NPORT-EX 2 fp0092702-1_nportex.htm RYDEX VARIABLE TRUST NQ

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 98.5%
Banks - 91.6%
JPMorgan Chase & Co.		565	$	138,595
Bank of America Corp.		3,234		134,955
Citigroup, Inc.		1,886		133,887
Wells Fargo & Co.		1,864		133,817
PNC Financial Services Group, Inc.		605		106,341
U.S. Bancorp		2,431		102,637
Bank of New York Mellon Corp.		1,189		99,721
Truist Financial Corp.		2,268		93,328
NU Holdings Limited/Cayman Islands — Class A^*		8,342		85,422
M&T Bank Corp.		384		68,640
Fifth Third Bancorp		1,661		65,111
State Street Corp.		713		63,835
Huntington Bancshares, Inc.		3,982		59,770
Regions Financial Corp.		2,599		56,476
Northern Trust Corp.		554		54,652
KeyCorp		3,375		53,966
Citizens Financial Group, Inc.		1,271		52,073
ICICI Bank Ltd. ADR		1,591		50,148
HDFC Bank Ltd. ADR		719		47,770
East West Bancorp, Inc.		504		45,239
Toronto-Dominion Bank		711		42,617
First Horizon Corp.		2,091		40,607
Popular, Inc.		424		39,165
SouthState Corp.		421		39,077
Webster Financial Corp.		743		38,302
Royal Bank of Canada		324		36,521
Commerce Bancshares, Inc.		585		36,405
Western Alliance Bancorporation		468		35,956
Comerica, Inc.		598		35,318
Cullen/Frost Bankers, Inc.		278		34,806
Zions Bancorp North America		697		34,752
Bank of Nova Scotia		717		34,007
Old National Bancorp		1,572		33,311
Prosperity Bancshares, Inc.		454		32,402
UMB Financial Corp.		319		32,251
Synovus Financial Corp.		690		32,251
Pinnacle Financial Partners, Inc.		301		31,918
First Citizens BancShares, Inc. — Class A		17		31,520
Wintrust Financial Corp.		274		30,814
Canadian Imperial Bank of Commerce		541		30,458
Barclays plc ADR¹		1,974		30,321
Cadence Bank		976		29,631
Columbia Banking System, Inc.		1,163		29,005
United Bankshares, Inc.		800		27,736
FNB Corp.		2,060		27,707
Bank of Montreal		287		27,411
Bank OZK		624		27,113
Hancock Whitney Corp.		513		26,907
Valley National Bancorp		2,955		26,270
First Financial Bankshares, Inc.		730		26,222
HSBC Holdings plc ADR		456		26,188
Associated Banc-Corp.		1,087		24,490
International Bancshares Corp.		380		23,963
Texas Capital Bancshares, Inc.^*		315		23,531
Fulton Financial Corp.		1,267		22,920
Eastern Bankshares, Inc.		1,395		22,878
Grupo Financiero Galicia S.A. ADR^*		420		22,877
Banco Bradesco S.A. ADR		9,958		22,206
UBS Group AG		722		22,115
First Hawaiian, Inc.		896		21,898
Cathay General Bancorp		496		21,343
Independent Bank Corp.		326		20,424
Simmons First National Corp. — Class A		972		19,955
First Interstate BancSystem, Inc. — Class A		693		19,855
Bancorp, Inc.^*		375		19,815
CVB Financial Corp.		1,047		19,328
First Financial Bancorp		765		19,110
Seacoast Banking Corporation of Florida		712		18,320
Banner Corp.		286		18,238
BOK Financial Corp.		118		12,290
Total Banks				3,048,908
Savings & Loans - 3.7%
Flagstar Financial, Inc.		2,141		24,878
Axos Financial, Inc.^*		371		23,937
WSFS Financial Corp.		422		21,889
WaFd, Inc.		672		19,206
Banc of California, Inc.		1,260		17,879
Pacific Premier Bancorp, Inc.		824		17,568
Total Savings & Loans				125,357
Diversified Financial Services - 3.2%
Capital One Financial Corp.		594		106,504
Total Common Stocks
(Cost $1,953,255)				3,280,769

PREFERRED STOCKS^† - 0.9%
Banks - 0.9%
Itau Unibanco Holding S.A.
ADR		5,658		31,118
Total Preferred Stocks
(Cost $24,540)				31,118

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	12,412	12,412
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		9,513	9,513
Total Repurchase Agreements
(Cost $21,925)			21,925

Banking Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		23,105	$	23,105
Total Securities Lending Collateral
(Cost $23,105)				23,105
Total Investments - 100.8%
(Cost $2,022,825)			$	3,356,917
Other Assets & Liabilities, net - (0.8)%				(28,260	)
Total Net Assets - 100.0%			$	3,328,657

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	3,280,769	$	—	$	—	$	3,280,769
Preferred Stocks		31,118		—		—		31,118
Repurchase Agreements		—		21,925		—		21,925
Securities Lending Collateral		23,105		—		—		23,105
Total Assets	$	3,334,992	$	21,925	$	—	$	3,356,917

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6%
Chemicals - 33.1%
Linde plc		576	$	268,209
Sherwin-Williams Co.		462		161,326
Ecolab, Inc.		573		145,267
Air Products and Chemicals, Inc.		488		143,921
DuPont de Nemours, Inc.		1,257		93,873
PPG Industries, Inc.		804		87,917
Dow, Inc.		2,463		86,008
International Flavors & Fragrances, Inc.		1,013		78,619
LyondellBasell Industries N.V. — Class A		1,058		74,483
RPM International, Inc.		593		68,598
CF Industries Holdings, Inc.		838		65,490
Nutrien Ltd.		1,264		62,783
Eastman Chemical Co.		635		55,950
Mosaic Co.		1,999		53,993
Albemarle Corp.		725		52,214
Axalta Coating Systems Ltd.^*		1,442		47,831
Celanese Corp. — Class A		811		46,040
FMC Corp.		984		41,515
Balchem Corp.		236		39,176
Element Solutions, Inc.		1,691		38,234
Cabot Corp.		456		37,912
Westlake Corp.		326		32,610
Avient Corp.		851		31,623
Ashland, Inc.		519		30,771
Olin Corp.		1,247		30,227
Huntsman Corp.		1,743		27,522
Chemours Co.		1,860		25,166
Innospec, Inc.		259		24,540
Hawkins, Inc.		117		12,393
Total Chemicals				1,964,211
Mining - 28.8%
Newmont Corp.		2,708		130,742
Freeport-McMoRan, Inc.		3,353		126,945
Barrick Gold Corp.		4,499		87,461
Agnico Eagle Mines Ltd.		688		74,586
Kinross Gold Corp.		5,675		71,562
Wheaton Precious Metals Corp.		863		66,995
Anglogold Ashanti plc		1,803		66,927
Harmony Gold Mining Company Ltd. ADR		4,478		66,140
Rio Tinto plc ADR		1,081		64,946
BHP Group Ltd. ADR¹		1,301		63,151
Franco-Nevada Corp.		391		61,606
Alamos Gold, Inc. — Class A		2,297		61,422
Gold Fields Ltd. ADR		2,752		60,792
Eldorado Gold Corp.^*		3,585		60,300
Royal Gold, Inc.		364		59,518
IAMGOLD Corp.^*		9,462		59,138
Pan American Silver Corp.		2,283		58,970
First Majestic Silver Corp.		8,712		58,283
Hudbay Minerals, Inc.		7,324		55,589
B2Gold Corp.		19,432		55,381
Equinox Gold Corp.^*		8,008		55,095
Southern Copper Corp.		538		50,281
Alcoa Corp.		1,579		48,159
Coeur Mining, Inc.^*		5,500		32,560
MP Materials Corp.^*		1,305		31,855
Hecla Mining Co.		5,600		31,136
SSR Mining, Inc.^*		2,379		23,861
Century Aluminum Co.^*		899		16,685
Kaiser Aluminum Corp.		132		8,002
Total Mining				1,708,088
Packaging & Containers - 10.8%
Packaging Corporation of America		384		76,040
Smurfit WestRock plc		1,631		73,493
Ball Corp.		1,330		69,253
Amcor plc		7,007		67,968
Crown Holdings, Inc.		658		58,733
AptarGroup, Inc.		381		56,533
Berry Global Group, Inc.		724		50,542
Graphic Packaging Holding Co.		1,903		49,402
Sonoco Products Co.		832		39,304
Silgan Holdings, Inc.		763		39,004
Sealed Air Corp.		1,247		36,038
O-I Glass, Inc.^*		2,121		24,328
Total Packaging & Containers				640,638
Iron & Steel - 10.1%
Nucor Corp.		746		89,774
Vale S.A. ADR		8,168		81,517
Steel Dynamics, Inc.		595		74,422
Reliance, Inc.		245		70,744
United States Steel Corp.		1,284		54,262
Carpenter Technology Corp.		297		53,810
ArcelorMittal S.A.		1,824		52,622
ATI, Inc.^*		939		48,856
Commercial Metals Co.		900		41,409
Cleveland-Cliffs, Inc.^*		4,003		32,905
Total Iron & Steel				600,321
Building Materials - 9.0%
CRH plc^*		1,520		133,715
Vulcan Materials Co.		432		100,786
Martin Marietta Materials, Inc.		204		97,539
Cemex SAB de CV ADR		9,649		54,131
Eagle Materials, Inc.		207		45,939
Louisiana-Pacific Corp.		476		43,782
Knife River Corp.^*		460		41,497
Aspen Aerogels, Inc.^*		1,964		12,550
Total Building Materials				529,939
Coal - 2.3%
Teck Resources Ltd. — Class B		1,589		57,887
Core Natural Resources, Inc.		471		36,314
Warrior Met Coal, Inc.		590		28,155
Alpha Metallurgical Resources, Inc.^*		103		12,901
Total Coal				135,257
Biotechnology - 2.1%
Corteva, Inc.		1,935		121,769
Forest Products & Paper - 1.6%
International Paper Co.		1,846		98,484
Household Products & Housewares - 1.1%
Avery Dennison Corp.		378		67,273
Housewares - 0.4%
Scotts Miracle-Gro Co. — Class A		478		26,238

Basic Materials Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Environmental Control - 0.3%
PureCycle Technologies, Inc.^*		2,619	$	18,123
Total Common Stocks
(Cost $3,032,774)				5,910,341

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.9%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	30,737	30,737
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		23,557	23,557
Total Repurchase Agreements
(Cost $54,294)			54,294

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		48,750		48,750
Total Securities Lending Collateral
(Cost $48,750)				48,750
Total Investments - 101.3%
(Cost $3,135,818)			$	6,013,385
Other Assets & Liabilities, net - (1.3)%				(76,734	)
Total Net Assets - 100.0%			$	5,936,651

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	5,910,341	$	—	$	—	$	5,910,341
Repurchase Agreements		—		54,294		—		54,294
Securities Lending Collateral		48,750		—		—		48,750
Total Assets	$	5,959,091	$	54,294	$	—	$	6,013,385

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8%
Biotechnology - 76.2%
Amgen, Inc.		1,542	$	480,410
Gilead Sciences, Inc.		3,955		443,158
Vertex Pharmaceuticals, Inc.^*		837		405,794
Regeneron Pharmaceuticals, Inc.		554		351,363
Corteva, Inc.		4,753		299,106
Alnylam Pharmaceuticals, Inc.^*		995		268,670
BeiGene Ltd. ADR^*		840		228,623
Biogen, Inc.^*		1,422		194,586
Royalty Pharma plc — Class A		5,418		168,662
United Therapeutics Corp.^*		537		165,541
Insmed, Inc.^*		2,150		164,024
BioMarin Pharmaceutical, Inc.^*		2,256		159,477
Intra-Cellular Therapies, Inc.^*		1,208		159,359
Illumina, Inc.^*		1,903		150,984
Exelixis, Inc.^*		3,723		137,453
Incyte Corp.^*		2,103		127,337
Argenx SE ADR^*		213		126,067
Halozyme Therapeutics, Inc.^*		1,959		125,004
Moderna, Inc.^*		4,329		122,727
Bridgebio Pharma, Inc.^*		3,121		107,893
Guardant Health, Inc.^*		2,470		105,222
TG Therapeutics, Inc.^*		2,650		104,490
Legend Biotech Corp. ADR^*		3,064		103,962
Blueprint Medicines Corp.^*		1,173		103,822
Revolution Medicines, Inc.^*		2,918		103,180
BioNTech SE ADR^*		1,131		102,989
ADMA Biologics, Inc.^*		4,779		94,815
Cytokinetics, Inc.^*		2,286		91,874
Ionis Pharmaceuticals, Inc.^*		2,998		90,450
Roivant Sciences Ltd.^*		8,878		89,579
Axsome Therapeutics, Inc.^*		755		88,056
Sarepta Therapeutics, Inc.^*		1,353		86,348
CRISPR Therapeutics AG^*,1		2,484		84,531
PTC Therapeutics, Inc.^*		1,508		76,848
Ultragenyx Pharmaceutical, Inc.^*		2,075		75,136
Crinetics Pharmaceuticals, Inc.^*		2,217		74,358
SpringWorks Therapeutics, Inc.^*		1,678		74,050
Avidity Biosciences, Inc.^*		2,502		73,859
Amicus Therapeutics, Inc.^*		8,112		66,194
Veracyte, Inc.^*		2,207		65,438
Arcellx, Inc.^*		986		64,682
Apellis Pharmaceuticals, Inc.^*		2,898		63,379
Viking Therapeutics, Inc.^*		2,624		63,370
Summit Therapeutics, Inc.^*		3,273		63,136
ACADIA Pharmaceuticals, Inc.^*		3,776		62,719
Recursion Pharmaceuticals, Inc. — Class A^*,1		11,170		59,089
Denali Therapeutics, Inc.^*		3,992		54,271
Nuvalent, Inc. — Class A^*		763		54,112
Beam Therapeutics, Inc.^*		2,766		54,020
Dynavax Technologies Corp.^*		4,157		53,916
Arrowhead Pharmaceuticals, Inc.^*		4,044		51,521
Krystal Biotech, Inc.^*		275		49,583
Ideaya Biosciences, Inc.^*		2,935		48,075
Immunovant, Inc.^*		2,670		45,630
Celldex Therapeutics, Inc.^*		2,379		43,179
Iovance Biotherapeutics, Inc.^*		12,916		43,010
Dyne Therapeutics, Inc.^*		3,929		41,097
Novavax, Inc.^*		6,080		38,973
Intellia Therapeutics, Inc.^*		4,527		32,187
Geron Corp.^*		17,386		27,644
Total Biotechnology				7,155,032
Pharmaceuticals - 18.5%
AbbVie, Inc.		3,448		722,425
AstraZeneca plc ADR		2,821		207,344
Neurocrine Biosciences, Inc.^*		1,317		145,660
Viatris, Inc.		15,877		138,289
Alkermes plc^*		3,420		112,928
Jazz Pharmaceuticals plc^*		899		111,611
Protagonist Therapeutics, Inc.^*		1,436		69,445
Vaxcyte, Inc.^*		1,812		68,421
Ascendis Pharma A/S ADR^*		385		60,006
Madrigal Pharmaceuticals, Inc.^*		162		53,659
Agios Pharmaceuticals, Inc.^*		1,794		52,564
Total Pharmaceuticals				1,742,352
Healthcare-Products - 4.1%
Natera, Inc.^*		1,342		189,772
Exact Sciences Corp.^*		2,980		129,004
Twist Bioscience Corp.^*		1,583		62,149
Total Healthcare-Products				380,925
Healthcare-Services - 1.0%
Medpace Holdings, Inc.^*		308		93,845
Total Common Stocks
(Cost $5,007,643)				9,372,154

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	42,035	42,035
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		32,215	32,215
Total Repurchase Agreements
(Cost $74,250)			74,250

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		119,080		119,080
Total Securities Lending Collateral
(Cost $119,080)				119,080
Total Investments - 101.9%
(Cost $5,200,973)			$	9,565,484
Other Assets & Liabilities, net - (1.9)%				(174,115	)
Total Net Assets - 100.0%			$	9,391,369

Biotechnology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	9,372,154	$	—	$	—	$	9,372,154
Repurchase Agreements		—		74,250		—		74,250
Securities Lending Collateral		119,080		—		—		119,080
Total Assets	$	9,491,234	$	74,250	$	—	$	9,565,484

Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 45.8%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		143,351	$	1,437,814
Guggenheim Strategy Fund II¹		57,080		1,418,999
Total Mutual Funds
(Cost $2,848,443)				2,856,813

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 15.2%
Federal Home Loan Bank
4.24% due 04/25/25²	$	699,000		697,024
Freddie Mac
4.21% due 04/01/25²		250,000		250,000
Total Federal Agency Discount Notes
(Cost $947,024)				947,024

U.S. TREASURY BILLS^†† - 11.2%
U.S. Treasury Bills
4.22% due 04/01/25²		500,000		500,000
4.08% due 04/08/25^2,3		200,000		199,835
Total U.S. Treasury Bills
(Cost $699,836)				699,835

FEDERAL AGENCY NOTES^†† - 6.4%
Federal Farm Credit Bank
4.32% due 02/27/26		400,000		399,640
Total Federal Agency Notes
(Cost $399,981)				399,640

REPURCHASE AGREEMENTS^††,4 - 14.9%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		526,714		526,714
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		403,668		403,668
Total Repurchase Agreements
(Cost $930,382)				930,382
Total Investments - 93.5%
(Cost $5,825,666)			$	5,833,694
Other Assets & Liabilities, net - 6.5%				402,755
Total Net Assets - 100.0%			$	6,236,449

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Commodity Futures Contracts Purchased^†

S&P Goldman Sachs Commodity Index Futures Contracts

Apr 2025

6,255,150

185,414

**	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 March 31, 2025.
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 March 31, 2025 (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	$	2,856,813	$	—	$	—	$	2,856,813
Federal Agency Discount Notes		—		947,024		—		947,024
U.S. Treasury Bills		—		699,835		—		699,835
Federal Agency Notes		—		399,640		—		399,640
Repurchase Agreements		—		930,382		—		930,382
Commodity Futures Contracts**		185,414		—		—		185,414
Total Assets	$	3,042,227	$	2,976,881	$	—	$	6,019,108

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

Commodities Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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/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.

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,418,428	$	–	$	–	$	–	$	571	$	1,418,999		57,080	$	18,904
Guggenheim Ultra Short Duration Fund — Institutional Class		1,434,948		–		–		–		2,866		1,437,814		143,351		15,966
	$	2,853,376	$	–	$	–	$	–	$	3,437	$	2,856,813			$	34,870

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8%
Food - 32.6%
Mondelez International, Inc. — Class A		2,805	$	190,319
Kroger Co.		1,965		133,011
Sysco Corp.		1,628		122,165
Hershey Co.		674		115,274
General Mills, Inc.		1,894		113,242
Kraft Heinz Co.		3,310		100,723
Tyson Foods, Inc. — Class A		1,526		97,374
McCormick & Company, Inc.		1,158		95,315
Kellanova		1,150		94,864
Sprouts Farmers Market, Inc.^*		547		83,494
US Foods Holding Corp.^*		1,203		78,748
Conagra Brands, Inc.		2,698		71,956
Performance Food Group Co.^*		912		71,711
J M Smucker Co.		596		70,572
Hormel Foods Corp.		1,974		61,076
Ingredion, Inc.		437		59,087
The Campbell's Co.		1,430		57,086
Lamb Weston Holdings, Inc.		1,070		57,031
Albertsons Companies, Inc. — Class A		2,503		55,041
Post Holdings, Inc.^*		422		49,104
Cal-Maine Foods, Inc.		470		42,723
Flowers Foods, Inc.		2,042		38,819
Simply Good Foods Co.^*		1,047		36,111
Pilgrim's Pride Corp.		577		31,452
Grocery Outlet Holding Corp.^*		1,783		24,926
Lancaster Colony Corp.		72		12,600
Total Food				1,963,824
Beverages - 25.9%
Coca-Cola Co.		4,494		321,860
PepsiCo, Inc.		1,907		285,936
Keurig Dr Pepper, Inc.		3,863		132,192
Monster Beverage Corp.^*		2,246		131,436
Constellation Brands, Inc. — Class A		568		104,239
Coca-Cola Europacific Partners plc		1,123		97,735
Brown-Forman Corp. — Class B		2,239		75,992
Anheuser-Busch InBev S.A. ADR		1,105		68,024
Molson Coors Beverage Co. — Class B		1,104		67,200
Diageo plc ADR		598		62,664
Fomento Economico Mexicano SAB de CV ADR		619		60,402
Primo Brands Corp. — Class A		1,643		58,310
Celsius Holdings, Inc.^*		1,523		54,249
Coca-Cola Consolidated, Inc.		26		35,100
Total Beverages				1,555,339
Cosmetics & Personal Care - 16.7%
Procter & Gamble Co.		2,344		399,465
Colgate-Palmolive Co.		1,876		175,781
Kenvue, Inc.		5,737		137,573
Estee Lauder Companies, Inc. — Class A		1,389		91,674
Unilever plc ADR		1,185		70,567
Haleon plc ADR		6,163		63,417
elf Beauty, Inc.^*		585		36,732
Inter Parfums, Inc.		240		27,329
Total Cosmetics & Personal Care				1,002,538
Agriculture - 13.7%
Philip Morris International, Inc.		2,014		319,682
Altria Group, Inc.		3,371		202,328
Archer-Daniels-Midland Co.		1,998		95,924
British American Tobacco plc ADR		1,828		75,624
Bunge Global S.A.		846		64,651
Darling Ingredients, Inc.^*		1,524		47,610
Vital Farms, Inc.^*		664		20,232
Total Agriculture				826,051
Household Products & Housewares - 6.8%
Kimberly-Clark Corp.		963		136,958
Church & Dwight Company, Inc.		943		103,815
Clorox Co.		576		84,816
WD-40 Co.		139		33,916
Spectrum Brands Holdings, Inc.		378		27,046
Reynolds Consumer Products, Inc.		964		23,001
Total Household Products & Housewares				409,552
Retail - 2.1%
Casey's General Stores, Inc.		195		84,638
Freshpet, Inc.^*		472		39,256
Total Retail				123,894
Pharmaceuticals - 1.1%
BellRing Brands, Inc.^*		872		64,929
Internet - 0.9%
Maplebear, Inc.^*		1,344		53,612
Total Common Stocks
(Cost $2,784,788)				5,999,739

	Face Amount
REPURCHASE AGREEMENTS^††,1- 0.4%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	14,632		14,632
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		11,214		11,214
Total Repurchase Agreements
(Cost $25,846)				25,846
Total Investments - 100.2%
(Cost $2,810,634)			$	6,025,585
Other Assets & Liabilities, net - (0.2)%				(10,559	)
Total Net Assets - 100.0%			$	6,015,026

Consumer Products Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

^*	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 March 31, 2025 (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	$	5,999,739	$	—	$	—	$	5,999,739
Repurchase Agreements		—		25,846		—		25,846
Total Assets	$	5,999,739	$	25,846	$	—	$	6,025,585

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 77.5%
Financial - 19.0%
Goldman Sachs Group, Inc.		876	$	478,550
Visa, Inc. — Class A		876		307,003
American Express Co.		876		235,688
Travelers Companies, Inc.		876		231,667
JPMorgan Chase & Co.		876		214,883
Total Financial				1,467,791
Consumer, Non-cyclical - 15.1%
UnitedHealth Group, Inc.		876		458,805
Amgen, Inc.		876		272,918
Procter & Gamble Co.		876		149,288
Johnson & Johnson		876		145,276
Merck & Company, Inc.		876		78,630
Coca-Cola Co.		876		62,739
Total Consumer, Non-cyclical				1,167,656
Technology - 13.9%
Microsoft Corp.		876		328,842
Salesforce, Inc.		876		235,083
International Business Machines Corp.		876		217,826
Apple, Inc.		876		194,586
NVIDIA Corp.		876		94,941
Total Technology				1,071,278
Industrial - 9.7%
Caterpillar, Inc.		876		288,905
Honeywell International, Inc.		876		185,493
Boeing Co.^*		876		149,402
3M Co.		876		128,649
Total Industrial				752,449
Consumer, Cyclical - 9.4%
Home Depot, Inc.		876		321,045
McDonald's Corp.		876		273,636
Walmart, Inc.		876		76,904
NIKE, Inc. — Class B		876		55,609
Total Consumer, Cyclical				727,194
Communications - 4.5%
Amazon.com, Inc.^*		876		166,668
Walt Disney Co.		876		86,461
Cisco Systems, Inc.		876		54,058
Verizon Communications, Inc.		876		39,735
Total Communications				346,922
Basic Materials - 4.0%
Sherwin-Williams Co.		876		305,890
Energy - 1.9%
Chevron Corp.		876		146,546
Total Common Stocks
(Cost $4,044,285)				5,985,726

	Face Amount
U.S. TREASURY BILLS^†† - 6.0%
U.S. Treasury Bills
4.08% due 04/08/25^1,2	$	312,000		311,742
4.20% due 06/12/25^2,3		150,000		148,743
Total U.S. Treasury Bills
(Cost $460,484)				460,485

REPURCHASE AGREEMENTS^††,4 - 10.5%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25³		459,498		459,498
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25³		352,153		352,153
Total Repurchase Agreements
(Cost $811,651)				811,651
Total Investments - 94.0%
(Cost $5,316,420)			$	7,257,862
Other Assets & Liabilities, net - 6.0%				462,931
Total Net Assets - 100.0%			$	7,720,793

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Dow Jones Industrial Average Mini Futures Contracts		14	Jun 2025	$	2,959,180	$	(14,477	)

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

Dow Jones Industrial Average

Pay

5.24% (SOFR + 0.90%)

At Maturity

06/26/25

2,337,427

(12,248

)

BNP Paribas

Dow Jones Industrial Average

Pay

5.23% (Federal Funds Rate + 0.90%)

At Maturity

06/26/25

4,145,389

(44,703

)

6,482,816

(56,951

)

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

^*	Non-income producing security.
^**	Includes cumulative appreciation (depreciation).
^†	Value determined based on Level 1 inputs — See Note 3.
^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is pledged as futures collateral at March 31, 2025.
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 March 31, 2025.
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 March 31, 2025 (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	$	5,985,726	$	—	$	—	$	5,985,726
U.S. Treasury Bills		—		460,485		—		460,485
Repurchase Agreements		—		811,651		—		811,651
Total Assets	$	5,985,726	$	1,272,136	$	—	$	7,257,862

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	14,477	$	—	$	—	$	14,477
Equity Index Swap Agreements**		—		56,951		—		56,951
Total Liabilities	$	14,477	$	56,951	$	—	$	71,428

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

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6%
Semiconductors - 92.3%
NVIDIA Corp.		34,412	$	3,729,573
Broadcom, Inc.		11,878		1,988,734
Advanced Micro Devices, Inc.^*		9,899		1,017,023
Texas Instruments, Inc.		5,542		995,897
QUALCOMM, Inc.		6,475		994,625
Applied Materials, Inc.		5,573		808,754
Analog Devices, Inc.		3,757		757,674
Lam Research Corp.		10,021		728,527
KLA Corp.		1,060		720,588
Micron Technology, Inc.		8,166		709,544
Intel Corp.^*		29,074		660,271
Marvell Technology, Inc.		8,646		532,334
Monolithic Power Systems, Inc.		690		400,186
Taiwan Semiconductor Manufacturing Company Ltd. ADR		2,390		396,740
NXP Semiconductor N.V.		2,050		389,623
Microchip Technology, Inc.		7,606		368,206
ASML Holding N.V. — Class G		548		363,121
ON Semiconductor Corp.^*		7,596		309,081
ARM Holdings plc ADR^*,1		2,886		308,196
United Microelectronics Corp. ADR¹		38,521		275,425
Teradyne, Inc.		3,324		274,562
Entegris, Inc.		3,027		264,802
Skyworks Solutions, Inc.		3,723		240,618
STMicroelectronics N.V. — Class Y		10,677		234,467
ASE Technology Holding Company Ltd. ADR		25,996		227,725
Kulicke & Soffa Industries, Inc.		6,765		223,110
Astera Labs, Inc.^*		3,409		203,415
Qorvo, Inc.^*		2,803		202,965
Lattice Semiconductor Corp.^*		3,670		192,492
MACOM Technology Solutions Holdings, Inc.^*		1,901		190,822
Onto Innovation, Inc.^*		1,464		177,642
Rambus, Inc.^*		3,424		177,278
MKS Instruments, Inc.		2,208		176,971
Cirrus Logic, Inc.^*		1,745		173,898
GLOBALFOUNDRIES, Inc.^*		4,080		150,593
Nova Ltd.^*		775		142,856
Semtech Corp.^*		3,935		135,364
Allegro MicroSystems, Inc.^*		5,086		127,811
Silicon Laboratories, Inc.^*		1,099		123,714
Synaptics, Inc.^*		1,894		120,686
Power Integrations, Inc.		2,368		119,584
Impinj, Inc.^*		1,289		116,912
Amkor Technology, Inc.		6,022		108,757
FormFactor, Inc.^*		3,816		107,955
Ambarella, Inc.^*		2,057		103,529
Diodes, Inc.^*		2,298		99,205
Axcelis Technologies, Inc.^*		1,775		88,164
Veeco Instruments, Inc.^*		3,952		79,356
ACM Research, Inc. — Class A^*		3,373		78,726
SiTime Corp.^*		483		73,836
Penguin Solutions, Inc.^*		4,204		73,023
MaxLinear, Inc. — Class A^*		6,061		65,822
Wolfspeed, Inc.^*,1		13,035		39,887
Total Semiconductors				21,370,669
Energy-Alternate Sources - 4.3%
SolarEdge Technologies, Inc.^*,1		17,804		288,069
First Solar, Inc.^*		2,093		264,618
Canadian Solar, Inc.^*,1		26,067		225,479
Enphase Energy, Inc.^*		3,597		223,194
Total Energy-Alternate Sources				1,001,360
Electronics - 0.9%
Camtek Ltd.¹		3,801		222,853
Electrical Components & Equipment - 0.8%
Universal Display Corp.		1,311		182,858
Telecommunications - 0.8%
Credo Technology Group Holding Ltd.^*		4,484		180,077
Computers - 0.5%
Rigetti Computing, Inc.^*,1		13,663		108,211
Total Common Stocks
(Cost $13,744,263)				23,066,028

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	88,974	88,974
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		68,189	68,189
Total Repurchase Agreements
(Cost $157,163)			157,163

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 4.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		963,299		963,299
Total Securities Lending Collateral
(Cost $963,299)				963,299
Total Investments - 104.5%
(Cost $14,864,725)			$	24,186,490
Other Assets & Liabilities, net - (4.5)%				(1,040,659	)
Total Net Assets - 100.0%			$	23,145,831

^*	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.

Electronics Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

¹	All or a portion of this security is on loan at March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	23,066,028	$	—	$	—	$	23,066,028
Repurchase Agreements		—		157,163		—		157,163
Securities Lending Collateral		963,299		—		—		963,299
Total Assets	$	24,029,327	$	157,163	$	—	$	24,186,490

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8%
Oil & Gas - 63.9%
Exxon Mobil Corp.		7,410	$	881,271
Chevron Corp.		3,860		645,739
ConocoPhillips		4,232		444,445
Equities Corp.		7,273		388,596
EOG Resources, Inc.		2,531		324,575
Phillips 66		2,146		264,988
Hess Corp.		1,652		263,874
Marathon Petroleum Corp.		1,773		258,308
Valero Energy Corp.		1,871		247,103
Occidental Petroleum Corp.		4,532		223,700
Diamondback Energy, Inc.		1,351		215,998
Expand Energy Corp.		1,773		197,370
Devon Energy Corp.		5,225		195,415
BP plc ADR		5,722		193,346
Coterra Energy, Inc. — Class A		6,242		180,394
Shell plc ADR		2,414		176,898
Canadian Natural Resources Ltd.		5,221		160,807
Petroleo Brasileiro S.A. ADR		11,048		158,428
Suncor Energy, Inc.		3,930		152,170
Cenovus Energy, Inc.		9,952		138,432
Antero Resources Corp.^*		3,342		135,151
Ovintiv, Inc.		3,031		129,727
Permian Resources Corp.		8,985		124,442
Viper Energy, Inc.		2,714		122,537
Range Resources Corp.		2,958		118,113
Equinor ASA ADR		4,390		116,116
APA Corp.		5,180		108,884
Transocean Ltd.^*		32,284		102,340
Chord Energy Corp.		893		100,659
Matador Resources Co.		1,834		93,699
HF Sinclair Corp.		2,720		89,434
Magnolia Oil & Gas Corp. — Class A		3,468		87,602
Seadrill Ltd.^*		3,235		80,875
CNX Resources Corp.^*		2,511		79,046
Murphy Oil Corp.		2,758		78,327
Weatherford International plc		1,386		74,220
California Resources Corp.		1,647		72,419
Civitas Resources, Inc.		2,036		71,036
SM Energy Co.		2,351		70,412
Patterson-UTI Energy, Inc.		8,361		68,727
Noble Corporation plc		2,808		66,550
Northern Oil & Gas, Inc.		2,182		65,962
Crescent Energy Co. — Class A		5,742		64,540
Texas Pacific Land Corp.		45		59,625
Valaris Ltd.^*		1,488		58,419
Helmerich & Payne, Inc.		2,206		57,621
Comstock Resources, Inc.^*		2,463		50,097
PBF Energy, Inc. — Class A		2,406		45,931
Vital Energy, Inc.^*		1,429		30,323
Total Oil & Gas				8,134,691
Pipelines - 17.3%
Williams Companies, Inc.		5,547		331,489
ONEOK, Inc.		3,028		300,438
Kinder Morgan, Inc.		10,121		288,752
Cheniere Energy, Inc.		1,179		272,820
Targa Resources Corp.		1,278		256,201
Enbridge, Inc.		3,606		159,782
TC Energy Corp.		2,622		123,784
Golar LNG Ltd.		3,198		121,492
DT Midstream, Inc.		1,239		119,539
Antero Midstream Corp.		5,235		94,230
Pembina Pipeline Corp.		2,196		87,906
New Fortress Energy, Inc.^*,1		5,971		49,619
Total Pipelines				2,206,052
Oil & Gas Services - 9.0%
Schlumberger N.V.		6,851		286,372
Baker Hughes Co.		5,738		252,185
Halliburton Co.		6,694		169,827
TechnipFMC plc		4,419		140,038
NOV, Inc.		6,127		93,253
ChampionX Corp.		3,039		90,562
Liberty Energy, Inc. — Class A		3,982		63,035
Tidewater, Inc.^*		1,276		53,936
Total Oil & Gas Services				1,149,208
Energy-Alternate Sources - 3.5%
First Solar, Inc.^*		1,022		129,211
SolarEdge Technologies, Inc.^*,1		7,014		113,487
Enphase Energy, Inc.^*		1,762		109,332
Sunrun, Inc.^*		7,311		42,843
Plug Power, Inc.^*,1		18,919		25,541
Green Plains, Inc.^*		4,191		20,326
Total Energy-Alternate Sources				440,740
Mining - 1.6%
Cameco Corp.		3,372		138,792
Uranium Energy Corp.^*		10,708		51,184
Centrus Energy Corp. — Class A^*		299		18,601
Total Mining				208,577
Transportation - 1.3%
Scorpio Tankers, Inc.		2,164		81,323
Frontline plc		5,312		78,883
Total Transportation				160,206
Coal - 1.0%
Core Natural Resources, Inc.		984		75,866
Peabody Energy Corp.		3,530		47,832
Total Coal				123,698
Retail - 0.9%
Murphy USA, Inc.		241		113,224
Metal Fabricate & Hardware - 0.7%
Tenaris S.A. ADR		2,456		96,054
Machinery-Diversified - 0.6%
Cactus, Inc. — Class A		1,597		73,191
Total Common Stocks
(Cost $7,021,295)				12,705,641

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.3%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	18,102	18,102
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		13,873	13,873
Total Repurchase Agreements
(Cost $31,975)			31,975

Energy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 1.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴	$	141,188	$	141,188
Total Securities Lending Collateral
(Cost $141,188)			$	141,188
Total Investments - 101.2%
(Cost $7,194,458)			$	12,878,804
Other Assets & Liabilities, net - (1.2)%				(145,328	)
Total Net Assets - 100.0%			$	12,733,476

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,705,641	$	—	$	—	$	12,705,641
Repurchase Agreements		—		31,975		—		31,975
Securities Lending Collateral		141,188		—		—		141,188
Total Assets	$	12,846,829	$	31,975	$	—	$	12,878,804

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.5%
Oil & Gas Services - 71.4%
Schlumberger N.V.		8,593	$	359,187
Baker Hughes Co.		7,200		316,440
Halliburton Co.		8,398		213,057
TechnipFMC plc		3,861		122,355
NOV, Inc.		7,689		117,027
ChampionX Corp.		3,816		113,717
Archrock, Inc.		4,026		105,642
Liberty Energy, Inc. — Class A		5,005		79,229
Oceaneering International, Inc.^*		3,282		71,580
Tidewater, Inc.^*		1,600		67,632
Kodiak Gas Services, Inc.		1,809		67,476
Atlas Energy Solutions, Inc.¹		3,124		55,732
Select Water Solutions, Inc. — Class A		5,225		54,862
Helix Energy Solutions Group, Inc.^*		6,176		51,323
Solaris Energy Infrastructure, Inc. — Class A		2,352		51,180
Aris Water Solutions, Inc. — Class A		1,489		47,708
Expro Group Holdings N.V.^*		4,577		45,495
ProPetro Holding Corp.^*		5,265		38,698
RPC, Inc.		6,334		34,837
ProFrac Holding Corp. — Class A^*,1		1,506		11,431
Total Oil & Gas Services				2,024,608
Oil & Gas - 21.9%
Weatherford International plc		1,743		93,338
Patterson-UTI Energy, Inc.		10,496		86,277
Noble Corporation plc		3,526		83,566
Transocean Ltd.^*		26,072		82,648
Valaris Ltd.^*		1,868		73,338
Helmerich & Payne, Inc.		2,772		72,404
Seadrill Ltd.^*		2,851		71,275
Borr Drilling Ltd.		19,737		43,224
Nabors Industries Ltd.^*		346		14,432
Total Oil & Gas				620,502
Machinery-Diversified - 3.2%
Cactus, Inc. — Class A		1,997		91,522
Metal Fabricate & Hardware - 3.0%
Tenaris S.A. ADR		2,157		84,360
Total Common Stocks
(Cost $1,423,941)				2,820,992

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	12,618	12,618
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		9,670	9,670
Total Repurchase Agreements
(Cost $22,288)			22,288

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		55,645		55,645
Total Securities Lending Collateral
(Cost $55,645)				55,645
Total Investments - 102.3%
(Cost $1,501,874)			$	2,898,925
Other Assets & Liabilities, net - (2.3)%				(65,078	)
Total Net Assets - 100.0%			$	2,833,847

^*	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 March 31, 2025 — 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 March 31, 2025.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Energy Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,820,992	$	—	$	—	$	2,820,992
Repurchase Agreements		—		22,288		—		22,288
Securities Lending Collateral		55,645		—		—		55,645
Total Assets	$	2,876,637	$	22,288	$	—	$	2,898,925

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 43.3%
Consumer, Non-cyclical - 14.6%
Nestle S.A. ADR		786	$	79,520
Roche Holding AG ADR¹		1,684		69,297
AstraZeneca plc ADR		929		68,281
Novo Nordisk A/S ADR¹		956		66,385
Novartis AG ADR		592		65,996
Unilever plc ADR		771		45,913
Sanofi S.A. ADR		705		39,099
RELX plc ADR		566		28,532
L'Oreal S.A. ADR		362		26,918
EssilorLuxottica S.A. ADR		186		26,803
GSK plc ADR¹		641		24,832
British American Tobacco plc ADR		592		24,491
Anheuser-Busch InBev S.A. ADR		308		18,961
Diageo plc ADR		166		17,395
Total Consumer, Non-cyclical				602,423
Financial - 8.8%
HSBC Holdings plc ADR¹		1,060		60,876
Allianz SE ADR		1,160		44,359
Banco Santander S.A. ADR		4,591		30,759
Zurich Insurance Group AG ADR¹		878		30,616
UBS Group AG		952		29,160
BNP Paribas S.A. ADR		638		26,643
UniCredit SpA ADR		932		26,152
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR¹		2,011		25,439
AXA S.A. ADR		559		23,886
London Stock Exchange Group plc ADR		606		22,858
Intesa Sanpaolo SpA ADR		731		22,588
ING Groep N.V. ADR		944		18,493
Total Financial				361,829
Industrial - 4.9%
Siemens AG ADR¹		451		52,037
Schneider Electric SE ADR		862		39,583
Airbus SE ADR		705		31,083
Safran S.A. ADR		449		29,733
ABB Ltd. ADR		478		24,923
Vinci S.A. ADR		698		21,980
Total Industrial				199,339
Technology - 3.9%
SAP SE ADR		307		82,411
ASML Holding N.V. — Class G		118		78,190
Total Technology				160,601
Energy - 3.4%
Shell plc ADR		908		66,538
TotalEnergies SE ADR		680		43,989
BP plc ADR		826		27,911
Total Energy				138,438
Consumer, Cyclical - 2.8%
LVMH Moet Hennessy Louis Vuitton SE ADR		382		47,318
Cie Financiere Richemont S.A. ADR		1,616		28,038
Hermes International SCA ADR		105		27,513
Mercedes-Benz Group AG ADR		867		12,684
Total Consumer, Cyclical				115,553
Basic Materials - 1.9%
Air Liquide S.A. ADR		869		33,039
Rio Tinto plc ADR		322		19,346
BASF SE ADR		1,072		13,347
Glencore plc ADR		1,496		10,935
Total Basic Materials				76,667
Utilities - 1.6%
Iberdrola S.A. ADR		441		28,440
National Grid plc ADR		306		20,077
Enel SpA ADR		2,341		18,868
Total Utilities				67,385
Communications - 1.4%
Deutsche Telekom AG ADR		1,084		40,184
Prosus N.V. ADR		1,994		18,464
Total Communications				58,648
Total Common Stocks
(Cost $1,610,777)				1,780,883

MUTUAL FUNDS^† - 10.0%
Guggenheim Strategy Fund II²		9,255		230,083
Guggenheim Ultra Short Duration Fund — Institutional Class²		18,098		181,523
Total Mutual Funds
(Cost $407,812)				411,606

	Face Amount
U.S. TREASURY BILLS^†† - 5.5%
U.S. Treasury Bills
4.08% due 04/08/25^3,4	$	228,000	227,812
Total U.S. Treasury Bills
(Cost $227,813)			227,812

REPURCHASE AGREEMENTS^††,5 - 35.3%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		823,327	823,327
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		630,987	630,987
Total Repurchase Agreements
(Cost $1,454,314)			1,454,314

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 5.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁷		204,764		204,764
Total Securities Lending Collateral
(Cost $204,764)				204,764
Total Investments - 99.1%
(Cost $3,905,480)			$	4,079,379
Other Assets & Liabilities, net - 0.9%				35,406
Total Net Assets - 100.0%			$	4,114,785

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		25	Jun 2025	$	3,394,062	$	(12,889	)

Equity Futures Contracts Purchased^†
STOXX 50 Index Futures Contracts		68	Jun 2025		3,342,972		(86,191	)

^**	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 March 31, 2025 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at March 31, 2025.
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 March 31, 2025.

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 March 31, 2025 (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	$	1,780,883	$	—	$	—	$	1,780,883
Mutual Funds		411,606		—		—		411,606
U.S. Treasury Bills		—		227,812		—		227,812
Repurchase Agreements		—		1,454,314		—		1,454,314
Securities Lending Collateral		204,764		—		—		204,764
Total Assets	$	2,397,253	$	1,682,126	$	—	$	4,079,379

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**		12,889		—		—		12,889
Equity Futures Contracts**	$	86,191	$	—	$	—	$	86,191
Total Liabilities	$	99,080	$	—	$	—	$	99,080

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

Europe 1.25x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	229,991	$	–	$	–	$	–	$	92	$	230,083		9,255	$	3,065
Guggenheim Ultra Short Duration Fund — Institutional Class		181,161		–		–		–		362		181,523		18,098		2,016
	$	411,152	$	–	$	–	$	–	$	454	$	411,606			$	5,081

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 98.9%
Banks - 24.8%
JPMorgan Chase & Co.		1,212	$	297,304
Bank of America Corp.		4,584		191,290
Wells Fargo & Co.		2,395		171,937
Goldman Sachs Group, Inc.		273		149,137
Morgan Stanley		1,149		134,054
Citigroup, Inc.		1,812		128,634
PNC Financial Services Group, Inc.		527		92,631
U.S. Bancorp		2,121		89,549
Bank of New York Mellon Corp.		1,038		87,057
Truist Financial Corp.		1,980		81,477
NU Holdings Limited/Cayman Islands — Class A^*		7,949		81,398
ICICI Bank Ltd. ADR		2,402		75,711
HDFC Bank Ltd. ADR		1,133		75,277
Toronto-Dominion Bank		1,161		69,590
Popular, Inc.		749		69,185
Royal Bank of Canada		590		66,505
Bank of Nova Scotia		1,358		64,410
M&T Bank Corp.		335		59,881
Fifth Third Bancorp		1,449		56,801
State Street Corp.		623		55,777
Huntington Bancshares, Inc.		3,474		52,145
Regions Financial Corp.		2,268		49,284
Northern Trust Corp.		483		47,648
KeyCorp		2,944		47,075
Citizens Financial Group, Inc.		1,110		45,477
East West Bancorp, Inc.		440		39,494
First Horizon Corp.		1,825		35,441
Commerce Bancshares, Inc.		510		31,737
Western Alliance Bancorporation		408		31,347
Comerica, Inc.		522		30,829
Zions Bancorp North America		608		30,315
Old National Bancorp		1,372		29,073
UMB Financial Corp.		279		28,207
Columbia Banking System, Inc.		1,014		25,289
Bank OZK		545		23,680
Valley National Bancorp		2,578		22,918
First Citizens BancShares, Inc. — Class A		12		22,249
Pinnacle Financial Partners, Inc.		203		21,526
Wintrust Financial Corp.		185		20,805
Total Banks				2,732,144
Diversified Financial Services - 23.3%
Visa, Inc. — Class A		849		297,541
Mastercard, Inc. — Class A		433		237,336
Charles Schwab Corp.		1,683		131,745
American Express Co.		487		131,027
Blackrock, Inc.		138		130,614
Intercontinental Exchange, Inc.		633		109,193
CME Group, Inc. — Class A		410		108,769
Interactive Brokers Group, Inc. — Class A		567		93,890
Capital One Financial Corp.		518		92,877
Apollo Global Management, Inc.		614		84,081
Ares Management Corp. — Class A		521		76,384
Ameriprise Financial, Inc.		156		75,521
Discover Financial Services		437		74,596
Coinbase Global, Inc. — Class A^*		412		70,959
XP, Inc. — Class A		5,021		69,039
Nasdaq, Inc.		883		66,984
Tradeweb Markets, Inc. — Class A		442		65,619
Blue Owl Capital, Inc.		3,143		62,986
Raymond James Financial, Inc.		398		55,286
Cboe Global Markets, Inc.		242		54,762
Synchrony Financial		953		50,452
LPL Financial Holdings, Inc.		150		49,071
T. Rowe Price Group, Inc.		530		48,691
TPG, Inc.		933		44,252
SoFi Technologies, Inc.^*		3,287		38,228
Ally Financial, Inc.		1,005		36,652
SEI Investments Co.		439		34,080
Jefferies Financial Group, Inc.		578		30,963
Invesco Ltd.		1,822		27,640
Virtu Financial, Inc. — Class A		714		27,218
Franklin Resources, Inc.		1,410		27,142
SLM Corp.		911		26,756
Hamilton Lane, Inc. — Class A		143		21,260
Upstart Holdings, Inc.^*		457		21,036
Total Diversified Financial Services				2,572,650
Insurance - 18.6%
Berkshire Hathaway, Inc. — Class B^*		707		376,534
Progressive Corp.		501		141,788
Marsh & McLennan Companies, Inc.		506		123,479
Arthur J Gallagher & Co.		306		105,643
Arch Capital Group Ltd.		1,019		98,007
Willis Towers Watson plc		286		96,654
Chubb Ltd.		289		87,275
Aflac, Inc.		782		86,951
Travelers Companies, Inc.		323		85,421
Allstate Corp.		392		81,171
American International Group, Inc.		930		80,854
Aon plc — Class A		201		80,217
MetLife, Inc.		925		74,268
Prudential Financial, Inc.		631		70,470
Everest Group Ltd.		186		67,579
Hartford Insurance Group, Inc.		538		66,567
Brown & Brown, Inc.		490		60,956
Cincinnati Financial Corp.		361		53,327
W R Berkley Corp.		737		52,445
Principal Financial Group, Inc.		572		48,260
Equitable Holdings, Inc.		864		45,006
Corebridge Financial, Inc.		977		30,844
Selective Insurance Group, Inc.		279		25,540
Erie Indemnity Co. — Class A		46		19,276
Total Insurance				2,058,532
REITs - 18.6%
American Tower Corp. — Class A		523		113,805
Prologis, Inc.		1,003		112,125
Welltower, Inc.		729		111,690
Equinix, Inc.		119		97,027
Simon Property Group, Inc.		485		80,549
Realty Income Corp.		1,379		79,996
Crown Castle, Inc.		745		77,651

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 98.9% (continued)
REITs - 18.6% (continued)
Public Storage		256	$	76,618
Digital Realty Trust, Inc.		527		75,514
VICI Properties, Inc.		1,973		64,359
Extra Space Storage, Inc.		416		61,772
Ventas, Inc.		887		60,990
AvalonBay Communities, Inc.		284		60,952
Equity Residential		801		57,336
Iron Mountain, Inc.		644		55,410
SBA Communications Corp.		246		54,122
Weyerhaeuser Co.		1,728		50,596
Invitation Homes, Inc.		1,443		50,289
Mid-America Apartment Communities, Inc.		296		49,604
Sun Communities, Inc.		347		44,638
UDR, Inc.		962		43,453
Alexandria Real Estate Equities, Inc.		457		42,277
Kimco Realty Corp.		1,965		41,737
Regency Centers Corp.		559		41,232
Healthpeak Properties, Inc.		2,031		41,067
Gaming and Leisure Properties, Inc.		798		40,618
Camden Property Trust		330		40,359
American Homes 4 Rent — Class A		1,046		39,549
Lamar Advertising Co. — Class A		331		37,661
Equity LifeStyle Properties, Inc.		558		37,219
Annaly Capital Management, Inc.		1,789		36,335
BXP, Inc.		521		35,006
Host Hotels & Resorts, Inc.		2,368		33,649
Rexford Industrial Realty, Inc.		830		32,494
AGNC Investment Corp.¹		3,271		31,336
Sabra Health Care REIT, Inc.		1,286		22,466
Lineage, Inc.		352		20,638
Total REITs				2,052,139
Commercial Services - 6.5%
S&P Global, Inc.		281		142,776
Moody's Corp.		205		95,467
PayPal Holdings, Inc.^*		1,321		86,195
StoneCo Ltd. — Class A^*		6,825		71,526
Block, Inc. — Class A^*		1,171		63,621
Global Payments, Inc.		561		54,933
Corpay, Inc.^*		155		54,052
Toast, Inc. — Class A^*		1,437		47,665
Affirm Holdings, Inc.^*		860		38,863
MarketAxess Holdings, Inc.		143		30,938
Shift4 Payments, Inc. — Class A^*,1		366		29,906
Total Commercial Services				715,942
Private Equity - 3.2%
Blackstone, Inc. — Class A		1,050		146,769
KKR & Company, Inc. — Class A		878		101,506
Brookfield Corp.		1,320		69,181
Carlyle Group, Inc.		884		38,533
Total Private Equity				355,989
Software - 2.8%
Fiserv, Inc.^*		563		124,327
MSCI, Inc. — Class A		129		72,950
Fidelity National Information Services, Inc.		933		69,676
Jack Henry & Associates, Inc.		222		40,537
Total Software				307,490
Internet - 0.7%
Robinhood Markets, Inc. — Class A^*		1,745		72,627
Investment Companies - 0.4%
Ares Capital Corp.		1,935		42,880
Total Common Stocks
(Cost $4,877,022)				10,910,393
PREFERRED STOCKS^† - 0.6%
Banks - 0.6%
Itau Unibanco Holding S.A. ADR		12,030		66,165
Total Preferred Stocks
(Cost $51,089)				66,165

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	47,319	47,319
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		36,264	36,264
Total Repurchase Agreements
(Cost $83,583)			83,583

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.4%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		47,618		47,618
Total Securities Lending Collateral
(Cost $47,618)				47,618
Total Investments - 100.7%
(Cost $5,059,312)			$	11,107,759
Other Assets & Liabilities, net - (0.7)%				(73,415	)
Total Net Assets - 100.0%			$	11,034,344

^*	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 March 31, 2025 — See Note 5.
²	Repurchase Agreements — See Note 4.

Financial Services Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

³	Securities lending collateral — See Note 5.
⁴	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	10,910,393	$	—	$	—	$	10,910,393
Preferred Stocks		66,165		—		—		66,165
Repurchase Agreements		—		83,583		—		83,583
Securities Lending Collateral		47,618		—		—		47,618
Total Assets	$	11,024,176	$	83,583	$	—	$	11,107,759

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 46.1%
Guggenheim Variable Insurance Strategy Fund III¹		100,294	$	2,499,330
Guggenheim Strategy Fund III¹		89,107		2,221,435
Guggenheim Strategy Fund II¹		4,552		113,167
Guggenheim Ultra Short Duration Fund — Institutional Class¹		7,274		72,955
Total Mutual Funds
(Cost $4,886,643)				4,906,887

	Face Amount
U.S. TREASURY BILLS^†† - 9.7%
U.S. Treasury Bills
4.08% due 04/08/25^2,3	$	1,039,000		1,038,142
Total U.S. Treasury Bills
(Cost $1,038,145)				1,038,142

REPURCHASE AGREEMENTS^††,4 - 40.2%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		2,425,878		2,425,878
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		1,859,163		1,859,163
Total Repurchase Agreements
(Cost $4,285,041)				4,285,041
Total Investments - 96.0%
(Cost $10,209,829)			$	10,230,070
Other Assets & Liabilities, net - 4.0%				426,233
Total Net Assets - 100.0%			$	10,656,303

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Commodity Futures Contracts Purchased^†
Gold 100 oz. Futures Contracts		4	Jun 2025	$	1,262,840	$	72,908
Cattle Feeder Futures Contracts		6	May 2025		854,400		29,401
Soybean Oil Futures Contracts		18	May 2025		484,488		27,924
Cotton #2 Futures Contracts		12	May 2025		401,220		9,732
Silver Futures Contracts		1	May 2025		173,850		9,197
Low Sulphur Gas Oil Futures Contracts		3	May 2025		204,975		8,505
WTI Crude Futures Contracts		2	Apr 2025		142,900		6,058
Gasoline RBOB Futures Contracts		2	Apr 2025		192,360		2,978
Brent Crude Futures Contracts		2	Apr 2025		149,360		2,665
NY Harbor ULSD Futures Contracts		1	Apr 2025		95,726		2,116
Copper Futures Contracts		2	May 2025		252,500		869
LME Zinc Futures Contracts		3	May 2025		213,657		(31	)
Live Cattle Futures Contracts		5	Jun 2025		407,600		(2,898	)
Soybean Meal Futures Contracts		15	May 2025		439,200		(3,590	)
LME Primary Aluminum Futures Contracts		3	May 2025		189,710		(9,868	)
Cocoa Futures Contracts		3	May 2025		239,100		(12,189	)
LME Nickel Futures Contracts		6	May 2025		569,528		(15,975	)
Sugar #11 Futures Contracts		32	Apr 2025		675,226		(22,035	)
Coffee 'C' Futures Contracts		9	May 2025		1,278,112		(34,477	)
				$	8,226,752	$	71,290

Interest Rate Futures Contracts Purchased^†
Australian Government 3 Year Bond Futures Contracts		39	Jun 2025		2,595,206		5,166
Euro - Schatz Futures Contracts		14	Jun 2025		1,620,052		3,027
U.S. Treasury Long Bond Futures Contracts		2	Jun 2025		235,375		1,833
Australian Government 10 Year Bond Futures Contracts		4	Jun 2025		281,550		1,628
U.S. Treasury Ultra Long Bond Futures Contracts		1	Jun 2025		122,875		1,509
U.S. Treasury 10 Year Note Futures Contracts		3	Jun 2025		334,266		577
U.S. Treasury 5 Year Note Futures Contracts		1	Jun 2025		108,273		114

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Interest Rate Futures Contracts Purchased^† (continued)
Canadian Government 10 Year Bond Futures Contracts		9	Jun 2025	$	778,395	$	25
				$	6,075,992	$	13,879

Currency Futures Contracts Purchased^†
Swedish Krona Futures Contracts		1	Jun 2025		200,050		692
Norwegian Krone Futures Contracts		1	Jun 2025		190,300		620
British Pound Futures Contracts		7	Jun 2025		565,162		(1,659	)
Swiss Franc Futures Contracts		3	Jun 2025		427,838		(1,674	)
New Zealand Dollar Futures Contracts		6	Jun 2025		341,250		(3,552	)
Euro FX Futures Contracts		8	Jun 2025		1,086,100		(4,368	)
				$	2,810,700	$	(9,941	)

Equity Futures Contracts Purchased^†
FTSE/JSE TOP 40 Index Futures Contracts^††		36	Jun 2025	$	1,638,632	$	41,990
IBEX 35 Index Futures Contracts^††		12	Apr 2025		1,706,924		18,371
Tokyo Stock Price Index Futures Contracts		1	Jun 2025		179,222		92
FTSE 100 Index Futures Contracts		1	Jun 2025		111,517		(403	)
FTSE Taiwan Index Futures Contracts		3	Apr 2025		212,100		(10,080	)
NASDAQ-100 Index Mini Futures Contracts		1	Jun 2025		388,995		(10,852	)
DAX Index Futures Contracts		3	Jun 2025		1,827,318		(55,308	)
				$	6,064,708	$	(16,190	)

Commodity Futures Contracts Sold Short^†
Wheat Futures Contracts		21	May 2025		564,375		15,475
Hard Red Winter Wheat Futures Contracts		17	May 2025		473,025		14,129
Corn Futures Contracts		10	May 2025		228,875		7,004
Soybean Futures Contracts		3	May 2025		152,100		5,490
Lean Hogs Futures Contracts		10	Jun 2025		382,100		(506	)
Natural Gas Futures Contracts		5	Apr 2025		206,550		(8,099	)
				$	2,007,025	$	33,493

Equity Futures Contracts Sold Short^†
CAC 40 10 Euro Index Futures Contracts		6	Apr 2025		508,354		13,798
S&P MidCap 400 Index Mini Futures Contracts		1	Jun 2025		293,890		9,075
Euro STOXX 50 Index Futures Contracts		3	Jun 2025		169,365		4,078
Russell 2000 Index Mini Futures Contracts		1	Jun 2025		101,355		3,122
Dow Jones Industrial Average Index Mini Futures Contracts		3	Jun 2025		634,110		1,037
S&P 500 Index Mini Futures Contracts		1	Jun 2025		282,812		(1,597	)
				$	1,989,886	$	29,513

Currency Futures Contracts Sold Short^†
Australian Dollar Futures Contracts		19	Jun 2025		1,188,260		10,910
Mexican Peso Futures Contracts		18	Jun 2025		435,150		8,978
Japanese Yen Futures Contracts		1	Jun 2025		84,075		2,029
Canadian Dollar Futures Contracts		4	Jun 2025		279,080		1,253
				$	1,986,565	$	23,170

Interest Rate Futures Contracts Sold Short^†
Long Gilt Futures Contracts^††		11	Jun 2025		1,303,998		4,901
U.S. Treasury 2 Year Note Futures Contracts		15	Jun 2025		3,108,633		(1,169	)
Euro - Bund Futures Contracts		10	Jun 2025		1,393,464		(12,052	)
				$	5,806,095	$	(8,320	)

Global Managed Futures Strategy Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

^**	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 March 31, 2025.
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 March 31, 2025 (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	$	4,906,887	$	—	$	—	$	4,906,887
U.S. Treasury Bills		—		1,038,142		—		1,038,142
Repurchase Agreements		—		4,285,041		—		4,285,041
Commodity Futures Contracts**		214,451		—		—		214,451
Equity Futures Contracts**		31,202		60,361		—		91,563
Currency Futures Contracts**		24,482		—		—		24,482
Interest Rate Futures Contracts**		13,879		4,901		—		18,780
Total Assets	$	5,190,901	$	5,388,445	$	—	$	10,579,346

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Commodity Futures Contracts**	$	109,668	$	—	$	—	$	109,668
Equity Futures Contracts**		78,240		—		—		78,240
Interest Rate Futures Contracts**		13,221		—		—		13,221
Currency Futures Contracts**		11,253		—		—		11,253
Total Liabilities	$	212,382	$	—	$	—	$	212,382

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

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	113,122	$	–	$	–	$	–	$	45		$	113,167		4,552	$	1,508
Guggenheim Strategy Fund III		2,222,326		–		–		–		(891	)		2,221,435		89,107		30,274
Guggenheim Ultra Short Duration Fund — Institutional Class		72,809		–		–		–		146			72,955		7,274		810
Guggenheim Variable Insurance Strategy Fund III		2,501,336		–		–		–		(2,006	)		2,499,330		100,294		34,000
	$	4,909,593	$	–	$	–	$	–	$	(2,706	)	$	4,906,887			$	66,592

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 6.6%
Guggenheim Strategy Fund II¹		10,941	$	272,001
Guggenheim Ultra Short Duration Fund — Institutional Class¹		19,735		197,941
Total Mutual Funds
(Cost $456,853)				469,942

	Face Amount
U.S. GOVERNMENT SECURITIES^†† - 45.1%
U.S. Treasury Bonds
4.63% due 02/15/55	$	3,200,000		3,221,000
Total U.S. Government Securities
(Cost $3,166,019)				3,221,000

FEDERAL AGENCY DISCOUNT NOTES^†† - 30.9%
Federal Home Loan Bank
4.23% due 05/07/25²		1,072,000		1,067,465
Freddie Mac
4.20% due 04/03/25²		840,000		839,804
Federal Farm Credit Bank
4.26% due 04/09/25²		300,000		299,716
Total Federal Agency Discount Notes
(Cost $2,206,985)				2,206,985

U.S. TREASURY BILLS^†† - 1.4%
U.S. Treasury Bills
4.08% due 04/08/25^2,3		98,000		97,919
Total U.S. Treasury Bills
(Cost $97,920)				97,919

REPURCHASE AGREEMENTS^††,4 - 10.2%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		414,215		414,215
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		317,450		317,450
Total Repurchase Agreements
(Cost $731,665)				731,665
Total Investments - 94.2%
(Cost $6,659,442)			$	6,727,511
Other Assets & Liabilities, net - 5.8%				413,705
Total Net Assets - 100.0%			$	7,141,216

Futures Contracts

Description

Number of
Contracts

Expiration Date

Notional Amount

Value and
Unrealized
Appreciation^**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury Ultra Long Bond Futures Contracts

Jun 2025

5,529,375

115,607

^**	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 March 31, 2025.
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 March 31, 2025 (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	$	469,942	$	—	$	—	$	469,942
U.S. Government Securities		—		3,221,000		—		3,221,000
Federal Agency Discount Notes		—		2,206,985		—		2,206,985
U.S. Treasury Bills		—		97,919		—		97,919
Repurchase Agreements		—		731,665		—		731,665
Interest Rate Futures Contracts**		115,607		—		—		115,607
Total Assets	$	585,549	$	6,257,569	$	—	$	6,843,118

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

Government Long Bond 1.2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	272,001	$	–	$	–		$	–	$	–		$	272,001		10,941	$	3,623
Guggenheim Ultra Short Duration Fund — Institutional Class		247,496		–		(50,000	)		499		(54	)		197,941		19,735		2,507
	$	519,497	$	–	$	(50,000	)	$	499	$	(54	)	$	469,942			$	6,130

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6%
Pharmaceuticals - 32.5%
Eli Lilly & Co.		618	$	510,412
Johnson & Johnson		2,286		379,110
AbbVie, Inc.		1,710		358,279
Merck & Company, Inc.		3,046		273,409
Pfizer, Inc.		8,787		222,663
Bristol-Myers Squibb Co.		3,428		209,074
McKesson Corp.		260		174,977
CVS Health Corp.		2,529		171,340
Zoetis, Inc.		956		157,405
Becton Dickinson & Co.		678		155,303
Cencora, Inc. — Class A		500		139,045
AstraZeneca plc ADR		1,851		136,049
Cardinal Health, Inc.		822		113,247
Novo Nordisk A/S ADR¹		1,628		113,048
Dexcom, Inc.^*		1,431		97,723
GSK plc ADR¹		2,382		92,279
Corcept Therapeutics, Inc.^*		773		88,292
Novartis AG ADR		783		87,289
Alkermes plc^*		2,620		86,512
Teva Pharmaceutical Industries Ltd. ADR^*		5,596		86,011
Jazz Pharmaceuticals plc^*		675		83,801
Neurocrine Biosciences, Inc.^*		565		62,489
Viatris, Inc.		6,818		59,385
Henry Schein, Inc.^*		786		53,833
Option Care Health, Inc.^*		1,335		46,658
Vaxcyte, Inc.^*		778		29,377
Madrigal Pharmaceuticals, Inc.^*		82		27,161
Total Pharmaceuticals				4,014,171
Healthcare-Products - 28.3%
Abbott Laboratories		2,156		285,994
Intuitive Surgical, Inc.^*		520		257,540
Thermo Fisher Scientific, Inc.		509		253,278
Boston Scientific Corp.^*		2,353		237,371
Danaher Corp.		1,062		217,710
Stryker Corp.		581		216,277
Medtronic plc		1,442		129,578
Edwards Lifesciences Corp.^*		1,747		126,623
GE HealthCare Technologies, Inc.		1,385		111,783
IDEXX Laboratories, Inc.^*		264		110,867
ResMed, Inc.		487		109,015
Agilent Technologies, Inc.		922		107,856
Zimmer Biomet Holdings, Inc.		810		91,676
STERIS plc		396		89,753
Insulet Corp.^*		321		84,298
Natera, Inc.^*		576		81,452
Cooper Companies, Inc.^*		964		81,314
Baxter International, Inc.		2,284		78,181
West Pharmaceutical Services, Inc.		339		75,895
Waters Corp.^*		200		73,714
Hologic, Inc.^*		1,144		70,665
Align Technology, Inc.^*		399		63,385
Avantor, Inc.^*		3,767		61,063
Exact Sciences Corp.^*		1,279		55,368
Bio-Techne Corp.		944		55,347
Masimo Corp.^*		314		52,312
Merit Medical Systems, Inc.^*		458		48,415
Lantheus Holdings, Inc.^*		475		46,360
Bruker Corp.		892		37,232
Repligen Corp.^*		287		36,518
PROCEPT BioRobotics Corp.^*		576		33,558
Dentsply Sirona, Inc.		2,162		32,300
TransMedics Group, Inc.^*		432		29,065
Twist Bioscience Corp.^*		729		28,621
Tandem Diabetes Care, Inc.^*		1,127		21,593
Total Healthcare-Products				3,491,977
Biotechnology - 20.9%
Amgen, Inc.		778		242,386
Gilead Sciences, Inc.		1,977		221,523
Vertex Pharmaceuticals, Inc.^*		423		205,079
Regeneron Pharmaceuticals, Inc.		238		150,947
Alnylam Pharmaceuticals, Inc.^*		435		117,459
Argenx SE ADR^*		159		94,107
Biogen, Inc.^*		611		83,609
BioNTech SE ADR^*		871		79,313
Royalty Pharma plc — Class A		2,326		72,408
United Therapeutics Corp.^*		231		71,210
Insmed, Inc.^*		924		70,492
BioMarin Pharmaceutical, Inc.^*		969		68,499
Intra-Cellular Therapies, Inc.^*		519		68,466
CRISPR Therapeutics AG^*,1		1,958		66,631
Illumina, Inc.^*		817		64,821
Exelixis, Inc.^*		1,598		58,998
Incyte Corp.^*		903		54,677
Halozyme Therapeutics, Inc.^*		841		53,664
Moderna, Inc.^*		1,860		52,731
Bridgebio Pharma, Inc.^*		1,339		46,289
Guardant Health, Inc.^*		1,061		45,199
TG Therapeutics, Inc.^*		1,138		44,871
Legend Biotech Corp. ADR^*		1,315		44,618
Blueprint Medicines Corp.^*		504		44,609
Revolution Medicines, Inc.^*		1,252		44,271
ADMA Biologics, Inc.^*		2,052		40,712
Axsome Therapeutics, Inc.^*		341		39,771
Cytokinetics, Inc.^*		981		39,426
Ionis Pharmaceuticals, Inc.^*		1,287		38,829
Roivant Sciences Ltd.^*		3,812		38,463
Sarepta Therapeutics, Inc.^*		581		37,079
Crinetics Pharmaceuticals, Inc.^*		974		32,668
Avidity Biosciences, Inc.^*		1,074		31,704
Apellis Pharmaceuticals, Inc.^*		1,245		27,228
Viking Therapeutics, Inc.^*		1,126		27,193
Krystal Biotech, Inc.^*		140		25,242
Iovance Biotherapeutics, Inc.^*		5,547		18,472
Novavax, Inc.^*		2,610		16,730
Total Biotechnology				2,580,394
Healthcare-Services - 16.7%
UnitedHealth Group, Inc.		824		431,570
Elevance Health, Inc.		440		191,382
Cigna Group		559		183,911
HCA Healthcare, Inc.		442		152,733
ICON plc^*		651		113,919
Humana, Inc.		410		108,486
Centene Corp.^*		1,745		105,939
IQVIA Holdings, Inc.^*		578		101,901
Labcorp Holdings, Inc.		354		82,390
Molina Healthcare, Inc.^*		250		82,348
Quest Diagnostics, Inc.		485		82,062

Health Care Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Healthcare-Services - 16.7% (continued)
Tenet Healthcare Corp.^*		532	$	71,554
Universal Health Services, Inc. — Class B		369		69,335
Ensign Group, Inc.		400		51,760
HealthEquity, Inc.^*		565		49,929
Charles River Laboratories International, Inc.^*		326		49,070
DaVita, Inc.^*		320		48,950
Medpace Holdings, Inc.^*		157		47,836
Acadia Healthcare Company, Inc.^*		1,070		32,443
Total Healthcare-Services				2,057,518
Software - 0.9%
Veeva Systems, Inc. — Class A^*		482		111,646
Internet - 0.3%
Hims & Hers Health, Inc.^*		1,455		42,995
Total Common Stocks
(Cost $5,508,292)				12,298,701

RIGHTS^††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson		307		–
Total Rights
(Cost $–)				–

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	31,450	31,450
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		24,102	24,102
Total Repurchase Agreements
(Cost $55,552)			55,552

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.7%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		212,796		212,796
Total Securities Lending Collateral
(Cost $212,796)				212,796
Total Investments - 101.8%
(Cost $5,776,640)			$	12,567,049
Other Assets & Liabilities, net - (1.8)%				(226,280	)
Total Net Assets - 100.0%			$	12,340,769

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	12,298,701	$	—	$	—		$	12,298,701
Rights		—		—		—	*		—
Repurchase Agreements		—		55,552		—			55,552
Securities Lending Collateral		212,796		—		—			212,796
Total Assets	$	12,511,497	$	55,552	$	—		$	12,567,049

^*	Security has a market value of $0.

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
EXCHANGE-TRADED FUNDS^,† - 4.2%*
iShares iBoxx $ High Yield Corporate Bond ETF¹		1,556	$	122,753
SPDR Bloomberg High Yield Bond ETF¹		1,245		118,649
Total Exchange-Traded Funds
(Cost $263,173)				241,402

MUTUAL FUNDS^† - 20.0%
Guggenheim Ultra Short Duration Fund — Institutional Class²		57,301		574,726
Guggenheim Strategy Fund II²		23,000		571,771
Total Mutual Funds
(Cost $1,124,043)				1,146,497

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 17.1%
Federal Home Loan Bank
4.24% due 04/25/25³	$	700,000	698,021
Freddie Mac
4.21% due 04/01/25³		280,000	280,000
Total Federal Agency Discount Notes
(Cost $978,021)			978,021

FEDERAL AGENCY NOTES^†† - 13.9%
Federal Farm Credit Bank
4.32% due 02/27/26		800,000	799,279
Total Federal Agency Notes
(Cost $799,963)			799,279

U.S. TREASURY BILLS^†† - 13.5%
U.S. Treasury Bills
4.22% due 04/01/25³		500,000	500,000
4.20% due 04/01/25³		200,000	200,000
4.08% due 04/08/25^3,4		76,000	75,937
Total U.S. Treasury Bills
(Cost $775,938)			775,937

REPURCHASE AGREEMENTS^††,5 - 11.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		383,264	383,264
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		293,729	293,729
Total Repurchase Agreements
(Cost $676,993)			676,993

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 3.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁷		184,678		184,678
Total Securities Lending Collateral
(Cost $184,678)				184,678
Total Investments - 83.7%
(Cost $4,802,809)			$	4,802,807
Other Assets & Liabilities, net - 16.3%				931,980
Total Net Assets - 100.0%			$	5,734,787

Futures Contracts

Description

Number of Contracts

Expiration Date

Notional Amount

Value and Unrealized
Appreciation^**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury 5 Year Note Futures Contracts

Jun 2025

5,521,945

25,704

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 Depreciation^**
Barclays Bank plc		ICE		CDX.NA.HY.44.V1			5.00	%		Quarterly		06/20/30		$	5,250,000			$	271,163			$	303,489			$	(32,326	)

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Credit Index Swap Agreements^††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

4.33% (Federal Funds Rate)

At Maturity

04/30/25

6,784

(45

)

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

06/26/25

192

18,309

(52

)

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

06/26/25

364

28,701

(73

)

53,794

(170

)

^**	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 March 31, 2025 — 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 futures collateral at March 31, 2025.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of March 31, 2025.

CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 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 March 31, 2025 (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
Exchange-Traded Funds	$	241,402	$	—	$	—	$	241,402
Mutual Funds		1,146,497		—		—		1,146,497
Federal Agency Discount Notes		—		978,021		—		978,021
Federal Agency Notes		—		799,279		—		799,279
U.S. Treasury Bills		—		775,937		—		775,937
Repurchase Agreements		—		676,993		—		676,993
Securities Lending Collateral		184,678		—		—		184,678
Interest Rate Futures Contracts**		25,704		—		—		25,704
Total Assets	$	1,598,281	$	3,230,230	$	—	$	4,828,511

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	32,326	$	—	$	32,326
Credit Index Swap Agreements**		—		170		—		170
Total Liabilities	$	—	$	32,496	$	—	$	32,496

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

Affiliated Transactions

High Yield Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	571,771	$	–	$	–	$	–	$	–	$	571,771		23,000	$	7,617
Guggenheim Ultra Short Duration Fund — Institutional Class		573,580		–		–		–		1,146		574,726		57,301		6,382
	$	1,145,351	$	–	$	–	$	–	$	1,146	$	1,146,497			$	13,999

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.5%
Internet - 56.2%
Alphabet, Inc. — Class A		2,271	$	351,187
Amazon.com, Inc.^*		1,834		348,937
Meta Platforms, Inc. — Class A		575		331,407
Netflix, Inc.^*		275		256,446
Uber Technologies, Inc.^*		2,161		157,450
Airbnb, Inc. — Class A^*		885		105,722
DoorDash, Inc. — Class A^*		574		104,910
Booking Holdings, Inc.		21		96,745
Alibaba Group Holding Ltd. ADR		594		78,545
Coupang, Inc.^*		3,408		74,737
eBay, Inc.		1,065		72,132
Spotify Technology S.A.^*		129		70,954
Shopify, Inc. — Class A^*		696		66,454
GoDaddy, Inc. — Class A^*		356		64,130
JD.com, Inc. ADR		1,510		62,091
Expedia Group, Inc.		363		61,020
VeriSign, Inc.^*		234		59,406
MercadoLibre, Inc.^*		30		58,526
Trip.com Group Ltd. ADR		899		57,158
Pinterest, Inc. — Class A^*		1,822		56,482
Sea Ltd. ADR^*		430		56,111
Baidu, Inc. ADR^*		585		53,838
Zillow Group, Inc. — Class C^*		722		49,500
Reddit, Inc. — Class A^*		471		49,408
F5, Inc.^*		185		49,260
Chewy, Inc. — Class A^*		1,352		43,954
Snap, Inc. — Class A^*		4,972		43,306
Bilibili, Inc. ADR^*		2,262		43,227
Roku, Inc.^*		582		40,996
Wix.com Ltd.^*		222		36,270
Match Group, Inc.		1,155		36,036
Etsy, Inc.^*		609		28,733
Lyft, Inc. — Class A^*		2,288		27,159
Wayfair, Inc. — Class A^*		799		25,592
IAC, Inc.^*		530		24,348
Cargurus, Inc.^*		727		21,177
Trump Media & Technology Group Corp.^*		915		17,879
TripAdvisor, Inc.^*		1,182		16,749
Ziff Davis, Inc.^*		413		15,521
Bumble, Inc. — Class A^*		1,731		7,513
Total Internet				3,221,016
Software - 25.6%
Salesforce, Inc.		754		202,344
Adobe, Inc.^*		453		173,739
Workday, Inc. — Class A^*		423		98,783
Snowflake, Inc. — Class A^*		558		81,557
Electronic Arts, Inc.		548		79,197
ROBLOX Corp. — Class A^*		1,336		77,875
Cloudflare, Inc. — Class A^*		676		76,179
Take-Two Interactive Software, Inc.^*		366		75,854
Veeva Systems, Inc. — Class A^*		322		74,585
Datadog, Inc. — Class A^*		721		71,530
Zoom Communications, Inc. — Class A^*		792		58,426
Nutanix, Inc. — Class A^*		783		54,661
DocuSign, Inc.^*		660		53,724
NetEase, Inc. ADR		473		48,681
Twilio, Inc. — Class A^*		488		47,780
MongoDB, Inc.^*		262		45,955
Akamai Technologies, Inc.^*		543		43,712
Dropbox, Inc. — Class A^*		1,340		35,791
Box, Inc. — Class A^*		857		26,447
ZoomInfo Technologies, Inc. — Class A^*		2,161		21,610
DigitalOcean Holdings, Inc.^*		500		16,695
Total Software				1,465,125
Telecommunications - 11.3%
Cisco Systems, Inc.		3,121		192,597
Motorola Solutions, Inc.		254		111,204
Arista Networks, Inc.^*		1,403		108,704
Telefonaktiebolaget LM Ericsson ADR		5,874		45,582
Nokia Oyj ADR¹		8,486		44,721
Juniper Networks, Inc.		1,209		43,754
Ciena Corp.^*		608		36,742
Viavi Solutions, Inc.^*		1,803		20,176
Extreme Networks, Inc.^*		1,206		15,955
Viasat, Inc.^*		1,412		14,713
Applied Digital Corp.^*,1		2,147		12,066
Total Telecommunications				646,214
Commercial Services - 2.2%
PayPal Holdings, Inc.^*		1,519		99,115
Paylocity Holding Corp.^*		142		26,602
Total Commercial Services				125,717
Computers - 1.4%
Okta, Inc.^*		508		53,452
Lumentum Holdings, Inc.^*		430		26,806
Total Computers				80,258
Real Estate - 1.3%
CoStar Group, Inc.^*		931		73,763
Entertainment - 0.8%
DraftKings, Inc. — Class A^*		1,431		47,523
Investment Companies - 0.3%
Core Scientific, Inc.^*		2,251		16,297
Healthcare-Services - 0.2%
Teladoc Health, Inc.^*		1,824		14,519
Electronics - 0.2%
Applied Optoelectronics, Inc.^*		718		11,021
Total Common Stocks
(Cost $2,593,165)				5,701,453

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	26,899	26,899
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		20,615	20,615
Total Repurchase Agreements
(Cost $47,514)			47,514

Internet Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		44,662	$	44,662
Total Securities Lending Collateral
(Cost $44,662)				44,662
Total Investments - 101.1%
(Cost $2,685,341)			$	5,793,629
Other Assets & Liabilities, net - (1.1)%				(63,719	)
Total Net Assets - 100.0%			$	5,729,910

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	5,701,453	$	—	$	—	$	5,701,453
Repurchase Agreements		—		47,514		—		47,514
Securities Lending Collateral		44,662		—		—		44,662
Total Assets	$	5,746,115	$	47,514	$	—	$	5,793,629

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
U.S. TREASURY BILLS^†† - 45.6%
U.S. Treasury Bills
4.20% due 06/12/25^1,2	$	350,000	$	347,067
4.22% due 04/01/25²		50,000		50,000
Total U.S. Treasury Bills
(Cost $397,063)				397,067

FEDERAL AGENCY DISCOUNT NOTES^†† - 23.0%
Freddie Mac
4.21% due 04/01/25²		100,000		100,000
Federal Home Loan Bank
4.22% due 04/07/25²		100,000		99,930
Total Federal Agency Discount Notes
(Cost $199,930)				199,930

FEDERAL AGENCY NOTES^†† - 5.7%
Federal Farm Credit Bank
4.32% due 02/27/26		50,000		49,955
Total Federal Agency Notes
(Cost $49,997)				49,955

REPURCHASE AGREEMENTS^††,3 - 25.2%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25¹		124,030		124,030
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25¹		95,055		95,055
Total Repurchase Agreements
(Cost $219,085)				219,085
Total Investments - 99.5%
(Cost $866,075)			$	866,037
Other Assets & Liabilities, net - 0.5%				4,426
Total Net Assets - 100.0%			$	870,463

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements Sold Short^††

BNP Paribas

Dow Jones Industrial Average

Receive

4.83% (Federal Funds Rate + 0.50%)

At Maturity

06/26/25

893,881

9,608

Barclays Bank plc

Dow Jones Industrial Average

Receive

4.94% (SOFR + 0.60%)

At Maturity

06/26/25

841,770

8,329

1,735,651

17,937

^††	Value determined based on Level 2 inputs — See Note 3.
¹	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
²	Rate indicated is the effective yield at the time of purchase.
³	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 March 31, 2025 (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	$	—	$	397,067	$	—	$	397,067
Federal Agency Discount Notes		—		199,930		—		199,930
Federal Agency Notes		—		49,955		—		49,955
Repurchase Agreements		—		219,085		—		219,085
Equity Index Swap Agreements**		—		17,937		—		17,937
Total Assets	$	—	$	883,974	$	—	$	883,974

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

Inverse Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 48.7%
Guggenheim Strategy Fund II¹		20,730	$	515,345
Guggenheim Ultra Short Duration Fund — Institutional Class¹		46,499		466,385
Total Mutual Funds
(Cost $971,295)				981,730

	Face Amount
FEDERAL AGENCY NOTES^†† - 9.9%
Federal Farm Credit Bank
4.32% due 02/27/26	$	200,000		199,820
Total Federal Agency Notes
(Cost $199,991)				199,820

FEDERAL AGENCY DISCOUNT NOTES^†† - 9.6%
Federal Home Loan Bank
4.24% due 04/25/25²		100,000		99,717
Freddie Mac
4.22% due 04/07/25²		93,000		92,935
Total Federal Agency Discount Notes
(Cost $192,652)				192,652

U.S. TREASURY BILLS^†† - 6.2%
U.S. Treasury Bills
4.22% due 04/01/25²		100,000		100,000
4.08% due 04/08/25^2,3		25,000		24,979
Total U.S. Treasury Bills
(Cost $124,979)				124,979

REPURCHASE AGREEMENTS^†† - 95.3%
Individual Repurchase Agreements⁴
Barclays Capital, Inc. issued 03/31/25 at 4.00% due 04/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.63% and maturing 02/15/55 as collateral, with a value of $703,290) to be repurchased at $689,806		689,500		689,500
Mizuho Securities USA LLC issued 03/31/25 at 4.10% due 04/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.63% and maturing 02/15/55 as collateral, with a value of $702,294) to be repurchased at $688,838		688,524		688,524
Joint Repurchase Agreements⁵
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		306,368		306,368
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		234,797		234,797
Total Repurchase Agreements
(Cost $1,919,189)				1,919,189
Total Investments - 169.7%
(Cost $3,408,106)			$	3,418,370

U.S. GOVERNMENT SECURITIES SOLD SHORT ^†† - (70.0)%
U.S. Treasury Bonds
4.63% due 02/15/55		1,400,000		(1,409,188	)
Total U.S. Government Securities Sold Short
(Proceeds $1,399,565)			$	(1,409,188	)
Other Assets & Liabilities, net - 0.3%				5,047
Total Net Assets - 100.0%			$	2,014,229

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

Jun 2025

614,375

2,432

^**	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 Government Long Bond Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

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 March 31, 2025.
⁴	All or a portion of this security is pledged as short security collateral at March 31, 2025.
⁵	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 March 31, 2025 (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	$	981,730	$	—	$	—	$	981,730
Federal Agency Notes		—		199,820		—		199,820
Federal Agency Discount Notes		—		192,652		—		192,652
U.S. Treasury Bills		—		124,979		—		124,979
Repurchase Agreements		—		1,919,189		—		1,919,189
Interest Rate Futures Contracts**		2,432		—		—		2,432
Total Assets	$	984,162	$	2,436,640	$	—	$	3,420,802

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
U.S. Government Securities Sold Short		$	—			$	1,409,188			$	—			$	1,409,188

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

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	515,345	$	–	$	–	$	–	$	–	$	515,345		20,730	$	6,866
Guggenheim Ultra Short Duration Fund — Institutional Class		465,455		–		–		–		930		466,385		46,499		5,179
	$	980,800	$	–	$	–	$	–	$	930	$	981,730			$	12,045

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 35.4%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		2,464	$	24,712
Guggenheim Strategy Fund II¹		822		20,428
Total Mutual Funds
(Cost $43,902)				45,140

	Face Amount
U.S. TREASURY BILLS^†† - 7.8%
U.S. Treasury Bills
4.22% due 04/01/25²	$	10,000		10,000
Total U.S. Treasury Bills
(Cost $10,000)				10,000

FEDERAL AGENCY DISCOUNT NOTES^†† - 7.8%
Freddie Mac
4.22% due 04/07/25²		10,000		9,993
Total Federal Agency Discount Notes
(Cost $9,993)				9,993

REPURCHASE AGREEMENTS^††,3 - 38.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25⁴		28,027		28,027
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25⁴		21,479		21,479
Total Repurchase Agreements
(Cost $49,506)				49,506
Total Investments - 89.8%
(Cost $113,401)			$	114,639
Other Assets & Liabilities, net - 10.2%				12,959
Total Net Assets - 100.0%			$	127,598

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^††

Barclays Bank plc

S&P MidCap 400 Index

Receive

4.89% (SOFR + 0.55%)

At Maturity

06/26/25

55,501

1,367

Goldman Sachs International

S&P MidCap 400 Index

Receive

4.28% (Federal Funds Rate - 0.05%)

At Maturity

06/25/25

35,683

1,035

BNP Paribas

S&P MidCap 400 Index

Receive

4.48% (Federal Funds Rate + 0.15%)

At Maturity

06/26/25

34,634

852

125,818

3,254

^†	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	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.

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 March 31, 2025 (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	$	45,140	$	—	$	—	$	45,140
U.S. Treasury Bills		—		10,000		—		10,000
Federal Agency Discount Notes		—		9,993		—		9,993
Repurchase Agreements		—		49,506		—		49,506
Equity Index Swap Agreements**		—		3,254		—		3,254
Total Assets	$	45,140	$	72,753	$	—	$	117,893

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

Inverse Mid-Cap Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	20,421	$	–	$	–	$	–	$	7	$	20,428		822	$	272
Guggenheim Ultra Short Duration Fund — Institutional Class		24,662		–		–		–		50		24,712		2,464		275
	$	45,083	$	–	$	–	$	–	$	57	$	45,140			$	547

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 26.5%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		18,765	$	188,209
Guggenheim Strategy Fund II¹		7,386		183,617
Total Mutual Funds
(Cost $368,698)				371,826

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 21.4%
Freddie Mac
4.21% due 04/01/25²	$	150,000		150,000
Federal Home Loan Bank
4.22% due 04/07/25²		150,000		149,895
Total Federal Agency Discount Notes
(Cost $299,895)				299,895

U.S. TREASURY BILLS^†† - 10.7%
U.S. Treasury Bills
4.22% due 04/01/25²		150,000		150,000
Total U.S. Treasury Bills
(Cost $150,000)				150,000

REPURCHASE AGREEMENTS^††,3 - 38.6%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25⁴		307,062		307,062
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25⁴		235,329		235,329
Total Repurchase Agreements
(Cost $542,391)				542,391
Total Investments - 97.2%
(Cost $1,360,984)			$	1,364,112
Other Assets & Liabilities, net - 2.8%				39,850
Total Net Assets - 100.0%			$	1,403,962

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

4.73% (Federal Funds Rate + 0.40%)

At Maturity

06/25/25

649,092

19,686

BNP Paribas

NASDAQ-100 Index

Receive

4.83% (Federal Funds Rate + 0.50%)

At Maturity

06/26/25

450,069

14,914

Barclays Bank plc

NASDAQ-100 Index

Receive

4.99% (SOFR + 0.65%)

At Maturity

06/26/25

302,274

10,015

1,401,435

44,615

^†	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	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.

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 March 31, 2025 (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	$	371,826	$	—	$	—	$	371,826
Federal Agency Discount Notes		—		299,895		—		299,895
U.S. Treasury Bills		—		150,000		—		150,000
Repurchase Agreements		—		542,391		—		542,391
Equity Index Swap Agreements**		—		44,615		—		44,615
Total Assets	$	371,826	$	1,036,901	$	—	$	1,408,727

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

Inverse NASDAQ-100^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	183,543	$	–	$	–	$	–	$	74	$	183,617		7,386	$	2,446
Guggenheim Ultra Short Duration Fund — Institutional Class		187,834		–		–		–		375		188,209		18,765		2,090
	$	371,377	$	–	$	–	$	–	$	449	$	371,826			$	4,536

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 12.5%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		6,762	$	67,826
Guggenheim Strategy Fund II¹		2,575		64,009
Total Mutual Funds
(Cost $128,417)				131,835

	Face Amount
U.S. TREASURY BILLS^†† - 13.3%
U.S. Treasury Bills
4.22% due 04/01/25²	$	90,000		90,000
4.20% due 06/12/25^2,3		50,000		49,581
Total U.S. Treasury Bills
(Cost $139,580)				139,581

FEDERAL AGENCY DISCOUNT NOTES^†† - 7.0%
Freddie Mac
4.21% due 04/01/25²		73,000		73,000
Total Federal Agency Discount Notes
(Cost $73,000)				73,000

REPURCHASE AGREEMENTS^††,4 - 31.0%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25³		184,119		184,119
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25³		141,107		141,107
Total Repurchase Agreements
(Cost $325,226)				325,226
Total Investments - 63.8%
(Cost $666,223)			$	669,642
Other Assets & Liabilities, net - 36.2%				380,333
Total Net Assets - 100.0%			$	1,049,975

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^††

Barclays Bank plc

Russell 2000 Index

Receive

4.69% (SOFR + 0.35%)

At Maturity

06/26/25

377

758,553

12,267

Goldman Sachs International

Russell 2000 Index

Receive

4.43% (Federal Funds Rate + 0.10%)

At Maturity

06/25/25

178,605

5,470

BNP Paribas

Russell 2000 Index

Receive

4.48% (Federal Funds Rate + 0.15%)

At Maturity

06/26/25

112,446

3,461

1,049,604

21,198

^†	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 March 31, 2025.
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 March 31, 2025 (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	$	131,835	$	—	$	—	$	131,835
U.S. Treasury Bills		—		139,581		—		139,581
Federal Agency Discount Notes		—		73,000		—		73,000
Repurchase Agreements		—		325,226		—		325,226
Equity Index Swap Agreements**		—		21,198		—		21,198
Total Assets	$	131,835	$	559,005	$	—	$	690,840

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

Inverse Russell 2000^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	63,983	$	–	$	–	$	–	$	26	$	64,009		2,575	$	853
Guggenheim Ultra Short Duration Fund — Institutional Class		67,691		–		–		–		135		67,826		6,762		753
	$	131,674	$	–	$	–	$	–	$	161	$	131,835			$	1,606

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
MUTUAL FUNDS^† - 15.0%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		11,574	$	116,084
Guggenheim Strategy Fund II¹		4,623		114,922
Total Mutual Funds
(Cost $227,677)				231,006

	Face Amount
U.S. TREASURY BILLS^†† - 21.3%
U.S. Treasury Bills
4.22% due 04/01/25²	$	150,000		150,000
4.20% due 06/12/25^2,3		150,000		148,743
4.08% due 04/08/25^2,4		29,000		28,976
Total U.S. Treasury Bills
(Cost $327,717)				327,719

FEDERAL AGENCY DISCOUNT NOTES^†† - 16.2%
Freddie Mac
4.21% due 04/01/25²		150,000		150,000
Federal Home Loan Bank
4.22% due 04/07/25²		100,000		99,930
Total Federal Agency Discount Notes
(Cost $249,930)				249,930

REPURCHASE AGREEMENTS^††,5 - 47.0%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25³		410,012		410,012
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25³		314,228		314,228
Total Repurchase Agreements
(Cost $724,240)				724,240
Total Investments - 99.5%
(Cost $1,529,564)			$	1,532,895
Other Assets & Liabilities, net - 0.5%				6,959
Total Net Assets - 100.0%			$	1,539,854

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

Jun 2025

565,625

3,592

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^††

Barclays Bank plc

S&P 500 Index

Receive

4.94% (SOFR + 0.60%)

At Maturity

06/26/25

508,935

9,100

Goldman Sachs International

S&P 500 Index

Receive

4.73% (Federal Funds Rate + 0.40%)

At Maturity

06/25/25

377,196

5,148

BNP Paribas

S&P 500 Index

Receive

4.78% (Federal Funds Rate + 0.45%)

At Maturity

06/26/25

88,029

1,572

974,160

15,820

^**	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 March 31, 2025.
⁴	All or a portion of this security is pledged as futures collateral at March 31, 2025.
⁵	Repurchase Agreements — See Note 4.

plc — Public Limited Company

SOFR — Secured Overnight Financing Rate

See Sector Classification in Other Information section.

Inverse S&P 500^® Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (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	$	231,006	$	—	$	—	$	231,006
U.S. Treasury Bills		—		327,719		—		327,719
Federal Agency Discount Notes		—		249,930		—		249,930
Repurchase Agreements		—		724,240		—		724,240
Equity Futures Contracts**		3,592		—		—		3,592
Equity Index Swap Agreements**		—		15,820		—		15,820
Total Assets	$	234,598	$	1,317,709	$	—	$	1,552,307

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

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	114,876	$	–	$	–	$	–	$	46	$	114,922		4,623	$	1,531
Guggenheim Ultra Short Duration Fund — Institutional Class		115,853		–		–		–		231		116,084		11,574		1,289
	$	230,729	$	–	$	–	$	–	$	277	$	231,006			$	2,820

Japan 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
U.S. TREASURY BILLS^†† - 54.1%
U.S. Treasury Bills
4.08% due 04/08/25^1,2	$	506,000	$	505,582
4.22% due 04/01/25²		100,000		100,000
Total U.S. Treasury Bills
(Cost $605,583)				605,582

FEDERAL AGENCY DISCOUNT NOTES^†† - 26.7%
Federal Home Loan Bank
4.22% due 04/07/25²		100,000		99,930
4.24% due 04/25/25²		100,000		99,717
Freddie Mac
4.22% due 04/07/25²		100,000		99,930
Total Federal Agency Discount Notes
(Cost $299,577)				299,577

FEDERAL AGENCY NOTES^†† - 8.9%
Federal Farm Credit Bank
4.32% due 02/27/26		100,000		99,909
Total Federal Agency Notes
(Cost $99,995)				99,909

REPURCHASE AGREEMENTS^††,3 - 12.5%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		79,576		79,576
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		60,986		60,986
Total Repurchase Agreements
(Cost $140,562)				140,562
Total Investments - 102.2%
(Cost $1,145,717)			$	1,145,630
Other Assets & Liabilities, net - (2.2)%				(24,758	)
Total Net Assets - 100.0%			$	1,120,872

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts		26	Jun 2025	$	2,185,950	$	(16,460	)

Equity Futures Contracts Purchased^†
Micro Nikkei Stock Average Futures Contracts		4	Jun 2025		72,240		(3,072	)
Nikkei 225 (CME) Index Futures Contracts		12	Jun 2025		2,168,400		(15,239	)
				$	2,240,640	$	(18,311	)

^**	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 March 31, 2025.
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 March 31, 2025 (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	$	—	$	605,582	$	—	$	605,582
Federal Agency Discount Notes		—		299,577		—		299,577
Federal Agency Notes		—		99,909		—		99,909
Repurchase Agreements		—		140,562		—		140,562
Total Assets	$	—	$	1,145,630	$	—	$	1,145,630

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	18,311	$	—	$	—	$	18,311
Currency Futures Contracts**		16,460		—		—		16,460
Total Liabilities	$	34,771	$	—	$	—	$	34,771

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

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8%
Retail - 20.7%
McDonald's Corp.		658	$	205,539
Starbucks Corp.		1,466		143,800
Chipotle Mexican Grill, Inc. — Class A^*		2,282		114,579
Yum! Brands, Inc.		578		90,954
Darden Restaurants, Inc.		349		72,508
Domino's Pizza, Inc.		117		53,756
Yum China Holdings, Inc.		1,010		52,581
Restaurant Brands International, Inc.		758		50,513
Texas Roadhouse, Inc. — Class A		272		45,323
Cava Group, Inc.^*		509		43,983
Dutch Bros, Inc. — Class A^*		676		41,736
Brinker International, Inc.^*		251		37,412
Wingstop, Inc.		132		29,777
Shake Shack, Inc. — Class A^*		308		27,156
Sweetgreen, Inc. — Class A^*		911		22,793
Cheesecake Factory, Inc.¹		445		21,654
Wendy's Co.		1,411		20,643
Papa John's International, Inc.		366		15,035
Cracker Barrel Old Country Store, Inc.		334		12,966
Dave & Buster's Entertainment, Inc.^*		595		10,454
Bloomin' Brands, Inc.		1,328		9,522
Jack in the Box, Inc.		334		9,082
Total Retail				1,131,766
Internet - 18.0%
Netflix, Inc.^*		295		275,096
Airbnb, Inc. — Class A^*		950		113,487
DoorDash, Inc. — Class A^*		617		112,769
Booking Holdings, Inc.		24		110,566
Spotify Technology S.A.^*		151		83,055
Expedia Group, Inc.		389		65,391
Trip.com Group Ltd. ADR		997		63,389
Sea Ltd. ADR^*		478		62,374
MakeMyTrip Ltd.^*		522		51,151
Roku, Inc.^*		625		44,025
Total Internet				981,303
Media - 14.7%
Walt Disney Co.		1,865		184,076
Comcast Corp. — Class A		4,404		162,508
Charter Communications, Inc. — Class A^*		234		86,236
Warner Bros Discovery, Inc.^*		6,352		68,157
Fox Corp. — Class A		1,169		66,165
News Corp. — Class A		2,033		55,338
Liberty Broadband Corp. — Class C^*		559		47,543
New York Times Co. — Class A		760		37,696
Paramount Global — Class B		3,065		36,658
Nexstar Media Group, Inc. — Class A		174		31,184
Sirius XM Holdings, Inc.		1,270		28,632
Total Media				804,193
Entertainment - 10.2%
Flutter Entertainment plc^*		373		82,638
Live Nation Entertainment, Inc.^*		515		67,249
TKO Group Holdings, Inc.		380		58,068
Warner Music Group Corp. — Class A		1,679		52,636
DraftKings, Inc. — Class A^*		1,537		51,044
Churchill Downs, Inc.		327		36,320
Light & Wonder, Inc. — Class A^*		388		33,605
Vail Resorts, Inc.		208		33,284
Caesars Entertainment, Inc.^*		1,181		29,525
Red Rock Resorts, Inc. — Class A		617		26,759
Six Flags Entertainment Corp.^*		682		24,327
Cinemark Holdings, Inc.		924		22,998
Penn Entertainment, Inc.^*		1,293		21,089
United Parks & Resorts, Inc.^*		326		14,820
Total Entertainment				554,362
Lodging - 8.2%
Hilton Worldwide Holdings, Inc.		449		102,170
Marriott International, Inc. — Class A		419		99,806
Hyatt Hotels Corp. — Class A		380		46,550
Las Vegas Sands Corp.		1,184		45,738
Wyndham Hotels & Resorts, Inc.		406		36,747
Wynn Resorts Ltd.		419		34,986
MGM Resorts International^*		1,105		32,752
Boyd Gaming Corp.		402		26,464
Choice Hotels International, Inc.		187		24,830
Total Lodging				450,043
Agriculture - 7.5%
Philip Morris International, Inc.		1,373		217,936
Altria Group, Inc.		2,299		137,986
British American Tobacco plc ADR		1,251		51,754
Total Agriculture				407,676
Leisure Time - 7.4%
Royal Caribbean Cruises Ltd.		455		93,475
Carnival Corp.^*		3,312		64,683
Viking Holdings Ltd.^*		1,228		48,813
Planet Fitness, Inc. — Class A^*		434		41,929
Norwegian Cruise Line Holdings Ltd.^*		2,105		39,911
Brunswick Corp.		469		25,256
Harley-Davidson, Inc.		924		23,331
YETI Holdings, Inc.^*		688		22,773
Peloton Interactive, Inc. — Class A^*		3,529		22,303
Polaris, Inc.		486		19,897
Total Leisure Time				402,371
Software - 5.5%
Electronic Arts, Inc.		590		85,267
ROBLOX Corp. — Class A^*		1,434		83,588
Take-Two Interactive Software, Inc.^*		393		81,449
NetEase, Inc. ADR		509		52,386
Total Software				302,690
Beverages - 4.8%
Constellation Brands, Inc. — Class A		388		71,206
Brown-Forman Corp. — Class B		1,527		51,826
Anheuser-Busch InBev S.A. ADR		782		48,140

Leisure Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8% (continued)
Beverages - 4.8% (continued)
Molson Coors Beverage Co. — Class B		753	$	45,835
Diageo plc ADR		432		45,269
Total Beverages				262,276
Toys, Games & Hobbies - 1.3%
Hasbro, Inc.		637		39,169
Mattel, Inc.^*		1,751		34,022
Total Toys, Games & Hobbies				73,191
Food Service - 0.8%
Aramark		1,191		41,113
Telecommunications - 0.6%
EchoStar Corp. — Class A^*		1,335		34,149
Food - 0.1%
Krispy Kreme, Inc.		1,700		8,364
Total Common Stocks
(Cost $3,148,278)				5,453,497

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	12,317	12,317
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		9,440	9,440
Total Repurchase Agreements
(Cost $21,757)			21,757

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		16,900		16,900
Total Securities Lending Collateral
(Cost $16,900)				16,900
Total Investments - 100.5%
(Cost $3,186,935)			$	5,492,154
Other Assets & Liabilities, net - (0.5)%				(29,670	)
Total Net Assets - 100.0%			$	5,462,484

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	5,453,497	$	—	$	—	$	5,453,497
Repurchase Agreements		—		21,757		—		21,757
Securities Lending Collateral		16,900		—		—		16,900
Total Assets	$	5,470,397	$	21,757	$	—	$	5,492,154

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 79.8%
Financial - 20.1%
Interactive Brokers Group, Inc. — Class A		109	$	18,049
Fidelity National Financial, Inc.		261		16,986
Equitable Holdings, Inc.		311		16,200
Gaming and Leisure Properties, Inc. REIT		275		13,998
WP Carey, Inc. REIT		220		13,884
Unum Group		165		13,441
Reinsurance Group of America, Inc. — Class A		66		12,995
Equity LifeStyle Properties, Inc. REIT		192		12,806
East West Bancorp, Inc.		139		12,477
American Homes 4 Rent — Class A REIT		318		12,024
Jones Lang LaSalle, Inc.^*		48		11,900
Annaly Capital Management, Inc. REIT		580		11,780
RenaissanceRe Holdings Ltd.		49		11,760
Omega Healthcare Investors, Inc. REIT		283		10,777
Kinsale Capital Group, Inc.		22		10,708
First Horizon Corp.		526		10,215
Ally Financial, Inc.		276		10,066
Lamar Advertising Co. — Class A REIT		88		10,013
Stifel Financial Corp.		103		9,709
CubeSmart REIT		227		9,695
American Financial Group, Inc.		72		9,457
Primerica, Inc.		33		9,390
Carlyle Group, Inc.		212		9,241
SouthState Corp.		99		9,189
Old Republic International Corp.		234		9,177
EastGroup Properties, Inc. REIT		52		9,160
Rexford Industrial Realty, Inc. REIT		228		8,926
Webster Financial Corp.		172		8,867
Jefferies Financial Group, Inc.		163		8,732
Houlihan Lokey, Inc.		54		8,721
Western Alliance Bancorporation		109		8,374
Agree Realty Corp. REIT		107		8,259
Pinnacle Financial Partners, Inc.		77		8,165
Brixmor Property Group, Inc. REIT		307		8,151
NNN REIT, Inc.		188		8,018
Cullen/Frost Bankers, Inc.		64		8,013
Ryan Specialty Holdings, Inc.		107		7,904
Comerica, Inc.		132		7,796
Commerce Bancshares, Inc.		123		7,654
Wintrust Financial Corp.		67		7,535
SEI Investments Co.		97		7,530
Zions Bancorp North America		148		7,379
Evercore, Inc. — Class A		36		7,190
First Industrial Realty Trust, Inc. REIT		133		7,177
UMB Financial Corp.		68		6,875
Prosperity Bancshares, Inc.		96		6,852
Old National Bancorp		320		6,781
First American Financial Corp.		103		6,760
STAG Industrial, Inc. REIT		187		6,755
RLI Corp.		84		6,748
Synovus Financial Corp.		142		6,637
Voya Financial, Inc.		97		6,573
Hamilton Lane, Inc. — Class A		43		6,393
Starwood Property Trust, Inc. REIT		321		6,346
Hanover Insurance Group, Inc.		36		6,262
SLM Corp.		211		6,197
Vornado Realty Trust REIT		167		6,177
MGIC Investment Corp.		249		6,170
Essent Group Ltd.		105		6,061
Healthcare Realty Trust, Inc. REIT		356		6,016
Cadence Bank		184		5,586
Selective Insurance Group, Inc.		61		5,584
Home BancShares, Inc.		186		5,258
Columbia Banking System, Inc.		210		5,237
Glacier Bancorp, Inc.		114		5,041
United Bankshares, Inc.		143		4,958
Cousins Properties, Inc. REIT		168		4,956
Kite Realty Group Trust REIT		220		4,921
Independence Realty Trust, Inc. REIT		231		4,904
Affiliated Managers Group, Inc.		29		4,873
FNB Corp.		361		4,855
First Financial Bankshares, Inc.		129		4,634
Janus Henderson Group plc		128		4,627
Bank OZK		106		4,606
Hancock Whitney Corp.		86		4,511
CNO Financial Group, Inc.		102		4,248
Valley National Bancorp		477		4,241
Sabra Health Care REIT, Inc.		237		4,140
Kemper Corp.		60		4,011
EPR Properties REIT		76		3,998
Rayonier, Inc. REIT		141		3,931
Associated Banc-Corp.		165		3,717
Western Union Co.		339		3,586
Flagstar Financial, Inc.		304		3,532
Kilroy Realty Corp. REIT		107		3,505
Texas Capital Bancshares, Inc.^*		46		3,436
Brighthouse Financial, Inc.^*		59		3,421
International Bancshares Corp.		54		3,405
PotlatchDeltic Corp. REIT		72		3,249
Federated Hermes, Inc. — Class B		78		3,180
COPT Defense Properties REIT		113		3,082
National Storage Affiliates Trust REIT		70		2,758
Park Hotels & Resorts, Inc. REIT		207		2,211
Total Financial				691,293
Industrial - 16.9%
EMCOR Group, Inc.		46		17,003
Carlisle Companies, Inc.		45		15,323
Graco, Inc.		169		14,113
Flex Ltd.^*		384		12,703
XPO, Inc.^*		118		12,694
AECOM		133		12,333
Owens Corning		86		12,283
Curtiss-Wright Corp.		38		12,056

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 79.8% (continued)
Industrial - 16.9% (continued)
Comfort Systems USA, Inc.		36	$	11,604
Woodward, Inc.		60		10,949
Lincoln Electric Holdings, Inc.		57		10,782
CNH Industrial N.V.		877		10,770
ITT, Inc.		82		10,591
Crown Holdings, Inc.		117		10,443
Coherent Corp.^*		156		10,131
Clean Harbors, Inc.^*		51		10,052
RBC Bearings, Inc.^*		31		9,975
AptarGroup, Inc.		67		9,941
Saia, Inc.^*		27		9,435
BWX Technologies, Inc.		92		9,076
TopBuild Corp.^*		29		8,844
Applied Industrial Technologies, Inc.		39		8,788
Mueller Industries, Inc.		114		8,680
nVent Electric plc		165		8,649
Middleby Corp.^*		54		8,207
Acuity, Inc.		31		8,164
Berry Global Group, Inc.		116		8,098
Donaldson Company, Inc.		120		8,047
TD SYNNEX Corp.		76		7,901
Tetra Tech, Inc.		269		7,868
Graphic Packaging Holding Co.		301		7,814
Advanced Drainage Systems, Inc.		71		7,714
Fortune Brands Innovations, Inc.		125		7,610
Regal Rexnord Corp.		66		7,514
Crane Co.		49		7,506
Toro Co.		101		7,348
Eagle Materials, Inc.		33		7,324
MasTec, Inc.^*		62		7,236
Fabrinet^*		36		7,110
Knight-Swift Transportation Holdings, Inc.		162		7,045
Esab Corp.		57		6,640
Simpson Manufacturing Company, Inc.		42		6,597
UFP Industries, Inc.		61		6,529
Flowserve Corp.		132		6,447
Trex Company, Inc.^*		108		6,275
Fluor Corp.^*		172		6,161
Universal Display Corp.		44		6,137
Oshkosh Corp.		65		6,115
NEXTracker, Inc. — Class A^*		144		6,068
Chart Industries, Inc.^*		42		6,063
Ryder System, Inc.		42		6,040
Kirby Corp.^*		58		5,859
Louisiana-Pacific Corp.		63		5,795
AGCO Corp.		62		5,739
MSA Safety, Inc.		39		5,721
Valmont Industries, Inc.		20		5,707
GATX Corp.		36		5,590
Watts Water Technologies, Inc. — Class A		27		5,506
Arrow Electronics, Inc.^*		52		5,399
AAON, Inc.		68		5,313
Landstar System, Inc.		35		5,257
Knife River Corp.^*		57		5,142
Cognex Corp.		170		5,071
Littelfuse, Inc.		25		4,919
Vontier Corp.		149		4,895
Sonoco Products Co.		99		4,677
Novanta, Inc.^*		36		4,603
Timken Co.		64		4,600
Hexcel Corp.		81		4,436
Avnet, Inc.		87		4,184
Silgan Holdings, Inc.		81		4,141
Exponent, Inc.		51		4,134
Belden, Inc.		40		4,010
EnerSys		40		3,663
Sensata Technologies Holding plc		150		3,640
Terex Corp.		67		2,531
Greif, Inc. — Class A		26		1,430
Total Industrial				580,758
Consumer, Non-cyclical - 13.1%
RB Global, Inc.		185		18,555
Sprouts Farmers Market, Inc.^*		100		15,264
US Foods Holding Corp.^*		231		15,121
United Therapeutics Corp.^*		45		13,872
BioMarin Pharmaceutical, Inc.^*		191		13,502
Tenet Healthcare Corp.^*		95		12,777
Illumina, Inc.^*		159		12,615
Performance Food Group Co.^*		157		12,345
Service Corporation International		145		11,629
Avantor, Inc.^*		683		11,071
Neurocrine Biosciences, Inc.^*		100		11,060
Penumbra, Inc.^*		39		10,429
Exelixis, Inc.^*		281		10,374
Encompass Health Corp.		101		10,229
BellRing Brands, Inc.^*		129		9,605
Chemed Corp.		15		9,230
Albertsons Companies, Inc. — Class A		407		8,950
Ingredion, Inc.		65		8,789
Globus Medical, Inc. — Class A^*		114		8,345
Paylocity Holding Corp.^*		44		8,243
Halozyme Therapeutics, Inc.^*		128		8,168
Coca-Cola Consolidated, Inc.		6		8,100
Morningstar, Inc.		27		8,096
HealthEquity, Inc.^*		87		7,688
Medpace Holdings, Inc.^*		25		7,617
Jazz Pharmaceuticals plc^*		61		7,573
Masimo Corp.^*		45		7,497
Ensign Group, Inc.		57		7,376
H&R Block, Inc.		134		7,358
Lantheus Holdings, Inc.^*		70		6,832
Repligen Corp.^*		52		6,617
Sarepta Therapeutics, Inc.^*		96		6,127
Option Care Health, Inc.^*		171		5,977
FTI Consulting, Inc.^*		35		5,743
Shift4 Payments, Inc. — Class A^*,1		69		5,638
Celsius Holdings, Inc.^*		158		5,628
WEX, Inc.^*,1		35		5,496
Post Holdings, Inc.^*		46		5,353
Grand Canyon Education, Inc.^*		29		5,018
Darling Ingredients, Inc.^*		160		4,998
Cytokinetics, Inc.^*		118		4,742
GXO Logistics, Inc.^*		120		4,690

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 79.8% (continued)
Consumer, Non-cyclical - 13.1% (continued)
Bruker Corp.		111	$	4,633
Bio-Rad Laboratories, Inc. — Class A^*		19		4,628
Valvoline, Inc.^*		128		4,456
Euronet Worldwide, Inc.^*		41		4,381
Roivant Sciences Ltd.^*		422		4,258
Perrigo Company plc		137		3,841
Brink's Co.		44		3,791
Flowers Foods, Inc.		197		3,745
elf Beauty, Inc.^*		57		3,579
Lancaster Colony Corp.		19		3,325
Haemonetics Corp.^*		50		3,178
Insperity, Inc.		35		3,123
Amedisys, Inc.^*		33		3,057
Envista Holdings Corp.^*		173		2,986
Dentsply Sirona, Inc.		199		2,973
Graham Holdings Co. — Class B		3		2,882
Acadia Healthcare Company, Inc.^*		93		2,820
ManpowerGroup, Inc.		47		2,720
Pilgrim's Pride Corp.		40		2,180
Boston Beer Company, Inc. — Class A^*		9		2,150
LivaNova plc^*		54		2,121
Coty, Inc. — Class A^*		368		2,013
Sotera Health Co.^*		153		1,784
Avis Budget Group, Inc.^*		17		1,290
Total Consumer, Non-cyclical				450,251
Consumer, Cyclical - 11.8%
Watsco, Inc.		35		17,790
Casey's General Stores, Inc.		37		16,060
BJ's Wholesale Club Holdings, Inc.^*		133		15,175
Burlington Stores, Inc.^*		63		15,015
Dick's Sporting Goods, Inc.		58		11,690
Somnigroup International, Inc.		192		11,497
Texas Roadhouse, Inc. — Class A		67		11,164
Toll Brothers, Inc.		100		10,559
Core & Main, Inc. — Class A^*		191		9,227
Aramark		266		9,182
GameStop Corp. — Class A^*		408		9,107
Floor & Decor Holdings, Inc. — Class A^*		108		8,691
Murphy USA, Inc.		18		8,457
Churchill Downs, Inc.		74		8,219
Planet Fitness, Inc. — Class A^*		84		8,115
Lithia Motors, Inc. — Class A		27		7,926
Light & Wonder, Inc. — Class A^*		89		7,708
Skechers USA, Inc. — Class A^*		132		7,495
Ollie's Bargain Outlet Holdings, Inc.^*		61		7,098
Wyndham Hotels & Resorts, Inc.		78		7,060
Cava Group, Inc.^*		81		6,999
WESCO International, Inc.		45		6,989
American Airlines Group, Inc.^*		660		6,963
Bath & Body Works, Inc.		217		6,579
Mattel, Inc.^*		338		6,567
Wingstop, Inc.		29		6,542
Autoliv, Inc.		72		6,369
Taylor Morrison Home Corp. — Class A^*		104		6,244
Alaska Air Group, Inc.^*		124		6,103
Vail Resorts, Inc.		38		6,081
Crocs, Inc.^*		56		5,947
Gentex Corp.		228		5,312
Hyatt Hotels Corp. — Class A		43		5,268
VF Corp.		332		5,153
Whirlpool Corp.		56		5,047
Dolby Laboratories, Inc. — Class A		61		4,899
Lear Corp.		54		4,764
FirstCash Holdings, Inc.		39		4,692
Gap, Inc.		223		4,596
Warner Music Group Corp. — Class A		145		4,546
Boyd Gaming Corp.		67		4,411
AutoNation, Inc.^*		26		4,210
Five Below, Inc.^*		55		4,121
KB Home		70		4,069
Thor Industries, Inc.		53		4,018
Abercrombie & Fitch Co. — Class A^*		51		3,895
PVH Corp.		56		3,620
Brunswick Corp.		66		3,554
RH^*		15		3,516
Macy's, Inc.		279		3,504
MSC Industrial Direct Company, Inc. — Class A		45		3,495
Travel + Leisure Co.		69		3,194
Choice Hotels International, Inc.		22		2,921
Harley-Davidson, Inc.		115		2,904
YETI Holdings, Inc.^*		85		2,813
Penske Automotive Group, Inc.		19		2,736
Goodyear Tire & Rubber Co.^*		286		2,643
Wendy's Co.		172		2,516
Columbia Sportswear Co.		32		2,422
Nordstrom, Inc.		98		2,396
Scotts Miracle-Gro Co. — Class A		43		2,360
Capri Holdings Ltd.^*		118		2,328
Hilton Grand Vacations, Inc.^*		62		2,319
Visteon Corp.^*		28		2,173
Polaris, Inc.		53		2,170
Marriott Vacations Worldwide Corp.		32		2,056
Under Armour, Inc. — Class A^*		189		1,181
Under Armour, Inc. — Class C^*		129		768
Total Consumer, Cyclical				405,208
Technology - 7.3%
DocuSign, Inc.^*		203		16,524
Guidewire Software, Inc.^*		84		15,738
Dynatrace, Inc.^*		300		14,145
Pure Storage, Inc. — Class A^*		311		13,768
Entegris, Inc.		152		13,297
Duolingo, Inc.^*		38		11,801
Manhattan Associates, Inc.^*		61		10,555
Genpact Ltd.		161		8,111
CACI International, Inc. — Class A^*		22		8,072
Doximity, Inc. — Class A^*		134		7,776
ExlService Holdings, Inc.^*		161		7,601

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 79.8% (continued)
Technology - 7.3% (continued)
Kyndryl Holdings, Inc.^*		234	$	7,348
Lattice Semiconductor Corp.^*		138		7,238
CommVault Systems, Inc.^*		44		6,942
KBR, Inc.		134		6,675
Onto Innovation, Inc.^*		50		6,067
MACOM Technology Solutions Holdings, Inc.^*		60		6,023
Dropbox, Inc. — Class A^*		217		5,796
Rambus, Inc.^*		107		5,540
Science Applications International Corp.		49		5,501
MKS Instruments, Inc.		68		5,450
Cirrus Logic, Inc.^*		53		5,282
Appfolio, Inc. — Class A^*		23		5,058
Qualys, Inc.^*		37		4,659
BILL Holdings, Inc.^*		94		4,314
Lumentum Holdings, Inc.^*		69		4,301
Maximus, Inc.		57		3,887
Silicon Laboratories, Inc.^*		33		3,715
Allegro MicroSystems, Inc.^*		131		3,292
Power Integrations, Inc.		57		2,878
Parsons Corp.^*		47		2,783
ASGN, Inc.^*		44		2,773
ZoomInfo Technologies, Inc. — Class A^*		272		2,720
Concentrix Corp.		46		2,559
Crane NXT Co.		49		2,519
Synaptics, Inc.^*		39		2,485
Blackbaud, Inc.^*		38		2,358
Amkor Technology, Inc.		114		2,059
IPG Photonics Corp.^*		26		1,641
Total Technology				249,251
Basic Materials - 3.3%
Reliance, Inc.		54		15,593
RPM International, Inc.		129		14,923
Royal Gold, Inc.		66		10,792
United States Steel Corp.		226		9,551
Carpenter Technology Corp.		50		9,059
Alcoa Corp.		259		7,899
ATI, Inc.^*		143		7,440
Axalta Coating Systems Ltd.^*		219		7,264
Commercial Metals Co.		114		5,245
NewMarket Corp.		8		4,531
Cabot Corp.		54		4,489
Cleveland-Cliffs, Inc.^*		486		3,995
Avient Corp.		92		3,419
Westlake Corp.		34		3,401
Olin Corp.		116		2,812
Ashland, Inc.		47		2,787
Total Basic Materials				113,200
Energy - 3.3%
Antero Resources Corp.^*		294		11,889
Ovintiv, Inc.		261		11,171
DT Midstream, Inc.		102		9,841
Range Resources Corp.		242		9,663
Permian Resources Corp.		642		8,892
Chord Energy Corp.		61		6,876
Antero Midstream Corp.		336		6,048
Viper Energy, Inc.		132		5,960
Matador Resources Co.		116		5,926
NOV, Inc.		382		5,814
ChampionX Corp.		191		5,692
HF Sinclair Corp.		160		5,261
CNX Resources Corp.^*		149		4,691
Murphy Oil Corp.		138		3,919
Weatherford International plc		73		3,909
Civitas Resources, Inc.		89		3,105
Valaris Ltd.^*		66		2,591
PBF Energy, Inc. — Class A		98		1,871
Total Energy				113,119
Utilities - 2.4%
Essential Utilities, Inc.		254		10,041
OGE Energy Corp.		202		9,284
National Fuel Gas Co.		91		7,206
UGI Corp.		216		7,143
IDACORP, Inc.		53		6,160
New Jersey Resources Corp.		101		4,955
Portland General Electric Co.		110		4,906
TXNM Energy, Inc.		91		4,867
Spire, Inc.		59		4,617
Black Hills Corp.		72		4,367
ONE Gas, Inc.		57		4,309
Southwest Gas Holdings, Inc.		60		4,308
Ormat Technologies, Inc.		58		4,104
ALLETE, Inc.		58		3,810
Northwestern Energy Group, Inc.		62		3,588
Total Utilities				83,665
Communications - 1.6%
Ciena Corp.^*		143		8,641
New York Times Co. — Class A		164		8,135
Frontier Communications Parent, Inc.^*		222		7,961
Maplebear, Inc.^*		162		6,462
Hims & Hers Health, Inc.^*		192		5,673
Chewy, Inc. — Class A^*		166		5,397
Nexstar Media Group, Inc. — Class A		29		5,197
EchoStar Corp. — Class A^*		121		3,095
Iridium Communications, Inc.		109		2,978
Total Communications				53,539
Total Common Stocks
(Cost $1,910,760)				2,740,284
MUTUAL FUNDS^† - 7.0%
Guggenheim Ultra Short Duration Fund — Institutional Class²		15,965		160,130
Guggenheim Strategy Fund II²		3,259		81,007
Total Mutual Funds
(Cost $231,938)				241,137

	Face Amount
U.S. TREASURY BILLS^†† - 3.4%
U.S. Treasury Bills
4.20% due 06/12/25^3,4	$	50,000	49,581
4.08% due 04/08/25⁴		19,000	18,984
4.19% due 06/12/25^3,4		50,000	49,581

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
U.S. TREASURY BILLS^†† - 3.4% (continued)
Total U.S. Treasury Bills
(Cost $118,146)			$	118,146

REPURCHASE AGREEMENTS^††,5- 12.3%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25³		238,567		238,567
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25³		182,834		182,834
Total Repurchase Agreements
(Cost $421,401)				421,401

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁷		8,533		8,533
Total Securities Lending Collateral
(Cost $8,533)				8,533
Total Investments - 102.7%
(Cost $2,690,778)			$	3,529,501
Other Assets & Liabilities, net - (2.7)%				(94,296	)
Total Net Assets - 100.0%			$	3,435,205

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 MidCap 400 Index

Pay

4.88% (Federal Funds Rate + 0.55%)

At Maturity

06/26/25

189

550,550

(13,557

)

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.19% (SOFR + 0.85%)

At Maturity

06/26/25

329

959,000

(23,611

)

Goldman Sachs International

S&P MidCap 400 Index

Pay

4.58% (Federal Funds Rate + 0.25%)

At Maturity

06/25/25

309

902,436

(27,933

)

2,411,986

(65,101

)

^*	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 March 31, 2025 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
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 March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,740,284	$	—	$	—	$	2,740,284
Mutual Funds		241,137		—		—		241,137
U.S. Treasury Bills		—		118,146		—		118,146
Repurchase Agreements		—		421,401		—		421,401
Securities Lending Collateral		8,533		—		—		8,533
Total Assets	$	2,989,954	$	539,547	$	—	$	3,529,501

Mid-Cap 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	65,101			$	—			$	65,101

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

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	80,974	$	–	$	–	$	–	$	33	$	81,007		3,259	$	1,079
Guggenheim Ultra Short Duration Fund — Institutional Class		159,811		–		–		–		319		160,130		15,965		1,778
	$	240,785	$	–	$	–	$	–	$	352	$	241,137			$	2,857

Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 33.9%
Consumer, Non-cyclical - 7.6%
Kellanova¹		5,777	$	476,545
Intra-Cellular Therapies, Inc.^*		2,395		315,948
Patterson Companies, Inc.		8,892		277,786
Surmodics, Inc.^*		7,969		243,294
Amedisys, Inc.^*,1		2,400		222,312
Chimerix, Inc.^*		23,465		199,687
Dun & Bradstreet Holdings, Inc.		19,790		176,922
Cross Country Healthcare, Inc.^*		10,771		160,380
Total Consumer, Non-cyclical				2,072,874
Financial - 5.8%
Discover Financial Services¹		4,234		722,744
Enstar Group Ltd.^*,1		1,128		374,924
First Bancshares, Inc.¹		10,092		341,211
Sandy Spring Bancorp, Inc.¹		3,336		93,241
ProAssurance Corp.^*		3,074		71,778
Mr Cooper Group, Inc.^*		115		13,754
Total Financial				1,617,652
Technology - 4.3%
Paycor HCM, Inc.^*		13,460		302,042
Logility Supply Chain Solutions, Inc. — Class A		20,717		295,425
ANSYS, Inc.^*,1		709		224,441
PlayAGS, Inc.^*,1		16,147		195,540
SolarWinds Corp.		9,035		166,515
Total Technology				1,183,963
Consumer, Cyclical - 4.0%
Everi Holdings, Inc.^*,1		31,628		432,355
H&E Equipment Services, Inc.		4,300		407,597
Beacon Roofing Supply, Inc.^*		1,148		142,008
Walgreens Boots Alliance, Inc.^*,1		10,425		116,447
Total Consumer, Cyclical				1,098,407
Energy - 3.8%
ChampionX Corp.		17,867		532,437
Hess Corp.¹		3,243		518,004
Total Energy				1,050,441
Industrial - 3.7%
Spirit AeroSystems Holdings, Inc. — Class A^*,1		11,929		411,073
Pactiv Evergreen, Inc.¹		15,690		282,577
Berry Global Group, Inc.		4,000		279,240
Air Transport Services Group, Inc.^*		2,151		48,268
Total Industrial				1,021,158
Utilities - 2.1%
ALLETE, Inc.¹		5,779		379,680
Altus Power, Inc.^*		42,384		209,801
Total Utilities				589,481
Communications - 2.0%
Juniper Networks, Inc.¹		7,832		283,440
Interpublic Group of Companies, Inc.¹		5,763		156,523
Frontier Communications Parent, Inc.^*,1		3,064		109,875
Total Communications				549,838
Basic Materials - 0.6%
Radius Recycling, Inc. — Class A		6,134		177,150
Total Common Stocks
(Cost $9,365,133)				9,360,964

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Bristol-Myers Squibb Co.		5,897		–
Johnson & Johnson^†††		1,553		–
Novartis AG^†††		4,974		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $1,940)				–

MUTUAL FUNDS^† - 24.9%
Guggenheim Strategy Fund III²		99,249		2,474,274
Guggenheim Variable Insurance Strategy Fund III²		86,555		2,156,952
Guggenheim Strategy Fund II²		67,185		1,670,215
Guggenheim Ultra Short Duration Fund — Institutional Class²		54,685		548,489
Total Mutual Funds
(Cost $6,865,317)				6,849,930

CLOSED-END FUNDS^,† - 6.0%*
Virtus Total Return Fund, Inc.		8,057		48,102
Templeton Emerging Markets Fund/United States		3,699		47,532
SRH Total Return Fund, Inc.		2,727		47,041
Sprott Focus Trust, Inc.		6,309		46,748
Mexico Fund, Inc.		3,263		46,433
John Hancock Diversified Income Fund		4,444		46,218
abrdn Japan Equity Fund, Inc.³		7,083		46,052
General American Investors Company, Inc.		907		45,686
abrdn Emerging Markets ex China Fund, Inc.		9,166		45,463
Gabelli Dividend & Income Trust		1,861		44,906
Nuveen Dow 30sm Dynamic Overwrite Fund		3,095		44,847
New Germany Fund, Inc.		4,086		40,084
BlackRock Municipal 2030 Target Term Trust		1,656		35,157
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		3,321		35,103
BNY Mellon Strategic Municipals, Inc.		5,674		34,725
BNY Mellon Strategic Municipal Bond Fund, Inc.		5,939		34,268
Allspring Global Dividend Opportunity Fund		6,712		33,224
Clough Global Equity Fund		5,249		33,016
PIMCO California Municipal Income Fund II		5,458		30,783
Gabelli Healthcare & WellnessRx Trust		2,983		30,069
European Equity Fund, Inc.		3,117		28,365
PIMCO California Municipal Income Fund³		3,188		28,214

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
CLOSED-END FUNDS^,† - 6.0% (continued)*
PIMCO New York Municipal Income Fund II		3,919	$	27,747
Voya Emerging Markets High Dividend Equity Fund		4,478		23,913
Gabelli Global Small and Mid Capital Value Trust		1,984		23,808
Bancroft Fund Ltd.		1,303		22,692
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		1,969		22,151
BlackRock MuniHoldings California Quality Fund, Inc.		2,054		21,998
Herzfeld Caribbean Basin Fund, Inc.		7,266		19,110
Voya Asia Pacific High Dividend Equity Income Fund		2,660		16,412
abrdn National Municipal Income Fund		1,424		14,439
Royce Global Trust, Inc.		1,295		13,598
Mexico Equity and Income Fund, Inc.		1,374		11,981
Western Asset Inflation-Linked Opportunities & Income Fund		1,352		11,884
Ellsworth Growth and Income Fund Ltd.		1,271		11,541
Swiss Helvetia Fund, Inc.		1,246		11,488
Nuveen Pennsylvania Quality Municipal Income Fund		985		11,052
Tri-Continental Corp.		357		10,949
Royce Small-Capital Trust, Inc.		736		10,481
Royce Micro-Capital Trust, Inc.		1,160		9,779
Federated Hermes Premier Municipal Income Fund		562		6,103
Principal Real Estate Income Fund		576		6,065
BlackRock New York Municipal Income Trust		560		5,695
Allspring Utilities and High Income Fund		487		5,367
PIMCO New York Municipal Income Fund III		919		5,183
John Hancock Tax-Advantaged Dividend Income Fund		167		3,996
John Hancock Premium Dividend Fund		302		3,950
Nuveen Select Maturities Municipal Fund		423		3,942
Western Asset Inflation-Linked Income Fund		472		3,939
Western Asset Emerging Markets Debt Fund, Inc.		398		3,936
Voya Infrastructure Industrials and Materials Fund		372		3,936
Putnam Premier Income Trust		1,086		3,920
Templeton Emerging Markets Income Fund		728		3,917
Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.		424		3,909
Flaherty & Crumrine Preferred & Income Fund, Inc.		348		3,905
Nuveen New York Select Tax-Free Income Portfolio		330		3,901
abrdn Global Infrastructure Income Fund		212		3,899
Pioneer Diversified High Income Fund, Inc.		326		3,892
MFS Multimarket Income Trust		837		3,892
Allspring Multi-Sector Income Fund		422		3,891
BlackRock Enhanced International Dividend Trust		692		3,882
Invesco Bond Fund		251		3,880
Nuveen New York Municipal Value Fund		469		3,874
Flaherty & Crumrine Preferred and Income Securities Fund, Inc.		243		3,871
Franklin Universal Trust		514		3,870
BrandywineGLOBAL Global Income Opportunities Fund, Inc.		463		3,866
Eaton Vance California Municipal Bond Fund		417		3,866
Pioneer High Income Fund, Inc.		499		3,862
MFS Intermediate High Income Fund		2,257		3,859
Flaherty & Crumrine Total Return Fund, Inc.		230		3,859
BNY Mellon High Yield Strategies Fund		1,512		3,856
abrdn Australia Equity Fund, Inc.		955		3,849
Western Asset Managed Municipals Fund, Inc.		374		3,848
Nuveen AMT-Free Municipal Value Fund		280		3,847
BlackRock MuniYield Michigan Quality Fund, Inc.		338		3,846
MFS Charter Income Trust		613		3,843
Blackrock Investment Quality Municipal Trust, Inc.		334		3,838
BlackRock MuniYield Quality Fund III, Inc.		349		3,836
Invesco Trust for Investment Grade Municipals		384		3,825
BlackRock MuniYield Quality Fund, Inc.		326		3,817
Nuveen Municipal Credit Income Fund		312		3,816
BlackRock MuniHoldings Fund, Inc.		325		3,816
BlackRock Municipal Credit Alpha Portfolio, Inc.^*		293		3,815
BlackRock MuniYield New York Quality Fund, Inc.		384		3,813
Eaton Vance Tax Managed Global Buy Write Opportunities Fund		462		3,812
Nuveen California Quality Municipal Income Fund		339		3,810
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		468		3,810

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
CLOSED-END FUNDS^,† - 6.0% (continued)*
Eaton Vance Municipal Bond Fund		382	$	3,809
Nuveen AMT-Free Quality Municipal Income Fund		340		3,808
Putnam Managed Municipal Income Trust		621		3,807
Neuberger Berman Municipal Fund, Inc.		366		3,806
BlackRock MuniVest Fund II, Inc.		360		3,805
MFS High Income Municipal Trust		1,031		3,804
Nuveen Quality Municipal Income Fund		330		3,802
BlackRock Municipal Income Trust		384		3,802
BlackRock MuniYield Quality Fund II, Inc.		380		3,800
John Hancock Investors Trust		280		3,800
BlackRock Enhanced Global Dividend Trust		350		3,798
Eaton Vance National Municipal Opportunities Trust		228		3,796
Eaton Vance Tax-Advantaged Dividend Income Fund		163		3,793
BlackRock MuniVest Fund, Inc.		541		3,792
PIMCO New York Municipal Income Fund		506		3,790
Eaton Vance Tax-Advantaged Global Dividend Income Fund		208		3,790
BlackRock California Municipal Income Trust		345		3,788
BlackRock Health Sciences Trust		98		3,787
BlackRock MuniHoldings New York Quality Fund, Inc.		373		3,786
NYLI MacKay DefinedTerm Muni Opportunities Fund		251		3,785
Invesco Quality Municipal Income Trust		391		3,785
abrdn Global Dynamic Dividend Fund		380		3,785
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		154		3,784
BlackRock Municipal Income Quality Trust		351		3,784
Invesco Municipal Trust		392		3,783
Pioneer Municipal High Income Advantage Fund, Inc.		453		3,783
BlackRock Municipal Income Trust II		364		3,782
Nuveen New York AMT-Free Quality Municipal Income Fund		367		3,780
BlackRock MuniHoldings Quality Fund II, Inc.		378		3,780
AllianceBernstein National Municipal Income Fund, Inc.		348		3,779
Nuveen New Jersey Quality Municipal Income Fund		321		3,778
Invesco Municipal Opportunity Trust		398		3,777
abrdn Total Dynamic Dividend Fund		450		3,776
Invesco Value Municipal Income Trust		315		3,771
Invesco Pennsylvania Value Municipal Income Trust		370		3,770
BlackRock MuniYield Pennsylvania Quality Fund		336		3,767
PIMCO Municipal Income Fund III		526		3,766
MFS High Yield Municipal Trust		1,079		3,766
MFS Municipal Income Trust		710		3,763
DTF Tax-Free Income 2028 Term Fund, Inc.		335		3,755
John Hancock Income Securities Trust		331		3,754
Putnam Municipal Opportunities Trust		367		3,740
Nuveen S&P 500 Buy-Write Income Fund		285		3,739
Eaton Vance Risk-Managed Diversified Equity Income Fund		440		3,722
abrdn Healthcare Investors		229		3,719
abrdn Life Sciences Investors		293		3,718
PIMCO California Municipal Income Fund III		570		3,716
Nuveen Real Estate Income Fund		451		3,716
First Trust Enhanced Equity Income Fund		192		3,709
Eaton Vance Tax-Managed Buy-Write Income Fund		271		3,699
Lazard Global Total Return and Income Fund, Inc.		240		3,698
BlackRock Enhanced Large Capital Core Fund, Inc.		197		3,639
Nuveen NASDAQ 100 Dynamic Overwrite Fund		153		3,634
MFS Investment Grade Municipal Trust		450		3,564
First Trust Mortgage Income Fund		284		3,470
BlackRock MuniYield Fund, Inc.		322		3,397
GAMCO Natural Resources Gold & Income Trust		529		3,222
BlackRock Virginia Municipal Bond Trust		299		3,184
Duff & Phelps Utility and Infrastructure Fund, Inc.		258		3,155
BNY Mellon Municipal Income, Inc.		429		3,080
Nuveen California Municipal Value Fund		356		3,079
TCW Strategic Income Fund, Inc.		629		3,057
Franklin Limited Duration Income Trust		470		3,036
KKR Income Opportunities Fund		247		3,036

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
CLOSED-END FUNDS^,† - 6.0% (continued)*
Invesco Trust for Investment Grade New York Municipals		287	$	2,996
Allspring Income Opportunities Fund		437		2,989
Pioneer Municipal High Income Fund Trust		324		2,981
Eaton Vance New York Municipal Bond Fund		313		2,970
Invesco Advantage Municipal Income Trust II		342		2,921
Virtus Convertible & Income Fund		225		2,909
Adams Diversified Equity Fund, Inc.		153		2,905
Nuveen Multi-Market Income Fund		464		2,886
Virtus Convertible & Income Fund II³		249		2,878
Liberty All Star Growth Fund, Inc.		587		2,870
ClearBridge Energy Midstream Opportunity Fund, Inc.		17		844
Nuveen AMT-Free Municipal Credit Income Fund		68		842
Nuveen Multi-Asset Income Fund		70		841
Highland Global Allocation Fund		101		841
Nuveen Credit Strategies Income Fund		156		839
Highland Opportunities and Income Fund		161		837
AllianceBernstein Global High Income Fund, Inc.		78		837
RiverNorth Capital and Income Fund		55		836
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		41		835
Kayne Anderson Energy Infrastructure Fund		65		834
Pioneer Floating Rate Fund, Inc.		88		833
Aberdeen Asia-Pacific Income Fund, Inc.		53		832
BlackRock Resources & Commodities Strategy Trust		89		830
Saba Capital Income & Opportunities Fund		107		830
Source Capital		20		830
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		41		830
BlackRock Energy and Resources Trust		61		828
LMP Capital and Income Fund, Inc.		52		828
Neuberger Berman Energy Infrastructure and Income Fund, Inc.		92		828
Saba Capital Income & Opportunities Fund II		95		827
Special Opportunities Fund, Inc.		55		826
Invesco High Income Trust II		78		826
BlackRock Enhanced Equity Dividend Trust		96		826
Templeton Dragon Fund, Inc.		85		825
Eaton Vance Municipal Income Trust		80		821
Cohen & Steers Select Preferred and Income Fund, Inc.		41		820
Tortoise Energy Infrastructure Corp.		19		818
Clough Global Opportunities Fund		167		817
Clough Global Dividend and Income Fund		149		814
Total Closed-End Funds
(Cost $1,542,352)				1,646,408

	Face Amount
U.S. TREASURY BILLS^†† - 16.8%
U.S. Treasury Bills
4.18% due 05/08/25^4,5	$	3,500,000	3,484,766
4.08% due 04/08/25^5,6		1,149,000	1,148,051
Total U.S. Treasury Bills
(Cost $4,632,830)			4,632,817

REPURCHASE AGREEMENTS^††,7 - 14.0%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25		2,190,344	2,190,344
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		1,678,653	1,678,653
Total Repurchase Agreements
(Cost $3,868,997)			3,868,997

	Shares
SECURITIES LENDING COLLATERAL^†,8 - 0.2%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁹		60,201		60,201
Total Securities Lending Collateral
(Cost $60,201)				60,201
Total Investments - 95.8%
(Cost $26,336,770)			$	26,419,317

COMMON STOCKS SOLD SHORT^† - (11.3)%
Consumer, Non-cyclical - (0.3)%
Herc Holdings, Inc.		553		(74,251	)
Technology - (0.4)%
Synopsys, Inc.^*		245		(105,068	)
Communications - (0.6)%
Omnicom Group, Inc.		1,982		(164,328	)
Industrial - (1.6)%
Boeing Co.^*		1,030		(175,666	)
Amcor plc		29,000		(281,300	)
Total Industrial				(456,966	)
Energy - (4.0)%
Equities Corp.		1		(53	)
ConocoPhillips		1		(105	)
Schlumberger N.V.		13,132		(548,918	)
Chevron Corp.		3,324		(556,072	)
Total Energy				(1,105,148	)
Financial - (4.4)%
WesBanco, Inc.		1		(31	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
COMMON STOCKS SOLD SHORT^† - (11.3)% (continued)
Rocket Companies, Inc. — Class A		1,267	$	(15,293	)
Atlantic Union Bankshares Corp.		3,002		(93,482	)
Renasant Corp.		10,092		(342,422	)
Capital One Financial Corp.		4,315		(773,679	)
Total Financial				(1,224,907	)
Total Common Stocks Sold Short
(Proceeds $3,236,054)				(3,130,668	)

EXCHANGE-TRADED FUNDS SOLD SHORT^† - (6.2)%
iShares Agency Bond ETF		2		(219	)
iShares MBS ETF		5		(469	)
iShares Mortgage Real Estate ETF		28		(628	)
Materials Select Sector SPDR Fund		17		(1,461	)
SPDR S&P Biotech ETF		25		(2,028	)
VanEck Gold Miners ETF		61		(2,804	)
SPDR Gold Shares — Class D^*		19		(5,475	)
iShares JP Morgan USD Emerging Markets Bond ETF		65		(5,888	)
Utilities Select Sector SPDR Fund		83		(6,545	)
iShares U.S. Real Estate ETF		78		(7,468	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		82		(8,913	)
Invesco Senior Loan ETF		462		(9,563	)
iShares Preferred & Income Securities ETF		331		(10,172	)
iShares Floating Rate Bond ETF		215		(10,976	)
iShares TIPS Bond ETF		139		(15,442	)
iShares 7-10 Year Treasury Bond ETF		175		(16,690	)
Schwab U.S. Aggregate Bond ETF		747		(17,301	)
iShares Core High Dividend ETF		202		(24,466	)
iShares Russell 1000 Growth ETF		68		(24,554	)
Health Care Select Sector SPDR Fund		193		(28,180	)
iShares MSCI Emerging Markets ETF		662		(28,929	)
iShares iBoxx $ High Yield Corporate Bond ETF		381		(30,057	)
iShares Latin America 40 ETF		1,777		(41,848	)
SPDR Bloomberg Convertible Securities ETF		636		(48,730	)
iShares MSCI All Country Asia ex Japan ETF		1,006		(74,444	)
iShares Russell 2000 Index ETF		419		(83,586	)
iShares National Muni Bond ETF		817		(86,144	)
VanEck High Yield Muni ETF		2,038		(104,305	)
SPDR S&P 500 ETF Trust		201		(112,438	)
iShares Russell 1000 Value ETF		867		(163,135	)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		7,664		(193,286	)
iShares MSCI EAFE ETF		3,248		(265,459	)
SPDR Nuveen Bloomberg Municipal Bond ETF		6,346		(286,014	)
Total Exchange-Traded Funds Sold Short
(Proceeds $1,779,828)				(1,717,617	)
Total Securities Sold Short - (17.5)%
(Proceeds $5,015,882)			$	(4,848,285	)
Other Assets & Liabilities, net - 21.7%				5,978,911
Total Net Assets - 100.0%			$	27,549,943

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts		30	May 2025	$	615,000	$	44,080
IBEX 35 Index Futures Contracts^††		2	Apr 2025		284,487		3,921
CBOE Volatility Index Futures Contracts		21	Apr 2025		436,800		922
Dow Jones Industrial Average Index Mini Futures Contracts		3	Jun 2025		634,110		479
FTSE 100 Index Futures Contracts		3	Jun 2025		334,552		(690	)
FTSE MIB Index Futures Contracts		1	Jun 2025		203,225		(1,017	)
CAC 40 10 Euro Index Futures Contracts		1	Apr 2025		84,726		(2,270	)
Euro STOXX 50 Index Futures Contracts		3	Jun 2025		169,365		(4,543	)
Tokyo Stock Price Index Futures Contracts		1	Jun 2025		179,222		(6,116	)
OMX Stockholm 30 Index Futures Contracts^††		6	Apr 2025		149,575		(8,469	)
Russell 2000 Index Mini Futures Contracts		2	Jun 2025		202,710		(9,803	)
S&P 500 Index Mini Futures Contracts		2	Jun 2025		565,625		(16,012	)
NASDAQ-100 Index Mini Futures Contracts		1	Jun 2025		388,995		(18,505	)
				$	4,248,392	$	(18,023	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Interest Rate Futures Contracts Purchased^†
Euro - OATS Futures Contracts		11	Jun 2025	$	1,461,151	$	3,774
Euro - BTP Italian Government Bond Futures Contracts^††		23	Jun 2025		2,924,965		(2,637	)
Euro - Bund Futures Contracts		30	Jun 2025		4,180,392		(26,010	)
				$	8,566,508	$	(24,873	)

Currency Futures Contracts Purchased^†
British Pound Futures Contracts		24	Jun 2025	$	1,937,700	$	(2,874	)
New Zealand Dollar Futures Contracts		12	Jun 2025		682,500		(6,785	)
Australian Dollar Futures Contracts		17	Jun 2025		1,063,180		(12,582	)
Japanese Yen Futures Contracts		13	Jun 2025		1,092,975		(25,952	)
				$	4,776,355	$	(48,193	)

Commodity Futures Contracts Purchased^†
Sugar #11 Futures Contracts		92	Jun 2025	$	1,920,666	$	71,833
WTI Crude Futures Contracts		3	Apr 2025		214,350		12,662
Brent Crude Futures Contracts		2	Apr 2025		149,360		8,457
Copper Futures Contracts		1	May 2025		126,250		8,422
Natural Gas Futures Contracts		21	Apr 2025		867,510		7,471
NY Harbor ULSD Futures Contracts		1	Apr 2025		95,726		4,214
Cotton #2 Futures Contracts		6	May 2025		200,610		1,586
Corn Futures Contracts		9	May 2025		205,988		107
LME Zinc Futures Contracts		1	May 2025		71,219		(1,145	)
Soybean Meal Futures Contracts		4	May 2025		117,120		(3,183	)
LME Primary Aluminum Futures Contracts		2	May 2025		126,473		(6,578	)
Soybean Meal Futures Contracts		45	Dec 2025		1,384,650		(34,746	)
Coffee 'C' Futures Contracts		3	May 2025		426,037		(46,697	)
Cocoa Futures Contracts		3	May 2025		239,100		(64,839	)
Soybean Futures Contracts		69	Nov 2025		3,512,963		(95,084	)
Corn Futures Contracts		91	Sep 2025		1,982,662		(148,090	)
				$	11,640,684	$	(285,610	)

Commodity Futures Contracts Sold Short^†
Soybean Futures Contracts		59	Jul 2025	$	3,032,600	$	102,164
Soybean Meal Futures Contracts		40	Jul 2025		1,197,600		32,565
Hard Red Winter Wheat Futures Contracts		11	May 2025		306,075		23,190
Wheat Futures Contracts		5	May 2025		134,375		14,725
Soybean Futures Contracts		2	May 2025		101,400		3,045
Sugar #11 Futures Contracts		4	Apr 2025		84,403		2,974
Lean Hogs Futures Contracts		7	Jun 2025		267,470		1,741
LME Lead Futures Contracts		2	May 2025		100,195		1,540
LME Nickel Futures Contracts		1	May 2025		94,921		263
Live Cattle Futures Contracts		3	Jun 2025		244,560		(1,258	)
Low Sulphur Gas Oil Futures Contracts		1	May 2025		68,325		(1,810	)
Corn Futures Contracts		62	Jul 2025		1,439,175		(3,420	)
Gasoline RBOB Futures Contracts		1	Apr 2025		96,180		(5,855	)
Natural Gas Futures Contracts		21	Jun 2025		941,220		(5,956	)
Soybean Oil Futures Contracts		7	May 2025		188,412		(12,333	)
Cattle Feeder Futures Contracts		2	May 2025		284,800		(13,683	)
Sugar #11 Futures Contracts		100	Sep 2025		2,107,840		(49,248	)
				$	10,689,551	$	88,644

Currency Futures Contracts Sold Short^†
Swiss Franc Futures Contracts		39	Jun 2025	$	5,561,888	$	62,115

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Appreciation (Depreciation)^**
Currency Futures Contracts Sold Short^† (continued)
Euro FX Futures Contracts		11	Jun 2025	$	1,493,387	$	5,893
Canadian Dollar Futures Contracts		8	Jun 2025		558,160		2,301
				$	7,613,435	$	70,309

Equity Futures Contracts Sold Short^†
CBOE Volatility Index Futures Contracts		25	Aug 2025	$	513,404	$	(67	)
CBOE Volatility Index Futures Contracts		49	Sep 2025		1,011,850		(1,418	)
CBOE Volatility Index Futures Contracts		32	Jul 2025		660,800		(4,000	)
				$	2,186,054	$	(5,485	)

Interest Rate Futures Contracts Sold Short^†
Euro - 30 year Bond Futures Contracts		1	Jun 2025	$	128,882	$	156
U.S. Treasury Ultra Long Bond Futures Contracts		1	Jun 2025		122,875		(641	)
Canadian Government 10 Year Bond Futures Contracts		33	Jun 2025		2,854,115		(798	)
U.S. Treasury Long Bond Futures Contracts		2	Jun 2025		235,375		(816	)
Long Gilt Futures Contracts^††		10	Jun 2025		1,185,453		(1,008	)
Australian Government 10 Year Bond Futures Contracts		24	Jun 2025		1,689,300		(3,323	)
U.S. Treasury 10 Year Note Futures Contracts		52	Jun 2025		5,793,937		(22,287	)
				$	12,009,937	$	(28,717	)

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized
Appreciation (Depreciation)

OTC Custom Basket Swap Agreements^††

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Pay

4.73% (Federal Funds Rate + 0.40%)

At Maturity

08/31/28

5,675,731

199,550

Morgan Stanley Capital Services LLC

MS Equity Market Neutral Custom Basket

Pay

4.73% (Federal Funds Rate + 0.40%)

At Maturity

08/31/28

10,851,319

141,717

16,527,050

341,267

OTC Custom Basket Swap Agreements Sold Short^††

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Receive

4.03% (Federal Funds Rate - 0.30%)

At Maturity

08/31/28

3,254,650

233,320

Morgan Stanley Capital Services LLC

MS Equity Market Neutral Custom Basket

Receive

3.98% (Federal Funds Rate - 0.35%)

At Maturity

08/31/28

10,699,074

(67,566

)

13,953,724

165,754

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

MS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
CareTrust REIT, Inc.		14,365		3.77	%	$	53,587
Welltower, Inc.		2,635		3.72	%		52,957
Vornado Realty Trust		9,567		3.26	%		45,134
Sabra Health Care REIT, Inc.		24,138		3.89	%		44,917
Ventas, Inc.		5,883		3.73	%		42,982
Kimco Realty Corp.		10,861		2.13	%		35,817
Essex Property Trust, Inc.		1,255		3.55	%		29,479
National Health Investors, Inc.		4,532		3.08	%		23,347
UDR, Inc.		8,380		3.49	%		22,191
Tanger, Inc.		7,531		2.35	%		20,055
Independence Realty Trust, Inc.		12,417		2.43	%		19,648
Agree Realty Corp.		3,428		2.44	%		18,450
Essential Properties Realty Trust, Inc.		12,935		3.89	%		14,536
Mid-America Apartment Communities, Inc.		1,148		1.77	%		13,874
Omega Healthcare Investors, Inc.		8,312		2.92	%		12,894
Camden Property Trust		1,565		1.76	%		10,031
Equity Residential		3,947		2.60	%		8,237
Four Corners Property Trust, Inc.		7,525		1.99	%		6,694
Hudson Pacific Properties, Inc.		24,336		0.66	%		6,061
Highwoods Properties, Inc.		11,992		3.28	%		5,878
LTC Properties, Inc.		2,194		0.72	%		3,466
Piedmont Office Realty Trust, Inc. — Class A		8,263		0.56	%		611
Regency Centers Corp.		627		0.43	%		404
NexPoint Residential Trust, Inc.		7,244		2.64	%		50
Paramount Group, Inc.		5,054		0.20	%		19
Simon Property Group, Inc.		427		0.65	%		(207	)
Macerich Co.		1,013		0.16	%		(748	)
Brandywine Realty Trust		4,415		0.18	%		(1,279	)
AvalonBay Communities, Inc.		1,236		2.44	%		(1,859	)
Brixmor Property Group, Inc.		8,758		2.14	%		(4,080	)
Cousins Properties, Inc.		11,437		3.11	%		(6,267	)
CTO Realty Growth, Inc.		18,771		3.34	%		(9,637	)
Douglas Emmett, Inc.		12,231		1.80	%		(10,587	)
Kite Realty Group Trust		9,351		1.93	%		(10,784	)
Digital Realty Trust, Inc.		2,127		2.81	%		(16,645	)
Urban Edge Properties		12,394		2.17	%		(18,777	)
Acadia Realty Trust		9,462		1.83	%		(22,347	)
Empire State Realty Trust, Inc. — Class A		22,985		1.66	%		(23,012	)
Gladstone Commercial Corp.		25,396		3.51	%		(25,506	)
SL Green Realty Corp.		4,654		2.47	%		(36,998	)
Iron Mountain, Inc.		4,707		3.73	%		(49,096	)
Innovative Industrial Properties, Inc.		3,068		1.53	%		(52,493	)
American Assets Trust, Inc.		17,660		3.28	%		(59,280	)
Total Financial							141,717
Total MS Equity Market Neutral Long Custom Basket						$	141,717

MS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Armada Hoffler Properties, Inc.	42,960	(3.00	)%	104,592
Apple Hospitality REIT, Inc.	23,654	(2.85	)%	52,827
Equinix, Inc.	268	(2.04	)%	32,559
Americold Realty Trust, Inc.	4,978	(1.00	)%	24,630
Kilroy Realty Corp.	8,721	(2.67	)%	23,717
Rexford Industrial Realty, Inc.	5,833	(2.13	)%	18,592
Saul Centers, Inc.	11,215	(3.78	)%	17,969
SITE Centers Corp.	13,990	(1.68	)%	17,002
Alexandria Real Estate Equities, Inc.	2,912	(2.52	)%	15,135
BXP, Inc.	4,285	(2.69	)%	12,520
Community Healthcare Trust, Inc.	22,634	(3.84	)%	11,812
Alexander & Baldwin, Inc.	18,890	(3.04	)%	8,405
Easterly Government Properties, Inc.	8,934	(0.89	)%	7,327
Equity LifeStyle Properties, Inc.	7,083	(4.42	)%	4,856
Federal Realty Investment Trust	355	(0.32	)%	4,267
Extra Space Storage, Inc.	665	(0.92	)%	3,798
Prologis, Inc.	484	(0.51	)%	3,328
Terreno Realty Corp.	4,603	(2.72	)%	1,665
EastGroup Properties, Inc.	92	(0.15	)%	1,055
First Industrial Realty Trust, Inc.	573	(0.29	)%	(638	)
National Storage Affiliates Trust	851	(0.31	)%	(902	)
Public Storage	349	(0.98	)%	(974	)
Getty Realty Corp.	9,317	(2.72	)%	(1,397	)
LXP Industrial Trust	7,335	(0.59	)%	(2,246	)
Whitestone REIT — Class B	3,069	(0.42	)%	(2,446	)
Healthcare Realty Trust, Inc.	16,347	(2.58	)%	(2,767	)
CubeSmart	3,199	(1.28	)%	(4,095	)
STAG Industrial, Inc.	5,327	(1.80	)%	(5,367	)
Elme Communities	9,322	(1.52	)%	(5,679	)
Sun Communities, Inc.	3,365	(4.05	)%	(6,865	)
Safehold, Inc.	6,143	(1.07	)%	(9,867	)
American Homes 4 Rent — Class A	5,931	(2.10	)%	(10,739	)
NNN REIT, Inc.	6,840	(2.73	)%	(12,447	)
Veris Residential, Inc.	19,172	(3.03	)%	(12,832	)
Gaming and Leisure Properties, Inc.	7,790	(3.71	)%	(16,355	)
JBG SMITH Properties	17,374	(2.62	)%	(20,809	)
Realty Income Corp.	8,095	(4.39	)%	(25,044	)
VICI Properties, Inc.	9,993	(3.05	)%	(25,383	)
Invitation Homes, Inc.	10,330	(3.36	)%	(31,765	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
EPR Properties		6,502		(3.20	)%	$	(32,308	)
WP Carey, Inc.		6,462		(3.81	)%		(35,991	)
Global Net Lease, Inc.		58,696		(4.41	)%		(39,338	)
Medical Properties Trust, Inc.		85,356		(4.81	)%		(127,368	)
Total Financial							(67,566	)
Total MS Equity Market Neutral Short Custom Basket						$	(67,566	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

MS LONG/SHORT EQUITY LONG CUSTOM BASKET
	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Consumer, Non-cyclical
Gilead Sciences, Inc.		440		0.85	%	$	15,580
Royalty Pharma plc — Class A		1,755		0.96	%		11,103
Innoviva, Inc.		3,340		1.07	%		9,177
Cal-Maine Foods, Inc.		402		0.64	%		8,267
Catalyst Pharmaceuticals, Inc.		959		0.41	%		8,114
Bristol-Myers Squibb Co.		692		0.74	%		7,069
Alkermes plc		1,111		0.65	%		5,939
Protagonist Therapeutics, Inc.		588		0.50	%		5,440
Perdoceo Education Corp.		718		0.32	%		4,179
Johnson & Johnson		251		0.73	%		3,799
ADT, Inc.		2,622		0.38	%		3,035
Exelixis, Inc.		777		0.51	%		2,261
Jazz Pharmaceuticals plc		264		0.58	%		2,099
United Therapeutics Corp.		174		0.95	%		1,611
Euronet Worldwide, Inc.		245		0.46	%		1,326
Ingredion, Inc.		200		0.48	%		1,198
Inmode Ltd.		1,306		0.41	%		690
Collegium Pharmaceutical, Inc.		471		0.25	%		645
Laureate Education, Inc. — Class A		598		0.22	%		586
Premier, Inc. — Class A		979		0.33	%		124
Organon & Co.		886		0.23	%		(28	)
Harmony Biosciences Holdings, Inc.		640		0.37	%		(81	)
United Rentals, Inc.		25		0.28	%		(180	)
Supernus Pharmaceuticals, Inc.		520		0.30	%		(319	)
Incyte Corp.		497		0.53	%		(1,154	)
Amphastar Pharmaceuticals, Inc.		636		0.32	%		(1,724	)
Utah Medical Products, Inc.		529		0.52	%		(3,003	)
Merck & Company, Inc.		430		0.68	%		(3,301	)
Regeneron Pharmaceuticals, Inc.		56		0.63	%		(4,201	)
Alarm.com Holdings, Inc.		936		0.92	%		(4,228	)
Biogen, Inc.		322		0.78	%		(4,505	)
Hologic, Inc.		963		1.05	%		(6,301	)
Herc Holdings, Inc.		168		0.40	%		(6,341	)
Total Consumer, Non-cyclical							56,876
Industrial
Mueller Industries, Inc.		602		0.81	%		17,226
Snap-on, Inc.		178		1.06	%		6,910
Allegion plc		473		1.09	%		1,878
Teekay Corporation Ltd.		2,829		0.33	%		423
Alamo Group, Inc.		93		0.29	%		216
Apogee Enterprises, Inc.		347		0.28	%		74
Gibraltar Industries, Inc.		181		0.19	%		(249	)
Tennant Co.		222		0.31	%		(423	)
Generac Holdings, Inc.		139		0.31	%		(477	)
UFP Industries, Inc.		557		1.05	%		(492	)
Bel Fuse, Inc. — Class B		188		0.25	%		(968	)
A O Smith Corp.		379		0.44	%		(997	)
Caterpillar, Inc.		129		0.75	%		(1,122	)
Boise Cascade Co.		162		0.28	%		(1,154	)
Carlisle Companies, Inc.		65		0.39	%		(1,293	)
Acuity, Inc.		129		0.60	%		(1,421	)
Fluor Corp.		1,147		0.72	%		(1,434	)
TE Connectivity plc		397		0.99	%		(2,396	)
Owens Corning		401		1.01	%		(2,436	)
Kennametal, Inc.		1,507		0.57	%		(5,216	)
Avnet, Inc.		1,216		1.03	%		(5,283	)
Granite Construction, Inc.		729		0.97	%		(9,540	)
Knowles Corp.		3,463		0.93	%		(11,416	)
Total Industrial							(19,590	)
Consumer, Cyclical
Allison Transmission Holdings, Inc.		613		1.03	%		10,917
Monarch Casino & Resort, Inc.		247		0.34	%		3,950
Dolby Laboratories, Inc. — Class A		236		0.33	%		(448	)
Phinia, Inc.		325		0.24	%		(468	)
PulteGroup, Inc.		198		0.36	%		(630	)
NVR, Inc.		5		0.64	%		(717	)
PC Connection, Inc.		441		0.48	%		(1,036	)
Boyd Gaming Corp.		173		0.20	%		(1,294	)
PACCAR, Inc.		239		0.41	%		(1,794	)
BorgWarner, Inc.		773		0.39	%		(2,330	)
Buckle, Inc.		1,070		0.72	%		(3,071	)
ScanSource, Inc.		342		0.20	%		(4,406	)
Visteon Corp.		633		0.87	%		(7,682	)
Gentex Corp.		2,444		1.00	%		(9,545	)
Tri Pointe Homes, Inc.		1,624		0.91	%		(9,876	)
Total Consumer, Cyclical							(28,430	)
Communications
AT&T, Inc.		1,989		0.97	%		23,788
IDT Corp. — Class B		1,303		1.18	%		18,043
T-Mobile US, Inc.		180		0.85	%		17,307
Verizon Communications, Inc.		1,397		1.12	%		12,484
Fox Corp. — Class A		1,064		1.06	%		9,569
InterDigital, Inc.		188		0.68	%		3,467
Spok Holdings, Inc.		1,818		0.53	%		1,969
HealthStream, Inc.		348		0.20	%		1,395
Nexstar Media Group, Inc. — Class A		118		0.37	%		1,130
Comcast Corp. — Class A		620		0.40	%		825
A10 Networks, Inc.		929		0.27	%		673
Cable One, Inc.		56		0.26	%		662
TEGNA, Inc.		2,750		0.88	%		102
Gen Digital, Inc.		1,413		0.66	%		(110	)
Yelp, Inc. — Class A		1,760		1.15	%		(369	)
F5, Inc.		67		0.31	%		(1,103	)
ePlus, Inc.		231		0.25	%		(2,854	)
Lumen Technologies, Inc.		3,343		0.23	%		(3,334	)
Ziff Davis, Inc.		496		0.33	%		(4,833	)
Total Communications							78,811
Utilities
National Fuel Gas Co.		797		1.12	%		20,463
Spire, Inc.		768		1.06	%		10,151
Duke Energy Corp.		513		1.10	%		9,311
Evergy, Inc.		882		1.07	%		7,946
Black Hills Corp.		986		1.05	%		5,997
WEC Energy Group, Inc.		566		1.09	%		4,813
Southern Co.		658		1.07	%		4,449
Clearway Energy, Inc. — Class C		1,386		0.74	%		4,213

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Otter Tail Corp.		576		0.82	%	$	2,726
Brookfield Infrastructure Corp. — Class A		1,532		0.98	%		(5,898	)
Total Utilities							64,171
Financial
Fidelity National Financial, Inc.		945		1.09	%		13,397
MGIC Investment Corp.		2,182		0.95	%		12,056
Axis Capital Holdings Ltd.		619		1.09	%		11,413
Enova International, Inc.		419		0.71	%		10,371
Enact Holdings, Inc.		1,763		1.08	%		8,691
Essent Group Ltd.		925		0.94	%		7,646
WP Carey, Inc.		926		1.03	%		7,340
Hartford Insurance Group, Inc.		343		0.75	%		6,990
Preferred Bank/Los Angeles CA		610		0.90	%		5,782
NMI Holdings, Inc. — Class A		1,438		0.91	%		5,653
Coastal Financial Corp.		310		0.49	%		3,817
Arch Capital Group Ltd.		615		1.04	%		3,150
Cincinnati Financial Corp.		338		0.88	%		2,654
GCM Grosvenor, Inc. — Class A		2,148		0.50	%		2,405
Everest Group Ltd.		118		0.76	%		1,992
Synchrony Financial		710		0.66	%		1,759
Federated Hermes, Inc. — Class B		949		0.68	%		1,419
OFG Bancorp		1,139		0.80	%		1,301
RenaissanceRe Holdings Ltd.		152		0.64	%		457
White Mountains Insurance Group Ltd.		17		0.58	%		230
Skyward Specialty Insurance Group, Inc.		250		0.23	%		205
M&T Bank Corp.		280		0.88	%		151
BOK Financial Corp.		305		0.56	%		(360	)
Charles Schwab Corp.		518		0.71	%		(823	)
Affiliated Managers Group, Inc.		307		0.91	%		(868	)
Old Second Bancorp, Inc.		1,440		0.42	%		(1,152	)
Reinsurance Group of America, Inc. — Class A		243		0.84	%		(1,196	)
Principal Financial Group, Inc.		522		0.78	%		(1,409	)
Cullen/Frost Bankers, Inc.		397		0.88	%		(1,624	)
Chicago Atlantic Real Estate Finance, Inc.		1,908		0.49	%		(1,638	)
Northeast Community Bancorp, Inc.		1,629		0.67	%		(1,909	)
Jackson Financial, Inc. — Class A		297		0.44	%		(1,990	)
McGrath RentCorp		513		1.01	%		(2,164	)
OneMain Holdings, Inc.		594		0.51	%		(2,793	)
Janus Henderson Group plc		1,222		0.78	%		(2,889	)
BancFirst Corp.		411		0.80	%		(3,686	)
Simmons First National Corp. — Class A		2,827		1.02	%		(5,577	)
QCR Holdings, Inc.		826		1.04	%		(8,458	)
Total Financial							70,343
Technology
Cirrus Logic, Inc.		402		0.71	%		3,956
Adeia, Inc.		1,353		0.32	%		1,805
Zoom Communications, Inc. — Class A		650		0.84	%		1,056
Box, Inc. — Class A		814		0.44	%		(144	)
QUALCOMM, Inc.		230		0.62	%		(320	)
Teradata Corp.		593		0.23	%		(629	)
Dropbox, Inc. — Class A		2,272		1.07	%		(1,283	)
NetApp, Inc.		207		0.32	%		(3,639	)
Skyworks Solutions, Inc.		269		0.31	%		(6,104	)
Bandwidth, Inc. — Class A		1,589		0.37	%		(7,630	)
Photronics, Inc.		1,931		0.71	%		(7,774	)
Viant Technology, Inc. — Class A		1,306		0.29	%		(7,778	)
Axcelis Technologies, Inc.		412		0.36	%		(7,987	)
Total Technology							(36,471	)
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		1,452		0.94	%		13,840
Total MS Long/Short Equity Long Custom Basket						$	199,550

MS LONG/SHORT EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
TrueBlue, Inc.	5,239	(0.83	)%	14,887
Limoneira Co.	676	(0.37	)%	3,362
Utz Brands, Inc.	1,574	(0.68	)%	2,234
Tejon Ranch Co.	3,276	(1.60	)%	(500	)
Driven Brands Holdings, Inc.	1,373	(0.72	)%	(944	)
Alico, Inc.	991	(0.91	)%	(1,937	)
Barrett Business Services, Inc.	1,504	(1.90	)%	(2,903	)
Cencora, Inc. — Class A	203	(1.73	)%	(5,394	)
Total Consumer, Non-cyclical				8,805
Technology
ACV Auctions, Inc. — Class A	2,381	(1.03	)%	11,455
Dayforce, Inc.	618	(1.11	)%	7,089
AppLovin Corp. — Class A	39	(0.32	)%	2,401
Total Technology				20,945
Basic Materials
Ivanhoe Electric Incorporated / US	5,224	(0.93	)%	11,002
Novagold Resources, Inc.	8,886	(0.80	)%	8,019
Dow, Inc.	1,568	(1.68	)%	4,469
Orion S.A.	1,774	(0.70	)%	3,019
PPG Industries, Inc.	532	(1.79	)%	2,516
Huntsman Corp.	2,525	(1.23	)%	2,466
Avient Corp.	507	(0.58	)%	2,459
Ingevity Corp.	706	(0.86	)%	2,431
International Flavors & Fragrances, Inc.	423	(1.01	)%	2,083
Stepan Co.	339	(0.57	)%	1,139
Ashland, Inc.	1,021	(1.86	)%	123
Sherwin-Williams Co.	98	(1.05	)%	(1,312	)
Radius Recycling, Inc. — Class A	1,248	(1.11	)%	(21,083	)

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Total Basic Materials						$	17,331
Financial
FTAI Infrastructure, Inc.		5,132		(0.70	)%		14,946
Iron Mountain, Inc.		603		(1.59	)%		11,438
Kennedy-Wilson Holdings, Inc.		5,925		(1.58	)%		9,616
New York Mortgage Trust, Inc.		3,469		(0.69	)%		9,468
SL Green Realty Corp.		674		(1.19	)%		7,085
Newmark Group, Inc. — Class A		3,360		(1.26	)%		6,739
Carlyle Group, Inc.		1,065		(1.43	)%		6,221
Amerant Bancorp, Inc.		2,705		(1.72	)%		5,977
Marcus & Millichap, Inc.		1,515		(1.60	)%		5,233
Equinix, Inc.		49		(1.23	)%		5,191
HarborOne Bancorp, Inc.		3,038		(0.97	)%		5,081
Cannae Holdings, Inc.		2,040		(1.15	)%		5,016
Lineage, Inc.		864		(1.56	)%		4,748
Goldman Sachs Group, Inc.		88		(1.48	)%		4,192
Valley National Bancorp		3,915		(1.07	)%		3,968
Columbia Financial, Inc.		3,532		(1.63	)%		3,944
Heritage Commerce Corp.		5,800		(1.70	)%		3,734
Western Alliance Bancorporation		508		(1.20	)%		3,579
Banc of California, Inc.		3,481		(1.52	)%		3,521
Compass Diversified Holdings		1,803		(1.03	)%		2,921
Digital Realty Trust, Inc.		206		(0.91	)%		2,880
Jones Lang LaSalle, Inc.		75		(0.57	)%		2,727
Kearny Financial Corp.		2,782		(0.54	)%		2,726
Redwood Trust, Inc.		4,269		(0.80	)%		2,326
Northern Trust Corp.		310		(0.94	)%		2,080
Weyerhaeuser Co.		1,933		(1.74	)%		1,981
Capitol Federal Financial, Inc.		4,160		(0.72	)%		1,617
State Street Corp.		459		(1.26	)%		1,155
PennyMac Financial Services, Inc.		280		(0.86	)%		985
Howard Hughes Holdings, Inc.		444		(1.01	)%		806
Apartment Investment and Management Co. — Class A		2,521		(0.68	)%		555
Lincoln National Corp.		687		(0.76	)%		371
Sun Communities, Inc.		314		(1.24	)%		92
Safehold, Inc.		925		(0.53	)%		(9	)
Walker & Dunlop, Inc.		330		(0.87	)%		(409	)
CBRE Group, Inc. — Class A		422		(1.70	)%		(830	)
Rithm Capital Corp.		3,593		(1.26	)%		(1,026	)
Ellington Financial, Inc.		1,805		(0.74	)%		(1,121	)
PotlatchDeltic Corp.		1,258		(1.74	)%		(1,454	)
American Healthcare REIT, Inc.		883		(0.82	)%		(1,551	)
Radian Group, Inc.		1,440		(1.46	)%		(1,901	)
Veris Residential, Inc.		3,024		(1.57	)%		(3,074	)
PennyMac Mortgage Investment Trust		3,422		(1.54	)%		(4,105	)
Total Financial							127,439
Consumer, Cyclical
LGI Homes, Inc.		390		(0.80	)%		6,437
America's Car-Mart, Inc.		465		(0.65	)%		147
Southwest Airlines Co.		1,175		(1.21	)%		(766	)
VSE Corp.		303		(1.12	)%		(6,430	)
Total Consumer, Cyclical							(612	)
Industrial
Materion Corp.		381		(0.96	)%		8,277
CRH plc		544		(1.47	)%		5,217
Smurfit WestRock plc		715		(0.99	)%		4,469
Boeing Co.		148		(0.78	)%		3,720
Vulcan Materials Co.		188		(1.35	)%		2,677
Ball Corp.		1,152		(1.84	)%		2,352
Graphic Packaging Holding Co.		1,252		(1.00	)%		313
Martin Marietta Materials, Inc.		37		(0.54	)%		(19	)
TriMas Corp.		1,273		(0.92	)%		(303	)
Total Industrial							26,703
Energy
Valaris Ltd.		559		(0.67	)%		19,776
Core Laboratories, Inc.		1,689		(0.78	)%		7,903
Kodiak Gas Services, Inc.		571		(0.65	)%		3,901
Transocean Ltd.		5,387		(0.52	)%		3,594
PBF Energy, Inc. — Class A		2,039		(1.20	)%		1,957
Bristow Group, Inc.		699		(0.68	)%		1,014
Oceaneering International, Inc.		1,438		(0.96	)%		1,003
Evolution Petroleum Corp.		3,514		(0.56	)%		713
Antero Resources Corp.		1,334		(1.66	)%		(9,960	)
Total Energy							29,901
Communications
Wayfair, Inc. — Class A		564		(0.56	)%		6,088
Opendoor Technologies, Inc.		9,812		(0.31	)%		1,962
Total Communications							8,050
Utilities
Eversource Energy		992		(1.89	)%		(5,242	)
Total MS Long/Short Equity Short Custom Basket						$	233,320

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

^*	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 pledged as short security collateral at March 31, 2025.
²	Affiliated issuer.
³	All or a portion of this security is on loan at March 31, 2025 — See Note 5.
⁴	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
⁵	Rate indicated is the effective yield at the time of purchase.
⁶	All or a portion of this security is pledged as futures collateral at March 31, 2025.
⁷	Repurchase Agreements — See Note 4.
⁸	Securities lending collateral — See Note 5.
⁹	Rate indicated is the 7-day yield as of March 31, 2025.

MS — Morgan Stanley Capital Services LLC

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 March 31, 2025 (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	$	9,360,964		$	—	$	—		$	9,360,964
Rights		—	*		—		—	*		—
Mutual Funds		6,849,930			—		—			6,849,930
Closed-End Funds		1,646,408			—		—			1,646,408
U.S. Treasury Bills		—			4,632,817		—			4,632,817
Repurchase Agreements		—			3,868,997		—			3,868,997
Securities Lending Collateral		60,201			—		—			60,201
Commodity Futures Contracts**		296,959			—		—			296,959
Currency Futures Contracts**		70,309			—		—			70,309
Equity Futures Contracts**		45,481			3,921		—			49,402
Interest Rate Futures Contracts**		3,930			—		—			3,930
Equity Custom Basket Swap Agreements**		—			574,587		—			574,587
Total Assets	$	18,334,182		$	9,080,322	$	—		$	27,414,504

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks Sold Short	$	3,130,668	$	—	$	—	$	3,130,668
Exchange-Traded Funds Sold Short		1,717,617		—		—		1,717,617
Commodity Futures Contracts**		493,925		—		—		493,925
Equity Futures Contracts**		64,441		8,469		—		72,910
Interest Rate Futures Contracts**		53,875		3,645		—		57,520
Currency Futures Contracts**		48,193		—		—		48,193
Equity Custom Basket Swap Agreements**		—		67,566		—		67,566
Total Liabilities	$	5,508,719	$	79,680	$	—	$	5,588,399

Includes securities with a market value of $0.

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

Affiliated Transactions

Multi-Hedge Strategies Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,669,543	$	–	$	–	$	–	$	672		$	1,670,215		67,185	$	22,251
Guggenheim Strategy Fund III		2,475,267		–		–		–		(993	)		2,474,274		99,249		33,720
Guggenheim Ultra Short Duration Fund — Institutional Class		547,395		–		–		–		1,094			548,489		54,685		6,091
Guggenheim Variable Insurance Strategy Fund III		2,158,683		–		–		–		(1,731	)		2,156,952		86,555		29,342
	$	6,850,888	$	–	$	–	$	–	$	(958	)	$	6,849,930			$	91,404

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 84.3%
Technology - 40.1%
Apple, Inc.		28,901	$	6,419,779
Microsoft Corp.		14,302		5,368,828
NVIDIA Corp.		46,943		5,087,682
Broadcom, Inc.		14,915		2,497,218
Palantir Technologies, Inc. — Class A^*		10,645		898,438
Intuit, Inc.		1,323		812,309
QUALCOMM, Inc.		5,236		804,302
Adobe, Inc.^*		2,058		789,305
Advanced Micro Devices, Inc.^*		7,671		788,119
Texas Instruments, Inc.		4,309		774,327
Applied Materials, Inc.		3,846		558,131
Analog Devices, Inc.		2,348		473,521
Intel Corp.^*		20,496		465,464
Micron Technology, Inc.		5,274		458,258
Lam Research Corp.		6,076		441,725
KLA Corp.		629		427,594
Crowdstrike Holdings, Inc. — Class A^*		1,107		390,306
AppLovin Corp. — Class A^*		1,464		387,916
Fortinet, Inc.^*		3,640		350,386
Cadence Design Systems, Inc.^*		1,297		329,866
MicroStrategy, Inc. — Class A^*		1,125		324,304
Synopsys, Inc.^*		732		313,918
Roper Technologies, Inc.		508		299,506
ASML Holding N.V. — Class G		428		283,606
Autodesk, Inc.^*		1,018		266,512
Paychex, Inc.		1,704		262,893
Marvell Technology, Inc.		4,096		252,191
Workday, Inc. — Class A^*		1,013		236,566
NXP Semiconductor N.V.		1,200		228,072
Cognizant Technology Solutions Corp. — Class A		2,341		179,087
Electronic Arts, Inc.		1,234		178,338
Take-Two Interactive Software, Inc.^*		835		173,054
Atlassian Corp. — Class A^*		776		164,675
Datadog, Inc. — Class A^*		1,502		149,013
Zscaler, Inc.^*		726		144,053
ANSYS, Inc.^*		415		131,372
Microchip Technology, Inc.		2,546		123,252
GLOBALFOUNDRIES, Inc.^*		2,616		96,557
ON Semiconductor Corp.^*		1,995		81,177
ARM Holdings plc ADR^*,1		620		66,210
MongoDB, Inc.^*		352		61,741
Total Technology				32,539,571
Communications - 22.4%
Amazon.com, Inc.^*		20,390		3,879,401
Meta Platforms, Inc. — Class A		4,213		2,428,205
Netflix, Inc.^*		2,025		1,888,373
Alphabet, Inc. — Class A		11,222		1,735,370
Alphabet, Inc. — Class C		10,576		1,652,288
T-Mobile US, Inc.		5,404		1,441,301
Cisco Systems, Inc.		18,831		1,162,061
Booking Holdings, Inc.		155		714,071
Comcast Corp. — Class A		17,852		658,739
Palo Alto Networks, Inc.^*		3,134		534,786
MercadoLibre, Inc.^*		240		468,209
PDD Holdings, Inc. ADR^*		3,162		374,223
DoorDash, Inc. — Class A^*		1,868		341,414
Charter Communications, Inc. — Class A^*		672		247,652
Airbnb, Inc. — Class A^*		2,049		244,774
Warner Bros Discovery, Inc.^*		11,619		124,672
Trade Desk, Inc. — Class A^*		2,142		117,210
CDW Corp.		627		100,483
Total Communications				18,113,232
Consumer, Non-cyclical - 9.5%
PepsiCo, Inc.		6,492		973,411
Intuitive Surgical, Inc.^*		1,689		836,511
Amgen, Inc.		2,543		792,272
Gilead Sciences, Inc.		5,894		660,423
Vertex Pharmaceuticals, Inc.^*		1,215		589,056
Automatic Data Processing, Inc.		1,926		588,451
Mondelez International, Inc. — Class A		6,123		415,446
Cintas Corp.		1,910		392,562
Regeneron Pharmaceuticals, Inc.		509		322,823
PayPal Holdings, Inc.^*		4,682		305,500
Monster Beverage Corp.^*		4,606		269,543
Keurig Dr Pepper, Inc.		6,422		219,761
AstraZeneca plc ADR		2,757		202,639
Verisk Analytics, Inc. — Class A		664		197,620
Coca-Cola Europacific Partners plc		2,182		189,899
GE HealthCare Technologies, Inc.		2,165		174,737
Kraft Heinz Co.		5,656		172,112
IDEXX Laboratories, Inc.^*		385		161,681
Dexcom, Inc.^*		1,850		126,337
Biogen, Inc.^*		693		94,830
Total Consumer, Non-cyclical				7,685,614
Consumer, Cyclical - 7.5%
Costco Wholesale Corp.		2,101		1,987,084
Tesla, Inc.^*		6,993		1,812,306
Starbucks Corp.		5,376		527,332
O'Reilly Automotive, Inc.^*		271		388,229
Marriott International, Inc. — Class A		1,305		310,851
Copart, Inc.^*		4,573		258,786
PACCAR, Inc.		2,484		241,867
Fastenal Co.		2,715		210,548
Ross Stores, Inc.		1,562		199,608
Lululemon Athletica, Inc.^*		550		155,683
Total Consumer, Cyclical				6,092,294
Industrial - 1.6%
Honeywell International, Inc.		3,076		651,343
CSX Corp.		8,968		263,928
Axon Enterprise, Inc.^*		363		190,920
Old Dominion Freight Line, Inc.		1,006		166,443
Total Industrial				1,272,634
Basic Materials - 1.3%
Linde plc		2,238		1,042,102
Utilities - 1.2%
Constellation Energy Corp.		1,481		298,614
American Electric Power Company, Inc.		2,524		275,797
Exelon Corp.		4,758		219,249

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 84.3% (continued)
Utilities - 1.2% (continued)
Xcel Energy, Inc.		2,719	$	192,478
Total Utilities				986,138
Energy - 0.5%
Diamondback Energy, Inc.		1,370		219,035
Baker Hughes Co.		4,686		205,950
Total Energy				424,985
Financial - 0.2%
CoStar Group, Inc.^*		1,941		153,786
Total Common Stocks
(Cost $44,689,906)				68,310,356

	Face Amount
U.S. TREASURY BILLS^†† - 15.2%
U.S. Treasury Bills
4.16% due 06/05/25^2,3	$	8,000,000	7,939,406
4.08% due 04/08/25^3,4		2,639,000	2,636,821
4.20% due 06/12/25^2,3		1,750,000	1,735,335
Total U.S. Treasury Bills
(Cost $12,311,397)			12,311,562

REPURCHASE AGREEMENTS^††,5 - 3.9%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25²		1,789,179	1,789,179
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25²		1,371,205	1,371,205
Total Repurchase Agreements
(Cost $3,160,384)			3,160,384

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁷		39,600		39,600
Total Securities Lending Collateral
(Cost $39,600)				39,600
Total Investments - 103.4%
(Cost $60,201,287)			$	83,821,902
Other Assets & Liabilities, net - (3.4)%				(2,774,191	)
Total Net Assets - 100.0%			$	81,047,711

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts		127	Jun 2025	$	49,402,365	$	(1,689,501	)

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

5.34% (SOFR + 1.00%)

At Maturity

06/26/25

453

8,724,524

(288,976

)

BNP Paribas

NASDAQ-100 Index

Pay

5.23% (Federal Funds Rate + 0.90%)

At Maturity

06/26/25

852

16,419,603

(543,864

)

Goldman Sachs International

NASDAQ-100 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

06/25/25

988

19,052,601

(997,545

)

44,196,728

(1,830,385

)

^*	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 March 31, 2025 — See Note 5.
²	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
³	Rate indicated is the effective yield at the time of purchase.

NASDAQ-100^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

⁴	All or a portion of this security is pledged as futures collateral at March 31, 2025.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (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	$	68,310,356	$	—	$	—	$	68,310,356
U.S. Treasury Bills		—		12,311,562		—		12,311,562
Repurchase Agreements		—		3,160,384		—		3,160,384
Securities Lending Collateral		39,600		—		—		39,600
Total Assets	$	68,349,956	$	15,471,946	$	—	$	83,821,902

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,689,501	$	—	$	—	$	1,689,501
Equity Index Swap Agreements**		—		1,830,385		—		1,830,385
Total Liabilities	$	1,689,501	$	1,830,385	$	—	$	3,519,886

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

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 80.0%
Technology - 38.1%
Apple, Inc.		36,069	$	8,012,007
Microsoft Corp.		17,849		6,700,336
NVIDIA Corp.		58,585		6,349,442
Broadcom, Inc.		18,614		3,116,542
Palantir Technologies, Inc. — Class A^*		13,285		1,121,254
Intuit, Inc.		1,651		1,013,697
QUALCOMM, Inc.		6,533		1,003,534
Adobe, Inc.^*		2,569		985,289
Advanced Micro Devices, Inc.^*		9,572		983,427
Texas Instruments, Inc.		5,378		966,427
Applied Materials, Inc.		4,799		696,431
Analog Devices, Inc.		2,930		590,893
Intel Corp.^*		25,578		580,876
Micron Technology, Inc.		6,582		571,910
Lam Research Corp.		7,583		551,284
KLA Corp.		785		533,643
Crowdstrike Holdings, Inc. — Class A^*		1,381		486,913
AppLovin Corp. — Class A^*		1,827		484,100
Fortinet, Inc.^*		4,542		437,213
Cadence Design Systems, Inc.^*		1,619		411,760
MicroStrategy, Inc. — Class A^*		1,404		404,731
Synopsys, Inc.^*		913		391,540
Roper Technologies, Inc.		634		373,794
ASML Holding N.V. — Class G		534		353,845
Autodesk, Inc.^*		1,270		332,486
Paychex, Inc.		2,127		328,154
Marvell Technology, Inc.		5,111		314,684
Workday, Inc. — Class A^*		1,264		295,182
NXP Semiconductor N.V.		1,498		284,710
Cognizant Technology Solutions Corp. — Class A		2,922		223,533
Electronic Arts, Inc.		1,540		222,561
Take-Two Interactive Software, Inc.^*		1,043		216,162
Atlassian Corp. — Class A^*		969		205,631
Datadog, Inc. — Class A^*		1,874		185,920
Zscaler, Inc.^*		906		179,768
ANSYS, Inc.^*		518		163,978
Microchip Technology, Inc.		3,177		153,799
GLOBALFOUNDRIES, Inc.^*		3,265		120,511
ON Semiconductor Corp.^*		2,489		101,277
ARM Holdings plc ADR^*,1		773		82,549
MongoDB, Inc.^*		440		77,176
Total Technology				40,608,969
Communications - 21.2%
Amazon.com, Inc.^*		25,446		4,841,356
Meta Platforms, Inc. — Class A		5,258		3,030,501
Netflix, Inc.^*		2,527		2,356,503
Alphabet, Inc. — Class A		14,005		2,165,733
Alphabet, Inc. — Class C		13,199		2,062,080
T-Mobile US, Inc.		6,744		1,798,692
Cisco Systems, Inc.		23,501		1,450,247
Booking Holdings, Inc.		194		893,741
Comcast Corp. — Class A		22,279		822,095
Palo Alto Networks, Inc.^*		3,911		667,373
MercadoLibre, Inc.^*		299		583,310
PDD Holdings, Inc. ADR^*		3,946		467,009
DoorDash, Inc. — Class A^*		2,330		425,854
Charter Communications, Inc. — Class A^*		839		309,196
Airbnb, Inc. — Class A^*		2,557		305,459
Warner Bros Discovery, Inc.^*		14,501		155,596
Trade Desk, Inc. — Class A^*		2,673		146,267
CDW Corp.		783		125,484
Total Communications				22,606,496
Consumer, Non-cyclical - 9.0%
PepsiCo, Inc.		8,102		1,214,814
Intuitive Surgical, Inc.^*		2,107		1,043,534
Amgen, Inc.		3,173		988,548
Gilead Sciences, Inc.		7,356		824,240
Vertex Pharmaceuticals, Inc.^*		1,517		735,472
Automatic Data Processing, Inc.		2,403		734,189
Mondelez International, Inc. — Class A		7,641		518,442
Cintas Corp.		2,384		489,983
Regeneron Pharmaceuticals, Inc.		635		402,736
PayPal Holdings, Inc.^*		5,844		381,321
Monster Beverage Corp.^*		5,749		336,431
Keurig Dr Pepper, Inc.		8,015		274,273
AstraZeneca plc ADR		3,440		252,840
Verisk Analytics, Inc. — Class A		829		246,727
Coca-Cola Europacific Partners plc		2,723		236,983
GE HealthCare Technologies, Inc.		2,701		217,998
Kraft Heinz Co.		7,059		214,805
IDEXX Laboratories, Inc.^*		480		201,576
Dexcom, Inc.^*		2,308		157,613
Biogen, Inc.^*		865		118,367
Total Consumer, Non-cyclical				9,590,892
Consumer, Cyclical - 7.1%
Costco Wholesale Corp.		2,622		2,479,835
Tesla, Inc.^*		8,727		2,261,689
Starbucks Corp.		6,710		658,184
O'Reilly Automotive, Inc.^*		338		484,212
Marriott International, Inc. — Class A		1,629		388,028
Copart, Inc.^*		5,707		322,959
PACCAR, Inc.		3,100		301,847
Fastenal Co.		3,387		262,662
Ross Stores, Inc.		1,949		249,063
Lululemon Athletica, Inc.^*		687		194,462
Total Consumer, Cyclical				7,602,941
Industrial - 1.5%
Honeywell International, Inc.		3,839		812,908
CSX Corp.		11,192		329,381
Axon Enterprise, Inc.^*		453		238,256
Old Dominion Freight Line, Inc.		1,256		207,805
Total Industrial				1,588,350
Basic Materials - 1.2%
Linde plc		2,794		1,300,998
Utilities - 1.2%
Constellation Energy Corp.		1,848		372,612
American Electric Power Company, Inc.		3,150		344,201
Exelon Corp.		5,938		273,623

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 80.0% (continued)
Utilities - 1.2% (continued)
Xcel Energy, Inc.		3,394	$	240,261
Total Utilities				1,230,697
Energy - 0.5%
Diamondback Energy, Inc.		1,710		273,395
Baker Hughes Co.		5,849		257,064
Total Energy				530,459
Financial - 0.2%
CoStar Group, Inc.^*		2,423		191,974
Total Common Stocks
(Cost $36,587,818)				85,251,776
MUTUAL FUNDS^† - 16.7%
Guggenheim Ultra Short Duration Fund — Institutional Class²		909,569		9,122,973
Guggenheim Strategy Fund II²		347,696		8,643,728
Total Mutual Funds
(Cost $17,605,877)				17,766,701

	Face Amount
U.S. TREASURY BILLS^†† - 1.0%
U.S. Treasury Bills
4.08% due 04/08/25^3,4	$	505,000	504,583
4.20% due 06/12/25^4,5		300,000	297,486
U.S. Treasury Bills
4.19% due 06/12/25⁴		250,000	247,905
Total U.S. Treasury Bills
(Cost $1,049,974)			1,049,974

REPURCHASE AGREEMENTS^††,6 - 5.1%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25⁵		3,091,016	3,091,016
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25⁵		2,368,917	2,368,917
Total Repurchase Agreements
(Cost $5,459,933)			5,459,933

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.1%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁸		63,030		63,030
Total Securities Lending Collateral
(Cost $63,030)				63,030
Total Investments - 102.9%
(Cost $60,766,632)			$	109,591,414
Other Assets & Liabilities, net - (2.9)%				(3,105,034	)
Total Net Assets - 100.0%			$	106,486,380

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts		13	Jun 2025	$	5,056,935	$	(122,584	)

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

5.34% (SOFR + 1.00%)

At Maturity

06/26/25

140

2,694,258

(89,234

)

BNP Paribas

NASDAQ-100 Index

Pay

5.23% (Federal Funds Rate + 0.90%)

At Maturity

06/26/25

153

2,954,546

(97,847

)

Goldman Sachs International

NASDAQ-100 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

06/25/25

550

10,596,398

(361,674

)

16,245,202

(548,755

)

^*	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 March 31, 2025 — See Note 5.

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at March 31, 2025.
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 March 31, 2025.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	85,251,776	$	—	$	—	$	85,251,776
Mutual Funds		17,766,701		—		—		17,766,701
U.S. Treasury Bills		—		1,049,974		—		1,049,974
Repurchase Agreements		—		5,459,933		—		5,459,933
Securities Lending Collateral		63,030		—		—		63,030
Total Assets	$	103,081,507	$	6,509,907	$	—	$	109,591,414

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	122,584	$	—	$	—	$	122,584
Equity Index Swap Agreements**		—		548,755		—		548,755
Total Liabilities	$	122,584	$	548,755	$	—	$	671,339

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

Affiliated Transactions

NASDAQ-100^® Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	8,640,252	$	–	$	–	$	–	$	3,476	$	8,643,728		347,696	$	115,151
Guggenheim Ultra Short Duration Fund — Institutional Class		9,104,781		–		–		–		18,192		9,122,973		909,569		101,308
	$	17,745,033	$	–	$	–	$	–	$	21,668	$	17,766,701			$	216,459

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 76.5%
Technology - 21.9%
Apple, Inc.		8,224	$	1,826,797
Microsoft Corp.		4,070		1,527,837
NVIDIA Corp.		13,408		1,453,159
Broadcom, Inc.		2,566		429,625
Salesforce, Inc.		524		140,621
International Business Machines Corp.		506		125,822
Oracle Corp.		888		124,151
Accenture plc — Class A		342		106,718
Palantir Technologies, Inc. — Class A^*		1,122		94,697
Intuit, Inc.		153		93,940
QUALCOMM, Inc.		606		93,088
Adobe, Inc.^*		238		91,280
Advanced Micro Devices, Inc.^*		887		91,130
ServiceNow, Inc.^*		113		89,964
Texas Instruments, Inc.		498		89,491
Fiserv, Inc.^*		311		68,678
Applied Materials, Inc.		445		64,578
Analog Devices, Inc.		272		54,854
Intel Corp.^*		2,371		53,846
Micron Technology, Inc.		610		53,003
Lam Research Corp.		703		51,108
KLA Corp.		73		49,625
Crowdstrike Holdings, Inc. — Class A^*		135		47,598
Cadence Design Systems, Inc.^*		150		38,150
Synopsys, Inc.^*		85		36,452
Roper Technologies, Inc.		59		34,785
Fortinet, Inc.^*		348		33,498
Autodesk, Inc.^*		118		30,892
Workday, Inc. — Class A^*		117		27,323
Paychex, Inc.		175		26,999
NXP Semiconductor N.V.		139		26,418
MSCI, Inc. — Class A		43		24,317
Fair Isaac Corp.^*		13		23,974
Fidelity National Information Services, Inc.		290		21,657
Cognizant Technology Solutions Corp. — Class A		271		20,732
Electronic Arts, Inc.		130		18,788
Take-Two Interactive Software, Inc.^*		90		18,653
Gartner, Inc.^*		42		17,629
Dell Technologies, Inc. — Class C		171		15,587
Broadridge Financial Solutions, Inc.		64		15,517
ANSYS, Inc.^*		48		15,195
Monolithic Power Systems, Inc.		26		15,080
Microchip Technology, Inc.		294		14,233
HP, Inc.		513		14,205
Tyler Technologies, Inc.^*		23		13,372
Hewlett Packard Enterprise Co.		719		11,094
PTC, Inc.^*		66		10,227
Seagate Technology Holdings plc		116		9,854
NetApp, Inc.		111		9,750
Leidos Holdings, Inc.		72		9,716
Super Micro Computer, Inc.^*,1		276		9,450
ON Semiconductor Corp.^*		231		9,399
Zebra Technologies Corp. — Class A^*		28		7,912
Western Digital Corp.^*		190		7,682
Teradyne, Inc.		89		7,351
Jack Henry & Associates, Inc.		40		7,304
Akamai Technologies, Inc.^*		82		6,601
Skyworks Solutions, Inc.		88		5,688
Paycom Software, Inc.		26		5,680
EPAM Systems, Inc.^*		31		5,234
Dayforce, Inc.^*		87		5,075
Total Technology				7,453,083
Consumer, Non-cyclical - 12.9%
Eli Lilly & Co.		431		355,967
UnitedHealth Group, Inc.		504		263,970
Procter & Gamble Co.		1,284		218,819
Johnson & Johnson		1,318		218,577
AbbVie, Inc.		967		202,606
Coca-Cola Co.		2,120		151,834
Philip Morris International, Inc.		851		135,079
Abbott Laboratories		950		126,017
Merck & Company, Inc.		1,385		124,318
PepsiCo, Inc.		751		112,605
Thermo Fisher Scientific, Inc.		209		103,998
Intuitive Surgical, Inc.^*		195		96,578
Amgen, Inc.		294		91,596
S&P Global, Inc.		172		87,393
Boston Scientific Corp.^*		807		81,410
Pfizer, Inc.		3,103		78,630
Gilead Sciences, Inc.		682		76,418
Danaher Corp.		350		71,750
Stryker Corp.		188		69,983
Vertex Pharmaceuticals, Inc.^*		141		68,360
Automatic Data Processing, Inc.		223		68,133
Bristol-Myers Squibb Co.		1,111		67,760
Medtronic plc		702		63,082
Altria Group, Inc.		928		55,698
Elevance Health, Inc.		127		55,240
Cigna Group		150		49,350
Mondelez International, Inc. — Class A		708		48,038
CVS Health Corp.		690		46,748
McKesson Corp.		69		46,436
Colgate-Palmolive Co.		444		41,603
Zoetis, Inc.		245		40,339
Moody's Corp.		85		39,584
Cintas Corp.		188		38,640
Regeneron Pharmaceuticals, Inc.		58		36,785
Becton Dickinson & Co.		157		35,962
PayPal Holdings, Inc.^*		542		35,365
HCA Healthcare, Inc.		98		33,864
Cencora, Inc. — Class A		94		26,141
Kimberly-Clark Corp.		182		25,884
Kenvue, Inc.		1,050		25,179
Kroger Co.		364		24,639
Corteva, Inc.		375		23,599
Edwards Lifesciences Corp.^*		323		23,411
Verisk Analytics, Inc. — Class A		77		22,917
United Rentals, Inc.		36		22,561
Monster Beverage Corp.^*		383		22,413
Keurig Dr Pepper, Inc.		654		22,380

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 76.5% (continued)
Consumer, Non-cyclical - 12.9% (continued)
Quanta Services, Inc.		81	$	20,589
GE HealthCare Technologies, Inc.		250		20,177
Sysco Corp.		268		20,111
IDEXX Laboratories, Inc.^*		45		18,898
Agilent Technologies, Inc.		156		18,249
Cardinal Health, Inc.		132		18,186
General Mills, Inc.		302		18,057
ResMed, Inc.		80		17,908
Humana, Inc.		66		17,464
Equifax, Inc.		68		16,562
Centene Corp.^*		272		16,513
IQVIA Holdings, Inc.^*		92		16,220
Constellation Brands, Inc. — Class A		85		15,599
Church & Dwight Company, Inc.		135		14,862
Dexcom, Inc.^*		214		14,614
Kraft Heinz Co.		478		14,546
Hershey Co.		81		13,853
Global Payments, Inc.		136		13,317
Corpay, Inc.^*		38		13,251
Archer-Daniels-Midland Co.		262		12,579
Zimmer Biomet Holdings, Inc.		109		12,337
STERIS plc		54		12,239
Waters Corp.^*		33		12,163
Kellanova		147		12,126
McCormick & Company, Inc.		138		11,359
Biogen, Inc.^*		80		10,947
Labcorp Holdings, Inc.		46		10,706
Quest Diagnostics, Inc.		61		10,321
Tyson Foods, Inc. — Class A		157		10,018
Insulet Corp.^*		38		9,979
Molina Healthcare, Inc.^*		30		9,882
Clorox Co.		67		9,866
Baxter International, Inc.		280		9,584
Cooper Companies, Inc.^*		109		9,194
West Pharmaceutical Services, Inc.		40		8,955
Estee Lauder Companies, Inc. — Class A		128		8,448
Rollins, Inc.		154		8,321
Avery Dennison Corp.		44		7,830
Hologic, Inc.^*		123		7,598
Revvity, Inc.		67		7,089
Conagra Brands, Inc.		261		6,961
J M Smucker Co.		58		6,868
Align Technology, Inc.^*		38		6,037
Universal Health Services, Inc. — Class B		32		6,013
Solventum Corp.^*		76		5,779
Molson Coors Beverage Co. — Class B		94		5,722
Viatris, Inc.		653		5,688
Bunge Global S.A.		73		5,579
Incyte Corp.^*		88		5,328
Moderna, Inc.^*		185		5,245
Bio-Techne Corp.		87		5,101
Hormel Foods Corp.		159		4,919
Henry Schein, Inc.^*		68		4,657
MarketAxess Holdings, Inc.		21		4,543
The Campbell's Co.		108		4,311
Charles River Laboratories International, Inc.^*		28		4,214
Lamb Weston Holdings, Inc.		78		4,157
DaVita, Inc.^*		24		3,671
Brown-Forman Corp. — Class B		100		3,394
Total Consumer, Non-cyclical				4,406,363
Financial - 12.0%
Berkshire Hathaway, Inc. — Class B^*		1,004		534,710
JPMorgan Chase & Co.		1,531		375,554
Visa, Inc. — Class A		944		330,834
Mastercard, Inc. — Class A		446		244,462
Bank of America Corp.		3,625		151,271
Wells Fargo & Co.		1,801		129,294
Goldman Sachs Group, Inc.		171		93,416
Progressive Corp.		321		90,846
American Express Co.		304		81,791
Morgan Stanley		677		78,986
Blackrock, Inc.		80		75,718
Charles Schwab Corp.		933		73,035
Citigroup, Inc.		1,028		72,978
Marsh & McLennan Companies, Inc.		269		65,644
Chubb Ltd.		204		61,606
Prologis, Inc. REIT		507		56,678
Blackstone, Inc. — Class A		401		56,052
American Tower Corp. — Class A REIT		256		55,706
Intercontinental Exchange, Inc.		315		54,338
CME Group, Inc. — Class A		197		52,262
Welltower, Inc. REIT		334		51,172
Arthur J Gallagher & Co.		139		47,988
Aon plc — Class A		118		47,093
Equinix, Inc. REIT		53		43,214
KKR & Company, Inc. — Class A		370		42,775
PNC Financial Services Group, Inc.		217		38,142
Capital One Financial Corp.		209		37,474
U.S. Bancorp		854		36,056
Apollo Global Management, Inc.		245		33,550
Bank of New York Mellon Corp.		393		32,961
Travelers Companies, Inc.		124		32,793
Aflac, Inc.		271		30,132
Allstate Corp.		145		30,025
Truist Financial Corp.		720		29,628
American International Group, Inc.		325		28,256
Simon Property Group, Inc. REIT		168		27,901
Realty Income Corp. REIT		479		27,787
Public Storage REIT		86		25,739
Ameriprise Financial, Inc.		53		25,658
MetLife, Inc.		317		25,452
Crown Castle, Inc. REIT		238		24,807
Digital Realty Trust, Inc. REIT		173		24,789
Discover Financial Services		137		23,386
Prudential Financial, Inc.		194		21,666
CBRE Group, Inc. — Class A^*		162		21,187
Arch Capital Group Ltd.		205		19,717
Hartford Insurance Group, Inc.		157		19,426
VICI Properties, Inc. REIT		577		18,822
Willis Towers Watson plc		55		18,587

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 76.5% (continued)
Financial - 12.0% (continued)
CoStar Group, Inc.^*		231	$	18,302
Extra Space Storage, Inc. REIT		116		17,225
Nasdaq, Inc.		227		17,220
AvalonBay Communities, Inc. REIT		78		16,740
Ventas, Inc. REIT		239		16,434
M&T Bank Corp.		91		16,266
Brown & Brown, Inc.		130		16,172
Fifth Third Bancorp		367		14,386
State Street Corp.		158		14,146
Raymond James Financial, Inc.		101		14,030
Iron Mountain, Inc. REIT		161		13,852
Equity Residential REIT		187		13,386
SBA Communications Corp. REIT		59		12,981
Cboe Global Markets, Inc.		57		12,899
Cincinnati Financial Corp.		86		12,704
Huntington Bancshares, Inc.		796		11,948
W R Berkley Corp.		164		11,670
Weyerhaeuser Co. REIT		397		11,624
Synchrony Financial		213		11,276
T. Rowe Price Group, Inc.		122		11,208
Invitation Homes, Inc. REIT		312		10,873
Regions Financial Corp.		498		10,821
Essex Property Trust, Inc. REIT		35		10,730
Mid-America Apartment Communities, Inc. REIT		64		10,725
Northern Trust Corp.		107		10,556
Citizens Financial Group, Inc.		239		9,792
Principal Financial Group, Inc.		115		9,703
Loews Corp.		97		8,915
Everest Group Ltd.		24		8,720
KeyCorp		545		8,714
Kimco Realty Corp. REIT		372		7,901
Alexandria Real Estate Equities, Inc. REIT		84		7,771
Healthpeak Properties, Inc. REIT		383		7,744
UDR, Inc. REIT		165		7,453
Camden Property Trust REIT		58		7,093
Regency Centers Corp. REIT		89		6,565
Globe Life, Inc.		46		6,059
Assurant, Inc.		28		5,873
Erie Indemnity Co. — Class A		14		5,867
Host Hotels & Resorts, Inc. REIT		383		5,442
BXP, Inc. REIT		80		5,375
Federal Realty Investment Trust REIT		42		4,108
Invesco Ltd.		245		3,717
Franklin Resources, Inc.		170		3,272
Total Financial				4,089,622
Communications - 11.6%
Amazon.com, Inc.^*		5,164		982,503
Meta Platforms, Inc. — Class A		1,199		691,056
Alphabet, Inc. — Class A		3,194		493,920
Alphabet, Inc. — Class C		2,588		404,323
Netflix, Inc.^*		234		218,212
Cisco Systems, Inc.		2,181		134,589
AT&T, Inc.		3,930		111,140
Verizon Communications, Inc.		2,305		104,555
Walt Disney Co.		990		97,713
Uber Technologies, Inc.^*		1,144		83,352
Booking Holdings, Inc.		18		82,924
Comcast Corp. — Class A		2,065		76,199
T-Mobile US, Inc.		263		70,145
Palo Alto Networks, Inc.^*		362		61,772
Arista Networks, Inc.^*		566		43,854
Motorola Solutions, Inc.		91		39,841
DoorDash, Inc. — Class A^*		185		33,812
Airbnb, Inc. — Class A^*		237		28,312
Charter Communications, Inc. — Class A^*		53		19,532
Corning, Inc.		422		19,319
eBay, Inc.		262		17,745
GoDaddy, Inc. — Class A^*		77		13,871
Warner Bros Discovery, Inc.^*		1,222		13,112
CDW Corp.		73		11,699
Expedia Group, Inc.		68		11,431
VeriSign, Inc.^*		45		11,424
FactSet Research Systems, Inc.		21		9,547
Omnicom Group, Inc.		108		8,954
F5, Inc.^*		32		8,521
Gen Digital, Inc.		297		7,882
Fox Corp. — Class A		119		6,735
Juniper Networks, Inc.		181		6,550
News Corp. — Class A		207		5,635
Interpublic Group of Companies, Inc.		204		5,541
Match Group, Inc.		137		4,274
Paramount Global — Class B		326		3,899
Fox Corp. — Class B		72		3,795
News Corp. — Class B		61		1,853
Total Communications				3,949,541
Consumer, Cyclical - 6.4%
Tesla, Inc.^*		1,532		397,033
Costco Wholesale Corp.		243		229,824
Walmart, Inc.		2,375		208,501
Home Depot, Inc.		544		199,371
McDonald's Corp.		392		122,449
TJX Companies, Inc.		615		74,907
Lowe's Companies, Inc.		309		72,068
Starbucks Corp.		622		61,012
O'Reilly Automotive, Inc.^*		31		44,410
NIKE, Inc. — Class B		647		41,072
Chipotle Mexican Grill, Inc. — Class A^*		742		37,256
AutoZone, Inc.^*		9		34,315
Hilton Worldwide Holdings, Inc.		132		30,037
Marriott International, Inc. — Class A		125		29,775
PACCAR, Inc.		287		27,945
Royal Caribbean Cruises Ltd.		136		27,940
Copart, Inc.^*		480		27,163
Target Corp.		251		26,194
General Motors Co.		545		25,632
Fastenal Co.		314		24,351
Yum! Brands, Inc.		153		24,076
WW Grainger, Inc.		24		23,708
Cummins, Inc.		75		23,508
Ross Stores, Inc.		181		23,130
Ford Motor Co.		2,131		21,374
DR Horton, Inc.		155		19,705
Lululemon Athletica, Inc.^*		61		17,267

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 76.5% (continued)
Consumer, Cyclical - 6.4% (continued)
Tractor Supply Co.		292	$	16,089
Delta Air Lines, Inc.		351		15,304
Lennar Corp. — Class A		128		14,692
NVR, Inc.^*		2		14,489
Darden Restaurants, Inc.		64		13,297
United Airlines Holdings, Inc.^*		180		12,429
PulteGroup, Inc.		111		11,411
Live Nation Entertainment, Inc.^*		86		11,230
Carnival Corp.^*		574		11,210
Southwest Airlines Co.		324		10,880
Williams-Sonoma, Inc.		67		10,593
Dollar General Corp.		120		10,552
Deckers Outdoor Corp.^*		83		9,280
Ulta Beauty, Inc.^*		25		9,163
Genuine Parts Co.		76		9,055
Domino's Pizza, Inc.		19		8,729
Dollar Tree, Inc.^*		111		8,333
Tapestry, Inc.		113		7,956
Best Buy Company, Inc.		107		7,876
Aptiv plc^*		126		7,497
Las Vegas Sands Corp.		188		7,262
Pool Corp.		21		6,685
CarMax, Inc.^*		84		6,545
LKQ Corp.		142		6,041
TKO Group Holdings, Inc.		36		5,501
Ralph Lauren Corp. — Class A		22		4,856
Norwegian Cruise Line Holdings Ltd.^*		241		4,569
Hasbro, Inc.		72		4,427
Walgreens Boots Alliance, Inc.^*		393		4,390
Wynn Resorts Ltd.		49		4,092
MGM Resorts International^*		122		3,616
Caesars Entertainment, Inc.^*		116		2,900
Total Consumer, Cyclical				2,174,972
Industrial - 5.6%
General Electric Co.		588		117,688
RTX Corp.		729		96,563
Caterpillar, Inc.		262		86,408
Union Pacific Corp.		331		78,196
Honeywell International, Inc.		356		75,383
Boeing Co.^*		411		70,096
Deere & Co.		139		65,240
Eaton Corporation plc		216		58,715
Lockheed Martin Corp.		115		51,372
Waste Management, Inc.		200		46,302
GE Vernova, Inc.		151		46,097
United Parcel Service, Inc. — Class B		400		43,996
3M Co.		297		43,617
Amphenol Corp. — Class A		663		43,486
TransDigm Group, Inc.		31		42,882
Parker-Hannifin Corp.		70		42,550
Trane Technologies plc		123		41,441
Northrop Grumman Corp.		74		37,889
General Dynamics Corp.		139		37,889
Illinois Tool Works, Inc.		146		36,210
Emerson Electric Co.		309		33,879
CSX Corp.		1,056		31,078
FedEx Corp.		121		29,497
Norfolk Southern Corp.		124		29,370
Johnson Controls International plc		361		28,920
Howmet Aerospace, Inc.		222		28,800
Carrier Global Corp.		442		28,023
Republic Services, Inc. — Class A		111		26,880
TE Connectivity plc		163		23,035
Otis Worldwide Corp.		217		22,394
AMETEK, Inc.		127		21,862
L3Harris Technologies, Inc.		103		21,559
Axon Enterprise, Inc.^*		40		21,038
Garmin Ltd.		84		18,239
Ingersoll Rand, Inc.		221		17,687
Westinghouse Air Brake Technologies Corp.		94		17,047
Old Dominion Freight Line, Inc.		103		17,041
Vulcan Materials Co.		72		16,797
Rockwell Automation, Inc.		62		16,019
Xylem, Inc.		133		15,888
Martin Marietta Materials, Inc.		33		15,778
Keysight Technologies, Inc.^*		95		14,228
Fortive Corp.		187		13,685
Dover Corp.		75		13,176
Veralto Corp.		135		13,156
Mettler-Toledo International, Inc.^*		11		12,990
Teledyne Technologies, Inc.^*		26		12,940
Smurfit WestRock plc		271		12,211
Lennox International, Inc.		18		10,095
Snap-on, Inc.		29		9,773
Packaging Corporation of America		49		9,703
Hubbell, Inc.		29		9,596
Expeditors International of Washington, Inc.		77		9,259
Trimble, Inc.^*		135		8,863
Ball Corp.		163		8,487
Jabil, Inc.		60		8,164
Jacobs Solutions, Inc.		67		8,100
Masco Corp.		116		8,067
Pentair plc		90		7,873
Builders FirstSource, Inc.^*		63		7,871
Amcor plc		791		7,673
IDEX Corp.		41		7,420
Textron, Inc.		100		7,225
CH Robinson Worldwide, Inc.		65		6,656
Stanley Black & Decker, Inc.		84		6,458
J.B. Hunt Transport Services, Inc.		43		6,362
Allegion plc		48		6,262
Nordson Corp.		30		6,052
Huntington Ingalls Industries, Inc.		21		4,285
A O Smith Corp.		65		4,248
Generac Holdings, Inc.^*		33		4,179
Mohawk Industries, Inc.^*		29		3,311
Total Industrial				1,911,219
Energy - 2.8%
Exxon Mobil Corp.		2,383		283,410
Chevron Corp.		915		153,070
ConocoPhillips		699		73,409

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 76.5% (continued)
Energy - 2.8% (continued)
Williams Companies, Inc.		667	$	39,860
EOG Resources, Inc.		308		39,498
ONEOK, Inc.		340		33,735
Schlumberger N.V.		767		32,060
Kinder Morgan, Inc.		1,058		30,185
Phillips 66		226		27,907
Marathon Petroleum Corp.		173		25,204
Hess Corp.		151		24,119
Targa Resources Corp.		119		23,856
Baker Hughes Co.		542		23,821
Valero Energy Corp.		173		22,848
Occidental Petroleum Corp.		370		18,263
Equities Corp.		327		17,472
Diamondback Energy, Inc.		102		16,308
Devon Energy Corp.		360		13,464
Texas Pacific Land Corp.		10		13,250
Expand Energy Corp.		114		12,690
Halliburton Co.		475		12,051
Coterra Energy, Inc. — Class A		403		11,647
First Solar, Inc.^*		59		7,459
Enphase Energy, Inc.^*		73		4,530
APA Corp.		203		4,267
Total Energy				964,383
Utilities - 2.0%
NextEra Energy, Inc.		1,126		79,822
Southern Co.		600		55,170
Duke Energy Corp.		425		51,837
Constellation Energy Corp.		171		34,479
American Electric Power Company, Inc.		292		31,907
Dominion Energy, Inc.		460		25,792
Exelon Corp.		550		25,344
Sempra		347		24,762
Public Service Enterprise Group, Inc.		273		22,468
Xcel Energy, Inc.		314		22,228
Vistra Corp.		186		21,844
Consolidated Edison, Inc.		190		21,012
PG&E Corp.		1,201		20,633
Entergy Corp.		235		20,090
WEC Energy Group, Inc.		174		18,963
American Water Works Company, Inc.		107		15,785
DTE Energy Co.		113		15,625
Ameren Corp.		148		14,859
PPL Corp.		404		14,588
Atmos Energy Corp.		87		13,448
CenterPoint Energy, Inc.		357		12,934
Edison International		212		12,491
Eversource Energy		201		12,484
CMS Energy Corp.		164		12,318
FirstEnergy Corp.		281		11,358
NRG Energy, Inc.		111		10,596
NiSource, Inc.		257		10,303
Alliant Energy Corp.		140		9,009
Evergy, Inc.		126		8,688
Pinnacle West Capital Corp.		62		5,906
AES Corp.		389		4,831
Total Utilities				661,574
Basic Materials - 1.3%
Linde plc		261		121,532
Sherwin-Williams Co.		127		44,347
Air Products and Chemicals, Inc.		122		35,980
Ecolab, Inc.		138		34,986
Newmont Corp.		623		30,079
Freeport-McMoRan, Inc.		787		29,796
DuPont de Nemours, Inc.		229		17,102
Nucor Corp.		129		15,524
International Paper Co.		289		15,418
PPG Industries, Inc.		127		13,888
Dow, Inc.		385		13,444
International Flavors & Fragrances, Inc.		140		10,865
LyondellBasell Industries N.V. — Class A		142		9,997
Steel Dynamics, Inc.		78		9,756
CF Industries Holdings, Inc.		95		7,424
Eastman Chemical Co.		63		5,551
Mosaic Co.		174		4,700
Albemarle Corp.		64		4,609
Total Basic Materials				424,998
Total Common Stocks
(Cost $16,359,206)				26,035,755
MUTUAL FUNDS^† - 11.7%
Guggenheim Ultra Short Duration Fund — Institutional Class²		202,415		2,030,222
Guggenheim Strategy Fund II²		78,932		1,962,238
Total Mutual Funds
(Cost $3,941,469)				3,992,460

	Face Amount
U.S. TREASURY BILLS^†† - 4.4%
U.S. Treasury Bills
4.20% due 06/12/25^3,4	$	950,000	942,039
4.08% due 04/08/25^4,5		552,000	551,544
Total U.S. Treasury Bills
(Cost $1,493,573)			1,493,583

REPURCHASE AGREEMENTS^††,6 - 8.0%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25³		1,548,852	1,548,852
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25³		1,187,022	1,187,022
Total Repurchase Agreements
(Cost $2,735,874)			2,735,874

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
SECURITIES LENDING COLLATERAL^†,7 - 0.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁸	$	7,245	$	7,245
Total Securities Lending Collateral
(Cost $7,245)				7,245
Total Investments - 100.6%
(Cost $24,537,367)			$	34,264,917
Other Assets & Liabilities, net - (0.6)%				(204,190	)
Total Net Assets - 100.0%			$	34,060,727

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		36	Jun 2025	$	10,181,250	$	(64,677	)

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

S&P 500 Index

Pay

5.24% (SOFR + 0.90%)

At Maturity

06/26/25

605

3,394,875

(48,192

)

BNP Paribas

S&P 500 Index

Pay

5.18% (Federal Funds Rate + 0.85%)

At Maturity

06/26/25

582

3,267,173

(58,420

)

Goldman Sachs International

S&P 500 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

06/25/25

1,487

8,347,299

(211,429

)

15,009,347

(318,041

)

^*	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 March 31, 2025 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
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 March 31, 2025.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	26,035,755	$	—	$	—	$	26,035,755
Mutual Funds		3,992,460		—		—		3,992,460
U.S. Treasury Bills		—		1,493,583		—		1,493,583
Repurchase Agreements		—		2,735,874		—		2,735,874
Securities Lending Collateral		7,245		—		—		7,245
Total Assets	$	30,035,460	$	4,229,457	$	—	$	34,264,917

Nova Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	64,677	$	—	$	—	$	64,677
Equity Index Swap Agreements**		—		318,041		—		318,041
Total Liabilities	$	64,677	$	318,041	$	—	$	382,718

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

Affiliated Transactions

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,961,449	$	–	$	–	$	–	$	789	$	1,962,238		78,932	$	26,141
Guggenheim Ultra Short Duration Fund — Institutional Class		2,026,173		–		–		–		4,049		2,030,222		202,415		22,545
	$	3,987,622	$	–	$	–	$	–	$	4,838	$	3,992,460			$	48,686

Precious Metals Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.1%
Mining - 99.1%
Agnico Eagle Mines Ltd.		17,663	$	1,914,846
Newmont Corp.		38,517		1,859,601
Freeport-McMoRan, Inc.		47,680		1,805,165
Wheaton Precious Metals Corp.		19,570		1,519,219
Barrick Gold Corp.		74,872		1,455,512
Anglogold Ashanti plc		28,124		1,043,963
Kinross Gold Corp.		79,027		996,531
Gold Fields Ltd. ADR		44,149		975,251
Franco-Nevada Corp.		6,001		945,518
Alamos Gold, Inc. — Class A		32,318		864,183
Pan American Silver Corp.		29,421		759,944
Royal Gold, Inc.		4,123		674,152
Harmony Gold Mining Company Ltd. ADR		41,532		613,428
Osisko Gold Royalties Ltd.		24,161		510,280
Eldorado Gold Corp.^*		28,796		484,349
IAMGOLD Corp.^*		76,893		480,581
Coeur Mining, Inc.^*		78,221		463,067
First Majestic Silver Corp.		66,636		445,795
Hecla Mining Co.		79,639		442,793
Equinox Gold Corp.^*		62,106		427,289
Sandstorm Gold Ltd.		53,569		404,446
Sibanye Stillwater Ltd. ADR^*		83,174		380,937
Fortuna Mining Corp.^*		59,551		363,261
B2Gold Corp.		122,634		349,507
New Gold, Inc.^*		93,257		345,983
SSR Mining, Inc.^*		33,830		339,315
Centerra Gold, Inc.		47,509		301,682
MAG Silver Corp.		18,706		285,828
Seabridge Gold, Inc.^*		21,903		255,608
Endeavour Silver Corp.^*		59,256		253,023
Silvercorp Metals, Inc.		56,263		217,738
Novagold Resources, Inc.^*		58,147		169,789
McEwen Mining, Inc.^*		18,986		143,344
Perpetua Resources Corp.^*		10,790		115,345
Total Mining				22,607,273
Total Common Stocks
(Cost $8,825,214)				22,607,273

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	107,032		107,032
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		82,028		82,028
Total Repurchase Agreements
(Cost $189,060)				189,060
Total Investments - 99.9%
(Cost $9,014,274)			$	22,796,333
Other Assets & Liabilities, net - 0.1%				16,404
Total Net Assets - 100.0%			$	22,812,737

^*	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 March 31, 2025 (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	$	22,607,273	$	—	$	—	$	22,607,273
Repurchase Agreements		—		189,060		—		189,060
Total Assets	$	22,607,273	$	189,060	$	—	$	22,796,333

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 98.7%
REITs - 90.1%
REITs-Diversified - 21.8%
American Tower Corp. — Class A		612	$	133,171
Equinix, Inc.		139		113,334
Crown Castle, Inc.		871		90,784
Digital Realty Trust, Inc.		617		88,410
VICI Properties, Inc.		2,308		75,287
SBA Communications Corp.		288		63,363
Weyerhaeuser Co.		2,022		59,204
Gaming and Leisure Properties, Inc.		933		47,490
WP Carey, Inc.		750		47,333
Lamar Advertising Co. — Class A		387		44,033
EPR Properties		489		25,726
PotlatchDeltic Corp.		533		24,049
Broadstone Net Lease, Inc.		1,332		22,697
Outfront Media, Inc.		1,240		20,014
Uniti Group, Inc.^*		2,962		14,928
Total REITs-Diversified				869,823
REITs-Health Care - 12.0%
Welltower, Inc.		853		130,688
Ventas, Inc.		1,037		71,304
Alexandria Real Estate Equities, Inc.		535		49,493
Healthpeak Properties, Inc.		2,375		48,022
Omega Healthcare Investors, Inc.		1,118		42,573
Healthcare Realty Trust, Inc.		1,848		31,231
CareTrust REIT, Inc.		1,044		29,838
American Healthcare REIT, Inc.		945		28,633
Sabra Health Care REIT, Inc.		1,504		26,275
Medical Properties Trust, Inc.¹		3,577		21,569
Total REITs-Health Care				479,626
REITs-Apartments - 11.7%
AvalonBay Communities, Inc.		333		71,468
Equity Residential		937		67,070
Invitation Homes, Inc.		1,688		58,827
Mid-America Apartment Communities, Inc.		346		57,983
UDR, Inc.		1,126		50,861
Camden Property Trust		385		47,085
American Homes 4 Rent — Class A		1,224		46,279
Essex Property Trust, Inc.		129		39,548
Independence Realty Trust, Inc.		1,358		28,830
Total REITs-Apartments				467,951
REITs-Warehouse/Industries - 9.6%
Prologis, Inc.		1,173		131,130
EastGroup Properties, Inc.		217		38,225
Rexford Industrial Realty, Inc.		971		38,015
First Industrial Realty Trust, Inc.		626		33,779
STAG Industrial, Inc.		930		33,592
Americold Realty Trust, Inc.		1,482		31,804
Terreno Realty Corp.		492		31,104
Lineage, Inc.		412		24,156
LXP Industrial Trust		2,290		19,808
Total REITs-Warehouse/Industries				381,613
REITs-Storage - 7.4%
Public Storage		299		89,488
Extra Space Storage, Inc.		487		72,315
Iron Mountain, Inc.		753		64,788
CubeSmart		940		40,147
National Storage Affiliates Trust		730		28,762
Total REITs-Storage				295,500
REITs-Shopping Centers - 7.0%
Kimco Realty Corp.		2,299		48,831
Regency Centers Corp.		654		48,239
Federal Realty Investment Trust		383		37,465
Brixmor Property Group, Inc.		1,393		36,984
Phillips Edison & Company, Inc.		814		29,703
Kite Realty Group Trust		1,288		28,813
Urban Edge Properties		1,057		20,083
Acadia Realty Trust		958		20,070
SITE Centers Corp.		790		10,144
Total REITs-Shopping Centers				280,332
REITs-Office Property - 5.6%
BXP, Inc.		610		40,986
Vornado Realty Trust		902		33,365
Cousins Properties, Inc.		987		29,116
SL Green Realty Corp.		462		26,657
Kilroy Realty Corp.		771		25,258
Highwoods Properties, Inc.		787		23,327
COPT Defense Properties		829		22,607
Douglas Emmett, Inc.		1,317		21,072
Equity Commonwealth^*		1,818		2,927
Total REITs-Office Property				225,315
REITs-Single Tenant - 5.0%
Realty Income Corp.		1,613		93,570
Agree Realty Corp.		478		36,897
NNN REIT, Inc.		855		36,466
Essential Properties Realty Trust, Inc.		992		32,379
Total REITs-Single Tenant				199,312
REITs-Hotels - 3.9%
Host Hotels & Resorts, Inc.		2,770		39,362
Ryman Hospitality Properties, Inc.		315		28,804
Apple Hospitality REIT, Inc.		1,631		21,056
Park Hotels & Resorts, Inc.		1,670		17,836
Sunstone Hotel Investors, Inc.		1,837		17,286
DiamondRock Hospitality Co.		2,062		15,919
Pebblebrook Hotel Trust		1,360		13,777
Total REITs-Hotels				154,040
REITs-Regional Malls - 3.7%
Simon Property Group, Inc.		568		94,333
Macerich Co.		1,587		27,249
Tanger, Inc.		757		25,579
Total REITs-Regional Malls				147,161
REITs-Manufactured Homes - 2.4%
Sun Communities, Inc.		406		52,228
Equity LifeStyle Properties, Inc.		652		43,488
Total REITs-Manufactured Homes				95,716
Total REITs				3,596,389
Real Estate - 7.3%
Real Estate Management/Services - 7.3%
CBRE Group, Inc. — Class A^*		639		83,568
CoStar Group, Inc.^*		947		75,031

Real Estate Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 98.7% (continued)
Real Estate - 7.3% (continued)
Real Estate Management/Services - 7.3% (continued)
Jones Lang LaSalle, Inc.^*		162	$	40,161
Compass, Inc. — Class A^*		3,193		27,875
Newmark Group, Inc. — Class A		1,747		21,261
Cushman & Wakefield plc^*		1,921		19,633
Redfin Corp.^*		1,400		12,894
eXp World Holdings, Inc.		1,173		11,472
Total Real Estate Management/Services				291,895
Total Real Estate				291,895
Internet - 1.3%
E-Commerce/Services - 1.3%
Zillow Group, Inc. — Class C^*		734		50,323
Opendoor Technologies, Inc.^*		4,118		4,200
Total E-Commerce/Services				54,523
Total Internet				54,523
Total Common Stocks
(Cost $1,877,663)				3,942,807

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	14,739	14,739
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		11,296	11,296
Total Repurchase Agreements
(Cost $26,035)			26,035

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		24		24
Total Securities Lending Collateral
(Cost $24)				24
Total Investments - 99.4%
(Cost $1,903,722)			$	3,968,866
Other Assets & Liabilities, net - 0.6%				23,288
Total Net Assets - 100.0%			$	3,992,154

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	3,942,807	$	—	$	—	$	3,942,807
Repurchase Agreements		—		26,035		—		26,035
Securities Lending Collateral		24		—		—		24
Total Assets	$	3,942,831	$	26,035	$	—	$	3,968,866

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.4%
Retail - 70.9%
Walmart, Inc.		1,143	$	100,344
Costco Wholesale Corp.		103		97,415
TJX Companies, Inc.		767		93,421
Home Depot, Inc.		247		90,523
Lowe's Companies, Inc.		388		90,493
Carvana Co.^*		399		83,423
O'Reilly Automotive, Inc.^*		51		73,062
Target Corp.		501		52,284
Ross Stores, Inc.		392		50,094
AutoZone, Inc.^*		12		45,753
Tractor Supply Co.		765		42,151
Ulta Beauty, Inc.^*		94		34,455
Dollar General Corp.		391		34,381
Williams-Sonoma, Inc.		210		33,201
Dick's Sporting Goods, Inc.		157		31,645
Burlington Stores, Inc.^*		130		30,983
Dollar Tree, Inc.^*		409		30,704
Genuine Parts Co.		257		30,619
BJ's Wholesale Club Holdings, Inc.^*		266		30,351
Best Buy Company, Inc.		403		29,665
CarMax, Inc.^*		361		28,129
GameStop Corp. — Class A^*		1,028		22,945
Murphy USA, Inc.		47		22,081
Ollie's Bargain Outlet Holdings, Inc.^*		188		21,876
Floor & Decor Holdings, Inc. — Class A^*		270		21,727
Walgreens Boots Alliance, Inc.^*		1,902		21,245
Bath & Body Works, Inc.		668		20,254
AutoNation, Inc.^*		118		19,107
Lithia Motors, Inc. — Class A		63		18,493
Gap, Inc.		846		17,436
Five Below, Inc.^*		207		15,509
Abercrombie & Fitch Co. — Class A^*		195		14,892
Academy Sports & Outdoors, Inc.		298		13,592
Signet Jewelers Ltd.		230		13,354
Macy's, Inc.		1,061		13,326
Boot Barn Holdings, Inc.^*		124		13,321
Nordstrom, Inc.		501		12,249
Advance Auto Parts, Inc.		301		11,802
Urban Outfitters, Inc.^*		225		11,790
RH^*		50		11,720
American Eagle Outfitters, Inc.		966		11,225
Victoria's Secret & Co.^*		511		9,494
Foot Locker, Inc.^*		607		8,559
National Vision Holdings, Inc.^*		635		8,115
Kohl's Corp.¹		882		7,215
ODP Corp.^*		333		4,772
Total Retail				1,499,195
Internet - 24.0%
Amazon.com, Inc.^*		949		180,557
PDD Holdings, Inc. ADR^*		457		54,086
Alibaba Group Holding Ltd. ADR		346		45,752
Coupang, Inc.^*		2,050		44,956
eBay, Inc.		640		43,347
MercadoLibre, Inc.^*		22		42,919
JD.com, Inc. ADR		900		37,008
Chewy, Inc. — Class A^*		813		26,431
Etsy, Inc.^*		366		17,268
Wayfair, Inc. — Class A^*		479		15,342
Total Internet				507,666
Distribution & Wholesale - 2.4%
LKQ Corp.		599		25,481
Pool Corp.		79		25,150
Total Distribution & Wholesale				50,631
Software - 1.3%
Global-e Online Ltd^*		780		27,807
Commercial Services - 0.8%
Valvoline, Inc.^*		458		15,943
Total Common Stocks
(Cost $874,491)				2,101,242

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.2%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	2,214	2,214
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		1,697	1,697
Total Repurchase Agreements
(Cost $3,911)			3,911

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		5,828		5,828
Total Securities Lending Collateral
(Cost $5,828)				5,828
Total Investments - 99.9%
(Cost $884,230)			$	2,110,981
Other Assets & Liabilities, net - 0.1%				1,882
Total Net Assets - 100.0%			$	2,112,863

Retailing Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,101,242	$	—	$	—	$	2,101,242
Repurchase Agreements		—		3,911		—		3,911
Securities Lending Collateral		5,828		—		—		5,828
Total Assets	$	2,107,070	$	3,911	$	—	$	2,110,981

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0%
Financial - 6.8%
FTAI Aviation Ltd.		27	$	2,998
SouthState Corp.		26		2,413
Mr Cooper Group, Inc.^*		17		2,033
UMB Financial Corp.		18		1,820
Old National Bancorp		83		1,759
Terreno Realty Corp. REIT		26		1,644
Essent Group Ltd.		28		1,616
Jackson Financial, Inc. — Class A		19		1,592
Essential Properties Realty Trust, Inc. REIT		46		1,501
Hamilton Lane, Inc. — Class A		10		1,487
Selective Insurance Group, Inc.		16		1,465
Ryman Hospitality Properties, Inc. REIT		16		1,463
Cadence Bank		48		1,457
CareTrust REIT, Inc.		49		1,400
Home BancShares, Inc.		49		1,385
Glacier Bancorp, Inc.		30		1,327
Independence Realty Trust, Inc. REIT		61		1,295
Radian Group, Inc.		39		1,290
Kite Realty Group Trust REIT		57		1,275
Piper Sandler Cos.		5		1,238
First Financial Bankshares, Inc.		34		1,221
United Bankshares, Inc.		35		1,213
American Healthcare REIT, Inc.		40		1,212
Hancock Whitney Corp.		23		1,206
Phillips Edison & Company, Inc. REIT		33		1,204
Valley National Bancorp		128		1,138
CNO Financial Group, Inc.		27		1,125
Macerich Co. REIT		65		1,116
Moelis & Co. — Class A		19		1,109
Sabra Health Care REIT, Inc.		63		1,101
SL Green Realty Corp. REIT		19		1,096
ServisFirst Bancshares, Inc.		13		1,074
MARA Holdings, Inc.^*		90		1,035
Enstar Group Ltd.^*		3		997
Tanger, Inc. REIT		29		980
Ameris Bancorp		17		979
Associated Banc-Corp.		43		969
Upstart Holdings, Inc.^*		21		967
Palomar Holdings, Inc.^*		7		960
PotlatchDeltic Corp. REIT		21		948
StepStone Group, Inc. — Class A		18		940
Blackstone Mortgage Trust, Inc. — Class A REIT		47		940
StoneX Group, Inc.^*		12		917
HA Sustainable Infrastructure Capital, Inc.		31		906
Axos Financial, Inc.^*		14		903
United Community Banks, Inc.		32		900
Texas Capital Bancshares, Inc.^*		12		896
National Health Investors, Inc. REIT		12		886
International Bancshares Corp.		14		883
Eastern Bankshares, Inc.		53		869
Fulton Financial Corp.		48		868
BGC Group, Inc. — Class A		94		862
Broadstone Net Lease, Inc. REIT		50		852
COPT Defense Properties REIT		31		845
First BanCorp		44		843
Compass, Inc. — Class A^*		96		838
WSFS Financial Corp.		16		830
PJT Partners, Inc. — Class A		6		827
Baldwin Insurance Group, Inc. — Class A^*		18		804
Flagstar Financial, Inc.		69		802
Community Financial System, Inc.		14		796
Genworth Financial, Inc. — Class A^*		112		794
Apple Hospitality REIT, Inc.		61		788
Cathay General Bancorp		18		775
Walker & Dunlop, Inc.		9		768
NMI Holdings, Inc. — Class A^*		21		757
Atlantic Union Bankshares Corp.		24		747
Four Corners Property Trust, Inc. REIT		26		746
Burford Capital Ltd.		55		726
WesBanco, Inc.		23		712
Goosehead Insurance, Inc. — Class A		6		708
Douglas Emmett, Inc. REIT		44		704
PennyMac Financial Services, Inc.		7		701
Simmons First National Corp. — Class A		34		698
Bank of Hawaii Corp.		10		690
Independent Bank Corp.		11		689
BankUnited, Inc.		20		689
LXP Industrial Trust REIT		79		683
Enova International, Inc.^*		7		676
McGrath RentCorp		6		668
Artisan Partners Asset Management, Inc. — Class A		17		665
Bread Financial Holdings, Inc.		13		651
TowneBank		19		650
First Financial Bancorp		26		649
Acadia Realty Trust REIT		31		649
First Merchants Corp.		16		647
CVB Financial Corp.		35		646
Cushman & Wakefield plc^*		63		644
Victory Capital Holdings, Inc. — Class A		11		637
Bancorp, Inc.^*		12		634
Urban Edge Properties REIT		33		627
InvenTrust Properties Corp. REIT		21		617
Outfront Media, Inc. REIT		38		613
Park National Corp.		4		606
Curbline Properties Corp. REIT		25		605
First Interstate BancSystem, Inc. — Class A		21		602
WaFd, Inc.		21		600
Arbor Realty Trust, Inc. REIT		50		587
Trustmark Corp.		17		586
Riot Platforms, Inc.^*		82		584
Renasant Corp.		17		577
Banner Corp.		9		574

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Financial - 6.8% (continued)
Provident Financial Services, Inc.		33	$	567
Seacoast Banking Corporation of Florida		22		566
Cohen & Steers, Inc.		7		562
BancFirst Corp.		5		549
Banc of California, Inc.		38		539
Enterprise Financial Services Corp.		10		537
Pacific Premier Bancorp, Inc.		25		533
Skyward Specialty Insurance Group, Inc.^*		10		529
Sunstone Hotel Investors, Inc. REIT		55		518
NBT Bancorp, Inc.		12		515
Stewart Information Services Corp.		7		499
Cleanspark, Inc.^*		73		490
Stock Yards Bancorp, Inc.		7		483
OFG Bancorp		12		480
First Busey Corp.		22		475
Horace Mann Educators Corp.		11		470
City Holding Co.		4		470
St. Joe Co.		10		469
Bank of NT Butterfield & Son Ltd.		12		467
Newmark Group, Inc. — Class A		37		450
DiamondRock Hospitality Co. REIT		58		448
Nelnet, Inc. — Class A		4		444
First Bancorp		11		442
Lemonade, Inc.^*		14		440
Pathward Financial, Inc.		6		438
Nicolet Bankshares, Inc.		4		436
First Commonwealth Financial Corp.		28		435
Global Net Lease, Inc. REIT		54		434
SiriusPoint Ltd.^*		25		432
LTC Properties, Inc. REIT		12		425
Elme Communities REIT		24		418
FB Financial Corp.		9		417
Lakeland Financial Corp.		7		416
Northwest Bancshares, Inc.		34		409
Getty Realty Corp. REIT		13		405
Customers Bancorp, Inc.^*		8		402
Pagseguro Digital Ltd. — Class A^*		52		397
Hilltop Holdings, Inc.		13		396
Mercury General Corp.		7		391
National Bank Holdings Corp. — Class A		10		383
Innovative Industrial Properties, Inc. REIT		7		379
Farmer Mac — Class C		2		375
Two Harbors Investment Corp. REIT		28		374
JBG SMITH Properties REIT		23		371
S&T Bancorp, Inc.		10		371
TriCo Bancshares		9		360
Stellar Bancorp, Inc.		13		360
Veris Residential, Inc. REIT		21		355
UMH Properties, Inc. REIT		19		355
Core Scientific, Inc.^*		49		355
Employers Holdings, Inc.		7		354
Westamerica BanCorp		7		354
Apollo Commercial Real Estate Finance, Inc. REIT		37		354
Apartment Investment and Management Co. — Class A REIT		40		352
PennyMac Mortgage Investment Trust REIT		24		352
Veritex Holdings, Inc.		14		350
NETSTREIT Corp.		22		349
Triumph Financial, Inc.^*		6		347
Virtus Investment Partners, Inc.		2		345
Alexander & Baldwin, Inc. REIT		20		345
Ladder Capital Corp. — Class A REIT		30		342
WisdomTree, Inc.		38		339
Compass Diversified Holdings		18		336
Sandy Spring Bancorp, Inc.		12		335
Pebblebrook Hotel Trust REIT		33		334
Xenia Hotels & Resorts, Inc. REIT		28		329
ProAssurance Corp.^*		14		327
Hope Bancorp, Inc.		31		325
RLJ Lodging Trust REIT		41		323
Uniti Group, Inc. REIT^*		64		323
Safety Insurance Group, Inc.		4		316
Berkshire Hills Bancorp, Inc.		12		313
Dime Community Bancshares, Inc.		11		307
Ellington Financial, Inc. REIT		23		305
Bank First Corp.		3		302
German American Bancorp, Inc.		8		300
LendingClub Corp.^*		29		299
1st Source Corp.		5		299
HCI Group, Inc.		2		298
Trupanion, Inc.^*		8		298
Peoples Bancorp, Inc.		10		297
Redfin Corp.^*		32		295
Dynex Capital, Inc. REIT		22		286
QCR Holdings, Inc.		4		285
Chimera Investment Corp. REIT		22		282
American Assets Trust, Inc. REIT		14		282
Empire State Realty Trust, Inc. — Class A REIT		36		282
Enact Holdings, Inc.		8		278
Origin Bancorp, Inc.		8		277
MFA Financial, Inc. REIT		27		277
Perella Weinberg Partners		15		276
Easterly Government Properties, Inc. REIT		26		276
OceanFirst Financial Corp.		16		272
Coastal Financial Corp.^*		3		271
First Bancshares, Inc.		8		270
Kennedy-Wilson Holdings, Inc.		31		269
Franklin BSP Realty Trust, Inc. REIT		21		268
Root, Inc. — Class A^*		2		267
Navient Corp.		21		265
AMERISAFE, Inc.		5		263
Brookline Bancorp, Inc.		24		262

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Financial - 6.8% (continued)
Centerspace REIT		4	$	259
Cannae Holdings, Inc.		14		257
ARMOUR Residential REIT, Inc.		15		257
Hut 8 Corp.^*		22		256
Preferred Bank/Los Angeles CA		3		251
Safehold, Inc. REIT		13		243
Heritage Financial Corp.		10		243
Piedmont Office Realty Trust, Inc. — Class A REIT		33		243
ConnectOne Bancorp, Inc.		10		243
Encore Capital Group, Inc.^*		7		240
Live Oak Bancshares, Inc.		9		240
NexPoint Residential Trust, Inc. REIT		6		237
Southside Bancshares, Inc.		8		232
Univest Financial Corp.		8		227
PRA Group, Inc.^*		11		227
Burke & Herbert Financial Services Corp.		4		224
Ready Capital Corp. REIT		44		224
Redwood Trust, Inc. REIT		36		219
Central Pacific Financial Corp.		8		216
eXp World Holdings, Inc.		22		215
Paramount Group, Inc. REIT^*		50		215
Fidelis Insurance Holdings Ltd.		13		211
First Mid Bancshares, Inc.		6		209
Byline Bancorp, Inc.		8		209
Alexander's, Inc. REIT		1		209
Hamilton Insurance Group Ltd. — Class B^*		10		207
Acadian Asset Management, Inc.		8		207
Marcus & Millichap, Inc.		6		207
Brandywine Realty Trust REIT		46		205
Community Trust Bancorp, Inc.		4		201
Old Second Bancorp, Inc.		12		200
NB Bancorp, Inc.^*		11		199
Capitol Federal Financial, Inc.		35		196
BrightSpire Capital, Inc. REIT		35		195
Whitestone REIT — Class B		13		189
Tompkins Financial Corp.		3		189
Brookfield Business Corp. — Class A		7		186
Amerant Bancorp, Inc.		9		186
Independent Bank Corp.		6		185
Northeast Bank		2		183
Hanmi Financial Corp.		8		181
Horizon Bancorp, Inc.		12		181
F&G Annuities & Life, Inc.		5		180
United Fire Group, Inc.		6		177
Mercantile Bank Corp.		4		174
KKR Real Estate Finance Trust, Inc. REIT		16		173
Terawulf, Inc.^*		62		169
Tiptree, Inc. — Class A		7		169
Eagle Bancorp, Inc.		8		168
Metropolitan Bank Holding Corp.^*		3		168
Dave, Inc.^*		2		165
Universal Health Realty Income Trust REIT		4		164
Plymouth Industrial REIT, Inc.		10		163
Bowhead Specialty Holdings, Inc.^*		4		163
Camden National Corp.		4		162
Heritage Commerce Corp.		17		162
CBL & Associates Properties, Inc. REIT		6		159
Patria Investments Ltd. — Class A		14		158
Equity Bancshares, Inc. — Class A		4		158
Summit Hotel Properties, Inc. REIT		29		157
Southern Missouri Bancorp, Inc.		3		156
New York Mortgage Trust, Inc. REIT		24		156
SmartFinancial, Inc.		5		155
Washington Trust Bancorp, Inc.		5		154
SITE Centers Corp. REIT		12		154
TrustCo Bank Corporation NY		5		152
LendingTree, Inc.^*		3		151
Esquire Financial Holdings, Inc.		2		151
First Community Bankshares, Inc.		4		151
Orrstown Financial Services, Inc.		5		150
Gladstone Commercial Corp. REIT		10		150
Merchants Bancorp		4		148
First Financial Corp.		3		147
Business First Bancshares, Inc.		6		146
GCM Grosvenor, Inc. — Class A		11		145
Community Healthcare Trust, Inc. REIT		8		145
Diversified Healthcare Trust REIT		60		144
Capital City Bank Group, Inc.		4		144
Amalgamated Financial Corp.		5		144
Farmers National Banc Corp.		11		144
Diamond Hill Investment Group, Inc.		1		143
Universal Insurance Holdings, Inc.		6		142
P10, Inc. — Class A		12		141
Global Medical REIT, Inc.		16		140
Five Star Bancorp		5		139
Metrocity Bankshares, Inc.		5		138
Orchid Island Capital, Inc. REIT		18		135
Armada Hoffler Properties, Inc. REIT		18		135
CTO Realty Growth, Inc. REIT		7		135
Farmland Partners, Inc. REIT		12		134
CNB Financial Corp.		6		133
Peoples Financial Services Corp.		3		133
Hippo Holdings, Inc.^*		5		128
Republic Bancorp, Inc. — Class A		2		128
World Acceptance Corp.^*		1		127
Peakstone Realty Trust REIT		10		126
NET Lease Office Properties REIT^*		4		126

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Financial - 6.8% (continued)
Financial Institutions, Inc.		5	$	125
FTAI Infrastructure, Inc.		27		122
TPG RE Finance Trust, Inc. REIT		15		122
Northfield Bancorp, Inc.		11		120
MidWestOne Financial Group, Inc.		4		118
Enterprise Bancorp, Inc.		3		117
Service Properties Trust REIT		44		115
FRP Holdings, Inc.^*		4		114
HarborOne Bancorp, Inc.		11		114
Peapack-Gladstone Financial Corp.		4		114
International Money Express, Inc.^*		9		114
Sierra Bancorp		4		112
Alerus Financial Corp.		6		111
Great Southern Bancorp, Inc.		2		111
Hudson Pacific Properties, Inc. REIT^*		37		109
NerdWallet, Inc. — Class A^*		12		109
Greenlight Capital Re Ltd. — Class A^*		8		108
Shore Bancshares, Inc.		8		108
Saul Centers, Inc. REIT		3		108
Cipher Mining, Inc.^*		47		108
Selectquote, Inc.^*		32		107
Gladstone Land Corp. REIT		10		105
Arrow Financial Corp.		4		105
One Liberty Properties, Inc. REIT		4		105
Columbia Financial, Inc.^*		7		105
Mid Penn Bancorp, Inc.		4		104
HomeTrust Bancshares, Inc.		3		103
Invesco Mortgage Capital, Inc. REIT		13		103
Heritage Insurance Holdings, Inc.^*		7		101
Legacy Housing Corp.^*		4		101
BayCom Corp.		4		101
Third Coast Bancshares, Inc.^*		3		100
West BanCorp, Inc.		5		100
South Plains Financial, Inc.		3		99
Civista Bancshares, Inc.		5		98
Carter Bankshares, Inc.^*		6		97
Ambac Financial Group, Inc.^*		11		96
Farmers & Merchants Bancorp Incorporated/Archbold OH		4		96
First Business Financial Services, Inc.		2		94
Kearny Financial Corp.		15		94
Real Brokerage, Inc.^*		23		93
Chatham Lodging Trust REIT		13		93
HBT Financial, Inc.		4		90
Home Bancorp, Inc.		2		90
Flushing Financial Corp.		7		89
First Bank/Hamilton NJ		6		89
Bar Harbor Bankshares		3		88
Bank of Marin Bancorp		4		88
Anywhere Real Estate, Inc.^*		26		87
California BanCorp^*		6		86
Claros Mortgage Trust, Inc. REIT^*		23		86
Midland States Bancorp, Inc.		5		86
Capital Bancorp, Inc.		3		85
Bridgewater Bancshares, Inc.^*		6		83
RBB Bancorp		5		82
ACNB Corp.		2		82
Unity Bancorp, Inc.		2		81
Citizens & Northern Corp.		4		80
First Internet Bancorp		3		80
Guaranty Bancshares, Inc.		2		80
Donegal Group, Inc. — Class A		4		79
First Foundation, Inc.		15		78
FS Bancorp, Inc.		2		76
USCB Financial Holdings, Inc.		4		74
First Bancorp, Inc.		3		74
First of Long Island Corp.		6		74
Community West Bancshares		4		74
Northrim BanCorp, Inc.		1		73
NewtekOne, Inc.		6		72
Southern States Bancshares, Inc.		2		72
Postal Realty Trust, Inc. — Class A REIT		5		71
Northeast Community Bancorp, Inc.		3		70
American Coastal Insurance Corp.		6		69
Waterstone Financial, Inc.		5		67
RMR Group, Inc. — Class A		4		67
Southern First Bancshares, Inc.^*		2		66
Ares Commercial Real Estate Corp. REIT		14		65
Bit Digital, Inc.^*		32		65
Onity Group, Inc.^*		2		65
Colony Bankcorp, Inc.		4		65
Ponce Financial Group, Inc.^*		5		63
Bankwell Financial Group, Inc.		2		60
Timberland Bancorp, Inc.		2		60
Regional Management Corp.		2		60
MBIA, Inc.^*		12		60
Chicago Atlantic Real Estate Finance, Inc. REIT		4		59
HomeStreet, Inc.^*		5		59
Primis Financial Corp.		6		59
Industrial Logistics Properties Trust REIT		17		58
Citizens Financial Services, Inc.		1		58
ChoiceOne Financial Services, Inc.		2		58
Crawford & Co. — Class A		5		57
City Office REIT, Inc.		11		57
ESSA Bancorp, Inc.		3		57
Parke Bancorp, Inc.		3		57
PCB Bancorp		3		56
Velocity Financial, Inc.^*		3		56
Middlefield Banc Corp.		2		56
Blue Foundry Bancorp^*		6		55
NexPoint Diversified Real Estate Trust REIT		14		54
National Bankshares, Inc.		2		53
Ames National Corp.		3		53
MVB Financial Corp.		3		52
Red River Bancshares, Inc.		1		52
FrontView REIT, Inc.		4		51

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Financial - 6.8% (continued)
Atlanticus Holdings Corp.^*		1	$	51
AG Mortgage Investment Trust, Inc. REIT		7		51
BRT Apartments Corp. REIT		3		51
Alpine Income Property Trust, Inc. REIT		3		50
Seven Hills Realty Trust REIT		4		50
Oak Valley Bancorp		2		50
John Marshall Bancorp, Inc.		3		50
Silvercrest Asset Management Group, Inc. — Class A		3		49
Norwood Financial Corp.		2		48
Greene County Bancorp, Inc.		2		48
Franklin Street Properties Corp. REIT		27		48
Chemung Financial Corp.		1		48
LINKBANCORP, Inc.		7		47
Orange County Bancorp, Inc.		2		47
Provident Bancorp, Inc.^*		4		46
First Financial Northwest, Inc.		2		45
Braemar Hotels & Resorts, Inc. REIT		18		45
LCNB Corp.		3		44
Medallion Financial Corp.		5		43
Plumas Bancorp		1		43
FVCBankcorp, Inc.^*		4		42
RE/MAX Holdings, Inc. — Class A^*		5		42
Fidelity D&D Bancorp, Inc.		1		42
First Western Financial, Inc.^*		2		39
Sky Harbour Group Corp.^*		3		39
Bank7 Corp.		1		39
James River Group Holdings Ltd.		9		38
OppFi, Inc.		4		37
Granite Point Mortgage Trust, Inc. REIT		14		36
Virginia National Bankshares Corp.		1		36
Investar Holding Corp.		2		35
Maui Land & Pineapple Company, Inc.^*		2		35
Pioneer Bancorp, Inc.^*		3		35
Star Holdings^*		4		34
Kingsway Financial Services, Inc.^*		4		32
Nexpoint Real Estate Finance, Inc. REIT		2		31
Princeton Bancorp, Inc.		1		31
Orion Properties, Inc. REIT		14		30
BCB Bancorp, Inc.		3		30
Angel Oak Mortgage REIT, Inc.		3		29
NI Holdings, Inc.^*		2		29
Transcontinental Realty Investors, Inc.^*		1		28
Peoples Bancorp of North Carolina, Inc.		1		27
AlTi Global, Inc.^*		8		24
B Riley Financial, Inc.^*		6		23
Advanced Flower Capital, Inc. REIT		4		22
Paysign, Inc.^*		9		19
Stratus Properties, Inc.^*		1		18
SWK Holdings Corp.^*		1		17
Consumer Portfolio Services, Inc.^*		2		17
Forge Global Holdings, Inc.^*		27		15
Maiden Holdings Ltd.^*		24		14
GoHealth, Inc. — Class A^*		1		12
Strawberry Fields REIT, Inc.		1		12
Clipper Realty, Inc. REIT		3		12
Sunrise Realty Trust, Inc. REIT		1		11
American Realty Investors, Inc.^*		1		11
Roadzen, Inc.^*		7		7
Offerpad Solutions, Inc.^*		4		7
Total Financial				165,767
Consumer, Non-cyclical - 6.2%
Sprouts Farmers Market, Inc.^*		27		4,121
Insmed, Inc.^*		46		3,509
Corcept Therapeutics, Inc.^*		21		2,399
Halozyme Therapeutics, Inc.^*		33		2,106
HealthEquity, Inc.^*		23		2,033
Ensign Group, Inc.		15		1,941
Primo Brands Corp. — Class A		53		1,881
Lantheus Holdings, Inc.^*		18		1,757
Madrigal Pharmaceuticals, Inc.^*		5		1,656
Option Care Health, Inc.^*		46		1,608
Revolution Medicines, Inc.^*		45		1,591
Merit Medical Systems, Inc.^*		15		1,586
Blueprint Medicines Corp.^*		17		1,505
TG Therapeutics, Inc.^*		37		1,459
Alkermes plc^*		43		1,420
Stride, Inc.^*		11		1,392
Guardant Health, Inc.^*		32		1,363
Bridgebio Pharma, Inc.^*		38		1,314
Glaukos Corp.^*		13		1,279
Krystal Biotech, Inc.^*		7		1,262
Vaxcyte, Inc.^*		33		1,246
ADMA Biologics, Inc.^*		61		1,210
Cytokinetics, Inc.^*		30		1,206
Axsome Therapeutics, Inc.^*		10		1,166
Prestige Consumer Healthcare, Inc.^*		13		1,118
Integer Holdings Corp.^*		9		1,062
Brink's Co.		12		1,034
PTC Therapeutics, Inc.^*		20		1,019
Verra Mobility Corp.^*		45		1,013
Adtalem Global Education, Inc.^*		10		1,006
Cal-Maine Foods, Inc.		11		1,000
GEO Group, Inc.^*		34		993
CBIZ, Inc.^*		13		986
WD-40 Co.		4		976
Graham Holdings Co. — Class B		1		961
Korn Ferry		14		950
Herc Holdings, Inc.		7		940
RadNet, Inc.^*		18		895
Insperity, Inc.		10		892
Avidity Biosciences, Inc.^*		30		886
Lancaster Colony Corp.		5		875
iRhythm Technologies, Inc.^*		8		837
ICU Medical, Inc.^*		6		833
Remitly Global, Inc.^*		40		832

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Non-cyclical - 6.2% (continued)
Simply Good Foods Co.^*		24	$	828
Haemonetics Corp.^*		13		826
StoneCo Ltd. — Class A^*		78		817
Akero Therapeutics, Inc.^*		20		810
ABM Industries, Inc.		17		805
Crinetics Pharmaceuticals, Inc.^*		24		805
Rhythm Pharmaceuticals, Inc.^*		15		795
SpringWorks Therapeutics, Inc.^*		18		794
Arcellx, Inc.^*		12		787
CorVel Corp.^*		7		784
Protagonist Therapeutics, Inc.^*		16		774
Catalyst Pharmaceuticals, Inc.^*		30		727
Alarm.com Holdings, Inc.^*		13		724
Huron Consulting Group, Inc.^*		5		717
Oscar Health, Inc. — Class A^*		54		708
PROCEPT BioRobotics Corp.^*		12		699
Laureate Education, Inc. — Class A^*		34		695
Alight, Inc. — Class A		115		682
Scholar Rock Holding Corp.^*		21		675
Patterson Companies, Inc.		21		656
Amicus Therapeutics, Inc.^*		80		653
Nuvalent, Inc. — Class A^*		9		638
TriNet Group, Inc.		8		634
Concentra Group Holdings Parent, Inc.		29		629
Twist Bioscience Corp.^*		16		628
EVERTEC, Inc.		17		625
Veracyte, Inc.^*		21		623
CoreCivic, Inc.^*		30		609
TransMedics Group, Inc.^*		9		606
LivaNova plc^*		15		589
Vericel Corp.^*		13		580
Inter Parfums, Inc.		5		569
Biohaven Ltd.^*		23		553
ACADIA Pharmaceuticals, Inc.^*		33		548
J & J Snack Foods Corp.		4		527
Payoneer Global, Inc.^*		72		526
Ligand Pharmaceuticals, Inc. — Class B^*		5		526
Novocure Ltd.^*		29		517
Tarsus Pharmaceuticals, Inc.^*		10		514
Neogen Corp.^*		59		512
Marqeta, Inc. — Class A^*		124		511
Strategic Education, Inc.		6		504
Soleno Therapeutics, Inc.^*		7		500
Addus HomeCare Corp.^*		5		495
Chefs' Warehouse, Inc.^*		9		490
Select Medical Holdings Corp.		29		484
CONMED Corp.		8		483
Surgery Partners, Inc.^*		20		475
Beam Therapeutics, Inc.^*		24		469
Summit Therapeutics, Inc.^*		24		463
Denali Therapeutics, Inc.^*		34		462
Supernus Pharmaceuticals, Inc.^*		14		458
Central Garden & Pet Co. — Class A^*		14		458
Omnicell, Inc.^*		13		454
Dynavax Technologies Corp.^*		35		454
Mirum Pharmaceuticals, Inc.^*		10		451
Progyny, Inc.^*		20		447
John Wiley & Sons, Inc. — Class A		10		446
LiveRamp Holdings, Inc.^*		17		444
Agios Pharmaceuticals, Inc.^*		15		439
Arcutis Biotherapeutics, Inc.^*		28		438
Perdoceo Education Corp.		17		428
ICF International, Inc.		5		425
Arrowhead Pharmaceuticals, Inc.^*		33		420
LeMaitre Vascular, Inc.		5		420
AtriCure, Inc.^*		13		419
Edgewise Therapeutics, Inc.^*		19		418
BioCryst Pharmaceuticals, Inc.^*		55		412
United Natural Foods, Inc.^*		15		411
Edgewell Personal Care Co.		13		406
UFP Technologies, Inc.^*		2		403
Integra LifeSciences Holdings Corp.^*		18		396
Travere Therapeutics, Inc.^*		22		394
Andersons, Inc.		9		386
Ideaya Biosciences, Inc.^*		23		377
Apogee Therapeutics, Inc.^*		10		374
Astrana Health, Inc.^*		12		372
Teladoc Health, Inc.^*		46		366
Amneal Pharmaceuticals, Inc.^*		43		360
Recursion Pharmaceuticals, Inc. — Class A^*,1		68		360
agilon health, Inc.^*		83		359
WK Kellogg Co.		18		359
MannKind Corp.^*		71		357
CRA International, Inc.		2		346
CG oncology, Inc.^*		14		343
Vita Coco Company, Inc.^*		11		337
Universal Corp.		6		336
Upbound Group, Inc.		14		335
ANI Pharmaceuticals, Inc.^*		5		335
Pediatrix Medical Group, Inc.^*		23		333
NeoGenomics, Inc.^*		35		332
Harmony Biosciences Holdings, Inc.^*		10		332
Brookdale Senior Living, Inc. — Class A^*		53		332
Kymera Therapeutics, Inc.^*		12		328
Tandem Diabetes Care, Inc.^*		17		326
TreeHouse Foods, Inc.^*		12		325
Pacira BioSciences, Inc.^*		13		323
Helen of Troy Ltd.^*		6		321
PROG Holdings, Inc.		12		319
Amphastar Pharmaceuticals, Inc.^*		11		319
Flywire Corp.^*		33		314
Celldex Therapeutics, Inc.^*		17		309
Fresh Del Monte Produce, Inc.		10		308
Weis Markets, Inc.		4		308
Universal Technical Institute, Inc.^*		12		308
Ocular Therapeutix, Inc.^*		42		308
Ardelyx, Inc.^*		62		304
Inmode Ltd.^*		17		302
Disc Medicine, Inc.^*		6		298
Aurinia Pharmaceuticals, Inc.^*		37		297
AdaptHealth Corp.^*		27		293

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Non-cyclical - 6.2% (continued)
Driven Brands Holdings, Inc.^*		17	$	291
US Physical Therapy, Inc.		4		289
Dole plc		20		289
Vera Therapeutics, Inc.^*		12		288
Barrett Business Services, Inc.		7		288
Legalzoom.com, Inc.^*		33		284
Alphatec Holdings, Inc.^*		28		284
Syndax Pharmaceuticals, Inc.^*		23		283
National Healthcare Corp.		3		278
Immunovant, Inc.^*		16		273
Innoviva, Inc.^*		15		272
Artivion, Inc.^*		11		270
Viridian Therapeutics, Inc.^*		20		270
Collegium Pharmaceutical, Inc.^*		9		269
GeneDx Holdings Corp.^*		3		266
Novavax, Inc.^*		41		263
Ingles Markets, Inc. — Class A		4		260
Heidrick & Struggles International, Inc.		6		257
BrightSpring Health Services, Inc.^*		14		253
RxSight, Inc.^*		10		253
MiMedx Group, Inc.^*		33		251
National Beverage Corp.		6		249
CareDx, Inc.^*		14		249
LifeStance Health Group, Inc.^*		37		246
Kforce, Inc.		5		244
Vital Farms, Inc.^*		8		244
Coursera, Inc.^*		36		240
Utz Brands, Inc.		17		239
Adaptive Biotechnologies Corp.^*		32		238
Turning Point Brands, Inc.		4		238
Nurix Therapeutics, Inc.^*		20		238
Dyne Therapeutics, Inc.^*		22		230
STAAR Surgical Co.^*		13		229
BioLife Solutions, Inc.^*		10		228
Arlo Technologies, Inc.^*		23		227
Cimpress plc^*		5		226
First Advantage Corp.^*,1		16		225
Liquidia Corp.^*		15		221
AMN Healthcare Services, Inc.^*		9		220
Geron Corp.^*		138		219
89bio, Inc.^*		30		218
Janux Therapeutics, Inc.^*		8		216
Iovance Biotherapeutics, Inc.^*		64		213
Myriad Genetics, Inc.^*		24		213
Harrow, Inc.^*		8		213
WaVe Life Sciences Ltd.^*		26		210
Sezzle, Inc.^*		6		209
Xeris Biopharma Holdings, Inc.^*		38		209
Herbalife Ltd.^*		24		207
Quanex Building Products Corp.		11		205
Axogen, Inc.^*		11		204
Udemy, Inc.^*		26		202
Healthcare Services Group, Inc.^*		20		202
Pennant Group, Inc.^*		8		201
Kiniksa Pharmaceuticals International plc^*		9		200
Avadel Pharmaceuticals plc^*		25		196
BrightView Holdings, Inc.^*		15		193
Embecta Corp.		15		191
Deluxe Corp.		12		190
Owens & Minor, Inc.^*		21		190
Praxis Precision Medicines, Inc.^*		5		189
SpartanNash Co.		9		182
Evolus, Inc.^*		15		180
Zymeworks, Inc.^*		15		179
Matthews International Corp. — Class A		8		178
Enliven Therapeutics, Inc.^*		9		177
Replimune Group, Inc.^*		18		176
Hackett Group, Inc.		6		175
Mister Car Wash, Inc.^*		22		174
Moneylion, Inc.^*		2		173
Cass Information Systems, Inc.		4		173
Avanos Medical, Inc.^*		12		172
Anavex Life Sciences Corp.^*,1		20		172
Intellia Therapeutics, Inc.^*		24		171
Xencor, Inc.^*		16		170
Paragon 28, Inc.^*		13		170
ARS Pharmaceuticals, Inc.^*		13		164
Vir Biotechnology, Inc.^*		25		162
Carriage Services, Inc. — Class A		4		155
SI-BONE, Inc.^*		11		154
Cogent Biosciences, Inc.^*		25		150
OPKO Health, Inc.^*		90		149
Transcat, Inc.^*		2		149
ArriVent Biopharma, Inc.^*		8		148
Orthofix Medical, Inc.^*		9		147
Spyre Therapeutics, Inc.^*		9		145
B&G Foods, Inc.¹		21		144
John B Sanfilippo & Son, Inc.		2		142
Paysafe Ltd.^*		9		141
Ennis, Inc.		7		141
Castle Biosciences, Inc.^*		7		140
Accolade, Inc.^*		20		140
Repay Holdings Corp.^*		25		139
Prothena Corporation plc^*		11		136
Arbutus Biopharma Corp.^*		38		133
Cytek Biosciences, Inc.^*		33		132
Hertz Global Holdings, Inc.^*,1		33		130
Phibro Animal Health Corp. — Class A		6		128
Immunome, Inc.^*		19		128
Varex Imaging Corp.^*		11		128
Mineralys Therapeutics, Inc.^*		8		127
KalVista Pharmaceuticals, Inc.^*		11		127
Green Dot Corp. — Class A^*		15		127
Arvinas, Inc.^*		18		126
Trevi Therapeutics, Inc.^*		20		126
Mission Produce, Inc.^*		12		126
Kura Oncology, Inc.^*		19		125
PACS Group, Inc.^*		11		124
Omeros Corp.^*		15		123
Enhabit, Inc.^*		14		123
Willdan Group, Inc.^*		3		122
Surmodics, Inc.^*		4		122
Natural Grocers by Vitamin Cottage, Inc.		3		121
Rocket Pharmaceuticals, Inc.^*		18		120
Calavo Growers, Inc.		5		120
Cross Country Healthcare, Inc.^*		8		119
ZipRecruiter, Inc. — Class A^*		20		118
Arcus Biosciences, Inc.^*		15		118

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Non-cyclical - 6.2% (continued)
ImmunityBio, Inc.^*		39	$	117
Monro, Inc.		8		116
Krispy Kreme, Inc.		23		113
Sage Therapeutics, Inc.^*		14		111
Mind Medicine MindMed, Inc.^*		19		111
Lincoln Educational Services Corp.^*		7		111
Day One Biopharmaceuticals, Inc.^*		14		111
Akebia Therapeutics, Inc.^*		57		109
Treace Medical Concepts, Inc.^*		13		109
Metsera, Inc.^*		4		109
Dianthus Therapeutics, Inc.^*		6		109
Rigel Pharmaceuticals, Inc.^*		6		108
USANA Health Sciences, Inc.^*		4		108
SunOpta, Inc.^*		22		107
Tourmaline Bio, Inc.^*		7		106
Cullinan Therapeutics, Inc.^*		14		106
Kelly Services, Inc. — Class A		8		105
iRadimed Corp.		2		105
ACCO Brands Corp.		25		105
Hain Celestial Group, Inc.^*		25		104
Fulgent Genetics, Inc.^*		6		101
Altimmune, Inc.^*		20		100
UroGen Pharma Ltd.^*		9		100
OrthoPediatrics Corp.^*		4		99
Nathan's Famous, Inc.		1		96
ORIC Pharmaceuticals, Inc.^*		17		95
REGENXBIO, Inc.^*		13		93
AnaptysBio, Inc.^*		5		93
Community Health Systems, Inc.^*		34		92
Verve Therapeutics, Inc.^*		20		91
Zevra Therapeutics, Inc.^*		12		90
Niagen Bioscience, Inc.^*		13		90
Honest Company, Inc.^*		19		89
Theravance Biopharma, Inc.^*		10		89
American Public Education, Inc.^*		4		89
Seneca Foods Corp. — Class A^*		1		89
Pacific Biosciences of California, Inc.^*		75		89
MGP Ingredients, Inc.		3		88
Organogenesis Holdings, Inc.^*		20		86
Nuvation Bio, Inc.^*		49		86
CorMedix, Inc.^*		14		86
Capricor Therapeutics, Inc.^*		9		85
AngioDynamics, Inc.^*		9		85
Distribution Solutions Group, Inc.^*		3		84
Franklin Covey Co.^*		3		83
Ardent Health Partners, Inc.^*		6		83
Bioventus, Inc. — Class A^*		9		82
Aveanna Healthcare Holdings, Inc.^*		15		81
EyePoint Pharmaceuticals, Inc.^*		15		81
KinderCare Learning Companies, Inc.^*		7		81
Celcuity, Inc.^*		8		81
Aldeyra Therapeutics, Inc.^*		14		80
Pulse Biosciences, Inc.^*		5		80
Tactile Systems Technology, Inc.^*		6		79
Tejon Ranch Co.^*		5		79
LENZ Therapeutics, Inc.^*		3		77
MaxCyte, Inc.^*		28		76
Aura Biosciences, Inc.^*		13		76
Village Super Market, Inc. — Class A		2		76
Zimvie, Inc.^*		7		76
Esperion Therapeutics, Inc.^*		52		75
Savara, Inc.^*		27		75
MeiraGTx Holdings plc^*		11		75
Arcturus Therapeutics Holdings, Inc.^*		7		74
DocGo, Inc.^*		28		74
Vanda Pharmaceuticals, Inc.^*		16		73
Relay Therapeutics, Inc.^*		28		73
Central Garden & Pet Co.^*		2		73
Keros Therapeutics, Inc.^*		7		71
Limoneira Co.		4		71
Heron Therapeutics, Inc.^*,1		32		70
Nano-X Imaging Ltd.^*,1		14		70
Cerus Corp.^*		49		68
OraSure Technologies, Inc.^*		20		67
Pulmonx Corp.^*		10		67
Maravai LifeSciences Holdings, Inc. — Class A^*		30		66
SIGA Technologies, Inc.^*		12		66
Viemed Healthcare, Inc.^*		9		66
CompoSecure, Inc. — Class A		6		65
Bicara Therapeutics, Inc.^*		5		65
Quanterix Corp.^*		10		65
Westrock Coffee Co.^*		9		65
2seventy bio, Inc.^*		13		64
Entrada Therapeutics, Inc.^*		7		63
Atea Pharmaceuticals, Inc.^*		21		63
OmniAb, Inc.^*		26		62
Sanara Medtech, Inc.^*		2		62
Sana Biotechnology, Inc.^*		36		60
Anika Therapeutics, Inc.^*		4		60
Stoke Therapeutics, Inc.^*		9		60
Alico, Inc.		2		60
Target Hospitality Corp.^*		9		59
Performant Healthcare, Inc.^*		20		59
Custom Truck One Source, Inc.^*		14		59
Erasca, Inc.^*		43		59
Astria Therapeutics, Inc.^*		11		59
Mama's Creations, Inc.^*		9		59
Nevro Corp.^*		10		58
Aquestive Therapeutics, Inc.^*		20		58
Absci Corp.^*		23		58
Ceribell, Inc.^*		3		58
Taysha Gene Therapies, Inc.^*		41		57
Avita Medical, Inc.^*		7		57
Spire Global, Inc.^*		7		57
Phathom Pharmaceuticals, Inc.^*		9		56
Utah Medical Products, Inc.		1		56
Ironwood Pharmaceuticals, Inc. — Class A^*		38		56
Tyra Biosciences, Inc.^*		6		56
Verastem, Inc.^*		9		54

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Non-cyclical - 6.2% (continued)
Resources Connection, Inc.		8	$	52
Beyond Meat, Inc.^*,1		17		52
Compass Therapeutics, Inc.^*		27		51
National Research Corp. — Class A		4		51
SoundThinking, Inc.^*		3		51
Nature's Sunshine Products, Inc.^*		4		50
ACELYRIN, Inc.^*		20		49
HF Foods Group, Inc.^*		10		49
Beta Bionics, Inc.^*		4		49
Fulcrum Therapeutics, Inc.^*		17		49
CVRx, Inc.^*		4		49
Olaplex Holdings, Inc.^*		38		48
Ocugen, Inc.^*		67		47
Monte Rosa Therapeutics, Inc.^*		10		46
Precigen, Inc.^*		31		46
4D Molecular Therapeutics, Inc.^*		14		45
Annexon, Inc.^*		23		44
Terns Pharmaceuticals, Inc.^*		16		44
Voyager Therapeutics, Inc.^*		13		44
Allogene Therapeutics, Inc.^*		30		44
Quad/Graphics, Inc.		8		44
Inogen, Inc.^*		6		43
Fennec Pharmaceuticals, Inc.^*		7		43
Guardian Pharmacy Services, Inc. — Class A^*		2		43
TrueBlue, Inc.^*		8		43
Inhibrx Biosciences, Inc.^*		3		42
Accuray, Inc.^*		23		41
Blade Air Mobility, Inc.^*		15		41
Humacyte, Inc.^*		24		41
Cargo Therapeutics, Inc.^*		10		41
Medifast, Inc.^*		3		40
Rapport Therapeutics, Inc.^*		4		40
Y-mAbs Therapeutics, Inc.^*		9		40
XOMA Royalty Corp.^*		2		40
European Wax Center, Inc. — Class A^*		10		40
Olema Pharmaceuticals, Inc.^*		10		38
Alta Equipment Group, Inc.		8		38
Joint Corp.^*		3		38
NeuroPace, Inc.^*		3		37
Semler Scientific, Inc.^*		1		36
iTeos Therapeutics, Inc.^*		6		36
Lifecore Biomedical, Inc.^*		5		35
Information Services Group, Inc.		9		35
Neurogene, Inc.^*		3		35
Korro Bio, Inc.^*		2		35
Design Therapeutics, Inc.^*		9		35
Priority Technology Holdings, Inc.^*		5		34
Enanta Pharmaceuticals, Inc.^*		6		33
Nektar Therapeutics^*		48		33
Puma Biotechnology, Inc.^*		11		33
Quantum-Si, Inc.^*		27		32
InfuSystem Holdings, Inc.^*		6		32
Cadiz, Inc.^*		11		32
Acacia Research Corp.^*		10		32
Zenas Biopharma, Inc.^*		4		32
BRC, Inc. — Class A^*		15		32
MediWound Ltd.^*		2		31
Upstream Bio, Inc.^*		5		31
Prime Medicine, Inc.^*		15		30
Regulus Therapeutics, Inc.^*		17		30
CPI Card Group, Inc.^*		1		29
Septerna, Inc.^*		5		29
Cardiff Oncology, Inc.^*		9		28
Candel Therapeutics, Inc.^*		5		28
Forrester Research, Inc.^*		3		28
Perspective Therapeutics, Inc.^*		13		28
Alector, Inc.^*		22		27
Beauty Health Co.^*		20		27
ADC Therapeutics S.A.^*		19		27
Editas Medicine, Inc.^*		23		27
Biote Corp. — Class A^*		8		27
Cartesian Therapeutics, Inc.^*,1		2		26
Adverum Biotechnologies, Inc.^*		6		26
Larimar Therapeutics, Inc.^*		12		26
Sera Prognostics, Inc. — Class A^*		7		26
Nkarta, Inc.^*		14		26
Orchestra BioMed Holdings, Inc.^*		6		26
Quipt Home Medical Corp.^*		11		26
Foghorn Therapeutics, Inc.^*		7		26
Zentalis Pharmaceuticals, Inc.^*		16		25
Lifeway Foods, Inc.^*		1		24
Coherus Biosciences, Inc.^*		30		24
Achieve Life Sciences, Inc.^*		9		24
scPharmaceuticals, Inc.^*		9		24
Inmune Bio, Inc.^*		3		23
Sonida Senior Living, Inc.^*		1		23
Lyell Immunopharma, Inc.^*		43		23
Neumora Therapeutics, Inc.^*		23		23
Atossa Therapeutics, Inc.^*		34		23
Stereotaxis, Inc.^*		13		23
ProKidney Corp.^*		26		23
Kodiak Sciences, Inc.^*		8		22
C4 Therapeutics, Inc.^*		14		22
Solid Biosciences, Inc.^*		6		22
Fate Therapeutics, Inc.^*		28		22
Pliant Therapeutics, Inc.^*		16		22
MacroGenics, Inc.^*		17		22
Waldencast plc — Class A^*		7		21
Caribou Biosciences, Inc.^*		22		20
Emerald Holding, Inc.		5		20
Tango Therapeutics, Inc.^*		14		19
Greenwich Lifesciences, Inc.^*		2		19
Ventyx Biosciences, Inc.^*		16		18
Lineage Cell Therapeutics, Inc.^*		40		18
Cassava Sciences, Inc.^*		12		18
Veru, Inc.^*		36		18
Third Harmonic Bio, Inc.^*		5		17
Biomea Fusion, Inc.^*		8		17
XBiotech, Inc.^*		5		16
Corbus Pharmaceuticals Holdings, Inc.^*		3		16
Gyre Therapeutics, Inc.^*		2		15
TScan Therapeutics, Inc.^*		11		15
Sutro Biopharma, Inc.^*		23		15
Innovage Holding Corp.^*		5		15
Chegg, Inc.^*		23		15

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Non-cyclical - 6.2% (continued)
Lexicon Pharmaceuticals, Inc.^*		31	$	14
Contineum Therapeutics, Inc. — Class A^*		2		14
Black Diamond Therapeutics, Inc.^*		9		14
Lexeo Therapeutics, Inc.^*		4		14
Cabaletta Bio, Inc.^*		10		14
Pyxis Oncology, Inc.^*		14		14
Ispire Technology, Inc.^*		5		14
Invivyd, Inc.^*		22		13
HilleVax, Inc.^*		9		13
Jasper Therapeutics, Inc.^*		3		13
Applied Therapeutics, Inc.^*		26		13
DLH Holdings Corp.^*		3		12
FiscalNote Holdings, Inc.^*		15		12
Acumen Pharmaceuticals, Inc.^*		11		12
HireQuest, Inc.		1		12
Inozyme Pharma, Inc.^*		13		12
Zura Bio Ltd.^*		9		12
Kyverna Therapeutics, Inc.^*		6		12
Renovaro, Inc.^*		21		11
Inovio Pharmaceuticals, Inc.^*		7		11
Actinium Pharmaceuticals, Inc.^*		7		11
Nautilus Biotechnology, Inc.^*		13		11
X4 Pharmaceuticals, Inc.^*		46		11
Mersana Therapeutics, Inc.^*		31		11
Shattuck Labs, Inc.^*		11		10
Aerovate Therapeutics, Inc.^*		4		10
RAPT Therapeutics, Inc.^*		8		10
Bluebird Bio, Inc.^*		2		10
CervoMed, Inc.^*		1		9
Zynex, Inc.^*		4		9
Alto Neuroscience, Inc.^*		4		9
Forafric Global plc^*		1		9
Tenaya Therapeutics, Inc.^*		15		9
Akoya Biosciences, Inc.^*		6		8
Scilex Holding Co.^*		32		8
Skye Bioscience, Inc.^*		5		8
Werewolf Therapeutics, Inc.^*		8		8
Agenus, Inc.^*		5		8
Cibus, Inc.^*		4		7
PepGen, Inc.^*		5		7
AirSculpt Technologies, Inc.^*		3		7
Harvard Bioscience, Inc.^*		12		7
Telomir Pharmaceuticals, Inc.^*		2		6
Century Therapeutics, Inc.^*		13		6
Galectin Therapeutics, Inc.^*		5		6
Acrivon Therapeutics, Inc.^*		3		6
Generation Bio Co.^*		14		6
Fibrobiologics, Inc.^*		6		5
Tevogen Bio Holdings, Inc.^*		5		5
ALX Oncology Holdings, Inc.^*		8		5
MarketWise, Inc.		10		5
Ovid therapeutics, Inc.^*		15		5
IGM Biosciences, Inc.^*		4		5
Boundless Bio, Inc.^*		3		5
Metagenomi, Inc.^*		3		4
ModivCare, Inc.^*		3		4
Outlook Therapeutics, Inc.^*		3		4
Climb Bio, Inc.^*		3		4
Fractyl Health, Inc.^*		3		4
Elevation Oncology, Inc.^*		13		3
Q32 Bio, Inc.^*		2		3
Prelude Therapeutics, Inc.^*		4		3
Verrica Pharmaceuticals, Inc.^*		5		2
Lyra Therapeutics, Inc.^*		13		2
Ligand Pharmaceuticals, Inc.^*,†††		6		–
Total Consumer, Non-cyclical				150,939
Industrial - 4.1%
Mueller Industries, Inc.		30		2,284
Applied Industrial Technologies, Inc.		10		2,253
Fabrinet^*		10		1,975
Casella Waste Systems, Inc. — Class A^*		17		1,896
UFP Industries, Inc.		16		1,713
Rocket Lab USA, Inc.^*		93		1,663
Fluor Corp.^*		45		1,612
NEXTracker, Inc. — Class A^*		38		1,601
Chart Industries, Inc.^*		11		1,588
SPX Technologies, Inc.^*		12		1,545
Badger Meter, Inc.		8		1,522
JBT Marel Corp.		12		1,466
Watts Water Technologies, Inc. — Class A		7		1,427
GATX Corp.		9		1,397
Knife River Corp.^*		15		1,353
Itron, Inc.^*		12		1,257
Zurn Elkay Water Solutions Corp.		38		1,253
Dycom Industries, Inc.^*		8		1,219
Moog, Inc. — Class A		7		1,214
Federal Signal Corp.		16		1,177
CSW Industrials, Inc.		4		1,166
Kratos Defense & Security Solutions, Inc.^*		39		1,158
Matson, Inc.		9		1,154
Novanta, Inc.^*		9		1,151
Franklin Electric Company, Inc.		12		1,126
ESCO Technologies, Inc.		7		1,114
Belden, Inc.		11		1,103
Modine Manufacturing Co.^*		14		1,075
Mueller Water Products, Inc. — Class A		42		1,068
Sanmina Corp.^*		14		1,066
Exponent, Inc.		13		1,054
Bloom Energy Corp. — Class A^*		53		1,042
Golar LNG Ltd.		27		1,026
Kadant, Inc.		3		1,011
Arcosa, Inc.		13		1,003
Boise Cascade Co.		10		981
Enpro, Inc.		6		971
Advanced Energy Industries, Inc.		10		953
EnerSys		10		916
Sterling Infrastructure, Inc.^*		8		906
Granite Construction, Inc.		12		905
Plexus Corp.^*		7		897
Construction Partners, Inc. — Class A^*		12		862

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Industrial - 4.1% (continued)
AeroVironment, Inc.^*		7	$	834
Cactus, Inc. — Class A		18		825
Atmus Filtration Technologies, Inc.		22		808
Frontdoor, Inc.^*		21		807
Primoris Services Corp.		14		804
RXO, Inc.^*		42		802
Mirion Technologies, Inc.^*		55		797
OSI Systems, Inc.^*		4		777
Griffon Corp.		10		715
Joby Aviation, Inc.^*		114		686
Terex Corp.		18		680
Enerpac Tool Group Corp.		15		673
AZZ, Inc.		8		669
Leonardo DRS, Inc.		20		658
Trinity Industries, Inc.		22		617
Archer Aviation, Inc. — Class A^*		85		604
Mercury Systems, Inc.^*		14		603
Hub Group, Inc. — Class A		16		595
TTM Technologies, Inc.^*		28		574
Energizer Holdings, Inc.		19		568
Albany International Corp. — Class A		8		552
Atkore, Inc.		9		540
Alamo Group, Inc.		3		535
Vishay Intertechnology, Inc.		33		525
AAR Corp.^*		9		504
O-I Glass, Inc.^*		43		493
Standex International Corp.		3		484
Triumph Group, Inc.^*		19		482
Hillman Solutions Corp.^*		54		475
Gibraltar Industries, Inc.^*		8		469
Werner Enterprises, Inc.		16		469
Kennametal, Inc.		22		469
Masterbrand, Inc.^*		35		457
World Kinect Corp.		16		454
MYR Group, Inc.^*		4		452
Scorpio Tankers, Inc.		12		451
Worthington Enterprises, Inc.		9		451
Hillenbrand, Inc.		18		435
Tecnoglass, Inc.		6		429
ArcBest Corp.		6		423
Greenbrier Companies, Inc.		8		410
Materion Corp.		5		408
Tennant Co.		5		399
Argan, Inc.		3		393
DHT Holdings, Inc.		37		388
Greif, Inc. — Class A		7		385
Lindsay Corp.		3		380
International Seaways, Inc.		11		365
Knowles Corp.^*		24		365
Benchmark Electronics, Inc.		9		342
Powell Industries, Inc.		2		341
NuScale Power Corp.^*		24		340
CTS Corp.		8		332
IES Holdings, Inc.^*		2		330
Enovix Corp.^*		44		323
Air Transport Services Group, Inc.^*		13		292
NV5 Global, Inc.^*		15		289
Helios Technologies, Inc.		9		289
SFL Corporation Ltd.		35		287
TriMas Corp.		12		281
Vicor Corp.^*		6		281
Tutor Perini Corp.^*		12		278
Apogee Enterprises, Inc.		6		278
Xometry, Inc. — Class A^*		11		274
Janus International Group, Inc.^*		38		274
Golden Ocean Group Ltd.		34		271
Teekay Tankers Ltd. — Class A		7		268
Energy Recovery, Inc.^*		16		254
DXP Enterprises, Inc.^*		3		247
Proto Labs, Inc.^*		7		245
American Woodmark Corp.^*		4		235
Ducommun, Inc.^*		4		232
PureCycle Technologies, Inc.^*		33		229
Worthington Steel, Inc.		9		228
Bel Fuse, Inc. — Class B		3		225
Limbach Holdings, Inc.^*		3		223
Thermon Group Holdings, Inc.^*		8		223
Marten Transport Ltd.		16		220
Napco Security Technologies, Inc.		9		207
Astec Industries, Inc.		6		207
CECO Environmental Corp.^*		9		205
Ichor Holdings Ltd.^*		9		203
Dorian LPG Ltd.		9		201
FLEX LNG Ltd.		8		184
American Superconductor Corp.^*		10		181
Pactiv Evergreen, Inc.		10		180
Cadre Holdings, Inc.		6		178
Gorman-Rupp Co.		5		176
Astronics Corp.^*		7		169
Applied Optoelectronics, Inc.^*		11		169
Ryerson Holding Corp.		7		161
Metallus, Inc.^*		12		160
NANO Nuclear Energy, Inc.^*,1		6		159
Willis Lease Finance Corp.		1		158
Sturm Ruger & Company, Inc.		4		157
Great Lakes Dredge & Dock Corp.^*		18		157
Genco Shipping & Trading Ltd.		11		147
Forward Air Corp.^*		7		141
Enviri Corp.^*		21		140
Nordic American Tankers Ltd.		56		138
JELD-WEN Holding, Inc.^*		23		137
FARO Technologies, Inc.^*		5		136
Montrose Environmental Group, Inc.^*		9		128
Hyster-Yale, Inc.		3		125
Smith & Wesson Brands, Inc.		13		121
Ardagh Metal Packaging S.A.		40		121
Heartland Express, Inc.		13		120
Myers Industries, Inc.		10		119
LSI Industries, Inc.		7		119
Mesa Laboratories, Inc.		1		119
Columbus McKinnon Corp.		7		119
Costamare, Inc.		12		118
Kimball Electronics, Inc.^*		7		115
Covenant Logistics Group, Inc. — Class A		5		111
Ardmore Shipping Corp.		11		108
Eastman Kodak Co.^*		17		107

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Industrial - 4.1% (continued)
Insteel Industries, Inc.		4	$	105
Teekay Corporation Ltd.		16		105
Clearwater Paper Corp.^*		4		102
Evolv Technologies Holdings, Inc.^*		31		97
Luxfer Holdings plc		8		95
Olympic Steel, Inc.		3		94
nLight, Inc.^*		12		93
LSB Industries, Inc.^*		14		92
Aspen Aerogels, Inc.^*		14		90
National Presto Industries, Inc.		1		88
Standard BioTools, Inc.^*		79		85
Byrna Technologies, Inc.^*		5		84
Northwest Pipe Co.^*		2		83
Manitowoc Company, Inc.^*		9		77
CryoPort, Inc.^*		12		73
Latham Group, Inc.^*		11		71
AerSale Corp.^*		9		67
Park Aerospace Corp.		5		67
Allient, Inc.		3		66
Centuri Holdings, Inc.^*		4		65
Bowman Consulting Group Ltd.^*		3		65
Ranpak Holdings Corp.^*		12		65
SmartRent, Inc.^*		53		64
NVE Corp.		1		64
Mistras Group, Inc.^*		6		63
Safe Bulkers, Inc.		17		63
GrafTech International Ltd.^*		70		61
MicroVision, Inc.^*		49		61
Greif, Inc. — Class B		1		59
Graham Corp.^*		2		57
Turtle Beach Corp.^*		4		57
ChargePoint Holdings, Inc.^*		92		56
Radiant Logistics, Inc.^*		9		55
Karat Packaging, Inc.		2		53
Universal Logistics Holdings, Inc.		2		52
Pure Cycle Corp.^*		5		52
Intuitive Machines, Inc.^*		7		52
Eastern Co.		2		51
Redwire Corp.^*		6		50
Tredegar Corp.^*		6		46
Himalaya Shipping Ltd.		8		44
Park-Ohio Holdings Corp.		2		43
Pangaea Logistics Solutions Ltd.		9		43
Orion Group Holdings, Inc.^*		8		42
Mayville Engineering Company, Inc.^*		3		40
L B Foster Co. — Class A^*		2		39
Concrete Pumping Holdings, Inc.		7		38
Stoneridge, Inc.^*		8		37
Gencor Industries, Inc.^*		3		36
Omega Flex, Inc.		1		35
AMMO, Inc.^*		25		35
Proficient Auto Logistics, Inc.^*		4		33
Taylor Devices, Inc.^*		1		32
Smith-Midland Corp.^*		1		31
Core Molding Technologies, Inc.^*		2		30
Arq, Inc.^*		7		29
NN, Inc.^*		12		27
908 Devices, Inc.^*		6		27
Eve Holding, Inc.^*		8		27
PAMT CORP^*		2		24
NL Industries, Inc.		3		24
Twin Disc, Inc.		3		23
GoPro, Inc. — Class A^*		34		23
Perma-Fix Environmental Services, Inc.^*		3		22
Sight Sciences, Inc.^*		9		22
Virgin Galactic Holdings, Inc.^*		6		18
Caesarstone Ltd.^*		6		15
Net Power, Inc.^*		5		13
Quest Resource Holding Corp.^*		5		13
VirTra, Inc.^*		3		12
Ultralife Corp.^*		2		11
Amprius Technologies, Inc.^*		4		11
Southland Holdings, Inc.^*		3		9
LanzaTech Global, Inc.^*		30		7
374Water, Inc.^*		17		6
Bridger Aerospace Group Holdings, Inc.^*		2		2
Solidion Technology, Inc.^*		4		1
Total Industrial				99,662
Consumer, Cyclical - 2.7%
Beacon Roofing Supply, Inc.^*		16		1,979
Brinker International, Inc.^*		12		1,789
Aurora Innovation, Inc.^*		254		1,708
Taylor Morrison Home Corp. — Class A^*		27		1,621
Meritage Homes Corp.		19		1,347
Champion Homes, Inc.^*		14		1,327
FirstCash Holdings, Inc.		10		1,203
Group 1 Automotive, Inc.		3		1,146
Asbury Automotive Group, Inc.^*		5		1,104
Cavco Industries, Inc.^*		2		1,039
Installed Building Products, Inc.		6		1,029
Abercrombie & Fitch Co. — Class A^*		13		993
KB Home		17		988
Kontoor Brands, Inc.		15		962
Six Flags Entertainment Corp.^*		25		892
Urban Outfitters, Inc.^*		17		891
Shake Shack, Inc. — Class A^*		10		882
SkyWest, Inc.^*		10		874
Boot Barn Holdings, Inc.^*		8		859
Rush Enterprises, Inc. — Class A		16		854
H&E Equipment Services, Inc.		9		853
Dorman Products, Inc.^*		7		844
Academy Sports & Outdoors, Inc.		18		821
M/I Homes, Inc.^*		7		799
Tri Pointe Homes, Inc.^*		24		766
Patrick Industries, Inc.		9		761
Cinemark Holdings, Inc.		30		747
GMS, Inc.^*		10		732
Goodyear Tire & Rubber Co.^*		77		711
Hilton Grand Vacations, Inc.^*		19		711
UniFirst Corp.		4		696
Resideo Technologies, Inc.^*		39		690
Sweetgreen, Inc. — Class A^*		27		676

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Cyclical - 2.7% (continued)
Life Time Group Holdings, Inc.^*		22	$	664
Signet Jewelers Ltd.		11		639
Cheesecake Factory, Inc.¹		13		633
PriceSmart, Inc.		7		615
LCI Industries		7		612
VSE Corp.		5		600
Peloton Interactive, Inc. — Class A^*		93		588
Red Rock Resorts, Inc. — Class A		13		564
Atlanta Braves Holdings, Inc. — Class C^*		14		560
Hanesbrands, Inc.^*		97		560
OPENLANE, Inc.^*		29		559
American Eagle Outfitters, Inc.		47		546
Visteon Corp.^*		7		543
Steven Madden Ltd.		20		533
HNI Corp.		12		532
International Game Technology plc		31		504
Acushnet Holdings Corp.		7		481
Century Communities, Inc.		7		470
Phinia, Inc.		11		467
Dana, Inc.		35		467
Green Brick Partners, Inc.^*		8		466
OneSpaWorld Holdings Ltd.		27		453
REV Group, Inc.		14		442
La-Z-Boy, Inc.		11		430
Warby Parker, Inc. — Class A^*		23		419
JetBlue Airways Corp.^*		83		400
LGI Homes, Inc.^*		6		399
Victoria's Secret & Co.^*		21		390
Papa John's International, Inc.		9		370
United Parks & Resorts, Inc.^*		8		364
MillerKnoll, Inc.		19		364
Sonos, Inc.^*		34		363
Madison Square Garden Entertainment Corp.^*		10		327
Foot Locker, Inc.^*		23		324
Winmark Corp.		1		318
Interface, Inc. — Class A		16		317
IMAX Corp.^*		12		316
AMC Entertainment Holdings, Inc. — Class A^*		107		307
Buckle, Inc.		8		307
G-III Apparel Group Ltd.^*		11		301
Wolverine World Wide, Inc.		21		292
Blue Bird Corp.^*		9		291
Everi Holdings, Inc.^*		21		287
Sabre Corp.^*		101		284
Adient plc^*		22		283
National Vision Holdings, Inc.^*		22		281
Steelcase, Inc. — Class A		25		274
Super Group SGHC Ltd.		41		264
Sally Beauty Holdings, Inc.^*		29		262
Lions Gate Entertainment Corp. — Class B^*		33		261
Fox Factory Holding Corp.^*		11		257
MRC Global, Inc.^*		22		253
Topgolf Callaway Brands Corp.^*		38		250
Global Business Travel Group I^*		34		247
Camping World Holdings, Inc. — Class A		15		242
Winnebago Industries, Inc.		7		241
Gentherm, Inc.^*		9		241
ScanSource, Inc.^*		7		238
Oxford Industries, Inc.		4		234
Monarch Casino & Resort, Inc.		3		233
Cracker Barrel Old Country Store, Inc.		6		233
Sonic Automotive, Inc. — Class A		4		228
Rush Street Interactive, Inc.^*		21		225
Pursuit Attractions and Hospitality, Inc.^*		6		212
Allegiant Travel Co. — Class A^*		4		207
XPEL, Inc.^*		7		206
PC Connection, Inc.		3		187
Malibu Boats, Inc. — Class A^*		6		184
Dream Finders Homes, Inc. — Class A^*		8		180
Caleres, Inc.		10		172
BJ's Restaurants, Inc.^*		5		171
First Watch Restaurant Group, Inc.^*		10		167
Portillo's, Inc. — Class A^*		14		166
Ethan Allen Interiors, Inc.		6		166
Jack in the Box, Inc.		6		163
Beazer Homes USA, Inc.^*		8		163
Douglas Dynamics, Inc.		7		163
Golden Entertainment, Inc.		6		158
Dave & Buster's Entertainment, Inc.^*		9		158
Bloomin' Brands, Inc.		22		158
Lions Gate Entertainment Corp. — Class A^*		17		151
BlueLinx Holdings, Inc.^*		2		150
Build-A-Bear Workshop, Inc. — Class A		4		149
ODP Corp.^*		10		143
Accel Entertainment, Inc.^*		14		139
Sun Country Airlines Holdings, Inc.^*		11		135
Wabash National Corp.		12		133
MarineMax, Inc.^*		6		129
Miller Industries, Inc.		3		127
A-Mark Precious Metals, Inc.		5		127
American Axle & Manufacturing Holdings, Inc.^*		31		126
Standard Motor Products, Inc.		5		125
Titan International, Inc.^*		14		117
Dine Brands Global, Inc.		5		116
Arhaus, Inc.^*		13		113
Rush Enterprises, Inc. — Class B		2		113
Shoe Carnival, Inc.		5		110
Daktronics, Inc.^*		9		110
Forestar Group, Inc.^*		5		106
Hovnanian Enterprises, Inc. — Class A^*		1		105
Kura Sushi USA, Inc. — Class A^*		2		102
Marcus Corp.		6		100
Nu Skin Enterprises, Inc. — Class A		13		94

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Consumer, Cyclical - 2.7% (continued)
indie Semiconductor, Inc. — Class A^*,1		45	$	92
America's Car-Mart, Inc.^*		2		91
Atlanta Braves Holdings, Inc. — Class A^*		2		88
Arko Corp.		22		87
RCI Hospitality Holdings, Inc.		2		86
Titan Machinery, Inc.^*		5		85
Xperi, Inc.^*		11		85
Lindblad Expeditions Holdings, Inc.^*		9		83
Shyft Group, Inc.		10		81
Potbelly Corp.^*		8		76
Hudson Technologies, Inc.^*		12		74
Clean Energy Fuels Corp.^*		47		73
El Pollo Loco Holdings, Inc.^*		7		72
EVgo, Inc.^*		27		72
Petco Health & Wellness Company, Inc.^*		23		70
MasterCraft Boat Holdings, Inc.^*		4		69
Global Industrial Co.		3		67
Movado Group, Inc.		4		67
OneWater Marine, Inc. — Class A^*		4		65
Genesco, Inc.^*		3		64
Cooper-Standard Holdings, Inc.^*		4		61
Weyco Group, Inc.		2		61
Zumiez, Inc.^*		4		60
Haverty Furniture Companies, Inc.		3		59
Hamilton Beach Brands Holding Co. — Class A		3		58
Methode Electronics, Inc.		9		57
Funko, Inc. — Class A^*		8		55
Hyliion Holdings Corp.^*		39		55
Lovesac Co.^*		3		55
Denny's Corp.^*		14		51
ThredUp, Inc. — Class A^*		21		51
Xponential Fitness, Inc. — Class A^*		6		50
JAKKS Pacific, Inc.		2		49
Frontier Group Holdings, Inc.^*		11		48
Tile Shop Holdings, Inc.^*		7		45
Citi Trends, Inc.^*		2		44
Designer Brands, Inc. — Class A¹		12		44
Superior Group of Companies, Inc.		4		44
Aeva Technologies, Inc.^*		6		42
Savers Value Village, Inc.^*		6		41
Reservoir Media, Inc.^*		5		38
Sleep Number Corp.^*		6		38
Virco Mfg. Corp.		4		38
Solid Power, Inc.^*		36		38
Flexsteel Industries, Inc.		1		36
Leslie's, Inc.^*		49		36
Rocky Brands, Inc.		2		35
Full House Resorts, Inc.^*		8		33
Holley, Inc.^*		13		33
Landsea Homes Corp.^*		5		32
Webtoon Entertainment, Inc.^*		4		31
Escalade, Inc.		2		31
Hooker Furnishings Corp.		3		30
Clarus Corp.		8		30
Torrid Holdings, Inc.^*		5		27
Luminar Technologies, Inc.^*		5		27
Wheels Up Experience, Inc.^*		25		25
Marine Products Corp.		3		25
Johnson Outdoors, Inc. — Class A		1		25
Blink Charging Co.^*		26		24
Destination XL Group, Inc.^*		15		22
CompX International, Inc.		1		21
J Jill, Inc.		1		20
iRobot Corp.^*		7		19
SES AI Corp.^*		35		18
Vera Bradley, Inc.^*		8		18
ONE Group Hospitality, Inc.^*		6		18
Traeger, Inc.^*		10		17
EVI Industries, Inc.		1		17
GrowGeneration Corp.^*		15		16
Lifetime Brands, Inc.		3		15
Purple Innovation, Inc.^*		16		12
Livewire Group, Inc.^*		5		10
Commercial Vehicle Group, Inc.^*		8		9
Tilly's, Inc. — Class A^*		4		9
United Homes Group, Inc.^*		1		3
Total Consumer, Cyclical				66,963
Technology - 2.3%
ExlService Holdings, Inc.^*		41		1,936
CommVault Systems, Inc.^*		12		1,893
ACI Worldwide, Inc.^*		28		1,532
Rambus, Inc.^*		28		1,450
Clearwater Analytics Holdings, Inc. — Class A^*		50		1,340
SPS Commerce, Inc.^*		10		1,327
Qualys, Inc.^*		10		1,259
IonQ, Inc.^*		54		1,192
Varonis Systems, Inc.^*		29		1,173
Box, Inc. — Class A^*		37		1,142
Tenable Holdings, Inc.^*		32		1,119
Workiva, Inc.^*		14		1,063
Insight Enterprises, Inc.^*		7		1,050
Maximus, Inc.		15		1,023
Silicon Laboratories, Inc.^*		8		901
Intapp, Inc.^*		14		817
Waystar Holding Corp.^*		21		785
Freshworks, Inc. — Class A^*		55		776
BlackLine, Inc.^*		16		775
SiTime Corp.^*		5		764
Power Integrations, Inc.		15		758
SoundHound AI, Inc. — Class A^*,1		86		698
ASGN, Inc.^*		11		693
Semtech Corp.^*		20		688
WNS Holdings Ltd.^*		11		676
Zeta Global Holdings Corp. — Class A^*		48		651
Synaptics, Inc.^*		10		637
C3.ai, Inc. — Class A^*		30		632
Clear Secure, Inc. — Class A		24		622
Blackbaud, Inc.^*		10		621
Progress Software Corp.		12		618
Braze, Inc. — Class A^*		17		613

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Technology - 2.3% (continued)
Privia Health Group, Inc.^*		27	$	606
DigitalOcean Holdings, Inc.^*		18		601
ACV Auctions, Inc. — Class A^*		41		578
FormFactor, Inc.^*		20		566
PAR Technology Corp.^*		9		552
Impinj, Inc.^*		6		544
NCR Atleos Corp.^*		20		528
Vertex, Inc. — Class A^*		15		525
Alignment Healthcare, Inc.^*		28		521
Diodes, Inc.^*		12		518
Ambarella, Inc.^*		10		503
AvePoint, Inc.^*		34		491
CSG Systems International, Inc.		8		484
Kulicke & Soffa Industries, Inc.		14		462
Rapid7, Inc.^*		17		451
Axcelis Technologies, Inc.^*		9		447
Agilysys, Inc.^*		6		435
PagerDuty, Inc.^*		23		420
Alkami Technology, Inc.^*		16		420
NetScout Systems, Inc.^*		19		399
AvidXchange Holdings, Inc.^*		47		399
Rigetti Computing, Inc.^*,1		50		396
Pitney Bowes, Inc.		43		389
Phreesia, Inc.^*		15		383
Adeia, Inc.		29		383
NCR Voyix Corp.^*		39		380
D-Wave Quantum, Inc.^*,1		48		365
Photronics, Inc.^*		17		353
ACM Research, Inc. — Class A^*		14		327
Diebold Nixdorf, Inc.^*		7		306
Asana, Inc. — Class A^*		21		306
Donnelley Financial Solutions, Inc.^*		7		306
Evolent Health, Inc. — Class A^*		32		303
Veeco Instruments, Inc.^*		15		301
Schrodinger Incorporated/United States^*		15		296
Appian Corp. — Class A^*		10		288
Sprout Social, Inc. — Class A^*		13		286
Verint Systems, Inc.^*		16		286
SolarWinds Corp.		15		276
Jamf Holding Corp.^*		22		267
Ultra Clean Holdings, Inc.^*		12		257
NextNav, Inc.^*		21		256
Innodata, Inc.^*		7		251
Digi International, Inc.^*		9		250
Grid Dynamics Holdings, Inc.^*		16		250
PROS Holdings, Inc.^*		13		247
Penguin Solutions, Inc.^*		14		243
MaxLinear, Inc. — Class A^*		21		228
Fastly, Inc. — Class A^*		35		222
Sapiens International Corporation N.V.		8		217
Vimeo, Inc.^*		40		210
V2X, Inc.^*		4		196
Blend Labs, Inc. — Class A^*		55		184
Amplitude, Inc. — Class A^*		18		183
Cohu, Inc.^*		12		177
Olo, Inc. — Class A^*		28		169
Planet Labs PBC^*		50		169
Ibotta, Inc. — Class A^*,1		4		169
Yext, Inc.^*		25		154
CEVA, Inc.^*		6		154
PDF Solutions, Inc.^*		8		153
OneSpan, Inc.		10		153
Xerox Holdings Corp.		31		150
Alpha & Omega Semiconductor Ltd.^*		6		149
MeridianLink, Inc.^*		8		148
I3 Verticals, Inc. — Class A^*		6		148
N-able, Inc.^*		20		142
Integral Ad Science Holding Corp.^*		17		137
Enfusion, Inc. — Class A^*		12		134
Porch Group, Inc.^*		18		131
Logility Supply Chain Solutions, Inc. — Class A		9		128
Pagaya Technologies Ltd. — Class A^*		12		126
Weave Communications, Inc.^*		11		122
Cantaloupe, Inc.^*		15		118
Conduent, Inc.^*		43		116
Consensus Cloud Solutions, Inc.^*		5		115
Red Violet, Inc.		3		113
Climb Global Solutions, Inc.		1		111
PlayAGS, Inc.^*		9		109
Mitek Systems, Inc.^*		13		107
Corsair Gaming, Inc.^*		12		106
PubMatic, Inc. — Class A^*		11		101
Ouster, Inc.^*		11		99
Simulations Plus, Inc.		4		98
BigCommerce Holdings, Inc.^*		17		98
E2open Parent Holdings, Inc.^*		48		96
Cerence, Inc.^*		12		95
Bandwidth, Inc. — Class A^*		7		92
Talkspace, Inc.^*		34		87
GigaCloud Technology, Inc. — Class A^*,1		6		85
SEMrush Holdings, Inc. — Class A^*		9		84
Unisys Corp.^*		18		83
Life360, Inc.^*		2		77
Vishay Precision Group, Inc.^*		3		72
3D Systems Corp.^*		34		72
Navitas Semiconductor Corp.^*		35		72
Domo, Inc. — Class B^*		9		70
BigBear.ai Holdings, Inc.^*		24		69
Digital Turbine, Inc.^*		25		68
Cricut, Inc. — Class A		13		67
Digimarc Corp.^*		5		64
Health Catalyst, Inc.^*		14		63
8x8, Inc.^*		31		62
ReposiTrak, Inc.¹		3		61
Immersion Corp.		8		61
Asure Software, Inc.^*		6		57
SkyWater Technology, Inc.^*		8		57
Inspired Entertainment, Inc.^*		6		51
Aehr Test Systems^*,1		7		51
EverCommerce, Inc.^*		5		50
Viant Technology, Inc. — Class A^*		4		50
Rimini Street, Inc.^*		14		49
IBEX Holdings Ltd.^*		2		49

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Technology - 2.3% (continued)
Arteris, Inc.^*		7	$	48
Kaltura, Inc.^*		23		43
ON24, Inc.^*		8		42
Outbrain, Inc.^*		11		41
Definitive Healthcare Corp.^*		14		40
CS Disco, Inc.^*		9		37
Telos Corp.^*		15		36
Richardson Electronics Ltd.		3		33
Playstudios, Inc.^*		24		30
eGain Corp.^*		6		29
Rackspace Technology, Inc.^*		16		27
Everspin Technologies, Inc.^*		5		25
WM Technology, Inc.^*		20		23
TTEC Holdings, Inc.^*		6		20
Rekor Systems, Inc.^*		19		17
QuickLogic Corp.^*		3		15
Golden Matrix Group, Inc.^*		5		10
Airship AI Holdings, Inc.^*		1		4
GCT Semiconductor Holding, Inc.^*		2		3
System1, Inc.^*		6		2
Total Technology				57,608
Energy - 1.2%
ChampionX Corp.		51		1,520
CNX Resources Corp.^*		39		1,228
Magnolia Oil & Gas Corp. — Class A		47		1,187
Archrock, Inc.		45		1,181
Core Natural Resources, Inc.		14		1,079
Murphy Oil Corp.		37		1,051
SM Energy Co.		31		928
Patterson-UTI Energy, Inc.		106		871
California Resources Corp.		19		835
Noble Corporation plc		35		830
Northern Oil & Gas, Inc.		27		816
Helmerich & Payne, Inc.		27		705
Warrior Met Coal, Inc.		14		668
Valaris Ltd.^*		17		667
Liberty Energy, Inc. — Class A		42		665
Transocean Ltd.^*		197		625
Oceaneering International, Inc.^*		27		589
Gulfport Energy Corp.^*		3		552
Tidewater, Inc.^*		13		550
PBF Energy, Inc. — Class A		28		535
Kinetik Holdings, Inc. — Class A		10		519
Comstock Resources, Inc.^*		25		509
DNOW, Inc.^*		29		495
Crescent Energy Co. — Class A		44		495
Kodiak Gas Services, Inc.		12		448
Peabody Energy Corp.		32		434
Sitio Royalties Corp. — Class A		21		417
Seadrill Ltd.^*		16		400
Talos Energy, Inc.^*		41		399
Alpha Metallurgical Resources, Inc.^*		3		376
Sable Offshore Corp.^*		14		355
Sunrun, Inc.^*		60		352
Helix Energy Solutions Group, Inc.^*		39		324
Atlas Energy Solutions, Inc.¹		18		321
Plug Power, Inc.^*,1		219		296
Kosmos Energy Ltd.^*		127		290
Delek US Holdings, Inc.		17		256
Select Water Solutions, Inc. — Class A		24		252
NextDecade Corp.^*		32		249
Expro Group Holdings N.V.^*		25		248
Aris Water Solutions, Inc. — Class A		7		224
Bristow Group, Inc.^*		7		221
Par Pacific Holdings, Inc.^*		15		214
Array Technologies, Inc.^*		42		205
SunCoke Energy, Inc.		22		202
Core Laboratories, Inc.		13		195
CVR Energy, Inc.^*		10		194
Innovex International, Inc.^*		10		180
ProPetro Holding Corp.^*		24		176
Diversified Energy Company plc		13		176
Vitesse Energy, Inc.		7		172
Shoals Technologies Group, Inc. — Class A^*		47		156
Solaris Energy Infrastructure, Inc. — Class A		7		152
REX American Resources Corp.^*		4		150
Vital Energy, Inc.^*		7		149
Borr Drilling Ltd.¹		64		140
RPC, Inc.		24		132
Flowco Holdings, Inc. — Class A^*		5		128
Nabors Industries Ltd.^*		3		125
NPK International, Inc.^*		20		116
Excelerate Energy, Inc. — Class A		4		115
TETRA Technologies, Inc.^*		34		114
VAALCO Energy, Inc.		28		105
SandRidge Energy, Inc.		9		103
Oil States International, Inc.^*		18		93
Granite Ridge Resources, Inc.		15		91
Riley Exploration Permian, Inc.		3		88
Green Plains, Inc.^*		18		87
Matrix Service Co.^*		7		87
Hallador Energy Co.^*		7		86
BKV Corp.^*		4		84
Fluence Energy, Inc.^*		14		68
NACCO Industries, Inc. — Class A		2		68
Natural Gas Services Group, Inc.^*		3		66
Berry Corp.		20		64
Forum Energy Technologies, Inc.^*		3		60
Ranger Energy Services, Inc. — Class A		4		57
ASP Isotopes, Inc.^*		12		56
Infinity Natural Resources, Inc. — Class A^*		3		56
Ramaco Resources, Inc. — Class A		6		49
Ring Energy, Inc.^*		40		46
ProFrac Holding Corp. — Class A^*,1		6		46
DMC Global, Inc.^*		5		42
W&T Offshore, Inc.		27		42
Evolution Petroleum Corp.		8		41

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Energy - 1.2% (continued)
Montauk Renewables, Inc.^*		19	$	40
HighPeak Energy, Inc.		3		38
T1 Energy, Inc.^*		30		38
Amplify Energy Corp.^*		10		37
SEACOR Marine Holdings, Inc.^*		7		35
FutureFuel Corp.		7		27
Geospace Technologies Corp.^*		3		22
Aemetis, Inc.^*		11		19
Empire Petroleum Corp.^*		3		19
FuelCell Energy, Inc.^*,1		4		18
Energy Vault Holdings, Inc.^*		24		17
Stem, Inc.^*		42		15
Mammoth Energy Services, Inc.^*		7		14
Sunnova Energy International, Inc.^*		29		11
TPI Composites, Inc.^*		12		10
Drilling Tools International Corp.^*		3		7
Ramaco Resources, Inc. — Class B		1		7
Prairie Operating Co.^*		1		5
Verde Clean Fuels, Inc.^*		1		3
SolarMax Technology, Inc.^*		2		2
Total Energy				30,122
Communications - 1.1%
Hims & Hers Health, Inc.^*		52		1,537
Credo Technology Group Holding Ltd.^*		37		1,486
InterDigital, Inc.		7		1,447
Q2 Holdings, Inc.^*		16		1,280
Lumen Technologies, Inc.^*		262		1,027
Telephone & Data Systems, Inc.		26		1,007
EchoStar Corp. — Class A^*		33		844
AST SpaceMobile, Inc.^*,1		36		819
TEGNA, Inc.		43		784
Cogent Communications Holdings, Inc.		12		736
Cargurus, Inc.^*		24		699
Viavi Solutions, Inc.^*		60		671
Yelp, Inc. — Class A^*		17		629
Calix, Inc.^*		16		567
Extreme Networks, Inc.^*		34		450
Upwork, Inc.^*		34		444
ePlus, Inc.^*		7		427
Ziff Davis, Inc.^*		11		413
Magnite, Inc.^*		35		399
DigitalBridge Group, Inc.		43		379
Despegar.com Corp.^*		19		357
Viasat, Inc.^*		33		344
A10 Networks, Inc.		20		327
CommScope Holding Company, Inc.^*		57		303
Globalstar, Inc.^*		14		292
Harmonic, Inc.^*		30		288
Applied Digital Corp.^*,1		50		281
Cable One, Inc.		1		266
Sprinklr, Inc. — Class A^*		31		259
fuboTV, Inc.^*		88		257
Revolve Group, Inc.^*		11		236
QuinStreet, Inc.^*		13		232
Sphere Entertainment Co.^*		7		229
Liberty Latin America Ltd. — Class C^*		35		217
IDT Corp. — Class B		4		205
HealthStream, Inc.		6		193
ADTRAN Holdings, Inc.^*		22		192
Cars.com, Inc.^*		17		192
EverQuote, Inc. — Class A^*		7		183
NETGEAR, Inc.^*		7		171
Shenandoah Telecommunications Co.		13		163
Figs, Inc. — Class A^*		35		161
Liquidity Services, Inc.^*		5		155
Opendoor Technologies, Inc.^*		147		150
Gogo, Inc.^*		17		147
Sinclair, Inc.		9		143
Grindr, Inc.^*		8		143
Couchbase, Inc.^*		9		142
Preformed Line Products Co.		1		140
Stagwell, Inc.^*		23		139
Powerfleet Incorporated NJ^*		24		132
Shutterstock, Inc.¹		7		130
RealReal, Inc.^*		23		124
Bumble, Inc. — Class A^*		27		117
National CineMedia, Inc.		20		117
Thryv Holdings, Inc.^*		9		115
Scholastic Corp.		6		113
Gannett Company, Inc.^*		39		113
Groupon, Inc.^*		6		113
Anterix, Inc.^*		3		110
Clear Channel Outdoor Holdings, Inc.^*		95		106
Boston Omaha Corp. — Class A^*		7		102
Gray Media, Inc.		23		99
Ribbon Communications, Inc.^*		25		98
Ooma, Inc.^*		7		92
Clearfield, Inc.^*		3		89
TechTarget, Inc.^*		6		89
Spok Holdings, Inc.		5		82
Stitch Fix, Inc. — Class A^*		24		78
Beyond, Inc.^*		13		75
Nextdoor Holdings, Inc.^*		49		75
Open Lending Corp. — Class A^*		27		75
MediaAlpha, Inc. — Class A^*		7		65
WideOpenWest, Inc.^*		13		64
Vivid Seats, Inc. — Class A^*		21		62
AMC Networks, Inc. — Class A^*		9		62
ATN International, Inc.		3		61
Aviat Networks, Inc.^*		3		57
Liberty Latin America Ltd. — Class A^*		9		57
Gambling.com Group Ltd.^*		4		50
BARK, Inc.^*		36		50
Eventbrite, Inc. — Class A^*		23		49
Getty Images Holdings, Inc.^*		28		48
Backblaze, Inc. — Class A^*		10		48
EW Scripps Co. — Class A^*		16		47
Advantage Solutions, Inc.^*		30		45
LifeMD, Inc.^*		8		44
OptimizeRx Corp.^*		5		43
1-800-Flowers.com, Inc. — Class A^*		7		41

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 26.0% (continued)
Communications - 1.1% (continued)
iHeartMedia, Inc. — Class A^*		24	$	40
BlackSky Technology, Inc.^*,1		5		39
Entravision Communications Corp. — Class A		17		36
Tucows, Inc. — Class A^*		2		34
Lands' End, Inc.^*		3		31
Nerdy, Inc.^*		18		26
Townsquare Media, Inc. — Class A		3		25
AudioEye, Inc.^*		2		22
1stdibs.com, Inc.^*		7		21
Cardlytics, Inc.^*		10		18
LiveOne, Inc.^*		17		12
RumbleON, Inc. — Class B^*		4		11
Vacasa, Inc. — Class A^*		2		11
Solo Brands, Inc. — Class A^*		7		1
Total Communications				26,016
Basic Materials - 0.8%
Carpenter Technology Corp.		13		2,356
Balchem Corp.		9		1,494
Commercial Metals Co.		30		1,380
Cabot Corp.		14		1,164
Coeur Mining, Inc.^*		165		977
Avient Corp.		24		892
Hecla Mining Co.		156		867
HB Fuller Co.		15		842
Sensient Technologies Corp.		11		819
Innospec, Inc.		7		663
Sylvamo Corp.		9		604
SSR Mining, Inc.^*		55		552
Hawkins, Inc.		5		530
Uranium Energy Corp.^*		107		511
Minerals Technologies, Inc.		8		508
Quaker Chemical Corp.		4		494
Ingevity Corp.^*		10		396
Perimeter Solutions, Inc.^*		36		362
Constellium SE^*		35		353
Rogers Corp.^*		5		338
Stepan Co.		6		330
Century Aluminum Co.^*		15		278
United States Lime & Minerals, Inc.		3		265
Centrus Energy Corp. — Class A^*		4		249
Kaiser Aluminum Corp.		4		242
Tronox Holdings plc — Class A		33		232
Orion S.A.		16		207
Ecovyst, Inc.^*		33		205
Radius Recycling, Inc. — Class A		7		202
Novagold Resources, Inc.^*		67		196
Energy Fuels, Inc.^*		44		164
AdvanSix, Inc.		7		158
Koppers Holdings, Inc.		5		140
MAC Copper Ltd. — Class A^*		14		134
Ivanhoe Electric Incorporated / US^*		22		128
Perpetua Resources Corp.^*		11		118
Rayonier Advanced Materials, Inc.^*		17		98
Compass Minerals International, Inc.^*		10		93
Oil-Dri Corporation of America		2		92
Intrepid Potash, Inc.^*		3		88
Mativ Holdings, Inc.		14		87
Encore Energy Corp.^*		48		66
Ur-Energy, Inc.^*		82		55
Codexis, Inc.^*		19		51
Caledonia Mining Corporation plc		4		50
Kronos Worldwide, Inc.		6		45
i-80 Gold Corp.^*		74		43
Dakota Gold Corp.^*		16		42
Lifezone Metals Ltd.^*		10		42
Lightwave Logic, Inc.^*		32		33
Piedmont Lithium, Inc.^*		5		32
American Vanguard Corp.		7		31
Northern Technologies International Corp.		2		21
Contango ORE, Inc.^*		2		20
Valhi, Inc.		1		16
Critical Metals Corp.^*		2		3
Total Basic Materials				20,358
Utilities - 0.8%
New Jersey Resources Corp.		27		1,325
TXNM Energy, Inc.		24		1,283
Portland General Electric Co.		28		1,249
Spire, Inc.		15		1,174
Brookfield Infrastructure Corp. — Class A		32		1,158
Black Hills Corp.		19		1,152
Southwest Gas Holdings, Inc.		16		1,149
ONE Gas, Inc.		15		1,134
Ormat Technologies, Inc.		15		1,062
ALLETE, Inc.		15		985
MGE Energy, Inc.		10		930
Northwestern Energy Group, Inc.		16		926
Otter Tail Corp.		11		884
Avista Corp.		21		879
American States Water Co.		10		787
California Water Service Group		16		775
Chesapeake Utilities Corp.		6		770
Hawaiian Electric Industries, Inc.^*		46		504
SJW Group		9		492
Northwest Natural Holding Co.		10		427
Middlesex Water Co.		5		320
Unitil Corp.		4		231
York Water Co.		4		139
Ameresco, Inc. — Class A^*		9		109
Altus Power, Inc.^*		20		99
Consolidated Water Company Ltd.		4		98
RGC Resources, Inc.		3		63
Genie Energy Ltd. — Class B		4		60
Global Water Resources, Inc.		3		31
Total Utilities				20,195
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		7		256
Total Common Stocks
(Cost $626,100)				637,886

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

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

RIGHTS^††† - 0.0%
Consumer, Non-cyclical - 0.0%
Cartesian Therapeutics Inc.
Expires 04/30/25		69		–
Novartis AG
Expires 12/31/29		35		–
Tobira Therapeutics, Inc.
Expires 12/31/28		8		–
Sanofi SA
Expires 06/30/27		15		–
Total Consumer, Non-cyclical				–
Total Rights
(Cost $14)				–

EXCHANGE-TRADED FUNDS^,† - 30.7%*
Vanguard Russell 2000 ETF		4,679		377,361
iShares Russell 2000 Index ETF¹		1,889		376,837
Total Exchange-Traded Funds
(Cost $827,474)				754,198

MUTUAL FUNDS^† - 25.5%
Guggenheim Ultra Short Duration Fund — Institutional Class²		38,037		381,514
Guggenheim Strategy Fund II²		9,842		244,683
Total Mutual Funds
(Cost $616,793)				626,197

	Face Amount
FEDERAL AGENCY NOTES^†† - 6.1%
Federal Farm Credit Bank
4.32% due 02/27/26	$	150,000		149,865
Total Federal Agency Notes
(Cost $149,993)				149,865

U.S. TREASURY BILLS^†† - 4.0%
U.S. Treasury Bills
4.20% due 06/12/25^3,4		50,000		49,581
4.08% due 04/08/25^4,5		48,000		47,960
Total U.S. Treasury Bills
(Cost $97,541)				97,541

REPURCHASE AGREEMENTS^††,6 - 11.6%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25³		160,790		160,790
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25³		123,227		123,227
Total Repurchase Agreements
(Cost $284,017)				284,017

		Shares
SECURITIES LENDING COLLATERAL^†,7 - 12.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁸		294,081		294,081
Total Securities Lending Collateral
(Cost $294,081)				294,081
Total Investments - 115.9%
(Cost $2,896,013)			$	2,843,785
Other Assets & Liabilities, net - (15.9)%				(389,101	)
Total Net Assets - 100.0%			$	2,454,684

Futures Contracts
Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts		6	Jun 2025	$	608,130	$	(10,135	)

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

06/26/25

263

528,968

(16,279

)

Barclays Bank plc

Russell 2000 Index

Pay

5.09% (SOFR + 0.75%)

At Maturity

06/26/25

271

546,224

(16,812

)

Goldman Sachs International

Russell 2000 Index

Pay

4.68% (Federal Funds Rate + 0.35%)

At Maturity

06/25/25

322

648,203

(26,891

)

1,723,395

(59,982

)

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

^*	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 March 31, 2025 — See Note 5.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
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 March 31, 2025.
⁶	Repurchase Agreements — See Note 4.
⁷	Securities lending collateral — See Note 5.
⁸	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (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	$	637,886		$	—	$	—	*	$	637,886
Warrants		—	*		—		—			—
Rights		—			—		—	*		—
Exchange-Traded Funds		754,198			—		—			754,198
Mutual Funds		626,197			—		—			626,197
Federal Agency Notes		—			149,865		—			149,865
U.S. Treasury Bills		—			97,541		—			97,541
Repurchase Agreements		—			284,017		—			284,017
Securities Lending Collateral		294,081			—		—			294,081
Total Assets	$	2,312,362		$	531,423	$	—		$	2,843,785

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	10,135	$	—	$	—	$	10,135
Equity Index Swap Agreements**		—		59,982		—		59,982
Total Liabilities	$	10,135	$	59,982	$	—	$	70,117

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

Affiliated Transactions

Russell 2000^® 1.5x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

Transactions during the period ended March 31, 2025, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 03/31/25		Shares 03/31/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	244,585	$	–	$	–	$	–	$	98	$	244,683		9,842	$	3,259
Guggenheim Ultra Short Duration Fund — Institutional Class		380,753		–		–		–		761		381,514		38,037		4,237
	$	625,338	$	–	$	–	$	–	$	859	$	626,197			$	7,496

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

	Shares		Value
RIGHT^††† - 0.0%
Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.^*		7	$	–
Total Right
(Cost $–)				–

EXCHANGE-TRADED FUNDS^,† - 4.2%*
Vanguard Russell 2000 ETF		2,308		186,140
iShares Russell 2000 Index ETF¹		932		185,925
Total Exchange-Traded Funds
(Cost $408,358)				372,065

	Face Amount
FEDERAL AGENCY DISCOUNT NOTE^†† - 22.3%
Federal Home Loan Bank
4.23% due 04/04/25²	$	2,000,000	1,999,296
Total Federal Agency Discount Note
(Cost $1,999,296)			1,999,296

U.S. TREASURY BILLS^†† - 11.8%
U.S. Treasury Bills
4.20% due 04/01/25²		800,000	800,000
4.08% due 04/08/25^2,3		162,000	161,866
4.20% due 06/12/25^2,4		100,000	99,162
Total U.S. Treasury Bills
(Cost $1,061,028)			1,061,028

FEDERAL AGENCY NOTE^†† - 10.4%
Federal Farm Credit Bank
4.47% (SOFR + 0.13%, Rate Floor: 0.00%) due 04/03/25^◊		935,000	935,019
Total Federal Agency Note
(Cost $935,005)			935,019

REPURCHASE AGREEMENTS^††,5 - 58.2%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25⁴		2,949,719	2,949,719
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25⁴		2,260,629	2,260,629
Total Repurchase Agreements
(Cost $5,210,348)			5,210,348

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 1.5%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁷		131,698		131,698
Total Securities Lending Collateral
(Cost $131,698)				131,698
Total Investments - 108.4%
(Cost $9,745,733)			$	9,709,454
Other Assets & Liabilities, net - (8.4)%				(755,603	)
Total Net Assets - 100.0%			$	8,953,851

Futures Contracts

Description	Number of Contracts		Expiration Date	Notional Amount		Value and Unrealized Depreciation^**
Equity Futures Contracts Purchased^†
Russell 2000 Index Mini Futures Contracts		17	Jun 2025	$	1,723,035	$	(38,827	)

Total Return Swap Agreements

Counterparty	Index	Type	Financing Rate	Payment Frequency	Maturity Date	Units		Notional Amount		Value and Unrealized Depreciation
OTC Equity Index Swap Agreements^††
Barclays Bank plc	Russell 2000 Index	Pay	5.09% (SOFR + 0.75%)	At Maturity	06/26/25		443	$	890,874	$	(27,417	)
BNP Paribas	Russell 2000 Index	Pay	4.88% (Federal Funds Rate + 0.55%)	At Maturity	06/26/25		2,048		4,119,397		(126,783	)
Goldman Sachs International	Russell 2000 Index	Pay	4.68% (Federal Funds Rate + 0.35%)	At Maturity	06/25/25		5,357		10,777,072		(427,478	)
								$	15,787,343	$	(581,678	)

*	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.

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS *(Unaudited)*	March 31, 2025

^†	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.
^◊	Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	All or a portion of this security is on loan at March 31, 2025 — See Note 5.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at March 31, 2025.
⁴	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (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
Right	$	—	$	—	$	—	*	$	—
Exchange-Traded Funds		372,065		—		—			372,065
Federal Agency Discount Note		—		1,999,296		—			1,999,296
U.S. Treasury Bills		—		1,061,028		—			1,061,028
Federal Agency Note		—		935,019		—			935,019
Repurchase Agreements		—		5,210,348		—			5,210,348
Securities Lending Collateral		131,698		—		—			131,698
Total Assets	$	503,763	$	9,205,691	$	—		$	9,709,454

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	38,827	$	—	$	—	$	38,827
Equity Index Swap Agreements**		—		581,678		—		581,678
Total Liabilities	$	38,827	$	581,678	$	—	$	620,505

Security has a market value of $0.

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

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 74.1%
Technology - 21.2%
Apple, Inc.		6,016	$	1,336,334
Microsoft Corp.		2,977		1,117,536
NVIDIA Corp.		9,808		1,062,991
Broadcom, Inc.		1,877		314,266
Salesforce, Inc.		383		102,782
International Business Machines Corp.		370		92,004
Oracle Corp.		650		90,876
Accenture plc — Class A		250		78,010
Palantir Technologies, Inc. — Class A^*		821		69,292
Intuit, Inc.		112		68,767
QUALCOMM, Inc.		443		68,049
Adobe, Inc.^*		174		66,734
Advanced Micro Devices, Inc.^*		649		66,678
Texas Instruments, Inc.		365		65,591
ServiceNow, Inc.^*		82		65,283
Fiserv, Inc.^*		228		50,349
Applied Materials, Inc.		325		47,164
Analog Devices, Inc.		199		40,132
Intel Corp.^*		1,734		39,379
Micron Technology, Inc.		446		38,753
Lam Research Corp.		514		37,368
KLA Corp.		53		36,030
Crowdstrike Holdings, Inc. — Class A^*		99		34,905
Cadence Design Systems, Inc.^*		110		27,976
Synopsys, Inc.^*		62		26,589
Roper Technologies, Inc.		43		25,352
Fortinet, Inc.^*		255		24,546
Autodesk, Inc.^*		86		22,515
Workday, Inc. — Class A^*		86		20,084
Paychex, Inc.		128		19,748
NXP Semiconductor N.V.		102		19,386
Fair Isaac Corp.^*		10		18,442
MSCI, Inc. — Class A		31		17,530
Fidelity National Information Services, Inc.		212		15,832
Cognizant Technology Solutions Corp. — Class A		198		15,147
Electronic Arts, Inc.		95		13,729
Take-Two Interactive Software, Inc.^*		66		13,679
Gartner, Inc.^*		31		13,012
Broadridge Financial Solutions, Inc.		47		11,396
Dell Technologies, Inc. — Class C		125		11,394
ANSYS, Inc.^*		35		11,080
Monolithic Power Systems, Inc.		19		11,020
HP, Inc.		376		10,411
Microchip Technology, Inc.		215		10,408
Tyler Technologies, Inc.^*		17		9,884
Hewlett Packard Enterprise Co.		526		8,116
PTC, Inc.^*		48		7,438
Seagate Technology Holdings plc		85		7,221
Leidos Holdings, Inc.		53		7,152
NetApp, Inc.		81		7,115
Super Micro Computer, Inc.^*,1		202		6,917
ON Semiconductor Corp.^*		169		6,877
Zebra Technologies Corp. — Class A^*		21		5,934
Western Digital Corp.^*		139		5,620
Teradyne, Inc.		65		5,369
Jack Henry & Associates, Inc.		29		5,295
Akamai Technologies, Inc.^*		60		4,830
Paycom Software, Inc.		19		4,151
Skyworks Solutions, Inc.		64		4,136
EPAM Systems, Inc.^*		23		3,883
Dayforce, Inc.^*		64		3,733
Total Technology				5,452,220
Consumer, Non-cyclical - 12.6%
Eli Lilly & Co.		316		260,988
UnitedHealth Group, Inc.		369		193,264
Procter & Gamble Co.		939		160,024
Johnson & Johnson		964		159,870
AbbVie, Inc.		707		148,131
Coca-Cola Co.		1,551		111,083
Philip Morris International, Inc.		623		98,889
Abbott Laboratories		695		92,192
Merck & Company, Inc.		1,013		90,927
PepsiCo, Inc.		549		82,317
Thermo Fisher Scientific, Inc.		153		76,133
Intuitive Surgical, Inc.^*		143		70,824
Amgen, Inc.		215		66,983
S&P Global, Inc.		126		64,021
Boston Scientific Corp.^*		590		59,519
Pfizer, Inc.		2,269		57,496
Gilead Sciences, Inc.		499		55,913
Danaher Corp.		256		52,480
Stryker Corp.		138		51,371
Vertex Pharmaceuticals, Inc.^*		103		49,936
Automatic Data Processing, Inc.		163		49,801
Bristol-Myers Squibb Co.		813		49,585
Medtronic plc		514		46,188
Altria Group, Inc.		679		40,754
Elevance Health, Inc.		93		40,451
Cigna Group		110		36,190
Mondelez International, Inc. — Class A		518		35,146
CVS Health Corp.		505		34,214
McKesson Corp.		50		33,650
Colgate-Palmolive Co.		325		30,453
Zoetis, Inc.		179		29,472
Moody's Corp.		62		28,873
Cintas Corp.		137		28,158
Regeneron Pharmaceuticals, Inc.		42		26,638
Becton Dickinson & Co.		115		26,342
PayPal Holdings, Inc.^*		396		25,839
HCA Healthcare, Inc.		72		24,880
Cencora, Inc. — Class A		69		19,188
Kimberly-Clark Corp.		133		18,915
Kenvue, Inc.		768		18,417
Kroger Co.		267		18,073
Corteva, Inc.		275		17,306
Edwards Lifesciences Corp.^*		236		17,105
Verisk Analytics, Inc. — Class A		57		16,964
Monster Beverage Corp.^*		280		16,385
Keurig Dr Pepper, Inc.		478		16,357
United Rentals, Inc.		26		16,294

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 74.1% (continued)
Consumer, Non-cyclical - 12.6% (continued)
Quanta Services, Inc.		59	$	14,997
GE HealthCare Technologies, Inc.		183		14,770
Sysco Corp.		196		14,708
IDEXX Laboratories, Inc.^*		33		13,858
Cardinal Health, Inc.		97		13,364
Agilent Technologies, Inc.		114		13,336
General Mills, Inc.		221		13,214
ResMed, Inc.		59		13,207
Humana, Inc.		48		12,701
Equifax, Inc.		50		12,178
Centene Corp.^*		199		12,081
IQVIA Holdings, Inc.^*		67		11,812
Constellation Brands, Inc. — Class A		62		11,378
Church & Dwight Company, Inc.		99		10,899
Dexcom, Inc.^*		156		10,653
Kraft Heinz Co.		349		10,620
Hershey Co.		59		10,091
Corpay, Inc.^*		28		9,764
Global Payments, Inc.		99		9,694
Archer-Daniels-Midland Co.		192		9,218
Zimmer Biomet Holdings, Inc.		80		9,054
Kellanova		108		8,909
Waters Corp.^*		24		8,846
STERIS plc		39		8,839
McCormick & Company, Inc.		101		8,313
Biogen, Inc.^*		59		8,073
Labcorp Holdings, Inc.		33		7,680
Quest Diagnostics, Inc.		44		7,445
Insulet Corp.^*		28		7,353
Tyson Foods, Inc. — Class A		115		7,338
Molina Healthcare, Inc.^*		22		7,247
Clorox Co.		49		7,215
Baxter International, Inc.		204		6,983
Cooper Companies, Inc.^*		80		6,748
West Pharmaceutical Services, Inc.		29		6,493
Estee Lauder Companies, Inc. — Class A		94		6,204
Rollins, Inc.		112		6,051
Avery Dennison Corp.		32		5,695
Hologic, Inc.^*		90		5,559
Revvity, Inc.		49		5,184
Conagra Brands, Inc.		191		5,094
J M Smucker Co.		43		5,092
Universal Health Services, Inc. — Class B		24		4,510
Align Technology, Inc.^*		28		4,448
Molson Coors Beverage Co. — Class B		69		4,200
Solventum Corp.^*		55		4,182
Viatris, Inc.		478		4,163
Bunge Global S.A.		53		4,050
Incyte Corp.^*		64		3,875
Moderna, Inc.^*		136		3,856
Bio-Techne Corp.		63		3,694
Hormel Foods Corp.		117		3,620
Henry Schein, Inc.^*		50		3,424
MarketAxess Holdings, Inc.		15		3,245
The Campbell's Co.		79		3,154
Lamb Weston Holdings, Inc.		57		3,038
Charles River Laboratories International, Inc.^*		20		3,010
DaVita, Inc.^*		18		2,753
Brown-Forman Corp. — Class B		73		2,478
Total Consumer, Non-cyclical				3,223,657
Financial - 11.6%
Berkshire Hathaway, Inc. — Class B^*		734		390,914
JPMorgan Chase & Co.		1,120		274,736
Visa, Inc. — Class A		690		241,817
Mastercard, Inc. — Class A		326		178,687
Bank of America Corp.		2,652		110,668
Wells Fargo & Co.		1,317		94,547
Goldman Sachs Group, Inc.		125		68,286
Progressive Corp.		235		66,507
American Express Co.		222		59,729
Morgan Stanley		496		57,868
Blackrock, Inc.		58		54,896
Charles Schwab Corp.		682		53,387
Citigroup, Inc.		752		53,384
Marsh & McLennan Companies, Inc.		197		48,074
Chubb Ltd.		149		44,997
Prologis, Inc. REIT		371		41,474
Blackstone, Inc. — Class A		293		40,955
American Tower Corp. — Class A REIT		187		40,691
Intercontinental Exchange, Inc.		230		39,675
CME Group, Inc. — Class A		144		38,202
Welltower, Inc. REIT		244		37,383
Arthur J Gallagher & Co.		102		35,214
Aon plc — Class A		87		34,721
Equinix, Inc. REIT		39		31,799
KKR & Company, Inc. — Class A		270		31,215
PNC Financial Services Group, Inc.		159		27,947
Capital One Financial Corp.		153		27,433
U.S. Bancorp		625		26,388
Apollo Global Management, Inc.		179		24,512
Bank of New York Mellon Corp.		287		24,071
Travelers Companies, Inc.		91		24,066
Aflac, Inc.		198		22,016
Allstate Corp.		106		21,949
Truist Financial Corp.		527		21,686
American International Group, Inc.		238		20,692
Simon Property Group, Inc. REIT		123		20,428
Realty Income Corp. REIT		350		20,304
Ameriprise Financial, Inc.		39		18,880
Public Storage REIT		63		18,855
MetLife, Inc.		232		18,627
Digital Realty Trust, Inc. REIT		127		18,198
Crown Castle, Inc. REIT		174		18,136
Discover Financial Services		101		17,241
Prudential Financial, Inc.		142		15,859
CBRE Group, Inc. — Class A^*		118		15,432
Arch Capital Group Ltd.		150		14,427
Hartford Insurance Group, Inc.		115		14,229
VICI Properties, Inc. REIT		422		13,766
Willis Towers Watson plc		40		13,518

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 74.1% (continued)
Financial - 11.6% (continued)
CoStar Group, Inc.^*		169	$	13,390
Extra Space Storage, Inc. REIT		85		12,622
Nasdaq, Inc.		166		12,593
AvalonBay Communities, Inc. REIT		57		12,233
Ventas, Inc. REIT		175		12,033
Brown & Brown, Inc.		95		11,818
M&T Bank Corp.		66		11,797
Fifth Third Bancorp		268		10,506
State Street Corp.		116		10,385
Raymond James Financial, Inc.		74		10,279
Iron Mountain, Inc. REIT		118		10,153
Equity Residential REIT		137		9,806
Cboe Global Markets, Inc.		42		9,504
SBA Communications Corp. REIT		43		9,460
Cincinnati Financial Corp.		63		9,306
Huntington Bancshares, Inc.		582		8,736
W R Berkley Corp.		120		8,539
Weyerhaeuser Co. REIT		291		8,520
Synchrony Financial		156		8,259
T. Rowe Price Group, Inc.		89		8,176
Essex Property Trust, Inc. REIT		26		7,971
Invitation Homes, Inc. REIT		228		7,946
Regions Financial Corp.		364		7,910
Mid-America Apartment Communities, Inc. REIT		47		7,876
Northern Trust Corp.		78		7,695
Citizens Financial Group, Inc.		175		7,170
Principal Financial Group, Inc.		84		7,087
Loews Corp.		71		6,526
KeyCorp		399		6,380
Everest Group Ltd.		17		6,177
Kimco Realty Corp. REIT		272		5,777
Alexandria Real Estate Equities, Inc. REIT		62		5,736
Healthpeak Properties, Inc. REIT		280		5,662
UDR, Inc. REIT		121		5,466
Camden Property Trust REIT		43		5,259
Regency Centers Corp. REIT		65		4,794
Globe Life, Inc.		34		4,478
Assurant, Inc.		21		4,405
Erie Indemnity Co. — Class A		10		4,190
Host Hotels & Resorts, Inc. REIT		280		3,979
BXP, Inc. REIT		58		3,897
Federal Realty Investment Trust REIT		31		3,032
Invesco Ltd.		179		2,716
Franklin Resources, Inc.		124		2,387
Total Financial				2,991,117
Communications - 11.2%
Amazon.com, Inc.^*		3,777		718,612
Meta Platforms, Inc. — Class A		877		505,468
Alphabet, Inc. — Class A		2,336		361,239
Alphabet, Inc. — Class C		1,893		295,743
Netflix, Inc.^*		171		159,463
Cisco Systems, Inc.		1,595		98,428
AT&T, Inc.		2,875		81,305
Verizon Communications, Inc.		1,686		76,477
Walt Disney Co.		724		71,459
Uber Technologies, Inc.^*		837		60,984
Booking Holdings, Inc.		13		59,890
Comcast Corp. — Class A		1,510		55,719
T-Mobile US, Inc.		192		51,208
Palo Alto Networks, Inc.^*		265		45,219
Arista Networks, Inc.^*		414		32,077
Motorola Solutions, Inc.		67		29,333
DoorDash, Inc. — Class A^*		136		24,857
Airbnb, Inc. — Class A^*		173		20,666
Charter Communications, Inc. — Class A^*		39		14,373
Corning, Inc.		309		14,146
eBay, Inc.		192		13,004
GoDaddy, Inc. — Class A^*		57		10,268
Warner Bros Discovery, Inc.^*		894		9,593
CDW Corp.		53		8,494
VeriSign, Inc.^*		33		8,378
Expedia Group, Inc.		49		8,237
FactSet Research Systems, Inc.		15		6,819
Omnicom Group, Inc.		79		6,550
F5, Inc.^*		23		6,124
Gen Digital, Inc.		217		5,759
Fox Corp. — Class A		87		4,924
Juniper Networks, Inc.		133		4,813
News Corp. — Class A		151		4,110
Interpublic Group of Companies, Inc.		149		4,047
Match Group, Inc.		101		3,151
Paramount Global — Class B		238		2,846
Fox Corp. — Class B		53		2,794
News Corp. — Class B		45		1,367
Total Communications				2,887,944
Consumer, Cyclical - 6.2%
Tesla, Inc.^*		1,121		290,518
Costco Wholesale Corp.		178		168,349
Walmart, Inc.		1,737		152,491
Home Depot, Inc.		398		145,863
McDonald's Corp.		287		89,650
TJX Companies, Inc.		450		54,810
Lowe's Companies, Inc.		226		52,710
Starbucks Corp.		455		44,631
O'Reilly Automotive, Inc.^*		23		32,949
NIKE, Inc. — Class B		473		30,026
Chipotle Mexican Grill, Inc. — Class A^*		543		27,264
AutoZone, Inc.^*		7		26,690
Marriott International, Inc. — Class A		92		21,914
Hilton Worldwide Holdings, Inc.		96		21,845
PACCAR, Inc.		210		20,448
Royal Caribbean Cruises Ltd.		99		20,338
Copart, Inc.^*		351		19,863
Target Corp.		184		19,202
General Motors Co.		398		18,718
Fastenal Co.		230		17,837
WW Grainger, Inc.		18		17,781
Yum! Brands, Inc.		112		17,624
Cummins, Inc.		55		17,239
Ross Stores, Inc.		132		16,868
Ford Motor Co.		1,559		15,637
DR Horton, Inc.		114		14,493
Lululemon Athletica, Inc.^*		45		12,738

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 74.1% (continued)
Consumer, Cyclical - 6.2% (continued)
Tractor Supply Co.		214	$	11,791
Delta Air Lines, Inc.		257		11,205
Lennar Corp. — Class A		94		10,789
Darden Restaurants, Inc.		47		9,765
United Airlines Holdings, Inc.^*		132		9,115
PulteGroup, Inc.		81		8,327
Live Nation Entertainment, Inc.^*		63		8,227
Carnival Corp.^*		420		8,203
Southwest Airlines Co.		237		7,958
Williams-Sonoma, Inc.		49		7,747
Dollar General Corp.		88		7,738
NVR, Inc.^*		1		7,244
Ulta Beauty, Inc.^*		19		6,964
Deckers Outdoor Corp.^*		61		6,820
Genuine Parts Co.		56		6,672
Domino's Pizza, Inc.		14		6,432
Dollar Tree, Inc.^*		81		6,081
Tapestry, Inc.		83		5,844
Best Buy Company, Inc.		78		5,742
Aptiv plc^*		92		5,474
Las Vegas Sands Corp.		138		5,331
CarMax, Inc.^*		62		4,831
Pool Corp.		15		4,775
LKQ Corp.		104		4,424
TKO Group Holdings, Inc.		27		4,126
Ralph Lauren Corp. — Class A		16		3,532
Norwegian Cruise Line Holdings Ltd.^*		176		3,337
Hasbro, Inc.		53		3,259
Walgreens Boots Alliance, Inc.^*		287		3,206
Wynn Resorts Ltd.		36		3,006
MGM Resorts International^*		90		2,668
Caesars Entertainment, Inc.^*		85		2,125
Total Consumer, Cyclical				1,591,254
Industrial - 5.4%
General Electric Co.		430		86,065
RTX Corp.		533		70,601
Caterpillar, Inc.		191		62,992
Union Pacific Corp.		242		57,170
Honeywell International, Inc.		260		55,055
Boeing Co.^*		300		51,165
Deere & Co.		101		47,404
Eaton Corporation plc		158		42,949
Lockheed Martin Corp.		84		37,524
Waste Management, Inc.		146		33,800
GE Vernova, Inc.		110		33,580
United Parcel Service, Inc. — Class B		293		32,227
3M Co.		217		31,869
Amphenol Corp. — Class A		485		31,811
Parker-Hannifin Corp.		52		31,608
TransDigm Group, Inc.		22		30,432
Trane Technologies plc		90		30,323
General Dynamics Corp.		102		27,803
Northrop Grumman Corp.		54		27,649
Illinois Tool Works, Inc.		107		26,537
Emerson Electric Co.		226		24,779
CSX Corp.		772		22,720
FedEx Corp.		89		21,697
Norfolk Southern Corp.		91		21,553
Johnson Controls International plc		264		21,149
Howmet Aerospace, Inc.		162		21,016
Carrier Global Corp.		323		20,478
Republic Services, Inc. — Class A		81		19,615
TE Connectivity plc		119		16,817
Otis Worldwide Corp.		159		16,409
AMETEK, Inc.		93		16,009
L3Harris Technologies, Inc.		75		15,698
Axon Enterprise, Inc.^*		29		15,253
Garmin Ltd.		62		13,462
Ingersoll Rand, Inc.		161		12,885
Old Dominion Freight Line, Inc.		75		12,409
Vulcan Materials Co.		53		12,365
Westinghouse Air Brake Technologies Corp.		68		12,332
Rockwell Automation, Inc.		45		11,627
Xylem, Inc.		97		11,588
Martin Marietta Materials, Inc.		24		11,475
Keysight Technologies, Inc.^*		69		10,334
Fortive Corp.		137		10,026
Dover Corp.		55		9,662
Veralto Corp.		99		9,648
Teledyne Technologies, Inc.^*		19		9,456
Mettler-Toledo International, Inc.^*		8		9,447
Smurfit WestRock plc		198		8,922
Lennox International, Inc.		13		7,291
Packaging Corporation of America		36		7,129
Snap-on, Inc.		21		7,077
Hubbell, Inc.		21		6,949
Expeditors International of Washington, Inc.		56		6,734
Trimble, Inc.^*		98		6,434
Ball Corp.		120		6,248
Jabil, Inc.		44		5,987
Jacobs Solutions, Inc.		49		5,924
Masco Corp.		85		5,911
Pentair plc		66		5,774
Builders FirstSource, Inc.^*		46		5,747
Amcor plc		579		5,616
IDEX Corp.		30		5,429
Textron, Inc.		73		5,274
CH Robinson Worldwide, Inc.		48		4,915
Stanley Black & Decker, Inc.		62		4,767
J.B. Hunt Transport Services, Inc.		32		4,734
Allegion plc		35		4,566
Nordson Corp.		22		4,438
Huntington Ingalls Industries, Inc.		16		3,265
A O Smith Corp.		47		3,072
Generac Holdings, Inc.^*		24		3,039
Mohawk Industries, Inc.^*		21		2,398
Total Industrial				1,396,113
Energy - 2.8%
Exxon Mobil Corp.		1,743		207,295
Chevron Corp.		669		111,917
ConocoPhillips		511		53,665

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 74.1% (continued)
Energy - 2.8% (continued)
Williams Companies, Inc.		488	$	29,163
EOG Resources, Inc.		225		28,854
ONEOK, Inc.		248		24,606
Schlumberger N.V.		561		23,450
Kinder Morgan, Inc.		774		22,082
Phillips 66		165		20,374
Marathon Petroleum Corp.		127		18,503
Hess Corp.		111		17,730
Baker Hughes Co.		397		17,448
Targa Resources Corp.		87		17,441
Valero Energy Corp.		127		16,773
Occidental Petroleum Corp.		271		13,377
Equities Corp.		239		12,770
Diamondback Energy, Inc.		75		11,991
Texas Pacific Land Corp.		8		10,600
Devon Energy Corp.		263		9,836
Expand Energy Corp.		84		9,351
Halliburton Co.		348		8,829
Coterra Energy, Inc. — Class A		295		8,525
First Solar, Inc.^*		43		5,436
Enphase Energy, Inc.^*		53		3,289
APA Corp.		148		3,111
Total Energy				706,416
Utilities - 1.9%
NextEra Energy, Inc.		824		58,413
Southern Co.		439		40,366
Duke Energy Corp.		311		37,933
Constellation Energy Corp.		125		25,204
American Electric Power Company, Inc.		214		23,384
Dominion Energy, Inc.		336		18,840
Exelon Corp.		403		18,570
Sempra		254		18,125
Public Service Enterprise Group, Inc.		200		16,460
Xcel Energy, Inc.		230		16,282
Vistra Corp.		136		15,972
Consolidated Edison, Inc.		139		15,372
PG&E Corp.		878		15,084
Entergy Corp.		172		14,704
WEC Energy Group, Inc.		127		13,840
American Water Works Company, Inc.		78		11,507
DTE Energy Co.		83		11,476
Ameren Corp.		108		10,843
PPL Corp.		296		10,689
Atmos Energy Corp.		64		9,893
CenterPoint Energy, Inc.		261		9,456
Edison International		155		9,133
Eversource Energy		147		9,130
CMS Energy Corp.		120		9,013
FirstEnergy Corp.		205		8,286
NRG Energy, Inc.		81		7,732
NiSource, Inc.		188		7,537
Alliant Energy Corp.		103		6,628
Evergy, Inc.		92		6,343
Pinnacle West Capital Corp.		46		4,382
AES Corp.		285		3,540
Total Utilities				484,137
Basic Materials - 1.2%
Linde plc		191		88,937
Sherwin-Williams Co.		93		32,475
Air Products and Chemicals, Inc.		89		26,248
Ecolab, Inc.		101		25,605
Newmont Corp.		456		22,016
Freeport-McMoRan, Inc.		576		21,807
DuPont de Nemours, Inc.		167		12,472
Nucor Corp.		94		11,312
International Paper Co.		211		11,257
PPG Industries, Inc.		93		10,170
Dow, Inc.		282		9,847
International Flavors & Fragrances, Inc.		102		7,916
LyondellBasell Industries N.V. — Class A		104		7,322
Steel Dynamics, Inc.		57		7,130
CF Industries Holdings, Inc.		70		5,470
Eastman Chemical Co.		46		4,053
Mosaic Co.		127		3,430
Albemarle Corp.		47		3,385
Total Basic Materials				310,852
Total Common Stocks
(Cost $11,269,716)				19,043,710

	Face Amount
U.S. TREASURY BILLS^†† - 4.3%
U.S. Treasury Bills
4.20% due 06/12/25^2,3	$	650,000	644,553
4.08% due 04/08/25^3,4		475,000	474,608
Total U.S. Treasury Bills
(Cost $1,119,154)			1,119,161

REPURCHASE AGREEMENTS^††,5 - 21.9%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25²		3,187,508	3,187,508
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25²		2,442,868	2,442,868
Total Repurchase Agreements
(Cost $5,630,376)			5,630,376

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.0%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁷		5,285		5,285
Total Securities Lending Collateral
(Cost $5,285)				5,285
Total Investments - 100.3%
(Cost $18,024,531)			$	25,798,532
Other Assets & Liabilities, net - (0.3)%				(85,567	)
Total Net Assets - 100.0%			$	25,712,965

S&P 500^® 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

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		21	Jun 2025	$	5,939,063	$	(37,728	)

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

S&P 500 Index

Pay

5.24% (SOFR + 0.90%)

At Maturity

06/26/25

1,034

5,803,549

(76,060

)

BNP Paribas

S&P 500 Index

Pay

5.18% (Federal Funds Rate + 0.85%)

At Maturity

06/26/25

1,531

8,590,611

(153,615

)

Goldman Sachs International

S&P 500 Index

Pay

4.93% (Federal Funds Rate + 0.60%)

At Maturity

06/25/25

2,143

12,025,116

(353,135

)

26,419,276

(582,810

)

^*	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 March 31, 2025 — See Note 5.
²	All or a portion of this security is pledged as equity index swap collateral at March 31, 2025.
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 March 31, 2025.
⁵	Repurchase Agreements — See Note 4.
⁶	Securities lending collateral — See Note 5.
⁷	Rate indicated is the 7-day yield as of March 31, 2025.

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 March 31, 2025 (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	$	19,043,710	$	—	$	—	$	19,043,710
U.S. Treasury Bills		—		1,119,161		—		1,119,161
Repurchase Agreements		—		5,630,376		—		5,630,376
Securities Lending Collateral		5,285		—		—		5,285
Total Assets	$	19,048,995	$	6,749,537	$	—	$	25,798,532

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	37,728	$	—	$	—	$	37,728
Equity Index Swap Agreements**		—		582,810		—		582,810
Total Liabilities	$	37,728	$	582,810	$	—	$	620,538

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

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.5%
Consumer, Cyclical - 25.6%
Royal Caribbean Cruises Ltd.		2,579	$	529,830
Norwegian Cruise Line Holdings Ltd.^*		26,781		507,768
Carnival Corp.^*		24,940		487,078
TKO Group Holdings, Inc.		3,066		468,516
United Airlines Holdings, Inc.^*		6,705		462,980
Live Nation Entertainment, Inc.^*		3,530		460,947
Delta Air Lines, Inc.		8,626		376,094
Hilton Worldwide Holdings, Inc.		1,616		367,721
Tapestry, Inc.		4,959		349,163
Marriott International, Inc. — Class A		1,317		313,709
Wynn Resorts Ltd.		3,556		296,926
PulteGroup, Inc.		2,653		272,728
Ralph Lauren Corp. — Class A		1,230		271,510
Deckers Outdoor Corp.^*		2,134		238,603
Cummins, Inc.		719		225,364
Las Vegas Sands Corp.		5,575		215,362
Tesla, Inc.^*		789		204,477
WW Grainger, Inc.		176		173,858
Costco Wholesale Corp.		162		153,217
Chipotle Mexican Grill, Inc. — Class A^*		3,006		150,931
Williams-Sonoma, Inc.		793		125,373
Total Consumer, Cyclical				6,652,155
Technology - 15.9%
Fortinet, Inc.^*		5,094		490,349
Palantir Technologies, Inc. — Class A^*		5,499		464,116
NVIDIA Corp.		4,150		449,777
Crowdstrike Holdings, Inc. — Class A^*		1,078		380,081
Fair Isaac Corp.^*		175		322,728
Fiserv, Inc.^*		1,312		289,729
Broadcom, Inc.		1,697		284,129
Paycom Software, Inc.		1,188		259,554
Super Micro Computer, Inc.^*,1		7,493		256,560
ServiceNow, Inc.^*		305		242,823
International Business Machines Corp.		723		179,781
Tyler Technologies, Inc.^*		273		158,719
Oracle Corp.		1,033		144,424
Salesforce, Inc.		412		110,564
Dayforce, Inc.^*		1,846		107,677
Total Technology				4,141,011
Financial - 14.0%
Apollo Global Management, Inc.		3,104		425,062
Progressive Corp.		1,190		336,782
Arch Capital Group Ltd.		3,459		332,687
American Express Co.		1,234		332,008
Brown & Brown, Inc.		2,313		287,737
Erie Indemnity Co. — Class A		650		272,382
CBRE Group, Inc. — Class A^*		2,003		261,952
Ameriprise Financial, Inc.		541		261,903
Synchrony Financial		4,901		259,459
Discover Financial Services		1,415		241,540
Iron Mountain, Inc. REIT		2,681		230,673
Visa, Inc. — Class A		584		204,669
Mastercard, Inc. — Class A		347		190,198
Total Financial				3,637,052
Industrial - 13.3%
Howmet Aerospace, Inc.		3,494		453,277
Axon Enterprise, Inc.^*		851		447,584
Trane Technologies plc		865		291,436
Westinghouse Air Brake Technologies Corp.		1,340		243,009
TransDigm Group, Inc.		167		231,009
Caterpillar, Inc.		687		226,573
GE Vernova, Inc.		740		225,907
Hubbell, Inc.		580		191,928
Garmin Ltd.		836		181,521
Amphenol Corp. — Class A		2,713		177,945
Parker-Hannifin Corp.		291		176,884
Republic Services, Inc. — Class A		681		164,911
Ingersoll Rand, Inc.		1,999		159,980
Lennox International, Inc.		282		158,154
Eaton Corporation plc		474		128,847
Total Industrial				3,458,965
Communications - 12.7%
Booking Holdings, Inc.		90		414,622
Uber Technologies, Inc.^*		5,475		398,909
Arista Networks, Inc.^*		5,039		390,422
DoorDash, Inc. — Class A^*		2,003		366,088
Expedia Group, Inc.		2,011		338,049
GoDaddy, Inc. — Class A^*		1,843		331,998
Meta Platforms, Inc. — Class A		503		289,909
Netflix, Inc.^*		300		279,759
Palo Alto Networks, Inc.^*		1,056		180,196
Airbnb, Inc. — Class A^*		1,296		154,820
Motorola Solutions, Inc.		337		147,542
Total Communications				3,292,314
Consumer, Non-cyclical - 9.8%
Quanta Services, Inc.		1,434		364,494
United Rentals, Inc.		557		349,072
Corpay, Inc.^*		924		322,217
Insulet Corp.^*		1,154		303,052
Intuitive Surgical, Inc.^*		500		247,635
Boston Scientific Corp.^*		2,123		214,168
Cintas Corp.		1,014		208,408
DaVita, Inc.^*		1,336		204,368
ResMed, Inc.		830		185,796
Eli Lilly & Co.		172		142,056
Total Consumer, Non-cyclical				2,541,266
Energy - 4.3%
Texas Pacific Land Corp.		427		565,771
Hess Corp.		1,765		281,923
Targa Resources Corp.		1,375		275,646
Total Energy				1,123,340
Utilities - 3.9%
Vistra Corp.		4,104		481,974
NRG Energy, Inc.		3,560		339,838
Constellation Energy Corp.		953		192,153
Total Utilities				1,013,965
Total Common Stocks
(Cost $23,108,973)				25,860,068

S&P 500^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.9%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	128,390	$	128,390
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		98,397		98,397
Total Repurchase Agreements
(Cost $226,787)				226,787

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		197,995		197,995
Total Securities Lending Collateral
(Cost $197,995)				197,995
Total Investments - 101.2%
(Cost $23,533,755)			$	26,284,850
Other Assets & Liabilities, net - (1.2)%				(301,640	)
Total Net Assets - 100.0%			$	25,983,210

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	25,860,068	$	—	$	—	$	25,860,068
Repurchase Agreements		—		226,787		—		226,787
Securities Lending Collateral		197,995		—		—		197,995
Total Assets	$	26,058,063	$	226,787	$	—	$	26,284,850

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8%
Consumer, Non-cyclical - 32.5%
CVS Health Corp.		10,310	$	698,503
Centene Corp.^*		8,954		543,597
Archer-Daniels-Midland Co.		9,294		446,205
Bunge Global S.A.		5,743		438,880
Tyson Foods, Inc. — Class A		6,200		395,622
Kroger Co.		5,544		375,273
Humana, Inc.		1,400		370,440
Cigna Group		1,001		329,329
Cencora, Inc. — Class A		1,117		310,627
Cardinal Health, Inc.		2,237		308,191
McKesson Corp.		450		302,845
Kraft Heinz Co.		9,376		285,312
Molson Coors Beverage Co. — Class B		4,481		272,759
Elevance Health, Inc.		618		268,805
Molina Healthcare, Inc.^*		775		255,277
Viatris, Inc.		24,201		210,791
Conagra Brands, Inc.		5,927		158,073
Universal Health Services, Inc. — Class B		816		153,327
Sysco Corp.		1,921		144,152
J M Smucker Co.		1,113		131,790
Henry Schein, Inc.^*		1,668		114,241
Baxter International, Inc.		3,134		107,277
Biogen, Inc.^*		766		104,819
Global Payments, Inc.		1,005		98,410
Total Consumer, Non-cyclical				6,824,545
Financial - 17.9%
Citigroup, Inc.		4,382		311,078
American International Group, Inc.		3,310		287,771
Loews Corp.		2,873		264,057
Everest Group Ltd.		710		257,964
Prudential Financial, Inc.		2,175		242,904
Invesco Ltd.		15,942		241,840
Franklin Resources, Inc.		11,036		212,443
Citizens Financial Group, Inc.		4,404		180,432
MetLife, Inc.		1,936		155,442
State Street Corp.		1,475		132,057
Capital One Financial Corp.		728		130,530
Alexandria Real Estate Equities, Inc. REIT		1,391		128,681
Allstate Corp.		617		127,762
Assurant, Inc.		574		120,397
Travelers Companies, Inc.		407		107,635
VICI Properties, Inc. REIT		3,289		107,287
Chubb Ltd.		342		103,281
Principal Financial Group, Inc.		1,207		101,835
Truist Financial Corp.		2,440		100,406
Bank of America Corp.		2,372		98,984
M&T Bank Corp.		507		90,626
Huntington Bancshares, Inc.		5,563		83,501
KeyCorp		5,149		82,332
Regions Financial Corp.		3,778		82,096
Total Financial				3,751,341
Consumer, Cyclical - 17.2%
Ford Motor Co.		51,790		519,454
General Motors Co.		10,606		498,800
Walgreens Boots Alliance, Inc.^*		29,584		330,453
Dollar General Corp.		3,707		325,957
LKQ Corp.		5,712		242,988
Aptiv plc^*		3,995		237,702
CarMax, Inc.^*		3,033		236,331
Dollar Tree, Inc.^*		3,141		235,795
Southwest Airlines Co.		5,491		184,388
Best Buy Company, Inc.		2,282		167,978
Target Corp.		1,242		129,615
Genuine Parts Co.		953		113,541
MGM Resorts International^*		3,731		110,587
Caesars Entertainment, Inc.^*		4,272		106,800
Lennar Corp. — Class A		858		98,481
DR Horton, Inc.		596		75,770
Total Consumer, Cyclical				3,614,640
Energy - 9.6%
Valero Energy Corp.		2,991		395,021
Phillips 66		2,764		341,299
Marathon Petroleum Corp.		2,057		299,684
APA Corp.		8,786		184,682
Devon Energy Corp.		3,287		122,934
Exxon Mobil Corp.		959		114,054
Equities Corp.		2,071		110,654
Chevron Corp.		659		110,244
Occidental Petroleum Corp.		2,232		110,171
Diamondback Energy, Inc.		684		109,358
Coterra Energy, Inc. — Class A		3,606		104,213
Total Energy				2,002,314
Basic Materials - 6.1%
Mosaic Co.		15,682		423,571
LyondellBasell Industries N.V. — Class A		2,759		194,233
Dow, Inc.		4,966		173,413
Nucor Corp.		997		119,979
International Paper Co.		1,758		93,789
Eastman Chemical Co.		1,036		91,282
DuPont de Nemours, Inc.		1,158		86,479
Steel Dynamics, Inc.		683		85,430
Total Basic Materials				1,268,176
Communications - 5.8%
Paramount Global — Class B		34,203		409,068
Warner Bros Discovery, Inc.^*		27,798		298,273
AT&T, Inc.		5,727		161,960
Verizon Communications, Inc.		2,509		113,808
Comcast Corp. — Class A		2,882		106,346
Fox Corp. — Class A		1,467		83,032
Fox Corp. — Class B		874		46,068
Total Communications				1,218,555
Industrial - 5.2%
Mohawk Industries, Inc.^*		2,109		240,806
Huntington Ingalls Industries, Inc.		1,147		234,034
Stanley Black & Decker, Inc.		2,090		160,679
Jabil, Inc.		1,003		136,478
Smurfit WestRock plc		2,840		127,971
FedEx Corp.		441		107,507
Textron, Inc.		1,241		89,662
Total Industrial				1,097,137
Utilities - 4.0%
Exelon Corp.		3,586		165,243
AES Corp.		11,097		137,825
Evergy, Inc.		1,727		119,077

S&P 500^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.8% (continued)
Utilities - 4.0% (continued)
Consolidated Edison, Inc.		1,074	$	118,774
Pinnacle West Capital Corp.		1,170		111,442
Eversource Energy		1,514		94,034
PG&E Corp.		5,137		88,254
Total Utilities				834,649
Technology - 1.5%
Hewlett Packard Enterprise Co.		10,446		161,182
Intel Corp.^*		7,063		160,400
Total Technology				321,582
Total Common Stocks
(Cost $17,211,965)				20,932,939

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.4%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	48,190		48,190
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		36,933		36,933
Total Repurchase Agreements
(Cost $85,123)				85,123
Total Investments - 100.2%
(Cost $17,297,088)			$	21,018,062
Other Assets & Liabilities, net - (0.2)%				(39,489	)
Total Net Assets - 100.0%			$	20,978,573

^*	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 March 31, 2025 (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	$	20,932,939	$	—	$	—	$	20,932,939
Repurchase Agreements		—		85,123		—		85,123
Total Assets	$	20,932,939	$	85,123	$	—	$	21,018,062

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.4%
Consumer, Non-cyclical - 27.4%
Roivant Sciences Ltd.^*		19,329	$	195,030
Globus Medical, Inc. — Class A^*		2,372		173,631
Exelixis, Inc.^*		4,188		154,621
Masimo Corp.^*		910		151,606
Halozyme Therapeutics, Inc.^*		2,337		149,124
Shift4 Payments, Inc. — Class A^*,1		1,796		146,751
Pilgrim's Pride Corp.		2,536		138,237
Lantheus Holdings, Inc.^*		1,392		135,859
Sprouts Farmers Market, Inc.^*		811		123,791
RB Global, Inc.		1,222		122,567
Paylocity Holding Corp.^*		615		115,214
Medpace Holdings, Inc.^*		334		101,766
United Therapeutics Corp.^*		312		96,180
Sarepta Therapeutics, Inc.^*		1,428		91,135
H&R Block, Inc.		1,658		91,041
Coca-Cola Consolidated, Inc.		66		89,100
Valvoline, Inc.^*		2,489		86,642
Grand Canyon Education, Inc.^*		457		79,070
Neurocrine Biosciences, Inc.^*		697		77,088
HealthEquity, Inc.^*		665		58,766
Ensign Group, Inc.		425		54,995
elf Beauty, Inc.^*		642		40,311
Total Consumer, Non-cyclical				2,472,525
Industrial - 23.9%
Comfort Systems USA, Inc.		453		146,016
EMCOR Group, Inc.		369		136,393
AAON, Inc.		1,605		125,399
RBC Bearings, Inc.^*		363		116,803
Chart Industries, Inc.^*		765		110,435
MasTec, Inc.^*		907		105,856
Kirby Corp.^*		1,026		103,636
Eagle Materials, Inc.		441		97,871
Clean Harbors, Inc.^*		485		95,594
TopBuild Corp.^*		260		79,287
Esab Corp.		680		79,220
Curtiss-Wright Corp.		231		73,289
Acuity, Inc.		277		72,948
Applied Industrial Technologies, Inc.		323		72,785
Knife River Corp.^*		779		70,273
Woodward, Inc.		384		70,076
Mueller Industries, Inc.		815		62,054
BWX Technologies, Inc.		626		61,755
Fabrinet^*		303		59,846
Belden, Inc.		596		59,749
Owens Corning		411		58,699
nVent Electric plc		1,111		58,239
Tetra Tech, Inc.		1,889		55,253
Carlisle Companies, Inc.		149		50,734
Saia, Inc.^*		124		43,329
Louisiana-Pacific Corp.		458		42,127
Coherent Corp.^*		632		41,042
Total Industrial				2,148,708
Consumer, Cyclical - 15.1%
Planet Fitness, Inc. — Class A^*		1,430		138,152
Texas Roadhouse, Inc. — Class A		772		128,638
Hyatt Hotels Corp. — Class A		929		113,802
Alaska Air Group, Inc.^*		2,295		112,960
American Airlines Group, Inc.^*		9,743		102,789
Hilton Grand Vacations, Inc.^*		2,739		102,466
Murphy USA, Inc.		214		100,539
Toll Brothers, Inc.		903		95,348
Travel + Leisure Co.		1,945		90,034
Wingstop, Inc.		393		88,653
Abercrombie & Fitch Co. — Class A^*		1,140		87,062
Crocs, Inc.^*		708		75,190
Churchill Downs, Inc.		663		73,639
Choice Hotels International, Inc.		382		50,722
Total Consumer, Cyclical				1,359,994
Financial - 11.6%
RenaissanceRe Holdings Ltd.		630		151,200
Kinsale Capital Group, Inc.		284		138,226
Hamilton Lane, Inc. — Class A		905		134,546
Interactive Brokers Group, Inc. — Class A		802		132,803
Ryan Specialty Holdings, Inc.		1,565		115,607
Western Alliance Bancorporation		1,288		98,957
East West Bancorp, Inc.		1,053		94,517
SLM Corp.		2,369		69,578
Equitable Holdings, Inc.		1,305		67,977
Houlihan Lokey, Inc.		286		46,189
Total Financial				1,049,600
Technology - 8.8%
Guidewire Software, Inc.^*		687		128,716
ExlService Holdings, Inc.^*		2,720		128,411
Appfolio, Inc. — Class A^*		483		106,212
CommVault Systems, Inc.^*		623		98,284
DocuSign, Inc.^*		1,202		97,843
Doximity, Inc. — Class A^*		1,397		81,068
Parsons Corp.^*		1,168		69,158
Dynatrace, Inc.^*		1,043		49,177
Manhattan Associates, Inc.^*		218		37,723
Total Technology				796,592
Energy - 6.3%
Valaris Ltd.^*		4,553		178,751
Permian Resources Corp.		8,579		118,819
Viper Energy, Inc.		2,328		105,109
CNX Resources Corp.^*		2,822		88,837
DT Midstream, Inc.		752		72,553
Total Energy				564,069
Basic Materials - 3.3%
Carpenter Technology Corp.		1,068		193,500
ATI, Inc.^*		2,026		105,413
Total Basic Materials				298,913
Communications - 3.0%
Hims & Hers Health, Inc.^*		5,728		169,262
Chewy, Inc. — Class A^*		3,001		97,563
Total Communications				266,825
Total Common Stocks
(Cost $8,622,079)				8,957,226

S&P MidCap 400^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.9%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	45,494	$	45,494
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		34,866		34,866
Total Repurchase Agreements
(Cost $80,360)				80,360

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.3%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		115,305		115,305
Total Securities Lending Collateral
(Cost $115,305)				115,305
Total Investments - 101.6%
(Cost $8,817,744)			$	9,152,891
Other Assets & Liabilities, net - (1.6)%				(146,954	)
Total Net Assets - 100.0%			$	9,005,937

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	8,957,226	$	—	$	—	$	8,957,226
Repurchase Agreements		—		80,360		—		80,360
Securities Lending Collateral		115,305		—		—		115,305
Total Assets	$	9,072,531	$	80,360	$	—	$	9,152,891

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6%
Consumer, Cyclical - 25.9%
Goodyear Tire & Rubber Co.^*		23,737	$	219,330
Lear Corp.		1,993		175,822
Macy's, Inc.		12,396		155,694
Nordstrom, Inc.		5,545		135,575
Lithia Motors, Inc. — Class A		454		133,267
AutoNation, Inc.^*		781		126,459
Penske Automotive Group, Inc.		818		117,776
Whirlpool Corp.		1,181		106,444
WESCO International, Inc.		500		77,650
Thor Industries, Inc.		942		71,413
Harley-Davidson, Inc.		2,754		69,538
Taylor Morrison Home Corp. — Class A^*		1,075		64,543
PVH Corp.		988		63,864
Capri Holdings Ltd.^*		3,016		59,506
Visteon Corp.^*		722		56,042
Gap, Inc.		2,472		50,948
Polaris, Inc.		1,190		48,719
Marriott Vacations Worldwide Corp.		614		39,443
Aramark		1,120		38,663
Under Armour, Inc. — Class A^*		2,705		16,906
Under Armour, Inc. — Class C^*		1,882		11,198
Total Consumer, Cyclical				1,838,800
Industrial - 15.2%
Avnet, Inc.		4,080		196,207
Arrow Electronics, Inc.^*		1,694		175,888
TD SYNNEX Corp.		1,558		161,970
AGCO Corp.		803		74,334
Greif, Inc. — Class A		1,320		72,587
Oshkosh Corp.		714		67,173
CNH Industrial N.V.		5,162		63,389
Berry Global Group, Inc.		868		60,595
Terex Corp.		1,381		52,174
Sonoco Products Co.		1,052		49,697
Flex Ltd.^*		1,374		45,452
Knight-Swift Transportation Holdings, Inc.		865		37,619
Fluor Corp.^*		748		26,793
Total Industrial				1,083,878
Financial - 14.8%
Brighthouse Financial, Inc.^*		2,399		139,118
Reinsurance Group of America, Inc. — Class A		440		86,636
Unum Group		936		76,246
Valley National Bancorp		8,333		74,080
Ally Financial, Inc.		2,019		73,633
CNO Financial Group, Inc.		1,606		66,890
Associated Banc-Corp.		2,425		54,635
Old Republic International Corp.		1,367		53,614
Kemper Corp.		793		53,012
Kilroy Realty Corp. REIT		1,614		52,875
Essent Group Ltd.		863		49,812
FNB Corp.		3,667		49,321
First American Financial Corp.		737		48,369
Bank OZK		1,099		47,752
Hanover Insurance Group, Inc.		267		46,445
Starwood Property Trust, Inc. REIT		2,087		41,260
Prosperity Bancshares, Inc.		521		37,184
Total Financial				1,050,882
Consumer, Non-cyclical - 14.2%
ManpowerGroup, Inc.		2,844		164,611
Albertsons Companies, Inc. — Class A		5,595		123,034
Perrigo Company plc		4,220		118,329
Performance Food Group Co.^*		1,436		112,913
Graham Holdings Co. — Class B		112		107,616
Avis Budget Group, Inc.^*		1,003		76,128
US Foods Holding Corp.^*		1,117		73,119
Insperity, Inc.		622		55,501
Acadia Healthcare Company, Inc.^*		1,780		53,970
Darling Ingredients, Inc.^*		1,555		48,578
GXO Logistics, Inc.^*		1,131		44,199
Coty, Inc. — Class A^*		6,422		35,128
Total Consumer, Non-cyclical				1,013,126
Energy - 11.9%
HF Sinclair Corp.		6,168		202,804
PBF Energy, Inc. — Class A		7,888		150,582
NOV, Inc.		8,443		128,503
Civitas Resources, Inc.		2,890		100,832
Chord Energy Corp.		848		95,586
Murphy Oil Corp.		3,113		88,409
Ovintiv, Inc.		1,866		79,865
Total Energy				846,581
Basic Materials - 6.6%
United States Steel Corp.		4,936		208,595
Cleveland-Cliffs, Inc.^*		18,437		151,552
Commercial Metals Co.		991		45,596
Ashland, Inc.		643		38,124
Olin Corp.		1,113		26,979
Total Basic Materials				470,846
Technology - 6.5%
Concentrix Corp.		5,911		328,888
BILL Holdings, Inc.^*		1,191		54,655
Maximus, Inc.		569		38,800
Amkor Technology, Inc.		2,105		38,016
Total Technology				460,359
Utilities - 4.5%
UGI Corp.		2,276		75,267
Northwestern Energy Group, Inc.		953		55,150
Spire, Inc.		648		50,706
Portland General Electric Co.		1,110		49,506
Southwest Gas Holdings, Inc.		627		45,019
Black Hills Corp.		678		41,120
Total Utilities				316,768
Total Common Stocks
(Cost $6,200,318)				7,081,240

S&P MidCap 400^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
REPURCHASE AGREEMENTS^††,1 - 0.6%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	24,955	$	24,955
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		19,126		19,126
Total Repurchase Agreements
(Cost $44,081)				44,081
Total Investments - 100.2%
(Cost $6,244,399)			$	7,125,321
Other Assets & Liabilities, net - (0.2)%				(17,559	)
Total Net Assets - 100.0%			$	7,107,762

^*	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 March 31, 2025 (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	$	7,081,240	$	—	$	—	$	7,081,240
Repurchase Agreements		—		44,081		—		44,081
Total Assets	$	7,081,240	$	44,081	$	—	$	7,125,321

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.7%
Consumer, Non-cyclical - 30.2%
Corcept Therapeutics, Inc.^*		1,533	$	175,099
TG Therapeutics, Inc.^*		3,060		120,656
Protagonist Therapeutics, Inc.^*		2,445		118,240
ADMA Biologics, Inc.^*		4,834		95,907
Krystal Biotech, Inc.^*		498		89,789
Chefs' Warehouse, Inc.^*		1,609		87,626
Adtalem Global Education, Inc.^*		841		84,638
Catalyst Pharmaceuticals, Inc.^*		3,306		80,171
Cal-Maine Foods, Inc.		868		78,901
UFP Technologies, Inc.^*		300		60,513
Harmony Biosciences Holdings, Inc.^*		1,591		52,805
ICU Medical, Inc.^*		371		51,517
TransMedics Group, Inc.^*		741		49,854
Stride, Inc.^*		394		49,841
CorVel Corp.^*		425		47,587
Inspire Medical Systems, Inc.^*		298		47,465
Collegium Pharmaceutical, Inc.^*		1,562		46,626
Astrana Health, Inc.^*		1,379		42,763
LeMaitre Vascular, Inc.		495		41,531
Phibro Animal Health Corp. — Class A		1,790		38,234
BioLife Solutions, Inc.^*		1,563		35,699
Verra Mobility Corp.^*		1,527		34,373
Integer Holdings Corp.^*		276		32,571
GEO Group, Inc.^*		1,058		30,904
ANI Pharmaceuticals, Inc.^*		461		30,864
Vericel Corp.^*		677		30,208
PROG Holdings, Inc.		1,014		26,972
Artivion, Inc.^*		1,050		25,809
Glaukos Corp.^*		256		25,196
Inter Parfums, Inc.		174		19,814
Arcus Biosciences, Inc.^*		2,494		19,578
RadNet, Inc.^*		378		18,794
Payoneer Global, Inc.^*		2,370		17,325
Ligand Pharmaceuticals, Inc.^*,†††		169		–
Ligand Pharmaceuticals, Inc.^*,†††		169		–
Total Consumer, Non-cyclical				1,807,870
Financial - 20.5%
Palomar Holdings, Inc.^*		815		111,720
Axos Financial, Inc.^*		1,086		70,069
Acadian Asset Management, Inc.		2,586		66,874
HCI Group, Inc.		439		65,512
Enova International, Inc.^*		668		64,502
Pathward Financial, Inc.		830		60,548
Trupanion, Inc.^*		1,485		55,346
DiamondRock Hospitality Co. REIT		6,354		49,053
Bancorp, Inc.^*		919		48,560
Goosehead Insurance, Inc. — Class A		404		47,696
MARA Holdings, Inc.^*		4,047		46,540
Mercury General Corp.		775		43,323
Preferred Bank/Los Angeles CA		500		41,830
Xenia Hotels & Resorts, Inc. REIT		3,545		41,689
PJT Partners, Inc. — Class A		299		41,226
Ryman Hospitality Properties, Inc. REIT		448		40,965
Sunstone Hotel Investors, Inc. REIT		4,343		40,868
WisdomTree, Inc.		4,416		39,391
NMI Holdings, Inc. — Class A^*		889		32,049
Cleanspark, Inc.^*		4,565		30,677
ServisFirst Bancshares, Inc.		352		29,075
Virtu Financial, Inc. — Class A		745		28,399
Essential Properties Realty Trust, Inc. REIT		819		26,732
NexPoint Residential Trust, Inc. REIT		573		22,651
Outfront Media, Inc. REIT		1,385		22,354
Curbline Properties Corp. REIT		891		21,553
City Holding Co.		164		19,265
BancFirst Corp.		165		18,129
Total Financial				1,226,596
Industrial - 18.2%
DXP Enterprises, Inc.^*		1,143		94,023
AZZ, Inc.		940		78,593
Greenbrier Companies, Inc.		1,314		67,303
Powell Industries, Inc.		352		59,956
Trinity Industries, Inc.		1,964		55,110
Cactus, Inc. — Class A		1,163		53,300
SPX Technologies, Inc.^*		411		52,929
Armstrong World Industries, Inc.		355		50,012
Dycom Industries, Inc.^*		328		49,968
CSW Industrials, Inc.		164		47,809
Zurn Elkay Water Solutions Corp.		1,447		47,722
Griffon Corp.		522		37,323
Granite Construction, Inc.		491		37,021
Badger Meter, Inc.		191		36,338
Enerpac Tool Group Corp.		752		33,735
ESCO Technologies, Inc.		211		33,574
Mueller Water Products, Inc. — Class A		1,318		33,504
OSI Systems, Inc.^*		168		32,649
Itron, Inc.^*		293		30,695
Kadant, Inc.		89		29,985
Apogee Enterprises, Inc.		586		27,149
AeroVironment, Inc.^*		227		27,056
Federal Signal Corp.		354		26,037
Frontdoor, Inc.^*		608		23,359
Moog, Inc. — Class A		133		23,056
Total Industrial				1,088,206
Consumer, Cyclical - 16.8%
Cinemark Holdings, Inc.		3,256		81,042
Freshpet, Inc.^*		796		66,203
Cavco Industries, Inc.^*		124		64,434
Brinker International, Inc.^*		410		61,110
Dorman Products, Inc.^*		501		60,391
SkyWest, Inc.^*		678		59,237
OPENLANE, Inc.^*		2,893		55,777
Green Brick Partners, Inc.^*		949		55,336
Pursuit Attractions and Hospitality, Inc.^*		1,524		53,934
Madison Square Garden Sports Corp. — Class A^*		255		49,654
Sabre Corp.^*		17,657		49,616

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.7% (continued)
Consumer, Cyclical - 16.8% (continued)
Shake Shack, Inc. — Class A^*		546	$	48,141
Dream Finders Homes, Inc. — Class A^*		2,000		45,120
Six Flags Entertainment Corp.^*		1,131		40,343
Boot Barn Holdings, Inc.^*		371		39,857
Installed Building Products, Inc.		223		38,236
Interface, Inc. — Class A		1,617		32,081
Champion Homes, Inc.^*		293		27,765
Monarch Casino & Resort, Inc.		302		23,480
Dave & Buster's Entertainment, Inc.^*		1,328		23,333
Kontoor Brands, Inc.		247		15,840
XPEL, Inc.^*		487		14,308
Total Consumer, Cyclical				1,005,238
Energy - 4.5%
Atlas Energy Solutions, Inc.¹		2,727		48,650
Archrock, Inc.		1,694		44,450
Core Natural Resources, Inc.		522		40,246
Warrior Met Coal, Inc.		826		39,417
Northern Oil & Gas, Inc.		1,247		37,697
Tidewater, Inc.^*		793		33,520
Oceaneering International, Inc.^*		1,147		25,016
Total Energy				268,996
Technology - 4.1%
ACI Worldwide, Inc.^*		1,016		55,585
Clear Secure, Inc. — Class A		1,888		48,918
Impinj, Inc.^*		480		43,536
DigitalOcean Holdings, Inc.^*		821		27,413
Agilysys, Inc.^*		334		24,228
Box, Inc. — Class A^*		710		21,911
SPS Commerce, Inc.^*		112		14,866
Semtech Corp.^*		377		12,969
Total Technology				249,426
Communications - 3.2%
InterDigital, Inc.		488		100,894
QuinStreet, Inc.^*		2,024		36,108
Cogent Communications Holdings, Inc.		459		28,142
Cargurus, Inc.^*		856		24,935
Total Communications				190,079
Basic Materials - 2.2%
Century Aluminum Co.^*		2,515		46,678
Hawkins, Inc.		418		44,275
Sylvamo Corp.		593		39,772
Total Basic Materials				130,725
Total Common Stocks
(Cost $5,266,794)				5,967,136

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	20,725		20,725
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		15,883		15,883
Total Repurchase Agreements
(Cost $36,608)				36,608

SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		37,321		37,321
Total Securities Lending Collateral
(Cost $37,321)				37,321
Total Investments - 100.9%
(Cost $5,340,723)			$	6,041,065
Other Assets & Liabilities, net - (0.9)%				(53,544	)
Total Net Assets - 100.0%			$	5,987,521

^*	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 March 31, 2025 — 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 March 31, 2025.

REIT — Real Estate Investment Trust

See Sector Classification in Other Information section.

S&P SmallCap 600^® Pure Growth Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (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	$	5,967,136	$	—		$ — *	$	5,967,136
Repurchase Agreements		—		36,608		—		36,608
Securities Lending Collateral		37,321		—		—		37,321
Total Assets	$	6,004,457	$	36,608	$	—	$	6,041,065

*	Security has a market value of $0.

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.4%
Consumer, Cyclical - 27.7%
Titan International, Inc.^*		16,098	$	135,062
Dana, Inc.		9,212		122,796
Topgolf Callaway Brands Corp.^*		16,673		109,875
Advance Auto Parts, Inc.		2,749		107,788
MarineMax, Inc.^*		4,621		99,351
Adient plc^*		7,412		95,318
G-III Apparel Group Ltd.^*		3,166		86,590
Kohl's Corp.¹		10,569		86,454
Asbury Automotive Group, Inc.^*		384		84,803
BorgWarner, Inc.		2,842		81,423
National Vision Holdings, Inc.^*		6,371		81,421
Foot Locker, Inc.^*		5,625		79,312
Sonic Automotive, Inc. — Class A		1,207		68,751
JetBlue Airways Corp.^*		14,110		68,010
ODP Corp.^*		4,478		64,170
Guess?, Inc.		5,724		63,365
American Axle & Manufacturing Holdings, Inc.^*		15,385		62,617
Standard Motor Products, Inc.		2,293		57,165
ScanSource, Inc.^*		1,652		56,185
Caleres, Inc.		2,972		51,208
Penn Entertainment, Inc.^*		3,139		51,197
MillerKnoll, Inc.		2,603		49,821
Century Communities, Inc.		733		49,184
Cracker Barrel Old Country Store, Inc.		1,225		47,554
Sally Beauty Holdings, Inc.^*		5,134		46,360
Allegiant Travel Co. — Class A^*		701		36,207
Academy Sports & Outdoors, Inc.		768		35,028
Sun Country Airlines Holdings, Inc.^*		2,681		33,030
Resideo Technologies, Inc.^*		1,830		32,391
Winnebago Industries, Inc.		934		32,185
Bloomin' Brands, Inc.		4,456		31,950
PriceSmart, Inc.		348		30,572
Newell Brands, Inc.		4,533		28,105
Fox Factory Holding Corp.^*		1,116		26,048
Shoe Carnival, Inc.		1,104		24,277
Meritage Homes Corp.		302		21,406
LGI Homes, Inc.^*		276		18,346
Signet Jewelers Ltd.		315		18,289
Total Consumer, Cyclical				2,273,614
Financial - 22.5%
Lincoln National Corp.		3,618		129,922
ProAssurance Corp.^*		5,520		128,892
Genworth Financial, Inc. — Class A^*		16,155		114,539
EZCORP, Inc. — Class A^*		7,067		104,026
Millrose Properties, Inc. — Class A REIT^*		3,910		103,654
PRA Group, Inc.^*		4,133		85,222
United Fire Group, Inc.		2,322		68,406
PennyMac Mortgage Investment Trust REIT		3,984		58,366
Air Lease Corp. — Class A		1,192		57,585
SiriusPoint Ltd.^*		3,262		56,400
SITE Centers Corp. REIT		4,241		54,455
Navient Corp.		4,239		53,539
New York Mortgage Trust, Inc. REIT		7,785		50,525
Safehold, Inc. REIT		2,658		49,758
Global Net Lease, Inc. REIT		5,697		45,804
Cushman & Wakefield plc^*		4,472		45,704
Jackson Financial, Inc. — Class A		495		41,471
JBG SMITH Properties REIT		2,375		38,261
Bread Financial Holdings, Inc.		761		38,111
Hope Bancorp, Inc.		3,604		37,734
ARMOUR Residential REIT, Inc.		2,153		36,816
Redwood Trust, Inc. REIT		6,020		36,541
Ellington Financial, Inc. REIT		2,753		36,505
Apollo Commercial Real Estate Finance, Inc. REIT		3,744		35,830
Hilltop Holdings, Inc.		1,165		35,474
Renasant Corp.		935		31,725
Eagle Bancorp, Inc.		1,489		31,269
Franklin BSP Realty Trust, Inc. REIT		2,377		30,283
KKR Real Estate Finance Trust, Inc. REIT		2,723		29,408
Capitol Federal Financial, Inc.		5,041		28,230
Horace Mann Educators Corp.		659		28,159
Brookline Bancorp, Inc.		2,489		27,130
Stewart Information Services Corp.		377		26,899
Simmons First National Corp. — Class A		1,291		26,504
Ready Capital Corp. REIT¹		4,922		25,053
Encore Capital Group, Inc.^*		581		19,917
Total Financial				1,848,117
Consumer, Non-cyclical - 21.6%
SpartanNash Co.		7,293		147,756
B&G Foods, Inc.¹		18,991		130,468
United Natural Foods, Inc.^*		4,324		118,434
Fresh Del Monte Produce, Inc.		3,649		112,499
AdaptHealth Corp.^*		9,853		106,806
AMN Healthcare Services, Inc.^*		4,293		105,007
Andersons, Inc.		2,399		102,989
Universal Corp.		1,559		87,382
Patterson Companies, Inc.		2,764		86,347
Select Medical Holdings Corp.		4,512		75,350
Owens & Minor, Inc.^*		7,119		64,285
Avanos Medical, Inc.^*		3,676		52,677
Enovis Corp.^*		1,352		51,660
TreeHouse Foods, Inc.^*		1,893		51,281
ABM Industries, Inc.		999		47,312
Edgewell Personal Care Co.		1,387		43,288
Grocery Outlet Holding Corp.^*		2,824		39,480
Helen of Troy Ltd.^*		720		38,513
Deluxe Corp.		2,428		38,387
Healthcare Services Group, Inc.^*		3,550		35,784
Pacira BioSciences, Inc.^*		1,367		33,970
Central Garden & Pet Co. — Class A^*		960		31,421
Upbound Group, Inc.		1,256		30,094
Neogen Corp.^*		3,033		26,296
USANA Health Sciences, Inc.^*		941		25,379
Monro, Inc.		1,659		24,006

S&P SmallCap 600^® Pure Value Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.4% (continued)
Consumer, Non-cyclical - 21.6% (continued)
Matthews International Corp. — Class A		1,064	$	23,663
MGP Ingredients, Inc.		731		21,477
Fortrea Holdings, Inc.^*		2,108		15,916
Central Garden & Pet Co.^*		176		6,452
Total Consumer, Non-cyclical				1,774,379
Energy - 9.5%
Par Pacific Holdings, Inc.^*		8,850		126,201
Innovex International, Inc.^*		4,846		87,034
Talos Energy, Inc.^*		7,756		75,388
Vital Energy, Inc.^*		3,358		71,257
CVR Energy, Inc.^*		3,574		69,336
Crescent Energy Co. — Class A		5,791		65,091
Patterson-UTI Energy, Inc.		7,261		59,685
Peabody Energy Corp.		3,921		53,130
SunCoke Energy, Inc.		4,407		40,544
ProPetro Holding Corp.^*		5,390		39,617
Bristow Group, Inc.^*		1,214		38,338
Sunrun, Inc.^*		5,267		30,864
REX American Resources Corp.^*		638		23,970
Total Energy				780,455
Industrial - 6.7%
World Kinect Corp.		4,949		140,354
Enviri Corp.^*		12,674		84,282
O-I Glass, Inc.^*		7,004		80,336
Metallus, Inc.^*		4,256		56,860
Astec Industries, Inc.		1,026		35,346
Vishay Intertechnology, Inc.		2,206		35,075
Dorian LPG Ltd.		1,464		32,706
Heartland Express, Inc.		2,630		24,248
American Woodmark Corp.^*		395		23,238
Masterbrand, Inc.^*		1,596		20,844
ArcBest Corp.		278		19,621
Total Industrial				552,910
Communications - 5.1%
Viasat, Inc.^*		12,852		133,918
Scholastic Corp.		4,221		79,692
IAC, Inc.^*		1,602		73,596
Telephone & Data Systems, Inc.		1,329		51,485
TEGNA, Inc.		2,294		41,797
Shenandoah Telecommunications Co.		3,263		41,016
Total Communications				421,504
Basic Materials - 3.9%
Celanese Corp. — Class A		1,347		76,469
Koppers Holdings, Inc.		2,527		70,756
AdvanSix, Inc.		2,182		49,422
Kaiser Aluminum Corp.		719		43,586
FMC Corp.		751		31,685
Chemours Co.		1,802		24,381
Stepan Co.		434		23,888
Total Basic Materials				320,187
Technology - 2.0%
DXC Technology Co.^*		4,575		78,004
Corsair Gaming, Inc.^*		5,743		50,883
Insight Enterprises, Inc.^*		163		24,448
Xerox Holdings Corp.¹		3,526		17,031
Total Technology				170,366
Utilities - 0.4%
MDU Resources Group, Inc.		1,823		30,827
Total Common Stocks
(Cost $8,218,573)				8,172,359

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	27,592	27,592
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		21,147	21,147
Total Repurchase Agreements
(Cost $48,739)			48,739

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.5%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		202,312		202,312
Total Securities Lending Collateral
(Cost $202,312)				202,312
Total Investments - 102.5%
(Cost $8,469,624)			$	8,423,410
Other Assets & Liabilities, net - (2.5)%				(208,376	)
Total Net Assets - 100.0%			$	8,215,034

^*	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 March 31, 2025 — 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 March 31, 2025.

	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)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (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	$	8,172,359	$	—	$	—	$	8,172,359
Repurchase Agreements		—		48,739		—		48,739
Securities Lending Collateral		202,312		—		—		202,312
Total Assets	$	8,374,671	$	48,739	$	—	$	8,423,410

Strengthening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 25.9%
Federal Home Loan Bank
4.22% due 04/07/25¹	$	150,000	$	149,894
4.24% due 04/25/25¹		100,000		99,717
Freddie Mac
4.20% due 04/03/25¹		100,000		99,977
4.22% due 04/07/25¹		90,000		89,937
Total Federal Agency Discount Notes
(Cost $439,525)				439,525

U.S. TREASURY BILLS^†† - 10.2%
U.S. Treasury Bills
4.22% due 04/01/25¹		100,000		100,000
4.08% due 04/08/25^1,2		72,000		71,941
Total U.S. Treasury Bills
(Cost $171,941)				171,941

FEDERAL AGENCY NOTES^†† - 8.0%
Federal Farm Credit Bank
4.32% due 02/27/26		136,000		135,877
Total Federal Agency Notes
(Cost $135,994)				135,877

REPURCHASE AGREEMENTS^††,3 - 57.1%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25⁴		547,367		547,367
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25⁴		419,496		419,496
Total Repurchase Agreements
(Cost $966,863)				966,863
Total Investments - 101.2%
(Cost $1,714,323)			$	1,714,206
Other Assets & Liabilities, net - (1.2)%				(20,270	)
Total Net Assets - 100.0%			$	1,693,936

Futures Contracts

Description

Number of
Contracts

Expiration Date

Notional Amount

Value and
Unrealized
Appreciation^**

Currency Futures Contracts Purchased^†

U.S. Dollar Index Futures Contracts

Jun 2025

2,493,000

22,910

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

06/20/25

8,734

906,794

6,995

^**	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	Rate indicated is the effective yield at the time of purchase.
²	All or a portion of this security is pledged as futures collateral at March 31, 2025.
³	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as currency index swap collateral at March 31, 2025.

See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (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
Federal Agency Discount Notes	$	—	$	439,525	$	—	$	439,525
U.S. Treasury Bills		—		171,941		—		171,941
Federal Agency Notes		—		135,877		—		135,877
Repurchase Agreements		—		966,863		—		966,863
Currency Futures Contracts**		22,910		—		—		22,910
Currency Index Swap Agreements**		—		6,995		—		6,995
Total Assets	$	22,910	$	1,721,201	$	—	$	1,744,111

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

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6%
Software - 32.3%
Microsoft Corp.		2,414	$	906,191
Salesforce, Inc.		1,027		275,606
Palantir Technologies, Inc. — Class A^*		3,163		266,957
Oracle Corp.		1,840		257,250
Adobe, Inc.^*		618		237,022
Intuit, Inc.		380		233,316
ServiceNow, Inc.^*		278		221,327
MicroStrategy, Inc. — Class A^*		540		155,666
AppLovin Corp. — Class A^*		554		146,793
Cadence Design Systems, Inc.^*		573		145,731
Roper Technologies, Inc.		236		139,141
Synopsys, Inc.^*		321		137,661
Workday, Inc. — Class A^*		573		133,813
Autodesk, Inc.^*		511		133,780
Atlassian Corp. — Class A^*		568		120,535
Snowflake, Inc. — Class A^*		761		111,228
Electronic Arts, Inc.		747		107,956
ROBLOX Corp. — Class A^*		1,817		105,913
Cloudflare, Inc. — Class A^*		918		103,449
Take-Two Interactive Software, Inc.^*		499		103,418
Datadog, Inc. — Class A^*		980		97,226
NetEase, Inc. ADR		944		97,156
ANSYS, Inc.^*		283		89,586
Zoom Communications, Inc. — Class A^*		1,075		79,303
Samsara, Inc. — Class A^*		1,995		76,468
HubSpot, Inc.^*		131		74,839
Nutanix, Inc. — Class A^*		1,063		74,208
DocuSign, Inc.^*		899		73,179
PTC, Inc.^*		466		72,207
Guidewire Software, Inc.^*		371		69,511
Monday.com Ltd.^*		273		66,383
Twilio, Inc. — Class A^*		666		65,208
Dynatrace, Inc.^*		1,353		63,794
MongoDB, Inc.^*		357		62,618
Akamai Technologies, Inc.^*		737		59,328
Manhattan Associates, Inc.^*		331		57,276
Dropbox, Inc. — Class A^*		1,824		48,719
Gitlab, Inc. — Class A^*		963		45,261
Confluent, Inc. — Class A^*		1,841		43,153
Unity Software, Inc.^*		2,081		40,767
IonQ, Inc.^*,1		1,700		37,519
SoundHound AI, Inc. — Class A^*,1		3,647		29,614
ZoomInfo Technologies, Inc. — Class A^*		2,940		29,400
Total Software				5,495,476
Semiconductors - 25.7%
NVIDIA Corp.		7,728		837,561
Broadcom, Inc.		2,668		446,703
Advanced Micro Devices, Inc.^*		2,223		228,391
Texas Instruments, Inc.		1,246		223,906
QUALCOMM, Inc.		1,453		223,195
Applied Materials, Inc.		1,253		181,835
Analog Devices, Inc.		842		169,806
Lam Research Corp.		2,250		163,575
KLA Corp.		238		161,793
Micron Technology, Inc.		1,833		159,269
Intel Corp.^*		6,529		148,274
Taiwan Semiconductor Manufacturing Company Ltd. ADR		816		135,456
NXP Semiconductor N.V.		697		132,472
ASML Holding N.V. — Class G		190		125,900
Marvell Technology, Inc.		1,941		119,507
ARM Holdings plc ADR^*,1		1,032		110,207
STMicroelectronics N.V. — Class Y		4,032		88,543
Microchip Technology, Inc.		1,707		82,636
ON Semiconductor Corp.^*		1,705		69,377
Monolithic Power Systems, Inc.		116		67,278
Teradyne, Inc.		747		61,702
Entegris, Inc.		678		59,312
Skyworks Solutions, Inc.		837		54,095
Astera Labs, Inc.^*		766		45,707
Qorvo, Inc.^*		630		45,618
Lattice Semiconductor Corp.^*		825		43,271
MKS Instruments, Inc.		497		39,835
Rambus, Inc.^*		766		39,660
Cirrus Logic, Inc.^*		390		38,866
GLOBALFOUNDRIES, Inc.^*		918		33,883
Impinj, Inc.^*		219		19,863
Axcelis Technologies, Inc.^*		399		19,818
Total Semiconductors				4,377,314
Computers - 17.2%
Apple, Inc.		4,536		1,007,582
International Business Machines Corp.		1,058		263,082
Crowdstrike Holdings, Inc. — Class A^*		461		162,539
Fortinet, Inc.^*		1,434		138,037
Dell Technologies, Inc. — Class C		1,391		126,790
Accenture plc — Class A		352		109,838
Check Point Software Technologies Ltd.^*		466		106,211
Cognizant Technology Solutions Corp. — Class A		1,365		104,422
Infosys Ltd. ADR		5,437		99,225
Hewlett Packard Enterprise Co.		5,097		78,647
Zscaler, Inc.^*		395		78,376
CyberArk Software Ltd.^*		226		76,388
Okta, Inc.^*		692		72,812
Seagate Technology Holdings plc		854		72,547
NetApp, Inc.		813		71,414
HP, Inc.		2,363		65,431
Super Micro Computer, Inc.^*,1		1,843		63,104
Western Digital Corp.^*		1,560		63,071
Pure Storage, Inc. — Class A^*		1,384		61,270
Lumentum Holdings, Inc.^*		585		36,469
Varonis Systems, Inc.^*		899		36,365
Sandisk Corp.^*		737		35,089
Total Computers				2,928,709
Internet - 14.8%
Alphabet, Inc. — Class A		4,752		734,849
Meta Platforms, Inc. — Class A		1,139		656,474
Palo Alto Networks, Inc.^*		1,056		180,196
Shopify, Inc. — Class A^*		1,194		114,003
Sea Ltd. ADR^*		804		104,914

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.6% (continued)
Internet - 14.8% (continued)
Baidu, Inc. ADR^*		1,075	$	98,932
GoDaddy, Inc. — Class A^*		485		87,368
VeriSign, Inc.^*		319		80,985
CDW Corp.		485		77,726
Pinterest, Inc. — Class A^*		2,480		76,880
F5, Inc.^*		257		68,431
Reddit, Inc. — Class A^*		642		67,346
Gen Digital, Inc.		2,449		64,997
Snap, Inc. — Class A^*		6,765		58,923
Match Group, Inc.		1,572		49,046
Total Internet				2,521,070
Telecommunications - 4.3%
Cisco Systems, Inc.		4,248		262,144
Motorola Solutions, Inc.		345		151,045
Arista Networks, Inc.^*		1,910		147,987
Corning, Inc.		2,254		103,188
Credo Technology Group Holding Ltd.^*		1,008		40,481
InterDigital, Inc.		124		25,637
Total Telecommunications				730,482
Electronics - 3.5%
Amphenol Corp. — Class A		2,414		158,334
TE Connectivity plc		685		96,804
Keysight Technologies, Inc.^*		587		87,915
Trimble, Inc.^*		1,037		68,079
Jabil, Inc.		483		65,722
Flex Ltd.^*		1,810		59,875
Coherent Corp.^*		870		56,498
Total Electronics				593,227
Energy-Alternate Sources - 0.6%
First Solar, Inc.^*		471		59,549
Enphase Energy, Inc.^*		806		50,012
Total Energy-Alternate Sources				109,561
Investment Companies - 0.6%
MARA Holdings, Inc.^*		2,825		32,487
Riot Platforms, Inc.^*		3,596		25,604
Cleanspark, Inc.^*,1		3,161		21,242
Core Scientific, Inc.^*		2,297		16,630
Total Investment Companies				95,963
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A^*		233		65,836
Electrical Components & Equipment - 0.2%
Universal Display Corp.		243		33,893
Total Common Stocks
(Cost $5,708,036)				16,951,531

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	78,964	78,964
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		60,517	60,517
Total Repurchase Agreements
(Cost $139,481)			139,481

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		133,919		133,919
Total Securities Lending Collateral
(Cost $133,919)				133,919
Total Investments - 101.2%
(Cost $5,981,436)			$	17,224,931
Other Assets & Liabilities, net - (1.2)%				(197,160	)
Total Net Assets - 100.0%			$	17,027,771

^*	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 March 31, 2025 — 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 March 31, 2025.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Technology Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,951,531	$	—	$	—	$	16,951,531
Repurchase Agreements		—		139,481		—		139,481
Securities Lending Collateral		133,919		—		—		133,919
Total Assets	$	17,085,450	$	139,481	$	—	$	17,224,931

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.4%
Telecommunications - 73.5%
AT&T, Inc.		7,105	$	200,929
Cisco Systems, Inc.		3,098		191,178
Verizon Communications, Inc.		3,813		172,958
T-Mobile US, Inc.		569		151,758
Motorola Solutions, Inc.		223		97,632
Arista Networks, Inc.^*		1,187		91,969
Juniper Networks, Inc.		1,460		52,837
Frontier Communications Parent, Inc.^*		1,261		45,220
Ciena Corp.^*		730		44,114
Telefonaktiebolaget LM Ericsson ADR		4,977		38,622
EchoStar Corp. — Class A^*		1,502		38,421
BCE, Inc.		1,605		36,851
Nokia Oyj ADR¹		6,768		35,667
Vodafone Group plc ADR		3,705		34,716
TELUS Corp.¹		2,379		34,115
CommScope Holding Company, Inc.^*		6,348		33,708
AST SpaceMobile, Inc.^*		1,461		33,223
America Movil SAB de CV ADR		2,298		32,678
Rogers Communications, Inc. — Class B		1,200		32,076
Telephone & Data Systems, Inc.		788		30,527
Lumen Technologies, Inc.^*		6,945		27,224
Iridium Communications, Inc.		913		24,943
Viavi Solutions, Inc.^*		2,176		24,349
Calix, Inc.^*		660		23,390
Extreme Networks, Inc.^*		1,456		19,263
Viasat, Inc.^*		1,706		17,777
InterDigital, Inc.		85		17,574
Harmonic, Inc.^*		1,609		15,430
Gogo, Inc.^*		1,468		12,654
Globalstar, Inc.^*		561		11,702
Total Telecommunications				1,623,505
Media - 15.7%
Comcast Corp. — Class A		4,080		150,552
Charter Communications, Inc. — Class A^*		249		91,764
Liberty Broadband Corp. — Class C^*		627		53,326
Liberty Global Ltd. — Class A^*		3,124		35,957
Liberty Latin America Ltd. — Class C^*		2,317		14,389
Total Media				345,988
Internet - 5.4%
F5, Inc.^*		186		49,526
Roku, Inc.^*		702		49,449
Cogent Communications Holdings, Inc.		349		21,397
Total Internet				120,372
Computers - 2.3%
Lumentum Holdings, Inc.^*		522		32,541
NetScout Systems, Inc.^*		889		18,678
Total Computers				51,219
Software - 1.9%
Nice Ltd. ADR^*		265		40,855
Electronics - 0.6%
Applied Optoelectronics, Inc.^*		867		13,309
Total Common Stocks
(Cost $1,372,245)				2,195,248

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	10,042	10,042
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		7,696	7,696
Total Repurchase Agreements
(Cost $17,738)			17,738

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.5%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		54,319		54,319
Total Securities Lending Collateral
(Cost $54,319)				54,319
Total Investments - 102.7%
(Cost $1,444,302)			$	2,267,305
Other Assets & Liabilities, net - (2.7)%				(59,210	)
Total Net Assets - 100.0%			$	2,208,095

^*	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 March 31, 2025 — 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 March 31, 2025.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Telecommunications Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,195,248	$	—	$	—	$	2,195,248
Repurchase Agreements		—		17,738		—		17,738
Securities Lending Collateral		54,319		—		—		54,319
Total Assets	$	2,249,567	$	17,738	$	—	$	2,267,305

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.4%
Transportation - 40.4%
Union Pacific Corp.		637	$	150,485
United Parcel Service, Inc. — Class B		1,075		118,239
CSX Corp.		3,209		94,441
Norfolk Southern Corp.		397		94,029
FedEx Corp.		379		92,393
Old Dominion Freight Line, Inc.		434		71,805
Expeditors International of Washington, Inc.		429		51,587
Canadian National Railway Co.		468		45,611
ZTO Express Cayman, Inc. ADR		2,277		45,176
CH Robinson Worldwide, Inc.		435		44,544
Canadian Pacific Kansas City Ltd.		630		44,232
XPO, Inc.^*		411		44,215
Golden Ocean Group Ltd.		5,446		43,459
J.B. Hunt Transport Services, Inc.		289		42,758
Star Bulk Carriers Corp.¹		2,654		41,296
TFI International, Inc.		527		40,816
ZIM Integrated Shipping Services Ltd.¹		2,469		36,023
Knight-Swift Transportation Holdings, Inc.		747		32,487
Kirby Corp.^*		305		30,808
Ryder System, Inc.		213		30,632
Landstar System, Inc.		194		29,139
Matson, Inc.		200		25,634
Saia, Inc.^*		67		23,412
Hub Group, Inc. — Class A		506		18,808
Werner Enterprises, Inc.		566		16,584
ArcBest Corp.		196		13,834
Forward Air Corp.^*		534		10,728
Total Transportation				1,333,175
Auto Manufacturers - 24.3%
Tesla, Inc.^*		1,406		364,379
General Motors Co.		1,806		84,936
Ford Motor Co.		7,999		80,230
Rivian Automotive, Inc. — Class A^*,1		3,631		45,206
Ferrari N.V.		99		42,360
Toyota Motor Corp. ADR¹		237		41,838
Stellantis N.V.		3,732		41,836
Li Auto, Inc. ADR^*		1,585		39,942
NIO, Inc. ADR^*,1		9,513		36,244
Lucid Group, Inc.^*,1		9,786		23,682
Total Auto Manufacturers				800,653
Airlines - 11.5%
Delta Air Lines, Inc.		1,535		66,926
United Airlines Holdings, Inc.^*		872		60,212
Southwest Airlines Co.		1,732		58,160
Copa Holdings S.A. — Class A		469		43,364
Ryanair Holdings plc ADR		953		40,379
American Airlines Group, Inc.^*		3,120		32,916
Alaska Air Group, Inc.^*		616		30,319
SkyWest, Inc.^*		275		24,027
JetBlue Airways Corp.^*		2,893		13,944
Allegiant Travel Co. — Class A^*		181		9,349
Total Airlines				379,596
Mobileye Global, Inc. — Class A^*,1		3,030		43,617
Aptiv plc^*		730		43,435
Autoliv, Inc.		490		43,341
Magna International, Inc.		1,220		41,468
BorgWarner, Inc.		1,113		31,888
Gentex Corp.		1,226		28,566
Lear Corp.		302		26,642
Dorman Products, Inc.^*		167		20,130
Goodyear Tire & Rubber Co.^*		2,106		19,459
Visteon Corp.^*		228		17,697
QuantumScape Corp.^*		4,026		16,748
Adient plc^*		983		12,641
Fox Factory Holding Corp.^*		523		12,207
Total Auto Parts & Equipment				357,839
Internet - 7.1%
Uber Technologies, Inc.^*		2,162		157,524
Grab Holdings Ltd. — Class A^*		10,905		49,400
Lyft, Inc. — Class A^*		2,290		27,182
Total Internet				234,106
Commercial Services - 1.5%
GXO Logistics, Inc.^*		681		26,613
Avis Budget Group, Inc.^*		214		16,243
Hertz Global Holdings, Inc.^*,1		2,264		8,920
Total Commercial Services				51,776
Home Builders - 1.1%
Thor Industries, Inc.		326		24,714
Winnebago Industries, Inc.		355		12,233
Total Home Builders				36,947
Building Materials - 0.7%
Modine Manufacturing Co.^*		316		24,253
Aerospace & Defense - 0.7%
Joby Aviation, Inc.^*		3,621		21,798
Leisure Time - 0.7%
Harley-Davidson, Inc.		861		21,740
Retail - 0.6%
Patrick Industries, Inc.		235		19,872
Total Common Stocks
(Cost $1,891,579)				3,281,755

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.5%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	9,175	9,175
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		7,031	7,031
Total Repurchase Agreements
(Cost $16,206)			16,206

Transportation Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 6.6%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		216,448	$	216,448
Total Securities Lending Collateral
(Cost $216,448)				216,448
Total Investments - 106.5%
(Cost $2,124,233)				3,514,409
Other Assets & Liabilities, net - (6.5)%				(213,877	)
Total Net Assets - 100.0%			$	3,300,532

^*	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 March 31, 2025 — 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 March 31, 2025.

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 March 31, 2025 (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	$	3,281,755	$	—	$	—	$	3,281,755
Repurchase Agreements		—		16,206		—		16,206
Securities Lending Collateral		216,448		—		—		216,448
Total Assets	$	3,498,203	$	16,206	$	—	$	3,514,409

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Shares		Value
COMMON STOCKS^† - 99.5%
Electric - 87.3%
NextEra Energy, Inc.		9,060	$	642,263
Southern Co.		5,962		548,206
Duke Energy Corp.		4,353		530,935
Constellation Energy Corp.		2,138		431,085
American Electric Power Company, Inc.		3,843		419,925
Dominion Energy, Inc.		6,783		380,323
Exelon Corp.		8,187		377,257
Sempra		5,275		376,424
Public Service Enterprise Group, Inc.		4,264		350,927
Xcel Energy, Inc.		4,945		350,057
Consolidated Edison, Inc.		3,119		344,930
Vistra Corp.		2,901		340,693
PG&E Corp.		19,810		340,336
Entergy Corp.		3,902		333,582
WEC Energy Group, Inc.		2,966		323,235
Ameren Corp.		2,806		281,722
PPL Corp.		7,800		281,658
DTE Energy Co.		1,993		275,572
CenterPoint Energy, Inc.		7,371		267,051
Edison International		4,503		265,317
Eversource Energy		4,209		261,421
CMS Energy Corp.		3,449		259,054
FirstEnergy Corp.		6,402		258,769
NRG Energy, Inc.		2,564		244,759
Alliant Energy Corp.		3,463		222,844
Evergy, Inc.		3,140		216,503
National Grid plc ADR		2,960		194,206
Fortis, Inc.		4,158		189,522
Pinnacle West Capital Corp.		1,947		185,452
Brookfield Renewable Corp.		6,424		179,358
OGE Energy Corp.		3,616		166,191
AES Corp.		12,725		158,045
Talen Energy Corp.^*		714		142,564
IDACORP, Inc.		1,170		135,977
Clearway Energy, Inc. — Class C		4,385		132,734
TXNM Energy, Inc.		2,275		121,667
Portland General Electric Co.		2,676		119,350
Ormat Technologies, Inc.		1,531		108,349
Northwestern Energy Group, Inc.		1,762		101,967
Otter Tail Corp.		1,082		86,960
Hawaiian Electric Industries, Inc.^*		6,784		74,285
Oklo, Inc.^*,1		3,342		72,288
MGE Energy, Inc.		465		43,226
Total Electric				11,136,989
Gas - 8.0%
Atmos Energy Corp.		1,769		273,452
NiSource, Inc.		5,985		239,939
National Fuel Gas Co.		1,869		148,006
UGI Corp.		4,428		146,434
ONE Gas, Inc.		1,541		116,484
MDU Resources Group, Inc.		6,009		101,612
Total Gas				1,025,927
Water - 3.7%
American Water Works Company, Inc.		2,003		295,483
Essential Utilities, Inc.		4,498		177,806
Total Water				473,289
Energy-Alternate Sources - 0.5%
XPLR Infrastructure, LP^*		5,660		53,770
Sunnova Energy International, Inc.^*,1		36,297		13,502
Total Energy-Alternate Sources				67,272
Total Common Stocks
(Cost $6,608,425)				12,703,477

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25	$	45,650	45,650
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25		34,986	34,986
Total Repurchase Agreements
(Cost $80,636)			80,636

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund^***
First American Government Obligations Fund - Class X, 4.27%⁴		83,133		83,133
Total Securities Lending Collateral
(Cost $83,133)				83,133
Total Investments - 100.8%
(Cost $6,772,194)			$	12,867,246
Other Assets & Liabilities, net - (0.8)%				(104,020	)
Total Net Assets - 100.0%			$	12,763,226

^*	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 March 31, 2025 — 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 March 31, 2025.

ADR — American Depositary Receipt

plc — Public Limited Company

See Sector Classification in Other Information section.

Utilities Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 3 in the Notes to Schedule of Investments):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,703,477	$	—	$	—	$	12,703,477
Repurchase Agreements		—		80,636		—		80,636
Securities Lending Collateral		83,133		—		—		83,133
Total Assets	$	12,786,610	$	80,636	$	—	$	12,867,246

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

	Face Amount		Value
FEDERAL AGENCY NOTES^†† - 25.4%
Federal Farm Credit Bank
4.47% (SOFR + 0.13%, Rate Floor: 0.00%) due 04/03/25^◊	$	65,000	$	65,001
Total Federal Agency Notes
(Cost $65,000)				65,001

U.S. TREASURY BILLS^†† - 23.9%
U.S. Treasury Bills
4.22% due 04/01/25¹		50,000		50,000
4.08% due 04/08/25^1,2		11,000		10,991
Total U.S. Treasury Bills
(Cost $60,991)				60,991

FEDERAL AGENCY DISCOUNT NOTES^†† - 19.5%
Freddie Mac
4.22% due 04/07/25¹		50,000		49,965
Total Federal Agency Discount Notes
(Cost $49,965)				49,965

REPURCHASE AGREEMENTS^††,3 - 42.0%
J.P. Morgan Securities LLC issued 03/31/25 at 4.36% due 04/01/25⁴		60,898		60,898
BofA Securities, Inc. issued 03/31/25 at 4.35% due 04/01/25⁴		46,671		46,671
Total Repurchase Agreements
(Cost $107,569)				107,569
Total Investments - 110.8%
(Cost $283,525)			$	283,526
Other Assets & Liabilities, net - (10.8)%				(27,658	)
Total Net Assets - 100.0%			$	255,868

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		4	Jun 2025	$	415,500	$	(3,840	)

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

06/20/25

937

97,301

(46

)

^**	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 March 31, 2025. 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	Rate indicated is the effective yield at the time of purchase.
²	All or a portion of this security is pledged as futures collateral at March 31, 2025.
³	Repurchase Agreements — See Note 4.
⁴	All or a portion of this security is pledged as currency index swap collateral at March 31, 2025.

See Sector Classification in Other Information section.

Weakening Dollar 2x Strategy Fund
SCHEDULE OF INVESTMENTS (Unaudited)	March 31, 2025

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (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
Federal Agency Notes	$	—	$	65,001	$	—	$	65,001
U.S. Treasury Bills		—		60,991		—		60,991
Federal Agency Discount Notes		—		49,965		—		49,965
Repurchase Agreements		—		107,569		—		107,569
Total Assets	$	—	$	283,526	$	—	$	283,526

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	3,840	$	—	$	—	$	3,840
Currency Index Swap Agreements**		—		46		—		46
Total Liabilities	$	3,840	$	46	$	—	$	3,886

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 1 – Organization, Consolidation of Subsidiary and Significant Accounting Policies

Organization

Rydex Variable Trust (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”) as an open-ended investment company. 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
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified
Dow 2x Strategy Fund	Non-diversified
Inverse Dow 2x Strategy Fund	Non-diversified
Mid-Cap 1.5x Strategy Fund	Non-diversified
Inverse Mid-Cap Strategy Fund	Non-diversified
NASDAQ-100® Fund	Non-diversified
NASDAQ-100® 2x Strategy Fund	Non-diversified
Inverse NASDAQ-100® Strategy Fund	Non-diversified
Russell 2000® 1.5x Strategy Fund	Non-diversified
Russell 2000® 2x Strategy Fund	Non-diversified
Inverse Russell 2000® Strategy Fund	Non-diversified
Nova Fund	Non-diversified
S&P 500® 2x Strategy Fund	Non-diversified
Inverse S&P 500® Strategy 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
Government Long Bond 1.2x Strategy Fund	Diversified
Inverse Government Long Bond Strategy Fund	Diversified
High Yield Strategy Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified
Commodities Strategy Fund	Non-diversified
Global Managed Futures Strategy Fund	Diversified
Multi-Hedge Strategies Fund	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.

Consolidation of Subsidiaries

The consolidated schedules of investments of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a “Subsidiary” and together, the “Subsidiaries”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund.

Each of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund may invest up to 25% of its total assets in its respective Subsidiary which is intended to provide the Fund with exposure to certain investments consistent with the Fund’s investment objectives and policies while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).

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”) 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 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.

Generally, trading in foreign securities markets is substantially completed each day at various times prior to the close of the New York Stock Exchange ("NYSE"). The values of foreign securities are determined as of the close of such foreign markets or the close of the NYSE, if earlier. All investments quoted in foreign currencies are valued in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the close of U.S. business at 4:00 p.m. Investments in foreign securities may involve risks not present in domestic investments. The Adviser will determine the current value of such foreign securities by taking into consideration certain factors which may include the following factors, among others: the value of the securities traded on other foreign markets, American Depositary Receipts ("ADR") trading, closed-end fund trading, foreign currency exchange activity, and the trading prices of financial products that are tied to foreign securities. In addition, under the Valuation Procedures, the Adviser is authorized to use prices and other information supplied by an independent third-party pricing service in valuing foreign securities.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

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

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.

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 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.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

The Funds may utilize derivatives for the following purposes:

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

Hedge: an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

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.

Speculation: the use of an instrument to express macro-economic and other investment views.

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

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

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit event occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the 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’sR, countries or markets with low - to middle –income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market,or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic,regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Fund may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

Note 3 – Fair Value Measurement

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

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

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

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

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

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

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

Note 4 – Repurchase Agreements

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

At March 31, 2025, 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 Bonds
4.36%					1.38% - 2.50%
Due 04/01/25	$	33,249,090	$	33,253,116	Due 11/15/40 - 02/15/46	$	47,612,900	$	33,914,076

BofA Securities, Inc.					U.S. Treasury Strip
4.35%					0.00%
Due 04/01/25		25,481,700		25,484,779	Due 11/15/36		43,954,251		25,991,335

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

Note 5 – Portfolio Securities Loaned

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

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At March 31, 2025, 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	$	22,533	$	23,105
Basic Materials Fund		47,327		48,750
Biotechnology Fund		106,351		119,080
Electronics Fund		947,079		963,299
Energy Fund		134,601		141,188
Energy Services Fund		54,139		55,645
Europe 1.25x Strategy Fund		198,450		204,764
Financial Services Fund		45,888		47,618
Health Care Fund		203,932		212,796
High Yield Strategy Fund		180,980		184,678
Internet Fund		42,586		44,662
Leisure Fund		16,204		16,900
Mid-Cap 1.5x Strategy Fund		8,250		8,533
Multi-Hedge Strategies Fund		57,845		60,201
NASDAQ-100® 2x Strategy Fund		38,444		39,600
NASDAQ-100® Fund		61,191		63,030
Nova Fund		7,088		7,245
Real Estate Fund		24		24
Retailing Fund		5,448		5,828
Russell 2000® 1.5x Strategy Fund		286,692		294,081
Russell 2000® 2x Strategy Fund		128,472		131,698
S&P 500® 2x Strategy Fund		5,170		5,285
S&P 500® Pure Growth Fund		193,696		197,995
S&P MidCap 400® Pure Growth Fund		108,919		115,305
S&P SmallCap 600® Pure Growth Fund		36,483		37,321
S&P SmallCap 600® Pure Value Fund		194,242		202,312
Technology Fund		127,768		133,919
Telecommunications Fund		52,419		54,319
Transportation Fund		205,218		216,448
Utilities Fund		62,983		83,133

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.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund intend to invest up to 25% of their assets in their respective Subsidaries, which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. Each Fund has received a private letter ruling from the IRS that concludes that the income each Fund receives from its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. Each Subsidiary is classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiaries, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)

At March 31, 2025, 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	$	2,422,475	$	944,659	$	(10,217	)	$	934,442
Basic Materials Fund		3,695,349		2,448,872		(130,836	)		2,318,036
Biotechnology Fund		6,239,992		3,702,977		(377,485	)		3,325,492
Commodities Strategy Fund		6,492,773		–		(473,665	)		(473,665	)
Consumer Products Fund		3,188,561		2,914,578		(77,554	)		2,837,024
Dow 2x Strategy Fund		5,374,678		1,891,121		(79,365	)		1,811,756
Electronics Fund		16,870,170		9,447,088		(2,130,768	)		7,316,320
Energy Fund		9,509,616		3,601,641		(232,453	)		3,369,188
Energy Services Fund		2,344,007		568,485		(13,567	)		554,918
Europe 1.25x Strategy Fund		3,944,651		136,551		(100,903	)		35,648
Financial Services Fund		6,454,385		4,706,765		(53,391	)		4,653,374
Global Managed Futures Strategy Fund		10,211,989		367,360		(212,385	)		154,975
Government Long Bond 1.2x Strategy Fund		6,768,007		75,111		–			75,111
Health Care Fund		6,607,990		6,343,299		(384,240	)		5,959,059
High Yield Strategy Fund		4,812,295		43,414		(59,694	)		(16,280	)
Internet Fund		3,425,461		2,453,300		(85,132	)		2,368,168
Inverse Dow 2x Strategy Fund		866,075		17,942		(43	)		17,899
Inverse Government Long Bond Strategy Fund		2,040,539		–		(28,925	)		(28,925	)
Inverse Mid-Cap Strategy Fund		113,989		3,904		–			3,904
Inverse NASDAQ-100® Strategy Fund		1,362,623		46,104		–			46,104
Inverse Russell 2000® Strategy Fund		667,501		23,339		–			23,339
Inverse S&P 500® Strategy Fund		1,530,823		21,484		–			21,484
Japan 2x Strategy Fund		1,145,717		–		(34,858	)		(34,858	)
Leisure Fund		3,861,860		1,693,784		(63,490	)		1,630,294
Mid-Cap 1.5x Strategy Fund		3,033,060		649,526		(218,186	)		431,340
Multi-Hedge Strategies Fund		21,449,874		1,629,144		(1,252,913	)		376,231
NASDAQ-100® 2x Strategy Fund		83,174,304		801,164		(3,673,452	)		(2,872,288	)
NASDAQ-100® Fund		66,032,153		44,000,669		(1,112,747	)		42,887,922
Nova Fund		27,174,707		7,237,996		(530,504	)		6,707,492
Precious Metals Fund		13,028,809		9,771,893		(4,369	)		9,767,524
Real Estate Fund		2,657,921		1,327,941		(16,996	)		1,310,945
Retailing Fund		1,062,058		1,060,608		(11,685	)		1,048,923
Russell 2000® 1.5x Strategy Fund		2,964,585		135,882		(326,799	)		(190,917	)
Russell 2000® 2x Strategy Fund		9,745,733		14		(656,798	)		(656,784	)
S&P 500® 2x Strategy Fund		20,752,843		5,142,265		(717,114	)		4,425,151
S&P 500® Pure Growth Fund		24,890,421		3,145,125		(1,750,696	)		1,394,429
S&P 500® Pure Value Fund		20,009,258		1,374,378		(365,574	)		1,008,804
S&P MidCap 400® Pure Growth Fund		9,092,532		913,575		(853,216	)		60,359
S&P MidCap 400® Pure Value Fund		7,082,575		546,403		(503,657	)		42,746
S&P SmallCap 600® Pure Growth Fund		5,839,406		639,380		(437,721	)		201,659
S&P SmallCap 600® Pure Value Fund		9,237,620		465,770		(1,279,980	)		(814,210	)
Strengthening Dollar 2x Strategy Fund		1,714,323		29,904		(116	)		29,788
Technology Fund		7,316,344		10,194,029		(285,442	)		9,908,587
Telecommunications Fund		2,084,078		191,112		(7,885	)		183,227
Transportation Fund		2,473,485		1,178,071		(137,147	)		1,040,924
Utilities Fund		7,884,362		5,064,804		(81,920	)		4,982,884
Weakening Dollar 2x Strategy Fund		283,525		1		(3,886	)		(3,885	)

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.