Rydex Precious Metals Fund NPORTP/A Inverse High Yield Strategy Fund (Dec 2023 report)

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.9%
Banks - 92.0%
Bank of America Corp.		8,909	$	299,970
Wells Fargo & Co.		6,088		299,651
JPMorgan Chase & Co.		1,743		296,484
Citigroup, Inc.		5,668		291,562
U.S. Bancorp		5,818		251,803
PNC Financial Services Group, Inc.		1,583		245,128
Truist Financial Corp.		5,821		214,911
Bank of New York Mellon Corp.		3,728		194,042
Fifth Third Bancorp		4,414		152,239
State Street Corp.		1,879		145,547
M&T Bank Corp.		1,040		142,563
Regions Financial Corp.		6,931		134,323
Huntington Bancshares, Inc.		10,281		130,774
Northern Trust Corp.		1,498		126,401
Citizens Financial Group, Inc.		3,673		121,723
NU Holdings Limited/Cayman Islands — Class A^*		14,513		120,893
KeyCorp		7,925		114,120
Toronto-Dominion Bank		1,750		113,085
HDFC Bank Ltd. ADR		1,530		102,678
East West Bancorp, Inc.		1,352		97,276
ICICI Bank Ltd. ADR		3,879		92,475
Webster Financial Corp.		1,794		91,063
Bank of Nova Scotia		1,851		90,125
Royal Bank of Canada		887		89,702
Comerica, Inc.		1,532		85,501
First Horizon Corp.		6,015		85,172
Western Alliance Bancorporation		1,284		84,474
Zions Bancorp North America		1,825		80,063
Pinnacle Financial Partners, Inc.		902		78,673
Cullen/Frost Bankers, Inc.		716		77,679
SouthState Corp.		908		76,681
Prosperity Bancshares, Inc.		1,122		75,993
Commerce Bancshares, Inc.		1,412		75,434
Popular, Inc.		907		74,438
Canadian Imperial Bank of Commerce		1,542		74,232
Bank OZK		1,478		73,649
HSBC Holdings plc ADR¹		1,800		72,972
Columbia Banking System, Inc.		2,728		72,783
Bank of Montreal		725		71,732
Wintrust Financial Corp.		772		71,603
Cadence Bank		2,392		70,779
Synovus Financial Corp.		1,861		70,067
United Bankshares, Inc.		1,833		68,829
FNB Corp.		4,952		68,189
UBS Group AG^*		2,180		67,362
Old National Bancorp		3,988		67,357
Valley National Bancorp		6,154		66,832
Home BancShares, Inc.		2,635		66,745
First Citizens BancShares, Inc. — Class A		45		63,854
First Financial Bankshares, Inc.		2,062		62,479
Hancock Whitney Corp.		1,281		62,244
Ameris Bancorp		1,107		58,726
United Community Banks, Inc.		1,939		56,735
UMB Financial Corp.		679		56,731
Barclays plc ADR		7,153		56,366
Cathay General Bancorp		1,248		55,623
Associated Banc-Corp.		2,600		55,614
Texas Capital Bancshares, Inc.^*		854		55,194
Banco Bradesco S.A. ADR		15,624		54,684
International Bancshares Corp.		1,001		54,374
First Hawaiian, Inc.		2,311		52,830
Bank of Hawaii Corp.¹		720		52,171
First Interstate BancSystem, Inc. — Class A		1,647		50,645
Fulton Financial Corp.		3,049		50,187
CVB Financial Corp.		2,430		49,062
Simmons First National Corp. — Class A		2,463		48,866
Seacoast Banking Corporation of Florida		1,684		47,927
Eastern Bankshares, Inc.		3,258		46,264
BOK Financial Corp.		507		43,425
Bancorp, Inc.^*		1,053		40,604
Independent Bank Corp.		577		37,972
Total Banks				6,948,354
Savings & Loans - 3.0%
New York Community Bancorp, Inc.		7,977		81,605
Pacific Premier Bancorp, Inc.		1,778		51,757
WSFS Financial Corp.		1,008		46,297
WaFd, Inc.		1,356		44,694
Total Savings & Loans				224,353
Diversified Financial Services - 2.9%
Capital One Financial Corp.		1,655		217,004
Total Common Stocks
(Cost $5,321,348)				7,389,711

PREFERRED STOCKS^† - 1.0%
Financial - 1.0%
Itau Unibanco Holding S.A.
ADR		11,349		78,875
Total Preferred Stocks
(Cost $52,619)				78,875

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	19,089	19,089
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		15,384	15,384
Total Repurchase Agreements
(Cost $34,473)			34,473

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares			Value
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	$	53,216	$	53,216
Total Securities Lending Collateral
(Cost $53,216)				53,216
Total Investments - 100.1%
(Cost $5,461,656)			$	7,556,275
Other Assets & Liabilities, net - (0.1)%				(5,598	)
Total Net Assets - 100.0%			$	7,550,677

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,389,711	$	—	$	—	$	7,389,711
Preferred Stocks		78,875		—		—		78,875
Repurchase Agreements		—		34,473		—		34,473
Securities Lending Collateral		53,216		—		—		53,216
Total Assets	$	7,521,802	$	34,473	$	—	$	7,556,275

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.7%
Chemicals - 37.0%
Linde plc		3,408	$	1,399,700
Sherwin-Williams Co.		2,771		864,275
Air Products and Chemicals, Inc.		2,852		780,878
Ecolab, Inc.		3,560		706,126
Dow, Inc.		11,482		629,673
PPG Industries, Inc.		3,932		588,031
DuPont de Nemours, Inc.		7,223		555,665
LyondellBasell Industries N.V. — Class A		5,193		493,750
International Flavors & Fragrances, Inc.		5,595		453,027
Albemarle Corp.		2,946		425,638
Celanese Corp. — Class A		2,711		421,208
Nutrien Ltd.		7,162		403,435
CF Industries Holdings, Inc.		4,732		376,194
RPM International, Inc.		3,365		375,635
Eastman Chemical Co.		3,640		326,945
Mosaic Co.		9,123		325,965
FMC Corp.		4,583		288,958
Axalta Coating Systems Ltd.^*		8,005		271,930
Olin Corp.		4,855		261,927
Element Solutions, Inc.		10,152		234,917
Westlake Corp.		1,588		222,257
Chemours Co.		7,019		221,379
Huntsman Corp.		8,039		202,020
Ashland, Inc.		2,313		195,009
Livent Corp.^*		10,693		192,260
Balchem Corp.		845		125,694
Total Chemicals				11,342,496
Mining - 22.8%
Freeport-McMoRan, Inc.		19,507		830,413
Newmont Corp.		16,815		695,973
Barrick Gold Corp.		30,554		552,722
Rio Tinto plc ADR		5,801		431,942
BHP Group Ltd. ADR		6,073		414,847
Agnico Eagle Mines Ltd.		6,477		355,263
Wheaton Precious Metals Corp.		6,039		297,964
Southern Copper Corp.		3,388		291,605
Alcoa Corp.		8,509		289,306
Royal Gold, Inc.		2,290		276,998
Franco-Nevada Corp.		2,359		261,401
Pan American Silver Corp.		15,841		258,684
Kinross Gold Corp.		41,428		250,639
Gold Fields Ltd. ADR		16,784		242,697
Anglogold Ashanti plc		12,940		241,849
Sibanye Stillwater Ltd. ADR		39,591		214,979
Sigma Lithium Corp.^*,1		6,538		206,143
Alamos Gold, Inc. — Class A		14,600		196,662
B2Gold Corp.		59,487		187,979
MP Materials Corp.^*		9,180		182,223
Hecla Mining Co.		34,125		164,141
SSR Mining, Inc.		12,998		139,859
Total Mining				6,984,289
Iron & Steel - 12.4%
Nucor Corp.		3,818		664,485
Vale S.A. ADR		41,228		653,876
Steel Dynamics, Inc.		3,611		426,459
Reliance Steel & Aluminum Co.		1,445		404,138
United States Steel Corp.		7,283		354,318
Cleveland-Cliffs, Inc.^*		16,537		337,685
ArcelorMittal S.A.		9,633		273,481
ATI, Inc.^*		5,537		251,767
Commercial Metals Co.		4,904		245,396
Gerdau S.A. ADR		42,939		208,254
Total Iron & Steel				3,819,859
Packaging & Containers - 11.0%
Ball Corp.		7,283		418,918
Packaging Corporation of America		2,284		372,087
Crown Holdings, Inc.		3,577		329,406
Westrock Co.		7,667		318,334
Amcor plc		30,549		294,492
AptarGroup, Inc.		2,236		276,414
Graphic Packaging Holding Co.		11,186		275,735
Berry Global Group, Inc.		4,053		273,132
Sonoco Products Co.		4,136		231,078
Sealed Air Corp.		6,262		228,688
Silgan Holdings, Inc.		4,265		192,991
O-I Glass, Inc.^*		9,765		159,951
Total Packaging & Containers				3,371,226
Building Materials - 8.0%
Martin Marietta Materials, Inc.		1,132		564,766
Vulcan Materials Co.		2,433		552,316
CRH plc^*		5,357		370,490
Eagle Materials, Inc.		1,330		269,777
Cemex SAB de CV ADR^*		33,160		256,990
Louisiana-Pacific Corp.		3,110		220,281
Summit Materials, Inc. — Class A^*		5,692		218,914
Total Building Materials				2,453,534
Coal - 3.2%
Teck Resources Ltd. — Class B		10,771		455,290
Alpha Metallurgical Resources, Inc.		522		176,916
Warrior Met Coal, Inc.		2,883		175,777
Arch Resources, Inc.		992		164,612
Total Coal				972,595
Biotechnology - 1.9%
Corteva, Inc.		12,275		588,218
Household Products & Housewares - 1.3%
Avery Dennison Corp.		2,001		404,522
Forest Products & Paper - 1.1%
International Paper Co.		9,504		343,570
Housewares - 0.5%
Scotts Miracle-Gro Co. — Class A		2,557		163,009
Healthcare-Services - 0.3%
Ginkgo Bioworks Holdings, Inc.^*,1		45,845		77,478
Environmental Control - 0.2%
PureCycle Technologies, Inc.^*,1		16,615		67,291
Total Common Stocks
(Cost $18,484,951)				30,588,087

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

		Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 1.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	176,863	$	176,863
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		142,531		142,531
Total Repurchase Agreements
(Cost $319,394)				319,394

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		282,225		282,225
Total Securities Lending Collateral
(Cost $282,225)				282,225
Total Investments - 101.6%
(Cost $19,086,570)			$	31,189,706
Other Assets & Liabilities, net - (1.6)%				(502,383	)
Total Net Assets - 100.0%			$	30,687,323

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	30,588,087	$	—	$	—	$	30,588,087
Repurchase Agreements		—		319,394		—		319,394
Securities Lending Collateral		282,225		—		—		282,225
Total Assets	$	30,870,312	$	319,394	$	—	$	31,189,706

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Biotechnology - 74.6%
Amgen, Inc.		22,947	$	6,609,195
Vertex Pharmaceuticals, Inc.^*		11,916		4,848,501
Regeneron Pharmaceuticals, Inc.^*		5,420		4,760,332
Gilead Sciences, Inc.		58,422		4,732,766
Moderna, Inc.^*		33,946		3,375,930
Biogen, Inc.^*		12,718		3,291,037
Corteva, Inc.		64,623		3,096,734
Illumina, Inc.^*		18,813		2,619,522
Alnylam Pharmaceuticals, Inc.^*		13,656		2,613,895
Cytokinetics, Inc.^*		27,323		2,281,197
BioMarin Pharmaceutical, Inc.^*		23,095		2,226,820
Royalty Pharma plc — Class A		68,419		1,921,890
Incyte Corp.^*		30,192		1,895,756
Legend Biotech Corp. ADR^*		28,526		1,716,409
United Therapeutics Corp.^*		7,160		1,574,412
Sarepta Therapeutics, Inc.^*		16,261		1,568,048
ImmunoGen, Inc.^*		49,427		1,465,511
Exelixis, Inc.^*		60,869		1,460,247
Intra-Cellular Therapies, Inc.^*		19,815		1,419,150
Ionis Pharmaceuticals, Inc.^*		27,460		1,389,201
BioNTech SE ADR^*		12,391		1,307,746
Bridgebio Pharma, Inc.^*		31,868		1,286,511
Karuna Therapeutics, Inc.^*		4,028		1,274,902
Roivant Sciences Ltd.^*		110,138		1,236,850
ACADIA Pharmaceuticals, Inc.^*		38,459		1,204,151
Blueprint Medicines Corp.^*		13,045		1,203,271
Apellis Pharmaceuticals, Inc.^*		20,005		1,197,499
Argenx SE ADR^*		3,121		1,187,322
REVOLUTION Medicines, Inc.^*		41,096		1,178,633
CRISPR Therapeutics AG^*		18,697		1,170,432
Amicus Therapeutics, Inc.^*		82,424		1,169,597
Insmed, Inc.^*		37,152		1,151,341
Halozyme Therapeutics, Inc.^*		29,464		1,088,990
Ultragenyx Pharmaceutical, Inc.^*		22,494		1,075,663
Arrowhead Pharmaceuticals, Inc.^*		33,819		1,034,861
Mirati Therapeutics, Inc.^*		17,168		1,008,620
Guardant Health, Inc.^*		34,283		927,355
Immunovant, Inc.^*		20,363		857,893
Intellia Therapeutics, Inc.^*		27,798		847,561
Axsome Therapeutics, Inc.^*		10,113		804,894
TG Therapeutics, Inc.^*		47,043		803,495
Iovance Biotherapeutics, Inc.^*		95,480		776,252
PTC Therapeutics, Inc.^*		27,608		760,877
Prothena Corporation plc^*		20,627		749,585
Dynavax Technologies Corp.^*		50,798		710,156
Beam Therapeutics, Inc.^*,1		24,560		668,523
Akero Therapeutics, Inc.^*		26,132		610,182
Krystal Biotech, Inc.^*		4,629		574,274
Sage Therapeutics, Inc.^*		26,068		564,894
Novavax, Inc.^*		74,642		358,282
Total Biotechnology				83,657,165
Pharmaceuticals - 18.6%
AbbVie, Inc.		56,397		8,739,843
AstraZeneca plc ADR		43,595		2,936,123
Viatris, Inc.		180,371		1,953,418
Neurocrine Biosciences, Inc.^*		14,605		1,924,355
Alkermes plc^*		55,142		1,529,639
Jazz Pharmaceuticals plc^*		11,642		1,431,966
Vaxcyte, Inc.^*		18,581		1,166,887
Ironwood Pharmaceuticals, Inc. — Class A^*		59,223		677,511
Madrigal Pharmaceuticals, Inc.^*		2,447		566,187
Total Pharmaceuticals				20,925,929
Healthcare-Products - 5.2%
Exact Sciences Corp.^*		27,239		2,015,141
Natera, Inc.^*		22,863		1,432,138
Novocure Ltd.^*		95,849		1,431,026
Pacific Biosciences of California, Inc.^*		92,643		908,828
Total Healthcare-Products				5,787,133
Healthcare-Services - 1.1%
Medpace Holdings, Inc.^*		4,208		1,289,879
Total Common Stocks
(Cost $57,286,458)				111,660,106

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.2%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	126,182		126,182
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		101,689		101,689
Total Repurchase Agreements
(Cost $227,871)				227,871

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		565,545		565,545
Total Securities Lending Collateral
(Cost $565,545)				565,545
Total Investments - 100.2%
(Cost $58,079,874)			$	112,453,522
Other Assets & Liabilities, net - (0.2)%				(255,578	)
Total Net Assets - 100.0%			$	112,197,944

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	111,660,106	$	—	$	—	$	111,660,106
Repurchase Agreements		—		227,871		—		227,871
Securities Lending Collateral		565,545		—		—		565,545
Total Assets	$	112,225,651	$	227,871	$	—	$	112,453,522

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.6%
Food - 33.5%
Mondelez International, Inc. — Class A		27,274	$	1,975,456
Hershey Co.		6,449		1,202,352
General Mills, Inc.		18,421		1,199,944
Sysco Corp.		16,149		1,180,976
Kroger Co.		24,110		1,102,068
Kraft Heinz Co.		29,029		1,073,492
Tyson Foods, Inc. — Class A		16,154		868,278
McCormick & Company, Inc.		12,358		845,534
Lamb Weston Holdings, Inc.		7,439		804,082
Kellanova		13,876		775,807
J M Smucker Co.		5,711		721,756
Conagra Brands, Inc.		24,969		715,612
Performance Food Group Co.^*		9,656		667,712
US Foods Holding Corp.^*		14,097		640,145
Hormel Foods Corp.		18,790		603,347
Campbell Soup Co.		13,288		574,440
Albertsons Companies, Inc. — Class A		24,149		555,427
Ingredion, Inc.		4,886		530,278
Sprouts Farmers Market, Inc.^*		9,255		445,258
Post Holdings, Inc.^*		4,655		409,919
Flowers Foods, Inc.		17,612		396,446
Simply Good Foods Co.^*		9,343		369,983
Cal-Maine Foods, Inc.		5,783		331,886
Grocery Outlet Holding Corp.^*		10,922		294,457
Lancaster Colony Corp.		1,634		271,881
Pilgrim’s Pride Corp.^*		7,813		216,108
Total Food				18,772,644
Beverages - 26.3%
PepsiCo, Inc.		17,932		3,045,571
Coca-Cola Co.		50,950		3,002,484
Monster Beverage Corp.^*		23,362		1,345,885
Constellation Brands, Inc. — Class A		5,211		1,259,759
Keurig Dr Pepper, Inc.		34,807		1,159,769
Brown-Forman Corp. — Class B		18,410		1,051,211
Coca-Cola Europacific Partners plc		13,326		889,377
Anheuser-Busch InBev S.A. ADR¹		12,182		787,201
Fomento Economico Mexicano SAB de CV ADR		5,634		734,392
Molson Coors Beverage Co. — Class B		11,208		686,042
Celsius Holdings, Inc.^*		10,647		580,474
Coca-Cola Consolidated, Inc.		171		158,756
Total Beverages				14,700,921
Cosmetics & Personal Care - 16.7%
Procter & Gamble Co.		25,222		3,696,032
Colgate-Palmolive Co.		20,347		1,621,859
Estee Lauder Companies, Inc. — Class A		9,810		1,434,713
Kenvue, Inc.		56,810		1,223,119
Unilever plc ADR		15,786		765,305
elf Beauty, Inc.^*		4,055		585,299
Total Cosmetics & Personal Care				9,326,327
Agriculture - 13.2%
Philip Morris International, Inc.		25,855		2,432,438
Altria Group, Inc.		40,903		1,650,027
Archer-Daniels-Midland Co.		16,600		1,198,852
Bunge Global S.A.		7,703		777,618
British American Tobacco plc ADR		25,855		757,293
Darling Ingredients, Inc.^*		11,208		558,607
Total Agriculture				7,374,835
Household Products & Housewares - 6.6%
Kimberly-Clark Corp.		10,465		1,271,602
Church & Dwight Company, Inc.		10,151		959,879
Clorox Co.		5,838		832,440
Spectrum Brands Holdings, Inc.		4,319		344,527
WD-40 Co.		1,265		302,423
Total Household Products & Housewares				3,710,871
Retail - 1.9%
Casey’s General Stores, Inc.		2,305		633,276
Freshpet, Inc.^*		5,012		434,841
Total Retail				1,068,117
Pharmaceuticals - 1.0%
BellRing Brands, Inc.^*		9,722		538,891
Food Service - 0.4%
Sovos Brands, Inc.^*		9,409		207,280
Total Common Stocks
(Cost $29,333,939)				55,699,886

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	106,264		106,264
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		85,637		85,637
Total Repurchase Agreements
(Cost $191,901)				191,901

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		607,012		607,012
Total Securities Lending Collateral
(Cost $607,012)				607,012
Total Investments - 101.0%
(Cost $30,132,852)			$	56,498,799
Other Assets & Liabilities, net - (1.0)%				(550,988	)
Total Net Assets - 100.0%			$	55,947,811

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	55,699,886	$	—	$	—	$	55,699,886
Repurchase Agreements		—		191,901		—		191,901
Securities Lending Collateral		607,012		—		—		607,012
Total Assets	$	56,306,898	$	191,901	$	—	$	56,498,799

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 79.7%
Consumer, Non-cyclical - 17.9%
UnitedHealth Group, Inc.		3,404	$	1,792,104
Amgen, Inc.		3,404		980,420
Johnson & Johnson		3,404		533,543
Procter & Gamble Co.		3,404		498,822
Merck & Company, Inc.		3,404		371,104
Coca-Cola Co.		3,404		200,598
Total Consumer, Non-cyclical				4,376,591
Financial - 16.6%
Goldman Sachs Group, Inc.		3,404		1,313,161
Visa, Inc. — Class A		3,404		886,232
Travelers Companies, Inc.		3,404		648,428
American Express Co.		3,404		637,705
JPMorgan Chase & Co.		3,404		579,020
Total Financial				4,064,546
Technology - 14.6%
Microsoft Corp.		3,404		1,280,040
Salesforce, Inc.^*		3,404		895,729
Apple, Inc.		3,404		655,372
International Business Machines Corp.		3,404		556,724
Intel Corp.		3,404		171,051
Total Technology				3,558,916
Consumer, Cyclical - 13.0%
Home Depot, Inc.		3,404		1,179,656
McDonald’s Corp.		3,404		1,009,320
Walmart, Inc.		3,404		536,641
NIKE, Inc. — Class B		3,404		369,572
Walgreens Boots Alliance, Inc.		3,404		88,879
Total Consumer, Cyclical				3,184,068
Industrial - 12.2%
Caterpillar, Inc.		3,404		1,006,461
Boeing Co.^*		3,404		887,286
Honeywell International, Inc.		3,404		713,853
3M Co.		3,404		372,125
Total Industrial				2,979,725
Communications - 2.5%
Walt Disney Co.		3,404		307,347
Cisco Systems, Inc.		3,404		171,970
Verizon Communications, Inc.		3,404		128,331
Total Communications				607,648
Energy - 2.1%
Chevron Corp.		3,404		507,741
Basic Materials - 0.8%
Dow, Inc.		3,404		186,675
Total Common Stocks
(Cost $15,056,246)				19,465,910

MUTUAL FUNDS^† - 5.2%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		67,906		668,877
Guggenheim Strategy Fund II¹		24,698		605,110
Total Mutual Funds
(Cost $1,285,414)				1,273,987

	Face Amount
U.S. TREASURY BILLS^†† - 2.4%
U.S. Treasury Bills
5.27% due 02/22/24^2,3	$	300,000		297,770
5.23% due 02/22/24³		300,000		297,770
Total U.S. Treasury Bills
(Cost $595,452)				595,540

REPURCHASE AGREEMENTS^††,4 - 9.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24²		1,217,496		1,217,496
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24²		981,163		981,163
Total Repurchase Agreements
(Cost $2,198,659)				2,198,659
Total Investments - 96.3%
(Cost $19,135,771)			$	23,534,096
Other Assets & Liabilities, net - 3.7%				892,921
Total Net Assets - 100.0%			$	24,427,017

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		8	Mar 2024	$	1,520,120	$	(344	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

5.90% (SOFR + 0.50%)

At Maturity

03/20/24

2,990,454

7,342

BNP Paribas

Dow Jones Industrial Average Index

Pay

5.88% (Federal Funds Rate + 0.55%)

At Maturity

03/21/24

448,890

7,238

3,439,344

14,580

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	19,465,910	$	—	$	—	$	19,465,910
Mutual Funds		1,273,987		—		—		1,273,987
U.S. Treasury Bills		—		595,540		—		595,540
Repurchase Agreements		—		2,198,659		—		2,198,659
Equity Index Swap Agreements**		—		14,580		—		14,580
Total Assets	$	20,739,897	$	2,808,779	$	—	$	23,548,676

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Futures Contracts**		$	344			$	—			$	—			$	344

**	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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	897,823	$	–	$	(300,000	)	$	(7,060	)	$	14,347	$	605,110		24,698	$	29,150
Guggenheim Ultra Short Duration Fund — Institutional Class		958,754		–		(300,000	)		(5,796	)		15,919		668,877		67,906		31,514
	$	1,856,577	$	–	$	(600,000	)	$	(12,856	)	$	30,266	$	1,273,987			$	60,664

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.4%
Semiconductors - 92.2%
NVIDIA Corp.		16,606	$	8,223,623
Broadcom, Inc.		5,254		5,864,778
Advanced Micro Devices, Inc.^*		25,593		3,772,664
Intel Corp.		73,834		3,710,159
QUALCOMM, Inc.		21,366		3,090,165
Texas Instruments, Inc.		17,785		3,031,631
Applied Materials, Inc.		17,639		2,858,753
Lam Research Corp.		3,194		2,501,732
Micron Technology, Inc.		28,445		2,427,496
Analog Devices, Inc.		12,125		2,407,540
KLA Corp.		3,695		2,147,904
Marvell Technology, Inc.		29,656		1,788,553
Microchip Technology, Inc.		18,336		1,653,540
NXP Semiconductor N.V.		6,832		1,569,174
ON Semiconductor Corp.^*		17,512		1,462,777
ASML Holding N.V. — Class G		1,768		1,338,235
Monolithic Power Systems, Inc.		2,098		1,323,376
Taiwan Semiconductor Manufacturing Company Ltd. ADR		10,845		1,127,880
Entegris, Inc.		8,759		1,049,503
Skyworks Solutions, Inc.		9,235		1,038,199
Teradyne, Inc.		9,488		1,029,638
STMicroelectronics N.V. — Class Y		17,151		859,780
Qorvo, Inc.^*		7,244		815,747
United Microelectronics Corp. ADR¹		95,174		805,172
ASE Technology Holding Company Ltd. ADR		84,456		794,731
Kulicke & Soffa Industries, Inc.		14,470		791,798
Lattice Semiconductor Corp.^*		11,117		766,962
MKS Instruments, Inc.		6,611		680,074
Rambus, Inc.^*		9,615		656,224
Wolfspeed, Inc.^*		13,190		573,897
GLOBALFOUNDRIES, Inc.^*,1		9,254		560,792
MACOM Technology Solutions Holdings, Inc.^*		5,894		547,847
Synaptics, Inc.^*		4,570		521,346
Amkor Technology, Inc.		15,490		515,352
Power Integrations, Inc.		6,237		512,120
Cirrus Logic, Inc.^*		6,135		510,371
Silicon Laboratories, Inc.^*		3,778		499,716
Axcelis Technologies, Inc.^*		3,816		494,897
Diodes, Inc.^*		5,850		471,042
Allegro MicroSystems, Inc.^*		12,188		368,931
Ambarella, Inc.^*		5,964		365,534
Impinj, Inc.^*		3,080		277,292
Semtech Corp.^*		12,131		265,790
Aehr Test Systems^*		7,295		193,536
Total Semiconductors				66,266,271
Energy-Alternate Sources - 5.7%
Enphase Energy, Inc.^*		8,208		1,084,605
First Solar, Inc.^*		6,256		1,077,784
SolarEdge Technologies, Inc.^*		11,244		1,052,438
Canadian Solar, Inc.^*,1		32,768		859,505
Total Energy-Alternate Sources				4,074,332
Electrical Components & Equipment - 1.0%
Universal Display Corp.		3,682		704,219
Telecommunications - 0.5%
Credo Technology Group Holding Ltd.^*		19,845		386,382
Total Common Stocks
(Cost $35,139,992)				71,431,204

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 1.1%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	429,411	429,411
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		346,057	346,057
Total Repurchase Agreements
(Cost $775,468)			775,468

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	1,711,563		1,711,563
Total Securities Lending Collateral
(Cost $1,711,563)			1,711,563
Total Investments - 102.9%
(Cost $37,627,023)		$	73,918,235
Other Assets & Liabilities, net - (2.9)%			(2,091,412	)
Total Net Assets - 100.0%		$	71,826,823

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	71,431,204	$	—	$	—	$	71,431,204
Repurchase Agreements		—		775,468		—		775,468
Securities Lending Collateral		1,711,563		—		—		1,711,563
Total Assets	$	73,142,767	$	775,468	$	—	$	73,918,235

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 62.4%
Technology - 19.5%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		5,528	$	574,912
Infosys Ltd. ADR		6,880		126,454
NetEase, Inc. ADR		689		64,187
United Microelectronics Corp. ADR		4,602		38,933
ASE Technology Holding Company Ltd. ADR		3,380		31,806
Wipro Ltd. ADR		2,790		15,540
Total Technology				851,832
Communications - 17.8%
Alibaba Group Holding Ltd. ADR		3,605		279,424
PDD Holdings, Inc. ADR^*		1,341		196,202
JD.com, Inc. ADR		2,432		70,260
Baidu, Inc. ADR^*		561		66,810
Trip.com Group Ltd. ADR^*		1,100		39,611
America Movil SAB de CV ADR		2,047		37,910
Chunghwa Telecom Company Ltd. ADR		752		29,381
Telkom Indonesia Persero Tbk PT ADR		941		24,240
Tencent Music Entertainment Group ADR^*		1,276		11,497
Vipshop Holdings Ltd. ADR^*		557		9,892
Full Truck Alliance Company Ltd. ADR^*		1,322		9,267
Total Communications				774,494
Financial - 11.6%
HDFC Bank Ltd. ADR		3,634		243,878
ICICI Bank Ltd. ADR		5,071		120,893
Banco Bradesco S.A. ADR		10,511		36,788
KB Financial Group, Inc. ADR		743		30,738
Shinhan Financial Group Company Ltd. ADR		969		29,826
KE Holdings, Inc. ADR		1,332		21,592
Woori Financial Group, Inc. ADR¹		441		13,327
Banco de Chile ADR		430		9,924
Total Financial				506,966
Basic Materials - 5.8%
Vale S.A. ADR		7,185		113,954
POSCO Holdings, Inc. ADR		589		56,020
Gold Fields Ltd. ADR		1,768		25,565
Sociedad Quimica y Minera de Chile S.A. ADR		283		17,042
Suzano S.A. ADR		1,467		16,665
Sasol Ltd. ADR		1,142		11,352
Gerdau S.A. ADR		2,288		11,097
Total Basic Materials				251,695
Consumer, Non-cyclical - 3.5%
Fomento Economico Mexicano SAB de CV ADR		363		47,317
Ambev S.A. ADR		8,728		24,438
BeiGene Ltd. ADR^*		121		21,823
New Oriental Education & Technology Group, Inc. ADR^*		296		21,691
Dr Reddy’s Laboratories Ltd. ADR		241		16,769
TAL Education Group ADR^*		913		11,531
Coca-Cola Femsa SAB de CV ADR		104		9,843
Total Consumer, Non-cyclical				153,412
Energy - 1.5%
Petroleo Brasileiro S.A. ADR		3,682		58,802
Cosan S.A. ADR		575		9,004
Total Energy				67,806
Industrial - 1.3%
Cemex SAB de CV ADR^*		2,995		23,211
ZTO Express Cayman, Inc. ADR		844		17,961
Grupo Aeroportuario del Pacifico SAB de CV ADR		78		13,667
Total Industrial				54,839
Consumer, Cyclical - 0.8%
NIO, Inc. ADR^*,1		2,766		25,088
H World Group Ltd. ADR		278		9,296
Total Consumer, Cyclical				34,384
Utilities - 0.6%
Centrais Eletricas Brasileiras S.A. ADR		2,046		17,637
Cia de Saneamento Basico do Estado de Sao Paulo ADR		676		10,295
Total Utilities				27,932
Total Common Stocks
(Cost $2,332,968)				2,723,360

PREFERRED STOCKS^† - 3.1%
Energy - 1.6%
Petroleo Brasileiro S.A.
ADR		4,545		69,448
Financial - 1.5%
Itau Unibanco Holding S.A.
ADR		9,588		66,636
Total Preferred Stocks
(Cost $107,355)				136,084

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 28.9%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³	$	697,159		697,159
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		561,831		561,831
Total Repurchase Agreements
(Cost $1,258,990)				1,258,990

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

		Shares		Value
SECURITIES LENDING COLLATERAL^†,4 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁵	$	29,267	$	29,267
Total Securities Lending Collateral
(Cost $29,267)				29,267
Total Investments - 95.1%
(Cost $3,728,580)			$	4,147,701
Other Assets & Liabilities, net - 4.9%				213,785
Total Net Assets - 100.0%			$	4,361,486

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P Emerging 50 ADR Index

Pay

5.58% (Federal Funds Rate + 0.25%)

At Maturity

03/21/24

1,597

4,384,430

65,432

BNP Paribas

S&P Emerging 50 ADR Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

03/21/24

570

1,565,784

44,063

5,950,214

109,495

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,723,360	$	—	$	—	$	2,723,360
Preferred Stocks		136,084		—		—		136,084
Repurchase Agreements		—		1,258,990		—		1,258,990
Securities Lending Collateral		29,267		—		—		29,267
Equity Index Swap Agreements**		—		109,495		—		109,495
Total Assets	$	2,888,711	$	1,368,485	$	—	$	4,257,196

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Face Amount		Value
U.S. TREASURY BILLS^†† - 1.0%
U.S. Treasury Bills
5.17% due 01/09/24^1,2	$	9,000	$	8,991
Total U.S. Treasury Bills
(Cost $8,989)				8,991

REPURCHASE AGREEMENTS^††,3 - 91.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁴		477,374		477,374
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁴		384,710		384,710
Total Repurchase Agreements
(Cost $862,084)				862,084
Total Investments - 92.0%
(Cost $871,073)			$	871,075
Other Assets & Liabilities, net - 8.0%				75,826
Total Net Assets - 100.0%			$	946,901

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		5	Mar 2024	$	543,867	$	8,312
U.S. Treasury 10 Year Note Futures Contracts		1	Mar 2024		112,875		4,084
				$	656,742	$	12,396

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty		Exchange		Index		Protection Premium Rate				Payment Frequency		Maturity Date		Notional Amount				Value				Upfront Premiums Received				Unrealized Appreciation^**
Barclays Bank plc		ICE		CDX.EM.40.V1			1.00	%		Quarterly		12/20/28		$	720,000			$	(20,800	)		$	(34,086	)		$	13,286

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

01/05/24

17,012

352,148

18,676

**	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 December 31, 2023.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 4.
4	All or a portion of this security is pledged as credit index swap collateral at December 31, 2023.

CDX.EM.40.V1 — Credit Default Swap Emerging Markets Series 40 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	8,991	$	—	$	8,991
Repurchase Agreements		—		862,084		—		862,084
Interest Rate Futures Contracts**		12,396		—		—		12,396
Credit Default Swap Agreements**		—		13,286		—		13,286
Credit Index Swap Agreements**		—		18,676		—		18,676
Total Assets	$	12,396	$	903,037	$	—	$	915,433

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas - 64.3%
Exxon Mobil Corp.		30,304	$	3,029,794
Chevron Corp.		17,046		2,542,581
ConocoPhillips		15,675		1,819,397
EOG Resources, Inc.		10,706		1,294,891
Phillips 66		9,014		1,200,124
Marathon Petroleum Corp.		7,837		1,162,697
Pioneer Natural Resources Co.		4,872		1,095,615
Valero Energy Corp.		7,983		1,037,790
Hess Corp.		7,020		1,012,003
Occidental Petroleum Corp.		16,418		980,319
Devon Energy Corp.		18,460		836,238
Diamondback Energy, Inc.		5,280		818,822
Shell plc ADR		11,946		786,047
Petroleo Brasileiro S.A. ADR		47,669		761,274
BP plc ADR		21,076		746,090
Coterra Energy, Inc. — Class A		26,385		673,345
Equities Corp.		16,268		628,921
Suncor Energy, Inc.		19,000		608,760
Canadian Natural Resources Ltd.		9,043		592,497
Marathon Oil Corp.		23,881		576,965
Ovintiv, Inc.		12,393		544,301
Cenovus Energy, Inc.		31,568		525,607
APA Corp.		14,547		521,946
Chesapeake Energy Corp.		6,233		479,567
Permian Resources Corp.		35,088		477,197
HF Sinclair Corp.		7,750		430,668
Equinor ASA ADR¹		13,414		424,419
Southwestern Energy Co.^*		64,428		422,003
Range Resources Corp.		13,642		415,263
Antero Resources Corp.^*		17,551		398,057
Matador Resources Co.		6,899		392,277
Murphy Oil Corp.		9,145		390,126
Civitas Resources, Inc.		5,688		388,945
Weatherford International plc^*		3,948		386,233
Noble Corporation plc		7,915		381,186
Transocean Ltd.^*		54,865		348,393
PBF Energy, Inc. — Class A		7,803		343,020
SM Energy Co.		8,693		336,593
Chord Energy Corp.		2,023		336,283
Valaris Ltd.^*		4,765		326,736
Patterson-UTI Energy, Inc.		29,370		317,196
Magnolia Oil & Gas Corp. — Class A		14,863		316,433
California Resources Corp.		5,625		307,575
Northern Oil and Gas, Inc.		7,614		282,251
Kosmos Energy Ltd.^*		40,995		275,077
Helmerich & Payne, Inc.		7,541		273,135
CNX Resources Corp.^*		13,317		266,340
Callon Petroleum Co.^*		6,811		220,676
Delek US Holdings, Inc.		7,512		193,810
Comstock Resources, Inc.		15,456		136,786
Total Oil & Gas				33,062,269
Pipelines - 14.1%
Williams Companies, Inc.		28,758		1,001,641
ONEOK, Inc.		14,163		994,526
Cheniere Energy, Inc.		5,572		951,196
Kinder Morgan, Inc.		50,722		894,736
Targa Resources Corp.		7,823		679,584
Enbridge, Inc.		16,973		611,368
TC Energy Corp.¹		12,271		479,674
Golar LNG Ltd.		16,039		368,737
DT Midstream, Inc.		6,340		347,432
Pembina Pipeline Corp.		9,665		332,669
Equitrans Midstream Corp.		31,568		321,362
New Fortress Energy, Inc.		7,463		281,579
Total Pipelines				7,264,504
Oil & Gas Services - 9.8%
Schlumberger N.V.		26,103		1,358,400
Baker Hughes Co.		27,251		931,439
Halliburton Co.		23,556		851,550
TechnipFMC plc		25,845		520,518
NOV, Inc.		22,116		448,513
ChampionX Corp.		12,534		366,118
Tidewater, Inc.^*		4,473		322,548
Liberty Energy, Inc. — Class A		14,245		258,404
Total Oil & Gas Services				5,057,490
Energy-Alternate Sources - 6.2%
SolarEdge Technologies, Inc.^*		10,934		1,023,423
Enphase Energy, Inc.^*		5,358		708,006
First Solar, Inc.^*		4,079		702,730
Sunrun, Inc.^*		18,499		363,135
Plug Power, Inc.^*,1		41,471		186,620
Green Plains, Inc.^*		6,923		174,598
Total Energy-Alternate Sources				3,158,512
Transportation - 1.5%
Scorpio Tankers, Inc.		6,452		392,281
Frontline plc		17,833		357,552
Total Transportation				749,833
Mining - 1.4%
Cameco Corp.		11,450		493,495
Uranium Energy Corp.^*		36,658		234,611
Total Mining				728,106
Coal - 0.8%
Peabody Energy Corp.		10,443		253,974
CONSOL Energy, Inc.		1,522		153,006
Total Coal				406,980
Metal Fabricate & Hardware - 0.7%
Tenaris S.A. ADR		10,808		375,686
Retail - 0.7%
Murphy USA, Inc.		1,026		365,831
Total Common Stocks
(Cost $34,951,558)				51,169,211

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	194,688		194,688
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		156,896		156,896
Total Repurchase Agreements
(Cost $351,584)				351,584

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

		Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	$	843,448	$	843,448
Total Securities Lending Collateral
(Cost $843,448)				843,448
Total Investments - 101.8%
(Cost $36,146,590)			$	52,364,243
Other Assets & Liabilities, net - (1.8)%				(915,331	)
Total Net Assets - 100.0%			$	51,448,912

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	51,169,211	$	—	$	—	$	51,169,211
Repurchase Agreements		—		351,584		—		351,584
Securities Lending Collateral		843,448		—		—		843,448
Total Assets	$	52,012,659	$	351,584	$	—	$	52,364,243

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas Services - 64.9%
Schlumberger N.V.		85,792	$	4,464,616
Baker Hughes Co.		89,555		3,060,990
Halliburton Co.		77,410		2,798,371
NOV, Inc.		72,683		1,474,011
TechnipFMC plc		67,788		1,365,250
ChampionX Corp.		41,193		1,203,248
Tidewater, Inc.^*		14,696		1,059,729
Liberty Energy, Inc. — Class A		46,815		849,224
Archrock, Inc.		51,117		787,202
Oceaneering International, Inc.^*		36,301		772,485
Helix Energy Solutions Group, Inc.^*		61,858		635,900
Expro Group Holdings N.V.^*		39,567		629,907
US Silica Holdings, Inc.^*		41,034		464,095
ProPetro Holding Corp.^*		52,925		443,511
RPC, Inc.		59,056		429,928
Core Laboratories, Inc.		17,396		307,213
ProFrac Holding Corp. — Class A^*		21,887		185,602
Total Oil & Gas Services				20,931,282
Oil & Gas - 28.7%
Weatherford International plc^*		14,519		1,420,394
Noble Corporation plc		26,021		1,253,171
Transocean Ltd.^*		180,308		1,144,956
Valaris Ltd.^*		15,666		1,074,218
Patterson-UTI Energy, Inc.		96,524		1,042,459
Helmerich & Payne, Inc.		24,778		897,459
Seadrill Ltd.^*		17,725		838,038
Borr Drilling Ltd.^*		103,934		764,954
Diamond Offshore Drilling, Inc.^*		46,973		610,649
Nabors Industries Ltd.^*		2,473		201,871
Total Oil & Gas				9,248,169
Machinery-Diversified - 3.1%
Cactus, Inc. — Class A		21,902		994,351
Metal Fabricate & Hardware - 2.8%
Tenaris S.A. ADR		26,560		923,226
Total Common Stocks
(Cost $27,359,051)				32,097,028

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	111,028		111,028
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		89,476		89,476
Total Repurchase Agreements
(Cost $200,504)				200,504
Total Investments - 100.1%
(Cost $27,559,555)			$	32,297,532
Other Assets & Liabilities, net - (0.1)%				(42,412	)
Total Net Assets - 100.0%			$	32,255,120

^*	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 December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	32,097,028	$	—	$	—	$	32,097,028
Repurchase Agreements		—		200,504		—		200,504
Total Assets	$	32,097,028	$	200,504	$	—	$	32,297,532

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 49.4%
Consumer, Non-cyclical - 19.3%
Novo Nordisk A/S ADR		1,168	$	120,830
Nestle S.A. ADR		959		110,889
AstraZeneca plc ADR		1,109		74,691
Novartis AG ADR		735		74,213
Roche Holding AG ADR		2,012		72,895
Unilever plc ADR		905		43,874
L’Oreal S.A. ADR		436		43,343
Sanofi S.A. ADR		822		40,878
Diageo plc ADR		200		29,132
RELX plc ADR		695		27,564
GSK plc ADR		735		27,239
EssilorLuxottica S.A. ADR		219		22,008
British American Tobacco plc ADR		725		21,235
Anheuser-Busch InBev S.A. ADR¹		321		20,743
Reckitt Benckiser Group plc ADR		1,326		18,219
Bayer AG ADR		1,417		13,079
Total Consumer, Non-cyclical				760,832
Financial - 6.8%
HSBC Holdings plc ADR¹		1,384		56,107
Allianz SE ADR		1,448		38,647
UBS Group AG^*		1,094		33,805
Zurich Insurance Group AG ADR		525		27,450
BNP Paribas S.A. ADR		778		27,028
Banco Santander S.A. ADR		5,860		24,260
AXA S.A. ADR¹		684		22,356
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR		488		20,525
ING Groep N.V. ADR		1,230		18,475
Total Financial				268,653
Industrial - 5.5%
Siemens AG ADR		537		50,231
Schneider Electric SE ADR		1,028		41,357
Airbus SE ADR		843		32,514
Vinci S.A. ADR		855		26,967
ABB Ltd. ADR		578		25,605
Safran S.A. ADR		543		23,963
Deutsche Post AG ADR		331		16,400
Total Industrial				217,037
Energy - 4.4%
Shell plc ADR		1,177		77,446
TotalEnergies SE ADR		868		58,486
BP plc ADR		1,012		35,825
Total Energy				171,757
Technology - 4.2%
ASML Holding N.V. — Class G		145		109,753
SAP SE ADR		366		56,580
Total Technology				166,333
Consumer, Cyclical - 3.7%
LVMH Moet Hennessy Louis Vuitton SE ADR		464		75,377
Hermes International SCA ADR		126		26,787
Cie Financiere Richemont S.A. ADR		1,880		25,897
Mercedes-Benz Group AG ADR		1,144		19,723
Total Consumer, Cyclical				147,784
Basic Materials - 2.6%
Air Liquide S.A. ADR		939		36,574
Rio Tinto plc ADR		383		28,518
Glencore plc ADR^*		1,795		21,504
BASF SE ADR		1,282		17,205
Total Basic Materials				103,801
Utilities - 1.7%
Iberdrola S.A. ADR		519		27,247
Enel SpA ADR¹		2,809		20,773
National Grid plc ADR¹		260		17,677
Total Utilities				65,697
Communications - 1.2%
Deutsche Telekom AG ADR		1,243		29,994
Prosus N.V. ADR		2,820		16,779
Total Communications				46,773
Total Common Stocks
(Cost $1,657,399)				1,948,667

MUTUAL FUNDS^† - 3.5%
Guggenheim Ultra Short Duration Fund — Institutional Class²		7,027		69,217
Guggenheim Strategy Fund II²		2,760		67,631
Total Mutual Funds
(Cost $138,226)				136,848

		Face Amount
U.S. TREASURY BILLS^†† - 5.8%
U.S. Treasury Bills
5.17% due 01/09/24^3,4	$	231,000		230,764
Total U.S. Treasury Bills
(Cost $230,730)				230,764

REPURCHASE AGREEMENTS^††,5 - 37.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24		821,394		821,394
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		661,951		661,951
Total Repurchase Agreements
(Cost $1,483,345)				1,483,345

		Shares
SECURITIES LENDING COLLATERAL^†,6 - 2.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁷		107,332		107,332
Total Securities Lending Collateral
(Cost $107,332)				107,332
Total Investments - 99.0%
(Cost $3,617,032)			$	3,906,956
Other Assets & Liabilities, net - 1.0%				39,419
Total Net Assets - 100.0%			$	3,946,375

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation^**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		22	Mar 2024	$	3,045,625	$	62,596
Equity Futures Contracts Purchased^†
STOXX 50 Index Futures Contracts		63	Mar 2024		2,855,383		1,084

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,948,667	$	—	$	—	$	1,948,667
Mutual Funds		136,848		—		—		136,848
U.S. Treasury Bills		—		230,764		—		230,764
Repurchase Agreements		—		1,483,345		—		1,483,345
Securities Lending Collateral		107,332		—		—		107,332
Currency Futures Contracts**		62,596		—		—		62,596
Equity Futures Contracts**		1,084		—		—		1,084
Total Assets	$	2,256,527	$	1,714,109	$	—	$	3,970,636

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	66,830	$	–	$	–	$	–	$	801	$	67,631		2,760	$	2,791
Guggenheim Ultra Short Duration Fund — Institutional Class		68,233		–		–		–		984		69,217		7,027		2,837
	$	135,063	$	–	$	–	$	–	$	1,785	$	136,848			$	5,628

Financial Services Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.2%
Banks - 24.2%
JPMorgan Chase & Co.		1,824	$	310,262
Bank of America Corp.		6,388		215,084
Wells Fargo & Co.		3,833		188,660
Goldman Sachs Group, Inc.		425		163,952
Morgan Stanley		1,684		157,033
Citigroup, Inc.		2,645		136,059
U.S. Bancorp		2,653		114,822
PNC Financial Services Group, Inc.		722		111,802
Truist Financial Corp.		2,655		98,023
Bank of New York Mellon Corp.		1,699		88,433
Toronto-Dominion Bank		1,237		79,935
NU Holdings Limited/Cayman Islands — Class A^*		9,582		79,818
HDFC Bank Ltd. ADR		1,122		75,297
Royal Bank of Canada		720		72,814
Bank of Nova Scotia		1,488		72,451
Fifth Third Bancorp		2,014		69,463
ICICI Bank Ltd. ADR		2,906		69,279
State Street Corp.		857		66,383
M&T Bank Corp.		474		64,976
Regions Financial Corp.		3,160		61,241
Huntington Bancshares, Inc.		4,688		59,631
Northern Trust Corp.		684		57,716
Citizens Financial Group, Inc.		1,674		55,476
KeyCorp		3,613		52,027
East West Bancorp, Inc.		617		44,393
Comerica, Inc.		699		39,011
First Horizon Corp.		2,743		38,841
Western Alliance Bancorporation		586		38,553
Zions Bancorp North America		833		36,544
SouthState Corp.		415		35,047
Bank OZK		674		33,585
Columbia Banking System, Inc.		1,244		33,190
Pinnacle Financial Partners, Inc.		362		31,574
Old National Bancorp		1,819		30,723
Valley National Bancorp		2,806		30,473
Wintrust Financial Corp.		320		29,680
First Citizens BancShares, Inc. — Class A		15		21,284
Total Banks				2,963,535
Diversified Financial Services - 21.3%
Visa, Inc. — Class A		1,217		316,846
Mastercard, Inc. — Class A		609		259,745
BlackRock, Inc. — Class A		183		148,559
Charles Schwab Corp.		2,086		143,517
American Express Co.		758		142,004
Intercontinental Exchange, Inc.		970		124,577
CME Group, Inc. — Class A		563		118,568
Capital One Financial Corp.		755		98,996
Coinbase Global, Inc. — Class A^*		512		89,047
Ameriprise Financial, Inc.		230		87,361
XP, Inc. — Class A		3,286		85,666
Apollo Global Management, Inc.		891		83,032
Ares Management Corp. — Class A		690		82,055
Interactive Brokers Group, Inc. — Class A		970		80,413
Discover Financial Services		666		74,858
T. Rowe Price Group, Inc.		636		68,491
Nasdaq, Inc.		1,174		68,256
Raymond James Financial, Inc.		575		64,112
Tradeweb Markets, Inc. — Class A		691		62,798
Cboe Global Markets, Inc.		333		59,460
LPL Financial Holdings, Inc.		254		57,815
Synchrony Financial		1,463		55,872
Ally Financial, Inc.		1,306		45,606
SoFi Technologies, Inc.^*		4,444		44,218
Franklin Resources, Inc.		1,423		42,391
Invesco Ltd.		2,350		41,924
SEI Investments Co.		607		38,575
Upstart Holdings, Inc.^*		644		26,314
Total Diversified Financial Services				2,611,076

REITS - 21.2%
Prologis, Inc.		1,188		158,360
American Tower Corp. — Class A		635		137,084
Equinix, Inc.		145		116,782
Public Storage		324		98,820
Welltower, Inc.		1,083		97,654
Simon Property Group, Inc.		665		94,856
Crown Castle, Inc.		814		93,765
Realty Income Corp.		1,549		88,944
Digital Realty Trust, Inc.		654		88,015
Extra Space Storage, Inc.		525		84,173
VICI Properties, Inc.		2,514		80,146
Weyerhaeuser Co.		2,075		72,148
AvalonBay Communities, Inc.		382		71,518
SBA Communications Corp.		278		70,526
Equity Residential		1,073		65,625
Alexandria Real Estate Equities, Inc.		505		64,019
Invitation Homes, Inc.		1,865		63,615
Iron Mountain, Inc.		904		63,262
Ventas, Inc.		1,266		63,097
Essex Property Trust, Inc.		228		56,530
Sun Communities, Inc.		417		55,732
Mid-America Apartment Communities, Inc.		410		55,129
Host Hotels & Resorts, Inc.		2,686		52,296
UDR, Inc.		1,315		50,351
Kimco Realty Corp.		2,359		50,270
Gaming and Leisure Properties, Inc.		1,015		50,090
Regency Centers Corp.		738		49,446
Rexford Industrial Realty, Inc.		860		48,246
American Homes 4 Rent — Class A		1,298		46,676
Equity LifeStyle Properties, Inc.		656		46,274
Healthpeak Properties, Inc.		2,325		46,035
CubeSmart		990		45,887
Camden Property Trust		456		45,276
Lamar Advertising Co. — Class A		424		45,063
Boston Properties, Inc.		634		44,488
Annaly Capital Management, Inc.		2,257		43,718
Omega Healthcare Investors, Inc.		1,212		37,160
AGNC Investment Corp.		3,699		36,287

Financial Services Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

		Shares		Value
COMMON STOCKS^† - 99.2% (continued)
REITS - 21.2% (continued)
Sabra Health Care REIT, Inc.		1,700	$	24,259
Total REITS				2,601,622
Insurance - 17.4%
Berkshire Hathaway, Inc. — Class B^*		1,054		375,922
Progressive Corp.		812		129,335
Marsh & McLennan Companies, Inc.		682		129,219
Willis Towers Watson plc		465		112,158
Arch Capital Group Ltd.^*		1,419		105,389
Chubb Ltd.		452		102,152
Aon plc — Class A		332		96,619
American International Group, Inc.		1,408		95,392
Aflac, Inc.		1,137		93,802
Travelers Companies, Inc.		481		91,626
Arthur J Gallagher & Co.		406		91,301
MetLife, Inc.		1,280		84,646
Prudential Financial, Inc.		814		84,420
Allstate Corp.		584		81,748
Hartford Financial Services Group, Inc.		839		67,439
RenaissanceRe Holdings Ltd.		316		61,936
Principal Financial Group, Inc.		765		60,183
Everest Group Ltd.		170		60,109
Cincinnati Financial Corp.		526		54,420
Brown & Brown, Inc.		764		54,328
W R Berkley Corp.		706		49,928
Unum Group		580		26,228
Erie Indemnity Co. — Class A		58		19,425
Total Insurance				2,127,725
Commercial Services - 7.9%
S&P Global, Inc.		372		163,873
PayPal Holdings, Inc.^*		1,861		114,284
Moody's Corp.		277		108,185
Block, Inc. — Class A^*		1,289		99,704
Global Payments, Inc.		639		81,153
StoneCo Ltd. — Class A^*		4,028		72,625
FleetCor Technologies, Inc.^*		220		62,174
Affirm Holdings, Inc.^*		1,137		55,872
Toast, Inc. — Class A^*		2,565		46,837
MarketAxess Holdings, Inc.		140		40,999
Shift4 Payments, Inc. — Class A^*		482		35,832
Euronet Worldwide, Inc.^*		298		30,244
Morningstar, Inc.		90		25,762
Flywire Corp.^*		1,046		24,215
Total Commercial Services				961,759
Private Equity - 3.3%
Blackstone, Inc. — Class A		1,389		181,848
KKR & Company, Inc. — Class A		1,277		105,800
Brookfield Corp.		1,826		73,259
Carlyle Group, Inc.		1,113		45,288
Total Private Equity				406,195
Software - 2.8%
Fiserv, Inc.^*		920		122,213
MSCI, Inc. — Class A		165		93,332
Fidelity National Information Services, Inc.		1,370		82,296
Jack Henry & Associates, Inc.		286		46,735
Total Software				344,576
Media - 0.5%
FactSet Research Systems, Inc.		126		60,108
Internet - 0.3%
Robinhood Markets, Inc. — Class A^*		3,337		42,514
Savings & Loans - 0.3%
New York Community Bancorp, Inc.		3,637		37,207
Total Common Stocks
(Cost $10,162,927)				12,156,317

PREFERRED STOCKS^† - 0.5%
Financial - 0.5%
Itau Unibanco Holding S.A.
ADR		9,836		68,360
Total Preferred Stocks
(Cost $48,648)				68,360

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	32,408		32,408
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		26,118		26,118
Total Repurchase Agreements
(Cost $58,526)				58,526
Total Investments - 100.2%
(Cost $10,270,101)			$	12,283,203
Other Assets & Liabilities, net - (0.2)%				(26,132	)
Total Net Assets - 100.0%			$	12,257,071

*	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

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

Financial Services Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,156,317	$	—	$	—	$	12,156,317
Preferred Stocks		68,360		—		—		68,360
Repurchase Agreements		—		58,526		—		58,526
Total Assets	$	12,224,677	$	58,526	$	—	$	12,283,203

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 13.6%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		222,710	$	2,193,695
Guggenheim Strategy Fund II¹		81,235		1,991,070
Total Mutual Funds
(Cost $4,227,653)				4,184,765

	Face Amount
U.S. GOVERNMENT SECURITIES^†† - 79.5%
U.S. Treasury Bonds
4.75% due 11/15/53	$	21,800,000	24,559,063
Total U.S. Government Securities
(Cost $22,276,293)			24,559,063


U.S. TREASURY BILLS^†† - 2.3%
U.S. Treasury Bills
5.17% due 01/09/24^2,3	713,000		712,273
Total U.S. Treasury Bills
(Cost $712,166)			712,273

REPURCHASE AGREEMENTS^††,4 - 5.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	927,991		927,991
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24	747,855		747,855
Total Repurchase Agreements
(Cost $1,675,846)			1,675,846
Total Investments - 100.8%
(Cost $28,891,958)		$	31,131,947
Other Assets & Liabilities, net - (0.8)%			(246,089	)
Total Net Assets - 100.0%		$	30,885,858

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

Mar 2024

12,284,875

1,131,122

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as futures collateral at December 31, 2023.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,184,765	$	—	$	—	$	4,184,765
U.S. Government Securities		—		24,559,063		—		24,559,063
U.S. Treasury Bills		—		712,273		—		712,273
Repurchase Agreements		—		1,675,846		—		1,675,846
Interest Rate Futures Contracts**		1,131,122		—		—		1,131,122
Total Assets	$	5,315,887	$	26,947,182	$	—	$	32,263,069

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

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.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,966,699	$	–	$	–		$	–		$	24,371	$	1,991,070		81,235	$	82,136
Guggenheim Ultra Short Duration Fund — Institutional Class		2,462,516		–		(300,000	)		(7,724	)		38,903		2,193,695		222,710		92,164
	$	4,429,215	$	–	$	(300,000	)	$	(7,724	)	$	63,274	$	4,184,765			$	174,300

Health Care Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 100.0%
Pharmaceuticals - 32.8%
Eli Lilly & Co.		1,159	$	675,604
Johnson & Johnson		3,765		590,126
Merck & Company, Inc.		4,726		515,229
AbbVie, Inc.		3,300		511,401
Pfizer, Inc.		13,385		385,354
CVS Health Corp.		3,935		310,708
Bristol-Myers Squibb Co.		5,992		307,450
Cigna Group		1,020		305,439
Zoetis, Inc.		1,456		287,371
Becton Dickinson & Co.		1,071		261,142
AstraZeneca plc ADR		3,863		260,173
McKesson Corp.		512		237,046
Dexcom, Inc.^*		1,719		213,311
Novo Nordisk A/S ADR		1,824		188,693
Cencora, Inc. — Class A		874		179,502
Alkermes plc^*		5,890		163,389
GSK plc ADR		4,208		155,948
Novartis AG ADR		1,524		153,878
Teva Pharmaceutical Industries Ltd. ADR^*		14,376		150,085
Cardinal Health, Inc.		1,458		146,966
Viatris, Inc.		10,548		114,235
Neurocrine Biosciences, Inc.^*		854		112,523
Henry Schein, Inc.^*		1,275		96,530
Jazz Pharmaceuticals plc^*		680		83,640
Option Care Health, Inc.^*		2,321		78,194
Madrigal Pharmaceuticals, Inc.^*		155		35,864
Total Pharmaceuticals				6,519,801
Healthcare-Products - 28.9%
Thermo Fisher Scientific, Inc.		839		445,333
Abbott Laboratories		3,891		428,282
Danaher Corp.		1,685		389,808
Intuitive Surgical, Inc.^*		1,024		345,457
Stryker Corp.		1,042		312,037
Boston Scientific Corp.^*		4,939		285,524
Medtronic plc		2,858		235,442
Edwards Lifesciences Corp.^*		2,834		216,092
IDEXX Laboratories, Inc.^*		381		211,474
Agilent Technologies, Inc.		1,430		198,813
GE HealthCare Technologies, Inc.		2,331		180,233
West Pharmaceutical Services, Inc.		448		157,750
ResMed, Inc.		910		156,538
Zimmer Biomet Holdings, Inc.		1,281		155,898
Align Technology, Inc.^*		552		151,248
Waters Corp.^*		429		141,240
Baxter International, Inc.		3,569		137,978
Cooper Companies, Inc.		362		136,995
Hologic, Inc.^*		1,770		126,466
Insulet Corp.^*		573		124,330
Avantor, Inc.^*		5,427		123,898
Exact Sciences Corp.^*		1,594		117,924
Bio-Techne Corp.		1,447		111,651
Dentsply Sirona, Inc.		3,116		110,898
Penumbra, Inc.^*		391		98,352
Repligen Corp.^*		467		83,967
Natera, Inc.^*		1,338		83,812
Bruker Corp.		1,090		80,093
Shockwave Medical, Inc.^*		420		80,035
Masimo Corp.^*		640		75,014
Inspire Medical Systems, Inc.^*		347		70,590
Azenta, Inc.^*		927		60,385
Lantheus Holdings, Inc.^*		948		58,776
Inari Medical, Inc.^*		840		54,533
Total Healthcare-Products				5,746,866
Biotechnology - 21.1%
Amgen, Inc.		1,341		386,235
Vertex Pharmaceuticals, Inc.^*		816		332,022
Gilead Sciences, Inc.		3,827		310,025
Regeneron Pharmaceuticals, Inc.^*		338		296,862
Moderna, Inc.^*		1,986		197,508
Biogen, Inc.^*		744		192,525
Illumina, Inc.^*		1,101		153,303
Alnylam Pharmaceuticals, Inc.^*		799		152,937
Cytokinetics, Inc.^*		1,598		133,417
BioMarin Pharmaceutical, Inc.^*		1,351		130,263
CRISPR Therapeutics AG^*		2,072		129,707
Argenx SE ADR^*		336		127,824
Royalty Pharma plc — Class A		4,002		112,416
Incyte Corp.^*		1,766		110,887
United Therapeutics Corp.^*		418		91,914
Sarepta Therapeutics, Inc.^*		952		91,801
ImmunoGen, Inc.^*		2,890		85,689
Exelixis, Inc.^*		3,559		85,380
Intra-Cellular Therapies, Inc.^*		1,159		83,008
Ionis Pharmaceuticals, Inc.^*		1,606		81,248
Karuna Therapeutics, Inc.^*		255		80,710
Blueprint Medicines Corp.^*		825		76,098
Bridgebio Pharma, Inc.^*		1,864		75,250
Roivant Sciences Ltd.^*		6,443		72,355
ACADIA Pharmaceuticals, Inc.^*		2,250		70,448
Apellis Pharmaceuticals, Inc.^*		1,171		70,096
REVOLUTION Medicines, Inc.^*		2,405		68,975
Halozyme Therapeutics, Inc.^*		1,723		63,682
Ultragenyx Pharmaceutical, Inc.^*		1,315		62,883
Arrowhead Pharmaceuticals, Inc.^*		1,978		60,527
Mirati Therapeutics, Inc.^*		1,005		59,044
Guardant Health, Inc.^*		2,005		54,235
Axsome Therapeutics, Inc.^*		639		50,858
TG Therapeutics, Inc.^*		2,751		46,987
Total Biotechnology				4,197,119
Healthcare-Services - 15.4%
UnitedHealth Group, Inc.		1,245		655,455
Elevance Health, Inc.		673		317,360
HCA Healthcare, Inc.		840		227,371
Humana, Inc.		490		224,327
IQVIA Holdings, Inc.^*		878		203,152
Centene Corp.^*		2,569		190,645
ICON plc^*		669		189,374
Molina Healthcare, Inc.^*		383		138,382
Laboratory Corporation of America Holdings		595		135,238
Quest Diagnostics, Inc.		871		120,093
Universal Health Services, Inc. — Class B		667		101,677
Catalent, Inc.^*		2,048		92,017
Tenet Healthcare Corp.^*		1,163		87,888

Health Care Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 100.0% (continued)
Healthcare-Services - 15.4% (continued)
Acadia Healthcare Company, Inc.^*	1,071	$	83,281
Medpace Holdings, Inc.^*	266		81,537
HealthEquity, Inc.^*	1,080		71,604
DaVita, Inc.^*	671		70,294
Teladoc Health, Inc.^*	2,815		60,663
Total Healthcare-Services			3,050,358
Software - 0.9%
Veeva Systems, Inc. — Class A^*	893		171,920
Electronics - 0.7%
Mettler-Toledo International, Inc.^*	123		149,194
Commercial Services - 0.2%
R1 RCM, Inc.^*	3,750		39,638
Total Common Stocks
(Cost $12,102,728)			19,874,896

RIGHTS^††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson
Expires 12/31/29	752		–
Total Rights
(Cost $–)			–

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.2%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	130,152		130,152
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		104,888		104,888
Total Repurchase Agreements
(Cost $235,040)				235,040
Total Investments - 101.2%
(Cost $12,337,768)			$	20,109,936
Other Assets & Liabilities, net - (1.2)%				(240,703	)
Total Net Assets - 100.0%			$	19,869,233

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	Repurchase Agreements — See Note 4.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Health Care Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	19,874,896	$	—	$	—		$	19,874,896
Rights		—		—		—	*		—
Repurchase Agreements		—		235,040		—			235,040
Total Assets	$	19,874,896	$	235,040	$	—		$	20,109,936

*	Security has a market value of $0.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 9.3%
Guggenheim Strategy Fund III¹		79,841	$	1,960,897
Guggenheim Ultra Short Duration Fund — Institutional Class¹		133,249		1,312,502
Guggenheim Strategy Fund II¹		53,173		1,303,264
Total Mutual Funds
(Cost $4,578,426)				4,576,663

		Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 45.6%
Farmer Mac
4.59% due 01/05/24²	$	8,650,000		8,644,964
5.20% due 01/02/24²		6,500,000		6,499,061
Federal Home Loan Bank
5.26% due 03/20/24²		4,500,000		4,448,642
5.24% due 01/05/24²		1,650,000		1,649,039
5.29% due 01/12/24²		1,200,000		1,198,060
Total Federal Agency Discount Notes
(Cost $22,439,231)				22,439,766

U.S. TREASURY BILLS^†† - 11.2%
U.S. Treasury Bills
5.26% due 03/26/24²		4,500,000		4,445,361
5.17% due 01/09/24^2,3		1,054,000		1,052,925
Total U.S. Treasury Bills
(Cost $5,496,906)				5,498,286

FEDERAL AGENCY NOTES^†† - 9.1%
Federal Home Loan Bank
5.44% (SOFR + 0.04%, Rate Floor: 0.00%) due 02/27/24^◊		2,500,000		2,500,060
5.66% due 08/26/24		2,000,000		2,000,250
Total Federal Agency Notes
(Cost $4,500,053)				4,500,310

REPURCHASE AGREEMENTS^††,4 - 18.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁵		4,987,228		4,987,228
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁵		4,019,138		4,019,138
Total Repurchase Agreements
(Cost $9,006,366)				9,006,366
Total Investments - 93.5%
(Cost $46,020,982)			$	46,021,391
Other Assets & Liabilities, net - 6.5%				3,220,162
Total Net Assets - 100.0%			$	49,241,553

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury 5 Year Note Futures Contracts

424

Mar 2024

46,119,938

1,056,487

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency	Maturity Date	Notional Amount		Value		Upfront Premiums Paid		Unrealized Appreciation^**
Barclays Bank plc	ICE	CDX.NA.HY.41.V2		5.00	%	Quarterly	12/20/28	$	38,560,500	$	2,275,070	$	506,606	$	1,768,464
Goldman Sachs International	ICE	CDX.NA.HY.41.V2		5.00	%	Quarterly	12/20/28		6,633,000		391,347		31,065		360,282
										$	2,666,417	$	537,671	$	2,128,746

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.73% (Federal Funds Rate + 0.40%)

At Maturity

01/05/24

16,337

1,267,751

35,288

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

5.78% (Federal Funds Rate + 0.45%)

At Maturity

03/21/24

1,788

169,851

930

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements^†† (continued)

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.73% (Federal Funds Rate + 0.40%)

At Maturity

03/21/24

1,222

94,843

476

1,532,445

36,694

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at December 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	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 December 31, 2023.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as credit index swap collateral at December 31, 2023.

CDX.NA.HY.41.V2 — Credit Default Swap North American High Yield Series 41 Index Version 2

ICE — Intercontinental Exchange

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,576,663	$	—	$	—	$	4,576,663
Federal Agency Discount Notes		—		22,439,766		—		22,439,766
U.S. Treasury Bills		—		5,498,286		—		5,498,286
Federal Agency Notes		—		4,500,310		—		4,500,310
Repurchase Agreements		—		9,006,366		—		9,006,366
Interest Rate Futures Contracts**		1,056,487		—		—		1,056,487
Credit Default Swap Agreements**		—		2,128,746		—		2,128,746
Credit Index Swap Agreements**		—		36,694		—		36,694
Total Assets	$	5,633,150	$	43,610,168	$	—	$	49,243,318

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,287,312	$	–	$	–	$	–	$	15,952	$	1,303,264		53,173	$	53,762
Guggenheim Strategy Fund III		1,936,146		–		–		–		24,751		1,960,897		79,841		79,761
Guggenheim Ultra Short Duration Fund — Institutional Class		1,293,848		–		–		–		18,654		1,312,502		133,249		53,718
	$	4,517,306	$	–	$	–	$	–	$	59,357	$	4,576,663			$	187,241

Internet Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.6%
Internet - 56.0%
Alphabet, Inc. — Class A^*		7,925	$	1,107,043
Amazon.com, Inc.^*		6,599		1,002,652
Meta Platforms, Inc. — Class A^*		2,353		832,868
Netflix, Inc.^*		1,030		501,486
Uber Technologies, Inc.^*		6,088		374,838
Booking Holdings, Inc.^*		92		326,344
Airbnb, Inc. — Class A^*		2,089		284,397
Alibaba Group Holding Ltd. ADR		2,776		215,168
DoorDash, Inc. — Class A^*		1,932		191,056
Shopify, Inc. — Class A^*		2,447		190,621
MercadoLibre, Inc.^*		115		180,727
JD.com, Inc. ADR		6,232		180,043
Pinterest, Inc. — Class A^*		4,683		173,458
Snap, Inc. — Class A^*		9,695		164,136
eBay, Inc.		3,732		162,790
Expedia Group, Inc.^*		1,030		156,344
Baidu, Inc. ADR^*		1,278		152,197
Trip.com Group Ltd. ADR^*		4,196		151,098
Sea Ltd. ADR^*		3,691		149,486
Okta, Inc.^*		1,620		146,659
Spotify Technology S.A.^*		753		141,496
VeriSign, Inc.^*		676		139,229
GoDaddy, Inc. — Class A^*		1,224		129,940
Zillow Group, Inc. — Class C^*		2,198		127,176
Bilibili, Inc. ADR^*,1		10,267		124,949
Wix.com Ltd.^*		945		116,254
Roku, Inc.^*		1,250		114,575
F5, Inc.^*		630		112,757
Match Group, Inc.^*		3,088		112,712
Chewy, Inc. — Class A^*		4,695		110,943
Etsy, Inc.^*		1,298		105,203
Wayfair, Inc. — Class A^*		1,544		95,265
Lyft, Inc. — Class A^*		5,587		83,749
IAC, Inc.^*		1,343		70,346
Cargurus, Inc.^*		2,370		57,259
TripAdvisor, Inc.^*		2,641		56,861
Bumble, Inc. — Class A^*		3,415		50,337
Ziff Davis, Inc.^*		705		47,369
Total Internet				8,439,831
Software - 27.8%
Adobe, Inc.^*		913		544,696
Salesforce, Inc.^*		2,062		542,595
Workday, Inc. — Class A^*		1,025		282,962
Snowflake, Inc. — Class A^*		1,310		260,690
Datadog, Inc. — Class A^*		1,701		206,467
Electronic Arts, Inc.		1,489		203,710
Veeva Systems, Inc. — Class A^*		989		190,402
MongoDB, Inc.^*		444		181,529
Take-Two Interactive Software, Inc.^*		1,115		179,459
Cloudflare, Inc. — Class A^*		2,137		177,927
ROBLOX Corp. — Class A^*		3,859		176,433
Zoom Video Communications, Inc. — Class A^*		2,093		150,508
Akamai Technologies, Inc.^*		1,201		142,138
DocuSign, Inc.^*		2,192		130,314
Twilio, Inc. — Class A^*		1,692		128,372
Nutanix, Inc. — Class A^*		2,462		117,413
NetEase, Inc. ADR		1,237		115,239
Dropbox, Inc. — Class A^*		3,681		108,516
ZoomInfo Technologies, Inc. — Class A^*		5,147		95,168
Smartsheet, Inc. — Class A^*		1,828		87,415
Box, Inc. — Class A^*		2,544		65,152
DigitalOcean Holdings, Inc.^*		1,375		50,449
Fastly, Inc. — Class A^*		2,809		50,000
Total Software				4,187,554
Telecommunications - 10.2%
Cisco Systems, Inc.		9,252		467,411
Arista Networks, Inc.^*		1,126		265,184
Motorola Solutions, Inc.		756		236,696
Telefonaktiebolaget LM Ericsson ADR		21,030		132,489
Juniper Networks, Inc.		3,495		103,033
Ciena Corp.^*		1,850		83,269
Nokia Oyj ADR		23,558		80,568
Viasat, Inc.^*		2,283		63,810
Viavi Solutions, Inc.^*		5,318		53,552
Extreme Networks, Inc.^*		2,941		51,879
Total Telecommunications				1,537,891
Commercial Services - 3.8%
PayPal Holdings, Inc.^*		4,588		281,749
CoStar Group, Inc.^*		2,359		206,153
Paylocity Holding Corp.^*		491		80,941
Total Commercial Services				568,843
Entertainment - 0.9%
DraftKings, Inc. — Class A^*		3,642		128,380
Computers - 0.5%
Lumentum Holdings, Inc.^*		1,282		67,203
Healthcare-Services - 0.4%
Teladoc Health, Inc.^*		3,113		67,085
Total Common Stocks
(Cost $8,818,467)				14,996,787

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	45,649	45,649
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		36,788	36,788
Total Repurchase Agreements
(Cost $82,437)			82,437

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	91,550		91,550
Total Securities Lending Collateral
(Cost $91,550)			91,550
Total Investments - 100.7%
(Cost $8,992,454)		$	15,170,774
Other Assets & Liabilities, net - (0.7)%			(102,309	)
Total Net Assets - 100.0%		$	15,068,465

Internet Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	14,996,787	$	—	$	—	$	14,996,787
Repurchase Agreements		—		82,437		—		82,437
Securities Lending Collateral		91,550		—		—		91,550
Total Assets	$	15,088,337	$	82,437	$	—	$	15,170,774

Inverse Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 92.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24²	$	180,012	$	180,012
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24²		145,069		145,069
Total Repurchase Agreements
(Cost $325,081)				325,081
Total Investments - 92.4%
(Cost $325,081)			$	325,081
Other Assets & Liabilities, net - 7.6%				26,877
Total Net Assets - 100.0%			$	351,958

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements Sold Short^††
Goldman Sachs International	S&P Emerging 50 ADR Index	Receive	4.58% (Federal Funds Rate - 0.75%)	At Maturity	03/21/24		133	$	365,854	$	(1,048	)
BNP Paribas	S&P Emerging 50 ADR Index	Receive	5.13% (Federal Funds Rate - 0.20%)	At Maturity	03/21/24		122		335,743		(9,448	)
								$	701,597	$	(10,496	)

^††

Value determined based on Level 2 inputs — See Note 3.

Repurchase Agreements — See Note 4.

All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.

ADR – American Depositary Receipt

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Repurchase Agreements		$	—			$	325,081			$	—			$	325,081

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	10,496			$	—			$	10,496

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 41.7%
Guggenheim Strategy Fund II¹		210,588	$	5,161,510
Guggenheim Ultra Short Duration Fund — Institutional Class¹		477,750		4,705,841
Total Mutual Funds
(Cost $9,964,837)				9,867,351

		Face Amount
U.S. TREASURY BILLS^†† - 16.9%
U.S. Treasury Bills
5.26% due 03/26/24²	$	3,600,000		3,556,289
5.17% due 01/09/24^2,3		441,000		440,550
Total U.S. Treasury Bills
(Cost $3,995,795)				3,996,839

FEDERAL AGENCY DISCOUNT NOTES^†† - 15.1%
Federal Home Loan Bank
5.26% due 03/20/24²		3,600,000		3,558,913
Total Federal Agency Discount Notes
(Cost $3,558,486)				3,558,913

FEDERAL AGENCY NOTES^†† - 8.0%
Federal Home Loan Bank
5.47% (SOFR + 0.07%, Rate Floor: 0.00%) due 06/17/24^◊		1,900,000		1,901,001
Total Federal Agency Notes
(Cost $1,900,000)				1,901,001

REPURCHASE AGREEMENTS^††,4 - 65.1%
Individual Repurchase Agreements Barclays Capital, Inc. issued 12/29/23 at 5.00% due 01/02/24(secured by a U.S. Treasury Bond, at a rate of 5.00% and maturing 11/15/53 as collateral, with a value of $7,962,927) to be repurchased at $7,809,336		7,805,000		7,805,000
Mizuho Securities USA LLC issued 12/29/23 at 5.25% due 01/02/24(secured by a U.S. Treasury Bond, at a rate of 5.25% and maturing 11/15/53 as collateral, with a value of $7,739,694) to be repurchased at $7,590,620		7,586,195		7,586,195
Total Repurchase Agreements
(Cost $15,391,195)				15,391,195
Total Investments - 146.8%
(Cost $34,810,313)			$	34,715,299

U.S. Government Securities Sold Short^†† - (80.0)%
U.S. Treasury Bonds
4.75% due 11/15/53		16,800,000		(18,926,250	)
Total U.S. Government Securities Sold Short - (80.0)%
(Proceeds $17,818,083)			$	(18,926,250	)
Other Assets & Liabilities, net - 33.2%				7,851,464
Total Net Assets - 100.0%			$	23,640,513

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Sold Short^†
U.S. Treasury Ultra Long Bond Futures Contracts		34	Mar 2024	$	4,540,063	$	(194,456	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at December 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	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 December 31, 2023.
⁴	Repurchase Agreements — See Note 4.

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	9,867,351	$	—	$	—	$	9,867,351
U.S. Treasury Bills		—		3,996,839		—		3,996,839
Federal Agency Discount Notes		—		3,558,913		—		3,558,913
Federal Agency Notes		—		1,901,001		—		1,901,001
Repurchase Agreements		—		15,391,195		—		15,391,195
Total Assets	$	9,867,351	$	24,847,948	$	—	$	34,715,299

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	$	—	$	18,926,250	$	—	$	18,926,250
Interest Rate Futures Contracts**		194,456		—		—		194,456
Total Liabilities	$	194,456	$	18,926,250	$	—	$	19,120,706

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,098,333	$	–	$	–		$	–		$	63,177	$	5,161,510		210,588	$	212,922
Guggenheim Ultra Short Duration Fund — Institutional Class		5,131,850		–		(500,000	)		(6,091	)		80,082		4,705,841		477,750		212,749
	$	10,230,183	$	–	$	(500,000	)	$	(6,091	)	$	143,259	$	9,867,351			$	425,671

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 12.7%
Guggenheim Strategy Fund II¹		29,310	$	718,377
Guggenheim Ultra Short Duration Fund — Institutional Class¹		37,683		371,178
Total Mutual Funds
(Cost $1,096,686)				1,089,555

	Face Amount
U.S. TREASURY BILLS^†† - 12.9%
U.S. Treasury Bills
5.26% due 03/26/24²	$	1,000,000		987,858
5.17% due 01/09/24^2,3		122,000		121,876
Total U.S. Treasury Bills
(Cost $1,109,444)				1,109,734

REPURCHASE AGREEMENTS^††,4 - 69.9%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24		3,335,884		3,335,884
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		2,688,343		2,688,343
Total Repurchase Agreements
(Cost $6,024,227)				6,024,227
Total Investments - 95.5%
(Cost $8,230,357)			$	8,223,516
Other Assets & Liabilities, net - 4.5%				391,743
Total Net Assets - 100.0%			$	8,615,259

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

Mar 2024

8,375,555

(207,335

)

Centrally Cleared Credit Default Swap Agreements Protection Purchased^††

Counterparty		Exchange		Index		Protection Premium Rate				Payment Frequency		Maturity Date		Notional Amount				Value				Upfront Premiums Received				Unrealized Depreciation^**
Barclays Bank plc		ICE		CDX.NA.HY.41.V2			5.00	%		Quarterly		12/20/28		$	8,167,500			$	(481,883	)		$	(52,000	)		$	(429,882	)

^**	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 December 31, 2023.
⁴	Repurchase Agreements — See Note 4.

CDX.NA.HY.41.V2 — Credit Default Swap North American High Yield Series 41 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 December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,089,555	$	—	$	—	$	1,089,555
U.S. Treasury Bills		—		1,109,734		—		1,109,734
Repurchase Agreements		—		6,024,227		—		6,024,227
Total Assets	$	1,089,555	$	7,133,961	$	—	$	8,223,516

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	207,335	$	—	$	—	$	207,335
Credit Default Swap Agreements**		—		429,882		—		429,882
Total Liabilities	$	207,335	$	429,882	$	—	$	637,217

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	709,584	$	–	$	–	$	–	$	8,793	$	718,377		29,310	$	29,634
Guggenheim Ultra Short Duration Fund — Institutional Class		365,903		–		–		–		5,275		371,178		37,683		15,192
	$	1,075,487	$	–	$	–	$	–	$	14,068	$	1,089,555			$	44,826

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 25.8%
Guggenheim Strategy Fund II¹		2,020	$	49,490
Guggenheim Ultra Short Duration Fund — Institutional Class¹		4,630		45,606
Total Mutual Funds
(Cost $95,671)				95,096

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 73.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³	$	149,472		149,472
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		120,458		120,458
Total Repurchase Agreements
(Cost $269,930)				269,930
Total Investments - 99.2%
(Cost $365,601)			$	365,026
Other Assets & Liabilities, net - 0.8%				2,959
Total Net Assets - 100.0%			$	367,985

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short^††

Barclays Bank plc

S&P MidCap 400 Index

Receive

5.60% (SOFR + 0.20%)

At Maturity

03/20/24

134,944

139

Goldman Sachs International

S&P MidCap 400 Index

Receive

5.28% (Federal Funds Rate - 0.05%)

At Maturity

03/21/24

124,823

(1,077

)

BNP Paribas

S&P MidCap 400 Index

Receive

5.38% (Federal Funds Rate + 0.05%)

At Maturity

03/21/24

105,851

(1,522

)

365,618

(2,460

)

^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	Repurchase Agreements — See Note 4.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	95,096	$	—	$	—	$	95,096
Repurchase Agreements		—		269,930		—		269,930
Equity Index Swap Agreements**		—		139		—		139
Total Assets	$	95,096	$	270,069	$	—	$	365,165

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	2,599			$	—			$	2,599

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Affiliated Transactions

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	48,904	$	–	$	–	$	–	$	586	$	49,490		2,020	$	2,042
Guggenheim Ultra Short Duration Fund — Institutional Class		44,958		–		–		–		648		45,606		4,630		1,870
	$	93,862	$	–	$	–	$	–	$	1,234	$	95,096			$	3,912

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 12.8%
Guggenheim Strategy Fund II¹		49,399	$	1,210,284
Guggenheim Ultra Short Duration Fund — Institutional Class¹		87,169		858,611
Total Mutual Funds
(Cost $2,033,556)				2,068,895

		Face Amount
U.S. TREASURY BILLS^†† - 13.8%
U.S. Treasury Bills
5.26% due 03/26/24²	$	1,700,000		1,679,358
5.27% due 02/22/24^2,3		500,000		496,283
5.17% due 01/09/24^2,4		50,000		49,949
Total U.S. Treasury Bills
(Cost $2,225,032)				2,225,590

FEDERAL AGENCY DISCOUNT NOTES^†† - 12.9%
Federal Home Loan Bank
5.26% due 03/20/24²		1,600,000		1,581,739
5.35% due 01/03/24²		500,000		499,927
Total Federal Agency Discount Notes
(Cost $2,081,401)				2,081,666

FEDERAL AGENCY NOTES^†† - 11.2%
Federal Home Loan Bank
5.45% (SOFR + 0.05%, Rate Floor: 0.00%) due 03/25/24^◊		1,000,000		1,000,083
5.47% (SOFR + 0.07%, Rate Floor: 0.00%) due 06/17/24^◊		800,000		800,422
Total Federal Agency Notes
(Cost $1,800,000)				1,800,505

REPURCHASE AGREEMENTS^††,5 - 54.8%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³		4,905,534		4,905,534
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		3,953,303		3,953,303
Total Repurchase Agreements
(Cost $8,858,837)				8,858,837
Total Investments - 105.5%
(Cost $16,998,826)			$	17,035,493
Other Assets & Liabilities, net - (5.5)%				(882,003	)
Total Net Assets - 100.0%			$	16,153,490

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Sold Short^†
NASDAQ-100 Index Mini Futures Contracts		1	Mar 2024	$	340,385	$	(4,986	)

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements Sold Short^††
Barclays Bank plc	NASDAQ-100 Index	Receive	5.75% (SOFR + 0.35%)	At Maturity	03/20/24		235	$	3,952,386	$	(3,303	)
BNP Paribas	NASDAQ-100 Index	Receive	5.58% (Federal Funds Rate + 0.25%)	At Maturity	03/21/24		349		5,876,092		(94,922	)
Goldman Sachs International	NASDAQ-100 Index	Receive	5.63% (Federal Funds Rate + 0.30%)	At Maturity	03/21/24		354		5,951,902		(95,107	)

								$	15,780,380	$	(193,332	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at December 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁵	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	2,068,895	$	—	$	—	$	2,068,895
U.S. Treasury Bills		—		2,225,590		—		2,225,590
Federal Agency Discount Notes		—		2,081,666		—		2,081,666
Federal Agency Notes		—		1,800,505		—		1,800,505
Repurchase Agreements		—		8,858,837		—		8,858,837
Total Assets	$	2,068,895	$	14,966,598	$	—	$	17,035,493

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	4,986	$	—	$	—	$	4,986
Equity Index Swap Agreements**		—		193,332		—		193,332
Total Liabilities	$	4,986	$	193,332	$	—	$	198,318

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,195,958	$	–	$	–	$	–	$	14,326	$	1,210,284		49,399	$	49,939
Guggenheim Ultra Short Duration Fund — Institutional Class		846,408		–		–		–		12,203		858,611		87,169		35,196
	$	2,042,366	$	–	$	–	$	–	$	26,529	$	2,068,895			$	85,135

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 47.6%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		44,544	$	438,754
Guggenheim Strategy Fund II¹		17,889		438,289
Total Mutual Funds
(Cost $868,958)				877,043

	Face Amount
U.S. TREASURY BILLS^†† - 1.0%
U.S. Treasury Bills
5.17% due 01/09/24^2,3	$	18,000		17,982
Total U.S. Treasury Bills
(Cost $17,979)				17,982

REPURCHASE AGREEMENTS^††,4 - 48.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁵		496,004		496,004
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁵		399,723		399,723
Total Repurchase Agreements
(Cost $895,727)				895,727
Total Investments - 97.2%
(Cost $1,782,664)			$	1,790,752
Other Assets & Liabilities, net - 2.8%				52,167
Total Net Assets - 100.0%			$	1,842,919

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Sold Short^†
Russell 2000 Index Mini Futures Contracts		4	Mar 2024	$	409,400	$	(23,319	)

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements Sold Short^††
Barclays Bank plc	Russell 2000 Index	Receive	4.90% (SOFR - 0.50%)	At Maturity	03/20/24		158	$	319,757	$	(966	)
Goldman Sachs International	Russell 2000 Index	Receive	5.18% (Federal Funds Rate - 0.15%)	At Maturity	03/21/24		221		448,908		(8,751	)
BNP Paribas	Russell 2000 Index	Receive	5.13% (Federal Funds Rate - 0.20%)	At Maturity	03/21/24		320		648,604		(14,155	)
								$	1,417,269	$	(23,872	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as futures collateral at December 31, 2023.
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 equity index swap collateral at December 31, 2023.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	877,043	$	—	$	—	$	877,043
U.S. Treasury Bills		—		17,982		—		17,982
Repurchase Agreements		—		895,727		—		895,727
Total Assets	$	877,043	$	913,709	$	—	$	1,790,752

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	23,319	$	—	$	—	$	23,319
Equity Index Swap Agreements**		—		23,872		—		23,872
Total Liabilities	$	23,319	$	23,872	$	—	$	47,191

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	946,618	$	–	$	(515,000	)	$	(7,780	)	$	14,451	$	438,289		17,889	$	31,842
Guggenheim Ultra Short Duration Fund — Institutional Class		944,879		–		(515,000	)		(7,484	)		16,359		438,754		44,544		31,114
	$	1,891,497	$	–	$	(1,030,000	)	$	(15,264	)	$	30,810	$	877,043			$	62,956

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
MUTUAL FUNDS^† - 29.8%
Guggenheim Strategy Fund II¹		262,625	$	6,434,315
Guggenheim Ultra Short Duration Fund — Institutional Class¹		426,990		4,205,854
Total Mutual Funds
(Cost $10,738,043)				10,640,169

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 18.6%
Federal Home Loan Bank
5.26% due 03/20/24²	$	4,200,000		4,152,065
5.35% due 01/03/24²		2,500,000		2,499,633
Total Federal Agency Discount Notes
(Cost $6,650,823)				6,651,698

U.S. TREASURY BILLS^†† - 17.3%
U.S. Treasury Bills
5.26% due 03/26/24²		4,200,000		4,149,003
5.27% due 02/22/24^2,3		1,000,000		992,566
5.17% due 01/09/24^2,4		733,000		732,253
5.24% due 02/22/24²		200,000		198,513
5.25% due 02/22/24²		100,000		99,257
Total U.S. Treasury Bills
(Cost $6,170,120)				6,171,592

FEDERAL AGENCY NOTES^†† - 12.9%
Federal Home Loan Bank
5.45% (SOFR + 0.05%, Rate Floor: 0.00%) due 03/25/24^◊		2,400,000		2,400,199
5.47% (SOFR + 0.07%, Rate Floor: 0.00%) due 06/17/24^◊		2,200,000		2,201,160
Total Federal Agency Notes
(Cost $4,600,000)				4,601,359

REPURCHASE AGREEMENTS^††,5 - 25.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³		5,039,159		5,039,159
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		4,060,989		4,060,989
Total Repurchase Agreements
(Cost $9,100,148)				9,100,148
Total Investments - 104.1%
(Cost $37,259,134)			$	37,164,966
Other Assets & Liabilities, net - (4.1)%				(1,462,050	)
Total Net Assets - 100.0%			$	35,702,916

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Sold Short^†
S&P 500 Index Mini Futures Contracts		34	Mar 2024	$	8,192,300	$	(239,837	)

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements Sold Short^††
Barclays Bank plc	S&P 500 Index	Receive	5.70% (SOFR + 0.30%)	At Maturity	03/20/24		1,591	$	7,591,109	$	(2,323	)
BNP Paribas	S&P 500 Index	Receive	5.53% (Federal Funds Rate + 0.20%)	At Maturity	03/21/24		730		3,483,192		(52,198	)
Goldman Sachs International	S&P 500 Index	Receive	5.63% (Federal Funds Rate + 0.30%)	At Maturity	03/21/24		3,435		16,383,384		(190,355	)

								$	27,457,685	$	(244,876	)

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^◊	Variable rate security. Rate indicated is the rate effective at December 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁵	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	10,640,169	$	—	$	—	$	10,640,169
Federal Agency Discount Notes		—		6,651,698		—		6,651,698
U.S. Treasury Bills		—		6,171,592		—		6,171,592
Federal Agency Notes		—		4,601,359		—		4,601,359
Repurchase Agreements		—		9,100,148		—		9,100,148
Total Assets	$	10,640,169	$	26,524,797	$	—	$	37,164,966

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	239,837	$	—	$	—	$	239,837
Equity Index Swap Agreements**		—		244,876		—		244,876
Total Liabilities	$	239,837	$	244,876	$	—	$	484,713

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,358,154	$	–	$	–	$	–	$	76,161	$	6,434,315		262,625	$	265,492
Guggenheim Ultra Short Duration Fund — Institutional Class		4,146,075		–		–		–		59,779		4,205,854		426,990		172,408
	$	10,504,229	$	–	$	–	$	–	$	135,940	$	10,640,169			$	437,900

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Face Amount		Value
U.S. TREASURY BILLS^†† - 25.9%
U.S. Treasury Bills
5.17% due 01/09/24^1,2	$	344,000	$	343,649
Total U.S. Treasury Bills
(Cost $343,598)				343,649

REPURCHASE AGREEMENTS^††,3 - 71.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24		525,054		525,054
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		423,134		423,134
Total Repurchase Agreements
(Cost $948,188)				948,188
Total Investments - 97.4%
(Cost $1,291,786)			$	1,291,837
Other Assets & Liabilities, net - 2.6%				34,712
Total Net Assets - 100.0%			$	1,326,549

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts		30	Mar 2024	$	2,691,750	$	78,876

Equity Futures Contracts Purchased^†
Nikkei 225 (CME) Index Futures Contracts		16	Mar 2024		2,664,400		(4,791	)

^**	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 December 31, 2023.
²	Rate indicated is the effective yield at the time of purchase.
³	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 December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	343,649	$	—	$	343,649
Repurchase Agreements		—		948,188		—		948,188
Currency Futures Contracts**		78,876		—		—		78,876
Total Assets	$	78,876	$	1,291,837	$	—	$	1,370,713

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Futures Contracts**		$	4,791			$	—			$	—			$	4,791

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Leisure Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Retail - 19.8%
McDonald’s Corp.		1,540	$	456,625
Starbucks Corp.		3,290		315,873
Chipotle Mexican Grill, Inc. — Class A^*		103		235,557
Yum! Brands, Inc.		1,459		190,633
Darden Restaurants, Inc.		836		137,355
Restaurant Brands International, Inc.		1,513		118,211
Yum China Holdings, Inc.		2,723		115,537
Domino’s Pizza, Inc.		277		114,188
Texas Roadhouse, Inc. — Class A		737		90,083
Wingstop, Inc.		336		86,211
Shake Shack, Inc. — Class A^*		788		58,407
Wendy’s Co.		2,899		56,472
Bloomin’ Brands, Inc.		1,812		51,008
Papa John’s International, Inc.		654		49,854
Brinker International, Inc.^*		1,015		43,828
Dave & Buster’s Entertainment, Inc.^*		812		43,726
Cheesecake Factory, Inc.		1,142		39,981
Cracker Barrel Old Country Store, Inc.		449		34,609
Jack in the Box, Inc.		371		30,285
Total Retail				2,268,443
Internet - 17.0%
Netflix, Inc.^*		945		460,102
Booking Holdings, Inc.^*		88		312,155
Airbnb, Inc. — Class A^*		1,915		260,708
DoorDash, Inc. — Class A^*		1,771		175,134
Expedia Group, Inc.^*		944		143,290
Trip.com Group Ltd. ADR^*		3,690		132,877
Sea Ltd. ADR^*		3,269		132,394
Spotify Technology S.A.^*		673		126,463
Bilibili, Inc. ADR^*,1		8,763		106,646
Roku, Inc.^*		1,145		104,951
Total Internet				1,954,720
Media - 16.5%
Comcast Corp. — Class A		9,317		408,551
Walt Disney Co.		4,269		385,448
Charter Communications, Inc. — Class A^*		524		203,668
Warner Bros Discovery, Inc.^*		13,821		157,283
News Corp. — Class A		4,971		122,038
Fox Corp. — Class A		3,829		113,607
Liberty Broadband Corp. — Class C^*		1,290		103,961
New York Times Co. — Class A		1,753		85,880
Paramount Global — Class B		5,724		84,658
Endeavor Group Holdings, Inc. — Class A		2,884		68,437
Nexstar Media Group, Inc. — Class A		372		58,311
Sirius XM Holdings, Inc.¹		10,088		55,181
DISH Network Corp. — Class A^*		7,330		42,294
Total Media				1,889,317
Entertainment - 9.8%
Warner Music Group Corp. — Class A		3,606		129,059
Live Nation Entertainment, Inc.^*		1,330		124,488
DraftKings, Inc. — Class A^*		3,338		117,664
Caesars Entertainment, Inc.^*		2,127		99,714
Churchill Downs, Inc.		702		94,721
Vail Resorts, Inc.		401		85,601
Light & Wonder, Inc. — Class A^*		999		82,028
Red Rock Resorts, Inc. — Class A		1,346		71,782
Penn Entertainment, Inc.^*		2,463		64,087
International Game Technology plc		2,016		55,259
Marriott Vacations Worldwide Corp.		634		53,820
SeaWorld Entertainment, Inc.^*		815		43,056
Six Flags Entertainment Corp.^*		1,632		40,931
Cinemark Holdings, Inc.^*		2,618		36,888
AMC Entertainment Holdings, Inc. — Class A^*		5,217		31,927
Total Entertainment				1,131,025
Lodging - 9.7%
Marriott International, Inc. — Class A		1,074		242,198
Hilton Worldwide Holdings, Inc.		1,180		214,866
Las Vegas Sands Corp.		2,815		138,526
Hyatt Hotels Corp. — Class A		878		114,500
MGM Resorts International^*		2,477		110,672
Wynn Resorts Ltd.		1,037		94,481
Wyndham Hotels & Resorts, Inc.		984		79,124
Boyd Gaming Corp.		1,039		65,052
Choice Hotels International, Inc.		488		55,290
Total Lodging				1,114,709
Leisure Time - 7.6%
Royal Caribbean Cruises Ltd.^*		1,317		170,538
Carnival Corp.^*		7,597		140,849
Norwegian Cruise Line Holdings Ltd.^*		4,574		91,663
Brunswick Corp.		872		84,366
Planet Fitness, Inc. — Class A^*		1,103		80,519
Polaris, Inc.		741		70,225
Harley-Davidson, Inc.		1,904		70,143
YETI Holdings, Inc.^*		1,326		68,660
Topgolf Callaway Brands Corp.^*		3,240		46,462
Peloton Interactive, Inc. — Class A^*		7,458		45,419
Total Leisure Time				868,844
Agriculture - 6.4%
Philip Morris International, Inc.		3,995		375,850
Altria Group, Inc.		6,319		254,908
British American Tobacco plc ADR		3,596		105,327
Total Agriculture				736,085
Software - 5.3%
Electronic Arts, Inc.		1,365		186,746
Take-Two Interactive Software, Inc.^*		1,022		164,491
ROBLOX Corp. — Class A^*		3,537		161,712
NetEase, Inc. ADR		1,070		99,681
Total Software				612,630

Leisure Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Beverages - 5.0%
Constellation Brands, Inc. — Class A		805	$	194,609
Brown-Forman Corp. — Class B		2,843		162,335
Anheuser-Busch InBev S.A. ADR¹		1,690		109,208
Molson Coors Beverage Co. — Class B		1,731		105,954
Total Beverages				572,106
Toys, Games & Hobbies - 1.4%
Hasbro, Inc.		1,592		81,288
Mattel, Inc.^*		4,146		78,276
Total Toys, Games & Hobbies				159,564
Food Service - 0.7%
Aramark		3,013		84,665
Commercial Services - 0.3%
Sabre Corp.^*		6,989		30,752
Total Common Stocks
(Cost $7,945,145)				11,422,860

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	31,225	31,225
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		25,163	25,163
Total Repurchase Agreements
(Cost $56,388)			56,388

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.8%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	208,851		208,851
Total Securities Lending Collateral
(Cost $208,851)			208,851
Total Investments - 101.8%
(Cost $8,210,384)		$	11,688,099
Other Assets & Liabilities, net - (1.8)%			(208,299	)
Total Net Assets - 100.0%		$	11,479,800

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	11,422,860	$	—	$	—	$	11,422,860
Repurchase Agreements		—		56,388		—		56,388
Securities Lending Collateral		208,851		—		—		208,851
Total Assets	$	11,631,711	$	56,388	$	—	$	11,688,099

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 95.1%
Industrial - 16.1%
Middleby Corp.^*		859	$	126,419
Acuity Brands, Inc.¹		613		125,561
Donaldson Company, Inc.¹		1,833		119,786
Snap-on, Inc.		407		117,558
Boise Cascade Co.¹		888		114,872
TD SYNNEX Corp.		1,031		110,946
IDEX Corp.¹		507		110,075
Brady Corp. — Class A		1,762		103,412
Carlisle Companies, Inc.		323		100,915
Apogee Enterprises, Inc.¹		1,805		96,405
International Seaways, Inc.		2,079		94,553
Garmin Ltd.		735		94,477
Terex Corp.		1,624		93,315
Mueller Industries, Inc.		1,609		75,865
Teekay Corp.^*		9,253		66,159
Huntington Ingalls Industries, Inc.		252		65,429
A O Smith Corp.		786		64,798
AGCO Corp.		516		62,647
Owens Corning		400		59,292
EnerSys		578		58,355
UFP Industries, Inc.		461		57,879
Encore Wire Corp.		267		57,031
Keysight Technologies, Inc.^*		343		54,568
Scorpio Tankers, Inc.		863		52,470
Argan, Inc.¹		1,054		49,317
Vontier Corp.		1,321		45,640
Atkore, Inc.^*		276		44,160
Ardmore Shipping Corp.		3,062		43,144
Griffon Corp.		689		41,994
Lindsay Corp.¹		305		39,394
Teekay Tankers Ltd. — Class A		771		38,527
Builders FirstSource, Inc.^*		209		34,890
Enerpac Tool Group Corp.		792		24,623
Insteel Industries, Inc.		634		24,276
World Kinect Corp.		1,062		24,192
Total Industrial				2,492,944
Consumer, Cyclical - 15.5%
Toll Brothers, Inc.		1,285		132,085
NVR, Inc.^*,1		18		126,008
DR Horton, Inc.¹		776		117,936
Starbucks Corp.		1,228		117,900
MSC Industrial Direct Company, Inc. — Class A¹		1,151		116,550
Brunswick Corp.¹		1,162		112,424
Meritage Homes Corp.		606		105,565
Standard Motor Products, Inc.¹		2,544		101,277
PulteGroup, Inc.		979		101,052
Monarch Casino & Resort, Inc.		1,429		98,815
Gentex Corp.		2,941		96,053
Allison Transmission Holdings, Inc.¹		1,599		92,982
Lowe's Companies, Inc.		411		91,468
Cummins, Inc.		335		80,256
M/I Homes, Inc.^*,1		577		79,476
KB Home¹		1,012		63,210
PACCAR, Inc.		620		60,543
AutoNation, Inc.^*		395		59,321
Lennar Corp. — Class A¹		365		54,400
General Motors Co.¹		1,473		52,910
Polaris, Inc.		557		52,787
Taylor Morrison Home Corp. — Class A^*		936		49,936
Target Corp.		350		49,847
Home Depot, Inc.		128		44,359
Columbia Sportswear Co.		531		42,236
Patrick Industries, Inc.		384		38,535
Dolby Laboratories, Inc. — Class A		404		34,817
Golden Entertainment, Inc.		817		32,623
MasterCraft Boat Holdings, Inc.^*		1,377		31,175
BorgWarner, Inc.		833		29,863
Malibu Boats, Inc. — Class A^*,1		489		26,807
Macy's, Inc.		1,294		26,035
ScanSource, Inc.^*		650		25,746
Ethan Allen Interiors, Inc.		805		25,695
Caleres, Inc.		723		22,218
Total Consumer, Cyclical				2,392,910
Consumer, Non-cyclical - 15.5%
Merck & Company, Inc.¹		1,216		132,568
Johnson & Johnson¹		844		132,289
Thermo Fisher Scientific, Inc.		248		131,636
Incyte Corp.^*,1		2,045		128,406
Viatris, Inc.		11,844		128,271
Gilead Sciences, Inc.¹		1,521		123,216
Bristol-Myers Squibb Co.¹		2,342		120,168
Hologic, Inc.^*,1		1,606		114,749
Ingredion, Inc.		1,057		114,716
Pfizer, Inc.¹		3,960		114,008
Colgate-Palmolive Co.¹		1,283		102,268
Innoviva, Inc.^*,1		4,580		73,463
Biogen, Inc.^*,1		282		72,973
Premier, Inc. — Class A¹		3,036		67,885
Dynavax Technologies Corp.^*,1		4,831		67,538
Exelixis, Inc.^*,1		2,786		66,836
United Therapeutics Corp.^*		263		57,831
Cencora, Inc. — Class A		256		52,577
Perdoceo Education Corp.¹		2,588		45,445
Royalty Pharma plc — Class A¹		1,615		45,365
Baxter International, Inc.		1,155		44,652
PayPal Holdings, Inc.^*		629		38,627
Humana, Inc.		77		35,251
Heidrick & Struggles International, Inc.¹		1,152		34,018
Molina Healthcare, Inc.^*		93		33,602
Centene Corp.^*		414		30,723
Alarm.com Holdings, Inc.^*		464		29,984
Cross Country Healthcare, Inc.^*,1		1,250		28,300
Neurocrine Biosciences, Inc.^*		211		27,801
Organon & Co.		1,917		27,643
Ligand Pharmaceuticals, Inc. — Class B^*		376		26,854
Edwards Lifesciences Corp.^*,1		322		24,553
AbbVie, Inc.		157		24,330
Agilent Technologies, Inc.		175		24,330
Supernus Pharmaceuticals, Inc.^*		805		23,297
Eli Lilly & Co.		39		22,734
Halozyme Therapeutics, Inc.^*		558		20,624
Total Consumer, Non-cyclical				2,389,531

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 95.1% (continued)
Financial - 11.9%
Visa, Inc. — Class A		507	$	131,997
Radian Group, Inc.		4,320		123,336
MGIC Investment Corp.¹		6,326		122,028
Essent Group Ltd.		2,284		120,458
Equity Commonwealth REIT		5,887		113,031
Ambac Financial Group, Inc.^*		6,211		102,357
Hartford Financial Services Group, Inc.¹		1,262		101,440
Globe Life, Inc.¹		778		94,698
Brixmor Property Group, Inc. REIT		3,371		78,443
AvalonBay Communities, Inc. REIT		388		72,641
American Express Co.		387		72,501
International Bancshares Corp.¹		1,309		71,105
Interactive Brokers Group, Inc. — Class A		830		68,807
National Storage Affiliates Trust REIT		1,627		67,472
MetLife, Inc.		899		59,451
American Financial Group, Inc.		483		57,424
Jackson Financial, Inc. — Class A		1,069		54,733
Enact Holdings, Inc.¹		1,815		52,435
Mr Cooper Group, Inc.^*		746		48,580
Walker & Dunlop, Inc.		426		47,290
Reinsurance Group of America, Inc. — Class A		282		45,622
Berkshire Hathaway, Inc. — Class B^*		106		37,806
Virtus Investment Partners, Inc.		112		27,077
Affiliated Managers Group, Inc.		166		25,136
Preferred Bank/Los Angeles CA		343		25,056
East West Bancorp, Inc.		343		24,679
Total Financial				1,845,603
Technology - 11.9%
Microsoft Corp.¹		744		279,774
QUALCOMM, Inc.		940		135,952
International Business Machines Corp.¹		753		123,153
Apple, Inc.¹		624		120,139
Amdocs Ltd.		1,323		116,278
Genpact Ltd.		2,774		96,286
Dropbox, Inc. — Class A^*,1		2,813		82,927
Cirrus Logic, Inc.^*		933		77,616
Electronic Arts, Inc.¹		521		71,278
Insight Enterprises, Inc.^*		399		70,699
Applied Materials, Inc.¹		396		64,180
Immersion Corp.¹		8,525		60,187
Hewlett Packard Enterprise Co.¹		3,402		57,766
Photronics, Inc.^*		1,765		55,368
NVIDIA Corp.		100		49,522
NXP Semiconductor N.V.		178		40,883
NetApp, Inc.		407		35,881
Skyworks Solutions, Inc.		316		35,525
Amkor Technology, Inc.		1,030		34,268
ServiceNow, Inc.^*		45		31,792
Bandwidth, Inc. — Class A^*		2,145		31,038
Broadcom, Inc.		26		29,023
Blackbaud, Inc.^*		312		27,050
Fortinet, Inc.^*		433		25,343
CEVA, Inc.^*		1,054		23,936
DXC Technology Co.^*		952		21,772
Veradigm, Inc.^*,1		2,035		21,347
Teradata Corp.^*		476		20,711
Total Technology				1,839,694
Communications - 11.8%
Cisco Systems, Inc.¹		2,595		131,099
InterDigital, Inc.		1,108		120,262
Yelp, Inc. — Class A^*		2,413		114,232
Meta Platforms, Inc. — Class A^*		321		113,621
Fox Corp. — Class A¹		3,750		111,262
VeriSign, Inc.^*		523		107,717
T-Mobile US, Inc.¹		668		107,100
Verizon Communications, Inc.¹		2,802		105,635
AT&T, Inc.¹		6,278		105,345
Alphabet, Inc. — Class C^*,1		694		97,806
IDT Corp. — Class B^*		2,343		79,873
Juniper Networks, Inc.¹		2,677		78,918
TEGNA, Inc.¹		4,639		70,977
Ooma, Inc.^*,1		6,494		69,681
Amazon.com, Inc.^*,1		417		63,359
Booking Holdings, Inc.^*,1		14		49,661
Ciena Corp.^*		997		44,875
Shutterstock, Inc.		862		41,617
Gogo, Inc.^*		4,082		41,351
Walt Disney Co.		424		38,283
FactSet Research Systems, Inc.		74		35,302
Spok Holdings, Inc.		2,111		32,678
Cargurus, Inc.^*		1,087		26,262
A10 Networks, Inc.¹		1,762		23,206
Cars.com, Inc.^*		1,200		22,764
Total Communications				1,832,886
Utilities - 5.4%
PPL Corp.		4,285		116,124
Evergy, Inc.¹		2,205		115,101
Xcel Energy, Inc.¹		1,859		115,091
Atmos Energy Corp.¹		992		114,973
National Fuel Gas Co.¹		2,188		109,772
Public Service Enterprise Group, Inc.¹		1,794		109,703
Northwestern Energy Group, Inc.		2,087		106,207
ONE Gas, Inc.		675		43,011
Total Utilities				829,982
Energy - 5.3%
EOG Resources, Inc.		951		115,023
Marathon Petroleum Corp.		774		114,831
Valero Energy Corp.¹		861		111,930
Cheniere Energy, Inc.		483		82,453
Liberty Energy, Inc. — Class A¹		3,542		64,252
Occidental Petroleum Corp.		979		58,456
PBF Energy, Inc. — Class A		1,097		48,224
CVR Energy, Inc.		1,503		45,541
Helmerich & Payne, Inc.		1,244		45,058
SandRidge Energy, Inc.¹		2,781		38,016
Exxon Mobil Corp.		357		35,693
NOW, Inc.^*,1		2,732		30,926
SolarEdge Technologies, Inc.^*		266		24,898
Total Energy				815,301
Basic Materials - 1.4%
NewMarket Corp.¹		211		115,170

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 95.1% (continued)
Basic Materials - 1.4% (continued)
Cabot Corp.		617	$	51,519
Sylvamo Corp.		889		43,659
Total Basic Materials				210,348
Government - 0.3%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		1,795		44,408
Total Common Stocks
(Cost $13,007,500)				14,693,607

MONEY MARKET FUND^† - 1.6%
Invesco Short-Term Investments Trust Treasury Obligations Portfolio — Institutional Class, 5.20%²		252,908	$	252,908
Total Money Market Fund
(Cost $252,908)				252,908
Total Investments - 96.7%
(Cost $13,260,408)			$	14,946,515
Other Assets & Liabilities, net - 3.3%				510,122
Total Net Assets - 100.0%			$	15,456,637

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	5.73% (Federal Funds Rate + 0.40%)	At Maturity	11/27/24	$	7,744,252	$	857,923
Goldman Sachs International	GS Equity Custom Basket	Pay	5.78% (Federal Funds Rate + 0.45%)	At Maturity	05/06/24		7,541,022		852,047
						$	15,285,274	$	1,709,970
OTC Custom Basket Swap Agreements Sold Short^††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Receive	5.03% (Federal Funds Rate - 0.30%)	At Maturity	11/27/24	$	8,951,822	$	(507,320	)
Goldman Sachs International	GS Equity Custom Basket	Receive	5.13% (Federal Funds Rate - 0.20%)	At Maturity	05/06/24		8,951,814		(510,949	)
						$	17,903,636	$	(1,018,269	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

GS EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Boise Cascade Co.		462		0.80	%	$	23,616
Mueller Industries, Inc.		838		0.52	%		16,649
Snap-on, Inc.		212		0.81	%		13,571
Acuity Brands, Inc.		319		0.87	%		10,953
Donaldson Company, Inc.		954		0.83	%		10,509
UFP Industries, Inc.		240		0.40	%		9,926
Terex Corp.		845		0.64	%		7,429
TD SYNNEX Corp.		536		0.76	%		7,209
Encore Wire Corp.		139		0.39	%		6,343
Owens Corning		208		0.41	%		6,143
Middleby Corp.		447		0.87	%		6,071
Apogee Enterprises, Inc.		939		0.67	%		5,952
Scorpio Tankers, Inc.		449		0.36	%		5,604
Builders FirstSource, Inc.		109		0.24	%		4,901
Atkore, Inc.		143		0.30	%		4,206
Griffon Corp.		359		0.29	%		4,096
Keysight Technologies, Inc.		178		0.38	%		3,881
Teekay Corp.		4,816		0.46	%		3,834
Carlisle Companies, Inc.		168		0.70	%		3,725
Argan, Inc.		548		0.34	%		3,705
IDEX Corp.		264		0.76	%		3,564
Teekay Tankers Ltd. — Class A		401		0.27	%		3,339
A O Smith Corp.		409		0.45	%		3,302
International Seaways, Inc.		1,082		0.65	%		3,182
Ardmore Shipping Corp.		1,593		0.30	%		3,026
EnerSys		301		0.40	%		2,858
Huntington Ingalls Industries, Inc.		131		0.45	%		2,560
Insteel Industries, Inc.		330		0.17	%		1,719
Garmin Ltd.		382		0.65	%		1,710
Brady Corp. — Class A		917		0.71	%		1,522
Enerpac Tool Group Corp.		412		0.17	%		942
Lindsay Corp.		159		0.27	%		861
AGCO Corp.		269		0.43	%		851
World Kinect Corp.		553		0.17	%		843
Vontier Corp.		688		0.32	%		210
Total Industrial							188,812
Communications
Alphabet, Inc. — Class C		361		0.68	%		27,432
InterDigital, Inc.		576		0.83	%		15,372
Meta Platforms, Inc. — Class A		167		0.78	%		14,676
IDT Corp. — Class B		1,219		0.55	%		12,310
Verizon Communications, Inc.		1,458		0.73	%		7,571
AT&T, Inc.		3,267		0.73	%		6,933
Booking Holdings, Inc.		7		0.33	%		6,563
Amazon.com, Inc.		217		0.44	%		6,280
Yelp, Inc. — Class A		1,256		0.79	%		5,068
T-Mobile US, Inc.		348		0.74	%		4,878
Juniper Networks, Inc.		1,393		0.54	%		3,862
Cisco Systems, Inc.		1,350		0.90	%		3,377
Shutterstock, Inc.		449		0.29	%		3,280
A10 Networks, Inc.		917		0.16	%		1,896
Cargurus, Inc.		566		0.18	%		1,260
FactSet Research Systems, Inc.		39		0.25	%		848
Ciena Corp.		519		0.31	%		598
Cars.com, Inc.		625		0.16	%		27
TEGNA, Inc.		2,414		0.49	%		(10	)
VeriSign, Inc.		272		0.74	%		(89	)
Walt Disney Co.		221		0.26	%		(406	)
Gogo, Inc.		2,124		0.29	%		(828	)
Spok Holdings, Inc.		1,098		0.23	%		(1,454	)
Fox Corp. — Class A		1,952		0.77	%		(2,533	)
Ooma, Inc.		3,379		0.48	%		(4,300	)
Total Communications							112,611
Consumer, Non-cyclical
Perdoceo Education Corp.		1,347		0.31	%		9,455
Exelixis, Inc.		1,450		0.46	%		9,441
Innoviva, Inc.		2,384		0.51	%		8,504
Viatris, Inc.		6,164		0.89	%		7,403
Thermo Fisher Scientific, Inc.		129		0.91	%		5,703
Incyte Corp.		1,064		0.89	%		5,384
Gilead Sciences, Inc.		791		0.85	%		4,161
Dynavax Technologies Corp.		2,514		0.47	%		3,864
Merck & Company, Inc.		633		0.92	%		3,811
Biogen, Inc.		147		0.50	%		3,280
Premier, Inc. — Class A		1,580		0.47	%		3,022
Heidrick & Struggles International, Inc.		599		0.23	%		2,259
Ligand Pharmaceuticals, Inc. — Class B		195		0.18	%		2,250
Alarm.com Holdings, Inc.		242		0.21	%		1,846
Neurocrine Biosciences, Inc.		110		0.19	%		1,696
Cross Country Healthcare, Inc.		651		0.20	%		1,421
Molina Healthcare, Inc.		49		0.23	%		1,292
Ingredion, Inc.		550		0.79	%		1,247
Centene Corp.		216		0.21	%		1,194
Hologic, Inc.		836		0.79	%		1,110
PayPal Holdings, Inc.		328		0.27	%		1,097
Baxter International, Inc.		601		0.31	%		1,078
Agilent Technologies, Inc.		91		0.17	%		948
AbbVie, Inc.		82		0.17	%		836
Royalty Pharma plc — Class A		840		0.31	%		803
Edwards Lifesciences Corp.		168		0.17	%		705
Johnson & Johnson		439		0.91	%		525
Colgate-Palmolive Co.		668		0.71	%		512
Supernus Pharmaceuticals, Inc.		419		0.16	%		384
Cencora, Inc. — Class A		133		0.36	%		256
Eli Lilly & Co.		20		0.15	%		(45	)
United Therapeutics Corp.		137		0.40	%		(434	)
Humana, Inc.		40		0.24	%		(478	)
Halozyme Therapeutics, Inc.		290		0.14	%		(907	)
Organon & Co.		997		0.19	%		(1,196	)
Pfizer, Inc.		2,061		0.79	%		(3,319	)
Bristol-Myers Squibb Co.		1,219		0.83	%		(7,325	)
Total Consumer, Non-cyclical							71,783
Financial
MGIC Investment Corp.		3,292		0.84	%		16,204
Essent Group Ltd.		1,189		0.83	%		11,583
American Express Co.		201		0.50	%		7,463

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Ambac Financial Group, Inc.		3,232		0.71	%	$	7,387
International Bancshares Corp.		681		0.49	%		7,272
Mr Cooper Group, Inc.		388		0.34	%		6,879
Radian Group, Inc.		2,248		0.85	%		5,502
National Storage Affiliates Trust		847		0.47	%		5,190
Preferred Bank/Los Angeles CA		178		0.17	%		4,786
Walker & Dunlop, Inc.		222		0.33	%		4,336
AvalonBay Communities, Inc.		202		0.50	%		3,832
MetLife, Inc.		468		0.41	%		3,111
Globe Life, Inc.		405		0.65	%		2,799
Virtus Investment Partners, Inc.		58		0.19	%		2,205
Interactive Brokers Group, Inc. — Class A		432		0.47	%		1,684
Jackson Financial, Inc. — Class A		557		0.38	%		1,574
Visa, Inc. — Class A		264		0.91	%		1,319
Brixmor Property Group, Inc.		1,754		0.54	%		1,306
Hartford Financial Services Group, Inc.		657		0.70	%		1,306
Affiliated Managers Group, Inc.		86		0.17	%		1,208
Enact Holdings, Inc.		945		0.36	%		938
East West Bancorp, Inc.		178		0.17	%		928
American Financial Group, Inc.		251		0.40	%		426
Berkshire Hathaway, Inc. — Class B		55		0.26	%		86
Equity Commonwealth		3,063		0.78	%		44
Reinsurance Group of America, Inc. — Class A		147		0.32	%		(301	)
Total Financial							99,067
Consumer, Cyclical
Toll Brothers, Inc.		669		0.91	%		19,955
Meritage Homes Corp.		315		0.73	%		17,069
M/I Homes, Inc.		300		0.55	%		16,592
DR Horton, Inc.		404		0.81	%		14,070
PulteGroup, Inc.		510		0.70	%		14,038
Brunswick Corp.		605		0.78	%		13,340
Allison Transmission Holdings, Inc.		832		0.64	%		11,798
NVR, Inc.		9		0.84	%		8,421
KB Home		526		0.44	%		7,725
MSC Industrial Direct Company, Inc. — Class A		599		0.80	%		7,080
Lennar Corp. — Class A		190		0.38	%		6,514
General Motors Co.		767		0.37	%		5,682
Standard Motor Products, Inc.		1,324		0.70	%		5,434
Taylor Morrison Home Corp. — Class A		487		0.34	%		5,423
PACCAR, Inc.		322		0.42	%		4,296
Monarch Casino & Resort, Inc.		744		0.68	%		3,907
Home Depot, Inc.		66		0.30	%		3,424
Lowe's Companies, Inc.		214		0.63	%		3,138
Patrick Industries, Inc.		200		0.27	%		2,824
Gentex Corp.		1,531		0.66	%		2,546
AutoNation, Inc.		205		0.41	%		2,317
Macy's, Inc.		673		0.18	%		1,789
Target Corp.		182		0.34	%		1,504
ScanSource, Inc.		338		0.18	%		1,475
Malibu Boats, Inc. — Class A		254		0.18	%		1,415
Golden Entertainment, Inc.		425		0.23	%		1,115
Ethan Allen Interiors, Inc.		419		0.18	%		809
BorgWarner, Inc.		434		0.21	%		613
MasterCraft Boat Holdings, Inc.		717		0.22	%		178
Polaris, Inc.		290		0.36	%		82
Caleres, Inc.		376		0.15	%		(277	)
Dolby Laboratories, Inc. — Class A		210		0.24	%		(291	)
Columbia Sportswear Co.		277		0.29	%		(485	)
Starbucks Corp.		639		0.81	%		(1,110	)
Total Consumer, Cyclical							182,410
Technology
Microsoft Corp.		387		1.93	%		50,723
Apple, Inc.		325		0.83	%		40,920
Photronics, Inc.		919		0.38	%		10,185
International Business Machines Corp.		392		0.85	%		7,941
QUALCOMM, Inc.		489		0.94	%		7,422
Applied Materials, Inc.		206		0.44	%		4,954
NXP Semiconductor N.V.		93		0.28	%		4,882
NVIDIA Corp.		52		0.34	%		4,285
Amdocs Ltd.		688		0.80	%		4,038
Skyworks Solutions, Inc.		164		0.24	%		3,516
Dropbox, Inc. — Class A		1,464		0.57	%		3,285
Cirrus Logic, Inc.		486		0.54	%		3,166
Bandwidth, Inc. — Class A		1,116		0.21	%		3,015
Amkor Technology, Inc.		536		0.24	%		2,650
Hewlett Packard Enterprise Co.		1,770		0.40	%		2,501
Broadcom, Inc.		13		0.19	%		2,451
Insight Enterprises, Inc.		208		0.49	%		2,389
Electronic Arts, Inc.		271		0.49	%		2,154
Fortinet, Inc.		225		0.17	%		1,436
Blackbaud, Inc.		162		0.19	%		1,067
Immersion Corp.		4,436		0.42	%		813
ServiceNow, Inc.		24		0.22	%		450
CEVA, Inc.		549		0.17	%		434
Genpact Ltd.		1,444		0.66	%		(357	)
NetApp, Inc.		212		0.25	%		(422	)
DXC Technology Co.		495		0.15	%		(426	)
Teradata Corp.		248		0.14	%		(1,029	)
Veradigm, Inc.		1,059		0.15	%		(1,350	)
Total Technology							161,093
Utilities
Atmos Energy Corp.		516		0.79	%		1,898
PPL Corp.		2,230		0.80	%		1,328
Public Service Enterprise Group, Inc.		933		0.76	%		1,189
Xcel Energy, Inc.		968		0.79	%		613
Northwestern Energy Group, Inc.		1,086		0.73	%		(39	)
ONE Gas, Inc.		351		0.30	%		(1,698	)
National Fuel Gas Co.		1,139		0.76	%		(3,078	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Total Utilities						$	213
Energy
Marathon Petroleum Corp.		403		0.79	%		8,542
Valero Energy Corp.		448		0.77	%		5,642
Cheniere Energy, Inc.		251		0.57	%		4,538
PBF Energy, Inc. — Class A		571		0.33	%		1,422
SolarEdge Technologies, Inc.		138		0.17	%		1,185
NOW, Inc.		1,422		0.21	%		1,155
Helmerich & Payne, Inc.		647		0.31	%		(348	)
Exxon Mobil Corp.		186		0.25	%		(523	)
CVR Energy, Inc.		782		0.31	%		(946	)
EOG Resources, Inc.		495		0.79	%		(1,057	)
Occidental Petroleum Corp.		509		0.40	%		(1,320	)
SandRidge Energy, Inc.		1,447		0.26	%		(2,778	)
Liberty Energy, Inc. — Class A		1,843		0.44	%		(3,624	)
Total Energy							11,888
Basic Materials
NewMarket Corp.		110		0.80	%		22,362
Cabot Corp.		321		0.36	%		1,814
Sylvamo Corp.		463		0.30	%		(1,382	)
Total Basic Materials							22,794
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		934		0.31	%		1,376
Total GS Equity Long Custom Basket						$	852,047

GS EQUITY SHORT CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Utilities
AES Corp.		6,341		(1.36	)%		10,275
Avista Corp.		1,324		(0.53	)%		10,206
Portland General Electric Co.		2,707		(1.31	)%		9,062
California Water Service Group		2,191		(1.27	)%		4,350
Exelon Corp.		592		(0.24	)%		2,463
Alliant Energy Corp.		1,125		(0.64	)%		136
Spire, Inc.		790		(0.55	)%		(3,025	)
PG&E Corp.		6,428		(1.29	)%		(4,460	)
Southwest Gas Holdings, Inc.		1,876		(1.33	)%		(6,991	)
Eversource Energy		1,861		(1.28	)%		(9,077	)
UGI Corp.		4,565		(1.25	)%		(9,363	)
Total Utilities							3,576
Consumer, Non-cyclical
TreeHouse Foods, Inc.		2,375		(1.10	)%		11,312
Avis Budget Group, Inc.		215		(0.43	)%		3,943
Grocery Outlet Holding Corp.		1,637		(0.49	)%		3,807
ManpowerGroup, Inc.		679		(0.60	)%		2,191
Clorox Co.		607		(0.97	)%		700
RB Global, Inc.		936		(0.70	)%		336
Church & Dwight Company, Inc.		528		(0.56	)%		319
Booz Allen Hamilton Holding Corp.		300		(0.43	)%		(378	)
ICF International, Inc.		229		(0.34	)%		(1,069	)
Utz Brands, Inc.		4,751		(0.86	)%		(2,045	)
Insmed, Inc.		862		(0.30	)%		(3,669	)
CBIZ, Inc.		633		(0.44	)%		(5,368	)
U-Haul Holding Co.		607		(0.49	)%		(8,023	)
TransUnion		928		(0.71	)%		(8,061	)
Cintas Corp.		202		(1.36	)%		(9,893	)
Neogen Corp.		4,543		(1.02	)%		(11,418	)
Affirm Holdings, Inc.		503		(0.28	)%		(12,386	)
Pilgrim's Pride Corp.		3,510		(1.08	)%		(12,576	)
Rollins, Inc.		2,275		(1.11	)%		(13,417	)
Equifax, Inc.		507		(1.40	)%		(23,193	)
Total Consumer, Non-cyclical							(88,888	)
Financial
Kennedy-Wilson Holdings, Inc.		9,494		(1.30	)%		38,123
Sun Communities, Inc.		756		(1.13	)%		25,178
Americold Realty Trust, Inc.		3,446		(1.17	)%		13,041
Rexford Industrial Realty, Inc.		1,807		(1.13	)%		6,977
American Tower Corp. — Class A		367		(0.89	)%		6,564
New York Mortgage Trust, Inc.		8,157		(0.78	)%		4,515
Raymond James Financial, Inc.		773		(0.96	)%		2,877
Ellington Financial, Inc.		5,696		(0.81	)%		1,382
Equinix, Inc.		123		(1.11	)%		1,184
UMH Properties, Inc.		5,813		(0.99	)%		906
COPT Defense Properties		1,172		(0.34	)%		(105	)
Alexander & Baldwin, Inc.		4,404		(0.94	)%		(962	)
Digital Realty Trust, Inc.		572		(0.86	)%		(1,912	)
Brighthouse Financial, Inc.		2,152		(1.27	)%		(3,239	)
Invitation Homes, Inc.		1,267		(0.48	)%		(4,114	)
Rayonier, Inc.		2,335		(0.87	)%		(5,226	)
PotlatchDeltic Corp.		1,824		(1.00	)%		(5,647	)
Macerich Co.		1,877		(0.32	)%		(5,890	)
Apartment Investment and Management Co. — Class A		9,402		(0.82	)%		(5,907	)
Capitol Federal Financial, Inc.		9,604		(0.69	)%		(6,093	)
Welltower, Inc.		1,080		(1.09	)%		(6,690	)
BOK Financial Corp.		1,507		(1.44	)%		(7,550	)
Veris Residential, Inc.		4,117		(0.72	)%		(7,570	)
Ventas, Inc.		1,272		(0.71	)%		(8,756	)
Citigroup, Inc.		2,255		(1.30	)%		(9,333	)
Carlyle Group, Inc.		1,938		(0.88	)%		(10,494	)
Air Lease Corp. — Class A		1,800		(0.84	)%		(10,716	)
TFS Financial Corp.		8,565		(1.41	)%		(13,909	)
Marcus & Millichap, Inc.		2,191		(1.07	)%		(17,415	)
Howard Hughes Holdings, Inc.		1,319		(1.26	)%		(21,099	)
Jones Lang LaSalle, Inc.		598		(1.26	)%		(21,725	)
PennyMac Financial Services, Inc.		1,069		(1.06	)%		(22,068	)
Popular, Inc.		1,491		(1.37	)%		(22,587	)
Merchants Bancorp		1,913		(0.91	)%		(22,849	)
CBRE Group, Inc. — Class A		1,386		(1.44	)%		(29,783	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
KKR & Company, Inc. — Class A		1,525		(1.41	)%	$	(33,738	)
Total Financial							(204,630	)
Basic Materials
Piedmont Lithium, Inc.		2,020		(0.64	)%		23,165
Hecla Mining Co.		9,804		(0.53	)%		10,089
Kaiser Aluminum Corp.		903		(0.72	)%		5,815
Novagold Resources, Inc.		11,570		(0.48	)%		4,728
Ashland, Inc.		574		(0.54	)%		(1,319	)
Compass Minerals International, Inc.		1,710		(0.48	)%		(1,414	)
Tronox Holdings plc — Class A		3,305		(0.52	)%		(2,799	)
ATI, Inc.		933		(0.47	)%		(2,883	)
Carpenter Technology Corp.		665		(0.53	)%		(3,367	)
Linde plc		252		(1.16	)%		(5,149	)
Schnitzer Steel Industries, Inc. — Class A		1,594		(0.54	)%		(5,962	)
Element Solutions, Inc.		3,744		(0.97	)%		(8,217	)
Celanese Corp. — Class A		639		(1.11	)%		(8,783	)
Chemours Co.		1,945		(0.69	)%		(9,916	)
Ecolab, Inc.		452		(1.00	)%		(12,565	)
Stepan Co.		1,331		(1.41	)%		(26,899	)
Century Aluminum Co.		6,420		(0.87	)%		(31,754	)
Total Basic Materials							(77,230	)
Consumer, Cyclical
Topgolf Callaway Brands Corp.		5,959		(0.95	)%		3,099
Walgreens Boots Alliance, Inc.		3,960		(1.16	)%		201
Allegiant Travel Co. — Class A		428		(0.39	)%		(4,052	)
Shake Shack, Inc. — Class A		756		(0.63	)%		(6,456	)
Floor & Decor Holdings, Inc. — Class A		583		(0.73	)%		(7,277	)
LGI Homes, Inc.		489		(0.73	)%		(8,079	)
Lithia Motors, Inc. — Class A		189		(0.70	)%		(8,530	)
CarMax, Inc.		1,198		(1.03	)%		(12,818	)
Total Consumer, Cyclical							(43,912	)
Energy
Oceaneering International, Inc.		2,284		(0.54	)%		4,152
Valaris Ltd.		1,102		(0.84	)%		2,471
Noble Corporation plc		600		(0.32	)%		1,328
TechnipFMC plc		2,869		(0.65	)%		347
Dril-Quip, Inc.		2,771		(0.72	)%		63
Callon Petroleum Co.		1,127		(0.41	)%		(1,479	)
Sitio Royalties Corp. — Class A		1,638		(0.43	)%		(2,503	)
Archrock, Inc.		4,758		(0.82	)%		(10,908	)
Total Energy							(6,529	)
Industrial
MSA Safety, Inc.		222		(0.42	)%		2,073
Tetra Tech, Inc.		274		(0.51	)%		(433	)
Knight-Swift Transportation Holdings, Inc.		851		(0.55	)%		(618	)
Norfolk Southern Corp.		117		(0.31	)%		(1,003	)
Union Pacific Corp.		99		(0.27	)%		(1,144	)
Werner Enterprises, Inc.		1,772		(0.84	)%		(2,261	)
RXO, Inc.		2,228		(0.58	)%		(3,203	)
Stericycle, Inc.		876		(0.48	)%		(4,318	)
GATX Corp.		834		(1.12	)%		(6,123	)
Vulcan Materials Co.		389		(0.99	)%		(6,926	)
Casella Waste Systems, Inc. — Class A		1,174		(1.12	)%		(8,769	)
Trinity Industries, Inc.		3,825		(1.14	)%		(12,194	)
Boeing Co.		338		(0.98	)%		(22,977	)
Total Industrial							(67,896	)
Technology
Paycor HCM, Inc.		3,348		(0.81	)%		7,732
KBR, Inc.		916		(0.57	)%		6,063
Ceridian HCM Holding, Inc.		885		(0.66	)%		4,529
Parsons Corp.		942		(0.66	)%		(5,624	)
Evolent Health, Inc. — Class A		2,070		(0.76	)%		(9,750	)
HashiCorp, Inc. — Class A		2,648		(0.70	)%		(12,216	)
Braze, Inc. — Class A		1,269		(0.75	)%		(12,547	)
Total Technology							(21,813	)
Communications
DoorDash, Inc. — Class A		157		(0.17	)%		(1,615	)
Roku, Inc.		146		(0.15	)%		(2,012	)
Total Communications							(3,627	)
Total GS Equity Short Custom Basket						$	(510,949	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

MS EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Industrial
Boise Cascade Co.		462		0.77	%	$	23,590
Mueller Industries, Inc.		838		0.51	%		16,596
Snap-on, Inc.		212		0.79	%		13,583
Acuity Brands, Inc.		319		0.84	%		10,877
Donaldson Company, Inc.		954		0.81	%		10,385
UFP Industries, Inc.		240		0.39	%		9,928
Terex Corp.		845		0.63	%		7,225
TD SYNNEX Corp.		536		0.74	%		7,077
Encore Wire Corp.		139		0.38	%		6,353
Owens Corning		208		0.40	%		6,063
Middleby Corp.		447		0.85	%		6,047
Apogee Enterprises, Inc.		939		0.65	%		5,948
Scorpio Tankers, Inc.		449		0.35	%		5,590
Builders FirstSource, Inc.		109		0.23	%		4,869
Atkore, Inc.		143		0.30	%		4,210
Griffon Corp.		359		0.28	%		4,117
Keysight Technologies, Inc.		178		0.37	%		3,867
Teekay Corp.		4,816		0.44	%		3,860
Argan, Inc.		548		0.33	%		3,720
Carlisle Companies, Inc.		168		0.68	%		3,659
IDEX Corp.		264		0.74	%		3,588
Teekay Tankers Ltd. — Class A		401		0.26	%		3,352
A O Smith Corp.		409		0.44	%		3,346
International Seaways, Inc.		1,082		0.64	%		3,274
Ardmore Shipping Corp.		1,593		0.29	%		3,092
EnerSys		301		0.39	%		2,852
Huntington Ingalls Industries, Inc.		131		0.44	%		2,478
Insteel Industries, Inc.		330		0.16	%		1,744
Garmin Ltd.		382		0.63	%		1,665
Brady Corp. — Class A		917		0.69	%		1,558
Enerpac Tool Group Corp.		412		0.17	%		896
AGCO Corp.		269		0.42	%		880
Lindsay Corp.		159		0.27	%		860
World Kinect Corp.		553		0.16	%		815
Vontier Corp.		688		0.31	%		201
Total Industrial							188,165
Communications
Alphabet, Inc. — Class C		361		0.66	%		26,325
InterDigital, Inc.		576		0.81	%		15,353
Meta Platforms, Inc. — Class A		167		0.76	%		14,633
IDT Corp. — Class B		1,219		0.54	%		12,353
Verizon Communications, Inc.		1,458		0.71	%		7,641
AT&T, Inc.		3,267		0.71	%		6,939
Booking Holdings, Inc.		7		0.32	%		6,519
Amazon.com, Inc.		217		0.43	%		6,256
Yelp, Inc. — Class A		1,256		0.77	%		5,083
T-Mobile US, Inc.		348		0.72	%		4,902
Juniper Networks, Inc.		1,393		0.53	%		3,853
Cisco Systems, Inc.		1,350		0.88	%		3,300
Shutterstock, Inc.		449		0.28	%		3,264
A10 Networks, Inc.		917		0.16	%		1,889
Cargurus, Inc.		566		0.18	%		1,270
FactSet Research Systems, Inc.		39		0.24	%		859
Ciena Corp.		519		0.30	%		588
Cars.com, Inc.		625		0.15	%		27
VeriSign, Inc.		272		0.72	%		(45	)
TEGNA, Inc.		2,414		0.48	%		(63	)
Walt Disney Co.		221		0.26	%		(402	)
Gogo, Inc.		2,124		0.28	%		(901	)
Spok Holdings, Inc.		1,098		0.22	%		(1,230	)
Fox Corp. — Class A		1,952		0.75	%		(2,422	)
Ooma, Inc.		3,379		0.47	%		(4,321	)
Total Communications							111,670
Consumer, Non-cyclical
Perdoceo Education Corp.		1,347		0.31	%		9,495
Exelixis, Inc.		1,450		0.45	%		9,410
Innoviva, Inc.		2,384		0.49	%		8,493
Viatris, Inc.		6,164		0.86	%		7,167
Thermo Fisher Scientific, Inc.		129		0.88	%		5,660
Incyte Corp.		1,064		0.86	%		5,412
Gilead Sciences, Inc.		791		0.83	%		3,995
Dynavax Technologies Corp.		2,514		0.45	%		3,845
Merck & Company, Inc.		633		0.89	%		3,783
Biogen, Inc.		147		0.49	%		3,199
Premier, Inc. — Class A		1,580		0.46	%		3,105
Heidrick & Struggles International, Inc.		599		0.23	%		2,251
Ligand Pharmaceuticals, Inc. — Class B		195		0.18	%		2,236
Alarm.com Holdings, Inc.		242		0.20	%		1,799
Neurocrine Biosciences, Inc.		110		0.19	%		1,700
Cross Country Healthcare, Inc.		651		0.19	%		1,439
Ingredion, Inc.		550		0.77	%		1,332
Molina Healthcare, Inc.		49		0.23	%		1,225
Centene Corp.		216		0.21	%		1,177
PayPal Holdings, Inc.		328		0.26	%		1,101
Hologic, Inc.		836		0.77	%		1,089
Baxter International, Inc.		601		0.30	%		1,063
Agilent Technologies, Inc.		91		0.16	%		936
AbbVie, Inc.		82		0.16	%		835
Royalty Pharma plc — Class A		840		0.30	%		797
Edwards Lifesciences Corp.		168		0.17	%		701
Johnson & Johnson		439		0.89	%		508
Colgate-Palmolive Co.		668		0.69	%		505
Supernus Pharmaceuticals, Inc.		419		0.16	%		371
Cencora, Inc. — Class A		133		0.35	%		318
Eli Lilly & Co.		20		0.15	%		(33	)
Humana, Inc.		40		0.24	%		(376	)
United Therapeutics Corp.		137		0.39	%		(487	)
Halozyme Therapeutics, Inc.		290		0.14	%		(874	)
Organon & Co.		997		0.19	%		(1,159	)
Pfizer, Inc.		2,061		0.77	%		(3,304	)
Bristol-Myers Squibb Co.		1,219		0.81	%		(7,325	)
Total Consumer, Non-cyclical							71,389
Financial
MGIC Investment Corp.		3,292		0.82	%		16,207
Essent Group Ltd.		1,189		0.81	%		11,553
American Express Co.		201		0.49	%		7,417

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Ambac Financial Group, Inc.		3,232		0.69	%	$	7,405
International Bancshares Corp.		681		0.48	%		7,274
Mr Cooper Group, Inc.		388		0.33	%		6,831
Radian Group, Inc.		2,248		0.83	%		5,414
National Storage Affiliates Trust		847		0.45	%		5,212
Preferred Bank/Los Angeles CA		178		0.17	%		4,797
Walker & Dunlop, Inc.		222		0.32	%		4,444
AvalonBay Communities, Inc.		202		0.49	%		3,882
MetLife, Inc.		468		0.40	%		3,007
Globe Life, Inc.		405		0.64	%		2,760
Virtus Investment Partners, Inc.		58		0.18	%		2,164
Jackson Financial, Inc. — Class A		557		0.37	%		1,645
Interactive Brokers Group, Inc. — Class A		432		0.46	%		1,637
Brixmor Property Group, Inc.		1,754		0.53	%		1,344
Visa, Inc. — Class A		264		0.89	%		1,320
Hartford Financial Services Group, Inc.		657		0.68	%		1,268
Affiliated Managers Group, Inc.		86		0.17	%		1,209
Enact Holdings, Inc.		945		0.35	%		911
East West Bancorp, Inc.		178		0.17	%		909
American Financial Group, Inc.		251		0.39	%		292
Berkshire Hathaway, Inc. — Class B		55		0.25	%		99
Equity Commonwealth		3,063		0.76	%		87
Reinsurance Group of America, Inc. — Class A		147		0.31	%		(331	)
Total Financial							98,757
Consumer, Cyclical
Toll Brothers, Inc.		669		0.86	%		19,833
Meritage Homes Corp.		315		0.71	%		17,110
M/I Homes, Inc.		300		0.53	%		16,590
DR Horton, Inc.		404		0.79	%		14,066
PulteGroup, Inc.		510		0.68	%		14,009
Brunswick Corp.		605		0.76	%		13,278
Allison Transmission Holdings, Inc.		832		0.62	%		11,821
NVR, Inc.		9		0.81	%		8,411
KB Home		526		0.42	%		7,734
MSC Industrial Direct Company, Inc. — Class A		599		0.78	%		7,032
Lennar Corp. — Class A		190		0.37	%		6,495
General Motors Co.		767		0.36	%		5,500
Standard Motor Products, Inc.		1,324		0.68	%		5,475
Taylor Morrison Home Corp. — Class A		487		0.34	%		5,420
PACCAR, Inc.		322		0.41	%		4,304
Monarch Casino & Resort, Inc.		744		0.66	%		3,939
Home Depot, Inc.		66		0.30	%		3,411
Cummins, Inc.		348		1.08	%		3,307
Lowe's Companies, Inc.		214		0.61	%		3,078
Patrick Industries, Inc.		200		0.26	%		2,807
Gentex Corp.		1,531		0.65	%		2,590
AutoNation, Inc.		205		0.40	%		2,302
Macy's, Inc.		673		0.17	%		1,739
Target Corp.		182		0.33	%		1,487
ScanSource, Inc.		338		0.17	%		1,471
Malibu Boats, Inc. — Class A		254		0.18	%		1,410
Golden Entertainment, Inc.		425		0.22	%		1,096
Ethan Allen Interiors, Inc.		419		0.17	%		809
BorgWarner, Inc.		434		0.20	%		621
MasterCraft Boat Holdings, Inc.		717		0.21	%		194
Polaris, Inc.		290		0.35	%		52
Dolby Laboratories, Inc. — Class A		210		0.23	%		(295	)
Caleres, Inc.		376		0.15	%		(327	)
Columbia Sportswear Co.		277		0.28	%		(526	)
Starbucks Corp.		639		0.79	%		(1,086	)
Total Consumer, Cyclical							185,157
Technology
Microsoft Corp.		387		1.88	%		52,317
Apple, Inc.		325		0.81	%		41,332
Photronics, Inc.		919		0.37	%		10,166
International Business Machines Corp.		392		0.83	%		7,942
QUALCOMM, Inc.		489		0.91	%		7,471
Applied Materials, Inc.		206		0.43	%		4,916
NXP Semiconductor N.V.		93		0.28	%		4,868
NVIDIA Corp.		52		0.33	%		4,268
Amdocs Ltd.		688		0.78	%		4,038
Skyworks Solutions, Inc.		164		0.24	%		3,498
Dropbox, Inc. — Class A		1,464		0.56	%		3,314
Cirrus Logic, Inc.		486		0.52	%		3,081
Bandwidth, Inc. — Class A		1,116		0.21	%		2,965
Amkor Technology, Inc.		536		0.23	%		2,622
Hewlett Packard Enterprise Co.		1,770		0.39	%		2,477
Broadcom, Inc.		13		0.19	%		2,467
Insight Enterprises, Inc.		208		0.48	%		2,410
Electronic Arts, Inc.		271		0.48	%		2,222
Fortinet, Inc.		225		0.17	%		1,439
Blackbaud, Inc.		162		0.18	%		1,083
Immersion Corp.		4,436		0.40	%		850
ServiceNow, Inc.		24		0.22	%		457
CEVA, Inc.		549		0.16	%		422
Genpact Ltd.		1,444		0.65	%		(154	)
NetApp, Inc.		212		0.24	%		(416	)
DXC Technology Co.		495		0.15	%		(423	)
Teradata Corp.		248		0.14	%		(1,035	)
Veradigm, Inc.		1,059		0.14	%		(1,324	)
Total Technology							163,273
Utilities
Evergy, Inc.		2,296		1.54	%		3,215
Atmos Energy Corp.		516		0.77	%		1,851
PPL Corp.		2,230		0.78	%		1,399
Public Service Enterprise Group, Inc.		933		0.74	%		1,140
Xcel Energy, Inc.		968		0.77	%		641
Northwestern Energy Group, Inc.		1,086		0.71	%		(87	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
ONE Gas, Inc.		351		0.29	%	$	(1,712	)
National Fuel Gas Co.		1,139		0.74	%		(3,066	)
Total Utilities							3,381
Energy
Marathon Petroleum Corp.		403		0.76	%		8,525
Valero Energy Corp.		448		0.75	%		5,652
Cheniere Energy, Inc.		251		0.55	%		4,567
PBF Energy, Inc. — Class A		571		0.32	%		1,443
SolarEdge Technologies, Inc.		138		0.17	%		1,182
NOW, Inc.		1,422		0.21	%		1,099
Helmerich & Payne, Inc.		647		0.30	%		(344	)
Exxon Mobil Corp.		186		0.24	%		(526	)
CVR Energy, Inc.		782		0.31	%		(900	)
EOG Resources, Inc.		495		0.77	%		(1,010	)
Occidental Petroleum Corp.		509		0.39	%		(1,346	)
SandRidge Energy, Inc.		1,447		0.26	%		(2,788	)
Liberty Energy, Inc. — Class A		1,843		0.43	%		(3,618	)
Total Energy							11,936
Basic Materials
NewMarket Corp.		110		0.78	%		22,315
Cabot Corp.		321		0.35	%		1,820
Sylvamo Corp.		463		0.29	%		(1,547	)
Total Basic Materials							22,588
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		934		0.30	%		1,607
Total MS Equity Long Custom Basket						$	857,923

MS EQUITY SHORT CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Utilities
Avista Corp.		1,324		(0.53	)%		10,261
AES Corp.		6,341		(1.36	)%		9,573
Portland General Electric Co.		2,707		(1.31	)%		9,046
California Water Service Group		2,191		(1.27	)%		4,428
Exelon Corp.		592		(0.24	)%		2,459
Alliant Energy Corp.		1,125		(0.64	)%		100
Spire, Inc.		790		(0.55	)%		(3,036	)
PG&E Corp.		6,428		(1.29	)%		(4,548	)
Southwest Gas Holdings, Inc.		1,876		(1.33	)%		(6,878	)
Eversource Energy		1,861		(1.28	)%		(8,783	)
UGI Corp.		4,565		(1.25	)%		(8,797	)
Total Utilities							3,825
Consumer, Non-cyclical
TreeHouse Foods, Inc.		2,375		(1.10	)%		11,707
Avis Budget Group, Inc.		215		(0.43	)%		3,810
Grocery Outlet Holding Corp.		1,637		(0.49	)%		3,713
ManpowerGroup, Inc.		679		(0.60	)%		2,151
Clorox Co.		607		(0.97	)%		777
Church & Dwight Company, Inc.		528		(0.56	)%		358
RB Global, Inc.		936		(0.70	)%		350
Booz Allen Hamilton Holding Corp.		300		(0.43	)%		(378	)
ICF International, Inc.		229		(0.34	)%		(1,062	)
Utz Brands, Inc.		4,751		(0.86	)%		(2,102	)
Insmed, Inc.		862		(0.30	)%		(3,649	)
CBIZ, Inc.		633		(0.44	)%		(5,354	)
TransUnion		928		(0.71	)%		(8,022	)
U-Haul Holding Co.		607		(0.49	)%		(8,037	)
Cintas Corp.		202		(1.36	)%		(9,971	)
Neogen Corp.		4,543		(1.02	)%		(11,100	)
Affirm Holdings, Inc.		503		(0.28	)%		(12,362	)
Pilgrim's Pride Corp.		3,510		(1.08	)%		(12,510	)
Rollins, Inc.		2,275		(1.11	)%		(13,578	)
Equifax, Inc.		507		(1.40	)%		(23,530	)
Total Consumer, Non-cyclical							(88,789	)
Financial
Kennedy-Wilson Holdings, Inc.		9,494		(1.31	)%		38,410
Sun Communities, Inc.		756		(1.13	)%		25,157
Americold Realty Trust, Inc.		3,446		(1.17	)%		13,248
Rexford Industrial Realty, Inc.		1,807		(1.13	)%		7,182
American Tower Corp. — Class A		367		(0.89	)%		6,397
New York Mortgage Trust, Inc.		8,157		(0.78	)%		4,562
Raymond James Financial, Inc.		773		(0.96	)%		3,007
Ellington Financial, Inc.		5,696		(0.81	)%		1,380
Equinix, Inc.		123		(1.11	)%		1,350
UMH Properties, Inc.		5,813		(0.99	)%		851
COPT Defense Properties		1,172		(0.34	)%		(125	)
Alexander & Baldwin, Inc.		4,404		(0.94	)%		(914	)
Digital Realty Trust, Inc.		572		(0.86	)%		(1,951	)
Brighthouse Financial, Inc.		2,152		(1.27	)%		(3,125	)
Invitation Homes, Inc.		1,267		(0.48	)%		(4,176	)
Rayonier, Inc.		2,335		(0.87	)%		(5,073	)
PotlatchDeltic Corp.		1,824		(1.00	)%		(5,621	)
Macerich Co.		1,877		(0.32	)%		(5,689	)
Apartment Investment and Management Co. — Class A		9,402		(0.82	)%		(5,811	)
Capitol Federal Financial, Inc.		9,604		(0.69	)%		(5,988	)
Welltower, Inc.		1,080		(1.09	)%		(6,737	)
Veris Residential, Inc.		4,117		(0.72	)%		(7,108	)
BOK Financial Corp.		1,507		(1.44	)%		(7,617	)
Ventas, Inc.		1,272		(0.71	)%		(8,730	)
Citigroup, Inc.		2,255		(1.30	)%		(9,392	)
Carlyle Group, Inc.		1,938		(0.88	)%		(10,239	)
Air Lease Corp. — Class A		1,800		(0.84	)%		(10,705	)
TFS Financial Corp.		8,565		(1.41	)%		(13,815	)
Marcus & Millichap, Inc.		2,191		(1.07	)%		(17,341	)
Howard Hughes Holdings, Inc.		1,319		(1.26	)%		(21,146	)
Jones Lang LaSalle, Inc.		598		(1.26	)%		(21,655	)
PennyMac Financial Services, Inc.		1,069		(1.06	)%		(22,092	)
Popular, Inc.		1,491		(1.37	)%		(22,367	)

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Merchants Bancorp		1,913		(0.91	)%	$	(22,946	)
CBRE Group, Inc. — Class A		1,386		(1.44	)%		(29,771	)
KKR & Company, Inc. — Class A		1,525		(1.41	)%		(33,703	)
Total Financial							(202,293	)
Basic Materials
Piedmont Lithium, Inc.		2,020		(0.64	)%		23,093
Hecla Mining Co.		9,804		(0.53	)%		10,048
Kaiser Aluminum Corp.		903		(0.72	)%		5,823
Novagold Resources, Inc.		11,570		(0.48	)%		4,776
Compass Minerals International, Inc.		1,710		(0.48	)%		(1,167	)
Ashland, Inc.		574		(0.54	)%		(1,254	)
Tronox Holdings plc — Class A		3,305		(0.52	)%		(2,652	)
ATI, Inc.		933		(0.47	)%		(2,975	)
Carpenter Technology Corp.		665		(0.53	)%		(3,354	)
Linde plc		252		(1.16	)%		(5,221	)
Schnitzer Steel Industries, Inc. — Class A		1,594		(0.54	)%		(5,958	)
Element Solutions, Inc.		3,744		(0.97	)%		(8,212	)
Celanese Corp. — Class A		639		(1.11	)%		(8,712	)
Chemours Co.		1,945		(0.69	)%		(9,973	)
Ecolab, Inc.		452		(1.00	)%		(12,504	)
Stepan Co.		1,331		(1.41	)%		(26,920	)
Century Aluminum Co.		6,420		(0.87	)%		(31,573	)
Total Basic Materials							(76,735	)
Consumer, Cyclical
Topgolf Callaway Brands Corp.		5,959		(0.95	)%		3,383
Walgreens Boots Alliance, Inc.		3,960		(1.16	)%		123
Allegiant Travel Co. — Class A		428		(0.39	)%		(3,890	)
Shake Shack, Inc. — Class A		756		(0.63	)%		(6,331	)
Floor & Decor Holdings, Inc. — Class A		583		(0.73	)%		(7,712	)
LGI Homes, Inc.		489		(0.73	)%		(7,959	)
Lithia Motors, Inc. — Class A		189		(0.70	)%		(8,546	)
CarMax, Inc.		1,198		(1.03	)%		(12,757	)
Total Consumer, Cyclical							(43,689	)
Energy
Oceaneering International, Inc.		2,284		(0.54	)%		4,019
Valaris Ltd.		1,102		(0.84	)%		2,409
Noble Corporation plc		600		(0.32	)%		1,295
TechnipFMC plc		2,869		(0.65	)%		415
Dril-Quip, Inc.		2,771		(0.72	)%		121
Callon Petroleum Co.		1,127		(0.41	)%		(1,446	)
Sitio Royalties Corp. — Class A		1,638		(0.43	)%		(2,379	)
Archrock, Inc.		4,758		(0.82	)%		(10,986	)
Total Energy							(6,552	)
Industrial
MSA Safety, Inc.		222		(0.41	)%		2,034
Tetra Tech, Inc.		274		(0.51	)%		(423	)
Knight-Swift Transportation Holdings, Inc.		851		(0.55	)%		(597	)
Norfolk Southern Corp.		117		(0.31	)%		(1,023	)
Union Pacific Corp.		99		(0.27	)%		(1,160	)
Werner Enterprises, Inc.		1,772		(0.84	)%		(2,318	)
RXO, Inc.		2,228		(0.58	)%		(2,984	)
Stericycle, Inc.		876		(0.48	)%		(4,213	)
GATX Corp.		834		(1.12	)%		(6,001	)
Vulcan Materials Co.		389		(0.99	)%		(7,071	)
Casella Waste Systems, Inc. — Class A		1,174		(1.12	)%		(8,778	)
Trinity Industries, Inc.		3,825		(1.14	)%		(12,288	)
Boeing Co.		338		(0.98	)%		(23,025	)
Total Industrial							(67,847	)
Technology
Paycor HCM, Inc.		3,348		(0.81	)%		7,769
KBR, Inc.		916		(0.57	)%		6,053
Ceridian HCM Holding, Inc.		885		(0.66	)%		4,495
Parsons Corp.		942		(0.66	)%		(5,632	)
Evolent Health, Inc. — Class A		2,070		(0.76	)%		(9,757	)
HashiCorp, Inc. — Class A		2,648		(0.70	)%		(11,971	)
Braze, Inc. — Class A		1,269		(0.75	)%		(12,587	)
Total Technology							(21,630	)
Communications
DoorDash, Inc. — Class A		157		(0.17	)%		(1,629	)
Roku, Inc.		146		(0.15	)%		(1,981	)
Total Communications							(3,610	)
Total MS Equity Short Custom Basket						$	(507,320	)

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is pledged as equity custom basket swap collateral at December 31, 2023.
²	Rate indicated is the 7-day yield as of December 31, 2023.

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.

Long Short Equity Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	14,693,607	$	—	$	—	$	14,693,607
Money Market Fund		252,908		—		—		252,908
Equity Custom Basket Swap Agreements**		—		1,709,970		—		1,709,970
Total Assets	$	14,946,515	$	1,709,970	$	—	$	16,656,485

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Custom Basket Swap Agreements**		$	—			$	1,018,269			$	—			$	1,018,269

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 59.4%
Financial - 13.8%
WP Carey, Inc. REIT		765	$	49,580
Fidelity National Financial, Inc.		904		46,122
Gaming and Leisure Properties, Inc. REIT		934		46,093
Equity LifeStyle Properties, Inc. REIT		652		45,992
Rexford Industrial Realty, Inc. REIT		738		41,402
Reinsurance Group of America, Inc. — Class A		230		37,209
Equitable Holdings, Inc.		1,113		37,063
CubeSmart REIT		786		36,431
RenaissanceRe Holdings Ltd.		184		36,064
East West Bancorp, Inc.		493		35,471
Annaly Capital Management, Inc. REIT		1,749		33,878
Ally Financial, Inc.		949		33,139
Lamar Advertising Co. — Class A REIT		306		32,522
Jones Lang LaSalle, Inc.^*		166		31,353
Interactive Brokers Group, Inc. — Class A		374		31,005
Carlyle Group, Inc.		757		30,802
Webster Financial Corp.		602		30,558
EastGroup Properties, Inc. REIT		162		29,733
Erie Indemnity Co. — Class A		87		29,138
Unum Group		641		28,986
First Horizon Corp.		1,954		27,669
NNN REIT, Inc.		638		27,498
American Financial Group, Inc.		229		27,226
Old Republic International Corp.		912		26,813
Voya Financial, Inc.		365		26,630
Omega Healthcare Investors, Inc. REIT		857		26,276
New York Community Bancorp, Inc.		2,527		25,851
Kinsale Capital Group, Inc.		77		25,788
Primerica, Inc.		123		25,308
STAG Industrial, Inc. REIT		635		24,930
Stifel Financial Corp.		357		24,687
Brixmor Property Group, Inc. REIT		1,051		24,457
First Industrial Realty Trust, Inc. REIT		463		24,386
Cullen/Frost Bankers, Inc.		224		24,302
Jefferies Financial Group, Inc.		589		23,801
Pinnacle Financial Partners, Inc.		269		23,462
First American Financial Corp.		361		23,263
Healthcare Realty Trust, Inc. REIT		1,332		22,950
SouthState Corp.		266		22,464
SEI Investments Co.		350		22,242
Prosperity Bancshares, Inc.		328		22,215
Commerce Bancshares, Inc.		415		22,189
Agree Realty Corp. REIT		352		22,158
Starwood Property Trust, Inc. REIT		1,041		21,882
Houlihan Lokey, Inc.		181		21,704
Spirit Realty Capital, Inc. REIT		494		21,583
Selective Insurance Group, Inc.		212		21,090
Evercore, Inc. — Class A		121		20,697
Wintrust Financial Corp.		214		19,849
Essent Group Ltd.		373		19,672
Columbia Banking System, Inc.		729		19,450
Synovus Financial Corp.		511		19,239
Cadence Bank		639		18,908
MGIC Investment Corp.		970		18,711
RLI Corp.		140		18,637
Bank OZK		368		18,337
Affiliated Managers Group, Inc.		118		17,868
Apartment Income REIT Corp.		514		17,851
United Bankshares, Inc.		472		17,724
Kite Realty Group Trust REIT		767		17,534
FNB Corp.		1,255		17,281
Old National Bancorp		1,023		17,278
Home BancShares, Inc.		656		16,616
Valley National Bancorp		1,491		16,192
Glacier Bancorp, Inc.		388		16,032
Rayonier, Inc. REIT		477		15,937
Vornado Realty Trust REIT		559		15,792
Western Union Co.		1,274		15,186
Hanover Insurance Group, Inc.		125		15,178
SLM Corp.		791		15,124
Kilroy Realty Corp. REIT		373		14,860
Hancock Whitney Corp.		301		14,626
Janus Henderson Group plc		463		13,959
PotlatchDeltic Corp. REIT		278		13,650
First Financial Bankshares, Inc.		449		13,605
Cousins Properties, Inc. REIT		531		12,930
UMB Financial Corp.		153		12,783
EPR Properties REIT		263		12,742
Independence Realty Trust, Inc. REIT		786		12,026
Brighthouse Financial, Inc.^*		225		11,907
Sabra Health Care REIT, Inc.		809		11,544
Park Hotels & Resorts, Inc. REIT		734		11,230
National Storage Affiliates Trust REIT		270		11,197
Associated Banc-Corp.		520		11,123
Physicians Realty Trust REIT		834		11,101
CNO Financial Group, Inc.		392		10,937
Texas Capital Bancshares, Inc.^*		168		10,858
Medical Properties Trust, Inc. REIT¹		2,095		10,286
Kemper Corp.		211		10,269
Federated Hermes, Inc. — Class B		302		10,226
International Bancshares Corp.		187		10,158
COPT Defense Properties REIT		394		10,098
Total Financial				2,042,573
Industrial - 12.9%
Carlisle Companies, Inc.		170		53,113
Graco, Inc.		590		51,188
Lennox International, Inc.		112		50,122
Owens Corning		311		46,099
AECOM		485		44,828
Lincoln Electric Holdings, Inc.		200		43,492
TopBuild Corp.^*		111		41,543
Saia, Inc.^*		93		40,754

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 59.4% (continued)
Industrial - 12.9% (continued)
Crown Holdings, Inc.		422	$	38,862
XPO, Inc.^*		406		35,562
EMCOR Group, Inc.		165		35,546
Toro Co.		363		34,844
Regal Rexnord Corp.		232		34,341
nVent Electric plc		580		34,272
ITT, Inc.		287		34,245
Advanced Drainage Systems, Inc.		240		33,754
Fortune Brands Innovations, Inc.		441		33,578
Knight-Swift Transportation Holdings, Inc.		564		32,515
Trex Company, Inc.^*		380		31,460
Tetra Tech, Inc.		186		31,049
Clean Harbors, Inc.^*		176		30,714
Curtiss-Wright Corp.		134		29,854
Simpson Manufacturing Company, Inc.		149		29,499
Universal Display Corp.		152		29,072
RBC Bearings, Inc.^*		102		29,059
Woodward, Inc.		211		28,724
AptarGroup, Inc.		230		28,433
Berry Global Group, Inc.		413		27,832
Donaldson Company, Inc.		422		27,578
Middleby Corp.^*		187		27,521
UFP Industries, Inc.		216		27,119
Graphic Packaging Holding Co.		1,070		26,375
AGCO Corp.		217		26,346
Comfort Systems USA, Inc.		125		25,709
Cognex Corp.		602		25,127
Oshkosh Corp.		229		24,826
Eagle Materials, Inc.		122		24,746
BWX Technologies, Inc.		320		24,554
Landstar System, Inc.		126		24,400
Fluor Corp.^*		596		23,345
Littelfuse, Inc.		87		23,278
Arrow Electronics, Inc.^*		189		23,105
Acuity Brands, Inc.		108		22,122
MSA Safety, Inc.		129		21,779
Hexcel Corp.		294		21,682
Novanta, Inc.^*		125		21,051
Crane Co.		171		20,202
Coherent Corp.^*		461		20,067
Chart Industries, Inc.^*		147		20,041
Watts Water Technologies, Inc. — Class A		96		20,001
Sensata Technologies Holding plc		529		19,875
TD SYNNEX Corp.		179		19,262
Sonoco Products Co.		343		19,163
Flowserve Corp.		459		18,920
Vontier Corp.		540		18,657
Timken Co.		227		18,194
Ryder System, Inc.		155		17,834
Esab Corp.		198		17,151
Valmont Industries, Inc.		73		17,046
Kirby Corp.^*		207		16,245
Stericycle, Inc.^*		324		16,057
MasTec, Inc.^*		211		15,977
Avnet, Inc.		316		15,926
Louisiana-Pacific Corp.		224		15,866
Exponent, Inc.		177		15,583
GATX Corp.		124		14,907
EnerSys		141		14,235
MDU Resources Group, Inc.		712		14,098
Terex Corp.		235		13,503
Knife River Corp.^*		198		13,104
Silgan Holdings, Inc.		283		12,806
Belden, Inc.		146		11,278
Vishay Intertechnology, Inc.		442		10,595
Werner Enterprises, Inc.		222		9,406
Greif, Inc. — Class A		89		5,838
Total Industrial				1,916,854
Consumer, Cyclical - 9.9%
Deckers Outdoor Corp.^*		90		60,159
Watsco, Inc.		118		50,559
Williams-Sonoma, Inc.		224		45,199
Burlington Stores, Inc.^*		227		44,147
Floor & Decor Holdings, Inc. — Class A^*		373		41,612
Five Below, Inc.^*		195		41,566
Toll Brothers, Inc.		376		38,649
Casey's General Stores, Inc.		130		35,716
Churchill Downs, Inc.		237		31,978
Lithia Motors, Inc. — Class A		96		31,611
Dick's Sporting Goods, Inc.		215		31,594
BJ's Wholesale Club Holdings, Inc.^*		468		31,197
Tempur Sealy International, Inc.		603		30,735
Skechers USA, Inc. — Class A^*		467		29,113
Autoliv, Inc.		262		28,870
Lear Corp.		204		28,807
Texas Roadhouse, Inc. — Class A		234		28,602
Vail Resorts, Inc.		133		28,391
WESCO International, Inc.		154		26,778
Gentex Corp.		816		26,651
Wingstop, Inc.		103		26,428
Light & Wonder, Inc. — Class A^*		315		25,865
PVH Corp.		211		25,767
Aramark		913		25,655
Murphy USA, Inc.		68		24,246
Wyndham Hotels & Resorts, Inc.		290		23,319
Mattel, Inc.^*		1,235		23,317
Brunswick Corp.		241		23,317
Thor Industries, Inc.		186		21,995
Planet Fitness, Inc. — Class A^*		299		21,827
Capri Holdings Ltd.^*		406		20,397
Hyatt Hotels Corp. — Class A		155		20,213
Taylor Morrison Home Corp. — Class A^*		376		20,060
Crocs, Inc.^*		212		19,803
Macy's, Inc.		957		19,255
Dolby Laboratories, Inc. — Class A		208		17,926
Polaris, Inc.		186		17,627
TKO Group Holdings, Inc.		210		17,132
KB Home		268		16,739
GameStop Corp. — Class A^*,1		939		16,461
MSC Industrial Direct Company, Inc. — Class A		162		16,404

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 59.4% (continued)
Consumer, Cyclical - 9.9% (continued)
Ollie's Bargain Outlet Holdings, Inc.^*		216	$	16,392
Harley-Davidson, Inc.		443		16,320
YETI Holdings, Inc.^*		304		15,741
RH^*		54		15,740
Gap, Inc.		750		15,682
Boyd Gaming Corp.		243		15,214
Goodyear Tire & Rubber Co.^*		992		14,205
FirstCash Holdings, Inc.		129		13,982
Penn Entertainment, Inc.^*		531		13,817
AutoNation, Inc.^*		91		13,666
Leggett & Platt, Inc.		466		12,195
Visteon Corp.^*		97		12,115
Adient plc^*		328		11,926
Wendy's Co.		584		11,376
Penske Automotive Group, Inc.		68		10,915
Hilton Grand Vacations, Inc.^*		249		10,005
Fox Factory Holding Corp.^*		148		9,987
Travel + Leisure Co.		253		9,890
Choice Hotels International, Inc.		87		9,857
Marriott Vacations Worldwide Corp.		116		9,847
Carter's, Inc.		129		9,661
Columbia Sportswear Co.		121		9,624
Scotts Miracle-Gro Co. — Class A		145		9,244
Nordstrom, Inc.		339		6,255
Under Armour, Inc. — Class A^*		660		5,801
Under Armour, Inc. — Class C^*		676		5,645
Total Consumer, Cyclical				1,460,789
Consumer, Non-cyclical - 8.6%
Neurocrine Biosciences, Inc.^*		344		45,326
Performance Food Group Co.^*		544		37,617
United Therapeutics Corp.^*		164		36,062
US Foods Holding Corp.^*		791		35,919
Service Corporation International		517		35,389
Penumbra, Inc.^*		135		33,958
Repligen Corp.^*		182		32,724
Chemed Corp.		53		30,992
WEX, Inc.^*		149		28,988
Celsius Holdings, Inc.^*		519		28,296
Darling Ingredients, Inc.^*		558		27,811
Jazz Pharmaceuticals plc^*		220		27,060
Tenet Healthcare Corp.^*		355		26,827
Exelixis, Inc.^*		1,088		26,101
Morningstar, Inc.		91		26,048
BellRing Brands, Inc.^*		460		25,498
GXO Logistics, Inc.^*		416		25,442
Medpace Holdings, Inc.^*		82		25,135
Acadia Healthcare Company, Inc.^*		323		25,116
Paylocity Holding Corp.^*		151		24,892
Ingredion, Inc.		228		24,745
FTI Consulting, Inc.^*		124		24,695
Shockwave Medical, Inc.^*		129		24,582
H&R Block, Inc.		503		24,330
Bruker Corp.		324		23,807
Encompass Health Corp.		351		23,419
Globus Medical, Inc. — Class A^*		403		21,476
Option Care Health, Inc.^*		619		20,854
HealthEquity, Inc.^*		299		19,824
Masimo Corp.^*		155		18,168
Sprouts Farmers Market, Inc.^*		355		17,079
Halozyme Therapeutics, Inc.^*		462		17,076
Coty, Inc. — Class A^*		1,310		16,270
Post Holdings, Inc.^*		178		15,675
Euronet Worldwide, Inc.^*		153		15,528
Perrigo Company plc		474		15,253
Haemonetics Corp.^*		177		15,135
Flowers Foods, Inc.		672		15,127
Lantheus Holdings, Inc.^*		240		14,880
Coca-Cola Consolidated, Inc.		16		14,854
Insperity, Inc.		124		14,535
Envista Holdings Corp.^*		599		14,412
Brink's Co.		158		13,896
Neogen Corp.^*		688		13,836
Azenta, Inc.^*		210		13,679
Grand Canyon Education, Inc.^*		103		13,600
ManpowerGroup, Inc.		171		13,589
QuidelOrtho Corp.^*		173		12,750
Lancaster Colony Corp.		71		11,814
Inari Medical, Inc.^*		179		11,621
Avis Budget Group, Inc.		65		11,522
Arrowhead Pharmaceuticals, Inc.^*		375		11,475
Boston Beer Company, Inc. — Class A^*		33		11,405
Progyny, Inc.^*		292		10,856
Amedisys, Inc.^*		114		10,837
Integra LifeSciences Holdings Corp.^*		238		10,365
Helen of Troy Ltd.^*		83		10,027
Enovis Corp.^*		174		9,747
LivaNova plc^*		188		9,727
Grocery Outlet Holding Corp.^*		347		9,355
Graham Holdings Co. — Class B		13		9,055
Patterson Companies, Inc.		298		8,478
R1 RCM, Inc.^*		689		7,283
Sotera Health Co.^*		346		5,830
Hertz Global Holdings, Inc.^*		463		4,811
Pilgrim's Pride Corp.^*		141		3,900
Total Consumer, Non-cyclical				1,266,383
Technology - 4.9%
Manhattan Associates, Inc.^*		215		46,294
Super Micro Computer, Inc.^*		162		46,050
Dynatrace, Inc.^*		834		45,611
Lattice Semiconductor Corp.^*		483		33,322
Dropbox, Inc. — Class A^*		896		26,414
Onto Innovation, Inc.^*		172		26,299
KBR, Inc.		472		26,154
Rambus, Inc.^*		376		25,662
Qualys, Inc.^*		129		25,320
CACI International, Inc. — Class A^*		78		25,261
Science Applications International Corp.		185		22,999
MKS Instruments, Inc.		220		22,631
Aspen Technology, Inc.^*		98		21,575
Genpact Ltd.		584		20,271
ZoomInfo Technologies, Inc. — Class A^*		1,036		19,156
Wolfspeed, Inc.^*		438		19,057

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 59.4% (continued)
Technology - 4.9% (continued)
Maximus, Inc.		213	$	17,862
ExlService Holdings, Inc.^*		577		17,801
MACOM Technology Solutions Holdings, Inc.^*		189		17,568
Kyndryl Holdings, Inc.^*		803		16,686
Power Integrations, Inc.		199		16,340
Concentrix Corp.		165		16,205
ASGN, Inc.^*		165		15,868
Cirrus Logic, Inc.^*		188		15,640
Synaptics, Inc.^*		137		15,629
Teradata Corp.^*		342		14,880
Silicon Laboratories, Inc.^*		111		14,682
Blackbaud, Inc.^*		151		13,092
Lumentum Holdings, Inc.^*		234		12,266
CommVault Systems, Inc.^*		153		12,217
Amkor Technology, Inc.		361		12,010
Doximity, Inc. — Class A^*		413		11,580
IPG Photonics Corp.^*		103		11,180
Crane NXT Co.		169		9,611
Allegro MicroSystems, Inc.^*		249		7,537
Total Technology				720,730
Energy - 3.1%
Ovintiv, Inc.		888		39,001
HF Sinclair Corp.		548		30,452
Chesapeake Energy Corp.		390		30,007
NOV, Inc.		1,378		27,946
Range Resources Corp.		844		25,691
Southwestern Energy Co.^*		3,852		25,231
Weatherford International plc^*		252		24,653
Chord Energy Corp.		144		23,937
Antero Resources Corp.^*		988		22,408
Matador Resources Co.		387		22,005
Murphy Oil Corp.		513		21,884
Civitas Resources, Inc.		298		20,377
ChampionX Corp.		681		19,892
Permian Resources Corp.		1,453		19,761
DT Midstream, Inc.		339		18,577
PBF Energy, Inc. — Class A		380		16,705
Equitrans Midstream Corp.		1,515		15,423
Valaris Ltd.^*		219		15,017
Antero Midstream Corp.		1,191		14,923
Sunrun, Inc.^*		760		14,919
CNX Resources Corp.^*		556		11,120
Total Energy				459,929
Basic Materials - 2.9%
Reliance Steel & Aluminum Co.		201		56,216
RPM International, Inc.		451		50,345
United States Steel Corp.		780		37,947
Cleveland-Cliffs, Inc.^*		1,766		36,062
Royal Gold, Inc.		230		27,821
Axalta Coating Systems Ltd.^*		770		26,157
Olin Corp.		429		23,145
Alcoa Corp.		624		21,216
Commercial Metals Co.		409		20,466
Valvoline, Inc.^*		485		18,226
Chemours Co.		519		16,369
Cabot Corp.		193		16,116
Westlake Corp.		112		15,676
Ashland, Inc.		179		15,091
Avient Corp.		319		13,261
NewMarket Corp.		24		13,100
Livent Corp.^*		628		11,291
MP Materials Corp.^*		504		10,004
Total Basic Materials				428,509
Utilities - 1.9%
Vistra Corp.		1,175		45,261
Essential Utilities, Inc.		879		32,831
OGE Energy Corp.		700		24,451
UGI Corp.		733		18,032
IDACORP, Inc.		177		17,403
National Fuel Gas Co.		321		16,105
Portland General Electric Co.		354		15,342
New Jersey Resources Corp.		341		15,202
Ormat Technologies, Inc.		188		14,249
Southwest Gas Holdings, Inc.		210		13,303
Black Hills Corp.		238		12,840
PNM Resources, Inc.		300		12,480
ONE Gas, Inc.		194		12,362
ALLETE, Inc.		201		12,293
Spire, Inc.		184		11,470
Northwestern Energy Group, Inc.		214		10,890
Total Utilities				284,514
Communications - 1.3%
GoDaddy, Inc. — Class A^*		493		52,337
New York Times Co. — Class A		572		28,022
Ciena Corp.^*		517		23,270
Frontier Communications Parent, Inc.^*		774		19,613
Iridium Communications, Inc.		433		17,822
Nexstar Media Group, Inc. — Class A		113		17,713
Ziff Davis, Inc.^*		161		10,818
TEGNA, Inc.		689		10,542
Calix, Inc.^*		205		8,957
Cable One, Inc.		16		8,905
Total Communications				197,999
Consumer Cyclical - 0.1%
Core & Main, Inc. — Class A^*		478		19,316
Total Common Stocks
(Cost $6,739,177)				8,797,596

MUTUAL FUNDS^† - 7.5%
Guggenheim Ultra Short Duration Fund — Institutional Class⁸		88,750		874,192
Guggenheim Strategy Fund II⁸		9,844		241,168
Total Mutual Funds
(Cost $1,123,598)				1,115,360

		Face Amount
U.S. TREASURY BILLS^†† - 2.6%
U.S. Treasury Bills
5.27% due 02/22/24^2,3	$	300,000	297,770

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Face Amount
U.S. TREASURY BILLS^†† - 2.6% (continued)
5.17% due 01/09/24^3,4	$	87,000	$	86,911
Total U.S. Treasury Bills
(Cost $384,615)				384,681

REPURCHASE AGREEMENTS^††,5 - 30.8%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24²		2,527,715		2,527,715
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24²		2,037,050		2,037,050
Total Repurchase Agreements
(Cost $4,564,765)				4,564,765

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.1%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁷		20,435	$	20,435
Total Securities Lending Collateral
(Cost $20,435)				20,435
Total Investments - 100.4%
(Cost $12,832,590)			$	14,882,837
Other Assets & Liabilities, net - (0.4)%				(58,211	)
Total Net Assets - 100.0%			$	14,824,626

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

S&P MidCap 400 Index Mini Futures Contracts

Mar 2024

1,684,860

80,181

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 MidCap 400 Index

Pay

5.58% (Federal Funds Rate + 0.25%)

At Maturity

03/21/24

3,097

8,615,595

123,989

BNP Paribas

S&P MidCap 400 Index

Pay

5.78% (Federal Funds Rate + 0.45%)

At Maturity

03/21/24

263

730,538

10,513

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.75% (SOFR + 0.35%)

At Maturity

03/20/24

897

2,494,118

(2,871

)

11,840,251

131,631

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of December 31, 2023.
⁸	Affiliated issuer.

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)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,797,596	$	—	$	—	$	8,797,596
Mutual Funds		1,115,360		—		—		1,115,360
U.S. Treasury Bills		—		384,681		—		384,681
Repurchase Agreements		—		4,564,765		—		4,564,765
Securities Lending Collateral		20,435		—		—		20,435
Equity Futures Contracts**		80,181		—		—		80,181
Equity Index Swap Agreements**		—		134,502		—		134,502
Total Assets	$	10,013,572	$	5,083,948	$	—	$	15,097,520

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	2,871			$	—			$	2,871

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	238,314	$	–	$	–	$	–	$	2,854	$	241,168		9,844	$	9,951
Guggenheim Ultra Short Duration Fund — Institutional Class		861,767		–		–		–		12,425		874,192		88,750		35,835
	$	1,100,081	$	–	$	–	$	–	$	15,279	$	1,115,360			$	45,786

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 82.4%
Technology - 39.4%
Apple, Inc.		245,242	$	47,216,442
Microsoft Corp.		117,195		44,070,008
Broadcom, Inc.		19,024		21,235,540
NVIDIA Corp.		38,948		19,287,828
Adobe, Inc.^*		18,543		11,062,754
Advanced Micro Devices, Inc.^*		65,795		9,698,841
Intel Corp.		171,708		8,628,327
Intuit, Inc.		11,401		7,125,967
QUALCOMM, Inc.		45,330		6,556,078
Texas Instruments, Inc.		36,989		6,305,145
Applied Materials, Inc.		34,070		5,521,725
Lam Research Corp.		5,368		4,204,540
Analog Devices, Inc.		20,212		4,013,295
Micron Technology, Inc.		44,952		3,836,204
KLA Corp.		5,536		3,218,077
Synopsys, Inc.^*		6,194		3,189,352
Cadence Design Systems, Inc.^*		11,080		3,017,860
ASML Holding N.V. — Class G		3,575		2,705,989
NXP Semiconductor N.V.		10,498		2,411,181
Roper Technologies, Inc.		4,351		2,372,035
Crowdstrike Holdings, Inc. — Class A^*		9,271		2,367,072
Workday, Inc. — Class A^*		8,512		2,349,823
Autodesk, Inc.^*		8,706		2,119,737
Marvell Technology, Inc.		35,140		2,119,293
Microchip Technology, Inc.		22,035		1,987,116
Fortinet, Inc.^*		31,275		1,830,526
Paychex, Inc.		14,712		1,752,346
Cognizant Technology Solutions Corp. — Class A		20,421		1,542,398
Atlassian Corp. — Class A^*		6,313		1,501,610
Electronic Arts, Inc.		10,961		1,499,574
Datadog, Inc. — Class A^*		12,306		1,493,702
ON Semiconductor Corp.^*		17,541		1,465,200
GLOBALFOUNDRIES, Inc.^*,1		22,309		1,351,925
Zscaler, Inc.^*		6,041		1,338,444
ANSYS, Inc.^*		3,538		1,283,869
MongoDB, Inc.^*		2,906		1,188,118
Take-Two Interactive Software, Inc.^*		6,926		1,114,740
Splunk, Inc.^*		6,863		1,045,578
Total Technology				245,028,259
Communications - 20.7%
Amazon.com, Inc.^*		162,951		24,758,775
Meta Platforms, Inc. — Class A^*		55,680		19,708,493
Alphabet, Inc. — Class A^*		93,317		13,035,451
Alphabet, Inc. — Class C^*		90,274		12,722,315
Netflix, Inc.^*		17,826		8,679,123
Cisco Systems, Inc.		165,496		8,360,858
T-Mobile US, Inc.		47,100		7,551,543
Comcast Corp. — Class A		163,547		7,171,536
Booking Holdings, Inc.^*		1,421		5,040,599
PDD Holdings, Inc. ADR^*		27,203		3,980,071
Palo Alto Networks, Inc.^*		12,841		3,786,554
MercadoLibre, Inc.^*		2,059		3,235,801
Airbnb, Inc. — Class A^*		17,706		2,410,495
Charter Communications, Inc. — Class A^*		6,024		2,341,408
DoorDash, Inc. — Class A^*		15,099		1,493,140
Trade Desk, Inc. — Class A^*		18,175		1,307,873
CDW Corp.		5,456		1,240,258
Warner Bros Discovery, Inc.^*		99,317		1,130,228
Sirius XM Holdings, Inc.¹		156,351		855,240
Total Communications				128,809,761
Consumer, Non-cyclical - 10.8%
PepsiCo, Inc.		55,995		9,510,191
Amgen, Inc.		21,797		6,277,972
Intuitive Surgical, Inc.^*		14,339		4,837,405
Vertex Pharmaceuticals, Inc.^*		10,495		4,270,311
Gilead Sciences, Inc.		50,748		4,111,095
Mondelez International, Inc. — Class A		55,426		4,014,505
Automatic Data Processing, Inc.		16,751		3,902,481
Regeneron Pharmaceuticals, Inc.^*		4,363		3,831,979
PayPal Holdings, Inc.^*		43,910		2,696,513
Cintas Corp.		4,148		2,499,834
Monster Beverage Corp.^*		42,375		2,441,224
Dexcom, Inc.^*		15,736		1,952,680
Keurig Dr Pepper, Inc.		56,951		1,897,607
IDEXX Laboratories, Inc.^*		3,382		1,877,179
Kraft Heinz Co.		49,954		1,847,299
AstraZeneca plc ADR		23,716		1,597,273
Moderna, Inc.^*		15,529		1,544,359
Biogen, Inc.^*		5,901		1,527,002
CoStar Group, Inc.^*		16,631		1,453,383
GE HealthCare Technologies, Inc.		18,541		1,433,590
Verisk Analytics, Inc. — Class A		5,905		1,410,468
Coca-Cola Europacific Partners plc		18,604		1,241,631
Illumina, Inc.^*		6,468		900,604
Total Consumer, Non-cyclical				67,076,585
Consumer, Cyclical - 8.4%
Tesla, Inc.^*		75,873		18,852,923
Costco Wholesale Corp.		18,032		11,902,562
Starbucks Corp.		46,294		4,444,687
Marriott International, Inc. — Class A		11,961		2,697,325
Lululemon Athletica, Inc.^*		4,945		2,528,329
O'Reilly Automotive, Inc.^*		2,410		2,289,693
PACCAR, Inc.		21,304		2,080,336
Copart, Inc.^*		39,108		1,916,292
Ross Stores, Inc.		13,792		1,908,675
Fastenal Co.		23,272		1,507,328
Dollar Tree, Inc.^*		8,873		1,260,410
Walgreens Boots Alliance, Inc.		35,185		918,680
Total Consumer, Cyclical				52,307,240
Industrial - 1.7%
Honeywell International, Inc.		26,850		5,630,714
CSX Corp.		80,482		2,790,311
Old Dominion Freight Line, Inc.		4,444		1,801,286
Total Industrial				10,222,311
Utilities - 1.0%
American Electric Power Company, Inc.		21,418		1,739,570
Constellation Energy Corp.		13,008		1,520,505
Exelon Corp.		40,542		1,455,458
Xcel Energy, Inc.		22,474		1,391,365
Total Utilities				6,106,898

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 82.4% (continued)
Energy - 0.4%
Baker Hughes Co.		40,981	$	1,400,731
Diamondback Energy, Inc.		7,290		1,130,533
Total Energy				2,531,264
Total Common Stocks
(Cost $403,412,369)				512,082,318

MUTUAL FUNDS^† - 1.0%
Guggenheim Ultra Short Duration Fund — Institutional Class²		301,467		2,969,453
Guggenheim Strategy Fund II²		115,431		2,828,071
Total Mutual Funds
(Cost $5,770,077)				5,797,524

		Face Amount
U.S. TREASURY BILLS^†† - 7.4%
U.S. Treasury Bills
5.27% due 02/22/24^3,4	$	22,400,000	22,233,483
5.28% due 02/06/24^3,4		15,000,000	14,923,007
5.17% due 01/09/24^4,5		8,940,000	8,930,884
Total U.S. Treasury Bills
(Cost $46,079,887)			46,087,374

FEDERAL AGENCY DISCOUNT NOTES^†† - 2.4%
Federal Home Loan Bank
5.20% due 01/02/24⁴		15,000,000	14,997,795
Total Federal Agency Discount Notes
(Cost $14,997,833)			14,997,795

REPURCHASE AGREEMENTS^††,6 - 3.1%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³		10,632,376	10,632,376
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		8,568,485	8,568,485
Total Repurchase Agreements
(Cost $19,200,861)			19,200,861

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.2%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁸		1,330,988		1,330,988
Total Securities Lending Collateral
(Cost $1,330,988)				1,330,988
Total Investments - 96.5%
(Cost $490,792,015)			$	599,496,860
Other Assets & Liabilities, net - 3.5%				21,723,673
Total Net Assets - 100.0%			$	621,220,533

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

NASDAQ-100 Index Mini Futures Contracts

317

Mar 2024

107,902,045

3,330,853

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

03/21/24

16,880

284,016,802

2,659,347

BNP Paribas

NASDAQ-100 Index

Pay

5.98% (Federal Funds Rate + 0.65%)

At Maturity

03/21/24

1,643

27,651,750

446,631

Barclays Bank plc

NASDAQ-100 Index

Pay

5.90% (SOFR + 0.50%)

At Maturity

03/20/24

18,484

311,016,087

176,519

622,684,639

3,282,497

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	Rate indicated is the effective yield at the time of purchase.

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

⁵	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	512,082,318	$	—	$	—	$	512,082,318
Mutual Funds		5,797,524		—		—		5,797,524
U.S. Treasury Bills		—		46,087,374		—		46,087,374
Federal Agency Discount Notes		—		14,997,795		—		14,997,795
Repurchase Agreements		—		19,200,861		—		19,200,861
Securities Lending Collateral		1,330,988		—		—		1,330,988
Equity Futures Contracts**		3,330,853		—		—		3,330,853
Equity Index Swap Agreements**		—		3,282,497		—		3,282,497
Total Assets	$	522,541,683	$	83,568,527	$	—	$	606,110,210

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	3,393,112	$	–	$	(600,000	)	$	(1,978	)	$	36,937	$	2,828,071		115,431	$	126,840
Guggenheim Ultra Short Duration Fund — Institutional Class		3,524,787		–		(600,000	)		(5,538	)		50,204		2,969,453		301,467		131,632
	$	6,917,899	$	–	$	(1,200,000	)	$	(7,516	)	$	87,141	$	5,797,524			$	258,472

NASDAQ-100^®Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 95.3%
Technology - 45.6%
Apple, Inc.		804,520	$	154,894,236
Microsoft Corp.		384,460		144,572,338
Broadcom, Inc.		62,409		69,664,046
NVIDIA Corp.		127,770		63,274,259
Adobe, Inc.^*		60,832		36,292,371
Advanced Micro Devices, Inc.^*		215,843		31,817,417
Intel Corp.		563,291		28,305,373
Intuit, Inc.		37,402		23,377,372
QUALCOMM, Inc.		148,705		21,507,204
Texas Instruments, Inc.		121,343		20,684,128
Applied Materials, Inc.		111,767		18,114,078
Lam Research Corp.		17,608		13,791,642
Analog Devices, Inc.		66,304		13,165,322
Micron Technology, Inc.		147,467		12,584,834
KLA Corp.		18,162		10,557,571
Synopsys, Inc.^*		20,320		10,462,971
Cadence Design Systems, Inc.^*		36,350		9,900,650
ASML Holding N.V. — Class G		11,729		8,877,915
NXP Semiconductor N.V.		34,439		7,909,949
Roper Technologies, Inc.		14,272		7,780,666
Crowdstrike Holdings, Inc. — Class A^*		30,413		7,765,047
Workday, Inc. — Class A^*		27,924		7,708,699
Autodesk, Inc.^*		28,560		6,953,789
Marvell Technology, Inc.		115,277		6,952,356
Microchip Technology, Inc.		72,288		6,518,932
Fortinet, Inc.^*		102,599		6,005,119
Paychex, Inc.		48,263		5,748,606
Cognizant Technology Solutions Corp. — Class A		66,993		5,059,981
Atlassian Corp. — Class A^*		20,711		4,926,319
Electronic Arts, Inc.		35,958		4,919,414
Datadog, Inc. — Class A^*		40,371		4,900,232
ON Semiconductor Corp.^*		57,545		4,806,734
GLOBALFOUNDRIES, Inc.^*,1		73,184		4,434,950
Zscaler, Inc.^*		19,817		4,390,655
ANSYS, Inc.^*		11,607		4,211,948
MongoDB, Inc.^*		9,532		3,897,158
Take-Two Interactive Software, Inc.^*		22,722		3,657,106
Splunk, Inc.^*		22,513		3,429,856
Total Technology				803,821,243
Communications - 24.0%
Amazon.com, Inc.^*		534,564		81,221,654
Meta Platforms, Inc. — Class A^*		182,662		64,655,041
Alphabet, Inc. — Class A^*		306,130		42,763,300
Alphabet, Inc. — Class C^*		296,146		41,735,856
Netflix, Inc.^*		58,477		28,471,282
Cisco Systems, Inc.		542,912		27,427,914
T-Mobile US, Inc.		154,514		24,773,230
Comcast Corp. — Class A		536,520		23,526,402
Booking Holdings, Inc.^*		4,662		16,537,140
PDD Holdings, Inc. ADR^*		89,240		13,056,704
Palo Alto Networks, Inc.^*		42,127		12,422,410
MercadoLibre, Inc.^*		6,755		10,615,753
Airbnb, Inc. — Class A^*		58,085		7,907,692
Charter Communications, Inc. — Class A^*		19,763		7,681,483
DoorDash, Inc. — Class A^*		49,534		4,898,417
Trade Desk, Inc. — Class A^*		59,624		4,290,543
CDW Corp.		17,898		4,068,573
Warner Bros Discovery, Inc.^*		325,811		3,707,729
Sirius XM Holdings, Inc.¹		512,912		2,805,628
Total Communications				422,566,751
Consumer, Non-cyclical - 12.5%
PepsiCo, Inc.		183,693		31,198,419
Amgen, Inc.		71,504		20,594,582
Intuitive Surgical, Inc.^*		47,039		15,869,077
Vertex Pharmaceuticals, Inc.^*		34,428		14,008,409
Gilead Sciences, Inc.		166,481		13,486,626
Mondelez International, Inc. — Class A		181,826		13,169,657
Automatic Data Processing, Inc.		54,953		12,802,400
Regeneron Pharmaceuticals, Inc.^*		14,313		12,570,965
PayPal Holdings, Inc.^*		144,048		8,845,988
Cintas Corp.		13,609		8,201,600
Monster Beverage Corp.^*		139,011		8,008,424
Dexcom, Inc.^*		51,623		6,405,898
Keurig Dr Pepper, Inc.		186,829		6,225,142
IDEXX Laboratories, Inc.^*		11,096		6,158,835
Kraft Heinz Co.		163,875		6,060,098
AstraZeneca plc ADR		77,800		5,239,830
Moderna, Inc.^*		50,942		5,066,182
Biogen, Inc.^*		19,359		5,009,528
CoStar Group, Inc.^*		54,561		4,768,086
GE HealthCare Technologies, Inc.		60,824		4,702,911
Verisk Analytics, Inc. — Class A		19,371		4,626,957
Coca-Cola Europacific Partners plc		61,031		4,073,209
Illumina, Inc.^*		21,217		2,954,255
Total Consumer, Non-cyclical				220,047,078
Consumer, Cyclical - 9.7%
Tesla, Inc.^*		248,908		61,848,660
Costco Wholesale Corp.		59,154		39,046,372
Starbucks Corp.		151,872		14,581,231
Marriott International, Inc. — Class A		39,239		8,848,787
Lululemon Athletica, Inc.^*		16,223		8,294,658
O'Reilly Automotive, Inc.^*		7,905		7,510,382
PACCAR, Inc.		69,887		6,824,465
Copart, Inc.^*		128,294		6,286,406
Ross Stores, Inc.		45,244		6,261,317
Fastenal Co.		76,345		4,944,866
Dollar Tree, Inc.^*		29,109		4,134,934
Walgreens Boots Alliance, Inc.		115,426		3,013,773
Total Consumer, Cyclical				171,595,851
Industrial - 1.9%
Honeywell International, Inc.		88,081		18,471,466
CSX Corp.		264,027		9,153,816
Old Dominion Freight Line, Inc.		14,578		5,908,901
Total Industrial				33,534,183
Utilities - 1.1%
American Electric Power Company, Inc.		70,261		5,706,598
Constellation Energy Corp.		42,672		4,987,930
Exelon Corp.		132,998		4,774,628

NASDAQ-100^®Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 95.3% (continued)
Utilities - 1.1% (continued)
Xcel Energy, Inc.		73,727	$	4,564,439
Total Utilities				20,033,595
Energy - 0.5%
Baker Hughes Co.		134,441		4,595,194
Diamondback Energy, Inc.		23,914		3,708,583
Total Energy				8,303,777
Total Common Stocks
(Cost $609,727,107)				1,679,902,478
MUTUAL FUNDS^† - 2.9%
Guggenheim Ultra Short Duration Fund — Institutional Class²		2,756,359		27,150,139
Guggenheim Strategy Fund II²		575,584		14,101,819
Guggenheim Strategy Fund III²		370,504		9,095,868
Total Mutual Funds
(Cost $51,083,879)				50,347,826

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 1.4%
Federal Home Loan Bank
5.20% due 01/02/24³	$	20,000,000	19,997,060
Federal Farm Credit Bank
5.25% due 01/08/24³		5,000,000	4,994,896
Total Federal Agency Discount Notes
(Cost $24,992,007)			24,991,956

U.S. TREASURY BILLS^†† - 0.2%
U.S. Treasury Bills
5.27% due 02/22/24^3,4		2,700,000	2,679,929
5.17% due 01/09/24^3,5		999,000	997,981
5.23% due 02/22/24³		500,000	496,283
Total U.S. Treasury Bills
(Cost $4,173,498)			4,174,193

REPURCHASE AGREEMENTS^††,6 - 0.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁴		5,398,900	5,398,900
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁴		4,350,899	4,350,899
Total Repurchase Agreements
(Cost $9,749,799)			9,749,799

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁸		5,549,633		5,549,633
Total Securities Lending Collateral
(Cost $5,549,633)				5,549,633
Total Investments - 100.7%
(Cost $705,275,923)			$	1,774,715,885
Other Assets & Liabilities, net - (0.7)%				(12,170,493	)
Total Net Assets - 100.0%			$	1,762,545,392

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

NASDAQ-100 Index Mini Futures Contracts

106

Mar 2024

36,080,810

644,870

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

03/21/24

1,278

21,508,201

327,777

BNP Paribas

NASDAQ-100 Index

Pay

5.98% (Federal Funds Rate + 0.65%)

At Maturity

03/21/24

486

8,178,354

132,093

Barclays Bank plc

NASDAQ-100 Index

Pay

5.90% (SOFR + 0.50%)

At Maturity

03/20/24

1,033

17,375,001

14,548

47,061,556

474,418

^*	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.

NASDAQ-100^®Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

¹	All or a portion of this security is on loan at December 31, 2023 — 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 December 31, 2023.
⁵	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,679,902,478	$	—	$	—	$	1,679,902,478
Mutual Funds		50,347,826		—		—		50,347,826
Federal Agency Discount Notes		—		24,991,956		—		24,991,956
U.S. Treasury Bills		—		4,174,193		—		4,174,193
Repurchase Agreements		—		9,749,799		—		9,749,799
Securities Lending Collateral		5,549,633		—		—		5,549,633
Equity Futures Contracts**		644,870		—		—		644,870
Equity Index Swap Agreements**		—		474,418		—		474,418
Total Assets	$	1,736,444,807	$	39,390,366	$	—	$	1,775,835,173

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	13,934,899	$	–	$	–		$	–		$	166,920	$	14,101,819		575,584	$	581,868
Guggenheim Strategy Fund III		8,984,717		–		–			–			111,151		9,095,868		370,504		369,831
Guggenheim Ultra Short Duration Fund — Institutional Class		29,758,082		–		(2,999,999	)		(94,832	)		486,888		27,150,139		2,756,359		1,132,207
	$	52,677,698	$	–	$	(2,999,999	)	$	(94,832	)	$	764,959	$	50,347,826			$	2,083,906

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 81.5%
Technology - 22.6%
Apple, Inc.		77,675	$	14,954,768
Microsoft Corp.		39,488		14,849,067
NVIDIA Corp.		13,123		6,498,772
Broadcom, Inc.		2,332		2,603,095
Adobe, Inc.^*		2,419		1,443,175
Salesforce, Inc.^*		5,169		1,360,171
Advanced Micro Devices, Inc.^*		8,584		1,265,367
Accenture plc — Class A		3,335		1,170,285
Intel Corp.		22,400		1,125,600
Intuit, Inc.		1,489		930,670
Oracle Corp.		8,442		890,040
QUALCOMM, Inc.		5,914		855,342
Texas Instruments, Inc.		4,825		822,469
International Business Machines Corp.		4,851		793,381
ServiceNow, Inc.^*		1,089		769,368
Applied Materials, Inc.		4,445		720,401
Lam Research Corp.		700		548,282
Analog Devices, Inc.		2,648		525,787
Micron Technology, Inc.		5,834		497,874
Fiserv, Inc.^*		3,189		423,627
KLA Corp.		722		419,699
Synopsys, Inc.^*		807		415,532
Cadence Design Systems, Inc.^*		1,445		393,575
NXP Semiconductor N.V.		1,370		314,662
Roper Technologies, Inc.		568		309,657
Autodesk, Inc.^*		1,136		276,593
Microchip Technology, Inc.		2,875		259,267
MSCI, Inc. — Class A		420		237,573
Paychex, Inc.		1,708		203,440
Cognizant Technology Solutions Corp. — Class A		2,664		201,212
Fortinet, Inc.^*		3,386		198,183
ON Semiconductor Corp.^*		2,288		191,117
Fidelity National Information Services, Inc.		3,148		189,100
Electronic Arts, Inc.		1,300		177,853
ANSYS, Inc.^*		460		166,925
Monolithic Power Systems, Inc.		255		160,849
Fair Isaac Corp.^*		131		152,485
HP, Inc.		4,620		139,016
Take-Two Interactive Software, Inc.^*		840		135,198
Broadridge Financial Solutions, Inc.		624		128,388
Hewlett Packard Enterprise Co.		6,816		115,736
PTC, Inc.^*		631		110,400
NetApp, Inc.		1,109		97,769
Skyworks Solutions, Inc.		846		95,107
Akamai Technologies, Inc.^*		801		94,798
Tyler Technologies, Inc.^*		223		93,241
EPAM Systems, Inc.^*		306		90,986
Western Digital Corp.^*		1,723		90,233
Seagate Technology Holdings plc		1,034		88,273
Teradyne, Inc.		812		88,118
Leidos Holdings, Inc.		731		79,123
Zebra Technologies Corp. — Class A^*		273		74,619
Jack Henry & Associates, Inc.		387		63,240
Qorvo, Inc.^*		517		58,219
Ceridian HCM Holding, Inc.^*		828		55,575
Paycom Software, Inc.		261		53,954
Total Technology				59,067,256
Consumer, Non-cyclical - 15.5%
UnitedHealth Group, Inc.		4,914		2,587,074
Eli Lilly & Co.		4,237		2,469,832
Johnson & Johnson		12,789		2,004,548
Procter & Gamble Co.		12,522		1,834,974
Merck & Company, Inc.		13,463		1,467,736
AbbVie, Inc.		9,381		1,453,774
PepsiCo, Inc.		7,305		1,240,681
Coca-Cola Co.		20,674		1,218,319
Thermo Fisher Scientific, Inc.		2,053		1,089,712
Abbott Laboratories		9,220		1,014,845
Pfizer, Inc.		30,000		863,700
Amgen, Inc.		2,843		818,841
Danaher Corp.		3,494		808,302
Philip Morris International, Inc.		8,248		775,972
S&P Global, Inc.		1,721		758,135
Intuitive Surgical, Inc.^*		1,871		631,201
Elevance Health, Inc.		1,248		588,507
Medtronic plc		7,068		582,262
Vertex Pharmaceuticals, Inc.^*		1,369		557,032
Bristol-Myers Squibb Co.		10,811		554,712
CVS Health Corp.		6,823		538,744
Stryker Corp.		1,796		537,830
Gilead Sciences, Inc.		6,620		536,286
Mondelez International, Inc. — Class A		7,228		523,524
Automatic Data Processing, Inc.		2,185		509,039
Regeneron Pharmaceuticals, Inc.^*		569		499,747
Zoetis, Inc.		2,439		481,385
Cigna Group		1,555		465,645
Boston Scientific Corp.^*		7,780		449,762
Altria Group, Inc.		9,397		379,075
Becton Dickinson & Co.		1,540		375,498
PayPal Holdings, Inc.^*		5,728		351,756
Colgate-Palmolive Co.		4,375		348,731
McKesson Corp.		707		327,327
Moody's Corp.		836		326,508
Humana, Inc.		653		298,950
HCA Healthcare, Inc.		1,052		284,755
Cintas Corp.		459		276,621
Dexcom, Inc.^*		2,053		254,757
Edwards Lifesciences Corp.^*		3,222		245,677
IDEXX Laboratories, Inc.^*		442		245,332
Monster Beverage Corp.^*		3,925		226,119
IQVIA Holdings, Inc.^*		973		225,133
Kimberly-Clark Corp.		1,796		218,232
Agilent Technologies, Inc.		1,555		216,192
Centene Corp.^*		2,838		210,608
Constellation Brands, Inc. — Class A		858		207,421
United Rentals, Inc.		360		206,431
Archer-Daniels-Midland Co.		2,833		204,599
General Mills, Inc.		3,088		201,153
Biogen, Inc.^*		769		198,994
Kenvue, Inc.		9,157		197,150
Sysco Corp.		2,678		195,842

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 81.5% (continued)
Consumer, Non-cyclical - 15.5% (continued)
CoStar Group, Inc.^*		2,170	$	189,636
Gartner, Inc.^*		414		186,760
Verisk Analytics, Inc. — Class A		771		184,161
Cencora, Inc. — Class A		886		181,967
Estee Lauder Companies, Inc. — Class A		1,234		180,473
Corteva, Inc.		3,744		179,412
Keurig Dr Pepper, Inc.		5,349		178,229
Global Payments, Inc.		1,383		175,641
Moderna, Inc.^*		1,762		175,231
Quanta Services, Inc.		772		166,598
Equifax, Inc.		655		161,975
GE HealthCare Technologies, Inc.		2,080		160,826
Kroger Co.		3,516		160,717
Kraft Heinz Co.		4,235		156,610
Hershey Co.		796		148,406
West Pharmaceutical Services, Inc.		393		138,383
Zimmer Biomet Holdings, Inc.		1,110		135,087
ResMed, Inc.		781		134,348
Cardinal Health, Inc.		1,310		132,048
Church & Dwight Company, Inc.		1,308		123,684
Illumina, Inc.^*		844		117,519
STERIS plc		525		115,421
Molina Healthcare, Inc.^*		309		111,645
FleetCor Technologies, Inc.^*		384		108,522
Baxter International, Inc.		2,695		104,189
Align Technology, Inc.^*		378		103,572
Waters Corp.^*		314		103,378
Laboratory Corporation of America Holdings		451		102,508
Cooper Companies, Inc.		263		99,530
Clorox Co.		659		93,967
Hologic, Inc.^*		1,301		92,956
McCormick & Company, Inc.		1,335		91,341
Avery Dennison Corp.		428		86,525
Lamb Weston Holdings, Inc.		770		83,229
Quest Diagnostics, Inc.		596		82,176
Tyson Foods, Inc. — Class A		1,515		81,431
Insulet Corp.^*		371		80,500
Kellanova		1,401		78,330
Bunge Global S.A.		772		77,933
Conagra Brands, Inc.		2,539		72,768
Revvity, Inc.		656		71,707
J M Smucker Co.		564		71,278
Viatris, Inc.		6,373		69,020
Rollins, Inc.		1,492		65,156
Bio-Techne Corp.		840		64,814
Charles River Laboratories International, Inc.^*		273		64,537
Teleflex, Inc.		249		62,086
Incyte Corp.^*		988		62,037
Molson Coors Beverage Co. — Class B		984		60,231
MarketAxess Holdings, Inc.		201		58,863
Brown-Forman Corp. — Class B		971		55,444
Henry Schein, Inc.^*		693		52,467
Robert Half, Inc.		563		49,499
Universal Health Services, Inc. — Class B		324		49,390
Hormel Foods Corp.		1,538		49,385
Campbell Soup Co.		1,044		45,132
Catalent, Inc.^*		958		43,043
Dentsply Sirona, Inc.		1,126		40,074
Bio-Rad Laboratories, Inc. — Class A^*		111		35,841
DaVita, Inc.^*		286		29,961
Total Consumer, Non-cyclical				40,322,579
Financial - 11.5%
Berkshire Hathaway, Inc. — Class B^*		9,667		3,447,832
JPMorgan Chase & Co.		15,360		2,612,736
Visa, Inc. — Class A		8,468		2,204,644
Mastercard, Inc. — Class A		4,399		1,876,217
Bank of America Corp.		36,580		1,231,649
Wells Fargo & Co.		19,295		949,700
Goldman Sachs Group, Inc.		1,733		668,539
Prologis, Inc. REIT		4,909		654,370
Morgan Stanley		6,714		626,080
BlackRock, Inc. — Class A		743		603,167
American Express Co.		3,058		572,886
Charles Schwab Corp.		7,907		544,002
American Tower Corp. — Class A REIT		2,477		534,735
Citigroup, Inc.		10,168		523,042
Marsh & McLennan Companies, Inc.		2,620		496,411
Progressive Corp.		3,108		495,042
Blackstone, Inc. — Class A		3,775		494,223
Chubb Ltd.		2,168		489,968
CME Group, Inc. — Class A		1,913		402,878
Equinix, Inc. REIT		498		401,084
Intercontinental Exchange, Inc.		3,041		390,556
U.S. Bancorp		8,273		358,055
PNC Financial Services Group, Inc.		2,116		327,663
Aon plc — Class A		1,063		309,354
Crown Castle, Inc. REIT		2,306		265,628
Capital One Financial Corp.		2,023		265,256
Welltower, Inc. REIT		2,941		265,190
Truist Financial Corp.		7,086		261,615
Arthur J Gallagher & Co.		1,147		257,937
Public Storage REIT		841		256,505
American International Group, Inc.		3,730		252,708
Simon Property Group, Inc. REIT		1,733		247,195
Aflac, Inc.		2,825		233,063
Travelers Companies, Inc.		1,214		231,255
Realty Income Corp. REIT		3,846		220,837
MetLife, Inc.		3,303		218,427
Digital Realty Trust, Inc. REIT		1,609		216,539
Bank of New York Mellon Corp.		4,085		212,624
Ameriprise Financial, Inc.		537		203,969
Prudential Financial, Inc.		1,918		198,916
Allstate Corp.		1,390		194,572
Extra Space Storage, Inc. REIT		1,122		179,890
VICI Properties, Inc. REIT		5,496		175,213
CBRE Group, Inc. — Class A^*		1,618		150,619
Discover Financial Services		1,329		149,379
Arch Capital Group Ltd.^*		1,983		147,277

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 81.5% (continued)
Financial - 11.5% (continued)
SBA Communications Corp. REIT		573	$	145,364
AvalonBay Communities, Inc. REIT		755		141,351
Weyerhaeuser Co. REIT		3,878		134,838
Willis Towers Watson plc		549		132,419
Hartford Financial Services Group, Inc.		1,598		128,447
T. Rowe Price Group, Inc.		1,187		127,828
State Street Corp.		1,640		127,034
Fifth Third Bancorp		3,618		124,785
M&T Bank Corp.		881		120,767
Equity Residential REIT		1,836		112,290
Raymond James Financial, Inc.		998		111,277
Iron Mountain, Inc. REIT		1,551		108,539
Ventas, Inc. REIT		2,138		106,558
Alexandria Real Estate Equities, Inc. REIT		831		105,346
Nasdaq, Inc.		1,808		105,117
Invitation Homes, Inc. REIT		3,056		104,240
Cboe Global Markets, Inc.		561		100,172
Huntington Bancshares, Inc.		7,694		97,868
Regions Financial Corp.		4,942		95,776
Northern Trust Corp.		1,100		92,818
Principal Financial Group, Inc.		1,165		91,651
Brown & Brown, Inc.		1,255		89,243
Cincinnati Financial Corp.		834		86,286
Essex Property Trust, Inc. REIT		341		84,548
Synchrony Financial		2,199		83,980
Mid-America Apartment Communities, Inc. REIT		619		83,231
Citizens Financial Group, Inc.		2,477		82,088
Everest Group Ltd.		231		81,677
W R Berkley Corp.		1,082		76,519
Kimco Realty Corp. REIT		3,533		75,288
Host Hotels & Resorts, Inc. REIT		3,748		72,974
KeyCorp		4,974		71,626
Loews Corp.		973		67,711
UDR, Inc. REIT		1,607		61,532
Regency Centers Corp. REIT		873		58,491
Healthpeak Properties, Inc. REIT		2,906		57,539
Camden Property Trust REIT		567		56,297
Globe Life, Inc.		455		55,383
Boston Properties, Inc. REIT		767		53,820
Assurant, Inc.		279		47,009
Franklin Resources, Inc.		1,498		44,625
Invesco Ltd.		2,389		42,620
Federal Realty Investment Trust REIT		390		40,190
Comerica, Inc.		701		39,123
Zions Bancorp North America		787		34,526
Total Financial				29,980,258
Communications - 11.5%
Amazon.com, Inc.^*		48,317		7,341,285
Alphabet, Inc. — Class A^*		31,442		4,392,133
Meta Platforms, Inc. — Class A^*		11,792		4,173,896
Alphabet, Inc. — Class C^*		26,463		3,729,431
Netflix, Inc.^*		2,325		1,131,996
Cisco Systems, Inc.		21,520		1,087,190
Comcast Corp. — Class A		21,335		935,540
Walt Disney Co.		9,722		877,800
Verizon Communications, Inc.		22,337		842,105
Uber Technologies, Inc.^*		10,933		673,145
Booking Holdings, Inc.^*		185		656,236
AT&T, Inc.		37,988		637,439
Palo Alto Networks, Inc.^*		1,651		486,847
T-Mobile US, Inc.		2,703		433,372
Arista Networks, Inc.^*		1,339		315,348
Airbnb, Inc. — Class A^*		2,309		314,347
Motorola Solutions, Inc.		881		275,832
Charter Communications, Inc. — Class A^*		534		207,555
CDW Corp.		711		161,624
Warner Bros Discovery, Inc.^*		11,790		134,170
Corning, Inc.		4,080		124,236
eBay, Inc.		2,758		120,304
Expedia Group, Inc.^*		708		107,467
VeriSign, Inc.^*		472		97,213
FactSet Research Systems, Inc.		202		96,364
Omnicom Group, Inc.		1,051		90,922
Gen Digital, Inc.		2,995		68,346
Interpublic Group of Companies, Inc.		2,035		66,422
F5, Inc.^*		317		56,737
Match Group, Inc.^*		1,444		52,706
Etsy, Inc.^*		636		51,548
Juniper Networks, Inc.		1,693		49,910
News Corp. — Class A		2,022		49,640
Fox Corp. — Class A		1,314		38,986
Paramount Global — Class B		2,562		37,892
Fox Corp. — Class B		701		19,383
News Corp. — Class B		610		15,689
Total Communications				29,951,056
Consumer, Cyclical - 7.4%
Tesla, Inc.^*		14,694		3,651,165
Home Depot, Inc.		5,313		1,841,220
Costco Wholesale Corp.		2,352		1,552,508
Walmart, Inc.		7,579		1,194,829
McDonald's Corp.		3,854		1,142,750
NIKE, Inc. — Class B		6,503		706,031
Lowe's Companies, Inc.		3,066		682,338
Starbucks Corp.		6,071		582,877
TJX Companies, Inc.		6,078		570,177
Target Corp.		2,453		349,356
Chipotle Mexican Grill, Inc. — Class A^*		146		333,896
Lululemon Athletica, Inc.^*		612		312,909
O'Reilly Automotive, Inc.^*		314		298,325
Marriott International, Inc. — Class A		1,311		295,644
PACCAR, Inc.		2,779		271,370
General Motors Co.		7,275		261,318
Ford Motor Co.		20,891		254,661
Ross Stores, Inc.		1,799		248,964
Hilton Worldwide Holdings, Inc.		1,362		248,006
DR Horton, Inc.		1,601		243,320
AutoZone, Inc.^*		93		240,462
Copart, Inc.^*		4,642		227,458
Lennar Corp. — Class A		1,329		198,074
Fastenal Co.		3,036		196,642
WW Grainger, Inc.		235		194,742
Yum! Brands, Inc.		1,489		194,553

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 81.5% (continued)
Consumer, Cyclical - 7.4% (continued)
Cummins, Inc.		753	$	180,396
Royal Caribbean Cruises Ltd.^*		1,252		162,121
Dollar General Corp.		1,166		158,518
Dollar Tree, Inc.^*		1,110		157,675
Delta Air Lines, Inc.		3,419		137,547
Aptiv plc^*		1,503		134,849
Ulta Beauty, Inc.^*		261		127,887
Tractor Supply Co.		574		123,427
NVR, Inc.^*		17		119,008
PulteGroup, Inc.		1,145		118,187
Darden Restaurants, Inc.		639		104,988
Genuine Parts Co.		745		103,183
Walgreens Boots Alliance, Inc.		3,810		99,479
Carnival Corp.^*		5,353		99,245
Las Vegas Sands Corp.		1,961		96,501
Southwest Airlines Co.		3,167		91,463
Pool Corp.		206		82,134
Best Buy Company, Inc.		1,029		80,550
Domino's Pizza, Inc.		185		76,263
United Airlines Holdings, Inc.^*		1,743		71,916
Live Nation Entertainment, Inc.^*		753		70,481
LKQ Corp.		1,422		67,957
MGM Resorts International^*		1,451		64,831
CarMax, Inc.^*		843		64,692
Caesars Entertainment, Inc.^*		1,146		53,724
Bath & Body Works, Inc.		1,208		52,137
American Airlines Group, Inc.^*		3,472		47,705
Wynn Resorts Ltd.		510		46,466
Norwegian Cruise Line Holdings Ltd.^*		2,260		45,290
Tapestry, Inc.		1,218		44,835
BorgWarner, Inc.		1,249		44,777
Whirlpool Corp.		291		35,435
Hasbro, Inc.		693		35,385
VF Corp.		1,756		33,013
Ralph Lauren Corp. — Class A		211		30,426
Total Consumer, Cyclical				19,356,086
Industrial - 6.3%
Caterpillar, Inc.		2,710		801,266
Union Pacific Corp.		3,239		795,563
Boeing Co.^*		3,021		787,454
General Electric Co.		5,783		738,084
Honeywell International, Inc.		3,502		734,404
RTX Corp.		7,639		642,746
United Parcel Service, Inc. — Class B		3,843		604,235
Deere & Co.		1,423		569,015
Lockheed Martin Corp.		1,173		531,651
Eaton Corporation plc		2,122		511,020
Illinois Tool Works, Inc.		1,455		381,123
CSX Corp.		10,499		364,000
Northrop Grumman Corp.		753		352,509
Waste Management, Inc.		1,947		348,708
3M Co.		2,934		320,745
Amphenol Corp. — Class A		3,179		315,134
Parker-Hannifin Corp.		683		314,658
General Dynamics Corp.		1,203		312,383
FedEx Corp.		1,229		310,900
TransDigm Group, Inc.		294		297,410
Trane Technologies plc		1,214		296,095
Emerson Electric Co.		3,029		294,813
Norfolk Southern Corp.		1,201		283,892
Carrier Global Corp.		4,458		256,112
TE Connectivity Ltd.		1,651		231,966
L3Harris Technologies, Inc.		1,006		211,884
Johnson Controls International plc		3,615		208,369
AMETEK, Inc.		1,226		202,155
Otis Worldwide Corp.		2,174		194,508
Old Dominion Freight Line, Inc.		475		192,532
Rockwell Automation, Inc.		609		189,082
Republic Services, Inc. — Class A		1,086		179,092
Ingersoll Rand, Inc.		2,150		166,281
Martin Marietta Materials, Inc.		328		163,642
Vulcan Materials Co.		706		160,269
Keysight Technologies, Inc.^*		943		150,022
Xylem, Inc.		1,281		146,495
Mettler-Toledo International, Inc.^*		115		139,490
Fortive Corp.		1,867		137,467
Westinghouse Air Brake Technologies Corp.		952		120,809
Dover Corp.		743		114,281
Howmet Aerospace, Inc.		2,078		112,461
Teledyne Technologies, Inc.^*		251		112,019
Builders FirstSource, Inc.^*		655		109,346
Garmin Ltd.		812		104,375
Expeditors International of Washington, Inc.		772		98,198
Axon Enterprise, Inc.^*		374		96,615
Ball Corp.		1,674		96,289
Veralto Corp.		1,166		95,908
Hubbell, Inc.		285		93,745
IDEX Corp.		402		87,278
Jacobs Solutions, Inc.		669		86,836
Jabil, Inc.		680		86,632
J.B. Hunt Transport Services, Inc.		433		86,488
Textron, Inc.		1,041		83,717
Snap-on, Inc.		279		80,586
Masco Corp.		1,193		79,907
Stanley Black & Decker, Inc.		814		79,854
Packaging Corporation of America		476		77,545
Nordson Corp.		288		76,078
Amcor plc		7,679		74,026
Trimble, Inc.^*		1,322		70,330
Pentair plc		878		63,839
Allegion plc		466		59,038
Westrock Co.		1,362		56,550
Huntington Ingalls Industries, Inc.		211		54,784
A O Smith Corp.		652		53,751
CH Robinson Worldwide, Inc.		620		53,562
Generac Holdings, Inc.^*		326		42,132
Mohawk Industries, Inc.^*		281		29,083
Total Industrial				16,373,236
Energy - 3.2%
Exxon Mobil Corp.		21,282		2,127,774
Chevron Corp.		9,328		1,391,365
ConocoPhillips		6,309		732,286

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 81.5% (continued)
Energy - 3.2% (continued)
Schlumberger N.V.		7,589	$	394,932
EOG Resources, Inc.		3,098		374,703
Phillips 66		2,337		311,148
Marathon Petroleum Corp.		2,016		299,094
Pioneer Natural Resources Co.		1,239		278,626
Valero Energy Corp.		1,808		235,040
Williams Companies, Inc.		6,463		225,106
ONEOK, Inc.		3,095		217,331
Hess Corp.		1,469		211,771
Occidental Petroleum Corp.		3,508		209,463
Baker Hughes Co.		5,346		182,726
Kinder Morgan, Inc.		10,274		181,234
Halliburton Co.		4,755		171,893
Devon Energy Corp.		3,403		154,156
Diamondback Energy, Inc.		951		147,481
Targa Resources Corp.		1,185		102,941
Coterra Energy, Inc. — Class A		3,996		101,978
First Solar, Inc.^*		568		97,855
Enphase Energy, Inc.^*		725		95,802
Equities Corp.		2,185		84,472
Marathon Oil Corp.		3,109		75,113
APA Corp.		1,630		58,484
Total Energy				8,462,774
Utilities - 1.9%
NextEra Energy, Inc.		10,901		662,127
Southern Co.		5,795		406,345
Duke Energy Corp.		4,095		397,379
Sempra		3,343		249,822
American Electric Power Company, Inc.		2,794		226,929
Dominion Energy, Inc.		4,446		208,962
PG&E Corp.		11,336		204,388
Constellation Energy Corp.		1,697		198,362
Exelon Corp.		5,288		189,839
Xcel Energy, Inc.		2,932		181,520
Consolidated Edison, Inc.		1,834		166,839
Public Service Enterprise Group, Inc.		2,648		161,925
Edison International		2,036		145,554
WEC Energy Group, Inc.		1,676		141,069
American Water Works Company, Inc.		1,034		136,478
DTE Energy Co.		1,095		120,735
Eversource Energy		1,856		114,552
Entergy Corp.		1,124		113,738
PPL Corp.		3,916		106,124
Ameren Corp.		1,397		101,059
FirstEnergy Corp.		2,743		100,558
CenterPoint Energy, Inc.		3,353		95,795
Atmos Energy Corp.		788		91,329
CMS Energy Corp.		1,550		90,009
Alliant Energy Corp.		1,356		69,563
AES Corp.		3,558		68,491
Evergy, Inc.		1,221		63,736
NRG Energy, Inc.		1,200		62,040
NiSource, Inc.		2,196		58,304
Pinnacle West Capital Corp.		602		43,248
Total Utilities				4,976,819
Basic Materials - 1.6%
Linde plc		2,575		1,057,578
Sherwin-Williams Co.		1,251		390,187
Freeport-McMoRan, Inc.		7,619		324,341
Air Products and Chemicals, Inc.		1,180		323,084
Ecolab, Inc.		1,348		267,376
Newmont Corp.		6,123		253,431
Nucor Corp.		1,306		227,296
Dow, Inc.		3,727		204,389
PPG Industries, Inc.		1,253		187,386
DuPont de Nemours, Inc.		2,284		175,708
LyondellBasell Industries N.V. — Class A		1,361		129,404
International Flavors & Fragrances, Inc.		1,356		109,795
Steel Dynamics, Inc.		808		95,425
Albemarle Corp.		624		90,156
Celanese Corp. — Class A		532		82,657
CF Industries Holdings, Inc.		1,015		80,692
International Paper Co.		1,838		66,443
Mosaic Co.		1,736		62,027
Eastman Chemical Co.		630		56,587
FMC Corp.		662		41,739
Total Basic Materials				4,225,701
Total Common Stocks
(Cost $193,842,606)				212,715,765

MUTUAL FUNDS^† - 6.6%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		733,906		7,228,976
Guggenheim Strategy Fund II¹		225,195		5,517,274
Guggenheim Strategy Fund III¹		184,563		4,531,013
Total Mutual Funds
(Cost $17,418,465)				17,277,263

		Face Amount
U.S. TREASURY BILLS^†† - 5.4%
U.S. Treasury Bills
5.24% due 02/22/24²	$	4,300,000	4,268,035
5.27% due 02/22/24^2,3		2,900,000	2,878,442
5.23% due 02/22/24²		2,900,000	2,878,442
5.22% due 02/22/24²		2,600,000	2,580,672
5.17% due 01/09/24^2,4		1,354,000	1,352,619
Total U.S. Treasury Bills
(Cost $13,956,264)			13,958,210

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 1.9%
Federal Farm Credit Bank
5.25% due 01/08/24²	$	5,000,000	$	4,994,896
Total Federal Agency Discount Notes
(Cost $4,994,896)				4,994,896

REPURCHASE AGREEMENTS^††,5 - 5.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³		7,844,322		7,844,322
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		6,321,631	$	6,321,631
Total Repurchase Agreements
(Cost $14,165,953)				14,165,953
Total Investments - 100.8%
(Cost $244,378,184)			$	263,112,087
Other Assets & Liabilities, net - (0.8)%				(2,010,545	)
Total Net Assets - 100.0%			$	261,101,542

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

S&P 500 Index Mini Futures Contracts

Mar 2024

1,445,700

10,504

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P 500 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

03/21/24

13,445

64,132,396

721,136

Barclays Bank plc

S&P 500 Index

Pay

5.85% (SOFR + 0.45%)

At Maturity

03/20/24

23,291

111,095,829

75,847

BNP Paribas

S&P 500 Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

03/21/24

493

2,351,342

35,240

177,579,567

832,223

^*	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	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁵	Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	212,715,765	$	—	$	—	$	212,715,765
Mutual Funds		17,277,263		—		—		17,277,263
U.S. Treasury Bills		—		13,958,210		—		13,958,210
Federal Agency Discount Notes		—		4,994,896		—		4,994,896
Repurchase Agreements		—		14,165,953		—		14,165,953
Equity Futures Contracts**		10,504		—		—		10,504
Equity Index Swap Agreements**		—		832,223		—		832,223
Total Assets	$	230,003,532	$	33,951,282	$	—	$	263,954,814

**	This derivative is reported as unrealized appreciation/depreciation at period end.

Nova Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,950,321	$	–	$	(500,000	)	$	(10,498	)	$	77,451	$	5,517,274		225,195	$	240,400
Guggenheim Strategy Fund III		4,475,644		–		–			–			55,369		4,531,013		184,563		184,227
Guggenheim Ultra Short Duration Fund — Institutional Class		7,623,159		–		(500,000	)		(9,212	)		115,029		7,228,976		733,906		308,424
	$	18,049,124	$	–	$	(1,000,000	)	$	(19,710	)	$	247,849	$	17,277,263			$	733,051

Precious Metals Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Mining - 99.5%
Freeport-McMoRan, Inc.		153,400	$	6,530,238
Newmont Corp.		132,230		5,473,000
Barrick Gold Corp.		246,209		4,453,921
Agnico Eagle Mines Ltd.		75,053		4,116,657
Wheaton Precious Metals Corp.		75,113		3,706,075
Franco-Nevada Corp.		21,525		2,385,185
Royal Gold, Inc.		18,001		2,177,401
Gold Fields Ltd. ADR		147,935		2,139,140
Kinross Gold Corp.		353,080		2,136,134
Anglogold Ashanti plc		111,158		2,077,543
Pan American Silver Corp.		119,962		1,958,979
Alamos Gold, Inc. — Class A		129,061		1,738,452
Sibanye Stillwater Ltd. ADR		266,370		1,446,389
B2Gold Corp.		457,610		1,446,048
Hecla Mining Co.		268,366		1,290,840
Osisko Gold Royalties Ltd.		89,312		1,275,375
Eldorado Gold Corp.^*		96,812		1,255,652
SSR Mining, Inc.		102,218		1,099,866
Harmony Gold Mining Company Ltd. ADR		166,317		1,022,850
First Majestic Silver Corp.		165,979		1,020,771
Sandstorm Gold Ltd.		189,026		950,801
Equinox Gold Corp.^*		178,951		875,070
Fortuna Silver Mines, Inc.^*		219,829		848,540
Seabridge Gold, Inc.^*		61,547		746,565
SilverCrest Metals, Inc.^*		112,577		737,379
MAG Silver Corp.^*		70,607		735,019
Coeur Mining, Inc.^*		224,215		730,941
Novagold Resources, Inc.^*		188,595		705,345
IAMGOLD Corp.^*		236,385		598,054
Gatos Silver, Inc.^*		69,396		453,850
Silvercorp Metals, Inc.		151,960		399,655
Endeavour Silver Corp.^*		144,138		283,952
Total Mining				56,815,687
Total Common Stocks
(Cost $42,549,603)				56,815,687

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	490,563		490,563
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		395,338		395,338
Total Repurchase Agreements
(Cost $885,901)				885,901
Total Investments - 101.1%
(Cost $43,435,504)			$	57,701,588
Other Assets & Liabilities, net - (1.1)%				(600,999	)
Total Net Assets - 100.0%			$	57,100,589

^*	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 December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	56,815,687	$	—	$	—	$	56,815,687
Repurchase Agreements		—		885,901		—		885,901
Total Assets	$	56,815,687	$	885,901	$	—	$	57,701,588

Real Estate Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.4%
REITS - 91.3%
REITs-Diversified - 23.5%
American Tower Corp. — Class A		427	$	92,181
Equinix, Inc.		98		78,928
Crown Castle, Inc.		547		63,009
Digital Realty Trust, Inc.		439		59,081
VICI Properties, Inc.		1,688		53,813
Weyerhaeuser Co.		1,393		48,435
SBA Communications Corp.		187		47,440
WP Carey, Inc.		525		34,025
Gaming and Leisure Properties, Inc.		681		33,607
Lamar Advertising Co. — Class A		284		30,184
National Storage Affiliates Trust		492		20,403
Vornado Realty Trust		718		20,283
PotlatchDeltic Corp.		377		18,511
EPR Properties		367		17,781
Outfront Media, Inc.		985		13,751
Uniti Group, Inc.		1,754		10,138
Total REITs-Diversified				641,570
REITs-Apartments - 12.5%
AvalonBay Communities, Inc.		257		48,116
Equity Residential		721		44,096
Invitation Homes, Inc.		1,252		42,706
Essex Property Trust, Inc.		152		37,687
Mid-America Apartment Communities, Inc.		275		36,976
UDR, Inc.		883		33,810
American Homes 4 Rent — Class A		872		31,357
Camden Property Trust		306		30,383
Apartment Income REIT Corp.		611		21,220
Independence Realty Trust, Inc.		1,142		17,473
Total REITs-Apartments				343,824
REITs-Warehouse/Industries - 9.7%
Prologis, Inc.		797		106,240
Rexford Industrial Realty, Inc.		578		32,426
Americold Realty Trust, Inc.		911		27,576
EastGroup Properties, Inc.		148		27,164
STAG Industrial, Inc.		652		25,598
First Industrial Realty Trust, Inc.		470		24,755
Terreno Realty Corp.		341		21,370
Total REITs-Warehouse/Industries				265,129
REITs-Health Care - 9.0%
Welltower, Inc.		727		65,554
Ventas, Inc.		850		42,364
Healthpeak Properties, Inc.		1,561		30,908
Omega Healthcare Investors, Inc.		814		24,957
Healthcare Realty Trust, Inc.		1,423		24,518
Physicians Realty Trust		1,248		16,611
Sabra Health Care REIT, Inc.		1,142		16,296
CareTrust REIT, Inc.		650		14,547
Medical Properties Trust, Inc.¹		2,676		13,139
Total REITs-Health Care				248,894
REITs-Storage - 7.1%
Public Storage		217		66,185
Extra Space Storage, Inc.		352		56,436
Iron Mountain, Inc.		607		42,478
CubeSmart		665		30,823
Total REITs-Storage				195,922
REITs-Office Property - 7.1%
Alexandria Real Estate Equities, Inc.		339		42,975
Boston Properties, Inc.		426		29,892
Kilroy Realty Corp.		494		19,681
Cousins Properties, Inc.		750		18,262
SL Green Realty Corp.		356		16,081
LXP Industrial Trust		1,598		15,852
Highwoods Properties, Inc.		637		14,626
Douglas Emmett, Inc.		970		14,065
JBG SMITH Properties		711		12,094
Hudson Pacific Properties, Inc.		1,204		11,209
Total REITs-Office Property				194,737
REITs-Shopping Centers - 6.7%
Kimco Realty Corp.		1,584		33,755
Regency Centers Corp.		495		33,165
Federal Realty Investment Trust		260		26,793
Brixmor Property Group, Inc.		1,047		24,364
Kite Realty Group Trust		908		20,757
Phillips Edison & Company, Inc.		559		20,392
SITE Centers Corp.		1,081		14,734
Retail Opportunity Investments Corp.		866		12,150
Total REITs-Shopping Centers				186,110
REITs-Single Tenant - 5.4%
Realty Income Corp.		1,040		59,717
NNN REIT, Inc.		603		25,989
Agree Realty Corp.		367		23,103
Spirit Realty Capital, Inc.		524		22,894
Essential Properties Realty Trust, Inc.		722		18,454
Total REITs-Single Tenant				150,157
REITs-Hotels - 4.4%
Host Hotels & Resorts, Inc.		1,803		35,104
Ryman Hospitality Properties, Inc.		215		23,663
Apple Hospitality REIT, Inc.		1,001		16,627
Park Hotels & Resorts, Inc.		1,038		15,881
Sunstone Hotel Investors, Inc.		1,287		13,810
Pebblebrook Hotel Trust		863		13,791
Total REITs-Hotels				118,876
REITs-Regional Malls - 2.9%
Simon Property Group, Inc.		447		63,760
Tanger, Inc.		567		15,717
Total REITs-Regional Malls				79,477
REITs-Manufactured Homes - 2.5%
Sun Communities, Inc.		280		37,422
Equity LifeStyle Properties, Inc.		441		31,108
Total REITs-Manufactured Homes				68,530
Specialized Reit's - 0.5%
DiamondRock Hospitality Co.		1,416		13,296
Total REITS				2,506,522

Real Estate Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Real Estate - 3.9%
Real Estate Management/Services - 3.9%
CBRE Group, Inc. — Class A^*	549	$	51,106
Jones Lang LaSalle, Inc.^*	110		20,776
Cushman & Wakefield plc^*	1,321		14,267
Redfin Corp.^*	1,098		11,331
eXp World Holdings, Inc.	569		8,831
Total Real Estate Management/Services			106,311
Total Real Estate			106,311
Commercial Services - 2.0%
Research & Consulting Services - 2.0%
CoStar Group, Inc.^*	643		56,191
Internet - 1.6%
E-Commerce/Services - 1.6%
Zillow Group, Inc. — Class C^*	599		34,658
Opendoor Technologies, Inc.^*	2,114		9,471
Total E-Commerce/Services			44,129
Total Internet			44,129
Telecommunications - 0.6%
Telecom Services - 0.6%
DigitalBridge Group, Inc.	898		15,751
Total Common Stocks
(Cost $2,039,399)			2,728,904

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	7,407	7,407
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		5,970	5,970
Total Repurchase Agreements
(Cost $13,377)			13,377

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴	10,674		10,674
Total Securities Lending Collateral
(Cost $10,674)			10,674
Total Investments - 100.3%
(Cost $2,063,450)		$	2,752,955
Other Assets & Liabilities, net - (0.3)%			(8,536	)
Total Net Assets - 100.0%		$	2,744,419

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,728,904	$	—	$	—	$	2,728,904
Repurchase Agreements		—		13,377		—		13,377
Securities Lending Collateral		10,674		—		—		10,674
Total Assets	$	2,739,578	$	13,377	$	—	$	2,752,955

Retailing Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Retail - 68.0%
Home Depot, Inc.		913	$	316,400
Costco Wholesale Corp.		417		275,253
Walmart, Inc.		1,657		261,226
Lowe's Companies, Inc.		1,156		257,268
TJX Companies, Inc.		2,486		233,212
Target Corp.		1,273		181,301
O'Reilly Automotive, Inc.^*		172		163,414
Ross Stores, Inc.		1,097		151,814
Dollar Tree, Inc.^*		899		127,703
Dollar General Corp.		908		123,443
AutoZone, Inc.^*		47		121,524
Tractor Supply Co.		502		107,945
Ulta Beauty, Inc.^*		220		107,798
Walgreens Boots Alliance, Inc.		3,771		98,461
Genuine Parts Co.		703		97,365
Best Buy Company, Inc.		1,118		87,517
CarMax, Inc.^*		1,065		81,728
Burlington Stores, Inc.^*		420		81,682
Williams-Sonoma, Inc.		393		79,299
Five Below, Inc.^*		368		78,443
Dick's Sporting Goods, Inc.		531		78,030
Floor & Decor Holdings, Inc. — Class A^*		697		77,757
Bath & Body Works, Inc.		1,729		74,624
BJ's Wholesale Club Holdings, Inc.^*		1,000		66,660
Murphy USA, Inc.		162		57,763
Macy's, Inc.		2,758		55,491
AutoNation, Inc.^*		353		53,013
Academy Sports & Outdoors, Inc.		800		52,800
GameStop Corp. — Class A^*		2,909		50,995
Ollie's Bargain Outlet Holdings, Inc.^*		656		49,784
Kohl's Corp.		1,715		49,186
Signet Jewelers Ltd.		458		49,125
Abercrombie & Fitch Co. — Class A^*		552		48,697
RH^*		162		47,220
Gap, Inc.		2,227		46,566
Lithia Motors, Inc. — Class A		135		44,453
American Eagle Outfitters, Inc.		2,080		44,013
Advance Auto Parts, Inc.		709		43,270
Carvana Co.^*		770		40,764
Foot Locker, Inc.		1,261		39,280
Boot Barn Holdings, Inc.^*		438		33,621
Nordstrom, Inc.		1,709		31,531
Victoria's Secret & Co.^*		1,176		31,211
National Vision Holdings, Inc.^*		1,363		28,528
Leslie's, Inc.^*		3,900		26,949
Petco Health & Wellness Company, Inc.^*		2,597		8,206
Total Retail				4,262,333
Internet - 25.9%
Amazon.com, Inc.^*		4,352		661,243
PDD Holdings, Inc. ADR^*		1,014		148,358
Alibaba Group Holding Ltd. ADR		1,758		136,262
MercadoLibre, Inc.^*		82		128,866
JD.com, Inc. ADR		3,998		115,502
eBay, Inc.		2,461		107,349
Coupang, Inc.^*		5,856		94,809
Chewy, Inc. — Class A^*		3,098		73,206
Etsy, Inc.^*		856		69,379
Wayfair, Inc. — Class A^*		1,018		62,811
Beyond, Inc.^*		956		26,472
Total Internet				1,624,257
Distribution & Wholesale - 2.7%
Pool Corp.		226		90,108
LKQ Corp.		1,690		80,765
Total Distribution & Wholesale				170,873
Software - 1.5%
Global-e Online Ltd^*		2,351		93,170
Chemicals - 0.8%
Valvoline, Inc.^*		1,335		50,169
Apparel - 0.6%
Urban Outfitters, Inc.^*		953		34,013
Total Common Stocks
(Cost $3,562,047)				6,234,815

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	14,532		14,532
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		11,711		11,711
Total Repurchase Agreements
(Cost $26,243)				26,243
Total Investments - 99.9%
(Cost $3,588,290)			$	6,261,058
Other Assets & Liabilities, net - 0.1%				4,707
Total Net Assets - 100.0%			$	6,265,765

^*	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

See Sector Classification in Other Information section.

Retailing Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,234,815	$	—	$	—	$	6,234,815
Repurchase Agreements		—		26,243		—		26,243
Total Assets	$	6,234,815	$	26,243	$	—	$	6,261,058

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 56.0%
Consumer, Non-cyclical - 13.0%
Cytokinetics, Inc.^*		143	$	11,939
elf Beauty, Inc.^*		82		11,836
BellRing Brands, Inc.^*		202		11,197
API Group Corp.^*		315		10,899
ImmunoGen, Inc.^*		360		10,674
Intra-Cellular Therapies, Inc.^*		141		10,098
Ensign Group, Inc.		82		9,201
Vaxcyte, Inc.^*		141		8,855
Option Care Health, Inc.^*		256		8,625
HealthEquity, Inc.^*		127		8,420
Blueprint Medicines Corp.^*		91		8,394
StoneCo Ltd. — Class A^*		438		7,897
Marathon Digital Holdings, Inc.^*		323		7,587
Sprouts Farmers Market, Inc.^*		156		7,505
Halozyme Therapeutics, Inc.^*		195		7,207
Bridgebio Pharma, Inc.^*		176		7,105
Alkermes plc^*		249		6,907
Neogen Corp.^*		328		6,596
Insmed, Inc.^*		210		6,508
Coca-Cola Consolidated, Inc.		7		6,499
Merit Medical Systems, Inc.^*		85		6,457
Insperity, Inc.		55		6,447
Haemonetics Corp.^*		75		6,413
Herc Holdings, Inc.		43		6,402
Lantheus Holdings, Inc.^*		103		6,386
REVOLUTION Medicines, Inc.^*		218		6,252
Brink's Co.		71		6,244
Amicus Therapeutics, Inc.^*		421		5,974
ACADIA Pharmaceuticals, Inc.^*		187		5,855
TriNet Group, Inc.^*		49		5,828
Glaukos Corp.^*		70		5,564
Simply Good Foods Co.^*		140		5,544
Alight, Inc. — Class A^*		629		5,365
Inari Medical, Inc.^*		80		5,194
Integer Holdings Corp.^*		52		5,152
Madrigal Pharmaceuticals, Inc.^*		22		5,090
Marqeta, Inc. — Class A^*		729		5,088
CONMED Corp.		46		5,037
iRhythm Technologies, Inc.^*		47		5,031
WD-40 Co.		21		5,021
Lancaster Colony Corp.		30		4,992
Korn Ferry		80		4,748
Axonics, Inc.^*		76		4,729
Alarm.com Holdings, Inc.^*		73		4,717
Prestige Consumer Healthcare, Inc.^*		76		4,653
Arrowhead Pharmaceuticals, Inc.^*		152		4,651
CBIZ, Inc.^*		74		4,632
Guardant Health, Inc.^*		170		4,598
ABM Industries, Inc.		102		4,573
Progyny, Inc.^*		121		4,499
Cerevel Therapeutics Holdings, Inc.^*		106		4,494
Riot Platforms, Inc.^*		289		4,471
Helen of Troy Ltd.^*		37		4,470
Biohaven Ltd.^*		104		4,451
AMN Healthcare Services, Inc.^*		58		4,343
LivaNova plc^*		83		4,294
Axsome Therapeutics, Inc.^*		53		4,218
Inter Parfums, Inc.		29		4,176
Intellia Therapeutics, Inc.^*		136		4,147
EVERTEC, Inc.		100		4,094
Krystal Biotech, Inc.^*		33		4,094
Cymabay Therapeutics, Inc.^*		172		4,063
Corcept Therapeutics, Inc.^*		123		3,995
Coursera, Inc.^*		200		3,874
TransMedics Group, Inc.^*		49		3,868
Denali Therapeutics, Inc.^*		180		3,863
Stride, Inc.^*		65		3,859
J & J Snack Foods Corp.		23		3,844
Remitly Global, Inc.^*		197		3,826
Pacific Biosciences of California, Inc.^*		386		3,787
Select Medical Holdings Corp.		160		3,760
ICF International, Inc.		28		3,755
LiveRamp Holdings, Inc.^*		99		3,750
Flywire Corp.^*		161		3,727
SpringWorks Therapeutics, Inc.^*		102		3,723
Surgery Partners, Inc.^*		115		3,679
Patterson Companies, Inc.		129		3,670
Amphastar Pharmaceuticals, Inc.^*		59		3,649
Rhythm Pharmaceuticals, Inc.^*		79		3,632
Primo Water Corp.		241		3,627
TG Therapeutics, Inc.^*		209		3,570
Cal-Maine Foods, Inc.		62		3,558
Adtalem Global Education, Inc.^*		60		3,537
Immunovant, Inc.^*		83		3,497
Graham Holdings Co. — Class B		5		3,483
Crinetics Pharmaceuticals, Inc.^*		97		3,451
TreeHouse Foods, Inc.^*		79		3,275
Arcellx, Inc.^*		59		3,274
Twist Bioscience Corp.^*		88		3,244
Ideaya Biosciences, Inc.^*		91		3,238
CorVel Corp.^*		13		3,214
Strategic Education, Inc.		34		3,141
NeoGenomics, Inc.^*		194		3,139
Textainer Group Holdings Ltd.		63		3,100
RadNet, Inc.^*		89		3,095
Arvinas, Inc.^*		75		3,087
Veracyte, Inc.^*		112		3,081
PTC Therapeutics, Inc.^*		110		3,032
Huron Consulting Group, Inc.^*		29		2,981
Nuvalent, Inc. — Class A^*		40		2,944
Edgewell Personal Care Co.		79		2,894
Upbound Group, Inc.		85		2,887
Andersons, Inc.		50		2,877
Beam Therapeutics, Inc.^*,1		105		2,858
Rocket Pharmaceuticals, Inc.^*		95		2,847
Celldex Therapeutics, Inc.^*		71		2,816
Iovance Biotherapeutics, Inc.^*		345		2,805
Dynavax Technologies Corp.^*		199		2,782
Laureate Education, Inc. — Class A		201		2,756
Viking Therapeutics, Inc.^*		148		2,754
Inmode Ltd.^*		119		2,647
Central Garden & Pet Co. — Class A^*		60		2,642
Vericel Corp.^*		73		2,600
Omnicell, Inc.^*		69		2,596
AtriCure, Inc.^*		72		2,570
PROCEPT BioRobotics Corp.^*		61		2,556
CoreCivic, Inc.^*		175		2,543

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Catalyst Pharmaceuticals, Inc.^*		151	$	2,538
Apollo Medical Holdings, Inc.^*		66		2,528
Cleanspark, Inc.^*		227		2,504
Vector Group Ltd.		221		2,493
Universal Corp.		37		2,491
Ironwood Pharmaceuticals, Inc. — Class A^*		213		2,437
Myriad Genetics, Inc.^*		124		2,373
MGP Ingredients, Inc.		24		2,364
Pacira BioSciences, Inc.^*		70		2,362
Herbalife Ltd.^*		152		2,320
STAAR Surgical Co.^*		74		2,310
Prothena Corporation plc^*		63		2,289
Cimpress plc^*		28		2,241
Addus HomeCare Corp.^*		24		2,228
Owens & Minor, Inc.^*		114		2,197
PROG Holdings, Inc.^*		71		2,195
Sabre Corp.^*		498		2,191
Syndax Pharmaceuticals, Inc.^*		101		2,183
Supernus Pharmaceuticals, Inc.^*		75		2,170
Oscar Health, Inc. — Class A^*		236		2,159
Alphatec Holdings, Inc.^*		140		2,115
Payoneer Global, Inc.^*		405		2,110
Recursion Pharmaceuticals, Inc. — Class A^*		210		2,071
US Physical Therapy, Inc.		22		2,049
Krispy Kreme, Inc.		135		2,037
Legalzoom.com, Inc.^*		180		2,034
Kforce, Inc.		30		2,027
Ardelyx, Inc.^*		326		2,021
Inhibrx, Inc.^*		52		1,976
Protagonist Therapeutics, Inc.^*		86		1,972
Chegg, Inc.^*		173		1,965
GEO Group, Inc.^*		181		1,960
Udemy, Inc.^*		132		1,944
Agios Pharmaceuticals, Inc.^*		86		1,915
UFP Technologies, Inc.^*		11		1,892
Xencor, Inc.^*		89		1,889
Aurinia Pharmaceuticals, Inc.^*		208		1,870
RayzeBio, Inc.^*		30		1,865
Ligand Pharmaceuticals, Inc. — Class B^*		26		1,857
Ingles Markets, Inc. — Class A		21		1,814
Perdoceo Education Corp.		103		1,809
Utz Brands, Inc.		111		1,803
Akero Therapeutics, Inc.^*		77		1,798
National Beverage Corp.^*		36		1,790
Sage Therapeutics, Inc.^*		82		1,777
National Healthcare Corp.		19		1,756
John Wiley & Sons, Inc. — Class A		55		1,746
BioCryst Pharmaceuticals, Inc.^*		289		1,731
LeMaitre Vascular, Inc.		30		1,703
Cytek Biosciences, Inc.^*		186		1,696
Embecta Corp.		89		1,685
Weis Markets, Inc.		26		1,663
RxSight, Inc.^*		41		1,653
Matthews International Corp. — Class A		45		1,649
Harmony Biosciences Holdings, Inc.^*		51		1,647
Collegium Pharmaceutical, Inc.^*		53		1,631
Brookdale Senior Living, Inc. — Class A^*		280		1,630
Avanos Medical, Inc.^*		71		1,592
Chefs' Warehouse, Inc.^*		54		1,589
Geron Corp.^*		749		1,580
Scholar Rock Holding Corp.^*		84		1,579
Pliant Therapeutics, Inc.^*		87		1,576
Arcus Biosciences, Inc.^*		81		1,547
SP Plus Corp.^*		30		1,537
Quanex Building Products Corp.		50		1,529
Kura Oncology, Inc.^*		106		1,524
Relay Therapeutics, Inc.^*		138		1,519
MiMedx Group, Inc.^*		173		1,517
Kymera Therapeutics, Inc.^*		59		1,502
Morphic Holding, Inc.^*		52		1,502
Hain Celestial Group, Inc.^*		137		1,500
Quanterix Corp.^*		54		1,476
ADMA Biologics, Inc.^*		322		1,455
Innoviva, Inc.^*		90		1,444
John B Sanfilippo & Son, Inc.		14		1,443
Deluxe Corp.		67		1,437
ZipRecruiter, Inc. — Class A^*		103		1,432
MannKind Corp.^*		393		1,431
United Natural Foods, Inc.^*		88		1,428
Viridian Therapeutics, Inc.^*		65		1,416
First Advantage Corp.		84		1,392
Fresh Del Monte Produce, Inc.		53		1,391
Monro, Inc.		47		1,379
Cassava Sciences, Inc.^*		61		1,373
Day One Biopharmaceuticals, Inc.^*		94		1,372
Dole plc		110		1,352
Keros Therapeutics, Inc.^*		34		1,352
Zentalis Pharmaceuticals, Inc.^*		88		1,333
Transcat, Inc.^*		12		1,312
Deciphera Pharmaceuticals, Inc.^*		81		1,307
Vir Biotechnology, Inc.^*		129		1,298
SpartanNash Co.		56		1,285
LifeStance Health Group, Inc.^*		164		1,284
Arlo Technologies, Inc.^*		131		1,247
Varex Imaging Corp.^*		60		1,230
Editas Medicine, Inc.^*		121		1,226
Accolade, Inc.^*		102		1,225
Cross Country Healthcare, Inc.^*		54		1,223
ANI Pharmaceuticals, Inc.^*		22		1,213
Pediatrix Medical Group, Inc.^*		129		1,200
Healthcare Services Group, Inc.^*		115		1,193
Nevro Corp.^*		55		1,184
Barrett Business Services, Inc.		10		1,158
Amylyx Pharmaceuticals, Inc.^*		78		1,148
B&G Foods, Inc.		109		1,144
Medifast, Inc.		17		1,143
Amneal Pharmaceuticals, Inc.^*		187		1,135
Revance Therapeutics, Inc.^*		128		1,125
Viad Corp.^*		31		1,122
RAPT Therapeutics, Inc.^*		45		1,118
4D Molecular Therapeutics, Inc.^*		55		1,114
REGENXBIO, Inc.^*		62		1,113
SI-BONE, Inc.^*		53		1,112
Arcturus Therapeutics Holdings, Inc.^*		35		1,104
Vita Coco Company, Inc.^*		43		1,103
Mirum Pharmaceuticals, Inc.^*		37		1,092
Verve Therapeutics, Inc.^*		78		1,087
Artivion, Inc.^*		60		1,073
Repay Holdings Corp.^*		125		1,067
89bio, Inc.^*		95		1,061

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
AdaptHealth Corp.^*		144	$	1,050
Kelly Services, Inc. — Class A		48		1,038
Travere Therapeutics, Inc.^*		112		1,007
Cabaletta Bio, Inc.^*		44		999
Anavex Life Sciences Corp.^*		107		996
CRA International, Inc.		10		988
Avidity Biosciences, Inc.^*		109		986
USANA Health Sciences, Inc.^*		18		965
CareDx, Inc.^*		80		960
Cass Information Systems, Inc.		21		946
Alpine Immune Sciences, Inc.^*		49		934
EyePoint Pharmaceuticals, Inc.^*		40		924
OPKO Health, Inc.^*		607		917
Heidrick & Struggles International, Inc.		31		915
Fulgent Genetics, Inc.^*		31		896
MacroGenics, Inc.^*		93		895
OraSure Technologies, Inc.^*		109		894
OmniAb, Inc.^*		143		882
Treace Medical Concepts, Inc.^*		69		880
Liquidia Corp.^*		73		878
Dyne Therapeutics, Inc.^*		66		878
Theravance Biopharma, Inc.^*		78		877
Ennis, Inc.		40		876
National Research Corp. — Class A		22		870
Hackett Group, Inc.		38		865
ACCO Brands Corp.		142		863
BioLife Solutions, Inc.^*		53		861
ImmunityBio, Inc.^*,1		171		858
Adaptive Biotechnologies Corp.^*		175		857
Altimmune, Inc.^*,1		76		855
Zymeworks, Inc.^*		82		852
Paragon 28, Inc.^*		68		845
Kiniksa Pharmaceuticals Ltd. — Class A^*		48		842
Castle Biosciences, Inc.^*		39		842
Multiplan Corp.^*		584		841
ModivCare, Inc.^*		19		836
PetIQ, Inc.^*		42		829
Franklin Covey Co.^*		19		827
Marinus Pharmaceuticals, Inc.^*		76		826
Apogee Therapeutics, Inc.^*		29		810
Beyond Meat, Inc.^*		91		810
Vera Therapeutics, Inc.^*		52		800
Surmodics, Inc.^*		22		800
Enhabit, Inc.^*		77		797
Calavo Growers, Inc.		27		794
V2X, Inc.^*		17		789
OrthoPediatrics Corp.^*		24		780
Alector, Inc.^*		97		774
SunOpta, Inc.^*		140		766
Atrion Corp.		2		758
Central Garden & Pet Co.^*		15		752
Disc Medicine, Inc.^*		13		751
Mission Produce, Inc.^*		74		747
Nurix Therapeutics, Inc.^*		72		743
I3 Verticals, Inc. — Class A^*		35		741
Vital Farms, Inc.^*		47		737
Tarsus Pharmaceuticals, Inc.^*		36		729
Orthofix Medical, Inc.^*		54		728
WW International, Inc.^*		83		726
Silk Road Medical, Inc.^*		59		724
TrueBlue, Inc.^*		47		721
Pulmonx Corp.^*		56		714
Edgewise Therapeutics, Inc.^*		65		711
Turning Point Brands, Inc.		27		711
Zimvie, Inc.^*		40		710
Resources Connection, Inc.		50		708
European Wax Center, Inc. — Class A^*		52		707
Green Dot Corp. — Class A^*		71		703
Cogent Biosciences, Inc.^*		119		700
AnaptysBio, Inc.^*		32		685
Icosavax, Inc.^*		43		678
Evolus, Inc.^*		64		674
Tango Therapeutics, Inc.^*		68		673
DocGo, Inc.^*		120		671
Duckhorn Portfolio, Inc.^*		68		670
Novavax, Inc.^*		134		643
Paysafe Ltd.^*		50		640
MaxCyte, Inc.^*		134		630
Universal Technical Institute, Inc.^*		50		626
Savara, Inc.^*		132		620
Avid Bioservices, Inc.^*		95		617
Community Health Systems, Inc.^*		194		607
Waldencast plc — Class A^*		55		601
Pennant Group, Inc.^*		43		599
Cerus Corp.^*		273		590
SomaLogic, Inc.^*		230		582
Sana Biotechnology, Inc.^*		142		579
Sterling Check Corp.^*		41		571
iRadimed Corp.		12		570
Caribou Biosciences, Inc.^*		98		562
Olema Pharmaceuticals, Inc.^*		40		561
ORIC Pharmaceuticals, Inc.^*		61		561
American Well Corp. — Class A^*		374		557
Tejon Ranch Co.^*		32		550
BrightView Holdings, Inc.^*		64		539
Custom Truck One Source, Inc.^*		87		538
Limoneira Co.		26		536
Ocular Therapeutix, Inc.^*		120		535
Avita Medical, Inc.^*		39		535
CVRx, Inc.^*		17		534
Prime Medicine, Inc.^*		60		532
HilleVax, Inc.^*		33		530
Replimune Group, Inc.^*		62		523
Lyell Immunopharma, Inc.^*		266		516
Taro Pharmaceutical Industries Ltd.^*		12		501
Tactile Systems Technology, Inc.^*		35		500
Aaron's Company, Inc.		46		500
Carriage Services, Inc. — Class A		20		500
Anika Therapeutics, Inc.^*		22		498
Enliven Therapeutics, Inc.^*		36		498
Entrada Therapeutics, Inc.^*		33		498
Harrow, Inc.^*		44		493
ALX Oncology Holdings, Inc.^*		33		491
Fate Therapeutics, Inc.^*		131		490
Terawulf, Inc.^*		204		490
Forrester Research, Inc.^*		18		483
Arbutus Biopharma Corp.^*		192		480
Xeris Biopharma Holdings, Inc.^*		204		479
Distribution Solutions Group, Inc.^*		15		473
Summit Therapeutics, Inc.^*		179		467
Target Hospitality Corp.^*		48		467

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
KalVista Pharmaceuticals, Inc.^*		38	$	465
UroGen Pharma Ltd.^*		31		465
Nano-X Imaging Ltd.^*,1		72		459
AngioDynamics, Inc.^*		58		455
WaVe Life Sciences Ltd.^*		90		454
Coherus Biosciences, Inc.^*		133		443
Organogenesis Holdings, Inc.^*		108		442
Westrock Coffee Co.^*		43		439
Biomea Fusion, Inc.^*		30		436
Agenus, Inc.^*		526		435
Terns Pharmaceuticals, Inc.^*		66		428
Axogen, Inc.^*		62		423
Utah Medical Products, Inc.		5		421
Seneca Foods Corp. — Class A^*		8		419
iTeos Therapeutics, Inc.^*		38		416
Voyager Therapeutics, Inc.^*		49		414
Willdan Group, Inc.^*		19		408
Alta Equipment Group, Inc.		33		408
Viemed Healthcare, Inc.^*		52		408
Allogene Therapeutics, Inc.^*		127		408
Accuray, Inc.^*		143		405
Sutro Biopharma, Inc.^*		93		399
SIGA Technologies, Inc.		71		398
Phathom Pharmaceuticals, Inc.^*		43		393
Genelux Corp.^*		28		392
Neumora Therapeutics, Inc.^*		23		392
Beauty Health Co.^*		126		392
Nathan's Famous, Inc.		5		390
Y-mAbs Therapeutics, Inc.^*		57		389
Aerovate Therapeutics, Inc.^*		17		385
Rigel Pharmaceuticals, Inc.^*		263		381
Aura Biosciences, Inc.^*		43		381
Zevra Therapeutics, Inc.^*		58		380
Celcuity, Inc.^*		26		379
ACELYRIN, Inc.^*		50		373
Vanda Pharmaceuticals, Inc.^*		87		367
Cullinan Oncology, Inc.^*		36		367
Mersana Therapeutics, Inc.^*		158		367
Nature's Sunshine Products, Inc.^*		21		363
23andMe Holding Co. — Class A^*		396		362
Lincoln Educational Services Corp.^*		36		361
Atea Pharmaceuticals, Inc.^*		118		360
Phibro Animal Health Corp. — Class A		31		359
SoundThinking, Inc.^*		14		358
Agiliti, Inc.^*		45		356
Semler Scientific, Inc.^*		8		354
MeiraGTx Holdings plc^*		50		351
Poseida Therapeutics, Inc.^*		104		349
Village Super Market, Inc. — Class A		13		341
Nuvation Bio, Inc.^*		224		338
HF Foods Group, Inc.^*		62		331
Third Harmonic Bio, Inc.^*		30		329
2seventy bio, Inc.^*		77		329
Ispire Technology, Inc.^*		27		328
Zynex, Inc.^*		30		327
Performant Financial Corp.^*		103		322
Harvard Bioscience, Inc.^*		60		321
Alico, Inc.		11		320
Annexon, Inc.^*		70		318
Quipt Home Medical Corp.^*		62		316
Nkarta, Inc.^*		47		310
Quantum-Si, Inc.^*		153		308
Omeros Corp.^*,1		93		304
Fennec Pharmaceuticals, Inc.^*		27		303
Astria Therapeutics, Inc.^*		39		299
Ovid therapeutics, Inc.^*		92		296
Pulse Biosciences, Inc.^*		24		294
Enanta Pharmaceuticals, Inc.^*		31		292
Tyra Biosciences, Inc.^*		21		291
Janux Therapeutics, Inc.^*		27		290
CorMedix, Inc.^*		77		290
InfuSystem Holdings, Inc.^*		27		285
Precigen, Inc.^*		208		279
Allakos, Inc.^*		102		278
scPharmaceuticals, Inc.^*		44		276
Gritstone bio, Inc.^*		135		275
Heron Therapeutics, Inc.^*		158		269
Humacyte, Inc.^*		94		267
Erasca, Inc.^*		125		266
Monte Rosa Therapeutics, Inc.^*		47		266
Cipher Mining, Inc.^*,1		64		264
Information Services Group, Inc.		55		259
Arcutis Biotherapeutics, Inc.^*		79		255
Quad/Graphics, Inc.^*		47		255
Aldeyra Therapeutics, Inc.^*		72		253
Invitae Corp.^*		402		252
Immuneering Corp. — Class A^*		34		250
Sanara Medtech, Inc.^*		6		247
Bakkt Holdings, Inc.^*,1		107		239
ClearPoint Neuro, Inc.^*		35		238
Verrica Pharmaceuticals, Inc.^*		32		234
Acacia Research Corp.^*		59		231
Scilex Holding Co.^*		113		231
Nautilus Biotechnology, Inc.^*		77		230
Butterfly Network, Inc.^*		213		230
Tenaya Therapeutics, Inc.^*		70		227
Bluebird Bio, Inc.^*		164		226
Stoke Therapeutics, Inc.^*		43		226
Natural Grocers by Vitamin Cottage, Inc.		14		224
XOMA Corp.^*		12		222
Inozyme Pharma, Inc.^*		52		222
Compass Therapeutics, Inc.^*		141		220
Lexicon Pharmaceuticals, Inc.^*		142		217
Aveanna Healthcare Holdings, Inc.^*		81		217
Lineage Cell Therapeutics, Inc.^*		198		216
Merrimack Pharmaceuticals, Inc.^*		16		215
PDS Biotechnology Corp.^*		43		214
Joint Corp.^*		22		211
BRC, Inc. — Class A^*		58		211
Seres Therapeutics, Inc.^*		149		209
Actinium Pharmaceuticals, Inc.^*		40		203
ARS Pharmaceuticals, Inc.^*		37		203
Foghorn Therapeutics, Inc.^*		31		200
Inogen, Inc.^*		35		192
Emergent BioSolutions, Inc.^*		78		187
PMV Pharmaceuticals, Inc.^*		59		183
Mineralys Therapeutics, Inc.^*		21		181
Ventyx Biosciences, Inc.^*		72		178
Larimar Therapeutics, Inc.^*		39		177
Innovage Holding Corp.^*		29		174
Cadiz, Inc.^*		62		174
Protalix BioTherapeutics, Inc.^*		97		173

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Seer, Inc.^*		89	$	173
BioAtla, Inc.^*		68		167
Tela Bio, Inc.^*		24		159
X4 Pharmaceuticals, Inc.^*		189		158
Kodiak Sciences, Inc.^*		50		152
Akoya Biosciences, Inc.^*		31		151
Karyopharm Therapeutics, Inc.^*		174		150
2U, Inc.^*		122		150
IGM Biosciences, Inc.^*		18		150
Assertio Holdings, Inc.^*		137		147
Longboard Pharmaceuticals, Inc.^*		24		145
Optinose, Inc.^*		112		144
Citius Pharmaceuticals, Inc.^*		190		144
Emerald Holding, Inc.^*		24		144
Cue Biopharma, Inc.^*		54		143
AirSculpt Technologies, Inc.^*		19		142
Mural Oncology plc^*		24		142
CompoSecure, Inc.^*		25		135
KORU Medical Systems, Inc.^*		54		133
Design Therapeutics, Inc.^*		50		132
MarketWise, Inc.		48		131
Vor BioPharma, Inc.^*		58		130
Theseus Pharmaceuticals, Inc.^*		31		126
Cartesian Therapeutics, Inc.^*		179		123
FibroGen, Inc.^*		139		123
HireQuest, Inc.		8		123
ProKidney Corp.^*		68		121
Carisma Therapeutics, Inc.		41		120
Sangamo Therapeutics, Inc.^*		220		120
Century Therapeutics, Inc.^*		36		120
CPI Card Group, Inc.^*		6		115
Generation Bio Co.^*		69		114
Graphite Bio, Inc.^*		43		113
Rallybio Corp.^*		47		112
Omega Therapeutics, Inc.^*		37		111
Aclaris Therapeutics, Inc.^*		106		111
Kezar Life Sciences, Inc.^*		111		105
Biote Corp. — Class A^*		21		104
FiscalNote Holdings, Inc.^*		91		104
PepGen, Inc.^*		15		102
Priority Technology Holdings, Inc.^*		28		100
Cutera, Inc.^*		28		99
Outlook Therapeutics, Inc.^*		238		94
Eyenovia, Inc.^*		45		94
Nuvectis Pharma, Inc.^*		11		92
Adicet Bio, Inc.^*		47		89
Bioxcel Therapeutics, Inc.^*		30		88
P3 Health Partners, Inc.^*		61		86
Trevi Therapeutics, Inc.^*		64		86
Forafric Global plc^*		8		85
Vigil Neuroscience, Inc.^*		25		84
Eagle Pharmaceuticals, Inc.^*		16		84
Beyond Air, Inc.^*		41		80
Zevia PBC — Class A^*		38		76
Atara Biotherapeutics, Inc.^*		146		75
Ikena Oncology, Inc.^*		37		73
Prelude Therapeutics, Inc.^*		17		73
Acrivon Therapeutics, Inc.^*		13		64
Orchestra BioMed Holdings, Inc.^*		7		64
Zura Bio Ltd.^*		13		61
CareMax, Inc.^*		116		58
NGM Biopharmaceuticals, Inc.^*		66		57
Vaxxinity, Inc. — Class A^*		66		56
NanoString Technologies, Inc.^*		73		55
Cara Therapeutics, Inc.^*		72		53
Aadi Bioscience, Inc.^*		25		50
Allovir, Inc.^*		73		50
Benson Hill, Inc.^*		265		46
Vicarious Surgical, Inc.^*		107		39
Rent the Runway, Inc. — Class A^*		73		39
Rain Oncology, Inc.^*		26		31
Bright Green Corp.^*		92		30
Reneo Pharmaceuticals, Inc.^*		17		27
Cano Health, Inc.^*		4		23
Ocean Biomedical, Inc.^*		13		9
BioVie, Inc.^*		6		8
ATI Physical Therapy, Inc.^*		1		6
Ligand Pharmaceuticals, Inc.^*,††		12		–
Ligand Pharmaceuticals, Inc.^*,††		12		–
Total Consumer, Non-cyclical				895,811
Financial - 12.4%
SouthState Corp.		115		9,712
Ryman Hospitality Properties, Inc. REIT		87		9,575
Selective Insurance Group, Inc.		91		9,053
Essent Group Ltd.		159		8,386
Cadence Bank		274		8,108
Terreno Realty Corp. REIT		123		7,708
United Bankshares, Inc.		201		7,548
Kite Realty Group Trust REIT		327		7,475
Old National Bancorp		441		7,448
Home BancShares, Inc.		287		7,270
Glacier Bancorp, Inc.		171		7,066
Valley National Bancorp		650		7,059
FTAI Aviation Ltd.		152		7,053
Radian Group, Inc.		237		6,766
American Equity Investment Life Holding Co.^*		117		6,528
Hancock Whitney Corp.		133		6,462
Phillips Edison & Company, Inc. REIT		177		6,457
Jackson Financial, Inc. — Class A		125		6,400
Mr Cooper Group, Inc.^*		98		6,382
Hamilton Lane, Inc. — Class A		56		6,353
First Financial Bankshares, Inc.		200		6,060
Essential Properties Realty Trust, Inc. REIT		235		6,007
PotlatchDeltic Corp. REIT		121		5,941
Moelis & Co. — Class A		103		5,781
UMB Financial Corp.		69		5,765
Blackstone Mortgage Trust, Inc. — Class A REIT		259		5,509
Apple Hospitality REIT, Inc.		330		5,481
Ameris Bancorp		102		5,411
Walker & Dunlop, Inc.		48		5,328
Enstar Group Ltd.^*		18		5,298
Independence Realty Trust, Inc. REIT		345		5,279
ServisFirst Bancshares, Inc.		78		5,197
United Community Banks, Inc.		177		5,179
Macerich Co. REIT		330		5,092
Sabra Health Care REIT, Inc.		354		5,052
Associated Banc-Corp.		233		4,984
Broadstone Net Lease, Inc. REIT		288		4,959
Physicians Realty Trust REIT		364		4,845
Axos Financial, Inc.^*		87		4,750

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
CNO Financial Group, Inc.		170	$	4,743
Cathay General Bancorp		106		4,724
Texas Capital Bancshares, Inc.^*		73		4,718
Genworth Financial, Inc. — Class A^*		703		4,696
McGrath RentCorp		39		4,665
Piper Sandler Cos.		26		4,547
Upstart Holdings, Inc.^*		111		4,536
Independent Bank Corp.		68		4,475
International Bancshares Corp.		82		4,454
COPT Defense Properties REIT		173		4,434
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		159		4,385
SL Green Realty Corp. REIT		97		4,381
Tanger, Inc. REIT		157		4,352
Bank of Hawaii Corp.		60		4,348
Innovative Industrial Properties, Inc. REIT		43		4,335
LXP Industrial Trust REIT		436		4,325
WSFS Financial Corp.		94		4,317
First BanCorp		261		4,293
Community Bank System, Inc.		82		4,273
Pacific Premier Bancorp, Inc.		146		4,250
Atlantic Union Bankshares Corp.		116		4,239
Artisan Partners Asset Management, Inc. — Class A		95		4,197
Arbor Realty Trust, Inc. REIT		274		4,159
CVB Financial Corp.		203		4,099
Fulton Financial Corp.		244		4,016
SITE Centers Corp. REIT		291		3,966
BGC Group, Inc. — Class A		543		3,921
First Interstate BancSystem, Inc. — Class A		127		3,905
Pagseguro Digital Ltd. — Class A^*		304		3,791
PJT Partners, Inc. — Class A		37		3,769
NMI Holdings, Inc. — Class A^*		126		3,740
Simmons First National Corp. — Class A		188		3,730
BankUnited, Inc.		114		3,697
Seacoast Banking Corporation of Florida		129		3,671
Douglas Emmett, Inc. REIT		247		3,582
National Health Investors, Inc. REIT		64		3,574
CareTrust REIT, Inc.		155		3,469
PennyMac Financial Services, Inc.		39		3,446
First Financial Bancorp		145		3,444
Sunstone Hotel Investors, Inc. REIT		318		3,412
Eastern Bankshares, Inc.		238		3,380
Four Corners Property Trust, Inc. REIT		133		3,365
First Merchants Corp.		90		3,337
WaFd, Inc.		101		3,329
BancFirst Corp.		34		3,309
St. Joe Co.		54		3,250
Urban Edge Properties REIT		177		3,239
TowneBank		108		3,214
Outfront Media, Inc. REIT		226		3,155
Bancorp, Inc.^*		79		3,046
Cohen & Steers, Inc.		40		3,029
DiamondRock Hospitality Co. REIT		321		3,014
Equity Commonwealth REIT		155		2,976
Global Net Lease, Inc. REIT		297		2,955
StoneX Group, Inc.^*		40		2,953
Park National Corp.		22		2,923
NBT Bancorp, Inc.		69		2,892
Pebblebrook Hotel Trust REIT		180		2,876
Renasant Corp.		85		2,863
Independent Bank Group, Inc.		56		2,849
WesBanco, Inc.		89		2,792
Banner Corp.		52		2,785
RLJ Lodging Trust REIT		235		2,754
Cushman & Wakefield plc^*		254		2,743
Banc of California, Inc.		203		2,730
OFG Bancorp		72		2,699
Farmer Mac — Class C		14		2,677
InvenTrust Properties Corp. REIT		105		2,661
Retail Opportunity Investments Corp. REIT		189		2,652
Triumph Financial, Inc.^*		33		2,646
JBG SMITH Properties REIT		154		2,620
StepStone Group, Inc. — Class A		82		2,610
Enova International, Inc.^*		47		2,602
Customers Bancorp, Inc.^*		45		2,593
Trustmark Corp.		93		2,593
Apollo Commercial Real Estate Finance, Inc. REIT		218		2,559
Bread Financial Holdings, Inc.		77		2,536
Ready Capital Corp. REIT		246		2,522
Hilltop Holdings, Inc.		71		2,500
Bank of NT Butterfield & Son Ltd.		78		2,497
Navient Corp.		134		2,495
Lakeland Financial Corp.		38		2,476
Northwest Bancshares, Inc.		197		2,459
Enterprise Financial Services Corp.		55		2,456
Heartland Financial USA, Inc.		65		2,445
Acadia Realty Trust REIT		143		2,430
City Holding Co.		22		2,426
Goosehead Insurance, Inc. — Class A^*		32		2,426
First Commonwealth Financial Corp.		157		2,424
Virtus Investment Partners, Inc.		10		2,418
Stewart Information Services Corp.		41		2,409
Live Oak Bancshares, Inc.		52		2,366
Westamerica BanCorp		41		2,313
Kennedy-Wilson Holdings, Inc.		183		2,265
Newmark Group, Inc. — Class A		206		2,258
First Bancorp		61		2,258
Xenia Hotels & Resorts, Inc. REIT		165		2,247
BRP Group, Inc. — Class A^*		91		2,186
Stock Yards Bancorp, Inc.		42		2,163
Compass Diversified Holdings		96		2,155
Service Properties Trust REIT		252		2,152
FB Financial Corp.		54		2,152
Hope Bancorp, Inc.		178		2,150
Alexander & Baldwin, Inc. REIT		112		2,130
Pathward Financial, Inc.		40		2,117
Uniti Group, Inc. REIT		363		2,098
National Bank Holdings Corp. — Class A		56		2,083
Two Harbors Investment Corp. REIT		149		2,076

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
TriCo Bancshares		48	$	2,063
Stellar Bancorp, Inc.		74		2,060
Horace Mann Educators Corp.		63		2,060
Palomar Holdings, Inc.^*		37		2,053
Getty Realty Corp. REIT		70		2,045
Provident Financial Services, Inc.		113		2,037
PennyMac Mortgage Investment Trust REIT		136		2,033
Cannae Holdings, Inc.^*		104		2,029
LTC Properties, Inc. REIT		63		2,024
S&T Bancorp, Inc.		60		2,005
Ladder Capital Corp. — Class A REIT		174		2,003
First Busey Corp.		80		1,986
Hudson Pacific Properties, Inc. REIT		212		1,974
Elme Communities REIT		135		1,971
Empire State Realty Trust, Inc. — Class A REIT		203		1,967
Veris Residential, Inc. REIT		121		1,903
Easterly Government Properties, Inc. REIT		141		1,895
Claros Mortgage Trust, Inc.		139		1,895
Trupanion, Inc.^*		62		1,892
Veritex Holdings, Inc.		81		1,885
Encore Capital Group, Inc.^*		36		1,827
Sandy Spring Bancorp, Inc.		67		1,825
NETSTREIT Corp. REIT		101		1,803
MFA Financial, Inc. REIT		157		1,769
Nelnet, Inc. — Class A		20		1,764
Peoples Bancorp, Inc.		52		1,755
Apartment Investment and Management Co. — Class A REIT^*		222		1,738
Franklin BSP Realty Trust, Inc. REIT		128		1,729
Chimera Investment Corp. REIT		345		1,722
American Assets Trust, Inc. REIT		75		1,688
Redfin Corp.^*		163		1,682
Safety Insurance Group, Inc.		22		1,672
Berkshire Hills Bancorp, Inc.		67		1,664
eXp World Holdings, Inc.		107		1,661
Compass, Inc. — Class A^*		433		1,628
Marcus & Millichap, Inc.		37		1,616
Employers Holdings, Inc.		41		1,615
Origin Bancorp, Inc.		45		1,601
Plymouth Industrial REIT, Inc.		66		1,589
PRA Group, Inc.^*		60		1,572
OceanFirst Financial Corp.		90		1,562
Safehold, Inc. REIT		66		1,544
Mercury General Corp.		41		1,530
Nicolet Bankshares, Inc.		19		1,529
QCR Holdings, Inc.		26		1,518
Dime Community Bancshares, Inc.		55		1,481
Paramount Group, Inc. REIT		285		1,473
BrightSpire Capital, Inc. REIT		198		1,473
WisdomTree, Inc.		212		1,469
Brookline Bancorp, Inc.		134		1,462
Ellington Financial, Inc. REIT		115		1,462
Preferred Bank/Los Angeles CA		20		1,461
National Western Life Group, Inc. — Class A		3		1,449
Victory Capital Holdings, Inc. — Class A		42		1,447
Southside Bancshares, Inc.		46		1,441
LendingClub Corp.^*		163		1,425
Lakeland Bancorp, Inc.		96		1,420
Brandywine Realty Trust REIT		260		1,404
German American Bancorp, Inc.		43		1,394
1st Source Corp.		25		1,374
Diversified Healthcare Trust REIT		365		1,365
AMERISAFE, Inc.		29		1,357
Anywhere Real Estate, Inc.^*		167		1,354
Piedmont Office Realty Trust, Inc. — Class A REIT		190		1,351
First Bancshares, Inc.		46		1,349
Centerspace REIT		23		1,339
F&G Annuities & Life, Inc.		29		1,334
ARMOUR Residential REIT, Inc.¹		69		1,333
Enact Holdings, Inc.		46		1,329
Eagle Bancorp, Inc.		44		1,326
Premier Financial Corp.		55		1,325
Tompkins Financial Corp.		22		1,325
ConnectOne Bancorp, Inc.		57		1,306
Redwood Trust, Inc. REIT		175		1,297
Patria Investments Ltd. — Class A		83		1,287
UMH Properties, Inc. REIT		84		1,287
Armada Hoffler Properties, Inc. REIT		104		1,286
Capitol Federal Financial, Inc.		196		1,264
Lemonade, Inc.^*,1		78		1,258
SiriusPoint Ltd.^*		106		1,230
Skyward Specialty Insurance Group, Inc.^*		36		1,220
Bank First Corp.		14		1,213
NexPoint Residential Trust, Inc. REIT		35		1,205
KKR Real Estate Finance Trust, Inc. REIT		91		1,204
New York Mortgage Trust, Inc. REIT		140		1,194
Heritage Financial Corp.		54		1,155
Ambac Financial Group, Inc.^*		68		1,121
International Money Express, Inc.^*		50		1,105
ProAssurance Corp.		79		1,089
Summit Hotel Properties, Inc. REIT		161		1,082
Peakstone Realty Trust REIT		54		1,076
Community Trust Bancorp, Inc.		24		1,053
Dynex Capital, Inc. REIT		84		1,052
Global Medical REIT, Inc.		94		1,043
First Mid Bancshares, Inc.		30		1,040
Community Healthcare Trust, Inc. REIT		39		1,039
Old Second Bancorp, Inc.		67		1,034
CBL & Associates Properties, Inc. REIT		42		1,026
Merchants Bancorp		24		1,022
AssetMark Financial Holdings, Inc.^*		34		1,018
First Community Bankshares, Inc.		27		1,002
Univest Financial Corp.		45		991
Amerant Bancorp, Inc.		40		983
Mercantile Bank Corp.		24		969

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Horizon Bancorp, Inc.		67	$	959
Brightsphere Investment Group, Inc.		50		958
CrossFirst Bankshares, Inc.^*		69		937
Brookfield Business Corp. — Class A		40		931
Whitestone REIT — Class B		75		922
Business First Bancshares, Inc.		37		912
Hanmi Financial Corp.		47		912
Heritage Commerce Corp.		91		903
TrustCo Bank Corporation NY		29		900
Farmland Partners, Inc. REIT¹		72		899
Byline Bancorp, Inc.		38		895
Columbia Financial, Inc.^*		46		887
Metropolitan Bank Holding Corp.^*		16		886
Midland States Bancorp, Inc.		32		882
HCI Group, Inc.		10		874
Camden National Corp.		23		865
Alexander's, Inc. REIT		4		854
Equity Bancshares, Inc. — Class A		25		847
Washington Trust Bancorp, Inc.		26		842
Gladstone Commercial Corp. REIT		63		834
Perella Weinberg Partners		68		832
Great Southern Bancorp, Inc.		14		831
Diamond Hill Investment Group, Inc.		5		828
Universal Health Realty Income Trust REIT		19		822
Ares Commercial Real Estate Corp. REIT		79		818
Independent Bank Corp.		31		807
Peapack-Gladstone Financial Corp.		27		805
Northfield Bancorp, Inc.		64		805
Farmers National Banc Corp.		55		795
Chatham Lodging Trust REIT		74		793
Central Pacific Financial Corp.		40		787
World Acceptance Corp.^*		6		783
American National Bankshares, Inc.		16		780
HarborOne Bancorp, Inc.		65		779
First Financial Corp.		18		774
Republic Bancorp, Inc. — Class A		14		772
NerdWallet, Inc. — Class A^*		52		765
First Foundation, Inc.		79		765
Cambridge Bancorp		11		763
Kearny Financial Corp.		85		762
Coastal Financial Corp.^*		17		755
Amalgamated Financial Corp.		28		754
Gladstone Land Corp. REIT		52		751
Flushing Financial Corp.		44		725
CNB Financial Corp.		32		723
Saul Centers, Inc. REIT		18		707
Tiptree, Inc. — Class A		37		701
TPG RE Finance Trust, Inc. REIT		107		696
Southern Missouri Bancorp, Inc.		13		694
RMR Group, Inc. — Class A		24		677
Bar Harbor Bankshares		23		675
P10, Inc. — Class A		66		675
Metrocity Bankshares, Inc.		28		673
Alerus Financial Corp.		29		649
HomeTrust Bancshares, Inc.		24		646
United Fire Group, Inc.		32		644
Shore Bancshares, Inc.		45		641
Burke & Herbert Financial Services Corp.		10		629
FRP Holdings, Inc.^*		10		629
Universal Insurance Holdings, Inc.		39		623
Capital City Bank Group, Inc.		21		618
Arrow Financial Corp.		22		615
Capstar Financial Holdings, Inc.		32		600
MidWestOne Financial Group, Inc.		22		592
FTAI Infrastructure, Inc.		152		591
CTO Realty Growth, Inc. REIT		34		589
SmartFinancial, Inc.		24		588
B Riley Financial, Inc.¹		28		588
Hingham Institution For Savings		3		583
ACNB Corp.		13		582
Forge Global Holdings, Inc.^*		168		576
Invesco Mortgage Capital, Inc. REIT		65		576
GCM Grosvenor, Inc. — Class A		64		573
Citizens & Northern Corp.		25		561
Orchid Island Capital, Inc. REIT		66		556
Carter Bankshares, Inc.^*		37		554
Northeast Bank		10		552
South Plains Financial, Inc.		19		550
Esquire Financial Holdings, Inc.		11		550
One Liberty Properties, Inc. REIT		25		548
Home Bancorp, Inc.		13		546
Farmers & Merchants Bancorp Incorporated/Archbold OH		22		546
Office Properties Income Trust REIT		74		542
Peoples Financial Services Corp.		11		536
Mid Penn Bancorp, Inc.		22		534
West BanCorp, Inc.		25		530
Bank of Marin Bancorp		24		528
James River Group Holdings Ltd.		57		527
Summit Financial Group, Inc.		17		522
Northrim BanCorp, Inc.		9		515
Orion Office REIT, Inc.		88		503
Five Star Bancorp		19		497
RBB Bancorp		26		495
Financial Institutions, Inc.		23		490
LendingTree, Inc.^*		16		485
Enterprise Bancorp, Inc.		15		484
NewtekOne, Inc.		35		483
Orange County Bancorp, Inc.		8		482
First Business Financial Services, Inc.		12		481
Sierra Bancorp		21		474
Orrstown Financial Services, Inc.		16		472
Guaranty Bancshares, Inc.		14		471
Bit Digital, Inc.^*		111		470
Granite Point Mortgage Trust, Inc. REIT		78		463
Macatawa Bank Corp.		41		462
Greenlight Capital Re Ltd. — Class A^*		40		457
Citizens Financial Services, Inc.		7		453
Southern First Bancshares, Inc.^*		12		445
Civista Bancshares, Inc.		24		443
First of Long Island Corp.		33		437

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Codorus Valley Bancorp, Inc.		17	$	437
John Marshall Bancorp, Inc.		19		429
BayCom Corp.		18		425
First Bancorp, Inc.		15		423
MBIA, Inc.^*		69		422
Postal Realty Trust, Inc. — Class A REIT		29		422
HBT Financial, Inc.		20		422
Bridgewater Bancshares, Inc.^*		31		419
First Bank/Hamilton NJ		28		412
Fidelity D&D Bancorp, Inc.		7		406
MVB Financial Corp.		18		406
Chicago Atlantic Real Estate Finance, Inc. REIT		25		404
Waterstone Financial, Inc.		28		398
Norwood Financial Corp.		12		395
Red River Bancshares, Inc.		7		393
Primis Financial Corp.		31		392
Middlefield Banc Corp.		12		388
Legacy Housing Corp.^*		15		378
Third Coast Bancshares, Inc.^*		19		377
Timberland Bancorp, Inc.		12		378
NexPoint Diversified Real Estate Trust REIT		47		374
FS Bancorp, Inc.		10		370
City Office REIT, Inc.		60		367
Douglas Elliman, Inc.		124		366
Capital Bancorp, Inc.		15		363
eHealth, Inc.^*		41		357
Unity Bancorp, Inc.		12		355
FVCBankcorp, Inc.^*		25		355
Northeast Community Bancorp, Inc.		20		355
RE/MAX Holdings, Inc. — Class A		26		347
Colony Bankcorp, Inc.		26		346
C&F Financial Corp.		5		341
Alpine Income Property Trust, Inc. REIT		20		338
Donegal Group, Inc. — Class A		24		336
Central Valley Community Bancorp		15		335
BRT Apartments Corp. REIT		18		335
Plumas Bancorp		8		331
Oak Valley Bancorp		11		329
Blue Foundry Bancorp^*		34		329
Investors Title Co.		2		324
Parke Bancorp, Inc.		16		324
ChoiceOne Financial Services, Inc.		11		322
Southern States Bancshares, Inc.		11		322
Maiden Holdings Ltd.^*		139		318
PCB Bancorp		17		313
Greene County Bancorp, Inc.		11		310
Ocwen Financial Corp.^*		10		308
Ponce Financial Group, Inc.^*		31		303
Regional Management Corp.		12		301
AFC Gamma, Inc. REIT		25		301
Star Holdings^*		20		300
Ames National Corp.		14		299
BCB Bancorp, Inc.		23		295
Fidelis Insurance Holdings Ltd.^*		23		291
National Bankshares, Inc.		9		291
Crawford & Co. — Class A		22		290
HomeStreet, Inc.		28		288
Selectquote, Inc.^*		210		288
Princeton Bancorp, Inc.		8		287
American Coastal Insurance Corp.^*		30		284
AlTi Global, Inc.^*		32		280
Silvercrest Asset Management Group, Inc. — Class A		16		272
Bankwell Financial Group, Inc.		9		272
Atlanticus Holdings Corp.^*		7		271
ESSA Bancorp, Inc.		13		260
Stratus Properties, Inc.^*		9		260
Braemar Hotels & Resorts, Inc. REIT		101		253
LCNB Corp.		16		252
Evans Bancorp, Inc.		8		252
Chemung Financial Corp.		5		249
MainStreet Bancshares, Inc.		10		248
Penns Woods Bancorp, Inc.		11		248
Velocity Financial, Inc.^*		14		241
Virginia National Bankshares Corp.		7		241
First Western Financial, Inc.^*		12		238
First Community Corp.		11		237
Nexpoint Real Estate Finance, Inc. REIT		13		205
USCB Financial Holdings, Inc.^*		16		196
Angel Oak Mortgage REIT, Inc.		18		191
Maui Land & Pineapple Company, Inc.^*		12		191
Sterling Bancorp, Inc.^*		33		190
Pioneer Bancorp, Inc.^*		18		180
Security National Financial Corp. — Class A^*		19		171
Luther Burbank Corp.^*		16		171
Bank7 Corp.		6		164
NI Holdings, Inc.^*		12		156
Hippo Holdings, Inc.^*		16		146
Paysign, Inc.^*		50		140
Kingsway Financial Services, Inc.^*		16		134
Consumer Portfolio Services, Inc.^*		14		131
SWK Holdings Corp.^*		6		105
Transcontinental Realty Investors, Inc.^*		3		104
Clipper Realty, Inc. REIT		17		92
Finance of America Companies, Inc. — Class A^*		82		90
OppFi, Inc.^*		17		87
GoHealth, Inc. — Class A^*		6		80
Blue Ridge Bankshares, Inc.		26		79
American Realty Investors, Inc.^*		3		52
Total Financial				851,809
Industrial - 8.4%
Simpson Manufacturing Company, Inc.		65		12,869
UFP Industries, Inc.		90		11,299
Comfort Systems USA, Inc.		53		10,900
Fabrinet^*		56		10,659
Applied Industrial Technologies, Inc.		58		10,016
Atkore, Inc.^*		58		9,280
Novanta, Inc.^*		54		9,094
Chart Industries, Inc.^*		65		8,861

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Watts Water Technologies, Inc. — Class A		41	$	8,542
Fluor Corp.^*		214		8,382
Mueller Industries, Inc.		169		7,968
Boise Cascade Co.		60		7,762
AAON, Inc.		102		7,535
Casella Waste Systems, Inc. — Class A^*		85		7,264
Federal Signal Corp.		92		7,060
Badger Meter, Inc.		45		6,947
Summit Materials, Inc. — Class A^*		180		6,923
Exponent, Inc.		76		6,691
Franklin Electric Company, Inc.		69		6,669
SPX Technologies, Inc.^*		66		6,667
Zurn Elkay Water Solutions Corp.		223		6,558
GATX Corp.		53		6,372
Moog, Inc. — Class A		44		6,370
EnerSys		63		6,360
Advanced Energy Industries, Inc.		57		6,208
Arcosa, Inc.		73		6,033
Matson, Inc.		54		5,918
Terex Corp.		101		5,803
Knife River Corp.^*		85		5,625
Itron, Inc.^*		70		5,286
Hillenbrand, Inc.		107		5,120
Dycom Industries, Inc.^*		44		5,064
Kadant, Inc.		18		5,046
Enpro, Inc.		32		5,016
CSW Industrials, Inc.		24		4,978
Belden, Inc.		64		4,944
AeroVironment, Inc.^*		39		4,916
Encore Wire Corp.		23		4,913
John Bean Technologies Corp.		48		4,774
Vishay Intertechnology, Inc.		198		4,746
Modine Manufacturing Co.^*		79		4,716
Plexus Corp.^*		43		4,650
Albany International Corp. — Class A		47		4,616
ESCO Technologies, Inc.		39		4,564
Scorpio Tankers, Inc.		74		4,499
Cactus, Inc. — Class A		99		4,495
Frontdoor, Inc.^*		127		4,473
Sanmina Corp.^*		87		4,469
ArcBest Corp.		37		4,448
Bloom Energy Corp. — Class A^*		295		4,366
Hub Group, Inc. — Class A^*		47		4,321
Materion Corp.		32		4,164
RXO, Inc.^*		179		4,163
Sterling Infrastructure, Inc.^*		47		4,133
Werner Enterprises, Inc.		97		4,110
Kratos Defense & Security Solutions, Inc.^*		193		3,916
Griffon Corp.		64		3,901
O-I Glass, Inc.^*		238		3,899
Gibraltar Industries, Inc.^*		47		3,712
MYR Group, Inc.^*		25		3,616
Golar LNG Ltd.		156		3,586
NEXTracker, Inc. — Class A^*		75		3,514
Energizer Holdings, Inc.		110		3,485
PGT Innovations, Inc.^*		85		3,459
Mueller Water Products, Inc. — Class A		237		3,413
Granite Construction, Inc.		67		3,408
Trinity Industries, Inc.		126		3,350
AAR Corp.^*		53		3,307
Kennametal, Inc.		125		3,224
Alamo Group, Inc.		15		3,153
Mirion Technologies, Inc.^*		306		3,137
OSI Systems, Inc.^*		24		3,097
Masterbrand, Inc.^*		198		2,940
International Seaways, Inc.		63		2,865
Standex International Corp.		18		2,851
Masonite International Corp.^*		33		2,794
Joby Aviation, Inc.^*		419		2,787
Primoris Services Corp.		82		2,723
Hillman Solutions Corp.^*		294		2,708
Worthington Enterprises, Inc.		47		2,705
Construction Partners, Inc. — Class A^*		62		2,698
Enerpac Tool Group Corp.		85		2,643
Enovix Corp.^*		211		2,642
Tennant Co.		28		2,595
Knowles Corp.^*		139		2,489
TTM Technologies, Inc.^*		157		2,482
JELD-WEN Holding, Inc.^*		131		2,473
Forward Air Corp.		39		2,452
Barnes Group, Inc.		75		2,447
Greif, Inc. — Class A		37		2,427
American Woodmark Corp.^*		26		2,414
NV5 Global, Inc.^*		21		2,334
Rocket Lab USA, Inc.^*		419		2,317
Helios Technologies, Inc.		50		2,267
AZZ, Inc.		39		2,266
Lindsay Corp.		17		2,196
World Kinect Corp.		95		2,164
Dorian LPG Ltd.		49		2,150
Leonardo DRS, Inc.^*		105		2,104
CTS Corp.		48		2,100
DHT Holdings, Inc.		210		2,060
Greenbrier Companies, Inc.		46		2,032
SFL Corporation Ltd.		177		1,996
Marten Transport Ltd.		90		1,888
Xometry, Inc. — Class A^*		52		1,867
Golden Ocean Group Ltd.		189		1,845
Teekay Tankers Ltd. — Class A		36		1,799
Apogee Enterprises, Inc.		33		1,763
Columbus McKinnon Corp.		44		1,717
Janus International Group, Inc.^*		130		1,697
Thermon Group Holdings, Inc.^*		51		1,661
Triumph Group, Inc.^*		100		1,658
Napco Security Technologies, Inc.		48		1,644
TriMas Corp.		64		1,621
Energy Recovery, Inc.^*		85		1,601
Proto Labs, Inc.^*		41		1,597
TimkenSteel Corp.^*		67		1,571
Air Transport Services Group, Inc.^*		87		1,532
Vicor Corp.^*		34		1,528
Benchmark Electronics, Inc.		55		1,520
Ryerson Holding Corp.		43		1,491
Ichor Holdings Ltd.^*		44		1,480
Archer Aviation, Inc. — Class A^*		234		1,437
Montrose Environmental Group, Inc.^*		42		1,349
FLEX LNG Ltd.		46		1,337
Nordic American Tankers Ltd.		315		1,323
Astec Industries, Inc.		34		1,265

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Gorman-Rupp Co.		35	$	1,244
Powell Industries, Inc.		14		1,238
Aspen Aerogels, Inc.^*		78		1,231
Sturm Ruger & Company, Inc.		26		1,182
Insteel Industries, Inc.		29		1,110
Enviri Corp.^*		122		1,098
Myers Industries, Inc.		56		1,095
Genco Shipping & Trading Ltd.		65		1,078
Bel Fuse, Inc. — Class B		16		1,068
Hyster-Yale Materials Handling, Inc.		17		1,057
IES Holdings, Inc.^*		13		1,030
Kaman Corp.		43		1,030
Heartland Express, Inc.		72		1,027
Cadre Holdings, Inc.		31		1,019
Olympic Steel, Inc.		15		1,001
Ducommun, Inc.^*		19		989
Kimball Electronics, Inc.^*		36		970
Smith & Wesson Brands, Inc.		70		949
CryoPort, Inc.^*		61		945
Clearwater Paper Corp.^*		26		939
Argan, Inc.		20		936
CECO Environmental Corp.^*		46		933
nLight, Inc.^*		67		905
SmartRent, Inc.^*		282		900
Ardmore Shipping Corp.		63		888
Manitowoc Company, Inc.^*		53		885
DXP Enterprises, Inc.^*		25		843
Mesa Laboratories, Inc.		8		838
Pactiv Evergreen, Inc.		61		836
Evolv Technologies Holdings, Inc.^*		173		817
Stoneridge, Inc.^*		41		802
LSB Industries, Inc.^*		85		791
Great Lakes Dredge & Dock Corp.^*		101		776
Eagle Bulk Shipping, Inc.		14		776
Costamare, Inc.		74		770
MicroVision, Inc.^*		272		724
PureCycle Technologies, Inc.^*		178		721
Astronics Corp.^*		40		697
Covenant Logistics Group, Inc. — Class A		15		691
Teekay Corp.^*		94		672
GoPro, Inc. — Class A^*		191		663
FARO Technologies, Inc.^*		29		653
GrafTech International Ltd.		297		650
National Presto Industries, Inc.		8		642
Limbach Holdings, Inc.^*		14		637
Tutor Perini Corp.^*		66		601
Cadeler A/S ADR^*		32		589
Atmus Filtration Technologies, Inc.^*,1		25		587
Allient, Inc.		19		574
Bowman Consulting Group Ltd.^*		16		568
LSI Industries, Inc.		39		549
NVE Corp.		7		549
Greif, Inc. — Class B		8		528
Daseke, Inc.^*		62		502
Overseas Shipholding Group, Inc. — Class A		95		501
AerSale Corp.^*		39		495
Park Aerospace Corp.		32		470
Pangaea Logistics Solutions Ltd.		56		461
Northwest Pipe Co.^*		15		454
Safe Bulkers, Inc.		102		401
Ranpak Holdings Corp.^*		67		390
Luxfer Holdings plc		43		384
908 Devices, Inc.^*		34		381
Radiant Logistics, Inc.^*		55		365
Comtech Telecommunications Corp.		42		354
Omega Flex, Inc.		5		353
Park-Ohio Holdings Corp.		13		350
Eastman Kodak Co.^*		88		343
Iteris, Inc.^*		66		343
Concrete Pumping Holdings, Inc.^*		40		328
Pure Cycle Corp.^*		31		325
Universal Logistics Holdings, Inc.		11		308
AMMO, Inc.^*		139		292
Blink Charging Co.^*		80		271
NuScale Power Corp.^*		82		270
Turtle Beach Corp.^*		24		263
Gencor Industries, Inc.^*		16		258
Mayville Engineering Company, Inc.^*		17		245
Willis Lease Finance Corp.^*		5		244
Mistras Group, Inc.^*		32		234
Karat Packaging, Inc.		9		224
Core Molding Technologies, Inc.^*		12		222
Tredegar Corp.		41		222
PAM Transportation Services, Inc.^*		10		208
Eve Holding, Inc.^*		28		205
Sight Sciences, Inc.^*		33		170
Intevac, Inc.^*		39		168
LanzaTech Global, Inc.^*		32		161
ESS Tech, Inc.^*		141		161
Latham Group, Inc.^*		59		155
Transphorm, Inc.^*		42		153
SKYX Platforms Corp.^*		94		150
Babcock & Wilcox Enterprises, Inc.^*		91		133
374Water, Inc.^*		90		128
Li-Cycle Holdings Corp.^*		212		124
INNOVATE Corp.^*		79		97
Akoustis Technologies, Inc.^*		106		88
Himalaya Shipping Ltd.^*		13		88
NL Industries, Inc.		13		73
Amprius Technologies, Inc.^*		8		42
Redwire Corp.^*		12		34
Southland Holdings, Inc.^*		6		31
Charge Enterprises, Inc.^*		207		24
Total Industrial				579,051
Consumer, Cyclical - 6.6%
Light & Wonder, Inc. — Class A^*		137		11,249
Meritage Homes Corp.		55		9,581
Taylor Morrison Home Corp. — Class A^*		158		8,429
Beacon Roofing Supply, Inc.^*		88		7,658
Carvana Co.^*		144		7,623
Academy Sports & Outdoors, Inc.		110		7,260
Signet Jewelers Ltd.		67		7,186
Asbury Automotive Group, Inc.^*		31		6,974
KB Home		109		6,808
Abercrombie & Fitch Co. — Class A^*		75		6,616
Installed Building Products, Inc.		36		6,582

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Group 1 Automotive, Inc.		21	$	6,400
FirstCash Holdings, Inc.		57		6,178
Skyline Champion Corp.^*		82		6,089
Goodyear Tire & Rubber Co.^*		423		6,057
American Eagle Outfitters, Inc.		280		5,925
M/I Homes, Inc.^*		41		5,647
Kontoor Brands, Inc.		85		5,306
Adient plc^*		145		5,272
Visteon Corp.^*		42		5,246
Tri Pointe Homes, Inc.^*		146		5,168
GMS, Inc.^*		62		5,111
Hilton Grand Vacations, Inc.^*		125		5,023
MDC Holdings, Inc.		90		4,972
Steven Madden Ltd.		115		4,830
Rush Enterprises, Inc. — Class A		95		4,778
LCI Industries		38		4,777
International Game Technology plc		167		4,578
Cavco Industries, Inc.^*		13		4,506
Fox Factory Holding Corp.^*		64		4,319
LGI Homes, Inc.^*		32		4,261
Shake Shack, Inc. — Class A^*		57		4,225
Resideo Technologies, Inc.^*		224		4,216
UniFirst Corp.		23		4,207
Foot Locker, Inc.		126		3,925
Century Communities, Inc.		43		3,919
Red Rock Resorts, Inc. — Class A		73		3,893
Bloomin' Brands, Inc.		135		3,800
Papa John's International, Inc.		49		3,735
Boot Barn Holdings, Inc.^*		46		3,531
Urban Outfitters, Inc.^*		98		3,498
Dorman Products, Inc.^*		41		3,420
Sonos, Inc.^*		196		3,360
Patrick Industries, Inc.		33		3,312
Winnebago Industries, Inc.		44		3,207
SkyWest, Inc.^*		61		3,184
Topgolf Callaway Brands Corp.^*		221		3,169
Acushnet Holdings Corp.		48		3,032
PriceSmart, Inc.		40		3,031
MillerKnoll, Inc.		112		2,988
HNI Corp.		71		2,970
Dana, Inc.		201		2,937
Dave & Buster's Entertainment, Inc.^*		54		2,908
SeaWorld Entertainment, Inc.^*		55		2,906
Brinker International, Inc.^*		67		2,893
ODP Corp.^*		50		2,815
Six Flags Entertainment Corp.^*		111		2,784
Spirit Airlines, Inc.		169		2,770
JetBlue Airways Corp.^*		497		2,758
Atlanta Braves Holdings, Inc. — Class C^*		68		2,691
Gentherm, Inc.^*		51		2,670
Cheesecake Factory, Inc.		75		2,626
Cracker Barrel Old Country Store, Inc.		34		2,621
H&E Equipment Services, Inc.		50		2,616
Vista Outdoor, Inc.^*		87		2,573
Jack in the Box, Inc.		31		2,531
National Vision Holdings, Inc.^*		120		2,512
OPENLANE, Inc.^*		167		2,473
La-Z-Boy, Inc.		66		2,437
Cinemark Holdings, Inc.^*		169		2,381
Hanesbrands, Inc.^*		529		2,359
Oxford Industries, Inc.		23		2,300
Buckle, Inc.		47		2,233
Sally Beauty Holdings, Inc.^*		165		2,191
Aurora Innovation, Inc.^*		501		2,189
G-III Apparel Group Ltd.^*		62		2,107
Green Brick Partners, Inc.^*		40		2,078
Dillard's, Inc. — Class A		5		2,018
Allegiant Travel Co. — Class A		24		1,983
Madison Square Garden Entertainment Corp.^*		60		1,907
Leslie's, Inc.^*		272		1,880
Steelcase, Inc. — Class A		139		1,879
Wabash National Corp.		73		1,870
Warby Parker, Inc. — Class A^*		131		1,847
XPEL, Inc.^*		34		1,831
Lions Gate Entertainment Corp. — Class B^*		177		1,804
OneSpaWorld Holdings Ltd.^*		125		1,763
indie Semiconductor, Inc. — Class A^*		210		1,703
Malibu Boats, Inc. — Class A^*		31		1,699
Sovos Brands, Inc.^*		77		1,696
Sweetgreen, Inc. — Class A^*		149		1,684
Camping World Holdings, Inc. — Class A		64		1,681
Winmark Corp.		4		1,670
ScanSource, Inc.^*		42		1,664
Caleres, Inc.		54		1,659
iRobot Corp.^*		42		1,625
BlueLinx Holdings, Inc.^*		14		1,586
American Axle & Manufacturing Holdings, Inc.^*		175		1,542
Beazer Homes USA, Inc.^*		45		1,521
Nu Skin Enterprises, Inc. — Class A		77		1,495
Everi Holdings, Inc.^*		129		1,454
Monarch Casino & Resort, Inc.		21		1,452
Hibbett, Inc.		20		1,440
MRC Global, Inc.^*		129		1,420
Luminar Technologies, Inc.^*,1		416		1,402
Chico's FAS, Inc.^*		181		1,372
Sonic Automotive, Inc. — Class A		24		1,349
Dream Finders Homes, Inc. — Class A^*		37		1,315
Standard Motor Products, Inc.		33		1,314
MarineMax, Inc.^*		33		1,284
Bluegreen Vacations Holding Corp.¹		17		1,277
Golden Entertainment, Inc.		31		1,238
Methode Electronics, Inc.		54		1,227
BJ's Restaurants, Inc.^*		34		1,224
Virgin Galactic Holdings, Inc.^*		498		1,220
PC Connection, Inc.		18		1,210
Titan International, Inc.^*		81		1,205
Dine Brands Global, Inc.		24		1,192
VSE Corp.		18		1,163
Ethan Allen Interiors, Inc.		36		1,149
Interface, Inc. — Class A		88		1,111
Hawaiian Holdings, Inc.^*		78		1,108
Hovnanian Enterprises, Inc. — Class A^*		7		1,089
Portillo's, Inc. — Class A^*		68		1,083
Chuy's Holdings, Inc.^*		28		1,070
Wolverine World Wide, Inc.		120		1,067

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Arko Corp.		127	$	1,048
Douglas Dynamics, Inc.		35		1,039
Guess?, Inc.		45		1,038
IMAX Corp.^*		69		1,036
Life Time Group Holdings, Inc.^*		68		1,025
Blue Bird Corp.^*		38		1,025
Clean Energy Fuels Corp.^*		260		996
Lions Gate Entertainment Corp. — Class A^*		90		981
Forestar Group, Inc.^*		29		959
A-Mark Precious Metals, Inc.		31		938
Titan Machinery, Inc.^*		32		924
Sun Country Airlines Holdings, Inc.^*		58		912
Hudson Technologies, Inc.^*		67		904
Vizio Holding Corp. — Class A^*		116		893
REV Group, Inc.		49		890
RCI Hospitality Holdings, Inc.		13		861
Accel Entertainment, Inc.^*		83		852
Denny's Corp.^*		78		849
Nikola Corp.^*,1		936		819
Shoe Carnival, Inc.		27		816
Rush Enterprises, Inc. — Class B		15		795
Haverty Furniture Companies, Inc.		22		781
Global Industrial Co.		20		777
Movado Group, Inc.		24		724
Miller Industries, Inc.		17		719
Xperi, Inc.^*		64		705
Kura Sushi USA, Inc. — Class A^*		9		684
America's Car-Mart, Inc.^*		9		682
Savers Value Village, Inc.^*		39		678
Super Group SGHC Ltd.^*		210		666
Shyft Group, Inc.		54		660
MasterCraft Boat Holdings, Inc.^*		29		657
Atlanta Braves Holdings, Inc. — Class A^*		15		642
Genesco, Inc.^*		18		634
Bally's Corp.^*		45		627
Lindblad Expeditions Holdings, Inc.^*		55		620
Designer Brands, Inc. — Class A		66		584
OneWater Marine, Inc. — Class A^*		17		574
Lovesac Co.^*		22		562
Marcus Corp.		37		539
Fisker, Inc.^*		300		525
First Watch Restaurant Group, Inc.^*		26		523
Zumiez, Inc.^*		25		508
Cooper-Standard Holdings, Inc.^*		26		508
Xponential Fitness, Inc. — Class A^*		38		490
Sleep Number Corp.^*		33		489
Daktronics, Inc.^*		57		483
Build-A-Bear Workshop, Inc. — Class A		21		483
Hooker Furnishings Corp.		18		470
Microvast Holdings, Inc.^*		326		456
Carrols Restaurant Group, Inc.		57		449
EVgo, Inc.^*		124		444
Rush Street Interactive, Inc.^*		97		436
Johnson Outdoors, Inc. — Class A		8		427
Children's Place, Inc.^*		18		418
Potbelly Corp.^*		40		417
Funko, Inc. — Class A^*		53		410
JAKKS Pacific, Inc.^*		11		391
Holley, Inc.^*		80		390
Destination XL Group, Inc.^*		85		374
El Pollo Loco Holdings, Inc.^*		42		370
Bowlero Corp. — Class A^*		26		368
SES AI Corp.^*		192		351
Commercial Vehicle Group, Inc.^*		50		351
Solid Power, Inc.^*		238		345
Big Lots, Inc.		43		335
Rocky Brands, Inc.		11		332
Tile Shop Holdings, Inc.^*		44		324
Global Business Travel Group I^*		50		323
Frontier Group Holdings, Inc.^*		59		322
Clarus Corp.		45		310
Vera Bradley, Inc.^*		40		308
Escalade, Inc.		15		301
Red Robin Gourmet Burgers, Inc.^*		24		299
Weyco Group, Inc.		9		282
Full House Resorts, Inc.^*		51		274
Tilly's, Inc. — Class A^*		35		264
Landsea Homes Corp.^*		20		263
Sportsman's Warehouse Holdings, Inc.^*		59		251
Snap One Holdings Corp.^*		28		250
ThredUp, Inc. — Class A^*		110		247
PetMed Express, Inc.		32		242
GrowGeneration Corp.^*		91		228
TuSimple Holdings, Inc. — Class A^*		251		220
Reservoir Media, Inc.^*		30		214
Big 5 Sporting Goods Corp.		33		209
Century Casinos, Inc.^*		42		205
ONE Group Hospitality, Inc.^*		33		202
Cato Corp. — Class A		27		193
Livewire Group, Inc.^*		17		192
VOXX International Corp. — Class A^*		18		192
Noodles & Co.^*		61		192
Hyliion Holdings Corp.^*		225		183
J Jill, Inc.^*		7		180
EVI Industries, Inc.		7		166
Biglari Holdings, Inc. — Class B^*		1		165
Marine Products Corp.		13		148
Traeger, Inc.^*		53		145
Duluth Holdings, Inc. — Class B^*		20		108
Fossil Group, Inc.^*		72		105
Torrid Holdings, Inc.^*		18		104
Workhorse Group, Inc.^*		264		95
Aeva Technologies, Inc.^*		123		93
Lazydays Holdings, Inc.^*		12		85
Purple Innovation, Inc.		82		85
United Homes Group, Inc.^*		9		76
Loop Media, Inc.^*		57		57
Envela Corp.^*		11		53
CompX International, Inc.		2		51
Dragonfly Energy Holdings Corp.^*		26		14
Qurate Retail, Inc. — Class B^*		2		13
Total Consumer, Cyclical				451,723
Technology - 6.4%
Super Micro Computer, Inc.^*		71		19,899
MicroStrategy, Inc. — Class A^*		19		12,001
Onto Innovation, Inc.^*		74		11,315

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Rambus, Inc.^*		164	$	11,193
Qualys, Inc.^*		56		10,992
SPS Commerce, Inc.^*		55		10,661
Duolingo, Inc.^*		44		9,981
Tenable Holdings, Inc.^*		172		7,922
Insight Enterprises, Inc.^*		44		7,796
Maximus, Inc.		91		7,631
MACOM Technology Solutions Holdings, Inc.^*		82		7,622
Varonis Systems, Inc.^*		167		7,562
Workiva, Inc.^*		74		7,513
ExlService Holdings, Inc.^*		243		7,497
ASGN, Inc.^*		73		7,020
Power Integrations, Inc.		85		6,979
Altair Engineering, Inc. — Class A^*		82		6,900
Synaptics, Inc.^*		60		6,845
Axcelis Technologies, Inc.^*		49		6,355
Silicon Laboratories, Inc.^*		48		6,349
Freshworks, Inc. — Class A^*		248		5,826
Blackbaud, Inc.^*		66		5,722
Amkor Technology, Inc.		171		5,689
Evolent Health, Inc. — Class A^*		169		5,582
Box, Inc. — Class A^*		217		5,557
Diodes, Inc.^*		69		5,556
BlackLine, Inc.^*		87		5,432
Rapid7, Inc.^*		93		5,310
CommVault Systems, Inc.^*		66		5,270
ACI Worldwide, Inc.^*		166		5,080
Appfolio, Inc. — Class A^*		29		5,024
FormFactor, Inc.^*		119		4,964
Verra Mobility Corp.^*		215		4,951
Kulicke & Soffa Industries, Inc.		86		4,706
Sprout Social, Inc. — Class A^*		73		4,485
Braze, Inc. — Class A^*		79		4,197
Parsons Corp.^*		63		3,951
Envestnet, Inc.^*		78		3,863
Privia Health Group, Inc.^*		166		3,823
Progress Software Corp.		67		3,638
DigitalOcean Holdings, Inc.^*		98		3,596
C3.ai, Inc. — Class A^*,1		123		3,531
Ambarella, Inc.^*		57		3,494
SiTime Corp.^*		27		3,296
Xerox Holdings Corp.		177		3,245
Fastly, Inc. — Class A^*		182		3,240
Impinj, Inc.^*		35		3,151
PagerDuty, Inc.^*		133		3,079
IonQ, Inc.^*		247		3,060
Schrodinger Incorporated/United States^*		84		3,007
Photronics, Inc.^*		95		2,980
ACV Auctions, Inc. — Class A^*		195		2,954
AvidXchange Holdings, Inc.^*		228		2,825
MaxLinear, Inc. — Class A^*		115		2,734
PROS Holdings, Inc.^*		69		2,677
Clear Secure, Inc. — Class A		128		2,643
Agilysys, Inc.^*		31		2,629
CSG Systems International, Inc.		48		2,554
Cohu, Inc.^*		72		2,548
Verint Systems, Inc.^*		94		2,541
Veeco Instruments, Inc.^*		78		2,420
Appian Corp. — Class A^*		64		2,410
Donnelley Financial Solutions, Inc.^*		38		2,370
Asana, Inc. — Class A^*		123		2,338
Ultra Clean Holdings, Inc.^*		68		2,322
NetScout Systems, Inc.^*		105		2,305
Semtech Corp.^*		99		2,169
PowerSchool Holdings, Inc. — Class A^*		87		2,050
Adeia, Inc.		164		2,032
Jamf Holding Corp.^*		108		1,950
AvePoint, Inc.^*		225		1,847
Zuora, Inc. — Class A^*		195		1,833
Zeta Global Holdings Corp. — Class A^*		207		1,826
Phreesia, Inc.^*		78		1,806
PAR Technology Corp.^*		41		1,785
Veradigm, Inc.^*		166		1,741
EngageSmart, Inc.^*		74		1,695
Intapp, Inc.^*		42		1,597
Model N, Inc.^*		58		1,562
PDF Solutions, Inc.^*		48		1,543
Everbridge, Inc.^*		62		1,507
Alkami Technology, Inc.^*		60		1,455
ACM Research, Inc. — Class A^*		74		1,446
N-able, Inc.^*		107		1,418
Digi International, Inc.^*		54		1,404
SMART Global Holdings, Inc.^*		74		1,401
Sapiens International Corporation N.V.		47		1,360
Navitas Semiconductor Corp.^*		164		1,323
Amplitude, Inc. — Class A^*		104		1,323
3D Systems Corp.^*		196		1,245
Cerence, Inc.^*		62		1,219
Pitney Bowes, Inc.		268		1,179
Grid Dynamics Holdings, Inc.^*		85		1,133
E2open Parent Holdings, Inc.^*		255		1,119
Alignment Healthcare, Inc.^*		130		1,119
Simulations Plus, Inc.		24		1,074
Aehr Test Systems^*		40		1,061
PubMatic, Inc. — Class A^*		65		1,060
Matterport, Inc.^*		383		1,030
BigCommerce Holdings, Inc.^*		103		1,002
MeridianLink, Inc.^*		40		991
Digital Turbine, Inc.^*		144		988
SolarWinds Corp.^*		78		974
Yext, Inc.^*		165		972
Conduent, Inc.^*		263		960
Integral Ad Science Holding Corp.^*		65		935
Vimeo, Inc.^*		233		913
Alpha & Omega Semiconductor Ltd.^*		35		912
Olo, Inc. — Class A^*		159		909
Mitek Systems, Inc.^*		66		861
Consensus Cloud Solutions, Inc.^*		32		839
CEVA, Inc.^*		36		818
Instructure Holdings, Inc.^*		30		810
Corsair Gaming, Inc.^*		57		804
Health Catalyst, Inc.^*		86		796
Digimarc Corp.^*		22		795
Definitive Healthcare Corp.^*		70		696
Thoughtworks Holding, Inc.^*		143		688
Daily Journal Corp.^*		2		682
8x8, Inc.^*		175		662
SEMrush Holdings, Inc. — Class A^*		48		656
OneSpan, Inc.^*		61		654

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Cantaloupe, Inc.^*		88	$	652
TTEC Holdings, Inc.		30		650
Vishay Precision Group, Inc.^*		19		647
Planet Labs PBC^*		253		625
Weave Communications, Inc.^*		51		585
Unisys Corp.^*		103		579
American Software, Inc. — Class A		49		554
Bandwidth, Inc. — Class A^*		36		521
Sharecare, Inc.^*		463		500
Cricut, Inc. — Class A		74		488
Domo, Inc. — Class B^*		47		484
PlayAGS, Inc.^*		57		480
Cardlytics, Inc.^*		52		479
SoundHound AI, Inc. — Class A^*,1		208		441
Enfusion, Inc. — Class A^*		44		427
Outset Medical, Inc.^*		76		411
LivePerson, Inc.^*		108		409
ON24, Inc.		51		402
EverCommerce, Inc.^*		36		397
NextNav, Inc.^*		82		365
Playstudios, Inc.^*		132		358
Red Violet, Inc.^*		17		340
Immersion Corp.		47		332
Climb Global Solutions, Inc.		6		329
Inspired Entertainment, Inc.^*		33		326
IBEX Holdings Ltd.^*		17		323
Innodata, Inc.^*		39		317
Desktop Metal, Inc. — Class A^*		422		317
HireRight Holdings Corp.^*		21		282
Asure Software, Inc.^*		29		276
Outbrain, Inc.^*		63		276
eGain Corp.^*		33		275
CS Disco, Inc.^*		35		266
Rimini Street, Inc.^*		79		258
Computer Programs and Systems, Inc.^*		23		258
SkyWater Technology, Inc.^*		26		250
Kaltura, Inc.^*		128		250
Richardson Electronics Ltd.		18		240
Atomera, Inc.^*		33		231
inTEST Corp.^*		17		231
Expensify, Inc. — Class A^*		85		210
Rackspace Technology, Inc.^*		95		190
Vuzix Corp.^*		90		188
Brightcove, Inc.^*		66		171
CoreCard Corp.^*		12		166
Viant Technology, Inc. — Class A^*		22		152
Tingo Group, Inc.^*		187		129
Skillsoft Corp.^*		6		105
System1, Inc.^*		43		95
BigBear.ai Holdings, Inc.^*		43		92
Veritone, Inc.^*		40		72
Velo3D, Inc.^*		137		54
CXApp, Inc.^*		3		4
Presto Automation, Inc.^*		5		3
Total Technology				438,699
Energy - 3.8%
Chord Energy Corp.		63		10,473
Weatherford International plc^*		107		10,468
Matador Resources Co.		170		9,666
Murphy Oil Corp.		224		9,556
ChampionX Corp.		299		8,734
Civitas Resources, Inc.		123		8,411
Noble Corporation plc		171		8,235
Permian Resources Corp.		594		8,078
PBF Energy, Inc. — Class A		171		7,517
SM Energy Co.		181		7,008
Equitrans Midstream Corp.		658		6,698
Valaris Ltd.^*		92		6,308
Alpha Metallurgical Resources, Inc.		18		6,101
Magnolia Oil & Gas Corp. — Class A		276		5,876
California Resources Corp.		106		5,796
Patterson-UTI Energy, Inc.		532		5,746
Helmerich & Payne, Inc.		146		5,288
Tidewater, Inc.^*		72		5,192
Northern Oil and Gas, Inc.		134		4,967
Warrior Met Coal, Inc.		80		4,878
CNX Resources Corp.^*		239		4,780
Arch Resources, Inc.		28		4,646
CONSOL Energy, Inc.		46		4,624
Kosmos Energy Ltd.^*		688		4,617
Liberty Energy, Inc. — Class A		250		4,535
Peabody Energy Corp.		174		4,232
Shoals Technologies Group, Inc. — Class A^*		258		4,009
Array Technologies, Inc.^*		228		3,831
Seadrill Ltd.^*		78		3,688
Archrock, Inc.		214		3,296
Oceaneering International, Inc.^*		154		3,277
Par Pacific Holdings, Inc.^*		85		3,091
Callon Petroleum Co.^*		94		3,046
Sitio Royalties Corp. — Class A		124		2,915
Delek US Holdings, Inc.		98		2,528
Borr Drilling Ltd.^*		330		2,429
Sunnova Energy International, Inc.^*		156		2,379
Talos Energy, Inc.^*		166		2,362
Helix Energy Solutions Group, Inc.^*		221		2,272
Green Plains, Inc.^*		90		2,270
Expro Group Holdings N.V.^*		136		2,165
Gulfport Energy Corp.^*		16		2,131
Fluence Energy, Inc.^*		88		2,099
Diamond Offshore Drilling, Inc.^*		157		2,041
NOW, Inc.^*		160		1,811
Vital Energy, Inc.^*		35		1,592
Crescent Energy Co. — Class A		117		1,546
SunCoke Energy, Inc.		129		1,386
CVR Energy, Inc.		45		1,364
US Silica Holdings, Inc.^*		117		1,323
Core Laboratories, Inc.		72		1,272
ProPetro Holding Corp.^*		151		1,265
Comstock Resources, Inc.		141		1,248
Dril-Quip, Inc.^*		53		1,233
Nabors Industries Ltd.^*		14		1,143
REX American Resources Corp.^*		24		1,135
Bristow Group, Inc.^*		37		1,046
FuelCell Energy, Inc.^*		617		987
RPC, Inc.		130		946
Select Water Solutions, Inc. — Class A		122		926
Montauk Renewables, Inc.^*		102		909
Kinetik Holdings, Inc. — Class A		27		902
TETRA Technologies, Inc.^*		193		872
Stem, Inc.^*		217		842

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Vitesse Energy, Inc.		38	$	832
Berry Corp.		117		823
SilverBow Resources, Inc.^*		28		814
Newpark Resources, Inc.^*		113		750
VAALCO Energy, Inc.		166		745
SandRidge Energy, Inc.		49		670
Oil States International, Inc.^*		96		652
SunPower Corp. — Class A^*		134		647
Tellurian, Inc.^*		803		607
Ramaco Resources, Inc. — Class A		35		601
DMC Global, Inc.^*		30		565
NextDecade Corp.^*		118		563
W&T Offshore, Inc.		151		492
SEACOR Marine Holdings, Inc.^*		37		466
Kodiak Gas Services, Inc.		23		462
Excelerate Energy, Inc. — Class A		28		433
Gevo, Inc.^*		358		415
Atlas Energy Solutions, Inc.		24		413
Aris Water Solutions, Inc. — Class A		46		386
Forum Energy Technologies, Inc.^*		17		377
Solaris Oilfield Infrastructure, Inc. — Class A		46		366
Riley Exploration Permian, Inc.		13		354
Energy Vault Holdings, Inc.^*		151		352
Vertex Energy, Inc.^*		99		336
Amplify Energy Corp.^*		56		332
ProFrac Holding Corp. — Class A^*		39		331
Hallador Energy Co.^*		36		318
Maxeon Solar Technologies Ltd.^*		44		316
Evolution Petroleum Corp.		51		296
TPI Composites, Inc.^*		67		277
Ring Energy, Inc.^*		185		270
HighPeak Energy, Inc.		18		256
FutureFuel Corp.		40		243
Granite Ridge Resources, Inc.		40		241
KLX Energy Services Holdings, Inc.^*		20		225
Ranger Energy Services, Inc.		22		225
NACCO Industries, Inc. — Class A		6		219
Empire Petroleum Corp.^*		18		198
Eos Energy Enterprises, Inc.^*		165		180
Mammoth Energy Services, Inc.^*		35		156
PrimeEnergy Resources Corp.^*		1		106
Ramaco Resources, Inc. — Class B		7		93
Enviva, Inc.		47		47
Verde Clean Fuels, Inc.^*		1		2
Total Energy				263,459
Communications - 2.0%
Cogent Communications Holdings, Inc.		66		5,020
Yelp, Inc. — Class A^*		104		4,923
Ziff Davis, Inc.^*		73		4,905
TEGNA, Inc.		304		4,651
InterDigital, Inc.		41		4,450
DigitalBridge Group, Inc.		249		4,367
Calix, Inc.^*		90		3,932
Q2 Holdings, Inc.^*		88		3,820
Opendoor Technologies, Inc.^*		822		3,683
Cargurus, Inc.^*		150		3,624
Perficient, Inc.^*		52		3,423
Credo Technology Group Holding Ltd.^*		174		3,388
Extreme Networks, Inc.^*		192		3,387
Viavi Solutions, Inc.^*		333		3,353
ePlus, Inc.^*		41		3,273
EchoStar Corp. — Class A^*		185		3,065
Upwork, Inc.^*		190		2,825
Telephone & Data Systems, Inc.		152		2,789
Lumen Technologies, Inc.^*		1,517		2,776
Squarespace, Inc. — Class A^*		77		2,542
Bumble, Inc. — Class A^*		156		2,300
Harmonic, Inc.^*		170		2,217
Globalstar, Inc.^*		1,039		2,016
Beyond, Inc.^*		70		1,938
Cars.com, Inc.^*		102		1,935
Magnite, Inc.^*		206		1,924
Sprinklr, Inc. — Class A^*		155		1,866
Shutterstock, Inc.		38		1,835
Hims & Hers Health, Inc.^*		189		1,682
Shenandoah Telecommunications Co.		74		1,600
Rover Group, Inc.^*		143		1,556
Scholastic Corp.		41		1,546
Liberty Latin America Ltd. — Class C^*		210		1,541
Infinera Corp.^*		306		1,454
A10 Networks, Inc.		108		1,422
TechTarget, Inc.^*		40		1,394
Figs, Inc. — Class A^*		196		1,362
Sphere Entertainment Co.^*		40		1,358
fuboTV, Inc.^*		426		1,355
Open Lending Corp. — Class A^*		153		1,302
Couchbase, Inc.^*		52		1,171
Gray Television, Inc.		127		1,138
Revolve Group, Inc.^*		63		1,045
Gogo, Inc.^*		102		1,033
HealthStream, Inc.		38		1,027
Clear Channel Outdoor Holdings, Inc.^*		564		1,026
QuinStreet, Inc.^*		80		1,026
Eventbrite, Inc. — Class A^*		119		995
Thryv Holdings, Inc.^*		48		977
AMC Networks, Inc. — Class A^*		49		921
CommScope Holding Company, Inc.^*		317		894
ADTRAN Holdings, Inc.		120		881
IDT Corp. — Class B^*		24		818
Stagwell, Inc.^*		119		789
EW Scripps Co. — Class A^*		91		727
Applied Digital Corp.^*		104		701
ATN International, Inc.		17		663
Sinclair, Inc.		50		652
AST SpaceMobile, Inc.^*		105		633
Anterix, Inc.^*		19		633
NETGEAR, Inc.^*		43		627
Clearfield, Inc.^*		21		611
Liquidity Services, Inc.^*		35		602
Aviat Networks, Inc.^*		17		555
Grindr, Inc.^*		63		553
Boston Omaha Corp. — Class A^*		35		551
Preformed Line Products Co.		4		535
Gannett Company, Inc.^*		220		506
Consolidated Communications Holdings, Inc.^*		113		492

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Advantage Solutions, Inc.^*		133	$	481
Stitch Fix, Inc. — Class A^*		129		461
1-800-Flowers.com, Inc. — Class A^*		40		431
Nextdoor Holdings, Inc.^*		224		423
iHeartMedia, Inc. — Class A^*		158		422
Spok Holdings, Inc.		27		418
Tucows, Inc. — Class A^*		15		405
EverQuote, Inc. — Class A^*		33		404
Liberty Latin America Ltd. — Class A^*		53		387
Ooma, Inc.^*		36		386
Ribbon Communications, Inc.^*		133		386
Entravision Communications Corp. — Class A		92		384
OptimizeRx Corp.^*		26		372
MediaAlpha, Inc. — Class A^*		33		368
Luna Innovations, Inc.^*		50		333
Blade Air Mobility, Inc.^*		89		314
Nerdy, Inc.^*		91		312
WideOpenWest, Inc.^*		76		308
CarParts.com, Inc.^*		82		259
BlackSky Technology, Inc.^*		180		252
Lands' End, Inc.^*		25		239
Vivid Seats, Inc. — Class A^*		37		234
Solo Brands, Inc. — Class A^*		33		203
ContextLogic, Inc. — Class A^*		34		202
Mondee Holdings, Inc.^*		71		196
Townsquare Media, Inc. — Class A		18		190
Allbirds, Inc. — Class A^*		147		180
DHI Group, Inc.^*		65		168
Gambling.com Group Ltd.^*		16		156
BARK, Inc.^*		190		153
KVH Industries, Inc.^*		29		153
Terran Orbital Corp.^*		131		149
Cambium Networks Corp.^*		19		114
Urban One, Inc.^*		20		71
DZS, Inc.^*		34		67
Urban One, Inc.^*		14		56
Value Line, Inc.		1		49
Total Communications				140,667
Basic Materials - 1.9%
ATI, Inc.^*		194		8,821
Commercial Metals Co.		176		8,807
Balchem Corp.		48		7,140
Cabot Corp.		83		6,930
HB Fuller Co.		83		6,757
Avient Corp.		139		5,778
Carpenter Technology Corp.		73		5,169
Livent Corp.^*		275		4,944
Quaker Chemical Corp.		22		4,695
Innospec, Inc.		38		4,683
Hecla Mining Co.		920		4,425
Sensient Technologies Corp.		64		4,224
Constellium SE^*		195		3,892
Rogers Corp.^*		27		3,566
Minerals Technologies, Inc.		50		3,565
Uranium Energy Corp.^*		553		3,539
Stepan Co.		33		3,120
Sylvamo Corp.		56		2,750
Ingevity Corp.^*		55		2,597
Tronox Holdings plc — Class A		180		2,549
Orion S.A.		86		2,385
Hawkins, Inc.		30		2,113
Kaiser Aluminum Corp.		25		1,780
Energy Fuels, Inc.^*		242		1,740
Coeur Mining, Inc.^*		498		1,623
Koppers Holdings, Inc.		31		1,588
Novagold Resources, Inc.^*		371		1,388
Ecovyst, Inc.^*		140		1,368
Worthington Steel, Inc.		47		1,321
Compass Minerals International, Inc.		52		1,317
Mativ Holdings, Inc.		83		1,271
AdvanSix, Inc.		41		1,228
Schnitzer Steel Industries, Inc. — Class A		40		1,206
Haynes International, Inc.		19		1,084
Perimeter Solutions S.A.^*		233		1,072
Centrus Energy Corp. — Class A^*		19		1,034
Century Aluminum Co.^*		81		983
Lightwave Logic, Inc.^*		177		881
Ivanhoe Electric Incorporated / US^*		87		877
Encore Energy Corp.^*		218		857
Piedmont Lithium, Inc.^*		28		790
United States Lime & Minerals, Inc.		3		691
i-80 Gold Corp.^*		296		521
Oil-Dri Corporation of America		7		470
American Vanguard Corp.		42		461
Trinseo plc		54		452
Rayonier Advanced Materials, Inc.^*		98		397
Intrepid Potash, Inc.^*		16		382
Kronos Worldwide, Inc.		33		328
Codexis, Inc.^*		102		311
Caledonia Mining Corporation plc		25		305
Dakota Gold Corp.^*		83		217
Perpetua Resources Corp.^*		57		181
Origin Materials, Inc.^*		176		147
Danimer Scientific, Inc.^*		135		138
Glatfelter Corp.^*		68		132
Contango ORE, Inc.^*		6		109
5E Advanced Materials, Inc.^*		61		86
Valhi, Inc.		4		61
NioCorp Developments Ltd.^*		3		10
Total Basic Materials				131,256
Utilities - 1.5%
Portland General Electric Co.		154		6,674
New Jersey Resources Corp.		146		6,509
Brookfield Infrastructure Corp. — Class A		181		6,386
Ormat Technologies, Inc.		81		6,139
Southwest Gas Holdings, Inc.		93		5,891
Black Hills Corp.		102		5,503
PNM Resources, Inc.		132		5,491
Otter Tail Corp.		64		5,438
ONE Gas, Inc.		85		5,416
ALLETE, Inc.		87		5,321
Spire, Inc.		79		4,925
Northwestern Energy Group, Inc.		92		4,682
American States Water Co.		57		4,584
California Water Service Group		87		4,513
Avista Corp.		116		4,146
MGE Energy, Inc.		56		4,050
Chesapeake Utilities Corp.		32		3,380

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
SJW Group		48	$	3,137
Northwest Natural Holding Co.		55		2,142
Middlesex Water Co.		27		1,772
Ameresco, Inc. — Class A^*		50		1,584
Unitil Corp.		25		1,314
York Water Co.		22		849
Genie Energy Ltd. — Class B		30		844
Consolidated Water Company Ltd.		23		819
Altus Power, Inc.^*		98		669
Artesian Resources Corp. — Class A		14		580
RGC Resources, Inc.		12		244
Global Water Resources, Inc.		18		235
FTC Solar, Inc.^*		97		67
Total Utilities				103,304
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		42		1,039
Total Common Stocks
(Cost $3,794,553)				3,856,818

WARRANTS^† - 0.0%
Cassava Sciences Inc
Expiring 11/15/24		24		–
Total Warrants
(Cost $0)				–

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Cartesian Therapeutics Inc.^*		179		–
Tobira Therapeutics, Inc.^*,†††		14		–
Novartis AG^*,†††		100		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $39)				–

MUTUAL FUNDS^† - 17.1%
Guggenheim Strategy Fund II²		25,618		627,634
Guggenheim Ultra Short Duration Fund — Institutional Class²		56,061		552,205
Total Mutual Funds
(Cost $1,183,372)				1,179,839

	Face Amount
U.S. TREASURY BILLS^†† - 3.5%
U.S. Treasury Bills
5.27% due 02/22/24^3,4	$	200,000		198,513
5.17% due 01/09/24^4,5		43,000		42,956
Total U.S. Treasury Bills
(Cost $241,427)				241,469

REPURCHASE AGREEMENTS^††,6 - 23.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³		878,635		878,635
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		708,080		708,080
Total Repurchase Agreements
(Cost $1,586,715)				1,586,715

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.2%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁸		14,039		14,039
Total Securities Lending Collateral
(Cost $14,039)				14,039
Total Investments - 99.8%
(Cost $6,820,145)			$	6,878,880
Other Assets & Liabilities, net - 0.2%				14,706
Total Net Assets - 100.0%			$	6,893,586

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

Russell 2000 Index Mini Futures Contracts

Mar 2024

307,050

14,499

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

Russell 2000 Index

Pay

5.43% (Federal Funds Rate + 0.10%)

At Maturity

03/21/24

821

1,663,533

36,304

BNP Paribas

Russell 2000 Index

Pay

5.53% (Federal Funds Rate + 0.20%)

At Maturity

03/21/24

711

1,441,257

31,453

Barclays Bank plc

Russell 2000 Index

Pay

5.40% (SOFR)

At Maturity

03/20/24

1,517

3,074,375

9,284

6,179,165

77,041

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	3,856,818		$	—	*	$	—		$	3,856,818
Warrants		—	*		—			—			—
Rights		—	*		—			—	*		—
Mutual Funds		1,179,839			—			—			1,179,839
U.S. Treasury Bills		—			241,469			—			241,469
Repurchase Agreements		—			1,586,715			—			1,586,715
Securities Lending Collateral		14,039			—			—			14,039
Equity Futures Contracts**		14,499			—			—			14,499
Equity Index Swap Agreements**		—			77,041			—			77,041
Total Assets	$	5,065,195		$	1,905,225		$	—		$	6,970,420

^*	Security has a market value of $0.
^**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended December 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/23		Shares 12/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	620,207	$	–	$	–		$	–		$	7,427	$	627,634		25,618	$	25,897
Guggenheim Ultra Short Duration Fund — Institutional Class		743,330		–		(200,000	)		(4,303	)		13,178		552,205		56,061		27,707
	$	1,363,537	$	–	$	(200,000	)	$	(4,303	)	$	20,605	$	1,179,839			$	53,604

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 58.8%
Consumer, Non-cyclical - 13.7%
Cytokinetics, Inc.^*		707	$	59,027
elf Beauty, Inc.^*		405		58,458
BellRing Brands, Inc.^*		995		55,153
API Group Corp.^*		1,585		54,841
ImmunoGen, Inc.^*		1,817		53,874
Intra-Cellular Therapies, Inc.^*		710		50,850
Ensign Group, Inc.		413		46,343
Vaxcyte, Inc.^*		698		43,834
Option Care Health, Inc.^*		1,263		42,550
Blueprint Medicines Corp.^*		461		42,523
HealthEquity, Inc.^*		638		42,299
StoneCo Ltd. — Class A^*		2,207		39,792
Marathon Digital Holdings, Inc.^*		1,605		37,701
Sprouts Farmers Market, Inc.^*		768		36,948
Halozyme Therapeutics, Inc.^*		984		36,369
Bridgebio Pharma, Inc.^*		869		35,081
Alkermes plc^*		1,259		34,925
Coca-Cola Consolidated, Inc.		36		33,423
Neogen Corp.^*		1,651		33,202
Merit Medical Systems, Inc.^*		432		32,815
Haemonetics Corp.^*		381		32,579
Insmed, Inc.^*		1,041		32,261
Herc Holdings, Inc.		215		32,011
Lantheus Holdings, Inc.^*		516		31,992
Insperity, Inc.		268		31,415
REVOLUTION Medicines, Inc.^*		1,084		31,089
Brink's Co.		350		30,782
Amicus Therapeutics, Inc.^*		2,125		30,154
ACADIA Pharmaceuticals, Inc.^*		919		28,774
TriNet Group, Inc.^*		241		28,662
Glaukos Corp.^*		356		28,298
Simply Good Foods Co.^*		689		27,284
Alight, Inc. — Class A^*		3,017		25,735
Madrigal Pharmaceuticals, Inc.^*		111		25,683
CONMED Corp.		233		25,516
Inari Medical, Inc.^*		393		25,514
Marqeta, Inc. — Class A^*		3,620		25,268
Integer Holdings Corp.^*		252		24,968
iRhythm Technologies, Inc.^*		233		24,940
Lancaster Colony Corp.		148		24,626
WD-40 Co.		103		24,625
Alarm.com Holdings, Inc.^*		364		23,522
Korn Ferry		396		23,503
Arrowhead Pharmaceuticals, Inc.^*		766		23,440
Axonics, Inc.^*		372		23,150
Prestige Consumer Healthcare, Inc.^*		378		23,141
Guardant Health, Inc.^*		845		22,857
CBIZ, Inc.^*		364		22,783
ABM Industries, Inc.		503		22,549
Cerevel Therapeutics Holdings, Inc.^*		527		22,345
Riot Platforms, Inc.^*		1,434		22,184
Progyny, Inc.^*		596		22,159
Biohaven Ltd.^*		515		22,042
Helen of Troy Ltd.^*		179		21,625
AMN Healthcare Services, Inc.^*		287		21,491
LivaNova plc^*		412		21,317
Axsome Therapeutics, Inc.^*		267		21,250
Intellia Therapeutics, Inc.^*		670		20,398
Krystal Biotech, Inc.^*		164		20,346
EVERTEC, Inc.		496		20,306
Cymabay Therapeutics, Inc.^*		853		20,148
Inter Parfums, Inc.		139		20,017
Corcept Therapeutics, Inc.^*		609		19,780
Denali Therapeutics, Inc.^*		896		19,228
Remitly Global, Inc.^*		990		19,226
Coursera, Inc.^*		988		19,138
Stride, Inc.^*		322		19,117
J & J Snack Foods Corp.		114		19,054
ICF International, Inc.		142		19,041
TransMedics Group, Inc.^*		241		19,022
Graham Holdings Co. — Class B		27		18,806
Pacific Biosciences of California, Inc.^*		1,912		18,757
Flywire Corp.^*		801		18,543
SpringWorks Therapeutics, Inc.^*		508		18,542
Select Medical Holdings Corp.		789		18,541
Patterson Companies, Inc.		651		18,521
LiveRamp Holdings, Inc.^*		483		18,296
Surgery Partners, Inc.^*		570		18,234
Rhythm Pharmaceuticals, Inc.^*		390		17,928
Primo Water Corp.		1,188		17,879
Amphastar Pharmaceuticals, Inc.^*		288		17,813
TG Therapeutics, Inc.^*		1,041		17,780
Cal-Maine Foods, Inc.		309		17,733
Adtalem Global Education, Inc.^*		300		17,685
Crinetics Pharmaceuticals, Inc.^*		489		17,399
Immunovant, Inc.^*		409		17,231
CorVel Corp.^*		66		16,316
TreeHouse Foods, Inc.^*		391		16,207
Ideaya Biosciences, Inc.^*		453		16,118
Arcellx, Inc.^*		288		15,984
Twist Bioscience Corp.^*		432		15,923
Strategic Education, Inc.		172		15,888
RadNet, Inc.^*		452		15,716
NeoGenomics, Inc.^*		967		15,646
Arvinas, Inc.^*		373		15,353
Veracyte, Inc.^*		552		15,185
Textainer Group Holdings Ltd.		305		15,006
Huron Consulting Group, Inc.^*		145		14,906
PTC Therapeutics, Inc.^*		537		14,800
Nuvalent, Inc. — Class A^*		200		14,718
Edgewell Personal Care Co.		389		14,249
Upbound Group, Inc.		418		14,199
Rocket Pharmaceuticals, Inc.^*		473		14,176
Beam Therapeutics, Inc.^*,1		518		14,100
Iovance Biotherapeutics, Inc.^*		1,728		14,049
Andersons, Inc.		244		14,040
Celldex Therapeutics, Inc.^*		352		13,960
Dynavax Technologies Corp.^*		983		13,742
Laureate Education, Inc. — Class A		995		13,641
Viking Therapeutics, Inc.^*		729		13,567
Central Garden & Pet Co. — Class A^*		299		13,168
Inmode Ltd.^*		588		13,077
Vericel Corp.^*		361		12,855
Omnicell, Inc.^*		341		12,832
PROCEPT BioRobotics Corp.^*		304		12,741
AtriCure, Inc.^*		353		12,599
CoreCivic, Inc.^*		863		12,539

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Vector Group Ltd.		1,104	$	12,453
Apollo Medical Holdings, Inc.^*		325		12,447
Cleanspark, Inc.^*		1,128		12,442
Universal Corp.		183		12,320
Catalyst Pharmaceuticals, Inc.^*		729		12,255
Ironwood Pharmaceuticals, Inc. — Class A^*		1,052		12,035
MGP Ingredients, Inc.		120		11,822
Myriad Genetics, Inc.^*		613		11,733
Pacira BioSciences, Inc.^*		346		11,674
STAAR Surgical Co.^*		369		11,516
Prothena Corporation plc^*		315		11,447
Herbalife Ltd.^*		750		11,445
Addus HomeCare Corp.^*		119		11,049
Sabre Corp.^*		2,494		10,974
Owens & Minor, Inc.^*		564		10,868
Cimpress plc^*		135		10,807
Syndax Pharmaceuticals, Inc.^*		500		10,805
Supernus Pharmaceuticals, Inc.^*		373		10,795
Oscar Health, Inc. — Class A^*		1,174		10,742
Alphatec Holdings, Inc.^*		695		10,501
Payoneer Global, Inc.^*		2,012		10,483
US Physical Therapy, Inc.		111		10,339
PROG Holdings, Inc.^*		334		10,324
Recursion Pharmaceuticals, Inc. — Class A^*		1,035		10,205
Legalzoom.com, Inc.^*		893		10,091
Krispy Kreme, Inc.		665		10,035
Ardelyx, Inc.^*		1,616		10,019
Kforce, Inc.		147		9,931
Inhibrx, Inc.^*		261		9,918
GEO Group, Inc.^*		906		9,812
Chegg, Inc.^*		858		9,747
Udemy, Inc.^*		651		9,589
RayzeBio, Inc.^*		151		9,388
Protagonist Therapeutics, Inc.^*		409		9,378
Agios Pharmaceuticals, Inc.^*		421		9,376
Xencor, Inc.^*		440		9,341
Ingles Markets, Inc. — Class A		107		9,242
Aurinia Pharmaceuticals, Inc.^*		1,027		9,233
UFP Technologies, Inc.^*		53		9,118
Akero Therapeutics, Inc.^*		389		9,083
Ligand Pharmaceuticals, Inc. — Class B^*		126		8,999
Perdoceo Education Corp.		510		8,956
National Beverage Corp.^*		180		8,950
Utz Brands, Inc.		547		8,883
National Healthcare Corp.		95		8,780
John Wiley & Sons, Inc. — Class A		275		8,729
Sage Therapeutics, Inc.^*		401		8,690
BioCryst Pharmaceuticals, Inc.^*		1,438		8,614
LeMaitre Vascular, Inc.		150		8,514
Cytek Biosciences, Inc.^*		920		8,390
RxSight, Inc.^*		206		8,306
Embecta Corp.		438		8,291
Matthews International Corp. — Class A		226		8,283
Collegium Pharmaceutical, Inc.^*		263		8,095
Harmony Biosciences Holdings, Inc.^*		250		8,075
Weis Markets, Inc.		125		7,995
Geron Corp.^*		3,774		7,963
Avanos Medical, Inc.^*		351		7,873
Scholar Rock Holding Corp.^*		418		7,858
Chefs' Warehouse, Inc.^*		267		7,858
Pliant Therapeutics, Inc.^*		429		7,769
Quanex Building Products Corp.		251		7,673
Arcus Biosciences, Inc.^*		400		7,640
SP Plus Corp.^*		149		7,636
MiMedx Group, Inc.^*		866		7,595
Relay Therapeutics, Inc.^*		685		7,542
Morphic Holding, Inc.^*		261		7,538
Hain Celestial Group, Inc.^*		679		7,435
Brookdale Senior Living, Inc. — Class A^*		1,276		7,426
Kymera Therapeutics, Inc.^*		288		7,332
Quanterix Corp.^*		267		7,300
Innoviva, Inc.^*		452		7,250
ZipRecruiter, Inc. — Class A^*		520		7,228
ADMA Biologics, Inc.^*		1,598		7,223
United Natural Foods, Inc.^*		443		7,190
MannKind Corp.^*		1,948		7,091
Deluxe Corp.		330		7,078
Kura Oncology, Inc.^*		489		7,032
John B Sanfilippo & Son, Inc.		68		7,007
Viridian Therapeutics, Inc.^*		320		6,970
Monro, Inc.		237		6,954
Day One Biopharmaceuticals, Inc.^*		475		6,935
First Advantage Corp.		415		6,877
Keros Therapeutics, Inc.^*		171		6,799
Cassava Sciences, Inc.^*,1		302		6,798
Fresh Del Monte Produce, Inc.		258		6,773
Dole plc		543		6,673
Zentalis Pharmaceuticals, Inc.^*		440		6,666
Deciphera Pharmaceuticals, Inc.^*		397		6,404
Vir Biotechnology, Inc.^*		635		6,388
LifeStance Health Group, Inc.^*		805		6,303
Editas Medicine, Inc.^*		620		6,281
Arlo Technologies, Inc.^*		658		6,264
Transcat, Inc.^*		56		6,122
Varex Imaging Corp.^*		294		6,027
SpartanNash Co.		262		6,013
Accolade, Inc.^*		500		6,005
Pediatrix Medical Group, Inc.^*		639		5,943
Cross Country Healthcare, Inc.^*		261		5,909
Barrett Business Services, Inc.		51		5,906
Healthcare Services Group, Inc.^*		565		5,859
4D Molecular Therapeutics, Inc.^*		288		5,835
Nevro Corp.^*		269		5,789
Cabaletta Bio, Inc.^*		253		5,743
B&G Foods, Inc.¹		540		5,670
Amylyx Pharmaceuticals, Inc.^*		385		5,667
Amneal Pharmaceuticals, Inc.^*		925		5,615
Viad Corp.^*		155		5,611
Arcturus Therapeutics Holdings, Inc.^*		177		5,581
RAPT Therapeutics, Inc.^*		224		5,566
Vita Coco Company, Inc.^*		217		5,566
Revance Therapeutics, Inc.^*		633		5,564
Mirum Pharmaceuticals, Inc.^*		188		5,550
SI-BONE, Inc.^*		264		5,541
REGENXBIO, Inc.^*		308		5,529
Medifast, Inc.		81		5,445

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Verve Therapeutics, Inc.^*		385	$	5,367
Artivion, Inc.^*		299		5,346
AdaptHealth Corp.^*		725		5,285
Repay Holdings Corp.^*		617		5,269
89bio, Inc.^*		469		5,239
ANI Pharmaceuticals, Inc.^*		95		5,238
Kelly Services, Inc. — Class A		242		5,232
CRA International, Inc.		52		5,140
Anavex Life Sciences Corp.^*		534		4,971
Travere Therapeutics, Inc.^*		553		4,971
Avidity Biosciences, Inc.^*		536		4,851
CareDx, Inc.^*		395		4,740
Cass Information Systems, Inc.		104		4,685
OPKO Health, Inc.^*		3,056		4,615
USANA Health Sciences, Inc.^*		86		4,610
EyePoint Pharmaceuticals, Inc.^*		199		4,599
Alpine Immune Sciences, Inc.^*		241		4,593
Fulgent Genetics, Inc.^*		155		4,481
OraSure Technologies, Inc.^*		546		4,477
MacroGenics, Inc.^*		462		4,444
Heidrick & Struggles International, Inc.		150		4,429
Treace Medical Concepts, Inc.^*		343		4,373
OmniAb, Inc.^*		707		4,362
Theravance Biopharma, Inc.^*		388		4,361
Liquidia Corp.^*		360		4,331
Hackett Group, Inc.		190		4,326
National Research Corp. — Class A		109		4,312
BioLife Solutions, Inc.^*		264		4,290
Dyne Therapeutics, Inc.^*		322		4,283
ModivCare, Inc.^*		97		4,267
ACCO Brands Corp.		701		4,262
Ennis, Inc.		193		4,229
Adaptive Biotechnologies Corp.^*		862		4,224
Altimmune, Inc.^*,1		375		4,219
Zymeworks, Inc.^*		405		4,208
ImmunityBio, Inc.^*,1		835		4,192
Kiniksa Pharmaceuticals Ltd. — Class A^*		238		4,174
Paragon 28, Inc.^*		333		4,139
Apogee Therapeutics, Inc.^*		148		4,135
Multiplan Corp.^*		2,867		4,128
Marinus Pharmaceuticals, Inc.^*		378		4,109
PetIQ, Inc.^*		207		4,088
V2X, Inc.^*		88		4,087
Castle Biosciences, Inc.^*		188		4,057
Beyond Meat, Inc.^*,1		450		4,005
Enhabit, Inc.^*		382		3,954
Vera Therapeutics, Inc.^*		257		3,953
OrthoPediatrics Corp.^*		120		3,901
Calavo Growers, Inc.		131		3,853
Alector, Inc.^*		482		3,846
Franklin Covey Co.^*		88		3,831
Atrion Corp.		10		3,788
Surmodics, Inc.^*		104		3,780
SunOpta, Inc.^*		689		3,769
Mission Produce, Inc.^*		368		3,713
Central Garden & Pet Co.^*		74		3,708
Nurix Therapeutics, Inc.^*		355		3,664
Vital Farms, Inc.^*		232		3,640
Tarsus Pharmaceuticals, Inc.^*		179		3,625
WW International, Inc.^*		414		3,623
I3 Verticals, Inc. — Class A^*		171		3,620
Orthofix Medical, Inc.^*		267		3,599
Silk Road Medical, Inc.^*		292		3,583
Edgewise Therapeutics, Inc.^*		325		3,555
Pulmonx Corp.^*		278		3,544
TrueBlue, Inc.^*		231		3,544
Caribou Biosciences, Inc.^*		617		3,535
European Wax Center, Inc. — Class A^*		259		3,520
Cogent Biosciences, Inc.^*		597		3,510
Green Dot Corp. — Class A^*		353		3,495
Resources Connection, Inc.		246		3,486
Zimvie, Inc.^*		196		3,479
Turning Point Brands, Inc.		130		3,422
Tango Therapeutics, Inc.^*		339		3,356
Evolus, Inc.^*		314		3,306
DocGo, Inc.^*		590		3,298
Icosavax, Inc.^*		209		3,294
Disc Medicine, Inc.^*		57		3,292
Duckhorn Portfolio, Inc.^*		333		3,280
Novavax, Inc.^*		661		3,173
Paysafe Ltd.^*		246		3,146
Universal Technical Institute, Inc.^*		249		3,117
MaxCyte, Inc.^*		663		3,116
Avid Bioservices, Inc.^*		471		3,061
AnaptysBio, Inc.^*		142		3,042
Pennant Group, Inc.^*		216		3,007
Community Health Systems, Inc.^*		954		2,986
Waldencast plc — Class A^*		272		2,976
Cerus Corp.^*		1,346		2,907
SomaLogic, Inc.^*		1,147		2,902
Sana Biotechnology, Inc.^*		708		2,889
Olema Pharmaceuticals, Inc.^*		204		2,862
American Well Corp. — Class A^*		1,861		2,773
Limoneira Co.		133		2,744
Tejon Ranch Co.^*		159		2,735
ORIC Pharmaceuticals, Inc.^*		296		2,723
Prime Medicine, Inc.^*		300		2,658
Custom Truck One Source, Inc.^*		430		2,657
Savara, Inc.^*		564		2,651
BrightView Holdings, Inc.^*		314		2,644
CVRx, Inc.^*		84		2,641
Ocular Therapeutix, Inc.^*		592		2,640
Avita Medical, Inc.^*		191		2,621
Replimune Group, Inc.^*		310		2,613
iRadimed Corp.		55		2,611
Taro Pharmaceutical Industries Ltd.^*		62		2,590
HilleVax, Inc.^*		161		2,584
Lyell Immunopharma, Inc.^*		1,317		2,555
Carriage Services, Inc. — Class A		102		2,551
Aaron's Company, Inc.		234		2,546
Tactile Systems Technology, Inc.^*		177		2,531
Anika Therapeutics, Inc.^*		111		2,515
Terawulf, Inc.^*		1,026		2,462
Enliven Therapeutics, Inc.^*		177		2,450
Entrada Therapeutics, Inc.^*		162		2,445
ALX Oncology Holdings, Inc.^*		164		2,442
Sterling Check Corp.^*		175		2,436
Fate Therapeutics, Inc.^*		643		2,405
Forrester Research, Inc.^*		89		2,386
Xeris Biopharma Holdings, Inc.^*		1,010		2,374

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Arbutus Biopharma Corp.^*		947	$	2,367
Target Hospitality Corp.^*		237		2,306
Summit Therapeutics, Inc.^*		879		2,294
KalVista Pharmaceuticals, Inc.^*		187		2,291
WaVe Life Sciences Ltd.^*		449		2,267
AngioDynamics, Inc.^*		286		2,242
UroGen Pharma Ltd.^*		148		2,220
Westrock Coffee Co.^*		216		2,205
Nano-X Imaging Ltd.^*,1		346		2,204
Biomea Fusion, Inc.^*		151		2,192
Utah Medical Products, Inc.		26		2,190
Organogenesis Holdings, Inc.^*,1		533		2,180
Distribution Solutions Group, Inc.^*		69		2,178
Harrow, Inc.^*		193		2,162
Agenus, Inc.^*		2,604		2,156
Axogen, Inc.^*		309		2,110
Terns Pharmaceuticals, Inc.^*		325		2,109
Seneca Foods Corp. — Class A^*		40		2,098
iTeos Therapeutics, Inc.^*		188		2,059
Voyager Therapeutics, Inc.^*		241		2,034
Viemed Healthcare, Inc.^*		259		2,033
Accuray, Inc.^*		708		2,004
Allogene Therapeutics, Inc.^*		623		2,000
Willdan Group, Inc.^*		92		1,978
Genelux Corp.^*		141		1,975
SIGA Technologies, Inc.		350		1,960
Sutro Biopharma, Inc.^*		456		1,956
Beauty Health Co.^*		621		1,931
Neumora Therapeutics, Inc.^*		112		1,910
Celcuity, Inc.^*		131		1,909
Y-mAbs Therapeutics, Inc.^*		279		1,903
Coherus Biosciences, Inc.^*		569		1,895
Rigel Pharmaceuticals, Inc.^*		1,298		1,882
ACELYRIN, Inc.^*		251		1,872
Cullinan Oncology, Inc.^*		181		1,844
Aura Biosciences, Inc.^*		208		1,843
Vanda Pharmaceuticals, Inc.^*		429		1,810
Lincoln Educational Services Corp.^*		180		1,807
23andMe Holding Co. — Class A^*		1,975		1,804
Phibro Animal Health Corp. — Class A		155		1,795
Agiliti, Inc.^*		225		1,782
Atea Pharmaceuticals, Inc.^*		582		1,775
Mersana Therapeutics, Inc.^*		758		1,759
Alta Equipment Group, Inc.		141		1,744
SoundThinking, Inc.^*		68		1,737
MeiraGTx Holdings plc^*		247		1,734
Poseida Therapeutics, Inc.^*		516		1,734
Nature's Sunshine Products, Inc.^*		100		1,729
Village Super Market, Inc. — Class A		65		1,705
Zevra Therapeutics, Inc.^*		258		1,690
Semler Scientific, Inc.^*		38		1,683
Aerovate Therapeutics, Inc.^*		74		1,675
Nuvation Bio, Inc.^*		1,105		1,669
Phathom Pharmaceuticals, Inc.^*		182		1,662
Nathan's Famous, Inc.		21		1,638
HF Foods Group, Inc.^*		306		1,634
Zynex, Inc.^*		150		1,633
2seventy bio, Inc.^*		381		1,627
Ispire Technology, Inc.^*		134		1,625
Third Harmonic Bio, Inc.^*		148		1,624
Performant Financial Corp.^*		511		1,597
Harvard Bioscience, Inc.^*		297		1,589
Annexon, Inc.^*		346		1,571
Alico, Inc.		54		1,570
Quipt Home Medical Corp.^*		306		1,558
Fennec Pharmaceuticals, Inc.^*		138		1,548
Quantum-Si, Inc.^*		764		1,536
Nkarta, Inc.^*		229		1,511
Omeros Corp.^*,1		462		1,511
Pulse Biosciences, Inc.^*		123		1,506
Astria Therapeutics, Inc.^*		194		1,490
Tyra Biosciences, Inc.^*		106		1,468
Ovid therapeutics, Inc.^*		452		1,455
InfuSystem Holdings, Inc.^*		138		1,455
Enanta Pharmaceuticals, Inc.^*		152		1,430
Janux Therapeutics, Inc.^*		131		1,406
Allakos, Inc.^*		504		1,376
Precigen, Inc.^*		1,025		1,373
scPharmaceuticals, Inc.^*		219		1,373
Gritstone bio, Inc.^*		666		1,359
Heron Therapeutics, Inc.^*		786		1,336
Humacyte, Inc.^*		465		1,321
Monte Rosa Therapeutics, Inc.^*		231		1,305
Cipher Mining, Inc.^*,1		316		1,305
Erasca, Inc.^*		612		1,304
Quad/Graphics, Inc.^*		237		1,285
Arcutis Biotherapeutics, Inc.^*		390		1,260
Information Services Group, Inc.		266		1,253
Invitae Corp.^*,1		1,994		1,250
CorMedix, Inc.^*		330		1,241
Aldeyra Therapeutics, Inc.^*		353		1,239
Sanara Medtech, Inc.^*		29		1,192
ClearPoint Neuro, Inc.^*		174		1,181
Bakkt Holdings, Inc.^*		529		1,180
Verrica Pharmaceuticals, Inc.^*		158		1,157
Nautilus Biotechnology, Inc.^*		383		1,145
Butterfly Network, Inc.^*		1,059		1,144
Natural Grocers by Vitamin Cottage, Inc.		71		1,136
Acacia Research Corp.^*		288		1,129
Tenaya Therapeutics, Inc.^*		347		1,124
Bluebird Bio, Inc.^*		812		1,121
Immuneering Corp. — Class A^*		151		1,110
Stoke Therapeutics, Inc.^*		209		1,099
Inozyme Pharma, Inc.^*		257		1,095
Compass Therapeutics, Inc.^*		692		1,079
Lexicon Pharmaceuticals, Inc.^*		703		1,076
Lineage Cell Therapeutics, Inc.^*		979		1,067
Merrimack Pharmaceuticals, Inc.^*		79		1,059
PDS Biotechnology Corp.^*		212		1,054
Joint Corp.^*		108		1,038
Seres Therapeutics, Inc.^*		738		1,033
BRC, Inc. — Class A^*		283		1,027
XOMA Corp.^*		55		1,017
ARS Pharmaceuticals, Inc.^*		184		1,008
Aveanna Healthcare Holdings, Inc.^*		375		1,005
Actinium Pharmaceuticals, Inc.^*		197		1,001
Foghorn Therapeutics, Inc.^*		154		993
Inogen, Inc.^*		177		972

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Emergent BioSolutions, Inc.^*		384	$	922
Mineralys Therapeutics, Inc.^*		106		912
PMV Pharmaceuticals, Inc.^*		293		908
Larimar Therapeutics, Inc.^*		195		887
Ventyx Biosciences, Inc.^*		355		877
Innovage Holding Corp.^*		144		864
Seer, Inc.^*		445		863
Cadiz, Inc.^*		308		862
BioAtla, Inc.^*		336		827
Scilex Holding Co.^*		402		819
Tela Bio, Inc.^*		120		794
X4 Pharmaceuticals, Inc.^*		934		783
IGM Biosciences, Inc.^*		91		756
Kodiak Sciences, Inc.^*		246		748
Karyopharm Therapeutics, Inc.^*		859		743
Mural Oncology plc^*		125		740
2U, Inc.^*		601		739
Protalix BioTherapeutics, Inc.^*		415		739
Assertio Holdings, Inc.^*		673		720
Optinose, Inc.^*		553		713
Longboard Pharmaceuticals, Inc.^*		118		712
Emerald Holding, Inc.^*		118		706
Citius Pharmaceuticals, Inc.^*		932		705
Cue Biopharma, Inc.^*		262		692
AirSculpt Technologies, Inc.^*		92		689
CompoSecure, Inc.^*		125		675
Design Therapeutics, Inc.^*		249		660
MarketWise, Inc.		241		658
Akoya Biosciences, Inc.^*		134		654
KORU Medical Systems, Inc.^*		265		651
Vor BioPharma, Inc.^*		286		643
HireQuest, Inc.		41		629
Theseus Pharmaceuticals, Inc.^*		154		624
CPI Card Group, Inc.^*		32		614
FibroGen, Inc.^*		690		612
Cartesian Therapeutics, Inc.^*		881		607
ProKidney Corp.^*		340		605
Sangamo Therapeutics, Inc.^*		1,094		594
Carisma Therapeutics, Inc.		202		592
Century Therapeutics, Inc.^*		178		591
Generation Bio Co.^*		344		568
Graphite Bio, Inc.^*		213		558
Omega Therapeutics, Inc.^*		185		557
Rallybio Corp.^*		232		554
Aclaris Therapeutics, Inc.^*		527		553
FiscalNote Holdings, Inc.^*		472		538
Biote Corp. — Class A^*		106		524
PepGen, Inc.^*		76		517
Kezar Life Sciences, Inc.^*		541		512
Priority Technology Holdings, Inc.^*		134		477
Outlook Therapeutics, Inc.^*		1,177		464
Cutera, Inc.^*		124		437
Adicet Bio, Inc.^*		231		437
Eyenovia, Inc.^*		209		435
Nuvectis Pharma, Inc.^*		52		434
Bioxcel Therapeutics, Inc.^*		145		428
P3 Health Partners, Inc.^*		303		427
Forafric Global plc^*		40		424
Trevi Therapeutics, Inc.^*		316		423
Vigil Neuroscience, Inc.^*		122		412
Eagle Pharmaceuticals, Inc.^*		78		408
Zevia PBC — Class A^*		189		380
Beyond Air, Inc.^*		193		378
Atara Biotherapeutics, Inc.^*		725		372
Acrivon Therapeutics, Inc.^*		66		325
Prelude Therapeutics, Inc.^*		73		312
Ikena Oncology, Inc.^*		157		309
NGM Biopharmaceuticals, Inc.^*		331		284
CareMax, Inc.^*		570		284
Orchestra BioMed Holdings, Inc.^*		31		283
Vaxxinity, Inc. — Class A^*		323		275
NanoString Technologies, Inc.^*		359		269
Cara Therapeutics, Inc.^*		355		264
Zura Bio Ltd.^*		56		261
Aadi Bioscience, Inc.^*		123		248
Benson Hill, Inc.^*		1,314		228
Allovir, Inc.^*		310		211
Vicarious Surgical, Inc.^*		532		195
Rent the Runway, Inc. — Class A^*		366		193
Rain Oncology, Inc.^*		129		155
Bright Green Corp.^*		458		151
Reneo Pharmaceuticals, Inc.^*		72		115
Cano Health, Inc.^*		17		100
Ocean Biomedical, Inc.^*		66		44
BioVie, Inc.^*		25		31
ATI Physical Therapy, Inc.^*		1		6
Ligand Pharmaceuticals, Inc.^*,††		42		–
Ligand Pharmaceuticals, Inc.^*,††		42		–
Total Consumer, Non-cyclical				4,442,383
Financial - 13.0%
SouthState Corp.		578		48,812
Ryman Hospitality Properties, Inc. REIT		438		48,206
Selective Insurance Group, Inc.		456		45,363
Essent Group Ltd.		790		41,665
Cadence Bank		1,382		40,893
Terreno Realty Corp. REIT		621		38,918
Kite Realty Group Trust REIT		1,651		37,742
Old National Bancorp		2,221		37,513
United Bankshares, Inc.		994		37,325
Home BancShares, Inc.		1,448		36,678
Valley National Bancorp		3,273		35,545
FTAI Aviation Ltd.		756		35,078
Glacier Bancorp, Inc.		847		34,998
Radian Group, Inc.		1,193		34,060
American Equity Investment Life Holding Co.^*		590		32,922
Phillips Edison & Company, Inc. REIT		896		32,686
Hancock Whitney Corp.		659		32,021
Mr Cooper Group, Inc.^*		486		31,648
Jackson Financial, Inc. — Class A		618		31,642
Hamilton Lane, Inc. — Class A		277		31,423
Essential Properties Realty Trust, Inc. REIT		1,182		30,212
First Financial Bankshares, Inc.		990		29,997
PotlatchDeltic Corp. REIT		601		29,509
Moelis & Co. — Class A		507		28,458
UMB Financial Corp.		336		28,073
Blackstone Mortgage Trust, Inc. — Class A REIT		1,307		27,800
Apple Hospitality REIT, Inc.		1,637		27,191
Walker & Dunlop, Inc.		242		26,864

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Enstar Group Ltd.^*		91	$	26,786
Ameris Bancorp		503		26,684
Independence Realty Trust, Inc. REIT		1,713		26,209
ServisFirst Bancshares, Inc.		387		25,786
United Community Banks, Inc.		878		25,690
Macerich Co. REIT		1,641		25,321
Sabra Health Care REIT, Inc.		1,758		25,087
Associated Banc-Corp.		1,149		24,577
Broadstone Net Lease, Inc. REIT		1,427		24,573
Physicians Realty Trust REIT		1,807		24,051
CNO Financial Group, Inc.		844		23,548
Cathay General Bancorp		528		23,533
Texas Capital Bancshares, Inc.^*		364		23,525
Genworth Financial, Inc. — Class A^*		3,485		23,280
Piper Sandler Cos.		132		23,083
Axos Financial, Inc.^*		419		22,877
McGrath RentCorp		187		22,369
Upstart Holdings, Inc.^*		547		22,350
SL Green Realty Corp. REIT¹		492		22,224
International Bancshares Corp.		408		22,163
Independent Bank Corp.		336		22,112
COPT Defense Properties REIT		856		21,939
LXP Industrial Trust REIT		2,196		21,784
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		785		21,650
Bank of Hawaii Corp.¹		298		21,593
Tanger, Inc. REIT		776		21,511
Innovative Industrial Properties, Inc. REIT		212		21,374
WSFS Financial Corp.		465		21,357
First BanCorp		1,298		21,352
Community Bank System, Inc.		404		21,052
Pacific Premier Bancorp, Inc.		720		20,959
Atlantic Union Bankshares Corp.		570		20,828
Arbor Realty Trust, Inc. REIT¹		1,365		20,721
Artisan Partners Asset Management, Inc. — Class A		466		20,588
CVB Financial Corp.		1,010		20,392
Fulton Financial Corp.		1,212		19,950
SITE Centers Corp. REIT		1,447		19,723
BGC Group, Inc. — Class A		2,699		19,487
First Interstate BancSystem, Inc. — Class A		627		19,280
Pagseguro Digital Ltd. — Class A^*		1,507		18,792
Simmons First National Corp. — Class A		936		18,570
PJT Partners, Inc. — Class A		180		18,337
BankUnited, Inc.		565		18,323
Seacoast Banking Corporation of Florida		640		18,214
NMI Holdings, Inc. — Class A^*		610		18,105
National Health Investors, Inc. REIT		317		17,704
Douglas Emmett, Inc. REIT		1,216		17,632
PennyMac Financial Services, Inc.		194		17,144
CareTrust REIT, Inc.		760		17,009
First Financial Bancorp		715		16,981
Sunstone Hotel Investors, Inc. REIT		1,582		16,975
Eastern Bankshares, Inc.		1,177		16,713
First Merchants Corp.		449		16,649
Four Corners Property Trust, Inc. REIT		658		16,647
BancFirst Corp.		167		16,254
WaFd, Inc.		486		16,019
Urban Edge Properties REIT		872		15,958
TowneBank		533		15,862
St. Joe Co.		261		15,707
Outfront Media, Inc. REIT		1,120		15,635
Bancorp, Inc.^*		392		15,116
StoneX Group, Inc.^*		204		15,061
DiamondRock Hospitality Co. REIT		1,597		14,996
Cohen & Steers, Inc.		197		14,919
Equity Commonwealth REIT		770		14,784
Global Net Lease, Inc. REIT		1,478		14,706
Park National Corp.		109		14,482
Pebblebrook Hotel Trust REIT		896		14,318
NBT Bancorp, Inc.		340		14,249
Renasant Corp.		419		14,112
Independent Bank Group, Inc.		275		13,992
Banner Corp.		260		13,926
RLJ Lodging Trust REIT		1,188		13,923
WesBanco, Inc.		438		13,740
Cushman & Wakefield plc^*		1,261		13,619
Triumph Financial, Inc.^*		169		13,550
Banc of California, Inc.		997		13,385
OFG Bancorp		354		13,268
Farmer Mac — Class C		69		13,194
Retail Opportunity Investments Corp. REIT		935		13,118
InvenTrust Properties Corp. REIT		516		13,075
StepStone Group, Inc. — Class A		410		13,050
JBG SMITH Properties REIT		765		13,013
Trustmark Corp.		462		12,881
Virtus Investment Partners, Inc.		53		12,813
Apollo Commercial Real Estate Finance, Inc. REIT		1,078		12,656
Bread Financial Holdings, Inc.		383		12,616
Customers Bancorp, Inc.^*		217		12,504
Hilltop Holdings, Inc.		355		12,500
Ready Capital Corp. REIT		1,216		12,464
City Holding Co.		113		12,459
Goosehead Insurance, Inc. — Class A^*		164		12,431
Enterprise Financial Services Corp.		276		12,323
Lakeland Financial Corp.		189		12,315
Enova International, Inc.^*		219		12,124
Navient Corp.		649		12,084
Heartland Financial USA, Inc.		321		12,073
Northwest Bancshares, Inc.		967		12,068
Acadia Realty Trust REIT		710		12,063
First Commonwealth Financial Corp.		777		11,997
Stewart Information Services Corp.		203		11,926
Bank of NT Butterfield & Son Ltd.		366		11,716
Live Oak Bancshares, Inc.		255		11,602
Xenia Hotels & Resorts, Inc. REIT		833		11,345
Kennedy-Wilson Holdings, Inc.		909		11,253

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Newmark Group, Inc. — Class A		1,022	$	11,201
First Bancorp		302		11,177
Westamerica BanCorp		197		11,113
Compass Diversified Holdings		480		10,776
BRP Group, Inc. — Class A^*		448		10,761
Pathward Financial, Inc.		203		10,745
FB Financial Corp.		269		10,720
Service Properties Trust REIT		1,252		10,692
Stock Yards Bancorp, Inc.		206		10,607
Hope Bancorp, Inc.		876		10,582
Alexander & Baldwin, Inc. REIT		551		10,480
Uniti Group, Inc. REIT		1,809		10,456
National Bank Holdings Corp. — Class A		280		10,413
Stellar Bancorp, Inc.		370		10,301
Two Harbors Investment Corp. REIT		738		10,280
Palomar Holdings, Inc.^*		185		10,268
Horace Mann Educators Corp.		312		10,202
TriCo Bancshares		236		10,141
Cannae Holdings, Inc.^*		517		10,087
Provident Financial Services, Inc.		557		10,043
PennyMac Mortgage Investment Trust REIT		671		10,031
LTC Properties, Inc. REIT		311		9,989
Getty Realty Corp. REIT		340		9,935
Ladder Capital Corp. — Class A REIT		860		9,899
S&T Bancorp, Inc.		295		9,859
First Busey Corp.		394		9,779
Hudson Pacific Properties, Inc. REIT		1,049		9,766
Elme Communities REIT		667		9,738
Empire State Realty Trust, Inc. — Class A REIT		1,003		9,719
Easterly Government Properties, Inc. REIT		704		9,462
Veris Residential, Inc. REIT		601		9,454
Claros Mortgage Trust, Inc.		689		9,391
NETSTREIT Corp. REIT		521		9,300
Veritex Holdings, Inc.		398		9,261
Trupanion, Inc.^*		300		9,153
Sandy Spring Bancorp, Inc.		333		9,071
Encore Capital Group, Inc.^*		176		8,932
Apartment Investment and Management Co. — Class A REIT^*		1,126		8,817
MFA Financial, Inc. REIT		777		8,757
Peoples Bancorp, Inc.		257		8,676
Chimera Investment Corp. REIT		1,716		8,563
Nelnet, Inc. — Class A		97		8,557
Franklin BSP Realty Trust, Inc. REIT		631		8,525
American Assets Trust, Inc. REIT		371		8,351
Redfin Corp.^*		807		8,328
Berkshire Hills Bancorp, Inc.		335		8,318
Safety Insurance Group, Inc.		109		8,283
National Western Life Group, Inc. — Class A		17		8,211
eXp World Holdings, Inc.¹		525		8,148
Compass, Inc. — Class A^*		2,147		8,073
Origin Bancorp, Inc.		222		7,897
Nicolet Bankshares, Inc.		98		7,887
Marcus & Millichap, Inc.		180		7,862
Plymouth Industrial REIT, Inc.		326		7,847
Safehold, Inc. REIT		331		7,745
PRA Group, Inc.^*		293		7,677
OceanFirst Financial Corp.		442		7,673
Employers Holdings, Inc.		193		7,604
Mercury General Corp.		203		7,574
Preferred Bank/Los Angeles CA		102		7,451
QCR Holdings, Inc.		125		7,299
BrightSpire Capital, Inc. REIT		978		7,276
WisdomTree, Inc.		1,048		7,263
Paramount Group, Inc. REIT		1,404		7,259
Brookline Bancorp, Inc.		663		7,233
Ellington Financial, Inc. REIT		569		7,232
Dime Community Bancshares, Inc.		265		7,136
Victory Capital Holdings, Inc. — Class A		207		7,129
LendingClub Corp.^*		808		7,062
Lakeland Bancorp, Inc.		473		6,996
Southside Bancshares, Inc.		223		6,984
1st Source Corp.		127		6,979
Brandywine Realty Trust REIT		1,292		6,977
German American Bancorp, Inc.		213		6,903
Diversified Healthcare Trust REIT		1,814		6,784
AMERISAFE, Inc.		145		6,783
First Bancshares, Inc.		231		6,775
Eagle Bancorp, Inc.		224		6,751
ARMOUR Residential REIT, Inc. ¹		347		6,704
Centerspace REIT		115		6,693
Piedmont Office Realty Trust, Inc. — Class A REIT		938		6,669
Anywhere Real Estate, Inc.^*		818		6,634
Enact Holdings, Inc.		228		6,587
F&G Annuities & Life, Inc.		142		6,532
Premier Financial Corp.		268		6,459
ConnectOne Bancorp, Inc.		281		6,438
Redwood Trust, Inc. REIT		865		6,410
Patria Investments Ltd. — Class A		413		6,405
UMH Properties, Inc. REIT		418		6,404
Tompkins Financial Corp.		105		6,324
Armada Hoffler Properties, Inc. REIT		511		6,321
Capitol Federal Financial, Inc.		969		6,250
Lemonade, Inc.^*,1		385		6,210
Bank First Corp.		71		6,153
Skyward Specialty Insurance Group, Inc.^*		181		6,132
SiriusPoint Ltd.^*		527		6,113
KKR Real Estate Finance Trust, Inc. REIT		447		5,914
New York Mortgage Trust, Inc. REIT		691		5,894
NexPoint Residential Trust, Inc. REIT		171		5,888
ProAssurance Corp.		410		5,654
Heritage Financial Corp.		263		5,626
Ambac Financial Group, Inc.^*		336		5,537
Peakstone Realty Trust REIT		274		5,461
Summit Hotel Properties, Inc. REIT		796		5,349

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Community Trust Bancorp, Inc.		118	$	5,175
Community Healthcare Trust, Inc. REIT		194		5,168
Global Medical REIT, Inc.		463		5,139
Dynex Capital, Inc. REIT		410		5,133
Merchants Bancorp		120		5,110
International Money Express, Inc.^*		231		5,103
Old Second Bancorp, Inc.		329		5,080
First Mid Bancshares, Inc.		145		5,026
AssetMark Financial Holdings, Inc.^*		167		5,002
CBL & Associates Properties, Inc. REIT		204		4,982
First Community Bankshares, Inc.		134		4,971
Univest Financial Corp.		220		4,847
Amerant Bancorp, Inc.		196		4,816
Mercantile Bank Corp.		119		4,805
Brightsphere Investment Group, Inc.		247		4,733
Horizon Bancorp, Inc.		327		4,679
CrossFirst Bankshares, Inc.^*		338		4,590
Brookfield Business Corp. — Class A		197		4,586
Whitestone REIT — Class B		369		4,535
Business First Bancshares, Inc.		182		4,486
Hanmi Financial Corp.		231		4,481
Midland States Bancorp, Inc.		162		4,465
Heritage Commerce Corp.		450		4,464
Metropolitan Bank Holding Corp.^*		80		4,430
Byline Bancorp, Inc.		188		4,429
TrustCo Bank Corporation NY		141		4,378
Columbia Financial, Inc.^*		225		4,338
HCI Group, Inc.		49		4,283
Universal Health Realty Income Trust REIT		98		4,238
Farmland Partners, Inc. REIT		337		4,206
Washington Trust Bancorp, Inc.		128		4,145
Great Southern Bancorp, Inc.		69		4,095
Ares Commercial Real Estate Corp. REIT		395		4,092
Camden National Corp.		108		4,064
Gladstone Commercial Corp. REIT		305		4,038
Cambridge Bancorp		58		4,025
Farmers National Banc Corp.		276		3,988
Independent Bank Corp.		153		3,981
Central Pacific Financial Corp.		202		3,975
Northfield Bancorp, Inc.		315		3,963
Chatham Lodging Trust REIT		366		3,923
Perella Weinberg Partners		319		3,901
Kearny Financial Corp.		430		3,857
Peapack-Gladstone Financial Corp.		129		3,847
First Financial Corp.		89		3,830
NerdWallet, Inc. — Class A^*		260		3,827
HarborOne Bancorp, Inc.		318		3,810
American National Bankshares, Inc.		78		3,802
First Foundation, Inc.		389		3,766
Equity Bancshares, Inc. — Class A		111		3,763
Gladstone Land Corp. REIT		254		3,670
World Acceptance Corp.^*		28		3,655
Coastal Financial Corp.^*		82		3,642
Amalgamated Financial Corp.		134		3,610
Republic Bancorp, Inc. — Class A		65		3,585
CNB Financial Corp.		157		3,547
Flushing Financial Corp.		214		3,527
Diamond Hill Investment Group, Inc.		21		3,477
Southern Missouri Bancorp, Inc.		65		3,470
Saul Centers, Inc. REIT		88		3,456
Tiptree, Inc. — Class A		182		3,451
Alexander's, Inc. REIT		16		3,417
TPG RE Finance Trust, Inc. REIT		524		3,406
Metrocity Bankshares, Inc.		139		3,339
P10, Inc. — Class A		326		3,332
Bar Harbor Bankshares		113		3,318
RMR Group, Inc. — Class A		117		3,303
Shore Bancshares, Inc.		226		3,220
United Fire Group, Inc.		160		3,219
HomeTrust Bancshares, Inc.		118		3,177
FRP Holdings, Inc.^*		50		3,144
Arrow Financial Corp.		112		3,129
Alerus Financial Corp.		138		3,090
Burke & Herbert Financial Services Corp.		49		3,082
Universal Insurance Holdings, Inc.		192		3,068
B Riley Financial, Inc.¹		142		2,981
Capital City Bank Group, Inc.		100		2,943
SmartFinancial, Inc.		120		2,939
FTAI Infrastructure, Inc.		751		2,921
MidWestOne Financial Group, Inc.		108		2,906
CTO Realty Growth, Inc. REIT		167		2,894
Forge Global Holdings, Inc.^*		834		2,861
GCM Grosvenor, Inc. — Class A		315		2,822
ACNB Corp.		63		2,820
Invesco Mortgage Capital, Inc. REIT		318		2,817
Northeast Bank		50		2,759
Capstar Financial Holdings, Inc.		147		2,755
One Liberty Properties, Inc. REIT		123		2,695
Carter Bankshares, Inc.^*		179		2,680
Office Properties Income Trust REIT		365		2,672
South Plains Financial, Inc.		91		2,635
Mid Penn Bancorp, Inc.		108		2,622
Bank of Marin Bancorp		119		2,620
Summit Financial Group, Inc.		85		2,609
West BanCorp, Inc.		123		2,608
Esquire Financial Holdings, Inc.		52		2,598
James River Group Holdings Ltd.		281		2,596
Peoples Financial Services Corp.		53		2,581
Five Star Bancorp		97		2,539
Citizens & Northern Corp.		113		2,535
Orion Office REIT, Inc.		434		2,482
Farmers & Merchants Bancorp Incorporated/Archbold OH		100		2,480
Orchid Island Capital, Inc. REIT		293		2,470
Financial Institutions, Inc.		115		2,449

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
NewtekOne, Inc.		177	$	2,443
LendingTree, Inc.^*		80		2,426
RBB Bancorp		127		2,418
First Business Financial Services, Inc.		60		2,406
Northrim BanCorp, Inc.		42		2,403
Sierra Bancorp		105		2,368
Enterprise Bancorp, Inc.		73		2,355
Orange County Bancorp, Inc.		39		2,349
Bit Digital, Inc.^*		549		2,322
Granite Point Mortgage Trust, Inc. REIT		388		2,305
Orrstown Financial Services, Inc.		78		2,301
Home Bancorp, Inc.		54		2,269
Macatawa Bank Corp.		200		2,256
MBIA, Inc.^*		367		2,246
Greenlight Capital Re Ltd. — Class A^*		196		2,238
Civista Bancshares, Inc.		117		2,157
HBT Financial, Inc.		102		2,153
Southern First Bancshares, Inc.^*		58		2,152
First of Long Island Corp.		162		2,145
John Marshall Bancorp, Inc.		95		2,143
Hingham Institution For Savings		11		2,138
Guaranty Bancshares, Inc.		63		2,118
BayCom Corp.		89		2,100
Bridgewater Bancshares, Inc.^*		155		2,096
First Bancorp, Inc.		74		2,088
Red River Bancshares, Inc.		37		2,076
Postal Realty Trust, Inc. — Class A REIT		142		2,067
Fidelity D&D Bancorp, Inc.		35		2,031
Chicago Atlantic Real Estate Finance, Inc. REIT		124		2,006
Waterstone Financial, Inc.		140		1,988
Primis Financial Corp.		154		1,950
Third Coast Bancshares, Inc.^*		98		1,947
Middlefield Banc Corp.		60		1,942
MVB Financial Corp.		86		1,940
Legacy Housing Corp.^*		75		1,892
Citizens Financial Services, Inc.		29		1,877
NexPoint Diversified Real Estate Trust REIT		233		1,852
FS Bancorp, Inc.		50		1,848
Norwood Financial Corp.		56		1,843
Codorus Valley Bancorp, Inc.		71		1,825
Douglas Elliman, Inc.		615		1,814
Northeast Community Bancorp, Inc.		102		1,809
City Office REIT, Inc.		296		1,809
Timberland Bancorp, Inc.		57		1,793
RE/MAX Holdings, Inc. — Class A		133		1,773
Blue Foundry Bancorp^*		183		1,770
Capital Bancorp, Inc.		73		1,767
First Bank/Hamilton NJ		118		1,735
FVCBankcorp, Inc.^*		122		1,732
C&F Financial Corp.		25		1,705
Central Valley Community Bancorp		76		1,699
Plumas Bancorp		41		1,695
BRT Apartments Corp. REIT		91		1,692
Alpine Income Property Trust, Inc. REIT		99		1,674
Southern States Bancshares, Inc.		57		1,669
Colony Bankcorp, Inc.		125		1,662
Donegal Group, Inc. — Class A		117		1,637
Unity Bancorp, Inc.		55		1,627
Parke Bancorp, Inc.		79		1,600
eHealth, Inc.^*		182		1,587
Maiden Holdings Ltd.^*		689		1,578
ChoiceOne Financial Services, Inc.		53		1,553
PCB Bancorp		83		1,530
Oak Valley Bancorp		51		1,527
Ponce Financial Group, Inc.^*		155		1,513
Ocwen Financial Corp.^*		49		1,507
Regional Management Corp.		60		1,505
Greene County Bancorp, Inc.		53		1,495
AFC Gamma, Inc. REIT		124		1,492
Star Holdings^*		98		1,468
BCB Bancorp, Inc.		114		1,465
Investors Title Co.		9		1,459
Fidelis Insurance Holdings Ltd.^*		115		1,457
Crawford & Co. — Class A		110		1,450
National Bankshares, Inc.		44		1,423
Selectquote, Inc.^*		1,035		1,418
HomeStreet, Inc.		137		1,411
American Coastal Insurance Corp.^*		149		1,410
AlTi Global, Inc.^*		160		1,402
Princeton Bancorp, Inc.		39		1,400
Ames National Corp.		65		1,387
Bankwell Financial Group, Inc.		45		1,358
Atlanticus Holdings Corp.^*		35		1,353
Chemung Financial Corp.		27		1,345
ESSA Bancorp, Inc.		66		1,321
MainStreet Bancshares, Inc.		53		1,315
LCNB Corp.		80		1,262
Evans Bancorp, Inc.		40		1,261
Braemar Hotels & Resorts, Inc. REIT		498		1,245
Stratus Properties, Inc.^*		43		1,241
Virginia National Bankshares Corp.		36		1,238
Silvercrest Asset Management Group, Inc. — Class A		72		1,224
First Western Financial, Inc.^*		61		1,210
First Community Corp.		56		1,206
Penns Woods Bancorp, Inc.		52		1,171
Velocity Financial, Inc.^*		66		1,137
USCB Financial Holdings, Inc.^*		80		980
Nexpoint Real Estate Finance, Inc. REIT		61		961
Angel Oak Mortgage REIT, Inc.		89		943
Sterling Bancorp, Inc.^*		159		917
Maui Land & Pineapple Company, Inc.^*		57		906
Pioneer Bancorp, Inc.^*		88		881
Security National Financial Corp. — Class A^*		95		859
Luther Burbank Corp.^*		78		835
NI Holdings, Inc.^*		63		818
Bank7 Corp.		28		766
Hippo Holdings, Inc.^*		80		730
Paysign, Inc.^*		248		694

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Kingsway Financial Services, Inc.^*		81	$	680
Consumer Portfolio Services, Inc.^*		69		647
SWK Holdings Corp.^*		29		508
Transcontinental Realty Investors, Inc.^*		14		484
Clipper Realty, Inc. REIT		87		470
Finance of America Companies, Inc. — Class A^*		405		445
OppFi, Inc.^*		82		420
Blue Ridge Bankshares, Inc.		134		406
GoHealth, Inc. — Class A^*		30		400
American Realty Investors, Inc.^*		11		192
Total Financial				4,219,239
Industrial - 8.8%
Simpson Manufacturing Company, Inc.		325		64,344
UFP Industries, Inc.		456		57,251
Comfort Systems USA, Inc.		267		54,914
Fabrinet^*		279		53,102
Applied Industrial Technologies, Inc.		293		50,598
Novanta, Inc.^*		272		45,808
Atkore, Inc.^*		286		45,760
Chart Industries, Inc.^*		320		43,626
Watts Water Technologies, Inc. — Class A		208		43,335
Fluor Corp.^*		1,083		42,421
Mueller Industries, Inc.		851		40,125
Boise Cascade Co.		301		38,937
AAON, Inc.		514		37,969
Casella Waste Systems, Inc. — Class A^*		423		36,150
Federal Signal Corp.		455		34,917
Summit Materials, Inc. — Class A^*		907		34,883
Badger Meter, Inc.		223		34,424
Franklin Electric Company, Inc.		351		33,924
Exponent, Inc.		385		33,895
SPX Technologies, Inc.^*		335		33,838
Zurn Elkay Water Solutions Corp.		1,123		33,027
GATX Corp.		270		32,459
EnerSys		313		31,600
Advanced Energy Industries, Inc.		286		31,151
Moog, Inc. — Class A		215		31,128
Arcosa, Inc.		368		30,411
Terex Corp.		501		28,787
Matson, Inc.		260		28,496
Knife River Corp.^*		430		28,457
Itron, Inc.^*		346		26,126
Dycom Industries, Inc.^*		218		25,090
Hillenbrand, Inc.		524		25,073
Belden, Inc.		323		24,952
Enpro, Inc.		159		24,922
Kadant, Inc.		88		24,667
CSW Industrials, Inc.		117		24,267
Encore Wire Corp.		113		24,137
John Bean Technologies Corp.		241		23,968
AeroVironment, Inc.^*		189		23,821
Vishay Intertechnology, Inc.		979		23,467
Albany International Corp. — Class A		238		23,376
Modine Manufacturing Co.^*		391		23,343
ESCO Technologies, Inc.		194		22,704
Plexus Corp.^*		208		22,491
Cactus, Inc. — Class A		491		22,291
Scorpio Tankers, Inc.		360		21,888
Sanmina Corp.^*		426		21,884
Hub Group, Inc. — Class A^*		238		21,882
Bloom Energy Corp. — Class A^*		1,462		21,638
Frontdoor, Inc.^*		611		21,519
ArcBest Corp.		179		21,518
RXO, Inc.^*		882		20,515
Werner Enterprises, Inc.		481		20,380
Materion Corp.		156		20,300
Sterling Infrastructure, Inc.^*		227		19,960
O-I Glass, Inc.^*		1,180		19,328
Kratos Defense & Security Solutions, Inc.^*		951		19,296
Griffon Corp.		316		19,260
Gibraltar Industries, Inc.^*		232		18,323
MYR Group, Inc.^*		124		17,934
Golar LNG Ltd.		769		17,679
NEXTracker, Inc. — Class A^*		375		17,569
PGT Innovations, Inc.^*		431		17,542
Energizer Holdings, Inc.		544		17,234
Granite Construction, Inc.		335		17,038
Mueller Water Products, Inc. — Class A		1,178		16,963
Trinity Industries, Inc.		616		16,380
Alamo Group, Inc.		77		16,185
AAR Corp.^*		255		15,912
Kennametal, Inc.		612		15,783
Mirion Technologies, Inc.^*		1,521		15,590
OSI Systems, Inc.^*		120		15,486
Masterbrand, Inc.^*		985		14,627
Masonite International Corp.^*		169		14,308
Standex International Corp.		89		14,096
Joby Aviation, Inc.^*		2,113		14,051
International Seaways, Inc.		308		14,008
Hillman Solutions Corp.^*		1,479		13,622
Worthington Enterprises, Inc.		234		13,467
Primoris Services Corp.		403		13,384
Construction Partners, Inc. — Class A^*		305		13,274
Tennant Co.		141		13,069
Enovix Corp.^*		1,039		13,008
Enerpac Tool Group Corp.		412		12,809
Forward Air Corp.		199		12,511
TTM Technologies, Inc.^*		777		12,284
Knowles Corp.^*		682		12,215
JELD-WEN Holding, Inc.^*		646		12,196
Barnes Group, Inc.		372		12,138
Greif, Inc. — Class A		185		12,134
Rocket Lab USA, Inc.^*		2,113		11,685
NV5 Global, Inc.^*		104		11,556
American Woodmark Corp.^*		124		11,513
Helios Technologies, Inc.		249		11,292
AZZ, Inc.		188		10,921
Lindsay Corp.		84		10,850
Dorian LPG Ltd.		243		10,660
Leonardo DRS, Inc.^*		520		10,421
CTS Corp.		238		10,410
World Kinect Corp.		451		10,274

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Greenbrier Companies, Inc.		232	$	10,250
DHT Holdings, Inc.		1,041		10,212
SFL Corporation Ltd.		874		9,859
Xometry, Inc. — Class A^*		258		9,265
Marten Transport Ltd.		441		9,252
Golden Ocean Group Ltd.		934		9,116
Teekay Tankers Ltd. — Class A		182		9,094
Apogee Enterprises, Inc.		168		8,973
Janus International Group, Inc.^*		645		8,417
Columbus McKinnon Corp.		214		8,350
Thermon Group Holdings, Inc.^*		254		8,273
Napco Security Technologies, Inc.		240		8,220
Triumph Group, Inc.^*		489		8,108
TriMas Corp.		315		7,979
Energy Recovery, Inc.^*		423		7,969
Proto Labs, Inc.^*		200		7,792
TimkenSteel Corp.^*		330		7,739
Vicor Corp.^*		168		7,550
Air Transport Services Group, Inc.^*		428		7,537
Benchmark Electronics, Inc.		268		7,407
Ryerson Holding Corp.		212		7,352
Ichor Holdings Ltd.^*		216		7,264
Archer Aviation, Inc. — Class A^*		1,158		7,110
Montrose Environmental Group, Inc.^*		212		6,812
FLEX LNG Ltd.		226		6,568
Nordic American Tankers Ltd.		1,558		6,544
Astec Industries, Inc.		173		6,436
Powell Industries, Inc.		70		6,188
Gorman-Rupp Co.		174		6,182
Aspen Aerogels, Inc.^*		388		6,123
Sturm Ruger & Company, Inc.		133		6,045
Insteel Industries, Inc.		142		5,437
Myers Industries, Inc.		277		5,415
Enviri Corp.^*		599		5,391
Genco Shipping & Trading Ltd.		319		5,292
Bel Fuse, Inc. — Class B		79		5,275
Kaman Corp.		214		5,125
Hyster-Yale Materials Handling, Inc.		82		5,099
Heartland Express, Inc.		356		5,077
Olympic Steel, Inc.		75		5,002
IES Holdings, Inc.^*		62		4,912
Kimball Electronics, Inc.^*		182		4,905
Cadre Holdings, Inc.		147		4,835
CryoPort, Inc.^*		305		4,724
Smith & Wesson Brands, Inc.		347		4,705
Clearwater Paper Corp.^*		127		4,587
CECO Environmental Corp.^*		225		4,563
nLight, Inc.^*		335		4,522
Argan, Inc.		96		4,492
SmartRent, Inc.^*		1,398		4,460
Manitowoc Company, Inc.^*		265		4,423
Ardmore Shipping Corp.		312		4,396
Ducommun, Inc.^*		83		4,321
Pactiv Evergreen, Inc.		304		4,168
Mesa Laboratories, Inc.		39		4,086
Evolv Technologies Holdings, Inc.^*		855		4,036
Stoneridge, Inc.^*		201		3,934
LSB Industries, Inc.^*		417		3,882
Eagle Bulk Shipping, Inc.		70		3,878
Costamare, Inc.		368		3,831
Great Lakes Dredge & Dock Corp.^*		498		3,825
DXP Enterprises, Inc.^*		107		3,606
PureCycle Technologies, Inc.^*		882		3,572
MicroVision, Inc.^*		1,342		3,570
Astronics Corp.^*		197		3,432
Teekay Corp.^*		467		3,339
GoPro, Inc. — Class A^*		951		3,300
FARO Technologies, Inc.^*		144		3,244
GrafTech International Ltd.		1,471		3,222
Limbach Holdings, Inc.^*		70		3,183
National Presto Industries, Inc.		39		3,131
Allient, Inc.		98		2,961
Tutor Perini Corp.^*		322		2,930
Cadeler A/S ADR^*		159		2,926
Atmus Filtration Technologies, Inc.^*,1		124		2,913
Covenant Logistics Group, Inc. — Class A		63		2,900
NVE Corp.		36		2,823
LSI Industries, Inc.		199		2,802
Bowman Consulting Group Ltd.^*		75		2,664
Greif, Inc. — Class B		39		2,574
Daseke, Inc.^*		307		2,487
AerSale Corp.^*		194		2,463
Overseas Shipholding Group, Inc. — Class A		432		2,277
Pangaea Logistics Solutions Ltd.		276		2,274
Northwest Pipe Co.^*		75		2,269
Park Aerospace Corp.		145		2,132
Safe Bulkers, Inc.		511		2,008
Ranpak Holdings Corp.^*		329		1,915
908 Devices, Inc.^*		166		1,862
Luxfer Holdings plc		208		1,860
Radiant Logistics, Inc.^*		277		1,839
Omega Flex, Inc.		25		1,763
Comtech Telecommunications Corp.		207		1,745
Park-Ohio Holdings Corp.		64		1,725
Eastman Kodak Co.^*		433		1,689
Iteris, Inc.^*		324		1,685
Concrete Pumping Holdings, Inc.^*		197		1,615
Pure Cycle Corp.^*		148		1,550
AMMO, Inc.^*		684		1,436
Universal Logistics Holdings, Inc.		51		1,429
NuScale Power Corp.^*		407		1,339
Turtle Beach Corp.^*		119		1,303
Gencor Industries, Inc.^*		80		1,291
Mayville Engineering Company, Inc.^*		84		1,211
Mistras Group, Inc.^*		158		1,157
Blink Charging Co.^*		341		1,156
Tredegar Corp.		200		1,082
Core Molding Technologies, Inc.^*		58		1,075
Karat Packaging, Inc.		43		1,069
Willis Lease Finance Corp.^*		21		1,027
Eve Holding, Inc.^*		137		1,003
PAM Transportation Services, Inc.^*		47		977

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Sight Sciences, Inc.^*		164	$	846
Intevac, Inc.^*		194		838
LanzaTech Global, Inc.^*		157		790
ESS Tech, Inc.^*		692		789
Latham Group, Inc.^*		295		776
Transphorm, Inc.^*		205		748
SKYX Platforms Corp.^*		424		678
Babcock & Wilcox Enterprises, Inc.^*		446		651
374Water, Inc.^*		451		640
Li-Cycle Holdings Corp.^*,1		1,047		612
Himalaya Shipping Ltd.^*		66		446
Akoustis Technologies, Inc.^*		525		438
INNOVATE Corp.^*		339		417
NL Industries, Inc.		64		359
Amprius Technologies, Inc.^*		41		217
Redwire Corp.^*		60		171
Southland Holdings, Inc.^*		29		150
Charge Enterprises, Inc.^*		1,022		117
Total Industrial				2,875,273
Consumer, Cyclical - 6.9%
Light & Wonder, Inc. — Class A^*		693		56,902
Meritage Homes Corp.		275		47,905
Taylor Morrison Home Corp. — Class A^*		781		41,666
Carvana Co.^*		728		38,540
Beacon Roofing Supply, Inc.^*		437		38,028
Signet Jewelers Ltd.		338		36,254
Academy Sports & Outdoors, Inc.		545		35,970
Asbury Automotive Group, Inc.^*		157		35,320
KB Home		537		33,541
Installed Building Products, Inc.		180		32,908
Abercrombie & Fitch Co. — Class A^*		371		32,730
Group 1 Automotive, Inc.		103		31,388
FirstCash Holdings, Inc.		285		30,891
Goodyear Tire & Rubber Co.^*		2,135		30,573
Skyline Champion Corp.^*		407		30,224
American Eagle Outfitters, Inc.		1,387		29,349
M/I Homes, Inc.^*		205		28,237
Kontoor Brands, Inc.		423		26,404
Visteon Corp.^*		208		25,979
GMS, Inc.^*		312		25,718
Adient plc^*		707		25,707
Tri Pointe Homes, Inc.^*		725		25,665
MDC Holdings, Inc.		446		24,641
Hilton Grand Vacations, Inc.^*		606		24,349
Steven Madden Ltd.		572		24,024
LCI Industries		188		23,633
Rush Enterprises, Inc. — Class A		464		23,339
Cavco Industries, Inc.^*		66		22,877
International Game Technology plc		824		22,586
Fox Factory Holding Corp.^*		324		21,864
Shake Shack, Inc. — Class A^*		287		21,272
LGI Homes, Inc.^*		158		21,039
Resideo Technologies, Inc.^*		1,112		20,928
UniFirst Corp.		114		20,852
Century Communities, Inc.		216		19,686
Foot Locker, Inc.		623		19,406
Red Rock Resorts, Inc. — Class A		361		19,252
Papa John's International, Inc.		250		19,058
Bloomin' Brands, Inc.		665		18,720
Boot Barn Holdings, Inc.^*		226		17,348
Urban Outfitters, Inc.^*		485		17,310
Dorman Products, Inc.^*		200		16,682
Sonos, Inc.^*		964		16,523
Patrick Industries, Inc.		162		16,257
Winnebago Industries, Inc.		223		16,252
SkyWest, Inc.^*		305		15,921
Topgolf Callaway Brands Corp.^*		1,093		15,674
Acushnet Holdings Corp.		237		14,971
MillerKnoll, Inc.		556		14,834
Dave & Buster's Entertainment, Inc.^*		274		14,755
HNI Corp.		351		14,682
SeaWorld Entertainment, Inc.^*		276		14,581
Dana, Inc.		990		14,464
PriceSmart, Inc.		190		14,398
Brinker International, Inc.^*		333		14,379
ODP Corp.^*		249		14,019
JetBlue Airways Corp.^*		2,508		13,919
Six Flags Entertainment Corp.^*		548		13,744
Spirit Airlines, Inc.		833		13,653
Gentherm, Inc.^*		251		13,142
Atlanta Braves Holdings, Inc. — Class C^*		332		13,141
Cheesecake Factory, Inc.		368		12,884
Cracker Barrel Old Country Store, Inc.		167		12,872
H&E Equipment Services, Inc.		244		12,766
Jack in the Box, Inc.		156		12,734
Vista Outdoor, Inc.^*		428		12,656
National Vision Holdings, Inc.^*		590		12,349
La-Z-Boy, Inc.		330		12,184
OPENLANE, Inc.^*		819		12,130
Hanesbrands, Inc.^*		2,668		11,899
Cinemark Holdings, Inc.^*		834		11,751
Oxford Industries, Inc.		114		11,400
Aurora Innovation, Inc.^*		2,550		11,144
Buckle, Inc.		232		11,025
Sally Beauty Holdings, Inc.^*		815		10,823
G-III Apparel Group Ltd.^*		313		10,636
Dillard's, Inc. — Class A		26		10,495
Green Brick Partners, Inc.^*		198		10,284
Allegiant Travel Co. — Class A		120		9,913
Madison Square Garden Entertainment Corp.^*		300		9,537
Leslie's, Inc.^*		1,348		9,315
XPEL, Inc.^*		172		9,262
Winmark Corp.		22		9,186
Warby Parker, Inc. — Class A^*		643		9,066
Steelcase, Inc. — Class A		666		9,004
Lions Gate Entertainment Corp. — Class B^*		879		8,957
Wabash National Corp.		347		8,890
OneSpaWorld Holdings Ltd.^*		615		8,672
Sovos Brands, Inc.^*		386		8,503
indie Semiconductor, Inc. — Class A^*		1,046		8,483
Malibu Boats, Inc. — Class A^*		154		8,442
Camping World Holdings, Inc. — Class A		317		8,324
Sweetgreen, Inc. — Class A^*		733		8,283
Caleres, Inc.		263		8,082
iRobot Corp.^*		208		8,050

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
American Axle & Manufacturing Holdings, Inc.^*		867	$	7,638
Beazer Homes USA, Inc.^*		224		7,569
BlueLinx Holdings, Inc.^*		66		7,478
ScanSource, Inc.^*		188		7,447
Nu Skin Enterprises, Inc. — Class A		378		7,341
Everi Holdings, Inc.^*		641		7,224
Monarch Casino & Resort, Inc.		102		7,053
MRC Global, Inc.^*		637		7,013
Luminar Technologies, Inc.^*,1		2,067		6,966
Chico's FAS, Inc.^*		912		6,913
Hibbett, Inc.		95		6,842
Dream Finders Homes, Inc. — Class A^*		184		6,538
Standard Motor Products, Inc.		161		6,409
MarineMax, Inc.^*		162		6,302
Sonic Automotive, Inc. — Class A		111		6,239
BJ's Restaurants, Inc.^*		173		6,230
Bluegreen Vacations Holding Corp.¹		82		6,160
Golden Entertainment, Inc.		154		6,149
Methode Electronics, Inc.		268		6,092
VSE Corp.		94		6,073
Virgin Galactic Holdings, Inc.^*		2,474		6,061
Titan International, Inc.^*		398		5,922
Dine Brands Global, Inc.		119		5,908
PC Connection, Inc.		87		5,847
Hovnanian Enterprises, Inc. — Class A^*		37		5,758
Ethan Allen Interiors, Inc.		173		5,522
Hawaiian Holdings, Inc.^*		387		5,496
Interface, Inc. — Class A		435		5,490
Wolverine World Wide, Inc.		590		5,245
Chuy's Holdings, Inc.^*		137		5,238
Arko Corp.		625		5,156
Blue Bird Corp.^*		191		5,149
IMAX Corp.^*		341		5,122
Life Time Group Holdings, Inc.^*		339		5,112
Portillo's, Inc. — Class A^*		320		5,098
Douglas Dynamics, Inc.		171		5,075
Guess?, Inc.		218		5,027
Clean Energy Fuels Corp.^*		1,287		4,929
Lions Gate Entertainment Corp. — Class A^*		442		4,818
Forestar Group, Inc.^*		139		4,597
Titan Machinery, Inc.^*		156		4,505
Sun Country Airlines Holdings, Inc.^*		286		4,499
Hudson Technologies, Inc.^*		333		4,492
Vizio Holding Corp. — Class A^*		576		4,435
REV Group, Inc.		240		4,361
A-Mark Precious Metals, Inc.		143		4,326
RCI Hospitality Holdings, Inc.		65		4,307
Denny's Corp.^*		387		4,211
Accel Entertainment, Inc.^*		409		4,200
Haverty Furniture Companies, Inc.		111		3,941
Nikola Corp.^*,1		4,482		3,921
Global Industrial Co.		100		3,884
Shoe Carnival, Inc.		126		3,806
Rush Enterprises, Inc. — Class B		70		3,709
Miller Industries, Inc.		84		3,552
Xperi, Inc.^*		321		3,537
Movado Group, Inc.		116		3,497
Savers Value Village, Inc.^*		197		3,424
Kura Sushi USA, Inc. — Class A^*		44		3,344
America's Car-Mart, Inc.^*		44		3,334
First Watch Restaurant Group, Inc.^*		164		3,296
Super Group SGHC Ltd.^*		1,035		3,281
Atlanta Braves Holdings, Inc. — Class A^*		76		3,251
Genesco, Inc.^*		92		3,239
Shyft Group, Inc.		261		3,189
Bally's Corp.^*		224		3,123
Lindblad Expeditions Holdings, Inc.^*		265		2,987
OneWater Marine, Inc. — Class A^*		88		2,974
MasterCraft Boat Holdings, Inc.^*		131		2,966
Designer Brands, Inc. — Class A		326		2,885
Lovesac Co.^*		106		2,708
EVgo, Inc.^*,1		752		2,692
Marcus Corp.		184		2,683
Fisker, Inc.^*		1,489		2,606
Cooper-Standard Holdings, Inc.^*		128		2,501
Zumiez, Inc.^*		121		2,461
Xponential Fitness, Inc. — Class A^*		188		2,423
Daktronics, Inc.^*		285		2,417
Sleep Number Corp.^*		162		2,402
Build-A-Bear Workshop, Inc. — Class A		100		2,299
Microvast Holdings, Inc.^*		1,620		2,268
Carrols Restaurant Group, Inc.		279		2,199
Johnson Outdoors, Inc. — Class A		41		2,190
Rush Street Interactive, Inc.^*		478		2,146
Hooker Furnishings Corp.		82		2,139
Children's Place, Inc.^*		91		2,113
Potbelly Corp.^*		198		2,063
Funko, Inc. — Class A^*		264		2,041
JAKKS Pacific, Inc.^*		55		1,955
Holley, Inc.^*		401		1,953
Destination XL Group, Inc.^*		442		1,945
El Pollo Loco Holdings, Inc.^*		215		1,896
Bowlero Corp. — Class A^*		127		1,798
SES AI Corp.^*		947		1,733
Commercial Vehicle Group, Inc.^*		244		1,711
Solid Power, Inc.^*		1,176		1,705
Big Lots, Inc.		216		1,683
Tile Shop Holdings, Inc.^*		219		1,612
Rocky Brands, Inc.		53		1,600
Global Business Travel Group I^*		245		1,580
Frontier Group Holdings, Inc.^*		289		1,578
Vera Bradley, Inc.^*		199		1,532
Clarus Corp.		222		1,531
Escalade, Inc.		76		1,527
Red Robin Gourmet Burgers, Inc.^*		120		1,496
Weyco Group, Inc.		45		1,411
Landsea Homes Corp.^*		102		1,340
Full House Resorts, Inc.^*		249		1,337
Tilly's, Inc. — Class A^*		170		1,282
Snap One Holdings Corp.^*		139		1,239
ThredUp, Inc. — Class A^*		545		1,226

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Sportsman's Warehouse Holdings, Inc.^*		287	$	1,223
PetMed Express, Inc.		156		1,179
GrowGeneration Corp.^*		446		1,119
TuSimple Holdings, Inc. — Class A^*		1,256		1,103
Reservoir Media, Inc.^*		151		1,077
Big 5 Sporting Goods Corp.		163		1,033
ONE Group Hospitality, Inc.^*		167		1,022
Century Casinos, Inc.^*		209		1,020
Noodles & Co.^*		305		961
VOXX International Corp. — Class A^*		89		951
Livewire Group, Inc.^*		84		950
Cato Corp. — Class A		132		943
Hyliion Holdings Corp.^*		1,120		911
J Jill, Inc.^*		35		902
EVI Industries, Inc.		36		854
Biglari Holdings, Inc. — Class B^*		5		825
Traeger, Inc.^*		268		732
Marine Products Corp.		64		730
Duluth Holdings, Inc. — Class B^*		103		554
Torrid Holdings, Inc.^*		92		531
Fossil Group, Inc.^*		362		528
Aeva Technologies, Inc.^*		603		457
Workhorse Group, Inc.^*		1,250		450
Purple Innovation, Inc.		415		427
Lazydays Holdings, Inc.^*		57		402
United Homes Group, Inc.^*		46		388
CompX International, Inc.		12		303
Envela Corp.^*		58		282
Loop Media, Inc.^*		276		276
Qurate Retail, Inc. — Class B^*		10		65
Dragonfly Energy Holdings Corp.^*		113		61
Total Consumer, Cyclical				2,242,077
Technology - 6.7%
Super Micro Computer, Inc.^*		351		99,775
MicroStrategy, Inc. — Class A^*		92		58,109
Onto Innovation, Inc.^*		372		56,879
Rambus, Inc.^*		828		56,511
Qualys, Inc.^*		282		55,351
SPS Commerce, Inc.^*		277		53,694
Duolingo, Inc.^*		218		49,453
Tenable Holdings, Inc.^*		867		39,934
Maximus, Inc.		462		38,743
Insight Enterprises, Inc.^*		218		38,628
MACOM Technology Solutions Holdings, Inc.^*		412		38,295
ExlService Holdings, Inc.^*		1,227		37,853
Workiva, Inc.^*		371		37,668
Varonis Systems, Inc.^*		825		37,356
Power Integrations, Inc.		431		35,389
Altair Engineering, Inc. — Class A^*		408		34,333
ASGN, Inc.^*		356		34,237
Synaptics, Inc.^*		300		34,224
Axcelis Technologies, Inc.^*		247		32,034
Silicon Laboratories, Inc.^*		241		31,877
Freshworks, Inc. — Class A^*		1,230		28,893
Blackbaud, Inc.^*		331		28,698
Amkor Technology, Inc.		849		28,246
Diodes, Inc.^*		343		27,618
Evolent Health, Inc. — Class A^*		836		27,613
Box, Inc. — Class A^*		1,070		27,403
CommVault Systems, Inc.^*		335		26,750
BlackLine, Inc.^*		428		26,724
Rapid7, Inc.^*		455		25,981
Appfolio, Inc. — Class A^*		146		25,293
ACI Worldwide, Inc.^*		824		25,214
FormFactor, Inc.^*		586		24,442
Verra Mobility Corp.^*		1,060		24,412
Kulicke & Soffa Industries, Inc.		421		23,037
Sprout Social, Inc. — Class A^*		363		22,303
Braze, Inc. — Class A^*		397		21,093
Parsons Corp.^*		313		19,628
Privia Health Group, Inc.^*		840		19,345
Envestnet, Inc.^*		380		18,818
Progress Software Corp.		330		17,919
DigitalOcean Holdings, Inc.^*		481		17,648
C3.ai, Inc. — Class A^*,1		613		17,599
Ambarella, Inc.^*		276		16,916
Fastly, Inc. — Class A^*		900		16,020
Xerox Holdings Corp.		871		15,965
SiTime Corp.^*		130		15,870
Impinj, Inc.^*		175		15,755
IonQ, Inc.^*		1,220		15,116
PagerDuty, Inc.^*		646		14,955
Schrodinger Incorporated/United States^*		413		14,785
ACV Auctions, Inc. — Class A^*		965		14,620
Photronics, Inc.^*		463		14,524
AvidXchange Holdings, Inc.^*		1,134		14,050
MaxLinear, Inc. — Class A^*		566		13,454
PROS Holdings, Inc.^*		339		13,150
Clear Secure, Inc. — Class A		633		13,071
Agilysys, Inc.^*		152		12,893
Verint Systems, Inc.^*		474		12,812
CSG Systems International, Inc.		237		12,611
Cohu, Inc.^*		354		12,528
Veeco Instruments, Inc.^*		386		11,978
Donnelley Financial Solutions, Inc.^*		188		11,726
Appian Corp. — Class A^*		311		11,712
Ultra Clean Holdings, Inc.^*		338		11,539
Asana, Inc. — Class A^*		603		11,463
NetScout Systems, Inc.^*		518		11,370
Semtech Corp.^*		485		10,626
Adeia, Inc.		812		10,061
PowerSchool Holdings, Inc. — Class A^*		425		10,013
Jamf Holding Corp.^*		530		9,572
AvePoint, Inc.^*		1,119		9,187
Phreesia, Inc.^*		388		8,982
Zeta Global Holdings Corp. — Class A^*		1,018		8,979
PAR Technology Corp.^*		202		8,795
Zuora, Inc. — Class A^*		934		8,780
Veradigm, Inc.^*		819		8,591
EngageSmart, Inc.^*		369		8,450
Intapp, Inc.^*		209		7,946
Model N, Inc.^*		283		7,621
Everbridge, Inc.^*		309		7,512
PDF Solutions, Inc.^*		232		7,456
Alkami Technology, Inc.^*		300		7,275
ACM Research, Inc. — Class A^*		365		7,132
N-able, Inc.^*		531		7,036
SMART Global Holdings, Inc.^*		367		6,947

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Digi International, Inc.^*		267	$	6,942
Sapiens International Corporation N.V.		233		6,743
Amplitude, Inc. — Class A^*		514		6,538
Navitas Semiconductor Corp.^*		768		6,198
3D Systems Corp.^*		968		6,147
Cerence, Inc.^*		306		6,016
Pitney Bowes, Inc.		1,332		5,861
E2open Parent Holdings, Inc.^*		1,288		5,654
Grid Dynamics Holdings, Inc.^*		421		5,612
Alignment Healthcare, Inc.^*		646		5,562
Simulations Plus, Inc.		120		5,370
PubMatic, Inc. — Class A^*		325		5,301
Aehr Test Systems^*		196		5,200
Matterport, Inc.^*		1,904		5,122
Integral Ad Science Holding Corp.^*		352		5,065
BigCommerce Holdings, Inc.^*		510		4,962
Digital Turbine, Inc.^*		720		4,939
MeridianLink, Inc.^*		199		4,929
SolarWinds Corp.^*		387		4,834
Yext, Inc.^*		812		4,783
Conduent, Inc.^*		1,306		4,767
Alpha & Omega Semiconductor Ltd.^*		176		4,587
Vimeo, Inc.^*		1,155		4,528
Olo, Inc. — Class A^*		785		4,490
Mitek Systems, Inc.^*		324		4,225
Instructure Holdings, Inc.^*		148		3,997
CEVA, Inc.^*		176		3,997
Corsair Gaming, Inc.^*		280		3,948
Health Catalyst, Inc.^*		424		3,926
Consensus Cloud Solutions, Inc.^*		149		3,905
Digimarc Corp.^*		108		3,901
Daily Journal Corp.^*		10		3,408
Definitive Healthcare Corp.^*		342		3,399
Thoughtworks Holding, Inc.^*		702		3,377
OneSpan, Inc.^*		304		3,259
SEMrush Holdings, Inc. — Class A^*		238		3,251
8x8, Inc.^*		858		3,243
Cantaloupe, Inc.^*		435		3,223
TTEC Holdings, Inc.		148		3,207
Vishay Precision Group, Inc.^*		94		3,203
Planet Labs PBC^*		1,275		3,149
Weave Communications, Inc.^*		249		2,856
Unisys Corp.^*		504		2,833
American Software, Inc. — Class A		242		2,735
Bandwidth, Inc. — Class A^*		178		2,576
Sharecare, Inc.^*		2,337		2,524
Domo, Inc. — Class B^*		233		2,398
Cricut, Inc. — Class A		363		2,392
PlayAGS, Inc.^*		280		2,360
Cardlytics, Inc.^*		256		2,358
SoundHound AI, Inc. — Class A^*,1		1,047		2,220
Outset Medical, Inc.^*		375		2,029
ON24, Inc.		248		1,954
EverCommerce, Inc.^*		177		1,952
NextNav, Inc.^*		412		1,833
Enfusion, Inc. — Class A^*		189		1,833
LivePerson, Inc.^*		471		1,785
Playstudios, Inc.^*		649		1,759
Climb Global Solutions, Inc.		32		1,755
Immersion Corp.		238		1,680
Red Violet, Inc.^*		84		1,677
Inspired Entertainment, Inc.^*		165		1,630
Desktop Metal, Inc. — Class A^*		2,125		1,596
IBEX Holdings Ltd.^*		83		1,578
Innodata, Inc.^*		191		1,555
HireRight Holdings Corp.^*		111		1,493
Asure Software, Inc.^*		144		1,371
Outbrain, Inc.^*		311		1,362
eGain Corp.^*		162		1,349
CS Disco, Inc.^*		171		1,298
SkyWater Technology, Inc.^*		134		1,289
Kaltura, Inc.^*		630		1,228
Richardson Electronics Ltd.		91		1,215
Computer Programs and Systems, Inc.^*		108		1,210
Rimini Street, Inc.^*		366		1,197
Atomera, Inc.^*		161		1,129
inTEST Corp.^*		81		1,102
Expensify, Inc. — Class A^*		419		1,035
Rackspace Technology, Inc.^*		480		960
Vuzix Corp.^*,1		448		934
Brightcove, Inc.^*		328		849
CoreCard Corp.^*		55		761
Viant Technology, Inc. — Class A^*		109		751
Tingo Group, Inc.^*		927		640
Skillsoft Corp.^*		29		510
BigBear.ai Holdings, Inc.^*		202		432
System1, Inc.^*		183		406
Veritone, Inc.^*		199		360
Velo3D, Inc.^*		675		268
CXApp, Inc.^*		14		18
Presto Automation, Inc.^*		25		13
Total Technology				2,178,680
Energy - 4.0%
Weatherford International plc^*		540		52,828
Chord Energy Corp.		317		52,695
Matador Resources Co.		860		48,900
Murphy Oil Corp.		1,127		48,078
ChampionX Corp.		1,476		43,114
Civitas Resources, Inc.		610		41,712
Noble Corporation plc		840		40,454
Permian Resources Corp.		2,947		40,079
PBF Energy, Inc. — Class A		841		36,970
SM Energy Co.		891		34,500
Equitrans Midstream Corp.		3,311		33,706
Valaris Ltd.^*		455		31,199
Alpha Metallurgical Resources, Inc.		87		29,486
Patterson-UTI Energy, Inc.		2,680		28,944
Magnolia Oil & Gas Corp. — Class A		1,353		28,805
California Resources Corp.		525		28,707
Helmerich & Payne, Inc.		739		26,767
Tidewater, Inc.^*		350		25,239
Northern Oil and Gas, Inc.		664		24,614
Warrior Met Coal, Inc.		393		23,961
CNX Resources Corp.^*		1,181		23,620
Kosmos Energy Ltd.^*		3,460		23,217
CONSOL Energy, Inc.		230		23,122
Arch Resources, Inc.		136		22,568

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Liberty Energy, Inc. — Class A		1,239	$	22,476
Peabody Energy Corp.		862		20,964
Shoals Technologies Group, Inc. — Class A^*		1,299		20,186
Array Technologies, Inc.^*		1,149		19,303
Seadrill Ltd.^*		384		18,156
Archrock, Inc.		1,056		16,262
Oceaneering International, Inc.^*		763		16,237
Par Pacific Holdings, Inc.^*		420		15,275
Callon Petroleum Co.^*		465		15,066
Sitio Royalties Corp. — Class A		613		14,412
Delek US Holdings, Inc.		494		12,745
Borr Drilling Ltd.^*		1,667		12,269
Talos Energy, Inc.^*		835		11,882
Sunnova Energy International, Inc.^*		766		11,682
Helix Energy Solutions Group, Inc.^*		1,092		11,226
Gulfport Energy Corp.^*		84		11,189
Green Plains, Inc.^*		441		11,122
Expro Group Holdings N.V.^*		669		10,651
Fluence Energy, Inc.^*		435		10,375
Diamond Offshore Drilling, Inc.^*		772		10,036
NOW, Inc.^*		807		9,135
Vital Energy, Inc.^*		176		8,006
Crescent Energy Co. — Class A		581		7,675
CVR Energy, Inc.		225		6,818
SunCoke Energy, Inc.		634		6,809
US Silica Holdings, Inc.^*		572		6,469
Core Laboratories, Inc.		356		6,287
ProPetro Holding Corp.^*		749		6,277
Comstock Resources, Inc.		698		6,177
Dril-Quip, Inc.^*		258		6,004
Nabors Industries Ltd.^*		70		5,714
REX American Resources Corp.^*		118		5,581
Bristow Group, Inc.^*		179		5,060
FuelCell Energy, Inc.^*		3,102		4,963
RPC, Inc.		646		4,703
Select Water Solutions, Inc. — Class A		616		4,675
Montauk Renewables, Inc.^*		506		4,508
Kinetik Holdings, Inc. — Class A		130		4,342
TETRA Technologies, Inc.^*		951		4,299
Stem, Inc.^*,1		1,081		4,194
Vitesse Energy, Inc.		190		4,159
Berry Corp.		579		4,070
SilverBow Resources, Inc.^*		134		3,897
Newpark Resources, Inc.^*		567		3,765
VAALCO Energy, Inc.		818		3,673
SandRidge Energy, Inc.		242		3,308
Oil States International, Inc.^*		479		3,252
SunPower Corp. — Class A^*		663		3,202
Tellurian, Inc.^*		4,040		3,053
Ramaco Resources, Inc. — Class A		171		2,938
NextDecade Corp.^*		588		2,805
DMC Global, Inc.^*		148		2,785
W&T Offshore, Inc.		746		2,432
Kodiak Gas Services, Inc.		116		2,329
SEACOR Marine Holdings, Inc.^*		183		2,304
Atlas Energy Solutions, Inc.		124		2,135
Excelerate Energy, Inc. — Class A		137		2,118
Gevo, Inc.^*		1,774		2,058
Aris Water Solutions, Inc. — Class A		227		1,905
Solaris Oilfield Infrastructure, Inc. — Class A		234		1,863
Riley Exploration Permian, Inc.		67		1,825
Energy Vault Holdings, Inc.^*		744		1,734
Vertex Energy, Inc.^*		496		1,681
Amplify Energy Corp.^*		275		1,631
Forum Energy Technologies, Inc.^*		73		1,618
ProFrac Holding Corp. — Class A^*		182		1,543
Hallador Energy Co.^*		173		1,529
Evolution Petroleum Corp.		235		1,365
Maxeon Solar Technologies Ltd.^*		187		1,341
Ring Energy, Inc.^*		910		1,329
TPI Composites, Inc.^*		314		1,300
FutureFuel Corp.		198		1,204
Granite Ridge Resources, Inc.		197		1,186
Ranger Energy Services, Inc.		115		1,176
NACCO Industries, Inc. — Class A		32		1,168
HighPeak Energy, Inc.		79		1,125
KLX Energy Services Holdings, Inc.^*		96		1,081
Eos Energy Enterprises, Inc.^*		817		891
Empire Petroleum Corp.^*		75		824
Mammoth Energy Services, Inc.^*		177		789
PrimeEnergy Resources Corp.^*		5		532
Ramaco Resources, Inc. — Class B		34		452
Enviva, Inc.		238		237
Verde Clean Fuels, Inc.^*		5		12
Total Energy				1,308,119
Communications - 2.1%
Cogent Communications Holdings, Inc.		329		25,024
Yelp, Inc. — Class A^*		502		23,765
Ziff Davis, Inc.^*		349		23,449
TEGNA, Inc.		1,531		23,424
InterDigital, Inc.		199		21,599
DigitalBridge Group, Inc.		1,228		21,539
Calix, Inc.^*		448		19,573
Q2 Holdings, Inc.^*		432		18,753
Opendoor Technologies, Inc.^*		4,136		18,529
Cargurus, Inc.^*		743		17,951
Perficient, Inc.^*		261		17,179
Extreme Networks, Inc.^*		958		16,899
Viavi Solutions, Inc.^*		1,677		16,887
Credo Technology Group Holding Ltd.^*		865		16,842
ePlus, Inc.^*		202		16,128
EchoStar Corp. — Class A^*		918		15,211
Upwork, Inc.^*		939		13,963
Lumen Technologies, Inc.^*		7,597		13,903
Telephone & Data Systems, Inc.		751		13,781
Squarespace, Inc. — Class A^*		381		12,577
Bumble, Inc. — Class A^*		768		11,320
Harmonic, Inc.^*		836		10,901
Globalstar, Inc.^*		5,232		10,150
Cars.com, Inc.^*		505		9,580
Magnite, Inc.^*		1,016		9,489

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Beyond, Inc.^*		342	$	9,470
Sprinklr, Inc. — Class A^*		782		9,415
Shutterstock, Inc.		187		9,028
Hims & Hers Health, Inc.^*		927		8,250
Shenandoah Telecommunications Co.		369		7,978
Scholastic Corp.		207		7,804
Rover Group, Inc.^*		705		7,670
Liberty Latin America Ltd. — Class C^*		1,038		7,619
Infinera Corp.^*		1,514		7,192
A10 Networks, Inc.		536		7,059
TechTarget, Inc.^*		198		6,902
fuboTV, Inc.^*		2,147		6,827
Figs, Inc. — Class A^*		970		6,742
Sphere Entertainment Co.^*		198		6,724
Open Lending Corp. — Class A^*		755		6,425
Couchbase, Inc.^*		258		5,810
Gray Television, Inc.		628		5,627
Revolve Group, Inc.^*		311		5,156
Clear Channel Outdoor Holdings, Inc.^*		2,821		5,134
Gogo, Inc.^*		503		5,095
QuinStreet, Inc.^*		394		5,051
HealthStream, Inc.		185		5,001
Eventbrite, Inc. — Class A^*		587		4,907
Thryv Holdings, Inc.^*		235		4,782
CommScope Holding Company, Inc.^*		1,573		4,436
AMC Networks, Inc. — Class A^*		234		4,397
ADTRAN Holdings, Inc.		592		4,345
IDT Corp. — Class B^*		118		4,023
Stagwell, Inc.^*		598		3,965
EW Scripps Co. — Class A^*		452		3,612
Applied Digital Corp.^*		518		3,491
Anterix, Inc.^*		98		3,265
Sinclair, Inc.		249		3,244
ATN International, Inc.		83		3,235
NETGEAR, Inc.^*		217		3,164
Liquidity Services, Inc.^*		175		3,012
Clearfield, Inc.^*		99		2,879
Boston Omaha Corp. — Class A^*		176		2,768
Aviat Networks, Inc.^*		84		2,743
Grindr, Inc.^*		311		2,731
AST SpaceMobile, Inc.^*		448		2,701
Gannett Company, Inc.^*		1,095		2,519
Consolidated Communications Holdings, Inc.^*		565		2,458
Preformed Line Products Co.		18		2,409
Advantage Solutions, Inc.^*		659		2,386
Stitch Fix, Inc. — Class A^*		641		2,288
1-800-Flowers.com, Inc. — Class A^*		198		2,134
Spok Holdings, Inc.		135		2,090
Nextdoor Holdings, Inc.^*		1,104		2,087
iHeartMedia, Inc. — Class A^*		779		2,080
Tucows, Inc. — Class A^*		75		2,025
Liberty Latin America Ltd. — Class A^*		272		1,988
EverQuote, Inc. — Class A^*		161		1,971
Ooma, Inc.^*		181		1,942
Ribbon Communications, Inc.^*		668		1,937
Entravision Communications Corp. — Class A		457		1,906
MediaAlpha, Inc. — Class A^*		163		1,817
OptimizeRx Corp.^*		126		1,803
Luna Innovations, Inc.^*		244		1,623
Blade Air Mobility, Inc.^*		445		1,571
WideOpenWest, Inc.^*		385		1,559
Nerdy, Inc.^*		450		1,544
CarParts.com, Inc.^*		403		1,274
BlackSky Technology, Inc.^*		899		1,259
Vivid Seats, Inc. — Class A^*		188		1,188
Lands' End, Inc.^*		112		1,071
Solo Brands, Inc. — Class A^*		167		1,029
ContextLogic, Inc. — Class A^*		167		994
Mondee Holdings, Inc.^*		344		949
Townsquare Media, Inc. — Class A		88		929
Allbirds, Inc. — Class A^*		721		883
DHI Group, Inc.^*		325		842
Gambling.com Group Ltd.^*		81		790
KVH Industries, Inc.^*		142		747
Terran Orbital Corp.^*		647		738
BARK, Inc.^*		809		652
Cambium Networks Corp.^*		92		552
Urban One, Inc.^*		93		328
DZS, Inc.^*		165		325
Value Line, Inc.		6		293
Urban One, Inc.^*		61		246
Total Communications				695,321
Basic Materials - 2.0%
Commercial Metals Co.		890		44,536
ATI, Inc.^*		979		44,515
Balchem Corp.		243		36,146
Cabot Corp.		421		35,154
HB Fuller Co.		411		33,460
Avient Corp.		687		28,559
Carpenter Technology Corp.		366		25,913
Livent Corp.^*		1,371		24,651
Innospec, Inc.		189		23,292
Quaker Chemical Corp.		105		22,409
Hecla Mining Co.		4,564		21,953
Sensient Technologies Corp.		320		21,120
Constellium SE^*		961		19,181
Uranium Energy Corp.^*		2,789		17,850
Minerals Technologies, Inc.		247		17,614
Rogers Corp.^*		131		17,301
Stepan Co.		162		15,317
Sylvamo Corp.		276		13,554
Ingevity Corp.^*		277		13,080
Tronox Holdings plc — Class A		889		12,588
Orion S.A.		426		11,813
Hawkins, Inc.		147		10,352
Kaiser Aluminum Corp.		121		8,614
Energy Fuels, Inc.^*,1		1,192		8,570
Coeur Mining, Inc.^*		2,419		7,886
Koppers Holdings, Inc.		153		7,837
Ecovyst, Inc.^*		723		7,064
Novagold Resources, Inc.^*		1,835		6,863
Compass Minerals International, Inc.		260		6,583
Worthington Steel, Inc.		234		6,575
Mativ Holdings, Inc.		414		6,338
AdvanSix, Inc.		201		6,022
Schnitzer Steel Industries, Inc. — Class A		196		5,911
Haynes International, Inc.		95		5,420

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
Perimeter Solutions S.A.^*		1,150	$	5,290
Centrus Energy Corp. — Class A^*		93		5,060
Century Aluminum Co.^*		399		4,844
Lightwave Logic, Inc.^*,1		870		4,333
Ivanhoe Electric Incorporated / US^*		423		4,264
Encore Energy Corp.^*		1,074		4,221
Piedmont Lithium, Inc.^*		136		3,839
United States Lime & Minerals, Inc.		16		3,686
i-80 Gold Corp.^*		1,466		2,580
Oil-Dri Corporation of America		37		2,482
American Vanguard Corp.		205		2,249
Trinseo plc		266		2,226
Rayonier Advanced Materials, Inc.^*		484		1,960
Intrepid Potash, Inc.^*		81		1,935
Kronos Worldwide, Inc.		168		1,670
Codexis, Inc.^*		506		1,543
Caledonia Mining Corporation plc		124		1,513
Dakota Gold Corp.^*		408		1,069
Perpetua Resources Corp.^*		287		910
Danimer Scientific, Inc.^*		666		679
Origin Materials, Inc.^*		792		662
Glatfelter Corp.^*		336		652
Contango ORE, Inc.^*		28		507
5E Advanced Materials, Inc.^*		298		420
Valhi, Inc.		18		273
NioCorp Developments Ltd.^*		14		45
Total Basic Materials				652,953
Utilities - 1.6%
Portland General Electric Co.		766		33,198
New Jersey Resources Corp.		738		32,900
Brookfield Infrastructure Corp. — Class A		910		32,105
Ormat Technologies, Inc.		406		30,771
Southwest Gas Holdings, Inc.		469		29,711
Black Hills Corp.		506		27,299
PNM Resources, Inc.		651		27,082
ALLETE, Inc.		439		26,849
ONE Gas, Inc.		419		26,699
Otter Tail Corp.		313		26,596
Spire, Inc.		391		24,375
Northwestern Energy Group, Inc.		457		23,257
American States Water Co.		281		22,598
California Water Service Group		425		22,045
Avista Corp.		573		20,479
MGE Energy, Inc.		277		20,030
Chesapeake Utilities Corp.		162		17,112
SJW Group		235		15,357
Northwest Natural Holding Co.		273		10,630
Middlesex Water Co.		133		8,728
Ameresco, Inc. — Class A^*		244		7,727
Unitil Corp.		121		6,361
Genie Energy Ltd. — Class B		150		4,219
York Water Co.		108		4,171
Consolidated Water Company Ltd.		114		4,058
Altus Power, Inc.^*		485		3,312
Artesian Resources Corp. — Class A		63		2,611
RGC Resources, Inc.		61		1,241
Global Water Resources, Inc.		86		1,125
FTC Solar, Inc.^*		483		335
Total Utilities				512,981
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		209		5,171
Total Common Stocks
(Cost $19,532,499)				19,132,197

WARRANTS^† - 0.0%
Cassava Sciences, Inc.
Expiring 11/15/24		121		–
Total Warrants
(Cost $0)				–

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Cartesian Therapeutics, Inc.		881		–
Oncternal Therapeutics, Inc.^*,†††		7		–
Tobira Therapeutics, Inc.^*,†††		141		–
Novartis AG^*,†††		429		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $271)				–

EXCHANGE-TRADED FUNDS^† - 7.8%
Vanguard Russell 2000 ETF¹		15,743		1,276,757
iShares Russell 2000 Index ETF		6,356		1,275,713
Total Exchange-Traded Funds
(Cost $2,799,130)				2,552,470

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 9.2%
Federal Farm Credit Bank
5.25% due 01/08/24²	$	3,000,000		2,996,938
Total Federal Agency Discount Notes
(Cost $2,996,938)				2,996,938

U.S. TREASURY BILLS^†† - 1.5%
U.S. Treasury Bills
5.27% due 02/22/24^2,3		500,000		496,283
Total U.S. Treasury Bills
(Cost $496,193)				496,283

REPURCHASE AGREEMENTS^††,4 - 22.9%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24³		4,122,477		4,122,477
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24³		3,322,248		3,322,248
Total Repurchase Agreements
(Cost $7,444,725)				7,444,725

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
SECURITIES LENDING COLLATERAL^†,5 - 3.0%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁶		969,106	$	969,106
Total Securities Lending Collateral
(Cost $969,106)				969,106
Total Investments - 103.2%
(Cost $34,238,862)			$	33,591,719
Other Assets & Liabilities, net - (3.2)%				(1,055,402	)
Total Net Assets - 100.0%			$	32,536,317

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

Russell 2000 Index Mini Futures Contracts

Mar 2024

409,400

21,542

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

Russell 2000 Index

Pay

5.43% (Federal Funds Rate + 0.10%)

At Maturity

03/21/24

2,754

5,582,003

118,784

BNP Paribas

Russell 2000 Index

Pay

5.53% (Federal Funds Rate + 0.20%)

At Maturity

03/21/24

619

1,254,803

27,383

Barclays Bank plc

Russell 2000 Index

Pay

5.40% (SOFR)

At Maturity

03/20/24

1,833

3,716,098

11,220

10,552,904

157,387

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
⁴	Repurchase Agreements — See Note 4.
⁵	Securities lending collateral — See Note 5.
⁶	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	19,132,197	*	$	—	$	—		$	19,132,197
Warrants		—	*		—		—			—
Rights		—	*		—		—	*		—
Exchange-Traded Funds		2,552,470			—		—			2,552,470
Federal Agency Discount Notes		—			2,996,938		—			2,996,938
U.S. Treasury Bills		—			496,283		—			496,283
Repurchase Agreements		—			7,444,725		—			7,444,725
Securities Lending Collateral		969,106			—		—			969,106
Equity Futures Contracts**		21,542			—		—			21,542
Equity Index Swap Agreements**		—			157,387		—			157,387
Total Assets	$	22,675,315		$	11,095,333	$	—		$	33,770,648

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.0%
Technology - 26.9%
Apple, Inc.		64,452	$	12,408,944
Microsoft Corp.		32,766		12,321,327
NVIDIA Corp.		10,890		5,392,946
Broadcom, Inc.		1,935		2,159,944
Adobe, Inc.^*		2,007		1,197,376
Salesforce, Inc.^*		4,290		1,128,871
Advanced Micro Devices, Inc.^*		7,123		1,050,001
Accenture plc — Class A		2,767		970,968
Intel Corp.		18,587		933,997
Intuit, Inc.		1,236		772,537
Oracle Corp.		7,005		738,537
QUALCOMM, Inc.		4,907		709,699
Texas Instruments, Inc.		4,004		682,522
International Business Machines Corp.		4,026		658,452
ServiceNow, Inc.^*		904		638,667
Applied Materials, Inc.		3,688		597,714
Lam Research Corp.		581		455,074
Analog Devices, Inc.		2,197		436,236
Micron Technology, Inc.		4,841		413,131
Fiserv, Inc.^*		2,646		351,495
KLA Corp.		599		348,199
Synopsys, Inc.^*		671		345,505
Cadence Design Systems, Inc.^*		1,199		326,572
NXP Semiconductor N.V.		1,136		260,916
Roper Technologies, Inc.		471		256,775
Autodesk, Inc.^*		942		229,358
Microchip Technology, Inc.		2,385		215,079
MSCI, Inc. — Class A		349		197,412
Paychex, Inc.		1,417		168,779
Cognizant Technology Solutions Corp. — Class A		2,211		166,997
Fortinet, Inc.^*		2,810		164,469
ON Semiconductor Corp.^*		1,899		158,623
Fidelity National Information Services, Inc.		2,612		156,903
Electronic Arts, Inc.		1,079		147,618
ANSYS, Inc.^*		383		138,983
Monolithic Power Systems, Inc.		211		133,095
Fair Isaac Corp.^*		109		126,877
HP, Inc.		3,834		115,365
Take-Two Interactive Software, Inc.^*		697		112,182
Broadridge Financial Solutions, Inc.		519		106,784
Hewlett Packard Enterprise Co.		5,656		96,039
PTC, Inc.^*		524		91,679
NetApp, Inc.		921		81,195
Skyworks Solutions, Inc.		703		79,031
Akamai Technologies, Inc.^*		665		78,703
Tyler Technologies, Inc.^*		186		77,770
EPAM Systems, Inc.^*		254		75,524
Western Digital Corp.^*		1,430		74,889
Seagate Technology Holdings plc		858		73,248
Teradyne, Inc.		674		73,143
Leidos Holdings, Inc.		606		65,594
Zebra Technologies Corp. — Class A^*		226		61,772
Jack Henry & Associates, Inc.		321		52,455
Qorvo, Inc.^*		429		48,310
Ceridian HCM Holding, Inc.^*		688		46,178
Paycom Software, Inc.		216		44,651
Total Technology				49,015,110
Consumer, Non-cyclical - 18.4%
UnitedHealth Group, Inc.		4,078		2,146,945
Eli Lilly & Co.		3,516		2,049,547
Johnson & Johnson		10,613		1,663,482
Procter & Gamble Co.		10,391		1,522,697
Merck & Company, Inc.		11,172		1,217,971
AbbVie, Inc.		7,784		1,206,286
PepsiCo, Inc.		6,061		1,029,400
Coca-Cola Co.		17,155		1,010,944
Thermo Fisher Scientific, Inc.		1,703		903,935
Abbott Laboratories		7,651		842,146
Pfizer, Inc.		24,894		716,698
Amgen, Inc.		2,359		679,439
Danaher Corp.		2,899		670,655
Philip Morris International, Inc.		6,844		643,884
S&P Global, Inc.		1,428		629,062
Intuitive Surgical, Inc.^*		1,552		523,583
Elevance Health, Inc.		1,036		488,536
Medtronic plc		5,866		483,241
Vertex Pharmaceuticals, Inc.^*		1,136		462,227
Bristol-Myers Squibb Co.		8,971		460,302
CVS Health Corp.		5,663		447,150
Stryker Corp.		1,491		446,495
Gilead Sciences, Inc.		5,493		444,988
Mondelez International, Inc. — Class A		5,998		434,435
Automatic Data Processing, Inc.		1,813		422,375
Regeneron Pharmaceuticals, Inc.^*		472		414,553
Zoetis, Inc.		2,024		399,477
Cigna Group		1,290		386,291
Boston Scientific Corp.^*		6,455		373,164
Altria Group, Inc.		7,798		314,571
Becton Dickinson & Co.		1,279		311,859
PayPal Holdings, Inc.^*		4,753		291,882
Colgate-Palmolive Co.		3,630		289,347
McKesson Corp.		587		271,769
Moody's Corp.		694		271,049
Humana, Inc.		543		248,591
HCA Healthcare, Inc.		873		236,304
Cintas Corp.		382		230,216
Dexcom, Inc.^*		1,703		211,325
Edwards Lifesciences Corp.^*		2,674		203,892
IDEXX Laboratories, Inc.^*		366		203,148
Monster Beverage Corp.^*		3,257		187,636
IQVIA Holdings, Inc.^*		807		186,724
Kimberly-Clark Corp.		1,490		181,050
Agilent Technologies, Inc.		1,290		179,349
Centene Corp.^*		2,355		174,765
Constellation Brands, Inc. — Class A		713		172,368
United Rentals, Inc.		299		171,453
Archer-Daniels-Midland Co.		2,352		169,861
General Mills, Inc.		2,563		166,954
Biogen, Inc.^*		639		165,354
Kenvue, Inc.		7,598		163,585
Sysco Corp.		2,223		162,568

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.0% (continued)
Consumer, Non-cyclical - 18.4% (continued)
CoStar Group, Inc.^*		1,800	$	157,302
Gartner, Inc.^*		344		155,182
Verisk Analytics, Inc. — Class A		639		152,631
Cencora, Inc. — Class A		735		150,954
Estee Lauder Companies, Inc. — Class A		1,024		149,760
Corteva, Inc.		3,107		148,887
Keurig Dr Pepper, Inc.		4,439		147,908
Global Payments, Inc.		1,148		145,796
Moderna, Inc.^*		1,462		145,396
Quanta Services, Inc.		641		138,328
Equifax, Inc.		543		134,278
GE HealthCare Technologies, Inc.		1,726		133,454
Kroger Co.		2,918		133,382
Kraft Heinz Co.		3,515		129,985
Hershey Co.		661		123,237
West Pharmaceutical Services, Inc.		325		114,439
Zimmer Biomet Holdings, Inc.		921		112,086
ResMed, Inc.		648		111,469
Cardinal Health, Inc.		1,087		109,570
Church & Dwight Company, Inc.		1,086		102,692
Illumina, Inc.^*		700		97,468
STERIS plc		436		95,855
Molina Healthcare, Inc.^*		257		92,857
FleetCor Technologies, Inc.^*		318		89,870
Baxter International, Inc.		2,237		86,482
Align Technology, Inc.^*		314		86,036
Waters Corp.^*		261		85,929
Laboratory Corporation of America Holdings		374		85,006
Cooper Companies, Inc.		218		82,500
Clorox Co.		547		77,997
Hologic, Inc.^*		1,080		77,166
McCormick & Company, Inc.		1,108		75,809
Avery Dennison Corp.		355		71,767
Lamb Weston Holdings, Inc.		639		69,070
Quest Diagnostics, Inc.		496		68,388
Tyson Foods, Inc. — Class A		1,258		67,617
Insulet Corp.^*		308		66,830
Kellanova		1,163		65,023
Bunge Global S.A.		641		64,709
Conagra Brands, Inc.		2,107		60,387
Revvity, Inc.		544		59,465
J M Smucker Co.		468		59,146
Viatris, Inc.		5,289		57,280
Rollins, Inc.		1,238		54,063
Bio-Techne Corp.		697		53,780
Charles River Laboratories International, Inc.^*		226		53,426
Teleflex, Inc.		207		51,613
Incyte Corp.^*		820		51,488
Molson Coors Beverage Co. — Class B		816		49,947
MarketAxess Holdings, Inc.		167		48,906
Brown-Forman Corp. — Class B		807		46,080
Henry Schein, Inc.^*		576		43,609
Robert Half, Inc.		467		41,059
Universal Health Services, Inc. — Class B		269		41,006
Hormel Foods Corp.		1,277		41,004
Campbell Soup Co.		866		37,437
Catalent, Inc.^*		795		35,719
Dentsply Sirona, Inc.		934		33,241
Bio-Rad Laboratories, Inc. — Class A^*		92		29,706
DaVita, Inc.^*		237		24,828
Total Consumer, Non-cyclical				33,461,833
Financial - 13.7%
Berkshire Hathaway, Inc. — Class B^*		8,021		2,860,770
JPMorgan Chase & Co.		12,746		2,168,095
Visa, Inc. — Class A		7,028		1,829,740
Mastercard, Inc. — Class A		3,651		1,557,188
Bank of America Corp.		30,354		1,022,019
Wells Fargo & Co.		16,011		788,061
Goldman Sachs Group, Inc.		1,438		554,737
Prologis, Inc. REIT		4,074		543,064
Morgan Stanley		5,572		519,589
BlackRock, Inc. — Class A		617		500,881
American Express Co.		2,538		475,469
Charles Schwab Corp.		6,561		451,397
American Tower Corp. — Class A REIT		2,055		443,633
Citigroup, Inc.		8,438		434,051
Marsh & McLennan Companies, Inc.		2,174		411,908
Progressive Corp.		2,579		410,783
Blackstone, Inc. — Class A		3,133		410,172
Chubb Ltd.		1,799		406,574
CME Group, Inc. — Class A		1,587		334,222
Equinix, Inc. REIT		414		333,432
Intercontinental Exchange, Inc.		2,523		324,029
U.S. Bancorp		6,864		297,074
PNC Financial Services Group, Inc.		1,756		271,917
Aon plc — Class A		883		256,971
Crown Castle, Inc. REIT		1,913		220,359
Capital One Financial Corp.		1,679		220,150
Welltower, Inc. REIT		2,440		220,015
Truist Financial Corp.		5,880		217,090
Arthur J Gallagher & Co.		952		214,086
Public Storage REIT		698		212,890
American International Group, Inc.		3,095		209,686
Simon Property Group, Inc. REIT		1,438		205,116
Aflac, Inc.		2,345		193,462
Travelers Companies, Inc.		1,007		191,823
Realty Income Corp. REIT		3,192		183,285
MetLife, Inc.		2,741		181,262
Digital Realty Trust, Inc. REIT		1,335		179,664
Bank of New York Mellon Corp.		3,391		176,501
Ameriprise Financial, Inc.		446		169,404
Prudential Financial, Inc.		1,592		165,106
Allstate Corp.		1,154		161,537
Extra Space Storage, Inc. REIT		931		149,267
VICI Properties, Inc. REIT		4,561		145,405
CBRE Group, Inc. — Class A^*		1,344		125,113
Discover Financial Services		1,102		123,865
Arch Capital Group Ltd.^*		1,645		122,174

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.0% (continued)
Financial - 13.7% (continued)
SBA Communications Corp. REIT		476	$	120,756
AvalonBay Communities, Inc. REIT		626		117,200
Weyerhaeuser Co. REIT		3,218		111,890
Willis Towers Watson plc		455		109,746
Hartford Financial Services Group, Inc.		1,326		106,584
T. Rowe Price Group, Inc.		985		106,075
State Street Corp.		1,360		105,346
Fifth Third Bancorp		3,002		103,539
M&T Bank Corp.		732		100,342
Equity Residential REIT		1,523		93,147
Raymond James Financial, Inc.		828		92,322
Iron Mountain, Inc. REIT		1,287		90,064
Ventas, Inc. REIT		1,774		88,416
Alexandria Real Estate Equities, Inc. REIT		690		87,471
Nasdaq, Inc.		1,501		87,268
Invitation Homes, Inc. REIT		2,536		86,503
Cboe Global Markets, Inc.		465		83,030
Huntington Bancshares, Inc.		6,384		81,204
Regions Financial Corp.		4,100		79,458
Northern Trust Corp.		913		77,039
Principal Financial Group, Inc.		967		76,074
Brown & Brown, Inc.		1,041		74,026
Cincinnati Financial Corp.		692		71,594
Essex Property Trust, Inc. REIT		283		70,167
Synchrony Financial		1,824		69,658
Mid-America Apartment Communities, Inc. REIT		514		69,112
Citizens Financial Group, Inc.		2,055		68,103
Everest Group Ltd.		191		67,534
W R Berkley Corp.		898		63,507
Kimco Realty Corp. REIT		2,932		62,481
Host Hotels & Resorts, Inc. REIT		3,110		60,552
KeyCorp		4,128		59,443
Loews Corp.		807		56,159
UDR, Inc. REIT		1,334		51,079
Regency Centers Corp. REIT		724		48,508
Healthpeak Properties, Inc. REIT		2,412		47,758
Camden Property Trust REIT		471		46,766
Globe Life, Inc.		378		46,010
Boston Properties, Inc. REIT		637		44,698
Assurant, Inc.		232		39,090
Franklin Resources, Inc.		1,243		37,029
Invesco Ltd.		1,982		35,359
Federal Realty Investment Trust REIT		324		33,388
Comerica, Inc.		581		32,426
Zions Bancorp North America		653		28,647
Total Financial				24,879,604
Communications - 13.6%
Amazon.com, Inc.^*		40,092		6,091,578
Alphabet, Inc. — Class A^*		26,091		3,644,652
Meta Platforms, Inc. — Class A^*		9,786		3,463,853
Alphabet, Inc. — Class C^*		21,959		3,094,682
Netflix, Inc.^*		1,930		939,678
Cisco Systems, Inc.		17,858		902,186
Comcast Corp. — Class A		17,704		776,321
Walt Disney Co.		8,067		728,370
Verizon Communications, Inc.		18,535		698,770
Uber Technologies, Inc.^*		9,073		558,625
Booking Holdings, Inc.^*		154		546,272
AT&T, Inc.		31,522		528,939
Palo Alto Networks, Inc.^*		1,370		403,986
T-Mobile US, Inc.		2,243		359,620
Arista Networks, Inc.^*		1,111		261,652
Airbnb, Inc. — Class A^*		1,917		260,980
Motorola Solutions, Inc.		732		229,182
Charter Communications, Inc. — Class A^*		443		172,185
CDW Corp.		591		134,346
Warner Bros Discovery, Inc.^*		9,783		111,331
Corning, Inc.		3,385		103,073
eBay, Inc.		2,288		99,803
Expedia Group, Inc.^*		588		89,252
VeriSign, Inc.^*		392		80,736
FactSet Research Systems, Inc.		167		79,667
Omnicom Group, Inc.		873		75,523
Gen Digital, Inc.		2,486		56,731
Interpublic Group of Companies, Inc.		1,689		55,129
F5, Inc.^*		263		47,072
Match Group, Inc.^*		1,198		43,727
Etsy, Inc.^*		528		42,794
Juniper Networks, Inc.		1,406		41,449
News Corp. — Class A		1,678		41,195
Fox Corp. — Class A		1,090		32,340
Paramount Global — Class B		2,127		31,458
Fox Corp. — Class B		582		16,092
News Corp. — Class B		506		13,014
Total Communications				24,856,263
Consumer, Cyclical - 8.8%
Tesla, Inc.^*		12,193		3,029,717
Home Depot, Inc.		4,409		1,527,939
Costco Wholesale Corp.		1,952		1,288,476
Walmart, Inc.		6,289		991,461
McDonald's Corp.		3,198		948,239
NIKE, Inc. — Class B		5,396		585,844
Lowe's Companies, Inc.		2,544		566,167
Starbucks Corp.		5,037		483,602
TJX Companies, Inc.		5,044		473,178
Target Corp.		2,035		289,825
Chipotle Mexican Grill, Inc. — Class A^*		121		276,722
Lululemon Athletica, Inc.^*		508		259,735
O'Reilly Automotive, Inc.^*		261		247,971
Marriott International, Inc. — Class A		1,088		245,355
PACCAR, Inc.		2,306		225,181
General Motors Co.		6,038		216,885
Ford Motor Co.		17,336		211,326
Ross Stores, Inc.		1,493		206,616
Hilton Worldwide Holdings, Inc.		1,131		205,944
DR Horton, Inc.		1,329		201,982
AutoZone, Inc.^*		78		201,678
Copart, Inc.^*		3,852		188,748
Lennar Corp. — Class A		1,103		164,391
Fastenal Co.		2,519		163,156
WW Grainger, Inc.		195		161,595
Yum! Brands, Inc.		1,236		161,496

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.0% (continued)
Consumer, Cyclical - 8.8% (continued)
Cummins, Inc.		625	$	149,731
Royal Caribbean Cruises Ltd.^*		1,039		134,540
Dollar General Corp.		968		131,600
Dollar Tree, Inc.^*		921		130,828
Delta Air Lines, Inc.		2,837		114,132
Aptiv plc^*		1,247		111,881
Ulta Beauty, Inc.^*		217		106,328
Tractor Supply Co.		477		102,569
PulteGroup, Inc.		951		98,162
NVR, Inc.^*		14		98,006
Darden Restaurants, Inc.		530		87,079
Genuine Parts Co.		618		85,593
Walgreens Boots Alliance, Inc.		3,161		82,534
Carnival Corp.^*		4,442		82,355
Las Vegas Sands Corp.		1,627		80,065
Southwest Airlines Co.		2,628		75,897
Pool Corp.		171		68,179
Best Buy Company, Inc.		854		66,851
Domino's Pizza, Inc.		154		63,483
United Airlines Holdings, Inc.^*		1,446		59,662
Live Nation Entertainment, Inc.^*		626		58,594
LKQ Corp.		1,180		56,392
MGM Resorts International^*		1,205		53,839
CarMax, Inc.^*		700		53,718
Caesars Entertainment, Inc.^*		951		44,583
Bath & Body Works, Inc.		1,002		43,246
American Airlines Group, Inc.^*		2,881		39,585
Wynn Resorts Ltd.		423		38,539
Norwegian Cruise Line Holdings Ltd.^*		1,876		37,595
Tapestry, Inc.		1,010		37,178
BorgWarner, Inc.		1,036		37,140
Whirlpool Corp.		242		29,468
Hasbro, Inc.		575		29,360
VF Corp.		1,457		27,391
Ralph Lauren Corp. — Class A		175		25,235
Total Consumer, Cyclical				16,064,567
Industrial - 7.5%
Caterpillar, Inc.		2,249		664,962
Union Pacific Corp.		2,688		660,227
Boeing Co.^*		2,507		653,475
General Electric Co.		4,798		612,369
Honeywell International, Inc.		2,906		609,417
RTX Corp.		6,339		533,363
United Parcel Service, Inc. — Class B		3,189		501,407
Deere & Co.		1,181		472,246
Lockheed Martin Corp.		973		441,003
Eaton Corporation plc		1,760		423,843
Illinois Tool Works, Inc.		1,207		316,162
CSX Corp.		8,712		302,045
Northrop Grumman Corp.		625		292,588
Waste Management, Inc.		1,616		289,426
3M Co.		2,435		266,194
Amphenol Corp. — Class A		2,638		261,505
Parker-Hannifin Corp.		566		260,756
General Dynamics Corp.		999		259,410
FedEx Corp.		1,020		258,029
TransDigm Group, Inc.		244		246,830
Trane Technologies plc		1,007		245,607
Emerson Electric Co.		2,513		244,590
Norfolk Southern Corp.		997		235,671
Carrier Global Corp.		3,699		212,508
TE Connectivity Ltd.		1,370		192,485
L3Harris Technologies, Inc.		836		176,078
Johnson Controls International plc		2,999		172,862
AMETEK, Inc.		1,018		167,858
Otis Worldwide Corp.		1,804		161,404
Old Dominion Freight Line, Inc.		394		159,700
Rockwell Automation, Inc.		506		157,103
Republic Services, Inc. — Class A		902		148,749
Ingersoll Rand, Inc.		1,785		138,052
Martin Marietta Materials, Inc.		272		135,704
Vulcan Materials Co.		586		133,028
Keysight Technologies, Inc.^*		783		124,567
Xylem, Inc.		1,063		121,565
Mettler-Toledo International, Inc.^*		96		116,444
Fortive Corp.		1,549		114,053
Westinghouse Air Brake Technologies Corp.		790		100,251
Dover Corp.		617		94,901
Howmet Aerospace, Inc.		1,725		93,357
Teledyne Technologies, Inc.^*		208		92,828
Builders FirstSource, Inc.^*		544		90,815
Garmin Ltd.		675		86,765
Expeditors International of Washington, Inc.		641		81,535
Axon Enterprise, Inc.^*		311		80,341
Ball Corp.		1,390		79,953
Veralto Corp.		966		79,463
Hubbell, Inc.		236		77,628
IDEX Corp.		333		72,297
Jacobs Solutions, Inc.		555		72,039
Jabil, Inc.		564		71,854
J.B. Hunt Transport Services, Inc.		359		71,707
Textron, Inc.		864		69,483
Snap-on, Inc.		233		67,300
Stanley Black & Decker, Inc.		676		66,315
Masco Corp.		990		66,310
Packaging Corporation of America		395		64,349
Nordson Corp.		239		63,134
Amcor plc		6,372		61,426
Trimble, Inc.^*		1,097		58,360
Pentair plc		729		53,005
Allegion plc		387		49,029
Westrock Co.		1,130		46,918
Huntington Ingalls Industries, Inc.		175		45,437
A O Smith Corp.		542		44,682
CH Robinson Worldwide, Inc.		514		44,404
Generac Holdings, Inc.^*		271		35,024
Mohawk Industries, Inc.^*		233		24,116
Total Industrial				13,588,311
Energy - 3.9%
Exxon Mobil Corp.		17,660		1,765,647
Chevron Corp.		7,740		1,154,498
ConocoPhillips		5,235		607,626

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 97.0% (continued)
Energy - 3.9% (continued)
Schlumberger N.V.		6,298	$	327,748
EOG Resources, Inc.		2,571		310,962
Phillips 66		1,939		258,158
Marathon Petroleum Corp.		1,674		248,355
Pioneer Natural Resources Co.		1,029		231,402
Valero Energy Corp.		1,501		195,130
Williams Companies, Inc.		5,363		186,793
ONEOK, Inc.		2,568		180,325
Hess Corp.		1,219		175,731
Occidental Petroleum Corp.		2,911		173,816
Baker Hughes Co.		4,436		151,622
Kinder Morgan, Inc.		8,526		150,399
Halliburton Co.		3,946		142,648
Devon Energy Corp.		2,825		127,973
Diamondback Energy, Inc.		789		122,358
Targa Resources Corp.		983		85,393
Coterra Energy, Inc. — Class A		3,316		84,624
First Solar, Inc.^*		471		81,144
Enphase Energy, Inc.^*		602		79,548
Equities Corp.		1,813		70,091
Marathon Oil Corp.		2,580		62,333
APA Corp.		1,352		48,510
Total Energy				7,022,834
Utilities - 2.3%
NextEra Energy, Inc.		9,045		549,393
Southern Co.		4,808		337,137
Duke Energy Corp.		3,398		329,742
Sempra		2,775		207,376
American Electric Power Company, Inc.		2,318		188,268
Dominion Energy, Inc.		3,689		173,383
PG&E Corp.		9,406		169,590
Constellation Energy Corp.		1,408		164,581
Exelon Corp.		4,389		157,565
Xcel Energy, Inc.		2,433		150,627
Consolidated Edison, Inc.		1,522		138,456
Public Service Enterprise Group, Inc.		2,197		134,347
Edison International		1,690		120,818
WEC Energy Group, Inc.		1,391		117,080
American Water Works Company, Inc.		858		113,247
DTE Energy Co.		909		100,226
Eversource Energy		1,540		95,049
Entergy Corp.		932		94,309
PPL Corp.		3,250		88,075
Ameren Corp.		1,159		83,842
FirstEnergy Corp.		2,277		83,475
CenterPoint Energy, Inc.		2,783		79,510
Atmos Energy Corp.		655		75,915
CMS Energy Corp.		1,286		74,678
Alliant Energy Corp.		1,125		57,713
AES Corp.		2,952		56,826
Evergy, Inc.		1,013		52,879
NRG Energy, Inc.		995		51,442
NiSource, Inc.		1,822		48,374
Pinnacle West Capital Corp.		500		35,920
Total Utilities				4,129,843
Basic Materials - 1.9%
Linde plc		2,138		878,098
Sherwin-Williams Co.		1,038		323,752
Freeport-McMoRan, Inc.		6,322		269,127
Air Products and Chemicals, Inc.		979		268,050
Ecolab, Inc.		1,119		221,954
Newmont Corp.		5,081		210,303
Nucor Corp.		1,084		188,660
Dow, Inc.		3,092		169,565
PPG Industries, Inc.		1,040		155,532
DuPont de Nemours, Inc.		1,896		145,859
LyondellBasell Industries N.V. — Class A		1,130		107,440
International Flavors & Fragrances, Inc.		1,125		91,091
Steel Dynamics, Inc.		671		79,245
Albemarle Corp.		517		74,696
Celanese Corp. — Class A		442		68,674
CF Industries Holdings, Inc.		842		66,939
International Paper Co.		1,526		55,165
Mosaic Co.		1,441		51,487
Eastman Chemical Co.		523		46,976
FMC Corp.		550		34,678
Total Basic Materials				3,507,291
Total Common Stocks
(Cost $126,160,891)				176,525,656

	Face Amount
U.S. TREASURY BILLS^†† - 0.8%
U.S. Treasury Bills
5.27% due 02/22/24^1,2	$	500,000		496,283
5.24% due 02/22/24^1,2		400,000		397,027
5.22% due 02/22/24^1,2		400,000		397,026
5.17% due 01/09/24^2,3		146,000		145,851
Total U.S. Treasury Bills
(Cost $1,435,977)				1,436,187

REPURCHASE AGREEMENTS^††,4 - 2.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24¹		2,356,292		2,356,292
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24¹		1,898,904		1,898,904
Total Repurchase Agreements
(Cost $4,255,196)				4,255,196
Total Investments - 100.1%
(Cost $131,852,064)			$	182,217,039
Other Assets & Liabilities, net - (0.1)%				(94,599	)
Total Net Assets - 100.0%			$	182,122,440

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Purchased^†

S&P 500 Index Mini Futures Contracts

Mar 2024

1,204,750

3,450

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P 500 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

03/21/24

303

1,443,285

20,122

BNP Paribas

S&P 500 Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

03/21/24

126

602,182

9,022

Barclays Bank plc

S&P 500 Index

Pay

5.85% (SOFR + 0.45%)

At Maturity

03/20/24

495

2,362,194

7,292

4,407,661

36,436

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is pledged as equity index swap collateral at December 31, 2023.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at December 31, 2023.
⁴	Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	176,525,656	$	—	$	—	$	176,525,656
U.S. Treasury Bills		—		1,436,187		—		1,436,187
Repurchase Agreements		—		4,255,196		—		4,255,196
Equity Futures Contracts**		3,450		—		—		3,450
Equity Index Swap Agreements**		—		36,436		—		36,436
Total Assets	$	176,529,106	$	5,727,819	$	—	$	182,256,925

^**	This derivative is reported as unrealized appreciation/depreciation at period end.

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.9%
Technology - 30.3%
Monolithic Power Systems, Inc.		1,036	$	653,488
NVIDIA Corp.		1,283		635,367
Advanced Micro Devices, Inc.^*		3,914		576,963
KLA Corp.		954		554,560
ServiceNow, Inc.^*		702		495,956
Intuit, Inc.		704		440,021
Applied Materials, Inc.		2,626		425,596
Lam Research Corp.		471		368,916
Cadence Design Systems, Inc.^*		1,325		360,890
Broadcom, Inc.		317		353,851
Adobe, Inc.^*		588		350,801
Fortinet, Inc.^*		5,573		326,188
Microsoft Corp.		865		325,275
Salesforce, Inc.^*		1,211		318,662
Synopsys, Inc.^*		578		297,618
Oracle Corp.		2,791		294,255
Tyler Technologies, Inc.^*		648		270,942
Fair Isaac Corp.^*		221		257,246
Apple, Inc.		1,129		217,366
Total Technology				7,523,961
Consumer, Cyclical - 26.8%
Royal Caribbean Cruises Ltd.^*		5,596		724,626
PulteGroup, Inc.		5,539		571,736
Live Nation Entertainment, Inc.^*		5,985		560,196
DR Horton, Inc.		3,677		558,830
Marriott International, Inc. — Class A		2,433		548,666
Tesla, Inc.^*		2,018		501,433
Hilton Worldwide Holdings, Inc.		2,647		481,992
Lululemon Athletica, Inc.^*		933		477,033
Copart, Inc.^*		8,818		432,082
Norwegian Cruise Line Holdings Ltd.^*		20,104		402,884
Chipotle Mexican Grill, Inc. — Class A^*		168		384,209
NVR, Inc.^*		53		371,024
Wynn Resorts Ltd.		3,615		329,363
Ross Stores, Inc.		2,184		302,244
Total Consumer, Cyclical				6,646,318
Communications - 18.0%
Booking Holdings, Inc.^*		184		652,689
Arista Networks, Inc.^*		2,746		646,710
Uber Technologies, Inc.^*		10,210		628,630
Palo Alto Networks, Inc.^*		1,703		502,181
Meta Platforms, Inc. — Class A^*		1,345		476,076
Expedia Group, Inc.^*		3,048		462,656
Amazon.com, Inc.^*		2,282		346,727
Netflix, Inc.^*		564		274,600
Alphabet, Inc. — Class A^*		1,806		252,280
Alphabet, Inc. — Class C^*		1,523		214,636
Total Communications				4,457,185
Industrial - 7.6%
Builders FirstSource, Inc.^*		3,614		603,321
Axon Enterprise, Inc.^*		1,436		370,962
Fortive Corp.		5,004		368,445
Old Dominion Freight Line, Inc.		779		315,752
TransDigm Group, Inc.		228		230,645
Total Industrial				1,889,125
Energy - 6.9%
Targa Resources Corp.		5,442		472,746
APA Corp.		13,080		469,310
Diamondback Energy, Inc.		2,719		421,663
Hess Corp.		2,381		343,245
Total Energy				1,706,964
Consumer, Non-cyclical - 6.2%
United Rentals, Inc.		781		447,841
FleetCor Technologies, Inc.^*		1,154		326,132
West Pharmaceutical Services, Inc.		820		288,739
Eli Lilly & Co.		435		253,570
Gartner, Inc.^*		522		235,479
Total Consumer, Non-cyclical				1,551,761
Basic Materials - 2.4%
Celanese Corp. — Class A		3,790		588,852
Financial - 1.7%
Arch Capital Group Ltd.^*		5,609		416,581
Total Common Stocks
(Cost $22,212,201)				24,780,747

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	51,467		51,467
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		41,477		41,477
Total Repurchase Agreements
(Cost $92,944)				92,944
Total Investments - 100.3%
(Cost $22,305,145)			$	24,873,691
Other Assets & Liabilities, net - (0.3)%				(69,979	)
Total Net Assets - 100.0%			$	24,803,712

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	24,780,747	$	—	$	—	$	24,780,747
Repurchase Agreements		—		92,944		—		92,944
Total Assets	$	24,780,747	$	92,944	$	—	$	24,873,691

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.2%
Financial - 30.2%
Berkshire Hathaway, Inc. — Class B^*		4,911	$	1,751,557
Invesco Ltd.		63,623		1,135,034
Citigroup, Inc.		19,704		1,013,574
Citizens Financial Group, Inc.		28,174		933,686
Truist Financial Corp.		18,295		675,451
Capital One Financial Corp.		5,076		665,565
Synchrony Financial		14,173		541,267
Loews Corp.		7,653		532,572
Prudential Financial, Inc.		5,132		532,240
M&T Bank Corp.		3,810		522,275
Franklin Resources, Inc.		17,283		514,861
American International Group, Inc.		7,492		507,583
Bank of America Corp.		14,793		498,080
Wells Fargo & Co.		9,785		481,618
Zions Bancorp North America		10,659		467,610
State Street Corp.		5,873		454,923
Huntington Bancshares, Inc.		35,147		447,070
KeyCorp		30,261		435,758
Bank of New York Mellon Corp.		8,352		434,722
Regions Financial Corp.		22,336		432,872
Comerica, Inc.		6,795		379,229
Goldman Sachs Group, Inc.		904		348,736
MetLife, Inc.		5,144		340,173
Assurant, Inc.		1,913		322,321
PNC Financial Services Group, Inc.		2,046		316,823
Hartford Financial Services Group, Inc.		3,920		315,090
Fifth Third Bancorp		8,985		309,893
Alexandria Real Estate Equities, Inc. REIT		2,431		308,178
U.S. Bancorp		6,841		296,078
Everest Group Ltd.		837		295,946
Principal Financial Group, Inc.		3,548		279,121
Cincinnati Financial Corp.		2,541		262,892
Allstate Corp.		1,817		254,344
Travelers Companies, Inc.		1,331		253,542
Total Financial				17,260,684
Consumer, Non-cyclical - 24.1%
CVS Health Corp.		16,293		1,286,495
Viatris, Inc.		112,573		1,219,165
Tyson Foods, Inc. — Class A		21,511		1,156,216
Bunge Global S.A.		10,560		1,066,032
Centene Corp.^*		13,685		1,015,564
Kroger Co.		19,859		907,755
Cigna Group		2,413		722,573
Archer-Daniels-Midland Co.		9,919		716,350
Cencora, Inc. — Class A		3,444		707,329
McKesson Corp.		1,525		706,044
Cardinal Health, Inc.		6,333		638,366
Kraft Heinz Co.		15,477		572,339
Universal Health Services, Inc. — Class B		3,440		524,394
Molson Coors Beverage Co. — Class B		8,147		498,678
Conagra Brands, Inc.		10,851		310,990
Henry Schein, Inc.^*		4,001		302,916
Elevance Health, Inc.		623		293,782
Bio-Rad Laboratories, Inc. — Class A^*		901		290,924
Sysco Corp.		3,936		287,840
Humana, Inc.		577		264,156
Corteva, Inc.		5,466		261,931
Total Consumer, Non-cyclical				13,749,839
Consumer, Cyclical - 19.6%
General Motors Co.		52,583		1,888,781
Ford Motor Co.		126,235		1,538,805
Walgreens Boots Alliance, Inc.		56,361		1,471,586
United Airlines Holdings, Inc.^*		27,218		1,123,015
CarMax, Inc.^*		11,959		917,734
BorgWarner, Inc.		21,702		778,017
American Airlines Group, Inc.^*		54,178		744,406
Best Buy Company, Inc.		7,955		622,717
Whirlpool Corp.		5,081		618,713
Southwest Airlines Co.		20,405		589,296
Target Corp.		2,125		302,642
VF Corp.		15,564		292,603
LKQ Corp.		5,915		282,678
Total Consumer, Cyclical				11,170,993
Communications - 6.8%
Paramount Global — Class B		100,398		1,484,886
Warner Bros Discovery, Inc.^*		91,042		1,036,058
AT&T, Inc.		24,642		413,493
Verizon Communications, Inc.		8,300		312,910
Fox Corp. — Class A		8,027		238,161
News Corp. — Class A		8,878		217,955
Fox Corp. — Class B		4,293		118,702
News Corp. — Class B		2,663		68,492
Total Communications				3,890,657
Basic Materials - 5.0%
Mosaic Co.		18,150		648,499
International Paper Co.		16,027		579,376
International Flavors & Fragrances, Inc.		4,447		360,074
Dow, Inc.		6,268		343,737
Albemarle Corp.		2,293		331,293
LyondellBasell Industries N.V. — Class A		3,050		289,994
Eastman Chemical Co.		3,128		280,957
Total Basic Materials				2,833,930
Energy - 4.8%
Valero Energy Corp.		7,746		1,006,980
Phillips 66		6,617		880,988
Equities Corp.		8,611		332,901
Chevron Corp.		1,743		259,986
Kinder Morgan, Inc.		14,700		259,308
Total Energy				2,740,163
Industrial - 4.7%
Mohawk Industries, Inc.^*		10,234		1,059,219
Westrock Co.		18,030		748,606
Stanley Black & Decker, Inc.		3,726		365,520
FedEx Corp.		1,094		276,749
CH Robinson Worldwide, Inc.		3,063		264,613
Total Industrial				2,714,707
Utilities - 2.3%
NRG Energy, Inc.		9,388		485,360
Evergy, Inc.		5,720		298,584
Eversource Energy		4,689		289,405

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.2% (continued)
Utilities - 2.3% (continued)
Pinnacle West Capital Corp.		3,769	$	270,765
Total Utilities				1,344,114
Technology - 1.7%
Hewlett Packard Enterprise Co.		41,273		700,815
HP, Inc.		8,542		257,029
Total Technology				957,844
Total Common Stocks
(Cost $55,174,276)				56,662,931

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.8%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24		248,398		248,398
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		200,180		200,180
Total Repurchase Agreements
(Cost $448,578)				448,578
Total Investments - 100.0%
(Cost $55,622,854)			$	57,111,509
Other Assets & Liabilities, net - 0.0%				17,282
Total Net Assets - 100.0%			$	57,128,791

^*	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 December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	56,662,931	$	—	$	—	$	56,662,931
Repurchase Agreements		—		448,578		—		448,578
Total Assets	$	56,662,931	$	448,578	$	—	$	57,111,509

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.8%
Industrial - 23.9%
TopBuild Corp.^*		1,687	$	631,376
Simpson Manufacturing Company, Inc.		2,459		486,833
Comfort Systems USA, Inc.		2,201		452,680
Owens Corning		3,028		448,840
Clean Harbors, Inc.^*		2,248		392,298
UFP Industries, Inc.		2,974		373,386
Eagle Materials, Inc.		1,832		371,603
Saia, Inc.^*		798		349,700
nVent Electric plc		5,533		326,945
Universal Display Corp.		1,701		325,333
EMCOR Group, Inc.		1,483		319,483
Lennox International, Inc.		689		308,341
Chart Industries, Inc.^*		2,200		299,926
Trex Company, Inc.^*		3,583		296,637
Lincoln Electric Holdings, Inc.		1,316		286,177
Esab Corp.		3,122		270,428
RBC Bearings, Inc.^*		938		267,227
Advanced Drainage Systems, Inc.		1,689		237,541
Vontier Corp.		6,209		214,521
Crane Co.		1,803		213,006
Total Industrial				6,872,281
Consumer, Cyclical - 21.9%
Toll Brothers, Inc.		5,030		517,034
Hyatt Hotels Corp. — Class A		3,758		490,081
Deckers Outdoor Corp.^*		671		448,517
Murphy USA, Inc.		1,248		444,987
Wingstop, Inc.		1,690		433,620
Churchill Downs, Inc.		3,098		418,013
Floor & Decor Holdings, Inc. — Class A^*		3,210		358,107
Skechers USA, Inc. — Class A^*		5,354		333,768
Tempur Sealy International, Inc.		6,471		329,827
Five Below, Inc.^*		1,393		296,932
Texas Roadhouse, Inc. — Class A		2,361		288,585
Casey's General Stores, Inc.		997		273,916
Williams-Sonoma, Inc.		1,323		266,955
Watsco, Inc.		614		263,081
Crocs, Inc.^*		2,780		259,680
Planet Fitness, Inc. — Class A^*		3,488		254,624
FirstCash Holdings, Inc.		1,982		214,829
Light & Wonder, Inc. — Class A^*		2,573		211,269
Boyd Gaming Corp.		2,873		179,878
Total Consumer, Cyclical				6,283,703
Energy - 17.1%
Southwestern Energy Co.^*		109,611		717,952
CNX Resources Corp.^*		34,106		682,120
Weatherford International plc^*		6,091		595,883
Permian Resources Corp.		40,305		548,148
Valaris Ltd.^*		6,769		464,150
Chord Energy Corp.		2,622		435,855
Range Resources Corp.		13,351		406,405
Ovintiv, Inc.		9,237		405,689
Civitas Resources, Inc.		5,393		368,773
Matador Resources Co.		5,158		293,284
Total Energy				4,918,259
Celsius Holdings, Inc.^*		10,925		595,631
Medpace Holdings, Inc.^*		1,623		497,498
Lantheus Holdings, Inc.^*		6,078		376,836
Exelixis, Inc.^*		12,858		308,463
Arrowhead Pharmaceuticals, Inc.^*		9,946		304,348
Coca-Cola Consolidated, Inc.		312		289,661
Grand Canyon Education, Inc.^*		2,177		287,451
Progyny, Inc.^*		7,679		285,505
Avis Budget Group, Inc.¹		1,584		280,780
Acadia Healthcare Company, Inc.^*		3,294		256,142
Penumbra, Inc.^*		998		251,037
Coty, Inc. — Class A^*		17,009		211,252
Brink's Co.		2,350		206,682
FTI Consulting, Inc.^*		811		161,511
Halozyme Therapeutics, Inc.^*		4,268		157,745
Total Consumer, Non-cyclical				4,470,542
Technology - 10.1%
Super Micro Computer, Inc.^*		2,244		637,880
Rambus, Inc.^*		7,722		527,027
Dynatrace, Inc.^*		8,805		481,545
Onto Innovation, Inc.^*		2,465		376,898
Qualys, Inc.^*		1,844		361,940
Manhattan Associates, Inc.^*		1,375		296,065
Dropbox, Inc. — Class A^*		7,804		230,062
Total Technology				2,911,417
Basic Materials - 5.0%
Reliance Steel & Aluminum Co.		1,437		401,900
Valvoline, Inc.^*		9,795		368,096
NewMarket Corp.		613		334,594
Westlake Corp.		2,331		326,247
Total Basic Materials				1,430,837
Financial - 4.0%
Park Hotels & Resorts, Inc. REIT		30,083		460,270
Kinsale Capital Group, Inc.		1,237		414,283
Primerica, Inc.		1,280		263,373
Total Financial				1,137,926
Utilities - 1.5%
Vistra Corp.		11,097		427,456
Communications - 0.7%
GoDaddy, Inc. — Class A^*		1,759		186,735
Total Common Stocks
(Cost $25,057,372)				28,639,156

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	49,303		49,303
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		39,732		39,732
Total Repurchase Agreements
(Cost $89,035)				89,035

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		37,008	$	37,008
Total Securities Lending Collateral
(Cost $37,008)				37,008
Total Investments - 100.2%
(Cost $25,183,415)			$	28,765,199
Other Assets & Liabilities, net - (0.2)%				(53,892	)
Total Net Assets - 100.0%			$	28,711,307

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted \|Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	28,639,156	$	—	$	—	$	28,639,156
Repurchase Agreements		—		89,035		—		89,035
Securities Lending Collateral		37,008		—		—		37,008
Total Assets	$	28,676,164	$	89,035	$	—	$	28,765,199

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Cyclical - 26.5%
Macy's, Inc.		13,316	$	267,918
Lithia Motors, Inc. — Class A		706		232,472
Goodyear Tire & Rubber Co.^*		15,269		218,652
Adient plc^*		5,418		196,999
AutoNation, Inc.^*		1,071		160,843
Nordstrom, Inc.		8,599		158,652
WESCO International, Inc.		831		144,494
Taylor Morrison Home Corp. — Class A^*		2,470		131,774
Lear Corp.		918		129,631
PVH Corp.		990		120,899
Penske Automotive Group, Inc.		701		112,517
Thor Industries, Inc.		915		108,199
Aramark		3,823		107,426
Penn Entertainment, Inc.^*		4,048		105,329
Harley-Davidson, Inc.		2,388		87,974
Marriott Vacations Worldwide Corp.		846		71,817
Gap, Inc.		3,020		63,148
BJ's Wholesale Club Holdings, Inc.^*		717		47,795
Leggett & Platt, Inc.		1,806		47,263
Under Armour, Inc. — Class A^*		4,456		39,168
Under Armour, Inc. — Class C^*		4,609		38,485
Total Consumer, Cyclical				2,591,455
Financial - 21.4%
Jones Lang LaSalle, Inc.^*		853		161,106
Unum Group		2,794		126,345
Medical Properties Trust, Inc. REIT		25,729		126,329
Ally Financial, Inc.		3,421		119,462
New York Community Bancorp, Inc.		11,599		118,658
Associated Banc-Corp.		5,273		112,789
Valley National Bancorp		9,624		104,517
Kilroy Realty Corp. REIT		2,517		100,277
Cousins Properties, Inc. REIT		3,971		96,694
Jefferies Financial Group, Inc.		2,310		93,347
FNB Corp.		6,700		92,259
Kemper Corp.		1,882		91,597
Reinsurance Group of America, Inc. — Class A		544		88,008
First Horizon Corp.		5,075		71,862
Old National Bancorp		4,053		68,455
Prosperity Bancshares, Inc.		999		67,662
Texas Capital Bancshares, Inc.^*		1,022		66,052
Healthcare Realty Trust, Inc. REIT		3,563		61,391
Janus Henderson Group plc		2,002		60,360
Webster Financial Corp.		1,124		57,054
Independence Realty Trust, Inc. REIT		3,624		55,447
CNO Financial Group, Inc.		1,879		52,424
First American Financial Corp.		787		50,714
Old Republic International Corp.		1,664		48,922
Total Financial				2,091,731
Industrial - 15.9%
Avnet, Inc.		4,881		246,002
TD SYNNEX Corp.		2,063		222,000
Arrow Electronics, Inc.^*		1,652		201,957
MasTec, Inc.^*		1,885		142,732
Ryder System, Inc.		1,045		120,238
MDU Resources Group, Inc.		5,019		99,376
Fluor Corp.^*		2,237		87,624
Greif, Inc. — Class A		1,003		65,787
AGCO Corp.		483		58,641
Oshkosh Corp.		510		55,289
Werner Enterprises, Inc.		1,249		52,920
Vishay Intertechnology, Inc.		2,199		52,710
Coherent Corp.^*		1,131		49,233
Berry Global Group, Inc.		719		48,453
Knight-Swift Transportation Holdings, Inc.		839		48,368
Total Industrial				1,551,330
Consumer, Non-cyclical - 15.6%
Hertz Global Holdings, Inc.^*		24,741		257,059
ManpowerGroup, Inc.		2,243		178,251
Performance Food Group Co.^*		2,168		149,917
US Foods Holding Corp.^*		3,134		142,315
Graham Holdings Co. — Class B		199		138,608
Pilgrim's Pride Corp.^*		3,885		107,459
Tenet Healthcare Corp.^*		1,378		104,136
Perrigo Company plc		3,102		99,822
Enovis Corp.^*		1,362		76,299
QuidelOrtho Corp.^*		983		72,447
Post Holdings, Inc.^*		747		65,781
Patterson Companies, Inc.		2,306		65,606
Envista Holdings Corp.^*		2,649		63,735
Total Consumer, Non-cyclical				1,521,435
Energy - 7.7%
PBF Energy, Inc. — Class A		5,752		252,858
HF Sinclair Corp.		3,621		201,219
Sunrun, Inc.^*		6,826		133,994
Chesapeake Energy Corp.		805		61,937
NOV, Inc.		2,600		52,728
Antero Resources Corp.^*		2,324		52,708
Total Energy				755,444
Basic Materials - 6.9%
United States Steel Corp.		5,419		263,635
Cleveland-Cliffs, Inc.^*		8,017		163,707
Alcoa Corp.		4,315		146,710
Commercial Metals Co.		1,931		96,627
Total Basic Materials				670,679
Utilities - 2.3%
UGI Corp.		3,043		74,858
Southwest Gas Holdings, Inc.		827		52,390
Black Hills Corp.		940		50,713
Spire, Inc.		703		43,825
Total Utilities				221,786
Technology - 1.6%
Kyndryl Holdings, Inc.^*		5,019		104,295
Concentrix Corp.		565		55,488
Total Technology				159,783
Communications - 1.6%
Frontier Communications Parent, Inc.^*		3,529		89,425
TEGNA, Inc.		4,579		70,059
Total Communications				159,484
Total Common Stocks
(Cost $8,208,820)				9,723,127

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 0.9%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	49,870	$	49,870
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		40,189		40,189
Total Repurchase Agreements
(Cost $90,059)				90,059
Total Investments - 100.4%
(Cost $8,298,879)			$	9,813,186
Other Assets & Liabilities, net - (0.4)%				(41,496	)
Total Net Assets - 100.0%			$	9,771,690

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase Agreements — See Note 4.

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	9,723,127	$	—	$	—	$	9,723,127
Repurchase Agreements		—		90,059		—		90,059
Total Assets	$	9,723,127	$	90,059	$	—	$	9,813,186

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Cyclical - 18.8%
Group 1 Automotive, Inc.		134	$	40,835
Green Brick Partners, Inc.^*		746		38,747
Cavco Industries, Inc.^*		99		34,315
Installed Building Products, Inc.		183		33,456
Cinemark Holdings, Inc.^*		2,265		31,914
Patrick Industries, Inc.		318		31,911
M/I Homes, Inc.^*		218		30,027
GMS, Inc.^*		364		30,005
Dave & Buster's Entertainment, Inc.^*		557		29,994
Six Flags Entertainment Corp.^*		1,170		29,344
Meritage Homes Corp.		167		29,092
Abercrombie & Fitch Co. — Class A^*		327		28,848
Boot Barn Holdings, Inc.^*		348		26,712
Signet Jewelers Ltd.		249		26,708
Shake Shack, Inc. — Class A^*		342		25,349
Urban Outfitters, Inc.^*		664		23,698
Guess?, Inc.		986		22,737
Oxford Industries, Inc.		184		18,400
Monarch Casino & Resort, Inc.		244		16,872
American Eagle Outfitters, Inc.		768		16,251
Steven Madden Ltd.		357		14,994
XPEL, Inc.^*		269		14,486
Madison Square Garden Sports Corp. — Class A^*		67		12,183
Kontoor Brands, Inc.		187		11,673
Jack in the Box, Inc.		123		10,041
Total Consumer, Cyclical				628,592
Financial - 18.7%
Two Harbors Investment Corp. REIT		3,987		55,539
Ambac Financial Group, Inc.^*		2,567		42,304
SiriusPoint Ltd.^*		3,615		41,934
St. Joe Co.		692		41,645
Redwood Trust, Inc. REIT		4,704		34,857
Customers Bancorp, Inc.^*		578		33,304
Goosehead Insurance, Inc. — Class A^*		415		31,457
eXp World Holdings, Inc.		1,772		27,501
Sunstone Hotel Investors, Inc. REIT		2,481		26,621
Bancorp, Inc.^*		688		26,529
HCI Group, Inc.		301		26,307
First BanCorp		1,557		25,613
DiamondRock Hospitality Co. REIT		2,632		24,714
Pathward Financial, Inc.		450		23,819
Ellington Financial, Inc. REIT		1,807		22,967
OFG Bancorp		607		22,750
New York Mortgage Trust, Inc. REIT		2,234		19,056
Preferred Bank/Los Angeles CA		255		18,628
World Acceptance Corp.^*		138		18,013
Palomar Holdings, Inc.^*		311		17,261
Triumph Financial, Inc.^*		197		15,795
WisdomTree, Inc.		2,250		15,593
Apple Hospitality REIT, Inc.		847		14,069
Total Financial				626,276
OraSure Technologies, Inc.^*		5,410		44,362
PROG Holdings, Inc.^*		1,401		43,305
elf Beauty, Inc.^*		298		43,013
Inter Parfums, Inc.		283		40,755
UFP Technologies, Inc.^*		197		33,892
Amphastar Pharmaceuticals, Inc.^*		481		29,750
Viad Corp.^*		814		29,467
Cal-Maine Foods, Inc.		460		26,399
Dynavax Technologies Corp.^*		1,850		25,863
LiveRamp Holdings, Inc.^*		655		24,811
Adtalem Global Education, Inc.^*		396		23,344
Stride, Inc.^*		380		22,561
Vericel Corp.^*		624		22,221
Collegium Pharmaceutical, Inc.^*		714		21,977
Catalyst Pharmaceuticals, Inc.^*		1,306		21,954
ANI Pharmaceuticals, Inc.^*		377		20,788
CorVel Corp.^*		83		20,518
Glaukos Corp.^*		171		13,593
RadNet, Inc.^*		386		13,421
Apollo Medical Holdings, Inc.^*		342		13,099
Arlo Technologies, Inc.^*		1,355		12,900
Integer Holdings Corp.^*		126		12,484
Ensign Group, Inc.		105		11,782
WD-40 Co.		48		11,475
NeoGenomics, Inc.^*		656		10,614
CONMED Corp.		89		9,746
Ligand Pharmaceuticals, Inc.^*,††		107		—
Ligand Pharmaceuticals, Inc.^*,††		107		—
Total Consumer, Non-cyclical				604,094
Industrial - 17.1%
Dorian LPG Ltd.		917		40,229
Encore Wire Corp.		183		39,089
PGT Innovations, Inc.^*		913		37,159
ArcBest Corp.		268		32,216
AAON, Inc.		423		31,247
Matson, Inc.		279		30,579
Materion Corp.		193		25,115
Gibraltar Industries, Inc.^*		315		24,879
Fabrinet^*		127		24,172
Boise Cascade Co.		166		21,474
AZZ, Inc.		369		21,435
MYR Group, Inc.^*		141		20,393
Federal Signal Corp.		264		20,259
Mueller Industries, Inc.		417		19,661
Badger Meter, Inc.		117		18,061
AeroVironment, Inc.^*		131		16,511
Powell Industries, Inc.		182		16,089
Frontdoor, Inc.^*		452		15,919
Moog, Inc. — Class A		104		15,057
Applied Industrial Technologies, Inc.		86		14,851
Franklin Electric Company, Inc.		150		14,498
Alamo Group, Inc.		65		13,662
Standex International Corp.		86		13,621
Tennant Co.		137		12,699
SPX Technologies, Inc.^*		122		12,323
OSI Systems, Inc.^*		92		11,873
Armstrong World Industries, Inc.		109		10,717
Total Industrial				573,788

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Energy - 12.9%
Alpha Metallurgical Resources, Inc.		145	$	49,144
Warrior Met Coal, Inc.		691		42,130
Northern Oil and Gas, Inc.		1,124		41,667
Par Pacific Holdings, Inc.^*		1,079		39,243
CONSOL Energy, Inc.		383		38,503
Callon Petroleum Co.^*		1,188		38,491
Liberty Energy, Inc. — Class A		1,764		31,999
REX American Resources Corp.^*		645		30,509
California Resources Corp.		485		26,520
Helix Energy Solutions Group, Inc.^*		2,534		26,049
Oceaneering International, Inc.^*		961		20,450
RPC, Inc.		2,779		20,231
SM Energy Co.		452		17,501
Archrock, Inc.		712		10,965
Total Energy				433,402
Technology - 6.1%
Axcelis Technologies, Inc.^*		311		40,333
Verra Mobility Corp.^*		1,441		33,186
DoubleVerify Holdings, Inc.^*		767		28,210
Veeco Instruments, Inc.^*		729		22,621
SPS Commerce, Inc.^*		115		22,292
Agilysys, Inc.^*		168		14,250
Donnelley Financial Solutions, Inc.^*		181		11,289
PDF Solutions, Inc.^*		327		10,510
Privia Health Group, Inc.^*		447		10,294
Progress Software Corp.		180		9,774
Total Technology				202,759
Communications - 5.0%
Cargurus, Inc.^*		1,327		32,060
InterDigital, Inc.		260		28,220
Cars.com, Inc.^*		1,468		27,848
TripAdvisor, Inc.^*		1,122		24,157
Yelp, Inc. — Class A^*		496		23,481
Cogent Communications Holdings, Inc.		231		17,570
Liquidity Services, Inc.^*		911		15,678
Total Communications				169,014
Basic Materials - 2.1%
Hawkins, Inc.		454		31,971
Carpenter Technology Corp.		273		19,328
ATI, Inc.^*		419		19,052
Total Basic Materials				70,351
Utilities - 0.7%
Otter Tail Corp.		276		23,452
Total Common Stocks
(Cost $2,815,214)				3,331,728

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	8,787		8,787
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		7,082		7,082
Total Repurchase Agreements
(Cost $15,869)				15,869
Total Investments - 100.0%
(Cost $2,831,083)			$	3,347,597
Other Assets & Liabilities, net - 0.0%				(1,495	)
Total Net Assets - 100.0%			$	3,346,102

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs, unless otherwise noted — 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 December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	3,331,728	$	—	*	$	—	$	3,331,728
Repurchase Agreements		—		15,869			—		15,869
Total Assets	$	3,331,728	$	15,869		$	—	$	3,347,597

^*	Security has a market value of $0.

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.6%
Consumer, Cyclical - 27.5%
JetBlue Airways Corp.^*		14,949	$	82,967
MarineMax, Inc.^*		2,039		79,317
Foot Locker, Inc.		2,526		78,685
Kohl's Corp.		2,675		76,719
Phinia, Inc.		2,311		70,000
ScanSource, Inc.^*		1,616		64,010
Topgolf Callaway Brands Corp.^*		3,988		57,188
Advance Auto Parts, Inc.		901		54,988
ODP Corp.^*		932		52,472
Sally Beauty Holdings, Inc.^*		3,784		50,252
American Axle & Manufacturing Holdings, Inc.^*		5,617		49,486
Dana, Inc.		3,244		47,395
America's Car-Mart, Inc.^*		624		47,280
Designer Brands, Inc. — Class A		5,271		46,648
Resideo Technologies, Inc.^*		2,263		42,590
Allegiant Travel Co. — Class A		476		39,323
Sonic Automotive, Inc. — Class A		669		37,604
G-III Apparel Group Ltd.^*		1,077		36,596
Caleres, Inc.		1,066		32,758
Newell Brands, Inc.		3,737		32,437
Nu Skin Enterprises, Inc. — Class A		1,650		32,043
Alaska Air Group, Inc.^*		747		29,185
Hibbett, Inc.		382		27,512
Victoria's Secret & Co.^*		1,024		27,177
Shoe Carnival, Inc.		860		25,981
MDC Holdings, Inc.		440		24,310
Wabash National Corp.		917		23,494
Standard Motor Products, Inc.		527		20,980
Interface, Inc. — Class A		1,612		20,343
Titan International, Inc.^*		1,355		20,162
Methode Electronics, Inc.		868		19,730
MillerKnoll, Inc.		730		19,476
Wolverine World Wide, Inc.		2,094		18,616
Vista Outdoor, Inc.^*		602		17,801
Hanesbrands, Inc.^*		3,855		17,193
PriceSmart, Inc.		214		16,217
Haverty Furniture Companies, Inc.		432		15,336
Total Consumer, Cyclical				1,454,271
Financial - 22.8%
Genworth Financial, Inc. — Class A^*		10,477		69,986
Anywhere Real Estate, Inc.^*		8,518		69,081
Bread Financial Holdings, Inc.		1,844		60,741
EZCORP, Inc. — Class A^*		6,357		55,560
Cushman & Wakefield plc^*		5,077		54,832
StoneX Group, Inc.^*		719		53,084
Jackson Financial, Inc. — Class A		883		45,210
Hudson Pacific Properties, Inc. REIT		4,736		44,092
PRA Group, Inc.^*		1,523		39,903
ProAssurance Corp.		2,755		37,992
Pebblebrook Hotel Trust REIT		2,327		37,185
United Fire Group, Inc.		1,717		34,546
Brandywine Realty Trust REIT		6,084		32,854
Eagle Bancorp, Inc.		1,060		31,948
Hope Bancorp, Inc.		2,639		31,879
Stewart Information Services Corp.		523		30,726
Simmons First National Corp. — Class A		1,398		27,736
JBG SMITH Properties REIT		1,588		27,012
Chatham Lodging Trust REIT		2,424		25,985
Navient Corp.		1,349		25,119
Northfield Bancorp, Inc.		1,946		24,481
Service Properties Trust REIT		2,806		23,963
Safehold, Inc. REIT		975		22,815
Encore Capital Group, Inc.^*		423		21,467
Lincoln National Corp.		788		21,252
Dime Community Bancshares, Inc.		787		21,194
Banc of California, Inc.		1,518		20,387
Independent Bank Group, Inc.		396		20,148
Veritex Holdings, Inc.		865		20,129
Renasant Corp.		590		19,871
Provident Financial Services, Inc.		1,084		19,544
SL Green Realty Corp. REIT		430		19,423
Ready Capital Corp. REIT		1,803		18,481
Hanmi Financial Corp.		919		17,829
Brookline Bancorp, Inc.		1,580		17,238
Pacific Premier Bancorp, Inc.		578		16,825
Heritage Financial Corp.		781		16,706
Mercury General Corp.		441		16,454
BankUnited, Inc.		488		15,826
Total Financial				1,209,504
Consumer, Non-cyclical - 19.1%
Fresh Del Monte Produce, Inc.		3,282		86,152
Green Dot Corp. — Class A^*		8,199		81,170
United Natural Foods, Inc.^*		4,963		80,549
Kelly Services, Inc. — Class A		3,561		76,989
TrueBlue, Inc.^*		3,718		57,034
SpartanNash Co.		2,334		53,565
Pediatrix Medical Group, Inc.^*		5,332		49,588
B&G Foods, Inc.		4,499		47,240
Cross Country Healthcare, Inc.^*		1,692		38,307
AdaptHealth Corp.^*		4,979		36,297
GEO Group, Inc.^*		3,256		35,262
Deluxe Corp.		1,595		34,213
ABM Industries, Inc.		762		34,160
Universal Corp.		505		33,997
Chefs' Warehouse, Inc.^*		1,107		32,579
Owens & Minor, Inc.^*		1,641		31,622
Enhabit, Inc.^*		2,782		28,794
Heidrick & Struggles International, Inc.		739		21,823
ModivCare, Inc.^*		447		19,663
Healthcare Services Group, Inc.^*		1,776		18,417
Hain Celestial Group, Inc.^*		1,666		18,243
Phibro Animal Health Corp. — Class A		1,538		17,810
Fulgent Genetics, Inc.^*		616		17,809
Resources Connection, Inc.		1,250		17,713
Avanos Medical, Inc.^*		736		16,508
Select Medical Holdings Corp.		607		14,264
TreeHouse Foods, Inc.^*		335		13,886
Total Consumer, Non-cyclical				1,013,654

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Industrial - 10.2%
World Kinect Corp.		3,493	$	79,571
Enviri Corp.^*		7,974		71,766
Benchmark Electronics, Inc.		2,070		57,215
Greenbrier Companies, Inc.		1,276		56,374
Clearwater Paper Corp.^*		1,536		55,480
O-I Glass, Inc.^*		2,676		43,833
Sanmina Corp.^*		780		40,069
DXP Enterprises, Inc.^*		1,177		39,665
Astec Industries, Inc.		618		22,989
Kaman Corp.		884		21,172
TTM Technologies, Inc.^*		1,287		20,347
Hub Group, Inc. — Class A^*		210		19,307
Masterbrand, Inc.^*		967		14,360
Total Industrial				542,148
Communications - 6.9%
EchoStar Corp. — Class A^*		4,762		78,906
AMC Networks, Inc. — Class A^*		4,039		75,893
ADTRAN Holdings, Inc.		8,554		62,786
EW Scripps Co. — Class A^*		5,303		42,371
Viasat, Inc.^*		1,374		38,403
ATN International, Inc.		745		29,033
Lumen Technologies, Inc.^*		13,226		24,204
Consolidated Communications Holdings, Inc.^*		3,084		13,415
Total Communications				365,011
Technology - 6.0%
Xerox Holdings Corp.		4,858		89,047
NCR Atleos Corp.^*		2,671		64,878
NCR Voyix Corp.^*		3,148		53,233
TTEC Holdings, Inc.		1,519		32,917
Alpha & Omega Semiconductor Ltd.^*		1,143		29,786
DXC Technology Co.^*		1,080		24,700
NetScout Systems, Inc.^*		918		20,150
Total Technology				314,711
Basic Materials - 3.6%
Mercer International, Inc.		4,952		46,945
Kaiser Aluminum Corp.		584		41,575
AdvanSix, Inc.		1,207		36,162
Mativ Holdings, Inc.		2,353		36,024
Century Aluminum Co.^*		2,349		28,517
Total Basic Materials				189,223
Energy - 3.5%
SunCoke Energy, Inc.		3,500		37,590
US Silica Holdings, Inc.^*		2,423		27,404
Nabors Industries Ltd.^*		334		27,265
NOW, Inc.^*		2,330		26,375
Bristow Group, Inc.^*		877		24,793
ProPetro Holding Corp.^*		2,653		22,232
Talos Energy, Inc.^*		1,245		17,716
Total Energy				183,375
Total Common Stocks
(Cost $4,625,168)				5,271,897

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.7%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	21,555		21,555
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		17,371		17,371
Total Repurchase Agreements
(Cost $38,926)				38,926
Total Investments - 100.3%
(Cost $4,664,094)			$	5,310,823
Other Assets & Liabilities, net - (0.3)%				(15,279	)
Total Net Assets - 100.0%			$	5,295,544

^*	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.

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,271,897	$	—	$	—	$	5,271,897
Repurchase Agreements		—		38,926		—		38,926
Total Assets	$	5,271,897	$	38,926	$	—	$	5,310,823

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Face Amount		Value
U.S. TREASURY BILLS^†† - 6.2%
U.S. Treasury Bills
5.17% due 01/09/24^1,2	$	135,000	$	134,862
Total U.S. Treasury Bills
(Cost $134,842)				134,862

REPURCHASE AGREEMENTS^††,3 - 130.6%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁴		1,582,807		1,582,807
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁴		1,275,562		1,275,562
Total Repurchase Agreements
(Cost $2,858,369)				2,858,369
Total Investments - 136.8%
(Cost $2,993,211)			$	2,993,231
Other Assets & Liabilities, net - (36.8)%				(805,281	)
Total Net Assets - 100.0%			$	2,187,950

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Purchased^†
U.S. Dollar Index Futures Contracts		33	Mar 2024	$	3,333,825	$	(10,342	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Currency Index Swap Agreements^††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

03/22/24

10,559

1,067,446

(1,599

)

^**	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 December 31, 2023.
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 currency index swap collateral at December 31, 2023.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	134,862	$	—	$	134,862
Repurchase Agreements		—		2,858,369		—		2,858,369
Total Assets	$	—	$	2,993,231	$	—	$	2,993,231

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	10,342	$	—	$	—	$	10,342
Currency Index Swap Agreements**		—		1,599		—		1,599
Total Liabilities	$	10,342	$	1,599	$	—	$	11,941

^**	This derivative is reported as unrealized appreciation/depreciation at period end.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^†- 99.5%
Software - 32.0%
Microsoft Corp.		11,650	$	4,380,866
Adobe, Inc.^*		2,235		1,333,401
Salesforce, Inc.^*		5,058		1,330,962
Intuit, Inc.		1,798		1,123,804
Oracle Corp.		9,765		1,029,524
ServiceNow, Inc.^*		1,426		1,007,455
Cadence Design Systems, Inc.^*		2,651		722,053
Synopsys, Inc.^*		1,383		712,120
Workday, Inc. — Class A^*		2,515		694,291
Atlassian Corp. — Class A^*		2,701		642,460
Snowflake, Inc. — Class A^*		3,217		640,183
Roper Technologies, Inc.		1,161		632,942
Autodesk, Inc.^*		2,529		615,761
ANSYS, Inc.^*		1,419		514,927
Datadog, Inc. — Class A^*		4,170		506,154
Electronic Arts, Inc.		3,654		499,904
Palantir Technologies, Inc. — Class A^*		27,970		480,245
MongoDB, Inc.^*		1,089		445,238
Take-Two Interactive Software, Inc.^*		2,737		440,520
Cloudflare, Inc. — Class A^*		5,244		436,615
ROBLOX Corp. — Class A^*		9,464		432,694
Splunk, Inc.^*		2,730		415,915
HubSpot, Inc.^*		716		415,666
PTC, Inc.^*		2,142		374,764
NetEase, Inc. ADR		4,005		373,106
Zoom Video Communications, Inc. — Class A^*		5,137		369,402
Monday.com Ltd.^*		1,891		355,149
Akamai Technologies, Inc.^*		2,945		348,541
DocuSign, Inc.^*		5,373		319,425
Twilio, Inc. — Class A^*		4,155		315,240
Dynatrace, Inc.^*		5,739		313,866
Unity Software, Inc.^*		7,401		302,627
Manhattan Associates, Inc.^*		1,368		294,558
Dropbox, Inc. — Class A^*		9,027		266,116
BILL Holdings, Inc.^*		3,167		258,395
Gitlab, Inc. — Class A^*		4,026		253,477
AppLovin Corp. — Class A^*		6,197		246,950
ZoomInfo Technologies, Inc. — Class A^*		12,624		233,418
Confluent, Inc. — Class A^*		8,927		208,892
Five9, Inc.^*		2,443		192,240
C3.ai, Inc. — Class A^*,1		5,617		161,264
MicroStrategy, Inc. — Class A^*		222		140,220
Total Software				24,781,350
Semiconductors - 27.0%
NVIDIA Corp.		5,825		2,884,657
Broadcom, Inc.		1,841		2,055,016
Advanced Micro Devices, Inc.^*		8,977		1,323,300
Intel Corp.		25,900		1,301,475
QUALCOMM, Inc.		7,494		1,083,857
Texas Instruments, Inc.		6,240		1,063,670
Applied Materials, Inc.		6,190		1,003,213
Lam Research Corp.		1,118		875,685
Micron Technology, Inc.		9,980		851,693
Analog Devices, Inc.		4,256		845,071
KLA Corp.		1,297		753,946
NXP Semiconductor N.V.		3,246		745,541
ASML Holding N.V. — Class G		860		650,951
Marvell Technology, Inc.		10,403		627,405
Microchip Technology, Inc.		6,434		580,218
Taiwan Semiconductor Manufacturing Company Ltd. ADR		5,424		564,096
ON Semiconductor Corp.^*		6,140		512,874
STMicroelectronics N.V. — Class Y		9,128		457,587
Entegris, Inc.		3,074		368,327
Skyworks Solutions, Inc.		3,238		364,016
Teradyne, Inc.		3,332		361,589
Monolithic Power Systems, Inc.		494		311,605
Qorvo, Inc.^*		2,543		286,367
Lattice Semiconductor Corp.^*		3,898		268,923
MKS Instruments, Inc.		2,321		238,761
Rambus, Inc.^*		3,375		230,344
GLOBALFOUNDRIES, Inc.^*,1		3,246		196,708
Axcelis Technologies, Inc.^*		974		126,318
Total Semiconductors				20,933,213
Computers - 16.0%
Apple, Inc.		22,339		4,300,928
International Business Machines Corp.		6,183		1,011,230
Crowdstrike Holdings, Inc. — Class A^*		2,586		660,258
Dell Technologies, Inc. — Class C		7,881		602,896
Fortinet, Inc.^*		9,278		543,041
Cognizant Technology Solutions Corp. — Class A		6,928		523,272
Accenture plc — Class A		1,483		520,400
Check Point Software Technologies Ltd.^*		3,038		464,176
Infosys Ltd. ADR		24,159		444,042
HP, Inc.		14,093		424,058
Hewlett Packard Enterprise Co.		23,385		397,077
Zscaler, Inc.^*		1,748		387,287
Western Digital Corp.^*		6,742		353,079
Seagate Technology Holdings plc		4,127		352,322
NetApp, Inc.		3,933		346,733
Super Micro Computer, Inc.^*		1,118		317,803
Pure Storage, Inc. — Class A^*		7,802		278,219
Amdocs Ltd.		3,088		271,404
Lumentum Holdings, Inc.^*		3,145		164,861
Total Computers				12,363,086
Internet - 14.3%
Alphabet, Inc. — Class A^*		24,295		3,393,769
Meta Platforms, Inc. — Class A^*		7,215		2,553,821
Palo Alto Networks, Inc.^*		2,665		785,855
Shopify, Inc. — Class A^*		6,971		543,041
CDW Corp.		2,049		465,779
Baidu, Inc. ADR^*		3,905		465,046
Sea Ltd. ADR^*		11,456		463,968
Pinterest, Inc. — Class A^*		11,485		425,404
Snap, Inc. — Class A^*		23,779		402,579
Okta, Inc.^*		3,976		359,947
VeriSign, Inc.^*		1,662		342,306
Gen Digital, Inc.		13,004		296,751
Match Group, Inc.^*		7,573		276,415

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Internet - 14.3% (continued)
F5, Inc.^*		1,540	$	275,629
Total Internet				11,050,310
Telecommunications - 3.6%
Cisco Systems, Inc.		22,690		1,146,299
Arista Networks, Inc.^*		2,766		651,421
Motorola Solutions, Inc.		1,856		581,095
Corning, Inc.		13,305		405,137
Total Telecommunications				2,783,952
Electronics - 3.4%
Amphenol Corp. — Class A		6,570		651,284
TE Connectivity Ltd.		3,955		555,678
Keysight Technologies, Inc.^*		2,844		452,452
Jabil, Inc.		2,651		337,737
Flex Ltd.^*		10,618		323,424
Trimble, Inc.^*		5,975		317,870
Total Electronics				2,638,445
Energy-Alternate Sources - 1.7%
SolarEdge Technologies, Inc.^*		5,839		546,531
Enphase Energy, Inc.^*		2,880		380,563
First Solar, Inc.^*		2,192		377,638
Total Energy-Alternate Sources				1,304,732
Commercial Services - 1.1%
Gartner, Inc.^*		1,068		481,785
Marathon Digital Holdings, Inc.^*		9,751		229,051
Riot Platforms, Inc.^*		9,278		143,531
Total Commercial Services				854,367
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A^*		1,075		293,830
Total Common Stocks
(Cost $46,939,943)				77,003,285

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	224,852		224,852
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		181,206		181,206
Total Repurchase Agreements
(Cost $406,058)				406,058

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		284,375		284,375
Total Securities Lending Collateral
(Cost $284,375)				284,375
Total Investments - 100.4%
(Cost $47,630,376)			$	77,693,718
Other Assets & Liabilities, net - (0.4)%				(330,102	)
Total Net Assets - 100.0%			$	77,363,616

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	77,003,285	$	—	$	—	$	77,003,285
Repurchase Agreements		—		406,058		—		406,058
Securities Lending Collateral		284,375		—		—		284,375
Total Assets	$	77,287,660	$	406,058	$	—	$	77,693,718

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.5%
Telecommunications - 70.0%
Cisco Systems, Inc.		3,460	$	174,799
Verizon Communications, Inc.		3,959		149,254
AT&T, Inc.		8,200		137,596
T-Mobile US, Inc.		822		131,791
Arista Networks, Inc.^*		360		84,784
Motorola Solutions, Inc.		238		74,515
Juniper Networks, Inc.		1,538		45,340
Frontier Communications Parent, Inc.^*		1,532		38,821
Ciena Corp.^*		814		36,638
Telefonaktiebolaget LM Ericsson ADR		5,560		35,028
Nice Ltd. ADR^*		172		34,316
Iridium Communications, Inc.		772		31,776
BCE, Inc.		802		31,583
Vodafone Group plc ADR		3,551		30,894
America Movil SAB de CV ADR		1,643		30,428
Rogers Communications, Inc. — Class B		641		30,005
TELUS Corp.		1,620		28,820
Viasat, Inc.^*		1,004		28,062
Nokia Oyj ADR		7,977		27,281
InterDigital, Inc.		228		24,747
Calix, Inc.^*		556		24,292
Viavi Solutions, Inc.^*		2,340		23,564
Extreme Networks, Inc.^*		1,294		22,826
Telephone & Data Systems, Inc.		1,120		20,552
Harmonic, Inc.^*		1,518		19,795
Infinera Corp.^*		3,126		14,849
Gogo, Inc.^*		1,148		11,629
ADTRAN Holdings, Inc.		1,542		11,318
CommScope Holding Company, Inc.^*		2,117		5,970
Lumen Technologies, Inc.^*		2,195		4,017
Total Telecommunications				1,365,290
Media - 19.2%
Comcast Corp. — Class A		3,801		166,674
Charter Communications, Inc. — Class A^*		209		81,234
Liberty Broadband Corp. — Class C^*		619		49,885
Liberty Global Ltd. — Class C^*		1,930		35,975
DISH Network Corp. — Class A^*		4,330		24,984
Liberty Latin America Ltd. — Class C^*		2,211		16,229
Total Media				374,981
Internet - 6.5%
Roku, Inc.^*		549		50,321
F5, Inc.^*		277		49,578
Cogent Communications Holdings, Inc.		371		28,218
Total Internet				128,117
Computers - 2.5%
Lumentum Holdings, Inc.^*		564		29,565
NetScout Systems, Inc.^*		828		18,175
Total Computers				47,740
Electronics - 0.7%
Applied Optoelectronics, Inc.^*		694		13,408
Software - 0.6%
Digi International, Inc.^*		471		12,246
Total Common Stocks
(Cost $1,685,287)				1,941,782

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.0%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	11,018		11,018
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		8,879		8,879
Total Repurchase Agreements
(Cost $19,897)				19,897
Total Investments - 100.5%
(Cost $1,705,184)			$	1,961,679
Other Assets & Liabilities, net - (0.5)%				(10,664	)
Total Net Assets - 100.0%			$	1,951,015

^*	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.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,941,782	$	—	$	—	$	1,941,782
Repurchase Agreements		—		19,897		—		19,897
Total Assets	$	1,941,782	$	19,897	$	—	$	1,961,679

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.8%
Transportation - 36.9%
Union Pacific Corp.		3,596	$	883,250
United Parcel Service, Inc. — Class B		4,839		760,836
CSX Corp.		17,201		596,359
Norfolk Southern Corp.		2,245		530,673
FedEx Corp.		2,079		525,925
Old Dominion Freight Line, Inc.		1,159		469,777
Expeditors International of Washington, Inc.		2,459		312,785
J.B. Hunt Transport Services, Inc.		1,472		294,017
Canadian Pacific Kansas City Ltd.		3,617		285,960
Canadian National Railway Co.		2,225		279,527
ZTO Express Cayman, Inc. ADR		11,903		253,296
XPO, Inc.^*		2,700		236,493
CH Robinson Worldwide, Inc.		2,560		221,158
Knight-Swift Transportation Holdings, Inc.		3,719		214,400
Saia, Inc.^*		482		211,222
Landstar System, Inc.		990		191,714
Hub Group, Inc. — Class A^*		1,383		127,153
Werner Enterprises, Inc.		2,765		117,153
ArcBest Corp.		968		116,363
Forward Air Corp.		1,393		87,578
Total Transportation				6,715,639
Auto Manufacturers - 27.4%
Tesla, Inc.^*		7,545		1,874,782
Ford Motor Co.		42,887		522,793
General Motors Co.		14,276		512,794
Rivian Automotive, Inc. — Class A^*		14,357		336,815
NIO, Inc. ADR^*,1		37,031		335,871
Li Auto, Inc. ADR^*		7,747		289,970
Stellantis N.V.¹		11,440		266,781
Honda Motor Company Ltd. ADR		8,120		250,989
Toyota Motor Corp. ADR		1,311		240,411
Ferrari N.V.		693		234,532
Lucid Group, Inc.^*,1		30,164		126,990
Total Auto Manufacturers				4,992,728
Auto Parts & Equipment - 13.5%
Aptiv plc^*		3,321		297,960
Mobileye Global, Inc. — Class A^*		6,458		279,761
Autoliv, Inc.		2,519		277,569
Magna International, Inc.		4,618		272,831
BorgWarner, Inc.		5,964		213,809
Lear Corp.		1,486		209,838
Gentex Corp.		6,162		201,251
Goodyear Tire & Rubber Co.^*		10,096		144,575
Adient plc^*		3,752		136,423
Visteon Corp.^*		1,080		134,892
Fox Factory Holding Corp.^*		1,808		122,004
QuantumScape Corp.^*		16,063		111,638
Luminar Technologies, Inc.^*,1		19,071		64,269
Total Auto Parts & Equipment				2,466,820
Airlines - 11.4%
Delta Air Lines, Inc.		8,815		354,628
Southwest Airlines Co.		9,864		284,872
Ryanair Holdings plc ADR^*		2,025		270,054
Copa Holdings S.A. — Class A		2,533		269,283
United Airlines Holdings, Inc.^*		6,291		259,567
American Airlines Group, Inc.^*		15,085		207,268
Alaska Air Group, Inc.^*		4,247		165,930
SkyWest, Inc.^*		2,032		106,070
JetBlue Airways Corp.^*		16,445		91,270
Allegiant Travel Co. — Class A		741		61,214
Total Airlines				2,070,156
Internet - 6.5%
Uber Technologies, Inc.^*		12,579		774,489
Grab Holdings Ltd. — Class A^*		70,764		238,475
Lyft, Inc. — Class A^*		11,839		177,466
Total Internet				1,190,430
Commercial Services - 2.2%
GXO Logistics, Inc.^*		3,193		195,284
Avis Budget Group, Inc.		684		121,246
Hertz Global Holdings, Inc.^*		8,127		84,439
Total Commercial Services				400,969
Home Builders - 1.0%
Thor Industries, Inc.		1,552		183,524
Leisure Time - 0.9%
Harley-Davidson, Inc.		4,401		162,133
Total Common Stocks
(Cost $12,142,773)				18,182,399

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	44,329		44,329
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		35,725		35,725
Total Repurchase Agreements
(Cost $80,054)				80,054

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.2%
Money Market Fund
First American Government Obligations Fund - Class X, 5.29%⁴		588,588		588,588
Total Securities Lending Collateral
(Cost $588,588)				588,588
Total Investments - 103.4%
(Cost $12,811,415)			$	18,851,041
Other Assets & Liabilities, net - (3.4)%				(616,412	)
Total Net Assets - 100.0%			$	18,234,629

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2023 — See Note 5.
²	Repurchase Agreements — See Note 4.
³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of December 31, 2023.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	18,182,399	$	—	$	—	$	18,182,399
Repurchase Agreements		—		80,054		—		80,054
Securities Lending Collateral		588,588		—		—		588,588
Total Assets	$	18,770,987	$	80,054	$	—	$	18,851,041

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Shares		Value
COMMON STOCKS^† - 99.2%
Electric - 84.5%
NextEra Energy, Inc.		15,508	$	941,956
Duke Energy Corp.		7,629		740,318
Southern Co.		10,409		729,879
Sempra		7,853		586,855
American Electric Power Company, Inc.		6,774		550,184
Constellation Energy Corp.		4,615		539,447
PG&E Corp.		29,345		529,090
Dominion Energy, Inc.		11,249		528,703
Xcel Energy, Inc.		8,005		495,590
Exelon Corp.		13,359		479,588
Consolidated Edison, Inc.		5,152		468,677
Public Service Enterprise Group, Inc.		7,550		461,683
Edison International		6,378		455,963
WEC Energy Group, Inc.		5,164		434,654
Eversource Energy		6,514		402,044
Entergy Corp.		3,861		390,695
PPL Corp.		14,217		385,281
DTE Energy Co.		3,476		383,264
FirstEnergy Corp.		10,266		376,352
CenterPoint Energy, Inc.		12,459		355,954
Ameren Corp.		4,873		352,513
CMS Energy Corp.		6,007		348,826
Vistra Corp.		8,275		318,753
AES Corp.		16,082		309,578
Alliant Energy Corp.		5,902		302,773
NRG Energy, Inc.		5,808		300,274
Evergy, Inc.		5,617		293,207
Fortis, Inc.		6,412		263,726
Pinnacle West Capital Corp.		3,283		235,851
OGE Energy Corp.		6,337		221,351
Algonquin Power & Utilities Corp.		34,810		219,999
Clearway Energy, Inc. — Class C		7,441		204,107
Portland General Electric Co.		4,124		178,734
Black Hills Corp.		2,999		161,796
Ormat Technologies, Inc.		2,012		152,489
Northwestern Energy Group, Inc.		2,905		147,835
Avista Corp.		3,962		141,602
Avangrid, Inc.		3,960		128,344
Hawaiian Electric Industries, Inc.		7,704		109,320
Otter Tail Corp.		1,099		93,382
Total Electric				14,720,637
Gas - 9.2%
Atmos Energy Corp.		3,054		353,959
NiSource, Inc.		10,526		279,465
Brookfield Infrastructure Corp. — Class A		7,159		252,569
UGI Corp.		8,132		200,047
Southwest Gas Holdings, Inc.		2,807		177,823
New Jersey Resources Corp.		3,963		176,671
ONE Gas, Inc.		2,548		162,359
Total Gas				1,602,893
Water - 4.0%
American Water Works Company, Inc.		3,247		428,571
Essential Utilities, Inc.		7,079		264,401
Total Water				692,972
Energy-Alternate Sources - 1.5%
NextEra Energy Partners, LP		4,456		135,507
Sunnova Energy International, Inc.^*		7,701		117,440
Total Energy-Alternate Sources				252,947
Total Common Stocks
(Cost $14,344,632)				17,269,449

		Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.3%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24	$	31,515		31,515
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24		25,398		25,398
Total Repurchase Agreements
(Cost $56,913)				56,913
Total Investments - 99.5%
(Cost $14,401,545)			$	17,326,362
Other Assets & Liabilities, net - 0.5%				93,178
Total Net Assets - 100.0%			$	17,419,540

^*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase Agreements — See Note 4.

See Sector Classification in Other Information section.

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	17,269,449	$	—	$	—	$	17,269,449
Repurchase Agreements		—		56,913		—		56,913
Total Assets	$	17,269,449	$	56,913	$	—	$	17,326,362

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

	Face Amount		Value
U.S. TREASURY BILLS^†† - 2.7%
U.S. Treasury Bills
5.17% due 01/09/24^1,2	$	33,000	$	32,966
Total U.S. Treasury Bills
(Cost $32,961)				32,966

REPURCHASE AGREEMENTS^††,3 - 97.2%
J.P. Morgan Securities LLC issued 12/29/23 at 5.33% due 01/02/24⁴		659,043		659,043
BofA Securities, Inc. issued 12/29/23 at 5.35% due 01/02/24⁴		531,113		531,113
Total Repurchase Agreements
(Cost $1,190,156)				1,190,156
Total Investments - 99.9%
(Cost $1,223,117)			$	1,223,122
Other Assets & Liabilities, net - 0.1%				1,114
Total Net Assets - 100.0%			$	1,224,236

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Currency Futures Contracts Sold Short^†

U.S. Dollar Index Futures Contracts

Mar 2024

1,818,450

41,683

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Currency Index Swap Agreements Sold Short^††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

03/22/24

6,204

627,224

2,578

^**	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 December 31, 2023.
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 currency index swap collateral at December 31, 2023.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2023

The following table summarizes the inputs used to value the Fund's investments at December 31, 2023 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	32,966	$	—	$	32,966
Repurchase Agreements		—		1,190,156		—		1,190,156
Currency Futures Contracts**		41,683		—		—		41,683
Currency Index Swap Agreements**		—		2,578		—		2,578
Total Assets	$	41,683	$	1,225,700	$	—	$	1,267,383

^**	This derivative is reported as unrealized appreciation/depreciation at period end.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a ”Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Non-diversified
Consumer Products Fund	Diversified
Dow Jones Industrial Average^® Fund	Non-diversified
Electronics Fund	Non-diversified
Emerging Markets 2x Strategy Fund	Non-diversified
Emerging Markets Bond Strategy Fund	Diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Financial Services Fund	Diversified
Government Long Bond 1.2x Strategy Fund	Diversified
Health Care Fund	Diversified
High Yield Strategy Fund	Non-diversified
Internet Fund	Diversified
Inverse Emerging Markets 2x Strategy Fund	Non-diversified
Inverse Government Long Bond Strategy Fund	Diversified
Inverse High Yield Strategy Fund	Non-diversified
Inverse Mid-Cap Strategy Fund	Non-diversified
Inverse NASDAQ-100^® Strategy Fund	Non-diversified
Inverse Russell 2000^® Strategy Fund	Non-diversified
Inverse S&P 500^® Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Leisure Fund	Diversified
Long Short Equity Fund	Non-diversified
Mid-Cap 1.5x Strategy Fund	Non-diversified
Monthly Rebalance NASDAQ-100^® 2x Strategy Fund	Non-diversified
NASDAQ-100^® Fund	Non-diversified
Nova Fund	Non-diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Russell 2000^® 1.5x Strategy Fund	Non-diversified
Russell 2000^® Fund	Non-diversified
S&P 500^® Fund	Non-diversified
S&P 500^® Pure Growth Fund	Non-diversified
S&P 500^® Pure Value Fund	Non-diversified
S&P MidCap 400^® Pure Growth Fund	Non-diversified
S&P MidCap 400^® Pure Value Fund	Non-diversified
S&P SmallCap 600^® Pure Growth Fund	Non-diversified
S&P SmallCap 600^® Pure Value Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified
Weakening Dollar 2x Strategy Fund	Non-diversified

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

For information on the Funds’ policy regarding valuation of investments and other significant accounting policies, please refer to the Funds’ most recent semi-annual or annual shareholder report.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated Security Investors, LLC (the “Adviser”), as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing service provider.

If the pricing service provider cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their net asset value (“NAV”) as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

U.S. Government securities are valued by pricing service providers, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from pricing service providers, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service provider.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. 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.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by a pricing service provider.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategies, 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 for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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.

If a Fund’s investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Futures contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Securities held as collateral are noted on the Funds’ Schedules of Investments.

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as index or basket) or a fixed or variable interest rate. Index swaps will usually be computed based on the current index value as of the close of regular trading on the New York Stock Exchange (“NYSE”) or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing a total return index swap the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying index declines in value.

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the default recovery of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 3 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 4 – Repurchase Agreements

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other Funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At December 31, 2023, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC 5.33% Due 01/02/24	$	132,111,694	$	132,170,374	U.S. Treasury Notes 0.38% - 4.50% Due 03/31/24 - 02/15/33	$	135,741,000	$	134,749,446
					U.S. Treasury Bills 0.00% Due 01/16/24 - 10/03/24		1,900		1,857
					U.S. Treasury Strip 0.00% Due 11/15/30		2,000		1,538
					U.S. Treasury Bonds 4.75% - 6.63% Due 02/15/27 - 11/15/43		900		980
					U.S. Treasury Floating Rate Note 5.53% Due 01/31/25		200		202
							135,746,000		134,754,023
BofA Securities, Inc. 5.35% Due 01/02/24		106,467,001		106,514,467	U.S. Treasury Strip 0.00% Due 02/15/41		201,313,820		96,703,107
					U.S. Treasury Bond 2.88% Due 05/15/49		14,701,200		11,834,352
					U.S. Treasury Note 1.63% Due 08/15/29		65,700		58,882
							216,080,720		108,596,341

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

Note 5 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income is net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund – Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At December 31, 2023, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Fund	Value of Securities Loaned		Collateral Received
Banking Fund	$	50,954	$	53,216
Basic Materials Fund		259,441		282,225
Biotechnology Fund		504,849		565,545
Consumer Products Fund		589,593		607,012
Electronics Fund		1,644,218		1,711,563
Emerging Markets 2x Strategy Fund		27,333		29,267
Energy Fund		807,123		843,448
Europe 1.25x Strategy Fund		103,124		107,332
Internet Fund		90,228		91,550
Leisure Fund		202,807		208,851
Mid-Cap 1.5x Strategy Fund		19,108		20,435
Monthly Rebalance NASDAQ-100^® 2x Strategy Fund		1,267,707		1,330,988
NASDAQ-100^® Fund		5,285,781		5,549,633
Real Estate Fund		9,903		10,674
Russell 2000^® 1.5x Strategy Fund		12,819		14,039
Russell 2000^® Fund		920,471		969,106
S&P MidCap 400^® Pure Growth Fund		35,807		37,008
Technology Fund		267,276		284,375
Transportation Fund		548,557		588,588

Note 6 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At December 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Banking Fund	$	7,185,706	$	371,969	$	(1,400	)	$	370,569
Basic Materials Fund		21,395,556		10,178,335		(384,185	)		9,794,150
Biotechnology Fund		64,733,091		50,249,609		(2,529,178	)		47,720,431
Consumer Products Fund		33,054,374		23,639,114		(194,689	)		23,444,425
Dow Jones Industrial Average^® Fund		20,577,082		2,992,729		(21,479	)		2,971,250
Electronics Fund		44,405,247		29,662,524		(149,536	)		29,512,988
Emerging Markets 2x Strategy Fund		3,950,644		306,552		–			306,552
Emerging Markets Bond Strategy Fund		871,073		44,523		(163	)		44,360
Energy Fund		46,012,635		6,779,561		(427,953	)		6,351,608
Energy Services Fund		33,344,562		–		(1,047,030	)		(1,047,030	)
Europe 1.25x Strategy Fund		3,697,167		283,346		(9,877	)		273,469
Financial Services Fund		12,566,060		–		(282,857	)		(282,857	)
Government Long Bond 1.2x Strategy Fund		28,925,325		3,381,247		(43,503	)		3,337,744
Health Care Fund		14,949,375		5,301,285		(140,724	)		5,160,561
High Yield Strategy Fund		46,042,865		3,231,244		(30,791	)		3,200,453
Internet Fund		11,193,727		4,038,441		(61,394	)		3,977,047
Inverse Emerging Markets 2x Strategy Fund		325,081		–		(10,496	)		(10,496	)
Inverse Government Long Bond Strategy Fund		18,062,172		283		(2,467,862	)		(2,467,579	)
Inverse High Yield Strategy Fund		8,231,630		240		(645,571	)		(645,331	)
Inverse Mid-Cap Strategy Fund		365,601		139		(3,174	)		(3,035	)
Inverse NASDAQ-100^® Strategy Fund		17,020,680		14,813		(198,318	)		(183,505	)
Inverse Russell 2000^® Strategy Fund		1,782,664		8,088		(47,191	)		(39,103	)
Inverse S&P 500^® Strategy Fund		37,259,134		3,706		(582,587	)		(578,881	)
Japan 2x Strategy Fund		1,291,786		78,927		(4,791	)		74,136
Leisure Fund		9,851,876		1,866,456		(30,233	)		1,836,223
Long Short Equity Fund		13,510,772		3,246,503		(1,119,059	)		2,127,444
Mid-Cap 1.5x Strategy Fund		13,672,195		1,529,206		(106,752	)		1,422,454
Monthly Rebalance NASDAQ-100^® 2x Strategy Fund		560,949,695		45,423,654		(263,139	)		45,160,515
NASDAQ-100^® Fund		750,979,103		1,028,539,728		(3,683,658	)		1,024,856,070
Nova Fund		264,505,170		–		(550,356	)		(550,356	)
Precious Metals Fund		68,507,501		–		(10,805,913	)		(10,805,913	)
Real Estate Fund		2,594,903		159,115		(1,063	)		158,052
Retailing Fund		4,784,614		1,478,662		(2,218	)		1,476,444
Russell 2000^® 1.5x Strategy Fund		6,992,539		745,081		(767,200	)		(22,119	)
Russell 2000^® Fund		34,747,146		3,250,241		(4,226,739	)		(976,498	)
S&P 500^® Fund		159,596,068		22,718,359		(57,502	)		22,660,857
S&P 500^® Pure Growth Fund		22,586,151		2,345,216		(57,676	)		2,287,540
S&P 500^® Pure Value Fund		57,235,803		514,994		(639,288	)		(124,294	)
S&P MidCap 400^® Pure Growth Fund		25,846,098		3,144,890		(225,789	)		2,919,101
S&P MidCap 400^® Pure Value Fund		8,732,963		1,090,251		(10,028	)		1,080,223
S&P SmallCap 600^® Pure Growth Fund		2,892,926		478,180		(23,509	)		454,671
S&P SmallCap 600^® Pure Value Fund		4,976,470		349,961		(15,608	)		334,353
Strengthening Dollar 2x Strategy Fund		2,993,211		20		(11,941	)		(11,921	)
Technology Fund		53,202,237		24,610,941		(119,460	)		24,491,481
Telecommunications Fund		1,891,733		80,635		(10,689	)		69,946
Transportation Fund		15,032,779		3,934,125		(115,863	)		3,818,262
Utilities Fund		17,147,706		232,850		(54,194	)		178,656
Weakening Dollar 2x Strategy Fund		1,223,117		44,266		–			44,266

Note 7 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the ongoing Russia-Ukraine conflict and collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

OTHER INFORMATION (Unaudited)

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Rydex Precious Metals Fund (RYPMX) NPORT-P/AInverse High Yield Strategy Fund (Dec 2023 report)