Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Banks - 91.5% | ||||||||
Wells Fargo & Co. | 7,422 | $ | 290,720 | |||||
Bank of America Corp. | 8,799 | 273,913 | ||||||
JPMorgan Chase & Co. | 2,417 | 272,178 | ||||||
Citigroup, Inc. | 5,026 | 231,146 | ||||||
PNC Financial Services Group, Inc. | 1,319 | 208,099 | ||||||
U.S. Bancorp | 4,512 | 207,642 | ||||||
Truist Financial Corp. | 4,258 | 201,957 | ||||||
Bank of New York Mellon Corp. | 3,479 | 145,109 | ||||||
M&T Bank Corp. | 849 | 135,322 | ||||||
First Republic Bank | 908 | 130,934 | ||||||
SVB Financial Group* | 317 | 125,212 | ||||||
Fifth Third Bancorp | 3,629 | 121,934 | ||||||
State Street Corp. | 1,920 | 118,368 | ||||||
Northern Trust Corp. | 1,198 | 115,583 | ||||||
Regions Financial Corp. | 5,707 | 107,006 | ||||||
Citizens Financial Group, Inc. | 2,984 | 106,499 | ||||||
Huntington Bancshares, Inc. | 8,779 | 105,611 | ||||||
KeyCorp | 5,878 | 101,278 | ||||||
Signature Bank | 505 | 90,501 | ||||||
First Horizon Corp. | 4,113 | 89,910 | ||||||
ICICI Bank Ltd. ADR | 4,970 | 88,168 | ||||||
First Citizens BancShares, Inc. — Class A | 132 | 86,299 | ||||||
HDFC Bank Ltd. ADR | 1,559 | 85,683 | ||||||
Toronto-Dominion Bank | 1,229 | 80,598 | ||||||
Royal Bank of Canada | 820 | 79,392 | ||||||
East West Bancorp, Inc. | 1,206 | 78,149 | ||||||
Comerica, Inc. | 1,051 | 77,122 | ||||||
HSBC Holdings plc ADR | 2,359 | 77,068 | ||||||
Popular, Inc. | 982 | 75,545 | ||||||
UBS Group AG | 4,603 | 74,661 | ||||||
Bank of Montreal | 769 | 73,955 | ||||||
Bank of Nova Scotia | 1,249 | 73,953 | ||||||
Commerce Bancshares, Inc. | 1,089 | 71,493 | ||||||
Western Alliance Bancorporation | 1,000 | 70,600 | ||||||
Webster Financial Corp. | 1,650 | 69,547 | ||||||
Canadian Imperial Bank of Commerce | 1,431 | 69,461 | ||||||
Zions Bancorp North America | 1,344 | 68,410 | ||||||
Cullen/Frost Bankers, Inc. | 586 | 68,240 | ||||||
Prosperity Bancshares, Inc. | 927 | 63,286 | ||||||
SouthState Corp. | 817 | 63,032 | ||||||
Pinnacle Financial Partners, Inc. | 849 | 61,391 | ||||||
First Financial Bankshares, Inc. | 1,532 | 60,162 | ||||||
Synovus Financial Corp. | 1,658 | 59,771 | ||||||
Glacier Bancorp, Inc. | 1,234 | 58,516 | ||||||
BOK Financial Corp. | 773 | 58,423 | ||||||
Valley National Bancorp | 5,594 | 58,233 | ||||||
Wintrust Financial Corp. | 717 | 57,468 | ||||||
First Interstate BancSystem, Inc. — Class A | 1,490 | 56,784 | ||||||
United Bankshares, Inc. | 1,598 | 56,042 | ||||||
Bank OZK | 1,490 | 55,920 | ||||||
Cadence Bank | 2,316 | 54,380 | ||||||
Old National Bancorp | 3,605 | 53,318 | ||||||
UMB Financial Corp. | 618 | 53,210 | ||||||
ServisFirst Bancshares, Inc. | 674 | 53,192 | ||||||
Home BancShares, Inc. | 2,473 | 51,364 | ||||||
FNB Corp. | 4,633 | 50,314 | ||||||
Hancock Whitney Corp. | 1,127 | 49,960 | ||||||
Independent Bank Corp. | 623 | 49,485 | ||||||
Umpqua Holdings Corp. | 2,932 | 49,170 | ||||||
Community Bank System, Inc. | 746 | 47,207 | ||||||
CVB Financial Corp. | 1,876 | 46,544 | ||||||
United Community Banks, Inc. | 1,529 | 46,160 | ||||||
Eastern Bankshares, Inc. | 2,499 | 46,131 | ||||||
PacWest Bancorp | 1,716 | 45,749 | ||||||
Bank of Hawaii Corp. | 604 | 44,938 | ||||||
Cathay General Bancorp | 1,120 | 43,848 | ||||||
First Hawaiian, Inc. | 1,924 | 43,694 | ||||||
BankUnited, Inc. | 1,220 | 43,395 | ||||||
Texas Capital Bancshares, Inc.* | 809 | 42,586 | ||||||
Ameris Bancorp | 1,055 | 42,390 | ||||||
Associated Banc-Corp. | 2,285 | 41,724 | ||||||
Simmons First National Corp. — Class A | 1,949 | 41,436 | ||||||
Atlantic Union Bankshares Corp. | 1,210 | 41,043 | ||||||
Columbia Banking System, Inc. | 1,346 | 38,563 | ||||||
Fulton Financial Corp. | 2,650 | 38,292 | ||||||
Hilltop Holdings, Inc. | 1,413 | 37,671 | ||||||
Silvergate Capital Corp. — Class A* | 616 | 32,974 | ||||||
Triumph Bancorp, Inc.* | 507 | 31,718 | ||||||
Customers Bancorp, Inc.* | 785 | 26,611 | ||||||
Total Banks | 6,543,361 | |||||||
Diversified Financial Services - 4.3% | ||||||||
Capital One Financial Corp. | 1,588 | 165,454 | ||||||
Apollo Global Management, Inc. | 2,851 | 138,216 | ||||||
Total Diversified Financial Services | 303,670 | |||||||
Insurance - 2.5% | ||||||||
Equitable Holdings, Inc. | 3,092 | 80,608 | ||||||
Voya Financial, Inc. | 1,062 | 63,221 | ||||||
Jackson Financial, Inc. — Class A | 1,406 | 37,611 | ||||||
Total Insurance | 181,440 | |||||||
Savings & Loans - 1.4% | ||||||||
New York Community Bancorp, Inc. | 5,875 | 53,639 | ||||||
Pacific Premier Bancorp, Inc. | 1,442 | 42,164 | ||||||
Total Savings & Loans | 95,803 | |||||||
Total Common Stocks | ||||||||
(Cost $6,273,381) | 7,124,274 |
Banking Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 23,653 | $ | 23,653 | ||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 9,212 | 9,212 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 9,120 | 9,120 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $41,985) | 41,985 | |||||||
Total Investments - 100.3% | ||||||||
(Cost $6,315,366) | $ | 7,166,259 | ||||||
Other Assets & Liabilities, net - (0.3)% | (18,186 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,148,073 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 7,124,274 | $ | — | $ | — | $ | 7,124,274 | |||||
Repurchase Agreements | — | 41,985 | — | 41,985 | |||||||||
Total Assets | $ | 7,124,274 | $ | 41,985 | $ | — | $ | 7,166,259 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.0% | ||||||||
Chemicals - 46.4% | ||||||||
Sherwin-Williams Co. | 5,531 | $ | 1,238,446 | |||||
Air Products and Chemicals, Inc. | 4,835 | 1,162,721 | ||||||
Ecolab, Inc. | 7,037 | 1,082,009 | ||||||
Dow, Inc. | 18,521 | 955,869 | ||||||
International Flavors & Fragrances, Inc. | 7,741 | 922,108 | ||||||
LyondellBasell Industries N.V. — Class A | 9,723 | 850,374 | ||||||
DuPont de Nemours, Inc. | 15,253 | 847,762 | ||||||
PPG Industries, Inc. | 7,384 | 844,287 | ||||||
Albemarle Corp. | 3,987 | 833,203 | ||||||
Linde plc | 2,581 | 742,115 | ||||||
CF Industries Holdings, Inc. | 7,564 | 648,462 | ||||||
Mosaic Co. | 13,448 | 635,149 | ||||||
FMC Corp. | 5,531 | 591,872 | ||||||
Westlake Corp. | 5,901 | 578,416 | ||||||
Celanese Corp. — Class A | 4,880 | 573,937 | ||||||
Eastman Chemical Co. | 6,270 | 562,858 | ||||||
Nutrien Ltd. | 6,994 | 557,352 | ||||||
RPM International, Inc. | 6,599 | 519,473 | ||||||
Olin Corp. | 9,373 | 433,782 | ||||||
Huntsman Corp. | 13,919 | 394,604 | ||||||
Ashland Global Holdings, Inc. | 3,822 | 393,857 | ||||||
Chemours Co. | 12,001 | 384,272 | ||||||
Valvoline, Inc. | 12,746 | 367,467 | ||||||
Axalta Coating Systems Ltd.* | 16,053 | 354,932 | ||||||
Balchem Corp. | 2,668 | 346,146 | ||||||
Element Solutions, Inc. | 18,726 | 333,323 | ||||||
Cabot Corp. | 5,008 | 319,460 | ||||||
Sensient Technologies Corp. | 3,782 | 304,678 | ||||||
HB Fuller Co. | 4,726 | 284,552 | ||||||
Ingevity Corp.* | 4,036 | 254,833 | ||||||
Trinseo plc | 5,169 | 198,800 | ||||||
Total Chemicals | 18,517,119 | |||||||
Mining - 16.5% | ||||||||
Newmont Corp. | 17,585 | 1,049,297 | ||||||
Freeport-McMoRan, Inc. | 32,761 | 958,587 | ||||||
BHP Group Ltd. ADR1 | 8,923 | 501,294 | ||||||
Rio Tinto plc ADR1 | 7,870 | 480,070 | ||||||
Alcoa Corp. | 9,386 | 427,814 | ||||||
Agnico Eagle Mines Ltd. | 9,208 | 421,358 | ||||||
Royal Gold, Inc. | 3,762 | 401,706 | ||||||
Teck Resources Ltd. — Class B | 12,906 | 394,536 | ||||||
MP Materials Corp.* | 12,118 | 388,745 | ||||||
Wheaton Precious Metals Corp. | 10,607 | 382,170 | ||||||
Franco-Nevada Corp. | 2,825 | 371,714 | ||||||
Livent Corp.* | 14,453 | 327,939 | ||||||
Arconic Corp.* | 10,326 | 289,644 | ||||||
Compass Minerals International, Inc. | 5,414 | 191,602 | ||||||
Total Mining | 6,586,476 | |||||||
Packaging & Containers - 12.8% | ||||||||
Ball Corp. | 11,307 | 777,582 | ||||||
Packaging Corporation of America | 4,107 | 564,713 | ||||||
Crown Holdings, Inc. | 5,731 | 528,226 | ||||||
Westrock Co. | 12,609 | 502,343 | ||||||
Sealed Air Corp. | 8,042 | 464,184 | ||||||
Berry Global Group, Inc.* | 8,171 | 446,464 | ||||||
AptarGroup, Inc. | 4,196 | 433,069 | ||||||
Graphic Packaging Holding Co. | 20,342 | 417,011 | ||||||
Sonoco Products Co. | 6,918 | 394,603 | ||||||
Silgan Holdings, Inc. | 8,324 | 344,197 | ||||||
O-I Glass, Inc.* | 16,636 | 232,904 | ||||||
Total Packaging & Containers | 5,105,296 | |||||||
Iron & Steel - 8.9% | ||||||||
Nucor Corp. | 7,645 | 798,214 | ||||||
Steel Dynamics, Inc. | 8,139 | 538,395 | ||||||
Reliance Steel & Aluminum Co. | 3,051 | 518,243 | ||||||
Cleveland-Cliffs, Inc.* | 28,188 | 433,250 | ||||||
ArcelorMittal S.A.1 | 15,844 | 358,074 | ||||||
United States Steel Corp. | 18,292 | 327,610 | ||||||
Commercial Metals Co. | 9,333 | 308,922 | ||||||
Allegheny Technologies, Inc.* | 11,993 | 272,361 | ||||||
Total Iron & Steel | 3,555,069 | |||||||
Building Materials - 6.7% | ||||||||
Vulcan Materials Co. | 4,823 | 685,348 | ||||||
Martin Marietta Materials, Inc. | 2,275 | 680,771 | ||||||
MDU Resources Group, Inc. | 14,027 | 378,589 | ||||||
Louisiana-Pacific Corp. | 6,439 | 337,468 | ||||||
Eagle Materials, Inc. | 3,035 | 333,668 | ||||||
Summit Materials, Inc. — Class A* | 11,435 | 266,321 | ||||||
Total Building Materials | 2,682,165 | |||||||
Biotechnology - 2.5% | ||||||||
Corteva, Inc. | 18,465 | 999,695 | ||||||
Forest Products & Paper - 1.5% | ||||||||
International Paper Co. | 14,754 | 617,160 | ||||||
Household Products & Housewares - 1.5% | ||||||||
Avery Dennison Corp. | 3,705 | 599,728 | ||||||
Housewares - 0.9% | ||||||||
Scotts Miracle-Gro Co. — Class A | 4,393 | 347,003 | ||||||
Distribution & Wholesale - 0.8% | ||||||||
Avient Corp. | 7,713 | 309,137 | ||||||
Coal - 0.5% | ||||||||
Warrior Met Coal, Inc. | 6,081 | 186,139 | ||||||
Total Common Stocks | ||||||||
(Cost $26,870,380) | 39,504,987 |
EXCHANGE-TRADED FUNDS† - 0.8% | ||||||||
VanEck Junior Gold Miners ETF | 10,328 | 330,496 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $443,979) | 330,496 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 162,191 | 162,191 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 63,163 | 63,163 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 62,538 | 62,538 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $287,892) | 287,892 |
Basic Materials Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 2.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 1,038,522 | $ | 1,038,522 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $1,038,522) | $ | 1,038,522 | ||||||
Total Investments - 103.1% | ||||||||
(Cost $28,640,773) | $ | 41,161,897 | ||||||
Other Assets & Liabilities, net - (3.1)% | (1,231,130 | ) | ||||||
Total Net Assets - 100.0% | $ | 39,930,767 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 39,504,987 | $ | — | $ | — | $ | 39,504,987 | |||||
Exchange-Traded Funds | 330,496 | — | — | 330,496 | |||||||||
Repurchase Agreements | — | 287,892 | — | 287,892 | |||||||||
Securities Lending Collateral | 1,038,522 | — | — | 1,038,522 | |||||||||
Total Assets | $ | 40,874,005 | $ | 287,892 | $ | — | $ | 41,161,897 |
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Biotechnology - 74.1% | ||||||||
Amgen, Inc. | 33,388 | $ | 8,123,300 | |||||
Gilead Sciences, Inc. | 100,580 | 6,216,850 | ||||||
Vertex Pharmaceuticals, Inc.* | 21,857 | 6,159,084 | ||||||
Regeneron Pharmaceuticals, Inc.* | 9,748 | 5,762,335 | ||||||
Moderna, Inc.* | 39,617 | 5,659,288 | ||||||
Corteva, Inc. | 80,993 | 4,384,961 | ||||||
Seagen, Inc.* | 24,157 | 4,274,340 | ||||||
Biogen, Inc.* | 19,297 | 3,935,430 | ||||||
Illumina, Inc.* | 20,037 | 3,694,021 | ||||||
Royalty Pharma plc — Class A | 86,395 | 3,632,046 | ||||||
Alnylam Pharmaceuticals, Inc.* | 20,425 | 2,978,986 | ||||||
Horizon Therapeutics plc* | 37,124 | 2,961,010 | ||||||
Incyte Corp.* | 38,628 | 2,934,569 | ||||||
BioMarin Pharmaceutical, Inc.* | 34,611 | 2,868,214 | ||||||
BioNTech SE ADR | 16,455 | 2,453,441 | ||||||
United Therapeutics Corp.* | 9,997 | 2,355,693 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 15,069 | 2,195,704 | ||||||
Sarepta Therapeutics, Inc.* | 26,005 | 1,949,335 | ||||||
Exelixis, Inc.* | 92,861 | 1,933,366 | ||||||
Halozyme Therapeutics, Inc.* | 39,270 | 1,727,880 | ||||||
Ionis Pharmaceuticals, Inc.* | 44,583 | 1,650,463 | ||||||
Novavax, Inc.*,1 | 31,443 | 1,617,113 | ||||||
Mirati Therapeutics, Inc.* | 23,147 | 1,553,858 | ||||||
Denali Therapeutics, Inc.* | 52,602 | 1,548,077 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 25,027 | 1,493,111 | ||||||
Apellis Pharmaceuticals, Inc.* | 32,963 | 1,490,587 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 42,081 | 1,481,672 | ||||||
Intellia Therapeutics, Inc.* | 28,506 | 1,475,471 | ||||||
Guardant Health, Inc.* | 36,384 | 1,467,731 | ||||||
CRISPR Therapeutics AG*,1 | 21,245 | 1,291,059 | ||||||
Blueprint Medicines Corp.* | 24,276 | 1,226,181 | ||||||
Beam Therapeutics, Inc.*,1 | 31,487 | 1,218,862 | ||||||
Fate Therapeutics, Inc.* | 47,545 | 1,178,165 | ||||||
BioCryst Pharmaceuticals, Inc.* | 100,512 | 1,063,417 | ||||||
Iovance Biotherapeutics, Inc.* | 92,780 | 1,024,291 | ||||||
ChemoCentryx, Inc.* | 37,299 | 924,269 | ||||||
Emergent BioSolutions, Inc.* | 29,716 | 922,385 | ||||||
Veracyte, Inc.* | 43,440 | 864,456 | ||||||
NeoGenomics, Inc.* | 90,481 | 737,420 | ||||||
Cassava Sciences, Inc.*,1 | 26,053 | 732,610 | ||||||
Editas Medicine, Inc.*,1 | 55,717 | 659,132 | ||||||
Total Biotechnology | 101,820,183 | |||||||
Pharmaceuticals - 16.8% | ||||||||
AbbVie, Inc. | 77,199 | 11,823,799 | ||||||
AstraZeneca plc ADR | 58,369 | 3,856,440 | ||||||
Viatris, Inc. | 236,384 | 2,474,940 | ||||||
Neurocrine Biosciences, Inc.* | 22,736 | 2,216,305 | ||||||
Jazz Pharmaceuticals plc* | 11,909 | 1,857,923 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 81,167 | 935,856 | ||||||
Total Pharmaceuticals | 23,165,263 | |||||||
Healthcare-Products - 4.8% | ||||||||
Bio-Techne Corp. | 7,666 | 2,657,342 | ||||||
Exact Sciences Corp.* | 49,142 | 1,935,703 | ||||||
Natera, Inc.* | 36,692 | 1,300,365 | ||||||
CareDx, Inc.* | 35,070 | 753,304 | ||||||
Total Healthcare-Products | 6,646,714 | |||||||
Healthcare-Services - 4.2% | ||||||||
ICON plc* | 9,594 | 2,079,020 | ||||||
Syneos Health, Inc.* | 27,917 | 2,001,090 | ||||||
Medpace Holdings, Inc.* | 10,876 | 1,627,811 | ||||||
Total Healthcare-Services | 5,707,921 | |||||||
Total Common Stocks | ||||||||
(Cost $85,912,361) | 137,340,081 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.2% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 149,812 | 149,812 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 58,342 | 58,342 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 57,764 | 57,764 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $265,918) | 265,918 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 1.9% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 2,627,203 | 2,627,203 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,627,203) | 2,627,203 | |||||||
Total Investments - 102.0% | ||||||||
(Cost $88,805,482) | $ | 140,233,202 | ||||||
Other Assets & Liabilities, net - (2.0)% | (2,733,884 | ) | ||||||
Total Net Assets - 100.0% | $ | 137,499,318 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
Biotechnology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 137,340,081 | $ | — | $ | — | $ | 137,340,081 | |||||
Repurchase Agreements | — | 265,918 | — | 265,918 | |||||||||
Securities Lending Collateral | 2,627,203 | — | — | 2,627,203 | |||||||||
Total Assets | $ | 139,967,284 | $ | 265,918 | $ | — | $ | 140,233,202 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.9% | ||||||||
Food - 37.2% | ||||||||
Mondelez International, Inc. — Class A | 43,445 | $ | 2,697,500 | |||||
General Mills, Inc. | 26,799 | 2,021,984 | ||||||
Kraft Heinz Co. | 52,069 | 1,985,912 | ||||||
Sysco Corp. | 23,078 | 1,954,937 | ||||||
Hershey Co. | 9,063 | 1,949,995 | ||||||
Tyson Foods, Inc. — Class A | 18,918 | 1,628,083 | ||||||
Kroger Co. | 33,943 | 1,606,522 | ||||||
Hormel Foods Corp. | 31,060 | 1,471,002 | ||||||
Kellogg Co. | 20,109 | 1,434,576 | ||||||
McCormick & Company, Inc. | 16,184 | 1,347,318 | ||||||
Conagra Brands, Inc. | 34,742 | 1,189,566 | ||||||
Campbell Soup Co. | 23,030 | 1,106,591 | ||||||
J M Smucker Co. | 8,413 | 1,076,948 | ||||||
Albertsons Companies, Inc. — Class A | 38,000 | 1,015,360 | ||||||
Lamb Weston Holdings, Inc. | 13,623 | 973,500 | ||||||
Performance Food Group Co.* | 17,595 | 809,018 | ||||||
US Foods Holding Corp.* | 25,467 | 781,328 | ||||||
Ingredion, Inc. | 7,998 | 705,104 | ||||||
Flowers Foods, Inc. | 26,008 | 684,531 | ||||||
Post Holdings, Inc.* | 8,171 | 672,882 | ||||||
Sanderson Farms, Inc. | 2,935 | 632,580 | ||||||
Grocery Outlet Holding Corp.* | 13,568 | 578,404 | ||||||
Hostess Brands, Inc.* | 24,041 | 509,910 | ||||||
Sprouts Farmers Market, Inc.* | 17,845 | 451,835 | ||||||
TreeHouse Foods, Inc.* | 10,794 | 451,405 | ||||||
Hain Celestial Group, Inc.* | 17,719 | 420,649 | ||||||
Beyond Meat, Inc.*,1 | 13,818 | 330,803 | ||||||
Total Food | 30,488,243 | |||||||
Beverages - 26.1% | ||||||||
Coca-Cola Co. | 76,839 | 4,833,942 | ||||||
PepsiCo, Inc. | 26,384 | 4,397,157 | ||||||
Monster Beverage Corp.* | 22,075 | 2,046,353 | ||||||
Keurig Dr Pepper, Inc. | 57,287 | 2,027,387 | ||||||
Constellation Brands, Inc. — Class A | 8,381 | 1,953,276 | ||||||
Brown-Forman Corp. — Class B | 23,696 | 1,662,511 | ||||||
Molson Coors Beverage Co. — Class B | 18,684 | 1,018,465 | ||||||
Coca-Cola Europacific Partners plc | 15,864 | 818,741 | ||||||
Anheuser-Busch InBev S.A. ADR | 13,607 | 734,098 | ||||||
Celsius Holdings, Inc.* | 11,171 | 729,019 | ||||||
Fomento Economico Mexicano SAB de CV ADR | 9,103 | 614,361 | ||||||
Boston Beer Company, Inc. — Class A* | 1,846 | 559,283 | ||||||
Total Beverages | 21,394,593 | |||||||
Cosmetics & Personal Care - 13.7% | ||||||||
Procter & Gamble Co. | 37,969 | 5,459,562 | ||||||
Estee Lauder Companies, Inc. — Class A | 11,359 | 2,892,797 | ||||||
Colgate-Palmolive Co. | 30,081 | 2,410,691 | ||||||
Beauty Health Co.* | 33,645 | 432,675 | ||||||
Total Cosmetics & Personal Care | 11,195,725 | |||||||
Agriculture - 12.8% | ||||||||
Philip Morris International, Inc. | 35,784 | 3,533,312 | ||||||
Altria Group, Inc. | 57,295 | 2,393,212 | ||||||
Archer-Daniels-Midland Co. | 24,520 | 1,902,752 | ||||||
Bunge Ltd. | 11,217 | 1,017,270 | ||||||
Darling Ingredients, Inc.* | 13,912 | 831,938 | ||||||
British American Tobacco plc ADR | 18,684 | 801,730 | ||||||
Total Agriculture | 10,480,214 | |||||||
Household Products & Housewares - 6.4% | ||||||||
Kimberly-Clark Corp. | 14,962 | 2,022,114 | ||||||
Church & Dwight Company, Inc. | 15,385 | 1,425,574 | ||||||
Clorox Co. | 9,055 | 1,276,574 | ||||||
Spectrum Brands Holdings, Inc. | 6,666 | 546,745 | ||||||
Total Household Products & Housewares | 5,271,007 | |||||||
Retail - 2.0% | ||||||||
Casey's General Stores, Inc. | 4,042 | 747,689 | ||||||
Freshpet, Inc.* | 8,413 | 436,551 | ||||||
Nu Skin Enterprises, Inc. — Class A | 9,644 | 417,585 | ||||||
Total Retail | 1,601,825 | |||||||
Pharmaceuticals - 1.2% | ||||||||
BellRing Brands, Inc.* | 21,801 | 542,627 | ||||||
Herbalife Nutrition Ltd.* | 19,169 | 392,006 | ||||||
Total Pharmaceuticals | 934,633 | |||||||
Electrical Components & Equipment - 0.5% | ||||||||
Energizer Holdings, Inc. | 15,025 | 425,959 | ||||||
Total Common Stocks | ||||||||
(Cost $44,670,285) | 81,792,199 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 190,610 | 190,610 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 74,230 | 74,230 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 73,496 | 73,496 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $338,336) | 338,336 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.3% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 253,700 | 253,700 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $253,700) | 253,700 | |||||||
Total Investments - 100.6% | ||||||||
(Cost $45,262,321) | $ | 82,384,235 | ||||||
Other Assets & Liabilities, net - (0.6)% | (507,213 | ) | ||||||
Total Net Assets - 100.0% | $ | 81,877,022 |
Consumer Products Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 81,792,199 | $ | — | $ | — | $ | 81,792,199 | |||||
Repurchase Agreements | — | 338,336 | — | 338,336 | |||||||||
Securities Lending Collateral | 253,700 | — | — | 253,700 | |||||||||
Total Assets | $ | 82,045,899 | $ | 338,336 | $ | — | $ | 82,384,235 |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 82.4% | ||||||||
Consumer, Non-cyclical - 21.8% | ||||||||
UnitedHealth Group, Inc. | 2,974 | $ | 1,527,536 | |||||
Amgen, Inc. | 2,974 | 723,574 | ||||||
Johnson & Johnson | 2,974 | 527,915 | ||||||
Procter & Gamble Co. | 2,974 | 427,632 | ||||||
Merck & Company, Inc. | 2,974 | 271,139 | ||||||
Coca-Cola Co. | 2,974 | 187,094 | ||||||
Total Consumer, Non-cyclical | 3,664,890 | |||||||
Financial - 16.1% | ||||||||
Goldman Sachs Group, Inc. | 2,974 | 883,337 | ||||||
Visa, Inc. — Class A | 2,974 | 585,551 | ||||||
Travelers Companies, Inc. | 2,974 | 502,993 | ||||||
American Express Co. | 2,974 | 412,256 | ||||||
JPMorgan Chase & Co. | 2,974 | 334,902 | ||||||
Total Financial | 2,719,039 | |||||||
Consumer, Cyclical - 13.8% | ||||||||
Home Depot, Inc. | 2,974 | 815,679 | ||||||
McDonald's Corp. | 2,974 | 734,221 | ||||||
Walmart, Inc. | 2,974 | 361,579 | ||||||
NIKE, Inc. — Class B | 2,974 | 303,943 | ||||||
Walgreens Boots Alliance, Inc. | 2,974 | 112,714 | ||||||
Total Consumer, Cyclical | 2,328,136 | |||||||
Technology - 13.0% | ||||||||
Microsoft Corp. | 2,974 | 763,813 | ||||||
Salesforce, Inc.* | 2,974 | 490,829 | ||||||
International Business Machines Corp. | 2,974 | 419,899 | ||||||
Apple, Inc. | 2,974 | 406,605 | ||||||
Intel Corp. | 2,974 | 111,257 | ||||||
Total Technology | 2,192,403 | |||||||
Industrial - 10.9% | ||||||||
Caterpillar, Inc. | 2,974 | 531,632 | ||||||
Honeywell International, Inc. | 2,974 | 516,911 | ||||||
Boeing Co.* | 2,974 | 406,605 | ||||||
3M Co. | 2,974 | 384,866 | ||||||
Total Industrial | 1,840,014 | |||||||
Communications - 3.3% | ||||||||
Walt Disney Co.* | 2,974 | 280,745 | ||||||
Verizon Communications, Inc. | 2,974 | 150,931 | ||||||
Cisco Systems, Inc. | 2,974 | 126,811 | ||||||
Total Communications | 558,487 | |||||||
Energy - 2.6% | ||||||||
Chevron Corp. | 2,974 | 430,576 | ||||||
Basic Materials - 0.9% | ||||||||
Dow, Inc. | 2,974 | 153,488 | ||||||
Total Common Stocks | ||||||||
(Cost $13,963,544) | 13,887,033 | |||||||
MUTUAL FUNDS† - 13.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 150,660 | 1,453,868 | ||||||
Guggenheim Strategy Fund II1 | 37,085 | 895,227 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,413,778) | 2,349,095 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 1.2% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,3 | $ | 121,000 | 120,423 | |||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/223,4 | 73,000 | 72,963 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $193,516) | 193,386 |
REPURCHASE AGREEMENTS††,5 - 3.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | 357,023 | 357,023 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 139,038 | 139,038 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 137,661 | 137,661 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $633,722) | 633,722 | |||||||
Total Investments - 101.3% | ||||||||
(Cost $17,204,560) | $ | 17,063,236 | ||||||
Other Assets & Liabilities, net - (1.3)% | (212,371 | ) | ||||||
Total Net Assets - 100.0% | $ | 16,850,865 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Dow Jones Industrial Average Index Mini Futures Contracts | 9 | Sep 2022 | $ | 1,385,010 | $ | (26,071 | ) |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
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†† | ||||||||||||||||||||
BNP Paribas | Dow Jones Industrial Average Index | Pay | 2.13% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 30 | $ | 922,361 | $ | (23,684 | ) | |||||||||
Barclays Bank plc | Dow Jones Industrial Average Index | Pay | 2.01% (SOFR + 0.50%) | At Maturity | 11/16/22 | 22 | 685,006 | (51,320 | ) | |||||||||||
$ | 1,607,367 | $ | (75,004 | ) |
* | 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 June 30, 2022. |
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 June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 13,887,033 | $ | — | $ | — | $ | 13,887,033 | |||||
Mutual Funds | 2,349,095 | — | — | 2,349,095 | |||||||||
U.S. Treasury Bills | — | 193,386 | — | 193,386 | |||||||||
Repurchase Agreements | — | 633,722 | — | 633,722 | |||||||||
Total Assets | $ | 16,236,128 | $ | 827,108 | $ | — | $ | 17,063,236 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Equity Futures Contracts** | $ | 26,071 | $ | — | $ | — | $ | 26,071 | |||||
Equity Index Swap Agreements** | — | 75,004 | — | 75,004 | |||||||||
Total Liabilities | $ | 26,071 | $ | 75,004 | $ | — | $ | 101,075 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Dow Jones Industrial Average® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | |||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 910,432 | $ | – | $ | – | $ | – | $ | (15,205 | ) | $ | 895,227 | 37,085 | $ | 4,639 | |||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 2,386,129 | – | (900,000 | ) | (26,034 | ) | (6,227 | ) | 1,453,868 | 150,660 | 7,587 | ||||||||||||||
$ | 3,296,561 | $ | – | $ | (900,000 | ) | $ | (26,034 | ) | $ | (21,432 | ) | $ | 2,349,095 | $ | 12,226 |
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Semiconductors - 90.7% | ||||||||
NVIDIA Corp. | 17,058 | $ | 2,585,822 | |||||
Broadcom, Inc. | 3,909 | 1,899,031 | ||||||
QUALCOMM, Inc. | 13,468 | 1,720,402 | ||||||
Intel Corp. | 44,740 | 1,673,723 | ||||||
Texas Instruments, Inc. | 10,532 | 1,618,242 | ||||||
Advanced Micro Devices, Inc.* | 19,519 | 1,492,618 | ||||||
Applied Materials, Inc. | 13,687 | 1,245,243 | ||||||
Analog Devices, Inc. | 8,177 | 1,194,578 | ||||||
Micron Technology, Inc. | 19,822 | 1,095,760 | ||||||
Lam Research Corp. | 2,539 | 1,081,995 | ||||||
KLA Corp. | 2,977 | 949,901 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 10,885 | 889,849 | ||||||
Marvell Technology, Inc. | 19,187 | 835,210 | ||||||
Microchip Technology, Inc. | 13,624 | 791,282 | ||||||
NXP Semiconductor N.V. | 5,122 | 758,210 | ||||||
ASML Holding N.V. — Class G | 1,473 | 700,971 | ||||||
ON Semiconductor Corp.* | 12,677 | 637,780 | ||||||
GLOBALFOUNDRIES, Inc.*,1 | 14,813 | 597,556 | ||||||
Monolithic Power Systems, Inc. | 1,504 | 577,596 | ||||||
Skyworks Solutions, Inc. | 5,779 | 535,367 | ||||||
Teradyne, Inc. | 5,913 | 529,509 | ||||||
STMicroelectronics N.V. — Class Y1 | 15,432 | 485,645 | ||||||
Entegris, Inc. | 5,250 | 483,683 | ||||||
Qorvo, Inc.* | 4,594 | 433,306 | ||||||
Wolfspeed, Inc.* | 6,435 | 408,301 | ||||||
Lattice Semiconductor Corp.* | 7,677 | 372,335 | ||||||
MKS Instruments, Inc. | 3,246 | 333,137 | ||||||
Azenta, Inc. | 4,472 | 322,431 | ||||||
Silicon Laboratories, Inc.* | 2,280 | 319,702 | ||||||
Synaptics, Inc.* | 2,567 | 303,034 | ||||||
CMC Materials, Inc. | 1,720 | 300,123 | ||||||
Amkor Technology, Inc. | 16,976 | 287,743 | ||||||
Power Integrations, Inc. | 3,834 | 287,588 | ||||||
Cirrus Logic, Inc.* | 3,802 | 275,797 | ||||||
Semtech Corp.* | 4,762 | 261,767 | ||||||
SiTime Corp.* | 1,598 | 260,522 | ||||||
MaxLinear, Inc. — Class A* | 6,620 | 224,948 | ||||||
Ambarella, Inc.* | 3,324 | 217,589 | ||||||
Total Semiconductors | 28,988,296 | |||||||
Energy-Alternate Sources - 6.0% | ||||||||
Enphase Energy, Inc.* | 3,887 | 758,898 | ||||||
SolarEdge Technologies, Inc.* | 1,998 | 546,813 | ||||||
First Solar, Inc.* | 5,532 | 376,895 | ||||||
SunPower Corp. — Class A* | 14,156 | 223,806 | ||||||
Total Energy-Alternate Sources | 1,906,412 | |||||||
Chemicals - 1.8% | ||||||||
Daqo New Energy Corp. ADR* | 8,302 | 592,597 | ||||||
Electrical Components & Equipment - 0.9% | ||||||||
Universal Display Corp. | 2,946 | 297,958 | ||||||
Total Common Stocks | ||||||||
(Cost $19,252,801) | 31,785,263 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 117,490 | 117,490 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 45,755 | 45,755 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 45,302 | 45,302 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $208,547) | 208,547 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.7% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 865,986 | 865,986 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $865,986) | 865,986 | |||||||
Total Investments - 102.8% | ||||||||
(Cost $20,327,334) | $ | 32,859,796 | ||||||
Other Assets & Liabilities, net - (2.8)% | (884,012 | ) | ||||||
Total Net Assets - 100.0% | $ | 31,975,784 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
Electronics Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 31,785,263 | $ | — | $ | — | $ | 31,785,263 | |||||
Repurchase Agreements | — | 208,547 | — | 208,547 | |||||||||
Securities Lending Collateral | 865,986 | — | — | 865,986 | |||||||||
Total Assets | $ | 32,651,249 | $ | 208,547 | $ | — | $ | 32,859,796 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 63.1% | ||||||||
Technology - 19.2% | ||||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 11,060 | $ | 904,155 | |||||
Infosys Ltd. ADR | 12,030 | 222,675 | ||||||
NetEase, Inc. ADR | 1,383 | 129,117 | ||||||
United Microelectronics Corp. ADR1 | 14,090 | 95,389 | ||||||
ASE Technology Holding Company Ltd. ADR | 5,664 | 29,283 | ||||||
Bilibili, Inc. ADR*,1 | 708 | 18,125 | ||||||
Wipro Ltd. ADR | 3,404 | 18,075 | ||||||
Total Technology | 1,416,819 | |||||||
Communications - 16.4% | ||||||||
Alibaba Group Holding Ltd. ADR* | 4,817 | 547,597 | ||||||
JD.com, Inc. ADR | 3,216 | 206,531 | ||||||
Baidu, Inc. ADR* | 766 | 113,927 | ||||||
Pinduoduo, Inc. ADR* | 1,266 | 78,239 | ||||||
America Movil SAB de CV — Class L ADR | 3,655 | 74,672 | ||||||
Chunghwa Telecom Company Ltd. ADR | 1,236 | 50,985 | ||||||
Telkom Indonesia Persero Tbk PT ADR | 1,735 | 46,914 | ||||||
Trip.com Group Ltd. ADR* | 1,625 | 44,606 | ||||||
SK Telecom Company Ltd. ADR | 1,209 | 26,985 | ||||||
Grupo Televisa SAB ADR | 2,162 | 17,685 | ||||||
Total Communications | 1,208,141 | |||||||
Financial - 12.5% | ||||||||
HDFC Bank Ltd. ADR | 8,333 | 457,982 | ||||||
ICICI Bank Ltd. ADR | 9,479 | 168,157 | ||||||
KB Financial Group, Inc. ADR | 2,442 | 90,843 | ||||||
Banco Bradesco S.A. ADR | 19,669 | 64,121 | ||||||
Shinhan Financial Group Company Ltd. ADR | 1,717 | 49,037 | ||||||
China Life Insurance Company Ltd. ADR | 5,377 | 46,457 | ||||||
KE Holdings, Inc. ADR* | 1,287 | 23,102 | ||||||
Woori Financial Group, Inc. ADR1 | 727 | 20,560 | ||||||
Total Financial | 920,259 | |||||||
Basic Materials - 6.4% | ||||||||
Vale S.A. ADR | 14,462 | 211,579 | ||||||
POSCO Holdings, Inc. ADR | 1,190 | 52,979 | ||||||
Sasol Ltd. ADR* | 1,843 | 42,500 | ||||||
Sociedad Quimica y Minera de Chile S.A. ADR | 487 | 40,679 | ||||||
Suzano S.A. ADR1 | 3,035 | 28,772 | ||||||
Gold Fields Ltd. ADR | 3,030 | 27,633 | ||||||
Sibanye Stillwater Ltd. ADR | 2,334 | 23,270 | ||||||
AngloGold Ashanti Ltd. ADR | 1,538 | 22,747 | ||||||
Gerdau S.A. ADR | 4,338 | 18,610 | ||||||
Total Basic Materials | 468,769 | |||||||
Energy - 2.6% | ||||||||
Petroleo Brasileiro S.A. ADR | 7,040 | 82,227 | ||||||
China Petroleum & Chemical Corp. ADR | 1,671 | 74,844 | ||||||
PetroChina Company Ltd. ADR1 | 754 | 35,167 | ||||||
Total Energy | 192,238 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Consumer, Non-cyclical - 2.1% | ||||||||
Fomento Economico Mexicano SAB de CV ADR | 648 | $ | 43,734 | |||||
Dr Reddy's Laboratories Ltd. ADR | 761 | 42,152 | ||||||
Ambev S.A. ADR | 16,395 | 41,151 | ||||||
BeiGene Ltd. ADR* | 158 | 25,572 | ||||||
Total Consumer, Non-cyclical | 152,609 | |||||||
Consumer, Cyclical - 2.0% | ||||||||
NIO, Inc. ADR* | 4,370 | 94,917 | ||||||
Tata Motors Ltd. ADR* | 1,375 | 35,571 | ||||||
Huazhu Group Ltd. ADR | 381 | 14,516 | ||||||
Total Consumer, Cyclical | 145,004 | |||||||
Industrial - 1.7% | ||||||||
ZTO Express Cayman, Inc. ADR | 3,079 | 84,519 | ||||||
Cemex SAB de CV ADR* | 6,707 | 26,291 | ||||||
Grupo Aeroportuario del Pacifico SAB de CV ADR | 121 | 16,889 | ||||||
Total Industrial | 127,699 | |||||||
Utilities - 0.2% | ||||||||
Korea Electric Power Corp. ADR* | 1,792 | 15,734 | ||||||
Total Common Stocks | ||||||||
(Cost $4,353,352) | 4,647,272 |
PREFERRED STOCKS† - 2.0% | ||||||||
Financial - 1.0% | ||||||||
Itau Unibanco Holding S.A. | ||||||||
ADR | 17,998 | 77,031 | ||||||
Energy - 1.0% | ||||||||
Petroleo Brasileiro S.A. | ||||||||
ADR | 6,728 | 71,519 | ||||||
Total Preferred Stocks | ||||||||
(Cost $157,007) | 148,550 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 47.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | $ | 1,984,825 | 1,984,825 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 772,964 | 772,964 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 765,311 | 765,311 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $3,523,100) | 3,523,100 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,4 - 2.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%5 | 144,422 | 144,422 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $144,422) | 144,422 | |||||||
Total Investments - 115.0% | ||||||||
(Cost $8,177,881) | $ | 8,463,344 | ||||||
Other Assets & Liabilities, net - (15.0)% | (1,106,947 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,356,397 |
Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | |||||||||||
OTC Equity Index Swap Agreements†† | |||||||||||||||||||
Goldman Sachs International | BNY Mellon Emerging Markets 50 ADR Index | Pay | 2.13% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 3,144 | $ | 7,850,343 | $ | 110,067 | |||||||||
BNP Paribas | BNY Mellon Emerging Markets 50 ADR Index | Pay | 2.18% (Federal Funds Rate + 0.60%) | At Maturity | 11/17/22 | 843 | 2,104,415 | (188,783 | ) | ||||||||||
$ | 9,954,758 | $ | (78,716 | ) |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Securities lending collateral — See Note 5. |
5 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 4,647,272 | $ | — | $ | — | $ | 4,647,272 | |||||
Preferred Stocks | 148,550 | — | — | 148,550 | |||||||||
Repurchase Agreements | — | 3,523,100 | — | 3,523,100 | |||||||||
Securities Lending Collateral | 144,422 | — | — | 144,422 | |||||||||
Equity Index Swap Agreements** | — | 110,067 | — | 110,067 | |||||||||
Total Assets | $ | 4,940,244 | $ | 3,633,167 | $ | — | $ | 8,573,411 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Equity Index Swap Agreements** | $ | — | $ | 188,783 | $ | — | $ | 188,783 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Emerging Markets Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
U.S. TREASURY BILLS†† - 1.5% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/221,2 | $ | 2,000 | $ | 1,999 | ||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,999) | 1,999 |
REPURCHASE AGREEMENTS††,3 - 84.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/224 | 67,670 | 67,670 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/224 | 26,353 | 26,353 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/224 | 26,093 | 26,093 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $120,116) | 120,116 | |||||||
Total Investments - 86.1% | ||||||||
(Cost $122,115) | $ | 122,115 | ||||||
Other Assets & Liabilities, net - 13.9% | 19,794 | |||||||
Total Net Assets - 100.0% | $ | 141,909 |
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 | 1 | Sep 2022 | $ | 112,125 | $ | (819 | ) |
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 Depreciation** | |||||||||||||||||
Barclays Bank plc | ICE | CDX.EM.37.V1 | 1.00 | % | Quarterly | 06/20/27 | $ | 100,000 | $ | (9,998 | ) | $ | (7,374 | ) | $ | (2,624 | ) |
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 ETF | Pay | 0.60% (Federal Funds Rate + 0.60%) | At Maturity | 07/29/22 | 539 | $ | 9,987 | $ | 3 | |||||||||
Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | Pay | 2.18% (Federal Funds Rate + 0.60%) | At Maturity | 07/29/22 | 2,737 | 50,717 | (821 | ) | ||||||||||
$ | 60,704 | $ | (818 | ) |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | Repurchase Agreements — See Note 4. |
4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
Emerging Markets Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
CDX.EM.37.V1 — Credit Default Swap Emerging Markets 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 June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
U.S. Treasury Bills | $ | — | $ | 1,999 | $ | — | $ | 1,999 | |||||
Repurchase Agreements | — | 120,116 | — | 120,116 | |||||||||
Credit Index Swap Agreements** | — | 3 | — | 3 | |||||||||
Total Assets | $ | — | $ | 122,118 | $ | — | $ | 122,118 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Interest Rate Futures Contracts** | $ | 819 | $ | — | $ | — | $ | 819 | |||||
Credit Default Swap Agreements** | — | 2,624 | — | 2,624 | |||||||||
Credit Index Swap Agreements** | — | 821 | — | 821 | |||||||||
Total Liabilities | $ | 819 | $ | 3,445 | $ | — | $ | 4,264 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas - 66.0% | ||||||||
Exxon Mobil Corp. | 62,544 | $ | 5,356,268 | |||||
Chevron Corp. | 34,765 | 5,033,277 | ||||||
ConocoPhillips | 34,938 | 3,137,782 | ||||||
EOG Resources, Inc. | 21,727 | 2,399,530 | ||||||
Occidental Petroleum Corp. | 40,044 | 2,357,791 | ||||||
Pioneer Natural Resources Co. | 9,851 | 2,197,561 | ||||||
Marathon Petroleum Corp. | 24,074 | 1,979,124 | ||||||
Valero Energy Corp. | 18,576 | 1,974,257 | ||||||
Phillips 66 | 21,679 | 1,777,461 | ||||||
Hess Corp. | 16,686 | 1,767,715 | ||||||
Devon Energy Corp. | 31,921 | 1,759,166 | ||||||
Petroleo Brasileiro S.A. ADR | 125,859 | 1,470,033 | ||||||
Continental Resources, Inc. | 22,051 | 1,441,033 | ||||||
Diamondback Energy, Inc. | 11,417 | 1,383,170 | ||||||
Coterra Energy, Inc. — Class A | 51,775 | 1,335,277 | ||||||
BP plc ADR | 45,809 | 1,298,685 | ||||||
Marathon Oil Corp. | 52,348 | 1,176,783 | ||||||
Equities Corp. | 30,098 | 1,035,371 | ||||||
Texas Pacific Land Corp. | 677 | 1,007,390 | ||||||
Ovintiv, Inc. | 22,261 | 983,714 | ||||||
APA Corp. | 28,159 | 982,749 | ||||||
HF Sinclair Corp. | 21,297 | 961,773 | ||||||
Chesapeake Energy Corp. | 11,742 | 952,276 | ||||||
Shell plc ADR | 17,554 | 917,899 | ||||||
Suncor Energy, Inc. | 25,820 | 905,507 | ||||||
Canadian Natural Resources Ltd. | 14,987 | 804,502 | ||||||
Range Resources Corp.* | 29,010 | 717,997 | ||||||
PDC Energy, Inc. | 11,580 | 713,444 | ||||||
Equinor ASA ADR1 | 19,530 | 678,863 | ||||||
Helmerich & Payne, Inc. | 15,636 | 673,286 | ||||||
Matador Resources Co. | 14,272 | 664,932 | ||||||
Murphy Oil Corp. | 20,829 | 628,827 | ||||||
Magnolia Oil & Gas Corp. — Class A | 28,359 | 595,255 | ||||||
Civitas Resources, Inc. | 11,006 | 575,504 | ||||||
SM Energy Co. | 16,715 | 571,486 | ||||||
Patterson-UTI Energy, Inc. | 35,395 | 557,825 | ||||||
CVR Energy, Inc. | 16,266 | 544,911 | ||||||
PBF Energy, Inc. — Class A* | 18,327 | 531,850 | ||||||
Denbury, Inc.* | 8,447 | 506,736 | ||||||
California Resources Corp. | 12,963 | 499,075 | ||||||
CNX Resources Corp.* | 30,279 | 498,392 | ||||||
Comstock Resources, Inc.* | 35,958 | 434,373 | ||||||
Callon Petroleum Co.* | 10,968 | 429,946 | ||||||
Oasis Petroleum, Inc. | 3,494 | 425,045 | ||||||
Delek US Holdings, Inc. | 14,872 | 384,292 | ||||||
Northern Oil and Gas, Inc. | 14,863 | 375,439 | ||||||
Laredo Petroleum, Inc.* | 4,440 | 306,094 | ||||||
Talos Energy, Inc.* | 19,569 | 302,732 | ||||||
Total Oil & Gas | 58,012,398 | |||||||
Pipelines - 13.3% | ||||||||
Williams Companies, Inc. | 61,340 | 1,914,421 | ||||||
Kinder Morgan, Inc. | 112,724 | 1,889,254 | ||||||
Cheniere Energy, Inc. | 13,660 | 1,817,190 | ||||||
ONEOK, Inc. | 27,521 | 1,527,416 | ||||||
Enbridge, Inc. | 26,776 | 1,131,554 | ||||||
Targa Resources Corp. | 18,528 | 1,105,566 | ||||||
New Fortress Energy, Inc. | 22,107 | 874,774 | ||||||
TC Energy Corp. | 14,320 | 741,919 | ||||||
DT Midstream, Inc. | 13,612 | 667,260 | ||||||
Total Pipelines | 11,669,354 | |||||||
Oil & Gas Services - 7.5% | ||||||||
Schlumberger N.V. | 55,183 | 1,973,344 | ||||||
Baker Hughes Co. | 57,408 | 1,657,369 | ||||||
Halliburton Co. | 50,811 | 1,593,433 | ||||||
NOV, Inc. | 45,848 | 775,290 | ||||||
ChampionX Corp. | 29,821 | 591,947 | ||||||
Total Oil & Gas Services | 6,591,383 | |||||||
Energy-Alternate Sources - 7.4% | ||||||||
Enphase Energy, Inc.* | 8,657 | 1,690,193 | ||||||
SolarEdge Technologies, Inc.* | 4,449 | 1,217,602 | ||||||
Plug Power, Inc.* | 60,337 | 999,784 | ||||||
First Solar, Inc.* | 12,333 | 840,247 | ||||||
Sunrun, Inc.* | 30,165 | 704,654 | ||||||
SunPower Corp. — Class A* | 31,539 | 498,632 | ||||||
Green Plains, Inc.* | 12,772 | 347,015 | ||||||
TPI Composites, Inc.* | 16,285 | 203,563 | ||||||
Total Energy-Alternate Sources | 6,501,690 | |||||||
Coal - 1.6% | ||||||||
Peabody Energy Corp.* | 23,548 | 502,279 | ||||||
Arch Resources, Inc.1 | 3,265 | 467,189 | ||||||
CONSOL Energy, Inc.* | 7,856 | 387,929 | ||||||
Total Coal | 1,357,397 | |||||||
Retail - 1.2% | ||||||||
Murphy USA, Inc. | 3,179 | 740,294 | ||||||
World Fuel Services Corp. | 16,381 | 335,155 | ||||||
Total Retail | 1,075,449 | |||||||
Mining - 0.9% | ||||||||
Cameco Corp. | 37,371 | 785,538 | ||||||
Machinery-Diversified - 0.6% | ||||||||
Cactus, Inc. — Class A | 12,925 | 520,490 | ||||||
Electrical Components & Equipment - 0.5% | ||||||||
EnerSys | 7,932 | 467,671 | ||||||
Electric - 0.5% | ||||||||
Ameresco, Inc. — Class A* | 10,090 | 459,700 | ||||||
Total Common Stocks | ||||||||
(Cost $71,518,058) | 87,441,070 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.2% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 108,827 | 108,827 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 42,381 | 42,381 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 41,962 | 41,962 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $193,170) | 193,170 |
Energy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 1.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 895,773 | $ | 895,773 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $895,773) | 895,773 | |||||||
Total Investments - 100.7% | ||||||||
(Cost $72,607,001) | $ | 88,530,013 | ||||||
Other Assets & Liabilities, net - (0.7)% | (641,228 | ) | ||||||
Total Net Assets - 100.0% | $ | 87,888,785 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 87,441,070 | $ | — | $ | — | $ | 87,441,070 | |||||
Repurchase Agreements | — | 193,170 | — | 193,170 | |||||||||
Securities Lending Collateral | 895,773 | — | — | 895,773 | |||||||||
Total Assets | $ | 88,336,843 | $ | 193,170 | $ | — | $ | 88,530,013 |
Energy Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Oil & Gas Services - 68.7% | ||||||||
Schlumberger N.V. | 113,332 | $ | 4,052,752 | |||||
Baker Hughes Co. | 117,895 | 3,403,629 | ||||||
Halliburton Co. | 104,354 | 3,272,542 | ||||||
NOV, Inc. | 94,164 | 1,592,313 | ||||||
ChampionX Corp. | 61,251 | 1,215,832 | ||||||
Liberty Energy, Inc. — Class A* | 71,740 | 915,402 | ||||||
Expro Group Holdings N.V.* | 65,052 | 749,399 | ||||||
Archrock, Inc. | 86,015 | 711,344 | ||||||
Weatherford International plc* | 31,818 | 673,587 | ||||||
Oceaneering International, Inc.* | 61,364 | 655,368 | ||||||
NOW, Inc.* | 66,844 | 653,734 | ||||||
Core Laboratories N.V. | 31,190 | 617,874 | ||||||
Dril-Quip, Inc.* | 23,380 | 603,204 | ||||||
ProPetro Holding Corp.* | 58,049 | 580,490 | ||||||
MRC Global, Inc.* | 56,819 | 565,917 | ||||||
US Silica Holdings, Inc.* | 49,247 | 562,401 | ||||||
Tidewater, Inc.* | 26,560 | 560,150 | ||||||
Bristow Group, Inc.* | 21,526 | 503,709 | ||||||
National Energy Services Reunited Corp.* | 73,862 | 500,784 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 37,878 | 412,113 | ||||||
DMC Global, Inc.* | 20,909 | 376,989 | ||||||
Oil States International, Inc.* | 63,606 | 344,745 | ||||||
Matrix Service Co.* | 45,352 | 229,481 | ||||||
Total Oil & Gas Services | 23,753,759 | |||||||
Oil & Gas - 14.2% | ||||||||
Helmerich & Payne, Inc. | 32,102 | 1,382,312 | ||||||
Patterson-UTI Energy, Inc. | 72,693 | 1,145,641 | ||||||
Valaris Ltd.* | 23,800 | 1,005,312 | ||||||
Noble Corp.* | 27,542 | 698,190 | ||||||
Nabors Industries Ltd.* | 5,192 | 695,209 | ||||||
Total Oil & Gas | 4,926,664 | |||||||
Energy-Alternate Sources - 10.2% | ||||||||
SolarEdge Technologies, Inc.* | 7,568 | 2,071,210 | ||||||
Sunrun, Inc.* | 61,960 | $ | 1,447,386 | |||||
Total Energy-Alternate Sources | 3,518,596 | |||||||
Machinery-Diversified - 3.1% | ||||||||
Cactus, Inc. — Class A | 26,549 | 1,069,128 | ||||||
Metal Fabricate & Hardware - 2.4% | ||||||||
Tenaris S.A. ADR | 32,979 | 847,230 | ||||||
Retail - 0.9% | ||||||||
Aspen Aerogels, Inc.*,1 | 31,548 | 311,694 | ||||||
Total Common Stocks | ||||||||
(Cost $34,360,996) | 34,427,071 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 113,513 | 113,513 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 44,206 | 44,206 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 43,768 | 43,768 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $201,487) | 201,487 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 207,034 | 207,034 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $207,034) | 207,034 | |||||||
Total Investments - 100.7% | ||||||||
(Cost $34,769,517) | $ | 34,835,592 | ||||||
Other Assets & Liabilities, net - (0.7)% | (240,342 | ) | ||||||
Total Net Assets - 100.0% | $ | 34,595,250 |
Energy Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 34,427,071 | $ | — | $ | — | $ | 34,427,071 | ||||||||
Repurchase Agreements | — | 201,487 | — | 201,487 | ||||||||||||
Securities Lending Collateral | 207,034 | — | — | 207,034 | ||||||||||||
Total Assets | $ | 34,634,105 | $ | 201,487 | $ | — | $ | 34,835,592 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 13.1% | ||||||||
Consumer, Non-cyclical - 5.9% | ||||||||
Nestle S.A. ADR | 500 | $ | 58,195 | |||||
Roche Holding AG ADR | 998 | 41,627 | ||||||
Novartis AG ADR | 426 | 36,010 | ||||||
AstraZeneca plc ADR | 545 | 36,008 | ||||||
Novo Nordisk A/S ADR | 291 | 32,426 | ||||||
Unilever plc ADR | 467 | 21,402 | ||||||
Sanofi ADR | 407 | 20,362 | ||||||
GSK plc ADR | 447 | 19,458 | ||||||
Diageo plc ADR | 101 | 17,586 | ||||||
British American Tobacco plc ADR | 370 | 15,877 | ||||||
L'Oreal S.A. ADR1 | 215 | 14,846 | ||||||
Bayer AG ADR | 696 | 10,349 | ||||||
Reckitt Benckiser Group plc ADR1 | 645 | 9,823 | ||||||
RELX plc ADR | 349 | 9,402 | ||||||
Anheuser-Busch InBev S.A. ADR | 159 | 8,578 | ||||||
EssilorLuxottica S.A. ADR | 107 | 8,007 | ||||||
Adyen N.V. ADR* | 506 | 7,393 | ||||||
Total Consumer, Non-cyclical | 367,349 | |||||||
Financial - 1.6% | ||||||||
HSBC Holdings plc ADR | 728 | 23,784 | ||||||
Allianz SE ADR | 727 | 13,835 | ||||||
Zurich Insurance Group AG ADR | 266 | 11,584 | ||||||
BNP Paribas S.A. ADR | 405 | 9,720 | ||||||
UBS Group AG | 586 | 9,505 | ||||||
Banco Santander S.A. ADR | 3,056 | 8,557 | ||||||
AXA S.A. ADR | 349 | 7,954 | ||||||
Prudential plc ADR | 242 | 6,076 | ||||||
Intesa Sanpaolo SpA ADR | 538 | 6,031 | ||||||
Total Financial | 97,046 | |||||||
Energy - 1.2% | ||||||||
Shell plc ADR | 657 | 34,354 | ||||||
TotalEnergies SE ADR | 462 | 24,320 | ||||||
BP plc ADR | 572 | 16,216 | ||||||
Total Energy | 74,890 | |||||||
Basic Materials - 1.1% | ||||||||
Linde plc | 89 | 25,590 | ||||||
Air Liquide S.A. ADR | 465 | 12,465 | ||||||
Rio Tinto plc ADR1 | 188 | 11,468 | ||||||
Glencore plc ADR | 970 | 10,486 | ||||||
BASF SE ADR | 655 | 7,140 | ||||||
Total Basic Materials | 67,149 | |||||||
Industrial - 0.9% | ||||||||
Siemens AG ADR1 | 266 | 13,588 | ||||||
Schneider Electric SE ADR | 506 | 11,937 | ||||||
Airbus SE ADR | 414 | 10,056 | ||||||
Vinci S.A. ADR | 400 | 8,928 | ||||||
ABB Ltd. ADR | 273 | 7,297 | ||||||
Deutsche Post AG ADR | 175 | 6,571 | ||||||
Total Industrial | 58,377 | |||||||
Consumer, Cyclical - 0.9% | ||||||||
LVMH Moet Hennessy Louis Vuitton SE ADR | 233 | 28,477 | ||||||
Cie Financiere Richemont S.A. ADR1 | 930 | 9,933 | ||||||
Mercedes-Benz Group AG ADR | 560 | 8,103 | ||||||
Kering S.A. ADR | 129 | 6,645 | ||||||
Total Consumer, Cyclical | 53,158 | |||||||
Technology - 0.8% | ||||||||
ASML Holding N.V. — Class G | 72 | 34,263 | ||||||
SAP SE ADR | 193 | 17,509 | ||||||
Total Technology | 51,772 | |||||||
Communications - 0.4% | ||||||||
Deutsche Telekom AG ADR | 614 | 12,231 | ||||||
Prosus N.V. ADR | 776 | 10,158 | ||||||
Total Communications | 22,389 | |||||||
Utilities - 0.3% | ||||||||
Iberdrola S.A. ADR | 261 | 10,798 | ||||||
Enel SpA ADR | 1,390 | 7,575 | ||||||
Total Utilities | 18,373 | |||||||
Total Common Stocks | ||||||||
(Cost $809,236) | 810,503 | |||||||
MUTUAL FUNDS† - 8.6% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 27,731 | 267,604 | ||||||
Guggenheim Strategy Fund II2 | 11,042 | 266,555 | ||||||
Total Mutual Funds | ||||||||
(Cost $549,966) | 534,159 | |||||||
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 4.9% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/223,4 | $ | 302,000 | 301,845 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $301,839) | 301,845 | |||||||
REPURCHASE AGREEMENTS††,5 - 69.2% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | 2,413,992 | 2,413,992 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 940,097 | 940,097 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 930,790 | 930,790 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $4,284,879) | 4,284,879 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.7% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%7 | 46,359 | 46,359 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $46,359) | 46,359 | |||||||
Total Investments - 96.5% | ||||||||
(Cost $5,992,279) | $ | 5,977,745 | ||||||
Other Assets & Liabilities, net - 3.5% | 215,983 | |||||||
Total Net Assets - 100.0% | $ | 6,193,728 |
Europe 1.25x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
Euro FX Futures Contracts | 53 | Sep 2022 | $ | 6,980,763 | $ | (4,648 | ) | |||||||
Equity Futures Contracts Purchased† | ||||||||||||||
STOXX 50 Index Futures Contracts | 192 | Sep 2022 | 6,911,034 | (21,532 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 810,503 | $ | — | $ | — | $ | 810,503 | ||||||||
Mutual Funds | 534,159 | — | — | 534,159 | ||||||||||||
U.S. Treasury Bills | — | 301,845 | — | 301,845 | ||||||||||||
Repurchase Agreements | — | 4,284,879 | — | 4,284,879 | ||||||||||||
Securities Lending Collateral | 46,359 | — | — | 46,359 | ||||||||||||
Total Assets | $ | 1,391,021 | $ | 4,586,724 | $ | — | $ | 5,977,745 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 21,532 | $ | — | $ | — | $ | 21,532 | ||||||||
Currency Futures Contracts** | 4,648 | — | — | 4,648 | ||||||||||||
Total Liabilities | $ | 26,180 | $ | — | $ | — | $ | 26,180 |
** | 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) | June 30, 2022 |
Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:
| ||||||||||||||||||||||||||||||||
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 271,082 | $ | – | $ | – | $ | – | $ | (4,527 | ) | $ | 266,555 | 11,042 | $ | 1,381 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 271,487 | – | – | – | (3,883 | ) | 267,604 | 27,731 | 932 | |||||||||||||||||||||||
$ | 542,569 | $ | – | $ | – | $ | – | $ | (8,410 | ) | $ | 534,159 | $ | 2,313 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
REITs - 29.3% | ||||||||
American Tower Corp. — Class A | 716 | $ | 183,002 | |||||
Prologis, Inc. | 1,329 | 156,357 | ||||||
Crown Castle International Corp. | 886 | 149,185 | ||||||
Equinix, Inc. | 200 | 131,404 | ||||||
Public Storage | 396 | 123,817 | ||||||
Realty Income Corp. | 1,574 | 107,441 | ||||||
Digital Realty Trust, Inc. | 795 | 103,215 | ||||||
Welltower, Inc. | 1,252 | 103,102 | ||||||
SBA Communications Corp. | 322 | 103,056 | ||||||
Simon Property Group, Inc. | 992 | 94,161 | ||||||
VICI Properties, Inc. | 2,983 | 88,864 | ||||||
AvalonBay Communities, Inc. | 452 | 87,801 | ||||||
Equity Residential | 1,215 | 87,747 | ||||||
Alexandria Real Estate Equities, Inc. | 595 | 86,293 | ||||||
Weyerhaeuser Co. | 2,549 | 84,423 | ||||||
Extra Space Storage, Inc. | 477 | 81,147 | ||||||
Invitation Homes, Inc. | 2,203 | 78,383 | ||||||
Duke Realty Corp. | 1,396 | 76,710 | ||||||
Mid-America Apartment Communities, Inc. | 439 | 76,680 | ||||||
Ventas, Inc. | 1,482 | 76,219 | ||||||
Sun Communities, Inc. | 462 | 73,624 | ||||||
Essex Property Trust, Inc. | 267 | 69,823 | ||||||
WP Carey, Inc. | 798 | 66,122 | ||||||
UDR, Inc. | 1,413 | 65,055 | ||||||
Camden Property Trust | 474 | 63,744 | ||||||
Healthpeak Properties, Inc. | 2,417 | 62,624 | ||||||
Boston Properties, Inc. | 702 | 62,464 | ||||||
American Homes 4 Rent — Class A | 1,692 | 59,965 | ||||||
Kimco Realty Corp. | 3,022 | 59,745 | ||||||
Equity LifeStyle Properties, Inc. | 844 | 59,477 | ||||||
Gaming and Leisure Properties, Inc. | 1,238 | 56,775 | ||||||
Host Hotels & Resorts, Inc. | 3,427 | 53,735 | ||||||
Regency Centers Corp. | 905 | 53,676 | ||||||
Medical Properties Trust, Inc. | 3,419 | 52,208 | ||||||
CubeSmart | 1,219 | 52,076 | ||||||
Lamar Advertising Co. — Class A | 581 | 51,111 | ||||||
Rexford Industrial Realty, Inc. | 887 | 51,082 | ||||||
Life Storage, Inc. | 457 | 51,029 | ||||||
American Campus Communities, Inc.* | 772 | 49,771 | ||||||
Americold Realty Trust, Inc. | 1,626 | 48,845 | ||||||
National Retail Properties, Inc. | 1,081 | 46,483 | ||||||
Federal Realty OP, LP | 484 | 46,338 | ||||||
STORE Capital Corp. | 1,728 | 45,066 | ||||||
Omega Healthcare Investors, Inc. | 1,537 | 43,328 | ||||||
AGNC Investment Corp. | 3,868 | 42,819 | ||||||
First Industrial Realty Trust, Inc. | 882 | 41,877 | ||||||
Brixmor Property Group, Inc. | 2,063 | 41,693 | ||||||
Kilroy Realty Corp. | 795 | 41,602 | ||||||
Healthcare Trust of America, Inc. — Class A | 1,488 | 41,530 | ||||||
Agree Realty Corp. | 562 | 40,537 | ||||||
Vornado Realty Trust | 1,389 | 39,712 | ||||||
Spirit Realty Capital, Inc. | 997 | 37,667 | ||||||
Independence Realty Trust, Inc. | 1,707 | 35,386 | ||||||
Healthcare Realty Trust, Inc. | 1,165 | 31,688 | ||||||
Park Hotels & Resorts, Inc. | 2,185 | 29,650 | ||||||
SL Green Realty Corp. | 614 | 28,336 | ||||||
Total REITs | 3,875,670 | |||||||
Banks - 24.6% | ||||||||
JPMorgan Chase & Co. | 2,611 | 294,025 | ||||||
Bank of America Corp. | 8,275 | 257,601 | ||||||
Wells Fargo & Co. | 5,217 | 204,350 | ||||||
Morgan Stanley | 2,563 | 194,942 | ||||||
Goldman Sachs Group, Inc. | 586 | 174,054 | ||||||
Citigroup, Inc. | 3,330 | 153,147 | ||||||
PNC Financial Services Group, Inc. | 878 | 138,522 | ||||||
U.S. Bancorp | 2,989 | 137,554 | ||||||
Truist Financial Corp. | 2,820 | 133,753 | ||||||
Bank of New York Mellon Corp. | 2,305 | 96,141 | ||||||
M&T Bank Corp. | 559 | 89,099 | ||||||
First Republic Bank | 608 | 87,674 | ||||||
SVB Financial Group* | 209 | 82,553 | ||||||
Fifth Third Bancorp | 2,403 | 80,741 | ||||||
State Street Corp. | 1,272 | 78,419 | ||||||
Northern Trust Corp. | 804 | 77,570 | ||||||
ICICI Bank Ltd. ADR | 4,343 | 77,045 | ||||||
HDFC Bank Ltd. ADR | 1,343 | 73,811 | ||||||
Regions Financial Corp. | 3,781 | 70,894 | ||||||
Citizens Financial Group, Inc. | 1,977 | 70,559 | ||||||
Huntington Bancshares, Inc. | 5,816 | 69,966 | ||||||
Royal Bank of Canada | 699 | 67,677 | ||||||
KeyCorp | 3,895 | 67,111 | ||||||
Bank of Nova Scotia | 1,078 | 63,828 | ||||||
Signature Bank | 333 | 59,677 | ||||||
First Horizon Corp. | 2,725 | 59,568 | ||||||
East West Bancorp, Inc. | 809 | 52,423 | ||||||
Comerica, Inc. | 704 | 51,659 | ||||||
Western Alliance Bancorporation | 670 | 47,302 | ||||||
Webster Financial Corp. | 1,105 | 46,576 | ||||||
Zions Bancorp North America | 895 | 45,555 | ||||||
Synovus Financial Corp. | 1,112 | 40,088 | ||||||
Silvergate Capital Corp. — Class A* | 406 | 21,733 | ||||||
Total Banks | 3,265,617 | |||||||
Insurance - 21.6% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 1,474 | 402,431 | ||||||
Marsh & McLennan Companies, Inc. | 987 | 153,232 | ||||||
Progressive Corp. | 1,205 | 140,105 | ||||||
Aon plc — Class A | 486 | 131,064 | ||||||
Chubb Ltd. | 626 | 123,059 | ||||||
MetLife, Inc. | 1,914 | 120,180 | ||||||
American International Group, Inc. | 2,138 | 109,316 | ||||||
Travelers Companies, Inc. | 646 | 109,258 | ||||||
Prudential Financial, Inc. | 1,084 | 103,717 | ||||||
Arthur J Gallagher & Co. | 629 | 102,552 | ||||||
Allstate Corp. | 803 | 101,764 | ||||||
Aflac, Inc. | 1,831 | 101,309 | ||||||
Willis Towers Watson plc | 456 | 90,010 |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Insurance - 21.6% (continued) | ||||||||
Hartford Financial Services Group, Inc. | 1,205 | $ | 78,843 | |||||
Cincinnati Financial Corp. | 637 | 75,790 | ||||||
Brown & Brown, Inc. | 1,223 | 71,350 | ||||||
Principal Financial Group, Inc. | 1,064 | 71,065 | ||||||
RenaissanceRe Holdings Ltd. | 426 | 66,614 | ||||||
Loews Corp. | 1,101 | 65,245 | ||||||
Markel Corp.* | 47 | 60,783 | ||||||
American Financial Group, Inc. | 429 | 59,550 | ||||||
Fidelity National Financial, Inc. | 1,534 | 56,697 | ||||||
Equitable Holdings, Inc. | 2,049 | 53,417 | ||||||
Globe Life, Inc. | 541 | 52,731 | ||||||
Assurant, Inc. | 301 | 52,028 | ||||||
Reinsurance Group of America, Inc. — Class A | 420 | 49,262 | ||||||
Lincoln National Corp. | 1,027 | 48,033 | ||||||
Old Republic International Corp. | 2,027 | 45,324 | ||||||
Unum Group | 1,326 | 45,111 | ||||||
First American Financial Corp. | 808 | 42,759 | ||||||
Voya Financial, Inc. | 712 | 42,385 | ||||||
MGIC Investment Corp. | 2,811 | 35,419 | ||||||
Total Insurance | 2,860,403 | |||||||
Diversified Financial Services - 16.0% | ||||||||
Charles Schwab Corp. | 2,939 | 185,686 | ||||||
American Express Co. | 1,251 | 173,414 | ||||||
BlackRock, Inc. — Class A | 269 | 163,832 | ||||||
CME Group, Inc. — Class A | 680 | 139,196 | ||||||
Intercontinental Exchange, Inc. | 1,256 | 118,114 | ||||||
Capital One Financial Corp. | 1,058 | 110,233 | ||||||
Apollo Global Management, Inc. | 1,888 | 91,530 | ||||||
Discover Financial Services | 948 | 89,662 | ||||||
T. Rowe Price Group, Inc. | 776 | 88,161 | ||||||
Ameriprise Financial, Inc. | 364 | 86,515 | ||||||
Nasdaq, Inc. | 545 | 83,134 | ||||||
Raymond James Financial, Inc. | 832 | 74,389 | ||||||
Tradeweb Markets, Inc. — Class A | 964 | 65,793 | ||||||
LPL Financial Holdings, Inc. | 352 | 64,937 | ||||||
Synchrony Financial | 2,200 | 60,764 | ||||||
Cboe Global Markets, Inc. | 512 | 57,953 | ||||||
Franklin Resources, Inc. | 2,434 | 56,737 | ||||||
Ally Financial, Inc. | 1,691 | 56,665 | ||||||
Coinbase Global, Inc. — Class A* | 1,094 | 51,440 | ||||||
Invesco Ltd. | 2,836 | 45,745 | ||||||
Jefferies Financial Group, Inc. | 1,600 | 44,192 | ||||||
Stifel Financial Corp. | 726 | 40,671 | ||||||
OneMain Holdings, Inc. | 1,030 | 38,501 | ||||||
SLM Corp. | 2,374 | 37,842 | ||||||
SoFi Technologies, Inc.* | 6,954 | 36,648 | ||||||
Evercore, Inc. — Class A | 343 | 32,108 | ||||||
Upstart Holdings, Inc.*,1 | 907 | 28,679 | ||||||
Total Diversified Financial Services | 2,122,541 | |||||||
Private Equity - 3.7% | ||||||||
Blackstone, Inc. — Class A | 1,998 | 182,277 | ||||||
KKR & Company, Inc. — Class A | 2,348 | 108,689 | ||||||
Ares Management Corp. — Class A | 1,283 | 72,951 | ||||||
Brookfield Asset Management, Inc. — Class A | 1,482 | 65,905 | ||||||
Carlyle Group, Inc. | 1,812 | 57,368 | ||||||
Total Private Equity | 487,190 | |||||||
Commercial Services - 2.7% | ||||||||
S&P Global, Inc. | 545 | 183,698 | ||||||
Moody's Corp. | 451 | 122,658 | ||||||
MarketAxess Holdings, Inc. | 197 | 50,434 | ||||||
Total Commercial Services | 356,790 | |||||||
Software - 0.8% | ||||||||
MSCI, Inc. — Class A | 243 | 100,153 | ||||||
Media - 0.5% | ||||||||
FactSet Research Systems, Inc. | 174 | 66,915 | ||||||
Savings & Loans - 0.3% | ||||||||
New York Community Bancorp, Inc. | 3,892 | 35,534 | ||||||
Total Common Stocks | ||||||||
(Cost $15,401,284) | 13,170,813 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 46,867 | 46,867 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 18,251 | 18,251 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 18,071 | 18,071 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $83,189) | 83,189 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 18,711 | 18,711 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $18,711) | 18,711 | |||||||
Total Investments - 100.2% | ||||||||
(Cost $15,503,184) | $ | 13,272,713 | ||||||
Other Assets & Liabilities, net - (0.2)% | (28,072 | ) | ||||||
Total Net Assets - 100.0% | $ | 13,244,641 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
Financial Services Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 13,170,813 | $ | — | $ | — | $ | 13,170,813 | ||||||||
Repurchase Agreements | — | 83,189 | — | 83,189 | ||||||||||||
Securities Lending Collateral | 18,711 | — | — | 18,711 | ||||||||||||
Total Assets | $ | 13,189,524 | $ | 83,189 | $ | — | $ | 13,272,713 |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 16.9% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 564,487 | $ | 5,447,299 | |||||
Guggenheim Strategy Fund II1 | 164,119 | 3,961,842 | ||||||
Total Mutual Funds | ||||||||
(Cost $9,693,263) | 9,409,141 | |||||||
Face Amount | ||||||||
U.S. GOVERNMENT SECURITIES†† - 78.4% | ||||||||
U.S. Treasury Bonds | ||||||||
2.88% due 05/15/52 | $ | 46,000,000 | 43,441,250 | |||||
Total U.S. Government Securities | ||||||||
(Cost $42,708,959) | 43,441,250 | |||||||
U.S. TREASURY BILLS†† - 2.6% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 1,432,000 | 1,431,268 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $1,431,234) | 1,431,268 | |||||||
REPURCHASE AGREEMENTS††,4 - 1.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | 464,031 | 464,031 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 180,711 | 180,711 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 178,921 | 178,921 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $823,663) | 823,663 | |||||||
Total Investments - 99.4% | ||||||||
(Cost $54,657,119) | $ | 55,105,322 | ||||||
Other Assets & Liabilities, net - 0.6% | 306,704 | |||||||
Total Net Assets - 100.0% | $ | 55,412,026 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Interest Rate Futures Contracts Purchased† | ||||||||||||||
U.S. Treasury Ultra Long Bond Futures Contracts | 165 | Sep 2022 | $ | 25,275,938 | $ | 53,663 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 9,409,141 | $ | — | $ | — | $ | 9,409,141 | ||||||||
U.S. Government Securities | — | 43,441,250 | — | 43,441,250 | ||||||||||||
U.S. Treasury Bills | — | 1,431,268 | — | 1,431,268 | ||||||||||||
Repurchase Agreements | — | 823,663 | — | 823,663 | ||||||||||||
Interest Rate Futures Contracts** | 53,663 | — | — | 53,663 | ||||||||||||
Total Assets | $ | 9,462,804 | $ | 45,696,181 | $ | — | $ | 55,158,985 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Government Long Bond 1.2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
| ||||||||||||||||||||||||||||||||
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,728,073 | $ | – | $ | (1,700,000 | ) | $ | (26,091 | ) | $ | (40,140 | ) | $ | 3,961,842 | 164,119 | $ | 20,817 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 5,526,328 | – | – | – | (79,029 | ) | 5,447,299 | 564,487 | 18,961 | |||||||||||||||||||||||
$ | 11,254,401 | $ | – | $ | (1,700,000 | ) | $ | (26,091 | ) | $ | (119,169 | ) | $ | 9,409,141 | $ | 39,778 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Pharmaceuticals - 31.3% | ||||||||
Johnson & Johnson | 6,220 | $ | 1,104,112 | |||||
Eli Lilly & Co. | 2,936 | 951,939 | ||||||
Pfizer, Inc. | 17,484 | 916,686 | ||||||
AbbVie, Inc. | 5,676 | 869,336 | ||||||
Merck & Company, Inc. | 8,742 | 797,008 | ||||||
Bristol-Myers Squibb Co. | 8,687 | 668,899 | ||||||
CVS Health Corp. | 6,135 | 568,469 | ||||||
Cigna Corp. | 1,801 | 474,600 | ||||||
Zoetis, Inc. | 2,761 | 474,588 | ||||||
Becton Dickinson and Co. | 1,765 | 435,125 | ||||||
McKesson Corp. | 1,107 | 361,115 | ||||||
AstraZeneca plc ADR | 5,091 | 336,362 | ||||||
Dexcom, Inc.* | 3,890 | 289,922 | ||||||
AmerisourceBergen Corp. — Class A | 1,949 | 275,745 | ||||||
GSK plc ADR | 5,392 | 234,714 | ||||||
Novartis AG ADR | 2,592 | 219,102 | ||||||
Jazz Pharmaceuticals plc* | 1,343 | 209,521 | ||||||
Perrigo Company plc | 4,904 | 198,955 | ||||||
Cardinal Health, Inc. | 3,748 | 195,908 | ||||||
Viatris, Inc. | 17,378 | 181,948 | ||||||
Neurocrine Biosciences, Inc.* | 1,672 | 162,987 | ||||||
Elanco Animal Health, Inc.* | 7,815 | 153,408 | ||||||
Bausch Health Companies, Inc.* | 11,346 | 94,853 | ||||||
Total Pharmaceuticals | 10,175,302 | |||||||
Healthcare-Products - 30.3% | ||||||||
Thermo Fisher Scientific, Inc. | 1,415 | 768,741 | ||||||
Abbott Laboratories | 6,657 | 723,283 | ||||||
Danaher Corp. | 2,789 | 707,067 | ||||||
Medtronic plc | 6,530 | 586,068 | ||||||
Stryker Corp. | 2,257 | 448,985 | ||||||
Intuitive Surgical, Inc.* | 2,200 | 441,562 | ||||||
Edwards Lifesciences Corp.* | 4,224 | 401,660 | ||||||
Boston Scientific Corp.* | 10,100 | 376,427 | ||||||
ResMed, Inc. | 1,391 | 291,595 | ||||||
Baxter International, Inc. | 4,517 | 290,127 | ||||||
IDEXX Laboratories, Inc.* | 808 | 283,390 | ||||||
West Pharmaceutical Services, Inc. | 817 | 247,036 | ||||||
STERIS plc | 1,171 | 241,402 | ||||||
Zimmer Biomet Holdings, Inc. | 2,296 | 241,218 | ||||||
Avantor, Inc.* | 7,598 | 236,298 | ||||||
Waters Corp.* | 709 | 234,665 | ||||||
Align Technology, Inc.* | 950 | 224,837 | ||||||
PerkinElmer, Inc. | 1,542 | 219,303 | ||||||
Hologic, Inc.* | 3,087 | 213,929 | ||||||
Insulet Corp.* | 970 | 211,402 | ||||||
Cooper Companies, Inc. | 660 | 206,659 | ||||||
Bio-Techne Corp. | 563 | 195,158 | ||||||
ABIOMED, Inc.* | 746 | 184,642 | ||||||
Teleflex, Inc. | 706 | 173,570 | ||||||
Henry Schein, Inc.* | 2,245 | 172,281 | ||||||
Repligen Corp.* | 1,011 | 164,186 | ||||||
Bruker Corp. | 2,565 | 160,979 | ||||||
Dentsply Sirona, Inc. | 4,037 | 144,242 | ||||||
Exact Sciences Corp.* | 3,615 | 142,395 | ||||||
Masimo Corp.* | 1,086 | 141,908 | ||||||
Envista Holdings Corp.* | 3,467 | 133,618 | ||||||
QuidelOrtho Corp.* | 1,313 | 127,597 | ||||||
10X Genomics, Inc. — Class A* | 2,810 | 127,153 | ||||||
Inspire Medical Systems, Inc.* | 679 | 124,033 | ||||||
Tandem Diabetes Care, Inc.* | 1,771 | 104,826 | ||||||
Natera, Inc.* | 2,698 | 95,617 | ||||||
Nevro Corp.* | 1,476 | 64,693 | ||||||
Total Healthcare-Products | 9,852,552 | |||||||
Biotechnology - 17.7% | ||||||||
Amgen, Inc. | 2,453 | 596,815 | ||||||
Gilead Sciences, Inc. | 7,394 | 457,023 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,609 | 453,400 | ||||||
Regeneron Pharmaceuticals, Inc.* | 712 | 420,885 | ||||||
Moderna, Inc.* | 2,915 | 416,408 | ||||||
Seagen, Inc.* | 1,777 | 314,422 | ||||||
Biogen, Inc.* | 1,419 | 289,391 | ||||||
Illumina, Inc.* | 1,476 | 272,115 | ||||||
Royalty Pharma plc — Class A | 6,355 | 267,164 | ||||||
BioNTech SE ADR | 1,698 | 253,172 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,506 | 219,650 | ||||||
Horizon Therapeutics plc* | 2,731 | 217,825 | ||||||
Incyte Corp.* | 2,843 | 215,983 | ||||||
BioMarin Pharmaceutical, Inc.* | 2,544 | 210,821 | ||||||
United Therapeutics Corp.* | 740 | 174,374 | ||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 1,107 | 161,301 | ||||||
Sarepta Therapeutics, Inc.* | 1,913 | 143,398 | ||||||
Novavax, Inc.* | 2,311 | 118,855 | ||||||
Mirati Therapeutics, Inc.* | 1,698 | 113,987 | ||||||
Apellis Pharmaceuticals, Inc.* | 2,420 | 109,432 | ||||||
Intellia Therapeutics, Inc.* | 2,097 | 108,541 | ||||||
Guardant Health, Inc.* | 2,674 | 107,869 | ||||||
Fate Therapeutics, Inc.* | 3,494 | 86,581 | ||||||
Total Biotechnology | 5,729,412 | |||||||
Healthcare-Services - 17.0% | ||||||||
UnitedHealth Group, Inc. | 2,308 | 1,185,458 | ||||||
Elevance Health, Inc. | 1,171 | 565,101 | ||||||
Humana, Inc. | 878 | 410,965 | ||||||
Centene Corp.* | 4,387 | 371,184 | ||||||
HCA Healthcare, Inc. | 2,154 | 362,001 | ||||||
IQVIA Holdings, Inc.* | 1,585 | 343,929 | ||||||
Laboratory Corporation of America Holdings | 1,032 | 241,859 | ||||||
Catalent, Inc.* | 2,157 | 231,425 | ||||||
ICON plc* | 1,023 | 221,684 | ||||||
Molina Healthcare, Inc.* | 775 | 216,698 | ||||||
Quest Diagnostics, Inc. | 1,524 | 202,662 | ||||||
Charles River Laboratories International, Inc.* | 802 | 171,604 | ||||||
Syneos Health, Inc.* | 2,052 | 147,087 | ||||||
Universal Health Services, Inc. — Class B | 1,406 | 141,598 | ||||||
DaVita, Inc.* | 1,681 | 134,413 | ||||||
Teladoc Health, Inc.* | 3,775 | 125,368 | ||||||
Tenet Healthcare Corp.* | 2,360 | 124,042 | ||||||
Encompass Health Corp. | 2,206 | 123,646 | ||||||
Oak Street Health, Inc.* | 6,596 | 108,438 | ||||||
Amedisys, Inc.* | 830 | 87,250 | ||||||
Total Healthcare-Services | 5,516,412 | |||||||
Electronics - 1.8% | ||||||||
Agilent Technologies, Inc. | 2,595 | 308,208 |
Health Care Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Electronics - 1.8% (continued) | ||||||||
Mettler-Toledo International, Inc.* | 235 | $ | 269,961 | |||||
Total Electronics | 578,169 | |||||||
Software - 1.3% | ||||||||
Veeva Systems, Inc. — Class A* | 1,509 | 298,843 | ||||||
Doximity, Inc. — Class A* | 3,932 | 136,912 | ||||||
Total Software | 435,755 | |||||||
Total Common Stocks | ||||||||
(Cost $26,548,060) | 32,287,602 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 87,714 | 87,714 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 34,159 | 34,159 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 33,821 | 33,821 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $155,694) | 155,694 | |||||||
Total Investments - 99.9% | ||||||||
(Cost $26,703,754) | $ | 32,443,296 | ||||||
Other Assets & Liabilities, net - 0.1% | 46,657 | |||||||
Total Net Assets - 100.0% | $ | 32,489,953 | ||||||
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 32,287,602 | $ | — | $ | — | $ | 32,287,602 | ||||||||
Repurchase Agreements | — | 155,694 | — | 155,694 | ||||||||||||
Total Assets | $ | 32,287,602 | $ | 155,694 | $ | — | $ | 32,443,296 |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 45.5% | ||||||||
Guggenheim Strategy Fund III1 | 79,841 | $ | 1,932,952 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 133,249 | 1,285,853 | ||||||
Guggenheim Strategy Fund II1 | 53,173 | 1,283,590 | ||||||
Total Mutual Funds | ||||||||
(Cost $4,578,426) | 4,502,395 | |||||||
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 30.2% | ||||||||
Federal Home Loan Bank | ||||||||
1.03% due 07/29/222 | $ | 2,000,000 | 1,998,398 | |||||
0.81% due 09/14/222 | 1,000,000 | 996,338 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $2,996,710) | 2,994,736 | |||||||
U.S. TREASURY BILLS†† - 7.0% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 696,000 | 695,644 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $695,628) | 695,644 | |||||||
REPURCHASE AGREEMENTS††,4 - 15.4% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/225 | 856,517 | 856,517 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/225 | 333,559 | 333,559 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/225 | 330,257 | 330,257 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,520,333) | 1,520,333 | |||||||
Total Investments - 98.1% | ||||||||
(Cost $9,791,097) | $ | 9,713,108 | ||||||
Other Assets & Liabilities, net - 1.9% | 185,977 | |||||||
Total Net Assets - 100.0% | $ | 9,899,085 |
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 | 62 | Sep 2022 | $ | 6,951,750 | $ | (6,349 | ) |
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 Depreciation** | |||||||||||||||||||||||
Barclays Bank plc | ICE | CDX.NA.HY.38.V2 | 5.00 | % | Quarterly | 06/20/27 | $ | 2,772,000 | $ | (80,216 | ) | $ | (27,500 | ) | $ | (52,716 | ) | |||||||||||||||
Goldman Sachs International | ICE | CDX.NA.HY.38.V2 | 5.00 | % | Quarterly | 06/20/27 | 6,237,000 | (180,486 | ) | 275,550 | (456,036 | ) | ||||||||||||||||||||
$ | (260,702 | ) | $ | 248,050 | $ | (508,752 | ) |
Total Return Swap Agreements
| ||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
OTC Credit Index Swap Agreements†† | ||||||||||||||||||||||||
Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 1.98% (Federal Funds Rate + 0.40%) | At Maturity | 07/29/22 | 9,924 | $ | 730,506 | $ | (3,672 | ) | |||||||||||||
BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 1.98% (Federal Funds Rate + 0.40%) | At Maturity | 11/17/22 | 1,222 | 89,966 | (6,688 | ) | |||||||||||||||
BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 2.03% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 1,788 | 162,198 | (9,502 | ) | |||||||||||||||
$ | 982,670 | $ | (19,862 | ) |
** | Includes cumulative appreciation (depreciation). |
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures and credit default swap collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
5 | All or a portion of this security is pledged as credit index swap collateral at June 30, 2022. |
CDX.NA.HY.38.V2 — Credit Default Swap North American High Yield Series 38 Index Version 2 |
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 June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 4,502,395 | $ | — | $ | — | $ | 4,502,395 | ||||||||
Federal Agency Discount Notes | — | 2,994,736 | — | 2,994,736 | ||||||||||||
U.S. Treasury Bills | — | 695,644 | — | 695,644 | ||||||||||||
Repurchase Agreements | — | 1,520,333 | — | 1,520,333 | ||||||||||||
Total Assets | $ | 4,502,395 | $ | 5,210,713 | $ | — | $ | 9,713,108 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Interest Rate Futures Contracts** | $ | 6,349 | $ | — | $ | — | $ | 6,349 | ||||||||
Credit Default Swap Agreements** | — | 508,752 | — | 508,752 | ||||||||||||
Credit Index Swap Agreements** | — | 19,862 | — | 19,862 | ||||||||||||
Total Liabilities | $ | 6,349 | $ | 528,614 | $ | — | $ | 534,963 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 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.
High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:
| ||||||||||||||||||||||||||||||||
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,305,391 | $ | – | $ | – | $ | – | $ | (21,801 | ) | $ | 1,283,590 | 53,173 | $ | 6,651 | ||||||||||||||||
Guggenheim Strategy Fund III | 2,768,259 | – | (800,000 | ) | (6,501 | ) | (28,806 | ) | 1,932,952 | 79,841 | 10,171 | |||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 1,539,748 | – | (235,000 | ) | (721 | ) | (18,174 | ) | 1,285,853 | 133,249 | 4,666 | |||||||||||||||||||||
$ | 5,613,398 | $ | – | $ | (1,035,000 | ) | $ | (7,222 | ) | $ | (68,781 | ) | $ | 4,502,395 | $ | 21,488 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Internet - 54.7% | ||||||||
Alphabet, Inc. — Class A* | 377 | $ | 821,581 | |||||
Amazon.com, Inc.* | 6,427 | 682,612 | ||||||
Meta Platforms, Inc. — Class A* | 2,740 | 441,825 | ||||||
Netflix, Inc.* | 1,061 | 185,537 | ||||||
Booking Holdings, Inc.* | 103 | 180,146 | ||||||
Twitter, Inc.* | 4,603 | 172,106 | ||||||
Airbnb, Inc. — Class A* | 1,814 | 161,591 | ||||||
Alibaba Group Holding Ltd. ADR* | 1,302 | 148,011 | ||||||
Uber Technologies, Inc.* | 6,698 | 137,041 | ||||||
DoorDash, Inc. — Class A* | 1,761 | 113,003 | ||||||
eBay, Inc. | 2,536 | 105,675 | ||||||
Shopify, Inc. — Class A* | 3,360 | 104,966 | ||||||
Snap, Inc. — Class A* | 7,586 | 99,604 | ||||||
Baidu, Inc. ADR* | 668 | 99,352 | ||||||
VeriSign, Inc.* | 568 | 95,044 | ||||||
JD.com, Inc. ADR | 1,447 | 92,926 | ||||||
MercadoLibre, Inc.* | 143 | 91,072 | ||||||
Match Group, Inc.* | 1,303 | 90,806 | ||||||
Sea Ltd. ADR* | 1,313 | 87,787 | ||||||
Chewy, Inc. — Class A*,1 | 2,519 | 87,460 | ||||||
Okta, Inc.* | 941 | 85,066 | ||||||
Expedia Group, Inc.* | 887 | 84,114 | ||||||
Pinterest, Inc. — Class A* | 4,066 | 73,839 | ||||||
GoDaddy, Inc. — Class A* | 1,045 | 72,690 | ||||||
Pinduoduo, Inc. ADR* | 1,165 | 71,997 | ||||||
Roku, Inc.* | 866 | 71,133 | ||||||
Etsy, Inc.* | 919 | 67,280 | ||||||
F5, Inc.* | 432 | 66,113 | ||||||
Trip.com Group Ltd. ADR* | 2,330 | 63,959 | ||||||
Zillow Group, Inc. — Class C* | 1,986 | 63,056 | ||||||
Zillow Group, Inc. — Class A* | 1,976 | 62,857 | ||||||
Spotify Technology S.A.* | 666 | 62,491 | ||||||
IAC* | 719 | 54,622 | ||||||
Coupang, Inc.* | 4,058 | 51,740 | ||||||
Wix.com Ltd.* | 738 | 48,376 | ||||||
Bumble, Inc. — Class A* | 1,669 | 46,982 | ||||||
Wayfair, Inc. — Class A*,1 | 1,056 | 45,999 | ||||||
Lyft, Inc. — Class A* | 3,370 | 44,754 | ||||||
TripAdvisor, Inc.* | 1,904 | 33,891 | ||||||
Revolve Group, Inc.* | 1,144 | 29,641 | ||||||
Overstock.com, Inc.* | 855 | 21,384 | ||||||
Vimeo, Inc.* | 3,305 | 19,896 | ||||||
Stitch Fix, Inc. — Class A* | 2,823 | 13,946 | ||||||
Total Internet | 5,253,971 | |||||||
Software - 31.2% | ||||||||
Adobe, Inc.* | 773 | 282,964 | ||||||
Salesforce, Inc.* | 1,684 | 277,927 | ||||||
Activision Blizzard, Inc. | 2,176 | 169,423 | ||||||
Snowflake, Inc. — Class A* | 1,112 | 154,635 | ||||||
Citrix Systems, Inc.* | 1,439 | 139,828 | ||||||
Workday, Inc. — Class A* | 921 | 128,553 | ||||||
Datadog, Inc. — Class A* | 1,337 | 127,336 | ||||||
Veeva Systems, Inc. — Class A* | 613 | 121,399 | ||||||
Zoom Video Communications, Inc. — Class A* | 1,104 | 119,199 | ||||||
Electronic Arts, Inc. | 968 | 117,757 | ||||||
ROBLOX Corp. — Class A* | 3,376 | 110,935 | ||||||
MongoDB, Inc.* | 367 | 95,237 | ||||||
Take-Two Interactive Software, Inc.* | 732 | 89,692 | ||||||
Cloudflare, Inc. — Class A* | 1,951 | 85,356 | ||||||
HubSpot, Inc.* | 282 | 84,783 | ||||||
Twilio, Inc. — Class A* | 1,011 | 84,732 | ||||||
Akamai Technologies, Inc.* | 913 | 83,384 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 2,342 | 77,848 | ||||||
DocuSign, Inc.* | 1,251 | 71,782 | ||||||
Dropbox, Inc. — Class A* | 2,980 | 62,550 | ||||||
Five9, Inc.* | 633 | 57,692 | ||||||
NetEase, Inc. ADR | 567 | 52,935 | ||||||
Smartsheet, Inc. — Class A* | 1,487 | 46,737 | ||||||
Bilibili, Inc. ADR*,1 | 1,806 | 46,234 | ||||||
DigitalOcean Holdings, Inc.*,1 | 1,109 | 45,868 | ||||||
Coupa Software, Inc.* | 801 | 45,737 | ||||||
Box, Inc. — Class A* | 1,742 | 43,794 | ||||||
New Relic, Inc.* | 827 | 41,391 | ||||||
Ziff Davis, Inc.* | 553 | 41,215 | ||||||
Nutanix, Inc. — Class A* | 2,674 | 39,121 | ||||||
Fastly, Inc. — Class A* | 2,368 | 27,493 | ||||||
BigCommerce Holdings, Inc.* | 1,545 | 25,029 | ||||||
Total Software | 2,998,566 | |||||||
Telecommunications - 7.6% | ||||||||
Cisco Systems, Inc. | 6,505 | 277,373 | ||||||
Motorola Solutions, Inc. | 632 | 132,467 | ||||||
Arista Networks, Inc.* | 1,240 | 116,238 | ||||||
Juniper Networks, Inc. | 2,319 | 66,092 | ||||||
Switch, Inc. — Class A | 1,814 | 60,769 | ||||||
Ciena Corp.* | 1,256 | 57,399 | ||||||
CommScope Holding Company, Inc.* | 3,802 | 23,268 | ||||||
Total Telecommunications | 733,606 | |||||||
Commercial Services - 4.2% | ||||||||
PayPal Holdings, Inc.* | 2,712 | 189,406 | ||||||
CoStar Group, Inc.* | 1,785 | 107,832 | ||||||
Paylocity Holding Corp.* | 390 | 68,024 | ||||||
Chegg, Inc.* | 1,844 | 34,630 | ||||||
Total Commercial Services | 399,892 | |||||||
Entertainment - 0.6% | ||||||||
DraftKings, Inc. — Class A*,1 | 4,510 | 52,632 | ||||||
Computers - 0.5% | ||||||||
Lumentum Holdings, Inc.* | 662 | 52,576 | ||||||
Healthcare-Services - 0.5% | ||||||||
Teladoc Health, Inc.* | 1,574 | 52,272 | ||||||
Real Estate - 0.2% | ||||||||
Redfin Corp.* | 2,675 | 22,042 | ||||||
Total Common Stocks | ||||||||
(Cost $8,583,691) | 9,565,557 |
Internet Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 18,920 | $ | 18,920 | ||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 7,368 | 7,368 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 7,295 | 7,295 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $33,583) | 33,583 | |||||||
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 2.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 208,081 | 208,081 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $208,081) | 208,081 | |||||||
Total Investments - 102.0% | ||||||||
(Cost $8,825,355) | $ | 9,807,221 | ||||||
Other Assets & Liabilities, net - (2.0)% | (193,478 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,613,743 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 9,565,557 | $ | — | $ | — | $ | 9,565,557 | ||||||||
Repurchase Agreements | — | 33,583 | — | 33,583 | ||||||||||||
Securities Lending Collateral | 208,081 | — | — | 208,081 | ||||||||||||
Total Assets | $ | 9,773,638 | $ | 33,583 | $ | — | $ | 9,807,221 |
Inverse Emerging Markets 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,1 - 105.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | $ | 527,133 | $ | 527,133 | ||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 205,285 | 205,285 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 203,253 | 203,253 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $935,671) | 935,671 | |||||||
Total Investments - 105.0% | ||||||||
(Cost $935,671) | $ | 935,671 | ||||||
Other Assets & Liabilities, net - (5.0)% | (44,858 | ) | ||||||
Total Net Assets - 100.0% | $ | 890,813 |
Total Return Swap Agreements | ||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||||||
BNP Paribas | BNY Mellon Emerging Markets 50 ADR Index | Receive | 1.38% (Federal Funds Rate - 0.20%) | At Maturity | 11/17/22 | 322 | $ | 803,856 | $ | 83,367 | ||||||||||||||
Goldman Sachs International | BNY Mellon Emerging Markets 50 ADR Index | Receive | 1.13% (Federal Funds Rate - 0.45%) | At Maturity | 11/17/22 | 391 | 977,079 | 69,640 | ||||||||||||||||
$ | 1,780,935 | $ | 153,007 |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
ADR – American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Repurchase Agreements | $ | — | $ | 935,671 | $ | — | $ | 935,671 | ||||||||
Equity Index Swap Agreements** | — | 153,007 | — | 153,007 | ||||||||||||
Total Assets | $ | — | $ | 1,088,678 | $ | — | $ | 1,088,678 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 6.8% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 528,512 | $ | 5,100,139 | |||||
Guggenheim Strategy Fund II1 | 210,588 | 5,083,592 | ||||||
Total Mutual Funds | ||||||||
(Cost $10,470,929) | 10,183,731 | |||||||
Face Amount | ||||||||
FEDERAL AGENCY NOTES†† - 51.8% | ||||||||
Federal Home Loan Bank | ||||||||
1.53% (SOFR + 0.01%, Rate Floor: 0.00%) due 08/11/22◊ | $ | 30,000,000 | 30,000,000 | |||||
1.52% (SOFR + 0.01%, Rate Floor: 0.00%) due 09/15/22◊ | 15,000,000 | 14,999,610 | ||||||
1.53% (SOFR + 0.01%, Rate Floor: 0.00%) due 08/01/22◊ | 5,000,000 | 5,000,000 | ||||||
Federal Farm Credit Bank | ||||||||
1.56% (SOFR + 0.05%) due 08/25/22◊ | 20,000,000 | 20,001,060 | ||||||
1.57% (1 Year U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 5,000,000 | 5,000,510 | ||||||
1.90% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/22◊ | 3,000,000 | 3,001,689 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $78,003,127) | 78,002,869 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 44.3% | ||||||||
Federal Home Loan Bank | ||||||||
1.42% due 07/20/222 | 15,000,000 | 14,988,758 | ||||||
1.03% due 07/29/222 | 15,000,000 | 14,987,983 | ||||||
1.40% due 07/28/222 | 15,000,000 | 14,984,250 | ||||||
1.01% due 07/29/222 | 10,800,000 | 10,791,348 | ||||||
1.45% due 08/08/222 | 10,000,000 | 9,984,694 | ||||||
0.81% due 09/14/222 | 1,000,000 | 996,339 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $66,735,347) | 66,733,372 | |||||||
U.S. TREASURY BILLS†† - 0.4% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 631,000 | 630,677 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $630,662) | 630,677 | |||||||
REPURCHASE AGREEMENTS††,4 - 94.2% | ||||||||
Individual Repurchase Agreements5 | ||||||||
Mizuho Securities USA LLC issued 06/30/22 at 1.35% due 07/01/22 (secured by a U.S. Treasury Bond, at a rate of 2.88% and maturing 05/15/52 as collateral, with a value of $133,391,250) to be repurchased at $130,780,639 | 130,775,735 | 130,775,735 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.22% due 07/01/22 (secured by a U.S. Treasury Bond, at a rate of 2.88% and maturing 05/15/52 as collateral, with a value of $11,276,100) to be repurchased at $11,055,375 | 11,055,000 | 11,055,000 | ||||||
Joint Repurchase Agreements5 | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | 46,523 | 46,523 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 18,118 | 18,118 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 17,939 | 17,939 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $141,913,315) | 141,913,315 | |||||||
Total Investments - 197.5% | ||||||||
(Cost $297,753,380) | $ | 297,463,964 | ||||||
U.S. Government Securities Sold Short†† - (94.0)% | ||||||||
U.S. Treasury Bonds | ||||||||
2.88% due 05/15/52 | 149,900,000 | (141,561,812 | ) | |||||
Total Securities Sold Short - (94.0)% | ||||||||
(Proceeds $142,833,661) | $ | (141,561,812 | ) | |||||
Other Assets & Liabilities, net - (3.5)% | (5,232,677 | ) | ||||||
Total Net Assets - 100.0% | $ | 150,669,475 |
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
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 | 65 | Sep 2022 | $ | 9,957,188 | $ | 382,703 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
5 | All or a portion of this security is pledged as short security collateral at June 30, 2022. |
SOFR — Secured Overnight Financing Rate |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 10,183,731 | $ | — | $ | — | $ | 10,183,731 | ||||||||
Federal Agency Notes | — | 78,002,869 | — | 78,002,869 | ||||||||||||
Federal Agency Discount Notes | — | 66,733,372 | — | 66,733,372 | ||||||||||||
U.S. Treasury Bills | — | 630,677 | — | 630,677 | ||||||||||||
Repurchase Agreements | — | 141,913,315 | — | 141,913,315 | ||||||||||||
Interest Rate Futures Contracts** | 382,703 | — | — | 382,703 | ||||||||||||
Total Assets | $ | 10,566,434 | $ | 287,280,233 | $ | — | $ | 297,846,667 |
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 | $ | — | $ | 141,561,812 | $ | — | $ | 141,561,812 |
** | 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.
Inverse Government Long Bond Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:
| ||||||||||||||||||||||||||||||||
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 5,169,933 | $ | – | $ | – | $ | – | $ | (86,341 | ) | $ | 5,083,592 | 210,588 | $ | 26,343 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | $ | 5,174,130 | $ | – | $ | – | $ | – | $ | (73,991 | ) | $ | 5,100,139 | 528,512 | $ | 17,753 | ||||||||||||||||
$ | 10,344,063 | $ | – | $ | – | $ | – | $ | (160,332 | ) | $ | 10,183,731 | $ | 44,096 |
Inverse High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 2.7% | ||||||||
Guggenheim Strategy Fund II1 | 29,310 | $ | 707,532 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 37,683 | 363,642 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,096,686) | 1,071,174 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 72.3% | ||||||||
Federal Home Loan Bank | ||||||||
1.40% due 08/03/222 | $ | 12,000,000 | 11,984,600 | |||||
1.45% due 08/08/222 | 12,000,000 | 11,981,633 | ||||||
1.42% due 07/20/222 | 5,000,000 | 4,996,253 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $28,962,486) | 28,962,486 |
U.S. TREASURY BILLS†† - 0.5% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 222,000 | 221,886 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $221,881) | 221,886 |
REPURCHASE AGREEMENTS††,4 - 17.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | 4,018,490 | 4,018,490 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 1,564,948 | 1,564,948 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 1,549,453 | 1,549,453 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $7,132,891) | 7,132,891 | |||||||
Total Investments - 93.3% | ||||||||
(Cost $37,413,944) | $ | 37,388,437 | ||||||
Other Assets & Liabilities, net - 6.7% | 2,690,350 | |||||||
Total Net Assets - 100.0% | $ | 40,078,787 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
Interest Rate Futures Contracts Sold Short† | ||||||||||||
U.S. Treasury 5 Year Note Futures Contracts | 282 | Sep 2022 | $ | 31,619,250 | $ | (21,716 | ) |
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.38.V2 | 5.00 | % | Quarterly | 06/20/27 | $ | 41,431,500 | $ | 1,198,945 | $ | (143,703 | ) | $ | 1,342,648 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
CDX.NA.HY.38.V2 — Credit Default Swap North American High Yield Series 38 Index Version 2
ICE — Intercontinental Exchange
plc — Public Limited Company
See Sector Classification in Other Information section.
Inverse High Yield Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Mutual Funds | $ | 1,071,174 | $ | — | $ | — | $ | 1,071,174 | |||||
Federal Agency Discount Notes | — | 28,962,486 | — | 28,962,486 | |||||||||
U.S. Treasury Bills | — | 221,886 | — | 221,886 | |||||||||
Repurchase Agreements | — | 7,132,891 | — | 7,132,891 | |||||||||
Credit Default Swap Agreements** | — | 1,342,648 | — | 1,342,648 | |||||||||
Total Assets | $ | 1,071,174 | $ | 37,659,911 | $ | — | $ | 38,731,085 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Interest Rate Futures Contracts** | $ | 21,716 | $ | — | $ | — | $ | 21,716 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | |||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 369,264 | $ | 350,000 | $ | – | $ | – | $ | (11,732 | ) | $ | 707,532 | 29,310 | $ | 3,529 | |||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 368,917 | – | – | – | (5,275 | ) | 363,642 | 37,683 | 1,266 | ||||||||||||||||
$ | 738,181 | $ | 350,000 | $ | – | $ | – | $ | (17,007 | ) | $ | 1,071,174 | $ | 4,795 |
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 2.8% | ||||||||
Guggenheim Strategy Fund II1 | 2,020 | $ | 48,763 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 4,630 | 44,680 | ||||||
Total Mutual Funds | ||||||||
(Cost $95,671) | 93,443 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 92.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | $ | 1,764,580 | 1,764,580 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 687,192 | 687,192 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 680,388 | 680,388 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $3,132,160) | 3,132,160 | |||||||
Total Investments - 95.6% | ||||||||
(Cost $3,227,831) | $ | 3,225,603 | ||||||
Other Assets & Liabilities, net - 4.4% | 149,239 | |||||||
Total Net Assets - 100.0% | $ | 3,374,842 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
Equity Futures Contracts Sold Short† | ||||||||||||
S&P MidCap 400 Index Mini Futures Contracts | 1 | Sep 2022 | $ | 226,800 | $ | 3,908 |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | ||||||||||||
OTC Equity Index Swap Agreements Sold Short†† | ||||||||||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | Receive | 1.68% (Federal Funds Rate + 0.10%) | At Maturity | 11/17/22 | 1,334 | $ | 3,025,891 | $ | 84,796 | ||||||||||
Barclays Bank plc | S&P MidCap 400 Index | Receive | 1.71% (SOFR + 0.20%) | At Maturity | 11/16/22 | 41 | 92,024 | 13,520 | ||||||||||||
BNP Paribas | S&P MidCap 400 Index | Receive | 1.63% (Federal Funds Rate + 0.05%) | At Maturity | 11/17/22 | 23 | 53,130 | 8,780 | ||||||||||||
$ | 3,171,045 | $ | 107,096 |
** | 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 | Repurchase Agreements — See Note 4. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
Inverse Mid-Cap Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Mutual Funds | $ | 93,443 | $ | — | $ | — | $ | 93,443 | |||||
Repurchase Agreements | — | 3,132,160 | — | 3,132,160 | |||||||||
Equity Futures Contracts** | 3,908 | — | — | 3,908 | |||||||||
Equity Index Swap Agreements** | — | 107,096 | — | 107,096 | |||||||||
Total Assets | $ | 97,351 | $ | 3,239,256 | $ | — | $ | 3,336,607 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | |||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 49,591 | $ | – | $ | – | $ | – | $ | (828 | ) | $ | 48,763 | 2,020 | $ | 253 | |||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 45,328 | – | – | – | (648 | ) | 44,680 | 4,630 | 155 | ||||||||||||||||
$ | 94,919 | $ | – | $ | – | $ | – | $ | (1,476 | ) | $ | 93,443 | $ | 408 |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 4.8% | ||||||||
Guggenheim Strategy Fund II1 | 49,399 | $ | 1,192,500 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 87,169 | 841,177 | ||||||
Total Mutual Funds | ||||||||
(Cost $2,033,556) | 2,033,677 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 59.0% | ||||||||
Federal Home Loan Bank | ||||||||
1.42% due 07/20/222 | $ | 10,000,000 | 9,992,505 | |||||
1.45% due 08/08/222 | 8,000,000 | 7,987,756 | ||||||
1.40% due 07/28/222 | 5,000,000 | 4,994,750 | ||||||
1.03% due 07/29/222 | 2,000,000 | 1,998,398 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $24,973,409) | 24,973,409 |
FEDERAL AGENCY NOTES†† - 11.8% | ||||||||
Federal Home Loan Bank | ||||||||
1.52% (SOFR + 0.01%, Rate Floor: 0.00%) due 09/15/22◊ | 5,000,000 | 4,999,870 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $5,000,000) | 4,999,870 |
U.S. GOVERNMENT SECURITIES†† - 4.7% | ||||||||
U.S. Treasury Note | ||||||||
2.00% due 07/31/22 | 2,000,000 | 2,001,403 | ||||||
Total U.S. Government Securities | ||||||||
(Cost $2,003,117) | 2,001,403 |
U.S. TREASURY BILLS†† - 0.8% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 182,000 | 181,907 | ||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,4 | 160,000 | 159,238 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $341,314) | 341,145 |
REPURCHASE AGREEMENTS††,5 - 13.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/224 | 3,306,508 | 3,306,508 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/224 | 1,287,676 | 1,287,676 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/224 | 1,274,926 | 1,274,926 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $5,869,110) | 5,869,110 | |||||||
Total Investments - 95.0% | ||||||||
(Cost $40,220,506) | $ | 40,218,614 | ||||||
Other Assets & Liabilities, net - 5.0% | 2,100,405 | |||||||
Total Net Assets - 100.0% | $ | 42,319,019 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||
Equity Futures Contracts Sold Short† | ||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 1 | Sep 2022 | $ | 230,760 | $ | 2,769 |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||
OTC Equity Index Swap Agreements Sold Short†† | |||||||||||||||||||
BNP Paribas | NASDAQ-100 Index | Receive | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 2,034 | $ | 23,403,293 | $ | 3,211,704 | |||||||||
Goldman Sachs International | NASDAQ-100 Index | Receive | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 1,489 | 17,134,002 | 2,129,101 | |||||||||||
Barclays Bank plc | NASDAQ-100 Index | Receive | 1.86% (SOFR + 0.35%) | At Maturity | 11/16/22 | 91 | 1,043,029 | 220,916 | |||||||||||
$ | 41,580,324 | $ | 5,561,721 |
Inverse NASDAQ-100® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 2,033,677 | $ | — | $ | — | $ | 2,033,677 | ||||||||
Federal Agency Discount Notes | — | 24,973,409 | — | 24,973,409 | ||||||||||||
Federal Agency Notes | — | 4,999,870 | — | 4,999,870 | ||||||||||||
U.S. Government Securities | — | 2,001,403 | — | 2,001,403 | ||||||||||||
U.S. Treasury Bills | — | 341,145 | — | 341,145 | ||||||||||||
Repurchase Agreements | — | 5,869,110 | — | 5,869,110 | ||||||||||||
Equity Futures Contracts** | 2,769 | — | — | 2,769 | ||||||||||||
Equity Index Swap Agreements** | — | 5,561,721 | — | 5,561,721 | ||||||||||||
Total Assets | $ | 2,036,446 | $ | 43,746,658 | $ | — | $ | 45,783,104 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | |||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 1,212,754 | $ | – | $ | – | $ | – | $ | (20,254 | ) | $ | 1,192,500 | 49,399 | $ | 6,180 | |||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 853,381 | – | – | – | (12,204 | ) | 841,177 | 87,169 | 2,928 | ||||||||||||||||
$ | 2,066,135 | $ | – | $ | – | $ | – | $ | (32,458 | ) | $ | 2,033,677 | $ | 9,108 |
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 13.5% | ||||||||
Guggenheim Strategy Fund II1 | 39,100 | $ | 943,880 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 97,310 | 939,041 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,914,221) | 1,882,921 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 28.6% | ||||||||
Federal Home Loan Bank | ||||||||
1.40% due 08/03/222 | $ | 2,000,000 | 1,997,433 | |||||
1.45% due 08/08/222 | 2,000,000 | 1,996,939 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $3,994,372) | 3,994,372 |
FEDERAL AGENCY NOTES†† - 7.1% | ||||||||
Federal Home Loan Bank | ||||||||
1.52% (SOFR + 0.01%, Rate Floor: 0.00%) due 09/15/22◊ | 1,000,000 | 999,974 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $1,000,000) | 999,974 |
U.S. TREASURY BILLS†† - 1.0% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 89,000 | 88,954 | ||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,4 | 53,000 | 52,748 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $141,758) | 141,702 |
REPURCHASE AGREEMENTS††,5 - 47.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/224 | 3,743,140 | 3,743,140 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/224 | 1,457,716 | 1,457,716 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/224 | 1,443,284 | 1,443,284 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $6,644,140) | 6,644,140 | |||||||
Total Investments - 97.8% | ||||||||
(Cost $13,694,491) | $ | 13,663,109 | ||||||
Other Assets & Liabilities, net - 2.2% | 300,548 | |||||||
Total Net Assets - 100.0% | $ | 13,963,657 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | |||||||
Equity Futures Contracts Sold Short† | |||||||||||
Russell 2000 Index Mini Futures Contracts | 16 | Sep 2022 | $ | 1,366,800 | $ | 20,096 |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||
OTC Equity Index Swap Agreements Sold Short†† | |||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Receive | 1.53% (Federal Funds Rate - 0.05%) | At Maturity | 11/17/22 | 6,538 | $ | 11,167,579 | $ | 1,214,952 | |||||||||
BNP Paribas | Russell 2000 Index | Receive | 1.38% (Federal Funds Rate - 0.20%) | At Maturity | 11/17/22 | 467 | 797,424 | 148,052 | |||||||||||
Barclays Bank plc | Russell 2000 Index | Receive | 1.01% (SOFR - 0.50%) | At Maturity | 11/16/22 | 367 | 626,462 | 75,714 | |||||||||||
$ | 12,591,465 | $ | 1,438,718 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
Inverse Russell 2000® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Mutual Funds | $ | 1,882,921 | $ | — | $ | — | $ | 1,882,921 | |||||
Federal Agency Discount Notes | — | 3,994,372 | — | 3,994,372 | |||||||||
Federal Agency Notes | — | 999,974 | — | 999,974 | |||||||||
U.S. Treasury Bills | — | 141,702 | — | 141,702 | |||||||||
Repurchase Agreements | — | 6,644,140 | — | 6,644,140 | |||||||||
Equity Futures Contracts** | 20,096 | — | — | 20,096 | |||||||||
Equity Index Swap Agreements** | — | 1,438,718 | — | 1,438,718 | |||||||||
Total Assets | $ | 1,903,017 | $ | 13,218,906 | $ | — | $ | 15,121,923 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 959,911 | $ | – | $ | – | $ | – | $ | (16,031 | ) | $ | 943,880 | 39,100 | $ | 4,891 | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 952,665 | – | – | – | (13,624 | ) | 939,041 | 97,310 | 3,269 | |||||||||||||||
$ | 1,912,576 | $ | – | $ | – | $ | – | $ | (29,655 | ) | $ | 1,882,921 | $ | 8,160 |
Inverse S&P 500® Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 10.9% | ||||||||
Guggenheim Strategy Fund II1 | 262,625 | $ | 6,339,770 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 426,990 | 4,120,456 | ||||||
Total Mutual Funds | ||||||||
(Cost $10,738,042) | 10,460,226 |
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 55.8% | ||||||||
Federal Home Loan Bank | ||||||||
1.42% due 07/20/222 | $ | 20,000,000 | 19,985,011 | |||||
1.03% due 07/29/222 | 10,000,000 | 9,991,989 | ||||||
1.40% due 07/28/222 | 10,000,000 | 9,989,500 | ||||||
1.15% due 07/06/222 | 5,000,000 | 4,999,201 | ||||||
1.01% due 07/29/222 | 5,000,000 | 4,995,994 | ||||||
1.40% due 08/03/222 | 3,000,000 | 2,996,150 | ||||||
0.81% due 09/14/222 | 1,000,000 | 996,339 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $53,956,158) | 53,954,184 |
FEDERAL AGENCY NOTES†† - 16.6% | ||||||||
Federal Home Loan Bank | ||||||||
1.52% (SOFR + 0.01%, Rate Floor: 0.00%) due 09/15/22◊ | 10,000,000 | 9,999,740 | ||||||
1.53% (SOFR + 0.01%, Rate Floor: 0.00%) due 07/14/22◊ | 5,000,000 | 5,000,035 | ||||||
Federal Farm Credit Bank | ||||||||
1.57% (1 Year U.S. Prime Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊ | 1,000,000 | 1,000,102 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $16,000,029) | 15,999,877 |
U.S. TREASURY BILLS†† - 0.3% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,3 | 310,000 | 308,524 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $308,861) | 308,524 |
REPURCHASE AGREEMENTS††,4 - 15.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | 8,189,728 | 8,189,728 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 3,189,382 | 3,189,382 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 3,157,803 | 3,157,803 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $14,536,913) | 14,536,913 | |||||||
Total Investments - 98.6% | ||||||||
(Cost $95,540,003) | $ | 95,259,724 | ||||||
Other Assets & Liabilities, net - 1.4% | 1,386,772 | |||||||
Total Net Assets - 100.0% | $ | 96,646,496 |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation | |||||||||||
OTC Equity Index Swap Agreements Sold Short†† | |||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Receive | 1.93% (Federal Funds Rate + 0.35%) | At Maturity | 11/17/22 | 21,732 | $ | 82,262,535 | $ | 9,263,120 | |||||||||
Barclays Bank plc | S&P 500 Index | Receive | 1.81% (SOFR + 0.30%) | At Maturity | 11/16/22 | 3,078 | 11,650,192 | 1,047,599 | |||||||||||
BNP Paribas | S&P 500 Index | Receive | 1.78% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 730 | 2,764,525 | 326,410 | |||||||||||
$ | 96,677,252 | $ | 10,637,129 |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | Affiliated issuer. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Mutual Funds | $ | 10,460,226 | $ | — | $ | — | $ | 10,460,226 | |||||
Federal Agency Discount Notes | — | 53,954,184 | — | 53,954,184 | |||||||||
Federal Agency Notes | — | 15,999,877 | — | 15,999,877 | |||||||||
U.S. Treasury Bills | — | 308,524 | — | 308,524 | |||||||||
Repurchase Agreements | — | 14,536,913 | — | 14,536,913 | |||||||||
Equity Index Swap Agreements** | — | 10,637,129 | — | 10,637,129 | |||||||||
Total Assets | $ | 10,460,226 | $ | 95,436,627 | $ | — | $ | 105,896,853 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | |||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 6,447,447 | $ | – | $ | – | $ | – | $ | (107,677 | ) | $ | 6,339,770 | 262,625 | $ | 32,852 | |||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 4,180,234 | – | – | – | (59,778 | ) | 4,120,456 | 426,990 | 14,343 | ||||||||||||||||
$ | 10,627,681 | $ | – | $ | – | $ | – | $ | (167,455 | ) | $ | 10,460,226 | $ | 47,195 |
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 29.4% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 14,448 | $ | 139,423 | |||||
Guggenheim Strategy Fund II1 | 5,636 | 136,048 | ||||||
Total Mutual Funds | ||||||||
(Cost $283,660) | 275,471 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 27.1% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | $ | 254,000 | 253,870 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $253,864) | 253,870 |
REPURCHASE AGREEMENTS††,4 - 44.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | 236,874 | 236,874 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 92,247 | 92,247 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 91,334 | 91,334 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $420,455) | 420,455 | |||||||
Total Investments - 101.3% | ||||||||
(Cost $957,979) | $ | 949,796 | ||||||
Other Assets & Liabilities, net - (1.3)% | (11,889 | ) | ||||||
Total Net Assets - 100.0% | $ | 937,907 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
Currency Futures Contracts Purchased† | ||||||||||||
Japanese Yen Futures Contracts | 20 | Sep 2022 | $ | 1,852,250 | $ | (7,290 | ) | |||||
Equity Futures Contracts Purchased† | ||||||||||||
Nikkei 225 (CME) Index Futures Contracts | 14 | Sep 2022 | 1,850,800 | (52,614 | ) |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
CME — Chicago Mercantile Exchange
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Mutual Funds | $ | 275,471 | $ | — | $ | — | $ | 275,471 | |||||
U.S. Treasury Bills | — | 253,870 | — | 253,870 | |||||||||
Repurchase Agreements | — | 420,455 | — | 420,455 | |||||||||
Total Assets | $ | 275,471 | $ | 674,325 | $ | — | $ | 949,796 |
Japan 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Equity Futures Contracts** | $ | 52,614 | $ | — | $ | — | $ | 52,614 | |||||
Currency Futures Contracts** | 7,290 | — | — | 7,290 | |||||||||
Total Liabilities | $ | 59,904 | $ | — | $ | — | $ | 59,904 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 138,359 | $ | – | $ | – | $ | – | $ | (2,311 | ) | $ | 136,048 | 5,636 | $ | 705 | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 141,446 | – | – | – | (2,023 | ) | 139,423 | 14,448 | 485 | |||||||||||||||
$ | 279,805 | $ | – | $ | – | $ | – | $ | (4,334 | ) | $ | 275,471 | $ | 1,190 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Media - 20.1% | ||||||||
Comcast Corp. — Class A | 8,333 | $ | 326,987 | |||||
Walt Disney Co.* | 3,292 | 310,765 | ||||||
Charter Communications, Inc. — Class A* | 530 | 248,321 | ||||||
Warner Bros Discovery, Inc.* | 9,990 | 134,066 | ||||||
Liberty Broadband Corp. — Class C* | 984 | 113,790 | ||||||
Paramount Global — Class B | 4,017 | 99,139 | ||||||
Fox Corp. — Class A | 3,057 | 98,313 | ||||||
DISH Network Corp. — Class A* | 4,363 | 78,229 | ||||||
News Corp. — Class A | 4,683 | 72,961 | ||||||
Cable One, Inc. | 55 | 70,913 | ||||||
Nexstar Media Group, Inc. — Class A | 387 | 63,034 | ||||||
Altice USA, Inc. — Class A* | 6,217 | 57,507 | ||||||
TEGNA, Inc. | 2,504 | 52,509 | ||||||
World Wrestling Entertainment, Inc. — Class A | 796 | 49,742 | ||||||
New York Times Co. — Class A | 1,771 | 49,411 | ||||||
Total Media | 1,825,687 | |||||||
Retail - 17.6% | ||||||||
McDonald's Corp. | 1,340 | 330,819 | ||||||
Starbucks Corp. | 3,056 | 233,448 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 111 | 145,106 | ||||||
Yum! Brands, Inc. | 1,220 | 138,482 | ||||||
Yum China Holdings, Inc. | 2,116 | 102,626 | ||||||
Darden Restaurants, Inc. | 801 | 90,609 | ||||||
Domino's Pizza, Inc. | 232 | 90,413 | ||||||
Restaurant Brands International, Inc. | 1,527 | 76,579 | ||||||
Texas Roadhouse, Inc. — Class A | 753 | 55,120 | ||||||
Wendy's Co. | 2,707 | 51,108 | ||||||
Papa John's International, Inc. | 506 | 42,261 | ||||||
Wingstop, Inc. | 489 | 36,563 | ||||||
Cracker Barrel Old Country Store, Inc. | 398 | 33,229 | ||||||
Shake Shack, Inc. — Class A* | 805 | 31,781 | ||||||
Dave & Buster's Entertainment, Inc.* | 952 | 31,207 | ||||||
Bloomin' Brands, Inc. | 1,820 | 30,248 | ||||||
Cheesecake Factory, Inc. | 1,082 | 28,586 | ||||||
Jack in the Box, Inc. | 475 | 26,628 | ||||||
Brinker International, Inc.* | 1,057 | 23,286 | ||||||
Total Retail | 1,598,099 | |||||||
Internet - 12.2% | ||||||||
Netflix, Inc.* | 1,179 | 206,171 | ||||||
Booking Holdings, Inc.* | 115 | 201,134 | ||||||
Airbnb, Inc. — Class A* | 2,035 | 181,278 | ||||||
Sea Ltd. ADR* | 2,054 | 137,330 | ||||||
Trip.com Group Ltd. ADR* | 3,954 | 108,537 | ||||||
Spotify Technology S.A.* | 1,072 | 100,586 | ||||||
Expedia Group, Inc.* | 988 | 93,692 | ||||||
Roku, Inc.* | 963 | 79,101 | ||||||
Total Internet | 1,107,829 | |||||||
Entertainment - 10.5% | ||||||||
Live Nation Entertainment, Inc.* | 1,281 | 105,785 | ||||||
Warner Music Group Corp. — Class A | 3,564 | 86,819 | ||||||
Vail Resorts, Inc. | 331 | 72,174 | ||||||
Caesars Entertainment, Inc.* | 1,847 | 70,740 | ||||||
AMC Entertainment Holdings, Inc. — Class A*,1 | 5,152 | 69,810 | ||||||
Churchill Downs, Inc. | 360 | 68,951 | ||||||
DraftKings, Inc. — Class A*,1 | 5,082 | 59,307 | ||||||
Penn National Gaming, Inc.* | 1,932 | 58,771 | ||||||
Marriott Vacations Worldwide Corp. | 479 | 55,660 | ||||||
Light & Wonder, Inc. — Class A* | 1,085 | 50,984 | ||||||
International Game Technology plc | 2,634 | 48,887 | ||||||
Red Rock Resorts, Inc. — Class A | 1,435 | 47,872 | ||||||
Madison Square Garden Sports Corp. — Class A* | 310 | 46,810 | ||||||
SeaWorld Entertainment, Inc.* | 1,050 | 46,389 | ||||||
Six Flags Entertainment Corp.* | 1,673 | 36,304 | ||||||
Cinemark Holdings, Inc.* | 2,181 | 32,759 | ||||||
Total Entertainment | 958,022 | |||||||
Lodging - 10.0% | ||||||||
Marriott International, Inc. — Class A | 1,143 | 155,459 | ||||||
Hilton Worldwide Holdings, Inc. | 1,183 | 131,834 | ||||||
Las Vegas Sands Corp.* | 3,819 | 128,280 | ||||||
MGM Resorts International | 3,061 | 88,616 | ||||||
Hyatt Hotels Corp. — Class A* | 918 | 67,849 | ||||||
Wynn Resorts Ltd.* | 1,123 | 63,989 | ||||||
Wyndham Hotels & Resorts, Inc. | 907 | 59,608 | ||||||
Choice Hotels International, Inc. | 527 | 58,829 | ||||||
Boyd Gaming Corp. | 1,134 | 56,417 | ||||||
Hilton Grand Vacations, Inc.* | 1,380 | 49,307 | ||||||
Travel + Leisure Co. | 1,169 | 45,381 | ||||||
Total Lodging | 905,569 | |||||||
Software - 8.0% | ||||||||
Activision Blizzard, Inc. | 2,441 | 190,056 | ||||||
Electronic Arts, Inc. | 1,101 | 133,937 | ||||||
ROBLOX Corp. — Class A* | 3,817 | 125,427 | ||||||
Take-Two Interactive Software, Inc.* | 838 | 102,680 | ||||||
NetEase, Inc. ADR | 969 | 90,466 | ||||||
Bilibili, Inc. ADR*,1 | 3,109 | 79,590 | ||||||
Total Software | 722,156 | |||||||
Leisure Time - 6.7% | ||||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 7,816 | 86,914 | ||||||
Carnival Corp.* | 8,861 | 76,648 | ||||||
Royal Caribbean Cruises Ltd.* | 2,148 | 74,987 | ||||||
Planet Fitness, Inc. — Class A* | 935 | 63,589 | ||||||
Polaris, Inc. | 608 | 60,362 | ||||||
Brunswick Corp. | 861 | 56,292 | ||||||
Harley-Davidson, Inc. | 1,710 | 54,138 | ||||||
Callaway Golf Co.* | 2,387 | 48,695 | ||||||
YETI Holdings, Inc.* | 1,118 | 48,376 | ||||||
Peloton Interactive, Inc. — Class A* | 4,587 | 42,109 | ||||||
Total Leisure Time | 612,110 |
Leisure Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Agriculture - 6.3% | ||||||||
Philip Morris International, Inc. | 2,992 | $ | 295,430 | |||||
Altria Group, Inc. | 4,790 | 200,078 | ||||||
British American Tobacco plc ADR | 1,759 | 75,479 | ||||||
Total Agriculture | 570,987 | |||||||
Beverages - 5.6% | ||||||||
Constellation Brands, Inc. — Class A | 700 | 163,142 | ||||||
Brown-Forman Corp. — Class B | 1,981 | 138,987 | ||||||
Molson Coors Beverage Co. — Class B | 1,563 | 85,199 | ||||||
Anheuser-Busch InBev S.A. ADR | 1,355 | 73,102 | ||||||
Boston Beer Company, Inc. — Class A* | 155 | 46,961 | ||||||
Total Beverages | 507,391 | |||||||
Toys, Games & Hobbies - 1.7% | ||||||||
Hasbro, Inc. | 1,006 | 82,371 | ||||||
Mattel, Inc.* | 3,094 | 69,089 | ||||||
Total Toys, Games & Hobbies | 151,460 | |||||||
Food Service - 0.8% | ||||||||
Aramark | 2,288 | 70,081 | ||||||
Total Common Stocks | ||||||||
(Cost $7,825,385) | 9,029,391 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 49,116 | 49,116 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 19,128 | 19,128 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 18,938 | 18,938 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $87,182) | 87,182 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,3 - 2.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 235,385 | 235,385 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $235,385) | 235,385 | |||||||
Total Investments - 103.1% | ||||||||
(Cost $8,147,952) | $ | 9,351,958 | ||||||
Other Assets & Liabilities, net - (3.1)% | (278,945 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,073,013 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 9,029,391 | $ | — | $ | — | $ | 9,029,391 | ||||||||
Repurchase Agreements | — | 87,182 | — | 87,182 | ||||||||||||
Securities Lending Collateral | 235,385 | — | — | 235,385 | ||||||||||||
Total Assets | $ | 9,264,776 | $ | 87,182 | $ | — | $ | 9,351,958 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 89.2% | ||||||||
Consumer, Non-cyclical - 23.8% | ||||||||
Procter & Gamble Co. | 991 | $ | 142,496 | |||||
Bristol-Myers Squibb Co.1 | 1,733 | 133,441 | ||||||
Conagra Brands, Inc.1 | 3,754 | 128,537 | ||||||
Vertex Pharmaceuticals, Inc.*,1 | 453 | 127,651 | ||||||
Kimberly-Clark Corp. | 941 | 127,176 | ||||||
Abbott Laboratories1 | 1,161 | 126,143 | ||||||
Church & Dwight Company, Inc. | 1,318 | 122,126 | ||||||
AmerisourceBergen Corp. — Class A | 821 | 116,155 | ||||||
AbbVie, Inc.1 | 752 | 115,176 | ||||||
Constellation Brands, Inc. — Class A | 493 | 114,898 | ||||||
John B Sanfilippo & Son, Inc.1 | 1,569 | 113,737 | ||||||
Merck & Company, Inc.1 | 1,205 | 109,860 | ||||||
Baxter International, Inc.1 | 1,706 | 109,576 | ||||||
Danaher Corp. | 420 | 106,479 | ||||||
Kellogg Co. | 1,423 | 101,517 | ||||||
Perdoceo Education Corp.* | 8,433 | 99,341 | ||||||
Tyson Foods, Inc. — Class A1 | 1,115 | 95,957 | ||||||
Amgen, Inc. | 369 | 89,778 | ||||||
Regeneron Pharmaceuticals, Inc.*,1 | 143 | 84,532 | ||||||
Prestige Consumer Healthcare, Inc.* | 1,430 | 84,084 | ||||||
Mondelez International, Inc. — Class A | 1,305 | 81,027 | ||||||
Waters Corp.* | 234 | 77,449 | ||||||
Keurig Dr Pepper, Inc.1 | 2,102 | 74,390 | ||||||
Hologic, Inc.*,1 | 1,032 | 71,518 | ||||||
Edwards Lifesciences Corp.* | 725 | 68,940 | ||||||
FleetCor Technologies, Inc.* | 295 | 61,982 | ||||||
Centene Corp.* | 723 | 61,173 | ||||||
Ingredion, Inc. | 656 | 57,833 | ||||||
Eagle Pharmaceuticals, Inc.* | 1,268 | 56,337 | ||||||
Supernus Pharmaceuticals, Inc.*,1 | 1,907 | 55,151 | ||||||
Royalty Pharma plc — Class A | 1,279 | 53,769 | ||||||
Innoviva, Inc.*,1 | 3,333 | 49,195 | ||||||
CVS Health Corp. | 529 | 49,017 | ||||||
Pfizer, Inc. | 927 | 48,603 | ||||||
USANA Health Sciences, Inc.*,1 | 654 | 47,323 | ||||||
Avery Dennison Corp. | 289 | 46,781 | ||||||
Thermo Fisher Scientific, Inc. | 79 | 42,919 | ||||||
Molson Coors Beverage Co. — Class B1 | 739 | 40,283 | ||||||
Amphastar Pharmaceuticals, Inc.* | 1,133 | 39,417 | ||||||
Jazz Pharmaceuticals plc* | 227 | 35,414 | ||||||
Gilead Sciences, Inc.1 | 566 | 34,984 | ||||||
Archer-Daniels-Midland Co. | 444 | 34,454 | ||||||
Vanda Pharmaceuticals, Inc.*,1 | 3,045 | 33,191 | ||||||
Horizon Therapeutics plc* | 406 | 32,382 | ||||||
SpartanNash Co. | 981 | 29,597 | ||||||
EVERTEC, Inc.1 | 741 | 27,328 | ||||||
AMN Healthcare Services, Inc.* | 236 | 25,892 | ||||||
Globus Medical, Inc. — Class A* | 420 | 23,579 | ||||||
Halozyme Therapeutics, Inc.* | 527 | 23,188 | ||||||
Laboratory Corporation of America Holdings | 98 | 22,967 | ||||||
Total Consumer, Non-cyclical | 3,654,743 | |||||||
Financial - 16.6% | ||||||||
Global Net Lease, Inc. REIT1 | 8,360 | 118,378 | ||||||
Banner Corp.1 | 2,064 | 116,017 | ||||||
Northwest Bancshares, Inc. | 9,039 | 115,699 | ||||||
S&T Bancorp, Inc. | 4,187 | 114,849 | ||||||
Preferred Bank/Los Angeles CA | 1,650 | 112,233 | ||||||
National Bank Holdings Corp. — Class A | 2,754 | 105,396 | ||||||
Enstar Group Ltd.*,1 | 454 | 97,147 | ||||||
Essent Group Ltd. | 2,402 | 93,438 | ||||||
Weyerhaeuser Co. REIT | 2,692 | 89,159 | ||||||
Corporate Office Properties Trust REIT1 | 3,302 | 86,479 | ||||||
Eagle Bancorp, Inc. | 1,778 | 84,295 | ||||||
AMERISAFE, Inc.1 | 1,496 | 77,807 | ||||||
MGIC Investment Corp. | 6,094 | 76,784 | ||||||
Kilroy Realty Corp. REIT | 1,123 | 58,767 | ||||||
Safety Insurance Group, Inc. | 585 | 56,803 | ||||||
BankUnited, Inc. | 1,596 | 56,770 | ||||||
Meta Financial Group, Inc. | 1,444 | 55,840 | ||||||
Encore Capital Group, Inc.* | 957 | 55,286 | ||||||
Fidelity National Financial, Inc. | 1,484 | 54,849 | ||||||
Stewart Information Services Corp.1 | 1,090 | 54,227 | ||||||
PotlatchDeltic Corp. REIT | 1,212 | 53,558 | ||||||
Vornado Realty Trust REIT | 1,838 | 52,549 | ||||||
Radian Group, Inc.1 | 2,641 | 51,896 | ||||||
SL Green Realty Corp. REIT | 1,057 | 48,781 | ||||||
Central Pacific Financial Corp.1 | 2,057 | 44,123 | ||||||
Interactive Brokers Group, Inc. — Class A | 797 | 43,843 | ||||||
Office Properties Income Trust REIT | 2,197 | 43,830 | ||||||
Piper Sandler Cos. | 375 | 42,510 | ||||||
United Bankshares, Inc.1 | 1,205 | 42,259 | ||||||
EPR Properties REIT | 895 | 42,002 | ||||||
PennyMac Financial Services, Inc. | 868 | 37,940 | ||||||
Lincoln National Corp. | 789 | 36,902 | ||||||
NMI Holdings, Inc. — Class A* | 2,088 | 34,765 | ||||||
OneMain Holdings, Inc. | 926 | 34,614 | ||||||
Citigroup, Inc. | 737 | 33,895 | ||||||
Trustmark Corp.1 | 1,159 | 33,831 | ||||||
HomeStreet, Inc. | 941 | 32,624 | ||||||
Bread Financial Holdings, Inc. | 850 | 31,501 | ||||||
LTC Properties, Inc. REIT | 783 | 30,059 | ||||||
Primerica, Inc. | 233 | 27,888 | ||||||
Visa, Inc. — Class A | 140 | 27,564 | ||||||
Reinsurance Group of America, Inc. — Class A | 215 | 25,217 | ||||||
American Express Co. | 156 | 21,625 | ||||||
Total Financial | 2,553,999 | |||||||
Industrial - 11.5% | ||||||||
OSI Systems, Inc.* | 1,398 | 119,445 | ||||||
Keysight Technologies, Inc.* | 829 | 114,278 | ||||||
Vishay Intertechnology, Inc.1 | 5,897 | 105,084 | ||||||
Packaging Corporation of America | 753 | 103,537 | ||||||
Vontier Corp. | 4,378 | 100,650 | ||||||
Garmin Ltd. | 1,004 | 98,643 | ||||||
Nordson Corp. | 477 | 96,564 | ||||||
Standex International Corp.1 | 1,046 | 88,680 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 89.2% (continued) | ||||||||
Amcor plc | 6,318 | $ | 78,533 | |||||
Knowles Corp.* | 4,529 | 78,487 | ||||||
Sturm Ruger & Company, Inc.1 | 1,229 | 78,226 | ||||||
Eagle Materials, Inc. | 643 | 70,691 | ||||||
Energizer Holdings, Inc.1 | 2,186 | 61,973 | ||||||
Brady Corp. — Class A | 1,290 | 60,940 | ||||||
Sealed Air Corp. | 975 | 56,277 | ||||||
Werner Enterprises, Inc.1 | 1,354 | 52,183 | ||||||
Allegion plc | 523 | 51,202 | ||||||
Fortune Brands Home & Security, Inc. | 804 | 48,144 | ||||||
Snap-on, Inc. | 217 | 42,756 | ||||||
Westinghouse Air Brake Technologies Corp. | 441 | 36,197 | ||||||
Louisiana-Pacific Corp.1 | 620 | 32,494 | ||||||
Dorian LPG Ltd.1 | 1,943 | 29,534 | ||||||
Schneider National, Inc. — Class B | 1,245 | 27,863 | ||||||
Sanmina Corp.*,1 | 622 | 25,334 | ||||||
Mueller Industries, Inc.1 | 467 | 24,886 | ||||||
Encore Wire Corp. | 235 | 24,421 | ||||||
Insteel Industries, Inc. | 705 | 23,738 | ||||||
Forward Air Corp. | 249 | 22,898 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 336 | 20,735 | ||||||
Total Industrial | 1,774,393 | |||||||
Technology - 9.2% | ||||||||
Apple, Inc.1 | 1,007 | 137,677 | ||||||
Genpact Ltd. | 2,674 | 113,271 | ||||||
NetApp, Inc.1 | 1,713 | 111,756 | ||||||
CSG Systems International, Inc.1 | 1,809 | 107,961 | ||||||
Cirrus Logic, Inc.* | 1,465 | 106,271 | ||||||
Microsoft Corp.1 | 400 | 102,732 | ||||||
Semtech Corp.* | 1,431 | 78,662 | ||||||
Oracle Corp.1 | 1,028 | 71,826 | ||||||
Micron Technology, Inc.1 | 1,259 | 69,597 | ||||||
Cadence Design Systems, Inc.* | 444 | 66,613 | ||||||
Qorvo, Inc.*,1 | 510 | 48,103 | ||||||
Salesforce, Inc.* | 279 | 46,046 | ||||||
Xperi Holding Corp. | 3,034 | 43,781 | ||||||
Rambus, Inc.*,1 | 2,024 | 43,496 | ||||||
QUALCOMM, Inc. | 316 | 40,366 | ||||||
International Business Machines Corp. | 256 | 36,144 | ||||||
NetScout Systems, Inc.* | 995 | 33,681 | ||||||
Lumentum Holdings, Inc.* | 376 | 29,862 | ||||||
NXP Semiconductor N.V. | 189 | 27,978 | ||||||
Lam Research Corp. | 61 | 25,995 | ||||||
Applied Materials, Inc. | 267 | 24,292 | ||||||
Accenture plc — Class A | 79 | 21,934 | ||||||
Concentrix Corp. | 149 | 20,211 | ||||||
Total Technology | 1,408,255 | |||||||
Utilities - 8.5% | ||||||||
Southern Co. | 1,676 | 119,516 | ||||||
Xcel Energy, Inc. | 1,642 | 116,188 | ||||||
NorthWestern Corp. | 1,966 | 115,856 | ||||||
OGE Energy Corp. | 2,940 | 113,366 | ||||||
MGE Energy, Inc.1 | 1,406 | 109,429 | ||||||
National Fuel Gas Co.1 | 1,608 | 106,208 | ||||||
IDACORP, Inc.1 | 991 | 104,967 | ||||||
Chesapeake Utilities Corp.1 | 789 | 102,215 | ||||||
PPL Corp.1 | 3,135 | 85,053 | ||||||
Otter Tail Corp.1 | 1,156 | 77,602 | ||||||
WEC Energy Group, Inc. | 662 | 66,624 | ||||||
Portland General Electric Co.1 | 1,337 | 64,617 | ||||||
Hawaiian Electric Industries, Inc.1 | 1,309 | 53,538 | ||||||
UGI Corp.1 | 871 | 33,629 | ||||||
California Water Service Group1 | 565 | 31,386 | ||||||
Total Utilities | 1,300,194 | |||||||
Communications - 5.1% | ||||||||
Verizon Communications, Inc.1 | 2,637 | 133,828 | ||||||
Alphabet, Inc. — Class C*,1 | 55 | 120,310 | ||||||
InterDigital, Inc.1 | 1,814 | 110,291 | ||||||
Meta Platforms, Inc. — Class A*,1 | 566 | 91,267 | ||||||
T-Mobile US, Inc.*,1 | 623 | 83,818 | ||||||
Gogo, Inc.*,1 | 2,957 | 47,874 | ||||||
Viavi Solutions, Inc.*,1 | 3,318 | 43,897 | ||||||
Amazon.com, Inc.* | 375 | 39,829 | ||||||
Juniper Networks, Inc. | 1,316 | 37,506 | ||||||
Comcast Corp. — Class A | 924 | 36,258 | ||||||
NETGEAR, Inc.* | 1,227 | 22,724 | ||||||
Fox Corp. — Class A | 701 | 22,544 | ||||||
Total Communications | 790,146 | |||||||
Consumer, Cyclical - 5.1% | ||||||||
MSC Industrial Direct Company, Inc. — Class A | 1,220 | 91,634 | ||||||
Whirlpool Corp. | 564 | 87,347 | ||||||
Lowe's Companies, Inc.1 | 499 | 87,160 | ||||||
Columbia Sportswear Co.1 | 821 | 58,767 | ||||||
Choice Hotels International, Inc. | 475 | 53,024 | ||||||
Walgreens Boots Alliance, Inc. | 1,370 | 51,923 | ||||||
Methode Electronics, Inc. | 1,370 | 50,745 | ||||||
Home Depot, Inc. | 185 | 50,740 | ||||||
Allison Transmission Holdings, Inc.1 | 1,241 | 47,716 | ||||||
NIKE, Inc. — Class B1 | 382 | 39,041 | ||||||
Alaska Air Group, Inc.* | 833 | 33,362 | ||||||
Tesla, Inc.*,1 | 42 | 28,284 | ||||||
YETI Holdings, Inc.* | 624 | 27,000 | ||||||
Tri Pointe Homes, Inc.*,1 | 1,555 | 26,233 | ||||||
Thor Industries, Inc.1,2 | 328 | 24,512 | ||||||
Winnebago Industries, Inc. | 497 | 24,134 | ||||||
Total Consumer, Cyclical | 781,622 | |||||||
Basic Materials - 5.0% | ||||||||
Minerals Technologies, Inc. | 1,757 | 107,774 | ||||||
International Paper Co.1 | 2,557 | 106,959 | ||||||
HB Fuller Co. | 1,649 | 99,286 | ||||||
Dow, Inc.1 | 1,851 | 95,530 | ||||||
LyondellBasell Industries N.V. — Class A | 1,091 | 95,419 | ||||||
Southern Copper Corp.1 | 984 | 49,013 | ||||||
Westlake Corp. | 482 | 47,246 | ||||||
Balchem Corp. | 362 | 46,966 | ||||||
Huntsman Corp. | 1,384 | 39,237 | ||||||
NewMarket Corp. | 109 | 32,805 | ||||||
Ingevity Corp.* | 510 | 32,201 | ||||||
AdvanSix, Inc. | 509 | 17,021 | ||||||
Total Basic Materials | 769,457 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 89.2% (continued) | ||||||||
Energy - 4.4% | ||||||||
Exxon Mobil Corp.1 | 1,457 | $ | 124,777 | |||||
Williams Companies, Inc. | 3,291 | 102,712 | ||||||
Chevron Corp. | 640 | 92,659 | ||||||
Kinder Morgan, Inc.1 | 3,753 | 62,900 | ||||||
Targa Resources Corp.1 | 710 | 42,366 | ||||||
Valero Energy Corp.1 | 360 | 38,261 | ||||||
Antero Midstream Corp.1 | 4,205 | 38,055 | ||||||
Equitrans Midstream Corp.1 | 5,086 | 32,347 | ||||||
DT Midstream, Inc. | 646 | 31,667 | ||||||
ONEOK, Inc. | 521 | 28,916 | ||||||
SunCoke Energy, Inc.1 | 3,975 | 27,070 | ||||||
Phillips 66 | 326 | 26,729 | ||||||
Occidental Petroleum Corp. | 423 | 24,906 | ||||||
Total Energy | 673,365 | |||||||
Total Common Stocks | ||||||||
(Cost $14,464,524) | 13,706,174 |
MONEY MARKET FUND† - 3.1% | ||||||||
Invesco Short-Term Investments Trust Treasury Obligations Portfolio — Institutional Class, 0.00%3 | 475,887 | 475,887 | ||||||
Total Money Market Fund | ||||||||
(Cost $475,887) | 475,887 |
SECURITIES LENDING COLLATERAL†,4 - 0.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%3 | 9,797 | 9,797 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $9,797) | 9,797 | |||||||
Total Investments - 92.4% | ||||||||
(Cost $14,950,208) | $ | 14,191,858 | ||||||
Other Assets & Liabilities, net - 7.6% | 1,168,930 | |||||||
Total Net Assets - 100.0% | $ | 15,360,788 |
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 | 1.98% (Federal Funds Rate + 0.40%) | At Maturity | 03/27/24 | $ | 6,986,429 | $ | (433,683 | ) | |||||||
Goldman Sachs International | GS Equity Custom Basket | Pay | 2.03% (Federal Funds Rate + 0.45%) | At Maturity | 05/06/24 | 6,986,419 | (441,163 | ) | |||||||||
$ | 13,972,848 | $ | (874,846 | ) | |||||||||||||
OTC Custom Basket Swap Agreements Sold Short†† | |||||||||||||||||
Goldman Sachs International | GS Equity Custom Basket | Receive | 1.38% (Federal Funds Rate - 0.20%) | At Maturity | 05/06/24 | $ | 7,597,509 | $ | 967,520 | ||||||||
Morgan Stanley Capital Services LLC | MS Equity Custom Basket | Receive | 1.28% (Federal Funds Rate - 0.30%) | At Maturity | 03/27/24 | 7,585,352 | 957,824 | ||||||||||
$ | 15,182,861 | $ | 1,925,344 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
GS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Bristol-Myers Squibb Co. | 884 | 0.97 | % | $ | 13,313 | |||||||
AbbVie, Inc. | 383 | 0.84 | % | 12,349 | ||||||||
Vertex Pharmaceuticals, Inc. | 231 | 0.93 | % | 9,429 | ||||||||
Amphastar Pharmaceuticals, Inc. | 578 | 0.29 | % | 8,806 | ||||||||
Merck & Company, Inc. | 614 | 0.80 | % | 7,285 | ||||||||
Prestige Consumer Healthcare, Inc. | 729 | 0.61 | % | 6,683 | ||||||||
Molson Coors Beverage Co. — Class B | 377 | 0.29 | % | 6,076 | ||||||||
Waters Corp. | 119 | 0.56 | % | 5,062 | ||||||||
Perdoceo Education Corp. | 4,301 | 0.73 | % | 4,132 | ||||||||
Church & Dwight Company, Inc. | 672 | 0.89 | % | 3,136 | ||||||||
Royalty Pharma plc — Class A | 652 | 0.39 | % | 2,113 | ||||||||
Innoviva, Inc. | 1,700 | 0.36 | % | 2,105 | ||||||||
Kellogg Co. | 726 | 0.74 | % | 1,530 | ||||||||
Regeneron Pharmaceuticals, Inc. | 73 | 0.62 | % | 972 | ||||||||
AMN Healthcare Services, Inc. | 120 | 0.19 | % | 918 | ||||||||
Eagle Pharmaceuticals, Inc. | 646 | 0.41 | % | 667 | ||||||||
Supernus Pharmaceuticals, Inc. | 972 | 0.40 | % | 615 | ||||||||
Centene Corp. | 369 | 0.45 | % | 600 | ||||||||
Pfizer, Inc. | 473 | 0.35 | % | 547 | ||||||||
Jazz Pharmaceuticals plc | 115 | 0.26 | % | 428 | ||||||||
Hologic, Inc. | 526 | 0.52 | % | (251 | ) | |||||||
Kimberly-Clark Corp. | 480 | 0.93 | % | (362 | ) | |||||||
Amgen, Inc. | 188 | 0.65 | % | (453 | ) | |||||||
Thermo Fisher Scientific, Inc. | 40 | 0.31 | % | (467 | ) | |||||||
Gilead Sciences, Inc. | 289 | 0.26 | % | (651 | ) | |||||||
Danaher Corp. | 214 | 0.78 | % | (652 | ) | |||||||
Halozyme Therapeutics, Inc. | 269 | 0.17 | % | (679 | ) | |||||||
Globus Medical, Inc. — Class A | 214 | 0.17 | % | (1,202 | ) | |||||||
Mondelez International, Inc. — Class A | 666 | 0.59 | % | (1,255 | ) | |||||||
Avery Dennison Corp. | 147 | 0.34 | % | (1,513 | ) | |||||||
Keurig Dr Pepper, Inc. | 1,072 | 0.54 | % | (1,580 | ) | |||||||
Conagra Brands, Inc. | 1,914 | 0.94 | % | (1,591 | ) | |||||||
Ingredion, Inc. | 334 | 0.42 | % | (1,678 | ) | |||||||
CVS Health Corp. | 269 | 0.36 | % | (1,777 | ) | |||||||
SpartanNash Co. | 500 | 0.22 | % | (1,937 | ) | |||||||
Laboratory Corporation of America Holdings | 50 | 0.17 | % | (2,034 | ) | |||||||
Edwards Lifesciences Corp. | 370 | 0.50 | % | (2,045 | ) | |||||||
Tyson Foods, Inc. — Class A | 569 | 0.70 | % | (2,161 | ) | |||||||
AmerisourceBergen Corp. — Class A | 419 | 0.85 | % | (2,411 | ) | |||||||
Archer-Daniels-Midland Co. | 226 | 0.25 | % | (2,588 | ) | |||||||
EVERTEC, Inc. | 378 | 0.20 | % | (2,944 | ) | |||||||
Constellation Brands, Inc. — Class A | 251 | 0.84 | % | (4,052 | ) | |||||||
Procter & Gamble Co. | 505 | 1.04 | % | (5,328 | ) | |||||||
FleetCor Technologies, Inc. | 150 | 0.45 | % | (5,648 | ) | |||||||
Horizon Therapeutics plc | 207 | 0.24 | % | (6,604 | ) | |||||||
USANA Health Sciences, Inc. | 333 | 0.34 | % | (7,408 | ) | |||||||
Abbott Laboratories | 592 | 0.92 | % | (7,584 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 1,553 | 0.24 | % | (7,599 | ) | |||||||
John B Sanfilippo & Son, Inc. | 800 | 0.83 | % | (9,886 | ) | |||||||
Baxter International, Inc. | 870 | 0.80 | % | (13,271 | ) | |||||||
Total Consumer, Non-cyclical | (10,845 | ) | ||||||||||
Basic Materials | ||||||||||||
Ingevity Corp. | 260 | 0.23 | % | (20 | ) | |||||||
NewMarket Corp. | 55 | 0.24 | % | (732 | ) | |||||||
Balchem Corp. | 185 | 0.34 | % | (816 | ) | |||||||
Westlake Corp. | 246 | 0.35 | % | (2,580 | ) | |||||||
AdvanSix, Inc. | 260 | 0.12 | % | (3,649 | ) | |||||||
Minerals Technologies, Inc. | 896 | 0.79 | % | (3,839 | ) | |||||||
Dow, Inc. | 944 | 0.70 | % | (4,969 | ) | |||||||
HB Fuller Co. | 841 | 0.72 | % | (5,358 | ) | |||||||
Huntsman Corp. | 706 | 0.29 | % | (5,472 | ) | |||||||
International Paper Co. | 1,304 | 0.78 | % | (8,015 | ) | |||||||
LyondellBasell Industries N.V. — Class A | 556 | 0.70 | % | (8,161 | ) | |||||||
Southern Copper Corp. | 502 | 0.36 | % | (12,008 | ) | |||||||
Total Basic Materials | (55,619 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Allison Transmission Holdings, Inc. | 633 | 0.35 | % | 1,419 | ||||||||
Winnebago Industries, Inc. | 253 | 0.18 | % | (236 | ) | |||||||
Thor Industries, Inc. | 167 | 0.18 | % | (367 | ) | |||||||
YETI Holdings, Inc. | 318 | 0.20 | % | (1,149 | ) | |||||||
Tri Pointe Homes, Inc. | 793 | 0.19 | % | (1,911 | ) | |||||||
Home Depot, Inc. | 94 | 0.37 | % | (2,219 | ) | |||||||
Tesla, Inc. | 21 | 0.20 | % | (3,625 | ) | |||||||
Methode Electronics, Inc. | 698 | 0.37 | % | (4,190 | ) | |||||||
MSC Industrial Direct Company, Inc. — Class A | 622 | 0.67 | % | (4,290 | ) | |||||||
Alaska Air Group, Inc. | 425 | 0.24 | % | (4,420 | ) | |||||||
Choice Hotels International, Inc. | 242 | 0.39 | % | (4,462 | ) | |||||||
NIKE, Inc. — Class B | 195 | 0.29 | % | (4,792 | ) | |||||||
Walgreens Boots Alliance, Inc. | 698 | 0.38 | % | (4,947 | ) | |||||||
Columbia Sportswear Co. | 418 | 0.43 | % | (7,276 | ) | |||||||
Lowe's Companies, Inc. | 254 | 0.64 | % | (8,097 | ) | |||||||
Whirlpool Corp. | 288 | 0.64 | % | (10,327 | ) | |||||||
Total Consumer, Cyclical | (60,889 | ) | ||||||||||
Financial | ||||||||||||
Safety Insurance Group, Inc. | 298 | 0.41 | % | 5,534 | ||||||||
LTC Properties, Inc. | 399 | 0.22 | % | 2,483 | ||||||||
Northwest Bancshares, Inc. | 4,610 | 0.84 | % | 2,476 | ||||||||
Banner Corp. | 1,053 | 0.85 | % | 1,261 | ||||||||
United Bankshares, Inc. | 615 | 0.31 | % | 154 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Preferred Bank/Los Angeles CA | 841 | 0.82 | % | $ | (211 | ) | ||||||
Primerica, Inc. | 118 | 0.20 | % | (743 | ) | |||||||
Global Net Lease, Inc. | 4,264 | 0.86 | % | (749 | ) | |||||||
Reinsurance Group of America, Inc. — Class A | 109 | 0.18 | % | (894 | ) | |||||||
Trustmark Corp. | 591 | 0.25 | % | (927 | ) | |||||||
Office Properties Income Trust | 1,120 | 0.32 | % | (1,122 | ) | |||||||
Visa, Inc. — Class A | 71 | 0.20 | % | (1,189 | ) | |||||||
Corporate Office Properties Trust | 1,684 | 0.63 | % | (1,197 | ) | |||||||
EPR Properties | 456 | 0.31 | % | (1,490 | ) | |||||||
PennyMac Financial Services, Inc. | 443 | 0.28 | % | (1,614 | ) | |||||||
S&T Bancorp, Inc. | 2,135 | 0.84 | % | (1,772 | ) | |||||||
Encore Capital Group, Inc. | 488 | 0.40 | % | (1,872 | ) | |||||||
NMI Holdings, Inc. — Class A | 1,065 | 0.25 | % | (2,186 | ) | |||||||
American Express Co. | 80 | 0.16 | % | (2,336 | ) | |||||||
Kilroy Realty Corp. | 572 | 0.43 | % | (3,277 | ) | |||||||
AMERISAFE, Inc. | 763 | 0.57 | % | (3,443 | ) | |||||||
Enstar Group Ltd. | 231 | 0.71 | % | (3,561 | ) | |||||||
Radian Group, Inc. | 1,347 | 0.38 | % | (3,564 | ) | |||||||
Citigroup, Inc. | 376 | 0.25 | % | (3,607 | ) | |||||||
Piper Sandler Cos. | 191 | 0.31 | % | (3,728 | ) | |||||||
Fidelity National Financial, Inc. | 757 | 0.40 | % | (3,856 | ) | |||||||
Lincoln National Corp. | 402 | 0.27 | % | (4,032 | ) | |||||||
Vornado Realty Trust | 937 | 0.38 | % | (4,037 | ) | |||||||
Interactive Brokers Group, Inc. — Class A | 406 | 0.32 | % | (4,844 | ) | |||||||
MGIC Investment Corp. | 3,108 | 0.56 | % | (5,079 | ) | |||||||
BankUnited, Inc. | 814 | 0.41 | % | (5,314 | ) | |||||||
Stewart Information Services Corp. | 556 | 0.40 | % | (5,415 | ) | |||||||
National Bank Holdings Corp. — Class A | 1,405 | 0.77 | % | (5,719 | ) | |||||||
Eagle Bancorp, Inc. | 907 | 0.62 | % | (5,769 | ) | |||||||
Central Pacific Financial Corp. | 1,049 | 0.32 | % | (5,819 | ) | |||||||
SL Green Realty Corp. | 539 | 0.36 | % | (6,068 | ) | |||||||
PotlatchDeltic Corp. | 618 | 0.39 | % | (6,095 | ) | |||||||
OneMain Holdings, Inc. | 472 | 0.25 | % | (6,163 | ) | |||||||
HomeStreet, Inc. | 480 | 0.24 | % | (6,705 | ) | |||||||
Essent Group Ltd. | 1,225 | 0.68 | % | (7,118 | ) | |||||||
Bread Financial Holdings, Inc. | 433 | 0.23 | % | (7,647 | ) | |||||||
Weyerhaeuser Co. | 1,373 | 0.65 | % | (8,608 | ) | |||||||
Meta Financial Group, Inc. | 736 | 0.41 | % | (12,259 | ) | |||||||
Total Financial | (138,121 | ) | ||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 28 | 0.88 | % | 13,413 | ||||||||
Viavi Solutions, Inc. | 1,692 | 0.32 | % | 1,757 | ||||||||
T-Mobile US, Inc. | 318 | 0.61 | % | 367 | ||||||||
Fox Corp. — Class A | 357 | 0.16 | % | (1,099 | ) | |||||||
Juniper Networks, Inc. | 671 | 0.27 | % | (1,382 | ) | |||||||
Comcast Corp. — Class A | 471 | 0.26 | % | (1,869 | ) | |||||||
Amazon.com, Inc. | 191 | 0.29 | % | (3,010 | ) | |||||||
Gogo, Inc. | 1,508 | 0.35 | % | (3,051 | ) | |||||||
Verizon Communications, Inc. | 1,345 | 0.98 | % | (3,258 | ) | |||||||
InterDigital, Inc. | 925 | 0.80 | % | (4,849 | ) | |||||||
NETGEAR, Inc. | 626 | 0.17 | % | (4,974 | ) | |||||||
Meta Platforms, Inc. — Class A | 288 | 0.66 | % | (5,768 | ) | |||||||
Total Communications | (13,723 | ) | ||||||||||
Energy | ||||||||||||
Occidental Petroleum Corp. | 215 | 0.18 | % | (1,077 | ) | |||||||
ONEOK, Inc. | 266 | 0.21 | % | (2,562 | ) | |||||||
Phillips 66 | 166 | 0.19 | % | (2,756 | ) | |||||||
DT Midstream, Inc. | 330 | 0.23 | % | (2,932 | ) | |||||||
Kinder Morgan, Inc. | 1,914 | 0.46 | % | (3,773 | ) | |||||||
Antero Midstream Corp. | 2,145 | 0.28 | % | (3,817 | ) | |||||||
SunCoke Energy, Inc. | 2,028 | 0.20 | % | (4,135 | ) | |||||||
Equitrans Midstream Corp. | 2,594 | 0.24 | % | (5,296 | ) | |||||||
Targa Resources Corp. | 362 | 0.31 | % | (5,989 | ) | |||||||
Williams Companies, Inc. | 1,679 | 0.75 | % | (6,887 | ) | |||||||
Valero Energy Corp. | 183 | 0.28 | % | (7,303 | ) | |||||||
Exxon Mobil Corp. | 743 | 0.91 | % | (9,659 | ) | |||||||
Chevron Corp. | 326 | 0.68 | % | (10,380 | ) | |||||||
Total Energy | (66,566 | ) | ||||||||||
Technology | ||||||||||||
Apple, Inc. | 513 | 1.00 | % | 19,358 | ||||||||
Microsoft Corp. | 204 | 0.75 | % | 18,928 | ||||||||
CSG Systems International, Inc. | 923 | 0.79 | % | 12,522 | ||||||||
NetScout Systems, Inc. | 508 | 0.25 | % | 1,372 | ||||||||
Cadence Design Systems, Inc. | 226 | 0.49 | % | 466 | ||||||||
NetApp, Inc. | 873 | 0.82 | % | 434 | ||||||||
International Business Machines Corp. | 130 | 0.26 | % | 46 | ||||||||
Rambus, Inc. | 1,032 | 0.32 | % | (385 | ) | |||||||
Accenture plc — Class A | 40 | 0.16 | % | (683 | ) | |||||||
Lumentum Holdings, Inc. | 191 | 0.22 | % | (1,599 | ) | |||||||
Concentrix Corp. | 76 | 0.15 | % | (1,765 | ) | |||||||
QUALCOMM, Inc. | 161 | 0.29 | % | (1,852 | ) | |||||||
Lam Research Corp. | 31 | 0.19 | % | (2,208 | ) | |||||||
NXP Semiconductor N.V. | 96 | 0.20 | % | (2,827 | ) | |||||||
Applied Materials, Inc. | 136 | 0.18 | % | (3,126 | ) | |||||||
Salesforce, Inc. | 142 | 0.34 | % | (3,409 | ) | |||||||
Genpact Ltd. | 1,364 | 0.83 | % | (3,537 | ) | |||||||
Oracle Corp. | 524 | 0.52 | % | (4,024 | ) | |||||||
Semtech Corp. | 729 | 0.57 | % | (4,542 | ) | |||||||
Qorvo, Inc. | 260 | 0.35 | % | (5,195 | ) | |||||||
Cirrus Logic, Inc. | 747 | 0.78 | % | (7,129 | ) | |||||||
Xperi Holding Corp. | 1,547 | 0.32 | % | (7,339 | ) | |||||||
Micron Technology, Inc. | 642 | 0.51 | % | (11,844 | ) | |||||||
Total Technology | (8,338 | ) | ||||||||||
Industrial | ||||||||||||
OSI Systems, Inc. | 713 | 0.87 | % | 4,033 | ||||||||
Mueller Industries, Inc. | 238 | 0.18 | % | 2,571 | ||||||||
Dorian LPG Ltd. | 991 | 0.22 | % | 2,478 | ||||||||
Amcor plc | 3,223 | 0.57 | % | 1,800 | ||||||||
Sanmina Corp. | 317 | 0.18 | % | 694 | ||||||||
Schneider National, Inc. — Class B | 635 | 0.20 | % | 550 | ||||||||
Werner Enterprises, Inc. | 690 | 0.38 | % | 358 | ||||||||
Brady Corp. — Class A | 658 | 0.44 | % | (664 | ) | |||||||
Forward Air Corp. | 127 | 0.17 | % | (1,027 | ) | |||||||
Insteel Industries, Inc. | 359 | 0.17 | % | (1,568 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Atlas Air Worldwide Holdings, Inc. | 171 | 0.15 | % | $ | (1,727 | ) | ||||||
Energizer Holdings, Inc. | 1,115 | 0.45 | % | (1,744 | ) | |||||||
Allegion plc | 266 | 0.37 | % | (2,470 | ) | |||||||
Westinghouse Air Brake Technologies Corp. | 225 | 0.26 | % | (2,655 | ) | |||||||
Snap-on, Inc. | 110 | 0.31 | % | (2,792 | ) | |||||||
Garmin Ltd. | 512 | 0.72 | % | (2,818 | ) | |||||||
Louisiana-Pacific Corp. | 316 | 0.24 | % | (3,568 | ) | |||||||
Fortune Brands Home & Security, Inc. | 410 | 0.35 | % | (3,825 | ) | |||||||
Sealed Air Corp. | 497 | 0.41 | % | (3,988 | ) | |||||||
Sturm Ruger & Company, Inc. | 626 | 0.57 | % | (4,187 | ) | |||||||
Vishay Intertechnology, Inc. | 3,008 | 0.77 | % | (4,339 | ) | |||||||
Nordson Corp. | 243 | 0.70 | % | (4,358 | ) | |||||||
Knowles Corp. | 2,310 | 0.57 | % | (4,694 | ) | |||||||
Encore Wire Corp. | 120 | 0.18 | % | (4,852 | ) | |||||||
Eagle Materials, Inc. | 328 | 0.52 | % | (5,073 | ) | |||||||
Standex International Corp. | 533 | 0.65 | % | (5,481 | ) | |||||||
Keysight Technologies, Inc. | 423 | 0.83 | % | (6,200 | ) | |||||||
Packaging Corporation of America | 384 | 0.76 | % | (6,598 | ) | |||||||
Vontier Corp. | 2,233 | 0.73 | % | (12,202 | ) | |||||||
Total Industrial | (74,346 | ) | ||||||||||
Utilities | ||||||||||||
IDACORP, Inc. | 505 | 0.74 | % | 3,756 | ||||||||
Chesapeake Utilities Corp. | 402 | 0.75 | % | 2,947 | ||||||||
Otter Tail Corp. | 590 | 0.57 | % | 2,494 | ||||||||
MGE Energy, Inc. | 717 | 0.80 | % | 1,030 | ||||||||
Portland General Electric Co. | 682 | 0.47 | % | (746 | ) | |||||||
WEC Energy Group, Inc. | 337 | 0.49 | % | (964 | ) | |||||||
National Fuel Gas Co. | 820 | 0.78 | % | (1,167 | ) | |||||||
California Water Service Group | 288 | 0.23 | % | (1,829 | ) | |||||||
Hawaiian Electric Industries, Inc. | 668 | 0.39 | % | (1,834 | ) | |||||||
NorthWestern Corp. | 1,003 | 0.85 | % | (1,955 | ) | |||||||
UGI Corp. | 444 | 0.25 | % | (2,379 | ) | |||||||
Xcel Energy, Inc. | 837 | 0.85 | % | (2,389 | ) | |||||||
Southern Co. | 855 | 0.87 | % | (2,493 | ) | |||||||
PPL Corp. | 1,599 | 0.62 | % | (3,584 | ) | |||||||
OGE Energy Corp. | 1,500 | 0.83 | % | (3,603 | ) | |||||||
Total Utilities | (12,716 | ) | ||||||||||
Total GS Equity Long Custom Basket | $ | (441,163 | ) |
GS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
ASGN, Inc. | 865 | (1.03)% | 25,966 | |||||||||
Equifax, Inc. | 443 | (1.07)% | 21,773 | |||||||||
CoStar Group, Inc. | 1,943 | (1.54)% | 19,516 | |||||||||
TransUnion | 520 | (0.55)% | 17,051 | |||||||||
Cintas Corp. | 298 | (1.47)% | 14,416 | |||||||||
Verisk Analytics, Inc. — Class A | 380 | (0.87)% | 12,982 | |||||||||
Universal Health Services, Inc. — Class B | 456 | (0.60)% | 9,041 | |||||||||
Dun & Bradstreet Holdings, Inc. | 2,161 | (0.43)% | 8,439 | |||||||||
Cal-Maine Foods, Inc. | 1,290 | (0.84)% | 7,816 | |||||||||
Intuitive Surgical, Inc. | 235 | (0.62)% | 4,615 | |||||||||
ManpowerGroup, Inc. | 271 | (0.27)% | 3,922 | |||||||||
ABM Industries, Inc. | 707 | (0.40)% | 3,355 | |||||||||
Viad Corp. | 957 | (0.35)% | 2,418 | |||||||||
Driven Brands Holdings, Inc. | 2,524 | (0.91)% | 2,197 | |||||||||
Quanta Services, Inc. | 376 | (0.62)% | 2,179 | |||||||||
Acadia Healthcare Company, Inc. | 791 | (0.70)% | 1,922 | |||||||||
Mister Car Wash, Inc. | 992 | (0.14)% | 1,419 | |||||||||
Patterson Companies, Inc. | 1,613 | (0.64)% | 480 | |||||||||
Coca-Cola Co. | 1,665 | (1.38)% | 315 | |||||||||
Lamb Weston Holdings, Inc. | 693 | (0.65)% | (5,976 | ) | ||||||||
Total Consumer, Non-cyclical | 153,846 | |||||||||||
Financial | ||||||||||||
State Street Corp. | 1,630 | (1.32)% | 33,297 | |||||||||
Park Hotels & Resorts, Inc. | 5,447 | (0.97)% | 32,403 | |||||||||
Outfront Media, Inc. | 3,871 | (0.86)% | 28,983 | |||||||||
Howard Hughes Corp. | 1,216 | (1.09)% | 24,353 | |||||||||
Western Alliance Bancorporation | 849 | (0.79)% | 23,694 | |||||||||
Signature Bank | 232 | (0.55)% | 22,752 | |||||||||
Kite Realty Group Trust | 5,008 | (1.14)% | 21,803 | |||||||||
RLJ Lodging Trust | 7,034 | (1.02)% | 21,168 | |||||||||
Equitable Holdings, Inc. | 3,188 | (1.09)% | 20,412 | |||||||||
Kennedy-Wilson Holdings, Inc. | 5,364 | (1.34)% | 19,276 | |||||||||
Equinix, Inc. | 117 | (1.01)% | 17,901 | |||||||||
Safehold, Inc. | 1,025 | (0.48)% | 17,437 | |||||||||
Bank of America Corp. | 1,894 | (0.78)% | 16,313 | |||||||||
Invitation Homes, Inc. | 2,639 | (1.24)% | 15,835 | |||||||||
Alexandria Real Estate Equities, Inc. | 263 | (0.50)% | 15,192 | |||||||||
Ares Management Corp. — Class A | 692 | (0.52)% | 15,096 | |||||||||
BOK Financial Corp. | 382 | (0.38)% | 14,627 | |||||||||
Morgan Stanley | 1,844 | (1.85)% | 14,047 | |||||||||
Northern Trust Corp. | 794 | (1.01)% | 12,757 | |||||||||
Americold Realty Trust, Inc. | 2,023 | (0.80)% | 12,314 | |||||||||
KKR & Company, Inc. — Class A | 1,120 | (0.68)% | 11,450 | |||||||||
Crown Castle International Corp. | 470 | (1.04)% | 10,656 | |||||||||
Ryman Hospitality Properties, Inc. | 819 | (0.82)% | 10,494 | |||||||||
Wells Fargo & Co. | 1,780 | (0.92)% | 9,136 | |||||||||
Xenia Hotels & Resorts, Inc. | 2,859 | (0.55)% | 8,341 | |||||||||
Host Hotels & Resorts, Inc. | 4,972 | (1.03)% | 8,212 | |||||||||
Sunstone Hotel Investors, Inc. | 4,382 | (0.57)% | 7,873 | |||||||||
SBA Communications Corp. | 186 | (0.78)% | 7,641 | |||||||||
Sun Communities, Inc. | 635 | (1.33)% | 7,067 | |||||||||
Fulton Financial Corp. | 6,472 | (1.23)% | 6,741 | |||||||||
Regions Financial Corp. | 3,325 | (0.82)% | 6,679 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value and Unrealized Appreciation (Depreciation) | |||||||||||
Raymond James Financial, Inc. | 809 | (0.95)% | $ | 5,975 | ||||||||
Welltower, Inc. | 1,120 | (1.21)% | 5,309 | |||||||||
EastGroup Properties, Inc. | 437 | (0.89)% | 5,069 | |||||||||
JPMorgan Chase & Co. | 271 | (0.40)% | 4,292 | |||||||||
Equity LifeStyle Properties, Inc. | 1,166 | (1.08)% | 3,599 | |||||||||
Popular, Inc. | 626 | (0.63)% | 3,369 | |||||||||
Assured Guaranty Ltd. | 892 | (0.66)% | 3,283 | |||||||||
UMB Financial Corp. | 676 | (0.77)% | 3,246 | |||||||||
SLM Corp. | 2,772 | (0.58)% | 3,119 | |||||||||
Rayonier, Inc. | 717 | (0.35)% | 2,308 | |||||||||
Public Storage | 79 | (0.33)% | 2,099 | |||||||||
Camden Property Trust | 301 | (0.53)% | 1,775 | |||||||||
Extra Space Storage, Inc. | 287 | (0.64)% | 1,549 | |||||||||
Digital Realty Trust, Inc. | 277 | (0.47)% | 1,301 | |||||||||
AvalonBay Communities, Inc. | 174 | (0.44)% | 1,214 | |||||||||
Iron Mountain, Inc. | 1,621 | (1.04)% | 749 | |||||||||
UDR, Inc. | 832 | (0.50)% | 553 | |||||||||
Arthur J Gallagher & Co. | 317 | (0.68)% | (351 | ) | ||||||||
American Tower Corp. — Class A | 385 | (1.30)% | (2,877 | ) | ||||||||
Total Financial | 539,531 | |||||||||||
Consumer, Cyclical | ||||||||||||
MillerKnoll, Inc. | 2,450 | (0.85)% | 26,250 | |||||||||
Caesars Entertainment, Inc. | 792 | (0.40)% | 24,177 | |||||||||
American Airlines Group, Inc. | 3,187 | (0.53)% | 16,245 | |||||||||
Copart, Inc. | 603 | (0.86)% | 14,321 | |||||||||
Wyndham Hotels & Resorts, Inc. | 871 | (0.75)% | 12,568 | |||||||||
Hilton Worldwide Holdings, Inc. | 345 | (0.51)% | 12,066 | |||||||||
Floor & Decor Holdings, Inc. — Class A | 409 | (0.34)% | 4,914 | |||||||||
WESCO International, Inc. | 328 | (0.46)% | 3,948 | |||||||||
CarMax, Inc. | 315 | (0.38)% | 3,714 | |||||||||
Las Vegas Sands Corp. | 1,266 | (0.56)% | 2,836 | |||||||||
Lululemon Athletica, Inc. | 81 | (0.29)% | 2,422 | |||||||||
IAA, Inc. | 1,059 | (0.46)% | 2,086 | |||||||||
Lear Corp. | 187 | (0.31)% | 498 | |||||||||
Healthcare Services Group, Inc. | 2,932 | (0.67)% | (1,134 | ) | ||||||||
Total Consumer, Cyclical | 124,911 | |||||||||||
Technology | ||||||||||||
ZoomInfo Technologies, Inc. — Class A | 602 | (0.26)% | 12,415 | |||||||||
ANSYS, Inc. | 203 | (0.64)% | 4,197 | |||||||||
Broadridge Financial Solutions, Inc. | 822 | (1.54)% | 2,604 | |||||||||
Duolingo, Inc. | 126 | (0.15)% | 1,699 | |||||||||
KBR, Inc. | 540 | (0.34)% | (2,780 | ) | ||||||||
Veeva Systems, Inc. — Class A | 288 | (0.75)% | (6,117 | ) | ||||||||
Total Technology | 12,018 | |||||||||||
Utilities | ||||||||||||
Edison International | 1,719 | (1.43)% | 11,109 | |||||||||
Public Service Enterprise Group, Inc. | 1,742 | (1.45)% | 7,686 | |||||||||
Entergy Corp. | 997 | (1.48)% | 5,909 | |||||||||
New Jersey Resources Corp. | 1,584 | (0.93)% | 3,291 | |||||||||
NextEra Energy, Inc. | 516 | (0.53)% | 918 | |||||||||
ONE Gas, Inc. | 1,093 | (1.17)% | (4,187 | ) | ||||||||
Spire, Inc. | 1,126 | (1.10)% | (5,887 | ) | ||||||||
Atmos Energy Corp. | 876 | (1.29)% | (9,053 | ) | ||||||||
Total Utilities | 9,786 | |||||||||||
Energy | ||||||||||||
Helmerich & Payne, Inc. | 1,034 | (0.59)% | 6,120 | |||||||||
Patterson-UTI Energy, Inc. | 3,853 | (0.80)% | 5,755 | |||||||||
Hess Corp. | 398 | (0.55)% | 4,824 | |||||||||
Baker Hughes Co. | 1,201 | (0.46)% | 3,634 | |||||||||
NOV, Inc. | 2,435 | (0.54)% | (8,046 | ) | ||||||||
Halliburton Co. | 2,819 | (1.16)% | (23,873 | ) | ||||||||
Total Energy | (11,586 | ) | ||||||||||
Industrial | ||||||||||||
Stericycle, Inc. | 2,281 | (1.32)% | 50,460 | |||||||||
Stanley Black & Decker, Inc. | 613 | (0.85)% | 20,520 | |||||||||
Teledyne Technologies, Inc. | 137 | (0.68)% | 14,521 | |||||||||
Jacobs Engineering Group, Inc. | 881 | (1.47)% | 11,244 | |||||||||
Trimble, Inc. | 803 | (0.62)% | 11,199 | |||||||||
Johnson Controls International plc | 598 | (0.38)% | 9,294 | |||||||||
EnerSys | 830 | (0.64)% | 7,800 | |||||||||
TD SYNNEX Corp. | 668 | (0.80)% | 6,856 | |||||||||
Illinois Tool Works, Inc. | 238 | (0.57)% | 6,022 | |||||||||
Deere & Co. | 100 | (0.39)% | 5,943 | |||||||||
Waste Management, Inc. | 740 | (1.49)% | 4,468 | |||||||||
GATX Corp. | 318 | (0.39)% | 4,314 | |||||||||
Rockwell Automation, Inc. | 201 | (0.53)% | 3,449 | |||||||||
Union Pacific Corp. | 193 | (0.54)% | 1,679 | |||||||||
Coherent, Inc. | 154 | (0.54)% | 431 | |||||||||
Howmet Aerospace, Inc. | 2,420 | (1.00)% | 339 | |||||||||
Carlisle Companies, Inc. | 168 | (0.53)% | (247 | ) | ||||||||
TransDigm Group, Inc. | 87 | (0.61)% | (639 | ) | ||||||||
Exponent, Inc. | 555 | (0.67)% | (941 | ) | ||||||||
Tetra Tech, Inc. | 616 | (1.11)% | (9,030 | ) | ||||||||
Republic Services, Inc. — Class A | 891 | (1.55)% | (9,815 | ) | ||||||||
Casella Waste Systems, Inc. — Class A | 1,006 | (0.96)% | (9,871 | ) | ||||||||
Total Industrial | 127,996 | |||||||||||
Communications | ||||||||||||
Uber Technologies, Inc. | 1,050 | (0.28)% | 5,529 | |||||||||
Walt Disney Co. | 407 | (0.51)% | 5,489 | |||||||||
Total Communications | 11,018 | |||||||||||
Total GS Equity Short Custom Basket | $ | 967,520 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
MS EQUITY LONG CUSTOM BASKET | ||||||||||||
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Consumer, Non-cyclical | ||||||||||||
Bristol-Myers Squibb Co. | 884 | 0.94 | % | $ | 13,297 | |||||||
AbbVie, Inc. | 383 | 0.84 | % | 12,341 | ||||||||
Vertex Pharmaceuticals, Inc. | 231 | 0.93 | % | 9,523 | ||||||||
Amphastar Pharmaceuticals, Inc. | 578 | 0.29 | % | 8,814 | ||||||||
Merck & Company, Inc. | 614 | 0.80 | % | 7,293 | ||||||||
Prestige Consumer Healthcare, Inc. | 729 | 0.61 | % | 6,697 | ||||||||
Molson Coors Beverage Co. — Class B | 377 | 0.29 | % | 6,115 | ||||||||
Waters Corp. | 119 | 0.56 | % | 5,051 | ||||||||
Perdoceo Education Corp. | 4,301 | 0.73 | % | 4,189 | ||||||||
Church & Dwight Company, Inc. | 672 | 0.89 | % | 3,200 | ||||||||
Innoviva, Inc. | 1,700 | 0.36 | % | 2,221 | ||||||||
Royalty Pharma plc — Class A | 652 | 0.39 | % | 2,104 | ||||||||
Kellogg Co. | 726 | 0.74 | % | 1,604 | ||||||||
Regeneron Pharmaceuticals, Inc. | 73 | 0.62 | % | 961 | ||||||||
AMN Healthcare Services, Inc. | 120 | 0.19 | % | 929 | ||||||||
Eagle Pharmaceuticals, Inc. | 646 | 0.41 | % | 807 | ||||||||
Centene Corp. | 369 | 0.45 | % | 725 | ||||||||
Pfizer, Inc. | 473 | 0.35 | % | 616 | ||||||||
Supernus Pharmaceuticals, Inc. | 972 | 0.40 | % | 600 | ||||||||
Jazz Pharmaceuticals plc | 115 | 0.26 | % | 465 | ||||||||
Hologic, Inc. | 526 | 0.52 | % | (288 | ) | |||||||
Amgen, Inc. | 188 | 0.65 | % | (366 | ) | |||||||
Kimberly-Clark Corp. | 480 | 0.93 | % | (391 | ) | |||||||
Thermo Fisher Scientific, Inc. | 40 | 0.31 | % | (393 | ) | |||||||
Gilead Sciences, Inc. | 289 | 0.26 | % | (662 | ) | |||||||
Halozyme Therapeutics, Inc. | 269 | 0.17 | % | (676 | ) | |||||||
Danaher Corp. | 214 | 0.78 | % | (722 | ) | |||||||
Mondelez International, Inc. — Class A | 666 | 0.59 | % | (1,205 | ) | |||||||
Globus Medical, Inc. — Class A | 214 | 0.17 | % | (1,216 | ) | |||||||
Avery Dennison Corp. | 147 | 0.34 | % | (1,538 | ) | |||||||
Keurig Dr Pepper, Inc. | 1,072 | 0.54 | % | (1,569 | ) | |||||||
Conagra Brands, Inc. | 1,914 | 0.94 | % | (1,652 | ) | |||||||
Ingredion, Inc. | 334 | 0.42 | % | (1,698 | ) | |||||||
CVS Health Corp. | 269 | 0.36 | % | (1,787 | ) | |||||||
SpartanNash Co. | 500 | 0.22 | % | (1,994 | ) | |||||||
Laboratory Corporation of America Holdings | 50 | 0.17 | % | (2,057 | ) | |||||||
Edwards Lifesciences Corp. | 370 | 0.50 | % | (2,108 | ) | |||||||
AmerisourceBergen Corp. — Class A | 419 | 0.85 | % | (2,176 | ) | |||||||
Tyson Foods, Inc. — Class A | 569 | 0.70 | % | (2,222 | ) | |||||||
Archer-Daniels-Midland Co. | 226 | 0.25 | % | (2,506 | ) | |||||||
EVERTEC, Inc. | 378 | 0.20 | % | (2,923 | ) | |||||||
Constellation Brands, Inc. — Class A | 251 | 0.84 | % | (4,062 | ) | |||||||
Procter & Gamble Co. | 505 | 1.04 | % | (5,369 | ) | |||||||
FleetCor Technologies, Inc. | 150 | 0.45 | % | (5,629 | ) | |||||||
Horizon Therapeutics plc | 207 | 0.24 | % | (6,608 | ) | |||||||
USANA Health Sciences, Inc. | 333 | 0.34 | % | (7,391 | ) | |||||||
Abbott Laboratories | 592 | 0.92 | % | (7,452 | ) | |||||||
Vanda Pharmaceuticals, Inc. | 1,553 | 0.24 | % | (7,585 | ) | |||||||
John B Sanfilippo & Son, Inc. | 800 | 0.83 | % | (9,931 | ) | |||||||
Baxter International, Inc. | 870 | 0.80 | % | (13,262 | ) | |||||||
Total Consumer, Non-cyclical | (9,886 | ) | ||||||||||
Basic Materials | ||||||||||||
Ingevity Corp. | 260 | 0.23 | % | 41 | ||||||||
NewMarket Corp. | 55 | 0.24 | % | (760 | ) | |||||||
Balchem Corp. | 185 | 0.34 | % | (839 | ) | |||||||
Westlake Corp. | 246 | 0.35 | % | (2,492 | ) | |||||||
AdvanSix, Inc. | 260 | 0.12 | % | (3,598 | ) | |||||||
Minerals Technologies, Inc. | 896 | 0.79 | % | (3,943 | ) | |||||||
Dow, Inc. | 944 | 0.70 | % | (4,964 | ) | |||||||
HB Fuller Co. | 841 | 0.72 | % | (5,239 | ) | |||||||
Huntsman Corp. | 706 | 0.29 | % | (5,341 | ) | |||||||
International Paper Co. | 1,304 | 0.78 | % | (7,966 | ) | |||||||
LyondellBasell Industries N.V. — Class A | 556 | 0.70 | % | (8,091 | ) | |||||||
Southern Copper Corp. | 502 | 0.36 | % | (12,011 | ) | |||||||
Total Basic Materials | (55,203 | ) | ||||||||||
Consumer, Cyclical | ||||||||||||
Allison Transmission Holdings, Inc. | 633 | 0.35 | % | 1,462 | ||||||||
Winnebago Industries, Inc. | 253 | 0.18 | % | (210 | ) | |||||||
Thor Industries, Inc. | 167 | 0.18 | % | (377 | ) | |||||||
YETI Holdings, Inc. | 318 | 0.20 | % | (1,150 | ) | |||||||
Tri Pointe Homes, Inc. | 793 | 0.19 | % | (1,872 | ) | |||||||
Home Depot, Inc. | 94 | 0.37 | % | (2,116 | ) | |||||||
Tesla, Inc. | 21 | 0.20 | % | (3,685 | ) | |||||||
MSC Industrial Direct Company, Inc. — Class A | 622 | 0.67 | % | (4,149 | ) | |||||||
Methode Electronics, Inc. | 698 | 0.37 | % | (4,171 | ) | |||||||
Alaska Air Group, Inc. | 425 | 0.24 | % | (4,393 | ) | |||||||
Choice Hotels International, Inc. | 242 | 0.39 | % | (4,498 | ) | |||||||
NIKE, Inc. — Class B | 195 | 0.29 | % | (4,736 | ) | |||||||
Walgreens Boots Alliance, Inc. | 698 | 0.38 | % | (4,878 | ) | |||||||
Columbia Sportswear Co. | 418 | 0.43 | % | (7,169 | ) | |||||||
Lowe's Companies, Inc. | 254 | 0.64 | % | (8,036 | ) | |||||||
Whirlpool Corp. | 288 | 0.64 | % | (10,416 | ) | |||||||
Total Consumer, Cyclical | (60,394 | ) | ||||||||||
Financial | ||||||||||||
Safety Insurance Group, Inc. | 298 | 0.41 | % | 5,548 | ||||||||
Northwest Bancshares, Inc. | 4,610 | 0.84 | % | 2,478 | ||||||||
LTC Properties, Inc. | 399 | 0.22 | % | 2,450 | ||||||||
Banner Corp. | 1,053 | 0.85 | % | 1,291 | ||||||||
United Bankshares, Inc. | 615 | 0.31 | % | 185 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Preferred Bank/Los Angeles CA | 841 | 0.82 | % | $ | (258 | ) | ||||||
Primerica, Inc. | 118 | 0.20 | % | (774 | ) | |||||||
Global Net Lease, Inc. | 4,264 | 0.86 | % | (811 | ) | |||||||
Reinsurance Group of America, Inc. — Class A | 109 | 0.18 | % | (922 | ) | |||||||
Trustmark Corp. | 591 | 0.25 | % | (933 | ) | |||||||
Corporate Office Properties Trust | 1,684 | 0.63 | % | (1,081 | ) | |||||||
Office Properties Income Trust | 1,120 | 0.32 | % | (1,155 | ) | |||||||
Visa, Inc. — Class A | 71 | 0.20 | % | (1,158 | ) | |||||||
EPR Properties | 456 | 0.31 | % | (1,472 | ) | |||||||
PennyMac Financial Services, Inc. | 443 | 0.28 | % | (1,671 | ) | |||||||
S&T Bancorp, Inc. | 2,135 | 0.84 | % | (1,727 | ) | |||||||
Encore Capital Group, Inc. | 488 | 0.40 | % | (1,796 | ) | |||||||
NMI Holdings, Inc. — Class A | 1,065 | 0.25 | % | (2,241 | ) | |||||||
American Express Co. | 80 | 0.16 | % | (2,331 | ) | |||||||
Kilroy Realty Corp. | 572 | 0.43 | % | (3,223 | ) | |||||||
AMERISAFE, Inc. | 763 | 0.57 | % | (3,466 | ) | |||||||
Radian Group, Inc. | 1,347 | 0.38 | % | (3,519 | ) | |||||||
Citigroup, Inc. | 376 | 0.25 | % | (3,618 | ) | |||||||
Piper Sandler Cos. | 191 | 0.31 | % | (3,726 | ) | |||||||
Fidelity National Financial, Inc. | 757 | 0.40 | % | (3,783 | ) | |||||||
Vornado Realty Trust | 937 | 0.38 | % | (3,970 | ) | |||||||
Lincoln National Corp. | 402 | 0.27 | % | (4,025 | ) | |||||||
Enstar Group Ltd. | 231 | 0.71 | % | (4,289 | ) | |||||||
Interactive Brokers Group, Inc. — Class A | 406 | 0.32 | % | (4,819 | ) | |||||||
MGIC Investment Corp. | 3,108 | 0.56 | % | (4,954 | ) | |||||||
BankUnited, Inc. | 814 | 0.41 | % | (5,278 | ) | |||||||
Stewart Information Services Corp. | 556 | 0.40 | % | (5,406 | ) | |||||||
Eagle Bancorp, Inc. | 907 | 0.62 | % | (5,752 | ) | |||||||
Central Pacific Financial Corp. | 1,049 | 0.32 | % | (5,796 | ) | |||||||
National Bank Holdings Corp. — Class A | 1,405 | 0.77 | % | (5,878 | ) | |||||||
PotlatchDeltic Corp. | 618 | 0.39 | % | (6,006 | ) | |||||||
SL Green Realty Corp. | 539 | 0.36 | % | (6,024 | ) | |||||||
OneMain Holdings, Inc. | 472 | 0.25 | % | (6,161 | ) | |||||||
HomeStreet, Inc. | 480 | 0.24 | % | (6,719 | ) | |||||||
Essent Group Ltd. | 1,225 | 0.68 | % | (7,098 | ) | |||||||
Bread Financial Holdings, Inc. | 433 | 0.23 | % | (7,458 | ) | |||||||
Weyerhaeuser Co. | 1,373 | 0.65 | % | (8,509 | ) | |||||||
Meta Financial Group, Inc. | 736 | 0.41 | % | (12,181 | ) | |||||||
Total Financial | (138,036 | ) | ||||||||||
Communications | ||||||||||||
Alphabet, Inc. — Class C | 28 | 0.88 | % | 12,310 | ||||||||
Viavi Solutions, Inc. | 1,692 | 0.32 | % | 1,926 | ||||||||
T-Mobile US, Inc. | 318 | 0.61 | % | 415 | ||||||||
Fox Corp. — Class A | 357 | 0.16 | % | (1,034 | ) | |||||||
Juniper Networks, Inc. | 671 | 0.27 | % | (1,292 | ) | |||||||
Comcast Corp. — Class A | 471 | 0.26 | % | (1,749 | ) | |||||||
Gogo, Inc. | 1,508 | 0.35 | % | (2,849 | ) | |||||||
Amazon.com, Inc. | 191 | 0.29 | % | (2,975 | ) | |||||||
Verizon Communications, Inc. | 1,345 | 0.98 | % | (3,269 | ) | |||||||
InterDigital, Inc. | 925 | 0.80 | % | $ | (4,746 | ) | ||||||
NETGEAR, Inc. | 626 | 0.17 | % | (4,902 | ) | |||||||
Meta Platforms, Inc. — Class A | 288 | 0.66 | % | (5,853 | ) | |||||||
Total Communications | (14,018 | ) | ||||||||||
Energy | ||||||||||||
Occidental Petroleum Corp. | 215 | 0.18 | % | (1,065 | ) | |||||||
ONEOK, Inc. | 266 | 0.21 | % | (2,539 | ) | |||||||
Phillips 66 | 166 | 0.19 | % | (2,754 | ) | |||||||
DT Midstream, Inc. | 330 | 0.23 | % | (2,845 | ) | |||||||
Kinder Morgan, Inc. | 1,914 | 0.46 | % | (3,777 | ) | |||||||
Antero Midstream Corp. | 2,145 | 0.28 | % | (3,819 | ) | |||||||
SunCoke Energy, Inc. | 2,028 | 0.20 | % | (4,147 | ) | |||||||
Equitrans Midstream Corp. | 2,594 | 0.24 | % | (5,067 | ) | |||||||
Targa Resources Corp. | 362 | 0.31 | % | (5,978 | ) | |||||||
Williams Companies, Inc. | 1,679 | 0.75 | % | (6,822 | ) | |||||||
Valero Energy Corp. | 183 | 0.28 | % | (7,306 | ) | |||||||
Exxon Mobil Corp. | 743 | 0.91 | % | (9,623 | ) | |||||||
Chevron Corp. | 326 | 0.68 | % | (10,315 | ) | |||||||
Total Energy | (66,057 | ) | ||||||||||
Technology | ||||||||||||
Microsoft Corp. | 204 | 0.75 | % | 21,369 | ||||||||
Apple, Inc. | 513 | 1.00 | % | 19,857 | ||||||||
CSG Systems International, Inc. | 923 | 0.79 | % | 12,617 | ||||||||
NetScout Systems, Inc. | 508 | 0.25 | % | 1,397 | ||||||||
NetApp, Inc. | 873 | 0.82 | % | 471 | ||||||||
Cadence Design Systems, Inc. | 226 | 0.49 | % | 445 | ||||||||
International Business Machines Corp. | 130 | 0.26 | % | 48 | ||||||||
Rambus, Inc. | 1,032 | 0.32 | % | (392 | ) | |||||||
Accenture plc — Class A | 40 | 0.16 | % | (680 | ) | |||||||
Lumentum Holdings, Inc. | 191 | 0.22 | % | (1,637 | ) | |||||||
Concentrix Corp. | 76 | 0.15 | % | (1,801 | ) | |||||||
QUALCOMM, Inc. | 161 | 0.29 | % | (1,900 | ) | |||||||
Lam Research Corp. | 31 | 0.19 | % | (2,137 | ) | |||||||
NXP Semiconductor N.V. | 96 | 0.20 | % | (2,889 | ) | |||||||
Applied Materials, Inc. | 136 | 0.18 | % | (2,988 | ) | |||||||
Salesforce, Inc. | 142 | 0.34 | % | (3,382 | ) | |||||||
Genpact Ltd. | 1,364 | 0.83 | % | (3,382 | ) | |||||||
Oracle Corp. | 524 | 0.52 | % | (4,000 | ) | |||||||
Semtech Corp. | 729 | 0.57 | % | (4,333 | ) | |||||||
Qorvo, Inc. | 260 | 0.35 | % | (5,181 | ) | |||||||
Cirrus Logic, Inc. | 747 | 0.78 | % | (6,940 | ) | |||||||
Xperi Holding Corp. | 1,547 | 0.32 | % | (7,235 | ) | |||||||
Micron Technology, Inc. | 642 | 0.51 | % | (11,790 | ) | |||||||
Total Technology | (4,463 | ) | ||||||||||
Industrial | ||||||||||||
OSI Systems, Inc. | 713 | 0.87 | % | 4,100 | ||||||||
Mueller Industries, Inc. | 238 | 0.18 | % | 2,548 | ||||||||
Dorian LPG Ltd. | 991 | 0.22 | % | 2,487 | ||||||||
Amcor plc | 3,223 | 0.57 | % | 1,768 | ||||||||
Sanmina Corp. | 317 | 0.18 | % | 687 | ||||||||
Schneider National, Inc. — Class B | 635 | 0.20 | % | 541 | ||||||||
Werner Enterprises, Inc. | 690 | 0.38 | % | 334 | ||||||||
Brady Corp. — Class A | 658 | 0.44 | % | (705 | ) | |||||||
Forward Air Corp. | 127 | 0.17 | % | (1,004 | ) | |||||||
Energizer Holdings, Inc. | 1,115 | 0.45 | % | (1,606 | ) | |||||||
Atlas Air Worldwide Holdings, Inc. | 171 | 0.15 | % | (1,702 | ) |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Insteel Industries, Inc. | 359 | 0.17 | % | $ | (1,786 | ) | ||||||
Allegion plc | 266 | 0.37 | % | (2,432 | ) | |||||||
Westinghouse Air Brake Technologies Corp. | 225 | 0.26 | % | (2,659 | ) | |||||||
Snap-on, Inc. | 110 | 0.31 | % | (2,755 | ) | |||||||
Garmin Ltd. | 512 | 0.72 | % | (2,899 | ) | |||||||
Louisiana-Pacific Corp. | 316 | 0.24 | % | (3,553 | ) | |||||||
Fortune Brands Home & Security, Inc. | 410 | 0.35 | % | (3,781 | ) | |||||||
Sealed Air Corp. | 497 | 0.41 | % | (3,939 | ) | |||||||
Sturm Ruger & Company, Inc. | 626 | 0.57 | % | (4,108 | ) | |||||||
Vishay Intertechnology, Inc. | 3,008 | 0.77 | % | (4,257 | ) | |||||||
Nordson Corp. | 243 | 0.70 | % | (4,275 | ) | |||||||
Knowles Corp. | 2,310 | 0.57 | % | (4,808 | ) | |||||||
Encore Wire Corp. | 120 | 0.18 | % | (4,842 | ) | |||||||
Eagle Materials, Inc. | 328 | 0.52 | % | (5,062 | ) | |||||||
Standex International Corp. | 533 | 0.65 | % | (5,347 | ) | |||||||
Keysight Technologies, Inc. | 423 | 0.83 | % | (6,217 | ) | |||||||
Packaging Corporation of America | 384 | 0.76 | % | (6,480 | ) | |||||||
Vontier Corp. | 2,233 | 0.73 | % | (12,295 | ) | |||||||
Total Industrial | (74,047 | ) | ||||||||||
Utilities | ||||||||||||
IDACORP, Inc. | 505 | 0.77 | % | 3,735 | ||||||||
Chesapeake Utilities Corp. | 402 | 0.75 | % | 2,993 | ||||||||
Otter Tail Corp. | 590 | 0.57 | % | 2,527 | ||||||||
MGE Energy, Inc. | 717 | 0.80 | % | 1,034 | ||||||||
Portland General Electric Co. | 682 | 0.47 | % | (838 | ) | |||||||
WEC Energy Group, Inc. | 337 | 0.49 | % | (892 | ) | |||||||
National Fuel Gas Co. | 820 | 0.78 | % | (1,018 | ) | |||||||
California Water Service Group | 288 | 0.23 | % | (1,820 | ) | |||||||
Xcel Energy, Inc. | 837 | 0.85 | % | (1,867 | ) | |||||||
Hawaiian Electric Industries, Inc. | 668 | 0.39 | % | (1,875 | ) | |||||||
NorthWestern Corp. | 1,003 | 0.85 | % | (1,927 | ) | |||||||
UGI Corp. | 444 | 0.25 | % | (2,311 | ) | |||||||
Southern Co. | 855 | 0.87 | % | (2,493 | ) | |||||||
OGE Energy Corp. | 1,500 | 0.83 | % | (3,203 | ) | |||||||
PPL Corp. | 1,599 | 0.62 | % | (3,624 | ) | |||||||
Total Utilities | (11,579 | ) | ||||||||||
Total MS Equity Long Custom Basket | $ | (433,683 | ) |
MS EQUITY SHORT CUSTOM BASKET | ||||||||||||
Consumer, Non-cyclical | ||||||||||||
ASGN, Inc. | 865 | (1.03)% | 25,839 | |||||||||
Equifax, Inc. | 443 | (1.07)% | 21,766 | |||||||||
CoStar Group, Inc. | 1,943 | (1.55)% | 18,862 | |||||||||
TransUnion | 520 | (0.55)% | 17,091 | |||||||||
Cintas Corp. | 298 | (1.47)% | 14,478 | |||||||||
Verisk Analytics, Inc. — Class A | 380 | (0.87)% | 13,135 | |||||||||
Universal Health Services, Inc. — Class B | 456 | (0.61)% | 8,960 | |||||||||
Dun & Bradstreet Holdings, Inc. | 2,161 | (0.43)% | 8,649 | |||||||||
Cal-Maine Foods, Inc. | 1,290 | (0.84)% | 7,840 | |||||||||
Intuitive Surgical, Inc. | 235 | (0.62)% | 4,549 | |||||||||
ManpowerGroup, Inc. | 271 | (0.27)% | 3,730 | |||||||||
ABM Industries, Inc. | 707 | (0.40)% | 3,371 | |||||||||
Viad Corp. | 957 | (0.35)% | 2,508 | |||||||||
Driven Brands Holdings, Inc. | 2,524 | (0.92)% | 2,216 | |||||||||
Quanta Services, Inc. | 376 | (0.62)% | 2,127 | |||||||||
Acadia Healthcare Company, Inc. | 791 | (0.71)% | 1,568 | |||||||||
Mister Car Wash, Inc. | 992 | (0.14)% | 1,421 | |||||||||
Patterson Companies, Inc. | 1,613 | (0.64)% | 623 | |||||||||
Coca-Cola Co. | 1,666 | (1.38)% | 256 | |||||||||
Lamb Weston Holdings, Inc. | 693 | (0.65)% | (5,878 | ) | ||||||||
Total Consumer, Non-cyclical | 153,111 | |||||||||||
Financial | ||||||||||||
State Street Corp. | 1,630 | (1.32)% | 33,269 | |||||||||
Park Hotels & Resorts, Inc. | 5,447 | (0.97)% | 32,436 | |||||||||
Outfront Media, Inc. | 3,871 | (0.86)% | 28,981 | |||||||||
Howard Hughes Corp. | 1,216 | (1.09)% | 24,341 | |||||||||
Western Alliance Bancorporation | 849 | (0.79)% | 23,660 | |||||||||
Signature Bank | 232 | (0.55)% | 22,778 | |||||||||
Kite Realty Group Trust | 5,008 | (1.14)% | 21,737 | |||||||||
RLJ Lodging Trust | 7,034 | (1.02)% | 21,447 | |||||||||
Equitable Holdings, Inc. | 3,188 | (1.10)% | 20,426 | |||||||||
Kennedy-Wilson Holdings, Inc. | 5,364 | (1.34)% | 19,496 | |||||||||
Equinix, Inc. | 117 | (1.01)% | 18,069 | |||||||||
Safehold, Inc. | 1,025 | (0.48)% | 17,176 | |||||||||
Bank of America Corp. | 1,894 | (0.78)% | 16,298 | |||||||||
Invitation Homes, Inc. | 2,639 | (1.24)% | 15,861 | |||||||||
Alexandria Real Estate Equities, Inc. | 263 | (0.50)% | 15,159 | |||||||||
Ares Management Corp. — Class A | 692 | (0.52)% | 15,104 | |||||||||
BOK Financial Corp. | 382 | (0.38)% | 14,516 | |||||||||
Northern Trust Corp. | 794 | (1.01)% | 13,443 | |||||||||
Americold Realty Trust, Inc. | 2,023 | (0.80)% | 12,435 | |||||||||
KKR & Company, Inc. — Class A | 1,120 | (0.68)% | 11,309 | |||||||||
Crown Castle International Corp. | 470 | (1.04)% | 10,985 | |||||||||
Goldman Sachs Group, Inc. | 431 | (1.69)% | 10,729 | |||||||||
Ryman Hospitality Properties, Inc. | 819 | (0.82)% | 10,572 | |||||||||
Wells Fargo & Co. | 1,780 | (0.92)% | 9,160 | |||||||||
Host Hotels & Resorts, Inc. | 4,972 | (1.03)% | 8,293 | |||||||||
Xenia Hotels & Resorts, Inc. | 2,859 | (0.55)% | 8,024 | |||||||||
Sunstone Hotel Investors, Inc. | 4,382 | (0.57)% | 8,019 | |||||||||
SBA Communications Corp. | 186 | (0.78)% | 7,684 | |||||||||
Regions Financial Corp. | 3,325 | (0.82)% | 6,828 | |||||||||
Fulton Financial Corp. | 6,472 | (1.23)% | 6,504 |
Long Short Equity Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Percentage Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||
Sun Communities, Inc. | 635 | (1.33)% | $ | 6,209 | ||||||||
Raymond James Financial, Inc. | 809 | (0.95)% | 5,835 | |||||||||
Welltower, Inc. | 1,120 | (1.22)% | 5,291 | |||||||||
EastGroup Properties, Inc. | 437 | (0.89)% | 4,937 | |||||||||
JPMorgan Chase & Co. | 271 | (0.40)% | 4,229 | |||||||||
Popular, Inc. | 626 | (0.63)% | 3,400 | |||||||||
UMB Financial Corp. | 676 | (0.77)% | 3,290 | |||||||||
Assured Guaranty Ltd. | 892 | (0.66)% | 3,247 | |||||||||
SLM Corp. | 2,772 | (0.58)% | 3,045 | |||||||||
Equity LifeStyle Properties, Inc. | 1,166 | (1.08)% | 2,813 | |||||||||
Rayonier, Inc. | 717 | (0.35)% | 2,239 | |||||||||
Public Storage | 79 | (0.33)% | 1,979 | |||||||||
Camden Property Trust | 301 | (0.53)% | 1,602 | |||||||||
Digital Realty Trust, Inc. | 277 | (0.47)% | 1,318 | |||||||||
AvalonBay Communities, Inc. | 174 | (0.45)% | 1,235 | |||||||||
Extra Space Storage, Inc. | 287 | (0.64)% | 1,194 | |||||||||
Iron Mountain, Inc. | 1,621 | (1.04)% | 833 | |||||||||
UDR, Inc. | 832 | (0.50)% | 446 | |||||||||
Arthur J Gallagher & Co. | 317 | (0.68)% | (482 | ) | ||||||||
American Tower Corp. — Class A | 385 | (1.30)% | (2,803 | ) | ||||||||
Total Financial | 534,596 | |||||||||||
Consumer, Cyclical | ||||||||||||
MillerKnoll, Inc. | 2,450 | (0.85)% | 26,265 | |||||||||
Caesars Entertainment, Inc. | 792 | (0.40)% | 24,102 | |||||||||
American Airlines Group, Inc. | 3,187 | (0.53)% | 16,170 | |||||||||
Copart, Inc. | 603 | (0.86)% | 14,531 | |||||||||
Wyndham Hotels & Resorts, Inc. | 871 | (0.75)% | 12,431 | |||||||||
Hilton Worldwide Holdings, Inc. | 345 | (0.51)% | 12,064 | |||||||||
Floor & Decor Holdings, Inc. — Class A | 409 | (0.34)% | 4,886 | |||||||||
WESCO International, Inc. | 328 | (0.46)% | 3,812 | |||||||||
CarMax, Inc. | 315 | (0.38)% | 3,636 | |||||||||
Las Vegas Sands Corp. | 1,266 | (0.56)% | 2,842 | |||||||||
Lululemon Athletica, Inc. | 81 | (0.29)% | 2,408 | |||||||||
IAA, Inc. | 1,059 | (0.46)% | 1,979 | |||||||||
Lear Corp. | 187 | (0.31)% | 553 | |||||||||
Healthcare Services Group, Inc. | 2,932 | (0.67)% | (1,306 | ) | ||||||||
Total Consumer, Cyclical | 124,373 | |||||||||||
Technology | ||||||||||||
ZoomInfo Technologies, Inc. — Class A | 602 | (0.26)% | 12,326 | |||||||||
ANSYS, Inc. | 203 | (0.64)% | 4,281 | |||||||||
Broadridge Financial Solutions, Inc. | 822 | (1.54)% | 2,555 | |||||||||
Duolingo, Inc. | 126 | (0.15)% | 1,662 | |||||||||
KBR, Inc. | 540 | (0.34)% | (2,801 | ) | ||||||||
Veeva Systems, Inc. — Class A | 288 | (0.75)% | (6,036 | ) | ||||||||
Total Technology | 11,987 | |||||||||||
Utilities | ||||||||||||
Edison International | 1,719 | (1.43)% | 10,409 | |||||||||
Public Service Enterprise Group, Inc. | 1,742 | (1.45)% | 7,154 | |||||||||
Entergy Corp. | 997 | (1.48)% | 5,770 | |||||||||
New Jersey Resources Corp. | 1,584 | (0.93)% | 3,250 | |||||||||
NextEra Energy, Inc. | 516 | (0.53)% | 826 | |||||||||
ONE Gas, Inc. | 1,093 | (1.17)% | (4,153 | ) | ||||||||
Spire, Inc. | 1,126 | (1.10)% | (5,894 | ) | ||||||||
Atmos Energy Corp. | 876 | (1.29)% | (8,996 | ) | ||||||||
Total Utilities | 8,366 | |||||||||||
Energy | ||||||||||||
Helmerich & Payne, Inc. | 1,034 | (0.59)% | 6,109 | |||||||||
Patterson-UTI Energy, Inc. | 3,853 | (0.80)% | 5,538 | |||||||||
Hess Corp. | 398 | (0.56)% | 4,725 | |||||||||
Baker Hughes Co. | 1,201 | (0.46)% | 3,616 | |||||||||
NOV, Inc. | 2,435 | (0.54)% | (7,994 | ) | ||||||||
Halliburton Co. | 2,819 | (1.17)% | (23,992 | ) | ||||||||
Total Energy | (11,998 | ) | ||||||||||
Industrial | ||||||||||||
Stericycle, Inc. | 2,282 | (1.37)% | 50,183 | |||||||||
Stanley Black & Decker, Inc. | 613 | (0.85)% | 20,574 | |||||||||
Teledyne Technologies, Inc. | 137 | (0.68)% | 14,546 | |||||||||
Trimble, Inc. | 803 | (0.62)% | 11,388 | |||||||||
Jacobs Engineering Group, Inc. | 881 | (1.48)% | 11,227 | |||||||||
Johnson Controls International plc | 598 | (0.38)% | 9,291 | |||||||||
EnerSys | 830 | (0.65)% | 7,816 | |||||||||
TD SYNNEX Corp. | 668 | (0.80)% | 6,403 | |||||||||
Illinois Tool Works, Inc. | 238 | (0.57)% | 6,005 | |||||||||
Deere & Co. | 100 | (0.39)% | 5,914 | |||||||||
GATX Corp. | 318 | (0.39)% | 4,364 | |||||||||
Waste Management, Inc. | 740 | (1.49)% | 3,658 | |||||||||
Rockwell Automation, Inc. | 201 | (0.53)% | 3,347 | |||||||||
Union Pacific Corp. | 193 | (0.54)% | 1,672 | |||||||||
Coherent, Inc. | 154 | (0.54)% | 493 | |||||||||
Howmet Aerospace, Inc. | 2,420 | (1.00)% | 426 | |||||||||
Carlisle Companies, Inc. | 168 | (0.53)% | (289 | ) | ||||||||
Exponent, Inc. | 555 | (0.67)% | (911 | ) | ||||||||
TransDigm Group, Inc. | 87 | (0.62)% | (942 | ) | ||||||||
Tetra Tech, Inc. | 616 | (1.11)% | (9,023 | ) | ||||||||
Republic Services, Inc. — Class A | 891 | (1.54)% | (9,752 | ) | ||||||||
Casella Waste Systems, Inc. — Class A | 1,006 | (0.96)% | (9,867 | ) | ||||||||
Total Industrial | 126,523 | |||||||||||
Communications | ||||||||||||
Uber Technologies, Inc. | 1,050 | (0.28)% | 5,484 | |||||||||
Walt Disney Co. | 407 | (0.51)% | 5,382 | |||||||||
Total Communications | 10,866 | |||||||||||
Total MS Equity Short Custom Basket | $ | 957,824 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is pledged as equity custom basket swap collateral at June 30, 2022. |
2 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
3 | Rate indicated is the 7-day yield as of June 30, 2022. |
4 | Securities lending collateral — See Note 5. |
GS — Goldman Sachs International
MS — Morgan Stanley Capital Services LLC
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 13,706,174 | $ | — | $ | — | $ | 13,706,174 | |||||
Money Market Fund | 475,887 | — | — | 475,887 | |||||||||
Securities Lending Collateral | 9,797 | — | — | 9,797 | |||||||||
Equity Custom Basket Swap Agreements** | — | 1,925,344 | — | 1,925,344 | |||||||||
Total Assets | $ | 14,191,858 | $ | 1,925,344 | $ | — | $ | 16,117,202 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Equity Custom Basket Swap Agreements** | $ | — | $ | 874,846 | $ | — | $ | 874,846 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 76.2% | ||||||||
Financial - 18.6% | ||||||||
First Horizon Corp. | 2,269 | $ | 49,600 | |||||
Alleghany Corp.* | 57 | 47,487 | ||||||
Rexford Industrial Realty, Inc. REIT | 700 | 40,313 | ||||||
Life Storage, Inc. REIT | 358 | 39,974 | ||||||
American Financial Group, Inc. | 282 | 39,144 | ||||||
East West Bancorp, Inc. | 602 | 39,010 | ||||||
Medical Properties Trust, Inc. REIT | 2,546 | 38,877 | ||||||
American Campus Communities, Inc. REIT* | 592 | 38,166 | ||||||
Jones Lang LaSalle, Inc.* | 207 | 36,196 | ||||||
Reinsurance Group of America, Inc. — Class A | 284 | 33,310 | ||||||
Lamar Advertising Co. — Class A REIT | 369 | 32,461 | ||||||
National Retail Properties, Inc. REIT | 746 | 32,078 | ||||||
Webster Financial Corp. | 755 | 31,823 | ||||||
Commerce Bancshares, Inc. | 466 | 30,593 | ||||||
RenaissanceRe Holdings Ltd. | 187 | 29,241 | ||||||
Unum Group | 853 | 29,019 | ||||||
Cullen/Frost Bankers, Inc. | 242 | 28,181 | ||||||
Omega Healthcare Investors, Inc. REIT | 998 | 28,134 | ||||||
STORE Capital Corp. REIT | 1,071 | 27,932 | ||||||
Apartment Income REIT Corp. REIT | 666 | 27,705 | ||||||
EastGroup Properties, Inc. REIT | 177 | 27,316 | ||||||
Old Republic International Corp. | 1,216 | 27,190 | ||||||
Western Union Co. | 1,638 | 26,978 | ||||||
Prosperity Bancshares, Inc. | 391 | 26,694 | ||||||
First Industrial Realty Trust, Inc. REIT | 560 | 26,589 | ||||||
Voya Financial, Inc. | 433 | 25,777 | ||||||
Brixmor Property Group, Inc. REIT | 1,271 | 25,687 | ||||||
Stifel Financial Corp. | 452 | 25,321 | ||||||
First American Financial Corp. | 456 | 24,132 | ||||||
SEI Investments Co. | 443 | 23,931 | ||||||
Pinnacle Financial Partners, Inc. | 324 | 23,428 | ||||||
Kilroy Realty Corp. REIT | 446 | 23,339 | ||||||
Rayonier, Inc. REIT | 621 | 23,213 | ||||||
Jefferies Financial Group, Inc. | 813 | 22,455 | ||||||
Selective Insurance Group, Inc. | 256 | 22,257 | ||||||
Synovus Financial Corp. | 617 | 22,243 | ||||||
Hanover Insurance Group, Inc. | 151 | 22,084 | ||||||
Glacier Bancorp, Inc. | 460 | 21,813 | ||||||
Spirit Realty Capital, Inc. REIT | 570 | 21,535 | ||||||
First Financial Bankshares, Inc. | 545 | 21,402 | ||||||
Kinsale Capital Group, Inc. | 91 | 20,897 | ||||||
Wintrust Financial Corp. | 256 | 20,518 | ||||||
Interactive Brokers Group, Inc. — Class A | 371 | 20,409 | ||||||
United Bankshares, Inc. | 576 | 20,200 | ||||||
RLI Corp. | 169 | 19,704 | ||||||
Primerica, Inc. | 163 | 19,509 | ||||||
Independence Realty Trust, Inc. REIT | 937 | 19,424 | ||||||
Affiliated Managers Group, Inc. | 164 | 19,122 | ||||||
Valley National Bancorp | 1,783 | 18,561 | ||||||
Cousins Properties, Inc. REIT | 631 | 18,444 | ||||||
Old National Bancorp | 1,243 | 18,384 | ||||||
Cadence Bank | 778 | 18,268 | ||||||
SLM Corp. | 1,142 | 18,203 | ||||||
New York Community Bancorp, Inc. | 1,981 | 18,086 | ||||||
Bank OZK | 479 | 17,977 | ||||||
National Storage Affiliates Trust REIT | 357 | 17,875 | ||||||
Essent Group Ltd. | 456 | 17,738 | ||||||
Healthcare Realty Trust, Inc. REIT | 643 | 17,490 | ||||||
Janus Henderson Group plc | 712 | 16,739 | ||||||
Douglas Emmett, Inc. REIT | 746 | 16,695 | ||||||
Physicians Realty Trust REIT | 956 | 16,682 | ||||||
Home BancShares, Inc. | 803 | 16,678 | ||||||
MGIC Investment Corp. | 1,313 | 16,544 | ||||||
Hancock Whitney Corp. | 366 | 16,225 | ||||||
Evercore, Inc. — Class A | 172 | 16,101 | ||||||
PS Business Parks, Inc. REIT | 86 | 16,095 | ||||||
Kite Realty Group Trust REIT | 929 | 16,062 | ||||||
UMB Financial Corp. | 183 | 15,756 | ||||||
FNB Corp. | 1,431 | 15,541 | ||||||
Umpqua Holdings Corp. | 921 | 15,445 | ||||||
Highwoods Properties, Inc. REIT | 446 | 15,249 | ||||||
EPR Properties REIT | 318 | 14,924 | ||||||
Sabra Health Care REIT, Inc. REIT | 980 | 13,691 | ||||||
Park Hotels & Resorts, Inc. REIT | 990 | 13,434 | ||||||
PacWest Bancorp | 498 | 13,277 | ||||||
Brighthouse Financial, Inc.* | 318 | 13,044 | ||||||
PotlatchDeltic Corp. REIT | 294 | 12,992 | ||||||
Bank of Hawaii Corp. | 171 | 12,722 | ||||||
SL Green Realty Corp. REIT | 272 | 12,553 | ||||||
Corporate Office Properties Trust REIT | 477 | 12,493 | ||||||
Cathay General Bancorp | 319 | 12,489 | ||||||
Federated Hermes, Inc. — Class B | 389 | 12,366 | ||||||
Kemper Corp. | 254 | 12,167 | ||||||
Associated Banc-Corp. | 636 | 11,613 | ||||||
Texas Capital Bancshares, Inc.* | 215 | 11,318 | ||||||
JBG SMITH Properties REIT | 461 | 10,898 | ||||||
Fulton Financial Corp. | 682 | 9,855 | ||||||
Pebblebrook Hotel Trust REIT | 557 | 9,229 | ||||||
Hudson Pacific Properties, Inc. REIT | 613 | 9,097 | ||||||
International Bancshares Corp. | 225 | 9,018 | ||||||
CNO Financial Group, Inc. | 492 | 8,900 | ||||||
Navient Corp. | 627 | 8,772 | ||||||
Washington Federal, Inc. | 277 | 8,316 | ||||||
Macerich Co. REIT | 911 | 7,935 | ||||||
Bread Financial Holdings, Inc. | 211 | 7,820 | ||||||
Mercury General Corp. | 113 | 5,006 | ||||||
Total Financial | 2,007,178 | |||||||
Industrial - 14.5% | ||||||||
Carlisle Companies, Inc. | 219 | 52,256 | ||||||
Graco, Inc. | 718 | 42,656 | ||||||
Hubbell, Inc. | 228 | 40,716 | ||||||
Builders FirstSource, Inc.* | 733 | 39,362 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
AECOM | 600 | $ | 39,132 | |||||
Toro Co. | 443 | 33,575 | ||||||
Regal Rexnord Corp. | 284 | 32,240 | ||||||
Knight-Swift Transportation Holdings, Inc. | 694 | 32,125 | ||||||
Arrow Electronics, Inc.* | 280 | 31,385 | ||||||
Cognex Corp. | 737 | 31,337 | ||||||
Tetra Tech, Inc. | 228 | 31,134 | ||||||
Jabil, Inc. | 599 | 30,675 | ||||||
Owens Corning | 412 | 30,616 | ||||||
Lincoln Electric Holdings, Inc. | 246 | 30,346 | ||||||
Middleby Corp.* | 231 | 28,958 | ||||||
Lennox International, Inc. | 140 | 28,922 | ||||||
AptarGroup, Inc. | 278 | 28,692 | ||||||
Axon Enterprise, Inc.* | 301 | 28,044 | ||||||
Coherent, Inc.* | 105 | 27,953 | ||||||
Littelfuse, Inc. | 105 | 26,674 | ||||||
Trex Company, Inc.* | 480 | 26,122 | ||||||
AGCO Corp. | 259 | 25,563 | ||||||
Chart Industries, Inc.* | 152 | 25,442 | ||||||
Donaldson Company, Inc. | 524 | 25,225 | ||||||
ITT, Inc. | 354 | 23,803 | ||||||
Woodward, Inc. | 257 | 23,770 | ||||||
Sonoco Products Co. | 414 | 23,615 | ||||||
MDU Resources Group, Inc. | 863 | 23,292 | ||||||
TopBuild Corp.* | 139 | 23,235 | ||||||
II-VI, Inc.* | 452 | 23,030 | ||||||
Oshkosh Corp. | 279 | 22,917 | ||||||
Landstar System, Inc. | 157 | 22,831 | ||||||
Acuity Brands, Inc. | 147 | 22,644 | ||||||
EMCOR Group, Inc. | 217 | 22,342 | ||||||
nVent Electric plc | 706 | 22,119 | ||||||
Curtiss-Wright Corp. | 163 | 21,526 | ||||||
Saia, Inc.* | 112 | 21,056 | ||||||
XPO Logistics, Inc.* | 420 | 20,227 | ||||||
Valmont Industries, Inc. | 90 | 20,217 | ||||||
MSA Safety, Inc. | 155 | 18,766 | ||||||
Hexcel Corp. | 357 | 18,674 | ||||||
Universal Display Corp. | 184 | 18,610 | ||||||
Clean Harbors, Inc.* | 212 | 18,586 | ||||||
Eagle Materials, Inc. | 168 | 18,470 | ||||||
Simpson Manufacturing Company, Inc. | 183 | 18,412 | ||||||
Louisiana-Pacific Corp. | 348 | 18,239 | ||||||
Avnet, Inc. | 414 | 17,752 | ||||||
National Instruments Corp. | 556 | 17,364 | ||||||
MasTec, Inc.* | 242 | 17,342 | ||||||
Stericycle, Inc.* | 391 | 17,145 | ||||||
TD SYNNEX Corp. | 175 | 15,943 | ||||||
Flowserve Corp. | 554 | 15,861 | ||||||
Mercury Systems, Inc.* | 245 | 15,761 | ||||||
Vontier Corp. | 683 | 15,702 | ||||||
Kirby Corp.* | 256 | 15,575 | ||||||
Ryder System, Inc. | 217 | 15,420 | ||||||
Timken Co. | 286 | 15,172 | ||||||
Silgan Holdings, Inc. | 357 | 14,762 | ||||||
Fluor Corp.* | 602 | 14,653 | ||||||
Watts Water Technologies, Inc. — Class A | 116 | 14,250 | ||||||
GATX Corp. | 151 | 14,218 | ||||||
Dycom Industries, Inc.* | 126 | 11,723 | ||||||
EnerSys | 175 | 10,318 | ||||||
Belden, Inc. | 188 | 10,015 | ||||||
Vishay Intertechnology, Inc. | 560 | 9,979 | ||||||
Werner Enterprises, Inc. | 251 | 9,674 | ||||||
Kennametal, Inc. | 351 | 8,154 | ||||||
Terex Corp. | 294 | 8,047 | ||||||
Energizer Holdings, Inc. | 278 | 7,881 | ||||||
Greif, Inc. — Class A | 113 | 7,049 | ||||||
Worthington Industries, Inc. | 136 | 5,997 | ||||||
Vicor Corp.* | 92 | 5,035 | ||||||
Total Industrial | 1,566,323 | |||||||
Consumer, Non-cyclical - 12.7% | ||||||||
Service Corporation International | 673 | 46,518 | ||||||
United Therapeutics Corp.* | 192 | 45,243 | ||||||
Jazz Pharmaceuticals plc* | 264 | 41,187 | ||||||
Darling Ingredients, Inc.* | 685 | 40,963 | ||||||
Neurocrine Biosciences, Inc.* | 405 | 39,479 | ||||||
Repligen Corp.* | 219 | 35,566 | ||||||
Syneos Health, Inc.* | 435 | 31,181 | ||||||
Performance Food Group Co.* | 658 | 30,255 | ||||||
WEX, Inc.* | 191 | 29,712 | ||||||
Chemed Corp. | 63 | 29,572 | ||||||
Paylocity Holding Corp.* | 168 | 29,303 | ||||||
Shockwave Medical, Inc.* | 152 | 29,058 | ||||||
Masimo Corp.* | 217 | 28,355 | ||||||
Exelixis, Inc.* | 1,361 | 28,336 | ||||||
Bruker Corp. | 424 | 26,610 | ||||||
Envista Holdings Corp.* | 690 | 26,593 | ||||||
FTI Consulting, Inc.* | 146 | 26,404 | ||||||
Acadia Healthcare Company, Inc.* | 384 | 25,970 | ||||||
Halozyme Therapeutics, Inc.* | 585 | 25,740 | ||||||
Ingredion, Inc. | 281 | 24,773 | ||||||
Tenet Healthcare Corp.* | 457 | 24,020 | ||||||
H&R Block, Inc. | 677 | 23,912 | ||||||
Encompass Health Corp. | 423 | 23,709 | ||||||
Perrigo Company plc | 571 | 23,165 | ||||||
Flowers Foods, Inc. | 845 | 22,240 | ||||||
HealthEquity, Inc.* | 358 | 21,978 | ||||||
Euronet Worldwide, Inc.* | 214 | 21,526 | ||||||
Avis Budget Group, Inc.* | 145 | 21,327 | ||||||
LHC Group, Inc.* | 132 | 20,558 | ||||||
ASGN, Inc.* | 217 | 19,584 | ||||||
Post Holdings, Inc.* | 237 | 19,517 | ||||||
Sanderson Farms, Inc. | 90 | 19,398 | ||||||
Globus Medical, Inc. — Class A* | 336 | 18,863 | ||||||
GXO Logistics, Inc.* | 432 | 18,693 | ||||||
Penumbra, Inc.* | 150 | 18,678 | ||||||
ManpowerGroup, Inc. | 224 | 17,116 | ||||||
Medpace Holdings, Inc.* | 114 | 17,062 | ||||||
Helen of Troy Ltd.* | 101 | 16,403 | ||||||
Integra LifeSciences Holdings Corp.* | 303 | 16,371 | ||||||
Option Care Health, Inc.* | 588 | 16,341 | ||||||
Tandem Diabetes Care, Inc.* | 271 | 16,040 | ||||||
Grocery Outlet Holding Corp.* | 372 | 15,858 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 449 | 15,809 | ||||||
Insperity, Inc. | 151 | 15,074 | ||||||
Amedisys, Inc.* | 138 | 14,506 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
STAAR Surgical Co.* | 203 | $ | 14,399 | |||||
LivaNova plc* | 227 | 14,181 | ||||||
Haemonetics Corp.* | 217 | 14,144 | ||||||
ICU Medical, Inc.* | 85 | 13,973 | ||||||
Grand Canyon Education, Inc.* | 137 | 12,904 | ||||||
Boston Beer Company, Inc. — Class A* | 40 | 12,119 | ||||||
Brink's Co. | 199 | 12,081 | ||||||
R1 RCM, Inc.* | 570 | 11,947 | ||||||
Sprouts Farmers Market, Inc.* | 465 | 11,774 | ||||||
Coty, Inc. — Class A* | 1,460 | 11,695 | ||||||
BellRing Brands, Inc.* | 463 | 11,524 | ||||||
Patterson Companies, Inc. | 369 | 11,181 | ||||||
Neogen Corp.* | 457 | 11,009 | ||||||
NuVasive, Inc.* | 221 | 10,864 | ||||||
Lancaster Colony Corp. | 84 | 10,817 | ||||||
Inari Medical, Inc.* | 144 | 9,791 | ||||||
Graham Holdings Co. — Class B | 17 | 9,636 | ||||||
Hain Celestial Group, Inc.* | 381 | 9,045 | ||||||
John Wiley & Sons, Inc. — Class A | 184 | 8,788 | ||||||
Progyny, Inc.* | 300 | 8,715 | ||||||
Sabre Corp.* | 1,385 | 8,074 | ||||||
Pilgrim's Pride Corp.* | 204 | 6,371 | ||||||
Total Consumer, Non-cyclical | 1,363,598 | |||||||
Consumer, Cyclical - 11.2% | ||||||||
BJ's Wholesale Club Holdings, Inc.* | 572 | 35,647 | ||||||
Lithia Motors, Inc. — Class A | 123 | 33,802 | ||||||
Watsco, Inc. | 141 | 33,674 | ||||||
Mattel, Inc.* | 1,495 | 33,383 | ||||||
Williams-Sonoma, Inc. | 297 | 32,952 | ||||||
GameStop Corp. — Class A*,1 | 262 | 32,043 | ||||||
Lear Corp. | 254 | 31,976 | ||||||
Deckers Outdoor Corp.* | 116 | 29,620 | ||||||
Casey's General Stores, Inc. | 157 | 29,042 | ||||||
Gentex Corp. | 995 | 27,830 | ||||||
Churchill Downs, Inc. | 145 | 27,772 | ||||||
Five Below, Inc.* | 235 | 26,656 | ||||||
Wyndham Hotels & Resorts, Inc. | 391 | 25,697 | ||||||
Capri Holdings Ltd.* | 626 | 25,672 | ||||||
Polaris, Inc. | 237 | 23,529 | ||||||
Macy's, Inc. | 1,208 | 22,131 | ||||||
Murphy USA, Inc. | 94 | 21,890 | ||||||
Texas Roadhouse, Inc. — Class A | 289 | 21,155 | ||||||
Brunswick Corp. | 321 | 20,987 | ||||||
Toll Brothers, Inc. | 468 | 20,873 | ||||||
Marriott Vacations Worldwide Corp. | 176 | 20,451 | ||||||
Skechers USA, Inc. — Class A* | 572 | 20,352 | ||||||
Harley-Davidson, Inc. | 625 | 19,787 | ||||||
Leggett & Platt, Inc. | 567 | 19,607 | ||||||
Kohl's Corp. | 545 | 19,451 | ||||||
Light & Wonder, Inc. — Class A* | 406 | 19,078 | ||||||
IAA, Inc.* | 568 | 18,613 | ||||||
Dick's Sporting Goods, Inc.1 | 246 | 18,541 | ||||||
Univar Solutions, Inc.* | 718 | 17,857 | ||||||
Thor Industries, Inc.1 | 233 | 17,412 | ||||||
AutoNation, Inc.* | 151 | 16,876 | ||||||
Boyd Gaming Corp. | 339 | 16,865 | ||||||
Tempur Sealy International, Inc. | 745 | 15,921 | ||||||
RH* | 75 | 15,919 | ||||||
YETI Holdings, Inc.* | 365 | 15,794 | ||||||
Choice Hotels International, Inc. | 140 | 15,628 | ||||||
Avient Corp. | 388 | 15,551 | ||||||
Hanesbrands, Inc. | 1,479 | 15,219 | ||||||
MSC Industrial Direct Company, Inc. — Class A | 200 | 15,022 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 247 | 14,511 | ||||||
Fox Factory Holding Corp.* | 179 | 14,417 | ||||||
Travel + Leisure Co. | 362 | 14,053 | ||||||
Wendy's Co. | 727 | 13,726 | ||||||
Scotts Miracle-Gro Co. — Class A | 172 | 13,586 | ||||||
Goodyear Tire & Rubber Co.* | 1,198 | 12,831 | ||||||
Crocs, Inc.* | 261 | 12,703 | ||||||
Visteon Corp.* | 119 | 12,326 | ||||||
Carter's, Inc. | 171 | 12,052 | ||||||
Adient plc* | 402 | 11,911 | ||||||
Taylor Morrison Home Corp. — Class A* | 508 | 11,867 | ||||||
FirstCash Holdings, Inc. | 167 | 11,608 | ||||||
JetBlue Airways Corp.* | 1,361 | 11,392 | ||||||
Papa John's International, Inc. | 135 | 11,275 | ||||||
KB Home | 368 | 10,473 | ||||||
Columbia Sportswear Co. | 141 | 10,093 | ||||||
Callaway Golf Co.* | 494 | 10,078 | ||||||
Nordstrom, Inc.1 | 473 | 9,994 | ||||||
Wingstop, Inc. | 127 | 9,496 | ||||||
Nu Skin Enterprises, Inc. — Class A | 213 | 9,223 | ||||||
Foot Locker, Inc. | 355 | 8,964 | ||||||
Dana, Inc. | 608 | 8,554 | ||||||
MillerKnoll, Inc. | 322 | 8,459 | ||||||
Cracker Barrel Old Country Store, Inc. | 99 | 8,265 | ||||||
Victoria's Secret & Co.* | 288 | 8,055 | ||||||
Gap, Inc. | 894 | 7,367 | ||||||
American Eagle Outfitters, Inc.1 | 653 | 7,300 | ||||||
Six Flags Entertainment Corp.* | 330 | 7,161 | ||||||
Under Armour, Inc. — Class A* | 800 | 6,664 | ||||||
Under Armour, Inc. — Class C* | 860 | 6,519 | ||||||
Total Consumer, Cyclical | 1,205,198 | |||||||
Technology - 6.4% | ||||||||
Fair Isaac Corp.* | 110 | 44,099 | ||||||
Wolfspeed, Inc.* | 524 | 33,248 | ||||||
Manhattan Associates, Inc.* | 268 | 30,713 | ||||||
Genpact Ltd. | 723 | 30,626 | ||||||
KBR, Inc. | 592 | 28,647 | ||||||
Lattice Semiconductor Corp.* | 584 | 28,324 | ||||||
CACI International, Inc. — Class A* | 99 | 27,896 | ||||||
CDK Global, Inc. | 495 | 27,111 | ||||||
Sailpoint Technologies Holdings, Inc.* | 400 | 25,072 | ||||||
Concentrix Corp. | 183 | 24,822 | ||||||
MKS Instruments, Inc. | 236 | 24,221 | ||||||
Lumentum Holdings, Inc.* | 293 | 23,270 | ||||||
Azenta, Inc. | 318 | 22,928 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Science Applications International Corp. | 237 | $ | 22,065 | |||||
Silicon Laboratories, Inc.* | 155 | 21,734 | ||||||
CMC Materials, Inc. | 121 | 21,113 | ||||||
Synaptics, Inc.* | 168 | 19,832 | ||||||
Power Integrations, Inc. | 247 | 18,528 | ||||||
NCR Corp.* | 579 | 18,013 | ||||||
Qualys, Inc.* | 142 | 17,912 | ||||||
Cirrus Logic, Inc.* | 243 | 17,627 | ||||||
Teradata Corp.* | 444 | 16,432 | ||||||
Maximus, Inc. | 261 | 16,315 | ||||||
Ziff Davis, Inc.* | 201 | 14,981 | ||||||
Semtech Corp.* | 269 | 14,787 | ||||||
IPG Photonics Corp.* | 147 | 13,837 | ||||||
ACI Worldwide, Inc.* | 487 | 12,608 | ||||||
Envestnet, Inc.* | 234 | 12,348 | ||||||
CommVault Systems, Inc.* | 189 | 11,888 | ||||||
Blackbaud, Inc.* | 193 | 11,208 | ||||||
SiTime Corp.* | 66 | 10,760 | ||||||
Xerox Holdings Corp. | 506 | 7,514 | ||||||
Kyndryl Holdings, Inc.* | 762 | 7,452 | ||||||
Amkor Technology, Inc. | 426 | 7,221 | ||||||
Total Technology | 685,152 | |||||||
Basic Materials - 3.9% | ||||||||
Steel Dynamics, Inc. | 760 | 50,274 | ||||||
Reliance Steel & Aluminum Co. | 263 | 44,673 | ||||||
RPM International, Inc. | 549 | 43,217 | ||||||
Alcoa Corp. | 782 | 35,643 | ||||||
Cleveland-Cliffs, Inc.* | 2,026 | 31,140 | ||||||
Royal Gold, Inc. | 278 | 29,685 | ||||||
Olin Corp. | 589 | 27,259 | ||||||
Ashland Global Holdings, Inc. | 215 | 22,156 | ||||||
Valvoline, Inc. | 756 | 21,795 | ||||||
Chemours Co. | 659 | 21,101 | ||||||
United States Steel Corp. | 1,106 | 19,808 | ||||||
Commercial Metals Co. | 515 | 17,047 | ||||||
Cabot Corp. | 239 | 15,246 | ||||||
Sensient Technologies Corp. | 178 | 14,340 | ||||||
Ingevity Corp.* | 164 | 10,355 | ||||||
NewMarket Corp. | 29 | 8,728 | ||||||
Minerals Technologies, Inc. | 140 | 8,588 | ||||||
Total Basic Materials | 421,055 | |||||||
Energy - 3.5% | ||||||||
Targa Resources Corp. | 967 | 57,701 | ||||||
Equities Corp. | 1,254 | 43,138 | ||||||
HF Sinclair Corp. | 634 | 28,631 | ||||||
First Solar, Inc.* | 420 | 28,614 | ||||||
NOV, Inc. | 1,666 | 28,172 | ||||||
Range Resources Corp.* | 1,099 | 27,200 | ||||||
PDC Energy, Inc. | 405 | 24,952 | ||||||
Matador Resources Co. | 471 | 21,944 | ||||||
Sunrun, Inc.* | 891 | 20,814 | ||||||
DT Midstream, Inc. | 410 | 20,098 | ||||||
Murphy Oil Corp. | 620 | 18,718 | ||||||
ChampionX Corp. | 863 | 17,131 | ||||||
CNX Resources Corp.* | 827 | 13,612 | ||||||
Antero Midstream Corp. | 1,380 | 12,489 | ||||||
Equitrans Midstream Corp. | 1,726 | 10,978 | ||||||
SunPower Corp. — Class A* | 354 | 5,597 | ||||||
Total Energy | 379,789 | |||||||
Utilities - 3.2% | ||||||||
Essential Utilities, Inc. | 977 | 44,795 | ||||||
UGI Corp. | 891 | 34,402 | ||||||
OGE Energy Corp. | 849 | 32,737 | ||||||
National Fuel Gas Co. | 388 | 25,627 | ||||||
Southwest Gas Holdings, Inc. | 284 | 24,731 | ||||||
IDACORP, Inc. | 214 | 22,667 | ||||||
Black Hills Corp. | 275 | 20,012 | ||||||
Hawaiian Electric Industries, Inc. | 464 | 18,977 | ||||||
ONE Gas, Inc. | 229 | 18,592 | ||||||
Portland General Electric Co. | 378 | 18,269 | ||||||
New Jersey Resources Corp. | 408 | 18,168 | ||||||
PNM Resources, Inc. | 364 | 17,392 | ||||||
Spire, Inc. | 221 | 16,436 | ||||||
ALLETE, Inc. | 242 | 14,225 | ||||||
NorthWestern Corp. | 230 | 13,554 | ||||||
Total Utilities | 340,584 | |||||||
Communications - 1.4% | ||||||||
Ciena Corp.* | 645 | 29,477 | ||||||
Cable One, Inc. | 21 | 27,076 | ||||||
Iridium Communications, Inc.* | 543 | 20,395 | ||||||
New York Times Co. — Class A | 707 | 19,725 | ||||||
TEGNA, Inc. | 939 | 19,691 | ||||||
World Wrestling Entertainment, Inc. — Class A | 183 | 11,435 | ||||||
Viasat, Inc.* | 316 | 9,679 | ||||||
Calix, Inc.* | 236 | 8,057 | ||||||
TripAdvisor, Inc.* | 425 | 7,565 | ||||||
Total Communications | 153,100 | |||||||
Common Stocks - 0.8% | ||||||||
Aspen Technology, Inc.* | 119 | 21,858 | ||||||
QuidelOrtho Corp.* | 212 | 20,602 | ||||||
Crane Holdings Co. | 202 | 17,687 | ||||||
Enovis Corp.* | 199 | 10,945 | ||||||
Esab Corp. | 194 | 8,487 | ||||||
Sotera Health Co.* | 420 | 8,228 | ||||||
Total Common Stocks | 87,807 | |||||||
Total Common Stocks | ||||||||
(Cost $8,681,965) | 8,209,784 |
MUTUAL FUNDS† - 10.2% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 88,750 | 856,441 | ||||||
Guggenheim Strategy Fund II2 | 9,844 | 237,625 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,123,598) | 1,094,066 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 7.7% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/223,4 | $ | 750,000 | 746,428 | |||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/224,5 | 82,000 | 81,958 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $829,199) | 828,386 |
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,6 - 13.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | $ | 787,207 | $ | 787,207 | ||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 306,567 | 306,567 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 303,532 | 303,532 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,397,306) | $ | 1,397,306 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%8 | 47,795 | 47,795 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $47,795) | 47,795 | |||||||
Total Investments - 107.5% | ||||||||
(Cost $12,079,863) | $ | 11,577,337 | ||||||
Other Assets & Liabilities, net - (7.5)% | (807,832 | ) | ||||||
Total Net Assets - 100.0% | $ | 10,769,505 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||
Equity Futures Contracts Purchased† | ||||||||||||
S&P MidCap 400 Index Mini Futures Contracts | 5 | Sep 2022 | $ | 1,134,000 | $ | (45,748 | ) |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | |||||||||||
OTC Equity Index Swap Agreements†† | |||||||||||||||||||
Goldman Sachs International | S&P MidCap 400 Index | Pay | 1.98% (Federal Funds Rate + 0.40%) | At Maturity | 11/17/22 | 1,270 | $ | 2,881,558 | $ | (85,095 | ) | ||||||||
BNP Paribas | S&P MidCap 400 Index | Pay | 2.03% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 263 | 597,813 | (98,787 | ) | ||||||||||
Barclays Bank plc | S&P MidCap 400 Index | Pay | 1.86% (SOFR + 0.35%) | At Maturity | 11/16/22 | 1,448 | 3,285,246 | (482,640 | ) | ||||||||||
$ | 6,764,617 | $ | (666,522 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
Mid-Cap 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Common Stocks | $ | 8,209,784 | $ | — | $ | — | $ | 8,209,784 | |||||
Mutual Funds | 1,094,066 | — | — | 1,094,066 | |||||||||
U.S. Treasury Bills | — | 828,386 | — | 828,386 | |||||||||
Repurchase Agreements | — | 1,397,306 | — | 1,397,306 | |||||||||
Securities Lending Collateral | 47,795 | — | — | 47,795 | |||||||||
Total Assets | $ | 9,351,645 | $ | 2,225,692 | $ | — | $ | 11,577,337 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | |||||||||
Equity Futures Contracts** | $ | 45,748 | $ | — | $ | — | $ | 45,748 | |||||
Equity Index Swap Agreements** | — | 666,522 | — | 666,522 | |||||||||
Total Liabilities | $ | 45,748 | $ | 666,522 | $ | — | $ | 712,270 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | |||||||||||||||||
Mutual Funds | |||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 241,661 | $ | – | $ | – | $ | – | $ | (4,036 | ) | $ | 237,625 | 9,844 | $ | 1,231 | |||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 868,866 | – | – | – | (12,425 | ) | 856,441 | 88,750 | 2,981 | ||||||||||||||||
$ | 1,110,527 | $ | – | $ | – | $ | – | $ | (16,461 | ) | $ | 1,094,066 | $ | 4,212 |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 75.8% | ||||||||
Technology - 35.5% | ||||||||
Apple, Inc. | 224,539 | $ | 30,698,972 | |||||
Microsoft Corp. | 103,758 | 26,648,167 | ||||||
NVIDIA Corp. | 48,810 | 7,399,108 | ||||||
Broadcom, Inc. | 9,397 | 4,565,157 | ||||||
Adobe, Inc.* | 10,875 | 3,980,903 | ||||||
Intel Corp. | 94,114 | 3,520,805 | ||||||
QUALCOMM, Inc. | 25,778 | 3,292,882 | ||||||
Texas Instruments, Inc. | 21,224 | 3,261,068 | ||||||
Advanced Micro Devices, Inc.* | 37,298 | 2,852,178 | ||||||
Intuit, Inc. | 6,492 | 2,502,276 | ||||||
Applied Materials, Inc. | 20,023 | 1,821,692 | ||||||
Analog Devices, Inc. | 11,964 | 1,747,821 | ||||||
Micron Technology, Inc. | 25,702 | 1,420,806 | ||||||
Activision Blizzard, Inc. | 17,996 | 1,401,169 | ||||||
Lam Research Corp. | 3,193 | 1,360,697 | ||||||
Fiserv, Inc.* | 14,878 | 1,323,696 | ||||||
KLA Corp. | 3,435 | 1,096,040 | ||||||
Synopsys, Inc.* | 3,521 | 1,069,328 | ||||||
Fortinet, Inc.* | 18,474 | 1,045,259 | ||||||
Cadence Design Systems, Inc.* | 6,347 | 952,240 | ||||||
Paychex, Inc. | 8,309 | 946,146 | ||||||
ASML Holding N.V. — Class G | 1,972 | 938,435 | ||||||
NXP Semiconductor N.V. | 6,043 | 894,545 | ||||||
Autodesk, Inc.* | 5,007 | 861,004 | ||||||
Marvell Technology, Inc. | 19,562 | 851,534 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 4,911 | 827,798 | ||||||
Cognizant Technology Solutions Corp. — Class A | 11,996 | 809,610 | ||||||
Electronic Arts, Inc. | 6,442 | 783,669 | ||||||
Microchip Technology, Inc. | 12,763 | 741,275 | ||||||
Workday, Inc. — Class A* | 4,580 | 639,276 | ||||||
Zoom Video Communications, Inc. — Class A* | 5,794 | 625,578 | ||||||
Datadog, Inc. — Class A* | 6,516 | 620,584 | ||||||
Atlassian Corporation plc — Class A* | 3,291 | 616,733 | ||||||
Zscaler, Inc.* | 3,247 | 485,459 | ||||||
ANSYS, Inc.* | 2,002 | 479,059 | ||||||
NetEase, Inc. ADR | 4,181 | 390,338 | ||||||
Skyworks Solutions, Inc. | 3,704 | 343,139 | ||||||
Splunk, Inc.* | 3,704 | 327,656 | ||||||
DocuSign, Inc.* | 4,601 | 264,005 | ||||||
Total Technology | 114,406,107 | |||||||
Communications - 20.4% | ||||||||
Amazon.com, Inc.* | 141,151 | 14,991,648 | ||||||
Alphabet, Inc. — Class C* | 4,348 | 9,511,032 | ||||||
Alphabet, Inc. — Class A* | 4,173 | 9,094,052 | ||||||
Meta Platforms, Inc. — Class A* | 47,644 | 7,682,595 | ||||||
Cisco Systems, Inc. | 95,310 | 4,064,018 | ||||||
Comcast Corp. — Class A | 102,897 | 4,037,678 | ||||||
T-Mobile US, Inc.* | 28,853 | 3,881,883 | ||||||
Charter Communications, Inc. — Class A* | 3,864 | 1,810,400 | ||||||
Netflix, Inc.* | 10,226 | 1,788,221 | ||||||
Booking Holdings, Inc.* | 935 | 1,635,306 | ||||||
Palo Alto Networks, Inc.* | 2,293 | 1,132,604 | ||||||
Airbnb, Inc. — Class A* | 8,798 | 783,726 | ||||||
JD.com, Inc. ADR | 11,664 | 749,062 | ||||||
Baidu, Inc. ADR* | 4,974 | 739,783 | ||||||
MercadoLibre, Inc.* | 1,160 | 738,769 | ||||||
Pinduoduo, Inc. ADR* | 10,201 | 630,422 | ||||||
Sirius XM Holdings, Inc.1 | 90,596 | 555,354 | ||||||
eBay, Inc. | 12,886 | 536,960 | ||||||
Match Group, Inc.* | 6,573 | 458,072 | ||||||
VeriSign, Inc.* | 2,521 | 421,839 | ||||||
Okta, Inc.* | 3,470 | 313,688 | ||||||
Total Communications | 65,557,112 | |||||||
Consumer, Non-cyclical - 9.8% | ||||||||
PepsiCo, Inc. | 31,825 | 5,303,955 | ||||||
Amgen, Inc. | 12,295 | 2,991,373 | ||||||
Automatic Data Processing, Inc. | 9,615 | 2,019,535 | ||||||
Mondelez International, Inc. — Class A | 31,853 | 1,977,753 | ||||||
PayPal Holdings, Inc.* | 26,654 | 1,861,515 | ||||||
Gilead Sciences, Inc. | 28,870 | 1,784,454 | ||||||
Vertex Pharmaceuticals, Inc.* | 5,887 | 1,658,898 | ||||||
Intuitive Surgical, Inc.* | 8,262 | 1,658,266 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2,486 | 1,469,549 | ||||||
Moderna, Inc.* | 9,155 | 1,307,792 | ||||||
Keurig Dr Pepper, Inc. | 32,650 | 1,155,483 | ||||||
Monster Beverage Corp.* | 12,191 | 1,130,106 | ||||||
Kraft Heinz Co. | 28,173 | 1,074,518 | ||||||
Cintas Corp. | 2,355 | 879,663 | ||||||
AstraZeneca plc ADR | 13,301 | 878,797 | ||||||
Seagen, Inc.* | 4,237 | 749,695 | ||||||
Biogen, Inc.* | 3,371 | 687,482 | ||||||
IDEXX Laboratories, Inc.* | 1,934 | 678,312 | ||||||
Dexcom, Inc.* | 9,034 | 673,304 | ||||||
Illumina, Inc.* | 3,616 | 666,646 | ||||||
Verisk Analytics, Inc. — Class A | 3,634 | 629,009 | ||||||
Align Technology, Inc.* | 1,814 | 429,319 | ||||||
Total Consumer, Non-cyclical | 31,665,424 | |||||||
Consumer, Cyclical - 7.5% | ||||||||
Tesla, Inc.* | 14,373 | 9,679,066 | ||||||
Costco Wholesale Corp. | 10,201 | 4,889,135 | ||||||
Starbucks Corp. | 26,398 | 2,016,543 | ||||||
Marriott International, Inc. — Class A | 7,533 | 1,024,563 | ||||||
O'Reilly Automotive, Inc.* | 1,513 | 955,853 | ||||||
Dollar Tree, Inc.* | 5,168 | 805,433 | ||||||
Lululemon Athletica, Inc.* | 2,827 | 770,669 | ||||||
Walgreens Boots Alliance, Inc. | 19,881 | 753,490 | ||||||
Fastenal Co. | 13,248 | 661,340 | ||||||
PACCAR, Inc. | 8,002 | 658,885 | ||||||
Lucid Group, Inc.*,1 | 38,388 | 658,738 | ||||||
Copart, Inc.* | 5,470 | 594,370 | ||||||
Ross Stores, Inc. | 8,088 | 568,020 | ||||||
Total Consumer, Cyclical | 24,036,105 | |||||||
Industrial - 1.5% | ||||||||
Honeywell International, Inc. | 15,668 | 2,723,255 | ||||||
CSX Corp. | 50,044 | 1,454,279 | ||||||
Old Dominion Freight Line, Inc. | 2,609 | 668,634 | ||||||
Total Industrial | 4,846,168 | |||||||
Utilities - 1.1% | ||||||||
American Electric Power Company, Inc. | 11,820 | 1,134,011 | ||||||
Exelon Corp. | 22,561 | 1,022,464 | ||||||
Xcel Energy, Inc. | 12,536 | 887,047 |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 75.8% (continued) | ||||||||
Utilities - 1.1% (continued) | ||||||||
Constellation Energy Corp. | 7,514 | $ | 430,252 | |||||
Total Utilities | 3,473,774 | |||||||
Total Common Stocks | ||||||||
(Cost $250,353,608) | 243,984,690 | |||||||
MUTUAL FUNDS† - 7.6% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 1,434,715 | 13,845,003 | ||||||
Guggenheim Strategy Fund II2 | 444,159 | 10,722,005 | ||||||
Total Mutual Funds | ||||||||
(Cost $25,056,216) | 24,567,008 | |||||||
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 15.0% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/223,4 | $ | 16,068,000 | 15,991,465 | |||||
1.78% due 10/04/224 | 11,000,000 | 10,947,605 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/224,5 | 21,406,000 | 21,395,056 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $48,351,871) | 48,334,126 | |||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 1.0% | ||||||||
Federal Home Loan Bank | ||||||||
1.15% due 07/06/224 | 3,100,000 | 3,099,505 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $3,099,505) | 3,099,505 | |||||||
REPURCHASE AGREEMENTS††,6 - 6.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | 12,527,786 | 12,527,786 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 4,878,781 | 4,878,781 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 4,830,476 | 4,830,476 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $22,237,043) | 22,237,043 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%8 | 766,425 | 766,425 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $766,425) | 766,425 | |||||||
Total Investments - 106.5% | ||||||||
(Cost $349,864,668) | $ | 342,988,797 | ||||||
Other Assets & Liabilities, net - (6.5)% | (20,823,719 | ) | ||||||
Total Net Assets - 100.0% | $ | 322,165,078 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 871 | Sep 2022 | $ | 200,991,960 | $ | (5,341,147 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 2.13% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 4,235 | $ | 48,722,479 | $ | 125,336 | ||||||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 2.23% (Federal Funds Rate + 0.65%) | At Maturity | 11/17/22 | 1,287 | 14,806,805 | (465,270 | ) | |||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 2.01% (SOFR + 0.50%) | At Maturity | 11/16/22 | 11,854 | 136,364,556 | (3,533,272 | ) | |||||||||||||||||
$ | 199,893,840 | $ | (3,873,206 | ) |
Monthly Rebalance NASDAQ-100 ® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 243,984,690 | $ | — | $ | — | $ | 243,984,690 | ||||||||
Mutual Funds | 24,567,008 | — | — | 24,567,008 | ||||||||||||
U.S. Treasury Bills | — | 48,334,126 | — | 48,334,126 | ||||||||||||
Federal Agency Discount Notes | — | 3,099,505 | — | 3,099,505 | ||||||||||||
Repurchase Agreements | — | 22,237,043 | — | 22,237,043 | ||||||||||||
Securities Lending Collateral | 766,425 | — | — | 766,425 | ||||||||||||
Equity Index Swap Agreements** | — | 125,336 | — | 125,336 | ||||||||||||
Total Assets | $ | 269,318,123 | $ | 73,796,010 | $ | — | $ | 343,114,133 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 5,341,147 | $ | — | $ | — | $ | 5,341,147 | ||||||||
Equity Index Swap Agreements** | — | 3,998,542 | — | 3,998,542 | ||||||||||||
Total Liabilities | $ | 5,341,147 | $ | 3,998,542 | $ | — | $ | 9,339,689 |
** | 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.
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 10,904,111 | $ | – | $ | – | $ | – | $ | (182,106 | ) | $ | 10,722,005 | 444,159 | $ | 55,561 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 21,389,957 | – | (7,300,000 | ) | (160,912 | ) | (84,042 | ) | 13,845,003 | 1,434,715 | 60,517 | |||||||||||||||||||||
$ | 32,294,068 | $ | – | $ | (7,300,000 | ) | $ | (160,912 | ) | $ | (266,148 | ) | $ | 24,567,008 | $ | 116,078 |
NASDAQ-100 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 94.2% | ||||||||
Technology - 44.2% | ||||||||
Apple, Inc. | 1,026,448 | $ | 140,335,971 | |||||
Microsoft Corp. | 474,312 | 121,817,551 | ||||||
NVIDIA Corp. | 223,127 | 33,823,822 | ||||||
Broadcom, Inc. | 42,958 | 20,869,426 | ||||||
Adobe, Inc.* | 49,715 | 18,198,673 | ||||||
Intel Corp. | 430,231 | 16,094,942 | ||||||
QUALCOMM, Inc. | 117,843 | 15,053,265 | ||||||
Texas Instruments, Inc. | 97,024 | 14,907,738 | ||||||
Advanced Micro Devices, Inc.* | 170,504 | 13,038,441 | ||||||
Intuit, Inc. | 29,679 | 11,439,474 | ||||||
Applied Materials, Inc. | 91,533 | 8,327,672 | ||||||
Analog Devices, Inc. | 54,692 | 7,989,954 | ||||||
Micron Technology, Inc. | 117,492 | 6,494,958 | ||||||
Activision Blizzard, Inc. | 82,267 | 6,405,309 | ||||||
Lam Research Corp. | 14,595 | 6,219,659 | ||||||
Fiserv, Inc.* | 68,010 | 6,050,850 | ||||||
KLA Corp. | 15,702 | 5,010,194 | ||||||
Synopsys, Inc.* | 16,094 | 4,887,748 | ||||||
Fortinet, Inc.* | 84,449 | 4,778,124 | ||||||
Cadence Design Systems, Inc.* | 29,014 | 4,352,970 | ||||||
Paychex, Inc. | 37,985 | 4,325,352 | ||||||
ASML Holding N.V. — Class G | 9,013 | 4,289,106 | ||||||
NXP Semiconductor N.V. | 27,626 | 4,089,477 | ||||||
Autodesk, Inc.* | 22,887 | 3,935,648 | ||||||
Marvell Technology, Inc. | 89,423 | 3,892,583 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 22,448 | 3,783,835 | ||||||
Cognizant Technology Solutions Corp. — Class A | 54,835 | 3,700,814 | ||||||
Electronic Arts, Inc. | 29,450 | 3,582,592 | ||||||
Microchip Technology, Inc. | 58,343 | 3,388,561 | ||||||
Workday, Inc. — Class A* | 20,938 | 2,922,526 | ||||||
Zoom Video Communications, Inc. — Class A* | 26,483 | 2,859,369 | ||||||
Datadog, Inc. — Class A* | 29,787 | 2,836,914 | ||||||
Atlassian Corporation plc — Class A* | 15,044 | 2,819,246 | ||||||
Zscaler, Inc.* | 14,844 | 2,219,326 | ||||||
ANSYS, Inc.* | 9,153 | 2,190,221 | ||||||
NetEase, Inc. ADR | 19,113 | 1,784,390 | ||||||
Skyworks Solutions, Inc. | 16,932 | 1,568,581 | ||||||
Splunk, Inc.* | 16,929 | 1,497,539 | ||||||
DocuSign, Inc.* | 21,033 | 1,206,874 | ||||||
Total Technology | 522,989,695 | |||||||
Communications - 25.3% | ||||||||
Amazon.com, Inc.* | 645,250 | 68,532,003 | ||||||
Alphabet, Inc. — Class C* | 19,874 | 43,473,381 | ||||||
Alphabet, Inc. — Class A* | 19,074 | 41,567,205 | ||||||
Meta Platforms, Inc. — Class A* | 217,800 | 35,120,250 | ||||||
Cisco Systems, Inc. | 435,698 | 18,578,162 | ||||||
Comcast Corp. — Class A | 470,378 | 18,457,633 | ||||||
T-Mobile US, Inc.* | 131,898 | 17,745,557 | ||||||
Charter Communications, Inc. — Class A* | 17,661 | 8,274,708 | ||||||
Netflix, Inc.* | 46,745 | 8,174,298 | ||||||
Booking Holdings, Inc.* | 4,274 | 7,475,183 | ||||||
Palo Alto Networks, Inc.* | 10,483 | 5,177,973 | ||||||
Airbnb, Inc. — Class A* | 40,220 | 3,582,798 | ||||||
JD.com, Inc. ADR | 53,320 | 3,424,210 | ||||||
Baidu, Inc. ADR* | 22,739 | 3,381,972 | ||||||
MercadoLibre, Inc.* | 5,300 | 3,375,411 | ||||||
Pinduoduo, Inc. ADR* | 46,634 | 2,881,981 | ||||||
Sirius XM Holdings, Inc.1 | 414,144 | 2,538,703 | ||||||
eBay, Inc. | 58,905 | 2,454,571 | ||||||
Match Group, Inc.* | 30,049 | 2,094,115 | ||||||
VeriSign, Inc.* | 11,526 | 1,928,646 | ||||||
Okta, Inc.* | 15,860 | 1,433,744 | ||||||
Total Communications | 299,672,504 | |||||||
Consumer, Non-cyclical - 12.2% | ||||||||
PepsiCo, Inc. | 145,481 | 24,245,864 | ||||||
Amgen, Inc. | 56,207 | 13,675,163 | ||||||
Automatic Data Processing, Inc. | 43,954 | 9,232,098 | ||||||
Mondelez International, Inc. — Class A | 145,612 | 9,041,049 | ||||||
PayPal Holdings, Inc.* | 121,845 | 8,509,655 | ||||||
Gilead Sciences, Inc. | 131,974 | 8,157,313 | ||||||
Vertex Pharmaceuticals, Inc.* | 26,909 | 7,582,687 | ||||||
Intuitive Surgical, Inc.* | 37,768 | 7,580,415 | ||||||
Regeneron Pharmaceuticals, Inc.* | 11,366 | 6,718,784 | ||||||
Moderna, Inc.* | 41,851 | 5,978,415 | ||||||
Keurig Dr Pepper, Inc. | 149,255 | 5,282,134 | ||||||
Monster Beverage Corp.* | 55,730 | 5,166,171 | ||||||
Kraft Heinz Co. | 128,790 | 4,912,051 | ||||||
Cintas Corp. | 10,766 | 4,021,424 | ||||||
AstraZeneca plc ADR | 60,802 | 4,017,188 | ||||||
Seagen, Inc.* | 19,366 | 3,426,620 | ||||||
Biogen, Inc.* | 15,409 | 3,142,512 | ||||||
IDEXX Laboratories, Inc.* | 8,837 | 3,099,401 | ||||||
Dexcom, Inc.* | 41,298 | 3,077,940 | ||||||
Illumina, Inc.* | 16,528 | 3,047,102 | ||||||
Verisk Analytics, Inc. — Class A | 16,614 | 2,875,717 | ||||||
Align Technology, Inc.* | 8,291 | 1,962,231 | ||||||
Total Consumer, Non-cyclical | 144,751,934 | |||||||
Consumer, Cyclical - 9.3% | ||||||||
Tesla, Inc.* | 65,703 | 44,245,714 | ||||||
Costco Wholesale Corp. | 46,635 | 22,351,223 | ||||||
Starbucks Corp. | 120,673 | 9,218,210 | ||||||
Marriott International, Inc. — Class A | 34,437 | 4,683,776 | ||||||
O'Reilly Automotive, Inc.* | 6,914 | 4,367,989 | ||||||
Dollar Tree, Inc.* | 23,627 | 3,682,268 | ||||||
Lululemon Athletica, Inc.* | 12,922 | 3,522,666 | ||||||
Walgreens Boots Alliance, Inc. | 90,883 | 3,444,466 | ||||||
Fastenal Co. | 60,563 | 3,023,305 | ||||||
PACCAR, Inc. | 36,582 | 3,012,162 | ||||||
Lucid Group, Inc.*,1 | 175,484 | 3,011,306 | ||||||
Copart, Inc.* | 25,007 | 2,717,261 | ||||||
Ross Stores, Inc. | 36,972 | 2,596,543 | ||||||
Total Consumer, Cyclical | 109,876,889 | |||||||
Industrial - 1.9% | ||||||||
Honeywell International, Inc. | 71,625 | 12,449,141 | ||||||
CSX Corp. | 228,768 | 6,647,998 | ||||||
Old Dominion Freight Line, Inc. | 11,927 | 3,056,652 | ||||||
Total Industrial | 22,153,791 | |||||||
Utilities - 1.3% | ||||||||
American Electric Power Company, Inc. | 54,033 | 5,183,926 | ||||||
Exelon Corp. | 103,134 | 4,674,033 |
NASDAQ-100 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 94.2% (continued) | ||||||||
Utilities - 1.3% (continued) | ||||||||
Xcel Energy, Inc. | 57,306 | $ | 4,054,973 | |||||
Constellation Energy Corp. | 34,351 | 1,966,938 | ||||||
Total Utilities | 15,879,870 | |||||||
Total Common Stocks | ||||||||
(Cost $373,163,805) | 1,115,324,683 | |||||||
MUTUAL FUNDS† - 4.4% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 3,064,684 | 29,574,201 | ||||||
Guggenheim Strategy Fund II2 | 575,584 | 13,894,609 | ||||||
Guggenheim Strategy Fund III2 | 370,504 | 8,969,897 | ||||||
Total Mutual Funds | ||||||||
(Cost $54,178,710) | 52,438,707 | |||||||
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 0.9% | ||||||||
Federal Farm Credit Bank | ||||||||
1.01% due 07/01/223 | $ | 9,550,000 | 9,550,000 | |||||
Federal Home Loan Bank | ||||||||
1.45% due 08/08/223 | 1,000,000 | 998,469 | ||||||
Total Federal Agency Discount Notes | ||||||||
(Cost $10,548,469) | 10,548,469 | |||||||
U.S. TREASURY BILLS†† - 0.6% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/223,4 | 3,872,000 | 3,853,557 | ||||||
1.78% due 10/04/223 | 1,500,000 | 1,492,855 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/223,5 | 1,962,000 | 1,960,997 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $7,311,679) | 7,307,409 | |||||||
FEDERAL AGENCY NOTES†† - 0.3% | ||||||||
Federal Farm Credit Bank | ||||||||
1.90% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/22◊ | 3,000,000 | 3,001,689 | ||||||
Total Federal Agency Notes | ||||||||
(Cost $2,999,755) | 3,001,689 | |||||||
REPURCHASE AGREEMENTS††,6 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/224 | 6,761,886 | 6,761,886 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/224 | 2,633,327 | 2,633,327 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/224 | 2,607,255 | 2,607,255 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $12,002,468) | 12,002,468 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.4% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%8 | 4,187,562 | 4,187,562 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $4,187,562) | 4,187,562 | |||||||
Total Investments - 101.8% | ||||||||
(Cost $464,392,448) | $ | 1,204,810,987 | ||||||
Other Assets & Liabilities, net - (1.8)% | (21,263,503 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,183,547,484 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
NASDAQ-100 Index Mini Futures Contracts | 130 | Sep 2022 | $ | 29,998,800 | $ | (676,508 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||||||
Goldman Sachs International | NASDAQ-100 Index | Pay | 2.13% (Federal Funds Rate + 0.55%) | At Maturity | 11/17/22 | 610 | $ | 7,017,564 | $ | 113,433 | ||||||||||||||||
BNP Paribas | NASDAQ-100 Index | Pay | 2.23% (Federal Funds Rate + 0.65%) | At Maturity | 11/17/22 | 599 | 6,891,624 | (360,384 | ) | |||||||||||||||||
Barclays Bank plc | NASDAQ-100 Index | Pay | 2.01% (SOFR + 0.50%) | At Maturity | 11/16/22 | 2,151 | 24,744,711 | (2,284,726 | ) | |||||||||||||||||
$ | 38,653,899 | $ | (2,531,677 | ) |
NASDAQ-100 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
◊ | Variable rate security. Rate indicated is the rate effective at June 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
plc — Public Limited Company
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 1,115,324,683 | $ | — | $ | — | $ | 1,115,324,683 | ||||||||
Mutual Funds | 52,438,707 | — | — | 52,438,707 | ||||||||||||
Federal Agency Discount Notes | — | 10,548,469 | — | 10,548,469 | ||||||||||||
U.S. Treasury Bills | — | 7,307,409 | — | 7,307,409 | ||||||||||||
Federal Agency Notes | — | 3,001,689 | — | 3,001,689 | ||||||||||||
Repurchase Agreements | — | 12,002,468 | — | 12,002,468 | ||||||||||||
Securities Lending Collateral | 4,187,562 | — | — | 4,187,562 | ||||||||||||
Equity Index Swap Agreements** | — | 113,433 | — | 113,433 | ||||||||||||
Total Assets | $ | 1,171,950,952 | $ | 32,973,468 | $ | — | $ | 1,204,924,420 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 676,508 | $ | — | $ | — | $ | 676,508 | ||||||||
Equity Index Swap Agreements** | — | 2,645,110 | — | 2,645,110 | ||||||||||||
Total Liabilities | $ | 676,508 | $ | 2,645,110 | $ | — | $ | 3,321,618 |
** | 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.
NASDAQ-100 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Transactions during the period ended June 30, 2022, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 14,130,599 | $ | – | $ | – | $ | – | $ | (235,990 | ) | $ | 13,894,609 | 575,584 | $ | 72,001 | ||||||||||||||||
Guggenheim Strategy Fund III | 9,129,213 | – | – | – | (159,316 | ) | 8,969,897 | 370,504 | 45,559 | |||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 30,003,257 | – | – | – | (429,056 | ) | 29,574,201 | 3,064,684 | 102,942 | |||||||||||||||||||||||
$ | 53,263,069 | $ | – | $ | – | $ | – | $ | (824,362 | ) | $ | 52,438,707 | $ | 220,502 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 51.3% | ||||||||
Technology - 11.9% | ||||||||
Apple, Inc. | 18,391 | $ | 2,514,417 | |||||
Microsoft Corp. | 8,946 | 2,297,601 | ||||||
NVIDIA Corp. | 2,995 | 454,012 | ||||||
Broadcom, Inc. | 488 | 237,075 | ||||||
Accenture plc — Class A | 758 | 210,459 | ||||||
Adobe, Inc.* | 565 | 206,824 | ||||||
Salesforce, Inc.* | 1,188 | 196,067 | ||||||
Intel Corp. | 4,890 | 182,935 | ||||||
QUALCOMM, Inc. | 1,340 | 171,172 | ||||||
Texas Instruments, Inc. | 1,102 | 169,322 | ||||||
International Business Machines Corp. | 1,076 | 151,920 | ||||||
Advanced Micro Devices, Inc.* | 1,937 | 148,122 | ||||||
Oracle Corp. | 1,883 | 131,565 | ||||||
Intuit, Inc. | 337 | 129,893 | ||||||
ServiceNow, Inc.* | 240 | 114,125 | ||||||
Applied Materials, Inc. | 1,057 | 96,166 | ||||||
Analog Devices, Inc. | 626 | 91,452 | ||||||
Micron Technology, Inc. | 1,336 | 73,854 | ||||||
Activision Blizzard, Inc. | 935 | 72,799 | ||||||
Lam Research Corp. | 166 | 70,741 | ||||||
Fidelity National Information Services, Inc. | 731 | 67,011 | ||||||
Fiserv, Inc.* | 696 | 61,923 | ||||||
KLA Corp. | 179 | 57,115 | ||||||
Synopsys, Inc.* | 183 | 55,577 | ||||||
Roper Technologies, Inc. | 126 | 49,726 | ||||||
Cadence Design Systems, Inc.* | 330 | 49,510 | ||||||
NXP Semiconductor N.V. | 314 | 46,482 | ||||||
Fortinet, Inc.* | 790 | 44,698 | ||||||
Autodesk, Inc.* | 259 | 44,538 | ||||||
Paychex, Inc. | 383 | 43,612 | ||||||
Cognizant Technology Solutions Corp. — Class A | 623 | 42,046 | ||||||
HP, Inc. | 1,260 | 41,303 | ||||||
Electronic Arts, Inc. | 336 | 40,874 | ||||||
MSCI, Inc. — Class A | 97 | 39,979 | ||||||
Microchip Technology, Inc. | 665 | 38,623 | ||||||
ON Semiconductor Corp.* | 518 | 26,061 | ||||||
ANSYS, Inc.* | 103 | 24,647 | ||||||
Take-Two Interactive Software, Inc.* | 189 | 23,158 | ||||||
Hewlett Packard Enterprise Co. | 1,554 | 20,606 | ||||||
EPAM Systems, Inc.* | 68 | 20,045 | ||||||
Monolithic Power Systems, Inc. | 52 | 19,970 | ||||||
Broadridge Financial Solutions, Inc. | 140 | 19,957 | ||||||
Zebra Technologies Corp. — Class A* | 62 | 18,225 | ||||||
Skyworks Solutions, Inc. | 191 | 17,694 | ||||||
Akamai Technologies, Inc.* | 192 | 17,535 | ||||||
NetApp, Inc. | 266 | 17,354 | ||||||
Teradyne, Inc. | 192 | 17,194 | ||||||
Seagate Technology Holdings plc | 236 | 16,860 | ||||||
Western Digital Corp.* | 374 | 16,766 | ||||||
Leidos Holdings, Inc. | 162 | 16,315 | ||||||
Tyler Technologies, Inc.* | 49 | 16,292 | ||||||
Paycom Software, Inc.* | 57 | 15,967 | ||||||
Jack Henry & Associates, Inc. | 87 | 15,662 | ||||||
Citrix Systems, Inc.* | 148 | 14,381 | ||||||
PTC, Inc.* | 126 | 13,399 | ||||||
Qorvo, Inc.* | 130 | 12,262 | ||||||
DXC Technology Co.* | 292 | 8,851 | ||||||
Ceridian HCM Holding, Inc.* | 164 | 7,721 | ||||||
Total Technology | 8,840,460 | |||||||
Consumer, Non-cyclical - 11.5% | ||||||||
UnitedHealth Group, Inc. | 1,122 | 576,293 | ||||||
Johnson & Johnson | 3,148 | 558,802 | ||||||
Procter & Gamble Co. | 2,870 | 412,677 | ||||||
Pfizer, Inc. | 6,712 | 351,910 | ||||||
AbbVie, Inc. | 2,113 | 323,627 | ||||||
Eli Lilly & Co. | 943 | 305,749 | ||||||
Coca-Cola Co. | 4,667 | 293,601 | ||||||
Merck & Company, Inc. | 3,025 | 275,789 | ||||||
PepsiCo, Inc. | 1,654 | 275,655 | ||||||
Thermo Fisher Scientific, Inc. | 468 | 254,255 | ||||||
Abbott Laboratories | 2,094 | 227,513 | ||||||
Danaher Corp. | 774 | 196,224 | ||||||
Bristol-Myers Squibb Co. | 2,546 | 196,042 | ||||||
Philip Morris International, Inc. | 1,854 | 183,064 | ||||||
Amgen, Inc. | 638 | 155,225 | ||||||
CVS Health Corp. | 1,568 | 145,291 | ||||||
Medtronic plc | 1,605 | 144,049 | ||||||
S&P Global, Inc. | 415 | 139,880 | ||||||
Elevance Health, Inc. | 288 | 138,983 | ||||||
Automatic Data Processing, Inc. | 500 | 105,020 | ||||||
Mondelez International, Inc. — Class A | 1,655 | 102,759 | ||||||
Cigna Corp. | 380 | 100,138 | ||||||
PayPal Holdings, Inc.* | 1,384 | 96,659 | ||||||
Zoetis, Inc. | 562 | 96,602 | ||||||
Gilead Sciences, Inc. | 1,500 | 92,715 | ||||||
Altria Group, Inc. | 2,166 | 90,474 | ||||||
Vertex Pharmaceuticals, Inc.* | 306 | 86,228 | ||||||
Intuitive Surgical, Inc.* | 429 | 86,105 | ||||||
Becton Dickinson and Co. | 341 | 84,067 | ||||||
Colgate-Palmolive Co. | 1,002 | 80,300 | ||||||
Stryker Corp. | 403 | 80,169 | ||||||
Regeneron Pharmaceuticals, Inc.* | 129 | 76,256 | ||||||
Humana, Inc. | 151 | 70,679 | ||||||
Edwards Lifesciences Corp.* | 743 | 70,652 | ||||||
Estee Lauder Companies, Inc. — Class A | 277 | 70,544 | ||||||
Boston Scientific Corp.* | 1,709 | 63,694 | ||||||
Centene Corp.* | 700 | 59,227 | ||||||
Moderna, Inc.* | 414 | 59,140 | ||||||
McKesson Corp. | 173 | 56,434 | ||||||
Kimberly-Clark Corp. | 403 | 54,466 | ||||||
General Mills, Inc. | 720 | 54,324 | ||||||
Archer-Daniels-Midland Co. | 673 | 52,225 | ||||||
Moody's Corp. | 192 | 52,218 | ||||||
Sysco Corp. | 609 | 51,588 | ||||||
IQVIA Holdings, Inc.* | 226 | 49,040 | ||||||
Corteva, Inc. | 865 | 46,831 | ||||||
HCA Healthcare, Inc. | 272 | 45,712 | ||||||
Constellation Brands, Inc. — Class A | 195 | 45,447 | ||||||
Monster Beverage Corp.* | 450 | 41,715 | ||||||
Baxter International, Inc. | 602 | 38,666 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 51.3% (continued) | ||||||||
Consumer, Non-cyclical - 11.5% (continued) | ||||||||
Cintas Corp. | 103 | $ | 38,474 | |||||
Hershey Co. | 175 | 37,653 | ||||||
Global Payments, Inc. | 337 | 37,286 | ||||||
Kroger Co. | 784 | 37,107 | ||||||
ResMed, Inc. | 175 | 36,685 | ||||||
Biogen, Inc.* | 175 | 35,689 | ||||||
IDEXX Laboratories, Inc.* | 100 | 35,073 | ||||||
Dexcom, Inc.* | 469 | 34,955 | ||||||
Illumina, Inc.* | 188 | 34,660 | ||||||
Verisk Analytics, Inc. — Class A | 188 | 32,541 | ||||||
Kraft Heinz Co. | 848 | 32,343 | ||||||
Keurig Dr Pepper, Inc. | 879 | 31,108 | ||||||
Tyson Foods, Inc. — Class A | 348 | 29,949 | ||||||
Church & Dwight Company, Inc. | 290 | 26,871 | ||||||
Equifax, Inc. | 146 | 26,686 | ||||||
West Pharmaceutical Services, Inc. | 88 | 26,609 | ||||||
Zimmer Biomet Holdings, Inc. | 251 | 26,370 | ||||||
Laboratory Corporation of America Holdings | 111 | 26,014 | ||||||
AmerisourceBergen Corp. — Class A | 180 | 25,466 | ||||||
McCormick & Company, Inc. | 298 | 24,808 | ||||||
STERIS plc | 120 | 24,738 | ||||||
Waters Corp.* | 71 | 23,500 | ||||||
Gartner, Inc.* | 96 | 23,216 | ||||||
Catalent, Inc.* | 214 | 22,960 | ||||||
Kellogg Co. | 303 | 21,616 | ||||||
Quanta Services, Inc. | 172 | 21,558 | ||||||
PerkinElmer, Inc. | 151 | 21,475 | ||||||
United Rentals, Inc.* | 86 | 20,890 | ||||||
Clorox Co. | 147 | 20,724 | ||||||
Hologic, Inc.* | 298 | 20,651 | ||||||
Align Technology, Inc.* | 87 | 20,590 | ||||||
Conagra Brands, Inc. | 574 | 19,654 | ||||||
Molina Healthcare, Inc.* | 70 | 19,573 | ||||||
FleetCor Technologies, Inc.* | 92 | 19,330 | ||||||
Quest Diagnostics, Inc. | 140 | 18,617 | ||||||
Cooper Companies, Inc. | 58 | 18,161 | ||||||
Incyte Corp.* | 225 | 17,093 | ||||||
Cardinal Health, Inc. | 326 | 17,040 | ||||||
J M Smucker Co. | 130 | 16,641 | ||||||
Bio-Techne Corp. | 47 | 16,292 | ||||||
Hormel Foods Corp. | 338 | 16,008 | ||||||
Avery Dennison Corp. | 98 | 15,863 | ||||||
Brown-Forman Corp. — Class B | 219 | 15,365 | ||||||
Viatris, Inc. | 1,449 | 15,171 | ||||||
Teleflex, Inc. | 56 | 13,768 | ||||||
ABIOMED, Inc.* | 55 | 13,613 | ||||||
Charles River Laboratories International, Inc.* | 61 | 13,052 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 26 | 12,870 | ||||||
Henry Schein, Inc.* | 165 | 12,662 | ||||||
Lamb Weston Holdings, Inc. | 172 | 12,291 | ||||||
Molson Coors Beverage Co. — Class B | 225 | 12,265 | ||||||
Campbell Soup Co. | 242 | 11,628 | ||||||
MarketAxess Holdings, Inc. | 44 | 11,264 | ||||||
Organon & Co. | 303 | 10,226 | ||||||
Nielsen Holdings plc | 430 | 9,985 | ||||||
Robert Half International, Inc. | 132 | 9,885 | ||||||
Rollins, Inc. | 271 | 9,463 | ||||||
Dentsply Sirona, Inc. | 257 | 9,183 | ||||||
Universal Health Services, Inc. — Class B | 80 | 8,057 | ||||||
DaVita, Inc.* | 72 | 5,757 | ||||||
Total Consumer, Non-cyclical | 8,593,765 | |||||||
Financial - 7.7% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 2,164 | 590,815 | ||||||
JPMorgan Chase & Co. | 3,513 | 395,599 | ||||||
Visa, Inc. — Class A | 1,969 | 387,676 | ||||||
Mastercard, Inc. — Class A | 1,026 | 323,682 | ||||||
Bank of America Corp. | 8,481 | 264,014 | ||||||
Wells Fargo & Co. | 4,533 | 177,558 | ||||||
American Tower Corp. — Class A REIT | 556 | 142,108 | ||||||
Morgan Stanley | 1,674 | 127,324 | ||||||
Goldman Sachs Group, Inc. | 411 | 122,075 | ||||||
Charles Schwab Corp. | 1,804 | 113,977 | ||||||
Citigroup, Inc. | 2,322 | 106,789 | ||||||
Prologis, Inc. REIT | 885 | 104,120 | ||||||
BlackRock, Inc. — Class A | 170 | 103,537 | ||||||
American Express Co. | 730 | 101,193 | ||||||
Chubb Ltd. | 507 | 99,666 | ||||||
Marsh & McLennan Companies, Inc. | 600 | 93,150 | ||||||
CME Group, Inc. — Class A | 430 | 88,021 | ||||||
Crown Castle International Corp. REIT | 518 | 87,221 | ||||||
Progressive Corp. | 700 | 81,389 | ||||||
PNC Financial Services Group, Inc. | 495 | 78,096 | ||||||
Truist Financial Corp. | 1,593 | 75,556 | ||||||
U.S. Bancorp | 1,617 | 74,414 | ||||||
Equinix, Inc. REIT | 108 | 70,958 | ||||||
Aon plc — Class A | 254 | 68,499 | ||||||
Intercontinental Exchange, Inc. | 667 | 62,725 | ||||||
Public Storage REIT | 183 | 57,219 | ||||||
MetLife, Inc. | 827 | 51,927 | ||||||
Realty Income Corp. REIT | 719 | 49,079 | ||||||
Capital One Financial Corp. | 470 | 48,969 | ||||||
Travelers Companies, Inc. | 287 | 48,540 | ||||||
American International Group, Inc. | 948 | 48,471 | ||||||
Welltower, Inc. REIT | 543 | 44,716 | ||||||
Digital Realty Trust, Inc. REIT | 341 | 44,272 | ||||||
Prudential Financial, Inc. | 448 | 42,865 | ||||||
Allstate Corp. | 328 | 41,568 | ||||||
SBA Communications Corp. REIT | 129 | 41,287 | ||||||
Arthur J Gallagher & Co. | 251 | 40,923 | ||||||
Aflac, Inc. | 708 | 39,174 | ||||||
Simon Property Group, Inc. REIT | 392 | 37,209 | ||||||
Bank of New York Mellon Corp. | 889 | 37,080 | ||||||
VICI Properties, Inc. REIT | 1,151 | 34,288 | ||||||
M&T Bank Corp. | 214 | 34,109 | ||||||
AvalonBay Communities, Inc. REIT | 166 | 32,246 | ||||||
Discover Financial Services | 336 | 31,779 | ||||||
Ameriprise Financial, Inc. | 131 | 31,136 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 51.3% (continued) | ||||||||
Financial - 7.7% (continued) | ||||||||
T. Rowe Price Group, Inc. | 272 | $ | 30,902 | |||||
First Republic Bank | 214 | 30,859 | ||||||
Equity Residential REIT | 409 | 29,538 | ||||||
Weyerhaeuser Co. REIT | 891 | 29,510 | ||||||
CBRE Group, Inc. — Class A* | 391 | 28,782 | ||||||
SVB Financial Group* | 70 | 27,649 | ||||||
Fifth Third Bancorp | 820 | 27,552 | ||||||
Extra Space Storage, Inc. REIT | 161 | 27,389 | ||||||
State Street Corp. | 439 | 27,064 | ||||||
Willis Towers Watson plc | 133 | 26,253 | ||||||
Hartford Financial Services Group, Inc. | 393 | 25,714 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 177 | 25,670 | ||||||
Duke Realty Corp. REIT | 460 | 25,277 | ||||||
Ventas, Inc. REIT | 477 | 24,532 | ||||||
Mid-America Apartment Communities, Inc. REIT | 138 | 24,105 | ||||||
Northern Trust Corp. | 248 | 23,927 | ||||||
Cincinnati Financial Corp. | 178 | 21,179 | ||||||
Nasdaq, Inc. | 138 | 21,051 | ||||||
Regions Financial Corp. | 1,118 | 20,963 | ||||||
Citizens Financial Group, Inc. | 586 | 20,914 | ||||||
Raymond James Financial, Inc. | 232 | 20,743 | ||||||
Huntington Bancshares, Inc. | 1,721 | 20,704 | ||||||
Essex Property Trust, Inc. REIT | 77 | 20,136 | ||||||
KeyCorp | 1,114 | 19,194 | ||||||
Principal Financial Group, Inc. | 281 | 18,768 | ||||||
W R Berkley Corp. | 251 | 17,133 | ||||||
Camden Property Trust REIT | 127 | 17,079 | ||||||
Iron Mountain, Inc. REIT | 347 | 16,895 | ||||||
Healthpeak Properties, Inc. REIT | 645 | 16,712 | ||||||
Synchrony Financial | 599 | 16,544 | ||||||
UDR, Inc. REIT | 357 | 16,436 | ||||||
Brown & Brown, Inc. | 280 | 16,335 | ||||||
Boston Properties, Inc. REIT | 171 | 15,216 | ||||||
Kimco Realty Corp. REIT | 739 | 14,610 | ||||||
Cboe Global Markets, Inc. | 127 | 14,375 | ||||||
Loews Corp. | 232 | 13,748 | ||||||
Signature Bank | 75 | 13,441 | ||||||
Host Hotels & Resorts, Inc. REIT | 855 | 13,406 | ||||||
Everest Re Group Ltd. | 47 | 13,173 | ||||||
Comerica, Inc. | 155 | 11,374 | ||||||
Assurant, Inc. | 65 | 11,235 | ||||||
Regency Centers Corp. REIT | 186 | 11,032 | ||||||
Globe Life, Inc. | 109 | 10,624 | ||||||
Zions Bancorp North America | 181 | 9,213 | ||||||
Lincoln National Corp. | 192 | 8,980 | ||||||
Federal Realty OP, LP REIT | 85 | 8,138 | ||||||
Franklin Resources, Inc. | 335 | 7,809 | ||||||
Invesco Ltd. | 402 | 6,484 | ||||||
Vornado Realty Trust REIT | 190 | 5,432 | ||||||
Total Financial | 5,700,818 | |||||||
Communications - 6.6% | ||||||||
Amazon.com, Inc.* | 10,465 | 1,111,488 | ||||||
Alphabet, Inc. — Class A* | 360 | 784,534 | ||||||
Alphabet, Inc. — Class C* | 330 | 721,858 | ||||||
Meta Platforms, Inc. — Class A* | 2,743 | 442,309 | ||||||
Verizon Communications, Inc. | 5,023 | 254,917 | ||||||
Cisco Systems, Inc. | 4,969 | 211,878 | ||||||
Comcast Corp. — Class A | 5,347 | 209,816 | ||||||
Walt Disney Co.* | 2,179 | 205,698 | ||||||
AT&T, Inc. | 8,563 | 179,481 | ||||||
T-Mobile US, Inc.* | 704 | 94,716 | ||||||
Netflix, Inc.* | 531 | 92,856 | ||||||
Booking Holdings, Inc.* | 48 | 83,951 | ||||||
Charter Communications, Inc. — Class A* | 138 | 64,657 | ||||||
Motorola Solutions, Inc. | 200 | 41,920 | ||||||
Warner Bros Discovery, Inc.* | 2,641 | 35,442 | ||||||
Twitter, Inc.* | 912 | 34,100 | ||||||
Corning, Inc. | 909 | 28,643 | ||||||
eBay, Inc. | 670 | 27,919 | ||||||
CDW Corp. | 162 | 25,525 | ||||||
Arista Networks, Inc.* | 269 | 25,216 | ||||||
Match Group, Inc.* | 342 | 23,834 | ||||||
VeriSign, Inc.* | 113 | 18,908 | ||||||
Paramount Global — Class B | 728 | 17,967 | ||||||
FactSet Research Systems, Inc. | 45 | 17,306 | ||||||
Expedia Group, Inc.* | 181 | 17,164 | ||||||
Omnicom Group, Inc. | 246 | 15,648 | ||||||
NortonLifeLock, Inc. | 695 | 15,262 | ||||||
Interpublic Group of Companies, Inc. | 471 | 12,967 | ||||||
Lumen Technologies, Inc. | 1,112 | 12,132 | ||||||
Fox Corp. — Class A | 372 | 11,963 | ||||||
Etsy, Inc.* | 152 | 11,128 | ||||||
F5, Inc.* | 72 | 11,019 | ||||||
Juniper Networks, Inc. | 386 | 11,001 | ||||||
News Corp. — Class A | 465 | 7,245 | ||||||
DISH Network Corp. — Class A* | 300 | 5,379 | ||||||
Fox Corp. — Class B | 173 | 5,138 | ||||||
News Corp. — Class B | 143 | 2,272 | ||||||
Total Communications | 4,893,257 | |||||||
Consumer, Cyclical - 4.7% | ||||||||
Tesla, Inc.* | 1,004 | 676,114 | ||||||
Home Depot, Inc. | 1,236 | 338,998 | ||||||
Costco Wholesale Corp. | 530 | 254,018 | ||||||
McDonald's Corp. | 885 | 218,489 | ||||||
Walmart, Inc. | 1,678 | 204,011 | ||||||
NIKE, Inc. — Class B | 1,518 | 155,139 | ||||||
Lowe's Companies, Inc. | 790 | 137,989 | ||||||
Starbucks Corp. | 1,372 | 104,807 | ||||||
TJX Companies, Inc. | 1,405 | 78,469 | ||||||
Target Corp. | 553 | 78,100 | ||||||
Dollar General Corp. | 274 | 67,250 | ||||||
General Motors Co.* | 1,743 | 55,358 | ||||||
Ford Motor Co. | 4,723 | 52,567 | ||||||
O'Reilly Automotive, Inc.* | 79 | 49,909 | ||||||
AutoZone, Inc.* | 23 | 49,430 | ||||||
Marriott International, Inc. — Class A | 328 | 44,611 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 33 | 43,140 | ||||||
Dollar Tree, Inc.* | 269 | 41,924 | ||||||
Yum! Brands, Inc. | 341 | 38,707 | ||||||
Hilton Worldwide Holdings, Inc. | 332 | 36,998 | ||||||
Fastenal Co. | 688 | 34,345 | ||||||
PACCAR, Inc. | 416 | 34,253 | ||||||
Cummins, Inc. | 168 | 32,513 | ||||||
Walgreens Boots Alliance, Inc. | 857 | 32,480 | ||||||
Ross Stores, Inc. | 420 | 29,497 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 51.3% (continued) | ||||||||
Consumer, Cyclical - 4.7% (continued) | ||||||||
Aptiv plc* | 323 | $ | 28,769 | |||||
Copart, Inc.* | 256 | 27,817 | ||||||
Tractor Supply Co. | 133 | 25,782 | ||||||
Southwest Airlines Co.* | 709 | 25,609 | ||||||
DR Horton, Inc. | 382 | 25,285 | ||||||
Ulta Beauty, Inc.* | 62 | 23,900 | ||||||
WW Grainger, Inc. | 51 | 23,176 | ||||||
Genuine Parts Co. | 169 | 22,477 | ||||||
Delta Air Lines, Inc.* | 767 | 22,220 | ||||||
Lennar Corp. — Class A | 309 | 21,806 | ||||||
CarMax, Inc.* | 191 | 17,282 | ||||||
VF Corp. | 386 | 17,050 | ||||||
Darden Restaurants, Inc. | 148 | 16,742 | ||||||
Pool Corp. | 47 | 16,508 | ||||||
Domino's Pizza, Inc. | 42 | 16,368 | ||||||
NVR, Inc.* | 4 | 16,016 | ||||||
Best Buy Company, Inc. | 242 | 15,776 | ||||||
LKQ Corp. | 311 | 15,267 | ||||||
United Airlines Holdings, Inc.* | 391 | 13,849 | ||||||
Las Vegas Sands Corp.* | 411 | 13,806 | ||||||
Live Nation Entertainment, Inc.* | 164 | 13,543 | ||||||
Hasbro, Inc. | 157 | 12,855 | ||||||
Advance Auto Parts, Inc. | 73 | 12,635 | ||||||
MGM Resorts International | 422 | 12,217 | ||||||
PulteGroup, Inc. | 284 | 11,255 | ||||||
Whirlpool Corp. | 67 | 10,376 | ||||||
American Airlines Group, Inc.* | 777 | 9,852 | ||||||
Caesars Entertainment, Inc.* | 256 | 9,805 | ||||||
BorgWarner, Inc. | 286 | 9,544 | ||||||
Royal Caribbean Cruises Ltd.* | 268 | 9,356 | ||||||
Tapestry, Inc. | 301 | 9,187 | ||||||
Carnival Corp.* | 971 | 8,399 | ||||||
Newell Brands, Inc. | 440 | 8,378 | ||||||
Bath & Body Works, Inc. | 285 | 7,672 | ||||||
Wynn Resorts Ltd.* | 126 | 7,179 | ||||||
Alaska Air Group, Inc.* | 151 | 6,048 | ||||||
Penn National Gaming, Inc.* | 195 | 5,932 | ||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 500 | 5,560 | ||||||
Ralph Lauren Corp. — Class A | 55 | 4,931 | ||||||
PVH Corp. | 80 | 4,552 | ||||||
Total Consumer, Cyclical | 3,473,897 | |||||||
Industrial - 3.9% | ||||||||
Raytheon Technologies Corp. | 1,778 | 170,884 | ||||||
United Parcel Service, Inc. — Class B | 878 | 160,270 | ||||||
Union Pacific Corp. | 750 | 159,960 | ||||||
Honeywell International, Inc. | 813 | 141,308 | ||||||
Lockheed Martin Corp. | 283 | 121,679 | ||||||
Caterpillar, Inc. | 638 | 114,049 | ||||||
Deere & Co. | 334 | 100,023 | ||||||
Boeing Co.* | 665 | 90,919 | ||||||
3M Co. | 681 | 88,128 | ||||||
General Electric Co. | 1,317 | 83,853 | ||||||
Northrop Grumman Corp. | 175 | 83,750 | ||||||
CSX Corp. | 2,601 | 75,585 | ||||||
Waste Management, Inc. | 456 | 69,759 | ||||||
Norfolk Southern Corp. | 285 | 64,778 | ||||||
FedEx Corp. | 285 | 64,612 | ||||||
Illinois Tool Works, Inc. | 338 | 61,601 | ||||||
General Dynamics Corp. | 275 | 60,844 | ||||||
Eaton Corporation plc | 477 | 60,097 | ||||||
Emerson Electric Co. | 710 | 56,473 | ||||||
L3Harris Technologies, Inc. | 230 | 55,591 | ||||||
Amphenol Corp. — Class A | 714 | 45,967 | ||||||
TE Connectivity Ltd. | 385 | 43,563 | ||||||
Agilent Technologies, Inc. | 359 | 42,638 | ||||||
Johnson Controls International plc | 832 | 39,836 | ||||||
Parker-Hannifin Corp. | 154 | 37,892 | ||||||
Trane Technologies plc | 280 | 36,364 | ||||||
Carrier Global Corp. | 1,015 | 36,195 | ||||||
Otis Worldwide Corp. | 505 | 35,688 | ||||||
TransDigm Group, Inc.* | 62 | 33,273 | ||||||
Republic Services, Inc. — Class A | 248 | 32,456 | ||||||
Mettler-Toledo International, Inc.* | 27 | 31,017 | ||||||
AMETEK, Inc. | 276 | 30,330 | ||||||
Keysight Technologies, Inc.* | 218 | 30,051 | ||||||
Old Dominion Freight Line, Inc. | 110 | 28,191 | ||||||
Rockwell Automation, Inc. | 138 | 27,505 | ||||||
Ball Corp. | 382 | 26,270 | ||||||
Fortive Corp. | 429 | 23,329 | ||||||
Vulcan Materials Co. | 158 | 22,452 | ||||||
Martin Marietta Materials, Inc. | 75 | 22,443 | ||||||
Amcor plc | 1,797 | 22,337 | ||||||
Teledyne Technologies, Inc.* | 56 | 21,006 | ||||||
Dover Corp. | 172 | 20,867 | ||||||
Ingersoll Rand, Inc. | 486 | 20,451 | ||||||
Expeditors International of Washington, Inc. | 201 | 19,589 | ||||||
Jacobs Engineering Group, Inc. | 154 | 19,578 | ||||||
Stanley Black & Decker, Inc. | 181 | 18,980 | ||||||
Westinghouse Air Brake Technologies Corp. | 218 | 17,894 | ||||||
Garmin Ltd. | 182 | 17,882 | ||||||
Trimble, Inc.* | 299 | 17,411 | ||||||
Xylem, Inc. | 215 | 16,809 | ||||||
IDEX Corp. | 91 | 16,528 | ||||||
Generac Holdings, Inc.* | 76 | 16,004 | ||||||
J.B. Hunt Transport Services, Inc. | 100 | 15,747 | ||||||
Textron, Inc. | 256 | 15,634 | ||||||
Packaging Corporation of America | 112 | 15,400 | ||||||
CH Robinson Worldwide, Inc. | 151 | 15,307 | ||||||
Masco Corp. | 281 | 14,219 | ||||||
Howmet Aerospace, Inc. | 450 | 14,152 | ||||||
Nordson Corp. | 64 | 12,956 | ||||||
Snap-on, Inc. | 63 | 12,413 | ||||||
Westrock Co. | 304 | 12,111 | ||||||
Allegion plc | 105 | 10,279 | ||||||
Huntington Ingalls Industries, Inc. | 47 | 10,237 | ||||||
Sealed Air Corp. | 175 | 10,101 | ||||||
Fortune Brands Home & Security, Inc. | 156 | 9,341 | ||||||
Pentair plc | 198 | 9,062 | ||||||
A O Smith Corp. | 155 | 8,475 | ||||||
Mohawk Industries, Inc.* | 61 | 7,569 | ||||||
Total Industrial | 2,947,962 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 51.3% (continued) | ||||||||
Energy - 2.3% | ||||||||
Exxon Mobil Corp. | 5,039 | $ | 431,540 | |||||
Chevron Corp. | 2,350 | 340,233 | ||||||
ConocoPhillips | 1,547 | 138,936 | ||||||
EOG Resources, Inc. | 700 | 77,308 | ||||||
Occidental Petroleum Corp. | 1,064 | 62,648 | ||||||
Schlumberger N.V. | 1,690 | 60,434 | ||||||
Pioneer Natural Resources Co. | 269 | 60,008 | ||||||
Marathon Petroleum Corp. | 647 | 53,190 | ||||||
Valero Energy Corp. | 488 | 51,865 | ||||||
Phillips 66 | 575 | 47,144 | ||||||
Williams Companies, Inc. | 1,457 | 45,473 | ||||||
Devon Energy Corp. | 734 | 40,451 | ||||||
Kinder Morgan, Inc. | 2,333 | 39,101 | ||||||
Hess Corp. | 331 | 35,066 | ||||||
Halliburton Co. | 1,079 | 33,837 | ||||||
Baker Hughes Co. | 1,119 | 32,306 | ||||||
Enphase Energy, Inc.* | 162 | 31,629 | ||||||
ONEOK, Inc. | 534 | 29,637 | ||||||
Coterra Energy, Inc. — Class A | 964 | 24,862 | ||||||
Diamondback Energy, Inc. | 200 | 24,230 | ||||||
Marathon Oil Corp. | 846 | 19,018 | ||||||
SolarEdge Technologies, Inc.* | 66 | 18,063 | ||||||
APA Corp. | 404 | 14,100 | ||||||
Total Energy | 1,711,079 | |||||||
Utilities - 1.6% | ||||||||
NextEra Energy, Inc. | 2,350 | 182,031 | ||||||
Duke Energy Corp. | 920 | 98,633 | ||||||
Southern Co. | 1,271 | 90,635 | ||||||
Dominion Energy, Inc. | 970 | 77,416 | ||||||
American Electric Power Company, Inc. | 614 | 58,907 | ||||||
Sempra Energy | 376 | 56,502 | ||||||
Exelon Corp. | 1,172 | 53,115 | ||||||
Xcel Energy, Inc. | 650 | 45,994 | ||||||
Consolidated Edison, Inc. | 423 | 40,227 | ||||||
WEC Energy Group, Inc. | 376 | 37,841 | ||||||
Public Service Enterprise Group, Inc. | 597 | 37,778 | ||||||
Eversource Energy | 413 | 34,886 | ||||||
American Water Works Company, Inc. | 217 | 32,283 | ||||||
DTE Energy Co. | 232 | 29,406 | ||||||
Edison International | 456 | 28,838 | ||||||
Ameren Corp. | 309 | 27,921 | ||||||
Entergy Corp. | 242 | 27,259 | ||||||
FirstEnergy Corp. | 683 | 26,220 | ||||||
PPL Corp. | 880 | 23,874 | ||||||
CMS Energy Corp. | 347 | 23,423 | ||||||
Constellation Energy Corp. | 390 | 22,331 | ||||||
CenterPoint Energy, Inc. | 753 | 22,274 | ||||||
Atmos Energy Corp. | 166 | 18,608 | ||||||
Evergy, Inc. | 274 | 17,879 | ||||||
Alliant Energy Corp. | 300 | 17,583 | ||||||
AES Corp. | 799 | 16,787 | ||||||
NiSource, Inc. | 485 | 14,303 | ||||||
NRG Energy, Inc. | 284 | 10,840 | ||||||
Pinnacle West Capital Corp. | 135 | 9,871 | ||||||
Total Utilities | 1,183,665 | |||||||
Basic Materials - 1.1% | ||||||||
Linde plc | 602 | 173,093 | ||||||
Sherwin-Williams Co. | 286 | 64,038 | ||||||
Air Products and Chemicals, Inc. | 265 | 63,727 | ||||||
Newmont Corp. | 949 | 56,627 | ||||||
Freeport-McMoRan, Inc. | 1,733 | 50,707 | ||||||
Ecolab, Inc. | 297 | 45,667 | ||||||
Dow, Inc. | 870 | 44,901 | ||||||
International Flavors & Fragrances, Inc. | 304 | 36,212 | ||||||
DuPont de Nemours, Inc. | 608 | 33,793 | ||||||
Nucor Corp. | 318 | 33,202 | ||||||
PPG Industries, Inc. | 282 | 32,244 | ||||||
Albemarle Corp. | 140 | 29,257 | ||||||
LyondellBasell Industries N.V. — Class A | 309 | 27,025 | ||||||
CF Industries Holdings, Inc. | 249 | 21,347 | ||||||
Mosaic Co. | 433 | 20,451 | ||||||
International Paper Co. | 443 | 18,531 | ||||||
FMC Corp. | 151 | 16,158 | ||||||
Celanese Corp. — Class A | 129 | 15,172 | ||||||
Eastman Chemical Co. | 153 | 13,735 | ||||||
Total Basic Materials | 795,887 | |||||||
Total Common Stocks | ||||||||
(Cost $40,312,771) | 38,140,790 | |||||||
MUTUAL FUNDS† - 36.3% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 1,614,586 | 15,580,757 | ||||||
Guggenheim Strategy Fund II2 | 287,239 | 6,933,945 | ||||||
Guggenheim Strategy Fund III2 | 184,563 | 4,468,262 | ||||||
Total Mutual Funds | ||||||||
(Cost $27,730,528) | 26,982,964 | |||||||
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 16.5% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/223,4 | $ | 8,079,000 | 8,040,518 | |||||
1.78% due 10/04/224 | 2,000,000 | 1,990,474 | ||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/224,5 | 2,281,000 | 2,279,834 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $12,319,697) | 12,310,826 | |||||||
REPURCHASE AGREEMENTS††,6 - 15.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | 6,386,817 | 6,386,817 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 2,487,261 | 2,487,261 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 2,462,635 | 2,462,635 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $11,336,713) | 11,336,713 |
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
SECURITIES LENDING COLLATERAL†,7 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%8 | 4,500 | $ | 4,500 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $4,500) | 4,500 | |||||||
Total Investments - 119.4% | ||||||||
(Cost $91,704,209) | $ | 88,775,793 | ||||||
Other Assets & Liabilities, net - (19.4)% | (14,444,289 | ) | ||||||
Total Net Assets - 100.0% | $ | 74,331,504 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 206 | Sep 2022 | $ | 39,031,850 | $ | (1,143,014 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 2.03% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 2,951 | $ | 11,170,522 | $ | (50,023 | ) | |||||||||||||
BNP Paribas | S&P 500 Index | Pay | 2.18% (Federal Funds Rate + 0.60%) | At Maturity | 11/17/22 | 866 | 3,278,083 | (442,294 | ) | |||||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 1.96% (SOFR + 0.45%) | At Maturity | 11/16/22 | 5,256 | 19,894,310 | (3,108,171 | ) | |||||||||||||||
$ | 34,342,915 | $ | (3,600,488 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
Nova Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 38,140,790 | $ | — | $ | — | $ | 38,140,790 | ||||||||
Mutual Funds | 26,982,964 | — | — | 26,982,964 | ||||||||||||
U.S. Treasury Bills | — | 12,310,826 | — | 12,310,826 | ||||||||||||
Repurchase Agreements | — | 11,336,713 | — | 11,336,713 | ||||||||||||
Securities Lending Collateral | 4,500 | — | — | 4,500 | ||||||||||||
Total Assets | $ | 65,128,254 | $ | 23,647,539 | $ | — | $ | 88,775,793 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 1,143,014 | $ | — | $ | — | $ | 1,143,014 | ||||||||
Equity Index Swap Agreements** | — | 3,600,488 | — | 3,600,488 | ||||||||||||
Total Liabilities | $ | 1,143,014 | $ | 3,600,488 | $ | — | $ | 4,743,502 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows: | ||||||||||||||||||||||||||||||||
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 7,051,713 | $ | – | $ | – | $ | – | $ | (117,768 | ) | $ | 6,933,945 | 287,239 | $ | 35,931 | ||||||||||||||||
Guggenheim Strategy Fund III | 4,547,624 | – | – | – | (79,362 | ) | 4,468,262 | 184,563 | 22,695 | |||||||||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 23,837,568 | – | (8,000,000 | ) | (150,552 | ) | (106,259 | ) | 15,580,757 | 1,614,586 | 65,562 | |||||||||||||||||||||
$ | 35,436,905 | $ | – | $ | (8,000,000 | ) | $ | (150,552 | ) | $ | (303,389 | ) | $ | 26,982,964 | $ | 124,188 |
Precious Metals Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 96.6% | ||||||||
Mining - 96.6% | ||||||||
Newmont Corp. | 117,207 | $ | 6,993,742 | |||||
Freeport-McMoRan, Inc. | 218,376 | 6,389,682 | ||||||
Barrick Gold Corp. | 307,168 | 5,433,802 | ||||||
Franco-Nevada Corp. | 38,346 | 5,045,567 | ||||||
Agnico Eagle Mines Ltd. | 96,417 | 4,412,042 | ||||||
Wheaton Precious Metals Corp. | 112,151 | 4,040,800 | ||||||
Gold Fields Ltd. ADR1 | 306,700 | 2,797,104 | ||||||
Royal Gold, Inc. | 25,083 | 2,678,363 | ||||||
Sibanye Stillwater Ltd. ADR | 259,431 | 2,586,527 | ||||||
AngloGold Ashanti Ltd. ADR | 166,979 | 2,469,619 | ||||||
Yamana Gold, Inc. | 446,766 | 2,077,462 | ||||||
Kinross Gold Corp. | 578,090 | 2,069,562 | ||||||
Pan American Silver Corp. | 100,636 | 1,979,510 | ||||||
B2Gold Corp. | 554,059 | 1,878,260 | ||||||
SSR Mining, Inc. | 110,083 | 1,838,386 | ||||||
Alamos Gold, Inc. — Class A | 238,083 | 1,671,343 | ||||||
Harmony Gold Mining Company Ltd. ADR | 438,828 | 1,373,531 | ||||||
Hecla Mining Co. | 349,307 | 1,369,283 | ||||||
First Majestic Silver Corp. | 186,382 | 1,338,223 | ||||||
Osisko Gold Royalties Ltd.1 | 130,611 | 1,319,171 | ||||||
Novagold Resources, Inc.* | 253,202 | 1,217,901 | ||||||
MAG Silver Corp.* | 89,793 | 1,092,781 | ||||||
Equinox Gold Corp.* | 242,309 | 1,075,852 | ||||||
Eldorado Gold Corp.* | 165,526 | 1,057,711 | ||||||
Sandstorm Gold Ltd. | 177,066 | 1,053,543 | ||||||
Seabridge Gold, Inc.* | 77,876 | 967,999 | ||||||
SilverCrest Metals, Inc.* | 153,584 | 938,398 | ||||||
Coeur Mining, Inc.* | 295,300 | 897,712 | ||||||
Fortuna Silver Mines, Inc.* | 310,541 | 881,936 | ||||||
IAMGOLD Corp.* | 496,800 | 799,848 | ||||||
Endeavour Silver Corp.*,1 | 230,170 | 722,734 | ||||||
Silvercorp Metals, Inc. | 257,954 | 639,726 | ||||||
Gatos Silver, Inc.*,1 | 159,740 | 458,454 | ||||||
Total Mining | 71,566,574 | |||||||
Total Common Stocks | ||||||||
(Cost $77,638,064) | 71,566,574 | |||||||
EXCHANGE-TRADED FUNDS† - 2.9% | ||||||||
VanEck Junior Gold Miners ETF | 67,938 | 2,174,016 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $2,031,409) | 2,174,016 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 1.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 460,654 | 460,654 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 179,396 | 179,396 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 177,619 | 177,619 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $817,669) | 817,669 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 3.8% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 2,818,222 | 2,818,222 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $2,818,222) | 2,818,222 | |||||||
Total Investments - 104.4% | ||||||||
(Cost $83,305,364) | $ | 77,376,481 | ||||||
Other Assets & Liabilities, net - (4.4)% | (3,276,112 | ) | ||||||
Total Net Assets - 100.0% | $ | 74,100,369 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
Precious Metals Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 71,566,574 | $ | — | $ | — | $ | 71,566,574 | ||||||||
Exchange-Traded Funds | 2,174,016 | — | — | 2,174,016 | ||||||||||||
Repurchase Agreements | — | 817,669 | — | 817,669 | ||||||||||||
Securities Lending Collateral | 2,818,222 | — | — | 2,818,222 | ||||||||||||
Total Assets | $ | 76,558,812 | $ | 817,669 | $ | — | $ | 77,376,481 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% | ||||||||
REITs - 92.4% | ||||||||
REITs-Diversified - 25.9% | ||||||||
American Tower Corp. — Class A | 316 | $ | 80,766 | |||||
Crown Castle International Corp. | 390 | 65,668 | ||||||
Equinix, Inc. | 88 | 57,818 | ||||||
Digital Realty Trust, Inc. | 351 | 45,570 | ||||||
SBA Communications Corp. | 142 | 45,447 | ||||||
VICI Properties, Inc. | 1,282 | 38,191 | ||||||
Weyerhaeuser Co. | 1,095 | 36,266 | ||||||
Duke Realty Corp. | 603 | 33,135 | ||||||
WP Carey, Inc. | 351 | 29,084 | ||||||
Gaming and Leisure Properties, Inc. | 535 | 24,535 | ||||||
Lamar Advertising Co. — Class A | 257 | 22,608 | ||||||
National Storage Affiliates Trust | 375 | 18,776 | ||||||
Rayonier, Inc. | 470 | 17,569 | ||||||
Vornado Realty Trust | 599 | 17,125 | ||||||
PS Business Parks, Inc. | 89 | 16,656 | ||||||
EPR Properties | 299 | 14,032 | ||||||
Broadstone Net Lease, Inc. | 648 | 13,291 | ||||||
PotlatchDeltic Corp. | 293 | 12,948 | ||||||
Outfront Media, Inc. | 727 | 12,323 | ||||||
National Health Investors, Inc. | 196 | 11,880 | ||||||
Uniti Group, Inc. | 1,146 | 10,795 | ||||||
New Residential Investment Corp. | 1,108 | 10,327 | ||||||
Washington Real Estate Investment Trust | 472 | 10,058 | ||||||
Total REITs-Diversified | 644,868 | |||||||
REITs-Apartments - 12.6% | ||||||||
AvalonBay Communities, Inc. | 200 | 38,850 | ||||||
Equity Residential | 525 | 37,916 | ||||||
Mid-America Apartment Communities, Inc. | 194 | 33,886 | ||||||
Invitation Homes, Inc. | 946 | 33,659 | ||||||
Essex Property Trust, Inc. | 118 | 30,858 | ||||||
Camden Property Trust | 209 | 28,106 | ||||||
UDR, Inc. | 610 | 28,084 | ||||||
American Homes 4 Rent — Class A | 730 | 25,871 | ||||||
American Campus Communities, Inc.* | 340 | 21,920 | ||||||
Apartment Income REIT Corp. | 459 | 19,094 | ||||||
Independence Realty Trust, Inc. | 738 | 15,299 | ||||||
Total REITs-Apartments | 313,543 | |||||||
REITs-Health Care - 8.7% | ||||||||
Welltower, Inc. | 541 | 44,551 | ||||||
Ventas, Inc. | 640 | 32,915 | ||||||
Healthpeak Properties, Inc. | 1,037 | 26,869 | ||||||
Medical Properties Trust, Inc. | 1,469 | 22,432 | ||||||
Omega Healthcare Investors, Inc. | 664 | 18,718 | ||||||
Healthcare Trust of America, Inc. — Class A | 642 | 17,918 | ||||||
Physicians Realty Trust | 803 | 14,012 | ||||||
Healthcare Realty Trust, Inc. | 503 | 13,682 | ||||||
Sabra Health Care REIT, Inc. | 905 | 12,643 | ||||||
CareTrust REIT, Inc. | 526 | 9,699 | ||||||
Total REITs-Health Care | 213,439 | |||||||
REITs-Office Property - 8.4% | ||||||||
Alexandria Real Estate Equities, Inc. | 262 | 37,998 | ||||||
Boston Properties, Inc. | 309 | 27,495 | ||||||
Kilroy Realty Corp. | 350 | 18,316 | ||||||
Cousins Properties, Inc. | 517 | 15,112 | ||||||
Douglas Emmett, Inc. | 639 | 14,301 | ||||||
Highwoods Properties, Inc. | 412 | 14,086 | ||||||
Equity Commonwealth* | 472 | 12,994 | ||||||
LXP Industrial Trust | 1,204 | 12,931 | ||||||
Corporate Office Properties Trust | 482 | 12,624 | ||||||
SL Green Realty Corp. | 271 | 12,507 | ||||||
JBG SMITH Properties | 521 | 12,316 | ||||||
Hudson Pacific Properties, Inc. | 707 | 10,492 | ||||||
Brandywine Realty Trust | 975 | 9,399 | ||||||
Total REITs-Office Property | 210,571 | |||||||
REITs-Warehouse/Industries - 7.8% | ||||||||
Prologis, Inc. | 574 | 67,531 | ||||||
Rexford Industrial Realty, Inc. | 391 | 22,518 | ||||||
Americold Realty Trust, Inc. | 703 | 21,118 | ||||||
EastGroup Properties, Inc. | 124 | 19,137 | ||||||
First Industrial Realty Trust, Inc. | 388 | 18,422 | ||||||
STAG Industrial, Inc. | 552 | 17,046 | ||||||
Terreno Realty Corp. | 267 | 14,880 | ||||||
Innovative Industrial Properties, Inc. | 119 | 13,075 | ||||||
Total REITs-Warehouse/Industries | 193,727 | |||||||
REITs-Storage - 6.5% | ||||||||
Public Storage | 175 | 54,717 | ||||||
Extra Space Storage, Inc. | 211 | 35,895 | ||||||
Iron Mountain, Inc. | 571 | 27,802 | ||||||
Life Storage, Inc. | 202 | 22,555 | ||||||
CubeSmart | 524 | 22,385 | ||||||
Total REITs-Storage | 163,354 | |||||||
REITs-Shopping Centers - 6.0% | ||||||||
Kimco Realty Corp. | 1,300 | 25,701 | ||||||
Regency Centers Corp. | 398 | 23,605 | ||||||
Federal Realty OP, LP | 214 | 20,488 | ||||||
Brixmor Property Group, Inc. | 887 | 17,926 | ||||||
Phillips Edison & Company, Inc.1 | 453 | 15,135 | ||||||
Kite Realty Group Trust | 805 | 13,918 | ||||||
SITE Centers Corp. | 894 | 12,042 | ||||||
Retail Opportunity Investments Corp. | 646 | 10,194 | ||||||
Acadia Realty Trust | 556 | 8,685 | ||||||
Total REITs-Shopping Centers | 147,694 | |||||||
REITs-Single Tenant - 5.4% | ||||||||
Realty Income Corp. | 680 | 46,417 | ||||||
National Retail Properties, Inc. | 477 | 20,511 | ||||||
STORE Capital Corp. | 746 | 19,456 | ||||||
Agree Realty Corp. | 248 | 17,888 | ||||||
Spirit Realty Capital, Inc. | 439 | 16,585 | ||||||
Essential Properties Realty Trust, Inc. | 564 | 12,120 | ||||||
Total REITs-Single Tenant | 132,977 | |||||||
REITs-Hotels - 3.7% | ||||||||
Host Hotels & Resorts, Inc. | 1,473 | 23,097 |
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.3% (continued) | ||||||||
REITs - 92.4% (continued) | ||||||||
REITs-Hotels - 3.7% (continued) | ||||||||
Ryman Hospitality Properties, Inc.* | 199 | $ | 15,130 | |||||
Apple Hospitality REIT, Inc. | 877 | 12,866 | ||||||
Park Hotels & Resorts, Inc. | 939 | 12,742 | ||||||
Sunstone Hotel Investors, Inc.* | 1,051 | 10,426 | ||||||
Pebblebrook Hotel Trust | 619 | 10,257 | ||||||
RLJ Lodging Trust | 870 | 9,596 | ||||||
Total REITs-Hotels | 94,114 | |||||||
REITs-Mortgage - 2.9% | ||||||||
Starwood Property Trust, Inc. | 894 | 18,676 | ||||||
Blackstone Mortgage Trust, Inc. — Class A | 586 | 16,215 | ||||||
Arbor Realty Trust, Inc. | 877 | 11,498 | ||||||
Chimera Investment Corp. | 1,288 | 11,360 | ||||||
AGNC Investment Corp. | 995 | 11,015 | ||||||
Total REITs-Mortgage | 68,764 | |||||||
REITs-Manufactured Homes - 2.4% | ||||||||
Sun Communities, Inc. | 204 | 32,509 | ||||||
Equity LifeStyle Properties, Inc. | 371 | 26,144 | ||||||
Total REITs-Manufactured Homes | 58,653 | |||||||
REITs-Regional Malls - 2.1% | ||||||||
Simon Property Group, Inc. | 437 | 41,480 | ||||||
Macerich Co. | 1,121 | 9,764 | ||||||
Total REITs-Regional Malls | 51,244 | |||||||
Total REITs | 2,292,948 | |||||||
Real Estate - 4.6% | ||||||||
Real Estate Management/Services - 4.0% | ||||||||
CBRE Group, Inc. — Class A* | 503 | 37,026 | ||||||
Jones Lang LaSalle, Inc.* | 133 | 23,257 | ||||||
Cushman & Wakefield plc* | 914 | 13,929 | ||||||
eXp World Holdings, Inc. | 842 | 9,910 | ||||||
Anywhere Real Estate, Inc.* | 807 | 7,933 | ||||||
Redfin Corp.* | 905 | 7,457 | ||||||
Total Real Estate Management/Services | 99,512 | |||||||
Real Estate Operations/Development - 0.6% | ||||||||
Howard Hughes Corp.* | 217 | 14,767 | ||||||
Total Real Estate | 114,279 | |||||||
Internet - 1.7% | ||||||||
E-Commerce/Services - 1.7% | ||||||||
Zillow Group, Inc. — Class C* | 670 | 21,272 | ||||||
Zillow Group, Inc. — Class A* | 667 | 21,217 | ||||||
Total E-Commerce/Services | 42,489 | |||||||
Total Internet | 42,489 | |||||||
Diversified Financial Services - 0.6% | ||||||||
Finance-Commercial - 0.6% | ||||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc.1 | 370 | 14,008 | ||||||
Total Common Stocks | ||||||||
(Cost $1,950,285) | 2,463,724 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 10,381 | 10,381 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 4,043 | 4,043 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 4,003 | 4,003 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $18,427) | 18,427 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.7% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 16,643 | 16,643 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $16,643) | 16,643 | |||||||
Total Investments - 100.7% | ||||||||
(Cost $1,985,355) | $ | 2,498,794 | ||||||
Other Assets & Liabilities, net - (0.7)% | (18,320 | ) | ||||||
Total Net Assets - 100.0% | $ | 2,480,474 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
Real Estate Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 2,463,724 | $ | — | $ | — | $ | 2,463,724 | ||||||||
Repurchase Agreements | — | 18,427 | — | 18,427 | ||||||||||||
Securities Lending Collateral | 16,643 | — | — | 16,643 | ||||||||||||
Total Assets | $ | 2,480,367 | $ | 18,427 | $ | — | $ | 2,498,794 |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Retail - 63.4% | ||||||||
Walmart, Inc. | 4,655 | $ | 565,955 | |||||
Home Depot, Inc. | 1,933 | 530,164 | ||||||
Costco Wholesale Corp. | 815 | 390,613 | ||||||
Lowe's Companies, Inc. | 1,928 | 336,764 | ||||||
TJX Companies, Inc. | 4,493 | 250,934 | ||||||
Target Corp. | 1,768 | 249,695 | ||||||
Dollar General Corp. | 968 | 237,586 | ||||||
AutoZone, Inc.* | 98 | 210,614 | ||||||
O'Reilly Automotive, Inc.* | 331 | 209,112 | ||||||
Dollar Tree, Inc.* | 1,216 | 189,514 | ||||||
Walgreens Boots Alliance, Inc. | 4,615 | 174,908 | ||||||
Ross Stores, Inc. | 2,147 | 150,784 | ||||||
Tractor Supply Co. | 757 | 146,744 | ||||||
Genuine Parts Co. | 1,046 | 139,118 | ||||||
Ulta Beauty, Inc.* | 358 | 138,002 | ||||||
CarMax, Inc.* | 1,384 | 125,224 | ||||||
Best Buy Company, Inc. | 1,810 | 117,994 | ||||||
Advance Auto Parts, Inc. | 604 | 104,546 | ||||||
Lithia Motors, Inc. — Class A | 349 | 95,909 | ||||||
GameStop Corp. — Class A*,1 | 776 | 94,905 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 1,483 | 92,420 | ||||||
Burlington Stores, Inc.* | 659 | 89,776 | ||||||
Williams-Sonoma, Inc. | 777 | 86,208 | ||||||
AutoNation, Inc.* | 770 | 86,055 | ||||||
Floor & Decor Holdings, Inc. — Class A* | 1,352 | 85,122 | ||||||
Dick's Sporting Goods, Inc.1 | 1,064 | 80,194 | ||||||
Five Below, Inc.* | 691 | 78,380 | ||||||
Murphy USA, Inc. | 332 | 77,313 | ||||||
Bath & Body Works, Inc. | 2,667 | 71,796 | ||||||
RH* | 333 | 70,683 | ||||||
Macy's, Inc. | 3,823 | 70,037 | ||||||
Asbury Automotive Group, Inc.* | 393 | 66,551 | ||||||
Kohl's Corp. | 1,715 | 61,208 | ||||||
Ollie's Bargain Outlet Holdings, Inc.* | 999 | 58,691 | ||||||
Academy Sports & Outdoors, Inc. | 1,602 | 56,935 | ||||||
Nordstrom, Inc.1 | 2,627 | 55,508 | ||||||
Gap, Inc. | 6,413 | 52,843 | ||||||
Signet Jewelers Ltd. | 925 | 49,450 | ||||||
Victoria's Secret & Co.* | 1,672 | 46,766 | ||||||
Foot Locker, Inc. | 1,852 | 46,763 | ||||||
American Eagle Outfitters, Inc.1 | 3,664 | 40,963 | ||||||
Abercrombie & Fitch Co. — Class A* | 1,687 | 28,544 | ||||||
Big Lots, Inc. | 1,178 | 24,703 | ||||||
Bed Bath & Beyond, Inc.*,1 | 3,845 | 19,110 | ||||||
Carvana Co.* | 770 | 17,387 | ||||||
Total Retail | 5,972,491 | |||||||
Internet - 33.1% | ||||||||
Amazon.com, Inc.* | 9,467 | 1,005,490 | ||||||
Booking Holdings, Inc.* | 150 | 262,349 | ||||||
Alibaba Group Holding Ltd. ADR* | 2,101 | 238,842 | ||||||
DoorDash, Inc. — Class A* | 2,590 | 166,200 | ||||||
JD.com, Inc. ADR | 2,495 | 160,229 | ||||||
MercadoLibre, Inc.* | 245 | 156,033 | ||||||
eBay, Inc. | 3,717 | 154,888 | ||||||
Pinduoduo, Inc. ADR* | 2,152 | 132,994 | ||||||
Chewy, Inc. — Class A*,1 | 3,724 | 129,297 | ||||||
Trip.com Group Ltd. ADR* | 4,709 | 129,262 | ||||||
Expedia Group, Inc.* | 1,292 | 122,520 | ||||||
Coupang, Inc.* | 8,328 | 106,182 | ||||||
Etsy, Inc.* | 1,368 | 100,151 | ||||||
Fiverr International Ltd.* | 2,629 | 90,411 | ||||||
Wayfair, Inc. — Class A*,1 | 1,568 | 68,302 | ||||||
Revolve Group, Inc.* | 1,697 | 43,969 | ||||||
Overstock.com, Inc.* | 1,245 | 31,138 | ||||||
Stitch Fix, Inc. — Class A* | 4,164 | 20,570 | ||||||
Total Internet | 3,118,827 | |||||||
Distribution & Wholesale - 2.6% | ||||||||
Pool Corp. | 350 | 122,931 | ||||||
LKQ Corp. | 2,472 | 121,350 | ||||||
Total Distribution & Wholesale | 244,281 | |||||||
Apparel - 0.4% | ||||||||
Urban Outfitters, Inc.* | 2,123 | 39,615 | ||||||
Total Common Stocks | ||||||||
(Cost $7,868,454) | 9,375,214 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.5% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 24,161 | 24,161 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 9,409 | 9,409 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 9,316 | 9,316 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $42,886) | 42,886 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 4.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 420,344 | 420,344 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $420,344) | 420,344 | |||||||
Total Investments - 104.5% | ||||||||
(Cost $8,331,684) | $ | 9,838,444 | ||||||
Other Assets & Liabilities, net - (4.5)% | (420,112 | ) | ||||||
Total Net Assets - 100.0% | $ | 9,418,332 |
Retailing Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 9,375,214 | $ | — | $ | — | $ | 9,375,214 | ||||||||
Repurchase Agreements | — | 42,886 | — | 42,886 | ||||||||||||
Securities Lending Collateral | 420,344 | — | — | 420,344 | ||||||||||||
Total Assets | $ | 9,795,558 | $ | 42,886 | $ | — | $ | 9,838,444 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 68.3% | ||||||||
Financial - 16.5% | ||||||||
SouthState Corp. | 161 | $ | 12,421 | |||||
STAG Industrial, Inc. REIT | 387 | 11,951 | ||||||
Agree Realty Corp. REIT | 159 | 11,469 | ||||||
Glacier Bancorp, Inc. | 238 | 11,286 | ||||||
Selective Insurance Group, Inc. | 128 | 11,128 | ||||||
First Financial Bankshares, Inc. | 279 | 10,956 | ||||||
Kinsale Capital Group, Inc. | 46 | 10,563 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 365 | 10,100 | ||||||
United Bankshares, Inc. | 284 | 9,960 | ||||||
Independence Realty Trust, Inc. REIT | 475 | 9,847 | ||||||
RLI Corp. | 84 | 9,794 | ||||||
Valley National Bancorp | 924 | 9,619 | ||||||
Old National Bancorp | 629 | 9,303 | ||||||
Cadence Bank | 393 | 9,228 | ||||||
Terreno Realty Corp. REIT | 159 | 8,861 | ||||||
Healthcare Realty Trust, Inc. REIT | 325 | 8,840 | ||||||
Essent Group Ltd. | 226 | 8,791 | ||||||
Ryman Hospitality Properties, Inc. REIT* | 115 | 8,743 | ||||||
Houlihan Lokey, Inc. | 109 | 8,603 | ||||||
ServisFirst Bancshares, Inc. | 108 | 8,523 | ||||||
Home BancShares, Inc. | 408 | 8,474 | ||||||
Physicians Realty Trust REIT | 482 | 8,411 | ||||||
Hancock Whitney Corp. | 185 | 8,201 | ||||||
Phillips Edison & Company, Inc. REIT1 | 245 | 8,185 | ||||||
UMB Financial Corp. | 94 | 8,093 | ||||||
Kite Realty Group Trust REIT | 467 | 8,074 | ||||||
PS Business Parks, Inc. REIT | 43 | 8,047 | ||||||
Independent Bank Corp. | 100 | 7,943 | ||||||
First Interstate BancSystem, Inc. — Class A | 201 | 7,660 | ||||||
Broadstone Net Lease, Inc. REIT | 363 | 7,445 | ||||||
Radian Group, Inc. | 372 | 7,310 | ||||||
Community Bank System, Inc. | 114 | 7,214 | ||||||
CVB Financial Corp. | 290 | 7,195 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 183 | 6,928 | ||||||
Sabra Health Care REIT, Inc. | 495 | 6,915 | ||||||
United Community Banks, Inc. | 228 | 6,883 | ||||||
Apple Hospitality REIT, Inc. | 461 | 6,763 | ||||||
Innovative Industrial Properties, Inc. REIT | 60 | 6,592 | ||||||
LXP Industrial Trust REIT | 607 | 6,519 | ||||||
PotlatchDeltic Corp. REIT | 146 | 6,452 | ||||||
Eastern Bankshares, Inc. | 345 | 6,369 | ||||||
Equity Commonwealth REIT* | 231 | 6,359 | ||||||
Walker & Dunlop, Inc. | 66 | 6,358 | ||||||
Corporate Office Properties Trust REIT | 242 | 6,338 | ||||||
BankUnited, Inc. | 175 | 6,225 | ||||||
American Equity Investment Life Holding Co. | 167 | 6,107 | ||||||
Cathay General Bancorp | 154 | 6,029 | ||||||
Essential Properties Realty Trust, Inc. REIT | 280 | 6,017 | ||||||
Federated Hermes, Inc. — Class B | 188 | 5,977 | ||||||
Pacific Premier Bancorp, Inc. | 201 | 5,877 | ||||||
Associated Banc-Corp. | 320 | 5,843 | ||||||
National Health Investors, Inc. REIT | 95 | 5,758 | ||||||
Texas Capital Bancshares, Inc.* | 109 | 5,738 | ||||||
Mr Cooper Group, Inc.* | 156 | 5,731 | ||||||
Ameris Bancorp | 142 | 5,706 | ||||||
Simmons First National Corp. — Class A | 268 | 5,698 | ||||||
SITE Centers Corp. REIT | 418 | 5,630 | ||||||
WSFS Financial Corp. | 138 | 5,532 | ||||||
Atlantic Union Bankshares Corp. | 161 | 5,461 | ||||||
Moelis & Co. — Class A | 138 | 5,430 | ||||||
First BanCorp | 420 | 5,422 | ||||||
Independent Bank Group, Inc. | 79 | 5,365 | ||||||
Enstar Group Ltd.* | 25 | 5,350 | ||||||
Outfront Media, Inc. REIT | 314 | 5,322 | ||||||
Cushman & Wakefield plc* | 341 | 5,197 | ||||||
Hamilton Lane, Inc. — Class A | 76 | 5,106 | ||||||
Trupanion, Inc.* | 84 | 5,062 | ||||||
Fulton Financial Corp. | 336 | 4,855 | ||||||
Columbia Banking System, Inc. | 169 | 4,842 | ||||||
Uniti Group, Inc. REIT | 509 | 4,795 | ||||||
Kennedy-Wilson Holdings, Inc. | 253 | 4,792 | ||||||
International Bancshares Corp. | 117 | 4,689 | ||||||
Pebblebrook Hotel Trust REIT | 279 | 4,623 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 129 | 4,589 | ||||||
Four Corners Property Trust, Inc. REIT | 172 | 4,574 | ||||||
Sunstone Hotel Investors, Inc. REIT* | 461 | 4,573 | ||||||
Chimera Investment Corp. REIT | 510 | 4,498 | ||||||
CNO Financial Group, Inc. | 247 | 4,468 | ||||||
Axos Financial, Inc.* | 123 | 4,410 | ||||||
First Merchants Corp. | 123 | 4,381 | ||||||
Arbor Realty Trust, Inc. REIT | 333 | 4,366 | ||||||
Jackson Financial, Inc. — Class A | 162 | 4,333 | ||||||
Seacoast Banking Corporation of Florida | 130 | 4,295 | ||||||
Focus Financial Partners, Inc. — Class A* | 124 | 4,223 | ||||||
Piper Sandler Cos. | 37 | 4,194 | ||||||
Washington Federal, Inc. | 139 | 4,173 | ||||||
Banner Corp. | 73 | 4,103 | ||||||
Retail Opportunity Investments Corp. REIT | 259 | 4,087 | ||||||
Macerich Co. REIT | 462 | 4,024 | ||||||
BancFirst Corp. | 42 | 4,020 | ||||||
Washington Real Estate Investment Trust REIT | 187 | 3,985 | ||||||
Flagstar Bancorp, Inc. | 112 | 3,970 | ||||||
Bread Financial Holdings, Inc. | 107 | 3,965 | ||||||
WesBanco, Inc. | 125 | 3,964 | ||||||
McGrath RentCorp | 52 | 3,952 | ||||||
TowneBank | 144 | 3,910 | ||||||
RLJ Lodging Trust REIT | 353 | 3,894 | ||||||
First Financial Bancorp | 200 | 3,880 | ||||||
Genworth Financial, Inc. — Class A* | 1,091 | 3,851 | ||||||
Trustmark Corp. | 131 | 3,824 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
CareTrust REIT, Inc. | 207 | $ | 3,817 | |||||
Park National Corp. | 31 | 3,759 | ||||||
InvenTrust Properties Corp. REIT | 145 | 3,740 | ||||||
Urban Edge Properties REIT | 245 | 3,726 | ||||||
Easterly Government Properties, Inc. REIT | 195 | 3,713 | ||||||
Sandy Spring Bancorp, Inc. | 95 | 3,712 | ||||||
DiamondRock Hospitality Co. REIT* | 450 | 3,695 | ||||||
Two Harbors Investment Corp. REIT | 741 | 3,690 | ||||||
Heartland Financial USA, Inc. | 88 | 3,656 | ||||||
Stock Yards Bancorp, Inc. | 61 | 3,649 | ||||||
Silvergate Capital Corp. — Class A* | 67 | 3,587 | ||||||
PJT Partners, Inc. — Class A | 51 | 3,584 | ||||||
Provident Financial Services, Inc. | 160 | 3,562 | ||||||
Xenia Hotels & Resorts, Inc. REIT* | 245 | 3,560 | ||||||
Lakeland Financial Corp. | 53 | 3,520 | ||||||
Hilltop Holdings, Inc. | 132 | 3,519 | ||||||
Brandywine Realty Trust REIT | 364 | 3,509 | ||||||
Navient Corp. | 249 | 3,484 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 264 | 3,464 | ||||||
Hope Bancorp, Inc. | 249 | 3,446 | ||||||
Cohen & Steers, Inc. | 54 | 3,434 | ||||||
Horace Mann Educators Corp. | 89 | 3,416 | ||||||
NBT Bancorp, Inc. | 90 | 3,383 | ||||||
Renasant Corp. | 117 | 3,371 | ||||||
Palomar Holdings, Inc.* | 52 | 3,349 | ||||||
Northwest Bancshares, Inc. | 261 | 3,341 | ||||||
Bank of NT Butterfield & Son Ltd. | 107 | 3,337 | ||||||
Veritex Holdings, Inc. | 113 | 3,306 | ||||||
Claros Mortgage Trust, Inc. | 197 | 3,300 | ||||||
Eagle Bancorp, Inc. | 68 | 3,224 | ||||||
Triumph Bancorp, Inc.* | 51 | 3,191 | ||||||
LTC Properties, Inc. REIT | 83 | 3,186 | ||||||
Global Net Lease, Inc. REIT | 223 | 3,158 | ||||||
Enterprise Financial Services Corp. | 76 | 3,154 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 302 | 3,153 | ||||||
American Assets Trust, Inc. REIT | 106 | 3,148 | ||||||
Cannae Holdings, Inc.* | 162 | 3,133 | ||||||
Acadia Realty Trust REIT | 200 | 3,124 | ||||||
Westamerica BanCorp | 56 | 3,117 | ||||||
TriCo Bancshares | 68 | 3,104 | ||||||
PRA Group, Inc.* | 85 | 3,091 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 217 | 3,086 | ||||||
Newmark Group, Inc. — Class A | 317 | 3,065 | ||||||
NexPoint Residential Trust, Inc. REIT | 49 | 3,063 | ||||||
FB Financial Corp. | 78 | 3,059 | ||||||
BRP Group, Inc. — Class A* | 125 | 3,019 | ||||||
NMI Holdings, Inc. — Class A* | 181 | 3,014 | ||||||
Safety Insurance Group, Inc. | 31 | 3,010 | ||||||
Encore Capital Group, Inc.* | 52 | 3,004 | ||||||
StepStone Group, Inc. — Class A | 113 | 2,941 | ||||||
St. Joe Co. | 74 | 2,927 | ||||||
Paramount Group, Inc. REIT | 400 | 2,892 | ||||||
StoneX Group, Inc.* | 37 | 2,889 | ||||||
Stewart Information Services Corp. | 58 | 2,885 | ||||||
Compass Diversified Holdings | 130 | 2,785 | ||||||
Alexander & Baldwin, Inc. REIT | 155 | 2,782 | ||||||
PennyMac Financial Services, Inc. | 63 | 2,754 | ||||||
ProAssurance Corp. | 116 | 2,741 | ||||||
Nelnet, Inc. — Class A | 32 | 2,728 | ||||||
PennyMac Mortgage Investment Trust REIT | 197 | 2,725 | ||||||
Centerspace REIT | 33 | 2,691 | ||||||
First Commonwealth Financial Corp. | 200 | 2,684 | ||||||
First Bancorp | 76 | 2,652 | ||||||
OFG Bancorp | 102 | 2,591 | ||||||
Ladder Capital Corp. — Class A REIT | 244 | 2,572 | ||||||
Virtus Investment Partners, Inc. | 15 | 2,565 | ||||||
Capitol Federal Financial, Inc. | 279 | 2,561 | ||||||
City Holding Co. | 32 | 2,556 | ||||||
LendingClub Corp.* | 217 | 2,537 | ||||||
First Busey Corp. | 111 | 2,536 | ||||||
Mercury General Corp. | 57 | 2,525 | ||||||
Argo Group International Holdings Ltd. | 68 | 2,506 | ||||||
Employers Holdings, Inc. | 59 | 2,472 | ||||||
Southside Bancshares, Inc. | 66 | 2,470 | ||||||
Berkshire Hills Bancorp, Inc. | 99 | 2,452 | ||||||
Veris Residential, Inc. REIT* | 185 | 2,449 | ||||||
Radius Global Infrastructure, Inc. — Class A* | 160 | 2,442 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 181 | 2,440 | ||||||
Anywhere Real Estate, Inc.* | 248 | 2,438 | ||||||
National Bank Holdings Corp. — Class A | 63 | 2,411 | ||||||
Meta Financial Group, Inc. | 62 | 2,398 | ||||||
Getty Realty Corp. REIT | 90 | 2,385 | ||||||
Live Oak Bancshares, Inc. | 70 | 2,372 | ||||||
OceanFirst Financial Corp. | 124 | 2,372 | ||||||
MFA Financial, Inc. REIT | 220 | 2,365 | ||||||
Bancorp, Inc.* | 119 | 2,323 | ||||||
BGC Partners, Inc. — Class A | 685 | 2,308 | ||||||
S&T Bancorp, Inc. | 84 | 2,304 | ||||||
First Foundation, Inc. | 110 | 2,253 | ||||||
New York Mortgage Trust, Inc. REIT | 815 | 2,249 | ||||||
Customers Bancorp, Inc.* | 66 | 2,237 | ||||||
Brookline Bancorp, Inc. | 163 | 2,170 | ||||||
Tompkins Financial Corp. | 30 | 2,163 | ||||||
Dime Community Bancshares, Inc. | 72 | 2,135 | ||||||
AMERISAFE, Inc. | 41 | 2,132 | ||||||
Flywire Corp.* | 119 | 2,098 | ||||||
Necessity Retail REIT, Inc. | 287 | 2,089 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 296 | 2,081 | ||||||
Banc of California, Inc. | 118 | 2,079 | ||||||
Office Properties Income Trust REIT | 103 | 2,055 | ||||||
Apartment Investment and Management Co. — Class A REIT* | 321 | 2,054 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Compass, Inc. — Class A* | 559 | $ | 2,018 | |||||
German American Bancorp, Inc. | 59 | 2,017 | ||||||
Redwood Trust, Inc. REIT | 258 | 1,989 | ||||||
Preferred Bank/Los Angeles CA | 29 | 1,973 | ||||||
Marcus & Millichap, Inc. | 53 | 1,960 | ||||||
Enova International, Inc.* | 68 | 1,960 | ||||||
James River Group Holdings Ltd. | 79 | 1,958 | ||||||
Industrial Logistics Properties Trust REIT | 139 | 1,957 | ||||||
ConnectOne Bancorp, Inc. | 80 | 1,956 | ||||||
Farmer Mac — Class C | 20 | 1,953 | ||||||
iStar, Inc. REIT | 142 | 1,947 | ||||||
Lakeland Bancorp, Inc. | 133 | 1,944 | ||||||
QCR Holdings, Inc. | 36 | 1,944 | ||||||
NETSTREIT Corp. REIT | 103 | 1,944 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 111 | 1,937 | ||||||
Premier Financial Corp. | 76 | 1,927 | ||||||
Ready Capital Corp. REIT | 159 | 1,895 | ||||||
Nicolet Bankshares, Inc.* | 26 | 1,881 | ||||||
Goosehead Insurance, Inc. — Class A | 41 | 1,872 | ||||||
Broadmark Realty Capital, Inc. REIT | 279 | 1,872 | ||||||
UMH Properties, Inc. REIT | 106 | 1,872 | ||||||
Blucora, Inc.* | 101 | 1,864 | ||||||
Origin Bancorp, Inc. | 48 | 1,862 | ||||||
Heritage Financial Corp. | 74 | 1,862 | ||||||
B Riley Financial, Inc. | 44 | 1,859 | ||||||
Redfin Corp.* | 225 | 1,854 | ||||||
Armada Hoffler Properties, Inc. REIT | 144 | 1,849 | ||||||
Community Healthcare Trust, Inc. REIT | 51 | 1,847 | ||||||
Service Properties Trust REIT | 352 | 1,841 | ||||||
Ellington Financial, Inc. REIT | 122 | 1,790 | ||||||
Washington Trust Bancorp, Inc. | 37 | 1,790 | ||||||
RPT Realty REIT | 179 | 1,760 | ||||||
eXp World Holdings, Inc. | 147 | 1,730 | ||||||
Amerant Bancorp, Inc. | 60 | 1,687 | ||||||
GEO Group, Inc. REIT* | 254 | 1,676 | ||||||
Safehold, Inc. REIT | 47 | 1,662 | ||||||
Summit Hotel Properties, Inc. REIT* | 225 | 1,636 | ||||||
Columbia Financial, Inc.* | 74 | 1,614 | ||||||
Bluerock Residential Growth REIT, Inc. | 61 | 1,604 | ||||||
Univest Financial Corp. | 63 | 1,603 | ||||||
Peoples Bancorp, Inc. | 60 | 1,596 | ||||||
1st Source Corp. | 35 | 1,589 | ||||||
Allegiance Bancshares, Inc. | 42 | 1,586 | ||||||
United Fire Group, Inc. | 46 | 1,575 | ||||||
Lemonade, Inc.*,1 | 86 | 1,570 | ||||||
ARMOUR Residential REIT, Inc.1 | 220 | 1,549 | ||||||
Gladstone Commercial Corp. REIT | 82 | 1,545 | ||||||
BrightSpire Capital, Inc. REIT | 204 | 1,540 | ||||||
Gladstone Land Corp. REIT | 69 | 1,529 | ||||||
Metropolitan Bank Holding Corp.* | 22 | 1,527 | ||||||
Horizon Bancorp, Inc. | 86 | 1,498 | ||||||
WisdomTree Investments, Inc. | 292 | 1,480 | ||||||
Kearny Financial Corp. | 133 | 1,478 | ||||||
Global Medical REIT, Inc. | 131 | 1,471 | ||||||
Hanmi Financial Corp. | 65 | 1,459 | ||||||
Universal Health Realty Income Trust REIT | 27 | 1,437 | ||||||
International Money Express, Inc.* | 70 | 1,433 | ||||||
First Mid Bancshares, Inc. | 40 | 1,427 | ||||||
Plymouth Industrial REIT, Inc. | 81 | 1,421 | ||||||
Community Trust Bancorp, Inc. | 34 | 1,375 | ||||||
Enact Holdings, Inc. | 64 | 1,375 | ||||||
Camden National Corp. | 31 | 1,366 | ||||||
Farmland Partners, Inc. REIT | 98 | 1,352 | ||||||
HarborOne Bancorp, Inc. | 98 | 1,351 | ||||||
Heritage Commerce Corp. | 126 | 1,347 | ||||||
CBL & Associates Properties, Inc. REIT | 57 | 1,339 | ||||||
Orion Office REIT, Inc. | 122 | 1,337 | ||||||
TPG RE Finance Trust, Inc. REIT | 148 | 1,333 | ||||||
Cowen, Inc. — Class A | 56 | 1,327 | ||||||
Flushing Financial Corp. | 62 | 1,318 | ||||||
HomeStreet, Inc. | 38 | 1,317 | ||||||
CrossFirst Bankshares, Inc.* | 98 | 1,294 | ||||||
Brookfield Business Corp. — Class A | 56 | 1,289 | ||||||
MBIA, Inc.* | 103 | 1,272 | ||||||
Byline Bancorp, Inc. | 53 | 1,261 | ||||||
Central Pacific Financial Corp. | 58 | 1,244 | ||||||
Brightsphere Investment Group, Inc. | 69 | 1,243 | ||||||
Dynex Capital, Inc. REIT | 78 | 1,242 | ||||||
Cambridge Bancorp | 15 | 1,240 | ||||||
TrustCo Bank Corporation NY | 40 | 1,234 | ||||||
Great Southern Bancorp, Inc. | 21 | 1,230 | ||||||
Northfield Bancorp, Inc. | 94 | 1,225 | ||||||
Old Second Bancorp, Inc. | 91 | 1,218 | ||||||
First Bancshares, Inc. | 42 | 1,201 | ||||||
City Office REIT, Inc. | 92 | 1,191 | ||||||
Saul Centers, Inc. REIT | 25 | 1,178 | ||||||
Ares Commercial Real Estate Corp. REIT | 96 | 1,174 | ||||||
First Financial Corp. | 25 | 1,113 | ||||||
Ambac Financial Group, Inc.* | 98 | 1,112 | ||||||
Alexander's, Inc. REIT | 5 | 1,111 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 115 | 1,101 | ||||||
Peapack-Gladstone Financial Corp. | 37 | 1,099 | ||||||
Orchid Island Capital, Inc. REIT1 | 382 | 1,089 | ||||||
Midland States Bancorp, Inc. | 45 | 1,082 | ||||||
Bank of Marin Bancorp | 34 | 1,081 | ||||||
Chatham Lodging Trust REIT* | 103 | 1,076 | ||||||
Whitestone REIT — Class B | 100 | 1,075 | ||||||
SiriusPoint Ltd.* | 198 | 1,073 | ||||||
Bank First Corp. | 14 | 1,061 | ||||||
CatchMark Timber Trust, Inc. — Class A REIT | 105 | 1,056 | ||||||
Mercantile Bank Corp. | 33 | 1,054 | ||||||
Invesco Mortgage Capital, Inc. REIT | 71 | 1,042 | ||||||
Diamond Hill Investment Group, Inc. | 6 | 1,042 | ||||||
CBTX, Inc. | 39 | 1,037 | ||||||
Urstadt Biddle Properties, Inc. — Class A REIT | 64 | 1,037 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
First Community Bankshares, Inc. | 35 | $ | 1,029 | |||||
HCI Group, Inc. | 15 | 1,016 | ||||||
National Western Life Group, Inc. — Class A | 5 | 1,013 | ||||||
World Acceptance Corp.* | 9 | 1,010 | ||||||
Farmers National Banc Corp. | 67 | 1,005 | ||||||
RE/MAX Holdings, Inc. — Class A | 40 | 981 | ||||||
LendingTree, Inc.* | 22 | 964 | ||||||
Equity Bancshares, Inc. — Class A | 33 | 962 | ||||||
Business First Bancshares, Inc. | 45 | 959 | ||||||
RMR Group, Inc. — Class A | 33 | 935 | ||||||
Diversified Healthcare Trust REIT | 510 | 928 | ||||||
Arrow Financial Corp. | 29 | 922 | ||||||
Republic Bancorp, Inc. — Class A | 19 | 917 | ||||||
One Liberty Properties, Inc. REIT | 35 | 909 | ||||||
MidWestOne Financial Group, Inc. | 30 | 892 | ||||||
Franklin Street Properties Corp. REIT | 212 | 884 | ||||||
AssetMark Financial Holdings, Inc.* | 46 | 863 | ||||||
Capstar Financial Holdings, Inc. | 44 | 863 | ||||||
Farmers & Merchants Bancorp Incorporated/Archbold OH | 26 | 863 | ||||||
West BanCorp, Inc. | 35 | 852 | ||||||
Hingham Institution For Savings The | 3 | 851 | ||||||
CNB Financial Corp. | 35 | 847 | ||||||
FRP Holdings, Inc.* | 14 | 845 | ||||||
Victory Capital Holdings, Inc. — Class A | 35 | 843 | ||||||
First of Long Island Corp. | 48 | 841 | ||||||
Coastal Financial Corp.* | 22 | 839 | ||||||
Peoples Financial Services Corp. | 15 | 838 | ||||||
Mid Penn Bancorp, Inc. | 31 | 836 | ||||||
Financial Institutions, Inc. | 32 | 833 | ||||||
Independent Bank Corp. | 43 | 829 | ||||||
Bar Harbor Bankshares | 32 | 828 | ||||||
Metrocity Bankshares, Inc. | 40 | 812 | ||||||
Capital City Bank Group, Inc. | 29 | 809 | ||||||
EZCORP, Inc. — Class A* | 107 | 804 | ||||||
SmartFinancial, Inc. | 33 | 797 | ||||||
Douglas Elliman, Inc. | 162 | 776 | ||||||
HomeTrust Bancshares, Inc. | 31 | 775 | ||||||
Citizens & Northern Corp. | 32 | 773 | ||||||
Merchants Bancorp | 34 | 771 | ||||||
Southern Missouri Bancorp, Inc. | 17 | 770 | ||||||
Alerus Financial Corp. | 32 | 762 | ||||||
American National Bankshares, Inc. | 22 | 761 | ||||||
CTO Realty Growth, Inc. REIT | 12 | 733 | ||||||
Waterstone Financial, Inc. | 43 | 733 | ||||||
Universal Insurance Holdings, Inc. | 56 | 730 | ||||||
Five Star Bancorp | 27 | 713 | ||||||
Selectquote, Inc.* | 287 | 712 | ||||||
Bridgewater Bancshares, Inc.* | 44 | 710 | ||||||
Shore Bancshares, Inc. | 38 | 703 | ||||||
First Internet Bancorp | 19 | 700 | ||||||
Southern First Bancshares, Inc.* | 16 | 697 | ||||||
Carter Bankshares, Inc.* | 52 | 686 | ||||||
MVB Financial Corp. | 22 | 684 | ||||||
Blue Foundry Bancorp* | 56 | 671 | ||||||
Summit Financial Group, Inc. | 24 | 667 | ||||||
Cedar Realty Trust, Inc. REIT | 23 | 662 | ||||||
RBB Bancorp | 32 | 661 | ||||||
Civista Bancshares, Inc. | 31 | 659 | ||||||
Hersha Hospitality Trust REIT* | 67 | 657 | ||||||
Primis Financial Corp. | 48 | 654 | ||||||
Indus Realty Trust, Inc. REIT | 11 | 653 | ||||||
Guaranty Bancshares, Inc. | 18 | 653 | ||||||
Enterprise Bancorp, Inc. | 20 | 644 | ||||||
First Bancorp, Inc. | 21 | 633 | ||||||
Braemar Hotels & Resorts, Inc. REIT | 147 | 631 | ||||||
GCM Grosvenor, Inc. — Class A | 92 | 630 | ||||||
Sierra Bancorp | 29 | 630 | ||||||
Oppenheimer Holdings, Inc. — Class A | 19 | 628 | ||||||
Regional Management Corp. | 16 | 598 | ||||||
Amalgamated Financial Corp. | 30 | 593 | ||||||
Third Coast Bancshares, Inc.* | 27 | 591 | ||||||
Perella Weinberg Partners | 100 | 583 | ||||||
Baycom Corp. | 28 | 579 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 38 | 566 | ||||||
Orrstown Financial Services, Inc. | 23 | 556 | ||||||
Blue Ridge Bankshares, Inc. | 36 | 552 | ||||||
Home Bancorp, Inc. | 16 | 546 | ||||||
Donegal Group, Inc. — Class A | 32 | 546 | ||||||
Tiptree, Inc. — Class A | 51 | 542 | ||||||
John Marshall Bancorp, Inc. | 24 | 541 | ||||||
BRT Apartments Corp. REIT | 25 | 537 | ||||||
ACNB Corp. | 18 | 534 | ||||||
South Plains Financial, Inc. | 22 | 531 | ||||||
First Business Financial Services, Inc. | 17 | 530 | ||||||
Colony Bankcorp, Inc. | 35 | 528 | ||||||
BCB Bancorp, Inc. | 31 | 528 | ||||||
AFC Gamma, Inc. REIT | 34 | 521 | ||||||
PCSB Financial Corp. | 27 | 515 | ||||||
Northeast Bank | 14 | 511 | ||||||
Esquire Financial Holdings, Inc. | 15 | 500 | ||||||
Oportun Financial Corp.* | 60 | 496 | ||||||
Macatawa Bank Corp. | 56 | 495 | ||||||
Seritage Growth Properties REIT* | 94 | 490 | ||||||
FVCBankcorp, Inc.* | 26 | 490 | ||||||
Red River Bancshares, Inc. | 9 | 487 | ||||||
Provident Bancorp, Inc. | 31 | 487 | ||||||
eHealth, Inc.* | 52 | 485 | ||||||
Hippo Holdings, Inc.* | 546 | 480 | ||||||
Investors Title Co. | 3 | 471 | ||||||
Sculptor Capital Management, Inc. | 56 | 468 | ||||||
PCB Bancorp | 25 | 467 | ||||||
First Western Financial, Inc.* | 17 | 462 | ||||||
First Bank/Hamilton NJ | 33 | 461 | ||||||
Parke Bancorp, Inc. | 22 | 461 | ||||||
Ashford Hospitality Trust, Inc. REIT* | 74 | 443 | ||||||
NerdWallet, Inc. — Class A* | 55 | 436 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Greenlight Capital Re Ltd. — Class A* | 56 | $ | 433 | |||||
Manning & Napier, Inc. — Class A | 34 | 424 | ||||||
Stratus Properties, Inc.* | 13 | 419 | ||||||
Luther Burbank Corp. | 32 | 418 | ||||||
Capital Bancorp, Inc. | 19 | 412 | ||||||
Unity Bancorp, Inc. | 15 | 397 | ||||||
Republic First Bancorp, Inc.* | 104 | 396 | ||||||
HBT Financial, Inc. | 22 | 393 | ||||||
Bankwell Financial Group, Inc. | 12 | 373 | ||||||
Root, Inc. — Class A* | 299 | 356 | ||||||
Silvercrest Asset Management Group, Inc. — Class A | 21 | 345 | ||||||
Nexpoint Real Estate Finance, Inc. REIT | 17 | 345 | ||||||
Angel Oak Mortgage, Inc. REIT | 26 | 337 | ||||||
Offerpad Solutions, Inc.* | 146 | 318 | ||||||
Consumer Portfolio Services, Inc.* | 31 | 318 | ||||||
Greene County Bancorp, Inc. | 7 | 317 | ||||||
Atlanticus Holdings Corp.* | 9 | 317 | ||||||
First Guaranty Bancshares, Inc. | 13 | 316 | ||||||
Doma Holdings, Inc.* | 294 | 303 | ||||||
Trean Insurance Group, Inc.* | 48 | 299 | ||||||
NI Holdings, Inc.* | 18 | 296 | ||||||
Crawford & Co. — Class A | 36 | 281 | ||||||
USCB Financial Holdings, Inc.* | 23 | 265 | ||||||
Curo Group Holdings Corp. | 47 | 260 | ||||||
Legacy Housing Corp.* | 19 | 248 | ||||||
Pioneer Bancorp, Inc.* | 25 | 245 | ||||||
Pzena Investment Management, Inc. — Class A | 36 | 237 | ||||||
Chicago Atlantic Real Estate Finance, Inc. | 15 | 226 | ||||||
Sterling Bancorp, Inc.* | 37 | 211 | ||||||
GAMCO Investors, Inc. — Class A | 10 | 209 | ||||||
Clipper Realty, Inc. REIT | 26 | 201 | ||||||
Velocity Financial, Inc.* | 18 | 198 | ||||||
Sunlight Financial Holdings, Inc.* | 52 | 153 | ||||||
Associated Capital Group, Inc. — Class A | 4 | 143 | ||||||
SWK Holdings Corp.* | 8 | 140 | ||||||
Finance of America Companies, Inc. — Class A* | 83 | 130 | ||||||
Transcontinental Realty Investors, Inc.* | 3 | 119 | ||||||
OppFi, Inc.* | 29 | 95 | ||||||
Cryptyde, Inc.* | 39 | 80 | ||||||
Home Point Capital, Inc.1 | 17 | 67 | ||||||
American Realty Investors, Inc.* | 3 | 43 | ||||||
Applied Blockchain, Inc.* | 17 | 18 | ||||||
Total Financial | 1,181,291 | |||||||
Consumer, Non-cyclical - 16.5% | ||||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 134 | 19,525 | ||||||
Shockwave Medical, Inc.* | 76 | 14,529 | ||||||
Halozyme Therapeutics, Inc.* | 291 | 12,804 | ||||||
Intra-Cellular Therapies, Inc.* | 196 | 11,188 | ||||||
HealthEquity, Inc.* | 178 | 10,927 | ||||||
Omnicell, Inc.* | 94 | 10,692 | ||||||
Inspire Medical Systems, Inc.* | 58 | 10,595 | ||||||
AMN Healthcare Services, Inc.* | 96 | 10,532 | ||||||
Alkermes plc* | 350 | 10,427 | ||||||
LHC Group, Inc.* | 64 | 9,967 | ||||||
Sanderson Farms, Inc. | 46 | 9,914 | ||||||
ASGN, Inc.* | 108 | 9,747 | ||||||
Lantheus Holdings, Inc.* | 147 | 9,706 | ||||||
Medpace Holdings, Inc.* | 59 | 8,831 | ||||||
Apellis Pharmaceuticals, Inc.* | 195 | 8,818 | ||||||
Option Care Health, Inc.* | 308 | 8,559 | ||||||
Ensign Group, Inc. | 116 | 8,523 | ||||||
Intellia Therapeutics, Inc.* | 162 | 8,385 | ||||||
Helen of Troy Ltd.* | 51 | 8,283 | ||||||
Insperity, Inc. | 78 | 7,787 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 221 | 7,781 | ||||||
Celsius Holdings, Inc.* | 117 | 7,635 | ||||||
Turning Point Therapeutics, Inc.* | 98 | 7,375 | ||||||
STAAR Surgical Co.* | 103 | 7,306 | ||||||
Simply Good Foods Co.* | 193 | 7,290 | ||||||
LivaNova plc* | 115 | 7,184 | ||||||
Triton International Ltd. | 136 | 7,160 | ||||||
Haemonetics Corp.* | 109 | 7,105 | ||||||
Karuna Therapeutics, Inc.* | 56 | 7,085 | ||||||
Inari Medical, Inc.* | 103 | 7,003 | ||||||
Cytokinetics, Inc.* | 176 | 6,915 | ||||||
iRhythm Technologies, Inc.* | 64 | 6,914 | ||||||
Korn Ferry | 115 | 6,672 | ||||||
API Group Corp.* | 444 | 6,647 | ||||||
Merit Medical Systems, Inc.* | 120 | 6,512 | ||||||
Blueprint Medicines Corp.* | 128 | 6,465 | ||||||
Alarm.com Holdings, Inc.* | 103 | 6,372 | ||||||
Prestige Consumer Healthcare, Inc.* | 108 | 6,350 | ||||||
Amicus Therapeutics, Inc.* | 591 | 6,347 | ||||||
Hostess Brands, Inc.* | 296 | 6,278 | ||||||
ABM Industries, Inc. | 144 | 6,252 | ||||||
BellRing Brands, Inc.* | 251 | 6,247 | ||||||
Denali Therapeutics, Inc.* | 211 | 6,210 | ||||||
TriNet Group, Inc.* | 80 | 6,210 | ||||||
R1 RCM, Inc.* | 290 | 6,078 | ||||||
Brink's Co. | 100 | 6,071 | ||||||
PTC Therapeutics, Inc.* | 151 | 6,049 | ||||||
Sprouts Farmers Market, Inc.* | 235 | 5,950 | ||||||
WD-40 Co. | 29 | 5,839 | ||||||
CONMED Corp. | 60 | 5,746 | ||||||
Axonics, Inc.* | 101 | 5,724 | ||||||
Patterson Companies, Inc. | 187 | 5,666 | ||||||
Coca-Cola Consolidated, Inc. | 10 | 5,639 | ||||||
Pacira BioSciences, Inc.* | 96 | 5,597 | ||||||
Neogen Corp.* | 232 | 5,589 | ||||||
NuVasive, Inc.* | 112 | 5,506 | ||||||
Select Medical Holdings Corp. | 232 | 5,480 | ||||||
Lancaster Colony Corp. | 42 | 5,409 | ||||||
Beam Therapeutics, Inc.* | 136 | 5,265 | ||||||
Insmed, Inc.* | 256 | 5,048 | ||||||
Integer Holdings Corp.* | 71 | 5,017 | ||||||
Chegg, Inc.* | 267 | 5,014 | ||||||
Owens & Minor, Inc. | 158 | 4,969 | ||||||
Herc Holdings, Inc. | 55 | 4,958 | ||||||
United Natural Foods, Inc.* | 125 | 4,925 | ||||||
Alight, Inc. — Class A* | 728 | 4,914 | ||||||
EVERTEC, Inc. | 129 | 4,758 | ||||||
AbCellera Biologics, Inc.* | 444 | 4,729 | ||||||
Covetrus, Inc.* | 227 | 4,710 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Progyny, Inc.* | 160 | $ | 4,648 | |||||
J & J Snack Foods Corp. | 33 | 4,609 | ||||||
StoneCo Ltd. — Class A* | 594 | 4,574 | ||||||
TreeHouse Foods, Inc.* | 109 | 4,558 | ||||||
Graham Holdings Co. — Class B | 8 | 4,535 | ||||||
Primo Water Corp. | 338 | 4,523 | ||||||
Glaukos Corp.* | 98 | 4,451 | ||||||
Multiplan Corp.* | 810 | 4,447 | ||||||
Fate Therapeutics, Inc.* | 178 | 4,411 | ||||||
John Wiley & Sons, Inc. — Class A | 92 | 4,394 | ||||||
Arvinas, Inc.* | 104 | 4,377 | ||||||
Corcept Therapeutics, Inc.* | 183 | 4,352 | ||||||
Herbalife Nutrition Ltd.* | 212 | 4,335 | ||||||
Medifast, Inc. | 24 | 4,332 | ||||||
Global Blood Therapeutics, Inc.* | 134 | 4,281 | ||||||
BioCryst Pharmaceuticals, Inc.* | 398 | 4,211 | ||||||
CBIZ, Inc.* | 105 | 4,196 | ||||||
Twist Bioscience Corp.* | 120 | 4,195 | ||||||
Sabre Corp.* | 699 | 4,075 | ||||||
AtriCure, Inc.* | 98 | 4,004 | ||||||
Cal-Maine Foods, Inc. | 81 | 4,002 | ||||||
Edgewell Personal Care Co. | 115 | 3,970 | ||||||
Vir Biotechnology, Inc.* | 155 | 3,948 | ||||||
MEDNAX, Inc.* | 184 | 3,866 | ||||||
Hain Celestial Group, Inc.* | 161 | 3,822 | ||||||
ICF International, Inc. | 40 | 3,800 | ||||||
LiveRamp Holdings, Inc.* | 144 | 3,717 | ||||||
ACADIA Pharmaceuticals, Inc.* | 258 | 3,635 | ||||||
Sage Therapeutics, Inc.* | 112 | 3,618 | ||||||
Iovance Biotherapeutics, Inc.* | 323 | 3,566 | ||||||
Stride, Inc.* | 87 | 3,549 | ||||||
Central Garden & Pet Co. — Class A* | 87 | 3,481 | ||||||
B&G Foods, Inc.1 | 146 | 3,472 | ||||||
Strategic Education, Inc. | 49 | 3,458 | ||||||
Adtalem Global Education, Inc.* | 96 | 3,453 | ||||||
Coursera, Inc.* | 242 | 3,432 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 293 | 3,378 | ||||||
Xencor, Inc.* | 123 | 3,367 | ||||||
Emergent BioSolutions, Inc.* | 108 | 3,352 | ||||||
ChemoCentryx, Inc.* | 135 | 3,345 | ||||||
Nevro Corp.* | 75 | 3,287 | ||||||
Vector Group Ltd. | 308 | 3,234 | ||||||
Dynavax Technologies Corp.* | 254 | 3,198 | ||||||
elf Beauty, Inc.* | 104 | 3,191 | ||||||
Travere Therapeutics, Inc.* | 131 | 3,174 | ||||||
Beyond Meat, Inc.*,1 | 132 | 3,160 | ||||||
Universal Corp. | 52 | 3,146 | ||||||
Embecta Corp.* | 123 | 3,114 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 117 | 3,093 | ||||||
Myriad Genetics, Inc.* | 170 | 3,089 | ||||||
Veracyte, Inc.* | 154 | 3,065 | ||||||
US Physical Therapy, Inc. | 28 | 3,058 | ||||||
Monro, Inc. | 71 | 3,044 | ||||||
Supernus Pharmaceuticals, Inc.* | 105 | 3,037 | ||||||
MGP Ingredients, Inc. | 30 | 3,003 | ||||||
Krystal Biotech, Inc.* | 45 | 2,955 | ||||||
Huron Consulting Group, Inc.* | 45 | 2,925 | ||||||
Aurinia Pharmaceuticals, Inc.* | 288 | 2,894 | ||||||
CoreCivic, Inc.* | 259 | 2,877 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 32 | 2,855 | ||||||
Amphastar Pharmaceuticals, Inc.* | 82 | 2,853 | ||||||
Chefs' Warehouse, Inc.* | 73 | 2,839 | ||||||
Laureate Education, Inc. — Class A | 243 | 2,812 | ||||||
Meridian Bioscience, Inc.* | 92 | 2,799 | ||||||
CorVel Corp.* | 19 | 2,798 | ||||||
AdaptHealth Corp.* | 155 | 2,796 | ||||||
Arcus Biosciences, Inc.* | 110 | 2,787 | ||||||
Inter Parfums, Inc. | 38 | 2,776 | ||||||
Avanos Medical, Inc.* | 101 | 2,761 | ||||||
Beauty Health Co.* | 214 | 2,752 | ||||||
Addus HomeCare Corp.* | 33 | 2,748 | ||||||
Relay Therapeutics, Inc.* | 164 | 2,747 | ||||||
Textainer Group Holdings Ltd. | 100 | 2,741 | ||||||
Harmony Biosciences Holdings, Inc.* | 56 | 2,731 | ||||||
Kforce, Inc. | 44 | 2,699 | ||||||
Silk Road Medical, Inc.* | 74 | 2,693 | ||||||
Celldex Therapeutics, Inc.* | 98 | 2,642 | ||||||
REVOLUTION Medicines, Inc.* | 135 | 2,631 | ||||||
Cytek Biosciences, Inc.* | 245 | 2,629 | ||||||
Green Dot Corp. — Class A* | 104 | 2,611 | ||||||
Weis Markets, Inc. | 35 | 2,609 | ||||||
Ingles Markets, Inc. — Class A | 30 | 2,602 | ||||||
Agios Pharmaceuticals, Inc.* | 117 | 2,594 | ||||||
Vericel Corp.* | 101 | 2,543 | ||||||
ZipRecruiter, Inc. — Class A* | 171 | 2,534 | ||||||
Fulgent Genetics, Inc.* | 46 | 2,508 | ||||||
National Beverage Corp. | 51 | 2,496 | ||||||
Kura Oncology, Inc.* | 136 | 2,493 | ||||||
Vaxcyte, Inc.* | 113 | 2,459 | ||||||
Surgery Partners, Inc.* | 85 | 2,458 | ||||||
Natus Medical, Inc.* | 74 | 2,425 | ||||||
Lyell Immunopharma, Inc.*,1 | 371 | 2,419 | ||||||
Repay Holdings Corp.* | 188 | 2,416 | ||||||
IVERIC bio, Inc.* | 251 | 2,415 | ||||||
Evo Payments, Inc. — Class A* | 101 | 2,376 | ||||||
Axsome Therapeutics, Inc.* | 62 | 2,375 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 290 | 2,361 | ||||||
CareDx, Inc.* | 109 | 2,341 | ||||||
SpartanNash Co. | 77 | 2,323 | ||||||
Legalzoom.com, Inc.* | 210 | 2,308 | ||||||
Cassava Sciences, Inc.*,1 | 82 | 2,306 | ||||||
Zentalis Pharmaceuticals, Inc.* | 82 | 2,304 | ||||||
ModivCare, Inc.* | 27 | 2,282 | ||||||
Andersons, Inc. | 69 | 2,276 | ||||||
Rent-A-Center, Inc. | 114 | 2,217 | ||||||
OPKO Health, Inc.* | 866 | 2,191 | ||||||
NeoGenomics, Inc.* | 266 | 2,168 | ||||||
Pacific Biosciences of California, Inc.* | 484 | 2,139 | ||||||
Syndax Pharmaceuticals, Inc.* | 111 | 2,136 | ||||||
American Well Corp. — Class A* | 492 | 2,125 | ||||||
REGENXBIO, Inc.* | 86 | 2,124 | ||||||
Crinetics Pharmaceuticals, Inc.* | 113 | 2,107 | ||||||
Krispy Kreme, Inc. | 154 | 2,094 | ||||||
Revance Therapeutics, Inc.* | 150 | 2,073 | ||||||
ImmunoGen, Inc.* | 460 | 2,070 | ||||||
Prothena Corporation plc* | 76 | 2,063 | ||||||
MannKind Corp.* | 534 | 2,035 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Bridgebio Pharma, Inc.* | 224 | $ | 2,034 | |||||
Deluxe Corp. | 93 | 2,015 | ||||||
MoneyGram International, Inc.* | 201 | 2,010 | ||||||
Innoviva, Inc.* | 136 | 2,007 | ||||||
Avid Bioservices, Inc.* | 131 | 1,999 | ||||||
Enanta Pharmaceuticals, Inc.* | 42 | 1,985 | ||||||
Heska Corp.* | 21 | 1,985 | ||||||
FibroGen, Inc.* | 187 | 1,975 | ||||||
Cerus Corp.* | 370 | 1,957 | ||||||
Allogene Therapeutics, Inc.* | 171 | 1,949 | ||||||
Utz Brands, Inc. | 141 | 1,949 | ||||||
Adaptive Biotechnologies Corp.* | 239 | 1,934 | ||||||
Madrigal Pharmaceuticals, Inc.* | 27 | 1,933 | ||||||
Fresh Del Monte Produce, Inc. | 65 | 1,920 | ||||||
PROG Holdings, Inc.* | 116 | 1,914 | ||||||
LeMaitre Vascular, Inc. | 42 | 1,913 | ||||||
National Healthcare Corp. | 27 | 1,887 | ||||||
Atrion Corp. | 3 | 1,887 | ||||||
TransMedics Group, Inc.* | 58 | 1,824 | ||||||
SpringWorks Therapeutics, Inc.* | 74 | 1,822 | ||||||
Payoneer Global, Inc.* | 464 | 1,819 | ||||||
RadNet, Inc.* | 105 | 1,814 | ||||||
Brookdale Senior Living, Inc. — Class A* | 399 | 1,811 | ||||||
PROCEPT BioRobotics Corp.*,1 | 55 | 1,798 | ||||||
Reata Pharmaceuticals, Inc. — Class A* | 59 | 1,793 | ||||||
Aclaris Therapeutics, Inc.* | 128 | 1,787 | ||||||
Prometheus Biosciences, Inc.* | 63 | 1,778 | ||||||
Varex Imaging Corp.* | 83 | 1,775 | ||||||
Editas Medicine, Inc.* | 148 | 1,751 | ||||||
Clover Health Investments Corp.* | 818 | 1,751 | ||||||
USANA Health Sciences, Inc.* | 24 | 1,737 | ||||||
Perdoceo Education Corp.* | 146 | 1,720 | ||||||
2U, Inc.* | 160 | 1,675 | ||||||
Duckhorn Portfolio, Inc.* | 79 | 1,664 | ||||||
Chinook Therapeutics, Inc.* | 94 | 1,644 | ||||||
Sorrento Therapeutics, Inc.* | 815 | 1,638 | ||||||
SunOpta, Inc.* | 209 | 1,626 | ||||||
Cross Country Healthcare, Inc.* | 78 | 1,625 | ||||||
Quanex Building Products Corp. | 71 | 1,615 | ||||||
Arcutis Biotherapeutics, Inc.* | 75 | 1,598 | ||||||
First Advantage Corp.* | 126 | 1,596 | ||||||
Kymera Therapeutics, Inc.* | 81 | 1,595 | ||||||
Udemy, Inc.* | 155 | 1,583 | ||||||
Paragon 28, Inc.* | 99 | 1,571 | ||||||
Veru, Inc.* | 139 | 1,571 | ||||||
Artivion, Inc.* | 83 | 1,567 | ||||||
AngioDynamics, Inc.* | 80 | 1,548 | ||||||
Calavo Growers, Inc. | 37 | 1,544 | ||||||
SP Plus Corp.* | 50 | 1,536 | ||||||
Atara Biotherapeutics, Inc.* | 197 | 1,535 | ||||||
Avidity Biosciences, Inc.* | 105 | 1,526 | ||||||
Cano Health, Inc.* | 347 | 1,520 | ||||||
Kelly Services, Inc. — Class A | 75 | 1,487 | ||||||
Nektar Therapeutics* | 389 | 1,478 | ||||||
Cimpress plc* | 38 | 1,478 | ||||||
Anavex Life Sciences Corp.* | 146 | 1,461 | ||||||
SomaLogic, Inc.* | 321 | 1,451 | ||||||
Catalyst Pharmaceuticals, Inc.* | 205 | 1,437 | ||||||
Paysafe Ltd.* | 725 | 1,414 | ||||||
Resources Connection, Inc. | 68 | 1,385 | ||||||
Remitly Global, Inc.* | 180 | 1,379 | ||||||
John B Sanfilippo & Son, Inc. | 19 | 1,377 | ||||||
EQRx, Inc.* | 293 | 1,374 | ||||||
Heidrick & Struggles International, Inc. | 42 | 1,359 | ||||||
Alector, Inc.* | 133 | 1,351 | ||||||
Cutera, Inc.* | 36 | 1,350 | ||||||
CRA International, Inc. | 15 | 1,340 | ||||||
OrthoPediatrics Corp.* | 31 | 1,338 | ||||||
ACCO Brands Corp. | 203 | 1,326 | ||||||
Vanda Pharmaceuticals, Inc.* | 119 | 1,297 | ||||||
Collegium Pharmaceutical, Inc.* | 73 | 1,294 | ||||||
Rocket Pharmaceuticals, Inc.* | 94 | 1,293 | ||||||
Deciphera Pharmaceuticals, Inc.* | 97 | 1,276 | ||||||
NanoString Technologies, Inc.* | 100 | 1,270 | ||||||
TrueBlue, Inc.* | 70 | 1,253 | ||||||
Theravance Biopharma, Inc.* | 138 | 1,250 | ||||||
Franklin Covey Co.* | 27 | 1,247 | ||||||
DocGo, Inc.* | 173 | 1,235 | ||||||
Paya Holdings, Inc.* | 188 | 1,235 | ||||||
Sana Biotechnology, Inc.* | 191 | 1,228 | ||||||
Mission Produce, Inc.* | 86 | 1,226 | ||||||
Cardiovascular Systems, Inc.* | 85 | 1,221 | ||||||
TG Therapeutics, Inc.* | 286 | 1,216 | ||||||
Viad Corp.* | 44 | 1,215 | ||||||
Agiliti, Inc.* | 59 | 1,210 | ||||||
Verve Therapeutics, Inc.* | 79 | 1,207 | ||||||
Invitae Corp.*,1 | 494 | 1,205 | ||||||
Nurix Therapeutics, Inc.* | 95 | 1,204 | ||||||
Y-mAbs Therapeutics, Inc.* | 79 | 1,195 | ||||||
Morphic Holding, Inc.* | 55 | 1,194 | ||||||
Geron Corp.* | 770 | 1,194 | ||||||
CTI BioPharma Corp.* | 199 | 1,188 | ||||||
National Research Corp. — Class A | 31 | 1,187 | ||||||
Inogen, Inc.* | 49 | 1,185 | ||||||
Quanterix Corp.* | 73 | 1,182 | ||||||
I3 Verticals, Inc. — Class A* | 47 | 1,176 | ||||||
SIGA Technologies, Inc. | 101 | 1,170 | ||||||
Tootsie Roll Industries, Inc. | 33 | 1,167 | ||||||
Atea Pharmaceuticals, Inc.* | 164 | 1,164 | ||||||
Hanger, Inc.* | 81 | 1,160 | ||||||
Marathon Digital Holdings, Inc.*,1 | 217 | 1,159 | ||||||
Carriage Services, Inc. — Class A | 29 | 1,150 | ||||||
Forrester Research, Inc.* | 24 | 1,148 | ||||||
Coherus Biosciences, Inc.* | 158 | 1,144 | ||||||
Arlo Technologies, Inc.* | 182 | 1,141 | ||||||
BrightView Holdings, Inc.* | 95 | 1,140 | ||||||
Replimune Group, Inc.* | 65 | 1,136 | ||||||
Gossamer Bio, Inc.* | 135 | 1,130 | ||||||
PMV Pharmaceuticals, Inc.* | 79 | 1,126 | ||||||
Agenus, Inc.* | 579 | 1,123 | ||||||
Relmada Therapeutics, Inc.* | 59 | 1,120 | ||||||
Castle Biosciences, Inc.* | 51 | 1,119 | ||||||
Hackett Group, Inc. | 58 | 1,100 | ||||||
Barrett Business Services, Inc. | 15 | 1,093 | ||||||
Ennis, Inc. | 54 | 1,092 | ||||||
Point Biopharma Global, Inc.* | 159 | 1,083 | ||||||
Surmodics, Inc.* | 29 | 1,080 | ||||||
NGM Biopharmaceuticals, Inc.* | 84 | 1,077 | ||||||
Oscar Health, Inc. — Class A* | 253 | 1,075 | ||||||
Pulmonx Corp.* | 73 | 1,075 | ||||||
Sangamo Therapeutics, Inc.* | 257 | 1,064 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
2seventy bio, Inc.* | 80 | $ | 1,056 | |||||
Riot Blockchain, Inc.*,1 | 251 | 1,052 | ||||||
Ideaya Biosciences, Inc.* | 76 | 1,049 | ||||||
Ocugen, Inc.*,1 | 459 | 1,042 | ||||||
Radius Health, Inc.* | 100 | 1,037 | ||||||
Treace Medical Concepts, Inc.* | 72 | 1,032 | ||||||
iTeos Therapeutics, Inc.* | 50 | 1,030 | ||||||
Design Therapeutics, Inc.* | 73 | 1,022 | ||||||
RAPT Therapeutics, Inc.* | 56 | 1,022 | ||||||
Nano-X Imaging Ltd.* | 90 | 1,017 | ||||||
Senseonics Holdings, Inc.*,1 | 982 | 1,011 | ||||||
Benson Hill, Inc.* | 367 | 1,006 | ||||||
Community Health Systems, Inc.* | 268 | 1,005 | ||||||
Keros Therapeutics, Inc.* | 36 | 995 | ||||||
BioLife Solutions, Inc.* | 72 | 994 | ||||||
Seer, Inc.* | 111 | 993 | ||||||
PetIQ, Inc.* | 59 | 991 | ||||||
Orthofix Medical, Inc.* | 42 | 989 | ||||||
Alphatec Holdings, Inc.* | 151 | 988 | ||||||
Cass Information Systems, Inc. | 29 | 980 | ||||||
Eagle Pharmaceuticals, Inc.* | 22 | 977 | ||||||
SI-BONE, Inc.* | 72 | 950 | ||||||
DICE Therapeutics, Inc.* | 61 | 947 | ||||||
Aaron's Company, Inc. | 65 | 946 | ||||||
Vaxart, Inc.*,1 | 265 | 928 | ||||||
Accolade, Inc.* | 125 | 925 | ||||||
23andMe Holding Co. — Class A* | 369 | 915 | ||||||
Turning Point Brands, Inc. | 33 | 895 | ||||||
Day One Biopharmaceuticals, Inc.* | 50 | 895 | ||||||
Central Garden & Pet Co.* | 21 | 891 | ||||||
Adicet Bio, Inc.* | 61 | 891 | ||||||
MaxCyte, Inc.* | 187 | 885 | ||||||
Evolus, Inc.* | 76 | 882 | ||||||
Cara Therapeutics, Inc.* | 96 | 877 | ||||||
Butterfly Network, Inc.* | 285 | 875 | ||||||
AnaptysBio, Inc.* | 43 | 873 | ||||||
Mersana Therapeutics, Inc.* | 188 | 869 | ||||||
Cogent Biosciences, Inc.* | 96 | 866 | ||||||
Bionano Genomics, Inc.* | 626 | 864 | ||||||
Nkarta, Inc.* | 70 | 862 | ||||||
LifeStance Health Group, Inc.* | 155 | 862 | ||||||
Esperion Therapeutics, Inc.* | 135 | 859 | ||||||
Transcat, Inc.* | 15 | 852 | ||||||
Affimed N.V.* | 305 | 845 | ||||||
Phibro Animal Health Corp. — Class A | 44 | 842 | ||||||
ViewRay, Inc.* | 317 | 840 | ||||||
MiMedx Group, Inc.* | 242 | 840 | ||||||
Vectrus, Inc.* | 25 | 837 | ||||||
Sterling Check Corp.* | 51 | 832 | ||||||
Kezar Life Sciences, Inc.* | 100 | 827 | ||||||
Cullinan Oncology, Inc.* | 64 | 820 | ||||||
Inovio Pharmaceuticals, Inc.* | 471 | 815 | ||||||
Nuvation Bio, Inc.* | 250 | 810 | ||||||
ANI Pharmaceuticals, Inc.* | 27 | 801 | ||||||
Kinnate Biopharma, Inc.* | 63 | 794 | ||||||
European Wax Center, Inc. — Class A | 45 | 793 | ||||||
ADMA Biologics, Inc.* | 398 | 788 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 50 | 787 | ||||||
Protagonist Therapeutics, Inc.* | 99 | 783 | ||||||
Erasca, Inc.* | 139 | 774 | ||||||
Bright Health Group, Inc.* | 414 | 754 | ||||||
Aerie Pharmaceuticals, Inc.* | 100 | 750 | ||||||
Imago Biosciences, Inc.* | 56 | 750 | ||||||
WW International, Inc.* | 116 | 741 | ||||||
Cue Health, Inc.* | 231 | 739 | ||||||
22nd Century Group, Inc.* | 347 | 739 | ||||||
Karyopharm Therapeutics, Inc.* | 163 | 735 | ||||||
Albireo Pharma, Inc.* | 37 | 735 | ||||||
Organogenesis Holdings, Inc.* | 150 | 732 | ||||||
Seneca Foods Corp. — Class A* | 13 | 722 | ||||||
Zimvie, Inc.* | 45 | 720 | ||||||
Intercept Pharmaceuticals, Inc.* | 52 | 718 | ||||||
Pennant Group, Inc.* | 56 | 717 | ||||||
Custom Truck One Source, Inc.* | 128 | 717 | ||||||
Inhibrx, Inc.* | 63 | 715 | ||||||
Axogen, Inc.* | 87 | 713 | ||||||
Vivint Smart Home, Inc.* | 204 | 710 | ||||||
Amneal Pharmaceuticals, Inc.* | 221 | 703 | ||||||
Core Scientific, Inc.* | 469 | 699 | ||||||
Tejon Ranch Co.* | 45 | 698 | ||||||
Anika Therapeutics, Inc.* | 31 | 692 | ||||||
Willdan Group, Inc.* | 25 | 690 | ||||||
Instil Bio, Inc.* | 149 | 688 | ||||||
Tricida, Inc.* | 71 | 687 | ||||||
C4 Therapeutics, Inc.* | 90 | 679 | ||||||
Ocular Therapeutix, Inc.* | 165 | 663 | ||||||
Mirum Pharmaceuticals, Inc.* | 34 | 662 | ||||||
Tattooed Chef, Inc.* | 105 | 662 | ||||||
Generation Bio Co.* | 100 | 656 | ||||||
ImmunityBio, Inc.*,1 | 175 | 651 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 67 | 649 | ||||||
American Public Education, Inc.* | 40 | 646 | ||||||
Viridian Therapeutics, Inc.* | 55 | 636 | ||||||
Stoke Therapeutics, Inc.* | 48 | 634 | ||||||
Bluebird Bio, Inc.* | 153 | 633 | ||||||
Caribou Biosciences, Inc.* | 116 | 630 | ||||||
Arbutus Biopharma Corp.*,1 | 232 | 629 | ||||||
RxSight, Inc.* | 44 | 620 | ||||||
Heron Therapeutics, Inc.* | 221 | 617 | ||||||
Utah Medical Products, Inc. | 7 | 601 | ||||||
Berkeley Lights, Inc.* | 120 | 596 | ||||||
Monte Rosa Therapeutics, Inc.* | 61 | 590 | ||||||
Vita Coco Company, Inc.* | 60 | 587 | ||||||
Ventyx Biosciences, Inc.* | 48 | 587 | ||||||
Foghorn Therapeutics, Inc.* | 43 | 585 | ||||||
Tarsus Pharmaceuticals, Inc.* | 39 | 569 | ||||||
Akero Therapeutics, Inc.* | 60 | 567 | ||||||
Distribution Solutions Group, Inc.* | 11 | 565 | ||||||
Vital Farms, Inc.* | 64 | 560 | ||||||
Landec Corp.* | 56 | 558 | ||||||
Eiger BioPharmaceuticals, Inc.* | 88 | 554 | ||||||
Aura Biosciences, Inc.* | 39 | 553 | ||||||
CinCor Pharma, Inc.* | 29 | 546 | ||||||
Kodiak Sciences, Inc.* | 71 | 542 | ||||||
Vintage Wine Estates, Inc.* | 69 | 542 | ||||||
Bioxcel Therapeutics, Inc.* | 41 | 541 | ||||||
Whole Earth Brands, Inc.* | 87 | 539 | ||||||
Forma Therapeutics Holdings, Inc.* | 78 | 537 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
AppHarvest, Inc.* | 153 | $ | 534 | |||||
Seres Therapeutics, Inc.* | 151 | 518 | ||||||
Information Services Group, Inc. | 76 | 514 | ||||||
KalVista Pharmaceuticals, Inc.* | 52 | 512 | ||||||
ShotSpotter, Inc.* | 19 | 511 | ||||||
Edgewise Therapeutics, Inc.* | 64 | 509 | ||||||
iRadimed Corp. | 15 | 509 | ||||||
MeiraGTx Holdings plc* | 65 | 492 | ||||||
Universal Technical Institute, Inc.* | 69 | 492 | ||||||
Sutro Biopharma, Inc.* | 94 | 490 | ||||||
Nuvalent, Inc. — Class A* | 36 | 488 | ||||||
Amylyx Pharmaceuticals, Inc.* | 25 | 481 | ||||||
Provention Bio, Inc.* | 120 | 480 | ||||||
Dyne Therapeutics, Inc.* | 68 | 467 | ||||||
CareMax, Inc.* | 128 | 465 | ||||||
Bioventus, Inc. — Class A* | 68 | 464 | ||||||
Alico, Inc. | 13 | 463 | ||||||
Joint Corp.* | 30 | 459 | ||||||
Singular Genomics Systems, Inc.* | 120 | 458 | ||||||
Quantum-Si, Inc.* | 196 | 455 | ||||||
Tango Therapeutics, Inc.* | 100 | 453 | ||||||
Janux Therapeutics, Inc.* | 37 | 452 | ||||||
BRC, Inc. — Class A* | 55 | 449 | ||||||
4D Molecular Therapeutics, Inc.* | 64 | 447 | ||||||
Liquidia Corp.* | 102 | 445 | ||||||
EyePoint Pharmaceuticals, Inc.* | 56 | 441 | ||||||
Xeris Biopharma Holdings, Inc.* | 284 | 437 | ||||||
Akoya Biosciences, Inc.* | 34 | 437 | ||||||
SeaSpine Holdings Corp.* | 76 | 429 | ||||||
Sema4 Holdings Corp.* | 339 | 427 | ||||||
OraSure Technologies, Inc.* | 157 | 425 | ||||||
Rigel Pharmaceuticals, Inc.* | 370 | 418 | ||||||
Phathom Pharmaceuticals, Inc.* | 49 | 414 | ||||||
PFSweb, Inc.* | 35 | 412 | ||||||
Village Super Market, Inc. — Class A | 18 | 411 | ||||||
Moneylion, Inc.* | 310 | 409 | ||||||
Vera Therapeutics, Inc.* | 30 | 408 | ||||||
HF Foods Group, Inc.* | 78 | 407 | ||||||
Honest Company, Inc.* | 139 | 406 | ||||||
Alta Equipment Group, Inc.* | 45 | 404 | ||||||
Zynex, Inc. | 48 | 383 | ||||||
Aadi Bioscience, Inc.* | 31 | 382 | ||||||
MacroGenics, Inc.* | 129 | 381 | ||||||
Arcellx, Inc.* | 21 | 380 | ||||||
IGM Biosciences, Inc.* | 21 | 379 | ||||||
Chimerix, Inc.* | 181 | 376 | ||||||
Absci Corp.* | 113 | 375 | ||||||
ALX Oncology Holdings, Inc.* | 46 | 372 | ||||||
VistaGen Therapeutics, Inc.* | 417 | 367 | ||||||
Century Therapeutics, Inc.* | 43 | 361 | ||||||
Adagio Therapeutics, Inc.*,1 | 110 | 361 | ||||||
Fulcrum Therapeutics, Inc.* | 73 | 358 | ||||||
Inotiv, Inc.* | 37 | 355 | ||||||
Vicarious Surgical, Inc.*,1 | 117 | 344 | ||||||
Tenaya Therapeutics, Inc.* | 60 | 338 | ||||||
Immunovant, Inc.* | 86 | 335 | ||||||
VBI Vaccines, Inc.* | 413 | 334 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 20 | 319 | ||||||
Kronos Bio, Inc.* | 87 | 317 | ||||||
Aerovate Therapeutics, Inc.* | 20 | 313 | ||||||
Spire Global, Inc.* | 268 | 311 | ||||||
Nature's Sunshine Products, Inc.* | 29 | 309 | ||||||
Rent the Runway, Inc. — Class A*,1 | 100 | 307 | ||||||
Tactile Systems Technology, Inc.* | 42 | 307 | ||||||
HilleVax, Inc.* | 28 | 306 | ||||||
Lexicon Pharmaceuticals, Inc.* | 156 | 290 | ||||||
Precigen, Inc.* | 216 | 289 | ||||||
Alpine Immune Sciences, Inc.* | 33 | 281 | ||||||
Icosavax, Inc.* | 48 | 275 | ||||||
Nautilus Biotechnology, Inc.* | 102 | 274 | ||||||
Jounce Therapeutics, Inc.* | 90 | 273 | ||||||
Beachbody Company, Inc.* | 224 | 269 | ||||||
Science 37 Holdings, Inc.* | 133 | 267 | ||||||
Allovir, Inc.* | 67 | 261 | ||||||
Outlook Therapeutics, Inc.* | 254 | 259 | ||||||
Rallybio Corp.* | 34 | 257 | ||||||
Bakkt Holdings, Inc.* | 122 | 256 | ||||||
Endo International plc* | 502 | 234 | ||||||
Babylon Holdings Ltd. — Class A* | 233 | 228 | ||||||
ATI Physical Therapy, Inc.* | 160 | 226 | ||||||
Athira Pharma, Inc.* | 73 | 223 | ||||||
Talaris Therapeutics, Inc.* | 48 | 216 | ||||||
Aveanna Healthcare Holdings, Inc.* | 95 | 215 | ||||||
Quad/Graphics, Inc.* | 75 | 206 | ||||||
P3 Health Partners, Inc.* | 55 | 205 | ||||||
Oncology Institute, Inc.* | 40 | 202 | ||||||
StoneMor, Inc.* | 59 | 202 | ||||||
Tyra Biosciences, Inc.* | 28 | 200 | ||||||
Theseus Pharmaceuticals, Inc.* | 36 | 199 | ||||||
Praxis Precision Medicines, Inc.* | 81 | 198 | ||||||
Pardes Biosciences, Inc.* | 61 | 187 | ||||||
Innovage Holding Corp.* | 41 | 180 | ||||||
PepGen, Inc.* | 18 | 179 | ||||||
Bird Global, Inc. — Class A* | 368 | 160 | ||||||
AirSculpt Technologies, Inc.* | 27 | 160 | ||||||
Thorne HealthTech, Inc.* | 29 | 140 | ||||||
MarketWise, Inc.* | 36 | 130 | ||||||
Local Bounti Corp.* | 40 | 127 | ||||||
Priority Technology Holdings, Inc.* | 38 | 125 | ||||||
Humacyte, Inc.* | 38 | 122 | ||||||
Cipher Mining, Inc.* | 84 | 115 | ||||||
Celularity, Inc.* | 33 | 112 | ||||||
Alpha Teknova, Inc.* | 13 | 109 | ||||||
Redbox Entertainment, Inc.* | 14 | 104 | ||||||
CompoSecure, Inc.* | 17 | 88 | ||||||
Enochian Biosciences, Inc.* | 42 | 81 | ||||||
AN2 Therapeutics, Inc.* | 10 | 78 | ||||||
Greenidge Generation Holdings, Inc.* | 27 | 69 | ||||||
GreenLight Biosciences Holdings PBC* | 30 | 66 | ||||||
Owlet, Inc.* | 35 | 59 | ||||||
Wejo Group Ltd.* | 49 | 58 | ||||||
Boxed, Inc.* | 25 | 46 | ||||||
Leafly Holdings, Inc.* | 9 | 40 | ||||||
Gelesis Holdings, Inc.* | 21 | 33 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Tenon Medical, Inc.* | 7 | $ | 16 | |||||
Total Consumer, Non-cyclical | 1,174,292 | |||||||
Industrial - 8.9% | ||||||||
Chart Industries, Inc.* | 79 | 13,223 | ||||||
RBC Bearings, Inc.* | 61 | 11,282 | ||||||
EMCOR Group, Inc. | 109 | 11,223 | ||||||
Saia, Inc.* | 57 | 10,716 | ||||||
Exponent, Inc. | 111 | 10,153 | ||||||
Simpson Manufacturing Company, Inc. | 93 | 9,357 | ||||||
Novanta, Inc.* | 76 | 9,217 | ||||||
UFP Industries, Inc. | 131 | 8,926 | ||||||
Evoqua Water Technologies Corp.* | 252 | 8,192 | ||||||
Applied Industrial Technologies, Inc. | 82 | 7,886 | ||||||
Casella Waste Systems, Inc. — Class A* | 107 | 7,777 | ||||||
Atkore International Group, Inc.* | 92 | 7,637 | ||||||
John Bean Technologies Corp. | 68 | 7,509 | ||||||
Fluor Corp.* | 305 | 7,424 | ||||||
Franklin Electric Company, Inc. | 99 | 7,253 | ||||||
Watts Water Technologies, Inc. — Class A | 59 | 7,247 | ||||||
Zurn Water Solutions Corp. | 266 | 7,246 | ||||||
GATX Corp. | 76 | 7,156 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 170 | 6,902 | ||||||
Welbilt, Inc.* | 282 | 6,714 | ||||||
Fabrinet* | 79 | 6,407 | ||||||
Mueller Industries, Inc. | 120 | 6,395 | ||||||
Hillenbrand, Inc. | 156 | 6,390 | ||||||
Comfort Systems USA, Inc. | 76 | 6,319 | ||||||
Matson, Inc. | 86 | 6,268 | ||||||
Summit Materials, Inc. — Class A* | 254 | 5,916 | ||||||
Advanced Energy Industries, Inc. | 81 | 5,911 | ||||||
Dycom Industries, Inc.* | 62 | 5,769 | ||||||
Bloom Energy Corp. — Class A* | 349 | 5,758 | ||||||
Albany International Corp. — Class A | 68 | 5,358 | ||||||
Werner Enterprises, Inc. | 139 | 5,357 | ||||||
Forward Air Corp. | 58 | 5,334 | ||||||
Sanmina Corp.* | 129 | 5,254 | ||||||
EnerSys | 89 | 5,247 | ||||||
AAON, Inc. | 94 | 5,147 | ||||||
Hub Group, Inc. — Class A* | 72 | 5,108 | ||||||
Badger Meter, Inc. | 63 | 5,096 | ||||||
Cactus, Inc. — Class A | 126 | 5,074 | ||||||
Vishay Intertechnology, Inc. | 284 | 5,061 | ||||||
Boise Cascade Co. | 85 | 5,057 | ||||||
SPX Corp.* | 95 | 5,020 | ||||||
Belden, Inc. | 94 | 5,007 | ||||||
Golar LNG Ltd.* | 216 | 4,914 | ||||||
Altra Industrial Motion Corp. | 139 | 4,900 | ||||||
Moog, Inc. — Class A | 61 | 4,843 | ||||||
Arcosa, Inc. | 104 | 4,829 | ||||||
Itron, Inc.* | 97 | 4,795 | ||||||
Brady Corp. — Class A | 101 | 4,771 | ||||||
O-I Glass, Inc.* | 334 | 4,676 | ||||||
Helios Technologies, Inc. | 70 | 4,638 | ||||||
Plexus Corp.* | 59 | 4,632 | ||||||
Kadant, Inc. | 25 | 4,559 | ||||||
Federal Signal Corp. | 128 | 4,557 | ||||||
Trinity Industries, Inc. | 179 | 4,335 | ||||||
Frontdoor, Inc.* | 177 | 4,262 | ||||||
Encore Wire Corp. | 41 | 4,261 | ||||||
Kennametal, Inc. | 177 | 4,112 | ||||||
AeroVironment, Inc.* | 50 | 4,110 | ||||||
Energizer Holdings, Inc. | 143 | 4,054 | ||||||
Terex Corp. | 146 | 3,996 | ||||||
Mueller Water Products, Inc. — Class A | 334 | 3,918 | ||||||
ESCO Technologies, Inc. | 55 | 3,760 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 60 | 3,703 | ||||||
Masonite International Corp.* | 48 | 3,688 | ||||||
EnPro Industries, Inc. | 45 | 3,687 | ||||||
Kratos Defense & Security Solutions, Inc.* | 265 | 3,678 | ||||||
ArcBest Corp. | 52 | 3,659 | ||||||
Scorpio Tankers, Inc. | 106 | 3,658 | ||||||
Air Transport Services Group, Inc.* | 127 | 3,649 | ||||||
Greif, Inc. — Class A | 55 | 3,431 | ||||||
NV5 Global, Inc.* | 29 | 3,385 | ||||||
Cornerstone Building Brands, Inc.* | 136 | 3,331 | ||||||
Knowles Corp.* | 192 | 3,327 | ||||||
CSW Industrials, Inc. | 32 | 3,297 | ||||||
Barnes Group, Inc. | 105 | 3,270 | ||||||
Materion Corp. | 44 | 3,244 | ||||||
Lindsay Corp. | 24 | 3,188 | ||||||
MYR Group, Inc.* | 36 | 3,173 | ||||||
Golden Ocean Group Ltd. | 263 | 3,061 | ||||||
AAR Corp.* | 73 | 3,054 | ||||||
Worthington Industries, Inc. | 68 | 2,999 | ||||||
OSI Systems, Inc.* | 35 | 2,990 | ||||||
GrafTech International Ltd. | 421 | 2,976 | ||||||
CryoPort, Inc.* | 95 | 2,943 | ||||||
Granite Construction, Inc. | 98 | 2,856 | ||||||
Proto Labs, Inc.* | 59 | 2,823 | ||||||
Griffon Corp. | 99 | 2,775 | ||||||
Gibraltar Industries, Inc.* | 71 | 2,751 | ||||||
TTM Technologies, Inc.* | 217 | 2,713 | ||||||
JELD-WEN Holding, Inc.* | 185 | 2,699 | ||||||
Joby Aviation, Inc.* | 538 | 2,642 | ||||||
Vicor Corp.* | 47 | 2,572 | ||||||
Alamo Group, Inc. | 22 | 2,561 | ||||||
TriMas Corp. | 91 | 2,520 | ||||||
Hillman Solutions Corp.* | 289 | 2,497 | ||||||
Enerpac Tool Group Corp. | 131 | 2,492 | ||||||
Primoris Services Corp. | 114 | 2,481 | ||||||
Greenbrier Companies, Inc. | 68 | 2,447 | ||||||
Xometry, Inc. — Class A* | 72 | 2,443 | ||||||
Tennant Co. | 40 | 2,370 | ||||||
Frontline Ltd.* | 267 | 2,366 | ||||||
Sturm Ruger & Company, Inc. | 37 | 2,355 | ||||||
SFL Corporation Ltd. | 246 | 2,335 | ||||||
Energy Recovery, Inc.* | 120 | 2,330 | ||||||
CTS Corp. | 68 | 2,316 | ||||||
International Seaways, Inc. | 106 | 2,247 | ||||||
Mesa Laboratories, Inc. | 11 | 2,243 | ||||||
Standex International Corp. | 26 | 2,204 | ||||||
AZZ, Inc. | 53 | 2,163 | ||||||
Marten Transport Ltd. | 126 | 2,119 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
PGT Innovations, Inc.* | 126 | $ | 2,097 | |||||
Enovix Corp.* | 233 | 2,076 | ||||||
Astec Industries, Inc. | 49 | 1,998 | ||||||
Montrose Environmental Group, Inc.* | 59 | 1,992 | ||||||
Li-Cycle Holdings Corp.* | 284 | 1,954 | ||||||
Matthews International Corp. — Class A | 66 | 1,892 | ||||||
Apogee Enterprises, Inc. | 48 | 1,882 | ||||||
Kaman Corp. | 60 | 1,875 | ||||||
TimkenSteel Corp.* | 99 | 1,852 | ||||||
DHT Holdings, Inc. | 301 | 1,845 | ||||||
Great Lakes Dredge & Dock Corp.* | 140 | 1,835 | ||||||
Triumph Group, Inc.* | 137 | 1,821 | ||||||
Construction Partners, Inc. — Class A* | 86 | 1,801 | ||||||
Myers Industries, Inc. | 78 | 1,773 | ||||||
Rocket Lab USA, Inc.* | 457 | 1,732 | ||||||
Columbus McKinnon Corp. | 60 | 1,702 | ||||||
Mirion Technologies, Inc.* | 294 | 1,694 | ||||||
Benchmark Electronics, Inc. | 75 | 1,692 | ||||||
PureCycle Technologies, Inc.* | 228 | 1,692 | ||||||
FLEX LNG Ltd. | 61 | 1,671 | ||||||
Janus International Group, Inc.* | 175 | 1,580 | ||||||
American Woodmark Corp.* | 35 | 1,575 | ||||||
Ichor Holdings Ltd.* | 60 | 1,559 | ||||||
GoPro, Inc. — Class A* | 280 | 1,548 | ||||||
Genco Shipping & Trading Ltd. | 79 | 1,526 | ||||||
Eagle Bulk Shipping, Inc. | 29 | 1,504 | ||||||
Costamare, Inc. | 115 | 1,391 | ||||||
Heartland Express, Inc. | 100 | 1,391 | ||||||
Gorman-Rupp Co. | 49 | 1,387 | ||||||
Sterling Infrastructure, Inc.* | 63 | 1,381 | ||||||
MicroVision, Inc.* | 355 | 1,363 | ||||||
Insteel Industries, Inc. | 40 | 1,347 | ||||||
Blink Charging Co.*,1 | 79 | 1,306 | ||||||
Napco Security Technologies, Inc.* | 63 | 1,297 | ||||||
Smith & Wesson Brands, Inc. | 97 | 1,274 | ||||||
Chase Corp. | 16 | 1,245 | ||||||
FARO Technologies, Inc.* | 39 | 1,202 | ||||||
Harsco Corp.* | 168 | 1,194 | ||||||
UFP Technologies, Inc.* | 15 | 1,194 | ||||||
SmartRent, Inc.* | 255 | 1,153 | ||||||
Modine Manufacturing Co.* | 107 | 1,127 | ||||||
Argan, Inc. | 30 | 1,120 | ||||||
Charge Enterprises, Inc.* | 232 | 1,107 | ||||||
Ducommun, Inc.* | 24 | 1,033 | ||||||
Kimball Electronics, Inc.* | 51 | 1,025 | ||||||
DXP Enterprises, Inc.* | 33 | 1,011 | ||||||
Dorian LPG Ltd. | 66 | 1,003 | ||||||
Thermon Group Holdings, Inc.* | 71 | 997 | ||||||
908 Devices, Inc.* | 47 | 968 | ||||||
nLight, Inc.* | 94 | 961 | ||||||
Stoneridge, Inc.* | 56 | 960 | ||||||
LSB Industries, Inc.* | 68 | 942 | ||||||
Pactiv Evergreen, Inc. | 93 | 926 | ||||||
Heritage-Crystal Clean, Inc.* | 34 | 917 | ||||||
Luxfer Holdings plc | 60 | 907 | ||||||
Nordic American Tankers Ltd. | 408 | 869 | ||||||
Teekay Tankers Ltd. — Class A* | 49 | 864 | ||||||
Haynes International, Inc. | 26 | 852 | ||||||
Archer Aviation, Inc. — Class A* | 267 | 822 | ||||||
Tutor Perini Corp.* | 90 | 790 | ||||||
Vishay Precision Group, Inc.* | 27 | 787 | ||||||
Manitowoc Company, Inc.* | 74 | 779 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 128 | 772 | ||||||
Ryerson Holding Corp. | 36 | 766 | ||||||
Omega Flex, Inc. | 7 | 753 | ||||||
Greif, Inc. — Class B | 12 | 747 | ||||||
Hyster-Yale Materials Handling, Inc. | 23 | 741 | ||||||
National Presto Industries, Inc. | 11 | 722 | ||||||
AMMO, Inc.*,1 | 187 | 720 | ||||||
Cadre Holdings, Inc. | 35 | 688 | ||||||
CIRCOR International, Inc.* | 40 | 656 | ||||||
Latham Group, Inc.* | 94 | 651 | ||||||
Ranpak Holdings Corp.* | 93 | 651 | ||||||
Allied Motion Technologies, Inc. | 28 | 640 | ||||||
Northwest Pipe Co.* | 21 | 629 | ||||||
Covenant Logistics Group, Inc. — Class A | 24 | 602 | ||||||
Radiant Logistics, Inc.* | 81 | 601 | ||||||
Safe Bulkers, Inc. | 157 | 600 | ||||||
Tredegar Corp. | 58 | 580 | ||||||
IES Holdings, Inc.* | 19 | 573 | ||||||
Eastman Kodak Co.* | 123 | 571 | ||||||
Centrus Energy Corp. — Class A* | 23 | 569 | ||||||
Daseke, Inc.* | 87 | 556 | ||||||
Astronics Corp.* | 54 | 549 | ||||||
Identiv, Inc.* | 47 | 544 | ||||||
Olympic Steel, Inc. | 21 | 541 | ||||||
Park Aerospace Corp. | 42 | 536 | ||||||
CyberOptics Corp.* | 15 | 524 | ||||||
Ardmore Shipping Corp.* | 75 | 523 | ||||||
Comtech Telecommunications Corp. | 55 | 499 | ||||||
AerSale Corp.* | 34 | 493 | ||||||
ESS Tech, Inc.* | 173 | 486 | ||||||
Evolv Technologies Holdings, Inc.* | 180 | 479 | ||||||
Powell Industries, Inc. | 20 | 467 | ||||||
Caesarstone Ltd. | 49 | 447 | ||||||
Pure Cycle Corp.* | 42 | 443 | ||||||
Universal Logistics Holdings, Inc. | 16 | 437 | ||||||
Sarcos Technology and Robotics Corp.* | 163 | 433 | ||||||
Teekay Corp.* | 150 | 432 | ||||||
Sight Sciences, Inc.* | 46 | 413 | ||||||
Akoustis Technologies, Inc.* | 111 | 411 | ||||||
Turtle Beach Corp.* | 33 | 404 | ||||||
Astra Space, Inc.*,1 | 308 | 400 | ||||||
View, Inc.* | 240 | 389 | ||||||
PAM Transportation Services, Inc.* | 14 | 383 | ||||||
NuScale Power Corp.* | 37 | 370 | ||||||
Volta, Inc.* | 262 | 341 | ||||||
Concrete Pumping Holdings, Inc.* | 56 | 339 | ||||||
Hydrofarm Holdings Group, Inc.* | 94 | 327 | ||||||
Momentus, Inc.* | 117 | 253 | ||||||
Karat Packaging, Inc.* | 12 | 205 | ||||||
Atlas Technical Consultants, Inc.* | 38 | 200 | ||||||
NL Industries, Inc. | 18 | 178 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Transphorm, Inc.* | 46 | $ | 175 | |||||
Berkshire Grey, Inc.* | 105 | 152 | ||||||
Redwire Corp.*,1 | 41 | 125 | ||||||
AEye, Inc.* | 57 | 109 | ||||||
Fathom Digital Manufacturing C* | 22 | 85 | ||||||
Total Industrial | 633,866 | |||||||
Consumer, Cyclical - 7.6% | ||||||||
Murphy USA, Inc. | 48 | 11,178 | ||||||
Texas Roadhouse, Inc. — Class A | 147 | 10,760 | ||||||
Light & Wonder, Inc. — Class A* | 210 | 9,868 | ||||||
Asbury Automotive Group, Inc.* | 47 | 7,959 | ||||||
Avient Corp. | 195 | 7,816 | ||||||
Fox Factory Holding Corp.* | 91 | 7,329 | ||||||
Hilton Grand Vacations, Inc.* | 192 | 6,860 | ||||||
Goodyear Tire & Rubber Co.* | 602 | 6,447 | ||||||
Academy Sports & Outdoors, Inc. | 180 | 6,397 | ||||||
Crocs, Inc.* | 130 | 6,327 | ||||||
Dorman Products, Inc.* | 57 | 6,253 | ||||||
Visteon Corp.* | 60 | 6,215 | ||||||
Callaway Golf Co.* | 300 | 6,120 | ||||||
Adient plc* | 204 | 6,045 | ||||||
Resideo Technologies, Inc.* | 310 | 6,020 | ||||||
Beacon Roofing Supply, Inc.* | 116 | 5,958 | ||||||
Papa John's International, Inc. | 71 | 5,930 | ||||||
LCI Industries | 53 | 5,930 | ||||||
Taylor Morrison Home Corp. — Class A* | 248 | 5,793 | ||||||
Group 1 Automotive, Inc. | 34 | 5,773 | ||||||
FirstCash Holdings, Inc. | 83 | 5,769 | ||||||
Meritage Homes Corp.* | 78 | 5,655 | ||||||
Spirit Airlines, Inc.* | 234 | 5,578 | ||||||
UniFirst Corp. | 32 | 5,510 | ||||||
Meritor, Inc.* | 151 | 5,486 | ||||||
Steven Madden Ltd. | 169 | 5,443 | ||||||
Skyline Champion Corp.* | 114 | 5,406 | ||||||
Signet Jewelers Ltd. | 100 | 5,346 | ||||||
Sonos, Inc.* | 274 | 4,943 | ||||||
KB Home | 172 | 4,895 | ||||||
Wingstop, Inc. | 64 | 4,785 | ||||||
National Vision Holdings, Inc.* | 174 | 4,785 | ||||||
Nu Skin Enterprises, Inc. — Class A | 107 | 4,633 | ||||||
Foot Locker, Inc. | 178 | 4,495 | ||||||
Gentherm, Inc.* | 71 | 4,431 | ||||||
Rush Enterprises, Inc. — Class A | 91 | 4,386 | ||||||
Boot Barn Holdings, Inc.* | 63 | 4,341 | ||||||
Installed Building Products, Inc. | 52 | 4,324 | ||||||
SeaWorld Entertainment, Inc.* | 97 | 4,286 | ||||||
MillerKnoll, Inc. | 163 | 4,282 | ||||||
Cracker Barrel Old Country Store, Inc. | 50 | 4,174 | ||||||
GMS, Inc.* | 93 | 4,139 | ||||||
Kontoor Brands, Inc. | 121 | 4,038 | ||||||
MDC Holdings, Inc. | 123 | 3,974 | ||||||
International Game Technology plc | 214 | 3,972 | ||||||
Cavco Industries, Inc.* | 20 | 3,920 | ||||||
LGI Homes, Inc.* | 45 | 3,910 | ||||||
Dana, Inc. | 277 | 3,897 | ||||||
KAR Auction Services, Inc.* | 259 | 3,825 | ||||||
Red Rock Resorts, Inc. — Class A | 114 | 3,803 | ||||||
PriceSmart, Inc. | 53 | 3,796 | ||||||
Allegiant Travel Co. — Class A* | 33 | 3,732 | ||||||
Tri Pointe Homes, Inc.* | 220 | 3,711 | ||||||
American Eagle Outfitters, Inc.1 | 331 | 3,701 | ||||||
Cinemark Holdings, Inc.* | 234 | 3,515 | ||||||
Wolverine World Wide, Inc. | 172 | 3,468 | ||||||
Veritiv Corp.* | 31 | 3,365 | ||||||
Winnebago Industries, Inc. | 69 | 3,351 | ||||||
Vista Outdoor, Inc.* | 120 | 3,348 | ||||||
Shake Shack, Inc. — Class A* | 80 | 3,158 | ||||||
HNI Corp. | 91 | 3,157 | ||||||
Bloomin' Brands, Inc. | 189 | 3,141 | ||||||
Everi Holdings, Inc.* | 188 | 3,066 | ||||||
Acushnet Holdings Corp. | 73 | 3,043 | ||||||
Tenneco, Inc. — Class A* | 177 | 3,037 | ||||||
Luminar Technologies, Inc.* | 512 | 3,036 | ||||||
Dave & Buster's Entertainment, Inc.* | 92 | 3,016 | ||||||
Fisker, Inc.*,1 | 349 | 2,991 | ||||||
Nikola Corp.*,1 | 626 | 2,980 | ||||||
Virgin Galactic Holdings, Inc.*,1 | 489 | 2,944 | ||||||
Oxford Industries, Inc. | 33 | 2,928 | ||||||
Madison Square Garden Entertainment Corp.* | 55 | 2,894 | ||||||
Methode Electronics, Inc. | 78 | 2,889 | ||||||
Century Communities, Inc. | 63 | 2,833 | ||||||
Cheesecake Factory, Inc. | 107 | 2,827 | ||||||
ODP Corp.* | 92 | 2,782 | ||||||
Healthcare Services Group, Inc. | 159 | 2,768 | ||||||
World Fuel Services Corp. | 134 | 2,742 | ||||||
Sally Beauty Holdings, Inc.* | 230 | 2,742 | ||||||
Urban Outfitters, Inc.* | 141 | 2,631 | ||||||
Jack in the Box, Inc. | 45 | 2,523 | ||||||
Patrick Industries, Inc. | 47 | 2,436 | ||||||
M/I Homes, Inc.* | 59 | 2,340 | ||||||
Malibu Boats, Inc. — Class A* | 44 | 2,319 | ||||||
SkyWest, Inc.* | 107 | 2,274 | ||||||
Dine Brands Global, Inc. | 34 | 2,213 | ||||||
Lions Gate Entertainment Corp. — Class B* | 250 | 2,208 | ||||||
Proterra, Inc.*,1 | 474 | 2,199 | ||||||
La-Z-Boy, Inc. | 92 | 2,181 | ||||||
TuSimple Holdings, Inc. — Class A* | 300 | 2,169 | ||||||
Qurate Retail, Inc. — Class A | 751 | 2,155 | ||||||
iRobot Corp.* | 58 | 2,131 | ||||||
XPEL, Inc.* | 46 | 2,113 | ||||||
Franchise Group, Inc. | 59 | 2,069 | ||||||
Brinker International, Inc.* | 93 | 2,049 | ||||||
Caleres, Inc. | 78 | 2,047 | ||||||
Warby Parker, Inc. — Class A* | 179 | 2,016 | ||||||
Dillard's, Inc. — Class A | 9 | 1,985 | ||||||
Steelcase, Inc. — Class A | 185 | 1,985 | ||||||
Standard Motor Products, Inc. | 44 | 1,980 | ||||||
H&E Equipment Services, Inc. | 68 | 1,970 | ||||||
Liberty Media Corporation-Liberty Braves — Class C* | 81 | 1,944 | ||||||
G-III Apparel Group Ltd.* | 94 | 1,902 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 242 | 1,822 | ||||||
Buckle, Inc. | 65 | 1,800 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Abercrombie & Fitch Co. — Class A* | 106 | $ | 1,794 | |||||
Camping World Holdings, Inc. — Class A1 | 83 | 1,792 | ||||||
IMAX Corp.* | 105 | 1,773 | ||||||
Golden Entertainment, Inc.* | 44 | 1,740 | ||||||
ScanSource, Inc.* | 55 | 1,713 | ||||||
Monarch Casino & Resort, Inc.* | 29 | 1,701 | ||||||
Bally's Corp.* | 85 | 1,681 | ||||||
Titan International, Inc.* | 110 | 1,661 | ||||||
Clean Energy Fuels Corp.* | 363 | 1,626 | ||||||
MarineMax, Inc.* | 45 | 1,625 | ||||||
Designer Brands, Inc. — Class A | 124 | 1,619 | ||||||
Interface, Inc. — Class A | 126 | 1,580 | ||||||
Sonic Automotive, Inc. — Class A | 43 | 1,575 | ||||||
Hawaiian Holdings, Inc.* | 109 | 1,560 | ||||||
Funko, Inc. — Class A* | 68 | 1,518 | ||||||
Arko Corp. | 182 | 1,485 | ||||||
Sleep Number Corp.* | 46 | 1,424 | ||||||
Wabash National Corp. | 104 | 1,412 | ||||||
Genesco, Inc.* | 28 | 1,397 | ||||||
Douglas Dynamics, Inc. | 48 | 1,380 | ||||||
Shyft Group, Inc. | 74 | 1,376 | ||||||
Accel Entertainment, Inc.* | 126 | 1,338 | ||||||
BlueLinx Holdings, Inc.* | 20 | 1,336 | ||||||
America's Car-Mart, Inc.* | 13 | 1,308 | ||||||
Chico's FAS, Inc.* | 263 | 1,307 | ||||||
Sun Country Airlines Holdings, Inc.* | 71 | 1,302 | ||||||
Big Lots, Inc. | 60 | 1,258 | ||||||
A-Mark Precious Metals, Inc. | 39 | 1,258 | ||||||
Guess?, Inc. | 73 | 1,245 | ||||||
Hibbett, Inc. | 28 | 1,224 | ||||||
indie Semiconductor, Inc. — Class A* | 214 | 1,220 | ||||||
Green Brick Partners, Inc.* | 61 | 1,194 | ||||||
Clarus Corp. | 62 | 1,177 | ||||||
Winmark Corp. | 6 | 1,173 | ||||||
Lions Gate Entertainment Corp. — Class A* | 125 | 1,164 | ||||||
Life Time Group Holdings, Inc.* | 90 | 1,159 | ||||||
Holley, Inc.* | 110 | 1,155 | ||||||
Ruth's Hospitality Group, Inc. | 70 | 1,138 | ||||||
Denny's Corp.* | 129 | 1,120 | ||||||
Children's Place, Inc.* | 28 | 1,090 | ||||||
Ermenegildo Zegna Holditalia SpA | 101 | 1,066 | ||||||
BJ's Restaurants, Inc.* | 49 | 1,062 | ||||||
PC Connection, Inc. | 24 | 1,057 | ||||||
Movado Group, Inc. | 34 | 1,052 | ||||||
OneSpaWorld Holdings Ltd.* | 142 | 1,018 | ||||||
Ethan Allen Interiors, Inc. | 49 | 990 | ||||||
Vizio Holding Corp. — Class A* | 145 | 989 | ||||||
Sovos Brands, Inc.* | 61 | 968 | ||||||
Titan Machinery, Inc.* | 43 | 964 | ||||||
Global Industrial Co. | 28 | 945 | ||||||
TravelCenters of America, Inc.* | 27 | 931 | ||||||
RCI Hospitality Holdings, Inc. | 19 | 919 | ||||||
Hyliion Holdings Corp.*,1 | 285 | 918 | ||||||
Sportsman's Warehouse Holdings, Inc.* | 93 | 892 | ||||||
Zumiez, Inc.* | 34 | 884 | ||||||
Bowlero Corp.* | 83 | 879 | ||||||
EVgo, Inc.* | 146 | 877 | ||||||
VSE Corp. | 23 | 864 | ||||||
PetMed Express, Inc. | 43 | 856 | ||||||
Bed Bath & Beyond, Inc.*,1 | 171 | 850 | ||||||
Lovesac Co.* | 30 | 825 | ||||||
Shoe Carnival, Inc. | 38 | 821 | ||||||
MasterCraft Boat Holdings, Inc.* | 39 | 821 | ||||||
Workhorse Group, Inc.* | 314 | 816 | ||||||
REV Group, Inc. | 75 | 815 | ||||||
Microvast Holdings, Inc.* | 366 | 813 | ||||||
Chuy's Holdings, Inc.* | 40 | 797 | ||||||
OneWater Marine, Inc. — Class A* | 24 | 793 | ||||||
Rite Aid Corp.* | 117 | 789 | ||||||
Beazer Homes USA, Inc.* | 64 | 772 | ||||||
Marcus Corp.* | 51 | 753 | ||||||
Frontier Group Holdings, Inc.*,1 | 80 | 750 | ||||||
Rush Enterprises, Inc. — Class B | 15 | 744 | ||||||
Haverty Furniture Companies, Inc. | 32 | 742 | ||||||
Portillo's, Inc. — Class A* | 43 | 703 | ||||||
Hudson Technologies, Inc.* | 92 | 691 | ||||||
Bluegreen Vacations Holding Corp. | 27 | 674 | ||||||
Johnson Outdoors, Inc. — Class A | 11 | 673 | ||||||
Wheels Up Experience, Inc.* | 341 | 665 | ||||||
Universal Electronics, Inc.* | 26 | 665 | ||||||
Solid Power, Inc.* | 122 | 656 | ||||||
Aeva Technologies, Inc.* | 208 | 651 | ||||||
Tupperware Brands Corp.* | 98 | 621 | ||||||
Rush Street Interactive, Inc.* | 130 | 607 | ||||||
Kimball International, Inc. — Class B | 78 | 598 | ||||||
Cenntro Electric Group Ltd.* | 395 | 596 | ||||||
LL Flooring Holdings, Inc.* | 63 | 590 | ||||||
Aspen Aerogels, Inc.*,1 | 59 | 583 | ||||||
Lindblad Expeditions Holdings, Inc.* | 69 | 559 | ||||||
Hyzon Motors, Inc.*,1 | 188 | 553 | ||||||
Miller Industries, Inc. | 24 | 544 | ||||||
Vinco Ventures, Inc.* | 394 | 543 | ||||||
Lordstown Motors Corp. — Class A* | 342 | 540 | ||||||
Forestar Group, Inc.* | 39 | 534 | ||||||
Liberty Media Corporation-Liberty Braves — Class A* | 21 | 528 | ||||||
Motorcar Parts of America, Inc.* | 40 | 525 | ||||||
Fossil Group, Inc.* | 100 | 517 | ||||||
Big 5 Sporting Goods Corp. | 46 | 516 | ||||||
Rocky Brands, Inc. | 15 | 513 | ||||||
Kura Sushi USA, Inc. — Class A* | 10 | 495 | ||||||
Build-A-Bear Workshop, Inc. — Class A | 30 | 493 | ||||||
Dream Finders Homes, Inc. — Class A* | 45 | 479 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 11 | 471 | ||||||
Canoo, Inc.* | 247 | 457 | ||||||
Cato Corp. — Class A | 39 | 453 | ||||||
Xponential Fitness, Inc. — Class A* | 36 | 452 | ||||||
Superior Group of Companies, Inc. | 25 | 444 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
GrowGeneration Corp.* | 123 | $ | 442 | |||||
Container Store Group, Inc.* | 70 | 436 | ||||||
Destination XL Group, Inc.* | 128 | 434 | ||||||
PLBY Group, Inc.* | 67 | 429 | ||||||
Citi Trends, Inc.* | 18 | 426 | ||||||
Full House Resorts, Inc.* | 70 | 426 | ||||||
Weber, Inc. — Class A | 58 | 418 | ||||||
Century Casinos, Inc.* | 58 | 417 | ||||||
Noodles & Co.* | 88 | 414 | ||||||
El Pollo Loco Holdings, Inc.* | 42 | 413 | ||||||
Velodyne Lidar, Inc.* | 414 | 395 | ||||||
NEOGAMES S.A.* | 28 | 376 | ||||||
Target Hospitality Corp.* | 65 | 371 | ||||||
Purple Innovation, Inc.* | 118 | 361 | ||||||
Snap One Holdings Corp.* | 39 | 358 | ||||||
ONE Group Hospitality, Inc.* | 48 | 354 | ||||||
Tilly's, Inc. — Class A | 49 | 344 | ||||||
Blue Bird Corp.* | 37 | 341 | ||||||
Sweetgreen, Inc. — Class A* | 29 | 338 | ||||||
Weyco Group, Inc. | 13 | 318 | ||||||
ThredUp, Inc. — Class A* | 126 | 315 | ||||||
Party City Holdco, Inc.* | 234 | 309 | ||||||
F45 Training Holdings, Inc.* | 78 | 307 | ||||||
First Watch Restaurant Group, Inc.* | 21 | 303 | ||||||
Lifetime Brands, Inc. | 27 | 298 | ||||||
Traeger, Inc.* | 69 | 293 | ||||||
Reservoir Media, Inc.* | 44 | 287 | ||||||
Aterian, Inc.*,1 | 131 | 283 | ||||||
Express, Inc.* | 138 | 270 | ||||||
Duluth Holdings, Inc. — Class B* | 28 | 267 | ||||||
Biglari Holdings, Inc. — Class B* | 2 | 245 | ||||||
Tile Shop Holdings, Inc. | 78 | 239 | ||||||
Lightning eMotors, Inc.* | 84 | 233 | ||||||
Conn's, Inc.* | 28 | 225 | ||||||
Xos, Inc.* | 117 | 215 | ||||||
JOANN, Inc. | 24 | 186 | ||||||
Marine Products Corp. | 18 | 171 | ||||||
Landsea Homes Corp.* | 22 | 147 | ||||||
Torrid Holdings, Inc.* | 32 | 138 | ||||||
Sonder Holdings, Inc.* | 94 | 98 | ||||||
CompX International, Inc. | 3 | 70 | ||||||
Mullen Automotive, Inc.* | 33 | 34 | ||||||
Cepton, Inc.* | 17 | 27 | ||||||
Total Consumer, Cyclical | 543,821 | |||||||
Technology - 7.2% | ||||||||
Sailpoint Technologies Holdings, Inc.* | 200 | 12,536 | ||||||
Silicon Laboratories, Inc.* | 78 | 10,937 | ||||||
Tenable Holdings, Inc.* | 236 | 10,717 | ||||||
CMC Materials, Inc. | 61 | 10,644 | ||||||
Qualys, Inc.* | 84 | 10,596 | ||||||
ExlService Holdings, Inc.* | 69 | 10,166 | ||||||
Synaptics, Inc.* | 85 | 10,034 | ||||||
Power Integrations, Inc. | 124 | 9,301 | ||||||
SPS Commerce, Inc.* | 78 | 8,818 | ||||||
Rapid7, Inc.* | 125 | 8,350 | ||||||
Maximus, Inc. | 132 | 8,251 | ||||||
Blackline, Inc.* | 118 | 7,859 | ||||||
Semtech Corp.* | 136 | 7,476 | ||||||
Onto Innovation, Inc.* | 106 | 7,392 | ||||||
Ziff Davis, Inc.* | 98 | 7,304 | ||||||
Box, Inc. — Class A* | 277 | 6,964 | ||||||
Varonis Systems, Inc.* | 234 | 6,861 | ||||||
DigitalOcean Holdings, Inc.*,1 | 164 | 6,783 | ||||||
Workiva, Inc.* | 102 | 6,731 | ||||||
FormFactor, Inc.* | 167 | 6,468 | ||||||
ACI Worldwide, Inc.* | 246 | 6,369 | ||||||
Envestnet, Inc.* | 118 | 6,227 | ||||||
Diodes, Inc.* | 95 | 6,134 | ||||||
ManTech International Corp. — Class A | 64 | 6,109 | ||||||
CommVault Systems, Inc.* | 95 | 5,975 | ||||||
Altair Engineering, Inc. — Class A* | 111 | 5,827 | ||||||
Blackbaud, Inc.* | 100 | 5,807 | ||||||
Insight Enterprises, Inc.* | 67 | 5,781 | ||||||
Verint Systems, Inc.* | 136 | 5,760 | ||||||
Sprout Social, Inc. — Class A* | 99 | 5,749 | ||||||
SiTime Corp.* | 34 | 5,543 | ||||||
Evolent Health, Inc. — Class A* | 176 | 5,405 | ||||||
Kulicke & Soffa Industries, Inc. | 125 | 5,351 | ||||||
MaxLinear, Inc. — Class A* | 154 | 5,233 | ||||||
NetScout Systems, Inc.* | 151 | 5,111 | ||||||
Ambarella, Inc.* | 78 | 5,106 | ||||||
Rambus, Inc.* | 235 | 5,050 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 108 | 4,979 | ||||||
Verra Mobility Corp.* | 313 | 4,917 | ||||||
PagerDuty, Inc.* | 182 | 4,510 | ||||||
Duolingo, Inc.* | 50 | 4,377 | ||||||
Progress Software Corp. | 94 | 4,258 | ||||||
CSG Systems International, Inc. | 69 | 4,118 | ||||||
Appian Corp.*,1 | 86 | 4,073 | ||||||
Super Micro Computer, Inc.* | 97 | 3,914 | ||||||
Axcelis Technologies, Inc.* | 70 | 3,839 | ||||||
Appfolio, Inc. — Class A* | 41 | 3,716 | ||||||
Amkor Technology, Inc. | 218 | 3,695 | ||||||
Xerox Holdings Corp. | 245 | 3,638 | ||||||
Allscripts Healthcare Solutions, Inc.* | 244 | 3,618 | ||||||
Digital Turbine, Inc.* | 197 | 3,442 | ||||||
E2open Parent Holdings, Inc.* | 427 | 3,322 | ||||||
MicroStrategy, Inc. — Class A*,1 | 20 | 3,286 | ||||||
Xperi Holding Corp. | 223 | 3,218 | ||||||
Apollo Medical Holdings, Inc.* | 83 | 3,203 | ||||||
Schrodinger Incorporated/United States* | 116 | 3,064 | ||||||
1Life Healthcare, Inc.* | 387 | 3,034 | ||||||
Ping Identity Holding Corp.* | 166 | 3,011 | ||||||
Parsons Corp.* | 72 | 2,910 | ||||||
Ultra Clean Holdings, Inc.* | 97 | 2,888 | ||||||
Cohu, Inc.* | 103 | 2,858 | ||||||
Asana, Inc. — Class A* | 158 | 2,778 | ||||||
Fastly, Inc. — Class A* | 239 | 2,775 | ||||||
TTEC Holdings, Inc. | 40 | 2,716 | ||||||
Privia Health Group, Inc.* | 93 | 2,708 | ||||||
C3.ai, Inc. — Class A* | 148 | 2,702 | ||||||
Clear Secure, Inc. — Class A* | 133 | 2,660 | ||||||
Impinj, Inc.* | 45 | 2,640 | ||||||
3D Systems Corp.* | 272 | 2,638 | ||||||
Phreesia, Inc.* | 105 | 2,626 | ||||||
Photronics, Inc.* | 129 | 2,513 | ||||||
Momentive Global, Inc.* | 284 | 2,499 | ||||||
Duck Creek Technologies, Inc.* | 166 | 2,465 | ||||||
KnowBe4, Inc. — Class A* | 156 | 2,437 | ||||||
Everbridge, Inc.* | 85 | 2,371 | ||||||
PROS Holdings, Inc.* | 88 | 2,308 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
BigCommerce Holdings, Inc.* | 138 | $ | 2,236 | |||||
Zuora, Inc. — Class A* | 242 | 2,166 | ||||||
PAR Technology Corp.* | 57 | 2,137 | ||||||
LivePerson, Inc.* | 151 | 2,135 | ||||||
Cerence, Inc.* | 84 | 2,119 | ||||||
Veeco Instruments, Inc.* | 107 | 2,076 | ||||||
NextGen Healthcare, Inc.* | 119 | 2,075 | ||||||
Alignment Healthcare, Inc.* | 181 | 2,065 | ||||||
Avid Technology, Inc.* | 77 | 1,998 | ||||||
Agilysys, Inc.* | 42 | 1,985 | ||||||
Model N, Inc.* | 77 | 1,970 | ||||||
AvidXchange Holdings, Inc.* | 314 | 1,928 | ||||||
Olo, Inc. — Class A*,1 | 193 | 1,905 | ||||||
Domo, Inc. — Class B* | 65 | 1,807 | ||||||
Digi International, Inc.* | 73 | 1,768 | ||||||
Grid Dynamics Holdings, Inc.* | 104 | 1,749 | ||||||
ACM Research, Inc. — Class A* | 103 | 1,734 | ||||||
Donnelley Financial Solutions, Inc.* | 59 | 1,728 | ||||||
SMART Global Holdings, Inc.* | 105 | 1,719 | ||||||
Matterport, Inc.* | 469 | 1,717 | ||||||
Amplitude, Inc. — Class A* | 120 | 1,715 | ||||||
Unisys Corp.* | 142 | 1,708 | ||||||
Health Catalyst, Inc.* | 116 | 1,681 | ||||||
CEVA, Inc.* | 49 | 1,644 | ||||||
Simulations Plus, Inc. | 33 | 1,628 | ||||||
Sapiens International Corporation N.V. | 66 | 1,597 | ||||||
Cardlytics, Inc.* | 71 | 1,584 | ||||||
ACV Auctions, Inc. — Class A* | 242 | 1,583 | ||||||
Conduent, Inc.* | 364 | 1,573 | ||||||
Alpha & Omega Semiconductor Ltd.* | 47 | 1,567 | ||||||
Outset Medical, Inc.* | 103 | 1,531 | ||||||
Consensus Cloud Solutions, Inc.* | 34 | 1,485 | ||||||
PubMatic, Inc. — Class A* | 89 | 1,414 | ||||||
PDF Solutions, Inc.* | 65 | 1,398 | ||||||
Sumo Logic, Inc.* | 183 | 1,371 | ||||||
Pitney Bowes, Inc. | 371 | 1,343 | ||||||
N-able, Inc.* | 146 | 1,314 | ||||||
ForgeRock, Inc. — Class A* | 60 | 1,285 | ||||||
Desktop Metal, Inc. — Class A* | 567 | 1,248 | ||||||
Yext, Inc.* | 258 | 1,233 | ||||||
8x8, Inc.* | 236 | 1,215 | ||||||
EngageSmart, Inc.* | 75 | 1,206 | ||||||
AvePoint, Inc.* | 276 | 1,198 | ||||||
PowerSchool Holdings, Inc. — Class A* | 98 | 1,181 | ||||||
Hims & Hers Health, Inc.* | 260 | 1,178 | ||||||
IonQ, Inc.*,1 | 255 | 1,117 | ||||||
American Software, Inc. — Class A | 67 | 1,083 | ||||||
Corsair Gaming, Inc.*,1 | 82 | 1,077 | ||||||
BTRS Holdings, Inc. — Class 1* | 215 | 1,071 | ||||||
Alkami Technology, Inc.* | 77 | 1,069 | ||||||
SolarWinds Corp. | 104 | 1,066 | ||||||
OneSpan, Inc.* | 86 | 1,023 | ||||||
Computer Programs and Systems, Inc.* | 31 | 991 | ||||||
Ebix, Inc.1 | 57 | 963 | ||||||
Bandwidth, Inc. — Class A* | 50 | 941 | ||||||
Blend Labs, Inc. — Class A* | 397 | 937 | ||||||
Telos Corp.* | 115 | 929 | ||||||
Vuzix Corp.*,1 | 127 | 902 | ||||||
Upland Software, Inc.* | 62 | 900 | ||||||
Rackspace Technology, Inc.* | 123 | 882 | ||||||
CS Disco, Inc.* | 48 | 866 | ||||||
ON24, Inc.* | 89 | 845 | ||||||
Mitek Systems, Inc.* | 91 | 841 | ||||||
Instructure Holdings, Inc.* | 37 | 840 | ||||||
Cvent Holding Corp.* | 180 | 832 | ||||||
MeridianLink, Inc.* | 49 | 818 | ||||||
Integral Ad Science Holding Corp.* | 82 | 814 | ||||||
Skillz, Inc.* | 655 | 812 | ||||||
Daily Journal Corp.* | 3 | 776 | ||||||
Playstudios, Inc.* | 170 | 728 | ||||||
Cantaloupe, Inc.* | 125 | 700 | ||||||
HireRight Holdings Corp.*,1 | 45 | 639 | ||||||
Rimini Street, Inc.* | 104 | 625 | ||||||
Skillsoft Corp.* | 174 | 612 | ||||||
Enfusion, Inc. — Class A* | 55 | 562 | ||||||
Brightcove, Inc.* | 88 | 556 | ||||||
Faraday Future Intelligent Electric, Inc.* | 213 | 554 | ||||||
GTY Technology Holdings, Inc.* | 87 | 545 | ||||||
AXT, Inc.* | 87 | 510 | ||||||
UserTesting, Inc.* | 101 | 507 | ||||||
WM Technology, Inc.* | 154 | 507 | ||||||
Rockley Photonics Holdings Ltd.* | 219 | 477 | ||||||
Ouster, Inc.* | 293 | 475 | ||||||
EverCommerce, Inc.* | 52 | 470 | ||||||
Porch Group, Inc.* | 173 | 443 | ||||||
Intapp, Inc.* | 30 | 439 | ||||||
eGain Corp.* | 45 | 439 | ||||||
Veritone, Inc.* | 67 | 437 | ||||||
Markforged Holding Corp.* | 236 | 437 | ||||||
Outbrain, Inc.* | 86 | 433 | ||||||
Benefitfocus, Inc.* | 55 | 428 | ||||||
Atomera, Inc.* | 44 | 413 | ||||||
Digimarc Corp.* | 29 | 410 | ||||||
Inspired Entertainment, Inc.* | 47 | 405 | ||||||
Avaya Holdings Corp.* | 179 | 401 | ||||||
Red Violet, Inc.* | 20 | 381 | ||||||
Convey Health Solutions Holdings, Inc.* | 35 | 364 | ||||||
Diebold Nixdorf, Inc.* | 157 | 356 | ||||||
Cerberus Cyber Sentinel Corp.*,1 | 98 | 353 | ||||||
Inseego Corp.* | 185 | 350 | ||||||
IronNet, Inc.* | 139 | 307 | ||||||
Zeta Global Holdings Corp. — Class A* | 67 | 303 | ||||||
Nutex Health, Inc.* | 83 | 268 | ||||||
Rigetti Computing, Inc.*,1 | 69 | 253 | ||||||
Arteris, Inc.* | 36 | 251 | ||||||
NextNav, Inc.* | 105 | 238 | ||||||
SecureWorks Corp. — Class A* | 21 | 228 | ||||||
Sharecare, Inc.* | 132 | 209 | ||||||
IBEX Holdings Ltd.* | 12 | 202 | ||||||
Latch, Inc.* | 151 | 172 | ||||||
Velo3D, Inc.* | 121 | 167 | ||||||
Loyalty Ventures, Inc.* | 43 | 153 | ||||||
Viant Technology, Inc. — Class A* | 30 | 152 | ||||||
SkyWater Technology, Inc.* | 23 | 138 | ||||||
Kaleyra, Inc.* | 63 | 128 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
LiveVox Holdings, Inc.* | 48 | $ | 80 | |||||
Weave Communications, Inc.* | 11 | 33 | ||||||
Total Technology | 512,979 | |||||||
Energy - 3.8% | ||||||||
Matador Resources Co. | 241 | 11,228 | ||||||
Murphy Oil Corp. | 316 | 9,540 | ||||||
Helmerich & Payne, Inc. | 220 | 9,473 | ||||||
SM Energy Co. | 260 | 8,889 | ||||||
ChampionX Corp. | 438 | 8,694 | ||||||
Civitas Resources, Inc. | 158 | 8,262 | ||||||
Magnolia Oil & Gas Corp. — Class A | 358 | 7,514 | ||||||
Patterson-UTI Energy, Inc. | 460 | 7,250 | ||||||
CNX Resources Corp.* | 413 | 6,798 | ||||||
Denbury, Inc.* | 109 | 6,539 | ||||||
California Resources Corp. | 168 | 6,468 | ||||||
PBF Energy, Inc. — Class A* | 208 | 6,036 | ||||||
Kosmos Energy Ltd.* | 968 | 5,992 | ||||||
Whiting Petroleum Corp. | 84 | 5,715 | ||||||
Equitrans Midstream Corp. | 882 | 5,609 | ||||||
Valaris Ltd.* | 131 | 5,533 | ||||||
Peabody Energy Corp.* | 252 | 5,375 | ||||||
Oasis Petroleum, Inc. | 42 | 5,109 | ||||||
Alpha Metallurgical Resources, Inc. | 38 | 4,907 | ||||||
Arch Resources, Inc.1 | 33 | 4,722 | ||||||
Callon Petroleum Co.* | 106 | 4,155 | ||||||
Shoals Technologies Group, Inc. — Class A* | 240 | 3,955 | ||||||
Sunnova Energy International, Inc.* | 213 | 3,926 | ||||||
Liberty Energy, Inc. — Class A* | 306 | 3,905 | ||||||
Delek US Holdings, Inc. | 151 | 3,902 | ||||||
CONSOL Energy, Inc.* | 74 | 3,654 | ||||||
NexTier Oilfield Solutions, Inc.* | 377 | 3,585 | ||||||
Northern Oil and Gas, Inc. | 141 | 3,562 | ||||||
Array Technologies, Inc.* | 323 | 3,556 | ||||||
Warrior Met Coal, Inc. | 110 | 3,367 | ||||||
Tellurian, Inc.* | 1,094 | 3,260 | ||||||
Weatherford International plc* | 152 | 3,218 | ||||||
Green Plains, Inc.* | 113 | 3,070 | ||||||
FuelCell Energy, Inc.* | 792 | 2,970 | ||||||
SunPower Corp. — Class A* | 175 | 2,767 | ||||||
Brigham Minerals, Inc. — Class A | 109 | 2,685 | ||||||
Centennial Resource Development, Inc. — Class A* | 441 | 2,637 | ||||||
Laredo Petroleum, Inc.* | 37 | 2,551 | ||||||
Nabors Industries Ltd.* | 19 | 2,544 | ||||||
Archrock, Inc. | 290 | 2,398 | ||||||
Comstock Resources, Inc.* | 197 | 2,380 | ||||||
NOW, Inc.* | 236 | 2,308 | ||||||
Oceaneering International, Inc.* | 214 | 2,286 | ||||||
Stem, Inc.* | 309 | 2,212 | ||||||
Talos Energy, Inc.* | 142 | 2,197 | ||||||
CVR Energy, Inc. | 63 | 2,110 | ||||||
Gulfport Energy Corp.* | 26 | 2,067 | ||||||
Noble Corp.* | 81 | 2,053 | ||||||
Archaea Energy, Inc.* | 128 | 1,988 | ||||||
Expro Group Holdings N.V.* | 166 | 1,912 | ||||||
Dril-Quip, Inc.* | 73 | 1,883 | ||||||
ProPetro Holding Corp.* | 187 | 1,870 | ||||||
US Silica Holdings, Inc.* | 159 | 1,816 | ||||||
MRC Global, Inc.* | 178 | 1,773 | ||||||
Tidewater, Inc.* | 82 | 1,729 | ||||||
Par Pacific Holdings, Inc.* | 105 | 1,637 | ||||||
Ranger Oil Corp. — Class A* | 46 | 1,512 | ||||||
Montauk Renewables, Inc.* | 138 | 1,387 | ||||||
Borr Drilling Ltd.* | 288 | 1,328 | ||||||
Berry Corp. | 172 | 1,311 | ||||||
Earthstone Energy, Inc. — Class A* | 93 | 1,269 | ||||||
Diamond Offshore Drilling, Inc.* | 214 | 1,260 | ||||||
Kinetik Holdings, Inc. — Class A | 36 | 1,229 | ||||||
Vertex Energy, Inc.* | 116 | 1,220 | ||||||
SunCoke Energy, Inc. | 179 | 1,219 | ||||||
Bristow Group, Inc.* | 51 | 1,193 | ||||||
RPC, Inc.* | 159 | 1,099 | ||||||
TETRA Technologies, Inc.* | 267 | 1,084 | ||||||
SandRidge Energy, Inc.* | 68 | 1,066 | ||||||
Select Energy Services, Inc. — Class A* | 153 | 1,044 | ||||||
Gevo, Inc.* | 422 | 992 | ||||||
TPI Composites, Inc.* | 78 | 975 | ||||||
Helix Energy Solutions Group, Inc.* | 307 | 952 | ||||||
REX American Resources Corp.* | 11 | 933 | ||||||
W&T Offshore, Inc.* | 203 | 877 | ||||||
Crescent Energy Co. — Class A | 70 | 874 | ||||||
VAALCO Energy, Inc. | 125 | 868 | ||||||
Excelerate Energy, Inc. — Class A* | 40 | 797 | ||||||
Aris Water Solution, Inc. — Class A | 47 | 784 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 68 | 740 | ||||||
Fluence Energy, Inc.* | 77 | 730 | ||||||
DMC Global, Inc.* | 40 | 721 | ||||||
Oil States International, Inc.* | 131 | 710 | ||||||
SilverBow Resources, Inc.* | 25 | 709 | ||||||
Ramaco Resources, Inc. | 48 | 632 | ||||||
Sitio Royalties Corp. | 26 | 591 | ||||||
Alto Ingredients, Inc.* | 155 | 575 | ||||||
Newpark Resources, Inc.* | 182 | 562 | ||||||
National Energy Services Reunited Corp.* | 82 | 556 | ||||||
Energy Vault Holdings, Inc.* | 54 | 541 | ||||||
Riley Exploration Permian, Inc. | 22 | 532 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 65 | 522 | ||||||
Amplify Energy Corp.* | 76 | 497 | ||||||
Ring Energy, Inc.* | 185 | 492 | ||||||
FutureFuel Corp. | 55 | 400 | ||||||
HighPeak Energy, Inc. | 14 | 359 | ||||||
NACCO Industries, Inc. — Class A | 9 | 341 | ||||||
Cleanspark, Inc.* | 86 | 337 | ||||||
Aemetis, Inc.* | 62 | 304 | ||||||
Eneti, Inc. | 49 | 301 | ||||||
NextDecade Corp.*,1 | 66 | 293 | ||||||
Empire Petroleum Corp.* | 15 | 178 | ||||||
Heliogen, Inc.* | 41 | 87 | ||||||
Battalion Oil Corp.* | 5 | 43 | ||||||
Total Energy | 274,567 | |||||||
Communications - 3.1% | ||||||||
Vonage Holdings Corp.* | 551 | 10,381 | ||||||
Iridium Communications, Inc.* | 273 | 10,254 | ||||||
TEGNA, Inc. | 478 | 10,024 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Marqeta, Inc. — Class A* | 931 | $ | 7,550 | |||||
Perficient, Inc.* | 73 | 6,693 | ||||||
Viavi Solutions, Inc.* | 488 | 6,456 | ||||||
DigitalBridge Group, Inc.* | 1,268 | 6,188 | ||||||
Cogent Communications Holdings, Inc. | 92 | 5,590 | ||||||
Upwork, Inc.* | 257 | 5,315 | ||||||
Bumble, Inc. — Class A* | 185 | 5,208 | ||||||
Cargurus, Inc.* | 219 | 4,706 | ||||||
Q2 Holdings, Inc.* | 120 | 4,628 | ||||||
Calix, Inc.* | 122 | 4,165 | ||||||
Yelp, Inc. — Class A* | 147 | 4,082 | ||||||
Maxar Technologies, Inc. | 156 | 4,070 | ||||||
InterDigital, Inc. | 66 | 4,013 | ||||||
TechTarget, Inc.* | 59 | 3,877 | ||||||
Plantronics, Inc.* | 91 | 3,611 | ||||||
Telephone & Data Systems, Inc. | 216 | 3,411 | ||||||
Gray Television, Inc. | 181 | 3,057 | ||||||
ePlus, Inc.* | 57 | 3,028 | ||||||
Shutterstock, Inc. | 52 | 2,980 | ||||||
CommScope Holding Company, Inc.* | 440 | 2,693 | ||||||
Liberty Latin America Ltd. — Class C* | 328 | 2,555 | ||||||
Magnite, Inc.* | 281 | 2,495 | ||||||
Figs, Inc. — Class A* | 273 | 2,487 | ||||||
Extreme Networks, Inc.* | 274 | 2,444 | ||||||
Open Lending Corp. — Class A* | 226 | 2,312 | ||||||
Shenandoah Telecommunications Co. | 104 | 2,309 | ||||||
Revolve Group, Inc.* | 88 | 2,280 | ||||||
Overstock.com, Inc.* | 91 | 2,276 | ||||||
Infinera Corp.* | 406 | 2,176 | ||||||
Scholastic Corp. | 59 | 2,122 | ||||||
WideOpenWest, Inc.* | 115 | 2,094 | ||||||
iHeartMedia, Inc. — Class A* | 258 | 2,036 | ||||||
A10 Networks, Inc. | 141 | 2,027 | ||||||
ContextLogic, Inc. — Class A*,1 | 1,220 | 1,952 | ||||||
AMC Networks, Inc. — Class A* | 65 | 1,893 | ||||||
Vimeo, Inc.* | 307 | 1,848 | ||||||
ADTRAN, Inc. | 105 | 1,841 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 89 | 1,816 | ||||||
Globalstar, Inc.*,1 | 1,467 | 1,804 | ||||||
NeoPhotonics Corp.* | 113 | 1,777 | ||||||
Gogo, Inc.* | 107 | 1,732 | ||||||
Harmonic, Inc.* | 197 | 1,708 | ||||||
Eventbrite, Inc. — Class A* | 165 | 1,695 | ||||||
EW Scripps Co. — Class A* | 125 | 1,559 | ||||||
Clearfield, Inc.* | 25 | 1,549 | ||||||
EchoStar Corp. — Class A* | 76 | 1,467 | ||||||
Planet Labs PBC* | 333 | 1,442 | ||||||
Cars.com, Inc.* | 149 | 1,405 | ||||||
Squarespace, Inc. — Class A* | 67 | 1,402 | ||||||
Thryv Holdings, Inc.* | 54 | 1,209 | ||||||
NETGEAR, Inc.* | 61 | 1,130 | ||||||
HealthStream, Inc.* | 52 | 1,129 | ||||||
QuinStreet, Inc.* | 111 | 1,117 | ||||||
Consolidated Communications Holdings, Inc.* | 159 | 1,113 | ||||||
ATN International, Inc. | 23 | 1,079 | ||||||
Anterix, Inc.* | 26 | 1,068 | ||||||
OptimizeRx Corp.* | 38 | 1,041 | ||||||
Cyxtera Technologies, Inc.* | 91 | 1,032 | ||||||
Poshmark, Inc. — Class A* | 99 | 1,001 | ||||||
fuboTV, Inc.* | 382 | 944 | ||||||
Couchbase, Inc.* | 57 | 936 | ||||||
Tucows, Inc. — Class A* | 21 | 935 | ||||||
ChannelAdvisor Corp.* | 64 | 933 | ||||||
United States Cellular Corp.* | 32 | 927 | ||||||
Boston Omaha Corp. — Class A* | 44 | 909 | ||||||
Stagwell, Inc.* | 167 | 907 | ||||||
Gannett Company, Inc.* | 309 | 896 | ||||||
Stitch Fix, Inc. — Class A* | 174 | 860 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 783 | 838 | ||||||
Allbirds, Inc. — Class A* | 202 | 794 | ||||||
IDT Corp. — Class B* | 31 | 780 | ||||||
CarParts.com, Inc.* | 109 | 756 | ||||||
Rover Group, Inc.* | 199 | 748 | ||||||
Liquidity Services, Inc.* | 53 | 712 | ||||||
Edgio, Inc.* | 294 | 679 | ||||||
Advantage Solutions, Inc.* | 177 | 672 | ||||||
Liberty Latin America Ltd. — Class A* | 83 | 648 | ||||||
DZS, Inc.* | 37 | 602 | ||||||
Aviat Networks, Inc.* | 24 | 601 | ||||||
Credo Technology Group Holding Ltd.*,1 | 50 | 584 | ||||||
Ooma, Inc.* | 49 | 580 | ||||||
Entravision Communications Corp. — Class A | 127 | 579 | ||||||
Quotient Technology, Inc.* | 192 | 570 | ||||||
1-800-Flowers.com, Inc. — Class A* | 58 | 552 | ||||||
Blade Air Mobility, Inc.*,1 | 120 | 535 | ||||||
Groupon, Inc.* | 46 | 520 | ||||||
MediaAlpha, Inc. — Class A* | 51 | 502 | ||||||
Ribbon Communications, Inc.* | 155 | 471 | ||||||
DHI Group, Inc.* | 92 | 457 | ||||||
RealReal, Inc.* | 182 | 453 | ||||||
Focus Universal, Inc.*,1 | 38 | 434 | ||||||
Vivid Seats, Inc. — Class A1 | 53 | 396 | ||||||
Ondas Holdings, Inc.* | 73 | 393 | ||||||
EverQuote, Inc. — Class A* | 42 | 371 | ||||||
Cambium Networks Corp.* | 25 | 366 | ||||||
Lands' End, Inc.* | 33 | 350 | ||||||
RumbleON, Inc. — Class B* | 22 | 324 | ||||||
Cumulus Media, Inc. — Class A* | 40 | 309 | ||||||
Preformed Line Products Co. | 5 | 307 | ||||||
Casa Systems, Inc.* | 76 | 299 | ||||||
1stdibs.com, Inc.* | 50 | 285 | ||||||
Vacasa, Inc. — Class A* | 88 | 253 | ||||||
Nerdy, Inc.* | 116 | 247 | ||||||
Audacy, Inc.* | 256 | 241 | ||||||
Terran Orbital Corp.* | 51 | 234 | ||||||
KORE Group Holdings, Inc.* | 75 | 230 | ||||||
Arena Group Holdings, Inc.* | 24 | 216 | ||||||
Starry Group Holdings, Inc. — Class A*,1 | 51 | 210 | ||||||
Solo Brands, Inc. — Class A*,1 | 47 | 191 | ||||||
Gambling.com Group Ltd.* | 19 | 150 | ||||||
Lulu's Fashion Lounge Holdings, Inc.* | 13 | 141 | ||||||
BARK, Inc.* | 110 | 141 | ||||||
Value Line, Inc. | 2 | 132 | ||||||
Urban One, Inc.* | 26 | 111 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
AdTheorent Holding Company, Inc.* | 34 | $ | 105 | |||||
Inspirato, Inc.* | 22 | 102 | ||||||
Urban One, Inc.* | 18 | 98 | ||||||
Innovid Corp.* | 48 | 80 | ||||||
aka Brands Holding Corp.* | 24 | 66 | ||||||
Total Communications | 218,064 | |||||||
Utilities - 2.4% | ||||||||
Southwest Gas Holdings, Inc. | 142 | 12,366 | ||||||
Black Hills Corp. | 139 | 10,115 | ||||||
ONE Gas, Inc. | 115 | 9,337 | ||||||
Portland General Electric Co. | 192 | 9,279 | ||||||
New Jersey Resources Corp. | 206 | 9,173 | ||||||
South Jersey Industries, Inc. | 263 | 8,979 | ||||||
Brookfield Infrastructure Corp. — Class A | 210 | 8,925 | ||||||
PNM Resources, Inc. | 183 | 8,744 | ||||||
Spire, Inc. | 109 | 8,106 | ||||||
Ormat Technologies, Inc. | 97 | 7,600 | ||||||
ALLETE, Inc. | 123 | 7,230 | ||||||
NorthWestern Corp. | 117 | 6,895 | ||||||
Avista Corp. | 155 | 6,744 | ||||||
American States Water Co. | 79 | 6,439 | ||||||
California Water Service Group | 115 | 6,388 | ||||||
Clearway Energy, Inc. — Class C | 176 | 6,132 | ||||||
MGE Energy, Inc. | 78 | 6,071 | ||||||
Otter Tail Corp. | 88 | 5,907 | ||||||
Chesapeake Utilities Corp. | 37 | 4,793 | ||||||
Northwest Natural Holding Co. | 73 | 3,876 | ||||||
SJW Group | 58 | 3,620 | ||||||
Middlesex Water Co. | 37 | 3,244 | ||||||
Ameresco, Inc. — Class A* | 68 | 3,098 | ||||||
Clearway Energy, Inc. — Class A | 75 | 2,398 | ||||||
Unitil Corp. | 34 | 1,997 | ||||||
York Water Co. | 30 | 1,213 | ||||||
Artesian Resources Corp. — Class A | 18 | 885 | ||||||
Altus Power, Inc.* | 90 | 568 | ||||||
Global Water Resources, Inc. | 28 | 370 | ||||||
FTC Solar, Inc.* | 89 | 322 | ||||||
Via Renewables, Inc. | 26 | 199 | ||||||
Total Utilities | 171,013 | |||||||
Basic Materials - 2.3% | ||||||||
Rogers Corp.* | 40 | 10,484 | ||||||
Balchem Corp. | 68 | 8,822 | ||||||
Commercial Metals Co. | 259 | 8,573 | ||||||
Livent Corp.* | 348 | 7,896 | ||||||
Cabot Corp. | 119 | 7,591 | ||||||
Sensient Technologies Corp. | 90 | 7,250 | ||||||
HB Fuller Co. | 114 | 6,864 | ||||||
Arconic Corp.* | 227 | 6,367 | ||||||
Allegheny Technologies, Inc.* | 266 | 6,041 | ||||||
Ingevity Corp.* | 83 | 5,241 | ||||||
Innospec, Inc. | 53 | 5,077 | ||||||
Stepan Co. | 46 | 4,662 | ||||||
Hecla Mining Co. | 1,147 | 4,496 | ||||||
Quaker Chemical Corp. | 29 | 4,336 | ||||||
Minerals Technologies, Inc. | 70 | 4,294 | ||||||
Tronox Holdings plc — Class A | 251 | 4,217 | ||||||
Constellium SE* | 266 | 3,514 | ||||||
GCP Applied Technologies, Inc.* | 107 | 3,347 | ||||||
Trinseo plc | 78 | 3,000 | ||||||
Carpenter Technology Corp. | 102 | 2,846 | ||||||
Perimeter Solutions S.A.* | 261 | 2,829 | ||||||
Kaiser Aluminum Corp. | 34 | 2,689 | ||||||
Compass Minerals International, Inc. | 74 | 2,619 | ||||||
Sylvamo Corp. | 76 | 2,484 | ||||||
Novagold Resources, Inc.* | 513 | 2,468 | ||||||
Orion Engineered Carbons S.A. | 130 | 2,019 | ||||||
AdvanSix, Inc. | 58 | 1,939 | ||||||
Uranium Energy Corp.* | 599 | 1,845 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 56 | 1,839 | ||||||
Coeur Mining, Inc.* | 597 | 1,815 | ||||||
Schweitzer-Mauduit International, Inc. | 68 | 1,708 | ||||||
Energy Fuels, Inc.* | 335 | 1,645 | ||||||
Lightwave Logic, Inc.* | 240 | 1,570 | ||||||
Hawkins, Inc. | 42 | 1,513 | ||||||
American Vanguard Corp. | 63 | 1,408 | ||||||
Codexis, Inc.* | 131 | 1,370 | ||||||
Ecovyst, Inc. | 137 | 1,349 | ||||||
Piedmont Lithium, Inc.* | 37 | 1,347 | ||||||
Resolute Forest Products, Inc.* | 99 | 1,263 | ||||||
Neenah, Inc. | 36 | 1,229 | ||||||
Clearwater Paper Corp.* | 36 | 1,210 | ||||||
Origin Materials, Inc.* | 228 | 1,167 | ||||||
Diversey Holdings Ltd.* | 168 | 1,109 | ||||||
Intrepid Potash, Inc.* | 24 | 1,087 | ||||||
Koppers Holdings, Inc. | 44 | 996 | ||||||
Danimer Scientific, Inc.*,1 | 194 | 885 | ||||||
Kronos Worldwide, Inc. | 47 | 865 | ||||||
5E Advanced Materials, Inc.* | 69 | 841 | ||||||
Century Aluminum Co.* | 111 | 818 | ||||||
Amyris, Inc.* | 422 | 781 | ||||||
Glatfelter Corp. | 94 | 647 | ||||||
Ur-Energy, Inc.* | 449 | 476 | ||||||
United States Lime & Minerals, Inc. | 4 | 422 | ||||||
Unifi, Inc.* | 30 | 422 | ||||||
Dakota Gold Corp.* | 109 | 365 | ||||||
Hycroft Mining Holding Corp.* | 324 | 360 | ||||||
Rayonier Advanced Materials, Inc.* | 132 | 346 | ||||||
Valhi, Inc. | 5 | 227 | ||||||
PolyMet Mining Corp.* | 63 | 173 | ||||||
Terawulf, Inc.* | 46 | 55 | ||||||
Total Basic Materials | 165,118 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 59 | 783 | ||||||
Diversified - 0.0% | ||||||||
Professional Holding Corp. — Class A* | 28 | 561 | ||||||
Total Common Stocks | ||||||||
(Cost $5,682,261) | 4,876,355 |
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Tobira Therapeutics, Inc.* | 14 | $ | – | |||||
UCB* | 140 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $–) | – |
MUTUAL FUNDS† - 19.0% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class2 | 76,553 | 738,738 | ||||||
Guggenheim Strategy Fund II2 | 25,618 | 618,412 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,387,675) | 1,357,150 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 5.6% | ||||||||
U.S. Cash Management Bill 1.34% due 10/04/223,4 | $ | 381,000 | 379,185 | |||||
U.S. Treasury Bills 1.02% due 07/19/224,5 | 17,000 | 16,992 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $396,590) | 396,177 |
REPURCHASE AGREEMENTS††,6 - 16.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/223 | 645,018 | 645,018 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/223 | 251,194 | 251,194 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/223 | 248,707 | 248,707 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $1,144,919) | 1,144,919 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,7 - 0.9% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%8 | 66,042 | 66,042 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $66,042) | 66,042 | |||||||
Total Investments - 109.8% | ||||||||
(Cost $8,677,487) | $ | 7,840,643 | ||||||
Other Assets & Liabilities, net - (9.8)% | (700,120 | ) | ||||||
Total Net Assets - 100.0% | $ | 7,140,523 |
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 3 | Sep 2022 | $ | 256,275 | $ | (13,827 | ) |
Total Return Swap Agreements
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 1,404 | $ | 2,397,567 | $ | (62,298 | ) | |||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 1.78% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 617 | 1,054,252 | (195,736 | ) | |||||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 1.51% (SOFR) | At Maturity | 11/16/22 | 1,241 | 2,119,583 | (346,168 | ) | |||||||||||||||
$ | 5,571,402 | $ | (604,202 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Affiliated issuer. |
3 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
4 | Rate indicated is the effective yield at the time of purchase. |
5 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
6 | Repurchase Agreements — See Note 4. |
7 | Securities lending collateral — See Note 5. |
8 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
Russell 2000 ® 1.5x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 4,876,355 | $ | — | $ | — | $ | 4,876,355 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Mutual Funds | 1,357,150 | — | — | 1,357,150 | ||||||||||||
U.S. Treasury Bills | — | 396,177 | — | 396,177 | ||||||||||||
Repurchase Agreements | — | 1,144,919 | — | 1,144,919 | ||||||||||||
Securities Lending Collateral | 66,042 | — | — | 66,042 | ||||||||||||
Total Assets | $ | 6,299,547 | $ | 1,541,096 | $ | — | $ | 7,840,643 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 13,827 | $ | — | $ | — | $ | 13,827 | ||||||||
Equity Index Swap Agreements** | — | 604,202 | — | 604,202 | ||||||||||||
Total Liabilities | $ | 13,827 | $ | 604,202 | $ | — | $ | 618,029 |
* | Includes securities with a market value of $0. |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
Affiliated Transactions
Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.
The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles' annual report on Form N-CSR dated September 30, 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income |
Mutual Funds | ||||||||
Guggenheim Strategy Fund II | $905,308 | $– | $(275,000) | $(6,008) | $(5,888) | $618,412 | 25,618 | $3,744 |
Guggenheim Ultra Short Duration Fund — Institutional Class | 899,762 | – | (150,000) | (3,071) | (7,953) | 738,738 | 76,553 | 2,750 |
$1,805,070 | $– | $(425,000) | $(9,079) | $(13,841) | $1,357,150 | $6,494 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 80.7% | ||||||||
Financial - 19.6% | ||||||||
SouthState Corp. | 531 | $ | 40,967 | |||||
STAG Industrial, Inc. REIT | 1,277 | 39,434 | ||||||
Agree Realty Corp. REIT | 526 | 37,940 | ||||||
Glacier Bancorp, Inc. | 787 | 37,320 | ||||||
Selective Insurance Group, Inc. | 422 | 36,689 | ||||||
First Financial Bankshares, Inc. | 920 | 36,128 | ||||||
Kinsale Capital Group, Inc. | 153 | 35,135 | ||||||
Blackstone Mortgage Trust, Inc. — Class A REIT | 1,205 | 33,342 | ||||||
United Bankshares, Inc. | 938 | 32,896 | ||||||
Independence Realty Trust, Inc. REIT | 1,569 | 32,525 | ||||||
RLI Corp. | 276 | 32,179 | ||||||
Valley National Bancorp | 3,049 | 31,740 | ||||||
Old National Bancorp | 2,076 | 30,704 | ||||||
Cadence Bank | 1,297 | 30,454 | ||||||
Terreno Realty Corp. REIT | 526 | 29,314 | ||||||
Healthcare Realty Trust, Inc. REIT | 1,072 | 29,158 | ||||||
Essent Group Ltd. | 746 | 29,019 | ||||||
Ryman Hospitality Properties, Inc. REIT* | 381 | 28,967 | ||||||
Houlihan Lokey, Inc. | 361 | 28,494 | ||||||
ServisFirst Bancshares, Inc. | 355 | 28,017 | ||||||
Home BancShares, Inc. | 1,346 | 27,956 | ||||||
Physicians Realty Trust REIT | 1,592 | 27,780 | ||||||
Hancock Whitney Corp. | 610 | 27,041 | ||||||
Phillips Edison & Company, Inc. REIT1 | 809 | 27,029 | ||||||
UMB Financial Corp. | 312 | 26,863 | ||||||
PS Business Parks, Inc. REIT | 143 | 26,763 | ||||||
Kite Realty Group Trust REIT | 1,542 | 26,661 | ||||||
Independent Bank Corp. | 330 | 26,212 | ||||||
First Interstate BancSystem, Inc. — Class A | 663 | 25,267 | ||||||
Broadstone Net Lease, Inc. REIT | 1,198 | 24,571 | ||||||
Radian Group, Inc. | 1,226 | 24,091 | ||||||
Community Bank System, Inc. | 378 | 23,920 | ||||||
CVB Financial Corp. | 957 | 23,743 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT | 603 | 22,830 | ||||||
Sabra Health Care REIT, Inc. | 1,634 | 22,827 | ||||||
United Community Banks, Inc. | 752 | 22,703 | ||||||
Apple Hospitality REIT, Inc. | 1,523 | 22,342 | ||||||
Innovative Industrial Properties, Inc. REIT | 197 | 21,644 | ||||||
LXP Industrial Trust REIT | 2,002 | 21,502 | ||||||
PotlatchDeltic Corp. REIT | 483 | 21,344 | ||||||
Equity Commonwealth REIT* | 764 | 21,033 | ||||||
Eastern Bankshares, Inc. | 1,138 | 21,007 | ||||||
Walker & Dunlop, Inc. | 218 | 21,002 | ||||||
Corporate Office Properties Trust REIT | 798 | 20,900 | ||||||
BankUnited, Inc. | 578 | 20,559 | ||||||
American Equity Investment Life Holding Co. | 552 | 20,187 | ||||||
Cathay General Bancorp | 510 | 19,966 | ||||||
Essential Properties Realty Trust, Inc. REIT | 924 | 19,857 | ||||||
Federated Hermes, Inc. — Class B | 622 | 19,773 | ||||||
Pacific Premier Bancorp, Inc. | 664 | 19,415 | ||||||
Associated Banc-Corp. | 1,056 | 19,283 | ||||||
National Health Investors, Inc. REIT | 313 | 18,971 | ||||||
Texas Capital Bancshares, Inc.* | 360 | 18,950 | ||||||
Mr Cooper Group, Inc.* | 514 | 18,884 | ||||||
Simmons First National Corp. — Class A | 886 | 18,836 | ||||||
Ameris Bancorp | 468 | 18,804 | ||||||
SITE Centers Corp. REIT | 1,379 | 18,575 | ||||||
WSFS Financial Corp. | 456 | 18,281 | ||||||
Moelis & Co. — Class A | 457 | 17,983 | ||||||
Atlantic Union Bankshares Corp. | 530 | 17,978 | ||||||
First BanCorp | 1,388 | 17,919 | ||||||
Independent Bank Group, Inc. | 260 | 17,657 | ||||||
Outfront Media, Inc. REIT | 1,036 | 17,560 | ||||||
Enstar Group Ltd.* | 82 | 17,546 | ||||||
Cushman & Wakefield plc* | 1,125 | 17,145 | ||||||
Hamilton Lane, Inc. — Class A | 250 | 16,795 | ||||||
Trupanion, Inc.* | 276 | 16,632 | ||||||
Fulton Financial Corp. | 1,148 | 16,589 | ||||||
Columbia Banking System, Inc. | 558 | 15,987 | ||||||
Kennedy-Wilson Holdings, Inc. | 836 | 15,834 | ||||||
Uniti Group, Inc. REIT | 1,679 | 15,816 | ||||||
International Bancshares Corp. | 385 | 15,431 | ||||||
Pebblebrook Hotel Trust REIT | 919 | 15,228 | ||||||
Artisan Partners Asset Management, Inc. — Class A | 425 | 15,117 | ||||||
Sunstone Hotel Investors, Inc. REIT* | 1,522 | 15,098 | ||||||
Four Corners Property Trust, Inc. REIT | 567 | 15,077 | ||||||
Chimera Investment Corp. REIT | 1,683 | 14,844 | ||||||
CNO Financial Group, Inc. | 814 | 14,725 | ||||||
Axos Financial, Inc.* | 406 | 14,555 | ||||||
First Merchants Corp. | 405 | 14,426 | ||||||
Arbor Realty Trust, Inc. REIT | 1,100 | 14,421 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Jackson Financial, Inc. — Class A | 535 | $ | 14,311 | |||||
Seacoast Banking Corporation of Florida | 429 | 14,174 | ||||||
Focus Financial Partners, Inc. — Class A* | 411 | 13,999 | ||||||
Piper Sandler Cos. | 123 | 13,943 | ||||||
Washington Federal, Inc. | 459 | 13,779 | ||||||
Banner Corp. | 242 | 13,603 | ||||||
Retail Opportunity Investments Corp. REIT | 853 | 13,460 | ||||||
BancFirst Corp. | 139 | 13,304 | ||||||
Macerich Co. REIT | 1,524 | 13,274 | ||||||
Washington Real Estate Investment Trust REIT | 619 | 13,191 | ||||||
Bread Financial Holdings, Inc. | 354 | 13,119 | ||||||
Flagstar Bancorp, Inc. | 370 | 13,116 | ||||||
WesBanco, Inc. | 413 | 13,096 | ||||||
McGrath RentCorp | 172 | 13,072 | ||||||
TowneBank | 477 | 12,951 | ||||||
RLJ Lodging Trust REIT | 1,164 | 12,839 | ||||||
First Financial Bancorp | 660 | 12,804 | ||||||
Genworth Financial, Inc. — Class A* | 3,602 | 12,715 | ||||||
Trustmark Corp. | 434 | 12,668 | ||||||
CareTrust REIT, Inc. | 683 | 12,595 | ||||||
InvenTrust Properties Corp. REIT | 480 | 12,379 | ||||||
Park National Corp. | 102 | 12,367 | ||||||
Urban Edge Properties REIT | 810 | 12,320 | ||||||
Easterly Government Properties, Inc. REIT | 645 | 12,281 | ||||||
Sandy Spring Bancorp, Inc. | 313 | 12,229 | ||||||
DiamondRock Hospitality Co. REIT* | 1,484 | 12,184 | ||||||
Two Harbors Investment Corp. REIT | 2,445 | 12,176 | ||||||
Stock Yards Bancorp, Inc. | 203 | 12,143 | ||||||
Heartland Financial USA, Inc. | 291 | 12,088 | ||||||
PJT Partners, Inc. — Class A | 170 | 11,948 | ||||||
Silvergate Capital Corp. — Class A* | 222 | 11,884 | ||||||
Provident Financial Services, Inc. | 529 | 11,776 | ||||||
Xenia Hotels & Resorts, Inc. REIT* | 810 | 11,769 | ||||||
Brandywine Realty Trust REIT | 1,202 | 11,587 | ||||||
Hilltop Holdings, Inc. | 434 | 11,570 | ||||||
Lakeland Financial Corp. | 174 | 11,557 | ||||||
Navient Corp. | 822 | 11,500 | ||||||
Cohen & Steers, Inc. | 180 | 11,446 | ||||||
Piedmont Office Realty Trust, Inc. — Class A REIT | 870 | 11,414 | ||||||
Hope Bancorp, Inc. | 820 | 11,349 | ||||||
Horace Mann Educators Corp. | 295 | 11,322 | ||||||
Renasant Corp. | 387 | 11,149 | ||||||
NBT Bancorp, Inc. | 296 | 11,127 | ||||||
Palomar Holdings, Inc.* | 172 | 11,077 | ||||||
Northwest Bancshares, Inc. | 860 | 11,008 | ||||||
Bank of NT Butterfield & Son Ltd. | 352 | 10,979 | ||||||
Claros Mortgage Trust, Inc. | 651 | 10,904 | ||||||
Veritex Holdings, Inc. | 372 | 10,885 | ||||||
Triumph Bancorp, Inc.* | 170 | 10,635 | ||||||
Eagle Bancorp, Inc. | 224 | 10,620 | ||||||
LTC Properties, Inc. REIT | 276 | 10,596 | ||||||
Global Net Lease, Inc. REIT | 737 | 10,436 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 996 | 10,398 | ||||||
Enterprise Financial Services Corp. | 250 | 10,375 | ||||||
American Assets Trust, Inc. REIT | 349 | 10,365 | ||||||
Cannae Holdings, Inc.* | 535 | 10,347 | ||||||
Westamerica BanCorp | 185 | 10,297 | ||||||
Acadia Realty Trust REIT | 659 | 10,294 | ||||||
TriCo Bancshares | 224 | 10,223 | ||||||
PRA Group, Inc.* | 281 | 10,217 | ||||||
Tanger Factory Outlet Centers, Inc. REIT | 718 | 10,210 | ||||||
Newmark Group, Inc. — Class A | 1,046 | 10,115 | ||||||
FB Financial Corp. | 257 | 10,080 | ||||||
NexPoint Residential Trust, Inc. REIT | 160 | 10,002 | ||||||
BRP Group, Inc. — Class A* | 414 | 9,998 | ||||||
NMI Holdings, Inc. — Class A* | 598 | 9,957 | ||||||
Encore Capital Group, Inc.* | 171 | 9,879 | ||||||
Safety Insurance Group, Inc. | 101 | 9,807 | ||||||
StepStone Group, Inc. — Class A | 373 | 9,709 | ||||||
St. Joe Co. | 244 | 9,653 | ||||||
Paramount Group, Inc. REIT | 1,321 | 9,551 | ||||||
StoneX Group, Inc.* | 122 | 9,525 | ||||||
Stewart Information Services Corp. | 190 | 9,452 | ||||||
Alexander & Baldwin, Inc. REIT | 513 | 9,208 | ||||||
Compass Diversified Holdings | 429 | 9,189 | ||||||
PennyMac Financial Services, Inc. | 209 | 9,135 | ||||||
Nelnet, Inc. — Class A | 106 | 9,037 | ||||||
ProAssurance Corp. | 382 | 9,027 | ||||||
PennyMac Mortgage Investment Trust REIT | 651 | 9,003 | ||||||
Centerspace REIT | 109 | 8,889 | ||||||
First Commonwealth Financial Corp. | 661 | 8,871 | ||||||
First Bancorp | 250 | 8,725 | ||||||
Virtus Investment Partners, Inc. | 51 | 8,722 | ||||||
OFG Bancorp | 337 | 8,560 | ||||||
Ladder Capital Corp. — Class A REIT | 804 | 8,474 | ||||||
Capitol Federal Financial, Inc. | 920 | 8,446 | ||||||
LendingClub Corp.* | 717 | 8,382 | ||||||
Mercury General Corp. | 189 | 8,373 | ||||||
First Busey Corp. | 365 | 8,340 | ||||||
City Holding Co. | 104 | 8,308 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Argo Group International Holdings Ltd. | 225 | $ | 8,293 | |||||
Employers Holdings, Inc. | 195 | 8,169 | ||||||
Berkshire Hills Bancorp, Inc. | 327 | 8,100 | ||||||
Southside Bancshares, Inc. | 216 | 8,083 | ||||||
Veris Residential, Inc. REIT* | 610 | 8,076 | ||||||
Radius Global Infrastructure, Inc. — Class A* | 529 | 8,073 | ||||||
Anywhere Real Estate, Inc.* | 820 | 8,061 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 596 | 8,034 | ||||||
Meta Financial Group, Inc. | 205 | 7,927 | ||||||
Getty Realty Corp. REIT | 299 | 7,924 | ||||||
National Bank Holdings Corp. — Class A | 207 | 7,922 | ||||||
Live Oak Bancshares, Inc. | 232 | 7,862 | ||||||
OceanFirst Financial Corp. | 411 | 7,862 | ||||||
MFA Financial, Inc. REIT | 726 | 7,805 | ||||||
Bancorp, Inc.* | 394 | 7,691 | ||||||
BGC Partners, Inc. — Class A | 2,261 | 7,620 | ||||||
S&T Bancorp, Inc. | 276 | 7,571 | ||||||
New York Mortgage Trust, Inc. REIT | 2,690 | 7,424 | ||||||
Customers Bancorp, Inc.* | 219 | 7,424 | ||||||
First Foundation, Inc. | 362 | 7,414 | ||||||
Tompkins Financial Corp. | 100 | 7,210 | ||||||
Brookline Bancorp, Inc. | 537 | 7,147 | ||||||
AMERISAFE, Inc. | 136 | 7,073 | ||||||
Dime Community Bancshares, Inc. | 236 | 6,997 | ||||||
Flywire Corp.* | 391 | 6,893 | ||||||
Necessity Retail REIT, Inc. | 946 | 6,887 | ||||||
Empire State Realty Trust, Inc. — Class A REIT | 978 | 6,875 | ||||||
Banc of California, Inc. | 389 | 6,854 | ||||||
Apartment Investment and Management Co. — Class A REIT* | 1,060 | 6,784 | ||||||
Office Properties Income Trust REIT | 339 | 6,763 | ||||||
German American Bancorp, Inc. | 196 | 6,699 | ||||||
Compass, Inc. — Class A* | 1,844 | 6,657 | ||||||
Preferred Bank/Los Angeles CA | 97 | 6,598 | ||||||
Redwood Trust, Inc. REIT | 851 | 6,561 | ||||||
Marcus & Millichap, Inc. | 176 | 6,510 | ||||||
Enova International, Inc.* | 225 | 6,484 | ||||||
Industrial Logistics Properties Trust REIT | 460 | 6,477 | ||||||
Lakeland Bancorp, Inc. | 441 | 6,447 | ||||||
James River Group Holdings Ltd. | 260 | 6,443 | ||||||
NETSTREIT Corp. REIT | 341 | 6,435 | ||||||
ConnectOne Bancorp, Inc. | 263 | 6,430 | ||||||
iStar, Inc. REIT | 469 | 6,430 | ||||||
KKR Real Estate Finance Trust, Inc. REIT | 366 | 6,387 | ||||||
Premier Financial Corp. | 251 | 6,363 | ||||||
QCR Holdings, Inc. | 117 | 6,317 | ||||||
Nicolet Bankshares, Inc.* | 87 | 6,294 | ||||||
Farmer Mac — Class C | 64 | 6,250 | ||||||
Ready Capital Corp. REIT | 524 | 6,246 | ||||||
UMH Properties, Inc. REIT | 350 | 6,181 | ||||||
Broadmark Realty Capital, Inc. REIT | 921 | 6,180 | ||||||
Origin Bancorp, Inc. | 159 | 6,169 | ||||||
Goosehead Insurance, Inc. — Class A | 135 | 6,165 | ||||||
Heritage Financial Corp. | 245 | 6,164 | ||||||
Blucora, Inc.* | 333 | 6,147 | ||||||
Redfin Corp.* | 743 | 6,122 | ||||||
Armada Hoffler Properties, Inc. REIT | 475 | 6,099 | ||||||
B Riley Financial, Inc. | 144 | 6,084 | ||||||
Community Healthcare Trust, Inc. REIT | 168 | 6,083 | ||||||
Service Properties Trust REIT | 1,162 | 6,077 | ||||||
Washington Trust Bancorp, Inc. | 123 | 5,950 | ||||||
Ellington Financial, Inc. REIT | 402 | 5,897 | ||||||
RPT Realty REIT | 591 | 5,810 | ||||||
eXp World Holdings, Inc. | 485 | 5,708 | ||||||
Amerant Bancorp, Inc. | 199 | 5,596 | ||||||
GEO Group, Inc. REIT* | 838 | 5,531 | ||||||
Safehold, Inc. REIT | 154 | 5,447 | ||||||
Summit Hotel Properties, Inc. REIT* | 741 | 5,387 | ||||||
Columbia Financial, Inc.* | 245 | 5,343 | ||||||
Bluerock Residential Growth REIT, Inc. | 203 | 5,337 | ||||||
Univest Financial Corp. | 206 | 5,241 | ||||||
Peoples Bancorp, Inc. | 197 | 5,240 | ||||||
Lemonade, Inc.*,1 | 285 | 5,204 | ||||||
1st Source Corp. | 114 | 5,176 | ||||||
Allegiance Bancshares, Inc. | 137 | 5,173 | ||||||
United Fire Group, Inc. | 151 | 5,169 | ||||||
ARMOUR Residential REIT, Inc.1 | 727 | 5,118 | ||||||
Gladstone Commercial Corp. REIT | 271 | 5,106 | ||||||
BrightSpire Capital, Inc. REIT | 674 | 5,089 | ||||||
Metropolitan Bank Holding Corp.* | 73 | 5,068 | ||||||
Gladstone Land Corp. REIT | 228 | 5,053 | ||||||
Horizon Bancorp, Inc. | 285 | 4,965 | ||||||
WisdomTree Investments, Inc. | 964 | 4,887 | ||||||
Kearny Financial Corp. | 439 | 4,877 | ||||||
Global Medical REIT, Inc. | 432 | 4,851 | ||||||
Universal Health Realty Income Trust REIT | 91 | 4,842 | ||||||
Hanmi Financial Corp. | 214 | 4,802 | ||||||
First Mid Bancshares, Inc. | 132 | 4,708 | ||||||
International Money Express, Inc.* | 230 | 4,708 | ||||||
Plymouth Industrial REIT, Inc. | 267 | 4,683 | ||||||
Enact Holdings, Inc. | 213 | 4,575 | ||||||
Camden National Corp. | 102 | 4,493 | ||||||
Community Trust Bancorp, Inc. | 111 | 4,489 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Farmland Partners, Inc. REIT | 324 | $ | 4,471 | |||||
HarborOne Bancorp, Inc. | 323 | 4,454 | ||||||
Heritage Commerce Corp. | 416 | 4,447 | ||||||
Orion Office REIT, Inc. | 404 | 4,428 | ||||||
CBL & Associates Properties, Inc. REIT | 188 | 4,416 | ||||||
Cowen, Inc. — Class A | 186 | 4,406 | ||||||
HomeStreet, Inc. | 127 | 4,403 | ||||||
TPG RE Finance Trust, Inc. REIT | 488 | 4,397 | ||||||
Flushing Financial Corp. | 204 | 4,337 | ||||||
CrossFirst Bankshares, Inc.* | 322 | 4,250 | ||||||
Brookfield Business Corp. — Class A | 184 | 4,234 | ||||||
MBIA, Inc.* | 340 | 4,199 | ||||||
Byline Bancorp, Inc. | 174 | 4,141 | ||||||
Brightsphere Investment Group, Inc. | 229 | 4,124 | ||||||
TrustCo Bank Corporation NY | 133 | 4,102 | ||||||
Central Pacific Financial Corp. | 191 | 4,097 | ||||||
Dynex Capital, Inc. REIT | 257 | 4,091 | ||||||
Northfield Bancorp, Inc. | 310 | 4,039 | ||||||
Old Second Bancorp, Inc. | 300 | 4,014 | ||||||
Great Southern Bancorp, Inc. | 68 | 3,982 | ||||||
First Bancshares, Inc. | 139 | 3,975 | ||||||
Cambridge Bancorp | 48 | 3,970 | ||||||
Saul Centers, Inc. REIT | 84 | 3,957 | ||||||
City Office REIT, Inc. | 302 | 3,911 | ||||||
Ares Commercial Real Estate Corp. REIT | 317 | 3,877 | ||||||
Diamond Hill Investment Group, Inc. | 22 | 3,820 | ||||||
Ambac Financial Group, Inc.* | 324 | 3,677 | ||||||
Peapack-Gladstone Financial Corp. | 123 | 3,653 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 378 | 3,618 | ||||||
Midland States Bancorp, Inc. | 150 | 3,606 | ||||||
First Financial Corp. | 81 | 3,604 | ||||||
Orchid Island Capital, Inc. REIT1 | 1,259 | 3,588 | ||||||
Whitestone REIT — Class B | 331 | 3,558 | ||||||
Chatham Lodging Trust REIT* | 339 | 3,543 | ||||||
SiriusPoint Ltd.* | 652 | 3,534 | ||||||
Bank of Marin Bancorp | 111 | 3,528 | ||||||
CatchMark Timber Trust, Inc. — Class A REIT | 347 | 3,491 | ||||||
Bank First Corp. | 46 | 3,487 | ||||||
Mercantile Bank Corp. | 109 | 3,483 | ||||||
Invesco Mortgage Capital, Inc. REIT | 236 | 3,465 | ||||||
CBTX, Inc. | 130 | 3,457 | ||||||
HCI Group, Inc. | 51 | 3,456 | ||||||
First Community Bankshares, Inc. | 116 | 3,412 | ||||||
Urstadt Biddle Properties, Inc. — Class A REIT | 210 | 3,402 | ||||||
Farmers National Banc Corp. | 223 | 3,345 | ||||||
Alexander's, Inc. REIT | 15 | 3,332 | ||||||
RE/MAX Holdings, Inc. — Class A | 133 | 3,261 | ||||||
World Acceptance Corp.* | 29 | 3,255 | ||||||
National Western Life Group, Inc. — Class A | 16 | 3,243 | ||||||
LendingTree, Inc.* | 74 | 3,243 | ||||||
Business First Bancshares, Inc. | 150 | 3,196 | ||||||
Equity Bancshares, Inc. — Class A | 109 | 3,178 | ||||||
RMR Group, Inc. — Class A | 109 | 3,090 | ||||||
Arrow Financial Corp. | 97 | 3,086 | ||||||
Diversified Healthcare Trust REIT | 1,683 | 3,063 | ||||||
Republic Bancorp, Inc. — Class A | 63 | 3,040 | ||||||
One Liberty Properties, Inc. REIT | 116 | 3,014 | ||||||
MidWestOne Financial Group, Inc. | 100 | 2,972 | ||||||
Franklin Street Properties Corp. REIT | 699 | 2,915 | ||||||
AssetMark Financial Holdings, Inc.* | 153 | 2,872 | ||||||
Farmers & Merchants Bancorp Incorporated/Archbold OH | 86 | 2,854 | ||||||
Hingham Institution For Savings The | 10 | 2,838 | ||||||
FRP Holdings, Inc.* | 47 | 2,836 | ||||||
Capstar Financial Holdings, Inc. | 144 | 2,825 | ||||||
Coastal Financial Corp.* | 74 | 2,821 | ||||||
Victory Capital Holdings, Inc. — Class A | 117 | 2,820 | ||||||
Financial Institutions, Inc. | 108 | 2,810 | ||||||
West BanCorp, Inc. | 115 | 2,799 | ||||||
Peoples Financial Services Corp. | 50 | 2,792 | ||||||
First of Long Island Corp. | 158 | 2,770 | ||||||
CNB Financial Corp. | 114 | 2,758 | ||||||
Mid Penn Bancorp, Inc. | 102 | 2,751 | ||||||
Independent Bank Corp. | 142 | 2,738 | ||||||
Bar Harbor Bankshares | 105 | 2,715 | ||||||
Metrocity Bankshares, Inc. | 132 | 2,681 | ||||||
Capital City Bank Group, Inc. | 96 | 2,677 | ||||||
EZCORP, Inc. — Class A* | 354 | 2,659 | ||||||
SmartFinancial, Inc. | 110 | 2,658 | ||||||
HomeTrust Bancshares, Inc. | 104 | 2,600 | ||||||
Citizens & Northern Corp. | 107 | 2,586 | ||||||
Douglas Elliman, Inc. | 535 | 2,563 | ||||||
American National Bankshares, Inc. | 74 | 2,561 | ||||||
Alerus Financial Corp. | 107 | 2,548 | ||||||
Southern Missouri Bancorp, Inc. | 56 | 2,535 | ||||||
Merchants Bancorp | 111 | 2,516 | ||||||
CTO Realty Growth, Inc. REIT | 41 | 2,506 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Waterstone Financial, Inc. | 142 | $ | 2,421 | |||||
Universal Insurance Holdings, Inc. | 185 | 2,411 | ||||||
Five Star Bancorp | 90 | 2,378 | ||||||
First Internet Bancorp | 64 | 2,356 | ||||||
Bridgewater Bancshares, Inc.* | 146 | 2,356 | ||||||
Southern First Bancshares, Inc.* | 54 | 2,354 | ||||||
Selectquote, Inc.* | 946 | 2,346 | ||||||
Shore Bancshares, Inc. | 126 | 2,331 | ||||||
Carter Bankshares, Inc.* | 172 | 2,270 | ||||||
Indus Realty Trust, Inc. REIT | 38 | 2,256 | ||||||
MVB Financial Corp. | 72 | 2,240 | ||||||
Blue Foundry Bancorp* | 186 | 2,230 | ||||||
Civista Bancshares, Inc. | 104 | 2,211 | ||||||
Summit Financial Group, Inc. | 79 | 2,195 | ||||||
RBB Bancorp | 106 | 2,191 | ||||||
Cedar Realty Trust, Inc. REIT | 76 | 2,188 | ||||||
Hersha Hospitality Trust REIT* | 222 | 2,178 | ||||||
Primis Financial Corp. | 157 | 2,140 | ||||||
Enterprise Bancorp, Inc. | 66 | 2,125 | ||||||
Sierra Bancorp | 97 | 2,108 | ||||||
Guaranty Bancshares, Inc. | 58 | 2,102 | ||||||
First Bancorp, Inc. | 69 | 2,079 | ||||||
Braemar Hotels & Resorts, Inc. REIT | 484 | 2,076 | ||||||
GCM Grosvenor, Inc. — Class A | 303 | 2,076 | ||||||
Regional Management Corp. | 55 | 2,055 | ||||||
Oppenheimer Holdings, Inc. — Class A | 62 | 2,048 | ||||||
Amalgamated Financial Corp. | 100 | 1,978 | ||||||
Third Coast Bancshares, Inc.* | 90 | 1,971 | ||||||
Perella Weinberg Partners | 330 | 1,924 | ||||||
Baycom Corp. | 92 | 1,903 | ||||||
Postal Realty Trust, Inc. — Class A REIT | 125 | 1,863 | ||||||
Blue Ridge Bankshares, Inc. | 121 | 1,854 | ||||||
Orrstown Financial Services, Inc. | 76 | 1,837 | ||||||
John Marshall Bancorp, Inc. | 81 | 1,826 | ||||||
Donegal Group, Inc. — Class A | 107 | 1,824 | ||||||
BRT Apartments Corp. REIT | 84 | 1,805 | ||||||
Tiptree, Inc. — Class A | 169 | 1,795 | ||||||
ACNB Corp. | 60 | 1,781 | ||||||
First Business Financial Services, Inc. | 57 | 1,778 | ||||||
Home Bancorp, Inc. | 52 | 1,775 | ||||||
Northeast Bank | 48 | 1,753 | ||||||
Colony Bankcorp, Inc. | 116 | 1,750 | ||||||
South Plains Financial, Inc. | 72 | 1,738 | ||||||
BCB Bancorp, Inc. | 102 | 1,737 | ||||||
Red River Bancshares, Inc. | 32 | 1,731 | ||||||
AFC Gamma, Inc. REIT | 112 | 1,717 | ||||||
PCSB Financial Corp. | 88 | 1,680 | ||||||
Macatawa Bank Corp. | 186 | 1,644 | ||||||
Esquire Financial Holdings, Inc. | 49 | 1,632 | ||||||
Oportun Financial Corp.* | 197 | 1,629 | ||||||
Seritage Growth Properties REIT* | 311 | 1,620 | ||||||
eHealth, Inc.* | 172 | 1,605 | ||||||
Provident Bancorp, Inc. | 102 | 1,601 | ||||||
FVCBankcorp, Inc.* | 85 | 1,601 | ||||||
Hippo Holdings, Inc.* | 1,801 | 1,582 | ||||||
Sculptor Capital Management, Inc. | 186 | 1,553 | ||||||
First Bank/Hamilton NJ | 110 | 1,538 | ||||||
PCB Bancorp | 82 | 1,532 | ||||||
First Western Financial, Inc.* | 56 | 1,523 | ||||||
Parke Bancorp, Inc. | 72 | 1,509 | ||||||
Ashford Hospitality Trust, Inc. REIT* | 243 | 1,453 | ||||||
NerdWallet, Inc. — Class A* | 182 | 1,443 | ||||||
Greenlight Capital Re Ltd. — Class A* | 185 | 1,430 | ||||||
Investors Title Co. | 9 | 1,412 | ||||||
Manning & Napier, Inc. — Class A | 112 | 1,397 | ||||||
Capital Bancorp, Inc. | 64 | 1,389 | ||||||
Luther Burbank Corp. | 106 | 1,383 | ||||||
Stratus Properties, Inc.* | 42 | 1,353 | ||||||
Unity Bancorp, Inc. | 50 | 1,324 | ||||||
Republic First Bancorp, Inc.* | 342 | 1,303 | ||||||
HBT Financial, Inc. | 72 | 1,287 | ||||||
Bankwell Financial Group, Inc. | 40 | 1,242 | ||||||
Root, Inc. — Class A* | 989 | 1,177 | ||||||
Silvercrest Asset Management Group, Inc. — Class A | 71 | 1,165 | ||||||
Nexpoint Real Estate Finance, Inc. REIT | 56 | 1,135 | ||||||
Angel Oak Mortgage, Inc. REIT | 85 | 1,102 | ||||||
Greene County Bancorp, Inc. | 24 | 1,087 | ||||||
Atlanticus Holdings Corp.* | 30 | 1,055 | ||||||
Offerpad Solutions, Inc.* | 483 | 1,053 | ||||||
Consumer Portfolio Services, Inc.* | 102 | 1,045 | ||||||
First Guaranty Bancshares, Inc. | 43 | 1,045 | ||||||
Doma Holdings, Inc.* | 969 | 998 | ||||||
Trean Insurance Group, Inc.* | 160 | 997 | ||||||
NI Holdings, Inc.* | 60 | 986 | ||||||
Crawford & Co. — Class A | 119 | 928 | ||||||
USCB Financial Holdings, Inc.* | 76 | 877 | ||||||
Curo Group Holdings Corp. | 155 | 857 | ||||||
Legacy Housing Corp.* | 62 | 809 | ||||||
Pioneer Bancorp, Inc.* | 82 | 804 | ||||||
Pzena Investment Management, Inc. — Class A | 118 | 778 | ||||||
Chicago Atlantic Real Estate Finance, Inc. | 49 | 738 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
GAMCO Investors, Inc. — Class A | 34 | $ | 711 | |||||
Sterling Bancorp, Inc.* | 121 | 690 | ||||||
Velocity Financial, Inc.* | 62 | 681 | ||||||
Clipper Realty, Inc. REIT | 85 | 656 | ||||||
Sunlight Financial Holdings, Inc.* | 172 | 507 | ||||||
SWK Holdings Corp.* | 25 | 437 | ||||||
Finance of America Companies, Inc. — Class A* | 275 | 432 | ||||||
Associated Capital Group, Inc. — Class A | 12 | 430 | ||||||
Transcontinental Realty Investors, Inc.* | 9 | 358 | ||||||
OppFi, Inc.* | 95 | 313 | ||||||
Cryptyde, Inc.* | 131 | 266 | ||||||
Home Point Capital, Inc.1 | 57 | 223 | ||||||
American Realty Investors, Inc.* | 11 | 156 | ||||||
Applied Blockchain, Inc.* | 57 | 60 | ||||||
Total Financial | 3,901,566 | |||||||
Consumer, Non-cyclical - 19.4% | ||||||||
Biohaven Pharmaceutical Holding Company Ltd.* | 442 | 64,260 | ||||||
Shockwave Medical, Inc.* | 252 | 48,175 | ||||||
Halozyme Therapeutics, Inc.* | 961 | 42,284 | ||||||
Intra-Cellular Therapies, Inc.* | 648 | 36,988 | ||||||
HealthEquity, Inc.* | 587 | 36,036 | ||||||
Omnicell, Inc.* | 311 | 35,376 | ||||||
Inspire Medical Systems, Inc.* | 192 | 35,073 | ||||||
AMN Healthcare Services, Inc.* | 316 | 34,668 | ||||||
Alkermes plc* | 1,154 | 34,378 | ||||||
LHC Group, Inc.* | 211 | 32,861 | ||||||
Sanderson Farms, Inc. | 151 | 32,545 | ||||||
ASGN, Inc.* | 355 | 32,039 | ||||||
Lantheus Holdings, Inc.* | 484 | 31,958 | ||||||
Medpace Holdings, Inc.* | 195 | 29,186 | ||||||
Apellis Pharmaceuticals, Inc.* | 643 | 29,076 | ||||||
Option Care Health, Inc.* | 1,017 | 28,262 | ||||||
Ensign Group, Inc. | 381 | 27,992 | ||||||
Intellia Therapeutics, Inc.* | 534 | 27,640 | ||||||
Helen of Troy Ltd.* | 169 | 27,447 | ||||||
Insperity, Inc. | 257 | 25,656 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 728 | 25,633 | ||||||
Celsius Holdings, Inc.* | 387 | 25,255 | ||||||
Turning Point Therapeutics, Inc.* | 324 | 24,381 | ||||||
Simply Good Foods Co.* | 638 | 24,097 | ||||||
STAAR Surgical Co.* | 339 | 24,045 | ||||||
LivaNova plc* | 380 | 23,739 | ||||||
Triton International Ltd. | 450 | 23,693 | ||||||
Karuna Therapeutics, Inc.* | 187 | 23,657 | ||||||
Haemonetics Corp.* | 360 | 23,465 | ||||||
Inari Medical, Inc.* | 341 | 23,185 | ||||||
Cytokinetics, Inc.* | 581 | 22,827 | ||||||
iRhythm Technologies, Inc.* | 211 | 22,794 | ||||||
Korn Ferry | 380 | 22,048 | ||||||
API Group Corp.* | 1,464 | 21,916 | ||||||
Merit Medical Systems, Inc.* | 396 | 21,491 | ||||||
Blueprint Medicines Corp.* | 423 | 21,366 | ||||||
Alarm.com Holdings, Inc.* | 340 | 21,032 | ||||||
Amicus Therapeutics, Inc.* | 1,951 | 20,954 | ||||||
Prestige Consumer Healthcare, Inc.* | 356 | 20,933 | ||||||
Hostess Brands, Inc.* | 976 | 20,701 | ||||||
BellRing Brands, Inc.* | 828 | 20,609 | ||||||
ABM Industries, Inc. | 474 | 20,581 | ||||||
TriNet Group, Inc.* | 265 | 20,569 | ||||||
Denali Therapeutics, Inc.* | 697 | 20,513 | ||||||
R1 RCM, Inc.* | 956 | 20,038 | ||||||
Brink's Co. | 329 | 19,974 | ||||||
PTC Therapeutics, Inc.* | 497 | 19,910 | ||||||
Sprouts Farmers Market, Inc.* | 777 | 19,674 | ||||||
WD-40 Co. | 97 | 19,532 | ||||||
CONMED Corp. | 200 | 19,152 | ||||||
Axonics, Inc.* | 332 | 18,814 | ||||||
Patterson Companies, Inc. | 617 | 18,695 | ||||||
Coca-Cola Consolidated, Inc. | 33 | 18,609 | ||||||
Pacira BioSciences, Inc.* | 318 | 18,539 | ||||||
Neogen Corp.* | 766 | 18,453 | ||||||
NuVasive, Inc.* | 371 | 18,238 | ||||||
Select Medical Holdings Corp. | 764 | 18,046 | ||||||
Lancaster Colony Corp. | 138 | 17,772 | ||||||
Beam Therapeutics, Inc.* | 450 | 17,419 | ||||||
Insmed, Inc.* | 844 | 16,644 | ||||||
Integer Holdings Corp.* | 234 | 16,534 | ||||||
Chegg, Inc.* | 880 | 16,526 | ||||||
Owens & Minor, Inc. | 522 | 16,417 | ||||||
Herc Holdings, Inc. | 182 | 16,407 | ||||||
Alight, Inc. — Class A* | 2,403 | 16,220 | ||||||
United Natural Foods, Inc.* | 411 | 16,193 | ||||||
EVERTEC, Inc. | 425 | 15,674 | ||||||
AbCellera Biologics, Inc.* | 1,465 | 15,602 | ||||||
Covetrus, Inc.* | 749 | 15,542 | ||||||
Progyny, Inc.* | 529 | 15,367 | ||||||
Graham Holdings Co. — Class B | 27 | 15,305 | ||||||
StoneCo Ltd. — Class A* | 1,961 | 15,100 | ||||||
J & J Snack Foods Corp. | 108 | 15,083 | ||||||
TreeHouse Foods, Inc.* | 360 | 15,055 | ||||||
Primo Water Corp. | 1,115 | 14,919 | ||||||
Glaukos Corp.* | 324 | 14,716 | ||||||
Multiplan Corp.* | 2,674 | 14,680 | ||||||
Fate Therapeutics, Inc.* | 589 | 14,595 | ||||||
Arvinas, Inc.* | 345 | 14,521 | ||||||
John Wiley & Sons, Inc. — Class A | 304 | 14,519 | ||||||
Medifast, Inc. | 80 | 14,441 | ||||||
Corcept Therapeutics, Inc.* | 603 | 14,339 | ||||||
Herbalife Nutrition Ltd.* | 701 | 14,335 | ||||||
Global Blood Therapeutics, Inc.* | 441 | 14,090 | ||||||
CBIZ, Inc.* | 348 | 13,906 | ||||||
BioCryst Pharmaceuticals, Inc.* | 1,312 | 13,881 | ||||||
Twist Bioscience Corp.* | 397 | 13,879 | ||||||
Sabre Corp.* | 2,308 | 13,456 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Cal-Maine Foods, Inc. | 269 | $ | 13,291 | |||||
AtriCure, Inc.* | 323 | 13,198 | ||||||
Edgewell Personal Care Co. | 381 | 13,152 | ||||||
Vir Biotechnology, Inc.* | 513 | 13,066 | ||||||
MEDNAX, Inc.* | 608 | 12,774 | ||||||
Hain Celestial Group, Inc.* | 532 | 12,630 | ||||||
ICF International, Inc. | 131 | 12,445 | ||||||
LiveRamp Holdings, Inc.* | 475 | 12,260 | ||||||
ACADIA Pharmaceuticals, Inc.* | 851 | 11,991 | ||||||
Sage Therapeutics, Inc.* | 369 | 11,919 | ||||||
Iovance Biotherapeutics, Inc.* | 1,067 | 11,780 | ||||||
Stride, Inc.* | 287 | 11,707 | ||||||
Central Garden & Pet Co. — Class A* | 289 | 11,563 | ||||||
Strategic Education, Inc. | 163 | 11,505 | ||||||
Adtalem Global Education, Inc.* | 318 | 11,438 | ||||||
B&G Foods, Inc.1 | 481 | 11,438 | ||||||
Coursera, Inc.* | 798 | 11,316 | ||||||
Ironwood Pharmaceuticals, Inc. — Class A* | 967 | 11,150 | ||||||
Xencor, Inc.* | 406 | 11,112 | ||||||
ChemoCentryx, Inc.* | 448 | 11,101 | ||||||
Emergent BioSolutions, Inc.* | 356 | 11,050 | ||||||
Nevro Corp.* | 247 | 10,826 | ||||||
Vector Group Ltd. | 1,017 | 10,679 | ||||||
Dynavax Technologies Corp.* | 837 | 10,538 | ||||||
elf Beauty, Inc.* | 343 | 10,523 | ||||||
Travere Therapeutics, Inc.* | 431 | 10,443 | ||||||
Beyond Meat, Inc.*,1 | 434 | 10,390 | ||||||
Universal Corp. | 171 | 10,346 | ||||||
Embecta Corp.* | 406 | 10,280 | ||||||
Myriad Genetics, Inc.* | 563 | 10,230 | ||||||
Cerevel Therapeutics Holdings, Inc.* | 385 | 10,179 | ||||||
Monro, Inc. | 236 | 10,120 | ||||||
Veracyte, Inc.* | 507 | 10,089 | ||||||
US Physical Therapy, Inc. | 92 | 10,046 | ||||||
Supernus Pharmaceuticals, Inc.* | 347 | 10,035 | ||||||
MGP Ingredients, Inc. | 99 | 9,909 | ||||||
Krystal Biotech, Inc.* | 148 | 9,718 | ||||||
Huron Consulting Group, Inc.* | 149 | 9,684 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 107 | 9,547 | ||||||
Aurinia Pharmaceuticals, Inc.* | 949 | 9,537 | ||||||
CoreCivic, Inc.* | 854 | 9,488 | ||||||
Amphastar Pharmaceuticals, Inc.* | 271 | 9,428 | ||||||
Chefs' Warehouse, Inc.* | 241 | 9,372 | ||||||
Laureate Education, Inc. — Class A | 802 | 9,279 | ||||||
Inter Parfums, Inc. | 127 | 9,279 | ||||||
CorVel Corp.* | 63 | 9,278 | ||||||
Meridian Bioscience, Inc.* | 304 | 9,248 | ||||||
Arcus Biosciences, Inc.* | 364 | 9,224 | ||||||
AdaptHealth Corp.* | 511 | 9,218 | ||||||
Avanos Medical, Inc.* | 333 | 9,104 | ||||||
Beauty Health Co.* | 706 | 9,079 | ||||||
Addus HomeCare Corp.* | 109 | 9,077 | ||||||
Harmony Biosciences Holdings, Inc.* | 186 | 9,071 | ||||||
Relay Therapeutics, Inc.* | 541 | 9,062 | ||||||
Textainer Group Holdings Ltd. | 329 | 9,018 | ||||||
Silk Road Medical, Inc.* | 245 | 8,916 | ||||||
Kforce, Inc. | 144 | 8,833 | ||||||
Ingles Markets, Inc. — Class A | 101 | 8,762 | ||||||
Celldex Therapeutics, Inc.* | 324 | 8,735 | ||||||
Weis Markets, Inc. | 117 | 8,721 | ||||||
REVOLUTION Medicines, Inc.* | 446 | 8,693 | ||||||
Cytek Biosciences, Inc.* | 808 | 8,670 | ||||||
Green Dot Corp. — Class A* | 344 | 8,638 | ||||||
Agios Pharmaceuticals, Inc.* | 386 | 8,558 | ||||||
Vericel Corp.* | 334 | 8,410 | ||||||
ZipRecruiter, Inc. — Class A* | 565 | 8,373 | ||||||
Fulgent Genetics, Inc.* | 153 | 8,343 | ||||||
Kura Oncology, Inc.* | 450 | 8,249 | ||||||
National Beverage Corp. | 167 | 8,173 | ||||||
Surgery Partners, Inc.* | 281 | 8,127 | ||||||
Vaxcyte, Inc.* | 373 | 8,116 | ||||||
Natus Medical, Inc.* | 244 | 7,996 | ||||||
Lyell Immunopharma, Inc.*,1 | 1,224 | 7,981 | ||||||
Repay Holdings Corp.* | 620 | 7,967 | ||||||
IVERIC bio, Inc.* | 827 | 7,956 | ||||||
Evo Payments, Inc. — Class A* | 335 | 7,879 | ||||||
Axsome Therapeutics, Inc.* | 204 | 7,813 | ||||||
Recursion Pharmaceuticals, Inc. — Class A* | 957 | 7,790 | ||||||
CareDx, Inc.* | 361 | 7,754 | ||||||
Zentalis Pharmaceuticals, Inc.* | 272 | 7,643 | ||||||
SpartanNash Co. | 253 | 7,633 | ||||||
Cassava Sciences, Inc.* | 271 | 7,620 | ||||||
Legalzoom.com, Inc.* | 693 | 7,616 | ||||||
ModivCare, Inc.* | 90 | 7,605 | ||||||
Andersons, Inc. | 227 | 7,489 | ||||||
Rent-A-Center, Inc. | 376 | 7,313 | ||||||
OPKO Health, Inc.* | 2,857 | 7,228 | ||||||
NeoGenomics, Inc.* | 879 | 7,164 | ||||||
Pacific Biosciences of California, Inc.* | 1,598 | 7,063 | ||||||
Syndax Pharmaceuticals, Inc.* | 366 | 7,042 | ||||||
REGENXBIO, Inc.* | 285 | 7,039 | ||||||
American Well Corp. — Class A* | 1,623 | 7,011 | ||||||
Crinetics Pharmaceuticals, Inc.* | 372 | 6,938 | ||||||
Krispy Kreme, Inc. | 508 | 6,909 | ||||||
Revance Therapeutics, Inc.* | 496 | 6,855 | ||||||
ImmunoGen, Inc.* | 1,519 | 6,835 | ||||||
Prothena Corporation plc* | 251 | 6,815 | ||||||
Bridgebio Pharma, Inc.* | 740 | 6,719 | ||||||
MannKind Corp.* | 1,761 | 6,709 | ||||||
MoneyGram International, Inc.* | 664 | 6,640 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Deluxe Corp. | 306 | $ | 6,631 | |||||
Innoviva, Inc.* | 448 | 6,612 | ||||||
Avid Bioservices, Inc.* | 432 | 6,592 | ||||||
Enanta Pharmaceuticals, Inc.* | 139 | 6,571 | ||||||
FibroGen, Inc.* | 619 | 6,537 | ||||||
Heska Corp.* | 69 | 6,521 | ||||||
Cerus Corp.* | 1,221 | 6,459 | ||||||
Madrigal Pharmaceuticals, Inc.* | 90 | 6,442 | ||||||
Allogene Therapeutics, Inc.* | 564 | 6,430 | ||||||
Utz Brands, Inc. | 465 | 6,426 | ||||||
Adaptive Biotechnologies Corp.* | 789 | 6,383 | ||||||
Fresh Del Monte Produce, Inc. | 216 | 6,378 | ||||||
PROG Holdings, Inc.* | 383 | 6,319 | ||||||
National Healthcare Corp. | 90 | 6,291 | ||||||
Atrion Corp. | 10 | 6,289 | ||||||
LeMaitre Vascular, Inc. | 138 | 6,286 | ||||||
SpringWorks Therapeutics, Inc.* | 246 | 6,056 | ||||||
Payoneer Global, Inc.* | 1,532 | 6,005 | ||||||
RadNet, Inc.* | 346 | 5,979 | ||||||
TransMedics Group, Inc.* | 190 | 5,975 | ||||||
Brookdale Senior Living, Inc. — Class A* | 1,316 | 5,975 | ||||||
Reata Pharmaceuticals, Inc. — Class A* | 196 | 5,956 | ||||||
Aclaris Therapeutics, Inc.* | 424 | 5,919 | ||||||
PROCEPT BioRobotics Corp.* | 181 | 5,917 | ||||||
Prometheus Biosciences, Inc.* | 207 | 5,844 | ||||||
Varex Imaging Corp.* | 273 | 5,839 | ||||||
Editas Medicine, Inc.* | 489 | 5,785 | ||||||
Clover Health Investments Corp.* | 2,700 | 5,778 | ||||||
USANA Health Sciences, Inc.* | 79 | 5,716 | ||||||
Perdoceo Education Corp.* | 483 | 5,690 | ||||||
2U, Inc.* | 528 | 5,528 | ||||||
Duckhorn Portfolio, Inc.* | 262 | 5,518 | ||||||
Sorrento Therapeutics, Inc.* | 2,690 | 5,407 | ||||||
Chinook Therapeutics, Inc.* | 309 | 5,404 | ||||||
Cross Country Healthcare, Inc.* | 259 | 5,395 | ||||||
SunOpta, Inc.* | 691 | 5,376 | ||||||
Quanex Building Products Corp. | 234 | 5,324 | ||||||
Arcutis Biotherapeutics, Inc.* | 248 | 5,285 | ||||||
Kymera Therapeutics, Inc.* | 268 | 5,277 | ||||||
First Advantage Corp.* | 415 | 5,258 | ||||||
Udemy, Inc.* | 511 | 5,217 | ||||||
Artivion, Inc.* | 276 | 5,211 | ||||||
Veru, Inc.* | 460 | 5,198 | ||||||
Paragon 28, Inc.* | 326 | 5,174 | ||||||
AngioDynamics, Inc.* | 264 | 5,108 | ||||||
Calavo Growers, Inc. | 122 | 5,090 | ||||||
Atara Biotherapeutics, Inc.* | 650 | 5,063 | ||||||
SP Plus Corp.* | 164 | 5,038 | ||||||
Avidity Biosciences, Inc.* | 346 | 5,027 | ||||||
Cano Health, Inc.* | 1,146 | 5,019 | ||||||
Kelly Services, Inc. — Class A | 249 | 4,938 | ||||||
Nektar Therapeutics* | 1,284 | 4,879 | ||||||
Cimpress plc* | 125 | 4,862 | ||||||
Anavex Life Sciences Corp.* | 483 | 4,835 | ||||||
SomaLogic, Inc.* | 1,059 | 4,787 | ||||||
Catalyst Pharmaceuticals, Inc.* | 678 | 4,753 | ||||||
Paysafe Ltd.* | 2,393 | 4,666 | ||||||
Resources Connection, Inc. | 225 | 4,583 | ||||||
John B Sanfilippo & Son, Inc. | 63 | 4,567 | ||||||
Remitly Global, Inc.* | 595 | 4,558 | ||||||
CRA International, Inc. | 51 | 4,555 | ||||||
EQRx, Inc.* | 968 | 4,540 | ||||||
Heidrick & Struggles International, Inc. | 139 | 4,498 | ||||||
Alector, Inc.* | 440 | 4,470 | ||||||
Cutera, Inc.* | 118 | 4,425 | ||||||
OrthoPediatrics Corp.* | 102 | 4,401 | ||||||
ACCO Brands Corp. | 670 | 4,375 | ||||||
Vanda Pharmaceuticals, Inc.* | 393 | 4,284 | ||||||
Rocket Pharmaceuticals, Inc.* | 310 | 4,266 | ||||||
Collegium Pharmaceutical, Inc.* | 240 | 4,253 | ||||||
Deciphera Pharmaceuticals, Inc.* | 319 | 4,195 | ||||||
NanoString Technologies, Inc.* | 329 | 4,178 | ||||||
Franklin Covey Co.* | 90 | 4,156 | ||||||
TrueBlue, Inc.* | 232 | 4,153 | ||||||
Theravance Biopharma, Inc.* | 456 | 4,131 | ||||||
DocGo, Inc.* | 570 | 4,070 | ||||||
Paya Holdings, Inc.* | 619 | 4,067 | ||||||
Sana Biotechnology, Inc.* | 630 | 4,051 | ||||||
Mission Produce, Inc.* | 284 | 4,047 | ||||||
Cardiovascular Systems, Inc.* | 281 | 4,035 | ||||||
TG Therapeutics, Inc.* | 943 | 4,008 | ||||||
Verve Therapeutics, Inc.* | 262 | 4,003 | ||||||
Agiliti, Inc.* | 194 | 3,979 | ||||||
Nurix Therapeutics, Inc.* | 314 | 3,978 | ||||||
Viad Corp.* | 144 | 3,976 | ||||||
Invitae Corp.*,1 | 1,629 | 3,975 | ||||||
Morphic Holding, Inc.* | 182 | 3,949 | ||||||
Inogen, Inc.* | 163 | 3,941 | ||||||
Geron Corp.* | 2,542 | 3,940 | ||||||
Y-mAbs Therapeutics, Inc.* | 260 | 3,934 | ||||||
I3 Verticals, Inc. — Class A* | 157 | 3,928 | ||||||
CTI BioPharma Corp.* | 655 | 3,910 | ||||||
National Research Corp. — Class A | 102 | 3,905 | ||||||
Quanterix Corp.* | 240 | 3,886 | ||||||
SIGA Technologies, Inc. | 334 | 3,868 | ||||||
Hanger, Inc.* | 268 | 3,838 | ||||||
Atea Pharmaceuticals, Inc.* | 540 | 3,834 | ||||||
Forrester Research, Inc.* | 80 | 3,827 | ||||||
Marathon Digital Holdings, Inc.*,1 | 715 | 3,818 | ||||||
Tootsie Roll Industries, Inc. | 108 | 3,818 | ||||||
BrightView Holdings, Inc.* | 315 | 3,780 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Arlo Technologies, Inc.* | 602 | $ | 3,775 | |||||
Coherus Biosciences, Inc.* | 521 | 3,772 | ||||||
Carriage Services, Inc. — Class A | 95 | 3,767 | ||||||
Gossamer Bio, Inc.* | 446 | 3,733 | ||||||
Replimune Group, Inc.* | 213 | 3,723 | ||||||
PMV Pharmaceuticals, Inc.* | 261 | 3,719 | ||||||
Barrett Business Services, Inc. | 51 | 3,716 | ||||||
Castle Biosciences, Inc.* | 169 | 3,710 | ||||||
Agenus, Inc.* | 1,911 | 3,707 | ||||||
Relmada Therapeutics, Inc.* | 194 | 3,684 | ||||||
Hackett Group, Inc. | 192 | 3,642 | ||||||
Ennis, Inc. | 180 | 3,641 | ||||||
Surmodics, Inc.* | 96 | 3,574 | ||||||
Point Biopharma Global, Inc.* | 524 | 3,568 | ||||||
NGM Biopharmaceuticals, Inc.* | 278 | 3,564 | ||||||
Pulmonx Corp.* | 242 | 3,562 | ||||||
Oscar Health, Inc. — Class A* | 836 | 3,553 | ||||||
Sangamo Therapeutics, Inc.* | 848 | 3,511 | ||||||
2seventy bio, Inc.* | 265 | 3,498 | ||||||
Ideaya Biosciences, Inc.* | 252 | 3,478 | ||||||
Riot Blockchain, Inc.*,1 | 829 | 3,474 | ||||||
iTeos Therapeutics, Inc.* | 167 | 3,440 | ||||||
Ocugen, Inc.*,1 | 1,515 | 3,439 | ||||||
Radius Health, Inc.* | 331 | 3,432 | ||||||
Treace Medical Concepts, Inc.* | 236 | 3,384 | ||||||
Design Therapeutics, Inc.* | 240 | 3,360 | ||||||
RAPT Therapeutics, Inc.* | 184 | 3,358 | ||||||
Nano-X Imaging Ltd.* | 297 | 3,356 | ||||||
Senseonics Holdings, Inc.*,1 | 3,241 | 3,338 | ||||||
Community Health Systems, Inc.* | 885 | 3,319 | ||||||
Benson Hill, Inc.* | 1,211 | 3,318 | ||||||
BioLife Solutions, Inc.* | 239 | 3,301 | ||||||
Keros Therapeutics, Inc.* | 119 | 3,288 | ||||||
Eagle Pharmaceuticals, Inc.* | 74 | 3,288 | ||||||
Seer, Inc.* | 366 | 3,276 | ||||||
Alphatec Holdings, Inc.* | 499 | 3,263 | ||||||
PetIQ, Inc.* | 194 | 3,257 | ||||||
Orthofix Medical, Inc.* | 137 | 3,225 | ||||||
Cass Information Systems, Inc. | 95 | 3,211 | ||||||
SI-BONE, Inc.* | 237 | 3,128 | ||||||
Aaron's Company, Inc. | 215 | 3,128 | ||||||
DICE Therapeutics, Inc.* | 201 | 3,119 | ||||||
Vaxart, Inc.*,1 | 877 | 3,069 | ||||||
Accolade, Inc.* | 413 | 3,056 | ||||||
23andMe Holding Co. — Class A* | 1,216 | 3,016 | ||||||
Central Garden & Pet Co.* | 70 | 2,969 | ||||||
Turning Point Brands, Inc. | 109 | 2,957 | ||||||
Day One Biopharmaceuticals, Inc.* | 165 | 2,953 | ||||||
Adicet Bio, Inc.* | 201 | 2,935 | ||||||
MaxCyte, Inc.* | 616 | 2,914 | ||||||
Evolus, Inc.* | 251 | 2,912 | ||||||
AnaptysBio, Inc.* | 143 | 2,903 | ||||||
Transcat, Inc.* | 51 | 2,897 | ||||||
Cara Therapeutics, Inc.* | 317 | 2,894 | ||||||
Butterfly Network, Inc.* | 940 | 2,886 | ||||||
Mersana Therapeutics, Inc.* | 620 | 2,864 | ||||||
Bionano Genomics, Inc.* | 2,066 | 2,851 | ||||||
Cogent Biosciences, Inc.* | 316 | 2,850 | ||||||
LifeStance Health Group, Inc.* | 511 | 2,841 | ||||||
Esperion Therapeutics, Inc.* | 446 | 2,837 | ||||||
Nkarta, Inc.* | 230 | 2,834 | ||||||
Affimed N.V.* | 1,007 | 2,789 | ||||||
ViewRay, Inc.* | 1,048 | 2,777 | ||||||
MiMedx Group, Inc.* | 798 | 2,769 | ||||||
Phibro Animal Health Corp. — Class A | 144 | 2,755 | ||||||
Vectrus, Inc.* | 82 | 2,744 | ||||||
Sterling Check Corp.* | 168 | 2,740 | ||||||
Kezar Life Sciences, Inc.* | 329 | 2,721 | ||||||
Cullinan Oncology, Inc.* | 211 | 2,705 | ||||||
Inovio Pharmaceuticals, Inc.* | 1,555 | 2,690 | ||||||
ANI Pharmaceuticals, Inc.* | 90 | 2,670 | ||||||
Nuvation Bio, Inc.* | 824 | 2,670 | ||||||
European Wax Center, Inc. — Class A | 150 | 2,643 | ||||||
Kinnate Biopharma, Inc.* | 207 | 2,610 | ||||||
ADMA Biologics, Inc.* | 1,315 | 2,604 | ||||||
Arcturus Therapeutics Holdings, Inc.* | 164 | 2,581 | ||||||
Protagonist Therapeutics, Inc.* | 326 | 2,579 | ||||||
Erasca, Inc.* | 459 | 2,557 | ||||||
Imago Biosciences, Inc.* | 186 | 2,490 | ||||||
Aerie Pharmaceuticals, Inc.* | 332 | 2,490 | ||||||
Bright Health Group, Inc.* | 1,366 | 2,486 | ||||||
WW International, Inc.* | 384 | 2,454 | ||||||
Cue Health, Inc.* | 763 | 2,442 | ||||||
22nd Century Group, Inc.* | 1,145 | 2,439 | ||||||
Karyopharm Therapeutics, Inc.* | 539 | 2,431 | ||||||
Albireo Pharma, Inc.* | 122 | 2,423 | ||||||
Organogenesis Holdings, Inc.* | 495 | 2,416 | ||||||
Intercept Pharmaceuticals, Inc.* | 173 | 2,389 | ||||||
Pennant Group, Inc.* | 185 | 2,370 | ||||||
Custom Truck One Source, Inc.* | 422 | 2,363 | ||||||
Zimvie, Inc.* | 147 | 2,353 | ||||||
Axogen, Inc.* | 287 | 2,351 | ||||||
Inhibrx, Inc.* | 207 | 2,349 | ||||||
Vivint Smart Home, Inc.* | 672 | 2,339 | ||||||
Seneca Foods Corp. — Class A* | 42 | 2,333 | ||||||
Anika Therapeutics, Inc.* | 104 | 2,321 | ||||||
Amneal Pharmaceuticals, Inc.* | 729 | 2,318 | ||||||
Core Scientific, Inc.* | 1,548 | 2,307 | ||||||
Tricida, Inc.* | 236 | 2,285 | ||||||
Tejon Ranch Co.* | 147 | 2,281 | ||||||
Instil Bio, Inc.* | 492 | 2,273 | ||||||
Willdan Group, Inc.* | 82 | 2,262 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
C4 Therapeutics, Inc.* | 298 | $ | 2,247 | |||||
Ocular Therapeutix, Inc.* | 545 | 2,191 | ||||||
Tattooed Chef, Inc.* | 346 | 2,180 | ||||||
Mirum Pharmaceuticals, Inc.* | 112 | 2,180 | ||||||
Generation Bio Co.* | 329 | 2,158 | ||||||
ImmunityBio, Inc.*,1 | 579 | 2,154 | ||||||
American Public Education, Inc.* | 133 | 2,149 | ||||||
Utah Medical Products, Inc. | 25 | 2,147 | ||||||
Kiniksa Pharmaceuticals Ltd. — Class A* | 220 | 2,132 | ||||||
Viridian Therapeutics, Inc.* | 183 | 2,117 | ||||||
Stoke Therapeutics, Inc.* | 159 | 2,100 | ||||||
Bluebird Bio, Inc.* | 506 | 2,095 | ||||||
Caribou Biosciences, Inc.* | 382 | 2,074 | ||||||
Arbutus Biopharma Corp.*,1 | 764 | 2,070 | ||||||
RxSight, Inc.* | 146 | 2,056 | ||||||
Heron Therapeutics, Inc.* | 728 | 2,031 | ||||||
Berkeley Lights, Inc.* | 395 | 1,963 | ||||||
Monte Rosa Therapeutics, Inc.* | 203 | 1,963 | ||||||
Ventyx Biosciences, Inc.* | 159 | 1,945 | ||||||
Foghorn Therapeutics, Inc.* | 142 | 1,931 | ||||||
Vita Coco Company, Inc.* | 197 | 1,928 | ||||||
Akero Therapeutics, Inc.* | 198 | 1,871 | ||||||
Tarsus Pharmaceuticals, Inc.* | 128 | 1,869 | ||||||
Landec Corp.* | 186 | 1,854 | ||||||
Vital Farms, Inc.* | 211 | 1,846 | ||||||
Aura Biosciences, Inc.* | 130 | 1,842 | ||||||
Eiger BioPharmaceuticals, Inc.* | 290 | 1,827 | ||||||
Kodiak Sciences, Inc.* | 236 | 1,803 | ||||||
Vintage Wine Estates, Inc.* | 229 | 1,800 | ||||||
Distribution Solutions Group, Inc.* | 35 | 1,799 | ||||||
Bioxcel Therapeutics, Inc.* | 136 | 1,795 | ||||||
CinCor Pharma, Inc.* | 95 | 1,790 | ||||||
Whole Earth Brands, Inc.* | 288 | 1,786 | ||||||
AppHarvest, Inc.* | 506 | 1,766 | ||||||
Forma Therapeutics Holdings, Inc.* | 256 | 1,764 | ||||||
iRadimed Corp. | 51 | 1,731 | ||||||
KalVista Pharmaceuticals, Inc.* | 174 | 1,712 | ||||||
Seres Therapeutics, Inc.* | 499 | 1,712 | ||||||
Information Services Group, Inc. | 251 | 1,697 | ||||||
ShotSpotter, Inc.* | 63 | 1,695 | ||||||
Edgewise Therapeutics, Inc.* | 210 | 1,672 | ||||||
Universal Technical Institute, Inc.* | 229 | 1,633 | ||||||
Nuvalent, Inc. — Class A* | 120 | 1,627 | ||||||
Sutro Biopharma, Inc.* | 311 | 1,620 | ||||||
MeiraGTx Holdings plc* | 214 | 1,620 | ||||||
Provention Bio, Inc.* | 396 | 1,584 | ||||||
Alico, Inc. | 44 | 1,568 | ||||||
Amylyx Pharmaceuticals, Inc.* | 81 | 1,560 | ||||||
Dyne Therapeutics, Inc.* | 224 | 1,539 | ||||||
CareMax, Inc.* | 422 | 1,532 | ||||||
Joint Corp.* | 100 | 1,531 | ||||||
Bioventus, Inc. — Class A* | 224 | 1,528 | ||||||
Singular Genomics Systems, Inc.* | 395 | 1,509 | ||||||
Quantum-Si, Inc.* | 646 | 1,499 | ||||||
Tango Therapeutics, Inc.* | 330 | 1,495 | ||||||
BRC, Inc. — Class A* | 182 | 1,485 | ||||||
4D Molecular Therapeutics, Inc.* | 212 | 1,480 | ||||||
Janux Therapeutics, Inc.* | 121 | 1,477 | ||||||
Liquidia Corp.* | 338 | 1,474 | ||||||
EyePoint Pharmaceuticals, Inc.* | 185 | 1,456 | ||||||
Xeris Biopharma Holdings, Inc.* | 937 | 1,443 | ||||||
Akoya Biosciences, Inc.* | 112 | 1,439 | ||||||
SeaSpine Holdings Corp.* | 251 | 1,418 | ||||||
Sema4 Holdings Corp.* | 1,119 | 1,410 | ||||||
OraSure Technologies, Inc.* | 517 | 1,401 | ||||||
Rigel Pharmaceuticals, Inc.* | 1,221 | 1,380 | ||||||
PFSweb, Inc.* | 117 | 1,376 | ||||||
Phathom Pharmaceuticals, Inc.* | 163 | 1,376 | ||||||
Village Super Market, Inc. — Class A | 60 | 1,368 | ||||||
Moneylion, Inc.* | 1,023 | 1,350 | ||||||
Honest Company, Inc.* | 460 | 1,343 | ||||||
HF Foods Group, Inc.* | 256 | 1,336 | ||||||
Vera Therapeutics, Inc.* | 98 | 1,334 | ||||||
Alta Equipment Group, Inc.* | 148 | 1,328 | ||||||
IGM Biosciences, Inc.* | 71 | 1,280 | ||||||
Zynex, Inc. | 160 | 1,277 | ||||||
Arcellx, Inc.* | 70 | 1,266 | ||||||
MacroGenics, Inc.* | 427 | 1,260 | ||||||
Aadi Bioscience, Inc.* | 102 | 1,257 | ||||||
Chimerix, Inc.* | 596 | 1,240 | ||||||
Absci Corp.* | 373 | 1,238 | ||||||
ALX Oncology Holdings, Inc.* | 152 | 1,230 | ||||||
VistaGen Therapeutics, Inc.* | 1,378 | 1,213 | ||||||
Adagio Therapeutics, Inc.*,1 | 364 | 1,194 | ||||||
Century Therapeutics, Inc.* | 142 | 1,193 | ||||||
Fulcrum Therapeutics, Inc.* | 242 | 1,186 | ||||||
Inotiv, Inc.* | 123 | 1,181 | ||||||
Vicarious Surgical, Inc.*,1 | 386 | 1,135 | ||||||
Tenaya Therapeutics, Inc.* | 198 | 1,115 | ||||||
Immunovant, Inc.* | 283 | 1,104 | ||||||
VBI Vaccines, Inc.* | 1,364 | 1,103 | ||||||
Natural Grocers by Vitamin Cottage, Inc. | 66 | 1,053 | ||||||
Kronos Bio, Inc.* | 288 | 1,048 | ||||||
Spire Global, Inc.* | 885 | 1,027 | ||||||
Nature's Sunshine Products, Inc.* | 96 | 1,024 | ||||||
Rent the Runway, Inc. — Class A* | 331 | 1,016 | ||||||
Aerovate Therapeutics, Inc.* | 65 | 1,016 | ||||||
HilleVax, Inc.* | 92 | 1,006 | ||||||
Tactile Systems Technology, Inc.* | 137 | 1,000 | ||||||
Lexicon Pharmaceuticals, Inc.* | 515 | 958 | ||||||
Precigen, Inc.* | 714 | 957 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Alpine Immune Sciences, Inc.* | 111 | $ | 945 | |||||
Nautilus Biotechnology, Inc.* | 337 | 907 | ||||||
Jounce Therapeutics, Inc.* | 299 | 906 | ||||||
Icosavax, Inc.* | 158 | 905 | ||||||
Beachbody Company, Inc.* | 741 | 889 | ||||||
Science 37 Holdings, Inc.* | 441 | 886 | ||||||
Allovir, Inc.* | 220 | 858 | ||||||
Outlook Therapeutics, Inc.* | 838 | 855 | ||||||
Rallybio Corp.* | 113 | 853 | ||||||
Bakkt Holdings, Inc.* | 402 | 844 | ||||||
Endo International plc* | 1,658 | 772 | ||||||
Babylon Holdings Ltd. — Class A* | 771 | 754 | ||||||
ATI Physical Therapy, Inc.* | 529 | 746 | ||||||
Athira Pharma, Inc.* | 241 | 735 | ||||||
Talaris Therapeutics, Inc.* | 159 | 717 | ||||||
Aveanna Healthcare Holdings, Inc.* | 315 | 712 | ||||||
Quad/Graphics, Inc.* | 246 | 676 | ||||||
Oncology Institute, Inc.* | 133 | 673 | ||||||
P3 Health Partners, Inc.* | 180 | 670 | ||||||
Tyra Biosciences, Inc.* | 93 | 665 | ||||||
Theseus Pharmaceuticals, Inc.* | 120 | 664 | ||||||
StoneMor, Inc.* | 194 | 663 | ||||||
Praxis Precision Medicines, Inc.* | 268 | 657 | ||||||
Pardes Biosciences, Inc.* | 200 | 614 | ||||||
PepGen, Inc.* | 60 | 596 | ||||||
Innovage Holding Corp.* | 136 | 596 | ||||||
Bird Global, Inc. — Class A* | 1,213 | 529 | ||||||
AirSculpt Technologies, Inc.* | 88 | 522 | ||||||
Thorne HealthTech, Inc.* | 97 | 469 | ||||||
MarketWise, Inc.* | 121 | 436 | ||||||
Local Bounti Corp.* | 133 | 423 | ||||||
Priority Technology Holdings, Inc.* | 127 | 419 | ||||||
Humacyte, Inc.* | 125 | 401 | ||||||
Cipher Mining, Inc.* | 276 | 378 | ||||||
Celularity, Inc.* | 110 | 374 | ||||||
Alpha Teknova, Inc.* | 44 | 370 | ||||||
Redbox Entertainment, Inc.* | 46 | 340 | ||||||
CompoSecure, Inc.* | 55 | 286 | ||||||
Enochian Biosciences, Inc.* | 140 | 270 | ||||||
AN2 Therapeutics, Inc.* | 33 | 256 | ||||||
Greenidge Generation Holdings, Inc.* | 91 | 231 | ||||||
GreenLight Biosciences Holdings PBC* | 100 | 221 | ||||||
Owlet, Inc.* | 117 | 199 | ||||||
Wejo Group Ltd.* | 162 | 193 | ||||||
Boxed, Inc.* | 82 | 152 | ||||||
Leafly Holdings, Inc.* | 32 | 144 | ||||||
Gelesis Holdings, Inc.* | 70 | 109 | ||||||
Tenon Medical, Inc.* | 23 | 52 | ||||||
Total Consumer, Non-cyclical | 3,878,631 | |||||||
Industrial - 10.5% | ||||||||
Chart Industries, Inc.* | 260 | 43,519 | ||||||
RBC Bearings, Inc.* | 202 | 37,360 | ||||||
EMCOR Group, Inc. | 359 | 36,963 | ||||||
Saia, Inc.* | 188 | 35,344 | ||||||
Exponent, Inc. | 365 | 33,387 | ||||||
Simpson Manufacturing Company, Inc. | 307 | 30,887 | ||||||
Novanta, Inc.* | 251 | 30,439 | ||||||
UFP Industries, Inc. | 431 | 29,368 | ||||||
Evoqua Water Technologies Corp.* | 833 | 27,081 | ||||||
Applied Industrial Technologies, Inc. | 271 | 26,062 | ||||||
Casella Waste Systems, Inc. — Class A* | 353 | 25,656 | ||||||
Atkore International Group, Inc.* | 304 | 25,235 | ||||||
John Bean Technologies Corp. | 224 | 24,734 | ||||||
Fluor Corp.* | 1,007 | 24,510 | ||||||
Zurn Water Solutions Corp. | 879 | 23,944 | ||||||
Franklin Electric Company, Inc. | 326 | 23,883 | ||||||
Watts Water Technologies, Inc. — Class A | 194 | 23,831 | ||||||
GATX Corp. | 251 | 23,634 | ||||||
Aerojet Rocketdyne Holdings, Inc.* | 562 | 22,817 | ||||||
Welbilt, Inc.* | 931 | 22,167 | ||||||
Fabrinet* | 262 | 21,248 | ||||||
Mueller Industries, Inc. | 396 | 21,103 | ||||||
Hillenbrand, Inc. | 514 | 21,053 | ||||||
Comfort Systems USA, Inc. | 251 | 20,871 | ||||||
Matson, Inc. | 284 | 20,698 | ||||||
Summit Materials, Inc. — Class A* | 839 | 19,540 | ||||||
Advanced Energy Industries, Inc. | 266 | 19,413 | ||||||
Bloom Energy Corp. — Class A* | 1,152 | 19,008 | ||||||
Dycom Industries, Inc.* | 204 | 18,980 | ||||||
Werner Enterprises, Inc. | 460 | 17,728 | ||||||
Albany International Corp. — Class A | 224 | 17,649 | ||||||
Forward Air Corp. | 190 | 17,472 | ||||||
Sanmina Corp.* | 425 | 17,310 | ||||||
EnerSys | 293 | 17,275 | ||||||
AAON, Inc. | 311 | 17,030 | ||||||
Hub Group, Inc. — Class A* | 238 | 16,884 | ||||||
Cactus, Inc. — Class A | 417 | 16,793 | ||||||
Badger Meter, Inc. | 207 | 16,744 | ||||||
Vishay Intertechnology, Inc. | 936 | 16,680 | ||||||
Boise Cascade Co. | 280 | 16,657 | ||||||
Belden, Inc. | 311 | 16,567 | ||||||
SPX Corp.* | 313 | 16,539 | ||||||
Golar LNG Ltd.* | 715 | 16,266 | ||||||
Altra Industrial Motion Corp. | 461 | 16,250 | ||||||
Moog, Inc. — Class A | 203 | 16,116 | ||||||
Arcosa, Inc. | 343 | 15,926 | ||||||
Itron, Inc.* | 319 | 15,768 | ||||||
Brady Corp. — Class A | 332 | 15,684 | ||||||
O-I Glass, Inc.* | 1,101 | 15,414 | ||||||
Helios Technologies, Inc. | 231 | 15,304 | ||||||
Plexus Corp.* | 194 | 15,229 | ||||||
Federal Signal Corp. | 423 | 15,059 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Kadant, Inc. | 82 | $ | 14,953 | |||||
Trinity Industries, Inc. | 591 | 14,314 | ||||||
Frontdoor, Inc.* | 586 | 14,111 | ||||||
Encore Wire Corp. | 135 | 14,029 | ||||||
Kennametal, Inc. | 585 | 13,589 | ||||||
AeroVironment, Inc.* | 165 | 13,563 | ||||||
Energizer Holdings, Inc. | 472 | 13,381 | ||||||
Terex Corp. | 482 | 13,192 | ||||||
Mueller Water Products, Inc. — Class A | 1,104 | 12,950 | ||||||
ESCO Technologies, Inc. | 183 | 12,512 | ||||||
Masonite International Corp.* | 160 | 12,293 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 198 | 12,218 | ||||||
ArcBest Corp. | 173 | 12,174 | ||||||
Kratos Defense & Security Solutions, Inc.* | 875 | 12,145 | ||||||
Scorpio Tankers, Inc. | 351 | 12,113 | ||||||
EnPro Industries, Inc. | 147 | 12,044 | ||||||
Air Transport Services Group, Inc.* | 418 | 12,009 | ||||||
Greif, Inc. — Class A | 183 | 11,416 | ||||||
NV5 Global, Inc.* | 96 | 11,207 | ||||||
Knowles Corp.* | 634 | 10,987 | ||||||
Cornerstone Building Brands, Inc.* | 448 | 10,971 | ||||||
CSW Industrials, Inc. | 106 | 10,921 | ||||||
Barnes Group, Inc. | 346 | 10,774 | ||||||
Materion Corp. | 144 | 10,617 | ||||||
MYR Group, Inc.* | 118 | 10,399 | ||||||
Lindsay Corp. | 78 | 10,360 | ||||||
Golden Ocean Group Ltd. | 869 | 10,115 | ||||||
AAR Corp.* | 239 | 10,000 | ||||||
Worthington Industries, Inc. | 225 | 9,923 | ||||||
GrafTech International Ltd. | 1,391 | 9,834 | ||||||
OSI Systems, Inc.* | 115 | 9,826 | ||||||
CryoPort, Inc.* | 315 | 9,759 | ||||||
Granite Construction, Inc. | 322 | 9,383 | ||||||
Proto Labs, Inc.* | 195 | 9,329 | ||||||
Griffon Corp. | 326 | 9,138 | ||||||
Gibraltar Industries, Inc.* | 233 | 9,029 | ||||||
TTM Technologies, Inc.* | 717 | 8,963 | ||||||
JELD-WEN Holding, Inc.* | 610 | 8,900 | ||||||
Joby Aviation, Inc.* | 1,777 | 8,725 | ||||||
Vicor Corp.* | 156 | 8,538 | ||||||
Alamo Group, Inc. | 72 | 8,383 | ||||||
TriMas Corp. | 300 | 8,307 | ||||||
Hillman Solutions Corp.* | 952 | 8,225 | ||||||
Enerpac Tool Group Corp. | 431 | 8,198 | ||||||
Primoris Services Corp. | 376 | 8,182 | ||||||
Xometry, Inc. — Class A* | 239 | 8,109 | ||||||
Greenbrier Companies, Inc. | 225 | 8,098 | ||||||
Frontline Ltd.* | 882 | 7,814 | ||||||
Sturm Ruger & Company, Inc. | 122 | 7,765 | ||||||
Tennant Co. | 131 | 7,762 | ||||||
SFL Corporation Ltd. | 813 | 7,715 | ||||||
Energy Recovery, Inc.* | 395 | 7,671 | ||||||
CTS Corp. | 224 | 7,627 | ||||||
International Seaways, Inc. | 349 | 7,399 | ||||||
Mesa Laboratories, Inc. | 36 | 7,342 | ||||||
Standex International Corp. | 85 | 7,206 | ||||||
AZZ, Inc. | 174 | 7,103 | ||||||
Marten Transport Ltd. | 417 | 7,014 | ||||||
PGT Innovations, Inc.* | 417 | 6,939 | ||||||
Enovix Corp.* | 770 | 6,861 | ||||||
Astec Industries, Inc. | 162 | 6,606 | ||||||
Montrose Environmental Group, Inc.* | 194 | 6,549 | ||||||
Li-Cycle Holdings Corp.* | 936 | 6,440 | ||||||
Kaman Corp. | 199 | 6,219 | ||||||
Matthews International Corp. — Class A | 216 | 6,193 | ||||||
Apogee Enterprises, Inc. | 157 | 6,158 | ||||||
TimkenSteel Corp.* | 329 | 6,156 | ||||||
DHT Holdings, Inc. | 993 | 6,087 | ||||||
Great Lakes Dredge & Dock Corp.* | 462 | 6,057 | ||||||
Triumph Group, Inc.* | 453 | 6,020 | ||||||
Construction Partners, Inc. — Class A* | 283 | 5,926 | ||||||
Myers Industries, Inc. | 257 | 5,842 | ||||||
Rocket Lab USA, Inc.* | 1,509 | 5,719 | ||||||
Columbus McKinnon Corp. | 199 | 5,646 | ||||||
Mirion Technologies, Inc.* | 969 | 5,581 | ||||||
PureCycle Technologies, Inc.* | 752 | 5,580 | ||||||
Benchmark Electronics, Inc. | 247 | 5,572 | ||||||
FLEX LNG Ltd. | 202 | 5,533 | ||||||
American Woodmark Corp.* | 117 | 5,266 | ||||||
Janus International Group, Inc.* | 578 | 5,219 | ||||||
Ichor Holdings Ltd.* | 199 | 5,170 | ||||||
GoPro, Inc. — Class A* | 926 | 5,121 | ||||||
Genco Shipping & Trading Ltd. | 260 | 5,023 | ||||||
Eagle Bulk Shipping, Inc. | 95 | 4,929 | ||||||
Costamare, Inc. | 381 | 4,610 | ||||||
Heartland Express, Inc. | 331 | 4,604 | ||||||
Gorman-Rupp Co. | 161 | 4,556 | ||||||
Sterling Infrastructure, Inc.* | 207 | 4,537 | ||||||
MicroVision, Inc.*,1 | 1,172 | 4,500 | ||||||
Insteel Industries, Inc. | 132 | 4,445 | ||||||
Blink Charging Co.*,1 | 262 | 4,331 | ||||||
Napco Security Technologies, Inc.* | 208 | 4,283 | ||||||
Smith & Wesson Brands, Inc. | 321 | 4,215 | ||||||
Chase Corp. | 53 | 4,124 | ||||||
FARO Technologies, Inc.* | 129 | 3,977 | ||||||
Harsco Corp.* | 556 | 3,953 | ||||||
UFP Technologies, Inc.* | 48 | 3,819 | ||||||
SmartRent, Inc.* | 842 | 3,806 | ||||||
Modine Manufacturing Co.* | 352 | 3,707 | ||||||
Argan, Inc. | 99 | 3,695 | ||||||
Charge Enterprises, Inc.* | 765 | 3,649 | ||||||
Kimball Electronics, Inc.* | 170 | 3,417 | ||||||
Ducommun, Inc.* | 79 | 3,400 | ||||||
Dorian LPG Ltd. | 218 | 3,314 | ||||||
DXP Enterprises, Inc.* | 108 | 3,308 | ||||||
Thermon Group Holdings, Inc.* | 234 | 3,288 | ||||||
908 Devices, Inc.* | 155 | 3,191 | ||||||
Stoneridge, Inc.* | 186 | 3,190 | ||||||
nLight, Inc.* | 311 | 3,178 | ||||||
LSB Industries, Inc.* | 224 | 3,105 | ||||||
Pactiv Evergreen, Inc. | 306 | 3,048 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Luxfer Holdings plc | 198 | $ | 2,994 | |||||
Heritage-Crystal Clean, Inc.* | 111 | 2,993 | ||||||
Nordic American Tankers Ltd. | 1,346 | 2,867 | ||||||
Teekay Tankers Ltd. — Class A* | 162 | 2,856 | ||||||
Haynes International, Inc. | 87 | 2,851 | ||||||
Archer Aviation, Inc. — Class A* | 881 | 2,714 | ||||||
Tutor Perini Corp.* | 298 | 2,616 | ||||||
Manitowoc Company, Inc.* | 246 | 2,590 | ||||||
Vishay Precision Group, Inc.* | 88 | 2,563 | ||||||
Babcock & Wilcox Enterprises, Inc.* | 422 | 2,545 | ||||||
Ryerson Holding Corp. | 118 | 2,512 | ||||||
Hyster-Yale Materials Handling, Inc. | 77 | 2,481 | ||||||
Omega Flex, Inc. | 23 | 2,475 | ||||||
National Presto Industries, Inc. | 37 | 2,429 | ||||||
AMMO, Inc.*,1 | 619 | 2,383 | ||||||
Greif, Inc. — Class B | 38 | 2,367 | ||||||
Cadre Holdings, Inc. | 117 | 2,301 | ||||||
Ranpak Holdings Corp.* | 308 | 2,156 | ||||||
Latham Group, Inc.* | 311 | 2,155 | ||||||
CIRCOR International, Inc.* | 131 | 2,147 | ||||||
Allied Motion Technologies, Inc. | 92 | 2,101 | ||||||
Northwest Pipe Co.* | 69 | 2,066 | ||||||
Radiant Logistics, Inc.* | 269 | 1,996 | ||||||
Safe Bulkers, Inc. | 519 | 1,983 | ||||||
Covenant Logistics Group, Inc. — Class A | 79 | 1,982 | ||||||
Tredegar Corp. | 192 | 1,920 | ||||||
Eastman Kodak Co.* | 404 | 1,875 | ||||||
IES Holdings, Inc.* | 62 | 1,871 | ||||||
Centrus Energy Corp. — Class A* | 75 | 1,856 | ||||||
Daseke, Inc.* | 288 | 1,840 | ||||||
Astronics Corp.* | 179 | 1,820 | ||||||
Identiv, Inc.* | 156 | 1,806 | ||||||
CyberOptics Corp.* | 51 | 1,782 | ||||||
Park Aerospace Corp. | 139 | 1,774 | ||||||
Olympic Steel, Inc. | 68 | 1,751 | ||||||
Ardmore Shipping Corp.* | 247 | 1,722 | ||||||
Comtech Telecommunications Corp. | 183 | 1,660 | ||||||
AerSale Corp.* | 112 | 1,625 | ||||||
ESS Tech, Inc.* | 571 | 1,605 | ||||||
Evolv Technologies Holdings, Inc.* | 595 | 1,583 | ||||||
Powell Industries, Inc. | 65 | 1,519 | ||||||
Caesarstone Ltd. | 160 | 1,461 | ||||||
Pure Cycle Corp.* | 138 | 1,454 | ||||||
Sarcos Technology and Robotics Corp.* | 537 | 1,428 | ||||||
Teekay Corp.* | 494 | 1,423 | ||||||
Universal Logistics Holdings, Inc. | 52 | 1,420 | ||||||
Sight Sciences, Inc.* | 153 | 1,375 | ||||||
Akoustis Technologies, Inc.* | 368 | 1,362 | ||||||
Turtle Beach Corp.* | 110 | 1,345 | ||||||
Astra Space, Inc.* | 1,018 | 1,323 | ||||||
PAM Transportation Services, Inc.* | 48 | 1,315 | ||||||
View, Inc.* | 791 | 1,281 | ||||||
NuScale Power Corp.* | 121 | 1,209 | ||||||
Concrete Pumping Holdings, Inc.* | 186 | 1,127 | ||||||
Volta, Inc.* | 865 | 1,125 | ||||||
Hydrofarm Holdings Group, Inc.* | 309 | 1,075 | ||||||
Momentus, Inc.* | 386 | 834 | ||||||
Karat Packaging, Inc.* | 41 | 699 | ||||||
Atlas Technical Consultants, Inc.* | 126 | 663 | ||||||
NL Industries, Inc. | 60 | 592 | ||||||
Transphorm, Inc.* | 152 | 579 | ||||||
Berkshire Grey, Inc.* | 346 | 502 | ||||||
Redwire Corp.*,1 | 137 | 417 | ||||||
AEye, Inc.* | 187 | 357 | ||||||
Fathom Digital Manufacturing C* | 72 | 279 | ||||||
Total Industrial | 2,091,142 | |||||||
Consumer, Cyclical - 9.0% | ||||||||
Murphy USA, Inc. | 159 | 37,026 | ||||||
Texas Roadhouse, Inc. — Class A | 484 | 35,429 | ||||||
Light & Wonder, Inc. — Class A* | 693 | 32,564 | ||||||
Asbury Automotive Group, Inc.* | 157 | 26,586 | ||||||
Avient Corp. | 644 | 25,811 | ||||||
Fox Factory Holding Corp.* | 300 | 24,162 | ||||||
Hilton Grand Vacations, Inc.* | 635 | 22,689 | ||||||
Goodyear Tire & Rubber Co.* | 1,986 | 21,270 | ||||||
Academy Sports & Outdoors, Inc. | 594 | 21,111 | ||||||
Crocs, Inc.* | 429 | 20,880 | ||||||
Dorman Products, Inc.* | 186 | 20,406 | ||||||
Visteon Corp.* | 197 | 20,405 | ||||||
Callaway Golf Co.* | 990 | 20,196 | ||||||
Adient plc* | 672 | 19,911 | ||||||
Resideo Technologies, Inc.* | 1,023 | 19,867 | ||||||
Beacon Roofing Supply, Inc.* | 384 | 19,722 | ||||||
LCI Industries | 176 | 19,691 | ||||||
Papa John's International, Inc. | 234 | 19,544 | ||||||
Group 1 Automotive, Inc. | 114 | 19,357 | ||||||
Taylor Morrison Home Corp. — Class A* | 818 | 19,108 | ||||||
FirstCash Holdings, Inc. | 273 | 18,976 | ||||||
Meritage Homes Corp.* | 257 | 18,633 | ||||||
Spirit Airlines, Inc.* | 772 | 18,404 | ||||||
UniFirst Corp. | 106 | 18,251 | ||||||
Meritor, Inc.* | 497 | 18,056 | ||||||
Steven Madden Ltd. | 559 | 18,005 | ||||||
Skyline Champion Corp.* | 378 | 17,925 | ||||||
Signet Jewelers Ltd. | 331 | 17,695 | ||||||
Sonos, Inc.* | 903 | 16,290 | ||||||
KB Home | 566 | 16,108 | ||||||
Wingstop, Inc. | 212 | 15,851 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
National Vision Holdings, Inc.* | 574 | $ | 15,785 | |||||
Nu Skin Enterprises, Inc. — Class A | 353 | 15,285 | ||||||
Foot Locker, Inc. | 588 | 14,847 | ||||||
Gentherm, Inc.* | 234 | 14,604 | ||||||
Rush Enterprises, Inc. — Class A | 300 | 14,460 | ||||||
Boot Barn Holdings, Inc.* | 209 | 14,402 | ||||||
Installed Building Products, Inc. | 172 | 14,304 | ||||||
SeaWorld Entertainment, Inc.* | 320 | 14,137 | ||||||
MillerKnoll, Inc. | 538 | 14,133 | ||||||
Cracker Barrel Old Country Store, Inc. | 164 | 13,692 | ||||||
GMS, Inc.* | 306 | 13,617 | ||||||
Kontoor Brands, Inc. | 399 | 13,315 | ||||||
MDC Holdings, Inc. | 405 | 13,086 | ||||||
International Game Technology plc | 705 | 13,085 | ||||||
LGI Homes, Inc.* | 148 | 12,861 | ||||||
Dana, Inc. | 914 | 12,860 | ||||||
Cavco Industries, Inc.* | 65 | 12,739 | ||||||
Red Rock Resorts, Inc. — Class A | 378 | 12,610 | ||||||
KAR Auction Services, Inc.* | 853 | 12,599 | ||||||
PriceSmart, Inc. | 174 | 12,464 | ||||||
Allegiant Travel Co. — Class A* | 110 | 12,440 | ||||||
Tri Pointe Homes, Inc.* | 727 | 12,264 | ||||||
American Eagle Outfitters, Inc. | 1,091 | 12,197 | ||||||
Cinemark Holdings, Inc.* | 771 | 11,580 | ||||||
Wolverine World Wide, Inc. | 566 | 11,411 | ||||||
Veritiv Corp.* | 103 | 11,181 | ||||||
Winnebago Industries, Inc. | 227 | 11,023 | ||||||
Vista Outdoor, Inc.* | 395 | 11,021 | ||||||
Shake Shack, Inc. — Class A* | 265 | 10,462 | ||||||
Bloomin' Brands, Inc. | 625 | 10,388 | ||||||
HNI Corp. | 299 | 10,372 | ||||||
Everi Holdings, Inc.* | 622 | 10,145 | ||||||
Acushnet Holdings Corp. | 242 | 10,087 | ||||||
Tenneco, Inc. — Class A* | 584 | 10,021 | ||||||
Luminar Technologies, Inc.* | 1,689 | 10,016 | ||||||
Dave & Buster's Entertainment, Inc.* | 304 | 9,965 | ||||||
Fisker, Inc.*,1 | 1,151 | 9,864 | ||||||
Nikola Corp.*,1 | 2,066 | 9,834 | ||||||
Oxford Industries, Inc. | 110 | 9,761 | ||||||
Virgin Galactic Holdings, Inc.*,1 | 1,615 | 9,722 | ||||||
Madison Square Garden Entertainment Corp.* | 183 | 9,629 | ||||||
Methode Electronics, Inc. | 257 | 9,519 | ||||||
Century Communities, Inc. | 207 | 9,309 | ||||||
Cheesecake Factory, Inc. | 352 | 9,300 | ||||||
ODP Corp.* | 304 | 9,193 | ||||||
Healthcare Services Group, Inc. | 525 | 9,140 | ||||||
World Fuel Services Corp. | 442 | 9,043 | ||||||
Sally Beauty Holdings, Inc.* | 758 | 9,035 | ||||||
Urban Outfitters, Inc.* | 467 | 8,714 | ||||||
Jack in the Box, Inc. | 150 | 8,409 | ||||||
Patrick Industries, Inc. | 155 | 8,035 | ||||||
Malibu Boats, Inc. — Class A* | 147 | 7,748 | ||||||
M/I Homes, Inc.* | 194 | 7,694 | ||||||
SkyWest, Inc.* | 353 | 7,501 | ||||||
Lions Gate Entertainment Corp. — Class B* | 826 | 7,293 | ||||||
Dine Brands Global, Inc. | 112 | 7,289 | ||||||
Proterra, Inc.* | 1,565 | 7,262 | ||||||
La-Z-Boy, Inc. | 304 | 7,208 | ||||||
TuSimple Holdings, Inc. — Class A* | 990 | 7,158 | ||||||
Qurate Retail, Inc. — Class A | 2,478 | 7,112 | ||||||
XPEL, Inc.* | 153 | 7,027 | ||||||
iRobot Corp.* | 190 | 6,982 | ||||||
Franchise Group, Inc. | 195 | 6,839 | ||||||
Caleres, Inc. | 258 | 6,770 | ||||||
Brinker International, Inc.* | 307 | 6,763 | ||||||
Warby Parker, Inc. — Class A* | 591 | 6,655 | ||||||
Dillard's, Inc. — Class A | 30 | 6,617 | ||||||
Standard Motor Products, Inc. | 146 | 6,569 | ||||||
H&E Equipment Services, Inc. | 226 | 6,547 | ||||||
Steelcase, Inc. — Class A | 610 | 6,545 | ||||||
Liberty Media Corporation-Liberty Braves — Class C* | 267 | 6,408 | ||||||
G-III Apparel Group Ltd.* | 309 | 6,251 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 800 | 6,024 | ||||||
Abercrombie & Fitch Co. — Class A* | 351 | 5,939 | ||||||
Buckle, Inc. | 214 | 5,926 | ||||||
IMAX Corp.* | 348 | 5,878 | ||||||
Camping World Holdings, Inc. — Class A1 | 272 | 5,873 | ||||||
Golden Entertainment, Inc.* | 145 | 5,735 | ||||||
ScanSource, Inc.* | 182 | 5,667 | ||||||
Bally's Corp.* | 283 | 5,598 | ||||||
Monarch Casino & Resort, Inc.* | 95 | 5,574 | ||||||
Titan International, Inc.* | 362 | 5,466 | ||||||
MarineMax, Inc.* | 150 | 5,418 | ||||||
Clean Energy Fuels Corp.* | 1,200 | 5,376 | ||||||
Designer Brands, Inc. — Class A | 409 | 5,342 | ||||||
Sonic Automotive, Inc. — Class A | 143 | 5,238 | ||||||
Interface, Inc. — Class A | 414 | 5,192 | ||||||
Hawaiian Holdings, Inc.* | 359 | 5,137 | ||||||
Funko, Inc. — Class A* | 225 | 5,022 | ||||||
Arko Corp. | 601 | 4,904 | ||||||
Sleep Number Corp.* | 153 | 4,735 | ||||||
Wabash National Corp. | 344 | 4,671 | ||||||
Genesco, Inc.* | 93 | 4,642 | ||||||
Douglas Dynamics, Inc. | 160 | 4,598 | ||||||
Shyft Group, Inc. | 244 | 4,536 | ||||||
Accel Entertainment, Inc.* | 416 | 4,418 | ||||||
BlueLinx Holdings, Inc.* | 66 | 4,410 | ||||||
Chico's FAS, Inc.* | 866 | 4,304 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Sun Country Airlines Holdings, Inc.* | 234 | $ | 4,292 | |||||
America's Car-Mart, Inc.* | 42 | 4,225 | ||||||
Big Lots, Inc. | 199 | 4,173 | ||||||
A-Mark Precious Metals, Inc. | 128 | 4,128 | ||||||
Guess?, Inc. | 241 | 4,109 | ||||||
indie Semiconductor, Inc. — Class A* | 706 | 4,024 | ||||||
Hibbett, Inc. | 92 | 4,021 | ||||||
Green Brick Partners, Inc.* | 202 | 3,953 | ||||||
Winmark Corp. | 20 | 3,911 | ||||||
Clarus Corp. | 204 | 3,874 | ||||||
Lions Gate Entertainment Corp. — Class A* | 413 | 3,845 | ||||||
Life Time Group Holdings, Inc.* | 298 | 3,838 | ||||||
Holley, Inc.* | 364 | 3,822 | ||||||
Ruth's Hospitality Group, Inc. | 231 | 3,756 | ||||||
Denny's Corp.* | 425 | 3,689 | ||||||
Children's Place, Inc.* | 93 | 3,620 | ||||||
Ermenegildo Zegna Holditalia SpA | 335 | 3,534 | ||||||
PC Connection, Inc. | 80 | 3,524 | ||||||
BJ's Restaurants, Inc.* | 160 | 3,469 | ||||||
Movado Group, Inc. | 111 | 3,433 | ||||||
OneSpaWorld Holdings Ltd.* | 470 | 3,370 | ||||||
Vizio Holding Corp. — Class A* | 480 | 3,274 | ||||||
Ethan Allen Interiors, Inc. | 160 | 3,234 | ||||||
Titan Machinery, Inc.* | 144 | 3,227 | ||||||
Sovos Brands, Inc.* | 202 | 3,206 | ||||||
Global Industrial Co. | 92 | 3,107 | ||||||
TravelCenters of America, Inc.* | 90 | 3,102 | ||||||
RCI Hospitality Holdings, Inc. | 63 | 3,047 | ||||||
Hyliion Holdings Corp.*,1 | 939 | 3,024 | ||||||
Sportsman's Warehouse Holdings, Inc.* | 308 | 2,954 | ||||||
Bowlero Corp.* | 275 | 2,912 | ||||||
EVgo, Inc.* | 481 | 2,891 | ||||||
Zumiez, Inc.* | 111 | 2,886 | ||||||
VSE Corp. | 76 | 2,856 | ||||||
PetMed Express, Inc. | 143 | 2,846 | ||||||
Bed Bath & Beyond, Inc.*,1 | 564 | 2,803 | ||||||
Lovesac Co.* | 99 | 2,723 | ||||||
MasterCraft Boat Holdings, Inc.* | 129 | 2,715 | ||||||
Shoe Carnival, Inc. | 125 | 2,701 | ||||||
Workhorse Group, Inc.* | 1,038 | 2,699 | ||||||
Microvast Holdings, Inc.* | 1,207 | 2,680 | ||||||
REV Group, Inc. | 246 | 2,674 | ||||||
Chuy's Holdings, Inc.* | 134 | 2,669 | ||||||
OneWater Marine, Inc. — Class A* | 79 | 2,611 | ||||||
Rite Aid Corp.* | 386 | 2,602 | ||||||
Beazer Homes USA, Inc.* | 211 | 2,547 | ||||||
Marcus Corp.* | 169 | 2,496 | ||||||
Haverty Furniture Companies, Inc. | 107 | 2,480 | ||||||
Frontier Group Holdings, Inc.*,1 | 264 | 2,474 | ||||||
Rush Enterprises, Inc. — Class B | 48 | 2,381 | ||||||
Johnson Outdoors, Inc. — Class A | 38 | 2,324 | ||||||
Portillo's, Inc. — Class A* | 141 | 2,305 | ||||||
Hudson Technologies, Inc.* | 305 | 2,291 | ||||||
Bluegreen Vacations Holding Corp. | 91 | 2,271 | ||||||
Universal Electronics, Inc.* | 86 | 2,199 | ||||||
Wheels Up Experience, Inc.* | 1,126 | 2,196 | ||||||
Solid Power, Inc.* | 402 | 2,163 | ||||||
Aeva Technologies, Inc.* | 686 | 2,147 | ||||||
Tupperware Brands Corp.* | 322 | 2,041 | ||||||
Rush Street Interactive, Inc.* | 430 | 2,008 | ||||||
Cenntro Electric Group Ltd.* | 1,302 | 1,966 | ||||||
Kimball International, Inc. — Class B | 256 | 1,964 | ||||||
LL Flooring Holdings, Inc.* | 207 | 1,940 | ||||||
Aspen Aerogels, Inc.*,1 | 194 | 1,917 | ||||||
Lindblad Expeditions Holdings, Inc.* | 228 | 1,847 | ||||||
Hyzon Motors, Inc.*,1 | 622 | 1,829 | ||||||
Vinco Ventures, Inc.* | 1,299 | 1,793 | ||||||
Liberty Media Corporation-Liberty Braves — Class A* | 71 | 1,786 | ||||||
Lordstown Motors Corp. — Class A* | 1,130 | 1,785 | ||||||
Miller Industries, Inc. | 78 | 1,768 | ||||||
Forestar Group, Inc.* | 129 | 1,766 | ||||||
Motorcar Parts of America, Inc.* | 132 | 1,732 | ||||||
Fossil Group, Inc.* | 330 | 1,706 | ||||||
Big 5 Sporting Goods Corp. | 152 | 1,704 | ||||||
Rocky Brands, Inc. | 49 | 1,675 | ||||||
Build-A-Bear Workshop, Inc. — Class A | 101 | 1,658 | ||||||
Kura Sushi USA, Inc. — Class A* | 33 | 1,635 | ||||||
Hovnanian Enterprises, Inc. — Class A* | 37 | 1,583 | ||||||
Dream Finders Homes, Inc. — Class A* | 148 | 1,575 | ||||||
Canoo, Inc.* | 816 | 1,510 | ||||||
Cato Corp. — Class A | 130 | 1,509 | ||||||
Xponential Fitness, Inc. — Class A* | 120 | 1,507 | ||||||
Superior Group of Companies, Inc. | 83 | 1,473 | ||||||
GrowGeneration Corp.* | 406 | 1,458 | ||||||
Destination XL Group, Inc.* | 423 | 1,434 | ||||||
Container Store Group, Inc.* | 230 | 1,433 | ||||||
Citi Trends, Inc.* | 60 | 1,419 | ||||||
Full House Resorts, Inc.* | 233 | 1,417 | ||||||
PLBY Group, Inc.* | 220 | 1,408 | ||||||
Century Casinos, Inc.* | 193 | 1,390 | ||||||
Weber, Inc. — Class A1 | 191 | 1,377 | ||||||
El Pollo Loco Holdings, Inc.* | 139 | 1,368 | ||||||
Noodles & Co.* | 289 | 1,358 | ||||||
Velodyne Lidar, Inc.* | 1,366 | 1,305 | ||||||
NEOGAMES S.A.* | 93 | 1,247 | ||||||
Target Hospitality Corp.* | 217 | 1,239 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Purple Innovation, Inc.* | 388 | $ | 1,187 | |||||
ONE Group Hospitality, Inc.* | 160 | 1,179 | ||||||
Snap One Holdings Corp.* | 128 | 1,174 | ||||||
Tilly's, Inc. — Class A | 163 | 1,144 | ||||||
Blue Bird Corp.* | 124 | 1,142 | ||||||
Sweetgreen, Inc. — Class A* | 95 | 1,107 | ||||||
ThredUp, Inc. — Class A* | 415 | 1,037 | ||||||
Weyco Group, Inc. | 42 | 1,027 | ||||||
First Watch Restaurant Group, Inc.* | 71 | 1,024 | ||||||
Party City Holdco, Inc.* | 772 | 1,019 | ||||||
F45 Training Holdings, Inc.* | 256 | 1,006 | ||||||
Lifetime Brands, Inc. | 91 | 1,005 | ||||||
Traeger, Inc.* | 227 | 965 | ||||||
Reservoir Media, Inc.* | 145 | 945 | ||||||
Aterian, Inc.* | 431 | 931 | ||||||
Express, Inc.* | 455 | 892 | ||||||
Duluth Holdings, Inc. — Class B* | 93 | 887 | ||||||
Tile Shop Holdings, Inc. | 257 | 789 | ||||||
Lightning eMotors, Inc.* | 277 | 767 | ||||||
Conn's, Inc.* | 93 | 746 | ||||||
Biglari Holdings, Inc. — Class B* | 6 | 736 | ||||||
Xos, Inc.* | 387 | 712 | ||||||
JOANN, Inc.1 | 78 | 605 | ||||||
Marine Products Corp. | 59 | 561 | ||||||
Landsea Homes Corp.* | 74 | 493 | ||||||
Torrid Holdings, Inc.* | 106 | 458 | ||||||
Sonder Holdings, Inc.* | 309 | 321 | ||||||
CompX International, Inc. | 11 | 255 | ||||||
Mullen Automotive, Inc.* | 107 | 109 | ||||||
Cepton, Inc.* | 55 | 86 | ||||||
Total Consumer, Cyclical | 1,795,921 | |||||||
Technology - 8.5% | ||||||||
Sailpoint Technologies Holdings, Inc.* | 659 | 41,306 | ||||||
Silicon Laboratories, Inc.* | 257 | 36,036 | ||||||
Tenable Holdings, Inc.* | 778 | 35,329 | ||||||
CMC Materials, Inc. | 202 | 35,247 | ||||||
Qualys, Inc.* | 276 | 34,815 | ||||||
ExlService Holdings, Inc.* | 229 | 33,739 | ||||||
Synaptics, Inc.* | 281 | 33,172 | ||||||
Power Integrations, Inc. | 410 | 30,754 | ||||||
SPS Commerce, Inc.* | 257 | 29,054 | ||||||
Rapid7, Inc.* | 411 | 27,455 | ||||||
Maximus, Inc. | 435 | 27,192 | ||||||
Blackline, Inc.* | 391 | 26,041 | ||||||
Semtech Corp.* | 448 | 24,627 | ||||||
Onto Innovation, Inc.* | 351 | 24,479 | ||||||
Ziff Davis, Inc.* | 323 | 24,073 | ||||||
Box, Inc. — Class A* | 914 | 22,978 | ||||||
Varonis Systems, Inc.* | 771 | 22,606 | ||||||
DigitalOcean Holdings, Inc.* | 540 | 22,334 | ||||||
Workiva, Inc.* | 337 | 22,239 | ||||||
FormFactor, Inc.* | 552 | 21,379 | ||||||
ACI Worldwide, Inc.* | 811 | 20,997 | ||||||
Envestnet, Inc.* | 389 | 20,528 | ||||||
Diodes, Inc.* | 315 | 20,340 | ||||||
ManTech International Corp. — Class A | 212 | 20,235 | ||||||
CommVault Systems, Inc.* | 315 | 19,813 | ||||||
Altair Engineering, Inc. — Class A* | 368 | 19,320 | ||||||
Insight Enterprises, Inc.* | 222 | 19,154 | ||||||
Blackbaud, Inc.* | 329 | 19,105 | ||||||
Verint Systems, Inc.* | 450 | 19,057 | ||||||
Sprout Social, Inc. — Class A* | 325 | 18,873 | ||||||
SiTime Corp.* | 113 | 18,422 | ||||||
Evolent Health, Inc. — Class A* | 580 | 17,812 | ||||||
Kulicke & Soffa Industries, Inc. | 411 | 17,595 | ||||||
MaxLinear, Inc. — Class A* | 508 | 17,262 | ||||||
NetScout Systems, Inc.* | 499 | 16,891 | ||||||
Ambarella, Inc.* | 258 | 16,889 | ||||||
Rambus, Inc.* | 776 | 16,676 | ||||||
MACOM Technology Solutions Holdings, Inc.* | 358 | 16,504 | ||||||
Verra Mobility Corp.* | 1,034 | 16,244 | ||||||
PagerDuty, Inc.* | 602 | 14,918 | ||||||
Duolingo, Inc.* | 167 | 14,621 | ||||||
Progress Software Corp. | 310 | 14,043 | ||||||
CSG Systems International, Inc. | 227 | 13,547 | ||||||
Appian Corp.* | 283 | 13,403 | ||||||
Super Micro Computer, Inc.* | 321 | 12,952 | ||||||
Axcelis Technologies, Inc.* | 232 | 12,723 | ||||||
Appfolio, Inc. — Class A* | 135 | 12,236 | ||||||
Amkor Technology, Inc. | 719 | 12,187 | ||||||
Xerox Holdings Corp. | 809 | 12,014 | ||||||
Allscripts Healthcare Solutions, Inc.* | 806 | 11,953 | ||||||
Digital Turbine, Inc.* | 652 | 11,390 | ||||||
MicroStrategy, Inc. — Class A*,1 | 67 | 11,008 | ||||||
E2open Parent Holdings, Inc.* | 1,410 | 10,970 | ||||||
Apollo Medical Holdings, Inc.* | 276 | 10,651 | ||||||
Xperi Holding Corp. | 737 | 10,635 | ||||||
Schrodinger Incorporated/United States* | 382 | 10,089 | ||||||
1Life Healthcare, Inc.* | 1,276 | 10,004 | ||||||
Ping Identity Holding Corp.* | 547 | 9,923 | ||||||
Parsons Corp.* | 239 | 9,660 | ||||||
Ultra Clean Holdings, Inc.* | 320 | 9,526 | ||||||
Cohu, Inc.* | 340 | 9,435 | ||||||
Fastly, Inc. — Class A* | 790 | 9,172 | ||||||
Asana, Inc. — Class A* | 521 | 9,159 | ||||||
TTEC Holdings, Inc. | 134 | 9,097 | ||||||
Privia Health Group, Inc.* | 307 | 8,940 | ||||||
C3.ai, Inc. — Class A* | 487 | 8,893 | ||||||
Clear Secure, Inc. — Class A* | 441 | 8,820 | ||||||
Impinj, Inc.* | 149 | 8,742 | ||||||
Phreesia, Inc.* | 348 | 8,703 | ||||||
3D Systems Corp.* | 897 | 8,701 | ||||||
Photronics, Inc.* | 424 | 8,259 | ||||||
Momentive Global, Inc.* | 937 | 8,246 | ||||||
Duck Creek Technologies, Inc.* | 547 | 8,123 | ||||||
KnowBe4, Inc. — Class A* | 515 | 8,044 | ||||||
Everbridge, Inc.* | 280 | 7,809 | ||||||
PROS Holdings, Inc.* | 290 | 7,607 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
BigCommerce Holdings, Inc.* | 454 | $ | 7,355 | |||||
Zuora, Inc. — Class A* | 799 | 7,151 | ||||||
PAR Technology Corp.* | 188 | 7,048 | ||||||
LivePerson, Inc.* | 498 | 7,042 | ||||||
Cerence, Inc.* | 278 | 7,014 | ||||||
NextGen Healthcare, Inc.* | 394 | 6,871 | ||||||
Veeco Instruments, Inc.* | 353 | 6,848 | ||||||
Alignment Healthcare, Inc.* | 597 | 6,812 | ||||||
Agilysys, Inc.* | 139 | 6,571 | ||||||
Avid Technology, Inc.* | 253 | 6,565 | ||||||
Model N, Inc.* | 255 | 6,523 | ||||||
AvidXchange Holdings, Inc.* | 1,037 | 6,367 | ||||||
Olo, Inc. — Class A* | 636 | 6,277 | ||||||
Domo, Inc. — Class B* | 215 | 5,977 | ||||||
Digi International, Inc.* | 242 | 5,861 | ||||||
Grid Dynamics Holdings, Inc.* | 344 | 5,786 | ||||||
Donnelley Financial Solutions, Inc.* | 196 | 5,741 | ||||||
ACM Research, Inc. — Class A* | 339 | 5,705 | ||||||
SMART Global Holdings, Inc.* | 348 | 5,697 | ||||||
Matterport, Inc.*,1 | 1,549 | 5,669 | ||||||
Amplitude, Inc. — Class A* | 396 | 5,659 | ||||||
Unisys Corp.* | 469 | 5,642 | ||||||
Health Catalyst, Inc.* | 383 | 5,550 | ||||||
Simulations Plus, Inc. | 111 | 5,476 | ||||||
CEVA, Inc.* | 162 | 5,437 | ||||||
Sapiens International Corporation N.V. | 218 | 5,273 | ||||||
Cardlytics, Inc.* | 234 | 5,221 | ||||||
ACV Auctions, Inc. — Class A* | 798 | 5,219 | ||||||
Alpha & Omega Semiconductor Ltd.* | 156 | 5,201 | ||||||
Conduent, Inc.* | 1,201 | 5,188 | ||||||
Outset Medical, Inc.* | 339 | 5,038 | ||||||
Consensus Cloud Solutions, Inc.* | 113 | 4,936 | ||||||
PubMatic, Inc. — Class A* | 296 | 4,703 | ||||||
PDF Solutions, Inc.* | 214 | 4,603 | ||||||
Sumo Logic, Inc.* | 605 | 4,531 | ||||||
Pitney Bowes, Inc. | 1,225 | 4,434 | ||||||
N-able, Inc.* | 482 | 4,338 | ||||||
ForgeRock, Inc. — Class A* | 197 | 4,220 | ||||||
Desktop Metal, Inc. — Class A* | 1,871 | 4,116 | ||||||
Yext, Inc.* | 850 | 4,063 | ||||||
8x8, Inc.* | 778 | 4,007 | ||||||
EngageSmart, Inc.* | 247 | 3,972 | ||||||
AvePoint, Inc.* | 912 | 3,958 | ||||||
PowerSchool Holdings, Inc. — Class A* | 323 | 3,892 | ||||||
Hims & Hers Health, Inc.* | 859 | 3,891 | ||||||
IonQ, Inc.*,1 | 841 | 3,684 | ||||||
American Software, Inc. — Class A | 221 | 3,571 | ||||||
Corsair Gaming, Inc.*,1 | 271 | 3,558 | ||||||
BTRS Holdings, Inc. — Class 1* | 710 | 3,536 | ||||||
Alkami Technology, Inc.* | 254 | 3,528 | ||||||
SolarWinds Corp. | 342 | 3,505 | ||||||
OneSpan, Inc.* | 283 | 3,368 | ||||||
Computer Programs and Systems, Inc.* | 101 | 3,229 | ||||||
Ebix, Inc. | 187 | 3,160 | ||||||
Blend Labs, Inc. — Class A* | 1,309 | 3,089 | ||||||
Bandwidth, Inc. — Class A* | 164 | 3,086 | ||||||
Telos Corp.* | 381 | 3,079 | ||||||
Upland Software, Inc.* | 206 | 2,991 | ||||||
Vuzix Corp.*,1 | 420 | 2,982 | ||||||
Rackspace Technology, Inc.* | 408 | 2,925 | ||||||
CS Disco, Inc.* | 158 | 2,850 | ||||||
ON24, Inc.* | 295 | 2,800 | ||||||
Instructure Holdings, Inc.* | 123 | 2,792 | ||||||
Mitek Systems, Inc.* | 299 | 2,763 | ||||||
Cvent Holding Corp.* | 595 | 2,749 | ||||||
MeridianLink, Inc.* | 163 | 2,722 | ||||||
Skillz, Inc.* | 2,163 | 2,682 | ||||||
Integral Ad Science Holding Corp.* | 270 | 2,681 | ||||||
Playstudios, Inc.* | 561 | 2,401 | ||||||
Daily Journal Corp.* | 9 | 2,329 | ||||||
Cantaloupe, Inc.* | 413 | 2,313 | ||||||
HireRight Holdings Corp.*,1 | 150 | 2,131 | ||||||
Rimini Street, Inc.* | 345 | 2,073 | ||||||
Skillsoft Corp.* | 574 | 2,020 | ||||||
Brightcove, Inc.* | 291 | 1,839 | ||||||
Enfusion, Inc. — Class A* | 180 | 1,838 | ||||||
Faraday Future Intelligent Electric, Inc.* | 703 | 1,828 | ||||||
GTY Technology Holdings, Inc.* | 289 | 1,809 | ||||||
UserTesting, Inc.* | 336 | 1,687 | ||||||
AXT, Inc.* | 287 | 1,682 | ||||||
WM Technology, Inc.* | 508 | 1,671 | ||||||
Rockley Photonics Holdings Ltd.* | 722 | 1,574 | ||||||
Ouster, Inc.* | 966 | 1,565 | ||||||
EverCommerce, Inc.* | 171 | 1,546 | ||||||
Intapp, Inc.* | 100 | 1,464 | ||||||
Porch Group, Inc.* | 571 | 1,462 | ||||||
Veritone, Inc.* | 221 | 1,443 | ||||||
eGain Corp.* | 148 | 1,443 | ||||||
Markforged Holding Corp.* | 779 | 1,441 | ||||||
Benefitfocus, Inc.* | 183 | 1,424 | ||||||
Outbrain, Inc.* | 283 | 1,423 | ||||||
Digimarc Corp.* | 97 | 1,372 | ||||||
Inspired Entertainment, Inc.* | 157 | 1,352 | ||||||
Atomera, Inc.* | 144 | 1,351 | ||||||
Avaya Holdings Corp.* | 591 | 1,324 | ||||||
Red Violet, Inc.* | 67 | 1,276 | ||||||
Convey Health Solutions Holdings, Inc.* | 114 | 1,186 | ||||||
Diebold Nixdorf, Inc.* | 517 | 1,174 | ||||||
Cerberus Cyber Sentinel Corp.*,1 | 323 | 1,163 | ||||||
Inseego Corp.*,1 | 610 | 1,153 | ||||||
IronNet, Inc.* | 459 | 1,014 | ||||||
Zeta Global Holdings Corp. — Class A* | 220 | 994 | ||||||
Nutex Health, Inc.* | 274 | 884 | ||||||
Arteris, Inc.* | 120 | 836 | ||||||
Rigetti Computing, Inc.*,1 | 227 | 833 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
NextNav, Inc.* | 345 | $ | 783 | |||||
SecureWorks Corp. — Class A* | 70 | 760 | ||||||
Sharecare, Inc.* | 434 | 686 | ||||||
IBEX Holdings Ltd.* | 40 | 675 | ||||||
Latch, Inc.* | 498 | 568 | ||||||
Velo3D, Inc.* | 399 | 551 | ||||||
Loyalty Ventures, Inc.* | 142 | 507 | ||||||
Viant Technology, Inc. — Class A* | 99 | 503 | ||||||
SkyWater Technology, Inc.* | 77 | 464 | ||||||
Kaleyra, Inc.* | 209 | 426 | ||||||
LiveVox Holdings, Inc.* | 158 | 262 | ||||||
Weave Communications, Inc.* | 36 | 109 | ||||||
Total Technology | 1,694,165 | |||||||
Energy - 4.6% | ||||||||
Matador Resources Co. | 797 | 37,132 | ||||||
Murphy Oil Corp. | 1,043 | 31,488 | ||||||
Helmerich & Payne, Inc. | 728 | 31,348 | ||||||
SM Energy Co. | 857 | 29,301 | ||||||
ChampionX Corp. | 1,446 | 28,703 | ||||||
Civitas Resources, Inc. | 522 | 27,295 | ||||||
Magnolia Oil & Gas Corp. — Class A | 1,181 | 24,789 | ||||||
Patterson-UTI Energy, Inc. | 1,518 | 23,924 | ||||||
CNX Resources Corp.* | 1,364 | 22,451 | ||||||
Denbury, Inc.* | 359 | 21,536 | ||||||
California Resources Corp. | 554 | 21,329 | ||||||
PBF Energy, Inc. — Class A* | 685 | 19,879 | ||||||
Kosmos Energy Ltd.* | 3,195 | 19,777 | ||||||
Whiting Petroleum Corp. | 278 | 18,912 | ||||||
Equitrans Midstream Corp. | 2,910 | 18,508 | ||||||
Valaris Ltd.* | 431 | 18,205 | ||||||
Peabody Energy Corp.* | 833 | 17,768 | ||||||
Oasis Petroleum, Inc. | 139 | 16,909 | ||||||
Alpha Metallurgical Resources, Inc. | 127 | 16,399 | ||||||
Arch Resources, Inc.1 | 108 | 15,454 | ||||||
Callon Petroleum Co.* | 348 | 13,642 | ||||||
Shoals Technologies Group, Inc. — Class A* | 792 | 13,052 | ||||||
Sunnova Energy International, Inc.* | 703 | 12,956 | ||||||
Delek US Holdings, Inc. | 499 | 12,894 | ||||||
Liberty Energy, Inc. — Class A* | 1,010 | 12,888 | ||||||
CONSOL Energy, Inc.* | 243 | 11,999 | ||||||
NexTier Oilfield Solutions, Inc.* | 1,243 | 11,821 | ||||||
Array Technologies, Inc.* | 1,067 | 11,748 | ||||||
Northern Oil and Gas, Inc. | 464 | 11,721 | ||||||
Warrior Met Coal, Inc. | 364 | 11,142 | ||||||
Tellurian, Inc.* | 3,611 | 10,761 | ||||||
Weatherford International plc* | 500 | 10,585 | ||||||
Green Plains, Inc.* | 373 | 10,134 | ||||||
FuelCell Energy, Inc.* | 2,614 | 9,802 | ||||||
SunPower Corp. — Class A* | 579 | 9,154 | ||||||
Brigham Minerals, Inc. — Class A | 361 | 8,891 | ||||||
Centennial Resource Development, Inc. — Class A* | 1,456 | 8,707 | ||||||
Nabors Industries Ltd.* | 65 | 8,704 | ||||||
Laredo Petroleum, Inc.* | 121 | 8,342 | ||||||
Archrock, Inc. | 958 | 7,923 | ||||||
Comstock Resources, Inc.* | 649 | 7,840 | ||||||
NOW, Inc.* | 781 | 7,638 | ||||||
Oceaneering International, Inc.* | 708 | 7,561 | ||||||
Stem, Inc.* | 1,020 | 7,303 | ||||||
Talos Energy, Inc.* | 468 | 7,240 | ||||||
CVR Energy, Inc. | 209 | 7,002 | ||||||
Noble Corp.* | 267 | 6,768 | ||||||
Gulfport Energy Corp.* | 84 | 6,679 | ||||||
Archaea Energy, Inc.* | 422 | 6,554 | ||||||
Expro Group Holdings N.V.* | 549 | 6,324 | ||||||
Dril-Quip, Inc.* | 241 | 6,218 | ||||||
ProPetro Holding Corp.* | 618 | 6,180 | ||||||
US Silica Holdings, Inc.* | 524 | 5,984 | ||||||
MRC Global, Inc.* | 588 | 5,857 | ||||||
Tidewater, Inc.* | 270 | 5,694 | ||||||
Par Pacific Holdings, Inc.* | 346 | 5,394 | ||||||
Ranger Oil Corp. — Class A* | 151 | 4,963 | ||||||
Montauk Renewables, Inc.* | 456 | 4,583 | ||||||
Borr Drilling Ltd.* | 951 | 4,384 | ||||||
Berry Corp. | 567 | 4,321 | ||||||
Earthstone Energy, Inc. — Class A* | 306 | 4,177 | ||||||
Diamond Offshore Drilling, Inc.* | 707 | 4,164 | ||||||
Vertex Energy, Inc.* | 383 | 4,029 | ||||||
SunCoke Energy, Inc. | 590 | 4,018 | ||||||
Kinetik Holdings, Inc. — Class A | 117 | 3,994 | ||||||
Bristow Group, Inc.* | 167 | 3,908 | ||||||
RPC, Inc.* | 526 | 3,635 | ||||||
TETRA Technologies, Inc.* | 881 | 3,577 | ||||||
SandRidge Energy, Inc.* | 225 | 3,526 | ||||||
Select Energy Services, Inc. — Class A* | 506 | 3,451 | ||||||
Gevo, Inc.* | 1,393 | 3,274 | ||||||
TPI Composites, Inc.* | 259 | 3,238 | ||||||
REX American Resources Corp.* | 37 | 3,138 | ||||||
Helix Energy Solutions Group, Inc.* | 1,012 | 3,137 | ||||||
W&T Offshore, Inc.* | 669 | 2,890 | ||||||
VAALCO Energy, Inc. | 414 | 2,873 | ||||||
Crescent Energy Co. — Class A | 230 | 2,870 | ||||||
Excelerate Energy, Inc. — Class A* | 131 | 2,610 | ||||||
Aris Water Solution, Inc. — Class A | 156 | 2,602 | ||||||
Solaris Oilfield Infrastructure, Inc. — Class A | 223 | 2,426 | ||||||
Fluence Energy, Inc.* | 254 | 2,408 | ||||||
DMC Global, Inc.* | 133 | 2,398 | ||||||
SilverBow Resources, Inc.* | 83 | 2,354 | ||||||
Oil States International, Inc.* | 432 | 2,341 | ||||||
Ramaco Resources, Inc. | 159 | 2,091 | ||||||
Sitio Royalties Corp. | 83 | 1,924 | ||||||
Alto Ingredients, Inc.* | 511 | 1,896 | ||||||
Newpark Resources, Inc.* | 600 | 1,854 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
National Energy Services Reunited Corp.* | 271 | $ | 1,837 | |||||
Riley Exploration Permian, Inc. | 74 | 1,789 | ||||||
Energy Vault Holdings, Inc.* | 178 | 1,784 | ||||||
Infrastructure and Energy Alternatives, Inc.* | 215 | 1,726 | ||||||
Amplify Energy Corp.* | 253 | 1,655 | ||||||
Ring Energy, Inc.* | 612 | 1,628 | ||||||
FutureFuel Corp. | 183 | 1,332 | ||||||
HighPeak Energy, Inc. | 45 | 1,153 | ||||||
Cleanspark, Inc.* | 284 | 1,113 | ||||||
NACCO Industries, Inc. — Class A | 29 | 1,099 | ||||||
Aemetis, Inc.* | 206 | 1,011 | ||||||
Eneti, Inc. | 162 | 995 | ||||||
NextDecade Corp.*,1 | 219 | 972 | ||||||
Empire Petroleum Corp.* | 48 | 570 | ||||||
Heliogen, Inc.* | 136 | 287 | ||||||
Battalion Oil Corp.* | 18 | 154 | ||||||
Total Energy | 906,368 | |||||||
Communications - 3.6% | ||||||||
Vonage Holdings Corp.* | 1,819 | 34,270 | ||||||
Iridium Communications, Inc.* | 901 | 33,842 | ||||||
TEGNA, Inc. | 1,577 | 33,070 | ||||||
Marqeta, Inc. — Class A* | 3,072 | 24,914 | ||||||
Perficient, Inc.* | 242 | 22,189 | ||||||
Viavi Solutions, Inc.* | 1,611 | 21,314 | ||||||
DigitalBridge Group, Inc.* | 4,184 | 20,418 | ||||||
Cogent Communications Holdings, Inc. | 304 | 18,471 | ||||||
Upwork, Inc.* | 848 | 17,537 | ||||||
Bumble, Inc. — Class A* | 610 | 17,171 | ||||||
Cargurus, Inc.* | 722 | 15,516 | ||||||
Q2 Holdings, Inc.* | 395 | 15,235 | ||||||
Calix, Inc.* | 402 | 13,724 | ||||||
Yelp, Inc. — Class A* | 487 | 13,524 | ||||||
Maxar Technologies, Inc. | 515 | 13,436 | ||||||
InterDigital, Inc. | 219 | 13,315 | ||||||
TechTarget, Inc.* | 194 | 12,750 | ||||||
Plantronics, Inc.* | 299 | 11,864 | ||||||
Telephone & Data Systems, Inc. | 714 | 11,274 | ||||||
Gray Television, Inc. | 599 | 10,117 | ||||||
ePlus, Inc.* | 188 | 9,987 | ||||||
Shutterstock, Inc. | 172 | 9,857 | ||||||
CommScope Holding Company, Inc.* | 1,451 | 8,880 | ||||||
Liberty Latin America Ltd. — Class C* | 1,082 | 8,429 | ||||||
Magnite, Inc.* | 926 | 8,223 | ||||||
Figs, Inc. — Class A* | 902 | 8,217 | ||||||
Extreme Networks, Inc.* | 905 | 8,073 | ||||||
Open Lending Corp. — Class A* | 747 | 7,642 | ||||||
Shenandoah Telecommunications Co. | 343 | 7,615 | ||||||
Overstock.com, Inc.* | 302 | 7,553 | ||||||
Revolve Group, Inc.* | 289 | 7,488 | ||||||
Infinera Corp.* | 1,340 | 7,182 | ||||||
Scholastic Corp. | 196 | 7,050 | ||||||
WideOpenWest, Inc.* | 379 | 6,902 | ||||||
iHeartMedia, Inc. — Class A* | 853 | 6,730 | ||||||
A10 Networks, Inc. | 466 | 6,701 | ||||||
ContextLogic, Inc. — Class A* | 4,027 | 6,443 | ||||||
AMC Networks, Inc. — Class A* | 214 | 6,232 | ||||||
Vimeo, Inc.* | 1,013 | 6,098 | ||||||
ADTRAN, Inc. | 346 | 6,065 | ||||||
Sinclair Broadcast Group, Inc. — Class A | 295 | 6,018 | ||||||
Globalstar, Inc.*,1 | 4,842 | 5,956 | ||||||
NeoPhotonics Corp.* | 372 | 5,852 | ||||||
Gogo, Inc.* | 354 | 5,731 | ||||||
Harmonic, Inc.* | 652 | 5,653 | ||||||
Eventbrite, Inc. — Class A* | 546 | 5,607 | ||||||
EW Scripps Co. — Class A* | 414 | 5,162 | ||||||
Clearfield, Inc.* | 82 | 5,080 | ||||||
EchoStar Corp. — Class A* | 250 | 4,825 | ||||||
Planet Labs PBC* | 1,100 | 4,763 | ||||||
Squarespace, Inc. — Class A* | 222 | 4,644 | ||||||
Cars.com, Inc.* | 490 | 4,621 | ||||||
Thryv Holdings, Inc.* | 180 | 4,030 | ||||||
HealthStream, Inc.* | 171 | 3,712 | ||||||
NETGEAR, Inc.* | 200 | 3,704 | ||||||
QuinStreet, Inc.* | 367 | 3,692 | ||||||
Consolidated Communications Holdings, Inc.* | 526 | 3,682 | ||||||
ATN International, Inc. | 77 | 3,612 | ||||||
Anterix, Inc.* | 86 | 3,532 | ||||||
OptimizeRx Corp.* | 125 | 3,424 | ||||||
Cyxtera Technologies, Inc.*,1 | 301 | 3,413 | ||||||
Poshmark, Inc. — Class A* | 325 | 3,286 | ||||||
Tucows, Inc. — Class A* | 70 | 3,116 | ||||||
fuboTV, Inc.* | 1,261 | 3,115 | ||||||
ChannelAdvisor Corp.* | 213 | 3,106 | ||||||
Couchbase, Inc.* | 188 | 3,087 | ||||||
United States Cellular Corp.* | 106 | 3,070 | ||||||
Stagwell, Inc.* | 553 | 3,003 | ||||||
Boston Omaha Corp. — Class A* | 145 | 2,994 | ||||||
Gannett Company, Inc.* | 1,019 | 2,955 | ||||||
Stitch Fix, Inc. — Class A* | 575 | 2,841 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 2,583 | 2,764 | ||||||
Allbirds, Inc. — Class A* | 668 | 2,625 | ||||||
IDT Corp. — Class B* | 103 | 2,590 | ||||||
CarParts.com, Inc.* | 360 | 2,498 | ||||||
Rover Group, Inc.* | 656 | 2,467 | ||||||
Liquidity Services, Inc.* | 176 | 2,365 | ||||||
Edgio, Inc.*,1 | 972 | 2,245 | ||||||
Advantage Solutions, Inc.* | 584 | 2,219 | ||||||
Liberty Latin America Ltd. — Class A* | 274 | 2,137 | ||||||
DZS, Inc.* | 123 | 2,001 | ||||||
Aviat Networks, Inc.* | 78 | 1,953 | ||||||
Credo Technology Group Holding Ltd.*,1 | 167 | 1,951 | ||||||
Ooma, Inc.* | 162 | 1,918 | ||||||
Entravision Communications Corp. — Class A | 420 | 1,915 | ||||||
Quotient Technology, Inc.* | 633 | 1,880 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
1-800-Flowers.com, Inc. — Class A* | 190 | $ | 1,807 | |||||
Blade Air Mobility, Inc.*,1 | 397 | 1,771 | ||||||
Groupon, Inc.* | 153 | 1,729 | ||||||
MediaAlpha, Inc. — Class A* | 169 | 1,665 | ||||||
Ribbon Communications, Inc.* | 512 | 1,557 | ||||||
DHI Group, Inc.* | 303 | 1,506 | ||||||
RealReal, Inc.* | 603 | 1,501 | ||||||
Focus Universal, Inc.*,1 | 125 | 1,427 | ||||||
Vivid Seats, Inc. — Class A | 175 | 1,307 | ||||||
Ondas Holdings, Inc.* | 242 | 1,304 | ||||||
EverQuote, Inc. — Class A* | 137 | 1,211 | ||||||
Cambium Networks Corp.* | 81 | 1,187 | ||||||
Lands' End, Inc.* | 108 | 1,147 | ||||||
Preformed Line Products Co. | 18 | 1,107 | ||||||
RumbleON, Inc. — Class B* | 74 | 1,089 | ||||||
Cumulus Media, Inc. — Class A* | 131 | 1,013 | ||||||
Casa Systems, Inc.* | 250 | 983 | ||||||
1stdibs.com, Inc.* | 165 | 939 | ||||||
Vacasa, Inc. — Class A* | 289 | 832 | ||||||
Nerdy, Inc.* | 383 | 816 | ||||||
Audacy, Inc.* | 845 | 796 | ||||||
Terran Orbital Corp.* | 169 | 774 | ||||||
KORE Group Holdings, Inc.* | 248 | 761 | ||||||
Arena Group Holdings, Inc.* | 80 | 720 | ||||||
Starry Group Holdings, Inc. — Class A*,1 | 169 | 696 | ||||||
Solo Brands, Inc. — Class A*,1 | 156 | 633 | ||||||
Gambling.com Group Ltd.* | 61 | 480 | ||||||
BARK, Inc.* | 365 | 467 | ||||||
Value Line, Inc. | 7 | 462 | ||||||
Lulu's Fashion Lounge Holdings, Inc.* | 42 | 456 | ||||||
Urban One, Inc.* | 85 | 364 | ||||||
AdTheorent Holding Company, Inc.* | 113 | 349 | ||||||
Inspirato, Inc.* | 73 | 338 | ||||||
Urban One, Inc.* | 59 | 322 | ||||||
Innovid Corp.* | 158 | 262 | ||||||
aka Brands Holding Corp.* | 79 | 218 | ||||||
Total Communications | 720,128 | |||||||
Utilities - 2.8% | ||||||||
Southwest Gas Holdings, Inc. | 467 | 40,666 | ||||||
Black Hills Corp. | 460 | 33,474 | ||||||
ONE Gas, Inc. | 381 | 30,933 | ||||||
Portland General Electric Co. | 633 | 30,593 | ||||||
New Jersey Resources Corp. | 682 | 30,369 | ||||||
South Jersey Industries, Inc. | 869 | 29,668 | ||||||
Brookfield Infrastructure Corp. — Class A | 693 | 29,453 | ||||||
PNM Resources, Inc. | 605 | 28,907 | ||||||
Spire, Inc. | 361 | 26,848 | ||||||
Ormat Technologies, Inc. | 321 | 25,150 | ||||||
ALLETE, Inc. | 406 | 23,865 | ||||||
NorthWestern Corp. | 385 | 22,688 | ||||||
Avista Corp. | 513 | 22,321 | ||||||
American States Water Co. | 261 | 21,274 | ||||||
California Water Service Group | 380 | 21,109 | ||||||
Clearway Energy, Inc. — Class C | 580 | 20,207 | ||||||
MGE Energy, Inc. | 258 | 20,080 | ||||||
Otter Tail Corp. | 291 | 19,535 | ||||||
Chesapeake Utilities Corp. | 123 | 15,935 | ||||||
Northwest Natural Holding Co. | 241 | 12,797 | ||||||
SJW Group | 191 | 11,920 | ||||||
Middlesex Water Co. | 123 | 10,785 | ||||||
Ameresco, Inc. — Class A* | 225 | 10,251 | ||||||
Clearway Energy, Inc. — Class A | 246 | 7,864 | ||||||
Unitil Corp. | 112 | 6,577 | ||||||
York Water Co. | 101 | 4,083 | ||||||
Artesian Resources Corp. — Class A | 58 | 2,852 | ||||||
Altus Power, Inc.* | 297 | 1,874 | ||||||
Global Water Resources, Inc. | 91 | 1,202 | ||||||
FTC Solar, Inc.* | 293 | 1,061 | ||||||
Via Renewables, Inc. | 86 | 659 | ||||||
Total Utilities | 565,000 | |||||||
Basic Materials - 2.7% | ||||||||
Rogers Corp.* | 133 | 34,858 | ||||||
Balchem Corp. | 225 | 29,192 | ||||||
Commercial Metals Co. | 856 | 28,334 | ||||||
Livent Corp.* | 1,147 | 26,026 | ||||||
Cabot Corp. | 394 | 25,133 | ||||||
Sensient Technologies Corp. | 297 | 23,926 | ||||||
HB Fuller Co. | 376 | 22,639 | ||||||
Arconic Corp.* | 749 | 21,010 | ||||||
Allegheny Technologies, Inc.* | 878 | 19,939 | ||||||
Ingevity Corp.* | 275 | 17,364 | ||||||
Innospec, Inc. | 175 | 16,763 | ||||||
Stepan Co. | 152 | 15,405 | ||||||
Hecla Mining Co. | 3,785 | 14,837 | ||||||
Quaker Chemical Corp. | 96 | 14,354 | ||||||
Minerals Technologies, Inc. | 232 | 14,231 | ||||||
Tronox Holdings plc — Class A | 828 | 13,910 | ||||||
Constellium SE* | 878 | 11,598 | ||||||
GCP Applied Technologies, Inc.* | 352 | 11,011 | ||||||
Trinseo plc | 256 | 9,846 | ||||||
Carpenter Technology Corp. | 338 | 9,433 | ||||||
Perimeter Solutions S.A.* | 863 | 9,355 | ||||||
Kaiser Aluminum Corp. | 112 | 8,858 | ||||||
Compass Minerals International, Inc. | 243 | 8,600 | ||||||
Sylvamo Corp. | 251 | 8,203 | ||||||
Novagold Resources, Inc.* | 1,692 | 8,139 | ||||||
Orion Engineered Carbons S.A. | 429 | 6,662 | ||||||
AdvanSix, Inc. | 193 | 6,454 | ||||||
Uranium Energy Corp.* | 1,978 | 6,092 | ||||||
Schnitzer Steel Industries, Inc. — Class A | 183 | 6,010 | ||||||
Coeur Mining, Inc.* | 1,971 | 5,992 | ||||||
Schweitzer-Mauduit International, Inc. | 223 | 5,602 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
Energy Fuels, Inc.* | 1,104 | $ | 5,421 | |||||
Lightwave Logic, Inc.* | 791 | 5,173 | ||||||
Hawkins, Inc. | 137 | 4,936 | ||||||
American Vanguard Corp. | 207 | 4,626 | ||||||
Codexis, Inc.* | 433 | 4,529 | ||||||
Piedmont Lithium, Inc.* | 123 | 4,478 | ||||||
Ecovyst, Inc. | 453 | 4,462 | ||||||
Resolute Forest Products, Inc.* | 325 | 4,147 | ||||||
Neenah, Inc. | 119 | 4,062 | ||||||
Clearwater Paper Corp.* | 118 | 3,968 | ||||||
Origin Materials, Inc.* | 753 | 3,855 | ||||||
Diversey Holdings Ltd.* | 553 | 3,650 | ||||||
Intrepid Potash, Inc.* | 79 | 3,578 | ||||||
Koppers Holdings, Inc. | 145 | 3,283 | ||||||
Danimer Scientific, Inc.* | 641 | 2,923 | ||||||
Kronos Worldwide, Inc. | 157 | 2,889 | ||||||
5E Advanced Materials, Inc.* | 229 | 2,789 | ||||||
Century Aluminum Co.* | 368 | 2,712 | ||||||
Amyris, Inc.* | 1,393 | 2,577 | ||||||
Glatfelter Corp. | 311 | 2,140 | ||||||
Ur-Energy, Inc.* | 1,482 | 1,571 | ||||||
United States Lime & Minerals, Inc. | 14 | 1,478 | ||||||
Unifi, Inc.* | 99 | 1,392 | ||||||
Dakota Gold Corp.* | 360 | 1,206 | ||||||
Hycroft Mining Holding Corp.* | 1,068 | 1,186 | ||||||
Rayonier Advanced Materials, Inc.* | 437 | 1,145 | ||||||
Valhi, Inc. | 17 | 771 | ||||||
PolyMet Mining Corp.* | 207 | 569 | ||||||
Terawulf, Inc.* | 151 | 181 | ||||||
Total Basic Materials | 545,473 | |||||||
Government - 0.0% | ||||||||
Banco Latinoamericano de Comercio Exterior S.A. — Class E | 195 | 2,588 | ||||||
Diversified - 0.0% | ||||||||
Professional Holding Corp. — Class A* | 91 | 1,825 | ||||||
Total Common Stocks | ||||||||
(Cost $19,869,274) | 16,102,807 | |||||||
RIGHTS††† - 0.0% | ||||||||
Consumer, Non-cyclical - 0.0% | ||||||||
Elanco Animal Health, Inc.* | 505 | – | ||||||
Oncternal Therapeutics, Inc.* | 7 | – | ||||||
Tobira Therapeutics, Inc.* | 141 | – | ||||||
UCB* | 385 | – | ||||||
Total Consumer, Non-cyclical | – | |||||||
Total Rights | ||||||||
(Cost $103) | – | |||||||
EXCHANGE-TRADED FUNDS† - 10.8% | ||||||||
iShares Russell 2000 Index ETF1 | 6,356 | 1,076,452 | ||||||
Vanguard Russell 2000 ETF1 | 15,743 | 1,076,349 | ||||||
Total Exchange-Traded Funds | ||||||||
(Cost $2,799,130) | 2,152,801 | |||||||
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 0.4% | ||||||||
U.S. Cash Management Bill | ||||||||
1.34% due 10/04/222,3 | $ | 71,000 | 70,661 | |||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/223,4 | 12,000 | 11,994 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $82,732) | 82,655 | |||||||
REPURCHASE AGREEMENTS††,5 - 12.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/222 | 1,441,637 | 1,441,637 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/222 | 561,426 | 561,426 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/222 | 555,868 | 555,868 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,558,931) | 2,558,931 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 8.1% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%7 | 1,620,429 | 1,620,429 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $1,620,429) | 1,620,429 | |||||||
Total Investments - 112.8% | ||||||||
(Cost $26,930,599) | $ | 22,517,623 | ||||||
Other Assets & Liabilities, net - (12.8)% | (2,549,678 | ) | ||||||
Total Net Assets - 100.0% | $ | 19,967,945 |
Russell 2000 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
Russell 2000 Index Mini Futures Contracts | 2 | Sep 2022 | $ | 170,850 | $ | (2,287 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Depreciation | ||||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||||
Goldman Sachs International | Russell 2000 Index | Pay | 1.83% (Federal Funds Rate + 0.25%) | At Maturity | 11/17/22 | 252 | $ | 430,711 | $ | (11,754 | ) | |||||||||||||
Barclays Bank plc | Russell 2000 Index | Pay | 1.51% (SOFR) | At Maturity | 11/16/22 | 345 | 589,010 | (96,196 | ) | |||||||||||||||
BNP Paribas | Russell 2000 Index | Pay | 1.78% (Federal Funds Rate + 0.20%) | At Maturity | 11/17/22 | 318 | 543,038 | (100,824 | ) | |||||||||||||||
$ | 1,562,759 | $ | (208,774 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
††† | Value determined based on Level 3 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
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 June 30, 2022. |
5 | Repurchase Agreements — See Note 4. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 16,102,807 | $ | — | $ | — | $ | 16,102,807 | ||||||||
Rights | — | — | — | * | — | |||||||||||
Exchange-Traded Funds | 2,152,801 | — | — | 2,152,801 | ||||||||||||
U.S. Treasury Bills | — | 82,655 | — | 82,655 | ||||||||||||
Repurchase Agreements | — | 2,558,931 | — | 2,558,931 | ||||||||||||
Securities Lending Collateral | 1,620,429 | — | — | 1,620,429 | ||||||||||||
Total Assets | $ | 19,876,037 | $ | 2,641,586 | $ | — | $ | 22,517,623 | ||||||||
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 2,287 | $ | — | $ | — | $ | 2,287 | ||||||||
Equity Index Swap Agreements** | — | 208,774 | — | 208,774 | ||||||||||||
Total Liabilities | $ | 2,287 | $ | 208,774 | $ | — | $ | 211,061 |
* | Includes securities with a market value of $0. |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 78.5% | ||||||||
Technology - 18.2% | ||||||||
Apple, Inc. | 36,255 | $ | 4,956,784 | |||||
Microsoft Corp. | 17,635 | 4,529,197 | ||||||
NVIDIA Corp. | 5,904 | 894,987 | ||||||
Broadcom, Inc. | 963 | 467,835 | ||||||
Accenture plc — Class A | 1,493 | 414,531 | ||||||
Adobe, Inc.* | 1,114 | 407,791 | ||||||
Salesforce, Inc.* | 2,343 | 386,689 | ||||||
Intel Corp. | 9,641 | 360,670 | ||||||
QUALCOMM, Inc. | 2,641 | 337,361 | ||||||
Texas Instruments, Inc. | 2,174 | 334,035 | ||||||
International Business Machines Corp. | 2,121 | 299,464 | ||||||
Advanced Micro Devices, Inc.* | 3,821 | 292,192 | ||||||
Oracle Corp. | 3,712 | 259,357 | ||||||
Intuit, Inc. | 667 | 257,088 | ||||||
ServiceNow, Inc.* | 473 | 224,921 | ||||||
Applied Materials, Inc. | 2,083 | 189,511 | ||||||
Analog Devices, Inc. | 1,234 | 180,275 | ||||||
Micron Technology, Inc. | 2,633 | 145,552 | ||||||
Activision Blizzard, Inc. | 1,844 | 143,574 | ||||||
Lam Research Corp. | 327 | 139,351 | ||||||
Fidelity National Information Services, Inc. | 1,440 | 132,005 | ||||||
Fiserv, Inc.* | 1,372 | 122,067 | ||||||
KLA Corp. | 352 | 112,316 | ||||||
Synopsys, Inc.* | 361 | 109,636 | ||||||
Roper Technologies, Inc. | 250 | 98,663 | ||||||
Cadence Design Systems, Inc.* | 650 | 97,519 | ||||||
NXP Semiconductor N.V. | 619 | 91,631 | ||||||
Fortinet, Inc.* | 1,571 | 88,887 | ||||||
Autodesk, Inc.* | 513 | 88,215 | ||||||
Paychex, Inc. | 758 | 86,313 | ||||||
Cognizant Technology Solutions Corp. — Class A | 1,229 | 82,945 | ||||||
HP, Inc. | 2,484 | 81,425 | ||||||
Electronic Arts, Inc. | 663 | 80,654 | ||||||
MSCI, Inc. — Class A | 191 | 78,721 | ||||||
Microchip Technology, Inc. | 1,311 | 76,143 | ||||||
ON Semiconductor Corp.* | 1,025 | 51,568 | ||||||
ANSYS, Inc.* | 205 | 49,054 | ||||||
Take-Two Interactive Software, Inc.* | 373 | 45,704 | ||||||
Hewlett Packard Enterprise Co. | 3,066 | 40,655 | ||||||
EPAM Systems, Inc.* | 135 | 39,795 | ||||||
Monolithic Power Systems, Inc. | 103 | 39,556 | ||||||
Broadridge Financial Solutions, Inc. | 276 | 39,344 | ||||||
Zebra Technologies Corp. — Class A* | 124 | 36,450 | ||||||
Skyworks Solutions, Inc. | 379 | 35,111 | ||||||
Akamai Technologies, Inc.* | 378 | 34,523 | ||||||
NetApp, Inc. | 525 | 34,251 | ||||||
Teradyne, Inc. | 378 | 33,850 | ||||||
Seagate Technology Holdings plc | 466 | 33,291 | ||||||
Western Digital Corp.* | 738 | 33,085 | ||||||
Tyler Technologies, Inc.* | 98 | 32,583 | ||||||
Leidos Holdings, Inc. | 322 | 32,429 | ||||||
Paycom Software, Inc.* | 114 | 31,934 | ||||||
Jack Henry & Associates, Inc. | 172 | 30,963 | ||||||
Citrix Systems, Inc.* | 294 | 28,568 | ||||||
PTC, Inc.* | 248 | 26,372 | ||||||
Qorvo, Inc.* | 256 | 24,146 | ||||||
DXC Technology Co.* | 576 | 17,459 | ||||||
Ceridian HCM Holding, Inc.* | 324 | 15,254 | ||||||
Total Technology | 17,434,250 | |||||||
Consumer, Non-cyclical - 17.7% | ||||||||
UnitedHealth Group, Inc. | 2,212 | 1,136,150 | ||||||
Johnson & Johnson | 6,205 | 1,101,449 | ||||||
Procter & Gamble Co. | 5,657 | 813,420 | ||||||
Pfizer, Inc. | 13,230 | 693,649 | ||||||
AbbVie, Inc. | 4,167 | 638,218 | ||||||
Eli Lilly & Co. | 1,860 | 603,068 | ||||||
Coca-Cola Co. | 9,199 | 578,709 | ||||||
Merck & Company, Inc. | 5,963 | 543,647 | ||||||
PepsiCo, Inc. | 3,260 | 543,312 | ||||||
Thermo Fisher Scientific, Inc. | 923 | 501,447 | ||||||
Abbott Laboratories | 4,129 | 448,616 | ||||||
Danaher Corp. | 1,526 | 386,872 | ||||||
Bristol-Myers Squibb Co. | 5,020 | 386,540 | ||||||
Philip Morris International, Inc. | 3,655 | 360,895 | ||||||
Amgen, Inc. | 1,260 | 306,558 | ||||||
CVS Health Corp. | 3,092 | 286,505 | ||||||
Medtronic plc | 3,163 | 283,879 | ||||||
S&P Global, Inc. | 818 | 275,715 | ||||||
Elevance Health, Inc. | 568 | 274,105 | ||||||
Automatic Data Processing, Inc. | 985 | 206,889 | ||||||
Mondelez International, Inc. — Class A | 3,263 | 202,600 | ||||||
Cigna Corp. | 748 | 197,113 | ||||||
Zoetis, Inc. | 1,110 | 190,798 | ||||||
PayPal Holdings, Inc.* | 2,731 | 190,733 | ||||||
Gilead Sciences, Inc. | 2,958 | 182,834 | ||||||
Altria Group, Inc. | 4,269 | 178,316 | ||||||
Vertex Pharmaceuticals, Inc.* | 603 | 169,919 | ||||||
Intuitive Surgical, Inc.* | 846 | 169,801 | ||||||
Becton Dickinson and Co. | 672 | 165,668 | ||||||
Colgate-Palmolive Co. | 1,976 | 158,357 | ||||||
Stryker Corp. | 794 | 157,950 | ||||||
Regeneron Pharmaceuticals, Inc.* | 255 | 150,738 | ||||||
Humana, Inc. | 298 | 139,485 | ||||||
Edwards Lifesciences Corp.* | 1,466 | 139,402 | ||||||
Estee Lauder Companies, Inc. — Class A | 547 | 139,304 | ||||||
Boston Scientific Corp.* | 3,371 | 125,637 | ||||||
Centene Corp.* | 1,379 | 116,677 | ||||||
Moderna, Inc.* | 816 | 116,566 | ||||||
McKesson Corp. | 343 | 111,890 | ||||||
Kimberly-Clark Corp. | 794 | 107,309 | ||||||
General Mills, Inc. | 1,420 | 107,139 | ||||||
Archer-Daniels-Midland Co. | 1,327 | 102,975 | ||||||
Moody's Corp. | 378 | 102,805 | ||||||
Sysco Corp. | 1,201 | 101,737 | ||||||
IQVIA Holdings, Inc.* | 446 | 96,778 | ||||||
Corteva, Inc. | 1,706 | 92,363 | ||||||
HCA Healthcare, Inc. | 536 | 90,080 | ||||||
Constellation Brands, Inc. — Class A | 384 | 89,495 | ||||||
Monster Beverage Corp.* | 887 | 82,225 | ||||||
Cintas Corp. | 205 | 76,574 |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 78.5% (continued) | ||||||||
Consumer, Non-cyclical - 17.7% (continued) | ||||||||
Baxter International, Inc. | 1,187 | $ | 76,241 | |||||
Hershey Co. | 344 | 74,015 | ||||||
Global Payments, Inc. | 664 | 73,465 | ||||||
Kroger Co. | 1,547 | 73,220 | ||||||
ResMed, Inc. | 345 | 72,322 | ||||||
Biogen, Inc.* | 345 | 70,359 | ||||||
IDEXX Laboratories, Inc.* | 198 | 69,445 | ||||||
Dexcom, Inc.* | 925 | 68,940 | ||||||
Illumina, Inc.* | 370 | 68,213 | ||||||
Verisk Analytics, Inc. — Class A | 372 | 64,389 | ||||||
Kraft Heinz Co. | 1,674 | 63,846 | ||||||
Keurig Dr Pepper, Inc. | 1,739 | 61,543 | ||||||
Tyson Foods, Inc. — Class A | 687 | 59,123 | ||||||
Church & Dwight Company, Inc. | 572 | 53,002 | ||||||
West Pharmaceutical Services, Inc. | 175 | 52,915 | ||||||
Equifax, Inc. | 288 | 52,641 | ||||||
Zimmer Biomet Holdings, Inc. | 494 | 51,900 | ||||||
Laboratory Corporation of America Holdings | 219 | 51,325 | ||||||
AmerisourceBergen Corp. — Class A | 356 | 50,367 | ||||||
McCormick & Company, Inc. | 590 | 49,117 | ||||||
STERIS plc | 236 | 48,651 | ||||||
Waters Corp.* | 142 | 46,999 | ||||||
Gartner, Inc.* | 190 | 45,948 | ||||||
Catalent, Inc.* | 423 | 45,384 | ||||||
Kellogg Co. | 597 | 42,590 | ||||||
Quanta Services, Inc. | 339 | 42,490 | ||||||
PerkinElmer, Inc. | 297 | 42,239 | ||||||
United Rentals, Inc.* | 169 | 41,052 | ||||||
Align Technology, Inc.* | 173 | 40,944 | ||||||
Clorox Co. | 290 | 40,884 | ||||||
Hologic, Inc.* | 588 | 40,748 | ||||||
Conagra Brands, Inc. | 1,131 | 38,725 | ||||||
Molina Healthcare, Inc.* | 138 | 38,586 | ||||||
FleetCor Technologies, Inc.* | 182 | 38,240 | ||||||
Quest Diagnostics, Inc. | 277 | 36,836 | ||||||
Cooper Companies, Inc. | 116 | 36,322 | ||||||
Incyte Corp.* | 444 | 33,731 | ||||||
Cardinal Health, Inc. | 642 | 33,557 | ||||||
J M Smucker Co. | 256 | 32,771 | ||||||
Bio-Techne Corp. | 93 | 32,238 | ||||||
Hormel Foods Corp. | 668 | 31,636 | ||||||
Avery Dennison Corp. | 193 | 31,241 | ||||||
Brown-Forman Corp. — Class B | 431 | 30,239 | ||||||
Viatris, Inc. | 2,859 | 29,934 | ||||||
Teleflex, Inc. | 111 | 27,289 | ||||||
ABIOMED, Inc.* | 107 | 26,484 | ||||||
Charles River Laboratories International, Inc.* | 120 | 25,676 | ||||||
Bio-Rad Laboratories, Inc. — Class A* | 51 | 25,245 | ||||||
Henry Schein, Inc.* | 326 | 25,017 | ||||||
Lamb Weston Holdings, Inc. | 341 | 24,368 | ||||||
Molson Coors Beverage Co. — Class B | 444 | 24,202 | ||||||
Campbell Soup Co. | 477 | 22,920 | ||||||
MarketAxess Holdings, Inc. | 89 | 22,785 | ||||||
Organon & Co. | 598 | 20,182 | ||||||
Nielsen Holdings plc | 848 | 19,691 | ||||||
Robert Half International, Inc. | 261 | 19,546 | ||||||
Rollins, Inc. | 534 | 18,647 | ||||||
Dentsply Sirona, Inc. | 508 | 18,151 | ||||||
Universal Health Services, Inc. — Class B | 158 | 15,912 | ||||||
DaVita, Inc.* | 143 | 11,434 | ||||||
Total Consumer, Non-cyclical | 16,948,833 | |||||||
Financial - 11.7% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 4,266 | 1,164,703 | ||||||
JPMorgan Chase & Co. | 6,925 | 779,824 | ||||||
Visa, Inc. — Class A | 3,880 | 763,933 | ||||||
Mastercard, Inc. — Class A | 2,025 | 638,847 | ||||||
Bank of America Corp. | 16,718 | 520,431 | ||||||
Wells Fargo & Co. | 8,937 | 350,062 | ||||||
American Tower Corp. — Class A REIT | 1,096 | 280,127 | ||||||
Morgan Stanley | 3,300 | 250,998 | ||||||
Goldman Sachs Group, Inc. | 810 | 240,586 | ||||||
Charles Schwab Corp. | 3,556 | 224,668 | ||||||
Citigroup, Inc. | 4,579 | 210,588 | ||||||
Prologis, Inc. REIT | 1,745 | 205,299 | ||||||
BlackRock, Inc. — Class A | 336 | 204,637 | ||||||
American Express Co. | 1,438 | 199,336 | ||||||
Chubb Ltd. | 999 | 196,383 | ||||||
Marsh & McLennan Companies, Inc. | 1,183 | 183,661 | ||||||
CME Group, Inc. — Class A | 847 | 173,381 | ||||||
Crown Castle International Corp. REIT | 1,021 | 171,916 | ||||||
Progressive Corp. | 1,379 | 160,336 | ||||||
PNC Financial Services Group, Inc. | 975 | 153,826 | ||||||
Truist Financial Corp. | 3,139 | 148,883 | ||||||
U.S. Bancorp | 3,188 | 146,712 | ||||||
Equinix, Inc. REIT | 215 | 141,259 | ||||||
Aon plc — Class A | 501 | 135,110 | ||||||
Intercontinental Exchange, Inc. | 1,316 | 123,757 | ||||||
Public Storage REIT | 360 | 112,561 | ||||||
MetLife, Inc. | 1,630 | 102,348 | ||||||
Realty Income Corp. REIT | 1,418 | 96,793 | ||||||
Capital One Financial Corp. | 927 | 96,584 | ||||||
Travelers Companies, Inc. | 566 | 95,728 | ||||||
American International Group, Inc. | 1,868 | 95,511 | ||||||
Welltower, Inc. REIT | 1,070 | 88,115 | ||||||
Digital Realty Trust, Inc. REIT | 671 | 87,116 | ||||||
Prudential Financial, Inc. | 884 | 84,581 | ||||||
Allstate Corp. | 648 | 82,121 | ||||||
SBA Communications Corp. REIT | 254 | 81,293 | ||||||
Arthur J Gallagher & Co. | 495 | 80,705 | ||||||
Aflac, Inc. | 1,397 | 77,296 | ||||||
Simon Property Group, Inc. REIT | 774 | 73,468 | ||||||
Bank of New York Mellon Corp. | 1,752 | 73,076 | ||||||
VICI Properties, Inc. REIT | 2,271 | 67,653 | ||||||
M&T Bank Corp. | 423 | 67,422 | ||||||
AvalonBay Communities, Inc. REIT | 330 | 64,102 | ||||||
Discover Financial Services | 662 | 62,612 | ||||||
Ameriprise Financial, Inc. | 259 | 61,559 |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 78.5% (continued) | ||||||||
Financial - 11.7% (continued) | ||||||||
First Republic Bank | 423 | $ | 60,996 | |||||
T. Rowe Price Group, Inc. | 536 | 60,895 | ||||||
Equity Residential REIT | 807 | 58,282 | ||||||
Weyerhaeuser Co. REIT | 1,755 | 58,126 | ||||||
CBRE Group, Inc. — Class A* | 771 | 56,753 | ||||||
SVB Financial Group* | 139 | 54,904 | ||||||
Fifth Third Bancorp | 1,618 | 54,365 | ||||||
Extra Space Storage, Inc. REIT | 317 | 53,928 | ||||||
State Street Corp. | 866 | 53,389 | ||||||
Willis Towers Watson plc | 263 | 51,913 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 350 | 50,760 | ||||||
Hartford Financial Services Group, Inc. | 775 | 50,708 | ||||||
Duke Realty Corp. REIT | 907 | 49,840 | ||||||
Ventas, Inc. REIT | 942 | 48,447 | ||||||
Mid-America Apartment Communities, Inc. REIT | 272 | 47,510 | ||||||
Northern Trust Corp. | 491 | 47,372 | ||||||
Cincinnati Financial Corp. | 352 | 41,881 | ||||||
Nasdaq, Inc. | 272 | 41,491 | ||||||
Regions Financial Corp. | 2,203 | 41,306 | ||||||
Citizens Financial Group, Inc. | 1,157 | 41,293 | ||||||
Raymond James Financial, Inc. | 458 | 40,950 | ||||||
Huntington Bancshares, Inc. | 3,393 | 40,818 | ||||||
Essex Property Trust, Inc. REIT | 154 | 40,273 | ||||||
KeyCorp | 2,199 | 37,889 | ||||||
Principal Financial Group, Inc. | 554 | 37,002 | ||||||
Camden Property Trust REIT | 251 | 33,754 | ||||||
W R Berkley Corp. | 494 | 33,720 | ||||||
Iron Mountain, Inc. REIT | 685 | 33,353 | ||||||
Healthpeak Properties, Inc. REIT | 1,272 | 32,958 | ||||||
Synchrony Financial | 1,182 | 32,647 | ||||||
UDR, Inc. REIT | 706 | 32,504 | ||||||
Brown & Brown, Inc. | 552 | 32,204 | ||||||
Boston Properties, Inc. REIT | 336 | 29,897 | ||||||
Kimco Realty Corp. REIT | 1,457 | 28,805 | ||||||
Cboe Global Markets, Inc. | 250 | 28,297 | ||||||
Loews Corp. | 458 | 27,141 | ||||||
Signature Bank | 148 | 26,523 | ||||||
Host Hotels & Resorts, Inc. REIT | 1,685 | 26,421 | ||||||
Everest Re Group Ltd. | 93 | 26,066 | ||||||
Comerica, Inc. | 308 | 22,601 | ||||||
Assurant, Inc. | 128 | 22,125 | ||||||
Regency Centers Corp. REIT | 366 | 21,707 | ||||||
Globe Life, Inc. | 214 | 20,859 | ||||||
Zions Bancorp North America | 357 | 18,171 | ||||||
Lincoln National Corp. | 381 | 17,819 | ||||||
Federal Realty OP, LP REIT | 169 | 16,180 | ||||||
Franklin Resources, Inc. | 660 | 15,385 | ||||||
Invesco Ltd. | 794 | 12,807 | ||||||
Vornado Realty Trust REIT | 375 | 10,721 | ||||||
Total Financial | 11,243,663 | |||||||
Communications - 10.1% | ||||||||
Amazon.com, Inc.* | 20,631 | 2,191,219 | ||||||
Alphabet, Inc. — Class A* | 709 | 1,545,095 | ||||||
Alphabet, Inc. — Class C* | 650 | 1,421,842 | ||||||
Meta Platforms, Inc. — Class A* | 5,408 | 872,040 | ||||||
Verizon Communications, Inc. | 9,902 | 502,526 | ||||||
Cisco Systems, Inc. | 9,795 | 417,659 | ||||||
Comcast Corp. — Class A | 10,541 | 413,629 | ||||||
Walt Disney Co.* | 4,295 | 405,448 | ||||||
AT&T, Inc. | 16,880 | 353,805 | ||||||
T-Mobile US, Inc.* | 1,389 | 186,876 | ||||||
Netflix, Inc.* | 1,048 | 183,264 | ||||||
Booking Holdings, Inc.* | 96 | 167,903 | ||||||
Charter Communications, Inc. — Class A* | 273 | 127,909 | ||||||
Motorola Solutions, Inc. | 394 | 82,582 | ||||||
Warner Bros Discovery, Inc.* | 5,207 | 69,878 | ||||||
Twitter, Inc.* | 1,799 | 67,265 | ||||||
Corning, Inc. | 1,792 | 56,466 | ||||||
eBay, Inc. | 1,320 | 55,004 | ||||||
CDW Corp. | 319 | 50,262 | ||||||
Arista Networks, Inc.* | 531 | 49,776 | ||||||
Match Group, Inc.* | 673 | 46,901 | ||||||
VeriSign, Inc.* | 225 | 37,649 | ||||||
Paramount Global — Class B | 1,435 | 35,416 | ||||||
FactSet Research Systems, Inc. | 89 | 34,227 | ||||||
Expedia Group, Inc.* | 357 | 33,854 | ||||||
Omnicom Group, Inc. | 485 | 30,851 | ||||||
NortonLifeLock, Inc. | 1,372 | 30,129 | ||||||
Interpublic Group of Companies, Inc. | 928 | 25,548 | ||||||
Lumen Technologies, Inc. | 2,192 | 23,915 | ||||||
Fox Corp. — Class A | 735 | 23,637 | ||||||
Etsy, Inc.* | 300 | 21,963 | ||||||
F5, Inc.* | 143 | 21,885 | ||||||
Juniper Networks, Inc. | 762 | 21,717 | ||||||
News Corp. — Class A | 916 | 14,271 | ||||||
DISH Network Corp. — Class A* | 591 | 10,596 | ||||||
Fox Corp. — Class B | 341 | 10,128 | ||||||
News Corp. — Class B | 284 | 4,513 | ||||||
Total Communications | 9,647,648 | |||||||
Consumer, Cyclical - 7.2% | ||||||||
Tesla, Inc.* | 1,979 | 1,332,698 | ||||||
Home Depot, Inc. | 2,437 | 668,396 | ||||||
Costco Wholesale Corp. | 1,045 | 500,847 | ||||||
McDonald's Corp. | 1,744 | 430,559 | ||||||
Walmart, Inc. | 3,310 | 402,430 | ||||||
NIKE, Inc. — Class B | 2,992 | 305,783 | ||||||
Lowe's Companies, Inc. | 1,559 | 272,310 | ||||||
Starbucks Corp. | 2,704 | 206,558 | ||||||
TJX Companies, Inc. | 2,769 | 154,649 | ||||||
Target Corp. | 1,090 | 153,941 | ||||||
Dollar General Corp. | 539 | 132,292 | ||||||
General Motors Co.* | 3,438 | 109,191 | ||||||
Ford Motor Co. | 9,311 | 103,631 | ||||||
AutoZone, Inc.* | 47 | 101,009 | ||||||
O'Reilly Automotive, Inc.* | 155 | 97,923 | ||||||
Marriott International, Inc. — Class A | 648 | 88,134 | ||||||
Chipotle Mexican Grill, Inc. — Class A* | 66 | 86,279 | ||||||
Dollar Tree, Inc.* | 531 | 82,756 | ||||||
Yum! Brands, Inc. | 672 | 76,279 | ||||||
Hilton Worldwide Holdings, Inc. | 656 | 73,105 | ||||||
Fastenal Co. | 1,357 | 67,741 | ||||||
PACCAR, Inc. | 820 | 67,519 | ||||||
Cummins, Inc. | 333 | 64,446 | ||||||
Walgreens Boots Alliance, Inc. | 1,690 | 64,051 | ||||||
Ross Stores, Inc. | 829 | 58,221 |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 78.5% (continued) | ||||||||
Consumer, Cyclical - 7.2% (continued) | ||||||||
Aptiv plc* | 639 | $ | 56,916 | |||||
Copart, Inc.* | 504 | 54,765 | ||||||
Tractor Supply Co. | 264 | 51,176 | ||||||
Southwest Airlines Co.* | 1,398 | 50,496 | ||||||
DR Horton, Inc. | 755 | 49,973 | ||||||
Ulta Beauty, Inc.* | 123 | 47,414 | ||||||
WW Grainger, Inc. | 101 | 45,897 | ||||||
Genuine Parts Co. | 334 | 44,422 | ||||||
Delta Air Lines, Inc.* | 1,512 | 43,803 | ||||||
Lennar Corp. — Class A | 610 | 43,048 | ||||||
CarMax, Inc.* | 379 | 34,292 | ||||||
VF Corp. | 761 | 33,613 | ||||||
Darden Restaurants, Inc. | 294 | 33,257 | ||||||
Domino's Pizza, Inc. | 85 | 33,125 | ||||||
Pool Corp. | 94 | 33,016 | ||||||
Best Buy Company, Inc. | 477 | 31,096 | ||||||
LKQ Corp. | 614 | 30,141 | ||||||
NVR, Inc.* | 7 | 28,029 | ||||||
United Airlines Holdings, Inc.* | 770 | 27,273 | ||||||
Las Vegas Sands Corp.* | 811 | 27,242 | ||||||
Live Nation Entertainment, Inc.* | 323 | 26,673 | ||||||
Hasbro, Inc. | 309 | 25,301 | ||||||
Advance Auto Parts, Inc. | 144 | 24,925 | ||||||
MGM Resorts International | 834 | 24,144 | ||||||
PulteGroup, Inc. | 560 | 22,193 | ||||||
Whirlpool Corp. | 133 | 20,598 | ||||||
American Airlines Group, Inc.* | 1,531 | 19,413 | ||||||
Caesars Entertainment, Inc.* | 505 | 19,341 | ||||||
BorgWarner, Inc. | 565 | 18,854 | ||||||
Royal Caribbean Cruises Ltd.* | 529 | 18,467 | ||||||
Tapestry, Inc. | 594 | 18,129 | ||||||
Carnival Corp.* | 1,914 | 16,556 | ||||||
Newell Brands, Inc. | 868 | 16,527 | ||||||
Bath & Body Works, Inc. | 562 | 15,129 | ||||||
Wynn Resorts Ltd.* | 249 | 14,188 | ||||||
Alaska Air Group, Inc.* | 297 | 11,895 | ||||||
Penn National Gaming, Inc.* | 385 | 11,712 | ||||||
Norwegian Cruise Line Holdings Ltd.*,1 | 988 | 10,987 | ||||||
Ralph Lauren Corp. — Class A | 109 | 9,772 | ||||||
PVH Corp. | 159 | 9,047 | ||||||
Total Consumer, Cyclical | 6,853,593 | |||||||
Industrial - 6.1% | ||||||||
Raytheon Technologies Corp. | 3,507 | 337,058 | ||||||
United Parcel Service, Inc. — Class B | 1,732 | 316,159 | ||||||
Union Pacific Corp. | 1,481 | 315,868 | ||||||
Honeywell International, Inc. | 1,605 | 278,965 | ||||||
Lockheed Martin Corp. | 558 | 239,918 | ||||||
Caterpillar, Inc. | 1,258 | 224,880 | ||||||
Deere & Co. | 658 | 197,051 | ||||||
Boeing Co.* | 1,311 | 179,240 | ||||||
3M Co. | 1,342 | 173,668 | ||||||
General Electric Co. | 2,595 | 165,224 | ||||||
Northrop Grumman Corp. | 345 | 165,106 | ||||||
CSX Corp. | 5,127 | 148,991 | ||||||
Waste Management, Inc. | 901 | 137,835 | ||||||
Norfolk Southern Corp. | 562 | 127,737 | ||||||
FedEx Corp. | 562 | 127,411 | ||||||
Illinois Tool Works, Inc. | 668 | 121,743 | ||||||
General Dynamics Corp. | 543 | 120,139 | ||||||
Eaton Corporation plc | 941 | 118,557 | ||||||
Emerson Electric Co. | 1,401 | 111,435 | ||||||
L3Harris Technologies, Inc. | 455 | 109,973 | ||||||
Amphenol Corp. — Class A | 1,408 | 90,647 | ||||||
TE Connectivity Ltd. | 760 | 85,994 | ||||||
Agilent Technologies, Inc. | 708 | 84,089 | ||||||
Johnson Controls International plc | 1,640 | 78,523 | ||||||
Parker-Hannifin Corp. | 303 | 74,553 | ||||||
Trane Technologies plc | 551 | 71,558 | ||||||
Carrier Global Corp. | 2,000 | 71,320 | ||||||
Otis Worldwide Corp. | 997 | 70,458 | ||||||
TransDigm Group, Inc.* | 122 | 65,474 | ||||||
Republic Services, Inc. — Class A | 492 | 64,388 | ||||||
Mettler-Toledo International, Inc.* | 53 | 60,885 | ||||||
AMETEK, Inc. | 544 | 59,780 | ||||||
Keysight Technologies, Inc.* | 429 | 59,138 | ||||||
Old Dominion Freight Line, Inc. | 216 | 55,356 | ||||||
Rockwell Automation, Inc. | 274 | 54,611 | ||||||
Ball Corp. | 754 | 51,853 | ||||||
Fortive Corp. | 845 | 45,951 | ||||||
Vulcan Materials Co. | 313 | 44,477 | ||||||
Amcor plc | 3,543 | 44,039 | ||||||
Martin Marietta Materials, Inc. | 147 | 43,988 | ||||||
Teledyne Technologies, Inc.* | 110 | 41,262 | ||||||
Dover Corp. | 340 | 41,249 | ||||||
Ingersoll Rand, Inc. | 957 | 40,271 | ||||||
Expeditors International of Washington, Inc. | 396 | 38,594 | ||||||
Jacobs Engineering Group, Inc. | 303 | 38,521 | ||||||
Stanley Black & Decker, Inc. | 356 | 37,330 | ||||||
Westinghouse Air Brake Technologies Corp. | 431 | 35,376 | ||||||
Garmin Ltd. | 360 | 35,370 | ||||||
Trimble, Inc.* | 590 | 34,356 | ||||||
Xylem, Inc. | 425 | 33,226 | ||||||
IDEX Corp. | 179 | 32,512 | ||||||
Generac Holdings, Inc.* | 151 | 31,798 | ||||||
J.B. Hunt Transport Services, Inc. | 198 | 31,179 | ||||||
Textron, Inc. | 507 | 30,962 | ||||||
CH Robinson Worldwide, Inc. | 300 | 30,411 | ||||||
Packaging Corporation of America | 221 | 30,387 | ||||||
Masco Corp. | 556 | 28,134 | ||||||
Howmet Aerospace, Inc. | 887 | 27,896 | ||||||
Nordson Corp. | 127 | 25,710 | ||||||
Snap-on, Inc. | 126 | 24,826 | ||||||
Westrock Co. | 601 | 23,944 | ||||||
Huntington Ingalls Industries, Inc. | 94 | 20,475 | ||||||
Allegion plc | 207 | 20,265 | ||||||
Sealed Air Corp. | 344 | 19,856 | ||||||
Fortune Brands Home & Security, Inc. | 308 | 18,443 | ||||||
Pentair plc | 390 | 17,851 | ||||||
A O Smith Corp. | 307 | 16,787 | ||||||
Mohawk Industries, Inc.* | 121 | 15,015 | ||||||
Total Industrial | 5,816,046 |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 78.5% (continued) | ||||||||
Energy - 3.5% | ||||||||
Exxon Mobil Corp. | 9,933 | $ | 850,662 | |||||
Chevron Corp. | 4,633 | 670,766 | ||||||
ConocoPhillips | 3,050 | 273,921 | ||||||
EOG Resources, Inc. | 1,381 | 152,518 | ||||||
Occidental Petroleum Corp. | 2,099 | 123,589 | ||||||
Schlumberger N.V. | 3,333 | 119,188 | ||||||
Pioneer Natural Resources Co. | 531 | 118,455 | ||||||
Marathon Petroleum Corp. | 1,276 | 104,900 | ||||||
Valero Energy Corp. | 962 | 102,241 | ||||||
Phillips 66 | 1,134 | 92,977 | ||||||
Williams Companies, Inc. | 2,872 | 89,635 | ||||||
Devon Energy Corp. | 1,447 | 79,744 | ||||||
Kinder Morgan, Inc. | 4,598 | 77,062 | ||||||
Hess Corp. | 653 | 69,179 | ||||||
Halliburton Co. | 2,127 | 66,703 | ||||||
Baker Hughes Co. | 2,205 | 63,658 | ||||||
Enphase Energy, Inc.* | 318 | 62,087 | ||||||
ONEOK, Inc. | 1,053 | 58,442 | ||||||
Coterra Energy, Inc. — Class A | 1,900 | 49,001 | ||||||
Diamondback Energy, Inc. | 393 | 47,612 | ||||||
Marathon Oil Corp. | 1,669 | 37,519 | ||||||
SolarEdge Technologies, Inc.* | 131 | 35,852 | ||||||
APA Corp. | 798 | 27,850 | ||||||
Total Energy | 3,373,561 | |||||||
Utilities - 2.4% | ||||||||
NextEra Energy, Inc. | 4,632 | 358,795 | ||||||
Duke Energy Corp. | 1,815 | 194,586 | ||||||
Southern Co. | 2,505 | 178,632 | ||||||
Dominion Energy, Inc. | 1,913 | 152,677 | ||||||
American Electric Power Company, Inc. | 1,211 | 116,183 | ||||||
Sempra Energy | 741 | 111,350 | ||||||
Exelon Corp. | 2,311 | 104,734 | ||||||
Xcel Energy, Inc. | 1,284 | 90,856 | ||||||
Consolidated Edison, Inc. | 835 | 79,408 | ||||||
WEC Energy Group, Inc. | 744 | 74,876 | ||||||
Public Service Enterprise Group, Inc. | 1,177 | 74,481 | ||||||
Eversource Energy | 813 | 68,674 | ||||||
American Water Works Company, Inc. | 429 | 63,822 | ||||||
DTE Energy Co. | 457 | 57,925 | ||||||
Edison International | 899 | 56,853 | ||||||
Ameren Corp. | 609 | 55,029 | ||||||
Entergy Corp. | 480 | 54,067 | ||||||
FirstEnergy Corp. | 1,346 | 51,673 | ||||||
PPL Corp. | 1,735 | 47,071 | ||||||
CMS Energy Corp. | 684 | 46,170 | ||||||
Constellation Energy Corp. | 770 | 44,090 | ||||||
CenterPoint Energy, Inc. | 1,484 | 43,897 | ||||||
Atmos Energy Corp. | 328 | 36,769 | ||||||
Evergy, Inc. | 541 | 35,300 | ||||||
Alliant Energy Corp. | 591 | 34,638 | ||||||
AES Corp. | 1,575 | 33,091 | ||||||
NiSource, Inc. | 957 | 28,222 | ||||||
NRG Energy, Inc. | 559 | 21,337 | ||||||
Pinnacle West Capital Corp. | 266 | 19,450 | ||||||
Total Utilities | 2,334,656 | |||||||
Basic Materials - 1.6% | ||||||||
Linde plc | 1,187 | 341,298 | ||||||
Sherwin-Williams Co. | 564 | 126,285 | ||||||
Air Products and Chemicals, Inc. | 523 | 125,771 | ||||||
Newmont Corp. | 1,871 | 111,643 | ||||||
Freeport-McMoRan, Inc. | 3,417 | 99,981 | ||||||
Ecolab, Inc. | 586 | 90,103 | ||||||
Dow, Inc. | 1,717 | 88,614 | ||||||
International Flavors & Fragrances, Inc. | 601 | 71,591 | ||||||
DuPont de Nemours, Inc. | 1,199 | 66,641 | ||||||
Nucor Corp. | 627 | 65,465 | ||||||
PPG Industries, Inc. | 557 | 63,687 | ||||||
Albemarle Corp. | 276 | 57,679 | ||||||
LyondellBasell Industries N.V. — Class A | 610 | 53,351 | ||||||
CF Industries Holdings, Inc. | 492 | 42,179 | ||||||
Mosaic Co. | 854 | 40,334 | ||||||
International Paper Co. | 874 | 36,560 | ||||||
FMC Corp. | 297 | 31,782 | ||||||
Celanese Corp. — Class A | 255 | 29,991 | ||||||
Eastman Chemical Co. | 304 | 27,290 | ||||||
Total Basic Materials | 1,570,245 | |||||||
Total Common Stocks | ||||||||
(Cost $55,730,446) | 75,222,495 | |||||||
Face Amount | ||||||||
FEDERAL AGENCY DISCOUNT NOTES†† - 5.2% | ||||||||
Federal Home Loan Bank | ||||||||
1.01% due 07/01/222 | $ | 5,000,000 | 5,000,000 | |||||
Total Federal Agency Discount Notes | ||||||||
(Cost $5,000,000) | 5,000,000 | |||||||
U.S. TREASURY BILLS†† - 0.0% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | 32,000 | 31,984 | ||||||
Total U.S. Treasury Bills | ||||||||
(Cost $31,983) | 31,984 | |||||||
REPURCHASE AGREEMENTS††,4 - 3.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/225 | 1,656,710 | 1,656,710 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/225 | 645,183 | 645,183 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/225 | 638,796 | 638,796 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $2,940,689) | 2,940,689 | |||||||
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,6 - 0.0% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%7 | 7,488 | 7,488 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $7,488) | 7,488 | |||||||
Total Investments - 86.8% | ||||||||
(Cost $63,710,606) | $ | 83,202,656 | ||||||
Other Assets & Liabilities, net - 13.2% | 12,664,899 | |||||||
Total Net Assets - 100.0% | $ | 95,867,555 |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Equity Futures Contracts Purchased† | ||||||||||||||
S&P 500 Index Mini Futures Contracts | 2 | Sep 2022 | $ | 378,950 | $ | (3,205 | ) |
Total Return Swap Agreements | ||||||||||||||||||||||||
Counterparty | Index | Type | Financing Rate | Payment Frequency | Maturity Date | Units | Notional Amount | Value and Unrealized Appreciation (Depreciation) | ||||||||||||||||
OTC Equity Index Swap Agreements†† | ||||||||||||||||||||||||
Goldman Sachs International | S&P 500 Index | Pay | 2.03% (Federal Funds Rate + 0.45%) | At Maturity | 11/17/22 | 2,486 | $ | 9,408,635 | $ | 12,509 | ||||||||||||||
BNP Paribas | S&P 500 Index | Pay | 2.18% (Federal Funds Rate + 0.60%) | At Maturity | 11/17/22 | 264 | 998,019 | (118,844 | ) | |||||||||||||||
Barclays Bank plc | S&P 500 Index | Pay | 1.96% (SOFR + 0.45%) | At Maturity | 11/16/22 | 2,602 | 9,849,643 | (138,242 | ) | |||||||||||||||
$ | 20,256,297 | $ | (244,577 | ) |
* | Non-income producing security. |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Rate indicated is the effective yield at the time of purchase. |
3 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
4 | Repurchase Agreements — See Note 4. |
5 | All or a portion of this security is pledged as equity index swap collateral at June 30, 2022. |
6 | Securities lending collateral — See Note 5. |
7 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 75,222,495 | $ | — | $ | — | $ | 75,222,495 | ||||||||
Federal Agency Discount Notes | — | 5,000,000 | — | 5,000,000 | ||||||||||||
U.S. Treasury Bills | — | 31,984 | — | 31,984 | ||||||||||||
Repurchase Agreements | — | 2,940,689 | — | 2,940,689 | ||||||||||||
Securities Lending Collateral | 7,488 | — | — | 7,488 | ||||||||||||
Equity Index Swap Agreements** | — | 12,509 | — | 12,509 | ||||||||||||
Total Assets | $ | 75,229,983 | $ | 7,985,182 | $ | — | $ | 83,215,165 |
S&P 500 ® Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Equity Futures Contracts** | $ | 3,205 | $ | — | $ | — | $ | 3,205 | ||||||||
Equity Index Swap Agreements** | — | 257,086 | — | 257,086 | ||||||||||||
Total Liabilities | $ | 3,205 | $ | 257,086 | $ | — | $ | 260,291 |
** | This derivative is reported as unrealized appreciation/depreciation at period end. |
S&P 500 ® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Technology - 30.0% | ||||||||
Fortinet, Inc.* | 33,313 | $ | 1,884,850 | |||||
KLA Corp. | 4,063 | 1,296,422 | ||||||
Monolithic Power Systems, Inc. | 3,327 | 1,277,701 | ||||||
NVIDIA Corp. | 6,704 | 1,016,259 | ||||||
Advanced Micro Devices, Inc.* | 12,940 | 989,522 | ||||||
Intuit, Inc. | 2,406 | 927,369 | ||||||
QUALCOMM, Inc. | 7,147 | 912,958 | ||||||
Microsoft Corp. | 3,441 | 883,752 | ||||||
Applied Materials, Inc. | 9,577 | 871,316 | ||||||
EPAM Systems, Inc.* | 2,946 | 868,422 | ||||||
Oracle Corp. | 11,880 | 830,055 | ||||||
Teradyne, Inc. | 8,997 | 805,681 | ||||||
Apple, Inc. | 5,689 | 777,800 | ||||||
ServiceNow, Inc.* | 1,581 | 751,797 | ||||||
Cadence Design Systems, Inc.* | 4,789 | 718,494 | ||||||
Lam Research Corp. | 1,643 | 700,164 | ||||||
Adobe, Inc.* | 1,715 | 627,793 | ||||||
MSCI, Inc. — Class A | 1,508 | 621,522 | ||||||
Total Technology | 16,761,877 | |||||||
Consumer, Non-cyclical - 19.9% | ||||||||
Eli Lilly & Co. | 5,026 | 1,629,580 | ||||||
Regeneron Pharmaceuticals, Inc.* | 2,097 | 1,239,600 | ||||||
Moderna, Inc.* | 8,306 | 1,186,512 | ||||||
PerkinElmer, Inc. | 7,580 | 1,078,028 | ||||||
Dexcom, Inc.* | 13,856 | 1,032,687 | ||||||
Thermo Fisher Scientific, Inc. | 1,619 | 879,570 | ||||||
Gartner, Inc.* | 3,631 | 878,085 | ||||||
West Pharmaceutical Services, Inc. | 2,838 | 858,126 | ||||||
Bio-Techne Corp. | 1,883 | 652,723 | ||||||
Charles River Laboratories International, Inc.* | 2,997 | 641,268 | ||||||
Equifax, Inc. | 3,468 | 633,881 | ||||||
Align Technology, Inc.* | 1,736 | 410,859 | ||||||
Total Consumer, Non-cyclical | 11,120,919 | |||||||
Financial - 12.3% | ||||||||
Goldman Sachs Group, Inc. | 5,166 | 1,534,405 | ||||||
Discover Financial Services | 13,175 | 1,246,092 | ||||||
SVB Financial Group* | 3,116 | 1,230,789 | ||||||
Signature Bank | 5,164 | 925,440 | ||||||
First Republic Bank | 5,388 | 776,950 | ||||||
Extra Space Storage, Inc. REIT | 4,554 | 774,726 | ||||||
Camden Property Trust REIT | 2,820 | 379,234 | ||||||
Total Financial | 6,867,636 | |||||||
Consumer, Cyclical - 11.8% | ||||||||
Tesla, Inc.* | 1,999 | 1,346,167 | ||||||
AutoZone, Inc.* | 614 | 1,319,559 | ||||||
Tractor Supply Co. | 6,121 | 1,186,556 | ||||||
O'Reilly Automotive, Inc.* | 1,570 | 991,863 | ||||||
Pool Corp. | 2,625 | 921,979 | ||||||
Lowe's Companies, Inc. | 4,613 | 805,753 | ||||||
Total Consumer, Cyclical | 6,571,877 | |||||||
Energy - 8.9% | ||||||||
Enphase Energy, Inc.* | 9,122 | 1,780,979 | ||||||
Diamondback Energy, Inc. | 14,076 | 1,705,308 | ||||||
Devon Energy Corp. | 27,381 | 1,508,967 | ||||||
Total Energy | 4,995,254 | |||||||
Communications - 7.6% | ||||||||
Arista Networks, Inc.* | 9,770 | 915,840 | ||||||
Alphabet, Inc. — Class A* | 314 | 684,288 | ||||||
Alphabet, Inc. — Class C* | 292 | 638,735 | ||||||
Etsy, Inc.* | 7,659 | 560,715 | ||||||
Amazon.com, Inc.* | 5,181 | 550,274 | ||||||
Meta Platforms, Inc. — Class A* | 3,226 | 520,192 | ||||||
Netflix, Inc.* | 1,988 | 347,642 | ||||||
Total Communications | 4,217,686 | |||||||
Industrial - 5.2% | ||||||||
Generac Holdings, Inc.* | 5,205 | 1,096,069 | ||||||
Expeditors International of Washington, Inc. | 10,786 | 1,051,203 | ||||||
Old Dominion Freight Line, Inc. | 3,004 | 769,865 | ||||||
Total Industrial | 2,917,137 | |||||||
Utilities - 3.8% | ||||||||
NRG Energy, Inc. | 55,898 | 2,133,627 | ||||||
Total Common Stocks | ||||||||
(Cost $51,469,953) | 55,586,013 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 210,184 | 210,184 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 81,853 | 81,853 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 81,043 | 81,043 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $373,080) | 373,080 | |||||||
Total Investments - 100.2% | ||||||||
(Cost $51,843,033) | $ | 55,959,093 | ||||||
Other Assets & Liabilities, net - (0.2)% | (89,361 | ) | ||||||
Total Net Assets - 100.0% | $ | 55,869,732 |
* | 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) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 55,586,013 | $ | — | $ | — | $ | 55,586,013 | ||||||||
Repurchase Agreements | — | 373,080 | — | 373,080 | ||||||||||||
Total Assets | $ | 55,586,013 | $ | 373,080 | $ | — | $ | 55,959,093 |
S&P 500 ® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Financial - 30.6% | ||||||||
Berkshire Hathaway, Inc. — Class B* | 3,493 | $ | 953,659 | |||||
Allstate Corp. | 6,703 | 849,471 | ||||||
Prudential Financial, Inc. | 8,849 | 846,672 | ||||||
MetLife, Inc. | 13,201 | 828,891 | ||||||
Loews Corp. | 12,592 | 746,202 | ||||||
Everest Re Group Ltd. | 2,513 | 704,344 | ||||||
American International Group, Inc. | 13,052 | 667,349 | ||||||
Lincoln National Corp. | 12,353 | 577,750 | ||||||
Travelers Companies, Inc. | 3,310 | 559,820 | ||||||
Globe Life, Inc. | 5,376 | 523,999 | ||||||
Aflac, Inc. | 9,112 | 504,167 | ||||||
Assurant, Inc. | 2,905 | 502,129 | ||||||
Hartford Financial Services Group, Inc. | 7,246 | 474,106 | ||||||
Principal Financial Group, Inc. | 6,968 | 465,393 | ||||||
Citigroup, Inc. | 9,206 | 423,384 | ||||||
Invesco Ltd. | 25,325 | 408,492 | ||||||
Chubb Ltd. | 2,031 | 399,254 | ||||||
Citizens Financial Group, Inc. | 10,338 | 368,963 | ||||||
M&T Bank Corp. | 2,287 | 364,525 | ||||||
Wells Fargo & Co. | 7,950 | 311,402 | ||||||
W R Berkley Corp. | 4,186 | 285,736 | ||||||
Bank of New York Mellon Corp. | 5,992 | 249,926 | ||||||
KeyCorp | 14,341 | 247,096 | ||||||
Progressive Corp. | 2,083 | 242,190 | ||||||
Truist Financial Corp. | 4,682 | 222,067 | ||||||
Huntington Bancshares, Inc. | 18,368 | 220,967 | ||||||
State Street Corp. | 3,356 | 206,897 | ||||||
Fifth Third Bancorp | 5,624 | 188,966 | ||||||
Kimco Realty Corp. REIT | 8,985 | 177,634 | ||||||
U.S. Bancorp | 3,250 | 149,565 | ||||||
PNC Financial Services Group, Inc. | 775 | 122,272 | ||||||
Total Financial | 13,793,288 | |||||||
Consumer, Non-cyclical - 22.7% | ||||||||
Cigna Corp. | 3,915 | 1,031,681 | ||||||
Archer-Daniels-Midland Co. | 10,894 | 845,375 | ||||||
Centene Corp.* | 8,494 | 718,677 | ||||||
CVS Health Corp. | 7,367 | 682,626 | ||||||
Tyson Foods, Inc. — Class A | 7,645 | 657,929 | ||||||
Molson Coors Beverage Co. — Class B | 11,000 | 599,610 | ||||||
Kraft Heinz Co. | 15,631 | 596,166 | ||||||
Kroger Co. | 10,773 | 509,886 | ||||||
Cardinal Health, Inc. | 8,546 | 446,699 | ||||||
Universal Health Services, Inc. — Class B | 4,187 | 421,673 | ||||||
AmerisourceBergen Corp. — Class A | 2,967 | 419,771 | ||||||
Elevance Health, Inc. | 815 | 393,303 | ||||||
Viatris, Inc. | 36,389 | 380,993 | ||||||
Humana, Inc. | 789 | 369,307 | ||||||
Conagra Brands, Inc. | 10,065 | 344,626 | ||||||
Corteva, Inc. | 6,008 | 325,273 | ||||||
Henry Schein, Inc.* | 4,041 | 310,106 | ||||||
Nielsen Holdings plc | 10,393 | 241,325 | ||||||
J M Smucker Co. | 1,858 | 237,842 | ||||||
Sysco Corp. | 2,515 | 213,046 | ||||||
Organon & Co. | 5,322 | 179,618 | ||||||
Global Payments, Inc. | 1,453 | 160,760 | ||||||
DaVita, Inc.* | 1,803 | 144,168 | ||||||
Total Consumer, Non-cyclical | 10,230,460 | |||||||
Energy - 9.5% | ||||||||
Valero Energy Corp. | 8,285 | 880,530 | ||||||
Marathon Petroleum Corp. | 10,679 | 877,920 | ||||||
Phillips 66 | 7,831 | 642,064 | ||||||
Baker Hughes Co. | 16,340 | 471,736 | ||||||
Exxon Mobil Corp. | 4,353 | 372,791 | ||||||
Marathon Oil Corp. | 16,534 | 371,684 | ||||||
Kinder Morgan, Inc. | 21,254 | 356,217 | ||||||
Chevron Corp. | 2,162 | 313,014 | ||||||
Total Energy | 4,285,956 | |||||||
Consumer, Cyclical - 7.8% | ||||||||
Walgreens Boots Alliance, Inc. | 13,468 | 510,437 | ||||||
BorgWarner, Inc. | 12,142 | 405,178 | ||||||
Whirlpool Corp. | 2,203 | 341,179 | ||||||
General Motors Co.* | 10,389 | 329,955 | ||||||
PulteGroup, Inc. | 7,473 | 296,155 | ||||||
Ford Motor Co. | 25,633 | 285,295 | ||||||
Best Buy Company, Inc. | 4,312 | 281,100 | ||||||
Lennar Corp. — Class A | 3,480 | 245,584 | ||||||
PVH Corp. | 4,026 | 229,079 | ||||||
Walmart, Inc. | 1,745 | 212,157 | ||||||
Alaska Air Group, Inc.* | 4,686 | 187,674 | ||||||
PACCAR, Inc. | 2,110 | 173,737 | ||||||
Total Consumer, Cyclical | 3,497,530 | |||||||
Communications - 6.8% | ||||||||
Paramount Global — Class B | 25,507 | 629,513 | ||||||
AT&T, Inc. | 23,940 | 501,783 | ||||||
Lumen Technologies, Inc. | 44,313 | 483,455 | ||||||
DISH Network Corp. — Class A* | 20,059 | 359,658 | ||||||
Verizon Communications, Inc. | 3,867 | 196,250 | ||||||
Omnicom Group, Inc. | 2,920 | 185,741 | ||||||
T-Mobile US, Inc.* | 1,304 | 175,440 | ||||||
Fox Corp. — Class A | 5,174 | 166,396 | ||||||
News Corp. — Class A | 10,290 | 160,318 | ||||||
Warner Bros Discovery, Inc.* | 8,077 | 108,393 | ||||||
Fox Corp. — Class B | 2,396 | 71,161 | ||||||
News Corp. — Class B | 3,150 | 50,054 | ||||||
Total Communications | 3,088,162 | |||||||
Utilities - 6.6% | ||||||||
Pinnacle West Capital Corp. | 5,670 | 414,590 | ||||||
Consolidated Edison, Inc. | 3,357 | 319,251 | ||||||
Entergy Corp. | 2,102 | 236,769 | ||||||
Exelon Corp. | 5,113 | 231,721 | ||||||
Atmos Energy Corp. | 2,011 | 225,433 | ||||||
Evergy, Inc. | 3,177 | 207,299 | ||||||
PPL Corp. | 7,120 | 193,166 | ||||||
American Electric Power Company, Inc. | 1,926 | 184,780 | ||||||
Duke Energy Corp. | 1,636 | 175,396 | ||||||
Edison International | 2,766 | 174,922 | ||||||
Sempra Energy | 1,139 | 171,158 | ||||||
DTE Energy Co. | 1,329 | 168,451 | ||||||
NiSource, Inc. | 5,578 | 164,495 | ||||||
Constellation Energy Corp. | 1,704 | 97,571 | ||||||
Total Utilities | 2,965,002 |
S&P 500 ® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% (continued) | ||||||||
Industrial - 6.0% | ||||||||
Westrock Co. | 18,380 | $ | 732,259 | |||||
Huntington Ingalls Industries, Inc. | 1,910 | 416,036 | ||||||
FedEx Corp. | 1,706 | 386,767 | ||||||
Mohawk Industries, Inc.* | 2,771 | 343,854 | ||||||
CH Robinson Worldwide, Inc. | 3,259 | 330,365 | ||||||
Raytheon Technologies Corp. | 2,106 | 202,408 | ||||||
Westinghouse Air Brake Technologies Corp. | 1,940 | 159,235 | ||||||
Textron, Inc. | 2,342 | 143,026 | ||||||
Total Industrial | 2,713,950 | |||||||
Basic Materials - 4.9% | ||||||||
Mosaic Co. | 14,280 | 674,445 | ||||||
LyondellBasell Industries N.V. — Class A | 5,117 | 447,533 | ||||||
International Paper Co. | 10,068 | 421,145 | ||||||
Dow, Inc. | 7,512 | 387,694 | ||||||
DuPont de Nemours, Inc. | 3,116 | 173,187 | ||||||
Eastman Chemical Co. | 1,381 | 123,972 | ||||||
Total Basic Materials | 2,227,976 | |||||||
Technology - 4.6% | ||||||||
DXC Technology Co.* | 21,345 | 646,967 | ||||||
Hewlett Packard Enterprise Co. | 44,219 | 586,344 | ||||||
Western Digital Corp.* | 7,278 | 326,273 | ||||||
Leidos Holdings, Inc. | 2,806 | 282,592 | ||||||
Fidelity National Information Services, Inc. | 1,308 | 119,904 | ||||||
Intel Corp. | 3,159 | 118,178 | ||||||
Total Technology | 2,080,258 | |||||||
Total Common Stocks | ||||||||
(Cost $50,151,635) | 44,882,582 | |||||||
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 189,402 | 189,402 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 73,760 | 73,760 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 73,030 | 73,030 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $336,192) | 336,192 | |||||||
Total Investments - 100.2% | ||||||||
(Cost $50,487,827) | $ | 45,218,774 | ||||||
Other Assets & Liabilities, net - (0.2)% | (107,140 | ) | ||||||
Total Net Assets - 100.0% | $ | 45,111,634 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Repurchase Agreements — See Note 4. |
plc — Public Limited Company
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments): | ||||||||||||||||
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 44,882,582 | $ | — | $ | — | $ | 44,882,582 | ||||||||
Repurchase Agreements | — | 336,192 | — | 336,192 | ||||||||||||
Total Assets | $ | 44,882,582 | $ | 336,192 | $ | — | $ | 45,218,774 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.6% | ||||||||
Consumer, Non-cyclical - 23.4% | ||||||||
Shockwave Medical, Inc.* | 9,071 | $ | 1,734,103 | |||||
Option Care Health, Inc.* | 16,753 | 465,566 | ||||||
Medpace Holdings, Inc.* | 3,034 | 454,099 | ||||||
FTI Consulting, Inc.* | 2,182 | 394,615 | ||||||
Repligen Corp.* | 2,345 | 380,828 | ||||||
Tenet Healthcare Corp.* | 7,003 | 368,077 | ||||||
Neurocrine Biosciences, Inc.* | 3,426 | 333,966 | ||||||
Inari Medical, Inc.* | 4,897 | 332,947 | ||||||
STAAR Surgical Co.* | 3,664 | 259,888 | ||||||
Service Corporation International | 3,639 | 251,528 | ||||||
Bruker Corp. | 3,937 | 247,086 | ||||||
Tandem Diabetes Care, Inc.* | 4,085 | 241,791 | ||||||
Paylocity Holding Corp.* | 1,315 | 229,362 | ||||||
QuidelOrtho Corp.* | 2,338 | 227,207 | ||||||
ASGN, Inc.* | 2,478 | 223,639 | ||||||
Avis Budget Group, Inc.* | 1,483 | 218,120 | ||||||
Darling Ingredients, Inc.* | 3,263 | 195,127 | ||||||
GXO Logistics, Inc.* | 4,022 | 174,032 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 4,694 | 165,276 | ||||||
Syneos Health, Inc.* | 2,260 | 161,997 | ||||||
Total Consumer, Non-cyclical | 7,059,254 | |||||||
Financial - 20.2% | ||||||||
SLM Corp. | 51,821 | 826,027 | ||||||
Navient Corp. | 56,827 | 795,010 | ||||||
Jefferies Financial Group, Inc. | 23,974 | 662,162 | ||||||
Evercore, Inc. — Class A | 4,917 | 460,280 | ||||||
Pinnacle Financial Partners, Inc. | 5,999 | 433,788 | ||||||
Stifel Financial Corp. | 6,450 | 361,329 | ||||||
East West Bancorp, Inc. | 5,300 | 343,440 | ||||||
Life Storage, Inc. REIT | 2,859 | 319,236 | ||||||
PacWest Bancorp | 11,816 | 315,015 | ||||||
UMB Financial Corp. | 3,500 | 301,350 | ||||||
Affiliated Managers Group, Inc. | 2,396 | 279,373 | ||||||
National Storage Affiliates Trust REIT | 5,407 | 270,728 | ||||||
Independence Realty Trust, Inc. REIT | 12,141 | 251,683 | ||||||
Kinsale Capital Group, Inc. | 1,074 | 246,633 | ||||||
First Financial Bankshares, Inc. | 5,760 | 226,195 | ||||||
Total Financial | 6,092,249 | |||||||
Consumer, Cyclical - 16.6% | ||||||||
Dick's Sporting Goods, Inc.1 | 8,020 | 604,468 | ||||||
Williams-Sonoma, Inc. | 3,772 | 418,503 | ||||||
Mattel, Inc.* | 17,624 | 393,544 | ||||||
Fox Factory Holding Corp.* | 4,759 | 383,290 | ||||||
Tempur Sealy International, Inc. | 17,840 | 381,241 | ||||||
Deckers Outdoor Corp.* | 1,320 | 337,062 | ||||||
Crocs, Inc.* | 5,763 | 280,485 | ||||||
Churchill Downs, Inc. | 1,413 | 270,632 | ||||||
GameStop Corp. — Class A*,1 | 2,040 | 249,492 | ||||||
Boyd Gaming Corp. | 4,808 | 239,198 | ||||||
Five Below, Inc.* | 2,024 | 229,582 | ||||||
YETI Holdings, Inc.* | 5,267 | 227,903 | ||||||
Avient Corp. | 5,584 | 223,807 | ||||||
Light & Wonder, Inc. — Class A* | 4,317 | 202,856 | ||||||
Brunswick Corp. | 2,833 | 185,221 | ||||||
Wingstop, Inc. | 2,361 | 176,532 | ||||||
Scotts Miracle-Gro Co. — Class A | 1,523 | 120,302 | ||||||
RH* | 458 | 97,215 | ||||||
Total Consumer, Cyclical | 5,021,333 | |||||||
Industrial - 12.9% | ||||||||
Louisiana-Pacific Corp. | 14,778 | 774,515 | ||||||
Builders FirstSource, Inc.* | 9,213 | 494,738 | ||||||
Eagle Materials, Inc. | 2,763 | 303,764 | ||||||
Axon Enterprise, Inc.* | 3,152 | 293,672 | ||||||
Saia, Inc.* | 1,531 | 287,828 | ||||||
Trex Company, Inc.* | 4,887 | 265,951 | ||||||
TopBuild Corp.* | 1,490 | 249,068 | ||||||
Carlisle Companies, Inc. | 970 | 231,451 | ||||||
Valmont Industries, Inc. | 925 | 207,783 | ||||||
Chart Industries, Inc.* | 1,062 | 177,758 | ||||||
Simpson Manufacturing Company, Inc. | 1,623 | 163,290 | ||||||
Tetra Tech, Inc. | 1,159 | 158,261 | ||||||
Watts Water Technologies, Inc. — Class A | 1,275 | 156,621 | ||||||
Vicor Corp.* | 2,575 | 140,930 | ||||||
Total Industrial | 3,905,630 | |||||||
Technology - 9.8% | ||||||||
Concentrix Corp. | 5,116 | 693,934 | ||||||
Azenta, Inc. | 4,846 | 349,397 | ||||||
Power Integrations, Inc. | 3,906 | 292,989 | ||||||
Teradata Corp.* | 7,561 | 279,833 | ||||||
Maximus, Inc. | 4,265 | 266,605 | ||||||
Qualys, Inc.* | 2,032 | 256,317 | ||||||
Lattice Semiconductor Corp.* | 4,237 | 205,494 | ||||||
Silicon Laboratories, Inc.* | 1,341 | 188,035 | ||||||
Ziff Davis, Inc.* | 2,472 | 184,238 | ||||||
SiTime Corp.* | 879 | 143,303 | ||||||
Synaptics, Inc.* | 754 | 89,010 | ||||||
Total Technology | 2,949,155 | |||||||
Energy - 8.9% | ||||||||
Matador Resources Co. | 14,040 | 654,124 | ||||||
Antero Midstream Corp. | 64,169 | 580,730 | ||||||
Targa Resources Corp. | 9,029 | 538,760 | ||||||
Murphy Oil Corp. | 16,873 | 509,396 | ||||||
PDC Energy, Inc. | 6,415 | 395,228 | ||||||
Total Energy | 2,678,238 | |||||||
Basic Materials - 6.9% | ||||||||
Steel Dynamics, Inc. | 10,691 | 707,210 | ||||||
Cleveland-Cliffs, Inc.* | 44,727 | 687,454 | ||||||
Olin Corp. | 8,326 | 385,327 | ||||||
Valvoline, Inc. | 10,488 | 302,369 | ||||||
Total Basic Materials | 2,082,360 | |||||||
Communications - 0.9% | ||||||||
Calix, Inc.* | 7,472 | 255,094 | ||||||
Total Common Stocks | ||||||||
(Cost $32,619,974) | 30,043,313 |
S&P MidCap 400® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Face Amount | Value | |||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 107,206 | $ | 107,206 | ||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 41,750 | 41,750 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 41,337 | 41,337 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $190,293) | 190,293 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 662,689 | $ | 662,689 | |||||
Total Securities Lending Collateral | ||||||||
(Cost $662,689) | 662,689 | |||||||
Total Investments - 102.4% | ||||||||
(Cost $33,472,956) | $ | 30,896,295 | ||||||
Other Assets & Liabilities, net - (2.4)% | (713,963 | ) | ||||||
Total Net Assets - 100.0% | $ | 30,182,332 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
REIT — Real Estate Investment Trust
See Sector Classification in Other Information section.
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 30,043,313 | $ | — | $ | — | $ | 30,043,313 | ||||||||
Repurchase Agreements | — | 190,293 | — | 190,293 | ||||||||||||
Securities Lending Collateral | 662,689 | — | — | 662,689 | ||||||||||||
Total Assets | $ | 30,706,002 | $ | 190,293 | $ | — | $ | 30,896,295 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Financial - 31.6% | ||||||||
Unum Group | 19,482 | $ | 662,778 | |||||
Reinsurance Group of America, Inc. — Class A | 4,363 | 511,736 | ||||||
Alleghany Corp.* | 455 | 379,060 | ||||||
Kemper Corp. | 6,422 | 307,614 | ||||||
CNO Financial Group, Inc. | 15,793 | 285,695 | ||||||
Old Republic International Corp. | 12,377 | 276,750 | ||||||
Voya Financial, Inc. | 4,351 | 259,015 | ||||||
Hanover Insurance Group, Inc. | 1,743 | 254,914 | ||||||
Mercury General Corp. | 5,666 | 251,004 | ||||||
First Horizon Corp. | 9,853 | 215,387 | ||||||
FNB Corp. | 16,326 | 177,300 | ||||||
MGIC Investment Corp. | 13,465 | 169,659 | ||||||
Fulton Financial Corp. | 11,243 | 162,461 | ||||||
Associated Banc-Corp. | 8,827 | 161,181 | ||||||
Texas Capital Bancshares, Inc.* | 2,888 | 152,024 | ||||||
New York Community Bancorp, Inc. | 15,340 | 140,054 | ||||||
United Bankshares, Inc. | 3,965 | 139,053 | ||||||
Selective Insurance Group, Inc. | 1,508 | 131,105 | ||||||
Essent Group Ltd. | 3,301 | 128,409 | ||||||
Cadence Bank | 5,286 | 124,115 | ||||||
Prosperity Bancshares, Inc. | 1,813 | 123,774 | ||||||
Bread Financial Holdings, Inc. | 3,290 | 121,927 | ||||||
RenaissanceRe Holdings Ltd. | 702 | 109,772 | ||||||
International Bancshares Corp. | 2,720 | 109,018 | ||||||
SL Green Realty Corp. REIT | 2,336 | 107,806 | ||||||
Old National Bancorp | 7,285 | 107,745 | ||||||
Washington Federal, Inc. | 3,281 | 98,496 | ||||||
Sabra Health Care REIT, Inc. | 6,478 | 90,498 | ||||||
Valley National Bancorp | 7,673 | 79,876 | ||||||
Total Financial | 5,838,226 | |||||||
Consumer, Cyclical - 20.1% | ||||||||
Lithia Motors, Inc. — Class A | 1,052 | 289,100 | ||||||
Taylor Morrison Home Corp. — Class A* | 11,481 | 268,196 | ||||||
Kohl's Corp. | 6,861 | 244,869 | ||||||
Univar Solutions, Inc.* | 9,327 | 231,962 | ||||||
Murphy USA, Inc. | 953 | 221,925 | ||||||
Thor Industries, Inc.1 | 2,871 | 214,550 | ||||||
Adient plc* | 7,042 | 208,655 | ||||||
KB Home | 7,092 | 201,838 | ||||||
Foot Locker, Inc. | 7,842 | 198,011 | ||||||
Dana, Inc. | 12,855 | 180,870 | ||||||
Lear Corp. | 1,315 | 165,545 | ||||||
Macy's, Inc. | 8,922 | 163,451 | ||||||
Goodyear Tire & Rubber Co.* | 15,259 | 163,424 | ||||||
Nu Skin Enterprises, Inc. — Class A | 3,473 | 150,381 | ||||||
Gap, Inc. | 17,843 | 147,026 | ||||||
Toll Brothers, Inc. | 2,489 | 111,010 | ||||||
Callaway Golf Co.* | 5,259 | 107,284 | ||||||
Nordstrom, Inc.1 | 5,008 | 105,819 | ||||||
BJ's Wholesale Club Holdings, Inc.* | 1,554 | 96,845 | ||||||
JetBlue Airways Corp.* | 10,869 | 90,974 | ||||||
MillerKnoll, Inc. | 2,712 | 71,244 | ||||||
Harley-Davidson, Inc. | 2,166 | 68,575 | ||||||
Total Consumer, Cyclical | 3,701,554 | |||||||
Industrial - 17.4% | ||||||||
Avnet, Inc. | 11,559 | 495,650 | ||||||
Arrow Electronics, Inc.* | 2,613 | 292,891 | ||||||
Greif, Inc. — Class A | 4,216 | 262,994 | ||||||
Ryder System, Inc. | 3,649 | 259,298 | ||||||
TD SYNNEX Corp. | 2,558 | 233,034 | ||||||
Worthington Industries, Inc. | 4,589 | 202,375 | ||||||
Fluor Corp.* | 6,136 | 149,350 | ||||||
MDU Resources Group, Inc. | 5,463 | 147,447 | ||||||
Vishay Intertechnology, Inc. | 8,077 | 143,932 | ||||||
AGCO Corp. | 1,210 | 119,427 | ||||||
EMCOR Group, Inc. | 1,046 | 107,696 | ||||||
Owens Corning | 1,384 | 102,845 | ||||||
Kirby Corp.* | 1,636 | 99,534 | ||||||
Silgan Holdings, Inc. | 2,343 | 96,883 | ||||||
XPO Logistics, Inc.* | 1,787 | 86,062 | ||||||
Oshkosh Corp. | 935 | 76,801 | ||||||
EnerSys | 1,294 | 76,294 | ||||||
Knight-Swift Transportation Holdings, Inc. | 1,613 | 74,666 | ||||||
Werner Enterprises, Inc. | 1,760 | 67,830 | ||||||
Terex Corp. | 2,363 | 64,675 | ||||||
Timken Co. | 1,095 | 58,090 | ||||||
Total Industrial | 3,217,774 | |||||||
Consumer, Non-cyclical - 9.2% | ||||||||
Graham Holdings Co. — Class B | 556 | 315,163 | ||||||
Performance Food Group Co.* | 4,999 | 229,854 | ||||||
Sprouts Farmers Market, Inc.* | 8,875 | 224,715 | ||||||
ManpowerGroup, Inc. | 2,888 | 220,672 | ||||||
Patterson Companies, Inc. | 6,970 | 211,191 | ||||||
Pilgrim's Pride Corp.* | 6,668 | 208,242 | ||||||
Perrigo Company plc | 4,928 | 199,929 | ||||||
Ingredion, Inc. | 1,034 | 91,157 | ||||||
Total Consumer, Non-cyclical | 1,700,923 | |||||||
Basic Materials - 6.7% | ||||||||
United States Steel Corp. | 19,845 | 355,424 | ||||||
Commercial Metals Co. | 9,461 | 313,159 | ||||||
Reliance Steel & Aluminum Co. | 1,505 | 255,639 | ||||||
Minerals Technologies, Inc. | 2,103 | 128,998 | ||||||
Cabot Corp. | 1,723 | 109,910 | ||||||
Chemours Co. | 2,384 | 76,336 | ||||||
Total Basic Materials | 1,239,466 | |||||||
Utilities - 5.5% | ||||||||
Southwest Gas Holdings, Inc. | 2,420 | 210,734 | ||||||
Spire, Inc. | 2,646 | 196,783 | ||||||
UGI Corp. | 3,627 | 140,038 | ||||||
NorthWestern Corp. | 2,022 | 119,157 | ||||||
Portland General Electric Co. | 1,889 | 91,295 | ||||||
ONE Gas, Inc. | 1,122 | 91,095 | ||||||
ALLETE, Inc. | 1,485 | 87,288 | ||||||
Hawaiian Electric Industries, Inc. | 1,944 | 79,510 | ||||||
Total Utilities | 1,015,900 | |||||||
Energy - 4.9% | ||||||||
HF Sinclair Corp. | 13,694 | 618,421 | ||||||
NOV, Inc. | 13,627 | 230,433 | ||||||
Equitrans Midstream Corp. | 8,855 | 56,318 | ||||||
Total Energy | 905,172 | |||||||
Technology - 3.5% | ||||||||
Xerox Holdings Corp. | 21,036 | 312,385 |
S&P MidCap 400® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Technology - 3.5% (continued) | ||||||||
Science Applications International Corp. | 1,646 | $ | 153,242 | |||||
CACI International, Inc. — Class A* | 369 | 103,977 | ||||||
Kyndryl Holdings, Inc.* | 7,909 | 77,350 | ||||||
Total Technology | 646,954 | |||||||
Communications - 0.5% | ||||||||
Viasat, Inc.* | 2,988 | 91,523 | ||||||
Total Common Stocks | ||||||||
(Cost $18,706,222) | 18,357,492 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.7% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 69,166 | 69,166 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 26,936 | 26,936 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 26,669 | 26,669 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $122,771) | 122,771 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 83,513 | 83,513 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $83,513) | 83,513 | |||||||
Total Investments - 100.6% | ||||||||
(Cost $18,912,506) | $ | 18,563,776 | ||||||
Other Assets & Liabilities, net - (0.6)% | (113,686 | ) | ||||||
Total Net Assets - 100.0% | $ | 18,450,090 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 18,357,492 | $ | — | $ | — | $ | 18,357,492 | ||||||||
Repurchase Agreements | — | 122,771 | — | 122,771 | ||||||||||||
Securities Lending Collateral | 83,513 | — | — | 83,513 | ||||||||||||
Total Assets | $ | 18,441,005 | $ | 122,771 | $ | — | $ | 18,563,776 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% | ||||||||
Consumer, Non-cyclical - 31.2% | ||||||||
Vir Biotechnology, Inc.* | 19,704 | $ | 501,861 | |||||
Dynavax Technologies Corp.* | 36,397 | 458,238 | ||||||
Celsius Holdings, Inc.* | 4,946 | 322,776 | ||||||
Fulgent Genetics, Inc.* | 5,634 | 307,222 | ||||||
Innoviva, Inc.* | 17,223 | 254,212 | ||||||
United Natural Foods, Inc.* | 6,385 | 251,569 | ||||||
Simply Good Foods Co.* | 6,569 | 248,111 | ||||||
MGP Ingredients, Inc. | 2,364 | 236,613 | ||||||
AMN Healthcare Services, Inc.* | 2,102 | 230,611 | ||||||
Cross Country Healthcare, Inc.* | 10,442 | 217,507 | ||||||
Avid Bioservices, Inc.* | 12,893 | 196,747 | ||||||
Coca-Cola Consolidated, Inc. | 346 | 195,109 | ||||||
Organogenesis Holdings, Inc.* | 37,390 | 182,463 | ||||||
Collegium Pharmaceutical, Inc.* | 8,828 | 156,432 | ||||||
Cara Therapeutics, Inc.* | 16,484 | 150,499 | ||||||
uniQure N.V.* | 7,691 | 143,360 | ||||||
Medifast, Inc. | 739 | 133,397 | ||||||
Ligand Pharmaceuticals, Inc. — Class B* | 1,470 | 131,153 | ||||||
Korn Ferry | 2,256 | 130,893 | ||||||
Heidrick & Struggles International, Inc. | 3,951 | 127,854 | ||||||
AngioDynamics, Inc.* | 6,564 | 127,013 | ||||||
iTeos Therapeutics, Inc.* | 5,881 | 121,149 | ||||||
Arcus Biosciences, Inc.* | 4,744 | 120,213 | ||||||
Inter Parfums, Inc. | 1,561 | 114,047 | ||||||
CorVel Corp.* | 774 | 113,987 | ||||||
Supernus Pharmaceuticals, Inc.* | 3,621 | 104,719 | ||||||
Vericel Corp.* | 3,939 | 99,184 | ||||||
Vector Group Ltd. | 8,999 | 94,490 | ||||||
Omnicell, Inc.* | 790 | 89,862 | ||||||
Community Health Systems, Inc.* | 22,542 | 84,533 | ||||||
Xencor, Inc.* | 2,833 | 77,539 | ||||||
Alarm.com Holdings, Inc.* | 1,244 | 76,954 | ||||||
Joint Corp.* | 4,878 | 74,682 | ||||||
Zynex, Inc. | 8,919 | 71,174 | ||||||
RadNet, Inc.* | 3,412 | 58,959 | ||||||
BioLife Solutions, Inc.* | 3,871 | 53,459 | ||||||
Heska Corp.* | 474 | 44,798 | ||||||
Total Consumer, Non-cyclical | 6,103,389 | |||||||
Financial - 22.5% | ||||||||
First BanCorp | 22,247 | 287,209 | ||||||
B Riley Financial, Inc. | 6,454 | 272,681 | ||||||
ServisFirst Bancshares, Inc. | 3,299 | 260,357 | ||||||
Piper Sandler Cos. | 2,250 | 255,060 | ||||||
Customers Bancorp, Inc.* | 7,313 | 247,911 | ||||||
Flagstar Bancorp, Inc. | 6,975 | 247,264 | ||||||
Preferred Bank/Los Angeles CA | 3,034 | 206,373 | ||||||
Meta Financial Group, Inc. | 5,222 | 201,935 | ||||||
St. Joe Co. | 4,693 | 185,655 | ||||||
Enova International, Inc.* | 6,234 | 179,664 | ||||||
Walker & Dunlop, Inc. | 1,800 | 173,412 | ||||||
Triumph Bancorp, Inc.* | 2,722 | 170,288 | ||||||
HomeStreet, Inc. | 4,824 | 167,248 | ||||||
HCI Group, Inc. | 2,407 | 163,098 | ||||||
Veritex Holdings, Inc. | 5,574 | 163,095 | ||||||
Palomar Holdings, Inc.* | 2,383 | 153,465 | ||||||
Axos Financial, Inc.* | 4,269 | 153,044 | ||||||
Virtus Investment Partners, Inc. | 791 | 135,277 | ||||||
World Acceptance Corp.* | 1,175 | 131,882 | ||||||
Redwood Trust, Inc. REIT | 16,643 | 128,318 | ||||||
Innovative Industrial Properties, Inc. REIT | 1,151 | 126,460 | ||||||
Bancorp, Inc.* | 6,474 | 126,372 | ||||||
NexPoint Residential Trust, Inc. REIT | 1,678 | 104,892 | ||||||
Brightsphere Investment Group, Inc. | 4,579 | 82,468 | ||||||
Trupanion, Inc.* | 956 | 57,609 | ||||||
Douglas Elliman, Inc. | 4,499 | 21,550 | ||||||
Total Financial | 4,402,587 | |||||||
Industrial - 13.3% | ||||||||
Dorian LPG Ltd. | 22,899 | 348,065 | ||||||
Encore Wire Corp. | 3,099 | 322,048 | ||||||
MYR Group, Inc.* | 2,705 | 238,392 | ||||||
Mueller Industries, Inc. | 4,189 | 223,232 | ||||||
Comfort Systems USA, Inc. | 2,581 | 214,610 | ||||||
UFP Industries, Inc. | 3,082 | 210,008 | ||||||
Insteel Industries, Inc. | 5,164 | 173,872 | ||||||
NV5 Global, Inc.* | 1,484 | 173,242 | ||||||
Matson, Inc. | 2,353 | 171,486 | ||||||
ArcBest Corp. | 1,886 | 132,718 | ||||||
Fabrinet* | 1,553 | 125,948 | ||||||
Sturm Ruger & Company, Inc. | 1,723 | 109,669 | ||||||
Advanced Energy Industries, Inc. | 1,163 | 84,876 | ||||||
Triumph Group, Inc.* | 4,852 | 64,483 | ||||||
Total Industrial | 2,592,649 | |||||||
Consumer, Cyclical - 11.9% | ||||||||
Hibbett, Inc. | 5,747 | 251,201 | ||||||
XPEL, Inc.* | 5,201 | 238,882 | ||||||
MarineMax, Inc.* | 5,596 | 202,128 | ||||||
Vista Outdoor, Inc.* | 6,714 | 187,320 | ||||||
Century Communities, Inc. | 3,909 | 175,788 | ||||||
Signet Jewelers Ltd. | 2,918 | 155,996 | ||||||
Movado Group, Inc. | 4,864 | 150,444 | ||||||
Shoe Carnival, Inc. | 6,936 | 149,887 | ||||||
Boot Barn Holdings, Inc.* | 2,150 | 148,157 | ||||||
LGI Homes, Inc.* | 1,656 | 143,906 | ||||||
Buckle, Inc. | 4,422 | 122,445 | ||||||
Cavco Industries, Inc.* | 498 | 97,603 | ||||||
Sleep Number Corp.* | 2,694 | 83,379 | ||||||
Children's Place, Inc.* | 2,107 | 82,004 | ||||||
Installed Building Products, Inc. | 972 | 80,832 | ||||||
Gentherm, Inc.* | 959 | 59,851 | ||||||
Total Consumer, Cyclical | 2,329,823 | |||||||
Technology - 9.9% | ||||||||
Kulicke & Soffa Industries, Inc. | 5,947 | 254,591 | ||||||
Onto Innovation, Inc.* | 3,224 | 224,842 | ||||||
MaxLinear, Inc. — Class A* | 4,645 | 157,837 | ||||||
ExlService Holdings, Inc.* | 957 | 140,995 | ||||||
Axcelis Technologies, Inc.* | 2,445 | 134,084 | ||||||
Veeco Instruments, Inc.* | 6,750 | 130,950 | ||||||
Diodes, Inc.* | 1,853 | 119,648 | ||||||
Digital Turbine, Inc.* | 6,751 | 117,940 | ||||||
Ultra Clean Holdings, Inc.* | 3,808 | 113,364 | ||||||
Rambus, Inc.* | 5,152 | 110,717 | ||||||
SPS Commerce, Inc.* | 791 | 89,422 |
S&P SmallCap 600® Pure Growth Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.7% (continued) | ||||||||
Technology - 9.9% (continued) | ||||||||
Donnelley Financial Solutions, Inc.* | 2,975 | $ | 87,138 | |||||
TTEC Holdings, Inc. | 1,171 | 79,499 | ||||||
Apollo Medical Holdings, Inc.* | 2,000 | 77,180 | ||||||
3D Systems Corp.* | 7,344 | 71,237 | ||||||
Diebold Nixdorf, Inc.* | 15,208 | 34,522 | ||||||
Total Technology | 1,943,966 | |||||||
Communications - 6.9% | ||||||||
TechTarget, Inc.* | 3,581 | 235,343 | ||||||
Perficient, Inc.* | 1,820 | 166,876 | ||||||
OptimizeRx Corp.* | 5,743 | 157,301 | ||||||
A10 Networks, Inc. | 10,792 | 155,189 | ||||||
Thryv Holdings, Inc.* | 5,474 | 122,563 | ||||||
Liquidity Services, Inc.* | 7,659 | 102,937 | ||||||
Extreme Networks, Inc.* | 10,753 | 95,917 | ||||||
Vonage Holdings Corp.* | 4,982 | 93,861 | ||||||
Harmonic, Inc.* | 9,977 | 86,500 | ||||||
ADTRAN, Inc. | 4,060 | 71,172 | ||||||
Shutterstock, Inc. | 1,060 | 60,748 | ||||||
Total Communications | 1,348,407 | |||||||
Energy - 3.0% | ||||||||
Civitas Resources, Inc. | 4,324 | 226,102 | ||||||
Callon Petroleum Co.* | 3,477 | 136,298 | ||||||
SM Energy Co. | 3,598 | 123,016 | ||||||
Ranger Oil Corp. — Class A* | 2,774 | 91,181 | ||||||
Total Energy | 576,597 | |||||||
Basic Materials - 1.0% | ||||||||
Rogers Corp.* | 493 | 129,210 | ||||||
Balchem Corp. | 509 | 66,038 | ||||||
Total Basic Materials | 195,248 | |||||||
Total Common Stocks | ||||||||
(Cost $20,238,150) | 19,492,666 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 0.3% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 34,234 | 34,234 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 13,332 | 13,332 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 13,200 | 13,200 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $60,766) | 60,766 | |||||||
Total Investments - 100.0% | ||||||||
(Cost $20,298,916) | $ | 19,553,432 | ||||||
Other Assets & Liabilities, net - 0.0% | 2,804 | |||||||
Total Net Assets - 100.0% | $ | 19,556,236 |
* | 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. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 19,492,666 | $ | — | $ | — | $ | 19,492,666 | ||||||||
Repurchase Agreements | — | 60,766 | — | 60,766 | ||||||||||||
Total Assets | $ | 19,492,666 | $ | 60,766 | $ | — | $ | 19,553,432 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.0% | ||||||||
Financial - 23.0% | ||||||||
United Fire Group, Inc. | 12,617 | $ | 431,880 | |||||
StoneX Group, Inc.* | 4,332 | 338,199 | ||||||
Genworth Financial, Inc. — Class A* | 83,935 | 296,291 | ||||||
GEO Group, Inc. REIT* | 44,257 | 292,096 | ||||||
EZCORP, Inc. — Class A* | 36,647 | 275,219 | ||||||
Universal Insurance Holdings, Inc. | 20,871 | 271,949 | ||||||
American Equity Investment Life Holding Co. | 6,435 | 235,328 | ||||||
SiriusPoint Ltd.* | 42,334 | 229,450 | ||||||
Anywhere Real Estate, Inc.* | 20,958 | 206,017 | ||||||
Mr Cooper Group, Inc.* | 5,503 | 202,180 | ||||||
Horace Mann Educators Corp. | 4,872 | 186,987 | ||||||
ProAssurance Corp. | 7,825 | 184,905 | ||||||
Employers Holdings, Inc. | 4,164 | 174,430 | ||||||
Safety Insurance Group, Inc. | 1,580 | 153,418 | ||||||
Heritage Financial Corp. | 5,231 | 131,612 | ||||||
Hope Bancorp, Inc. | 7,966 | 110,250 | ||||||
Two Harbors Investment Corp. REIT | 20,336 | 101,273 | ||||||
Ready Capital Corp. REIT | 8,148 | 97,124 | ||||||
PennyMac Mortgage Investment Trust REIT | 6,795 | 93,975 | ||||||
Franklin BSP Realty Trust, Inc. REIT | 6,810 | 91,799 | ||||||
S&T Bancorp, Inc. | 3,270 | 89,696 | ||||||
First Financial Bancorp | 4,406 | 85,476 | ||||||
Renasant Corp. | 2,958 | 85,220 | ||||||
Granite Point Mortgage Trust, Inc. REIT | 8,759 | 83,824 | ||||||
Allegiance Bancshares, Inc. | 2,194 | 82,846 | ||||||
New York Mortgage Trust, Inc. REIT | 28,832 | 79,576 | ||||||
Columbia Banking System, Inc. | 2,773 | 79,447 | ||||||
Northwest Bancshares, Inc. | 6,193 | 79,270 | ||||||
Apollo Commercial Real Estate Finance, Inc. REIT | 7,484 | 78,133 | ||||||
Trustmark Corp. | 2,660 | 77,645 | ||||||
ARMOUR Residential REIT, Inc. | 10,896 | 76,708 | ||||||
TrustCo Bank Corporation NY | 2,460 | 75,866 | ||||||
Franklin Street Properties Corp. REIT | 17,526 | 73,084 | ||||||
Berkshire Hills Bancorp, Inc. | 2,865 | 70,966 | ||||||
NMI Holdings, Inc. — Class A* | 3,969 | 66,084 | ||||||
Diversified Healthcare Trust REIT | 35,541 | 64,685 | ||||||
Office Properties Income Trust REIT | 2,994 | 59,730 | ||||||
Simmons First National Corp. — Class A | 2,804 | 59,613 | ||||||
PRA Group, Inc.* | 1,572 | 57,158 | ||||||
BankUnited, Inc. | 1,595 | 56,734 | ||||||
RE/MAX Holdings, Inc. — Class A | 2,101 | 51,517 | ||||||
eHealth, Inc.* | 4,937 | 46,062 | ||||||
Orion Office REIT, Inc. | 3,943 | 43,215 | ||||||
Invesco Mortgage Capital, Inc. REIT | 2,666 | 39,137 | ||||||
Total Financial | 5,766,074 | |||||||
Consumer, Cyclical - 21.8% | ||||||||
ScanSource, Inc.* | 8,634 | 268,863 | ||||||
Titan International, Inc.* | 15,430 | 232,993 | ||||||
World Fuel Services Corp. | 10,986 | 224,773 | ||||||
Meritor, Inc.* | 5,922 | 215,146 | ||||||
Chico's FAS, Inc.* | 42,646 | 211,951 | ||||||
Tri Pointe Homes, Inc.* | 11,963 | 201,816 | ||||||
Motorcar Parts of America, Inc.* | 15,187 | 199,253 | ||||||
M/I Homes, Inc.* | 4,947 | 196,198 | ||||||
America's Car-Mart, Inc.* | 1,917 | 192,850 | ||||||
PC Connection, Inc. | 4,253 | 187,345 | ||||||
Group 1 Automotive, Inc. | 1,082 | 183,724 | ||||||
G-III Apparel Group Ltd.* | 8,848 | 178,995 | ||||||
ODP Corp.* | 5,905 | 178,567 | ||||||
Cato Corp. — Class A | 15,135 | 175,717 | ||||||
Sonic Automotive, Inc. — Class A | 4,371 | 160,110 | ||||||
Haverty Furniture Companies, Inc. | 6,320 | 146,498 | ||||||
Big Lots, Inc. | 6,312 | 132,363 | ||||||
American Axle & Manufacturing Holdings, Inc.* | 17,166 | 129,260 | ||||||
Conn's, Inc.* | 15,893 | 127,462 | ||||||
Caleres, Inc. | 4,856 | 127,421 | ||||||
LL Flooring Holdings, Inc.* | 12,959 | 121,426 | ||||||
MDC Holdings, Inc. | 3,726 | 120,387 | ||||||
Ethan Allen Interiors, Inc. | 5,576 | 112,691 | ||||||
Wabash National Corp. | 8,263 | 112,212 | ||||||
KAR Auction Services, Inc.* | 7,317 | 108,072 | ||||||
Resideo Technologies, Inc.* | 5,554 | 107,859 | ||||||
Guess?, Inc.1 | 6,191 | 105,556 | ||||||
PriceSmart, Inc. | 1,466 | 105,010 | ||||||
Veritiv Corp.* | 966 | 104,859 | ||||||
SkyWest, Inc.* | 4,875 | 103,594 | ||||||
Urban Outfitters, Inc.* | 5,380 | 100,391 | ||||||
Fossil Group, Inc.* | 17,094 | 88,376 | ||||||
Standard Motor Products, Inc. | 1,829 | 82,287 | ||||||
La-Z-Boy, Inc. | 3,347 | 79,357 | ||||||
Bloomin' Brands, Inc. | 4,599 | 76,435 | ||||||
Universal Electronics, Inc.* | 2,625 | 67,121 | ||||||
El Pollo Loco Holdings, Inc.* | 6,533 | 64,285 | ||||||
Brinker International, Inc.* | 2,067 | 45,536 | ||||||
Zumiez, Inc.* | 1,608 | 41,808 | ||||||
Tupperware Brands Corp.* | 5,875 | 37,247 | ||||||
Bed Bath & Beyond, Inc.*,1 | 4,664 | 23,180 | ||||||
Total Consumer, Cyclical | 5,478,994 | |||||||
Consumer, Non-cyclical - 18.6% | ||||||||
Seneca Foods Corp. — Class A* | 7,344 | 407,886 | ||||||
Kelly Services, Inc. — Class A | 19,556 | 387,795 | ||||||
Universal Corp. | 6,197 | 374,918 | ||||||
Fresh Del Monte Produce, Inc. | 12,137 | 358,406 | ||||||
SpartanNash Co. | 11,433 | 344,934 | ||||||
TreeHouse Foods, Inc.* | 6,549 | 273,879 | ||||||
Andersons, Inc. | 8,184 | 269,990 | ||||||
Perdoceo Education Corp.* | 16,782 | 197,692 | ||||||
Aaron's Company, Inc. | 13,477 | 196,090 | ||||||
Strategic Education, Inc. | 2,729 | 192,613 | ||||||
CoreCivic, Inc.* | 15,862 | 176,227 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.0% (continued) | ||||||||
Consumer, Non-cyclical - 18.6% (continued) | ||||||||
ABM Industries, Inc. | 3,732 | $ | 162,043 | |||||
Covetrus, Inc.* | 7,495 | 155,521 | ||||||
Quanex Building Products Corp. | 6,017 | 136,887 | ||||||
American Public Education, Inc.* | 8,366 | 135,195 | ||||||
Resources Connection, Inc. | 5,797 | 118,085 | ||||||
TrueBlue, Inc.* | 6,510 | 116,529 | ||||||
Hostess Brands, Inc.* | 5,188 | 110,037 | ||||||
Select Medical Holdings Corp. | 4,398 | 103,881 | ||||||
Owens & Minor, Inc. | 3,215 | 101,112 | ||||||
Adtalem Global Education, Inc.* | 2,801 | 100,752 | ||||||
Central Garden & Pet Co. — Class A* | 1,853 | 74,138 | ||||||
Edgewell Personal Care Co. | 1,746 | 60,272 | ||||||
Emergent BioSolutions, Inc.* | 1,563 | 48,515 | ||||||
Deluxe Corp. | 1,810 | 39,223 | ||||||
Central Garden & Pet Co.* | 454 | 19,259 | ||||||
Total Consumer, Non-cyclical | 4,661,879 | |||||||
Industrial - 14.6% | ||||||||
Olympic Steel, Inc. | 15,044 | 387,383 | ||||||
TimkenSteel Corp.* | 19,548 | 365,743 | ||||||
Sanmina Corp.* | 7,113 | 289,712 | ||||||
Benchmark Electronics, Inc. | 11,466 | 258,673 | ||||||
AAR Corp.* | 5,780 | 241,835 | ||||||
TTM Technologies, Inc.* | 16,459 | 205,738 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 3,196 | 197,225 | ||||||
Powell Industries, Inc. | 8,247 | 192,732 | ||||||
DXP Enterprises, Inc.* | 5,777 | 176,950 | ||||||
Greenbrier Companies, Inc. | 4,680 | 168,433 | ||||||
Griffon Corp. | 5,441 | 152,511 | ||||||
Tredegar Corp. | 14,897 | 148,970 | ||||||
Moog, Inc. — Class A | 1,672 | 132,740 | ||||||
O-I Glass, Inc.* | 9,134 | 127,876 | ||||||
American Woodmark Corp.* | 2,703 | 121,662 | ||||||
Granite Construction, Inc. | 4,019 | 117,114 | ||||||
Hub Group, Inc. — Class A* | 1,203 | 85,341 | ||||||
Matthews International Corp. — Class A | 2,863 | 82,082 | ||||||
Plexus Corp.* | 910 | 71,435 | ||||||
Harsco Corp.* | 10,035 | 71,349 | ||||||
Arcosa, Inc. | 1,332 | 61,845 | ||||||
Total Industrial | 3,657,349 | |||||||
Energy - 8.6% | ||||||||
PBF Energy, Inc. — Class A* | 14,604 | 423,808 | ||||||
SunCoke Energy, Inc. | 43,227 | 294,376 | ||||||
CONSOL Energy, Inc.* | 3,959 | 195,495 | ||||||
US Silica Holdings, Inc.* | 15,771 | 180,105 | ||||||
Helix Energy Solutions Group, Inc.* | 52,804 | 163,692 | ||||||
NOW, Inc.* | 15,458 | 151,179 | ||||||
Oil States International, Inc.* | 26,521 | 143,744 | ||||||
Nabors Industries Ltd.* | 807 | 108,057 | ||||||
REX American Resources Corp.* | 1,152 | 97,690 | ||||||
ProPetro Holding Corp.* | 8,735 | 87,350 | ||||||
Oceaneering International, Inc.* | 7,581 | 80,965 | ||||||
Bristow Group, Inc.* | 3,432 | 80,309 | ||||||
FutureFuel Corp. | 10,397 | 75,690 | ||||||
Archrock, Inc. | 8,085 | 66,863 | ||||||
Total Energy | 2,149,323 | |||||||
Basic Materials - 7.4% | ||||||||
Mercer International, Inc. | 25,332 | 333,116 | ||||||
American Vanguard Corp. | 10,461 | 233,804 | ||||||
Unifi, Inc.* | 13,019 | 183,047 | ||||||
Koppers Holdings, Inc. | 7,169 | 162,306 | ||||||
Trinseo plc | 3,945 | 151,725 | ||||||
Clearwater Paper Corp.* | 4,354 | 146,425 | ||||||
Schweitzer-Mauduit International, Inc. | 5,342 | 134,191 | ||||||
Sylvamo Corp. | 4,086 | 133,530 | ||||||
Rayonier Advanced Materials, Inc.* | 42,481 | 111,300 | ||||||
Carpenter Technology Corp. | 2,794 | 77,980 | ||||||
Arconic Corp.* | 2,406 | 67,489 | ||||||
Kaiser Aluminum Corp. | 781 | 61,769 | ||||||
Glatfelter Corp. | 8,375 | 57,620 | ||||||
Total Basic Materials | 1,854,302 | |||||||
Communications - 3.2% | ||||||||
Telephone & Data Systems, Inc. | 15,777 | 249,119 | ||||||
NETGEAR, Inc.* | 8,361 | 154,846 | ||||||
AMC Networks, Inc. — Class A* | 4,868 | 141,756 | ||||||
ATN International, Inc. | 3,006 | 141,011 | ||||||
Scholastic Corp. | 3,046 | 109,565 | ||||||
Total Communications | 796,297 | |||||||
Technology - 1.8% | ||||||||
Photronics, Inc.* | 7,858 | 153,074 | ||||||
Insight Enterprises, Inc.* | 1,508 | 130,110 | ||||||
Consensus Cloud Solutions, Inc.* | 2,159 | 94,305 | ||||||
Ebix, Inc.1 | 3,330 | 56,277 | ||||||
Loyalty Ventures, Inc.* | 6,909 | 24,665 | ||||||
Total Technology | 458,431 | |||||||
Total Common Stocks | ||||||||
(Cost $25,833,296) | 24,822,649 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.6% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 81,955 | 81,955 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 31,916 | 31,916 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 31,600 | 31,600 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $145,471) | 145,471 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.5% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 129,133 | 129,133 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $129,133) | 129,133 | |||||||
Total Investments - 100.1% | ||||||||
(Cost $26,107,900) | $ | 25,097,253 | ||||||
Other Assets & Liabilities, net - (0.1)% | (23,870 | ) | ||||||
Total Net Assets - 100.0% | $ | 25,073,383 |
S&P SmallCap 600® Pure Value Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
plc — Public Limited Company |
REIT — Real Estate Investment Trust |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 24,822,649 | $ | — | $ | — | $ | 24,822,649 | ||||||||
Repurchase Agreements | — | 145,471 | — | 145,471 | ||||||||||||
Securities Lending Collateral | 129,133 | — | — | 129,133 | ||||||||||||
Total Assets | $ | 24,951,782 | $ | 145,471 | $ | — | $ | 25,097,253 |
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 16.1% | ||||||||
Guggenheim Strategy Fund II1 | 27,327 | $ | 659,679 | |||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 58,216 | 561,785 | ||||||
Total Mutual Funds | ||||||||
(Cost $1,255,062) | 1,221,464 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 3.0% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | $ | 228,000 | 227,883 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $227,878) | 227,883 |
REPURCHASE AGREEMENTS††,4 - 80.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/225 | 3,439,733 | 3,439,733 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/225 | 1,339,559 | 1,339,559 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/225 | 1,326,296 | 1,326,296 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $6,105,588) | 6,105,588 | |||||||
Total Investments - 99.2% | ||||||||
(Cost $7,588,528) | $ | 7,554,935 | ||||||
Other Assets & Liabilities, net - 0.8% | 63,101 | |||||||
Total Net Assets - 100.0% | $ | 7,618,036 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Appreciation** | ||||||||||
Currency Futures Contracts Purchased† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 124 | Sep 2022 | $ | 12,959,860 | $ | 219,030 |
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 | 09/23/22 | 21,149 | $ | 2,209,342 | $ | (4,411 | ) |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
5 | All or a portion of this security is pledged as currency index swap collateral at June 30, 2022. |
See Sector Classification in Other Information section. |
Strengthening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 1,221,464 | $ | — | $ | — | $ | 1,221,464 | ||||||||
U.S. Treasury Bills | — | 227,883 | — | 227,883 | ||||||||||||
Repurchase Agreements | — | 6,105,588 | — | 6,105,588 | ||||||||||||
Currency Futures Contracts** | 219,030 | — | — | 219,030 | ||||||||||||
Total Assets | $ | 1,440,494 | $ | 6,333,471 | $ | — | $ | 7,773,965 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Index Swap Agreements** | $ | — | $ | 4,411 | $ | — | $ | 4,411 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 670,883 | $ | – | $ | – | $ | – | $ | (11,204 | ) | $ | 659,679 | 27,327 | $ | 3,418 | ||||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 569,935 | – | – | – | (8,150 | ) | 561,785 | 58,216 | 1,956 | |||||||||||||||||||||||
$ | 1,240,818 | $ | – | $ | – | $ | – | $ | (19,354 | ) | $ | 1,221,464 | $ | 5,374 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% | ||||||||
Software - 35.7% | ||||||||
Microsoft Corp. | 6,117 | $ | 1,571,029 | |||||
Oracle Corp. | 6,986 | 488,112 | ||||||
Adobe, Inc.* | 1,269 | 464,530 | ||||||
Salesforce, Inc.* | 2,796 | 461,452 | ||||||
Intuit, Inc. | 988 | 380,815 | ||||||
ServiceNow, Inc.* | 771 | 366,626 | ||||||
Citrix Systems, Inc.* | 3,448 | 335,042 | ||||||
Activision Blizzard, Inc. | 3,603 | 280,530 | ||||||
Fidelity National Information Services, Inc. | 2,927 | 268,318 | ||||||
Fiserv, Inc.* | 2,994 | 266,376 | ||||||
Snowflake, Inc. — Class A* | 1,826 | 253,923 | ||||||
Synopsys, Inc.* | 813 | 246,908 | ||||||
VMware, Inc. — Class A | 2,150 | 245,057 | ||||||
Cadence Design Systems, Inc.* | 1,557 | 233,597 | ||||||
Paychex, Inc. | 2,003 | 228,082 | ||||||
Autodesk, Inc.* | 1,297 | 223,032 | ||||||
Atlassian Corporation plc — Class A* | 1,190 | 223,006 | ||||||
Datadog, Inc. — Class A* | 2,232 | 212,576 | ||||||
Workday, Inc. — Class A* | 1,514 | 211,324 | ||||||
Zoom Video Communications, Inc. — Class A* | 1,848 | 199,529 | ||||||
Electronic Arts, Inc. | 1,624 | 197,560 | ||||||
ROBLOX Corp. — Class A* | 5,606 | 184,213 | ||||||
Palantir Technologies, Inc. — Class A* | 18,214 | 165,201 | ||||||
ANSYS, Inc.* | 682 | 163,196 | ||||||
NetEase, Inc. ADR | 1,727 | 161,233 | ||||||
MongoDB, Inc.* | 603 | 156,478 | ||||||
Take-Two Interactive Software, Inc.* | 1,236 | 151,447 | ||||||
Broadridge Financial Solutions, Inc. | 1,027 | 146,399 | ||||||
Twilio, Inc. — Class A* | 1,695 | 142,058 | ||||||
Cloudflare, Inc. — Class A* | 3,236 | 141,575 | ||||||
HubSpot, Inc.* | 465 | 139,802 | ||||||
SS&C Technologies Holdings, Inc. | 2,401 | 139,426 | ||||||
Tyler Technologies, Inc.* | 413 | 137,314 | ||||||
Akamai Technologies, Inc.* | 1,501 | 137,086 | ||||||
Splunk, Inc.* | 1,510 | 133,575 | ||||||
Jack Henry & Associates, Inc. | 728 | 131,054 | ||||||
ZoomInfo Technologies, Inc. — Class A* | 3,911 | 130,002 | ||||||
PTC, Inc.* | 1,190 | 126,545 | ||||||
Unity Software, Inc.* | 3,395 | 125,004 | ||||||
Dynatrace, Inc.* | 3,120 | 123,053 | ||||||
Bill.com Holdings, Inc.* | 1,110 | 122,033 | ||||||
DocuSign, Inc.* | 2,083 | 119,522 | ||||||
Fair Isaac Corp.* | 294 | 117,865 | ||||||
UiPath, Inc. — Class A* | 6,176 | 112,341 | ||||||
Dropbox, Inc. — Class A* | 4,918 | 103,229 | ||||||
Ceridian HCM Holding, Inc.* | 2,052 | 96,608 | ||||||
Avalara, Inc.* | 1,365 | 96,369 | ||||||
Five9, Inc.* | 1,040 | 94,786 | ||||||
Elastic N.V.* | 1,382 | 93,520 | ||||||
RingCentral, Inc. — Class A* | 1,495 | 78,129 | ||||||
Coupa Software, Inc.* | 1,355 | 77,370 | ||||||
Asana, Inc. — Class A* | 3,894 | 68,456 | ||||||
Digital Turbine, Inc.* | 2,897 | 50,611 | ||||||
MicroStrategy, Inc. — Class A*,1 | 291 | 47,811 | ||||||
Fastly, Inc. — Class A* | 3,914 | 45,441 | ||||||
Total Software | 11,416,176 | |||||||
Semiconductors - 20.1% | ||||||||
NVIDIA Corp. | 4,478 | 678,820 | ||||||
Broadcom, Inc. | 1,024 | 497,469 | ||||||
QUALCOMM, Inc. | 3,536 | 451,689 | ||||||
Intel Corp. | 11,741 | 439,231 | ||||||
Texas Instruments, Inc. | 2,765 | 424,842 | ||||||
Advanced Micro Devices, Inc.* | 5,123 | 391,756 | ||||||
Applied Materials, Inc. | 3,591 | 326,709 | ||||||
Analog Devices, Inc. | 2,147 | 313,655 | ||||||
Micron Technology, Inc. | 5,203 | 287,622 | ||||||
Lam Research Corp. | 666 | 283,816 | ||||||
Taiwan Semiconductor Manufacturing Company Ltd. ADR | 3,337 | 272,800 | ||||||
KLA Corp. | 779 | 248,563 | ||||||
NXP Semiconductor N.V. | 1,584 | 234,479 | ||||||
ASML Holding N.V. — Class G | 462 | 219,857 | ||||||
Marvell Technology, Inc. | 5,034 | 219,130 | ||||||
Microchip Technology, Inc. | 3,575 | 207,636 | ||||||
ON Semiconductor Corp.* | 3,327 | 167,381 | ||||||
Monolithic Power Systems, Inc. | 395 | 151,696 | ||||||
Skyworks Solutions, Inc. | 1,517 | 140,535 | ||||||
Teradyne, Inc. | 1,551 | 138,892 | ||||||
Entegris, Inc. | 1,379 | 127,047 | ||||||
Qorvo, Inc.* | 1,205 | 113,656 | ||||||
Wolfspeed, Inc.* | 1,688 | 107,104 | ||||||
Total Semiconductors | 6,444,385 | |||||||
Internet - 14.3% | ||||||||
Alphabet, Inc. — Class A* | 618 | 1,346,783 | ||||||
Meta Platforms, Inc. — Class A* | 4,566 | 736,268 | ||||||
Palo Alto Networks, Inc.* | 520 | 256,849 | ||||||
Twitter, Inc.* | 6,670 | 249,391 | ||||||
Shopify, Inc. — Class A* | 6,940 | 216,806 | ||||||
Baidu, Inc. ADR* | 1,456 | 216,551 | ||||||
Sea Ltd. ADR* | 2,929 | 195,833 | ||||||
CDW Corp. | 1,049 | 165,280 | ||||||
Snap, Inc. — Class A* | 12,576 | 165,123 | ||||||
VeriSign, Inc.* | 933 | 156,119 | ||||||
Match Group, Inc.* | 2,175 | 151,576 | ||||||
Okta, Inc.* | 1,581 | 142,922 | ||||||
NortonLifeLock, Inc. | 5,692 | 124,996 | ||||||
Pinterest, Inc. — Class A* | 6,735 | 122,308 | ||||||
GoDaddy, Inc. — Class A* | 1,749 | 121,660 | ||||||
Zendesk, Inc.* | 1,472 | 109,031 | ||||||
F5, Inc.* | 709 | 108,505 | ||||||
Total Internet | 4,586,001 | |||||||
Computers - 13.6% | ||||||||
Apple, Inc. | 11,938 | 1,632,163 | ||||||
International Business Machines Corp. | 2,841 | 401,121 | ||||||
Accenture plc — Class A | 1,013 | 281,260 | ||||||
Fortinet, Inc.* | 4,345 | 245,840 | ||||||
Crowdstrike Holdings, Inc. — Class A* | 1,352 | 227,893 | ||||||
Cognizant Technology Solutions Corp. — Class A | 3,157 | 213,066 | ||||||
Dell Technologies, Inc. — Class C | 4,526 | 209,147 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.4% (continued) | ||||||||
Computers - 13.6% (continued) | ||||||||
HP, Inc. | 6,331 | $ | 207,530 | |||||
Infosys Ltd. ADR | 9,665 | 178,899 | ||||||
Zscaler, Inc.* | 1,165 | 174,179 | ||||||
Check Point Software Technologies Ltd.* | 1,358 | 165,377 | ||||||
Seagate Technology Holdings plc | 1,989 | 142,094 | ||||||
NetApp, Inc. | 2,086 | 136,091 | ||||||
Western Digital Corp.* | 2,954 | 132,428 | ||||||
Total Computers | 4,347,088 | |||||||
Diversified Financial Services - 4.3% | ||||||||
Visa, Inc. — Class A | 3,772 | 742,669 | ||||||
Mastercard, Inc. — Class A | 2,012 | 634,746 | ||||||
Total Diversified Financial Services | 1,377,415 | |||||||
Commercial Services - 4.2% | ||||||||
Automatic Data Processing, Inc. | 1,614 | 339,005 | ||||||
PayPal Holdings, Inc.* | 4,481 | 312,953 | ||||||
Block, Inc. — Class A* | 3,594 | 220,887 | ||||||
Global Payments, Inc. | 1,838 | 203,356 | ||||||
FleetCor Technologies, Inc.* | 685 | 143,926 | ||||||
Affirm Holdings, Inc.* | 4,732 | 85,460 | ||||||
Marathon Digital Holdings, Inc.*,1 | 4,539 | 24,238 | ||||||
Total Commercial Services | 1,329,825 | |||||||
Telecommunications - 3.0% | ||||||||
Cisco Systems, Inc. | 10,767 | 459,105 | ||||||
Arista Networks, Inc.* | 2,065 | 193,573 | ||||||
Corning, Inc. | 5,805 | 182,916 | ||||||
Juniper Networks, Inc. | 3,841 | 109,468 | ||||||
Total Telecommunications | 945,062 | |||||||
Electronics - 1.8% | ||||||||
Amphenol Corp. — Class A | 3,508 | 225,845 | ||||||
TE Connectivity Ltd. | 1,911 | 216,230 | ||||||
Trimble, Inc.* | 2,398 | 139,635 | ||||||
Total Electronics | 581,710 | |||||||
Energy-Alternate Sources - 1.5% | ||||||||
Enphase Energy, Inc.* | 1,021 | 199,340 | ||||||
SolarEdge Technologies, Inc.* | 646 | 176,797 | ||||||
First Solar, Inc.* | 1,453 | 98,993 | ||||||
Total Energy-Alternate Sources | 475,130 | |||||||
Advertising - 0.5% | ||||||||
Trade Desk, Inc. — Class A* | 3,747 | 156,962 | ||||||
Office & Business Equipment - 0.4% | ||||||||
Zebra Technologies Corp. — Class A* | 474 | 139,332 | ||||||
Total Common Stocks | ||||||||
(Cost $18,429,187) | 31,799,086 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 151,676 | 151,676 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 59,068 | 59,068 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 58,484 | 58,484 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $269,228) | 269,228 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 0.2% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 60,427 | 60,427 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $60,427) | 60,427 | |||||||
Total Investments - 100.4% | ||||||||
(Cost $18,758,842) | $ | 32,128,741 | ||||||
Other Assets & Liabilities, net - (0.4)% | (122,291 | ) | ||||||
Total Net Assets - 100.0% | $ | 32,006,450 |
Technology Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 31,799,086 | $ | — | $ | — | $ | 31,799,086 | ||||||||
Repurchase Agreements | — | 269,228 | — | 269,228 | ||||||||||||
Securities Lending Collateral | 60,427 | — | — | 60,427 | ||||||||||||
Total Assets | $ | 31,859,513 | $ | 269,228 | $ | — | $ | 32,128,741 |
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 100.1% | ||||||||
Telecommunications - 67.5% | ||||||||
Verizon Communications, Inc. | 2,793 | $ | 141,745 | |||||
T-Mobile US, Inc.* | 957 | 128,755 | ||||||
Cisco Systems, Inc. | 2,937 | 125,234 | ||||||
AT&T, Inc. | 5,944 | 124,586 | ||||||
Motorola Solutions, Inc. | 283 | 59,317 | ||||||
Arista Networks, Inc.* | 563 | 52,776 | ||||||
Ubiquiti, Inc.1 | 153 | 37,976 | ||||||
Lumen Technologies, Inc. | 3,101 | 33,832 | ||||||
Juniper Networks, Inc. | 1,047 | 29,839 | ||||||
Ciena Corp.* | 572 | 26,140 | ||||||
Vonage Holdings Corp.* | 1,260 | 23,738 | ||||||
Frontier Communications Parent, Inc.* | 1,003 | 23,611 | ||||||
Iridium Communications, Inc.* | 581 | 21,822 | ||||||
BCE, Inc. | 364 | 17,902 | ||||||
Vodafone Group plc ADR | 1,118 | 17,418 | ||||||
Viavi Solutions, Inc.* | 1,283 | 16,974 | ||||||
America Movil SAB de CV — Class L ADR | 801 | 16,364 | ||||||
Nice Ltd. ADR* | 82 | 15,781 | ||||||
TELUS Corp. | 695 | 15,485 | ||||||
Viasat, Inc.* | 496 | 15,192 | ||||||
Calix, Inc.* | 441 | 15,056 | ||||||
Rogers Communications, Inc. — Class B | 300 | 14,370 | ||||||
Gogo, Inc.* | 876 | 14,182 | ||||||
InterDigital, Inc. | 220 | 13,376 | ||||||
Telephone & Data Systems, Inc. | 823 | 12,995 | ||||||
Plantronics, Inc.* | 317 | 12,579 | ||||||
EchoStar Corp. — Class A* | 650 | 12,545 | ||||||
Extreme Networks, Inc.* | 1,192 | 10,633 | ||||||
CommScope Holding Company, Inc.* | 1,719 | 10,520 | ||||||
NETGEAR, Inc.* | 384 | 7,112 | ||||||
Total Telecommunications | 1,067,855 | |||||||
Media - 24.7% | ||||||||
Comcast Corp. — Class A | 3,356 | 131,689 | ||||||
Charter Communications, Inc. — Class A* | 213 | 99,797 | ||||||
Liberty Broadband Corp. — Class C* | 396 | 45,793 | ||||||
DISH Network Corp. — Class A* | 1,758 | 31,521 | ||||||
Cable One, Inc. | 22 | 28,365 | ||||||
Altice USA, Inc. — Class A* | 2,504 | 23,162 | ||||||
Liberty Global plc — Class C* | 728 | 16,082 | ||||||
Liberty Latin America Ltd. — Class C* | 1,755 | 13,671 | ||||||
Total Media | 390,080 | |||||||
Internet - 5.0% | ||||||||
Roku, Inc.* | 388 | 31,870 | ||||||
F5, Inc.* | 193 | 29,537 | ||||||
Cogent Communications Holdings, Inc. | 283 | 17,195 | ||||||
Total Internet | 78,602 | |||||||
Computers - 2.5% | ||||||||
Lumentum Holdings, Inc.* | 297 | 23,588 | ||||||
NetScout Systems, Inc.* | 461 | 15,605 | ||||||
Total Computers | 39,193 | |||||||
Software - 0.4% | ||||||||
Bandwidth, Inc. — Class A* | 353 | 6,643 | ||||||
Total Common Stocks | ||||||||
(Cost $1,584,632) | 1,582,373 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.9% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 7,702 | 7,702 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 3,000 | 3,000 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 2,970 | 2,970 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $13,672) | 13,672 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 2.6% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 41,062 | 41,062 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $41,062) | 41,062 | |||||||
Total Investments - 103.6% | ||||||||
(Cost $1,639,366) | $ | 1,637,107 | ||||||
Other Assets & Liabilities, net - (3.6)% | (56,606 | ) | ||||||
Total Net Assets - 100.0% | $ | 1,580,501 |
Telecommunications Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 1,582,373 | $ | — | $ | — | $ | 1,582,373 | ||||||||
Repurchase Agreements | — | 13,672 | — | 13,672 | ||||||||||||
Securities Lending Collateral | 41,062 | — | — | 41,062 | ||||||||||||
Total Assets | $ | 1,623,435 | $ | 13,672 | $ | — | $ | 1,637,107 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Transportation - 40.5% | ||||||||
United Parcel Service, Inc. — Class B | 4,239 | $ | 773,787 | |||||
Union Pacific Corp. | 3,245 | 692,094 | ||||||
CSX Corp. | 16,242 | 471,992 | ||||||
FedEx Corp. | 2,020 | 457,954 | ||||||
Norfolk Southern Corp. | 1,932 | 439,124 | ||||||
Old Dominion Freight Line, Inc. | 1,317 | 337,521 | ||||||
J.B. Hunt Transport Services, Inc. | 1,553 | 244,551 | ||||||
Expeditors International of Washington, Inc. | 2,497 | 243,358 | ||||||
CH Robinson Worldwide, Inc. | 2,138 | 216,729 | ||||||
Canadian Pacific Railway Ltd. | 2,736 | 191,082 | ||||||
ZTO Express Cayman, Inc. ADR | 6,239 | 171,261 | ||||||
Canadian National Railway Co. | 1,490 | 167,580 | ||||||
Knight-Swift Transportation Holdings, Inc. | 3,578 | 165,626 | ||||||
ZIM Integrated Shipping Services Ltd.1 | 3,423 | 161,668 | ||||||
XPO Logistics, Inc.* | 2,990 | 143,998 | ||||||
Landstar System, Inc. | 961 | 139,749 | ||||||
Saia, Inc.* | 736 | 138,368 | ||||||
Kirby Corp.* | 1,942 | 118,151 | ||||||
Ryder System, Inc. | 1,640 | 116,538 | ||||||
Matson, Inc. | 1,478 | 107,717 | ||||||
Werner Enterprises, Inc. | 2,452 | 94,500 | ||||||
ArcBest Corp. | 1,146 | 80,644 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,279 | 78,927 | ||||||
Total Transportation | 5,752,919 | |||||||
Auto Manufacturers - 25.7% | ||||||||
Tesla, Inc.* | 2,443 | 1,645,165 | ||||||
General Motors Co.* | 13,207 | 419,454 | ||||||
Lucid Group, Inc.*,1 | 20,061 | 344,247 | ||||||
Rivian Automotive, Inc. — Class A* | 11,250 | 289,575 | ||||||
NIO, Inc. ADR* | 10,600 | 230,232 | ||||||
Li Auto, Inc. ADR* | 5,032 | 192,776 | ||||||
Ferrari N.V. | 834 | 153,022 | ||||||
Toyota Motor Corp. ADR | 898 | 138,445 | ||||||
Stellantis N.V.1 | 11,185 | 138,247 | ||||||
Fisker, Inc.*,1 | 11,525 | 98,769 | ||||||
Total Auto Manufacturers | 3,649,932 | |||||||
Auto Parts & Equipment - 11.5% | ||||||||
Aptiv plc* | 2,318 | 206,464 | ||||||
BorgWarner, Inc. | 5,201 | 173,557 | ||||||
Lear Corp. | 1,366 | 171,966 | ||||||
Gentex Corp. | 5,742 | 160,604 | ||||||
Autoliv, Inc. | 2,160 | 154,591 | ||||||
Magna International, Inc. | 2,675 | 146,858 | ||||||
Fox Factory Holding Corp.* | 1,538 | 123,871 | ||||||
Visteon Corp.* | 1,047 | 108,448 | ||||||
Adient plc* | 3,637 | 107,764 | ||||||
Goodyear Tire & Rubber Co.* | 9,796 | 104,915 | ||||||
Dana, Inc. | 6,531 | 91,891 | ||||||
Luminar Technologies, Inc.*,1 | 13,325 | 79,017 | ||||||
Total Auto Parts & Equipment | 1,629,946 | |||||||
Airlines - 10.7% | ||||||||
Southwest Airlines Co.* | 7,950 | 287,154 | ||||||
Delta Air Lines, Inc.* | 9,018 | 261,251 | ||||||
United Airlines Holdings, Inc.* | 5,938 | 210,324 | ||||||
American Airlines Group, Inc.* | 14,163 | 179,587 | ||||||
Copa Holdings S.A. — Class A* | 2,474 | 156,777 | ||||||
Alaska Air Group, Inc.* | 3,469 | 138,933 | ||||||
Spirit Airlines, Inc.* | 4,384 | 104,515 | ||||||
JetBlue Airways Corp.* | 12,102 | 101,294 | ||||||
Allegiant Travel Co. — Class A* | 772 | 87,306 | ||||||
Total Airlines | 1,527,141 | |||||||
Commercial Services - 4.4% | ||||||||
AMERCO | 395 | 188,901 | ||||||
Avis Budget Group, Inc.* | 1,033 | 151,934 | ||||||
Hertz Global Holdings, Inc.*,1 | 9,050 | 143,352 | ||||||
GXO Logistics, Inc.* | 3,139 | 135,824 | ||||||
Total Commercial Services | 620,011 | |||||||
Internet - 3.6% | ||||||||
Uber Technologies, Inc.* | 18,742 | 383,461 | ||||||
Lyft, Inc. — Class A* | 9,434 | 125,284 | ||||||
Total Internet | 508,745 | |||||||
Home Builders - 2.2% | ||||||||
Thor Industries, Inc.1 | 1,655 | 123,678 | ||||||
LCI Industries | 962 | 107,629 | ||||||
Winnebago Industries, Inc. | 1,648 | 80,027 | ||||||
Total Home Builders | 311,334 | |||||||
Leisure Time - 0.9% | ||||||||
Harley-Davidson, Inc. | 4,232 | 133,985 | ||||||
Total Common Stocks | ||||||||
(Cost $9,918,985) | 14,134,013 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,2 - 0.8% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 65,368 | 65,368 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 25,457 | 25,457 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 25,204 | 25,204 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $116,029) | 116,029 |
Shares | ||||||||
SECURITIES LENDING COLLATERAL†,3 - 4.9% | ||||||||
Money Market Fund | ||||||||
First American Government Obligations Fund — Class X, 1.29%4 | 702,476 | 702,476 | ||||||
Total Securities Lending Collateral | ||||||||
(Cost $702,476) | 702,476 | |||||||
Total Investments - 105.2% | ||||||||
(Cost $10,737,490) | $ | 14,952,518 | ||||||
Other Assets & Liabilities, net - (5.2)% | (744,654 | ) | ||||||
Total Net Assets - 100.0% | $ | 14,207,864 |
Transportation Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | Non-income producing security. |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | All or a portion of this security is on loan at June 30, 2022 — See Note 5. |
2 | Repurchase Agreements — See Note 4. |
3 | Securities lending collateral — See Note 5. |
4 | Rate indicated is the 7-day yield as of June 30, 2022. |
ADR — American Depositary Receipt |
plc — Public Limited Company |
See Sector Classification in Other Information section. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 14,134,013 | $ | — | $ | — | $ | 14,134,013 | ||||||||
Repurchase Agreements | — | 116,029 | — | 116,029 | ||||||||||||
Securities Lending Collateral | 702,476 | — | — | 702,476 | ||||||||||||
Total Assets | $ | 14,836,489 | $ | 116,029 | $ | — | $ | 14,952,518 |
Utilities Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
COMMON STOCKS† - 99.5% | ||||||||
Electric - 83.6% | ||||||||
NextEra Energy, Inc. | 19,114 | $ | 1,480,570 | |||||
Duke Energy Corp. | 10,536 | 1,129,565 | ||||||
Southern Co. | 15,113 | 1,077,708 | ||||||
Dominion Energy, Inc. | 12,433 | 992,278 | ||||||
American Electric Power Company, Inc. | 9,040 | 867,298 | ||||||
Sempra Energy | 5,675 | 852,782 | ||||||
Exelon Corp. | 18,621 | 843,904 | ||||||
Xcel Energy, Inc. | 10,908 | 771,850 | ||||||
Consolidated Edison, Inc. | 7,609 | 723,616 | ||||||
Public Service Enterprise Group, Inc. | 11,145 | 705,256 | ||||||
WEC Energy Group, Inc. | 7,000 | 704,480 | ||||||
Eversource Energy | 7,942 | 670,861 | ||||||
DTE Energy Co. | 4,897 | 620,695 | ||||||
Ameren Corp. | 6,712 | 606,496 | ||||||
Edison International | 9,489 | 600,084 | ||||||
Entergy Corp. | 5,226 | 588,657 | ||||||
FirstEnergy Corp. | 15,324 | 588,288 | ||||||
CMS Energy Corp. | 8,211 | 554,242 | ||||||
PPL Corp. | 20,192 | 547,809 | ||||||
CenterPoint Energy, Inc. | 18,062 | 534,274 | ||||||
PG&E Corp.* | 52,231 | 521,265 | ||||||
Avangrid, Inc. | 11,164 | 514,884 | ||||||
Constellation Energy Corp. | 8,945 | 512,191 | ||||||
Evergy, Inc. | 7,331 | 478,348 | ||||||
Alliant Energy Corp. | 8,053 | 471,986 | ||||||
AES Corp. | 22,333 | 469,216 | ||||||
Vistra Corp. | 16,617 | 379,698 | ||||||
NRG Energy, Inc. | 9,811 | 374,486 | ||||||
Pinnacle West Capital Corp. | 4,848 | 354,486 | ||||||
OGE Energy Corp. | 9,071 | 349,778 | ||||||
IDACORP, Inc. | 2,695 | 285,454 | ||||||
Black Hills Corp. | 3,669 | 266,993 | ||||||
Hawaiian Electric Industries, Inc. | 6,349 | 259,674 | ||||||
Ormat Technologies, Inc. | 3,280 | 256,988 | ||||||
Portland General Electric Co. | 5,298 | 256,052 | ||||||
PNM Resources, Inc. | 5,276 | 252,087 | ||||||
Avista Corp. | 5,025 | 218,638 | ||||||
Total Electric | 21,682,937 | |||||||
Gas - 11.0% | ||||||||
Atmos Energy Corp. | 4,336 | 486,066 | ||||||
NiSource, Inc. | 14,616 | 431,026 | ||||||
UGI Corp. | 8,943 | 345,289 | ||||||
Southwest Gas Holdings, Inc. | 3,386 | 294,853 | ||||||
National Fuel Gas Co. | 4,392 | 290,092 | ||||||
ONE Gas, Inc. | 3,147 | 255,505 | ||||||
New Jersey Resources Corp. | 5,658 | 251,951 | ||||||
South Jersey Industries, Inc. | 7,104 | 242,530 | ||||||
Spire, Inc. | 3,217 | 239,248 | ||||||
Total Gas | 2,836,560 | |||||||
Water - 4.2% | ||||||||
American Water Works Company, Inc. | 4,467 | 664,556 | ||||||
Essential Utilities, Inc. | 9,431 | 432,411 | ||||||
Total Water | 1,096,967 | |||||||
Energy-Alternate Sources - 0.7% | ||||||||
Sunnova Energy International, Inc.* | 9,958 | 183,526 | ||||||
Total Common Stocks | ||||||||
(Cost $20,514,683) | 25,799,990 |
Face Amount | ||||||||
REPURCHASE AGREEMENTS††,1 - 1.0% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/22 | $ | 150,568 | 150,568 | |||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/22 | 58,636 | 58,636 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/22 | 58,056 | 58,056 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $267,260) | 267,260 | |||||||
Total Investments - 100.5% | ||||||||
(Cost $20,781,943) | $ | 26,067,250 | ||||||
Other Assets & Liabilities, net - (0.5)% | (132,786 | ) | ||||||
Total Net Assets - 100.0% | $ | 25,934,464 |
Utilities Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
* | 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. |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Common Stocks | $ | 25,799,990 | $ | — | $ | — | $ | 25,799,990 | ||||||||
Repurchase Agreements | — | 267,260 | — | 267,260 | ||||||||||||
Total Assets | $ | 25,799,990 | $ | 267,260 | $ | — | $ | 26,067,250 |
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
Shares | Value | |||||||
MUTUAL FUNDS† - 48.5% | ||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class1 | 25,394 | $ | 245,051 | |||||
Guggenheim Strategy Fund II1 | 10,083 | 243,414 | ||||||
Total Mutual Funds | ||||||||
(Cost $500,634) | 488,465 |
Face Amount | ||||||||
U.S. TREASURY BILLS†† - 3.1% | ||||||||
U.S. Treasury Bills | ||||||||
1.02% due 07/19/222,3 | $ | 31,000 | 30,984 | |||||
Total U.S. Treasury Bills | ||||||||
(Cost $30,983) | 30,984 |
REPURCHASE AGREEMENTS††,4 - 48.1% | ||||||||
J.P. Morgan Securities LLC issued 06/30/22 at 1.48% due 07/01/225 | 273,012 | 273,012 | ||||||
Barclays Capital, Inc. issued 06/30/22 at 1.42% due 07/01/225 | 106,321 | 106,321 | ||||||
BofA Securities, Inc. issued 06/30/22 at 1.44% due 07/01/225 | 105,268 | 105,268 | ||||||
Total Repurchase Agreements | ||||||||
(Cost $484,601) | 484,601 | |||||||
Total Investments - 99.7% | ||||||||
(Cost $1,016,218) | $ | 1,004,050 | ||||||
Other Assets & Liabilities, net - 0.3% | 2,861 | |||||||
Total Net Assets - 100.0% | $ | 1,006,911 |
Futures Contracts | ||||||||||||||
Description | Number of Contracts | Expiration Date | Notional Amount | Value and Unrealized Depreciation** | ||||||||||
Currency Futures Contracts Sold Short† | ||||||||||||||
U.S. Dollar Index Futures Contracts | 15 | Sep 2022 | $ | 1,567,725 | $ | (28,380 | ) |
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 | 09/23/22 | 4,246 | $ | 443,573 | $ | 1,402 |
** | Includes cumulative appreciation (depreciation). |
† | Value determined based on Level 1 inputs — See Note 3. |
†† | Value determined based on Level 2 inputs — See Note 3. |
1 | Affiliated issuer. |
2 | All or a portion of this security is pledged as futures collateral at June 30, 2022. |
3 | Rate indicated is the effective yield at the time of purchase. |
4 | Repurchase Agreements — See Note 4. |
5 | All or a portion of this security is pledged as currency index swap collateral at June 30, 2022. |
See Sector Classification in Other Information section. |
Weakening Dollar 2x Strategy Fund | |
SCHEDULE OF INVESTMENTS (Unaudited) | June 30, 2022 |
The following table summarizes the inputs used to value the Fund's investments at June 30, 2022 (See Note 3 in the Notes to Schedule of Investments):
Investments in Securities (Assets) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Mutual Funds | $ | 488,465 | $ | — | $ | — | $ | 488,465 | ||||||||
U.S. Treasury Bills | — | 30,984 | — | 30,984 | ||||||||||||
Repurchase Agreements | — | 484,601 | — | 484,601 | ||||||||||||
Currency Index Swap Agreements** | — | 1,402 | — | 1,402 | ||||||||||||
Total Assets | $ | 488,465 | $ | 516,987 | $ | — | $ | 1,005,452 |
Investments in Securities (Liabilities) | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | Total | ||||||||||||
Currency Futures Contracts** | $ | 28,380 | $ | — | $ | — | $ | 28,380 |
** | 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 June 30, 2022, in which the company is an affiliated issuer, were as follows:
Security Name | Value 3/31/22 | Additions | Reductions | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value 6/30/22 | Shares 6/30/22 | Investment Income | ||||||||||||||||||||||||
Mutual Funds | ||||||||||||||||||||||||||||||||
Guggenheim Strategy Fund II | $ | 307,657 | $ | – | $ | (60,000 | ) | $ | (552 | ) | $ | (3,691 | ) | $ | 243,414 | 10,083 | $ | 1,311 | ||||||||||||||
Guggenheim Ultra Short Duration Fund — Institutional Class | 308,689 | – | (60,000 | ) | (921 | ) | (2,717 | ) | 245,051 | 25,394 | 889 | |||||||||||||||||||||
$ | 616,346 | $ | – | $ | (120,000 | ) | $ | (1,473 | ) | $ | (6,408 | ) | $ | 488,465 | $ | 2,200 |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Note 1 – Organization and Significant Accounting Policies
Organization
The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a "Fund"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.
This report covers the following funds (collectively, the “Funds”):
Fund Name | Investment Company Type |
Banking Fund | Diversified |
Basic Materials Fund | Diversified |
Biotechnology Fund | Non-diversified |
Consumer Products Fund | Diversified |
Dow Jones Industrial Average® Fund | Non-diversified |
Electronics Fund | Non-diversified |
Emerging Markets 2x Strategy Fund | Non-diversified |
Emerging Markets Bond Strategy Fund | Diversified |
Energy Fund | Diversified |
Energy Services Fund | Non-diversified |
Europe 1.25x Strategy Fund | Non-diversified |
Financial Services Fund | Diversified |
Government Long Bond 1.2x Strategy Fund | Diversified |
Health Care Fund | Diversified |
High Yield Strategy Fund | Non-diversified |
Internet Fund | Diversified |
Inverse Emerging Markets 2x Strategy Fund | Non-diversified |
Inverse Government Long Bond Strategy Fund | Diversified |
Inverse High Yield Strategy Fund | Non-diversified |
Inverse Mid-Cap Strategy Fund | Non-diversified |
Inverse NASDAQ-100® Strategy Fund | Non-diversified |
Inverse Russell 2000® Strategy Fund | Non-diversified |
Inverse S&P 500® Strategy Fund | Non-diversified |
Japan 2x Strategy Fund | Non-diversified |
Leisure Fund | Diversified |
Long Short Equity Fund | Non-diversified |
Mid-Cap 1.5x Strategy Fund | Non-diversified |
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | Non-diversified |
NASDAQ-100® Fund | Non-diversified |
Nova Fund | Non-diversified |
Precious Metals Fund | Non-diversified |
Real Estate Fund | Diversified |
Retailing Fund | Diversified |
Russell 2000® 1.5x Strategy Fund | Non-diversified |
Russell 2000® Fund | Non-diversified |
S&P 500® Fund | Non-diversified |
S&P 500® Pure Growth Fund | Non-diversified |
S&P 500® Pure Value Fund | Non-diversified |
S&P MidCap 400® Pure Growth Fund | Non-diversified |
S&P MidCap 400® Pure Value Fund | Non-diversified |
S&P SmallCap 600® Pure Growth Fund | Non-diversified |
S&P SmallCap 600® Pure Value Fund | Non-diversified |
Strengthening Dollar 2x Strategy Fund | Non-diversified |
Technology Fund | Diversified |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Telecommunications Fund | Non-diversified |
Transportation Fund | Diversified |
Utilities Fund | Diversified |
Weakening Dollar 2x Strategy Fund | Non-diversified |
For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.
Significant Accounting Policies
The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.
The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.
(a) Valuation of Investments
The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). 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 either independent pricing services, the last traded fill price, or at the reported bid price at the close of business.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
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 values of swap agreements entered into by a Fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the New York Stock Exchange ("NYSE").
The value of credit default swap agreements entered into by a Fund is accounted for using the unrealized appreciation ordepreciation on the agreements that is determined by marking the agreements to the last quoted value of the index that the swap pertains to at the close of the NYSE. The swap’s market value is then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.
The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.
The values of other swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determinedbymarking the agreements to the last quotedvalueof 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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
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
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 swaps 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 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.
A credit default swap enables a fund to buy or sell protection against a defined credit event of an issuer or a basket of securities. Generally, the seller of credit protection against an issuer or basket of securities receives a periodic payment from the buyer to compensate against potential default events. If a default event occurs, the seller must pay the buyer the full notional value of the reference obligation in exchange for the reference obligation. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. A fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.
The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.
Foreign Investments
There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets.A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.
The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.
Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor's®, countries or markets with low - to middle - income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Fund may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.
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.
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
At June 30, 2022, the repurchase agreements in the joint account were as follows:
Counterparty and Terms of Agreement | Face Value | Repurchase Price | Collateral | Par Value | Fair Value | |||||||||||||
J.P. Morgan Securities LLC | U.S. Treasury Bond | |||||||||||||||||
1.48% | 2.38% | |||||||||||||||||
Due 07/01/22 | $ | 146,485,899 | $ | 146,491,922 | Due 05/15/51 | $ | 175,415,200 | $ | 149,415,641 | |||||||||
Barclays Capital, Inc. | U.S. Treasury Inflation Indexed Bond | |||||||||||||||||
1.42% | 0.13% | |||||||||||||||||
Due 07/01/22 | 57,046,997 | 57,049,247 | Due 10/15/24 | 57,737,033 | 58,187,998 | |||||||||||||
BofA Securities, Inc. | U.S. Treasury Notes | |||||||||||||||||
1.44% | 0.13% - 1.25% | |||||||||||||||||
Due 07/01/22 | 56,482,176 | 56,484,435 | Due 01/15/24 - 08/15/31 | 64,751,000 | 57,611,871 |
In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.
Note 5 – Portfolio Securities Loaned
The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering 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.
At June 30, 2022, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:
Fund | Value of Securities Loaned | Collateral Received | ||||||
Basic Materials Fund | $ | 981,889 | $ | 1,038,522 | ||||
Biotechnology Fund | 2,489,819 | 2,627,203 | ||||||
Consumer Products Fund | 242,943 | 253,700 | ||||||
Electronics Fund | 807,936 | 865,986 | ||||||
Emerging Markets 2x Strategy Fund | 137,183 | 144,422 | ||||||
Energy Fund | 853,430 | 895,773 | ||||||
Energy Services Fund | 233,771 | 207,034 | * | |||||
Europe 1.25x Strategy Fund | 44,683 | 46,359 | ||||||
Financial Services Fund | 17,929 | 18,711 | ||||||
Internet Fund | 194,193 | 208,081 | ||||||
Leisure Fund | 221,691 | 235,385 | ||||||
Long Short Equity Fund | 9,416 | 9,797 | ||||||
Mid-Cap 1.5x Strategy Fund | 46,084 | 47,795 | ||||||
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 744,477 | 766,425 | ||||||
NASDAQ-100® Fund | 4,071,710 | 4,187,562 | ||||||
Nova Fund | 4,170 | 4,500 | ||||||
Precious Metals Fund | 2,605,925 | 2,818,222 | ||||||
Real Estate Fund | 16,501 | 16,643 | ||||||
Retailing Fund | 397,696 | 420,344 | ||||||
Russell 2000® 1.5x Strategy Fund | 62,114 | 66,042 | ||||||
Russell 2000® Fund | 1,570,625 | 1,620,429 | ||||||
S&P 500® Fund | 6,939 | 7,488 | ||||||
S&P MidCap 400® Pure Growth Fund | 640,470 | 662,689 | ||||||
S&P MidCap 400® Pure Value Fund | 79,355 | 83,513 | ||||||
S&P SmallCap 600® Pure Value Fund | 124,717 | 129,133 | ||||||
Technology Fund | 53,995 | 60,427 | ||||||
Telecommunications Fund | 39,465 | 41,062 | ||||||
Transportation Fund | 672,721 | 702,476 |
* | Subsequent to June 30, 2022, additional collateral was received. |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
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 June 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:
Fund | Tax Cost | Tax Unrealized Appreciation | Tax Unrealized Depreciation | Net Tax Unrealized Appreciation (Depreciation) | ||||||||||||
Banking Fund | $ | 6,315,366 | $ | 975,932 | $ | (125,039 | ) | $ | 850,893 | |||||||
Basic Materials Fund | 32,886,277 | 8,585,666 | (310,046 | ) | 8,275,620 | |||||||||||
Biotechnology Fund | 88,805,482 | 65,036,319 | (13,608,599 | ) | 51,427,720 | |||||||||||
Consumer Products Fund | 45,262,321 | 37,908,863 | (786,949 | ) | 37,121,914 | |||||||||||
Dow Jones Industrial Average® Fund | 18,499,033 | – | (1,536,872 | ) | (1,536,872 | ) | ||||||||||
Electronics Fund | 20,327,334 | 13,378,576 | (846,114 | ) | 12,532,462 | |||||||||||
Emerging Markets 2x Strategy Fund | 8,307,385 | 396,106 | (318,863 | ) | 77,243 | |||||||||||
Emerging Markets Bond Strategy Fund | 122,115 | 6 | (4,267 | ) | (4,261 | ) | ||||||||||
Energy Fund | 72,607,001 | 16,884,864 | (961,852 | ) | 15,923,012 | |||||||||||
Energy Services Fund | 34,769,517 | 2,127,123 | (2,061,048 | ) | 66,075 | |||||||||||
Europe 1.25x Strategy Fund | 6,038,393 | 27,809 | (114,637 | ) | (86,828 | ) | ||||||||||
Financial Services Fund | 15,503,184 | 53,680 | (2,284,151 | ) | (2,230,471 | ) | ||||||||||
Government Long Bond 1.2x Strategy Fund | 57,234,164 | – | (2,075,179 | ) | (2,075,179 | ) | ||||||||||
Health Care Fund | 26,703,754 | 6,237,463 | (497,921 | ) | 5,739,542 | |||||||||||
High Yield Strategy Fund | 9,812,980 | 12 | (634,847 | ) | (634,835 | ) | ||||||||||
Internet Fund | 11,210,580 | 1,112,907 | (2,516,266 | ) | (1,403,359 | ) | ||||||||||
Inverse Emerging Markets 2x Strategy Fund | 935,671 | 153,007 | – | 153,007 | ||||||||||||
Inverse Government Long Bond Strategy Fund | 157,202,694 | – | (917,839 | ) | (917,839 | ) | ||||||||||
Inverse High Yield Strategy Fund | 37,415,217 | 1,342,653 | (48,501 | ) | 1,294,152 | |||||||||||
Inverse Mid-Cap Strategy Fund | 3,227,831 | 111,004 | (2,228 | ) | 108,776 | |||||||||||
Inverse NASDAQ-100® Strategy Fund | 40,242,360 | 5,560,559 | (19,815 | ) | 5,540,744 | |||||||||||
Inverse Russell 2000® Strategy Fund | 13,694,491 | 1,458,816 | (31,384 | ) | 1,427,432 | |||||||||||
Inverse S&P 500® Strategy Fund | 95,540,003 | 10,637,238 | (280,388 | ) | 10,356,850 | |||||||||||
Japan 2x Strategy Fund | 957,979 | 6 | (68,093 | ) | (68,087 | ) | ||||||||||
Leisure Fund | 9,607,878 | 1,187,707 | (1,443,627 | ) | (255,920 | ) | ||||||||||
Long Short Equity Fund | 15,063,453 | 2,355,862 | (2,176,959 | ) | 178,903 | |||||||||||
Mid-Cap 1.5x Strategy Fund | 12,543,778 | 243,991 | (1,922,702 | ) | (1,678,711 | ) | ||||||||||
Monthly Rebalance NASDAQ-100® 2x Strategy Fund | 416,239,228 | – | (82,464,784 | ) | (82,464,784 | ) | ||||||||||
NASDAQ-100® Fund | 503,824,993 | 732,845,884 | (35,068,075 | ) | 697,777,809 | |||||||||||
Nova Fund | 108,741,129 | – | (24,708,838 | ) | (24,708,838 | ) | ||||||||||
Precious Metals Fund | 106,302,950 | – | (28,926,469 | ) | (28,926,469 | ) | ||||||||||
Real Estate Fund | 2,557,724 | 26,782 | (85,712 | ) | (58,930 | ) | ||||||||||
Retailing Fund | 10,823,271 | – | (984,827 | ) | (984,827 | ) | ||||||||||
Russell 2000® 1.5x Strategy Fund | 8,962,283 | 142,133 | (1,881,802 | ) | (1,739,669 | ) | ||||||||||
Russell 2000® Fund | 27,483,273 | 428,120 | (5,604,831 | ) | (5,176,711 | ) | ||||||||||
S&P 500® Fund | 83,218,660 | 131,386 | (395,172 | ) | (263,786 | ) | ||||||||||
S&P 500® Pure Growth Fund | 59,801,257 | – | (3,842,164 | ) | (3,842,164 | ) | ||||||||||
S&P 500® Pure Value Fund | 56,104,120 | – | (10,885,346 | ) | (10,885,346 | ) | ||||||||||
S&P MidCap 400® Pure Growth Fund | 36,669,028 | 1,393,326 | (7,166,059 | ) | (5,772,733 | ) | ||||||||||
S&P MidCap 400® Pure Value Fund | 22,401,509 | – | (3,837,733 | ) | (3,837,733 | ) | ||||||||||
S&P SmallCap 600® Pure Growth Fund | 20,656,949 | 340,923 | (1,444,440 | ) | (1,103,517 | ) | ||||||||||
S&P SmallCap 600® Pure Value Fund | 30,039,585 | – | (4,942,332 | ) | (4,942,332 | ) | ||||||||||
Strengthening Dollar 2x Strategy Fund | 7,588,664 | 219,035 | (38,145 | ) | 180,890 | |||||||||||
Technology Fund | 22,059,096 | 12,477,077 | (2,407,432 | ) | 10,069,645 | |||||||||||
Telecommunications Fund | 2,154,743 | – | (517,636 | ) | (517,636 | ) | ||||||||||
Transportation Fund | 12,446,090 | 3,408,624 | (902,196 | ) | 2,506,428 | |||||||||||
Utilities Fund | 25,266,395 | 800,855 | – | 800,855 | ||||||||||||
Weakening Dollar 2x Strategy Fund | 1,016,314 | 1,404 | (40,646 | ) | (39,242 | ) |
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited) | |
Note 7 – COVID-19 and Other Market Risks.
The COVID-19 pandemic and the recovery response has caused and continues to cause at times reduced consumer demand and economic output, supply chain disruptions, market closures, travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators have responded in recent years to this situation with significant fiscal and monetary policy changes. These included providing direct capital infusions into companies, introducing new monetary programs, and lowering interest rates. In some cases, these responses resulted in high inflation, low interest rates, and negative interest rates (which have since risen). Recently, the United States 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 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 high degree of correlation 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.
The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region and economies, markets and issuers generally because of the increasingly interconnected global economies and financial markets.
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.