Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Banks - 91.4% | ||||||||
Bank of America Corp. | 13,864 | $ | 616,809 | |||||
JPMorgan Chase & Co. | 3,881 | 614,556 | ||||||
Wells Fargo & Co. | 12,408 | 595,336 | ||||||
Citigroup, Inc. | 8,899 | 537,411 | ||||||
PNC Financial Services Group, Inc. | 2,264 | 453,977 | ||||||
U.S. Bancorp | 7,966 | 447,450 | ||||||
Truist Financial Corp. | 7,400 | 433,270 | ||||||
Bank of New York Mellon Corp. | 5,852 | 339,884 | ||||||
SVB Financial Group* | 442 | 299,782 | ||||||
First Republic Bank | 1,448 | 299,026 | ||||||
State Street Corp. | 3,073 | 285,789 | ||||||
Fifth Third Bancorp | 6,159 | 268,224 | ||||||
Northern Trust Corp. | 2,069 | 247,473 | ||||||
Huntington Bancshares, Inc. | 15,154 | 233,675 | ||||||
KeyCorp | 9,808 | 226,859 | ||||||
Signature Bank | 693 | 224,165 | ||||||
Regions Financial Corp. | 10,253 | 223,515 | ||||||
Citizens Financial Group, Inc. | 4,674 | 220,847 | ||||||
M&T Bank Corp. | 1,418 | 217,776 | ||||||
ICICI Bank Ltd. ADR | 8,979 | 177,694 | ||||||
Toronto-Dominion Bank | 2,307 | 176,901 | ||||||
Royal Bank of Canada | 1,642 | 174,282 | ||||||
Bank of Nova Scotia | 2,404 | 172,343 | ||||||
HDFC Bank Ltd. ADR | 2,626 | 170,874 | ||||||
Comerica, Inc. | 1,909 | 166,083 | ||||||
Popular, Inc. | 2,018 | 165,557 | ||||||
Western Alliance Bancorporation | 1,534 | 165,135 | ||||||
East West Bancorp, Inc. | 2,076 | 163,340 | ||||||
Canadian Imperial Bank of Commerce | 1,348 | 157,123 | ||||||
HSBC Holdings plc ADR | 5,205 | 156,931 | ||||||
Bank of Montreal | 1,442 | 155,332 | ||||||
Zions Bancorp North America | 2,454 | 154,995 | ||||||
Deutsche Bank AG*,1 | 11,950 | 149,375 | ||||||
UBS Group AG | 8,326 | 148,786 | ||||||
First Horizon Corp. | 8,985 | 146,725 | ||||||
Commerce Bancshares, Inc. | 2,077 | 142,752 | ||||||
First Citizens BancShares, Inc. — Class A | 169 | 140,243 | ||||||
Cullen/Frost Bankers, Inc. | 1,086 | 136,912 | ||||||
First Financial Bankshares, Inc. | 2,609 | 132,642 | ||||||
BOK Financial Corp. | 1,238 | 130,597 | ||||||
Pinnacle Financial Partners, Inc. | 1,365 | 130,358 | ||||||
Synovus Financial Corp. | 2,717 | 130,063 | ||||||
Prosperity Bancshares, Inc. | 1,765 | 127,610 | ||||||
Glacier Bancorp, Inc. | 2,167 | 122,869 | ||||||
Bank OZK | 2,591 | 120,559 | ||||||
Valley National Bancorp | 8,615 | 118,456 | ||||||
Cadence Bank | 3,956 | 117,849 | ||||||
SouthState Corp. | 1,453 | 116,400 | ||||||
CIT Group, Inc. | 2,201 | 112,999 | ||||||
PacWest Bancorp | 2,497 | 112,789 | ||||||
Wintrust Financial Corp. | 1,238 | 112,435 | ||||||
UMB Financial Corp. | 1,058 | 112,264 | ||||||
United Bankshares, Inc. | 3,093 | 112,214 | ||||||
Webster Financial Corp. | 2,006 | 112,015 | ||||||
ServisFirst Bancshares, Inc. | 1,270 | 107,874 | ||||||
Hancock Whitney Corp. | 2,055 | 102,791 | ||||||
Community Bank System, Inc. | 1,361 | 101,367 | ||||||
Umpqua Holdings Corp. | 5,174 | 99,548 | ||||||
Silvergate Capital Corp. — Class A* | 671 | 99,442 | ||||||
Home BancShares, Inc. | 4,025 | 98,009 | ||||||
Independent Bank Corp. | 1,196 | 97,510 | ||||||
FNB Corp. | 7,985 | 96,858 | ||||||
BankUnited, Inc. | 2,265 | 95,832 | ||||||
Eastern Bankshares, Inc. | 4,700 | 94,799 | ||||||
Ameris Bancorp | 1,872 | 93,001 | ||||||
First Hawaiian, Inc. | 3,376 | 92,266 | ||||||
Simmons First National Corp. — Class A | 3,090 | 91,402 | ||||||
United Community Banks, Inc. | 2,531 | 90,964 | ||||||
Bank of Hawaii Corp. | 1,086 | 90,963 | ||||||
Associated Banc-Corp. | 3,992 | 90,179 | ||||||
Cathay General Bancorp | 2,070 | 88,989 | ||||||
Old National Bancorp | 4,881 | 88,444 | ||||||
Texas Capital Bancshares, Inc.* | 1,421 | 85,615 | ||||||
CVB Financial Corp. | 3,941 | 84,377 | ||||||
Triumph Bancorp, Inc.* | 699 | 83,237 | ||||||
Fulton Financial Corp. | 4,869 | 82,773 | ||||||
Hilltop Holdings, Inc. | 2,341 | 82,263 | ||||||
First Midwest Bancorp, Inc. | 3,837 | 78,582 | ||||||
Columbia Banking System, Inc. | 2,391 | 78,234 | ||||||
Customers Bancorp, Inc.* | 1,072 | 70,077 | ||||||
Great Western Bancorp, Inc. | 2,017 | 68,497 | ||||||
Total Banks | 14,163,219 | |||||||
Savings & Loans - 3.6% | ||||||||
People's United Financial, Inc. | 7,625 | 135,877 | ||||||
New York Community Bancorp, Inc. | 9,808 | 119,756 | ||||||
Sterling Bancorp | 4,326 | 111,568 | ||||||
Pacific Premier Bancorp, Inc. | 2,436 | 97,513 | ||||||
Investors Bancorp, Inc. | 6,346 | 96,142 | ||||||
Total Savings & Loans | 560,856 | |||||||
Diversified Financial Services - 2.5% | ||||||||
Capital One Financial Corp. | 2,652 | 384,779 | ||||||
Insurance - 2.0% | ||||||||
Equitable Holdings, Inc. | 5,465 | 179,197 | ||||||
Voya Financial, Inc. | 2,037 | 135,074 | ||||||
Total Insurance | 314,271 | |||||||
Total Common Stocks | ||||||||
(Cost $9,563,227) | 15,423,125 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 26,642 | 26,642 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 11,018 | 11,018 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 10,017 | 10,017 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $47,677) | 47,677 |
Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 37,320 | $ | 37,320 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $37,320) | 37,320 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $9,648,224) | $ | 15,508,122 | ||||||
Other Assets & Liabilities, net - 0.0% | (6,112 | ) | ||||||
Total Net Assets - 100.0% | $ | 15,502,010 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 15,423,125 | $ | — | $ | — | $ | 15,423,125 | ||||||||
Repurchase Agreements | — | 47,677 | — | 47,677 | ||||||||||||
Securities Lending Collateral | 37,320 | — | — | 37,320 | ||||||||||||
Total Assets | $ | 15,460,445 | $ | 47,677 | $ | — | $ | 15,508,122 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 98.6% | ||||||||
Chemicals - 45.9% | ||||||||
Sherwin-Williams Co. | 5,075 | $ | 1,787,212 | |||||
Ecolab, Inc. | 6,591 | 1,546,183 | ||||||
Air Products and Chemicals, Inc. | 4,961 | 1,509,434 | ||||||
Dow, Inc. | 21,330 | 1,209,838 | ||||||
DuPont de Nemours, Inc. | 14,873 | 1,201,441 | ||||||
PPG Industries, Inc. | 6,865 | 1,183,801 | ||||||
International Flavors & Fragrances, Inc. | 7,715 | 1,162,265 | ||||||
LyondellBasell Industries N.V. — Class A | 11,353 | 1,047,087 | ||||||
Albemarle Corp. | 4,126 | 964,535 | ||||||
Linde plc | 2,659 | 921,157 | ||||||
Celanese Corp. — Class A | 4,757 | 799,461 | ||||||
CF Industries Holdings, Inc. | 10,419 | 737,457 | ||||||
Eastman Chemical Co. | 6,099 | 737,430 | ||||||
Mosaic Co. | 18,193 | 714,803 | ||||||
FMC Corp. | 6,432 | 706,812 | ||||||
RPM International, Inc. | 6,661 | 672,761 | ||||||
Westlake Chemical Corp. | 6,875 | 667,769 | ||||||
Olin Corp. | 9,534 | 548,396 | ||||||
Huntsman Corp. | 14,992 | 522,921 | ||||||
Nutrien Ltd. | 6,835 | 513,992 | ||||||
Axalta Coating Systems Ltd.* | 15,464 | 512,168 | ||||||
Valvoline, Inc. | 13,227 | 493,235 | ||||||
Ashland Global Holdings, Inc. | 4,285 | 461,323 | ||||||
Element Solutions, Inc. | 18,452 | 448,015 | ||||||
Chemours Co. | 12,730 | 427,219 | ||||||
Balchem Corp. | 2,530 | 426,558 | ||||||
Sensient Technologies Corp. | 3,823 | 382,529 | ||||||
HB Fuller Co. | 4,702 | 380,862 | ||||||
Cabot Corp. | 5,846 | 328,545 | ||||||
Ingevity Corp.* | 4,335 | 310,819 | ||||||
Trinseo plc | 5,001 | 262,352 | ||||||
Total Chemicals | 23,588,380 | |||||||
Mining - 17.2% | ||||||||
Freeport-McMoRan, Inc. | 36,098 | 1,506,370 | ||||||
Newmont Corp. | 22,911 | 1,420,940 | ||||||
BHP Group Ltd. ADR1 | 11,184 | 674,954 | ||||||
Alcoa Corp. | 10,742 | 640,008 | ||||||
Rio Tinto plc ADR1 | 9,027 | 604,267 | ||||||
Teck Resources Ltd. — Class B | 18,869 | 543,805 | ||||||
MP Materials Corp.*,1 | 11,632 | 528,325 | ||||||
Wheaton Precious Metals Corp. | 11,667 | 500,864 | ||||||
Royal Gold, Inc. | 4,742 | 498,906 | ||||||
Franco-Nevada Corp. | 3,564 | 492,866 | ||||||
Agnico Eagle Mines Ltd. | 9,231 | 490,535 | ||||||
Livent Corp.* | 14,704 | 358,484 | ||||||
Arconic Corp.* | 10,558 | 348,520 | ||||||
Compass Minerals International, Inc. | 4,553 | 232,567 | ||||||
Total Mining | 8,841,411 | |||||||
Packaging & Containers - 12.3% | ||||||||
Ball Corp. | 11,005 | 1,059,451 | ||||||
Crown Holdings, Inc. | 6,248 | 691,154 | ||||||
Packaging Corporation of America | 4,926 | 670,675 | ||||||
Westrock Co. | 14,122 | 626,452 | ||||||
Berry Global Group, Inc.* | 8,088 | 596,733 | ||||||
Sealed Air Corp. | 8,734 | 589,283 | ||||||
AptarGroup, Inc. | 4,310 | 527,889 | ||||||
Graphic Packaging Holding Co. | 22,747 | 443,566 | ||||||
Sonoco Products Co. | 7,546 | 436,838 | ||||||
Silgan Holdings, Inc. | 9,340 | 400,125 | ||||||
O-I Glass, Inc.* | 21,022 | 252,895 | ||||||
Total Packaging & Containers | 6,295,061 | |||||||
Iron & Steel - 8.9% | ||||||||
Nucor Corp. | 9,519 | 1,086,594 | ||||||
Steel Dynamics, Inc. | 10,648 | 660,921 | ||||||
Cleveland-Cliffs, Inc.* | 28,766 | 626,236 | ||||||
Reliance Steel & Aluminum Co. | 3,649 | 591,941 | ||||||
ArcelorMittal S.A.1 | 16,036 | 510,426 | ||||||
United States Steel Corp. | 19,660 | 468,104 | ||||||
Commercial Metals Co. | 10,856 | 393,964 | ||||||
Allegheny Technologies, Inc.* | 16,419 | 261,555 | ||||||
Total Iron & Steel | 4,599,741 | |||||||
Building Materials - 6.4% | ||||||||
Vulcan Materials Co. | 4,678 | 971,059 | ||||||
Martin Marietta Materials, Inc. | 2,187 | 963,417 | ||||||
Louisiana-Pacific Corp. | 6,174 | 483,733 | ||||||
Eagle Materials, Inc. | 2,903 | 483,234 | ||||||
Summit Materials, Inc. — Class A* | 10,185 | 408,826 | ||||||
Total Building Materials | 3,310,269 | |||||||
Biotechnology - 2.1% | ||||||||
Corteva, Inc. | 23,194 | 1,096,612 | ||||||
Forest Products & Paper - 1.9% | ||||||||
International Paper Co. | 16,752 | 787,009 | ||||||
Sylvamo Corp.* | 7,247 | 202,119 | ||||||
Total Forest Products & Paper | 989,128 | |||||||
Household Products & Housewares - 1.6% | ||||||||
Avery Dennison Corp. | 3,698 | 800,876 | ||||||
Housewares - 1.1% | ||||||||
Scotts Miracle-Gro Co. — Class A | 3,380 | 544,180 | ||||||
Distribution & Wholesale - 0.8% | ||||||||
Avient Corp. | 7,595 | 424,940 | ||||||
Coal - 0.4% | ||||||||
Warrior Met Coal, Inc. | 8,426 | 216,633 | ||||||
Total Common Stocks | ||||||||
(Cost $28,848,430) | 50,707,231 |
EXCHANGE-TRADED FUNDS† - 0.8% | ||||||||
VanEck Junior Gold Miners ETF | 9,350 | 392,046 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $403,832) | 392,046 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 305,835 | 305,835 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 126,484 | 126,484 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 114,985 | 114,985 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $547,304) | 547,304 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 2.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,346,064 | $ | 1,346,064 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $1,346,064) | 1,346,064 | |||||||
Total Investments - 103.1% | ||||||||
(Cost $31,145,630) | $ | 52,992,645 | ||||||
Other Assets & Liabilities, net - (3.1)% | (1,570,262 | ) | ||||||
Total Net Assets - 100.0% | $ | 51,422,383 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 50,707,231 | $ | — | $ | — | $ | 50,707,231 | ||||||||
Exchange-Traded Funds | 392,046 | — | — | 392,046 | ||||||||||||
Repurchase Agreements | — | 547,304 | — | 547,304 | ||||||||||||
Securities Lending Collateral | 1,346,064 | — | — | 1,346,064 | ||||||||||||
Total Assets | $ | 52,445,341 | $ | 547,304 | $ | — | $ | 52,992,645 |
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% | ||||||||
Biotechnology - 70.8% | ||||||||
Amgen, Inc. | 38,551 | $ | 8,672,819 | |||||
Moderna, Inc.* | 29,613 | 7,521,110 | ||||||
Gilead Sciences, Inc. | 102,593 | 7,449,278 | ||||||
Regeneron Pharmaceuticals, Inc.* | 10,245 | 6,469,922 | ||||||
Vertex Pharmaceuticals, Inc.* | 27,017 | 5,932,933 | ||||||
Illumina, Inc.* | 15,460 | 5,881,602 | ||||||
Corteva, Inc. | 98,408 | 4,652,730 | ||||||
Biogen, Inc.* | 19,255 | 4,619,660 | ||||||
Seagen, Inc.* | 26,829 | 4,147,763 | ||||||
Royalty Pharma plc — Class A | 99,744 | 3,974,798 | ||||||
BioNTech SE ADR*,1 | 15,418 | 3,974,761 | ||||||
Horizon Therapeutics plc* | 36,104 | 3,890,567 | ||||||
Alnylam Pharmaceuticals, Inc.* | 19,828 | 3,362,432 | ||||||
BioMarin Pharmaceutical, Inc.* | 36,440 | 3,219,474 | ||||||
Incyte Corp.* | 42,795 | 3,141,153 | ||||||
United Therapeutics Corp.* | 12,013 | 2,595,769 | ||||||
Guardant Health, Inc.* | 25,001 | 2,500,600 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 17,706 | 2,440,064 | ||||||
CRISPR Therapeutics AG*,1 | 30,949 | 2,345,315 | ||||||
Mirati Therapeutics, Inc.* | 15,595 | 2,287,631 | ||||||
Novavax, Inc.* | 15,690 | 2,244,768 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 30,464 | 2,019,763 | ||||||
Blueprint Medicines Corp.* | 18,291 | 1,959,149 | ||||||
Arena Pharmaceuticals, Inc.* | 20,183 | 1,875,808 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 22,258 | 1,871,675 | ||||||
Exelixis, Inc.* | 102,380 | 1,871,506 | ||||||
Halozyme Therapeutics, Inc.* | 46,455 | 1,867,956 | ||||||
Fate Therapeutics, Inc.* | 31,339 | 1,833,645 | ||||||
Denali Therapeutics, Inc.* | 40,295 | 1,797,157 | ||||||
Beam Therapeutics, Inc.* | 21,897 | 1,744,972 | ||||||
Apellis Pharmaceuticals, Inc.* | 35,980 | 1,701,135 | ||||||
NeoGenomics, Inc.* | 47,780 | 1,630,254 | ||||||
Ionis Pharmaceuticals, Inc.* | 52,484 | 1,597,088 | ||||||
Twist Bioscience Corp.* | 18,149 | 1,404,551 | ||||||
Iovance Biotherapeutics, Inc.* | 70,652 | 1,348,747 | ||||||
TG Therapeutics, Inc.* | 70,397 | 1,337,543 | ||||||
Veracyte, Inc.* | 31,551 | 1,299,901 | ||||||
BioCryst Pharmaceuticals, Inc.* | 93,779 | 1,298,839 | ||||||
ChemoCentryx, Inc.* | 35,140 | 1,279,447 | ||||||
Emergent BioSolutions, Inc.* | 27,123 | 1,179,037 | ||||||
Cassava Sciences, Inc.*,1 | 23,842 | 1,041,896 | ||||||
Editas Medicine, Inc.* | 37,102 | 985,058 | ||||||
Bridgebio Pharma, Inc.*,1 | 48,305 | 805,727 | ||||||
Total Biotechnology | 125,076,003 | |||||||
Pharmaceuticals - 16.9% | ||||||||
AbbVie, Inc. | 90,728 | 12,284,571 | ||||||
AstraZeneca plc ADR | 66,425 | 3,869,256 | ||||||
Viatris, Inc. | 239,216 | 3,236,593 | ||||||
Jazz Pharmaceuticals plc* | 21,490 | 2,737,826 | ||||||
Intellia Therapeutics, Inc.* | 18,875 | 2,231,780 | ||||||
Neurocrine Biosciences, Inc.* | 25,982 | 2,212,887 | ||||||
Sarepta Therapeutics, Inc.* | 24,541 | 2,209,917 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 92,609 | 1,079,821 | ||||||
Total Pharmaceuticals | 29,862,651 | |||||||
Healthcare-Products - 6.4% | ||||||||
Bio-Techne Corp. | 7,001 | 3,621,897 | ||||||
Exact Sciences Corp.* | 35,370 | 2,752,847 | ||||||
Natera, Inc.* | 24,363 | 2,275,261 | ||||||
Pacific Biosciences of California, Inc.* | 76,186 | 1,558,765 | ||||||
CareDx, Inc.* | 26,000 | 1,182,480 | ||||||
Total Healthcare-Products | 11,391,250 | |||||||
Healthcare-Services - 5.2% | ||||||||
ICON plc* | 9,725 | 3,011,833 | ||||||
Syneos Health, Inc.* | 25,019 | 2,568,951 | ||||||
Medpace Holdings, Inc.* | 10,080 | 2,193,811 | ||||||
Invitae Corp.* | 89,800 | 1,371,246 | ||||||
Total Healthcare-Services | 9,145,841 | |||||||
Total Common Stocks | ||||||||
(Cost $95,501,594) | 175,475,745 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 681,359 | 681,359 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 281,790 | 281,790 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 256,173 | 256,173 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,219,322) | 1,219,322 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 3.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 6,174,645 | 6,174,645 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $6,174,645) | 6,174,645 | |||||||
Total Investments - 103.5% | ||||||||
(Cost $102,895,561) | $ | 182,869,712 | ||||||
Other Assets & Liabilities, net - (3.5)% | (6,172,807 | ) | ||||||
Total Net Assets - 100.0% | $ | 176,696,905 |
* | 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 December 31, 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 December 31, 2021. |
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 | $ | 175,475,745 | $ | — | $ | — | $ | 175,475,745 | ||||||||
Repurchase Agreements | — | 1,219,322 | — | 1,219,322 | ||||||||||||
Securities Lending Collateral | 6,174,645 | — | — | 6,174,645 | ||||||||||||
Total Assets | $ | 181,650,390 | $ | 1,219,322 | $ | — | $ | 182,869,712 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Food - 36.2% | ||||||||
Mondelez International, Inc. — Class A | 48,760 | $ | 3,233,276 | |||||
Kraft Heinz Co. | 62,440 | 2,241,596 | ||||||
Sysco Corp. | 27,606 | 2,168,451 | ||||||
Hershey Co. | 10,983 | 2,124,881 | ||||||
General Mills, Inc. | 31,528 | 2,124,357 | ||||||
Kroger Co. | 42,546 | 1,925,632 | ||||||
Tyson Foods, Inc. — Class A | 21,790 | 1,899,216 | ||||||
McCormick & Company, Inc. | 18,009 | 1,739,850 | ||||||
Hormel Foods Corp. | 35,147 | 1,715,525 | ||||||
Kellogg Co. | 24,546 | 1,581,253 | ||||||
Conagra Brands, Inc. | 39,950 | 1,364,293 | ||||||
J M Smucker Co. | 9,468 | 1,285,944 | ||||||
Albertsons Companies, Inc. — Class A | 41,617 | 1,256,417 | ||||||
Campbell Soup Co. | 27,672 | 1,202,625 | ||||||
Lamb Weston Holdings, Inc. | 16,920 | 1,072,390 | ||||||
US Foods Holding Corp.* | 27,256 | 949,327 | ||||||
Post Holdings, Inc.* | 8,199 | 924,273 | ||||||
Performance Food Group Co.* | 19,639 | 901,234 | ||||||
Ingredion, Inc. | 8,777 | 848,209 | ||||||
Flowers Foods, Inc. | 29,539 | 811,436 | ||||||
Sanderson Farms, Inc. | 3,617 | 691,136 | ||||||
Hain Celestial Group, Inc.* | 15,935 | 678,990 | ||||||
Beyond Meat, Inc.*,1 | 10,415 | 678,641 | ||||||
Sprouts Farmers Market, Inc.* | 20,946 | 621,677 | ||||||
Grocery Outlet Holding Corp.* | 19,695 | 556,975 | ||||||
TreeHouse Foods, Inc.* | 12,306 | 498,762 | ||||||
Total Food | 35,096,366 | |||||||
Beverages - 25.9% | ||||||||
Coca-Cola Co. | 91,070 | 5,392,255 | ||||||
PepsiCo, Inc. | 29,936 | 5,200,183 | ||||||
Keurig Dr Pepper, Inc. | 66,381 | 2,446,804 | ||||||
Monster Beverage Corp.* | 25,324 | 2,432,117 | ||||||
Constellation Brands, Inc. — Class A | 9,269 | 2,326,241 | ||||||
Brown-Forman Corp. — Class B | 26,991 | 1,966,564 | ||||||
Molson Coors Beverage Co. — Class B | 23,532 | 1,090,708 | ||||||
Coca-Cola Europacific Partners plc | 17,365 | 971,224 | ||||||
Anheuser-Busch InBev S.A. ADR1 | 14,817 | 897,169 | ||||||
Boston Beer Company, Inc. — Class A* | 1,610 | 813,211 | ||||||
Celsius Holdings, Inc.* | 10,848 | 808,935 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 9,525 | 740,188 | ||||||
Total Beverages | 25,085,599 | |||||||
Cosmetics & Personal Care - 14.5% | ||||||||
Procter & Gamble Co. | 41,172 | 6,734,916 | ||||||
Estee Lauder Companies, Inc. — Class A | 10,301 | 3,813,430 | ||||||
Colgate-Palmolive Co. | 33,698 | 2,875,787 | ||||||
Beauty Health Co.* | 26,980 | 651,837 | ||||||
Total Cosmetics & Personal Care | 14,075,970 | |||||||
Agriculture - 12.9% | ||||||||
Philip Morris International, Inc. | 42,896 | 4,075,120 | ||||||
Altria Group, Inc. | 66,183 | 3,136,412 | ||||||
Archer-Daniels-Midland Co. | 30,921 | 2,089,950 | ||||||
Bunge Ltd. | 13,282 | 1,240,008 | ||||||
Darling Ingredients, Inc.* | 16,929 | 1,173,011 | ||||||
British American Tobacco plc ADR1 | 22,301 | 834,280 | ||||||
Total Agriculture | 12,548,781 | |||||||
Household Products & Housewares - 6.4% | ||||||||
Kimberly-Clark Corp. | 16,456 | 2,351,892 | ||||||
Church & Dwight Company, Inc. | 16,465 | 1,687,662 | ||||||
Clorox Co. | 8,777 | 1,530,358 | ||||||
Spectrum Brands Holdings, Inc. | 6,808 | 692,510 | ||||||
Total Household Products & Housewares | 6,262,422 | |||||||
Retail - 2.2% | ||||||||
Casey's General Stores, Inc. | 4,639 | 915,507 | ||||||
Freshpet, Inc.* | 6,902 | 657,553 | ||||||
Nu Skin Enterprises, Inc. — Class A | 10,813 | 548,760 | ||||||
Total Retail | 2,121,820 | |||||||
Pharmaceuticals - 0.8% | ||||||||
Herbalife Nutrition Ltd.* | 18,085 | 740,219 | ||||||
Electrical Components & Equipment - 0.5% | ||||||||
Energizer Holdings, Inc. | 14,125 | 566,413 | ||||||
Total Common Stocks | ||||||||
(Cost $46,861,988) | 96,497,590 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 257,788 | 257,788 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 106,614 | 106,614 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 96,921 | 96,921 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $461,323) | 461,323 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,240,022 | 1,240,022 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,240,022) | 1,240,022 | |||||||
Total Investments - 101.2% | ||||||||
(Cost $48,563,333) | $ | 98,198,935 | ||||||
Other Assets & Liabilities, net - (1.2)% | (1,178,870 | ) | ||||||
Total Net Assets - 100.0% | $ | 97,020,065 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 December 31, 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 December 31, 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 | $ | 96,497,590 | $ | — | $ | — | $ | 96,497,590 | ||||||||
Repurchase Agreements | — | 461,323 | — | 461,323 | ||||||||||||
Securities Lending Collateral | 1,240,022 | — | — | 1,240,022 | ||||||||||||
Total Assets | $ | 97,737,612 | $ | 461,323 | $ | — | $ | 98,198,935 |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 75.8% | ||||||||
Consumer, Non-cyclical - 16.5% | ||||||||
UnitedHealth Group, Inc. | 7,121 | $ | 3,575,739 | |||||
Amgen, Inc. | 7,121 | 1,602,011 | ||||||
Johnson & Johnson | 7,121 | 1,218,190 | ||||||
Procter & Gamble Co. | 7,121 | 1,164,853 | ||||||
Merck & Company, Inc. | 7,121 | 545,753 | ||||||
Coca-Cola Co. | 7,121 | 421,635 | ||||||
Total Consumer, Non-cyclical | 8,528,181 | |||||||
Financial - 14.8% | ||||||||
Goldman Sachs Group, Inc. | 7,121 | 2,724,139 | ||||||
Visa, Inc. — Class A | 7,121 | 1,543,192 | ||||||
American Express Co. | 7,121 | 1,164,995 | ||||||
JPMorgan Chase & Co. | 7,121 | 1,127,610 | ||||||
Travelers Companies, Inc. | 7,121 | 1,113,938 | ||||||
Total Financial | 7,673,874 | |||||||
Consumer, Cyclical - 14.4% | ||||||||
Home Depot, Inc. | 7,121 | 2,955,286 | ||||||
McDonald's Corp. | 7,121 | 1,908,927 | ||||||
NIKE, Inc. — Class B | 7,121 | 1,186,857 | ||||||
Walmart, Inc. | 7,121 | 1,030,338 | ||||||
Walgreens Boots Alliance, Inc. | 7,121 | 371,431 | ||||||
Total Consumer, Cyclical | 7,452,839 | |||||||
Technology - 13.1% | ||||||||
Microsoft Corp. | 7,121 | 2,394,934 | ||||||
salesforce.com, Inc.* | 7,121 | 1,809,660 | ||||||
Apple, Inc. | 7,121 | 1,264,476 | ||||||
International Business Machines Corp. | 7,121 | 951,793 | ||||||
Intel Corp. | 7,121 | 366,732 | ||||||
Total Technology | 6,787,595 | |||||||
Industrial - 10.9% | ||||||||
Honeywell International, Inc. | 7,121 | 1,484,800 | ||||||
Caterpillar, Inc. | 7,121 | 1,472,195 | ||||||
Boeing Co.* | 7,121 | 1,433,600 | ||||||
3M Co. | 7,121 | 1,264,903 | ||||||
Total Industrial | 5,655,498 | |||||||
Communications - 3.7% | ||||||||
Walt Disney Co.* | 7,121 | 1,102,972 | ||||||
Cisco Systems, Inc. | 7,121 | 451,258 | ||||||
Verizon Communications, Inc. | 7,121 | 370,007 | ||||||
Total Communications | 1,924,237 | |||||||
Energy - 1.6% | ||||||||
Chevron Corp. | 7,121 | 835,649 | ||||||
Basic Materials - 0.8% | ||||||||
Dow, Inc. | 7,121 | 403,903 | ||||||
Total Common Stocks | ||||||||
(Cost $31,599,490) | 39,261,776 |
MUTUAL FUNDS† - 6.8% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 178,192 | 1,767,663 | ||||||
Guggenheim Strategy Fund II1 | 69,520 | 1,729,658 | ||||||
Total Mutual Funds | ||||||||
(Cost $3,495,831) | 3,497,321 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 0.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/222,3 | $ | 200,000 | 199,911 | |||||
0.04% due 01/06/223,4 | 54,000 | 54,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $253,924) | 253,911 |
REPURCHASE AGREEMENTS††,5 - 16.4% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/222 | 4,753,641 | 4,753,641 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/222 | 1,965,965 | 1,965,965 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/222 | 1,787,240 | 1,787,240 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $8,506,846) | 8,506,846 | |||||||
Total Investments - 99.5% | ||||||||
(Cost $43,856,091) | $ | 51,519,854 | ||||||
Other Assets & Liabilities, net - 0.5% | 259,409 | |||||||
Total Net Assets - 100.0% | $ | 51,779,263 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 18 | Mar 2022 | $ | 3,260,700 | $ | 15,498 |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Pay | 0.63% (Federal Funds Rate + 0.55%) | At Maturity | 01/27/22 | 209 | $ | 7,605,519 | $ | 214,796 | ||||||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Pay | 0.55% (U.S. Secured Overnight Financing Rate + 0.50%) | At Maturity | 01/26/22 | 47 | 1,715,789 | 37,485 | ||||||||||||||
$ | 9,321,308 | $ | 252,281 |
* | 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 | Affiliated issuer. |
2 | All or a portion of this security is pledged as equity index swap collateral at December 31, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as futures collateral at December 31, 2021. |
5 | Repurchase Agreements — See Note 4. |
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 December 31, 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 | $ | 39,261,776 | $ | — | $ | — | $ | 39,261,776 | ||||||||
Mutual Funds | 3,497,321 | — | — | 3,497,321 | ||||||||||||
U.S. Treasury Bills | — | 253,911 | — | 253,911 | ||||||||||||
Repurchase Agreements | — | 8,506,846 | — | 8,506,846 | ||||||||||||
Equity Futures Contracts** | 15,498 | — | — | 15,498 | ||||||||||||
Equity Index Swap Agreements** | — | 252,281 | — | 252,281 | ||||||||||||
Total Assets | $ | 42,774,595 | $ | 9,013,038 | $ | — | $ | 51,787,633 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,835,969 | $ | 300,000 | $ | (400,000 | ) | $ | 2,903 | $ | (9,214 | ) | $ | 1,729,658 | 69,520 | $ | 17,424 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 623,081 | 1,450,000 | (300,000 | ) | 302 | (5,720 | ) | 1,767,663 | 178,192 | 7,015 | ||||||||||||||||||||||
$ | 2,459,050 | $ | 1,750,000 | $ | (700,000 | ) | $ | 3,205 | $ | (14,934 | ) | $ | 3,497,321 | $ | 24,439 |
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Semiconductors - 92.8% | ||||||||
NVIDIA Corp. | 30,407 | $ | 8,943,003 | |||||
Broadcom, Inc. | 8,767 | 5,833,649 | ||||||
Intel Corp. | 97,044 | 4,997,766 | ||||||
QUALCOMM, Inc. | 26,465 | 4,839,655 | ||||||
Texas Instruments, Inc. | 23,995 | 4,522,338 | ||||||
Advanced Micro Devices, Inc.* | 30,853 | 4,439,747 | ||||||
Applied Materials, Inc. | 26,436 | 4,159,969 | ||||||
Micron Technology, Inc. | 39,620 | 3,690,603 | ||||||
Lam Research Corp. | 4,940 | 3,552,601 | ||||||
Analog Devices, Inc. | 18,851 | 3,313,440 | ||||||
Marvell Technology, Inc. | 34,089 | 2,982,447 | ||||||
KLA Corp. | 6,645 | 2,858,081 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 22,128 | 2,662,220 | ||||||
Xilinx, Inc. | 11,770 | 2,495,593 | ||||||
NXP Semiconductor N.V. | 10,617 | 2,418,340 | ||||||
Microchip Technology, Inc. | 27,608 | 2,403,552 | ||||||
ASML Holding N.V. — Class G | 2,519 | 2,005,477 | ||||||
ON Semiconductor Corp.* | 28,451 | 1,932,392 | ||||||
Teradyne, Inc. | 10,985 | 1,796,377 | ||||||
Skyworks Solutions, Inc. | 11,159 | 1,731,207 | ||||||
Monolithic Power Systems, Inc. | 3,371 | 1,663,015 | ||||||
Entegris, Inc. | 11,004 | 1,524,934 | ||||||
Qorvo, Inc.* | 9,396 | 1,469,440 | ||||||
STMicroelectronics N.V. — Class Y1 | 26,512 | 1,295,907 | ||||||
Wolfspeed, Inc.* | 11,250 | 1,257,412 | ||||||
Synaptics, Inc.* | 4,088 | 1,183,517 | ||||||
Lattice Semiconductor Corp.* | 14,608 | 1,125,692 | ||||||
MKS Instruments, Inc. | 6,335 | 1,103,367 | ||||||
Silicon Laboratories, Inc.* | 4,892 | 1,009,807 | ||||||
Azenta, Inc. | 9,493 | 978,823 | ||||||
Ambarella, Inc.* | 4,698 | 953,177 | ||||||
Amkor Technology, Inc. | 35,793 | 887,308 | ||||||
SiTime Corp.* | 3,003 | 878,498 | ||||||
MaxLinear, Inc. — Class A* | 11,334 | 854,470 | ||||||
Semtech Corp.* | 9,445 | 839,944 | ||||||
Power Integrations, Inc. | 9,038 | 839,540 | ||||||
Cirrus Logic, Inc.* | 8,728 | 803,151 | ||||||
CMC Materials, Inc. | 3,739 | 716,729 | ||||||
Total Semiconductors | 90,963,188 | |||||||
Energy-Alternate Sources - 4.7% | ||||||||
Enphase Energy, Inc.* | 8,912 | 1,630,361 | ||||||
SolarEdge Technologies, Inc.* | 4,679 | 1,312,787 | ||||||
First Solar, Inc.* | 11,557 | 1,007,308 | ||||||
SunPower Corp. — Class A*,1 | 30,630 | 639,248 | ||||||
Total Energy-Alternate Sources | 4,589,704 | |||||||
Chemicals - 1.2% | ||||||||
Daqo New Energy Corp. ADR* | 29,424 | 1,186,376 | ||||||
Electrical Components & Equipment - 1.0% | ||||||||
Universal Display Corp. | 6,045 | 997,606 | ||||||
Total Common Stocks | ||||||||
(Cost $63,893,453) | 97,736,874 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 568,913 | 568,913 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 235,286 | 235,286 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 213,896 | 213,896 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,018,095) | 1,018,095 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,386,869 | 1,386,869 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,386,869) | 1,386,869 | |||||||
Total Investments - 102.1% | ||||||||
(Cost $66,298,417) | $ | 100,141,838 | ||||||
Other Assets & Liabilities, net - (2.1)% | (2,079,436 | ) | ||||||
Total Net Assets - 100.0% | $ | 98,062,402 |
* | 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 December 31, 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 December 31, 2021. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 97,736,874 | $ | — | $ | — | $ | 97,736,874 | ||||||||
Repurchase Agreements | — | 1,018,095 | — | 1,018,095 | ||||||||||||
Securities Lending Collateral | 1,386,869 | — | — | 1,386,869 | ||||||||||||
Total Assets | $ | 99,123,743 | $ | 1,018,095 | $ | — | $ | 100,141,838 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 46.9% | ||||||||
Technology - 16.0% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 4,500 | $ | 541,395 | |||||
Infosys Ltd. ADR | 6,136 | 155,302 | ||||||
NetEase, Inc. ADR | 684 | 69,618 | ||||||
United Microelectronics Corp. ADR1 | 4,236 | 49,561 | ||||||
Wipro Ltd. ADR | 2,713 | 26,479 | ||||||
ASE Technology Holding Company Ltd. ADR | 3,134 | 24,477 | ||||||
Bilibili, Inc. ADR* | 398 | 18,467 | ||||||
Total Technology | 885,299 | |||||||
Communications - 13.6% | ||||||||
Alibaba Group Holding Ltd. ADR* | 3,092 | 367,299 | ||||||
JD.com, Inc. ADR* | 1,575 | 110,360 | ||||||
Baidu, Inc. ADR* | 520 | 77,371 | ||||||
Pinduoduo, Inc. ADR* | 804 | 46,873 | ||||||
America Movil SAB de CV — Class L ADR | 2,129 | 44,943 | ||||||
Chunghwa Telecom Company Ltd. ADR | 697 | 29,420 | ||||||
Telkom Indonesia Persero Tbk PT ADR | 872 | 25,279 | ||||||
Trip.com Group Ltd. ADR* | 846 | 20,828 | ||||||
GDS Holdings Ltd. ADR* | 209 | 9,857 | ||||||
SK Telecom Company Ltd. ADR1 | 355 | 9,466 | ||||||
Grupo Televisa SAB ADR | 928 | 8,695 | ||||||
Total Communications | 750,391 | |||||||
Financial - 6.8% | ||||||||
HDFC Bank Ltd. ADR | 2,292 | 149,140 | ||||||
ICICI Bank Ltd. ADR | 4,707 | 93,152 | ||||||
KB Financial Group, Inc. ADR | 717 | 33,097 | ||||||
Banco Bradesco S.A. ADR | 8,889 | 30,400 | ||||||
Shinhan Financial Group Company Ltd. ADR | 947 | 29,272 | ||||||
China Life Insurance Company Ltd. ADR1 | 2,728 | 22,452 | ||||||
KE Holdings, Inc. ADR* | 919 | 18,490 | ||||||
Total Financial | 376,003 | |||||||
Basic Materials - 4.4% | ||||||||
Vale S.A. ADR | 7,549 | 105,837 | ||||||
POSCO ADR | 556 | 32,409 | ||||||
Gold Fields Ltd. ADR | 1,627 | 17,881 | ||||||
Sasol Ltd. ADR* | 1,061 | 17,400 | ||||||
AngloGold Ashanti Ltd. ADR | 765 | 16,050 | ||||||
Suzano S.A. ADR* | 1,447 | 15,628 | ||||||
Sibanye Stillwater Ltd. ADR | 1,223 | 15,336 | ||||||
Sociedad Quimica y Minera de Chile S.A. ADR | 262 | 13,213 | ||||||
Gerdau S.A. ADR | 2,101 | 10,337 | ||||||
Total Basic Materials | 244,091 | |||||||
Consumer, Cyclical - 2.0% | ||||||||
NIO, Inc. ADR* | 2,496 | 79,073 | ||||||
Tata Motors Ltd. ADR*,1 | 645 | 20,698 | ||||||
Huazhu Group Ltd. ADR* | 270 | 10,082 | ||||||
Total Consumer, Cyclical | 109,853 | |||||||
Consumer, Non-cyclical - 1.9% | ||||||||
Fomento Economico Mexicano SAB de CV ADR | 337 | 26,188 | ||||||
BeiGene Ltd. ADR* | 96 | 26,009 | ||||||
Ambev S.A. ADR | 8,080 | 22,624 | ||||||
Dr Reddy's Laboratories Ltd. ADR | 223 | 14,587 | ||||||
Zai Lab Ltd. ADR* | 140 | 8,799 | ||||||
Natura & Company Holding S.A. ADR* | 771 | 7,147 | ||||||
Total Consumer, Non-cyclical | 105,354 | |||||||
Energy - 1.4% | ||||||||
Petroleo Brasileiro S.A. ADR | 3,411 | 37,453 | ||||||
China Petroleum & Chemical Corp. ADR | 468 | 21,767 | ||||||
PetroChina Company Ltd. ADR1 | 387 | 17,109 | ||||||
Total Energy | 76,329 | |||||||
Industrial - 0.8% | ||||||||
ZTO Express Cayman, Inc. ADR | 809 | 22,830 | ||||||
Cemex SAB de CV ADR* | 2,775 | 18,814 | ||||||
Total Industrial | 41,644 | |||||||
Total Common Stocks | ||||||||
(Cost $2,373,070) | 2,588,964 |
PREFERRED STOCKS† - 1.4% | ||||||||
Energy - 0.8% | ||||||||
Petroleo Brasileiro S.A. ADR | 4,211 | 42,573 | ||||||
Financial - 0.6% | ||||||||
Itau Unibanco Holding S.A. ADR | 8,884 | 33,315 | ||||||
Total Preferred Stocks | ||||||||
(Cost $77,718) | 75,888 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 24.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | $ | 766,732 | 766,732 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 317,098 | 317,098 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 288,270 | 288,270 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,372,100) | 1,372,100 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,4 - 1.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%5 | 77,597 | 77,597 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $77,597) | 77,597 | |||||||
Total Investments - 74.6% | ||||||||
(Cost $3,900,485) | $ | 4,114,549 | ||||||
Other Assets & Liabilities, net - 25.4% | 1,404,607 | |||||||
Total Net Assets - 100.0% | $ | 5,519,156 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | BNY Mellon Emerging Markets 50 ADR Index | Pay | 0.63% (Federal Funds Rate + 0.55%) | At Maturity | 01/27/22 | 2,286 | $ | 6,725,870 | $ | 84,733 | ||||||||||||
BNP Paribas | BNY Mellon Emerging Markets 50 ADR Index | Pay | 0.68% (Federal Funds Rate + 0.60%) | At Maturity | 01/27/22 | 543 | 1,596,462 | 15,031 | ||||||||||||||
$ | 8,322,332 | $ | 99,764 |
* | 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 December 31, 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 December 31, 2021. |
4 | Securities lending collateral — See Note 5. |
5 | Rate indicated is the 7-day yield as of December 31, 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 December 31, 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 | $ | 2,588,964 | $ | — | $ | — | $ | 2,588,964 | ||||||||
Preferred Stocks | 75,888 | — | — | 75,888 | ||||||||||||
Repurchase Agreements | — | 1,372,100 | — | 1,372,100 | ||||||||||||
Securities Lending Collateral | 77,597 | — | — | 77,597 | ||||||||||||
Equity Index Swap Agreements** | — | 99,764 | — | 99,764 | ||||||||||||
Total Assets | $ | 2,742,449 | $ | 1,471,864 | $ | — | $ | 4,214,313 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Emerging Markets Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 33.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 215,929 | $ | 215,929 | ||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 89,302 | 89,302 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 81,184 | 81,184 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $386,415) | 386,415 | |||||||
Total Investments - 33.9% | ||||||||
(Cost $386,415) | $ | 386,415 | ||||||
Other Assets & Liabilities, net - 66.1% | 753,096 | |||||||
Total Net Assets - 100.0% | $ | 1,139,511 |
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 | 2 | Mar 2022 | $ | 241,953 | $ | (136 | ) |
Centrally Cleared Credit Default Swap Agreements Protection Sold†† | ||||||||||||||||||||||||||||
Counterparty | Exchange | Index | Protection Premium Rate | Payment Frequency | Maturity Date | Notional Amount | Value | Upfront Premiums Paid(Received) | Unrealized Appreciation** | |||||||||||||||||||
Barclays Bank plc | ICE | CDX.EM.36.V1 | 1.00 | % | Quarterly | 12/20/26 | $ | 250,000 | $ | (10,095 | ) | $ | (10,533 | ) | $ | 438 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Credit Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | Invesco Emerging Markets Sovereign Debt Portfolio ETF Swap | Pay | 0.68% (Federal Funds Rate + 0.60%) | At Maturity | 01/27/22 | 7,730 | $ | 204,613 | $ | 1,623 | ||||||||||||
Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF Swap | Pay | 0.60% (Federal Funds Rate + 0.60%) | At Maturity | 01/27/22 | 20,435 | 540,915 | (41 | ) | |||||||||||||
$ | 745,528 | $ | 1,582 |
** | 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 | Repurchase Agreements — See Note 4. |
CDX.EM.36.V1 — Credit Default Swap Emerging Markets Series 36 Index Version 1
ICE — Intercontinental Exchange
plc — Public Limited Company
See Sector Classification in Other Information section.
Emerging Markets Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | — | $ | 386,415 | $ | — | $ | 386,415 | ||||||||
Credit Default Swap Agreements** | — | 438 | — | 438 | ||||||||||||
Credit Index Swap Agreements** | — | 1,623 | — | 1,623 | ||||||||||||
Total Assets | $ | — | $ | 388,476 | $ | — | $ | 388,476 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 136 | $ | — | $ | — | $ | 136 | ||||||||
Credit Index Swap Agreements** | 41 | — | — | 41 | ||||||||||||
Total Liabilities | $ | 177 | $ | — | $ | — | $ | 177 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas - 64.8% | ||||||||
Exxon Mobil Corp. | 58,250 | $ | 3,564,318 | |||||
Chevron Corp. | 28,450 | 3,338,608 | ||||||
ConocoPhillips | 29,814 | 2,151,975 | ||||||
EOG Resources, Inc. | 18,174 | 1,614,396 | ||||||
Pioneer Natural Resources Co. | 8,195 | 1,490,507 | ||||||
Marathon Petroleum Corp. | 21,665 | 1,386,343 | ||||||
Valero Energy Corp. | 16,862 | 1,266,505 | ||||||
Devon Energy Corp. | 28,630 | 1,261,152 | ||||||
Phillips 66 | 17,253 | 1,250,152 | ||||||
Occidental Petroleum Corp. | 39,529 | 1,145,946 | ||||||
Hess Corp. | 13,971 | 1,034,273 | ||||||
Petroleo Brasileiro S.A. ADR | 93,299 | 1,024,423 | ||||||
Diamondback Energy, Inc. | 9,075 | 978,739 | ||||||
Continental Resources, Inc. | 19,788 | 885,711 | ||||||
Coterra Energy, Inc. — Class A | 43,755 | 831,345 | ||||||
Marathon Oil Corp. | 48,913 | 803,151 | ||||||
BP plc ADR | 28,223 | 751,578 | ||||||
APA Corp. | 26,176 | 703,873 | ||||||
Royal Dutch Shell plc — Class A ADR | 15,802 | 685,807 | ||||||
Texas Pacific Land Corp. | 544 | 679,385 | ||||||
Ovintiv, Inc. | 19,461 | 655,836 | ||||||
Equities Corp.* | 29,242 | 637,768 | ||||||
Chesapeake Energy Corp. | 9,547 | 615,972 | ||||||
Suncor Energy, Inc. | 22,388 | 560,372 | ||||||
HollyFrontier Corp. | 15,556 | 509,926 | ||||||
Canadian Natural Resources Ltd. | 11,797 | 498,423 | ||||||
PDC Energy, Inc. | 9,844 | 480,190 | ||||||
Magnolia Oil & Gas Corp. — Class A | 24,084 | 454,465 | ||||||
Range Resources Corp.* | 25,441 | 453,613 | ||||||
Matador Resources Co. | 12,060 | 445,255 | ||||||
Denbury, Inc.* | 5,712 | 437,482 | ||||||
Murphy Oil Corp. | 16,594 | 433,269 | ||||||
Civitas Resources, Inc. | 8,556 | 418,987 | ||||||
SM Energy Co. | 13,750 | 405,350 | ||||||
California Resources Corp. | 9,437 | 403,054 | ||||||
CNX Resources Corp.* | 26,485 | 364,169 | ||||||
Equinor ASA ADR1 | 13,669 | 359,905 | ||||||
Callon Petroleum Co.*,1 | 7,553 | 356,879 | ||||||
Oasis Petroleum, Inc. | 2,810 | 354,032 | ||||||
Helmerich & Payne, Inc. | 14,706 | 348,532 | ||||||
CVR Energy, Inc. | 17,474 | 293,738 | ||||||
PBF Energy, Inc. — Class A* | 22,271 | 288,855 | ||||||
Northern Oil and Gas, Inc. | 13,866 | 285,362 | ||||||
Delek US Holdings, Inc.* | 14,921 | 223,666 | ||||||
Laredo Petroleum, Inc.* | 3,602 | 216,588 | ||||||
Total Oil & Gas | 37,349,875 | |||||||
Pipelines - 13.2% | ||||||||
Kinder Morgan, Inc. | 82,539 | 1,309,069 | ||||||
Williams Companies, Inc. | 47,246 | 1,230,286 | ||||||
ONEOK, Inc. | 19,019 | 1,117,556 | ||||||
Cheniere Energy, Inc. | 10,800 | 1,095,336 | ||||||
Targa Resources Corp. | 14,572 | 761,241 | ||||||
Enbridge, Inc. | 17,259 | 674,482 | ||||||
New Fortress Energy, Inc.1 | 21,100 | 509,354 | ||||||
TC Energy Corp. | 10,282 | 478,524 | ||||||
DT Midstream, Inc. | 9,804 | 470,396 | ||||||
Total Pipelines | 7,646,244 | |||||||
Energy-Alternate Sources - 8.5% | ||||||||
Enphase Energy, Inc.* | 5,666 | 1,036,538 | ||||||
Plug Power, Inc.* | 29,195 | 824,175 | ||||||
SolarEdge Technologies, Inc.* | 2,418 | 678,418 | ||||||
First Solar, Inc.* | 7,344 | 640,103 | ||||||
Sunrun, Inc.* | 16,571 | 568,385 | ||||||
SunPower Corp. — Class A*,1 | 19,461 | 406,151 | ||||||
Renewable Energy Group, Inc.* | 7,286 | 309,218 | ||||||
Green Plains, Inc.* | 8,452 | 293,792 | ||||||
TPI Composites, Inc.* | 9,792 | 146,488 | ||||||
Total Energy-Alternate Sources | 4,903,268 | |||||||
Oil & Gas Services - 7.8% | ||||||||
Schlumberger N.V. | 48,669 | 1,457,637 | ||||||
Baker Hughes Co. | 45,335 | 1,090,760 | ||||||
Halliburton Co. | 43,504 | 994,936 | ||||||
NOV, Inc. | 37,740 | 511,377 | ||||||
ChampionX Corp.* | 21,555 | 435,627 | ||||||
Total Oil & Gas Services | 4,490,337 | |||||||
Retail - 1.4% | ||||||||
Murphy USA, Inc. | 2,523 | 502,682 | ||||||
World Fuel Services Corp. | 10,678 | 282,647 | ||||||
Total Retail | 785,329 | |||||||
Coal - 0.9% | ||||||||
Arch Resources, Inc. | 2,803 | 255,970 | ||||||
Peabody Energy Corp.* | 23,716 | 238,820 | ||||||
Total Coal | 494,790 | |||||||
Mining - 0.8% | ||||||||
Cameco Corp. | 21,776 | 474,935 | ||||||
Electric - 0.8% | ||||||||
Ameresco, Inc. — Class A* | 5,729 | 466,570 | ||||||
Electrical Components & Equipment - 0.7% | ||||||||
EnerSys | 5,135 | 405,973 | ||||||
Machinery-Diversified - 0.6% | ||||||||
Cactus, Inc. — Class A | 9,879 | 376,686 | ||||||
Total Common Stocks | ||||||||
(Cost $43,427,760) | 57,394,007 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 174,022 | 174,022 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 71,970 | 71,970 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 65,427 | 65,427 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $311,419) | 311,419 |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 2.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,133,448 | $ | 1,133,448 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $1,133,448) | 1,133,448 | |||||||
Total Investments - 102.0% | ||||||||
(Cost $44,872,627) | $ | 58,838,874 | ||||||
Other Assets & Liabilities, net - (2.0)% | (1,163,716 | ) | ||||||
Total Net Assets - 100.0% | $ | 57,675,158 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 57,394,007 | $ | — | $ | — | $ | 57,394,007 | ||||||||
Repurchase Agreements | — | 311,419 | — | 311,419 | ||||||||||||
Securities Lending Collateral | 1,133,448 | — | — | 1,133,448 | ||||||||||||
Total Assets | $ | 58,527,455 | $ | 311,419 | $ | — | $ | 58,838,874 |
Energy Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas Services - 69.7% | ||||||||
Schlumberger N.V. | 40,641 | $ | 1,217,198 | |||||
Baker Hughes Co. | 37,858 | 910,863 | ||||||
Halliburton Co. | 36,329 | 830,844 | ||||||
NOV, Inc. | 31,518 | 427,069 | ||||||
ChampionX Corp.* | 17,999 | 363,760 | ||||||
Weatherford International plc* | 9,504 | 263,451 | ||||||
TechnipFMC plc* | 41,706 | 246,899 | ||||||
Liberty Oilfield Services, Inc. — Class A* | 24,884 | 241,375 | ||||||
Core Laboratories N.V. | 9,304 | 207,572 | ||||||
Archrock, Inc. | 25,463 | 190,463 | ||||||
Oceaneering International, Inc.* | 16,754 | 189,488 | ||||||
NOW, Inc.* | 20,603 | 175,950 | ||||||
Bristow Group, Inc.* | 5,383 | 170,480 | ||||||
ProPetro Holding Corp.* | 20,497 | 166,026 | ||||||
National Energy Services Reunited Corp.* | 17,489 | 165,271 | ||||||
DMC Global, Inc.* | 4,053 | 160,539 | ||||||
Dril-Quip, Inc.* | 7,713 | 151,792 | ||||||
US Silica Holdings, Inc.* | 15,861 | 149,093 | ||||||
MRC Global, Inc.* | 19,980 | 137,462 | ||||||
Tidewater, Inc.* | 11,179 | 119,727 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 15,298 | 100,202 | ||||||
Oil States International, Inc.* | 19,857 | 98,689 | ||||||
Matrix Service Co.* | 10,515 | 79,073 | ||||||
Total Oil & Gas Services | 6,763,286 | |||||||
Oil & Gas - 12.4% | ||||||||
Valaris Ltd.* | 8,280 | 298,080 | ||||||
Helmerich & Payne, Inc. | 12,282 | 291,084 | ||||||
Patterson-UTI Energy, Inc. | 29,247 | 247,137 | ||||||
Noble Corp.*,1 | 9,304 | 230,832 | ||||||
Nabors Industries Ltd.* | 1,735 | 140,691 | ||||||
Total Oil & Gas | 1,207,824 | |||||||
Energy-Alternate Sources - 9.3% | ||||||||
Sunrun, Inc.* | 13,839 | 474,678 | ||||||
SolarEdge Technologies, Inc.* | 1,530 | 429,272 | ||||||
Total Energy-Alternate Sources | 903,950 | |||||||
Machinery-Diversified - 3.2% | ||||||||
Cactus, Inc. — Class A | 8,251 | 314,611 | ||||||
Metal Fabricate & Hardware - 2.6% | ||||||||
Tenaris S.A. ADR | 11,947 | 249,214 | ||||||
Retail - 2.3% | ||||||||
Aspen Aerogels, Inc.* | 4,450 | 221,565 | ||||||
Total Common Stocks | ||||||||
(Cost $6,962,701) | 9,660,450 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 54,384 | 54,384 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 22,492 | 22,492 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 20,447 | 20,447 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $97,323) | 97,323 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.8% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 172,351 | 172,351 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $172,351) | 172,351 | |||||||
Total Investments - 102.3% | ||||||||
(Cost $7,232,375) | $ | 9,930,124 | ||||||
Other Assets & Liabilities, net - (2.3)% | (221,889 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,708,235 |
* | 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 December 31, 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 December 31, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Energy Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 9,660,450 | $ | — | $ | — | $ | 9,660,450 | ||||||||
Repurchase Agreements | — | 97,323 | — | 97,323 | ||||||||||||
Securities Lending Collateral | 172,351 | — | — | 172,351 | ||||||||||||
Total Assets | $ | 9,832,801 | $ | 97,323 | $ | — | $ | 9,930,124 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 29.3% | ||||||||
Consumer, Non-cyclical - 12.3% | ||||||||
Nestle S.A. ADR | 506 | $ | 71,027 | |||||
Roche Holding AG ADR | 1,012 | 52,310 | ||||||
Novartis AG ADR | 437 | 38,224 | ||||||
Novo Nordisk A/S ADR | 298 | 33,376 | ||||||
AstraZeneca plc ADR | 554 | 32,271 | ||||||
Unilever plc ADR | 472 | 25,389 | ||||||
Diageo plc ADR | 104 | 22,895 | ||||||
L'Oreal S.A. ADR | 218 | 20,802 | ||||||
Sanofi ADR | 410 | 20,541 | ||||||
GlaxoSmithKline plc ADR | 444 | 19,580 | ||||||
British American Tobacco plc ADR | 374 | 13,991 | ||||||
Adyen N.V. ADR* | 507 | 13,344 | ||||||
RELX plc ADR | 355 | 11,577 | ||||||
Reckitt Benckiser Group plc ADR1 | 656 | 11,480 | ||||||
Anheuser-Busch InBev S.A. ADR1 | 160 | 9,688 | ||||||
Bayer AG ADR | 706 | 9,362 | ||||||
Total Consumer, Non-cyclical | 405,857 | |||||||
Financial - 3.5% | ||||||||
HSBC Holdings plc ADR | 742 | 22,371 | ||||||
Allianz SE ADR | 735 | 17,354 | ||||||
BNP Paribas S.A. ADR | 415 | 14,438 | ||||||
Zurich Insurance Group AG ADR | 269 | 11,836 | ||||||
UBS Group AG | 619 | 11,061 | ||||||
AXA S.A. ADR | 369 | 10,985 | ||||||
Banco Santander S.A. ADR | 3,133 | 10,308 | ||||||
Intesa Sanpaolo SpA ADR | 547 | 8,547 | ||||||
Prudential plc ADR | 247 | 8,504 | ||||||
Total Financial | 115,404 | |||||||
Industrial - 2.7% | ||||||||
Siemens AG ADR | 269 | 23,295 | ||||||
Schneider Electric SE ADR | 510 | 19,997 | ||||||
Airbus SE ADR* | 418 | 13,338 | ||||||
ABB Ltd. ADR | 302 | 11,528 | ||||||
Deutsche Post AG ADR | 177 | 11,342 | ||||||
Vinci S.A. ADR | 431 | 11,340 | ||||||
Total Industrial | 90,840 | |||||||
Technology - 2.6% | ||||||||
ASML Holding N.V. — Class G | 74 | 58,914 | ||||||
SAP SE ADR1 | 196 | 27,462 | ||||||
Total Technology | 86,376 | |||||||
Consumer, Cyclical - 2.6% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 237 | 39,223 | ||||||
Cie Financiere Richemont S.A. ADR | 942 | 14,083 | ||||||
Daimler AG ADR | 493 | 11,631 | ||||||
Kering S.A. ADR | 131 | 10,547 | ||||||
adidas AG ADR | 67 | 9,648 | ||||||
Total Consumer, Cyclical | 85,132 | |||||||
Basic Materials - 2.5% | ||||||||
Linde plc | 92 | 31,871 | ||||||
Air Liquide S.A. ADR | 426 | 14,855 | ||||||
Rio Tinto plc ADR | 190 | 12,719 | ||||||
BASF SE ADR | 660 | 11,570 | ||||||
BHP Group plc ADR1 | 189 | 11,296 | ||||||
Total Basic Materials | 82,311 | |||||||
Energy - 1.7% | ||||||||
TotalEnergies SE ADR | 474 | 23,444 | ||||||
Royal Dutch Shell plc — Class A ADR | 368 | 15,971 | ||||||
BP plc ADR | 594 | 15,818 | ||||||
Total Energy | 55,233 | |||||||
Communications - 0.7% | ||||||||
Prosus N.V. ADR | 780 | 12,956 | ||||||
Deutsche Telekom AG ADR | 623 | 11,532 | ||||||
Total Communications | 24,488 | |||||||
Utilities - 0.7% | ||||||||
Iberdrola S.A. ADR1 | 261 | 12,322 | ||||||
Enel SpA ADR | 1,406 | 11,192 | ||||||
Total Utilities | 23,514 | |||||||
Total Common Stocks | ||||||||
(Cost $840,365) | 969,155 |
MUTUAL FUNDS† - 16.6% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 27,731 | 275,091 | ||||||
Guggenheim Strategy Fund II2 | 11,042 | 274,726 | ||||||
Total Mutual Funds | ||||||||
(Cost $549,966) | 549,817 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 8.3% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/223,4 | $ | 274,000 | 274,000 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $273,999) | 274,000 |
REPURCHASE AGREEMENTS††,5 - 44.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | 824,662 | 824,662 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 341,055 | 341,055 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 310,050 | 310,050 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,475,767) | 1,475,767 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 1.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%7 | 45,542 | 45,542 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $45,542) | 45,542 | |||||||
Total Investments - 100.2% | ||||||||
(Cost $3,185,639) | $ | 3,314,281 | ||||||
Other Assets & Liabilities, net - (0.2)% | (5,016 | ) | ||||||
Total Net Assets - 100.0% | $ | 3,309,265 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased†† | ||||||||||||||
STOXX Europe 50 Index Futures Contracts | 73 | Mar 2022 | $ | 3,142,598 | $ | 90,340 | ||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Euro FX Futures Contracts | 22 | Mar 2022 | $ | 3,132,800 | $ | 16,609 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at December 31, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as futures collateral at December 31, 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 December 31, 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 December 31, 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 | $ | 969,155 | $ | — | $ | — | $ | 969,155 | ||||||||
Mutual Funds | 549,817 | — | — | 549,817 | ||||||||||||
U.S. Treasury Bills | — | 274,000 | — | 274,000 | ||||||||||||
Repurchase Agreements | — | 1,475,767 | — | 1,475,767 | ||||||||||||
Securities Lending Collateral | 45,542 | — | — | 45,542 | ||||||||||||
Equity Futures Contracts** | — | 90,340 | — | 90,340 | ||||||||||||
Currency Futures Contracts** | 16,609 | — | — | 16,609 | ||||||||||||
Total Assets | $ | 1,581,123 | $ | 1,840,107 | $ | — | $ | 3,421,230 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 276,836 | $ | 500,000 | $ | (500,000 | ) | $ | (1,340 | ) | $ | (770 | ) | $ | 274,726 | 11,042 | $ | 3,593 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 276,705 | 500,000 | (500,000 | ) | (1,210 | ) | (404 | ) | 275,091 | 27,731 | 2,083 | |||||||||||||||||||||
$ | 553,541 | $ | 1,000,000 | $ | (1,000,000 | ) | $ | (2,550 | ) | $ | (1,174 | ) | $ | 549,817 | $ | 5,676 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
REITS - 29.3% | ||||||||
American Tower Corp. — Class A | 2,401 | $ | 702,292 | |||||
Prologis, Inc. | 3,938 | 663,002 | ||||||
Crown Castle International Corp. | 2,735 | 570,904 | ||||||
Equinix, Inc. | 614 | 519,346 | ||||||
Public Storage | 1,300 | 486,928 | ||||||
Simon Property Group, Inc. | 2,745 | 438,569 | ||||||
Digital Realty Trust, Inc. | 2,406 | 425,549 | ||||||
SBA Communications Corp. | 1,006 | 391,354 | ||||||
Realty Income Corp. | 5,392 | 386,013 | ||||||
Welltower, Inc. | 4,241 | 363,751 | ||||||
AvalonBay Communities, Inc. | 1,388 | 350,595 | ||||||
Alexandria Real Estate Equities, Inc. | 1,557 | 347,149 | ||||||
Equity Residential | 3,783 | 342,361 | ||||||
Extra Space Storage, Inc. | 1,475 | 334,427 | ||||||
Weyerhaeuser Co. | 7,973 | 328,328 | ||||||
Invitation Homes, Inc. | 6,940 | 314,660 | ||||||
Mid-America Apartment Communities, Inc. | 1,341 | 307,679 | ||||||
Sun Communities, Inc. | 1,434 | 301,097 | ||||||
Duke Realty Corp. | 4,580 | 300,631 | ||||||
Essex Property Trust, Inc. | 810 | 285,306 | ||||||
Ventas, Inc. | 5,248 | 268,278 | ||||||
VICI Properties, Inc. | 8,909 | 268,250 | ||||||
Healthpeak Properties, Inc. | 7,341 | 264,937 | ||||||
UDR, Inc. | 4,246 | 254,717 | ||||||
Camden Property Trust | 1,418 | 253,368 | ||||||
Boston Properties, Inc. | 2,174 | 250,401 | ||||||
Equity LifeStyle Properties, Inc. | 2,745 | 240,627 | ||||||
Kimco Realty Corp. | 9,695 | 238,982 | ||||||
WP Carey, Inc. | 2,843 | 233,268 | ||||||
American Homes 4 Rent — Class A | 5,243 | 228,647 | ||||||
Medical Properties Trust, Inc. | 9,623 | 227,391 | ||||||
Host Hotels & Resorts, Inc.* | 12,666 | 220,262 | ||||||
Regency Centers Corp. | 2,894 | 218,063 | ||||||
Life Storage, Inc. | 1,398 | 214,146 | ||||||
CubeSmart | 3,737 | 212,673 | ||||||
Gaming and Leisure Properties, Inc. | 4,364 | 212,352 | ||||||
Lamar Advertising Co. — Class A | 1,742 | 211,305 | ||||||
Rexford Industrial Realty, Inc. | 2,596 | 210,561 | ||||||
Federal Realty Investment Trust* | 1,465 | 199,709 | ||||||
CyrusOne, Inc. | 2,221 | 199,268 | ||||||
STORE Capital Corp. | 5,284 | 181,770 | ||||||
Americold Realty Trust | 5,377 | 176,312 | ||||||
First Industrial Realty Trust, Inc. | 2,663 | 176,291 | ||||||
National Retail Properties, Inc. | 3,655 | 175,696 | ||||||
American Campus Communities, Inc. | 2,946 | 168,776 | ||||||
Vornado Realty Trust | 4,030 | 168,696 | ||||||
Brixmor Property Group, Inc. | 6,616 | 168,112 | ||||||
AGNC Investment Corp. | 10,955 | 164,763 | ||||||
Kilroy Realty Corp. | 2,452 | 162,960 | ||||||
Omega Healthcare Investors, Inc. | 5,479 | 162,124 | ||||||
Healthcare Trust of America, Inc. — Class A | 4,796 | 160,138 | ||||||
Spirit Realty Capital, Inc. | 3,023 | 145,678 | ||||||
Agree Realty Corp. | 1,928 | 137,582 | ||||||
Park Hotels & Resorts, Inc.* | 7,017 | 132,481 | ||||||
SL Green Realty Corp. | 1,804 | 129,347 | ||||||
InvenTrust Properties Corp.1 | 2,997 | 81,698 | ||||||
Orion Office REIT, Inc.* | 3,284 | 61,312 | ||||||
Total REITS | 15,340,882 | |||||||
Banks - 24.9% | ||||||||
JPMorgan Chase & Co. | 8,112 | 1,284,535 | ||||||
Bank of America Corp. | 25,389 | 1,129,557 | ||||||
Wells Fargo & Co. | 16,696 | 801,074 | ||||||
Morgan Stanley | 7,849 | 770,458 | ||||||
Goldman Sachs Group, Inc. | 1,748 | 668,697 | ||||||
Citigroup, Inc. | 10,631 | 642,006 | ||||||
PNC Financial Services Group, Inc. | 2,704 | 542,206 | ||||||
U.S. Bancorp | 9,516 | 534,514 | ||||||
Truist Financial Corp. | 8,842 | 517,699 | ||||||
Bank of New York Mellon Corp. | 6,991 | 406,037 | ||||||
SVB Financial Group* | 531 | 360,145 | ||||||
First Republic Bank | 1,732 | 357,675 | ||||||
State Street Corp. | 3,670 | 341,310 | ||||||
Fifth Third Bancorp | 7,357 | 320,397 | ||||||
Northern Trust Corp. | 2,473 | 295,796 | ||||||
Huntington Bancshares, Inc. | 18,105 | 279,179 | ||||||
ICICI Bank Ltd. ADR | 13,730 | 271,717 | ||||||
KeyCorp | 11,715 | 270,968 | ||||||
Signature Bank | 830 | 268,480 | ||||||
Regions Financial Corp. | 12,250 | 267,050 | ||||||
Royal Bank of Canada | 2,488 | 264,076 | ||||||
Citizens Financial Group, Inc. | 5,582 | 263,750 | ||||||
HDFC Bank Ltd. ADR | 3,994 | 259,890 | ||||||
M&T Bank Corp. | 1,691 | 259,704 | ||||||
Bank of Nova Scotia | 3,608 | 258,658 | ||||||
Comerica, Inc. | 2,282 | 198,534 | ||||||
Western Alliance Bancorporation | 1,830 | 196,999 | ||||||
East West Bancorp, Inc. | 2,483 | 195,362 | ||||||
Zions Bancorp North America | 2,930 | 185,059 | ||||||
First Horizon Corp. | 10,733 | 175,270 | ||||||
Synovus Financial Corp. | 3,243 | 155,242 | ||||||
Webster Financial Corp. | 2,396 | 133,793 | ||||||
Silvergate Capital Corp. — Class A* | 804 | 119,153 | ||||||
Total Banks | 12,994,990 | |||||||
Insurance - 20.7% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 5,156 | 1,541,644 | ||||||
Marsh & McLennan Companies, Inc. | 3,188 | 554,138 | ||||||
Willis Towers Watson plc | 2,221 | 527,465 | ||||||
Aon plc — Class A | 1,604 | 482,098 | ||||||
Chubb Ltd. | 2,365 | 457,178 | ||||||
Progressive Corp. | 4,339 | 445,398 | ||||||
MetLife, Inc. | 6,914 | 432,056 | ||||||
American International Group, Inc. | 7,285 | 414,225 | ||||||
Prudential Financial, Inc. | 3,495 | 378,299 | ||||||
Aflac, Inc. | 6,297 | 367,682 | ||||||
Travelers Companies, Inc. | 2,293 | 358,694 | ||||||
Arthur J Gallagher & Co. | 2,066 | 350,538 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Insurance - 20.7% (continued) | ||||||||
Allstate Corp. | 2,894 | $ | 340,479 | |||||
Hartford Financial Services Group, Inc. | 4,164 | 287,483 | ||||||
Athene Holding Ltd. — Class A* | 3,212 | 267,656 | ||||||
Brown & Brown, Inc. | 3,778 | 265,518 | ||||||
Principal Financial Group, Inc. | 3,536 | 255,759 | ||||||
RenaissanceRe Holdings Ltd. | 1,501 | 254,164 | ||||||
Cincinnati Financial Corp. | 2,200 | 250,646 | ||||||
Markel Corp.* | 196 | 241,864 | ||||||
Fidelity National Financial, Inc. | 4,390 | 229,070 | ||||||
Loews Corp. | 3,891 | 224,744 | ||||||
Equitable Holdings, Inc. | 6,529 | 214,086 | ||||||
Lincoln National Corp. | 3,033 | 207,033 | ||||||
American Financial Group, Inc. | 1,444 | 198,290 | ||||||
Globe Life, Inc. | 1,948 | 182,567 | ||||||
Assurant, Inc. | 1,135 | 176,901 | ||||||
First American Financial Corp. | 2,221 | 173,749 | ||||||
Reinsurance Group of America, Inc. — Class A | 1,516 | 165,987 | ||||||
Voya Financial, Inc. | 2,432 | 161,266 | ||||||
Old Republic International Corp. | 6,503 | 159,844 | ||||||
Unum Group | 5,377 | 132,113 | ||||||
MGIC Investment Corp. | 8,929 | 128,756 | ||||||
Total Insurance | 10,827,390 | |||||||
Diversified Financial Services - 16.0% | ||||||||
Charles Schwab Corp. | 8,698 | 731,502 | ||||||
BlackRock, Inc. — Class A | 753 | 689,417 | ||||||
American Express Co. | 4,066 | 665,198 | ||||||
CME Group, Inc. — Class A | 2,344 | 535,510 | ||||||
Intercontinental Exchange, Inc. | 3,799 | 519,589 | ||||||
Capital One Financial Corp. | 3,166 | 459,355 | ||||||
Coinbase Global, Inc. — Class A* | 1,712 | 432,057 | ||||||
T. Rowe Price Group, Inc. | 1,979 | 389,151 | ||||||
Nasdaq, Inc. | 1,670 | 350,717 | ||||||
Discover Financial Services | 2,961 | 342,173 | ||||||
Ameriprise Financial, Inc. | 1,129 | 340,574 | ||||||
Apollo Asset Management, Inc. | 4,529 | 328,035 | ||||||
Synchrony Financial | 6,282 | 291,422 | ||||||
Ally Financial, Inc. | 4,982 | 237,193 | ||||||
Franklin Resources, Inc. | 6,971 | 233,459 | ||||||
Cboe Global Markets, Inc. | 1,676 | 218,550 | ||||||
SoFi Technologies, Inc.*,1 | 13,453 | 212,692 | ||||||
LPL Financial Holdings, Inc. | 1,289 | 206,356 | ||||||
Upstart Holdings, Inc.* | 1,325 | 200,473 | ||||||
Invesco Ltd. | 8,271 | 190,398 | ||||||
Jefferies Financial Group, Inc. | 4,704 | 182,515 | ||||||
Stifel Financial Corp. | 2,262 | 159,290 | ||||||
OneMain Holdings, Inc. | 2,977 | 148,969 | ||||||
SLM Corp. | 7,305 | 143,689 | ||||||
Evercore, Inc. — Class A | 990 | 134,492 | ||||||
Total Diversified Financial Services | 8,342,776 | |||||||
Private Equity - 3.9% | ||||||||
Blackstone, Inc. — Class A | 5,701 | 737,652 | ||||||
KKR & Company, Inc. — Class A | 6,313 | 470,319 | ||||||
Ares Management Corp. — Class A | 3,536 | 287,371 | ||||||
Brookfield Asset Management, Inc. — Class A | 4,411 | 266,336 | ||||||
Carlyle Group, Inc. | 4,735 | 259,951 | ||||||
Total Private Equity | 2,021,629 | |||||||
Commercial Services - 2.6% | ||||||||
S&P Global, Inc. | 1,315 | 620,588 | ||||||
Moody's Corp. | 1,279 | 499,552 | ||||||
MarketAxess Holdings, Inc. | 552 | 227,021 | ||||||
Total Commercial Services | 1,347,161 | |||||||
Savings & Loans - 0.8% | ||||||||
People's United Financial, Inc. | 9,109 | 162,323 | ||||||
New York Community Bancorp, Inc. | 11,715 | 143,040 | ||||||
Sterling Bancorp | 5,167 | 133,257 | ||||||
Total Savings & Loans | 438,620 | |||||||
Software - 0.8% | ||||||||
MSCI, Inc. — Class A | 681 | 417,242 | ||||||
Media - 0.5% | ||||||||
FactSet Research Systems, Inc. | 526 | 255,641 | ||||||
Total Common Stocks | ||||||||
(Cost $39,873,453) | 51,986,331 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 189,884 | 189,884 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 78,531 | 78,531 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 71,391 | 71,391 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $339,806) | 339,806 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 230,727 | 230,727 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $230,727) | 230,727 | |||||||
Total Investments - 100.5% | ||||||||
(Cost $40,443,986) | $ | 52,556,864 | ||||||
Other Assets & Liabilities, net - (0.5)% | (271,904 | ) | ||||||
Total Net Assets - 100.0% | $ | 52,284,960 |
* | 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 December 31, 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 December 31, 2021. |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
ADR — American Depositary Receipt
CME — Chicago Mercantile Exchange
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 December 31, 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 | $ | 51,986,331 | $ | — | $ | — | $ | 51,986,331 | ||||||||
Repurchase Agreements | — | 339,806 | — | 339,806 | ||||||||||||
Securities Lending Collateral | 230,727 | — | — | 230,727 | ||||||||||||
Total Assets | $ | 52,217,058 | $ | 339,806 | $ | — | $ | 52,556,864 |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 12.5% | ||||||||
Guggenheim Strategy Fund II1 | 233,323 | $ | 5,809,736 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 564,487 | 5,605,356 | ||||||
Total Mutual Funds | ||||||||
(Cost $11,419,354) | 11,415,092 |
Face Amount | ||||||||
U.S. GOVERNMENT SECURITIES†† - 84.0% | ||||||||
U.S. Treasury Bonds | ||||||||
1.88% due 11/15/51 | $ | 76,800,000 | 76,560,000 | |||||
Total U.S. Government Securities | ||||||||
(Cost $75,139,582) | 76,560,000 |
U.S. TREASURY BILLS†† - 1.0% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/222,3 | 888,000 | 887,999 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $887,995) | 887,999 |
REPURCHASE AGREEMENTS††,4 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | 526,866 | 526,866 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 217,896 | 217,896 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 198,087 | 198,087 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $942,849) | 942,849 | |||||||
Total Investments - 98.5% | ||||||||
(Cost $88,389,780) | $ | 89,805,940 | ||||||
Other Assets & Liabilities, net - 1.5% | 1,394,429 | |||||||
Total Net Assets - 100.0% | $ | 91,200,369 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 202 | Mar 2022 | $ | 39,812,938 | $ | (206,854 | ) |
** | 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 December 31, 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 December 31, 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 | $ | 11,415,092 | $ | — | $ | — | $ | 11,415,092 | ||||||||
U.S. Government Securities | — | 76,560,000 | — | 76,560,000 | ||||||||||||
U.S. Treasury Bills | — | 887,999 | — | 887,999 | ||||||||||||
Repurchase Agreements | — | 942,849 | — | 942,849 | ||||||||||||
Total Assets | $ | 11,415,092 | $ | 78,390,848 | $ | — | $ | 89,805,940 |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 206,854 | $ | — | $ | — | $ | 206,854 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,565,542 | $ | 6,000,000 | $ | (5,740,000 | ) | $ | 3,290 | $ | (19,096 | ) | $ | 5,809,736 | 233,323 | $ | 49,052 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 5,608,852 | 5,000,000 | (4,990,000 | ) | (7,174 | ) | (6,322 | ) | 5,605,356 | 564,487 | 30,760 | |||||||||||||||||||||
$ | 11,174,394 | $ | 11,000,000 | $ | (10,730,000 | ) | $ | (3,884 | ) | $ | (25,418 | ) | $ | 11,415,092 | $ | 79,812 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Healthcare-Products - 32.5% | ||||||||
Thermo Fisher Scientific, Inc. | 2,709 | $ | 1,807,553 | |||||
Abbott Laboratories | 12,713 | 1,789,228 | ||||||
Danaher Corp. | 5,284 | 1,738,489 | ||||||
Medtronic plc | 13,292 | 1,375,057 | ||||||
Intuitive Surgical, Inc.* | 3,583 | 1,287,372 | ||||||
Stryker Corp. | 4,335 | 1,159,266 | ||||||
Edwards Lifesciences Corp.* | 7,903 | 1,023,834 | ||||||
Boston Scientific Corp.* | 21,180 | 899,726 | ||||||
IDEXX Laboratories, Inc.* | 1,302 | 857,315 | ||||||
Align Technology, Inc.* | 1,287 | 845,791 | ||||||
Baxter International, Inc. | 8,693 | 746,207 | ||||||
ResMed, Inc. | 2,672 | 696,003 | ||||||
West Pharmaceutical Services, Inc. | 1,423 | 667,401 | ||||||
Zimmer Biomet Holdings, Inc. | 4,667 | 592,896 | ||||||
Avantor, Inc.* | 13,593 | 572,809 | ||||||
PerkinElmer, Inc. | 2,823 | 567,592 | ||||||
STERIS plc | 2,326 | 566,172 | ||||||
Waters Corp.* | 1,468 | 546,977 | ||||||
Bio-Techne Corp. | 1,015 | 525,100 | ||||||
Cooper Companies, Inc. | 1,219 | 510,688 | ||||||
Hologic, Inc.* | 6,278 | 480,644 | ||||||
ABIOMED, Inc.* | 1,333 | 478,774 | ||||||
10X Genomics, Inc. — Class A* | 3,124 | 465,351 | ||||||
Masimo Corp.* | 1,558 | 456,151 | ||||||
Teleflex, Inc. | 1,355 | 445,090 | ||||||
Repligen Corp.* | 1,603 | 424,538 | ||||||
Bruker Corp. | 4,817 | 404,194 | ||||||
Exact Sciences Corp.* | 5,051 | 393,119 | ||||||
Dentsply Sirona, Inc. | 7,038 | 392,650 | ||||||
Henry Schein, Inc.* | 4,907 | 380,440 | ||||||
Tandem Diabetes Care, Inc.* | 2,266 | 341,078 | ||||||
Natera, Inc.* | 3,478 | 324,810 | ||||||
Envista Holdings Corp.* | 6,842 | 308,301 | ||||||
Inspire Medical Systems, Inc.* | 1,242 | 285,734 | ||||||
Insulet Corp.* | 970 | 258,088 | ||||||
Quidel Corp.* | 1,762 | 237,852 | ||||||
Nevro Corp.* | 2,326 | 188,569 | ||||||
Total Healthcare-Products | 25,040,859 | |||||||
Pharmaceuticals - 29.6% | ||||||||
Johnson & Johnson | 13,842 | 2,367,951 | ||||||
Pfizer, Inc. | 34,052 | 2,010,771 | ||||||
AbbVie, Inc. | 12,953 | 1,753,836 | ||||||
Eli Lilly & Co. | 6,330 | 1,748,473 | ||||||
Merck & Company, Inc. | 20,307 | 1,556,328 | ||||||
CVS Health Corp. | 12,751 | 1,315,393 | ||||||
Bristol-Myers Squibb Co. | 20,955 | 1,306,544 | ||||||
Zoetis, Inc. | 5,021 | 1,225,275 | ||||||
Cigna Corp. | 4,350 | 998,891 | ||||||
Becton Dickinson and Co. | 3,771 | 948,331 | ||||||
Dexcom, Inc.* | 1,498 | 804,351 | ||||||
AstraZeneca plc ADR | 12,239 | 712,922 | ||||||
McKesson Corp. | 2,853 | 709,170 | ||||||
AmerisourceBergen Corp. — Class A | 4,606 | 612,091 | ||||||
GlaxoSmithKline plc ADR | 13,082 | 576,916 | ||||||
Novartis AG ADR | 6,067 | 530,680 | ||||||
Jazz Pharmaceuticals plc* | 4,162 | 530,239 | ||||||
Perrigo Company plc | 13,255 | 515,619 | ||||||
Viatris, Inc. | 34,150 | 462,050 | ||||||
Cardinal Health, Inc. | 8,423 | 433,700 | ||||||
Elanco Animal Health, Inc.* | 14,399 | 408,644 | ||||||
Bausch Health Companies, Inc.* | 13,315 | 367,627 | ||||||
Intellia Therapeutics, Inc.* | 2,694 | 318,539 | ||||||
Neurocrine Biosciences, Inc.* | 3,711 | 316,066 | ||||||
Sarepta Therapeutics, Inc.* | 3,500 | 315,175 | ||||||
Total Pharmaceuticals | 22,845,582 | |||||||
Healthcare-Services - 17.2% | ||||||||
UnitedHealth Group, Inc. | 4,832 | 2,426,340 | ||||||
Anthem, Inc. | 2,597 | 1,203,813 | ||||||
HCA Healthcare, Inc. | 3,861 | 991,968 | ||||||
Humana, Inc. | 1,889 | 876,231 | ||||||
IQVIA Holdings, Inc.* | 2,966 | 836,827 | ||||||
Centene Corp.* | 9,273 | 764,095 | ||||||
Laboratory Corporation of America Holdings* | 1,934 | 607,682 | ||||||
ICON plc* | 1,874 | 580,378 | ||||||
Quest Diagnostics, Inc. | 2,973 | 514,359 | ||||||
Catalent, Inc.* | 3,989 | 510,712 | ||||||
Charles River Laboratories International, Inc.* | 1,302 | 490,568 | ||||||
Molina Healthcare, Inc.* | 1,520 | 483,482 | ||||||
Teladoc Health, Inc.* | 4,629 | 425,035 | ||||||
DaVita, Inc.* | 3,478 | 395,657 | ||||||
Syneos Health, Inc.* | 3,576 | 367,184 | ||||||
Universal Health Services, Inc. — Class B | 2,777 | 360,066 | ||||||
Tenet Healthcare Corp.* | 4,125 | 336,971 | ||||||
Oak Street Health, Inc.*,1 | 9,710 | 321,789 | ||||||
Encompass Health Corp. | 4,456 | 290,799 | ||||||
Amedisys, Inc.* | 1,625 | 263,055 | ||||||
Invitae Corp.* | 12,818 | 195,731 | ||||||
Total Healthcare-Services | 13,242,742 | |||||||
Biotechnology - 16.6% | ||||||||
Amgen, Inc. | 5,502 | 1,237,785 | ||||||
Moderna, Inc.* | 4,222 | 1,072,304 | ||||||
Gilead Sciences, Inc. | 14,647 | 1,063,519 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,460 | 922,019 | ||||||
Vertex Pharmaceuticals, Inc.* | 3,854 | 846,338 | ||||||
Illumina, Inc.* | 2,206 | 839,251 | ||||||
BioNTech SE ADR*,1 | 2,785 | 717,973 | ||||||
Biogen, Inc.* | 2,747 | 659,060 | ||||||
Seagen, Inc.* | 3,831 | 592,273 | ||||||
Royalty Pharma plc — Class A | 14,233 | 567,185 | ||||||
Horizon Therapeutics plc* | 5,149 | 554,856 | ||||||
Alnylam Pharmaceuticals, Inc.* | 2,830 | 479,911 | ||||||
BioMarin Pharmaceutical, Inc.* | 5,201 | 459,508 | ||||||
Incyte Corp.* | 6,112 | 448,621 | ||||||
United Therapeutics Corp.* | 1,717 | 371,009 | ||||||
Guardant Health, Inc.* | 3,568 | 356,871 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 2,529 | 348,522 | ||||||
Mirati Therapeutics, Inc.* | 2,228 | 326,825 | ||||||
Novavax, Inc.* | 2,236 | 319,905 | ||||||
Fate Therapeutics, Inc.* | 4,471 | 261,598 | ||||||
Apellis Pharmaceuticals, Inc.* | 5,134 | 242,736 | ||||||
Cassava Sciences, Inc.*,1 | 3,402 | 148,667 | ||||||
Total Biotechnology | 12,836,736 | |||||||
Electronics - 2.0% | ||||||||
Agilent Technologies, Inc. | 4,983 | 795,536 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% (continued) | ||||||||
Electronics - 2.0% (continued) | ||||||||
Mettler-Toledo International, Inc.* | 433 | $ | 734,892 | |||||
Total Electronics | 1,530,428 | |||||||
Software - 1.7% | ||||||||
Veeva Systems, Inc. — Class A* | 2,747 | 701,804 | ||||||
Cerner Corp. | 6,737 | 625,665 | ||||||
Total Software | 1,327,469 | |||||||
Total Common Stocks | ||||||||
(Cost $59,229,601) | 76,823,816 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.4% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 192,071 | 192,071 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 79,435 | 79,435 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 72,214 | 72,214 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $343,720) | 343,720 |
SECURITIES LENDING COLLATERAL†,3 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 284,153 | 284,153 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $284,153) | 284,153 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $59,857,474) | $ | 77,451,689 | ||||||
Other Assets & Liabilities, net - (0.4)% | (339,179 | ) | ||||||
Total Net Assets - 100.0% | $ | 77,112,510 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 December 31, 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 December 31, 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 | $ | 76,823,816 | $ | — | $ | — | $ | 76,823,816 | ||||||||
Repurchase Agreements | — | 343,720 | — | 343,720 | ||||||||||||
Securities Lending Collateral | 284,153 | — | — | 284,153 | ||||||||||||
Total Assets | $ | 77,107,969 | $ | 343,720 | $ | — | $ | 77,451,689 |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 13.7% | ||||||||
Guggenheim Strategy Fund III1 | 112,348 | $ | 2,814,322 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 157,278 | 1,561,767 | ||||||
Guggenheim Strategy Fund II1 | 53,173 | 1,324,001 | ||||||
Total Mutual Funds | ||||||||
(Cost $5,620,649) | 5,700,090 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 12.7% | ||||||||
Federal Farm Credit Bank | ||||||||
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222 | $ | 3,000,000 | 2,999,655 | |||||
0.38% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222 | 1,700,000 | 1,701,319 | ||||||
0.28% (U.S. Prime Rate - 2.97%, Rate Floor: 0.00%) due 05/27/222 | 620,000 | 620,495 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $5,319,983) | 5,321,469 |
U.S. GOVERNMENT SECURITIES†† - 6.0% | ||||||||
U.S. Treasury Note | ||||||||
1.75% due 05/15/22 | 2,500,000 | 2,514,648 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $2,515,504) | 2,514,648 |
U.S. TREASURY BILLS†† - 3.2% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/223,4 | 1,315,000 | 1,315,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,314,993) | 1,315,000 |
REPURCHASE AGREEMENTS††,5 - 58.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226 | 13,747,157 | 13,747,157 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226 | 5,685,414 | 5,685,414 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226 | 5,168,559 | 5,168,559 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $24,601,130) | 24,601,130 | |||||||
Total Investments - 94.5% | ||||||||
(Cost $39,372,259) | $ | 39,452,337 | ||||||
Other Assets & Liabilities, net - 5.5% | 2,282,407 | |||||||
Total Net Assets - 100.0% | $ | 41,734,744 |
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 | 261 | Mar 2022 | $ | 31,574,883 | $ | (22,268 | ) |
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 (Depreciation)** | |||||||||||||||||||
Barclays Bank plc | ICE | CDX.NA.HY.37.V1 | 5.00 | % | Quarterly | 12/20/26 | $ | 22,800,000 | $ | 2,083,988 | $ | 2,079,063 | $ | 4,925 | ||||||||||||||
Goldman Sachs International | ICE | CDX.NA.HY.37.V1 | 5.00 | % | Quarterly | 12/20/26 | 9,300,000 | 850,048 | 857,614 | (7,566 | ) | |||||||||||||||||
$ | 2,934,036 | $ | 2,936,677 | $ | (2,641 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Credit Index Swap Agreements†† | ||||||||||||||||||||||
BNP Paribas | SPDR Bloomberg Barclays High Yield Bond ETF | Pay | 0.53% (Federal Funds Rate + 0.45%) | At Maturity | 01/27/22 | 41,999 | $ | 4,561,329 | $ | 10,177 | ||||||||||||
BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 0.48% (Federal Funds Rate + 0.40%) | At Maturity | 01/27/22 | 30,788 | 2,679,823 | 4,793 |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Credit Index Swap Agreements†† (continued) | ||||||||||||||||||||||
Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 0.48% (Federal Funds Rate + 0.40%) | At Maturity | 01/27/22 | 9,924 | $ | 863,785 | $ | (1,687 | ) | |||||||||||
$ | 8,104,937 | $ | 13,283 |
** | 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 December 31, 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 and credit index swap collateral at December 31, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1
ICE — Intercontinental Exchange
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 December 31, 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 | $ | 5,700,090 | $ | — | $ | — | $ | 5,700,090 | ||||||||
Federal Agency Notes | — | 5,321,469 | — | 5,321,469 | ||||||||||||
U.S. Government Securities | — | 2,514,648 | — | 2,514,648 | ||||||||||||
U.S. Treasury Bills | — | 1,315,000 | — | 1,315,000 | ||||||||||||
Repurchase Agreements | — | 24,601,130 | — | 24,601,130 | ||||||||||||
Credit Default Swap Agreements** | — | 4,925 | — | 4,925 | ||||||||||||
Credit Index Swap Agreements** | — | 14,970 | — | 14,970 | ||||||||||||
Total Assets | $ | 5,700,090 | $ | 33,772,142 | $ | — | $ | 39,472,232 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 22,268 | $ | — | $ | — | $ | 22,268 | ||||||||
Credit Default Swap Agreements** | — | 7,566 | — | 7,566 | ||||||||||||
Credit Index Swap Agreements** | — | 1,687 | — | 1,687 | ||||||||||||
Total Liabilities | $ | 22,268 | $ | 9,253 | $ | — | $ | 31,521 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,328,255 | $ | – | $ | – | $ | – | $ | (4,254 | ) | $ | 1,324,001 | 53,173 | $ | 14,337 | ||||||||||||||||
Guggenheim Strategy Fund III | 2,824,433 | – | – | – | (10,111 | ) | 2,814,322 | 112,348 | 33,473 | |||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,269,308 | – | (700,000 | ) | 3,994 | (11,535 | ) | 1,561,767 | 157,278 | 14,905 | ||||||||||||||||||||||
$ | 6,421,996 | $ | – | $ | (700,000 | ) | $ | 3,994 | $ | (25,900 | ) | $ | 5,700,090 | $ | 62,715 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Internet - 57.6% | ||||||||
Alphabet, Inc. — Class A* | 565 | $ | 1,636,828 | |||||
Amazon.com, Inc.* | 452 | 1,507,122 | ||||||
Meta Platforms, Inc. — Class A* | 3,402 | 1,144,263 | ||||||
Netflix, Inc.* | 1,038 | 625,333 | ||||||
Alibaba Group Holding Ltd. ADR* | 4,568 | 542,633 | ||||||
Airbnb, Inc. — Class A* | 2,391 | 398,078 | ||||||
Booking Holdings, Inc.* | 164 | 393,474 | ||||||
Uber Technologies, Inc.* | 8,525 | 357,453 | ||||||
Snap, Inc. — Class A* | 7,030 | 330,621 | ||||||
Sea Ltd. ADR* | 1,332 | 297,982 | ||||||
Baidu, Inc. ADR* | 1,881 | 279,874 | ||||||
JD.com, Inc. ADR* | 3,876 | 271,591 | ||||||
DoorDash, Inc. — Class A* | 1,792 | 266,829 | ||||||
Shopify, Inc. — Class A* | 190 | 261,704 | ||||||
eBay, Inc. | 3,690 | 245,385 | ||||||
MercadoLibre, Inc.* | 180 | 242,712 | ||||||
Pinduoduo, Inc. ADR* | 4,115 | 239,904 | ||||||
Match Group, Inc.* | 1,804 | 238,579 | ||||||
Okta, Inc.* | 1,002 | 224,618 | ||||||
Roku, Inc.* | 974 | 222,267 | ||||||
Twitter, Inc.* | 5,078 | 219,471 | ||||||
Expedia Group, Inc.* | 1,191 | 215,237 | ||||||
VeriSign, Inc.* | 815 | 206,863 | ||||||
Spotify Technology S.A.* | 861 | 201,500 | ||||||
Etsy, Inc.* | 879 | 192,448 | ||||||
Chewy, Inc. — Class A*,1 | 3,245 | 191,358 | ||||||
Coupang, Inc.* | 6,228 | 182,979 | ||||||
Pinterest, Inc. — Class A* | 5,022 | 182,550 | ||||||
Trip.com Group Ltd. ADR* | 7,039 | 173,300 | ||||||
Wix.com Ltd.* | 1,093 | 172,464 | ||||||
Farfetch Ltd. — Class A* | 5,114 | 170,961 | ||||||
Wayfair, Inc. — Class A* | 875 | 166,224 | ||||||
GoDaddy, Inc. — Class A* | 1,846 | 156,652 | ||||||
Lyft, Inc. — Class A* | 3,587 | 153,272 | ||||||
Zillow Group, Inc. — Class C* | 2,393 | 152,793 | ||||||
Zillow Group, Inc. — Class A* | 2,435 | 151,506 | ||||||
F5, Inc.* | 605 | 148,049 | ||||||
IAC* | 997 | 130,318 | ||||||
JOYY, Inc. ADR | 2,740 | 124,478 | ||||||
Anaplan, Inc.* | 2,127 | 97,523 | ||||||
Bumble, Inc. — Class A* | 2,789 | 94,435 | ||||||
TripAdvisor, Inc.* | 2,867 | 78,154 | ||||||
Revolve Group, Inc.* | 1,339 | 75,038 | ||||||
Vimeo, Inc.* | 3,587 | 64,422 | ||||||
Overstock.com, Inc.* | 965 | 56,945 | ||||||
Stitch Fix, Inc. — Class A* | 2,840 | 53,733 | ||||||
Total Internet | 13,539,923 | |||||||
Software - 29.1% | ||||||||
Adobe, Inc.* | 1,116 | 632,839 | ||||||
salesforce.com, Inc.* | 2,339 | 594,410 | ||||||
Snowflake, Inc. — Class A* | 1,128 | 382,110 | ||||||
Workday, Inc. — Class A* | 1,145 | 312,791 | ||||||
ROBLOX Corp. — Class A* | 3,012 | 310,718 | ||||||
Datadog, Inc. — Class A* | 1,588 | 282,839 | ||||||
Zoom Video Communications, Inc. — Class A* | 1,528 | 281,014 | ||||||
Activision Blizzard, Inc. | 4,213 | 280,291 | ||||||
Twilio, Inc. — Class A* | 950 | 250,173 | ||||||
Cloudflare, Inc. — Class A* | 1,806 | 237,489 | ||||||
Veeva Systems, Inc. — Class A* | 927 | 236,830 | ||||||
Electronic Arts, Inc. | 1,760 | 232,144 | ||||||
MongoDB, Inc.* | 433 | 229,209 | ||||||
DocuSign, Inc.* | 1,373 | 209,122 | ||||||
HubSpot, Inc.* | 314 | 206,973 | ||||||
NetEase, Inc. ADR | 1,968 | 200,303 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 2,911 | 186,886 | ||||||
Take-Two Interactive Software, Inc.* | 974 | 173,099 | ||||||
Bilibili, Inc. ADR* | 3,575 | 165,880 | ||||||
Akamai Technologies, Inc.* | 1,412 | 165,260 | ||||||
Citrix Systems, Inc. | 1,462 | 138,291 | ||||||
Coupa Software, Inc.* | 833 | 131,656 | ||||||
Smartsheet, Inc. — Class A* | 1,548 | 119,893 | ||||||
Dropbox, Inc. — Class A* | 4,780 | 117,301 | ||||||
Five9, Inc.* | 852 | 116,997 | ||||||
DigitalOcean Holdings, Inc.* | 1,407 | 113,024 | ||||||
New Relic, Inc.* | 943 | 103,692 | ||||||
Nutanix, Inc. — Class A* | 3,090 | 98,447 | ||||||
Ziff Davis, Inc.* | 793 | 87,912 | ||||||
Fastly, Inc. — Class A* | 2,095 | 74,268 | ||||||
Box, Inc. — Class A* | 2,826 | 74,013 | ||||||
BigCommerce Holdings, Inc.* | 1,617 | 57,193 | ||||||
Consensus Cloud Solutions, Inc.* | 715 | 41,377 | ||||||
Total Software | 6,844,444 | |||||||
Telecommunications - 6.6% | ||||||||
Cisco Systems, Inc. | 9,785 | 620,075 | ||||||
Motorola Solutions, Inc. | 954 | 259,202 | ||||||
Arista Networks, Inc.* | 1,750 | 251,562 | ||||||
Ciena Corp.* | 1,743 | 134,159 | ||||||
Juniper Networks, Inc. | 3,718 | 132,770 | ||||||
Switch, Inc. — Class A | 3,512 | 100,584 | ||||||
CommScope Holding Company, Inc.* | 5,147 | 56,823 | ||||||
Total Telecommunications | 1,555,175 | |||||||
Commercial Services - 4.2% | ||||||||
PayPal Holdings, Inc.* | 2,920 | 550,653 | ||||||
CoStar Group, Inc.* | 2,662 | 210,378 | ||||||
Paylocity Holding Corp.* | 594 | 140,279 | ||||||
Chegg, Inc.* | 2,724 | 83,627 | ||||||
Total Commercial Services | 984,937 | |||||||
Healthcare-Services - 0.6% | ||||||||
Teladoc Health, Inc.* | 1,558 | 143,056 | ||||||
Entertainment - 0.5% | ||||||||
DraftKings, Inc. — Class A* | 4,466 | 122,681 | ||||||
Computers - 0.5% | ||||||||
Lumentum Holdings, Inc.* | 995 | 105,241 | ||||||
Real Estate - 0.3% | ||||||||
Redfin Corp.* | 1,909 | 73,287 | ||||||
Total Common Stocks | ||||||||
(Cost $14,095,289) | 23,368,744 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 86,931 | $ | 86,931 | ||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 35,952 | 35,952 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 32,684 | 32,684 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $155,567) | 155,567 |
SECURITIES LENDING COLLATERAL†,3 - 0.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 130,950 | 130,950 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $130,950) | 130,950 | |||||||
Total Investments - 100.7% | ||||||||
(Cost $14,381,806) | $ | 23,655,261 | ||||||
Other Assets & Liabilities, net - (0.7)% | (153,122 | ) | ||||||
Total Net Assets - 100.0% | $ | 23,502,139 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 23,368,744 | $ | — | $ | — | $ | 23,368,744 | ||||||||
Repurchase Agreements | — | 155,567 | — | 155,567 | ||||||||||||
Securities Lending Collateral | 130,950 | — | — | 130,950 | ||||||||||||
Total Assets | $ | 23,499,694 | $ | 155,567 | $ | — | $ | 23,655,261 |
Inverse Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 197.1% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/222 | $ | 479,976 | $ | 479,976 | ||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/222 | 198,503 | 198,503 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/222 | 180,458 | 180,458 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $858,937) | 858,937 | |||||||
Total Investments - 197.1% | ||||||||
(Cost $858,937) | $ | 858,937 | ||||||
Other Assets & Liabilities, net - (97.1)% | (423,172 | ) | ||||||
Total Net Assets - 100.0% | $ | 435,765 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
BNP Paribas | BNY Mellon Emerging Markets 50 ADR Index | Pay | (0.12)% (Federal Funds Rate - 0.20%) | At Maturity | 01/27/22 | 127 | $ | 374,145 | $ | (3,522 | ) | |||||||||||
Goldman Sachs International | BNY Mellon Emerging Markets 50 ADR Index | Pay | (0.37)% (Federal Funds Rate - 0.45%) | At Maturity | 01/27/22 | 173 | 507,820 | (3,857 | ) | |||||||||||||
$ | 881,965 | $ | (7,379 | ) |
†† | 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 December 31, 2021. |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | — | $ | 858,937 | $ | — | $ | 858,937 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 7,379 | $ | — | $ | 7,379 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 30.3% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 528,512 | $ | 5,248,122 | |||||
Guggenheim Strategy Fund II1 | 210,588 | 5,243,639 | ||||||
Total Mutual Funds | ||||||||
(Cost $10,470,929) | 10,491,761 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 42.8% | ||||||||
Federal Farm Credit Bank | ||||||||
0.07% (U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/222 | $ | 5,000,000 | 4,998,815 | |||||
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/222 | 3,000,000 | 3,006,072 | ||||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 2,220,000 | 2,223,042 | ||||||
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222 | 1,000,000 | 999,885 | ||||||
Fannie Mae | ||||||||
2.63% due 01/11/22 | 3,250,000 | 3,251,813 | ||||||
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/11/222 | 100,000 | 100,032 | ||||||
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/09/222 | 100,000 | 100,031 | ||||||
Federal Home Loan Bank | ||||||||
0.17% (U.S. Secured Overnight Financing Rate + 0.12%, Rate Floor: 0.00%) due 02/10/222 | 100,000 | 100,012 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $14,771,817) | 14,779,702 |
U.S. GOVERNMENT SECURITIES†† - 17.4% | ||||||||
U.S. Treasury Notes | ||||||||
1.75% due 03/31/22 | 5,000,000 | 5,019,817 | ||||||
1.75% due 05/15/22 | 1,000,000 | 1,005,859 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $6,026,824) | 6,025,676 |
U.S. TREASURY BILLS†† - 1.4% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/223,4 | 496,000 | 496,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $495,997) | 496,000 |
REPURCHASE AGREEMENTS†† - 79.8% | ||||||||
Individual RepurchasAgreements6 Barclays Capital, Inc. | 14,625,000 | 14,625,000 | ||||||
Mizuho Securities USA LLC issued 12/31/21 at (0.15)% due 01/03/22 (secured by a U.S. Treasury Bond, at a rate of 1.88% and maturing 11/15/51 as collateral, with a value of $11,517,076) to be repurchased at $11,291,109 | 11,291,250 | 11,291,250 | ||||||
Joint Repurchase Agreements5 J.P. Morgan Securities LLC | 935,403 | 935,403 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 386,855 | 386,855 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 351,686 | 351,686 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $27,590,194) | 27,590,194 | |||||||
Total Investments - 171.7% | ||||||||
(Cost $59,355,761) | $ | 59,383,333 |
U.S. Government Securities Sold Short†† - (80.1)% | ||||||||
U.S. Treasury Bonds | ||||||||
1.88% due 11/15/51 | 27,800,000 | (27,713,125 | ) | |||||
Total Securities Sold Short - (80.1)% | ||||||||
(Proceeds $27,333,644) | $ | (27,713,125 | ) | |||||
Other Assets & Liabilities, net - 8.4% | 2,895,277 | |||||||
Total Net Assets - 100.0% | $ | 34,565,485 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Interest Rate Futures Contracts Sold Short† | ||||||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 42 | Mar 2022 | $ | 8,277,938 | $ | 51,220 |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 December 31, 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 December 31, 2021. |
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 10,491,761 | $ | — | $ | — | $ | 10,491,761 | ||||||||
Federal Agency Notes | — | 14,779,702 | — | 14,779,702 | ||||||||||||
U.S. Government Securities | — | 6,025,676 | — | 6,025,676 | ||||||||||||
U.S. Treasury Bills | — | 496,000 | — | 496,000 | ||||||||||||
Repurchase Agreements | — | 27,590,194 | — | 27,590,194 | ||||||||||||
Interest Rate Futures Contracts** | 51,220 | — | — | 51,220 | ||||||||||||
Total Assets | $ | 10,542,981 | $ | 48,891,572 | $ | — | $ | 59,434,553 |
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 | $ | — | $ | 27,713,125 | $ | — | $ | 27,713,125 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,260,486 | $ | – | $ | – | $ | – | $ | (16,847 | ) | $ | 5,243,639 | 210,588 | $ | 56,781 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 5,263,977 | – | – | – | (15,855 | ) | 5,248,122 | 528,512 | 35,249 | |||||||||||||||||||||||
$ | 10,524,463 | $ | – | $ | – | $ | – | $ | (32,702 | ) | $ | 10,491,761 | $ | 92,030 |
Inverse High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 59.8% | ||||||||
Guggenheim Strategy Fund II1 | 15,041 | $ | 374,528 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 37,683 | 374,193 | ||||||
Total Mutual Funds | ||||||||
(Cost $746,686) | 748,721 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 1.9% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/222,3 | $ | 24,000 | 24,000 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $24,000) | 24,000 |
REPURCHASE AGREEMENTS††,4 - 34.3% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | 240,441 | 240,441 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 99,439 | 99,439 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 90,399 | 90,399 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $430,279) | 430,279 | |||||||
Total Investments - 96.0% | ||||||||
(Cost $1,200,965) | $ | 1,203,000 | ||||||
Other Assets & Liabilities, net - 4.0% | 49,942 | |||||||
Total Net Assets - 100.0% | $ | 1,252,942 |
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 | 9 | Mar 2022 | $ | 1,088,789 | $ | 3,500 |
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 Appreciation** | |||||||||||||||||||
Barclays Bank plc | ICE | CDX.NA.HY.37.V1 | 5.00 | % | Quarterly | 12/20/26 | $ | 1,150,000 | $ | (105,113 | ) | $ | (105,495 | ) | $ | 382 |
** | 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 December 31, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 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) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 748,721 | $ | — | $ | — | $ | 748,721 | ||||||||
U.S. Treasury Bills | — | 24,000 | — | 24,000 | ||||||||||||
Repurchase Agreements | — | 430,279 | — | 430,279 | ||||||||||||
Interest Rate Futures Contracts** | 3,500 | — | — | 3,500 | ||||||||||||
Credit Default Swap Agreements** | — | 382 | — | 382 | ||||||||||||
Total Assets | $ | 752,221 | $ | 454,661 | $ | — | $ | 1,206,882 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 875,453 | $ | 1,400,000 | $ | (1,900,000 | ) | $ | (631 | ) | $ | (294 | ) | $ | 374,528 | 15,041 | $ | 4,145 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 874,218 | 1,400,000 | (1,900,000 | ) | (348 | ) | 323 | 374,193 | 37,683 | 2,435 | ||||||||||||||||||||||
$ | 1,749,671 | $ | 2,800,000 | $ | (3,800,000 | ) | $ | (979 | ) | $ | 29 | $ | 748,721 | $ | 6,580 |
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 53.9% | ||||||||
Guggenheim Strategy Fund II1 | 2,020 | $ | 50,257 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 4,630 | 45,931 | ||||||
Total Mutual Funds | ||||||||
(Cost $95,671) | 96,188 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 50.7% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | $ | 50,460 | 50,460 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 20,869 | 20,869 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 18,972 | 18,972 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $90,301) | 90,301 | |||||||
Total Investments - 104.6% | ||||||||
(Cost $185,972) | $ | 186,489 | ||||||
Other Assets & Liabilities, net - (4.6)% | (8,251 | ) | ||||||
Total Net Assets - 100.0% | $ | 178,238 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | Receive | 0.18% (Federal Funds Rate + 0.10%) | At Maturity | 01/27/22 | 13 | $ | 37,046 | $ | (107 | ) | |||||||||||
BNP Paribas | S&P MidCap 400 Index | Receive | 0.13% (Federal Funds Rate + 0.05%) | At Maturity | 01/27/22 | 29 | 82,726 | (2,192 | ) | |||||||||||||
Barclays Bank plc | S&P MidCap 400 Index | Receive | 0.25% (U.S. Secured Overnight Financing Rate + 0.20%) | At Maturity | 01/26/22 | 21 | 60,943 | (2,232 | ) | |||||||||||||
$ | 180,715 | $ | (4,531 | ) |
† | 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 December 31, 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 December 31, 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 | $ | 96,188 | $ | — | $ | — | $ | 96,188 | ||||||||
Repurchase Agreements | — | 90,301 | — | 90,301 | ||||||||||||
Total Assets | $ | 96,188 | $ | 90,301 | $ | — | $ | 186,489 |
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 4,531 | $ | — | $ | 4,531 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 80,483 | $ | 15,000 | $ | (45,000 | ) | $ | 205 | $ | (431 | ) | $ | 50,257 | 2,020 | $ | 726 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 81,121 | 15,000 | (50,000 | ) | 120 | (310 | ) | 45,931 | 4,630 | 453 | ||||||||||||||||||||||
$ | 161,604 | $ | 30,000 | $ | (95,000 | ) | $ | 325 | $ | (741 | ) | $ | 96,188 | $ | 1,179 |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 22.2% | ||||||||
Guggenheim Strategy Fund II1 | 49,399 | $ | 1,229,056 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 87,169 | 864,713 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,033,556) | 2,093,769 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 34.4% | ||||||||
Federal Farm Credit Bank | ||||||||
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222 | $ | 2,500,000 | 2,499,712 | |||||
0.36% (3 Month U.S. Treasury Bill Rate + 0.27%, Rate Floor: 0.00%) due 05/16/222 | 500,000 | 500,479 | ||||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 240,000 | 240,329 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $3,239,653) | 3,240,520 |
U.S. GOVERNMENT SECURITIES†† - 21.4% | ||||||||
U.S. Treasury Notes | ||||||||
2.00% due 07/31/22 | 2,000,000 | 2,020,547 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $2,021,867) | 2,020,547 |
U.S. TREASURY BILLS†† - 5.3% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | 500,000 | 499,778 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $499,813) | 499,778 |
REPURCHASE AGREEMENTS††,5 - 17.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | $ | 945,459 | 945,459 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 391,013 | 391,013 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 355,467 | 355,467 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,691,939) | 1,691,939 | |||||||
Total Investments - 101.2% | ||||||||
(Cost $9,486,828) | $ | 9,546,553 | ||||||
Other Assets & Liabilities, net - (1.2)% | (116,699 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,429,854 |
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 | 1 | Mar 2022 | $ | 326,505 | $ | (6,977 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Receive | 0.33% (Federal Funds Rate + 0.25%) | At Maturity | 01/27/22 | 47 | $ | 761,753 | $ | 3,925 | ||||||||||||
BNP Paribas | NASDAQ-100 Index | Receive | 0.33% (Federal Funds Rate + 0.25%) | At Maturity | 01/27/22 | 224 | 3,660,297 | (28,314 | ) | |||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Receive | 0.40% (U.S. Secured Overnight Financing Rate + 0.35%) | At Maturity | 01/26/22 | 286 | 4,673,379 | (116,028 | ) | |||||||||||||
$ | 9,095,429 | $ | (140,417 | ) |
** | 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 December 31, 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 December 31, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 | $ | 2,093,769 | $ | — | $ | — | $ | 2,093,769 | ||||||||
Federal Agency Notes | — | 3,240,520 | — | 3,240,520 | ||||||||||||
U.S. Government Securities | — | 2,020,547 | — | 2,020,547 | ||||||||||||
U.S. Treasury Bills | — | 499,778 | — | 499,778 | ||||||||||||
Repurchase Agreements | — | 1,691,939 | — | 1,691,939 | ||||||||||||
Equity Index Swap Agreements** | — | 3,925 | — | 3,925 | ||||||||||||
Total Assets | $ | 2,093,769 | $ | 7,456,709 | $ | — | $ | 9,550,478 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 6,977 | $ | — | $ | — | $ | 6,977 | ||||||||
Equity Index Swap Agreements** | — | 144,342 | — | 144,342 | ||||||||||||
Total Liabilities | $ | 6,977 | $ | 144,342 | $ | — | $ | 151,319 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,534,196 | $ | – | $ | (300,000 | ) | $ | 4,104 | $ | (9,244 | ) | $ | 1,229,056 | 49,399 | $ | 15,568 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | $ | 1,518,853 | $ | – | $ | (650,000 | ) | $ | 5,620 | $ | (9,760 | ) | $ | 864,713 | 87,169 | $ | 9,027 | |||||||||||||||
$ | 3,053,049 | $ | – | $ | (950,000 | ) | $ | 9,724 | $ | (19,004 | ) | $ | 2,093,769 | $ | 24,595 |
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 36.7% | ||||||||
Guggenheim Strategy Fund II1 | 39,100 | $ | 972,814 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 97,310 | 965,314 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,914,222) | 1,938,128 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 11.7% | ||||||||
Federal Farm Credit Bank | ||||||||
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222 | $ | 500,000 | 499,943 | |||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 120,000 | 120,164 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $619,942) | 620,107 |
U.S. TREASURY BILLS†† - 1.9% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | 100,000 | 99,956 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $99,962) | 99,956 |
REPURCHASE AGREEMENTS††,5 - 52.2% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 1,537,434 | 1,537,434 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 635,837 | 635,837 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 578,033 | 578,033 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,751,304) | 2,751,304 | |||||||
Total Investments - 102.5% | ||||||||
(Cost $5,385,430) | $ | 5,409,495 | ||||||
Other Assets & Liabilities, net - (2.5)% | (134,509 | ) | ||||||
Total Net Assets - 100.0% | $ | 5,274,986 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | (0.45)% (U.S. Secured Overnight Financing Rate - 0.50%) | At Maturity | 01/26/22 | 236 | $ | 529,167 | $ | (20,189 | ) | |||||||||||
BNP Paribas | Russell 2000 Index | Pay | (0.12)% (Federal Funds Rate - 0.20%) | At Maturity | 01/27/22 | 467 | 1,048,290 | (23,393 | ) | |||||||||||||
Goldman Sachs International | Russell 2000 Index | Receive | 0.03% (Federal Funds Rate - 0.05%) | At Maturity | 01/27/22 | 1,641 | 3,683,549 | (75,995 | ) | |||||||||||||
$ | 5,261,006 | $ | (119,577 | ) |
† | 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 December 31, 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 December 31, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
See Sector Classification in Other Information section.
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 1,938,128 | $ | — | $ | — | $ | 1,938,128 | ||||||||
Federal Agency Notes | — | 620,107 | — | 620,107 | ||||||||||||
U.S. Treasury Bills | — | 99,956 | — | 99,956 | ||||||||||||
Repurchase Agreements | — | 2,751,304 | — | 2,751,304 | ||||||||||||
Total Assets | $ | 1,938,128 | $ | 3,471,367 | $ | — | $ | 5,409,495 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Index Swap Agreements** | $ | — | $ | 119,577 | $ | — | $ | 119,577 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,277,205 | $ | – | $ | (300,000 | ) | $ | 1,681 | $ | (6,072 | ) | $ | 972,814 | 39,100 | $ | 13,113 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,269,811 | – | (300,000 | ) | (313 | ) | (4,184 | ) | 965,314 | 97,310 | 8,169 | |||||||||||||||||||||
$ | 2,547,016 | $ | – | $ | (600,000 | ) | $ | 1,368 | $ | (10,256 | ) | $ | 1,938,128 | $ | 21,282 |
Inverse S&P 500® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 31.6% | ||||||||
Guggenheim Strategy Fund II1 | 262,625 | $ | 6,534,113 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 426,990 | 4,235,743 | ||||||
Total Mutual Funds | ||||||||
(Cost $10,738,042) | 10,769,856 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 53.0% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 4,500,000 | 4,503,326 | |||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 3,040,000 | 3,044,165 | ||||||
0.38% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222 | 3,000,000 | 3,002,328 | ||||||
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222 | 1,500,000 | 1,499,827 | ||||||
0.07% (U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/222 | 1,000,000 | 999,763 | ||||||
Fannie Mae | ||||||||
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222 | 5,000,000 | 5,002,200 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $18,040,129) | 18,051,609 |
U.S. TREASURY BILLS†† - 0.9% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | 300,000 | 299,867 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $299,887) | 299,867 |
REPURCHASE AGREEMENTS††,5 - 16.3% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 3,095,707 | 3,095,707 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 1,280,292 | 1,280,292 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 1,163,902 | 1,163,902 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,539,901) | 5,539,901 | |||||||
Total Investments - 101.8% | ||||||||
(Cost $34,617,959) | $ | 34,661,233 | ||||||
Other Assets & Liabilities, net - (1.8)% | (628,087 | ) | ||||||
Total Net Assets - 100.0% | $ | 34,033,146 |
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 | 1 | Mar 2022 | $ | 237,975 | $ | (4,986 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
BNP Paribas | S&P 500 Index | Receive | 0.28% (Federal Funds Rate + 0.20%) | At Maturity | 01/27/22 | 375 | $ | 1,788,123 | $ | (21,131 | ) | |||||||||||
Barclays Bank plc | S&P 500 Index | Receive | 0.35% (U.S. Secured Overnight Financing Rate + 0.30%) | At Maturity | 01/26/22 | 465 | 2,215,115 | (61,389 | ) | |||||||||||||
Goldman Sachs International | S&P 500 Index | Receive | 0.43% (Federal Funds Rate + 0.35%) | At Maturity | 01/27/22 | 6,258 | 29,825,617 | (352,502 | ) | |||||||||||||
$ | 33,828,855 | $ | (435,022 | ) |
Inverse S&P 500® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 December 31, 2021. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
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 December 31, 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 | $ | 10,769,856 | $ | — | $ | — | $ | 10,769,856 | ||||||||
Federal Agency Notes | — | 18,051,609 | — | 18,051,609 | ||||||||||||
U.S. Treasury Bills | — | 299,867 | — | 299,867 | ||||||||||||
Repurchase Agreements | — | 5,539,901 | — | 5,539,901 | ||||||||||||
Total Assets | $ | 10,769,856 | $ | 23,891,377 | $ | — | $ | 34,661,233 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 4,986 | $ | — | $ | — | $ | 4,986 | ||||||||
Equity Index Swap Agreements** | — | 435,022 | — | 435,022 | ||||||||||||
Total Liabilities | $ | 4,986 | $ | 435,022 | $ | — | $ | 440,008 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 7,060,175 | $ | – | $ | (500,000 | ) | $ | 3,802 | $ | (29,864 | ) | $ | 6,534,113 | 262,625 | $ | 72,864 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | $ | 5,253,327 | $ | – | $ | (1,000,000 | ) | $ | 3,348 | $ | (20,932 | ) | $ | 4,235,743 | 426,990 | $ | 32,420 | |||||||||||||||
$ | 12,313,502 | $ | – | $ | (1,500,000 | ) | $ | 7,150 | $ | (50,796 | ) | $ | 10,769,856 | $ | 105,284 |
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 16.1% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 14,448 | $ | 143,325 | |||||
Guggenheim Strategy Fund II1 | 5,636 | 140,218 | ||||||
Total Mutual Funds | ||||||||
(Cost $283,661) | 283,543 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 13.5% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/222,3 | $ | 238,000 | 238,000 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $237,999) | 238,000 |
FEDERAL AGENCY NOTES†† - 11.3% | ||||||||
Federal Farm Credit Bank | ||||||||
0.48% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/224 | 100,000 | 100,078 | ||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/224 | 100,000 | 100,074 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $200,000) | 200,152 |
REPURCHASE AGREEMENTS††,5 - 54.5% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | 537,319 | 537,319 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 222,219 | 222,219 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 202,017 | 202,017 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $961,555) | 961,555 | |||||||
Total Investments - 95.4% | ||||||||
(Cost $1,683,215) | $ | 1,683,250 | ||||||
Other Assets & Liabilities, net - 4.6% | 80,511 | |||||||
Total Net Assets - 100.0% | $ | 1,763,761 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation (Depreciation)** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Nikkei 225 (CME) Index Futures Contracts | 24 | Mar 2022 | $ | 3,463,800 | $ | 2,220 | ||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Japanese Yen Futures Contracts | 32 | Mar 2022 | 3,477,200 | (35,900 | ) |
** | 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 December 31, 2021. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Variable rate security. Rate indicated is the rate effective at December 31, 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) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 283,543 | $ | — | $ | — | $ | 283,543 | ||||||||
U.S. Treasury Bills | — | 238,000 | — | 238,000 | ||||||||||||
Federal Agency Notes | — | 200,152 | — | 200,152 | ||||||||||||
Repurchase Agreements | — | 961,555 | — | 961,555 | ||||||||||||
Equity Futures Contracts** | 2,220 | — | — | 2,220 | ||||||||||||
Total Assets | $ | 285,763 | $ | 1,399,707 | $ | — | $ | 1,685,470 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 35,900 | $ | — | $ | — | $ | 35,900 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 140,782 | $ | – | $ | – | $ | – | $ | (564 | ) | $ | 140,218 | 5,636 | $ | 1,519 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 143,902 | – | – | – | (577 | ) | 143,325 | 14,448 | 964 | |||||||||||||||||||||||
$ | 284,684 | $ | – | $ | – | $ | – | $ | (1,141 | ) | $ | 283,543 | $ | 2,483 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
Media - 19.0% | ||||||||
Walt Disney Co.* | 3,181 | $ | 492,705 | |||||
Comcast Corp. — Class A | 8,944 | 450,152 | ||||||
Charter Communications, Inc. — Class A* | 527 | 343,588 | ||||||
Liberty Broadband Corp. — Class C* | 991 | 159,650 | ||||||
Fox Corp. — Class A | 3,576 | 131,955 | ||||||
ViacomCBS, Inc. — Class B | 4,283 | 129,261 | ||||||
DISH Network Corp. — Class A* | 3,700 | 120,028 | ||||||
Discovery, Inc. — Class A*,1 | 4,935 | 116,170 | ||||||
News Corp. — Class A | 4,749 | 105,950 | ||||||
Cable One, Inc. | 57 | 100,517 | ||||||
New York Times Co. — Class A | 1,767 | 85,346 | ||||||
Altice USA, Inc. — Class A* | 4,952 | 80,123 | ||||||
Nexstar Media Group, Inc. — Class A | 488 | 73,678 | ||||||
TEGNA, Inc. | 3,144 | 58,353 | ||||||
World Wrestling Entertainment, Inc. — Class A | 1,141 | 56,297 | ||||||
Total Media | 2,503,773 | |||||||
Retail - 17.1% | ||||||||
McDonald's Corp. | 1,542 | 413,364 | ||||||
Starbucks Corp. | 2,952 | 345,295 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 117 | 204,545 | ||||||
Yum! Brands, Inc. | 1,359 | 188,711 | ||||||
Yum China Holdings, Inc. | 2,815 | 140,300 | ||||||
Domino's Pizza, Inc. | 242 | 136,568 | ||||||
Darden Restaurants, Inc. | 860 | 129,550 | ||||||
Restaurant Brands International, Inc. | 1,572 | 95,389 | ||||||
Texas Roadhouse, Inc. — Class A | 839 | 74,906 | ||||||
Wendy's Co. | 2,873 | 68,521 | ||||||
Wingstop, Inc. | 389 | 67,219 | ||||||
Papa John's International, Inc. | 481 | 64,199 | ||||||
Jack in the Box, Inc. | 688 | 60,186 | ||||||
Cracker Barrel Old Country Store, Inc. | 398 | 51,199 | ||||||
Shake Shack, Inc. — Class A* | 700 | 50,512 | ||||||
Dave & Buster's Entertainment, Inc.* | 1,102 | 42,317 | ||||||
Cheesecake Factory, Inc.* | 1,079 | 42,243 | ||||||
Bloomin' Brands, Inc.* | 1,985 | 41,645 | ||||||
Brinker International, Inc.* | 1,025 | 37,505 | ||||||
Total Retail | 2,254,174 | |||||||
Internet - 14.8% | ||||||||
Netflix, Inc.* | 797 | 480,145 | ||||||
Airbnb, Inc. — Class A* | 1,838 | 306,009 | ||||||
Booking Holdings, Inc.* | 127 | 304,702 | ||||||
Sea Ltd. ADR* | 1,124 | 251,450 | ||||||
Roku, Inc.* | 749 | 170,922 | ||||||
Expedia Group, Inc.* | 916 | 165,539 | ||||||
Spotify Technology S.A.* | 646 | 151,183 | ||||||
Trip.com Group Ltd. ADR* | 4,977 | 122,534 | ||||||
Total Internet | 1,952,484 | |||||||
Entertainment - 11.2% | ||||||||
Live Nation Entertainment, Inc.* | 1,345 | 160,983 | ||||||
Warner Music Group Corp. — Class A | 3,162 | 136,535 | ||||||
Caesars Entertainment, Inc.* | 1,428 | 133,561 | ||||||
Vail Resorts, Inc. | 341 | 111,814 | ||||||
AMC Entertainment Holdings, Inc. — Class A*,1 | 4,108 | 111,738 | ||||||
DraftKings, Inc. — Class A* | 3,432 | 94,277 | ||||||
Churchill Downs, Inc. | 385 | 92,746 | ||||||
Penn National Gaming, Inc.* | 1,774 | 91,982 | ||||||
Marriott Vacations Worldwide Corp. | 500 | 84,490 | ||||||
Red Rock Resorts, Inc. — Class A | 1,414 | 77,784 | ||||||
Scientific Games Corp. — Class A* | 1,133 | 75,718 | ||||||
International Game Technology plc | 2,592 | 74,935 | ||||||
SeaWorld Entertainment, Inc.* | 1,048 | 67,973 | ||||||
Madison Square Garden Sports Corp. — Class A* | 355 | 61,674 | ||||||
Six Flags Entertainment Corp.* | 1,358 | 57,824 | ||||||
Cinemark Holdings, Inc.* | 2,448 | 39,462 | ||||||
Total Entertainment | 1,473,496 | |||||||
Lodging - 10.0% | ||||||||
Marriott International, Inc. — Class A* | 1,366 | 225,718 | ||||||
Hilton Worldwide Holdings, Inc.* | 1,302 | 203,099 | ||||||
Las Vegas Sands Corp.* | 4,197 | 157,975 | ||||||
MGM Resorts International | 3,056 | 137,153 | ||||||
Hyatt Hotels Corp. — Class A* | 1,069 | 102,517 | ||||||
Wynn Resorts Ltd.* | 1,086 | 92,354 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,006 | 90,188 | ||||||
Choice Hotels International, Inc. | 576 | 89,850 | ||||||
Boyd Gaming Corp.* | 1,239 | 81,241 | ||||||
Hilton Grand Vacations, Inc.* | 1,501 | 78,217 | ||||||
Travel + Leisure Co. | 1,238 | 68,424 | ||||||
Total Lodging | 1,326,736 | |||||||
Software - 7.9% | ||||||||
ROBLOX Corp. — Class A* | 2,316 | 238,918 | ||||||
Activision Blizzard, Inc. | 3,239 | 215,491 | ||||||
Electronic Arts, Inc. | 1,351 | 178,197 | ||||||
NetEase, Inc. ADR | 1,480 | 150,634 | ||||||
Take-Two Interactive Software, Inc.* | 747 | 132,757 | ||||||
Bilibili, Inc. ADR* | 2,617 | 121,429 | ||||||
Total Software | 1,037,426 | |||||||
Leisure Time - 7.5% | ||||||||
Norwegian Cruise Line Holdings Ltd.* | 7,816 | 162,104 | ||||||
Carnival Corp.* | 7,259 | 146,051 | ||||||
Royal Caribbean Cruises Ltd.* | 1,756 | 135,036 | ||||||
Peloton Interactive, Inc. — Class A* | 2,636 | 94,263 | ||||||
Planet Fitness, Inc. — Class A* | 958 | 86,776 | ||||||
Brunswick Corp. | 803 | 80,886 | ||||||
YETI Holdings, Inc.* | 908 | 75,210 | ||||||
Polaris, Inc. | 673 | 73,970 | ||||||
Harley-Davidson, Inc. | 1,858 | 70,028 | ||||||
Callaway Golf Co.* | 2,423 | 66,487 | ||||||
Total Leisure Time | 990,811 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% (continued) | ||||||||
Agriculture - 5.4% | ||||||||
Philip Morris International, Inc. | 3,725 | $ | 353,875 | |||||
Altria Group, Inc. | 5,745 | 272,256 | ||||||
British American Tobacco plc ADR | 2,410 | 90,158 | ||||||
Total Agriculture | 716,289 | |||||||
Beverages - 4.8% | ||||||||
Constellation Brands, Inc. — Class A | 806 | 202,282 | ||||||
Brown-Forman Corp. — Class B | 2,344 | 170,784 | ||||||
Molson Coors Beverage Co. — Class B | 2,042 | 94,646 | ||||||
Anheuser-Busch InBev S.A. ADR1 | 1,533 | 92,823 | ||||||
Boston Beer Company, Inc. — Class A* | 139 | 70,209 | ||||||
Total Beverages | 630,744 | |||||||
Toys, Games & Hobbies - 1.4% | ||||||||
Hasbro, Inc. | 1,065 | 108,396 | ||||||
Mattel, Inc.* | 3,749 | 80,828 | ||||||
Total Toys, Games & Hobbies | 189,224 | |||||||
Food Service - 0.7% | ||||||||
Aramark | 2,509 | 92,457 | ||||||
Total Common Stocks | ||||||||
(Cost $8,083,483) | 13,167,614 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.4% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 31,317 | 31,317 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 12,952 | 12,952 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 11,774 | 11,774 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $56,043) | 56,043 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 215,310 | 215,310 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $215,310) | 215,310 | |||||||
Total Investments - 101.8% | ||||||||
(Cost $8,354,836) | $ | 13,438,967 | ||||||
Other Assets & Liabilities, net - (1.8)% | (234,315 | ) | ||||||
Total Net Assets - 100.0% | $ | 13,204,652 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 13,167,614 | $ | — | $ | — | $ | 13,167,614 | ||||||||
Repurchase Agreements | — | 56,043 | — | 56,043 | ||||||||||||
Securities Lending Collateral | 215,310 | — | — | 215,310 | ||||||||||||
Total Assets | $ | 13,382,924 | $ | 56,043 | $ | — | $ | 13,438,967 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 89.6% | ||||||||
Financial - 19.7% | ||||||||
Citigroup, Inc. | 2,380 | $ | 143,728 | |||||
Raymond James Financial, Inc. | 1,376 | 138,150 | ||||||
Safety Insurance Group, Inc. | 1,532 | 130,266 | ||||||
Enstar Group Ltd.* | 521 | 128,994 | ||||||
Old Republic International Corp.1 | 5,154 | 126,685 | ||||||
Mercury General Corp.1 | 2,318 | 122,993 | ||||||
Stewart Information Services Corp.1 | 1,418 | 113,057 | ||||||
National Bank Holdings Corp. — Class A | 2,496 | 109,674 | ||||||
Arch Capital Group Ltd.* | 2,355 | 104,680 | ||||||
Preferred Bank/Los Angeles CA | 1,413 | 101,439 | ||||||
AMERISAFE, Inc.1 | 1,854 | 99,801 | ||||||
Ameris Bancorp | 1,971 | 97,919 | ||||||
Travelers Companies, Inc.1 | 609 | 95,266 | ||||||
Piper Sandler Cos. | 532 | 94,967 | ||||||
Evercore, Inc. — Class A | 663 | 90,069 | ||||||
LXP Industrial Trust REIT | 5,711 | 89,206 | ||||||
United Bankshares, Inc. | 2,232 | 80,977 | ||||||
PS Business Parks, Inc. REIT | 419 | 77,167 | ||||||
BankUnited, Inc. | 1,815 | 76,793 | ||||||
Hanover Insurance Group, Inc. | 582 | 76,277 | ||||||
Interactive Brokers Group, Inc. — Class A | 941 | 74,734 | ||||||
Omega Healthcare Investors, Inc. REIT | 2,512 | 74,330 | ||||||
MGIC Investment Corp. | 4,958 | 71,494 | ||||||
First American Financial Corp. | 877 | 68,608 | ||||||
Radian Group, Inc. | 3,221 | 68,060 | ||||||
HomeStreet, Inc. | 1,287 | 66,924 | ||||||
Essent Group Ltd. | 1,436 | 65,381 | ||||||
Everest Re Group Ltd. | 231 | 63,276 | ||||||
Synchrony Financial1 | 1,257 | 58,312 | ||||||
Markel Corp.* | 45 | 55,530 | ||||||
OneMain Holdings, Inc. | 1,040 | 52,042 | ||||||
ServisFirst Bancshares, Inc. | 570 | 48,416 | ||||||
Fidelity National Financial, Inc. | 875 | 45,657 | ||||||
Aflac, Inc.1 | 779 | 45,486 | ||||||
National Retail Properties, Inc. REIT | 945 | 45,426 | ||||||
Capital One Financial Corp. | 303 | 43,962 | ||||||
Hilltop Holdings, Inc. | 1,251 | 43,960 | ||||||
National Health Investors, Inc. REIT | 760 | 43,677 | ||||||
Janus Henderson Group plc | 999 | 41,898 | ||||||
LTC Properties, Inc. REIT | 1,225 | 41,822 | ||||||
Western Union Co. | 2,334 | 41,639 | ||||||
Discover Financial Services | 353 | 40,793 | ||||||
Affiliated Managers Group, Inc. | 243 | 39,976 | ||||||
Meta Financial Group, Inc. | 662 | 39,495 | ||||||
Washington Federal, Inc. | 1,073 | 35,817 | ||||||
SEI Investments Co. | 533 | 32,481 | ||||||
Visa, Inc. — Class A | 136 | 29,473 | ||||||
Allstate Corp.1 | 243 | 28,589 | ||||||
Brown & Brown, Inc. | 401 | 28,182 | ||||||
T. Rowe Price Group, Inc. | 138 | 27,136 | ||||||
JPMorgan Chase & Co. | 170 | 26,920 | ||||||
Berkshire Hathaway, Inc. — Class B*,1 | 90 | 26,910 | ||||||
Douglas Elliman, Inc.* | 1,367 | 15,720 | ||||||
Total Financial | 3,630,234 | |||||||
Industrial - 15.1% | ||||||||
Knowles Corp.* | 6,071 | 141,758 | ||||||
Garmin Ltd. | 1,013 | 137,940 | ||||||
Keysight Technologies, Inc.* | 640 | 132,166 | ||||||
Packaging Corporation of America | 877 | 119,404 | ||||||
3M Co.1 | 590 | 104,802 | ||||||
Toro Co.1 | 1,018 | 101,709 | ||||||
Sanmina Corp.* | 2,312 | 95,856 | ||||||
General Dynamics Corp. | 432 | 90,059 | ||||||
MDU Resources Group, Inc.1 | 2,871 | 88,541 | ||||||
Snap-on, Inc.1 | 404 | 87,013 | ||||||
Mueller Industries, Inc. | 1,440 | 85,478 | ||||||
Donaldson Company, Inc.1 | 1,435 | 85,038 | ||||||
Huntington Ingalls Industries, Inc. | 447 | 83,473 | ||||||
Encore Wire Corp. | 560 | 80,136 | ||||||
Emerson Electric Co. | 855 | 79,490 | ||||||
Worthington Industries, Inc.1 | 1,400 | 76,524 | ||||||
Vishay Intertechnology, Inc.1 | 3,492 | 76,370 | ||||||
Sturm Ruger & Company, Inc. | 1,095 | 74,482 | ||||||
OSI Systems, Inc.*,1 | 767 | 71,484 | ||||||
Oshkosh Corp.1 | 604 | 68,077 | ||||||
Crane Co. | 667 | 67,854 | ||||||
Eagle Materials, Inc. | 406 | 67,583 | ||||||
Owens Corning | 708 | 64,074 | ||||||
Textron, Inc. | 822 | 63,458 | ||||||
Hillenbrand, Inc.1 | 1,149 | 59,737 | ||||||
TTM Technologies, Inc.* | 3,788 | 56,441 | ||||||
Graco, Inc. | 684 | 55,144 | ||||||
Louisiana-Pacific Corp. | 642 | 50,301 | ||||||
Vontier Corp. | 1,624 | 49,906 | ||||||
Boise Cascade Co.1 | 697 | 49,626 | ||||||
Lockheed Martin Corp.1 | 122 | 43,360 | ||||||
Albany International Corp. — Class A | 451 | 39,891 | ||||||
UFP Industries, Inc. | 368 | 33,860 | ||||||
Atkore, Inc.* | 298 | 33,135 | ||||||
Pentair plc | 408 | 29,796 | ||||||
Dorian LPG Ltd. | 2,261 | 28,692 | ||||||
Simpson Manufacturing Company, Inc. | 204 | 28,370 | ||||||
Agilent Technologies, Inc. | 176 | 28,098 | ||||||
Insteel Industries, Inc. | 693 | 27,588 | ||||||
Watts Water Technologies, Inc. — Class A | 142 | 27,572 | ||||||
Total Industrial | 2,784,286 | |||||||
Consumer, Non-cyclical - 14.5% | ||||||||
Johnson & Johnson1 | 968 | 165,596 | ||||||
Amgen, Inc.1 | 642 | 144,431 | ||||||
Bristol-Myers Squibb Co.1 | 2,301 | 143,467 | ||||||
Gilead Sciences, Inc.1 | 1,937 | 140,645 | ||||||
John B Sanfilippo & Son, Inc. | 1,416 | 127,667 | ||||||
AbbVie, Inc.1 | 760 | 102,904 | ||||||
Quest Diagnostics, Inc. | 561 | 97,059 | ||||||
Innoviva, Inc.* | 5,432 | 93,702 | ||||||
Hologic, Inc.*,1 | 1,042 | 79,776 | ||||||
Regeneron Pharmaceuticals, Inc.*,1 | 112 | 70,730 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 89.6% (continued) | ||||||||
Consumer, Non-cyclical - 14.5% (continued) | ||||||||
Philip Morris International, Inc.1 | 743 | $ | 70,585 | |||||
Perdoceo Education Corp.* | 5,919 | 69,607 | ||||||
Prestige Consumer Healthcare, Inc.* | 1,128 | 68,413 | ||||||
Merck & Company, Inc.1 | 887 | 67,980 | ||||||
Baxter International, Inc.1 | 780 | 66,955 | ||||||
Waters Corp.* | 179 | 66,696 | ||||||
Bio-Rad Laboratories, Inc. — Class A*,1 | 88 | 66,490 | ||||||
Becton Dickinson and Co. | 244 | 61,361 | ||||||
EVERTEC, Inc. | 1,214 | 60,676 | ||||||
Pfizer, Inc. | 987 | 58,282 | ||||||
Amphastar Pharmaceuticals, Inc.* | 2,468 | 57,480 | ||||||
Incyte Corp.*,1 | 764 | 56,078 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,087 | 55,350 | ||||||
USANA Health Sciences, Inc.* | 542 | 54,850 | ||||||
United Therapeutics Corp.* | 246 | 53,156 | ||||||
Tyson Foods, Inc. — Class A | 606 | 52,819 | ||||||
Vertex Pharmaceuticals, Inc.* | 237 | 52,045 | ||||||
Molson Coors Beverage Co. — Class B1 | 989 | 45,840 | ||||||
Laboratory Corporation of America Holdings* | 141 | 44,303 | ||||||
PerkinElmer, Inc. | 215 | 43,228 | ||||||
Edwards Lifesciences Corp.* | 324 | 41,974 | ||||||
Royalty Pharma plc — Class A | 1,047 | 41,723 | ||||||
Archer-Daniels-Midland Co. | 611 | 41,298 | ||||||
Vanda Pharmaceuticals, Inc.* | 2,605 | 40,872 | ||||||
Thermo Fisher Scientific, Inc. | 58 | 38,700 | ||||||
Vector Group Ltd. | 2,734 | 31,386 | ||||||
Coherus Biosciences, Inc.*,1 | 1,862 | 29,718 | ||||||
Zoetis, Inc. | 120 | 29,284 | ||||||
Abbott Laboratories1 | 203 | 28,570 | ||||||
Total Consumer, Non-cyclical | 2,661,696 | |||||||
Consumer, Cyclical - 12.7% | ||||||||
LKQ Corp. | 2,394 | 143,712 | ||||||
O'Reilly Automotive, Inc.*,1 | 200 | 141,246 | ||||||
AutoZone, Inc.*,1 | 67 | 140,458 | ||||||
Gentex Corp.1 | 3,950 | 137,658 | ||||||
Cummins, Inc.1 | 475 | 103,616 | ||||||
Target Corp. | 445 | 102,991 | ||||||
NVR, Inc.* | 17 | 100,451 | ||||||
Home Depot, Inc.1 | 232 | 96,282 | ||||||
Choice Hotels International, Inc. | 575 | 89,694 | ||||||
Whirlpool Corp. | 363 | 85,182 | ||||||
Brunswick Corp.1 | 763 | 76,857 | ||||||
Acushnet Holdings Corp. | 1,237 | 65,660 | ||||||
Dolby Laboratories, Inc. — Class A | 683 | 65,035 | ||||||
Lennar Corp. — Class A | 510 | 59,242 | ||||||
Allison Transmission Holdings, Inc.1 | 1,596 | 58,015 | ||||||
Buckle, Inc. | 1,349 | 57,076 | ||||||
Zumiez, Inc.* | 1,178 | 56,532 | ||||||
Autoliv, Inc. | 545 | 56,358 | ||||||
AutoNation, Inc.*,1 | 482 | 56,322 | ||||||
Polaris, Inc. | 496 | 54,515 | ||||||
Ethan Allen Interiors, Inc. | 1,980 | 52,054 | ||||||
Gentherm, Inc.*,1 | 557 | 48,403 | ||||||
Dick's Sporting Goods, Inc. | 411 | 47,261 | ||||||
Tapestry, Inc. | 1,163 | 47,218 | ||||||
PulteGroup, Inc. | 784 | 44,813 | ||||||
Foot Locker, Inc. | 896 | 39,093 | ||||||
Tri Pointe Homes, Inc.* | 1,394 | 38,879 | ||||||
Carter's, Inc. | 375 | 37,957 | ||||||
Methode Electronics, Inc. | 756 | 37,173 | ||||||
BorgWarner, Inc. | 803 | 36,191 | ||||||
MarineMax, Inc.* | 611 | 36,074 | ||||||
Ralph Lauren Corp. — Class A | 293 | 34,826 | ||||||
Jack in the Box, Inc. | 382 | 33,417 | ||||||
MSC Industrial Direct Company, Inc. — Class A1 | 354 | 29,757 | ||||||
Tesla, Inc.* | 23 | 24,306 | ||||||
Total Consumer, Cyclical | 2,334,324 | |||||||
Utilities - 8.1% | ||||||||
PPL Corp. | 4,574 | 137,495 | ||||||
National Fuel Gas Co.1 | 2,137 | 136,640 | ||||||
UGI Corp.1 | 2,975 | 136,582 | ||||||
IDACORP, Inc.1 | 1,201 | 136,085 | ||||||
Chesapeake Utilities Corp.1 | 931 | 135,749 | ||||||
Portland General Electric Co. | 2,558 | 135,369 | ||||||
MGE Energy, Inc.1 | 1,615 | 132,834 | ||||||
WEC Energy Group, Inc.1 | 1,288 | 125,026 | ||||||
Southern Co.1 | 1,620 | 111,100 | ||||||
American States Water Co.1 | 893 | 92,372 | ||||||
CMS Energy Corp.1 | 1,319 | 85,801 | ||||||
California Water Service Group | 555 | 39,882 | ||||||
Sempra Energy1 | 287 | 37,964 | ||||||
Essential Utilities, Inc. | 514 | 27,597 | ||||||
NextEra Energy, Inc. | 290 | 27,074 | ||||||
Total Utilities | 1,497,570 | |||||||
Communications - 8.0% | ||||||||
Alphabet, Inc. — Class C*,1 | 71 | 205,445 | ||||||
Cisco Systems, Inc.1 | 2,503 | 158,615 | ||||||
Omnicom Group, Inc.1 | 1,835 | 134,451 | ||||||
Viavi Solutions, Inc.*,1 | 7,428 | 130,881 | ||||||
Verizon Communications, Inc.1 | 2,297 | 119,352 | ||||||
Amazon.com, Inc.*,1 | 26 | 86,693 | ||||||
Juniper Networks, Inc.1 | 1,606 | 57,350 | ||||||
Meta Platforms, Inc. — Class A*,1 | 166 | 55,834 | ||||||
InterDigital, Inc. | 766 | 54,869 | ||||||
VeriSign, Inc.*,1 | 205 | 52,033 | ||||||
Motorola Solutions, Inc. | 188 | 51,080 | ||||||
Nexstar Media Group, Inc. — Class A | 313 | 47,257 | ||||||
T-Mobile US, Inc.* | 407 | 47,204 | ||||||
Telephone & Data Systems, Inc.1 | 2,299 | 46,325 | ||||||
Cogent Communications Holdings, Inc. | 617 | 45,152 | ||||||
Shenandoah Telecommunications Co. | 1,707 | 43,528 | ||||||
Yelp, Inc. — Class A*,1 | 1,017 | 36,856 | ||||||
F5, Inc.* | 144 | 35,238 | ||||||
eBay, Inc. | 478 | 31,787 | ||||||
FactSet Research Systems, Inc. | 56 | 27,216 | ||||||
Total Communications | 1,467,166 | |||||||
Technology - 7.8% | ||||||||
Microsoft Corp.1 | 789 | 265,364 | ||||||
Apple, Inc.1 | 1,001 | 177,747 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 89.6% (continued) | ||||||||
Technology - 7.8% (continued) | ||||||||
CSG Systems International, Inc. | 2,367 | $ | 136,386 | |||||
International Business Machines Corp. | 698 | 93,295 | ||||||
Texas Instruments, Inc.1 | 473 | 89,146 | ||||||
NetApp, Inc. | 688 | 63,289 | ||||||
Rambus, Inc.*,1 | 1,962 | 57,663 | ||||||
Intel Corp.1 | 1,070 | 55,105 | ||||||
Progress Software Corp. | 977 | 47,160 | ||||||
Cirrus Logic, Inc.* | 498 | 45,826 | ||||||
HP, Inc.1 | 1,071 | 40,345 | ||||||
ExlService Holdings, Inc.* | 270 | 39,088 | ||||||
Xperi Holding Corp. | 2,017 | 38,141 | ||||||
SS&C Technologies Holdings, Inc. | 421 | 34,514 | ||||||
NetScout Systems, Inc.* | 950 | 31,426 | ||||||
Micron Technology, Inc. | 323 | 30,088 | ||||||
Qorvo, Inc.* | 189 | 29,558 | ||||||
Lumentum Holdings, Inc.* | 274 | 28,981 | ||||||
Broadcom, Inc.1 | 42 | 27,947 | ||||||
QUALCOMM, Inc. | 152 | 27,796 | ||||||
Cognizant Technology Solutions Corp. — Class A | 312 | 27,681 | ||||||
Accenture plc — Class A | 66 | 27,360 | ||||||
CommVault Systems, Inc.* | 395 | 27,223 | ||||||
Total Technology | 1,441,129 | |||||||
Basic Materials - 3.2% | ||||||||
LyondellBasell Industries N.V. — Class A | 1,102 | 101,638 | ||||||
Celanese Corp. — Class A | 603 | 101,340 | ||||||
Westlake Chemical Corp. | 990 | 96,159 | ||||||
Dow, Inc. | 1,472 | 83,492 | ||||||
Nucor Corp. | 414 | 47,258 | ||||||
Valvoline, Inc. | 1,260 | 46,985 | ||||||
Southern Copper Corp. | 686 | 42,333 | ||||||
Steel Dynamics, Inc. | 654 | 40,594 | ||||||
Newmont Corp. | 446 | 27,661 | ||||||
Total Basic Materials | 587,460 | |||||||
Energy - 0.5% | ||||||||
Equitrans Midstream Corp. | 2,676 | 27,670 | ||||||
Antero Midstream Corp.1 | 2,812 | 27,220 | ||||||
Kinder Morgan, Inc. | 1,696 | 26,899 | ||||||
Total Energy | 81,789 | |||||||
Total Common Stocks | ||||||||
(Cost $14,490,155) | 16,485,654 |
MONEY MARKET FUND† - 3.3% | ||||||||
Invesco Short-Term Investments Trust - Treasury Obligations Portfolio, — Institutional Class 0.00%2 | 610,339 | 610,339 | ||||||
Total Money Market Fund | ||||||||
(Cost $610,339) | 610,339 | |||||||
Total Investments - 92.9% | ||||||||
(Cost $15,100,494) | $ | 17,095,993 | ||||||
Other Assets & Liabilities, net - 7.1% | 1,315,256 | |||||||
Total Net Assets - 100.0% | $ | 18,411,249 |
Custom Basket Swap Agreements | ||||||||||||||||||
Counterparty | Reference Obligation | Type | Financing Rate | 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 | Pay | 0.48% (Federal Funds Rate + 0.40%) | At Maturity | 03/27/24 | $ | 8,559,493 | $ | 753,257 | |||||||||
Goldman Sachs International | GS Equity Custom Basket | Pay | 0.53% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | 8,559,481 | 751,645 | |||||||||||
$ | 17,118,974 | $ | 1,504,902 | |||||||||||||||
OTC Custom Basket Swap Agreements Sold Short†† | ||||||||||||||||||
Morgan Stanley Capital Services LLC | MS Equity Custom Basket | Pay | (0.22)% (Federal Funds Rate - 0.30%) | At Maturity | 03/27/24 | $ | 7,956,273 | $ | (154,875 | ) | ||||||||
Goldman Sachs International | GS Equity Custom Basket | Pay | (0.12)% (Federal Funds Rate - 0.20%) | At Maturity | 05/06/24 | 7,957,800 | (158,756 | ) | ||||||||||
$ | 15,914,073 | $ | (313,631 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
GS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Financial | ||||||||||||
Stewart Information Services Corp. | 738 | 0.67 | % | $ | 12,543 | |||||||
Piper Sandler Cos. | 277 | 0.58 | % | 8,485 | ||||||||
Raymond James Financial, Inc. | 717 | 0.84 | % | 7,043 | ||||||||
Interactive Brokers Group, Inc. — Class A | 489 | 0.45 | % | 6,926 | ||||||||
Synchrony Financial | 654 | 0.35 | % | 5,385 | ||||||||
Berkshire Hathaway, Inc. — Class B | 47 | 0.16 | % | 5,117 | ||||||||
Arch Capital Group Ltd. | 1,225 | 0.64 | % | 4,771 | ||||||||
Travelers Companies, Inc. | 316 | 0.58 | % | 4,595 | ||||||||
Enstar Group Ltd. | 271 | 0.78 | % | 4,573 | ||||||||
Safety Insurance Group, Inc. | 797 | 0.79 | % | 3,988 | ||||||||
First American Financial Corp. | 456 | 0.42 | % | 3,591 | ||||||||
Allstate Corp. | 126 | 0.17 | % | 3,070 | ||||||||
Preferred Bank/Los Angeles CA | 735 | 0.62 | % | 3,044 | ||||||||
Douglas Elliman, Inc. | 439 | 0.06 | % | 2,489 | ||||||||
LXP Industrial Trust | 2,972 | 0.54 | % | 2,148 | ||||||||
Omega Healthcare Investors, Inc. | 1,307 | 0.45 | % | 2,059 | ||||||||
Everest Re Group Ltd. | 120 | 0.38 | % | 1,984 | ||||||||
Fidelity National Financial, Inc. | 455 | 0.28 | % | 1,844 | ||||||||
HomeStreet, Inc. | 669 | 0.41 | % | 1,803 | ||||||||
Aflac, Inc. | 405 | 0.28 | % | 1,745 | ||||||||
United Bankshares, Inc. | 1,161 | 0.49 | % | 1,693 | ||||||||
Brown & Brown, Inc. | 209 | 0.17 | % | 1,496 | ||||||||
Citigroup, Inc. | 1,238 | 0.87 | % | 1,363 | ||||||||
PS Business Parks, Inc. | 218 | 0.47 | % | 1,322 | ||||||||
Visa, Inc. — Class A | 71 | 0.18 | % | 1,285 | ||||||||
National Bank Holdings Corp. — Class A | 1,298 | 0.67 | % | 1,157 | ||||||||
Janus Henderson Group plc | 519 | 0.25 | % | 1,149 | ||||||||
National Retail Properties, Inc. | 491 | 0.28 | % | 1,017 | ||||||||
ServisFirst Bancshares, Inc. | 297 | 0.29 | % | 886 | ||||||||
LTC Properties, Inc. | 637 | 0.25 | % | 684 | ||||||||
Washington Federal, Inc. | 558 | 0.22 | % | 525 | ||||||||
Markel Corp. | 23 | 0.33 | % | 389 | ||||||||
Affiliated Managers Group, Inc. | 126 | 0.24 | % | 312 | ||||||||
JPMorgan Chase & Co. | 88 | 0.16 | % | 187 | ||||||||
Western Union Co. | 1,215 | 0.25 | % | (41 | ) | |||||||
National Health Investors, Inc. | 395 | 0.27 | % | (217 | ) | |||||||
BankUnited, Inc. | 944 | 0.47 | % | (891 | ) | |||||||
SEI Investments Co. | 277 | 0.20 | % | (900 | ) | |||||||
T. Rowe Price Group, Inc. | 71 | 0.16 | % | (986 | ) | |||||||
MGIC Investment Corp. | 2,580 | 0.43 | % | (995 | ) | |||||||
Essent Group Ltd. | 747 | 0.40 | % | (1,015 | ) | |||||||
Evercore, Inc. — Class A | 345 | 0.55 | % | (1,169 | ) | |||||||
Meta Financial Group, Inc. | 344 | 0.24 | % | (1,216 | ) | |||||||
Discover Financial Services | 184 | 0.25 | % | (1,358 | ) | |||||||
Ameris Bancorp | 1,025 | 0.59 | % | (1,545 | ) | |||||||
Hilltop Holdings, Inc. | 651 | 0.27 | % | (1,823 | ) | |||||||
Hanover Insurance Group, Inc. | 303 | 0.46 | % | (1,948 | ) | |||||||
Radian Group, Inc. | 1,676 | 0.41 | % | (2,288 | ) | |||||||
Old Republic International Corp. | 2,682 | 0.77 | % | (2,668 | ) | |||||||
Capital One Financial Corp. | 157 | 0.27 | % | (2,694 | ) | |||||||
OneMain Holdings, Inc. | 541 | 0.32 | % | (3,561 | ) | |||||||
AMERISAFE, Inc. | 964 | 0.61 | % | (3,759 | ) | |||||||
Mercury General Corp. | 1,206 | 0.75 | % | (6,484 | ) | |||||||
Total Financial | 65,110 | |||||||||||
Consumer, Non-cyclical | ||||||||||||
Quest Diagnostics, Inc. | 292 | 0.59 | % | 11,791 | ||||||||
United Therapeutics Corp. | 128 | 0.32 | % | 9,756 | ||||||||
Pfizer, Inc. | 514 | 0.35 | % | 8,148 | ||||||||
Innoviva, Inc. | 2,827 | 0.57 | % | 7,872 | ||||||||
Johnson & Johnson | 504 | 1.01 | % | 7,699 | ||||||||
Waters Corp. | 93 | 0.40 | % | 7,286 | ||||||||
AbbVie, Inc. | 395 | 0.62 | % | 7,170 | ||||||||
Prestige Consumer Healthcare, Inc. | 587 | 0.42 | % | 7,076 | ||||||||
PerkinElmer, Inc. | 112 | 0.26 | % | 6,130 | ||||||||
Eagle Pharmaceuticals, Inc. | 565 | 0.34 | % | 4,656 | ||||||||
Amgen, Inc. | 334 | 0.88 | % | 4,525 | ||||||||
Abbott Laboratories | 105 | 0.17 | % | 4,465 | ||||||||
Gilead Sciences, Inc. | 1,008 | 0.86 | % | 4,134 | ||||||||
Molson Coors Beverage Co. — Class B | 515 | 0.28 | % | 4,061 | ||||||||
Amphastar Pharmaceuticals, Inc. | 1,284 | 0.35 | % | 3,908 | ||||||||
Zoetis, Inc. | 62 | 0.18 | % | 3,769 | ||||||||
Regeneron Pharmaceuticals, Inc. | 58 | 0.43 | % | 3,690 | ||||||||
Vertex Pharmaceuticals, Inc. | 123 | 0.32 | % | 3,350 | ||||||||
Perdoceo Education Corp. | 3,080 | 0.42 | % | 3,064 | ||||||||
Hologic, Inc. | 542 | 0.48 | % | 2,937 | ||||||||
Bio-Rad Laboratories, Inc. — Class A | 46 | 0.41 | % | 2,849 | ||||||||
John B Sanfilippo & Son, Inc. | 737 | 0.78 | % | 2,732 | ||||||||
Laboratory Corporation of America Holdings | 73 | 0.27 | % | 2,485 | ||||||||
EVERTEC, Inc. | 631 | 0.37 | % | 2,360 | ||||||||
Vector Group Ltd. | 878 | 0.12 | % | 2,352 | ||||||||
Baxter International, Inc. | 406 | 0.41 | % | 2,271 | ||||||||
Coherus Biosciences, Inc. | 969 | 0.18 | % | 1,831 | ||||||||
Edwards Lifesciences Corp. | 169 | 0.26 | % | 1,663 | ||||||||
Merck & Company, Inc. | 462 | 0.41 | % | 822 | ||||||||
USANA Health Sciences, Inc. | 282 | 0.33 | % | 725 | ||||||||
Royalty Pharma plc — Class A | 545 | 0.25 | % | 663 | ||||||||
Archer-Daniels-Midland Co. | 318 | 0.25 | % | 584 | ||||||||
Tyson Foods, Inc. — Class A | 315 | 0.32 | % | 371 | ||||||||
Thermo Fisher Scientific, Inc. | 30 | 0.23 | % | 356 | ||||||||
Philip Morris International, Inc. | 387 | 0.43 | % | (109 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Bristol-Myers Squibb Co. | 1,197 | 0.87 | % | $ | (647 | ) | ||||||
Becton Dickinson and Co. | 127 | 0.37 | % | (875 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 1,355 | 0.25 | % | (1,365 | ) | |||||||
Incyte Corp. | 398 | 0.34 | % | (2,450 | ) | |||||||
Total Consumer, Non-cyclical | 132,105 | |||||||||||
Consumer, Cyclical | ||||||||||||
AutoZone, Inc. | 35 | 0.86 | % | 24,825 | ||||||||
Gentherm, Inc. | 290 | 0.29 | % | 13,452 | ||||||||
Home Depot, Inc. | 121 | 0.59 | % | 10,141 | ||||||||
AutoNation, Inc. | 251 | 0.34 | % | 9,982 | ||||||||
O'Reilly Automotive, Inc. | 104 | 0.86 | % | 9,736 | ||||||||
NVR, Inc. | 9 | 0.62 | % | 7,989 | ||||||||
Gentex Corp. | 2,055 | 0.84 | % | 6,831 | ||||||||
Brunswick Corp. | 397 | 0.47 | % | 5,739 | ||||||||
LKQ Corp. | 1,246 | 0.87 | % | 4,594 | ||||||||
PulteGroup, Inc. | 408 | 0.27 | % | 3,862 | ||||||||
Autoliv, Inc. | 283 | 0.34 | % | 3,681 | ||||||||
Zumiez, Inc. | 613 | 0.34 | % | 3,603 | ||||||||
Tri Pointe Homes, Inc. | 725 | 0.24 | % | 3,597 | ||||||||
Choice Hotels International, Inc. | 299 | 0.54 | % | 3,049 | ||||||||
MarineMax, Inc. | 318 | 0.22 | % | 2,972 | ||||||||
Dick's Sporting Goods, Inc. | 214 | 0.29 | % | 2,817 | ||||||||
Lennar Corp. — Class A | 265 | 0.36 | % | 2,575 | ||||||||
Methode Electronics, Inc. | 393 | 0.23 | % | 2,505 | ||||||||
Ethan Allen Interiors, Inc. | 1,030 | 0.32 | % | 2,198 | ||||||||
MSC Industrial Direct Company, Inc. — Class A | 184 | 0.18 | % | 1,914 | ||||||||
Acushnet Holdings Corp. | 643 | 0.40 | % | 1,817 | ||||||||
Dolby Laboratories, Inc. — Class A | 355 | 0.39 | % | 1,632 | ||||||||
Buckle, Inc. | 702 | 0.35 | % | 1,522 | ||||||||
Whirlpool Corp. | 189 | 0.52 | % | 1,504 | ||||||||
Cummins, Inc. | 247 | 0.63 | % | 1,272 | ||||||||
Target Corp. | 231 | 0.62 | % | 956 | ||||||||
BorgWarner, Inc. | 418 | 0.22 | % | 444 | ||||||||
Ralph Lauren Corp. — Class A | 152 | 0.21 | % | 359 | ||||||||
Carter's, Inc. | 195 | 0.23 | % | (35 | ) | |||||||
Tesla, Inc. | 12 | 0.15 | % | (76 | ) | |||||||
Tapestry, Inc. | 605 | 0.29 | % | (476 | ) | |||||||
Allison Transmission Holdings, Inc. | 830 | 0.35 | % | (949 | ) | |||||||
Polaris, Inc. | 258 | 0.33 | % | (2,836 | ) | |||||||
Jack in the Box, Inc. | 156 | 0.16 | % | (3,235 | ) | |||||||
Foot Locker, Inc. | 466 | 0.24 | % | (4,528 | ) | |||||||
Total Consumer, Cyclical | 123,433 | |||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 37 | 1.25 | % | 27,951 | ||||||||
Cisco Systems, Inc. | 1,302 | 0.96 | % | 16,925 | ||||||||
Amazon.com, Inc. | 13 | 0.51 | % | 12,942 | ||||||||
Viavi Solutions, Inc. | 3,865 | 0.80 | % | 11,524 | ||||||||
Juniper Networks, Inc. | 836 | 0.35 | % | 10,985 | ||||||||
Meta Platforms, Inc. — Class A | 86 | 0.34 | % | 10,556 | ||||||||
VeriSign, Inc. | 106 | 0.31 | % | 4,430 | ||||||||
F5, Inc. | 75 | 0.21 | % | 3,961 | ||||||||
Motorola Solutions, Inc. | 97 | 0.31 | % | 2,520 | ||||||||
FactSet Research Systems, Inc. | 29 | 0.16 | % | 1,009 | ||||||||
InterDigital, Inc. | 398 | 0.33 | % | 861 | ||||||||
eBay, Inc. | 249 | 0.19 | % | 606 | ||||||||
Nexstar Media Group, Inc. — Class A | 163 | 0.29 | % | 104 | ||||||||
Omnicom Group, Inc. | 955 | 0.82 | % | (102 | ) | |||||||
Shenandoah Telecommunications Co. | 888 | 0.26 | % | (657 | ) | |||||||
Yelp, Inc. — Class A | 529 | 0.22 | % | (801 | ) | |||||||
Cogent Communications Holdings, Inc. | 321 | 0.27 | % | (819 | ) | |||||||
Telephone & Data Systems, Inc. | 1,196 | 0.28 | % | (1,430 | ) | |||||||
T-Mobile US, Inc. | 211 | 0.29 | % | (1,540 | ) | |||||||
Verizon Communications, Inc. | 1,195 | 0.73 | % | (2,555 | ) | |||||||
Total Communications | 96,470 | |||||||||||
Energy | ||||||||||||
Equitrans Midstream Corp. | 1,392 | 0.17 | % | 2,113 | ||||||||
Kinder Morgan, Inc. | 882 | 0.16 | % | 105 | ||||||||
Antero Midstream Corp. | 1,463 | 0.17 | % | (1,100 | ) | |||||||
Total Energy | 1,118 | |||||||||||
Industrial | ||||||||||||
Keysight Technologies, Inc. | 333 | 0.80 | % | 12,508 | ||||||||
Knowles Corp. | 3,159 | 0.86 | % | 9,931 | ||||||||
Encore Wire Corp. | 291 | 0.49 | % | 9,782 | ||||||||
Mueller Industries, Inc. | 749 | 0.52 | % | 9,522 | ||||||||
Owens Corning | 368 | 0.39 | % | 6,489 | ||||||||
Oshkosh Corp. | 314 | 0.41 | % | 6,120 | ||||||||
Snap-on, Inc. | 210 | 0.53 | % | 5,482 | ||||||||
Vishay Intertechnology, Inc. | 1,817 | 0.46 | % | 4,824 | ||||||||
Louisiana-Pacific Corp. | 334 | 0.31 | % | 4,373 | ||||||||
Boise Cascade Co. | 362 | 0.30 | % | 3,984 | ||||||||
TTM Technologies, Inc. | 1,971 | 0.34 | % | 3,687 | ||||||||
Eagle Materials, Inc. | 211 | 0.41 | % | 3,246 | ||||||||
Watts Water Technologies, Inc. — Class A | 74 | 0.17 | % | 3,220 | ||||||||
Hillenbrand, Inc. | 598 | 0.36 | % | 2,809 | ||||||||
Sanmina Corp. | 1,203 | 0.58 | % | 2,420 | ||||||||
Albany International Corp. — Class A | 235 | 0.24 | % | 2,313 | ||||||||
Crane Co. | 347 | 0.41 | % | 2,160 | ||||||||
Simpson Manufacturing Company, Inc. | 106 | 0.17 | % | 1,934 | ||||||||
Textron, Inc. | 428 | 0.39 | % | 1,817 | ||||||||
Packaging Corporation of America | 456 | 0.73 | % | 1,454 | ||||||||
UFP Industries, Inc. | 191 | 0.21 | % | 1,440 | ||||||||
Atkore, Inc. | 155 | 0.20 | % | 1,436 | ||||||||
General Dynamics Corp. | 225 | 0.55 | % | 1,137 | ||||||||
Pentair plc | 212 | 0.18 | % | 1,013 | ||||||||
3M Co. | 307 | 0.64 | % | 951 | ||||||||
Lockheed Martin Corp. | 63 | 0.26 | % | 947 | ||||||||
Graco, Inc. | 356 | 0.34 | % | 621 | ||||||||
Insteel Industries, Inc. | 360 | 0.17 | % | 393 | ||||||||
Agilent Technologies, Inc. | 91 | 0.17 | % | 34 | ||||||||
Dorian LPG Ltd. | 1,177 | 0.17 | % | (11 | ) | |||||||
Emerson Electric Co. | 445 | 0.48 | % | (913 | ) | |||||||
Donaldson Company, Inc. | 746 | 0.52 | % | (926 | ) | |||||||
Worthington Industries, Inc. | 729 | 0.47 | % | (1,311 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
OSI Systems, Inc. | 399 | 0.43 | % | $ | (1,536 | ) | ||||||
Vontier Corp. | 845 | 0.30 | % | (2,141 | ) | |||||||
MDU Resources Group, Inc. | 1,494 | 0.54 | % | (2,391 | ) | |||||||
Toro Co. | 530 | 0.62 | % | (2,600 | ) | |||||||
Garmin Ltd. | 527 | 0.84 | % | (2,704 | ) | |||||||
Huntington Ingalls Industries, Inc. | 232 | 0.51 | % | (3,841 | ) | |||||||
Sturm Ruger & Company, Inc. | 569 | 0.45 | % | (4,073 | ) | |||||||
Total Industrial | 83,600 | |||||||||||
Utilities | ||||||||||||
National Fuel Gas Co. | 1,112 | 0.83 | % | 11,476 | ||||||||
Chesapeake Utilities Corp. | 484 | 0.82 | % | 11,097 | ||||||||
American States Water Co. | 464 | 0.56 | % | 9,824 | ||||||||
IDACORP, Inc. | 625 | 0.83 | % | 9,399 | ||||||||
UGI Corp. | 1,548 | 0.83 | % | 8,211 | ||||||||
Southern Co. | 843 | 0.68 | % | 7,620 | ||||||||
MGE Energy, Inc. | 840 | 0.81 | % | 4,537 | ||||||||
Portland General Electric Co. | 1,331 | 0.82 | % | 4,287 | ||||||||
CMS Energy Corp. | 686 | 0.52 | % | 3,217 | ||||||||
California Water Service Group | 288 | 0.24 | % | 2,611 | ||||||||
WEC Energy Group, Inc. | 670 | 0.76 | % | 2,431 | ||||||||
Essential Utilities, Inc. | 267 | 0.17 | % | 1,677 | ||||||||
Sempra Energy | 149 | 0.23 | % | 1,242 | ||||||||
PPL Corp. | 2,380 | 0.84 | % | 1,023 | ||||||||
NextEra Energy, Inc. | 151 | 0.16 | % | 241 | ||||||||
Total Utilities | 78,893 | |||||||||||
Technology | ||||||||||||
Apple, Inc. | 521 | 1.08 | % | 50,586 | ||||||||
Microsoft Corp. | 410 | 1.61 | % | 39,442 | ||||||||
CSG Systems International, Inc. | 1,232 | 0.83 | % | 14,038 | ||||||||
HP, Inc. | 557 | 0.25 | % | 11,734 | ||||||||
NetApp, Inc. | 358 | 0.38 | % | 10,384 | ||||||||
Rambus, Inc. | 1,021 | 0.35 | % | 6,830 | ||||||||
QUALCOMM, Inc. | 79 | 0.17 | % | 5,608 | ||||||||
Broadcom, Inc. | 21 | 0.16 | % | 5,448 | ||||||||
ExlService Holdings, Inc. | 140 | 0.24 | % | 4,841 | ||||||||
Cirrus Logic, Inc. | 259 | 0.28 | % | 4,527 | ||||||||
Texas Instruments, Inc. | 246 | 0.54 | % | 4,525 | ||||||||
Lumentum Holdings, Inc. | 143 | 0.18 | % | 3,478 | ||||||||
International Business Machines Corp. | 363 | 0.57 | % | 2,003 | ||||||||
Micron Technology, Inc. | 168 | 0.18 | % | 1,793 | ||||||||
Intel Corp. | 557 | 0.34 | % | 1,088 | ||||||||
NetScout Systems, Inc. | 494 | 0.19 | % | 943 | ||||||||
Progress Software Corp. | 508 | 0.29 | % | 698 | ||||||||
Accenture plc — Class A | 34 | 0.16 | % | 533 | ||||||||
Cognizant Technology Solutions Corp. — Class A | 162 | 0.17 | % | 505 | ||||||||
SS&C Technologies Holdings, Inc. | 219 | 0.21 | % | 290 | ||||||||
Xperi Holding Corp. | 1,049 | 0.23 | % | (2,058 | ) | |||||||
CommVault Systems, Inc. | 205 | 0.17 | % | (2,114 | ) | |||||||
Qorvo, Inc. | 98 | 0.18 | % | (2,967 | ) | |||||||
Total Technology | 162,155 | |||||||||||
Basic Materials | ||||||||||||
Westlake Chemical Corp. | 515 | 0.58 | % | 2,215 | ||||||||
LyondellBasell Industries N.V. — Class A | 573 | 0.62 | % | 1,961 | ||||||||
Dow, Inc. | 766 | 0.51 | % | 1,680 | ||||||||
Southern Copper Corp. | 357 | 0.26 | % | 1,094 | ||||||||
Valvoline, Inc. | 655 | 0.29 | % | 814 | ||||||||
Celanese Corp. — Class A | 314 | 0.62 | % | 729 | ||||||||
Newmont Corp. | 232 | 0.17 | % | 489 | ||||||||
Steel Dynamics, Inc. | 340 | 0.25 | % | (96 | ) | |||||||
Nucor Corp. | 215 | 0.29 | % | (125 | ) | |||||||
Total Basic Materials | 8,761 | |||||||||||
Total GS Equity Long Custom Basket | $ | 751,645 |
GS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Consumer, Non-cyclical | ||||||||||||
Teladoc Health, Inc. | 495 | (0.57 | )% | 16,160 | ||||||||
Guardant Health, Inc. | 419 | (0.53 | )% | 12,084 | ||||||||
CoStar Group, Inc. | 1,010 | (1.00 | )% | 8,292 | ||||||||
ManpowerGroup, Inc. | 295 | (0.36 | )% | 5,970 | ||||||||
ABM Industries, Inc. | 771 | (0.40 | )% | 5,548 | ||||||||
Brink's Co. | 511 | (0.42 | )% | 4,220 | ||||||||
US Foods Holding Corp. | 1,556 | (0.68 | )% | 1,857 | ||||||||
Nielsen Holdings plc | 1,329 | (0.34 | )% | 1,015 | ||||||||
ASGN, Inc. | 494 | (0.77 | )% | 796 | ||||||||
Rollins, Inc. | 1,954 | (0.84 | )% | 770 | ||||||||
Insperity, Inc. | 284 | (0.42 | )% | 480 | ||||||||
Sysco Corp. | 1,163 | (1.15 | )% | (1,662 | ) | |||||||
TransUnion | 425 | (0.63 | )% | (2,410 | ) | |||||||
Bunge Ltd. | 464 | (0.54 | )% | (2,483 | ) | |||||||
Booz Allen Hamilton Holding Corp. | 542 | (0.58 | )% | (2,544 | ) | |||||||
Equifax, Inc. | 157 | (0.58 | )% | (4,462 | ) | |||||||
Dun & Bradstreet Holdings, Inc. | 2,930 | (0.75 | )% | (4,878 | ) | |||||||
Verisk Analytics, Inc. — Class A | 305 | (0.88 | )% | (5,284 | ) | |||||||
Cintas Corp. | 259 | (1.44 | )% | (5,688 | ) | |||||||
Driven Brands Holdings, Inc. | 2,402 | (1.01 | )% | (12,410 | ) | |||||||
Total Consumer, Non-cyclical | 15,371 | |||||||||||
Financial | ||||||||||||
Americold Realty Trust | 2,155 | (0.89 | )% | 10,000 | ||||||||
JBG SMITH Properties | 1,629 | (0.59 | )% | 7,372 | ||||||||
Ventas, Inc. | 1,295 | (0.83 | )% | 6,347 | ||||||||
Park Hotels & Resorts, Inc. | 4,624 | (1.10 | )% | 3,655 | ||||||||
Lincoln National Corp. | 1,149 | (0.99 | )% | 1,223 | ||||||||
Welltower, Inc. | 1,120 | (1.21 | )% | 806 | ||||||||
Ameriprise Financial, Inc. | 144 | (0.55 | )% | 463 | ||||||||
Safehold, Inc. | 1,173 | (1.18 | )% | (387 | ) | |||||||
Wells Fargo & Co. | 1,735 | (1.05 | )% | (755 | ) | |||||||
RLJ Lodging Trust | 6,211 | (1.09 | )% | (909 | ) | |||||||
American Tower Corp. — Class A | 98 | (0.36 | )% | (1,014 | ) | |||||||
DiamondRock Hospitality Co. | 5,469 | (0.66 | )% | (1,177 | ) | |||||||
SBA Communications Corp. | 113 | (0.55 | )% | (1,442 | ) | |||||||
Apple Hospitality REIT, Inc. | 2,767 | (0.56 | )% | (1,574 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Crown Castle International Corp. | 234 | (0.61 | )% | $ | (1,741 | ) | ||||||
Digital Realty Trust, Inc. | 247 | (0.55 | )% | (2,209 | ) | |||||||
First Horizon Corp. | 5,036 | (1.03 | )% | (2,282 | ) | |||||||
Sunstone Hotel Investors, Inc. | 7,583 | (1.12 | )% | (2,298 | ) | |||||||
Equinix, Inc. | 114 | (1.21 | )% | (2,426 | ) | |||||||
Pebblebrook Hotel Trust | 3,549 | (1.00 | )% | (3,064 | ) | |||||||
Xenia Hotels & Resorts, Inc. | 3,153 | (0.72 | )% | (3,248 | ) | |||||||
Ryman Hospitality Properties, Inc. | 886 | (1.02 | )% | (4,101 | ) | |||||||
Equitable Holdings, Inc. | 2,776 | (1.14 | )% | (4,323 | ) | |||||||
Signature Bank | 178 | (0.72 | )% | (4,500 | ) | |||||||
Host Hotels & Resorts, Inc. | 6,992 | (1.53 | )% | (5,104 | ) | |||||||
Invitation Homes, Inc. | 1,294 | (0.74 | )% | (6,040 | ) | |||||||
Outfront Media, Inc. | 2,618 | (0.88 | )% | (6,236 | ) | |||||||
Bank of New York Mellon Corp. | 1,649 | (1.20 | )% | (6,491 | ) | |||||||
First Republic Bank | 295 | (0.77 | )% | (6,880 | ) | |||||||
Western Alliance Bancorporation | 849 | (1.15 | )% | (6,989 | ) | |||||||
Apartment Income REIT Corp. | 2,400 | (1.65 | )% | (7,383 | ) | |||||||
Northern Trust Corp. | 769 | (1.16 | )% | (7,475 | ) | |||||||
State Street Corp. | 1,272 | (1.49 | )% | (7,597 | ) | |||||||
Kennedy-Wilson Holdings, Inc. | 5,479 | (1.64 | )% | (8,243 | ) | |||||||
Comerica, Inc. | 1,600 | (1.75 | )% | (9,388 | ) | |||||||
UDR, Inc. | 1,032 | (0.78 | )% | (10,117 | ) | |||||||
Howard Hughes Corp. | 783 | (1.00 | )% | (14,204 | ) | |||||||
Sun Communities, Inc. | 477 | (1.26 | )% | (21,581 | ) | |||||||
Total Financial | (131,312 | ) | ||||||||||
Technology | ||||||||||||
Coupa Software, Inc. | 192 | (0.38 | )% | 18,556 | ||||||||
Avalara, Inc. | 132 | (0.21 | )% | 4,427 | ||||||||
Leidos Holdings, Inc. | 464 | (0.52 | )% | 2,054 | ||||||||
Zscaler, Inc. | 60 | (0.24 | )% | (1,015 | ) | |||||||
Smartsheet, Inc. — Class A | 251 | (0.24 | )% | (1,119 | ) | |||||||
Snowflake, Inc. — Class A | 82 | (0.35 | )% | (1,918 | ) | |||||||
Ceridian HCM Holding, Inc. | 457 | (0.60 | )% | (3,800 | ) | |||||||
KBR, Inc. | 2,201 | (1.32 | )% | (14,822 | ) | |||||||
Total Technology | 2,363 | |||||||||||
Industrial | ||||||||||||
Stericycle, Inc. | 1,428 | (1.07 | )% | 19,889 | ||||||||
Boeing Co. | 464 | (1.17 | )% | 9,321 | ||||||||
US Ecology, Inc. | 1,430 | (0.57 | )% | 6,335 | ||||||||
TransDigm Group, Inc. | 64 | (0.51 | )% | 350 | ||||||||
Jacobs Engineering Group, Inc. | 994 | (1.74 | )% | 279 | ||||||||
General Electric Co. | 1 | 0.00 | % | 6 | ||||||||
CH Robinson Worldwide, Inc. | 687 | (0.93 | )% | (4,224 | ) | |||||||
Howmet Aerospace, Inc. | 2,223 | (0.89 | )% | (4,333 | ) | |||||||
Waste Management, Inc. | 522 | (1.09 | )% | (15,446 | ) | |||||||
Republic Services, Inc. — Class A | 731 | (1.28 | )% | (22,167 | ) | |||||||
Tetra Tech, Inc. | 357 | (0.76 | )% | (22,509 | ) | |||||||
Casella Waste Systems, Inc. — Class A | 1,207 | (1.30 | )% | (30,972 | ) | |||||||
Total Industrial | (63,471 | ) | ||||||||||
Utilities | ||||||||||||
Entergy Corp. | 574 | (0.81 | )% | (1,330 | ) | |||||||
ONE Gas, Inc. | 1,795 | (1.75 | )% | (4,434 | ) | |||||||
Atmos Energy Corp. | 1,364 | (1.80 | )% | (5,880 | ) | |||||||
Black Hills Corp. | 1,327 | (1.18 | )% | (6,037 | ) | |||||||
CenterPoint Energy, Inc. | 4,252 | (1.49 | )% | (7,526 | ) | |||||||
OGE Energy Corp. | 1,904 | (0.92 | )% | (7,997 | ) | |||||||
Edison International | 1,991 | (1.71 | )% | (20,034 | ) | |||||||
Total Utilities | (53,238 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Freshpet, Inc. | 395 | (0.47 | )% | 20,919 | ||||||||
United Airlines Holdings, Inc. | 2,707 | (1.49 | )% | 17,930 | ||||||||
Delta Air Lines, Inc. | 3,177 | (1.56 | )% | 12,625 | ||||||||
Southwest Airlines Co. | 769 | (0.41 | )% | 11,580 | ||||||||
Spirit Airlines, Inc. | 2,245 | (0.62 | )% | 9,920 | ||||||||
JetBlue Airways Corp. | 1,950 | (0.35 | )% | 8,571 | ||||||||
Frontier Group Holdings, Inc. | 2,410 | (0.41 | )% | 7,536 | ||||||||
Alaska Air Group, Inc. | 550 | (0.36 | )% | 7,513 | ||||||||
Las Vegas Sands Corp. | 775 | (0.37 | )% | 2,523 | ||||||||
American Airlines Group, Inc. | 5,867 | (1.32 | )% | 732 | ||||||||
Royal Caribbean Cruises Ltd. | 591 | (0.57 | )% | (438 | ) | |||||||
Wynn Resorts Ltd. | 340 | (0.36 | )% | (1,175 | ) | |||||||
Marriott International, Inc. — Class A | 327 | (0.68 | )% | (1,231 | ) | |||||||
IAA, Inc. | 1,038 | (0.66 | )% | (2,127 | ) | |||||||
Carnival Corp. | 2,300 | (0.58 | )% | (4,225 | ) | |||||||
Hilton Worldwide Holdings, Inc. | 331 | (0.65 | )% | (4,930 | ) | |||||||
Madison Square Garden Sports Corp. — Class A | 560 | (1.22 | )% | (5,791 | ) | |||||||
Copart, Inc. | 540 | (1.03 | )% | (8,578 | ) | |||||||
Total Consumer, Cyclical | 71,354 | |||||||||||
Energy | ||||||||||||
Plug Power, Inc. | 605 | (0.21 | )% | 5,891 | ||||||||
Valero Energy Corp. | 399 | (0.38 | )% | 927 | ||||||||
Marathon Petroleum Corp. | 506 | (0.41 | )% | (634 | ) | |||||||
Hess Corp. | 867 | (0.81 | )% | (2,100 | ) | |||||||
Schlumberger N.V. | 3,413 | (1.28 | )% | (2,164 | ) | |||||||
NOV, Inc. | 2,722 | (0.46 | )% | (3,292 | ) | |||||||
Patterson-UTI Energy, Inc. | 5,761 | (0.61 | )% | (3,833 | ) | |||||||
Pioneer Natural Resources Co. | 585 | (1.34 | )% | (6,030 | ) | |||||||
Halliburton Co. | 4,745 | (1.36 | )% | (8,844 | ) | |||||||
Total Energy | (20,079 | ) | ||||||||||
Communications | ||||||||||||
Okta, Inc. | 202 | (0.57 | )% | 9,423 | ||||||||
Uber Technologies, Inc. | 1,557 | (0.82 | )% | 7,300 | ||||||||
Airbnb, Inc. — Class A | 176 | (0.37 | )% | 4,643 | ||||||||
Liberty Broadband Corp. — Class C | 311 | (0.63 | )% | 3,028 | ||||||||
Walt Disney Co. | 177 | (0.34 | )% | (982 | ) | |||||||
Lyft, Inc. — Class A | 1,560 | (0.84 | )% | (3,156 | ) | |||||||
Total Communications | 20,256 | |||||||||||
Total GS Equity Short Custom Basket | $ | (158,756 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
MS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Cyclical | ||||||||||||
AutoZone, Inc. | 35 | 0.84 | % | $ | 24,786 | |||||||
Gentherm, Inc. | 290 | 0.29 | % | 13,445 | ||||||||
Home Depot, Inc. | 121 | 0.59 | % | 10,366 | ||||||||
AutoNation, Inc. | 251 | 0.34 | % | 10,007 | ||||||||
O'Reilly Automotive, Inc. | 104 | 0.86 | % | 9,684 | ||||||||
NVR, Inc. | 9 | 0.62 | % | 8,330 | ||||||||
Gentex Corp. | 2,055 | 0.84 | % | 6,818 | ||||||||
Brunswick Corp. | 397 | 0.47 | % | 5,694 | ||||||||
LKQ Corp. | 1,246 | 0.87 | % | 4,845 | ||||||||
Zumiez, Inc. | 613 | 0.34 | % | 3,896 | ||||||||
PulteGroup, Inc. | 408 | 0.27 | % | 3,873 | ||||||||
Autoliv, Inc. | 283 | 0.34 | % | 3,698 | ||||||||
Tri Pointe Homes, Inc. | 725 | 0.24 | % | 3,632 | ||||||||
Choice Hotels International, Inc. | 299 | 0.54 | % | 3,045 | ||||||||
MarineMax, Inc. | 318 | 0.22 | % | 2,996 | ||||||||
Dick's Sporting Goods, Inc. | 214 | 0.29 | % | 2,831 | ||||||||
Lennar Corp. — Class A | 265 | 0.36 | % | 2,640 | ||||||||
Methode Electronics, Inc. | 393 | 0.23 | % | 2,508 | ||||||||
Ethan Allen Interiors, Inc. | 1,030 | 0.32 | % | 2,232 | ||||||||
MSC Industrial Direct Company, Inc. — Class A | 184 | 0.18 | % | 1,926 | ||||||||
Acushnet Holdings Corp. | 643 | 0.40 | % | 1,804 | ||||||||
Dolby Laboratories, Inc. — Class A | 355 | 0.39 | % | 1,635 | ||||||||
Buckle, Inc. | 702 | 0.35 | % | 1,564 | ||||||||
Whirlpool Corp. | 189 | 0.52 | % | 1,482 | ||||||||
Cummins, Inc. | 247 | 0.63 | % | 1,265 | ||||||||
Target Corp. | 231 | 0.62 | % | 968 | ||||||||
BorgWarner, Inc. | 418 | 0.22 | % | 388 | ||||||||
Ralph Lauren Corp. — Class A | 152 | 0.21 | % | 363 | ||||||||
Tesla, Inc. | 12 | 0.15 | % | 93 | ||||||||
Carter's, Inc. | 195 | 0.23 | % | (60 | ) | |||||||
Tapestry, Inc. | 605 | 0.29 | % | (510 | ) | |||||||
Allison Transmission Holdings, Inc. | 830 | 0.35 | % | (838 | ) | |||||||
Polaris, Inc. | 258 | 0.33 | % | (2,896 | ) | |||||||
Jack in the Box, Inc. | 156 | 0.16 | % | (3,317 | ) | |||||||
Foot Locker, Inc. | 466 | 0.24 | % | (4,526 | ) | |||||||
Total Consumer, Cyclical | 124,667 | |||||||||||
Financial | ||||||||||||
Stewart Information Services Corp. | 738 | 0.69 | % | 12,551 | ||||||||
Piper Sandler Cos. | 277 | 0.58 | % | 8,436 | ||||||||
Raymond James Financial, Inc. | 717 | 0.84 | % | 7,121 | ||||||||
Interactive Brokers Group, Inc. — Class A | 489 | 0.45 | % | 6,957 | ||||||||
Synchrony Financial | 654 | 0.35 | % | 5,395 | ||||||||
Berkshire Hathaway, Inc. — Class B | 47 | 0.16 | % | 5,143 | ||||||||
Arch Capital Group Ltd. | 1,225 | 0.64 | % | 4,824 | ||||||||
Travelers Companies, Inc. | 316 | 0.58 | % | 4,254 | ||||||||
Safety Insurance Group, Inc. | 797 | 0.79 | % | 4,052 | ||||||||
Enstar Group Ltd. | 271 | 0.78 | % | 3,681 | ||||||||
First American Financial Corp. | 456 | 0.42 | % | 3,601 | ||||||||
Allstate Corp. | 126 | 0.17 | % | 3,064 | ||||||||
Preferred Bank/Los Angeles CA | 735 | 0.62 | % | 2,960 | ||||||||
Douglas Elliman, Inc. | 439 | 0.06 | % | 2,490 | ||||||||
LXP Industrial Trust | 2,972 | 0.54 | % | 2,177 | ||||||||
Omega Healthcare Investors, Inc. | 1,307 | 0.45 | % | 2,064 | ||||||||
Everest Re Group Ltd. | 120 | 0.38 | % | 2,006 | ||||||||
Fidelity National Financial, Inc. | 455 | 0.28 | % | 1,779 | ||||||||
HomeStreet, Inc. | 669 | 0.41 | % | 1,768 | ||||||||
United Bankshares, Inc. | 1,161 | 0.49 | % | 1,752 | ||||||||
Aflac, Inc. | 405 | 0.28 | % | 1,668 | ||||||||
Brown & Brown, Inc. | 209 | 0.17 | % | 1,499 | ||||||||
PS Business Parks, Inc. | 218 | 0.47 | % | 1,350 | ||||||||
Citigroup, Inc. | 1,238 | 0.87 | % | 1,298 | ||||||||
Visa, Inc. — Class A | 71 | 0.18 | % | 1,272 | ||||||||
Janus Henderson Group plc | 519 | 0.25 | % | 1,164 | ||||||||
National Retail Properties, Inc. | 491 | 0.28 | % | 1,031 | ||||||||
National Bank Holdings Corp. — Class A | 1,298 | 0.67 | % | 1,010 | ||||||||
ServisFirst Bancshares, Inc. | 297 | 0.29 | % | 967 | ||||||||
LTC Properties, Inc. | 637 | 0.25 | % | 701 | ||||||||
Washington Federal, Inc. | 558 | 0.22 | % | 529 | ||||||||
Markel Corp. | 23 | 0.33 | % | 405 | ||||||||
Affiliated Managers Group, Inc. | 126 | 0.24 | % | 321 | ||||||||
JPMorgan Chase & Co. | 88 | 0.16 | % | 190 | ||||||||
Western Union Co. | 1,215 | 0.25 | % | (54 | ) | |||||||
National Health Investors, Inc. | 395 | 0.27 | % | (311 | ) | |||||||
BankUnited, Inc. | 944 | 0.47 | % | (817 | ) | |||||||
SEI Investments Co. | 277 | 0.20 | % | (909 | ) | |||||||
MGIC Investment Corp. | 2,580 | 0.43 | % | (918 | ) | |||||||
Essent Group Ltd. | 747 | 0.40 | % | (968 | ) | |||||||
T. Rowe Price Group, Inc. | 71 | 0.16 | % | (972 | ) | |||||||
Evercore, Inc. — Class A | 345 | 0.55 | % | (1,099 | ) | |||||||
Meta Financial Group, Inc. | 344 | 0.24 | % | (1,176 | ) | |||||||
Discover Financial Services | 184 | 0.25 | % | (1,312 | ) | |||||||
Ameris Bancorp | 1,025 | 0.59 | % | (1,736 | ) | |||||||
Hilltop Holdings, Inc. | 651 | 0.27 | % | (1,827 | ) | |||||||
Hanover Insurance Group, Inc. | 303 | 0.46 | % | (1,938 | ) | |||||||
Radian Group, Inc. | 1,676 | 0.41 | % | (2,230 | ) | |||||||
Old Republic International Corp. | 2,682 | 0.77 | % | (2,644 | ) | |||||||
Capital One Financial Corp. | 157 | 0.27 | % | (2,708 | ) | |||||||
OneMain Holdings, Inc. | 541 | 0.32 | % | (3,564 | ) | |||||||
AMERISAFE, Inc. | 964 | 0.61 | % | (3,773 | ) | |||||||
Mercury General Corp. | 1,206 | 0.75 | % | (6,319 | ) | |||||||
Total Financial | 64,205 | |||||||||||
Consumer, Non-cyclical | ||||||||||||
Quest Diagnostics, Inc. | 292 | 0.59 | % | 11,817 | ||||||||
United Therapeutics Corp. | 128 | 0.32 | % | 9,728 | ||||||||
Pfizer, Inc. | 514 | 0.35 | % | 8,517 | ||||||||
Innoviva, Inc. | 2,827 | 0.57 | % | 8,082 | ||||||||
Johnson & Johnson | 504 | 1.01 | % | 7,539 | ||||||||
Waters Corp. | 93 | 0.40 | % | 7,267 | ||||||||
AbbVie, Inc. | 395 | 0.62 | % | 7,175 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Prestige Consumer Healthcare, Inc. | 587 | 0.42 | % | $ | 7,093 | |||||||
PerkinElmer, Inc. | 112 | 0.26 | % | 6,124 | ||||||||
Eagle Pharmaceuticals, Inc. | 565 | 0.34 | % | 4,798 | ||||||||
Abbott Laboratories | 105 | 0.17 | % | 4,556 | ||||||||
Gilead Sciences, Inc. | 1,008 | 0.86 | % | 4,154 | ||||||||
Molson Coors Beverage Co. — Class B | 515 | 0.28 | % | 4,085 | ||||||||
Amphastar Pharmaceuticals, Inc. | 1,284 | 0.35 | % | 3,907 | ||||||||
Zoetis, Inc. | 62 | 0.18 | % | 3,758 | ||||||||
Regeneron Pharmaceuticals, Inc. | 58 | 0.43 | % | 3,710 | ||||||||
Amgen, Inc. | 334 | 0.88 | % | 3,640 | ||||||||
Vertex Pharmaceuticals, Inc. | 123 | 0.32 | % | 3,354 | ||||||||
Perdoceo Education Corp. | 3,080 | 0.42 | % | 3,068 | ||||||||
Bio-Rad Laboratories, Inc. — Class A | 46 | 0.41 | % | 2,923 | ||||||||
Hologic, Inc. | 542 | 0.48 | % | 2,904 | ||||||||
John B Sanfilippo & Son, Inc. | 737 | 0.78 | % | 2,730 | ||||||||
Laboratory Corporation of America Holdings | 73 | 0.27 | % | 2,483 | ||||||||
EVERTEC, Inc. | 631 | 0.37 | % | 2,398 | ||||||||
Vector Group Ltd. | 878 | 0.12 | % | 2,355 | ||||||||
Baxter International, Inc. | 406 | 0.41 | % | 2,251 | ||||||||
Coherus Biosciences, Inc. | 969 | 0.18 | % | 1,804 | ||||||||
Edwards Lifesciences Corp. | 169 | 0.26 | % | 1,701 | ||||||||
Merck & Company, Inc. | 462 | 0.41 | % | 821 | ||||||||
USANA Health Sciences, Inc. | 282 | 0.33 | % | 713 | ||||||||
Royalty Pharma plc — Class A | 545 | 0.25 | % | 639 | ||||||||
Archer-Daniels-Midland Co. | 318 | 0.25 | % | 561 | ||||||||
Thermo Fisher Scientific, Inc. | 30 | 0.23 | % | 342 | ||||||||
Tyson Foods, Inc. — Class A | 315 | 0.32 | % | 329 | ||||||||
Philip Morris International, Inc. | 387 | 0.43 | % | (144 | ) | |||||||
Bristol-Myers Squibb Co. | 1,197 | 0.87 | % | (681 | ) | |||||||
Becton Dickinson and Co. | 127 | 0.37 | % | (902 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 1,355 | 0.25 | % | (1,359 | ) | |||||||
Incyte Corp. | 398 | 0.34 | % | (2,429 | ) | |||||||
Total Consumer, Non-cyclical | 131,811 | |||||||||||
Technology | ||||||||||||
Apple, Inc. | 521 | 1.08 | % | 51,125 | ||||||||
Microsoft Corp. | 410 | 1.61 | % | 41,780 | ||||||||
CSG Systems International, Inc. | 1,232 | 0.83 | % | 14,106 | ||||||||
HP, Inc. | 557 | 0.25 | % | 11,717 | ||||||||
NetApp, Inc. | 358 | 0.38 | % | 10,370 | ||||||||
Rambus, Inc. | 1,021 | 0.35 | % | 6,859 | ||||||||
QUALCOMM, Inc. | 79 | 0.17 | % | 5,613 | ||||||||
Broadcom, Inc. | 21 | 0.16 | % | 5,478 | ||||||||
ExlService Holdings, Inc. | 140 | 0.24 | % | 4,856 | ||||||||
Texas Instruments, Inc. | 246 | 0.54 | % | 4,544 | ||||||||
Cirrus Logic, Inc. | 259 | 0.28 | % | 4,522 | ||||||||
Lumentum Holdings, Inc. | 143 | 0.18 | % | 3,488 | ||||||||
International Business Machines Corp. | 363 | 0.57 | % | 1,988 | ||||||||
Micron Technology, Inc. | 168 | 0.18 | % | 1,789 | ||||||||
NetScout Systems, Inc. | 494 | 0.19 | % | 971 | ||||||||
Progress Software Corp. | 508 | 0.29 | % | 700 | ||||||||
Cognizant Technology Solutions Corp. — Class A | 162 | 0.17 | % | 530 | ||||||||
Accenture plc — Class A | 34 | 0.16 | % | 513 | ||||||||
SS&C Technologies Holdings, Inc. | 219 | 0.21 | % | 289 | ||||||||
Intel Corp. | 557 | 0.34 | % | 84 | ||||||||
Xperi Holding Corp. | 1,049 | 0.23 | % | (1,955 | ) | |||||||
CommVault Systems, Inc. | 205 | 0.17 | % | (2,088 | ) | |||||||
Qorvo, Inc. | 98 | 0.18 | % | (2,926 | ) | |||||||
Total Technology | 164,353 | |||||||||||
Utilities | ||||||||||||
National Fuel Gas Co. | 1,112 | 0.83 | % | 11,536 | ||||||||
Chesapeake Utilities Corp. | 484 | 0.82 | % | 11,126 | ||||||||
American States Water Co. | 464 | 0.56 | % | 9,869 | ||||||||
IDACORP, Inc. | 625 | 0.83 | % | 9,345 | ||||||||
UGI Corp. | 1,548 | 0.83 | % | 8,223 | ||||||||
Southern Co. | 843 | 0.68 | % | 7,685 | ||||||||
MGE Energy, Inc. | 840 | 0.81 | % | 4,505 | ||||||||
Portland General Electric Co. | 1,331 | 0.82 | % | 4,164 | ||||||||
CMS Energy Corp. | 686 | 0.52 | % | 3,111 | ||||||||
California Water Service Group | 288 | 0.24 | % | 2,618 | ||||||||
WEC Energy Group, Inc. | 670 | 0.76 | % | 2,314 | ||||||||
Essential Utilities, Inc. | 267 | 0.17 | % | 1,665 | ||||||||
Sempra Energy | 149 | 0.23 | % | 1,238 | ||||||||
PPL Corp. | 2,380 | 0.84 | % | 925 | ||||||||
NextEra Energy, Inc. | 151 | 0.16 | % | 241 | ||||||||
Total Utilities | 78,565 | |||||||||||
Industrial | ||||||||||||
Keysight Technologies, Inc. | 333 | 0.80 | % | 12,521 | ||||||||
Knowles Corp. | 3,159 | 0.86 | % | 9,807 | ||||||||
Mueller Industries, Inc. | 749 | 0.52 | % | 9,548 | ||||||||
Encore Wire Corp. | 291 | 0.49 | % | 9,161 | ||||||||
Oshkosh Corp. | 314 | 0.41 | % | 6,574 | ||||||||
Owens Corning | 368 | 0.39 | % | 6,519 | ||||||||
Snap-on, Inc. | 210 | 0.53 | % | 5,565 | ||||||||
Vishay Intertechnology, Inc. | 1,817 | 0.46 | % | 4,851 | ||||||||
Louisiana-Pacific Corp. | 334 | 0.31 | % | 4,376 | ||||||||
Boise Cascade Co. | 362 | 0.30 | % | 4,015 | ||||||||
TTM Technologies, Inc. | 1,971 | 0.34 | % | 3,649 | ||||||||
Eagle Materials, Inc. | 211 | 0.41 | % | 3,306 | ||||||||
Watts Water Technologies, Inc. — Class A | 74 | 0.17 | % | 3,213 | ||||||||
Hillenbrand, Inc. | 598 | 0.36 | % | 2,754 | ||||||||
Sanmina Corp. | 1,203 | 0.58 | % | 2,350 | ||||||||
Albany International Corp. — Class A | 235 | 0.24 | % | 2,300 | ||||||||
Crane Co. | 347 | 0.41 | % | 2,163 | ||||||||
Simpson Manufacturing Company, Inc. | 106 | 0.17 | % | 1,957 | ||||||||
Textron, Inc. | 428 | 0.39 | % | 1,751 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Packaging Corporation of America | 456 | 0.73 | % | $ | 1,520 | |||||||
UFP Industries, Inc. | 191 | 0.21 | % | 1,444 | ||||||||
Atkore, Inc. | 155 | 0.20 | % | 1,418 | ||||||||
General Dynamics Corp. | 225 | 0.55 | % | 1,101 | ||||||||
Pentair plc | 212 | 0.18 | % | 1,009 | ||||||||
Lockheed Martin Corp. | 63 | 0.26 | % | 955 | ||||||||
3M Co. | 307 | 0.64 | % | 932 | ||||||||
Graco, Inc. | 356 | 0.34 | % | 599 | ||||||||
Insteel Industries, Inc. | 360 | 0.17 | % | 173 | ||||||||
Agilent Technologies, Inc. | 91 | 0.17 | % | 46 | ||||||||
Dorian LPG Ltd. | 1,177 | 0.17 | % | 1 | ||||||||
Emerson Electric Co. | 445 | 0.48 | % | (918 | ) | |||||||
Donaldson Company, Inc. | 746 | 0.52 | % | (1,039 | ) | |||||||
Worthington Industries, Inc. | 729 | 0.47 | % | (1,119 | ) | |||||||
OSI Systems, Inc. | 399 | 0.43 | % | (1,535 | ) | |||||||
Vontier Corp. | 845 | 0.30 | % | (2,185 | ) | |||||||
MDU Resources Group, Inc. | 1,494 | 0.54 | % | (2,381 | ) | |||||||
Toro Co. | 530 | 0.62 | % | (2,538 | ) | |||||||
Garmin Ltd. | 527 | 0.84 | % | (2,669 | ) | |||||||
Huntington Ingalls Industries, Inc. | 232 | 0.51 | % | (3,823 | ) | |||||||
Sturm Ruger & Company, Inc. | 569 | 0.45 | % | (4,029 | ) | |||||||
Total Industrial | 83,342 | |||||||||||
Energy | ||||||||||||
Equitrans Midstream Corp. | 1,392 | 0.17 | % | 2,119 | ||||||||
Kinder Morgan, Inc. | 882 | 0.16 | % | 134 | ||||||||
Antero Midstream Corp. | 1,463 | 0.17 | % | (1,118 | ) | |||||||
Total Energy | 1,135 | |||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 37 | 1.25 | % | 26,941 | ||||||||
Cisco Systems, Inc. | 1,302 | 0.96 | % | 16,965 | ||||||||
Amazon.com, Inc. | 13 | 0.51 | % | 13,005 | ||||||||
Viavi Solutions, Inc. | 3,865 | 0.80 | % | 11,740 | ||||||||
Juniper Networks, Inc. | 836 | 0.35 | % | 10,944 | ||||||||
Meta Platforms, Inc. — Class A | 86 | 0.34 | % | 10,574 | ||||||||
VeriSign, Inc. | 106 | 0.31 | % | 4,440 | ||||||||
F5, Inc. | 75 | 0.21 | % | 3,975 | ||||||||
Motorola Solutions, Inc. | 97 | 0.31 | % | 2,520 | ||||||||
FactSet Research Systems, Inc. | 29 | 0.16 | % | 994 | ||||||||
InterDigital, Inc. | 398 | 0.33 | % | 872 | ||||||||
eBay, Inc. | 249 | 0.19 | % | 598 | ||||||||
Omnicom Group, Inc. | 955 | 0.82 | % | 354 | ||||||||
Nexstar Media Group, Inc. — Class A | 163 | 0.29 | % | 112 | ||||||||
Shenandoah Telecommunications Co. | 888 | 0.26 | % | (580 | ) | |||||||
Yelp, Inc. — Class A | 529 | 0.22 | % | (784 | ) | |||||||
Cogent Communications Holdings, Inc. | 321 | 0.27 | % | (816 | ) | |||||||
Telephone & Data Systems, Inc. | 1,196 | 0.28 | % | (1,427 | ) | |||||||
T-Mobile US, Inc. | 211 | 0.29 | % | (1,581 | ) | |||||||
Verizon Communications, Inc. | 1,195 | 0.73 | % | (2,614 | ) | |||||||
Total Communications | 96,232 | |||||||||||
Basic Materials | ||||||||||||
Westlake Chemical Corp. | 515 | 0.58 | % | 2,394 | ||||||||
LyondellBasell Industries N.V. — Class A | 573 | 0.62 | % | 1,963 | ||||||||
Dow, Inc. | 766 | 0.51 | % | 1,653 | ||||||||
Southern Copper Corp. | 357 | 0.26 | % | 1,073 | ||||||||
Valvoline, Inc. | 655 | 0.29 | % | 803 | ||||||||
Celanese Corp. — Class A | 314 | 0.62 | % | 748 | ||||||||
Newmont Corp. | 232 | 0.17 | % | 483 | ||||||||
Livent Corp. | 0 | 0.00 | % | 11 | ||||||||
Nucor Corp. | 215 | 0.29 | % | (37 | ) | |||||||
Steel Dynamics, Inc. | 340 | 0.25 | % | (144 | ) | |||||||
Total Basic Materials | 8,947 | |||||||||||
Total MS Equity Long Custom Basket | $ | 753,257 |
MS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Communications | ||||||||||||
Okta, Inc. | 202 | (0.59 | )% | 9,315 | ||||||||
Uber Technologies, Inc. | 1,557 | (0.82 | )% | 7,320 | ||||||||
Airbnb, Inc. — Class A | 176 | (0.37 | )% | 4,530 | ||||||||
Liberty Broadband Corp. — Class C | 311 | (0.63 | )% | 3,079 | ||||||||
Walt Disney Co. | 177 | (0.34 | )% | (974 | ) | |||||||
Lyft, Inc. — Class A | 1,560 | (0.84 | )% | (2,939 | ) | |||||||
Total Communications | 20,331 | |||||||||||
Financial | ||||||||||||
Americold Realty Trust | 2,155 | (0.89 | )% | 10,188 | ||||||||
JBG SMITH Properties | 1,629 | (0.59 | )% | 7,367 | ||||||||
Ventas, Inc. | 1,295 | (0.83 | )% | 6,500 | ||||||||
Park Hotels & Resorts, Inc. | 4,624 | (1.10 | )% | 3,562 | ||||||||
Lincoln National Corp. | 1,149 | (0.99 | )% | 1,030 | ||||||||
Welltower, Inc. | 1,120 | (1.21 | )% | 867 | ||||||||
Ameriprise Financial, Inc. | 144 | (0.55 | )% | 625 | ||||||||
Safehold, Inc. | 1,173 | (1.18 | )% | (460 | ) | |||||||
RLJ Lodging Trust | 6,211 | (1.09 | )% | (605 | ) | |||||||
Wells Fargo & Co. | 1,735 | (1.05 | )% | (725 | ) | |||||||
American Tower Corp. — Class A | 98 | (0.36 | )% | (1,091 | ) | |||||||
DiamondRock Hospitality Co. | 5,469 | (0.66 | )% | (1,145 | ) | |||||||
SBA Communications Corp. | 113 | (0.55 | )% | (1,384 | ) | |||||||
Crown Castle International Corp. | 234 | (0.61 | )% | (1,407 | ) | |||||||
Apple Hospitality REIT, Inc. | 2,767 | (0.56 | )% | (1,604 | ) | |||||||
Sunstone Hotel Investors, Inc. | 7,583 | (1.12 | )% | (2,080 | ) | |||||||
Digital Realty Trust, Inc. | 247 | (0.55 | )% | (2,213 | ) | |||||||
Equinix, Inc. | 114 | (1.21 | )% | (2,270 | ) | |||||||
First Horizon Corp. | 5,036 | (1.03 | )% | (2,536 | ) | |||||||
Pebblebrook Hotel Trust | 3,549 | (1.00 | )% | (2,900 | ) | |||||||
Xenia Hotels & Resorts, Inc. | 3,153 | (0.72 | )% | (3,577 | ) | |||||||
Ryman Hospitality Properties, Inc. | 869 | (1.00 | )% | (3,874 | ) | |||||||
Equitable Holdings, Inc. | 2,776 | (1.14 | )% | (4,274 | ) | |||||||
Signature Bank | 178 | (0.72 | )% | (4,483 | ) | |||||||
Host Hotels & Resorts, Inc. | 6,992 | (1.53 | )% | (5,046 | ) | |||||||
Invitation Homes, Inc. | 1,294 | (0.74 | )% | (6,031 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Bank of New York Mellon Corp. | 1,649 | (1.20 | )% | $ | (6,172 | ) | ||||||
Outfront Media, Inc. | 2,618 | (0.88 | )% | (6,252 | ) | |||||||
Northern Trust Corp. | 769 | (1.16 | )% | (6,737 | ) | |||||||
First Republic Bank | 295 | (0.77 | )% | (6,826 | ) | |||||||
Western Alliance Bancorporation | 849 | (1.15 | )% | (7,018 | ) | |||||||
Apartment Income REIT Corp. | 2,400 | (1.65 | )% | (7,137 | ) | |||||||
State Street Corp. | 1,272 | (1.49 | )% | (7,633 | ) | |||||||
Kennedy-Wilson Holdings, Inc. | 5,479 | (1.64 | )% | (7,979 | ) | |||||||
Comerica, Inc. | 1,600 | (1.75 | )% | (9,604 | ) | |||||||
UDR, Inc. | 1,032 | (0.78 | )% | (10,148 | ) | |||||||
Howard Hughes Corp. | 783 | (1.00 | )% | (14,314 | ) | |||||||
Sun Communities, Inc. | 477 | (1.26 | )% | (23,053 | ) | |||||||
Total Financial | (130,439 | ) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Teladoc Health, Inc. | 495 | (0.57 | )% | 16,147 | ||||||||
Guardant Health, Inc. | 419 | (0.53 | )% | 12,080 | ||||||||
CoStar Group, Inc. | 1,010 | (1.00 | )% | 8,311 | ||||||||
ManpowerGroup, Inc. | 295 | (0.36 | )% | 5,982 | ||||||||
ABM Industries, Inc. | 771 | (0.40 | )% | 5,556 | ||||||||
Brink's Co. | 511 | (0.42 | )% | 4,221 | ||||||||
US Foods Holding Corp. | 1,556 | (0.68 | )% | 1,667 | ||||||||
Nielsen Holdings plc | 1,329 | (0.34 | )% | 1,077 | ||||||||
Rollins, Inc. | 1,955 | (0.84 | )% | 1,076 | ||||||||
ASGN, Inc. | 494 | (0.77 | )% | 847 | ||||||||
Insperity, Inc. | 284 | (0.42 | )% | 404 | ||||||||
Sysco Corp. | 1,163 | (1.15 | )% | (1,767 | ) | |||||||
Bunge Ltd. | 464 | (0.54 | )% | (2,344 | ) | |||||||
TransUnion | 425 | (0.63 | )% | (2,364 | ) | |||||||
Booz Allen Hamilton Holding Corp. | 542 | (0.58 | )% | (2,461 | ) | |||||||
Equifax, Inc. | 157 | (0.58 | )% | (4,453 | ) | |||||||
Dun & Bradstreet Holdings, Inc. | 2,930 | (0.75 | )% | (4,507 | ) | |||||||
Verisk Analytics, Inc. — Class A | 305 | (0.88 | )% | (5,118 | ) | |||||||
Cintas Corp. | 259 | (1.44 | )% | (5,513 | ) | |||||||
Driven Brands Holdings, Inc. | 2,402 | (1.01 | )% | (12,391 | ) | |||||||
Total Consumer, Non-cyclical | 16,450 | |||||||||||
Consumer, Cyclical | ||||||||||||
Freshpet, Inc. | 395 | (0.47 | )% | 20,928 | ||||||||
United Airlines Holdings, Inc. | 2,707 | (1.49 | )% | 17,917 | ||||||||
Delta Air Lines, Inc. | 3,177 | (1.56 | )% | 12,633 | ||||||||
Southwest Airlines Co. | 769 | (0.41 | )% | 11,545 | ||||||||
Spirit Airlines, Inc. | 2,245 | (0.62 | )% | 10,081 | ||||||||
JetBlue Airways Corp. | 1,950 | (0.35 | )% | 8,546 | ||||||||
Frontier Group Holdings, Inc. | 2,410 | (0.41 | )% | 7,531 | ||||||||
Alaska Air Group, Inc. | 550 | (0.36 | )% | 7,473 | ||||||||
Las Vegas Sands Corp. | 775 | (0.37 | )% | 2,515 | ||||||||
American Airlines Group, Inc. | 5,867 | (1.32 | )% | 811 | ||||||||
Royal Caribbean Cruises Ltd. | 591 | (0.57 | )% | (414 | ) | |||||||
Wynn Resorts Ltd. | 340 | (0.36 | )% | (1,157 | ) | |||||||
Marriott International, Inc. — Class A | 327 | (0.68 | )% | (1,278 | ) | |||||||
IAA, Inc. | 1,038 | (0.66 | )% | (2,041 | ) | |||||||
Carnival Corp. | 2,300 | (0.58 | )% | (4,189 | ) | |||||||
Hilton Worldwide Holdings, Inc. | 331 | (0.65 | )% | (4,935 | ) | |||||||
Madison Square Garden Sports Corp. — Class A | 560 | (1.22 | )% | (5,639 | ) | |||||||
Copart, Inc. | 540 | (1.03 | )% | (8,311 | ) | |||||||
Total Consumer, Cyclical | 72,016 | |||||||||||
Technology | ||||||||||||
Coupa Software, Inc. | 192 | (0.38 | )% | 18,603 | ||||||||
Avalara, Inc. | 132 | (0.21 | )% | 4,397 | ||||||||
Leidos Holdings, Inc. | 464 | (0.52 | )% | 2,090 | ||||||||
Zscaler, Inc. | 60 | (0.24 | )% | (1,043 | ) | |||||||
Smartsheet, Inc. — Class A | 251 | (0.24 | )% | (1,089 | ) | |||||||
Snowflake, Inc. — Class A | 82 | (0.35 | )% | (1,929 | ) | |||||||
Ceridian HCM Holding, Inc. | 457 | (0.60 | )% | (3,775 | ) | |||||||
KBR, Inc. | 2,201 | (1.32 | )% | (14,773 | ) | |||||||
Total Technology | 2,481 | |||||||||||
Industrial | ||||||||||||
Stericycle, Inc. | 1,428 | (1.07 | )% | 19,904 | ||||||||
Boeing Co. | 464 | (1.17 | )% | 9,423 | ||||||||
US Ecology, Inc. | 1,430 | (0.57 | )% | 6,373 | ||||||||
TransDigm Group, Inc. | 64 | (0.51 | )% | 384 | ||||||||
Jacobs Engineering Group, Inc. | 994 | (1.74 | )% | 263 | ||||||||
General Electric Co. | 1 | 0.00 | % | 7 | ||||||||
CH Robinson Worldwide, Inc. | 687 | (0.93 | )% | (4,222 | ) | |||||||
Howmet Aerospace, Inc. | 2,223 | (0.89 | )% | (4,266 | ) | |||||||
Waste Management, Inc. | 522 | (1.10 | )% | (15,444 | ) | |||||||
Republic Services, Inc. — Class A | 731 | (1.28 | )% | (22,013 | ) | |||||||
Tetra Tech, Inc. | 357 | (0.76 | )% | (22,483 | ) | |||||||
Casella Waste Systems, Inc. — Class A | 1,207 | (1.30 | )% | (30,947 | ) | |||||||
Total Industrial | (63,021 | ) | ||||||||||
Energy | ||||||||||||
Plug Power, Inc. | 605 | (0.21 | )% | 5,866 | ||||||||
Valero Energy Corp. | 399 | (0.38 | )% | 893 | ||||||||
Marathon Petroleum Corp. | 506 | (0.41 | )% | (627 | ) | |||||||
Hess Corp. | 867 | (0.81 | )% | (2,067 | ) | |||||||
Schlumberger N.V. | 3,413 | (1.28 | )% | (2,397 | ) | |||||||
NOV, Inc. | 2,722 | (0.46 | )% | (3,244 | ) | |||||||
Patterson-UTI Energy, Inc. | 5,761 | (0.61 | )% | (3,860 | ) | |||||||
Pioneer Natural Resources Co. | 585 | (1.34 | )% | (6,086 | ) | |||||||
Halliburton Co. | 4,745 | (1.36 | )% | (8,906 | ) | |||||||
Total Energy | (20,428 | ) | ||||||||||
Utilities | ||||||||||||
Entergy Corp. | 574 | (0.81 | )% | (1,344 | ) | |||||||
ONE Gas, Inc. | 1,795 | (1.75 | )% | (4,240 | ) | |||||||
Atmos Energy Corp. | 1,364 | (1.80 | )% | (5,773 | ) | |||||||
Black Hills Corp. | 1,327 | (1.18 | )% | (5,813 | ) | |||||||
CenterPoint Energy, Inc. | 4,252 | (1.49 | )% | (7,427 | ) | |||||||
OGE Energy Corp. | 1,904 | (0.92 | )% | (7,867 | ) | |||||||
Edison International | 1,991 | (1.71 | )% | (19,801 | ) | |||||||
Total Utilities | (52,265 | ) | ||||||||||
Total MS Equity Short Custom Basket | $ | (154,875 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 2021. |
2 | Rate indicated is the 7-day yield as of December 31, 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 December 31, 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 | $ | 16,485,654 | $ | — | $ | — | $ | 16,485,654 | ||||||||
Money Market Fund | 610,339 | — | — | 610,339 | ||||||||||||
Equity Custom Basket Swap Agreements** | — | 1,504,902 | — | 1,504,902 | ||||||||||||
Total Assets | $ | 17,095,993 | $ | 1,504,902 | $ | — | $ | 18,600,895 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Custom Basket Swap Agreements** | $ | — | $ | 313,631 | $ | — | $ | 313,631 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 73.8% | ||||||||
Financial - 17.9% | ||||||||
Camden Property Trust REIT | 453 | $ | 80,942 | |||||
Medical Properties Trust, Inc. REIT | 2,641 | 62,407 | ||||||
Jones Lang LaSalle, Inc.* | 224 | 60,332 | ||||||
Life Storage, Inc. REIT | 363 | 55,604 | ||||||
Rexford Industrial Realty, Inc. REIT | 671 | 54,425 | ||||||
CyrusOne, Inc. REIT | 562 | 50,423 | ||||||
East West Bancorp, Inc. | 629 | 49,490 | ||||||
Lamar Advertising Co. — Class A REIT | 385 | 46,701 | ||||||
EastGroup Properties, Inc. REIT | 180 | 41,013 | ||||||
Alleghany Corp.* | 61 | 40,723 | ||||||
American Financial Group, Inc. | 293 | 40,235 | ||||||
First Horizon Corp. | 2,395 | 39,110 | ||||||
First Industrial Realty Trust, Inc. REIT | 577 | 38,197 | ||||||
First American Financial Corp. | 486 | 38,020 | ||||||
Apartment Income REIT Corp. | 695 | 37,996 | ||||||
National Retail Properties, Inc. REIT | 778 | 37,398 | ||||||
STORE Capital Corp. REIT | 1,087 | 37,393 | ||||||
American Campus Communities, Inc. REIT | 616 | 35,291 | ||||||
RenaissanceRe Holdings Ltd. | 204 | 34,543 | ||||||
Commerce Bancshares, Inc. | 492 | 33,844 | ||||||
Jefferies Financial Group, Inc. | 870 | 33,756 | ||||||
Brixmor Property Group, Inc. REIT | 1,315 | 33,414 | ||||||
Reinsurance Group of America, Inc. — Class A | 299 | 32,737 | ||||||
Voya Financial, Inc. | 492 | 32,625 | ||||||
Stifel Financial Corp. | 461 | 32,464 | ||||||
Pinnacle Financial Partners, Inc. | 337 | 32,183 | ||||||
Western Union Co. | 1,780 | 31,755 | ||||||
Janus Henderson Group plc | 756 | 31,707 | ||||||
Cullen/Frost Bankers, Inc. | 251 | 31,644 | ||||||
Omega Healthcare Investors, Inc. REIT | 1,058 | 31,306 | ||||||
Old Republic International Corp. | 1,265 | 31,094 | ||||||
Kilroy Realty Corp. REIT | 464 | 30,837 | ||||||
Synovus Financial Corp. | 644 | 30,828 | ||||||
Interactive Brokers Group, Inc. — Class A | 387 | 30,735 | ||||||
Affiliated Managers Group, Inc. | 180 | 29,612 | ||||||
Prosperity Bancshares, Inc. | 408 | 29,498 | ||||||
First Financial Bankshares, Inc. | 568 | 28,877 | ||||||
SEI Investments Co. | 469 | 28,581 | ||||||
Glacier Bancorp, Inc. | 480 | 27,216 | ||||||
Primerica, Inc. | 175 | 26,822 | ||||||
Cousins Properties, Inc. REIT | 659 | 26,545 | ||||||
Spirit Realty Capital, Inc. REIT | 546 | 26,312 | ||||||
Douglas Emmett, Inc. REIT | 777 | 26,030 | ||||||
Cadence Bank | 868 | 25,858 | ||||||
Rayonier, Inc. REIT | 634 | 25,588 | ||||||
SLM Corp. | 1,299 | 25,551 | ||||||
New York Community Bancorp, Inc. | 2,060 | 25,152 | ||||||
National Storage Affiliates Trust REIT | 363 | 25,120 | ||||||
Bank OZK | 535 | 24,894 | ||||||
Valley National Bancorp | 1,802 | 24,777 | ||||||
Evercore, Inc. — Class A | 173 | 23,502 | ||||||
PacWest Bancorp | 519 | 23,443 | ||||||
Wintrust Financial Corp. | 252 | 22,887 | ||||||
Kinsale Capital Group, Inc. | 95 | 22,600 | ||||||
CIT Group, Inc. | 439 | 22,538 | ||||||
Webster Financial Corp. | 401 | 22,392 | ||||||
Essent Group Ltd. | 489 | 22,264 | ||||||
Unum Group | 906 | 22,260 | ||||||
Sterling Bancorp | 854 | 22,025 | ||||||
United Bankshares, Inc. | 604 | 21,913 | ||||||
Selective Insurance Group, Inc. | 266 | 21,796 | ||||||
SL Green Realty Corp. REIT | 296 | 21,223 | ||||||
Kite Realty Group Trust REIT | 970 | 21,127 | ||||||
MGIC Investment Corp. | 1,442 | 20,794 | ||||||
Hanover Insurance Group, Inc. | 158 | 20,707 | ||||||
Healthcare Realty Trust, Inc. REIT | 653 | 20,661 | ||||||
Highwoods Properties, Inc. REIT | 462 | 20,601 | ||||||
UMB Financial Corp. | 191 | 20,267 | ||||||
Park Hotels & Resorts, Inc. REIT* | 1,047 | 19,767 | ||||||
RLI Corp. | 176 | 19,730 | ||||||
Hancock Whitney Corp. | 385 | 19,258 | ||||||
Umpqua Holdings Corp. | 959 | 18,451 | ||||||
Physicians Realty Trust REIT | 976 | 18,378 | ||||||
Brighthouse Financial, Inc.* | 354 | 18,337 | ||||||
PotlatchDeltic Corp. REIT | 297 | 17,885 | ||||||
FNB Corp. | 1,413 | 17,140 | ||||||
Hudson Pacific Properties, Inc. REIT | 675 | 16,679 | ||||||
PS Business Parks, Inc. REIT | 89 | 16,391 | ||||||
Macerich Co. REIT | 944 | 16,312 | ||||||
Home BancShares, Inc. | 668 | 16,266 | ||||||
Federated Hermes, Inc. — Class B | 429 | 16,122 | ||||||
EPR Properties REIT | 331 | 15,719 | ||||||
Kemper Corp. | 265 | 15,579 | ||||||
Navient Corp. | 714 | 15,151 | ||||||
Associated Banc-Corp. | 665 | 15,022 | ||||||
Bank of Hawaii Corp. | 179 | 14,993 | ||||||
Alliance Data Systems Corp. | 221 | 14,712 | ||||||
Cathay General Bancorp | 342 | 14,703 | ||||||
JBG SMITH Properties REIT | 506 | 14,527 | ||||||
Corporate Office Properties Trust REIT | 498 | 13,929 | ||||||
Sabra Health Care REIT, Inc. | 1,013 | 13,716 | ||||||
Texas Capital Bancshares, Inc.* | 224 | 13,496 | ||||||
Pebblebrook Hotel Trust REIT | 582 | 13,019 | ||||||
CNO Financial Group, Inc. | 546 | 13,017 | ||||||
Fulton Financial Corp. | 714 | 12,138 | ||||||
International Bancshares Corp. | 236 | 10,004 | ||||||
Washington Federal, Inc. | 289 | 9,647 | ||||||
Urban Edge Properties REIT | 488 | 9,272 | ||||||
Mercury General Corp. | 118 | 6,261 | ||||||
Total Financial | 2,646,226 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 73.8% (continued) | ||||||||
Industrial - 15.2% | ||||||||
Builders FirstSource, Inc.* | 848 | $ | 72,682 | |||||
Trex Company, Inc.* | 510 | 68,865 | ||||||
Nordson Corp. | 239 | 61,009 | ||||||
Cognex Corp. | 783 | 60,886 | ||||||
Graco, Inc. | 753 | 60,707 | ||||||
Carlisle Companies, Inc. | 232 | 57,564 | ||||||
Regal Rexnord Corp. | 300 | 51,054 | ||||||
Hubbell, Inc. | 241 | 50,193 | ||||||
AECOM | 638 | 49,349 | ||||||
Middleby Corp.* | 246 | 48,403 | ||||||
Lennox International, Inc. | 149 | 48,330 | ||||||
Toro Co. | 471 | 47,058 | ||||||
Axon Enterprise, Inc.* | 291 | 45,687 | ||||||
Knight-Swift Transportation Holdings, Inc. | 735 | 44,791 | ||||||
Jabil, Inc. | 635 | 44,672 | ||||||
Arrow Electronics, Inc.* | 308 | 41,355 | ||||||
Tetra Tech, Inc. | 239 | 40,582 | ||||||
TopBuild Corp.* | 146 | 40,283 | ||||||
Owens Corning | 445 | 40,273 | ||||||
Saia, Inc.* | 117 | 39,433 | ||||||
ITT, Inc. | 379 | 38,730 | ||||||
Lincoln Electric Holdings, Inc. | 262 | 36,541 | ||||||
AptarGroup, Inc. | 292 | 35,764 | ||||||
Littelfuse, Inc. | 109 | 34,300 | ||||||
Oshkosh Corp. | 304 | 34,264 | ||||||
XPO Logistics, Inc.* | 437 | 33,837 | ||||||
Acuity Brands, Inc. | 155 | 32,817 | ||||||
Donaldson Company, Inc. | 547 | 32,415 | ||||||
II-VI, Inc.* | 470 | 32,115 | ||||||
Universal Display Corp. | 192 | 31,686 | ||||||
AGCO Corp. | 272 | 31,557 | ||||||
Louisiana-Pacific Corp. | 390 | 30,556 | ||||||
Woodward, Inc. | 279 | 30,539 | ||||||
Landstar System, Inc. | 169 | 30,254 | ||||||
EMCOR Group, Inc. | 236 | 30,064 | ||||||
Eagle Materials, Inc. | 180 | 29,963 | ||||||
Coherent, Inc.* | 109 | 29,053 | ||||||
nVent Electric plc | 745 | 28,310 | ||||||
MDU Resources Group, Inc. | 901 | 27,787 | ||||||
Colfax Corp.* | 596 | 27,398 | ||||||
Simpson Manufacturing Company, Inc. | 192 | 26,701 | ||||||
National Instruments Corp. | 584 | 25,503 | ||||||
Sonoco Products Co. | 436 | 25,240 | ||||||
MSA Safety, Inc. | 161 | 24,304 | ||||||
Stericycle, Inc.* | 407 | 24,274 | ||||||
Curtiss-Wright Corp. | 174 | 24,129 | ||||||
Valmont Industries, Inc. | 94 | 23,547 | ||||||
MasTec, Inc.* | 253 | 23,347 | ||||||
Vontier Corp. | 749 | 23,017 | ||||||
Crane Co. | 221 | 22,482 | ||||||
Clean Harbors, Inc.* | 222 | 22,149 | ||||||
Timken Co. | 306 | 21,203 | ||||||
TD SYNNEX Corp. | 183 | 20,928 | ||||||
Ryder System, Inc. | 238 | 19,618 | ||||||
Hexcel Corp.* | 372 | 19,270 | ||||||
Avnet, Inc. | 439 | 18,100 | ||||||
Flowserve Corp. | 577 | 17,656 | ||||||
GATX Corp. | 157 | 16,358 | ||||||
Silgan Holdings, Inc. | 372 | 15,936 | ||||||
Kirby Corp.* | 266 | 15,806 | ||||||
Fluor Corp.* | 626 | 15,506 | ||||||
EnerSys | 186 | 14,705 | ||||||
Mercury Systems, Inc.* | 251 | 13,820 | ||||||
Terex Corp. | 309 | 13,580 | ||||||
Kennametal, Inc. | 370 | 13,287 | ||||||
Belden, Inc. | 199 | 13,080 | ||||||
Werner Enterprises, Inc. | 270 | 12,868 | ||||||
Vishay Intertechnology, Inc. | 588 | 12,860 | ||||||
Dycom Industries, Inc.* | 134 | 12,564 | ||||||
Vicor Corp.* | 95 | 12,063 | ||||||
Energizer Holdings, Inc. | 279 | 11,188 | ||||||
Trinity Industries, Inc. | 362 | 10,933 | ||||||
Worthington Industries, Inc. | 143 | 7,817 | ||||||
Greif, Inc. — Class A | 118 | 7,124 | ||||||
Total Industrial | 2,252,089 | |||||||
Consumer, Cyclical - 12.3% | ||||||||
Williams-Sonoma, Inc. | 329 | 55,644 | ||||||
Five Below, Inc.* | 248 | 51,309 | ||||||
Lear Corp. | 264 | 48,299 | ||||||
Watsco, Inc. | 146 | 45,680 | ||||||
Deckers Outdoor Corp.* | 122 | 44,690 | ||||||
Capri Holdings Ltd.* | 666 | 43,230 | ||||||
RH* | 77 | 41,267 | ||||||
GameStop Corp. — Class A*,1 | 274 | 40,659 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 605 | 40,517 | ||||||
Tempur Sealy International, Inc. | 853 | 40,117 | ||||||
Lithia Motors, Inc. — Class A | 134 | 39,791 | ||||||
Wyndham Hotels & Resorts, Inc. | 413 | 37,025 | ||||||
Toll Brothers, Inc. | 507 | 36,702 | ||||||
Churchill Downs, Inc. | 152 | 36,617 | ||||||
Gentex Corp. | 1,048 | 36,523 | ||||||
Macy's, Inc. | 1,371 | 35,893 | ||||||
Brunswick Corp. | 341 | 34,349 | ||||||
Crocs, Inc.* | 261 | 33,466 | ||||||
Mattel, Inc.* | 1,552 | 33,461 | ||||||
Dick's Sporting Goods, Inc. | 287 | 33,002 | ||||||
Kohl's Corp. | 667 | 32,943 | ||||||
Casey's General Stores, Inc. | 164 | 32,365 | ||||||
YETI Holdings, Inc.* | 388 | 32,138 | ||||||
Marriott Vacations Worldwide Corp. | 189 | 31,937 | ||||||
Fox Factory Holding Corp.* | 186 | 31,639 | ||||||
IAA, Inc.* | 597 | 30,220 | ||||||
Scotts Miracle-Gro Co. — Class A | 180 | 28,980 | ||||||
Scientific Games Corp. — Class A* | 427 | 28,537 | ||||||
Polaris, Inc. | 253 | 27,807 | ||||||
Texas Roadhouse, Inc. — Class A | 308 | 27,498 | ||||||
Goodyear Tire & Rubber Co.* | 1,245 | 26,543 | ||||||
Skechers USA, Inc. — Class A* | 598 | 25,953 | ||||||
Hanesbrands, Inc. | 1,546 | 25,849 | ||||||
Harley-Davidson, Inc. | 682 | 25,705 | ||||||
Thor Industries, Inc. | 246 | 25,528 | ||||||
Leggett & Platt, Inc. | 591 | 24,325 | ||||||
Boyd Gaming Corp.* | 363 | 23,802 | ||||||
Wingstop, Inc. | 132 | 22,810 | ||||||
Avient Corp. | 405 | 22,660 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 73.8% (continued) | ||||||||
Consumer, Cyclical - 12.3% (continued) | ||||||||
Choice Hotels International, Inc. | 145 | $ | 22,619 | |||||
Univar Solutions, Inc.* | 757 | 21,461 | ||||||
Travel + Leisure Co. | 382 | 21,113 | ||||||
Murphy USA, Inc. | 104 | 20,721 | ||||||
AutoNation, Inc.* | 177 | 20,682 | ||||||
JetBlue Airways Corp.* | 1,409 | 20,064 | ||||||
Adient plc* | 417 | 19,966 | ||||||
Papa John's International, Inc. | 143 | 19,086 | ||||||
Taylor Morrison Home Corp. — Class A* | 544 | 19,018 | ||||||
Carter's, Inc. | 187 | 18,928 | ||||||
Wendy's Co. | 782 | 18,651 | ||||||
Victoria's Secret & Co.* | 321 | 17,828 | ||||||
Foot Locker, Inc. | 400 | 17,452 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 207 | 17,400 | ||||||
American Eagle Outfitters, Inc.1 | 680 | 17,218 | ||||||
KB Home | 380 | 16,997 | ||||||
Columbia Sportswear Co. | 153 | 14,908 | ||||||
Six Flags Entertainment Corp.* | 343 | 14,605 | ||||||
Dana, Inc. | 639 | 14,582 | ||||||
Callaway Golf Co.* | 519 | 14,241 | ||||||
Visteon Corp.* | 124 | 13,781 | ||||||
Tri Pointe Homes, Inc.* | 492 | 13,722 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 268 | 13,719 | ||||||
FirstCash Holdings, Inc. | 179 | 13,391 | ||||||
Cracker Barrel Old Country Store, Inc. | 104 | 13,379 | ||||||
MillerKnoll, Inc. | 336 | 13,168 | ||||||
Nu Skin Enterprises, Inc. — Class A | 221 | 11,216 | ||||||
Nordstrom, Inc.* | 493 | 11,152 | ||||||
Urban Outfitters, Inc.* | 292 | 8,573 | ||||||
Jack in the Box, Inc. | 96 | 8,398 | ||||||
Total Consumer, Cyclical | 1,823,519 | |||||||
Consumer, Non-cyclical - 12.1% | ||||||||
Molina Healthcare, Inc.* | 259 | 82,383 | ||||||
Masimo Corp.* | 225 | 65,876 | ||||||
Repligen Corp.* | 228 | 60,384 | ||||||
Service Corporation International | 730 | 51,823 | ||||||
Darling Ingredients, Inc.* | 717 | 49,681 | ||||||
Syneos Health, Inc.* | 459 | 47,130 | ||||||
Penumbra, Inc.* | 156 | 44,822 | ||||||
United Therapeutics Corp.* | 199 | 43,000 | ||||||
Tandem Diabetes Care, Inc.* | 281 | 42,296 | ||||||
Paylocity Holding Corp.* | 175 | 41,328 | ||||||
GXO Logistics, Inc.* | 437 | 39,693 | ||||||
Tenet Healthcare Corp.* | 474 | 38,721 | ||||||
Bruker Corp. | 450 | 37,760 | ||||||
Avis Budget Group, Inc.* | 178 | 36,912 | ||||||
Chemed Corp. | 68 | 35,975 | ||||||
Neurocrine Biosciences, Inc.* | 420 | 35,771 | ||||||
Jazz Pharmaceuticals plc* | 272 | 34,653 | ||||||
Envista Holdings Corp.*,1 | 715 | 32,218 | ||||||
Performance Food Group Co.* | 683 | 31,343 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 462 | 30,631 | ||||||
Post Holdings, Inc.* | 259 | 29,197 | ||||||
Encompass Health Corp. | 441 | 28,780 | ||||||
Ingredion, Inc. | 295 | 28,509 | ||||||
ASGN, Inc.* | 231 | 28,505 | ||||||
WEX, Inc.* | 199 | 27,938 | ||||||
Medpace Holdings, Inc.* | 127 | 27,640 | ||||||
Helen of Troy Ltd.* | 107 | 26,158 | ||||||
Exelixis, Inc.* | 1,401 | 25,610 | ||||||
Globus Medical, Inc. — Class A* | 350 | 25,270 | ||||||
Halozyme Therapeutics, Inc.* | 624 | 25,091 | ||||||
Flowers Foods, Inc. | 880 | 24,174 | ||||||
Acadia Healthcare Company, Inc.* | 398 | 24,158 | ||||||
ManpowerGroup, Inc. | 240 | 23,359 | ||||||
FTI Consulting, Inc.* | 152 | 23,320 | ||||||
Amedisys, Inc.* | 144 | 23,311 | ||||||
Perrigo Company plc | 593 | 23,068 | ||||||
Quidel Corp.* | 168 | 22,678 | ||||||
Integra LifeSciences Holdings Corp.* | 323 | 21,638 | ||||||
Neogen Corp.* | 476 | 21,615 | ||||||
Boston Beer Company, Inc. — Class A* | 42 | 21,214 | ||||||
ICU Medical, Inc.* | 88 | 20,886 | ||||||
LivaNova plc* | 236 | 20,633 | ||||||
STAAR Surgical Co.* | 211 | 19,264 | ||||||
LHC Group, Inc.* | 140 | 19,212 | ||||||
Insperity, Inc. | 159 | 18,779 | ||||||
H&R Block, Inc. | 778 | 18,330 | ||||||
Sanderson Farms, Inc. | 94 | 17,961 | ||||||
Hain Celestial Group, Inc.* | 411 | 17,513 | ||||||
Option Care Health, Inc.* | 613 | 17,434 | ||||||
HealthEquity, Inc.* | 370 | 16,369 | ||||||
Coty, Inc. — Class A* | 1,486 | 15,603 | ||||||
Progyny, Inc.* | 308 | 15,508 | ||||||
Grand Canyon Education, Inc.* | 177 | 15,171 | ||||||
R1 RCM, Inc.* | 590 | 15,039 | ||||||
Sprouts Farmers Market, Inc.* | 497 | 14,751 | ||||||
Lancaster Colony Corp. | 88 | 14,573 | ||||||
LiveRamp Holdings, Inc.* | 302 | 14,481 | ||||||
Brink's Co. | 218 | 14,294 | ||||||
Sabre Corp.* | 1,433 | 12,309 | ||||||
NuVasive, Inc.* | 229 | 12,018 | ||||||
Haemonetics Corp.* | 226 | 11,987 | ||||||
Graham Holdings Co. — Class B | 18 | 11,337 | ||||||
PROG Holdings, Inc.* | 251 | 11,322 | ||||||
Patterson Companies, Inc. | 384 | 11,270 | ||||||
John Wiley & Sons, Inc. — Class A | 193 | 11,053 | ||||||
Grocery Outlet Holding Corp.* | 387 | 10,944 | ||||||
Pilgrim's Pride Corp.* | 216 | 6,091 | ||||||
Total Consumer, Non-cyclical | 1,787,765 | |||||||
Technology - 6.8% | ||||||||
Wolfspeed, Inc.* | 513 | 57,338 | ||||||
Fair Isaac Corp.* | 121 | 52,474 | ||||||
Synaptics, Inc.* | 174 | 50,375 | ||||||
Lattice Semiconductor Corp.* | 607 | 46,775 | ||||||
Aspen Technology, Inc.* | 296 | 45,051 | ||||||
Manhattan Associates, Inc.* | 280 | 43,537 | ||||||
MKS Instruments, Inc. | 246 | 42,846 | ||||||
Genpact Ltd. | 766 | 40,659 | ||||||
Silicon Laboratories, Inc.* | 178 | 36,743 | ||||||
Concentrix Corp. | 190 | 33,938 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 73.8% (continued) | ||||||||
Technology - 6.8% (continued) | ||||||||
Azenta, Inc. | 329 | $ | 33,923 | |||||
Lumentum Holdings, Inc.* | 320 | 33,846 | ||||||
KBR, Inc. | 621 | 29,572 | ||||||
CACI International, Inc. — Class A* | 103 | 27,729 | ||||||
Semtech Corp.* | 285 | 25,345 | ||||||
Power Integrations, Inc. | 267 | 24,801 | ||||||
CMC Materials, Inc. | 126 | 24,153 | ||||||
Digital Turbine, Inc.* | 389 | 23,725 | ||||||
Ziff Davis, Inc.* | 214 | 23,724 | ||||||
NCR Corp.* | 585 | 23,517 | ||||||
Cirrus Logic, Inc.* | 253 | 23,281 | ||||||
CDK Global, Inc. | 524 | 21,872 | ||||||
Maximus, Inc. | 272 | 21,670 | ||||||
Science Applications International Corp. | 255 | 21,316 | ||||||
Teradata Corp.* | 481 | 20,428 | ||||||
Qualys, Inc.* | 148 | 20,309 | ||||||
Sailpoint Technologies Holdings, Inc.* | 413 | 19,964 | ||||||
SiTime Corp.* | 66 | 19,308 | ||||||
Envestnet, Inc.* | 242 | 19,200 | ||||||
ACI Worldwide, Inc.* | 521 | 18,079 | ||||||
Blackbaud, Inc.* | 184 | 14,532 | ||||||
Kyndryl Holdings, Inc.* | 793 | 14,353 | ||||||
CommVault Systems, Inc.* | 202 | 13,922 | ||||||
Xerox Holdings Corp. | 609 | 13,788 | ||||||
Cerence, Inc.* | 168 | 12,876 | ||||||
Amkor Technology, Inc. | 444 | 11,007 | ||||||
Total Technology | 1,005,976 | |||||||
Basic Materials - 3.5% | ||||||||
RPM International, Inc. | 575 | 58,075 | ||||||
Steel Dynamics, Inc. | 835 | 51,829 | ||||||
Alcoa Corp. | 829 | 49,392 | ||||||
Reliance Steel & Aluminum Co. | 278 | 45,097 | ||||||
Cleveland-Cliffs, Inc.* | 2,016 | 43,888 | ||||||
Olin Corp. | 635 | 36,525 | ||||||
Royal Gold, Inc. | 291 | 30,616 | ||||||
Valvoline, Inc. | 801 | 29,869 | ||||||
United States Steel Corp. | 1,197 | 28,501 | ||||||
Ashland Global Holdings, Inc. | 250 | 26,915 | ||||||
Chemours Co. | 722 | 24,230 | ||||||
Commercial Metals Co. | 534 | 19,379 | ||||||
Sensient Technologies Corp. | 186 | 18,611 | ||||||
Cabot Corp. | 251 | 14,106 | ||||||
Ingevity Corp.* | 174 | 12,476 | ||||||
Minerals Technologies, Inc. | 147 | 10,753 | ||||||
NewMarket Corp. | 31 | 10,625 | ||||||
Compass Minerals International, Inc. | 151 | 7,713 | ||||||
Total Basic Materials | 518,600 | |||||||
Utilities - 2.3% | ||||||||
Essential Utilities, Inc. | 1,019 | 54,710 | ||||||
UGI Corp. | 926 | 42,513 | ||||||
OGE Energy Corp. | 887 | 34,043 | ||||||
National Fuel Gas Co. | 404 | 25,832 | ||||||
IDACORP, Inc. | 224 | 25,381 | ||||||
Hawaiian Electric Industries, Inc. | 484 | 20,086 | ||||||
Black Hills Corp. | 283 | 19,971 | ||||||
Southwest Gas Holdings, Inc. | 267 | 18,703 | ||||||
ONE Gas, Inc. | 237 | 18,389 | ||||||
New Jersey Resources Corp. | 427 | 17,533 | ||||||
PNM Resources, Inc. | 380 | 17,332 | ||||||
ALLETE, Inc. | 233 | 15,460 | ||||||
Spire, Inc. | 229 | 14,935 | ||||||
NorthWestern Corp. | 233 | 13,318 | ||||||
Total Utilities | 338,206 | |||||||
Energy - 2.1% | ||||||||
Targa Resources Corp. | 1,014 | 52,971 | ||||||
First Solar, Inc.* | 438 | 38,176 | ||||||
Sunrun, Inc.* | 917 | 31,453 | ||||||
Equities Corp.* | 1,339 | 29,204 | ||||||
NOV, Inc. | 1,730 | 23,442 | ||||||
HollyFrontier Corp. | 662 | 21,700 | ||||||
DT Midstream, Inc. | 428 | 20,536 | ||||||
Equitrans Midstream Corp. | 1,801 | 18,622 | ||||||
ChampionX Corp.* | 895 | 18,088 | ||||||
Murphy Oil Corp. | 643 | 16,789 | ||||||
Antero Midstream Corp. | 1,438 | 13,920 | ||||||
CNX Resources Corp.* | 935 | 12,856 | ||||||
SunPower Corp. — Class A*,1 | 368 | 7,680 | ||||||
Total Energy | 305,437 | |||||||
Communications - 1.6% | ||||||||
Ciena Corp.* | 686 | 52,801 | ||||||
Cable One, Inc. | 22 | 38,796 | ||||||
New York Times Co. — Class A | 740 | 35,742 | ||||||
Iridium Communications, Inc.* | 586 | 24,196 | ||||||
Mimecast Ltd.* | 273 | 21,722 | ||||||
TEGNA, Inc. | 980 | 18,189 | ||||||
Viasat, Inc.* | 325 | 14,476 | ||||||
TripAdvisor, Inc.* | 439 | 11,967 | ||||||
Yelp, Inc. — Class A* | 304 | 11,017 | ||||||
World Wrestling Entertainment, Inc. — Class A | 198 | 9,769 | ||||||
Total Communications | 238,675 | |||||||
Total Common Stocks | ||||||||
(Cost $7,367,895) | 10,916,493 |
MUTUAL FUNDS† - 12.0% | ||||||||
Guggenheim Strategy Fund II2 | 36,066 | 897,332 | ||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 88,750 | 880,404 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,774,474) | 1,777,736 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 6.7% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | $ | 1,000,000 | $ | 999,557 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $999,627) | 999,557 |
REPURCHASE AGREEMENTS††,5 - 29.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 2,444,749 | 2,444,749 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 1,011,075 | 1,011,075 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 919,160 | 919,160 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,374,984) | $ | 4,374,984 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%7 | 58,170 | 58,170 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $58,170) | 58,170 | |||||||
Total Investments - 122.5% | ||||||||
(Cost $14,575,150) | $ | 18,126,940 | ||||||
Other Assets & Liabilities, net - (22.5)% | (3,325,775 | ) | ||||||
Total Net Assets - 100.0% | $ | 14,801,165 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Barclays Bank plc | S&P MidCap 400 Index | Pay | 0.40% (U.S. Secured Overnight Financing Rate + 0.35%) | At Maturity | 01/26/22 | 3,300 | $ | 9,377,970 | $ | 337,966 | ||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | Pay | 0.48% (Federal Funds Rate + 0.40%) | At Maturity | 01/27/22 | 390 | 1,108,439 | 39,782 | ||||||||||||||
BNP Paribas | S&P MidCap 400 Index | Pay | 0.53% (Federal Funds Rate + 0.45%) | At Maturity | 01/27/22 | 273 | 775,769 | 20,567 | ||||||||||||||
$ | 11,262,178 | $ | 398,315 |
* | 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 December 31, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at December 31, 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 December 31, 2021. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 10,916,493 | $ | — | $ | — | $ | 10,916,493 | ||||||||
Mutual Funds | 1,777,736 | — | — | 1,777,736 | ||||||||||||
U.S. Treasury Bills | — | 999,557 | — | 999,557 | ||||||||||||
Repurchase Agreements | — | 4,374,984 | — | 4,374,984 | ||||||||||||
Securities Lending Collateral | 58,170 | — | — | 58,170 | ||||||||||||
Equity Index Swap Agreements** | — | 398,315 | — | 398,315 | ||||||||||||
Total Assets | $ | 12,752,399 | $ | 5,772,856 | $ | — | $ | 18,525,255 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,260,878 | $ | 100,000 | $ | (460,000 | ) | $ | 228 | $ | (3,774 | ) | $ | 897,332 | 36,066 | $ | 11,486 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,351,937 | 180,000 | (1,650,000 | ) | – | (1,533 | ) | 880,404 | 88,750 | 8,671 | ||||||||||||||||||||||
$ | 3,612,815 | $ | 280,000 | $ | (2,110,000 | ) | $ | 228 | $ | (5,307 | ) | $ | 1,777,736 | $ | 20,157 |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 80.6% | ||||||||
Technology - 38.0% | ||||||||
Apple, Inc. | 290,881 | $ | 51,651,739 | |||||
Microsoft Corp. | 133,114 | 44,768,900 | ||||||
NVIDIA Corp. | 62,379 | 18,346,288 | ||||||
Broadcom, Inc. | 12,108 | 8,056,784 | ||||||
Adobe, Inc.* | 13,996 | 7,936,572 | ||||||
Intel Corp. | 119,630 | 6,160,945 | ||||||
QUALCOMM, Inc. | 32,945 | 6,024,652 | ||||||
Intuit, Inc. | 8,329 | 5,357,379 | ||||||
Texas Instruments, Inc. | 27,165 | 5,119,787 | ||||||
Advanced Micro Devices, Inc.* | 35,522 | 5,111,616 | ||||||
Applied Materials, Inc. | 26,559 | 4,179,324 | ||||||
Micron Technology, Inc. | 32,904 | 3,065,008 | ||||||
Lam Research Corp. | 4,142 | 2,978,719 | ||||||
Analog Devices, Inc. | 15,808 | 2,778,572 | ||||||
Marvell Technology, Inc. | 24,228 | 2,119,708 | ||||||
Fiserv, Inc.* | 19,421 | 2,015,706 | ||||||
KLA Corp. | 4,460 | 1,918,291 | ||||||
ASML Holding N.V. — Class G | 2,385 | 1,898,794 | ||||||
Autodesk, Inc.* | 6,467 | 1,818,456 | ||||||
NXP Semiconductor N.V. | 7,822 | 1,781,695 | ||||||
Fortinet, Inc.* | 4,809 | 1,728,354 | ||||||
Synopsys, Inc.* | 4,486 | 1,653,091 | ||||||
Atlassian Corporation plc — Class A* | 4,130 | 1,574,728 | ||||||
Workday, Inc. — Class A* | 5,677 | 1,550,843 | ||||||
Xilinx, Inc. | 7,291 | 1,545,911 | ||||||
Activision Blizzard, Inc. | 22,911 | 1,524,269 | ||||||
Cadence Design Systems, Inc.* | 8,152 | 1,519,125 | ||||||
Paychex, Inc. | 10,607 | 1,447,855 | ||||||
Microchip Technology, Inc. | 16,321 | 1,420,906 | ||||||
Cognizant Technology Solutions Corp. — Class A | 15,451 | 1,370,813 | ||||||
Datadog, Inc. — Class A* | 7,565 | 1,347,402 | ||||||
Zscaler, Inc.* | 4,120 | 1,323,880 | ||||||
Zoom Video Communications, Inc. — Class A* | 7,125 | 1,310,359 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 6,055 | 1,239,761 | ||||||
Electronic Arts, Inc. | 8,319 | 1,097,276 | ||||||
ANSYS, Inc.* | 2,567 | 1,029,675 | ||||||
DocuSign, Inc.* | 5,787 | 881,418 | ||||||
NetEase, Inc. ADR | 8,334 | 848,235 | ||||||
Skyworks Solutions, Inc. | 4,865 | 754,756 | ||||||
Splunk, Inc.* | 4,752 | 549,901 | ||||||
Total Technology | 208,807,493 | |||||||
Communications - 23.5% | ||||||||
Amazon.com, Inc.* | 8,993 | 29,985,720 | ||||||
Meta Platforms, Inc. — Class A* | 62,821 | 21,129,843 | ||||||
Alphabet, Inc. — Class C* | 5,633 | 16,299,592 | ||||||
Alphabet, Inc. — Class A* | 5,333 | 15,449,914 | ||||||
Cisco Systems, Inc. | 124,060 | 7,861,682 | ||||||
Netflix, Inc.* | 13,030 | 7,849,793 | ||||||
Comcast Corp. — Class A | 134,116 | 6,750,058 | ||||||
T-Mobile US, Inc.* | 36,741 | 4,261,221 | ||||||
Charter Communications, Inc. — Class A* | 5,274 | 3,438,490 | ||||||
Booking Holdings, Inc.* | 1,208 | 2,898,270 | ||||||
MercadoLibre, Inc.* | 1,484 | 2,001,026 | ||||||
Airbnb, Inc. — Class A* | 10,202 | 1,698,531 | ||||||
Palo Alto Networks, Inc.* | 2,902 | 1,615,717 | ||||||
JD.com, Inc. ADR* | 21,813 | 1,528,437 | ||||||
eBay, Inc. | 18,414 | 1,224,531 | ||||||
Match Group, Inc.* | 8,327 | 1,101,246 | ||||||
Baidu, Inc. ADR* | 7,140 | 1,062,361 | ||||||
Okta, Inc.* | 4,342 | 973,346 | ||||||
VeriSign, Inc.* | 3,268 | 829,484 | ||||||
Sirius XM Holdings, Inc.1 | 117,644 | 747,040 | ||||||
Pinduoduo, Inc. ADR* | 12,229 | 712,951 | ||||||
Total Communications | 129,419,253 | |||||||
Consumer, Non-cyclical - 9.3% | ||||||||
PepsiCo, Inc. | 40,671 | 7,064,959 | ||||||
PayPal Holdings, Inc.* | 34,560 | 6,517,325 | ||||||
Intuitive Surgical, Inc.* | 10,508 | 3,775,524 | ||||||
Amgen, Inc. | 16,568 | 3,727,303 | ||||||
Automatic Data Processing, Inc. | 12,395 | 3,056,359 | ||||||
Moderna, Inc.* | 11,927 | 3,029,220 | ||||||
Mondelez International, Inc. — Class A | 41,033 | 2,720,898 | ||||||
Gilead Sciences, Inc. | 36,897 | 2,679,091 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,110 | 1,964,027 | ||||||
Illumina, Inc.* | 4,598 | 1,749,263 | ||||||
Vertex Pharmaceuticals, Inc.* | 7,479 | 1,642,389 | ||||||
IDEXX Laboratories, Inc.* | 2,494 | 1,642,199 | ||||||
Keurig Dr Pepper, Inc. | 41,709 | 1,537,394 | ||||||
Dexcom, Inc.* | 2,851 | 1,530,844 | ||||||
Align Technology, Inc.* | 2,319 | 1,524,001 | ||||||
Monster Beverage Corp.* | 15,565 | 1,494,863 | ||||||
Cintas Corp. | 3,042 | 1,348,123 | ||||||
Kraft Heinz Co. | 36,005 | 1,292,580 | ||||||
Verisk Analytics, Inc. — Class A | 4,741 | 1,084,409 | ||||||
Biogen, Inc.* | 4,321 | 1,036,694 | ||||||
Seagen, Inc.* | 5,379 | 831,593 | ||||||
Total Consumer, Non-cyclical | 51,249,058 | |||||||
Consumer, Cyclical - 7.9% | ||||||||
Tesla, Inc.* | 17,805 | 18,815,968 | ||||||
Costco Wholesale Corp. | 12,996 | 7,377,829 | ||||||
Starbucks Corp. | 34,509 | 4,036,518 | ||||||
Lucid Group, Inc.*,1 | 48,428 | 1,842,686 | ||||||
Marriott International, Inc. — Class A* | 9,580 | 1,582,999 | ||||||
Lululemon Athletica, Inc.* | 3,665 | 1,434,664 | ||||||
O'Reilly Automotive, Inc.* | 1,982 | 1,399,748 | ||||||
Walgreens Boots Alliance, Inc. | 25,462 | 1,328,098 | ||||||
Ross Stores, Inc. | 10,453 | 1,194,569 | ||||||
Fastenal Co. | 16,918 | 1,083,767 | ||||||
Copart, Inc.* | 6,977 | 1,057,853 | ||||||
Dollar Tree, Inc.* | 6,618 | 929,961 | ||||||
PACCAR, Inc. | 10,212 | 901,311 | ||||||
Peloton Interactive, Inc. — Class A* | 8,858 | 316,762 | ||||||
Total Consumer, Cyclical | 43,302,733 | |||||||
Industrial - 1.2% | ||||||||
Honeywell International, Inc. | 20,250 | 4,222,328 | ||||||
CSX Corp. | 65,242 | 2,453,099 | ||||||
Total Industrial | 6,675,427 | |||||||
Utilities - 0.7% | ||||||||
Exelon Corp. | 28,777 | 1,662,159 | ||||||
American Electric Power Company, Inc. | 14,815 | 1,318,091 |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 80.6% (continued) | ||||||||
Utilities - 0.7% (continued) | ||||||||
Xcel Energy, Inc. | 15,845 | $ | 1,072,706 | |||||
Total Utilities | 4,052,956 | |||||||
Total Common Stocks | ||||||||
(Cost $396,111,082) | 443,506,920 |
MUTUAL FUNDS† - 4.7% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 1,579,734 | 15,670,964 | ||||||
Guggenheim Strategy Fund II2 | 403,950 | 10,050,282 | ||||||
Total Mutual Funds | ||||||||
(Cost $25,517,128) | 25,721,246 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 5.8% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | $ | 25,000,000 | 24,988,932 | |||||
0.04% due 01/06/224,5 | 7,330,000 | 7,329,998 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $32,320,406) | 32,318,930 |
REPURCHASE AGREEMENTS††,6 - 5.4% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 16,517,341 | 16,517,341 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 6,831,081 | 6,831,081 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 6,210,073 | 6,210,073 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $29,558,495) | 29,558,495 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%8 | 2,017,360 | 2,017,360 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,017,360) | 2,017,360 | |||||||
Total Investments - 96.9% | ||||||||
(Cost $485,524,471) | $ | 533,122,951 | ||||||
Other Assets & Liabilities, net - 3.1% | 16,817,685 | |||||||
Total Net Assets - 100.0% | $ | 549,940,636 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 252 | Mar 2022 | $ | 82,279,260 | $ | 883,680 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 0.55% (U.S. Secured Overnight Financing Rate + 0.50%) | At Maturity | 01/26/22 | 21,205 | $ | 346,068,633 | $ | 8,591,936 | ||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 0.63% (Federal Funds Rate + 0.55%) | At Maturity | 01/27/22 | 13,673 | 223,139,429 | 766,217 | ||||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 0.73% (Federal Funds Rate + 0.65%) | At Maturity | 01/27/22 | 305 | 4,976,200 | 9,298 | ||||||||||||||
$ | 574,184,262 | $ | 9,367,451 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at December 31, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at December 31, 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 December 31, 2021. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of December 31, 2021. |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 | $ | 443,506,920 | $ | — | $ | — | $ | 443,506,920 | ||||||||
Mutual Funds | 25,721,246 | — | — | 25,721,246 | ||||||||||||
U.S. Treasury Bills | — | 32,318,930 | — | 32,318,930 | ||||||||||||
Repurchase Agreements | — | 29,558,495 | — | 29,558,495 | ||||||||||||
Securities Lending Collateral | 2,017,360 | — | — | 2,017,360 | ||||||||||||
Equity Futures Contracts** | 883,680 | — | — | 883,680 | ||||||||||||
Equity Index Swap Agreements** | — | 9,367,451 | — | 9,367,451 | ||||||||||||
Total Assets | $ | 472,129,206 | $ | 71,244,876 | $ | — | $ | 543,374,082 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 10,090,677 | $ | – | $ | – | $ | – | $ | (40,395 | ) | $ | 10,050,282 | 403,950 | $ | 108,918 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 21,748,256 | 2,000,000 | (8,000,000 | ) | (27,152 | ) | (50,140 | ) | 15,670,964 | 1,579,734 | 140,741 | |||||||||||||||||||||
$ | 31,838,933 | $ | 2,000,000 | $ | (8,000,000 | ) | $ | (27,152 | ) | $ | (90,535 | ) | $ | 25,721,246 | $ | 249,659 |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.4% | ||||||||
Technology - 45.4% | ||||||||
Apple, Inc. | 1,299,622 | $ | 230,773,878 | |||||
Microsoft Corp. | 594,740 | 200,022,957 | ||||||
NVIDIA Corp. | 278,701 | 81,968,751 | ||||||
Broadcom, Inc. | 54,095 | 35,995,354 | ||||||
Adobe, Inc.* | 62,530 | 35,458,262 | ||||||
Intel Corp. | 534,494 | 27,526,441 | ||||||
QUALCOMM, Inc. | 147,193 | 26,917,184 | ||||||
Intuit, Inc. | 37,215 | 23,937,432 | ||||||
Texas Instruments, Inc. | 121,372 | 22,874,981 | ||||||
Advanced Micro Devices, Inc.* | 158,706 | 22,837,793 | ||||||
Applied Materials, Inc. | 118,664 | 18,672,967 | ||||||
Micron Technology, Inc. | 147,013 | 13,694,261 | ||||||
Lam Research Corp. | 18,504 | 13,307,152 | ||||||
Analog Devices, Inc. | 70,628 | 12,414,284 | ||||||
Marvell Technology, Inc. | 108,244 | 9,470,268 | ||||||
Fiserv, Inc.* | 86,769 | 9,005,754 | ||||||
KLA Corp. | 19,927 | 8,570,802 | ||||||
ASML Holding N.V. — Class G | 10,654 | 8,482,076 | ||||||
Autodesk, Inc.* | 28,893 | 8,124,423 | ||||||
NXP Semiconductor N.V. | 34,948 | 7,960,455 | ||||||
Fortinet, Inc.* | 21,488 | 7,722,787 | ||||||
Synopsys, Inc.* | 20,042 | 7,385,477 | ||||||
Atlassian Corporation plc — Class A* | 18,454 | 7,036,326 | ||||||
Workday, Inc. — Class A* | 25,365 | 6,929,211 | ||||||
Xilinx, Inc. | 32,577 | 6,907,301 | ||||||
Activision Blizzard, Inc. | 102,363 | 6,810,210 | ||||||
Cadence Design Systems, Inc.* | 36,422 | 6,787,240 | ||||||
Paychex, Inc. | 47,390 | 6,468,735 | ||||||
Microchip Technology, Inc. | 72,923 | 6,348,676 | ||||||
Cognizant Technology Solutions Corp. — Class A | 69,030 | 6,124,342 | ||||||
Datadog, Inc. — Class A* | 33,801 | 6,020,296 | ||||||
Zscaler, Inc.* | 18,405 | 5,914,079 | ||||||
Zoom Video Communications, Inc. — Class A* | 31,836 | 5,854,959 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 27,051 | 5,538,692 | ||||||
Electronic Arts, Inc. | 37,167 | 4,902,327 | ||||||
ANSYS, Inc.* | 11,466 | 4,599,242 | ||||||
DocuSign, Inc.* | 25,853 | 3,937,670 | ||||||
NetEase, Inc. ADR | 37,237 | 3,789,982 | ||||||
Skyworks Solutions, Inc. | 21,735 | 3,371,968 | ||||||
Splunk, Inc.* | 21,231 | 2,456,851 | ||||||
Total Technology | 932,921,846 | |||||||
Communications - 28.1% | ||||||||
Amazon.com, Inc.* | 40,173 | 133,950,441 | ||||||
Meta Platforms, Inc. — Class A* | 280,674 | 94,404,700 | ||||||
Alphabet, Inc. — Class C* | 25,170 | 72,831,660 | ||||||
Alphabet, Inc. — Class A* | 23,829 | 69,033,566 | ||||||
Cisco Systems, Inc. | 554,288 | 35,125,231 | ||||||
Netflix, Inc.* | 58,214 | 35,070,442 | ||||||
Comcast Corp. — Class A | 599,219 | 30,158,692 | ||||||
T-Mobile US, Inc.* | 164,152 | 19,038,349 | ||||||
Charter Communications, Inc. — Class A* | 23,563 | 15,362,369 | ||||||
Booking Holdings, Inc.* | 5,396 | 12,946,245 | ||||||
MercadoLibre, Inc.* | 6,631 | 8,941,240 | ||||||
Airbnb, Inc. — Class A* | 45,579 | 7,588,448 | ||||||
Palo Alto Networks, Inc.* | 12,967 | 7,219,507 | ||||||
JD.com, Inc. ADR* | 97,460 | 6,829,022 | ||||||
eBay, Inc. | 82,271 | 5,471,022 | ||||||
Match Group, Inc.* | 37,203 | 4,920,097 | ||||||
Baidu, Inc. ADR* | 31,899 | 4,746,252 | ||||||
Okta, Inc.* | 19,400 | 4,348,898 | ||||||
VeriSign, Inc.* | 14,598 | 3,705,264 | ||||||
Sirius XM Holdings, Inc.1 | 525,624 | 3,337,713 | ||||||
Pinduoduo, Inc. ADR* | 54,639 | 3,185,454 | ||||||
Total Communications | 578,214,612 | |||||||
Consumer, Non-cyclical - 11.1% | ||||||||
PepsiCo, Inc. | 181,711 | 31,565,018 | ||||||
PayPal Holdings, Inc.* | 154,413 | 29,119,203 | ||||||
Intuitive Surgical, Inc.* | 46,948 | 16,868,417 | ||||||
Amgen, Inc. | 74,026 | 16,653,629 | ||||||
Automatic Data Processing, Inc. | 55,379 | 13,655,354 | ||||||
Moderna, Inc.* | 53,285 | 13,533,324 | ||||||
Mondelez International, Inc. — Class A | 183,330 | 12,156,612 | ||||||
Gilead Sciences, Inc. | 164,853 | 11,969,976 | ||||||
Regeneron Pharmaceuticals, Inc.* | 13,893 | 8,773,708 | ||||||
Illumina, Inc.* | 20,541 | 7,814,618 | ||||||
Vertex Pharmaceuticals, Inc.* | 33,415 | 7,337,934 | ||||||
IDEXX Laboratories, Inc.* | 11,144 | 7,337,878 | ||||||
Keurig Dr Pepper, Inc. | 186,351 | 6,868,898 | ||||||
Dexcom, Inc.* | 12,737 | 6,839,132 | ||||||
Align Technology, Inc.* | 10,363 | 6,810,356 | ||||||
Monster Beverage Corp.* | 69,541 | 6,678,717 | ||||||
Cintas Corp. | 13,590 | 6,022,680 | ||||||
Kraft Heinz Co. | 160,867 | 5,775,126 | ||||||
Verisk Analytics, Inc. — Class A | 21,179 | 4,844,273 | ||||||
Biogen, Inc.* | 19,305 | 4,631,656 | ||||||
Seagen, Inc.* | 24,030 | 3,715,038 | ||||||
Total Consumer, Non-cyclical | 228,971,547 | |||||||
Consumer, Cyclical - 9.4% | ||||||||
Tesla, Inc.* | 79,553 | 84,070,019 | ||||||
Costco Wholesale Corp. | 58,065 | 32,963,501 | ||||||
Starbucks Corp. | 154,184 | 18,034,902 | ||||||
Lucid Group, Inc.*,1 | 216,367 | 8,232,765 | ||||||
Marriott International, Inc. — Class A* | 42,800 | 7,072,272 | ||||||
Lululemon Athletica, Inc.* | 16,376 | 6,410,385 | ||||||
O'Reilly Automotive, Inc.* | 8,855 | 6,253,667 | ||||||
Walgreens Boots Alliance, Inc. | 113,761 | 5,933,774 | ||||||
Ross Stores, Inc. | 46,703 | 5,337,219 | ||||||
Fastenal Co. | 75,590 | 4,842,295 | ||||||
Copart, Inc.* | 31,172 | 4,726,299 | ||||||
Dollar Tree, Inc.* | 29,564 | 4,154,333 | ||||||
PACCAR, Inc. | 45,627 | 4,027,039 | ||||||
Peloton Interactive, Inc. — Class A* | 39,578 | 1,415,309 | ||||||
Total Consumer, Cyclical | 193,473,779 | |||||||
Industrial - 1.5% | ||||||||
Honeywell International, Inc. | 90,474 | 18,864,734 | ||||||
CSX Corp. | 291,491 | 10,960,061 | ||||||
Total Industrial | 29,824,795 | |||||||
Utilities - 0.9% | ||||||||
Exelon Corp. | 128,573 | 7,426,377 |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.4% (continued) | ||||||||
Utilities - 0.9% (continued) | ||||||||
American Electric Power Company, Inc. | 66,191 | $ | 5,889,013 | |||||
Xcel Energy, Inc. | 70,794 | 4,792,754 | ||||||
Total Utilities | 18,108,144 | |||||||
Total Common Stocks | ||||||||
(Cost $596,608,724) | 1,981,514,723 |
MUTUAL FUNDS† - 2.6% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 3,064,684 | 30,401,666 | ||||||
Guggenheim Strategy Fund II2 | 575,584 | 14,320,541 | ||||||
Guggenheim Strategy Fund III2 | 370,504 | 9,273,710 | ||||||
Total Mutual Funds | ||||||||
(Cost $54,178,710) | 53,995,917 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 0.2% | ||||||||
Federal Farm Credit Bank | ||||||||
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/223 | $ | 3,000,000 | 3,006,072 | |||||
Fannie Mae | ||||||||
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/223 | 2,000,000 | 2,000,880 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $4,999,008) | 5,006,952 |
U.S. TREASURY BILLS†† - 0.2% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/224,5 | 2,819,000 | 2,818,999 | ||||||
0.09% due 06/02/225,6 | 300,000 | 299,867 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $3,118,871) | 3,118,866 |
REPURCHASE AGREEMENTS††,7 - 0.4% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226 | 4,345,886 | 4,345,886 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226 | 1,797,329 | 1,797,329 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226 | 1,633,936 | 1,633,936 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $7,777,151) | 7,777,151 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,8 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%9 | 8,958,857 | 8,958,857 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $8,958,857) | 8,958,857 | |||||||
Total Investments - 100.2% | ||||||||
(Cost $675,641,321) | $ | 2,060,372,466 | ||||||
Other Assets & Liabilities, net - (0.2)% | (4,924,094 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,055,448,372 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 130 | Mar 2022 | $ | 42,445,650 | $ | 418,040 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 0.63% (Federal Funds Rate + 0.55%) | At Maturity | 01/27/22 | 1,692 | $ | 27,619,958 | $ | 293,189 | ||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 0.55% (U.S. Secured Overnight Financing Rate + 0.50%) | At Maturity | 01/26/22 | 150 | 2,442,408 | 60,646 | ||||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 0.73% (Federal Funds Rate + 0.65%) | At Maturity | 01/27/22 | 101 | 1,655,634 | 3,098 | ||||||||||||||
$ | 31,718,000 | $ | 356,933 |
NASDAQ-100® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at December 31, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | Variable rate security. Rate indicated is the rate effective at December 31, 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 December 31, 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 December 31, 2021. |
7 | Repurchase Agreements — See Note 4. |
8 | Securities lending collateral — See Note 5. |
9 | Rate indicated is the 7-day yield as of December 31, 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 December 31, 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 | $ | 1,981,514,723 | $ | — | $ | — | $ | 1,981,514,723 | ||||||||
Mutual Funds | 53,995,917 | — | — | 53,995,917 | ||||||||||||
Federal Agency Notes | — | 5,006,952 | — | 5,006,952 | ||||||||||||
U.S. Treasury Bills | — | 3,118,866 | — | 3,118,866 | ||||||||||||
Repurchase Agreements | — | 7,777,151 | — | 7,777,151 | ||||||||||||
Securities Lending Collateral | 8,958,857 | — | — | 8,958,857 | ||||||||||||
Equity Futures Contracts** | 418,040 | — | — | 418,040 | ||||||||||||
Equity Index Swap Agreements** | — | 356,933 | — | 356,933 | ||||||||||||
Total Assets | $ | 2,044,887,537 | $ | 16,259,902 | $ | — | $ | 2,061,147,439 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 14,378,100 | $ | – | $ | – | $ | – | $ | (57,559 | ) | $ | 14,320,541 | 575,584 | $ | 155,196 | ||||||||||||||||
Guggenheim Strategy Fund III | 9,314,465 | – | – | – | (40,755 | ) | 9,273,710 | 370,504 | 110,389 | |||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | $ | 25,529,268 | $ | 5,000,000 | $ | – | $ | – | $ | (127,602 | ) | $ | 30,401,666 | 3,064,684 | $ | 190,786 | ||||||||||||||||
$ | 49,221,833 | $ | 5,000,000 | $ | – | $ | – | $ | (225,916 | ) | $ | 53,995,917 | $ | 456,371 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 83.1% | ||||||||
Technology - 21.1% | ||||||||
Apple, Inc. | 173,757 | $ | 30,854,031 | |||||
Microsoft Corp. | 83,701 | 28,150,320 | ||||||
NVIDIA Corp. | 27,871 | 8,197,140 | ||||||
Broadcom, Inc. | 4,589 | 3,053,566 | ||||||
Adobe, Inc.* | 5,304 | 3,007,686 | ||||||
Accenture plc — Class A | 7,042 | 2,919,261 | ||||||
salesforce.com, Inc.* | 10,914 | 2,773,575 | ||||||
Intel Corp. | 45,340 | 2,335,010 | ||||||
QUALCOMM, Inc. | 12,486 | 2,283,315 | ||||||
Intuit, Inc. | 3,157 | 2,030,646 | ||||||
Texas Instruments, Inc. | 10,295 | 1,940,299 | ||||||
Advanced Micro Devices, Inc.* | 13,463 | 1,937,326 | ||||||
Applied Materials, Inc. | 10,066 | 1,583,986 | ||||||
Oracle Corp. | 17,981 | 1,568,123 | ||||||
ServiceNow, Inc.* | 2,219 | 1,440,375 | ||||||
International Business Machines Corp. | 9,998 | 1,336,333 | ||||||
Micron Technology, Inc. | 12,471 | 1,161,673 | ||||||
Lam Research Corp. | 1,569 | 1,128,346 | ||||||
Analog Devices, Inc. | 5,991 | 1,053,038 | ||||||
Fidelity National Information Services, Inc. | 6,789 | 741,019 | ||||||
KLA Corp. | 1,690 | 726,886 | ||||||
Autodesk, Inc.* | 2,451 | 689,197 | ||||||
Fiserv, Inc.* | 6,624 | 687,505 | ||||||
NXP Semiconductor N.V. | 2,965 | 675,368 | ||||||
Synopsys, Inc.* | 1,700 | 626,450 | ||||||
Xilinx, Inc. | 2,763 | 585,839 | ||||||
Roper Technologies, Inc. | 1,176 | 578,427 | ||||||
Activision Blizzard, Inc. | 8,682 | 577,613 | ||||||
Cadence Design Systems, Inc.* | 3,090 | 575,822 | ||||||
MSCI, Inc. — Class A | 919 | 563,062 | ||||||
Fortinet, Inc.* | 1,513 | 543,772 | ||||||
Microchip Technology, Inc. | 6,185 | 538,466 | ||||||
Cognizant Technology Solutions Corp. — Class A | 5,856 | 519,544 | ||||||
Paychex, Inc. | 3,578 | 488,397 | ||||||
HP, Inc. | 12,849 | 484,022 | ||||||
EPAM Systems, Inc.* | 632 | 422,460 | ||||||
Electronic Arts, Inc. | 3,153 | 415,881 | ||||||
ANSYS, Inc.* | 973 | 390,290 | ||||||
Zebra Technologies Corp. — Class A* | 596 | 354,739 | ||||||
Cerner Corp. | 3,280 | 304,614 | ||||||
Teradyne, Inc. | 1,817 | 297,134 | ||||||
Skyworks Solutions, Inc. | 1,841 | 285,613 | ||||||
Seagate Technology Holdings plc | 2,283 | 257,933 | ||||||
Tyler Technologies, Inc.* | 457 | 245,843 | ||||||
Monolithic Power Systems, Inc. | 483 | 238,278 | ||||||
Broadridge Financial Solutions, Inc. | 1,300 | 237,666 | ||||||
Hewlett Packard Enterprise Co. | 14,582 | 229,958 | ||||||
NetApp, Inc. | 2,493 | 229,331 | ||||||
Take-Two Interactive Software, Inc.* | 1,285 | 228,370 | ||||||
Western Digital Corp.* | 3,474 | 226,540 | ||||||
Paycom Software, Inc.* | 537 | 222,957 | ||||||
Akamai Technologies, Inc.* | 1,811 | 211,959 | ||||||
Qorvo, Inc.* | 1,229 | 192,203 | ||||||
Ceridian HCM Holding, Inc.* | 1,518 | 158,570 | ||||||
PTC, Inc.* | 1,178 | 142,715 | ||||||
Leidos Holdings, Inc. | 1,564 | 139,040 | ||||||
Jack Henry & Associates, Inc. | 824 | 137,600 | ||||||
Citrix Systems, Inc. | 1,390 | 131,480 | ||||||
DXC Technology Co.* | 2,812 | 90,518 | ||||||
IPG Photonics Corp.* | 398 | 68,512 | ||||||
Total Technology | 114,215,642 | |||||||
Consumer, Non-cyclical - 16.5% | ||||||||
UnitedHealth Group, Inc. | 10,500 | 5,272,470 | ||||||
Johnson & Johnson | 29,349 | 5,020,733 | ||||||
Procter & Gamble Co. | 26,978 | 4,413,061 | ||||||
Pfizer, Inc. | 62,574 | 3,694,995 | ||||||
Thermo Fisher Scientific, Inc. | 4,393 | 2,931,185 | ||||||
Abbott Laboratories | 19,712 | 2,774,267 | ||||||
PepsiCo, Inc. | 15,414 | 2,677,566 | ||||||
AbbVie, Inc. | 19,709 | 2,668,599 | ||||||
Coca-Cola Co. | 43,339 | 2,566,102 | ||||||
PayPal Holdings, Inc.* | 13,098 | 2,470,021 | ||||||
Eli Lilly & Co. | 8,851 | 2,444,823 | ||||||
Danaher Corp. | 7,090 | 2,332,681 | ||||||
Merck & Company, Inc. | 28,160 | 2,158,182 | ||||||
Philip Morris International, Inc. | 17,356 | 1,648,820 | ||||||
Medtronic plc | 15,003 | 1,552,060 | ||||||
Bristol-Myers Squibb Co. | 24,745 | 1,542,851 | ||||||
CVS Health Corp. | 14,716 | 1,518,103 | ||||||
Intuitive Surgical, Inc.* | 3,980 | 1,430,014 | ||||||
Amgen, Inc. | 6,279 | 1,412,587 | ||||||
Zoetis, Inc. | 5,275 | 1,287,258 | ||||||
S&P Global, Inc. | 2,687 | 1,268,076 | ||||||
Anthem, Inc. | 2,705 | 1,253,876 | ||||||
Automatic Data Processing, Inc. | 4,698 | 1,158,433 | ||||||
Mondelez International, Inc. — Class A | 15,552 | 1,031,253 | ||||||
Gilead Sciences, Inc. | 13,984 | 1,015,378 | ||||||
Stryker Corp. | 3,743 | 1,000,953 | ||||||
Moderna, Inc.* | 3,932 | 998,649 | ||||||
Altria Group, Inc. | 20,479 | 970,500 | ||||||
Estee Lauder Companies, Inc. — Class A | 2,583 | 956,226 | ||||||
Edwards Lifesciences Corp.* | 6,960 | 901,668 | ||||||
Cigna Corp. | 3,695 | 848,483 | ||||||
Becton Dickinson and Co. | 3,201 | 804,987 | ||||||
Colgate-Palmolive Co. | 9,396 | 801,855 | ||||||
Regeneron Pharmaceuticals, Inc.* | 1,179 | 744,562 | ||||||
Moody's Corp. | 1,803 | 704,216 | ||||||
HCA Healthcare, Inc. | 2,670 | 685,976 | ||||||
Boston Scientific Corp.* | 15,886 | 674,837 | ||||||
Humana, Inc. | 1,433 | 664,711 | ||||||
Illumina, Inc.* | 1,742 | 662,727 | ||||||
Vertex Pharmaceuticals, Inc.* | 2,834 | 622,347 | ||||||
IDEXX Laboratories, Inc.* | 945 | 622,245 | ||||||
IQVIA Holdings, Inc.* | 2,130 | 600,958 | ||||||
IHS Markit Ltd. | 4,446 | 590,962 | ||||||
Dexcom, Inc.* | 1,081 | 580,443 | ||||||
Align Technology, Inc.* | 817 | 536,916 | ||||||
Kimberly-Clark Corp. | 3,754 | 536,522 | ||||||
Centene Corp.* | 6,505 | 536,012 | ||||||
Baxter International, Inc. | 5,582 | 479,159 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 83.1% (continued) | ||||||||
Consumer, Non-cyclical - 16.5% (continued) | ||||||||
Constellation Brands, Inc. — Class A | 1,831 | $ | 459,526 | |||||
General Mills, Inc. | 6,752 | 454,950 | ||||||
Sysco Corp. | 5,715 | 448,913 | ||||||
Global Payments, Inc. | 3,234 | 437,172 | ||||||
Cintas Corp. | 980 | 434,307 | ||||||
ResMed, Inc. | 1,625 | 423,280 | ||||||
McKesson Corp. | 1,702 | 423,066 | ||||||
Archer-Daniels-Midland Co. | 6,237 | 421,559 | ||||||
Verisk Analytics, Inc. — Class A | 1,797 | 411,028 | ||||||
Monster Beverage Corp.* | 4,188 | 402,216 | ||||||
Equifax, Inc. | 1,360 | 398,194 | ||||||
Biogen, Inc.* | 1,638 | 392,989 | ||||||
West Pharmaceutical Services, Inc. | 826 | 387,402 | ||||||
Corteva, Inc. | 8,126 | 384,197 | ||||||
Kroger Co. | 7,544 | 341,441 | ||||||
Laboratory Corporation of America Holdings* | 1,067 | 335,262 | ||||||
Hershey Co. | 1,620 | 313,421 | ||||||
Gartner, Inc.* | 917 | 306,571 | ||||||
Zimmer Biomet Holdings, Inc. | 2,329 | 295,876 | ||||||
Tyson Foods, Inc. — Class A | 3,287 | 286,495 | ||||||
Kraft Heinz Co. | 7,915 | 284,149 | ||||||
PerkinElmer, Inc. | 1,407 | 282,892 | ||||||
Church & Dwight Company, Inc. | 2,722 | 279,005 | ||||||
STERIS plc | 1,115 | 271,402 | ||||||
McCormick & Company, Inc. | 2,780 | 268,576 | ||||||
United Rentals, Inc.* | 807 | 268,158 | ||||||
Waters Corp.* | 680 | 253,368 | ||||||
Catalent, Inc.* | 1,908 | 244,281 | ||||||
Clorox Co. | 1,370 | 238,873 | ||||||
Quest Diagnostics, Inc. | 1,368 | 236,678 | ||||||
Cooper Companies, Inc. | 550 | 230,417 | ||||||
Bio-Techne Corp. | 438 | 226,595 | ||||||
AmerisourceBergen Corp. — Class A | 1,668 | 221,661 | ||||||
Hologic, Inc.* | 2,826 | 216,359 | ||||||
Charles River Laboratories International, Inc.* | 562 | 211,750 | ||||||
FleetCor Technologies, Inc.* | 905 | 202,575 | ||||||
Avery Dennison Corp. | 923 | 199,894 | ||||||
Kellogg Co. | 2,852 | 183,726 | ||||||
Conagra Brands, Inc. | 5,348 | 182,634 | ||||||
Viatris, Inc. | 13,483 | 182,425 | ||||||
Quanta Services, Inc. | 1,589 | 182,195 | ||||||
ABIOMED, Inc.* | 507 | 182,099 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 241 | 182,092 | ||||||
MarketAxess Holdings, Inc. | 424 | 174,379 | ||||||
Teleflex, Inc. | 522 | 171,467 | ||||||
J M Smucker Co. | 1,208 | 164,071 | ||||||
Cardinal Health, Inc. | 3,141 | 161,730 | ||||||
Incyte Corp.* | 2,093 | 153,626 | ||||||
Hormel Foods Corp. | 3,145 | 153,507 | ||||||
Brown-Forman Corp. — Class B | 2,037 | 148,416 | ||||||
Robert Half International, Inc. | 1,241 | 138,396 | ||||||
Dentsply Sirona, Inc. | 2,437 | 135,960 | ||||||
Henry Schein, Inc.* | 1,546 | 119,861 | ||||||
Universal Health Services, Inc. — Class B | 815 | 105,673 | ||||||
Lamb Weston Holdings, Inc. | 1,628 | 103,183 | ||||||
Campbell Soup Co. | 2,257 | 98,089 | ||||||
Molson Coors Beverage Co. — Class B | 2,100 | 97,335 | ||||||
Rollins, Inc. | 2,523 | 86,312 | ||||||
Organon & Co. | 2,827 | 86,082 | ||||||
DaVita, Inc.* | 727 | 82,704 | ||||||
Nielsen Holdings plc | 4,000 | 82,040 | ||||||
Total Consumer, Non-cyclical | 89,321,808 | |||||||
Communications - 12.6% | ||||||||
Amazon.com, Inc.* | 4,862 | 16,211,561 | ||||||
Alphabet, Inc. — Class A* | 3,353 | 9,713,775 | ||||||
Alphabet, Inc. — Class C* | 3,117 | 9,019,320 | ||||||
Meta Platforms, Inc. — Class A* | 26,380 | 8,872,913 | ||||||
Walt Disney Co.* | 20,258 | 3,137,762 | ||||||
Cisco Systems, Inc. | 47,019 | 2,979,594 | ||||||
Netflix, Inc.* | 4,938 | 2,974,849 | ||||||
Comcast Corp. — Class A | 50,830 | 2,558,274 | ||||||
Verizon Communications, Inc. | 46,156 | 2,398,266 | ||||||
AT&T, Inc. | 79,610 | 1,958,406 | ||||||
Booking Holdings, Inc.* | 458 | 1,098,848 | ||||||
Charter Communications, Inc. — Class A* | 1,379 | 899,067 | ||||||
T-Mobile US, Inc.* | 6,545 | 759,089 | ||||||
Motorola Solutions, Inc. | 1,883 | 511,611 | ||||||
eBay, Inc. | 6,979 | 464,104 | ||||||
Match Group, Inc.* | 3,156 | 417,381 | ||||||
Twitter, Inc.* | 8,914 | 385,263 | ||||||
Arista Networks, Inc.* | 2,501 | 359,519 | ||||||
Corning, Inc. | 8,563 | 318,800 | ||||||
CDW Corp. | 1,513 | 309,832 | ||||||
Etsy, Inc.* | 1,413 | 309,362 | ||||||
Expedia Group, Inc.* | 1,628 | 294,212 | ||||||
VeriSign, Inc.* | 1,077 | 273,364 | ||||||
ViacomCBS, Inc. — Class B | 6,764 | 204,138 | ||||||
FactSet Research Systems, Inc. | 420 | 204,124 | ||||||
Omnicom Group, Inc. | 2,370 | 173,650 | ||||||
NortonLifeLock, Inc. | 6,486 | 168,506 | ||||||
F5, Inc.* | 672 | 164,445 | ||||||
Interpublic Group of Companies, Inc. | 4,390 | 164,405 | ||||||
Fox Corp. — Class A | 3,571 | 131,770 | ||||||
Juniper Networks, Inc. | 3,625 | 129,449 | ||||||
Lumen Technologies, Inc. | 10,273 | 128,926 | ||||||
News Corp. — Class A | 4,382 | 97,762 | ||||||
DISH Network Corp. — Class A* | 2,784 | 90,313 | ||||||
Discovery, Inc. — Class C* | 3,386 | 77,539 | ||||||
Fox Corp. — Class B | 1,639 | 56,169 | ||||||
Discovery, Inc. — Class A*,1 | 1,886 | 44,396 | ||||||
News Corp. — Class B | 1,358 | 30,555 | ||||||
Total Communications | 68,091,319 | |||||||
Financial - 12.0% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 20,417 | 6,104,683 | ||||||
JPMorgan Chase & Co. | 32,946 | 5,216,999 | ||||||
Visa, Inc. — Class A | 18,695 | 4,051,393 | ||||||
Bank of America Corp. | 80,289 | 3,572,058 | ||||||
Mastercard, Inc. — Class A | 9,671 | 3,474,984 | ||||||
Wells Fargo & Co. | 44,450 | 2,132,711 | ||||||
Morgan Stanley | 16,004 | 1,570,953 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 83.1% (continued) | ||||||||
Financial - 12.0% (continued) | ||||||||
American Tower Corp. — Class A REIT | 5,077 | $ | 1,485,023 | |||||
BlackRock, Inc. — Class A | 1,592 | 1,457,572 | ||||||
Goldman Sachs Group, Inc. | 3,784 | 1,447,569 | ||||||
Charles Schwab Corp. | 16,760 | 1,409,516 | ||||||
Prologis, Inc. REIT | 8,242 | 1,387,623 | ||||||
Citigroup, Inc. | 22,121 | 1,335,887 | ||||||
American Express Co. | 6,994 | 1,144,218 | ||||||
Crown Castle International Corp. REIT | 4,818 | 1,005,709 | ||||||
Marsh & McLennan Companies, Inc. | 5,629 | 978,433 | ||||||
PNC Financial Services Group, Inc. | 4,712 | 944,850 | ||||||
Chubb Ltd. | 4,802 | 928,275 | ||||||
CME Group, Inc. — Class A | 4,007 | 915,439 | ||||||
Truist Financial Corp. | 14,881 | 871,283 | ||||||
Intercontinental Exchange, Inc. | 6,281 | 859,052 | ||||||
Equinix, Inc. REIT | 1,004 | 849,223 | ||||||
U.S. Bancorp | 15,043 | 844,965 | ||||||
Aon plc — Class A | 2,456 | 738,175 | ||||||
Capital One Financial Corp. | 4,745 | 688,452 | ||||||
Progressive Corp. | 6,522 | 669,483 | ||||||
Public Storage REIT | 1,701 | 637,127 | ||||||
Simon Property Group, Inc. REIT | 3,663 | 585,238 | ||||||
Digital Realty Trust, Inc. REIT | 3,164 | 559,617 | ||||||
American International Group, Inc. | 9,256 | 526,296 | ||||||
MetLife, Inc. | 7,971 | 498,108 | ||||||
T. Rowe Price Group, Inc. | 2,506 | 492,780 | ||||||
Bank of New York Mellon Corp. | 8,469 | 491,879 | ||||||
SBA Communications Corp. REIT | 1,213 | 471,881 | ||||||
Prudential Financial, Inc. | 4,214 | 456,123 | ||||||
Realty Income Corp. REIT | 6,307 | 451,518 | ||||||
SVB Financial Group* | 654 | 443,569 | ||||||
Travelers Companies, Inc. | 2,743 | 429,088 | ||||||
Welltower, Inc. REIT | 4,853 | 416,242 | ||||||
First Republic Bank | 1,997 | 412,400 | ||||||
CBRE Group, Inc. — Class A* | 3,731 | 404,851 | ||||||
Aflac, Inc. | 6,785 | 396,176 | ||||||
AvalonBay Communities, Inc. REIT | 1,558 | 393,535 | ||||||
Arthur J Gallagher & Co. | 2,311 | 392,107 | ||||||
State Street Corp. | 4,076 | 379,068 | ||||||
Discover Financial Services | 3,267 | 377,535 | ||||||
Ameriprise Financial, Inc. | 1,247 | 376,170 | ||||||
Allstate Corp. | 3,196 | 376,009 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 1,571 | 350,270 | ||||||
Equity Residential REIT | 3,804 | 344,262 | ||||||
Weyerhaeuser Co. REIT | 8,351 | 343,894 | ||||||
Extra Space Storage, Inc. REIT | 1,493 | 338,508 | ||||||
Fifth Third Bancorp | 7,623 | 331,982 | ||||||
Willis Towers Watson plc | 1,389 | 329,874 | ||||||
Mid-America Apartment Communities, Inc. REIT | 1,283 | 294,372 | ||||||
Synchrony Financial | 6,101 | 283,025 | ||||||
Duke Realty Corp. REIT | 4,246 | 278,707 | ||||||
Northern Trust Corp. | 2,315 | 276,897 | ||||||
Nasdaq, Inc. | 1,305 | 274,063 | ||||||
Hartford Financial Services Group, Inc. | 3,794 | 261,938 | ||||||
Essex Property Trust, Inc. REIT | 726 | 255,719 | ||||||
Huntington Bancshares, Inc. | 16,126 | 248,663 | ||||||
KeyCorp | 10,380 | 240,089 | ||||||
Regions Financial Corp. | 10,627 | 231,669 | ||||||
Ventas, Inc. REIT | 4,450 | 227,484 | ||||||
Citizens Financial Group, Inc. | 4,751 | 224,485 | ||||||
M&T Bank Corp. | 1,435 | 220,387 | ||||||
Signature Bank | 676 | 218,666 | ||||||
Healthpeak Properties, Inc. REIT | 6,009 | 216,865 | ||||||
Raymond James Financial, Inc. | 2,065 | 207,326 | ||||||
Principal Financial Group, Inc. | 2,748 | 198,763 | ||||||
UDR, Inc. REIT | 3,240 | 194,368 | ||||||
Cincinnati Financial Corp. | 1,671 | 190,377 | ||||||
Brown & Brown, Inc. | 2,613 | 183,642 | ||||||
Boston Properties, Inc. REIT | 1,585 | 182,560 | ||||||
Kimco Realty Corp. REIT | 6,872 | 169,395 | ||||||
Iron Mountain, Inc. REIT | 3,228 | 168,921 | ||||||
Cboe Global Markets, Inc. | 1,189 | 155,046 | ||||||
Host Hotels & Resorts, Inc. REIT* | 7,960 | 138,424 | ||||||
Regency Centers Corp. REIT | 1,718 | 129,451 | ||||||
Lincoln National Corp. | 1,894 | 129,284 | ||||||
Loews Corp. | 2,234 | 129,036 | ||||||
W R Berkley Corp. | 1,555 | 128,116 | ||||||
Comerica, Inc. | 1,462 | 127,194 | ||||||
Everest Re Group Ltd. | 439 | 120,251 | ||||||
Zions Bancorp North America | 1,744 | 110,151 | ||||||
Federal Realty Investment Trust REIT* | 780 | 106,330 | ||||||
Franklin Resources, Inc. | 3,133 | 104,924 | ||||||
Assurant, Inc. | 635 | 98,971 | ||||||
Globe Life, Inc. | 1,036 | 97,094 | ||||||
Invesco Ltd. | 3,805 | 87,591 | ||||||
People's United Financial, Inc. | 4,772 | 85,037 | ||||||
Vornado Realty Trust REIT | 1,773 | 74,218 | ||||||
Total Financial | 65,160,134 | |||||||
Consumer, Cyclical - 8.5% | ||||||||
Tesla, Inc.* | 9,069 | 9,583,938 | ||||||
Home Depot, Inc. | 11,765 | 4,882,593 | ||||||
Costco Wholesale Corp. | 4,925 | 2,795,923 | ||||||
NIKE, Inc. — Class B | 14,245 | 2,374,214 | ||||||
Walmart, Inc. | 15,854 | 2,293,915 | ||||||
McDonald's Corp. | 8,330 | 2,233,023 | ||||||
Lowe's Companies, Inc. | 7,719 | 1,995,207 | ||||||
Starbucks Corp. | 13,155 | 1,538,740 | ||||||
Target Corp. | 5,441 | 1,259,265 | ||||||
TJX Companies, Inc. | 13,406 | 1,017,784 | ||||||
General Motors Co.* | 16,186 | 948,985 | ||||||
Ford Motor Co. | 43,761 | 908,916 | ||||||
Dollar General Corp. | 2,601 | 613,394 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 314 | 548,950 | ||||||
O'Reilly Automotive, Inc.* | 751 | 530,379 | ||||||
Marriott International, Inc. — Class A* | 3,050 | 503,982 | ||||||
Aptiv plc* | 3,015 | 497,324 | ||||||
AutoZone, Inc.* | 234 | 490,555 | ||||||
Hilton Worldwide Holdings, Inc.* | 3,107 | 484,661 | ||||||
Yum! Brands, Inc. | 3,268 | 453,794 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 83.1% (continued) | ||||||||
Consumer, Cyclical - 8.5% (continued) | ||||||||
Ross Stores, Inc. | 3,961 | $ | 452,663 | |||||
Walgreens Boots Alliance, Inc. | 8,010 | 417,802 | ||||||
Fastenal Co. | 6,412 | 410,753 | ||||||
DR Horton, Inc. | 3,634 | 394,107 | ||||||
Copart, Inc.* | 2,379 | 360,704 | ||||||
Dollar Tree, Inc.* | 2,507 | 352,284 | ||||||
Lennar Corp. — Class A | 3,030 | 351,965 | ||||||
Cummins, Inc. | 1,595 | 347,933 | ||||||
PACCAR, Inc. | 3,870 | 341,566 | ||||||
Tractor Supply Co. | 1,269 | 302,783 | ||||||
Southwest Airlines Co.* | 6,599 | 282,701 | ||||||
Delta Air Lines, Inc.* | 7,135 | 278,836 | ||||||
VF Corp. | 3,634 | 266,081 | ||||||
Pool Corp. | 447 | 253,002 | ||||||
Best Buy Company, Inc. | 2,468 | 250,749 | ||||||
Ulta Beauty, Inc.* | 606 | 249,878 | ||||||
WW Grainger, Inc. | 482 | 249,791 | ||||||
CarMax, Inc.* | 1,807 | 235,326 | ||||||
Domino's Pizza, Inc. | 406 | 229,118 | ||||||
Caesars Entertainment, Inc.* | 2,383 | 222,882 | ||||||
Genuine Parts Co. | 1,587 | 222,497 | ||||||
Darden Restaurants, Inc. | 1,447 | 217,976 | ||||||
NVR, Inc.* | 36 | 212,719 | ||||||
Bath & Body Works, Inc. | 2,947 | 205,671 | ||||||
MGM Resorts International | 4,339 | 194,734 | ||||||
Royal Caribbean Cruises Ltd.* | 2,500 | 192,250 | ||||||
Carnival Corp.* | 8,968 | 180,436 | ||||||
Live Nation Entertainment, Inc.* | 1,505 | 180,134 | ||||||
LKQ Corp. | 2,990 | 179,490 | ||||||
Advance Auto Parts, Inc. | 701 | 168,156 | ||||||
PulteGroup, Inc. | 2,823 | 161,363 | ||||||
Whirlpool Corp. | 677 | 158,865 | ||||||
United Airlines Holdings, Inc.* | 3,610 | 158,046 | ||||||
Hasbro, Inc. | 1,446 | 147,174 | ||||||
Las Vegas Sands Corp.* | 3,832 | 144,237 | ||||||
American Airlines Group, Inc.* | 7,219 | 129,653 | ||||||
Tapestry, Inc. | 3,067 | 124,520 | ||||||
BorgWarner, Inc. | 2,673 | 120,472 | ||||||
Mohawk Industries, Inc.* | 612 | 111,494 | ||||||
Wynn Resorts Ltd.* | 1,173 | 99,752 | ||||||
Penn National Gaming, Inc.* | 1,852 | 96,026 | ||||||
Newell Brands, Inc. | 4,221 | 92,187 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 4,125 | 85,553 | ||||||
PVH Corp. | 792 | 84,467 | ||||||
Alaska Air Group, Inc.* | 1,397 | 72,784 | ||||||
Ralph Lauren Corp. — Class A | 543 | 64,541 | ||||||
Under Armour, Inc. — Class A* | 2,103 | 44,563 | ||||||
Under Armour, Inc. — Class C* | 2,397 | 43,242 | ||||||
Gap, Inc. | 2,390 | 42,183 | ||||||
Total Consumer, Cyclical | 46,141,651 | |||||||
Industrial - 6.3% | ||||||||
Union Pacific Corp. | 7,167 | 1,805,582 | ||||||
United Parcel Service, Inc. — Class B | 8,129 | 1,742,370 | ||||||
Honeywell International, Inc. | 7,674 | 1,600,106 | ||||||
Raytheon Technologies Corp. | 16,686 | 1,435,997 | ||||||
Caterpillar, Inc. | 6,030 | 1,246,642 | ||||||
Boeing Co.* | 6,159 | 1,239,930 | ||||||
General Electric Co. | 12,242 | 1,156,502 | ||||||
3M Co. | 6,424 | 1,141,095 | ||||||
Deere & Co. | 3,146 | 1,078,732 | ||||||
Lockheed Martin Corp. | 2,735 | 972,046 | ||||||
CSX Corp. | 24,727 | 929,735 | ||||||
Norfolk Southern Corp. | 2,713 | 807,687 | ||||||
Illinois Tool Works, Inc. | 3,184 | 785,811 | ||||||
Eaton Corporation plc | 4,444 | 768,012 | ||||||
Waste Management, Inc. | 4,290 | 716,001 | ||||||
FedEx Corp. | 2,725 | 704,794 | ||||||
Northrop Grumman Corp. | 1,661 | 642,923 | ||||||
Johnson Controls International plc | 7,901 | 642,430 | ||||||
Emerson Electric Co. | 6,664 | 619,552 | ||||||
TE Connectivity Ltd. | 3,638 | 586,955 | ||||||
Amphenol Corp. — Class A | 6,667 | 583,096 | ||||||
Agilent Technologies, Inc. | 3,375 | 538,819 | ||||||
General Dynamics Corp. | 2,584 | 538,686 | ||||||
Trane Technologies plc | 2,648 | 534,976 | ||||||
Carrier Global Corp. | 9,661 | 524,013 | ||||||
L3Harris Technologies, Inc. | 2,187 | 466,356 | ||||||
Parker-Hannifin Corp. | 1,439 | 457,775 | ||||||
Rockwell Automation, Inc. | 1,293 | 451,063 | ||||||
Mettler-Toledo International, Inc.* | 256 | 434,486 | ||||||
Keysight Technologies, Inc.* | 2,053 | 423,965 | ||||||
Otis Worldwide Corp. | 4,735 | 412,277 | ||||||
AMETEK, Inc. | 2,579 | 379,216 | ||||||
Old Dominion Freight Line, Inc. | 1,039 | 372,357 | ||||||
TransDigm Group, Inc.* | 584 | 371,588 | ||||||
Ball Corp. | 3,611 | 347,631 | ||||||
Stanley Black & Decker, Inc. | 1,817 | 342,722 | ||||||
Republic Services, Inc. — Class A | 2,333 | 325,337 | ||||||
Vulcan Materials Co. | 1,479 | 307,011 | ||||||
Martin Marietta Materials, Inc. | 695 | 306,161 | ||||||
Fortive Corp. | 3,998 | 305,007 | ||||||
Dover Corp. | 1,605 | 291,468 | ||||||
Ingersoll Rand, Inc. | 4,544 | 281,137 | ||||||
Expeditors International of Washington, Inc. | 1,889 | 253,674 | ||||||
Generac Holdings, Inc.* | 703 | 247,400 | ||||||
Trimble, Inc.* | 2,798 | 243,957 | ||||||
Xylem, Inc. | 2,010 | 241,039 | ||||||
Garmin Ltd. | 1,694 | 230,672 | ||||||
Teledyne Technologies, Inc.* | 519 | 226,746 | ||||||
Amcor plc | 17,092 | 205,275 | ||||||
Jacobs Engineering Group, Inc. | 1,453 | 202,301 | ||||||
IDEX Corp. | 848 | 200,399 | ||||||
Westinghouse Air Brake Technologies Corp. | 2,083 | 191,865 | ||||||
J.B. Hunt Transport Services, Inc. | 936 | 191,319 | ||||||
Masco Corp. | 2,721 | 191,069 | ||||||
Textron, Inc. | 2,457 | 189,680 | ||||||
Fortune Brands Home & Security, Inc. | 1,513 | 161,740 | ||||||
CH Robinson Worldwide, Inc. | 1,449 | 155,956 | ||||||
Packaging Corporation of America | 1,058 | 144,047 | ||||||
Howmet Aerospace, Inc. | 4,285 | 136,392 | ||||||
Pentair plc | 1,845 | 134,740 | ||||||
Allegion plc | 1,000 | 132,440 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 83.1% (continued) | ||||||||
Industrial - 6.3% (continued) | ||||||||
Westrock Co. | 2,977 | $ | 132,060 | |||||
Snap-on, Inc. | 599 | 129,013 | ||||||
A O Smith Corp. | 1,485 | 127,487 | ||||||
Sealed Air Corp. | 1,652 | 111,460 | ||||||
Huntington Ingalls Industries, Inc. | 446 | 83,286 | ||||||
Total Industrial | 33,882,066 | |||||||
Energy - 2.3% | ||||||||
Exxon Mobil Corp. | 47,196 | 2,887,923 | ||||||
Chevron Corp. | 21,490 | 2,521,852 | ||||||
ConocoPhillips | 14,703 | 1,061,263 | ||||||
EOG Resources, Inc. | 6,523 | 579,438 | ||||||
Schlumberger N.V. | 15,637 | 468,328 | ||||||
Pioneer Natural Resources Co. | 2,531 | 460,338 | ||||||
Marathon Petroleum Corp. | 6,863 | 439,163 | ||||||
Phillips 66 | 4,885 | 353,967 | ||||||
Williams Companies, Inc. | 13,545 | 352,712 | ||||||
Kinder Morgan, Inc. | 21,739 | 344,780 | ||||||
Valero Energy Corp. | 4,557 | 342,276 | ||||||
Devon Energy Corp. | 7,018 | 309,143 | ||||||
ONEOK, Inc. | 4,971 | 292,096 | ||||||
Occidental Petroleum Corp. | 9,891 | 286,740 | ||||||
Enphase Energy, Inc.* | 1,504 | 275,142 | ||||||
Baker Hughes Co. | 9,744 | 234,441 | ||||||
Halliburton Co. | 9,979 | 228,220 | ||||||
Hess Corp. | 3,073 | 227,494 | ||||||
Diamondback Energy, Inc. | 1,899 | 204,807 | ||||||
Coterra Energy, Inc. — Class A | 9,070 | 172,330 | ||||||
SolarEdge Technologies, Inc.* | 586 | 164,414 | ||||||
Marathon Oil Corp. | 8,679 | 142,509 | ||||||
APA Corp. | 4,050 | 108,905 | ||||||
Total Energy | 12,458,281 | |||||||
Utilities - 2.1% | ||||||||
NextEra Energy, Inc. | 21,874 | 2,042,157 | ||||||
Duke Energy Corp. | 8,575 | 899,517 | ||||||
Southern Co. | 11,814 | 810,204 | ||||||
Dominion Energy, Inc. | 9,028 | 709,240 | ||||||
Exelon Corp. | 10,907 | 629,988 | ||||||
American Electric Power Company, Inc. | 5,615 | 499,567 | ||||||
Sempra Energy | 3,560 | 470,917 | ||||||
Xcel Energy, Inc. | 6,005 | 406,539 | ||||||
American Water Works Company, Inc. | 2,024 | 382,253 | ||||||
Public Service Enterprise Group, Inc. | 5,637 | 376,157 | ||||||
Eversource Energy | 3,833 | 348,726 | ||||||
WEC Energy Group, Inc. | 3,517 | 341,395 | ||||||
Consolidated Edison, Inc. | 3,944 | 336,502 | ||||||
Edison International | 4,235 | 289,039 | ||||||
DTE Energy Co. | 2,160 | 258,206 | ||||||
Ameren Corp. | 2,872 | 255,637 | ||||||
Entergy Corp. | 2,241 | 252,449 | ||||||
FirstEnergy Corp. | 6,069 | 252,410 | ||||||
PPL Corp. | 8,369 | 251,572 | ||||||
CMS Energy Corp. | 3,230 | 210,111 | ||||||
CenterPoint Energy, Inc. | 7,011 | 195,677 | ||||||
AES Corp. | 7,432 | 180,598 | ||||||
Evergy, Inc. | 2,556 | 175,367 | ||||||
Alliant Energy Corp. | 2,791 | 171,563 | ||||||
Atmos Energy Corp. | 1,476 | 154,640 | ||||||
NiSource, Inc. | 4,378 | 120,877 | ||||||
NRG Energy, Inc. | 2,730 | 117,608 | ||||||
Pinnacle West Capital Corp. | 1,258 | 88,802 | ||||||
Total Utilities | 11,227,718 | |||||||
Basic Materials - 1.7% | ||||||||
Linde plc | 5,714 | 1,979,501 | ||||||
Sherwin-Williams Co. | 2,689 | 946,958 | ||||||
Air Products and Chemicals, Inc. | 2,468 | 750,914 | ||||||
Freeport-McMoRan, Inc. | 16,371 | 683,162 | ||||||
Ecolab, Inc. | 2,779 | 651,926 | ||||||
Newmont Corp. | 8,890 | 551,357 | ||||||
Dow, Inc. | 8,245 | 467,656 | ||||||
DuPont de Nemours, Inc. | 5,776 | 466,585 | ||||||
PPG Industries, Inc. | 2,647 | 456,449 | ||||||
International Flavors & Fragrances, Inc. | 2,838 | 427,545 | ||||||
Nucor Corp. | 3,186 | 363,682 | ||||||
Albemarle Corp. | 1,304 | 304,836 | ||||||
LyondellBasell Industries N.V. — Class A | 2,931 | 270,326 | ||||||
Celanese Corp. — Class A | 1,213 | 203,857 | ||||||
International Paper Co. | 4,317 | 202,813 | ||||||
Eastman Chemical Co. | 1,499 | 181,244 | ||||||
CF Industries Holdings, Inc. | 2,391 | 169,235 | ||||||
Mosaic Co. | 4,129 | 162,228 | ||||||
FMC Corp. | 1,412 | 155,165 | ||||||
Total Basic Materials | 9,395,439 | |||||||
Total Common Stocks | ||||||||
(Cost $418,841,902) | 449,894,058 |
MUTUAL FUNDS† - 6.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 2,434,889 | 24,154,103 | ||||||
Guggenheim Strategy Fund II2 | 348,214 | 8,663,575 | ||||||
Guggenheim Strategy Fund III2 | 184,563 | 4,619,603 | ||||||
Total Mutual Funds | ||||||||
(Cost $37,394,494) | 37,437,281 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 2.7% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | $ | 14,400,000 | 14,393,625 | |||||
0.04% due 01/06/224,5 | 497,000 | 497,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $14,891,647) | 14,890,625 |
REPURCHASE AGREEMENTS††,6 - 7.0% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 21,118,693 | 21,118,693 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 8,734,063 | 8,734,063 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 7,940,057 | 7,940,057 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $37,792,813) | 37,792,813 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,7 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%8 | 33,259 | $ | 33,259 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $33,259) | $ | 33,259 | ||||||
Total Investments - 99.7% | ||||||||
(Cost $508,954,115) | $ | 540,048,036 | ||||||
Other Assets & Liabilities, net - 0.3% | 1,453,182 | |||||||
Total Net Assets - 100.0% | $ | 541,501,218 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 51 | Mar 2022 | $ | 12,136,725 | $ | 133,081 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 0.53% (Federal Funds Rate + 0.45%) | At Maturity | 01/27/22 | 47,451 | $ | 226,161,859 | $ | 3,433,667 | ||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 0.50% (U.S. Secured Overnight Financing Rate + 0.45%) | At Maturity | 01/26/22 | 25,366 | 120,897,347 | 3,350,551 | ||||||||||||||
BNP Paribas | S&P 500 Index | Pay | 0.68% (Federal Funds Rate + 0.60%) | At Maturity | 01/27/22 | 653 | 3,113,093 | 36,796 | ||||||||||||||
$ | 350,172,299 | $ | 6,821,014 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at December 31, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at December 31, 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 December 31, 2021. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of December 31, 2021. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 449,894,058 | $ | — | $ | — | $ | 449,894,058 | ||||||||
Mutual Funds | 37,437,281 | — | — | 37,437,281 | ||||||||||||
U.S. Treasury Bills | — | 14,890,625 | — | 14,890,625 | ||||||||||||
Repurchase Agreements | — | 37,792,813 | — | 37,792,813 | ||||||||||||
Securities Lending Collateral | 33,259 | — | — | 33,259 | ||||||||||||
Equity Futures Contracts** | 133,081 | — | — | 133,081 | ||||||||||||
Equity Index Swap Agreements** | — | 6,821,014 | — | 6,821,014 | ||||||||||||
Total Assets | $ | 487,497,679 | $ | 59,504,452 | $ | — | $ | 547,002,131 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 10,697,596 | $ | – | $ | (2,000,000 | ) | $ | 12,984 | $ | (47,005 | ) | $ | 8,663,575 | 348,214 | $ | 107,537 | |||||||||||||||
Guggenheim Strategy Fund III | 4,639,905 | – | – | – | (20,302 | ) | 4,619,603 | 184,563 | 54,989 | |||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 19,255,008 | 5,000,000 | – | – | (100,905 | ) | 24,154,103 | 2,434,889 | 160,254 | |||||||||||||||||||||||
$ | 34,592,509 | $ | 5,000,000 | $ | (2,000,000 | ) | $ | 12,984 | $ | (168,212 | ) | $ | 37,437,281 | $ | 322,780 |
Precious Metals Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 95.6% | ||||||||
Mining - 95.6% | ||||||||
Freeport-McMoRan, Inc. | 149,640 | $ | 6,244,477 | |||||
Newmont Corp. | 94,985 | 5,890,970 | ||||||
Barrick Gold Corp. | 236,505 | 4,493,595 | ||||||
Franco-Nevada Corp. | 28,858 | 3,990,773 | ||||||
Wheaton Precious Metals Corp. | 81,023 | 3,478,317 | ||||||
Agnico Eagle Mines Ltd. | 52,638 | 2,797,183 | ||||||
Kirkland Lake Gold Ltd. | 61,503 | 2,580,051 | ||||||
Gold Fields Ltd. ADR | 224,592 | 2,468,266 | ||||||
AngloGold Ashanti Ltd. ADR | 111,988 | 2,349,508 | ||||||
Sibanye Stillwater Ltd. ADR1 | 185,748 | 2,329,280 | ||||||
Kinross Gold Corp. | 366,126 | 2,127,192 | ||||||
Royal Gold, Inc. | 19,662 | 2,068,639 | ||||||
Pan American Silver Corp. | 70,121 | 1,750,921 | ||||||
Yamana Gold, Inc. | 375,166 | 1,583,201 | ||||||
B2Gold Corp.1 | 394,225 | 1,549,304 | ||||||
SSR Mining, Inc.1 | 84,829 | 1,501,473 | ||||||
Alamos Gold, Inc. — Class A | 178,796 | 1,374,941 | ||||||
Harmony Gold Mining Company Ltd. ADR | 314,986 | 1,294,593 | ||||||
Hecla Mining Co. | 246,148 | 1,284,893 | ||||||
First Majestic Silver Corp.1 | 115,503 | 1,283,238 | ||||||
Pretium Resources, Inc.* | 89,531 | 1,261,492 | ||||||
Novagold Resources, Inc.* | 169,646 | 1,163,772 | ||||||
Osisko Gold Royalties Ltd. | 91,139 | 1,116,453 | ||||||
Equinox Gold Corp.*,1 | 164,600 | 1,112,696 | ||||||
Eldorado Gold Corp.* | 111,644 | 1,043,871 | ||||||
IAMGOLD Corp.* | 311,542 | 975,126 | ||||||
MAG Silver Corp.* | 59,032 | 925,031 | ||||||
Fortuna Silver Mines, Inc.* | 226,136 | 881,930 | ||||||
Coeur Mining, Inc.* | 169,620 | 854,885 | ||||||
Sandstorm Gold Ltd. | 137,604 | 853,145 | ||||||
Seabridge Gold, Inc.* | 51,601 | 850,901 | ||||||
SilverCrest Metals, Inc.* | 105,160 | 831,816 | ||||||
Endeavour Silver Corp.* | 151,935 | 641,166 | ||||||
Gatos Silver, Inc.* | 60,984 | 633,014 | ||||||
Silvercorp Metals, Inc. | 159,536 | 599,855 | ||||||
Total Mining | 66,185,968 | |||||||
Total Common Stocks | ||||||||
(Cost $35,916,381) | 66,185,968 |
EXCHANGE-TRADED FUNDS† - 3.9% | ||||||||
VanEck Junior Gold Miners ETF | 64,129 | 2,688,929 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $1,834,992) | 2,688,929 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 427,124 | 427,124 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 176,646 | 176,646 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 160,587 | 160,587 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $764,357) | 764,357 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 4.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 3,101,237 | 3,101,237 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $3,101,237) | 3,101,237 | |||||||
Total Investments - 105.1% | ||||||||
(Cost $41,616,967) | $ | 72,740,491 | ||||||
Other Assets & Liabilities, net - (5.1)% | (3,522,369 | ) | ||||||
Total Net Assets - 100.0% | $ | 69,218,122 |
* | 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 | All or a portion of this security is on loan at December 31, 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 December 31, 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 December 31, 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 | $ | 66,185,968 | $ | — | $ | — | $ | 66,185,968 | ||||||||
Exchange-Traded Funds | 2,688,929 | — | — | 2,688,929 | ||||||||||||
Repurchase Agreements | — | 764,357 | — | 764,357 | ||||||||||||
Securities Lending Collateral | 3,101,237 | — | — | 3,101,237 | ||||||||||||
Total Assets | $ | 71,976,134 | $ | 764,357 | $ | — | $ | 72,740,491 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
REITs - 92.2% | ||||||||
REITs-Diversified - 25.0% | ||||||||
American Tower Corp. — Class A | 1,323 | $ | 386,978 | |||||
Crown Castle International Corp. | 1,507 | 314,571 | ||||||
Equinix, Inc. | 338 | 285,894 | ||||||
Digital Realty Trust, Inc. | 1,326 | 234,530 | ||||||
SBA Communications Corp. | 552 | 214,739 | ||||||
Weyerhaeuser Co. | 4,391 | 180,821 | ||||||
Duke Realty Corp. | 2,525 | 165,741 | ||||||
VICI Properties, Inc. | 4,906 | 147,720 | ||||||
WP Carey, Inc. | 1,565 | 128,408 | ||||||
Gaming and Leisure Properties, Inc. | 2,404 | 116,979 | ||||||
Lamar Advertising Co. — Class A | 961 | 116,569 | ||||||
National Storage Affiliates Trust | 1,409 | 97,503 | ||||||
Vornado Realty Trust | 2,220 | 92,929 | ||||||
Rayonier, Inc. | 1,951 | 78,742 | ||||||
PS Business Parks, Inc. | 406 | 74,773 | ||||||
New Residential Investment Corp. | 6,655 | 71,275 | ||||||
Outfront Media, Inc. | 2,561 | 68,686 | ||||||
Broadstone Net Lease, Inc. | 2,598 | 64,482 | ||||||
PotlatchDeltic Corp. | 1,063 | 64,014 | ||||||
EPR Properties | 1,327 | 63,019 | ||||||
Uniti Group, Inc. | 4,444 | 62,260 | ||||||
National Health Investors, Inc. | 928 | 53,332 | ||||||
Washington Real Estate Investment Trust | 1,856 | 47,978 | ||||||
InvenTrust Properties Corp.1 | 1,651 | 45,006 | ||||||
Total REITs-Diversified | 3,176,949 | |||||||
REITs-Apartments - 11.9% | ||||||||
AvalonBay Communities, Inc. | 765 | 193,231 | ||||||
Equity Residential | 2,085 | 188,692 | ||||||
Invitation Homes, Inc. | 3,823 | 173,335 | ||||||
Mid-America Apartment Communities, Inc. | 736 | 168,868 | ||||||
Essex Property Trust, Inc. | 444 | 156,390 | ||||||
UDR, Inc. | 2,338 | 140,257 | ||||||
Camden Property Trust | 782 | 139,728 | ||||||
American Homes 4 Rent — Class A | 2,888 | 125,946 | ||||||
Apartment Income REIT Corp. | 1,753 | 95,837 | ||||||
American Campus Communities, Inc. | 1,621 | 92,867 | ||||||
Independence Realty Trust, Inc. | 2,209 | 57,058 | ||||||
Total REITs-Apartments | 1,532,209 | |||||||
REITs-Warehouse/Industries - 9.0% | ||||||||
Prologis, Inc. | 2,169 | 365,173 | ||||||
Rexford Industrial Realty, Inc. | 1,431 | 116,068 | ||||||
CyrusOne, Inc. | 1,224 | 109,817 | ||||||
EastGroup Properties, Inc. | 442 | 100,710 | ||||||
STAG Industrial, Inc. | 2,029 | 97,311 | ||||||
Americold Realty Trust | 2,962 | 97,124 | ||||||
First Industrial Realty Trust, Inc. | 1,467 | 97,115 | ||||||
Terreno Realty Corp. | 982 | 83,755 | ||||||
Innovative Industrial Properties, Inc. | 315 | 82,817 | ||||||
Total REITs-Warehouse/Industries | 1,149,890 | |||||||
REITs-Office Property - 8.8% | ||||||||
Alexandria Real Estate Equities, Inc. | 859 | 191,523 | ||||||
Boston Properties, Inc. | 1,197 | 137,870 | ||||||
Kilroy Realty Corp. | 1,350 | 89,721 | ||||||
Cousins Properties, Inc. | 2,012 | 81,043 | ||||||
Douglas Emmett, Inc. | 2,349 | 78,692 | ||||||
SL Green Realty Corp. | 994 | 71,270 | ||||||
Highwoods Properties, Inc. | 1,585 | 70,675 | ||||||
LXP Industrial Trust | 4,427 | 69,150 | ||||||
JBG SMITH Properties | 2,224 | 63,851 | ||||||
Hudson Pacific Properties, Inc. | 2,559 | 63,233 | ||||||
Corporate Office Properties Trust | 2,085 | 58,317 | ||||||
Equity Commonwealth* | 2,213 | 57,317 | ||||||
Brandywine Realty Trust | 3,589 | 48,164 | ||||||
Orion Office REIT, Inc.* | 1,810 | 33,793 | ||||||
Total REITs-Office Property | 1,114,619 | |||||||
REITs-Health Care - 8.1% | ||||||||
Welltower, Inc. | 2,337 | 200,444 | ||||||
Ventas, Inc. | 2,892 | 147,839 | ||||||
Healthpeak Properties, Inc. | 4,044 | 145,948 | ||||||
Medical Properties Trust, Inc. | 5,300 | 125,239 | ||||||
Omega Healthcare Investors, Inc. | 3,018 | 89,303 | ||||||
Healthcare Trust of America, Inc. — Class A | 2,641 | 88,183 | ||||||
Healthcare Realty Trust, Inc. | 2,199 | 69,576 | ||||||
Physicians Realty Trust | 3,531 | 66,489 | ||||||
Sabra Health Care REIT, Inc. | 4,240 | 57,410 | ||||||
CareTrust REIT, Inc. | 2,197 | 50,158 | ||||||
Total REITs-Health Care | 1,040,589 | |||||||
REITs-Storage - 6.4% | ||||||||
Public Storage | 713 | 267,061 | ||||||
Extra Space Storage, Inc. | 814 | 184,558 | ||||||
Iron Mountain, Inc. | 2,447 | 128,052 | ||||||
Life Storage, Inc. | 767 | 117,489 | ||||||
CubeSmart | 2,059 | 117,178 | ||||||
Total REITs-Storage | 814,338 | |||||||
REITs-Shopping Centers - 5.4% | ||||||||
Kimco Realty Corp. | 5,340 | 131,631 | ||||||
Regency Centers Corp. | 1,593 | 120,033 | ||||||
Federal Realty Investment Trust* | 804 | 109,601 | ||||||
Brixmor Property Group, Inc. | 3,643 | 92,569 | ||||||
Kite Realty Group Trust | 3,358 | 73,137 | ||||||
SITE Centers Corp. | 3,882 | 61,452 | ||||||
Retail Opportunity Investments Corp. | 2,602 | 50,999 | ||||||
Acadia Realty Trust | 2,134 | 46,585 | ||||||
Total REITs-Shopping Centers | 686,007 | |||||||
REITs-Single Tenant - 5.0% | ||||||||
Realty Income Corp. | 2,971 | 212,694 | ||||||
STORE Capital Corp. | 2,911 | 100,138 | ||||||
National Retail Properties, Inc. | 2,013 | 96,765 | ||||||
Spirit Realty Capital, Inc. | 1,666 | 80,285 | ||||||
Agree Realty Corp. | 1,062 | 75,784 | ||||||
Essential Properties Realty Trust, Inc. | 2,154 | 62,100 | ||||||
Total REITs-Single Tenant | 627,766 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% (continued) | ||||||||
REITs - 92.2% (continued) | ||||||||
REITs-Hotels - 4.9% | ||||||||
Host Hotels & Resorts, Inc.* | 6,976 | $ | 121,313 | |||||
MGM Growth Properties LLC — Class A | 2,749 | 112,297 | ||||||
Ryman Hospitality Properties, Inc.* | 857 | 78,810 | ||||||
Park Hotels & Resorts, Inc.* | 3,865 | 72,971 | ||||||
Apple Hospitality REIT, Inc. | 3,980 | 64,277 | ||||||
Pebblebrook Hotel Trust | 2,661 | 59,527 | ||||||
Sunstone Hotel Investors, Inc.* | 4,609 | 54,064 | ||||||
RLJ Lodging Trust | 3,758 | 52,349 | ||||||
Total REITs-Hotels | 615,608 | |||||||
REITs-Mortgage - 3.0% | ||||||||
AGNC Investment Corp. | 6,032 | 90,721 | ||||||
Starwood Property Trust, Inc. | 3,644 | 88,549 | ||||||
Blackstone Mortgage Trust, Inc. — Class A | 2,372 | 72,631 | ||||||
Chimera Investment Corp. | 4,042 | 60,953 | ||||||
Arbor Realty Trust, Inc. | 3,170 | 58,074 | ||||||
Total REITs-Mortgage | 370,928 | |||||||
REITs-Regional Malls - 2.4% | ||||||||
Simon Property Group, Inc. | 1,513 | 241,732 | ||||||
Macerich Co. | 3,633 | 62,778 | ||||||
Total REITs-Regional Malls | 304,510 | |||||||
REITs-Manufactured Homes - 2.3% | ||||||||
Sun Communities, Inc. | 788 | 165,456 | ||||||
Equity LifeStyle Properties, Inc. | 1,511 | 132,454 | ||||||
Total REITs-Manufactured Homes | 297,910 | |||||||
Total REITs | 11,731,323 | |||||||
Real Estate - 5.1% | ||||||||
Real Estate Management/Services - 4.5% | ||||||||
CBRE Group, Inc. — Class A* | 1,802 | 195,535 | ||||||
Jones Lang LaSalle, Inc.* | 453 | 122,011 | ||||||
Cushman & Wakefield plc* | 3,376 | 75,082 | ||||||
eXp World Holdings, Inc. | 2,071 | 69,772 | ||||||
Redfin Corp.* | 1,640 | 62,960 | ||||||
Realogy Holdings Corp.* | 2,739 | 46,042 | ||||||
Total Real Estate Management/Services | 571,402 | |||||||
Real Estate Operations/Development - 0.6% | ||||||||
Howard Hughes Corp.* | 792 | 80,610 | ||||||
Total Real Estate | 652,012 | |||||||
Internet - 1.8% | ||||||||
E-Commerce/Services - 1.8% | ||||||||
Zillow Group, Inc. — Class A* | 2,091 | 130,102 | ||||||
Opendoor Technologies, Inc.* | 6,765 | 98,836 | ||||||
Total E-Commerce/Services | 228,938 | |||||||
Total Internet | 228,938 | |||||||
Diversified Financial Services - 0.5% | ||||||||
Finance-Commercial - 0.5% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 1,276 | 67,781 | ||||||
Total Common Stocks | ||||||||
(Cost $10,338,341) | 12,680,054 |
SECURITIES LENDING COLLATERAL†,2 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%3 | 1,093 | 1,093 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,093) | 1,093 | |||||||
Total Investments - 99.6% | ||||||||
(Cost $10,339,434) | $ | 12,681,147 | ||||||
Other Assets & Liabilities, net - 0.4% | 46,876 | |||||||
Total Net Assets - 100.0% | $ | 12,728,023 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
1 | All or a portion of this security is on loan at December 31, 2021 — See Note 5. |
2 | Securities lending collateral — See Note 5. |
3 | Rate indicated is the 7-day yield as of December 31, 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 December 31, 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 | $ | 12,680,054 | $ | — | $ | — | $ | 12,680,054 | ||||||||
Securities Lending Collateral | 1,093 | — | — | 1,093 | ||||||||||||
Total Assets | $ | 12,681,147 | $ | — | $ | — | $ | 12,681,147 |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Retail - 60.4% | ||||||||
Home Depot, Inc. | 2,313 | $ | 959,918 | |||||
Walmart, Inc. | 6,244 | 903,444 | ||||||
Costco Wholesale Corp. | 1,260 | 715,302 | ||||||
Lowe's Companies, Inc. | 2,323 | 600,449 | ||||||
Target Corp. | 2,102 | 486,487 | ||||||
TJX Companies, Inc. | 5,731 | 435,097 | ||||||
Dollar General Corp. | 1,468 | 346,198 | ||||||
Walgreens Boots Alliance, Inc. | 6,008 | 313,377 | ||||||
O'Reilly Automotive, Inc.* | 442 | 312,154 | ||||||
AutoZone, Inc.* | 143 | 299,784 | ||||||
Ross Stores, Inc. | 2,578 | 294,614 | ||||||
Dollar Tree, Inc.* | 1,842 | 258,838 | ||||||
Tractor Supply Co. | 996 | 237,646 | ||||||
Best Buy Company, Inc. | 2,228 | 226,365 | ||||||
Ulta Beauty, Inc.* | 531 | 218,953 | ||||||
Genuine Parts Co. | 1,477 | 207,075 | ||||||
Burlington Stores, Inc.* | 695 | 202,599 | ||||||
CarMax, Inc.* | 1,511 | 196,777 | ||||||
Bath & Body Works, Inc. | 2,740 | 191,225 | ||||||
Carvana Co.* | 770 | 178,478 | ||||||
Advance Auto Parts, Inc. | 733 | 175,832 | ||||||
Floor & Decor Holdings, Inc. — Class A* | 1,306 | 169,793 | ||||||
Williams-Sonoma, Inc. | 962 | 162,703 | ||||||
Five Below, Inc.* | 775 | 160,340 | ||||||
GameStop Corp. — Class A*,1 | 1,023 | 151,803 | ||||||
Dick's Sporting Goods, Inc.1 | 1,320 | 151,787 | ||||||
RH* | 280 | 150,063 | ||||||
Lithia Motors, Inc. — Class A | 464 | 137,785 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 2,041 | 136,686 | ||||||
Macy's, Inc. | 5,110 | 133,780 | ||||||
AutoNation, Inc.* | 1,072 | 125,263 | ||||||
Kohl's Corp. | 2,444 | 120,709 | ||||||
Gap, Inc. | 6,693 | 118,131 | ||||||
Victoria's Secret & Co.* | 1,890 | 104,971 | ||||||
Signet Jewelers Ltd. | 1,139 | 99,127 | ||||||
American Eagle Outfitters, Inc.1 | 3,810 | 96,469 | ||||||
Foot Locker, Inc. | 2,201 | 96,030 | ||||||
Academy Sports & Outdoors, Inc.* | 2,108 | 92,541 | ||||||
Nordstrom, Inc.* | 3,992 | 90,299 | ||||||
Asbury Automotive Group, Inc.* | 519 | 89,647 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 1,641 | 84,003 | ||||||
Abercrombie & Fitch Co. — Class A* | 1,837 | 63,983 | ||||||
Big Lots, Inc. | 1,198 | 53,970 | ||||||
Bed Bath & Beyond, Inc.*,1 | 3,626 | 52,867 | ||||||
Total Retail | 10,403,362 | |||||||
Internet - 36.2% | ||||||||
Amazon.com, Inc.* | 543 | 1,810,547 | ||||||
Alibaba Group Holding Ltd. ADR* | 5,207 | 618,539 | ||||||
Booking Holdings, Inc.* | 198 | 475,047 | ||||||
DoorDash, Inc. — Class A* | 2,151 | 320,284 | ||||||
JD.com, Inc. ADR* | 4,367 | 305,996 | ||||||
eBay, Inc. | 4,432 | 294,728 | ||||||
MercadoLibre, Inc.* | 201 | 271,028 | ||||||
Pinduoduo, Inc. ADR* | 4,617 | 269,171 | ||||||
Expedia Group, Inc.* | 1,431 | 258,610 | ||||||
Etsy, Inc.* | 1,057 | 231,420 | ||||||
Chewy, Inc. — Class A*,1 | 3,894 | 229,629 | ||||||
Coupang, Inc.* | 6,897 | 202,634 | ||||||
Wayfair, Inc. — Class A* | 1,052 | 199,848 | ||||||
Trip.com Group Ltd. ADR* | 7,809 | 192,258 | ||||||
Farfetch Ltd. — Class A* | 5,658 | 189,147 | ||||||
Fiverr International Ltd.* | 1,298 | 147,583 | ||||||
Revolve Group, Inc.* | 1,610 | 90,224 | ||||||
Overstock.com, Inc.* | 1,158 | 68,334 | ||||||
Stitch Fix, Inc. — Class A* | 3,411 | 64,536 | ||||||
Total Internet | 6,239,563 | |||||||
Distribution & Wholesale - 2.4% | ||||||||
Pool Corp. | 383 | 216,778 | ||||||
LKQ Corp. | 3,221 | 193,357 | ||||||
Total Distribution & Wholesale | 410,135 | |||||||
Apparel - 0.5% | ||||||||
Urban Outfitters, Inc.* | 2,635 | 77,364 | ||||||
Total Common Stocks | ||||||||
(Cost $11,471,400) | 17,130,424 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 55,074 | 55,074 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 22,777 | 22,777 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 20,707 | 20,707 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $98,558) | 98,558 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 398,667 | 398,667 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $398,667) | 398,667 | |||||||
Total Investments - 102.4% | ||||||||
(Cost $11,968,625) | $ | 17,627,649 | ||||||
Other Assets & Liabilities, net - (2.4)% | (405,151 | ) | ||||||
Total Net Assets - 100.0% | $ | 17,222,498 |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 December 31, 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 December 31, 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 | $ | 17,130,424 | $ | — | $ | — | $ | 17,130,424 | ||||||||
Repurchase Agreements | — | 98,558 | — | 98,558 | ||||||||||||
Securities Lending Collateral | 398,667 | — | — | 398,667 | ||||||||||||
Total Assets | $ | 17,529,091 | $ | 98,558 | $ | — | $ | 17,627,649 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 29.8% | ||||||||
Consumer, Non-cyclical - 7.2% | ||||||||
Tenet Healthcare Corp.* | 107 | $ | 8,741 | |||||
Avis Budget Group, Inc.* | 41 | 8,502 | ||||||
Intellia Therapeutics, Inc.* | 68 | 8,040 | ||||||
Omnicell, Inc.* | 43 | 7,759 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 56 | 7,717 | ||||||
Performance Food Group Co.* | 152 | 6,975 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 101 | 6,696 | ||||||
Blueprint Medicines Corp.* | 58 | 6,212 | ||||||
Inspire Medical Systems, Inc.* | 27 | 6,212 | ||||||
ASGN, Inc.* | 50 | 6,170 | ||||||
Medpace Holdings, Inc.* | 28 | 6,094 | ||||||
Shockwave Medical, Inc.* | 34 | 6,063 | ||||||
AMN Healthcare Services, Inc.* | 48 | 5,872 | ||||||
Helen of Troy Ltd.* | 24 | 5,867 | ||||||
Halozyme Therapeutics, Inc.* | 141 | 5,670 | ||||||
Arena Pharmaceuticals, Inc.* | 61 | 5,669 | ||||||
API Group Corp.* | 199 | 5,128 | ||||||
Neogen Corp.* | 107 | 4,859 | ||||||
Fate Therapeutics, Inc.* | 82 | 4,798 | ||||||
LivaNova plc* | 54 | 4,721 | ||||||
Ensign Group, Inc. | 53 | 4,450 | ||||||
Insperity, Inc. | 37 | 4,370 | ||||||
STAAR Surgical Co.* | 47 | 4,291 | ||||||
Option Care Health, Inc.* | 150 | 4,266 | ||||||
Korn Ferry | 55 | 4,165 | ||||||
LHC Group, Inc.* | 30 | 4,117 | ||||||
CONMED Corp. | 29 | 4,111 | ||||||
Alarm.com Holdings, Inc.* | 48 | 4,071 | ||||||
Denali Therapeutics, Inc.* | 91 | 4,059 | ||||||
Triton International Ltd. | 67 | 4,035 | ||||||
Celsius Holdings, Inc.* | 54 | 4,027 | ||||||
Beam Therapeutics, Inc.* | 50 | 3,985 | ||||||
Pacific Biosciences of California, Inc.* | 194 | 3,969 | ||||||
TriNet Group, Inc.* | 41 | 3,906 | ||||||
NeoGenomics, Inc.* | 113 | 3,856 | ||||||
Sanderson Farms, Inc. | 20 | 3,822 | ||||||
Herc Holdings, Inc. | 24 | 3,757 | ||||||
Alkermes plc* | 161 | 3,745 | ||||||
Intra-Cellular Therapies, Inc.* | 71 | 3,716 | ||||||
Twist Bioscience Corp.* | 47 | 3,637 | ||||||
HealthEquity, Inc.* | 82 | 3,628 | ||||||
Arvinas, Inc.* | 44 | 3,614 | ||||||
Cytokinetics, Inc.* | 79 | 3,601 | ||||||
Simply Good Foods Co.* | 85 | 3,533 | ||||||
iRhythm Technologies, Inc.* | 30 | 3,531 | ||||||
WD-40 Co. | 14 | 3,425 | ||||||
Sprouts Farmers Market, Inc.* | 114 | 3,384 | ||||||
Apellis Pharmaceuticals, Inc.* | 71 | 3,357 | ||||||
Select Medical Holdings Corp. | 111 | 3,263 | ||||||
Merit Medical Systems, Inc.* | 52 | 3,240 | ||||||
Progyny, Inc.* | 64 | 3,222 | ||||||
Brink's Co. | 49 | 3,213 | ||||||
Owens & Minor, Inc. | 73 | 3,175 | ||||||
Rent-A-Center, Inc. | 66 | 3,171 | ||||||
LiveRamp Holdings, Inc.* | 66 | 3,165 | ||||||
Lancaster Colony Corp. | 19 | 3,146 | ||||||
Insmed, Inc.* | 115 | 3,133 | ||||||
AtriCure, Inc.* | 45 | 3,129 | ||||||
Inari Medical, Inc.* | 34 | 3,103 | ||||||
Coca-Cola Consolidated, Inc. | 5 | 3,096 | ||||||
Marathon Digital Holdings, Inc.*,1 | 94 | 3,089 | ||||||
Invitae Corp.* | 201 | 3,069 | ||||||
R1 RCM, Inc.* | 120 | 3,059 | ||||||
EVERTEC, Inc. | 61 | 3,049 | ||||||
Prestige Consumer Healthcare, Inc.* | 50 | 3,032 | ||||||
Zentalis Pharmaceuticals, Inc.* | 36 | 3,026 | ||||||
Amicus Therapeutics, Inc.* | 262 | 3,026 | ||||||
PROG Holdings, Inc.* | 67 | 3,022 | ||||||
Kodiak Sciences, Inc.* | 34 | 2,883 | ||||||
Karuna Therapeutics, Inc.* | 22 | 2,882 | ||||||
Integer Holdings Corp.* | 33 | 2,824 | ||||||
PTC Therapeutics, Inc.* | 70 | 2,788 | ||||||
ACADIA Pharmaceuticals, Inc.* | 119 | 2,778 | ||||||
Primo Water Corp. | 157 | 2,768 | ||||||
Veracyte, Inc.* | 67 | 2,760 | ||||||
Nevro Corp.* | 34 | 2,756 | ||||||
United Natural Foods, Inc.* | 56 | 2,749 | ||||||
ABM Industries, Inc. | 67 | 2,737 | ||||||
NuVasive, Inc.* | 52 | 2,729 | ||||||
Haemonetics Corp.* | 51 | 2,705 | ||||||
Hostess Brands, Inc.* | 131 | 2,675 | ||||||
Pacira BioSciences, Inc.* | 44 | 2,647 | ||||||
Patterson Companies, Inc. | 86 | 2,524 | ||||||
Axonics, Inc.* | 45 | 2,520 | ||||||
Graham Holdings Co. — Class B | 4 | 2,519 | ||||||
Vir Biotechnology, Inc.* | 60 | 2,512 | ||||||
Edgewell Personal Care Co. | 54 | 2,469 | ||||||
John Wiley & Sons, Inc. — Class A | 43 | 2,463 | ||||||
BioCryst Pharmaceuticals, Inc.* | 177 | 2,451 | ||||||
TG Therapeutics, Inc.* | 128 | 2,432 | ||||||
Ortho Clinical Diagnostics Holdings plc* | 111 | 2,374 | ||||||
J & J Snack Foods Corp. | 15 | 2,369 | ||||||
CareDx, Inc.* | 51 | 2,320 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 15 | 2,317 | ||||||
Medifast, Inc. | 11 | 2,304 | ||||||
Xencor, Inc.* | 57 | 2,287 | ||||||
Turning Point Therapeutics, Inc.* | 46 | 2,194 | ||||||
Magellan Health, Inc.* | 23 | 2,185 | ||||||
Kymera Therapeutics, Inc.* | 34 | 2,159 | ||||||
Myriad Genetics, Inc.* | 78 | 2,153 | ||||||
Emergent BioSolutions, Inc.* | 49 | 2,130 | ||||||
Beauty Health Co.* | 88 | 2,126 | ||||||
TreeHouse Foods, Inc.* | 52 | 2,108 | ||||||
Covetrus, Inc.* | 103 | 2,057 | ||||||
MEDNAX, Inc.* | 75 | 2,041 | ||||||
Fulgent Genetics, Inc.* | 20 | 2,012 | ||||||
Glaukos Corp.* | 45 | 2,000 | ||||||
B&G Foods, Inc.1 | 65 | 1,998 | ||||||
ChemoCentryx, Inc.* | 54 | 1,966 | ||||||
Central Garden & Pet Co. — Class A* | 41 | 1,962 | ||||||
Green Dot Corp. — Class A* | 54 | 1,957 | ||||||
CBIZ, Inc.* | 50 | 1,956 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 114 | 1,953 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Agios Pharmaceuticals, Inc.* | 59 | $ | 1,939 | |||||
Monro, Inc. | 33 | 1,923 | ||||||
OPKO Health, Inc.* | 398 | 1,914 | ||||||
Lantheus Holdings, Inc.* | 66 | 1,907 | ||||||
Corcept Therapeutics, Inc.* | 96 | 1,901 | ||||||
Riot Blockchain, Inc.*,1 | 84 | 1,876 | ||||||
CorVel Corp.* | 9 | 1,872 | ||||||
Arcus Biosciences, Inc.* | 46 | 1,862 | ||||||
NanoString Technologies, Inc.* | 44 | 1,858 | ||||||
ICF International, Inc. | 18 | 1,846 | ||||||
Relay Therapeutics, Inc.* | 60 | 1,843 | ||||||
Travere Therapeutics, Inc.* | 59 | 1,831 | ||||||
Heska Corp.* | 10 | 1,825 | ||||||
Inter Parfums, Inc. | 17 | 1,817 | ||||||
Vericel Corp.* | 46 | 1,808 | ||||||
Editas Medicine, Inc.* | 68 | 1,805 | ||||||
Bridgebio Pharma, Inc.*,1 | 108 | 1,801 | ||||||
SpringWorks Therapeutics, Inc.* | 29 | 1,797 | ||||||
ModivCare, Inc.* | 12 | 1,779 | ||||||
Celldex Therapeutics, Inc.* | 46 | 1,777 | ||||||
AdaptHealth Corp.* | 72 | 1,761 | ||||||
Global Blood Therapeutics, Inc.* | 60 | 1,756 | ||||||
IVERIC bio, Inc.* | 105 | 1,756 | ||||||
Avid Bioservices, Inc.* | 60 | 1,751 | ||||||
Prothena Corporation plc* | 35 | 1,729 | ||||||
Textainer Group Holdings Ltd. | 48 | 1,714 | ||||||
Surgery Partners, Inc.* | 32 | 1,709 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 146 | 1,702 | ||||||
Multiplan Corp.* | 376 | 1,666 | ||||||
Avanos Medical, Inc.* | 48 | 1,664 | ||||||
Community Health Systems, Inc.* | 125 | 1,664 | ||||||
Cassava Sciences, Inc.*,1 | 38 | 1,661 | ||||||
Vector Group Ltd. | 144 | 1,653 | ||||||
elf Beauty, Inc.* | 49 | 1,627 | ||||||
Repay Holdings Corp.* | 86 | 1,571 | ||||||
Protagonist Therapeutics, Inc.* | 45 | 1,539 | ||||||
Dynavax Technologies Corp.* | 108 | 1,520 | ||||||
REVOLUTION Medicines, Inc.* | 60 | 1,510 | ||||||
Kforce, Inc. | 20 | 1,504 | ||||||
Adtalem Global Education, Inc.* | 50 | 1,478 | ||||||
ImmunoGen, Inc.* | 198 | 1,469 | ||||||
Silk Road Medical, Inc.* | 34 | 1,449 | ||||||
Strategic Education, Inc. | 25 | 1,446 | ||||||
2U, Inc.* | 72 | 1,445 | ||||||
Supernus Pharmaceuticals, Inc.* | 49 | 1,429 | ||||||
Enanta Pharmaceuticals, Inc.* | 19 | 1,421 | ||||||
Coursera, Inc.* | 58 | 1,418 | ||||||
RadNet, Inc.* | 46 | 1,385 | ||||||
Deluxe Corp. | 42 | 1,349 | ||||||
Sana Biotechnology, Inc.* | 87 | 1,347 | ||||||
Nuvation Bio, Inc.* | 157 | 1,335 | ||||||
Stride, Inc.* | 40 | 1,333 | ||||||
Cal-Maine Foods, Inc.* | 36 | 1,332 | ||||||
Universal Corp. | 24 | 1,318 | ||||||
Accolade, Inc.* | 50 | 1,318 | ||||||
Addus HomeCare Corp.* | 14 | 1,309 | ||||||
Atara Biotherapeutics, Inc.* | 83 | 1,308 | ||||||
REGENXBIO, Inc.* | 40 | 1,308 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 40 | 1,297 | ||||||
Sorrento Therapeutics, Inc.* | 277 | 1,288 | ||||||
Quanterix Corp.* | 30 | 1,272 | ||||||
Krystal Biotech, Inc.* | 18 | 1,259 | ||||||
C4 Therapeutics, Inc.* | 39 | 1,256 | ||||||
Varex Imaging Corp.* | 39 | 1,230 | ||||||
Evo Payments, Inc. — Class A* | 48 | 1,229 | ||||||
FibroGen, Inc.* | 87 | 1,227 | ||||||
Laureate Education, Inc. — Class A | 100 | 1,224 | ||||||
Alector, Inc.* | 59 | 1,218 | ||||||
Cimpress plc* | 17 | 1,217 | ||||||
USANA Health Sciences, Inc.* | 12 | 1,214 | ||||||
Andersons, Inc. | 31 | 1,200 | ||||||
CoreCivic, Inc.* | 120 | 1,196 | ||||||
MGP Ingredients, Inc. | 14 | 1,190 | ||||||
Prometheus Biosciences, Inc.* | 30 | 1,186 | ||||||
Inhibrx, Inc.* | 27 | 1,179 | ||||||
Tivity Health, Inc.* | 44 | 1,163 | ||||||
Revance Therapeutics, Inc.* | 71 | 1,159 | ||||||
Cerus Corp.* | 169 | 1,151 | ||||||
Senseonics Holdings, Inc.* | 431 | 1,151 | ||||||
US Physical Therapy, Inc. | 12 | 1,147 | ||||||
Anavex Life Sciences Corp.* | 65 | 1,127 | ||||||
Ingles Markets, Inc. — Class A | 13 | 1,122 | ||||||
Weis Markets, Inc. | 17 | 1,120 | ||||||
BellRing Brands, Inc. — Class A* | 39 | 1,113 | ||||||
American Well Corp. — Class A* | 183 | 1,105 | ||||||
Huron Consulting Group, Inc.* | 22 | 1,098 | ||||||
National Beverage Corp. | 24 | 1,088 | ||||||
MannKind Corp.* | 246 | 1,075 | ||||||
Chefs' Warehouse, Inc.* | 32 | 1,066 | ||||||
Crinetics Pharmaceuticals, Inc.* | 37 | 1,051 | ||||||
Coherus Biosciences, Inc.* | 65 | 1,037 | ||||||
Inovio Pharmaceuticals, Inc.* | 207 | 1,033 | ||||||
AngioDynamics, Inc.* | 37 | 1,020 | ||||||
Axsome Therapeutics, Inc.* | 27 | 1,020 | ||||||
Allogene Therapeutics, Inc.* | 68 | 1,015 | ||||||
Cross Country Healthcare, Inc.* | 36 | 999 | ||||||
Syndax Pharmaceuticals, Inc.* | 45 | 985 | ||||||
TrueBlue, Inc.* | 35 | 968 | ||||||
MaxCyte, Inc.* | 95 | 968 | ||||||
Carriage Services, Inc. — Class A | 15 | 967 | ||||||
MacroGenics, Inc.* | 60 | 963 | ||||||
Seer, Inc.* | 42 | 958 | ||||||
Brookdale Senior Living, Inc. — Class A* | 185 | 954 | ||||||
LeMaitre Vascular, Inc. | 19 | 954 | ||||||
Vaxcyte, Inc.* | 40 | 952 | ||||||
Morphic Holding, Inc.* | 20 | 948 | ||||||
Fresh Del Monte Produce, Inc. | 34 | 938 | ||||||
Harmony Biosciences Holdings, Inc.* | 22 | 938 | ||||||
Keros Therapeutics, Inc.* | 16 | 936 | ||||||
Madrigal Pharmaceuticals, Inc.* | 11 | 932 | ||||||
iTeos Therapeutics, Inc.* | 20 | 931 | ||||||
Intersect ENT, Inc.* | 34 | 929 | ||||||
SpartanNash Co. | 36 | 927 | ||||||
Nurix Therapeutics, Inc.* | 32 | 926 | ||||||
Utz Brands, Inc. | 58 | 925 | ||||||
Joint Corp.* | 14 | 920 | ||||||
Zogenix, Inc.* | 56 | 910 | ||||||
Instil Bio, Inc.* | 53 | 907 | ||||||
Castle Biosciences, Inc.* | 21 | 900 | ||||||
Vivint Smart Home, Inc.* | 92 | 900 | ||||||
Kura Oncology, Inc.* | 64 | 896 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Rocket Pharmaceuticals, Inc.* | 41 | $ | 895 | |||||
Sangamo Therapeutics, Inc.* | 119 | 893 | ||||||
Berkeley Lights, Inc.* | 49 | 891 | ||||||
National Healthcare Corp. | 13 | 883 | ||||||
Avidity Biosciences, Inc.* | 37 | 880 | ||||||
Meridian Bioscience, Inc.* | 43 | 877 | ||||||
Arlo Technologies, Inc.* | 83 | 871 | ||||||
Endo International plc* | 230 | 865 | ||||||
Vanda Pharmaceuticals, Inc.* | 55 | 863 | ||||||
Amphastar Pharmaceuticals, Inc.* | 37 | 862 | ||||||
First Advantage Corp.* | 45 | 857 | ||||||
Viad Corp.* | 20 | 856 | ||||||
WW International, Inc.* | 53 | 855 | ||||||
Quanex Building Products Corp. | 34 | 843 | ||||||
Ocugen, Inc.*,1 | 185 | 842 | ||||||
Bionano Genomics, Inc.* | 281 | 840 | ||||||
Heron Therapeutics, Inc.* | 92 | 840 | ||||||
OrthoPediatrics Corp.* | 14 | 838 | ||||||
Perdoceo Education Corp.* | 71 | 835 | ||||||
Pulmonx Corp.* | 26 | 834 | ||||||
Heidrick & Struggles International, Inc. | 19 | 831 | ||||||
Butterfly Network, Inc.* | 123 | 823 | ||||||
Triple-S Management Corp. — Class B* | 23 | 821 | ||||||
Replimune Group, Inc.* | 30 | 813 | ||||||
John B Sanfilippo & Son, Inc. | 9 | 811 | ||||||
Natus Medical, Inc.* | 34 | 807 | ||||||
Alphatec Holdings, Inc.* | 70 | 800 | ||||||
RR Donnelley & Sons Co.* | 71 | 799 | ||||||
Aaron's Company, Inc. | 32 | 789 | ||||||
Ideaya Biosciences, Inc.* | 33 | 780 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 21 | 777 | ||||||
ACCO Brands Corp. | 94 | 776 | ||||||
CryoLife, Inc.* | 38 | 773 | ||||||
RAPT Therapeutics, Inc.* | 21 | 771 | ||||||
ViewRay, Inc.* | 138 | 760 | ||||||
Cardiovascular Systems, Inc.* | 40 | 751 | ||||||
Vaxart, Inc.* | 119 | 746 | ||||||
Cutera, Inc.* | 18 | 744 | ||||||
Innoviva, Inc.* | 43 | 742 | ||||||
Aclaris Therapeutics, Inc.* | 51 | 742 | ||||||
SI-BONE, Inc.* | 33 | 733 | ||||||
Tattooed Chef, Inc.* | 47 | 730 | ||||||
Calavo Growers, Inc. | 17 | 721 | ||||||
MeiraGTx Holdings plc* | 30 | 712 | ||||||
Reata Pharmaceuticals, Inc. — Class A* | 27 | 712 | ||||||
MoneyGram International, Inc.* | 90 | 710 | ||||||
Atrion Corp. | 1 | 705 | ||||||
Gossamer Bio, Inc.* | 62 | 701 | ||||||
Inogen, Inc.* | 20 | 680 | ||||||
Honest Company, Inc.* | 84 | 680 | ||||||
MiMedx Group, Inc.* | 112 | 677 | ||||||
Hanger, Inc.* | 37 | 671 | ||||||
Scholar Rock Holding Corp.* | 27 | 671 | ||||||
Bluebird Bio, Inc.* | 67 | 669 | ||||||
Catalyst Pharmaceuticals, Inc.* | 98 | 663 | ||||||
Agenus, Inc.* | 206 | 663 | ||||||
Theravance Biopharma, Inc.* | 60 | 663 | ||||||
AnaptysBio, Inc.* | 19 | 660 | ||||||
Collegium Pharmaceutical, Inc.* | 35 | 654 | ||||||
CRA International, Inc. | 7 | 654 | ||||||
SP Plus Corp.* | 23 | 649 | ||||||
Forrester Research, Inc.* | 11 | 646 | ||||||
Affimed N.V.* | 116 | 640 | ||||||
Sutro Biopharma, Inc.* | 43 | 640 | ||||||
Praxis Precision Medicines, Inc.* | 32 | 630 | ||||||
Surmodics, Inc.* | 13 | 626 | ||||||
OraSure Technologies, Inc.* | 72 | 626 | ||||||
PetIQ, Inc.* | 27 | 613 | ||||||
Eagle Pharmaceuticals, Inc.* | 12 | 611 | ||||||
PMV Pharmaceuticals, Inc.* | 26 | 601 | ||||||
Pennant Group, Inc.* | 26 | 600 | ||||||
Antares Pharma, Inc.* | 167 | 596 | ||||||
Orthofix Medical, Inc.* | 19 | 591 | ||||||
Verve Therapeutics, Inc.* | 16 | 590 | ||||||
Kelly Services, Inc. — Class A | 35 | 587 | ||||||
Seres Therapeutics, Inc.* | 70 | 583 | ||||||
National Research Corp. — Class A | 14 | 581 | ||||||
Mission Produce, Inc.* | 37 | 581 | ||||||
Edgewise Therapeutics, Inc.* | 38 | 581 | ||||||
BrightView Holdings, Inc.* | 41 | 577 | ||||||
Atea Pharmaceuticals, Inc.* | 64 | 572 | ||||||
Resources Connection, Inc. | 32 | 571 | ||||||
Kezar Life Sciences, Inc.* | 34 | 569 | ||||||
NGM Biopharmaceuticals, Inc.* | 32 | 567 | ||||||
Turning Point Brands, Inc. | 15 | 567 | ||||||
2seventy bio, Inc.* | 22 | 564 | ||||||
Arcutis Biotherapeutics, Inc.* | 27 | 560 | ||||||
Franklin Covey Co.* | 12 | 556 | ||||||
Agiliti, Inc.* | 24 | 556 | ||||||
Transcat, Inc.* | 6 | 555 | ||||||
Barrett Business Services, Inc. | 8 | 552 | ||||||
Y-mAbs Therapeutics, Inc.* | 34 | 551 | ||||||
Cass Information Systems, Inc. | 14 | 550 | ||||||
Akero Therapeutics, Inc.* | 26 | 550 | ||||||
Cara Therapeutics, Inc.* | 45 | 548 | ||||||
Inotiv, Inc.* | 13 | 547 | ||||||
Tootsie Roll Industries, Inc. | 15 | 543 | ||||||
Chinook Therapeutics, Inc.* | 33 | 538 | ||||||
Anika Therapeutics, Inc.* | 15 | 537 | ||||||
Kronos Bio, Inc.* | 39 | 530 | ||||||
Ocular Therapeutix, Inc.* | 76 | 530 | ||||||
Gritstone bio, Inc.* | 41 | 527 | ||||||
Central Garden & Pet Co.* | 10 | 526 | ||||||
Paya Holdings, Inc.* | 82 | 520 | ||||||
Personalis, Inc.* | 36 | 514 | ||||||
Hackett Group, Inc. | 25 | 513 | ||||||
Vectrus, Inc.* | 11 | 503 | ||||||
22nd Century Group, Inc.* | 162 | 501 | ||||||
TransMedics Group, Inc.* | 26 | 498 | ||||||
Apria, Inc.* | 15 | 489 | ||||||
Ennis, Inc. | 25 | 488 | ||||||
Forma Therapeutics Holdings, Inc.* | 34 | 484 | ||||||
Mind Medicine MindMed, Inc.* | 348 | 480 | ||||||
Amneal Pharmaceuticals, Inc.* | 100 | 479 | ||||||
Fulcrum Therapeutics, Inc.* | 27 | 478 | ||||||
Vapotherm, Inc.* | 23 | 476 | ||||||
Chimerix, Inc.* | 74 | 476 | ||||||
Karyopharm Therapeutics, Inc.* | 73 | 469 | ||||||
Duckhorn Portfolio, Inc.* | 20 | 467 | ||||||
ANI Pharmaceuticals, Inc.* | 10 | 461 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
4D Molecular Therapeutics, Inc.* | 21 | $ | 461 | |||||
Foghorn Therapeutics, Inc.* | 20 | 457 | ||||||
Intercept Pharmaceuticals, Inc.* | 28 | 456 | ||||||
Stoke Therapeutics, Inc.* | 19 | 456 | ||||||
ORIC Pharmaceuticals, Inc.* | 31 | 456 | ||||||
Rigel Pharmaceuticals, Inc.* | 171 | 453 | ||||||
Vital Farms, Inc.* | 25 | 452 | ||||||
Mersana Therapeutics, Inc.* | 72 | 448 | ||||||
Rubius Therapeutics, Inc.* | 46 | 445 | ||||||
Kinnate Biopharma, Inc.* | 25 | 443 | ||||||
Oramed Pharmaceuticals, Inc.* | 31 | 443 | ||||||
Marinus Pharmaceuticals, Inc.* | 37 | 440 | ||||||
Rhythm Pharmaceuticals, Inc.* | 44 | 439 | ||||||
LifeStance Health Group, Inc.* | 46 | 438 | ||||||
SeaSpine Holdings Corp.* | 32 | 436 | ||||||
VBI Vaccines, Inc.* | 186 | 435 | ||||||
Accuray, Inc.* | 91 | 434 | ||||||
American Public Education, Inc.* | 19 | 423 | ||||||
Bioventus, Inc. — Class A* | 29 | 420 | ||||||
Athira Pharma, Inc.* | 32 | 417 | ||||||
Krispy Kreme, Inc. | 22 | 416 | ||||||
Curis, Inc.* | 87 | 414 | ||||||
ImmunityBio, Inc.*,1 | 68 | 413 | ||||||
Phibro Animal Health Corp. — Class A | 20 | 408 | ||||||
Cullinan Oncology, Inc.* | 26 | 401 | ||||||
Tejon Ranch Co.* | 21 | 401 | ||||||
G1 Therapeutics, Inc.* | 39 | 398 | ||||||
Apyx Medical Corp.* | 31 | 397 | ||||||
Whole Earth Brands, Inc.* | 37 | 397 | ||||||
Albireo Pharma, Inc.* | 17 | 396 | ||||||
Phathom Pharmaceuticals, Inc.* | 20 | 393 | ||||||
Akebia Therapeutics, Inc.* | 174 | 393 | ||||||
Deciphera Pharmaceuticals, Inc.* | 40 | 391 | ||||||
Willdan Group, Inc.* | 11 | 387 | ||||||
ALX Oncology Holdings, Inc.* | 18 | 387 | ||||||
Omeros Corp.* | 60 | 386 | ||||||
Spero Therapeutics, Inc.* | 24 | 384 | ||||||
Veru, Inc.* | 65 | 383 | ||||||
DermTech, Inc.* | 24 | 379 | ||||||
VistaGen Therapeutics, Inc.* | 193 | 376 | ||||||
Custom Truck One Source, Inc.* | 47 | 376 | ||||||
Allovir, Inc.* | 29 | 375 | ||||||
BioLife Solutions, Inc.* | 10 | 373 | ||||||
Precision BioSciences, Inc.* | 50 | 370 | ||||||
SIGA Technologies, Inc.* | 49 | 369 | ||||||
Adicet Bio, Inc.* | 21 | 367 | ||||||
Geron Corp.* | 301 | 367 | ||||||
Altimmune, Inc.* | 40 | 366 | ||||||
Tactile Systems Technology, Inc.* | 19 | 362 | ||||||
Relmada Therapeutics, Inc.* | 16 | 360 | ||||||
Dyne Therapeutics, Inc.* | 30 | 357 | ||||||
Annexon, Inc.* | 31 | 356 | ||||||
Axogen, Inc.* | 38 | 356 | ||||||
Verastem, Inc.* | 172 | 353 | ||||||
Organogenesis Holdings, Inc.* | 38 | 351 | ||||||
Cue Biopharma, Inc.* | 31 | 351 | ||||||
Applied Molecular Transport, Inc.* | 25 | 350 | ||||||
Precigen, Inc.* | 94 | 349 | ||||||
Bioxcel Therapeutics, Inc.* | 17 | 346 | ||||||
Allakos, Inc.* | 35 | 343 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 29 | 341 | ||||||
Immunovant, Inc.* | 40 | 341 | ||||||
Erasca, Inc.* | 21 | 327 | ||||||
Radius Health, Inc.* | 47 | 325 | ||||||
Cogent Biosciences, Inc.* | 37 | 318 | ||||||
Viking Therapeutics, Inc.* | 69 | 317 | ||||||
Provention Bio, Inc.* | 56 | 315 | ||||||
BioAtla, Inc.* | 16 | 314 | ||||||
Generation Bio Co.* | 44 | 312 | ||||||
Arbutus Biopharma Corp.* | 80 | 311 | ||||||
Pliant Therapeutics, Inc.* | 23 | 311 | ||||||
Stereotaxis, Inc.* | 50 | 310 | ||||||
InfuSystem Holdings, Inc.* | 18 | 307 | ||||||
Lineage Cell Therapeutics, Inc.* | 125 | 306 | ||||||
Clovis Oncology, Inc.* | 113 | 306 | ||||||
HF Foods Group, Inc.* | 36 | 305 | ||||||
European Wax Center, Inc. — Class A* | 10 | 304 | ||||||
Aerie Pharmaceuticals, Inc.* | 43 | 302 | ||||||
Utah Medical Products, Inc.* | 3 | 300 | ||||||
Design Therapeutics, Inc.* | 14 | 300 | ||||||
Icosavax, Inc.*,1 | 13 | 297 | ||||||
Selecta Biosciences, Inc.* | 91 | 297 | ||||||
Aveanna Healthcare Holdings, Inc.* | 40 | 296 | ||||||
Landec Corp.* | 26 | 289 | ||||||
MEI Pharma, Inc.* | 108 | 288 | ||||||
Seneca Foods Corp. — Class A* | 6 | 288 | ||||||
Avita Medical, Inc.* | 24 | 288 | ||||||
Caribou Biosciences, Inc.* | 19 | 287 | ||||||
BioDelivery Sciences International, Inc.* | 92 | 285 | ||||||
Harvard Bioscience, Inc.* | 40 | 282 | ||||||
CytomX Therapeutics, Inc.* | 65 | 281 | ||||||
Alta Equipment Group, Inc.* | 19 | 278 | ||||||
iRadimed Corp.* | 6 | 277 | ||||||
Jounce Therapeutics, Inc.* | 33 | 276 | ||||||
AppHarvest, Inc.* | 70 | 272 | ||||||
Lexicon Pharmaceuticals, Inc.* | 68 | 268 | ||||||
ShotSpotter, Inc.* | 9 | 266 | ||||||
Tenaya Therapeutics, Inc.* | 14 | 265 | ||||||
KalVista Pharmaceuticals, Inc.* | 20 | 265 | ||||||
Cytek Biosciences, Inc.* | 16 | 261 | ||||||
Asensus Surgical, Inc.* | 233 | 259 | ||||||
EyePoint Pharmaceuticals, Inc.* | 21 | 257 | ||||||
Taysha Gene Therapies, Inc.* | 22 | 256 | ||||||
CEL-SCI Corp.*,1 | 36 | 256 | ||||||
KemPharm, Inc.* | 29 | 253 | ||||||
Cortexyme, Inc.* | 20 | 252 | ||||||
Acacia Research Corp.* | 49 | 251 | ||||||
Aligos Therapeutics, Inc.* | 21 | 249 | ||||||
Monte Rosa Therapeutics, Inc.* | 12 | 245 | ||||||
Limoneira Co. | 16 | 240 | ||||||
Janux Therapeutics, Inc.* | 12 | 237 | ||||||
Cymabay Therapeutics, Inc.* | 70 | 237 | ||||||
Passage Bio, Inc.* | 37 | 235 | ||||||
IGM Biosciences, Inc.* | 8 | 235 | ||||||
Olema Pharmaceuticals, Inc.* | 25 | 234 | ||||||
ZIOPHARM Oncology, Inc.* | 211 | 230 | ||||||
Shattuck Labs, Inc.* | 27 | 230 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Cardiff Oncology, Inc.* | 38 | $ | 228 | |||||
Durect Corp.* | 227 | 224 | ||||||
Epizyme, Inc.* | 89 | 223 | ||||||
Vor BioPharma, Inc.* | 19 | 221 | ||||||
9 Meters Biopharma, Inc.* | 224 | 219 | ||||||
Paratek Pharmaceuticals, Inc.* | 48 | 216 | ||||||
Nkarta, Inc.* | 14 | 215 | ||||||
Imago Biosciences, Inc.* | 9 | 213 | ||||||
ClearPoint Neuro, Inc.* | 19 | 213 | ||||||
Village Super Market, Inc. — Class A | 9 | 211 | ||||||
Nuvalent, Inc. — Class A* | 11 | 209 | ||||||
Sientra, Inc.* | 57 | 209 | ||||||
Evolus, Inc.* | 32 | 208 | ||||||
Spectrum Pharmaceuticals, Inc.* | 164 | 208 | ||||||
Pulse Biosciences, Inc.* | 14 | 207 | ||||||
SQZ Biotechnologies Co.* | 23 | 205 | ||||||
Akouos, Inc.* | 24 | 204 | ||||||
Nature's Sunshine Products, Inc. | 11 | 204 | ||||||
Quotient Ltd.* | 78 | 202 | ||||||
Oyster Point Pharma, Inc.* | 11 | 201 | ||||||
Zynex, Inc. | 20 | 199 | ||||||
Graphite Bio, Inc.* | 16 | 199 | ||||||
Infinity Pharmaceuticals, Inc.* | 88 | 198 | ||||||
Poseida Therapeutics, Inc.* | 29 | 198 | ||||||
Aldeyra Therapeutics, Inc.* | 49 | 196 | ||||||
Century Therapeutics, Inc.* | 12 | 190 | ||||||
UroGen Pharma Ltd.* | 20 | 190 | ||||||
Aeglea BioTherapeutics, Inc.* | 40 | 190 | ||||||
Syros Pharmaceuticals, Inc.* | 58 | 189 | ||||||
Atossa Therapeutics, Inc.* | 117 | 187 | ||||||
Treace Medical Concepts, Inc.* | 10 | 186 | ||||||
Lyell Immunopharma, Inc.* | 24 | 186 | ||||||
Day One Biopharmaceuticals, Inc.* | 11 | 185 | ||||||
Athersys, Inc.* | 205 | 185 | ||||||
Viemed Healthcare, Inc.* | 35 | 183 | ||||||
Evelo Biosciences, Inc.* | 30 | 182 | ||||||
Immunic, Inc.* | 19 | 182 | ||||||
Tarsus Pharmaceuticals, Inc.* | 8 | 180 | ||||||
Fortress Biotech, Inc.* | 71 | 178 | ||||||
PAVmed, Inc.* | 72 | 177 | ||||||
ChromaDex Corp.* | 47 | 176 | ||||||
Nathan's Famous, Inc. | 3 | 175 | ||||||
Citius Pharmaceuticals, Inc.* | 113 | 174 | ||||||
CorMedix, Inc.* | 38 | 173 | ||||||
Accelerate Diagnostics, Inc.* | 33 | 172 | ||||||
CytoSorbents Corp.* | 41 | 172 | ||||||
Neoleukin Therapeutics, Inc.* | 35 | 169 | ||||||
Humanigen, Inc.* | 45 | 167 | ||||||
Surface Oncology, Inc.* | 35 | 167 | ||||||
Codiak Biosciences, Inc.* | 15 | 167 | ||||||
Alpine Immune Sciences, Inc.* | 12 | 166 | ||||||
Eiger BioPharmaceuticals, Inc.* | 32 | 166 | ||||||
Frequency Therapeutics, Inc.* | 32 | 164 | ||||||
Sesen Bio, Inc.* | 198 | 161 | ||||||
Seelos Therapeutics, Inc.* | 99 | 161 | ||||||
Vera Therapeutics, Inc.* | 6 | 160 | ||||||
XBiotech, Inc. | 14 | 156 | ||||||
Adverum Biotechnologies, Inc.* | 87 | 153 | ||||||
Homology Medicines, Inc.* | 42 | 153 | ||||||
Adagio Therapeutics, Inc.* | 21 | 153 | ||||||
Applied Therapeutics, Inc.* | 17 | 152 | ||||||
Avrobio, Inc.* | 38 | 146 | ||||||
Molecular Templates, Inc.* | 37 | 145 | ||||||
TCR2 Therapeutics, Inc.* | 31 | 144 | ||||||
Harpoon Therapeutics, Inc.* | 19 | 143 | ||||||
Alpha Teknova, Inc.* | 7 | 143 | ||||||
Silverback Therapeutics, Inc.* | 21 | 140 | ||||||
TherapeuticsMD, Inc.* | 389 | 138 | ||||||
NewAge, Inc.* | 134 | 138 | ||||||
Talaris Therapeutics, Inc.* | 9 | 138 | ||||||
Prelude Therapeutics, Inc.* | 11 | 137 | ||||||
Viracta Therapeutics, Inc.* | 37 | 135 | ||||||
Magenta Therapeutics, Inc.* | 30 | 133 | ||||||
Vincerx Pharma, Inc.* | 13 | 133 | ||||||
Oncocyte Corp.* | 61 | 132 | ||||||
Esperion Therapeutics, Inc.* | 26 | 130 | ||||||
Aspira Women's Health, Inc.* | 73 | 129 | ||||||
Tonix Pharmaceuticals Holding Corp.* | 361 | 129 | ||||||
Singular Genomics Systems, Inc.* | 11 | 127 | ||||||
Ikena Oncology, Inc.* | 10 | 125 | ||||||
XOMA Corp.* | 6 | 125 | ||||||
Brooklyn ImmunoTherapeutics, Inc.* | 30 | 125 | ||||||
Black Diamond Therapeutics, Inc.* | 23 | 123 | ||||||
Akoya Biosciences, Inc.* | 8 | 123 | ||||||
Sensei Biotherapeutics, Inc.* | 21 | 122 | ||||||
Outlook Therapeutics, Inc.* | 89 | 121 | ||||||
WaVe Life Sciences Ltd.* | 38 | 119 | ||||||
iBio, Inc.* | 217 | 119 | ||||||
Celcuity, Inc.* | 9 | 119 | ||||||
Aerovate Therapeutics, Inc.* | 10 | 118 | ||||||
Retractable Technologies, Inc.* | 17 | 118 | ||||||
89bio, Inc.* | 9 | 118 | ||||||
Exagen, Inc.* | 10 | 116 | ||||||
Mustang Bio, Inc.* | 70 | 116 | ||||||
Athenex, Inc.* | 85 | 116 | ||||||
Absci Corp.* | 14 | 115 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 8 | 114 | ||||||
Immuneering Corp. — Class A* | 7 | 113 | ||||||
Bolt Biotherapeutics, Inc.* | 23 | 113 | ||||||
Neuronetics, Inc.* | 25 | 111 | ||||||
Oncorus, Inc.* | 21 | 111 | ||||||
Ampio Pharmaceuticals, Inc.* | 194 | 111 | ||||||
Verrica Pharmaceuticals, Inc.* | 12 | 110 | ||||||
AquaBounty Technologies, Inc.* | 52 | 109 | ||||||
Solid Biosciences, Inc.* | 60 | 105 | ||||||
Beyondspring, Inc.* | 23 | 104 | ||||||
Rain Therapeutics, Inc.* | 8 | 103 | ||||||
Oncternal Therapeutics, Inc.* | 45 | 102 | ||||||
Eargo, Inc.* | 20 | 102 | ||||||
HireQuest, Inc. | 5 | 101 | ||||||
Puma Biotechnology, Inc.* | 33 | 100 | ||||||
Ardelyx, Inc.* | 89 | 98 | ||||||
CVRx, Inc.* | 8 | 98 | ||||||
Greenwich Lifesciences, Inc.* | 4 | 97 | ||||||
Trevena, Inc.* | 164 | 96 | ||||||
Inozyme Pharma, Inc.* | 14 | 95 | ||||||
Emerald Holding, Inc.* | 24 | 95 | ||||||
Invacare Corp.* | 34 | 92 | ||||||
Terns Pharmaceuticals, Inc.* | 13 | 92 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Cyteir Therapeutics, Inc.* | 8 | $ | 91 | |||||
Avalo Therapeutics, Inc.* | 53 | 90 | ||||||
Innovage Holding Corp.* | 18 | 90 | ||||||
RxSight, Inc.* | 8 | 90 | ||||||
Codex DNA, Inc.* | 8 | 86 | ||||||
Rapid Micro Biosystems, Inc. — Class A* | 8 | 85 | ||||||
Werewolf Therapeutics, Inc.* | 7 | 83 | ||||||
NexImmune, Inc.* | 18 | 83 | ||||||
Clene, Inc.* | 20 | 82 | ||||||
Cadiz, Inc.* | 21 | 81 | ||||||
Finch Therapeutics Group, Inc.* | 8 | 80 | ||||||
Omega Therapeutics, Inc.* | 7 | 79 | ||||||
Atreca, Inc. — Class A* | 26 | 79 | ||||||
Laird Superfood, Inc.* | 6 | 78 | ||||||
SOC Telemed, Inc.* | 61 | 78 | ||||||
StoneMor, Inc.* | 32 | 73 | ||||||
Priority Technology Holdings, Inc.* | 10 | 71 | ||||||
NeuroPace, Inc.* | 7 | 71 | ||||||
Zevia PBC — Class A* | 10 | 70 | ||||||
Summit Therapeutics, Inc.* | 26 | 70 | ||||||
Revlon, Inc. — Class A* | 6 | 68 | ||||||
Acumen Pharmaceuticals, Inc.* | 10 | 68 | ||||||
Biomea Fusion, Inc.* | 9 | 67 | ||||||
Rallybio Corp.* | 7 | 67 | ||||||
Acutus Medical, Inc.* | 19 | 65 | ||||||
Gemini Therapeutics, Inc.* | 22 | 64 | ||||||
Mirum Pharmaceuticals, Inc.* | 4 | 64 | ||||||
Angion Biomedica Corp.* | 22 | 64 | ||||||
Biodesix, Inc.* | 12 | 64 | ||||||
Eliem Therapeutics, Inc.* | 6 | 63 | ||||||
Talis Biomedical Corp.* | 15 | 60 | ||||||
Kala Pharmaceuticals, Inc.* | 48 | 58 | ||||||
Ontrak, Inc.* | 9 | 57 | ||||||
GT Biopharma, Inc.* | 18 | 55 | ||||||
Portage Biotech, Inc.* | 5 | 54 | ||||||
Reneo Pharmaceuticals, Inc.* | 6 | 51 | ||||||
Kaleido Biosciences, Inc.* | 20 | 48 | ||||||
Hookipa Pharma, Inc.* | 19 | 44 | ||||||
Impel Neuropharma, Inc.* | 5 | 43 | ||||||
Sigilon Therapeutics, Inc.* | 15 | 41 | ||||||
Spruce Biosciences, Inc.* | 9 | 40 | ||||||
Team, Inc.* | 26 | 28 | ||||||
Sera Prognostics, Inc. — Class A* | 4 | 28 | ||||||
Forte Biosciences, Inc.* | 11 | 24 | ||||||
Landos Biopharma, Inc.* | 4 | 19 | ||||||
Greenlane Holdings, Inc. — Class A* | 16 | 15 | ||||||
Total Consumer, Non-cyclical | 708,884 | |||||||
Financial - 6.9% | ||||||||
EastGroup Properties, Inc. REIT | 40 | 9,114 | ||||||
STAG Industrial, Inc. REIT | 174 | 8,345 | ||||||
First Financial Bankshares, Inc. | 129 | 6,558 | ||||||
Glacier Bancorp, Inc. | 111 | 6,294 | ||||||
Innovative Industrial Properties, Inc. REIT | 23 | 6,047 | ||||||
Terreno Realty Corp. REIT | 70 | 5,970 | ||||||
SouthState Corp. | 70 | 5,608 | ||||||
Cadence Bank | 187 | 5,571 | ||||||
National Storage Affiliates Trust REIT | 80 | 5,536 | ||||||
Valley National Bancorp | 395 | 5,431 | ||||||
Houlihan Lokey, Inc. | 51 | 5,280 | ||||||
Kinsale Capital Group, Inc. | 22 | 5,234 | ||||||
CIT Group, Inc. | 100 | 5,134 | ||||||
Trupanion, Inc.* | 38 | 5,017 | ||||||
Essent Group Ltd. | 110 | 5,008 | ||||||
Ryman Hospitality Properties, Inc. REIT* | 54 | 4,966 | ||||||
Agree Realty Corp. REIT | 69 | 4,924 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 159 | 4,869 | ||||||
Selective Insurance Group, Inc. | 59 | 4,835 | ||||||
United Bankshares, Inc. | 130 | 4,716 | ||||||
Kite Realty Group Trust REIT | 216 | 4,704 | ||||||
UMB Financial Corp. | 44 | 4,669 | ||||||
Healthcare Realty Trust, Inc. REIT | 145 | 4,588 | ||||||
RLI Corp. | 40 | 4,484 | ||||||
Walker & Dunlop, Inc. | 29 | 4,376 | ||||||
Hancock Whitney Corp. | 86 | 4,302 | ||||||
LXP Industrial Trust REIT | 274 | 4,280 | ||||||
ServisFirst Bancshares, Inc. | 50 | 4,247 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 77 | 4,090 | ||||||
Physicians Realty Trust REIT | 215 | 4,048 | ||||||
PotlatchDeltic Corp. REIT | 67 | 4,035 | ||||||
DigitalBridge Group, Inc. REIT* | 479 | 3,990 | ||||||
Redfin Corp.* | 103 | 3,954 | ||||||
Community Bank System, Inc. | 53 | 3,947 | ||||||
Outfront Media, Inc. REIT | 145 | 3,889 | ||||||
Broadstone Net Lease, Inc. REIT | 156 | 3,872 | ||||||
Moelis & Co. — Class A | 61 | 3,813 | ||||||
Pacific Premier Bancorp, Inc. | 94 | 3,763 | ||||||
Radian Group, Inc. | 178 | 3,761 | ||||||
Home BancShares, Inc. | 153 | 3,726 | ||||||
BankUnited, Inc. | 88 | 3,723 | ||||||
Silvergate Capital Corp. — Class A* | 25 | 3,705 | ||||||
Macerich Co. REIT | 214 | 3,698 | ||||||
PS Business Parks, Inc. REIT | 20 | 3,683 | ||||||
Independent Bank Corp. | 45 | 3,669 | ||||||
Chimera Investment Corp. REIT | 235 | 3,544 | ||||||
Federated Hermes, Inc. — Class B | 94 | 3,533 | ||||||
Focus Financial Partners, Inc. — Class A* | 59 | 3,523 | ||||||
Hamilton Lane, Inc. — Class A | 34 | 3,523 | ||||||
Apple Hospitality REIT, Inc. | 214 | 3,456 | ||||||
Investors Bancorp, Inc. | 228 | 3,454 | ||||||
Eastern Bankshares, Inc. | 171 | 3,449 | ||||||
Associated Banc-Corp. | 151 | 3,411 | ||||||
Essential Properties Realty Trust, Inc. REIT | 116 | 3,344 | ||||||
Ameris Bancorp | 67 | 3,329 | ||||||
Navient Corp. | 156 | 3,310 | ||||||
American Equity Investment Life Holding Co. | 83 | 3,230 | ||||||
Cathay General Bancorp | 75 | 3,224 | ||||||
Simmons First National Corp. — Class A | 108 | 3,195 | ||||||
Axos Financial, Inc.* | 57 | 3,187 | ||||||
Corporate Office Properties Trust REIT | 113 | 3,161 | ||||||
United Community Banks, Inc. | 87 | 3,127 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Cushman & Wakefield plc* | 139 | $ | 3,091 | |||||
Texas Capital Bancshares, Inc.* | 51 | 3,073 | ||||||
Piper Sandler Cos. | 17 | 3,035 | ||||||
Equity Commonwealth REIT* | 117 | 3,030 | ||||||
Old National Bancorp | 165 | 2,990 | ||||||
Sabra Health Care REIT, Inc. | 220 | 2,979 | ||||||
Enstar Group Ltd.* | 12 | 2,971 | ||||||
Pebblebrook Hotel Trust REIT | 130 | 2,908 | ||||||
CNO Financial Group, Inc. | 121 | 2,885 | ||||||
Kennedy-Wilson Holdings, Inc. | 120 | 2,866 | ||||||
Atlantic Union Bankshares Corp. | 76 | 2,834 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 59 | 2,811 | ||||||
Live Oak Bancshares, Inc. | 32 | 2,793 | ||||||
Newmark Group, Inc. — Class A | 149 | 2,786 | ||||||
CVB Financial Corp. | 129 | 2,762 | ||||||
First BanCorp | 200 | 2,756 | ||||||
SITE Centers Corp. REIT | 174 | 2,754 | ||||||
Triumph Bancorp, Inc.* | 23 | 2,739 | ||||||
Independence Realty Trust, Inc. REIT | 106 | 2,738 | ||||||
Uniti Group, Inc. REIT | 194 | 2,718 | ||||||
Fulton Financial Corp. | 159 | 2,703 | ||||||
Independent Bank Group, Inc. | 37 | 2,670 | ||||||
Sunstone Hotel Investors, Inc. REIT* | 218 | 2,557 | ||||||
Columbia Banking System, Inc. | 78 | 2,552 | ||||||
Flagstar Bancorp, Inc. | 53 | 2,541 | ||||||
Mr Cooper Group, Inc.* | 61 | 2,538 | ||||||
Arbor Realty Trust, Inc. REIT | 136 | 2,492 | ||||||
National Health Investors, Inc. REIT | 43 | 2,471 | ||||||
LendingClub Corp.* | 98 | 2,370 | ||||||
Flywire Corp.*,1 | 62 | 2,360 | ||||||
WSFS Financial Corp. | 47 | 2,356 | ||||||
Retail Opportunity Investments Corp. REIT | 120 | 2,352 | ||||||
Goosehead Insurance, Inc. — Class A | 18 | 2,341 | ||||||
First Midwest Bancorp, Inc. | 114 | 2,335 | ||||||
Cohen & Steers, Inc. | 25 | 2,313 | ||||||
RLJ Lodging Trust REIT | 166 | 2,312 | ||||||
PRA Group, Inc.* | 46 | 2,310 | ||||||
First Merchants Corp. | 55 | 2,304 | ||||||
PennyMac Financial Services, Inc. | 33 | 2,303 | ||||||
First Financial Bancorp | 94 | 2,292 | ||||||
International Bancshares Corp. | 54 | 2,289 | ||||||
Brandywine Realty Trust REIT | 170 | 2,281 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 124 | 2,279 | ||||||
Washington Federal, Inc. | 68 | 2,270 | ||||||
Sandy Spring Bancorp, Inc. | 47 | 2,260 | ||||||
Hilltop Holdings, Inc. | 64 | 2,249 | ||||||
WesBanco, Inc. | 64 | 2,239 | ||||||
Four Corners Property Trust, Inc. REIT | 76 | 2,235 | ||||||
Urban Edge Properties REIT | 116 | 2,204 | ||||||
Washington Real Estate Investment Trust REIT | 85 | 2,197 | ||||||
CareTrust REIT, Inc. | 96 | 2,192 | ||||||
Stewart Information Services Corp. | 27 | 2,153 | ||||||
TowneBank | 68 | 2,148 | ||||||
Banner Corp. | 35 | 2,123 | ||||||
eXp World Holdings, Inc. | 62 | 2,089 | ||||||
Renasant Corp. | 55 | 2,087 | ||||||
Virtus Investment Partners, Inc. | 7 | 2,080 | ||||||
Xenia Hotels & Resorts, Inc. REIT* | 114 | 2,065 | ||||||
Park National Corp. | 15 | 2,060 | ||||||
Genworth Financial, Inc. — Class A* | 505 | 2,045 | ||||||
Heartland Financial USA, Inc. | 40 | 2,024 | ||||||
Trustmark Corp. | 62 | 2,013 | ||||||
DiamondRock Hospitality Co. REIT* | 209 | 2,008 | ||||||
Lakeland Financial Corp. | 25 | 2,004 | ||||||
Monmouth Real Estate Investment Corp. REIT | 95 | 1,996 | ||||||
MFA Financial, Inc. REIT | 437 | 1,993 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 103 | 1,986 | ||||||
Customers Bancorp, Inc.* | 30 | 1,961 | ||||||
Seacoast Banking Corporation of Florida | 55 | 1,946 | ||||||
McGrath RentCorp | 24 | 1,926 | ||||||
Easterly Government Properties, Inc. REIT | 84 | 1,925 | ||||||
Realogy Holdings Corp.* | 114 | 1,916 | ||||||
Veritex Holdings, Inc. | 48 | 1,909 | ||||||
Meta Financial Group, Inc. | 32 | 1,909 | ||||||
Bank of NT Butterfield & Son Ltd. | 50 | 1,906 | ||||||
Acadia Realty Trust REIT | 87 | 1,899 | ||||||
American Assets Trust, Inc. REIT | 50 | 1,876 | ||||||
Great Western Bancorp, Inc. | 55 | 1,868 | ||||||
Eagle Bancorp, Inc. | 32 | 1,867 | ||||||
Encore Capital Group, Inc.* | 30 | 1,863 | ||||||
Argo Group International Holdings Ltd. | 32 | 1,860 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 141 | 1,856 | ||||||
NexPoint Residential Trust, Inc. REIT | 22 | 1,844 | ||||||
Provident Financial Services, Inc. | 76 | 1,841 | ||||||
Alexander & Baldwin, Inc. REIT | 73 | 1,832 | ||||||
NMI Holdings, Inc. — Class A* | 83 | 1,814 | ||||||
iStar, Inc. REIT1 | 70 | 1,808 | ||||||
Two Harbors Investment Corp. REIT | 313 | 1,806 | ||||||
PJT Partners, Inc. — Class A | 24 | 1,778 | ||||||
B. Riley Financial, Inc. | 20 | 1,777 | ||||||
Hope Bancorp, Inc. | 119 | 1,750 | ||||||
Northwest Bancshares, Inc. | 122 | 1,727 | ||||||
St. Joe Co. | 33 | 1,718 | ||||||
PennyMac Mortgage Investment Trust REIT | 99 | 1,716 | ||||||
BRP Group, Inc. — Class A* | 47 | 1,697 | ||||||
First Interstate BancSystem, Inc. — Class A | 41 | 1,667 | ||||||
StepStone Group, Inc. — Class A | 40 | 1,663 | ||||||
NBT Bancorp, Inc. | 43 | 1,656 | ||||||
Enterprise Financial Services Corp. | 35 | 1,648 | ||||||
Veris Residential, Inc. REIT* | 89 | 1,636 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Industrial Logistics Properties Trust REIT | 65 | $ | 1,628 | |||||
Horace Mann Educators Corp. | 42 | 1,625 | ||||||
Palomar Holdings, Inc.* | 25 | 1,619 | ||||||
Nelnet, Inc. — Class A | 16 | 1,563 | ||||||
First Bancorp | 34 | 1,554 | ||||||
Centerspace REIT | 14 | 1,553 | ||||||
Paramount Group, Inc. REIT | 186 | 1,551 | ||||||
Stock Yards Bancorp, Inc. | 24 | 1,533 | ||||||
Global Net Lease, Inc. REIT | 100 | 1,528 | ||||||
Enova International, Inc.* | 37 | 1,516 | ||||||
First Commonwealth Financial Corp. | 94 | 1,512 | ||||||
American National Group, Inc. | 8 | 1,511 | ||||||
Brightsphere Investment Group, Inc. | 58 | 1,485 | ||||||
Redwood Trust, Inc. REIT | 112 | 1,477 | ||||||
Capitol Federal Financial, Inc. | 130 | 1,473 | ||||||
LendingTree, Inc.* | 12 | 1,471 | ||||||
BGC Partners, Inc. — Class A | 312 | 1,451 | ||||||
Service Properties Trust REIT | 165 | 1,450 | ||||||
FB Financial Corp. | 33 | 1,446 | ||||||
Westamerica BanCorp | 25 | 1,443 | ||||||
Safehold, Inc. REIT | 18 | 1,437 | ||||||
New York Mortgage Trust, Inc. REIT | 380 | 1,414 | ||||||
First Busey Corp. | 51 | 1,383 | ||||||
Ladder Capital Corp. — Class A REIT | 114 | 1,367 | ||||||
Berkshire Hills Bancorp, Inc. | 48 | 1,365 | ||||||
OFG Bancorp | 51 | 1,355 | ||||||
ProAssurance Corp. | 53 | 1,341 | ||||||
LTC Properties, Inc. REIT | 39 | 1,331 | ||||||
National Bank Holdings Corp. — Class A | 30 | 1,318 | ||||||
Bancorp, Inc.* | 52 | 1,316 | ||||||
OceanFirst Financial Corp. | 59 | 1,310 | ||||||
Southside Bancshares, Inc. | 31 | 1,296 | ||||||
Getty Realty Corp. REIT | 40 | 1,284 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 143 | 1,273 | ||||||
Brookline Bancorp, Inc. | 77 | 1,246 | ||||||
ConnectOne Bancorp, Inc. | 38 | 1,243 | ||||||
S&T Bancorp, Inc. | 39 | 1,229 | ||||||
City Holding Co. | 15 | 1,227 | ||||||
Broadmark Realty Capital, Inc. REIT | 129 | 1,216 | ||||||
Selectquote, Inc.* | 134 | 1,214 | ||||||
TriCo Bancshares | 28 | 1,203 | ||||||
Employers Holdings, Inc. | 29 | 1,200 | ||||||
BancFirst Corp. | 17 | 1,200 | ||||||
Dime Community Bancshares, Inc. | 34 | 1,195 | ||||||
Office Properties Income Trust REIT | 48 | 1,192 | ||||||
Safety Insurance Group, Inc. | 14 | 1,190 | ||||||
Marcus & Millichap, Inc.* | 23 | 1,184 | ||||||
UMH Properties, Inc. REIT | 43 | 1,175 | ||||||
Tompkins Financial Corp. | 14 | 1,170 | ||||||
Apartment Investment and Management Co. — Class A REIT* | 149 | 1,150 | ||||||
Premier Financial Corp. | 37 | 1,144 | ||||||
Community Healthcare Trust, Inc. REIT | 24 | 1,134 | ||||||
Farmer Mac — Class C | 9 | 1,115 | ||||||
RPT Realty REIT | 81 | 1,084 | ||||||
Banc of California, Inc. | 55 | 1,079 | ||||||
American Finance Trust, Inc. REIT | 118 | 1,077 | ||||||
James River Group Holdings Ltd. | 37 | 1,066 | ||||||
Global Medical REIT, Inc. | 60 | 1,065 | ||||||
StoneX Group, Inc.* | 17 | 1,041 | ||||||
HomeStreet, Inc. | 20 | 1,040 | ||||||
Nicolet Bankshares, Inc.* | 12 | 1,029 | ||||||
AMERISAFE, Inc. | 19 | 1,023 | ||||||
Summit Hotel Properties, Inc. REIT* | 104 | 1,015 | ||||||
Cowen, Inc. — Class A | 28 | 1,011 | ||||||
Preferred Bank/Los Angeles CA | 14 | 1,005 | ||||||
First Foundation, Inc. | 40 | 994 | ||||||
World Acceptance Corp.* | 4 | 982 | ||||||
Gladstone Land Corp. REIT | 29 | 979 | ||||||
German American Bancorp, Inc. | 25 | 975 | ||||||
Plymouth Industrial REIT, Inc. | 30 | 960 | ||||||
Washington Trust Bancorp, Inc. | 17 | 958 | ||||||
Kearny Financial Corp. | 72 | 954 | ||||||
Radius Global Infrastructure, Inc. — Class A* | 59 | 950 | ||||||
Origin Bancorp, Inc. | 22 | 944 | ||||||
Preferred Apartment Communities, Inc. — Class A REIT | 52 | 939 | ||||||
Amerant Bancorp, Inc. | 27 | 933 | ||||||
Lakeland Bancorp, Inc. | 49 | 931 | ||||||
State Auto Financial Corp. | 18 | 930 | ||||||
Gladstone Commercial Corp. REIT | 36 | 928 | ||||||
GEO Group, Inc. REIT*,1 | 118 | 915 | ||||||
Armada Hoffler Properties, Inc. REIT | 60 | 913 | ||||||
Ready Capital Corp. REIT | 58 | 907 | ||||||
Bryn Mawr Bank Corp. | 20 | 900 | ||||||
Horizon Bancorp, Inc. | 43 | 897 | ||||||
NETSTREIT Corp. REIT | 39 | 893 | ||||||
TriState Capital Holdings, Inc.* | 29 | 878 | ||||||
Univest Financial Corp. | 29 | 868 | ||||||
BrightSpire Capital, Inc. REIT | 84 | 862 | ||||||
Heritage Financial Corp. | 35 | 855 | ||||||
Metropolitan Bank Holding Corp.* | 8 | 852 | ||||||
1st Source Corp. | 17 | 843 | ||||||
QCR Holdings, Inc. | 15 | 840 | ||||||
Columbia Financial, Inc.* | 40 | 834 | ||||||
Blucora, Inc.* | 48 | 831 | ||||||
City Office REIT, Inc. | 42 | 828 | ||||||
Douglas Elliman, Inc.* | 72 | 828 | ||||||
Peoples Bancorp, Inc. | 26 | 827 | ||||||
WisdomTree Investments, Inc. | 134 | 820 | ||||||
Invesco Mortgage Capital, Inc. REIT | 292 | 812 | ||||||
ARMOUR Residential REIT, Inc. | 82 | 804 | ||||||
Ellington Financial, Inc. REIT | 47 | 803 | ||||||
Allegiance Bancshares, Inc. | 19 | 802 | ||||||
Universal Health Realty Income Trust REIT | 13 | 773 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
First Bancshares, Inc. | 20 | $ | 772 | |||||
Central Pacific Financial Corp. | 27 | 761 | ||||||
MBIA, Inc.* | 48 | 758 | ||||||
HarborOne Bancorp, Inc. | 50 | 742 | ||||||
TPG RE Finance Trust, Inc. REIT | 60 | 739 | ||||||
Ambac Financial Group, Inc.* | 46 | 738 | ||||||
Hanmi Financial Corp. | 31 | 734 | ||||||
CrossFirst Bankshares, Inc.* | 47 | 734 | ||||||
Diversified Healthcare Trust REIT | 237 | 732 | ||||||
First Mid Bancshares, Inc. | 17 | 727 | ||||||
Northfield Bancorp, Inc. | 45 | 727 | ||||||
SiriusPoint Ltd.* | 89 | 724 | ||||||
Camden National Corp. | 15 | 722 | ||||||
Flushing Financial Corp. | 29 | 705 | ||||||
Heritage Commerce Corp. | 59 | 704 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 33 | 687 | ||||||
Byline Bancorp, Inc. | 25 | 684 | ||||||
Chatham Lodging Trust REIT* | 48 | 659 | ||||||
Cambridge Bancorp | 7 | 655 | ||||||
Community Trust Bancorp, Inc. | 15 | 654 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 55 | 644 | ||||||
Ares Commercial Real Estate Corp. REIT | 44 | 640 | ||||||
eHealth, Inc.* | 25 | 638 | ||||||
Peapack-Gladstone Financial Corp. | 18 | 637 | ||||||
Saul Centers, Inc. REIT | 12 | 636 | ||||||
TrustCo Bank Corporation NY | 19 | 633 | ||||||
Phillips Edison & Company, Inc. REIT | 19 | 628 | ||||||
Urstadt Biddle Properties, Inc. — Class A REIT | 29 | 618 | ||||||
Franklin Street Properties Corp. REIT | 103 | 613 | ||||||
CorePoint Lodging, Inc. REIT* | 39 | 612 | ||||||
Bank of Marin Bancorp | 16 | 596 | ||||||
Great Southern Bancorp, Inc. | 10 | 593 | ||||||
Diamond Hill Investment Group, Inc. | 3 | 583 | ||||||
RE/MAX Holdings, Inc. — Class A | 19 | 579 | ||||||
Dynex Capital, Inc. REIT | 34 | 568 | ||||||
First Community Bankshares, Inc. | 17 | 568 | ||||||
One Liberty Properties, Inc. REIT | 16 | 564 | ||||||
Farmers National Banc Corp. | 30 | 557 | ||||||
Orchid Island Capital, Inc. REIT | 123 | 554 | ||||||
CBTX, Inc. | 19 | 551 | ||||||
Atlantic Capital Bancshares, Inc.* | 19 | 547 | ||||||
Midland States Bancorp, Inc. | 22 | 545 | ||||||
Business First Bancshares, Inc. | 19 | 538 | ||||||
Mercantile Bank Corp. | 15 | 525 | ||||||
Metrocity Bankshares, Inc. | 19 | 523 | ||||||
Alexander's, Inc. REIT | 2 | 521 | ||||||
International Money Express, Inc.* | 32 | 511 | ||||||
Financial Institutions, Inc. | 16 | 509 | ||||||
Coastal Financial Corp.* | 10 | 506 | ||||||
Bank First Corp. | 7 | 506 | ||||||
I3 Verticals, Inc. — Class A* | 22 | 501 | ||||||
Independent Bank Corp. | 21 | 501 | ||||||
Southern First Bancshares, Inc.* | 8 | 500 | ||||||
First Financial Corp. | 11 | 498 | ||||||
West BanCorp, Inc. | 16 | 497 | ||||||
Reliant Bancorp, Inc. | 14 | 497 | ||||||
First of Long Island Corp. | 23 | 497 | ||||||
Arrow Financial Corp. | 14 | 493 | ||||||
Seritage Growth Properties REIT* | 37 | 491 | ||||||
United Fire Group, Inc. | 21 | 487 | ||||||
RMR Group, Inc. — Class A | 14 | 485 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 32 | 478 | ||||||
Equity Bancshares, Inc. — Class A | 14 | 475 | ||||||
Merchants Bancorp | 10 | 473 | ||||||
AssetMark Financial Holdings, Inc.* | 18 | 472 | ||||||
Sculptor Capital Management, Inc. | 22 | 470 | ||||||
HomeTrust Bancshares, Inc. | 15 | 465 | ||||||
Regional Management Corp. | 8 | 460 | ||||||
Waterstone Financial, Inc. | 21 | 459 | ||||||
Universal Insurance Holdings, Inc. | 27 | 459 | ||||||
Republic Bancorp, Inc. — Class A | 9 | 458 | ||||||
MidWestOne Financial Group, Inc. | 14 | 453 | ||||||
GCM Grosvenor, Inc. — Class A | 43 | 451 | ||||||
Whitestone REIT — Class B | 44 | 446 | ||||||
Mid Penn Bancorp, Inc. | 14 | 444 | ||||||
Capstar Financial Holdings, Inc. | 21 | 442 | ||||||
Alerus Financial Corp. | 15 | 439 | ||||||
Bar Harbor Bankshares | 15 | 434 | ||||||
National Western Life Group, Inc. — Class A | 2 | 429 | ||||||
Oportun Financial Corp.* | 21 | 425 | ||||||
CNB Financial Corp. | 16 | 424 | ||||||
First Internet Bancorp | 9 | 423 | ||||||
Hingham Institution For Savings The | 1 | 420 | ||||||
CatchMark Timber Trust, Inc. — Class A REIT | 48 | 418 | ||||||
Citizens & Northern Corp. | 16 | 418 | ||||||
HCI Group, Inc. | 5 | 418 | ||||||
Southern Missouri Bancorp, Inc. | 8 | 417 | ||||||
Oppenheimer Holdings, Inc. — Class A | 9 | 417 | ||||||
MVB Financial Corp. | 10 | 415 | ||||||
American National Bankshares, Inc. | 11 | 414 | ||||||
Blue Foundry Bancorp* | 28 | 410 | ||||||
FRP Holdings, Inc.* | 7 | 405 | ||||||
Enterprise Bancorp, Inc. | 9 | 404 | ||||||
Carter Bankshares, Inc.* | 26 | 400 | ||||||
SmartFinancial, Inc. | 14 | 383 | ||||||
Bridgewater Bancshares, Inc.* | 21 | 371 | ||||||
Capital City Bank Group, Inc. | 14 | 370 | ||||||
Peoples Financial Services Corp. | 7 | 369 | ||||||
CTO Realty Growth, Inc. REIT | 6 | 369 | ||||||
EZCORP, Inc. — Class A* | 50 | 368 | ||||||
RBB Bancorp | 14 | 367 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Primis Financial Corp. | 24 | $ | 361 | |||||
Atlanticus Holdings Corp.* | 5 | 357 | ||||||
Sierra Bancorp | 13 | 353 | ||||||
Old Second Bancorp, Inc. | 28 | 353 | ||||||
Farmland Partners, Inc. REIT | 29 | 347 | ||||||
Spirit of Texas Bancshares, Inc. | 12 | 345 | ||||||
Civista Bancshares, Inc. | 14 | 342 | ||||||
Curo Group Holdings Corp. | 21 | 336 | ||||||
Home Bancorp, Inc. | 8 | 332 | ||||||
Indus Realty Trust, Inc. REIT | 4 | 324 | ||||||
Ocwen Financial Corp.* | 8 | 320 | ||||||
Tiptree, Inc. — Class A | 23 | 318 | ||||||
First Bancorp, Inc. | 10 | 314 | ||||||
South Plains Financial, Inc. | 11 | 306 | ||||||
Blue Ridge Bankshares, Inc. | 17 | 304 | ||||||
Hersha Hospitality Trust REIT* | 33 | 303 | ||||||
Summit Financial Group, Inc. | 11 | 302 | ||||||
Guaranty Bancshares, Inc. | 8 | 301 | ||||||
Great Ajax Corp. REIT | 22 | 290 | ||||||
Howard Bancorp, Inc.* | 13 | 283 | ||||||
Provident Bancorp, Inc. | 15 | 279 | ||||||
Orrstown Financial Services, Inc. | 11 | 277 | ||||||
Braemar Hotels & Resorts, Inc. REIT* | 53 | 270 | ||||||
Greenhill & Company, Inc. | 15 | 269 | ||||||
Red River Bancshares, Inc. | 5 | 268 | ||||||
Citizens, Inc.*,1 | 50 | 266 | ||||||
BRT Apartments Corp. REIT | 11 | 264 | ||||||
Northrim BanCorp, Inc. | 6 | 261 | ||||||
PCSB Financial Corp. | 13 | 248 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 12 | 238 | ||||||
Fidelity D&D Bancorp, Inc. | 4 | 236 | ||||||
FS Bancorp, Inc. | 7 | 235 | ||||||
Amalgamated Financial Corp. | 14 | 235 | ||||||
Macatawa Bank Corp. | 26 | 229 | ||||||
Independence Holding Co. | 4 | 227 | ||||||
Luther Burbank Corp. | 16 | 225 | ||||||
First Bank/Hamilton NJ | 15 | 218 | ||||||
Donegal Group, Inc. — Class A | 15 | 214 | ||||||
Maiden Holdings Ltd.* | 70 | 214 | ||||||
Legacy Housing Corp.* | 8 | 212 | ||||||
Capital Bancorp, Inc. | 8 | 210 | ||||||
Greenlight Capital Re Ltd. — Class A* | 26 | 204 | ||||||
Investors Title Co. | 1 | 197 | ||||||
HBT Financial, Inc. | 10 | 187 | ||||||
Marlin Business Services Corp. | 8 | 186 | ||||||
Altus Midstream Co. — Class A | 3 | 184 | ||||||
AFC Gamma, Inc. REIT | 8 | 182 | ||||||
NI Holdings, Inc.* | 9 | 170 | ||||||
Republic First Bancorp, Inc.* | 45 | 167 | ||||||
Pzena Investment Management, Inc. — Class A | 17 | 161 | ||||||
Trean Insurance Group, Inc.* | 18 | 160 | ||||||
Ashford Hospitality Trust, Inc. REIT* | 16 | 154 | ||||||
Heritage Insurance Holdings, Inc. | 26 | 153 | ||||||
Five Star Bancorp | 5 | 150 | ||||||
Pioneer Bancorp, Inc.* | 12 | 136 | ||||||
GAMCO Investors, Inc. — Class A | 5 | 125 | ||||||
Velocity Financial, Inc.* | 9 | 123 | ||||||
Crawford & Co. — Class A | 16 | 120 | ||||||
Clipper Realty, Inc. REIT | 12 | 119 | ||||||
Retail Value, Inc. REIT | 18 | 116 | ||||||
Angel Oak Mortgage, Inc. REIT | 7 | 115 | ||||||
Fathom Holdings, Inc.* | 5 | 102 | ||||||
United Insurance Holdings Corp. | 20 | 87 | ||||||
MetroMile, Inc.* | 39 | 85 | ||||||
Finance of America Companies, Inc. — Class A* | 18 | 71 | ||||||
Rafael Holdings, Inc. — Class B* | 10 | 51 | ||||||
Associated Capital Group, Inc. — Class A | 1 | 43 | ||||||
Home Point Capital, Inc. | 7 | 31 | ||||||
Total Financial | 683,226 | |||||||
Consumer, Cyclical - 4.0% | ||||||||
AMC Entertainment Holdings, Inc. — Class A*,1 | 514 | 13,981 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 138 | 9,242 | ||||||
Macy's, Inc. | 313 | 8,194 | ||||||
Crocs, Inc.* | 57 | 7,309 | ||||||
Fox Factory Holding Corp.* | 42 | 7,144 | ||||||
Scientific Games Corp. — Class A* | 97 | 6,482 | ||||||
Texas Roadhouse, Inc. — Class A | 70 | 6,250 | ||||||
WESCO International, Inc.* | 45 | 5,922 | ||||||
Goodyear Tire & Rubber Co.* | 276 | 5,884 | ||||||
Wingstop, Inc. | 30 | 5,184 | ||||||
Avient Corp. | 92 | 5,147 | ||||||
Murphy USA, Inc. | 24 | 4,782 | ||||||
Meritage Homes Corp.* | 38 | 4,638 | ||||||
Signet Jewelers Ltd. | 53 | 4,613 | ||||||
Adient plc* | 95 | 4,549 | ||||||
Hilton Grand Vacations, Inc.* | 86 | 4,481 | ||||||
Papa John's International, Inc. | 33 | 4,405 | ||||||
Taylor Morrison Home Corp. — Class A* | 122 | 4,265 | ||||||
Skyline Champion Corp.* | 53 | 4,186 | ||||||
National Vision Holdings, Inc.* | 82 | 3,935 | ||||||
LCI Industries | 25 | 3,897 | ||||||
American Eagle Outfitters, Inc. | 153 | 3,874 | ||||||
Steven Madden Ltd. | 82 | 3,811 | ||||||
Asbury Automotive Group, Inc.* | 22 | 3,800 | ||||||
Resideo Technologies, Inc.* | 144 | 3,748 | ||||||
Sonos, Inc.* | 120 | 3,576 | ||||||
Boot Barn Holdings, Inc.* | 29 | 3,568 | ||||||
Group 1 Automotive, Inc. | 18 | 3,514 | ||||||
KB Home | 78 | 3,489 | ||||||
Academy Sports & Outdoors, Inc.* | 78 | 3,424 | ||||||
Red Rock Resorts, Inc. — Class A | 62 | 3,411 | ||||||
LGI Homes, Inc.* | 22 | 3,399 | ||||||
SeaWorld Entertainment, Inc.* | 52 | 3,373 | ||||||
Dana, Inc. | 145 | 3,309 | ||||||
MDC Holdings, Inc. | 58 | 3,238 | ||||||
Installed Building Products, Inc. | 23 | 3,214 | ||||||
Beacon Roofing Supply, Inc.* | 56 | 3,212 | ||||||
Callaway Golf Co.* | 116 | 3,183 | ||||||
UniFirst Corp. | 15 | 3,156 | ||||||
Tri Pointe Homes, Inc.* | 113 | 3,152 | ||||||
Visteon Corp.* | 28 | 3,112 | ||||||
Cracker Barrel Old Country Store, Inc. | 24 | 3,087 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Dorman Products, Inc.* | 27 | $ | 3,051 | |||||
FirstCash Holdings, Inc. | 40 | 2,992 | ||||||
Cannae Holdings, Inc.* | 85 | 2,988 | ||||||
Gentherm, Inc.* | 34 | 2,955 | ||||||
MillerKnoll, Inc. | 75 | 2,939 | ||||||
International Game Technology plc | 101 | 2,920 | ||||||
Cavco Industries, Inc.* | 9 | 2,859 | ||||||
Allegiant Travel Co. — Class A* | 15 | 2,806 | ||||||
Shake Shack, Inc. — Class A* | 38 | 2,742 | ||||||
Vista Outdoor, Inc.* | 58 | 2,672 | ||||||
Kontoor Brands, Inc. | 52 | 2,665 | ||||||
Fisker, Inc.* | 163 | 2,564 | ||||||
Nu Skin Enterprises, Inc. — Class A | 50 | 2,537 | ||||||
GMS, Inc.* | 42 | 2,525 | ||||||
Winnebago Industries, Inc. | 33 | 2,472 | ||||||
Century Communities, Inc. | 30 | 2,454 | ||||||
Rush Enterprises, Inc. — Class A | 43 | 2,393 | ||||||
Wolverine World Wide, Inc. | 82 | 2,362 | ||||||
Nikola Corp.* | 225 | 2,221 | ||||||
Spirit Airlines, Inc.* | 99 | 2,163 | ||||||
Abercrombie & Fitch Co. — Class A* | 62 | 2,159 | ||||||
Sally Beauty Holdings, Inc.* | 114 | 2,104 | ||||||
Urban Outfitters, Inc.* | 69 | 2,026 | ||||||
SkyWest, Inc.* | 50 | 1,965 | ||||||
Jack in the Box, Inc. | 22 | 1,925 | ||||||
KAR Auction Services, Inc.* | 120 | 1,874 | ||||||
Methode Electronics, Inc. | 38 | 1,868 | ||||||
Bloomin' Brands, Inc.* | 89 | 1,867 | ||||||
Acushnet Holdings Corp. | 35 | 1,858 | ||||||
HNI Corp. | 44 | 1,850 | ||||||
ODP Corp.* | 47 | 1,846 | ||||||
iRobot Corp.* | 28 | 1,845 | ||||||
Veritiv Corp.* | 15 | 1,839 | ||||||
Everi Holdings, Inc.* | 86 | 1,836 | ||||||
Lions Gate Entertainment Corp. — Class B* | 119 | 1,831 | ||||||
Madison Square Garden Entertainment Corp.* | 26 | 1,829 | ||||||
M/I Homes, Inc.* | 29 | 1,803 | ||||||
Cheesecake Factory, Inc.* | 46 | 1,801 | ||||||
Sleep Number Corp.* | 23 | 1,762 | ||||||
Cinemark Holdings, Inc.* | 108 | 1,741 | ||||||
Camping World Holdings, Inc. — Class A | 43 | 1,737 | ||||||
Shyft Group, Inc. | 35 | 1,720 | ||||||
Meritor, Inc.* | 68 | 1,685 | ||||||
Brinker International, Inc.* | 46 | 1,683 | ||||||
World Fuel Services Corp. | 63 | 1,668 | ||||||
Dave & Buster's Entertainment, Inc.* | 43 | 1,651 | ||||||
La-Z-Boy, Inc. | 45 | 1,634 | ||||||
PriceSmart, Inc. | 22 | 1,610 | ||||||
Big Lots, Inc. | 34 | 1,532 | ||||||
Oxford Industries, Inc. | 15 | 1,523 | ||||||
Franchise Group, Inc. | 29 | 1,513 | ||||||
Dillard's, Inc. — Class A1 | 6 | 1,470 | ||||||
Bed Bath & Beyond, Inc.*,1 | 100 | 1,458 | ||||||
H&E Equipment Services, Inc. | 32 | 1,417 | ||||||
Malibu Boats, Inc. — Class A* | 20 | 1,375 | ||||||
Healthcare Services Group, Inc. | 76 | 1,352 | ||||||
Bally's Corp.* | 33 | 1,256 | ||||||
MarineMax, Inc.* | 21 | 1,240 | ||||||
XPEL, Inc.* | 18 | 1,229 | ||||||
Buckle, Inc. | 29 | 1,227 | ||||||
G-III Apparel Group Ltd.* | 44 | 1,216 | ||||||
Dine Brands Global, Inc. | 16 | 1,213 | ||||||
Hibbett, Inc. | 16 | 1,151 | ||||||
Children's Place, Inc.* | 14 | 1,110 | ||||||
Standard Motor Products, Inc. | 21 | 1,100 | ||||||
Aspen Aerogels, Inc.* | 22 | 1,095 | ||||||
Sonic Automotive, Inc. — Class A | 22 | 1,088 | ||||||
Arko Corp.* | 122 | 1,070 | ||||||
OptimizeRx Corp.* | 17 | 1,056 | ||||||
Zumiez, Inc.* | 22 | 1,056 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 113 | 1,054 | ||||||
Steelcase, Inc. — Class A | 89 | 1,043 | ||||||
Liberty Media Corporation-Liberty Braves — Class C* | 37 | 1,040 | ||||||
Denny's Corp.* | 63 | 1,008 | ||||||
Wabash National Corp. | 50 | 976 | ||||||
Lions Gate Entertainment Corp. — Class A* | 58 | 965 | ||||||
Genesco, Inc.* | 15 | 963 | ||||||
Monarch Casino & Resort, Inc.* | 13 | 961 | ||||||
Clean Energy Fuels Corp.* | 155 | 950 | ||||||
Guess?, Inc. | 40 | 947 | ||||||
Interface, Inc. — Class A | 59 | 941 | ||||||
Green Brick Partners, Inc.* | 31 | 940 | ||||||
Hawaiian Holdings, Inc.* | 51 | 937 | ||||||
Douglas Dynamics, Inc. | 23 | 898 | ||||||
IMAX Corp.* | 50 | 892 | ||||||
ScanSource, Inc.* | 25 | 877 | ||||||
Rush Street Interactive, Inc.* | 53 | 874 | ||||||
Portillo's, Inc. — Class A* | 23 | 863 | ||||||
BlueLinx Holdings, Inc.* | 9 | 862 | ||||||
Lovesac Co.* | 13 | 861 | ||||||
Golden Entertainment, Inc.* | 17 | 859 | ||||||
Citi Trends, Inc.* | 9 | 853 | ||||||
Designer Brands, Inc. — Class A* | 60 | 853 | ||||||
Caleres, Inc. | 37 | 839 | ||||||
Canoo, Inc.* | 106 | 818 | ||||||
Rite Aid Corp.* | 55 | 808 | ||||||
BJ's Restaurants, Inc.* | 23 | 795 | ||||||
Tenneco, Inc. — Class A* | 69 | 780 | ||||||
Purple Innovation, Inc.* | 58 | 770 | ||||||
Tupperware Brands Corp.* | 50 | 764 | ||||||
Winmark Corp. | 3 | 745 | ||||||
Accel Entertainment, Inc.* | 57 | 742 | ||||||
Hyliion Holdings Corp.*,1 | 117 | 725 | ||||||
Sun Country Airlines Holdings, Inc.* | 26 | 708 | ||||||
GrowGeneration Corp.* | 54 | 705 | ||||||
Shoe Carnival, Inc. | 18 | 703 | ||||||
Titan Machinery, Inc.* | 20 | 674 | ||||||
Beazer Homes USA, Inc.* | 29 | 673 | ||||||
VSE Corp. | 11 | 670 | ||||||
Movado Group, Inc. | 16 | 669 | ||||||
Clarus Corp. | 24 | 665 | ||||||
Ruth's Hospitality Group, Inc.* | 33 | 657 | ||||||
Life Time Group Holdings, Inc.* | 38 | 654 | ||||||
Chico's FAS, Inc.* | 120 | 646 | ||||||
PLBY Group, Inc.* | 24 | 639 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Hovnanian Enterprises, Inc. — Class A* | 5 | $ | 636 | |||||
RCI Hospitality Holdings, Inc. | 8 | 623 | ||||||
TravelCenters of America, Inc.* | 12 | 619 | ||||||
Party City Holdco, Inc.* | 111 | 618 | ||||||
America's Car-Mart, Inc.* | 6 | 614 | ||||||
OneWater Marine, Inc. — Class A | 10 | 610 | ||||||
Ethan Allen Interiors, Inc. | 23 | 605 | ||||||
Chuy's Holdings, Inc.* | 20 | 602 | ||||||
Aeva Technologies, Inc.* | 77 | 582 | ||||||
Titan International, Inc.* | 51 | 559 | ||||||
A-Mark Precious Metals, Inc. | 9 | 550 | ||||||
MasterCraft Boat Holdings, Inc.* | 19 | 538 | ||||||
Global Industrial Co. | 13 | 532 | ||||||
OneSpaWorld Holdings Ltd.* | 53 | 531 | ||||||
Workhorse Group, Inc.* | 121 | 528 | ||||||
Haverty Furniture Companies, Inc. | 17 | 520 | ||||||
Sportsman's Warehouse Holdings, Inc.* | 44 | 519 | ||||||
Funko, Inc. — Class A* | 27 | 508 | ||||||
PetMed Express, Inc. | 20 | 505 | ||||||
Modine Manufacturing Co.* | 50 | 505 | ||||||
Ideanomics, Inc.* | 414 | 497 | ||||||
LL Flooring Holdings, Inc.* | 29 | 495 | ||||||
Fossil Group, Inc.* | 48 | 494 | ||||||
Bluegreen Vacations Holding Corp.* | 14 | 491 | ||||||
Universal Electronics, Inc.* | 12 | 489 | ||||||
Lindblad Expeditions Holdings, Inc.* | 31 | 484 | ||||||
Frontier Group Holdings, Inc.* | 35 | 475 | ||||||
PC Connection, Inc. | 11 | 474 | ||||||
Johnson Outdoors, Inc. — Class A | 5 | 468 | ||||||
Romeo Power, Inc.* | 126 | 460 | ||||||
Conn's, Inc.* | 18 | 423 | ||||||
REV Group, Inc. | 29 | 410 | ||||||
Full House Resorts, Inc.* | 33 | 400 | ||||||
Big 5 Sporting Goods Corp.1 | 21 | 399 | ||||||
Golden Nugget Online Gaming, Inc.* | 40 | 398 | ||||||
Marcus Corp.* | 22 | 393 | ||||||
Cooper-Standard Holdings, Inc.* | 17 | 381 | ||||||
Rush Enterprises, Inc. — Class B | 7 | 378 | ||||||
Del Taco Restaurants, Inc. | 30 | 373 | ||||||
Noodles & Co.* | 41 | 372 | ||||||
Tilly's, Inc. — Class A | 23 | 371 | ||||||
Forestar Group, Inc.* | 17 | 370 | ||||||
Kimball International, Inc. — Class B | 36 | 369 | ||||||
GAN Ltd.* | 40 | 368 | ||||||
Miller Industries, Inc. | 11 | 367 | ||||||
Velodyne Lidar, Inc.* | 75 | 348 | ||||||
Cato Corp. — Class A | 20 | 343 | ||||||
Lordstown Motors Corp. — Class A* | 96 | 331 | ||||||
Century Casinos, Inc.* | 27 | 329 | ||||||
Motorcar Parts of America, Inc.* | 19 | 324 | ||||||
Kura Sushi USA, Inc. — Class A* | 4 | 323 | ||||||
Container Store Group, Inc.* | 32 | 319 | ||||||
Liberty Media Corporation-Liberty Braves — Class A* | 10 | 287 | ||||||
Hooker Furnishings Corp. | 12 | 279 | ||||||
Rocky Brands, Inc. | 7 | 279 | ||||||
Snap One Holdings Corp.* | 13 | 274 | ||||||
El Pollo Loco Holdings, Inc.* | 19 | 270 | ||||||
Traeger, Inc.* | 22 | 267 | ||||||
ONE Group Hospitality, Inc.* | 21 | 265 | ||||||
Superior Group of Companies, Inc. | 12 | 263 | ||||||
Barnes & Noble Education, Inc.* | 38 | 259 | ||||||
Commercial Vehicle Group, Inc.* | 32 | 258 | ||||||
Blue Bird Corp.* | 16 | 250 | ||||||
Red Robin Gourmet Burgers, Inc.* | 15 | 248 | ||||||
F45 Training Holdings, Inc.* | 21 | 229 | ||||||
Esports Technologies, Inc.* | 11 | 226 | ||||||
Vera Bradley, Inc.* | 26 | 221 | ||||||
Weber, Inc. — Class A1 | 17 | 220 | ||||||
Shift Technologies, Inc.* | 62 | 211 | ||||||
Arcimoto, Inc.* | 27 | 210 | ||||||
Kirkland's, Inc.* | 14 | 209 | ||||||
Lifetime Brands, Inc. | 13 | 208 | ||||||
Fiesta Restaurant Group, Inc.* | 18 | 198 | ||||||
Casper Sleep, Inc.* | 29 | 194 | ||||||
Mesa Air Group, Inc.* | 34 | 190 | ||||||
Flexsteel Industries, Inc. | 7 | 188 | ||||||
EVI Industries, Inc.* | 6 | 187 | ||||||
Xponential Fitness, Inc. — Class A* | 9 | 184 | ||||||
Nautilus, Inc.* | 30 | 184 | ||||||
Duluth Holdings, Inc. — Class B* | 12 | 182 | ||||||
Daktronics, Inc.* | 36 | 182 | ||||||
NEOGAMES S.A.* | 6 | 167 | ||||||
CarLotz, Inc.* | 72 | 163 | ||||||
Liberty TripAdvisor Holdings, Inc. — Class A* | 73 | 158 | ||||||
Escalade, Inc. | 10 | 158 | ||||||
VOXX International Corp. — Class A* | 15 | 153 | ||||||
Bassett Furniture Industries, Inc. | 9 | 151 | ||||||
Biglari Holdings, Inc. — Class B* | 1 | 143 | ||||||
Lazydays Holdings, Inc.* | 6 | 129 | ||||||
Torrid Holdings, Inc.* | 13 | 128 | ||||||
JOANN, Inc.1 | 12 | 125 | ||||||
Drive Shack, Inc.* | 83 | 119 | ||||||
XL Fleet Corp.* | 34 | 113 | ||||||
Aterian, Inc.* | 26 | 107 | ||||||
Carrols Restaurant Group, Inc. | 34 | 101 | ||||||
Hamilton Beach Brands Holding Co. — Class A | 7 | 100 | ||||||
Marine Products Corp. | 8 | 100 | ||||||
Chicken Soup For The Soul Entertainment, Inc.* | 7 | 97 | ||||||
Target Hospitality Corp.* | 25 | 89 | ||||||
Hall of Fame Resort & Entertainment Co.* | 55 | 84 | ||||||
Eros STX Global Corp.* | 317 | 76 | ||||||
Landsea Homes Corp.* | 9 | 66 | ||||||
Regis Corp.* | 24 | 42 | ||||||
CompX International, Inc. | 1 | 22 | ||||||
MedAvail Holdings, Inc.* | 12 | 17 | ||||||
Total Consumer, Cyclical | 398,900 | |||||||
Industrial - 3.9% | ||||||||
Tetra Tech, Inc. | 54 | 9,169 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Saia, Inc.* | 26 | $ | 8,763 | |||||
WillScot Mobile Mini Holdings Corp.* | 209 | 8,535 | ||||||
II-VI, Inc.* | 105 | 7,175 | ||||||
EMCOR Group, Inc. | 54 | 6,879 | ||||||
Novanta, Inc.* | 35 | 6,171 | ||||||
Simpson Manufacturing Company, Inc. | 44 | 6,119 | ||||||
Exponent, Inc. | 52 | 6,070 | ||||||
Chart Industries, Inc.* | 37 | 5,901 | ||||||
RBC Bearings, Inc.* | 28 | 5,655 | ||||||
UFP Industries, Inc. | 60 | 5,521 | ||||||
Watts Water Technologies, Inc. — Class A | 28 | 5,437 | ||||||
Evoqua Water Technologies Corp.* | 116 | 5,423 | ||||||
Atkore International Group, Inc.* | 46 | 5,115 | ||||||
John Bean Technologies Corp. | 32 | 4,914 | ||||||
Summit Materials, Inc. — Class A* | 118 | 4,736 | ||||||
Franklin Electric Company, Inc. | 47 | 4,444 | ||||||
Zurn Water Solutions Corp. | 122 | 4,441 | ||||||
Fabrinet* | 37 | 4,383 | ||||||
Casella Waste Systems, Inc. — Class A* | 50 | 4,271 | ||||||
Applied Industrial Technologies, Inc. | 39 | 4,005 | ||||||
Matson, Inc. | 43 | 3,871 | ||||||
Hillenbrand, Inc. | 73 | 3,795 | ||||||
GATX Corp. | 36 | 3,751 | ||||||
SPX FLOW, Inc. | 42 | 3,632 | ||||||
Comfort Systems USA, Inc. | 36 | 3,562 | ||||||
Fluor Corp.* | 142 | 3,517 | ||||||
Aerojet Rocketdyne Holdings, Inc. | 75 | 3,507 | ||||||
Helios Technologies, Inc. | 33 | 3,471 | ||||||
Advanced Energy Industries, Inc. | 38 | 3,460 | ||||||
EnerSys | 43 | 3,400 | ||||||
Mueller Industries, Inc. | 57 | 3,383 | ||||||
Altra Industrial Motion Corp. | 65 | 3,352 | ||||||
AAON, Inc. | 42 | 3,336 | ||||||
Forward Air Corp. | 27 | 3,269 | ||||||
ArcBest Corp. | 26 | 3,116 | ||||||
Badger Meter, Inc. | 29 | 3,090 | ||||||
Welbilt, Inc.* | 130 | 3,090 | ||||||
Itron, Inc.* | 45 | 3,083 | ||||||
Bloom Energy Corp. — Class A* | 140 | 3,070 | ||||||
Kennametal, Inc. | 84 | 3,016 | ||||||
Werner Enterprises, Inc. | 63 | 3,003 | ||||||
Terex Corp. | 68 | 2,989 | ||||||
Belden, Inc. | 45 | 2,958 | ||||||
Vishay Intertechnology, Inc. | 133 | 2,909 | ||||||
Encore Wire Corp. | 20 | 2,862 | ||||||
Masonite International Corp.* | 24 | 2,831 | ||||||
Dycom Industries, Inc.* | 30 | 2,813 | ||||||
Hub Group, Inc. — Class A* | 33 | 2,780 | ||||||
Boise Cascade Co. | 39 | 2,777 | ||||||
Albany International Corp. — Class A | 31 | 2,742 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 29 | 2,729 | ||||||
Sanmina Corp.* | 65 | 2,695 | ||||||
Energizer Holdings, Inc. | 67 | 2,687 | ||||||
Plexus Corp.* | 28 | 2,685 | ||||||
Vicor Corp.* | 21 | 2,667 | ||||||
SPX Corp.* | 44 | 2,626 | ||||||
Federal Signal Corp. | 60 | 2,600 | ||||||
Brady Corp. — Class A | 48 | 2,587 | ||||||
Kadant, Inc. | 11 | 2,535 | ||||||
Arcosa, Inc. | 48 | 2,530 | ||||||
CryoPort, Inc.* | 41 | 2,426 | ||||||
Trinity Industries, Inc. | 79 | 2,386 | ||||||
Kratos Defense & Security Solutions, Inc.* | 122 | 2,367 | ||||||
Moog, Inc. — Class A | 29 | 2,348 | ||||||
GrafTech International Ltd. | 198 | 2,342 | ||||||
ESCO Technologies, Inc. | 26 | 2,340 | ||||||
EnPro Industries, Inc. | 21 | 2,312 | ||||||
Mueller Water Products, Inc. — Class A | 158 | 2,275 | ||||||
Barnes Group, Inc. | 48 | 2,236 | ||||||
JELD-WEN Holding, Inc.* | 84 | 2,214 | ||||||
Gibraltar Industries, Inc.* | 33 | 2,200 | ||||||
Knowles Corp.* | 90 | 2,102 | ||||||
Cactus, Inc. — Class A | 55 | 2,097 | ||||||
O-I Glass, Inc.* | 158 | 1,901 | ||||||
MYR Group, Inc.* | 17 | 1,879 | ||||||
Patrick Industries, Inc. | 23 | 1,856 | ||||||
Materion Corp. | 20 | 1,839 | ||||||
Worthington Industries, Inc. | 33 | 1,804 | ||||||
NV5 Global, Inc.* | 13 | 1,795 | ||||||
Granite Construction, Inc. | 46 | 1,780 | ||||||
Air Transport Services Group, Inc.* | 58 | 1,704 | ||||||
CSW Industrials, Inc. | 14 | 1,692 | ||||||
Lindsay Corp. | 11 | 1,672 | ||||||
Mesa Laboratories, Inc. | 5 | 1,640 | ||||||
Montrose Environmental Group, Inc.* | 23 | 1,622 | ||||||
TTM Technologies, Inc.* | 107 | 1,594 | ||||||
Astec Industries, Inc. | 23 | 1,593 | ||||||
TriMas Corp. | 43 | 1,591 | ||||||
OSI Systems, Inc.* | 17 | 1,584 | ||||||
Greif, Inc. — Class A | 26 | 1,569 | ||||||
Tennant Co. | 19 | 1,540 | ||||||
Alamo Group, Inc. | 10 | 1,472 | ||||||
Greenbrier Companies, Inc. | 32 | 1,468 | ||||||
Proto Labs, Inc.* | 28 | 1,438 | ||||||
Ranpak Holdings Corp.* | 38 | 1,428 | ||||||
AeroVironment, Inc.* | 23 | 1,427 | ||||||
AZZ, Inc. | 25 | 1,382 | ||||||
Griffon Corp. | 47 | 1,339 | ||||||
Standex International Corp. | 12 | 1,328 | ||||||
AAR Corp.* | 34 | 1,327 | ||||||
PGT Innovations, Inc.* | 58 | 1,304 | ||||||
Harsco Corp.* | 78 | 1,303 | ||||||
GoPro, Inc. — Class A* | 126 | 1,299 | ||||||
Columbus McKinnon Corp. | 28 | 1,295 | ||||||
Primoris Services Corp. | 54 | 1,295 | ||||||
Ichor Holdings Ltd.* | 28 | 1,289 | ||||||
Golar LNG Ltd.* | 104 | 1,289 | ||||||
FARO Technologies, Inc.* | 18 | 1,260 | ||||||
Enerpac Tool Group Corp. | 61 | 1,237 | ||||||
Apogee Enterprises, Inc. | 25 | 1,204 | ||||||
Triumph Group, Inc.* | 64 | 1,186 | ||||||
Kaman Corp. | 27 | 1,165 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Sturm Ruger & Company, Inc. | 17 | $ | 1,156 | |||||
Matthews International Corp. — Class A | 31 | 1,137 | ||||||
Hydrofarm Holdings Group, Inc.* | 39 | 1,103 | ||||||
American Woodmark Corp.* | 16 | 1,043 | ||||||
nLight, Inc.* | 43 | 1,030 | ||||||
Marten Transport Ltd. | 60 | 1,030 | ||||||
Gorman-Rupp Co. | 23 | 1,025 | ||||||
US Ecology, Inc.* | 32 | 1,022 | ||||||
Great Lakes Dredge & Dock Corp.* | 65 | 1,022 | ||||||
Blink Charging Co.*,1 | 37 | 981 | ||||||
Benchmark Electronics, Inc. | 36 | 976 | ||||||
Cornerstone Building Brands, Inc.* | 55 | 959 | ||||||
Energy Recovery, Inc.* | 42 | 903 | ||||||
Smith & Wesson Brands, Inc. | 48 | 855 | ||||||
Construction Partners, Inc. — Class A* | 29 | 853 | ||||||
SFL Corporation Ltd. | 104 | 848 | ||||||
Frontline Ltd.* | 119 | 841 | ||||||
MicroVision, Inc.* | 165 | 827 | ||||||
Heartland Express, Inc. | 48 | 807 | ||||||
TimkenSteel Corp.* | 46 | 759 | ||||||
Insteel Industries, Inc. | 19 | 756 | ||||||
Napco Security Technologies, Inc.* | 15 | 750 | ||||||
DHT Holdings, Inc. | 142 | 737 | ||||||
Sterling Construction Company, Inc.* | 28 | 736 | ||||||
Myers Industries, Inc. | 36 | 720 | ||||||
Chase Corp. | 7 | 697 | ||||||
Forterra, Inc.* | 29 | 690 | ||||||
International Seaways, Inc. | 46 | 675 | ||||||
Costamare, Inc. | 53 | 670 | ||||||
Manitowoc Company, Inc.* | 35 | 651 | ||||||
Yellow Corp.* | 50 | 629 | ||||||
Scorpio Tankers, Inc. | 48 | 615 | ||||||
Comtech Telecommunications Corp. | 25 | 592 | ||||||
Argan, Inc. | 15 | 580 | ||||||
Latham Group, Inc.* | 23 | 576 | ||||||
Identiv, Inc.* | 20 | 563 | ||||||
Thermon Group Holdings, Inc.* | 33 | 559 | ||||||
Pactiv Evergreen, Inc. | 43 | 545 | ||||||
Luxfer Holdings plc | 28 | 541 | ||||||
Tutor Perini Corp.* | 42 | 519 | ||||||
CIRCOR International, Inc.* | 19 | 517 | ||||||
Ducommun, Inc.* | 11 | 514 | ||||||
Stoneridge, Inc.* | 26 | 513 | ||||||
Heritage-Crystal Clean, Inc.* | 16 | 512 | ||||||
Genco Shipping & Trading Ltd. | 32 | 512 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 56 | 505 | ||||||
Kimball Electronics, Inc.* | 23 | 500 | ||||||
Meta Materials, Inc.*,1 | 200 | 492 | ||||||
UFP Technologies, Inc.* | 7 | 492 | ||||||
Haynes International, Inc. | 12 | 484 | ||||||
AMMO, Inc.*,1 | 87 | 474 | ||||||
DXP Enterprises, Inc.* | 18 | 462 | ||||||
IES Holdings, Inc.* | 9 | 456 | ||||||
Centrus Energy Corp. — Class A* | 9 | 449 | ||||||
Vishay Precision Group, Inc.* | 12 | 445 | ||||||
Allied Motion Technologies, Inc. | 12 | 438 | ||||||
Ryerson Holding Corp. | 16 | 417 | ||||||
National Presto Industries, Inc. | 5 | 410 | ||||||
Xometry, Inc. — Class A* | 8 | 410 | ||||||
Eagle Bulk Shipping, Inc. | 9 | 410 | ||||||
Daseke, Inc.* | 40 | 402 | ||||||
Dorian LPG Ltd. | 31 | 393 | ||||||
View, Inc.* | 98 | 383 | ||||||
Omega Flex, Inc. | 3 | 381 | ||||||
Hyster-Yale Materials Handling, Inc. | 9 | 370 | ||||||
Greif, Inc. — Class B | 6 | 359 | ||||||
NVE Corp. | 5 | 342 | ||||||
908 Devices, Inc.* | 13 | 336 | ||||||
Turtle Beach Corp.* | 15 | 334 | ||||||
Kopin Corp.* | 78 | 319 | ||||||
Covenant Logistics Group, Inc. — Class A* | 12 | 317 | ||||||
PureCycle Technologies, Inc.* | 33 | 316 | ||||||
Tredegar Corp. | 26 | 307 | ||||||
Fluidigm Corp.* | 76 | 298 | ||||||
Akoustis Technologies, Inc.* | 44 | 294 | ||||||
American Superconductor Corp.* | 27 | 294 | ||||||
Radiant Logistics, Inc.* | 40 | 292 | ||||||
Astronics Corp.* | 24 | 288 | ||||||
Northwest Pipe Co.* | 9 | 286 | ||||||
American Outdoor Brands, Inc.* | 14 | 279 | ||||||
Pure Cycle Corp.* | 19 | 278 | ||||||
Lawson Products, Inc.* | 5 | 274 | ||||||
Powell Industries, Inc. | 9 | 265 | ||||||
Park Aerospace Corp. | 20 | 264 | ||||||
Luna Innovations, Inc.* | 31 | 262 | ||||||
Teekay Tankers Ltd. — Class A* | 24 | 262 | ||||||
Caesarstone Ltd. | 23 | 261 | ||||||
Nordic American Tankers Ltd. | 153 | 259 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 28 | 258 | ||||||
Byrna Technologies, Inc.* | 19 | 254 | ||||||
Safe Bulkers, Inc.* | 61 | 230 | ||||||
Teekay Corp.* | 70 | 220 | ||||||
Concrete Pumping Holdings, Inc.* | 26 | 213 | ||||||
PAM Transportation Services, Inc.* | 3 | 213 | ||||||
Olympic Steel, Inc. | 9 | 211 | ||||||
Eastman Kodak Co.* | 45 | 211 | ||||||
Sight Sciences, Inc.* | 11 | 193 | ||||||
CECO Environmental Corp.* | 31 | 193 | ||||||
Park-Ohio Holdings Corp. | 9 | 191 | ||||||
INNOVATE Corp.* | 48 | 178 | ||||||
NN, Inc.* | 42 | 172 | ||||||
Iteris, Inc.* | 43 | 172 | ||||||
AerSale Corp.* | 9 | 160 | ||||||
US Xpress Enterprises, Inc. — Class A* | 27 | 158 | ||||||
Mistras Group, Inc.* | 20 | 149 | ||||||
Mayville Engineering Company, Inc.* | 9 | 134 | ||||||
Universal Logistics Holdings, Inc. | 7 | 132 | ||||||
Atlas Technical Consultants, Inc.* | 14 | 118 | ||||||
Willis Lease Finance Corp.* | 3 | 113 | ||||||
Sharps Compliance Corp.* | 15 | 107 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
AgEagle Aerial Systems, Inc.* | 68 | $ | 107 | |||||
Karat Packaging, Inc.* | 3 | 61 | ||||||
NL Industries, Inc. | 8 | 59 | ||||||
Total Industrial | 388,250 | |||||||
Technology - 3.4% | ||||||||
Synaptics, Inc.* | 39 | 11,291 | ||||||
Lattice Semiconductor Corp.* | 136 | 10,480 | ||||||
Silicon Laboratories, Inc.* | 39 | 8,050 | ||||||
Ambarella, Inc.* | 35 | 7,101 | ||||||
KBR, Inc. | 141 | 6,714 | ||||||
Rapid7, Inc.* | 56 | 6,591 | ||||||
Semtech Corp.* | 65 | 5,781 | ||||||
Workiva, Inc.* | 43 | 5,611 | ||||||
Blackline, Inc.* | 54 | 5,591 | ||||||
Power Integrations, Inc. | 60 | 5,573 | ||||||
Digital Turbine, Inc.* | 91 | 5,550 | ||||||
CMC Materials, Inc. | 28 | 5,367 | ||||||
MaxLinear, Inc. — Class A* | 71 | 5,353 | ||||||
Asana, Inc. — Class A* | 70 | 5,219 | ||||||
Varonis Systems, Inc.* | 106 | 5,171 | ||||||
SPS Commerce, Inc.* | 36 | 5,125 | ||||||
Tenable Holdings, Inc.* | 91 | 5,011 | ||||||
Onto Innovation, Inc.* | 49 | 4,960 | ||||||
Maximus, Inc. | 62 | 4,939 | ||||||
Ziff Davis, Inc.* | 44 | 4,878 | ||||||
Diodes, Inc.* | 44 | 4,832 | ||||||
ExlService Holdings, Inc.* | 33 | 4,777 | ||||||
SiTime Corp.* | 16 | 4,681 | ||||||
Qualys, Inc.* | 34 | 4,665 | ||||||
Sailpoint Technologies Holdings, Inc.* | 92 | 4,447 | ||||||
MicroStrategy, Inc. — Class A*,1 | 8 | 4,356 | ||||||
Envestnet, Inc.* | 54 | 4,284 | ||||||
ACI Worldwide, Inc.* | 118 | 4,095 | ||||||
Sprout Social, Inc. — Class A* | 45 | 4,081 | ||||||
DigitalOcean Holdings, Inc.* | 50 | 4,017 | ||||||
Blackbaud, Inc.* | 49 | 3,870 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 49 | 3,837 | ||||||
Kulicke & Soffa Industries, Inc. | 62 | 3,754 | ||||||
Box, Inc. — Class A* | 143 | 3,745 | ||||||
Insight Enterprises, Inc.* | 35 | 3,731 | ||||||
Altair Engineering, Inc. — Class A* | 47 | 3,634 | ||||||
FormFactor, Inc.* | 78 | 3,566 | ||||||
Verint Systems, Inc.* | 65 | 3,413 | ||||||
Rambus, Inc.* | 108 | 3,174 | ||||||
CommVault Systems, Inc.* | 45 | 3,101 | ||||||
Cerence, Inc.* | 38 | 2,912 | ||||||
PagerDuty, Inc.* | 81 | 2,815 | ||||||
Apollo Medical Holdings, Inc.*,1 | 38 | 2,792 | ||||||
Momentive Global, Inc.* | 130 | 2,750 | ||||||
3D Systems Corp.* | 121 | 2,606 | ||||||
Ultra Clean Holdings, Inc.* | 45 | 2,581 | ||||||
Appian Corp.* | 39 | 2,543 | ||||||
Bottomline Technologies DE, Inc.* | 45 | 2,541 | ||||||
Amkor Technology, Inc. | 102 | 2,529 | ||||||
Axcelis Technologies, Inc.* | 33 | 2,461 | ||||||
NetScout Systems, Inc.* | 71 | 2,349 | ||||||
LivePerson, Inc.* | 65 | 2,322 | ||||||
Allscripts Healthcare Solutions, Inc.* | 124 | 2,288 | ||||||
Vocera Communications, Inc.* | 35 | 2,269 | ||||||
Appfolio, Inc. — Class A* | 18 | 2,179 | ||||||
Evolent Health, Inc. — Class A* | 77 | 2,131 | ||||||
Progress Software Corp. | 44 | 2,124 | ||||||
Outset Medical, Inc.* | 46 | 2,120 | ||||||
Cardlytics, Inc.* | 32 | 2,115 | ||||||
Zuora, Inc. — Class A* | 112 | 2,092 | ||||||
Verra Mobility Corp.* | 134 | 2,068 | ||||||
ManTech International Corp. — Class A | 28 | 2,042 | ||||||
Phreesia, Inc.* | 49 | 2,041 | ||||||
1Life Healthcare, Inc.* | 116 | 2,038 | ||||||
Health Catalyst, Inc.* | 51 | 2,021 | ||||||
Xperi Holding Corp. | 106 | 2,004 | ||||||
Super Micro Computer, Inc.* | 43 | 1,890 | ||||||
8x8, Inc.* | 111 | 1,860 | ||||||
CSG Systems International, Inc. | 32 | 1,844 | ||||||
E2open Parent Holdings, Inc.* | 163 | 1,835 | ||||||
Cohu, Inc.* | 48 | 1,828 | ||||||
BigCommerce Holdings, Inc.* | 49 | 1,733 | ||||||
Impinj, Inc.* | 19 | 1,685 | ||||||
Bandwidth, Inc. — Class A* | 23 | 1,651 | ||||||
Avaya Holdings Corp.* | 83 | 1,643 | ||||||
TTEC Holdings, Inc. | 18 | 1,630 | ||||||
Schrodinger Incorporated/United States* | 46 | 1,602 | ||||||
Grid Dynamics Holdings, Inc.* | 42 | 1,595 | ||||||
JFrog Ltd.* | 53 | 1,574 | ||||||
Veeco Instruments, Inc.* | 50 | 1,424 | ||||||
Domo, Inc. — Class B* | 28 | 1,389 | ||||||
PROS Holdings, Inc.* | 40 | 1,380 | ||||||
Ping Identity Holding Corp.* | 60 | 1,373 | ||||||
Donnelley Financial Solutions, Inc.* | 29 | 1,367 | ||||||
Unisys Corp.* | 66 | 1,358 | ||||||
PAR Technology Corp.* | 25 | 1,319 | ||||||
SMART Global Holdings, Inc.* | 18 | 1,278 | ||||||
Alpha & Omega Semiconductor Ltd.* | 21 | 1,272 | ||||||
Porch Group, Inc.* | 78 | 1,216 | ||||||
Pitney Bowes, Inc. | 177 | 1,173 | ||||||
Avid Technology, Inc.* | 36 | 1,173 | ||||||
Sumo Logic, Inc.* | 86 | 1,166 | ||||||
CTS Corp. | 31 | 1,138 | ||||||
Photronics, Inc.* | 60 | 1,131 | ||||||
Yext, Inc.* | 112 | 1,111 | ||||||
Alignment Healthcare, Inc.* | 78 | 1,097 | ||||||
Sapiens International Corporation N.V. | 31 | 1,068 | ||||||
Model N, Inc.* | 35 | 1,051 | ||||||
NextGen Healthcare, Inc.* | 57 | 1,014 | ||||||
PDF Solutions, Inc.* | 30 | 954 | ||||||
CEVA, Inc.* | 22 | 951 | ||||||
Desktop Metal, Inc. — Class A* | 188 | 931 | ||||||
Parsons Corp.* | 27 | 908 | ||||||
Conduent, Inc.* | 167 | 892 | ||||||
Agilysys, Inc.* | 20 | 889 | ||||||
Consensus Cloud Solutions, Inc.* | 15 | 868 | ||||||
American Software, Inc. — Class A | 32 | 837 | ||||||
Digi International, Inc.* | 33 | 811 | ||||||
Ouster, Inc.* | 154 | 801 | ||||||
Ebix, Inc. | 26 | 790 | ||||||
Mitek Systems, Inc.* | 43 | 763 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Rackspace Technology, Inc.* | 55 | $ | 741 | |||||
Simulations Plus, Inc. | 15 | 710 | ||||||
PowerSchool Holdings, Inc. — Class A* | 43 | 708 | ||||||
PAE, Inc.* | 70 | 695 | ||||||
Diebold Nixdorf, Inc.* | 73 | 661 | ||||||
Veritone, Inc.* | 29 | 652 | ||||||
Telos Corp.* | 40 | 617 | ||||||
OneSpan, Inc.* | 35 | 593 | ||||||
Corsair Gaming, Inc.*,1 | 27 | 567 | ||||||
Cantaloupe, Inc.* | 59 | 524 | ||||||
Upland Software, Inc.* | 29 | 520 | ||||||
Privia Health Group, Inc.* | 20 | 517 | ||||||
Digimarc Corp.* | 13 | 513 | ||||||
Vuzix Corp.*,1 | 59 | 511 | ||||||
BTRS Holdings, Inc. — Class A* | 65 | 508 | ||||||
Inseego Corp.*,1 | 83 | 484 | ||||||
ON24, Inc.* | 27 | 468 | ||||||
CS Disco, Inc.* | 12 | 429 | ||||||
Brightcove, Inc.* | 41 | 419 | ||||||
Computer Programs and Systems, Inc.* | 14 | 410 | ||||||
Atomera, Inc.* | 20 | 402 | ||||||
Integral Ad Science Holding Corp.* | 17 | 378 | ||||||
Daily Journal Corp.* | 1 | 357 | ||||||
AXT, Inc.* | 40 | 352 | ||||||
Tabula Rasa HealthCare, Inc.* | 23 | 345 | ||||||
Quantum Corp.* | 58 | 320 | ||||||
Genius Brands International, Inc.* | 282 | 296 | ||||||
Instructure Holdings, Inc.* | 12 | 288 | ||||||
MeridianLink, Inc.* | 13 | 281 | ||||||
CoreCard Corp.* | 7 | 272 | ||||||
Rimini Street, Inc.* | 44 | 263 | ||||||
EMCORE Corp.* | 37 | 258 | ||||||
Benefitfocus, Inc.* | 24 | 256 | ||||||
EverCommerce, Inc.* | 16 | 252 | ||||||
Intapp, Inc.* | 10 | 252 | ||||||
Smith Micro Software, Inc.* | 46 | 226 | ||||||
GTY Technology Holdings, Inc.* | 32 | 214 | ||||||
Rekor Systems, Inc.* | 32 | 210 | ||||||
eGain Corp.* | 20 | 200 | ||||||
PlayAGS, Inc.* | 28 | 190 | ||||||
Castlight Health, Inc. — Class B* | 121 | 186 | ||||||
DarioHealth Corp.* | 14 | 182 | ||||||
Forian, Inc.* | 19 | 171 | ||||||
iCAD, Inc.* | 22 | 158 | ||||||
SecureWorks Corp. — Class A* | 9 | 144 | ||||||
Alkami Technology, Inc.* | 7 | 140 | ||||||
SkyWater Technology, Inc.* | 8 | 130 | ||||||
Viant Technology, Inc. — Class A* | 12 | 116 | ||||||
Outbrain, Inc.* | 8 | 112 | ||||||
Convey Health Solutions Holdings, Inc.* | 13 | 109 | ||||||
StarTek, Inc.* | 17 | 89 | ||||||
GreenBox POS* | 18 | 76 | ||||||
IBEX Holdings Ltd.* | 5 | 64 | ||||||
Kaltura, Inc.* | 17 | 57 | ||||||
NantHealth, Inc.* | 27 | 29 | ||||||
Total Technology | 341,034 | |||||||
Energy - 1.3% | ||||||||
Ovintiv, Inc. | 262 | 8,829 | ||||||
Chesapeake Energy Corp. | 104 | 6,710 | ||||||
Antero Resources Corp.* | 286 | 5,005 | ||||||
PDC Energy, Inc. | 100 | 4,878 | ||||||
Southwestern Energy Co.* | 1,003 | 4,674 | ||||||
Range Resources Corp.* | 240 | 4,279 | ||||||
Equitrans Midstream Corp. | 408 | 4,219 | ||||||
ChampionX Corp.* | 203 | 4,103 | ||||||
Matador Resources Co. | 111 | 4,098 | ||||||
Denbury, Inc.* | 51 | 3,906 | ||||||
Murphy Oil Corp. | 147 | 3,838 | ||||||
SM Energy Co. | 119 | 3,508 | ||||||
California Resources Corp. | 82 | 3,502 | ||||||
CNX Resources Corp.* | 207 | 2,846 | ||||||
Magnolia Oil & Gas Corp. — Class A | 140 | 2,642 | ||||||
Whiting Petroleum Corp.* | 39 | 2,522 | ||||||
Oasis Petroleum, Inc. | 20 | 2,520 | ||||||
Helmerich & Payne, Inc. | 106 | 2,512 | ||||||
Sunnova Energy International, Inc.* | 86 | 2,401 | ||||||
Stem, Inc.* | 112 | 2,125 | ||||||
Civitas Resources, Inc. | 43 | 2,106 | ||||||
Array Technologies, Inc.* | 127 | 1,993 | ||||||
Renewable Energy Group, Inc.* | 45 | 1,910 | ||||||
Callon Petroleum Co.* | 40 | 1,890 | ||||||
FuelCell Energy, Inc.*,1 | 325 | 1,690 | ||||||
SunPower Corp. — Class A*,1 | 80 | 1,670 | ||||||
Green Plains, Inc.* | 48 | 1,668 | ||||||
Patterson-UTI Energy, Inc. | 186 | 1,572 | ||||||
Kosmos Energy Ltd.* | 404 | 1,398 | ||||||
Arch Resources, Inc. | 15 | 1,370 | ||||||
Warrior Met Coal, Inc. | 52 | 1,337 | ||||||
PBF Energy, Inc. — Class A* | 97 | 1,258 | ||||||
Oceaneering International, Inc.* | 100 | 1,131 | ||||||
Tellurian, Inc.* | 360 | 1,109 | ||||||
Centennial Resource Development, Inc. — Class A* | 181 | 1,082 | ||||||
Northern Oil and Gas, Inc. | 52 | 1,070 | ||||||
Archrock, Inc. | 135 | 1,010 | ||||||
Delek US Holdings, Inc.* | 66 | 989 | ||||||
NOW, Inc.* | 111 | 948 | ||||||
Brigham Minerals, Inc. — Class A | 44 | 928 | ||||||
Liberty Oilfield Services, Inc. — Class A* | 91 | 883 | ||||||
Gevo, Inc.*,1 | 195 | 835 | ||||||
Peabody Energy Corp.* | 81 | 816 | ||||||
CONSOL Energy, Inc.* | 35 | 795 | ||||||
Laredo Petroleum, Inc.* | 13 | 782 | ||||||
Bristow Group, Inc.* | 24 | 760 | ||||||
Comstock Resources, Inc.* | 92 | 744 | ||||||
Par Pacific Holdings, Inc.* | 44 | 726 | ||||||
DMC Global, Inc.* | 18 | 713 | ||||||
ProPetro Holding Corp.* | 86 | 697 | ||||||
US Silica Holdings, Inc.* | 74 | 696 | ||||||
Dril-Quip, Inc.* | 35 | 689 | ||||||
NexTier Oilfield Solutions, Inc.* | 174 | 618 | ||||||
Berry Corp. | 68 | 573 | ||||||
MRC Global, Inc.* | 81 | 557 | ||||||
SunCoke Energy, Inc. | 84 | 553 | ||||||
TPI Composites, Inc.* | 37 | 553 | ||||||
CVR Energy, Inc. | 29 | 487 | ||||||
Nabors Industries Ltd.* | 6 | 486 | ||||||
REX American Resources Corp.* | 5 | 480 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Helix Energy Solutions Group, Inc.* | 144 | $ | 449 | |||||
Tidewater, Inc.* | 41 | 439 | ||||||
Ranger Oil Corp. — Class A* | 15 | 404 | ||||||
Expro Group Holdings N.V.* | 27 | 387 | ||||||
Select Energy Services, Inc. — Class A* | 62 | 386 | ||||||
Crescent Energy, Inc. — Class A* | 29 | 368 | ||||||
Talos Energy, Inc.* | 37 | 363 | ||||||
National Energy Services Reunited Corp.* | 38 | 359 | ||||||
TETRA Technologies, Inc.* | 123 | 349 | ||||||
Alto Ingredients, Inc.* | 72 | 346 | ||||||
Aemetis, Inc.* | 27 | 332 | ||||||
Cleanspark, Inc.* | 34 | 324 | ||||||
Eos Energy Enterprises, Inc.*,1 | 43 | 323 | ||||||
RPC, Inc.* | 67 | 304 | ||||||
W&T Offshore, Inc.* | 94 | 304 | ||||||
Oil States International, Inc.* | 61 | 303 | ||||||
Newpark Resources, Inc.* | 91 | 267 | ||||||
Earthstone Energy, Inc. — Class A* | 24 | 263 | ||||||
FTS International, Inc. — Class A* | 9 | 236 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 32 | 210 | ||||||
FutureFuel Corp. | 26 | 199 | ||||||
Falcon Minerals Corp. | 40 | 195 | ||||||
Matrix Service Co.* | 25 | 188 | ||||||
Beam Global* | 9 | 167 | ||||||
Advent Technologies Holdings, Inc.* | 15 | 105 | ||||||
HighPeak Energy, Inc. | 5 | 73 | ||||||
Riley Exploration Permian, Inc. | 2 | 39 | ||||||
Total Energy | 128,371 | |||||||
Communications - 1.3% | ||||||||
Vonage Holdings Corp.* | 241 | 5,010 | ||||||
Mimecast Ltd.* | 61 | 4,854 | ||||||
Iridium Communications, Inc.* | 117 | 4,831 | ||||||
Calix, Inc.* | 56 | 4,478 | ||||||
Q2 Holdings, Inc.* | 55 | 4,369 | ||||||
Perficient, Inc.* | 33 | 4,267 | ||||||
TEGNA, Inc. | 221 | 4,102 | ||||||
Viavi Solutions, Inc.* | 229 | 4,035 | ||||||
Upwork, Inc.* | 118 | 4,031 | ||||||
Cargurus, Inc.* | 95 | 3,196 | ||||||
Cogent Communications Holdings, Inc. | 43 | 3,147 | ||||||
Yelp, Inc. — Class A* | 72 | 2,609 | ||||||
Shutterstock, Inc. | 23 | 2,550 | ||||||
Overstock.com, Inc.* | 43 | 2,537 | ||||||
TechTarget, Inc.* | 25 | 2,392 | ||||||
iHeartMedia, Inc. — Class A* | 112 | 2,356 | ||||||
Open Lending Corp. — Class A* | 104 | 2,338 | ||||||
Magnite, Inc.* | 130 | 2,275 | ||||||
InterDigital, Inc. | 31 | 2,220 | ||||||
Maxar Technologies, Inc. | 72 | 2,126 | ||||||
Houghton Mifflin Harcourt Co.* | 128 | 2,061 | ||||||
fuboTV, Inc.* | 132 | 2,049 | ||||||
Telephone & Data Systems, Inc. | 101 | 2,035 | ||||||
Revolve Group, Inc.* | 36 | 2,017 | ||||||
Extreme Networks, Inc.* | 124 | 1,947 | ||||||
Liberty Latin America Ltd. — Class C* | 155 | 1,767 | ||||||
Infinera Corp.* | 181 | 1,736 | ||||||
Gray Television, Inc. | 86 | 1,734 | ||||||
ePlus, Inc.* | 26 | 1,401 | ||||||
Eventbrite, Inc. — Class A* | 75 | 1,308 | ||||||
Plantronics, Inc.* | 43 | 1,262 | ||||||
Shenandoah Telecommunications Co. | 48 | 1,224 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 46 | 1,216 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 363 | 1,201 | ||||||
WideOpenWest, Inc.* | 53 | 1,140 | ||||||
Stitch Fix, Inc. — Class A* | 60 | 1,135 | ||||||
Cars.com, Inc.* | 69 | 1,110 | ||||||
EW Scripps Co. — Class A* | 57 | 1,103 | ||||||
ADTRAN, Inc. | 48 | 1,096 | ||||||
EchoStar Corp. — Class A* | 40 | 1,054 | ||||||
Harmonic, Inc.* | 89 | 1,047 | ||||||
Scholastic Corp. | 25 | 999 | ||||||
AMC Networks, Inc. — Class A* | 29 | 999 | ||||||
A10 Networks, Inc. | 59 | 978 | ||||||
Clearfield, Inc.* | 11 | 929 | ||||||
RealReal, Inc.* | 79 | 917 | ||||||
QuinStreet, Inc.* | 50 | 909 | ||||||
IDT Corp. — Class B* | 20 | 883 | ||||||
NETGEAR, Inc.* | 30 | 876 | ||||||
Gogo, Inc.* | 59 | 798 | ||||||
NeoPhotonics Corp.* | 50 | 768 | ||||||
Tucows, Inc. — Class A* | 9 | 754 | ||||||
Gannett Company, Inc.* | 141 | 751 | ||||||
ChannelAdvisor Corp.* | 29 | 716 | ||||||
Anterix, Inc.* | 12 | 705 | ||||||
Globalstar, Inc.* | 599 | 695 | ||||||
Quotient Technology, Inc.* | 89 | 660 | ||||||
HealthStream, Inc.* | 25 | 659 | ||||||
1-800-Flowers.com, Inc. — Class A* | 27 | 631 | ||||||
Advantage Solutions, Inc.* | 77 | 617 | ||||||
Liquidity Services, Inc.* | 27 | 596 | ||||||
CarParts.com, Inc.* | 49 | 549 | ||||||
Consolidated Communications Holdings, Inc.* | 72 | 539 | ||||||
Stagwell, Inc.* | 62 | 538 | ||||||
Groupon, Inc.* | 23 | 533 | ||||||
Boston Omaha Corp. — Class A* | 18 | 517 | ||||||
Liberty Latin America Ltd. — Class A* | 42 | 490 | ||||||
United States Cellular Corp.* | 15 | 473 | ||||||
Ooma, Inc.* | 22 | 450 | ||||||
ATN International, Inc. | 11 | 439 | ||||||
Ribbon Communications, Inc.* | 71 | 430 | ||||||
Limelight Networks, Inc.* | 125 | 429 | ||||||
Entravision Communications Corp. — Class A | 61 | 414 | ||||||
Telesat Corp.*,1 | 13 | 373 | ||||||
MediaAlpha, Inc. — Class A* | 21 | 324 | ||||||
Aviat Networks, Inc.* | 10 | 321 | ||||||
Audacy, Inc.* | 118 | 303 | ||||||
EverQuote, Inc. — Class A* | 19 | 298 | ||||||
Thryv Holdings, Inc.* | 7 | 288 | ||||||
Cambium Networks Corp.* | 11 | 282 | ||||||
DZS, Inc.* | 17 | 276 | ||||||
Lands' End, Inc.* | 14 | 275 | ||||||
CalAmp Corp.* | 34 | 240 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
comScore, Inc.* | 70 | $ | 234 | |||||
Couchbase, Inc.* | 9 | 225 | ||||||
Preformed Line Products Co. | 3 | 194 | ||||||
Bright Health Group, Inc.* | 53 | 182 | ||||||
Casa Systems, Inc.* | 32 | 181 | ||||||
National CineMedia, Inc. | 60 | 169 | ||||||
VirnetX Holding Corp.* | 64 | 166 | ||||||
CuriosityStream, Inc.* | 26 | 154 | ||||||
KVH Industries, Inc.* | 15 | 138 | ||||||
Hemisphere Media Group, Inc.* | 16 | 116 | ||||||
Fluent, Inc.* | 43 | 86 | ||||||
HyreCar, Inc.* | 18 | 85 | ||||||
LiveOne, Inc.* | 59 | 76 | ||||||
1stdibs.com, Inc.* | 6 | 75 | ||||||
Value Line, Inc. | 1 | 47 | ||||||
Digital Media Solutions, Inc. — Class A* | 3 | 14 | ||||||
Total Communications | 125,129 | |||||||
Basic Materials - 1.0% | ||||||||
Balchem Corp. | 32 | 5,395 | ||||||
Rogers Corp.* | 19 | 5,187 | ||||||
Commercial Metals Co. | 120 | 4,355 | ||||||
Sensient Technologies Corp. | 43 | 4,303 | ||||||
HB Fuller Co. | 53 | 4,293 | ||||||
Livent Corp.* | 162 | 3,950 | ||||||
Arconic Corp.* | 105 | 3,466 | ||||||
MP Materials Corp.*,1 | 73 | 3,316 | ||||||
Quaker Chemical Corp. | 14 | 3,231 | ||||||
Cabot Corp. | 57 | 3,203 | ||||||
Ingevity Corp.* | 40 | 2,868 | ||||||
Tronox Holdings plc — Class A | 114 | 2,739 | ||||||
Hecla Mining Co. | 524 | 2,735 | ||||||
Stepan Co. | 21 | 2,610 | ||||||
Minerals Technologies, Inc. | 34 | 2,487 | ||||||
Innospec, Inc. | 25 | 2,259 | ||||||
Constellium SE* | 123 | 2,203 | ||||||
Trinseo plc | 39 | 2,046 | ||||||
Allegheny Technologies, Inc.* | 128 | 2,039 | ||||||
Codexis, Inc.* | 61 | 1,907 | ||||||
Ferro Corp.* | 82 | 1,790 | ||||||
Compass Minerals International, Inc. | 34 | 1,737 | ||||||
Novagold Resources, Inc.* | 238 | 1,633 | ||||||
GCP Applied Technologies, Inc.* | 50 | 1,583 | ||||||
Kaiser Aluminum Corp. | 16 | 1,503 | ||||||
Kraton Corp.* | 32 | 1,482 | ||||||
Carpenter Technology Corp. | 48 | 1,401 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 26 | 1,350 | ||||||
Coeur Mining, Inc.* | 255 | 1,285 | ||||||
AdvanSix, Inc. | 27 | 1,276 | ||||||
Energy Fuels, Inc.* | 148 | 1,129 | ||||||
Orion Engineered Carbons S.A. | 61 | 1,120 | ||||||
Schweitzer-Mauduit International, Inc. | 31 | 927 | ||||||
Amyris, Inc.*,1 | 171 | 925 | ||||||
Century Aluminum Co.* | 52 | 861 | ||||||
Neenah, Inc. | 17 | 787 | ||||||
Uranium Energy Corp.* | 232 | 777 | ||||||
Glatfelter Corp. | 44 | 757 | ||||||
Hawkins, Inc. | 19 | 750 | ||||||
Verso Corp. — Class A | 27 | 729 | ||||||
Koppers Holdings, Inc.* | 21 | 657 | ||||||
Clearwater Paper Corp.* | 17 | 623 | ||||||
Danimer Scientific, Inc.* | 67 | 571 | ||||||
Ecovyst, Inc. | 52 | 533 | ||||||
Zymergen, Inc.* | 79 | 529 | ||||||
Gatos Silver, Inc.* | 47 | 488 | ||||||
American Vanguard Corp. | 29 | 475 | ||||||
Intrepid Potash, Inc.* | 10 | 427 | ||||||
Rayonier Advanced Materials, Inc.* | 62 | 354 | ||||||
Kronos Worldwide, Inc. | 22 | 330 | ||||||
Unifi, Inc.* | 13 | 301 | ||||||
United States Lime & Minerals, Inc. | 2 | 258 | ||||||
Ur-Energy, Inc.* | 181 | 221 | ||||||
Oil-Dri Corporation of America | 4 | 131 | ||||||
Perpetua Resources Corp.* | 27 | 128 | ||||||
Marrone Bio Innovations, Inc.* | 101 | 73 | ||||||
PolyMet Mining Corp.* | 28 | 70 | ||||||
Valhi, Inc. | 1 | 29 | ||||||
Total Basic Materials | 94,592 | |||||||
Utilities - 0.8% | ||||||||
Portland General Electric Co. | 89 | 4,710 | ||||||
Black Hills Corp. | 63 | 4,446 | ||||||
Brookfield Infrastructure Corp. — Class A | 61 | 4,164 | ||||||
Southwest Gas Holdings, Inc. | 59 | 4,133 | ||||||
ONE Gas, Inc. | 53 | 4,112 | ||||||
New Jersey Resources Corp. | 97 | 3,983 | ||||||
PNM Resources, Inc. | 86 | 3,922 | ||||||
American States Water Co. | 37 | 3,827 | ||||||
California Water Service Group | 52 | 3,737 | ||||||
Ormat Technologies, Inc. | 46 | 3,648 | ||||||
ALLETE, Inc. | 52 | 3,450 | ||||||
Spire, Inc. | 51 | 3,326 | ||||||
Avista Corp. | 70 | 2,974 | ||||||
MGE Energy, Inc. | 36 | 2,961 | ||||||
Clearway Energy, Inc. — Class C | 82 | 2,954 | ||||||
Otter Tail Corp. | 41 | 2,928 | ||||||
NorthWestern Corp. | 51 | 2,915 | ||||||
South Jersey Industries, Inc. | 103 | 2,690 | ||||||
Ameresco, Inc. — Class A* | 31 | 2,525 | ||||||
Chesapeake Utilities Corp. | 17 | 2,479 | ||||||
Middlesex Water Co. | 17 | 2,045 | ||||||
SJW Group | 27 | 1,977 | ||||||
Northwest Natural Holding Co. | 31 | 1,512 | ||||||
Clearway Energy, Inc. — Class A | 35 | 1,172 | ||||||
Unitil Corp. | 15 | 690 | ||||||
York Water Co. | 13 | 647 | ||||||
Artesian Resources Corp. — Class A | 8 | 371 | ||||||
Global Water Resources, Inc. | 13 | 222 | ||||||
FTC Solar, Inc.* | 19 | 144 | ||||||
Via Renewables, Inc. | 12 | 137 | ||||||
Total Utilities | 78,801 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 30 | 498 | ||||||
Total Common Stocks | ||||||||
(Cost $2,959,078) | 2,947,685 |
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Tobira Therapeutics, Inc.* | 14 | $ | – | |||||
Total Rights | ||||||||
(Cost $–) | – |
MUTUAL FUNDS† - 20.6% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 112,170 | 1,112,723 | ||||||
Guggenheim Strategy Fund II2 | 36,876 | 917,477 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,023,780) | 2,030,200 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 15.4% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | $ | 1,500,000 | 1,499,336 | |||||
0.04% due 01/06/224 | 19,000 | 19,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,518,442) | 1,518,336 |
REPURCHASE AGREEMENTS††,5 - 30.7% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 1,690,668 | 1,690,668 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 699,210 | 699,210 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 635,646 | 635,646 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $3,025,524) | 3,025,524 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%7 | 43,458 | 43,458 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $43,458) | 43,458 | |||||||
Total Investments - 96.9% | ||||||||
(Cost $9,570,282) | $ | 9,565,203 | ||||||
Other Assets & Liabilities, net - 3.1% | 302,806 | |||||||
Total Net Assets - 100.0% | $ | 9,868,009 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 0.05% (U.S. Secured Overnight Financing Rate) | At Maturity | 01/26/22 | 3,910 | $ | 8,780,244 | $ | 331,052 | ||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 0.33% (Federal Funds Rate + 0.25%) | At Maturity | 01/27/22 | 756 | 1,697,553 | 38,736 | ||||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 0.28% (Federal Funds Rate + 0.20%) | At Maturity | 01/27/22 | 617 | 1,385,913 | 30,927 | ||||||||||||||
$ | 11,863,710 | $ | 400,715 |
* | 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 December 31, 2021 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at December 31, 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 December 31, 2021. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
Russell 2000® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 2,947,685 | $ | — | $ | — | $ | 2,947,685 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Mutual Funds | 2,030,200 | — | — | 2,030,200 | ||||||||||||
U.S. Treasury Bills | — | 1,518,336 | — | 1,518,336 | ||||||||||||
Repurchase Agreements | — | 3,025,524 | — | 3,025,524 | ||||||||||||
Securities Lending Collateral | 43,458 | — | — | 43,458 | ||||||||||||
Equity Index Swap Agreements** | — | 400,715 | — | 400,715 | ||||||||||||
Total Assets | $ | 5,021,343 | $ | 4,944,575 | $ | — | $ | 9,965,918 |
* | Security has 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 921,165 | $ | – | $ | – | $ | – | $ | (3,688 | ) | $ | 917,477 | 36,876 | $ | 9,943 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,117,210 | – | – | – | (4,487 | ) | 1,112,723 | 112,170 | 7,481 | |||||||||||||||||||||||
$ | 2,038,375 | $ | – | $ | – | $ | – | $ | (8,175 | ) | $ | 2,030,200 | $ | 17,424 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 48.3% | ||||||||
Consumer, Non-cyclical - 11.7% | ||||||||
Tenet Healthcare Corp.* | 597 | $ | 48,769 | |||||
Avis Budget Group, Inc.* | 230 | 47,695 | ||||||
Intellia Therapeutics, Inc.* | 387 | 45,759 | ||||||
Omnicell, Inc.* | 242 | 43,666 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 313 | 43,135 | ||||||
Performance Food Group Co.* | 853 | 39,144 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 570 | 37,791 | ||||||
Medpace Holdings, Inc.* | 163 | 35,475 | ||||||
Blueprint Medicines Corp.* | 329 | 35,239 | ||||||
ASGN, Inc.* | 283 | 34,922 | ||||||
Inspire Medical Systems, Inc.* | 151 | 34,739 | ||||||
Shockwave Medical, Inc.* | 189 | 33,704 | ||||||
Helen of Troy Ltd.* | 135 | 33,004 | ||||||
AMN Healthcare Services, Inc.* | 265 | 32,417 | ||||||
Arena Pharmaceuticals, Inc.* | 344 | 31,971 | ||||||
Halozyme Therapeutics, Inc.* | 769 | 30,922 | ||||||
API Group Corp.* | 1,114 | 28,708 | ||||||
Neogen Corp.* | 606 | 27,518 | ||||||
Fate Therapeutics, Inc.* | 456 | 26,681 | ||||||
LivaNova plc* | 301 | 26,316 | ||||||
Option Care Health, Inc.* | 883 | 25,113 | ||||||
Ensign Group, Inc. | 295 | 24,768 | ||||||
STAAR Surgical Co.* | 267 | 24,377 | ||||||
Insperity, Inc. | 205 | 24,213 | ||||||
LHC Group, Inc.* | 172 | 23,604 | ||||||
CONMED Corp. | 163 | 23,107 | ||||||
Denali Therapeutics, Inc.* | 512 | 22,835 | ||||||
Korn Ferry | 299 | 22,643 | ||||||
Celsius Holdings, Inc.* | 303 | 22,595 | ||||||
Triton International Ltd. | 375 | 22,586 | ||||||
Alarm.com Holdings, Inc.* | 266 | 22,559 | ||||||
Beam Therapeutics, Inc.* | 281 | 22,393 | ||||||
Pacific Biosciences of California, Inc.* | 1,094 | 22,383 | ||||||
Herc Holdings, Inc. | 141 | 22,074 | ||||||
Sanderson Farms, Inc. | 114 | 21,783 | ||||||
NeoGenomics, Inc.* | 637 | 21,734 | ||||||
TriNet Group, Inc.* | 227 | 21,624 | ||||||
Arvinas, Inc.* | 262 | 21,521 | ||||||
Alkermes plc* | 903 | 21,004 | ||||||
Intra-Cellular Therapies, Inc.* | 397 | 20,779 | ||||||
Twist Bioscience Corp.* | 265 | 20,508 | ||||||
HealthEquity, Inc.* | 460 | 20,350 | ||||||
Cytokinetics, Inc.*,1 | 446 | 20,329 | ||||||
Simply Good Foods Co.* | 479 | 19,912 | ||||||
iRhythm Technologies, Inc.* | 165 | 19,419 | ||||||
Sprouts Farmers Market, Inc.* | 645 | 19,143 | ||||||
WD-40 Co. | 77 | 18,837 | ||||||
Select Medical Holdings Corp. | 622 | 18,287 | ||||||
Apellis Pharmaceuticals, Inc.* | 385 | 18,203 | ||||||
Brink's Co. | 274 | 17,966 | ||||||
Merit Medical Systems, Inc.* | 288 | 17,942 | ||||||
LiveRamp Holdings, Inc.* | 372 | 17,837 | ||||||
Progyny, Inc.* | 354 | 17,824 | ||||||
Rent-A-Center, Inc. | 371 | 17,823 | ||||||
Owens & Minor, Inc. | 408 | 17,748 | ||||||
Lancaster Colony Corp. | 107 | 17,719 | ||||||
Marathon Digital Holdings, Inc.*,1 | 537 | 17,646 | ||||||
Insmed, Inc.* | 647 | 17,624 | ||||||
AtriCure, Inc.* | 251 | 17,452 | ||||||
Inari Medical, Inc.* | 191 | 17,433 | ||||||
Invitae Corp.* | 1,127 | 17,209 | ||||||
Prestige Consumer Healthcare, Inc.* | 282 | 17,103 | ||||||
Amicus Therapeutics, Inc.* | 1,479 | 17,082 | ||||||
R1 RCM, Inc.* | 668 | 17,027 | ||||||
EVERTEC, Inc. | 340 | 16,993 | ||||||
Zentalis Pharmaceuticals, Inc.* | 202 | 16,980 | ||||||
PROG Holdings, Inc.* | 372 | 16,781 | ||||||
Karuna Therapeutics, Inc.* | 125 | 16,375 | ||||||
Coca-Cola Consolidated, Inc. | 26 | 16,099 | ||||||
Kodiak Sciences, Inc.* | 189 | 16,023 | ||||||
Integer Holdings Corp.* | 184 | 15,749 | ||||||
Nevro Corp.* | 194 | 15,728 | ||||||
ACADIA Pharmaceuticals, Inc.* | 673 | 15,708 | ||||||
Veracyte, Inc.* | 379 | 15,615 | ||||||
Primo Water Corp. | 885 | 15,602 | ||||||
PTC Therapeutics, Inc.* | 390 | 15,534 | ||||||
ABM Industries, Inc. | 379 | 15,482 | ||||||
United Natural Foods, Inc.* | 313 | 15,362 | ||||||
NuVasive, Inc.* | 291 | 15,272 | ||||||
Haemonetics Corp.* | 284 | 15,063 | ||||||
Hostess Brands, Inc.* | 737 | 15,049 | ||||||
Pacira BioSciences, Inc.* | 246 | 14,802 | ||||||
Axonics, Inc.* | 257 | 14,392 | ||||||
Ortho Clinical Diagnostics Holdings plc* | 669 | 14,310 | ||||||
Vir Biotechnology, Inc.* | 338 | 14,152 | ||||||
Patterson Companies, Inc. | 482 | 14,147 | ||||||
Edgewell Personal Care Co. | 305 | 13,941 | ||||||
John Wiley & Sons, Inc. — Class A | 243 | 13,917 | ||||||
Graham Holdings Co. — Class B | 22 | 13,856 | ||||||
BioCryst Pharmaceuticals, Inc.* | 1,000 | 13,850 | ||||||
Medifast, Inc. | 66 | 13,822 | ||||||
TG Therapeutics, Inc.* | 720 | 13,680 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 85 | 13,129 | ||||||
J & J Snack Foods Corp. | 83 | 13,111 | ||||||
CareDx, Inc.* | 285 | 12,962 | ||||||
Xencor, Inc.* | 318 | 12,758 | ||||||
Magellan Health, Inc.* | 134 | 12,729 | ||||||
Turning Point Therapeutics, Inc.* | 258 | 12,307 | ||||||
Kymera Therapeutics, Inc.* | 193 | 12,254 | ||||||
Myriad Genetics, Inc.* | 436 | 12,034 | ||||||
Emergent BioSolutions, Inc.* | 275 | 11,954 | ||||||
Relay Therapeutics, Inc.* | 389 | 11,946 | ||||||
Beauty Health Co.* | 490 | 11,838 | ||||||
TreeHouse Foods, Inc.* | 292 | 11,835 | ||||||
Fulgent Genetics, Inc.* | 116 | 11,668 | ||||||
MEDNAX, Inc.* | 428 | 11,646 | ||||||
Covetrus, Inc.* | 582 | 11,623 | ||||||
Glaukos Corp.* | 252 | 11,199 | ||||||
B&G Foods, Inc.1 | 360 | 11,063 | ||||||
ChemoCentryx, Inc.* | 303 | 11,032 | ||||||
CBIZ, Inc.* | 281 | 10,993 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 640 | 10,963 | ||||||
Lantheus Holdings, Inc.* | 379 | 10,949 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Green Dot Corp. — Class A* | 301 | $ | 10,908 | |||||
Monro, Inc. | 187 | 10,897 | ||||||
Central Garden & Pet Co. — Class A* | 227 | 10,862 | ||||||
OPKO Health, Inc.* | 2,248 | 10,813 | ||||||
Inter Parfums, Inc. | 101 | 10,797 | ||||||
Corcept Therapeutics, Inc.* | 544 | 10,771 | ||||||
NanoString Technologies, Inc.* | 255 | 10,769 | ||||||
IVERIC bio, Inc.* | 639 | 10,684 | ||||||
ICF International, Inc. | 104 | 10,665 | ||||||
Riot Blockchain, Inc.* | 474 | 10,584 | ||||||
CorVel Corp.* | 50 | 10,400 | ||||||
ModivCare, Inc.* | 70 | 10,380 | ||||||
Vericel Corp.* | 262 | 10,297 | ||||||
Arcus Biosciences, Inc.* | 254 | 10,279 | ||||||
Editas Medicine, Inc.* | 384 | 10,195 | ||||||
Travere Therapeutics, Inc.* | 328 | 10,181 | ||||||
SpringWorks Therapeutics, Inc.* | 163 | 10,103 | ||||||
Heska Corp.* | 55 | 10,037 | ||||||
Celldex Therapeutics, Inc.* | 258 | 9,969 | ||||||
Agios Pharmaceuticals, Inc.* | 302 | 9,927 | ||||||
Coursera, Inc.* | 406 | 9,923 | ||||||
Avid Bioservices, Inc.* | 339 | 9,892 | ||||||
AdaptHealth Corp.* | 403 | 9,857 | ||||||
Global Blood Therapeutics, Inc.* | 336 | 9,835 | ||||||
Bridgebio Pharma, Inc.*,1 | 589 | 9,825 | ||||||
Prothena Corporation plc* | 196 | 9,682 | ||||||
Textainer Group Holdings Ltd. | 270 | 9,642 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 816 | 9,515 | ||||||
Surgery Partners, Inc.* | 178 | 9,507 | ||||||
Cassava Sciences, Inc.*,1 | 215 | 9,396 | ||||||
Multiplan Corp.* | 2,116 | 9,374 | ||||||
Avanos Medical, Inc.* | 270 | 9,361 | ||||||
Community Health Systems, Inc.* | 699 | 9,304 | ||||||
Vector Group Ltd. | 807 | 9,264 | ||||||
elf Beauty, Inc.* | 270 | 8,967 | ||||||
Repay Holdings Corp.* | 487 | 8,898 | ||||||
Protagonist Therapeutics, Inc.* | 251 | 8,584 | ||||||
Kforce, Inc. | 114 | 8,575 | ||||||
Dynavax Technologies Corp.* | 606 | 8,526 | ||||||
REVOLUTION Medicines, Inc.* | 334 | 8,407 | ||||||
Cal-Maine Foods, Inc.* | 227 | 8,397 | ||||||
ImmunoGen, Inc.* | 1,112 | 8,251 | ||||||
Adtalem Global Education, Inc.* | 278 | 8,218 | ||||||
Enanta Pharmaceuticals, Inc.* | 109 | 8,151 | ||||||
Silk Road Medical, Inc.* | 191 | 8,139 | ||||||
Addus HomeCare Corp.* | 87 | 8,135 | ||||||
2U, Inc.* | 403 | 8,088 | ||||||
Supernus Pharmaceuticals, Inc.* | 276 | 8,048 | ||||||
Strategic Education, Inc. | 137 | 7,924 | ||||||
RadNet, Inc.* | 255 | 7,678 | ||||||
Deluxe Corp. | 237 | 7,610 | ||||||
Stride, Inc.* | 226 | 7,533 | ||||||
Sana Biotechnology, Inc.* | 485 | 7,508 | ||||||
Nuvation Bio, Inc.* | 883 | 7,506 | ||||||
Accolade, Inc.* | 284 | 7,486 | ||||||
Universal Corp. | 135 | 7,414 | ||||||
Quanterix Corp.* | 174 | 7,378 | ||||||
Atara Biotherapeutics, Inc.* | 465 | 7,328 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 225 | 7,295 | ||||||
Crinetics Pharmaceuticals, Inc.* | 256 | 7,273 | ||||||
Sorrento Therapeutics, Inc.* | 1,563 | 7,268 | ||||||
REGENXBIO, Inc.* | 221 | 7,227 | ||||||
USANA Health Sciences, Inc.* | 70 | 7,084 | ||||||
Krystal Biotech, Inc.* | 100 | 6,995 | ||||||
C4 Therapeutics, Inc.* | 217 | 6,987 | ||||||
US Physical Therapy, Inc. | 72 | 6,880 | ||||||
Inhibrx, Inc.* | 157 | 6,856 | ||||||
Andersons, Inc. | 177 | 6,852 | ||||||
Laureate Education, Inc. — Class A | 558 | 6,830 | ||||||
FibroGen, Inc.* | 484 | 6,824 | ||||||
Ingles Markets, Inc. — Class A | 79 | 6,821 | ||||||
Varex Imaging Corp.* | 216 | 6,815 | ||||||
Evo Payments, Inc. — Class A* | 266 | 6,810 | ||||||
Cimpress plc* | 95 | 6,803 | ||||||
MGP Ingredients, Inc. | 80 | 6,799 | ||||||
Alector, Inc.* | 328 | 6,773 | ||||||
CoreCivic, Inc.* | 675 | 6,730 | ||||||
Prometheus Biosciences, Inc.* | 167 | 6,603 | ||||||
Tivity Health, Inc.* | 247 | 6,531 | ||||||
Senseonics Holdings, Inc.* | 2,432 | 6,493 | ||||||
Cerus Corp.* | 946 | 6,442 | ||||||
Revance Therapeutics, Inc.* | 394 | 6,430 | ||||||
BellRing Brands, Inc. — Class A*,1 | 224 | 6,391 | ||||||
Huron Consulting Group, Inc.* | 126 | 6,287 | ||||||
Anavex Life Sciences Corp.* | 360 | 6,242 | ||||||
American Well Corp. — Class A* | 1,030 | 6,221 | ||||||
MannKind Corp.* | 1,389 | 6,070 | ||||||
Weis Markets, Inc. | 92 | 6,061 | ||||||
Carriage Services, Inc. — Class A | 93 | 5,993 | ||||||
National Beverage Corp. | 132 | 5,983 | ||||||
Axsome Therapeutics, Inc.* | 157 | 5,931 | ||||||
Chefs' Warehouse, Inc.* | 176 | 5,861 | ||||||
First Advantage Corp.* | 306 | 5,826 | ||||||
Inovio Pharmaceuticals, Inc.* | 1,163 | 5,803 | ||||||
Coherus Biosciences, Inc.* | 360 | 5,746 | ||||||
AngioDynamics, Inc.* | 208 | 5,737 | ||||||
Allogene Therapeutics, Inc.* | 382 | 5,699 | ||||||
Atrion Corp. | 8 | 5,639 | ||||||
Cross Country Healthcare, Inc.* | 202 | 5,608 | ||||||
Syndax Pharmaceuticals, Inc.* | 252 | 5,516 | ||||||
Morphic Holding, Inc.* | 116 | 5,496 | ||||||
MaxCyte, Inc.* | 533 | 5,431 | ||||||
Madrigal Pharmaceuticals, Inc.* | 64 | 5,423 | ||||||
TrueBlue, Inc.* | 196 | 5,423 | ||||||
MacroGenics, Inc.* | 337 | 5,409 | ||||||
Vaxcyte, Inc.* | 227 | 5,400 | ||||||
Harmony Biosciences Holdings, Inc.* | 126 | 5,373 | ||||||
Brookdale Senior Living, Inc. — Class A* | 1,041 | 5,372 | ||||||
LeMaitre Vascular, Inc. | 106 | 5,324 | ||||||
Seer, Inc.* | 233 | 5,315 | ||||||
iTeos Therapeutics, Inc.* | 114 | 5,308 | ||||||
Fresh Del Monte Produce, Inc. | 189 | 5,216 | ||||||
SpartanNash Co. | 201 | 5,178 | ||||||
Utz Brands, Inc. | 322 | 5,136 | ||||||
Instil Bio, Inc.* | 300 | 5,133 | ||||||
Joint Corp.* | 78 | 5,124 | ||||||
Zogenix, Inc.* | 315 | 5,119 | ||||||
Intersect ENT, Inc.* | 187 | 5,107 | ||||||
Castle Biosciences, Inc.* | 119 | 5,102 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Keros Therapeutics, Inc.* | 87 | $ | 5,090 | |||||
Nurix Therapeutics, Inc.* | 175 | 5,066 | ||||||
Avidity Biosciences, Inc.* | 212 | 5,039 | ||||||
Vivint Smart Home, Inc.* | 515 | 5,037 | ||||||
Sangamo Therapeutics, Inc.* | 668 | 5,010 | ||||||
Rocket Pharmaceuticals, Inc.* | 229 | 4,999 | ||||||
Kura Oncology, Inc.* | 357 | 4,998 | ||||||
Berkeley Lights, Inc.* | 272 | 4,945 | ||||||
Arlo Technologies, Inc.* | 467 | 4,899 | ||||||
Viad Corp.* | 114 | 4,878 | ||||||
Meridian Bioscience, Inc.* | 239 | 4,876 | ||||||
Endo International plc* | 1,289 | 4,847 | ||||||
Amphastar Pharmaceuticals, Inc.* | 208 | 4,844 | ||||||
Vanda Pharmaceuticals, Inc.* | 308 | 4,833 | ||||||
WW International, Inc.* | 296 | 4,774 | ||||||
National Healthcare Corp. | 70 | 4,756 | ||||||
Heron Therapeutics, Inc.* | 519 | 4,738 | ||||||
Bionano Genomics, Inc.* | 1,582 | 4,730 | ||||||
Ocugen, Inc.*,1 | 1,039 | 4,727 | ||||||
Heidrick & Struggles International, Inc. | 108 | 4,723 | ||||||
Quanex Building Products Corp. | 189 | 4,684 | ||||||
Pulmonx Corp.* | 146 | 4,682 | ||||||
OrthoPediatrics Corp.* | 78 | 4,669 | ||||||
Perdoceo Education Corp.* | 395 | 4,645 | ||||||
Duckhorn Portfolio, Inc.* | 199 | 4,645 | ||||||
Butterfly Network, Inc.* | 694 | 4,643 | ||||||
Triple-S Management Corp. — Class B* | 128 | 4,567 | ||||||
Alphatec Holdings, Inc.* | 397 | 4,538 | ||||||
Replimune Group, Inc.* | 167 | 4,526 | ||||||
Aaron's Company, Inc. | 182 | 4,486 | ||||||
Natus Medical, Inc.* | 189 | 4,485 | ||||||
RR Donnelley & Sons Co.* | 398 | 4,481 | ||||||
John B Sanfilippo & Son, Inc. | 49 | 4,418 | ||||||
RAPT Therapeutics, Inc.* | 120 | 4,408 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 119 | 4,404 | ||||||
Ideaya Biosciences, Inc.* | 184 | 4,350 | ||||||
CryoLife, Inc.* | 213 | 4,335 | ||||||
ACCO Brands Corp. | 524 | 4,328 | ||||||
ViewRay, Inc.* | 779 | 4,292 | ||||||
Innoviva, Inc.* | 244 | 4,209 | ||||||
Vaxart, Inc.*,1 | 671 | 4,207 | ||||||
Aclaris Therapeutics, Inc.* | 286 | 4,158 | ||||||
Cardiovascular Systems, Inc.* | 221 | 4,150 | ||||||
Tattooed Chef, Inc.* | 266 | 4,134 | ||||||
Cutera, Inc.* | 99 | 4,091 | ||||||
Reata Pharmaceuticals, Inc. — Class A* | 155 | 4,087 | ||||||
Calavo Growers, Inc. | 96 | 4,070 | ||||||
SI-BONE, Inc.* | 182 | 4,042 | ||||||
MoneyGram International, Inc.* | 503 | 3,969 | ||||||
MeiraGTx Holdings plc* | 167 | 3,965 | ||||||
Gossamer Bio, Inc.* | 349 | 3,947 | ||||||
Scholar Rock Holding Corp.* | 156 | 3,875 | ||||||
Honest Company, Inc.* | 473 | 3,827 | ||||||
Hanger, Inc.* | 211 | 3,825 | ||||||
Bluebird Bio, Inc.* | 380 | 3,796 | ||||||
AnaptysBio, Inc.* | 109 | 3,788 | ||||||
MiMedx Group, Inc.* | 625 | 3,775 | ||||||
Agenus, Inc.* | 1,162 | 3,742 | ||||||
Inogen, Inc.* | 110 | 3,740 | ||||||
CRA International, Inc. | 40 | 3,734 | ||||||
Theravance Biopharma, Inc.* | 337 | 3,724 | ||||||
Forrester Research, Inc.* | 63 | 3,700 | ||||||
Catalyst Pharmaceuticals, Inc.* | 546 | 3,696 | ||||||
Collegium Pharmaceutical, Inc.* | 197 | 3,680 | ||||||
SP Plus Corp.* | 130 | 3,669 | ||||||
Surmodics, Inc.* | 76 | 3,659 | ||||||
Sutro Biopharma, Inc.* | 244 | 3,631 | ||||||
Transcat, Inc.* | 39 | 3,605 | ||||||
Affimed N.V.* | 653 | 3,605 | ||||||
Praxis Precision Medicines, Inc.* | 182 | 3,585 | ||||||
OraSure Technologies, Inc.* | 402 | 3,493 | ||||||
PetIQ, Inc.* | 151 | 3,429 | ||||||
PMV Pharmaceuticals, Inc.* | 148 | 3,419 | ||||||
Antares Pharma, Inc.* | 938 | 3,349 | ||||||
Orthofix Medical, Inc.* | 107 | 3,327 | ||||||
Pennant Group, Inc.* | 144 | 3,323 | ||||||
Eagle Pharmaceuticals, Inc.* | 65 | 3,310 | ||||||
Kelly Services, Inc. — Class A | 197 | 3,304 | ||||||
Edgewise Therapeutics, Inc.* | 215 | 3,285 | ||||||
Verve Therapeutics, Inc.* | 89 | 3,281 | ||||||
National Research Corp. — Class A | 79 | 3,280 | ||||||
Mission Produce, Inc.* | 208 | 3,266 | ||||||
Seres Therapeutics, Inc.* | 391 | 3,257 | ||||||
Atea Pharmaceuticals, Inc.* | 363 | 3,245 | ||||||
Franklin Covey Co.* | 70 | 3,245 | ||||||
BrightView Holdings, Inc.* | 230 | 3,238 | ||||||
Arcutis Biotherapeutics, Inc.* | 156 | 3,235 | ||||||
2seventy bio, Inc.* | 126 | 3,229 | ||||||
Kezar Life Sciences, Inc.* | 193 | 3,227 | ||||||
Y-mAbs Therapeutics, Inc.* | 196 | 3,177 | ||||||
Resources Connection, Inc. | 178 | 3,176 | ||||||
Design Therapeutics, Inc.*,1 | 148 | 3,169 | ||||||
NGM Biopharmaceuticals, Inc.* | 178 | 3,152 | ||||||
Tootsie Roll Industries, Inc. | 87 | 3,152 | ||||||
Treace Medical Concepts, Inc.* | 167 | 3,113 | ||||||
Cass Information Systems, Inc. | 79 | 3,106 | ||||||
Turning Point Brands, Inc. | 82 | 3,098 | ||||||
Inotiv, Inc.* | 73 | 3,071 | ||||||
Akero Therapeutics, Inc.* | 145 | 3,067 | ||||||
Agiliti, Inc.* | 132 | 3,057 | ||||||
Chinook Therapeutics, Inc.* | 187 | 3,050 | ||||||
Cara Therapeutics, Inc.* | 250 | 3,045 | ||||||
Ocular Therapeutix, Inc.* | 431 | 3,004 | ||||||
Vectrus, Inc.* | 65 | 2,975 | ||||||
Kronos Bio, Inc.* | 218 | 2,963 | ||||||
Central Garden & Pet Co.* | 56 | 2,947 | ||||||
Paya Holdings, Inc.* | 462 | 2,929 | ||||||
Gritstone bio, Inc.* | 226 | 2,906 | ||||||
Anika Therapeutics, Inc.* | 81 | 2,902 | ||||||
Barrett Business Services, Inc. | 42 | 2,901 | ||||||
Personalis, Inc.* | 202 | 2,882 | ||||||
Hackett Group, Inc. | 138 | 2,833 | ||||||
Ennis, Inc. | 144 | 2,812 | ||||||
TransMedics Group, Inc.* | 146 | 2,797 | ||||||
22nd Century Group, Inc.* | 905 | 2,797 | ||||||
Apria, Inc.* | 84 | 2,738 | ||||||
Forma Therapeutics Holdings, Inc.* | 190 | 2,702 | ||||||
Mind Medicine MindMed, Inc.* | 1,957 | 2,701 | ||||||
Amneal Pharmaceuticals, Inc.* | 561 | 2,687 | ||||||
Chimerix, Inc.* | 410 | 2,636 | ||||||
Fulcrum Therapeutics, Inc.* | 149 | 2,636 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Vapotherm, Inc.* | 127 | $ | 2,630 | |||||
Karyopharm Therapeutics, Inc.* | 405 | 2,604 | ||||||
ORIC Pharmaceuticals, Inc.* | 177 | 2,602 | ||||||
Intercept Pharmaceuticals, Inc.* | 158 | 2,574 | ||||||
Kinnate Biopharma, Inc.* | 145 | 2,569 | ||||||
4D Molecular Therapeutics, Inc.* | 117 | 2,567 | ||||||
Stoke Therapeutics, Inc.* | 107 | 2,567 | ||||||
Rigel Pharmaceuticals, Inc.* | 961 | 2,547 | ||||||
ANI Pharmaceuticals, Inc.* | 55 | 2,534 | ||||||
Foghorn Therapeutics, Inc.* | 110 | 2,516 | ||||||
Mersana Therapeutics, Inc.* | 402 | 2,500 | ||||||
Rubius Therapeutics, Inc.* | 258 | 2,497 | ||||||
Vital Farms, Inc.* | 138 | 2,492 | ||||||
LifeStance Health Group, Inc.* | 261 | 2,485 | ||||||
Accuray, Inc.* | 520 | 2,480 | ||||||
Rhythm Pharmaceuticals, Inc.* | 247 | 2,465 | ||||||
Marinus Pharmaceuticals, Inc.* | 207 | 2,459 | ||||||
VBI Vaccines, Inc.* | 1,047 | 2,450 | ||||||
SeaSpine Holdings Corp.* | 179 | 2,438 | ||||||
Oramed Pharmaceuticals, Inc.* | 170 | 2,428 | ||||||
Athira Pharma, Inc.* | 181 | 2,358 | ||||||
Phibro Animal Health Corp. — Class A | 115 | 2,348 | ||||||
Bioventus, Inc. — Class A* | 162 | 2,347 | ||||||
Krispy Kreme, Inc. | 124 | 2,346 | ||||||
ImmunityBio, Inc.*,1 | 384 | 2,335 | ||||||
Curis, Inc.* | 487 | 2,318 | ||||||
American Public Education, Inc.* | 104 | 2,314 | ||||||
Whole Earth Brands, Inc.* | 210 | 2,255 | ||||||
Cullinan Oncology, Inc.* | 146 | 2,253 | ||||||
G1 Therapeutics, Inc.* | 220 | 2,246 | ||||||
Apyx Medical Corp.* | 175 | 2,244 | ||||||
Phathom Pharmaceuticals, Inc.* | 114 | 2,242 | ||||||
Tejon Ranch Co.* | 117 | 2,232 | ||||||
Willdan Group, Inc.* | 63 | 2,218 | ||||||
Akebia Therapeutics, Inc.* | 981 | 2,217 | ||||||
Albireo Pharma, Inc.* | 95 | 2,213 | ||||||
Omeros Corp.* | 339 | 2,180 | ||||||
BioLife Solutions, Inc.* | 58 | 2,162 | ||||||
Spero Therapeutics, Inc.* | 135 | 2,161 | ||||||
Deciphera Pharmaceuticals, Inc.* | 221 | 2,159 | ||||||
ALX Oncology Holdings, Inc.* | 100 | 2,149 | ||||||
DermTech, Inc.* | 136 | 2,149 | ||||||
Allovir, Inc.* | 165 | 2,135 | ||||||
Veru, Inc.* | 362 | 2,132 | ||||||
VistaGen Therapeutics, Inc.* | 1,091 | 2,127 | ||||||
Custom Truck One Source, Inc.* | 260 | 2,080 | ||||||
Geron Corp.* | 1,696 | 2,069 | ||||||
SIGA Technologies, Inc.* | 274 | 2,061 | ||||||
Precision BioSciences, Inc.* | 278 | 2,057 | ||||||
Adicet Bio, Inc.* | 117 | 2,046 | ||||||
Altimmune, Inc.* | 223 | 2,043 | ||||||
Tactile Systems Technology, Inc.* | 107 | 2,036 | ||||||
Annexon, Inc.* | 175 | 2,011 | ||||||
Axogen, Inc.* | 214 | 2,005 | ||||||
Dyne Therapeutics, Inc.* | 168 | 1,998 | ||||||
Verastem, Inc.* | 969 | 1,986 | ||||||
Relmada Therapeutics, Inc.* | 88 | 1,983 | ||||||
Precigen, Inc.* | 533 | 1,977 | ||||||
Organogenesis Holdings, Inc.* | 214 | 1,977 | ||||||
Bioxcel Therapeutics, Inc.* | 97 | 1,972 | ||||||
Applied Molecular Transport, Inc.* | 141 | 1,971 | ||||||
Cue Biopharma, Inc.* | 173 | 1,957 | ||||||
DICE Therapeutics, Inc.* | 77 | 1,949 | ||||||
Ikena Oncology, Inc.* | 154 | 1,931 | ||||||
Allakos, Inc.* | 196 | 1,919 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 163 | 1,919 | ||||||
Immunovant, Inc.* | 225 | 1,917 | ||||||
Utah Medical Products, Inc.* | 19 | 1,900 | ||||||
Pliant Therapeutics, Inc.* | 136 | 1,836 | ||||||
Radius Health, Inc.* | 263 | 1,820 | ||||||
Talaris Therapeutics, Inc.* | 118 | 1,804 | ||||||
Cogent Biosciences, Inc.* | 209 | 1,793 | ||||||
Erasca, Inc.* | 115 | 1,792 | ||||||
Viking Therapeutics, Inc.* | 384 | 1,766 | ||||||
Arbutus Biopharma Corp.* | 452 | 1,758 | ||||||
Werewolf Therapeutics, Inc.* | 147 | 1,751 | ||||||
Generation Bio Co.* | 247 | 1,749 | ||||||
Provention Bio, Inc.* | 311 | 1,748 | ||||||
European Wax Center, Inc. — Class A* | 57 | 1,730 | ||||||
Stereotaxis, Inc.* | 279 | 1,730 | ||||||
Lineage Cell Therapeutics, Inc.* | 705 | 1,727 | ||||||
Seneca Foods Corp. — Class A* | 36 | 1,726 | ||||||
HF Foods Group, Inc.* | 204 | 1,726 | ||||||
InfuSystem Holdings, Inc.* | 101 | 1,720 | ||||||
Clovis Oncology, Inc.* | 634 | 1,718 | ||||||
Icosavax, Inc.*,1 | 75 | 1,716 | ||||||
BioAtla, Inc.* | 87 | 1,708 | ||||||
Aerie Pharmaceuticals, Inc.* | 238 | 1,671 | ||||||
Selecta Biosciences, Inc.* | 511 | 1,666 | ||||||
iRadimed Corp.* | 36 | 1,664 | ||||||
Aveanna Healthcare Holdings, Inc.* | 222 | 1,643 | ||||||
Landec Corp.* | 147 | 1,632 | ||||||
Avita Medical, Inc.* | 136 | 1,629 | ||||||
MEI Pharma, Inc.* | 610 | 1,629 | ||||||
BioDelivery Sciences International, Inc.* | 524 | 1,624 | ||||||
Caribou Biosciences, Inc.* | 107 | 1,615 | ||||||
CytomX Therapeutics, Inc.* | 364 | 1,576 | ||||||
Harvard Bioscience, Inc.* | 221 | 1,558 | ||||||
Jounce Therapeutics, Inc.* | 186 | 1,553 | ||||||
Alta Equipment Group, Inc.* | 106 | 1,552 | ||||||
AppHarvest, Inc.* | 392 | 1,525 | ||||||
Lexicon Pharmaceuticals, Inc.* | 381 | 1,501 | ||||||
KalVista Pharmaceuticals, Inc.* | 112 | 1,482 | ||||||
Janux Therapeutics, Inc.* | 75 | 1,480 | ||||||
Tenaya Therapeutics, Inc.* | 78 | 1,478 | ||||||
Cytek Biosciences, Inc.* | 90 | 1,469 | ||||||
Asensus Surgical, Inc.* | 1,316 | 1,461 | ||||||
EyePoint Pharmaceuticals, Inc.* | 119 | 1,457 | ||||||
Taysha Gene Therapies, Inc.* | 124 | 1,445 | ||||||
CEL-SCI Corp.*,1 | 202 | 1,434 | ||||||
Cortexyme, Inc.* | 112 | 1,413 | ||||||
Aligos Therapeutics, Inc.* | 119 | 1,413 | ||||||
Acacia Research Corp.* | 275 | 1,411 | ||||||
KemPharm, Inc.* | 161 | 1,402 | ||||||
Remitly Global, Inc.* | 68 | 1,402 | ||||||
ShotSpotter, Inc.* | 47 | 1,387 | ||||||
Passage Bio, Inc.* | 208 | 1,321 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Limoneira Co. | 88 | $ | 1,320 | |||||
IGM Biosciences, Inc.* | 45 | 1,320 | ||||||
Olema Pharmaceuticals, Inc.* | 141 | 1,320 | ||||||
Cymabay Therapeutics, Inc.* | 389 | 1,315 | ||||||
Monte Rosa Therapeutics, Inc.* | 64 | 1,307 | ||||||
Imago Biosciences, Inc.* | 55 | 1,304 | ||||||
Cardiff Oncology, Inc.* | 215 | 1,292 | ||||||
ZIOPHARM Oncology, Inc.* | 1,179 | 1,285 | ||||||
Shattuck Labs, Inc.* | 149 | 1,268 | ||||||
Epizyme, Inc.* | 505 | 1,263 | ||||||
Durect Corp.* | 1,272 | 1,254 | ||||||
Vor BioPharma, Inc.* | 107 | 1,243 | ||||||
Nature's Sunshine Products, Inc. | 67 | 1,240 | ||||||
9 Meters Biopharma, Inc.* | 1,257 | 1,230 | ||||||
Nkarta, Inc.* | 79 | 1,213 | ||||||
Paratek Pharmaceuticals, Inc.* | 268 | 1,203 | ||||||
ClearPoint Neuro, Inc.* | 107 | 1,201 | ||||||
Evolus, Inc.* | 184 | 1,198 | ||||||
Sientra, Inc.* | 323 | 1,185 | ||||||
Spectrum Pharmaceuticals, Inc.* | 916 | 1,163 | ||||||
Pulse Biosciences, Inc.* | 78 | 1,155 | ||||||
Ventyx Biosciences, Inc.* | 58 | 1,152 | ||||||
Oyster Point Pharma, Inc.* | 63 | 1,150 | ||||||
Nuvalent, Inc. — Class A* | 60 | 1,142 | ||||||
Quotient Ltd.* | 441 | 1,142 | ||||||
Akouos, Inc.* | 134 | 1,139 | ||||||
SQZ Biotechnologies Co.* | 127 | 1,134 | ||||||
Graphite Bio, Inc.* | 91 | 1,131 | ||||||
Village Super Market, Inc. — Class A | 48 | 1,123 | ||||||
Infinity Pharmaceuticals, Inc.* | 492 | 1,107 | ||||||
Poseida Therapeutics, Inc.* | 161 | 1,096 | ||||||
Aldeyra Therapeutics, Inc.* | 272 | 1,088 | ||||||
Zynex, Inc. | 109 | 1,087 | ||||||
Cue Health, Inc.* | 81 | 1,086 | ||||||
Aeglea BioTherapeutics, Inc.* | 227 | 1,078 | ||||||
Century Therapeutics, Inc.* | 67 | 1,063 | ||||||
Tarsus Pharmaceuticals, Inc.* | 47 | 1,058 | ||||||
Syros Pharmaceuticals, Inc.* | 323 | 1,053 | ||||||
Atossa Therapeutics, Inc.* | 658 | 1,053 | ||||||
UroGen Pharma Ltd.* | 110 | 1,046 | ||||||
Day One Biopharmaceuticals, Inc.* | 62 | 1,045 | ||||||
Vera Therapeutics, Inc.* | 39 | 1,042 | ||||||
Athersys, Inc.* | 1,152 | 1,040 | ||||||
Viemed Healthcare, Inc.* | 199 | 1,039 | ||||||
Evelo Biosciences, Inc.* | 170 | 1,032 | ||||||
Lyell Immunopharma, Inc.* | 132 | 1,022 | ||||||
Fortress Biotech, Inc.* | 403 | 1,008 | ||||||
Immunic, Inc.* | 105 | 1,005 | ||||||
Codiak Biosciences, Inc.* | 90 | 1,003 | ||||||
PROCEPT BioRobotics Corp.* | 40 | 1,000 | ||||||
PAVmed, Inc.* | 404 | 994 | ||||||
Citius Pharmaceuticals, Inc.* | 639 | 984 | ||||||
ChromaDex Corp.* | 263 | 984 | ||||||
CytoSorbents Corp.* | 232 | 972 | ||||||
Accelerate Diagnostics, Inc.* | 186 | 971 | ||||||
CorMedix, Inc.* | 212 | 965 | ||||||
XBiotech, Inc. | 86 | 957 | ||||||
Tyra Biosciences, Inc.* | 68 | 957 | ||||||
Humanigen, Inc.* | 256 | 952 | ||||||
Neoleukin Therapeutics, Inc.* | 197 | 950 | ||||||
Nathan's Famous, Inc. | 16 | 934 | ||||||
Eiger BioPharmaceuticals, Inc.* | 180 | 934 | ||||||
Surface Oncology, Inc.* | 195 | 932 | ||||||
Frequency Therapeutics, Inc.* | 179 | 918 | ||||||
Sesen Bio, Inc.* | 1,112 | 906 | ||||||
Alpine Immune Sciences, Inc.* | 65 | 900 | ||||||
Seelos Therapeutics, Inc.* | 552 | 900 | ||||||
Applied Therapeutics, Inc.* | 100 | 895 | ||||||
Entrada Therapeutics, Inc.* | 51 | 873 | ||||||
Adagio Therapeutics, Inc.* | 119 | 864 | ||||||
Homology Medicines, Inc.* | 236 | 859 | ||||||
Adverum Biotechnologies, Inc.* | 488 | 859 | ||||||
Avrobio, Inc.* | 212 | 816 | ||||||
Molecular Templates, Inc.* | 208 | 815 | ||||||
TCR2 Therapeutics, Inc.* | 172 | 802 | ||||||
Alpha Teknova, Inc.* | 39 | 799 | ||||||
Harpoon Therapeutics, Inc.* | 105 | 793 | ||||||
NewAge, Inc.* | 757 | 780 | ||||||
TherapeuticsMD, Inc.* | 2,193 | 780 | ||||||
Singular Genomics Systems, Inc.* | 67 | 775 | ||||||
Silverback Therapeutics, Inc.* | 116 | 773 | ||||||
Immuneering Corp. — Class A* | 47 | 760 | ||||||
Prelude Therapeutics, Inc.* | 61 | 759 | ||||||
Magenta Therapeutics, Inc.* | 169 | 749 | ||||||
Vincerx Pharma, Inc.* | 73 | 744 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 52 | 741 | ||||||
Viracta Therapeutics, Inc.* | 203 | 741 | ||||||
Esperion Therapeutics, Inc.* | 148 | 740 | ||||||
Oncocyte Corp.* | 338 | 733 | ||||||
Tonix Pharmaceuticals Holding Corp.* | 2,028 | 725 | ||||||
Aspira Women's Health, Inc.* | 409 | 724 | ||||||
89bio, Inc.* | 55 | 719 | ||||||
Celcuity, Inc.* | 54 | 712 | ||||||
XOMA Corp.* | 34 | 709 | ||||||
Brooklyn ImmunoTherapeutics, Inc.* | 167 | 696 | ||||||
Black Diamond Therapeutics, Inc.* | 128 | 682 | ||||||
Outlook Therapeutics, Inc.* | 501 | 681 | ||||||
Retractable Technologies, Inc.* | 98 | 679 | ||||||
Sensei Biotherapeutics, Inc.* | 117 | 679 | ||||||
Verrica Pharmaceuticals, Inc.* | 74 | 678 | ||||||
WaVe Life Sciences Ltd.* | 215 | 675 | ||||||
Exagen, Inc.* | 58 | 675 | ||||||
Akoya Biosciences, Inc.* | 44 | 674 | ||||||
iBio, Inc.* | 1,215 | 667 | ||||||
Athenex, Inc.* | 486 | 661 | ||||||
Aerovate Therapeutics, Inc.* | 56 | 660 | ||||||
Mustang Bio, Inc.* | 391 | 649 | ||||||
Neuronetics, Inc.* | 144 | 642 | ||||||
Absci Corp.* | 78 | 640 | ||||||
Bolt Biotherapeutics, Inc.* | 128 | 627 | ||||||
Ampio Pharmaceuticals, Inc.* | 1,096 | 625 | ||||||
AquaBounty Technologies, Inc.* | 295 | 619 | ||||||
Oncorus, Inc.* | 114 | 601 | ||||||
Solid Biosciences, Inc.* | 335 | 586 | ||||||
HireQuest, Inc. | 29 | 585 | ||||||
Beyondspring, Inc.* | 126 | 571 | ||||||
Eargo, Inc.* | 111 | 566 | ||||||
Oncternal Therapeutics, Inc.* | 248 | 563 | ||||||
CVRx, Inc.* | 46 | 563 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Greenwich Lifesciences, Inc.* | 23 | $ | 560 | |||||
Puma Biotechnology, Inc.* | 182 | 553 | ||||||
Inozyme Pharma, Inc.* | 81 | 552 | ||||||
Ardelyx, Inc.* | 497 | 547 | ||||||
Terns Pharmaceuticals, Inc.* | 77 | 544 | ||||||
Rain Therapeutics, Inc.* | 42 | 541 | ||||||
Trevena, Inc.* | 919 | 535 | ||||||
Cyteir Therapeutics, Inc.* | 47 | 534 | ||||||
Emerald Holding, Inc.* | 134 | 532 | ||||||
RxSight, Inc.* | 46 | 518 | ||||||
Innovage Holding Corp.* | 103 | 515 | ||||||
Invacare Corp.* | 189 | 514 | ||||||
Avalo Therapeutics, Inc.* | 298 | 507 | ||||||
Rapid Micro Biosystems, Inc. — Class A* | 45 | 479 | ||||||
Omega Therapeutics, Inc.* | 42 | 476 | ||||||
Codex DNA, Inc.* | 44 | 475 | ||||||
Cadiz, Inc.* | 119 | 459 | ||||||
Laird Superfood, Inc.* | 35 | 456 | ||||||
NexImmune, Inc.* | 99 | 456 | ||||||
Revlon, Inc. — Class A* | 40 | 454 | ||||||
Clene, Inc.* | 110 | 451 | ||||||
Atreca, Inc. — Class A* | 146 | 442 | ||||||
SOC Telemed, Inc.* | 342 | 438 | ||||||
Finch Therapeutics Group, Inc.* | 42 | 419 | ||||||
StoneMor, Inc.* | 180 | 410 | ||||||
Eliem Therapeutics, Inc.* | 39 | 408 | ||||||
NeuroPace, Inc.* | 40 | 403 | ||||||
Zevia PBC — Class A* | 57 | 402 | ||||||
Priority Technology Holdings, Inc.* | 56 | 397 | ||||||
Summit Therapeutics, Inc.* | 147 | 395 | ||||||
Rallybio Corp.* | 40 | 382 | ||||||
Acumen Pharmaceuticals, Inc.* | 54 | 365 | ||||||
Biodesix, Inc.* | 69 | 365 | ||||||
Acutus Medical, Inc.* | 107 | 365 | ||||||
Gemini Therapeutics, Inc.* | 123 | 358 | ||||||
Biomea Fusion, Inc.* | 48 | 358 | ||||||
Angion Biomedica Corp.* | 122 | 354 | ||||||
Kala Pharmaceuticals, Inc.* | 272 | 329 | ||||||
Talis Biomedical Corp.* | 81 | 325 | ||||||
Ontrak, Inc.* | 51 | 321 | ||||||
Mirum Pharmaceuticals, Inc.* | 20 | 319 | ||||||
Reneo Pharmaceuticals, Inc.* | 36 | 308 | ||||||
GT Biopharma, Inc.* | 100 | 305 | ||||||
Portage Biotech, Inc.* | 28 | 300 | ||||||
Impel Neuropharma, Inc.* | 30 | 259 | ||||||
Kaleido Biosciences, Inc.* | 108 | 258 | ||||||
Hookipa Pharma, Inc.* | 107 | 249 | ||||||
Sigilon Therapeutics, Inc.* | 86 | 237 | ||||||
Spruce Biosciences, Inc.* | 49 | 219 | ||||||
Sera Prognostics, Inc. — Class A* | 27 | 185 | ||||||
Team, Inc.* | 147 | 160 | ||||||
Forte Biosciences, Inc.* | 63 | 135 | ||||||
Landos Biopharma, Inc.* | 26 | 125 | ||||||
Greenlane Holdings, Inc. — Class A* | 92 | 89 | ||||||
Total Consumer, Non-cyclical | 4,014,438 | |||||||
Financial - 11.2% | ||||||||
EastGroup Properties, Inc. REIT | 223 | 50,811 | ||||||
STAG Industrial, Inc. REIT | 980 | 47,001 | ||||||
First Financial Bankshares, Inc. | 731 | 37,164 | ||||||
Glacier Bancorp, Inc. | 620 | 35,154 | ||||||
Terreno Realty Corp. REIT | 410 | 34,969 | ||||||
Innovative Industrial Properties, Inc. REIT | 133 | 34,967 | ||||||
National Storage Affiliates Trust REIT | 457 | 31,624 | ||||||
Cadence Bank | 1,058 | 31,518 | ||||||
SouthState Corp. | 393 | 31,483 | ||||||
Valley National Bancorp | 2,254 | 30,993 | ||||||
Houlihan Lokey, Inc. | 288 | 29,814 | ||||||
CIT Group, Inc. | 558 | 28,648 | ||||||
Kinsale Capital Group, Inc. | 120 | 28,547 | ||||||
Trupanion, Inc.* | 215 | 28,386 | ||||||
Ryman Hospitality Properties, Inc. REIT* | 303 | 27,864 | ||||||
Essent Group Ltd. | 602 | 27,409 | ||||||
Selective Insurance Group, Inc. | 334 | 27,368 | ||||||
Agree Realty Corp. REIT | 382 | 27,259 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 885 | 27,099 | ||||||
Kite Realty Group Trust REIT | 1,221 | 26,593 | ||||||
United Bankshares, Inc. | 733 | 26,593 | ||||||
UMB Financial Corp. | 247 | 26,209 | ||||||
Healthcare Realty Trust, Inc. REIT | 819 | 25,913 | ||||||
RLI Corp. | 224 | 25,110 | ||||||
Walker & Dunlop, Inc. | 164 | 24,744 | ||||||
Hancock Whitney Corp. | 487 | 24,360 | ||||||
LXP Industrial Trust REIT | 1,543 | 24,102 | ||||||
ServisFirst Bancshares, Inc. | 280 | 23,783 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 431 | 22,895 | ||||||
Physicians Realty Trust REIT | 1,213 | 22,841 | ||||||
DigitalBridge Group, Inc. REIT* | 2,730 | 22,741 | ||||||
Silvergate Capital Corp. — Class A* | 153 | 22,675 | ||||||
Community Bank System, Inc. | 301 | 22,419 | ||||||
PotlatchDeltic Corp. REIT | 371 | 22,342 | ||||||
Outfront Media, Inc. REIT | 819 | 21,966 | ||||||
Redfin Corp.* | 572 | 21,959 | ||||||
Broadstone Net Lease, Inc. REIT | 870 | 21,593 | ||||||
Moelis & Co. — Class A | 344 | 21,503 | ||||||
Radian Group, Inc. | 1,001 | 21,151 | ||||||
Pacific Premier Bancorp, Inc. | 527 | 21,096 | ||||||
Independent Bank Corp. | 257 | 20,953 | ||||||
BankUnited, Inc. | 495 | 20,943 | ||||||
Home BancShares, Inc. | 857 | 20,868 | ||||||
Macerich Co. REIT | 1,203 | 20,788 | ||||||
PS Business Parks, Inc. REIT | 112 | 20,627 | ||||||
Focus Financial Partners, Inc. — Class A* | 335 | 20,006 | ||||||
Chimera Investment Corp. REIT | 1,326 | 19,996 | ||||||
Federated Hermes, Inc. — Class B | 532 | 19,993 | ||||||
Hamilton Lane, Inc. — Class A | 192 | 19,895 | ||||||
Investors Bancorp, Inc. | 1,287 | 19,498 | ||||||
Eastern Bankshares, Inc. | 966 | 19,484 | ||||||
Apple Hospitality REIT, Inc. | 1,206 | 19,477 | ||||||
Associated Banc-Corp. | 852 | 19,247 | ||||||
Essential Properties Realty Trust, Inc. REIT | 659 | 18,999 | ||||||
Simmons First National Corp. — Class A | 633 | 18,724 | ||||||
Navient Corp. | 879 | 18,652 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Ameris Bancorp | 374 | $ | 18,580 | |||||
Cathay General Bancorp | 422 | 18,142 | ||||||
American Equity Investment Life Holding Co. | 465 | 18,098 | ||||||
Axos Financial, Inc.* | 320 | 17,891 | ||||||
Corporate Office Properties Trust REIT | 636 | 17,789 | ||||||
Piper Sandler Cos. | 99 | 17,672 | ||||||
United Community Banks, Inc. | 489 | 17,575 | ||||||
Cushman & Wakefield plc* | 780 | 17,347 | ||||||
Texas Capital Bancshares, Inc.* | 285 | 17,171 | ||||||
Equity Commonwealth REIT* | 660 | 17,094 | ||||||
Enstar Group Ltd.* | 69 | 17,084 | ||||||
Old National Bancorp | 930 | 16,852 | ||||||
Sabra Health Care REIT, Inc. | 1,241 | 16,803 | ||||||
Pebblebrook Hotel Trust REIT | 731 | 16,352 | ||||||
CNO Financial Group, Inc. | 684 | 16,307 | ||||||
Kennedy-Wilson Holdings, Inc. | 676 | 16,143 | ||||||
Atlantic Union Bankshares Corp. | 431 | 16,072 | ||||||
First BanCorp | 1,156 | 15,930 | ||||||
Triumph Bancorp, Inc.* | 133 | 15,838 | ||||||
Newmark Group, Inc. — Class A | 840 | 15,708 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 329 | 15,674 | ||||||
CVB Financial Corp. | 727 | 15,565 | ||||||
Live Oak Bancshares, Inc. | 178 | 15,538 | ||||||
SITE Centers Corp. REIT | 974 | 15,418 | ||||||
Uniti Group, Inc. REIT | 1,094 | 15,327 | ||||||
Independent Bank Group, Inc. | 212 | 15,296 | ||||||
Independence Realty Trust, Inc. REIT | 591 | 15,265 | ||||||
Fulton Financial Corp. | 894 | 15,198 | ||||||
Columbia Banking System, Inc. | 440 | 14,397 | ||||||
Sunstone Hotel Investors, Inc. REIT* | 1,225 | 14,369 | ||||||
Mr Cooper Group, Inc.* | 344 | 14,314 | ||||||
National Health Investors, Inc. REIT | 246 | 14,138 | ||||||
Flagstar Bancorp, Inc. | 293 | 14,046 | ||||||
Arbor Realty Trust, Inc. REIT | 764 | 13,996 | ||||||
Flywire Corp.*,1 | 350 | 13,321 | ||||||
LendingClub Corp.* | 550 | 13,299 | ||||||
WSFS Financial Corp. | 264 | 13,232 | ||||||
Retail Opportunity Investments Corp. REIT | 669 | 13,112 | ||||||
First Midwest Bancorp, Inc. | 640 | 13,107 | ||||||
First Financial Bancorp | 532 | 12,970 | ||||||
RLJ Lodging Trust REIT | 930 | 12,955 | ||||||
Cohen & Steers, Inc. | 140 | 12,951 | ||||||
Goosehead Insurance, Inc. — Class A | 99 | 12,878 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 698 | 12,829 | ||||||
Brandywine Realty Trust REIT | 954 | 12,803 | ||||||
International Bancshares Corp. | 302 | 12,802 | ||||||
First Merchants Corp. | 304 | 12,735 | ||||||
Four Corners Property Trust, Inc. REIT | 428 | 12,587 | ||||||
Hilltop Holdings, Inc. | 357 | 12,545 | ||||||
Sandy Spring Bancorp, Inc. | 260 | 12,501 | ||||||
WesBanco, Inc. | 357 | 12,491 | ||||||
CareTrust REIT, Inc. | 543 | 12,397 | ||||||
Urban Edge Properties REIT | 651 | 12,369 | ||||||
Washington Real Estate Investment Trust | 476 | 12,305 | ||||||
PennyMac Financial Services, Inc. | 174 | 12,142 | ||||||
PRA Group, Inc.* | 240 | 12,050 | ||||||
Washington Federal, Inc. | 361 | 12,050 | ||||||
Stewart Information Services Corp. | 150 | 11,960 | ||||||
TowneBank | 378 | 11,941 | ||||||
eXp World Holdings, Inc. | 353 | 11,893 | ||||||
Virtus Investment Partners, Inc. | 40 | 11,884 | ||||||
Banner Corp. | 195 | 11,831 | ||||||
Renasant Corp. | 310 | 11,765 | ||||||
Xenia Hotels & Resorts, Inc. REIT* | 641 | 11,608 | ||||||
Genworth Financial, Inc. — Class A* | 2,853 | 11,555 | ||||||
Heartland Financial USA, Inc. | 226 | 11,438 | ||||||
MFA Financial, Inc. REIT | 2,491 | 11,359 | ||||||
Trustmark Corp. | 349 | 11,329 | ||||||
DiamondRock Hospitality Co. REIT* | 1,177 | 11,311 | ||||||
Monmouth Real Estate Investment Corp. REIT | 536 | 11,261 | ||||||
Park National Corp. | 81 | 11,122 | ||||||
Tanger Factory Outlet Centers, Inc. REIT1 | 575 | 11,086 | ||||||
Two Harbors Investment Corp. REIT | 1,912 | 11,032 | ||||||
Customers Bancorp, Inc.* | 168 | 10,982 | ||||||
Lakeland Financial Corp. | 137 | 10,979 | ||||||
Realogy Holdings Corp.* | 648 | 10,893 | ||||||
Seacoast Banking Corporation of Florida | 307 | 10,865 | ||||||
Easterly Government Properties, Inc. REIT | 474 | 10,864 | ||||||
McGrath RentCorp | 135 | 10,835 | ||||||
Bank of NT Butterfield & Son Ltd. | 282 | 10,747 | ||||||
Acadia Realty Trust REIT | 488 | 10,653 | ||||||
Veritex Holdings, Inc. | 267 | 10,621 | ||||||
Great Western Bancorp, Inc. | 312 | 10,596 | ||||||
Meta Financial Group, Inc. | 177 | 10,560 | ||||||
Encore Capital Group, Inc.* | 170 | 10,559 | ||||||
American Assets Trust, Inc. REIT | 280 | 10,508 | ||||||
NexPoint Residential Trust, Inc. REIT | 124 | 10,395 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 789 | 10,383 | ||||||
Argo Group International Holdings Ltd. | 178 | 10,344 | ||||||
Provident Financial Services, Inc. | 427 | 10,342 | ||||||
Eagle Bancorp, Inc. | 177 | 10,326 | ||||||
NMI Holdings, Inc. — Class A* | 472 | 10,313 | ||||||
Alexander & Baldwin, Inc. REIT | 408 | 10,237 | ||||||
B. Riley Financial, Inc. | 114 | 10,130 | ||||||
iStar, Inc. REIT1 | 390 | 10,074 | ||||||
PJT Partners, Inc. — Class A | 134 | 9,928 | ||||||
Hope Bancorp, Inc. | 669 | 9,841 | ||||||
Northwest Bancshares, Inc. | 689 | 9,756 | ||||||
St. Joe Co. | 187 | 9,733 | ||||||
PennyMac Mortgage Investment Trust REIT | 551 | 9,549 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
BRP Group, Inc. — Class A* | 264 | $ | 9,533 | |||||
StepStone Group, Inc. — Class A | 228 | 9,478 | ||||||
Nelnet, Inc. — Class A | 96 | 9,377 | ||||||
Enterprise Financial Services Corp. | 199 | 9,371 | ||||||
First Interstate BancSystem, Inc. — Class A | 230 | 9,354 | ||||||
Safehold, Inc. REIT | 115 | 9,183 | ||||||
Industrial Logistics Properties Trust REIT | 366 | 9,168 | ||||||
NBT Bancorp, Inc. | 237 | 9,129 | ||||||
Horace Mann Educators Corp. | 235 | 9,094 | ||||||
Veris Residential, Inc. REIT* | 494 | 9,080 | ||||||
Palomar Holdings, Inc.* | 138 | 8,938 | ||||||
First Bancorp | 193 | 8,824 | ||||||
Centerspace REIT | 79 | 8,761 | ||||||
Paramount Group, Inc. REIT | 1,050 | 8,757 | ||||||
Stock Yards Bancorp, Inc. | 136 | 8,688 | ||||||
Global Net Lease, Inc. REIT | 568 | 8,679 | ||||||
BGC Partners, Inc. — Class A | 1,866 | 8,677 | ||||||
First Commonwealth Financial Corp. | 537 | 8,640 | ||||||
Westamerica BanCorp | 147 | 8,486 | ||||||
Redwood Trust, Inc. REIT | 636 | 8,389 | ||||||
Brightsphere Investment Group, Inc. | 326 | 8,346 | ||||||
Enova International, Inc.* | 203 | 8,315 | ||||||
Capitol Federal Financial, Inc. | 731 | 8,282 | ||||||
FB Financial Corp. | 187 | 8,194 | ||||||
Service Properties Trust REIT | 923 | 8,113 | ||||||
LendingTree, Inc.* | 65 | 7,969 | ||||||
New York Mortgage Trust, Inc. REIT | 2,136 | 7,946 | ||||||
American National Group, Inc. | 42 | 7,931 | ||||||
Berkshire Hills Bancorp, Inc. | 275 | 7,818 | ||||||
First Busey Corp. | 285 | 7,729 | ||||||
Ladder Capital Corp. — Class A REIT | 639 | 7,662 | ||||||
ProAssurance Corp. | 302 | 7,641 | ||||||
OFG Bancorp | 286 | 7,596 | ||||||
LTC Properties, Inc. REIT | 219 | 7,477 | ||||||
Bancorp, Inc.* | 294 | 7,441 | ||||||
OceanFirst Financial Corp. | 332 | 7,370 | ||||||
Southside Bancshares, Inc. | 175 | 7,319 | ||||||
National Bank Holdings Corp. — Class A | 166 | 7,294 | ||||||
Getty Realty Corp. REIT | 224 | 7,188 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 804 | 7,156 | ||||||
Brookline Bancorp, Inc. | 432 | 6,994 | ||||||
Safety Insurance Group, Inc. | 82 | 6,972 | ||||||
City Holding Co. | 85 | 6,952 | ||||||
Marcus & Millichap, Inc.* | 134 | 6,896 | ||||||
S&T Bancorp, Inc. | 218 | 6,871 | ||||||
Dime Community Bancshares, Inc. | 195 | 6,856 | ||||||
BancFirst Corp. | 97 | 6,844 | ||||||
ConnectOne Bancorp, Inc. | 209 | 6,836 | ||||||
Selectquote, Inc.* | 754 | 6,831 | ||||||
Broadmark Realty Capital, Inc. REIT | 723 | 6,818 | ||||||
Tompkins Financial Corp. | 80 | 6,686 | ||||||
Office Properties Income Trust REIT | 269 | 6,682 | ||||||
Employers Holdings, Inc. | 160 | 6,621 | ||||||
TriCo Bancshares | 154 | 6,616 | ||||||
UMH Properties, Inc. REIT | 238 | 6,505 | ||||||
Apartment Investment and Management Co. — Class A REIT* | 838 | 6,469 | ||||||
Premier Financial Corp. | 208 | 6,429 | ||||||
Farmer Mac — Class C | 51 | 6,320 | ||||||
Community Healthcare Trust, Inc. REIT | 132 | 6,240 | ||||||
American Finance Trust, Inc. REIT | 666 | 6,081 | ||||||
RPT Realty REIT | 453 | 6,061 | ||||||
Banc of California, Inc. | 308 | 6,043 | ||||||
Global Medical REIT, Inc. | 337 | 5,982 | ||||||
HomeStreet, Inc. | 114 | 5,928 | ||||||
James River Group Holdings Ltd. | 205 | 5,906 | ||||||
World Acceptance Corp.* | 24 | 5,890 | ||||||
AMERISAFE, Inc. | 107 | 5,760 | ||||||
StoneX Group, Inc.* | 94 | 5,758 | ||||||
Metropolitan Bank Holding Corp.* | 54 | 5,753 | ||||||
Cowen, Inc. — Class A | 158 | 5,704 | ||||||
Summit Hotel Properties, Inc. REIT* | 584 | 5,700 | ||||||
Preferred Bank/Los Angeles CA | 78 | 5,600 | ||||||
First Foundation, Inc. | 223 | 5,544 | ||||||
Gladstone Land Corp. REIT | 162 | 5,469 | ||||||
Kearny Financial Corp. | 411 | 5,446 | ||||||
German American Bancorp, Inc. | 139 | 5,418 | ||||||
Washington Trust Bancorp, Inc. | 96 | 5,412 | ||||||
Origin Bancorp, Inc. | 125 | 5,365 | ||||||
Radius Global Infrastructure, Inc. — Class A* | 331 | 5,329 | ||||||
Gladstone Commercial Corp. REIT | 205 | 5,283 | ||||||
Plymouth Industrial REIT, Inc. | 165 | 5,280 | ||||||
Amerant Bancorp, Inc. | 152 | 5,252 | ||||||
Preferred Apartment Communities, Inc. — Class A REIT | 290 | 5,237 | ||||||
Lakeland Bancorp, Inc. | 275 | 5,222 | ||||||
Armada Hoffler Properties, Inc. REIT | 339 | 5,160 | ||||||
Nicolet Bankshares, Inc.* | 60 | 5,145 | ||||||
GEO Group, Inc. REIT*,1 | 663 | 5,138 | ||||||
NETSTREIT Corp. REIT | 224 | 5,130 | ||||||
State Auto Financial Corp. | 99 | 5,117 | ||||||
Ready Capital Corp. REIT | 325 | 5,080 | ||||||
Horizon Bancorp, Inc. | 240 | 5,004 | ||||||
Bryn Mawr Bank Corp. | 111 | 4,996 | ||||||
TriState Capital Holdings, Inc.* | 163 | 4,932 | ||||||
BrightSpire Capital, Inc. REIT | 475 | 4,873 | ||||||
Heritage Financial Corp. | 199 | 4,864 | ||||||
Univest Financial Corp. | 162 | 4,847 | ||||||
QCR Holdings, Inc. | 86 | 4,816 | ||||||
Blucora, Inc.* | 274 | 4,746 | ||||||
City Office REIT, Inc. | 240 | 4,733 | ||||||
1st Source Corp. | 95 | 4,712 | ||||||
Douglas Elliman, Inc.* | 404 | 4,640 | ||||||
WisdomTree Investments, Inc. | 758 | 4,639 | ||||||
Columbia Financial, Inc.* | 222 | 4,631 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Invesco Mortgage Capital, Inc. REIT | 1,641 | $ | 4,562 | |||||
ARMOUR Residential REIT, Inc. | 464 | 4,552 | ||||||
Peoples Bancorp, Inc. | 143 | 4,549 | ||||||
Allegiance Bancshares, Inc. | 107 | 4,516 | ||||||
Ellington Financial, Inc. REIT | 262 | 4,478 | ||||||
First Bancshares, Inc. | 114 | 4,403 | ||||||
Central Pacific Financial Corp. | 156 | 4,395 | ||||||
Universal Health Realty Income Trust REIT | 72 | 4,282 | ||||||
MBIA, Inc.* | 269 | 4,248 | ||||||
TPG RE Finance Trust, Inc. REIT | 337 | 4,152 | ||||||
HarborOne Bancorp, Inc. | 278 | 4,126 | ||||||
Diversified Healthcare Trust REIT | 1,335 | 4,125 | ||||||
Ambac Financial Group, Inc.* | 256 | 4,109 | ||||||
CrossFirst Bankshares, Inc.* | 262 | 4,090 | ||||||
Northfield Bancorp, Inc. | 253 | 4,089 | ||||||
Hanmi Financial Corp. | 171 | 4,049 | ||||||
SiriusPoint Ltd.* | 498 | 4,049 | ||||||
Flushing Financial Corp. | 165 | 4,010 | ||||||
Camden National Corp. | 83 | 3,997 | ||||||
First Mid Bancshares, Inc. | 93 | 3,979 | ||||||
Heritage Commerce Corp. | 329 | 3,928 | ||||||
Byline Bancorp, Inc. | 139 | 3,802 | ||||||
Community Trust Bancorp, Inc. | 87 | 3,794 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 182 | 3,791 | ||||||
Chatham Lodging Trust REIT* | 269 | 3,691 | ||||||
Peapack-Gladstone Financial Corp. | 102 | 3,611 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 308 | 3,607 | ||||||
Ares Commercial Real Estate Corp. REIT | 246 | 3,577 | ||||||
Urstadt Biddle Properties, Inc. — Class A REIT | 167 | 3,557 | ||||||
Cambridge Bancorp | 38 | 3,556 | ||||||
Great Southern Bancorp, Inc. | 60 | 3,555 | ||||||
TrustCo Bank Corporation NY | 106 | 3,531 | ||||||
Saul Centers, Inc. REIT | 66 | 3,499 | ||||||
eHealth, Inc.* | 137 | 3,493 | ||||||
CorePoint Lodging, Inc. REIT* | 222 | 3,485 | ||||||
Phillips Edison & Company, Inc. REIT | 105 | 3,469 | ||||||
Franklin Street Properties Corp. REIT | 580 | 3,451 | ||||||
Hingham Institution For Savings The | 8 | 3,359 | ||||||
Bank of Marin Bancorp | 90 | 3,351 | ||||||
Diamond Hill Investment Group, Inc. | 17 | 3,302 | ||||||
Atlantic Capital Bancshares, Inc.* | 111 | 3,193 | ||||||
Dynex Capital, Inc. REIT | 191 | 3,192 | ||||||
One Liberty Properties, Inc. REIT | 90 | 3,175 | ||||||
First Community Bankshares, Inc. | 95 | 3,175 | ||||||
RE/MAX Holdings, Inc. — Class A | 103 | 3,140 | ||||||
Orchid Island Capital, Inc. REIT | 695 | 3,127 | ||||||
Alexander's, Inc. REIT | 12 | 3,124 | ||||||
Reliant Bancorp, Inc. | 86 | 3,053 | ||||||
Mercantile Bank Corp. | 87 | 3,048 | ||||||
Business First Bancshares, Inc. | 107 | 3,029 | ||||||
Midland States Bancorp, Inc. | 122 | 3,024 | ||||||
CBTX, Inc. | 104 | 3,016 | ||||||
National Western Life Group, Inc. — Class A | 14 | 3,002 | ||||||
First Financial Corp. | 66 | 2,989 | ||||||
RMR Group, Inc. — Class A | 86 | 2,983 | ||||||
Farmers National Banc Corp. | 159 | 2,949 | ||||||
Metrocity Bankshares, Inc. | 107 | 2,946 | ||||||
International Money Express, Inc.* | 180 | 2,873 | ||||||
Financial Institutions, Inc. | 88 | 2,798 | ||||||
West BanCorp, Inc. | 90 | 2,796 | ||||||
First of Long Island Corp. | 129 | 2,785 | ||||||
Seritage Growth Properties REIT* | 209 | 2,773 | ||||||
Arrow Financial Corp. | 78 | 2,748 | ||||||
Bank First Corp. | 38 | 2,745 | ||||||
Independent Bank Corp. | 115 | 2,745 | ||||||
United Fire Group, Inc. | 118 | 2,736 | ||||||
I3 Verticals, Inc. — Class A* | 120 | 2,735 | ||||||
Republic Bancorp, Inc. — Class A | 53 | 2,695 | ||||||
Coastal Financial Corp.* | 53 | 2,683 | ||||||
AssetMark Financial Holdings, Inc.* | 102 | 2,673 | ||||||
HCI Group, Inc. | 32 | 2,673 | ||||||
Waterstone Financial, Inc. | 122 | 2,667 | ||||||
HomeTrust Bancshares, Inc. | 86 | 2,664 | ||||||
MidWestOne Financial Group, Inc. | 82 | 2,654 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 176 | 2,629 | ||||||
Sculptor Capital Management, Inc. | 123 | 2,626 | ||||||
Southern First Bancshares, Inc.* | 42 | 2,625 | ||||||
Merchants Bancorp | 55 | 2,603 | ||||||
Universal Insurance Holdings, Inc. | 152 | 2,584 | ||||||
Equity Bancshares, Inc. — Class A | 76 | 2,579 | ||||||
GCM Grosvenor, Inc. — Class A | 242 | 2,541 | ||||||
Mid Penn Bancorp, Inc. | 80 | 2,539 | ||||||
Regional Management Corp. | 44 | 2,528 | ||||||
Alerus Financial Corp. | 85 | 2,489 | ||||||
Whitestone REIT — Class B | 243 | 2,462 | ||||||
First Internet Bancorp | 52 | 2,446 | ||||||
Capstar Financial Holdings, Inc. | 115 | 2,418 | ||||||
Oppenheimer Holdings, Inc. — Class A | 52 | 2,411 | ||||||
Bar Harbor Bankshares | 83 | 2,401 | ||||||
CatchMark Timber Trust, Inc. — Class A REIT | 275 | 2,395 | ||||||
CNB Financial Corp. | 90 | 2,385 | ||||||
Oportun Financial Corp.* | 117 | 2,369 | ||||||
Enterprise Bancorp, Inc. | 52 | 2,336 | ||||||
Blue Foundry Bancorp* | 158 | 2,312 | ||||||
Southern Missouri Bancorp, Inc. | 44 | 2,296 | ||||||
MVB Financial Corp. | 55 | 2,284 | ||||||
Citizens & Northern Corp. | 87 | 2,272 | ||||||
Carter Bankshares, Inc.* | 146 | 2,247 | ||||||
American National Bankshares, Inc. | 59 | 2,223 | ||||||
FRP Holdings, Inc.* | 38 | 2,196 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Sierra Bancorp | 79 | $ | 2,145 | |||||
Atlanticus Holdings Corp.* | 30 | 2,140 | ||||||
SmartFinancial, Inc. | 78 | 2,134 | ||||||
Bridgewater Bancshares, Inc.* | 118 | 2,087 | ||||||
Spirit of Texas Bancshares, Inc. | 72 | 2,072 | ||||||
Five Star Bancorp | 69 | 2,070 | ||||||
RBB Bancorp | 79 | 2,070 | ||||||
Peoples Financial Services Corp. | 39 | 2,055 | ||||||
Civista Bancshares, Inc. | 84 | 2,050 | ||||||
Primis Financial Corp. | 136 | 2,045 | ||||||
EZCORP, Inc. — Class A* | 277 | 2,041 | ||||||
CTO Realty Growth, Inc. REIT | 33 | 2,027 | ||||||
Capital City Bank Group, Inc. | 75 | 1,980 | ||||||
Old Second Bancorp, Inc. | 156 | 1,964 | ||||||
Indus Realty Trust, Inc. REIT | 24 | 1,945 | ||||||
Farmland Partners, Inc. REIT | 161 | 1,924 | ||||||
Curo Group Holdings Corp. | 118 | 1,889 | ||||||
Ocwen Financial Corp.* | 46 | 1,839 | ||||||
First Bancorp, Inc. | 58 | 1,821 | ||||||
Tiptree, Inc. — Class A | 130 | 1,798 | ||||||
Home Bancorp, Inc. | 43 | 1,785 | ||||||
Summit Financial Group, Inc. | 64 | 1,757 | ||||||
Blue Ridge Bankshares, Inc. | 98 | 1,754 | ||||||
Enact Holdings, Inc. | 82 | 1,695 | ||||||
Hersha Hospitality Trust REIT* | 182 | 1,669 | ||||||
Guaranty Bancshares, Inc. | 44 | 1,654 | ||||||
South Plains Financial, Inc. | 59 | 1,641 | ||||||
Howard Bancorp, Inc.* | 74 | 1,612 | ||||||
Great Ajax Corp. REIT | 122 | 1,605 | ||||||
Provident Bancorp, Inc. | 86 | 1,600 | ||||||
Orrstown Financial Services, Inc. | 61 | 1,537 | ||||||
BRT Apartments Corp. REIT | 64 | 1,535 | ||||||
Braemar Hotels & Resorts, Inc. REIT* | 297 | 1,515 | ||||||
Citizens, Inc.* | 280 | 1,487 | ||||||
Northrim BanCorp, Inc. | 34 | 1,478 | ||||||
Greenhill & Company, Inc. | 81 | 1,452 | ||||||
PCSB Financial Corp. | 76 | 1,447 | ||||||
Red River Bancshares, Inc. | 26 | 1,391 | ||||||
Investors Title Co. | 7 | 1,380 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 69 | 1,366 | ||||||
Independence Holding Co. | 24 | 1,360 | ||||||
Fidelity D&D Bancorp, Inc. | 23 | 1,357 | ||||||
FS Bancorp, Inc. | 40 | 1,345 | ||||||
Macatawa Bank Corp. | 147 | 1,297 | ||||||
Amalgamated Financial Corp. | 77 | 1,291 | ||||||
First Bank/Hamilton NJ | 87 | 1,262 | ||||||
Luther Burbank Corp. | 87 | 1,221 | ||||||
Maiden Holdings Ltd.* | 392 | 1,200 | ||||||
Legacy Housing Corp.* | 45 | 1,191 | ||||||
Donegal Group, Inc. — Class A | 83 | 1,186 | ||||||
Capital Bancorp, Inc. | 44 | 1,153 | ||||||
Greenlight Capital Re Ltd. — Class A* | 147 | 1,152 | ||||||
AFC Gamma, Inc. REIT | 50 | 1,138 | ||||||
Altus Midstream Co. — Class A | 18 | 1,104 | ||||||
Marlin Business Services Corp. | 46 | 1,071 | ||||||
HBT Financial, Inc. | 54 | 1,011 | ||||||
Republic First Bancorp, Inc.* | 252 | 937 | ||||||
Ashford Hospitality Trust, Inc. REIT* | 96 | 922 | ||||||
NI Holdings, Inc.* | 48 | 908 | ||||||
Pzena Investment Management, Inc. — Class A | 95 | 900 | ||||||
Trean Insurance Group, Inc.* | 99 | 882 | ||||||
Heritage Insurance Holdings, Inc. | 145 | 853 | ||||||
Finance of America Companies, Inc. — Class A* | 198 | 786 | ||||||
Pioneer Bancorp, Inc.* | 65 | 736 | ||||||
GAMCO Investors, Inc. — Class A | 28 | 699 | ||||||
Crawford & Co. — Class A | 92 | 689 | ||||||
Clipper Realty, Inc. REIT | 69 | 686 | ||||||
Angel Oak Mortgage, Inc. REIT | 41 | 672 | ||||||
Velocity Financial, Inc.* | 48 | 658 | ||||||
Retail Value, Inc. REIT | 98 | 629 | ||||||
Fathom Holdings, Inc.* | 28 | 573 | ||||||
United Insurance Holdings Corp. | 115 | 499 | ||||||
MetroMile, Inc.* | 217 | 475 | ||||||
Associated Capital Group, Inc. — Class A | 10 | 430 | ||||||
Rafael Holdings, Inc. — Class B* | 54 | 275 | ||||||
Home Point Capital, Inc. | 40 | 180 | ||||||
Total Financial | 3,853,238 | |||||||
Consumer, Cyclical - 6.5% | ||||||||
AMC Entertainment Holdings, Inc. — Class A* | 2,868 | 78,010 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 771 | 51,634 | ||||||
Macy's, Inc. | 1,767 | 46,260 | ||||||
Crocs, Inc.* | 324 | 41,543 | ||||||
Fox Factory Holding Corp.* | 237 | 40,314 | ||||||
Scientific Games Corp. — Class A* | 541 | 36,155 | ||||||
Texas Roadhouse, Inc. — Class A | 393 | 35,087 | ||||||
Goodyear Tire & Rubber Co.* | 1,555 | 33,153 | ||||||
WESCO International, Inc.* | 250 | 32,898 | ||||||
Wingstop, Inc. | 168 | 29,030 | ||||||
Avient Corp. | 512 | 28,646 | ||||||
Murphy USA, Inc. | 136 | 27,097 | ||||||
Meritage Homes Corp.* | 210 | 25,633 | ||||||
Adient plc* | 533 | 25,520 | ||||||
Signet Jewelers Ltd. | 293 | 25,500 | ||||||
Hilton Grand Vacations, Inc.* | 481 | 25,065 | ||||||
Papa John's International, Inc. | 186 | 24,825 | ||||||
Skyline Champion Corp.* | 295 | 23,299 | ||||||
Taylor Morrison Home Corp. — Class A* | 665 | 23,248 | ||||||
Asbury Automotive Group, Inc.* | 128 | 22,109 | ||||||
National Vision Holdings, Inc.* | 459 | 22,027 | ||||||
American Eagle Outfitters, Inc. | 856 | 21,674 | ||||||
LCI Industries | 139 | 21,666 | ||||||
Steven Madden Ltd. | 461 | 21,423 | ||||||
Resideo Technologies, Inc.* | 813 | 21,162 | ||||||
Boot Barn Holdings, Inc.* | 165 | 20,303 | ||||||
Sonos, Inc.* | 677 | 20,175 | ||||||
KB Home | 442 | 19,771 | ||||||
Group 1 Automotive, Inc. | 99 | 19,327 | ||||||
Academy Sports & Outdoors, Inc.* | 437 | 19,184 | ||||||
LGI Homes, Inc.* | 123 | 19,001 | ||||||
SeaWorld Entertainment, Inc.* | 289 | 18,745 | ||||||
Installed Building Products, Inc. | 134 | 18,723 | ||||||
Dana, Inc. | 818 | 18,667 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Red Rock Resorts, Inc. — Class A | 331 | $ | 18,208 | |||||
Beacon Roofing Supply, Inc.* | 313 | 17,951 | ||||||
MDC Holdings, Inc. | 321 | 17,921 | ||||||
UniFirst Corp. | 85 | 17,884 | ||||||
Callaway Golf Co.* | 651 | 17,863 | ||||||
Tri Pointe Homes, Inc.* | 636 | 17,738 | ||||||
Visteon Corp.* | 156 | 17,338 | ||||||
Cracker Barrel Old Country Store, Inc. | 133 | 17,109 | ||||||
Dorman Products, Inc.* | 150 | 16,951 | ||||||
Cannae Holdings, Inc.* | 476 | 16,731 | ||||||
FirstCash Holdings, Inc. | 223 | 16,683 | ||||||
Cavco Industries, Inc.* | 52 | 16,518 | ||||||
MillerKnoll, Inc. | 419 | 16,421 | ||||||
Gentherm, Inc.* | 187 | 16,250 | ||||||
International Game Technology plc | 562 | 16,247 | ||||||
Allegiant Travel Co. — Class A* | 86 | 16,085 | ||||||
Shake Shack, Inc. — Class A* | 210 | 15,154 | ||||||
Kontoor Brands, Inc. | 291 | 14,914 | ||||||
Vista Outdoor, Inc.* | 323 | 14,881 | ||||||
GMS, Inc.* | 241 | 14,486 | ||||||
Fisker, Inc.* | 918 | 14,440 | ||||||
Nu Skin Enterprises, Inc. — Class A | 279 | 14,159 | ||||||
Century Communities, Inc. | 168 | 13,741 | ||||||
Winnebago Industries, Inc. | 182 | 13,635 | ||||||
Rush Enterprises, Inc. — Class A | 237 | 13,187 | ||||||
Wolverine World Wide, Inc. | 457 | 13,166 | ||||||
Nikola Corp.* | 1,266 | 12,495 | ||||||
Spirit Airlines, Inc.* | 553 | 12,083 | ||||||
Sally Beauty Holdings, Inc.* | 634 | 11,704 | ||||||
Urban Outfitters, Inc.* | 386 | 11,333 | ||||||
Abercrombie & Fitch Co. — Class A* | 325 | 11,320 | ||||||
SkyWest, Inc.* | 280 | 11,004 | ||||||
Jack in the Box, Inc. | 122 | 10,673 | ||||||
ODP Corp.* | 268 | 10,527 | ||||||
Methode Electronics, Inc. | 214 | 10,522 | ||||||
KAR Auction Services, Inc.* | 669 | 10,450 | ||||||
Bloomin' Brands, Inc.* | 498 | 10,448 | ||||||
iRobot Corp.* | 157 | 10,343 | ||||||
HNI Corp. | 245 | 10,302 | ||||||
Madison Square Garden Entertainment Corp.* | 146 | 10,270 | ||||||
Everi Holdings, Inc.* | 480 | 10,248 | ||||||
Lions Gate Entertainment Corp. — Class B* | 664 | 10,219 | ||||||
Acushnet Holdings Corp. | 192 | 10,191 | ||||||
Veritiv Corp.* | 83 | 10,173 | ||||||
Cheesecake Factory, Inc.* | 259 | 10,140 | ||||||
M/I Homes, Inc.* | 161 | 10,011 | ||||||
Sleep Number Corp.* | 130 | 9,958 | ||||||
Cinemark Holdings, Inc.* | 608 | 9,801 | ||||||
Camping World Holdings, Inc. — Class A | 239 | 9,656 | ||||||
PriceSmart, Inc. | 131 | 9,585 | ||||||
Shyft Group, Inc. | 194 | 9,531 | ||||||
Meritor, Inc.* | 381 | 9,441 | ||||||
Dave & Buster's Entertainment, Inc.* | 243 | 9,331 | ||||||
Brinker International, Inc.* | 255 | 9,330 | ||||||
World Fuel Services Corp. | 350 | 9,264 | ||||||
Oxford Industries, Inc. | 91 | 9,238 | ||||||
La-Z-Boy, Inc. | 252 | 9,150 | ||||||
Big Lots, Inc. | 193 | 8,695 | ||||||
Bed Bath & Beyond, Inc.* | 591 | 8,617 | ||||||
Franchise Group, Inc. | 160 | 8,346 | ||||||
Dillard's, Inc. — Class A1 | 34 | 8,331 | ||||||
H&E Equipment Services, Inc. | 181 | 8,013 | ||||||
Malibu Boats, Inc. — Class A* | 116 | 7,973 | ||||||
Healthcare Services Group, Inc. | 421 | 7,490 | ||||||
Buckle, Inc. | 167 | 7,066 | ||||||
MarineMax, Inc.* | 119 | 7,026 | ||||||
Dine Brands Global, Inc. | 92 | 6,975 | ||||||
Bally's Corp.* | 183 | 6,965 | ||||||
G-III Apparel Group Ltd.* | 249 | 6,882 | ||||||
XPEL, Inc.* | 100 | 6,828 | ||||||
Hibbett, Inc. | 90 | 6,474 | ||||||
Children's Place, Inc.* | 79 | 6,264 | ||||||
Aspen Aerogels, Inc.* | 124 | 6,174 | ||||||
Standard Motor Products, Inc. | 117 | 6,130 | ||||||
Sonic Automotive, Inc. — Class A | 123 | 6,082 | ||||||
OptimizeRx Corp.* | 97 | 6,025 | ||||||
Arko Corp.* | 679 | 5,955 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 634 | 5,915 | ||||||
Zumiez, Inc.* | 122 | 5,855 | ||||||
Steelcase, Inc. — Class A | 498 | 5,837 | ||||||
Liberty Media Corporation-Liberty Braves — Class C* | 206 | 5,789 | ||||||
Denny's Corp.* | 352 | 5,632 | ||||||
Wabash National Corp. | 280 | 5,466 | ||||||
Lions Gate Entertainment Corp. — Class A* | 327 | 5,441 | ||||||
Monarch Casino & Resort, Inc.* | 73 | 5,398 | ||||||
Guess?, Inc. | 226 | 5,352 | ||||||
Clean Energy Fuels Corp.* | 872 | 5,345 | ||||||
Genesco, Inc.* | 82 | 5,262 | ||||||
Green Brick Partners, Inc.* | 173 | 5,247 | ||||||
Hawaiian Holdings, Inc.* | 284 | 5,217 | ||||||
Interface, Inc. — Class A | 327 | 5,216 | ||||||
IMAX Corp.* | 281 | 5,013 | ||||||
Rush Street Interactive, Inc.* | 303 | 5,000 | ||||||
Winmark Corp. | 20 | 4,966 | ||||||
Douglas Dynamics, Inc. | 127 | 4,961 | ||||||
ScanSource, Inc.* | 141 | 4,946 | ||||||
Portillo's, Inc. — Class A* | 131 | 4,918 | ||||||
Golden Entertainment, Inc.* | 97 | 4,901 | ||||||
BlueLinx Holdings, Inc.* | 51 | 4,884 | ||||||
Sun Country Airlines Holdings, Inc.* | 179 | 4,878 | ||||||
Designer Brands, Inc. — Class A* | 338 | 4,803 | ||||||
Caleres, Inc. | 208 | 4,717 | ||||||
Lovesac Co.* | 71 | 4,704 | ||||||
Citi Trends, Inc.* | 49 | 4,643 | ||||||
Canoo, Inc.*,1 | 598 | 4,617 | ||||||
Rite Aid Corp.* | 309 | 4,539 | ||||||
Aeva Technologies, Inc.* | 587 | 4,438 | ||||||
BJ's Restaurants, Inc.* | 126 | 4,353 | ||||||
Tenneco, Inc. — Class A* | 382 | 4,317 | ||||||
Purple Innovation, Inc.* | 323 | 4,286 | ||||||
Tupperware Brands Corp.* | 278 | 4,250 | ||||||
Accel Entertainment, Inc.* | 316 | 4,114 | ||||||
Hyliion Holdings Corp.*,1 | 659 | 4,086 | ||||||
GrowGeneration Corp.* | 305 | 3,980 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Shoe Carnival, Inc. | 99 | $ | 3,869 | |||||
Beazer Homes USA, Inc.* | 165 | 3,831 | ||||||
Ruth's Hospitality Group, Inc.* | 190 | 3,781 | ||||||
Movado Group, Inc. | 90 | 3,765 | ||||||
Clarus Corp. | 135 | 3,742 | ||||||
Life Time Group Holdings, Inc.* | 216 | 3,717 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 29 | 3,691 | ||||||
Titan Machinery, Inc.* | 109 | 3,672 | ||||||
RCI Hospitality Holdings, Inc. | 47 | 3,660 | ||||||
VSE Corp. | 60 | 3,657 | ||||||
Chico's FAS, Inc.* | 676 | 3,637 | ||||||
TravelCenters of America, Inc.* | 70 | 3,613 | ||||||
America's Car-Mart, Inc.* | 35 | 3,584 | ||||||
PLBY Group, Inc.* | 132 | 3,516 | ||||||
OneWater Marine, Inc. — Class A | 57 | 3,475 | ||||||
Party City Holdco, Inc.* | 622 | 3,465 | ||||||
Chuy's Holdings, Inc.* | 112 | 3,373 | ||||||
Ethan Allen Interiors, Inc. | 126 | 3,313 | ||||||
Titan International, Inc.* | 287 | 3,146 | ||||||
Universal Electronics, Inc.* | 74 | 3,016 | ||||||
A-Mark Precious Metals, Inc. | 49 | 2,994 | ||||||
OneSpaWorld Holdings Ltd.* | 298 | 2,986 | ||||||
Bluegreen Vacations Holding Corp.* | 85 | 2,983 | ||||||
MasterCraft Boat Holdings, Inc.* | 105 | 2,975 | ||||||
Lordstown Motors Corp. — Class A* | 862 | 2,974 | ||||||
Workhorse Group, Inc.* | 679 | 2,960 | ||||||
Global Industrial Co. | 72 | 2,945 | ||||||
Sportsman's Warehouse Holdings, Inc.* | 245 | 2,891 | ||||||
Haverty Furniture Companies, Inc. | 93 | 2,843 | ||||||
Modine Manufacturing Co.* | 281 | 2,835 | ||||||
PetMed Express, Inc. | 111 | 2,804 | ||||||
Ideanomics, Inc.* | 2,335 | 2,802 | ||||||
Funko, Inc. — Class A* | 148 | 2,782 | ||||||
Fossil Group, Inc.* | 268 | 2,758 | ||||||
LL Flooring Holdings, Inc.* | 161 | 2,748 | ||||||
Johnson Outdoors, Inc. — Class A | 29 | 2,717 | ||||||
Lindblad Expeditions Holdings, Inc.* | 172 | 2,683 | ||||||
PC Connection, Inc. | 62 | 2,674 | ||||||
Frontier Group Holdings, Inc.* | 196 | 2,660 | ||||||
Romeo Power, Inc.*,1 | 708 | 2,584 | ||||||
Conn's, Inc.* | 100 | 2,352 | ||||||
Marcus Corp.* | 129 | 2,304 | ||||||
REV Group, Inc. | 160 | 2,264 | ||||||
Golden Nugget Online Gaming, Inc.* | 224 | 2,229 | ||||||
Big 5 Sporting Goods Corp.1 | 117 | 2,224 | ||||||
Full House Resorts, Inc.* | 183 | 2,216 | ||||||
Sovos Brands, Inc.* | 143 | 2,152 | ||||||
Cooper-Standard Holdings, Inc.* | 95 | 2,129 | ||||||
Miller Industries, Inc. | 63 | 2,104 | ||||||
Forestar Group, Inc.* | 96 | 2,088 | ||||||
Del Taco Restaurants, Inc. | 167 | 2,079 | ||||||
Noodles & Co.* | 228 | 2,068 | ||||||
GAN Ltd.* | 225 | 2,068 | ||||||
Kimball International, Inc. — Class B | 202 | 2,066 | ||||||
Tilly's, Inc. — Class A | 128 | 2,062 | ||||||
Rush Enterprises, Inc. — Class B | 37 | 1,997 | ||||||
Velodyne Lidar, Inc.* | 425 | 1,972 | ||||||
Cato Corp. — Class A | 111 | 1,905 | ||||||
Century Casinos, Inc.* | 153 | 1,864 | ||||||
Kura Sushi USA, Inc. — Class A* | 23 | 1,859 | ||||||
Motorcar Parts of America, Inc.* | 106 | 1,809 | ||||||
Container Store Group, Inc.* | 178 | 1,776 | ||||||
Liberty Media Corporation-Liberty Braves — Class A* | 55 | 1,581 | ||||||
Snap One Holdings Corp.* | 74 | 1,560 | ||||||
Rocky Brands, Inc. | 39 | 1,552 | ||||||
Traeger, Inc.* | 127 | 1,544 | ||||||
Hooker Furnishings Corp. | 66 | 1,536 | ||||||
El Pollo Loco Holdings, Inc.* | 106 | 1,504 | ||||||
Barnes & Noble Education, Inc.* | 216 | 1,471 | ||||||
ONE Group Hospitality, Inc.* | 116 | 1,463 | ||||||
Commercial Vehicle Group, Inc.* | 181 | 1,459 | ||||||
Superior Group of Companies, Inc. | 66 | 1,448 | ||||||
Red Robin Gourmet Burgers, Inc.* | 87 | 1,438 | ||||||
Blue Bird Corp.* | 89 | 1,392 | ||||||
Esports Technologies, Inc.* | 62 | 1,275 | ||||||
F45 Training Holdings, Inc.* | 115 | 1,252 | ||||||
Vera Bradley, Inc.* | 147 | 1,251 | ||||||
Weber, Inc. — Class A | 96 | 1,241 | ||||||
Arcimoto, Inc.* | 154 | 1,198 | ||||||
Shift Technologies, Inc.* | 349 | 1,190 | ||||||
Kirkland's, Inc.* | 78 | 1,165 | ||||||
Lifetime Brands, Inc. | 70 | 1,118 | ||||||
Fiesta Restaurant Group, Inc.* | 99 | 1,090 | ||||||
Casper Sleep, Inc.* | 163 | 1,089 | ||||||
Mesa Air Group, Inc.* | 192 | 1,075 | ||||||
Xponential Fitness, Inc. — Class A* | 52 | 1,063 | ||||||
Daktronics, Inc.* | 207 | 1,045 | ||||||
Nautilus, Inc.* | 169 | 1,036 | ||||||
Duluth Holdings, Inc. — Class B* | 68 | 1,032 | ||||||
First Watch Restaurant Group, Inc.* | 61 | 1,022 | ||||||
EVI Industries, Inc.* | 32 | 999 | ||||||
Flexsteel Industries, Inc. | 37 | 994 | ||||||
CarLotz, Inc.* | 402 | 913 | ||||||
Escalade, Inc. | 57 | 900 | ||||||
Liberty TripAdvisor Holdings, Inc. — Class A* | 410 | 890 | ||||||
VOXX International Corp. — Class A* | 87 | 885 | ||||||
Lazydays Holdings, Inc.* | 41 | 883 | ||||||
NEOGAMES S.A.* | 31 | 861 | ||||||
Bassett Furniture Industries, Inc. | 51 | 855 | ||||||
Biglari Holdings, Inc. — Class B* | 5 | 713 | ||||||
JOANN, Inc.1 | 68 | 706 | ||||||
Torrid Holdings, Inc.* | 71 | 702 | ||||||
Drive Shack, Inc.* | 464 | 664 | ||||||
XL Fleet Corp.* | 196 | 649 | ||||||
Hamilton Beach Brands Holding Co. — Class A | 42 | 603 | ||||||
Aterian, Inc.* | 146 | 600 | ||||||
Marine Products Corp. | 46 | 575 | ||||||
Carrols Restaurant Group, Inc. | 188 | 556 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Chicken Soup For The Soul Entertainment, Inc.* | 40 | $ | 554 | |||||
Target Hospitality Corp.* | 139 | 495 | ||||||
Hall of Fame Resort & Entertainment Co.* | 309 | 470 | ||||||
Landsea Homes Corp.* | 61 | 447 | ||||||
Eros STX Global Corp.* | 1,787 | 428 | ||||||
Regis Corp.* | 132 | 230 | ||||||
CompX International, Inc. | 9 | 202 | ||||||
MedAvail Holdings, Inc.* | 68 | 95 | ||||||
Total Consumer, Cyclical | 2,243,540 | |||||||
Industrial - 6.3% | ||||||||
Tetra Tech, Inc. | 303 | 51,450 | ||||||
Saia, Inc.* | 148 | 49,880 | ||||||
WillScot Mobile Mini Holdings Corp.* | 1,177 | 48,069 | ||||||
II-VI, Inc.* | 588 | 40,178 | ||||||
EMCOR Group, Inc. | 299 | 38,090 | ||||||
Novanta, Inc.* | 199 | 35,090 | ||||||
Exponent, Inc. | 292 | 34,085 | ||||||
Simpson Manufacturing Company, Inc. | 245 | 34,072 | ||||||
Chart Industries, Inc.* | 205 | 32,696 | ||||||
RBC Bearings, Inc.* | 157 | 31,709 | ||||||
UFP Industries, Inc. | 339 | 31,191 | ||||||
Evoqua Water Technologies Corp.* | 651 | 30,434 | ||||||
Watts Water Technologies, Inc. — Class A | 155 | 30,096 | ||||||
Atkore International Group, Inc.* | 259 | 28,798 | ||||||
John Bean Technologies Corp. | 177 | 27,180 | ||||||
Summit Materials, Inc. — Class A* | 668 | 26,814 | ||||||
Zurn Water Solutions Corp. | 683 | 24,861 | ||||||
Fabrinet* | 208 | 24,642 | ||||||
Franklin Electric Company, Inc. | 260 | 24,585 | ||||||
Casella Waste Systems, Inc. — Class A* | 276 | 23,576 | ||||||
Applied Industrial Technologies, Inc. | 218 | 22,389 | ||||||
Hillenbrand, Inc. | 410 | 21,316 | ||||||
Matson, Inc. | 231 | 20,797 | ||||||
GATX Corp. | 198 | 20,630 | ||||||
SPX FLOW, Inc. | 233 | 20,150 | ||||||
Fluor Corp.* | 799 | 19,791 | ||||||
Comfort Systems USA, Inc. | 200 | 19,788 | ||||||
Aerojet Rocketdyne Holdings, Inc. | 421 | 19,686 | ||||||
Helios Technologies, Inc. | 182 | 19,141 | ||||||
Advanced Energy Industries, Inc. | 210 | 19,123 | ||||||
EnerSys | 241 | 19,054 | ||||||
Altra Industrial Motion Corp. | 364 | 18,772 | ||||||
Mueller Industries, Inc. | 316 | 18,758 | ||||||
AAON, Inc. | 236 | 18,746 | ||||||
Forward Air Corp. | 153 | 18,527 | ||||||
Welbilt, Inc.* | 736 | 17,495 | ||||||
Badger Meter, Inc. | 164 | 17,476 | ||||||
Itron, Inc.* | 255 | 17,473 | ||||||
Bloom Energy Corp. — Class A* | 783 | 17,171 | ||||||
ArcBest Corp. | 143 | 17,139 | ||||||
Terex Corp. | 385 | 16,921 | ||||||
Kennametal, Inc. | 470 | 16,878 | ||||||
Werner Enterprises, Inc. | 352 | 16,776 | ||||||
Vishay Intertechnology, Inc. | 750 | 16,403 | ||||||
Belden, Inc. | 248 | 16,301 | ||||||
Encore Wire Corp. | 113 | 16,170 | ||||||
Masonite International Corp.* | 135 | 15,923 | ||||||
Boise Cascade Co. | 222 | 15,807 | ||||||
Dycom Industries, Inc.* | 168 | 15,752 | ||||||
Hub Group, Inc. — Class A* | 186 | 15,669 | ||||||
Energizer Holdings, Inc. | 383 | 15,358 | ||||||
Albany International Corp. — Class A | 173 | 15,302 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 162 | 15,247 | ||||||
Vicor Corp.* | 119 | 15,111 | ||||||
Plexus Corp.* | 157 | 15,055 | ||||||
Kadant, Inc. | 65 | 14,981 | ||||||
Sanmina Corp.* | 361 | 14,967 | ||||||
SPX Corp.* | 247 | 14,741 | ||||||
Federal Signal Corp. | 339 | 14,692 | ||||||
Arcosa, Inc. | 272 | 14,334 | ||||||
Brady Corp. — Class A | 265 | 14,283 | ||||||
GrafTech International Ltd. | 1,145 | 13,545 | ||||||
CryoPort, Inc.* | 228 | 13,491 | ||||||
JELD-WEN Holding, Inc.* | 508 | 13,391 | ||||||
Kratos Defense & Security Solutions, Inc.* | 690 | 13,386 | ||||||
Trinity Industries, Inc. | 443 | 13,379 | ||||||
Moog, Inc. — Class A | 162 | 13,117 | ||||||
ESCO Technologies, Inc. | 143 | 12,869 | ||||||
Mueller Water Products, Inc. — Class A | 886 | 12,758 | ||||||
EnPro Industries, Inc. | 115 | 12,658 | ||||||
Barnes Group, Inc. | 266 | 12,393 | ||||||
Gibraltar Industries, Inc.* | 184 | 12,269 | ||||||
Cactus, Inc. — Class A | 307 | 11,706 | ||||||
Knowles Corp.* | 500 | 11,675 | ||||||
O-I Glass, Inc.* | 888 | 10,683 | ||||||
Materion Corp. | 115 | 10,573 | ||||||
Worthington Industries, Inc. | 191 | 10,440 | ||||||
Patrick Industries, Inc. | 128 | 10,328 | ||||||
MYR Group, Inc.* | 93 | 10,281 | ||||||
Montrose Environmental Group, Inc.* | 145 | 10,224 | ||||||
NV5 Global, Inc.* | 74 | 10,221 | ||||||
CSW Industrials, Inc. | 84 | 10,152 | ||||||
Granite Construction, Inc. | 257 | 9,946 | ||||||
Air Transport Services Group, Inc.* | 332 | 9,754 | ||||||
Lindsay Corp. | 61 | 9,272 | ||||||
Mesa Laboratories, Inc. | 28 | 9,187 | ||||||
TriMas Corp. | 243 | 8,991 | ||||||
TTM Technologies, Inc.* | 603 | 8,985 | ||||||
Astec Industries, Inc. | 128 | 8,867 | ||||||
OSI Systems, Inc.* | 95 | 8,854 | ||||||
Greif, Inc. — Class A | 145 | 8,754 | ||||||
Tennant Co. | 104 | 8,428 | ||||||
Greenbrier Companies, Inc. | 179 | 8,214 | ||||||
Alamo Group, Inc. | 55 | 8,095 | ||||||
Proto Labs, Inc.* | 157 | 8,062 | ||||||
Ranpak Holdings Corp.* | 211 | 7,929 | ||||||
AeroVironment, Inc.* | 127 | 7,878 | ||||||
AZZ, Inc. | 140 | 7,741 | ||||||
Standex International Corp. | 68 | 7,525 | ||||||
AAR Corp.* | 191 | 7,455 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Griffon Corp. | 261 | $ | 7,433 | |||||
Harsco Corp.* | 440 | 7,352 | ||||||
GoPro, Inc. — Class A* | 710 | 7,320 | ||||||
PGT Innovations, Inc.* | 324 | 7,287 | ||||||
Columbus McKinnon Corp. | 157 | 7,263 | ||||||
Primoris Services Corp. | 301 | 7,218 | ||||||
Ichor Holdings Ltd.* | 156 | 7,181 | ||||||
Golar LNG Ltd.* | 578 | 7,161 | ||||||
FARO Technologies, Inc.* | 102 | 7,142 | ||||||
Enerpac Tool Group Corp. | 339 | 6,875 | ||||||
Apogee Enterprises, Inc. | 142 | 6,837 | ||||||
Kaman Corp. | 155 | 6,688 | ||||||
Triumph Group, Inc.* | 359 | 6,652 | ||||||
Sturm Ruger & Company, Inc. | 97 | 6,598 | ||||||
Matthews International Corp. — Class A | 174 | 6,380 | ||||||
Hydrofarm Holdings Group, Inc.* | 219 | 6,196 | ||||||
American Woodmark Corp.* | 95 | 6,194 | ||||||
Marten Transport Ltd. | 334 | 5,731 | ||||||
nLight, Inc.* | 239 | 5,724 | ||||||
Great Lakes Dredge & Dock Corp.* | 364 | 5,722 | ||||||
Gorman-Rupp Co. | 128 | 5,702 | ||||||
US Ecology, Inc.* | 177 | 5,653 | ||||||
SFL Corporation Ltd. | 689 | 5,615 | ||||||
Blink Charging Co.*,1 | 206 | 5,461 | ||||||
Benchmark Electronics, Inc. | 201 | 5,447 | ||||||
Cornerstone Building Brands, Inc.* | 308 | 5,372 | ||||||
Energy Recovery, Inc.* | 237 | 5,093 | ||||||
Construction Partners, Inc. — Class A* | 164 | 4,823 | ||||||
Smith & Wesson Brands, Inc. | 270 | 4,806 | ||||||
Frontline Ltd.* | 671 | 4,744 | ||||||
MicroVision, Inc.* | 924 | 4,629 | ||||||
Heartland Express, Inc. | 268 | 4,508 | ||||||
Latham Group, Inc.* | 177 | 4,430 | ||||||
TimkenSteel Corp.* | 258 | 4,257 | ||||||
Chase Corp. | 42 | 4,181 | ||||||
Insteel Industries, Inc. | 105 | 4,180 | ||||||
DHT Holdings, Inc. | 797 | 4,136 | ||||||
Sterling Construction Company, Inc.* | 157 | 4,129 | ||||||
Napco Security Technologies, Inc.* | 81 | 4,048 | ||||||
Myers Industries, Inc. | 202 | 4,042 | ||||||
Forterra, Inc.* | 164 | 3,900 | ||||||
International Seaways, Inc. | 258 | 3,787 | ||||||
Costamare, Inc. | 296 | 3,744 | ||||||
Yellow Corp.* | 284 | 3,576 | ||||||
Manitowoc Company, Inc.* | 192 | 3,569 | ||||||
Scorpio Tankers, Inc. | 274 | 3,510 | ||||||
Comtech Telecommunications Corp. | 144 | 3,411 | ||||||
Identiv, Inc.* | 120 | 3,377 | ||||||
Argan, Inc. | 84 | 3,250 | ||||||
Thermon Group Holdings, Inc.* | 185 | 3,132 | ||||||
Pactiv Evergreen, Inc. | 241 | 3,056 | ||||||
Meta Materials, Inc.* | 1,232 | 3,031 | ||||||
View, Inc.* | 775 | 3,030 | ||||||
Luxfer Holdings plc | 155 | 2,993 | ||||||
Kimball Electronics, Inc.* | 136 | 2,959 | ||||||
Stoneridge, Inc.* | 146 | 2,882 | ||||||
Genco Shipping & Trading Ltd. | 180 | 2,880 | ||||||
Tutor Perini Corp.* | 231 | 2,857 | ||||||
Ducommun, Inc.* | 61 | 2,853 | ||||||
PureCycle Technologies, Inc.*,1 | 297 | 2,842 | ||||||
CIRCOR International, Inc.* | 104 | 2,827 | ||||||
Haynes International, Inc. | 70 | 2,823 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 312 | 2,814 | ||||||
Heritage-Crystal Clean, Inc.* | 87 | 2,786 | ||||||
UFP Technologies, Inc.* | 39 | 2,740 | ||||||
Centrus Energy Corp. — Class A* | 54 | 2,695 | ||||||
908 Devices, Inc.*,1 | 104 | 2,691 | ||||||
AMMO, Inc.* | 484 | 2,638 | ||||||
Vishay Precision Group, Inc.* | 70 | 2,598 | ||||||
DXP Enterprises, Inc.* | 100 | 2,567 | ||||||
IES Holdings, Inc.* | 49 | 2,481 | ||||||
Ryerson Holding Corp. | 93 | 2,423 | ||||||
National Presto Industries, Inc. | 29 | 2,379 | ||||||
Allied Motion Technologies, Inc. | 65 | 2,372 | ||||||
Xometry, Inc. — Class A* | 45 | 2,306 | ||||||
Hyster-Yale Materials Handling, Inc. | 56 | 2,302 | ||||||
Daseke, Inc.* | 226 | 2,269 | ||||||
Eagle Bulk Shipping, Inc. | 49 | 2,230 | ||||||
Dorian LPG Ltd. | 175 | 2,221 | ||||||
Omega Flex, Inc. | 17 | 2,158 | ||||||
Greif, Inc. — Class B | 33 | 1,973 | ||||||
Turtle Beach Corp.* | 85 | 1,892 | ||||||
NVE Corp. | 27 | 1,844 | ||||||
Covenant Logistics Group, Inc. — Class A* | 68 | 1,797 | ||||||
Kopin Corp.* | 436 | 1,783 | ||||||
Tredegar Corp. | 148 | 1,749 | ||||||
Northwest Pipe Co.* | 54 | 1,717 | ||||||
American Superconductor Corp.* | 155 | 1,686 | ||||||
Fluidigm Corp.* | 428 | 1,678 | ||||||
Astronics Corp.* | 138 | 1,656 | ||||||
Akoustis Technologies, Inc.* | 244 | 1,630 | ||||||
Radiant Logistics, Inc.* | 221 | 1,611 | ||||||
Pure Cycle Corp.* | 108 | 1,577 | ||||||
American Outdoor Brands, Inc.* | 79 | 1,574 | ||||||
Powell Industries, Inc. | 51 | 1,504 | ||||||
Lawson Products, Inc.* | 27 | 1,478 | ||||||
Teekay Tankers Ltd. — Class A* | 134 | 1,461 | ||||||
Luna Innovations, Inc.* | 173 | 1,460 | ||||||
Park Aerospace Corp. | 110 | 1,452 | ||||||
Nordic American Tankers Ltd. | 858 | 1,450 | ||||||
Caesarstone Ltd. | 127 | 1,440 | ||||||
PAM Transportation Services, Inc.* | 20 | 1,420 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 154 | 1,417 | ||||||
Aris Water Solution, Inc. — Class A | 108 | 1,399 | ||||||
Byrna Technologies, Inc.* | 104 | 1,388 | ||||||
Safe Bulkers, Inc.* | 350 | 1,320 | ||||||
Olympic Steel, Inc. | 53 | 1,245 | ||||||
Teekay Corp.* | 390 | 1,225 | ||||||
Concrete Pumping Holdings, Inc.* | 145 | 1,189 | ||||||
Eastman Kodak Co.* | 253 | 1,184 | ||||||
Sight Sciences, Inc.* | 63 | 1,107 | ||||||
CECO Environmental Corp.* | 175 | 1,090 | ||||||
Park-Ohio Holdings Corp. | 48 | 1,016 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
NN, Inc.* | 241 | $ | 988 | |||||
INNOVATE Corp.* | 266 | 984 | ||||||
Iteris, Inc.* | 238 | 952 | ||||||
AerSale Corp.* | 51 | 905 | ||||||
US Xpress Enterprises, Inc. — Class A* | 151 | 886 | ||||||
Mistras Group, Inc.* | 112 | 832 | ||||||
Universal Logistics Holdings, Inc. | 43 | 811 | ||||||
Mayville Engineering Company, Inc.* | 50 | 746 | ||||||
Atlas Technical Consultants, Inc.* | 78 | 657 | ||||||
AgEagle Aerial Systems, Inc.* | 381 | 598 | ||||||
Sharps Compliance Corp.* | 82 | 585 | ||||||
Willis Lease Finance Corp.* | 15 | 565 | ||||||
Karat Packaging, Inc.* | 26 | 525 | ||||||
NL Industries, Inc. | 47 | 348 | ||||||
Total Industrial | 2,186,028 | |||||||
Technology - 5.6% | ||||||||
Synaptics, Inc.* | 218 | 63,113 | ||||||
Lattice Semiconductor Corp.* | 754 | 58,103 | ||||||
Silicon Laboratories, Inc.* | 222 | 45,825 | ||||||
Ambarella, Inc.* | 196 | 39,766 | ||||||
KBR, Inc. | 795 | 37,858 | ||||||
Rapid7, Inc.* | 313 | 36,837 | ||||||
Semtech Corp.* | 363 | 32,282 | ||||||
Power Integrations, Inc. | 339 | 31,490 | ||||||
Workiva, Inc.* | 240 | 31,318 | ||||||
Digital Turbine, Inc.* | 511 | 31,166 | ||||||
Blackline, Inc.* | 301 | 31,166 | ||||||
CMC Materials, Inc. | 158 | 30,287 | ||||||
MaxLinear, Inc. — Class A* | 399 | 30,081 | ||||||
Asana, Inc. — Class A* | 396 | 29,522 | ||||||
Varonis Systems, Inc.* | 596 | 29,073 | ||||||
SPS Commerce, Inc.* | 203 | 28,897 | ||||||
Tenable Holdings, Inc.* | 510 | 28,086 | ||||||
Onto Innovation, Inc.* | 274 | 27,737 | ||||||
Maximus, Inc. | 345 | 27,486 | ||||||
Ziff Davis, Inc.* | 244 | 27,050 | ||||||
Diodes, Inc.* | 245 | 26,903 | ||||||
ExlService Holdings, Inc.* | 184 | 26,638 | ||||||
Qualys, Inc.* | 191 | 26,209 | ||||||
SiTime Corp.* | 88 | 25,744 | ||||||
MicroStrategy, Inc. — Class A*,1 | 47 | 25,591 | ||||||
Sailpoint Technologies Holdings, Inc.* | 515 | 24,895 | ||||||
Envestnet, Inc.* | 305 | 24,199 | ||||||
ACI Worldwide, Inc.* | 664 | 23,041 | ||||||
Sprout Social, Inc. — Class A* | 251 | 22,763 | ||||||
DigitalOcean Holdings, Inc.* | 278 | 22,332 | ||||||
Blackbaud, Inc.* | 272 | 21,483 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 273 | 21,376 | ||||||
Kulicke & Soffa Industries, Inc. | 345 | 20,886 | ||||||
Insight Enterprises, Inc.* | 193 | 20,574 | ||||||
Box, Inc. — Class A* | 776 | 20,323 | ||||||
Altair Engineering, Inc. — Class A* | 260 | 20,103 | ||||||
FormFactor, Inc.* | 437 | 19,980 | ||||||
Verint Systems, Inc.* | 363 | 19,061 | ||||||
Rambus, Inc.* | 610 | 17,928 | ||||||
CommVault Systems, Inc.* | 257 | 17,712 | ||||||
Cerence, Inc.* | 212 | 16,248 | ||||||
PagerDuty, Inc.* | 454 | 15,777 | ||||||
Apollo Medical Holdings, Inc.* | 211 | 15,504 | ||||||
Momentive Global, Inc.* | 730 | 15,440 | ||||||
3D Systems Corp.* | 683 | 14,712 | ||||||
Appian Corp.* | 222 | 14,477 | ||||||
Ultra Clean Holdings, Inc.* | 250 | 14,340 | ||||||
Amkor Technology, Inc. | 574 | 14,229 | ||||||
Bottomline Technologies DE, Inc.* | 248 | 14,005 | ||||||
Axcelis Technologies, Inc.* | 187 | 13,943 | ||||||
NetScout Systems, Inc.* | 394 | 13,033 | ||||||
LivePerson, Inc.* | 364 | 13,002 | ||||||
Allscripts Healthcare Solutions, Inc.* | 697 | 12,860 | ||||||
Appfolio, Inc. — Class A* | 106 | 12,832 | ||||||
Vocera Communications, Inc.* | 194 | 12,579 | ||||||
E2open Parent Holdings, Inc.* | 1,105 | 12,442 | ||||||
Evolent Health, Inc. — Class A* | 436 | 12,064 | ||||||
Progress Software Corp. | 247 | 11,923 | ||||||
Outset Medical, Inc.* | 257 | 11,845 | ||||||
Cardlytics, Inc.* | 179 | 11,830 | ||||||
Zuora, Inc. — Class A* | 627 | 11,712 | ||||||
Verra Mobility Corp.* | 754 | 11,634 | ||||||
1Life Healthcare, Inc.* | 655 | 11,508 | ||||||
Phreesia, Inc.* | 274 | 11,415 | ||||||
ManTech International Corp. — Class A | 154 | 11,231 | ||||||
Xperi Holding Corp. | 590 | 11,157 | ||||||
Health Catalyst, Inc.* | 281 | 11,133 | ||||||
Super Micro Computer, Inc.* | 243 | 10,680 | ||||||
CSG Systems International, Inc. | 183 | 10,544 | ||||||
8x8, Inc.* | 624 | 10,458 | ||||||
Cohu, Inc.* | 269 | 10,246 | ||||||
BigCommerce Holdings, Inc.* | 272 | 9,621 | ||||||
TTEC Holdings, Inc. | 104 | 9,417 | ||||||
Bandwidth, Inc. — Class A* | 130 | 9,329 | ||||||
Impinj, Inc.* | 105 | 9,313 | ||||||
Avaya Holdings Corp.* | 464 | 9,187 | ||||||
Grid Dynamics Holdings, Inc.* | 236 | 8,961 | ||||||
JFrog Ltd.* | 298 | 8,851 | ||||||
Schrodinger Incorporated/United States* | 254 | 8,847 | ||||||
Veeco Instruments, Inc.* | 280 | 7,972 | ||||||
Donnelley Financial Solutions, Inc.* | 165 | 7,778 | ||||||
PROS Holdings, Inc.* | 224 | 7,726 | ||||||
Domo, Inc. — Class B* | 155 | 7,688 | ||||||
Ping Identity Holding Corp.* | 335 | 7,665 | ||||||
Unisys Corp.* | 369 | 7,590 | ||||||
Alpha & Omega Semiconductor Ltd.* | 119 | 7,207 | ||||||
PAR Technology Corp.* | 136 | 7,177 | ||||||
SMART Global Holdings, Inc.* | 99 | 7,028 | ||||||
Porch Group, Inc.* | 433 | 6,750 | ||||||
Avid Technology, Inc.* | 203 | 6,612 | ||||||
CTS Corp. | 179 | 6,573 | ||||||
Pitney Bowes, Inc. | 989 | 6,557 | ||||||
Sumo Logic, Inc.* | 482 | 6,536 | ||||||
Photronics, Inc.* | 339 | 6,390 | ||||||
Alignment Healthcare, Inc.* | 441 | 6,200 | ||||||
Yext, Inc.* | 625 | 6,200 | ||||||
Model N, Inc.* | 200 | 6,006 | ||||||
Sapiens International Corporation N.V. | 173 | 5,960 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
NextGen Healthcare, Inc.* | 315 | $ | 5,604 | |||||
CEVA, Inc.* | 127 | 5,491 | ||||||
PDF Solutions, Inc.* | 167 | 5,309 | ||||||
Desktop Metal, Inc. — Class A* | 1,053 | 5,212 | ||||||
Conduent, Inc.* | 942 | 5,030 | ||||||
Parsons Corp.* | 147 | 4,947 | ||||||
Agilysys, Inc.* | 111 | 4,935 | ||||||
PowerSchool Holdings, Inc. — Class A* | 299 | 4,925 | ||||||
Consensus Cloud Solutions, Inc.* | 81 | 4,687 | ||||||
Digi International, Inc.* | 190 | 4,668 | ||||||
American Software, Inc. — Class A | 176 | 4,606 | ||||||
Ebix, Inc. | 149 | 4,530 | ||||||
Ouster, Inc.* | 870 | 4,524 | ||||||
Mitek Systems, Inc.* | 241 | 4,278 | ||||||
Rackspace Technology, Inc.* | 306 | 4,122 | ||||||
Simulations Plus, Inc. | 86 | 4,068 | ||||||
PAE, Inc.* | 390 | 3,873 | ||||||
Diebold Nixdorf, Inc.* | 404 | 3,656 | ||||||
Veritone, Inc.* | 159 | 3,574 | ||||||
Telos Corp.* | 224 | 3,454 | ||||||
OneSpan, Inc.* | 197 | 3,335 | ||||||
Corsair Gaming, Inc.* | 154 | 3,235 | ||||||
Alkami Technology, Inc.* | 158 | 3,169 | ||||||
Privia Health Group, Inc.* | 113 | 2,923 | ||||||
Upland Software, Inc.* | 162 | 2,906 | ||||||
Cantaloupe, Inc.* | 327 | 2,904 | ||||||
Vuzix Corp.*,1 | 330 | 2,861 | ||||||
BTRS Holdings, Inc. — Class A* | 364 | 2,846 | ||||||
Digimarc Corp.* | 72 | 2,843 | ||||||
Inseego Corp.*,1 | 469 | 2,734 | ||||||
ON24, Inc.* | 151 | 2,620 | ||||||
Enfusion, Inc. — Class A* | 121 | 2,534 | ||||||
Daily Journal Corp.* | 7 | 2,497 | ||||||
Brightcove, Inc.* | 229 | 2,340 | ||||||
Computer Programs and Systems, Inc.* | 79 | 2,315 | ||||||
Atomera, Inc.* | 114 | 2,294 | ||||||
EngageSmart, Inc.* | 89 | 2,147 | ||||||
AvidXchange Holdings, Inc.* | 141 | 2,123 | ||||||
Integral Ad Science Holding Corp.* | 95 | 2,110 | ||||||
HireRight Holdings Corp.* | 125 | 2,000 | ||||||
AXT, Inc.* | 225 | 1,982 | ||||||
Tabula Rasa HealthCare, Inc.* | 127 | 1,905 | ||||||
Sterling Check Corp.* | 92 | 1,887 | ||||||
Quantum Corp.* | 322 | 1,777 | ||||||
Genius Brands International, Inc.* | 1,588 | 1,667 | ||||||
Instructure Holdings, Inc.* | 68 | 1,631 | ||||||
CoreCard Corp.*,1 | 41 | 1,591 | ||||||
CS Disco, Inc.* | 43 | 1,537 | ||||||
MeridianLink, Inc.* | 70 | 1,511 | ||||||
Udemy, Inc.*,1 | 77 | 1,505 | ||||||
Benefitfocus, Inc.* | 141 | 1,503 | ||||||
EverCommerce, Inc.* | 94 | 1,481 | ||||||
Rimini Street, Inc.* | 246 | 1,469 | ||||||
Intapp, Inc.* | 57 | 1,434 | ||||||
EMCORE Corp.* | 205 | 1,431 | ||||||
Smith Micro Software, Inc.* | 259 | 1,274 | ||||||
GTY Technology Holdings, Inc.* | 180 | 1,206 | ||||||
Rekor Systems, Inc.* | 177 | 1,159 | ||||||
eGain Corp.* | 115 | 1,148 | ||||||
Castlight Health, Inc. — Class B* | 684 | 1,053 | ||||||
PlayAGS, Inc.* | 155 | 1,052 | ||||||
DarioHealth Corp.* | 76 | 986 | ||||||
Forian, Inc.* | 105 | 947 | ||||||
SecureWorks Corp. — Class A* | 56 | 894 | ||||||
iCAD, Inc.* | 123 | 886 | ||||||
SkyWater Technology, Inc.* | 46 | 746 | ||||||
Convey Health Solutions Holdings, Inc.* | 76 | 635 | ||||||
Viant Technology, Inc. — Class A* | 65 | 631 | ||||||
Outbrain, Inc.* | 45 | 630 | ||||||
StarTek, Inc.* | 95 | 496 | ||||||
GreenBox POS* | 103 | 433 | ||||||
IBEX Holdings Ltd.* | 32 | 412 | ||||||
Kaltura, Inc.* | 98 | 330 | ||||||
NantHealth, Inc.* | 151 | 159 | ||||||
Total Technology | 1,928,445 | |||||||
Energy - 2.1% | ||||||||
Ovintiv, Inc. | 1,475 | 49,708 | ||||||
Chesapeake Energy Corp. | 590 | 38,067 | ||||||
Antero Resources Corp.* | 1,610 | 28,175 | ||||||
PDC Energy, Inc. | 542 | 26,439 | ||||||
Southwestern Energy Co.* | 5,647 | 26,315 | ||||||
Range Resources Corp.* | 1,345 | 23,981 | ||||||
Equitrans Midstream Corp. | 2,301 | 23,792 | ||||||
ChampionX Corp.* | 1,141 | 23,060 | ||||||
Matador Resources Co. | 623 | 23,001 | ||||||
Denbury, Inc.* | 284 | 21,752 | ||||||
Murphy Oil Corp. | 825 | 21,541 | ||||||
SM Energy Co. | 675 | 19,899 | ||||||
California Resources Corp. | 465 | 19,860 | ||||||
CNX Resources Corp.* | 1,166 | 16,033 | ||||||
Magnolia Oil & Gas Corp. — Class A | 783 | 14,775 | ||||||
Oasis Petroleum, Inc. | 114 | 14,363 | ||||||
Whiting Petroleum Corp.* | 222 | 14,359 | ||||||
Helmerich & Payne, Inc. | 592 | 14,030 | ||||||
Sunnova Energy International, Inc.* | 484 | 13,513 | ||||||
Callon Petroleum Co.* | 264 | 12,474 | ||||||
Stem, Inc.* | 634 | 12,027 | ||||||
Civitas Resources, Inc. | 242 | 11,851 | ||||||
Array Technologies, Inc.* | 719 | 11,281 | ||||||
Renewable Energy Group, Inc.* | 252 | 10,695 | ||||||
FuelCell Energy, Inc.*,1 | 2,054 | 10,681 | ||||||
SunPower Corp. — Class A*,1 | 450 | 9,392 | ||||||
Green Plains, Inc.* | 268 | 9,316 | ||||||
Patterson-UTI Energy, Inc. | 1,049 | 8,864 | ||||||
Kosmos Energy Ltd.* | 2,280 | 7,889 | ||||||
Arch Resources, Inc. | 84 | 7,671 | ||||||
Warrior Met Coal, Inc. | 289 | 7,430 | ||||||
PBF Energy, Inc. — Class A* | 542 | 7,030 | ||||||
Oceaneering International, Inc.* | 560 | 6,334 | ||||||
Tellurian, Inc.* | 2,026 | 6,240 | ||||||
Centennial Resource Development, Inc. — Class A* | 1,019 | 6,094 | ||||||
Northern Oil and Gas, Inc. | 294 | 6,051 | ||||||
Archrock, Inc. | 759 | 5,677 | ||||||
Delek US Holdings, Inc.* | 369 | 5,531 | ||||||
NOW, Inc.* | 620 | 5,295 | ||||||
Brigham Minerals, Inc. — Class A | 245 | 5,167 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Liberty Oilfield Services, Inc. — Class A* | 511 | $ | 4,957 | |||||
Gevo, Inc.* | 1,098 | 4,699 | ||||||
Peabody Energy Corp.* | 453 | 4,562 | ||||||
CONSOL Energy, Inc.* | 192 | 4,360 | ||||||
Laredo Petroleum, Inc.* | 71 | 4,269 | ||||||
Bristow Group, Inc.* | 132 | 4,180 | ||||||
Comstock Resources, Inc.* | 515 | 4,166 | ||||||
Par Pacific Holdings, Inc.* | 252 | 4,156 | ||||||
DMC Global, Inc.* | 104 | 4,119 | ||||||
ProPetro Holding Corp.* | 480 | 3,888 | ||||||
US Silica Holdings, Inc.* | 413 | 3,882 | ||||||
Dril-Quip, Inc.* | 197 | 3,877 | ||||||
Expro Group Holdings N.V.* | 258 | 3,702 | ||||||
NexTier Oilfield Solutions, Inc.* | 972 | 3,451 | ||||||
Berry Corp. | 379 | 3,191 | ||||||
Nabors Industries Ltd.* | 39 | 3,163 | ||||||
MRC Global, Inc.* | 453 | 3,117 | ||||||
SunCoke Energy, Inc. | 467 | 3,077 | ||||||
TPI Composites, Inc.* | 203 | 3,037 | ||||||
REX American Resources Corp.* | 30 | 2,880 | ||||||
CVR Energy, Inc. | 166 | 2,790 | ||||||
Helix Energy Solutions Group, Inc.* | 805 | 2,512 | ||||||
Tidewater, Inc.* | 230 | 2,463 | ||||||
Ranger Oil Corp. — Class A* | 87 | 2,342 | ||||||
Select Energy Services, Inc. — Class A* | 347 | 2,162 | ||||||
Crescent Energy, Inc. — Class A* | 165 | 2,092 | ||||||
Talos Energy, Inc.* | 208 | 2,038 | ||||||
National Energy Services Reunited Corp.* | 213 | 2,013 | ||||||
TETRA Technologies, Inc.* | 689 | 1,957 | ||||||
Alto Ingredients, Inc.* | 402 | 1,934 | ||||||
Aemetis, Inc.* | 151 | 1,857 | ||||||
Eos Energy Enterprises, Inc.*,1 | 241 | 1,812 | ||||||
Cleanspark, Inc.* | 188 | 1,790 | ||||||
RPC, Inc.* | 380 | 1,725 | ||||||
W&T Offshore, Inc.* | 528 | 1,705 | ||||||
Oil States International, Inc.* | 340 | 1,690 | ||||||
Newpark Resources, Inc.* | 508 | 1,493 | ||||||
Earthstone Energy, Inc. — Class A* | 134 | 1,466 | ||||||
FTS International, Inc. — Class A* | 49 | 1,286 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 176 | 1,153 | ||||||
FutureFuel Corp. | 145 | 1,108 | ||||||
Matrix Service Co.* | 147 | 1,105 | ||||||
Falcon Minerals Corp. | 221 | 1,076 | ||||||
Beam Global* | 49 | 911 | ||||||
Advent Technologies Holdings, Inc.* | 89 | 624 | ||||||
HighPeak Energy, Inc. | 28 | 410 | ||||||
Riley Exploration Permian, Inc. | 14 | 270 | ||||||
Total Energy | 726,170 | |||||||
Communications - 2.1% | ||||||||
Vonage Holdings Corp.* | 1,360 | 28,274 | ||||||
Iridium Communications, Inc.* | 665 | 27,458 | ||||||
Mimecast Ltd.* | 342 | 27,213 | ||||||
Calix, Inc.* | 310 | 24,791 | ||||||
Q2 Holdings, Inc.* | 307 | 24,388 | ||||||
Perficient, Inc.* | 182 | 23,531 | ||||||
TEGNA, Inc. | 1,244 | 23,089 | ||||||
Upwork, Inc.* | 664 | 22,682 | ||||||
Viavi Solutions, Inc.* | 1,286 | 22,659 | ||||||
Cargurus, Inc.* | 531 | 17,863 | ||||||
Cogent Communications Holdings, Inc. | 239 | 17,490 | ||||||
Yelp, Inc. — Class A* | 402 | 14,568 | ||||||
Shutterstock, Inc. | 131 | 14,525 | ||||||
Overstock.com, Inc.* | 241 | 14,221 | ||||||
TechTarget, Inc.* | 144 | 13,775 | ||||||
iHeartMedia, Inc. — Class A* | 630 | 13,255 | ||||||
Open Lending Corp. — Class A* | 586 | 13,173 | ||||||
Magnite, Inc.* | 731 | 12,792 | ||||||
InterDigital, Inc. | 174 | 12,464 | ||||||
Maxar Technologies, Inc. | 403 | 11,901 | ||||||
Houghton Mifflin Harcourt Co.* | 715 | 11,511 | ||||||
fuboTV, Inc.* | 739 | 11,469 | ||||||
Telephone & Data Systems, Inc. | 568 | 11,445 | ||||||
Revolve Group, Inc.* | 202 | 11,320 | ||||||
Extreme Networks, Inc.* | 694 | 10,896 | ||||||
Liberty Latin America Ltd. — Class C* | 869 | 9,907 | ||||||
Infinera Corp.* | 1,019 | 9,772 | ||||||
Gray Television, Inc. | 480 | 9,677 | ||||||
Stitch Fix, Inc. — Class A* | 452 | 8,552 | ||||||
ePlus, Inc.* | 148 | 7,974 | ||||||
Eventbrite, Inc. — Class A* | 422 | 7,360 | ||||||
Plantronics, Inc.* | 237 | 6,954 | ||||||
Shenandoah Telecommunications Co. | 271 | 6,910 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 258 | 6,819 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 2,043 | 6,762 | ||||||
WideOpenWest, Inc.* | 295 | 6,348 | ||||||
EW Scripps Co. — Class A* | 322 | 6,231 | ||||||
Cars.com, Inc.* | 385 | 6,195 | ||||||
ADTRAN, Inc. | 271 | 6,187 | ||||||
Scholastic Corp. | 148 | 5,914 | ||||||
Harmonic, Inc.* | 502 | 5,903 | ||||||
EchoStar Corp. — Class A* | 223 | 5,876 | ||||||
AMC Networks, Inc. — Class A* | 164 | 5,648 | ||||||
A10 Networks, Inc. | 338 | 5,604 | ||||||
Clearfield, Inc.* | 64 | 5,403 | ||||||
RealReal, Inc.* | 442 | 5,132 | ||||||
QuinStreet, Inc.* | 279 | 5,075 | ||||||
IDT Corp. — Class B* | 113 | 4,990 | ||||||
NETGEAR, Inc.* | 170 | 4,966 | ||||||
Tucows, Inc. — Class A* | 55 | 4,610 | ||||||
Gogo, Inc.* | 332 | 4,492 | ||||||
NeoPhotonics Corp.* | 288 | 4,427 | ||||||
Gannett Company, Inc.* | 791 | 4,216 | ||||||
ChannelAdvisor Corp.* | 164 | 4,048 | ||||||
Globalstar, Inc.*,1 | 3,415 | 3,961 | ||||||
Anterix, Inc.* | 65 | 3,819 | ||||||
HealthStream, Inc.* | 141 | 3,717 | ||||||
Quotient Technology, Inc.* | 500 | 3,710 | ||||||
1-800-Flowers.com, Inc. — Class A* | 150 | 3,506 | ||||||
Advantage Solutions, Inc.* | 429 | 3,441 | ||||||
Liquidity Services, Inc.* | 148 | 3,268 | ||||||
CarParts.com, Inc.* | 274 | 3,069 | ||||||
Consolidated Communications Holdings, Inc.* | 410 | 3,067 | ||||||
Groupon, Inc.* | 132 | 3,057 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
Stagwell, Inc.* | 346 | $ | 3,000 | |||||
Boston Omaha Corp. — Class A* | 99 | 2,844 | ||||||
United States Cellular Corp.* | 87 | 2,742 | ||||||
Liberty Latin America Ltd. — Class A* | 235 | 2,740 | ||||||
ATN International, Inc. | 63 | 2,517 | ||||||
Ooma, Inc.* | 122 | 2,494 | ||||||
Limelight Networks, Inc.* | 703 | 2,411 | ||||||
Ribbon Communications, Inc.* | 395 | 2,390 | ||||||
Entravision Communications Corp. — Class A | 338 | 2,292 | ||||||
Telesat Corp.*,1 | 72 | 2,064 | ||||||
MediaAlpha, Inc. — Class A* | 118 | 1,822 | ||||||
Thryv Holdings, Inc.* | 43 | 1,768 | ||||||
Aviat Networks, Inc.* | 54 | 1,732 | ||||||
Audacy, Inc.* | 663 | 1,704 | ||||||
EverQuote, Inc. — Class A* | 107 | 1,676 | ||||||
Lands' End, Inc.* | 80 | 1,570 | ||||||
DZS, Inc.* | 95 | 1,541 | ||||||
Cambium Networks Corp.* | 59 | 1,512 | ||||||
CalAmp Corp.* | 196 | 1,384 | ||||||
Couchbase, Inc.*,1 | 54 | 1,348 | ||||||
comScore, Inc.* | 393 | 1,313 | ||||||
Preformed Line Products Co. | 17 | 1,100 | ||||||
Bright Health Group, Inc.* | 298 | 1,025 | ||||||
Solo Brands, Inc. — Class A*,1 | 65 | 1,016 | ||||||
Casa Systems, Inc.* | 177 | 1,004 | ||||||
National CineMedia, Inc. | 338 | 950 | ||||||
VirnetX Holding Corp.* | 356 | 926 | ||||||
CuriosityStream, Inc.* | 146 | 866 | ||||||
KVH Industries, Inc.* | 85 | 781 | ||||||
Hemisphere Media Group, Inc.* | 90 | 654 | ||||||
Fluent, Inc.* | 243 | 483 | ||||||
1stdibs.com, Inc.* | 38 | 475 | ||||||
HyreCar, Inc.* | 99 | 466 | ||||||
LiveOne, Inc.* | 327 | 419 | ||||||
Value Line, Inc. | 6 | 281 | ||||||
Digital Media Solutions, Inc. — Class A* | 18 | 86 | ||||||
Total Communications | 706,716 | |||||||
Basic Materials - 1.5% | ||||||||
Balchem Corp. | 181 | 30,517 | ||||||
Rogers Corp.* | 105 | 28,665 | ||||||
Commercial Metals Co. | 676 | 24,532 | ||||||
Sensient Technologies Corp. | 238 | 23,814 | ||||||
HB Fuller Co. | 293 | 23,733 | ||||||
Livent Corp.* | 911 | 22,210 | ||||||
Arconic Corp.* | 594 | 19,608 | ||||||
MP Materials Corp.* | 410 | 18,622 | ||||||
Cabot Corp. | 315 | 17,703 | ||||||
Quaker Chemical Corp. | 76 | 17,539 | ||||||
Ingevity Corp.* | 223 | 15,989 | ||||||
Hecla Mining Co. | 2,991 | 15,613 | ||||||
Tronox Holdings plc — Class A | 644 | 15,475 | ||||||
Stepan Co. | 120 | 14,915 | ||||||
Minerals Technologies, Inc. | 189 | 13,825 | ||||||
Innospec, Inc. | 138 | 12,467 | ||||||
Constellium SE* | 690 | 12,358 | ||||||
Trinseo plc | 218 | 11,436 | ||||||
Allegheny Technologies, Inc.* | 717 | 11,422 | ||||||
Codexis, Inc.* | 338 | 10,569 | ||||||
Ferro Corp.* | 462 | 10,086 | ||||||
Compass Minerals International, Inc. | 193 | 9,858 | ||||||
Novagold Resources, Inc.* | 1,334 | 9,151 | ||||||
GCP Applied Technologies, Inc.* | 276 | 8,738 | ||||||
Kaiser Aluminum Corp. | 89 | 8,361 | ||||||
Kraton Corp.* | 176 | 8,152 | ||||||
Carpenter Technology Corp. | 267 | 7,794 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 146 | 7,580 | ||||||
AdvanSix, Inc. | 154 | 7,277 | ||||||
Coeur Mining, Inc.* | 1,440 | 7,258 | ||||||
Energy Fuels, Inc.* | 831 | 6,341 | ||||||
Orion Engineered Carbons S.A. | 340 | 6,243 | ||||||
Schweitzer-Mauduit International, Inc. | 176 | 5,262 | ||||||
Amyris, Inc.*,1 | 961 | 5,199 | ||||||
Century Aluminum Co.* | 289 | 4,786 | ||||||
Neenah, Inc. | 95 | 4,397 | ||||||
Uranium Energy Corp.* | 1,298 | 4,348 | ||||||
Danimer Scientific, Inc.* | 503 | 4,286 | ||||||
Glatfelter Corp. | 246 | 4,231 | ||||||
Hawkins, Inc. | 107 | 4,221 | ||||||
Verso Corp. — Class A | 151 | 4,080 | ||||||
Koppers Holdings, Inc.* | 117 | 3,662 | ||||||
Clearwater Paper Corp.* | 92 | 3,374 | ||||||
Zymergen, Inc.* | 445 | 2,977 | ||||||
Ecovyst, Inc. | 288 | 2,949 | ||||||
Gatos Silver, Inc.* | 260 | 2,699 | ||||||
American Vanguard Corp. | 164 | 2,688 | ||||||
Intrepid Potash, Inc.* | 56 | 2,393 | ||||||
Rayonier Advanced Materials, Inc.* | 347 | 1,981 | ||||||
Kronos Worldwide, Inc. | 125 | 1,876 | ||||||
Unifi, Inc.* | 75 | 1,736 | ||||||
United States Lime & Minerals, Inc. | 12 | 1,548 | ||||||
Ur-Energy, Inc.* | 1,017 | 1,241 | ||||||
Oil-Dri Corporation of America | 29 | 949 | ||||||
Perpetua Resources Corp.* | 150 | 712 | ||||||
Marrone Bio Innovations, Inc.* | 563 | 406 | ||||||
PolyMet Mining Corp.* | 162 | 405 | ||||||
Valhi, Inc. | 14 | 403 | ||||||
Total Basic Materials | 530,660 | |||||||
Utilities - 1.3% | ||||||||
Portland General Electric Co. | 506 | 26,778 | ||||||
Black Hills Corp. | 354 | 24,982 | ||||||
Brookfield Infrastructure Corp. — Class A | 347 | 23,686 | ||||||
Southwest Gas Holdings, Inc. | 332 | 23,257 | ||||||
ONE Gas, Inc. | 296 | 22,967 | ||||||
New Jersey Resources Corp. | 543 | 22,296 | ||||||
PNM Resources, Inc. | 481 | 21,938 | ||||||
American States Water Co. | 208 | 21,516 | ||||||
California Water Service Group | 289 | 20,768 | ||||||
Ormat Technologies, Inc. | 254 | 20,142 | ||||||
ALLETE, Inc. | 295 | 19,573 | ||||||
Spire, Inc. | 285 | 18,588 | ||||||
MGE Energy, Inc. | 205 | 16,861 | ||||||
NorthWestern Corp. | 291 | 16,634 | ||||||
Clearway Energy, Inc. — Class C | 461 | 16,610 | ||||||
Avista Corp. | 390 | 16,571 | ||||||
Otter Tail Corp. | 232 | 16,569 | ||||||
South Jersey Industries, Inc. | 579 | 15,123 | ||||||
Chesapeake Utilities Corp. | 97 | 14,143 | ||||||
Ameresco, Inc. — Class A* | 173 | 14,089 | ||||||
Middlesex Water Co. | 97 | 11,669 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
SJW Group | 156 | $ | 11,419 | |||||
Northwest Natural Holding Co. | 172 | 8,390 | ||||||
Clearway Energy, Inc. — Class A | 195 | 6,529 | ||||||
Unitil Corp. | 88 | 4,047 | ||||||
York Water Co. | 73 | 3,634 | ||||||
Artesian Resources Corp. — Class A | 46 | 2,131 | ||||||
Global Water Resources, Inc. | 70 | 1,197 | ||||||
FTC Solar, Inc.* | 107 | 809 | ||||||
Via Renewables, Inc. | 68 | 777 | ||||||
Total Utilities | 443,693 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 175 | 2,905 | ||||||
Total Common Stocks | ||||||||
(Cost $16,970,546) | 16,635,833 |
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Elanco Animal Health, Inc.* | 505 | – | ||||||
Tobira Therapeutics, Inc.* | 141 | – | ||||||
Oncternal Therapeutics, Inc.* | 7 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $104) | – |
EXCHANGE-TRADED FUNDS† - 8.2% | ||||||||
iShares Russell 2000 Index ETF1 | 6,356 | 1,413,892 | ||||||
Vanguard Russell 2000 ETF1 | 15,743 | 1,413,879 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $2,799,130) | 2,827,771 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 13.1% | ||||||||
Federal Home Loan Bank | ||||||||
1.70% due 01/24/24 | $ | 2,500,000 | 2,502,318 | |||||
Federal Farm Credit Bank | ||||||||
0.38% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222 | 2,000,000 | 2,001,552 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $4,515,910) | 4,503,870 |
U.S. GOVERNMENT SECURITIES†† - 11.7% | ||||||||
United States Treasury Note | ||||||||
1.75% due 05/15/22 | 4,000,000 | 4,023,438 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $4,024,807) | 4,023,438 |
U.S. TREASURY BILLS†† - 2.9% | ||||||||
U.S. Treasury Bills | ||||||||
0.09% due 06/02/223,4 | 1,000,000 | 999,557 | ||||||
0.04% due 01/06/224,5 | 13,000 | 13,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,012,628) | 1,012,557 |
REPURCHASE AGREEMENTS††,6 - 14.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | 2,875,457 | 2,875,457 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 1,189,204 | 1,189,204 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 1,081,094 | 1,081,094 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,145,755) | 5,145,755 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 6.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%8 | 2,085,823 | 2,085,823 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,085,823) | 2,085,823 | |||||||
Total Investments - 105.1% | ||||||||
(Cost $36,554,703) | $ | 36,235,047 | ||||||
Other Assets & Liabilities, net - (5.1)% | (1,773,528 | ) | ||||||
Total Net Assets - 100.0% | $ | 34,461,519 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 9 | Mar 2022 | $ | 1,009,125 | $ | 12,195 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 0.05% (U.S. Secured Overnight Financing Rate) | At Maturity | 01/26/22 | 3,218 | $ | 7,224,431 | $ | 268,974 | ||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 0.28% (Federal Funds Rate + 0.20%) | At Maturity | 01/27/22 | 2,503 | 5,619,273 | 125,392 | ||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 0.33% (Federal Funds Rate + 0.25%) | At Maturity | 01/27/22 | 507 | 1,139,255 | 25,442 | ||||||||||||||
$ | 13,982,959 | $ | 419,808 |
Russell 2000® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
* | 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 December 31, 2021 — See Note 5. |
2 | Variable rate security. Rate indicated is the rate effective at December 31, 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 December 31, 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 December 31, 2021. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of December 31, 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 December 31, 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 | $ | 16,635,833 | $ | — | $ | — | $ | 16,635,833 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Exchange-Traded Funds | 2,827,771 | — | — | 2,827,771 | ||||||||||||
Federal Agency Notes | — | 4,503,870 | — | 4,503,870 | ||||||||||||
U.S. Government Securities | — | 4,023,438 | — | 4,023,438 | ||||||||||||
U.S. Treasury Bills | — | 1,012,557 | — | 1,012,557 | ||||||||||||
Repurchase Agreements | — | 5,145,755 | — | 5,145,755 | ||||||||||||
Securities Lending Collateral | 2,085,823 | — | — | 2,085,823 | ||||||||||||
Equity Futures Contracts** | 12,195 | — | — | 12,195 | ||||||||||||
Equity Index Swap Agreements** | — | 419,808 | — | 419,808 | ||||||||||||
Total Assets | $ | 21,561,622 | $ | 15,105,428 | $ | — | $ | 36,667,050 |
* | Security has a market value of $0. |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.9% | ||||||||
Technology - 24.6% | ||||||||
Apple, Inc. | 87,754 | $ | 15,582,478 | |||||
Microsoft Corp. | 42,271 | 14,216,583 | ||||||
NVIDIA Corp. | 14,075 | 4,139,598 | ||||||
Broadcom, Inc. | 2,317 | 1,541,755 | ||||||
Adobe, Inc.* | 2,679 | 1,519,154 | ||||||
Accenture plc — Class A | 3,556 | 1,474,140 | ||||||
salesforce.com, Inc.* | 5,512 | 1,400,765 | ||||||
Intel Corp. | 22,898 | 1,179,247 | ||||||
QUALCOMM, Inc. | 6,306 | 1,153,178 | ||||||
Intuit, Inc. | 1,594 | 1,025,293 | ||||||
Texas Instruments, Inc. | 5,200 | 980,044 | ||||||
Advanced Micro Devices, Inc.* | 6,799 | 978,376 | ||||||
Applied Materials, Inc. | 5,084 | 800,018 | ||||||
Oracle Corp. | 9,081 | 791,954 | ||||||
ServiceNow, Inc.* | 1,120 | 727,003 | ||||||
International Business Machines Corp. | 5,049 | 674,849 | ||||||
Micron Technology, Inc. | 6,298 | 586,659 | ||||||
Lam Research Corp. | 793 | 570,286 | ||||||
Analog Devices, Inc. | 3,027 | 532,056 | ||||||
Fidelity National Information Services, Inc. | 3,428 | 374,166 | ||||||
KLA Corp. | 854 | 367,314 | ||||||
Autodesk, Inc.* | 1,238 | 348,113 | ||||||
Fiserv, Inc.* | 3,346 | 347,281 | ||||||
NXP Semiconductor N.V. | 1,497 | 340,987 | ||||||
Synopsys, Inc.* | 859 | 316,542 | ||||||
Xilinx, Inc. | 1,396 | 295,994 | ||||||
Roper Technologies, Inc. | 594 | 292,165 | ||||||
Activision Blizzard, Inc. | 4,385 | 291,734 | ||||||
Cadence Design Systems, Inc.* | 1,560 | 290,706 | ||||||
MSCI, Inc. — Class A | 464 | 284,288 | ||||||
Fortinet, Inc.* | 765 | 274,941 | ||||||
Microchip Technology, Inc. | 3,124 | 271,975 | ||||||
Cognizant Technology Solutions Corp. — Class A | 2,957 | 262,345 | ||||||
Paychex, Inc. | 1,807 | 246,655 | ||||||
HP, Inc. | 6,489 | 244,441 | ||||||
EPAM Systems, Inc.* | 319 | 213,235 | ||||||
Electronic Arts, Inc. | 1,592 | 209,985 | ||||||
ANSYS, Inc.* | 491 | 196,950 | ||||||
Zebra Technologies Corp. — Class A* | 301 | 179,155 | ||||||
Cerner Corp. | 1,657 | 153,886 | ||||||
Teradyne, Inc. | 918 | 150,121 | ||||||
Skyworks Solutions, Inc. | 930 | 144,280 | ||||||
Seagate Technology Holdings plc | 1,153 | 130,266 | ||||||
Tyler Technologies, Inc.* | 231 | 124,266 | ||||||
Monolithic Power Systems, Inc. | 244 | 120,373 | ||||||
Broadridge Financial Solutions, Inc. | 656 | 119,930 | ||||||
Hewlett Packard Enterprise Co. | 7,365 | 116,146 | ||||||
NetApp, Inc. | 1,259 | 115,815 | ||||||
Take-Two Interactive Software, Inc.* | 649 | 115,340 | ||||||
Western Digital Corp.* | 1,755 | 114,444 | ||||||
Paycom Software, Inc.* | 271 | 112,516 | ||||||
Akamai Technologies, Inc.* | 915 | 107,092 | ||||||
Qorvo, Inc.* | 621 | 97,118 | ||||||
Ceridian HCM Holding, Inc.* | 767 | 80,121 | ||||||
PTC, Inc.* | 595 | 72,084 | ||||||
Leidos Holdings, Inc. | 790 | 70,231 | ||||||
Jack Henry & Associates, Inc. | 417 | 69,635 | ||||||
Citrix Systems, Inc. | 702 | 66,402 | ||||||
DXC Technology Co.* | 1,420 | 45,710 | ||||||
IPG Photonics Corp.* | 201 | 34,600 | ||||||
Total Technology | 57,682,784 | |||||||
Consumer, Non-cyclical - 19.3% | ||||||||
UnitedHealth Group, Inc. | 5,303 | 2,662,848 | ||||||
Johnson & Johnson | 14,823 | 2,535,771 | ||||||
Procter & Gamble Co. | 13,625 | 2,228,778 | ||||||
Pfizer, Inc. | 31,602 | 1,866,098 | ||||||
Thermo Fisher Scientific, Inc. | 2,219 | 1,480,606 | ||||||
Abbott Laboratories | 9,956 | 1,401,207 | ||||||
PepsiCo, Inc. | 7,785 | 1,352,332 | ||||||
AbbVie, Inc. | 9,954 | 1,347,772 | ||||||
Coca-Cola Co. | 21,887 | 1,295,929 | ||||||
PayPal Holdings, Inc.* | 6,616 | 1,247,645 | ||||||
Eli Lilly & Co. | 4,470 | 1,234,703 | ||||||
Danaher Corp. | 3,581 | 1,178,185 | ||||||
Merck & Company, Inc. | 14,222 | 1,089,974 | ||||||
Philip Morris International, Inc. | 8,766 | 832,770 | ||||||
Medtronic plc | 7,577 | 783,841 | ||||||
Bristol-Myers Squibb Co. | 12,497 | 779,188 | ||||||
CVS Health Corp. | 7,433 | 766,788 | ||||||
Intuitive Surgical, Inc.* | 2,010 | 722,193 | ||||||
Amgen, Inc. | 3,171 | 713,380 | ||||||
Zoetis, Inc. | 2,664 | 650,096 | ||||||
S&P Global, Inc. | 1,358 | 640,881 | ||||||
Anthem, Inc. | 1,367 | 633,659 | ||||||
Automatic Data Processing, Inc. | 2,372 | 584,888 | ||||||
Mondelez International, Inc. — Class A | 7,854 | 520,799 | ||||||
Gilead Sciences, Inc. | 7,063 | 512,844 | ||||||
Stryker Corp. | 1,890 | 505,424 | ||||||
Moderna, Inc.* | 1,986 | 504,404 | ||||||
Altria Group, Inc. | 10,343 | 490,155 | ||||||
Estee Lauder Companies, Inc. — Class A | 1,305 | 483,111 | ||||||
Edwards Lifesciences Corp.* | 3,515 | 455,368 | ||||||
Cigna Corp. | 1,866 | 428,489 | ||||||
Becton Dickinson and Co. | 1,617 | 406,643 | ||||||
Colgate-Palmolive Co. | 4,745 | 404,938 | ||||||
Regeneron Pharmaceuticals, Inc.* | 595 | 375,754 | ||||||
Moody's Corp. | 911 | 355,818 | ||||||
HCA Healthcare, Inc. | 1,348 | 346,328 | ||||||
Boston Scientific Corp.* | 8,023 | 340,817 | ||||||
Humana, Inc. | 724 | 335,835 | ||||||
Illumina, Inc.* | 880 | 334,787 | ||||||
IDEXX Laboratories, Inc.* | 478 | 314,744 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,431 | 314,248 | ||||||
IQVIA Holdings, Inc.* | 1,076 | 303,583 | ||||||
IHS Markit Ltd. | 2,246 | 298,538 | ||||||
Dexcom, Inc.* | 546 | 293,175 | ||||||
Align Technology, Inc.* | 413 | 271,415 | ||||||
Kimberly-Clark Corp. | 1,896 | 270,976 | ||||||
Centene Corp.* | 3,286 | 270,766 | ||||||
Baxter International, Inc. | 2,819 | 241,983 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.9% (continued) | ||||||||
Consumer, Non-cyclical - 19.3% (continued) | ||||||||
Constellation Brands, Inc. — Class A | 925 | $ | 232,147 | |||||
General Mills, Inc. | 3,411 | 229,833 | ||||||
Sysco Corp. | 2,886 | 226,695 | ||||||
Global Payments, Inc. | 1,634 | 220,884 | ||||||
Cintas Corp. | 495 | 219,369 | ||||||
McKesson Corp. | 860 | 213,770 | ||||||
ResMed, Inc. | 820 | 213,594 | ||||||
Archer-Daniels-Midland Co. | 3,150 | 212,908 | ||||||
Verisk Analytics, Inc. — Class A | 907 | 207,458 | ||||||
Monster Beverage Corp.* | 2,115 | 203,125 | ||||||
Equifax, Inc. | 687 | 201,147 | ||||||
Biogen, Inc.* | 827 | 198,414 | ||||||
West Pharmaceutical Services, Inc. | 417 | 195,577 | ||||||
Corteva, Inc. | 4,104 | 194,037 | ||||||
Kroger Co. | 3,810 | 172,441 | ||||||
Laboratory Corporation of America Holdings* | 539 | 169,359 | ||||||
Hershey Co. | 819 | 158,452 | ||||||
Gartner, Inc.* | 463 | 154,790 | ||||||
Zimmer Biomet Holdings, Inc. | 1,176 | 149,399 | ||||||
Tyson Foods, Inc. — Class A | 1,660 | 144,686 | ||||||
Kraft Heinz Co. | 3,997 | 143,492 | ||||||
PerkinElmer, Inc. | 711 | 142,954 | ||||||
Church & Dwight Company, Inc. | 1,375 | 140,937 | ||||||
STERIS plc | 563 | 137,040 | ||||||
United Rentals, Inc.* | 409 | 135,907 | ||||||
McCormick & Company, Inc. | 1,404 | 135,641 | ||||||
Waters Corp.* | 344 | 128,174 | ||||||
Catalent, Inc.* | 964 | 123,421 | ||||||
Clorox Co. | 692 | 120,657 | ||||||
Quest Diagnostics, Inc. | 691 | 119,550 | ||||||
Cooper Companies, Inc. | 278 | 116,465 | ||||||
Bio-Techne Corp. | 221 | 114,332 | ||||||
AmerisourceBergen Corp. — Class A | 842 | 111,893 | ||||||
Hologic, Inc.* | 1,427 | 109,251 | ||||||
Charles River Laboratories International, Inc.* | 284 | 107,006 | ||||||
FleetCor Technologies, Inc.* | 457 | 102,295 | ||||||
Avery Dennison Corp. | 466 | 100,922 | ||||||
Kellogg Co. | 1,440 | 92,765 | ||||||
Conagra Brands, Inc. | 2,702 | 92,273 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 122 | 92,180 | ||||||
Viatris, Inc. | 6,809 | 92,126 | ||||||
Quanta Services, Inc. | 802 | 91,957 | ||||||
ABIOMED, Inc.* | 256 | 91,948 | ||||||
MarketAxess Holdings, Inc. | 214 | 88,012 | ||||||
Teleflex, Inc. | 264 | 86,719 | ||||||
J M Smucker Co. | 611 | 82,986 | ||||||
Cardinal Health, Inc. | 1,587 | 81,715 | ||||||
Incyte Corp.* | 1,057 | 77,584 | ||||||
Hormel Foods Corp. | 1,588 | 77,510 | ||||||
Brown-Forman Corp. — Class B | 1,029 | 74,973 | ||||||
Robert Half International, Inc. | 627 | 69,923 | ||||||
Dentsply Sirona, Inc. | 1,231 | 68,677 | ||||||
Henry Schein, Inc.* | 781 | 60,551 | ||||||
Universal Health Services, Inc. — Class B | 412 | 53,420 | ||||||
Lamb Weston Holdings, Inc. | 822 | 52,098 | ||||||
Campbell Soup Co. | 1,140 | 49,544 | ||||||
Molson Coors Beverage Co. — Class B | 1,061 | 49,178 | ||||||
Rollins, Inc. | 1,274 | 43,584 | ||||||
Organon & Co. | 1,428 | 43,483 | ||||||
DaVita, Inc.* | 367 | 41,750 | ||||||
Nielsen Holdings plc | 2,020 | 41,430 | ||||||
Total Consumer, Non-cyclical | 45,114,882 | |||||||
Communications - 14.7% | ||||||||
Amazon.com, Inc.* | 2,456 | 8,189,139 | ||||||
Alphabet, Inc. — Class A* | 1,694 | 4,907,586 | ||||||
Alphabet, Inc. — Class C* | 1,575 | 4,557,404 | ||||||
Meta Platforms, Inc. — Class A* | 13,323 | 4,481,191 | ||||||
Walt Disney Co.* | 10,231 | 1,584,680 | ||||||
Cisco Systems, Inc. | 23,747 | 1,504,847 | ||||||
Netflix, Inc.* | 2,494 | 1,502,485 | ||||||
Comcast Corp. — Class A | 25,671 | 1,292,021 | ||||||
Verizon Communications, Inc. | 23,310 | 1,211,188 | ||||||
AT&T, Inc. | 40,206 | 989,068 | ||||||
Booking Holdings, Inc.* | 231 | 554,222 | ||||||
Charter Communications, Inc. — Class A* | 697 | 454,423 | ||||||
T-Mobile US, Inc.* | 3,305 | 383,314 | ||||||
Motorola Solutions, Inc. | 951 | 258,387 | ||||||
eBay, Inc. | 3,525 | 234,413 | ||||||
Match Group, Inc.* | 1,594 | 210,807 | ||||||
Twitter, Inc.* | 4,502 | 194,576 | ||||||
Arista Networks, Inc.* | 1,263 | 181,556 | ||||||
Corning, Inc. | 4,324 | 160,982 | ||||||
CDW Corp. | 764 | 156,452 | ||||||
Etsy, Inc.* | 714 | 156,323 | ||||||
Expedia Group, Inc.* | 822 | 148,552 | ||||||
VeriSign, Inc.* | 544 | 138,078 | ||||||
ViacomCBS, Inc. — Class B | 3,416 | 103,095 | ||||||
FactSet Research Systems, Inc. | 212 | 103,034 | ||||||
Omnicom Group, Inc. | 1,197 | 87,704 | ||||||
NortonLifeLock, Inc. | 3,275 | 85,085 | ||||||
F5, Inc.* | 340 | 83,201 | ||||||
Interpublic Group of Companies, Inc. | 2,217 | 83,027 | ||||||
Fox Corp. — Class A | 1,804 | 66,568 | ||||||
Juniper Networks, Inc. | 1,831 | 65,385 | ||||||
Lumen Technologies, Inc. | 5,189 | 65,122 | ||||||
News Corp. — Class A | 2,213 | 49,372 | ||||||
DISH Network Corp. — Class A* | 1,406 | 45,611 | ||||||
Discovery, Inc. — Class C* | 1,710 | 39,159 | ||||||
Fox Corp. — Class B | 828 | 28,375 | ||||||
Discovery, Inc. — Class A*,1 | 954 | 22,457 | ||||||
News Corp. — Class B | 686 | 15,435 | ||||||
Total Communications | 34,394,324 | |||||||
Financial - 14.0% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 10,311 | 3,082,989 | ||||||
JPMorgan Chase & Co. | 16,639 | 2,634,786 | ||||||
Visa, Inc. — Class A | 9,442 | 2,046,176 | ||||||
Bank of America Corp. | 40,549 | 1,804,025 | ||||||
Mastercard, Inc. — Class A | 4,884 | 1,754,919 | ||||||
Wells Fargo & Co. | 22,449 | 1,077,103 | ||||||
Morgan Stanley | 8,083 | 793,427 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.9% (continued) | ||||||||
Financial - 14.0% (continued) | ||||||||
American Tower Corp. — Class A REIT | 2,564 | $ | 749,970 | |||||
BlackRock, Inc. — Class A | 804 | 736,110 | ||||||
Goldman Sachs Group, Inc. | 1,912 | 731,436 | ||||||
Charles Schwab Corp. | 8,464 | 711,822 | ||||||
Prologis, Inc. REIT | 4,163 | 700,883 | ||||||
Citigroup, Inc. | 11,172 | 674,677 | ||||||
American Express Co. | 3,532 | 577,835 | ||||||
Crown Castle International Corp. REIT | 2,433 | 507,865 | ||||||
Marsh & McLennan Companies, Inc. | 2,843 | 494,170 | ||||||
PNC Financial Services Group, Inc. | 2,380 | 477,238 | ||||||
Chubb Ltd. | 2,425 | 468,777 | ||||||
CME Group, Inc. — Class A | 2,023 | 462,174 | ||||||
Truist Financial Corp. | 7,516 | 440,062 | ||||||
Intercontinental Exchange, Inc. | 3,172 | 433,834 | ||||||
Equinix, Inc. REIT | 507 | 428,841 | ||||||
U.S. Bancorp | 7,597 | 426,723 | ||||||
Aon plc — Class A | 1,241 | 372,995 | ||||||
Capital One Financial Corp. | 2,396 | 347,636 | ||||||
Progressive Corp. | 3,294 | 338,129 | ||||||
Public Storage REIT | 859 | 321,747 | ||||||
Simon Property Group, Inc. REIT | 1,851 | 295,734 | ||||||
Digital Realty Trust, Inc. REIT | 1,598 | 282,638 | ||||||
American International Group, Inc. | 4,675 | 265,820 | ||||||
MetLife, Inc. | 4,026 | 251,585 | ||||||
T. Rowe Price Group, Inc. | 1,265 | 248,750 | ||||||
Bank of New York Mellon Corp. | 4,278 | 248,466 | ||||||
SBA Communications Corp. REIT | 612 | 238,080 | ||||||
Prudential Financial, Inc. | 2,128 | 230,335 | ||||||
Realty Income Corp. REIT | 3,185 | 228,014 | ||||||
SVB Financial Group* | 331 | 224,497 | ||||||
Travelers Companies, Inc. | 1,385 | 216,656 | ||||||
Welltower, Inc. REIT | 2,451 | 210,222 | ||||||
First Republic Bank | 1,009 | 208,369 | ||||||
CBRE Group, Inc. — Class A* | 1,884 | 204,433 | ||||||
Aflac, Inc. | 3,427 | 200,102 | ||||||
AvalonBay Communities, Inc. REIT | 787 | 198,788 | ||||||
Arthur J Gallagher & Co. | 1,167 | 198,005 | ||||||
State Street Corp. | 2,059 | 191,487 | ||||||
Discover Financial Services | 1,650 | 190,674 | ||||||
Ameriprise Financial, Inc. | 630 | 190,046 | ||||||
Allstate Corp. | 1,614 | 189,887 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 794 | 177,030 | ||||||
Equity Residential REIT | 1,921 | 173,851 | ||||||
Weyerhaeuser Co. REIT | 4,217 | 173,656 | ||||||
Extra Space Storage, Inc. REIT | 754 | 170,954 | ||||||
Fifth Third Bancorp | 3,850 | 167,668 | ||||||
Willis Towers Watson plc | 703 | 166,955 | ||||||
Mid-America Apartment Communities, Inc. REIT | 648 | 148,677 | ||||||
Synchrony Financial | 3,081 | 142,928 | ||||||
Duke Realty Corp. REIT | 2,144 | 140,732 | ||||||
Northern Trust Corp. | 1,169 | 139,824 | ||||||
Nasdaq, Inc. | 660 | 138,607 | ||||||
Hartford Financial Services Group, Inc. | 1,916 | 132,281 | ||||||
Essex Property Trust, Inc. REIT | 366 | 128,916 | ||||||
Huntington Bancshares, Inc. | 8,144 | 125,580 | ||||||
KeyCorp | 5,242 | 121,247 | ||||||
Regions Financial Corp. | 5,367 | 117,001 | ||||||
Ventas, Inc. REIT | 2,247 | 114,867 | ||||||
Citizens Financial Group, Inc. | 2,400 | 113,400 | ||||||
M&T Bank Corp. | 725 | 111,346 | ||||||
Signature Bank | 341 | 110,303 | ||||||
Healthpeak Properties, Inc. REIT | 3,035 | 109,533 | ||||||
Raymond James Financial, Inc. | 1,044 | 104,818 | ||||||
Principal Financial Group, Inc. | 1,388 | 100,394 | ||||||
UDR, Inc. REIT | 1,636 | 98,144 | ||||||
Cincinnati Financial Corp. | 844 | 96,157 | ||||||
Brown & Brown, Inc. | 1,320 | 92,770 | ||||||
Boston Properties, Inc. REIT | 800 | 92,144 | ||||||
Kimco Realty Corp. REIT | 3,471 | 85,560 | ||||||
Iron Mountain, Inc. REIT | 1,630 | 85,298 | ||||||
Cboe Global Markets, Inc. | 600 | 78,240 | ||||||
Host Hotels & Resorts, Inc. REIT* | 4,020 | 69,908 | ||||||
Regency Centers Corp. REIT | 868 | 65,404 | ||||||
Lincoln National Corp. | 956 | 65,257 | ||||||
Loews Corp. | 1,128 | 65,153 | ||||||
W R Berkley Corp. | 786 | 64,758 | ||||||
Comerica, Inc. | 738 | 64,206 | ||||||
Everest Re Group Ltd. | 222 | 60,810 | ||||||
Zions Bancorp North America | 882 | 55,707 | ||||||
Federal Realty Investment Trust REIT* | 394 | 53,710 | ||||||
Franklin Resources, Inc. | 1,582 | 52,981 | ||||||
Assurant, Inc. | 321 | 50,031 | ||||||
Globe Life, Inc. | 523 | 49,016 | ||||||
Invesco Ltd. | 1,922 | 44,244 | ||||||
People's United Financial, Inc. | 2,410 | 42,946 | ||||||
Vornado Realty Trust REIT | 895 | 37,465 | ||||||
Total Financial | 32,909,414 | |||||||
Consumer, Cyclical - 9.9% | ||||||||
Tesla, Inc.* | 4,580 | 4,840,052 | ||||||
Home Depot, Inc. | 5,942 | 2,465,989 | ||||||
Costco Wholesale Corp. | 2,488 | 1,412,438 | ||||||
NIKE, Inc. — Class B | 7,194 | 1,199,024 | ||||||
Walmart, Inc. | 8,007 | 1,158,533 | ||||||
McDonald's Corp. | 4,207 | 1,127,770 | ||||||
Lowe's Companies, Inc. | 3,899 | 1,007,814 | ||||||
Starbucks Corp. | 6,644 | 777,149 | ||||||
Target Corp. | 2,748 | 635,997 | ||||||
TJX Companies, Inc. | 6,771 | 514,054 | ||||||
General Motors Co.* | 8,174 | 479,242 | ||||||
Ford Motor Co. | 22,101 | 459,038 | ||||||
Dollar General Corp. | 1,314 | 309,881 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 158 | 276,224 | ||||||
O'Reilly Automotive, Inc.* | 380 | 268,367 | ||||||
Marriott International, Inc. — Class A* | 1,540 | 254,470 | ||||||
Aptiv plc* | 1,523 | 251,219 | ||||||
AutoZone, Inc.* | 118 | 247,374 | ||||||
Hilton Worldwide Holdings, Inc.* | 1,569 | 244,748 | ||||||
Yum! Brands, Inc. | 1,651 | 229,258 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.9% (continued) | ||||||||
Consumer, Cyclical - 9.9% (continued) | ||||||||
Ross Stores, Inc. | 2,001 | $ | 228,674 | |||||
Walgreens Boots Alliance, Inc. | 4,045 | 210,987 | ||||||
Fastenal Co. | 3,238 | 207,426 | ||||||
DR Horton, Inc. | 1,835 | 199,006 | ||||||
Copart, Inc.* | 1,201 | 182,096 | ||||||
Dollar Tree, Inc.* | 1,267 | 178,039 | ||||||
Lennar Corp. — Class A | 1,531 | 177,841 | ||||||
Cummins, Inc. | 805 | 175,603 | ||||||
PACCAR, Inc. | 1,955 | 172,548 | ||||||
Tractor Supply Co. | 641 | 152,943 | ||||||
Southwest Airlines Co.* | 3,333 | 142,786 | ||||||
Delta Air Lines, Inc.* | 3,603 | 140,805 | ||||||
VF Corp. | 1,836 | 134,432 | ||||||
Pool Corp. | 226 | 127,916 | ||||||
Best Buy Company, Inc. | 1,247 | 126,695 | ||||||
WW Grainger, Inc. | 244 | 126,451 | ||||||
Ulta Beauty, Inc.* | 306 | 126,176 | ||||||
CarMax, Inc.* | 913 | 118,900 | ||||||
Domino's Pizza, Inc. | 205 | 115,688 | ||||||
Caesars Entertainment, Inc.* | 1,204 | 112,610 | ||||||
Genuine Parts Co. | 802 | 112,440 | ||||||
Darden Restaurants, Inc. | 731 | 110,118 | ||||||
NVR, Inc.* | 18 | 106,359 | ||||||
Bath & Body Works, Inc. | 1,489 | 103,917 | ||||||
MGM Resorts International | 2,191 | 98,332 | ||||||
Royal Caribbean Cruises Ltd.* | 1,262 | 97,048 | ||||||
Carnival Corp.* | 4,529 | 91,124 | ||||||
Live Nation Entertainment, Inc.* | 761 | 91,084 | ||||||
LKQ Corp. | 1,510 | 90,645 | ||||||
Advance Auto Parts, Inc. | 355 | 85,157 | ||||||
PulteGroup, Inc. | 1,425 | 81,453 | ||||||
Whirlpool Corp. | 342 | 80,254 | ||||||
United Airlines Holdings, Inc.* | 1,823 | 79,811 | ||||||
Hasbro, Inc. | 730 | 74,299 | ||||||
Las Vegas Sands Corp.* | 1,936 | 72,871 | ||||||
American Airlines Group, Inc.* | 3,646 | 65,482 | ||||||
Tapestry, Inc. | 1,549 | 62,889 | ||||||
BorgWarner, Inc. | 1,350 | 60,844 | ||||||
Mohawk Industries, Inc.* | 310 | 56,476 | ||||||
Wynn Resorts Ltd.* | 593 | 50,429 | ||||||
Penn National Gaming, Inc.* | 935 | 48,480 | ||||||
Newell Brands, Inc. | 2,132 | 46,563 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 2,083 | 43,201 | ||||||
PVH Corp. | 400 | 42,660 | ||||||
Alaska Air Group, Inc.* | 705 | 36,730 | ||||||
Ralph Lauren Corp. — Class A | 274 | 32,568 | ||||||
Under Armour, Inc. — Class A* | 1,062 | 22,504 | ||||||
Under Armour, Inc. — Class C* | 1,211 | 21,846 | ||||||
Gap, Inc. | 1,207 | 21,304 | ||||||
Total Consumer, Cyclical | 23,303,151 | |||||||
Industrial - 7.3% | ||||||||
Union Pacific Corp. | 3,620 | 911,986 | ||||||
United Parcel Service, Inc. — Class B | 4,105 | 879,866 | ||||||
Honeywell International, Inc. | 3,876 | 808,185 | ||||||
Raytheon Technologies Corp. | 8,427 | 725,228 | ||||||
Caterpillar, Inc. | 3,046 | 629,730 | ||||||
Boeing Co.* | 3,110 | 626,105 | ||||||
General Electric Co. | 6,183 | 584,108 | ||||||
3M Co. | 3,244 | 576,232 | ||||||
Deere & Co. | 1,589 | 544,852 | ||||||
Lockheed Martin Corp. | 1,382 | 491,177 | ||||||
CSX Corp. | 12,488 | 469,549 | ||||||
Norfolk Southern Corp. | 1,370 | 407,863 | ||||||
Illinois Tool Works, Inc. | 1,608 | 396,854 | ||||||
Eaton Corporation plc | 2,245 | 387,981 | ||||||
Waste Management, Inc. | 2,167 | 361,672 | ||||||
FedEx Corp. | 1,376 | 355,889 | ||||||
Northrop Grumman Corp. | 839 | 324,752 | ||||||
Johnson Controls International plc | 3,990 | 324,427 | ||||||
Emerson Electric Co. | 3,366 | 312,937 | ||||||
TE Connectivity Ltd. | 1,837 | 296,382 | ||||||
Amphenol Corp. — Class A | 3,367 | 294,478 | ||||||
General Dynamics Corp. | 1,305 | 272,053 | ||||||
Agilent Technologies, Inc. | 1,704 | 272,044 | ||||||
Trane Technologies plc | 1,337 | 270,114 | ||||||
Carrier Global Corp. | 4,879 | 264,637 | ||||||
L3Harris Technologies, Inc. | 1,105 | 235,630 | ||||||
Parker-Hannifin Corp. | 727 | 231,273 | ||||||
Rockwell Automation, Inc. | 653 | 227,799 | ||||||
Mettler-Toledo International, Inc.* | 129 | 218,940 | ||||||
Keysight Technologies, Inc.* | 1,037 | 214,151 | ||||||
Otis Worldwide Corp. | 2,392 | 208,271 | ||||||
AMETEK, Inc. | 1,302 | 191,446 | ||||||
Old Dominion Freight Line, Inc. | 524 | 187,791 | ||||||
TransDigm Group, Inc.* | 295 | 187,702 | ||||||
Ball Corp. | 1,824 | 175,597 | ||||||
Stanley Black & Decker, Inc. | 918 | 173,153 | ||||||
Republic Services, Inc. — Class A | 1,178 | 164,272 | ||||||
Martin Marietta Materials, Inc. | 352 | 155,063 | ||||||
Vulcan Materials Co. | 747 | 155,062 | ||||||
Fortive Corp. | 2,019 | 154,029 | ||||||
Dover Corp. | 811 | 147,278 | ||||||
Ingersoll Rand, Inc. | 2,295 | 141,992 | ||||||
Expeditors International of Washington, Inc. | 954 | 128,113 | ||||||
Generac Holdings, Inc.* | 355 | 124,932 | ||||||
Trimble, Inc.* | 1,413 | 123,199 | ||||||
Xylem, Inc. | 1,015 | 121,719 | ||||||
Garmin Ltd. | 855 | 116,425 | ||||||
Teledyne Technologies, Inc.* | 263 | 114,902 | ||||||
Amcor plc | 8,632 | 103,670 | ||||||
Jacobs Engineering Group, Inc. | 734 | 102,195 | ||||||
IDEX Corp. | 428 | 101,145 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,052 | 96,900 | ||||||
J.B. Hunt Transport Services, Inc. | 473 | 96,681 | ||||||
Masco Corp. | 1,374 | 96,482 | ||||||
Textron, Inc. | 1,241 | 95,805 | ||||||
Fortune Brands Home & Security, Inc. | 764 | 81,672 | ||||||
CH Robinson Worldwide, Inc. | 732 | 78,785 | ||||||
Packaging Corporation of America | 535 | 72,840 | ||||||
Howmet Aerospace, Inc. | 2,165 | 68,912 | ||||||
Pentair plc | 932 | 68,064 | ||||||
Allegion plc | 506 | 67,015 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 96.9% (continued) | ||||||||
Industrial - 7.3% (continued) | ||||||||
Westrock Co. | 1,503 | $ | 66,673 | |||||
Snap-on, Inc. | 303 | 65,260 | ||||||
A O Smith Corp. | 750 | 64,388 | ||||||
Sealed Air Corp. | 834 | 56,270 | ||||||
Huntington Ingalls Industries, Inc. | 226 | 42,203 | ||||||
Total Industrial | 17,112,800 | |||||||
Energy - 2.7% | ||||||||
Exxon Mobil Corp. | 23,836 | 1,458,525 | ||||||
Chevron Corp. | 10,854 | 1,273,717 | ||||||
ConocoPhillips | 7,426 | 536,009 | ||||||
EOG Resources, Inc. | 3,294 | 292,606 | ||||||
Schlumberger N.V. | 7,897 | 236,515 | ||||||
Pioneer Natural Resources Co. | 1,278 | 232,443 | ||||||
Marathon Petroleum Corp. | 3,466 | 221,789 | ||||||
Phillips 66 | 2,467 | 178,759 | ||||||
Williams Companies, Inc. | 6,841 | 178,140 | ||||||
Kinder Morgan, Inc. | 10,979 | 174,127 | ||||||
Valero Energy Corp. | 2,302 | 172,903 | ||||||
Devon Energy Corp. | 3,545 | 156,157 | ||||||
ONEOK, Inc. | 2,511 | 147,546 | ||||||
Occidental Petroleum Corp. | 4,996 | 144,834 | ||||||
Enphase Energy, Inc.* | 760 | 139,034 | ||||||
Baker Hughes Co. | 4,921 | 118,399 | ||||||
Halliburton Co. | 5,040 | 115,265 | ||||||
Hess Corp. | 1,552 | 114,895 | ||||||
Diamondback Energy, Inc. | 959 | 103,428 | ||||||
Coterra Energy, Inc. — Class A | 4,581 | 87,039 | ||||||
SolarEdge Technologies, Inc.* | 296 | 83,049 | ||||||
Marathon Oil Corp. | 4,383 | 71,969 | ||||||
APA Corp. | 2,045 | 54,990 | ||||||
Total Energy | 6,292,138 | |||||||
Utilities - 2.4% | ||||||||
NextEra Energy, Inc. | 11,047 | 1,031,348 | ||||||
Duke Energy Corp. | 4,332 | 454,427 | ||||||
Southern Co. | 5,967 | 409,217 | ||||||
Dominion Energy, Inc. | 4,560 | 358,234 | ||||||
Exelon Corp. | 5,508 | 318,142 | ||||||
American Electric Power Company, Inc. | 2,836 | 252,319 | ||||||
Sempra Energy | 1,798 | 237,839 | ||||||
Xcel Energy, Inc. | 3,033 | 205,334 | ||||||
American Water Works Company, Inc. | 1,022 | 193,015 | ||||||
Public Service Enterprise Group, Inc. | 2,847 | 189,980 | ||||||
Eversource Energy | 1,936 | 176,137 | ||||||
WEC Energy Group, Inc. | 1,776 | 172,396 | ||||||
Consolidated Edison, Inc. | 1,992 | 169,957 | ||||||
Edison International | 2,139 | 145,987 | ||||||
DTE Energy Co. | 1,091 | 130,418 | ||||||
Ameren Corp. | 1,450 | 129,064 | ||||||
Entergy Corp. | 1,132 | 127,520 | ||||||
FirstEnergy Corp. | 3,065 | 127,473 | ||||||
PPL Corp. | 4,227 | 127,064 | ||||||
CMS Energy Corp. | 1,631 | 106,097 | ||||||
CenterPoint Energy, Inc. | 3,541 | 98,829 | ||||||
AES Corp. | 3,754 | 91,222 | ||||||
Evergy, Inc. | 1,291 | 88,576 | ||||||
Alliant Energy Corp. | 1,410 | 86,673 | ||||||
Atmos Energy Corp. | 746 | 78,158 | ||||||
NiSource, Inc. | 2,211 | 61,046 | ||||||
NRG Energy, Inc. | 1,378 | 59,364 | ||||||
Pinnacle West Capital Corp. | 635 | 44,825 | ||||||
Total Utilities | 5,670,661 | |||||||
Basic Materials - 2.0% | ||||||||
Linde plc | 2,886 | 999,797 | ||||||
Sherwin-Williams Co. | 1,358 | 478,233 | ||||||
Air Products and Chemicals, Inc. | 1,247 | 379,412 | ||||||
Freeport-McMoRan, Inc. | 8,268 | 345,023 | ||||||
Ecolab, Inc. | 1,404 | 329,364 | ||||||
Newmont Corp. | 4,490 | 278,470 | ||||||
Dow, Inc. | 4,164 | 236,182 | ||||||
DuPont de Nemours, Inc. | 2,917 | 235,635 | ||||||
PPG Industries, Inc. | 1,337 | 230,552 | ||||||
International Flavors & Fragrances, Inc. | 1,433 | 215,882 | ||||||
Nucor Corp. | 1,610 | 183,782 | ||||||
Albemarle Corp. | 659 | 154,055 | ||||||
LyondellBasell Industries N.V. — Class A | 1,480 | 136,500 | ||||||
Celanese Corp. — Class A | 613 | 103,021 | ||||||
International Paper Co. | 2,181 | 102,463 | ||||||
Eastman Chemical Co. | 757 | 91,529 | ||||||
CF Industries Holdings, Inc. | 1,208 | 85,502 | ||||||
Mosaic Co. | 2,085 | 81,920 | ||||||
FMC Corp. | 714 | 78,462 | ||||||
Total Basic Materials | 4,745,784 | |||||||
Total Common Stocks | ||||||||
(Cost $156,682,885) | 227,225,938 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 3.2% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/223 | $ | 4,159,577 | 4,159,577 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/223 | 1,720,277 | 1,720,277 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/223 | 1,563,888 | 1,563,888 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $7,443,742) | 7,443,742 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,4 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%5 | 17,104 | 17,104 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $17,104) | 17,104 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $164,143,731) | $ | 234,686,784 | ||||||
Other Assets & Liabilities, net - (0.1)% | (275,797 | ) | ||||||
Total Net Assets - 100.0% | $ | 234,410,987 |
S&P 500® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 0.53% (Federal Funds Rate + 0.45%) | At Maturity | 01/27/22 | 1,254 | $ | 5,977,502 | $ | 91,035 | ||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 0.50% (U.S. Secured Overnight Financing Rate + 0.45%) | At Maturity | 01/26/22 | 130 | 618,794 | 17,149 | ||||||||||||||
BNP Paribas | S&P 500 Index | Pay | 0.68% (Federal Funds Rate + 0.60%) | At Maturity | 01/27/22 | 120 | 569,575 | 6,730 | ||||||||||||||
$ | 7,165,871 | $ | 114,914 |
* | 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 December 31, 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 December 31, 2021. |
4 | Securities lending collateral — See Note 5. |
5 | Rate indicated is the 7-day yield as of December 31, 2021. |
CME — Chicago Mercantile Exchange
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 December 31, 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 | $ | 227,225,938 | $ | — | $ | — | $ | 227,225,938 | ||||||||
Repurchase Agreements | — | 7,443,742 | — | 7,443,742 | ||||||||||||
Securities Lending Collateral | 17,104 | — | — | 17,104 | ||||||||||||
Equity Index Swap Agreements** | — | 114,914 | — | 114,914 | ||||||||||||
Total Assets | $ | 227,243,042 | $ | 7,558,656 | $ | — | $ | 234,801,698 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Technology - 32.3% | ||||||||
Fortinet, Inc.* | 12,355 | $ | 4,440,387 | |||||
NVIDIA Corp. | 12,432 | 3,656,375 | ||||||
EPAM Systems, Inc.* | 5,463 | 3,651,742 | ||||||
Advanced Micro Devices, Inc.* | 23,996 | 3,453,024 | ||||||
KLA Corp. | 7,534 | 3,240,449 | ||||||
Monolithic Power Systems, Inc. | 6,169 | 3,043,353 | ||||||
Intuit, Inc. | 4,462 | 2,870,048 | ||||||
Applied Materials, Inc. | 17,760 | 2,794,714 | ||||||
Teradyne, Inc. | 16,685 | 2,728,498 | ||||||
QUALCOMM, Inc. | 13,254 | 2,423,759 | ||||||
Lam Research Corp. | 3,046 | 2,190,531 | ||||||
Microsoft Corp. | 6,381 | 2,146,058 | ||||||
Oracle Corp. | 22,030 | 1,921,236 | ||||||
ServiceNow, Inc.* | 2,932 | 1,903,191 | ||||||
Apple, Inc. | 10,549 | 1,873,186 | ||||||
Adobe, Inc.* | 3,180 | 1,803,251 | ||||||
MSCI, Inc. — Class A | 2,797 | 1,713,694 | ||||||
Cadence Design Systems, Inc.* | 8,881 | 1,654,974 | ||||||
Total Technology | 47,508,470 | |||||||
Consumer, Non-cyclical - 20.3% | ||||||||
Moderna, Inc.* | 15,402 | 3,911,800 | ||||||
Dexcom, Inc.* | 6,424 | 3,449,367 | ||||||
PerkinElmer, Inc. | 14,056 | 2,826,099 | ||||||
Eli Lilly & Co. | 9,321 | 2,574,647 | ||||||
West Pharmaceutical Services, Inc. | 5,263 | 2,468,400 | ||||||
Regeneron Pharmaceuticals, Inc.* | 3,889 | 2,455,981 | ||||||
Gartner, Inc.* | 6,734 | 2,251,311 | ||||||
Align Technology, Inc.* | 3,220 | 2,116,120 | ||||||
Charles River Laboratories International, Inc.* | 5,558 | 2,094,143 | ||||||
Thermo Fisher Scientific, Inc. | 3,003 | 2,003,722 | ||||||
Equifax, Inc. | 6,431 | 1,882,932 | ||||||
Bio-Techne Corp. | 3,492 | 1,806,551 | ||||||
Total Consumer, Non-cyclical | 29,841,073 | |||||||
Financial - 11.9% | ||||||||
SVB Financial Group* | 5,778 | 3,918,871 | ||||||
Goldman Sachs Group, Inc. | 9,580 | 3,664,829 | ||||||
Signature Bank | 9,577 | 3,097,872 | ||||||
Discover Financial Services | 24,433 | 2,823,477 | ||||||
First Republic Bank | 9,992 | 2,063,448 | ||||||
Extra Space Storage, Inc. REIT | 8,446 | 1,914,962 | ||||||
Total Financial | 17,483,459 | |||||||
Consumer, Cyclical - 10.9% | ||||||||
Tesla, Inc.* | 3,706 | 3,916,427 | ||||||
Pool Corp. | 4,867 | 2,754,722 | ||||||
Tractor Supply Co. | 11,352 | 2,708,587 | ||||||
AutoZone, Inc.* | 1,139 | 2,387,788 | ||||||
Lowe's Companies, Inc. | 8,554 | 2,211,038 | ||||||
O'Reilly Automotive, Inc.* | 2,911 | 2,055,836 | ||||||
Total Consumer, Cyclical | 16,034,398 | |||||||
Communications - 10.1% | ||||||||
Etsy, Inc.* | 14,202 | 3,109,386 | ||||||
Arista Networks, Inc.* | 18,118 | 2,604,462 | ||||||
Netflix, Inc.* | 3,687 | 2,221,196 | ||||||
Meta Platforms, Inc. — Class A* | 5,982 | 2,012,046 | ||||||
Alphabet, Inc. — Class A* | 582 | 1,686,078 | ||||||
Amazon.com, Inc.* | 480 | 1,600,483 | ||||||
Alphabet, Inc. — Class C* | 541 | 1,565,432 | ||||||
Total Communications | 14,799,083 | |||||||
Energy - 5.5% | ||||||||
Enphase Energy, Inc.* | 16,916 | 3,094,613 | ||||||
Diamondback Energy, Inc. | 26,103 | 2,815,208 | ||||||
Devon Energy Corp. | 50,777 | 2,236,727 | ||||||
Total Energy | 8,146,548 | |||||||
Industrial - 5.5% | ||||||||
Generac Holdings, Inc.* | 9,652 | 3,396,732 | ||||||
Expeditors International of Washington, Inc. | 20,001 | 2,685,934 | ||||||
Old Dominion Freight Line, Inc. | 5,571 | 1,996,535 | ||||||
Total Industrial | 8,079,201 | |||||||
Utilities - 3.0% | ||||||||
NRG Energy, Inc. | 103,659 | 4,465,630 | ||||||
Total Common Stocks | ||||||||
(Cost $125,176,515) | 146,357,862 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 683,894 | 683,894 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 282,838 | 282,838 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 257,125 | 257,125 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,223,857) | 1,223,857 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $126,400,372) | $ | 147,581,719 | ||||||
Other Assets & Liabilities, net - (0.3)% | (497,321 | ) | ||||||
Total Net Assets - 100.0% | $ | 147,084,398 |
* | 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. |
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
S&P 500® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 146,357,862 | $ | — | $ | — | $ | 146,357,862 | ||||||||
Repurchase Agreements | — | 1,223,857 | — | 1,223,857 | ||||||||||||
Total Assets | $ | 146,357,862 | $ | 1,223,857 | $ | — | $ | 147,581,719 |
S&P 500® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Financial - 31.2% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 3,640 | $ | 1,088,360 | |||||
Prudential Financial, Inc. | 9,224 | 998,406 | ||||||
Lincoln National Corp. | 12,877 | 878,984 | ||||||
MetLife, Inc. | 13,760 | 859,862 | ||||||
Allstate Corp. | 6,987 | 822,021 | ||||||
American International Group, Inc. | 13,605 | 773,580 | ||||||
Loews Corp. | 13,126 | 758,158 | ||||||
Everest Re Group Ltd. | 2,620 | 717,670 | ||||||
Invesco Ltd. | 26,398 | 607,682 | ||||||
Citigroup, Inc. | 9,596 | 579,502 | ||||||
Aflac, Inc. | 9,497 | 554,530 | ||||||
Travelers Companies, Inc. | 3,450 | 539,684 | ||||||
Principal Financial Group, Inc. | 7,264 | 525,405 | ||||||
Globe Life, Inc. | 5,603 | 525,113 | ||||||
Hartford Financial Services Group, Inc. | 7,553 | 521,459 | ||||||
Citizens Financial Group, Inc. | 10,775 | 509,119 | ||||||
Assurant, Inc. | 3,028 | 471,944 | ||||||
Chubb Ltd. | 2,117 | 409,237 | ||||||
People's United Financial, Inc. | 22,796 | 406,225 | ||||||
Wells Fargo & Co. | 8,287 | 397,610 | ||||||
M&T Bank Corp. | 2,383 | 365,981 | ||||||
Bank of New York Mellon Corp. | 6,246 | 362,768 | ||||||
KeyCorp | 14,948 | 345,747 | ||||||
State Street Corp. | 3,498 | 325,314 | ||||||
Huntington Bancshares, Inc. | 19,146 | 295,231 | ||||||
Truist Financial Corp. | 4,880 | 285,724 | ||||||
Fifth Third Bancorp | 5,862 | 255,290 | ||||||
W R Berkley Corp. | 2,909 | 239,673 | ||||||
Kimco Realty Corp. REIT | 9,365 | 230,847 | ||||||
Progressive Corp. | 2,171 | 222,853 | ||||||
U.S. Bancorp | 3,388 | 190,304 | ||||||
PNC Financial Services Group, Inc. | 807 | 161,820 | ||||||
Total Financial | 16,226,103 | |||||||
Consumer, Non-cyclical - 20.3% | ||||||||
Cigna Corp. | 4,080 | 936,890 | ||||||
CVS Health Corp. | 7,679 | 792,166 | ||||||
Archer-Daniels-Midland Co. | 11,355 | 767,484 | ||||||
Centene Corp.* | 8,854 | 729,570 | ||||||
Tyson Foods, Inc. — Class A | 7,968 | 694,491 | ||||||
Kraft Heinz Co. | 16,293 | 584,919 | ||||||
Universal Health Services, Inc. — Class B | 4,364 | 565,836 | ||||||
Molson Coors Beverage Co. — Class B | 11,466 | 531,449 | ||||||
Viatris, Inc. | 37,930 | 513,193 | ||||||
Kroger Co. | 11,230 | 508,270 | ||||||
Cardinal Health, Inc. | 8,907 | 458,621 | ||||||
AmerisourceBergen Corp. — Class A | 3,093 | 411,029 | ||||||
Anthem, Inc. | 850 | 394,009 | ||||||
Humana, Inc. | 823 | 381,757 | ||||||
Conagra Brands, Inc. | 10,491 | 358,268 | ||||||
Henry Schein, Inc.* | 4,212 | 326,556 | ||||||
Corteva, Inc. | 6,263 | 296,115 | ||||||
J M Smucker Co. | 1,937 | 263,083 | ||||||
Nielsen Holdings plc | 10,834 | 222,205 | ||||||
DaVita, Inc.* | 1,879 | 213,755 | ||||||
Sysco Corp. | 2,622 | 205,958 | ||||||
Global Payments, Inc. | 1,514 | 204,663 | ||||||
Organon & Co. | 5,547 | 168,906 | ||||||
Total Consumer, Non-cyclical | 10,529,193 | |||||||
Consumer, Cyclical - 12.9% | ||||||||
Walgreens Boots Alliance, Inc. | 14,038 | 732,222 | ||||||
Gap, Inc. | 36,318 | 641,013 | ||||||
General Motors Co.* | 10,829 | 634,904 | ||||||
BorgWarner, Inc. | 12,657 | 570,451 | ||||||
Ford Motor Co. | 26,719 | 554,954 | ||||||
Whirlpool Corp. | 2,297 | 539,014 | ||||||
Mohawk Industries, Inc.* | 2,888 | 526,136 | ||||||
Best Buy Company, Inc. | 4,495 | 456,692 | ||||||
PVH Corp. | 4,196 | 447,503 | ||||||
PulteGroup, Inc. | 7,789 | 445,219 | ||||||
Lennar Corp. — Class A | 3,627 | 421,313 | ||||||
Walmart, Inc. | 1,819 | 263,191 | ||||||
Alaska Air Group, Inc.* | 4,885 | 254,508 | ||||||
PACCAR, Inc. | 2,200 | 194,172 | ||||||
Total Consumer, Cyclical | 6,681,292 | |||||||
Communications - 8.0% | ||||||||
ViacomCBS, Inc. — Class B | 26,587 | 802,396 | ||||||
DISH Network Corp. — Class A* | 20,908 | 678,255 | ||||||
AT&T, Inc. | 24,953 | 613,844 | ||||||
Lumen Technologies, Inc. | 46,190 | 579,684 | ||||||
News Corp. — Class A | 10,726 | 239,297 | ||||||
Omnicom Group, Inc. | 3,044 | 223,034 | ||||||
Verizon Communications, Inc. | 4,031 | 209,451 | ||||||
Fox Corp. — Class A | 5,394 | 199,039 | ||||||
Discovery, Inc. — Class C* | 8,419 | 192,795 | ||||||
T-Mobile US, Inc.* | 1,359 | 157,617 | ||||||
Discovery, Inc. — Class A*,1 | 4,690 | 110,403 | ||||||
Fox Corp. — Class B | 2,497 | 85,572 | ||||||
News Corp. — Class B | 3,283 | 73,867 | ||||||
Total Communications | 4,165,254 | |||||||
Energy - 6.8% | ||||||||
Marathon Petroleum Corp. | 11,131 | 712,273 | ||||||
Valero Energy Corp. | 8,636 | 648,650 | ||||||
Phillips 66 | 8,163 | 591,491 | ||||||
Baker Hughes Co. | 17,032 | 409,790 | ||||||
Kinder Morgan, Inc. | 22,154 | 351,362 | ||||||
Marathon Oil Corp. | 17,234 | 282,982 | ||||||
Exxon Mobil Corp. | 4,538 | 277,680 | ||||||
Chevron Corp. | 2,254 | 264,507 | ||||||
Total Energy | 3,538,735 | |||||||
Utilities - 5.7% | ||||||||
Pinnacle West Capital Corp. | 5,910 | 417,187 | ||||||
Exelon Corp. | 5,330 | 307,861 | ||||||
Consolidated Edison, Inc. | 3,499 | 298,535 | ||||||
Entergy Corp. | 2,191 | 246,816 | ||||||
Evergy, Inc. | 3,312 | 227,236 | ||||||
PPL Corp. | 7,421 | 223,075 | ||||||
Atmos Energy Corp. | 2,097 | 219,703 | ||||||
Edison International | 2,883 | 196,765 | ||||||
Duke Energy Corp. | 1,705 | 178,854 | ||||||
American Electric Power Company, Inc. | 2,008 | 178,652 | ||||||
DTE Energy Co. | 1,385 | 165,563 | ||||||
NiSource, Inc. | 5,814 | 160,524 |
S&P 500® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Utilities - 5.7% (continued) | ||||||||
Sempra Energy | 1,188 | $ | 157,149 | |||||
Total Utilities | 2,977,920 | |||||||
Industrial - 5.0% | ||||||||
Westrock Co. | 19,158 | 849,849 | ||||||
FedEx Corp. | 1,779 | 460,121 | ||||||
Huntington Ingalls Industries, Inc. | 1,991 | 371,799 | ||||||
CH Robinson Worldwide, Inc. | 3,397 | 365,619 | ||||||
Raytheon Technologies Corp. | 2,196 | 188,988 | ||||||
Textron, Inc. | 2,442 | 188,522 | ||||||
Westinghouse Air Brake Technologies Corp. | 2,023 | 186,339 | ||||||
Total Industrial | 2,611,237 | |||||||
Technology - 4.8% | ||||||||
Hewlett Packard Enterprise Co. | 46,091 | 726,855 | ||||||
DXC Technology Co.* | 22,249 | 716,195 | ||||||
Western Digital Corp.* | 7,586 | 494,683 | ||||||
Leidos Holdings, Inc. | 2,925 | 260,033 | ||||||
Intel Corp. | 3,292 | 169,538 | ||||||
Fidelity National Information Services, Inc. | 1,364 | 148,881 | ||||||
Total Technology | 2,516,185 | |||||||
Basic Materials - 4.7% | ||||||||
Mosaic Co. | 14,885 | 584,832 | ||||||
International Paper Co. | 10,494 | 493,008 | ||||||
LyondellBasell Industries N.V. — Class A | 5,334 | 491,955 | ||||||
Dow, Inc. | 7,830 | 444,118 | ||||||
DuPont de Nemours, Inc. | 3,248 | 262,373 | ||||||
Eastman Chemical Co. | 1,439 | 173,989 | ||||||
Total Basic Materials | 2,450,275 | |||||||
Total Common Stocks | ||||||||
(Cost $47,027,909) | 51,696,194 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 252,807 | 252,807 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 104,553 | 104,553 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 95,048 | 95,048 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $452,408) | 452,408 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 57,315 | 57,315 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $57,315) | 57,315 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $47,537,632) | $ | 52,205,917 | ||||||
Other Assets & Liabilities, net - (0.4)% | (227,197 | ) | ||||||
Total Net Assets - 100.0% | $ | 51,978,720 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 51,696,194 | $ | — | $ | — | $ | 51,696,194 | ||||||||
Repurchase Agreements | — | 452,408 | — | 452,408 | ||||||||||||
Securities Lending Collateral | 57,315 | — | — | 57,315 | ||||||||||||
Total Assets | $ | 51,753,509 | $ | 452,408 | $ | — | $ | 52,205,917 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Consumer, Cyclical - 21.9% | ||||||||
Dick's Sporting Goods, Inc.1 | 12,961 | $ | 1,490,385 | |||||
Tempur Sealy International, Inc. | 28,831 | 1,355,922 | ||||||
Fox Factory Holding Corp.* | 7,692 | 1,308,409 | ||||||
Crocs, Inc.* | 9,313 | 1,194,113 | ||||||
Williams-Sonoma, Inc. | 6,096 | 1,031,017 | ||||||
Deckers Outdoor Corp.* | 2,133 | 781,339 | ||||||
YETI Holdings, Inc.* | 8,511 | 704,966 | ||||||
Five Below, Inc.* | 3,271 | 676,737 | ||||||
Wingstop, Inc. | 3,815 | 659,232 | ||||||
Mattel, Inc.* | 28,481 | 614,050 | ||||||
Churchill Downs, Inc. | 2,284 | 550,216 | ||||||
Boyd Gaming Corp.* | 7,770 | 509,479 | ||||||
Avient Corp. | 9,023 | 504,837 | ||||||
GameStop Corp. — Class A*,1 | 3,296 | 489,093 | ||||||
Scientific Games Corp. — Class A* | 6,977 | 466,273 | ||||||
Brunswick Corp. | 4,578 | 461,142 | ||||||
Scotts Miracle-Gro Co. — Class A | 2,462 | 396,382 | ||||||
RH* | 737 | 394,988 | ||||||
Total Consumer, Cyclical | 13,588,580 | |||||||
Financial - 21.2% | ||||||||
Navient Corp. | 91,832 | 1,948,675 | ||||||
SLM Corp. | 83,745 | 1,647,264 | ||||||
Jefferies Financial Group, Inc. | 38,743 | 1,503,228 | ||||||
Evercore, Inc. — Class A | 7,947 | 1,079,600 | ||||||
Pinnacle Financial Partners, Inc. | 9,694 | 925,777 | ||||||
PacWest Bancorp | 19,095 | 862,521 | ||||||
Stifel Financial Corp. | 10,423 | 733,988 | ||||||
Life Storage, Inc. REIT | 4,621 | 707,845 | ||||||
East West Bancorp, Inc. | 8,566 | 673,973 | ||||||
Affiliated Managers Group, Inc. | 3,872 | 636,983 | ||||||
National Storage Affiliates Trust REIT | 8,737 | 604,600 | ||||||
UMB Financial Corp. | 5,655 | 600,052 | ||||||
First Financial Bankshares, Inc. | 9,308 | 473,219 | ||||||
Kinsale Capital Group, Inc. | 1,727 | 410,836 | ||||||
Camden Property Trust REIT | 2,033 | 363,256 | ||||||
Total Financial | 13,171,817 | |||||||
Consumer, Non-cyclical - 17.8% | ||||||||
Medpace Holdings, Inc.* | 4,903 | 1,067,089 | ||||||
Repligen Corp.* | 3,790 | 1,003,744 | ||||||
Tandem Diabetes Care, Inc.* | 6,601 | 993,583 | ||||||
Tenet Healthcare Corp.* | 11,317 | 924,486 | ||||||
Option Care Health, Inc.* | 27,073 | 769,956 | ||||||
GXO Logistics, Inc.* | 6,499 | 590,304 | ||||||
FTI Consulting, Inc.* | 3,526 | 540,959 | ||||||
STAAR Surgical Co.* | 5,921 | 540,587 | ||||||
Bruker Corp. | 6,362 | 533,835 | ||||||
Quidel Corp.* | 3,778 | 509,992 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 7,585 | 502,886 | ||||||
Paylocity Holding Corp.* | 2,125 | 501,840 | ||||||
Avis Budget Group, Inc.* | 2,397 | 497,066 | ||||||
ASGN, Inc.* | 4,005 | 494,217 | ||||||
Neurocrine Biosciences, Inc.* | 5,536 | 471,501 | ||||||
Service Corporation International | 5,881 | 417,492 | ||||||
Syneos Health, Inc.* | 3,653 | 375,090 | ||||||
Darling Ingredients, Inc.* | 5,273 | 365,366 | ||||||
Total Consumer, Non-cyclical | 11,099,993 | |||||||
Industrial - 14.8% | ||||||||
Louisiana-Pacific Corp. | 23,881 | 1,871,076 | ||||||
Builders FirstSource, Inc.* | 14,889 | 1,276,136 | ||||||
Trex Company, Inc.* | 7,897 | 1,066,332 | ||||||
Saia, Inc.* | 2,475 | 834,149 | ||||||
Axon Enterprise, Inc.* | 5,094 | 799,758 | ||||||
Eagle Materials, Inc. | 4,465 | 743,244 | ||||||
TopBuild Corp.* | 2,408 | 664,391 | ||||||
Vicor Corp.* | 4,161 | 528,364 | ||||||
Carlisle Companies, Inc. | 1,559 | 386,819 | ||||||
Valmont Industries, Inc. | 1,487 | 372,494 | ||||||
Simpson Manufacturing Company, Inc. | 2,623 | 364,781 | ||||||
Tetra Tech, Inc. | 1,863 | 316,337 | ||||||
Total Industrial | 9,223,881 | |||||||
Technology - 11.7% | ||||||||
Concentrix Corp. | 8,267 | 1,476,652 | ||||||
Azenta, Inc. | 7,831 | 807,454 | ||||||
Digital Turbine, Inc.* | 11,783 | 718,645 | ||||||
Power Integrations, Inc. | 6,311 | 586,229 | ||||||
Maximus, Inc. | 6,893 | 549,165 | ||||||
Lattice Semiconductor Corp.* | 6,847 | 527,630 | ||||||
Teradata Corp.* | 12,218 | 518,898 | ||||||
Qualys, Inc.* | 3,284 | 450,631 | ||||||
Silicon Laboratories, Inc.* | 2,167 | 447,312 | ||||||
Ziff Davis, Inc.* | 3,996 | 442,997 | ||||||
SiTime Corp.* | 1,413 | 413,359 | ||||||
Synaptics, Inc.* | 1,212 | 350,886 | ||||||
Total Technology | 7,289,858 | |||||||
Basic Materials - 6.5% | ||||||||
Cleveland-Cliffs, Inc.* | 72,280 | 1,573,536 | ||||||
Steel Dynamics, Inc. | 17,277 | 1,072,383 | ||||||
Olin Corp. | 13,454 | 773,874 | ||||||
Valvoline, Inc. | 16,949 | 632,028 | ||||||
Total Basic Materials | 4,051,821 | |||||||
Energy - 4.0% | ||||||||
Antero Midstream Corp. | 103,697 | 1,003,787 | ||||||
Targa Resources Corp. | 14,592 | 762,286 | ||||||
Murphy Oil Corp. | 27,267 | 711,942 | ||||||
Total Energy | 2,478,015 | |||||||
Communications - 1.8% | ||||||||
Mimecast Ltd.* | 13,856 | 1,102,522 | ||||||
Total Common Stocks | ||||||||
(Cost $50,965,357) | 62,006,487 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 193,494 | 193,494 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 80,023 | 80,023 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 72,749 | 72,749 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $346,266) | 346,266 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 1.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 647,900 | $ | 647,900 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $647,900) | 647,900 | |||||||
Total Investments - 101.3% | ||||||||
(Cost $51,959,523) | $ | 63,000,653 | ||||||
Other Assets & Liabilities, net - (1.3)% | (808,581 | ) | ||||||
Total Net Assets - 100.0% | $ | 62,192,072 | ||||||
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 62,006,487 | $ | — | $ | — | $ | 62,006,487 | ||||||||
Repurchase Agreements | — | 346,266 | — | 346,266 | ||||||||||||
Securities Lending Collateral | 647,900 | — | — | 647,900 | ||||||||||||
Total Assets | $ | 62,654,387 | $ | 346,266 | $ | — | $ | 63,000,653 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Financial - 29.2% | ||||||||
Unum Group | 15,432 | $ | 379,164 | |||||
Reinsurance Group of America, Inc. — Class A | 3,456 | 378,398 | ||||||
Kemper Corp. | 5,087 | 299,065 | ||||||
CNO Financial Group, Inc. | 12,510 | 298,238 | ||||||
Alleghany Corp.* | 363 | 242,335 | ||||||
Old Republic International Corp. | 9,804 | 240,982 | ||||||
Mercury General Corp. | 4,489 | 238,186 | ||||||
Voya Financial, Inc. | 3,447 | 228,571 | ||||||
Hanover Insurance Group, Inc. | 1,381 | 180,994 | ||||||
Alliance Data Systems Corp. | 2,606 | 173,481 | ||||||
Associated Banc-Corp. | 6,992 | 157,949 | ||||||
FNB Corp. | 12,932 | 156,865 | ||||||
MGIC Investment Corp. | 10,666 | 153,804 | ||||||
Fulton Financial Corp. | 8,905 | 151,385 | ||||||
New York Community Bancorp, Inc. | 12,151 | 148,364 | ||||||
Texas Capital Bancshares, Inc.* | 2,287 | 137,792 | ||||||
SL Green Realty Corp. REIT | 1,907 | 136,732 | ||||||
First Horizon Corp. | 7,805 | 127,456 | ||||||
Cadence Bank | 4,187 | 124,731 | ||||||
Essent Group Ltd. | 2,615 | 119,061 | ||||||
United Bankshares, Inc. | 3,140 | 113,919 | ||||||
Sterling Bancorp | 4,370 | 112,702 | ||||||
Prosperity Bancshares, Inc. | 1,436 | 103,823 | ||||||
Selective Insurance Group, Inc. | 1,195 | 97,918 | ||||||
RenaissanceRe Holdings Ltd. | 560 | 94,825 | ||||||
International Bancshares Corp. | 2,154 | 91,308 | ||||||
Washington Federal, Inc. | 2,599 | 86,755 | ||||||
Valley National Bancorp | 6,078 | 83,572 | ||||||
Sabra Health Care REIT, Inc. | 5,132 | 69,487 | ||||||
Total Financial | 4,927,862 | |||||||
Consumer, Cyclical - 25.6% | ||||||||
Taylor Morrison Home Corp. — Class A* | 9,095 | 317,961 | ||||||
Foot Locker, Inc. | 6,212 | 271,030 | ||||||
Kohl's Corp. | 5,435 | 268,435 | ||||||
Adient plc* | 5,578 | 267,075 | ||||||
Goodyear Tire & Rubber Co.* | 12,087 | 257,695 | ||||||
KB Home | 5,618 | 251,293 | ||||||
Lithia Motors, Inc. — Class A | 839 | 249,141 | ||||||
Tri Pointe Homes, Inc.* | 8,695 | 242,504 | ||||||
Thor Industries, Inc. | 2,274 | 235,973 | ||||||
Dana, Inc. | 10,183 | 232,376 | ||||||
Univar Solutions, Inc.* | 7,388 | 209,450 | ||||||
Lear Corp. | 1,050 | 192,097 | ||||||
Macy's, Inc. | 7,068 | 185,040 | ||||||
Urban Outfitters, Inc.* | 5,347 | 156,988 | ||||||
Murphy USA, Inc. | 761 | 151,622 | ||||||
Toll Brothers, Inc. | 1,972 | 142,753 | ||||||
Nu Skin Enterprises, Inc. — Class A | 2,751 | 139,613 | ||||||
JetBlue Airways Corp.* | 8,610 | 122,606 | ||||||
Callaway Golf Co.* | 4,166 | 114,315 | ||||||
Nordstrom, Inc.* | 3,967 | 89,733 | ||||||
MillerKnoll, Inc. | 2,148 | 84,180 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 1,230 | 82,373 | ||||||
Harley-Davidson, Inc. | 1,716 | 64,676 | ||||||
Total Consumer, Cyclical | 4,328,929 | |||||||
Industrial - 17.5% | ||||||||
Avnet, Inc. | 9,156 | 377,502 | ||||||
Arrow Electronics, Inc.* | 2,071 | 278,073 | ||||||
Ryder System, Inc. | 2,891 | 238,305 | ||||||
TD SYNNEX Corp. | 2,025 | 231,579 | ||||||
Greif, Inc. — Class A | 3,340 | 201,636 | ||||||
Worthington Industries, Inc. | 3,635 | 198,689 | ||||||
Vishay Intertechnology, Inc. | 6,398 | 139,924 | ||||||
MDU Resources Group, Inc. | 4,327 | 133,445 | ||||||
Fluor Corp.* | 4,860 | 120,382 | ||||||
AGCO Corp. | 966 | 112,075 | ||||||
XPO Logistics, Inc.* | 1,415 | 109,564 | ||||||
EMCOR Group, Inc. | 835 | 106,371 | ||||||
Owens Corning | 1,105 | 100,002 | ||||||
Oshkosh Corp. | 747 | 84,194 | ||||||
Terex Corp. | 1,872 | 82,275 | ||||||
EnerSys | 1,033 | 81,669 | ||||||
Silgan Holdings, Inc. | 1,856 | 79,511 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,277 | 77,820 | ||||||
Kirby Corp.* | 1,295 | 76,949 | ||||||
Werner Enterprises, Inc. | 1,394 | 66,438 | ||||||
Timken Co. | 874 | 60,560 | ||||||
Total Industrial | 2,956,963 | |||||||
Consumer, Non-cyclical - 8.5% | ||||||||
Graham Holdings Co. — Class B | 443 | 279,015 | ||||||
ManpowerGroup, Inc. | 2,288 | 222,691 | ||||||
Sprouts Farmers Market, Inc.* | 7,030 | 208,650 | ||||||
Performance Food Group Co.* | 3,960 | 181,724 | ||||||
Patterson Companies, Inc. | 5,521 | 162,041 | ||||||
Perrigo Company plc | 3,903 | 151,827 | ||||||
Pilgrim's Pride Corp.* | 5,282 | 148,953 | ||||||
Ingredion, Inc. | 825 | 79,728 | ||||||
Total Consumer, Non-cyclical | 1,434,629 | |||||||
Basic Materials - 6.5% | ||||||||
United States Steel Corp. | 15,719 | 374,269 | ||||||
Commercial Metals Co. | 7,495 | 271,994 | ||||||
Reliance Steel & Aluminum Co. | 1,193 | 193,528 | ||||||
Minerals Technologies, Inc. | 1,666 | 121,868 | ||||||
Cabot Corp. | 1,364 | 76,657 | ||||||
Chemours Co. | 1,889 | 63,395 | ||||||
Total Basic Materials | 1,101,711 | |||||||
Utilities - 4.2% | ||||||||
Spire, Inc. | 2,095 | 136,636 | ||||||
Southwest Gas Holdings, Inc. | 1,917 | 134,286 | ||||||
UGI Corp. | 2,873 | 131,899 | ||||||
NorthWestern Corp. | 1,602 | 91,570 | ||||||
ALLETE, Inc. | 1,177 | 78,094 | ||||||
ONE Gas, Inc. | 896 | 69,521 | ||||||
Hawaiian Electric Industries, Inc. | 1,540 | 63,910 | ||||||
Total Utilities | 705,916 | |||||||
Technology - 4.0% | ||||||||
Xerox Holdings Corp. | 16,663 | 377,251 | ||||||
Kyndryl Holdings, Inc.* | 6,266 | 113,414 | ||||||
Science Applications International Corp. | 1,303 | 108,918 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Technology - 4.0% (continued) | ||||||||
CACI International, Inc. — Class A* | 294 | $ | 79,148 | |||||
Total Technology | 678,731 | |||||||
Energy - 3.4% | ||||||||
HollyFrontier Corp. | 10,847 | 355,565 | ||||||
NOV, Inc. | 10,794 | 146,259 | ||||||
Equitrans Midstream Corp. | 7,015 | 72,535 | ||||||
Total Energy | 574,359 | |||||||
Communications - 0.6% | ||||||||
Viasat, Inc.* | 2,367 | 105,426 | ||||||
Total Common Stocks | ||||||||
(Cost $13,097,413) | 16,814,526 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 76,545 | 76,545 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 31,657 | 31,657 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 28,779 | 28,779 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $136,981) | 136,981 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $13,234,394) | $ | 16,951,507 | ||||||
Other Assets & Liabilities, net - (0.3)% | (49,812 | ) | ||||||
Total Net Assets - 100.0% | $ | 16,901,695 |
* | 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 December 31, 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 | $ | 16,814,526 | $ | — | $ | — | $ | 16,814,526 | ||||||||
Repurchase Agreements | — | 136,981 | — | 136,981 | ||||||||||||
Total Assets | $ | 16,814,526 | $ | 136,981 | $ | — | $ | 16,951,507 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Financial - 26.7% | ||||||||
B. Riley Financial, Inc. | 1,610 | $ | 143,065 | |||||
Customers Bancorp, Inc.* | 1,825 | 119,300 | ||||||
Piper Sandler Cos. | 561 | 100,144 | ||||||
Flagstar Bancorp, Inc. | 1,740 | 83,416 | ||||||
Triumph Bancorp, Inc.* | 679 | 80,855 | ||||||
Meta Financial Group, Inc. | 1,304 | 77,797 | ||||||
Innovative Industrial Properties, Inc. REIT | 292 | 76,770 | ||||||
First BanCorp | 5,552 | 76,506 | ||||||
World Acceptance Corp.* | 298 | 73,138 | ||||||
ServisFirst Bancshares, Inc. | 823 | 69,906 | ||||||
Walker & Dunlop, Inc. | 449 | 67,745 | ||||||
Greenhill & Company, Inc. | 3,621 | 64,924 | ||||||
Enova International, Inc.* | 1,556 | 63,734 | ||||||
HomeStreet, Inc. | 1,204 | 62,608 | ||||||
St. Joe Co. | 1,171 | 60,951 | ||||||
Virtus Investment Partners, Inc. | 201 | 59,717 | ||||||
Axos Financial, Inc.* | 1,066 | 59,600 | ||||||
Veritex Holdings, Inc. | 1,391 | 55,334 | ||||||
Redwood Trust, Inc. REIT | 4,153 | 54,778 | ||||||
Preferred Bank/Los Angeles CA | 757 | 54,345 | ||||||
HCI Group, Inc. | 600 | 50,124 | ||||||
Investors Bancorp, Inc. | 3,221 | 48,798 | ||||||
Great Western Bancorp, Inc. | 1,398 | 47,476 | ||||||
Bancorp, Inc.* | 1,615 | 40,876 | ||||||
Palomar Holdings, Inc.* | 594 | 38,474 | ||||||
Independence Realty Trust, Inc. REIT | 1,424 | 36,782 | ||||||
NexPoint Residential Trust, Inc. REIT | 418 | 35,041 | ||||||
Trupanion, Inc.* | 243 | 32,083 | ||||||
Brightsphere Investment Group, Inc. | 1,143 | 29,261 | ||||||
Douglas Elliman, Inc.* | 1,123 | 12,914 | ||||||
Total Financial | 1,876,462 | |||||||
Consumer, Non-cyclical - 25.6% | ||||||||
Fulgent Genetics, Inc.* | 1,407 | 141,530 | ||||||
Avid Bioservices, Inc.* | 3,217 | 93,872 | ||||||
Celsius Holdings, Inc.* | 1,235 | 92,094 | ||||||
Organogenesis Holdings, Inc.* | 9,331 | 86,218 | ||||||
Joint Corp.* | 1,218 | 80,010 | ||||||
United Natural Foods, Inc.* | 1,593 | 78,185 | ||||||
Community Health Systems, Inc.* | 5,626 | 74,882 | ||||||
Innoviva, Inc.* | 4,298 | 74,141 | ||||||
Cross Country Healthcare, Inc.* | 2,606 | 72,343 | ||||||
Simply Good Foods Co.* | 1,639 | 68,133 | ||||||
AMN Healthcare Services, Inc.* | 525 | 64,223 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 366 | 56,532 | ||||||
Coca-Cola Consolidated, Inc. | 88 | 54,489 | ||||||
MGP Ingredients, Inc. | 590 | 50,144 | ||||||
Cara Therapeutics, Inc.* | 4,113 | 50,096 | ||||||
AngioDynamics, Inc.* | 1,638 | 45,176 | ||||||
Heidrick & Struggles International, Inc. | 986 | 43,118 | ||||||
Korn Ferry | 562 | 42,560 | ||||||
Inter Parfums, Inc. | 389 | 41,584 | ||||||
Collegium Pharmaceutical, Inc.* | 2,203 | 41,152 | ||||||
CorVel Corp.* | 197 | 40,976 | ||||||
Endo International plc* | 10,838 | 40,751 | ||||||
uniQure N.V.* | 1,919 | 39,800 | ||||||
Medifast, Inc. | 188 | 39,373 | ||||||
Vericel Corp.* | 983 | 38,632 | ||||||
Omnicell, Inc.* | 201 | 36,269 | ||||||
BioLife Solutions, Inc.* | 966 | 36,003 | ||||||
Xencor, Inc.* | 707 | 28,365 | ||||||
Alarm.com Holdings, Inc.* | 316 | 26,800 | ||||||
Supernus Pharmaceuticals, Inc.* | 904 | 26,360 | ||||||
Vector Group Ltd. | 2,246 | 25,784 | ||||||
RadNet, Inc.* | 851 | 25,624 | ||||||
Heska Corp.* | 120 | 21,899 | ||||||
Zynex, Inc.1 | 2,024 | 20,179 | ||||||
Total Consumer, Non-cyclical | 1,797,297 | |||||||
Consumer, Cyclical - 14.9% | ||||||||
Hibbett, Inc. | 1,435 | 103,219 | ||||||
OptimizeRx Corp.* | 1,434 | 89,066 | ||||||
MarineMax, Inc.* | 1,397 | 82,479 | ||||||
Century Communities, Inc. | 976 | 79,827 | ||||||
Vista Outdoor, Inc.* | 1,675 | 77,167 | ||||||
Barnes & Noble Education, Inc.* | 10,169 | 69,251 | ||||||
Shoe Carnival, Inc. | 1,731 | 67,647 | ||||||
Boot Barn Holdings, Inc.* | 536 | 65,955 | ||||||
LGI Homes, Inc.* | 413 | 63,800 | ||||||
Signet Jewelers Ltd. | 728 | 63,358 | ||||||
Sleep Number Corp.* | 672 | 51,475 | ||||||
Movado Group, Inc. | 1,214 | 50,782 | ||||||
Buckle, Inc. | 1,104 | 46,710 | ||||||
Children's Place, Inc.* | 525 | 41,627 | ||||||
Cavco Industries, Inc.* | 127 | 40,342 | ||||||
Installed Building Products, Inc. | 247 | 34,511 | ||||||
Gentherm, Inc.* | 244 | 21,204 | ||||||
Total Consumer, Cyclical | 1,048,420 | |||||||
Industrial - 11.9% | ||||||||
Encore Wire Corp. | 773 | 110,616 | ||||||
MYR Group, Inc.* | 675 | 74,621 | ||||||
Dorian LPG Ltd. | 5,715 | 72,523 | ||||||
UFP Industries, Inc. | 769 | 70,756 | ||||||
Comfort Systems USA, Inc. | 644 | 63,717 | ||||||
Mueller Industries, Inc. | 1,045 | 62,031 | ||||||
ArcBest Corp. | 470 | 56,329 | ||||||
Matson, Inc. | 587 | 52,848 | ||||||
Insteel Industries, Inc. | 1,289 | 51,315 | ||||||
NV5 Global, Inc.* | 370 | 51,105 | ||||||
Fabrinet* | 387 | 45,848 | ||||||
Sturm Ruger & Company, Inc. | 429 | 29,181 | ||||||
Advanced Energy Industries, Inc. | 295 | 26,863 | ||||||
Watts Water Technologies, Inc. — Class A | 132 | 25,630 | ||||||
Triumph Group, Inc.* | 1,211 | 22,440 | ||||||
Chart Industries, Inc.* | 128 | 20,415 | ||||||
Total Industrial | 836,238 | |||||||
Technology - 10.4% | ||||||||
Kulicke & Soffa Industries, Inc. | 1,484 | 89,841 | ||||||
MaxLinear, Inc. — Class A* | 1,159 | 87,377 | ||||||
Onto Innovation, Inc.* | 804 | 81,389 | ||||||
Ultra Clean Holdings, Inc.* | 950 | 54,492 | ||||||
Diodes, Inc.* | 462 | 50,732 | ||||||
Veeco Instruments, Inc.* | 1,684 | 47,943 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Technology - 10.4% (continued) | ||||||||
Axcelis Technologies, Inc.* | 610 | $ | 45,482 | |||||
3D Systems Corp.* | 1,833 | 39,483 | ||||||
Rambus, Inc.* | 1,286 | 37,796 | ||||||
Apollo Medical Holdings, Inc.*,1 | 499 | 36,667 | ||||||
ExlService Holdings, Inc.* | 243 | 35,179 | ||||||
Donnelley Financial Solutions, Inc.* | 742 | 34,978 | ||||||
Diebold Nixdorf, Inc.* | 3,796 | 34,354 | ||||||
SPS Commerce, Inc.* | 201 | 28,612 | ||||||
TTEC Holdings, Inc. | 297 | 26,893 | ||||||
Total Technology | 731,218 | |||||||
Communications - 5.6% | ||||||||
TechTarget, Inc.* | 894 | 85,520 | ||||||
Perficient, Inc.* | 454 | 58,697 | ||||||
Thryv Holdings, Inc.* | 1,366 | 56,184 | ||||||
Liquidity Services, Inc.* | 1,911 | 42,195 | ||||||
Extreme Networks, Inc.* | 2,684 | 42,139 | ||||||
Shutterstock, Inc. | 269 | 29,827 | ||||||
Harmonic, Inc.* | 2,489 | 29,270 | ||||||
Vonage Holdings Corp.* | 1,244 | 25,863 | ||||||
ADTRAN, Inc. | 1,013 | 23,127 | ||||||
Total Communications | 392,822 | |||||||
Energy - 3.6% | ||||||||
Matador Resources Co. | 2,028 | 74,874 | ||||||
Civitas Resources, Inc. | 1,079 | 52,838 | ||||||
Callon Petroleum Co.* | 868 | 41,013 | ||||||
PDC Energy, Inc. | 798 | 38,926 | ||||||
SM Energy Co. | 900 | 26,532 | ||||||
Ranger Oil Corp. — Class A* | 692 | 18,629 | ||||||
Total Energy | 252,812 | |||||||
Basic Materials - 0.8% | ||||||||
Rogers Corp.* | 125 | 34,125 | ||||||
Balchem Corp. | 129 | 21,749 | ||||||
Total Basic Materials | 55,874 | |||||||
Total Common Stocks | ||||||||
(Cost $5,528,199) | 6,991,143 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 38,351 | 38,351 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 15,861 | 15,861 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 14,419 | 14,419 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $68,631) | 68,631 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 35,162 | 35,162 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $35,162) | 35,162 | |||||||
Total Investments - 101.0% | ||||||||
(Cost $5,631,992) | $ | 7,094,936 | ||||||
Other Assets & Liabilities, net - (1.0)% | (67,490 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,027,446 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 6,991,143 | $ | — | $ | — | $ | 6,991,143 | ||||||||
Repurchase Agreements | — | 68,631 | — | 68,631 | ||||||||||||
Securities Lending Collateral | 35,162 | — | — | 35,162 | ||||||||||||
Total Assets | $ | 7,026,305 | $ | 68,631 | $ | — | $ | 7,094,936 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% | ||||||||
Consumer, Cyclical - 25.4% | ||||||||
Conn's, Inc.* | 6,468 | $ | 152,127 | |||||
M/I Homes, Inc.* | 2,013 | 125,168 | ||||||
ScanSource, Inc.* | 3,514 | 123,271 | ||||||
World Fuel Services Corp. | 4,471 | 118,347 | ||||||
Big Lots, Inc. | 2,569 | 115,734 | ||||||
Vera Bradley, Inc.* | 13,025 | 110,843 | ||||||
Cato Corp. — Class A | 6,159 | 105,688 | ||||||
Motorcar Parts of America, Inc.* | 6,181 | 105,510 | ||||||
G-III Apparel Group Ltd.* | 3,601 | 99,531 | ||||||
ODP Corp.* | 2,403 | 94,390 | ||||||
Chico's FAS, Inc.* | 17,356 | 93,375 | ||||||
LL Flooring Holdings, Inc.* | 5,274 | 90,027 | ||||||
Sonic Automotive, Inc. — Class A | 1,779 | 87,972 | ||||||
MDC Holdings, Inc. | 1,517 | 84,694 | ||||||
Group 1 Automotive, Inc. | 432 | 84,335 | ||||||
America's Car-Mart, Inc.* | 780 | 79,872 | ||||||
Haverty Furniture Companies, Inc. | 2,572 | 78,626 | ||||||
SkyWest, Inc.* | 1,984 | 77,971 | ||||||
Fiesta Restaurant Group, Inc.* | 6,929 | 76,288 | ||||||
PC Connection, Inc. | 1,731 | 74,658 | ||||||
Fossil Group, Inc.* | 6,957 | 71,588 | ||||||
Titan International, Inc.* | 6,279 | 68,818 | ||||||
Wabash National Corp. | 3,363 | 65,646 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 6,986 | 65,179 | ||||||
Meritor, Inc.* | 2,410 | 59,720 | ||||||
Ethan Allen Interiors, Inc. | 2,269 | 59,652 | ||||||
Guess?, Inc. | 2,519 | 59,650 | ||||||
Resideo Technologies, Inc.* | 2,260 | 58,828 | ||||||
La-Z-Boy, Inc. | 1,362 | 49,454 | ||||||
Veritiv Corp.* | 386 | 47,312 | ||||||
KAR Auction Services, Inc.* | 2,977 | 46,501 | ||||||
Caleres, Inc. | 1,976 | 44,816 | ||||||
PriceSmart, Inc. | 596 | 43,609 | ||||||
Universal Electronics, Inc.* | 1,069 | 43,562 | ||||||
Bloomin' Brands, Inc.* | 1,872 | 39,275 | ||||||
Standard Motor Products, Inc. | 744 | 38,978 | ||||||
El Pollo Loco Holdings, Inc.* | 2,658 | 37,717 | ||||||
Tupperware Brands Corp.* | 2,391 | 36,558 | ||||||
Zumiez, Inc.* | 654 | 31,386 | ||||||
Brinker International, Inc.* | 841 | 30,772 | ||||||
Bed Bath & Beyond, Inc.*,1 | 1,898 | 27,673 | ||||||
Cooper-Standard Holdings, Inc.* | 961 | 21,536 | ||||||
Total Consumer, Cyclical | 3,026,657 | |||||||
Financial - 23.5% | ||||||||
Universal Insurance Holdings, Inc. | 8,494 | 144,398 | ||||||
Realogy Holdings Corp.* | 8,529 | 143,373 | ||||||
SiriusPoint Ltd.* | 17,229 | 140,072 | ||||||
GEO Group, Inc. REIT* | 18,011 | 139,585 | ||||||
Genworth Financial, Inc. — Class A* | 34,159 | 138,344 | ||||||
United Fire Group, Inc. | 5,135 | 119,081 | ||||||
EZCORP, Inc. — Class A* | 14,914 | 109,916 | ||||||
StoneX Group, Inc.* | 1,763 | 107,984 | ||||||
American Equity Investment Life Holding Co. | 2,618 | 101,893 | ||||||
Mr Cooper Group, Inc.* | 2,239 | 93,165 | ||||||
ProAssurance Corp. | 3,185 | 80,580 | ||||||
Horace Mann Educators Corp. | 1,983 | 76,742 | ||||||
Employers Holdings, Inc. | 1,695 | 70,139 | ||||||
Safety Insurance Group, Inc. | 643 | 54,674 | ||||||
Heritage Financial Corp. | 2,129 | 52,033 | ||||||
Ready Capital Corp. REIT | 3,316 | 51,829 | ||||||
eHealth, Inc.* | 2,009 | 51,229 | ||||||
PennyMac Mortgage Investment Trust REIT | 2,765 | 47,917 | ||||||
Two Harbors Investment Corp. REIT | 8,276 | 47,753 | ||||||
Hope Bancorp, Inc. | 3,242 | 47,690 | ||||||
Renasant Corp. | 1,204 | 45,692 | ||||||
Old National Bancorp | 2,517 | 45,608 | ||||||
Diversified Healthcare Trust REIT | 14,464 | 44,694 | ||||||
First Midwest Bancorp, Inc. | 2,155 | 44,135 | ||||||
First Financial Bancorp | 1,793 | 43,713 | ||||||
New York Mortgage Trust, Inc. REIT | 11,734 | 43,651 | ||||||
ARMOUR Residential REIT, Inc. | 4,434 | 43,498 | ||||||
Franklin Street Properties Corp. REIT | 7,133 | 42,441 | ||||||
S&T Bancorp, Inc. | 1,331 | 41,953 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 3,565 | 41,746 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 2,771 | 41,399 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 3,046 | 40,085 | ||||||
Allegiance Bancshares, Inc. | 892 | 37,651 | ||||||
Columbia Banking System, Inc. | 1,129 | 36,941 | ||||||
Northwest Bancshares, Inc. | 2,520 | 35,683 | ||||||
NMI Holdings, Inc. — Class A* | 1,615 | 35,288 | ||||||
Trustmark Corp. | 1,083 | 35,154 | ||||||
Simmons First National Corp. — Class A | 1,142 | 33,780 | ||||||
TrustCo Bank Corporation NY | 1,000 | 33,310 | ||||||
Berkshire Hills Bancorp, Inc. | 1,166 | 33,149 | ||||||
PRA Group, Inc.* | 639 | 32,084 | ||||||
Office Properties Income Trust REIT | 1,219 | 30,280 | ||||||
Invesco Mortgage Capital, Inc. REIT | 10,851 | 30,166 | ||||||
Orion Office REIT, Inc.* | 1,605 | 29,965 | ||||||
BankUnited, Inc. | 649 | 27,459 | ||||||
RE/MAX Holdings, Inc. — Class A | 854 | 26,038 | ||||||
Total Financial | 2,793,960 | |||||||
Consumer, Non-cyclical - 16.7% | ||||||||
Seneca Foods Corp. — Class A* | 2,988 | 143,275 | ||||||
Universal Corp. | 2,522 | 138,508 | ||||||
Fresh Del Monte Produce, Inc. | 4,939 | 136,317 | ||||||
Aaron's Company, Inc. | 5,485 | 135,205 | ||||||
Kelly Services, Inc. — Class A | 7,959 | 133,473 | ||||||
Andersons, Inc. | 3,331 | 128,943 | ||||||
SpartanNash Co. | 4,652 | 119,836 | ||||||
TreeHouse Foods, Inc.* | 2,665 | 108,012 | ||||||
Magellan Health, Inc.* | 882 | 83,781 | ||||||
Perdoceo Education Corp.* | 6,829 | 80,309 |
Shares | Value | |||||||
COMMON STOCKS† - 99.8% (continued) | ||||||||
Consumer, Non-cyclical - 16.7% (continued) | ||||||||
American Public Education, Inc.* | 3,405 | $ | 75,761 | |||||
TrueBlue, Inc.* | 2,649 | 73,298 | ||||||
CoreCivic, Inc.* | 6,455 | 64,356 | ||||||
Strategic Education, Inc. | 1,111 | 64,260 | ||||||
ABM Industries, Inc. | 1,519 | 62,051 | ||||||
Covetrus, Inc.* | 3,051 | 60,928 | ||||||
Quanex Building Products Corp. | 2,449 | 60,686 | ||||||
Owens & Minor, Inc. | 1,309 | 56,942 | ||||||
Select Medical Holdings Corp. | 1,790 | 52,626 | ||||||
Resources Connection, Inc. | 2,359 | 42,085 | ||||||
Central Garden & Pet Co. — Class A* | 754 | 36,079 | ||||||
Adtalem Global Education, Inc.* | 1,140 | 33,698 | ||||||
Edgewell Personal Care Co. | 710 | 32,454 | ||||||
Emergent BioSolutions, Inc.* | 636 | 27,647 | ||||||
Deluxe Corp. | 736 | 23,633 | ||||||
Central Garden & Pet Co.* | 181 | 9,526 | ||||||
Total Consumer, Non-cyclical | 1,983,689 | |||||||
Industrial - 14.0% | ||||||||
Olympic Steel, Inc. | 6,122 | 143,867 | ||||||
TimkenSteel Corp.* | 7,955 | 131,257 | ||||||
Benchmark Electronics, Inc. | 4,666 | 126,449 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,301 | 122,450 | ||||||
Sanmina Corp.* | 2,894 | 119,985 | ||||||
TTM Technologies, Inc.* | 6,698 | 99,800 | ||||||
Powell Industries, Inc. | 3,356 | 98,968 | ||||||
AAR Corp.* | 2,352 | 91,798 | ||||||
Greenbrier Companies, Inc. | 1,905 | 87,420 | ||||||
American Woodmark Corp.* | 1,100 | 71,720 | ||||||
Tredegar Corp. | 6,063 | 71,665 | ||||||
Harsco Corp.* | 4,084 | 68,244 | ||||||
Granite Construction, Inc. | 1,636 | 63,313 | ||||||
Griffon Corp. | 2,214 | 63,055 | ||||||
DXP Enterprises, Inc.* | 2,351 | 60,350 | ||||||
Moog, Inc. — Class A | 680 | 55,060 | ||||||
O-I Glass, Inc.* | 3,717 | 44,716 | ||||||
Matthews International Corp. — Class A | 1,166 | 42,757 | ||||||
Hub Group, Inc. — Class A* | 481 | 40,520 | ||||||
Plexus Corp.* | 364 | 34,904 | ||||||
Arcosa, Inc. | 542 | 28,564 | ||||||
Total Industrial | 1,666,862 | |||||||
Basic Materials - 8.0% | ||||||||
Mercer International, Inc. | 10,309 | 123,605 | ||||||
Unifi, Inc.* | 5,299 | 122,672 | ||||||
Rayonier Advanced Materials, Inc.* | 17,289 | 98,720 | ||||||
Koppers Holdings, Inc.* | 2,917 | 91,302 | ||||||
Trinseo plc | 1,606 | 84,251 | ||||||
American Vanguard Corp. | 4,257 | 69,772 | ||||||
Schweitzer-Mauduit International, Inc. | 2,174 | 65,003 | ||||||
Clearwater Paper Corp.* | 1,772 | 64,979 | ||||||
Glatfelter Corp. | 3,409 | 58,635 | ||||||
Sylvamo Corp.* | 1,663 | 46,381 | ||||||
Kraton Corp.* | 759 | 35,157 | ||||||
Carpenter Technology Corp. | 1,137 | 33,189 | ||||||
Arconic Corp.* | 980 | 32,350 | ||||||
Kaiser Aluminum Corp. | 312 | 29,309 | ||||||
Total Basic Materials | 955,325 | |||||||
Energy - 6.4% | ||||||||
SunCoke Energy, Inc. | 17,592 | 115,931 | ||||||
PBF Energy, Inc. — Class A* | 5,943 | 77,081 | ||||||
Helix Energy Solutions Group, Inc.* | 21,490 | 67,049 | ||||||
US Silica Holdings, Inc.* | 6,418 | 60,329 | ||||||
Renewable Energy Group, Inc.* | 1,409 | 59,798 | ||||||
NOW, Inc.* | 6,291 | 53,725 | ||||||
Oil States International, Inc.* | 10,793 | 53,641 | ||||||
Bristow Group, Inc.* | 1,397 | 44,243 | ||||||
REX American Resources Corp.* | 460 | 44,160 | ||||||
CONSOL Energy, Inc.* | 1,611 | 36,586 | ||||||
Oceaneering International, Inc.* | 3,086 | 34,903 | ||||||
FutureFuel Corp. | 4,231 | 32,325 | ||||||
ProPetro Holding Corp.* | 3,555 | 28,795 | ||||||
Nabors Industries Ltd.* | 322 | 26,111 | ||||||
Archrock, Inc. | 3,291 | 24,617 | ||||||
Total Energy | 759,294 | |||||||
Communications - 3.3% | ||||||||
Telephone & Data Systems, Inc. | 6,420 | 129,363 | ||||||
NETGEAR, Inc.* | 3,403 | 99,401 | ||||||
AMC Networks, Inc. — Class A* | 1,981 | 68,226 | ||||||
Scholastic Corp. | 1,240 | 49,550 | ||||||
ATN International, Inc. | 1,224 | 48,899 | ||||||
Total Communications | 395,439 | |||||||
Technology - 2.5% | ||||||||
Loyalty Ventures, Inc.* | 2,811 | 84,527 | ||||||
Insight Enterprises, Inc.* | 613 | 65,346 | ||||||
Photronics, Inc.* | 3,198 | 60,282 | ||||||
Consensus Cloud Solutions, Inc.* | 878 | 50,810 | ||||||
Ebix, Inc. | 1,356 | 41,222 | ||||||
Total Technology | 302,187 | |||||||
Total Common Stocks | ||||||||
(Cost $9,938,014) | 11,883,413 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 62,844 | 62,844 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 25,990 | 25,990 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 23,627 | 23,627 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $112,461) | 112,461 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 8,085 | $ | 8,085 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $8,085) | 8,085 | |||||||
Total Investments - 100.8% | ||||||||
(Cost $10,058,560) | $ | 12,003,959 | ||||||
Other Assets & Liabilities, net - (0.8)% | (91,986 | ) | ||||||
Total Net Assets - 100.0% | $ | 11,911,973 |
* | 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 December 31, 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 December 31, 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 December 31, 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 | $ | 11,883,413 | $ | — | $ | — | $ | 11,883,413 | ||||||||
Repurchase Agreements | — | 112,461 | — | 112,461 | ||||||||||||
Securities Lending Collateral | 8,085 | — | — | 8,085 | ||||||||||||
Total Assets | $ | 11,891,498 | $ | 112,461 | $ | — | $ | 12,003,959 |
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 28.7% | ||||||||
Guggenheim Strategy Fund II1 | 27,327 | $ | 679,901 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 58,216 | 577,503 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,255,062) | 1,257,404 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 27.0% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 500,000 | 500,369 | |||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 180,000 | 180,247 | ||||||
Fannie Mae | ||||||||
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222 | 500,000 | 500,220 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,180,000) | 1,180,836 |
U.S. TREASURY BILLS†† - 2.4% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/223,4 | 105,000 | 105,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $104,999) | 105,000 |
REPURCHASE AGREEMENTS††,5 - 41.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226 | 1,017,479 | 1,017,479 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226 | 420,799 | 420,799 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226 | 382,544 | 382,544 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,820,822) | 1,820,822 | |||||||
Total Investments - 99.7% | ||||||||
(Cost $4,360,883) | $ | 4,364,062 | ||||||
Other Assets & Liabilities, net - 0.3% | 13,091 | |||||||
Total Net Assets - 100.0% | $ | 4,377,153 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 78 | Mar 2022 | $ | 7,460,700 | $ | (53,223 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||
OTC Currency Index Swap Agreements†† | ||||||||||||||||||||||
Goldman Sachs International | U.S. Dollar Index | Receive | N/A | At Maturity | 03/17/22 | 13,417 | $ | 1,282,700 | $ | (7,651 | ) |
** | 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 December 31, 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 December 31, 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 December 31, 2021. |
See Sector Classification in Other Information section.
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 1,257,404 | $ | — | $ | — | $ | 1,257,404 | ||||||||
Federal Agency Notes | — | 1,180,836 | — | 1,180,836 | ||||||||||||
U.S. Treasury Bills | — | 105,000 | — | 105,000 | ||||||||||||
Repurchase Agreements | — | 1,820,822 | — | 1,820,822 | ||||||||||||
Total Assets | $ | 1,257,404 | $ | 3,106,658 | $ | — | $ | 4,364,062 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 53,223 | $ | — | $ | — | $ | 53,223 | ||||||||
Currency Index Swap Agreements** | — | 7,651 | — | 7,651 | ||||||||||||
Total Liabilities | $ | 53,223 | $ | 7,651 | $ | — | $ | 60,874 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 682,634 | $ | – | $ | – | $ | – | $ | (2,733 | ) | $ | 679,901 | 27,327 | $ | 7,368 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 579,831 | – | – | – | (2,328 | ) | 577,503 | 58,216 | 3,883 | |||||||||||||||||||||||
$ | 1,262,465 | $ | – | $ | – | $ | – | $ | (5,061 | ) | $ | 1,257,404 | $ | 11,251 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Software - 35.7% | ||||||||
Microsoft Corp. | 13,257 | $ | 4,458,594 | |||||
Adobe, Inc.* | 2,630 | 1,491,368 | ||||||
salesforce.com, Inc.* | 5,503 | 1,398,477 | ||||||
Oracle Corp. | 14,163 | 1,235,155 | ||||||
Intuit, Inc. | 1,860 | 1,196,389 | ||||||
ServiceNow, Inc.* | 1,559 | 1,011,963 | ||||||
Snowflake, Inc. — Class A* | 2,659 | 900,736 | ||||||
Workday, Inc. — Class A* | 2,698 | 737,040 | ||||||
Fidelity National Information Services, Inc. | 6,711 | 732,506 | ||||||
ROBLOX Corp. — Class A* | 7,091 | 731,508 | ||||||
Fiserv, Inc.* | 7,042 | 730,889 | ||||||
Autodesk, Inc.* | 2,474 | 695,664 | ||||||
Datadog, Inc. — Class A* | 3,740 | 666,131 | ||||||
Zoom Video Communications, Inc. — Class A* | 3,594 | 660,973 | ||||||
Activision Blizzard, Inc. | 9,926 | 660,377 | ||||||
Synopsys, Inc.* | 1,792 | 660,352 | ||||||
Paychex, Inc. | 4,714 | 643,461 | ||||||
Cadence Design Systems, Inc.* | 3,448 | 642,535 | ||||||
Atlassian Corporation plc — Class A* | 1,636 | 623,790 | ||||||
VMware, Inc. — Class A | 5,279 | 611,731 | ||||||
Twilio, Inc. — Class A* | 2,240 | 589,882 | ||||||
Unity Software, Inc.* | 4,013 | 573,819 | ||||||
Cloudflare, Inc. — Class A* | 4,247 | 558,481 | ||||||
NetEase, Inc. ADR | 5,426 | 552,258 | ||||||
Electronic Arts, Inc. | 4,140 | 546,066 | ||||||
MongoDB, Inc.* | 1,023 | 541,525 | ||||||
Palantir Technologies, Inc. — Class A* | 28,921 | 526,651 | ||||||
ANSYS, Inc.* | 1,305 | 523,462 | ||||||
DocuSign, Inc.* | 3,224 | 491,047 | ||||||
HubSpot, Inc.* | 740 | 487,771 | ||||||
Bilibili, Inc. ADR* | 10,121 | 469,614 | ||||||
Bill.com Holdings, Inc.* | 1,773 | 441,743 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 6,857 | 440,219 | ||||||
UiPath, Inc. — Class A*,1 | 10,198 | 439,840 | ||||||
Tyler Technologies, Inc.* | 789 | 424,443 | ||||||
Broadridge Financial Solutions, Inc. | 2,270 | 415,001 | ||||||
Take-Two Interactive Software, Inc.* | 2,289 | 406,801 | ||||||
SS&C Technologies Holdings, Inc. | 4,958 | 406,457 | ||||||
Akamai Technologies, Inc.* | 3,322 | 388,807 | ||||||
Splunk, Inc.* | 3,292 | 380,950 | ||||||
Nuance Communications, Inc.* | 6,789 | 375,567 | ||||||
RingCentral, Inc. — Class A* | 1,997 | 374,138 | ||||||
Dynatrace, Inc.* | 6,127 | 369,764 | ||||||
Ceridian HCM Holding, Inc.* | 3,399 | 355,060 | ||||||
PTC, Inc.* | 2,825 | 342,249 | ||||||
Asana, Inc. — Class A* | 4,510 | 336,221 | ||||||
Citrix Systems, Inc. | 3,448 | 326,146 | ||||||
Jack Henry & Associates, Inc. | 1,919 | 320,454 | ||||||
Coupa Software, Inc.* | 1,958 | 309,462 | ||||||
Fair Isaac Corp.* | 711 | 308,339 | ||||||
Elastic N.V.* | 2,416 | 297,385 | ||||||
Avalara, Inc.* | 2,279 | 294,242 | ||||||
Dropbox, Inc. — Class A* | 11,260 | 276,320 | ||||||
Five9, Inc.* | 2,007 | 275,601 | ||||||
Digital Turbine, Inc.* | 3,643 | 222,187 | ||||||
MicroStrategy, Inc. — Class A*,1 | 376 | 204,728 | ||||||
Fastly, Inc. — Class A* | 4,929 | 174,733 | ||||||
Total Software | 35,257,072 | |||||||
Semiconductors - 20.4% | ||||||||
NVIDIA Corp. | 7,793 | 2,291,999 | ||||||
Broadcom, Inc. | 2,250 | 1,497,172 | ||||||
Intel Corp. | 24,878 | 1,281,217 | ||||||
QUALCOMM, Inc. | 6,779 | 1,239,676 | ||||||
Texas Instruments, Inc. | 6,146 | 1,158,337 | ||||||
Advanced Micro Devices, Inc.* | 7,909 | 1,138,105 | ||||||
Applied Materials, Inc. | 6,779 | 1,066,743 | ||||||
Micron Technology, Inc. | 10,159 | 946,311 | ||||||
Lam Research Corp. | 1,266 | 910,444 | ||||||
Analog Devices, Inc. | 4,831 | 849,145 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 6,409 | 771,067 | ||||||
Marvell Technology, Inc. | 8,737 | 764,400 | ||||||
KLA Corp. | 1,705 | 733,338 | ||||||
NXP Semiconductor N.V. | 3,156 | 718,874 | ||||||
Xilinx, Inc. | 3,020 | 640,331 | ||||||
ASML Holding N.V. — Class G | 779 | 620,193 | ||||||
Microchip Technology, Inc. | 7,081 | 616,472 | ||||||
ON Semiconductor Corp.* | 7,296 | 495,544 | ||||||
Teradyne, Inc. | 2,815 | 460,337 | ||||||
Skyworks Solutions, Inc. | 2,864 | 444,321 | ||||||
Monolithic Power Systems, Inc. | 867 | 427,717 | ||||||
Entegris, Inc. | 2,825 | 391,488 | ||||||
Qorvo, Inc.* | 2,406 | 376,274 | ||||||
Wolfspeed, Inc.* | 2,873 | 321,115 | ||||||
Total Semiconductors | 20,160,620 | |||||||
Internet - 15.0% | ||||||||
Alphabet, Inc. — Class A* | 1,325 | 3,838,578 | ||||||
Meta Platforms, Inc. — Class A* | 8,007 | 2,693,154 | ||||||
Snap, Inc. — Class A* | 16,569 | 779,240 | ||||||
Sea Ltd. ADR* | 3,234 | 723,478 | ||||||
Baidu, Inc. ADR* | 4,705 | 700,057 | ||||||
Shopify, Inc. — Class A* | 477 | 657,015 | ||||||
Palo Alto Networks, Inc.* | 1,179 | 656,420 | ||||||
Match Group, Inc.* | 4,247 | 561,666 | ||||||
Okta, Inc.* | 2,357 | 528,369 | ||||||
Twitter, Inc.* | 11,961 | 516,954 | ||||||
VeriSign, Inc.* | 1,919 | 487,081 | ||||||
CDW Corp. | 2,377 | 486,762 | ||||||
Pinterest, Inc. — Class A* | 11,825 | 429,839 | ||||||
GoDaddy, Inc. — Class A* | 4,344 | 368,632 | ||||||
Zillow Group, Inc. — Class C* | 5,630 | 359,475 | ||||||
F5, Inc.* | 1,422 | 347,978 | ||||||
NortonLifeLock, Inc. | 13,335 | 346,443 | ||||||
Zendesk, Inc.* | 3,107 | 324,029 | ||||||
Total Internet | 14,805,170 | |||||||
Computers - 13.3% | ||||||||
Apple, Inc. | 26,602 | 4,723,717 | ||||||
International Business Machines Corp. | 7,452 | 996,034 | ||||||
Accenture plc — Class A | 2,192 | 908,694 | ||||||
Fortinet, Inc.* | 1,929 | 693,283 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Computers - 13.3% (continued) | ||||||||
Cognizant Technology Solutions Corp. — Class A | 6,916 | $ | 613,587 | |||||
Zscaler, Inc.* | 1,880 | 604,100 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 2,883 | 590,294 | ||||||
Dell Technologies, Inc. — Class C* | 10,345 | 581,079 | ||||||
HP, Inc. | 15,234 | 573,865 | ||||||
EPAM Systems, Inc.* | 838 | 560,161 | ||||||
Infosys Ltd. ADR | 20,251 | 512,553 | ||||||
Check Point Software Technologies Ltd.* | 4,296 | 500,742 | ||||||
Seagate Technology Holdings plc | 4,062 | 458,925 | ||||||
Western Digital Corp.* | 6,516 | 424,908 | ||||||
NetApp, Inc. | 4,393 | 404,112 | ||||||
Total Computers | 13,146,054 | |||||||
Commercial Services - 4.7% | ||||||||
PayPal Holdings, Inc.* | 6,877 | 1,296,865 | ||||||
Automatic Data Processing, Inc. | 3,770 | 929,607 | ||||||
Block, Inc. — Class A* | 4,607 | 744,077 | ||||||
Global Payments, Inc. | 4,247 | 574,109 | ||||||
Affirm Holdings, Inc.* | 4,432 | 445,682 | ||||||
FleetCor Technologies, Inc.* | 1,724 | 385,900 | ||||||
Marathon Digital Holdings, Inc.*,1 | 4,617 | 151,715 | ||||||
Riot Blockchain, Inc.*,1 | 6,107 | 136,369 | ||||||
Total Commercial Services | 4,664,324 | |||||||
Diversified Financial Services - 3.7% | ||||||||
Visa, Inc. — Class A | 8,922 | 1,933,487 | ||||||
Mastercard, Inc. — Class A | 4,705 | 1,690,600 | ||||||
Total Diversified Financial Services | 3,624,087 | |||||||
Telecommunications - 2.9% | ||||||||
Cisco Systems, Inc. | 23,056 | 1,461,059 | ||||||
Arista Networks, Inc.* | 4,120 | 592,250 | ||||||
Corning, Inc. | 13,374 | 497,914 | ||||||
Juniper Networks, Inc. | 8,757 | 312,712 | ||||||
Total Telecommunications | 2,863,935 | |||||||
Electronics - 1.6% | ||||||||
Amphenol Corp. — Class A | 7,422 | 649,128 | ||||||
TE Connectivity Ltd. | 2,922 | 471,436 | ||||||
Trimble, Inc.* | 4,676 | 407,700 | ||||||
Total Electronics | 1,528,264 | |||||||
Energy-Alternate Sources - 1.1% | ||||||||
SolarEdge Technologies, Inc.* | 1,588 | 445,545 | ||||||
Enphase Energy, Inc.* | 2,289 | 418,750 | ||||||
First Solar, Inc.* | 2,961 | 258,081 | ||||||
Total Energy-Alternate Sources | 1,122,376 | |||||||
Advertising - 0.6% | ||||||||
Trade Desk, Inc. — Class A* | 6,429 | 589,154 | ||||||
Office & Business Equipment - 0.5% | ||||||||
Zebra Technologies Corp. — Class A* | 838 | 498,778 | ||||||
Total Common Stocks | ||||||||
(Cost $57,509,870) | 98,259,834 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 484,905 | 484,905 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 200,543 | 200,543 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 182,311 | 182,311 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $867,759) | 867,759 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.7% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 695,432 | 695,432 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $695,432) | 695,432 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $59,073,061) | $ | 99,823,025 | ||||||
Other Assets & Liabilities, net - (1.1)% | (1,045,852 | ) | ||||||
Total Net Assets - 100.0% | $ | 98,777,173 |
* | 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 December 31, 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 December 31, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 98,259,834 | $ | — | $ | — | $ | 98,259,834 | ||||||||
Repurchase Agreements | — | 867,759 | — | 867,759 | ||||||||||||
Securities Lending Collateral | 695,432 | — | — | 695,432 | ||||||||||||
Total Assets | $ | 98,955,266 | $ | 867,759 | $ | — | $ | 99,823,025 |
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 100.0% | ||||||||
Telecommunications - 65.6% | ||||||||
Cisco Systems, Inc. | 11,476 | $ | 727,234 | |||||
Verizon Communications, Inc. | 12,688 | 659,268 | ||||||
AT&T, Inc. | 24,020 | 590,892 | ||||||
T-Mobile US, Inc.* | 4,478 | 519,358 | ||||||
Motorola Solutions, Inc. | 1,118 | 303,761 | ||||||
Arista Networks, Inc.* | 2,050 | 294,688 | ||||||
Ubiquiti, Inc. | 628 | 192,608 | ||||||
Lumen Technologies, Inc. | 12,771 | 160,276 | ||||||
Ciena Corp.* | 2,041 | 157,096 | ||||||
Juniper Networks, Inc. | 4,357 | 155,588 | ||||||
Frontier Communications Parent, Inc.* | 4,085 | 120,467 | ||||||
America Movil SAB de CV — Class L ADR | 5,248 | 110,785 | ||||||
BCE, Inc. | 2,117 | 110,169 | ||||||
Nice Ltd. ADR* | 361 | 109,600 | ||||||
Calix, Inc.* | 1,339 | 107,080 | ||||||
Vodafone Group plc ADR | 7,037 | 105,062 | ||||||
Iridium Communications, Inc.* | 2,478 | 102,317 | ||||||
Vonage Holdings Corp.* | 4,884 | 101,538 | ||||||
TELUS Corp. | 4,181 | 98,546 | ||||||
Rogers Communications, Inc. — Class B | 2,052 | 97,737 | ||||||
Viavi Solutions, Inc.* | 5,230 | 92,153 | ||||||
Viasat, Inc.* | 1,787 | 79,593 | ||||||
Telephone & Data Systems, Inc. | 3,358 | 67,664 | ||||||
EchoStar Corp. — Class A* | 2,555 | 67,324 | ||||||
CommScope Holding Company, Inc.* | 6,031 | 66,582 | ||||||
Extreme Networks, Inc.* | 4,216 | 66,191 | ||||||
InterDigital, Inc. | 914 | 65,470 | ||||||
Gogo, Inc.* | 3,963 | 53,619 | ||||||
Plantronics, Inc.* | 1,669 | 48,968 | ||||||
NETGEAR, Inc.* | 1,389 | 40,573 | ||||||
Total Telecommunications | 5,472,207 | |||||||
Media - 25.2% | ||||||||
Comcast Corp. — Class A | 13,639 | 686,451 | ||||||
Charter Communications, Inc. — Class A* | 804 | 524,184 | ||||||
Liberty Broadband Corp. — Class C* | 1,511 | 243,422 | ||||||
DISH Network Corp. — Class A* | 5,643 | 183,059 | ||||||
Cable One, Inc. | 86 | 151,656 | ||||||
Altice USA, Inc. — Class A* | 7,552 | 122,191 | ||||||
Liberty Global plc — Class C*,1 | 4,008 | 112,585 | ||||||
Liberty Latin America Ltd. — Class C* | 6,432 | 73,325 | ||||||
Total Media | 2,096,873 | |||||||
Internet - 6.2% | ||||||||
Roku, Inc.* | 1,142 | 260,604 | ||||||
F5, Inc.* | 710 | 173,744 | ||||||
Cogent Communications Holdings, Inc. | 1,119 | 81,889 | ||||||
Total Internet | 516,237 | |||||||
Computers - 2.3% | ||||||||
Lumentum Holdings, Inc.* | 1,167 | 123,434 | ||||||
NetScout Systems, Inc.* | 2,078 | 68,740 | ||||||
Total Computers | 192,174 | |||||||
Software - 0.7% | ||||||||
Bandwidth, Inc. — Class A* | 850 | 60,996 | ||||||
Total Common Stocks | ||||||||
(Cost $7,611,251) | 8,338,487 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.4% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 18,432 | 18,432 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 7,623 | 7,623 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 6,930 | 6,930 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $32,985) | 32,985 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.7% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 57,957 | 57,957 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $57,957) | 57,957 | |||||||
Total Investments - 101.1% | ||||||||
(Cost $7,702,193) | $ | 8,429,429 | ||||||
Other Assets & Liabilities, net - (1.1)% | (94,188 | ) | ||||||
Total Net Assets - 100.0% | $ | 8,335,241 |
* | 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 December 31, 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 December 31, 2021. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 8,338,487 | $ | — | $ | — | $ | 8,338,487 | ||||||||
Repurchase Agreements | — | 32,985 | — | 32,985 | ||||||||||||
Securities Lending Collateral | 57,957 | — | — | 57,957 | ||||||||||||
Total Assets | $ | 8,396,444 | $ | 32,985 | $ | — | $ | 8,429,429 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.0% | ||||||||
Transportation - 36.9% | ||||||||
United Parcel Service, Inc. — Class B | 6,369 | $ | 1,365,132 | |||||
Union Pacific Corp. | 5,096 | 1,283,835 | ||||||
CSX Corp. | 24,497 | 921,087 | ||||||
Norfolk Southern Corp. | 2,889 | 860,084 | ||||||
FedEx Corp. | 3,295 | 852,219 | ||||||
Old Dominion Freight Line, Inc. | 1,795 | 643,292 | ||||||
Expeditors International of Washington, Inc. | 3,491 | 468,806 | ||||||
J.B. Hunt Transport Services, Inc. | 2,280 | 466,032 | ||||||
CH Robinson Worldwide, Inc. | 3,519 | 378,750 | ||||||
ZIM Integrated Shipping Services Ltd. | 5,890 | 346,685 | ||||||
Canadian Pacific Railway Ltd. | 4,748 | 341,557 | ||||||
Canadian National Railway Co. | 2,626 | 322,630 | ||||||
Knight-Swift Transportation Holdings, Inc. | 5,235 | 319,021 | ||||||
ZTO Express Cayman, Inc. ADR | 11,111 | 313,553 | ||||||
XPO Logistics, Inc.* | 3,882 | 300,583 | ||||||
Saia, Inc.* | 870 | 293,216 | ||||||
Landstar System, Inc. | 1,466 | 262,443 | ||||||
Ryder System, Inc. | 2,590 | 213,494 | ||||||
Matson, Inc. | 2,266 | 204,008 | ||||||
Kirby Corp.* | 3,204 | 190,382 | ||||||
Werner Enterprises, Inc. | 3,769 | 179,631 | ||||||
ArcBest Corp. | 1,498 | 179,535 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,787 | 168,193 | ||||||
Total Transportation | 10,874,168 | |||||||
Auto Manufacturers - 29.1% | ||||||||
Tesla, Inc.* | 3,179 | 3,359,504 | ||||||
General Motors Co.* | 15,433 | 904,837 | ||||||
Ford Motor Co. | 43,355 | 900,483 | ||||||
Lucid Group, Inc.*,1 | 19,959 | 759,440 | ||||||
NIO, Inc. ADR* | 16,995 | 538,401 | ||||||
XPeng, Inc. ADR* | 8,548 | 430,221 | ||||||
Li Auto, Inc. ADR* | 11,292 | 362,473 | ||||||
Ferrari N.V. | 1,106 | 286,255 | ||||||
TuSimple Holdings, Inc. — Class A*,1 | 7,609 | 272,783 | ||||||
Stellantis N.V.1 | 14,515 | 272,301 | ||||||
Toyota Motor Corp. ADR | 1,469 | 272,206 | ||||||
Fisker, Inc.*,1 | 12,696 | 199,708 | ||||||
Total Auto Manufacturers | 8,558,612 | |||||||
Auto Parts & Equipment - 12.2% | ||||||||
Aptiv plc* | 2,510 | 414,024 | ||||||
Lear Corp. | 1,801 | 329,493 | ||||||
BorgWarner, Inc. | 7,226 | 325,676 | ||||||
Magna International, Inc. | 3,808 | 308,219 | ||||||
Autoliv, Inc. | 2,896 | 299,475 | ||||||
Gentex Corp. | 8,349 | 290,963 | ||||||
QuantumScape Corp.*,1 | 12,827 | 284,631 | ||||||
Fox Factory Holding Corp.* | 1,586 | 269,779 | ||||||
Luminar Technologies, Inc.* | 15,637 | 264,422 | ||||||
Goodyear Tire & Rubber Co.* | 11,534 | 245,905 | ||||||
Adient plc* | 4,463 | 213,688 | ||||||
Dana, Inc. | 7,856 | 179,274 | ||||||
Visteon Corp.* | 1,577 | 175,268 | ||||||
Total Auto Parts & Equipment | 3,600,817 | |||||||
Airlines - 9.8% | ||||||||
Southwest Airlines Co.* | 12,163 | 521,063 | ||||||
Delta Air Lines, Inc.* | 13,167 | 514,566 | ||||||
United Airlines Holdings, Inc.* | 8,805 | 385,483 | ||||||
American Airlines Group, Inc.* | 19,508 | 350,364 | ||||||
Copa Holdings S.A. — Class A* | 3,661 | 302,618 | ||||||
Alaska Air Group, Inc.* | 5,005 | 260,760 | ||||||
JetBlue Airways Corp.* | 15,115 | 215,238 | ||||||
Allegiant Travel Co. — Class A* | 1,006 | 188,162 | ||||||
Spirit Airlines, Inc.* | 7,047 | 153,977 | ||||||
Total Airlines | 2,892,231 | |||||||
Internet - 4.6% | ||||||||
Uber Technologies, Inc.* | 22,579 | 946,738 | ||||||
Lyft, Inc. — Class A* | 9,491 | 405,550 | ||||||
Total Internet | 1,352,288 | |||||||
Commercial Services - 3.5% | ||||||||
AMERCO | 527 | 382,723 | ||||||
Avis Budget Group, Inc.* | 1,608 | 333,451 | ||||||
GXO Logistics, Inc.* | 3,519 | 319,631 | ||||||
Total Commercial Services | 1,035,805 | |||||||
Home Builders - 2.1% | ||||||||
Thor Industries, Inc. | 2,380 | 246,973 | ||||||
LCI Industries | 1,274 | 198,578 | ||||||
Winnebago Industries, Inc. | 2,227 | 166,847 | ||||||
Total Home Builders | 612,398 | |||||||
Leisure Time - 0.8% | ||||||||
Harley-Davidson, Inc. | 6,398 | 241,141 | ||||||
Total Common Stocks | ||||||||
(Cost $15,631,655) | 29,167,460 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.2% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 189,314 | 189,314 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 78,294 | 78,294 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 71,177 | 71,177 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $338,785) | 338,785 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 4.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class Z, 0.02%4 | 1,201,542 | 1,201,542 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,201,542) | 1,201,542 | |||||||
Total Investments - 104.3% | ||||||||
(Cost $17,171,982) | $ | 30,707,787 | ||||||
Other Assets & Liabilities, net - (4.3)% | (1,265,528 | ) | ||||||
Total Net Assets - 100.0% | $ | 29,442,259 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 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 December 31, 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 December 31, 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 December 31, 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 | $ | 29,167,460 | $ | — | $ | — | $ | 29,167,460 | ||||||||
Repurchase Agreements | — | 338,785 | — | 338,785 | ||||||||||||
Securities Lending Collateral | 1,201,542 | — | — | 1,201,542 | ||||||||||||
Total Assets | $ | 30,369,002 | $ | 338,785 | $ | — | $ | 30,707,787 |
Utilities Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Electric - 82.5% | ||||||||
NextEra Energy, Inc. | 17,437 | $ | 1,627,918 | |||||
Duke Energy Corp. | 10,325 | 1,083,093 | ||||||
Southern Co. | 15,090 | 1,034,872 | ||||||
Dominion Energy, Inc. | 12,107 | 951,126 | ||||||
Exelon Corp. | 15,997 | 923,987 | ||||||
American Electric Power Company, Inc. | 9,038 | 804,111 | ||||||
Sempra Energy | 5,901 | 780,584 | ||||||
Xcel Energy, Inc. | 10,574 | 715,860 | ||||||
Public Service Enterprise Group, Inc. | 10,509 | 701,266 | ||||||
Eversource Energy | 7,392 | 672,524 | ||||||
Consolidated Edison, Inc. | 7,748 | 661,059 | ||||||
WEC Energy Group, Inc. | 6,778 | 657,941 | ||||||
Edison International | 8,968 | 612,066 | ||||||
PG&E Corp.* | 48,432 | 587,965 | ||||||
FirstEnergy Corp. | 14,031 | 583,549 | ||||||
PPL Corp. | 19,124 | 574,867 | ||||||
DTE Energy Co. | 4,787 | 572,238 | ||||||
Entergy Corp. | 5,078 | 572,037 | ||||||
Ameren Corp. | 6,420 | 571,444 | ||||||
Avangrid, Inc. | 10,882 | 542,794 | ||||||
CMS Energy Corp. | 7,947 | 516,952 | ||||||
CenterPoint Energy, Inc. | 18,023 | 503,022 | ||||||
AES Corp. | 19,723 | 479,269 | ||||||
Evergy, Inc. | 6,952 | 476,977 | ||||||
Alliant Energy Corp. | 7,673 | 471,659 | ||||||
Vistra Corp. | 18,190 | 414,186 | ||||||
NRG Energy, Inc. | 9,338 | 402,281 | ||||||
Pinnacle West Capital Corp. | 4,887 | 344,973 | ||||||
OGE Energy Corp. | 8,777 | 336,861 | ||||||
IDACORP, Inc. | 2,543 | 288,147 | ||||||
Portland General Electric Co. | 4,894 | 258,991 | ||||||
Ormat Technologies, Inc. | 3,219 | 255,267 | ||||||
Black Hills Corp. | 3,604 | 254,334 | ||||||
Hawaiian Electric Industries, Inc. | 6,085 | 252,528 | ||||||
PNM Resources, Inc. | 5,212 | 237,719 | ||||||
Avista Corp. | 4,909 | 208,583 | ||||||
Total Electric | 20,933,050 | |||||||
Gas - 10.6% | ||||||||
Atmos Energy Corp. | 4,402 | 461,197 | ||||||
NiSource, Inc. | 14,454 | 399,075 | ||||||
UGI Corp. | 8,203 | 376,600 | ||||||
National Fuel Gas Co. | 4,591 | 293,549 | ||||||
ONE Gas, Inc. | 3,201 | 248,366 | ||||||
Southwest Gas Holdings, Inc. | 3,502 | 245,315 | ||||||
New Jersey Resources Corp. | 5,779 | 237,286 | ||||||
Spire, Inc. | 3,393 | 221,291 | ||||||
South Jersey Industries, Inc. | 7,909 | 206,583 | ||||||
Total Gas | 2,689,262 | |||||||
Water - 4.6% | ||||||||
American Water Works Company, Inc. | 3,771 | 712,191 | ||||||
Essential Utilities, Inc. | 8,404 | 451,211 | ||||||
Total Water | 1,163,402 | |||||||
Building Materials - 1.2% | ||||||||
MDU Resources Group, Inc. | 9,721 | 299,796 | ||||||
Energy-Alternate Sources - 0.8% | ||||||||
Sunnova Energy International, Inc.* | 7,161 | 199,935 | ||||||
Total Common Stocks | ||||||||
(Cost $20,235,667) | 25,285,445 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/22 | $ | 92,166 | 92,166 | |||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/22 | 38,117 | 38,117 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/22 | 34,652 | 34,652 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $164,935) | 164,935 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $20,400,602) | $ | 25,450,380 | ||||||
Other Assets & Liabilities, net - (0.3)% | (74,809 | ) | ||||||
Total Net Assets - 100.0% | $ | 25,375,571 |
* | 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) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 25,285,445 | $ | — | $ | — | $ | 25,285,445 | ||||||||
Repurchase Agreements | — | 164,935 | — | 164,935 | ||||||||||||
Total Assets | $ | 25,285,445 | $ | 164,935 | $ | — | $ | 25,450,380 |
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
Shares | Value | |||||||
MUTUAL FUNDS† - 45.8% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 31,531 | $ | 312,789 | |||||
Guggenheim Strategy Fund II1 | 12,532 | 311,792 | ||||||
Total Mutual Funds | ||||||||
(Cost $622,107) | 624,581 |
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 22.7% | ||||||||
Federal Farm Credit Bank | ||||||||
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222 | $ | 250,000 | 250,185 | |||||
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222 | 60,000 | 60,082 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $310,000) | 310,267 |
U.S. TREASURY BILLS†† - 3.7% | ||||||||
U.S. Treasury Bills | ||||||||
0.04% due 01/06/223,4 | 51,000 | 51,000 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $51,000) | 51,000 |
REPURCHASE AGREEMENTS††,5 - 19.2% | ||||||||
J.P. Morgan Securities LLC issued 12/31/21 at 0.05% due 01/03/226 | 146,626 | 146,626 | ||||||
Barclays Capital, Inc. issued 12/31/21 at 0.01% due 01/03/226 | 60,640 | 60,640 | ||||||
BofA Securities, Inc. issued 12/31/21 at 0.02% due 01/03/226 | 55,127 | 55,127 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $262,393) | 262,393 | |||||||
Total Investments - 91.4% | ||||||||
(Cost $1,245,500) | $ | 1,248,241 | ||||||
Other Assets & Liabilities, net - 8.6% | 117,271 | |||||||
Total Net Assets - 100.0% | $ | 1,365,512 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Currency Futures Contracts Sold Short† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 24 | Mar 2022 | $ | 2,295,600 | $ | 13,526 |
Total Return Swap Agreements | ||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||
OTC Currency Index Swap Agreements Sold Short†† | ||||||||||||||||||||||
Goldman Sachs International | U.S. Dollar Index | Pay | N/A | At Maturity | 03/17/22 | 4,655 | $ | 444,970 | $ | 3,191 |
** | 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 December 31, 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 December 31, 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 December 31, 2021. |
See Sector Classification in Other Information section.
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | December 31, 2021 |
The following table summarizes the inputs used to value the Fund's investments at December 31, 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 | $ | 624,581 | $ | — | $ | — | $ | 624,581 | ||||||||
Federal Agency Notes | — | 310,267 | — | 310,267 | ||||||||||||
U.S. Treasury Bills | — | 51,000 | — | 51,000 | ||||||||||||
Repurchase Agreements | — | 262,393 | — | 262,393 | ||||||||||||
Currency Futures Contracts** | 13,526 | — | — | 13,526 | ||||||||||||
Currency Index Swap Agreements** | — | 3,191 | — | 3,191 | ||||||||||||
Total Assets | $ | 638,107 | $ | 626,851 | $ | — | $ | 1,264,958 |
** | 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, 2021, 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/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.
Transactions during the period ended December 31, 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 12/31/21 | Shares 12/31/21 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 393,238 | $ | – | $ | (80,000 | ) | $ | 225 | $ | (1,671 | ) | $ | 311,792 | 12,532 | $ | 4,082 | |||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 384,261 | – | (70,000 | ) | (212 | ) | (1,260 | ) | 312,789 | 31,531 | 2,502 | |||||||||||||||||||||
$ | 777,499 | $ | – | $ | (150,000 | ) | $ | 13 | $ | (2,931 | ) | $ | 624,581 | $ | 6,584 |
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 | 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.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
The values of other swap agreements entered into by a fund are accountedfor using the unrealized appreciation or depreciation on the agreements that are determined bymarking the agreements to the last quotedvalue 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
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.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
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 index or custom basket of securities) or a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset 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 total return 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 reference asset 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.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
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 December 31, 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 Note | |||||||||||||||||
0.05% | 1.25% | |||||||||||||||||
Due 01/03/22 | $ | 132,534,999 | $ | 132,535,551 | Due 11/30/26 | $ | 135,013,600 | $ | 135,185,818 | |||||||||
Barclays Capital, Inc. | U.S. Treasury Inflation Indexed Bond | |||||||||||||||||
0.01% | 0.13% | |||||||||||||||||
Due 01/03/22 | 54,812,529 | 54,812,575 | Due 07/15/30 | 49,979,168 | 55,908,855 | |||||||||||||
BofA Securities, Inc. | U.S. Treasury Note | |||||||||||||||||
0.02% | 2.88% | |||||||||||||||||
Due 01/03/22 | 49,829,572 | 49,829,655 | Due 11/30/25 | 47,581,300 | 50,826,225 |
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
Note 5 – Portfolio Securities Loaned
The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class 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 their 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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) |
At December 31, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Fund | Value of Securities Loaned | Collateral Received | ||||||
Banking Fund | $ | 35,875 | $ | 37,320 | ||||
Basic Materials Fund | 1,320,088 | 1,346,064 | ||||||
Biotechnology Fund | 6,058,004 | 6,174,645 | ||||||
Consumer Products Fund | 1,195,777 | 1,240,022 | ||||||
Electronics Fund | 1,334,984 | 1,386,869 | ||||||
Emerging Markets 2x Strategy Fund | 75,390 | 77,597 | ||||||
Energy Fund | 1,095,823 | 1,133,448 | ||||||
Energy Services Fund | 169,303 | 172,351 | ||||||
Europe 1.25x Strategy Fund | 44,500 | 45,542 | ||||||
Financial Services Fund | 220,379 | 230,727 | ||||||
Health Care Fund | 277,654 | 284,153 | ||||||
Internet Fund | 127,080 | 130,950 | ||||||
Leisure Fund | 202,648 | 215,310 | ||||||
Mid-Cap 1.5x Strategy Fund | 55,180 | 58,170 | ||||||
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 1,920,976 | 2,017,360 | ||||||
NASDAQ-100® Fund | 8,530,814 | 8,958,857 | ||||||
Nova Fund | 31,308 | 33,259 | ||||||
Precious Metals Fund | 3,003,756 | 3,101,237 | ||||||
Real Estate Fund | 1,036 | 1,093 | ||||||
Retailing Fund | 385,492 | 398,667 | ||||||
Russell 2000® 1.5x Strategy Fund | 41,252 | 43,458 | ||||||
Russell 2000® Fund | 2,037,326 | 2,085,823 | ||||||
S&P 500® Fund | 16,101 | 17,104 | ||||||
S&P 500® Pure Value Fund | 53,954 | 57,315 | ||||||
S&P MidCap 400® Pure Growth Fund | 624,398 | 647,900 | ||||||
S&P SmallCap 600® Pure Growth Fund | 34,324 | 35,162 | ||||||
S&P SmallCap 600® Pure Value Fund | 7,727 | 8,085 | ||||||
Technology Fund | 655,625 | 695,432 | ||||||
Telecommunications Fund | 56,124 | 57,957 | ||||||
Transportation Fund | 1,156,753 | 1,201,542 |
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 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.
Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.
At December 31, 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 | $ | 13,179,299 | $ | 2,328,823 | $ | - | $ | 2,328,823 | ||||||||
Basic Materials Fund | 34,367,844 | 18,645,217 | (20,416 | ) | 18,624,801 | |||||||||||
Biotechnology Fund | 108,576,172 | 81,639,452 | (7,345,912 | ) | 74,293,540 | |||||||||||
Consumer Products Fund | 53,850,945 | 44,748,969 | (400,979 | ) | 44,347,990 | |||||||||||
Dow Jones Industrial Average® Fund | 45,869,367 | 5,921,839 | (3,573 | ) | 5,918,266 | |||||||||||
Electronics Fund | 70,963,191 | 29,609,543 | (430,896 | ) | 29,178,647 | |||||||||||
Emerging Markets 2x Strategy Fund | 3,916,921 | 599,799 | (302,407 | ) | 297,392 | |||||||||||
Emerging Markets Bond Strategy Fund | 386,415 | 2,061 | (177 | ) | 1,884 | |||||||||||
Energy Fund | 58,239,179 | 1,883,097 | (1,283,402 | ) | 599,695 | |||||||||||
Energy Services Fund | 13,982,213 | – | (4,052,089 | ) | (4,052,089 | ) | ||||||||||
Europe 1.25x Strategy Fund | 3,215,389 | 207,590 | (1,749 | ) | 205,841 | |||||||||||
Financial Services Fund | 42,508,906 | 10,193,628 | (145,670 | ) | 10,047,958 | |||||||||||
Government Long Bond 1.2x Strategy Fund | 89,847,525 | – | (248,439 | ) | (248,439 | ) | ||||||||||
Health Care Fund | 63,816,602 | 14,016,870 | (381,783 | ) | 13,635,087 | |||||||||||
High Yield Strategy Fund | 39,395,910 | 77,426 | (32,625 | ) | 44,801 | |||||||||||
Internet Fund | 34,609,606 | – | (10,954,345 | ) | (10,954,345 | ) | ||||||||||
Inverse Emerging Markets 2x Strategy Fund | 858,937 | – | (7,379 | ) | (7,379 | ) | ||||||||||
Inverse Government Long Bond Strategy Fund | 33,946,704 | – | (2,225,276 | ) | (2,225,276 | ) | ||||||||||
Inverse High Yield Strategy Fund | 1,202,238 | 4,644 | – | 4,644 | ||||||||||||
Inverse Mid-Cap Strategy Fund | 185,972 | 517 | (4,531 | ) | (4,014 | ) | ||||||||||
Inverse NASDAQ-100® Strategy Fund | 9,508,682 | 43,625 | (153,148 | ) | (109,523 | ) | ||||||||||
Inverse Russell 2000® Strategy Fund | 5,385,430 | 24,072 | (119,584 | ) | (95,512 | ) | ||||||||||
Inverse S&P 500® Strategy Fund | 34,617,959 | 43,530 | (440,264 | ) | (396,734 | ) | ||||||||||
Japan 2x Strategy Fund | 1,683,215 | 2,496 | (36,141 | ) | (33,645 | ) | ||||||||||
Leisure Fund | 9,376,207 | 4,190,653 | (127,893 | ) | 4,062,760 | |||||||||||
Long Short Equity Fund | 15,133,172 | 3,653,054 | (498,962 | ) | 3,154,092 | |||||||||||
Mid-Cap 1.5x Strategy Fund | 14,739,886 | 3,896,953 | (111,584 | ) | 3,785,369 | |||||||||||
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 508,776,410 | 41,166,773 | (6,569,101 | ) | 34,597,672 | |||||||||||
NASDAQ-100® Fund | 722,659,370 | 1,350,016,615 | (11,528,546 | ) | 1,338,488,069 | |||||||||||
Nova Fund | 537,608,812 | 9,715,520 | (322,201 | ) | 9,393,319 | |||||||||||
Precious Metals Fund | 63,218,098 | 9,807,892 | (285,499 | ) | 9,522,393 | |||||||||||
Real Estate Fund | 11,366,722 | 1,317,801 | (3,376 | ) | 1,314,425 | |||||||||||
Retailing Fund | 14,623,845 | 3,205,394 | (201,590 | ) | 3,003,804 | |||||||||||
Russell 2000® 1.5x Strategy Fund | 9,572,556 | 488,398 | (95,036 | ) | 393,362 | |||||||||||
Russell 2000® Fund | 36,558,984 | 1,334,041 | (1,225,975 | ) | 108,066 | |||||||||||
S&P 500® Fund | 185,349,811 | 49,772,790 | (320,903 | ) | 49,451,887 | |||||||||||
S&P 500® Pure Growth Fund | 130,695,489 | 17,644,646 | (758,416 | ) | 16,886,230 | |||||||||||
S&P 500® Pure Value Fund | 49,622,829 | 2,591,445 | (8,357 | ) | 2,583,088 | |||||||||||
S&P MidCap 400® Pure Growth Fund | 53,132,793 | 10,274,813 | (406,953 | ) | 9,867,860 | |||||||||||
S&P MidCap 400® Pure Value Fund | 14,839,385 | 2,136,565 | (24,443 | ) | 2,112,122 | |||||||||||
S&P SmallCap 600® Pure Growth Fund | 5,767,883 | 1,366,999 | (39,946 | ) | 1,327,053 | |||||||||||
S&P SmallCap 600® Pure Value Fund | 12,068,531 | 15,596 | (80,168 | ) | (64,572 | ) | ||||||||||
Strengthening Dollar 2x Strategy Fund | 4,361,019 | 3,922 | (61,753 | ) | (57,831 | ) | ||||||||||
Technology Fund | 63,721,094 | 36,714,410 | (612,479 | ) | 36,101,931 | |||||||||||
Telecommunications Fund | 8,255,104 | 200,056 | (25,731 | ) | 174,325 | |||||||||||
Transportation Fund | 20,292,947 | 10,447,410 | (32,570 | ) | 10,414,840 | |||||||||||
Utilities Fund | 23,408,898 | 2,096,684 | (55,202 | ) | 2,041,482 | |||||||||||
Weakening Dollar 2x Strategy Fund | 1,245,596 | 19,362 | – | 19,362 |
Note 7 – COVID-19
The outbreak of COVID-19 and the recovery response causes at times disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded to this situation with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. Recently, the U.S. and other governments have also made investments and engaged in infrastructure modernization projects that have also increased public debt and spending. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds' investments and the performance of the Funds. These actions also contribute to a risk that asset prices have a higher degree of correlation than historically seen across markets and asset classes. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
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.