ||||||||||||
JetBlue Airways Corp. | 3,746 | (0.82 | )% | 6,950 | ||||||||
United Airlines Holdings, Inc. | 1,466 | (1.01 | )% | 6,473 | ||||||||
IAA, Inc. | 842 | (0.60 | )% | 4,207 | ||||||||
Delta Air Lines, Inc. | 2,354 | (1.34 | )% | 1,501 | ||||||||
Freshpet, Inc. | 326 | (0.70 | )% | 1,417 | ||||||||
Marriott International, Inc. — Class A | 181 | (0.32 | )% | 1,238 | ||||||||
Hilton Worldwide Holdings, Inc. | 287 | (0.45 | )% | 927 | ||||||||
Alaska Air Group, Inc. | 1,245 | (0.98 | )% | (1,890 | ) | |||||||
Southwest Airlines Co. | 1,890 | (1.32 | )% | (6,204 | ) | |||||||
Copart, Inc. | 635 | (1.10 | )% | (16,846 | ) | |||||||
Total Consumer, Cyclical | (2,227 | ) | ||||||||||
Energy | ||||||||||||
Baker Hughes Co. | 1,729 | (0.52 | )% | 5,145 | ||||||||
Schlumberger N.V. | 3,549 | (1.49 | )% | 2,152 | ||||||||
Phillips 66 | 281 | (0.32 | )% | 167 | ||||||||
Pioneer Natural Resources Co. | 772 | (1.65 | )% | (4,909 | ) | |||||||
NOV, Inc. | 2,086 | (0.42 | )% | (7,178 | ) | |||||||
Hess Corp. | 599 | (0.69 | )% | (11,641 | ) | |||||||
ChampionX Corp. | 2,338 | (0.79 | )% | (16,936 | ) | |||||||
Halliburton Co. | 5,274 | (1.60 | )% | (21,965 | ) | |||||||
Ovintiv, Inc. | 2,359 | (0.97 | )% | (31,552 | ) | |||||||
Total Energy | (86,717 | ) | ||||||||||
Technology | ||||||||||||
KBR, Inc. | 1,964 | (0.98 | )% | 3,364 | ||||||||
Leidos Holdings, Inc. | 570 | (0.76 | )% | 2,819 | ||||||||
Blackline, Inc. | 165 | (0.24 | )% | 747 | ||||||||
Clarivate plc | 1,461 | (0.53 | )% | (923 | ) | |||||||
Sailpoint Technologies Holdings, Inc. | 370 | (0.25 | )% | (1,087 | ) | |||||||
Twilio, Inc. — Class A | 53 | (0.27 | )% | (1,642 | ) | |||||||
Tyler Technologies, Inc. | 41 | (0.24 | )% | (2,541 | ) | |||||||
Ceridian HCM Holding, Inc. | 391 | (0.49 | )% | (3,161 | ) | |||||||
Coupa Software, Inc. | 146 | (0.50 | )% | (3,370 | ) | |||||||
Smartsheet, Inc. — Class A | 271 | (0.26 | )% | (6,517 | ) | |||||||
Rapid7, Inc. | 403 | (0.50 | )% | (8,447 | ) | |||||||
HubSpot, Inc. | 34 | (0.26 | )% | (10,430 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Total Technology | $ | (31,188 | ) | |||||||||
Communications | ||||||||||||
Anaplan, Inc. | 329 | (0.23 | )% | 1,196 | ||||||||
Okta, Inc. | 164 | (0.53 | )% | (148 | ) | |||||||
Uber Technologies, Inc. | 1,078 | (0.71 | )% | (362 | ) | |||||||
Q2 Holdings, Inc. | 566 | (0.76 | )% | (5,990 | ) | |||||||
Zendesk, Inc. | 261 | (0.49 | )% | (10,118 | ) | |||||||
Liberty Broadband Corp. — Class C | 356 | (0.81 | )% | (10,787 | ) | |||||||
Total Communications | (26,209 | ) | ||||||||||
Basic Materials | ||||||||||||
Linde plc | 89 | (0.34 | )% | (956 | ) | |||||||
Quaker Chemical Corp. | 160 | (0.50 | )% | (7,130 | ) | |||||||
Total Basic Materials | (8,086 | ) | ||||||||||
Total GS Equity Short Custom Basket | $ | (353,221 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
MS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Industrial | ||||||||||||
Oshkosh Corp. | 225 | 0.48 | % | $ | 7,999 | |||||||
Owens Corning | 206 | 0.33 | % | 7,873 | ||||||||
AGCO Corp. | 109 | 0.23 | % | 6,961 | ||||||||
Acuity Brands, Inc. | 79 | 0.24 | % | 6,905 | ||||||||
Snap-on, Inc. | 106 | 0.39 | % | 6,888 | ||||||||
Waters Corp. | 57 | 0.32 | % | 5,929 | ||||||||
Vishay Intertechnology, Inc. | 1,518 | 0.56 | % | 5,221 | ||||||||
3M Co. | 148 | 0.48 | % | 4,772 | ||||||||
Timken Co. | 244 | 0.32 | % | 4,483 | ||||||||
Mettler-Toledo International, Inc. | 21 | 0.48 | % | 3,742 | ||||||||
Lincoln Electric Holdings, Inc. | 122 | 0.26 | % | 3,640 | ||||||||
Arrow Electronics, Inc. | 88 | 0.16 | % | 3,440 | ||||||||
Northrop Grumman Corp. | 68 | 0.41 | % | 3,206 | ||||||||
Agilent Technologies, Inc. | 155 | 0.38 | % | 2,818 | ||||||||
Lennox International, Inc. | 46 | 0.27 | % | 2,758 | ||||||||
Toro Co. | 514 | 0.93 | % | 2,095 | ||||||||
Sealed Air Corp. | 254 | 0.25 | % | 1,980 | ||||||||
Donaldson Company, Inc. | 712 | 0.74 | % | 1,644 | ||||||||
Sturm Ruger & Company, Inc. | 140 | 0.21 | % | 1,538 | ||||||||
Berry Global Group, Inc. | 163 | 0.17 | % | 1,428 | ||||||||
Lockheed Martin Corp. | 35 | 0.22 | % | 1,184 | ||||||||
OSI Systems, Inc. | 273 | 0.46 | % | 987 | ||||||||
Masco Corp. | 417 | 0.40 | % | 895 | ||||||||
Watts Water Technologies, Inc. — Class A | 233 | 0.56 | % | 780 | ||||||||
Keysight Technologies, Inc. | 101 | 0.26 | % | 733 | ||||||||
Parker-Hannifin Corp. | 74 | 0.37 | % | 631 | ||||||||
A O Smith Corp. | 163 | 0.19 | % | 591 | ||||||||
Graco, Inc. | 149 | 0.19 | % | 346 | ||||||||
Carlisle Companies, Inc. | 82 | 0.26 | % | 203 | ||||||||
Garmin Ltd. | 277 | 0.66 | % | 88 | ||||||||
Pentair plc | 170 | 0.19 | % | 85 | ||||||||
Huntington Ingalls Industries, Inc. | 80 | 0.28 | % | (34 | ) | |||||||
Fortive Corp. | 277 | 0.32 | % | (224 | ) | |||||||
Louisiana-Pacific Corp. | 309 | 0.31 | % | (242 | ) | |||||||
Sanmina Corp. | 359 | 0.23 | % | (445 | ) | |||||||
Worthington Industries, Inc. | 204 | 0.21 | % | (779 | ) | |||||||
Boise Cascade Co. | 239 | 0.23 | % | (874 | ) | |||||||
Hillenbrand, Inc. | 334 | 0.24 | % | (1,653 | ) | |||||||
Eagle Materials, Inc. | 238 | 0.56 | % | (2,047 | ) | |||||||
MDU Resources Group, Inc. | 1,421 | 0.73 | % | (2,925 | ) | |||||||
Total Industrial | 82,620 | |||||||||||
Financial | ||||||||||||
Berkshire Hathaway, Inc. — Class B | 241 | 1.10 | % | 7,919 | ||||||||
Allstate Corp. | 301 | 0.65 | % | 7,705 | ||||||||
Synchrony Financial | 797 | 0.64 | % | 6,019 | ||||||||
JPMorgan Chase & Co. | 91 | 0.23 | % | 4,464 | ||||||||
Aflac, Inc. | 758 | 0.67 | % | 4,328 | ||||||||
Travelers Companies, Inc. | 160 | 0.39 | % | 3,338 | ||||||||
Mercury General Corp. | 542 | 0.58 | % | 2,427 | ||||||||
Highwoods Properties, Inc. | 811 | 0.60 | % | 2,295 | ||||||||
Visa, Inc. — Class A | 46 | 0.18 | % | 1,993 | ||||||||
Jefferies Financial Group, Inc. | 747 | 0.42 | % | 1,623 | ||||||||
Progressive Corp. | 298 | 0.48 | % | 1,437 | ||||||||
Western Union Co. | 502 | 0.19 | % | 1,137 | ||||||||
Mastercard, Inc. — Class A | 29 | 0.17 | % | 925 | ||||||||
Cboe Global Markets, Inc. | 167 | 0.33 | % | 924 | ||||||||
Federated Hermes, Inc. — Class B | 584 | 0.33 | % | 867 | ||||||||
Houlihan Lokey, Inc. | 254 | 0.34 | % | 606 | ||||||||
Marsh & McLennan Companies, Inc. | 171 | 0.40 | % | 394 | ||||||||
Brown & Brown, Inc. | 210 | 0.18 | % | 246 | ||||||||
Goldman Sachs Group, Inc. | 80 | 0.50 | % | 230 | ||||||||
Sabra Health Care REIT, Inc. | 623 | 0.19 | % | 210 | ||||||||
OneMain Holdings, Inc. | 246 | 0.24 | % | 158 | ||||||||
Interactive Brokers Group, Inc. — Class A | 309 | 0.33 | % | 145 | ||||||||
Janus Henderson Group plc | 463 | 0.30 | % | (96 | ) | |||||||
Arch Capital Group Ltd. | 581 | 0.37 | % | (129 | ) | |||||||
Evercore, Inc. — Class A | 162 | 0.38 | % | (164 | ) | |||||||
SEI Investments Co. | 276 | 0.28 | % | (180 | ) | |||||||
W R Berkley Corp. | 146 | 0.18 | % | (193 | ) | |||||||
RenaissanceRe Holdings Ltd. | 114 | 0.28 | % | (216 | ) | |||||||
Everest Re Group Ltd. | 93 | 0.39 | % | (242 | ) | |||||||
Raymond James Financial, Inc. | 284 | 0.61 | % | (242 | ) | |||||||
Markel Corp. | 20 | 0.39 | % | (360 | ) | |||||||
Radian Group, Inc. | 734 | 0.27 | % | (492 | ) | |||||||
Brighthouse Financial, Inc. | 477 | 0.36 | % | (495 | ) | |||||||
Citigroup, Inc. | 192 | 0.22 | % | (571 | ) | |||||||
Artisan Partners Asset Management, Inc. — Class A | 201 | 0.17 | % | (600 | ) | |||||||
Stewart Information Services Corp. | 236 | 0.22 | % | (633 | ) | |||||||
Cincinnati Financial Corp. | 131 | 0.25 | % | (666 | ) | |||||||
Affiliated Managers Group, Inc. | 104 | 0.26 | % | (708 | ) | |||||||
MGIC Investment Corp. | 857 | 0.19 | % | (719 | ) | |||||||
Capital One Financial Corp. | 145 | 0.37 | % | (784 | ) | |||||||
AMERISAFE, Inc. | 310 | 0.30 | % | (799 | ) | |||||||
First American Financial Corp. | 232 | 0.24 | % | (806 | ) | |||||||
Enstar Group Ltd. | 98 | 0.39 | % | (846 | ) | |||||||
Lexington Realty Trust | 847 | 0.17 | % | (865 | ) | |||||||
Safety Insurance Group, Inc. | 390 | 0.50 | % | (905 | ) | |||||||
Brandywine Realty Trust | 2,462 | 0.56 | % | (949 | ) | |||||||
Hanover Insurance Group, Inc. | 294 | 0.66 | % | (1,104 | ) | |||||||
Essent Group Ltd. | 457 | 0.34 | % | (1,220 | ) | |||||||
Discover Financial Services | 239 | 0.47 | % | (1,265 | ) | |||||||
BankUnited, Inc. | 403 | 0.28 | % | (1,415 | ) | |||||||
Old Republic International Corp. | 1,333 | 0.55 | % | (1,877 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Associated Banc-Corp. | 1,067 | 0.36 | % | $ | (1,956 | ) | ||||||
Healthcare Realty Trust, Inc. | 1,092 | 0.54 | % | (2,144 | ) | |||||||
Total Financial | 25,749 | |||||||||||
Utilities | ||||||||||||
UGI Corp. | 991 | 0.76 | % | 8,329 | ||||||||
Public Service Enterprise Group, Inc. | 781 | 0.77 | % | 1,943 | ||||||||
Southern Co. | 773 | 0.77 | % | 1,341 | ||||||||
IDACORP, Inc. | 470 | 0.75 | % | 561 | ||||||||
Pinnacle West Capital Corp. | 344 | 0.46 | % | 523 | ||||||||
Chesapeake Utilities Corp. | 277 | 0.55 | % | 42 | ||||||||
Sempra Energy | 234 | 0.51 | % | (541 | ) | |||||||
MGE Energy, Inc. | 577 | 0.71 | % | (1,000 | ) | |||||||
WEC Energy Group, Inc. | 262 | 0.38 | % | (1,005 | ) | |||||||
American Water Works Company, Inc. | 187 | 0.47 | % | (1,038 | ) | |||||||
National Fuel Gas Co. | 375 | 0.32 | % | (1,063 | ) | |||||||
CMS Energy Corp. | 793 | 0.77 | % | (1,144 | ) | |||||||
American States Water Co. | 513 | 0.67 | % | (1,253 | ) | |||||||
DTE Energy Co. | 350 | 0.75 | % | (1,312 | ) | |||||||
Avista Corp. | 552 | 0.39 | % | (1,670 | ) | |||||||
Portland General Electric Co. | 368 | 0.28 | % | (1,734 | ) | |||||||
New Jersey Resources Corp. | 801 | 0.52 | % | (3,505 | ) | |||||||
Total Utilities | (2,526 | ) | ||||||||||
Basic Materials | ||||||||||||
Ingevity Corp. | 179 | 0.24 | % | (401 | ) | |||||||
Celanese Corp. — Class A | 71 | 0.18 | % | (631 | ) | |||||||
NewMarket Corp. | 65 | 0.34 | % | (909 | ) | |||||||
Commercial Metals Co. | 481 | 0.24 | % | (1,156 | ) | |||||||
Reliance Steel & Aluminum Co. | 175 | 0.43 | % | (3,819 | ) | |||||||
Total Basic Materials | (6,916 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Gentherm, Inc. | 312 | 0.36 | % | 8,810 | ||||||||
AutoZone, Inc. | 39 | 0.96 | % | 8,065 | ||||||||
AutoNation, Inc. | 212 | 0.33 | % | 5,037 | ||||||||
Brunswick Corp. | 254 | 0.42 | % | 5,016 | ||||||||
O'Reilly Automotive, Inc. | 92 | 0.86 | % | 4,927 | ||||||||
Cummins, Inc. | 127 | 0.51 | % | 4,759 | ||||||||
Home Depot, Inc. | 35 | 0.18 | % | 3,190 | ||||||||
Genuine Parts Co. | 88 | 0.18 | % | 2,712 | ||||||||
MSC Industrial Direct Company, Inc. — Class A | 277 | 0.41 | % | 2,658 | ||||||||
Lowe's Companies, Inc. | 233 | 0.74 | % | 2,597 | ||||||||
PulteGroup, Inc. | 392 | 0.35 | % | 2,582 | ||||||||
Lennar Corp. — Class A | 128 | 0.21 | % | 2,229 | ||||||||
Dolby Laboratories, Inc. — Class A | 259 | 0.42 | % | 2,007 | ||||||||
Gentex Corp. | 1,380 | 0.75 | % | 1,902 | ||||||||
Deckers Outdoor Corp. | 32 | 0.20 | % | 1,618 | ||||||||
Polaris, Inc. | 125 | 0.28 | % | 944 | ||||||||
NVR, Inc. | 3 | 0.25 | % | 872 | ||||||||
Target Corp. | 46 | 0.18 | % | 408 | ||||||||
WW Grainger, Inc. | 66 | 0.48 | % | 338 | ||||||||
Best Buy Company, Inc. | 200 | 0.38 | % | 80 | ||||||||
Dick's Sporting Goods, Inc. | 112 | 0.18 | % | 80 | ||||||||
LKQ Corp. | 227 | 0.18 | % | (75 | ) | |||||||
Fastenal Co. | 206 | 0.18 | % | (139 | ) | |||||||
Carter's, Inc. | 196 | 0.33 | % | (280 | ) | |||||||
Tri Pointe Homes, Inc. | 495 | 0.17 | % | (323 | ) | |||||||
Whirlpool Corp. | 84 | 0.30 | % | (602 | ) | |||||||
Meritage Homes Corp. | 138 | 0.21 | % | (605 | ) | |||||||
Murphy USA, Inc. | 148 | 0.32 | % | (777 | ) | |||||||
Allison Transmission Holdings, Inc. | 751 | 0.49 | % | (1,465 | ) | |||||||
Yum! Brands, Inc. | 393 | 0.74 | % | (1,778 | ) | |||||||
Tesla, Inc. | 18 | 0.20 | % | (1,874 | ) | |||||||
Total Consumer, Cyclical | 52,913 | |||||||||||
Consumer, Non-cyclical | ||||||||||||
McKesson Corp. | 136 | 0.43 | % | 10,274 | ||||||||
Molson Coors Beverage Co. — Class B | 607 | 0.54 | % | 8,608 | ||||||||
Johnson & Johnson | 285 | 0.77 | % | 6,628 | ||||||||
Amgen, Inc. | 186 | 0.75 | % | 6,138 | ||||||||
United Therapeutics Corp. | 145 | 0.43 | % | 5,057 | ||||||||
Thermo Fisher Scientific, Inc. | 76 | 0.63 | % | 4,728 | ||||||||
H&R Block, Inc. | 795 | 0.31 | % | 4,421 | ||||||||
Laboratory Corporation of America Holdings | 53 | 0.24 | % | 3,872 | ||||||||
Prestige Consumer Healthcare, Inc. | 393 | 0.34 | % | 3,159 | ||||||||
Regeneron Pharmaceuticals, Inc. | 60 | 0.55 | % | 3,042 | ||||||||
PayPal Holdings, Inc. | 40 | 0.19 | % | 3,038 | ||||||||
UnitedHealth Group, Inc. | 27 | 0.18 | % | 2,904 | ||||||||
Bristol-Myers Squibb Co. | 773 | 0.85 | % | 2,901 | ||||||||
Pfizer, Inc. | 891 | 0.57 | % | 2,894 | ||||||||
Procter & Gamble Co. | 81 | 0.18 | % | 2,594 | ||||||||
Philip Morris International, Inc. | 111 | 0.18 | % | 2,581 | ||||||||
Bio-Rad Laboratories, Inc. — Class A | 53 | 0.56 | % | 2,353 | ||||||||
Vector Group Ltd. | 878 | 0.20 | % | 2,132 | ||||||||
J M Smucker Co. | 79 | 0.17 | % | 2,067 | ||||||||
Abbott Laboratories | 154 | 0.29 | % | 2,013 | ||||||||
Hill-Rom Holdings, Inc. | 118 | 0.22 | % | 1,718 | ||||||||
Humana, Inc. | 42 | 0.31 | % | 1,586 | ||||||||
Hershey Co. | 159 | 0.46 | % | 1,566 | ||||||||
Quest Diagnostics, Inc. | 141 | 0.31 | % | 1,391 | ||||||||
Vanda Pharmaceuticals, Inc. | 576 | 0.20 | % | 1,383 | ||||||||
Merck & Company, Inc. | 558 | 0.71 | % | 1,340 | ||||||||
PepsiCo, Inc. | 123 | 0.30 | % | 1,292 | ||||||||
PerkinElmer, Inc. | 129 | 0.33 | % | 1,036 | ||||||||
Masimo Corp. | 49 | 0.20 | % | 1,015 | ||||||||
Eagle Pharmaceuticals, Inc. | 462 | 0.33 | % | 925 | ||||||||
Innoviva, Inc. | 1,119 | 0.25 | % | 850 | ||||||||
Vertex Pharmaceuticals, Inc. | 103 | 0.34 | % | 549 | ||||||||
HCA Healthcare, Inc. | 51 | 0.17 | % | 439 | ||||||||
Bruker Corp. | 148 | 0.19 | % | 438 | ||||||||
Blueprint Medicines Corp. | 198 | 0.29 | % | 372 | ||||||||
Zoetis, Inc. | 59 | 0.18 | % | 348 | ||||||||
Incyte Corp. | 293 | 0.41 | % | 266 | ||||||||
Hologic, Inc. | 397 | 0.43 | % | (175 | ) | |||||||
Gilead Sciences, Inc. | 776 | 0.88 | % | (200 | ) | |||||||
Chemed Corp. | 37 | 0.29 | % | (248 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Baxter International, Inc. | 132 | 0.17 | % | $ | (270 | ) | ||||||
Grand Canyon Education, Inc. | 138 | 0.20 | % | (442 | ) | |||||||
John B Sanfilippo & Son, Inc. | 310 | 0.45 | % | (536 | ) | |||||||
Coherus Biosciences, Inc. | 1,012 | 0.23 | % | (650 | ) | |||||||
Exelixis, Inc. | 623 | 0.19 | % | (2,952 | ) | |||||||
Total Consumer, Non-cyclical | 92,445 | |||||||||||
Technology | ||||||||||||
Apple, Inc. | 489 | 1.10 | % | 30,715 | ||||||||
Microsoft Corp. | 366 | 1.63 | % | 27,413 | ||||||||
Kulicke & Soffa Industries, Inc. | 290 | 0.29 | % | 9,906 | ||||||||
Seagate Technology Holdings plc | 270 | 0.39 | % | 9,905 | ||||||||
NetApp, Inc. | 217 | 0.29 | % | 7,737 | ||||||||
HP, Inc. | 813 | 0.40 | % | 7,713 | ||||||||
Texas Instruments, Inc. | 193 | 0.61 | % | 6,835 | ||||||||
KLA Corp. | 34 | 0.18 | % | 4,747 | ||||||||
Rambus, Inc. | 1,179 | 0.46 | % | 4,527 | ||||||||
NVIDIA Corp. | 15 | 0.20 | % | 4,132 | ||||||||
CDK Global, Inc. | 502 | 0.41 | % | 3,347 | ||||||||
Oracle Corp. | 132 | 0.17 | % | 3,304 | ||||||||
International Business Machines Corp. | 120 | 0.29 | % | 3,132 | ||||||||
Cerner Corp. | 344 | 0.44 | % | 2,832 | ||||||||
Adobe, Inc. | 13 | 0.13 | % | 2,827 | ||||||||
Cirrus Logic, Inc. | 250 | 0.35 | % | 2,622 | ||||||||
QUALCOMM, Inc. | 112 | 0.26 | % | 2,523 | ||||||||
Broadcom, Inc. | 56 | 0.44 | % | 2,223 | ||||||||
Cadence Design Systems, Inc. | 279 | 0.63 | % | 2,187 | ||||||||
Dropbox, Inc. — Class A | 367 | 0.18 | % | 2,070 | ||||||||
CSG Systems International, Inc. | 1,140 | 0.89 | % | 1,779 | ||||||||
Qorvo, Inc. | 68 | 0.22 | % | 1,649 | ||||||||
Paychex, Inc. | 128 | 0.23 | % | 1,474 | ||||||||
Accenture plc — Class A | 38 | 0.18 | % | 1,457 | ||||||||
Synaptics, Inc. | 78 | 0.20 | % | 1,216 | ||||||||
Synopsys, Inc. | 41 | 0.19 | % | 1,022 | ||||||||
Intel Corp. | 393 | 0.36 | % | 806 | ||||||||
Lumentum Holdings, Inc. | 188 | 0.25 | % | 245 | ||||||||
salesforce.com, Inc. | 30 | 0.12 | % | 148 | ||||||||
ExlService Holdings, Inc. | 104 | 0.18 | % | 134 | ||||||||
Electronic Arts, Inc. | 237 | 0.56 | % | (326 | ) | |||||||
Progress Software Corp. | 398 | 0.30 | % | (638 | ) | |||||||
MAXIMUS, Inc. | 138 | 0.20 | % | (758 | ) | |||||||
NetScout Systems, Inc. | 355 | 0.17 | % | (803 | ) | |||||||
Take-Two Interactive Software, Inc. | 123 | 0.36 | % | (1,115 | ) | |||||||
Activision Blizzard, Inc. | 440 | 0.69 | % | (1,188 | ) | |||||||
Cognizant Technology Solutions Corp. — Class A | 299 | 0.34 | % | (1,768 | ) | |||||||
Total Technology | 144,031 | |||||||||||
Energy | ||||||||||||
Antero Midstream Corp. | 1,322 | 0.23 | % | (242 | ) | |||||||
Chevron Corp. | 100 | 0.17 | % | (343 | ) | |||||||
Williams Companies, Inc. | 903 | 0.39 | % | (1,132 | ) | |||||||
Kinder Morgan, Inc. | 1,264 | 0.38 | % | (1,185 | ) | |||||||
Equitrans Midstream Corp. | 1,145 | 0.16 | % | (1,293 | ) | |||||||
Total Energy | (4,195 | ) | ||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 39 | 1.61 | % | 20,525 | ||||||||
Amazon.com, Inc. | 13 | 0.74 | % | 14,902 | ||||||||
Facebook, Inc. — Class A | 90 | 0.51 | % | 11,621 | ||||||||
Viavi Solutions, Inc. | 2,697 | 0.78 | % | 10,055 | ||||||||
Cisco Systems, Inc. | 771 | 0.67 | % | 8,553 | ||||||||
VeriSign, Inc. | 233 | 0.87 | % | 5,565 | ||||||||
Motorola Solutions, Inc. | 89 | 0.32 | % | 4,734 | ||||||||
Juniper Networks, Inc. | 812 | 0.37 | % | 3,995 | ||||||||
Ciena Corp. | 248 | 0.23 | % | 3,119 | ||||||||
Comcast Corp. — Class A | 252 | 0.24 | % | 2,704 | ||||||||
Omnicom Group, Inc. | 559 | 0.74 | % | 1,665 | ||||||||
Walt Disney Co. | 61 | 0.18 | % | 1,364 | ||||||||
InterDigital, Inc. | 233 | 0.28 | % | 278 | ||||||||
Cogent Communications Holdings, Inc. | 317 | 0.40 | % | 94 | ||||||||
Yelp, Inc. — Class A | 272 | 0.18 | % | (136 | ) | |||||||
Fox Corp. — Class A | 359 | 0.22 | % | (250 | ) | |||||||
TEGNA, Inc. | 1,094 | 0.34 | % | (392 | ) | |||||||
F5 Networks, Inc. | 80 | 0.25 | % | (404 | ) | |||||||
Nexstar Media Group, Inc. — Class A | 96 | 0.23 | % | (468 | ) | |||||||
AT&T, Inc. | 211 | 0.10 | % | (553 | ) | |||||||
World Wrestling Entertainment, Inc. — Class A | 243 | 0.23 | % | (1,009 | ) | |||||||
Telephone & Data Systems, Inc. | 916 | 0.34 | % | (1,775 | ) | |||||||
Verizon Communications, Inc. | 726 | 0.67 | % | (2,312 | ) | |||||||
Total Communications | 81,875 | |||||||||||
Total MS Equity Long Custom Basket | $ | 465,996 |
MS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Financial | ||||||||||||
JBG SMITH Properties | 3,478 | (1.48 | )% | 4,873 | ||||||||
Lincoln National Corp. | 882 | (0.75 | )% | 4,238 | ||||||||
Alexandria Real Estate Equities, Inc. | 353 | (0.87 | )% | 3,790 | ||||||||
American International Group, Inc. | 846 | (0.55 | )% | 3,721 | ||||||||
U.S. Bancorp | 1,756 | (1.35 | )% | 3,619 | ||||||||
Truist Financial Corp. | 1,434 | (1.08 | )% | 3,601 | ||||||||
Prudential Financial, Inc. | 982 | (1.36 | )% | 3,004 | ||||||||
Comerica, Inc. | 586 | (0.57 | )% | 1,354 | ||||||||
Bank of America Corp. | 2,513 | (1.40 | )% | 1,293 | ||||||||
UDR, Inc. | 2,277 | (1.51 | )% | 1,256 | ||||||||
State Street Corp. | 860 | (0.96 | )% | 1,245 | ||||||||
CyrusOne, Inc. | 633 | (0.61 | )% | 1,111 | ||||||||
Equitable Holdings, Inc. | 1,473 | (0.61 | )% | 999 | ||||||||
Mid-America Apartment Communities, Inc. | 354 | (0.81 | )% | 918 | ||||||||
Global Net Lease, Inc. | 1,755 | (0.44 | )% | 812 | ||||||||
Ryman Hospitality Properties, Inc. | 376 | (0.40 | )% | 703 | ||||||||
Wells Fargo & Co. | 559 | (0.34 | )% | 124 | ||||||||
Americold Realty Trust | 2,262 | (1.16 | )% | (97 | ) | |||||||
SBA Communications Corp. | 90 | (0.39 | )% | (161 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Crown Castle International Corp. | 244 | (0.64 | )% | $ | (219 | ) | ||||||
Bank of New York Mellon Corp. | 510 | (0.35 | )% | (466 | ) | |||||||
Host Hotels & Resorts, Inc. | 3,476 | (0.80 | )% | (781 | ) | |||||||
Digital Realty Trust, Inc. | 514 | (1.05 | )% | (1,413 | ) | |||||||
Welltower, Inc. | 590 | (0.66 | )% | (2,303 | ) | |||||||
American Homes 4 Rent — Class A | 945 | (0.50 | )% | (3,013 | ) | |||||||
Federal Realty Investment Trust | 312 | (0.49 | )% | (3,218 | ) | |||||||
Charles Schwab Corp. | 1,354 | (1.33 | )% | (3,538 | ) | |||||||
Invitation Homes, Inc. | 1,472 | (0.74 | )% | (4,171 | ) | |||||||
Healthpeak Properties, Inc. | 3,139 | (1.41 | )% | (4,808 | ) | |||||||
American Tower Corp. — Class A | 122 | (0.45 | )% | (8,143 | ) | |||||||
Howard Hughes Corp. | 478 | (0.63 | )% | (9,767 | ) | |||||||
Rayonier, Inc. | 1,636 | (0.80 | )% | (10,226 | ) | |||||||
Prologis, Inc. | 618 | (1.00 | )% | (12,175 | ) | |||||||
Brookline Bancorp, Inc. | 3,098 | (0.63 | )% | (12,831 | ) | |||||||
Loews Corp. | 817 | (0.60 | )% | (12,935 | ) | |||||||
Equinix, Inc. | 111 | (1.21 | )% | (13,889 | ) | |||||||
Camden Property Trust | 561 | (1.01 | )% | (17,888 | ) | |||||||
Sun Communities, Inc. | 504 | (1.17 | )% | (24,049 | ) | |||||||
Rexford Industrial Realty, Inc. | 1,501 | (1.16 | )% | (30,482 | ) | |||||||
First Republic Bank | 660 | (1.67 | )% | (33,766 | ) | |||||||
Total Financial | (173,678 | ) | ||||||||||
Energy | ||||||||||||
Baker Hughes Co. | 1,729 | (0.54 | )% | 5,164 | ||||||||
Schlumberger N.V. | 3,549 | (1.54 | )% | 2,010 | ||||||||
Phillips 66 | 281 | (0.33 | )% | 168 | ||||||||
Pioneer Natural Resources Co. | 772 | (1.70 | )% | (4,820 | ) | |||||||
NOV, Inc. | 2,086 | (0.43 | )% | (7,165 | ) | |||||||
Hess Corp. | 599 | (0.71 | )% | (11,598 | ) | |||||||
ChampionX Corp. | 2,338 | (0.81 | )% | (16,918 | ) | |||||||
Halliburton Co. | 5,274 | (1.65 | )% | (21,915 | ) | |||||||
Ovintiv, Inc. | 2,359 | (1.00 | )% | (31,702 | ) | |||||||
Total Energy | (86,776 | ) | ||||||||||
Industrial | ||||||||||||
Jacobs Engineering Group, Inc. | 905 | (1.63 | )% | 5,949 | ||||||||
Ball Corp. | 535 | (0.59 | )% | 4,485 | ||||||||
Stericycle, Inc. | 1,560 | (1.51 | )% | 4,107 | ||||||||
XPO Logistics, Inc. | 393 | (0.74 | )% | 3,411 | ||||||||
Norfolk Southern Corp. | 352 | (1.26 | )% | 2,230 | ||||||||
Exponent, Inc. | 347 | (0.42 | )% | 2,114 | ||||||||
MSA Safety, Inc. | 335 | (0.75 | )% | 122 | ||||||||
US Ecology, Inc. | 1,094 | (0.56 | )% | 22 | ||||||||
FedEx Corp. | 174 | (0.70 | )% | (526 | ) | |||||||
Raytheon Technologies Corp. | 1,148 | (1.33 | )% | (728 | ) | |||||||
Republic Services, Inc. — Class A | 1,161 | (1.73 | )% | (782 | ) | |||||||
United Parcel Service, Inc. — Class B | 140 | (0.39 | )% | (791 | ) | |||||||
Boeing Co. | 224 | (0.73 | )% | (1,246 | ) | |||||||
TransDigm Group, Inc. | 52 | (0.46 | )% | (2,349 | ) | |||||||
Waste Management, Inc. | 892 | (1.69 | )% | (3,070 | ) | |||||||
Tetra Tech, Inc. | 330 | (0.55 | )% | (8,069 | ) | |||||||
Ingersoll Rand, Inc. | 1,169 | (0.77 | )% | (9,294 | ) | |||||||
Casella Waste Systems, Inc. — Class A | 1,324 | (1.14 | )% | (12,473 | ) | |||||||
Total Industrial | (16,888 | ) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Verisk Analytics, Inc. — Class A | 738 | (1.75 | )% | 7,883 | ||||||||
Archer-Daniels-Midland Co. | 1,406 | (1.15 | )% | 7,211 | ||||||||
ManpowerGroup, Inc. | 598 | (0.96 | )% | 2,088 | ||||||||
CoStar Group, Inc. | 760 | (0.85 | )% | 1,751 | ||||||||
Cooper Companies, Inc. | 69 | (0.37 | )% | 509 | ||||||||
McCormick & Company, Inc. | 725 | (0.87 | )% | 74 | ||||||||
Brink's Co. | 451 | (0.47 | )% | (290 | ) | |||||||
Alnylam Pharmaceuticals, Inc. | 158 | (0.36 | )% | (984 | ) | |||||||
Guardant Health, Inc. | 316 | (0.53 | )% | (1,175 | ) | |||||||
Rollins, Inc. | 1,503 | (0.70 | )% | (1,405 | ) | |||||||
TransUnion | 729 | (1.08 | )% | (5,715 | ) | |||||||
Avalara, Inc. | 127 | (0.28 | )% | (8,141 | ) | |||||||
Cintas Corp. | 358 | (1.85 | )% | (10,663 | ) | |||||||
Equifax, Inc. | 276 | (0.89 | )% | (19,831 | ) | |||||||
Total Consumer, Non-cyclical | (28,688 | ) | ||||||||||
Technology | ||||||||||||
KBR, Inc. | 1,964 | (1.01 | )% | 3,473 | ||||||||
Leidos Holdings, Inc. | 570 | (0.78 | )% | 3,003 | ||||||||
Blackline, Inc. | 165 | (0.25 | )% | 773 | ||||||||
Clarivate plc | 1,461 | (0.54 | )% | (904 | ) | |||||||
Sailpoint Technologies Holdings, Inc. | 370 | (0.26 | )% | (1,055 | ) | |||||||
Twilio, Inc. — Class A | 53 | (0.28 | )% | (1,579 | ) | |||||||
Tyler Technologies, Inc. | 41 | (0.25 | )% | (2,533 | ) | |||||||
Ceridian HCM Holding, Inc. | 391 | (0.51 | )% | (3,113 | ) | |||||||
Coupa Software, Inc. | 146 | (0.52 | )% | (3,271 | ) | |||||||
Smartsheet, Inc. — Class A | 271 | (0.27 | )% | (6,510 | ) | |||||||
Rapid7, Inc. | 403 | (0.52 | )% | (8,619 | ) | |||||||
HubSpot, Inc. | 34 | (0.27 | )% | (10,619 | ) | |||||||
Total Technology | (30,954 | ) | ||||||||||
Utilities | ||||||||||||
Atmos Energy Corp. | 1,038 | (1.35 | )% | 5,518 | ||||||||
Exelon Corp. | 2,164 | (1.30 | )% | 5,103 | ||||||||
ONE Gas, Inc. | 1,377 | (1.38 | )% | 4,495 | ||||||||
Xcel Energy, Inc. | 1,281 | (1.14 | )% | 4,362 | ||||||||
Black Hills Corp. | 667 | (0.59 | )% | 2,492 | ||||||||
OGE Energy Corp. | 1,578 | (0.72 | )% | 2,316 | ||||||||
CenterPoint Energy, Inc. | 1,328 | (0.44 | )% | 1,796 | ||||||||
Edison International | 1,895 | (1.48 | )% | (70 | ) | |||||||
Total Utilities | 26,012 | |||||||||||
Consumer, Cyclical | ||||||||||||
JetBlue Airways Corp. | 3,746 | (0.85 | )% | 6,903 | ||||||||
United Airlines Holdings, Inc. | 1,466 | (1.04 | )% | 6,443 | ||||||||
IAA, Inc. | 842 | (0.62 | )% | 4,201 | ||||||||
Delta Air Lines, Inc. | 2,354 | (1.38 | )% | 1,479 | ||||||||
Freshpet, Inc. | 326 | (0.72 | )% | 1,407 | ||||||||
Marriott International, Inc. — Class A | 181 | (0.33 | )% | 1,231 | ||||||||
Hilton Worldwide Holdings, Inc. | 287 | (0.47 | )% | 902 | ||||||||
Alaska Air Group, Inc. | 1,245 | (1.02 | )% | (1,800 | ) | |||||||
Southwest Airlines Co. | 1,890 | (1.36 | )% | (6,225 | ) | |||||||
Copart, Inc. | 635 | (1.13 | )% | (16,868 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Total Consumer, Cyclical | $ | (2,327 | ) | |||||||||
Communications | ||||||||||||
Anaplan, Inc. | 329 | (0.24 | )% | 1,203 | ||||||||
Okta, Inc. | 164 | (0.54 | )% | (68 | ) | |||||||
Uber Technologies, Inc. | 1,078 | (0.73 | )% | (376 | ) | |||||||
Q2 Holdings, Inc. | 566 | (0.79 | )% | (6,688 | ) | |||||||
Zendesk, Inc. | 261 | (0.51 | )% | (10,158 | ) | |||||||
Liberty Broadband Corp. — Class C | 356 | (0.84 | )% | (10,790 | ) | |||||||
Total Communications | (26,877 | ) | ||||||||||
Basic Materials | ||||||||||||
Linde plc | 89 | (0.35 | )% | (946 | ) | |||||||
Quaker Chemical Corp. | 160 | (0.51 | )% | (7,056 | ) | |||||||
Total Basic Materials | (8,002 | ) | ||||||||||
Total MS Equity Short Custom Basket | $ | (348,178 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
* | Non-income producing security. |
† | 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 custom basket swap collateral at June 30, 2021. |
2 | Rate indicated is the 7-day yield as of June 30, 2021. |
GS — Goldman Sachs International
MS — Morgan Stanley Capital Services LLC
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 16,599,430 | $ | — | $ | — | $ | 16,599,430 | ||||||||
Money Market Fund | 1,320,336 | — | — | 1,320,336 | ||||||||||||
Equity Custom Basket Swap Agreements** | — | 927,516 | — | 927,516 | ||||||||||||
Total Assets | $ | 17,919,766 | $ | 927,516 | $ | — | $ | 18,847,282 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Custom Basket Swap Agreements** | $ | — | $ | 701,399 | $ | — | $ | 701,399 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.1% | ||||||||
Financial - 18.1% | ||||||||
Signature Bank | 354 | $ | 86,960 | |||||
Camden Property Trust REIT | 599 | 79,469 | ||||||
Brown & Brown, Inc. | 1,437 | 76,362 | ||||||
Medical Properties Trust, Inc. REIT | 3,612 | 72,601 | ||||||
East West Bancorp, Inc. | 871 | 62,442 | ||||||
Jones Lang LaSalle, Inc.* | 315 | 61,570 | ||||||
First Horizon Corp. | 3,392 | 58,614 | ||||||
Alleghany Corp.* | 85 | 56,701 | ||||||
Lamar Advertising Co. — Class A REIT | 532 | 55,551 | ||||||
CyrusOne, Inc. REIT | 752 | 53,783 | ||||||
American Financial Group, Inc. | 423 | 52,757 | ||||||
Omega Healthcare Investors, Inc. REIT | 1,445 | 52,439 | ||||||
STORE Capital Corp. REIT | 1,495 | 51,592 | ||||||
Life Storage, Inc. REIT | 472 | 50,669 | ||||||
National Retail Properties, Inc. REIT | 1,078 | 50,537 | ||||||
Commerce Bancshares, Inc. | 647 | 48,240 | ||||||
Reinsurance Group of America, Inc. — Class A | 417 | 47,538 | ||||||
Rexford Industrial Realty, Inc. REIT | 823 | 46,870 | ||||||
Apartment Income REIT Corp. | 962 | 45,628 | ||||||
RenaissanceRe Holdings Ltd. | 305 | 45,390 | ||||||
Kilroy Realty Corp. REIT | 651 | 45,336 | ||||||
SEI Investments Co. | 728 | 45,114 | ||||||
Old Republic International Corp. | 1,741 | 43,368 | ||||||
First Financial Bankshares, Inc. | 873 | 42,891 | ||||||
Jefferies Financial Group, Inc. | 1,229 | 42,032 | ||||||
First American Financial Corp. | 674 | 42,024 | ||||||
Stifel Financial Corp. | 645 | 41,835 | ||||||
Brixmor Property Group, Inc. REIT | 1,824 | 41,751 | ||||||
SLM Corp. | 1,983 | 41,524 | ||||||
First Industrial Realty Trust, Inc. REIT | 793 | 41,418 | ||||||
Pinnacle Financial Partners, Inc. | 467 | 41,231 | ||||||
Prosperity Bancshares, Inc. | 570 | 40,926 | ||||||
Janus Henderson Group plc | 1,048 | 40,673 | ||||||
EastGroup Properties, Inc. REIT | 246 | 40,455 | ||||||
Synovus Financial Corp. | 913 | 40,062 | ||||||
American Campus Communities, Inc. REIT | 847 | 39,572 | ||||||
Affiliated Managers Group, Inc. | 255 | 39,323 | ||||||
Cullen/Frost Bankers, Inc. | 347 | 38,864 | ||||||
Primerica, Inc. | 242 | 37,060 | ||||||
CoreSite Realty Corp. REIT | 264 | 35,534 | ||||||
Evercore, Inc. — Class A | 251 | 35,333 | ||||||
SL Green Realty Corp. REIT | 426 | 34,080 | ||||||
Douglas Emmett, Inc. REIT | 1,013 | 34,057 | ||||||
Spirit Realty Capital, Inc. REIT | 706 | 33,775 | ||||||
Cousins Properties, Inc. REIT | 913 | 33,580 | ||||||
Valley National Bancorp | 2,493 | 33,481 | ||||||
Interactive Brokers Group, Inc. — Class A | 496 | 32,602 | ||||||
Glacier Bancorp, Inc. | 587 | 32,332 | ||||||
Alliance Data Systems Corp. | 305 | 31,778 | ||||||
New York Community Bancorp, Inc. | 2,856 | 31,473 | ||||||
CIT Group, Inc. | 608 | 31,367 | ||||||
Bank OZK | 742 | 31,283 | ||||||
Essent Group Ltd. | 693 | 31,150 | ||||||
Rayonier, Inc. REIT | 853 | 30,648 | ||||||
United Bankshares, Inc. | 824 | 30,076 | ||||||
Selective Insurance Group, Inc. | 369 | 29,944 | ||||||
Park Hotels & Resorts, Inc. REIT* | 1,452 | 29,926 | ||||||
Hanover Insurance Group, Inc. | 220 | 29,841 | ||||||
Webster Financial Corp. | 555 | 29,604 | ||||||
PacWest Bancorp | 718 | 29,553 | ||||||
Sterling Bancorp | 1,182 | 29,302 | ||||||
Highwoods Properties, Inc. REIT | 639 | 28,864 | ||||||
MGIC Investment Corp. | 2,084 | 28,342 | ||||||
Kemper Corp. | 373 | 27,565 | ||||||
Wintrust Financial Corp. | 350 | 26,471 | ||||||
Healthcare Realty Trust, Inc. REIT | 870 | 26,274 | ||||||
Hudson Pacific Properties, Inc. REIT | 927 | 25,789 | ||||||
RLI Corp. | 244 | 25,520 | ||||||
Umpqua Holdings Corp. | 1,354 | 24,981 | ||||||
UMB Financial Corp. | 267 | 24,847 | ||||||
Physicians Realty Trust REIT | 1,323 | 24,436 | ||||||
FNB Corp. | 1,962 | 24,191 | ||||||
EPR Properties REIT* | 459 | 24,180 | ||||||
Sabra Health Care REIT, Inc. | 1,325 | 24,115 | ||||||
Brighthouse Financial, Inc.* | 526 | 23,954 | ||||||
Hancock Whitney Corp. | 533 | 23,687 | ||||||
Weingarten Realty Investors REIT | 737 | 23,635 | ||||||
Home BancShares, Inc. | 931 | 22,977 | ||||||
PotlatchDeltic Corp. REIT | 412 | 21,898 | ||||||
Kinsale Capital Group, Inc. | 131 | 21,585 | ||||||
National Storage Affiliates Trust REIT | 423 | 21,387 | ||||||
JBG SMITH Properties REIT | 678 | 21,364 | ||||||
Navient Corp. | 1,102 | 21,302 | ||||||
Bank of Hawaii Corp. | 248 | 20,887 | ||||||
Texas Capital Bancshares, Inc.* | 311 | 19,745 | ||||||
Federated Hermes, Inc. — Class B | 574 | 19,464 | ||||||
Corporate Office Properties Trust REIT | 690 | 19,313 | ||||||
Associated Banc-Corp. | 938 | 19,210 | ||||||
CNO Financial Group, Inc. | 808 | 19,085 | ||||||
Pebblebrook Hotel Trust REIT | 807 | 19,005 | ||||||
Macerich Co. REIT | 1,027 | 18,743 | ||||||
PS Business Parks, Inc. REIT | 123 | 18,214 | ||||||
Cathay General Bancorp | 460 | 18,106 | ||||||
BancorpSouth Bank | 593 | 16,800 | ||||||
Fulton Financial Corp. | 999 | 15,764 | ||||||
International Bancshares Corp. | 342 | 14,685 | ||||||
LendingTree, Inc.* | 68 | 14,408 | ||||||
Washington Federal, Inc. | 445 | 14,142 | ||||||
Urban Edge Properties REIT | 676 | 12,912 | ||||||
Trustmark Corp. | 389 | 11,981 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.1% (continued) | ||||||||
Financial - 18.1% (continued) | ||||||||
Mercury General Corp. | 163 | $ | 10,587 | |||||
Total Financial | 3,482,306 | |||||||
Industrial - 15.0% | ||||||||
Cognex Corp. | 1,085 | 91,194 | ||||||
XPO Logistics, Inc.* | 624 | 87,291 | ||||||
Graco, Inc. | 1,041 | 78,804 | ||||||
Lennox International, Inc. | 211 | 74,019 | ||||||
Nordson Corp. | 332 | 72,877 | ||||||
Trex Company, Inc.* | 708 | 72,365 | ||||||
Toro Co. | 657 | 72,191 | ||||||
Axon Enterprise, Inc.* | 397 | 70,190 | ||||||
Owens Corning | 641 | 62,754 | ||||||
Hubbell, Inc. | 334 | 62,405 | ||||||
Carlisle Companies, Inc. | 321 | 61,433 | ||||||
Middleby Corp.* | 342 | 59,255 | ||||||
Universal Display Corp. | 263 | 58,473 | ||||||
AECOM* | 898 | 56,861 | ||||||
AptarGroup, Inc. | 403 | 56,759 | ||||||
Builders FirstSource, Inc.* | 1,271 | 54,221 | ||||||
Oshkosh Corp. | 421 | 52,473 | ||||||
Arrow Electronics, Inc.* | 455 | 51,793 | ||||||
AGCO Corp. | 379 | 49,414 | ||||||
Donaldson Company, Inc. | 774 | 49,172 | ||||||
ITT, Inc. | 529 | 48,451 | ||||||
Lincoln Electric Holdings, Inc. | 366 | 48,206 | ||||||
Jabil, Inc. | 822 | 47,775 | ||||||
II-VI, Inc.* | 644 | 46,748 | ||||||
Woodward, Inc. | 360 | 44,237 | ||||||
Sonoco Products Co. | 618 | 41,344 | ||||||
EMCOR Group, Inc. | 335 | 41,269 | ||||||
Acuity Brands, Inc. | 219 | 40,960 | ||||||
Tetra Tech, Inc. | 333 | 40,640 | ||||||
Stericycle, Inc.* | 564 | 40,354 | ||||||
TopBuild Corp.* | 203 | 40,149 | ||||||
Coherent, Inc.* | 150 | 39,651 | ||||||
MDU Resources Group, Inc. | 1,236 | 38,736 | ||||||
Littelfuse, Inc. | 150 | 38,218 | ||||||
Louisiana-Pacific Corp. | 628 | 37,862 | ||||||
Landstar System, Inc. | 236 | 37,293 | ||||||
Eagle Materials, Inc. | 260 | 36,949 | ||||||
MSA Safety, Inc. | 223 | 36,924 | ||||||
MasTec, Inc.* | 347 | 36,817 | ||||||
Knight-Swift Transportation Holdings, Inc. | 752 | 34,186 | ||||||
National Instruments Corp. | 808 | 34,162 | ||||||
Timken Co. | 420 | 33,848 | ||||||
Vontier Corp. | 1,037 | 33,785 | ||||||
Regal Beloit Corp. | 249 | 33,244 | ||||||
Colfax Corp.* | 724 | 33,166 | ||||||
Flowserve Corp. | 800 | 32,256 | ||||||
nVent Electric plc | 1,030 | 32,177 | ||||||
Hexcel Corp.* | 514 | 32,073 | ||||||
SYNNEX Corp. | 255 | 31,049 | ||||||
Valmont Industries, Inc. | 130 | 30,686 | ||||||
Curtiss-Wright Corp. | 251 | 29,809 | ||||||
Simpson Manufacturing Company, Inc. | 267 | 29,487 | ||||||
Clean Harbors, Inc.* | 308 | 28,687 | ||||||
Crane Co. | 305 | 28,173 | ||||||
EnerSys | 263 | 25,703 | ||||||
Ryder System, Inc. | 331 | 24,603 | ||||||
Avnet, Inc. | 611 | 24,489 | ||||||
Mercury Systems, Inc.* | 345 | 22,867 | ||||||
Kirby Corp.* | 369 | 22,376 | ||||||
Terex Corp. | 429 | 20,429 | ||||||
Silgan Holdings, Inc. | 481 | 19,961 | ||||||
GATX Corp. | 217 | 19,198 | ||||||
Kennametal, Inc. | 513 | 18,427 | ||||||
Vishay Intertechnology, Inc. | 815 | 18,378 | ||||||
Werner Enterprises, Inc. | 350 | 15,582 | ||||||
Energizer Holdings, Inc. | 357 | 15,344 | ||||||
Dycom Industries, Inc.* | 188 | 14,012 | ||||||
Belden, Inc. | 275 | 13,907 | ||||||
Fluor Corp.* | 773 | 13,682 | ||||||
Trinity Industries, Inc. | 496 | 13,337 | ||||||
Worthington Industries, Inc. | 214 | 13,093 | ||||||
Greif, Inc. — Class A | 162 | 9,809 | ||||||
Total Industrial | 2,878,512 | |||||||
Consumer, Non-cyclical - 13.1% | ||||||||
Bio-Techne Corp. | 239 | 107,612 | ||||||
Molina Healthcare, Inc.* | 359 | 90,849 | ||||||
Masimo Corp.* | 311 | 75,402 | ||||||
Darling Ingredients, Inc.* | 1,002 | 67,635 | ||||||
PRA Health Sciences, Inc.* | 398 | 65,753 | ||||||
Jazz Pharmaceuticals plc* | 369 | 65,549 | ||||||
Repligen Corp.* | 313 | 62,481 | ||||||
Boston Beer Company, Inc. — Class A* | 57 | 58,186 | ||||||
Penumbra, Inc.* | 208 | 57,004 | ||||||
Neurocrine Biosciences, Inc.* | 580 | 56,446 | ||||||
Syneos Health, Inc.* | 622 | 55,663 | ||||||
Service Corporation International | 1,033 | 55,358 | ||||||
WEX, Inc.* | 275 | 53,323 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 639 | 52,922 | ||||||
United Therapeutics Corp.* | 274 | 49,158 | ||||||
Amedisys, Inc.* | 200 | 48,986 | ||||||
Encompass Health Corp. | 611 | 47,676 | ||||||
Chemed Corp. | 98 | 46,501 | ||||||
Hill-Rom Holdings, Inc. | 408 | 46,345 | ||||||
Tenet Healthcare Corp.* | 656 | 43,945 | ||||||
Paylocity Holding Corp.* | 230 | 43,884 | ||||||
STAAR Surgical Co.* | 287 | 43,768 | ||||||
Envista Holdings Corp.* | 987 | 42,648 | ||||||
HealthEquity, Inc.* | 512 | 41,206 | ||||||
ManpowerGroup, Inc. | 335 | 39,835 | ||||||
Post Holdings, Inc.* | 363 | 39,375 | ||||||
LHC Group, Inc.* | 194 | 38,851 | ||||||
Halozyme Therapeutics, Inc.* | 822 | 37,327 | ||||||
Ingredion, Inc. | 411 | 37,196 | ||||||
Globus Medical, Inc. — Class A* | 477 | 36,982 | ||||||
Exelixis, Inc.* | 1,924 | 35,055 | ||||||
Acadia Healthcare Company, Inc.* | 551 | 34,575 | ||||||
Helen of Troy Ltd.* | 150 | 34,218 | ||||||
ASGN, Inc.* | 327 | 31,696 | ||||||
Quidel Corp.* | 238 | 30,493 | ||||||
Neogen Corp.* | 660 | 30,386 | ||||||
Medpace Holdings, Inc.* | 170 | 30,027 | ||||||
Integra LifeSciences Holdings Corp.* | 436 | 29,753 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.1% (continued) | ||||||||
Consumer, Non-cyclical - 13.1% (continued) | ||||||||
Flowers Foods, Inc. | 1,209 | $ | 29,258 | |||||
FTI Consulting, Inc.* | 210 | 28,688 | ||||||
H&R Block, Inc. | 1,114 | 26,157 | ||||||
Grand Canyon Education, Inc.* | 284 | 25,551 | ||||||
LivaNova plc* | 300 | 25,233 | ||||||
ICU Medical, Inc.* | 121 | 24,902 | ||||||
Avis Budget Group, Inc.* | 317 | 24,691 | ||||||
Sabre Corp.* | 1,962 | 24,486 | ||||||
Brink's Co. | 306 | 23,513 | ||||||
Lancaster Colony Corp. | 120 | 23,221 | ||||||
Sanderson Farms, Inc. | 122 | 22,932 | ||||||
NuVasive, Inc.* | 317 | 21,486 | ||||||
Haemonetics Corp.* | 313 | 20,858 | ||||||
Hain Celestial Group, Inc.* | 502 | 20,140 | ||||||
Insperity, Inc. | 220 | 19,881 | ||||||
PROG Holdings, Inc. | 413 | 19,878 | ||||||
LiveRamp Holdings, Inc.* | 420 | 19,677 | ||||||
Nektar Therapeutics* | 1,120 | 19,219 | ||||||
R1 RCM, Inc.* | 848 | 18,860 | ||||||
Grocery Outlet Holding Corp.* | 535 | 18,543 | ||||||
Sprouts Farmers Market, Inc.* | 725 | 18,016 | ||||||
Emergent BioSolutions, Inc.* | 280 | 17,637 | ||||||
Coty, Inc. — Class A* | 1,741 | 16,261 | ||||||
Patterson Companies, Inc. | 534 | 16,228 | ||||||
John Wiley & Sons, Inc. — Class A | 267 | 16,068 | ||||||
Graham Holdings Co. — Class B | 25 | 15,847 | ||||||
TreeHouse Foods, Inc.* | 345 | 15,360 | ||||||
Progyny, Inc.* | 228 | 13,452 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 102 | 13,382 | ||||||
Strategic Education, Inc. | 151 | 11,485 | ||||||
Adtalem Global Education, Inc.* | 304 | 10,835 | ||||||
WW International, Inc.* | 294 | 10,625 | ||||||
Pilgrim's Pride Corp.* | 299 | 6,632 | ||||||
Tootsie Roll Industries, Inc. | 108 | 3,662 | ||||||
Total Consumer, Non-cyclical | 2,506,733 | |||||||
Consumer, Cyclical - 12.3% | ||||||||
Williams-Sonoma, Inc. | 468 | 74,716 | ||||||
RH* | 103 | 69,937 | ||||||
Five Below, Inc.* | 344 | 66,485 | ||||||
Deckers Outdoor Corp.* | 171 | 65,676 | ||||||
Lithia Motors, Inc. — Class A | 182 | 62,543 | ||||||
Lear Corp. | 336 | 58,894 | ||||||
Watsco, Inc. | 202 | 57,901 | ||||||
Capri Holdings Ltd.* | 929 | 53,129 | ||||||
Kohl's Corp. | 960 | 52,906 | ||||||
Gentex Corp. | 1,483 | 49,073 | ||||||
Polaris, Inc. | 354 | 48,484 | ||||||
Scotts Miracle-Gro Co. — Class A | 249 | 47,788 | ||||||
Brunswick Corp. | 478 | 47,619 | ||||||
Crocs, Inc.* | 400 | 46,608 | ||||||
IAA, Inc.* | 828 | 45,159 | ||||||
Tempur Sealy International, Inc. | 1,125 | 44,089 | ||||||
Casey's General Stores, Inc. | 226 | 43,989 | ||||||
Harley-Davidson, Inc. | 943 | 43,208 | ||||||
Mattel, Inc.* | 2,142 | 43,054 | ||||||
YETI Holdings, Inc.* | 461 | 42,329 | ||||||
Churchill Downs, Inc. | 213 | 42,229 | ||||||
Marriott Vacations Worldwide Corp.* | 261 | 41,577 | ||||||
Wyndham Hotels & Resorts, Inc. | 574 | 41,495 | ||||||
Skechers USA, Inc. — Class A* | 824 | 41,060 | ||||||
Dick's Sporting Goods, Inc. | 402 | 40,276 | ||||||
Fox Factory Holding Corp.* | 258 | 40,160 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 842 | 40,062 | ||||||
Toll Brothers, Inc. | 690 | 39,889 | ||||||
Foot Locker, Inc. | 634 | 39,074 | ||||||
Texas Roadhouse, Inc. — Class A | 402 | 38,672 | ||||||
Thor Industries, Inc. | 340 | 38,420 | ||||||
American Eagle Outfitters, Inc. | 927 | 34,790 | ||||||
JetBlue Airways Corp.* | 1,945 | 32,637 | ||||||
Travel + Leisure Co. | 529 | 31,449 | ||||||
AutoNation, Inc.* | 331 | 31,382 | ||||||
Boyd Gaming Corp.* | 496 | 30,499 | ||||||
Goodyear Tire & Rubber Co.* | 1,714 | 29,395 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 349 | 29,361 | ||||||
Wingstop, Inc. | 182 | 28,689 | ||||||
Carter's, Inc. | 270 | 27,856 | ||||||
Avient Corp. | 561 | 27,579 | ||||||
Scientific Games Corp. — Class A* | 348 | 26,949 | ||||||
Adient plc* | 579 | 26,171 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 289 | 25,932 | ||||||
Wendy's Co. | 1,087 | 25,458 | ||||||
Univar Solutions, Inc.* | 1,042 | 25,404 | ||||||
Nordstrom, Inc.* | 669 | 24,465 | ||||||
Callaway Golf Co.* | 714 | 24,083 | ||||||
KB Home | 545 | 22,192 | ||||||
Cracker Barrel Old Country Store, Inc. | 146 | 21,675 | ||||||
Papa John's International, Inc. | 203 | 21,201 | ||||||
Dana, Inc. | 891 | 21,170 | ||||||
Choice Hotels International, Inc. | 177 | 21,038 | ||||||
Taylor Morrison Home Corp. — Class A* | 792 | 20,925 | ||||||
Visteon Corp.* | 172 | 20,802 | ||||||
Murphy USA, Inc. | 153 | 20,406 | ||||||
Six Flags Entertainment Corp.* | 467 | 20,212 | ||||||
FirstCash, Inc. | 252 | 19,263 | ||||||
Columbia Sportswear Co. | 188 | 18,492 | ||||||
Urban Outfitters, Inc.* | 422 | 17,395 | ||||||
Nu Skin Enterprises, Inc. — Class A | 306 | 17,335 | ||||||
Herman Miller, Inc. | 362 | 17,064 | ||||||
Tri Pointe Homes, Inc.* | 727 | 15,580 | ||||||
Jack in the Box, Inc. | 137 | 15,267 | ||||||
Cinemark Holdings, Inc.* | 668 | 14,663 | ||||||
Healthcare Services Group, Inc. | 459 | 14,491 | ||||||
KAR Auction Services, Inc.* | 766 | 13,443 | ||||||
World Fuel Services Corp. | 388 | 12,311 | ||||||
Total Consumer, Cyclical | 2,353,525 | |||||||
Technology - 6.6% | ||||||||
Fair Isaac Corp.* | 176 | 88,472 | ||||||
Ceridian HCM Holding, Inc.* | 806 | 77,312 | ||||||
Cree, Inc.* | 709 | 69,432 | ||||||
MKS Instruments, Inc. | 340 | 60,503 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.1% (continued) | ||||||||
Technology - 6.6% (continued) | ||||||||
Aspen Technology, Inc.* | 418 | $ | 57,492 | |||||
Manhattan Associates, Inc.* | 391 | 56,632 | ||||||
Genpact Ltd. | 1,070 | 48,610 | ||||||
Lattice Semiconductor Corp.* | 838 | 47,079 | ||||||
Brooks Automation, Inc. | 456 | 43,448 | ||||||
Silicon Laboratories, Inc.* | 275 | 42,144 | ||||||
Concentrix Corp.* | 255 | 41,004 | ||||||
Lumentum Holdings, Inc.* | 466 | 38,226 | ||||||
CDK Global, Inc. | 748 | 37,168 | ||||||
CACI International, Inc. — Class A* | 144 | 36,737 | ||||||
NCR Corp.* | 804 | 36,670 | ||||||
J2 Global, Inc.* | 261 | 35,901 | ||||||
Teradata Corp.* | 673 | 33,630 | ||||||
Synaptics, Inc.* | 216 | 33,605 | ||||||
MAXIMUS, Inc. | 378 | 33,253 | ||||||
KBR, Inc. | 868 | 33,114 | ||||||
Science Applications International Corp. | 356 | 31,232 | ||||||
Cirrus Logic, Inc.* | 353 | 30,047 | ||||||
Sailpoint Technologies Holdings, Inc.* | 567 | 28,957 | ||||||
Semtech Corp.* | 399 | 27,451 | ||||||
CMC Materials, Inc. | 179 | 26,983 | ||||||
ACI Worldwide, Inc.* | 725 | 26,926 | ||||||
Envestnet, Inc.* | 334 | 25,337 | ||||||
Xerox Holdings Corp. | 990 | 23,255 | ||||||
Blackbaud, Inc.* | 300 | 22,971 | ||||||
CommVault Systems, Inc.* | 283 | 22,122 | ||||||
Qualys, Inc.* | 207 | 20,843 | ||||||
Amkor Technology, Inc. | 660 | 15,622 | ||||||
NetScout Systems, Inc.* | 453 | 12,929 | ||||||
Total Technology | 1,265,107 | |||||||
Basic Materials - 3.2% | ||||||||
Steel Dynamics, Inc. | 1,232 | 73,427 | ||||||
RPM International, Inc. | 795 | 70,501 | ||||||
Cleveland-Cliffs, Inc.*,1 | 2,822 | 60,842 | ||||||
Reliance Steel & Aluminum Co. | 391 | 59,002 | ||||||
Royal Gold, Inc. | 403 | 45,982 | ||||||
Olin Corp. | 879 | 40,662 | ||||||
United States Steel Corp. | 1,656 | 39,744 | ||||||
Valvoline, Inc. | 1,112 | 36,095 | ||||||
Chemours Co. | 1,017 | 35,392 | ||||||
Ashland Global Holdings, Inc. | 336 | 29,400 | ||||||
Commercial Metals Co. | 740 | 22,733 | ||||||
Sensient Technologies Corp. | 260 | 22,506 | ||||||
Ingevity Corp.* | 246 | 20,014 | ||||||
Cabot Corp. | 348 | 19,812 | ||||||
Minerals Technologies, Inc. | 207 | 16,285 | ||||||
NewMarket Corp. | 45 | 14,489 | ||||||
Compass Minerals International, Inc. | 209 | 12,386 | ||||||
Total Basic Materials | 619,272 | |||||||
Energy - 2.5% | ||||||||
SolarEdge Technologies, Inc.* | 319 | 88,162 | ||||||
Targa Resources Corp. | 1,404 | 62,408 | ||||||
Sunrun, Inc.* | 989 | 55,167 | ||||||
First Solar, Inc.* | 522 | 47,246 | ||||||
Cimarex Energy Co. | 632 | 45,788 | ||||||
Equities Corp.* | 1,714 | 38,154 | ||||||
HollyFrontier Corp. | 917 | 30,169 | ||||||
ChampionX Corp.* | 1,150 | 29,497 | ||||||
Equitrans Midstream Corp. | 2,497 | 21,249 | ||||||
Murphy Oil Corp. | 891 | 20,743 | ||||||
CNX Resources Corp.* | 1,353 | 18,482 | ||||||
Antero Midstream Corp. | 1,759 | 18,276 | ||||||
Total Energy | 475,341 | |||||||
Utilities - 2.3% | ||||||||
Essential Utilities, Inc. | 1,373 | 62,746 | ||||||
UGI Corp. | 1,281 | 59,323 | ||||||
OGE Energy Corp. | 1,229 | 41,356 | ||||||
IDACORP, Inc. | 309 | 30,127 | ||||||
National Fuel Gas Co. | 560 | 29,260 | ||||||
Hawaiian Electric Industries, Inc. | 671 | 28,370 | ||||||
PNM Resources, Inc. | 527 | 25,702 | ||||||
Black Hills Corp. | 386 | 25,333 | ||||||
ONE Gas, Inc. | 327 | 24,237 | ||||||
Southwest Gas Holdings, Inc. | 356 | 23,564 | ||||||
New Jersey Resources Corp. | 592 | 23,425 | ||||||
Spire, Inc. | 317 | 22,910 | ||||||
ALLETE, Inc. | 321 | 22,464 | ||||||
NorthWestern Corp. | 311 | 18,728 | ||||||
Total Utilities | 437,545 | |||||||
Communications - 2.0% | ||||||||
FactSet Research Systems, Inc. | 232 | 77,861 | ||||||
Cable One, Inc. | 33 | 63,123 | ||||||
Ciena Corp.* | 952 | 54,159 | ||||||
New York Times Co. — Class A | 892 | 38,847 | ||||||
Iridium Communications, Inc.* | 721 | 28,833 | ||||||
TEGNA, Inc. | 1,356 | 25,439 | ||||||
TripAdvisor, Inc.* | 602 | 24,260 | ||||||
Viasat, Inc.* | 418 | 20,833 | ||||||
Yelp, Inc. — Class A* | 430 | 17,183 | ||||||
World Wrestling Entertainment, Inc. — Class A | 278 | 16,093 | ||||||
Telephone & Data Systems, Inc. | 612 | 13,868 | ||||||
Total Communications | 380,499 | |||||||
Total Common Stocks | ||||||||
(Cost $11,128,659) | 14,398,840 |
MUTUAL FUNDS† - 14.4% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 150,882 | 1,504,298 | ||||||
Guggenheim Strategy Fund II2 | 50,475 | 1,261,383 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,754,246) | 2,765,681 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 5.9% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/213,4 | $ | 1,100,000 | 1,099,742 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 5.9% (continued) | ||||||||
0.01% due 08/03/214 | $ | 41,000 | $ | 40,998 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,140,813) | 1,140,740 |
REPURCHASE AGREEMENTS††,5 - 5.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 610,337 | 610,337 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 240,289 | 240,289 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 235,577 | 235,577 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,086,203) | $ | 1,086,203 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%7 | 129 | 129 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $129) | 129 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $16,110,050) | $ | 19,391,593 | ||||||
Other Assets & Liabilities, net - (1.1)% | (205,743 | ) | ||||||
Total Net Assets - 100.0% | $ | 19,185,850 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
Barclays Bank plc | S&P MidCap 400 Index | 0.44% (1 Week USD LIBOR + 0.35%) | At Maturity | 07/14/21 | 3,943 | $ | 10,630,028 | $ | 51,492 | |||||||||||
BNP Paribas | S&P MidCap 400 Index | 0.54% (1 Month USD LIBOR + 0.45%) | At Maturity | 07/15/21 | 417 | 1,124,833 | (5,252 | ) | ||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | 0.49% (1 Week USD LIBOR + 0.40%) | At Maturity | 07/15/21 | 967 | 2,607,854 | (7,430 | ) | ||||||||||||
$ | 14,362,715 | $ | 38,810 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2021. |
LIBOR — London Interbank Offered Rate
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 14,398,840 | $ | — | $ | — | $ | 14,398,840 | ||||||||
Mutual Funds | 2,765,681 | — | — | 2,765,681 | ||||||||||||
U.S. Treasury Bills | — | 1,140,740 | — | 1,140,740 | ||||||||||||
Repurchase Agreements | — | 1,086,203 | — | 1,086,203 | ||||||||||||
Securities Lending Collateral | 129 | — | — | 129 | ||||||||||||
Equity Index Swap Agreements** | — | 51,492 | — | 51,492 | ||||||||||||
Total Assets | $ | 17,164,650 | $ | 2,278,435 | $ | — | $ | 19,443,085 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 12,682 | $ | — | $ | 12,682 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows:
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,260,878 | $ | – | $ | – | $ | – | $ | 505 | $ | 1,261,383 | 50,475 | $ | 4,481 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,351,937 | – | (850,000 | ) | – | 2,361 | 1,504,298 | 150,882 | 4,338 | |||||||||||||||||||||||
$ | 3,612,815 | $ | – | $ | (850,000 | ) | $ | – | $ | 2,866 | $ | 2,765,681 | $ | 8,819 |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.8% | ||||||||
Technology - 34.0% | ||||||||
Apple, Inc. | 264,884 | $ | 36,278,512 | |||||
Microsoft Corp. | 119,549 | 32,385,824 | ||||||
NVIDIA Corp. | 15,048 | 12,039,905 | ||||||
Adobe, Inc.* | 11,545 | 6,761,214 | ||||||
Intel Corp. | 97,535 | 5,475,615 | ||||||
Broadcom, Inc. | 9,862 | 4,702,596 | ||||||
Texas Instruments, Inc. | 22,307 | 4,289,636 | ||||||
QUALCOMM, Inc. | 27,246 | 3,894,271 | ||||||
Intuit, Inc. | 6,600 | 3,235,122 | ||||||
Applied Materials, Inc. | 22,077 | 3,143,765 | ||||||
Advanced Micro Devices, Inc.* | 29,348 | 2,756,658 | ||||||
Micron Technology, Inc.* | 27,087 | 2,301,853 | ||||||
Lam Research Corp. | 3,445 | 2,241,662 | ||||||
Zoom Video Communications, Inc. — Class A* | 5,707 | 2,208,780 | ||||||
Activision Blizzard, Inc. | 18,768 | 1,791,218 | ||||||
Fiserv, Inc.* | 16,105 | 1,721,463 | ||||||
Autodesk, Inc.* | 5,315 | 1,551,449 | ||||||
Analog Devices, Inc. | 8,909 | 1,533,773 | ||||||
NXP Semiconductor N.V. | 6,661 | 1,370,301 | ||||||
ASML Holding N.V. — Class G | 1,919 | 1,325,722 | ||||||
DocuSign, Inc.* | 4,699 | 1,313,699 | ||||||
KLA Corp. | 3,702 | 1,200,225 | ||||||
Marvell Technology, Inc. | 19,789 | 1,154,292 | ||||||
Workday, Inc. — Class A* | 4,565 | 1,089,848 | ||||||
Synopsys, Inc.* | 3,685 | 1,016,286 | ||||||
Electronic Arts, Inc. | 6,913 | 994,297 | ||||||
Microchip Technology, Inc. | 6,607 | 989,332 | ||||||
Paychex, Inc. | 8,704 | 933,939 | ||||||
Cadence Design Systems, Inc.* | 6,721 | 919,567 | ||||||
Cognizant Technology Solutions Corp. — Class A | 12,739 | 882,303 | ||||||
Xilinx, Inc. | 5,938 | 858,872 | ||||||
Atlassian Corporation plc — Class A* | 3,268 | 839,419 | ||||||
NetEase, Inc. ADR | 7,278 | 838,790 | ||||||
Skyworks Solutions, Inc. | 3,988 | 764,699 | ||||||
ANSYS, Inc.* | 2,105 | 730,561 | ||||||
Maxim Integrated Products, Inc. | 6,482 | 682,944 | ||||||
Splunk, Inc.* | 3,959 | 572,392 | ||||||
Cerner Corp. | 7,278 | 568,849 | ||||||
Check Point Software Technologies Ltd.* | 3,268 | 379,513 | ||||||
Total Technology | 147,739,166 | |||||||
Communications - 23.9% | ||||||||
Amazon.com, Inc.* | 8,005 | 27,538,481 | ||||||
Facebook, Inc. — Class A* | 38,032 | 13,224,107 | ||||||
Alphabet, Inc. — Class C* | 5,136 | 12,872,460 | ||||||
Alphabet, Inc. — Class A* | 4,774 | 11,657,105 | ||||||
Comcast Corp. — Class A | 110,744 | 6,314,623 | ||||||
Netflix, Inc.* | 10,710 | 5,657,129 | ||||||
Cisco Systems, Inc. | 101,792 | 5,394,976 | ||||||
T-Mobile US, Inc.* | 30,117 | 4,361,845 | ||||||
Charter Communications, Inc. — Class A* | 4,557 | 3,287,648 | ||||||
Booking Holdings, Inc.* | 992 | 2,170,585 | ||||||
MercadoLibre, Inc.* | 1,204 | 1,875,579 | ||||||
JD.com, Inc. ADR* | 19,465 | 1,553,502 | ||||||
Baidu, Inc. ADR* | 6,258 | 1,276,006 | ||||||
Pinduoduo, Inc. ADR* | 9,139 | 1,160,836 | ||||||
eBay, Inc. | 16,455 | 1,155,306 | ||||||
Match Group, Inc.* | 6,528 | 1,052,640 | ||||||
Okta, Inc.* | 3,021 | 739,178 | ||||||
Sirius XM Holdings, Inc.1 | 98,810 | 646,217 | ||||||
VeriSign, Inc.* | 2,720 | 619,317 | ||||||
CDW Corp. | 3,387 | 591,540 | ||||||
Trip.com Group Ltd. ADR* | 12,725 | 451,228 | ||||||
Fox Corp. — Class A | 7,897 | 293,216 | ||||||
Fox Corp. — Class B | 6,118 | 215,353 | ||||||
Total Communications | 104,108,877 | |||||||
Consumer, Non-cyclical - 10.1% | ||||||||
PayPal Holdings, Inc.* | 28,375 | 8,270,745 | ||||||
PepsiCo, Inc. | 33,372 | 4,944,729 | ||||||
Amgen, Inc. | 13,878 | 3,382,762 | ||||||
Intuitive Surgical, Inc.* | 2,860 | 2,630,171 | ||||||
Moderna, Inc.* | 9,699 | 2,279,071 | ||||||
Mondelez International, Inc. — Class A | 33,930 | 2,118,589 | ||||||
Gilead Sciences, Inc. | 30,294 | 2,086,045 | ||||||
Automatic Data Processing, Inc. | 10,278 | 2,041,416 | ||||||
Illumina, Inc.* | 3,527 | 1,669,012 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2,529 | 1,412,548 | ||||||
IDEXX Laboratories, Inc.* | 2,060 | 1,300,993 | ||||||
Vertex Pharmaceuticals, Inc.* | 6,253 | 1,260,792 | ||||||
Biogen, Inc.* | 3,637 | 1,259,384 | ||||||
Keurig Dr Pepper, Inc. | 34,236 | 1,206,477 | ||||||
Kraft Heinz Co. | 29,544 | 1,204,805 | ||||||
Align Technology, Inc.* | 1,911 | 1,167,621 | ||||||
Monster Beverage Corp.* | 12,767 | 1,166,265 | ||||||
DexCom, Inc.* | 2,336 | 997,472 | ||||||
Alexion Pharmaceuticals, Inc.* | 5,339 | 980,828 | ||||||
Cintas Corp. | 2,537 | 969,134 | ||||||
Seagen, Inc.* | 4,383 | 691,988 | ||||||
Verisk Analytics, Inc. — Class A | 3,915 | 684,029 | ||||||
Incyte Corp.* | 5,312 | 446,898 | ||||||
Total Consumer, Non-cyclical | 44,171,774 | |||||||
Consumer, Cyclical - 6.7% | ||||||||
Tesla, Inc.* | 18,923 | 12,861,963 | ||||||
Costco Wholesale Corp. | 10,689 | 4,229,317 | ||||||
Starbucks Corp. | 28,461 | 3,182,224 | ||||||
Lululemon Athletica, Inc.* | 3,022 | 1,102,939 | ||||||
Walgreens Boots Alliance, Inc. | 20,879 | 1,098,444 | ||||||
Marriott International, Inc. — Class A* | 7,866 | 1,073,866 | ||||||
Ross Stores, Inc. | 8,614 | 1,068,136 | ||||||
O'Reilly Automotive, Inc.* | 1,685 | 954,064 | ||||||
Peloton Interactive, Inc. — Class A* | 6,490 | 804,890 | ||||||
Copart, Inc.* | 5,714 | 753,277 | ||||||
PACCAR, Inc. | 8,385 | 748,361 | ||||||
Fastenal Co. | 13,876 | 721,552 | ||||||
Dollar Tree, Inc.* | 5,603 | 557,499 | ||||||
Total Consumer, Cyclical | 29,156,532 | |||||||
Utilities - 0.7% | ||||||||
Exelon Corp. | 23,603 | 1,045,849 | ||||||
American Electric Power Company, Inc. | 12,071 | 1,021,086 | ||||||
Xcel Energy, Inc. | 13,000 | 856,440 | ||||||
Total Utilities | 2,923,375 |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.8% (continued) | ||||||||
Industrial - 0.4% | ||||||||
CSX Corp. | 54,882 | $ | 1,760,614 | |||||
Total Common Stocks | ||||||||
(Cost $307,121,229) | 329,860,338 | |||||||
MUTUAL FUNDS† - 7.3% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 2,183,560 | 21,770,092 | ||||||
Guggenheim Strategy Fund II2 | 403,950 | 10,094,716 | ||||||
Total Mutual Funds | ||||||||
(Cost $31,544,280) | 31,864,808 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 8.2% | ||||||||
U.S. Treasury Bills | ||||||||
0.03% due 12/09/213 | $ | 18,175,000 | 18,170,732 | |||||
0.04% due 12/09/213,4 | 10,525,000 | 10,522,529 | ||||||
0.03% due 08/03/213 | 4,679,000 | 4,678,801 | ||||||
0.01% due 08/03/213,5 | 2,027,000 | 2,026,914 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $35,401,428) | 35,398,976 |
REPURCHASE AGREEMENTS††,6 - 4.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/214 | 10,141,115 | 10,141,115 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/214 | 3,992,548 | 3,992,548 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/214 | 3,914,262 | 3,914,262 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $18,047,925) | 18,047,925 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%8 | 494,917 | 494,917 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $494,917) | 494,917 | |||||||
Total Investments - 95.5% | ||||||||
(Cost $392,609,779) | $ | 415,666,964 | ||||||
Other Assets & Liabilities, net - 4.5% | 19,386,036 | |||||||
Total Net Assets - 100.0% | $ | 435,053,000 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 459 | Sep 2021 | $ | 133,509,330 | $ | 3,105,583 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | 0.59% (1 Week USD LIBOR + 0.50%) | At Maturity | 07/14/21 | 22,297 | $ | 324,530,359 | $ | 15,074,119 | |||||||||||||
Goldman Sachs International | NASDAQ-100 Index | 0.64% (1 Week USD LIBOR + 0.55%) | At Maturity | 07/15/21 | 5,418 | 78,855,464 | 3,245,356 | |||||||||||||||
BNP Paribas | NASDAQ-100 Index | 0.74% (1 Month USD LIBOR + 0.65%) | At Maturity | 07/15/21 | 233 | 3,396,178 | 180,313 | |||||||||||||||
$ | 406,782,001 | $ | 18,499,788 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
LIBOR — London Interbank Offered Rate |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 329,860,338 | $ | — | $ | — | $ | 329,860,338 | ||||||||
Mutual Funds | 31,864,808 | — | — | 31,864,808 | ||||||||||||
U.S. Treasury Bills | — | 35,398,976 | — | 35,398,976 | ||||||||||||
Repurchase Agreements | — | 18,047,925 | — | 18,047,925 | ||||||||||||
Securities Lending Collateral | 494,917 | — | — | 494,917 | ||||||||||||
Equity Futures Contracts** | 3,105,583 | — | — | 3,105,583 | ||||||||||||
Equity Index Swap Agreements** | — | 18,499,788 | — | 18,499,788 | ||||||||||||
Total Assets | $ | 365,325,646 | $ | 71,946,689 | $ | — | $ | 437,272,335 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 10,090,677 | $ | – | $ | – | $ | – | $ | 4,039 | $ | 10,094,716 | 403,950 | $ | 35,859 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 21,748,256 | – | – | – | 21,836 | 21,770,092 | 2,183,560 | 50,575 | ||||||||||||||||||||||||
$ | 31,838,933 | $ | – | $ | – | $ | – | $ | 25,875 | $ | 31,864,808 | $ | 86,434 |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 94.9% | ||||||||
Technology - 42.5% | ||||||||
Apple, Inc. | 1,339,347 | $ | 183,436,965 | |||||
Microsoft Corp. | 604,484 | 163,754,716 | ||||||
NVIDIA Corp. | 76,089 | 60,878,809 | ||||||
Adobe, Inc.* | 58,380 | 34,189,663 | ||||||
Intel Corp. | 493,174 | 27,686,788 | ||||||
Broadcom, Inc. | 49,867 | 23,778,580 | ||||||
Texas Instruments, Inc. | 112,793 | 21,690,094 | ||||||
QUALCOMM, Inc. | 137,766 | 19,690,895 | ||||||
Intuit, Inc. | 33,374 | 16,358,934 | ||||||
Applied Materials, Inc. | 111,627 | 15,895,685 | ||||||
Advanced Micro Devices, Inc.* | 148,394 | 13,938,649 | ||||||
Micron Technology, Inc.* | 136,962 | 11,639,031 | ||||||
Lam Research Corp. | 17,419 | 11,334,543 | ||||||
Zoom Video Communications, Inc. — Class A* | 28,857 | 11,168,525 | ||||||
Activision Blizzard, Inc. | 94,899 | 9,057,160 | ||||||
Fiserv, Inc.* | 81,435 | 8,704,587 | ||||||
Autodesk, Inc.* | 26,877 | 7,845,396 | ||||||
Analog Devices, Inc. | 45,046 | 7,755,119 | ||||||
NXP Semiconductor N.V. | 33,678 | 6,928,238 | ||||||
ASML Holding N.V. — Class G | 9,704 | 6,703,911 | ||||||
DocuSign, Inc.* | 23,762 | 6,643,142 | ||||||
KLA Corp. | 18,721 | 6,069,536 | ||||||
Marvell Technology, Inc. | 100,061 | 5,836,558 | ||||||
Workday, Inc. — Class A* | 23,083 | 5,510,835 | ||||||
Synopsys, Inc.* | 18,634 | 5,139,071 | ||||||
Electronic Arts, Inc. | 34,953 | 5,027,290 | ||||||
Microchip Technology, Inc. | 33,407 | 5,002,364 | ||||||
Paychex, Inc. | 44,012 | 4,722,488 | ||||||
Cadence Design Systems, Inc.* | 33,985 | 4,649,828 | ||||||
Cognizant Technology Solutions Corp. — Class A | 64,414 | 4,461,314 | ||||||
Xilinx, Inc. | 30,025 | 4,342,816 | ||||||
Atlassian Corporation plc — Class A* | 16,523 | 4,244,098 | ||||||
NetEase, Inc. ADR | 36,799 | 4,241,085 | ||||||
Skyworks Solutions, Inc. | 20,163 | 3,866,255 | ||||||
ANSYS, Inc.* | 10,644 | 3,694,107 | ||||||
Maxim Integrated Products, Inc. | 32,776 | 3,453,279 | ||||||
Splunk, Inc.* | 20,018 | 2,894,202 | ||||||
Cerner Corp. | 36,801 | 2,876,366 | ||||||
Check Point Software Technologies Ltd.* | 16,523 | 1,918,816 | ||||||
Total Technology | 747,029,738 | |||||||
Communications - 29.9% | ||||||||
Amazon.com, Inc.* | 40,477 | 139,247,356 | ||||||
Facebook, Inc. — Class A* | 192,307 | 66,867,067 | ||||||
Alphabet, Inc. — Class C* | 25,970 | 65,089,131 | ||||||
Alphabet, Inc. — Class A* | 24,138 | 58,939,927 | ||||||
Comcast Corp. — Class A | 559,961 | 31,928,976 | ||||||
Netflix, Inc.* | 54,154 | 28,604,684 | ||||||
Cisco Systems, Inc. | 514,694 | 27,278,782 | ||||||
T-Mobile US, Inc.* | 152,283 | 22,055,147 | ||||||
Charter Communications, Inc. — Class A* | 23,042 | 16,623,651 | ||||||
Booking Holdings, Inc.* | 5,014 | 10,971,083 | ||||||
MercadoLibre, Inc.* | 6,089 | 9,485,383 | ||||||
JD.com, Inc. ADR* | 98,421 | 7,854,980 | ||||||
Baidu, Inc. ADR* | 31,645 | 6,452,416 | ||||||
Pinduoduo, Inc. ADR* | 46,208 | 5,869,340 | ||||||
eBay, Inc. | 83,204 | 5,841,753 | ||||||
Match Group, Inc.* | 33,009 | 5,322,701 | ||||||
Okta, Inc.* | 15,273 | 3,736,998 | ||||||
Sirius XM Holdings, Inc.1 | 499,617 | 3,267,495 | ||||||
VeriSign, Inc.* | 13,754 | 3,131,648 | ||||||
CDW Corp. | 17,123 | 2,990,532 | ||||||
Trip.com Group Ltd. ADR* | 64,344 | 2,281,638 | ||||||
Fox Corp. — Class A | 39,930 | 1,482,601 | ||||||
Fox Corp. — Class B | 30,933 | 1,088,842 | ||||||
Total Communications | 526,412,131 | |||||||
Consumer, Non-cyclical - 12.7% | ||||||||
PayPal Holdings, Inc.* | 143,473 | 41,819,510 | ||||||
PepsiCo, Inc. | 168,743 | 25,002,651 | ||||||
Amgen, Inc. | 70,172 | 17,104,425 | ||||||
Intuitive Surgical, Inc.* | 14,462 | 13,299,834 | ||||||
Moderna, Inc.* | 49,040 | 11,523,419 | ||||||
Mondelez International, Inc. — Class A | 171,562 | 10,712,331 | ||||||
Gilead Sciences, Inc. | 153,177 | 10,547,768 | ||||||
Automatic Data Processing, Inc. | 51,970 | 10,322,281 | ||||||
Illumina, Inc.* | 17,831 | 8,437,808 | ||||||
Regeneron Pharmaceuticals, Inc.* | 12,786 | 7,141,492 | ||||||
IDEXX Laboratories, Inc.* | 10,415 | 6,577,593 | ||||||
Vertex Pharmaceuticals, Inc.* | 31,616 | 6,374,734 | ||||||
Biogen, Inc.* | 18,388 | 6,367,213 | ||||||
Keurig Dr Pepper, Inc. | 173,109 | 6,100,361 | ||||||
Kraft Heinz Co. | 149,387 | 6,092,002 | ||||||
Align Technology, Inc.* | 9,665 | 5,905,315 | ||||||
Monster Beverage Corp.* | 64,555 | 5,897,099 | ||||||
DexCom, Inc.* | 11,811 | 5,043,297 | ||||||
Alexion Pharmaceuticals, Inc.* | 26,994 | 4,959,068 | ||||||
Cintas Corp. | 12,830 | 4,901,060 | ||||||
Seagen, Inc.* | 22,164 | 3,499,252 | ||||||
Verisk Analytics, Inc. — Class A | 19,797 | 3,458,932 | ||||||
Incyte Corp.* | 26,860 | 2,259,732 | ||||||
Total Consumer, Non-cyclical | 223,347,177 | |||||||
Consumer, Cyclical - 8.4% | ||||||||
Tesla, Inc.* | 95,681 | 65,034,375 | ||||||
Costco Wholesale Corp. | 54,048 | 21,385,172 | ||||||
Starbucks Corp. | 143,909 | 16,090,465 | ||||||
Lululemon Athletica, Inc.* | 15,282 | 5,577,472 | ||||||
Walgreens Boots Alliance, Inc. | 105,571 | 5,554,090 | ||||||
Marriott International, Inc. — Class A* | 39,771 | 5,429,537 | ||||||
Ross Stores, Inc. | 43,554 | 5,400,696 | ||||||
O'Reilly Automotive, Inc.* | 8,520 | 4,824,109 | ||||||
Peloton Interactive, Inc. — Class A* | 32,823 | 4,070,709 | ||||||
Copart, Inc.* | 28,894 | 3,809,096 | ||||||
PACCAR, Inc. | 42,399 | 3,784,111 | ||||||
Fastenal Co. | 70,161 | 3,648,372 | ||||||
Dollar Tree, Inc.* | 28,329 | 2,818,736 | ||||||
Total Consumer, Cyclical | 147,426,940 | |||||||
Utilities - 0.9% | ||||||||
Exelon Corp. | 119,345 | 5,288,177 | ||||||
American Electric Power Company, Inc. | 61,036 | 5,163,035 | ||||||
Xcel Energy, Inc. | 65,733 | 4,330,490 | ||||||
Total Utilities | 14,781,702 |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 94.9% (continued) | ||||||||
Industrial - 0.5% | ||||||||
CSX Corp. | 277,512 | $ | 8,902,585 | |||||
Total Common Stocks | ||||||||
(Cost $460,761,059) | 1,667,900,273 |
MUTUAL FUNDS† - 2.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 2,763,781 | 27,554,900 | ||||||
Guggenheim Strategy Fund II2 | 575,584 | 14,383,856 | ||||||
Guggenheim Strategy Fund III2 | 370,504 | 9,321,875 | ||||||
Total Mutual Funds | ||||||||
(Cost $51,178,710) | 51,260,631 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 0.4% | ||||||||
Federal Farm Credit Bank | ||||||||
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/223 | $ | 3,000,000 | 3,011,198 | |||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 11/23/213 | 1,400,000 | 1,402,235 | ||||||
Fannie Mae | ||||||||
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/223 | 2,000,000 | 2,002,885 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $6,399,086) | 6,416,318 |
U.S. TREASURY BILLS†† - 0.3% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/214,5 | $ | 3,779,000 | $ | 3,778,839 | ||||
0.04% due 12/09/215,6 | 200,000 | 199,953 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $3,978,931) | 3,978,792 |
REPURCHASE AGREEMENTS††,7 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/216 | 8,392,410 | 8,392,410 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/216 | 3,304,084 | 3,304,084 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/216 | 3,239,298 | 3,239,298 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $14,935,792) | 14,935,792 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,8 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%9 | 2,529,306 | 2,529,306 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,529,306) | 2,529,306 | |||||||
Total Investments - 99.4% | ||||||||
(Cost $539,782,884) | $ | 1,747,021,112 | ||||||
Other Assets & Liabilities, net - 0.6% | 11,398,574 | |||||||
Total Net Assets - 100.0% | $ | 1,758,419,686 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 234 | Sep 2021 | $ | 68,063,580 | $ | 2,561,255 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | 0.64% (1 Week USD LIBOR + 0.55%) | At Maturity | 07/15/21 | 1,314 | $ | 19,127,658 | $ | 993,515 | |||||||||||||
Barclays Bank plc | NASDAQ-100 Index | 0.59% (1 Week USD LIBOR + 0.50%) | At Maturity | 07/14/21 | 150 | 2,178,222 | 134,259 | |||||||||||||||
BNP Paribas | NASDAQ-100 Index | 0.74% (1 Month USD LIBOR + 0.65%) | At Maturity | 07/15/21 | 151 | 2,196,239 | 128,575 | |||||||||||||||
$ | 23,502,119 | $ | 1,256,349 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
4 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
5 | Rate indicated is the effective yield at the time of purchase. |
6 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
7 | Repurchase Agreements — See Note 4. |
8 | Securities lending collateral — See Note 5. |
9 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
LIBOR — London Interbank Offered Rate |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 1,667,900,273 | $ | — | $ | — | $ | 1,667,900,273 | ||||||||
Mutual Funds | 51,260,631 | — | — | 51,260,631 | ||||||||||||
Federal Agency Notes | — | 6,416,318 | — | 6,416,318 | ||||||||||||
U.S. Treasury Bills | — | 3,978,792 | — | 3,978,792 | ||||||||||||
Repurchase Agreements | — | 14,935,792 | — | 14,935,792 | ||||||||||||
Securities Lending Collateral | 2,529,306 | — | — | 2,529,306 | ||||||||||||
Equity Futures Contracts** | 2,561,255 | — | — | 2,561,255 | ||||||||||||
Equity Index Swap Agreements** | — | 1,256,349 | — | 1,256,349 | ||||||||||||
Total Assets | $ | 1,724,251,465 | $ | 26,587,251 | $ | — | $ | 1,750,838,716 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 14,378,100 | $ | – | $ | – | $ | – | $ | 5,756 | $ | 14,383,856 | 575,584 | $ | 51,095 | |||||||||||||||||
Guggenheim Strategy Fund III | 9,314,465 | – | – | – | 7,410 | 9,321,875 | 370,504 | 38,927 | ||||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 25,529,268 | 2,000,000 | – | – | 25,632 | 27,554,900 | 2,763,781 | 62,805 | ||||||||||||||||||||||||
$ | 49,221,833 | $ | 2,000,000 | $ | – | $ | – | $ | 38,798 | $ | 51,260,631 | $ | 152,827 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 81.4% | ||||||||
Technology - 18.9% | ||||||||
Apple, Inc. | 161,148 | $ | 22,070,830 | |||||
Microsoft Corp. | 77,373 | 20,960,346 | ||||||
NVIDIA Corp. | 6,400 | 5,120,640 | ||||||
Adobe, Inc.* | 4,911 | 2,876,078 | ||||||
Intel Corp. | 41,482 | 2,328,799 | ||||||
salesforce.com, Inc.* | 9,513 | 2,323,740 | ||||||
Broadcom, Inc. | 4,195 | 2,000,344 | ||||||
Accenture plc — Class A | 6,530 | 1,924,979 | ||||||
Texas Instruments, Inc. | 9,488 | 1,824,542 | ||||||
QUALCOMM, Inc. | 11,588 | 1,656,273 | ||||||
Oracle Corp. | 18,663 | 1,452,728 | ||||||
Intuit, Inc. | 2,807 | 1,375,907 | ||||||
International Business Machines Corp. | 9,179 | 1,345,550 | ||||||
Applied Materials, Inc. | 9,427 | 1,342,405 | ||||||
Advanced Micro Devices, Inc.* | 12,482 | 1,172,434 | ||||||
ServiceNow, Inc.* | 2,028 | 1,114,487 | ||||||
Micron Technology, Inc.* | 11,520 | 978,970 | ||||||
Lam Research Corp. | 1,465 | 953,275 | ||||||
Fidelity National Information Services, Inc. | 6,371 | 902,580 | ||||||
Activision Blizzard, Inc. | 7,983 | 761,898 | ||||||
Autodesk, Inc.* | 2,260 | 659,694 | ||||||
Fiserv, Inc.* | 6,119 | 654,060 | ||||||
Analog Devices, Inc. | 3,789 | 652,314 | ||||||
NXP Semiconductor N.V. | 2,833 | 582,805 | ||||||
KLA Corp. | 1,575 | 510,631 | ||||||
Roper Technologies, Inc. | 1,081 | 508,286 | ||||||
MSCI, Inc. — Class A | 847 | 451,519 | ||||||
Synopsys, Inc.* | 1,567 | 432,163 | ||||||
Electronic Arts, Inc. | 2,940 | 422,860 | ||||||
Microchip Technology, Inc. | 2,810 | 420,769 | ||||||
Cadence Design Systems, Inc.* | 2,859 | 391,168 | ||||||
Cognizant Technology Solutions Corp. — Class A | 5,418 | 375,251 | ||||||
HP, Inc. | 12,341 | 372,575 | ||||||
Xilinx, Inc. | 2,525 | 365,216 | ||||||
Paychex, Inc. | 3,295 | 353,553 | ||||||
Fortinet, Inc.* | 1,393 | 331,799 | ||||||
Skyworks Solutions, Inc. | 1,696 | 325,208 | ||||||
ANSYS, Inc.* | 895 | 310,619 | ||||||
Zebra Technologies Corp. — Class A* | 550 | 291,219 | ||||||
Maxim Integrated Products, Inc. | 2,757 | 290,478 | ||||||
Cerner Corp. | 3,096 | 241,983 | ||||||
Teradyne, Inc. | 1,708 | 228,804 | ||||||
Qorvo, Inc.* | 1,156 | 226,171 | ||||||
Western Digital Corp.* | 3,148 | 224,043 | ||||||
Take-Two Interactive Software, Inc.* | 1,188 | 210,300 | ||||||
Hewlett Packard Enterprise Co. | 13,416 | 195,605 | ||||||
Akamai Technologies, Inc.* | 1,674 | 195,188 | ||||||
Broadridge Financial Solutions, Inc. | 1,192 | 192,544 | ||||||
Tyler Technologies, Inc.* | 418 | 189,091 | ||||||
NetApp, Inc. | 2,287 | 187,122 | ||||||
Paycom Software, Inc.* | 504 | 183,189 | ||||||
Seagate Technology Holdings plc | 2,046 | 179,905 | ||||||
Monolithic Power Systems, Inc. | 442 | 165,065 | ||||||
PTC, Inc.* | 1,080 | 152,561 | ||||||
Citrix Systems, Inc. | 1,276 | 149,637 | ||||||
Leidos Holdings, Inc. | 1,366 | 138,102 | ||||||
Jack Henry & Associates, Inc. | 763 | 124,758 | ||||||
DXC Technology Co.* | 2,618 | 101,945 | ||||||
IPG Photonics Corp.* | 369 | 77,774 | ||||||
Total Technology | 86,552,779 | |||||||
Consumer, Non-cyclical - 16.3% | ||||||||
Johnson & Johnson | 27,054 | 4,456,876 | ||||||
UnitedHealth Group, Inc. | 9,695 | 3,882,266 | ||||||
PayPal Holdings, Inc.* | 12,068 | 3,517,581 | ||||||
Procter & Gamble Co. | 25,151 | 3,393,624 | ||||||
Pfizer, Inc. | 57,505 | 2,251,896 | ||||||
Coca-Cola Co. | 39,865 | 2,157,095 | ||||||
Abbott Laboratories | 18,254 | 2,116,186 | ||||||
PepsiCo, Inc. | 14,194 | 2,103,125 | ||||||
AbbVie, Inc. | 18,145 | 2,043,853 | ||||||
Thermo Fisher Scientific, Inc. | 4,038 | 2,037,050 | ||||||
Merck & Company, Inc. | 26,013 | 2,023,031 | ||||||
Eli Lilly & Co. | 8,177 | 1,876,785 | ||||||
Danaher Corp. | 6,522 | 1,750,244 | ||||||
Medtronic plc | 13,822 | 1,715,725 | ||||||
Philip Morris International, Inc. | 16,011 | 1,586,851 | ||||||
Bristol-Myers Squibb Co. | 22,950 | 1,533,519 | ||||||
Amgen, Inc. | 5,903 | 1,438,856 | ||||||
CVS Health Corp. | 13,525 | 1,128,526 | ||||||
Intuitive Surgical, Inc.* | 1,216 | 1,118,282 | ||||||
S&P Global, Inc. | 2,475 | 1,015,864 | ||||||
Anthem, Inc. | 2,514 | 959,845 | ||||||
Zoetis, Inc. | 4,877 | 908,877 | ||||||
Altria Group, Inc. | 19,012 | 906,492 | ||||||
Mondelez International, Inc. — Class A | 14,431 | 901,072 | ||||||
Gilead Sciences, Inc. | 12,885 | 887,261 | ||||||
Stryker Corp. | 3,367 | 874,511 | ||||||
Automatic Data Processing, Inc. | 4,371 | 868,168 | ||||||
Cigna Corp. | 3,525 | 835,672 | ||||||
Estee Lauder Companies, Inc. — Class A | 2,382 | 757,667 | ||||||
Becton Dickinson and Co. | 2,988 | 726,652 | ||||||
Illumina, Inc.* | 1,500 | 709,815 | ||||||
Colgate-Palmolive Co. | 8,691 | 707,013 | ||||||
Edwards Lifesciences Corp.* | 6,386 | 661,398 | ||||||
Boston Scientific Corp.* | 14,597 | 624,168 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,076 | 600,989 | ||||||
Moody's Corp. | 1,654 | 599,360 | ||||||
Humana, Inc. | 1,325 | 586,604 | ||||||
Global Payments, Inc. | 3,033 | 568,809 | ||||||
HCA Healthcare, Inc. | 2,699 | 557,991 | ||||||
IDEXX Laboratories, Inc.* | 876 | 553,238 | ||||||
Vertex Pharmaceuticals, Inc.* | 2,659 | 536,134 | ||||||
Biogen, Inc.* | 1,547 | 535,680 | ||||||
IQVIA Holdings, Inc.* | 1,969 | 477,128 | ||||||
Kimberly-Clark Corp. | 3,467 | 463,815 | ||||||
Align Technology, Inc.* | 740 | 452,140 | ||||||
Centene Corp.* | 5,987 | 436,632 | ||||||
IHS Markit Ltd. | 3,849 | 433,628 | ||||||
DexCom, Inc.* | 993 | 424,011 | ||||||
Alexion Pharmaceuticals, Inc.* | 2,270 | 417,022 | ||||||
Baxter International, Inc. | 5,166 | 415,863 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 81.4% (continued) | ||||||||
Consumer, Non-cyclical - 16.3% (continued) | ||||||||
Sysco Corp. | 5,256 | $ | 408,654 | |||||
Constellation Brands, Inc. — Class A | 1,736 | 406,033 | ||||||
General Mills, Inc. | 6,266 | 381,787 | ||||||
ResMed, Inc. | 1,495 | 368,547 | ||||||
Archer-Daniels-Midland Co. | 5,740 | 347,844 | ||||||
Monster Beverage Corp.* | 3,801 | 347,221 | ||||||
Cintas Corp. | 907 | 346,474 | ||||||
Zimmer Biomet Holdings, Inc. | 2,142 | 344,477 | ||||||
Corteva, Inc. | 7,572 | 335,818 | ||||||
McKesson Corp. | 1,625 | 310,765 | ||||||
Equifax, Inc. | 1,250 | 299,387 | ||||||
Kroger Co. | 7,778 | 297,975 | ||||||
Verisk Analytics, Inc. — Class A | 1,665 | 290,909 | ||||||
Laboratory Corporation of America Holdings* | 1,003 | 276,677 | ||||||
West Pharmaceutical Services, Inc. | 758 | 272,198 | ||||||
Kraft Heinz Co. | 6,660 | 271,595 | ||||||
Hershey Co. | 1,503 | 261,792 | ||||||
United Rentals, Inc.* | 744 | 237,343 | ||||||
Clorox Co. | 1,277 | 229,745 | ||||||
McCormick & Company, Inc. | 2,558 | 225,923 | ||||||
Tyson Foods, Inc. — Class A | 3,027 | 223,271 | ||||||
FleetCor Technologies, Inc.* | 856 | 219,187 | ||||||
Church & Dwight Company, Inc. | 2,519 | 214,669 | ||||||
Gartner, Inc.* | 884 | 214,105 | ||||||
STERIS plc | 1,003 | 206,919 | ||||||
Cooper Companies, Inc. | 505 | 200,116 | ||||||
Teleflex, Inc. | 479 | 192,457 | ||||||
Charles River Laboratories International, Inc.* | 516 | 190,879 | ||||||
Catalent, Inc.* | 1,749 | 189,102 | ||||||
MarketAxess Holdings, Inc. | 390 | 180,800 | ||||||
Conagra Brands, Inc. | 4,931 | 179,390 | ||||||
Avery Dennison Corp. | 853 | 179,335 | ||||||
PerkinElmer, Inc. | 1,152 | 177,880 | ||||||
Viatris, Inc. | 12,417 | 177,439 | ||||||
Quest Diagnostics, Inc. | 1,342 | 177,104 | ||||||
Hologic, Inc.* | 2,632 | 175,607 | ||||||
AmerisourceBergen Corp. — Class A | 1,518 | 173,796 | ||||||
Cardinal Health, Inc. | 2,981 | 170,185 | ||||||
Kellogg Co. | 2,589 | 166,550 | ||||||
Incyte Corp.* | 1,920 | 161,530 | ||||||
J M Smucker Co. | 1,126 | 145,896 | ||||||
ABIOMED, Inc.* | 465 | 145,131 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 221 | 142,388 | ||||||
Dentsply Sirona, Inc. | 2,243 | 141,892 | ||||||
Brown-Forman Corp. — Class B | 1,876 | 140,588 | ||||||
Hormel Foods Corp. | 2,896 | 138,284 | ||||||
Quanta Services, Inc. | 1,431 | 129,606 | ||||||
Lamb Weston Holdings, Inc. | 1,503 | 121,232 | ||||||
Universal Health Services, Inc. — Class B | 801 | 117,290 | ||||||
Henry Schein, Inc.* | 1,445 | 107,205 | ||||||
Molson Coors Beverage Co. — Class B* | 1,935 | 103,890 | ||||||
Robert Half International, Inc. | 1,158 | 103,027 | ||||||
Campbell Soup Co. | 2,086 | 95,101 | ||||||
Nielsen Holdings plc | 3,683 | 90,860 | ||||||
DaVita, Inc.* | 720 | 86,710 | ||||||
Organon & Co.* | 2,599 | 78,646 | ||||||
Rollins, Inc. | 2,274 | 77,771 | ||||||
Perrigo Company plc | 1,372 | 62,906 | ||||||
Total Consumer, Non-cyclical | 74,594,798 | |||||||
Communications - 13.3% | ||||||||
Amazon.com, Inc.* | 4,403 | 15,147,024 | ||||||
Facebook, Inc. — Class A* | 24,615 | 8,558,882 | ||||||
Alphabet, Inc. — Class A* | 3,090 | 7,545,131 | ||||||
Alphabet, Inc. — Class C* | 2,925 | 7,330,986 | ||||||
Walt Disney Co.* | 18,666 | 3,280,923 | ||||||
Comcast Corp. — Class A | 47,100 | 2,685,642 | ||||||
Netflix, Inc.* | 4,555 | 2,405,997 | ||||||
Verizon Communications, Inc. | 42,531 | 2,383,012 | ||||||
Cisco Systems, Inc. | 43,293 | 2,294,529 | ||||||
AT&T, Inc. | 73,350 | 2,111,013 | ||||||
Charter Communications, Inc. — Class A* | 1,415 | 1,020,852 | ||||||
Booking Holdings, Inc.* | 422 | 923,374 | ||||||
T-Mobile US, Inc.* | 6,020 | 871,877 | ||||||
Twitter, Inc.* | 8,199 | 564,173 | ||||||
eBay, Inc. | 6,649 | 466,826 | ||||||
Motorola Solutions, Inc. | 1,743 | 377,970 | ||||||
Corning, Inc. | 7,959 | 325,523 | ||||||
ViacomCBS, Inc. — Class B | 6,221 | 281,189 | ||||||
Etsy, Inc.* | 1,306 | 268,827 | ||||||
CDW Corp. | 1,440 | 251,496 | ||||||
Expedia Group, Inc.* | 1,453 | 237,871 | ||||||
VeriSign, Inc.* | 1,018 | 231,788 | ||||||
Arista Networks, Inc.* | 564 | 204,343 | ||||||
Omnicom Group, Inc. | 2,210 | 176,778 | ||||||
NortonLifeLock, Inc. | 5,958 | 162,177 | ||||||
Lumen Technologies, Inc. | 10,220 | 138,890 | ||||||
Interpublic Group of Companies, Inc. | 4,041 | 131,292 | ||||||
Fox Corp. — Class A | 3,359 | 124,720 | ||||||
F5 Networks, Inc.* | 612 | 114,236 | ||||||
DISH Network Corp. — Class A* | 2,553 | 106,715 | ||||||
News Corp. — Class A | 4,019 | 103,570 | ||||||
Juniper Networks, Inc. | 3,367 | 92,087 | ||||||
Discovery, Inc. — Class C* | 3,086 | 89,432 | ||||||
Fox Corp. — Class B | 1,561 | 54,947 | ||||||
Discovery, Inc. — Class A*,1 | 1,733 | 53,168 | ||||||
News Corp. — Class B | 1,251 | 30,462 | ||||||
Total Communications | 61,147,722 | |||||||
Financial - 12.4% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 19,471 | 5,411,380 | ||||||
JPMorgan Chase & Co. | 31,099 | 4,837,139 | ||||||
Visa, Inc. — Class A | 17,380 | 4,063,792 | ||||||
Mastercard, Inc. — Class A | 8,987 | 3,281,064 | ||||||
Bank of America Corp. | 77,470 | 3,194,088 | ||||||
Wells Fargo & Co. | 42,464 | 1,923,195 | ||||||
Citigroup, Inc. | 21,235 | 1,502,376 | ||||||
Morgan Stanley | 15,291 | 1,402,032 | ||||||
Goldman Sachs Group, Inc. | 3,495 | 1,326,457 | ||||||
BlackRock, Inc. — Class A | 1,457 | 1,274,831 | ||||||
American Tower Corp. — Class A REIT | 4,671 | 1,261,824 | ||||||
Charles Schwab Corp. | 15,408 | 1,121,856 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 81.4% (continued) | ||||||||
Financial - 12.4% (continued) | ||||||||
American Express Co. | 6,685 | $ | 1,104,563 | |||||
Prologis, Inc. REIT | 7,600 | 908,428 | ||||||
Crown Castle International Corp. REIT | 4,440 | 866,244 | ||||||
PNC Financial Services Group, Inc. | 4,365 | 832,667 | ||||||
U.S. Bancorp | 13,927 | 793,421 | ||||||
CME Group, Inc. — Class A | 3,688 | 784,364 | ||||||
Truist Financial Corp. | 13,816 | 766,788 | ||||||
Equinix, Inc. REIT | 919 | 737,589 | ||||||
Marsh & McLennan Companies, Inc. | 5,224 | 734,912 | ||||||
Chubb Ltd. | 4,620 | 734,303 | ||||||
Capital One Financial Corp. | 4,638 | 717,452 | ||||||
Intercontinental Exchange, Inc. | 5,781 | 686,205 | ||||||
Progressive Corp. | 6,011 | 590,340 | ||||||
Aon plc — Class A | 2,318 | 553,446 | ||||||
Public Storage REIT | 1,564 | 470,279 | ||||||
T. Rowe Price Group, Inc. | 2,330 | 461,270 | ||||||
MetLife, Inc. | 7,644 | 457,493 | ||||||
Simon Property Group, Inc. REIT | 3,375 | 440,370 | ||||||
Digital Realty Trust, Inc. REIT | 2,893 | 435,281 | ||||||
Bank of New York Mellon Corp. | 8,288 | 424,594 | ||||||
American International Group, Inc. | 8,816 | 419,642 | ||||||
Prudential Financial, Inc. | 4,048 | 414,799 | ||||||
Allstate Corp. | 3,075 | 401,103 | ||||||
Travelers Companies, Inc. | 2,584 | 386,851 | ||||||
Discover Financial Services | 3,131 | 370,366 | ||||||
SBA Communications Corp. REIT | 1,123 | 357,900 | ||||||
Welltower, Inc. REIT | 4,289 | 356,416 | ||||||
Aflac, Inc. | 6,494 | 348,468 | ||||||
First Republic Bank | 1,808 | 338,403 | ||||||
SVB Financial Group* | 558 | 310,488 | ||||||
Willis Towers Watson plc | 1,325 | 304,777 | ||||||
AvalonBay Communities, Inc. REIT | 1,434 | 299,261 | ||||||
Ameriprise Financial, Inc. | 1,191 | 296,416 | ||||||
CBRE Group, Inc. — Class A* | 3,448 | 295,597 | ||||||
Arthur J Gallagher & Co. | 2,105 | 294,868 | ||||||
State Street Corp. | 3,573 | 293,986 | ||||||
Fifth Third Bancorp | 7,232 | 276,479 | ||||||
Equity Residential REIT | 3,534 | 272,118 | ||||||
Synchrony Financial | 5,557 | 269,626 | ||||||
Weyerhaeuser Co. REIT | 7,697 | 264,931 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 1,409 | 256,353 | ||||||
Realty Income Corp. REIT | 3,838 | 256,148 | ||||||
Northern Trust Corp. | 2,137 | 247,080 | ||||||
Hartford Financial Services Group, Inc. | 3,670 | 227,430 | ||||||
Extra Space Storage, Inc. REIT | 1,374 | 225,089 | ||||||
Ventas, Inc. REIT | 3,854 | 220,063 | ||||||
Huntington Bancshares, Inc. | 15,158 | 216,305 | ||||||
Nasdaq, Inc. | 1,180 | 207,444 | ||||||
KeyCorp | 9,970 | 205,881 | ||||||
Citizens Financial Group, Inc. | 4,376 | 200,727 | ||||||
Essex Property Trust, Inc. REIT | 668 | 200,407 | ||||||
Regions Financial Corp. | 9,876 | 199,298 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,176 | 198,062 | ||||||
M&T Bank Corp. | 1,322 | 192,100 | ||||||
Healthpeak Properties, Inc. REIT | 5,537 | 184,327 | ||||||
Duke Realty Corp. REIT | 3,852 | 182,392 | ||||||
Cincinnati Financial Corp. | 1,539 | 179,478 | ||||||
Boston Properties, Inc. REIT | 1,458 | 167,072 | ||||||
Principal Financial Group, Inc. | 2,599 | 164,231 | ||||||
Raymond James Financial, Inc. | 1,256 | 163,154 | ||||||
UDR, Inc. REIT | 3,049 | 149,340 | ||||||
Cboe Global Markets, Inc. | 1,095 | 130,360 | ||||||
Loews Corp. | 2,298 | 125,586 | ||||||
Iron Mountain, Inc. REIT | 2,966 | 125,521 | ||||||
Host Hotels & Resorts, Inc. REIT* | 7,254 | 123,971 | ||||||
Lincoln National Corp. | 1,837 | 115,437 | ||||||
W R Berkley Corp. | 1,440 | 107,179 | ||||||
Regency Centers Corp. REIT | 1,622 | 103,922 | ||||||
Invesco Ltd. | 3,887 | 103,899 | ||||||
Everest Re Group Ltd. | 412 | 103,828 | ||||||
Comerica, Inc. | 1,434 | 102,302 | ||||||
Assurant, Inc. | 622 | 97,144 | ||||||
Western Union Co. | 4,204 | 96,566 | ||||||
Kimco Realty Corp. REIT | 4,453 | 92,845 | ||||||
Globe Life, Inc. | 974 | 92,773 | ||||||
Franklin Resources, Inc. | 2,798 | 89,508 | ||||||
Zions Bancorp North America | 1,683 | 88,963 | ||||||
Federal Realty Investment Trust REIT | 727 | 85,183 | ||||||
People's United Financial, Inc. | 4,393 | 75,296 | ||||||
Vornado Realty Trust REIT | 1,613 | 75,279 | ||||||
Unum Group | 2,098 | 59,583 | ||||||
Total Financial | 56,910,064 | |||||||
Consumer, Cyclical - 7.7% | ||||||||
Tesla, Inc.* | 7,917 | 5,381,185 | ||||||
Home Depot, Inc. | 10,923 | 3,483,235 | ||||||
NIKE, Inc. — Class B | 13,098 | 2,023,510 | ||||||
Walmart, Inc. | 14,106 | 1,989,228 | ||||||
Costco Wholesale Corp. | 4,541 | 1,796,737 | ||||||
McDonald's Corp. | 7,666 | 1,770,769 | ||||||
Lowe's Companies, Inc. | 7,262 | 1,408,610 | ||||||
Starbucks Corp. | 12,105 | 1,353,460 | ||||||
Target Corp. | 5,082 | 1,228,523 | ||||||
TJX Companies, Inc. | 12,390 | 835,334 | ||||||
General Motors Co.* | 13,115 | 776,014 | ||||||
Ford Motor Co.* | 40,278 | 598,531 | ||||||
Dollar General Corp. | 2,427 | 525,179 | ||||||
Ross Stores, Inc. | 3,663 | 454,212 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 289 | 448,048 | ||||||
Aptiv plc* | 2,779 | 437,220 | ||||||
O'Reilly Automotive, Inc.* | 717 | 405,973 | ||||||
Walgreens Boots Alliance, Inc. | 7,370 | 387,736 | ||||||
Marriott International, Inc. — Class A* | 2,743 | 374,474 | ||||||
Cummins, Inc. | 1,501 | 365,959 | ||||||
Yum! Brands, Inc. | 3,060 | 351,992 | ||||||
Hilton Worldwide Holdings, Inc.* | 2,861 | 345,094 | ||||||
AutoZone, Inc.* | 222 | 331,273 | ||||||
Southwest Airlines Co.* | 6,075 | 322,522 | ||||||
PACCAR, Inc. | 3,565 | 318,176 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 81.4% (continued) | ||||||||
Consumer, Cyclical - 7.7% (continued) | ||||||||
Fastenal Co. | 5,900 | $ | 306,800 | |||||
DR Horton, Inc. | 3,370 | 304,547 | ||||||
Delta Air Lines, Inc.* | 6,570 | 284,218 | ||||||
Copart, Inc.* | 2,139 | 281,984 | ||||||
Lennar Corp. — Class A | 2,833 | 281,459 | ||||||
VF Corp. | 3,304 | 271,060 | ||||||
Best Buy Company, Inc. | 2,290 | 263,304 | ||||||
Dollar Tree, Inc.* | 2,382 | 237,009 | ||||||
Caesars Entertainment, Inc.* | 2,144 | 222,440 | ||||||
Tractor Supply Co. | 1,184 | 220,295 | ||||||
CarMax, Inc.* | 1,676 | 216,455 | ||||||
Carnival Corp.* | 8,201 | 216,178 | ||||||
WW Grainger, Inc. | 450 | 197,100 | ||||||
Darden Restaurants, Inc. | 1,344 | 196,211 | ||||||
Ulta Beauty, Inc.* | 563 | 194,669 | ||||||
Royal Caribbean Cruises Ltd.* | 2,249 | 191,795 | ||||||
Pool Corp. | 412 | 188,968 | ||||||
Genuine Parts Co. | 1,484 | 187,681 | ||||||
Domino's Pizza, Inc. | 399 | 186,130 | ||||||
MGM Resorts International | 4,183 | 178,405 | ||||||
Las Vegas Sands Corp.* | 3,375 | 177,829 | ||||||
NVR, Inc.* | 35 | 174,065 | ||||||
United Airlines Holdings, Inc.* | 3,324 | 173,812 | ||||||
L Brands, Inc. | 2,407 | 173,448 | ||||||
PulteGroup, Inc. | 2,717 | 148,267 | ||||||
LKQ Corp.* | 2,856 | 140,572 | ||||||
Whirlpool Corp. | 643 | 140,187 | ||||||
American Airlines Group, Inc.* | 6,589 | 139,753 | ||||||
Advance Auto Parts, Inc. | 672 | 137,854 | ||||||
Wynn Resorts Ltd.* | 1,081 | 132,206 | ||||||
Live Nation Entertainment, Inc.* | 1,484 | 129,983 | ||||||
Tapestry, Inc.* | 2,864 | 124,527 | ||||||
Hasbro, Inc. | 1,313 | 124,105 | ||||||
BorgWarner, Inc. | 2,464 | 119,603 | ||||||
Penn National Gaming, Inc.* | 1,526 | 116,724 | ||||||
Mohawk Industries, Inc.* | 601 | 115,506 | ||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 3,800 | 111,758 | ||||||
Newell Brands, Inc. | 3,889 | 106,831 | ||||||
PVH Corp.* | 731 | 78,648 | ||||||
Alaska Air Group, Inc.* | 1,279 | 77,136 | ||||||
Gap, Inc. | 2,134 | 71,809 | ||||||
Leggett & Platt, Inc. | 1,369 | 70,928 | ||||||
Hanesbrands, Inc. | 3,587 | 66,969 | ||||||
Ralph Lauren Corp. — Class A | 496 | 58,434 | ||||||
Under Armour, Inc. — Class A* | 1,938 | 40,989 | ||||||
Under Armour, Inc. — Class C* | 2,019 | 37,493 | ||||||
Total Consumer, Cyclical | 35,329,138 | |||||||
Industrial - 6.7% | ||||||||
Honeywell International, Inc. | 7,135 | 1,565,062 | ||||||
United Parcel Service, Inc. — Class B | 7,431 | 1,545,425 | ||||||
Union Pacific Corp. | 6,824 | 1,500,802 | ||||||
Boeing Co.* | 5,647 | 1,352,795 | ||||||
Raytheon Technologies Corp. | 15,565 | 1,327,850 | ||||||
Caterpillar, Inc. | 5,628 | 1,224,822 | ||||||
General Electric Co. | 90,184 | 1,213,876 | ||||||
3M Co. | 5,955 | 1,182,842 | ||||||
Deere & Co. | 3,205 | 1,130,436 | ||||||
Lockheed Martin Corp. | 2,513 | 950,794 | ||||||
CSX Corp. | 23,343 | 748,843 | ||||||
FedEx Corp. | 2,508 | 748,212 | ||||||
Norfolk Southern Corp. | 2,571 | 682,369 | ||||||
Illinois Tool Works, Inc. | 2,953 | 660,173 | ||||||
Eaton Corporation plc | 4,094 | 606,649 | ||||||
Emerson Electric Co. | 6,160 | 592,838 | ||||||
Waste Management, Inc. | 3,990 | 559,039 | ||||||
Northrop Grumman Corp. | 1,538 | 558,955 | ||||||
Johnson Controls International plc | 7,363 | 505,323 | ||||||
Agilent Technologies, Inc. | 3,117 | 460,724 | ||||||
TE Connectivity Ltd. | 3,392 | 458,632 | ||||||
L3Harris Technologies, Inc. | 2,106 | 455,212 | ||||||
Trane Technologies plc | 2,457 | 452,432 | ||||||
General Dynamics Corp. | 2,352 | 442,787 | ||||||
Amphenol Corp. — Class A | 6,139 | 419,969 | ||||||
Carrier Global Corp. | 8,392 | 407,851 | ||||||
Parker-Hannifin Corp. | 1,326 | 407,228 | ||||||
TransDigm Group, Inc.* | 564 | 365,072 | ||||||
Rockwell Automation, Inc. | 1,192 | 340,936 | ||||||
Stanley Black & Decker, Inc. | 1,659 | 340,078 | ||||||
Otis Worldwide Corp. | 4,144 | 338,855 | ||||||
Mettler-Toledo International, Inc.* | 239 | 331,096 | ||||||
AMETEK, Inc. | 2,372 | 316,662 | ||||||
Keysight Technologies, Inc.* | 1,893 | 292,298 | ||||||
Ball Corp. | 3,372 | 273,200 | ||||||
Generac Holdings, Inc.* | 646 | 268,187 | ||||||
Kansas City Southern | 934 | 264,668 | ||||||
Old Dominion Freight Line, Inc. | 977 | 247,963 | ||||||
Fortive Corp. | 3,478 | 242,556 | ||||||
Republic Services, Inc. — Class A | 2,163 | 237,952 | ||||||
Vulcan Materials Co. | 1,362 | 237,083 | ||||||
Martin Marietta Materials, Inc. | 641 | 225,510 | ||||||
Garmin Ltd. | 1,540 | 222,746 | ||||||
Dover Corp. | 1,479 | 222,737 | ||||||
Xylem, Inc. | 1,849 | 221,806 | ||||||
Expeditors International of Washington, Inc. | 1,735 | 219,651 | ||||||
Waters Corp.* | 634 | 219,117 | ||||||
Trimble, Inc.* | 2,578 | 210,958 | ||||||
Teledyne Technologies, Inc.* | 477 | 199,782 | ||||||
Ingersoll Rand, Inc.* | 3,835 | 187,186 | ||||||
Amcor plc | 15,839 | 181,515 | ||||||
Jacobs Engineering Group, Inc. | 1,338 | 178,516 | ||||||
IDEX Corp. | 780 | 171,639 | ||||||
Textron, Inc. | 2,319 | 159,477 | ||||||
Masco Corp. | 2,607 | 153,578 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,825 | 150,198 | ||||||
Westrock Co. | 2,733 | 145,450 | ||||||
Fortune Brands Home & Security, Inc. | 1,422 | 141,646 | ||||||
J.B. Hunt Transport Services, Inc. | 857 | 139,648 | ||||||
Howmet Aerospace, Inc.* | 4,016 | 138,432 | ||||||
Packaging Corporation of America | 976 | 132,170 | ||||||
Allegion plc | 924 | 128,713 | ||||||
CH Robinson Worldwide, Inc. | 1,366 | 127,953 | ||||||
Snap-on, Inc. | 556 | 124,227 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 81.4% (continued) | ||||||||
Industrial - 6.7% (continued) | ||||||||
Pentair plc | 1,707 | $ | 115,205 | |||||
A O Smith Corp. | 1,381 | 99,515 | ||||||
Sealed Air Corp. | 1,561 | 92,489 | ||||||
Huntington Ingalls Industries, Inc. | 413 | 87,040 | ||||||
Total Industrial | 30,655,450 | |||||||
Energy - 2.4% | ||||||||
Exxon Mobil Corp. | 43,491 | 2,743,412 | ||||||
Chevron Corp. | 19,856 | 2,079,718 | ||||||
ConocoPhillips | 13,863 | 844,257 | ||||||
EOG Resources, Inc. | 5,996 | 500,306 | ||||||
Schlumberger N.V. | 14,365 | 459,824 | ||||||
Marathon Petroleum Corp. | 6,633 | 400,766 | ||||||
Pioneer Natural Resources Co. | 2,381 | 386,960 | ||||||
Phillips 66 | 4,498 | 386,018 | ||||||
Kinder Morgan, Inc. | 20,008 | 364,746 | ||||||
Williams Companies, Inc. | 12,480 | 331,344 | ||||||
Valero Energy Corp. | 4,199 | 327,858 | ||||||
Occidental Petroleum Corp. | 8,630 | 269,860 | ||||||
Enphase Energy, Inc.* | 1,394 | 255,980 | ||||||
ONEOK, Inc. | 4,577 | 254,664 | ||||||
Hess Corp. | 2,820 | 246,242 | ||||||
Halliburton Co. | 9,140 | 211,317 | ||||||
Devon Energy Corp. | 6,119 | 178,614 | ||||||
Diamondback Energy, Inc. | 1,859 | 174,542 | ||||||
Baker Hughes Co. | 7,473 | 170,907 | ||||||
Marathon Oil Corp. | 8,097 | 110,281 | ||||||
APA Corp. | 3,882 | 83,968 | ||||||
Cabot Oil & Gas Corp. — Class A | 4,105 | 71,673 | ||||||
NOV, Inc.* | 4,013 | 61,479 | ||||||
Total Energy | 10,914,736 | |||||||
Utilities - 2.0% | ||||||||
NextEra Energy, Inc. | 20,150 | 1,476,592 | ||||||
Duke Energy Corp. | 7,902 | 780,085 | ||||||
Southern Co. | 10,876 | 658,107 | ||||||
Dominion Energy, Inc. | 8,286 | 609,601 | ||||||
Exelon Corp. | 10,039 | 444,828 | ||||||
American Electric Power Company, Inc. | 5,134 | 434,285 | ||||||
Sempra Energy | 3,237 | 428,838 | ||||||
Xcel Energy, Inc. | 5,529 | 364,251 | ||||||
Public Service Enterprise Group, Inc. | 5,189 | 309,991 | ||||||
WEC Energy Group, Inc. | 3,240 | 288,198 | ||||||
American Water Works Company, Inc. | 1,864 | 287,298 | ||||||
Eversource Energy | 3,529 | 283,167 | ||||||
DTE Energy Co. | 1,990 | 257,904 | ||||||
Consolidated Edison, Inc. | 3,521 | 252,526 | ||||||
Edison International | 3,898 | 225,382 | ||||||
PPL Corp. | 7,905 | 221,103 | ||||||
Ameren Corp. | 2,625 | 210,105 | ||||||
FirstEnergy Corp. | 5,588 | 207,930 | ||||||
Entergy Corp. | 2,061 | 205,482 | ||||||
AES Corp. | 6,845 | 178,449 | ||||||
CMS Energy Corp. | 2,974 | 175,704 | ||||||
CenterPoint Energy, Inc. | 5,964 | 146,237 | ||||||
Alliant Energy Corp. | 2,570 | 143,303 | ||||||
Evergy, Inc. | 2,355 | 142,313 | ||||||
Atmos Energy Corp. | 1,342 | 128,980 | ||||||
NRG Energy, Inc. | 2,514 | 101,314 | ||||||
NiSource, Inc. | 4,029 | 98,710 | ||||||
Pinnacle West Capital Corp. | 1,157 | 94,839 | ||||||
Total Utilities | 9,155,522 | |||||||
Basic Materials - 1.7% | ||||||||
Linde plc | 5,344 | 1,544,950 | ||||||
Sherwin-Williams Co. | 2,459 | 669,955 | ||||||
Air Products and Chemicals, Inc. | 2,273 | 653,897 | ||||||
Freeport-McMoRan, Inc. | 15,056 | 558,728 | ||||||
Ecolab, Inc. | 2,555 | 526,253 | ||||||
Newmont Corp. | 8,230 | 521,618 | ||||||
Dow, Inc. | 7,674 | 485,611 | ||||||
DuPont de Nemours, Inc. | 5,467 | 423,200 | ||||||
PPG Industries, Inc. | 2,435 | 413,390 | ||||||
International Flavors & Fragrances, Inc. | 2,557 | 382,016 | ||||||
Nucor Corp. | 3,074 | 294,889 | ||||||
LyondellBasell Industries N.V. — Class A | 2,645 | 272,091 | ||||||
International Paper Co. | 4,024 | 246,711 | ||||||
Albemarle Corp. | 1,199 | 201,984 | ||||||
Celanese Corp. — Class A | 1,157 | 175,401 | ||||||
Eastman Chemical Co. | 1,401 | 163,567 | ||||||
FMC Corp. | 1,324 | 143,257 | ||||||
CF Industries Holdings, Inc. | 2,203 | 113,344 | ||||||
Mosaic Co. | 3,550 | 113,280 | ||||||
Total Basic Materials | 7,904,142 | |||||||
Total Common Stocks | ||||||||
(Cost $340,546,987) | 373,164,351 |
MUTUAL FUNDS† - 8.7% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 2,434,889 | 24,275,848 | ||||||
Guggenheim Strategy Fund II2 | 428,246 | 10,701,879 | ||||||
Guggenheim Strategy Fund III2 | 184,563 | 4,643,596 | ||||||
Total Mutual Funds | ||||||||
(Cost $39,381,510) | 39,621,323 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 1.8% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/213,4 | $ | 6,700,000 | 6,698,427 | |||||
0.03% due 12/09/214 | 1,100,000 | 1,099,741 | ||||||
0.01% due 08/03/214 | 493,000 | 492,979 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $8,291,690) | 8,291,147 | |||||||
FEDERAL AGENCY NOTES†† - 0.2% |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Face Amount | Value | |||||||
FEDERAL AGENCY NOTES†† - 0.2% (continued) | ||||||||
Freddie Mac. | ||||||||
0.35% due 01/27/23 | $ | 850,000 | $ | 850,097 | ||||
Total Federal Agency Notes | ||||||||
(Cost $850,331) | 850,097 |
REPURCHASE AGREEMENTS††,5 - 6.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 16,800,992 | 16,800,992 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 6,614,535 | 6,614,535 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 6,484,839 | 6,484,839 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $29,900,366) | 29,900,366 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%7 | 124,344 | 124,344 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $124,344) | 124,344 | |||||||
Total Investments - 98.6% | ||||||||
(Cost $419,095,228) | $ | 451,951,628 | ||||||
Other Assets & Liabilities, net - 1.4% | 6,223,289 | |||||||
Total Net Assets - 100.0% | $ | 458,174,917 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | 0.54% (1 Week USD LIBOR + 0.45%) | At Maturity | 07/15/21 | 49,909 | $ | 214,482,239 | $ | 4,380,756 | |||||||||||
Barclays Bank plc | S&P 500 Index | 0.54% (1 Week USD LIBOR + 0.45%) | At Maturity | 07/14/21 | 22,385 | 96,198,971 | 2,100,530 | |||||||||||||
BNP Paribas | S&P 500 Index | 0.64% (1 Month USD LIBOR + 0.55%) | At Maturity | 07/15/21 | 653 | 2,806,968 | 65,434 | |||||||||||||
$ | 313,488,178 | $ | 6,546,720 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2021. |
LIBOR — London Interbank Offered Rate |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 373,164,351 | $ | — | $ | — | $ | 373,164,351 | ||||||||
Mutual Funds | 39,621,323 | — | — | 39,621,323 | ||||||||||||
U.S. Treasury Bills | — | 8,291,147 | — | 8,291,147 | ||||||||||||
Federal Agency Notes | — | 850,097 | — | 850,097 | ||||||||||||
Repurchase Agreements | — | 29,900,366 | — | 29,900,366 | ||||||||||||
Securities Lending Collateral | 124,344 | — | — | 124,344 | ||||||||||||
Equity Index Swap Agreements** | — | 6,546,720 | — | 6,546,720 | ||||||||||||
Total Assets | $ | 412,910,018 | $ | 45,588,330 | $ | — | $ | 458,498,348 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 10,697,596 | $ | – | $ | – | $ | – | $ | 4,283 | $ | 10,701,879 | 428,246 | $ | 38,016 | |||||||||||||||||
Guggenheim Strategy Fund III | 4,639,905 | – | – | – | 3,691 | 4,643,596 | 184,563 | 19,391 | ||||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 19,255,008 | 5,000,000 | – | – | 20,840 | 24,275,848 | 2,434,889 | 54,258 | ||||||||||||||||||||||||
$ | 34,592,509 | $ | 5,000,000 | $ | – | $ | – | $ | 28,814 | $ | 39,621,323 | $ | 111,665 |
Precious Metals Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 95.1% | ||||||||
Mining - 95.1% | ||||||||
Freeport-McMoRan, Inc. | 265,725 | $ | 9,861,055 | |||||
Newmont Corp. | 145,973 | 9,251,769 | ||||||
Barrick Gold Corp. | 378,437 | 7,826,077 | ||||||
Franco-Nevada Corp. | 46,824 | 6,792,758 | ||||||
Wheaton Precious Metals Corp. | 131,071 | 5,776,299 | ||||||
Agnico Eagle Mines Ltd. | 80,065 | 4,839,929 | ||||||
Sibanye Stillwater Ltd. ADR | 276,767 | 4,630,312 | ||||||
Kirkland Lake Gold Ltd. | 106,253 | 4,093,928 | ||||||
Royal Gold, Inc. | 31,485 | 3,592,439 | ||||||
Kinross Gold Corp. | 565,450 | 3,590,608 | ||||||
Gold Fields Ltd. ADR | 400,775 | 3,566,897 | ||||||
AngloGold Ashanti Ltd. ADR | 190,985 | 3,548,501 | ||||||
Pan American Silver Corp. | 111,049 | 3,172,670 | ||||||
B2Gold Corp. | 627,730 | 2,642,743 | ||||||
Yamana Gold, Inc.1 | 604,862 | 2,552,518 | ||||||
First Majestic Silver Corp.1 | 161,157 | 2,547,892 | ||||||
Hecla Mining Co. | 337,340 | 2,509,810 | ||||||
SSR Mining, Inc. | 151,811 | 2,366,733 | ||||||
Alamos Gold, Inc. — Class A | 287,625 | 2,200,331 | ||||||
Novagold Resources, Inc.* | 256,680 | 2,056,007 | ||||||
Osisko Gold Royalties Ltd. | 141,596 | 1,939,865 | ||||||
Coeur Mining, Inc.* | 211,868 | 1,881,388 | ||||||
Harmony Gold Mining Company Ltd. ADR1 | 497,220 | 1,854,631 | ||||||
MAG Silver Corp.* | 84,564 | 1,769,079 | ||||||
Equinox Gold Corp.*,1 | 246,379 | 1,712,334 | ||||||
Pretium Resources, Inc.* | 178,443 | 1,705,915 | ||||||
Eldorado Gold Corp.* | 170,029 | 1,691,789 | ||||||
Sandstorm Gold Ltd.*,1 | 196,319 | 1,548,957 | ||||||
Seabridge Gold, Inc.*,1 | 83,906 | 1,472,550 | ||||||
IAMGOLD Corp.* | 494,537 | 1,458,884 | ||||||
SilverCrest Metals, Inc.* | 163,690 | 1,429,014 | ||||||
New Gold, Inc.* | 766,943 | 1,388,167 | ||||||
Gatos Silver, Inc.*,1 | 74,890 | 1,309,826 | ||||||
Fortuna Silver Mines, Inc.*,1 | 228,902 | 1,270,406 | ||||||
Endeavour Silver Corp.* | 204,957 | 1,254,337 | ||||||
Silvercorp Metals, Inc. | 225,056 | 1,235,557 | ||||||
Gold Resource Corp. | 219,357 | 565,941 | ||||||
Total Mining | 112,907,916 | |||||||
Total Common Stocks | ||||||||
(Cost $69,848,331) | 112,907,916 |
EXCHANGE-TRADED FUNDS† - 4.1% | ||||||||
VanEck Vectors Junior Gold Miners ETF1 | 104,584 | 4,889,302 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $3,669,874) | 4,889,302 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 566,768 | 566,768 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 223,136 | 223,136 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 218,761 | 218,761 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,008,665) | 1,008,665 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 3.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 4,248,283 | 4,248,283 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $4,248,283) | 4,248,283 | |||||||
Total Investments - 103.6% | ||||||||
(Cost $78,775,153) | $ | 123,054,166 | ||||||
Other Assets & Liabilities, net - (3.6)% | (4,291,088 | ) | ||||||
Total Net Assets - 100.0% | $ | 118,763,078 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
See Sector Classification in Other Information section. |
Precious Metals Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 112,907,916 | $ | — | $ | — | $ | 112,907,916 | ||||||||
Exchange-Traded Funds | 4,889,302 | — | — | 4,889,302 | ||||||||||||
Repurchase Agreements | — | 1,008,665 | — | 1,008,665 | ||||||||||||
Securities Lending Collateral | 4,248,283 | — | — | 4,248,283 | ||||||||||||
Total Assets | $ | 122,045,501 | $ | 1,008,665 | $ | — | $ | 123,054,166 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
REITs - 92.4% | ||||||||
REITs-Diversified - 25.3% | ||||||||
American Tower Corp. — Class A | 2,380 | $ | 642,933 | |||||
Crown Castle International Corp. | 2,708 | 528,331 | ||||||
Equinix, Inc. | 609 | 488,783 | ||||||
Digital Realty Trust, Inc. | 2,484 | 373,743 | ||||||
SBA Communications Corp. | 1,071 | 341,328 | ||||||
Weyerhaeuser Co. | 8,563 | 294,738 | ||||||
Duke Realty Corp. | 5,056 | 239,402 | ||||||
VICI Properties, Inc. | 7,437 | 230,696 | ||||||
WP Carey, Inc. | 2,835 | 211,548 | ||||||
Gaming and Leisure Properties, Inc. | 4,071 | 188,609 | ||||||
Lamar Advertising Co. — Class A | 1,805 | 188,478 | ||||||
Vornado Realty Trust | 3,647 | 170,205 | ||||||
CoreSite Realty Corp. | 1,110 | 149,406 | ||||||
National Storage Affiliates Trust | 2,684 | 135,703 | ||||||
Rayonier, Inc. | 3,680 | 132,222 | ||||||
New Residential Investment Corp. | 12,083 | 127,959 | ||||||
PS Business Parks, Inc. | 773 | 114,466 | ||||||
EPR Properties* | 2,170 | 114,316 | ||||||
PotlatchDeltic Corp. | 2,072 | 110,127 | ||||||
Outfront Media, Inc.* | 4,505 | 108,255 | ||||||
National Health Investors, Inc. | 1,521 | 101,983 | ||||||
Uniti Group, Inc. | 8,595 | 91,021 | ||||||
Total REITs-Diversified | 5,084,252 | |||||||
REITs-Apartments - 11.5% | ||||||||
AvalonBay Communities, Inc. | 1,487 | 310,322 | ||||||
Equity Residential | 3,977 | 306,229 | ||||||
Invitation Homes, Inc. | 7,113 | 265,244 | ||||||
Essex Property Trust, Inc. | 848 | 254,408 | ||||||
Mid-America Apartment Communities, Inc. | 1,503 | 253,135 | ||||||
UDR, Inc. | 4,482 | 219,528 | ||||||
Camden Property Trust | 1,559 | 206,833 | ||||||
American Homes 4 Rent — Class A | 5,267 | 204,623 | ||||||
Apartment Income REIT Corp. | 3,307 | 156,851 | ||||||
American Campus Communities, Inc. | 3,088 | 144,271 | ||||||
Total REITs-Apartments | 2,321,444 | |||||||
REITs-Office Property - 10.6% | ||||||||
Alexandria Real Estate Equities, Inc. | 1,683 | 306,205 | ||||||
Boston Properties, Inc. | 2,091 | 239,608 | ||||||
VEREIT, Inc. | 4,028 | 185,006 | ||||||
Kilroy Realty Corp. | 2,342 | 163,097 | ||||||
SL Green Realty Corp. | 1,724 | 137,920 | ||||||
Douglas Emmett, Inc. | 4,078 | 137,102 | ||||||
Cousins Properties, Inc. | 3,607 | 132,665 | ||||||
Highwoods Properties, Inc. | 2,733 | 123,450 | ||||||
Hudson Pacific Properties, Inc. | 4,179 | 116,260 | ||||||
JBG SMITH Properties | 3,631 | 114,413 | ||||||
Lexington Realty Trust | 8,843 | 105,674 | ||||||
Corporate Office Properties Trust | 3,590 | 100,484 | ||||||
Equity Commonwealth | 3,825 | 100,215 | ||||||
Brandywine Realty Trust | 6,312 | 86,538 | ||||||
Piedmont Office Realty Trust, Inc. — Class A | 4,602 | 84,999 | ||||||
Total REITs-Office Property | 2,133,636 | |||||||
REITs-Warehouse/Industries - 9.3% | ||||||||
Prologis, Inc. | 4,482 | 535,733 | ||||||
Americold Realty Trust | 4,690 | 177,516 | ||||||
CyrusOne, Inc. | 2,423 | 173,293 | ||||||
Rexford Industrial Realty, Inc. | 2,852 | 162,421 | ||||||
First Industrial Realty Trust, Inc. | 2,838 | 148,229 | ||||||
EastGroup Properties, Inc. | 898 | 147,676 | ||||||
STAG Industrial, Inc. | 3,757 | 140,624 | ||||||
QTS Realty Trust, Inc. — Class A | 1,727 | 133,497 | ||||||
Innovative Industrial Properties, Inc. | 658 | 125,691 | ||||||
Terreno Realty Corp. | 1,871 | 120,717 | ||||||
Total REITs-Warehouse/Industries | 1,865,397 | |||||||
REITs-Health Care - 8.5% | ||||||||
Welltower, Inc. | 4,158 | 345,530 | ||||||
Ventas, Inc. | 4,648 | 265,401 | ||||||
Healthpeak Properties, Inc. | 7,257 | 241,586 | ||||||
Medical Properties Trust, Inc. | 9,703 | 195,030 | ||||||
Omega Healthcare Investors, Inc. | 4,641 | 168,422 | ||||||
Healthcare Trust of America, Inc. — Class A | 5,036 | 134,461 | ||||||
Healthcare Realty Trust, Inc. | 3,903 | 117,871 | ||||||
Sabra Health Care REIT, Inc. | 6,390 | 116,298 | ||||||
Physicians Realty Trust | 6,132 | 113,258 | ||||||
Total REITs-Health Care | 1,697,857 | |||||||
REITs-Storage - 6.2% | ||||||||
Public Storage | 1,403 | 421,868 | ||||||
Extra Space Storage, Inc. | 1,663 | 272,433 | ||||||
Iron Mountain, Inc. | 4,597 | 194,545 | ||||||
CubeSmart | 3,808 | 176,387 | ||||||
Life Storage, Inc. | 1,553 | 166,715 | ||||||
Total REITs-Storage | 1,231,948 | |||||||
REITs-Hotels - 4.6% | ||||||||
Host Hotels & Resorts, Inc.* | 11,501 | 196,552 | ||||||
MGM Growth Properties LLC — Class A | 4,897 | 179,328 | ||||||
Park Hotels & Resorts, Inc.* | 6,078 | 125,268 | ||||||
Ryman Hospitality Properties, Inc.* | 1,492 | 117,808 | ||||||
Apple Hospitality REIT, Inc. | 6,845 | 104,455 | ||||||
Pebblebrook Hotel Trust | 4,271 | 100,582 | ||||||
Sunstone Hotel Investors, Inc.* | 7,435 | 92,343 | ||||||
Total REITs-Hotels | 916,336 | |||||||
REITs-Shopping Centers - 4.4% | ||||||||
Regency Centers Corp. | 2,958 | 189,519 | ||||||
Kimco Realty Corp. | 8,330 | 173,680 | ||||||
Federal Realty Investment Trust | 1,462 | 171,303 | ||||||
Brixmor Property Group, Inc. | 6,549 | 149,907 | ||||||
Weingarten Realty Investors | 3,649 | 117,023 | ||||||
Retail Opportunity Investments Corp. | 4,690 | 82,825 | ||||||
Total REITs-Shopping Centers | 884,257 | |||||||
REITs-Single Tenant - 4.4% | ||||||||
Realty Income Corp. | 4,271 | 285,047 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
REITs - 92.4% (continued) | ||||||||
REITs-Single Tenant - 4.4% (continued) | ||||||||
STORE Capital Corp. | 5,071 | $ | 175,000 | |||||
National Retail Properties, Inc. | 3,485 | 163,377 | ||||||
Spirit Realty Capital, Inc. | 2,808 | 134,335 | ||||||
Agree Realty Corp. | 1,790 | 126,177 | ||||||
Total REITs-Single Tenant | 883,936 | |||||||
REITs-Mortgage - 2.8% | ||||||||
AGNC Investment Corp. | 10,145 | 171,349 | ||||||
Starwood Property Trust, Inc. | 6,098 | 159,585 | ||||||
Blackstone Mortgage Trust, Inc. — Class A | 3,875 | 123,574 | ||||||
Chimera Investment Corp.1 | 7,096 | 106,866 | ||||||
Total REITs-Mortgage | 561,374 | |||||||
REITs-Regional Malls - 2.5% | ||||||||
Simon Property Group, Inc. | 2,913 | 380,088 | ||||||
Macerich Co. | 6,326 | 115,449 | ||||||
Total REITs-Regional Malls | 495,537 | |||||||
REITs-Manufactured Homes - 2.3% | ||||||||
Sun Communities, Inc. | 1,463 | 250,758 | ||||||
Equity LifeStyle Properties, Inc. | 2,836 | 210,743 | ||||||
Total REITs-Manufactured Homes | 461,501 | |||||||
Total REITs | 18,537,475 | |||||||
Real Estate - 5.6% | ||||||||
Real Estate Management/Services - 4.9% | ||||||||
CBRE Group, Inc. — Class A* | 3,578 | 306,742 | ||||||
KE Holdings, Inc. ADR* | 4,520 | 215,513 | ||||||
Jones Lang LaSalle, Inc.* | 928 | 181,387 | ||||||
Redfin Corp.* | 2,392 | 151,677 | ||||||
eXp World Holdings, Inc.* | 3,671 | 142,325 | ||||||
Total Real Estate Management/Services | 997,644 | |||||||
Real Estate Operations/Development - 0.7% | ||||||||
Howard Hughes Corp.* | 1,351 | 131,668 | ||||||
Total Real Estate | 1,129,312 | |||||||
Internet - 0.9% | ||||||||
Opendoor Technologies, Inc.*,1 | 10,700 | 189,711 | ||||||
Diversified Financial Services - 0.6% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 2,188 | 122,856 | ||||||
Total Common Stocks | ||||||||
(Cost $17,487,232) | 19,979,354 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 62,323 | 62,323 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 24,537 | 24,537 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 24,055 | 24,055 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $110,915) | 110,915 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 1.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 222,843 | 222,843 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $222,843) | 222,843 | |||||||
Total Investments - 101.2% | ||||||||
(Cost $17,820,990) | $ | 20,313,112 | ||||||
Other Assets & Liabilities, net - (1.2)% | (228,634 | ) | ||||||
Total Net Assets - 100.0% | $ | 20,084,478 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 19,979,354 | $ | — | $ | — | $ | 19,979,354 | ||||||||
Repurchase Agreements | — | 110,915 | — | 110,915 | ||||||||||||
Securities Lending Collateral | 222,843 | — | — | 222,843 | ||||||||||||
Total Assets | $ | 20,202,197 | $ | 110,915 | $ | — | $ | 20,313,112 |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Retail - 56.6% | ||||||||
Walmart, Inc. | 9,419 | $ | 1,328,267 | |||||
Home Depot, Inc. | 3,911 | 1,247,179 | ||||||
Costco Wholesale Corp. | 2,239 | 885,905 | ||||||
Lowe's Companies, Inc. | 4,060 | 787,518 | ||||||
Target Corp. | 3,053 | 738,032 | ||||||
TJX Companies, Inc. | 9,014 | 607,724 | ||||||
Dollar General Corp. | 2,195 | 474,976 | ||||||
Ross Stores, Inc. | 3,629 | 449,996 | ||||||
Walgreens Boots Alliance, Inc. | 8,447 | 444,397 | ||||||
O'Reilly Automotive, Inc.* | 753 | 426,356 | ||||||
AutoZone, Inc.* | 262 | 390,962 | ||||||
Best Buy Company, Inc. | 3,157 | 362,992 | ||||||
CarMax, Inc.* | 2,477 | 319,905 | ||||||
L Brands, Inc. | 4,385 | 315,983 | ||||||
Dollar Tree, Inc.* | 3,170 | 315,415 | ||||||
Tractor Supply Co. | 1,694 | 315,186 | ||||||
Burlington Stores, Inc.* | 977 | 314,584 | ||||||
Ulta Beauty, Inc.* | 852 | 294,596 | ||||||
Genuine Parts Co. | 2,263 | 286,202 | ||||||
RH* | 373 | 253,267 | ||||||
Advance Auto Parts, Inc. | 1,213 | 248,835 | ||||||
Gap, Inc. | 7,131 | 239,958 | ||||||
Carvana Co.* | 770 | 232,401 | ||||||
Floor & Decor Holdings, Inc. — Class A* | 2,193 | 231,800 | ||||||
Williams-Sonoma, Inc. | 1,448 | 231,173 | ||||||
Five Below, Inc.* | 1,152 | 222,647 | ||||||
Lithia Motors, Inc. — Class A | 641 | 220,273 | ||||||
Dick's Sporting Goods, Inc. | 2,063 | 206,692 | ||||||
Kohl's Corp. | 3,616 | 199,278 | ||||||
AutoNation, Inc.* | 1,967 | 186,491 | ||||||
American Eagle Outfitters, Inc. | 4,631 | 173,801 | ||||||
Foot Locker, Inc. | 2,784 | 171,578 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 3,575 | 170,099 | ||||||
Nordstrom, Inc.* | 4,552 | 166,467 | ||||||
Macy's, Inc.* | 8,658 | 164,156 | ||||||
Vroom, Inc.* | 3,820 | 159,905 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 1,792 | 150,761 | ||||||
Bed Bath & Beyond, Inc.* | 3,980 | 132,494 | ||||||
GameStop Corp. — Class A*,1 | 593 | 126,985 | ||||||
Murphy USA, Inc. | 943 | 125,768 | ||||||
Big Lots, Inc. | 1,521 | 100,401 | ||||||
Total Retail | 14,421,405 | |||||||
Internet - 39.8% | ||||||||
Amazon.com, Inc.* | 793 | 2,728,047 | ||||||
Alibaba Group Holding Ltd. ADR* | 4,184 | 948,848 | ||||||
Booking Holdings, Inc.* | 278 | 608,289 | ||||||
DoorDash, Inc. — Class A* | 2,939 | 524,112 | ||||||
JD.com, Inc. ADR* | 6,464 | 515,892 | ||||||
eBay, Inc. | 6,740 | 473,215 | ||||||
MercadoLibre, Inc.* | 273 | 425,277 | ||||||
Chewy, Inc. — Class A*,1 | 4,827 | 384,760 | ||||||
Wayfair, Inc. — Class A* | 1,213 | 382,956 | ||||||
Etsy, Inc.* | 1,807 | 371,953 | ||||||
Vipshop Holdings Ltd. ADR* | 17,318 | 347,745 | ||||||
Expedia Group, Inc.* | 1,965 | 321,690 | ||||||
Pinduoduo, Inc. ADR* | 2,524 | 320,598 | ||||||
Farfetch Ltd. — Class A* | 5,930 | 298,635 | ||||||
Just Eat Takeaway.com N.V. ADR* | 16,108 | 294,125 | ||||||
Fiverr International Ltd.* | 1,096 | 265,769 | ||||||
Trip.com Group Ltd. ADR* | 7,371 | 261,376 | ||||||
Jumia Technologies AG ADR*,1 | 8,288 | 251,375 | ||||||
Stitch Fix, Inc. — Class A* | 2,756 | 166,187 | ||||||
Overstock.com, Inc.* | 1,451 | 133,782 | ||||||
Stamps.com, Inc.* | 624 | 124,981 | ||||||
Total Internet | 10,149,612 | |||||||
Distribution & Wholesale - 2.2% | ||||||||
Pool Corp. | 633 | 290,332 | ||||||
LKQ Corp.* | 5,277 | 259,734 | ||||||
Total Distribution & Wholesale | 550,066 | |||||||
Apparel - 0.5% | ||||||||
Urban Outfitters, Inc.* | 3,353 | 138,210 | ||||||
Electrical Components & Equipment - 0.4% | ||||||||
Blink Charging Co.*,1 | 2,118 | 87,198 | ||||||
Total Common Stocks | ||||||||
(Cost $16,101,900) | 25,346,491 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 156,333 | 156,333 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 61,548 | 61,548 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 60,341 | 60,341 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $278,222) | 278,222 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 2.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 610,907 | 610,907 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $610,907) | 610,907 | |||||||
Total Investments - 103.0% | ||||||||
(Cost $16,991,029) | $ | 26,235,620 | ||||||
Other Assets & Liabilities, net - (3.0)% | (757,969 | ) | ||||||
Total Net Assets - 100.0% | $ | 25,477,651 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
See Sector Classification in Other Information section. |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 25,346,491 | $ | — | $ | — | $ | 25,346,491 | ||||||||
Repurchase Agreements | — | 278,222 | — | 278,222 | ||||||||||||
Securities Lending Collateral | 610,907 | — | — | 610,907 | ||||||||||||
Total Assets | $ | 25,957,398 | $ | 278,222 | $ | — | $ | 26,235,620 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
RIGHTS††† - 0.0% | ||||||||
Communications – 0.0% | ||||||||
Nexstar Media Group, Inc.* | 85 | - | ||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Omthera Pharmaceuticlas, Inc* | 57 | - | ||||||
Tobira Therapeutics, Inc. | 14 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $–) | – |
MUTUAL FUNDS† - 17.5% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 112,170 | 1,118,332 | ||||||
Guggenheim Strategy Fund II1 | 36,876 | 921,534 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,023,780) | 2,039,866 |
Face Amount | Value | |||||||
FEDERAL AGENCY NOTES†† - 19.4% | ||||||||
Federal Farm Credit Bank | ||||||||
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/222 | $ | 1,000,000 | 1,003,733 | |||||
0.13% (1 Month USD LIBOR + 0.03%, Rate Floor: 0.00%) due 12/29/212 | 500,000 | 500,123 | ||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | 250,000 | 250,687 | ||||||
Federal Home Loan Bank | ||||||||
4.00% due 12/24/30 | 500,000 | 509,522 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $2,262,020) | 2,264,065 |
U.S. TREASURY BILLS†† - 9.6% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/213,4 | 1,000,000 | 999,765 | ||||||
0.03% due 08/03/214,5 | 125,000 | 124,995 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,124,826) | 1,124,760 |
FEDERAL AGENCY DISCOUNT NOTES†† - 8.6% | ||||||||
Federal Home Loan Bank | ||||||||
0.03% due 11/19/214 | 1,000,000 | 999,765 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $999,902) | 999,765 |
REPURCHASE AGREEMENTS††,6 - 39.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 2,582,858 | 2,582,858 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 1,016,869 | 1,016,869 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 996,930 | 996,930 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,596,657) | 4,596,657 | |||||||
Total Investments - 94.5% | ||||||||
(Cost $11,007,185) | $ | 11,025,113 | ||||||
Other Assets & Liabilities, net - 5.5% | 636,568 | |||||||
Total Net Assets - 100.0% | $ | 11,661,681 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 19 | Sep 2021 | $ | 2,190,510 | $ | 20,341 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
Barclays Bank plc | Russell 2000 Index | 0.09% (1 Week USD LIBOR) | At Maturity | 07/14/21 | 4,453 | $ | 10,288,572 | $ | 466,657 | |||||||||||
Goldman Sachs International | Russell 2000 Index | 0.34% (1 Week USD LIBOR + 0.25%) | At Maturity | 07/15/21 | 1,248 | 2,882,571 | 66,849 | |||||||||||||
BNP Paribas | Russell 2000 Index | 0.19% (1 Month USD LIBOR + 0.10%) | At Maturity | 07/15/21 | 919 | 2,123,428 | 52,443 | |||||||||||||
$ | 15,294,571 | $ | 585,949 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
6 | Repurchase Agreements — See Note 4. |
LIBOR — London Interbank Offered Rate |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Rights | $ | — | $ | — | $ — | * | $ | — | ||||||||
Mutual Funds | 2,039,866 | — | — | 2,039,866 | ||||||||||||
Federal Agency Notes | — | 2,264,065 | — | 2,264,065 | ||||||||||||
U.S. Treasury Bills | — | 1,124,760 | — | 1,124,760 | ||||||||||||
Federal Agency Discount Notes | — | 999,765 | — | 999,765 | ||||||||||||
Repurchase Agreements | — | 4,596,657 | — | 4,596,657 | ||||||||||||
Equity Futures Contracts** | 20,341 | — | — | 20,341 | ||||||||||||
Equity Index Swap Agreements** | — | 585,949 | — | 585,949 | ||||||||||||
Total Assets | $ | 2,060,207 | $ | 9,571,196 | $ | — | $ | 11,631,403 |
* | Includes securities with a market value of $0. | |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 921,165 | $ | – | $ | – | $ | – | $ | 369 | $ | 921,534 | 36,876 | $ | 3,274 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,117,210 | – | – | – | 1,122 | 1,118,332 | 112,170 | 2,598 | ||||||||||||||||||||||||
$ | 2,038,375 | $ | – | $ | – | $ | – | $ | 1,491 | $ | 2,039,866 | $ | $ | 5,872 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
RIGHTS††† - 0.0% | ||||||||
Communications - 0.0% | ||||||||
Nexstar Media Group, Inc.* | 2,530 | $ | – | |||||
Consumer, Non-cyclical - 0.0% | ||||||||
Elanco Animal Health, Inc.* | 505 | – | ||||||
Tobira Therapeutics, Inc.* | 141 | – | ||||||
Omthera Pharmaceuticals, Inc.* | 86 | – | ||||||
Oncternal Therapeutics, Inc.* | 7 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $103) | – |
EXCHANGE-TRADED FUNDS† - 2.0% | ||||||||
iShares Russell 2000 Index ETF1 | 1,823 | 418,141 | ||||||
Vanguard Russell 2000 ETF1 | 4,515 | 417,954 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $798,476) | 836,095 |
Face Amount | Value | |||||||
FEDERAL AGENCY NOTES†† - 55.2% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 4,000,000 | 4,010,993 | |||||
0.34% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222 | 2,000,000 | 2,004,078 | ||||||
0.13% (1 Month USD LIBOR + 0.03%, Rate Floor: 0.00%) due 12/29/212 | 2,000,000 | 2,000,493 | ||||||
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/222 | 1,000,000 | 1,003,733 | ||||||
Federal Home Loan Bank | ||||||||
0.02% due 09/03/21 | 5,000,000 | 4,999,514 | ||||||
4.00% due 12/24/30 | 500,000 | 509,522 | ||||||
4.00% due 11/30/29 | 500,000 | 508,172 | ||||||
Farmer Mac | ||||||||
0.06% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 11/22/212 | 4,000,000 | 4,000,044 | ||||||
0.08% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 08/03/212 | 2,000,000 | 2,000,040 | ||||||
Freddie Mac | ||||||||
0.32% due 10/20/22 | 2,185,000 | 2,185,002 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $23,208,959) | 23,221,591 |
U.S. GOVERNMENT SECURITIES†† - 9.6% | ||||||||
U.S. Treasury Notes | ||||||||
1.75% due 05/15/22 | 4,000,000 | 4,057,813 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $4,058,446) | 4,057,813 |
U.S. TREASURY BILLS†† - 8.3% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 12/09/213,4 | 3,200,000 | 3,199,248 | ||||||
0.03% due 08/03/214 | 307,000 | 306,987 | ||||||
0.01% due 08/03/214,5 | 7,000 | 7,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $3,513,446) | 3,513,235 |
FEDERAL AGENCY DISCOUNT NOTES†† - 2.4% | ||||||||
Federal Home Loan Bank | ||||||||
0.03% due 11/19/214 | 1,000,000 | 999,765 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $999,902) | 999,765 |
REPURCHASE AGREEMENTS††,6 - 18.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/213 | 4,463,847 | 4,463,847 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/213 | 1,757,412 | 1,757,412 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/213 | 1,722,953 | 1,722,953 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $7,944,212) | 7,944,212 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,7 - 1.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%8 | 639,855 | 639,855 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $639,855) | 639,855 | |||||||
Total Investments - 97.9% | ||||||||
(Cost $41,163,399) | $ | 41,212,566 | ||||||
Other Assets & Liabilities, net - 2.1% | 876,130 | |||||||
Total Net Assets - 100.0% | $ | 42,088,696 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 48 | Sep 2021 | $ | 5,533,920 | $ | 51,388 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
Barclays Bank plc | Russell 2000 Index | 0.09% (1 Week USD LIBOR) | At Maturity | 07/14/21 | 14,113 | $ | 32,609,051 | $ | 1,479,040 | |||||||||||
BNP Paribas | Russell 2000 Index | 0.19% (1 Month USD LIBOR + 0.10%) | At Maturity | 07/15/21 | 222 | 513,599 | 8,111 | |||||||||||||
Goldman Sachs International | Russell 2000 Index | 0.34% (1 Week USD LIBOR + 0.25%) | At Maturity | 07/15/21 | 1,118 | 2,583,815 | (11,002 | ) | ||||||||||||
$ | 35,706,465 | $ | 1,476,149 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2021. |
LIBOR — London Interbank Offered Rate |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Rights | $ | — | $ | — | $ | — | * | $ | — | |||||||
Exchange-Traded Funds | 836,095 | — | — | 836,095 | ||||||||||||
Federal Agency Notes | — | 23,221,591 | — | 23,221,591 | ||||||||||||
U.S. Government Securities | — | 4,057,813 | — | 4,057,813 | ||||||||||||
U.S. Treasury Bills | — | 3,513,235 | — | 3,513,235 | ||||||||||||
Federal Agency Discount Notes | — | 999,765 | — | 999,765 | ||||||||||||
Repurchase Agreements | — | 7,944,212 | — | 7,944,212 | ||||||||||||
Securities Lending Collateral | 639,855 | — | — | 639,855 | ||||||||||||
Equity Futures Contracts** | 51,388 | — | — | 51,388 | ||||||||||||
Equity Index Swap Agreements** | — | 1,487,151 | — | 1,487,151 | ||||||||||||
Total Assets | $ | 1,527,338 | $ | 41,223,767 | $ | — | $ | 42,751,105 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 11,002 | $ | — | $ | 11,002 |
* | Includes securities with a market value of $0. | |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.5% | ||||||||
Technology - 22.6% | ||||||||
Apple, Inc. | 75,491 | $ | 10,339,247 | |||||
Microsoft Corp. | 36,245 | 9,818,771 | ||||||
NVIDIA Corp. | 2,998 | 2,398,700 | ||||||
Adobe, Inc.* | 2,300 | 1,346,972 | ||||||
Intel Corp. | 19,434 | 1,091,025 | ||||||
salesforce.com, Inc.* | 4,456 | 1,088,467 | ||||||
Broadcom, Inc. | 1,965 | 936,991 | ||||||
Accenture plc — Class A | 3,059 | 901,763 | ||||||
Texas Instruments, Inc. | 4,443 | 854,389 | ||||||
QUALCOMM, Inc. | 5,429 | 775,967 | ||||||
Oracle Corp. | 8,742 | 680,477 | ||||||
Intuit, Inc. | 1,314 | 644,083 | ||||||
International Business Machines Corp. | 4,300 | 630,337 | ||||||
Applied Materials, Inc. | 4,416 | 628,838 | ||||||
Advanced Micro Devices, Inc.* | 5,848 | 549,303 | ||||||
ServiceNow, Inc.* | 950 | 522,072 | ||||||
Micron Technology, Inc.* | 5,397 | 458,637 | ||||||
Lam Research Corp. | 686 | 446,380 | ||||||
Fidelity National Information Services, Inc. | 2,984 | 422,743 | ||||||
Activision Blizzard, Inc. | 3,739 | 356,850 | ||||||
Autodesk, Inc.* | 1,059 | 309,122 | ||||||
Fiserv, Inc.* | 2,866 | 306,347 | ||||||
Analog Devices, Inc. | 1,775 | 305,584 | ||||||
NXP Semiconductor N.V. | 1,327 | 272,990 | ||||||
KLA Corp. | 737 | 238,943 | ||||||
Roper Technologies, Inc. | 506 | 237,921 | ||||||
MSCI, Inc. — Class A | 396 | 211,100 | ||||||
Synopsys, Inc.* | 733 | 202,154 | ||||||
Electronic Arts, Inc. | 1,377 | 198,054 | ||||||
Microchip Technology, Inc. | 1,316 | 197,058 | ||||||
Cadence Design Systems, Inc.* | 1,339 | 183,202 | ||||||
Cognizant Technology Solutions Corp. — Class A | 2,538 | 175,782 | ||||||
HP, Inc. | 5,781 | 174,528 | ||||||
Xilinx, Inc. | 1,182 | 170,965 | ||||||
Paychex, Inc. | 1,543 | 165,564 | ||||||
Fortinet, Inc.* | 652 | 155,300 | ||||||
Skyworks Solutions, Inc. | 795 | 152,441 | ||||||
ANSYS, Inc.* | 419 | 145,418 | ||||||
Zebra Technologies Corp. — Class A* | 258 | 136,608 | ||||||
Maxim Integrated Products, Inc. | 1,291 | 136,020 | ||||||
Cerner Corp. | 1,449 | 113,254 | ||||||
Teradyne, Inc. | 799 | 107,034 | ||||||
Qorvo, Inc.* | 542 | 106,042 | ||||||
Western Digital Corp.* | 1,473 | 104,834 | ||||||
Take-Two Interactive Software, Inc.* | 557 | 98,600 | ||||||
Hewlett Packard Enterprise Co. | 6,285 | 91,635 | ||||||
Akamai Technologies, Inc.* | 784 | 91,414 | ||||||
Broadridge Financial Solutions, Inc. | 559 | 90,295 | ||||||
Tyler Technologies, Inc.* | 196 | 88,665 | ||||||
NetApp, Inc. | 1,070 | 87,547 | ||||||
Paycom Software, Inc.* | 236 | 85,779 | ||||||
Seagate Technology Holdings plc | 958 | 84,237 | ||||||
Monolithic Power Systems, Inc. | 207 | 77,304 | ||||||
PTC, Inc.* | 506 | 71,478 | ||||||
Citrix Systems, Inc. | 597 | 70,010 | ||||||
Leidos Holdings, Inc. | 639 | 64,603 | ||||||
Jack Henry & Associates, Inc. | 358 | 58,537 | ||||||
DXC Technology Co.* | 1,226 | 47,741 | ||||||
IPG Photonics Corp.* | 173 | 36,463 | ||||||
Total Technology | 40,542,585 | |||||||
Consumer, Non-cyclical - 19.5% | ||||||||
Johnson & Johnson | 12,673 | 2,087,750 | ||||||
UnitedHealth Group, Inc. | 4,540 | 1,817,998 | ||||||
PayPal Holdings, Inc.* | 5,653 | 1,647,736 | ||||||
Procter & Gamble Co. | 11,783 | 1,589,880 | ||||||
Pfizer, Inc. | 26,937 | 1,054,853 | ||||||
Coca-Cola Co. | 18,676 | 1,010,559 | ||||||
Abbott Laboratories | 8,551 | 991,317 | ||||||
PepsiCo, Inc. | 6,649 | 985,182 | ||||||
AbbVie, Inc. | 8,500 | 957,440 | ||||||
Thermo Fisher Scientific, Inc. | 1,892 | 954,457 | ||||||
Merck & Company, Inc. | 12,186 | 947,705 | ||||||
Eli Lilly & Co. | 3,831 | 879,291 | ||||||
Danaher Corp. | 3,054 | 819,571 | ||||||
Medtronic plc | 6,474 | 803,618 | ||||||
Philip Morris International, Inc. | 7,501 | 743,424 | ||||||
Bristol-Myers Squibb Co. | 10,751 | 718,382 | ||||||
Amgen, Inc. | 2,765 | 673,969 | ||||||
CVS Health Corp. | 6,336 | 528,676 | ||||||
Intuitive Surgical, Inc.* | 570 | 524,195 | ||||||
S&P Global, Inc. | 1,159 | 475,711 | ||||||
Anthem, Inc. | 1,177 | 449,379 | ||||||
Zoetis, Inc. | 2,284 | 425,646 | ||||||
Altria Group, Inc. | 8,906 | 424,638 | ||||||
Mondelez International, Inc. — Class A | 6,758 | 421,970 | ||||||
Gilead Sciences, Inc. | 6,036 | 415,639 | ||||||
Stryker Corp. | 1,577 | 409,594 | ||||||
Automatic Data Processing, Inc. | 2,048 | 406,774 | ||||||
Cigna Corp. | 1,651 | 391,403 | ||||||
Estee Lauder Companies, Inc. — Class A | 1,116 | 354,977 | ||||||
Becton Dickinson and Co. | 1,399 | 340,223 | ||||||
Illumina, Inc.* | 702 | 332,193 | ||||||
Colgate-Palmolive Co. | 4,070 | 331,095 | ||||||
Edwards Lifesciences Corp.* | 2,992 | 309,881 | ||||||
Boston Scientific Corp.* | 6,838 | 292,393 | ||||||
Regeneron Pharmaceuticals, Inc.* | 503 | 280,946 | ||||||
Moody's Corp. | 774 | 280,474 | ||||||
Humana, Inc. | 621 | 274,929 | ||||||
Global Payments, Inc. | 1,420 | 266,307 | ||||||
HCA Healthcare, Inc. | 1,264 | 261,319 | ||||||
IDEXX Laboratories, Inc.* | 410 | 258,936 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,246 | 251,231 | ||||||
Biogen, Inc.* | 725 | 251,046 | ||||||
IQVIA Holdings, Inc.* | 922 | 223,419 | ||||||
Kimberly-Clark Corp. | 1,624 | 217,259 | ||||||
Align Technology, Inc.* | 347 | 212,017 | ||||||
Centene Corp.* | 2,805 | 204,569 | ||||||
IHS Markit Ltd. | 1,803 | 203,126 | ||||||
DexCom, Inc.* | 465 | 198,555 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,063 | 195,284 | ||||||
Baxter International, Inc. | 2,420 | 194,810 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.5% (continued) | ||||||||
Consumer, Non-cyclical - 19.5% (continued) | ||||||||
Sysco Corp. | 2,462 | $ | 191,420 | |||||
Constellation Brands, Inc. — Class A | 813 | 190,153 | ||||||
General Mills, Inc. | 2,936 | 178,890 | ||||||
ResMed, Inc. | 700 | 172,564 | ||||||
Archer-Daniels-Midland Co. | 2,689 | 162,954 | ||||||
Monster Beverage Corp.* | 1,780 | 162,603 | ||||||
Cintas Corp. | 424 | 161,968 | ||||||
Zimmer Biomet Holdings, Inc. | 1,003 | 161,303 | ||||||
Corteva, Inc. | 3,547 | 157,309 | ||||||
McKesson Corp. | 761 | 145,534 | ||||||
Equifax, Inc. | 586 | 140,353 | ||||||
Kroger Co. | 3,644 | 139,602 | ||||||
Verisk Analytics, Inc. — Class A | 780 | 136,282 | ||||||
Laboratory Corporation of America Holdings* | 470 | 129,649 | ||||||
Kraft Heinz Co. | 3,119 | 127,193 | ||||||
West Pharmaceutical Services, Inc. | 354 | 127,121 | ||||||
Hershey Co. | 704 | 122,623 | ||||||
United Rentals, Inc.* | 348 | 111,015 | ||||||
Clorox Co. | 598 | 107,586 | ||||||
McCormick & Company, Inc. | 1,198 | 105,807 | ||||||
Tyson Foods, Inc. — Class A | 1,419 | 104,665 | ||||||
FleetCor Technologies, Inc.* | 401 | 102,680 | ||||||
Church & Dwight Company, Inc. | 1,180 | 100,559 | ||||||
Gartner, Inc.* | 414 | 100,271 | ||||||
STERIS plc | 469 | 96,755 | ||||||
Cooper Companies, Inc. | 237 | 93,916 | ||||||
Teleflex, Inc. | 224 | 90,001 | ||||||
Charles River Laboratories International, Inc.* | 241 | 89,151 | ||||||
Catalent, Inc.* | 820 | 88,658 | ||||||
MarketAxess Holdings, Inc. | 183 | 84,837 | ||||||
Conagra Brands, Inc. | 2,310 | 84,038 | ||||||
Avery Dennison Corp. | 399 | 83,886 | ||||||
PerkinElmer, Inc. | 539 | 83,227 | ||||||
Viatris, Inc. | 5,817 | 83,125 | ||||||
Quest Diagnostics, Inc. | 629 | 83,009 | ||||||
Hologic, Inc.* | 1,233 | 82,266 | ||||||
AmerisourceBergen Corp. — Class A | 712 | 81,517 | ||||||
Cardinal Health, Inc. | 1,395 | 79,640 | ||||||
Kellogg Co. | 1,212 | 77,968 | ||||||
Incyte Corp.* | 900 | 75,717 | ||||||
J M Smucker Co. | 527 | 68,283 | ||||||
ABIOMED, Inc.* | 218 | 68,040 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 104 | 67,006 | ||||||
Dentsply Sirona, Inc. | 1,051 | 66,486 | ||||||
Brown-Forman Corp. — Class B | 878 | 65,797 | ||||||
Hormel Foods Corp. | 1,357 | 64,797 | ||||||
Quanta Services, Inc. | 670 | 60,682 | ||||||
Lamb Weston Holdings, Inc. | 704 | 56,785 | ||||||
Universal Health Services, Inc. — Class B | 375 | 54,911 | ||||||
Henry Schein, Inc.* | 677 | 50,227 | ||||||
Molson Coors Beverage Co. — Class B* | 906 | 48,643 | ||||||
Robert Half International, Inc. | 542 | 48,222 | ||||||
Campbell Soup Co. | 977 | 44,541 | ||||||
Nielsen Holdings plc | 1,725 | 42,556 | ||||||
DaVita, Inc.* | 337 | 40,585 | ||||||
Organon & Co.* | 1,217 | 36,826 | ||||||
Rollins, Inc. | 1,066 | 36,457 | ||||||
Perrigo Company plc | 642 | 29,436 | ||||||
Total Consumer, Non-cyclical | 34,939,841 | |||||||
Communications - 16.0% | ||||||||
Amazon.com, Inc.* | 2,062 | 7,093,610 | ||||||
Facebook, Inc. — Class A* | 11,531 | 4,009,444 | ||||||
Alphabet, Inc. — Class A* | 1,447 | 3,533,270 | ||||||
Alphabet, Inc. — Class C* | 1,370 | 3,433,658 | ||||||
Walt Disney Co.* | 8,744 | 1,536,933 | ||||||
Comcast Corp. — Class A | 22,064 | 1,258,089 | ||||||
Netflix, Inc.* | 2,133 | 1,126,672 | ||||||
Verizon Communications, Inc. | 19,925 | 1,116,398 | ||||||
Cisco Systems, Inc. | 20,282 | 1,074,946 | ||||||
AT&T, Inc. | 34,360 | 988,881 | ||||||
Charter Communications, Inc. — Class A* | 663 | 478,321 | ||||||
Booking Holdings, Inc.* | 196 | 428,866 | ||||||
T-Mobile US, Inc.* | 2,820 | 408,420 | ||||||
Twitter, Inc.* | 3,841 | 264,299 | ||||||
eBay, Inc. | 3,114 | 218,634 | ||||||
Motorola Solutions, Inc. | 816 | 176,949 | ||||||
Corning, Inc. | 3,729 | 152,516 | ||||||
ViacomCBS, Inc. — Class B | 2,914 | 131,713 | ||||||
Etsy, Inc.* | 612 | 125,974 | ||||||
CDW Corp. | 675 | 117,889 | ||||||
Expedia Group, Inc.* | 680 | 111,323 | ||||||
VeriSign, Inc.* | 477 | 108,608 | ||||||
Arista Networks, Inc.* | 264 | 95,650 | ||||||
Omnicom Group, Inc. | 1,035 | 82,790 | ||||||
NortonLifeLock, Inc. | 2,791 | 75,971 | ||||||
Lumen Technologies, Inc. | 4,788 | 65,069 | ||||||
Interpublic Group of Companies, Inc. | 1,893 | 61,503 | ||||||
Fox Corp. — Class A | 1,573 | 58,406 | ||||||
F5 Networks, Inc.* | 286 | 53,385 | ||||||
DISH Network Corp. — Class A* | 1,194 | 49,909 | ||||||
News Corp. — Class A | 1,882 | 48,499 | ||||||
Juniper Networks, Inc. | 1,577 | 43,131 | ||||||
Discovery, Inc. — Class C* | 1,446 | 41,905 | ||||||
Fox Corp. — Class B | 731 | 25,731 | ||||||
Discovery, Inc. — Class A*,1 | 811 | 24,882 | ||||||
News Corp. — Class B | 586 | 14,269 | ||||||
Total Communications | 28,636,513 | |||||||
Financial - 14.9% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 9,122 | 2,535,186 | ||||||
JPMorgan Chase & Co. | 14,568 | 2,265,907 | ||||||
Visa, Inc. — Class A | 8,142 | 1,903,762 | ||||||
Mastercard, Inc. — Class A | 4,210 | 1,537,029 | ||||||
Bank of America Corp. | 36,290 | 1,496,237 | ||||||
Wells Fargo & Co. | 19,894 | 900,999 | ||||||
Citigroup, Inc. | 9,948 | 703,821 | ||||||
Morgan Stanley | 7,164 | 656,867 | ||||||
Goldman Sachs Group, Inc. | 1,637 | 621,291 | ||||||
BlackRock, Inc. — Class A | 683 | 597,605 | ||||||
American Tower Corp. — Class A REIT | 2,188 | 591,066 | ||||||
Charles Schwab Corp. | 7,218 | 525,543 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.5% (continued) | ||||||||
Financial - 14.9% (continued) | ||||||||
American Express Co. | 3,131 | $ | 517,335 | |||||
Prologis, Inc. REIT | 3,560 | 425,527 | ||||||
Crown Castle International Corp. REIT | 2,080 | 405,808 | ||||||
PNC Financial Services Group, Inc. | 2,045 | 390,104 | ||||||
U.S. Bancorp | 6,523 | 371,615 | ||||||
CME Group, Inc. — Class A | 1,728 | 367,511 | ||||||
Truist Financial Corp. | 6,472 | 359,196 | ||||||
Equinix, Inc. REIT | 430 | 345,118 | ||||||
Marsh & McLennan Companies, Inc. | 2,447 | 344,244 | ||||||
Chubb Ltd. | 2,163 | 343,787 | ||||||
Capital One Financial Corp. | 2,173 | 336,141 | ||||||
Intercontinental Exchange, Inc. | 2,708 | 321,440 | ||||||
Progressive Corp. | 2,816 | 276,559 | ||||||
Aon plc — Class A | 1,086 | 259,293 | ||||||
Public Storage REIT | 733 | 220,406 | ||||||
T. Rowe Price Group, Inc. | 1,090 | 215,787 | ||||||
MetLife, Inc. | 3,581 | 214,323 | ||||||
Simon Property Group, Inc. REIT | 1,581 | 206,289 | ||||||
Digital Realty Trust, Inc. REIT | 1,355 | 203,873 | ||||||
Bank of New York Mellon Corp. | 3,883 | 198,926 | ||||||
American International Group, Inc. | 4,130 | 196,588 | ||||||
Prudential Financial, Inc. | 1,896 | 194,283 | ||||||
Allstate Corp. | 1,440 | 187,834 | ||||||
Travelers Companies, Inc. | 1,210 | 181,149 | ||||||
Discover Financial Services | 1,467 | 173,531 | ||||||
SBA Communications Corp. REIT | 525 | 167,318 | ||||||
Welltower, Inc. REIT | 2,009 | 166,948 | ||||||
Aflac, Inc. | 3,042 | 163,234 | ||||||
First Republic Bank | 847 | 158,533 | ||||||
SVB Financial Group* | 261 | 145,228 | ||||||
Willis Towers Watson plc | 621 | 142,843 | ||||||
AvalonBay Communities, Inc. REIT | 672 | 140,240 | ||||||
Ameriprise Financial, Inc. | 558 | 138,875 | ||||||
CBRE Group, Inc. — Class A* | 1,615 | 138,454 | ||||||
Arthur J Gallagher & Co. | 986 | 138,119 | ||||||
State Street Corp. | 1,673 | 137,654 | ||||||
Fifth Third Bancorp | 3,388 | 129,523 | ||||||
Equity Residential REIT | 1,654 | 127,358 | ||||||
Synchrony Financial | 2,602 | 126,249 | ||||||
Weyerhaeuser Co. REIT | 3,606 | 124,119 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 660 | 120,080 | ||||||
Realty Income Corp. REIT | 1,798 | 119,999 | ||||||
Northern Trust Corp. | 1,001 | 115,736 | ||||||
Hartford Financial Services Group, Inc. | 1,719 | 106,527 | ||||||
Extra Space Storage, Inc. REIT | 643 | 105,336 | ||||||
Ventas, Inc. REIT | 1,805 | 103,065 | ||||||
Huntington Bancshares, Inc. | 7,101 | 101,331 | ||||||
Nasdaq, Inc. | 552 | 97,042 | ||||||
KeyCorp | 4,671 | 96,456 | ||||||
Citizens Financial Group, Inc. | 2,050 | 94,034 | ||||||
Essex Property Trust, Inc. REIT | 312 | 93,603 | ||||||
Regions Financial Corp. | 4,625 | 93,333 | ||||||
Mid-America Apartment Communities, Inc. REIT | 550 | 92,631 | ||||||
M&T Bank Corp. | 619 | 89,947 | ||||||
Healthpeak Properties, Inc. REIT | 2,592 | 86,288 | ||||||
Duke Realty Corp. REIT | 1,805 | 85,467 | ||||||
Cincinnati Financial Corp. | 721 | 84,083 | ||||||
Boston Properties, Inc. REIT | 682 | 78,150 | ||||||
Principal Financial Group, Inc. | 1,217 | 76,902 | ||||||
Raymond James Financial, Inc. | 589 | 76,511 | ||||||
UDR, Inc. REIT | 1,428 | 69,943 | ||||||
Cboe Global Markets, Inc. | 513 | 61,073 | ||||||
Loews Corp. | 1,077 | 58,858 | ||||||
Iron Mountain, Inc. REIT | 1,389 | 58,782 | ||||||
Host Hotels & Resorts, Inc. REIT* | 3,398 | 58,072 | ||||||
Lincoln National Corp. | 861 | 54,105 | ||||||
W R Berkley Corp. | 674 | 50,166 | ||||||
Regency Centers Corp. REIT | 760 | 48,693 | ||||||
Invesco Ltd. | 1,821 | 48,675 | ||||||
Everest Re Group Ltd. | 193 | 48,638 | ||||||
Comerica, Inc. | 672 | 47,940 | ||||||
Assurant, Inc. | 291 | 45,448 | ||||||
Western Union Co. | 1,970 | 45,251 | ||||||
Kimco Realty Corp. REIT | 2,086 | 43,493 | ||||||
Globe Life, Inc. | 456 | 43,434 | ||||||
Franklin Resources, Inc. | 1,311 | 41,939 | ||||||
Zions Bancorp North America | 788 | 41,654 | ||||||
Federal Realty Investment Trust REIT | 340 | 39,838 | ||||||
Vornado Realty Trust REIT | 756 | 35,283 | ||||||
People's United Financial, Inc. | 2,058 | 35,274 | ||||||
Unum Group | 983 | 27,917 | ||||||
Total Financial | 26,657,672 | |||||||
Consumer, Cyclical - 9.2% | ||||||||
Tesla, Inc.* | 3,709 | 2,521,007 | ||||||
Home Depot, Inc. | 5,116 | 1,631,441 | ||||||
NIKE, Inc. — Class B | 6,136 | 947,951 | ||||||
Walmart, Inc. | 6,607 | 931,719 | ||||||
Costco Wholesale Corp. | 2,128 | 841,986 | ||||||
McDonald's Corp. | 3,591 | 829,485 | ||||||
Lowe's Companies, Inc. | 3,402 | 659,886 | ||||||
Starbucks Corp. | 5,670 | 633,963 | ||||||
Target Corp. | 2,381 | 575,583 | ||||||
TJX Companies, Inc. | 5,804 | 391,306 | ||||||
General Motors Co.* | 6,143 | 363,482 | ||||||
Ford Motor Co.* | 18,870 | 280,408 | ||||||
Dollar General Corp. | 1,137 | 246,035 | ||||||
Ross Stores, Inc. | 1,715 | 212,660 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 135 | 209,296 | ||||||
Aptiv plc* | 1,300 | 204,529 | ||||||
O'Reilly Automotive, Inc.* | 335 | 189,680 | ||||||
Walgreens Boots Alliance, Inc. | 3,452 | 181,610 | ||||||
Marriott International, Inc. — Class A* | 1,285 | 175,428 | ||||||
Cummins, Inc. | 704 | 171,642 | ||||||
Yum! Brands, Inc. | 1,434 | 164,953 | ||||||
Hilton Worldwide Holdings, Inc.* | 1,340 | 161,631 | ||||||
AutoZone, Inc.* | 104 | 155,191 | ||||||
Southwest Airlines Co.* | 2,846 | 151,094 | ||||||
PACCAR, Inc. | 1,670 | 149,048 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.5% (continued) | ||||||||
Consumer, Cyclical - 9.2% (continued) | ||||||||
Fastenal Co. | 2,764 | $ | 143,728 | |||||
DR Horton, Inc. | 1,579 | 142,694 | ||||||
Delta Air Lines, Inc.* | 3,078 | 133,154 | ||||||
Copart, Inc.* | 1,001 | 131,962 | ||||||
Lennar Corp. — Class A | 1,327 | 131,837 | ||||||
VF Corp. | 1,547 | 126,916 | ||||||
Best Buy Company, Inc. | 1,073 | 123,373 | ||||||
Dollar Tree, Inc.* | 1,116 | 111,042 | ||||||
Caesars Entertainment, Inc.* | 1,004 | 104,165 | ||||||
Tractor Supply Co. | 555 | 103,263 | ||||||
CarMax, Inc.* | 785 | 101,383 | ||||||
Carnival Corp.* | 3,842 | 101,275 | ||||||
WW Grainger, Inc. | 211 | 92,418 | ||||||
Darden Restaurants, Inc. | 630 | 91,974 | ||||||
Ulta Beauty, Inc.* | 263 | 90,937 | ||||||
Royal Caribbean Cruises Ltd.* | 1,053 | 89,800 | ||||||
Pool Corp. | 193 | 88,521 | ||||||
Genuine Parts Co. | 695 | 87,897 | ||||||
Domino's Pizza, Inc. | 186 | 86,767 | ||||||
MGM Resorts International | 1,959 | 83,551 | ||||||
Las Vegas Sands Corp.* | 1,579 | 83,198 | ||||||
United Airlines Holdings, Inc.* | 1,556 | 81,363 | ||||||
L Brands, Inc. | 1,127 | 81,212 | ||||||
NVR, Inc.* | 16 | 79,573 | ||||||
PulteGroup, Inc. | 1,273 | 69,468 | ||||||
LKQ Corp.* | 1,337 | 65,807 | ||||||
American Airlines Group, Inc.* | 3,087 | 65,475 | ||||||
Whirlpool Corp. | 300 | 65,406 | ||||||
Advance Auto Parts, Inc. | 314 | 64,414 | ||||||
Wynn Resorts Ltd.* | 507 | 62,006 | ||||||
Live Nation Entertainment, Inc.* | 695 | 60,875 | ||||||
Tapestry, Inc.* | 1,342 | 58,350 | ||||||
Hasbro, Inc. | 615 | 58,130 | ||||||
BorgWarner, Inc. | 1,153 | 55,967 | ||||||
Penn National Gaming, Inc.* | 715 | 54,691 | ||||||
Mohawk Industries, Inc.* | 281 | 54,005 | ||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 1,780 | 52,350 | ||||||
Newell Brands, Inc. | 1,822 | 50,050 | ||||||
PVH Corp.* | 343 | 36,903 | ||||||
Alaska Air Group, Inc.* | 598 | 36,066 | ||||||
Gap, Inc. | 999 | 33,616 | ||||||
Leggett & Platt, Inc. | 641 | 33,210 | ||||||
Hanesbrands, Inc. | 1,680 | 31,365 | ||||||
Ralph Lauren Corp. — Class A | 232 | 27,332 | ||||||
Under Armour, Inc. — Class A* | 908 | 19,204 | ||||||
Under Armour, Inc. — Class C* | 945 | 17,549 | ||||||
Total Consumer, Cyclical | 16,545,256 | |||||||
Industrial - 8.0% | ||||||||
Honeywell International, Inc. | 3,342 | 733,068 | ||||||
United Parcel Service, Inc. — Class B | 3,481 | 723,943 | ||||||
Union Pacific Corp. | 3,196 | 702,896 | ||||||
Boeing Co.* | 2,646 | 633,876 | ||||||
Raytheon Technologies Corp. | 7,292 | 622,080 | ||||||
Caterpillar, Inc. | 2,636 | 573,673 | ||||||
General Electric Co. | 42,248 | 568,658 | ||||||
3M Co. | 2,789 | 553,979 | ||||||
Deere & Co. | 1,500 | 529,065 | ||||||
Lockheed Martin Corp. | 1,177 | 445,318 | ||||||
CSX Corp. | 10,934 | 350,763 | ||||||
FedEx Corp. | 1,175 | 350,538 | ||||||
Norfolk Southern Corp. | 1,204 | 319,554 | ||||||
Illinois Tool Works, Inc. | 1,383 | 309,184 | ||||||
Eaton Corporation plc | 1,918 | 284,209 | ||||||
Emerson Electric Co. | 2,885 | 277,652 | ||||||
Waste Management, Inc. | 1,869 | 261,866 | ||||||
Northrop Grumman Corp. | 720 | 261,670 | ||||||
Johnson Controls International plc | 3,449 | 236,705 | ||||||
Agilent Technologies, Inc. | 1,460 | 215,802 | ||||||
TE Connectivity Ltd. | 1,589 | 214,849 | ||||||
L3Harris Technologies, Inc. | 987 | 213,340 | ||||||
Trane Technologies plc | 1,151 | 211,945 | ||||||
General Dynamics Corp. | 1,102 | 207,462 | ||||||
Amphenol Corp. — Class A | 2,876 | 196,747 | ||||||
Carrier Global Corp. | 3,931 | 191,047 | ||||||
Parker-Hannifin Corp. | 621 | 190,715 | ||||||
TransDigm Group, Inc.* | 264 | 170,885 | ||||||
Rockwell Automation, Inc. | 559 | 159,885 | ||||||
Stanley Black & Decker, Inc. | 777 | 159,277 | ||||||
Otis Worldwide Corp. | 1,941 | 158,716 | ||||||
Mettler-Toledo International, Inc.* | 111 | 153,773 | ||||||
AMETEK, Inc. | 1,111 | 148,319 | ||||||
Keysight Technologies, Inc.* | 886 | 136,807 | ||||||
Ball Corp. | 1,579 | 127,930 | ||||||
Generac Holdings, Inc.* | 303 | 125,790 | ||||||
Kansas City Southern | 438 | 124,116 | ||||||
Old Dominion Freight Line, Inc. | 457 | 115,987 | ||||||
Fortive Corp. | 1,628 | 113,537 | ||||||
Republic Services, Inc. — Class A | 1,012 | 111,330 | ||||||
Vulcan Materials Co. | 637 | 110,882 | ||||||
Martin Marietta Materials, Inc. | 300 | 105,543 | ||||||
Dover Corp. | 693 | 104,366 | ||||||
Garmin Ltd. | 721 | 104,285 | ||||||
Xylem, Inc. | 866 | 103,885 | ||||||
Expeditors International of Washington, Inc. | 812 | 102,799 | ||||||
Waters Corp.* | 297 | 102,646 | ||||||
Trimble, Inc.* | 1,208 | 98,851 | ||||||
Teledyne Technologies, Inc.* | 224 | 93,818 | ||||||
Ingersoll Rand, Inc.* | 1,797 | 87,712 | ||||||
Amcor plc | 7,420 | 85,033 | ||||||
Jacobs Engineering Group, Inc. | 627 | 83,654 | ||||||
IDEX Corp. | 365 | 80,318 | ||||||
Textron, Inc. | 1,086 | 74,684 | ||||||
Masco Corp. | 1,221 | 71,929 | ||||||
Westinghouse Air Brake Technologies Corp. | 855 | 70,366 | ||||||
Westrock Co. | 1,280 | 68,122 | ||||||
Fortune Brands Home & Security, Inc. | 665 | 66,241 | ||||||
J.B. Hunt Transport Services, Inc. | 401 | 65,343 | ||||||
Howmet Aerospace, Inc.* | 1,881 | 64,838 | ||||||
Packaging Corporation of America | 457 | 61,887 | ||||||
Allegion plc | 433 | 60,317 | ||||||
CH Robinson Worldwide, Inc. | 640 | 59,949 | ||||||
Snap-on, Inc. | 260 | 58,092 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 97.5% (continued) | ||||||||
Industrial - 8.0% (continued) | ||||||||
Pentair plc | 800 | $ | 53,992 | |||||
A O Smith Corp. | 647 | 46,623 | ||||||
Sealed Air Corp. | 731 | 43,312 | ||||||
Huntington Ingalls Industries, Inc. | 194 | 40,886 | ||||||
Total Industrial | 14,357,329 | |||||||
Energy - 2.8% | ||||||||
Exxon Mobil Corp. | 20,375 | 1,285,255 | ||||||
Chevron Corp. | 9,300 | 974,082 | ||||||
ConocoPhillips | 6,494 | 395,485 | ||||||
EOG Resources, Inc. | 2,807 | 234,216 | ||||||
Schlumberger N.V. | 6,730 | 215,427 | ||||||
Marathon Petroleum Corp. | 3,066 | 185,248 | ||||||
Pioneer Natural Resources Co. | 1,114 | 181,047 | ||||||
Phillips 66 | 2,107 | 180,823 | ||||||
Kinder Morgan, Inc. | 9,371 | 170,834 | ||||||
Williams Companies, Inc. | 5,846 | 155,211 | ||||||
Valero Energy Corp. | 1,967 | 153,583 | ||||||
Occidental Petroleum Corp. | 4,043 | 126,425 | ||||||
Enphase Energy, Inc.* | 653 | 119,910 | ||||||
ONEOK, Inc. | 2,144 | 119,292 | ||||||
Hess Corp. | 1,321 | 115,350 | ||||||
Halliburton Co. | 4,282 | 99,000 | ||||||
Devon Energy Corp. | 2,867 | 83,688 | ||||||
Diamondback Energy, Inc. | 870 | 81,684 | ||||||
Baker Hughes Co. | 3,500 | 80,045 | ||||||
Marathon Oil Corp. | 3,793 | 51,661 | ||||||
APA Corp. | 1,818 | 39,323 | ||||||
Cabot Oil & Gas Corp. — Class A | 1,923 | 33,575 | ||||||
NOV, Inc.* | 1,880 | 28,802 | ||||||
Total Energy | 5,109,966 | |||||||
Utilities - 2.4% | ||||||||
NextEra Energy, Inc. | 9,439 | 691,690 | ||||||
Duke Energy Corp. | 3,701 | 365,363 | ||||||
Southern Co. | 5,093 | 308,178 | ||||||
Dominion Energy, Inc. | 3,881 | 285,525 | ||||||
Exelon Corp. | 4,703 | 208,390 | ||||||
American Electric Power Company, Inc. | 2,405 | 203,439 | ||||||
Sempra Energy | 1,516 | 200,840 | ||||||
Xcel Energy, Inc. | 2,590 | 170,629 | ||||||
Public Service Enterprise Group, Inc. | 2,430 | 145,168 | ||||||
WEC Energy Group, Inc. | 1,517 | 134,937 | ||||||
American Water Works Company, Inc. | 873 | 134,556 | ||||||
Eversource Energy | 1,653 | 132,637 | ||||||
DTE Energy Co. | 932 | 120,787 | ||||||
Consolidated Edison, Inc. | 1,649 | 118,266 | ||||||
Edison International | 1,826 | 105,579 | ||||||
PPL Corp. | 3,702 | 103,545 | ||||||
Ameren Corp. | 1,230 | 98,449 | ||||||
FirstEnergy Corp. | 2,617 | 97,379 | ||||||
Entergy Corp. | 966 | 96,310 | ||||||
AES Corp. | 3,206 | 83,581 | ||||||
CMS Energy Corp. | 1,392 | 82,239 | ||||||
CenterPoint Energy, Inc. | 2,793 | 68,484 | ||||||
Alliant Energy Corp. | 1,204 | 67,135 | ||||||
Evergy, Inc. | 1,103 | 66,654 | ||||||
Atmos Energy Corp. | 629 | 60,453 | ||||||
NRG Energy, Inc. | 1,178 | 47,473 | ||||||
NiSource, Inc. | 1,888 | 46,256 | ||||||
Pinnacle West Capital Corp. | 543 | 44,510 | ||||||
Total Utilities | 4,288,452 | |||||||
Basic Materials - 2.1% | ||||||||
Linde plc | 2,503 | 723,617 | ||||||
Sherwin-Williams Co. | 1,152 | 313,862 | ||||||
Air Products and Chemicals, Inc. | 1,064 | 306,092 | ||||||
Freeport-McMoRan, Inc. | 7,053 | 261,737 | ||||||
Ecolab, Inc. | 1,197 | 246,546 | ||||||
Newmont Corp. | 3,855 | 244,330 | ||||||
Dow, Inc. | 3,594 | 227,428 | ||||||
DuPont de Nemours, Inc. | 2,561 | 198,247 | ||||||
PPG Industries, Inc. | 1,140 | 193,538 | ||||||
International Flavors & Fragrances, Inc. | 1,198 | 178,981 | ||||||
Nucor Corp. | 1,440 | 138,139 | ||||||
LyondellBasell Industries N.V. — Class A | 1,239 | 127,456 | ||||||
International Paper Co. | 1,885 | 115,569 | ||||||
Albemarle Corp. | 562 | 94,675 | ||||||
Celanese Corp. — Class A | 542 | 82,167 | ||||||
Eastman Chemical Co. | 657 | 76,705 | ||||||
FMC Corp. | 620 | 67,084 | ||||||
CF Industries Holdings, Inc. | 1,032 | 53,097 | ||||||
Mosaic Co. | 1,663 | 53,066 | ||||||
Total Basic Materials | 3,702,336 | |||||||
Total Common Stocks | ||||||||
(Cost $124,567,937) | 174,779,950 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 0.0% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/212 | $ | 23,000 | 22,999 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $23,000) | 22,999 |
REPURCHASE AGREEMENTS††,3 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | 1,123,068 | 1,123,068 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 442,151 | 442,151 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 433,481 | 433,481 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,998,700) | 1,998,700 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,4 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%5 | 57,571 | $ | 57,571 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $57,571) | 57,571 | |||||||
Total Investments - 98.6% | ||||||||
(Cost $126,647,208) | 176,859,220 | |||||||
Other Assets & Liabilities, net - 1.4% | 2,486,101 | |||||||
Total Net Assets - 100.0% | $ | 179,345,321 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | 0.54% (1 Week USD LIBOR + 0.45%) | At Maturity | 07/15/21 | 811 | $ | 3,484,474 | $ | 39,068 | |||||||||||
BNP Paribas | S&P 500 Index | 0.64% (1 Month USD LIBOR + 0.55%) | At Maturity | 07/15/21 | 202 | 868,574 | 17,451 | |||||||||||||
Barclays Bank plc | S&P 500 Index | 0.54% (1 Week USD LIBOR + 0.45%) | At Maturity | 07/14/21 | 48 | 207,924 | 5,291 | |||||||||||||
$ | 4,560,972 | $ | 61,810 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
4 | Securities lending collateral — See Note 5. |
5 | Rate indicated is the 7-day yield as of June 30, 2021. |
LIBOR — London Interbank Offered Rate |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 174,779,950 | $ | — | $ | — | $ | 174,779,950 | ||||||||
U.S. Treasury Bills | — | 22,999 | — | 22,999 | ||||||||||||
Repurchase Agreements | — | 1,998,700 | — | 1,998,700 | ||||||||||||
Securities Lending Collateral | 57,571 | — | — | 57,571 | ||||||||||||
Equity Index Swap Agreements** | — | 61,810 | — | 61,810 | ||||||||||||
Total Assets | $ | 174,837,521 | $ | 2,083,509 | $ | — | $ | 176,921,030 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Technology - 36.7% | ||||||||
NVIDIA Corp. | 2,730 | $ | 2,184,273 | |||||
Monolithic Power Systems, Inc. | 4,734 | 1,767,912 | ||||||
Teradyne, Inc. | 12,660 | 1,695,934 | ||||||
Fortinet, Inc.* | 6,872 | 1,636,842 | ||||||
ServiceNow, Inc.* | 2,910 | 1,599,190 | ||||||
Adobe, Inc.* | 2,490 | 1,458,244 | ||||||
KLA Corp. | 4,195 | 1,360,061 | ||||||
Lam Research Corp. | 2,030 | 1,320,921 | ||||||
Autodesk, Inc.* | 4,391 | 1,281,733 | ||||||
Advanced Micro Devices, Inc.* | 13,561 | 1,273,785 | ||||||
Apple, Inc. | 9,200 | 1,260,032 | ||||||
MSCI, Inc. — Class A | 2,269 | 1,209,558 | ||||||
salesforce.com, Inc.* | 4,817 | 1,176,649 | ||||||
Applied Materials, Inc. | 7,830 | 1,114,992 | ||||||
Microsoft Corp. | 4,030 | 1,091,727 | ||||||
Cadence Design Systems, Inc.* | 7,760 | 1,061,723 | ||||||
Synopsys, Inc.* | 3,710 | 1,023,181 | ||||||
Paycom Software, Inc.* | 2,719 | 988,275 | ||||||
Intuit, Inc. | 1,977 | 969,066 | ||||||
QUALCOMM, Inc. | 6,770 | 967,636 | ||||||
Take-Two Interactive Software, Inc.* | 5,464 | 967,237 | ||||||
Qorvo, Inc.* | 4,687 | 917,012 | ||||||
ANSYS, Inc.* | 2,006 | 696,202 | ||||||
PTC, Inc.* | 4,800 | 678,048 | ||||||
Xilinx, Inc. | 4,610 | 666,790 | ||||||
Tyler Technologies, Inc.* | 1,388 | 627,890 | ||||||
Total Technology | 30,994,913 | |||||||
Consumer, Non-cyclical - 27.7% | ||||||||
PayPal Holdings, Inc.* | 7,379 | 2,150,831 | ||||||
Align Technology, Inc.* | 2,895 | 1,768,845 | ||||||
IDEXX Laboratories, Inc.* | 2,490 | 1,572,559 | ||||||
West Pharmaceutical Services, Inc. | 3,970 | 1,425,627 | ||||||
United Rentals, Inc.* | 4,324 | 1,379,399 | ||||||
DexCom, Inc.* | 3,200 | 1,366,400 | ||||||
DaVita, Inc.* | 10,700 | 1,288,601 | ||||||
Charles River Laboratories International, Inc.* | 3,480 | 1,287,321 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 1,880 | 1,211,265 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2,130 | 1,189,690 | ||||||
Catalent, Inc.* | 10,040 | 1,085,525 | ||||||
ABIOMED, Inc.* | 3,260 | 1,017,479 | ||||||
Thermo Fisher Scientific, Inc. | 1,781 | 898,461 | ||||||
PerkinElmer, Inc. | 5,600 | 864,696 | ||||||
ResMed, Inc. | 3,310 | 815,981 | ||||||
Monster Beverage Corp.* | 8,510 | 777,389 | ||||||
MarketAxess Holdings, Inc. | 1,618 | 750,089 | ||||||
Vertex Pharmaceuticals, Inc.* | 3,507 | 707,117 | ||||||
Rollins, Inc. | 20,640 | 705,888 | ||||||
S&P Global, Inc. | 1,659 | 680,936 | ||||||
Verisk Analytics, Inc. — Class A | 2,980 | 520,666 | ||||||
Total Consumer, Non-cyclical | 23,464,765 | |||||||
Communications - 13.5% | ||||||||
Etsy, Inc.* | 9,990 | 2,056,342 | ||||||
Amazon.com, Inc.* | 460 | 1,582,473 | ||||||
Netflix, Inc.* | 2,478 | 1,308,904 | ||||||
Facebook, Inc. — Class A* | 3,763 | 1,308,433 | ||||||
eBay, Inc. | 17,260 | 1,211,825 | ||||||
Arista Networks, Inc.* | 2,475 | 896,717 | ||||||
Twitter, Inc.* | 12,860 | 884,897 | ||||||
Charter Communications, Inc. — Class A* | 1,200 | 865,740 | ||||||
Alphabet, Inc. — Class A* | 273 | 666,609 | ||||||
Alphabet, Inc. — Class C* | 261 | 654,149 | ||||||
Total Communications | 11,436,089 | |||||||
Consumer, Cyclical - 9.8% | ||||||||
Tesla, Inc.* | 2,600 | 1,767,220 | ||||||
Tractor Supply Co. | 7,110 | 1,322,887 | ||||||
Pool Corp. | 2,870 | 1,316,354 | ||||||
Domino's Pizza, Inc. | 2,637 | 1,230,134 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 625 | 968,962 | ||||||
Dollar General Corp. | 4,202 | 909,271 | ||||||
Copart, Inc.* | 5,856 | 771,996 | ||||||
Total Consumer, Cyclical | 8,286,824 | |||||||
Industrial - 5.3% | ||||||||
Generac Holdings, Inc.* | 4,410 | 1,830,811 | ||||||
Old Dominion Freight Line, Inc. | 3,759 | 954,034 | ||||||
Trimble, Inc.* | 11,090 | 907,495 | ||||||
Mettler-Toledo International, Inc.* | 580 | 803,497 | ||||||
Total Industrial | 4,495,837 | |||||||
Financial - 2.3% | ||||||||
SVB Financial Group* | 3,490 | 1,941,941 | ||||||
Basic Materials - 2.3% | ||||||||
Albemarle Corp. | 6,630 | 1,116,890 | ||||||
FMC Corp. | 7,550 | 816,910 | ||||||
Total Basic Materials | 1,933,800 | |||||||
Energy - 1.9% | ||||||||
Enphase Energy, Inc.* | 8,751 | 1,606,946 | ||||||
Total Common Stocks | ||||||||
(Cost $67,768,757) | 84,161,115 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 264,162 | 264,162 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 104,001 | 104,001 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 101,961 | 101,961 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $470,124) | 470,124 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $68,238,881) | $ | 84,631,239 | ||||||
Other Assets & Liabilities, net - (0.1)% | (98,539 | ) | ||||||
Total Net Assets - 100.0% | $ | 84,532,700 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
See Sector Classification in Other Information section. |
S&P 500® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 84,161,115 | $ | — | $ | — | $ | 84,161,115 | ||||||||
Repurchase Agreements | — | 470,124 | — | 470,124 | ||||||||||||
Total Assets | $ | 84,161,115 | $ | 470,124 | $ | — | $ | 84,631,239 |
S&P 500® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Financial - 44.3% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 2,763 | $ | 767,893 | |||||
Unum Group | 26,572 | 754,645 | ||||||
Lincoln National Corp. | 10,209 | 641,534 | ||||||
Prudential Financial, Inc. | 6,135 | 628,653 | ||||||
MetLife, Inc. | 10,119 | 605,622 | ||||||
Invesco Ltd. | 20,402 | 545,346 | ||||||
Hartford Financial Services Group, Inc. | 8,279 | 513,050 | ||||||
Principal Financial Group, Inc. | 7,512 | 474,683 | ||||||
Capital One Financial Corp. | 2,857 | 441,949 | ||||||
Wells Fargo & Co. | 9,618 | 435,599 | ||||||
Allstate Corp. | 3,048 | 397,581 | ||||||
People's United Financial, Inc. | 22,734 | 389,661 | ||||||
Citigroup, Inc. | 5,466 | 386,719 | ||||||
Citizens Financial Group, Inc. | 8,129 | 372,877 | ||||||
Loews Corp. | 6,760 | 369,434 | ||||||
Fifth Third Bancorp | 9,533 | 364,447 | ||||||
Bank of New York Mellon Corp. | 7,023 | 359,788 | ||||||
Goldman Sachs Group, Inc. | 947 | 359,415 | ||||||
American International Group, Inc. | 7,511 | 357,524 | ||||||
Everest Re Group Ltd. | 1,382 | 348,278 | ||||||
Aflac, Inc. | 6,355 | 341,009 | ||||||
Assurant, Inc. | 2,112 | 329,852 | ||||||
Comerica, Inc. | 4,593 | 327,665 | ||||||
Zions Bancorp North America | 5,707 | 301,672 | ||||||
Bank of America Corp. | 7,178 | 295,949 | ||||||
KeyCorp | 14,231 | 293,870 | ||||||
Franklin Resources, Inc. | 9,012 | 288,294 | ||||||
Regions Financial Corp. | 14,206 | 286,677 | ||||||
Travelers Companies, Inc. | 1,903 | 284,898 | ||||||
Morgan Stanley | 2,899 | 265,809 | ||||||
Cincinnati Financial Corp. | 2,203 | 256,914 | ||||||
M&T Bank Corp. | 1,699 | 246,882 | ||||||
State Street Corp. | 2,993 | 246,264 | ||||||
Truist Financial Corp. | 4,126 | 228,993 | ||||||
Kimco Realty Corp. REIT | 10,589 | 220,781 | ||||||
PNC Financial Services Group, Inc. | 975 | 185,991 | ||||||
Globe Life, Inc. | 1,936 | 184,404 | ||||||
Huntington Bancshares, Inc. | 12,321 | 175,821 | ||||||
Chubb Ltd. | 1,098 | 174,516 | ||||||
Raymond James Financial, Inc. | 1,336 | 173,546 | ||||||
CBRE Group, Inc. — Class A* | 1,923 | 164,859 | ||||||
Synchrony Financial | 3,182 | 154,391 | ||||||
U.S. Bancorp | 2,582 | 147,096 | ||||||
JPMorgan Chase & Co. | 820 | 127,543 | ||||||
Total Financial | 15,218,394 | |||||||
Consumer, Non-cyclical - 16.5% | ||||||||
CVS Health Corp. | 6,584 | 549,369 | ||||||
Centene Corp.* | 7,131 | 520,064 | ||||||
Archer-Daniels-Midland Co. | 8,053 | 488,012 | ||||||
Kroger Co. | 11,990 | 459,337 | ||||||
Molson Coors Beverage Co. — Class B* | 7,863 | 422,164 | ||||||
Cigna Corp. | 1,651 | 391,402 | ||||||
Tyson Foods, Inc. — Class A | 4,942 | 364,522 | ||||||
Viatris, Inc. | 23,468 | 335,358 | ||||||
McKesson Corp. | 1,735 | 331,801 | ||||||
Kraft Heinz Co. | 7,771 | 316,901 | ||||||
Cardinal Health, Inc. | 4,773 | 272,491 | ||||||
Anthem, Inc. | 679 | 259,242 | ||||||
Universal Health Services, Inc. — Class B | 1,358 | 198,852 | ||||||
Perrigo Company plc | 4,025 | 184,546 | ||||||
Corteva, Inc. | 3,923 | 173,985 | ||||||
J M Smucker Co. | 1,189 | 154,059 | ||||||
Henry Schein, Inc.* | 1,689 | 125,307 | ||||||
AmerisourceBergen Corp. — Class A | 1,087 | 124,451 | ||||||
Total Consumer, Non-cyclical | 5,671,863 | |||||||
Consumer, Cyclical - 11.4% | ||||||||
Ford Motor Co.* | 49,446 | 734,768 | ||||||
Walgreens Boots Alliance, Inc. | 9,443 | 496,796 | ||||||
General Motors Co.* | 7,624 | 451,112 | ||||||
Mohawk Industries, Inc.* | 2,098 | 403,215 | ||||||
Lennar Corp. — Class A | 3,210 | 318,914 | ||||||
LKQ Corp.* | 4,505 | 221,736 | ||||||
Whirlpool Corp. | 989 | 215,622 | ||||||
BorgWarner, Inc. | 4,075 | 197,800 | ||||||
Hanesbrands, Inc. | 9,999 | 186,681 | ||||||
CarMax, Inc.* | 1,249 | 161,308 | ||||||
PVH Corp.* | 1,442 | 155,145 | ||||||
Gap, Inc. | 4,189 | 140,960 | ||||||
Advance Auto Parts, Inc. | 671 | 137,649 | ||||||
Walmart, Inc. | 650 | 91,663 | ||||||
Total Consumer, Cyclical | 3,913,369 | |||||||
Energy - 8.0% | ||||||||
Valero Energy Corp. | 7,794 | 608,555 | ||||||
Exxon Mobil Corp. | 7,865 | 496,124 | ||||||
Phillips 66 | 5,152 | 442,145 | ||||||
Marathon Petroleum Corp. | 4,862 | 293,762 | ||||||
Marathon Oil Corp. | 20,822 | 283,596 | ||||||
Kinder Morgan, Inc. | 11,005 | 200,621 | ||||||
Pioneer Natural Resources Co. | 900 | 146,268 | ||||||
EOG Resources, Inc. | 1,722 | 143,684 | ||||||
Chevron Corp. | 1,191 | 124,745 | ||||||
Total Energy | 2,739,500 | |||||||
Communications - 6.4% | ||||||||
Lumen Technologies, Inc. | 49,568 | 673,629 | ||||||
ViacomCBS, Inc. — Class B | 6,484 | 293,077 | ||||||
AT&T, Inc. | 7,347 | 211,447 | ||||||
DISH Network Corp. — Class A* | 5,016 | 209,669 | ||||||
Juniper Networks, Inc. | 6,115 | 167,245 | ||||||
Fox Corp. — Class A | 3,900 | 144,807 | ||||||
Interpublic Group of Companies, Inc. | 4,129 | 134,151 | ||||||
Discovery, Inc. — Class C* | 4,120 | 119,398 | ||||||
News Corp. — Class A | 4,157 | 107,126 | ||||||
Discovery, Inc. — Class A*,1 | 2,139 | 65,624 | ||||||
Fox Corp. — Class B | 1,794 | 63,149 | ||||||
News Corp. — Class B | 1,287 | 31,338 | ||||||
Total Communications | 2,220,660 | |||||||
Industrial - 4.6% | ||||||||
Westrock Co. | 6,797 | 361,736 | ||||||
Textron, Inc. | 3,668 | 252,248 | ||||||
Huntington Ingalls Industries, Inc. | 980 | 206,535 | ||||||
Howmet Aerospace, Inc.* | 5,728 | 197,444 |
S&P 500® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Industrial - 4.6% (continued) | ||||||||
Raytheon Technologies Corp. | 2,005 | $ | 171,047 | |||||
Westinghouse Air Brake Technologies Corp. | 1,786 | 146,988 | ||||||
General Dynamics Corp. | 672 | 126,511 | ||||||
General Electric Co. | 8,550 | 115,083 | ||||||
Total Industrial | 1,577,592 | |||||||
Technology - 3.4% | ||||||||
Hewlett Packard Enterprise Co. | 34,747 | 506,611 | ||||||
Western Digital Corp.* | 4,119 | 293,149 | ||||||
HP, Inc. | 7,079 | 213,715 | ||||||
DXC Technology Co.* | 4,111 | 160,083 | ||||||
Total Technology | 1,173,558 | |||||||
Utilities - 2.7% | ||||||||
Exelon Corp. | 5,447 | 241,356 | ||||||
Consolidated Edison, Inc. | 1,876 | 134,547 | ||||||
FirstEnergy Corp. | 3,473 | 129,230 | ||||||
Evergy, Inc. | 2,099 | 126,843 | ||||||
Pinnacle West Capital Corp. | 1,325 | 108,610 | ||||||
PPL Corp. | 3,542 | 99,070 | ||||||
Edison International | 1,474 | 85,227 | ||||||
Total Utilities | 924,883 | |||||||
Basic Materials - 2.2% | ||||||||
Nucor Corp. | 3,705 | 355,421 | ||||||
Mosaic Co. | 8,322 | 265,555 | ||||||
International Paper Co. | 2,134 | 130,835 | ||||||
Total Basic Materials | 751,811 | |||||||
Total Common Stocks | ||||||||
(Cost $26,806,237) | 34,191,630 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 72,811 | 72,811 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 28,666 | 28,666 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 28,104 | 28,104 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $129,581) | 129,581 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 58,776 | 58,776 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $58,776) | 58,776 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $26,994,594) | $ | 34,379,987 | ||||||
Other Assets & Liabilities, net - (0.1)% | (20,961 | ) | ||||||
Total Net Assets - 100.0% | $ | 34,359,026 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 34,191,630 | $ | — | $ | — | $ | 34,191,630 | ||||||||
Repurchase Agreements | — | 129,581 | — | 129,581 | ||||||||||||
Securities Lending Collateral | 58,776 | — | — | 58,776 | ||||||||||||
Total Assets | $ | 34,250,406 | $ | 129,581 | $ | — | $ | 34,379,987 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Consumer, Non-cyclical - 35.0% | ||||||||
STAAR Surgical Co.* | 14,290 | $ | 2,179,225 | |||||
Medpace Holdings, Inc.* | 8,140 | 1,437,768 | ||||||
Repligen Corp.* | 7,160 | 1,429,279 | ||||||
Boston Beer Company, Inc. — Class A* | 1,380 | 1,408,704 | ||||||
Syneos Health, Inc.* | 12,530 | 1,121,310 | ||||||
R1 RCM, Inc.* | 49,470 | 1,100,213 | ||||||
Paylocity Holding Corp.* | 5,550 | 1,058,940 | ||||||
Halozyme Therapeutics, Inc.* | 20,940 | 950,885 | ||||||
Darling Ingredients, Inc.* | 14,070 | 949,725 | ||||||
Quidel Corp.* | 7,250 | 928,870 | ||||||
Penumbra, Inc.* | 3,080 | 844,105 | ||||||
HealthEquity, Inc.* | 9,990 | 803,995 | ||||||
Bio-Techne Corp. | 1,680 | 756,437 | ||||||
Emergent BioSolutions, Inc.* | 11,990 | 755,250 | ||||||
Amedisys, Inc.* | 2,750 | 673,557 | ||||||
ASGN, Inc.* | 6,920 | 670,756 | ||||||
Exelixis, Inc.* | 36,120 | 658,107 | ||||||
PRA Health Sciences, Inc.* | 3,881 | 641,180 | ||||||
Helen of Troy Ltd.* | 2,800 | 638,736 | ||||||
Masimo Corp.* | 2,619 | 634,976 | ||||||
FTI Consulting, Inc.* | 3,980 | 543,708 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 6,410 | 530,876 | ||||||
Neurocrine Biosciences, Inc.* | 5,080 | 494,385 | ||||||
Insperity, Inc. | 5,030 | 454,561 | ||||||
LHC Group, Inc.* | 2,240 | 448,582 | ||||||
Jazz Pharmaceuticals plc* | 2,220 | 394,361 | ||||||
Chemed Corp. | 641 | 304,155 | ||||||
Total Consumer, Non-cyclical | 22,812,646 | |||||||
Consumer, Cyclical - 23.6% | ||||||||
RH* | 2,840 | 1,928,360 | ||||||
YETI Holdings, Inc.* | 14,830 | 1,361,691 | ||||||
Wingstop, Inc. | 8,130 | 1,281,532 | ||||||
Scotts Miracle-Gro Co. — Class A | 6,350 | 1,218,692 | ||||||
Fox Factory Holding Corp.* | 7,820 | 1,217,261 | ||||||
Lithia Motors, Inc. — Class A | 3,400 | 1,168,376 | ||||||
Crocs, Inc.* | 9,810 | 1,143,061 | ||||||
Williams-Sonoma, Inc. | 7,000 | 1,117,550 | ||||||
Deckers Outdoor Corp.* | 2,540 | 975,538 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 10,250 | 862,332 | ||||||
Churchill Downs, Inc. | 4,231 | 838,838 | ||||||
Five Below, Inc.* | 3,670 | 709,301 | ||||||
Tempur Sealy International, Inc. | 14,050 | 550,620 | ||||||
Texas Roadhouse, Inc. — Class A | 3,730 | 358,826 | ||||||
Mattel, Inc.* | 17,650 | 354,765 | ||||||
Jack in the Box, Inc. | 2,750 | 306,460 | ||||||
Total Consumer, Cyclical | 15,393,203 | |||||||
Industrial - 14.8% | ||||||||
Axon Enterprise, Inc.* | 8,290 | 1,465,672 | ||||||
Trex Company, Inc.* | 12,860 | 1,314,421 | ||||||
II-VI, Inc.* | 17,300 | 1,255,807 | ||||||
TopBuild Corp.* | 5,740 | 1,135,257 | ||||||
Knight-Swift Transportation Holdings, Inc. | 17,300 | 786,458 | ||||||
Timken Co. | 7,030 | 566,548 | ||||||
Simpson Manufacturing Company, Inc. | 4,960 | 547,782 | ||||||
Tetra Tech, Inc. | 3,480 | 424,699 | ||||||
Toro Co. | 3,720 | 408,753 | ||||||
Graco, Inc. | 5,240 | 396,668 | ||||||
Cognex Corp. | 4,600 | 386,630 | ||||||
Mercury Systems, Inc.* | 5,220 | 345,982 | ||||||
Universal Display Corp. | 1,420 | 315,709 | ||||||
Lincoln Electric Holdings, Inc. | 2,390 | 314,787 | ||||||
Total Industrial | 9,665,173 | |||||||
Technology - 8.5% | ||||||||
Brooks Automation, Inc. | 15,400 | 1,467,312 | ||||||
Sailpoint Technologies Holdings, Inc.* | 16,030 | 818,652 | ||||||
CMC Materials, Inc. | 4,740 | 714,508 | ||||||
Lattice Semiconductor Corp.* | 11,560 | 649,441 | ||||||
Fair Isaac Corp.* | 1,171 | 588,638 | ||||||
Qualys, Inc.* | 5,120 | 515,533 | ||||||
Lumentum Holdings, Inc.* | 5,590 | 458,548 | ||||||
MKS Instruments, Inc. | 1,990 | 354,120 | ||||||
Total Technology | 5,566,752 | |||||||
Financial - 8.2% | ||||||||
SLM Corp. | 71,610 | 1,499,513 | ||||||
Brighthouse Financial, Inc.* | 32,620 | 1,485,515 | ||||||
Kinsale Capital Group, Inc. | 5,970 | 983,677 | ||||||
Brown & Brown, Inc. | 10,000 | 531,400 | ||||||
Primerica, Inc. | 3,081 | 471,824 | ||||||
Interactive Brokers Group, Inc. — Class A | 5,960 | 391,751 | ||||||
Total Financial | 5,363,680 | |||||||
Energy - 6.8% | ||||||||
SolarEdge Technologies, Inc.* | 4,750 | 1,312,757 | ||||||
Sunrun, Inc.* | 18,010 | 1,004,598 | ||||||
Antero Midstream Corp. | 86,810 | 901,956 | ||||||
First Solar, Inc.* | 8,900 | 805,539 | ||||||
CNX Resources Corp.* | 30,820 | 421,001 | ||||||
Total Energy | 4,445,851 | |||||||
Communications - 1.7% | ||||||||
Cable One, Inc. | 266 | 508,807 | ||||||
FactSet Research Systems, Inc. | 1,050 | 352,391 | ||||||
New York Times Co. — Class A | 4,900 | 213,395 | ||||||
Total Communications | 1,074,593 | |||||||
Basic Materials - 1.1% | ||||||||
Cleveland-Cliffs, Inc.*,1 | 32,470 | 700,053 | ||||||
Total Common Stocks | ||||||||
(Cost $46,488,583) | 65,021,951 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 195,239 | 195,239 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 76,866 | 76,866 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 75,358 | 75,358 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $347,463) | 347,463 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 0.8% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | $ | 512,947 | $ | 512,947 | ||||
Total Securities Lending Collateral | ||||||||
(Cost $512,947) | $ | 512,947 | ||||||
Total Investments - 101.0% | ||||||||
(Cost $47,348,993) | $ | 65,882,361 | ||||||
Other Assets & Liabilities, net - (1.0)% | (639,883 | ) | ||||||
Total Net Assets - 100.0% | $ | 65,242,478 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 65,021,951 | $ | — | $ | — | $ | 65,021,951 | ||||||||
Repurchase Agreements | — | 347,463 | — | 347,463 | ||||||||||||
Securities Lending Collateral | 512,947 | — | — | 512,947 | ||||||||||||
Total Assets | $ | 65,534,898 | $ | 347,463 | $ | — | $ | 65,882,361 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Financial - 38.8% | ||||||||
Navient Corp. | 137,668 | $ | 2,661,122 | |||||
Jefferies Financial Group, Inc. | 59,321 | 2,028,778 | ||||||
Reinsurance Group of America, Inc. — Class A | 16,412 | 1,870,968 | ||||||
Old Republic International Corp. | 71,317 | 1,776,506 | ||||||
Mercury General Corp. | 25,162 | 1,634,272 | ||||||
CNO Financial Group, Inc. | 68,035 | 1,606,987 | ||||||
Associated Banc-Corp. | 68,474 | 1,402,347 | ||||||
Macerich Co. REIT | 75,300 | 1,374,225 | ||||||
Sterling Bancorp | 55,259 | 1,369,871 | ||||||
FNB Corp. | 110,848 | 1,366,756 | ||||||
First American Financial Corp. | 21,910 | 1,366,088 | ||||||
Jones Lang LaSalle, Inc.* | 6,640 | 1,297,854 | ||||||
Valley National Bancorp | 90,788 | 1,219,283 | ||||||
Wintrust Financial Corp. | 16,016 | 1,211,290 | ||||||
SL Green Realty Corp. REIT | 14,620 | 1,169,600 | ||||||
First Horizon Corp. | 65,606 | 1,133,672 | ||||||
Fulton Financial Corp. | 71,620 | 1,130,163 | ||||||
Pinnacle Financial Partners, Inc. | 12,176 | 1,075,019 | ||||||
Alleghany Corp.* | 1,610 | 1,073,983 | ||||||
Bank OZK | 25,206 | 1,062,685 | ||||||
Washington Federal, Inc. | 33,200 | 1,055,096 | ||||||
New York Community Bancorp, Inc. | 93,490 | 1,030,260 | ||||||
Hancock Whitney Corp. | 22,672 | 1,007,544 | ||||||
Hanover Insurance Group, Inc. | 7,290 | 988,816 | ||||||
Trustmark Corp. | 31,520 | 970,816 | ||||||
American Financial Group, Inc. | 7,680 | 957,850 | ||||||
Kemper Corp. | 12,545 | 927,075 | ||||||
Cathay General Bancorp | 23,390 | 920,630 | ||||||
United Bankshares, Inc. | 24,830 | 906,295 | ||||||
MGIC Investment Corp. | 65,920 | 896,512 | ||||||
Synovus Financial Corp. | 19,980 | 876,722 | ||||||
Alliance Data Systems Corp. | 8,248 | 859,359 | ||||||
International Bancshares Corp. | 19,120 | 821,013 | ||||||
BancorpSouth Bank | 25,690 | 727,798 | ||||||
Prosperity Bancshares, Inc. | 9,730 | 698,614 | ||||||
Webster Financial Corp. | 12,830 | 684,352 | ||||||
East West Bancorp, Inc. | 9,400 | 673,886 | ||||||
Pebblebrook Hotel Trust REIT | 27,106 | 638,346 | ||||||
UMB Financial Corp. | 6,660 | 619,780 | ||||||
CIT Group, Inc. | 11,500 | 593,285 | ||||||
Selective Insurance Group, Inc. | 6,980 | 566,427 | ||||||
Janus Henderson Group plc | 13,160 | 510,740 | ||||||
Texas Capital Bancshares, Inc.* | 7,612 | 483,286 | ||||||
Sabra Health Care REIT, Inc. | 26,080 | 474,656 | ||||||
Cousins Properties, Inc. REIT | 12,720 | 467,842 | ||||||
Total Financial | 48,188,469 | |||||||
Consumer, Cyclical - 21.1% | ||||||||
Kohl's Corp. | 41,739 | 2,300,236 | ||||||
World Fuel Services Corp. | 70,157 | 2,226,082 | ||||||
AutoNation, Inc.* | 23,473 | 2,225,475 | ||||||
Foot Locker, Inc. | 30,449 | 1,876,572 | ||||||
Dick's Sporting Goods, Inc. | 18,139 | 1,817,346 | ||||||
Dana, Inc. | 76,037 | 1,806,639 | ||||||
Taylor Morrison Home Corp. — Class A* | 68,291 | 1,804,248 | ||||||
Univar Solutions, Inc.* | 72,042 | 1,756,384 | ||||||
Tri Pointe Homes, Inc.* | 81,742 | 1,751,731 | ||||||
KB Home | 33,820 | 1,377,151 | ||||||
Murphy USA, Inc. | 9,202 | 1,227,271 | ||||||
Goodyear Tire & Rubber Co.* | 63,587 | 1,090,517 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 22,728 | 1,081,398 | ||||||
Lear Corp. | 5,519 | 967,370 | ||||||
Thor Industries, Inc. | 7,941 | 897,333 | ||||||
Urban Outfitters, Inc.* | 18,836 | 776,420 | ||||||
Adient plc* | 16,947 | 766,005 | ||||||
KAR Auction Services, Inc.* | 27,115 | 475,868 | ||||||
Total Consumer, Cyclical | 26,224,046 | |||||||
Industrial - 14.9% | ||||||||
Avnet, Inc. | 65,249 | 2,615,180 | ||||||
SYNNEX Corp. | 17,974 | 2,188,514 | ||||||
Arrow Electronics, Inc.* | 17,252 | 1,963,795 | ||||||
Ryder System, Inc. | 20,735 | 1,541,233 | ||||||
Jabil, Inc. | 26,290 | 1,527,975 | ||||||
MasTec, Inc.* | 11,460 | 1,215,906 | ||||||
Greif, Inc. — Class A | 19,472 | 1,179,030 | ||||||
EMCOR Group, Inc. | 8,960 | 1,103,783 | ||||||
Oshkosh Corp. | 7,230 | 901,147 | ||||||
MDU Resources Group, Inc. | 27,300 | 855,582 | ||||||
AECOM* | 12,182 | 771,364 | ||||||
Dycom Industries, Inc.* | 8,662 | 645,579 | ||||||
Kirby Corp.* | 9,130 | 553,643 | ||||||
Colfax Corp.* | 11,690 | 535,519 | ||||||
Trinity Industries, Inc. | 18,362 | 493,754 | ||||||
GATX Corp. | 4,590 | 406,077 | ||||||
Total Industrial | 18,498,081 | |||||||
Consumer, Non-cyclical - 9.1% | ||||||||
Graham Holdings Co. — Class B | 3,510 | 2,224,989 | ||||||
ManpowerGroup, Inc. | 14,450 | 1,718,249 | ||||||
Sprouts Farmers Market, Inc.* | 61,934 | 1,539,060 | ||||||
Pilgrim's Pride Corp.* | 67,090 | 1,488,056 | ||||||
Tenet Healthcare Corp.* | 18,621 | 1,247,421 | ||||||
TreeHouse Foods, Inc.* | 26,138 | 1,163,664 | ||||||
Adtalem Global Education, Inc.* | 25,378 | 904,472 | ||||||
Ingredion, Inc. | 7,200 | 651,600 | ||||||
Strategic Education, Inc. | 4,380 | 333,143 | ||||||
Total Consumer, Non-cyclical | 11,270,654 | |||||||
Basic Materials - 4.8% | ||||||||
Commercial Metals Co. | 82,929 | 2,547,579 | ||||||
Steel Dynamics, Inc. | 16,690 | 994,724 | ||||||
Reliance Steel & Aluminum Co. | 6,230 | 940,107 | ||||||
United States Steel Corp. | 32,499 | 779,976 | ||||||
Minerals Technologies, Inc. | 8,124 | 639,115 | ||||||
Total Basic Materials | 5,901,501 | |||||||
Technology - 3.8% | ||||||||
Xerox Holdings Corp. | 90,590 | 2,127,959 | ||||||
NCR Corp.* | 24,710 | 1,127,023 | ||||||
NetScout Systems, Inc.* | 29,756 | 849,236 | ||||||
KBR, Inc. | 15,900 | 606,585 | ||||||
Total Technology | 4,710,803 | |||||||
Communications - 3.3% | ||||||||
Telephone & Data Systems, Inc. | 121,796 | 2,759,897 | ||||||
Viasat, Inc.* | 25,990 | 1,295,342 | ||||||
Total Communications | 4,055,239 | |||||||
Energy - 2.3% | ||||||||
HollyFrontier Corp. | 84,150 | 2,768,535 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Utilities - 1.4% | ||||||||
Southwest Gas Holdings, Inc. | 10,200 | $ | 675,138 | |||||
UGI Corp. | 13,330 | 617,312 | ||||||
ALLETE, Inc. | 6,760 | 473,065 | ||||||
Total Utilities | 1,765,515 | |||||||
Total Common Stocks | ||||||||
(Cost $99,032,447) | 123,382,843 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 447,957 | $ | 447,957 | ||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 176,361 | 176,361 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 172,902 | 172,902 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $797,220) | 797,220 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $99,829,667) | $ | 124,180,063 | ||||||
Other Assets & Liabilities, net - (0.1)% | (64,941 | ) | ||||||
Total Net Assets - 100.0% | $ | 124,115,122 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 123,382,843 | $ | — | $ | — | $ | 123,382,843 | ||||||||
Repurchase Agreements | — | 797,220 | — | 797,220 | ||||||||||||
Total Assets | $ | 123,382,843 | $ | 797,220 | $ | — | $ | 124,180,063 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.2% | ||||||||
Consumer, Non-cyclical - 30.5% | ||||||||
Fulgent Genetics, Inc.*,1 | 6,895 | $ | 635,926 | |||||
Celsius Holdings, Inc.* | 6,370 | 484,693 | ||||||
Community Health Systems, Inc.* | 30,293 | 467,724 | ||||||
Medifast, Inc. | 1,607 | 454,749 | ||||||
Alarm.com Holdings, Inc.* | 3,658 | 309,833 | ||||||
Joint Corp.* | 3,660 | 307,147 | ||||||
Meridian Bioscience, Inc.* | 12,253 | 271,772 | ||||||
Corcept Therapeutics, Inc.* | 11,954 | 262,988 | ||||||
Zynex, Inc.*,1 | 15,912 | 247,113 | ||||||
Rent-A-Center, Inc. | 4,342 | 230,430 | ||||||
Coherus Biosciences, Inc.* | 16,640 | 230,131 | ||||||
Collegium Pharmaceutical, Inc.* | 9,494 | 224,438 | ||||||
Avanos Medical, Inc.* | 6,150 | 223,675 | ||||||
Merit Medical Systems, Inc.* | 3,413 | 220,685 | ||||||
Supernus Pharmaceuticals, Inc.* | 6,945 | 213,837 | ||||||
Innoviva, Inc.* | 15,906 | 213,299 | ||||||
National Beverage Corp. | 4,379 | 206,820 | ||||||
B&G Foods, Inc.1 | 6,260 | 205,328 | ||||||
Ensign Group, Inc. | 2,334 | 202,288 | ||||||
NeoGenomics, Inc.* | 4,339 | 195,993 | ||||||
Green Dot Corp. — Class A* | 4,159 | 194,849 | ||||||
Pennant Group, Inc.* | 4,579 | 187,281 | ||||||
ModivCare, Inc.* | 1,084 | 184,356 | ||||||
Pacira BioSciences, Inc.* | 3,009 | 182,586 | ||||||
Vericel Corp.* | 3,467 | 182,018 | ||||||
Arlo Technologies, Inc.* | 19,803 | 134,066 | ||||||
Xencor, Inc.* | 3,761 | 129,717 | ||||||
REGENXBIO, Inc.* | 3,157 | 122,649 | ||||||
Luminex Corp. | 3,190 | 117,392 | ||||||
Omnicell, Inc.* | 772 | 116,919 | ||||||
Cytokinetics, Inc.*,1 | 4,974 | 98,436 | ||||||
EVERTEC, Inc. | 2,151 | 93,891 | ||||||
LeMaitre Vascular, Inc. | 1,531 | 93,422 | ||||||
Heska Corp.* | 385 | 88,446 | ||||||
Addus HomeCare Corp.* | 926 | 80,784 | ||||||
WD-40 Co. | 294 | 75,349 | ||||||
Tactile Systems Technology, Inc.* | 1,433 | 74,516 | ||||||
Forrester Research, Inc.* | 1,582 | 72,456 | ||||||
Total Consumer, Non-cyclical | 8,038,002 | |||||||
Consumer, Cyclical - 18.0% | ||||||||
Vista Outdoor, Inc.* | 13,887 | 642,690 | ||||||
MarineMax, Inc.* | 10,173 | 495,832 | ||||||
Big Lots, Inc. | 7,256 | 478,969 | ||||||
Hibbett, Inc. | 5,249 | 470,468 | ||||||
Century Communities, Inc. | 6,120 | 407,225 | ||||||
LGI Homes, Inc.* | 2,281 | 369,385 | ||||||
iRobot Corp.* | 3,849 | 359,458 | ||||||
Sleep Number Corp.* | 2,921 | 321,164 | ||||||
Installed Building Products, Inc. | 2,159 | 264,175 | ||||||
Meritage Homes Corp.* | 2,109 | 198,415 | ||||||
Lumber Liquidators Holdings, Inc.* | 7,458 | 157,364 | ||||||
Dine Brands Global, Inc.* | 1,720 | 153,510 | ||||||
PetMed Express, Inc.1 | 3,338 | 106,315 | ||||||
LCI Industries | 711 | 93,440 | ||||||
Dorman Products, Inc.* | 870 | 90,193 | ||||||
Shake Shack, Inc. — Class A* | 814 | 87,114 | ||||||
Tupperware Brands Corp.* | 2,408 | 57,190 | ||||||
Total Consumer, Cyclical | 4,752,907 | |||||||
Financial - 16.9% | ||||||||
Mr Cooper Group, Inc.* | 15,257 | 504,396 | ||||||
Innovative Industrial Properties, Inc. REIT | 2,065 | 394,456 | ||||||
St. Joe Co. | 8,010 | 357,326 | ||||||
Trupanion, Inc.* | 3,029 | 348,638 | ||||||
Safehold, Inc. REIT1 | 3,935 | 308,898 | ||||||
Brightsphere Investment Group, Inc. | 11,705 | 274,248 | ||||||
StoneX Group, Inc.* | 4,504 | 273,258 | ||||||
HCI Group, Inc.1 | 2,433 | 241,913 | ||||||
Virtus Investment Partners, Inc. | 853 | 236,938 | ||||||
Axos Financial, Inc.* | 4,459 | 206,853 | ||||||
Palomar Holdings, Inc.* | 2,669 | 201,402 | ||||||
Triumph Bancorp, Inc.* | 2,644 | 196,317 | ||||||
ServisFirst Bancshares, Inc. | 2,695 | 183,206 | ||||||
Essential Properties Realty Trust, Inc. REIT | 5,871 | 158,752 | ||||||
Walker & Dunlop, Inc. | 1,492 | 155,735 | ||||||
eHealth, Inc.* | 1,972 | 115,165 | ||||||
PRA Group, Inc.* | 2,923 | 112,448 | ||||||
NMI Holdings, Inc. — Class A* | 4,533 | 101,902 | ||||||
Community Healthcare Trust, Inc. REIT | 1,746 | 82,865 | ||||||
Total Financial | 4,454,716 | |||||||
Technology - 11.8% | ||||||||
MicroStrategy, Inc. — Class A* | 618 | 410,661 | ||||||
SPS Commerce, Inc.* | 2,342 | 233,849 | ||||||
Simulations Plus, Inc. | 4,055 | 222,660 | ||||||
TTEC Holdings, Inc. | 2,128 | 219,375 | ||||||
Onto Innovation, Inc.* | 2,614 | 190,927 | ||||||
Ultra Clean Holdings, Inc.* | 3,550 | 190,706 | ||||||
LivePerson, Inc.* | 2,659 | 168,155 | ||||||
FormFactor, Inc.* | 4,218 | 153,788 | ||||||
Agilysys, Inc.* | 2,561 | 145,644 | ||||||
Power Integrations, Inc. | 1,753 | 143,851 | ||||||
Diodes, Inc.* | 1,716 | 136,886 | ||||||
Ebix, Inc. | 3,980 | 134,922 | ||||||
CEVA, Inc.* | 2,793 | 132,109 | ||||||
Allscripts Healthcare Solutions, Inc.* | 6,995 | 129,477 | ||||||
ExlService Holdings, Inc.* | 1,142 | 121,349 | ||||||
8x8, Inc.* | 3,776 | 104,822 | ||||||
Tabula Rasa HealthCare, Inc.* | 1,973 | 98,650 | ||||||
Cohu, Inc.* | 2,619 | 96,353 | ||||||
OneSpan, Inc.* | 3,094 | 79,021 | ||||||
Total Technology | 3,113,205 | |||||||
Industrial - 11.5% | ||||||||
Chart Industries, Inc.* | 2,125 | 310,930 | ||||||
Vicor Corp.* | 2,440 | 258,006 | ||||||
Advanced Energy Industries, Inc. | 2,264 | 255,175 | ||||||
Comfort Systems USA, Inc. | 3,174 | 250,079 | ||||||
Saia, Inc.* | 1,176 | 246,360 | ||||||
AeroVironment, Inc.* | 1,904 | 190,686 | ||||||
Patrick Industries, Inc. | 2,538 | 185,274 | ||||||
PGT Innovations, Inc.* | 7,414 | 172,227 | ||||||
Matson, Inc. | 2,071 | 132,544 | ||||||
AAON, Inc. | 2,087 | 130,625 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.2% (continued) | ||||||||
Industrial - 11.5% (continued) | ||||||||
Forward Air Corp. | 1,284 | $ | 115,239 | |||||
Alamo Group, Inc. | 745 | 113,747 | ||||||
Exponent, Inc. | 1,161 | 103,573 | ||||||
Federal Signal Corp. | 2,574 | 103,552 | ||||||
Gibraltar Industries, Inc.* | 1,313 | 100,195 | ||||||
Marten Transport Ltd. | 5,973 | 98,495 | ||||||
Proto Labs, Inc.* | 1,002 | 91,984 | ||||||
Franklin Electric Company, Inc. | 1,063 | 85,699 | ||||||
Badger Meter, Inc. | 860 | 84,383 | ||||||
Total Industrial | 3,028,773 | |||||||
Communications - 5.7% | ||||||||
TechTarget, Inc.* | 4,407 | 341,498 | ||||||
Stamps.com, Inc.* | 1,411 | 282,609 | ||||||
Shutterstock, Inc. | 2,376 | 233,252 | ||||||
Perficient, Inc.* | 1,937 | 155,774 | ||||||
Vonage Holdings Corp.* | 10,136 | 146,060 | ||||||
Cincinnati Bell, Inc.* | 8,384 | 129,281 | ||||||
QuinStreet, Inc.* | 6,325 | 117,518 | ||||||
Viavi Solutions, Inc.* | 4,874 | 86,075 | ||||||
Total Communications | 1,492,067 | |||||||
Energy - 3.6% | ||||||||
Bonanza Creek Energy, Inc. | 10,535 | 495,883 | ||||||
Renewable Energy Group, Inc.* | 5,863 | 365,499 | ||||||
DMC Global, Inc.* | 1,730 | 97,243 | ||||||
Total Energy | 958,625 | |||||||
Basic Materials - 1.2% | ||||||||
Quaker Chemical Corp. | 712 | 168,880 | ||||||
Livent Corp.* | 8,034 | 155,538 | ||||||
Total Basic Materials | 324,418 | |||||||
Total Common Stocks | ||||||||
(Cost $22,993,085) | 26,162,713 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 116,128 | 116,128 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 45,719 | 45,719 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 44,823 | 44,823 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $206,670) | 206,670 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 4.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,133,216 | 1,133,216 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,133,216) | 1,133,216 | |||||||
Total Investments - 104.3% | ||||||||
(Cost $24,332,971) | $ | 27,502,599 | ||||||
Other Assets & Liabilities, net - (4.3)% | (1,129,620 | ) | ||||||
Total Net Assets - 100.0% | $ | 26,372,979 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 26,162,713 | $ | — | $ | — | $ | 26,162,713 | ||||||||
Repurchase Agreements | — | 206,670 | — | 206,670 | ||||||||||||
Securities Lending Collateral | 1,133,216 | — | — | 1,133,216 | ||||||||||||
Total Assets | $ | 27,295,929 | $ | 206,670 | $ | — | $ | 27,502,599 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Financial - 24.0% | ||||||||
Genworth Financial, Inc. — Class A* | 311,996 | $ | 1,216,784 | |||||
Customers Bancorp, Inc.* | 19,993 | 779,527 | ||||||
Realogy Holdings Corp.* | 37,109 | 676,126 | ||||||
EZCORP, Inc. — Class A* | 102,061 | 615,428 | ||||||
Boston Private Financial Holdings, Inc. | 39,362 | 580,590 | ||||||
Stewart Information Services Corp. | 10,149 | 575,347 | ||||||
Hanmi Financial Corp. | 29,475 | 561,793 | ||||||
American Equity Investment Life Holding Co. | 16,188 | 523,196 | ||||||
Dime Community Bancshares, Inc. | 15,418 | 518,353 | ||||||
Encore Capital Group, Inc.* | 10,903 | 516,693 | ||||||
Employers Holdings, Inc. | 11,966 | 512,145 | ||||||
Universal Insurance Holdings, Inc. | 35,986 | 499,486 | ||||||
Investors Bancorp, Inc. | 32,091 | 457,618 | ||||||
Enova International, Inc.* | 13,102 | 448,219 | ||||||
Assured Guaranty Ltd. | 9,131 | 433,540 | ||||||
United Insurance Holdings Corp. | 74,294 | 423,476 | ||||||
Simmons First National Corp. — Class A | 13,940 | 409,000 | ||||||
Service Properties Trust REIT | 31,480 | 396,648 | ||||||
United Fire Group, Inc. | 14,278 | 395,929 | ||||||
RPT Realty REIT | 30,447 | 395,202 | ||||||
First Financial Bancorp | 16,671 | 393,936 | ||||||
Central Pacific Financial Corp. | 14,973 | 390,196 | ||||||
Hope Bancorp, Inc. | 27,514 | 390,149 | ||||||
Office Properties Income Trust REIT | 13,296 | 389,706 | ||||||
SiriusPoint Ltd.* | 37,962 | 382,277 | ||||||
GEO Group, Inc. REIT1 | 53,203 | 378,805 | ||||||
First Midwest Bancorp, Inc. | 19,014 | 377,048 | ||||||
Provident Financial Services, Inc. | 15,840 | 362,577 | ||||||
Northfield Bancorp, Inc. | 20,513 | 336,413 | ||||||
First BanCorp | 27,522 | 328,062 | ||||||
Ready Capital Corp. REIT | 20,375 | 323,351 | ||||||
First Commonwealth Financial Corp. | 20,930 | 294,485 | ||||||
PennyMac Mortgage Investment Trust REIT | 13,741 | 289,386 | ||||||
Ameris Bancorp | 5,704 | 288,794 | ||||||
OFG Bancorp | 12,095 | 267,541 | ||||||
Renasant Corp. | 6,655 | 266,200 | ||||||
WSFS Financial Corp. | 5,710 | 266,029 | ||||||
Franklin Street Properties Corp. REIT | 50,005 | 263,026 | ||||||
Diversified Healthcare Trust REIT | 62,844 | 262,688 | ||||||
Veritex Holdings, Inc. | 7,411 | 262,424 | ||||||
S&T Bancorp, Inc. | 8,375 | 262,137 | ||||||
Banner Corp. | 4,806 | 260,533 | ||||||
Horace Mann Educators Corp. | 6,359 | 237,954 | ||||||
Allegiance Bancshares, Inc. | 6,038 | 232,101 | ||||||
BankUnited, Inc. | 5,436 | 232,063 | ||||||
Acadia Realty Trust REIT | 10,499 | 230,558 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 14,399 | 229,664 | ||||||
Eagle Bancorp, Inc. | 4,090 | 229,367 | ||||||
Old National Bancorp | 11,939 | 210,246 | ||||||
HomeStreet, Inc. | 5,117 | 208,467 | ||||||
Independent Bank Group, Inc. | 2,455 | 181,621 | ||||||
Safety Insurance Group, Inc. | 2,262 | 177,069 | ||||||
First Bancorp | 4,240 | 173,458 | ||||||
Whitestone REIT — Class B | 19,543 | 161,230 | ||||||
DiamondRock Hospitality Co. REIT* | 16,348 | 158,576 | ||||||
Total Financial | 20,633,237 | |||||||
Consumer, Cyclical - 23.2% | ||||||||
Veritiv Corp.* | 35,658 | 2,190,114 | ||||||
Conn's, Inc.* | 53,436 | 1,362,618 | ||||||
Signet Jewelers Ltd.* | 11,893 | 960,836 | ||||||
G-III Apparel Group Ltd.* | 29,144 | 957,672 | ||||||
Cato Corp. — Class A | 56,435 | 952,058 | ||||||
ODP Corp.* | 18,127 | 870,277 | ||||||
Chico's FAS, Inc.* | 126,064 | 829,501 | ||||||
Daktronics, Inc.* | 119,406 | 786,886 | ||||||
M/I Homes, Inc.* | 12,630 | 741,002 | ||||||
Vera Bradley, Inc.* | 59,325 | 735,037 | ||||||
Abercrombie & Fitch Co. — Class A* | 15,368 | 713,536 | ||||||
Genesco, Inc.* | 11,024 | 702,008 | ||||||
Bed Bath & Beyond, Inc.* | 19,403 | 645,926 | ||||||
Group 1 Automotive, Inc. | 4,111 | 634,862 | ||||||
GMS, Inc.* | 12,769 | 614,700 | ||||||
Resideo Technologies, Inc.* | 18,793 | 563,790 | ||||||
Core-Mark Holding Company, Inc. | 12,078 | 543,631 | ||||||
Shoe Carnival, Inc. | 7,181 | 514,088 | ||||||
Unifi, Inc.* | 19,459 | 474,021 | ||||||
Asbury Automotive Group, Inc.* | 2,727 | 467,326 | ||||||
ScanSource, Inc.* | 16,541 | 465,298 | ||||||
Barnes & Noble Education, Inc.* | 62,444 | 450,221 | ||||||
Sally Beauty Holdings, Inc.* | 20,376 | 449,698 | ||||||
Interface, Inc. — Class A | 24,216 | 370,505 | ||||||
PC Connection, Inc. | 7,673 | 355,030 | ||||||
Sonic Automotive, Inc. — Class A | 7,117 | 318,415 | ||||||
SkyWest, Inc.* | 6,945 | 299,121 | ||||||
Marcus Corp.*,1 | 13,409 | 284,405 | ||||||
Ethan Allen Interiors, Inc. | 8,994 | 248,234 | ||||||
HNI Corp. | 5,264 | 231,458 | ||||||
Motorcar Parts of America, Inc.* | 9,389 | 210,689 | ||||||
Total Consumer, Cyclical | 19,942,963 | |||||||
Industrial - 16.4% | ||||||||
Olympic Steel, Inc. | 41,711 | 1,225,886 | ||||||
US Concrete, Inc.* | 12,422 | 916,744 | ||||||
Greenbrier Companies, Inc. | 20,041 | 873,387 | ||||||
Granite Construction, Inc. | 19,334 | 802,941 | ||||||
ArcBest Corp. | 11,629 | 676,691 | ||||||
Sanmina Corp.* | 16,959 | 660,723 | ||||||
DXP Enterprises, Inc.* | 19,550 | 651,015 | ||||||
Benchmark Electronics, Inc. | 22,860 | 650,596 | ||||||
O-I Glass, Inc.* | 37,878 | 618,547 | ||||||
Griffon Corp. | 23,921 | 613,095 | ||||||
Bel Fuse, Inc. — Class B | 41,299 | 594,705 | ||||||
Apogee Enterprises, Inc. | 13,461 | 548,267 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% (continued) | ||||||||
Industrial - 16.4% (continued) | ||||||||
Boise Cascade Co. | 9,361 | $ | 546,214 | |||||
Atlas Air Worldwide Holdings, Inc.* | 7,991 | 544,267 | ||||||
Haynes International, Inc. | 15,106 | 534,450 | ||||||
Powell Industries, Inc. | 16,951 | 524,634 | ||||||
TimkenSteel Corp.* | 36,808 | 520,833 | ||||||
Comtech Telecommunications Corp. | 19,495 | 470,999 | ||||||
TTM Technologies, Inc.* | 31,925 | 456,527 | ||||||
AAR Corp.* | 11,565 | 448,144 | ||||||
Hub Group, Inc. — Class A* | 5,370 | 354,313 | ||||||
Encore Wire Corp. | 3,832 | 290,427 | ||||||
Trinseo S.A. | 3,977 | 237,984 | ||||||
Matthews International Corp. — Class A | 6,580 | 236,617 | ||||||
Tredegar Corp. | 6,103 | 84,039 | ||||||
Total Industrial | 14,082,045 | |||||||
Consumer, Non-cyclical - 12.5% | ||||||||
Aaron's Company, Inc. | 43,230 | 1,382,928 | ||||||
CoreCivic, Inc.* | 95,069 | 995,372 | ||||||
Fresh Del Monte Produce, Inc. | 28,021 | 921,331 | ||||||
Andersons, Inc. | 29,614 | 904,115 | ||||||
Seneca Foods Corp. — Class A* | 17,280 | 882,662 | ||||||
SpartanNash Co. | 38,107 | 735,846 | ||||||
Kelly Services, Inc. — Class A* | 26,852 | 643,642 | ||||||
Magellan Health, Inc.* | 6,623 | 623,887 | ||||||
Universal Corp. | 9,737 | 554,717 | ||||||
Cross Country Healthcare, Inc.* | 32,187 | 531,407 | ||||||
Edgewell Personal Care Co. | 10,406 | 456,823 | ||||||
Invacare Corp.* | 53,068 | 428,259 | ||||||
Resources Connection, Inc. | 29,122 | 418,192 | ||||||
ABM Industries, Inc. | 8,848 | 392,409 | ||||||
Deluxe Corp. | 7,002 | 334,486 | ||||||
TrueBlue, Inc.* | 11,468 | 322,366 | ||||||
Prestige Consumer Healthcare, Inc.* | 4,996 | 260,292 | ||||||
Total Consumer, Non-cyclical | 10,788,734 | |||||||
Energy - 12.4% | ||||||||
CONSOL Energy, Inc.* | 106,350 | 1,964,285 | ||||||
Green Plains, Inc.* | 35,753 | 1,202,016 | ||||||
SunCoke Energy, Inc. | 134,523 | 960,494 | ||||||
SM Energy Co. | 35,863 | 883,306 | ||||||
Callon Petroleum Co.*,1 | 14,410 | 831,313 | ||||||
Helix Energy Solutions Group, Inc.* | 115,642 | 660,316 | ||||||
ProPetro Holding Corp.* | 69,814 | 639,496 | ||||||
Talos Energy, Inc.* | 39,587 | 619,141 | ||||||
Matrix Service Co.* | 53,033 | 556,847 | ||||||
US Silica Holdings, Inc.* | 33,733 | 389,953 | ||||||
PBF Energy, Inc. — Class A* | 25,305 | 387,166 | ||||||
Penn Virginia Corp.* | 16,269 | 384,111 | ||||||
Nabors Industries Ltd.* | 2,958 | 337,922 | ||||||
Oil States International, Inc.* | 39,477 | 309,894 | ||||||
NOW, Inc.* | 27,458 | 260,576 | ||||||
Bristow Group, Inc.* | 7,178 | 183,829 | ||||||
Warrior Met Coal, Inc. | 8,382 | 144,170 | ||||||
Total Energy | 10,714,835 | |||||||
Basic Materials - 6.0% | ||||||||
Domtar Corp.* | 26,256 | 1,443,030 | ||||||
AdvanSix, Inc.* | 24,287 | 725,210 | ||||||
Mercer International, Inc.1 | 45,399 | 578,837 | ||||||
Carpenter Technology Corp. | 14,260 | 573,537 | ||||||
Koppers Holdings, Inc.* | 15,902 | 514,430 | ||||||
Clearwater Paper Corp.* | 16,304 | 472,327 | ||||||
Rayonier Advanced Materials, Inc.* | 66,844 | 447,186 | ||||||
Allegheny Technologies, Inc.* | 14,107 | 294,131 | ||||||
Glatfelter Corp. | 9,131 | 127,560 | ||||||
Total Basic Materials | 5,176,248 | |||||||
Communications - 4.1% | ||||||||
Consolidated Communications Holdings, Inc.* | 115,534 | 1,015,544 | ||||||
Scholastic Corp. | 19,624 | 743,553 | ||||||
EW Scripps Co. — Class A | 26,440 | 539,112 | ||||||
AMC Networks, Inc. — Class A* | 6,006 | 401,201 | ||||||
Gannett Company, Inc.* | 50,419 | 276,800 | ||||||
Spok Holdings, Inc. | 27,110 | 260,798 | ||||||
NETGEAR, Inc.* | 4,721 | 180,909 | ||||||
ePlus, Inc.* | 1,764 | 152,921 | ||||||
Total Communications | 3,570,838 | |||||||
Technology - 0.7% | ||||||||
Insight Enterprises, Inc.* | 5,890 | 589,059 | ||||||
BM Technologies, Inc.* | 428 | 5,324 | ||||||
Total Technology | 594,383 | |||||||
Utilities - 0.3% | ||||||||
Unitil Corp. | 4,392 | 232,644 | ||||||
Total Common Stocks | ||||||||
(Cost $77,487,908) | 85,735,927 |
WARRANTS†- 0.0% | ||||||||
Nabors Industries Ltd. | ||||||||
Expiring 06/11/26* | 1,199 | 11,990 | ||||||
Total Warrants | ||||||||
(Cost $0) | 11,990 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 242,139 | 242,139 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 95,330 | 95,330 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 93,460 | 93,460 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $430,929) | 430,929 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,133,963 | 1,133,963 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,133,963) | 1,133,963 | |||||||
Total Investments - 101.4% | ||||||||
(Cost $79,052,800) | $ | 87,312,809 | ||||||
Other Assets & Liabilities, net - (1.4)% | (1,231,511 | ) | ||||||
Total Net Assets - 100.0% | $ | 86,081,298 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 85,735,927 | $ | — | $ | — | $ | 85,735,927 | ||||||||
Warrants | 11,990 | — | — | 11,990 | ||||||||||||
Repurchase Agreements | — | 430,929 | — | 430,929 | ||||||||||||
Securities Lending Collateral | 1,133,963 | — | — | 1,133,963 | ||||||||||||
Total Assets | $ | 86,881,880 | $ | 430,929 | $ | — | $ | 87,312,809 |
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 36.0% | ||||||||
Guggenheim Strategy Fund II1 | 27,327 | $ | 682,907 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 58,216 | 580,414 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,255,062) | 1,263,321 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 33.7% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 500,000 | 501,374 | |||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 180,000 | 180,592 | ||||||
Fannie Mae | ||||||||
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222 | 500,000 | 500,721 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,180,000) | 1,182,687 |
U.S. TREASURY BILLS†† - 3.3% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/213,4 | $ | 115,000 | $ | 114,995 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $114,999) | 114,995 |
REPURCHASE AGREEMENTS††,5 - 24.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/216 | 489,963 | 489,963 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/216 | 192,898 | 192,898 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/216 | 189,115 | 189,115 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $871,976) | 871,976 | |||||||
Total Investments - 97.9% | ||||||||
(Cost $3,422,037) | $ | 3,432,979 | ||||||
Other Assets & Liabilities, net - 2.1% | 75,409 | |||||||
Total Net Assets - 100.0% | $ | 3,508,388 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 66 | Sep 2021 | $ | 6,095,100 | $ | 131,338 |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||||
OTC Currency Index Swap Agreements†† | ||||||||||||||||||||
Goldman Sachs International | U.S. Dollar Index | N/A | At Maturity | 09/17/21 | 10,288 | $ | 949,654 | $ | 23,436 |
** | 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 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | All or a portion of this security is pledged as currency index swap collateral at June 30, 2021. |
See Sector Classification in Other Information section. |
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 1,263,321 | $ | — | $ | — | $ | 1,263,321 | ||||||||
Federal Agency Notes | — | 1,182,687 | — | 1,182,687 | ||||||||||||
U.S. Treasury Bills | — | 114,995 | — | 114,995 | ||||||||||||
Repurchase Agreements | — | 871,976 | — | 871,976 | ||||||||||||
Currency Futures Contracts** | 131,338 | — | — | 131,338 | ||||||||||||
Currency Index Swap Agreements** | — | 23,436 | — | 23,436 | ||||||||||||
Total Assets | $ | 1,394,659 | $ | 2,193,094 | $ | — | $ | 3,587,753 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 682,634 | $ | – | $ | – | $ | – | $ | 273 | $ | 682,907 | 27,327 | $ | 2,426 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 579,831 | – | – | – | 583 | 580,414 | 58,216 | 1,348 | ||||||||||||||||||||||||
$ | 1,262,465 | $ | – | $ | – | $ | – | $ | 856 | $ | 1,263,321 | $ | 3,774 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Software - 33.5% | ||||||||
Microsoft Corp. | 9,700 | $ | 2,627,730 | |||||
Adobe, Inc.* | 1,669 | 977,433 | ||||||
salesforce.com, Inc.* | 3,517 | 859,098 | ||||||
Oracle Corp. | 10,999 | 856,162 | ||||||
Intuit, Inc. | 1,369 | 671,043 | ||||||
Zoom Video Communications, Inc. — Class A* | 1,604 | 620,796 | ||||||
ServiceNow, Inc.* | 1,091 | 599,559 | ||||||
Fidelity National Information Services, Inc. | 3,721 | 527,154 | ||||||
Activision Blizzard, Inc. | 5,207 | 496,956 | ||||||
Twilio, Inc. — Class A* | 1,246 | 491,123 | ||||||
Snowflake, Inc. — Class A* | 1,980 | 478,764 | ||||||
Fiserv, Inc.* | 4,458 | 476,516 | ||||||
VMware, Inc. — Class A*,1 | 2,945 | 471,112 | ||||||
Autodesk, Inc.* | 1,598 | 466,456 | ||||||
Workday, Inc. — Class A* | 1,852 | 442,147 | ||||||
DocuSign, Inc.* | 1,549 | 433,054 | ||||||
Palantir Technologies, Inc. — Class A* | 15,490 | 408,316 | ||||||
Synopsys, Inc.* | 1,357 | 374,247 | ||||||
Electronic Arts, Inc. | 2,559 | 368,061 | ||||||
Bilibili, Inc. ADR* | 3,011 | 366,860 | ||||||
Paychex, Inc. | 3,352 | 359,670 | ||||||
Cadence Design Systems, Inc.* | 2,626 | 359,289 | ||||||
NetEase, Inc. ADR | 3,032 | 349,438 | ||||||
Cloudflare, Inc. — Class A* | 3,170 | 335,513 | ||||||
Atlassian Corporation plc — Class A* | 1,275 | 327,497 | ||||||
Datadog, Inc. — Class A* | 3,140 | 326,811 | ||||||
Unity Software, Inc.* | 2,960 | 325,097 | ||||||
ANSYS, Inc.* | 915 | 317,560 | ||||||
HubSpot, Inc.* | 510 | 297,187 | ||||||
Splunk, Inc.* | 2,043 | 295,377 | ||||||
RingCentral, Inc. — Class A* | 1,016 | 295,229 | ||||||
Slack Technologies, Inc. — Class A* | 6,547 | 290,032 | ||||||
Take-Two Interactive Software, Inc.* | 1,493 | 264,291 | ||||||
MongoDB, Inc.* | 727 | 262,825 | ||||||
Coupa Software, Inc.* | 989 | 259,227 | ||||||
Akamai Technologies, Inc.* | 2,119 | 247,075 | ||||||
Broadridge Financial Solutions, Inc. | 1,528 | 246,818 | ||||||
Tyler Technologies, Inc.* | 540 | 244,280 | ||||||
Bill.com Holdings, Inc.* | 1,330 | 243,629 | ||||||
Nuance Communications, Inc.* | 4,126 | 224,620 | ||||||
Ceridian HCM Holding, Inc.* | 2,340 | 224,453 | ||||||
Fair Isaac Corp.* | 430 | 216,152 | ||||||
Citrix Systems, Inc. | 1,838 | 215,542 | ||||||
Dropbox, Inc. — Class A* | 6,691 | 202,804 | ||||||
Jack Henry & Associates, Inc. | 1,210 | 197,847 | ||||||
Fastly, Inc. — Class A*,1 | 2,570 | 153,172 | ||||||
MicroStrategy, Inc. — Class A*,1 | 220 | 146,190 | ||||||
Alteryx, Inc. — Class A* | 1,597 | 137,374 | ||||||
Total Software | 20,377,586 | |||||||
Semiconductors - 20.3% | ||||||||
NVIDIA Corp. | 1,646 | 1,316,965 | ||||||
Intel Corp. | 15,161 | 851,139 | ||||||
Broadcom, Inc. | 1,686 | 803,952 | ||||||
Texas Instruments, Inc. | 4,004 | 769,969 | ||||||
QUALCOMM, Inc. | 5,209 | 744,522 | ||||||
Applied Materials, Inc. | 4,656 | 663,014 | ||||||
Advanced Micro Devices, Inc.* | 6,837 | 642,199 | ||||||
Micron Technology, Inc.* | 6,728 | 571,745 | ||||||
Lam Research Corp. | 845 | 549,842 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 4,367 | 524,739 | ||||||
NXP Semiconductor N.V. | 2,261 | 465,133 | ||||||
Analog Devices, Inc. | 2,691 | 463,283 | ||||||
Marvell Technology, Inc. | 6,963 | 406,152 | ||||||
KLA Corp. | 1,250 | 405,263 | ||||||
ASML Holding N.V. — Class G | 547 | 377,889 | ||||||
Microchip Technology, Inc. | 2,434 | 364,467 | ||||||
Xilinx, Inc. | 2,458 | 355,525 | ||||||
Skyworks Solutions, Inc. | 1,755 | 336,521 | ||||||
Maxim Integrated Products, Inc. | 2,916 | 307,230 | ||||||
Qorvo, Inc.* | 1,423 | 278,410 | ||||||
Teradyne, Inc. | 2,039 | 273,144 | ||||||
Monolithic Power Systems, Inc. | 647 | 241,622 | ||||||
Entegris, Inc. | 1,920 | 236,102 | ||||||
ON Semiconductor Corp.* | 6,125 | 234,465 | ||||||
Cree, Inc.* | 1,990 | 194,881 | ||||||
Total Semiconductors | 12,378,173 | |||||||
Internet - 17.5% | ||||||||
Alphabet, Inc. — Class A* | 952 | 2,324,584 | ||||||
Facebook, Inc. — Class A* | 5,243 | 1,823,044 | ||||||
Baidu, Inc. ADR* | 3,357 | 684,492 | ||||||
Snap, Inc. — Class A* | 8,923 | 608,013 | ||||||
Twitter, Inc.* | 6,543 | 450,224 | ||||||
Pinterest, Inc. — Class A* | 5,324 | 420,330 | ||||||
Shopify, Inc. — Class A* | 281 | 410,535 | ||||||
Sea Ltd. ADR* | 1,486 | 408,056 | ||||||
Match Group, Inc.* | 2,420 | 390,225 | ||||||
Okta, Inc.* | 1,446 | 353,807 | ||||||
Palo Alto Networks, Inc.* | 916 | 339,882 | ||||||
Zillow Group, Inc. — Class C* | 2,679 | 327,427 | ||||||
VeriSign, Inc.* | 1,276 | 290,533 | ||||||
CDW Corp. | 1,645 | 287,299 | ||||||
Wix.com Ltd.* | 980 | 284,474 | ||||||
Zendesk, Inc.* | 1,641 | 236,862 | ||||||
NortonLifeLock, Inc. | 8,285 | 225,518 | ||||||
GoDaddy, Inc. — Class A* | 2,520 | 219,139 | ||||||
IAC* | 1,373 | 211,676 | ||||||
F5 Networks, Inc.* | 1,014 | 189,273 | ||||||
Anaplan, Inc.* | 2,960 | 157,768 | ||||||
Total Internet | 10,643,161 | |||||||
Computers - 12.6% | ||||||||
Apple, Inc. | 20,306 | 2,781,110 | ||||||
International Business Machines Corp. | 4,473 | 655,697 | ||||||
Accenture plc — Class A | 1,727 | 509,102 | ||||||
Dell Technologies, Inc. — Class C* | 4,992 | 497,553 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 1,746 | 438,787 | ||||||
Fortinet, Inc.* | 1,492 | 355,379 | ||||||
HP, Inc. | 11,682 | 352,680 | ||||||
Cognizant Technology Solutions Corp. — Class A | 4,984 | 345,192 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Computers - 12.6% (continued) | ||||||||
Seagate Technology Holdings plc | 3,698 | $ | 325,165 | |||||
Zscaler, Inc.* | 1,431 | 309,182 | ||||||
Infosys Ltd. ADR | 14,070 | 298,143 | ||||||
Check Point Software Technologies Ltd.* | 2,484 | 288,467 | ||||||
Western Digital Corp.* | 3,754 | 267,172 | ||||||
NetApp, Inc. | 2,980 | 243,824 | ||||||
Total Computers | 7,667,453 | |||||||
Commercial Services - 5.1% | ||||||||
PayPal Holdings, Inc.* | 3,710 | 1,081,391 | ||||||
Square, Inc. — Class A* | 2,506 | 610,963 | ||||||
Automatic Data Processing, Inc. | 2,646 | 525,548 | ||||||
Global Payments, Inc. | 2,228 | 417,839 | ||||||
FleetCor Technologies, Inc.* | 1,017 | 260,413 | ||||||
Riot Blockchain, Inc.*,1 | 2,830 | 106,606 | ||||||
Marathon Digital Holdings, Inc.*,1 | 3,280 | 102,894 | ||||||
Total Commercial Services | 3,105,654 | |||||||
Diversified Financial Services - 3.9% | ||||||||
Visa, Inc. — Class A | 5,561 | 1,300,273 | ||||||
Mastercard, Inc. — Class A | 2,961 | 1,081,031 | ||||||
Total Diversified Financial Services | 2,381,304 | |||||||
Telecommunications - 3.0% | ||||||||
Cisco Systems, Inc. | 16,077 | 852,081 | ||||||
Motorola Solutions, Inc. | 1,609 | 348,911 | ||||||
Arista Networks, Inc.* | 812 | 294,196 | ||||||
Ciena Corp.* | 2,980 | 169,532 | ||||||
Juniper Networks, Inc. | 6,197 | 169,488 | ||||||
Total Telecommunications | 1,834,208 | |||||||
Energy-Alternate Sources - 1.4% | ||||||||
SolarEdge Technologies, Inc.* | 1,182 | 326,669 | ||||||
Enphase Energy, Inc.* | 1,646 | 302,255 | ||||||
First Solar, Inc.* | 2,101 | 190,162 | ||||||
Total Energy-Alternate Sources | 819,086 | |||||||
Electronics - 1.1% | ||||||||
Amphenol Corp. — Class A | 5,376 | 367,772 | ||||||
TE Connectivity Ltd. | 2,210 | 298,814 | ||||||
Total Electronics | 666,586 | |||||||
Advertising - 0.6% | ||||||||
Trade Desk, Inc. — Class A* | 4,780 | 369,781 | ||||||
Office & Business Equipment - 0.5% | ||||||||
Zebra Technologies Corp. — Class A* | 579 | 306,575 | ||||||
Total Common Stocks | ||||||||
(Cost $26,111,124) | 60,549,567 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 245,189 | 245,189 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 96,531 | 96,531 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 94,638 | 94,638 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $436,358) | 436,358 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 605,147 | 605,147 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $605,147) | 605,147 | |||||||
Total Investments - 101.2% | ||||||||
(Cost $27,152,629) | $ | 61,591,072 | ||||||
Other Assets & Liabilities, net - (1.2)% | (747,992 | ) | ||||||
Total Net Assets - 100.0% | $ | 60,843,080 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 60,549,567 | $ | — | $ | — | $ | 60,549,567 | ||||||||
Repurchase Agreements | — | 436,358 | — | 436,358 | ||||||||||||
Securities Lending Collateral | 605,147 | — | — | 605,147 | ||||||||||||
Total Assets | $ | 61,154,714 | $ | 436,358 | $ | — | $ | 61,591,072 |
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Telecommunications - 67.7% | ||||||||
Verizon Communications, Inc. | 4,155 | $ | 232,805 | |||||
Cisco Systems, Inc. | 4,324 | 229,172 | ||||||
AT&T, Inc. | 7,654 | 220,282 | ||||||
T-Mobile US, Inc.* | 1,417 | 205,224 | ||||||
Motorola Solutions, Inc. | 479 | 103,871 | ||||||
Arista Networks, Inc.* | 243 | 88,041 | ||||||
Ubiquiti, Inc. | 242 | 75,550 | ||||||
Lumen Technologies, Inc. | 4,709 | 63,995 | ||||||
Juniper Networks, Inc. | 1,836 | 50,215 | ||||||
Ciena Corp.* | 882 | 50,177 | ||||||
BCE, Inc. | 808 | 39,851 | ||||||
Iridium Communications, Inc.* | 960 | 38,390 | ||||||
America Movil SAB de CV — Class L ADR | 2,491 | 37,365 | ||||||
Rogers Communications, Inc. — Class B | 690 | 36,667 | ||||||
TELUS Corp. | 1,619 | 36,314 | ||||||
Vodafone Group plc ADR | 2,102 | 36,007 | ||||||
CommScope Holding Company, Inc.* | 1,682 | 35,843 | ||||||
Viavi Solutions, Inc.* | 1,923 | 33,960 | ||||||
Viasat, Inc.* | 652 | 32,496 | ||||||
Vonage Holdings Corp.* | 2,223 | 32,034 | ||||||
Calix, Inc.* | 633 | 30,068 | ||||||
Telephone & Data Systems, Inc. | 1,176 | 26,648 | ||||||
Shenandoah Telecommunications Co. | 539 | 26,147 | ||||||
Infinera Corp.* | 2,425 | 24,735 | ||||||
InterDigital, Inc. | 334 | 24,392 | ||||||
EchoStar Corp. — Class A* | 987 | 23,974 | ||||||
Plantronics, Inc.* | 562 | 23,452 | ||||||
Extreme Networks, Inc.* | 1,801 | 20,099 | ||||||
Gogo, Inc.* | 1,666 | 18,959 | ||||||
NETGEAR, Inc.* | 469 | 17,972 | ||||||
Inseego Corp.*,1 | 1,668 | 16,830 | ||||||
Cincinnati Bell, Inc.* | 971 | 14,973 | ||||||
Total Telecommunications | 1,946,508 | |||||||
Media - 25.3% | ||||||||
Comcast Corp. — Class A | 3,409 | 194,381 | ||||||
Charter Communications, Inc. — Class A* | 212 | 152,947 | ||||||
Liberty Broadband Corp. — Class C* | 578 | 100,376 | ||||||
DISH Network Corp. — Class A* | 1,912 | 79,922 | ||||||
Altice USA, Inc. — Class A* | 1,976 | 67,461 | ||||||
Cable One, Inc. | 31 | 59,297 | ||||||
Liberty Global plc — Class C* | 1,559 | 42,155 | ||||||
Liberty Latin America Ltd. — Class C* | 2,153 | 30,357 | ||||||
Total Media | 726,896 | |||||||
Internet - 3.1% | ||||||||
F5 Networks, Inc.* | 301 | 56,185 | ||||||
Cogent Communications Holdings, Inc. | 418 | 32,140 | ||||||
Total Internet | 88,325 | |||||||
Computers - 2.3% | ||||||||
Lumentum Holdings, Inc.* | 517 | 42,409 | ||||||
NetScout Systems, Inc.* | 831 | 23,717 | ||||||
Total Computers | 66,126 | |||||||
Software - 1.1% | ||||||||
Bandwidth, Inc. — Class A* | 234 | 32,273 | ||||||
Total Common Stocks | ||||||||
(Cost $2,205,047) | 2,860,128 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 7,877 | 7,877 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 3,101 | 3,101 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 3,041 | 3,041 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $14,019) | 14,019 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 12,481 | 12,481 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $12,481) | 12,481 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $2,231,547) | $ | 2,886,628 | ||||||
Other Assets & Liabilities, net - (0.4)% | (12,333 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,874,295 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 2,860,128 | $ | — | $ | — | $ | 2,860,128 | ||||||||
Repurchase Agreements | — | 14,019 | — | 14,019 | ||||||||||||
Securities Lending Collateral | 12,481 | — | — | 12,481 | ||||||||||||
Total Assets | $ | 2,872,609 | $ | 14,019 | $ | — | $ | 2,886,628 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Transportation - 38.6% | ||||||||
United Parcel Service, Inc. — Class B | 10,351 | $ | 2,152,697 | |||||
Union Pacific Corp. | 8,601 | 1,891,618 | ||||||
FedEx Corp. | 4,744 | 1,415,278 | ||||||
CSX Corp. | 41,557 | 1,333,149 | ||||||
Norfolk Southern Corp. | 4,786 | 1,270,252 | ||||||
Old Dominion Freight Line, Inc. | 3,372 | 855,814 | ||||||
Kansas City Southern | 2,780 | 787,769 | ||||||
Expeditors International of Washington, Inc. | 5,804 | 734,786 | ||||||
J.B. Hunt Transport Services, Inc. | 4,033 | 657,177 | ||||||
XPO Logistics, Inc.* | 4,306 | 602,366 | ||||||
CH Robinson Worldwide, Inc. | 5,840 | 547,033 | ||||||
ZTO Express Cayman, Inc. ADR | 15,718 | 477,041 | ||||||
Canadian Pacific Railway Ltd. | 6,130 | 471,458 | ||||||
Canadian National Railway Co. | 4,406 | 464,921 | ||||||
Knight-Swift Transportation Holdings, Inc. | 9,460 | 430,052 | ||||||
Landstar System, Inc. | 2,441 | 385,727 | ||||||
Saia, Inc.* | 1,787 | 374,359 | ||||||
Ryder System, Inc. | 4,221 | 313,747 | ||||||
Kirby Corp.* | 4,835 | 293,194 | ||||||
Werner Enterprises, Inc. | 6,150 | 273,798 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 3,164 | 215,500 | ||||||
Total Transportation | 15,947,736 | |||||||
Auto Manufacturers - 23.7% | ||||||||
Tesla, Inc.* | 5,609 | 3,812,437 | ||||||
General Motors Co.* | 24,268 | 1,435,937 | ||||||
NIO, Inc. ADR* | 20,760 | 1,104,432 | ||||||
Li Auto, Inc. ADR* | 16,370 | 571,968 | ||||||
XPeng, Inc. ADR* | 12,280 | 545,478 | ||||||
Ferrari N.V. | 2,180 | 449,189 | ||||||
Nikola Corp.*,1 | 23,760 | 429,106 | ||||||
Stellantis N.V. | 21,222 | 418,286 | ||||||
Toyota Motor Corp. ADR | 2,330 | 407,377 | ||||||
Fisker, Inc.* | 19,830 | 382,322 | ||||||
Workhorse Group, Inc.*,1 | 14,420 | 239,228 | ||||||
Total Auto Manufacturers | 9,795,760 | |||||||
Auto Parts & Equipment - 13.6% | ||||||||
Aptiv plc* | 3,942 | 620,195 | ||||||
QuantumScape Corp.*,1 | 19,010 | 556,233 | ||||||
BorgWarner, Inc. | 10,876 | 527,921 | ||||||
Lear Corp. | 2,900 | 508,312 | ||||||
Magna International, Inc. | 5,001 | 463,293 | ||||||
Gentex Corp. | 13,493 | 446,483 | ||||||
Autoliv, Inc. | 4,466 | 436,596 | ||||||
Luminar Technologies, Inc.*,1 | 18,920 | 415,294 | ||||||
Fox Factory Holding Corp.* | 2,666 | 414,990 | ||||||
Goodyear Tire & Rubber Co.* | 19,710 | 338,026 | ||||||
Adient plc* | 7,241 | 327,293 | ||||||
Visteon Corp.* | 2,418 | 292,433 | ||||||
Dana, Inc. | 12,205 | 289,991 | ||||||
Total Auto Parts & Equipment | 5,637,060 | |||||||
Airlines - 12.2% | ||||||||
Southwest Airlines Co.* | 16,108 | 855,174 | ||||||
Delta Air Lines, Inc.* | 18,711 | 809,438 | ||||||
United Airlines Holdings, Inc.* | 12,059 | 630,565 | ||||||
American Airlines Group, Inc.* | 26,530 | 562,701 | ||||||
Copa Holdings S.A. — Class A* | 5,606 | 422,300 | ||||||
Alaska Air Group, Inc.* | 6,962 | 419,878 | ||||||
Ryanair Holdings plc ADR* | 3,774 | 408,384 | ||||||
JetBlue Airways Corp.* | 21,110 | 354,226 | ||||||
Allegiant Travel Co. — Class A* | 1,477 | 286,538 | ||||||
Spirit Airlines, Inc.* | 8,904 | 271,038 | ||||||
Total Airlines | 5,020,242 | |||||||
Internet - 5.4% | ||||||||
Uber Technologies, Inc.* | 30,360 | 1,521,643 | ||||||
Lyft, Inc. — Class A* | 11,695 | 707,314 | ||||||
Total Internet | 2,228,957 | |||||||
Commercial Services - 2.9% | ||||||||
AMERCO | 950 | 559,930 | ||||||
Avis Budget Group, Inc.* | 4,545 | 354,010 | ||||||
Macquarie Infrastructure Corp. | 7,410 | 283,581 | ||||||
Total Commercial Services | 1,197,521 | |||||||
Home Builders - 2.3% | ||||||||
Thor Industries, Inc. | 3,591 | 405,783 | ||||||
LCI Industries | 2,184 | 287,021 | ||||||
Winnebago Industries, Inc. | 3,610 | 245,336 | ||||||
Total Home Builders | 938,140 | |||||||
Leisure Time - 1.0% | ||||||||
Harley-Davidson, Inc. | 9,164 | 419,894 | ||||||
Total Common Stocks | ||||||||
(Cost $24,655,360) | 41,185,310 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 164,866 | 164,866 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 64,908 | 64,908 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 63,635 | 63,635 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $293,409) | 293,409 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 979,293 | 979,293 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $979,293) | 979,293 | |||||||
Total Investments - 102.8% | ||||||||
(Cost $25,928,062) | $ | 42,458,012 | ||||||
Other Assets & Liabilities, net - (2.8)% | (1,147,094 | ) | ||||||
Total Net Assets - 100.0% | $ | 41,310,918 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2021 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2021. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 41,185,310 | $ | — | $ | — | $ | 41,185,310 | ||||||||
Repurchase Agreements | — | 293,409 | — | 293,409 | ||||||||||||
Securities Lending Collateral | 979,293 | — | — | 979,293 | ||||||||||||
Total Assets | $ | 42,164,603 | $ | 293,409 | $ | — | $ | 42,458,012 |
Utilities Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Electric - 82.8% | ||||||||
NextEra Energy, Inc. | 26,910 | $ | 1,971,965 | |||||
Duke Energy Corp. | 14,375 | 1,419,100 | ||||||
Southern Co. | 21,463 | 1,298,726 | ||||||
Dominion Energy, Inc. | 17,008 | 1,251,279 | ||||||
American Electric Power Company, Inc. | 12,770 | 1,080,214 | ||||||
Exelon Corp. | 24,179 | 1,071,371 | ||||||
Sempra Energy | 7,852 | 1,040,233 | ||||||
Xcel Energy, Inc. | 14,730 | 970,412 | ||||||
Public Service Enterprise Group, Inc. | 15,080 | 900,879 | ||||||
WEC Energy Group, Inc. | 9,690 | 861,926 | ||||||
Eversource Energy | 10,690 | 857,766 | ||||||
DTE Energy Co. | 6,295 | 815,832 | ||||||
Consolidated Edison, Inc. | 11,293 | 809,934 | ||||||
Edison International | 13,539 | 782,825 | ||||||
PPL Corp. | 27,218 | 761,287 | ||||||
PG&E Corp.* | 73,099 | 743,417 | ||||||
FirstEnergy Corp. | 19,924 | 741,372 | ||||||
Ameren Corp. | 9,124 | 730,285 | ||||||
Avangrid, Inc. | 14,153 | 727,889 | ||||||
Entergy Corp. | 7,167 | 714,550 | ||||||
AES Corp. | 26,531 | 691,663 | ||||||
CMS Energy Corp. | 11,575 | 683,851 | ||||||
CenterPoint Energy, Inc. | 25,115 | 615,820 | ||||||
Alliant Energy Corp. | 10,886 | 607,003 | ||||||
Evergy, Inc. | 9,845 | 594,933 | ||||||
NRG Energy, Inc. | 13,247 | 533,854 | ||||||
Vistra Corp. | 27,042 | 501,629 | ||||||
Pinnacle West Capital Corp. | 6,056 | 496,410 | ||||||
OGE Energy Corp. | 12,633 | 425,100 | ||||||
IDACORP, Inc. | 3,687 | 359,483 | ||||||
PNM Resources, Inc. | 6,957 | 339,293 | ||||||
Ormat Technologies, Inc. | 4,750 | 330,268 | ||||||
Portland General Electric Co. | 7,081 | 326,292 | ||||||
Black Hills Corp. | 4,971 | 326,247 | ||||||
NorthWestern Corp. | 4,666 | 280,987 | ||||||
Total Electric | 26,664,095 | |||||||
Gas - 9.9% | ||||||||
Atmos Energy Corp. | 5,986 | 575,315 | ||||||
UGI Corp. | 11,088 | 513,485 | ||||||
NiSource, Inc. | 20,432 | 500,584 | ||||||
National Fuel Gas Co. | 6,876 | 359,271 | ||||||
Southwest Gas Holdings, Inc. | 4,891 | 323,735 | ||||||
ONE Gas, Inc. | 4,331 | 321,014 | ||||||
Spire, Inc. | 4,331 | 313,001 | ||||||
South Jersey Industries, Inc. | 10,620 | 275,377 | ||||||
Total Gas | 3,181,782 | |||||||
Water - 4.3% | ||||||||
American Water Works Company, Inc. | 5,553 | 855,884 | ||||||
Essential Utilities, Inc. | 11,774 | 538,071 | ||||||
Total Water | 1,393,955 | |||||||
Building Materials - 1.3% | ||||||||
MDU Resources Group, Inc. | 13,256 | 415,443 | ||||||
Energy-Alternate Sources - 1.1% | ||||||||
Sunnova Energy International, Inc.* | 9,320 | 350,991 | ||||||
Total Common Stocks | ||||||||
(Cost $26,483,883) | 32,006,266 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/21 | $ | 183,382 | 183,382 | |||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/21 | 72,198 | 72,198 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/21 | 70,782 | 70,782 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $326,362) | 326,362 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $26,810,245) | $ | 32,332,628 | ||||||
Other Assets & Liabilities, net - (0.4)% | (119,547 | ) | ||||||
Total Net Assets - 100.0% | $ | 32,213,081 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
See Sector Classification in Other Information section. |
Utilities Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | $ | 32,006,266 | $ | — | $ | — | $ | 32,006,266 | ||||||||
Repurchase Agreements | — | 326,362 | — | 326,362 | ||||||||||||
Total Assets | $ | 32,006,266 | $ | 326,362 | $ | — | $ | 32,332,628 |
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 50.2% | ||||||||
Guggenheim Strategy Fund II1 | 15,742 | $ | 393,396 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 38,580 | 384,647 | ||||||
Total Mutual Funds | ||||||||
(Cost $772,094) | 778,043 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 20.0% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 250,000 | 250,687 | |||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 60,000 | 60,197 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $310,000) | 310,884 |
U.S. TREASURY BILLS†† - 4.1% | ||||||||
U.S. Treasury Bills | ||||||||
0.01% due 08/03/213,4 | 64,000 | 63,997 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $63,999) | 63,997 |
REPURCHASE AGREEMENTS††,5 - 27.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/21 at 0.05% due 07/01/216 | 237,813 | 237,813 | ||||||
Barclays Capital, Inc. issued 06/30/21 at 0.03% due 07/01/216 | 93,626 | 93,626 | ||||||
BofA Securities, Inc. issued 06/30/21 at 0.04% due 07/01/216 | 91,791 | 91,791 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $423,230) | 423,230 | |||||||
Total Investments - 101.6% | ||||||||
(Cost $1,569,323) | $ | 1,576,154 | ||||||
Other Assets & Liabilities, net - (1.6)% | (24,393 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,551,761 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Sold Short† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 30 | Sep 2021 | $ | 2,770,500 | $ | (56,533 | ) |
Total Return Swap Agreements | ||||||||||||||||||||
Counterparty | Index | Financing Rate Pay (Receive) | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | |||||||||||||
OTC Currency Index Swap Agreements Sold Short†† | ||||||||||||||||||||
Goldman Sachs International | U.S. Dollar Index | N/A | At Maturity | 09/17/21 | 3,286 | $ | 303,334 | $ | (5,648 | ) |
** | 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 | Affiliated issuer. |
2 | Variable rate security. Rate indicated is the rate effective at June 30, 2021. 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. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | All or a portion of this security is pledged as currency index swap collateral at June 30, 2021. |
See Sector Classification in Other Information section. |
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2021 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2021 (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 | ||||||||||||
Mutual Funds | $ | 778,043 | $ | — | $ | — | $ | 778,043 | ||||||||
Federal Agency Notes | — | 310,884 | — | 310,884 | ||||||||||||
U.S. Treasury Bills | — | 63,997 | — | 63,997 | ||||||||||||
Repurchase Agreements | — | 423,230 | — | 423,230 | ||||||||||||
Total Assets | $ | 778,043 | $ | 798,111 | $ | — | $ | 1,576,154 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 56,533 | $ | — | $ | — | $ | 56,533 | ||||||||
Currency Index Swap Agreements** | — | 5,648 | — | 5,648 | ||||||||||||
Total Liabilities | $ | 56,533 | $ | 5,648 | $ | — | $ | 62,181 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 2020, is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000182126820000133/gug81042-ncsr.htm.
Transactions during the period ended June 30, 2021, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 03/31/21 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 06/30/21 | Shares 06/30/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 393,238 | $ | – | $ | – | $ | – | $ | 158 | $ | 393,396 | 15,742 | $ | 1,397 | |||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 384,261 | – | – | – | 386 | 384,647 | 38,580 | 894 | ||||||||||||||||||||||||
$ | 777,499 | $ | – | $ | – | $ | – | $ | 544 | $ | 778,043 | $ | 2,291 |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Note 1 – Organization and Significant Accounting Policies
Organization
The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.
This report covers the following funds (collectively, the “Funds”):
Fund Name | Investment Company Type |
Banking Fund | Diversified |
Basic Materials Fund | Diversified |
Biotechnology Fund | Non-diversified |
Consumer Products Fund | Diversified |
Dow Jones Industrial Average® Fund | Non-diversified |
Electronics Fund | Non-diversified |
Emerging Markets 2x Strategy Fund | Non-diversified |
Emerging Markets Bond Strategy Fund | Diversified |
Energy Fund | Diversified |
Energy Services Fund | Non-diversified |
Europe 1.25x Strategy Fund | Non-diversified |
Financial Services Fund | Diversified |
Government Long Bond 1.2x Strategy Fund | Diversified |
Health Care Fund | Diversified |
High Yield Strategy Fund | Non-diversified |
Internet Fund | Diversified |
Inverse Emerging Markets 2x Strategy Fund | Non-diversified |
Inverse Government Long Bond Strategy Fund | Diversified |
Inverse High Yield Strategy Fund | Non-diversified |
Inverse Mid-Cap Strategy Fund | Non-diversified |
Inverse NASDAQ-100® Strategy Fund | Non-diversified |
Inverse Russell 2000® Strategy Fund | Non-diversified |
Inverse S&P 500® Strategy Fund | Non-diversified |
Japan 2x Strategy Fund | Non-diversified |
Leisure Fund | Diversified |
Long Short Equity Fund | Non-diversified |
Mid-Cap 1.5x Strategy Fund | Non-diversified |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | Non-diversified |
NASDAQ-100® Fund | Non-diversified |
Nova Fund | Non-diversified |
Precious Metals Fund | Non-diversified |
Real Estate Fund | Diversified |
Retailing Fund | Diversified |
Russell 2000® 1.5x Strategy Fund | Non-diversified |
Russell 2000® Fund | Non-diversified |
S&P 500® Fund | Non-diversified |
S&P 500® Pure Growth Fund | Non-diversified |
S&P 500® Pure Value Fund | Non-diversified |
S&P MidCap 400® Pure Growth Fund | Non-diversified |
S&P MidCap 400® Pure Value Fund | Non-diversified |
S&P SmallCap 600® Pure Growth Fund | Non-diversified |
S&P SmallCap 600® Pure Value Fund | Non-diversified |
Strengthening Dollar 2x Strategy Fund | Non-diversified |
Technology Fund | Diversified |
Telecommunications Fund | Non-diversified |
Transportation Fund | Diversified |
Utilities Fund | Diversified |
Weakening Dollar 2x Strategy Fund | Non-diversified |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds' securities and/or other assets.
Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.
If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Valuation Committee.
Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price, which may not necessarily represent the last sale price. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.
Open-end investment companies are valued at their net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are valued at the last quoted sale price.
U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.
Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.
The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.
The values of other swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the New York Stock Exchange ("NYSE").
Investments for which market quotations are not readily available are fair-valued as determined in good faith by Guggenheim Investments ("GI"), subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.
Note 2 – Financial Instruments and Derivatives
As part of their investment strategy, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Schedule of Investments.
Short Sales
A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.
Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.
The Funds may utilize derivatives for the following purposes:
Duration: the use of an instrument to manage the interest rate risk of a portfolio.
Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.
Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.
Liquidity: the ability to buy or sell exposure with little price/market impact.
For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Futures Contracts
A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Schedules of Investments.
Swap Agreements
A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.
Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) or a fixed or variable interest rate. Total return and custom basket 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 or custom swap basket 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 index declines in value.
Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.
Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the default recovery of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.
In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.
The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
Note 3 – Fair Value Measurement
In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:
Level 1 — quoted prices in active markets for identical assets or liabilities.
Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).
Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.
The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.
The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.
Note 4 – Repurchase Agreements
The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other Funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.
At June 30, 2021, the repurchase agreements in the joint account were as follows:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
J.P. Morgan Securities LLC | U.S. Treasury Bond | |||||||||||||||||
0.05% | 6.25% | |||||||||||||||||
Due 07/01/21 | $ | 138,485,231 | $ | 138,485,424 | Due 08/15/23 | $ | 89,480,200 | $ | 102,887,914 | |||||||||
U.S. Treasury Strips | ||||||||||||||||||
0.00% | ||||||||||||||||||
Due 08/15/22 - 05/15/23 | 35,342,679 | 35,269,373 | ||||||||||||||||
U.S. Treasury Note | ||||||||||||||||||
2.00% | ||||||||||||||||||
Due 10/31/22 | 3,012,000 | 3,095,855 | ||||||||||||||||
U.S. Cash Management Bills | ||||||||||||||||||
0.00% | ||||||||||||||||||
Due 09/21/21 - 09/28/21 | 1,600 | 1,600 | ||||||||||||||||
U.S. Treasury Bill | ||||||||||||||||||
0.00% | ||||||||||||||||||
Due 09/21/21 | 200 | 200 | ||||||||||||||||
127,836,679 | 141,254,942 | |||||||||||||||||
Barclays Capital, Inc. | U.S. Treasury Inflation Indexed Bond | |||||||||||||||||
0.03% | 0.13% - 0.88% | |||||||||||||||||
Due 07/01/21 | 54,521,510 | 54,521,555 | Due 10/15/24 - 02/15/47 | 45,572,916 | 55,661,477 | |||||||||||||
BofA Securities, Inc. | U.S. Treasury Bonds | |||||||||||||||||
0.04% | 1.13% - 3.00% | |||||||||||||||||
Due 07/01/21 | 53,452,461 | 53,452,520 | Due 05/15/40 - 02/15/48 | 55,769,600 | 54,521,542 |
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
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 Z. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.
At June 30, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Fund | Value of Securities Loaned | Collateral Received | ||||||
Basic Materials Fund | $ | 3,655,792 | $ | 3,680,716 | ||||
Biotechnology Fund | 3,468,966 | 3,575,002 | ||||||
Consumer Products Fund | 456,564 | 460,941 | ||||||
Electronics Fund | 944,690 | 999,118 | ||||||
Emerging Markets 2x Strategy Fund | 108,165 | 113,134 | ||||||
Energy Fund | 1,153,902 | 1,164,576 | ||||||
Europe 1.25x Strategy Fund | 22,767 | 23,505 | ||||||
Financial Services Fund | 6,812 | 6,904 | ||||||
Health Care Fund | 367,490 | 379,738 | ||||||
Internet Fund | 371,337 | 389,884 | ||||||
Leisure Fund | 694,510 | 708,042 | ||||||
Mid-Cap 1.5x Strategy Fund | 129 | 129 | ||||||
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 479,519 | 494,917 | ||||||
NASDAQ-100® Fund | 2,450,616 | 2,529,306 | ||||||
Nova Fund | 123,672 | 124,344 | ||||||
Precious Metals Fund | 4,214,065 | 4,248,283 | ||||||
Real Estate Fund | 221,675 | 222,843 | ||||||
Retailing Fund | 581,973 | 610,907 | ||||||
Russell 2000® Fund | 626,991 | 639,855 | ||||||
S&P 500® Fund | 57,260 | 57,571 | ||||||
S&P 500® Pure Value Fund | 58,169 | 58,776 | ||||||
S&P MidCap 400® Pure Growth Fund | 514,378 | 512,947 | * | |||||
S&P SmallCap 600® Pure Growth Fund | 1,081,102 | 1,133,216 | ||||||
S&P SmallCap 600® Pure Value Fund | 1,133,134 | 1,133,963 | ||||||
Technology Fund | 585,665 | 605,147 | ||||||
Telecommunications Fund | 11,714 | 12,481 | ||||||
Transportation Fund | 934,670 | 979,293 |
* | Subsequent to June 30, 2021, additional collateral was received. |
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.
Note 6 – Federal Income Tax Information
The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.
At June 30, 2021, 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) | ||||||||||||
Banking Fund | $ | 38,466,473 | $ | 2,700,043 | $ | (49,843 | ) | $ | 2,650,200 | |||||||
Basic Materials Fund | 65,923,019 | 14,983,481 | (40,506 | ) | 14,942,975 | |||||||||||
Biotechnology Fund | 118,708,553 | 101,924,326 | (8,049,251 | ) | 93,875,075 | |||||||||||
Consumer Products Fund | 56,821,732 | 49,782,436 | (7,585 | ) | 49,774,851 | |||||||||||
Dow Jones Industrial Average® Fund | 20,505,581 | 4,660,315 | (22,054 | ) | 4,638,261 | |||||||||||
Electronics Fund | 20,165,895 | 21,457,430 | – | 21,457,430 | ||||||||||||
Emerging Markets 2x Strategy Fund | 8,661,447 | 1,101,070 | (67,479 | ) | 1,033,591 | |||||||||||
Emerging Markets Bond Strategy Fund | 688,131 | 5,208 | (635 | ) | 4,573 | |||||||||||
Energy Fund | 62,535,913 | 1,787,033 | (36,210 | ) | 1,750,823 | |||||||||||
Energy Services Fund | 39,500,551 | – | (1,372,940 | ) | (1,372,940 | ) | ||||||||||
Europe 1.25x Strategy Fund | 5,010,209 | 82,961 | (78,488 | ) | 4,473 | |||||||||||
Financial Services Fund | 23,034,567 | 7,599,125 | (45,317 | ) | 7,553,808 | |||||||||||
Government Long Bond 1.2x Strategy Fund | 50,133,043 | 2,791,447 | (2,684 | ) | 2,788,763 | |||||||||||
Health Care Fund | 24,173,185 | 10,315,363 | (235,934 | ) | 10,079,429 | |||||||||||
High Yield Strategy Fund | 26,705,828 | 554,534 | (52,055 | ) | 502,479 | |||||||||||
Internet Fund | 15,940,892 | 12,331,318 | (230,311 | ) | 12,101,007 | |||||||||||
Inverse Emerging Markets 2x Strategy Fund | 229,908 | – | (3,476 | ) | (3,476 | ) | ||||||||||
Inverse Government Long Bond Strategy Fund | 50,106,506 | 19,769 | (3,020,598 | ) | (3,000,829 | ) | ||||||||||
Inverse High Yield Strategy Fund | 842,145 | 4,791 | (6,778 | ) | (1,987 | ) | ||||||||||
Inverse Mid-Cap Strategy Fund | 797,070 | 4,918 | (527 | ) | 4,391 | |||||||||||
Inverse NASDAQ-100® Strategy Fund | 20,859,129 | 62,507 | (1,026,265 | ) | (963,758 | ) | ||||||||||
Inverse Russell 2000® Strategy Fund | 5,747,361 | 36,342 | (74,972 | ) | (38,630 | ) | ||||||||||
Inverse S&P 500® Strategy Fund | 46,576,852 | 125,704 | (639,457 | ) | (513,753 | ) | ||||||||||
Japan 2x Strategy Fund | 2,093,030 | 1,704 | (75,972 | ) | (74,268 | ) | ||||||||||
Leisure Fund | 22,273,506 | 7,776,826 | (39,370 | ) | 7,737,456 | |||||||||||
Long Short Equity Fund | 15,930,357 | 3,140,677 | (925,151 | ) | 2,215,526 | |||||||||||
Mid-Cap 1.5x Strategy Fund | 16,355,954 | 3,142,797 | (68,348 | ) | 3,074,449 | |||||||||||
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 400,934,141 | 36,815,777 | (477,583 | ) | 36,338,194 | |||||||||||
NASDAQ-100® Fund | 584,734,611 | 1,166,789,481 | (685,376 | ) | 1,166,104,105 | |||||||||||
Nova Fund | 436,107,552 | 22,760,914 | (370,118 | ) | 22,390,796 | |||||||||||
Precious Metals Fund | 111,244,343 | 13,411,693 | (1,601,870 | ) | 11,809,823 | |||||||||||
Real Estate Fund | 19,091,975 | 1,251,134 | (29,997 | ) | 1,221,137 | |||||||||||
Retailing Fund | 18,867,455 | 7,412,321 | (44,156 | ) | 7,368,165 | |||||||||||
Russell 2000® 1.5x Strategy Fund | 11,009,460 | 624,774 | (2,831 | ) | 621,943 | |||||||||||
Russell 2000® Fund | 41,163,512 | 1,594,946 | (18,355 | ) | 1,576,591 | |||||||||||
S&P 500® Fund | 145,391,947 | 31,555,182 | (26,099 | ) | 31,529,083 | |||||||||||
S&P 500® Pure Growth Fund | 70,201,439 | 14,438,969 | (9,169 | ) | 14,429,800 | |||||||||||
S&P 500® Pure Value Fund | 29,601,866 | 4,778,121 | – | 4,778,121 | ||||||||||||
S&P MidCap 400® Pure Growth Fund | 50,246,937 | 17,172,086 | (1,536,662 | ) | 15,635,424 | |||||||||||
S&P MidCap 400® Pure Value Fund | 102,951,406 | 21,596,177 | (367,520 | ) | 21,228,657 | |||||||||||
S&P SmallCap 600® Pure Growth Fund | 24,824,761 | 2,846,788 | (168,950 | ) | 2,677,838 | |||||||||||
S&P SmallCap 600® Pure Value Fund | 86,753,599 | 2,137,572 | (1,578,362 | ) | 559,210 | |||||||||||
Strengthening Dollar 2x Strategy Fund | 3,422,173 | 165,584 | (4 | ) | 165,580 | |||||||||||
Technology Fund | 29,114,947 | 32,580,939 | (104,814 | ) | 32,476,125 | |||||||||||
Telecommunications Fund | 2,593,486 | 303,212 | (10,070 | ) | 293,142 | |||||||||||
Transportation Fund | 28,722,281 | 14,095,052 | (359,321 | ) | 13,735,731 | |||||||||||
Utilities Fund | 30,742,030 | 1,739,970 | (149,372 | ) | 1,590,598 | |||||||||||
Weakening Dollar 2x Strategy Fund | 1,569,419 | 6,737 | (62,183 | ) | (55,446 | ) |
Note 7 – COVID-19
The global ongoing crisis caused by the outbreak of COVID-19 and the current recovery underway is causing disruption to consumer demand and economic output and supply chains. There are still travel restrictions and quarantines, and adverse impacts on local and global economies. Investors should be aware that in light of the current uncertainty, volatility and distress in economies, financial markets, and labor and public health conditions around the world, the Funds' investments and a shareholder’s investment in a Fund are subject to sudden and substantial losses, increased volatility and other adverse events. Firms through which investors invest with the Funds, the Funds, their service providers, the markets in which they invest and market intermediaries are also impacted by quarantines and similar measures intended to respond to and contain the ongoing pandemic, which can obstruct their functioning and subject them to heightened operational and other risks.
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.