Rydex Energy Inv NPORTP S&P 500 Fund (Dec 2024 report)

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 98.5%
Banks - 91.9%
JPMorgan Chase & Co.		1,567	$	375,626
Wells Fargo & Co.		5,334		374,660
Citigroup, Inc.		5,318		374,334
Bank of America Corp.		8,231		361,752
PNC Financial Services Group, Inc.		1,505		290,239
U.S. Bancorp		5,942		284,206
Truist Financial Corp.		5,868		254,554
Bank of New York Mellon Corp.		3,275		251,618
NU Holdings Limited/Cayman Islands — Class A^*		23,658		245,097
M&T Bank Corp.		982		184,626
State Street Corp.		1,789		175,590
Fifth Third Bancorp		4,137		174,912
Huntington Bancshares, Inc.		9,919		161,382
Regions Financial Corp.		6,563		154,362
Northern Trust Corp.		1,449		148,523
ICICI Bank Ltd. ADR		4,817		143,836
Citizens Financial Group, Inc.		3,282		143,620
KeyCorp		8,055		138,063
HDFC Bank Ltd. ADR		2,045		130,594
First Citizens BancShares, Inc. — Class A		60		126,781
Toronto-Dominion Bank		2,309		122,931
East West Bancorp, Inc.		1,258		120,466
First Horizon Corp.		5,469		110,146
Popular, Inc.		1,147		107,887
Royal Bank of Canada		874		105,326
Bank of Nova Scotia		1,912		102,713
Webster Financial Corp.		1,835		101,329
Pinnacle Financial Partners, Inc.		862		98,604
Western Alliance Bancorporation		1,169		97,658
Cullen/Frost Bankers, Inc.		710		95,318
Wintrust Financial Corp.		761		94,904
Comerica, Inc.		1,523		94,198
Zions Bancorp North America		1,708		92,659
Commerce Bancshares, Inc.		1,458		90,829
Old National Bancorp		4,179		90,705
SouthState Corp.		910		90,527
Bank of Montreal		910		88,316
Synovus Financial Corp.		1,715		87,859
Prosperity Bancshares, Inc.		1,153		86,879
Canadian Imperial Bank of Commerce		1,354		85,613
Barclays plc ADR		6,249		83,049
Cadence Bank		2,403		82,783
Columbia Banking System, Inc.		2,887		77,978
HSBC Holdings plc ADR¹		1,572		77,751
FNB Corp.		5,104		75,437
United Bankshares, Inc.		1,956		73,448
Bank OZK		1,634		72,762
Hancock Whitney Corp.		1,317		72,066
UMB Financial Corp.		627		70,763
Grupo Financiero Galicia S.A. ADR^*		1,133		70,609
UBS Group AG		2,259		68,493
Valley National Bancorp		7,418		67,207
First Financial Bankshares, Inc.		1,860		67,053
Associated Banc-Corp.		2,712		64,817
Eastern Bankshares, Inc.		3,613		62,324
Texas Capital Bancshares, Inc.^*		794		62,091
Fulton Financial Corp.		3,157		60,867
First Hawaiian, Inc.		2,333		60,541
Cathay General Bancorp		1,255		59,751
International Bancshares Corp.		890		56,212
CVB Financial Corp.		2,619		56,073
First Interstate BancSystem, Inc. — Class A		1,726		56,043
Simmons First National Corp. — Class A		2,475		54,895
Bancorp, Inc.^*		982		51,683
First Financial Bancorp		1,903		51,153
Seacoast Banking Corporation of Florida		1,847		50,848
Banco Bradesco S.A. ADR		25,953		49,570
Independent Bank Corp.		674		43,264
BOK Financial Corp.		387		41,196
Banner Corp.		559		37,324
Total Banks				8,337,293
Savings & Loans - 3.6%
Axos Financial, Inc.^*		903		63,075
WSFS Financial Corp.		1,092		58,018
Flagstar Financial, Inc.		5,950		55,513
WaFd, Inc.		1,632		52,616
Pacific Premier Bancorp, Inc.		2,038		50,787
Banc of California, Inc.		3,129		48,374
Total Savings & Loans				328,383
Diversified Financial Services - 3.0%
Capital One Financial Corp.		1,533		273,364
Total Common Stocks
(Cost $6,749,208)				8,939,040

PREFERRED STOCKS^† - 1.0%
Banks - 1.0%
Itau Unibanco Holding S.A.
ADR		17,997		89,265
Total Preferred Stocks
(Cost $92,387)				89,265

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	30,791	30,791
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		24,203	24,203
Total Repurchase Agreements
(Cost $54,994)			54,994

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		58,769	$	58,769
Total Securities Lending Collateral
(Cost $58,769)				58,769
Total Investments - 100.7%
(Cost $6,955,358)			$	9,142,068
Other Assets & Liabilities, net - (0.7)%				(63,571	)
Total Net Assets - 100.0%			$	9,078,497

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	8,939,040	$	—	$	—	$	8,939,040
Preferred Stocks		89,265		—		—		89,265
Repurchase Agreements		—		54,994		—		54,994
Securities Lending Collateral		58,769		—		—		58,769
Total Assets	$	9,087,074	$	54,994	$	—	$	9,142,068

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.6%
Chemicals - 38.0%
Linde plc		5,040	$	2,110,097
Sherwin-Williams Co.		1,776		603,716
Air Products and Chemicals, Inc.		1,877		544,405
Ecolab, Inc.		2,240		524,877
Dow, Inc.		9,157		367,470
PPG Industries, Inc.		3,035		362,531
DuPont de Nemours, Inc.		4,753		362,416
International Flavors & Fragrances, Inc.		3,756		317,570
LyondellBasell Industries N.V. — Class A		4,069		302,205
RPM International, Inc.		2,182		268,517
CF Industries Holdings, Inc.		3,073		262,188
Nutrien Ltd.		5,290		236,727
Eastman Chemical Co.		2,376		216,976
Albemarle Corp.		2,384		205,215
Celanese Corp. — Class A		2,808		194,342
Mosaic Co.		7,641		187,816
Axalta Coating Systems Ltd.^*		5,222		178,697
FMC Corp.		3,348		162,746
Element Solutions, Inc.		6,307		160,387
Arcadium Lithium plc^*		31,201		160,061
Cabot Corp.		1,594		145,548
Westlake Corp.		1,208		138,497
Balchem Corp.		810		132,026
Olin Corp.		3,845		129,961
Ashland, Inc.		1,766		126,198
Avient Corp.		3,035		124,010
Huntsman Corp.		6,458		116,438
Chemours Co.		6,234		105,355
Innospec, Inc.		749		82,435
Hawkins, Inc.		520		63,788
Total Chemicals				8,893,215
Mining - 24.1%
Freeport-McMoRan, Inc.		13,045		496,754
Barrick Gold Corp.		28,345		439,348
Newmont Corp.		11,524		428,923
Agnico Eagle Mines Ltd.		3,625		283,511
Rio Tinto plc ADR		4,352		255,941
BHP Group Ltd. ADR¹		5,010		244,638
Kinross Gold Corp.		25,063		232,334
Wheaton Precious Metals Corp.		3,880		218,211
Alcoa Corp.		5,694		215,119
Franco-Nevada Corp.		1,748		205,547
Pan American Silver Corp.		9,753		197,206
Royal Gold, Inc.		1,476		194,611
Southern Copper Corp.		2,075		189,052
Alamos Gold, Inc. — Class A		9,717		179,182
Gold Fields Ltd. ADR		13,143		173,488
Anglogold Ashanti plc		7,434		171,577
B2Gold Corp.		63,453		154,825
IAMGOLD Corp.^*		29,674		153,118
Harmony Gold Mining Company Ltd. ADR		18,590		152,624
Eldorado Gold Corp.^*		10,156		151,020
First Majestic Silver Corp.		27,472		150,821
Hudbay Minerals, Inc.		18,284		148,100
Equinox Gold Corp.^*		27,502		138,060
Hecla Mining Co.		23,383		114,811
Coeur Mining, Inc.^*		16,324		93,373
MP Materials Corp.^*,1		5,540		86,424
SSR Mining, Inc.^*		11,438		79,608
Century Aluminum Co.^*		3,461		63,059
Kaiser Aluminum Corp.		545		38,297
Total Mining				5,649,582
Packaging & Containers - 10.5%
Smurfit WestRock plc		5,802		312,496
Packaging Corporation of America		1,345		302,800
Ball Corp.		4,980		274,547
Amcor plc		25,315		238,214
AptarGroup, Inc.		1,385		217,583
Crown Holdings, Inc.		2,568		212,348
Graphic Packaging Holding Co.		6,968		189,251
Berry Global Group, Inc.		2,825		182,693
Sealed Air Corp.		4,445		150,374
Sonoco Products Co.		3,030		148,016
Silgan Holdings, Inc.		2,747		142,981
O-I Glass, Inc.^*		8,121		88,032
Total Packaging & Containers				2,459,335
Iron & Steel - 10.0%
Vale S.A. ADR		46,211		409,892
Nucor Corp.		3,035		354,215
Steel Dynamics, Inc.		2,389		272,513
Reliance, Inc.		943		253,912
Carpenter Technology Corp.		1,153		195,676
ATI, Inc.^*		3,504		192,860
United States Steel Corp.		5,388		183,138
ArcelorMittal S.A.		7,404		171,254
Commercial Metals Co.		3,153		156,389
Cleveland-Cliffs, Inc.^*		15,399		144,751
Total Iron & Steel				2,334,600
Building Materials - 9.7%
CRH plc^*		5,795		536,153
Vulcan Materials Co.		1,524		392,018
Martin Marietta Materials, Inc.		734		379,111
Cemex SAB de CV ADR		36,226		204,315
Eagle Materials, Inc.		762		188,031
Summit Materials, Inc. — Class A^*		3,418		172,951
Louisiana-Pacific Corp.		1,650		170,857
Knife River Corp.^*		1,609		163,539
Aspen Aerogels, Inc.^*		5,626		66,837
Total Building Materials				2,273,812
Coal - 2.2%
Teck Resources Ltd. — Class B		6,420		260,203
Warrior Met Coal, Inc.		2,006		108,805
Arch Resources, Inc.		658		92,923
Alpha Metallurgical Resources, Inc.^*		252		50,430
Total Coal				512,361
Biotechnology - 1.8%
Corteva, Inc.		7,502		427,314
Forest Products & Paper - 1.3%
International Paper Co.		5,512		296,656
Household Products & Housewares - 1.2%
Avery Dennison Corp.		1,413		264,414

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Housewares - 0.4%
Scotts Miracle-Gro Co. — Class A		1,408	$	93,407
Environmental Control - 0.4%
PureCycle Technologies, Inc.^*,1		7,856		80,524
Total Common Stocks
(Cost $15,481,966)				23,285,220

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	82,203	82,203
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		64,615	64,615
Total Repurchase Agreements
(Cost $146,818)			146,818

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		315,145	$	315,145
Total Securities Lending Collateral
(Cost $315,145)				315,145
Total Investments - 101.5%
(Cost $15,943,929)			$	23,747,183
Other Assets & Liabilities, net - (1.5)%				(346,744	)
Total Net Assets - 100.0%			$	23,400,439

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	23,285,220	$	—	$	—	$	23,285,220
Repurchase Agreements		—		146,818		—		146,818
Securities Lending Collateral		315,145		—		—		315,145
Total Assets	$	23,600,365	$	146,818	$	—	$	23,747,183

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.9%
Biotechnology - 75.2%
Amgen, Inc.		18,507	$	4,823,664
Gilead Sciences, Inc.		48,297		4,461,194
Vertex Pharmaceuticals, Inc.^*		9,901		3,987,133
Regeneron Pharmaceuticals, Inc.^*		5,038		3,588,719
Corteva, Inc.		44,623		2,541,726
Alnylam Pharmaceuticals, Inc.^*		9,408		2,213,796
Biogen, Inc.^*		12,812		1,959,211
Illumina, Inc.^*		13,691		1,829,528
Moderna, Inc.^*		37,294		1,550,684
Royalty Pharma plc — Class A		59,117		1,508,075
United Therapeutics Corp.^*		4,187		1,477,341
BioMarin Pharmaceutical, Inc.^*		22,258		1,463,018
Insmed, Inc.^*		20,566		1,419,877
Sarepta Therapeutics, Inc.^*		11,342		1,379,074
Incyte Corp.^*		19,725		1,362,406
Exelixis, Inc.^*		36,868		1,227,704
Intra-Cellular Therapies, Inc.^*		14,407		1,203,273
Argenx SE ADR^*		1,885		1,159,275
REVOLUTION Medicines, Inc.^*		25,478		1,114,408
Halozyme Therapeutics, Inc.^*		21,195		1,013,333
Legend Biotech Corp. ADR^*		29,868		971,905
Roivant Sciences Ltd.^*		81,162		960,146
Cytokinetics, Inc.^*		20,315		955,618
BioNTech SE ADR^*		8,257		940,885
Ionis Pharmaceuticals, Inc.^*		26,764		935,669
Blueprint Medicines Corp.^*		10,085		879,614
Bridgebio Pharma, Inc.^*		31,154		854,866
TG Therapeutics, Inc.^*		28,050		844,305
CRISPR Therapeutics AG^*,1		21,407		842,579
Crinetics Pharmaceuticals, Inc.^*		16,466		841,907
ADMA Biologics, Inc.^*		46,121		790,975
Viking Therapeutics, Inc.^*		19,483		783,996
Apellis Pharmaceuticals, Inc.^*		24,192		771,967
Ultragenyx Pharmaceutical, Inc.^*		18,197		765,548
PTC Therapeutics, Inc.^*		16,950		765,123
BeiGene Ltd. ADR^*		4,071		751,954
Guardant Health, Inc.^*		23,844		728,434
Avidity Biosciences, Inc.^*		24,298		706,586
Axsome Therapeutics, Inc.^*		8,112		686,356
Veracyte, Inc.^*		17,192		680,803
Amicus Therapeutics, Inc.^*		71,348		672,098
ACADIA Pharmaceuticals, Inc.^*		35,302		647,792
Recursion Pharmaceuticals, Inc. — Class A^*,1		94,302		637,481
SpringWorks Therapeutics, Inc.^*		17,279		624,290
Ideaya Biosciences, Inc.^*		23,738		610,067
Denali Therapeutics, Inc.^*		29,210		595,300
Nuvalent, Inc. — Class A^*		7,513		588,118
Summit Therapeutics, Inc.^*		32,604		581,818
Arrowhead Pharmaceuticals, Inc.^*		30,893		580,788
Geron Corp.^*		163,968		580,447
Iovance Biotherapeutics, Inc.^*		78,174		578,488
Arcellx, Inc.^*		7,136		547,260
Celldex Therapeutics, Inc.^*		20,934		529,002
Dynavax Technologies Corp.^*		41,374		528,346
Beam Therapeutics, Inc.^*		20,305		503,564
Immunovant, Inc.^*		20,015		495,772
Dyne Therapeutics, Inc.^*		20,044		472,237
Krystal Biotech, Inc.^*		2,988		468,100
Novavax, Inc.^*		52,822		424,689
Intellia Therapeutics, Inc.^*		35,611		415,224
Total Biotechnology				68,823,556
Pharmaceuticals - 19.7%
AbbVie, Inc.		42,051		7,472,463
AstraZeneca plc ADR		31,482		2,062,701
Neurocrine Biosciences, Inc.^*		11,719		1,599,643
Viatris, Inc.		124,383		1,548,568
Vaxcyte, Inc.^*		15,306		1,252,949
Jazz Pharmaceuticals plc^*		9,041		1,113,399
Alkermes plc^*		34,838		1,001,941
Madrigal Pharmaceuticals, Inc.^*		1,856		572,706
Ascendis Pharma A/S ADR^*		3,761		517,777
Protagonist Therapeutics, Inc.^*		12,753		492,266
Agios Pharmaceuticals, Inc.^*		11,893		390,804
Total Pharmaceuticals				18,025,217
Healthcare-Products - 4.0%
Natera, Inc.^*		11,419		1,807,628
Exact Sciences Corp.^*		21,939		1,232,752
Twist Bioscience Corp.^*		14,484		673,071
Total Healthcare-Products				3,713,451
Healthcare-Services - 1.0%
Medpace Holdings, Inc.^*		2,920		970,111
Total Common Stocks
(Cost $50,136,849)				91,532,335

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	199,423	199,423
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		156,755	156,755
Total Repurchase Agreements
(Cost $356,178)			356,178

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		873,142		873,142
Total Securities Lending Collateral
(Cost $873,142)				873,142
Total Investments - 101.3%
(Cost $51,366,169)			$	92,761,655
Other Assets & Liabilities, net - (1.3)%				(1,212,293	)
Total Net Assets - 100.0%			$	91,549,362

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	91,532,335	$	—	$	—	$	91,532,335
Repurchase Agreements		—		356,178		—		356,178
Securities Lending Collateral		873,142		—		—		873,142
Total Assets	$	92,405,477	$	356,178	$	—	$	92,761,655

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.4%
Food - 32.8%
Mondelez International, Inc. — Class A		23,092	$	1,379,285
Kroger Co.		16,002		978,522
Sysco Corp.		12,318		941,834
General Mills, Inc.		14,453		921,668
Hershey Co.		5,218		883,668
Kraft Heinz Co.		26,085		801,070
Kellanova		9,202		745,086
McCormick & Company, Inc.		9,064		691,039
Tyson Foods, Inc. — Class A		11,970		687,557
US Foods Holding Corp.^*		9,135		616,247
Conagra Brands, Inc.		20,610		571,927
Performance Food Group Co.^*		6,600		558,030
J M Smucker Co.		4,722		519,987
Sprouts Farmers Market, Inc.^*		4,070		517,175
Hormel Foods Corp.		14,858		466,095
Lamb Weston Holdings, Inc.		6,967		465,605
Ingredion, Inc.		3,321		456,837
The Campbell’s Co.		10,703		448,242
Albertsons Companies, Inc. — Class A		20,934		411,144
Post Holdings, Inc.^*		3,112		356,200
Cal-Maine Foods, Inc.		3,193		328,624
Flowers Foods, Inc.		15,173		313,474
Simply Good Foods Co.^*		7,548		294,221
Lancaster Colony Corp.		1,415		244,993
Pilgrim’s Pride Corp.^*		4,565		207,205
Grocery Outlet Holding Corp.^*		11,013		171,913
Total Food				14,977,648
Beverages - 25.3%
Coca-Cola Co.		36,936		2,299,635
PepsiCo, Inc.		14,658		2,228,895
Monster Beverage Corp.^*		18,022		947,236
Keurig Dr Pepper, Inc.		28,668		920,816
Constellation Brands, Inc. — Class A		4,027		889,967
Coca-Cola Europacific Partners plc		9,621		738,989
Brown-Forman Corp. — Class B		15,883		603,236
Anheuser-Busch InBev S.A. ADR		10,484		524,934
Diageo plc ADR		4,127		524,666
Fomento Economico Mexicano SAB de CV ADR		6,038		516,189
Molson Coors Beverage Co. — Class B		8,687		497,939
Primo Brands Corp. — Class A		12,094		372,132
Celsius Holdings, Inc.^*		11,317		298,090
Coca-Cola Consolidated, Inc.		148		186,479
Total Beverages				11,549,203
Cosmetics & Personal Care - 17.2%
Procter & Gamble Co.		18,627		3,122,817
Colgate-Palmolive Co.		14,729		1,339,014
Kenvue, Inc.		46,237		987,160
Estee Lauder Companies, Inc. — Class A		10,136		759,997
Unilever plc ADR		10,079		571,479
Haleon plc ADR		52,971		505,343
elf Beauty, Inc.^*		3,317		416,449
Inter Parfums, Inc.		1,272		167,281
Total Cosmetics & Personal Care				7,869,540
Agriculture - 13.0%
Philip Morris International, Inc.		17,446		2,099,626
Altria Group, Inc.		27,815		1,454,446
Archer-Daniels-Midland Co.		15,068		761,236
British American Tobacco plc ADR		16,154		586,713
Bunge Global S.A.		6,466		502,796
Darling Ingredients, Inc.^*		10,641		358,495
Vital Farms, Inc.^*		4,589		172,960
Total Agriculture				5,936,272
Household Products & Housewares - 6.9%
Kimberly-Clark Corp.		7,972		1,044,651
Church & Dwight Company, Inc.		7,629		798,833
Clorox Co.		4,327		702,748
Spectrum Brands Holdings, Inc.		2,711		229,052
Reynolds Consumer Products, Inc.		6,943		187,392
WD-40 Co.		700		169,876
Total Household Products & Housewares				3,132,552
Retail - 2.2%
Casey’s General Stores, Inc.		1,477		585,232
Freshpet, Inc.^*		2,859		423,446
Total Retail				1,008,678
Pharmaceuticals - 1.1%
BellRing Brands, Inc.^*		6,381		480,745
Internet - 0.9%
Maplebear, Inc.^*		9,659		400,076
Total Common Stocks
(Cost $23,891,765)				45,354,714

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	139,008		139,008
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		109,266		109,266
Total Repurchase Agreements
(Cost $248,274)				248,274
Total Investments - 99.9%
(Cost $24,140,039)			$	45,602,988
Other Assets & Liabilities, net - 0.1%				22,952
Total Net Assets - 100.0%			$	45,625,940

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

^*	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, 2024 (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	$	45,354,714	$	—	$	—	$	45,354,714
Repurchase Agreements		—		248,274		—		248,274
Total Assets	$	45,354,714	$	248,274	$	—	$	45,602,988

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 84.5%
Financial - 20.3%
Goldman Sachs Group, Inc.		2,620	$	1,500,265
Visa, Inc. — Class A		2,620		828,024
American Express Co.		2,620		777,590
Travelers Companies, Inc.		2,620		631,132
JPMorgan Chase & Co.		2,620		628,040
Total Financial				4,365,051
Technology - 16.6%
Microsoft Corp.		2,620		1,104,330
Salesforce, Inc.		2,620		875,944
Apple, Inc.		2,620		656,100
International Business Machines Corp.		2,620		575,955
NVIDIA Corp.		2,620		351,840
Total Technology				3,564,169
Consumer, Non-cyclical - 15.1%
UnitedHealth Group, Inc.		2,620		1,325,353
Amgen, Inc.		2,620		682,877
Procter & Gamble Co.		2,620		439,243
Johnson & Johnson		2,620		378,904
Merck & Company, Inc.		2,620		260,638
Coca-Cola Co.		2,620		163,121
Total Consumer, Non-cyclical				3,250,136
Industrial - 10.9%
Caterpillar, Inc.		2,620		950,431
Honeywell International, Inc.		2,620		591,832
Boeing Co.^*		2,620		463,740
3M Co.		2,620		338,216
Total Industrial				2,344,219
Consumer, Cyclical - 10.3%
Home Depot, Inc.		2,620		1,019,154
McDonald’s Corp.		2,620		759,512
Walmart, Inc.		2,620		236,717
NIKE, Inc. — Class B		2,620		198,255
Total Consumer, Cyclical				2,213,638
Communications - 5.3%
Amazon.com, Inc.^*		2,620		574,802
Walt Disney Co.		2,620		291,737
Cisco Systems, Inc.		2,620		155,104
Verizon Communications, Inc.		2,620		104,773
Total Communications				1,126,416
Basic Materials - 4.2%
Sherwin-Williams Co.		2,620		890,617
Energy - 1.8%
Chevron Corp.		2,620		379,481
Total Common Stocks
(Cost $13,104,087)				18,133,727

MUTUAL FUNDS^† - 6.0%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		67,906		679,742
Guggenheim Strategy Fund II¹		24,698		613,754
Total Mutual Funds
(Cost $1,285,413)				1,293,496

		Face Amount
U.S. TREASURY BILLS^†† - 0.9%
U.S. Treasury Bills
4.23% due 03/13/25^2,3	$	200,000		198,375
Total U.S. Treasury Bills
(Cost $198,333)				198,375

REPURCHASE AGREEMENTS^††,4 - 24.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25²		2,963,286		2,963,286
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25²		2,329,263		2,329,263
Total Repurchase Agreements
(Cost $5,292,549)				5,292,549
Total Investments - 116.0%
(Cost $19,880,382)			$	24,918,147
Other Assets & Liabilities, net - (16.0)%				(3,439,207	)
Total Net Assets - 100.0%			$	21,478,940

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		4	Mar 2025	$	857,400	$	(22,278	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

Dow Jones Industrial Average

Pay

5.23% (Federal Funds Rate + 0.90%)

At Maturity

03/27/25

1,525,917

7,791

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements^†† (continued)

Barclays Bank plc

Dow Jones Industrial Average

Pay

5.27% (SOFR + 0.90%)

At Maturity

03/27/25

964,690

3,464

2,490,607

11,255

^*	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, 2024.
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, 2024 (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	$	18,133,727	$	—	$	—	$	18,133,727
Mutual Funds		1,293,496		—		—		1,293,496
U.S. Treasury Bills		—		198,375		—		198,375
Repurchase Agreements		—		5,292,549		—		5,292,549
Equity Index Swap Agreements**		—		11,255		—		11,255
Total Assets	$	19,427,223	$	5,502,179	$	—	$	24,929,402

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Futures Contracts**		$	22,278			$	—			$	—			$	22,278

^**	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 person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, 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 Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/ix?doc=/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also 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.

Dow Jones Industrial Average^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	607,579	$	–	$	–	$	–	$	6,175	$	613,754		24,698	$	26,335
Guggenheim Ultra Short Duration Fund — Institutional Class		672,952		–		–		–		6,790		679,742		67,906		26,272
	$	1,280,531	$	–	$	–	$	–	$	12,965	$	1,293,496			$	52,607

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Semiconductors - 92.9%
NVIDIA Corp.		114,791	$	15,415,283
Broadcom, Inc.		45,200		10,479,168
Advanced Micro Devices, Inc.^*		31,204		3,769,131
Texas Instruments, Inc.		19,416		3,640,694
QUALCOMM, Inc.		23,605		3,626,200
Applied Materials, Inc.		19,587		3,185,434
Analog Devices, Inc.		13,342		2,834,641
Marvell Technology, Inc.		25,187		2,781,904
Lam Research Corp.		36,804		2,658,353
KLA Corp.		4,046		2,549,465
Micron Technology, Inc.		29,877		2,514,448
Intel Corp.^*		121,367		2,433,408
Taiwan Semiconductor Manufacturing Company Ltd. ADR		8,386		1,656,151
NXP Semiconductor N.V.		7,618		1,583,401
ASML Holding N.V. — Class G		2,160		1,497,053
Monolithic Power Systems, Inc.		2,530		1,497,001
Microchip Technology, Inc.		26,002		1,491,215
ON Semiconductor Corp.^*		22,534		1,420,769
Teradyne, Inc.		10,339		1,301,887
Astera Labs, Inc.^*		8,755		1,159,600
ARM Holdings plc ADR^*		8,632		1,064,844
Skyworks Solutions, Inc.		11,911		1,056,267
Entegris, Inc.		10,433		1,033,493
United Microelectronics Corp. ADR¹		154,068		999,901
ASE Technology Holding Company Ltd. ADR		98,701		993,919
STMicroelectronics N.V. — Class Y¹		38,509		961,570
Onto Innovation, Inc.^*		4,852		808,683
Nova Ltd.^*		3,961		780,119
MACOM Technology Solutions Holdings, Inc.^*		5,856		760,753
Lattice Semiconductor Corp.^*		13,115		742,965
Qorvo, Inc.^*		10,433		729,580
MKS Instruments, Inc.		6,832		713,192
Rambus, Inc.^*		11,959		632,153
Cirrus Logic, Inc.^*		6,273		624,665
Semtech Corp.^*		10,092		624,190
GLOBALFOUNDRIES, Inc.^*		13,636		585,121
FormFactor, Inc.^*		12,034		529,496
Power Integrations, Inc.		8,244		508,655
Impinj, Inc.^*		3,487		506,522
Silicon Laboratories, Inc.^*		3,971		493,278
Synaptics, Inc.^*		6,453		492,493
Amkor Technology, Inc.		19,084		490,268
Ambarella, Inc.^*		6,434		468,009
Allegro MicroSystems, Inc.^*		20,979		458,601
Diodes, Inc.^*		7,410		456,975
Kulicke & Soffa Industries, Inc.		9,144		426,659
Axcelis Technologies, Inc.^*		5,790		404,547
Veeco Instruments, Inc.^*		12,575		337,010
MaxLinear, Inc. — Class A^*		16,934		334,955
SiTime Corp.^*		1,374		294,764
Penguin Solutions, Inc.^*		14,214		272,767
ACM Research, Inc. — Class A^*		16,460		248,546
Wolfspeed, Inc.^*		35,402		235,777
Total Semiconductors				87,565,943
Energy-Alternate Sources - 3.8%
First Solar, Inc.^*		6,311		1,112,251
Canadian Solar, Inc.^*,1		74,622		829,797
Enphase Energy, Inc.^*		11,864		814,819
SolarEdge Technologies, Inc.^*,1		58,389		794,090
Total Energy-Alternate Sources				3,550,957
Electronics - 1.1%
Camtek Ltd.¹		13,143		1,061,560
Telecommunications - 1.0%
Credo Technology Group Holding Ltd.^*		14,583		980,123
Electrical Components & Equipment - 0.7%
Universal Display Corp.		4,633		677,345
Total Common Stocks
(Cost $49,077,831)				93,835,928

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	351,791	351,791
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		276,522	276,522
Total Repurchase Agreements
(Cost $628,313)			628,313

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.6%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		3,348,225		3,348,225
Total Securities Lending Collateral
(Cost $3,348,225)				3,348,225
Total Investments - 103.8%
(Cost $53,054,369)			$	97,812,466
Other Assets & Liabilities, net - (3.8)%				(3,601,561	)
Total Net Assets - 100.0%			$	94,210,905

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

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, 2024 (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	$	93,835,928	$	—	$	—	$	93,835,928
Repurchase Agreements		—		628,313		—		628,313
Securities Lending Collateral		3,348,225		—		—		3,348,225
Total Assets	$	97,184,153	$	628,313	$	—	$	97,812,466

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 48.5%
Technology - 16.2%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		1,275	$	251,800
Infosys Ltd. ADR		2,869		62,888
NetEase, Inc. ADR		311		27,744
ASE Technology Holding Company Ltd. ADR		1,539		15,498
United Microelectronics Corp. ADR¹		2,084		13,525
Wipro Ltd. ADR		2,527		8,946
Total Technology				380,401
Communications - 14.5%
Alibaba Group Holding Ltd. ADR		1,596		135,325
PDD Holdings, Inc. ADR^*		540		52,375
JD.com, Inc. ADR		1,295		44,898
Trip.com Group Ltd. ADR^*		477		32,751
Baidu, Inc. ADR^*		255		21,499
Chunghwa Telecom Company Ltd. ADR		340		12,801
America Movil SAB de CV ADR		848		12,135
Full Truck Alliance Company Ltd. ADR		664		7,184
Telkom Indonesia Persero Tbk PT ADR		425		6,991
Tencent Music Entertainment Group ADR		593		6,730
Bilibili, Inc. ADR^*		249		4,509
Vipshop Holdings Ltd. ADR		327		4,405
Total Communications				341,603
Financial - 9.1%
HDFC Bank Ltd. ADR		1,497		95,599
ICICI Bank Ltd. ADR		1,789		53,420
KB Financial Group, Inc. ADR		331		18,834
Shinhan Financial Group Company Ltd. ADR		456		14,993
KE Holdings, Inc. ADR		633		11,660
Banco Bradesco S.A. ADR		4,751		9,074
Woori Financial Group, Inc. ADR		197		6,156
Banco de Chile ADR		199		4,513
Total Financial				214,249
Basic Materials - 2.8%
Vale S.A. ADR		3,207		28,446
POSCO Holdings, Inc. ADR		266		11,534
Gold Fields Ltd. ADR		800		10,560
Suzano S.A. ADR		622		6,295
Sociedad Quimica y Minera de Chile S.A. ADR¹		128		4,654
Harmony Gold Mining Company Ltd. ADR		500		4,105
Total Basic Materials				65,594
Consumer, Non-cyclical - 2.0%
Fomento Economico Mexicano SAB de CV ADR		155		13,251
BeiGene Ltd. ADR^*		56		10,344
Dr Reddy’s Laboratories Ltd. ADR		545		8,605
Ambev S.A. ADR		3,946		7,300
New Oriental Education & Technology Group, Inc. ADR		110		7,060
Total Consumer, Non-cyclical				46,560
Consumer, Cyclical - 1.4%
Li Auto, Inc. ADR^*		569		13,650
XPeng, Inc. ADR^*		588		6,950
NIO, Inc. ADR^*,1		1,578		6,880
H World Group Ltd. ADR		152		5,021
Total Consumer, Cyclical				32,501
Industrial - 1.1%
Cemex SAB de CV ADR		1,354		7,636
ZTO Express Cayman, Inc. ADR		335		6,549
Grupo Aeroportuario del Pacifico SAB de CV ADR		36		6,300
Embraer S.A. ADR^*		156		5,722
Total Industrial				26,207
Energy - 0.9%
Petroleo Brasileiro S.A. ADR		1,664		21,399
Utilities - 0.5%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR		410		5,875
Centrais Eletricas Brasileiras S.A. ADR¹		816		4,668
Total Utilities				10,543
Total Common Stocks
(Cost $713,377)				1,139,057

PREFERRED STOCKS^† - 1.9%
Energy - 1.0%
Petroleo Brasileiro S.A.
ADR		1,979		23,431
Financial - 0.9%
Itau Unibanco Holding S.A.
ADR		4,334		21,497
Total Preferred Stocks
(Cost $35,535)				44,928

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 63.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³	$	838,796		838,796
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		659,328		659,328
Total Repurchase Agreements
(Cost $1,498,124)				1,498,124

Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,4 - 1.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁵		22,969	$	22,969
Total Securities Lending Collateral
(Cost $22,969)				22,969
Total Investments - 115.1%
(Cost $2,270,005)			$	2,705,078
Other Assets & Liabilities, net - (15.1)%				(355,031	)
Total Net Assets - 100.0%			$	2,350,047

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
BNP Paribas	S&P Emerging 50 ADR Index	Pay	4.93% (Federal Funds Rate + 0.60%)	At Maturity	03/27/25		348	$	1,023,065	$	(7,960	)
Goldman Sachs International	S&P Emerging 50 ADR Index	Pay	4.58% (Federal Funds Rate + 0.25%)	At Maturity	03/26/25		875		2,572,836		(11,786	)
								$	3,595,901	$	(19,746	)

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.
⁴	Securities lending collateral — See Note 5.
⁵	Rate indicated is the 7-day yield as of December 31, 2024.

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, 2024 (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	$	1,139,057	$	—	$	—	$	1,139,057
Preferred Stocks		44,928		—		—		44,928
Repurchase Agreements		—		1,498,124		—		1,498,124
Securities Lending Collateral		22,969		—		—		22,969
Total Assets	$	1,206,954	$	1,498,124	$	—	$	2,705,078

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	19,746			$	—			$	19,746

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

Emerging Markets Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
U.S. TREASURY BILLS^†† - 1.0%
U.S. Treasury Bills
4.21% due 01/16/25^1,2	$	5,000	$	4,992
Total U.S. Treasury Bills
(Cost $4,992)				4,992

REPURCHASE AGREEMENTS^††,3 - 90.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25⁴		268,085		268,085
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25⁴		210,725		210,725
Total Repurchase Agreements
(Cost $478,810)				478,810
Total Investments - 91.7%
(Cost $483,802)			$	483,802
Other Assets & Liabilities, net - 8.3%				43,950
Total Net Assets - 100.0%			$	527,752

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		4	Mar 2025	$	425,219	$	(1,788	)

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 Depreciation^**
Barclays Bank plc		ICE		CDX.EM.42.V1			1.00	%		Quarterly		12/20/29		$	420,000			$	(13,034	)		$	(11,996	)		$	(1,038	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

01/07/25

8,386

166,421

(4,570

)

^**	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, 2024.
²	Rate indicated is the effective yield at the time of purchase.
³	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.

CDX.EM.42.V1 — Credit Default Swap Emerging Markets Series 42 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, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	4,992	$	—	$	4,992
Repurchase Agreements		—		478,810		—		478,810
Total Assets	$	—	$	483,802	$	—	$	483,802

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	1,788	$	—	$	—	$	1,788
Credit Default Swap Agreements**		—		1,038		—		1,038
Credit Index Swap Agreements**		—		4,570		—		4,570
Total Liabilities	$	1,788	$	5,608	$	—	$	7,396

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

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.8%
Oil & Gas - 63.8%
Exxon Mobil Corp.		12,042	$	1,295,358
Chevron Corp.		6,354		920,313
ConocoPhillips		6,889		683,182
Equities Corp.		11,350		523,349
EOG Resources, Inc.		4,050		496,449
Marathon Petroleum Corp.		2,866		399,807
Phillips 66		3,508		399,666
Valero Energy Corp.		3,038		372,428
Hess Corp.		2,759		366,975
Occidental Petroleum Corp.		7,266		359,013
Diamondback Energy, Inc.		2,091		342,569
Expand Energy Corp.		2,864		285,111
BP plc ADR		9,545		282,150
Devon Energy Corp.		8,502		278,270
Shell plc ADR		4,320		270,648
Coterra Energy, Inc. — Class A		10,086		257,596
Canadian Natural Resources Ltd.		7,958		245,663
Petroleo Brasileiro S.A. ADR		18,324		235,647
Suncor Energy, Inc.		5,978		213,295
Cenovus Energy, Inc.		13,972		211,676
Antero Resources Corp.^*		5,626		197,191
Permian Resources Corp.		13,687		196,819
Ovintiv, Inc.		4,803		194,522
Viper Energy, Inc.		3,687		180,921
APA Corp.		7,711		178,047
Range Resources Corp.		4,896		176,158
Equinor ASA ADR¹		7,428		175,969
Chord Energy Corp.		1,365		159,596
Matador Resources Co.		2,735		153,871
Transocean Ltd.^*		40,520		151,950
Texas Pacific Land Corp.		127		140,457
HF Sinclair Corp.		3,989		139,814
CNX Resources Corp.^*		3,646		133,699
Weatherford International plc		1,835		131,441
Seadrill Ltd.^*		3,351		130,454
Magnolia Oil & Gas Corp. — Class A		5,436		127,094
SM Energy Co.		3,225		125,001
Civitas Resources, Inc.		2,718		124,675
Murphy Oil Corp.		4,103		124,157
California Resources Corp.		2,376		123,291
Noble Corporation plc		3,904		122,586
Patterson-UTI Energy, Inc.		13,707		113,220
Crescent Energy Co. — Class A¹		7,653		111,810
Northern Oil & Gas, Inc.		2,910		108,136
Valaris Ltd.^*		2,252		99,629
Helmerich & Payne, Inc.		3,110		99,582
PBF Energy, Inc. — Class A		3,310		87,881
Comstock Resources, Inc.^*		4,029		73,408
Vital Energy, Inc.^*		1,874		57,944
Total Oil & Gas				12,378,488
Pipelines - 17.2%
Williams Companies, Inc.		8,996		486,864
ONEOK, Inc.		4,524		454,210
Kinder Morgan, Inc.		16,247		445,168
Cheniere Energy, Inc.		1,937		416,203
Targa Resources Corp.		2,059		367,531
Enbridge, Inc.		5,698		241,766
TC Energy Corp.		4,594		213,759
DT Midstream, Inc.		1,888		187,724
Golar LNG Ltd.		3,654		154,637
Pembina Pipeline Corp.		3,814		140,927
Antero Midstream Corp.		9,002		135,840
New Fortress Energy, Inc.¹		5,752		86,970
Total Pipelines				3,331,599
Oil & Gas Services - 9.1%
Schlumberger N.V.		11,220		430,175
Baker Hughes Co.		9,253		379,558
Halliburton Co.		10,137		275,625
TechnipFMC plc		6,374		184,463
NOV, Inc.		9,772		142,671
ChampionX Corp.		4,909		133,476
Liberty Energy, Inc. — Class A		5,354		106,491
Tidewater, Inc.^*		1,931		105,645
Total Oil & Gas Services				1,758,104
Energy-Alternate Sources - 3.9%
First Solar, Inc.^*		1,385		244,092
Enphase Energy, Inc.^*		2,580		177,195
SolarEdge Technologies, Inc.^*,1		11,292		153,571
Sunrun, Inc.^*		8,893		82,260
Plug Power, Inc.^*,1		27,351		58,258
Green Plains, Inc.^*		4,768		45,201
Total Energy-Alternate Sources				760,577
Mining - 1.6%
Cameco Corp.		4,078		209,569
Uranium Energy Corp.^*		13,848		92,643
Total Mining				302,212
Transportation - 1.5%
Scorpio Tankers, Inc.		3,024		150,263
Frontline plc		9,539		135,358
Total Transportation				285,621
Coal - 0.8%
Peabody Energy Corp.		4,373		91,571
CONSOL Energy, Inc.		595		63,474
Total Coal				155,045
Metal Fabricate & Hardware - 0.7%
Tenaris S.A. ADR		3,855		145,681
Machinery-Diversified - 0.7%
Cactus, Inc. — Class A		2,181		127,283
Retail - 0.5%
Murphy USA, Inc.		197		98,845
Total Common Stocks
(Cost $9,175,694)				19,343,455

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.1%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	14,778		14,778
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		11,617		11,617
Total Repurchase Agreements
(Cost $26,395)				26,395

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 1.9%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		375,354	$	375,354
Total Securities Lending Collateral
(Cost $375,354)				375,354
Total Investments - 101.8%
(Cost $9,577,443)			$	19,745,204
Other Assets & Liabilities, net - (1.8)%				(347,766	)
Total Net Assets - 100.0%			$	19,397,438

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	19,343,455	$	—	$	—	$	19,343,455
Repurchase Agreements		—		26,395		—		26,395
Securities Lending Collateral		375,354		—		—		375,354
Total Assets	$	19,718,809	$	26,395	$	—	$	19,745,204

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas Services - 68.1%
Schlumberger N.V.		20,484	$	785,357
Baker Hughes Co.		16,904		693,402
Halliburton Co.		18,527		503,749
NOV, Inc.		17,839		260,449
TechnipFMC plc		8,696		251,662
ChampionX Corp.		8,970		243,894
Archrock, Inc.		9,090		226,250
Liberty Energy, Inc. — Class A		9,783		194,584
Tidewater, Inc.^*		3,515		192,306
Oceaneering International, Inc.^*		6,939		180,969
Kodiak Gas Services, Inc.		3,631		148,254
Expro Group Holdings N.V.^*		10,582		131,958
Atlas Energy Solutions, Inc.		5,892		130,685
Helix Energy Solutions Group, Inc.^*		13,674		127,442
Select Water Solutions, Inc. — Class A		9,515		125,979
ProPetro Holding Corp.^*		10,574		98,655
RPC, Inc.		13,858		82,316
ProFrac Holding Corp. — Class A^*,1		3,361		26,081
Total Oil & Gas Services				4,403,992
Oil & Gas - 24.8%
Weatherford International plc		3,361		240,748
Noble Corporation plc		7,108		223,191
Transocean Ltd.^*		55,288		207,330
Patterson-UTI Energy, Inc.		25,047		206,888
Helmerich & Payne, Inc.		5,692		182,258
Valaris Ltd.^*		4,116		182,092
Seadrill Ltd.^*		4,604		179,234
Borr Drilling Ltd.¹		38,529		150,263
Nabors Industries Ltd.^*		568		32,473
Total Oil & Gas				1,604,477
Machinery-Diversified - 3.6%
Cactus, Inc. — Class A		3,972		231,806
Metal Fabricate & Hardware - 3.0%
Tenaris S.A. ADR		5,249		198,360
Total Common Stocks
(Cost $3,282,496)				6,438,635

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	22,016	22,016
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		17,305	17,305
Total Repurchase Agreements
(Cost $39,321)			39,321

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		139,626		139,626
Total Securities Lending Collateral
(Cost $139,626)				139,626
Total Investments - 102.3%
(Cost $3,461,443)			$	6,617,582
Other Assets & Liabilities, net - (2.3)%				(147,975	)
Total Net Assets - 100.0%			$	6,469,607

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	6,438,635	$	—	$	—	$	6,438,635
Repurchase Agreements		—		39,321		—		39,321
Securities Lending Collateral		139,626		—		—		139,626
Total Assets	$	6,578,261	$	39,321	$	—	$	6,617,582

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 51.2%
Consumer, Non-cyclical - 17.7%
Novo Nordisk A/S ADR		352	$	30,279
Nestle S.A. ADR		288		23,530
AstraZeneca plc ADR		337		22,080
Roche Holding AG ADR¹		617		21,521
Novartis AG ADR		218		21,214
Unilever plc ADR		276		15,649
Sanofi S.A. ADR		253		12,202
RELX plc ADR		208		9,447
L’Oreal S.A. ADR		132		9,294
EssilorLuxottica S.A. ADR		68		8,206
GSK plc ADR		233		7,880
British American Tobacco plc ADR		216		7,845
Diageo plc ADR		61		7,755
Anheuser-Busch InBev S.A. ADR		112		5,608
Total Consumer, Non-cyclical				202,510
Financial - 9.5%
HSBC Holdings plc ADR¹		394		19,487
Allianz SE ADR¹		430		13,132
UBS Group AG^*		329		9,976
Zurich Insurance Group AG ADR¹		321		9,530
London Stock Exchange Group plc ADR		222		7,923
Banco Santander S.A. ADR		1,700		7,752
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR		734		7,355
BNP Paribas S.A. ADR		233		7,153
AXA S.A. ADR		201		7,152
UniCredit SpA ADR¹		340		6,793
Intesa Sanpaolo SpA ADR		267		6,448
ING Groep N.V. ADR		355		5,563
Total Financial				108,264
Industrial - 5.8%
Siemens AG ADR¹		165		15,952
Schneider Electric SE ADR		314		15,587
Airbus SE ADR		257		10,238
ABB Ltd. ADR		175		9,400
Safran S.A. ADR		165		8,992
Vinci S.A. ADR		258		6,622
Total Industrial				66,791
Technology - 5.1%
ASML Holding N.V. — Class G		44		30,496
SAP SE ADR		112		27,575
Total Technology				58,071
Energy - 3.8%
Shell plc ADR		338		21,176
TotalEnergies SE ADR		248		13,516
BP plc ADR		307		9,075
Total Energy				43,767
Consumer, Cyclical - 3.5%
LVMH Moet Hennessy Louis Vuitton SE ADR		140		18,297
Hermes International SCA ADR		38		9,083
Cie Financiere Richemont S.A. ADR¹		592		8,986
Mercedes-Benz Group AG ADR		304		4,201
Total Consumer, Cyclical				40,567
Basic Materials - 2.3%
Air Liquide S.A. ADR		316		10,191
Rio Tinto plc ADR		117		6,881
Glencore plc ADR^*		550		4,801
BASF SE ADR		390		4,252
Total Basic Materials				26,125
Utilities - 1.9%
Iberdrola S.A. ADR		158		8,712
National Grid plc ADR		112		6,655
Enel SpA ADR¹		856		6,061
Total Utilities				21,428
Communications - 1.6%
Deutsche Telekom AG ADR		391		11,671
Prosus N.V. ADR		803		6,376
Total Communications				18,047
Total Common Stocks
(Cost $417,991)				585,570

MUTUAL FUNDS^† - 12.1%
Guggenheim Ultra Short Duration Fund — Institutional Class²		7,027		70,341
Guggenheim Strategy Fund II²		2,760		68,597
Total Mutual Funds
(Cost $138,226)				138,938

	Face Amount
U.S. TREASURY BILLS^†† - 9.4%
U.S. Treasury Bills
4.21% due 01/16/25^3,4	$	108,000		107,822
Total U.S. Treasury Bills
(Cost $107,805)				107,822

REPURCHASE AGREEMENTS^††,5 - 26.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25		170,899		170,899
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		134,333		134,333
Total Repurchase Agreements
(Cost $305,232)				305,232

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 6.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁷		70,227		70,227
Total Securities Lending Collateral
(Cost $70,227)				70,227
Total Investments - 105.5%
(Cost $1,039,481)			$	1,207,789
Other Assets & Liabilities, net - (5.5)%				(63,123	)
Total Net Assets - 100.0%			$	1,144,666

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts	7	Mar 2025	$	909,344	$	(13,993	)
Equity Futures Contracts Purchased^††
STOXX 50 Index Futures Contracts	19	Mar 2025		841,109		(24,479	)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at December 31, 2024.
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, 2024.

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, 2024 (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	$	585,570	$	—	$	—	$	585,570
Mutual Funds		138,938		—		—		138,938
U.S. Treasury Bills		—		107,822		—		107,822
Repurchase Agreements		—		305,232		—		305,232
Securities Lending Collateral		70,227		—		—		70,227
Total Assets	$	794,735	$	413,054	$	—	$	1,207,789

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	—	$	24,479	$	—	$	24,479
Currency Futures Contracts**		13,993		—		—		13,993
Total Liabilities	$	13,993	$	24,479	$	—	$	38,472

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

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	67,907	$	–	$	–	$	–	$	690	$	68,597		2,760	$	2,943
Guggenheim Ultra Short Duration Fund — Institutional Class		69,638		–		–		–		703		70,341		7,027		2,719
	$	137,545	$	–	$	–	$	–	$	1,393	$	138,938			$	5,662

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 98.9%
Banks - 25.1%
JPMorgan Chase & Co.		2,038	$	488,529
Bank of America Corp.		7,328		322,066
Wells Fargo & Co.		4,115		289,038
Goldman Sachs Group, Inc.		448		256,534
Morgan Stanley		1,864		234,342
Citigroup, Inc.		3,050		214,689
PNC Financial Services Group, Inc.		837		161,415
U.S. Bancorp		3,307		158,174
NU Holdings Limited/Cayman Islands — Class A^*		13,895		143,952
Truist Financial Corp.		3,266		141,679
Bank of New York Mellon Corp.		1,822		139,984
ICICI Bank Ltd. ADR		4,077		121,739
Toronto-Dominion Bank		2,207		117,501
HDFC Bank Ltd. ADR		1,835		117,183
Royal Bank of Canada		912		109,905
Bank of Nova Scotia		2,040		109,589
M&T Bank Corp.		546		102,653
State Street Corp.		996		97,757
Fifth Third Bancorp		2,303		97,371
Popular, Inc.		1,031		96,976
Huntington Bancshares, Inc.		5,521		89,827
Regions Financial Corp.		3,653		85,919
Northern Trust Corp.		807		82,717
Citizens Financial Group, Inc.		1,826		79,906
KeyCorp		4,483		76,839
East West Bancorp, Inc.		699		66,936
First Horizon Corp.		3,044		61,306
Western Alliance Bancorporation		651		54,385
First Citizens BancShares, Inc. — Class A		25		52,825
Comerica, Inc.		849		52,511
Zions Bancorp North America		950		51,537
Old National Bancorp		2,326		50,486
Commerce Bancshares, Inc.		810		50,471
Columbia Banking System, Inc.		1,607		43,405
Pinnacle Financial Partners, Inc.		374		42,782
Wintrust Financial Corp.		341		42,526
Bank OZK		910		40,522
Valley National Bancorp		4,128		37,400
UMB Financial Corp.		308		34,761
Total Banks				4,618,137
Diversified Financial Services - 23.7%
Visa, Inc. — Class A		1,521		480,697
Mastercard, Inc. — Class A		747		393,348
American Express Co.		784		232,683
Blackrock, Inc.		222		227,574
Charles Schwab Corp.		2,619		193,832
CME Group, Inc. — Class A		747		173,476
Intercontinental Exchange, Inc.		1,151		171,511
Interactive Brokers Group, Inc. — Class A		908		160,416
Capital One Financial Corp.		853		152,107
Apollo Global Management, Inc.		908		149,965
Ares Management Corp. — Class A		782		138,437
Ameriprise Financial, Inc.		253		134,705
Coinbase Global, Inc. — Class A^*		527		130,854
Discover Financial Services		718		124,379
XP, Inc. — Class A		9,744		115,466
Nasdaq, Inc.		1,448		111,945
Blue Owl Capital, Inc.		4,678		108,810
Tradeweb Markets, Inc. — Class A		768		100,547
Raymond James Financial, Inc.		644		100,033
Synchrony Financial		1,439		93,535
LPL Financial Holdings, Inc.		285		93,055
T. Rowe Price Group, Inc.		807		91,264
Cboe Global Markets, Inc.		439		85,781
TPG, Inc.		1,303		81,881
SoFi Technologies, Inc.^*		4,799		73,905
Jefferies Financial Group, Inc.		810		63,504
Ally Financial, Inc.		1,625		58,516
SEI Investments Co.		701		57,818
Invesco Ltd.		2,954		51,636
Franklin Resources, Inc.		2,264		45,937
SLM Corp.		1,644		45,342
Hamilton Lane, Inc. — Class A		299		44,267
Virtu Financial, Inc. — Class A		1,190		42,459
Upstart Holdings, Inc.^*		590		36,326
Total Diversified Financial Services				4,366,011
REITs - 18.2%
Prologis, Inc.		1,734		183,284
Equinix, Inc.		188		177,263
American Tower Corp. — Class A		929		170,388
Welltower, Inc.		1,318		166,108
Digital Realty Trust, Inc.		810		143,637
Simon Property Group, Inc.		791		136,218
Realty Income Corp.		2,389		127,597
Public Storage		423		126,663
Crown Castle, Inc.		1,264		114,721
Extra Space Storage, Inc.		694		103,822
AvalonBay Communities, Inc.		471		103,606
Iron Mountain, Inc.		966		101,536
VICI Properties, Inc.		3,469		101,329
Equity Residential		1,335		95,800
Ventas, Inc.		1,584		93,282
SBA Communications Corp.		423		86,207
Weyerhaeuser Co.		2,943		82,845
Invitation Homes, Inc.		2,498		79,861
Mid-America Apartment Communities, Inc.		512		79,140
Alexandria Real Estate Equities, Inc.		780		76,089
Sun Communities, Inc.		602		74,028
Kimco Realty Corp.		3,107		72,797
Healthpeak Properties, Inc.		3,464		70,215
UDR, Inc.		1,617		70,194
Regency Centers Corp.		941		69,568
Gaming and Leisure Properties, Inc.		1,385		66,702
American Homes 4 Rent — Class A		1,738		65,036
Camden Property Trust		557		64,634
Host Hotels & Resorts, Inc.		3,638		63,738
Equity LifeStyle Properties, Inc.		956		63,670
BXP, Inc.		808		60,083
Lamar Advertising Co. — Class A		483		58,800

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 98.9% (continued)
REITs - 18.2% (continued)
Annaly Capital Management, Inc.		3,197	$	58,505
Rexford Industrial Realty, Inc.		1,408		54,433
AGNC Investment Corp.¹		5,766		53,105
Sabra Health Care REIT, Inc.		2,190		37,931
Total REITs				3,352,835
Insurance - 18.0%
Berkshire Hathaway, Inc. — Class B^*		1,289		584,278
Progressive Corp.		935		224,035
Marsh & McLennan Companies, Inc.		906		192,444
Arch Capital Group Ltd.		1,816		167,708
Willis Towers Watson plc		517		161,945
Arthur J Gallagher & Co.		563		159,808
Chubb Ltd.		531		146,715
Aflac, Inc.		1,376		142,334
Travelers Companies, Inc.		579		139,475
Aon plc — Class A		385		138,277
Allstate Corp.		699		134,760
American International Group, Inc.		1,776		129,293
MetLife, Inc.		1,548		126,750
Prudential Financial, Inc.		1,025		121,493
Hartford Financial Services Group, Inc.		966		105,680
Everest Group Ltd.		278		100,764
Brown & Brown, Inc.		910		92,838
Cincinnati Financial Corp.		605		86,939
Principal Financial Group, Inc.		1,017		78,726
W R Berkley Corp.		1,308		76,544
Equitable Holdings, Inc.		1,548		73,019
Corebridge Financial, Inc.		2,115		63,302
Selective Insurance Group, Inc.		366		34,228
Erie Indemnity Co. — Class A		79		32,566
Total Insurance				3,313,921
Commercial Services - 6.7%
S&P Global, Inc.		473		235,568
PayPal Holdings, Inc.^*		2,004		171,041
Moody’s Corp.		335		158,579
Block, Inc. — Class A^*		1,552		131,905
StoneCo Ltd. — Class A^*		12,789		101,928
Global Payments, Inc.		889		99,621
Corpay, Inc.^*		261		88,328
Toast, Inc. — Class A^*		2,195		80,008
Affirm Holdings, Inc.^*		1,194		72,715
Shift4 Payments, Inc. — Class A^*		575		59,674
MarketAxess Holdings, Inc.		178		40,235
Total Commercial Services				1,239,602
Private Equity - 3.4%
Blackstone, Inc. — Class A		1,544		266,216
KKR & Company, Inc. — Class A		1,257		185,923
Brookfield Corp.		1,912		109,844
Carlyle Group, Inc.		1,297		65,486
Total Private Equity				627,469
Software - 2.8%
Fiserv, Inc.^*		1,004		206,242
MSCI, Inc. — Class A		207		124,202
Fidelity National Information Services, Inc.		1,506		121,640
Jack Henry & Associates, Inc.		381		66,789
Total Software				518,873
Internet - 0.6%
Robinhood Markets, Inc. — Class A^*		2,778		103,508
Investment Companies - 0.4%
Ares Capital Corp.		3,245		71,033
Total Common Stocks
(Cost $14,077,494)				18,211,389

PREFERRED STOCKS^† - 0.6%
Banks - 0.6%
Itau Unibanco Holding S.A.
ADR		20,472		101,541
Total Preferred Stocks
(Cost $104,153)				101,541

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.3%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	30,124	30,124
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		23,679	23,679
Total Repurchase Agreements
(Cost $53,803)			53,803

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		41,401		41,401
Total Securities Lending Collateral
(Cost $41,401)				41,401
Total Investments - 100.0%
(Cost $14,276,851)			$	18,408,134
Other Assets & Liabilities, net - 0.0%				7,631
Total Net Assets - 100.0%			$	18,415,765

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

ADR — American Depositary Receipt

plc — Public Limited Company

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	18,211,389	$	—	$	—	$	18,211,389
Preferred Stocks		101,541		—		—		101,541
Repurchase Agreements		—		53,803		—		53,803
Securities Lending Collateral		41,401		—		—		41,401
Total Assets	$	18,354,331	$	53,803	$	—	$	18,408,134

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 11.6%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		81,225	$	813,058
Guggenheim Strategy Fund II¹		32,350		804,225
Total Mutual Funds
(Cost $1,607,879)				1,617,283

		Face Amount
U.S. GOVERNMENT SECURITIES^†† - 79.3%
U.S. Treasury Bonds
4.50% due 11/15/54	$	11,600,000		11,079,812
Total U.S. Government Securities
(Cost $11,383,901)				11,079,812

U.S. TREASURY BILLS^†† - 2.0%
U.S. Treasury Bills
4.21% due 01/16/25^2,3		276,000		275,546
Total U.S. Treasury Bills
(Cost $275,502)				275,546

REPURCHASE AGREEMENTS^††,4 - 12.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25		979,965		979,965
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		770,293		770,293
Total Repurchase Agreements
(Cost $1,750,258)				1,750,258
Total Investments - 105.4%
(Cost $15,017,540)			$	14,722,899
Other Assets & Liabilities, net - (5.4)%				(750,095	)
Total Net Assets - 100.0%			$	13,972,804

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury Ultra Long Bond Futures Contracts	48	Mar 2025	$	5,706,000	$	(157,321	)

^**	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, 2024.
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, 2024 (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	$	1,617,283	$	—	$	—	$	1,617,283
U.S. Government Securities		—		11,079,812		—		11,079,812
U.S. Treasury Bills		—		275,546		—		275,546
Repurchase Agreements		—		1,750,258		—		1,750,258
Total Assets	$	1,617,283	$	13,105,616	$	—	$	14,722,899

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Interest Rate Futures Contracts**		$	157,321			$	—			$	—			$	157,321

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

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,597,404	$	–	$	(800,000	)	$	(6,340	)	$	13,161	$	804,225		32,350	$	36,387
Guggenheim Ultra Short Duration Fund — Institutional Class		1,806,249		–		(1,000,000	)		(6,366	)		13,175		813,058		81,225		33,495
	$	3,403,653	$	–	$	(1,800,000	)	$	(12,706	)	$	26,336	$	1,617,283			$	69,882

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Pharmaceuticals - 31.9%
Eli Lilly & Co.		1,167	$	900,924
Johnson & Johnson		4,576		661,781
AbbVie, Inc.		3,587		637,410
Merck & Company, Inc.		5,608		557,884
Pfizer, Inc.		16,803		445,784
Bristol-Myers Squibb Co.		6,758		382,232
McKesson Corp.		523		298,063
Becton Dickinson & Co.		1,254		284,495
Zoetis, Inc.		1,709		278,447
AstraZeneca plc ADR		4,101		268,697
CVS Health Corp.		5,658		253,988
Cencora, Inc. — Class A		973		218,614
Teva Pharmaceutical Industries Ltd. ADR^*		9,349		206,052
Dexcom, Inc.^*		2,483		193,103
Cardinal Health, Inc.		1,600		189,232
Novo Nordisk A/S ADR		2,024		174,104
GSK plc ADR		5,019		169,743
Jazz Pharmaceuticals plc^*		1,342		165,267
Novartis AG ADR		1,588		154,528
Alkermes plc^*		5,256		151,163
Neurocrine Biosciences, Inc.^*		1,001		136,636
Viatris, Inc.		10,613		132,132
Vaxcyte, Inc.^*		1,306		106,909
Henry Schein, Inc.^*		1,425		98,610
Corcept Therapeutics, Inc.^*		1,389		69,992
Option Care Health, Inc.^*		3,010		69,832
Madrigal Pharmaceuticals, Inc.^*		175		54,000
Total Pharmaceuticals				7,259,622
Healthcare-Products - 29.2%
Thermo Fisher Scientific, Inc.		961		499,941
Abbott Laboratories		4,380		495,422
Intuitive Surgical, Inc.^*		904		471,852
Danaher Corp.		1,882		432,013
Boston Scientific Corp.^*		4,534		404,977
Stryker Corp.		1,082		389,574
Medtronic plc		2,989		238,761
Edwards Lifesciences Corp.^*		3,156		233,639
Agilent Technologies, Inc.		1,609		216,153
GE HealthCare Technologies, Inc.		2,634		205,926
IDEXX Laboratories, Inc.^*		488		201,759
ResMed, Inc.		864		197,588
West Pharmaceutical Services, Inc.		518		169,676
Waters Corp.^*		443		164,344
Zimmer Biomet Holdings, Inc.		1,536		162,248
STERIS plc		760		156,226
Natera, Inc.^*		975		154,343
Cooper Companies, Inc.^*		1,621		149,019
Insulet Corp.^*		563		146,982
Hologic, Inc.^*		1,936		139,566
Baxter International, Inc.		4,555		132,824
Avantor, Inc.^*		6,096		128,443
Align Technology, Inc.^*		615		128,234
Bio-Techne Corp.		1,607		115,752
Exact Sciences Corp.^*		1,872		105,188
Masimo Corp.^*		594		98,188
Repligen Corp.^*		656		94,425
Bruker Corp.		1,510		88,516
Lantheus Holdings, Inc.^*		963		86,150
Merit Medical Systems, Inc.^*		831		80,374
PROCEPT BioRobotics Corp.^*		838		67,476
Dentsply Sirona, Inc.		3,528		66,961
Inari Medical, Inc.^*		1,206		61,566
Twist Bioscience Corp.^*		1,235		57,390
Tandem Diabetes Care, Inc.^*		1,555		56,011
TransMedics Group, Inc.^*		798		49,755
Total Healthcare-Products				6,647,262
Biotechnology - 21.1%
Amgen, Inc.		1,579		411,551
Gilead Sciences, Inc.		4,122		380,749
Vertex Pharmaceuticals, Inc.^*		845		340,282
Regeneron Pharmaceuticals, Inc.^*		431		307,014
Alnylam Pharmaceuticals, Inc.^*		812		191,072
Argenx SE ADR^*		279		171,585
Biogen, Inc.^*		1,093		167,142
Illumina, Inc.^*		1,169		156,213
BioNTech SE ADR^*		1,271		144,830
United Therapeutics Corp.^*		393		138,666
Moderna, Inc.^*		3,182		132,308
CRISPR Therapeutics AG^*,1		3,296		129,731
Royalty Pharma plc — Class A		5,045		128,698
BioMarin Pharmaceutical, Inc.^*		1,900		124,887
Insmed, Inc.^*		1,756		121,234
Sarepta Therapeutics, Inc.^*		968		117,699
Incyte Corp.^*		1,683		116,245
Exelixis, Inc.^*		3,144		104,695
Intra-Cellular Therapies, Inc.^*		1,231		102,813
REVOLUTION Medicines, Inc.^*		2,175		95,135
Halozyme Therapeutics, Inc.^*		1,808		86,441
Legend Biotech Corp. ADR^*		2,549		82,944
Roivant Sciences Ltd.^*		6,924		81,911
Cytokinetics, Inc.^*		1,732		81,473
Blueprint Medicines Corp.^*		928		80,940
Ionis Pharmaceuticals, Inc.^*		2,284		79,849
Bridgebio Pharma, Inc.^*		2,658		72,936
TG Therapeutics, Inc.^*		2,393		72,029
Crinetics Pharmaceuticals, Inc.^*		1,406		71,889
ADMA Biologics, Inc.^*		3,935		67,485
Viking Therapeutics, Inc.^*		1,664		66,959
Apellis Pharmaceuticals, Inc.^*		2,064		65,862
Axsome Therapeutics, Inc.^*		736		62,273
Guardant Health, Inc.^*		2,035		62,169
Avidity Biosciences, Inc.^*		2,073		60,283
Iovance Biotherapeutics, Inc.^*		6,671		49,365
Krystal Biotech, Inc.^*		284		44,491
Novavax, Inc.^*		4,508		36,244
Total Biotechnology				4,808,092
Healthcare-Services - 16.2%
UnitedHealth Group, Inc.		1,493		755,249
Elevance Health, Inc.		876		323,156
Cigna Group		1,112		307,068
HCA Healthcare, Inc.		857		257,228
ICON plc^*		1,039		217,889
IQVIA Holdings, Inc.^*		1,060		208,301
Centene Corp.^*		3,265		197,794
Humana, Inc.		738		187,238
Labcorp Holdings, Inc.		672		154,103
Quest Diagnostics, Inc.		944		142,412

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Healthcare-Services - 16.2% (continued)
Molina Healthcare, Inc.^*		485	$	141,159
Tenet Healthcare Corp.^*		930		117,394
Universal Health Services, Inc. — Class B		648		116,264
Charles River Laboratories International, Inc.^*		582		107,437
HealthEquity, Inc.^*		1,058		101,515
Ensign Group, Inc.		712		94,596
Medpace Holdings, Inc.^*		277		92,028
DaVita, Inc.^*		589		88,085
Acadia Healthcare Company, Inc.^*		1,635		64,828
Total Healthcare-Services				3,673,744
Software - 0.8%
Veeva Systems, Inc. — Class A^*		890		187,122
Internet - 0.3%
Hims & Hers Health, Inc.^*		2,677		64,730
Total Common Stocks
(Cost $15,152,500)				22,640,572

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

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	80,726	80,726
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		63,454	63,454
Total Repurchase Agreements
(Cost $144,180)			144,180

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		16,116		16,116
Total Securities Lending Collateral
(Cost $16,116)				16,116
Total Investments - 100.2%
(Cost $15,312,796)			$	22,800,868
Other Assets & Liabilities, net - (0.2)%				(48,404	)
Total Net Assets - 100.0%			$	22,752,464

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
^†††	Value determined based on Level 3 inputs — See Note 3.
¹	All or a portion of this security is on loan at December 31, 2024 — 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, 2024.

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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	22,640,572	$	—	$	—		$	22,640,572
Rights		—		—		—	*		—
Repurchase Agreements		—		144,180		—			144,180
Securities Lending Collateral		16,116		—		—			16,116
Total Assets	$	22,656,688	$	144,180	$	—		$	22,800,868

Security has a market value of $0.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 15.1%
Guggenheim Strategy Fund III¹		79,841	$	1,992,035
Guggenheim Ultra Short Duration Fund — Institutional Class¹		133,249		1,333,822
Guggenheim Strategy Fund II¹		53,173		1,321,875
Total Mutual Funds
(Cost $4,578,426)				4,647,732

		Face Amount
U.S. TREASURY BILLS^†† - 24.4%
U.S. Treasury Bills
4.35% due 01/07/25²	$	5,000,000		4,997,158
4.21% due 01/16/25^2,3		1,085,000		1,083,214
4.19% due 01/14/25²		800,000		798,882
4.52% due 01/09/25²		600,000		599,510
Total U.S. Treasury Bills
(Cost $7,477,660)				7,478,764

FEDERAL AGENCY DISCOUNT NOTES^†† - 22.8%
Federal Home Loan Bank
4.50% due 01/02/25²		3,000,000		2,999,625
4.30% due 02/05/25²		2,000,000		1,991,639
4.30% due 01/23/25²		1,000,000		997,372
Farmer Mac
4.25% due 01/17/25²		1,000,000		998,111
Total Federal Agency Discount Notes
(Cost $6,986,747)				6,986,747

FEDERAL AGENCY NOTES^†† - 16.3%
Federal Home Loan Bank
4.41% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25^◊		3,000,000		3,000,402
4.39% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25^◊		2,000,000		2,000,010
Total Federal Agency Notes
(Cost $5,000,000)				5,000,412

REPURCHASE AGREEMENTS^††,4 - 16.2%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25⁵		2,792,018		2,792,018
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25⁵		2,194,639		2,194,639
Total Repurchase Agreements
(Cost $4,986,657)				4,986,657
Total Investments - 94.8%
(Cost $29,029,490)			$	29,100,312
Other Assets & Liabilities, net - 5.2%				1,608,275
Total Net Assets - 100.0%			$	30,708,587

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		286	Mar 2025	$	30,403,141	$	(126,608	)

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.43.V1		5.00	%	Quarterly	12/20/29	$	20,850,000	$	1,607,212	$	1,463,604	$	143,608
Goldman Sachs International	ICE	CDX.NA.HY.43.V1		5.00	%	Quarterly	12/20/29		6,700,000		516,466		466,518		49,948
										$	2,123,678	$	1,930,122	$	193,556

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements^††

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

03/27/25

1,222

96,065

526

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

03/27/25

1,788

170,620

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Credit Index Swap Agreements^†† (continued)
Goldman Sachs International	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	4.58% (Federal Funds Rate + 0.25%)	At Maturity	01/07/25		16,337	$	1,284,088	$	(14,377	)
								$	1,550,773	$	(13,851	)

^**	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, 2024. 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 and credit default swap collateral at December 31, 2024.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.

CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1

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, 2024 (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	$	4,647,732	$	—	$	—	$	4,647,732
U.S. Treasury Bills		—		7,478,764		—		7,478,764
Federal Agency Discount Notes		—		6,986,747		—		6,986,747
Federal Agency Notes		—		5,000,412		—		5,000,412
Repurchase Agreements		—		4,986,657		—		4,986,657
Credit Default Swap Agreements**		—		193,556		—		193,556
Credit Index Swap Agreements**		—		526		—		526
Total Assets	$	4,647,732	$	24,646,662	$	—	$	29,294,394

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	126,608	$	—	$	—	$	126,608
Credit Index Swap Agreements**		—		14,377		—		14,377
Total Liabilities	$	126,608	$	14,377	$	—	$	140,985

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

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,308,049	$	–	$	–	$	–	$	13,826	$	1,321,875		53,173	$	56,699
Guggenheim Strategy Fund III		1,969,680		–		–		–		22,355		1,992,035		79,841		81,979
Guggenheim Ultra Short Duration Fund — Institutional Class		1,320,497		–		–		–		13,325		1,333,822		133,249		51,600
	$	4,598,226	$	–	$	–	$	–	$	49,506	$	4,647,732			$	190,278

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Internet - 57.1%
Alphabet, Inc. — Class A		8,130	$	1,539,009
Amazon.com, Inc.^*		6,559		1,438,979
Meta Platforms, Inc. — Class A		2,038		1,193,269
Netflix, Inc.^*		993		885,081
Uber Technologies, Inc.^*		8,257		498,062
Booking Holdings, Inc.		90		447,158
Airbnb, Inc. — Class A^*		2,957		388,579
DoorDash, Inc. — Class A^*		2,072		347,578
Alibaba Group Holding Ltd. ADR		3,257		276,161
eBay, Inc.		3,963		245,508
MercadoLibre, Inc.^*		140		238,062
Spotify Technology S.A.^*		528		236,217
GoDaddy, Inc. — Class A^*		1,196		236,055
Coupang, Inc.^*		10,392		228,416
Reddit, Inc. — Class A^*		1,388		226,855
Expedia Group, Inc.^*		1,208		225,087
JD.com, Inc. ADR		6,432		222,997
Shopify, Inc. — Class A^*		2,074		220,528
Baidu, Inc. ADR^*		2,395		201,922
Trip.com Group Ltd. ADR^*		2,858		196,230
Pinterest, Inc. — Class A^*		6,753		195,837
Sea Ltd. ADR^*		1,832		194,375
VeriSign, Inc.^*		939		194,335
Zillow Group, Inc. — Class C^*		2,357		174,536
F5, Inc.^*		687		172,760
Snap, Inc. — Class A^*		15,641		168,454
Bilibili, Inc. ADR^*		9,202		166,648
Okta, Inc.^*		2,081		163,983
Chewy, Inc. — Class A^*		4,807		160,986
Roku, Inc.^*		1,921		142,807
Match Group, Inc.		4,284		140,130
Wix.com Ltd.^*		609		130,661
Etsy, Inc.^*		1,959		103,612
Wayfair, Inc. — Class A^*		2,196		97,327
Lyft, Inc. — Class A^*		7,180		92,622
Cargurus, Inc.^*		2,375		86,782
Trump Media & Technology Group Corp.^*		2,395		81,669
IAC, Inc.^*		1,882		81,189
TripAdvisor, Inc.^*		4,236		62,566
Ziff Davis, Inc.^*		905		49,178
Bumble, Inc. — Class A^*		5,464		44,477
Total Internet				12,196,687
Software - 25.3%
Salesforce, Inc.		2,336		780,995
Adobe, Inc.^*		1,490		662,573
Workday, Inc. — Class A^*		1,415		365,112
Datadog, Inc. — Class A^*		2,110		301,498
Snowflake, Inc. — Class A^*		1,910		294,923
Electronic Arts, Inc.		1,853		271,094
Cloudflare, Inc. — Class A^*		2,465		265,431
ROBLOX Corp. — Class A^*		4,582		265,115
Take-Two Interactive Software, Inc.^*		1,388		255,503
Veeva Systems, Inc. — Class A^*		1,154		242,629
Zoom Communications, Inc. — Class A^*		2,622		213,981
DocuSign, Inc.^*		2,106		189,414
NetEase, Inc. ADR		2,032		181,275
MongoDB, Inc.^*		745		173,443
Twilio, Inc. — Class A^*		1,600		172,928
Akamai Technologies, Inc.^*		1,781		170,353
Nutanix, Inc. — Class A^*		2,694		164,819
Dropbox, Inc. — Class A^*		4,571		137,313
Box, Inc. — Class A^*		2,975		94,010
ZoomInfo Technologies, Inc. — Class A^*		7,755		81,505
Smartsheet, Inc. — Class A^*		1,365		76,481
DigitalOcean Holdings, Inc.^*		1,733		59,043
Total Software				5,419,438
Telecommunications - 11.4%
Cisco Systems, Inc.		11,364		672,749
Arista Networks, Inc.^*		4,421		488,653
Motorola Solutions, Inc.		862		398,442
Telefonaktiebolaget LM Ericsson ADR		22,033		177,586
Nokia Oyj ADR¹		38,502		170,564
Juniper Networks, Inc.		4,317		161,672
Ciena Corp.^*		1,783		151,216
Extreme Networks, Inc.^*		3,918		65,587
Viavi Solutions, Inc.^*		6,367		64,307
Applied Digital Corp.^*		6,160		47,063
Viasat, Inc.^*		5,338		45,426
Total Telecommunications				2,443,265
Commercial Services - 2.4%
PayPal Holdings, Inc.^*		4,858		414,630
Paylocity Holding Corp.^*		472		94,150
Total Commercial Services				508,780
Real Estate - 1.1%
CoStar Group, Inc.^*		3,329		238,323
Entertainment - 0.9%
DraftKings, Inc. — Class A^*		4,932		183,470
Computers - 0.5%
Lumentum Holdings, Inc.^*		1,214		101,915
Investment Companies - 0.4%
Core Scientific, Inc.^*		5,635		79,172
Healthcare-Services - 0.2%
Teladoc Health, Inc.^*		5,961		54,186
Electronics - 0.2%
Applied Optoelectronics, Inc.^*		1,444		53,226
Total Common Stocks
(Cost $14,016,257)				21,278,462

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	81,219	81,219
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		63,841	63,841
Total Repurchase Agreements
(Cost $145,060)			145,060

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.5%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		104,980	$	104,980
Total Securities Lending Collateral
(Cost $104,980)				104,980
Total Investments - 100.7%
(Cost $14,266,297)			$	21,528,502
Other Assets & Liabilities, net - (0.7)%				(141,974	)
Total Net Assets - 100.0%			$	21,386,528

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	21,278,462	$	—	$	—	$	21,278,462
Repurchase Agreements		—		145,060		—		145,060
Securities Lending Collateral		104,980		—		—		104,980
Total Assets	$	21,383,442	$	145,060	$	—	$	21,528,502

Inverse Emerging Markets 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 90.1%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25²	$	138,912	$	138,912
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25²		109,190		109,190
Total Repurchase Agreements
(Cost $248,102)				248,102
Total Investments - 90.1%
(Cost $248,102)			$	248,102
Other Assets & Liabilities, net - 9.9%				27,137
Total Net Assets - 100.0%			$	275,239

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

S&P Emerging 50 ADR Index

Receive

3.58% (Federal Funds Rate - 0.75%)

At Maturity

03/26/25

280,838

6,239

BNP Paribas

S&P Emerging 50 ADR Index

Receive

4.13% (Federal Funds Rate - 0.20%)

At Maturity

03/27/25

257,625

2,004

538,463

8,243

^††	Value determined based on Level 2 inputs — See Note 3.
¹	Repurchase Agreements — See Note 4.
²	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	—	$	248,102	$	—	$	248,102
Equity Index Swap Agreements**		—		8,243		—		8,243
Total Assets	$	—	$	256,345	$	—	$	256,345

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

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 26.8%
Guggenheim Strategy Fund II¹		137,556	$	3,419,634
Guggenheim Ultra Short Duration Fund — Institutional Class¹		326,794		3,271,211
Total Mutual Funds
(Cost $6,642,019)				6,690,845

	Face Amount
U.S. TREASURY BILLS^†† - 30.0%
U.S. Treasury Bills
4.19% due 01/21/25²	$	3,000,000		2,993,282
4.18% due 01/07/25²		2,350,000		2,348,664
4.52% due 01/09/25²		2,000,000		1,998,364
4.21% due 01/16/25^2,3		149,000		148,755
Total U.S. Treasury Bills
(Cost $7,488,105)				7,489,065

REPURCHASE AGREEMENTS^††,4 - 124.9%
Individual Repurchase Agreements⁵ Mizuho Securities USA LLC issued 12/31/24 at 4.20% due 01/02/25 (secured by a U.S. Treasury Bond, at a rate of 4.20% and maturing 11/15/54 as collateral, with a value of $13,780,724) to be repurchased at $13,512,090		13,510,513		13,510,513
Barclays Capital, Inc. issued 12/31/24 at 4.00% due 01/02/25 (secured by a U.S. Treasury Bond, at a rate of 4.00% and maturing 11/15/54 as collateral, with a value of $6,747,300) to be repurchased at $6,615,735		6,615,000		6,615,000
Joint Repurchase Agreements⁵
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25		6,195,408		6,195,408
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		4,869,842		4,869,842
Total Repurchase Agreements
(Cost $31,190,763)				31,190,763
Total Investments - 181.7%
(Cost $45,320,887)			$	45,370,673

U.S. Government Securities Sold Short^†† - (81.5)%
U.S. Treasury Bonds
4.50% due 11/15/54		21,300,000		(20,344,828	)
Total U.S. Government Securities Sold Short - (81.5)%
(Proceeds $20,857,580)			$	(20,344,828	)
Other Assets & Liabilities, net - (0.2)%				(49,022	)
Total Net Assets - 100.0%			$	24,976,823

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Sold Short^†

U.S. Treasury Ultra Long Bond Futures Contracts

Mar 2025

4,636,125

159,794

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

^**	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, 2024.
⁴	Repurchase Agreements — See Note 4.
⁵	All or a portion of this security is pledged as short security collateral at December 31, 2024.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	6,690,845	$	—	$	—	$	6,690,845
U.S. Treasury Bills		—		7,489,065		—		7,489,065
Repurchase Agreements		—		31,190,763		—		31,190,763
Interest Rate Futures Contracts**		159,794		—		—		159,794
Total Assets	$	6,850,639	$	38,679,828	$	—	$	45,530,467

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
U.S. Government Securities		$	—			$	20,344,828			$	—			$	20,344,828

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,180,462	$	–	$	(1,800,000	)	$	(19,647	)	$	58,819	$	3,419,634		137,556	$	169,022
Guggenheim Ultra Short Duration Fund — Institutional Class		4,734,506		–		(1,500,000	)		(3,171	)		39,876		3,271,211		326,794		144,044
	$	9,914,968	$	–	$	(3,300,000	)	$	(22,818	)	$	98,695	$	6,690,845			$	313,066

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 11.9%
Guggenheim Strategy Fund II¹		9,164	$	227,829
Guggenheim Ultra Short Duration Fund — Institutional Class¹		22,678		227,008
Total Mutual Funds
(Cost $449,758)				454,837

		Face Amount
U.S. TREASURY BILLS^†† - 1.2%
U.S. Treasury Bills
4.21% due 01/16/25^2,3	$	47,000		46,922
Total U.S. Treasury Bills
(Cost $46,915)				46,922

REPURCHASE AGREEMENTS^††,4 - 82.2%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25		1,769,748		1,769,748
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		1,391,094		1,391,094
Total Repurchase Agreements
(Cost $3,160,842)				3,160,842
Total Investments - 95.3%
(Cost $3,657,515)			$	3,662,601
Other Assets & Liabilities, net - 4.7%				181,867
Total Net Assets - 100.0%			$	3,844,468

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Sold Short^†

U.S. Treasury 5 Year Note Futures Contracts

Mar 2025

3,933,273

45,734

Centrally Cleared Credit Default Swap Agreements Protection Purchased^††

Counterparty		Exchange		Index		Protection Premium Rate				Payment Frequency		Maturity Date		Notional Amount				Value				Upfront Premiums Received				Unrealized Appreciation^**
Barclays Bank plc		ICE		CDX.NA.HY.43.V1			5.00	%		Quarterly		12/20/29		$	3,600,000			$	(277,504	)		$	(306,553	)		$	29,049

^**	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, 2024.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 4.

CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1

ICE — Intercontinental Exchange

plc — Public Limited Company

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	454,837	$	—	$	—	$	454,837
U.S. Treasury Bills		—		46,922		—		46,922
Repurchase Agreements		—		3,160,842		—		3,160,842
Interest Rate Futures Contracts**		45,734		—		—		45,734
Credit Default Swap Agreements**		—		29,049		—		29,049
Total Assets	$	500,571	$	3,236,813	$	—	$	3,737,384

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

Inverse High Yield Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	721,015	$	–	$	(500,000	)	$	2,072	$	4,742	$	227,829		9,164	$	27,052
Guggenheim Ultra Short Duration Fund — Institutional Class		373,439		–		(150,000	)		1,000		2,569		227,008		22,678		13,615
	$	1,094,454	$	–	$	(650,000	)	$	3,072	$	7,311	$	454,837			$	40,667

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 51.4%
Guggenheim Strategy Fund II¹		2,020	$	50,197
Guggenheim Ultra Short Duration Fund — Institutional Class¹		4,630		46,347
Total Mutual Funds
(Cost $95,671)				96,544

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 45.8%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³	$	48,186		48,186
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		37,876		37,876
Total Repurchase Agreements
(Cost $86,062)				86,062
Total Investments - 97.2%
(Cost $181,733)			$	182,606
Other Assets & Liabilities, net - 2.8%				5,215
Total Net Assets - 100.0%			$	187,821

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

S&P MidCap 400 Index

Receive

4.28% (Federal Funds Rate - 0.05%)

At Maturity

03/26/25

43,234

1,607

BNP Paribas

S&P MidCap 400 Index

Receive

4.48% (Federal Funds Rate + 0.15%)

At Maturity

03/27/25

64,904

(101

)

Barclays Bank plc

S&P MidCap 400 Index

Receive

4.92% (SOFR + 0.55%)

At Maturity

03/27/25

78,725

(212

)

186,863

1,294

^†	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, 2024.

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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	96,544	$	—	$	—	$	96,544
Repurchase Agreements		—		86,062		—		86,062
Equity Index Swap Agreements**		—		1,607		—		1,607
Total Assets	$	96,544	$	87,669	$	—	$	184,213

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	313			$	—			$	313

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

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	49,692	$	–	$	–	$	–	$	505	$	50,197		2,020	$	2,154
Guggenheim Ultra Short Duration Fund — Institutional Class		45,884		–		–		–		463		46,347		4,630		1,791
	$	95,576	$	–	$	–	$	–	$	968	$	96,544			$	3,945

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 12.7%
Guggenheim Strategy Fund II¹		49,399	$	1,227,574
Guggenheim Ultra Short Duration Fund — Institutional Class¹		87,169		872,558
Total Mutual Funds
(Cost $2,033,556)				2,100,132

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 27.2%
Federal Home Loan Bank
4.31% due 01/02/25²	$	2,500,000	2,499,701
4.30% due 02/05/25²		2,000,000	1,991,639
Total Federal Agency Discount Notes
(Cost $4,491,340)			4,491,340

U.S. TREASURY BILLS^†† - 5.5%
U.S. Treasury Bills
4.23% due 03/13/25^2,3		750,000	743,904

4.21% due 01/16/25^2,4	112,000		111,815
4.20% due 03/13/25²	50,000		49,594
Total U.S. Treasury Bills
(Cost $905,129)			905,313

REPURCHASE AGREEMENTS^††,5 - 50.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³	4,682,463		4,682,463
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³	3,680,606		3,680,606
Total Repurchase Agreements
(Cost $8,363,069)			8,363,069
Total Investments - 96.1%
(Cost $15,793,094)		$	15,859,854
Other Assets & Liabilities, net - 3.9%			650,469
Total Net Assets - 100.0%		$	16,510,323

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Sold Short^†

NASDAQ-100 Index Mini Futures Contracts

Mar 2025

1,697,680

69,666

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

NASDAQ-100 Index

Receive

4.63% (Federal Funds Rate + 0.30%)

At Maturity

03/26/25

104

2,178,712

78,503

BNP Paribas

NASDAQ-100 Index

Receive

4.83% (Federal Funds Rate + 0.50%)

At Maturity

03/27/25

342

7,189,772

67,436

Barclays Bank plc

NASDAQ-100 Index

Receive

5.02% (SOFR + 0.65%)

At Maturity

03/27/25

259

5,450,826

44,581

14,819,310

190,520

^**	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, 2024.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2024.
⁵	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	2,100,132	$	—	$	—	$	2,100,132
Federal Agency Discount Notes		—		4,491,340		—		4,491,340
U.S. Treasury Bills		—		905,313		—		905,313
Repurchase Agreements		—		8,363,069		—		8,363,069
Equity Futures Contracts**		69,666		—		—		69,666
Equity Index Swap Agreements**		—		190,520		—		190,520
Total Assets	$	2,169,798	$	13,950,242	$	—	$	16,120,040

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,215,224	$	–	$	–	$	–	$	12,350	$	1,227,574		49,399	$	52,672
Guggenheim Ultra Short Duration Fund — Institutional Class		863,841		–		–		–		8,717		872,558		87,169		33,725
	$	2,079,065	$	–	$	–	$	–	$	21,067	$	2,100,132			$	86,397

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 62.0%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		44,544	$	445,880
Guggenheim Strategy Fund II¹		17,889		444,551
Total Mutual Funds
(Cost $868,958)				890,431

	Face Amount
U.S. TREASURY BILLS^†† - 4.5%
U.S. Treasury Bills
4.22% due 03/13/25^2,3	$	50,000		49,594
4.21% due 01/16/25^3,4		15,000		14,975
Total U.S. Treasury Bills
(Cost $64,557)				64,569

REPURCHASE AGREEMENTS^††,5 - 30.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25²		245,572		245,572
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25²		193,029		193,029
Total Repurchase Agreements
(Cost $438,601)				438,601
Total Investments - 97.0%
(Cost $1,372,116)			$	1,393,601
Other Assets & Liabilities, net - 3.0%				42,427
Total Net Assets - 100.0%			$	1,436,028

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Sold Short^†

Russell 2000 Index Mini Futures Contracts

Mar 2025

224,950

12,747

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized
Appreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

Russell 2000 Index

Receive

4.18% (Federal Funds Rate - 0.15%)

At Maturity

03/26/25

175,698

7,193

Barclays Bank plc

Russell 2000 Index

Receive

4.72% (SOFR + 0.35%)

At Maturity

03/27/25

368

820,024

456

BNP Paribas

Russell 2000 Index

Receive

4.48% (Federal Funds Rate + 0.15%)

At Maturity

03/27/25

205,710

125

1,201,432

7,774

^**	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, 2024.
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, 2024.
⁵	Repurchase Agreements — See Note 4.

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, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	890,431	$	—	$	—	$	890,431
U.S. Treasury Bills		—		64,569		—		64,569
Repurchase Agreements		—		438,601		—		438,601
Equity Futures Contracts**		12,747		—		—		12,747
Equity Index Swap Agreements**		—		7,774		—		7,774
Total Assets	$	903,178	$	510,944	$	—	$	1,414,122

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	440,079	$	–	$	–	$	–	$	4,472	$	444,551		17,889	$	19,074
Guggenheim Ultra Short Duration Fund — Institutional Class		441,426		–		–		–		4,454		445,880		44,544		17,234
	$	881,505	$	–	$	–	$	–	$	8,926	$	890,431			$	36,308

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
MUTUAL FUNDS^† - 34.7%
Guggenheim Strategy Fund II¹		262,625	$	6,526,234
Guggenheim Ultra Short Duration Fund — Institutional Class¹		426,990		4,274,172
Total Mutual Funds
(Cost $10,738,043)				10,800,406

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 19.2%
Federal Home Loan Bank
4.26% due 01/23/25²	$	3,000,000	2,992,199
4.25% due 01/31/25²		3,000,000	2,989,375
Total Federal Agency Discount Notes
(Cost $5,981,574)			5,981,574

FEDERAL AGENCY NOTES^†† - 14.4%
Federal Home Loan Bank
4.41% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25^◊		2,500,000	2,500,335

4.39% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25^◊	2,000,000		2,000,010
Total Federal Agency Notes
(Cost $4,500,000)			4,500,345

U.S. TREASURY BILLS^†† - 6.8%
U.S. Treasury Bills
4.23% due 03/13/25^2,3	1,950,000		1,934,152
4.21% due 01/16/25^2,4	177,000		176,708
Total U.S. Treasury Bills
(Cost $2,110,424)			2,110,860

REPURCHASE AGREEMENTS^††,5 - 25.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³	4,491,599		4,491,599
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³	3,530,579		3,530,579
Total Repurchase Agreements
(Cost $8,022,178)			8,022,178
Total Investments - 100.8%
(Cost $31,352,219)		$	31,415,363
Other Assets & Liabilities, net - (0.8)%			(251,122	)
Total Net Assets - 100.0%		$	31,164,241

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Equity Futures Contracts Sold Short^†

S&P 500 Index Mini Futures Contracts

Mar 2025

3,264,388

105,307

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized
Appreciation
(Depreciation)

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

S&P 500 Index

Receive

4.63% (Federal Funds Rate + 0.30%)

At Maturity

03/26/25

1,017

5,981,057

155,622

BNP Paribas

S&P 500 Index

Receive

4.78% (Federal Funds Rate + 0.45%)

At Maturity

03/27/25

880

5,174,148

(8,328

)

Barclays Bank plc

S&P 500 Index

Receive

4.97% (SOFR + 0.60%)

At Maturity

03/27/25

2,843

16,719,907

(23,094

)

27,875,112

124,200

^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

^◊	Variable rate security. Rate indicated is the rate effective at December 31, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2024.
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, 2024 (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	$	10,800,406	$	—	$	—	$	10,800,406
Federal Agency Discount Notes		—		5,981,574		—		5,981,574
Federal Agency Notes		—		4,500,345		—		4,500,345
U.S. Treasury Bills		—		2,110,860		—		2,110,860
Repurchase Agreements		—		8,022,178		—		8,022,178
Equity Futures Contracts**		105,307		—		—		105,307
Equity Index Swap Agreements**		—		155,622		—		155,622
Total Assets	$	10,905,713	$	20,770,579	$	—	$	31,676,292

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	31,422			$	—			$	31,422

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,460,578	$	–	$	–	$	–	$	65,656	$	6,526,234		262,625	$	280,025
Guggenheim Ultra Short Duration Fund — Institutional Class	$	4,231,473	$	–	$	–	$	–	$	42,699	$	4,274,172		426,990	$	165,199
	$	10,692,051	$	–	$	–	$	–	$	108,355	$	10,800,406			$	445,224

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
U.S. TREASURY BILLS^†† - 48.2%
U.S. Treasury Bills
4.21% due 01/16/25^1,2	$	679,000	$	677,882
Total U.S. Treasury Bills
(Cost $677,776)				677,882

REPURCHASE AGREEMENTS^††,3 - 52.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25		414,730		414,730
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		325,994		325,994
Total Repurchase Agreements
(Cost $740,724)				740,724
Total Investments - 100.8%
(Cost $1,418,500)			$	1,418,606
Other Assets & Liabilities, net - (0.8)%				(11,216	)
Total Net Assets - 100.0%			$	1,407,390

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
Nikkei 225 (CME) Index Futures Contracts		14	Mar 2025	$	2,763,600	$	654

Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts		35	Mar 2025		2,803,719		(103,594	)

^**	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, 2024.
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, 2024 (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	$	—	$	677,882	$	—	$	677,882
Repurchase Agreements		—		740,724		—		740,724
Equity Futures Contracts**		654		—		—		654
Total Assets	$	654	$	1,418,606	$	—	$	1,419,260

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Currency Futures Contracts**		$	103,594			$	—			$	—			$	103,594

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

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.8%
Retail - 20.2%
McDonald’s Corp.		928	$	269,018
Starbucks Corp.		2,006		183,047
Chipotle Mexican Grill, Inc. — Class A^*		2,668		160,880
Yum! Brands, Inc.		850		114,036
Darden Restaurants, Inc.		508		94,839
Restaurant Brands International, Inc.		1,053		68,635
Yum China Holdings, Inc.		1,415		68,161
Domino’s Pizza, Inc.		157		65,902
Texas Roadhouse, Inc. — Class A		354		63,872
Cava Group, Inc.^*		493		55,610
Dutch Bros, Inc. — Class A^*		990		51,856
Brinker International, Inc.^*		349		46,169
Shake Shack, Inc. — Class A^*		332		43,094
Wingstop, Inc.		137		38,935
Sweetgreen, Inc. — Class A^*		1,003		32,156
Wendy’s Co.		1,874		30,546
Cheesecake Factory, Inc.		574		27,231
Papa John’s International, Inc.		495		20,330
Dave & Buster’s Entertainment, Inc.^*		655		19,119
Bloomin’ Brands, Inc.		1,470		17,949
Cracker Barrel Old Country Store, Inc.		328		17,338
Jack in the Box, Inc.		320		13,325
Total Retail				1,502,048
Internet - 17.9%
Netflix, Inc.^*		406		361,876
Booking Holdings, Inc.		43		213,642
Airbnb, Inc. — Class A^*		1,206		158,481
DoorDash, Inc. — Class A^*		845		141,749
Spotify Technology S.A.^*		229		102,450
Expedia Group, Inc.^*		492		91,674
Trip.com Group Ltd. ADR^*		1,168		80,195
Sea Ltd. ADR^*		752		79,787
Roku, Inc.^*		783		58,208
MakeMyTrip Ltd.^*		387		43,452
Total Internet				1,331,514
Media - 14.8%
Walt Disney Co.		2,367		263,565
Comcast Corp. — Class A		5,778		216,848
Charter Communications, Inc. — Class A^*		302		103,517
Fox Corp. — Class A		1,713		83,218
Warner Bros Discovery, Inc.^*		7,409		78,313
News Corp. — Class A		2,672		73,587
Liberty Broadband Corp. — Class C^*		746		55,771
Endeavor Group Holdings, Inc. — Class A¹		1,684		52,692
New York Times Co. — Class A		997		51,894
Paramount Global — Class B¹		4,210		44,037
Nexstar Media Group, Inc. — Class A		249		39,335
Sirius XM Holdings, Inc.		1,678		38,258
Total Media				1,101,035
Entertainment - 10.6%
Flutter Entertainment plc^*		469		121,213
TKO Group Holdings, Inc.^*		602		85,550
Live Nation Entertainment, Inc.^*		639		82,750
DraftKings, Inc. — Class A^*		2,013		74,884
Warner Music Group Corp. — Class A		2,287		70,897
Light & Wonder, Inc. — Class A^*		578		49,928
Churchill Downs, Inc.		354		47,273
Vail Resorts, Inc.		241		45,175
Caesars Entertainment, Inc.^*		1,349		45,084
Six Flags Entertainment Corp.		811		39,082
Red Rock Resorts, Inc. — Class A		788		36,437
Cinemark Holdings, Inc.^*		1,090		33,768
Penn Entertainment, Inc.^*		1,606		31,831
United Parks & Resorts, Inc.^*		414		23,263
Total Entertainment				787,135
Lodging - 8.8%
Marriott International, Inc. — Class A		520		145,049
Hilton Worldwide Holdings, Inc.		574		141,870
Las Vegas Sands Corp.		1,509		77,502
Hyatt Hotels Corp. — Class A		445		69,856
Wyndham Hotels & Resorts, Inc.		507		51,100
Wynn Resorts Ltd.		579		49,887
MGM Resorts International^*		1,428		49,480
Boyd Gaming Corp.		540		39,172
Choice Hotels International, Inc.¹		238		33,791
Total Lodging				657,707
Leisure Time - 7.9%
Royal Caribbean Cruises Ltd.		587		135,415
Carnival Corp.^*		3,833		95,518
Planet Fitness, Inc. — Class A^*		677		66,935
Viking Holdings Ltd.^*		1,436		63,270
Norwegian Cruise Line Holdings Ltd.^*		2,404		61,855
Brunswick Corp.		558		36,092
Harley-Davidson, Inc.		1,112		33,505
Peloton Interactive, Inc. — Class A^*		3,726		32,416
YETI Holdings, Inc.^*		819		31,540
Polaris, Inc.		541		31,172
Total Leisure Time				587,718
Agriculture - 6.7%
Philip Morris International, Inc.		2,077		249,967
Altria Group, Inc.		3,314		173,289
British American Tobacco plc ADR		1,936		70,316
Total Agriculture				493,572
Software - 5.3%
Electronic Arts, Inc.		755		110,457
ROBLOX Corp. — Class A^*		1,870		108,198
Take-Two Interactive Software, Inc.^*		567		104,373
NetEase, Inc. ADR		806		71,903
Total Software				394,931

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.8% (continued)
Beverages - 4.9%
Constellation Brands, Inc. — Class A		480	$	106,080
Brown-Forman Corp. — Class B		1,892		71,858
Diageo plc ADR		507		64,455
Anheuser-Busch InBev S.A. ADR		1,275		63,839
Molson Coors Beverage Co. — Class B		1,035		59,326
Total Beverages				365,558
Toys, Games & Hobbies - 1.2%
Hasbro, Inc.		850		47,524
Mattel, Inc.^*		2,489		44,130
Total Toys, Games & Hobbies				91,654
Food Service - 0.8%
Aramark		1,525		56,898
Telecommunications - 0.5%
EchoStar Corp. — Class A^*		1,875		42,937
Food - 0.2%
Krispy Kreme, Inc.		1,676		16,643
Total Common Stocks
(Cost $4,268,508)				7,429,350

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	22,122	22,122
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		17,389	17,389
Total Repurchase Agreements
(Cost $39,511)			39,511

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		96,639		96,639
Total Securities Lending Collateral
(Cost $96,639)				96,639
Total Investments - 101.6%
(Cost $4,404,658)			$	7,565,500
Other Assets & Liabilities, net - (1.6)%				(117,592	)
Total Net Assets - 100.0%			$	7,447,908

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	7,429,350	$	—	$	—	$	7,429,350
Repurchase Agreements		—		39,511		—		39,511
Securities Lending Collateral		96,639		—		—		96,639
Total Assets	$	7,525,989	$	39,511	$	—	$	7,565,500

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 74.4%
Financial - 17.8%
Interactive Brokers Group, Inc. — Class A		355	$	62,718
Equitable Holdings, Inc.		1,023		48,255
Fidelity National Financial, Inc.		848		47,607
Reinsurance Group of America, Inc. — Class A		215		45,930
East West Bancorp, Inc.		452		43,284
Gaming and Leisure Properties, Inc. REIT		895		43,103
RenaissanceRe Holdings Ltd.		170		42,298
Jefferies Financial Group, Inc.		530		41,552
Equity LifeStyle Properties, Inc. REIT		623		41,492
Unum Group		548		40,020
Jones Lang LaSalle, Inc.^*		155		39,237
WP Carey, Inc. REIT		714		38,899
American Homes 4 Rent — Class A REIT		1,035		38,730
Stifel Financial Corp.		334		35,431
Lamar Advertising Co. — Class A REIT		287		34,939
First Horizon Corp.		1,730		34,842
Carlyle Group, Inc.		689		34,788
Kinsale Capital Group, Inc.		72		33,489
Annaly Capital Management, Inc. REIT		1,829		33,471
Omega Healthcare Investors, Inc. REIT		881		33,346
American Financial Group, Inc.		236		32,315
Ally Financial, Inc.		895		32,229
Evercore, Inc. — Class A		116		32,154
CubeSmart REIT		738		31,623
Webster Financial Corp.		559		30,868
Houlihan Lokey, Inc.		175		30,390
Western Alliance Bancorporation		356		29,740
Primerica, Inc.		109		29,585
Pinnacle Financial Partners, Inc.		250		28,598
Cullen/Frost Bankers, Inc.		209		28,058
Rexford Industrial Realty, Inc. REIT		724		27,990
Old Republic International Corp.		761		27,541
Brixmor Property Group, Inc. REIT		986		27,450
Wintrust Financial Corp.		217		27,062
Comerica, Inc.		429		26,534
SEI Investments Co.		320		26,393
Zions Bancorp North America		482		26,149
EastGroup Properties, Inc. REIT		161		25,839
NNN REIT, Inc.		612		25,000
Commerce Bancshares, Inc.		401		24,964
SouthState Corp.		249		24,771
Agree Realty Corp. REIT		337		23,742
Synovus Financial Corp.		462		23,668
Prosperity Bancshares, Inc.		311		23,434
Vornado Realty Trust REIT		541		22,744
Old National Bancorp		1,041		22,595
RLI Corp.		136		22,417
Ryan Specialty Holdings, Inc.		347		22,263
First Industrial Realty Trust, Inc. REIT		432		21,656
Voya Financial, Inc.		314		21,613
First American Financial Corp.		336		20,980
Cadence Bank		597		20,567
Hamilton Lane, Inc. — Class A		136		20,135
STAG Industrial, Inc. REIT		595		20,123
Starwood Property Trust, Inc. REIT		1,045		19,803
Healthcare Realty Trust, Inc. REIT		1,157		19,611
MGIC Investment Corp.		827		19,608
SLM Corp.		693		19,113
Essent Group Ltd.		347		18,891
Glacier Bancorp, Inc.		370		18,581
Selective Insurance Group, Inc.		198		18,517
Columbia Banking System, Inc.		684		18,475
Affiliated Managers Group, Inc.		99		18,307
Hanover Insurance Group, Inc.		118		18,250
Kite Realty Group Trust REIT		717		18,097
Janus Henderson Group plc		415		17,650
FNB Corp.		1,173		17,337
Home BancShares, Inc.		603		17,065
Cousins Properties, Inc. REIT		546		16,729
United Bankshares, Inc.		440		16,522
UMB Financial Corp.		145		16,365
Hancock Whitney Corp.		281		15,376
Bank OZK		344		15,318
First Financial Bankshares, Inc.		420		15,141
Independence Realty Trust, Inc. REIT		733		14,543
Kilroy Realty Corp. REIT		347		14,036
Valley National Bancorp		1,549		14,034
Sabra Health Care REIT, Inc.		772		13,371
Kemper Corp.		196		13,022
Associated Banc-Corp.		525		12,547
CNO Financial Group, Inc.		337		12,540
Texas Capital Bancshares, Inc.^*		151		11,808
Western Union Co.		1,102		11,681
Rayonier, Inc. REIT		438		11,432
COPT Defense Properties REIT		367		11,359
International Bancshares Corp.		175		11,053
EPR Properties REIT		247		10,937
Federated Hermes, Inc. — Class B		254		10,442
Park Hotels & Resorts, Inc. REIT		674		9,483
Brighthouse Financial, Inc.^*		194		9,320
Flagstar Financial, Inc.		989		9,227
PotlatchDeltic Corp. REIT		234		9,184
National Storage Affiliates Trust REIT		229		8,681
Total Financial				2,268,077
Industrial - 16.5%
EMCOR Group, Inc.		150		68,085
Carlisle Companies, Inc.		148		54,588
XPO, Inc.^*		380		49,837
Comfort Systems USA, Inc.		116		49,191
Flex Ltd.^*		1,266		48,602
Coherent Corp.^*		505		47,839
Owens Corning		280		47,690

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 74.4% (continued)
Industrial - 16.5% (continued)
AECOM		438	$	46,787
Graco, Inc.		551		46,444
Curtiss-Wright Corp.		124		44,004
Saia, Inc.^*		87		39,648
ITT, Inc.		266		38,006
Clean Harbors, Inc.^*		165		37,973
nVent Electric plc		538		36,670
Tetra Tech, Inc.		874		34,820
Lincoln Electric Holdings, Inc.		184		34,494
AptarGroup, Inc.		217		34,091
Regal Rexnord Corp.		216		33,508
BWX Technologies, Inc.		298		33,194
Woodward, Inc.		195		32,452
CNH Industrial N.V.		2,853		32,324
Crown Holdings, Inc.		386		31,918
RBC Bearings, Inc.^*		102		30,512
Applied Industrial Technologies, Inc.		125		29,934
TopBuild Corp.^*		96		29,889
Mueller Industries, Inc.		371		29,443
Acuity Brands, Inc.		100		29,213
TD SYNNEX Corp.		247		28,968
Knight-Swift Transportation Holdings, Inc.		528		28,005
Fortune Brands Innovations, Inc.		405		27,674
Fluor Corp.^*		560		27,619
MasTec, Inc.^*		201		27,364
Eagle Materials, Inc.		109		26,897
Toro Co.		335		26,833
Graphic Packaging Holding Co.		979		26,590
Advanced Drainage Systems, Inc.		230		26,588
Donaldson Company, Inc.		391		26,334
Chart Industries, Inc.^*		137		26,145
Fabrinet^*		118		25,946
AAON, Inc.		220		25,890
Flowserve Corp.		429		24,676
Berry Global Group, Inc.		374		24,187
Trex Company, Inc.^*		350		24,160
Crane Co.		159		24,128
Middleby Corp.^*		176		23,839
Simpson Manufacturing Company, Inc.		138		22,884
UFP Industries, Inc.		198		22,305
Esab Corp.		185		22,189
Ryder System, Inc.		138		21,647
MSA Safety, Inc.		128		21,219
Louisiana-Pacific Corp.		204		21,124
Universal Display Corp.		144		21,053
Oshkosh Corp.		212		20,155
Cognex Corp.		560		20,082
Valmont Industries, Inc.		65		19,933
Kirby Corp.^*		187		19,785
Landstar System, Inc.		115		19,764
Arrow Electronics, Inc.^*		172		19,457
Littelfuse, Inc.		81		19,088
AGCO Corp.		202		18,883
Knife River Corp.^*		185		18,803
Watts Water Technologies, Inc. — Class A		89		18,094
GATX Corp.		116		17,975
Novanta, Inc.^*		117		17,874
Vontier Corp.		490		17,870
NEXTracker, Inc. — Class A^*		469		17,132
Hexcel Corp.		264		16,553
Sonoco Products Co.		321		15,681
Belden, Inc.		132		14,864
Avnet, Inc.		284		14,859
Timken Co.		208		14,845
Exponent, Inc.		166		14,791
Silgan Holdings, Inc.		265		13,793
Sensata Technologies Holding plc		488		13,371
EnerSys		130		12,016
Terex Corp.		218		10,076
Greif, Inc. — Class A		84		5,134
Total Industrial				2,106,298
Consumer, Non-cyclical - 12.2%
Illumina, Inc.^*		518		69,220
RB Global, Inc.		602		54,306
United Therapeutics Corp.^*		146		51,515
US Foods Holding Corp.^*		760		51,270
Avantor, Inc.^*		2,221		46,797
Neurocrine Biosciences, Inc.^*		330		45,045
Performance Food Group Co.^*		508		42,951
Sprouts Farmers Market, Inc.^*		326		41,425
BioMarin Pharmaceutical, Inc.^*		622		40,884
Tenet Healthcare Corp.^*		310		39,131
Sarepta Therapeutics, Inc.^*		312		37,936
Service Corporation International		472		37,675
BellRing Brands, Inc.^*		422		31,793
Exelixis, Inc.^*		932		31,036
Globus Medical, Inc. — Class A^*		371		30,685
Encompass Health Corp.		329		30,383
Penumbra, Inc.^*		125		29,685
Morningstar, Inc.		88		29,635
Ingredion, Inc.		213		29,300
Paylocity Holding Corp.^*		142		28,325
Medpace Holdings, Inc.^*		83		27,575
HealthEquity, Inc.^*		285		27,346
Chemed Corp.		49		25,960
Ensign Group, Inc.		186		24,712
Repligen Corp.^*		170		24,470
Jazz Pharmaceuticals plc^*		197		24,261
Masimo Corp.^*		145		23,969
Coca-Cola Consolidated, Inc.		19		23,940
H&R Block, Inc.		447		23,620
Shift4 Payments, Inc. — Class A^*		224		23,247
elf Beauty, Inc.^*		184		23,101
WEX, Inc.^*		130		22,792
FTI Consulting, Inc.^*		115		21,980
Bruker Corp.		361		21,162
Bio-Rad Laboratories, Inc. — Class A^*		63		20,696
Lantheus Holdings, Inc.^*		227		20,307
Halozyme Therapeutics, Inc.^*		415		19,841
Cytokinetics, Inc.^*		385		18,110
Post Holdings, Inc.^*		155		17,741
Darling Ingredients, Inc.^*		519		17,485
GXO Logistics, Inc.^*		390		16,965

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 74.4% (continued)
Consumer, Non-cyclical - 12.2% (continued)
Roivant Sciences Ltd.^*		1,402	$	16,586
Grand Canyon Education, Inc.^*		94		15,397
Valvoline, Inc.^*		421		15,232
Euronet Worldwide, Inc.^*		135		13,883
Celsius Holdings, Inc.^*		514		13,539
Flowers Foods, Inc.		639		13,202
Brink’s Co.		142		13,173
Option Care Health, Inc.^*		555		12,876
Haemonetics Corp.^*		164		12,805
Dentsply Sirona, Inc.		649		12,318
Acadia Healthcare Company, Inc.^*		303		12,014
Perrigo Company plc		445		11,441
Lancaster Colony Corp.		63		10,908
Envista Holdings Corp.^*		562		10,841
Amedisys, Inc.^*		107		9,715
Graham Holdings Co. — Class B		11		9,591
Insperity, Inc.		116		8,991
ManpowerGroup, Inc.		153		8,831
Boston Beer Company, Inc. — Class A^*		28		8,399
Coty, Inc. — Class A^*		1,192		8,296
LivaNova plc^*		177		8,197
Enovis Corp.^*		182		7,986
Neogen Corp.^*		644		7,818
Arrowhead Pharmaceuticals, Inc.^*		406		7,633
Sotera Health Co.^*		499		6,826
Pilgrim’s Pride Corp.^*		132		5,991
Avis Budget Group, Inc.^*		55		4,434
Total Consumer, Non-cyclical				1,555,200
Consumer, Cyclical - 11.7%
Williams-Sonoma, Inc.		412		76,294
Burlington Stores, Inc.^*		206		58,722
Watsco, Inc.		114		54,024
Casey’s General Stores, Inc.		121		47,944
Dick’s Sporting Goods, Inc.		189		43,251
Toll Brothers, Inc.		330		41,563
GameStop Corp. — Class A^*		1,326		41,557
Texas Roadhouse, Inc. — Class A		218		39,334
BJ’s Wholesale Club Holdings, Inc.^*		433		38,689
American Airlines Group, Inc.^*		2,145		37,387
Floor & Decor Holdings, Inc. — Class A^*		350		34,895
Tempur Sealy International, Inc.		567		32,143
Aramark		860		32,087
Churchill Downs, Inc.		240		32,050
Core & Main, Inc. — Class A^*		629		32,022
Lithia Motors, Inc. — Class A		87		31,096
TKO Group Holdings, Inc.^*		217		30,838
Murphy USA, Inc.		60		30,105
Skechers USA, Inc. — Class A^*		429		28,846
Planet Fitness, Inc. — Class A^*		275		27,189
Wingstop, Inc.		95		26,999
WESCO International, Inc.		146		26,420
Wyndham Hotels & Resorts, Inc.		254		25,601
Abercrombie & Fitch Co. — Class A^*		167		24,961
Light & Wonder, Inc. — Class A^*		288		24,877
Vail Resorts, Inc.		122		22,869
Autoliv, Inc.		236		22,134
Ollie’s Bargain Outlet Holdings, Inc.^*		200		21,946
Hyatt Hotels Corp. — Class A		138		21,663
Gentex Corp.		742		21,318
Crocs, Inc.^*		190		20,811
Taylor Morrison Home Corp. — Class A^*		338		20,689
Whirlpool Corp.		180		20,606
Mattel, Inc.^*		1,099		19,485
RH^*		49		19,286
PVH Corp.		182		19,246
Five Below, Inc.^*		180		18,893
Gap, Inc.		725		17,132
Lear Corp.		177		16,762
Thor Industries, Inc.		173		16,558
Boyd Gaming Corp.		216		15,669
Macy’s, Inc.		905		15,322
Dolby Laboratories, Inc. — Class A		195		15,230
KB Home		230		15,116
AutoNation, Inc.^*		85		14,436
Warner Music Group Corp. — Class A		462		14,322
Brunswick Corp.		215		13,906
FirstCash Holdings, Inc.		127		13,157
Harley-Davidson, Inc.		374		11,269
Travel + Leisure Co.		223		11,250
MSC Industrial Direct Company, Inc. — Class A		146		10,905
YETI Holdings, Inc.^*		277		10,667
Choice Hotels International, Inc.¹		73		10,364
Polaris, Inc.		171		9,853
Marriott Vacations Worldwide Corp.		105		9,429
Penske Automotive Group, Inc.		61		9,299
Scotts Miracle-Gro Co. — Class A		139		9,221
Wendy’s Co.		559		9,112
Columbia Sportswear Co.		105		8,813
Goodyear Tire & Rubber Co.^*		930		8,370
Capri Holdings Ltd.^*		385		8,108
Visteon Corp.^*		90		7,985
Hilton Grand Vacations, Inc.^*		202		7,868
Nordstrom, Inc.		316		7,631
Under Armour, Inc. — Class A^*		616		5,100
Under Armour, Inc. — Class C^*		423		3,156
Total Consumer, Cyclical				1,493,850
Technology - 6.9%
Pure Storage, Inc. — Class A^*		1,016		62,413
DocuSign, Inc.^*		662		59,540
Manhattan Associates, Inc.^*		199		53,778
Dynatrace, Inc.^*		974		52,937
Duolingo, Inc.^*		124		40,205
CACI International, Inc. — Class A^*		73		29,496
Onto Innovation, Inc.^*		161		26,834
BILL Holdings, Inc.^*		311		26,345
Kyndryl Holdings, Inc.^*		758		26,227

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 74.4% (continued)
Technology - 6.9% (continued)
Lattice Semiconductor Corp.^*		450	$	25,493
KBR, Inc.		435		25,200
MACOM Technology Solutions Holdings, Inc.^*		189		24,553
ExlService Holdings, Inc.^*		525		23,300
MKS Instruments, Inc.		220		22,966
Genpact Ltd.		529		22,721
Doximity, Inc. — Class A^*		418		22,317
Dropbox, Inc. — Class A^*		726		21,809
Aspen Technology, Inc.^*		87		21,718
CommVault Systems, Inc.^*		143		21,580
Altair Engineering, Inc. — Class A^*		195		21,276
Lumentum Holdings, Inc.^*		224		18,805
Appfolio, Inc. — Class A^*		75		18,504
Rambus, Inc.^*		348		18,395
Science Applications International Corp.		162		18,108
Cirrus Logic, Inc.^*		173		17,227
Qualys, Inc.^*		119		16,686
Maximus, Inc.		196		14,631
Parsons Corp.^*		152		14,022
Silicon Laboratories, Inc.^*		106		13,167
ASGN, Inc.^*		144		12,001
Power Integrations, Inc.		186		11,476
Synaptics, Inc.^*		131		9,998
Teradata Corp.^*		312		9,719
Amkor Technology, Inc.		370		9,505
Blackbaud, Inc.^*		128		9,462
Crane NXT Co.		160		9,315
Allegro MicroSystems, Inc.^*		426		9,312
ZoomInfo Technologies, Inc. — Class A^*		885		9,301
Concentrix Corp.		152		6,577
IPG Photonics Corp.^*		88		6,400
Total Technology				883,319
Energy - 3.4%
Expand Energy Corp.		686		68,291
Ovintiv, Inc.		850		34,425
Antero Resources Corp.^*		955		33,473
DT Midstream, Inc.		317		31,519
Permian Resources Corp.		2,077		29,867
Range Resources Corp.		788		28,352
Chord Energy Corp.		199		23,267
Matador Resources Co.		379		21,323
NOV, Inc.		1,270		18,542
HF Sinclair Corp.		522		18,296
CNX Resources Corp.^*		487		17,858
Weatherford International plc		237		16,976
ChampionX Corp.		622		16,912
Antero Midstream Corp.		1,100		16,599
Viper Energy, Inc.		336		16,488
Murphy Oil Corp.		447		13,526
Civitas Resources, Inc.		290		13,302
Valaris Ltd.^*		214		9,468
PBF Energy, Inc. — Class A		319		8,470
Total Energy				436,954
Basic Materials - 2.9%
RPM International, Inc.		420		51,685
Reliance, Inc.		177		47,659
Alcoa Corp.		843		31,848
Royal Gold, Inc.		215		28,348
Carpenter Technology Corp.		163		27,663
United States Steel Corp.		735		24,983
Axalta Coating Systems Ltd.^*		712		24,365
Commercial Metals Co.		372		18,451
Arcadium Lithium plc^*		3,510		18,006
Cabot Corp.		179		16,345
Cleveland-Cliffs, Inc.^*		1,580		14,852
NewMarket Corp.		25		13,209
Olin Corp.		381		12,878
Westlake Corp.		109		12,497
Avient Corp.		298		12,176
Ashland, Inc.		159		11,362
Chemours Co.		488		8,247
Total Basic Materials				374,574
Utilities - 1.9%
Essential Utilities, Inc.		824		29,928
OGE Energy Corp.		656		27,060
UGI Corp.		701		19,789
IDACORP, Inc.		174		19,015
National Fuel Gas Co.		298		18,083
New Jersey Resources Corp.		324		15,115
Portland General Electric Co.		344		15,005
TXNM Energy, Inc.		294		14,456
Southwest Gas Holdings, Inc.		197		13,930
Black Hills Corp.		234		13,694
ONE Gas, Inc.		185		12,811
Spire, Inc.		188		12,752
Ormat Technologies, Inc.		187		12,663
ALLETE, Inc.		189		12,247
Northwestern Energy Group, Inc.		200		10,692
Total Utilities				247,240
Communications - 1.1%
Ciena Corp.^*		471		39,946
New York Times Co. — Class A		533		27,743
Frontier Communications Parent, Inc.^*		723		25,088
Chewy, Inc. — Class A^*		538		18,017
Nexstar Media Group, Inc. — Class A		95		15,007
Iridium Communications, Inc.		372		10,795
Total Communications				136,596
Total Common Stocks
(Cost $6,621,705)				9,502,108

MUTUAL FUNDS^† - 8.9%
Guggenheim Ultra Short Duration Fund — Institutional Class²		88,750		888,392
Guggenheim Strategy Fund II²		9,844		244,614
Total Mutual Funds
(Cost $1,123,598)				1,133,006

		Face Amount
U.S. TREASURY BILLS^†† - 1.3%
U.S. Treasury Bills
4.21% due 01/16/25^3,4	$	74,000		73,878
4.23% due 03/13/25^4,5		50,000		49,594

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
U.S. TREASURY BILLS^†† - 1.3% (continued)
4.17% due 03/13/25^4,5	$	50,000	$	49,593
Total U.S. Treasury Bills
(Cost $173,039)				173,065

REPURCHASE AGREEMENTS^††,6 - 30.2%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25⁵		2,161,401		2,161,401
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25⁵		1,698,949		1,698,949
Total Repurchase Agreements
(Cost $3,860,350)				3,860,350

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁸		8,222	$	8,222
Total Securities Lending Collateral
(Cost $8,222)				8,222
Total Investments - 114.9%
(Cost $11,786,914)			$	14,676,751
Other Assets & Liabilities, net - (14.9)%				(1,904,084	)
Total Net Assets - 100.0%			$	12,772,667

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
S&P MidCap 400 Index Mini Futures Contracts	3	Mar 2025	$	944,010	$	(50,930	)

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^††

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.22% (SOFR + 0.85%)

At Maturity

03/27/25

318

991,394

2,626

BNP Paribas

S&P MidCap 400 Index

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

03/27/25

282

878,683

731

Goldman Sachs International

S&P MidCap 400 Index

Pay

4.58% (Federal Funds Rate + 0.25%)

At Maturity

03/26/25

2,192

6,839,810

(103,534

)

8,709,887

(100,177

)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at December 31, 2024.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.
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, 2024.

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, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	9,502,108	$	—	$	—	$	9,502,108
Mutual Funds		1,133,006		—		—		1,133,006
U.S. Treasury Bills		—		173,065		—		173,065
Repurchase Agreements		—		3,860,350		—		3,860,350
Securities Lending Collateral		8,222		—		—		8,222
Equity Index Swap Agreements**		—		3,357		—		3,357
Total Assets	$	10,643,336	$	4,036,772	$	—	$	14,680,108

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	50,930	$	—	$	—	$	50,930
Equity Index Swap Agreements**		—		103,534		—		103,534
Total Liabilities	$	50,930	$	103,534	$	—	$	154,464

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	242,153	$	–	$	–	$	–	$	2,461	$	244,614		9,844	$	10,496
Guggenheim Ultra Short Duration Fund — Institutional Class		879,517		–		–		–		8,875		888,392		88,750		34,337
	$	1,121,670	$	–	$	–	$	–	$	11,336	$	1,133,006			$	44,833

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 82.7%
Technology - 41.1%
Apple, Inc.		249,843	$	62,565,684
NVIDIA Corp.		404,784		54,358,443
Microsoft Corp.		122,888		51,797,292
Broadcom, Inc.		127,678		29,600,868
Advanced Micro Devices, Inc.^*		65,991		7,971,053
Adobe, Inc.^*		17,901		7,960,217
Intuit, Inc.		11,383		7,154,216
Texas Instruments, Inc.		37,094		6,955,496
QUALCOMM, Inc.		45,178		6,940,244
Palantir Technologies, Inc. — Class A^*		88,673		6,706,339
Applied Materials, Inc.		33,524		5,452,008
Analog Devices, Inc.		20,181		4,287,655
AppLovin Corp. — Class A^*		12,145		3,932,915
Marvell Technology, Inc.		35,224		3,890,491
Micron Technology, Inc.		45,301		3,812,532
Lam Research Corp.		52,323		3,779,290
Intel Corp.^*		175,386		3,516,489
KLA Corp.		5,439		3,427,223
Cadence Design Systems, Inc.^*		11,153		3,351,030
Crowdstrike Holdings, Inc. — Class A^*		9,509		3,253,599
Synopsys, Inc.^*		6,247		3,032,044
Fortinet, Inc.^*		31,167		2,944,658
Autodesk, Inc.^*		8,743		2,584,169
ASML Holding N.V. — Class G		3,607		2,499,940
Roper Technologies, Inc.		4,360		2,266,546
Workday, Inc. — Class A^*		8,662		2,235,056
MicroStrategy, Inc. — Class A^*		7,442		2,155,352
NXP Semiconductor N.V.		10,335		2,148,130
Paychex, Inc.		14,635		2,052,120
Datadog, Inc. — Class A^*		12,737		1,819,990
Atlassian Corp. — Class A^*		6,566		1,598,033
Electronic Arts, Inc.		10,665		1,560,290
Cognizant Technology Solutions Corp. — Class A		20,162		1,550,458
Take-Two Interactive Software, Inc.^*		7,142		1,314,699
Microchip Technology, Inc.		21,837		1,252,352
ANSYS, Inc.^*		3,556		1,199,545
Zscaler, Inc.^*		6,239		1,125,578
ON Semiconductor Corp.^*		17,315		1,091,711
GLOBALFOUNDRIES, Inc.^*		22,473		964,316
MongoDB, Inc.^*		3,004		699,361
ARM Holdings plc ADR^*		5,208		642,459
Total Technology				317,449,891
Communications - 21.3%
Amazon.com, Inc.^*		173,798		38,129,543
Meta Platforms, Inc. — Class A		36,032		21,097,096
Alphabet, Inc. — Class A		96,577		18,282,026
Alphabet, Inc. — Class C		91,469		17,419,356
Netflix, Inc.^*		17,382		15,492,924
T-Mobile US, Inc.		47,191		10,416,470
Cisco Systems, Inc.		161,957		9,587,854
Booking Holdings, Inc.		1,346		6,687,493
Comcast Corp. — Class A		155,221		5,825,444
Palo Alto Networks, Inc.^*		26,684		4,855,421
MercadoLibre, Inc.^*		2,061		3,504,607
DoorDash, Inc. — Class A^*		15,818		2,653,470
PDD Holdings, Inc. ADR^*		27,161		2,634,346
Airbnb, Inc. — Class A^*		17,603		2,313,210
Trade Desk, Inc. — Class A^*		18,285		2,149,036
Charter Communications, Inc. — Class A^*		5,782		1,981,896
Warner Bros Discovery, Inc.^*		99,757		1,054,432
CDW Corp.		5,419		943,123
Total Communications				165,027,747
Consumer, Non-cyclical - 8.2%
PepsiCo, Inc.		55,791		8,483,580
Intuitive Surgical, Inc.^*		14,484		7,560,069
Amgen, Inc.		21,858		5,697,069
Automatic Data Processing, Inc.		16,569		4,850,243
Gilead Sciences, Inc.		50,678		4,681,127
Vertex Pharmaceuticals, Inc.^*		10,472		4,217,074
PayPal Holdings, Inc.^*		40,767		3,479,464
Mondelez International, Inc. — Class A		54,376		3,247,879
Regeneron Pharmaceuticals, Inc.^*		4,395		3,130,690
Cintas Corp.		16,400		2,996,280
Monster Beverage Corp.^*		39,547		2,078,590
Keurig Dr Pepper, Inc.		55,159		1,771,707
Verisk Analytics, Inc. — Class A		5,742		1,581,519
AstraZeneca plc ADR		23,679		1,551,448
Kraft Heinz Co.		49,171		1,510,041
GE HealthCare Technologies, Inc.		18,579		1,452,506
Coca-Cola Europacific Partners plc		18,721		1,437,960
IDEXX Laboratories, Inc.^*		3,330		1,376,755
Dexcom, Inc.^*		15,883		1,235,221
Biogen, Inc.^*		5,925		906,051
Total Consumer, Non-cyclical				63,245,273
Consumer, Cyclical - 7.9%
Tesla, Inc.^*		59,955		24,212,227
Costco Wholesale Corp.		18,017		16,508,437
Starbucks Corp.		46,105		4,207,081
Marriott International, Inc. — Class A		11,300		3,152,022
O’Reilly Automotive, Inc.^*		2,348		2,784,258
Copart, Inc.^*		39,181		2,248,598
PACCAR, Inc.		21,320		2,217,707
Ross Stores, Inc.		13,491		2,040,784
Lululemon Athletica, Inc.^*		4,784		1,829,449
Fastenal Co.		23,296		1,675,215
Total Consumer, Cyclical				60,875,778
Industrial - 1.5%
Honeywell International, Inc.		26,442		5,972,983
CSX Corp.		78,418		2,530,549
Axon Enterprise, Inc.^*		3,100		1,842,392
Old Dominion Freight Line, Inc.		8,682		1,531,505
Total Industrial				11,877,429
Basic Materials - 1.0%
Linde plc		19,363		8,106,707
Utilities - 1.0%
Constellation Energy Corp.		12,719		2,845,367
American Electric Power Company, Inc.		21,657		1,997,425
Xcel Energy, Inc.		23,351		1,576,660

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 82.7% (continued)
Utilities - 1.0% (continued)
Exelon Corp.		40,861	$	1,538,008
Total Utilities				7,957,460
Energy - 0.5%
Diamondback Energy, Inc.		11,874		1,945,317
Baker Hughes Co.		40,239		1,650,604
Total Energy				3,595,921
Financial - 0.2%
CoStar Group, Inc.^*		16,671		1,193,477
Total Common Stocks
(Cost $564,234,661)				639,329,683

MUTUAL FUNDS^† - 0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		301,467		3,017,688
Guggenheim Strategy Fund II¹		115,431		2,868,472
Total Mutual Funds
(Cost $5,770,077)				5,886,160

		Face Amount
U.S. TREASURY BILLS^†† - 7.5%
U.S. Treasury Bills
4.23% due 03/06/25²	$	15,000,000		14,890,150
4.30% due 03/06/25^2,3		12,000,000		11,912,120
4.20% due 03/06/25²		10,000,000		9,926,766
4.21% due 03/06/25²		10,000,000		9,926,767
4.21% due 01/16/25^2,4		8,496,000		8,482,005
4.23% due 03/13/25^2,3		2,150,000		2,132,526
4.22% due 03/13/25²		600,000		595,124
Total U.S. Treasury Bills
(Cost $57,852,733)				57,865,458

REPURCHASE AGREEMENTS^††,5 - 2.3%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³		9,771,289		9,771,289
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		7,680,629		7,680,629
Total Repurchase Agreements
(Cost $17,451,918)				17,451,918
Total Investments - 93.2%
(Cost $645,309,389)			$	720,533,219
Other Assets & Liabilities, net - 6.8%				52,734,353
Total Net Assets - 100.0%			$	773,267,572

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts		116	Mar 2025	$	49,232,720	$	(1,761,777	)

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^††
Barclays Bank plc	NASDAQ-100 Index	Pay	5.37% (SOFR + 1.00%)	At Maturity	03/27/25		3,582	$	75,256,190	$	(252,906	)
BNP Paribas	NASDAQ-100 Index	Pay	5.23% (Federal Funds Rate + 0.90%)	At Maturity	03/27/25		10,354		217,565,332		(637,002	)
Goldman Sachs International	NASDAQ-100 Index	Pay	4.83% (Federal Funds Rate + 0.50%)	At Maturity	03/26/25		26,892		565,064,136		(11,362,250	)
								$	857,885,658	$	(12,252,158	)

^*	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, 2024.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2024.
⁵	Repurchase Agreements — See Note 4.

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, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	639,329,683	$	—	$	—	$	639,329,683
Mutual Funds		5,886,160		—		—		5,886,160
U.S. Treasury Bills		—		57,865,458		—		57,865,458
Repurchase Agreements		—		17,451,918		—		17,451,918
Total Assets	$	645,215,843	$	75,317,376	$	—	$	720,533,219

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,761,777	$	—	$	—	$	1,761,777
Equity Index Swap Agreements**		—		12,252,158		—		12,252,158
Total Liabilities	$	1,761,777	$	12,252,158	$	—	$	14,013,935

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	2,839,614	$	–	$	–	$	–	$	28,858	$	2,868,472		115,431	$	123,079
Guggenheim Ultra Short Duration Fund — Institutional Class		2,987,542		–		–		–		30,146		3,017,688		301,467		116,635
	$	5,827,156	$	–	$	–	$	–	$	59,004	$	5,886,160			$	239,714

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 96.7%
Technology - 48.0%
Apple, Inc.		714,755	$	178,988,947
NVIDIA Corp.		1,158,016		155,509,969
Microsoft Corp.		351,560		148,182,540
Broadcom, Inc.		365,264		84,682,806
Advanced Micro Devices, Inc.^*		188,787		22,803,582
Adobe, Inc.^*		51,210		22,772,063
Intuit, Inc.		32,564		20,466,474
Texas Instruments, Inc.		106,122		19,898,936
QUALCOMM, Inc.		129,247		19,854,924
Palantir Technologies, Inc. — Class A^*		253,684		19,186,121
Applied Materials, Inc.		95,906		15,597,193
Analog Devices, Inc.		57,736		12,266,591
AppLovin Corp. — Class A^*		34,745		11,251,473
Marvell Technology, Inc.		100,768		11,129,826
Micron Technology, Inc.		129,601		10,907,220
Lam Research Corp.		149,685		10,811,747
Intel Corp.^*		501,748		10,060,047
KLA Corp.		15,561		9,805,297
Cadence Design Systems, Inc.^*		31,906		9,586,477
Crowdstrike Holdings, Inc. — Class A^*		27,205		9,308,463
Synopsys, Inc.^*		17,870		8,673,383
Fortinet, Inc.^*		89,164		8,424,215
Autodesk, Inc.^*		25,012		7,392,797
ASML Holding N.V. — Class G		10,319		7,151,892
Roper Technologies, Inc.		12,474		6,484,609
Workday, Inc. — Class A^*		24,779		6,393,725
MicroStrategy, Inc. — Class A^*		21,289		6,165,720
NXP Semiconductor N.V.		29,567		6,145,501
Paychex, Inc.		41,868		5,870,731
Datadog, Inc. — Class A^*		36,437		5,206,483
Atlassian Corp. — Class A^*		18,783		4,571,407
Electronic Arts, Inc.		30,511		4,463,759
Cognizant Technology Solutions Corp. — Class A		57,681		4,435,669
Take-Two Interactive Software, Inc.^*		20,431		3,760,939
Microchip Technology, Inc.		62,472		3,582,769
ANSYS, Inc.^*		10,173		3,431,658
Zscaler, Inc.^*		17,849		3,220,138
ON Semiconductor Corp.^*		49,535		3,123,182
GLOBALFOUNDRIES, Inc.^*,1		64,292		2,758,770
MongoDB, Inc.^*		8,593		2,000,536
ARM Holdings plc ADR^*		14,900		1,838,064
Total Technology				908,166,643
Communications - 25.0%
Amazon.com, Inc.^*		497,205		109,081,805
Meta Platforms, Inc. — Class A		103,082		60,355,542
Alphabet, Inc. — Class A		276,288		52,301,318
Alphabet, Inc. — Class C		261,677		49,833,768
Netflix, Inc.^*		49,728		44,323,561
T-Mobile US, Inc.		135,004		29,799,433
Cisco Systems, Inc.		463,330		27,429,136
Booking Holdings, Inc.		3,850		19,128,417
Comcast Corp. — Class A		444,058		16,665,497
Palo Alto Networks, Inc.^*		76,338		13,890,463
MercadoLibre, Inc.^*		5,898		10,029,195
DoorDash, Inc. — Class A^*		45,252		7,591,023
PDD Holdings, Inc. ADR^*		77,703		7,536,414
Airbnb, Inc. — Class A^*		50,358		6,617,545
Trade Desk, Inc. — Class A^*		52,310		6,147,994
Charter Communications, Inc. — Class A^*		16,542		5,670,101
Warner Bros Discovery, Inc.^*		285,386		3,016,530
CDW Corp.		15,503		2,698,142
Total Communications				472,115,884
Consumer, Non-cyclical - 9.6%
PepsiCo, Inc.		159,609		24,270,144
Intuitive Surgical, Inc.^*		41,436		21,627,935
Amgen, Inc.		62,533		16,298,601
Automatic Data Processing, Inc.		47,401		13,875,695
Gilead Sciences, Inc.		144,983		13,392,080
Vertex Pharmaceuticals, Inc.^*		29,959		12,064,489
PayPal Holdings, Inc.^*		116,629		9,954,285
Mondelez International, Inc. — Class A		155,561		9,291,659
Regeneron Pharmaceuticals, Inc.^*		12,572		8,955,413
Cintas Corp.		46,917		8,571,736
Monster Beverage Corp.^*		113,137		5,946,481
Keurig Dr Pepper, Inc.		157,801		5,068,568
Verisk Analytics, Inc. — Class A		16,428		4,524,764
AstraZeneca plc ADR		67,741		4,438,390
Kraft Heinz Co.		140,668		4,319,914
GE HealthCare Technologies, Inc.		53,150		4,155,267
Coca-Cola Europacific Partners plc		53,557		4,113,713
IDEXX Laboratories, Inc.^*		9,526		3,938,429
Dexcom, Inc.^*		45,439		3,533,791
Biogen, Inc.^*		16,952		2,592,300
Total Consumer, Non-cyclical				180,933,654
Consumer, Cyclical - 9.2%
Tesla, Inc.^*		171,520		69,266,637
Costco Wholesale Corp.		51,544		47,228,221
Starbucks Corp.		131,899		12,035,784
Marriott International, Inc. — Class A		32,328		9,017,572
O’Reilly Automotive, Inc.^*		6,716		7,963,833
Copart, Inc.^*		112,091		6,432,902
PACCAR, Inc.		60,994		6,344,596
Ross Stores, Inc.		38,595		5,838,265
Lululemon Athletica, Inc.^*		13,688		5,234,428
Fastenal Co.		66,646		4,792,514
Total Consumer, Cyclical				174,154,752
Industrial - 1.8%
Honeywell International, Inc.		75,646		17,087,675
CSX Corp.		224,341		7,239,484
Axon Enterprise, Inc.^*		8,871		5,272,213
Old Dominion Freight Line, Inc.		24,837		4,381,247
Total Industrial				33,980,619
Basic Materials - 1.2%
Linde plc		55,393		23,191,387
Utilities - 1.2%
Constellation Energy Corp.		36,385		8,139,688
American Electric Power Company, Inc.		61,955		5,714,110
Xcel Energy, Inc.		66,804		4,510,606

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 96.7% (continued)
Utilities - 1.2% (continued)
Exelon Corp.		116,896	$	4,399,966
Total Utilities				22,764,370
Energy - 0.5%
Diamondback Energy, Inc.		33,968		5,564,978
Baker Hughes Co.		115,115		4,722,017
Total Energy				10,286,995
Financial - 0.2%
CoStar Group, Inc.^*		47,692		3,414,270
Total Common Stocks
(Cost $514,638,208)				1,829,008,574

MUTUAL FUNDS^† - 2.7%
Guggenheim Ultra Short Duration Fund — Institutional Class²		2,756,359		27,591,156
Guggenheim Strategy Fund II²		575,584		14,303,274
Guggenheim Strategy Fund III²		370,504		9,240,365
Total Mutual Funds
(Cost $51,083,879)				51,134,795

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 0.2%
Federal Home Loan Bank
4.26% due 01/23/25³	$	3,128,000	3,119,866
Total Federal Agency Discount Notes
(Cost $3,119,866)			3,119,866

U.S. TREASURY BILLS^†† - 0.1%
U.S. Treasury Bills
4.23% due 03/13/25^3,4		950,000	942,279
4.21% due 01/16/25^3,5		539,000	538,112
4.22% due 03/13/25³		50,000	49,594
4.20% due 03/13/25³		50,000	49,593
Total U.S. Treasury Bills
(Cost $1,579,278)			1,579,578

REPURCHASE AGREEMENTS^††,6 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25⁴		7,409,187	7,409,187
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25⁴		5,823,922	5,823,922
Total Repurchase Agreements
(Cost $13,233,109)			13,233,109

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁸		2,133,703		2,133,703
Total Securities Lending Collateral
(Cost $2,133,703)				2,133,703
Total Investments - 100.5%
(Cost $585,788,043)			$	1,900,209,625
Other Assets & Liabilities, net - (0.5)%				(10,372,690	)
Total Net Assets - 100.0%			$	1,889,836,935

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts	5	Mar 2025	$	2,122,100	$	(54,531	)

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^††
Barclays Bank plc	NASDAQ-100 Index	Pay	5.37% (SOFR + 1.00%)	At Maturity	03/27/25		148	$	3,101,077	$	(29,090	)
BNP Paribas	NASDAQ-100 Index	Pay	5.23% (Federal Funds Rate + 0.90%)	At Maturity	03/27/25		1,186		24,920,875		(224,656	)
Goldman Sachs International	NASDAQ-100 Index	Pay	4.83% (Federal Funds Rate + 0.50%)	At Maturity	03/26/25		1,462		30,727,088		(996,414	)
								$	58,749,040	$	(1,250,160	)

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.
⁵	All or a portion of this security is pledged as futures collateral at December 31, 2024.
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, 2024.

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, 2024 (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	$	1,829,008,574	$	—	$	—	$	1,829,008,574
Mutual Funds		51,134,795		—		—		51,134,795
Federal Agency Discount Notes		—		3,119,866		—		3,119,866
U.S. Treasury Bills		—		1,579,578		—		1,579,578
Repurchase Agreements		—		13,233,109		—		13,233,109
Securities Lending Collateral		2,133,703		—		—		2,133,703
Total Assets	$	1,882,277,072	$	17,932,553	$	—	$	1,900,209,625

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	54,531	$	—	$	—	$	54,531
Equity Index Swap Agreements**		—		1,250,160		—		1,250,160
Total Liabilities	$	54,531	$	1,250,160	$	—	$	1,304,691

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	14,159,378	$	–	$	–	$	–	$	143,896	$	14,303,274		575,584	$	613,718
Guggenheim Strategy Fund III		9,140,329		–		–		–		100,036		9,240,365		370,504		380,389
Guggenheim Ultra Short Duration Fund — Institutional Class		27,315,520		–		–		–		275,636		27,591,156		2,756,359		1,066,413
	$	50,615,227	$	–	$	–	$	–	$	519,568	$	51,134,795			$	2,060,520

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 83.2%
Technology - 26.1%
Apple, Inc.		72,198	$	18,079,823
NVIDIA Corp.		117,163		15,733,819
Microsoft Corp.		35,511		14,967,887
Broadcom, Inc.		22,308		5,171,887
Salesforce, Inc.		4,566		1,526,551
Oracle Corp.		7,677		1,279,295
Accenture plc — Class A		2,985		1,050,093
ServiceNow, Inc.^*		984		1,043,158
International Business Machines Corp.		4,416		970,770
Advanced Micro Devices, Inc.^*		7,751		936,243
Adobe, Inc.^*		2,103		935,162
Intuit, Inc.		1,339		841,562
Texas Instruments, Inc.		4,357		816,981
QUALCOMM, Inc.		5,307		815,261
Palantir Technologies, Inc. — Class A^*		9,791		740,493
Applied Materials, Inc.		3,938		640,437
Fiserv, Inc.^*		2,717		558,126
Analog Devices, Inc.		2,371		503,743
Micron Technology, Inc.		5,296		445,711
Lam Research Corp.		6,146		443,925
Intel Corp.^*		20,601		413,050
KLA Corp.		639		402,647
Cadence Design Systems, Inc.^*		1,310		393,603
Crowdstrike Holdings, Inc. — Class A^*		1,112		380,482
Synopsys, Inc.^*		734		356,254
Autodesk, Inc.^*		1,027		303,550
Fortinet, Inc.^*		3,039		287,125
Roper Technologies, Inc.		512		266,163
Workday, Inc. — Class A^*		1,016		262,158
NXP Semiconductor N.V.		1,214		252,330
Fair Isaac Corp.^*		116		230,948
MSCI, Inc. — Class A		374		224,404
Paychex, Inc.		1,530		214,537
Fidelity National Information Services, Inc.		2,571		207,660
Cognizant Technology Solutions Corp. — Class A		2,368		182,099
Gartner, Inc.^*		368		178,285
Dell Technologies, Inc. — Class C		1,467		169,057
Electronic Arts, Inc.		1,140		166,782
HP, Inc.		4,603		150,196
Microchip Technology, Inc.		2,565		147,103
Take-Two Interactive Software, Inc.^*		780		143,582
ANSYS, Inc.^*		418		141,004
Monolithic Power Systems, Inc.		233		137,866
Hewlett Packard Enterprise Co.		6,203		132,434
ON Semiconductor Corp.^*		2,034		128,244
Broadridge Financial Solutions, Inc.		558		126,158
Tyler Technologies, Inc.^*		204		117,635
NetApp, Inc.		978		113,526
PTC, Inc.^*		574		105,541
Western Digital Corp.^*		1,651		98,449
Teradyne, Inc.		778		97,966
Zebra Technologies Corp. — Class A^*		246		95,010
Leidos Holdings, Inc.		637		91,766
Seagate Technology Holdings plc		1,010		87,173
Super Micro Computer, Inc.^*		2,405		73,305
Akamai Technologies, Inc.^*		718		68,677
Skyworks Solutions, Inc.		763		67,663
EPAM Systems, Inc.^*		271		63,365
Jack Henry & Associates, Inc.		348		61,004
Dayforce, Inc.^*		753		54,698
Paycom Software, Inc.		232		47,553
Total Technology				74,741,979
Communications - 13.0%
Amazon.com, Inc.^*		44,698		9,806,294
Meta Platforms, Inc. — Class A		10,413		6,096,916
Alphabet, Inc. — Class A		27,908		5,282,984
Alphabet, Inc. — Class C		22,732		4,329,082
Netflix, Inc.^*		2,042		1,820,075
Cisco Systems, Inc.		19,039		1,127,109
Walt Disney Co.		8,650		963,178
Verizon Communications, Inc.		20,107		804,079
Booking Holdings, Inc.		158		785,010
AT&T, Inc.		34,271		780,351
Comcast Corp. — Class A		18,232		684,247
Uber Technologies, Inc.^*		10,058		606,699
Palo Alto Networks, Inc.^*		3,126		568,807
Arista Networks, Inc.^*		4,934		545,355
T-Mobile US, Inc.		2,328		513,859
Motorola Solutions, Inc.		797		368,397
Airbnb, Inc. — Class A^*		2,068		271,756
Corning, Inc.		3,681		174,921
Charter Communications, Inc. — Class A^*		462		158,360
eBay, Inc.		2,288		141,742
GoDaddy, Inc. — Class A^*		671		132,435
Warner Bros Discovery, Inc.^*		10,663		112,708
CDW Corp.		637		110,864
Expedia Group, Inc.^*		587		109,376
FactSet Research Systems, Inc.		181		86,931
VeriSign, Inc.^*		395		81,749
Omnicom Group, Inc.		932		80,189
Gen Digital, Inc.		2,590		70,914
F5, Inc.^*		277		69,657
Juniper Networks, Inc.		1,581		59,209
Fox Corp. — Class A		1,056		51,300
Interpublic Group of Companies, Inc.		1,779		49,848
News Corp. — Class A		1,810		49,847
Match Group, Inc.		1,199		39,219
Paramount Global — Class B¹		2,842		29,727
Fox Corp. — Class B		630		28,816
News Corp. — Class B		535		16,280
Total Communications				37,008,290
Consumer, Non-cyclical - 12.8%
Eli Lilly & Co.		3,763		2,905,036
UnitedHealth Group, Inc.		4,396		2,223,761
Procter & Gamble Co.		11,249		1,885,895
Johnson & Johnson		11,500		1,663,130
AbbVie, Inc.		8,441		1,499,966
Merck & Company, Inc.		12,083		1,202,017
Coca-Cola Co.		18,518		1,152,931
PepsiCo, Inc.		6,553		996,449

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 83.2% (continued)
Consumer, Non-cyclical - 12.8% (continued)
Thermo Fisher Scientific, Inc.		1,827	$	950,460
Abbott Laboratories		8,284		937,003
Philip Morris International, Inc.		7,426		893,719
Intuitive Surgical, Inc.^*		1,701		887,854
S&P Global, Inc.		1,517		755,512
Pfizer, Inc.		27,068		718,114
Danaher Corp.		3,070		704,718
Amgen, Inc.		2,567		669,063
Boston Scientific Corp.^*		7,040		628,813
Stryker Corp.		1,639		590,122
Automatic Data Processing, Inc.		1,946		569,653
Gilead Sciences, Inc.		5,953		549,879
Bristol-Myers Squibb Co.		9,687		547,897
Vertex Pharmaceuticals, Inc.^*		1,230		495,321
Medtronic plc		6,126		489,345
Altria Group, Inc.		8,095		423,287
Elevance Health, Inc.		1,108		408,741
PayPal Holdings, Inc.^*		4,789		408,741
Mondelez International, Inc. — Class A		6,387		381,496
Cigna Group		1,329		366,990
Regeneron Pharmaceuticals, Inc.^*		503		358,302
Colgate-Palmolive Co.		3,902		354,731
Moody’s Corp.		744		352,187
Zoetis, Inc.		2,154		350,951
McKesson Corp.		606		345,365
Becton Dickinson & Co.		1,380		313,080
Cintas Corp.		1,637		299,080
CVS Health Corp.		6,011		269,834
HCA Healthcare, Inc.		871		261,431
Quanta Services, Inc.		705		222,815
United Rentals, Inc.		313		220,490
Kimberly-Clark Corp.		1,593		208,747
Edwards Lifesciences Corp.^*		2,817		208,543
Kenvue, Inc.		9,158		195,523
Kroger Co.		3,179		194,396
Cencora, Inc. — Class A		838		188,282
Corteva, Inc.		3,283		187,000
Verisk Analytics, Inc. — Class A		674		185,640
Agilent Technologies, Inc.		1,372		184,314
Sysco Corp.		2,346		179,375
Monster Beverage Corp.^*		3,344		175,761
Keurig Dr Pepper, Inc.		5,377		172,709
GE HealthCare Technologies, Inc.		2,182		170,589
General Mills, Inc.		2,652		169,118
Constellation Brands, Inc. — Class A		746		164,866
IQVIA Holdings, Inc.^*		824		161,924
IDEXX Laboratories, Inc.^*		391		161,655
ResMed, Inc.		701		160,312
Equifax, Inc.		592		150,871
Centene Corp.^*		2,411		146,058
Humana, Inc.		575		145,883
Dexcom, Inc.^*		1,866		145,119
Cardinal Health, Inc.		1,156		136,720
Global Payments, Inc.		1,215		136,153
Kraft Heinz Co.		4,216		129,473
Church & Dwight Company, Inc.		1,170		122,511
Hershey Co.		706		119,561
Archer-Daniels-Midland Co.		2,284		115,388
West Pharmaceutical Services, Inc.¹		346		113,336
Corpay, Inc.^*		333		112,694
Biogen, Inc.^*		696		106,432
Waters Corp.^*		284		105,358
Kellanova		1,284		103,966
Zimmer Biomet Holdings, Inc.		951		100,454
STERIS plc		471		96,819
Clorox Co.		591		95,984
McCormick & Company, Inc.		1,205		91,869
Labcorp Holdings, Inc.		399		91,499
Insulet Corp.^*		335		87,458
Cooper Companies, Inc.^*		951		87,425
Estee Lauder Companies, Inc. — Class A		1,115		83,603
Quest Diagnostics, Inc.		533		80,408
Hologic, Inc.^*		1,109		79,948
Molina Healthcare, Inc.^*		273		79,457
Tyson Foods, Inc. — Class A		1,365		78,406
Avery Dennison Corp.		384		71,858
Baxter International, Inc.		2,439		71,121
Viatris, Inc.		5,701		70,977
Align Technology, Inc.^*		335		69,851
Moderna, Inc.^*		1,616		67,193
Revvity, Inc.		581		64,845
Conagra Brands, Inc.		2,280		63,270
Rollins, Inc.		1,341		62,155
J M Smucker Co.		508		55,941
Bio-Techne Corp.		759		54,671
Incyte Corp.^*		764		52,769
Bunge Global S.A.		667		51,866
Universal Health Services, Inc. — Class B		280		50,238
Molson Coors Beverage Co. — Class B		834		47,805
Lamb Weston Holdings, Inc.		681		45,511
Charles River Laboratories International, Inc.^*		244		45,042
Solventum Corp.^*		660		43,600
Hormel Foods Corp.		1,388		43,542
Henry Schein, Inc.^*		596		41,243
MarketAxess Holdings, Inc.		180		40,687
Teleflex, Inc.		222		39,512
The Campbell’s Co.		938		39,283
Brown-Forman Corp. — Class B		870		33,042
DaVita, Inc.^*		215		32,153
Total Consumer, Non-cyclical				36,523,961
Financial - 12.0%
Berkshire Hathaway, Inc. — Class B^*		8,755		3,968,466
JPMorgan Chase & Co.		13,447		3,223,380
Visa, Inc. — Class A		8,254		2,608,594
Mastercard, Inc. — Class A		3,915		2,061,522
Bank of America Corp.		31,884		1,401,302
Wells Fargo & Co.		15,903		1,117,027
Goldman Sachs Group, Inc.		1,499		858,357
American Express Co.		2,658		788,868
Morgan Stanley		5,925		744,891
Blackrock, Inc.		695		712,451
Progressive Corp.		2,798		670,429

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 83.2% (continued)
Financial - 12.0% (continued)
Citigroup, Inc.		9,033	$	635,833
Blackstone, Inc. — Class A		3,449		594,676
Charles Schwab Corp.		7,140		528,431
Marsh & McLennan Companies, Inc.		2,346		498,314
Chubb Ltd.		1,791		494,853
KKR & Company, Inc. — Class A		3,224		476,862
Prologis, Inc. REIT		4,424		467,617
Equinix, Inc. REIT		461		434,672
American Tower Corp. — Class A REIT		2,232		409,371
Intercontinental Exchange, Inc.		2,742		408,585
CME Group, Inc. — Class A		1,721		399,668
Aon plc — Class A		1,033		371,012
PNC Financial Services Group, Inc.		1,895		365,451
U.S. Bancorp		7,451		356,381
Welltower, Inc. REIT		2,825		356,035
Apollo Global Management, Inc.		2,131		351,956
Arthur J Gallagher & Co.		1,193		338,633
Capital One Financial Corp.		1,822		324,899
Truist Financial Corp.		6,341		275,073
Bank of New York Mellon Corp.		3,473		266,831
Digital Realty Trust, Inc. REIT		1,489		264,044
Travelers Companies, Inc.		1,084		261,125
Simon Property Group, Inc. REIT		1,465		252,288
Aflac, Inc.		2,388		247,015
Ameriprise Financial, Inc.		463		246,515
Allstate Corp.		1,264		243,687
MetLife, Inc.		2,778		227,463
Public Storage REIT		753		225,478
Realty Income Corp. REIT		4,180		223,254
American International Group, Inc.		2,979		216,871
Discover Financial Services		1,199		207,703
Prudential Financial, Inc.		1,700		201,501
CBRE Group, Inc. — Class A^*		1,437		188,664
Crown Castle, Inc. REIT		2,076		188,418
Arch Capital Group Ltd.		1,790		165,306
Nasdaq, Inc.		1,977		152,842
Extra Space Storage, Inc. REIT		1,013		151,545
Hartford Financial Services Group, Inc.		1,385		151,519
Willis Towers Watson plc		481		150,668
AvalonBay Communities, Inc. REIT		678		149,140
M&T Bank Corp.		793		149,092
Iron Mountain, Inc. REIT		1,402		147,364
VICI Properties, Inc. REIT		5,035		147,072
CoStar Group, Inc.^*		1,958		140,173
State Street Corp.		1,400		137,410
Raymond James Financial, Inc.		873		135,603
Fifth Third Bancorp		3,202		135,381
Synchrony Financial		1,860		120,900
T. Rowe Price Group, Inc.		1,061		119,989
Ventas, Inc. REIT		2,004		118,016
Equity Residential REIT		1,631		117,041
Brown & Brown, Inc.		1,134		115,691
Huntington Bancshares, Inc.		6,939		112,897
Cincinnati Financial Corp.		747		107,344
SBA Communications Corp. REIT		514		104,753
Regions Financial Corp.		4,341		102,100
Cboe Global Markets, Inc.		500		97,700
Weyerhaeuser Co. REIT		3,470		97,681
Northern Trust Corp.		947		97,067
Citizens Financial Group, Inc.		2,105		92,115
Essex Property Trust, Inc. REIT		307		87,630
Invitation Homes, Inc. REIT		2,721		86,990
Mid-America Apartment Communities, Inc. REIT		558		86,250
W R Berkley Corp.		1,438		84,152
KeyCorp		4,735		81,158
Principal Financial Group, Inc.		1,005		77,797
Kimco Realty Corp. REIT		3,220		75,445
Everest Group Ltd.		205		74,304
Loews Corp.		863		73,087
Alexandria Real Estate Equities, Inc. REIT		743		72,480
Healthpeak Properties, Inc. REIT		3,341		67,722
UDR, Inc.		1,434		62,250
Camden Property Trust REIT		510		59,180
Host Hotels & Resorts, Inc. REIT		3,339		58,499
Regency Centers Corp. REIT		780		57,665
Assurant, Inc.		245		52,239
BXP, Inc. REIT		695		51,680
Erie Indemnity Co. — Class A		119		49,055
Globe Life, Inc.		401		44,720
Federal Realty Investment Trust REIT		365		40,862
Invesco Ltd.		2,147		37,530
Franklin Resources, Inc.		1,476		29,948
Total Financial				34,431,518
Consumer, Cyclical - 7.5%
Tesla, Inc.^*		13,339		5,386,822
Costco Wholesale Corp.		2,116		1,938,827
Walmart, Inc.		20,733		1,873,227
Home Depot, Inc.		4,744		1,845,369
McDonald’s Corp.		3,423		992,294
Lowe’s Companies, Inc.		2,710		668,828
TJX Companies, Inc.		5,387		650,804
Starbucks Corp.		5,414		494,028
NIKE, Inc. — Class B		5,687		430,335
Chipotle Mexican Grill, Inc. — Class A^*		6,508		392,432
O’Reilly Automotive, Inc.^*		276		327,281
Marriott International, Inc. — Class A		1,102		307,392
Target Corp.		2,200		297,396
Hilton Worldwide Holdings, Inc.		1,164		287,694
General Motors Co.		5,252		279,774
Royal Caribbean Cruises Ltd.		1,182		272,676
PACCAR, Inc.		2,504		260,466
AutoZone, Inc.^*		81		259,362
Copart, Inc.^*		4,187		240,292
Ross Stores, Inc.		1,585		239,763
Cummins, Inc.		655		228,333
WW Grainger, Inc.		212		223,459
Lululemon Athletica, Inc.^*		540		206,501
Fastenal Co.		2,736		196,746
DR Horton, Inc.		1,392		194,629

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 83.2% (continued)
Consumer, Cyclical - 7.5% (continued)
Delta Air Lines, Inc.		3,062	$	185,251
Ford Motor Co.		18,644		184,575
Yum! Brands, Inc.		1,333		178,835
Lennar Corp. — Class A		1,141		155,598
United Airlines Holdings, Inc.^*		1,571		152,544
Deckers Outdoor Corp.^*		726		147,444
Tractor Supply Co.¹		2,552		135,409
Carnival Corp.^*		4,960		123,603
NVR, Inc.^*		15		122,684
PulteGroup, Inc.		980		106,722
Darden Restaurants, Inc.		561		104,733
Ulta Beauty, Inc.^*		225		97,859
Live Nation Entertainment, Inc.^*		749		96,996
Southwest Airlines Co.		2,865		96,321
Las Vegas Sands Corp.		1,662		85,360
Best Buy Company, Inc.		933		80,051
Dollar General Corp.		1,050		79,611
Genuine Parts Co.		664		77,529
Tapestry, Inc.		1,113		72,712
Dollar Tree, Inc.^*		965		72,317
Domino’s Pizza, Inc.		165		69,260
Aptiv plc^*		1,123		67,919
Pool Corp.		182		62,051
CarMax, Inc.^*		740		60,502
Norwegian Cruise Line Holdings Ltd.^*		2,099		54,007
LKQ Corp.		1,242		45,643
Ralph Lauren Corp. — Class A		192		44,348
Wynn Resorts Ltd.		442		38,083
MGM Resorts International^*		1,081		37,457
Hasbro, Inc.		626		35,000
Caesars Entertainment, Inc.^*		1,015		33,921
BorgWarner, Inc.		1,045		33,221
Walgreens Boots Alliance, Inc.		3,428		31,983
Total Consumer, Cyclical				21,464,279
Industrial - 5.9%
General Electric Co.		5,169		862,137
Caterpillar, Inc.		2,306		836,524
RTX Corp.		6,357		735,632
Honeywell International, Inc.		3,106		701,614
Union Pacific Corp.		2,896		660,404
Boeing Co.^*		3,571		632,067
Eaton Corporation plc		1,888		626,571
Deere & Co.		1,215		514,796
Lockheed Martin Corp.		1,008		489,828
United Parcel Service, Inc. — Class B		3,493		440,467
GE Vernova, Inc.		1,317		433,201
Amphenol Corp. — Class A		5,758		399,893
Trane Technologies plc		1,075		397,051
Parker-Hannifin Corp.		615		391,158
Waste Management, Inc.		1,745		352,123
TransDigm Group, Inc.		269		340,898
Emerson Electric Co.		2,723		337,462
3M Co.		2,601		335,763
Illinois Tool Works, Inc.		1,284		325,571
General Dynamics Corp.		1,233		324,883
Northrop Grumman Corp.		654		306,916
FedEx Corp.		1,074		302,148
CSX Corp.		9,211		297,239
Carrier Global Corp.		3,986		272,084
Norfolk Southern Corp.		1,081		253,711
Johnson Controls International plc		3,191		251,866
Howmet Aerospace, Inc.		1,940		212,178
Axon Enterprise, Inc.^*		346		205,635
TE Connectivity plc		1,429		204,304
AMETEK, Inc.		1,105		199,187
Republic Services, Inc. — Class A		972		195,547
L3Harris Technologies, Inc.		906		190,514
Otis Worldwide Corp.		1,908		176,700
Ingersoll Rand, Inc.		1,925		174,135
Vulcan Materials Co.		631		162,312
Old Dominion Freight Line, Inc.		897		158,231
Westinghouse Air Brake Technologies Corp.		821		155,653
Rockwell Automation, Inc.		539		154,041
Garmin Ltd.		734		151,395
Martin Marietta Materials, Inc.		292		150,818
Xylem, Inc.		1,160		134,583
Keysight Technologies, Inc.^*		829		133,162
Smurfit WestRock plc		2,360		127,110
Fortive Corp.		1,657		124,275
Mettler-Toledo International, Inc.^*		101		123,592
Dover Corp.		655		122,878
Veralto Corp.		1,181		120,285
Hubbell, Inc.		256		107,236
Teledyne Technologies, Inc.^*		223		103,501
Packaging Corporation of America		426		95,905
Lennox International, Inc.		153		93,223
Snap-on, Inc.		251		85,210
Trimble, Inc.^*		1,166		82,390
Pentair plc		789		79,405
Jacobs Solutions, Inc.		593		79,237
Builders FirstSource, Inc.^*		550		78,611
Ball Corp.		1,425		78,560
Jabil, Inc.		539		77,562
IDEX Corp.		362		75,763
Masco Corp.		1,030		74,747
Expeditors International of Washington, Inc.		669		74,105
Textron, Inc.		886		67,770
Amcor plc		6,904		64,967
J.B. Hunt Transport Services, Inc.		380		64,851
Stanley Black & Decker, Inc.		736		59,093
CH Robinson Worldwide, Inc.		565		58,376
Allegion plc		415		54,232
Nordson Corp.		259		54,193
Generac Holdings, Inc.^*		284		44,034
A O Smith Corp.		569		38,812
Huntington Ingalls Industries, Inc.		187		35,337
Mohawk Industries, Inc.^*		250		29,783
Total Industrial				16,955,445
Energy - 2.7%
Exxon Mobil Corp.		20,993		2,258,217
Chevron Corp.		7,983		1,156,258
ConocoPhillips		6,179		612,771

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 83.2% (continued)
Energy - 2.7% (continued)
EOG Resources, Inc.		2,686	$	329,250
Williams Companies, Inc.		5,822		315,087
ONEOK, Inc.		2,790		280,116
Schlumberger N.V.		6,745		258,603
Kinder Morgan, Inc.		9,232		252,957
Phillips 66		1,973		224,784
Marathon Petroleum Corp.		1,535		214,133
Baker Hughes Co.		4,726		193,861
Targa Resources Corp.		1,042		185,997
Valero Energy Corp.		1,512		185,356
Hess Corp.		1,320		175,573
Occidental Petroleum Corp.		3,227		159,446
Diamondback Energy, Inc.		893		146,300
Equities Corp.		2,849		131,367
Halliburton Co.		4,196		114,089
Devon Energy Corp.		3,138		102,707
Texas Pacific Land Corp.		90		99,536
First Solar, Inc.^*		511		90,059
Coterra Energy, Inc. — Class A		3,518		89,850
Enphase Energy, Inc.^*		645		44,298
APA Corp.		1,767		40,800
Total Energy				7,661,415
Utilities - 1.9%
NextEra Energy, Inc.		9,822		704,139
Southern Co.		5,233		430,781
Duke Energy Corp.		3,690		397,561
Constellation Energy Corp.		1,494		334,223
Sempra		3,025		265,353
American Electric Power Company, Inc.		2,544		234,633
Vistra Corp.		1,625		224,039
Dominion Energy, Inc.		4,012		216,086
PG&E Corp.		10,442		210,720
Public Service Enterprise Group, Inc.		2,380		201,086
Xcel Energy, Inc.		2,743		185,207
Exelon Corp.		4,799		180,634
Entergy Corp.		2,048		155,279
Consolidated Edison, Inc.		1,655		147,676
Edison International		1,849		147,624
WEC Energy Group, Inc.		1,511		142,094
DTE Energy Co.		989		119,422
American Water Works Company, Inc.		931		115,900
PPL Corp.		3,525		114,422
Ameren Corp.		1,275		113,653
Atmos Energy Corp.		741		103,199
Eversource Energy		1,750		100,502
CenterPoint Energy, Inc.		3,113		98,775
FirstEnergy Corp.		2,450		97,461
CMS Energy Corp.		1,427		95,110
NRG Energy, Inc.		968		87,333
NiSource, Inc.		2,230		81,975
Alliant Energy Corp.		1,226		72,506
Evergy, Inc.		1,098		67,582
Pinnacle West Capital Corp.		543		46,030
AES Corp.		3,396		43,707
Total Utilities				5,534,712
Basic Materials - 1.3%
Linde plc		2,274		952,056
Sherwin-Williams Co.		1,107		376,302
Air Products and Chemicals, Inc.		1,062		308,022
Ecolab, Inc.		1,204		282,121
Freeport-McMoRan, Inc.		6,863		261,343
Newmont Corp.		5,438		202,403
DuPont de Nemours, Inc.		1,996		152,195
Dow, Inc.		3,344		134,195
PPG Industries, Inc.		1,108		132,351
Nucor Corp.		1,122		130,949
International Flavors & Fragrances, Inc.		1,221		103,235
LyondellBasell Industries N.V. — Class A		1,241		92,169
International Paper Co.		1,659		89,287
Steel Dynamics, Inc.		676		77,111
CF Industries Holdings, Inc.		831		70,901
Eastman Chemical Co.		554		50,591
Albemarle Corp.		561		48,291
Mosaic Co.		1,517		37,288
Celanese Corp. — Class A		522		36,128
FMC Corp.		596		28,972
Total Basic Materials				3,565,910
Total Common Stocks
(Cost $202,023,294)				237,887,509

MUTUAL FUNDS^† - 6.1%
Guggenheim Ultra Short Duration Fund — Institutional Class²		733,906		7,346,402
Guggenheim Strategy Fund II²		225,195		5,596,092
Guggenheim Strategy Fund III²		184,563		4,602,992
Total Mutual Funds
(Cost $17,418,465)				17,545,486

		Face Amount
U.S. TREASURY BILLS^†† - 4.2%
U.S. Treasury Bills
4.30% due 03/06/25^3,4	$	5,000,000	4,963,383
4.21% due 01/16/25^4,5		3,159,000	3,153,797
4.19% due 01/21/25⁴		2,000,000	1,995,519
4.23% due 03/13/25^3,4		1,500,000	1,487,809
4.22% due 03/13/25⁴		350,000	347,155
Total U.S. Treasury Bills
(Cost $11,944,603)			11,947,663

REPURCHASE AGREEMENTS^††,6 - 7.3%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³		11,658,174	11,658,174
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		9,163,798	9,163,798
Total Repurchase Agreements
(Cost $20,821,972)			20,821,972

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,7 - 0.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁸		201,555	$	201,555
Total Securities Lending Collateral
(Cost $201,555)				201,555
Total Investments - 100.9%
(Cost $252,409,889)			$	288,404,185
Other Assets & Liabilities, net - (0.9)%				(2,440,409	)
Total Net Assets - 100.0%			$	285,963,776

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
S&P 500 Index Mini Futures Contracts	206	Mar 2025	$	61,133,075	$	(1,890,567	)

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^††

Barclays Bank plc

S&P 500 Index

Pay

5.27% (SOFR + 0.90%)

At Maturity

03/27/25

2,987

17,567,256

14,630

BNP Paribas

S&P 500 Index

Pay

5.18% (Federal Funds Rate + 0.85%)

At Maturity

03/27/25

798

4,695,628

7,564

Goldman Sachs International

S&P 500 Index

Pay

4.83% (Federal Funds Rate + 0.50%)

At Maturity

03/26/25

18,260

107,398,382

(2,685,443

)

129,661,266

(2,663,249

)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.
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, 2024.
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, 2024.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	237,887,509	$	—	$	—	$	237,887,509
Mutual Funds		17,545,486		—		—		17,545,486
U.S. Treasury Bills		—		11,947,663		—		11,947,663
Repurchase Agreements		—		20,821,972		—		20,821,972
Securities Lending Collateral		201,555		—		—		201,555
Equity Index Swap Agreements**		—		22,194		—		22,194
Total Assets	$	255,634,550	$	32,791,829	$	—	$	288,426,379

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,890,567	$	—	$	—	$	1,890,567
Equity Index Swap Agreements**		—		2,685,443		—		2,685,443
Total Liabilities	$	1,890,567	$	2,685,443	$	—	$	4,576,010

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,539,793	$	–	$	–	$	–	$	56,299	$	5,596,092		225,195	$	240,115
Guggenheim Strategy Fund III		4,553,161		–		–		–		49,831		4,602,992		184,563		189,487
Guggenheim Ultra Short Duration Fund — Institutional Class		7,273,011		–		–		–		73,391		7,346,402		733,906		283,942
	$	17,365,965	$	–	$	–	$	–	$	179,521	$	17,545,486			$	713,544

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Mining - 99.5%
Freeport-McMoRan, Inc.		178,632	$	6,802,306
Newmont Corp.		157,803		5,873,428
Agnico Eagle Mines Ltd.		73,823		5,773,697
Barrick Gold Corp.		306,784		4,755,152
Wheaton Precious Metals Corp.		83,873		4,717,017
Franco-Nevada Corp.		28,640		3,367,778
Kinross Gold Corp.		338,948		3,142,048
Anglogold Ashanti plc¹		132,977		3,069,109
Gold Fields Ltd. ADR		231,079		3,050,243
Royal Gold, Inc.		20,207		2,664,293
Alamos Gold, Inc. — Class A		141,443		2,608,209
Pan American Silver Corp.		122,571		2,478,386
Osisko Gold Royalties Ltd.		94,735		1,714,703
Eldorado Gold Corp.^*		107,902		1,604,503
Hecla Mining Co.		320,167		1,572,020
IAMGOLD Corp.^*		303,550		1,566,318
Harmony Gold Mining Company Ltd. ADR		171,418		1,407,342
Equinox Gold Corp.^*		267,099		1,340,837
Coeur Mining, Inc.^*		223,533		1,278,609
Sandstorm Gold Ltd.		218,218		1,217,656
First Majestic Silver Corp.¹		212,671		1,167,564
B2Gold Corp.		472,622		1,153,198
SSR Mining, Inc.^*		156,601		1,089,943
MAG Silver Corp.^*		79,212		1,077,283
Sibanye Stillwater Ltd. ADR^*,1		320,225		1,056,742
Fortuna Mining Corp.^*		244,835		1,050,342
Centerra Gold, Inc.		183,732		1,045,435
SilverCrest Metals, Inc.^*		113,516		1,032,996
New Gold, Inc.^*		378,309		938,206
Endeavour Silver Corp.^*,1		246,079		900,649
Seabridge Gold, Inc.^*		72,819		830,865
Novagold Resources, Inc.^*		223,889		745,550
Gatos Silver, Inc.^*		52,844		738,759
Silvercorp Metals, Inc.		207,347		622,041
McEwen Mining, Inc.^*		70,373		547,502
Total Mining				74,000,729
Total Common Stocks
(Cost $52,648,968)				74,000,729

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	304,977	304,977
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		239,724	239,724
Total Repurchase Agreements
(Cost $544,701)			544,701

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		2,357,026		2,357,026
Total Securities Lending Collateral
(Cost $2,357,026)				2,357,026
Total Investments - 103.4%
(Cost $55,550,695)			$	76,902,456
Other Assets & Liabilities, net - (3.4)%				(2,531,518	)
Total Net Assets - 100.0%			$	74,370,938

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	74,000,729	$	—	$	—	$	74,000,729
Repurchase Agreements		—		544,701		—		544,701
Securities Lending Collateral		2,357,026		—		—		2,357,026
Total Assets	$	76,357,755	$	544,701	$	—	$	76,902,456

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.3%
REITs - 91.0%
REITs-Diversified - 23.2%
Equinix, Inc.		140	$	132,005
American Tower Corp. — Class A		691		126,736
Digital Realty Trust, Inc.		603		106,930
Crown Castle, Inc.		941		85,405
VICI Properties, Inc.		2,582		75,420
SBA Communications Corp.		315		64,197
Weyerhaeuser Co.		2,190		61,648
Gaming and Leisure Properties, Inc.		1,031		49,653
WP Carey, Inc.		872		47,507
Lamar Advertising Co. — Class A		357		43,461
Vornado Realty Trust		896		37,668
National Storage Affiliates Trust		716		27,144
EPR Properties		576		25,505
PotlatchDeltic Corp.		601		23,589
Broadstone Net Lease, Inc.		1,475		23,393
Outfront Media, Inc.		1,248		22,140
Uniti Group, Inc.^*		2,791		15,351
Total REITs-Diversified				967,752
REITs-Apartments - 11.8%
AvalonBay Communities, Inc.		350		76,989
Equity Residential		994		71,329
Invitation Homes, Inc.		1,860		59,464
Mid-America Apartment Communities, Inc.		380		58,737
UDR, Inc.		1,204		52,266
American Homes 4 Rent — Class A		1,294		48,421
Camden Property Trust		416		48,273
Essex Property Trust, Inc.		167		47,668
Independence Realty Trust, Inc.		1,436		28,490
Total REITs-Apartments				491,637
REITs-Health Care - 10.4%
Welltower, Inc.		981		123,635
Ventas, Inc.		1,179		69,431
Healthpeak Properties, Inc.		2,578		52,256
Omega Healthcare Investors, Inc.		1,177		44,549
Healthcare Realty Trust, Inc.		2,010		34,069
CareTrust REIT, Inc.		1,138		30,783
American Healthcare REIT, Inc.		1,043		29,642
Sabra Health Care REIT, Inc.		1,630		28,232
Medical Properties Trust, Inc.		5,189		20,497
Total REITs-Health Care				433,094
REITs-Warehouse/Industries - 8.4%
Prologis, Inc.		1,291		136,459
Rexford Industrial Realty, Inc.		1,049		40,554
EastGroup Properties, Inc.		239		38,357
First Industrial Realty Trust, Inc.		714		35,793
STAG Industrial, Inc.		1,027		34,733
Americold Realty Trust, Inc.		1,586		33,940
Terreno Realty Corp.		557		32,941
Total REITs-Warehouse/Industries				352,777
REITs-Shopping Centers - 7.9%
Kimco Realty Corp.		2,312		54,170
Regency Centers Corp.		700		51,751
Federal Realty Investment Trust		384		42,989
Brixmor Property Group, Inc.		1,443		40,173
Kite Realty Group Trust		1,277		32,231
Phillips Edison & Company, Inc.		828		31,017
Acadia Realty Trust		968		23,387
Urban Edge Properties		1,055		22,683
Retail Opportunity Investments Corp.		1,200		20,832
SITE Centers Corp.		796		12,171
Total REITs-Shopping Centers				331,404
REITs-Office Property - 7.0%
Alexandria Real Estate Equities, Inc.		581		56,677
BXP, Inc.		601		44,690
Cousins Properties, Inc.		995		30,487
SL Green Realty Corp.		448		30,428
Kilroy Realty Corp.		746		30,176
COPT Defense Properties		832		25,750
Highwoods Properties, Inc.		823		25,167
Douglas Emmett, Inc.		1,297		24,072
LXP Industrial Trust		2,540		20,625
Equity Commonwealth^*		2,271		4,020
Total REITs-Office Property				292,092
REITs-Storage - 6.9%
Public Storage		315		94,324
Extra Space Storage, Inc.		516		77,194
Iron Mountain, Inc.		718		75,469
CubeSmart		988		42,336
Total REITs-Storage				289,323
REITs-Single Tenant - 4.8%
Realty Income Corp.		1,778		94,963
NNN REIT, Inc.		934		38,154
Agree Realty Corp.		525		36,986
Essential Properties Realty Trust, Inc.		1,033		32,312
Total REITs-Single Tenant				202,415
REITs-Hotels - 3.9%
Host Hotels & Resorts, Inc.		2,708		47,444
Ryman Hospitality Properties, Inc.		295		30,780
Apple Hospitality REIT, Inc.		1,630		25,021
Park Hotels & Resorts, Inc.		1,569		22,076
Sunstone Hotel Investors, Inc.		1,802		21,336
Pebblebrook Hotel Trust		1,270		17,209
Total REITs-Hotels				163,866
REITs-Regional Malls - 3.8%
Simon Property Group, Inc.		589		101,432
Macerich Co.		1,461		29,103
Tanger, Inc.		781		26,656
Total REITs-Regional Malls				157,191
REITs-Manufactured Homes - 2.5%
Sun Communities, Inc.		448		55,091
Equity LifeStyle Properties, Inc.		712		47,419
Total REITs-Manufactured Homes				102,510
Specialized Reit’s - 0.4%
DiamondRock Hospitality Co.		2,036		18,385
Total REITs				3,802,446

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Real Estate - 6.8%
Real Estate Management/Services - 6.8%
CBRE Group, Inc. — Class A^*		650	$	85,338
CoStar Group, Inc.^*		1,023		73,237
Jones Lang LaSalle, Inc.^*		136		34,427
Compass, Inc. — Class A^*		3,870		22,639
Cushman & Wakefield plc^*		1,717		22,458
Newmark Group, Inc. — Class A		1,713		21,944
eXp World Holdings, Inc.		1,100		12,661
Redfin Corp.^*		1,601		12,600
Total Real Estate Management/Services				285,304
Total Real Estate				285,304
Internet - 1.5%
E-Commerce/Services - 1.5%
Zillow Group, Inc. — Class C^*		724		53,612
Opendoor Technologies, Inc.^*		4,535		7,256
Total E-Commerce/Services				60,868
Total Internet				60,868
Total Common Stocks
(Cost $3,245,506)				4,148,618

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	12,544		12,544
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		9,861		9,861
Total Repurchase Agreements
(Cost $22,405)				22,405
Total Investments - 99.8%
(Cost $3,267,911)			$	4,171,023
Other Assets & Liabilities, net - 0.2%				9,892
Total Net Assets - 100.0%			$	4,180,915

^*	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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	4,148,618	$	—	$	—	$	4,148,618
Repurchase Agreements		—		22,405		—		22,405
Total Assets	$	4,148,618	$	22,405	$	—	$	4,171,023

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Retail - 70.1%
Walmart, Inc.		3,301	$	298,245
Costco Wholesale Corp.		279		255,639
Home Depot, Inc.		656		255,177
Lowe’s Companies, Inc.		1,030		254,204
TJX Companies, Inc.		2,084		251,768
O’Reilly Automotive, Inc.^*		148		175,498
Target Corp.		1,270		171,679
Carvana Co.^*		770		156,587
Ross Stores, Inc.		1,010		152,783
AutoZone, Inc.^*		37		118,474
Tractor Supply Co.		2,130		113,018
Williams-Sonoma, Inc.		560		103,701
Ulta Beauty, Inc.^*		232		100,904
Dick’s Sporting Goods, Inc.		420		96,113
Burlington Stores, Inc.^*		327		93,215
Best Buy Company, Inc.		1,042		89,404
Dollar General Corp.		1,175		89,088
Genuine Parts Co.		758		88,504
Dollar Tree, Inc.^*		1,177		88,204
GameStop Corp. — Class A^*		2,573		80,638
CarMax, Inc.^*		930		76,037
BJ’s Wholesale Club Holdings, Inc.^*		804		71,837
Floor & Decor Holdings, Inc. — Class A^*		672		66,998
Bath & Body Works, Inc.		1,666		64,591
Abercrombie & Fitch Co. — Class A^*		426		63,674
Lithia Motors, Inc. — Class A		177		63,265
Ollie’s Bargain Outlet Holdings, Inc.^*		520		57,060
Walgreens Boots Alliance, Inc.		5,899		55,038
RH^*		137		53,922
Gap, Inc.		2,280		53,876
Five Below, Inc.^*		512		53,739
AutoNation, Inc.^*		306		51,971
Boot Barn Holdings, Inc.^*		313		47,520
Macy’s, Inc.		2,790		47,235
Academy Sports & Outdoors, Inc.		790		45,449
Urban Outfitters, Inc.^*		802		44,014
Murphy USA, Inc.		81		40,642
Advance Auto Parts, Inc.		830		39,251
Signet Jewelers Ltd.		483		38,983
Nordstrom, Inc.		1,567		37,843
Victoria’s Secret & Co.^*		899		37,236
American Eagle Outfitters, Inc.		2,226		37,107
Foot Locker, Inc.^*		1,462		31,813
Kohl’s Corp.		1,971		27,673
National Vision Holdings, Inc.^*		1,804		18,798
ODP Corp.^*		702		15,963
Total Retail				4,274,378
Internet - 25.0%
Amazon.com, Inc.^*		2,688		589,720
PDD Holdings, Inc. ADR^*		1,754		170,120
MercadoLibre, Inc.^*		77		130,934
Alibaba Group Holding Ltd. ADR		1,510		128,033
eBay, Inc.		1,894		117,333
Coupang, Inc.^*		4,968		109,197
JD.com, Inc. ADR		3,009		104,322
Chewy, Inc. — Class A^*		2,298		76,960
Etsy, Inc.^*		936		49,505
Wayfair, Inc. — Class A^*		1,049		46,492
Total Internet				1,522,616
Distribution & Wholesale - 2.3%
Pool Corp.		223		76,030
LKQ Corp.		1,819		66,848
Total Distribution & Wholesale				142,878
Software - 1.4%
Global-e Online Ltd^*		1,527		83,268
Commercial Services - 0.7%
Valvoline, Inc.^*		1,262		45,659
Total Common Stocks
(Cost $3,193,504)				6,068,799

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.3%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	9,217		9,217
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		7,245		7,245
Total Repurchase Agreements
(Cost $16,462)				16,462
Total Investments - 99.8%
(Cost $3,209,966)			$	6,085,261
Other Assets & Liabilities, net - 0.2%				14,152
Total Net Assets - 100.0%			$	6,099,413

^*	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, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	6,068,799	$	—	$	—	$	6,068,799
Repurchase Agreements		—		16,462		—		16,462
Total Assets	$	6,068,799	$	16,462	$	—	$	6,085,261

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 53.0%
Financial - 13.0%
FTAI Aviation Ltd.		159	$	22,902
SouthState Corp.		119		11,838
Old National Bancorp		493		10,701
Jackson Financial, Inc. — Class A		117		10,188
Cadence Bank		287		9,887
Ryman Hospitality Properties, Inc. REIT		92		9,599
Mr Cooper Group, Inc.^*		98		9,409
Selective Insurance Group, Inc.		96		8,978
Glacier Bancorp, Inc.		178		8,939
Hamilton Lane, Inc. — Class A		60		8,883
Essent Group Ltd.		163		8,874
Terreno Realty Corp. REIT		150		8,871
Kite Realty Group Trust REIT		342		8,632
Essential Properties Realty Trust, Inc. REIT		275		8,602
Home BancShares, Inc.		290		8,207
Moelis & Co. — Class A		111		8,201
Piper Sandler Cos.		27		8,099
UMB Financial Corp.		70		7,900
CareTrust REIT, Inc.		289		7,817
United Bankshares, Inc.		208		7,810
Radian Group, Inc.		239		7,581
SL Green Realty Corp. REIT		111		7,539
Hancock Whitney Corp.		137		7,497
Upstart Holdings, Inc.^*		121		7,450
Macerich Co. REIT		371		7,390
First Financial Bankshares, Inc.		205		7,390
Phillips Edison & Company, Inc. REIT		194		7,267
MARA Holdings, Inc.^*		428		7,178
Independence Realty Trust, Inc. REIT		356		7,063
ServisFirst Bancshares, Inc.		80		6,779
American Healthcare REIT, Inc.		237		6,736
Valley National Bancorp		734		6,650
Ameris Bancorp		104		6,507
Enstar Group Ltd.^*		20		6,441
Sabra Health Care REIT, Inc.		362		6,270
CNO Financial Group, Inc.		165		6,140
United Community Banks, Inc.		189		6,107
Associated Banc-Corp.		254		6,071
Axos Financial, Inc.^*		86		6,007
PJT Partners, Inc. — Class A		37		5,839
Tanger, Inc. REIT		168		5,734
Texas Capital Bancshares, Inc.^*		73		5,709
StepStone Group, Inc. — Class A		97		5,614
Apple Hospitality REIT, Inc.		359		5,511
COPT Defense Properties REIT		177		5,478
Fulton Financial Corp.		282		5,437
International Bancshares Corp.		85		5,369
Atlantic Union Bankshares Corp.		141		5,341
Eastern Bankshares, Inc.		304		5,244
Cathay General Bancorp		110		5,237
BGC Group, Inc. — Class A		570		5,164
Community Financial System, Inc.		82		5,058
WSFS Financial Corp.		93		4,941
PotlatchDeltic Corp. REIT		125		4,906
Walker & Dunlop, Inc.		50		4,861
Blackstone Mortgage Trust, Inc. — Class A REIT		274		4,770
Bread Financial Holdings, Inc.		78		4,763
HA Sustainable Infrastructure Capital, Inc.		177		4,749
Douglas Emmett, Inc. REIT		255		4,733
Cushman & Wakefield plc^*		361		4,722
Genworth Financial, Inc. — Class A^*		674		4,711
Broadstone Net Lease, Inc. REIT		297		4,710
First BanCorp		253		4,703
National Health Investors, Inc. REIT		66		4,574
NMI Holdings, Inc. — Class A^*		123		4,522
BankUnited, Inc.		118		4,504
CVB Financial Corp.		209		4,475
Bank of Hawaii Corp.		62		4,417
Riot Platforms, Inc.^*		428		4,370
Simmons First National Corp. — Class A		196		4,347
Independent Bank Corp.		67		4,301
PennyMac Financial Services, Inc.		42		4,290
Artisan Partners Asset Management, Inc. — Class A		99		4,262
Victory Capital Holdings, Inc. — Class A		65		4,255
McGrath RentCorp		38		4,249
StoneX Group, Inc.^*		43		4,213
Outfront Media, Inc. REIT		233		4,133
Palomar Holdings, Inc.^*		39		4,118
Heartland Financial USA, Inc.		67		4,107
Urban Edge Properties REIT		189		4,064
Baldwin Insurance Group, Inc. — Class A^*		104		4,031
Burford Capital Ltd.		316		4,029
First Interstate BancSystem, Inc. — Class A		124		4,026
Arbor Realty Trust, Inc. REIT¹		290		4,017
First Financial Bancorp		149		4,005
Cohen & Steers, Inc.		43		3,971
Core Scientific, Inc.^*		281		3,948
Park National Corp.		23		3,943
Four Corners Property Trust, Inc. REIT		145		3,935
Bancorp, Inc.^*		73		3,842
Acadia Realty Trust REIT		159		3,841
Enova International, Inc.^*		40		3,835
TowneBank		111		3,781
Sunstone Hotel Investors, Inc. REIT		318		3,765
Pacific Premier Bancorp, Inc.		151		3,763
Goosehead Insurance, Inc. — Class A^*		35		3,753
Provident Financial Services, Inc.		198		3,736
Flagstar Financial, Inc.		399		3,723
LXP Industrial Trust REIT		455		3,695
First Merchants Corp.		92		3,670
Seacoast Banking Corporation of Florida		133		3,661
BancFirst Corp.		31		3,633
Banner Corp.		54		3,606

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
NBT Bancorp, Inc.		73	$	3,486
Independent Bank Group, Inc.		57		3,458
Curbline Properties Corp. REIT		148		3,437
Renasant Corp.		96		3,432
Trustmark Corp.		96		3,396
Banc of California, Inc.		219		3,386
WaFd, Inc.		105		3,385
Retail Opportunity Investments Corp. REIT		195		3,385
Compass, Inc. — Class A^*		575		3,364
Enterprise Financial Services Corp.		58		3,271
InvenTrust Properties Corp. REIT		107		3,224
Cleanspark, Inc.^*		349		3,214
Triumph Financial, Inc.^*		35		3,181
OFG Bancorp		73		3,089
Skyward Specialty Insurance Group, Inc.^*		59		2,982
Lemonade, Inc.^*		81		2,971
DiamondRock Hospitality Co. REIT		329		2,971
WesBanco, Inc.		91		2,961
Pathward Financial, Inc.		40		2,943
Innovative Industrial Properties, Inc. REIT		44		2,932
Stewart Information Services Corp.		43		2,902
FB Financial Corp.		56		2,885
Stock Yards Bancorp, Inc.		40		2,864
Mercury General Corp.		42		2,792
LendingClub Corp.^*		172		2,785
First Bancorp		63		2,770
Farmer Mac — Class C		14		2,757
City Holding Co.		23		2,725
First Commonwealth Financial Corp.		159		2,690
Newmark Group, Inc. — Class A		210		2,690
Lakeland Financial Corp.		39		2,682
Northwest Bancshares, Inc.		201		2,651
Hut 8 Corp.^*		126		2,582
St. Joe Co.		57		2,561
Horace Mann Educators Corp.		65		2,550
Pebblebrook Hotel Trust REIT		188		2,547
Bank of NT Butterfield & Son Ltd.		69		2,522
Trupanion, Inc.^*		52		2,506
National Bank Holdings Corp. — Class A		58		2,497
RLJ Lodging Trust REIT		240		2,450
Virtus Investment Partners, Inc.		11		2,426
Compass Diversified Holdings		105		2,423
SiriusPoint Ltd.^*		146		2,393
Xenia Hotels & Resorts, Inc. REIT		161		2,392
Getty Realty Corp. REIT		78		2,350
Nelnet, Inc. — Class A		22		2,350
LTC Properties, Inc. REIT		68		2,349
Sandy Spring Bancorp, Inc.		69		2,326
WisdomTree, Inc.		220		2,310
S&T Bancorp, Inc.		60		2,293
Global Net Lease, Inc. REIT		314		2,292
Customers Bancorp, Inc.^*		47		2,288
Veritex Holdings, Inc.		83		2,254
Hope Bancorp, Inc.		183		2,249
Nicolet Bankshares, Inc.		21		2,203
TriCo Bancshares		50		2,185
Stellar Bancorp, Inc.		77		2,183
Empire State Realty Trust, Inc. — Class A REIT		211		2,178
Live Oak Bancshares, Inc.		55		2,175
Elme Communities REIT		139		2,123
Westamerica BanCorp		40		2,098
QCR Holdings, Inc.		26		2,097
Hilltop Holdings, Inc.		73		2,090
Veris Residential, Inc. REIT		124		2,062
Uniti Group, Inc. REIT		374		2,057
Terawulf, Inc.^*		363		2,055
Employers Holdings, Inc.		40		2,049
Alexander & Baldwin, Inc. REIT		115		2,040
Apartment Investment and Management Co. — Class A REIT^*		224		2,036
JBG SMITH Properties REIT		131		2,014
Ladder Capital Corp. — Class A REIT		179		2,003
American Assets Trust, Inc. REIT		76		1,996
First Busey Corp.		84		1,980
Perella Weinberg Partners		83		1,979
Apollo Commercial Real Estate Finance, Inc. REIT		225		1,949
Two Harbors Investment Corp. REIT		164		1,940
Berkshire Hills Bancorp, Inc.		68		1,933
UMH Properties, Inc. REIT		101		1,907
Safety Insurance Group, Inc.		23		1,895
Pagseguro Digital Ltd. — Class A^*		297		1,859
German American Bancorp, Inc.		45		1,810
Kennedy-Wilson Holdings, Inc.		179		1,788
Piedmont Office Realty Trust, Inc. — Class A REIT		195		1,784
Chimera Investment Corp. REIT		127		1,778
Cannae Holdings, Inc.		89		1,768
Encore Capital Group, Inc.^*		37		1,767
Peoples Bancorp, Inc.		55		1,743
Ready Capital Corp. REIT		255		1,739
Easterly Government Properties, Inc. REIT		153		1,738
Preferred Bank/Los Angeles CA		20		1,728
PennyMac Mortgage Investment Trust REIT		137		1,725
Dime Community Bancshares, Inc.		56		1,721
1st Source Corp.		29		1,693
First Bancshares, Inc.		48		1,680
Navient Corp.		124		1,648
OceanFirst Financial Corp.		91		1,647
NETSTREIT Corp.		116		1,641
MFA Financial, Inc. REIT		161		1,641
Brookline Bancorp, Inc.		139		1,640
Franklin BSP Realty Trust, Inc. REIT		129		1,618
Ellington Financial, Inc. REIT		130		1,576
AMERISAFE, Inc.		30		1,546
Origin Bancorp, Inc.		46		1,531
Coastal Financial Corp.^*		18		1,528
Centerspace REIT		23		1,521
Safehold, Inc. REIT		82		1,515

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
HCI Group, Inc.		13	$	1,515
NexPoint Residential Trust, Inc. REIT		36		1,503
Brandywine Realty Trust REIT		267		1,495
Enact Holdings, Inc.		46		1,489
Bank First Corp.		15		1,486
eXp World Holdings, Inc.		128		1,473
Redfin Corp.^*		185		1,456
ARMOUR Residential REIT, Inc.		77		1,452
Paramount Group, Inc. REIT		291		1,438
Premier Financial Corp.		56		1,432
Southside Bancshares, Inc.		45		1,429
Byline Bancorp, Inc.		49		1,421
Marcus & Millichap, Inc.		37		1,416
Fidelis Insurance Holdings Ltd.		76		1,378
Redwood Trust, Inc. REIT		208		1,358
Univest Financial Corp.		46		1,357
Tompkins Financial Corp.		20		1,357
First Mid Bancshares, Inc.		36		1,326
Heritage Financial Corp.		54		1,323
ConnectOne Bancorp, Inc.		57		1,306
Dynex Capital, Inc. REIT		101		1,278
PRA Group, Inc.^*		61		1,274
ProAssurance Corp.^*		80		1,273
Community Trust Bancorp, Inc.		24		1,273
Cipher Mining, Inc.^*		272		1,262
Burke & Herbert Financial Services Corp.		20		1,247
Old Second Bancorp, Inc.		69		1,227
Eagle Bancorp, Inc.		47		1,223
Central Pacific Financial Corp.		42		1,220
F&G Annuities & Life, Inc.		29		1,202
Hamilton Insurance Group Ltd. — Class B^*		62		1,180
Acadian Asset Management, Inc.		44		1,159
Capitol Federal Financial, Inc.		196		1,158
FTAI Infrastructure, Inc.		159		1,154
BrightSpire Capital, Inc. REIT		204		1,151
SITE Centers Corp. REIT		74		1,131
Summit Hotel Properties, Inc. REIT		165		1,130
First Community Bankshares, Inc.		27		1,124
Plymouth Industrial REIT, Inc.		63		1,121
Mercantile Bank Corp.		25		1,112
Hanmi Financial Corp.		47		1,110
NB Bancorp, Inc.^*		61		1,102
Horizon Bancorp, Inc.		68		1,095
Whitestone REIT — Class B		77		1,091
CrossFirst Bankshares, Inc.^*		72		1,091
Independent Bank Corp.		31		1,080
Armada Hoffler Properties, Inc. REIT		105		1,074
Orrstown Financial Services, Inc.		29		1,062
CBL & Associates Properties, Inc. REIT		36		1,059
Amerant Bancorp, Inc.		47		1,053
Dave, Inc.^*		12		1,043
International Money Express, Inc.^*		50		1,042
Gladstone Commercial Corp. REIT		63		1,023
Root, Inc. — Class A^*		14		1,016
Patria Investments Ltd. — Class A		87		1,012
Northeast Bank		11		1,009
Brookfield Business Corp. — Class A		41		995
Metropolitan Bank Holding Corp.^*		17		993
Merchants Bancorp		27		985
Camden National Corp.		23		983
Business First Bancshares, Inc.		38		977
Equity Bancshares, Inc. — Class A		23		976
TrustCo Bank Corporation NY		29		966
KKR Real Estate Finance Trust, Inc. REIT		93		939
United Fire Group, Inc.		33		939
Amalgamated Financial Corp.		28		937
Metrocity Bankshares, Inc.		29		927
Republic Bancorp, Inc. — Class A		13		908
Heritage Commerce Corp.		94		882
Esquire Financial Holdings, Inc.		11		874
New York Mortgage Trust, Inc. REIT		143		867
Southern Missouri Bancorp, Inc.		15		861
Ambac Financial Group, Inc.^*		68		860
Washington Trust Bancorp, Inc.		27		846
Great Southern Bancorp, Inc.		14		836
Tiptree, Inc. — Class A		40		834
Peapack-Gladstone Financial Corp.		26		833
P10, Inc. — Class A		66		832
First Financial Corp.		18		831
Hippo Holdings, Inc.^*		31		830
Farmland Partners, Inc. REIT		69		811
NerdWallet, Inc. — Class A^*		61		811
Farmers National Banc Corp.		57		811
Community Healthcare Trust, Inc. REIT		42		807
Capital City Bank Group, Inc.		22		806
Midland States Bancorp, Inc.		33		805
Universal Insurance Holdings, Inc.		38		800
GCM Grosvenor, Inc. — Class A		65		798
CNB Financial Corp.		32		796
Diversified Healthcare Trust REIT		344		791
Selectquote, Inc.^*		211		785
Five Star Bancorp		26		782
HomeTrust Bancshares, Inc.		23		775
SmartFinancial, Inc.		25		775
Peoples Financial Services Corp.		15		768
TPG RE Finance Trust, Inc. REIT		90		765
Shore Bancshares, Inc.		48		761
Arrow Financial Corp.		26		746
Universal Health Realty Income Trust REIT		20		744
Global Medical REIT, Inc.		96		741
Bar Harbor Bankshares		24		734
Northfield Bancorp, Inc.		62		721
NET Lease Office Properties REIT^*		23		718
HarborOne Bancorp, Inc.		60		710

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Mid Penn Bancorp, Inc.		24	$	692
Real Brokerage, Inc.^*		150		690
CTO Realty Growth, Inc. REIT		35		690
One Liberty Properties, Inc. REIT		25		681
Chatham Lodging Trust REIT		76		680
Columbia Financial, Inc.^*		43		680
Alerus Financial Corp.		35		673
MidWestOne Financial Group, Inc.		23		670
Service Properties Trust REIT		260		660
South Plains Financial, Inc.		19		660
Saul Centers, Inc. REIT		17		660
Financial Institutions, Inc.		24		655
Hudson Pacific Properties, Inc. REIT		216		655
Orchid Island Capital, Inc. REIT¹		84		654
FRP Holdings, Inc.^*		21		643
Peakstone Realty Trust REIT		58		642
Carter Bankshares, Inc.^*		36		633
California BanCorp^*		38		629
Northrim BanCorp, Inc.		8		624
Diamond Hill Investment Group, Inc.		4		620
LendingTree, Inc.^*		16		620
Invesco Mortgage Capital, Inc. REIT		77		620
Greenlight Capital Re Ltd. — Class A^*		44		616
Claros Mortgage Trust, Inc.		136		615
Flushing Financial Corp.		43		614
Third Coast Bancshares, Inc.^*		18		611
Kearny Financial Corp.		86		609
Sierra Bancorp		21		607
Alexander’s, Inc. REIT		3		600
Bank of Marin Bancorp		25		594
Enterprise Bancorp, Inc.		15		593
Farmers & Merchants Bancorp Incorporated/Archbold OH		20		589
Gladstone Land Corp. REIT		53		575
World Acceptance Corp.^*		5		562
First Business Financial Services, Inc.		12		555
RBB Bancorp		27		553
West BanCorp, Inc.		25		541
Bit Digital, Inc.^*		184		539
Community West Bancshares		27		523
ACNB Corp.		13		518
Anywhere Real Estate, Inc.^*		155		511
American Coastal Insurance Corp.^*		38		512
First Foundation, Inc.		82		509
Home Bancorp, Inc.		11		508
Hingham Institution For Savings		2		508
Civista Bancshares, Inc.		24		505
Atlanticus Holdings Corp.^*		9		502
RMR Group, Inc. — Class A		24		495
Ares Commercial Real Estate Corp. REIT		84		495
Unity Bancorp, Inc.		11		480
Southern First Bancshares, Inc.^*		12		477
Investors Title Co.		2		474
NewtekOne, Inc.		37		472
First Internet Bancorp		13		468
First Bancorp, Inc.		17		465
Northeast Community Bancorp, Inc.		19		465
First Bank/Hamilton NJ		33		464
BayCom Corp.		17		456
MBIA, Inc.^*		70		452
FS Bancorp, Inc.		11		452
Guaranty Bancshares, Inc.		13		450
Orange County Bancorp, Inc.		8		445
Legacy Housing Corp.^*		18		444
Postal Realty Trust, Inc. — Class A REIT		34		444
Citizens Financial Services, Inc.		7		443
Regional Management Corp.		13		442
HBT Financial, Inc.		20		438
Heritage Insurance Holdings, Inc.^*		36		436
Southern States Bancshares, Inc.		13		433
Bridgewater Bancshares, Inc.^*		32		432
Citizens & Northern Corp.		23		428
Capital Bancorp, Inc.		15		428
Plumas Bancorp		9		425
Colony Bankcorp, Inc.		26		420
Chicago Atlantic Real Estate Finance, Inc. REIT		27		416
John Marshall Bancorp, Inc.		20		402
First of Long Island Corp.		34		397
ChoiceOne Financial Services, Inc.		11		392
Bowhead Specialty Holdings, Inc.^*		11		391
Ponce Financial Group, Inc.^*		30		390
Red River Bancshares, Inc.		7		378
Industrial Logistics Properties Trust REIT		103		376
Primis Financial Corp.		32		373
MVB Financial Corp.		18		373
Donegal Group, Inc. — Class A		24		371
Timberland Bancorp, Inc.		12		366
Waterstone Financial, Inc.		26		349
Parke Bancorp, Inc.		17		349
PCB Bancorp		17		344
Fidelity D&D Bancorp, Inc.		7		342
City Office REIT, Inc.		61		337
Alpine Income Property Trust, Inc. REIT		20		336
HomeStreet, Inc.^*		29		331
Orion Office REIT, Inc.		89		330
Investar Holding Corp.		15		329
FVCBankcorp, Inc.^*		26		327
Norwood Financial Corp.		12		326
BRT Apartments Corp. REIT		18		325
Blue Foundry Bancorp^*		33		324
Oak Valley Bancorp		11		322
NexPoint Diversified Real Estate Trust REIT		52		317
Braemar Hotels & Resorts, Inc. REIT		104		312
Bankwell Financial Group, Inc.		10		311
Middlefield Banc Corp.		11		309
Onity Group, Inc.^*		10		307
Greene County Bancorp, Inc.		11		305
LCNB Corp.		20		303
USCB Financial Holdings, Inc.		17		302

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
AG Mortgage Investment Trust, Inc. REIT		45	$	299
RE/MAX Holdings, Inc. — Class A^*		28		299
Provident Bancorp, Inc.^*		25		285
BCB Bancorp, Inc.		24		284
Franklin Street Properties Corp. REIT		154		282
Medallion Financial Corp.		30		282
Bank7 Corp.		6		280
Crawford & Co. — Class A		24		277
Silvercrest Asset Management Group, Inc. — Class A		15		276
Princeton Bancorp, Inc.		8		275
Velocity Financial, Inc.^*		14		274
Virginia National Bankshares Corp.		7		267
Maui Land & Pineapple Company, Inc.^*		12		264
LINKBANCORP, Inc.		35		262
Seven Hills Realty Trust REIT		20		262
National Bankshares, Inc.		9		258
First Western Financial, Inc.^*		13		254
ESSA Bancorp, Inc.		13		254
Chemung Financial Corp.		5		244
First Financial Northwest, Inc.		11		239
James River Group Holdings Ltd.		49		239
Maiden Holdings Ltd.^*		139		235
AlTi Global, Inc.^*		53		234
Ames National Corp.		14		230
Advanced Flower Capital, Inc. REIT		27		225
OppFi, Inc.		29		222
Granite Point Mortgage Trust, Inc. REIT		79		220
Peoples Bancorp of North Carolina, Inc.		7		219
Sky Harbour Group Corp.^*		18		215
Pioneer Bancorp, Inc.^*		18		207
Nexpoint Real Estate Finance, Inc. REIT		13		204
Star Holdings^*		20		195
NI Holdings, Inc.^*		12		188
Stratus Properties, Inc.^*		9		187
Angel Oak Mortgage REIT, Inc.		19		176
Forge Global Holdings, Inc.^*		181		168
Kingsway Financial Services, Inc.^*		20		167
Sterling Bancorp, Inc.^*		34		162
Paysign, Inc.^*		52		157
B Riley Financial, Inc.		32		147
Consumer Portfolio Services, Inc.^*		13		141
Sunrise Realty Trust, Inc. REIT		9		127
Strawberry Fields REIT, Inc.		9		95
GoHealth, Inc. — Class A^*		7		94
Clipper Realty, Inc. REIT		19		87
SWK Holdings Corp.^*		5		79
Transcontinental Realty Investors, Inc.^*		2		60
Roadzen, Inc.^*		24		52
Offerpad Solutions, Inc.^*		16		46
American Realty Investors, Inc.^*		2		29
Total Financial				1,028,437
Consumer, Non-cyclical - 12.1%
Sprouts Farmers Market, Inc.^*		157		19,950
Insmed, Inc.^*		268		18,503
Vaxcyte, Inc.^*		187		15,308
HealthEquity, Inc.^*		133		12,761
Ensign Group, Inc.		87		11,559
Glaukos Corp.^*		77		11,545
REVOLUTION Medicines, Inc.^*		259		11,329
Lantheus Holdings, Inc.^*		107		9,572
Halozyme Therapeutics, Inc.^*		195		9,323
Merit Medical Systems, Inc.^*		90		8,705
Blueprint Medicines Corp.^*		99		8,635
Madrigal Pharmaceuticals, Inc.^*		27		8,331
Herc Holdings, Inc.		44		8,331
Cytokinetics, Inc.^*		176		8,279
Primo Brands Corp. — Class A		249		7,662
RadNet, Inc.^*		104		7,263
Alkermes plc^*		251		7,219
Crinetics Pharmaceuticals, Inc.^*		138		7,056
Stride, Inc.^*		67		6,963
Integer Holdings Corp.^*		52		6,891
TG Therapeutics, Inc.^*		220		6,622
Cal-Maine Foods, Inc.		64		6,587
Brink’s Co.		69		6,401
Corcept Therapeutics, Inc.^*		127		6,400
Option Care Health, Inc.^*		269		6,241
CBIZ, Inc.^*		76		6,219
Verra Mobility Corp.^*		256		6,190
Haemonetics Corp.^*		79		6,168
Krystal Biotech, Inc.^*		39		6,110
Bridgebio Pharma, Inc.^*		222		6,092
Prestige Consumer Healthcare, Inc.^*		78		6,091
ADMA Biologics, Inc.^*		355		6,088
Guardant Health, Inc.^*		186		5,682
Simply Good Foods Co.^*		144		5,613
Korn Ferry		82		5,531
GEO Group, Inc.^*		196		5,484
PTC Therapeutics, Inc.^*		120		5,417
PROCEPT BioRobotics Corp.^*		67		5,395
Lancaster Colony Corp.		31		5,367
Adtalem Global Education, Inc.^*		59		5,360
ICU Medical, Inc.^*		34		5,276
Arcellx, Inc.^*		68		5,215
Remitly Global, Inc.^*		229		5,169
ABM Industries, Inc.		100		5,118
WD-40 Co.		21		5,096
Novocure Ltd.^*		168		5,006
Biohaven Ltd.^*		134		5,005
Avidity Biosciences, Inc.^*		170		4,944
Axsome Therapeutics, Inc.^*		57		4,823
Rhythm Pharmaceuticals, Inc.^*		86		4,814
Veracyte, Inc.^*		121		4,792
CorVel Corp.^*		42		4,673
Scholar Rock Holding Corp.^*		108		4,668
Alight, Inc. — Class A		664		4,595
TriNet Group, Inc.		50		4,538
Alarm.com Holdings, Inc.^*		74		4,499
Payoneer Global, Inc.^*		443		4,448
iRhythm Technologies, Inc.^*		49		4,418
Insperity, Inc.		57		4,418
Graham Holdings Co. — Class B		5		4,360

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Amicus Therapeutics, Inc.^*		459	$	4,324
Inari Medical, Inc.^*		83		4,237
Twist Bioscience Corp.^*		91		4,229
Nuvalent, Inc. — Class A^*		54		4,227
Neogen Corp.^*		344		4,176
Vericel Corp.^*		76		4,173
Oscar Health, Inc. — Class A^*		304		4,086
Denali Therapeutics, Inc.^*		196		3,994
LivaNova plc^*		86		3,983
Flywire Corp.^*		190		3,918
SpringWorks Therapeutics, Inc.^*		108		3,902
Inter Parfums, Inc.		29		3,814
Patterson Companies, Inc.		123		3,796
CoreCivic, Inc.^*		174		3,783
J & J Snack Foods Corp.		24		3,723
Laureate Education, Inc. — Class A^*		203		3,713
Tandem Diabetes Care, Inc.^*		102		3,674
Catalyst Pharmaceuticals, Inc.^*		175		3,652
StoneCo Ltd. — Class A^*		448		3,571
Protagonist Therapeutics, Inc.^*		92		3,551
Arrowhead Pharmaceuticals, Inc.^*		188		3,534
EVERTEC, Inc.		102		3,522
Huron Consulting Group, Inc.^*		28		3,479
ACADIA Pharmaceuticals, Inc.^*		189		3,468
ICF International, Inc.		29		3,457
Addus HomeCare Corp.^*		27		3,384
Concentra Group Holdings Parent, Inc.		171		3,382
CONMED Corp.		49		3,354
Ideaya Biosciences, Inc.^*		129		3,315
NeoGenomics, Inc.^*		201		3,312
Strategic Education, Inc.		35		3,270
Geron Corp.^*		908		3,214
Tarsus Pharmaceuticals, Inc.^*		58		3,211
Omnicell, Inc.^*		72		3,206
Select Medical Holdings Corp.		168		3,167
LiveRamp Holdings, Inc.^*		103		3,128
TransMedics Group, Inc.^*		50		3,118
Edgewise Therapeutics, Inc.^*		114		3,044
Beam Therapeutics, Inc.^*		121		3,001
Dyne Therapeutics, Inc.^*		127		2,992
Akero Therapeutics, Inc.^*		107		2,977
LeMaitre Vascular, Inc.		32		2,949
Iovance Biotherapeutics, Inc.^*		396		2,930
Agios Pharmaceuticals, Inc.^*		89		2,925
Ligand Pharmaceuticals, Inc. — Class B^*		27		2,893
Supernus Pharmaceuticals, Inc.^*		79		2,857
Kymera Therapeutics, Inc.^*		70		2,816
Marqeta, Inc. — Class A^*		730		2,767
PROG Holdings, Inc.		65		2,747
Perdoceo Education Corp.		103		2,726
Chefs’ Warehouse, Inc.^*		55		2,713
Central Garden & Pet Co. — Class A^*		82		2,710
UFP Technologies, Inc.^*		11		2,690
MannKind Corp.^*		415		2,668
Dynavax Technologies Corp.^*		208		2,656
Recursion Pharmaceuticals, Inc. — Class A^*,1		390		2,636
TreeHouse Foods, Inc.^*		75		2,635
Edgewell Personal Care Co.		78		2,621
Apogee Therapeutics, Inc.^*		57		2,582
Vera Therapeutics, Inc.^*		61		2,580
Celldex Therapeutics, Inc.^*		102		2,578
Mirum Pharmaceuticals, Inc.^*		62		2,564
Surgery Partners, Inc.^*		121		2,562
United Natural Foods, Inc.^*		93		2,540
John Wiley & Sons, Inc. — Class A		57		2,491
Upbound Group, Inc.		85		2,479
Summit Therapeutics, Inc.^*		138		2,463
BioCryst Pharmaceuticals, Inc.^*		326		2,452
Integra LifeSciences Holdings Corp.^*		108		2,450
Teladoc Health, Inc.^*		268		2,436
Janux Therapeutics, Inc.^*		44		2,356
Arcutis Biotherapeutics, Inc.^*		167		2,326
AtriCure, Inc.^*		75		2,292
Vita Coco Company, Inc.^*		62		2,288
Immunovant, Inc.^*		92		2,279
Amphastar Pharmaceuticals, Inc.^*		61		2,265
Xencor, Inc.^*		94		2,160
Helen of Troy Ltd.^*		36		2,154
National Healthcare Corp.		20		2,151
Astrana Health, Inc.^*		68		2,144
US Physical Therapy, Inc.		24		2,129
CG oncology, Inc.^*		74		2,122
Progyny, Inc.^*		123		2,122
Ocular Therapeutix, Inc.^*		245		2,092
Universal Corp.		38		2,084
Praxis Precision Medicines, Inc.^*		27		2,078
Andersons, Inc.		51		2,066
Travere Therapeutics, Inc.^*		116		2,021
Amneal Pharmaceuticals, Inc.^*		251		1,988
Cimpress plc^*		27		1,936
Arvinas, Inc.^*		101		1,936
Myriad Genetics, Inc.^*		141		1,933
Vital Farms, Inc.^*		51		1,922
Viridian Therapeutics, Inc.^*		99		1,898
STAAR Surgical Co.^*		78		1,895
Aurinia Pharmaceuticals, Inc.^*		210		1,886
Embecta Corp.		91		1,879
CRA International, Inc.		10		1,872
Inmode Ltd.^*		112		1,870
RxSight, Inc.^*		54		1,857
Ardelyx, Inc.^*		366		1,856
WK Kellogg Co.		103		1,853
Coursera, Inc.^*		217		1,845
Artivion, Inc.^*		63		1,801
MiMedx Group, Inc.^*		187		1,799
Novavax, Inc.^*		223		1,793
Nurix Therapeutics, Inc.^*		95		1,790
Intellia Therapeutics, Inc.^*		152		1,772
Weis Markets, Inc.		26		1,761
First Advantage Corp.^*		94		1,761
Fresh Del Monte Produce, Inc.		53		1,760
Pediatrix Medical Group, Inc.^*		133		1,745
Barrett Business Services, Inc.		40		1,738
Syndax Pharmaceuticals, Inc.^*		130		1,719
CareDx, Inc.^*		79		1,691
Arlo Technologies, Inc.^*		150		1,678
Quanex Building Products Corp.		69		1,673

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Harmony Biosciences Holdings, Inc.^*		48	$	1,652
Disc Medicine, Inc.^*		26		1,648
Kforce, Inc.		29		1,644
Turning Point Brands, Inc.		27		1,623
Utz Brands, Inc.		103		1,613
Harrow, Inc.^*		48		1,610
ANI Pharmaceuticals, Inc.^*		29		1,603
Dole plc		118		1,598
Universal Technical Institute, Inc.^*		62		1,594
Deluxe Corp.		70		1,581
National Beverage Corp.		37		1,579
Soleno Therapeutics, Inc.^*		35		1,573
Owens & Minor, Inc.^*		119		1,555
Avadel Pharmaceuticals plc^*		146		1,534
AdaptHealth Corp.^*		160		1,523
Brookdale Senior Living, Inc. — Class A^*		302		1,519
Driven Brands Holdings, Inc.^*		94		1,517
Innoviva, Inc.^*		87		1,509
WaVe Life Sciences Ltd.^*		122		1,509
Legalzoom.com, Inc.^*		199		1,494
Alphatec Holdings, Inc.^*		162		1,487
Ingles Markets, Inc. — Class A		23		1,482
Transcat, Inc.^*		14		1,480
Collegium Pharmaceutical, Inc.^*		51		1,461
GeneDx Holdings Corp.^*		19		1,460
BrightView Holdings, Inc.^*		91		1,455
BioLife Solutions, Inc.^*		56		1,454
BrightSpring Health Services, Inc.^*		85		1,448
AMN Healthcare Services, Inc.^*		60		1,435
Heidrick & Struggles International, Inc.		32		1,418
Neumora Therapeutics, Inc.^*		133		1,410
LifeStance Health Group, Inc.^*		188		1,386
Pursuit Attractions and Hospitality, Inc.^*		32		1,360
Pacira BioSciences, Inc.^*		72		1,357
Healthcare Services Group, Inc.^*		116		1,347
Krispy Kreme, Inc.		135		1,341
Rocket Pharmaceuticals, Inc.^*		104		1,307
Matthews International Corp. — Class A		47		1,301
Zymeworks, Inc.^*		88		1,288
Arcus Biosciences, Inc.^*		86		1,281
Spyre Therapeutics, Inc.^*		55		1,280
Udemy, Inc.^*		151		1,243
Cytek Biosciences, Inc.^*		191		1,240
Enliven Therapeutics, Inc.^*		55		1,238
Anavex Life Sciences Corp.^*,1		115		1,235
Hackett Group, Inc.		40		1,229
Pennant Group, Inc.^*		46		1,220
John B Sanfilippo & Son, Inc.		14		1,220
Avid Bioservices, Inc.^*		98		1,210
Pliant Therapeutics, Inc.^*		90		1,185
ArriVent Biopharma, Inc.^*		44		1,172
Kiniksa Pharmaceuticals International plc^*		59		1,167
Monro, Inc.		47		1,166
Avanos Medical, Inc.^*		72		1,146
Cogent Biosciences, Inc.^*		145		1,131
Moneylion, Inc.^*		13		1,118
SunOpta, Inc.^*		145		1,116
Axogen, Inc.^*		67		1,104
Adaptive Biotechnologies Corp.^*		183		1,097
Castle Biosciences, Inc.^*		41		1,093
Repay Holdings Corp.^*		143		1,091
Mister Car Wash, Inc.^*		148		1,079
Liquidia Corp.^*		91		1,070
Herbalife Ltd.^*		158		1,057
Day One Biopharmaceuticals, Inc.^*		82		1,039
Poseida Therapeutics, Inc.^*		108		1,037
Vir Biotechnology, Inc.^*		141		1,035
Sezzle, Inc.^*		4		1,023
89bio, Inc.^*		128		1,001
Kura Oncology, Inc.^*		114		993
Mission Produce, Inc.^*		69		992
SpartanNash Co.		54		989
Ironwood Pharmaceuticals, Inc. — Class A^*		223		988
Cullinan Therapeutics, Inc.^*		81		987
Evolus, Inc.^*		87		961
Replimune Group, Inc.^*		79		957
Maravai LifeSciences Holdings, Inc. — Class A^*		174		948
Cross Country Healthcare, Inc.^*		52		944
Prothena Corporation plc^*		67		928
Orthofix Medical, Inc.^*		53		925
agilon health, Inc.^*		483		918
SI-BONE, Inc.^*		64		897
Green Dot Corp. — Class A^*		84		894
Varex Imaging Corp.^*		61		890
Carriage Services, Inc. — Class A		22		877
Honest Company, Inc.^*		126		873
Paysafe Ltd.^*		51		872
Surmodics, Inc.^*		22		871
Omeros Corp.^*		88		869
Hain Celestial Group, Inc.^*		141		867
MGP Ingredients, Inc.		22		866
Immunome, Inc.^*		81		860
Cass Information Systems, Inc.		21		859
B&G Foods, Inc.		123		847
Ennis, Inc.		40		844
Dianthus Therapeutics, Inc.^*		38		828
ARS Pharmaceuticals, Inc.^*		78		823
ZipRecruiter, Inc. — Class A^*		113		818
PACS Group, Inc.^*		62		813
Altimmune, Inc.^*		112		808
Mind Medicine MindMed, Inc.^*		113		787
Pacific Biosciences of California, Inc.^*		428		783
ORIC Pharmaceuticals, Inc.^*		97		783
Cargo Therapeutics, Inc.^*		54		779
ACCO Brands Corp.		147		772
KinderCare Learning Companies, Inc.^*		43		765
Paragon 28, Inc.^*		74		764
Willdan Group, Inc.^*		20		762
Nuvation Bio, Inc.^*		283		753
OPKO Health, Inc.^*		510		750
Xeris Biopharma Holdings, Inc.^*		221		749
Tourmaline Bio, Inc.^*		36		730
Keros Therapeutics, Inc.^*		46		728
Arbutus Biopharma Corp.^*		220		719
iRadimed Corp.		13		715

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Hertz Global Holdings, Inc.^*		193	$	706
CorMedix, Inc.^*		87		705
Humacyte, Inc.^*		139		702
Erasca, Inc.^*		278		698
MaxCyte, Inc.^*		165		686
Kelly Services, Inc. — Class A		49		683
Annexon, Inc.^*		133		682
DocGo, Inc.^*		160		678
Franklin Covey Co.^*		18		676
Entrada Therapeutics, Inc.^*		39		674
Phibro Animal Health Corp. — Class A		32		672
Septerna, Inc.^*		29		664
Calavo Growers, Inc.		26		663
Esperion Therapeutics, Inc.^*,1		298		656
Lincoln Educational Services Corp.^*		41		649
Relay Therapeutics, Inc.^*		157		647
USANA Health Sciences, Inc.^*		18		646
Limoneira Co.		26		636
Astria Therapeutics, Inc.^*		71		635
Seneca Foods Corp. — Class A^*		8		634
Tactile Systems Technology, Inc.^*		37		634
Verve Therapeutics, Inc.^*		112		632
Akebia Therapeutics, Inc.^*		328		623
Bioventus, Inc. — Class A^*		59		620
Stoke Therapeutics, Inc.^*		56		618
Nano-X Imaging Ltd.^*		85		612
Arcturus Therapeutics Holdings, Inc.^*		36		611
Enhabit, Inc.^*		78		609
Quanterix Corp.^*		57		606
OrthoPediatrics Corp.^*		26		603
Aura Biosciences, Inc.^*		73		600
Zimvie, Inc.^*		43		600
Natural Grocers by Vitamin Cottage, Inc.		15		596
Community Health Systems, Inc.^*		198		592
Fulgent Genetics, Inc.^*		32		591
EyePoint Pharmaceuticals, Inc.^*		79		589
Distribution Solutions Group, Inc.^*		17		585
Central Garden & Pet Co.^*		15		582
LENZ Therapeutics, Inc.		20		577
UroGen Pharma Ltd.^*		54		575
Treace Medical Concepts, Inc.^*		77		573
ImmunityBio, Inc.^*		223		571
REGENXBIO, Inc.^*		73		564
Mineralys Therapeutics, Inc.^*		45		554
Capricor Therapeutics, Inc.^*		40		552
Zevra Therapeutics, Inc.^*		66		550
AngioDynamics, Inc.^*		60		550
Theravance Biopharma, Inc.^*		58		546
American Public Education, Inc.^*		25		539
Tejon Ranch Co.^*		33		525
Bicara Therapeutics, Inc.^*		30		523
OmniAb, Inc.^*		145		513
Avita Medical, Inc.^*		40		512
KalVista Pharmaceuticals, Inc.^*		60		508
Kodiak Sciences, Inc.^*		51		507
Pulse Biosciences, Inc.^*		29		505
Terns Pharmaceuticals, Inc.^*		91		504
Target Hospitality Corp.^*		52		503
Revance Therapeutics, Inc.^*		164		499
Spire Global, Inc.^*		35		492
Celcuity, Inc.^*		37		484
Savara, Inc.^*		153		470
Sage Therapeutics, Inc.^*		85		462
Fulcrum Therapeutics, Inc.^*		98		461
Rigel Pharmaceuticals, Inc.^*		27		454
Y-mAbs Therapeutics, Inc.^*		58		454
Village Super Market, Inc. — Class A		14		446
Tyra Biosciences, Inc.^*		32		445
4D Molecular Therapeutics, Inc.^*		79		440
SIGA Technologies, Inc.		73		439
Phathom Pharmaceuticals, Inc.^*		54		438
Cerus Corp.^*		284		437
Taysha Gene Therapies, Inc.^*		252		436
Resources Connection, Inc.		51		435
Viemed Healthcare, Inc.^*		54		433
Vanda Pharmaceuticals, Inc.^*		90		431
CompoSecure, Inc. — Class A		28		429
Quantum-Si, Inc.^*		158		427
National Research Corp. — Class A		24		423
Aquestive Therapeutics, Inc.^*		117		417
Mama’s Creations, Inc.^*		52		414
Voyager Therapeutics, Inc.^*		73		414
AnaptysBio, Inc.^*		31		410
Atea Pharmaceuticals, Inc.^*		122		409
ChromaDex Corp.^*		77		409
OraSure Technologies, Inc.^*		113		408
Pulmonx Corp.^*		60		407
TrueBlue, Inc.^*		48		403
Aldeyra Therapeutics, Inc.^*		79		394
Accolade, Inc.^*		114		390
Jasper Therapeutics, Inc.^*		18		385
Custom Truck One Source, Inc.^*		80		385
Trevi Therapeutics, Inc.^*		93		383
Korro Bio, Inc.^*		10		381
Olaplex Holdings, Inc.^*		219		379
Anika Therapeutics, Inc.^*		23		379
Blade Air Mobility, Inc.^*		89		378
Semler Scientific, Inc.^*		7		378
Aveanna Healthcare Holdings, Inc.^*		82		375
MeiraGTx Holdings plc^*		61		372
Olema Pharmaceuticals, Inc.^*		63		367
Neurogene, Inc.^*		16		366
Organogenesis Holdings, Inc.^*		114		365
ACELYRIN, Inc.^*		115		361
Sera Prognostics, Inc. — Class A^*		44		358
Allogene Therapeutics, Inc.^*		166		354
European Wax Center, Inc. — Class A^*		53		354
Beyond Meat, Inc.^*		94		353
Cadiz, Inc.^*		66		343
XOMA Royalty Corp.^*		13		342
Priority Technology Holdings, Inc.^*		29		341
Westrock Coffee Co.^*		53		340

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Inogen, Inc.^*		37	$	339
Sana Biotechnology, Inc.^*		208		339
Performant Healthcare, Inc.^*		111		335
Monte Rosa Therapeutics, Inc.^*		48		333
C4 Therapeutics, Inc.^*		92		331
Absci Corp.^*		126		330
Quad/Graphics, Inc.		47		328
Ardent Health Partners, Inc.^*		19		325
Ocugen, Inc.^*		403		324
Third Harmonic Bio, Inc.^*		31		319
MacroGenics, Inc.^*		97		315
iTeos Therapeutics, Inc.^*		41		315
Nathan’s Famous, Inc.		4		314
Utah Medical Products, Inc.		5		307
Design Therapeutics, Inc.^*		49		302
Medifast, Inc.^*		17		300
Accuray, Inc.^*		151		299
Forrester Research, Inc.^*		19		298
Nature’s Sunshine Products, Inc.^*		20		293
Alico, Inc.		11		285
Heron Therapeutics, Inc.^*,1		185		283
Alta Equipment Group, Inc.		42		275
Zentalis Pharmaceuticals, Inc.^*		90		273
Cardiff Oncology, Inc.^*		62		269
Candel Therapeutics, Inc.^*		31		269
Rapport Therapeutics, Inc.^*		15		266
CVRx, Inc.^*		21		266
Biote Corp. — Class A^*		43		266
InfuSystem Holdings, Inc.^*		31		262
Inhibrx Biosciences, Inc.^*		17		262
Nektar Therapeutics^*		281		261
Fate Therapeutics, Inc.^*		158		261
Acacia Research Corp.^*		60		260
BRC, Inc. — Class A^*		82		260
Prime Medicine, Inc.^*		89		260
Mersana Therapeutics, Inc.^*		179		256
Larimar Therapeutics, Inc.^*		66		255
Chegg, Inc.^*		157		253
Lifecore Biomedical, Inc.^*		34		253
NeuroPace, Inc.^*		22		246
Coherus Biosciences, Inc.^*		174		240
Alector, Inc.^*		127		240
CPI Card Group, Inc.^*		8		239
Sutro Biopharma, Inc.^*		129		237
Perspective Therapeutics, Inc.^*		74		236
Fennec Pharmaceuticals, Inc.^*		37		234
Compass Therapeutics, Inc.^*		161		233
Tango Therapeutics, Inc.^*		75		232
MediWound Ltd.^*		13		231
2seventy bio, Inc.^*		77		226
Inozyme Pharma, Inc.^*		81		224
Precigen, Inc.^*		200		224
Artiva Biotherapeutics, Inc.^*		22		222
ADC Therapeutics S.A.^*		110		219
ModivCare, Inc.^*		18		213
Nevro Corp.^*		57		212
Ventyx Biosciences, Inc.^*		96		210
SoundThinking, Inc.^*		16		209
Verastem, Inc.^*		40		207
Caribou Biosciences, Inc.^*		130		207
Nkarta, Inc.^*		83		207
HF Foods Group, Inc.^*		63		202
Sanara Medtech, Inc.^*		6		199
Puma Biotechnology, Inc.^*		65		198
Cartesian Therapeutics, Inc.^*		11		197
Stereotaxis, Inc.^*		86		196
Quipt Home Medical Corp.^*		64		195
X4 Pharmaceuticals, Inc.^*		265		194
Zynex, Inc.^*		24		192
Achieve Life Sciences, Inc.^*		54		190
Corbus Pharmaceuticals Holdings, Inc.^*		16		189
Foghorn Therapeutics, Inc.^*		40		189
Atossa Therapeutics, Inc.^*		199		188
Information Services Group, Inc.		56		187
Beauty Health Co.^*		117		186
TScan Therapeutics, Inc.^*		61		185
Enanta Pharmaceuticals, Inc.^*		32		184
Joint Corp.^*		17		181
Lifeway Foods, Inc.^*		7		174
Biomea Fusion, Inc.^*		44		171
ProKidney Corp.^*		99		167
Editas Medicine, Inc.^*		131		166
Alumis, Inc.^*		21		165
Lyell Immunopharma, Inc.^*		253		162
Contineum Therapeutics, Inc. — Class A^*		11		161
scPharmaceuticals, Inc.^*		45		159
Regulus Therapeutics, Inc.^*		100		158
Waldencast plc — Class A^*		39		157
Cabaletta Bio, Inc.^*		68		154
Adverum Biotechnologies, Inc.^*		33		154
Cassava Sciences, Inc.^*,1		64		151
Ispire Technology, Inc.^*		30		151
Orchestra BioMed Holdings, Inc.^*		37		148
IGM Biosciences, Inc.^*		24		147
Solid Biosciences, Inc.^*		35		140
Veru, Inc.^*		208		135
Harvard Bioscience, Inc.^*		64		135
Lexicon Pharmaceuticals, Inc.^*		181		134
Gyre Therapeutics, Inc.^*		11		133
Applied Therapeutics, Inc.^*		152		130
Nautilus Biotechnology, Inc.^*		77		129
HireQuest, Inc.		9		127
Black Diamond Therapeutics, Inc.^*		59		126
Bluebird Bio, Inc.^*,1		15		125
Tenaya Therapeutics, Inc.^*		87		124
Pyxis Oncology, Inc.^*		77		120
Innovage Holding Corp.^*		30		118
Lineage Cell Therapeutics, Inc.^*		233		117
Emerald Holding, Inc.		24		116
Sonida Senior Living, Inc.^*		5		115
XBiotech, Inc.^*		29		115
Acrivon Therapeutics, Inc.^*		19		114
Acumen Pharmaceuticals, Inc.^*		66		114
AirSculpt Technologies, Inc.^*		21		109
Lexeo Therapeutics, Inc.^*		16		105
DLH Holdings Corp.^*		13		104
HilleVax, Inc.^*		50		104
FiscalNote Holdings, Inc.^*		95		102
Greenwich Lifesciences, Inc.^*		9		101
Kyverna Therapeutics, Inc.^*		27		101
Akoya Biosciences, Inc.^*		42		96
Forafric Global plc^*		9		92
PepGen, Inc.^*		24		91

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Inmune Bio, Inc.^*		19	$	89
Agenus, Inc.^*		32		88
ALX Oncology Holdings, Inc.^*		52		87
Ovid therapeutics, Inc.^*		93		87
Climb Bio, Inc.^*		46		83
Generation Bio Co.^*		78		83
Fibrobiologics, Inc.^*		40		80
Zura Bio Ltd.^*		32		80
Skye Bioscience, Inc.^*		27		76
Shattuck Labs, Inc.^*		62		75
RAPT Therapeutics, Inc.^*		47		74
Inovio Pharmaceuticals, Inc.^*		40		73
Century Therapeutics, Inc.^*		72		73
Werewolf Therapeutics, Inc.^*		48		71
Cibus, Inc.^*		24		67
Renovaro, Inc.^*		77		64
Alto Neuroscience, Inc.^*		14		59
Actinium Pharmaceuticals, Inc.^*		47		59
Aerovate Therapeutics, Inc.^*		21		56
Invivyd, Inc.^*		125		55
Scilex Holding Co.^*		113		48
Elevation Oncology, Inc.^*		82		46
Galectin Therapeutics, Inc.^*		32		41
Metagenomi, Inc.^*		10		36
Tevogen Bio Holdings, Inc.^*		34		35
MarketWise, Inc.		61		35
Q32 Bio, Inc.^*		10		34
Telomir Pharmaceuticals, Inc.^*		8		33
Boundless Bio, Inc.^*		10		29
Prelude Therapeutics, Inc.^*		21		27
Fractyl Health, Inc.^*		12		25
Outlook Therapeutics, Inc.^*		12		23
CervoMed, Inc.^*		9		21
Verrica Pharmaceuticals, Inc.^*		30		21
Lyra Therapeutics, Inc.^*		76		16
Conduit Pharmaceuticals, Inc.^*		36		2
Ligand Pharmaceuticals, Inc.^*,†††		12		–
Ligand Pharmaceuticals, Inc.^*,†††		12		–
Total Consumer, Non-cyclical				952,358
Industrial - 8.7%
Applied Industrial Technologies, Inc.		60		14,368
Mueller Industries, Inc.		175		13,888
Rocket Lab USA, Inc.^*		545		13,881
Fluor Corp.^*		267		13,169
Chart Industries, Inc.^*		67		12,786
Fabrinet^*		57		12,533
UFP Industries, Inc.		95		10,702
Casella Waste Systems, Inc. — Class A^*		97		10,264
SPX Technologies, Inc.^*		70		10,186
Badger Meter, Inc.		46		9,758
Summit Materials, Inc. — Class A^*		188		9,513
Modine Manufacturing Co.^*		81		9,390
John Bean Technologies Corp.		73		9,278
CSW Industrials, Inc.		26		9,173
Knife River Corp.^*		89		9,046
Watts Water Technologies, Inc. — Class A		43		8,742
Federal Signal Corp.		94		8,685
GATX Corp.		56		8,678
Moog, Inc. — Class A		44		8,661
Novanta, Inc.^*		56		8,555
Zurn Elkay Water Solutions Corp.		226		8,430
NEXTracker, Inc. — Class A^*		226		8,256
Sterling Infrastructure, Inc.^*		47		7,917
Dycom Industries, Inc.^*		44		7,659
Itron, Inc.^*		70		7,601
Arcosa, Inc.		76		7,352
Boise Cascade Co.		61		7,251
Belden, Inc.		64		7,207
Exponent, Inc.		79		7,039
Franklin Electric Company, Inc.		71		6,919
Bloom Energy Corp. — Class A^*		311		6,907
Matson, Inc.		51		6,877
Advanced Energy Industries, Inc.		59		6,822
Golar LNG Ltd.		156		6,602
Plexus Corp.^*		42		6,572
Frontdoor, Inc.^*		120		6,560
Primoris Services Corp.		84		6,418
Sanmina Corp.^*		84		6,356
AeroVironment, Inc.^*		41		6,309
Kadant, Inc.		18		6,210
Kratos Defense & Security Solutions, Inc.^*		233		6,147
Granite Construction, Inc.		69		6,052
Construction Partners, Inc. — Class A^*		68		6,015
Cactus, Inc. — Class A		103		6,011
RXO, Inc.^*		248		5,912
EnerSys		63		5,823
Enpro, Inc.		33		5,691
Mueller Water Products, Inc. — Class A		245		5,512
Mirion Technologies, Inc.^*		315		5,497
ESCO Technologies, Inc.		41		5,462
Atmus Filtration Technologies, Inc.		132		5,172
Joby Aviation, Inc.^*		629		5,114
Terex Corp.		105		4,853
Atkore, Inc.		56		4,673
Trinity Industries, Inc.		129		4,528
Griffon Corp.		59		4,205
OSI Systems, Inc.^*		25		4,186
Hub Group, Inc. — Class A		93		4,144
Energizer Holdings, Inc.		113		3,943
TTM Technologies, Inc.^*		159		3,935
Albany International Corp. — Class A		49		3,919
AZZ, Inc.		46		3,768
Leonardo DRS, Inc.^*		116		3,748
MYR Group, Inc.^*		25		3,719
Archer Aviation, Inc. — Class A^*		368		3,588
Enerpac Tool Group Corp.		86		3,534
Werner Enterprises, Inc.		97		3,484
ArcBest Corp.		37		3,453
Barnes Group, Inc.		73		3,450
Scorpio Tankers, Inc.		69		3,429
Hillenbrand, Inc.		111		3,417
Mercury Systems, Inc.^*		81		3,402
Vishay Intertechnology, Inc.		199		3,371
Standex International Corp.		18		3,366
Powell Industries, Inc.		15		3,325
AAR Corp.^*		54		3,309

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Materion Corp.		32	$	3,164
Hillman Solutions Corp.^*		310		3,019
Kennametal, Inc.		125		3,002
Alamo Group, Inc.		16		2,975
Greenbrier Companies, Inc.		48		2,927
Masterbrand, Inc.^*		200		2,922
Gibraltar Industries, Inc.^*		48		2,827
Xometry, Inc. — Class A^*		66		2,816
Tecnoglass, Inc.		35		2,776
Argan, Inc.		20		2,741
Knowles Corp.^*		136		2,710
O-I Glass, Inc.^*		244		2,645
IES Holdings, Inc.^*		13		2,613
World Kinect Corp.		93		2,558
Enovix Corp.^*,1		234		2,544
Benchmark Electronics, Inc.		56		2,542
CTS Corp.		48		2,531
Tennant Co.		30		2,446
Apogee Enterprises, Inc.		34		2,428
Greif, Inc. — Class A		39		2,383
Helios Technologies, Inc.		52		2,321
International Seaways, Inc.		64		2,300
NuScale Power Corp.^*		122		2,187
Applied Optoelectronics, Inc.^*		58		2,138
Lindsay Corp.		17		2,011
Worthington Enterprises, Inc.		50		2,005
Napco Security Technologies, Inc.		56		1,991
PureCycle Technologies, Inc.^*		194		1,989
American Woodmark Corp.^*		25		1,988
DHT Holdings, Inc.		213		1,979
Triumph Group, Inc.^*		102		1,903
SFL Corporation Ltd.		178		1,819
Air Transport Services Group, Inc.^*		81		1,780
NV5 Global, Inc.^*		92		1,733
Golden Ocean Group Ltd.		192		1,720
Vicor Corp.^*		35		1,691
Columbus McKinnon Corp.		45		1,676
DXP Enterprises, Inc.^*		20		1,652
Janus International Group, Inc.^*		224		1,646
Tutor Perini Corp.^*		68		1,646
Ichor Holdings Ltd.^*		51		1,643
Worthington Steel, Inc.		51		1,623
TriMas Corp.		64		1,574
Proto Labs, Inc.^*		40		1,564
Thermon Group Holdings, Inc.^*		53		1,525
Teekay Tankers Ltd. — Class A		38		1,512
Marten Transport Ltd.		92		1,436
CECO Environmental Corp.^*		46		1,391
Limbach Holdings, Inc.^*		16		1,369
Dorian LPG Ltd.		55		1,340
Ducommun, Inc.^*		21		1,337
American Superconductor Corp.^*		54		1,330
Cadre Holdings, Inc.		41		1,324
Energy Recovery, Inc.^*		90		1,323
Bel Fuse, Inc. — Class B		16		1,320
Forward Air Corp.^*		39		1,258
Gorman-Rupp Co.		33		1,251
Astec Industries, Inc.		36		1,210
Great Lakes Dredge & Dock Corp.^*		104		1,174
Pactiv Evergreen, Inc.		64		1,118
JELD-WEN Holding, Inc.^*		135		1,106
FLEX LNG Ltd.		48		1,101
Aspen Aerogels, Inc.^*		92		1,093
Mesa Laboratories, Inc.		8		1,055
Willis Lease Finance Corp.		5		1,038
Enviri Corp.^*		125		962
Sturm Ruger & Company, Inc.		27		955
Metallus, Inc.^*		67		947
Montrose Environmental Group, Inc.^*		50		928
Genco Shipping & Trading Ltd.		66		920
Hyster-Yale, Inc.		18		917
Costamare, Inc.		68		874
LSI Industries, Inc.		44		855
Ryerson Holding Corp.		46		851
Heartland Express, Inc.		74		830
Intuitive Machines, Inc.^*		45		817
Evolv Technologies Holdings, Inc.^*		206		814
Insteel Industries, Inc.		30		810
Standard BioTools, Inc.^*		462		809
Nordic American Tankers Ltd.		321		803
Ardmore Shipping Corp.		65		790
National Presto Industries, Inc.		8		787
Byrna Technologies, Inc.^*		27		778
Clearwater Paper Corp.^*		26		774
nLight, Inc.^*		73		766
Kimball Electronics, Inc.^*		39		730
Smith & Wesson Brands, Inc.		72		728
Northwest Pipe Co.^*		15		724
Astronics Corp.^*		45		718
Graham Corp.^*		16		711
FARO Technologies, Inc.^*		28		710
Covenant Logistics Group, Inc. — Class A		13		709
GrafTech International Ltd.^*		405		701
Ardagh Metal Packaging S.A.¹		228		686
NVE Corp.		8		651
ChargePoint Holdings, Inc.^*		608		651
Myers Industries, Inc.		58		640
LSB Industries, Inc.^*		84		637
Eastman Kodak Co.^*		95		624
Teekay Corporation Ltd.		90		624
Redwire Corp.^*		35		576
Allient, Inc.		23		558
Olympic Steel, Inc.		17		558
Luxfer Holdings plc		42		550
Greif, Inc. — Class B		8		543
CryoPort, Inc.^*		69		537
Bowman Consulting Group Ltd.^*		21		524
SmartRent, Inc.^*		299		523
Universal Logistics Holdings, Inc.		11		505
Manitowoc Company, Inc.^*		55		502
Ranpak Holdings Corp.^*		68		468
Turtle Beach Corp.^*		27		467
Latham Group, Inc.^*		64		445
MicroVision, Inc.^*		325		426
Park Aerospace Corp.		29		425
Centuri Holdings, Inc.^*		22		425
Pure Cycle Corp.^*		33		418
L B Foster Co. — Class A^*		14		377
Radiant Logistics, Inc.^*		56		375
Park-Ohio Holdings Corp.		14		368

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Orion Group Holdings, Inc.^*		48	$	352
Net Power, Inc.^*		33		350
Safe Bulkers, Inc.		95		339
AerSale Corp.^*		53		334
Karat Packaging, Inc.		11		333
Tredegar Corp.^*		42		323
Mayville Engineering Company, Inc.^*		20		314
Smith-Midland Corp.^*		7		311
Mistras Group, Inc.^*		33		299
Arq, Inc.^*		39		295
Gencor Industries, Inc.^*		16		282
Bel Fuse, Inc. — Class A		3		270
Stoneridge, Inc.^*		43		270
Pangaea Logistics Solutions Ltd.		49		263
Concrete Pumping Holdings, Inc.^*		38		253
Omega Flex, Inc.		6		252
LanzaTech Global, Inc.^*		176		241
NN, Inc.^*		73		239
Himalaya Shipping Ltd.^*		47		228
Perma-Fix Environmental Services, Inc.^*		20		221
GoPro, Inc. — Class A^*		197		215
Eastern Co.		8		212
Twin Disc, Inc.		18		212
Sight Sciences, Inc.^*		55		200
Core Molding Technologies, Inc.^*		12		198
Proficient Auto Logistics, Inc.^*		24		194
Virgin Galactic Holdings, Inc.^*		30		176
Quest Resource Holding Corp.^*		27		176
Taylor Devices, Inc.^*		4		166
PAMT CORP^*		10		164
AMMO, Inc.^*		141		155
Eve Holding, Inc.^*		28		152
Caesarstone Ltd.^*		33		140
Ultralife Corp.^*		16		119
VirTra, Inc.^*		17		115
NL Industries, Inc.		13		101
908 Devices, Inc.^*		37		81
374Water, Inc.^*		103		70
Amprius Technologies, Inc.^*		22		62
Southland Holdings, Inc.^*		16		52
Bridger Aerospace Group Holdings, Inc.^*		14		30
Solidion Technology, Inc.^*		14		10
Total Industrial				683,006
Consumer, Cyclical - 5.8%
Abercrombie & Fitch Co. — Class A^*		79		11,808
Beacon Roofing Supply, Inc.^*		97		9,853
Taylor Morrison Home Corp. — Class A^*		160		9,794
Aurora Innovation, Inc.^*		1,455		9,167
Brinker International, Inc.^*		69		9,128
Group 1 Automotive, Inc.		21		8,851
Meritage Homes Corp.		56		8,614
Shake Shack, Inc. — Class A^*		60		7,788
Asbury Automotive Group, Inc.^*		31		7,534
Champion Homes, Inc.^*		84		7,400
Kontoor Brands, Inc.		86		7,345
Six Flags Entertainment Corp.		145		6,988
Boot Barn Holdings, Inc.^*		46		6,984
KB Home		101		6,638
Installed Building Products, Inc.		37		6,484
FirstCash Holdings, Inc.		60		6,216
SkyWest, Inc.^*		62		6,208
Academy Sports & Outdoors, Inc.		107		6,156
Cavco Industries, Inc.^*		13		5,801
M/I Homes, Inc.^*		42		5,584
Urban Outfitters, Inc.^*		99		5,433
Signet Jewelers Ltd.		67		5,408
Cinemark Holdings, Inc.^*		174		5,390
Dorman Products, Inc.^*		41		5,312
Resideo Technologies, Inc.^*		230		5,301
Rush Enterprises, Inc. — Class A		96		5,260
Tri Pointe Homes, Inc.^*		144		5,221
GMS, Inc.^*		61		5,175
Victoria’s Secret & Co.^*		124		5,136
Sweetgreen, Inc. — Class A^*		156		5,001
Steven Madden Ltd.		114		4,847
Peloton Interactive, Inc. — Class A^*		533		4,637
American Eagle Outfitters, Inc.		277		4,618
Hanesbrands, Inc.^*		553		4,502
Hilton Grand Vacations, Inc.^*		111		4,324
Patrick Industries, Inc.		51		4,237
UniFirst Corp.		24		4,106
LCI Industries		39		4,032
Goodyear Tire & Rubber Co.^*		446		4,014
Visteon Corp.^*		43		3,815
JetBlue Airways Corp.^*		483		3,796
HNI Corp.		74		3,727
PriceSmart, Inc.		40		3,687
Red Rock Resorts, Inc. — Class A		78		3,607
Cheesecake Factory, Inc.		76		3,605
OPENLANE, Inc.^*		169		3,353
Warby Parker, Inc. — Class A^*		137		3,317
Century Communities, Inc.		44		3,228
International Game Technology plc		179		3,161
OneSpaWorld Holdings Ltd.		158		3,144
Phinia, Inc.		65		3,131
Acushnet Holdings Corp.		44		3,128
Atlanta Braves Holdings, Inc. — Class C^*		79		3,022
LGI Homes, Inc.^*		33		2,950
Sonos, Inc.^*		194		2,918
La-Z-Boy, Inc.		66		2,876
Foot Locker, Inc.^*		132		2,872
United Parks & Resorts, Inc.^*		51		2,866
Wolverine World Wide, Inc.		125		2,775
Green Brick Partners, Inc.^*		49		2,768
REV Group, Inc.		81		2,582
H&E Equipment Services, Inc.		51		2,497
Buckle, Inc.		49		2,490
MillerKnoll, Inc.		109		2,462
Adient plc^*		140		2,412
Dana, Inc.		206		2,381
Allegiant Travel Co. — Class A		24		2,259
Madison Square Garden Entertainment Corp.^*		62		2,207
Interface, Inc. — Class A		90		2,192
Winnebago Industries, Inc.		45		2,150

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Sabre Corp.^*		589	$	2,150
Papa John’s International, Inc.		52		2,136
AMC Entertainment Holdings, Inc. — Class A^*		530		2,109
VSE Corp.		22		2,092
G-III Apparel Group Ltd.^*		64		2,088
Life Time Group Holdings, Inc.^*		93		2,057
Fox Factory Holding Corp.^*		67		2,028
Gentherm, Inc.^*		50		1,996
Blue Bird Corp.^*		51		1,970
Winmark Corp.		5		1,965
Camping World Holdings, Inc. — Class A		88		1,855
ScanSource, Inc.^*		39		1,850
Cracker Barrel Old Country Store, Inc.		35		1,850
Global Business Travel Group I^*		198		1,837
Oxford Industries, Inc.		23		1,812
Topgolf Callaway Brands Corp.^*		224		1,761
IMAX Corp.^*		68		1,741
Steelcase, Inc. — Class A		146		1,726
MRC Global, Inc.^*		133		1,700
Everi Holdings, Inc.^*		125		1,689
Sally Beauty Holdings, Inc.^*		161		1,682
Monarch Casino & Resort, Inc.		21		1,657
Rush Street Interactive, Inc.^*		120		1,646
XPEL, Inc.^*		40		1,598
Dave & Buster’s Entertainment, Inc.^*		52		1,518
Bloomin’ Brands, Inc.		124		1,514
Super Group SGHC Ltd.		236		1,470
Sonic Automotive, Inc. — Class A		23		1,457
Lions Gate Entertainment Corp. — Class B^*		192		1,450
BlueLinx Holdings, Inc.^*		13		1,328
Jack in the Box, Inc.		31		1,291
Beazer Homes USA, Inc.^*		47		1,291
National Vision Holdings, Inc.^*		123		1,282
Caleres, Inc.		54		1,251
PC Connection, Inc.		18		1,247
Malibu Boats, Inc. — Class A^*		32		1,203
Wabash National Corp.		70		1,199
ODP Corp.^*		51		1,160
Miller Industries, Inc.		17		1,111
Hovnanian Enterprises, Inc. — Class A^*		8		1,070
American Axle & Manufacturing Holdings, Inc.^*		181		1,055
BJ’s Restaurants, Inc.^*		30		1,054
Standard Motor Products, Inc.		34		1,053
indie Semiconductor, Inc. — Class A^*		259		1,049
Dream Finders Homes, Inc. — Class A^*		44		1,024
Ethan Allen Interiors, Inc.		36		1,012
Golden Entertainment, Inc.		32		1,011
MarineMax, Inc.^*		34		984
Daktronics, Inc.^*		58		978
Shoe Carnival, Inc.		28		926
Build-A-Bear Workshop, Inc. — Class A		20		921
Sun Country Airlines Holdings, Inc.^*		62		904
First Watch Restaurant Group, Inc.^*		48		893
Accel Entertainment, Inc.^*		83		886
Douglas Dynamics, Inc.		36		851
Arko Corp.		127		837
Marcus Corp.		38		817
Kura Sushi USA, Inc. — Class A^*		9		815
RCI Hospitality Holdings, Inc.		14		805
Lions Gate Entertainment Corp. — Class A^*		94		803
Portillo’s, Inc. — Class A^*		85		799
Forestar Group, Inc.^*		30		778
A-Mark Precious Metals, Inc.		28		767
Rush Enterprises, Inc. — Class B		14		762
Arhaus, Inc.		81		761
Xperi, Inc.^*		71		729
Genesco, Inc.^*		17		727
Dine Brands Global, Inc.		24		722
Bally’s Corp.^*		38		680
Clean Energy Fuels Corp.^*		269		675
Lindblad Expeditions Holdings, Inc.^*		56		664
Atlanta Braves Holdings, Inc. — Class A^*		16		653
EVgo, Inc.^*		159		644
Funko, Inc. — Class A^*		48		643
Leslie’s, Inc.^*		283		631
Methode Electronics, Inc.		53		625
Shyft Group, Inc.		53		622
Hyliion Holdings Corp.^*		222		579
Nu Skin Enterprises, Inc. — Class A		78		537
Titan International, Inc.^*		79		536
Global Industrial Co.		21		521
Lovesac Co.^*		22		521
Sleep Number Corp.^*		34		518
America’s Car-Mart, Inc.^*		10		513
Haverty Furniture Companies, Inc.		23		512
Xponential Fitness, Inc. — Class A^*		38		511
Petco Health & Wellness Company, Inc.^*		131		499
Zumiez, Inc.^*		26		498
MasterCraft Boat Holdings, Inc.^*		26		496
El Pollo Loco Holdings, Inc.^*		42		485
Denny’s Corp.^*		80		484
Movado Group, Inc.		24		472
Frontier Group Holdings, Inc.^*		66		469
Titan Machinery, Inc.^*		33		466
Solid Power, Inc.^*		240		454
SES AI Corp.^*		205		449
Potbelly Corp.^*		43		405
Hudson Technologies, Inc.^*		70		391
Flexsteel Industries, Inc.		7		380
Savers Value Village, Inc.^*		37		379
Weyco Group, Inc.		10		376
Cooper-Standard Holdings, Inc.^*		27		366
JAKKS Pacific, Inc.^*		13		366
Designer Brands, Inc. — Class A		66		352
iRobot Corp.^*		45		349
Superior Group of Companies, Inc.		21		347

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
OneWater Marine, Inc. — Class A^*		19	$	330
Webtoon Entertainment, Inc.^*		24		326
Tile Shop Holdings, Inc.^*		45		312
Reservoir Media, Inc.^*		31		280
Citi Trends, Inc.^*		10		263
Biglari Holdings, Inc. — Class B^*		1		254
Rocky Brands, Inc.		11		251
Hooker Furnishings Corp.		17		238
Landsea Homes Corp.^*		28		238
Wheels Up Experience, Inc.^*		141		233
Johnson Outdoors, Inc. — Class A		7		231
Escalade, Inc.		16		229
Destination XL Group, Inc.^*		84		226
Holley, Inc.^*		73		221
Hamilton Beach Brands Holding Co. — Class A		13		219
Clarus Corp.		48		216
Full House Resorts, Inc.^*		52		212
Blink Charging Co.^*		152		211
J Jill, Inc.		7		193
Luminar Technologies, Inc.^*		35		188
ThredUp, Inc. — Class A^*		124		172
Aeva Technologies, Inc.^*		36		171
Vera Bradley, Inc.^*		42		165
Virco Mfg. Corp.		16		164
GrowGeneration Corp.^*		92		156
Livewire Group, Inc.^*		29		140
EVI Industries, Inc.		8		131
Traeger, Inc.^*		54		129
Commercial Vehicle Group, Inc.^*		52		129
Marine Products Corp.		14		128
Lifetime Brands, Inc.		20		118
Torrid Holdings, Inc.^*		19		99
Tilly’s, Inc. — Class A^*		23		98
ONE Group Hospitality, Inc.^*		33		96
Purple Innovation, Inc.^*		90		70
CompX International, Inc.		2		52
United Homes Group, Inc.^*		8		34
Canoo, Inc.^*		5		7
Qurate Retail, Inc. — Class B^*		2		6
Total Consumer, Cyclical				454,237
Technology - 5.4%
IonQ, Inc.^*		313		13,074
ExlService Holdings, Inc.^*		245		10,873
SPS Commerce, Inc.^*		58		10,671
CommVault Systems, Inc.^*		68		10,262
SoundHound AI, Inc. — Class A^*		480		9,523
Altair Engineering, Inc. — Class A^*		85		9,274
Rambus, Inc.^*		166		8,775
Workiva, Inc.^*		79		8,651
ACI Worldwide, Inc.^*		166		8,617
Qualys, Inc.^*		58		8,133
Varonis Systems, Inc.^*		173		7,686
Clearwater Analytics Holdings, Inc. — Class A^*		277		7,623
Tenable Holdings, Inc.^*		186		7,325
Maximus, Inc.		94		7,017
Box, Inc. — Class A^*		222		7,015
Semtech Corp.^*		113		6,989
Insight Enterprises, Inc.^*		42		6,388
SiTime Corp.^*		29		6,221
Silicon Laboratories, Inc.^*		50		6,211
C3.ai, Inc. — Class A^*		172		5,922
ASGN, Inc.^*		67		5,584
BlackLine, Inc.^*		91		5,529
Power Integrations, Inc.		89		5,491
FormFactor, Inc.^*		122		5,368
Intapp, Inc.^*		83		5,320
Impinj, Inc.^*		36		5,229
Freshworks, Inc. — Class A^*		321		5,191
ACV Auctions, Inc. — Class A^*		233		5,033
Zeta Global Holdings Corp. — Class A^*		278		5,001
Blackbaud, Inc.^*		63		4,657
Synaptics, Inc.^*		61		4,656
Agilysys, Inc.^*		35		4,610
Vertex, Inc. — Class A^*		86		4,588
Diodes, Inc.^*		72		4,440
Progress Software Corp.		67		4,365
Ambarella, Inc.^*		60		4,364
Braze, Inc. — Class A^*		103		4,314
Rapid7, Inc.^*		98		3,943
Kulicke & Soffa Industries, Inc.		83		3,873
NCR Atleos Corp.^*		114		3,867
PAR Technology Corp.^*		53		3,852
Clear Secure, Inc. — Class A		138		3,676
Axcelis Technologies, Inc.^*		51		3,563
DigitalOcean Holdings, Inc.^*		103		3,509
Rigetti Computing, Inc.^*		223		3,403
AvePoint, Inc.^*		200		3,302
WNS Holdings Ltd.^*		67		3,175
NCR Voyix Corp.^*		229		3,169
Privia Health Group, Inc.^*		161		3,148
Alkami Technology, Inc.^*		82		3,008
AvidXchange Holdings, Inc.^*		274		2,833
Verint Systems, Inc.^*		97		2,663
PagerDuty, Inc.^*		141		2,575
Donnelley Financial Solutions, Inc.^*		41		2,572
Asana, Inc. — Class A^*		125		2,534
Ultra Clean Holdings, Inc.^*		70		2,517
Waystar Holding Corp.^*		68		2,496
MaxLinear, Inc. — Class A^*		125		2,473
Adeia, Inc.		172		2,405
CSG Systems International, Inc.		47		2,402
Sprout Social, Inc. — Class A^*		78		2,395
NetScout Systems, Inc.^*		109		2,361
Veeco Instruments, Inc.^*		88		2,358
Photronics, Inc.^*		97		2,285
Appian Corp. — Class A^*		63		2,078
Evolent Health, Inc. — Class A^*		182		2,048
Zuora, Inc. — Class A^*		204		2,024
Phreesia, Inc.^*		80		2,013
Grid Dynamics Holdings, Inc.^*		90		2,002
Matterport, Inc.^*		413		1,958
Cohu, Inc.^*		73		1,949
Fastly, Inc. — Class A^*		203		1,916
NextNav, Inc.^*		118		1,836
Pitney Bowes, Inc.		253		1,832
Alignment Healthcare, Inc.^*		158		1,778
Diebold Nixdorf, Inc.^*		40		1,722
Innodata, Inc.^*		43		1,699
Schrodinger Incorporated/United States^*		88		1,698
Digi International, Inc.^*		56		1,693

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Jamf Holding Corp.^*		117	$	1,644
PROS Holdings, Inc.^*		72		1,581
Ibotta, Inc. — Class A^*		24		1,562
Penguin Solutions, Inc.^*		81		1,554
Xerox Holdings Corp.		183		1,542
Blend Labs, Inc. — Class A^*		364		1,532
Vimeo, Inc.^*		233		1,491
Alpha & Omega Semiconductor Ltd.^*		37		1,370
PDF Solutions, Inc.^*		49		1,327
Sapiens International Corporation N.V.		49		1,317
Olo, Inc. — Class A^*		165		1,267
Amplitude, Inc. — Class A^*		120		1,266
SolarWinds Corp.		86		1,226
ACM Research, Inc. — Class A^*		80		1,208
Integral Ad Science Holding Corp.^*		114		1,190
CEVA, Inc.^*		37		1,167
D-Wave Quantum, Inc.^*		138		1,159
Daily Journal Corp.^*		2		1,136
OneSpan, Inc.		60		1,112
Planet Labs PBC^*		266		1,075
N-able, Inc.^*		113		1,055
Yext, Inc.^*		165		1,049
Conduent, Inc.^*		248		1,002
Weave Communications, Inc.^*		62		987
PubMatic, Inc. — Class A^*		66		970
V2X, Inc.^*		19		909
Digimarc Corp.^*		24		899
MeridianLink, Inc.^*		43		888
Climb Global Solutions, Inc.		7		887
Cantaloupe, Inc.^*		92		875
Ouster, Inc.^*		68		831
I3 Verticals, Inc. — Class A^*		36		829
Mitek Systems, Inc.^*		73		812
Enfusion, Inc. — Class A^*		76		783
Aehr Test Systems^*		44		732
E2open Parent Holdings, Inc.^*		269		716
PlayAGS, Inc.^*		62		715
BigBear.ai Holdings, Inc.^*		160		712
Navitas Semiconductor Corp.^*		199		711
Simulations Plus, Inc.		25		697
GigaCloud Technology, Inc. — Class A^*,1		37		685
BigCommerce Holdings, Inc.^*		111		679
SEMrush Holdings, Inc. — Class A^*		57		677
Consensus Cloud Solutions, Inc.^*		28		668
Bandwidth, Inc. — Class A^*		39		664
3D Systems Corp.^*		201		659
Unisys Corp.^*		104		658
Health Catalyst, Inc.^*		92		650
Red Violet, Inc.^*		17		615
Porch Group, Inc.^*		122		600
Talkspace, Inc.^*		194		599
Pagaya Technologies Ltd. — Class A^*,1		64		595
SkyWater Technology, Inc.^*		43		594
Logility Supply Chain Solutions, Inc. — Class A		50		554
Cerence, Inc.^*		65		510
8x8, Inc.^*		184		491
Viant Technology, Inc. — Class A^*		25		475
Corsair Gaming, Inc.^*		70		463
Vishay Precision Group, Inc.^*		19		446
Arteris, Inc.^*		43		438
Outbrain, Inc.^*		61		438
Immersion Corp.		48		419
Cricut, Inc. — Class A		73		416
ReposiTrak, Inc.¹		18		398
Domo, Inc. — Class B^*		53		375
EverCommerce, Inc.^*		34		374
Life360, Inc.^*		9		371
Asure Software, Inc.^*		37		348
Definitive Healthcare Corp.^*		84		345
Kaltura, Inc.^*		152		334
Inspired Entertainment, Inc.^*		35		317
IBEX Holdings Ltd.^*		14		301
Telos Corp.^*		86		294
ON24, Inc.^*		43		278
Richardson Electronics Ltd.		19		267
Playstudios, Inc.^*		139		259
Digital Turbine, Inc.^*		151		255
QuickLogic Corp.^*		22		249
Rackspace Technology, Inc.^*		105		232
CS Disco, Inc.^*		46		230
Rimini Street, Inc.^*		84		224
eGain Corp.^*		32		199
Everspin Technologies, Inc.^*		31		198
WM Technology, Inc.^*		132		182
Rekor Systems, Inc.^*		112		175
TTEC Holdings, Inc.		31		155
Silvaco Group, Inc.^*		9		73
Golden Matrix Group, Inc.^*		31		61
System1, Inc.^*		37		33
Airship AI Holdings, Inc.^*		5		31
GCT Semiconductor Holding, Inc.^*		12		28
Total Technology				421,957
Energy - 2.6%
CNX Resources Corp.^*		227		8,324
ChampionX Corp.		301		8,184
SM Energy Co.		180		6,977
Noble Corporation plc		217		6,814
Murphy Oil Corp.		223		6,748
Archrock, Inc.		261		6,496
Magnolia Oil & Gas Corp. — Class A		273		6,383
Northern Oil & Gas, Inc.		156		5,797
California Resources Corp.		109		5,656
Patterson-UTI Energy, Inc.		609		5,030
CONSOL Energy, Inc.		46		4,907
Liberty Energy, Inc. — Class A		246		4,893
Helmerich & Payne, Inc.		152		4,867
Warrior Met Coal, Inc.		82		4,448
Transocean Ltd.^*		1,142		4,282
Valaris Ltd.^*		96		4,247
Tidewater, Inc.^*		77		4,213
Seadrill Ltd.^*		107		4,166
Oceaneering International, Inc.^*		159		4,147
Peabody Energy Corp.		198		4,146
PBF Energy, Inc. — Class A		156		4,142
Arch Resources, Inc.		28		3,954
Crescent Energy Co. — Class A¹		255		3,726
Gulfport Energy Corp.^*		20		3,684

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Kinetik Holdings, Inc. — Class A		60	$	3,403
Alpha Metallurgical Resources, Inc.^*		17		3,402
Sunrun, Inc.^*		342		3,163
Comstock Resources, Inc.^*		146		2,660
Kosmos Energy Ltd.^*		733		2,507
Plug Power, Inc.^*,1		1,166		2,484
Sitio Royalties Corp. — Class A		126		2,417
Atlas Energy Solutions, Inc.		107		2,373
Talos Energy, Inc.^*		233		2,262
DNOW, Inc.^*		165		2,147
Helix Energy Solutions Group, Inc.^*		227		2,116
Kodiak Gas Services, Inc.		51		2,082
Select Water Solutions, Inc. — Class A		144		1,906
Expro Group Holdings N.V.^*		149		1,858
Delek US Holdings, Inc.		100		1,850
Sable Offshore Corp.^*		80		1,832
Fluence Energy, Inc.^*		96		1,524
Shoals Technologies Group, Inc. — Class A^*		270		1,493
Par Pacific Holdings, Inc.^*		90		1,475
Array Technologies, Inc.^*		241		1,456
Borr Drilling Ltd.^*,1		371		1,447
SunCoke Energy, Inc.		132		1,412
NextDecade Corp.^*		182		1,403
Vital Energy, Inc.^*		45		1,391
Bristow Group, Inc.^*		39		1,338
ProPetro Holding Corp.^*		138		1,287
Core Laboratories, Inc.		74		1,281
Diversified Energy Company plc		74		1,243
Solaris Energy Infrastructure, Inc. — Class A		40		1,151
CVR Energy, Inc.		54		1,012
Aris Water Solutions, Inc. — Class A		42		1,006
NPK International, Inc.^*		131		1,005
REX American Resources Corp.^*		24		1,001
Vitesse Energy, Inc.		39		975
Green Plains, Inc.^*		100		948
Excelerate Energy, Inc. — Class A		27		817
Nabors Industries Ltd.^*		14		800
RPC, Inc.		134		796
Innovex International, Inc.^*		54		754
VAALCO Energy, Inc.		164		717
TETRA Technologies, Inc.^*		198		709
SandRidge Energy, Inc.		51		597
Sunnova Energy International, Inc.^*		171		587
Riley Exploration Permian, Inc.		18		575
Granite Ridge Resources, Inc.		83		536
Matrix Service Co.^*		42		503
Berry Corp.		121		500
Oil States International, Inc.^*		97		491
Freyr Battery, Inc.^*		177		457
Natural Gas Services Group, Inc.^*		17		456
Hallador Energy Co.^*		39		446
Ramaco Resources, Inc. — Class A		42		431
Montauk Renewables, Inc.^*		104		414
Ranger Energy Services, Inc. — Class A		26		402
Amplify Energy Corp.^*		62		372
Energy Vault Holdings, Inc.^*		162		369
HighPeak Energy, Inc.¹		23		338
Ring Energy, Inc.^*		234		318
ASP Isotopes, Inc.^*		62		281
Forum Energy Technologies, Inc.^*		18		279
ProFrac Holding Corp. — Class A^*		35		272
W&T Offshore, Inc.		155		257
Evolution Petroleum Corp.		48		251
SEACOR Marine Holdings, Inc.^*		38		249
DMC Global, Inc.^*		31		228
PrimeEnergy Resources Corp.^*		1		220
FutureFuel Corp.		41		217
NACCO Industries, Inc. — Class A		7		209
FuelCell Energy, Inc.^*,1		23		208
Geospace Technologies Corp.^*		20		200
Empire Petroleum Corp.^*		22		167
Aemetis, Inc.^*		57		153
Stem, Inc.^*		239		144
TPI Composites, Inc.^*		73		138
Mammoth Energy Services, Inc.^*		38		114
Ramaco Resources, Inc. — Class B		9		87
Drilling Tools International Corp.^*		15		49
Prairie Operating Co.^*		7		48
Verde Clean Fuels, Inc.^*		5		20
SolarMax Technology, Inc.^*		8		13
Total Energy				204,730
Communications - 2.3%
Credo Technology Group Holding Ltd.^*		218		14,652
Q2 Holdings, Inc.^*		92		9,260
Lumen Technologies, Inc.^*		1,585		8,416
InterDigital, Inc.		40		7,749
Hims & Hers Health, Inc.^*		299		7,230
Cogent Communications Holdings, Inc.		69		5,318
Telephone & Data Systems, Inc.		155		5,287
Cargurus, Inc.^*		135		4,933
TEGNA, Inc.		258		4,719
AST SpaceMobile, Inc.^*		210		4,431
EchoStar Corp. — Class A^*		192		4,397
Yelp, Inc. — Class A^*		103		3,986
Ziff Davis, Inc.^*		69		3,749
Viavi Solutions, Inc.^*		347		3,505
Extreme Networks, Inc.^*		198		3,315
Cable One, Inc.		9		3,259
Calix, Inc.^*		93		3,243
Upwork, Inc.^*		196		3,205
Magnite, Inc.^*		198		3,152
ePlus, Inc.^*		41		3,029
DigitalBridge Group, Inc.		251		2,831
Globalstar, Inc.^*		1,142		2,364
Harmonic, Inc.^*		174		2,302
Applied Digital Corp.^*		298		2,277
Infinera Corp.^*,1		314		2,063
A10 Networks, Inc.		112		2,061

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Revolve Group, Inc.^*		60	$	2,009
QuinStreet, Inc.^*		83		1,915
Despegar.com Corp.^*		97		1,867
Cars.com, Inc.^*		104		1,802
CommScope Holding Company, Inc.^*		330		1,719
Sphere Entertainment Co.^*		42		1,693
RealReal, Inc.^*		154		1,683
Viasat, Inc.^*		191		1,625
Opendoor Technologies, Inc.^*		970		1,552
Sprinklr, Inc. — Class A^*		182		1,538
Liberty Latin America Ltd. — Class C^*		203		1,287
Figs, Inc. — Class A^*		205		1,269
NETGEAR, Inc.^*		45		1,254
Bumble, Inc. — Class A^*		151		1,229
HealthStream, Inc.		38		1,208
Shutterstock, Inc.		39		1,184
IDT Corp. — Class B		24		1,140
Gannett Company, Inc.^*		224		1,134
Liquidity Services, Inc.^*		34		1,098
ADTRAN Holdings, Inc.^*		124		1,033
Shenandoah Telecommunications Co.		77		971
Open Lending Corp. — Class A^*		161		961
Powerfleet Incorporated NJ^*		143		952
Couchbase, Inc.^*		61		951
Stagwell, Inc.^*		135		888
Gogo, Inc.^*		102		825
TechTarget, Inc.^*		41		813
Sinclair, Inc.		50		807
EverQuote, Inc. — Class A^*		40		800
Scholastic Corp.		37		789
Clear Channel Outdoor Holdings, Inc.^*		550		754
National CineMedia, Inc.^*		112		744
Thryv Holdings, Inc.^*		50		740
Grindr, Inc.^*		39		696
Nextdoor Holdings, Inc.^*		275		652
Clearfield, Inc.^*		20		620
Stitch Fix, Inc. — Class A^*		142		612
Ribbon Communications, Inc.^*		143		595
fuboTV, Inc.^*		460		580
Vivid Seats, Inc. — Class A^*		123		569
Boston Omaha Corp. — Class A^*		39		553
Ooma, Inc.^*		39		548
Innovid Corp.^*		168		519
Preformed Line Products Co.		4		511
AMC Networks, Inc. — Class A^*		50		495
Advantage Solutions, Inc.^*		169		493
Anterix, Inc.^*		16		491
Spok Holdings, Inc.		29		465
MediaAlpha, Inc. — Class A^*		39		440
Groupon, Inc.^*		36		437
Gray Television, Inc.		135		425
Eventbrite, Inc. — Class A^*		126		423
WideOpenWest, Inc.^*		78		387
BARK, Inc.^*		209		385
Gambling.com Group Ltd.^*		27		380
Backblaze, Inc. — Class A^*		63		379
Beyond, Inc.^*		72		355
Getty Images Holdings, Inc.^*		158		341
1-800-Flowers.com, Inc. — Class A^*		41		335
Liberty Latin America Ltd. — Class A^*		52		331
Aviat Networks, Inc.^*		18		326
iHeartMedia, Inc. — Class A^*		163		323
Lands’ End, Inc.^*		22		289
ATN International, Inc.		17		286
LifeMD, Inc.^*		55		272
Cardlytics, Inc.^*		63		234
Entravision Communications Corp. — Class A		97		228
BlackSky Technology, Inc.^*		21		227
Tucows, Inc. — Class A^*		13		223
EW Scripps Co. — Class A^*		96		212
Townsquare Media, Inc. — Class A		21		191
Nerdy, Inc.^*		115		186
AudioEye, Inc.^*		11		167
LiveOne, Inc.^*		107		157
1stdibs.com, Inc.^*		40		142
OptimizeRx Corp.^*		28		136
RumbleON, Inc. — Class B^*		25		136
Vacasa, Inc. — Class A^*		15		74
Value Line, Inc.		1		53
Solo Brands, Inc. — Class A^*		26		30
aka Brands Holding Corp.^*		1		19
Total Communications				177,895
Basic Materials - 1.7%
Carpenter Technology Corp.		74		12,559
Commercial Metals Co.		177		8,779
Arcadium Lithium plc^*		1,697		8,706
Balchem Corp.		51		8,313
Cabot Corp.		83		7,579
HB Fuller Co.		86		5,803
Avient Corp.		142		5,802
Sensient Technologies Corp.		66		4,703
Hecla Mining Co.		912		4,478
Sylvamo Corp.		55		4,346
Innospec, Inc.		39		4,292
Uranium Energy Corp.^*		620		4,148
Minerals Technologies, Inc.		49		3,734
Hawkins, Inc.		30		3,680
Coeur Mining, Inc.^*		619		3,541
Quaker Chemical Corp.		22		3,097
Rogers Corp.^*		30		3,048
Perimeter Solutions, Inc.^*		211		2,697
Ingevity Corp.^*		57		2,323
SSR Mining, Inc.^*		320		2,227
Stepan Co.		34		2,200
Constellium SE^*		204		2,095
United States Lime & Minerals, Inc.		15		1,991
Tronox Holdings plc — Class A		187		1,883
Kaiser Aluminum Corp.		25		1,757
Century Aluminum Co.^*		83		1,512
Centrus Energy Corp. — Class A^*		22		1,465
Orion S.A.		91		1,437
Ecovyst, Inc.^*		183		1,398
Energy Fuels, Inc.^*		255		1,308
Novagold Resources, Inc.^*		384		1,279
AdvanSix, Inc.		40		1,140
Koppers Holdings, Inc.		32		1,037
Ivanhoe Electric Incorporated / US^*		132		997
Encore Energy Corp.^*		281		958

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
Mativ Holdings, Inc.		85	$	926
MAC Copper Ltd. — Class A^*		85		903
Rayonier Advanced Materials, Inc.^*		101		833
Oil-Dri Corporation of America		8		701
Perpetua Resources Corp.^*		61		651
Radius Recycling, Inc. — Class A		42		639
Universal Stainless & Alloy Products, Inc.^*		14		617
Compass Minerals International, Inc.		54		608
Codexis, Inc.^*		110		525
Ur-Energy, Inc.^*		433		498
Lifezone Metals Ltd.^*		58		403
Lightwave Logic, Inc.^*		189		397
Intrepid Potash, Inc.^*		17		373
Kronos Worldwide, Inc.		34		331
Piedmont Lithium, Inc.^*		29		253
Caledonia Mining Corporation plc		26		245
Dakota Gold Corp.^*		103		227
i-80 Gold Corp.^*		409		198
American Vanguard Corp.		40		185
Northern Technologies International Corp.		12		162
Contango ORE, Inc.^*		12		120
Valhi, Inc.		4		93
Critical Metals Corp.^*		12		81
Total Basic Materials				136,281
Utilities - 1.4%
Brookfield Infrastructure Corp. — Class A		189		7,562
New Jersey Resources Corp.		155		7,231
TXNM Energy, Inc.		142		6,982
Portland General Electric Co.		160		6,979
Southwest Gas Holdings, Inc.		96		6,788
Black Hills Corp.		108		6,320
ONE Gas, Inc.		89		6,163
ALLETE, Inc.		92		5,962
Spire, Inc.		85		5,765
Ormat Technologies, Inc.		85		5,756
MGE Energy, Inc.		57		5,356
Northwestern Energy Group, Inc.		97		5,186
Otter Tail Corp.		65		4,800
American States Water Co.		59		4,585
Avista Corp.		123		4,505
Chesapeake Utilities Corp.		35		4,247
California Water Service Group		91		4,125
Hawaiian Electric Industries, Inc.^*		260		2,530
SJW Group		51		2,510
Northwest Natural Holding Co.		60		2,374
Middlesex Water Co.		28		1,474
Unitil Corp.		25		1,355
Ameresco, Inc. — Class A^*		51		1,197
York Water Co.		23		753
Consolidated Water Company Ltd.		24		621
Altus Power, Inc.^*		120		488
Genie Energy Ltd. — Class B		20		312
RGC Resources, Inc.		13		261
Global Water Resources, Inc.		18		207
Total Utilities				112,394
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		43		1,530
Total Common Stocks
(Cost $3,884,698)				4,172,825

WARRANTS^† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25		2		–
Total Warrants
(Cost $–)				–

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Cartesian Therapeutics Inc.*		179		–
Novartis AG*^,†††		100		–
Tobira Therapeutics, Inc.*^,†††		14		–
Sanofi SA *		52		–
Total Consumer, Non-cyclical				–
Communications - 0.0%
RumbleON Inc.
Expires 11/25/25		25		–
Total Rights
(Cost $39)				–

MUTUAL FUNDS^† - 15.2%
Guggenheim Strategy Fund II²		25,618		636,601
Guggenheim Ultra Short Duration Fund — Institutional Class²		56,061		561,174
Total Mutual Funds
(Cost $1,183,372)				1,197,775

		Face Amount
U.S. TREASURY BILLS^†† - 2.2%
U.S. Treasury Bills
4.23% due 03/13/25^3,4	$	100,000		99,187
4.21% due 01/16/25^4,5		77,000		76,873
Total U.S. Treasury Bills
(Cost $176,027)				176,060

REPURCHASE AGREEMENTS^††,6 - 32.7%

J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³		1,442,967		1,442,967
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		1,134,230		1,134,230
Total Repurchase Agreements
(Cost $2,577,197)				2,577,197

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁸		17,874		17,874
Total Securities Lending Collateral
(Cost $17,874)				17,874
Total Investments - 103.3%
(Cost $7,839,207)			$	8,141,731
Other Assets & Liabilities, net - (3.3)%				(262,484	)
Total Net Assets - 100.0%			$	7,879,247

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts	5	Mar 2025	$	562,375	$	(31,858	)

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^††
Barclays Bank plc	Russell 2000 Index	Pay	5.12% (SOFR + 0.75%)	At Maturity	03/27/25		462	$	1,031,302	$	(625	)
BNP Paribas	Russell 2000 Index	Pay	4.88% (Federal Funds Rate + 0.55%)	At Maturity	03/27/25		611		1,362,272		(828	)
Goldman Sachs International	Russell 2000 Index	Pay	4.43% (Federal Funds Rate + 0.10%)	At Maturity	03/26/25		2,102		4,687,696		(161,325	)
								$	7,081,270	$	(162,778	)

^~	The face amount is denominated in U.S. dollars unless otherwise indicated.
^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at December 31, 2024.
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, 2024.
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, 2024.

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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	4,172,825		$	—	$	—	*	$	4,172,825
Warrants		—	*		—		—			—
Rights		—	*		—		—	*		—
Mutual Funds		1,197,775			—		—			1,197,775
U.S. Treasury Bills		—			176,060		—			176,060
Repurchase Agreements		—			2,577,197		—			2,577,197
Securities Lending Collateral		17,874			—		—			17,874
Total Assets	$	5,388,474		$	2,753,257	$	—		$	8,141,731

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	31,858	$	—	$	—	$	31,858
Equity Index Swap Agreements**		—		162,778		—		162,778
Total Liabilities	$	31,858	$	162,778	$	—	$	194,636

Security has a market value of $0.

^**

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

Affiliated Transactions

Transactions during the period ended December 31, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 12/31/24		Shares 12/31/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	630,196	$	–	$	–	$	–	$	6,405	$	636,601		25,618	$	27,315
Guggenheim Ultra Short Duration Fund — Institutional Class		555,568		–		–		–		5,606		561,174		56,061		21,690
	$	1,185,764	$	–	$	–	$	–	$	12,011	$	1,197,775			$	49,005

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4%
Financial - 7.8%
FTAI Aviation Ltd.		177	$	25,495
SouthState Corp.		133		13,231
Old National Bancorp		558		12,111
Jackson Financial, Inc. — Class A		131		11,408
Cadence Bank		318		10,955
Ryman Hospitality Properties, Inc. REIT		104		10,851
Mr Cooper Group, Inc.^*		111		10,657
Glacier Bancorp, Inc.		202		10,144
Essent Group Ltd.		185		10,071
Terreno Realty Corp. REIT		169		9,995
Hamilton Lane, Inc. — Class A		67		9,919
Selective Insurance Group, Inc.		106		9,913
Essential Properties Realty Trust, Inc. REIT		311		9,728
Kite Realty Group Trust REIT		385		9,717
Piper Sandler Cos.		31		9,298
Home BancShares, Inc.		328		9,282
Moelis & Co. — Class A		125		9,235
UMB Financial Corp.		80		9,029
United Bankshares, Inc.		235		8,824
CareTrust, Inc. REIT		324		8,764
SL Green Realty Corp. REIT		126		8,558
Radian Group, Inc.		268		8,501
Macerich Co. REIT		425		8,466
Upstart Holdings, Inc.^*		137		8,435
Hancock Whitney Corp.		154		8,427
MARA Holdings, Inc.^*		498		8,352
First Financial Bankshares, Inc.		231		8,328
Phillips Edison & Company, Inc. REIT		217		8,129
Independence Realty Trust, Inc. REIT		401		7,956
Valley National Bancorp		842		7,629
ServisFirst Bancshares, Inc.		90		7,627
American Healthcare, Inc. REIT		266		7,560
Enstar Group Ltd.^*		23		7,407
Ameris Bancorp		118		7,383
Sabra Health Care, Inc. REIT		413		7,153
Associated Banc-Corp.		291		6,955
CNO Financial Group, Inc.		186		6,921
United Community Banks, Inc.		213		6,882
Axos Financial, Inc.^*		96		6,706
StepStone Group, Inc. — Class A		115		6,656
Texas Capital Bancshares, Inc.^*		85		6,647
Tanger, Inc. REIT		190		6,485
PJT Partners, Inc. — Class A		41		6,470
COPT Defense Properties REIT		201		6,221
Fulton Financial Corp.		322		6,208
Apple Hospitality, Inc. REIT		404		6,201
International Bancshares Corp.		97		6,127
Atlantic Union Bankshares Corp.		161		6,099
Cathay General Bancorp		124		5,904
Eastern Bankshares, Inc.		341		5,882
BGC Group, Inc. — Class A		645		5,844
Community Financial System, Inc.		93		5,736
Walker & Dunlop, Inc.		59		5,735
Bread Financial Holdings, Inc.		92		5,617
WSFS Financial Corp.		105		5,579
PotlatchDeltic Corp. REIT		142		5,573
HA Sustainable Infrastructure Capital, Inc.		202		5,420
Blackstone Mortgage Trust, Inc. — Class A REIT		308		5,362
Genworth Financial, Inc. — Class A^*		762		5,326
First BanCorp		286		5,317
Cushman & Wakefield plc^*		406		5,311
Broadstone Net Lease, Inc. REIT		334		5,297
Douglas Emmett, Inc. REIT		285		5,290
Riot Platforms, Inc.^*		505		5,156
NMI Holdings, Inc. — Class A^*		140		5,146
Bank of Hawaii Corp.		72		5,129
National Health Investors, Inc. REIT		74		5,128
Bancorp, Inc.^*		97		5,105
BankUnited, Inc.		132		5,038
McGrath RentCorp		45		5,032
CVB Financial Corp.		235		5,031
Independent Bank Corp.		78		5,007
Artisan Partners Asset Management, Inc. — Class A		116		4,994
Victory Capital Holdings, Inc. — Class A		76		4,975
Acadia Realty Trust REIT		205		4,953
PennyMac Financial Services, Inc.		48		4,903
Simmons First National Corp. — Class A		220		4,880
Heartland Financial USA, Inc.		79		4,843
StoneX Group, Inc.^*		49		4,801
Palomar Holdings, Inc.^*		45		4,752
Urban Edge Properties REIT		220		4,730
Outfront Media, Inc. REIT		262		4,648
Cohen & Steers, Inc.		50		4,617
Four Corners Property Trust, Inc. REIT		169		4,587
First Interstate BancSystem, Inc. — Class A		140		4,546
Burford Capital Ltd.		355		4,526
First Financial Bancorp		168		4,516
Arbor Realty Trust, Inc. REIT¹		326		4,515
Baldwin Insurance Group, Inc. — Class A^*		116		4,496
Park National Corp.		26		4,457
Core Scientific, Inc.^*		316		4,440
Enova International, Inc.^*		46		4,410
Banner Corp.		65		4,340
BancFirst Corp.		37		4,336
Sunstone Hotel Investors, Inc. REIT		360		4,262
Pacific Premier Bancorp, Inc.		171		4,261
TowneBank		125		4,257
Provident Financial Services, Inc.		223		4,208
LXP Industrial Trust REIT		516		4,190
Flagstar Financial, Inc.		449		4,189

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Financial - 7.8% (continued)
Seacoast Banking Corporation of Florida		152	$	4,185
Goosehead Insurance, Inc. — Class A^*		39		4,182
First Merchants Corp.		104		4,149
Curbline Properties Corp. REIT		176		4,087
InvenTrust Properties Corp. REIT		135		4,068
Independent Bank Group, Inc.		67		4,065
NBT Bancorp, Inc.		85		4,060
Cleanspark, Inc.^*		435		4,006
Renasant Corp.		109		3,897
WaFd, Inc.		120		3,869
Retail Opportunity Investments Corp. REIT		221		3,837
Enterprise Financial Services Corp.		68		3,835
Trustmark Corp.		108		3,820
Banc of California, Inc.		246		3,803
Compass, Inc. — Class A^*		638		3,732
Triumph Financial, Inc.^*		40		3,635
Skyward Specialty Insurance Group, Inc.^*		69		3,487
Stock Yards Bancorp, Inc.		48		3,437
OFG Bancorp		81		3,428
FB Financial Corp.		66		3,400
Lemonade, Inc.^*		92		3,375
Stewart Information Services Corp.		50		3,375
WesBanco, Inc.		103		3,352
DiamondRock Hospitality Co. REIT		368		3,323
City Holding Co.		28		3,317
Innovative Industrial Properties, Inc. REIT		49		3,265
Mercury General Corp.		49		3,258
First Bancorp		74		3,254
Pathward Financial, Inc.		44		3,238
Bank of NT Butterfield & Son Ltd.		88		3,216
Newmark Group, Inc. — Class A		250		3,203
Lakeland Financial Corp.		46		3,163
Farmer Mac — Class C		16		3,151
LendingClub Corp.^*		193		3,125
First Commonwealth Financial Corp.		179		3,029
Trupanion, Inc.^*		62		2,988
Northwest Bancshares, Inc.		226		2,981
St. Joe Co.		66		2,965
Horace Mann Educators Corp.		75		2,942
Hut 8 Corp.^*		143		2,930
National Bank Holdings Corp. — Class A		68		2,928
Pebblebrook Hotel Trust REIT		212		2,873
Compass Diversified Holdings		124		2,862
RLJ Lodging Trust REIT		270		2,757
Sandy Spring Bancorp, Inc.		81		2,731
Xenia Hotels & Resorts, Inc. REIT		182		2,705
LTC Properties, Inc. REIT		78		2,695
SiriusPoint Ltd.^*		164		2,688
Customers Bancorp, Inc.^*		55		2,677
S&T Bancorp, Inc.		70		2,675
Nelnet, Inc. — Class A		25		2,670
Veritex Holdings, Inc.		98		2,662
Getty Realty Corp. REIT		88		2,651
Virtus Investment Partners, Inc.		12		2,647
Terawulf, Inc.^*		467		2,643
Global Net Lease, Inc. REIT		356		2,599
WisdomTree, Inc.		247		2,593
Stellar Bancorp, Inc.		91		2,580
TriCo Bancshares		59		2,578
Live Oak Bancshares, Inc.		65		2,571
Hope Bancorp, Inc.		207		2,544
Nicolet Bankshares, Inc.		24		2,518
Westamerica BanCorp		47		2,466
Hilltop Holdings, Inc.		86		2,462
Empire State Realty Trust, Inc. — Class A REIT		238		2,456
Apartment Investment and Management Co. — Class A REIT		268		2,436
JBG SMITH Properties REIT		158		2,428
QCR Holdings, Inc.		30		2,419
Perella Weinberg Partners		101		2,408
Elme Communities REIT		156		2,382
UMH Properties, Inc. REIT		126		2,379
Veris Residential, Inc. REIT		142		2,361
Uniti Group, Inc. REIT^*		425		2,337
American Assets Trust, Inc. REIT		89		2,337
First Busey Corp.		99		2,333
Safety Insurance Group, Inc.		28		2,307
Alexander & Baldwin, Inc. REIT		129		2,288
Ladder Capital Corp. — Class A REIT		203		2,272
Employers Holdings, Inc.		44		2,254
Berkshire Hills Bancorp, Inc.		77		2,189
Two Harbors Investment Corp. REIT		185		2,189
Apollo Commercial Real Estate Finance, Inc. REIT		251		2,174
German American Bancorp, Inc.		52		2,091
Pagseguro Digital Ltd. — Class A^*		334		2,091
Cannae Holdings, Inc.		105		2,085
First Bancshares, Inc.		59		2,065
Encore Capital Group, Inc.^*		43		2,054
Dime Community Bancshares, Inc.		66		2,029
Peoples Bancorp, Inc.		64		2,028
Chimera Investment Corp. REIT		144		2,016
Kennedy-Wilson Holdings, Inc.		201		2,008
Piedmont Office Realty Trust, Inc. — Class A REIT		219		2,004
Easterly Government Properties, Inc. REIT		174		1,977
Navient Corp.		148		1,967
Ready Capital Corp. REIT		287		1,957
NETSTREIT Corp. REIT		138		1,953
PennyMac Mortgage Investment Trust REIT		154		1,939
1st Source Corp.		33		1,927
OceanFirst Financial Corp.		106		1,919

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Financial - 7.8% (continued)
Centerspace REIT		29	$	1,918
Preferred Bank/Los Angeles CA		22		1,900
Brookline Bancorp, Inc.		159		1,876
AMERISAFE, Inc.		36		1,855
ARMOUR Residential REIT, In		98		1,848
MFA Financial, Inc. REIT		181		1,844
Franklin BSP Realty Trust, Inc. REIT		147		1,843
NexPoint Residential Trust, Inc. REIT		44		1,837
Origin Bancorp, Inc.		55		1,831
Enact Holdings, Inc.		56		1,813
Safehold, Inc. REIT		97		1,793
Coastal Financial Corp.^*		21		1,783
Ellington Financial, Inc. REIT		147		1,782
HCI Group, Inc.		15		1,748
Dynex Capital, Inc. REIT		138		1,746
Fidelis Insurance Holdings Ltd.		96		1,741
Brandywine Realty Trust REIT		301		1,686
Bank First Corp.		17		1,685
Marcus & Millichap, Inc.		44		1,683
Southside Bancshares, Inc.		53		1,683
eXp World Holdings, Inc.		145		1,669
Premier Financial Corp.		65		1,662
Byline Bancorp, Inc.		57		1,653
Redfin Corp.^*		209		1,645
Cipher Mining, Inc.^*		354		1,643
Paramount Group, Inc. REIT^*		327		1,615
Univest Financial Corp.		54		1,594
Heritage Financial Corp.		65		1,592
Tompkins Financial Corp.		23		1,560
First Mid Bancshares, Inc.		42		1,546
ConnectOne Bancorp, Inc.		67		1,535
Redwood Trust, Inc. REIT		235		1,535
PRA Group, Inc.^*		72		1,504
Burke & Herbert Financial Services Corp.		24		1,497
Community Trust Bancorp, Inc.		28		1,485
Amerant Bancorp, Inc.		65		1,457
Central Pacific Financial Corp.		50		1,452
ProAssurance Corp.^*		90		1,432
Old Second Bancorp, Inc.		80		1,422
Acadian Asset Management, Inc.		54		1,422
Armada Hoffler Properties, Inc. REIT		138		1,412
F&G Annuities & Life, Inc.		34		1,409
Eagle Bancorp, Inc.		54		1,406
First Community Bankshares, Inc.		33		1,374
CBL & Associates Properties, Inc. REIT		46		1,353
Hamilton Insurance Group Ltd. — Class B^*		71		1,351
SITE Centers Corp. REIT		88		1,346
Hanmi Financial Corp.		56		1,323
Plymouth Industrial REIT, Inc.		74		1,317
FTAI Infrastructure, Inc.		181		1,314
Capitol Federal Financial, Inc.		221		1,306
NB Bancorp, Inc.^*		72		1,300
Mercantile Bank Corp.		29		1,290
Horizon Bancorp, Inc.		80		1,289
Independent Bank Corp.		37		1,289
BrightSpire Capital, Inc. REIT		228		1,286
Summit Hotel Properties, Inc. REIT		187		1,281
CrossFirst Bankshares, Inc.^*		83		1,257
Whitestone REIT — Class B		87		1,233
Dave, Inc.^*		14		1,217
International Money Express, Inc.^*		58		1,208
Orrstown Financial Services, Inc.		33		1,208
Gladstone Commercial Corp. REIT		74		1,202
Equity Bancshares, Inc. — Class A		28		1,188
Metropolitan Bank Holding Corp.^*		20		1,168
Merchants Bancorp		32		1,167
Brookfield Business Corp. — Class A		48		1,164
Root, Inc. — Class A^*		16		1,161
Business First Bancshares, Inc.		45		1,156
Patria Investments Ltd. — Class A		98		1,140
TrustCo Bank Corporation NY		34		1,133
Camden National Corp.		26		1,111
United Fire Group, Inc.		39		1,110
Amalgamated Financial Corp.		33		1,104
Northeast Bank		12		1,101
Metrocity Bankshares, Inc.		34		1,086
Midland States Bancorp, Inc.		44		1,074
Orchid Island Capital, Inc. REIT¹		137		1,066
KKR Real Estate Finance Trust, Inc. REIT		105		1,060
Republic Bancorp, Inc. — Class A		15		1,048
Esquire Financial Holdings, Inc.		13		1,033
Heritage Commerce Corp.		110		1,032
First Financial Corp.		22		1,016
Washington Trust Bancorp, Inc.		32		1,003
Ambac Financial Group, Inc.^*		79		999
Peapack-Gladstone Financial Corp.		31		994
Universal Insurance Holdings, Inc.		47		990
New York Mortgage Trust, Inc. REIT		163		988
CTO Realty Growth, Inc. REIT		50		985
Tiptree, Inc. — Class A		47		980
Southern Missouri Bancorp, Inc.		17		975
NerdWallet, Inc. — Class A^*		73		971
Farmers National Banc Corp.		68		967
Great Southern Bancorp, Inc.		16		955
Capital City Bank Group, Inc.		26		953
Farmland Partners, Inc. REIT		81		953
Hippo Holdings, Inc.^*		35		937
GCM Grosvenor, Inc. — Class A		76		933
MidWestOne Financial Group, Inc.		32		932

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Financial - 7.8% (continued)
Diamond Hill Investment Group, Inc.		6	$	931
Universal Health Realty Income Trust REIT		25		930
Community Healthcare Trust, Inc. REIT		48		922
Peoples Financial Services Corp.		18		921
CNB Financial Corp.		37		920
HomeTrust Bancshares, Inc.		27		909
P10, Inc. — Class A		72		908
Northfield Bancorp, Inc.		78		906
Five Star Bancorp		30		903
World Acceptance Corp.^*		8		900
SmartFinancial, Inc.		29		898
TPG RE Finance Trust, Inc. REIT		105		892
Diversified Healthcare Trust REIT		387		890
Arrow Financial Corp.		31		890
Shore Bancshares, Inc.		56		888
Selectquote, Inc.^*		237		882
NET Lease Office Properties REIT		28		874
Northrim BanCorp, Inc.		11		857
Global Medical, Inc. REIT		111		857
Bar Harbor Bankshares		28		856
Columbia Financial, Inc.^*		52		822
One Liberty Properties, Inc. REIT		30		817
Chatham Lodging Trust REIT		90		805
Real Brokerage, Inc.^*		175		805
HarborOne Bancorp, Inc.		68		804
Alexander’s, Inc. REIT		4		800
Alerus Financial Corp.		41		789
Mid Penn Bancorp, Inc.		27		779
Invesco Mortgage Capital, Inc. REIT		96		773
FRP Holdings, Inc.^*		25		766
South Plains Financial, Inc.		22		764
Financial Institutions, Inc.		28		764
Hingham Institution For Savings		3		763
Flushing Financial Corp.		53		757
Carter Bankshares, Inc.^*		43		756
Sierra Bancorp		26		752
Third Coast Bancshares, Inc.^*		22		747
Service Properties Trust REIT		293		744
Peakstone Realty Trust REIT		67		742
RBB Bancorp		36		738
Saul Centers, Inc. REIT		19		737
Hudson Pacific Properties, Inc. REIT^*		242		733
Kearny Financial Corp.		102		722
Greenlight Capital Re Ltd. — Class A^*		51		714
Bank of Marin Bancorp		30		713
California BanCorp^*		43		711
Bowhead Specialty Holdings, Inc.^*		20		710
LendingTree, Inc.^*		18		697
Claros Mortgage Trust, Inc.^*		154		696
First Foundation, Inc.		111		689
Farmers & Merchants Bancorp Incorporated/Archbold OH		23		677
Gladstone Land Corp. REIT		62		673
Enterprise Bancorp, Inc.		17		672
First Business Financial Services, Inc.		14		648
Home Bancorp, Inc.		14		647
West BanCorp, Inc.		29		628
Bit Digital, Inc.^*		212		621
Community West Bancshares		32		620
American Coastal Insurance Corp.		46		619
Unity Bancorp, Inc.		14		611
RMR Group, Inc. — Class A		29		599
ACNB Corp.		15		597
Southern First Bancshares, Inc.^*		15		596
Red River Bancshares, Inc.		11		594
Civista Bancshares, Inc.		28		589
Ares Commercial Real Estate Corp. REIT		99		583
First Internet Bancorp		16		576
Anywhere Real Estate, Inc.^*		174		574
Southern States Bancshares, Inc.		17		566
BayCom Corp.		21		564
First Bank/Hamilton NJ		40		563
Northeast Community Bancorp, Inc.		23		563
Atlanticus Holdings Corp.^*		10		558
Orange County Bancorp, Inc.		10		556
NewtekOne, Inc.		43		549
First Bancorp, Inc.		20		547
MBIA, Inc.		83		536
ChoiceOne Financial Services, Inc.		15		535
Bridgewater Bancshares, Inc.^*		39		527
HBT Financial, Inc.		24		526
Citizens & Northern Corp.		28		521
Guaranty Bancshares, Inc.		15		519
Legacy Housing Corp.^*		21		518
Capital Bancorp, Inc.		18		513
Regional Management Corp.		15		510
Heritage Insurance Holdings, Inc.^*		42		508
Citizens Financial Services, Inc.		8		506
Colony Bankcorp, Inc.		31		500
Postal Realty Trust, Inc. — Class A REIT		38		496
FS Bancorp, Inc.		12		493
Investors Title Co.		2		474
Plumas Bancorp		10		473
Ponce Financial Group, Inc.^*		36		468
Chicago Atlantic Real Estate Finance, Inc. REIT		30		462
MVB Financial Corp.		22		455
Donegal Group, Inc. — Class A		29		449
First of Long Island Corp.		38		444
John Marshall Bancorp, Inc.		22		442
Fidelity D&D Bancorp, Inc.		9		439
Industrial Logistics Properties Trust REIT		120		438

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Financial - 7.8% (continued)
Norwood Financial Corp.		16	$	435
Primis Financial Corp.		37		431
Timberland Bancorp, Inc.		14		427
Blue Foundry Bancorp^*		42		412
Oak Valley Bancorp		14		409
PCB Bancorp		20		405
Waterstone Financial, Inc.		30		403
City Office, Inc. REIT		73		403
HomeStreet, Inc.^*		35		400
Investar Holding Corp.		18		395
NexPoint Diversified Real Estate Trust REIT		64		390
Parke Bancorp, Inc.		19		390
Orion Office, Inc. REIT		105		390
BRT Apartments Corp. REIT		21		379
Bankwell Financial Group, Inc.		12		374
Bank7 Corp.		8		373
Alpine Income Property Trust, Inc. REIT		22		369
Onity Group, Inc.^*		12		369
Middlefield Banc Corp.		13		365
FVCBankcorp, Inc.^*		29		365
Greene County Bancorp, Inc.		13		360
Braemar Hotels & Resorts, Inc. REIT		118		354
RE/MAX Holdings, Inc. — Class A^*		33		352
LCNB Corp.		23		348
Medallion Financial Corp.		37		347
AG Mortgage Investment Trust, Inc. REIT		52		346
Princeton Bancorp, Inc.		10		344
Virginia National Bankshares Corp.		9		344
Velocity Financial, Inc.^*		17		333
BCB Bancorp, Inc.		28		332
Provident Bancorp, Inc.^*		29		331
Maui Land & Pineapple Company, Inc.^*		15		330
Crawford & Co. — Class A		28		324
USCB Financial Holdings, Inc.		18		319
Franklin Street Properties Corp. REIT		174		318
James River Group Holdings Ltd.		65		317
Silvercrest Asset Management Group, Inc. — Class A		17		313
LINKBANCORP, Inc.		41		307
Seven Hills Realty Trust REIT		23		301
First Western Financial, Inc.^*		15		293
Chemung Financial Corp.		6		293
ESSA Bancorp, Inc.		15		293
National Bankshares, Inc.		10		287
First Financial Northwest, Inc.		13		282
Peoples Bancorp of North Carolina, Inc.		9		281
Maiden Holdings Ltd.^*		158		267
AlTi Global, Inc.^*		60		265
Ames National Corp.		16		263
Sky Harbour Group Corp.^*		22		262
Advanced Flower Capital, Inc. REIT		31		258
Granite Point Mortgage Trust, Inc. REIT		92		257
OppFi, Inc.		33		253
Pioneer Bancorp, Inc.^*		21		242
Nexpoint Real Estate Finance, Inc. REIT		15		235
Star Holdings^*		24		234
Stratus Properties, Inc.^*		11		228
NI Holdings, Inc.^*		14		220
Kingsway Financial Services, Inc.^*		25		209
Angel Oak Mortgage, Inc. REIT		22		204
Sterling Bancorp, Inc.^*		40		190
Forge Global Holdings, Inc.^*		203		189
Consumer Portfolio Services, Inc.^*		17		185
Paysign, Inc.^*		61		184
B Riley Financial, Inc.^*		37		170
Sunrise Realty Trust, Inc. REIT		10		141
Strawberry Fields REIT, Inc.		11		116
SWK Holdings Corp.^*		7		111
GoHealth, Inc. — Class A^*		8		107
Clipper Realty, Inc. REIT		22		101
Roadzen, Inc.^*		41		89
Transcontinental Realty Investors, Inc.^*		2		59
Offerpad Solutions, Inc.^*		19		54
American Realty Investors, Inc.^*		3		44
Total Financial				1,183,353
Consumer, Non-cyclical - 7.2%
Sprouts Farmers Market, Inc.^*		176		22,364
Insmed, Inc.^*		301		20,781
Vaxcyte, Inc.^*		217		17,764
HealthEquity, Inc.^*		150		14,393
Ensign Group, Inc.		98		13,020
REVOLUTION Medicines, Inc.^*		292		12,772
Glaukos Corp.^*		85		12,745
Lantheus Holdings, Inc.^*		122		10,914
Halozyme Therapeutics, Inc.^*		221		10,566
Merit Medical Systems, Inc.^*		102		9,865
Blueprint Medicines Corp.^*		111		9,681
Madrigal Pharmaceuticals, Inc.^*		31		9,566
Cytokinetics, Inc.^*		202		9,502
Herc Holdings, Inc.		49		9,277
Primo Brands Corp. — Class A		280		8,616
Alkermes plc^*		287		8,254
RadNet, Inc.^*		118		8,241
Crinetics Pharmaceuticals, Inc.^*		158		8,079
Stride, Inc.^*		76		7,899
Integer Holdings Corp.^*		59		7,819
Cal-Maine Foods, Inc.		73		7,513
TG Therapeutics, Inc.^*		248		7,465
Brink’s Co.		79		7,329
Corcept Therapeutics, Inc.^*		144		7,256
CBIZ, Inc.^*		88		7,201
Option Care Health, Inc.^*		304		7,053
Verra Mobility Corp.^*		291		7,036

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Non-cyclical - 7.2% (continued)
Prestige Consumer Healthcare, Inc.^*		89	$	6,950
Haemonetics Corp.^*		89		6,949
Krystal Biotech, Inc.^*		44		6,893
Bridgebio Pharma, Inc.^*		251		6,887
ADMA Biologics, Inc.^*		400		6,860
Guardant Health, Inc.^*		209		6,385
Simply Good Foods Co.^*		163		6,354
PROCEPT BioRobotics Corp.^*		78		6,281
GEO Group, Inc.^*		222		6,212
Korn Ferry		92		6,205
PTC Therapeutics, Inc.^*		136		6,139
Adtalem Global Education, Inc.^*		67		6,087
WD-40 Co.		25		6,067
Lancaster Colony Corp.		35		6,060
ICU Medical, Inc.^*		39		6,052
Remitly Global, Inc.^*		261		5,891
Scholar Rock Holding Corp.^*		135		5,835
Arcellx, Inc.^*		76		5,828
ABM Industries, Inc.		112		5,732
Novocure Ltd.^*		191		5,692
Avidity Biosciences, Inc.^*		194		5,642
Biohaven Ltd.^*		150		5,603
Rhythm Pharmaceuticals, Inc.^*		98		5,486
Axsome Therapeutics, Inc.^*		64		5,415
Veracyte, Inc.^*		136		5,386
CorVel Corp.^*		48		5,340
Graham Holdings Co. — Class B		6		5,232
iRhythm Technologies, Inc.^*		58		5,230
TriNet Group, Inc.		57		5,174
Alight, Inc. — Class A		740		5,121
Insperity, Inc.		66		5,116
Payoneer Global, Inc.^*		508		5,100
Alarm.com Holdings, Inc.^*		83		5,046
Amicus Therapeutics, Inc.^*		520		4,898
Inari Medical, Inc.^*		95		4,850
Nuvalent, Inc. — Class A^*		61		4,775
Twist Bioscience Corp.^*		102		4,740
Vericel Corp.^*		86		4,722
Neogen Corp.^*		387		4,698
Oscar Health, Inc. — Class A^*		348		4,677
SpringWorks Therapeutics, Inc.^*		127		4,589
Denali Therapeutics, Inc.^*		222		4,524
LivaNova plc^*		97		4,492
Flywire Corp.^*		216		4,454
CoreCivic, Inc.^*		203		4,413
Inter Parfums, Inc.		33		4,340
Patterson Companies, Inc.		139		4,289
J & J Snack Foods Corp.		27		4,189
Catalyst Pharmaceuticals, Inc.^*		199		4,153
Laureate Education, Inc. — Class A^*		227		4,152
Tandem Diabetes Care, Inc.^*		115		4,142
EVERTEC, Inc.		119		4,109
ICF International, Inc.		34		4,053
StoneCo Ltd. — Class A^*		507		4,041
Protagonist Therapeutics, Inc.^*		104		4,014
Arrowhead Pharmaceuticals, Inc.^*		212		3,986
Huron Consulting Group, Inc.^*		32		3,976
ACADIA Pharmaceuticals, Inc.^*		214		3,927
CONMED Corp.		57		3,901
Addus HomeCare Corp.^*		31		3,886
Concentra Group Holdings Parent, Inc.		194		3,837
Strategic Education, Inc.		41		3,830
Ideaya Biosciences, Inc.^*		148		3,804
Omnicell, Inc.^*		84		3,740
NeoGenomics, Inc.^*		226		3,725
Tarsus Pharmaceuticals, Inc.^*		67		3,710
Geron Corp.^*		1,034		3,660
Select Medical Holdings Corp.		191		3,600
Edgewise Therapeutics, Inc.^*		134		3,578
TransMedics Group, Inc.^*		57		3,554
LiveRamp Holdings, Inc.^*		117		3,553
Iovance Biotherapeutics, Inc.^*		480		3,552
Beam Therapeutics, Inc.^*		142		3,522
Agios Pharmaceuticals, Inc.^*		104		3,417
LeMaitre Vascular, Inc.		37		3,409
Dyne Therapeutics, Inc.^*		144		3,393
Akero Therapeutics, Inc.^*		121		3,366
Supernus Pharmaceuticals, Inc.^*		93		3,363
Kymera Therapeutics, Inc.^*		82		3,299
PROG Holdings, Inc.		78		3,296
Vera Therapeutics, Inc.^*		77		3,256
Ligand Pharmaceuticals, Inc. — Class B^*		30		3,215
Central Garden & Pet Co. — Class A^*		97		3,206
Chefs’ Warehouse, Inc.^*		65		3,206
UFP Technologies, Inc.^*		13		3,179
Edgewell Personal Care Co.		94		3,158
Marqeta, Inc. — Class A^*		829		3,142
Perdoceo Education Corp.		117		3,097
TreeHouse Foods, Inc.^*		88		3,091
John Wiley & Sons, Inc. — Class A		70		3,060
Apogee Therapeutics, Inc.^*		67		3,035
MannKind Corp.^*		471		3,029
Recursion Pharmaceuticals, Inc. — Class A^*,1		448		3,028
Dynavax Technologies Corp.^*		234		2,988
United Natural Foods, Inc.^*		109		2,977
Surgery Partners, Inc.^*		138		2,921
Celldex Therapeutics, Inc.^*		115		2,906
Mirum Pharmaceuticals, Inc.^*		70		2,895
Summit Therapeutics, Inc.^*		161		2,873
Janux Therapeutics, Inc.^*		53		2,838
Upbound Group, Inc.		96		2,800
BioCryst Pharmaceuticals, Inc.^*		367		2,760
Teladoc Health, Inc.^*		301		2,736
Integra LifeSciences Holdings Corp.^*		120		2,722
Xencor, Inc.^*		118		2,712
Inmode Ltd.^*		161		2,689
AtriCure, Inc.^*		87		2,659
Vita Coco Company, Inc.^*		72		2,657
Immunovant, Inc.^*		107		2,650
Amphastar Pharmaceuticals, Inc.^*		71		2,636
Arcutis Biotherapeutics, Inc.^*		188		2,619

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Non-cyclical - 7.2% (continued)
Astrana Health, Inc.^*		80	$	2,522
National Healthcare Corp.		23		2,474
Viridian Therapeutics, Inc.^*		128		2,454
Helen of Troy Ltd.^*		41		2,453
CG oncology, Inc.^*		84		2,409
Progyny, Inc.^*		139		2,398
US Physical Therapy, Inc.		27		2,395
Andersons, Inc.		59		2,391
Praxis Precision Medicines, Inc.^*		31		2,386
Universal Corp.		43		2,358
Ocular Therapeutix, Inc.^*		276		2,357
Nurix Therapeutics, Inc.^*		123		2,317
Harmony Biosciences Holdings, Inc.^*		67		2,305
Travere Therapeutics, Inc.^*		132		2,299
CRA International, Inc.		12		2,246
STAAR Surgical Co.^*		92		2,235
Amneal Pharmaceuticals, Inc.^*		282		2,233
Cimpress plc^*		31		2,223
Disc Medicine, Inc.^*		35		2,219
Myriad Genetics, Inc.^*		161		2,207
Arvinas, Inc.^*		115		2,205
Vital Farms, Inc.^*		58		2,186
WK Kellogg Co.		121		2,177
RxSight, Inc.^*		63		2,166
Novavax, Inc.^*		269		2,163
Embecta Corp.		104		2,148
Aurinia Pharmaceuticals, Inc.^*		238		2,137
Weis Markets, Inc.		31		2,099
Fresh Del Monte Produce, Inc.		63		2,092
Artivion, Inc.^*		73		2,087
Barrett Business Services, Inc.		48		2,085
Ardelyx, Inc.^*		411		2,084
Coursera, Inc.^*		244		2,074
Intellia Therapeutics, Inc.^*		177		2,064
First Advantage Corp.^*		109		2,042
MiMedx Group, Inc.^*		212		2,039
Soleno Therapeutics, Inc.^*		45		2,023
WaVe Life Sciences Ltd.^*		161		1,992
Kforce, Inc.		35		1,985
Pediatrix Medical Group, Inc.^*		151		1,981
Syndax Pharmaceuticals, Inc.^*		147		1,943
ANI Pharmaceuticals, Inc.^*		35		1,935
Turning Point Brands, Inc.		32		1,923
Quanex Building Products Corp.		79		1,915
Arlo Technologies, Inc.^*		171		1,914
Harrow, Inc.^*		57		1,912
CareDx, Inc.^*		89		1,905
National Beverage Corp.		44		1,877
Universal Technical Institute, Inc.^*		72		1,851
Deluxe Corp.		81		1,830
Dole plc		135		1,828
LifeStance Health Group, Inc.^*		248		1,828
Collegium Pharmaceutical, Inc.^*		63		1,805
Utz Brands, Inc.		115		1,801
Driven Brands Holdings, Inc.^*		111		1,792
Innoviva, Inc.^*		102		1,770
Owens & Minor, Inc.^*		134		1,751
Ingles Markets, Inc. — Class A		27		1,740
Avadel Pharmaceuticals plc^*		165		1,734
AdaptHealth Corp.^*		181		1,723
Brookdale Senior Living, Inc. — Class A^*		338		1,700
Transcat, Inc.^*		16		1,692
GeneDx Holdings Corp.^*		22		1,691
BrightSpring Health Services, Inc.^*		99		1,686
Legalzoom.com, Inc.^*		224		1,682
AMN Healthcare Services, Inc.^*		70		1,674
Alphatec Holdings, Inc.^*		182		1,671
BrightView Holdings, Inc.^*		104		1,663
Heidrick & Struggles International, Inc.		37		1,640
BioLife Solutions, Inc.^*		63		1,635
Pursuit Attractions and Hospitality, Inc.^*		38		1,615
Zymeworks, Inc.^*		110		1,610
Udemy, Inc.^*		193		1,588
Pacira BioSciences, Inc.^*		84		1,583
Neumora Therapeutics, Inc.^*		149		1,579
Rocket Pharmaceuticals, Inc.^*		122		1,534
Matthews International Corp. — Class A		55		1,522
Healthcare Services Group, Inc.^*		131		1,522
Krispy Kreme, Inc.		153		1,519
Pennant Group, Inc.^*		57		1,512
Spyre Therapeutics, Inc.^*		64		1,490
Arcus Biosciences, Inc.^*		100		1,489
Enliven Therapeutics, Inc.^*		65		1,463
Hackett Group, Inc.		47		1,444
Avid Bioservices, Inc.^*		115		1,420
Anavex Life Sciences Corp.^*,1		132		1,418
Cytek Biosciences, Inc.^*		217		1,408
Repay Holdings Corp.^*		183		1,396
Pliant Therapeutics, Inc.^*		106		1,396
John B Sanfilippo & Son, Inc.		16		1,394
Monro, Inc.		55		1,364
Avanos Medical, Inc.^*		85		1,353
Kiniksa Pharmaceuticals International plc^*		67		1,325
Replimune Group, Inc.^*		108		1,308
Liquidia Corp.^*		111		1,305
ArriVent Biopharma, Inc.^*		49		1,305
Axogen, Inc.^*		79		1,302
Moneylion, Inc.^*		15		1,290
Cogent Biosciences, Inc.^*		164		1,279
Sezzle, Inc.^*		5		1,279
SunOpta, Inc.^*		165		1,270
Castle Biosciences, Inc.^*		47		1,252
Adaptive Biotechnologies Corp.^*		208		1,247
Day One Biopharmaceuticals, Inc.^*		96		1,216
Mister Car Wash, Inc.^*		166		1,210
Herbalife Ltd.^*		176		1,177
Kura Oncology, Inc.^*		135		1,176
Poseida Therapeutics, Inc.^*		122		1,171
Vir Biotechnology, Inc.^*		159		1,167
89bio, Inc.^*		149		1,165
Mission Produce, Inc.^*		80		1,150
Ironwood Pharmaceuticals, Inc. — Class A^*		253		1,121

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Non-cyclical - 7.2% (continued)
Cullinan Therapeutics, Inc.^*		91	$	1,108
SpartanNash Co.		60		1,099
Prothena Corporation plc^*		79		1,094
Evolus, Inc.^*		98		1,082
Maravai LifeSciences Holdings, Inc. — Class A^*		198		1,079
MGP Ingredients, Inc.		27		1,063
Varex Imaging Corp.^*		72		1,050
Orthofix Medical, Inc.^*		60		1,048
agilon health, Inc.^*		546		1,037
Cross Country Healthcare, Inc.^*		57		1,035
Surmodics, Inc.^*		26		1,030
SI-BONE, Inc.^*		73		1,023
Cass Information Systems, Inc.		25		1,023
Immunome, Inc.^*		96		1,020
Ennis, Inc.		48		1,012
Green Dot Corp. — Class A^*		95		1,011
Paysafe Ltd.^*		59		1,009
Honest Company, Inc.^*		144		998
PACS Group, Inc.^*		76		996
Omeros Corp.^*		100		988
Hain Celestial Group, Inc.^*		160		984
Mind Medicine MindMed, Inc.^*		141		981
Dianthus Therapeutics, Inc.^*		45		981
Carriage Services, Inc. — Class A		24		956
B&G Foods, Inc.		138		951
ARS Pharmaceuticals, Inc.^*		90		950
Altimmune, Inc.^*		128		923
ORIC Pharmaceuticals, Inc.^*		114		920
ZipRecruiter, Inc. — Class A^*		127		920
Paragon 28, Inc.^*		86		888
Pacific Biosciences of California, Inc.^*		485		887
Capricor Therapeutics, Inc.^*		64		883
ACCO Brands Corp.		168		882
Cargo Therapeutics, Inc.^*		61		880
Relay Therapeutics, Inc.^*		213		878
Annexon, Inc.^*		171		877
Willdan Group, Inc.^*		23		876
KinderCare Learning Companies, Inc.^*		49		872
Tourmaline Bio, Inc.^*		43		872
Seneca Foods Corp. — Class A^*		11		872
Franklin Covey Co.^*		23		864
CorMedix, Inc.^*		106		859
Keros Therapeutics, Inc.^*		54		855
Nuvation Bio, Inc.^*		321		854
EyePoint Pharmaceuticals, Inc.^*		114		849
OPKO Health, Inc.^*		576		847
Xeris Biopharma Holdings, Inc.^*		249		844
Arbutus Biopharma Corp.^*		258		844
iRadimed Corp.		15		825
Kelly Services, Inc. — Class A		58		809
Erasca, Inc.^*		321		806
Phibro Animal Health Corp. — Class A		38		798
Humacyte, Inc.^*		158		798
Hertz Global Holdings, Inc.^*		218		798
Entrada Therapeutics, Inc.^*		46		795
Calavo Growers, Inc.		31		790
MaxCyte, Inc.^*		188		782
KalVista Pharmaceuticals, Inc.^*		92		779
DocGo, Inc.^*		181		767
Zevra Therapeutics, Inc.^*		92		767
Lincoln Educational Services Corp.^*		48		759
Limoneira Co.		31		759
Distribution Solutions Group, Inc.^*		22		757
Celcuity, Inc.^*		57		746
Central Garden & Pet Co.^*		19		737
Tactile Systems Technology, Inc.^*		43		737
Esperion Therapeutics, Inc.^*,1		334		735
Septerna, Inc.^*		32		733
Enhabit, Inc.^*		93		726
UroGen Pharma Ltd.^*		68		724
Astria Therapeutics, Inc.^*		81		724
USANA Health Sciences, Inc.^*		20		718
Quanterix Corp.^*		67		712
Verve Therapeutics, Inc.^*		126		711
Stoke Therapeutics, Inc.^*		64		706
Bioventus, Inc. — Class A^*		67		703
Akebia Therapeutics, Inc.^*		369		701
Aura Biosciences, Inc.^*		85		699
Nano-X Imaging Ltd.^*,1		97		698
Arcturus Therapeutics Holdings, Inc.^*		41		696
Terns Pharmaceuticals, Inc.^*		123		681
Treace Medical Concepts, Inc.^*		91		677
Natural Grocers by Vitamin Cottage, Inc.		17		675
OrthoPediatrics Corp.^*		29		672
Community Health Systems, Inc.^*		224		670
Zimvie, Inc.^*		48		670
Fulgent Genetics, Inc.^*		36		665
LENZ Therapeutics, Inc.		23		664
CompoSecure, Inc. — Class A		43		659
REGENXBIO, Inc.^*		85		657
ImmunityBio, Inc.^*		256		655
Mineralys Therapeutics, Inc.^*		53		652
American Public Education, Inc.^*		30		647
Theravance Biopharma, Inc.^*		68		640
Savara, Inc.^*		205		629
AngioDynamics, Inc.^*		68		623
Tejon Ranch Co.^*		39		620
Pulse Biosciences, Inc.^*		35		609
Avita Medical, Inc.^*		47		602
Target Hospitality Corp.^*		62		599
Kodiak Sciences, Inc.^*		60		597
Bicara Therapeutics, Inc.^*		34		592
OmniAb, Inc.^*		165		584
Spire Global, Inc.^*		40		563
Revance Therapeutics, Inc.^*		185		562
Phathom Pharmaceuticals, Inc.^*		69		560
Rigel Pharmaceuticals, Inc.^*		32		538
Fulcrum Therapeutics, Inc.^*		114		536
Taysha Gene Therapies, Inc.^*		306		529

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Non-cyclical - 7.2% (continued)
National Research Corp. — Class A		30	$	529
Tyra Biosciences, Inc.^*		38		528
Sage Therapeutics, Inc.^*		97		527
SIGA Technologies, Inc.		87		523
Viemed Healthcare, Inc.^*		64		513
Village Super Market, Inc. — Class A		16		510
Y-mAbs Therapeutics, Inc.^*		65		509
AnaptysBio, Inc.^*		38		503
Vanda Pharmaceuticals, Inc.^*		105		503
Monte Rosa Therapeutics, Inc.^*		72		500
4D Molecular Therapeutics, Inc.^*		89		496
Resources Connection, Inc.		58		495
MeiraGTx Holdings plc^*		81		493
Cerus Corp.^*		320		493
Utah Medical Products, Inc.		8		492
Custom Truck One Source, Inc.^*		102		491
Quantum-Si, Inc.^*		180		486
Semler Scientific, Inc.^*		9		486
Allogene Therapeutics, Inc.^*		228		486
TrueBlue, Inc.^*		57		479
Mama’s Creations, Inc.^*		60		478
Voyager Therapeutics, Inc.^*		84		476
Aquestive Therapeutics, Inc.^*		133		473
Pulmonx Corp.^*		69		468
ChromaDex Corp.^*		88		467
Atea Pharmaceuticals, Inc.^*		138		462
OraSure Technologies, Inc.^*		128		462
Aldeyra Therapeutics, Inc.^*		92		459
Korro Bio, Inc.^*		12		457
Jasper Therapeutics, Inc.^*		21		449
Accolade, Inc.^*		130		445
Aveanna Healthcare Holdings, Inc.^*		96		439
Blade Air Mobility, Inc.^*		103		438
Trevi Therapeutics, Inc.^*		106		437
European Wax Center, Inc. — Class A^*		65		434
Organogenesis Holdings, Inc.^*		133		426
Olaplex Holdings, Inc.^*		245		424
ACELYRIN, Inc.^*		134		421
Olema Pharmaceuticals, Inc.^*		71		414
Inogen, Inc.^*		45		413
Neurogene, Inc.^*		18		411
Westrock Coffee Co.^*		64		411
Ocugen, Inc.^*		500		403
Cadiz, Inc.^*		77		400
Sera Prognostics, Inc. — Class A^*		49		399
Beyond Meat, Inc.^*		106		399
Nathan’s Famous, Inc.		5		393
Forrester Research, Inc.^*		25		392
Third Harmonic Bio, Inc.^*		38		391
Quad/Graphics, Inc.		56		390
Absci Corp.^*		147		385
Sana Biotechnology, Inc.^*		234		381
Nature’s Sunshine Products, Inc.^*		26		381
Performant Healthcare, Inc.^*		126		381
Anika Therapeutics, Inc.^*		23		379
C4 Therapeutics, Inc.^*		105		378
Priority Technology Holdings, Inc.^*		32		376
Ardent Health Partners, Inc.^*		22		376
Medifast, Inc.^*		21		370
iTeos Therapeutics, Inc.^*		48		369
XOMA Royalty Corp.^*		14		368
MacroGenics, Inc.^*		109		354
Design Therapeutics, Inc.^*		57		352
Verastem, Inc.^*		68		352
Alico, Inc.		13		337
Accuray, Inc.^*		169		335
Candel Therapeutics, Inc.^*		38		330
ProKidney Corp.^*		191		323
Cartesian Therapeutics, Inc.^*		18		322
Zentalis Pharmaceuticals, Inc.^*		106		321
Alta Equipment Group, Inc.		49		320
Heron Therapeutics, Inc.^*,1		208		318
CVRx, Inc.^*		25		317
Biote Corp. — Class A^*		51		315
Cardiff Oncology, Inc.^*		71		308
Inhibrx Biosciences, Inc.^*		20		308
Prime Medicine, Inc.^*		105		307
Perspective Therapeutics, Inc.^*		96		306
InfuSystem Holdings, Inc.^*		36		304
Acacia Research Corp.^*		70		304
MediWound Ltd.^*		17		303
Larimar Therapeutics, Inc.^*		78		302
Rapport Therapeutics, Inc.^*		17		302
CPI Card Group, Inc.^*		10		299
Lifecore Biomedical, Inc.^*		40		297
Fate Therapeutics, Inc.^*		179		295
BRC, Inc. — Class A^*		93		295
Nektar Therapeutics^*		316		294
Mersana Therapeutics, Inc.^*		201		287
ADC Therapeutics S.A.^*		144		287
Chegg, Inc.^*		176		283
Fennec Pharmaceuticals, Inc.^*		44		278
Sutro Biopharma, Inc.^*		151		278
Lexeo Therapeutics, Inc.^*		42		276
Alector, Inc.^*		144		272
Tango Therapeutics, Inc.^*		88		272
Coherus Biosciences, Inc.^*		197		272
NeuroPace, Inc.^*		24		269
2seventy bio, Inc.^*		90		265
Precigen, Inc.^*		235		263
Compass Therapeutics, Inc.^*		181		262
Artiva Biotherapeutics, Inc.^*		26		262
Inozyme Pharma, Inc.^*		92		255
ModivCare, Inc.^*		21		249
SoundThinking, Inc.^*		19		248
Ventyx Biosciences, Inc.^*		113		247
Nkarta, Inc.^*		99		247
scPharmaceuticals, Inc.^*		69		244
Nevro Corp.^*		65		242
Corbus Pharmaceuticals Holdings, Inc.^*		20		236
Caribou Biosciences, Inc.^*		147		234
Sanara Medtech, Inc.^*		7		232
HF Foods Group, Inc.^*		71		228

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Non-cyclical - 7.2% (continued)
Stereotaxis, Inc.^*		99	$	226
Achieve Life Sciences, Inc.^*		64		225
Zynex, Inc.^*		28		224
Puma Biotechnology, Inc.^*		73		223
Foghorn Therapeutics, Inc.^*		47		222
Contineum Therapeutics, Inc. — Class A^*		15		220
Quipt Home Medical Corp.^*		72		220
X4 Pharmaceuticals, Inc.^*		298		219
TScan Therapeutics, Inc.^*		71		216
Information Services Group, Inc.		64		214
Enanta Pharmaceuticals, Inc.^*		37		213
Atossa Therapeutics, Inc.^*		225		212
Beauty Health Co.^*		133		211
Joint Corp.^*		19		202
Lifeway Foods, Inc.^*		8		198
Biomea Fusion, Inc.^*		51		198
Alumis, Inc.^*		24		189
Editas Medicine, Inc.^*		148		188
Sonida Senior Living, Inc.^*		8		185
Lyell Immunopharma, Inc.^*		285		182
Ispire Technology, Inc.^*		36		181
Regulus Therapeutics, Inc.^*		113		179
Adverum Biotechnologies, Inc.^*		38		177
Cabaletta Bio, Inc.^*		78		177
Cassava Sciences, Inc.^*,1		74		175
Waldencast plc — Class A^*		43		173
Zura Bio Ltd.^*		69		173
Orchestra BioMed Holdings, Inc.^*		43		172
Scilex Holding Co.^*		402		171
Kyverna Therapeutics, Inc.^*		45		168
IGM Biosciences, Inc.^*		27		165
Solid Biosciences, Inc.^*		41		164
Harvard Bioscience, Inc.^*		75		158
Gyre Therapeutics, Inc.^*		13		157
Alto Neuroscience, Inc.^*		37		157
Veru, Inc.^*		234		152
Black Diamond Therapeutics, Inc.^*		71		152
Lexicon Pharmaceuticals, Inc.^*		205		151
Nautilus Biotechnology, Inc.^*		90		151
Applied Therapeutics, Inc.^*		172		147
Bluebird Bio, Inc.^*,1		17		142
HireQuest, Inc.		10		142
Tenaya Therapeutics, Inc.^*		99		142
Pyxis Oncology, Inc.^*		90		140
XBiotech, Inc.^*		35		138
Innovage Holding Corp.^*		35		138
Emerald Holding, Inc.		28		135
Acrivon Therapeutics, Inc.^*		22		132
Acumen Pharmaceuticals, Inc.^*		77		132
Lineage Cell Therapeutics, Inc.^*		262		132
AirSculpt Technologies, Inc.^*,1		25		130
Greenwich Lifesciences, Inc.^*		11		124
DLH Holdings Corp.^*		15		120
HilleVax, Inc.^*		57		118
FiscalNote Holdings, Inc.^*		110		118
Akoya Biosciences, Inc.^*		49		112
Inmune Bio, Inc.^*		24		112
Renovaro, Inc.^*		134		112
PepGen, Inc.^*		28		106
Agenus, Inc.^*		38		104
Fibrobiologics, Inc.^*		52		104
Ovid therapeutics, Inc.^*		110		103
Forafric Global plc^*		10		103
ALX Oncology Holdings, Inc.^*		60		100
Generation Bio Co.^*		92		98
Skye Bioscience, Inc.^*		34		96
Climb Bio, Inc.^*		53		95
Cibus, Inc.^*		32		89
Shattuck Labs, Inc.^*		72		87
RAPT Therapeutics, Inc.^*		55		87
Werewolf Therapeutics, Inc.^*		57		84
Inovio Pharmaceuticals, Inc.^*		46		84
Century Therapeutics, Inc.^*		83		84
Actinium Pharmaceuticals, Inc.^*		55		69
Aerovate Therapeutics, Inc.^*		25		66
Metagenomi, Inc.^*		18		65
Invivyd, Inc.^*		146		65
Elevation Oncology, Inc.^*		99		56
Fractyl Health, Inc.^*		26		54
Telomir Pharmaceuticals, Inc.^*		13		54
Boundless Bio, Inc.^*		18		52
Outlook Therapeutics, Inc.^*		27		51
Galectin Therapeutics, Inc.^*		38		49
Tevogen Bio Holdings, Inc.^*		40		41
MarketWise, Inc.		69		39
Q32 Bio, Inc.^*		11		38
Prelude Therapeutics, Inc.^*		25		32
Verrica Pharmaceuticals, Inc.^*		36		25
CervoMed, Inc.^*		10		23
Lyra Therapeutics, Inc.^*		89		18
Conduit Pharmaceuticals, Inc.^*		64		4
Ligand Pharmaceuticals, Inc.^*,†††		42		–
Ligand Pharmaceuticals, Inc.^*,†††		42		–
Total Consumer, Non-cyclical				1,097,746
Industrial - 5.1%
Applied Industrial Technologies, Inc.		67		16,044
Rocket Lab USA, Inc.^*		609		15,511
Mueller Industries, Inc.		195		15,475
Fluor Corp.^*		298		14,697
Chart Industries, Inc.^*		75		14,313
Fabrinet^*		64		14,072
UFP Industries, Inc.		107		12,054
SPX Technologies, Inc.^*		81		11,787
Casella Waste Systems, Inc. — Class A^*		109		11,533
Badger Meter, Inc.		52		11,030
Summit Materials, Inc. — Class A^*		214		10,828
Modine Manufacturing Co.^*		91		10,550
John Bean Technologies Corp.		82		10,422
Knife River Corp.^*		101		10,266
CSW Industrials, Inc.		29		10,231
Watts Water Technologies, Inc. — Class A		49		9,962
GATX Corp.		64		9,918
Federal Signal Corp.		107		9,886

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Industrial - 5.1% (continued)
Moog, Inc. — Class A		50	$	9,842
Novanta, Inc.^*		63		9,625
Zurn Elkay Water Solutions Corp.		255		9,511
NEXTracker, Inc. — Class A^*		255		9,315
Sterling Infrastructure, Inc.^*		53		8,928
Itron, Inc.^*		81		8,795
Dycom Industries, Inc.^*		50		8,703
Arcosa, Inc.		86		8,320
Belden, Inc.		73		8,221
Boise Cascade Co.		68		8,082
Exponent, Inc.		89		7,930
Franklin Electric Company, Inc.		80		7,796
Bloom Energy Corp. — Class A^*		351		7,796
Matson, Inc.		57		7,686
Advanced Energy Industries, Inc.		66		7,632
Frontdoor, Inc.^*		138		7,545
AeroVironment, Inc.^*		49		7,541
Golar LNG Ltd.		177		7,491
Plexus Corp.^*		47		7,355
Primoris Services Corp.		95		7,258
Kadant, Inc.		21		7,245
Sanmina Corp.^*		94		7,113
Construction Partners, Inc. — Class A^*		78		6,900
Kratos Defense & Security Solutions, Inc.^*		261		6,885
Granite Construction, Inc.		78		6,841
Cactus, Inc. — Class A		116		6,770
EnerSys		73		6,747
RXO, Inc.^*		279		6,651
Enpro, Inc.		38		6,553
Mirion Technologies, Inc.^*		361		6,299
Mueller Water Products, Inc. — Class A		275		6,188
Joby Aviation, Inc.^*		756		6,146
ESCO Technologies, Inc.		45		5,994
Atmus Filtration Technologies, Inc.		149		5,838
Terex Corp.		118		5,454
Atkore, Inc.		63		5,257
Trinity Industries, Inc.		147		5,160
Griffon Corp.		66		4,704
OSI Systems, Inc.^*		28		4,688
Hub Group, Inc. — Class A		105		4,679
Albany International Corp. — Class A		58		4,638
AZZ, Inc.		55		4,506
Energizer Holdings, Inc.		129		4,501
TTM Technologies, Inc.^*		181		4,480
Leonardo DRS, Inc.^*		132		4,265
MYR Group, Inc.^*		28		4,166
Enerpac Tool Group Corp.		100		4,109
Barnes Group, Inc.		86		4,064
Archer Aviation, Inc. — Class A^*		414		4,037
ArcBest Corp.		43		4,013
Hillenbrand, Inc.		129		3,971
Standex International Corp.		21		3,927
Werner Enterprises, Inc.		109		3,915
Scorpio Tankers, Inc.		78		3,876
Mercury Systems, Inc.^*		91		3,822
Vishay Intertechnology, Inc.		225		3,812
Materion Corp.		38		3,757
AAR Corp.^*		61		3,738
Kennametal, Inc.		148		3,555
Powell Industries, Inc.		16		3,546
Greenbrier Companies, Inc.		58		3,537
Alamo Group, Inc.		19		3,532
Hillman Solutions Corp.^*		348		3,390
Gibraltar Industries, Inc.^*		57		3,357
Tecnoglass, Inc.		42		3,331
Masterbrand, Inc.^*		226		3,302
Xometry, Inc. — Class A^*		76		3,242
Enovix Corp.^*,1		287		3,120
Knowles Corp.^*		155		3,089
Argan, Inc.		22		3,015
World Kinect Corp.		109		2,999
Benchmark Electronics, Inc.		66		2,996
O-I Glass, Inc.^*		274		2,970
Tennant Co.		36		2,935
Apogee Enterprises, Inc.		41		2,928
CTS Corp.		55		2,900
IES Holdings, Inc.^*		14		2,813
Greif, Inc. — Class A		45		2,751
Helios Technologies, Inc.		61		2,723
NuScale Power Corp.^*		148		2,654
Applied Optoelectronics, Inc.^*		71		2,617
International Seaways, Inc.		71		2,552
Triumph Group, Inc.^*		130		2,426
Worthington Enterprises, Inc.		59		2,367
SFL Corporation Ltd.		228		2,330
Napco Security Technologies, Inc.		65		2,311
Lindsay Corp.		19		2,248
PureCycle Technologies, Inc.^*,1		218		2,235
American Woodmark Corp.^*		28		2,227
DHT Holdings, Inc.		239		2,220
Air Transport Services Group, Inc.^*		94		2,066
DXP Enterprises, Inc.^*		24		1,983
Vicor Corp.^*		41		1,981
Columbus McKinnon Corp.		53		1,974
NV5 Global, Inc.^*		104		1,959
Golden Ocean Group Ltd.		217		1,944
Worthington Steel, Inc.		61		1,941
Tutor Perini Corp.^*		80		1,936
Proto Labs, Inc.^*		49		1,915
Ichor Holdings Ltd.^*		58		1,869
Janus International Group, Inc.^*		252		1,852
TriMas Corp.		75		1,844
Thermon Group Holdings, Inc.^*		61		1,755
Teekay Tankers Ltd. — Class A		44		1,751
Marten Transport Ltd.		107		1,670
Ducommun, Inc.^*		26		1,655
Bel Fuse, Inc. — Class B		20		1,649
Limbach Holdings, Inc.^*		19		1,625
CECO Environmental Corp.^*		53		1,602
Dorian LPG Ltd.		65		1,584
Cadre Holdings, Inc.		48		1,550
Gorman-Rupp Co.		40		1,517

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Industrial - 5.1% (continued)
American Superconductor Corp.^*		61	$	1,502
Energy Recovery, Inc.^*		101		1,485
Forward Air Corp.^*		46		1,484
Astec Industries, Inc.		44		1,478
Great Lakes Dredge & Dock Corp.^*		121		1,366
Mesa Laboratories, Inc.		10		1,319
JELD-WEN Holding, Inc.^*		161		1,319
Pactiv Evergreen, Inc.		75		1,310
FLEX LNG Ltd.		56		1,285
Aspen Aerogels, Inc.^*		108		1,283
Willis Lease Finance Corp.		6		1,245
Hyster-Yale, Inc.		22		1,120
Metallus, Inc.^*		79		1,116
Montrose Environmental Group, Inc.^*		59		1,094
Enviri Corp.^*		142		1,093
Genco Shipping & Trading Ltd.		78		1,087
Sturm Ruger & Company, Inc.		30		1,061
Ryerson Holding Corp.		56		1,037
Costamare, Inc.		80		1,028
Insteel Industries, Inc.		36		972
LSI Industries, Inc.		50		971
Heartland Express, Inc.		86		965
Intuitive Machines, Inc.^*,1		53		963
Ardmore Shipping Corp.		77		936
Standard BioTools, Inc.^*		525		919
Northwest Pipe Co.^*		19		917
Evolv Technologies Holdings, Inc.^*		231		912
Nordic American Tankers Ltd.		360		900
Byrna Technologies, Inc.^*		31		893
Clearwater Paper Corp.^*		30		893
Smith & Wesson Brands, Inc.		88		889
National Presto Industries, Inc.		9		886
FARO Technologies, Inc.^*		34		862
nLight, Inc.^*		82		860
Graham Corp.^*		19		845
Kimball Electronics, Inc.^*		45		843
Astronics Corp.^*		52		830
Covenant Logistics Group, Inc. — Class A		15		818
GrafTech International Ltd.^*		458		792
Teekay Corporation Ltd.		114		790
Ardagh Metal Packaging S.A.¹		256		771
LSB Industries, Inc.^*		99		751
Myers Industries, Inc.		68		751
ChargePoint Holdings, Inc.^*,1		692		741
NVE Corp.		9		733
Eastman Kodak Co.^*		111		729
Luxfer Holdings plc		52		681
Redwire Corp.^*		40		658
Allient, Inc.		27		656
Universal Logistics Holdings, Inc.		14		643
CryoPort, Inc.^*		80		622
Manitowoc Company, Inc.^*		67		612
Turtle Beach Corp.^*		35		606
Bowman Consulting Group Ltd.^*		24		599
SmartRent, Inc.^*		339		593
Centuri Holdings, Inc.^*		30		579
Olympic Steel, Inc.		17		558
Ranpak Holdings Corp.^*		80		550
Greif, Inc. — Class B		8		543
Park Aerospace Corp.		36		527
Latham Group, Inc.^*		75		522
Pure Cycle Corp.^*		39		495
MicroVision, Inc.^*		367		481
Orion Group Holdings, Inc.^*		63		462
L B Foster Co. — Class A^*		17		457
Radiant Logistics, Inc.^*		66		442
Park-Ohio Holdings Corp.		16		420
Net Power, Inc.^*		38		402
Smith-Midland Corp.^*		9		400
Karat Packaging, Inc.		13		393
AerSale Corp.^*		62		391
Safe Bulkers, Inc.		109		389
Tredegar Corp.^*		49		376
Arq, Inc.^*		49		371
Mayville Engineering Company, Inc.^*		23		362
Bel Fuse, Inc. — Class A		4		360
Mistras Group, Inc.^*		37		335
Eve Holding, Inc.^*		61		332
Stoneridge, Inc.^*		51		320
Gencor Industries, Inc.^*		18		318
Pangaea Logistics Solutions Ltd.		57		306
Concrete Pumping Holdings, Inc.^*		44		293
Perma-Fix Environmental Services, Inc.^*		26		288
LanzaTech Global, Inc.^*		201		275
NN, Inc.^*		83		271
Virgin Galactic Holdings, Inc.^*,1		46		271
Himalaya Shipping Ltd.		55		267
Eastern Co.		10		265
Omega Flex, Inc.		6		252
Twin Disc, Inc.		21		247
GoPro, Inc. — Class A^*		224		244
Core Molding Technologies, Inc.^*		14		232
Sight Sciences, Inc.^*		63		229
Proficient Auto Logistics, Inc.^*		27		218
Taylor Devices, Inc.^*		5		208
Quest Resource Holding Corp.^*		30		195
PAMT CORP^*		11		180
AMMO, Inc.^*		160		176
Caesarstone Ltd.^*		38		161
Ultralife Corp.^*		20		149
VirTra, Inc.^*		19		128
NL Industries, Inc.		15		117
908 Devices, Inc.^*		44		97
Amprius Technologies, Inc.^*		33		92
374Water, Inc.^*		118		81
Southland Holdings, Inc.^*		18		59
Bridger Aerospace Group Holdings, Inc.^*		17		36
Solidion Technology, Inc.^*		24		17
Total Industrial				780,153

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Cyclical - 3.4%
Abercrombie & Fitch Co. — Class A^*		88	$	13,153
Taylor Morrison Home Corp. — Class A^*		181		11,079
Beacon Roofing Supply, Inc.^*		108		10,971
Aurora Innovation, Inc.^*		1,679		10,578
Brinker International, Inc.^*		79		10,451
Meritage Homes Corp.		64		9,844
Group 1 Automotive, Inc.		23		9,694
Shake Shack, Inc. — Class A^*		68		8,826
Champion Homes, Inc.^*		95		8,370
Kontoor Brands, Inc.		97		8,285
Asbury Automotive Group, Inc.^*		34		8,263
Boot Barn Holdings, Inc.^*		53		8,046
Six Flags Entertainment Corp.		165		7,951
Installed Building Products, Inc.		43		7,536
KB Home		114		7,492
FirstCash Holdings, Inc.		68		7,045
SkyWest, Inc.^*		70		7,009
Academy Sports & Outdoors, Inc.		120		6,904
M/I Homes, Inc.^*		47		6,249
Cavco Industries, Inc.^*		14		6,247
Urban Outfitters, Inc.^*		112		6,147
Cinemark Holdings, Inc.^*		197		6,103
Signet Jewelers Ltd.		74		5,973
Rush Enterprises, Inc. — Class A		109		5,972
Resideo Technologies, Inc.^*		259		5,970
GMS, Inc.^*		70		5,938
Tri Pointe Homes, Inc.^*		163		5,910
Victoria’s Secret & Co.^*		141		5,840
Dorman Products, Inc.^*		45		5,830
Sweetgreen, Inc. — Class A^*		175		5,611
Steven Madden Ltd.		129		5,485
Peloton Interactive, Inc. — Class A^*		616		5,359
American Eagle Outfitters, Inc.		321		5,351
Hanesbrands, Inc.^*		626		5,096
Hilton Grand Vacations, Inc.^*		125		4,869
LCI Industries		46		4,756
Patrick Industries, Inc.		57		4,736
UniFirst Corp.		27		4,619
Goodyear Tire & Rubber Co.^*		504		4,536
Visteon Corp.^*		50		4,436
JetBlue Airways Corp.^*		553		4,347
PriceSmart, Inc.		47		4,332
HNI Corp.		84		4,231
Red Rock Resorts, Inc. — Class A		91		4,208
Cheesecake Factory, Inc.		86		4,080
OPENLANE, Inc.^*		192		3,809
Warby Parker, Inc. — Class A^*		155		3,753
Phinia, Inc.		77		3,709
Century Communities, Inc.		49		3,595
International Game Technology plc		203		3,585
OneSpaWorld Holdings Ltd.		180		3,582
Atlanta Braves Holdings, Inc. — Class C^*		93		3,558
Acushnet Holdings Corp.		50		3,554
LGI Homes, Inc.^*		38		3,397
La-Z-Boy, Inc.		75		3,268
Sonos, Inc.^*		217		3,264
Foot Locker, Inc.^*		148		3,221
United Parks & Resorts, Inc.^*		57		3,203
Wolverine World Wide, Inc.		143		3,175
Green Brick Partners, Inc.^*		55		3,107
VSE Corp.		31		2,948
REV Group, Inc.		91		2,900
Buckle, Inc.		57		2,896
H&E Equipment Services, Inc.		58		2,840
MillerKnoll, Inc.		123		2,778
Allegiant Travel Co. — Class A^*		29		2,729
Adient plc^*		158		2,722
Dana, Inc.		232		2,682
G-III Apparel Group Ltd.^*		82		2,675
Papa John’s International, Inc.		61		2,505
Madison Square Garden Entertainment Corp.^*		70		2,492
Interface, Inc. — Class A		102		2,484
Gentherm, Inc.^*		62		2,475
Sabre Corp.^*		669		2,442
Winnebago Industries, Inc.		51		2,437
AMC Entertainment Holdings, Inc. — Class A^*		610		2,428
Fox Factory Holding Corp.^*		79		2,391
Life Time Group Holdings, Inc.^*		108		2,389
Blue Bird Corp.^*		59		2,279
ScanSource, Inc.^*		48		2,278
Camping World Holdings, Inc. — Class A		101		2,129
Cracker Barrel Old Country Store, Inc.		40		2,114
Global Business Travel Group I^*		224		2,079
Oxford Industries, Inc.		26		2,048
IMAX Corp.^*		79		2,022
Topgolf Callaway Brands Corp.^*		251		1,973
Winmark Corp.		5		1,965
Steelcase, Inc. — Class A		166		1,962
Rush Street Interactive, Inc.^*		141		1,935
MRC Global, Inc.^*		151		1,930
Everi Holdings, Inc.^*		142		1,918
Sally Beauty Holdings, Inc.^*		182		1,902
Monarch Casino & Resort, Inc.		24		1,894
XPEL, Inc.^*		47		1,877
Bloomin’ Brands, Inc.		151		1,844
Dave & Buster’s Entertainment, Inc.^*		57		1,664
Lions Gate Entertainment Corp. — Class B^*		220		1,661
Super Group SGHC Ltd.		265		1,651
Sonic Automotive, Inc. — Class A		26		1,647
BlueLinx Holdings, Inc.^*		16		1,635
Jack in the Box, Inc.		39		1,624
Malibu Boats, Inc. — Class A^*		42		1,579
Beazer Homes USA, Inc.^*		57		1,565
Caleres, Inc.		63		1,459
National Vision Holdings, Inc.^*		139		1,448
ODP Corp.^*		62		1,410
Wabash National Corp.		82		1,405
PC Connection, Inc.		20		1,385

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Cyclical - 3.4% (continued)
Hovnanian Enterprises, Inc. — Class A^*		10	$	1,338
Miller Industries, Inc.		20		1,307
BJ’s Restaurants, Inc.^*		36		1,265
Golden Entertainment, Inc.		40		1,264
Build-A-Bear Workshop, Inc. — Class A		27		1,243
Dream Finders Homes, Inc. — Class A^*		52		1,210
Ethan Allen Interiors, Inc.		43		1,209
American Axle & Manufacturing Holdings, Inc.^*		204		1,189
Daktronics, Inc.^*		70		1,180
indie Semiconductor, Inc. — Class A^*		290		1,175
Standard Motor Products, Inc.		37		1,146
MarineMax, Inc.^*		39		1,129
Shoe Carnival, Inc.		33		1,092
First Watch Restaurant Group, Inc.^*		57		1,061
Sun Country Airlines Holdings, Inc.^*		72		1,050
RCI Hospitality Holdings, Inc.		18		1,034
Marcus Corp.		48		1,032
Kura Sushi USA, Inc. — Class A^*		11		996
Accel Entertainment, Inc.^*		91		972
Douglas Dynamics, Inc.		41		969
Arko Corp.		143		942
Portillo’s, Inc. — Class A^*		100		940
Rush Enterprises, Inc. — Class B		17		925
Forestar Group, Inc.^*		35		907
Lions Gate Entertainment Corp. — Class A^*		106		905
Genesco, Inc.^*		21		898
Arhaus, Inc.		94		883
A-Mark Precious Metals, Inc.		31		849
Dine Brands Global, Inc.		28		843
Xperi, Inc.^*		80		822
Bally’s Corp.^*		45		805
Atlanta Braves Holdings, Inc. — Class A^*		19		775
Clean Energy Fuels Corp.^*		302		758
Lindblad Expeditions Holdings, Inc.^*		63		747
Methode Electronics, Inc.		63		743
Funko, Inc. — Class A^*		55		737
EVgo, Inc.^*		181		733
Shyft Group, Inc.		62		728
Leslie’s, Inc.^*		319		711
Zumiez, Inc.^*		36		690
Hyliion Holdings Corp.^*		258		673
America’s Car-Mart, Inc.^*		13		666
Lovesac Co.^*		28		662
MasterCraft Boat Holdings, Inc.^*		33		629
Nu Skin Enterprises, Inc. — Class A		91		627
Global Industrial Co.		25		620
Titan International, Inc.^*		90		611
Sleep Number Corp.^*		40		610
Haverty Furniture Companies, Inc.		26		579
Xponential Fitness, Inc. — Class A^*		43		578
Movado Group, Inc.		29		571
Petco Health & Wellness Company, Inc.^*		149		568
Frontier Group Holdings, Inc.^*		78		555
Denny’s Corp.^*		90		545
Titan Machinery, Inc.^*		37		523
El Pollo Loco Holdings, Inc.^*		45		519
Solid Power, Inc.^*		270		510
SES AI Corp.^*		231		506
Potbelly Corp.^*		51		480
Designer Brands, Inc. — Class A		86		459
Hudson Technologies, Inc.^*		82		457
Savers Value Village, Inc.^*		43		441
Flexsteel Industries, Inc.		8		435
Cooper-Standard Holdings, Inc.^*		31		420
Weyco Group, Inc.		11		413
iRobot Corp.^*		52		403
JAKKS Pacific, Inc.^*		14		394
OneWater Marine, Inc. — Class A^*		22		382
Superior Group of Companies, Inc.		23		380
Tile Shop Holdings, Inc.^*		54		374
Webtoon Entertainment, Inc.^*		27		367
Hamilton Beach Brands Holding Co. — Class A		19		320
Rocky Brands, Inc.		14		319
Reservoir Media, Inc.^*		35		317
J Jill, Inc.		11		304
Johnson Outdoors, Inc. — Class A		9		297
Citi Trends, Inc.^*		11		289
Hooker Furnishings Corp.		20		280
Landsea Homes Corp.^*		32		272
Destination XL Group, Inc.^*		99		266
Wheels Up Experience, Inc.^*		160		264
Holley, Inc.^*		87		263
Escalade, Inc.		18		257
Biglari Holdings, Inc. — Class B^*		1		254
Full House Resorts, Inc.^*		62		253
Clarus Corp.		56		252
Blink Charging Co.^*		173		240
Luminar Technologies, Inc.^*		39		210
Vera Bradley, Inc.^*		51		200
Virco Mfg. Corp.		19		195
Aeva Technologies, Inc.^*		41		195
ThredUp, Inc. — Class A^*		140		195
GrowGeneration Corp.^*		110		186
Torrid Holdings, Inc.^*		34		178
EVI Industries, Inc.		10		163
Livewire Group, Inc.^*		33		159
Commercial Vehicle Group, Inc.^*		60		149
Marine Products Corp.		16		147
Traeger, Inc.^*		61		146
Lifetime Brands, Inc.		24		142
Tilly’s, Inc. — Class A^*		27		115
ONE Group Hospitality, Inc.^*		38		110
Purple Innovation, Inc.^*		105		82
CompX International, Inc.		3		78

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Consumer, Cyclical - 3.4% (continued)
United Homes Group, Inc.^*		9	$	38
Canoo, Inc.^*		8		11
Qurate Retail, Inc. — Class B^*		2		6
Total Consumer, Cyclical				519,314
Technology - 3.2%
IonQ, Inc.^*		351		14,661
ExlService Holdings, Inc.^*		275		12,204
SPS Commerce, Inc.^*		66		12,143
CommVault Systems, Inc.^*		76		11,469
SoundHound AI, Inc. — Class A^*		540		10,714
Altair Engineering, Inc. — Class A^*		95		10,365
Workiva, Inc.^*		91		9,965
Rambus, Inc.^*		187		9,885
ACI Worldwide, Inc.^*		187		9,707
Qualys, Inc.^*		67		9,395
Varonis Systems, Inc.^*		196		8,708
Clearwater Analytics Holdings, Inc. — Class A^*		312		8,586
Tenable Holdings, Inc.^*		211		8,309
Maximus, Inc.		107		7,988
Box, Inc. — Class A^*		251		7,932
Semtech Corp.^*		127		7,855
Insight Enterprises, Inc.^*		48		7,301
Silicon Laboratories, Inc.^*		58		7,205
SiTime Corp.^*		32		6,865
C3.ai, Inc. — Class A^*		193		6,645
BlackLine, Inc.^*		106		6,441
ASGN, Inc.^*		75		6,250
Power Integrations, Inc.		100		6,170
FormFactor, Inc.^*		137		6,028
Intapp, Inc.^*		93		5,960
Freshworks, Inc. — Class A^*		366		5,918
Impinj, Inc.^*		40		5,810
Zeta Global Holdings Corp. — Class A^*		316		5,685
ACV Auctions, Inc. — Class A^*		262		5,659
Synaptics, Inc.^*		70		5,342
Vertex, Inc. — Class A^*		100		5,335
Blackbaud, Inc.^*		72		5,322
Agilysys, Inc.^*		40		5,268
Diodes, Inc.^*		84		5,180
Ambarella, Inc.^*		70		5,092
Progress Software Corp.		76		4,951
Braze, Inc. — Class A^*		117		4,900
Rapid7, Inc.^*		111		4,465
Kulicke & Soffa Industries, Inc.		95		4,433
NCR Atleos Corp.^*		128		4,342
PAR Technology Corp.^*		59		4,288
Rigetti Computing, Inc.^*		275		4,196
Axcelis Technologies, Inc.^*		60		4,192
DigitalOcean Holdings, Inc.^*		122		4,157
Clear Secure, Inc. — Class A		156		4,156
AvePoint, Inc.^*		225		3,715
NCR Voyix Corp.^*		260		3,598
Privia Health Group, Inc.^*		182		3,558
WNS Holdings Ltd.^*		75		3,554
Alkami Technology, Inc.^*		93		3,411
AvidXchange Holdings, Inc.^*		308		3,185
Verint Systems, Inc.^*		108		2,965
PagerDuty, Inc.^*		162		2,958
Asana, Inc. — Class A^*		144		2,919
Ultra Clean Holdings, Inc.^*		81		2,912
Donnelley Financial Solutions, Inc.^*		46		2,886
Waystar Holding Corp.^*		77		2,826
CSG Systems International, Inc.		55		2,811
MaxLinear, Inc. — Class A^*		142		2,809
Adeia, Inc.		196		2,740
Veeco Instruments, Inc.^*		102		2,734
Sprout Social, Inc. — Class A^*		89		2,733
NetScout Systems, Inc.^*		124		2,686
Photronics, Inc.^*		112		2,639
Appian Corp. — Class A^*		75		2,474
Phreesia, Inc.^*		98		2,466
Zuora, Inc. — Class A^*		247		2,450
Grid Dynamics Holdings, Inc.^*		105		2,335
Evolent Health, Inc. — Class A^*		204		2,295
Cohu, Inc.^*		85		2,269
Matterport, Inc.^*		470		2,228
Fastly, Inc. — Class A^*		228		2,152
NextNav, Inc.^*		135		2,101
Jamf Holding Corp.^*		146		2,051
Pitney Bowes, Inc.		283		2,049
Diebold Nixdorf, Inc.^*		47		2,023
Alignment Healthcare, Inc.^*		179		2,014
Digi International, Inc.^*		66		1,995
Schrodinger Incorporated/United States^*		103		1,987
Innodata, Inc.^*		50		1,976
PROS Holdings, Inc.^*		85		1,867
Vimeo, Inc.^*		278		1,779
Penguin Solutions, Inc.^*		92		1,765
Ibotta, Inc. — Class A^*		27		1,757
Xerox Holdings Corp.		208		1,753
Blend Labs, Inc. — Class A^*		414		1,743
Daily Journal Corp.^*		3		1,704
Alpha & Omega Semiconductor Ltd.^*		42		1,555
PDF Solutions, Inc.^*		57		1,544
Sapiens International Corporation N.V.		57		1,532
Planet Labs PBC^*		377		1,523
D-Wave Quantum, Inc.^*		173		1,453
Olo, Inc. — Class A^*		188		1,444
Amplitude, Inc. — Class A^*		136		1,435
ACM Research, Inc. — Class A^*		94		1,419
SolarWinds Corp.		97		1,382
CEVA, Inc.^*		43		1,357
Integral Ad Science Holding Corp.^*		127		1,326
OneSpan, Inc.		70		1,298
V2X, Inc.^*		25		1,196
N-able, Inc.^*		128		1,196
Yext, Inc.^*		186		1,183
MeridianLink, Inc.^*		57		1,177
PubMatic, Inc. — Class A^*		78		1,146
Conduent, Inc.^*		281		1,135
Weave Communications, Inc.^*		69		1,099
Climb Global Solutions, Inc.		8		1,014
Digimarc Corp.^*		27		1,011
Cantaloupe, Inc.^*		105		999

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Technology - 3.2% (continued)
Ouster, Inc.^*		81	$	990
Mitek Systems, Inc.^*		88		979
E2open Parent Holdings, Inc.^*		363		966
I3 Verticals, Inc. — Class A^*		40		922
Enfusion, Inc. — Class A^*		87		896
Simulations Plus, Inc.		30		837
Aehr Test Systems^*		50		831
BigBear.ai Holdings, Inc.^*		180		801
Navitas Semiconductor Corp.^*		224		800
GigaCloud Technology, Inc. — Class A^*,1		43		796
PlayAGS, Inc.^*		69		796
Consensus Cloud Solutions, Inc.^*		33		787
Unisys Corp.^*		122		772
BigCommerce Holdings, Inc.^*		125		765
SEMrush Holdings, Inc. — Class A^*		64		760
Bandwidth, Inc. — Class A^*		44		749
Health Catalyst, Inc.^*		105		742
3D Systems Corp.^*		226		741
Red Violet, Inc.		20		724
SkyWater Technology, Inc.^*		50		690
Porch Group, Inc.^*		138		679
Talkspace, Inc.^*		219		677
Life360, Inc.^*		16		660
Logility Supply Chain Solutions, Inc. — Class A		59		654
8x8, Inc.^*		226		603
Cerence, Inc.^*		76		597
Pagaya Technologies Ltd. — Class A^*,1		63		585
Viant Technology, Inc. — Class A^*		30		570
Corsair Gaming, Inc.^*		82		542
Vishay Precision Group, Inc.^*		22		516
Arteris, Inc.^*		49		499
Outbrain, Inc.^*		69		495
ReposiTrak, Inc.¹		22		487
Immersion Corp.		54		471
Cricut, Inc. — Class A		82		467
EverCommerce, Inc.^*		41		451
IBEX Holdings Ltd.^*		21		451
Domo, Inc. — Class B^*		61		432
Definitive Healthcare Corp.^*		99		407
Asure Software, Inc.^*		42		395
Kaltura, Inc.^*		170		374
Inspired Entertainment, Inc.^*		41		371
Telos Corp.^*		97		332
ON24, Inc.^*		51		329
Richardson Electronics Ltd.		23		323
QuickLogic Corp.^*		26		294
Playstudios, Inc.^*		157		292
Digital Turbine, Inc.^*		171		289
eGain Corp.^*		45		280
Rimini Street, Inc.^*		98		262
Rackspace Technology, Inc.^*		118		261
CS Disco, Inc.^*		52		260
Everspin Technologies, Inc.^*		35		224
WM Technology, Inc.^*		151		208
Rekor Systems, Inc.^*		130		203
TTEC Holdings, Inc.^*		36		180
Golden Matrix Group, Inc.^*		36		71
Airship AI Holdings, Inc.^*		11		69
System1, Inc.^*		41		37
GCT Semiconductor Holding, Inc.^*		14		33
Total Technology				482,412
Energy - 1.5%
CNX Resources Corp.^*		258		9,461
ChampionX Corp.		339		9,217
SM Energy Co.		203		7,868
Noble Corporation plc		247		7,756
Murphy Oil Corp.		252		7,626
Archrock, Inc.		296		7,367
Magnolia Oil & Gas Corp. — Class A		307		7,178
Northern Oil & Gas, Inc.		177		6,577
California Resources Corp.		123		6,382
Patterson-UTI Energy, Inc.		689		5,691
Liberty Energy, Inc. — Class A		283		5,629
Helmerich & Payne, Inc.		173		5,539
CONSOL Energy, Inc.		51		5,441
Warrior Met Coal, Inc.		95		5,153
Valaris Ltd.^*		111		4,911
Tidewater, Inc.^*		89		4,869
Transocean Ltd.^*		1,294		4,852
Seadrill Ltd.^*		121		4,711
Oceaneering International, Inc.^*		180		4,694
Peabody Energy Corp.		224		4,691
PBF Energy, Inc. — Class A		176		4,673
Arch Resources, Inc.		33		4,660
Gulfport Energy Corp.^*		24		4,421
Crescent Energy Co. — Class A¹		292		4,266
Alpha Metallurgical Resources, Inc.^*		21		4,202
Kinetik Holdings, Inc. — Class A		71		4,026
Sunrun, Inc.^*		387		3,580
Comstock Resources, Inc.^*		165		3,006
Plug Power, Inc.^*,1		1,394		2,969
Kosmos Energy Ltd.^*		829		2,835
Sitio Royalties Corp. — Class A		144		2,762
Atlas Energy Solutions, Inc.		122		2,706
Talos Energy, Inc.^*		278		2,699
DNOW, Inc.^*		187		2,433
Helix Energy Solutions Group, Inc.^*		257		2,395
Kodiak Gas Services, Inc.		57		2,327
Select Water Solutions, Inc. — Class A		162		2,145
Delek US Holdings, Inc.		114		2,109
Expro Group Holdings N.V.^*		169		2,107
Sable Offshore Corp.^*		90		2,061
Shoals Technologies Group, Inc. — Class A^*		324		1,792
Par Pacific Holdings, Inc.^*		107		1,754
Fluence Energy, Inc.^*		108		1,715
Borr Drilling Ltd.¹		420		1,638
Array Technologies, Inc.^*		270		1,631
Vital Energy, Inc.^*		52		1,608
SunCoke Energy, Inc.		149		1,594
NextDecade Corp.^*		205		1,581

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Energy - 1.5% (continued)
Bristow Group, Inc.^*		46	$	1,578
ProPetro Holding Corp.^*		164		1,530
Core Laboratories, Inc.		86		1,489
Diversified Energy Company plc		87		1,462
Solaris Energy Infrastructure, Inc. — Class A		45		1,295
Aris Water Solutions, Inc. — Class A		50		1,198
CVR Energy, Inc.^*		63		1,181
REX American Resources Corp.^*		28		1,167
Vitesse Energy, Inc.		46		1,150
NPK International, Inc.^*		147		1,128
Excelerate Energy, Inc. — Class A		37		1,119
Green Plains, Inc.^*		113		1,071
Nabors Industries Ltd.^*		16		915
RPC, Inc.		151		897
Innovex International, Inc.^*		63		880
VAALCO Energy, Inc.		186		813
TETRA Technologies, Inc.^*		222		795
SandRidge Energy, Inc.		60		703
Riley Exploration Permian, Inc.		22		702
Sunnova Energy International, Inc.^*		195		669
Granite Ridge Resources, Inc.		98		633
Oil States International, Inc.^*		118		597
Matrix Service Co.^*		48		575
Berry Corp.		136		562
Natural Gas Services Group, Inc.^*		20		536
Ramaco Resources, Inc. — Class A		51		523
Freyr Battery, Inc.^*		200		516
Hallador Energy Co.^*		45		515
Montauk Renewables, Inc.^*		121		482
Amplify Energy Corp.^*		73		438
Ranger Energy Services, Inc. — Class A		28		433
Energy Vault Holdings, Inc.^*		183		417
ASP Isotopes, Inc.^*		91		412
HighPeak Energy, Inc.¹		26		382
Ring Energy, Inc.^*		262		356
Forum Energy Technologies, Inc.^*		22		341
ProFrac Holding Corp. — Class A^*,1		41		318
W&T Offshore, Inc.		178		295
SEACOR Marine Holdings, Inc.^*		45		295
Evolution Petroleum Corp.		56		293
FuelCell Energy, Inc.^*,1		32		289
DMC Global, Inc.^*		37		272
FutureFuel Corp.		48		254
Geospace Technologies Corp.^*		25		251
NACCO Industries, Inc. — Class A		8		239
Empire Petroleum Corp.^*		29		220
PrimeEnergy Resources Corp.^*		1		220
Aemetis, Inc.^*		67		180
TPI Composites, Inc.^*,1		86		163
Stem, Inc.^*		269		162
Mammoth Energy Services, Inc.^*		46		138
Ramaco Resources, Inc. — Class B		10		102
Drilling Tools International Corp.^*		21		69
Prairie Operating Co.^*		8		55
Verde Clean Fuels, Inc.^*		6		25
SolarMax Technology, Inc.^*		15		24
Total Energy				234,632
Communications - 1.3%
Credo Technology Group Holding Ltd.^*		245		16,466
Q2 Holdings, Inc.^*		105		10,568
Lumen Technologies, Inc.^*		1,770		9,399
InterDigital, Inc.		46		8,911
Hims & Hers Health, Inc.^*		336		8,124
Cogent Communications Holdings, Inc.		79		6,089
Telephone & Data Systems, Inc.		178		6,072
Cargurus, Inc.^*		157		5,737
TEGNA, Inc.		298		5,450
AST SpaceMobile, Inc.^*		238		5,022
EchoStar Corp. — Class A^*		216		4,946
Yelp, Inc. — Class A^*		119		4,605
Ziff Davis, Inc.^*		77		4,184
Viavi Solutions, Inc.^*		389		3,929
Extreme Networks, Inc.^*		225		3,766
Calix, Inc.^*		106		3,696
Upwork, Inc.^*		222		3,630
Cable One, Inc.		10		3,621
ePlus, Inc.^*		49		3,620
Magnite, Inc.^*		225		3,582
DigitalBridge Group, Inc.		282		3,181
Globalstar, Inc.^*		1,295		2,681
Harmonic, Inc.^*		198		2,620
Applied Digital Corp.^*		335		2,559
A10 Networks, Inc.		131		2,410
Revolve Group, Inc.^*		71		2,378
Infinera Corp.^*,1		359		2,359
QuinStreet, Inc.^*		94		2,169
Despegar.com Corp.^*		110		2,117
Cars.com, Inc.^*		122		2,114
CommScope Holding Company, Inc.^*		375		1,954
RealReal, Inc.^*		175		1,913
Sphere Entertainment Co.^*		47		1,895
Viasat, Inc.^*		218		1,855
Opendoor Technologies, Inc.^*		1,101		1,762
Sprinklr, Inc. — Class A^*		204		1,724
NETGEAR, Inc.^*		55		1,533
Shutterstock, Inc.		50		1,517
Liberty Latin America Ltd. — Class C^*		229		1,452
HealthStream, Inc.		45		1,431
Figs, Inc. — Class A^*		231		1,430
Bumble, Inc. — Class A^*		171		1,392
IDT Corp. — Class B		28		1,331
Liquidity Services, Inc.^*		40		1,292
Gannett Company, Inc.^*		251		1,270
ADTRAN Holdings, Inc.^*		139		1,158

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Communications - 1.3% (continued)
Shenandoah Telecommunications Co.		90	$	1,135
Powerfleet Incorporated NJ^*		167		1,112
Open Lending Corp. — Class A^*		182		1,087
Couchbase, Inc.^*		69		1,076
Stagwell, Inc.^*		153		1,007
Thryv Holdings, Inc.^*		65		962
EverQuote, Inc. — Class A^*		47		940
Gogo, Inc.^*		116		938
Sinclair, Inc.		58		936
Scholastic Corp.		43		917
TechTarget, Inc.^*		46		912
National CineMedia, Inc.^*		137		910
Clear Channel Outdoor Holdings, Inc.^*		625		856
Grindr, Inc.^*		45		803
Stitch Fix, Inc. — Class A^*		177		763
Nextdoor Holdings, Inc.^*		320		758
Clearfield, Inc.^*		23		713
fuboTV, Inc.^*		563		709
Ribbon Communications, Inc.^*		162		674
Boston Omaha Corp. — Class A^*		45		638
Vivid Seats, Inc. — Class A^*,1		137		634
Ooma, Inc.^*		44		619
MediaAlpha, Inc. — Class A^*		53		598
AMC Networks, Inc. — Class A^*		59		584
Innovid Corp.^*		189		584
Advantage Solutions, Inc.^*		196		572
Anterix, Inc.^*		18		552
Spok Holdings, Inc.		34		546
Preformed Line Products Co.		4		511
Groupon, Inc.^*		41		498
Eventbrite, Inc. — Class A^*		147		494
Gray Television, Inc.		153		482
BARK, Inc.^*		249		458
Gambling.com Group Ltd.^*		32		451
Backblaze, Inc. — Class A^*		74		445
WideOpenWest, Inc.^*		89		442
Beyond, Inc.^*		84		414
1-800-Flowers.com, Inc. — Class A^*		50		408
BlackSky Technology, Inc.^*		36		388
Liberty Latin America Ltd. — Class A^*		61		388
Getty Images Holdings, Inc.^*		179		387
Lands’ End, Inc.^*		28		368
iHeartMedia, Inc. — Class A^*		183		362
Aviat Networks, Inc.^*		20		362
ATN International, Inc.		21		353
LifeMD, Inc.^*		64		317
Cardlytics, Inc.^*		73		271
Entravision Communications Corp. — Class A		110		258
Tucows, Inc. — Class A^*		15		257
EW Scripps Co. — Class A^*		109		241
Townsquare Media, Inc. — Class A		24		218
Nerdy, Inc.^*		132		214
LiveOne, Inc.^*		133		196
AudioEye, Inc.^*		12		183
1stdibs.com, Inc.^*		47		166
RumbleON, Inc. — Class B^*		30		163
OptimizeRx Corp.^*		33		160
Value Line, Inc.		2		106
Vacasa, Inc. — Class A^*		17		83
Solo Brands, Inc. — Class A^*		49		56
aka Brands Holding Corp.^*		2		37
Total Communications				203,586
Basic Materials - 1.0%
Carpenter Technology Corp.		84		14,256
Commercial Metals Co.		202		10,019
Arcadium Lithium plc^*		1,922		9,860
Balchem Corp.		57		9,291
Cabot Corp.		95		8,674
HB Fuller Co.		98		6,613
Avient Corp.		160		6,538
Sensient Technologies Corp.		77		5,487
Hecla Mining Co.		1,041		5,111
Sylvamo Corp.		63		4,978
Innospec, Inc.		45		4,953
Uranium Energy Corp.^*		707		4,730
Minerals Technologies, Inc.		58		4,420
Hawkins, Inc.		34		4,171
Coeur Mining, Inc.^*		700		4,004
Quaker Chemical Corp.		26		3,660
Rogers Corp.^*		34		3,455
Perimeter Solutions, Inc.^*		237		3,029
Ingevity Corp.^*		68		2,771
Stepan Co.		39		2,523
SSR Mining, Inc.^*		359		2,499
United States Lime & Minerals, Inc.		18		2,389
Constellium SE^*		231		2,372
Tronox Holdings plc — Class A		212		2,135
Kaiser Aluminum Corp.		30		2,108
Century Aluminum Co.^*		98		1,786
Energy Fuels, Inc.^*		328		1,683
Centrus Energy Corp. — Class A^*		25		1,665
Orion S.A.		103		1,626
Ecovyst, Inc.^*		208		1,589
Novagold Resources, Inc.^*		431		1,435
Koppers Holdings, Inc.		42		1,361
AdvanSix, Inc.		47		1,339
Ivanhoe Electric Incorporated / US^*		149		1,125
Encore Energy Corp.^*		322		1,098
Mativ Holdings, Inc.		95		1,035
MAC Copper Ltd. — Class A^*		96		1,020
Rayonier Advanced Materials, Inc.^*		120		990
Oil-Dri Corporation of America		10		876
Perpetua Resources Corp.^*		70		747
Radius Recycling, Inc. — Class A		49		746
Compass Minerals International, Inc.		64		720
Ur-Energy, Inc.^*		619		712
Codexis, Inc.^*		141		673
Universal Stainless & Alloy Products, Inc.^*		15		660
Lifezone Metals Ltd.^*		67		466
Intrepid Potash, Inc.^*		21		460
Lightwave Logic, Inc.^*		214		449

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 31.4% (continued)
Basic Materials - 1.0% (continued)
Kronos Worldwide, Inc.		40	$	390
Piedmont Lithium, Inc.^*		34		297
Caledonia Mining Corporation plc		31		292
i-80 Gold Corp.^*		561		272
Dakota Gold Corp.^*		122		268
American Vanguard Corp.		47		218
Northern Technologies International Corp.		14		189
Contango ORE, Inc.^*		18		180
Critical Metals Corp.^*		14		95
Valhi, Inc.		4		94
Total Basic Materials				156,602
Utilities - 0.9%
Brookfield Infrastructure Corp. — Class A		213		8,522
New Jersey Resources Corp.		175		8,164
Portland General Electric Co.		182		7,939
TXNM Energy, Inc.		161		7,916
Southwest Gas Holdings, Inc.		109		7,707
Black Hills Corp.		122		7,139
ONE Gas, Inc.		103		7,133
Spire, Inc.		101		6,851
Ormat Technologies, Inc.		101		6,840
ALLETE, Inc.		104		6,739
MGE Energy, Inc.		67		6,295
Northwestern Energy Group, Inc.		112		5,988
Otter Tail Corp.		74		5,464
American States Water Co.		69		5,363
Avista Corp.		141		5,165
Chesapeake Utilities Corp.		40		4,854
California Water Service Group		104		4,714
Hawaiian Electric Industries, Inc.^*		294		2,861
SJW Group		58		2,855
Northwest Natural Holding Co.		67		2,650
Middlesex Water Co.		32		1,684
Unitil Corp.		30		1,626
Ameresco, Inc. — Class A^*		59		1,385
York Water Co.		26		851
Consolidated Water Company Ltd.		28		725
Altus Power, Inc.^*		137		558
Genie Energy Ltd. — Class B		25		390
RGC Resources, Inc.		14		281
Global Water Resources, Inc.		23		264
Total Utilities				128,923
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		51		1,814
Total Common Stocks
(Cost $3,641,199)				4,788,535

WARRANTS^† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25^*		1		–
Total Warrants
(Cost $–)				-

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Sanofi SA		261		–
Cartesian Therapeutics Inc.^*		881		–
Oncternal Therapeutics, Inc. ^*,†††		7		–
Tobira Therapeutics, Inc. ^*,†††		141		–
Novartis AG ^*,†††		429		–
Total Consumer, Non-cyclical				–
Communications - 0.0%
RumbleON Inc.		44		–
Total Rights
(Cost $271)				–

EXCHANGE-TRADED FUNDS^,† - 18.5%*
Vanguard Russell 2000 ETF		15,743		1,406,322
iShares Russell 2000 Index ETF¹		6,356		1,404,422
Total Exchange-Traded Funds
(Cost $2,799,131)				2,810,744

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 32.8%
Federal Home Loan Bank
4.10% due 01/02/25²	$	5,000,000		4,999,431
Total Federal Agency Discount Notes
(Cost $4,999,431)				4,999,431

U.S. TREASURY BILLS^†† - 14.5%
U.S. Treasury Bills
4.19% due 01/21/25²		2,000,000		1,995,519
4.23% due 03/13/25^2,3		100,000		99,187
4.21% due 01/16/25^2,4		69,000		68,886
4.22% due 03/13/25²		50,000		49,594
Total U.S. Treasury Bills
(Cost $2,212,971)				2,213,186

REPURCHASE AGREEMENTS^††,5 - 73.4%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³		6,262,801		6,262,801
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		4,922,816		4,922,816
Total Repurchase Agreements
(Cost $11,185,617)				11,185,617

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,6 - 7.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁷	$	1,110,529	$	1,110,529
Total Securities Lending Collateral
(Cost $1,110,529)				1,110,529
Total Investments - 177.9%
(Cost $25,949,149)			$	27,108,042
Other Assets & Liabilities, net - (77.9)%				(11,869,955	)
Total Net Assets - 100.0%			$	15,238,087

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts		21	Mar 2025	$	2,361,975	$	(31,124	)

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
BNP Paribas	Russell 2000 Index	Pay	4.88% (Federal Funds Rate + 0.55%)	At Maturity	03/27/25		458	$	1,020,359	$	(622	)
Barclays Bank plc	Russell 2000 Index	Pay	5.12% (SOFR + 0.75%)	At Maturity	03/27/25		702		1,566,319		(953	)
Goldman Sachs International	Russell 2000 Index	Pay	4.43% (Federal Funds Rate + 0.10%)	At Maturity	03/26/25		1,237		2,757,852		(35,580	)
								$	5,344,530	$	(37,155	)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2024.
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, 2024.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Russell 2000^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	4,788,535		$	—	$	—	*	$	4,788,535
Warrants		—	*		—		—			—
Rights		—	*		—		—	*		—
Exchange-Traded Funds		2,810,744			—		—			2,810,744
Federal Agency Discount Notes		—			4,999,431		—			4,999,431
U.S. Treasury Bills		—			2,213,186		—			2,213,186
Repurchase Agreements		—			11,185,617		—			11,185,617
Securities Lending Collateral		1,110,529			—		—			1,110,529
Total Assets	$	8,709,808		$	18,398,234	$	—		$	27,108,042

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	31,124	$	—	$	—	$	31,124
Equity Index Swap Agreements**		—		37,155		—		37,155
Total Liabilities	$	31,124	$	37,155	$	—	$	68,279

*	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, 2024

	Shares		Value
COMMON STOCKS^† - 89.1%
Technology - 28.0%
Apple, Inc.		66,090	$	16,550,258
NVIDIA Corp.		107,251		14,402,737
Microsoft Corp.		32,507		13,701,700
Broadcom, Inc.		20,421		4,734,405
Salesforce, Inc.		4,180		1,397,499
Oracle Corp.		7,027		1,170,979
Accenture plc — Class A		2,731		960,738
ServiceNow, Inc.^*		901		955,168
International Business Machines Corp.		4,043		888,773
Advanced Micro Devices, Inc.^*		7,095		857,005
Adobe, Inc.^*		1,924		855,564
Intuit, Inc.		1,225		769,912
Texas Instruments, Inc.		3,988		747,790
QUALCOMM, Inc.		4,858		746,286
Palantir Technologies, Inc. — Class A^*		8,962		677,796
Applied Materials, Inc.		3,604		586,118
Fiserv, Inc.^*		2,487		510,880
Analog Devices, Inc.		2,171		461,251
Micron Technology, Inc.		4,848		408,008
Lam Research Corp.		5,626		406,366
Intel Corp.^*		18,858		378,103
KLA Corp.		585		368,620
Cadence Design Systems, Inc.^*		1,199		360,251
Crowdstrike Holdings, Inc. — Class A^*		1,017		347,977
Synopsys, Inc.^*		671		325,677
Autodesk, Inc.^*		940		277,836
Fortinet, Inc.^*		2,781		262,749
Roper Technologies, Inc.		468		243,290
Workday, Inc. — Class A^*		929		239,710
NXP Semiconductor N.V.		1,111		230,921
Fair Isaac Corp.^*		106		211,039
MSCI, Inc. — Class A		342		205,203
Paychex, Inc.		1,400		196,308
Fidelity National Information Services, Inc.		2,354		190,133
Cognizant Technology Solutions Corp. — Class A		2,167		166,642
Gartner, Inc.^*		337		163,266
Dell Technologies, Inc. — Class C		1,343		154,767
Electronic Arts, Inc.		1,044		152,737
HP, Inc.		4,214		137,503
Microchip Technology, Inc.		2,347		134,600
Take-Two Interactive Software, Inc.^*		714		131,433
ANSYS, Inc.^*		382		128,860
Monolithic Power Systems, Inc.		212		125,440
Hewlett Packard Enterprise Co.		5,678		121,225
ON Semiconductor Corp.^*		1,861		117,336
Broadridge Financial Solutions, Inc.		511		115,532
Tyler Technologies, Inc.^*		187		107,832
NetApp, Inc.		895		103,892
PTC, Inc.^*		525		96,532
Western Digital Corp.^*		1,512		90,161
Teradyne, Inc.		712		89,655
Zebra Technologies Corp. — Class A^*		225		86,899
Leidos Holdings, Inc.		583		83,987
Seagate Technology Holdings plc		925		79,837
Super Micro Computer, Inc.^*		2,202		67,117
Akamai Technologies, Inc.^*		656		62,746
Skyworks Solutions, Inc.		698		61,899
EPAM Systems, Inc.^*		248		57,987
Jack Henry & Associates, Inc.		319		55,921
Dayforce, Inc.^*		690		50,122
Paycom Software, Inc.		213		43,659
Total Technology				68,414,637
Communications - 13.9%
Amazon.com, Inc.^*		40,917		8,976,781
Meta Platforms, Inc. — Class A		9,532		5,581,081
Alphabet, Inc. — Class A		25,547		4,836,047
Alphabet, Inc. — Class C		20,809		3,962,866
Netflix, Inc.^*		1,869		1,665,877
Cisco Systems, Inc.		17,428		1,031,737
Walt Disney Co.		7,918		881,669
Verizon Communications, Inc.		18,406		736,056
Booking Holdings, Inc.		145		720,421
AT&T, Inc.		31,372		714,340
Comcast Corp. — Class A		16,689		626,338
Uber Technologies, Inc.^*		9,207		555,366
Palo Alto Networks, Inc.^*		2,862		520,769
Arista Networks, Inc.^*		4,517		499,264
T-Mobile US, Inc.		2,131		470,376
Motorola Solutions, Inc.		731		337,890
Airbnb, Inc. — Class A^*		1,892		248,628
Corning, Inc.		3,369		160,095
Charter Communications, Inc. — Class A^*		422		144,649
eBay, Inc.		2,094		129,723
GoDaddy, Inc. — Class A^*		613		120,988
Warner Bros Discovery, Inc.^*		9,761		103,174
CDW Corp.		583		101,465
Expedia Group, Inc.^*		536		99,873
FactSet Research Systems, Inc.		166		79,727
VeriSign, Inc.^*		361		74,713
Omnicom Group, Inc.		853		73,392
Gen Digital, Inc.		2,371		64,918
F5, Inc.^*		254		63,873
Juniper Networks, Inc.		1,448		54,228
Fox Corp. — Class A		967		46,977
Interpublic Group of Companies, Inc.		1,629		45,645
News Corp. — Class A		1,657		45,634
Match Group, Inc.		1,098		35,916
Paramount Global — Class B¹		2,601		27,206
Fox Corp. — Class B		576		26,346
News Corp. — Class B		490		14,911
Total Communications				33,878,959
Consumer, Non-cyclical - 13.7%
Eli Lilly & Co.		3,445		2,659,540
UnitedHealth Group, Inc.		4,024		2,035,581
Procter & Gamble Co.		10,297		1,726,292
Johnson & Johnson		10,527		1,522,415
AbbVie, Inc.		7,726		1,372,910
Merck & Company, Inc.		11,060		1,100,249
Coca-Cola Co.		16,951		1,055,369
PepsiCo, Inc.		5,999		912,208

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 89.1% (continued)
Consumer, Non-cyclical - 13.7% (continued)
Thermo Fisher Scientific, Inc.		1,672	$	869,825
Abbott Laboratories		7,583		857,713
Philip Morris International, Inc.		6,798		818,139
Intuitive Surgical, Inc.^*		1,557		812,692
S&P Global, Inc.		1,388		691,266
Pfizer, Inc.		24,778		657,360
Danaher Corp.		2,811		645,265
Amgen, Inc.		2,350		612,504
Boston Scientific Corp.^*		6,444		575,578
Stryker Corp.		1,500		540,075
Automatic Data Processing, Inc.		1,782		521,645
Gilead Sciences, Inc.		5,449		503,324
Bristol-Myers Squibb Co.		8,868		501,574
Vertex Pharmaceuticals, Inc.^*		1,126		453,440
Medtronic plc		5,607		447,887
Altria Group, Inc.		7,410		387,469
PayPal Holdings, Inc.^*		4,383		374,089
Elevance Health, Inc.		1,014		374,065
Mondelez International, Inc. — Class A		5,847		349,241
Cigna Group		1,216		335,786
Regeneron Pharmaceuticals, Inc.^*		460		327,672
Colgate-Palmolive Co.		3,572		324,730
Moody’s Corp.		681		322,365
Zoetis, Inc.		1,972		321,298
McKesson Corp.		555		316,300
Becton Dickinson & Co.		1,263		286,537
Cintas Corp.		1,499		273,867
CVS Health Corp.		5,502		246,985
HCA Healthcare, Inc.		797		239,220
Quanta Services, Inc.		645		203,852
United Rentals, Inc.		287		202,174
Kimberly-Clark Corp.		1,458		191,056
Edwards Lifesciences Corp.^*		2,579		190,923
Kenvue, Inc.		8,383		178,977
Kroger Co.		2,910		177,946
Cencora, Inc. — Class A		767		172,329
Corteva, Inc.		3,005		171,165
Verisk Analytics, Inc. — Class A		617		169,940
Agilent Technologies, Inc.		1,256		168,731
Sysco Corp.		2,148		164,236
Monster Beverage Corp.^*		3,061		160,886
Keurig Dr Pepper, Inc.		4,923		158,127
GE HealthCare Technologies, Inc.		1,998		156,204
General Mills, Inc.		2,427		154,770
Constellation Brands, Inc. — Class A		682		150,722
IDEXX Laboratories, Inc.^*		358		148,011
IQVIA Holdings, Inc.^*		753		147,972
ResMed, Inc.		642		146,819
Equifax, Inc.		542		138,129
Centene Corp.^*		2,207		133,700
Humana, Inc.		526		133,451
Dexcom, Inc.^*		1,707		132,753
Cardinal Health, Inc.		1,058		125,130
Global Payments, Inc.		1,113		124,723
Kraft Heinz Co.		3,859		118,510
Church & Dwight Company, Inc.		1,071		112,144
Hershey Co.		645		109,231
Archer-Daniels-Midland Co.		2,091		105,637
West Pharmaceutical Services, Inc.¹		316		103,509
Corpay, Inc.^*		305		103,218
Biogen, Inc.^*		637		97,410
Waters Corp.^*		260		96,455
Kellanova		1,176		95,221
Zimmer Biomet Holdings, Inc.		870		91,898
STERIS plc		432		88,802
Clorox Co.		541		87,864
McCormick & Company, Inc.		1,103		84,093
Labcorp Holdings, Inc.		366		83,931
Insulet Corp.^*		307		80,148
Cooper Companies, Inc.^*		871		80,071
Estee Lauder Companies, Inc. — Class A		1,021		76,555
Quest Diagnostics, Inc.		488		73,620
Hologic, Inc.^*		1,016		73,243
Molina Healthcare, Inc.^*		250		72,763
Tyson Foods, Inc. — Class A		1,249		71,743
Avery Dennison Corp.		351		65,683
Baxter International, Inc.		2,232		65,085
Viatris, Inc.		5,219		64,976
Align Technology, Inc.^*		307		64,013
Moderna, Inc.^*		1,481		61,580
Revvity, Inc.		532		59,377
Conagra Brands, Inc.		2,087		57,914
Rollins, Inc.		1,228		56,918
J M Smucker Co.		465		51,206
Bio-Techne Corp.		694		49,989
Incyte Corp.^*		699		48,280
Bunge Global S.A.		610		47,434
Universal Health Services, Inc. — Class B		257		46,111
Molson Coors Beverage Co. — Class B		764		43,793
Lamb Weston Holdings, Inc.		623		41,635
Charles River Laboratories International, Inc.^*		224		41,350
Solventum Corp.^*		604		39,900
Hormel Foods Corp.		1,271		39,871
Henry Schein, Inc.^*		544		37,645
MarketAxess Holdings, Inc.		165		37,297
Teleflex, Inc.		203		36,130
The Campbell’s Co.		859		35,975
Brown-Forman Corp. — Class B		796		30,232
DaVita, Inc.^*		197		29,461
Total Consumer, Non-cyclical				33,433,122
Financial - 12.9%
Berkshire Hathaway, Inc. — Class B^*		8,014		3,632,586
JPMorgan Chase & Co.		12,309		2,950,590
Visa, Inc. — Class A		7,556		2,387,998
Mastercard, Inc. — Class A		3,584		1,887,227
Bank of America Corp.		29,187		1,282,769
Wells Fargo & Co.		14,557		1,022,484
Goldman Sachs Group, Inc.		1,372		785,635
American Express Co.		2,433		722,090
Morgan Stanley		5,424		681,905
Blackrock, Inc.		636		651,970
Progressive Corp.		2,561		613,641

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 89.1% (continued)
Financial - 12.9% (continued)
Citigroup, Inc.		8,269	$	582,055
Blackstone, Inc. — Class A		3,156		544,158
Charles Schwab Corp.		6,536		483,729
Marsh & McLennan Companies, Inc.		2,147		456,044
Chubb Ltd.		1,639		452,856
KKR & Company, Inc. — Class A		2,952		436,630
Prologis, Inc. REIT		4,049		427,979
Equinix, Inc. REIT		421		396,957
American Tower Corp. — Class A REIT		2,043		374,707
Intercontinental Exchange, Inc.		2,510		374,015
CME Group, Inc. — Class A		1,576		365,995
Aon plc — Class A		946		339,765
PNC Financial Services Group, Inc.		1,734		334,402
U.S. Bancorp		6,821		326,248
Welltower, Inc. REIT		2,586		325,914
Apollo Global Management, Inc.		1,950		322,062
Arthur J Gallagher & Co.		1,092		309,964
Capital One Financial Corp.		1,668		297,438
Truist Financial Corp.		5,804		251,778
Bank of New York Mellon Corp.		3,179		244,243
Digital Realty Trust, Inc. REIT		1,363		241,701
Travelers Companies, Inc.		993		239,204
Simon Property Group, Inc. REIT		1,341		230,934
Aflac, Inc.		2,186		226,120
Ameriprise Financial, Inc.		424		225,750
Allstate Corp.		1,158		223,251
MetLife, Inc.		2,543		208,221
Public Storage REIT		688		206,015
Realty Income Corp. REIT		3,827		204,400
American International Group, Inc.		2,727		198,526
Discover Financial Services		1,097		190,033
Prudential Financial, Inc.		1,557		184,551
CBRE Group, Inc. — Class A^*		1,315		172,647
Crown Castle, Inc. REIT		1,900		172,444
Arch Capital Group Ltd.		1,638		151,269
Nasdaq, Inc.		1,809		139,854
Hartford Financial Services Group, Inc.		1,267		138,610
Extra Space Storage, Inc. REIT		926		138,530
Willis Towers Watson plc		440		137,826
AvalonBay Communities, Inc. REIT		621		136,601
M&T Bank Corp.		725		136,307
Iron Mountain, Inc. REIT		1,283		134,856
VICI Properties, Inc. REIT		4,609		134,629
CoStar Group, Inc.^*		1,792		128,289
State Street Corp.		1,282		125,828
Raymond James Financial, Inc.		800		124,264
Fifth Third Bancorp		2,932		123,965
Synchrony Financial		1,702		110,630
T. Rowe Price Group, Inc.		971		109,810
Ventas, Inc. REIT		1,834		108,004
Equity Residential REIT		1,492		107,066
Brown & Brown, Inc.		1,038		105,897
Huntington Bancshares, Inc.		6,352		103,347
Cincinnati Financial Corp.		683		98,147
SBA Communications Corp. REIT		469		95,582
Regions Financial Corp.		3,974		93,468
Weyerhaeuser Co. REIT		3,177		89,432
Cboe Global Markets, Inc.		457		89,298
Northern Trust Corp.		866		88,765
Citizens Financial Group, Inc.		1,927		84,325
Essex Property Trust, Inc. REIT		280		79,923
Invitation Homes, Inc. REIT		2,491		79,637
Mid-America Apartment Communities, Inc. REIT		511		78,985
W R Berkley Corp.		1,316		77,012
KeyCorp		4,333		74,268
Principal Financial Group, Inc.		920		71,217
Kimco Realty Corp. REIT		2,946		69,025
Everest Group Ltd.		188		68,142
Loews Corp.		790		66,905
Alexandria Real Estate Equities, Inc. REIT		680		66,334
Healthpeak Properties, Inc. REIT		3,058		61,986
UDR, Inc. REIT		1,313		56,997
Camden Property Trust REIT		466		54,075
Host Hotels & Resorts, Inc. REIT		3,056		53,541
Regency Centers Corp. REIT		714		52,786
Assurant, Inc.		224		47,761
BXP, Inc. REIT		636		47,293
Erie Indemnity Co. — Class A		109		44,933
Globe Life, Inc.		367		40,928
Federal Realty Investment Trust REIT		334		37,391
Invesco Ltd.		1,964		34,331
Franklin Resources, Inc.		1,351		27,412
Total Financial				31,515,112
Consumer, Cyclical - 8.0%
Tesla, Inc.^*		12,211		4,931,290
Costco Wholesale Corp.		1,937		1,774,815
Walmart, Inc.		18,978		1,714,662
Home Depot, Inc.		4,343		1,689,384
McDonald’s Corp.		3,133		908,225
Lowe’s Companies, Inc.		2,480		612,064
TJX Companies, Inc.		4,931		595,714
Starbucks Corp.		4,956		452,235
NIKE, Inc. — Class B		5,206		393,938
Chipotle Mexican Grill, Inc. — Class A^*		5,958		359,267
O’Reilly Automotive, Inc.^*		252		298,822
Marriott International, Inc. — Class A		1,008		281,171
Target Corp.		2,014		272,252
Hilton Worldwide Holdings, Inc.		1,066		263,472
General Motors Co.		4,808		256,122
Royal Caribbean Cruises Ltd.		1,081		249,376
PACCAR, Inc.		2,292		238,414
AutoZone, Inc.^*		74		236,948
Copart, Inc.^*		3,833		219,976
Ross Stores, Inc.		1,450		219,341
Cummins, Inc.		600		209,160
WW Grainger, Inc.		194		204,486
Lululemon Athletica, Inc.^*		493		188,528
Fastenal Co.		2,505		180,134
DR Horton, Inc.		1,275		178,271

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 89.1% (continued)
Consumer, Cyclical - 8.0% (continued)
Delta Air Lines, Inc.		2,803	$	169,581
Ford Motor Co.		17,067		168,964
Yum! Brands, Inc.		1,220		163,675
Lennar Corp. — Class A		1,044		142,370
United Airlines Holdings, Inc.^*		1,438		139,630
Deckers Outdoor Corp.^*		664		134,852
Tractor Supply Co.¹		2,335		123,895
Carnival Corp.^*		4,542		113,186
NVR, Inc.^*		13		106,326
PulteGroup, Inc.		896		97,574
Darden Restaurants, Inc.		513		95,772
Ulta Beauty, Inc.^*		205		89,161
Live Nation Entertainment, Inc.^*		685		88,708
Southwest Airlines Co.		2,622		88,152
Las Vegas Sands Corp.		1,522		78,170
Best Buy Company, Inc.		854		73,273
Dollar General Corp.		962		72,939
Genuine Parts Co.		608		70,990
Tapestry, Inc.		1,018		66,506
Dollar Tree, Inc.^*		884		66,247
Domino’s Pizza, Inc.		151		63,384
Aptiv plc^*		1,028		62,174
Pool Corp.		166		56,596
CarMax, Inc.^*		677		55,352
Norwegian Cruise Line Holdings Ltd.^*		1,923		49,479
LKQ Corp.		1,136		41,748
Ralph Lauren Corp. — Class A		176		40,652
Wynn Resorts Ltd.		404		34,809
MGM Resorts International^*		989		34,269
Hasbro, Inc.		573		32,036
Caesars Entertainment, Inc.^*		929		31,047
BorgWarner, Inc.		956		30,391
Walgreens Boots Alliance, Inc.		3,138		29,278
Total Consumer, Cyclical				19,639,253
Industrial - 6.3%
General Electric Co.		4,732		789,250
Caterpillar, Inc.		2,111		765,786
RTX Corp.		5,820		673,490
Honeywell International, Inc.		2,843		642,205
Union Pacific Corp.		2,651		604,534
Boeing Co.^*		3,268		578,436
Eaton Corporation plc		1,728		573,471
Deere & Co.		1,112		471,154
Lockheed Martin Corp.		922		448,037
United Parcel Service, Inc. — Class B		3,198		403,268
GE Vernova, Inc.		1,205		396,361
Amphenol Corp. — Class A		5,271		366,071
Trane Technologies plc		984		363,440
Parker-Hannifin Corp.		563		358,085
Waste Management, Inc.		1,597		322,259
TransDigm Group, Inc.		245		310,484
Emerson Electric Co.		2,493		308,958
3M Co.		2,381		307,363
Illinois Tool Works, Inc.		1,175		297,933
General Dynamics Corp.		1,128		297,217
Northrop Grumman Corp.		599		281,105
FedEx Corp.		983		276,547
CSX Corp.		8,432		272,101
Carrier Global Corp.		3,648		249,012
Norfolk Southern Corp.		989		232,118
Johnson Controls International plc		2,921		230,555
Howmet Aerospace, Inc.		1,776		194,241
Axon Enterprise, Inc.^*		316		187,805
TE Connectivity plc		1,308		187,005
AMETEK, Inc.		1,011		182,243
Republic Services, Inc. — Class A		890		179,050
L3Harris Technologies, Inc.		829		174,322
Otis Worldwide Corp.		1,747		161,790
Ingersoll Rand, Inc.		1,762		159,391
Vulcan Materials Co.		577		148,422
Old Dominion Freight Line, Inc.		821		144,824
Westinghouse Air Brake Technologies Corp.		752		142,572
Rockwell Automation, Inc.		494		141,180
Garmin Ltd.		671		138,400
Martin Marietta Materials, Inc.		267		137,905
Xylem, Inc.		1,062		123,213
Keysight Technologies, Inc.^*		759		121,918
Smurfit WestRock plc		2,161		116,391
Fortive Corp.		1,516		113,700
Mettler-Toledo International, Inc.^*		92		112,579
Dover Corp.		600		112,560
Veralto Corp.		1,081		110,100
Hubbell, Inc.		234		98,020
Teledyne Technologies, Inc.^*		203		94,218
Packaging Corporation of America		390		87,801
Lennox International, Inc.		139		84,693
Snap-on, Inc.		229		77,741
Trimble, Inc.^*		1,068		75,465
Pentair plc		722		72,662
Jacobs Solutions, Inc.		543		72,556
Ball Corp.		1,305		71,945
Builders FirstSource, Inc.^*		503		71,894
Jabil, Inc.		493		70,943
IDEX Corp.		331		69,275
Masco Corp.		943		68,433
Expeditors International of Washington, Inc.		611		67,681
Textron, Inc.		811		62,033
Amcor plc		6,319		59,462
J.B. Hunt Transport Services, Inc.		348		59,390
Stanley Black & Decker, Inc.		674		54,115
CH Robinson Worldwide, Inc.		517		53,416
Allegion plc		380		49,658
Nordson Corp.		237		49,590
Generac Holdings, Inc.^*		259		40,158
A O Smith Corp.		521		35,538
Huntington Ingalls Industries, Inc.		170		32,125
Mohawk Industries, Inc.^*		229		27,281
Total Industrial				15,514,944
Energy - 2.9%
Exxon Mobil Corp.		19,216		2,067,065
Chevron Corp.		7,307		1,058,346
ConocoPhillips		5,655		560,806

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 89.1% (continued)
Energy - 2.9% (continued)
EOG Resources, Inc.		2,459	$	301,424
Williams Companies, Inc.		5,330		288,460
ONEOK, Inc.		2,554		256,422
Schlumberger N.V.		6,174		236,711
Kinder Morgan, Inc.		8,451		231,557
Phillips 66		1,806		205,758
Marathon Petroleum Corp.		1,405		195,997
Baker Hughes Co.		4,326		177,453
Targa Resources Corp.		953		170,110
Valero Energy Corp.		1,384		169,665
Hess Corp.		1,208		160,676
Occidental Petroleum Corp.		2,954		145,957
Diamondback Energy, Inc.		817		133,849
Equities Corp.		2,609		120,301
Halliburton Co.		3,841		104,437
Devon Energy Corp.		2,871		93,968
Texas Pacific Land Corp.		82		90,689
First Solar, Inc.^*		468		82,480
Coterra Energy, Inc. — Class A		3,221		82,264
Enphase Energy, Inc.^*		591		40,590
APA Corp.		1,618		37,360
Total Energy				7,012,345
Utilities - 2.1%
NextEra Energy, Inc.		8,991		644,565
Southern Co.		4,791		394,395
Duke Energy Corp.		3,377		363,838
Constellation Energy Corp.		1,367		305,812
Sempra		2,769		242,897
American Electric Power Company, Inc.		2,329		214,804
Vistra Corp.		1,487		205,013
Dominion Energy, Inc.		3,673		197,828
PG&E Corp.		9,559		192,901
Public Service Enterprise Group, Inc.		2,178		184,019
Xcel Energy, Inc.		2,511		169,543
Exelon Corp.		4,393		165,352
Entergy Corp.		1,875		142,162
Consolidated Edison, Inc.		1,515		135,183
Edison International		1,693		135,169
WEC Energy Group, Inc.		1,383		130,057
DTE Energy Co.		905		109,279
American Water Works Company, Inc.		852		106,065
PPL Corp.		3,227		104,748
Ameren Corp.		1,166		103,937
Atmos Energy Corp.		679		94,565
Eversource Energy		1,602		92,003
CenterPoint Energy, Inc.		2,849		90,399
FirstEnergy Corp.		2,243		89,226
CMS Energy Corp.		1,306		87,045
NRG Energy, Inc.		886		79,935
NiSource, Inc.		2,041		75,027
Alliant Energy Corp.		1,121		66,296
Evergy, Inc.		1,006		61,919
Pinnacle West Capital Corp.		497		42,131
AES Corp.		3,109		40,013
Total Utilities				5,066,126
Basic Materials - 1.3%
Linde plc		2,082		871,671
Sherwin-Williams Co.		1,013		344,349
Air Products and Chemicals, Inc.		972		281,919
Ecolab, Inc.		1,102		258,221
Freeport-McMoRan, Inc.		6,283		239,257
Newmont Corp.		4,978		185,281
DuPont de Nemours, Inc.		1,827		139,309
Dow, Inc.		3,061		122,838
PPG Industries, Inc.		1,014		121,122
Nucor Corp.		1,026		119,745
International Flavors & Fragrances, Inc.		1,118		94,527
LyondellBasell Industries N.V. — Class A		1,136		84,371
International Paper Co.		1,519		81,753
Steel Dynamics, Inc.		618		70,495
CF Industries Holdings, Inc.		761		64,928
Eastman Chemical Co.		506		46,208
Albemarle Corp.		514		44,245
Mosaic Co.		1,389		34,141
Celanese Corp. — Class A		477		33,013
FMC Corp.		546		26,541
Total Basic Materials				3,263,934
Total Common Stocks
(Cost $135,585,265)				217,738,432

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 2.8%
Federal Home Loan Bank
4.10% due 01/02/25²	$	5,000,000	4,999,430
Farmer Mac
4.25% due 01/17/25²		1,770,000	1,766,657
Total Federal Agency Discount Notes
(Cost $6,766,087)			6,766,087

U.S. TREASURY BILLS^†† - 2.6%
U.S. Treasury Bills
4.18% due 01/07/25²		3,000,000	2,998,295
4.19% due 01/21/25²		3,000,000	2,993,278
4.20% due 03/13/25^2,3		350,000	347,155
4.23% due 03/13/25^2,3		100,000	99,187
4.21% due 01/16/25^2,4		44,000	43,928
Total U.S. Treasury Bills
(Cost $6,481,112)			6,481,843

REPURCHASE AGREEMENTS^††,5 - 3.2%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25³		4,400,275	4,400,275
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25³		3,458,794	3,458,794
Total Repurchase Agreements
(Cost $7,859,069)			7,859,069

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,6 - 0.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁷		179,275	$	179,275
Total Securities Lending Collateral
(Cost $179,275)				179,275
Total Investments - 97.8%
(Cost $156,870,808)			$	239,024,706
Other Assets & Liabilities, net - 2.2%				5,374,469
Total Net Assets - 100.0%			$	244,399,175

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
S&P 500 Index Mini Futures Contracts		18	Mar 2025	$	5,341,725	$	(88,824	)

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^††

Barclays Bank plc

S&P 500 Index

Pay

5.27% (SOFR + 0.90%)

At Maturity

03/27/25

788

4,636,393

1,156

BNP Paribas

S&P 500 Index

Pay

5.18% (Federal Funds Rate + 0.85%)

At Maturity

03/27/25

542

3,188,983

(7,200

)

Goldman Sachs International

S&P 500 Index

Pay

4.83% (Federal Funds Rate + 0.50%)

At Maturity

03/26/25

2,220

13,058,926

(107,825

)

20,884,302

(113,869

)

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.
⁴	All or a portion of this security is pledged as futures collateral at December 31, 2024.
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, 2024.

plc — Public Limited Company

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

S&P 500^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	217,738,432	$	—	$	—	$	217,738,432
Federal Agency Discount Notes		—		6,766,087		—		6,766,087
U.S. Treasury Bills		—		6,481,843		—		6,481,843
Repurchase Agreements		—		7,859,069		—		7,859,069
Securities Lending Collateral		179,275		—		—		179,275
Equity Index Swap Agreements**		—		1,156		—		1,156
Total Assets	$	217,917,707	$	21,108,155	$	—	$	239,025,862

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	88,824	$	—	$	—	$	88,824
Equity Index Swap Agreements**		—		115,025		—		115,025
Total Liabilities	$	88,824	$	115,025	$	—	$	203,849

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

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.6%
Consumer, Cyclical - 27.1%
Norwegian Cruise Line Holdings Ltd.^*		34,421	$	885,652
United Airlines Holdings, Inc.^*		8,618		836,808
Carnival Corp.^*		32,056		798,836
Royal Caribbean Cruises Ltd.		3,315		764,737
Delta Air Lines, Inc.		11,087		670,763
Live Nation Entertainment, Inc.^*		4,536		587,412
Deckers Outdoor Corp.^*		2,743		557,076
Hilton Worldwide Holdings, Inc.		2,076		513,104
Marriott International, Inc. — Class A		1,693		472,246
Tapestry, Inc.		6,374		416,413
Tesla, Inc.^*		1,014		409,494
Wynn Resorts Ltd.		4,570		393,751
PulteGroup, Inc.		3,409		371,240
Las Vegas Sands Corp.		7,166		368,046
Ralph Lauren Corp. — Class A		1,580		364,948
Cummins, Inc.		923		321,758
WW Grainger, Inc.		227		239,269
Chipotle Mexican Grill, Inc. — Class A^*		3,863		232,939
Costco Wholesale Corp.		208		190,584
Total Consumer, Cyclical				9,395,076
Technology - 16.3%
NVIDIA Corp.		5,333		716,169
Fortinet, Inc.^*		6,547		618,560
Palantir Technologies, Inc. — Class A^*		7,043		532,662
Broadcom, Inc.		2,180		505,411
Crowdstrike Holdings, Inc. — Class A^*		1,385		473,892
Fair Isaac Corp.^*		224		445,969
ServiceNow, Inc.^*		392		415,567
Fiserv, Inc.^*		1,686		346,338
Paycom Software, Inc.		1,527		312,989
Super Micro Computer, Inc.^*		9,632		293,583
Oracle Corp.		1,327		221,131
International Business Machines Corp.		929		204,222
Tyler Technologies, Inc.^*		351		202,401
Salesforce, Inc.		530		177,195
Dayforce, Inc.^*		2,372		172,302
Total Technology				5,638,391
Financial - 13.9%
Apollo Global Management, Inc.		3,989		658,823
American Express Co.		1,586		470,709
Arch Capital Group Ltd.		4,445		410,496
Synchrony Financial		6,300		409,500
Ameriprise Financial, Inc.		695		370,039
Progressive Corp.		1,529		366,364
Iron Mountain, Inc. REIT		3,445		362,104
Erie Indemnity Co. — Class A		835		344,212
CBRE Group, Inc. — Class A^*		2,574		337,940
Discover Financial Services		1,818		314,932
Brown & Brown, Inc.		2,973		303,305
Visa, Inc. — Class A		750		237,030
Mastercard, Inc. — Class A		445		234,324
Total Financial				4,819,778
Industrial - 13.3%
Axon Enterprise, Inc.^*		1,094		650,186
Howmet Aerospace, Inc.		4,490		491,071
Trane Technologies plc		1,111		410,348
Westinghouse Air Brake Technologies Corp.		1,721		326,284
Caterpillar, Inc.		883		320,317
GE Vernova, Inc.		951		312,813
Hubbell, Inc.		745		312,073
TransDigm Group, Inc.		214		271,198
Amphenol Corp. — Class A		3,486		242,103
Parker-Hannifin Corp.		374		237,875
Ingersoll Rand, Inc.		2,569		232,392
Garmin Ltd.		1,074		221,523
Lennox International, Inc.		362		220,566
Eaton Corporation plc		610		202,441
Republic Services, Inc. — Class A		875		176,033
Total Industrial				4,627,223
Communications - 11.7%
Arista Networks, Inc.^*		6,477		715,903
Booking Holdings, Inc.		115		571,368
Expedia Group, Inc.^*		2,584		481,477
GoDaddy, Inc. — Class A^*		2,369		467,570
Uber Technologies, Inc.^*		7,036		424,412
Meta Platforms, Inc. — Class A		646		378,239
Netflix, Inc.^*		386		344,049
Palo Alto Networks, Inc.^*		1,357		246,920
Airbnb, Inc. — Class A^*		1,665		218,798
Motorola Solutions, Inc.		433		200,145
Total Communications				4,048,881
Consumer, Non-cyclical - 9.7%
Quanta Services, Inc.		1,843		582,480
United Rentals, Inc.		716		504,379
Corpay, Inc.^*		1,188		402,043
Insulet Corp.^*		1,483		387,167
Intuitive Surgical, Inc.^*		642		335,098
DaVita, Inc.^*		1,717		256,778
ResMed, Inc.		1,067		244,012
Boston Scientific Corp.^*		2,728		243,665
Cintas Corp.		1,303		238,058
Eli Lilly & Co.		221		170,612
Total Consumer, Non-cyclical				3,364,292
Utilities - 4.1%
Vistra Corp.		5,273		726,989
NRG Energy, Inc.		4,574		412,666
Constellation Energy Corp.		1,224		273,821
Total Utilities				1,413,476
Energy - 3.5%
Texas Pacific Land Corp.		549		607,172
Targa Resources Corp.		1,767		315,409
Hess Corp.		2,268		301,667
Total Energy				1,224,248
Total Common Stocks
(Cost $28,321,511)				34,531,365

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 0.9%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	175,515	$	175,515
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		137,962		137,962
Total Repurchase Agreements
(Cost $313,477)			$	313,477
Total Investments - 100.5%
(Cost $28,634,988)			$	34,844,842
Other Assets & Liabilities, net - (0.5)%				(161,722	)
Total Net Assets - 100.0%			$	34,683,120

^*	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.

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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	34,531,365	$	—	$	—	$	34,531,365
Repurchase Agreements		—		313,477		—		313,477
Total Assets	$	34,531,365	$	313,477	$	—	$	34,844,842

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Non-cyclical - 30.0%
Centene Corp.^*		3,690	$	223,540
Archer-Daniels-Midland Co.		3,830		193,492
CVS Health Corp.		4,248		190,693
Bunge Global S.A.		2,366		183,980
Tyson Foods, Inc. — Class A		2,555		146,759
Humana, Inc.		577		146,391
Kroger Co.		2,284		139,667
Viatris, Inc.		9,973		124,164
Kraft Heinz Co.		3,864		118,663
Cigna Group		412		113,770
Cardinal Health, Inc.		922		109,045
Molson Coors Beverage Co. — Class B		1,847		105,870
McKesson Corp.		185		105,433
Cencora, Inc. — Class A		460		103,353
Elevance Health, Inc.		255		94,069
Molina Healthcare, Inc.^*		319		92,845
Conagra Brands, Inc.		2,442		67,766
Sysco Corp.		792		60,556
Universal Health Services, Inc. — Class B		336		60,285
J M Smucker Co.		459		50,545
Biogen, Inc.^*		315		48,170
Henry Schein, Inc.^*		687		47,540
Global Payments, Inc.		414		46,393
Baxter International, Inc.		1,291		37,645
Total Consumer, Non-cyclical				2,610,634
Consumer, Cyclical - 18.9%
General Motors Co.		4,370		232,790
Ford Motor Co.		21,342		211,286
BorgWarner, Inc.		3,943		125,348
Dollar General Corp.		1,527		115,777
Walgreens Boots Alliance, Inc.		12,191		113,742
CarMax, Inc.^*		1,250		102,200
Aptiv plc^*		1,646		99,550
Dollar Tree, Inc.^*		1,294		96,972
LKQ Corp.		2,354		86,509
Best Buy Company, Inc.		940		80,652
Southwest Airlines Co.		2,263		76,082
Target Corp.		512		69,212
Caesars Entertainment, Inc.^*		1,760		58,819
MGM Resorts International^*		1,538		53,292
Lennar Corp. — Class A		353		48,139
Genuine Parts Co.		393		45,887
DR Horton, Inc.		245		34,256
Total Consumer, Cyclical				1,650,513
Financial - 17.8%
Citigroup, Inc.		1,806		127,124
Invesco Ltd.		6,569		114,826
Prudential Financial, Inc.		896		106,203
Everest Group Ltd.		293		106,201
Loews Corp.		1,184		100,273
American International Group, Inc.		1,364		99,299
Franklin Resources, Inc.		4,547		92,259
Citizens Financial Group, Inc.		1,815		79,424
MetLife, Inc.		798		65,340
State Street Corp.		608		59,675
Alexandria Real Estate Equities, Inc. REIT		573		55,896
Capital One Financial Corp.		300		53,496
Assurant, Inc.		236		50,320
Allstate Corp.		254		48,969
Truist Financial Corp.		1,005		43,597
Bank of America Corp.		978		42,983
Travelers Companies, Inc.		168		40,469
VICI Properties, Inc. REIT		1,355		39,580
M&T Bank Corp.		209		39,294
Chubb Ltd.		141		38,958
Principal Financial Group, Inc.		497		38,473
Huntington Bancshares, Inc.		2,292		37,291
Regions Financial Corp.		1,557		36,621
KeyCorp		2,122		36,371
Total Financial				1,552,942
Energy - 8.9%
Valero Energy Corp.		1,232		151,031
Phillips 66		1,139		129,766
Marathon Petroleum Corp.		847		118,157
APA Corp.		3,620		83,586
Diamondback Energy, Inc.		282		46,200
Occidental Petroleum Corp.		920		45,457
Devon Energy Corp.		1,355		44,349
Exxon Mobil Corp.		395		42,490
Equities Corp.		853		39,332
Chevron Corp.		271		39,252
Coterra Energy, Inc. — Class A		1,486		37,952
Total Energy				777,572
Basic Materials - 7.9%
Mosaic Co.		6,462		158,836
Celanese Corp. — Class A		1,788		123,747
LyondellBasell Industries N.V. — Class A		1,137		84,445
Dow, Inc.		2,046		82,106
Nucor Corp.		411		47,968
FMC Corp.		897		43,603
International Paper Co.		725		39,020
Eastman Chemical Co.		427		38,994
DuPont de Nemours, Inc.		477		36,371
Steel Dynamics, Inc.		281		32,053
Total Basic Materials				687,143
Industrial - 5.5%
Mohawk Industries, Inc.^*		869		103,524
Huntington Ingalls Industries, Inc.		473		89,383
Stanley Black & Decker, Inc.		861		69,130
Smurfit WestRock plc		1,170		63,016
Jabil, Inc.		413		59,431
FedEx Corp.		182		51,202
Textron, Inc.		511		39,086
Total Industrial				474,772
Communications - 5.2%
Paramount Global — Class B¹		14,094		147,423
Warner Bros Discovery, Inc.^*		11,455		121,079
AT&T, Inc.		2,360		53,737
Comcast Corp. — Class A		1,188		44,586
Verizon Communications, Inc.		1,034		41,350
Fox Corp. — Class A		604		29,342
Fox Corp. — Class B		360		16,467
Total Communications				453,984

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5% (continued)
Utilities - 3.6%
AES Corp.		4,573	$	58,855
Exelon Corp.		1,477		55,594
Evergy, Inc.		712		43,824
PG&E Corp.		2,117		42,721
Pinnacle West Capital Corp.		482		40,859
Consolidated Edison, Inc.		443		39,529
Eversource Energy		624		35,836
Total Utilities				317,218
Technology - 1.7%
Hewlett Packard Enterprise Co.		4,304		91,890
Intel Corp.^*		2,910		58,346
Total Technology				150,236
Total Common Stocks
(Cost $7,622,196)				8,675,014

		Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	36,691		36,691
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		28,841		28,841
Total Repurchase Agreements
(Cost $65,532)				65,532

		Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		54,342		54,342
Total Securities Lending Collateral
(Cost $54,342)				54,342
Total Investments - 100.9%
(Cost $7,742,070)			$	8,794,888
Other Assets & Liabilities, net - (0.9)%				(79,885	)
Total Net Assets - 100.0%			$	8,715,003

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	8,675,014	$	—	$	—	$	8,675,014
Repurchase Agreements		—		65,532		—		65,532
Securities Lending Collateral		54,342		—		—		54,342
Total Assets	$	8,729,356	$	65,532	$	—	$	8,794,888

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 100.1%
Consumer, Non-cyclical - 27.0%
Roivant Sciences Ltd.^*		61,320	$	725,416
Globus Medical, Inc. — Class A^*		7,524		622,310
Shift4 Payments, Inc. — Class A^*		5,699		591,442
Sarepta Therapeutics, Inc.^*		4,531		550,924
Masimo Corp.^*		2,887		477,221
Exelixis, Inc.^*		13,289		442,524
Lantheus Holdings, Inc.^*		4,415		394,966
Paylocity Holding Corp.^*		1,951		389,166
Pilgrim’s Pride Corp.^*		8,045		365,163
Halozyme Therapeutics, Inc.^*		7,416		354,559
Medpace Holdings, Inc.^*		1,058		351,499
RB Global, Inc.		3,876		349,654
United Therapeutics Corp.^*		990		349,311
Sprouts Farmers Market, Inc.^*		2,572		326,824
Neurocrine Biosciences, Inc.^*		2,212		301,938
Valvoline, Inc.^*		7,897		285,713
H&R Block, Inc.		5,259		277,886
Coca-Cola Consolidated, Inc.		211		265,858
elf Beauty, Inc.^*		2,038		255,871
Grand Canyon Education, Inc.^*		1,449		237,346
HealthEquity, Inc.^*		2,109		202,359
Ensign Group, Inc.		1,347		178,962
Total Consumer, Non-cyclical				8,296,912
Industrial - 25.9%
Comfort Systems USA, Inc.		1,437		609,374
AAON, Inc.		5,094		599,462
EMCOR Group, Inc.		1,171		531,517
Chart Industries, Inc.^*		2,427		463,169
MasTec, Inc.^*		2,878		391,811
Clean Harbors, Inc.^*		1,539		354,186
Eagle Materials, Inc.		1,400		345,464
RBC Bearings, Inc.^*		1,153		344,908
Kirby Corp.^*		3,256		344,485
Curtiss-Wright Corp.		733		260,120
Esab Corp.		2,156		258,590
TopBuild Corp.^*		826		257,167
Acuity Brands, Inc.		878		256,490
Knife River Corp.^*		2,470		251,051
Applied Industrial Technologies, Inc.		1,025		245,457
nVent Electric plc		3,523		240,128
Tetra Tech, Inc.		5,992		238,721
Owens Corning		1,305		222,267
BWX Technologies, Inc.		1,986		221,221
Belden, Inc.		1,892		213,058
Fabrinet^*		963		211,745
Mueller Industries, Inc.		2,585		205,146
Woodward, Inc.		1,219		202,866
Coherent Corp.^*		2,006		190,028
Saia, Inc.^*		394		179,557
Carlisle Companies, Inc.		474		174,830
Louisiana-Pacific Corp.		1,453		150,458
Total Industrial				7,963,276
Consumer, Cyclical - 18.2%
TKO Group Holdings, Inc.^*		4,114		584,640
Abercrombie & Fitch Co. — Class A^*		3,617		540,633
American Airlines Group, Inc.^*		30,908		538,726
Hyatt Hotels Corp. — Class A		2,949		462,934
Planet Fitness, Inc. — Class A^*		4,538		448,672
Texas Roadhouse, Inc. — Class A		2,448		441,693
Toll Brothers, Inc.		2,866		360,973
Wingstop, Inc.		1,247		354,397
Murphy USA, Inc.		678		340,187
Hilton Grand Vacations, Inc.^*		8,692		338,553
Travel + Leisure Co.		6,170		311,277
Churchill Downs, Inc.		2,105		281,102
Crocs, Inc.^*		2,246		246,004
Williams-Sonoma, Inc.		1,034		191,476
Choice Hotels International, Inc.¹		1,211		171,938
Total Consumer, Cyclical				5,613,205
Financial - 10.8%
RenaissanceRe Holdings Ltd.		1,999		497,371
Interactive Brokers Group, Inc. — Class A		2,546		449,802
Hamilton Lane, Inc. — Class A		2,872		425,200
Kinsale Capital Group, Inc.		901		419,082
Western Alliance Bancorporation		4,087		341,428
East West Bancorp, Inc.		3,341		319,934
Ryan Specialty Holdings, Inc.		4,964		318,490
SLM Corp.		7,518		207,346
Equitable Holdings, Inc.		4,141		195,331
Houlihan Lokey, Inc.		906		157,336
Total Financial				3,331,320
Technology - 8.9%
Aspen Technology, Inc.^*		1,541		384,680
ExlService Holdings, Inc.^*		8,631		383,044
Appfolio, Inc. — Class A^*		1,534		378,469
DocuSign, Inc.^*		3,814		343,031
Parsons Corp.^*		3,705		341,786
CommVault Systems, Inc.^*		1,978		298,500
Doximity, Inc. — Class A^*		4,433		236,678
Manhattan Associates, Inc.^*		693		187,276
Dynatrace, Inc.^*		3,309		179,844
Total Technology				2,733,308
Energy - 6.4%
Valaris Ltd.^*		14,443		638,958
Permian Resources Corp.		27,216		391,366
Viper Energy, Inc.		7,386		362,431
CNX Resources Corp.^*		8,955		328,380
DT Midstream, Inc.		2,385		237,141
Total Energy				1,958,276
Basic Materials - 1.9%
Carpenter Technology Corp.		3,390		575,317
Communications - 1.0%
Chewy, Inc. — Class A^*		9,521		318,858
Total Common Stocks
(Cost $27,028,256)				30,790,472

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	121,276	$	121,276
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		95,328		95,328
Total Repurchase Agreements
(Cost $216,604)				216,604

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		130,980	$	130,980
Total Securities Lending Collateral
(Cost $130,980)				130,980
Total Investments - 101.2%
(Cost $27,375,840)			$	31,138,056
Other Assets & Liabilities, net - (1.2)%				(354,551	)
Total Net Assets - 100.0%			$	30,783,505

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	30,790,472	$	—	$	—	$	30,790,472
Repurchase Agreements		—		216,604		—		216,604
Securities Lending Collateral		130,980		—		—		130,980
Total Assets	$	30,921,452	$	216,604	$	—	$	31,138,056

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 100.3%
Consumer, Cyclical - 27.8%
Goodyear Tire & Rubber Co.^*		20,730	$	186,570
Macy’s, Inc.		10,826		183,284
Lear Corp.		1,740		164,778
Lithia Motors, Inc. — Class A		396		141,542
Whirlpool Corp.		1,031		118,029
Nordstrom, Inc.		4,842		116,934
AutoNation, Inc.^*		682		115,831
Penske Automotive Group, Inc.		714		108,842
PVH Corp.		862		91,157
WESCO International, Inc.		437		79,080
Thor Industries, Inc.		822		78,674
Harley-Davidson, Inc.		2,405		72,463
Polaris, Inc.		1,039		59,867
Taylor Morrison Home Corp. — Class A^*		939		57,476
Visteon Corp.^*		631		55,982
Capri Holdings Ltd.^*		2,633		55,451
Gap, Inc.		2,158		50,994
Marriott Vacations Worldwide Corp.		536		48,133
Aramark		978		36,489
Under Armour, Inc. — Class A^*		2,362		19,557
Under Armour, Inc. — Class C^*		1,644		12,264
Total Consumer, Cyclical				1,853,397
Industrial - 15.4%
Avnet, Inc.		3,563		186,416
Arrow Electronics, Inc.^*		1,479		167,305
TD SYNNEX Corp.		1,361		159,618
Greif, Inc. — Class A		1,152		70,410
AGCO Corp.		701		65,530
Oshkosh Corp.		624		59,324
Terex Corp.		1,205		55,695
CNH Industrial N.V.		4,507		51,064
Berry Global Group, Inc.		758		49,020
Flex Ltd.^*		1,200		46,068
Sonoco Products Co.		918		44,844
Knight-Swift Transportation Holdings, Inc.		755		40,045
Fluor Corp.^*		653		32,206
Total Industrial				1,027,545
Consumer, Non-cyclical - 13.8%
ManpowerGroup, Inc.		2,483		143,319
Performance Food Group Co.^*		1,254		106,026
Perrigo Company plc		3,685		94,741
Graham Holdings Co. — Class B		97		84,576
Enovis Corp.^*		1,846		81,002
Avis Budget Group, Inc.^*		876		70,615
US Foods Holding Corp.^*		975		65,773
Acadia Healthcare Company, Inc.^*		1,554		61,616
Darling Ingredients, Inc.^*		1,358		45,751
Neogen Corp.^*		3,761		45,659
GXO Logistics, Inc.^*		988		42,978
Insperity, Inc.		543		42,088
Coty, Inc. — Class A^*		5,608		39,032
Total Consumer, Non-cyclical				923,176
Financial - 13.5%
Brighthouse Financial, Inc.^*		2,095		100,644
Reinsurance Group of America, Inc. — Class A		384		82,034
Valley National Bancorp		7,278		65,939
Ally Financial, Inc.		1,763		63,486
Unum Group		818		59,739
Kilroy Realty Corp. REIT		1,409		56,994
CNO Financial Group, Inc.		1,403		52,206
Associated Banc-Corp.		2,118		50,620
FNB Corp.		3,202		47,325
Kemper Corp.		692		45,976
Old Republic International Corp.		1,194		43,211
Bank OZK		960		42,749
Essent Group Ltd.		753		40,993
First American Financial Corp.		644		40,211
Hanover Insurance Group, Inc.		233		36,036
Starwood Property Trust, Inc. REIT		1,822		34,527
Prosperity Bancshares, Inc.		455		34,284
Total Financial				896,974
Energy - 12.5%
HF Sinclair Corp.		5,385		188,744
PBF Energy, Inc. — Class A		6,889		182,903
Civitas Resources, Inc.		2,523		115,730
NOV, Inc.		7,374		107,660
Chord Energy Corp.		741		86,638
Murphy Oil Corp.		2,718		82,247
Ovintiv, Inc.		1,629		65,974
Total Energy				829,896
Basic Materials - 7.6%
Cleveland-Cliffs, Inc.^*		16,101		151,349
United States Steel Corp.		4,310		146,497
Arcadium Lithium plc^*		11,076		56,820
Commercial Metals Co.		865		42,904
Ashland, Inc.		561		40,089
Chemours Co.		1,985		33,546
Olin Corp.		972		32,854
Total Basic Materials				504,059
Technology - 5.9%
Concentrix Corp.		5,161		223,317
BILL Holdings, Inc.^*		1,040		88,098
Amkor Technology, Inc.		1,838		47,218
Maximus, Inc.		497		37,101
Total Technology				395,734
Utilities - 3.8%
UGI Corp.		1,987		56,093
Northwestern Energy Group, Inc.		832		44,478
Portland General Electric Co.		969		42,268
Southwest Gas Holdings, Inc.		547		38,678
Spire, Inc.		566		38,392
Black Hills Corp.		592		34,644
Total Utilities				254,553
Total Common Stocks
(Cost $5,940,545)				6,685,334

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	27,229	$	27,229
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		21,403		21,404
Total Repurchase Agreements
(Cost $48,633)			$	48,633
Total Investments - 101.0%
(Cost $5,989,178)			$	6,733,967
Other Assets & Liabilities, net - (1.0)%				(67,641	)
Total Net Assets - 100.0%			$	6,666,326

^*	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, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quotaed Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,685,334	$	—	$	—	$	6,685,334
Repurchase Agreements		—		48,633		—		48,633
Total Assets	$	6,685,334	$	48,633	$	—	$	6,733,967

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.6%
Consumer, Non-cyclical - 28.1%
Protagonist Therapeutics, Inc.^*		1,522	$	58,749
TG Therapeutics, Inc.^*		1,905		57,341
Cal-Maine Foods, Inc.		541		55,680
ADMA Biologics, Inc.^*		3,009		51,604
Chefs’ Warehouse, Inc.^*		1,002		49,418
Krystal Biotech, Inc.^*		310		48,565
Corcept Therapeutics, Inc.^*		954		48,072
Adtalem Global Education, Inc.^*		524		47,605
UFP Technologies, Inc.^*		187		45,724
Catalyst Pharmaceuticals, Inc.^*		2,058		42,951
Pursuit Attractions and Hospitality, Inc.^*		949		40,342
ICU Medical, Inc.^*		231		35,844
Inspire Medical Systems, Inc.^*		185		34,295
Harmony Biosciences Holdings, Inc.^*		990		34,066
CorVel Corp.^*		265		29,484
TransMedics Group, Inc.^*		461		28,743
LeMaitre Vascular, Inc.		308		28,379
Collegium Pharmaceutical, Inc.^*		972		27,848
Astrana Health, Inc.^*		859		27,084
PROG Holdings, Inc.		631		26,666
Stride, Inc.^*		245		25,463
BioLife Solutions, Inc.^*		973		25,259
Glaukos Corp.^*		159		23,841
Phibro Animal Health Corp. — Class A		1,114		23,394
Vericel Corp.^*		422		23,172
Arcus Biosciences, Inc.^*		1,552		23,109
Verra Mobility Corp.^*		951		22,995
Integer Holdings Corp.^*		172		22,794
Artivion, Inc.^*		653		18,669
GEO Group, Inc.^*		659		18,439
RadNet, Inc.^*		235		16,413
ANI Pharmaceuticals, Inc.^*		287		15,865
Payoneer Global, Inc.^*		1,475		14,809
Inari Medical, Inc.^*		287		14,651
Inter Parfums, Inc.		108		14,203
Ligand Pharmaceuticals, Inc.^*,†††		107		–
Ligand Pharmaceuticals, Inc.^*,†††		107		–
Total Consumer, Non-cyclical				1,121,536
Financial - 18.9%
Palomar Holdings, Inc.^*		507		53,534
Axos Financial, Inc.^*		676		47,218
Trupanion, Inc.^*		924		44,537
Acadian Asset Management, Inc.		1,610		42,407
MARA Holdings, Inc.^*		2,519		42,244
Enova International, Inc.^*		416		39,886
Pathward Financial, Inc.		517		38,041
DiamondRock Hospitality Co. REIT		3,956		35,723
Xenia Hotels & Resorts, Inc. REIT		2,206		32,781
Mercury General Corp.		483		32,110
Sunstone Hotel Investors, Inc. REIT		2,703		32,004
HCI Group, Inc.		273		31,813
Bancorp, Inc.^*		572		30,104
PJT Partners, Inc. — Class A		186		29,353
WisdomTree, Inc.		2,749		28,864
Goosehead Insurance, Inc. — Class A^*		251		26,912
Preferred Bank/Los Angeles CA		311		26,864
NMI Holdings, Inc. — Class A^*		553		20,328
ServisFirst Bancshares, Inc.		219		18,558
Virtu Financial, Inc. — Class A		464		16,556
Essential Properties Realty Trust, Inc. REIT		510		15,953
Outfront Media, Inc. REIT		883		15,664
NexPoint Residential Trust, Inc. REIT		356		14,863
Curbline Properties Corp. REIT		555		12,887
City Holding Co.		102		12,085
BancFirst Corp.		103		12,070
Total Financial				753,359
Industrial - 18.6%
DXP Enterprises, Inc.^*		712		58,825
Greenbrier Companies, Inc.		818		49,890
Powell Industries, Inc.		219		48,541
AZZ, Inc.		585		47,923
Trinity Industries, Inc.		1,223		42,928
Cactus, Inc. — Class A		724		42,253
SPX Technologies, Inc.^*		256		37,253
CSW Industrials, Inc.		102		35,986
Dycom Industries, Inc.^*		204		35,508
Zurn Elkay Water Solutions Corp.		901		33,607
Armstrong World Industries, Inc.		221		31,234
Granite Construction, Inc.		306		26,839
Apogee Enterprises, Inc.		365		26,065
Badger Meter, Inc.		119		25,242
Barnes Group, Inc.		494		23,346
Griffon Corp.		325		23,163
AeroVironment, Inc.^*		141		21,699
Frontdoor, Inc.^*		379		20,720
Federal Signal Corp.		221		20,418
Itron, Inc.^*		182		19,761
Enerpac Tool Group Corp.		468		19,230
ESCO Technologies, Inc.		132		17,584
OSI Systems, Inc.^*		104		17,413
Moog, Inc. — Class A		83		16,338
Total Industrial				741,766
Consumer, Cyclical - 16.8%
Cinemark Holdings, Inc.^*		2,027		62,797
Shake Shack, Inc. — Class A^*		340		44,132
SkyWest, Inc.^*		422		42,255
Dorman Products, Inc.^*		312		40,419
Sabre Corp.^*		10,992		40,121
Alaska Air Group, Inc.^*		616		39,886
Madison Square Garden Sports Corp. — Class A^*		159		35,883
OPENLANE, Inc.^*		1,801		35,732
Boot Barn Holdings, Inc.^*		231		35,070
Cavco Industries, Inc.^*		77		34,360
Six Flags Entertainment Corp.		704		33,926
Brinker International, Inc.^*		255		33,734
Green Brick Partners, Inc.^*		591		33,386

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Consumer, Cyclical - 16.8% (continued)
Dream Finders Homes, Inc. — Class A^*		1,245	$	28,971
Interface, Inc. — Class A		1,006		24,496
Installed Building Products, Inc.		139		24,360
Dave & Buster’s Entertainment, Inc.^*		827		24,140
Champion Homes, Inc.^*		183		16,122
Monarch Casino & Resort, Inc.		188		14,833
Kontoor Brands, Inc.		154		13,153
XPEL, Inc.^*		303		12,102
Total Consumer, Cyclical				669,878
Energy - 5.0%
Atlas Energy Solutions, Inc.		1,697		37,639
CONSOL Energy, Inc.		325		34,671
Northern Oil & Gas, Inc.		776		28,836
Warrior Met Coal, Inc.		514		27,880
Tidewater, Inc.^*		494		27,027
Archrock, Inc.		1,055		26,259
Oceaneering International, Inc.^*		714		18,621
Total Energy				200,933
Technology - 4.8%
Impinj, Inc.^*		299		43,433
ACI Worldwide, Inc.^*		632		32,807
Clear Secure, Inc. — Class A		1,175		31,302
Agilysys, Inc.^*		208		27,396
DigitalOcean Holdings, Inc.^*		511		17,410
Semtech Corp.^*		235		14,535
Box, Inc. — Class A^*		442		13,967
SPS Commerce, Inc.^*		70		12,879
Total Technology				193,729
Communications - 4.4%
InterDigital, Inc.		304		58,891
Hims & Hers Health, Inc.^*		1,936		46,812
QuinStreet, Inc.^*		1,260		29,068
Cogent Communications Holdings, Inc.		286		22,042
Cargurus, Inc.^*		533		19,476
Total Communications				176,289
Basic Materials - 3.0%
Hawkins, Inc.		260		31,894
ATI, Inc.^*		555		30,547
Sylvamo Corp.		369		29,158
Century Aluminum Co.^*		1,566		28,533
Total Basic Materials				120,132
Total Common Stocks
(Cost $3,462,361)				3,977,622

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	13,324		13,324
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		10,474		10,474
Total Repurchase Agreements
(Cost $23,798)				23,798
Total Investments - 100.2%
(Cost $3,486,159)			$	4,001,420
Other Assets & Liabilities, net - (0.2)%				(9,145	)
Total Net Assets - 100.0%			$	3,992,275

^*	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.
^†††	Value determined based on Level 3 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, 2024 (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	$	3,977,622	$	—	$	—	*	$	3,977,622
Repurchase Agreements		—		23,798		—			23,798
Total Assets	$	3,977,622	$	23,798	$	—		$	4,001,420

*	Security has a market value of $0.

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.3%
Consumer, Cyclical - 30.1%
Kohl’s Corp.		5,795	$	81,362
MarineMax, Inc.^*		2,534		73,359
Topgolf Callaway Brands Corp.^*		9,141		71,848
Advance Auto Parts, Inc.		1,507		71,266
Adient plc^*		4,064		70,023
Foot Locker, Inc.^*		3,084		67,108
JetBlue Airways Corp.^*		7,736		60,805
Titan International, Inc.^*		8,826		59,928
Dana, Inc.		5,050		58,378
G-III Apparel Group Ltd.^*		1,736		56,629
ODP Corp.^*		2,455		55,827
Asbury Automotive Group, Inc.^*		211		51,279
American Axle & Manufacturing Holdings, Inc.^*		8,435		49,176
Guess?, Inc.		3,138		44,120
ScanSource, Inc.^*		905		42,942
Sonic Automotive, Inc. — Class A		662		41,938
Standard Motor Products, Inc.		1,257		38,942
Caleres, Inc.		1,630		37,751
National Vision Holdings, Inc.^*		3,493		36,397
Allegiant Travel Co. — Class A^*		384		36,142
Cracker Barrel Old Country Store, Inc.		671		35,469
Penn Entertainment, Inc.^*		1,721		34,110
MillerKnoll, Inc.		1,427		32,236
Bloomin’ Brands, Inc.		2,443		29,829
Century Communities, Inc.		402		29,491
Sally Beauty Holdings, Inc.^*		2,815		29,417
Newell Brands, Inc.		2,485		24,751
Winnebago Industries, Inc.		512		24,463
Academy Sports & Outdoors, Inc.		421		24,220
Resideo Technologies, Inc.^*		1,003		23,119
Sun Country Airlines Holdings, Inc.^*		1,470		21,433
Shoe Carnival, Inc.		605		20,013
Leslie’s, Inc.^*		8,470		18,888
Fox Factory Holding Corp.^*		612		18,525
PriceSmart, Inc.		191		17,605
Signet Jewelers Ltd.		173		13,963
LGI Homes, Inc.^*		151		13,499
Meritage Homes Corp.		83		12,767
Total Consumer, Cyclical				1,529,018
Consumer, Non-cyclical - 22.4%
Green Dot Corp. — Class A^*		6,962		74,076
SpartanNash Co.		3,998		73,243
B&G Foods, Inc.		10,412		71,739
Fresh Del Monte Produce, Inc.		2,001		66,453
United Natural Foods, Inc.^*		2,370		64,725
AMN Healthcare Services, Inc.^*		2,353		56,284
Andersons, Inc.		1,315		53,284
AdaptHealth Corp.^*		5,402		51,427
Owens & Minor, Inc.^*		3,903		51,012
Universal Corp.		855		46,888
Patterson Companies, Inc.		1,516		46,784
Select Medical Holdings Corp.		2,474		46,635
Hain Celestial Group, Inc.^*		7,325		45,049
TreeHouse Foods, Inc.^*		1,038		36,465
Avanos Medical, Inc.^*		2,016		32,094
Deluxe Corp.		1,331		30,067
ABM Industries, Inc.		548		28,047
Edgewell Personal Care Co.		761		25,570
Grocery Outlet Holding Corp.^*		1,548		24,164
Helen of Troy Ltd.^*		395		23,633
Healthcare Services Group, Inc.^*		1,946		22,603
Monro, Inc.		910		22,568
Fortrea Holdings, Inc.^*		1,156		21,559
Upbound Group, Inc.		689		20,098
USANA Health Sciences, Inc.^*		516		18,520
Central Garden & Pet Co. — Class A^*		526		17,384
Fulgent Genetics, Inc.^*		876		16,180
Matthews International Corp. — Class A		583		16,137
MGP Ingredients, Inc.		401		15,787
Pacira BioSciences, Inc.^*		749		14,111
Central Garden & Pet Co.^*		96		3,725
Total Consumer, Non-cyclical				1,136,311
Financial - 19.1%
Lincoln National Corp.		1,983		62,881
Genworth Financial, Inc. — Class A^*		8,857		61,910
ProAssurance Corp.^*		3,027		48,160
EZCORP, Inc. — Class A^*		3,875		47,352
PRA Group, Inc.^*		2,266		47,337
United Fire Group, Inc.		1,273		36,217
SITE Centers Corp. REIT		2,325		35,549
Cushman & Wakefield plc^*		2,452		32,072
Air Lease Corp. — Class A		653		31,481
Ambac Financial Group, Inc.^*		2,488		31,473
Navient Corp.		2,324		30,886
SiriusPoint Ltd.^*		1,789		29,322
PennyMac Mortgage Investment Trust REIT		2,184		27,497
Safehold, Inc. REIT		1,457		26,925
New York Mortgage Trust, Inc. REIT		4,268		25,864
Bread Financial Holdings, Inc.		417		25,462
Hope Bancorp, Inc.		1,976		24,285
Jackson Financial, Inc. — Class A		271		23,599
Global Net Lease, Inc. REIT		3,123		22,798
ARMOUR Residential REIT, Inc. REIT		1,181		22,274
Redwood Trust, Inc. REIT		3,300		21,549
Eagle Bancorp, Inc.		817		21,267
JBG SMITH Properties REIT		1,302		20,012
Ready Capital Corp. REIT		2,699		18,407
Renasant Corp.		513		18,340
Hilltop Holdings, Inc.		639		18,295
Ellington Financial, Inc. REIT		1,509		18,289
Apollo Commercial Real Estate Finance, Inc. REIT		2,053		17,779
Franklin BSP Realty Trust, Inc. REIT		1,303		16,340
Capitol Federal Financial, Inc.		2,764		16,335
Brookline Bancorp, Inc.		1,365		16,107
Simmons First National Corp. — Class A		708		15,703
Encore Capital Group, Inc.^*		318		15,191

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.3% (continued)
Financial - 19.1% (continued)
KKR Real Estate Finance Trust, Inc. REIT		1,493	$	15,079
Horace Mann Educators Corp.		361		14,162
Stewart Information Services Corp.		207		13,970
Total Financial				970,169
Energy - 11.1%
Par Pacific Holdings, Inc.^*		4,852		79,524
Green Plains, Inc.^*		7,145		67,735
Vital Energy, Inc.^*		1,841		56,924
Crescent Energy Co. — Class A¹		3,175		46,387
Peabody Energy Corp.		2,149		45,000
Talos Energy, Inc.^*		4,252		41,287
Innovex International, Inc.^*		2,657		37,118
CVR Energy, Inc.^*		1,960		36,730
Patterson-UTI Energy, Inc.		3,981		32,883
ProPetro Holding Corp.^*		2,955		27,570
Sunrun, Inc.^*		2,888		26,714
SunCoke Energy, Inc.		2,416		25,851
Bristow Group, Inc.^*		665		22,810
REX American Resources Corp.^*		350		14,591
Total Energy				561,124
Industrial - 6.3%
World Kinect Corp.		2,713		74,635
Enviri Corp.^*		6,948		53,500
O-I Glass, Inc.^*		3,840		41,625
Metallus, Inc.^*		2,333		32,965
Vishay Intertechnology, Inc.		1,209		20,480
Dorian LPG Ltd.		803		19,569
Astec Industries, Inc.		563		18,917
American Woodmark Corp.^*		217		17,258
Heartland Express, Inc.		1,442		16,179
ArcBest Corp.		152		14,185
Masterbrand, Inc.^*		875		12,784
Total Industrial				322,097
Communications - 4.3%
Viasat, Inc.^*		7,046		59,962
Scholastic Corp.		2,314		49,357
IAC, Inc.^*		878		37,877
Telephone & Data Systems, Inc.		729		24,866
TEGNA, Inc.		1,258		23,009
Shenandoah Telecommunications Co.		1,789		22,559
Total Communications				217,630
Basic Materials - 3.6%
Mativ Holdings, Inc.		5,568		60,691
Koppers Holdings, Inc.		1,385		44,874
AdvanSix, Inc.		1,197		34,102
Kaiser Aluminum Corp.		394		27,687
Stepan Co.		238		15,399
Total Basic Materials				182,753
Technology - 2.0%
DXC Technology Co.^*		2,508		50,110
Corsair Gaming, Inc.^*		3,149		20,815
Xerox Holdings Corp.		1,933		16,295
Insight Enterprises, Inc.^*		89		13,537
Total Technology				100,757
Utilities - 0.4%
MDU Resources Group, Inc.		1,000		18,020
Total Common Stocks
(Cost $4,536,774)				5,037,879

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	17,240	17,240
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		13,552	13,552
Total Repurchase Agreements
(Cost $30,792)			30,792

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		2,434		2,434
Total Securities Lending Collateral
(Cost $2,434)				2,434
Total Investments - 99.9%
(Cost $4,570,000)			$	5,071,105
Other Assets & Liabilities, net - 0.1%				7,060
Total Net Assets - 100.0%			$	5,078,165

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	5,037,879	$	—	$	—	$	5,037,879
Repurchase Agreements		—		30,792		—		30,792
Securities Lending Collateral		2,434		—		—		2,434
Total Assets	$	5,040,313	$	30,792	$	—	$	5,071,105

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
U.S. TREASURY BILLS^†† - 1.9%
U.S. Treasury Bills
4.21% due 01/16/25^1,2	$	57,000	$	56,906
Total U.S. Treasury Bills
(Cost $56,898)				56,906

REPURCHASE AGREEMENTS^††,3 - 95.1%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25⁴		1,609,689		1,609,689
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25⁴		1,265,280		1,265,280
Total Repurchase Agreements
(Cost $2,874,969)				2,874,969
Total Investments - 97.0%
(Cost $2,931,867)			$	2,931,875
Other Assets & Liabilities, net - 3.0%				91,151
Total Net Assets - 100.0%			$	3,023,026

Futures Contracts

Description

Number of Contracts

Expiration

Date

Notional

Amount

Value and Unrealized
Appreciation^**

Currency Futures Contracts Purchased^†

U.S. Dollar Index Futures Contracts

Mar 2025

4,547,130

84,140

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^††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

03/21/25

13,715

1,483,750

18,538

^**	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, 2024.
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, 2024.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	—	$	56,906	$	—	$	56,906
Repurchase Agreements		—		2,874,969		—		2,874,969
Currency Futures Contracts**		84,140		—		—		84,140
Currency Index Swap Agreements**		—		18,538		—		18,538
Total Assets	$	84,140	$	2,950,413	$	—	$	3,034,553

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

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.4%
Software - 30.4%
Microsoft Corp.		5,529	$	2,330,473
Salesforce, Inc.		2,199		735,192
Oracle Corp.		4,217		702,721
Adobe, Inc.^*		1,401		622,997
ServiceNow, Inc.^*		584		619,110
Palantir Technologies, Inc. — Class A^*		7,429		561,855
Intuit, Inc.		882		554,337
AppLovin Corp. — Class A^*		1,252		405,435
Cadence Design Systems, Inc.^*		1,299		390,298
Synopsys, Inc.^*		752		364,991
Workday, Inc. — Class A^*		1,330		343,180
Autodesk, Inc.^*		1,144		338,132
Roper Technologies, Inc.		608		316,069
MicroStrategy, Inc. — Class A^*		1,023		296,281
Datadog, Inc. — Class A^*		1,985		283,637
Snowflake, Inc. — Class A^*		1,798		277,629
Atlassian Corp. — Class A^*		1,139		277,210
Electronic Arts, Inc.		1,742		254,855
NetEase, Inc. ADR		2,829		252,375
Cloudflare, Inc. — Class A^*		2,320		249,818
ROBLOX Corp. — Class A^*		4,315		249,666
HubSpot, Inc.^*		346		241,082
Take-Two Interactive Software, Inc.^*		1,308		240,777
ANSYS, Inc.^*		696		234,782
Zoom Communications, Inc. — Class A^*		2,470		201,577
Samsara, Inc. — Class A^*		4,455		194,639
PTC, Inc.^*		1,028		189,018
Monday.com Ltd.^*		766		180,347
DocuSign, Inc.^*		1,980		178,081
Dynatrace, Inc.^*		3,086		167,724
Twilio, Inc. — Class A^*		1,509		163,093
MongoDB, Inc.^*		700		162,967
Akamai Technologies, Inc.^*		1,676		160,309
Guidewire Software, Inc.^*		934		157,454
Nutanix, Inc. — Class A^*		2,536		155,152
Manhattan Associates, Inc.^*		551		148,902
Dropbox, Inc. — Class A^*		4,300		129,172
Confluent, Inc. — Class A^*		4,156		116,202
Gitlab, Inc. — Class A^*		2,032		114,503
Unity Software, Inc.^*		4,628		103,991
ZoomInfo Technologies, Inc. — Class A^*		7,299		76,712
Total Software				13,742,745
Semiconductors - 27.7%
NVIDIA Corp.		17,889		2,402,314
Broadcom, Inc.		7,042		1,632,617
Advanced Micro Devices, Inc.^*		4,861		587,160
Texas Instruments, Inc.		3,026		567,405
QUALCOMM, Inc.		3,680		565,322
Applied Materials, Inc.		3,054		496,672
Analog Devices, Inc.		2,078		441,492
Marvell Technology, Inc.		3,927		433,737
Lam Research Corp.		5,734		414,167
Taiwan Semiconductor Manufacturing Company Ltd. ADR		2,022		399,325
KLA Corp.		630		396,976
Micron Technology, Inc.		4,656		391,849
NXP Semiconductor N.V.		1,830		380,366
Intel Corp.^*		18,912		379,186
ASML Holding N.V. — Class G		528		365,946
ARM Holdings plc ADR^*		2,190		270,158
STMicroelectronics N.V. — Class Y¹		10,385		259,313
Microchip Technology, Inc.		4,053		232,440
Monolithic Power Systems, Inc.		392		231,946
ON Semiconductor Corp.^*		3,512		221,432
Teradyne, Inc.		1,611		202,857
Astera Labs, Inc.^*		1,363		180,529
Skyworks Solutions, Inc.		1,858		164,767
Entegris, Inc.		1,625		160,973
Lattice Semiconductor Corp.^*		2,046		115,906
Qorvo, Inc.^*		1,625		113,636
MKS Instruments, Inc.		1,060		110,653
Cirrus Logic, Inc.^*		967		96,294
Rambus, Inc.^*		1,765		93,298
GLOBALFOUNDRIES, Inc.^*		2,124		91,141
Axcelis Technologies, Inc.^*		766		53,520
Impinj, Inc.^*		304		44,159
Total Semiconductors				12,497,556
Computers - 16.3%
Apple, Inc.		10,665		2,670,729
International Business Machines Corp.		2,718		597,498
Crowdstrike Holdings, Inc. — Class A^*		1,130		386,641
Dell Technologies, Inc. — Class C		3,100		357,244
Fortinet, Inc.^*		3,484		329,168
Accenture plc — Class A		863		303,595
Check Point Software Technologies Ltd.^*		1,452		271,088
Infosys Ltd. ADR		12,015		263,369
Cognizant Technology Solutions Corp. — Class A		3,414		262,537
HP, Inc.		7,186		234,479
Hewlett Packard Enterprise Co.		10,502		224,218
NetApp, Inc.		1,756		203,836
CyberArk Software Ltd.^*		589		196,225
Pure Storage, Inc. — Class A^*		3,063		188,160
Western Digital Corp.^*		3,082		183,780
Seagate Technology Holdings plc		2,004		172,965
Zscaler, Inc.^*		938		169,225
Super Micro Computer, Inc.^*		5,001		152,430
Lumentum Holdings, Inc.^*		1,144		96,039
Varonis Systems, Inc.^*		2,041		90,682
Total Computers				7,353,908
Internet - 14.8%
Alphabet, Inc. — Class A		10,932		2,069,427
Meta Platforms, Inc. — Class A		2,741		1,604,883
Palo Alto Networks, Inc.^*		2,466		448,713
Shopify, Inc. — Class A^*		2,527		268,696
Baidu, Inc. ADR^*		3,138		264,565
Sea Ltd. ADR^*		2,400		254,640
GoDaddy, Inc. — Class A^*		1,125		222,041
Reddit, Inc. — Class A^*		1,308		213,779
CDW Corp.		1,195		207,978
Pinterest, Inc. — Class A^*		6,356		184,324

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Internet - 14.8% (continued)
VeriSign, Inc.^*		882	$	182,539
F5, Inc.^*		644		161,947
Gen Digital, Inc.		5,800		158,804
Snap, Inc. — Class A^*		14,723		158,567
Okta, Inc.^*		1,957		154,212
Match Group, Inc.		4,034		131,952
Total Internet				6,687,067
Telecommunications - 4.6%
Cisco Systems, Inc.		10,694		633,085
Arista Networks, Inc.^*		4,161		459,915
Motorola Solutions, Inc.		813		375,793
Credo Technology Group Holding Ltd.^*		3,946		265,211
Corning, Inc.		5,472		260,030
InterDigital, Inc.		360		69,739
Total Telecommunications				2,063,773
Electronics - 3.4%
Amphenol Corp. — Class A		5,557		385,934
TE Connectivity plc		1,844		263,637
Keysight Technologies, Inc.^*		1,391		223,436
Jabil, Inc.		1,238		178,148
Trimble, Inc.^*		2,480		175,237
Flex Ltd.^*		4,347		166,881
Coherent Corp.^*		1,662		157,441
Total Electronics				1,550,714
Energy-Alternate Sources - 1.0%
SolarEdge Technologies, Inc.^*,1		13,386		182,050
First Solar, Inc.^*		985		173,596
Enphase Energy, Inc.^*		1,849		126,989
Total Energy-Alternate Sources				482,635
Investment Companies - 0.6%
MARA Holdings, Inc.^*		5,062		84,890
Core Scientific, Inc.^*		5,305		74,535
Riot Platforms, Inc.^*		6,309		64,415
Cleanspark, Inc.^*		6,435		59,266
Total Investment Companies				283,106
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A^*		439		169,551
Electrical Components & Equipment - 0.2%
Universal Display Corp.		603		88,159
Total Common Stocks
(Cost $17,565,040)				44,919,214

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.3%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	71,416	71,416
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		56,136	56,136
Total Repurchase Agreements
(Cost $127,552)			127,552

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		298,532		298,532
Total Securities Lending Collateral
(Cost $298,532)				298,532
Total Investments - 100.4%
(Cost $17,991,124)			$	45,345,298
Other Assets & Liabilities, net - (0.4)%				(190,279	)
Total Net Assets - 100.0%			$	45,155,019

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	44,919,214	$	—	$	—	$	44,919,214
Repurchase Agreements		—		127,552		—		127,552
Securities Lending Collateral		298,532		—		—		298,532
Total Assets	$	45,217,746	$	127,552	$	—	$	45,345,298

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Telecommunications - 73.4%
Cisco Systems, Inc.		41,999	$	2,486,341
AT&T, Inc.		94,382		2,149,078
Verizon Communications, Inc.		51,819		2,072,242
Arista Networks, Inc.^*		16,340		1,806,060
T-Mobile US, Inc.		7,711		1,702,049
Motorola Solutions, Inc.		2,764		1,277,604
Juniper Networks, Inc.		21,278		796,861
Ciena Corp.^*		8,783		744,886
Frontier Communications Parent, Inc.^*		19,141		664,193
Telefonaktiebolaget LM Ericsson ADR		75,005		604,540
BCE, Inc.		23,901		554,025
Nokia Oyj ADR¹		123,145		545,532
Vodafone Group plc ADR		63,512		539,217
EchoStar Corp. — Class A^*		22,641		518,479
TELUS Corp.		37,807		512,663
America Movil SAB de CV ADR		35,522		508,320
Rogers Communications, Inc. — Class B		16,090		494,446
Lumen Technologies, Inc.^*		87,156		462,798
AST SpaceMobile, Inc.^*		21,463		452,869
Telephone & Data Systems, Inc.		11,822		403,249
Iridium Communications, Inc.		13,057		378,914
InterDigital, Inc.		1,695		328,355
Extreme Networks, Inc.^*		19,307		323,199
Viavi Solutions, Inc.^*		31,380		316,938
Calix, Inc.^*		8,579		299,150
Harmonic, Inc.^*		20,868		276,084
Infinera Corp.^*,1		40,507		266,131
Viasat, Inc.^*		26,310		223,898
CommScope Holding Company, Inc.^*		36,720		191,311
Gogo, Inc.^*		20,489		165,756
Total Telecommunications				22,065,188
Media - 15.4%
Comcast Corp. — Class A		52,336		1,964,170
Charter Communications, Inc. — Class A^*		3,494		1,197,638
Liberty Broadband Corp. — Class C^*		9,015		673,962
Liberty Global Ltd. — Class A^*		45,483		580,363
Liberty Latin America Ltd. — Class C^*		34,397		218,077
Total Media				4,634,210
Internet - 6.1%
F5, Inc.^*		3,384		850,975
Roku, Inc.^*		9,463		703,479
Cogent Communications Holdings, Inc.		3,791		292,172
Total Internet				1,846,626
Computers - 2.6%
Lumentum Holdings, Inc.^*		5,981		502,105
NetScout Systems, Inc.^*		12,536		271,530
Total Computers				773,635
Software - 1.2%
Nice Ltd. ADR^*		2,149		364,986
Electronics - 0.8%
Applied Optoelectronics, Inc.^*		6,611		243,681
Total Common Stocks
(Cost $29,038,269)				29,928,326

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	83,578	83,578
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		65,696	65,696
Total Repurchase Agreements
(Cost $149,274)			149,274

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.9%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		569,080		569,080
Total Securities Lending Collateral
(Cost $569,080)				569,080
Total Investments - 101.9%
(Cost $29,756,623)			$	30,646,680
Other Assets & Liabilities, net - (1.9)%				(578,722	)
Total Net Assets - 100.0%			$	30,067,958

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,928,326	$	—	$	—	$	29,928,326
Repurchase Agreements		—		149,274		—		149,274
Securities Lending Collateral		569,080		—		—		569,080
Total Assets	$	30,497,406	$	149,274	$	—	$	30,646,680

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.4%
Transportation - 39.6%
Union Pacific Corp.		1,558	$	355,286
United Parcel Service, Inc. — Class B		2,531		319,159
FedEx Corp.		866		243,632
CSX Corp.		7,332		236,604
Norfolk Southern Corp.		924		216,863
Old Dominion Freight Line, Inc.		959		169,168
ZIM Integrated Shipping Services Ltd.		5,801		124,547
Expeditors International of Washington, Inc.		1,060		117,416
Canadian Pacific Kansas City Ltd.		1,608		116,371
ZTO Express Cayman, Inc. ADR		5,927		115,873
Canadian National Railway Co.		1,122		113,894
J.B. Hunt Transport Services, Inc.		642		109,564
XPO, Inc.^*		833		109,248
Star Bulk Carriers Corp.		7,056		105,487
Golden Ocean Group Ltd.		11,722		105,029
CH Robinson Worldwide, Inc.		982		101,460
TFI International, Inc.		707		95,509
Knight-Swift Transportation Holdings, Inc.		1,632		86,561
Saia, Inc.^*		182		82,943
Ryder System, Inc.		477		74,822
Landstar System, Inc.		423		72,697
Kirby Corp.^*		677		71,627
Matson, Inc.		460		62,026
Hub Group, Inc. — Class A		1,065		47,456
Werner Enterprises, Inc.		1,196		42,960
ArcBest Corp.		380		35,462
Forward Air Corp.^*		1,026		33,089
Total Transportation				3,364,753
Auto Manufacturers - 25.5%
Tesla, Inc.^*		2,512		1,014,446
General Motors Co.		4,467		237,957
Ford Motor Co.		19,115		189,239
Li Auto, Inc. ADR^*		5,184		124,364
Toyota Motor Corp. ADR		612		119,101
NIO, Inc. ADR^*,1		25,369		110,609
Stellantis N.V.¹		8,353		109,007
Ferrari N.V.		243		103,236
Rivian Automotive, Inc. — Class A^*,1		7,158		95,201
Lucid Group, Inc.^*,1		21,360		64,507
Total Auto Manufacturers				2,167,667
Airlines - 12.3%
Delta Air Lines, Inc.		3,149		190,515
United Airlines Holdings, Inc.^*		1,788		173,615
Southwest Airlines Co.		4,110		138,178
Copa Holdings S.A. — Class A		1,211		106,423
Ryanair Holdings plc ADR		2,427		105,793
American Airlines Group, Inc.^*		5,935		103,447
Alaska Air Group, Inc.^*		1,343		86,959
SkyWest, Inc.^*		588		58,876
JetBlue Airways Corp.^*		6,152		48,355
Allegiant Travel Co. — Class A^*		301		28,330
Total Airlines				1,040,491
Auto Parts & Equipment - 11.0%
Mobileye Global, Inc. — Class A^*		6,469		128,862
Aptiv plc^*		2,080		125,798
Autoliv, Inc.		1,131		106,076
Magna International, Inc.		2,483		103,765
BorgWarner, Inc.		2,452		77,949
Gentex Corp.		2,660		76,422
Lear Corp.		721		68,279
Visteon Corp.^*		529		46,933
Dorman Products, Inc.^*		350		45,342
Goodyear Tire & Rubber Co.^*		5,001		45,009
QuantumScape Corp.^*		8,605		44,660
Adient plc^*		2,048		35,287
Fox Factory Holding Corp.^*		1,121		33,933
Total Auto Parts & Equipment				938,315
Internet - 5.9%
Uber Technologies, Inc.^*		5,512		332,484
Grab Holdings Ltd. — Class A^*		22,292		105,218
Lyft, Inc. — Class A^*		4,793		61,830
Total Internet				499,532
Commercial Services - 1.3%
GXO Logistics, Inc.^*		1,507		65,554
Avis Budget Group, Inc.^*		364		29,342
Hertz Global Holdings, Inc.^*		5,113		18,714
Total Commercial Services				113,610
Home Builders - 1.1%
Thor Industries, Inc.		667		63,839
Winnebago Industries, Inc.		690		32,968
Total Home Builders				96,807
Aerospace & Defense - 0.8%
Joby Aviation, Inc.^*		8,031		65,292
Building Materials - 0.7%
Modine Manufacturing Co.^*		558		64,689
Leisure Time - 0.7%
Harley-Davidson, Inc.		1,819		54,806
Retail - 0.5%
Patrick Industries, Inc.		523		43,451
Total Common Stocks
(Cost $4,931,663)				8,449,413

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	31,615	31,615
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		24,850	24,850
Total Repurchase Agreements
(Cost $56,465)			56,465

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 2.6%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.41%⁴		221,866	$	221,866
Total Securities Lending Collateral
(Cost $221,866)				221,866
Total Investments - 102.7%
(Cost $5,209,994)			$	8,727,744
Other Assets & Liabilities, net - (2.7)%				(229,748	)
Total Net Assets - 100.0%			$	8,497,996

^*	Non-income producing security.
^***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
^†	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, 2024 — 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, 2024.

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, 2024 (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	$	8,449,413	$	—	$	—	$	8,449,413
Repurchase Agreements		—		56,465		—		56,465
Securities Lending Collateral		221,866		—		—		221,866
Total Assets	$	8,671,279	$	56,465	$	—	$	8,727,744

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Shares		Value
COMMON STOCKS^† - 99.5%
Electric - 87.3%
NextEra Energy, Inc.		28,234	$	2,024,095
Southern Co.		19,272		1,586,471
Duke Energy Corp.		14,232		1,533,356
Constellation Energy Corp.		5,946		1,330,180
Sempra		14,298		1,254,221
PG&E Corp.		62,069		1,252,552
American Electric Power Company, Inc.		12,746		1,175,564
Dominion Energy, Inc.		21,243		1,144,148
Vistra Corp.		8,140		1,122,262
Public Service Enterprise Group, Inc.		12,776		1,079,444
Xcel Energy, Inc.		15,723		1,061,617
Exelon Corp.		27,954		1,052,188
Entergy Corp.		12,799		970,420
Edison International		11,659		930,854
Consolidated Edison, Inc.		10,322		921,032
WEC Energy Group, Inc.		9,684		910,683
Ameren Corp.		9,173		817,681
PPL Corp.		25,184		817,473
DTE Energy Co.		6,557		791,758
FirstEnergy Corp.		19,610		780,086
CenterPoint Energy, Inc.		24,047		763,011
Eversource Energy		13,241		760,431
CMS Energy Corp.		11,240		749,146
NRG Energy, Inc.		7,656		690,724
Alliant Energy Corp.		11,048		653,379
Evergy, Inc.		10,130		623,501
National Grid plc ADR		9,696		576,136
Fortis, Inc.		13,817		574,373
Pinnacle West Capital Corp.		5,996		508,281
AES Corp.		38,494		495,418
OGE Energy Corp.		11,701		482,666
Brookfield Renewable Corp.		16,622		459,764
IDACORP, Inc.		3,645		398,326
Clearway Energy, Inc. — Class C		14,374		373,724
Portland General Electric Co.		8,163		356,070
TXNM Energy, Inc.		7,222		355,106
Ormat Technologies, Inc.		4,936		334,266
Northwestern Energy Group, Inc.		5,797		309,908
Talen Energy Corp.^*		1,506		303,414
Otter Tail Corp.		3,284		242,491
Hawaiian Electric Industries, Inc.^*		22,096		214,994
MGE Energy, Inc.		1,659		155,880
Total Electric				32,937,094
Gas - 7.8%
Atmos Energy Corp.		5,624		783,254
NiSource, Inc.		19,184		705,204
UGI Corp.		14,409		406,766
National Fuel Gas Co.		6,538		396,726
ONE Gas, Inc.		4,779		330,946
MDU Resources Group, Inc.		17,574		316,683
Total Gas				2,939,579
Water - 3.5%
American Water Works Company, Inc.		6,526		812,422
Essential Utilities, Inc.		14,129		513,165
Total Water				1,325,587
Energy-Alternate Sources - 0.9%
NextEra Energy Partners, LP		12,484		222,215
Sunnova Energy International, Inc.^*		29,183		100,098
Total Energy-Alternate Sources				322,313
Total Common Stocks
(Cost $31,351,293)				37,524,573

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25	$	113,278		113,278
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25		89,041		89,041
Total Repurchase Agreements
(Cost $202,319)				202,319
Total Investments - 100.0%
(Cost $31,553,612)			$	37,726,892
Other Assets & Liabilities, net - 0.0%				(11,606	)
Total Net Assets - 100.0%			$	37,715,286

^*	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.

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	37,524,573	$	—	$	—	$	37,524,573
Repurchase Agreements		—		202,319		—		202,319
Total Assets	$	37,524,573	$	202,319	$	—	$	37,726,892

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

	Face Amount		Value
U.S. TREASURY BILLS^†† - 2.7%
U.S. Treasury Bills
4.21% due 01/16/25^1,2	$	20,000	$	19,967
Total U.S. Treasury Bills
(Cost $19,964)				19,967

REPURCHASE AGREEMENTS^††,3 - 99.8%
J.P. Morgan Securities LLC issued 12/31/24 at 4.45% due 01/02/25⁴		419,259		419,259
BofA Securities, Inc. issued 12/31/24 at 4.43% due 01/02/25⁴		329,554		329,554
Total Repurchase Agreements
(Cost $748,813)				748,813
Total Investments - 102.5%
(Cost $768,777)			$	768,780
Other Assets & Liabilities, net - (2.5)%				(18,604	)
Total Net Assets - 100.0%			$	750,176

Futures Contracts

Description	Number of Contracts	Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Sold Short^†
U.S. Dollar Index Futures Contracts	12	Mar 2025	$	1,299,180	$	(21,578	)

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 Sold Short^††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

03/21/25

1,889

204,405

(1,256

)

^**	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, 2024.
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, 2024.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	December 31, 2024

The following table summarizes the inputs used to value the Fund’s investments at December 31, 2024 (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	$	—	$	19,967	$	—	$	19,967
Repurchase Agreements		—		748,813		—		748,813
Total Assets	$	—	$	768,780	$	—	$	768,780

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	21,578	$	—	$	—	$	21,578
Currency Index Swap Agreements**		—		1,256		—		1,256
Total Liabilities	$	21,578	$	1,256	$	—	$	22,834

**	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

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 (“1940 Act”), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). 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:

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	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
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 Trust (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or 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 under the 1940 Act. 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/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by independent third-party pricing services 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 independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the 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 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.

U.S. Government securities are valued by independent third-party pricing services, 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 independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. 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 third-party pricing service.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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. 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 of the underlying securities would provide a more accurate valuation of the futures contract.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

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 prices of securities with comparable maturities and characteristics, or 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.

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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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. A Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if the Fund 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) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default 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 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 are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor’s^®, countries or markets with low - to middle – income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market,or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic,regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated

with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Fund may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

Note 3 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction 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:

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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, 2024, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
4.45%					0.38%
Due 01/02/25	$	116,353,080	$	116,381,845	Due 09/30/27	$	131,779,200	$	118,680,190

BofA Securities, Inc.					U.S. Treasury Note
4.43%					4.38%
Due 01/02/25		91,458,237		91,480,746	Due 12/31/29		55,664,000		55,676,747

					U.S. Treasury Bonds
					3.00% - 6.38%
					Due 08/15/27 - 05/15/42		44,033,000		36,852,802

					U.S. Treasury Strip
					0.00%
					Due 11/15/30		979,500		757,870
							100,676,500		93,287,419

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. Securities 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, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. 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, 2024, 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	$	57,275	$	58,769
Basic Materials Fund		304,221		315,145
Biotechnology Fund		854,822		873,142
Electronics Fund		3,256,246		3,348,225
Emerging Markets 2x Strategy Fund		22,293		22,969
Energy Fund		362,007		375,354
Energy Services Fund		135,466		139,626
Europe 1.25x Strategy Fund		68,149		70,227
Financial Services Fund		40,137		41,401
Health Care Fund		16,059		16,116
Internet Fund		97,907		104,980
Leisure Fund		94,497		96,639
Mid-Cap 1.5x Strategy Fund		8,093		8,222
NASDAQ-100^® Fund		2,069,077		2,133,703
Nova Fund		197,702		201,555
Precious Metals Fund		2,295,378		2,357,026
Russell 2000^® 1.5x Strategy Fund		17,271		17,874
Russell 2000^® Fund		1,088,788		1,110,529
S&P 500^® Fund		175,815		179,275
S&P 500^® Pure Value Fund		52,875		54,342
S&P MidCap 400^® Pure Growth Fund		128,918		130,980
S&P SmallCap 600^® Pure Value Fund		2,411		2,434
Technology Fund		291,734		298,532
Telecommunications Fund		539,085		569,080
Transportation Fund		212,561		221,866

Note 6 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code, applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

At December 31, 2024, 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	$	8,346,699	$	829,568	$	(34,199	)	$	795,369
Basic Materials Fund		17,672,981		6,790,740		(716,538	)		6,074,202
Biotechnology Fund		58,411,536		38,589,938		(4,239,819	)		34,350,119
Consumer Products Fund		26,767,949		19,119,641		(284,602	)		18,835,039
Dow Jones Industrial Average® Fund		20,950,893		4,071,592		(115,361	)		3,956,231
Electronics Fund		65,057,128		36,275,695		(3,520,357	)		32,755,338
Emerging Markets 2x Strategy Fund		2,392,762		329,901		(37,331	)		292,570
Emerging Markets Bond Strategy Fund		483,802		–		(7,396	)		(7,396	)
Energy Fund		16,998,445		2,972,240		(225,481	)		2,746,759
Energy Services Fund		6,905,095		–		(287,513	)		(287,513	)
Europe 1.25x Strategy Fund		1,075,136		133,298		(39,117	)		94,181
Financial Services Fund		16,841,661		1,710,920		(144,447	)		1,566,473
Government Long Bond 1.2x Strategy Fund		15,415,676		–		(850,098	)		(850,098	)
Health Care Fund		18,224,848		5,192,115		(616,095	)		4,576,020
High Yield Strategy Fund		29,051,373		243,021		(140,985	)		102,036
Internet Fund		16,230,315		5,380,076		(81,889	)		5,298,187
Inverse Emerging Markets 2x Strategy Fund		248,102		8,243		–			8,243
Inverse Government Long Bond Strategy Fund		24,703,208		482,431		–			482,431
Inverse High Yield Strategy Fund		3,658,568		78,816		–			78,816
Inverse Mid-Cap Strategy Fund		181,733		2,480		(313	)		2,167
Inverse NASDAQ-100® Strategy Fund		15,814,948		305,092		–			305,092
Inverse Russell 2000® Strategy Fund		1,372,116		42,006		–			42,006
Inverse S&P 500® Strategy Fund		31,352,219		324,073		(31,422	)		292,651
Japan 2x Strategy Fund		1,418,500		760		(103,594	)		(102,834	)
Leisure Fund		5,129,944		2,465,290		(29,734	)		2,435,556
Mid-Cap 1.5x Strategy Fund		12,627,860		2,165,790		(268,006	)		1,897,784
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		688,274,689		34,213,882		(15,969,287	)		18,244,595
NASDAQ-100® Fund		631,834,458		1,280,643,330		(13,572,854	)		1,267,070,476
Nova Fund		271,652,100		19,922,581		(7,724,312	)		12,198,269
Precious Metals Fund		83,415,803		–		(6,513,347	)		(6,513,347	)
Real Estate Fund		3,824,479		394,574		(48,030	)		346,544
Retailing Fund		4,445,217		1,653,996		(13,952	)		1,640,044
Russell 2000® 1.5x Strategy Fund		7,991,017		972,357		(1,016,279	)		(43,922	)
Russell 2000® Fund		26,280,301		1,277,377		(517,915	)		759,462
S&P 500® Fund		182,150,174		57,472,419		(800,580	)		56,671,839
S&P 500® Pure Growth Fund		30,335,998		4,891,547		(382,703	)		4,508,844
S&P 500® Pure Value Fund		8,505,414		380,337		(90,863	)		289,474
S&P MidCap 400® Pure Growth Fund		27,862,395		3,761,788		(486,127	)		3,275,661
S&P MidCap 400® Pure Value Fund		6,454,260		353,115		(73,408	)		279,707
S&P SmallCap 600® Pure Growth Fund		3,576,478		527,800		(102,858	)		424,942
S&P SmallCap 600® Pure Value Fund		4,914,724		230,581		(74,200	)		156,381
Strengthening Dollar 2x Strategy Fund		2,931,867		102,686		–			102,686
Technology Fund		21,872,073		23,964,029		(490,804	)		23,473,225
Telecommunications Fund		30,185,870		1,788,399		(1,327,589	)		460,810
Transportation Fund		6,544,561		2,307,975		(124,792	)		2,183,183
Utilities Fund		35,718,506		2,400,623		(392,237	)		2,008,386
Weakening Dollar 2x Strategy Fund		768,777		3		(22,834	)		(22,831	)

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 (or perceived to affect) individual companies, or issuers or particular industries, 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, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, natural/environmental or man made disasters, or geological events, governmental actions, tariffs, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its 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. Different sectors, industries and security types may react differently to such developments. 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 Energy Inv (RYEIX) NPORT-PS&P 500 Fund (Dec 2024 report)