Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q) (2024)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGSOF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number811-09525

Rydex Dynamic Funds

(Exact name of registrant as specified incharter)

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Address of principal executive offices)(Zip code)

Donald C. Cacciapaglia, President

Rydex Dynamic Funds

805 King Farm Boulevard, Suite 600

Rockville, Maryland 20850

(Name and address of agent for service)

Registrant’s telephone number, includingarea code:301-296-5100

Date of fiscal year end:December31

Date of reporting period:September30, 2012

Form N-Q is to be used by management investment companies, otherthan small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reportswith the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 underthe Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory,disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specifiedby Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection ofinformation contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”)control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestionsfor reducing the burden to the Secretary, Securities and Exchange Commission, and 450 Fifth Street, NW, Washington, DC 20549-0609.The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments.

S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 42.0%
Information Technology - 8.5%
Apple, Inc.4,110$2,742,438
Microsoft Corp.33,106985,897
International Business Machines Corp.4,713977,711
Google, Inc. — ClassA*1,159874,466
Oracle Corp.16,709526,166
Intel Corp.21,953497,895
QUALCOMM, Inc.7,470466,801
Cisco Systems, Inc.23,212443,117
Visa, Inc. — ClassA2,291307,635
EMC Corp.*9,203250,967
eBay, Inc.*5,091246,455
Mastercard, Inc. — ClassA474214,002
Accenture plc — ClassA2,785195,034
Hewlett-Packard Co.8,627147,176
Texas Instruments, Inc.4,994137,585
Automatic Data Processing, Inc.2,129124,887
Cognizant Technology Solutions Corp. — ClassA*1,31091,595
Corning, Inc.6,53385,909
Salesforce.com, Inc.*56185,658
Broadcom Corp. — ClassA2,25477,943
Yahoo!, Inc.*4,57473,070
Intuit, Inc.1,21171,304
Adobe Systems, Inc.*2,15669,984
TE Connectivity Ltd.1,87863,871
Motorola Solutions, Inc.1,25663,491
Dell, Inc.6,39363,035
Citrix Systems, Inc.*82363,017
Applied Materials, Inc.5,42960,615
Teradata Corp.*74155,879
Symantec Corp.*3,08455,512
NetApp, Inc.*1,59752,509
Analog Devices, Inc.1,31351,456
Red Hat, Inc.*84948,342
Western Union Co.2,64348,155
Seagate Technology plc1,55148,081
Altera Corp.1,40247,647
Paychex, Inc.1,42047,272
SanDisk Corp.*1,06046,036
Fiserv, Inc.*59544,048
Xerox Corp.5,73542,095
Amphenol Corp. — ClassA70141,275
Juniper Networks, Inc.*2,31039,524
CA, Inc.1,50238,699
Xilinx, Inc.1,14938,388
Western Digital Corp.97637,800
NVIDIA Corp.*2,71336,191
F5 Networks, Inc.*34235,807
KLA-Tencor Corp.73334,968
Fidelity National Information Services, Inc.1,09534,186
Autodesk, Inc.*99933,337
VeriSign, Inc.*68433,304
Linear Technology Corp.1,00832,105
Akamai Technologies, Inc.*78229,919
Microchip Technology, Inc.85327,927
BMC Software, Inc.*64426,720
Micron Technology, Inc.*4,46126,699
Lam Research Corp.*80025,428
Harris Corp.49625,405
Computer Sciences Corp.68021,903
Electronic Arts, Inc.*1,40017,766
LSI Corp.*2,44616,902
Total System Services, Inc.71316,898
Molex, Inc.60415,873
Jabil Circuit, Inc.81915,332
SAIC, Inc.1,24114,942
FLIR Systems, Inc.66313,243
JDS Uniphase Corp.*1,01612,583
Teradyne, Inc.*81811,632
Advanced Micro Devices, Inc.*2,6358,880
Lexmark International, Inc. — ClassA3096,875
First Solar, Inc.*2635,824
Total Information Technology11,371,091
Financials - 6.1%
Wells Fargo & Co.21,553744,226
Berkshire Hathaway, Inc. — ClassB*8,046709,658
JPMorgan Chase & Co.16,663674,519
Citigroup, Inc.12,865420,943
Bank of America Corp.47,281417,491
U.S. Bancorp8,318285,307
American Express Co.4,327246,034
Goldman Sachs Group, Inc.1,977224,745
Simon Property Group, Inc.1,329201,756
American International Group, Inc.*5,121167,917
MetLife, Inc.4,660160,583
PNC Financial Services Group, Inc.2,324146,645
Capital One Financial Corp.2,545145,090
American Tower Corp. — ClassA1,731123,576
Bank of New York Mellon Corp.5,178117,127
Travelers Companies, Inc.1,688115,223
ACE Ltd.1,483112,115
Prudential Financial, Inc.2,046111,527
BB&T Corp.3,063101,569
Morgan Stanley6,067101,562
BlackRock, Inc. — ClassA55799,314
Aflac, Inc.2,05498,346
Discover Financial Services2,25989,750
Chubb Corp.1,16688,942
State Street Corp.2,10288,200
Public Storage62987,538
Allstate Corp.2,12884,290
HCP, Inc.1,88583,845
Marsh & McLennan Companies, Inc.2,38680,957
Ventas, Inc.1,29380,489
CME Group, Inc. — ClassA1,34276,897
Equity Residential1,31875,824
Franklin Resources, Inc.60675,792
Aon plc1,41473,938
Boston Properties, Inc.65872,781

S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
SharesValue
COMMON STOCKS†- 42.0% (continued)
Financials - 6.1% (continued)
Prologis, Inc.2,016$70,620
T. Rowe Price Group, Inc.1,11470,516
SunTrust Banks, Inc.2,36666,887
Fifth Third Bancorp4,03262,536
Weyerhaeuser Co.2,36161,717
Charles Schwab Corp.4,80961,507
Vornado Realty Trust74260,139
AvalonBay Communities, Inc.42758,068
Health Care REIT, Inc.1,00057,750
Loews Corp.1,37556,733
Ameriprise Financial, Inc.92552,438
Progressive Corp.2,45951,000
Host Hotels & Resorts, Inc.3,16850,846
M&T Bank Corp.52850,244
Invesco Ltd.1,94848,681
Regions Financial Corp.6,20144,709
Northern Trust Corp.96044,558
IntercontinentalExchange, Inc.*31642,158
Moody's Corp.84937,500
Hartford Financial Services Group, Inc.1,90737,072
Kimco Realty Corp.1,79036,283
KeyCorp4,14336,210
Principal Financial Group, Inc.1,21732,786
SLM Corp.2,05932,367
XL Group plc — ClassA1,34132,224
Plum Creek Timber Company, Inc.70430,863
Lincoln National Corp.1,22529,633
NYSE Euronext1,07926,597
Comerica, Inc.84926,361
Huntington Bancshares, Inc.3,76425,972
CBRE Group, Inc. — ClassA*1,32524,393
Cincinnati Financial Corp.64224,325
Unum Group1,22923,621
Torchmark Corp.41921,516
Leucadia National Corp.86819,747
People's United Financial, Inc.1,53718,659
Zions Bancorporation81216,772
Apartment Investment & Management Co. — ClassA64316,712
Hudson City Bancorp, Inc.2,08516,597
Assurant, Inc.35613,279
Legg Mason, Inc.52713,006
NASDAQ OMX Group, Inc.52012,113
Genworth Financial, Inc. — ClassA*2,16011,297
First Horizon National Corp.1,08910,487
E*TRADE Financial Corp.*1,1289,938
Federated Investors, Inc. — ClassB4098,462
Total Financials8,240,415
Health Care - 5.0%
Johnson & Johnson12,096833,535
Pfizer, Inc.32,773814,409
Merck & Company, Inc.13,361602,581
Abbott Laboratories6,884471,967
Amgen, Inc.3,381285,086
UnitedHealth Group, Inc.4,534251,229
Bristol-Myers Squibb Co.7,368248,670
Express Scripts Holding Co.*3,559223,044
Gilead Sciences, Inc.*3,316219,950
Eli Lilly & Co.4,484212,586
Medtronic, Inc.4,476193,004
Biogen Idec, Inc.*1,037154,752
Baxter International, Inc.2,404144,865
Celgene Corp.*1,893144,625
Covidien plc2,108125,257
Allergan, Inc.1,348123,450
Alexion Pharmaceuticals, Inc.*85097,240
Thermo Fisher Scientific, Inc.1,60494,363
McKesson Corp.1,03589,040
Intuitive Surgical, Inc.*17787,727
WellPoint, Inc.1,42782,780
Stryker Corp.1,26970,633
Becton Dickinson and Co.87668,819
Cigna Corp.1,26059,434
Agilent Technologies, Inc.1,53358,944
Cardinal Health, Inc.1,49358,182
Aetna, Inc.1,46658,054
St. Jude Medical, Inc.1,37758,013
Edwards Lifesciences Corp.*51154,866
Zimmer Holdings, Inc.76251,526
Humana, Inc.70549,456
Cerner Corp.*63549,155
Watson Pharmaceuticals, Inc.*56147,775
Perrigo Co.38644,842
Quest Diagnostics, Inc.70144,464
Mylan, Inc.*1,78143,456
AmerisourceBergen Corp. — ClassA1,10842,891
Laboratory Corporation of America Holdings*42038,837
DaVita, Inc.*37438,750
Life Technologies Corp.*76937,589
Forest Laboratories, Inc.*1,02636,536
CR Bard, Inc.34235,790
Boston Scientific Corp.*6,22835,749
Waters Corp.*38532,082
Varian Medical Systems, Inc.*48629,316
CareFusion Corp.*97427,652
Coventry Health Care, Inc.58724,472
Hospira, Inc.*72423,762
DENTSPLY International, Inc.62023,647
PerkinElmer, Inc.49614,617
Patterson Companies, Inc.37312,772
Tenet Healthcare Corp.*1,82511,443
Total Health Care6,783,684
Energy - 4.7%
Exxon Mobil Corp.20,2551,852,320
Chevron Corp.8,6081,003,348
Schlumberger Ltd.5,822421,104
Occidental Petroleum Corp.3,552305,685
ConocoPhillips5,329304,713
Anadarko Petroleum Corp.2,192153,265
National Oilwell Varco, Inc.1,871149,886
Apache Corp.1,712148,037
Halliburton Co.4,066136,984

S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
SharesValue
COMMON STOCKS†- 42.0% (continued)
Energy - 4.7% (continued)
EOG Resources, Inc.1,188$133,115
Phillips 662,752127,610
Devon Energy Corp.1,65199,886
Williams Companies, Inc.2,74495,957
Marathon Oil Corp.3,09591,519
Kinder Morgan, Inc.2,50588,978
Baker Hughes, Inc.1,92987,249
Spectra Energy Corp.2,86083,970
Marathon Petroleum Corp.1,48380,957
Valero Energy Corp.2,41776,571
Noble Energy, Inc.77872,128
Hess Corp.1,30470,051
Cameron International Corp.*1,08160,612
Pioneer Natural Resources Co.54156,480
Ensco plc — ClassA1,01855,542
Southwestern Energy Co.*1,52352,970
Range Resources Corp.71049,608
FMC Technologies, Inc.*1,04648,430
Murphy Oil Corp.81043,489
Chesapeake Energy Corp.2,27742,967
Cabot Oil & Gas Corp.92041,308
Noble Corp.1,10839,644
Equities Corp.65838,822
CONSOL Energy, Inc.1,00230,110
Denbury Resources, Inc.*1,71527,714
Peabody Energy Corp.1,17626,213
Tesoro Corp.61525,769
QEP Resources, Inc.78024,695
Helmerich & Payne, Inc.46422,091
Sunoco, Inc.45721,401
Diamond Offshore Drilling, Inc.30520,072
Newfield Exploration Co.*58918,447
Rowan Companies plc — ClassA*54518,405
Nabors Industries Ltd.*1,27817,930
WPX Energy, Inc.*87714,549
Alpha Natural Resources, Inc.*9686,360
Total Energy6,386,961
Consumer Discretionary - 4.6%
Comcast Corp. — ClassA11,742420,011
Walt Disney Co.7,870411,443
McDonald's Corp.4,424405,901
Amazon.com, Inc.*1,585403,098
Home Depot, Inc.6,614399,287
News Corp. — ClassA8,932219,102
Time Warner, Inc.4,160188,573
Target Corp.2,871182,223
Starbucks Corp.3,334169,201
Ford Motor Co.16,729164,948
NIKE, Inc. — ClassB1,615153,280
Lowe's Companies, Inc.5,004151,321
DIRECTV*2,755144,527
TJX Companies, Inc.3,226144,493
Priceline.com, Inc.*217134,264
Yum! Brands, Inc.1,995132,348
Time Warner Cable, Inc.1,344127,761
Viacom, Inc. — ClassB2,077111,306
CBS Corp. — ClassB2,61294,894
Johnson Controls, Inc.2,99682,091
Carnival Corp.1,95971,385
Coach, Inc.1,25070,024
McGraw-Hill Companies, Inc.1,23267,255
Macy's, Inc.1,76666,437
Discovery Communications, Inc. — ClassA*1,08464,639
Bed Bath & Beyond, Inc.*1,01563,945
Ross Stores, Inc.98263,437
AutoZone, Inc.*16560,996
VF Corp.38260,876
Omnicom Group, Inc.1,16560,067
Mattel, Inc.1,49453,007
Limited Brands, Inc.1,04551,477
Starwood Hotels & Resorts Worldwide, Inc.85849,730
Dollar Tree, Inc.*1,01148,806
Kohl's Corp.94748,505
The Gap, Inc.1,30846,800
O'Reilly Automotive, Inc.*52243,650
Marriott International, Inc. — ClassA1,10543,206
Chipotle Mexican Grill, Inc. — ClassA*13542,868
Harley-Davidson, Inc.1,00042,370
Genuine Parts Co.68241,622
Ralph Lauren Corp. — ClassA26840,530
Wynn Resorts Ltd.35040,404
Nordstrom, Inc.67036,971
BorgWarner, Inc.*50434,831
Staples, Inc.2,99134,457
Wyndham Worldwide Corp.62432,748
Tiffany & Co.52232,301
Darden Restaurants, Inc.55831,109
Family Dollar Stores, Inc.42628,244
CarMax, Inc.*99828,243
Whirlpool Corp.33527,775
DR Horton, Inc.1,21625,098
Lennar Corp. — ClassA71324,791
Newell Rubbermaid, Inc.1,26824,206
Expedia, Inc.41123,772
Scripps Networks Interactive, Inc. — ClassA37923,206
PulteGroup, Inc.*1,48222,971
Interpublic Group of Companies, Inc.1,91421,284
Fossil, Inc.*24420,667
H&R Block, Inc.1,19120,640
Best Buy Company, Inc.1,16720,061
Hasbro, Inc.51119,505
Gannett Company, Inc.1,01518,016
Urban Outfitters, Inc.*47917,991
TripAdvisor, Inc.*48115,839
Leggett & Platt, Inc.61715,456
International Game Technology1,17215,341
JC Penney Company, Inc.62515,181
Cablevision Systems Corp. — ClassA94314,947

S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
SharesValue
COMMON STOCKS†- 42.0% (continued)
Consumer Discretionary - 4.6% (continued)
Harman International Industries, Inc.295$13,617
Netflix, Inc.*24713,447
Goodyear Tire & Rubber Co.*1,07313,080
Apollo Group, Inc. — ClassA*44312,869
Abercrombie & Fitch Co. — ClassA36212,279
GameStop Corp. — ClassA54211,382
Big Lots, Inc.*2617,720
AutoNation, Inc.*1697,380
Washington Post Co. — ClassB196,898
DeVry, Inc.2535,758
Total Consumer Discretionary6,232,189
Consumer Staples - 4.6%
Procter & Gamble Co.12,088838,425
Philip Morris International, Inc.7,395665,106
Coca-Cola Co.16,987644,317
Wal-Mart Stores, Inc.7,374544,201
PepsiCo, Inc.6,829483,288
Mondelez International, Inc. — ClassA*7,787321,993
Altria Group, Inc.8,922297,906
CVS Caremark Corp.5,583270,329
Colgate-Palmolive Co.1,956209,722
Costco Wholesale Corp.1,900190,238
Kimberly-Clark Corp.1,730148,399
Walgreen Co.3,762137,087
General Mills, Inc.2,844113,334
Sysco Corp.2,56980,333
Archer-Daniels-Midland Co.2,88878,496
HJ Heinz Co.1,40078,330
Whole Foods Market, Inc.75673,634
Lorillard, Inc.57266,609
Mead Johnson Nutrition Co. — ClassA89465,512
Estee Lauder Companies, Inc. — ClassA1,05665,018
Reynolds American, Inc.1,44162,453
Kroger Co.2,39056,261
Kellogg Co.1,08556,051
ConAgra Foods, Inc.1,78249,165
Hershey Co.66146,858
Brown-Forman Corp. — ClassB66343,261
JM Smucker Co.48041,438
Dr Pepper Snapple Group, Inc.92141,012
Clorox Co.56440,636
Beam, Inc.69640,048
Coca-Cola Enterprises, Inc.1,21537,993
Monster Beverage Corp.*67536,558
McCormick & Company, Inc.58436,231
Molson Coors Brewing Co. — ClassB68630,904
Avon Products, Inc.1,89830,273
Campbell Soup Co.78527,334
Constellation Brands, Inc. — ClassA*64620,898
Tyson Foods, Inc. — ClassA1,27220,377
Hormel Foods Corp.58817,193
Safeway, Inc.1,04616,830
Dean Foods Co.*81013,244
Total Consumer Staples6,137,295
Industrials - 4.1%
General Electric Co.46,3291,052,132
United Technologies Corp.3,680288,106
3M Co.2,790257,852
Caterpillar, Inc.2,867246,677
Union Pacific Corp.2,073246,065
United Parcel Service, Inc. — ClassB3,154225,732
Boeing Co.2,969206,702
Honeywell International, Inc.3,422204,465
Emerson Electric Co.3,188153,885
Deere & Co.1,718141,718
Danaher Corp.2,567141,570
Tyco International Ltd.2,019113,589
Illinois Tool Works, Inc.1,892112,516
Lockheed Martin Corp.1,183110,469
FedEx Corp.1,281108,398
Precision Castparts Corp.633103,394
General Dynamics Corp.1,45596,205
CSX Corp.4,56594,724
Norfolk Southern Corp.1,40289,209
Raytheon Co.1,45883,339
Northrop Grumman Corp.1,08572,077
Cummins, Inc.77771,647
Eaton Corp.1,47769,803
PACCAR, Inc.1,55062,039
Waste Management, Inc.1,91261,337
Ingersoll-Rand plc1,25856,384
Stanley Black & Decker, Inc.73556,044
Parker Hannifin Corp.65654,828
WW Grainger, Inc.26054,176
Cooper Industries plc70352,767
Fastenal Co.1,18250,814
Dover Corp.79847,473
Roper Industries, Inc.42446,593
Rockwell Automation, Inc.61442,704
CH Robinson Worldwide, Inc.70841,453
Fluor Corp.72941,029
Republic Services, Inc. — ClassA1,31436,148
Stericycle, Inc.*37533,945
Expeditors International of Washington, Inc.92733,706
Rockwell Collins, Inc.62433,471
Textron, Inc.1,23632,346
Pall Corp.50632,126
L-3 Communications Holdings, Inc.42430,405
Flowserve Corp.22428,614
Southwest Airlines Co.3,26028,590
Joy Global, Inc.46926,292
Equifax, Inc.52224,315
Masco Corp.1,56623,568
Jacobs Engineering Group, Inc.*57323,166
Quanta Services, Inc.*93323,045
Iron Mountain, Inc.66322,615
Xylem, Inc.81120,397
Cintas Corp.47219,564

S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
SharesValue
COMMON STOCKS†- 42.0% (continued)
Industrials - 4.1% (continued)
Snap-on, Inc.250$17,968
Robert Half International, Inc.62216,564
Dun & Bradstreet Corp.19715,685
Avery Dennison Corp.44514,160
Pitney Bowes, Inc.88412,217
Ryder System, Inc.2238,710
RR Donnelley & Sons Co.7958,427
Total Industrials5,523,959
Utilities - 1.5%
Duke Energy Corp.3,087200,038
Southern Co.3,840176,986
Dominion Resources, Inc.2,518133,302
Exelon Corp.3,742133,140
NextEra Energy, Inc.1,854130,392
American Electric Power Company, Inc.2,12693,416
FirstEnergy Corp.1,83080,703
PG&E Corp.1,87079,792
Consolidated Edison, Inc.1,28276,779
PPL Corp.2,54773,990
Public Service Enterprise Group, Inc.2,22071,440
Edison International1,42865,245
Sempra Energy98663,587
Xcel Energy, Inc.2,14059,299
Entergy Corp.77953,985
Northeast Utilities1,37752,643
DTE Energy Co.75645,315
ONEOK, Inc.90043,479
CenterPoint Energy, Inc.1,87539,938
Wisconsin Energy Corp.1,01438,197
Ameren Corp.1,06734,859
NiSource, Inc.1,25031,850
AES Corp.*2,72429,882
SCANA Corp.57727,852
CMS Energy Corp.1,16327,389
Pinnacle West Capital Corp.47625,133
NRG Energy, Inc.99921,369
AGL Resources, Inc.52021,273
Pepco Holdings, Inc.1,00619,013
Integrys Energy Group, Inc.33817,644
TECO Energy, Inc.89315,842
Total Utilities1,983,772
Materials - 1.5%
Monsanto Co.2,335212,532
EI du Pont de Nemours & Co.4,078205,000
Freeport-McMoRan Copper & Gold, Inc.4,161164,692
Dow Chemical Co.5,258152,272
Praxair, Inc.1,312136,290
Newmont Mining Corp.2,181122,158
PPG Industries, Inc.67477,402
LyondellBasell Industries N.V. — ClassA1,48976,922
Air Products & Chemicals, Inc.92576,498
Ecolab, Inc.1,15574,856
Mosaic Co.1,21369,881
International Paper Co.1,92069,734
CF Industries Holdings, Inc.27561,116
Sherwin-Williams Co.37655,990
Nucor Corp.1,38853,105
Alcoa, Inc.4,67941,409
Sigma-Aldrich Corp.53438,432
Eastman Chemical Co.66838,083
FMC Corp.60033,228
Ball Corp.67928,729
Vulcan Materials Co.56726,819
Airgas, Inc.30024,690
Cliffs Natural Resources, Inc.62024,261
MeadWestvaco Corp.75823,195
International Flavors & Fragrances, Inc.35921,389
Allegheny Technologies, Inc.47215,057
Bemis Company, Inc.45614,350
Owens-Illinois, Inc.*72413,582
United States Steel Corp.163512,109
Sealed Air Corp.76711,858
Titanium Metals Corp.3234,144
Total Materials1,979,783
Telecommunication Services - 1.4%
AT&T, Inc.25,311954,226
Verizon Communications, Inc.12,494569,352
CenturyLink, Inc.2,736110,534
Crown Castle International Corp.*1,28682,433
Sprint Nextel Corp.*13,16672,676
Windstream Corp.12,58426,124
Frontier Communications Corp.14,37621,442
MetroPCS Communications, Inc.*1,38816,253
Total Telecommunication Services1,853,040
Total Common Stocks
(Cost $47,679,363)56,492,189

S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
Face
Amount		Value
REPURCHASE AGREEMENTS††,2- 13.6%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		$10,291,975$10,291,975
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/123		8,052,2158,052,215
Total Repurchase Agreements
(Cost $18,344,190)18,344,190
SECURITIES LENDING COLLATERAL††,4- 0.0%
RBS Securities, Inc.
issued 09/28/12 at 0.24%
due 10/01/12		29,90029,900
Merrill Lynch, Pierce, Fenner & Smith, Inc.
issued 09/28/12 at 0.15%
due 10/01/12		29,42529,425
Total Securities Lending Collateral
(Cost $59,325)59,325
Total Investments - 55.6%
(Cost $66,082,878)$74,895,704
Other Assets & Liabilities, net - 44.4%59,762,396
Total Net Assets - 100.0%$134,658,100
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS PURCHASED†
December 2012 S&P 500 Index Mini Futures Contracts
(Aggregate Value of
Contracts $102,584,813)		1,431$7,398
Units
EQUITY INDEX SWAP AGREEMENTS††
Goldman Sachs International
October 2012 S&P 500 Index Swap, Terminating 10/29/125
(Notional Value $6,413,957)		4,452$33,152
Barclays Bank plc
October 2012 S&P 500 Index Swap, Terminating 10/31/125
(Notional Value $43,826,575)		30,421(197,984)
Credit Suisse Capital, LLC
October 2012 S&P 500 Index Swap, Terminating 10/31/125
(Notional Value $60,065,010)		41,692(204,228)
(Total Notional Value$110,305,542)$(369,060)
*Non-income producing security.
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1All or portion of this security is on loan at September 30, 2012 - See Note 4.
2Repurchase Agreements —See Note 3.
3All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
4Securities lending collateral - See Note 4.
5Total Return based on S&P 500 Index +/- financing at a variable rate.
plcPublic Limited Company
REITReal Estate Investment Trust

Inverse S&P 500 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
Face
Amount		Value
FEDERAL AGENCY NOTES††- 20.8%
Federal Home Loan Bank1
0.17% due 02/06/13$15,000,000$14,999,475
Total Federal Agency Notes
(Cost $14,998,559)14,999,475
FEDERAL AGENCY DISCOUNT NOTES††- 20.7%
Freddie Mac2
0.16% due 01/22/1315,000,00014,997,645
Total Federal Agency Discount Notes
(Cost $14,992,467)14,997,645
REPURCHASE AGREEMENTS††,3- 53.8%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		22,932,49422,932,494
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/124		16,031,10216,031,102
Total Repurchase Agreements
(Cost $38,963,596)38,963,596
Total Investments - 95.3%
(Cost $68,954,622)$68,960,716
Other Assets & Liabilities, net - 4.7%3,399,887
Total Net Assets - 100.0%$72,360,603
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS SOLD SHORT†
December 2012 S&P 500 Index Mini Futures Contracts
(Aggregate Value of
Contracts $15,771,250)		220$226,736
Units
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT††
Credit Suisse Capital, LLC
October 2012 S&P 500 Index Swap, Terminating 10/31/125
(Notional Value $67,280,818)		46,701$298,625
Barclays Bank plc
October 2012 S&P 500 Index Swap, Terminating 10/31/125
(Notional Value $47,618,690)		33,053214,579
Goldman Sachs International
October 2012 S&P 500 Index Swap, Terminating 10/29/125
(Notional Value $13,865,074)		9,624(70,007)
(Total Notional Value$128,764,582)$443,197
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.
2On September 7, 2008, the issuer was placed in conservatorship by the Federal Housing Finance Agency (FHFA). As conservator, the FHFA has full powers to control the assets and operations of the firm.
3Repurchase Agreements —See Note 3.
4All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
5Total Return based on S&P 500 Index +/- financing at a variable rate.
plcPublic Limited Company
NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
SharesValue
COMMON STOCKS†- 73.0%
Information Technology - 47.9%
Apple, Inc.71,602$47,777,150
Microsoft Corp.640,31019,068,432
Google, Inc. — ClassA*20,00415,093,018
Oracle Corp.372,92011,743,251
Intel Corp.382,1238,666,550
QUALCOMM, Inc.130,1008,129,949
Cisco Systems, Inc.409,1567,810,788
eBay, Inc.*98,4274,764,851
Baidu, Inc. ADR*20,9442,446,678
Texas Instruments, Inc.86,9012,394,123
Automatic Data Processing, Inc.37,0062,170,772
Cognizant Technology Solutions Corp. — ClassA*22,8041,594,456
Yahoo!, Inc.*90,4801,445,418
Broadcom Corp. — ClassA38,7281,339,214
Intuit, Inc.22,4261,320,442
Dell, Inc.132,4871,306,322
Adobe Systems, Inc.*37,5601,219,198
Citrix Systems, Inc.*14,2811,093,496
Applied Materials, Inc.94,5181,055,294
Symantec Corp.*53,614965,052
Activision Blizzard, Inc.84,866957,289
Seagate Technology plc30,683951,173
CA, Inc.35,825923,031
Paychex, Inc.27,707922,366
NetApp, Inc.*27,751912,453
Altera Corp.24,435830,423
SanDisk Corp.*18,449801,240
Fiserv, Inc.*10,362767,099
Check Point Software Technologies Ltd.*15,642753,319
Xilinx, Inc.20,024669,002
Avago Technologies Ltd.18,705652,150
F5 Networks, Inc.*6,036631,969
NVIDIA Corp.*47,319631,235
KLA-Tencor Corp.12,718606,712
Maxim Integrated Products, Inc.22,291593,386
Autodesk, Inc.*17,548585,577
Nuance Communications, Inc.*23,513585,239
VeriSign, Inc.*11,945581,602
Linear Technology Corp.17,584560,050
Akamai Technologies, Inc.*13,542518,117
BMC Software, Inc.*12,180505,348
Microchip Technology, Inc.14,798484,487
Micron Technology, Inc.*77,720465,154
Lam Research Corp.*13,926442,638
Marvell Technology Group Ltd.43,032393,743
Electronic Arts, Inc.*24,316308,570
Flextronics International Ltd.*50,830304,980
Research In Motion Ltd.*39,430295,725
Infosys Ltd. ADR5,683275,853
Total Information Technology159,314,384
Consumer Discretionary - 11.5%
Amazon.com, Inc.*34,5318,781,957
Comcast Corp. — ClassA161,5305,777,928
Starbucks Corp.58,0482,945,936
News Corp. — ClassA119,8242,939,283
DIRECTV*47,9552,515,719
Priceline.com, Inc.*3,8032,353,030
Viacom, Inc. — ClassB35,3971,896,925
Bed Bath & Beyond, Inc.*17,7301,116,990
Ross Stores, Inc.17,2291,112,993
Mattel, Inc.26,038923,828
Wynn Resorts Ltd.7,677886,233
Dollar Tree, Inc.*17,592849,254
Sirius XM Radio, Inc.*292,773761,210
O'Reilly Automotive, Inc.*9,081759,353
Liberty Interactive Corp. — ClassA*39,350727,975
Garmin Ltd.14,884621,258
Virgin Media, Inc.20,525604,256
Staples, Inc.52,119600,411
Expedia, Inc.9,390543,118
Sears Holdings Corp.*,18,133451,300
Fossil, Inc.*4,647393,601
Apollo Group, Inc. — ClassA*8,623250,498
Netflix, Inc.*,14,242230,934
Total Consumer Discretionary38,043,990
Health Care - 8.0%
Amgen, Inc.58,8704,963,918
Express Scripts Holding Co.*61,9283,881,028
Gilead Sciences, Inc.*57,7823,832,680
Biogen Idec, Inc.*18,0522,693,900
Celgene Corp.*32,9522,517,533
Alexion Pharmaceuticals, Inc.*14,7461,686,942
Intuitive Surgical, Inc.*3,0461,509,689
Cerner Corp.*13,0721,011,904
Vertex Pharmaceuticals, Inc.*16,479922,000
Perrigo Co.7,146830,151
Mylan, Inc.*31,001756,424
Life Technologies Corp.*13,389654,454
Henry Schein, Inc.*6,762536,024
DENTSPLY International, Inc.10,833413,171
Warner Chilcott plc — ClassA19,128258,228
Total Health Care26,468,046
Consumer Staples - 3.4%
Mondelez International, Inc. — ClassA*135,5415,604,620
Costco Wholesale Corp.33,0213,306,228
Whole Foods Market, Inc.14,1051,373,827
Monster Beverage Corp.*13,470729,535
Green Mountain Coffee Roasters, Inc.*,111,880282,150
Total Consumer Staples11,296,360
Industrials - 1.2%
PACCAR, Inc.27,0001,080,675
Fastenal Co.22,622972,520
CH Robinson Worldwide, Inc.12,322721,453
Stericycle, Inc.*6,538591,820
Expeditors International of Washington, Inc.16,081584,705
Total Industrials3,951,173
Telecommunication Services - 0.6%
Vodafone Group plc ADR72,5682,067,825

NASDAQ-100® 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 73.0% (continued)
Materials - 0.4%
Sigma-Aldrich Corp.9,227$664,067
Randgold Resources Ltd. ADR4,106505,038
Total Materials1,169,105
Total Common Stocks
(Cost $163,240,564)242,310,883
RIGHTS†- 0.0%
Liberty Ventures
Expires 08/09/13*5948,043
Total Rights
(Cost $–)8,043
Face
Amount
REPURCHASE AGREEMENTS††,2- 15.1%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		$42,895,70342,895,703
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/123		7,358,0027,358,002
Total Repurchase Agreements
(Cost $50,253,705)50,253,705
SECURITIES LENDING COLLATERAL††,4- 0.1%
RBS Securities, Inc.
issued 09/28/12 at 0.24%
due 10/01/12		242,512242,512
Merrill Lynch, Pierce, Fenner & Smith, Inc.
issued 09/28/12 at 0.15%
due 10/01/12		238,663238,663
Total Securities Lending Collateral
(Cost $481,175)481,175
Total Investments - 88.2%
(Cost $213,975,444)$293,053,806
Other Assets & Liabilities, net - 11.8%39,038,492
Total Net Assets - 100.0%$332,092,298
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS PURCHASED†
December 2012 NASDAQ-100 Index Mini Futures Contracts
(Aggregate Value of
Contracts $93,652,065)		1,677$(395,629)
Units
EQUITY INDEX SWAP AGREEMENTS††
Goldman Sachs International
October 2012 NASDAQ-100 Index Swap, Terminating 10/29/125
(Notional Value $80,832,634)		28,877$445,617
Credit Suisse Capital, LLC
October 2012 NASDAQ-100 Index Swap, Terminating 10/31/125
(Notional Value $9,521,566)		3,402(76,134)
Barclays Bank plc
October 2012 NASDAQ-100 Index Swap, Terminating 10/31/125
(Notional Value $238,332,581)		85,143(1,868,560)
(Total Notional Value$328,686,781)$(1,499,077)
*Non-income producing security.
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1All or portion of this security is on loan at September 30, 2012 - See Note 4.
2Repurchase Agreements —See Note 3.
3All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
4Securities lending collateral - See Note 4.
5Total Return based on NASDAQ-100 Index +/- financing at a variable rate.
ADRAmerican Depositary Receipt
plcPublic Limited Company

Inverse NASDAQ-100® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
Face
Amount		Value
FEDERAL AGENCY DISCOUNT NOTES††- 43.4%
Federal Home Loan Bank1
0.15% due 10/30/12$15,000,000$14,999,760
Total Federal Agency Discount Notes
(Cost $14,998,125)14,999,760
REPURCHASE AGREEMENTS††,2- 95.2%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		23,077,16823,077,168
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/123		9,856,1809,856,180
Total Repurchase Agreements
(Cost $32,933,348)32,933,348
Total Investments - 138.6%
(Cost $47,931,473)$47,933,108
Other Assets & Liabilities, net - (38.6)%(13,352,950)
Total Net Assets - 100.0%$34,580,158
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS SOLD SHORT†
December 2012 NASDAQ-100 Index Mini Futures Contracts
(Aggregate Value of
Contracts $16,250,895)		291$348,401
Units
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT††
Credit Suisse Capital, LLC
October 2012NASDAQ-100 Index Swap, Terminating 10/31/124
(Notional Value $38,451,763)		13,737$307,457
Barclays Bank plc
October 2012NASDAQ-100Index Swap, Terminating 10/31/124
(Notional Value $8,467,547)		3,02568,126
Goldman Sachs International
October 2012NASDAQ-100 Index Swap, Terminating 10/29/124
(Notional Value $6,392,557)		2,284(40,745)
(Total Notional Value$53,311,867)$334,838
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1The issuer operates under a Congressional charter; its securities are neither issued nor guaranteed by the U.S. Government.
2Repurchase Agreements —See Note 3.
3All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
4Total return based on NASDAQ-100 Index +/- financing at a variable rate.
plcPublic Limited Company

Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 81.0%
Industrials - 16.1%
3M Co.27,990$2,586,836
Caterpillar, Inc.27,9902,408,260
United Technologies Corp.27,9902,191,337
Boeing Co.27,9901,948,664
General Electric Co.27,990635,653
Total Industrials9,770,750
Information Technology - 13.7%
International Business Machines Corp.27,9825,804,867
Microsoft Corp.27,990833,542
Intel Corp.27,991634,836
Cisco Systems, Inc.27,990534,329
Hewlett-Packard Co.27,990477,509
Total Information Technology8,285,083
Energy - 9.6%
Chevron Corp.27,9903,262,514
Exxon Mobil Corp.27,9822,558,954
Total Energy5,821,468
Consumer Discretionary - 9.5%
McDonald's Corp.27,9902,568,083
Home Depot, Inc.27,9901,689,756
Walt Disney Co.27,9901,463,317
Total Consumer Discretionary5,721,156
Health Care - 9.0%
Johnson & Johnson27,9901,928,790
UnitedHealth Group, Inc.27,9901,550,926
Merck & Company, Inc.27,9901,262,349
Pfizer, Inc.27,990695,552
Total Health Care5,437,617
Consumer Staples - 8.4%
Wal-Mart Stores, Inc.27,9902,065,662
Procter & Gamble Co.27,9901,941,386
Coca-Cola Co.27,9871,061,547
Total Consumer Staples5,068,595
Financials - 8.1%
Travelers Companies, Inc.27,9901,910,598
American Express Co.27,9901,591,511
JPMorgan Chase & Co.27,9901,133,035
Bank of America Corp.27,990247,152
Total Financials4,882,296
Telecommunication Services - 3.9%
Verizon Communications, Inc.27,9901,275,504
AT&T, Inc.27,9901,055,223
Total Telecommunication Services2,330,727
Materials - 2.7%
EI du Pont de Nemours & Co.27,9901,407,057
Alcoa, Inc.27,986247,676
Total Materials1,654,733
Total Common Stocks
(Cost $48,980,584)48,972,425
Face
Amount
REPURCHASE AGREEMENTS††,1- 8.0%
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/122		$3,798,4433,798,443
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		1,027,1781,027,178
Total Repurchase Agreements
(Cost $4,825,621)4,825,621
Total Investments - 89.0%
(Cost $53,806,205)$53,798,046
Other Assets & Liabilities, net - 11.0%6,671,073
Total Net Assets - 100.0%$60,469,119
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS PURCHASED†
December2012 Dow Jones Industrial Average Index Mini Futures Contracts
(Aggregate Value of
Contracts $41,437,700)		620$18,129
Units
EQUITY INDEX SWAP AGREEMENTS††
Goldman Sachs International
October 2012 Dow Jones Industrial Average Index Swap, Terminating 10/29/123
(Notional Value $3,692,865)		275$6,430
Barclays Bank plc
October 2012 Dow Jones Industrial Average Index Swap, Terminating 10/31/123
(Notional Value $5,734,322)		427(20,998)
Credit Suisse Capital, LLC
October 2012 Dow Jones Industrial Average Index Swap, Terminating 10/31/123
(Notional Value $20,699,791)		1,540(75,032)
(Total Notional Value$30,126,978)$(89,600)
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1Repurchase Agreements —See Note 3.
2All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
3Total Return based on Dow Jones Industrial Average Index +/- financing at a variable rate.
plcPublic Limited Company

Inverse Dow 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September 30, 2012
Face
Amount		Value
REPURCHASE AGREEMENTS††,1- 96.8%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		$7,641,823$7,641,823
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/122		3,060,3823,060,382
Total Repurchase Agreements
(Cost $10,702,205)10,702,205
Total Investments - 96.8%
(Cost $10,702,205)$10,702,205
Other Assets & Liabilities, net - 3.2%354,507
Total Net Assets - 100.0%$11,056,712
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS SOLD SHORT†
December 2012 Dow Jones Industrial Average Index Mini Futures Contracts
(Aggregate Value of
Contracts $2,940,740)		44$13,519
Units
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT††
Credit Suisse Capital, LLC
October 2012 Dow Jones Industrial Average Index Swap, Terminating 10/31/123
(Notional Value $15,901,204)		1,183$57,639
Barclays Bank plc
October 2012 Dow Jones Industrial Average Index Swap, Terminating 10/31/123
(Notional Value $1,840,756)		1376,711
GoldmanSachs International
October 2012 Dow Jones Industrial Average Index Swap, Terminating10/29/123
(Notional Value $1,451,856)		108(1,317)
(Total Notional Value$19,193,816)$63,033
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1Repurchase Agreements —See Note 3.
2All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
3Total Return based on Dow Jones Industrial Average Index +/- financing at a variable rate.
plcPublic Limited Company

Russell 2000® 2x Strategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4%
Financials - 9.7%
Two Harbors Investment Corp.3,247$38,153
Ocwen Financial Corp.*1,26434,645
Starwood Property Trust, Inc.1,36731,811
Highwoods Properties, Inc.86728,282
Omega Healthcare Investors, Inc.1,24428,276
Hanco*ck Holding Co.89227,606
Invesco Mortgage Capital, Inc.1,35327,236
First American Financial Corp.1,24026,872
LaSalle Hotel Properties99826,637
CYS Investments, Inc.1,75824,770
Entertainment Properties Trust54924,392
Alterra Capital Holdings Ltd.1,01024,179
Prosperity Bancshares, Inc.56323,994
CNO Financial Group, Inc.2,47823,912
RLJ Lodging Trust1,25023,638
Susquehanna Bancshares, Inc.2,21023,116
American Realty Capital Trust, Inc.1,86021,817
Texas Capital Bancshares, Inc.*43821,772
Colonial Properties Trust1,03021,681
Stifel Financial Corp.*63321,268
DiamondRock Hospitality Co.2,18821,070
Healthcare Realty Trust, Inc.90720,906
Washington Real Estate Investment Trust77420,759
ARMOUR Residential REIT, Inc.2,69620,651
Prospect Capital Corp.1,72819,907
Webster Financial Corp.83719,836
Sovran Self Storage, Inc.34019,669
FirstMerit Corp.1,28118,869
DCT Industrial Trust, Inc.2,89718,743
CubeSmart1,45418,713
Apollo Investment Corp.2,37418,683
UMB Financial Corp.38018,498
Trustmark Corp.75618,401
FNB Corp.1,64118,396
DuPont Fabros Technology, Inc.71918,155
EastGroup Properties, Inc.34118,141
Potlatch Corp.47617,788
Greenhill & Company, Inc.34017,594
Sunstone Hotel Investors, Inc.*1,59417,534
Glimcher Realty Trust1,63517,282
Platinum Underwriters Holdings Ltd.41717,043
Umpqua Holdings Corp.1,30216,783
Medical Properties Trust, Inc.1,58016,511
IBERIABANK Corp.35916,442
RLI Corp.24616,398
BancorpSouth, Inc.1,11016,361
Cathay General Bancorp91915,862
Wintrust Financial Corp.41915,742
Primerica, Inc.54915,723
Pebblebrook Hotel Trust66815,625
First Cash Financial Services, Inc.*33515,413
Westamerica Bancorporation32715,385
Old National Bancorp1,10715,066
National Health Investors, Inc.29114,969
Capstead Mortgage Corp.1,10114,852
United Bankshares, Inc.58914,672
PS Business Parks, Inc.21614,433
Northwest Bancshares, Inc.1,13313,856
First Industrial Realty Trust, Inc.*1,04813,771
Equity One, Inc.65213,731
MarketAxess Holdings, Inc.42913,556
Lexington Realty Trust1,39913,514
PHH Corp.*66313,492
Sun Communities, Inc.30513,456
Redwood Trust, Inc.92913,433
Community Bank System, Inc.47513,390
First Financial Bankshares, Inc.37113,367
Glacier Bancorp, Inc.85613,336
Montpelier Re Holdings Ltd.59413,145
National Penn Bancshares, Inc.1,43813,100
Cash America International, Inc.33813,037
Financial Engines, Inc.*54512,987
MB Financial, Inc.65512,936
Walter Investment Management Corp.*34912,916
EZCORP, Inc. — ClassA*56012,841
Strategic Hotels & Resorts, Inc.*2,11812,729
Acadia Realty Trust51112,683
CVB Financial Corp.1,03712,382
Selective Insurance Group, Inc.64212,192
Education Realty Trust, Inc.1,11412,143
International Bancshares Corp.61811,773
Bank of the Ozarks, Inc.33811,651
First Financial Bancorp68711,617
BBCN Bancorp, Inc.*90711,437
PrivateBancorp, Inc. — ClassA70811,321
LTC Properties, Inc.35411,275
PennyMac Mortgage Investment Trust48211,264
Symetra Financial Corp.90311,107
Provident Financial Services, Inc.70111,068
First Midwest Bancorp, Inc.87310,956
Anworth Mortgage Asset Corp.1,60210,894
American Capital Mortgage Investment Corp.42810,756
Fifth Street Finance Corp.97110,662
Government Properties Income Trust44010,296
Pennsylvania Real Estate Investment Trust64710,261
American Assets Trust, Inc.38310,261
Solar Capital Ltd.44010,085
Astoria Financial Corp.1,01910,068
World Acceptance Corp.*1479,915
Argo Group International Holdings Ltd.3069,911
NorthStar Realty Finance Corp.1,5559,890
Hersha Hospitality Trust — ClassA2,0189,888
Enstar Group Ltd.*969,566
Investors Bancorp, Inc.*5219,503
Main Street Capital Corp.3229,502

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Financials - 9.7% (continued)
Franklin Street Properties Corp.853$9,443
Alexander's, Inc.229,405
Park National Corp.1319,173
Citizens Republic Bancorp, Inc.*4709,095
Evercore Partners, Inc. — ClassA3369,072
Boston Private Financial Holdings, Inc.9288,900
DFC Global Corp.*5178,867
Columbia Banking System, Inc.4758,807
Associated Estates Realty Corp.5748,702
Home BancShares, Inc.2558,693
First Commonwealth Financial Corp.1,2288,657
Sabra Health Care REIT, Inc.4308,604
Cousins Properties, Inc.1,0808,575
Horace Mann Educators Corp.4718,530
NBT Bancorp, Inc.3848,475
CreXus Investment Corp.7828,453
Western Alliance Bancorporation*8228,384
BlackRock Kelso Capital Corp.8598,349
Greenlight Capital Re Ltd. — ClassA*3368,316
PacWest Bancorp3548,273
Investors Real Estate Trust9998,262
Infinity Property & Casualty Corp.1368,213
iStar Financial, Inc.*9918,205
American Equity Investment Life Holding Co.7028,164
Triangle Capital Corp.3188,160
Oritani Financial Corp.5418,142
Credit Acceptance Corp.*958,123
Amtrust Financial Services, Inc.3148,032
National Financial Partners Corp.*4727,977
Chemical Financial Corp.3257,865
Pinnacle Financial Partners, Inc.*4037,786
Tower Group, Inc.4017,775
Hudson Pacific Properties, Inc.4207,770
Retail Opportunity Investments Corp.5997,709
Independent Bank Corp.2567,703
ViewPoint Financial Group, Inc.3997,649
First Potomac Realty Trust5927,625
Chesapeake Lodging Trust3777,491
Colony Financial, Inc.3837,461
Inland Real Estate Corp.8987,409
Banco Latinoamericano de Comercio Exterior S.A. — ClassE3337,356
Nationstar Mortgage Holdings, Inc.*2207,300
SCBT Financial Corp.1807,250
Brookline Bancorp, Inc.8117,153
Safety Insurance Group, Inc.1557,111
Kennedy-Wilson Holdings, Inc.5067,069
PennantPark Investment Corp.6556,950
Sterling Financial Corp.3116,926
FelCor Lodging Trust, Inc.*1,4536,887
Dynex Capital, Inc.6346,816
Ramco-Gershenson Properties Trust5406,766
Employers Holdings, Inc.3676,727
Radian Group, Inc.1,5476,714
Universal Health Realty Income Trust1466,713
KBW, Inc.4066,687
Forestar Group, Inc.*3996,648
Coresite Realty Corp.2456,600
Nelnet, Inc. — ClassA2756,529
Hercules Technology Growth Capital, Inc.5846,430
Cohen & Steers, Inc.2176,428
Virtus Investment Partners, Inc.*746,364
TrustCo Bank Corp. NY1,0986,281
City Holding Co.1756,272
Apollo Residential Mortgage, Inc.2816,193
State Bank Financial Corp.3736,151
PICO Holdings, Inc.*2676,093
Community Trust Bancorp, Inc.1685,970
S&T Bancorp, Inc.3395,970
Hilltop Holdings, Inc.*4665,923
United Fire Group, Inc.2345,878
Resource Capital Corp.9945,845
Berkshire Hills Bancorp, Inc.2545,812
Renasant Corp.2955,783
AMERISAFE, Inc.*2135,781
Flushing Financial Corp.3655,767
WesBanco, Inc.2775,737
Navigators Group, Inc.*1165,710
HFF, Inc. — ClassA*3825,691
BGC Partners, Inc. — ClassA1,1525,645
Banner Corp.2085,637
Dime Community Bancshares, Inc.3825,516
Urstadt Biddle Properties, Inc. — ClassA2705,462
Sandy Spring Bancorp, Inc.2835,448
Flagstone Reinsurance Holdings S.A.6285,395
Getty Realty Corp.2995,367
Tompkins Financial Corp.1325,349
Ashford Hospitality Trust, Inc.6325,309
Lakeland Financial Corp.1925,299
West Coast Bancorp*2355,292
Maiden Holdings Ltd.5945,281
Monmouth Real Estate Investment Corp. — ClassA4695,248
First Merchants Corp.3385,073
Duff & Phelps Corp. — ClassA3674,995
Oriental Financial Group, Inc.4734,976
Cardinal Financial Corp.3444,919
Piper Jaffray Cos.*1924,886
Campus Crest Communities, Inc.4524,882
Simmons First National Corp. — ClassA2004,871
Citizens, Inc.*4614,836
Tejon Ranch Co.*1604,806

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Financials - 9.7% (continued)
Heartland Financial USA, Inc.176$4,800
STAG Industrial, Inc.2934,764
TowneBank3094,737
National Western Life Insurance Co. — ClassA334,727
Hanmi Financial Corp.*3694,727
Wilshire Bancorp, Inc.*7364,637
AG Mortgage Investment Trust, Inc.1924,633
WisdomTree Investments, Inc.*6904,623
TICC Capital Corp.4444,618
Meadowbrook Insurance Group, Inc.5934,560
Washington Trust Bancorp, Inc.1724,518
Southside Bancshares, Inc.2074,515
Excel Trust, Inc.3934,488
ICG Group, Inc.*4374,440
Epoch Holding Corp.1894,366
First Busey Corp.8834,309
Stewart Information Services Corp.2134,290
eHealth, Inc.*2264,242
MCG Capital Corp.9054,172
First Financial Corp.1324,137
Saul Centers, Inc.934,129
United Community Banks, Inc.*4924,128
Rockville Financial, Inc.3354,104
CapLease, Inc.7814,038
Investment Technology Group, Inc.*4583,985
GAMCO Investors, Inc. — ClassA793,930
1st Source Corp.1763,920
FBL Financial Group, Inc. — ClassA1183,918
WSFS Financial Corp.943,880
Safeguard Scientifics, Inc.*2453,844
Great Southern Bancorp, Inc.1223,771
Rouse Properties, Inc.2603,731
EverBank Financial Corp.2703,718
Cedar Realty Trust, Inc.7033,712
NewStar Financial, Inc.*3083,693
Provident New York Bancorp3913,679
Union First Market Bankshares Corp.2363,672
First BanCorp*8303,669
Presidential Life Corp.2633,664
Winthrop Realty Trust3393,654
MVC Capital, Inc.2853,648
Beneficial Mutual Bancorp, Inc.*3803,633
German American Bancorp, Inc.1503,618
StellarOne Corp.2743,606
Netspend Holdings, Inc.*3653,588
Capital Southwest Corp.323,582
Univest Corporation of Pennsylvania1993,582
Apollo Commercial Real Estate Finance, Inc.2063,572
Sterling Bancorp3583,551
Central Pacific Financial Corp.*2483,546
Bancorp, Inc.*3453,543
OneBeacon Insurance Group Ltd. — ClassA2603,494
Ameris Bancorp*2763,475
Green Dot Corp. — ClassA*2803,424
MGIC Investment Corp.*2,2033,371
BancFirst Corp.783,351
Agree Realty Corp.1303,314
Lakeland Bancorp, Inc.3193,302
SY Bancorp, Inc.1393,289
Kite Realty Group Trust6413,269
Camden National Corp.883,260
Eagle Bancorp, Inc.*1933,227
Taylor Capital Group, Inc.*1863,184
International. FCStone, Inc.*1673,183
Westwood Holdings Group, Inc.813,160
Centerstate Banks, Inc.3533,149
Arrow Financial Corp.1253,137
Trico Bancshares1883,108
Hudson Valley Holding Corp.1823,103
BofI Holding, Inc.*1183,074
Knight Capital Group, Inc. — ClassA*1,1463,071
Summit Hotel Properties, Inc.3593,066
RAIT Financial Trust5823,056
MainSource Financial Group, Inc.2363,030
OmniAmerican Bancorp, Inc.*1333,023
Federal Agricultural Mortgage Corp. — ClassC1162,986
First Connecticut Bancorp, Inc.2202,972
Bryn Mawr Bank Corp.1322,962
First Community Bancshares, Inc.1942,960
Peoples Bancorp, Inc.1292,953
Enterprise Financial Services Corp.2172,951
Financial Institutions, Inc.1572,926
Citizens & Northern Corp.1492,922
Territorial Bancorp, Inc.1262,892
Global Indemnity plc — ClassA*1322,888
State Auto Financial Corp.1762,885
First Interstate Bancsystem, Inc. — ClassA1922,872
Franklin Financial Corp.*1682,866
Bank of Marin Bancorp672,848
First of Long Island Corp.922,835
CoBiz Financial, Inc.4032,821
Medley Capital Corp.1992,800
Cowen Group, Inc. — ClassA*1,0352,795
National Bankshares, Inc.842,789
Heritage Financial Corp.1852,781
Virginia Commerce Bancorp, Inc.*3102,713
Select Income REIT1102,708
United Financial Bancorp, Inc.1852,677
Northfield Bancorp, Inc.1672,675
Republic Bancorp, Inc. — ClassA1212,656
FXCM, Inc. — ClassA2762,636

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Financials - 9.7% (continued)
Home Loan Servicing Solutions Ltd.162$2,636
GFI Group, Inc.8252,624
Golub Capital BDC, Inc.1652,624
Calamos Asset Management, Inc. — ClassA2252,619
Washington Banking Co.1842,607
One Liberty Properties, Inc.1392,592
Southwest Bancorp, Inc.*2362,561
CNB Financial Corp.1462,556
First Financial Holdings, Inc.1962,546
SeaBright Holdings, Inc.2312,541
Parkway Properties, Inc.1892,527
OceanFirst Financial Corp.1722,523
Gladstone Commercial Corp.1372,502
Terreno Realty Corp.1572,481
Bank Mutual Corp.5452,480
Baldwin & Lyons, Inc. — ClassB1032,463
Medallion Financial Corp.2082,456
Alliance Financial Corp.612,453
Arlington Asset Investment Corp. — ClassA1022,434
Fox Chase Bancorp, Inc.1542,405
KCAP Financial, Inc.2522,334
Chatham Lodging Trust1682,332
Bridge Bancorp, Inc.992,308
Westfield Financial, Inc.3082,307
American National Bankshares, Inc.1002,259
Pacific Capital Bancorp*492,249
1st United Bancorp, Inc.*3482,245
West Bancorporation, Inc.1852,229
Thomas Properties Group, Inc.3802,212
Gyrodyne Company of America, Inc.*202,173
Penns Woods Bancorp, Inc.492,172
Gladstone Capital Corp.2472,161
Diamond Hill Investment Group, Inc.282,147
BankFinancial Corp.2442,145
Metro Bancorp, Inc.*1682,129
Merchants Bancshares, Inc.722,128
Home Federal Bancorp, Inc.1872,117
SWS Group, Inc.*3422,090
Phoenix Companies, Inc.*682,086
Kansas City Life Insurance Co.542,081
Marlin Business Services Corp.982,079
Solar Senior Capital Ltd.1162,078
Gladstone Investment Corp.2652,072
GSV Capital Corp.*2402,071
THL Credit, Inc.1462,048
Oppenheimer Holdings, Inc. — ClassA1282,042
First Defiance Financial Corp.1182,037
First Bancorp1762,029
Ames National Corp.972,021
HomeStreet, Inc.*532,017
MetroCorp Bancshares, Inc.*1902,012
Western Asset Mortgage Capital Corp.901,998
Preferred Bank/Los Angeles CA*1401,985
American Safety Insurance Holdings Ltd.*1061,981
Walker & Dunlop, Inc.*1281,967
National Interstate Corp.761,961
New Mountain Finance Corp.1321,956
Bank of Kentucky Financial Corp.701,942
Manning & Napier, Inc. — ClassA1581,926
NGP Capital Resources Co.2571,917
Pacific Continental Corp.2141,911
Park Sterling Corp.*3861,907
Fidus Investment Corp.1141,904
UMH Properties, Inc.1581,891
Homeowners Choice, Inc.801,880
Provident Financial Holdings, Inc.1301,847
FBR & Co.*5971,845
Mission West Properties, Inc.2121,844
Bridge Capital Holdings*1191,840
New York Mortgage Trust, Inc.2601,833
AV Homes, Inc.*1221,810
First California Financial Group, Inc.*2601,810
Consolidated-Tomoka Land Co.551,809
Guaranty Bancorp*8901,798
Kearny Financial Corp.1841,792
Bar Harbor Bankshares501,787
First Bancorp, Inc.1011,773
Sierra Bancorp1421,741
Suffolk Bancorp*1181,730
MidWestOne Financial Group, Inc.801,723
Mercantile Bank Corp.*1001,714
MidSouth Bancorp, Inc.1051,700
Center Bancorp, Inc.1421,693
ESB Financial Corp.1211,689
Kaiser Federal Financial Group, Inc.1101,660
Heritage Commerce Corp.*2381,652
Meridian Interstate Bancorp, Inc.*1001,650
Peapack Gladstone Financial Corp.1001,634
Gramercy Capital Corporation*5401,625
Northrim BanCorp, Inc.801,611
Ladenburg Thalmann Financial Services, Inc.*1,2171,606
Whitestone REIT — ClassB1211,597
C&F Financial Corp.401,574
Sun Bancorp, Inc.*4651,567
Crawford & Co. — ClassB3091,548
Ares Commercial Real Estate Corp.901,535
First Financial Northwest, Inc.*1901,530
Nicholas Financial, Inc.1181,523
First Pactrust Bancorp, Inc.1211,514
Capital City Bank Group, Inc.1411,500

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Financials - 9.7% (continued)
Horizon Technology Finance Corp.90$1,454
Home Bancorp, Inc.*801,439
Horizon Bancorp501,429
FNB United Corp.*1201,426
Farmers National Banc Corp.2201,421
Doral Financial Corp.*1,5091,420
SI Financial Group, Inc.1201,406
Century Bancorp, Inc. — ClassA441,404
Harris & Harris Group, Inc.*3701,402
Zillow, Inc. — ClassA*331,392
Heritage Oaks Bancorp*2401,382
Seacoast Banking Corporation of Florida*8641,374
Hallmark Financial Services*1681,368
Eastern Insurance Holdings, Inc.801,341
Heritage Financial Group, Inc.1001,314
Donegal Group, Inc. — ClassA931,306
BSB Bancorp, Inc.*1001,290
Hingham Institution for Savings201,289
NASB Financial, Inc.*501,242
Access National Corp.901,229
Cape Bancorp, Inc.*1301,217
Enterprise Bancorp, Inc.711,213
Peoples Federal Bancshares, Inc.701,210
Fidelity Southern Corp.1231,164
TCP Capital Corp.701,117
Clifton Savings Bancorp, Inc.1011,111
ESSA Bancorp, Inc.1061,101
Tree.com, Inc.*701,097
Artio Global Investors, Inc. — ClassA3641,085
Middleburg Financial Corp.601,066
JMP Group, Inc.1911,049
Regional Management Corp.*601,035
Resource America, Inc. — ClassA1501,026
EMC Insurance Group, Inc.481,008
Independence Holding Co.92926
MicroFinancial, Inc.100915
Gain Capital Holdings, Inc.175863
Universal Insurance Holdings, Inc.218839
Pacific Mercantile Bancorp*120785
Roma Financial Corp.88783
Charter Financial Corp.79770
First Marblehead Corp.*680714
Investors Title Co.10652
Capital Bank Financial Corp. — ClassA*36652
Fortegra Financial Corp.*77611
Pzena Investment Management, Inc. — ClassA117610
CIFC Corp.*78571
Waterstone Financial, Inc.*90467
California First National Bancorp23424
Berkshire Bancorp, Inc.*50412
First Federal Bancshares of Arkansas, Inc.*40391
Cascade Bancorp*70370
Crescent Financial Bancshares, Inc.*30137
Total Financials3,044,408
Information Technology - 7.8%
Ultimate Software Group, Inc.*31331,958
Wright Express Corp.*44931,303
Parametric Technology Corp.*1,40130,542
CommVault Systems, Inc.*51730,347
Aruba Networks, Inc.*1,31529,567
Cirrus Logic, Inc.*74728,677
Aspen Technology, Inc.*1,09328,254
CoStar Group, Inc.*31425,603
FEI Co.45424,289
MAXIMUS, Inc.39123,352
QLIK Technologies, Inc.*1,00922,612
Convergys Corp.1,37021,468
Microsemi Corp.*1,04120,893
Hittite Microwave Corp.*36920,468
ACI Worldwide, Inc.*46519,651
Cavium, Inc.*58819,598
InterDigital, Inc.52219,459
Semtech Corp.*76319,189
Anixter International, Inc.33018,961
Quest Software, Inc.*66418,592
Cymer, Inc.*36218,485
Fair Isaac Corp.40517,925
3D Systems Corp.*54217,805
Plantronics, Inc.50317,770
OSI Systems, Inc.*22817,748
j2 Global, Inc.53517,559
Cognex Corp.50417,428
Sourcefire, Inc.*34817,062
Arris Group, Inc.*1,31416,805
NETGEAR, Inc.*44016,782
Mentor Graphics Corp.*1,08216,749
ViaSat, Inc.*43916,410
Acxiom Corp.*89816,406
CACI International, Inc. — ClassA*31516,314
ValueClick, Inc.*94816,296
Universal Display Corp.*46716,054
Comverse Technology, Inc.*2,57015,806
Ciena Corp.*1,16015,776
Tyler Technologies, Inc.*35815,759
JDA Software Group, Inc.*49315,668
MKS Instruments, Inc.61415,651
Progress Software Corp.*72815,572
First Solar, Inc.*70015,502
Sapient Corp.*1,44815,436
Cardtronics, Inc.*51815,426
Finisar Corp.*1,06515,230
Tellabs, Inc.4,30015,222
TiVo, Inc.*1,45615,186
VistaPrint N.V.*44015,026
Kenexa Corp.*31814,574
Heartland Payment Systems, Inc.46014,573
Littelfuse, Inc.25714,531

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Information Technology - 7.8% (continued)
DealerTrack Holdings, Inc.*503$14,009
Veeco Instruments, Inc.*46413,929
MicroStrategy, Inc. — ClassA*10313,809
Liquidity Services, Inc.*27013,557
International Rectifier Corp.*81013,519
Manhattan Associates, Inc.*23613,516
Stratasys, Inc.*24613,382
BroadSoft, Inc.*32113,167
Coherent, Inc.*28713,162
Intersil Corp. — ClassA1,49013,038
Entegris, Inc.*1,60213,024
QLogic Corp.*1,14013,018
RF Micro Devices, Inc.*3,25812,869
ADTRAN, Inc.74212,822
VirnetX Holding Corp.*50412,817
Blackbaud, Inc.52912,654
Plexus Corp.*40312,206
Cornerstone OnDemand, Inc.*39412,080
Syntel, Inc.18711,671
LivePerson, Inc.*64211,627
Euronet Worldwide, Inc.*59911,255
NetScout Systems, Inc.*43811,173
NIC, Inc.75411,159
OpenTable, Inc.*26010,816
Unisys Corp.*51510,722
Monster Worldwide, Inc.*1,43010,482
Power Integrations, Inc.34210,407
MTS Systems Corp.19310,335
ScanSource, Inc.*32110,278
SYNNEX Corp.*31510,263
Benchmark Electronics, Inc.*66710,185
Bottomline Technologies, Inc.*41210,172
Ancestry.com, Inc.*33810,167
SS&C Technologies Holdings, Inc.*39910,059
TriQuint Semiconductor, Inc.*1,9689,938
Ultratech, Inc.*3169,916
Cabot Microelectronics Corp.2829,909
Integrated Device Technology, Inc.*1,6569,737
Take-Two Interactive Software, Inc.*9209,596
RealPage, Inc.*4229,537
Synaptics, Inc.*3979,536
Loral Space & Communications, Inc.1339,456
Electronics for Imaging, Inc.*5509,136
Insight Enterprises, Inc.*5219,107
Advent Software, Inc.*3668,993
EarthLink, Inc.1,2418,836
CSG Systems International, Inc.*3918,794
OmniVision Technologies, Inc.*6098,499
Bankrate, Inc.*5428,444
Blucora, Inc.*4668,299
WebMD Health Corp. — ClassA*5908,278
Tessera Technologies, Inc.6058,276
FARO Technologies, Inc.*2008,264
ExlService Holdings, Inc.*2808,260
Sanmina-SCI Corp.*9458,023
Ellie Mae, Inc.*2937,978
Ixia*4967,971
Rogers Corp.*1877,921
Ebix, Inc.3307,791
GT Advanced Technologies, Inc.*1,3827,532
MEMC Electronic Materials, Inc.*2,7107,453
Web.com Group, Inc.*4127,395
Synchronoss Technologies, Inc.*3227,374
Brightpoint, Inc.*8117,283
Emulex Corp.*1,0067,253
Rambus, Inc.*1,2937,163
Digital River, Inc.*4297,147
Verint Systems, Inc.*2607,134
Guidewire Software, Inc.*2277,048
Infinera Corp.*1,2847,036
Diodes, Inc.*4137,025
ATMI, Inc.*3766,982
Monolithic Power Systems, Inc.*3536,972
Monotype Imaging Holdings, Inc.4446,922
Spansion, Inc. — ClassA*5746,842
iGATE Corp.*3766,832
Websense, Inc.*4366,823
Comtech Telecommunications Corp.2406,634
Mantech International Corp. — ClassA2746,576
Rofin-Sinar Technologies, Inc.*3306,511
Volterra Semiconductor Corp.*2956,452
Badger Meter, Inc.1756,368
Harmonic, Inc.*1,3816,270
comScore, Inc.*4116,268
Brooks Automation, Inc.7766,231
Constant Contact, Inc.*3586,229
Global Cash Access Holdings, Inc.*7716,207
Park Electrochemical Corp.2426,009
Entropic Communications, Inc.*1,0326,006
Pegasystems, Inc.2065,982
Measurement Specialties, Inc.*1815,969
ServiceSource International, Inc.*5805,951
LogMeIn, Inc.*2655,944
Opnet Technologies, Inc.1745,928
Micrel, Inc.5675,908
TTM Technologies, Inc.*6255,894
United Online, Inc.1,0565,829
Active Network, Inc.*4565,714
Advanced Energy Industries, Inc.*4585,643
Accelrys, Inc.*6475,603
Cray, Inc.*4365,537
Procera Networks, Inc.*2275,335
Lattice Semiconductor Corp.*1,3895,320
Black Box Corp.2075,281
Interactive Intelligence Group, Inc.*1725,169
InvenSense, Inc. — ClassA*4235,055
Higher One Holdings, Inc.*3725,015
EPIQ Systems, Inc.3714,979
DTS, Inc.*2134,959
Newport Corp.*4464,933

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Information Technology - 7.8% (continued)
SPS Commerce, Inc.*128$4,924
PROS Holdings, Inc.*2554,863
Vocus, Inc.*2384,774
Sonus Networks, Inc.*2,5024,704
RealD, Inc.*5174,622
Tangoe, Inc.*3514,609
Forrester Research, Inc.1604,603
Perficient, Inc.*3764,538
TeleTech Holdings, Inc.*2654,518
Dice Holdings, Inc.*5364,513
Silicon Image, Inc.*9784,489
Angie's List, Inc.*4194,433
Power-One, Inc.*7914,430
Intermec, Inc.*7134,428
Quantum Corp.*2,7404,411
Cass Information Systems, Inc.1054,407
Internap Network Services Corp.*6164,343
TNS, Inc.*2904,336
Imperva, Inc.*1164,291
Methode Electronics, Inc.4414,282
Responsys, Inc.*4154,245
AuthenTec, Inc.*5304,245
Super Micro Computer, Inc.*3474,174
MIPS Technologies, Inc. — ClassA*5594,131
Amkor Technology, Inc.*9304,092
Actuate Corp.*5784,063
CTS Corp.3963,988
Daktronics, Inc.4193,985
Ceva, Inc.*2763,969
PDF Solutions, Inc.*2903,961
Rudolph Technologies, Inc.*3773,959
Stamps.com, Inc.*1703,934
Virtusa Corp.*2213,927
Checkpoint Systems, Inc.*4733,916
Move, Inc.*4543,913
Nanometrics, Inc.*2823,894
Electro Rent Corp.2203,892
SciQuest, Inc.*2123,858
Photronics, Inc.*7133,829
MoneyGram International, Inc.*2553,810
Demand Media, Inc.*3503,805
Mercury Computer Systems, Inc.*3583,802
Extreme Networks*1,1113,711
Oplink Communications, Inc.*2233,688
Applied Micro Circuits Corp.*7283,684
Sycamore Networks, Inc.*2383,665
NVE Corp.*613,611
Anaren, Inc.*1783,558
Saba Software, Inc.*3473,467
Exar Corp.*4323,456
Silicon Graphics International Corp.*3773,431
Zygo Corp.*1873,420
Symmetricom, Inc.*4833,367
Electro Scientific Industries, Inc.2713,312
Deltek, Inc.*2543,307
Avid Technology, Inc.*3483,292
LTX-Credence Corp.*5723,289
FormFactor, Inc.*5783,231
QuinStreet, Inc.*3823,205
VASCO Data Security International, Inc.*3283,077
GSI Group, Inc.*3443,065
Jive Software, Inc.*1943,048
Digi International, Inc.*2993,038
PLX Technology, Inc.*5203,000
Calix, Inc.*4682,995
Inphi Corp.*2802,985
Integrated Silicon Solution, Inc.*3212,972
CIBER, Inc.*8562,970
Kopin Corp.*7872,959
Globecomm Systems, Inc.*2652,955
Envestnet, Inc.*2522,948
Fabrinet*2542,944
Glu Mobile, Inc.*6322,926
Maxwell Technologies, Inc.*3512,850
Computer Task Group, Inc.*1762,848
FSI International, Inc.*4592,846
IXYS Corp.*2862,837
STEC, Inc.*4182,822
CalAmp Corp.*3402,791
IntraLinks Holdings, Inc.*4252,780
OCZ Technology Group, Inc.*7952,759
Yelp, Inc. — ClassA*1002,705
Cohu, Inc.2852,676
ExactTarget, Inc.*1102,664
Seachange International, Inc.*3382,653
Bel Fuse, Inc. — ClassB1392,597
Keynote Systems, Inc.1792,592
XO Group, Inc.*3082,572
Demandware, Inc.*802,540
Sigma Designs, Inc.*3832,532
support.com, Inc.*5752,432
Pericom Semiconductor Corp.*2802,432
KVH Industries, Inc.*1762,374
Lionbridge Technologies, Inc.*6702,358
ShoreTel, Inc.*5682,323
Multi-Fineline Electronix, Inc.*1032,323
ePlus, Inc.*592,314
KEMET Corp.*5252,310
Oclaro, Inc.*8472,287
American Software, Inc. — ClassA2772,260
Supertex, Inc.*1252,235
RealNetworks, Inc.*2632,188
PRGX Global, Inc.*2452,097
Infoblox, Inc.*902,093
Parkervision, Inc.*8902,083
SunPower Corp. — ClassA*4602,075
Zix Corp.*7192,064
Callidus Software, Inc.*4082,011
Imation Corp.*3571,996
Telular Corp.2001,980
Vishay Precision Group, Inc.*1411,971
Richardson Electronics Ltd.1661,970

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Information Technology - 7.8% (continued)
Travelzoo, Inc.*83$1,956
Unwired Planet, Inc.*1,0181,955
Digimarc Corp.871,936
KIT Digital, Inc.*6421,926
Rubicon Technology, Inc.*2011,926
Millennial Media, Inc.*1301,866
Bazaarvoice, Inc.*1211,833
Guidance Software, Inc.*1621,824
Immersion Corp.*3291,800
MaxLinear, Inc. — ClassA*2641,766
Market Leader, Inc.*2601,742
Alpha & Omega Semiconductor Ltd.*2021,739
Aviat Networks, Inc.*7231,721
Echelon Corp.*4441,705
ModusLink Global Solutions, Inc.*4601,697
Rosetta Stone, Inc.*1331,696
Intevac, Inc.*2671,631
Limelight Networks, Inc.*6971,631
MoSys, Inc.*3981,608
Ultra Clean Holdings*2801,599
DSP Group, Inc.*2631,562
PC-Telephone, Inc.2201,551
Ubiquiti Networks, Inc.*1291,535
Aeroflex Holding Corp.*2311,532
Agilysys, Inc.*1761,514
Mindspeed Technologies, Inc.*4341,502
Datalink Corp.*1801,490
Mesa Laboratories, Inc.301,451
QuickLogic Corp.*5101,428
NeoPhotonics Corp.*2381,390
Numerex Corp. — ClassA*1201,360
iPass, Inc.*6101,342
Axcelis Technologies, Inc.*1,2631,326
EPAM Systems, Inc.*701,326
Pervasive Software, Inc.*1501,290
AXT, Inc.*3811,288
Tessco Technologies, Inc.601,270
Hackett Group, Inc.*3001,254
Westell Technologies, Inc. — ClassA*5681,216
PC Connection, Inc.1051,209
GSI Technology, Inc.*2421,198
Key Tronic Corp.*1201,190
Intermolecular, Inc.*1631,157
ANADIGICS, Inc.*8221,143
TeleNav, Inc.*1901,134
STR Holdings, Inc.*3531,094
TechTarget, Inc.*1791,058
Innodata, Inc.*2601,053
QAD, Inc. — ClassA*771,046
Proofpoint, Inc.*701,040
Marchex, Inc. — ClassB2671,020
Neonode, Inc.*260980
Radisys Corp.*271976
Viasystems Group, Inc.*55952
Carbonite, Inc.*134939
AVG Technologies N.V.*95912
M/A-COM Technology Solutions Holdings, Inc.*70889
FalconStor Software, Inc.*369867
Brightcove, Inc.*73853
Aware, Inc.130819
Spark Networks, Inc.*130796
Mattersight Corp.*120710
Mattson Technology, Inc.*690669
MeetMe, Inc.*218621
Synacor, Inc.*80606
Sapiens International Corporation N.V.*160582
Audience, Inc.*70434
Envivio, Inc.*90198
Ambient Corp.*30158
Total Information Technology2,412,301
Industrials - 6.7%
Genesee & Wyoming, Inc. — ClassA*47431,691
Acuity Brands, Inc.49131,076
Alaska Air Group, Inc.*82428,889
Dollar Thrifty Automotive Group, Inc.*32928,600
Hexcel Corp.*1,16527,983
Teledyne Technologies, Inc.*43327,448
Woodward, Inc.80627,389
Robbins & Myers, Inc.44826,701
CLARCOR, Inc.58826,242
Chart Industries, Inc.*35526,217
AO Smith Corp.45125,951
Watsco, Inc.33925,693
Middleby Corp.*21925,325
Old Dominion Freight Line, Inc.*82925,003
Actuant Corp. — ClassA84924,298
HEICO Corp.62224,065
EMCOR Group, Inc.78022,261
Corporate Executive Board Co.39721,291
Portfolio Recovery Associates, Inc.*20221,094
Applied Industrial Technologies, Inc.50320,839
Esterline Technologies Corp.*36420,435
Moog, Inc. — ClassA*52920,033
US Airways Group, Inc.*1,91320,010
Geo Group, Inc.71819,867
Belden, Inc.53519,731
EnerSys, Inc.*55819,692
Tetra Tech, Inc.*74419,537
Advisory Board Co.*40319,275
Avis Budget Group, Inc.*1,24719,179
USG Corp.*86118,899
Deluxe Corp.59718,245
Healthcare Services Group, Inc.79018,067
Curtiss-Wright Corp.55118,018
Brady Corp. — ClassA57416,807
Franklin Electric Company, Inc.27716,756
Atlas Air Worldwide Holdings, Inc.*31116,057
Acacia Research Corp.*58215,953

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Industrials - 6.7% (continued)
Barnes Group, Inc.634$15,856
Beacon Roofing Supply, Inc.*54515,533
Mueller Industries, Inc.31914,505
Brink's Co.56214,438
HNI Corp.52913,496
MasTec, Inc.*68113,416
Simpson Manufacturing Company, Inc.46613,337
Watts Water Technologies, Inc. — ClassA35113,278
Herman Miller, Inc.68013,220
JetBlue Airways Corp.*2,72913,072
FTI Consulting, Inc.*48913,047
Granite Construction, Inc.45212,981
Hub Group, Inc. — ClassA*43012,762
Raven Industries, Inc.43212,714
RBC Bearings, Inc.*26412,698
ESCO Technologies, Inc.32612,665
United Stationers, Inc.47312,307
Mine Safety Appliances Co.32312,038
ABM Industries, Inc.62811,888
II-VI, Inc.*61611,716
AZZ, Inc.30811,698
TAL International Group, Inc.33811,485
Kaman Corp.31611,332
UniFirst Corp.16911,288
Werner Enterprises, Inc.51711,048
Allegiant Travel Co. — ClassA*17110,835
Lindsay Corp.14910,723
Briggs & Stratton Corp.56810,605
Amerco, Inc.9810,423
Universal Forest Products, Inc.24910,343
Forward Air Corp.33510,187
On Assignment, Inc.*51110,179
Orbital Sciences Corp.*69710,148
Knight Transportation, Inc.6769,667
Huron Consulting Group, Inc.*2729,471
Tennant Co.2219,463
Interface, Inc. — ClassA6919,128
Cubic Corp.1829,111
Trimas Corp.*3728,969
Mueller Water Products, Inc. — ClassA1,8288,957
Exponent, Inc.*1548,792
Steelcase, Inc. — ClassA8908,767
DigitalGlobe, Inc.*4288,727
Titan International, Inc.4948,723
Aegion Corp. — ClassA*4558,718
Korn/Ferry International*5638,631
EnPro Industries, Inc.*2398,606
ACCO Brands Corp.*1,3238,586
Kaydon Corp.3788,445
Spirit Airlines, Inc.*4918,386
Quanex Building Products Corp.4328,139
McGrath RentCorp3047,931
Swift Transportation Co. — ClassA*9207,930
Aircastle Ltd.6927,840
Knoll, Inc.5597,798
CIRCOR International, Inc.2067,777
AAR Corp.4697,701
Blount International, Inc.*5727,528
Mobile Mini, Inc.*4507,520
Rush Enterprises, Inc. — ClassA*3907,511
Heartland Express, Inc.5617,495
Astec Industries, Inc.*2367,460
TrueBlue, Inc.*4737,436
Team, Inc.*2327,389
Encore Capital Group, Inc.*2607,348
Ceradyne, Inc.2897,060
Albany International Corp. — ClassA3207,030
Generac Holdings, Inc.3016,890
American Science & Engineering, Inc.1056,889
Navigant Consulting, Inc.*6216,862
G&K Services, Inc. — ClassA2196,857
Seaboard Corp.*36,780
Insperity, Inc.2656,686
GenCorp, Inc.*7006,643
Standex International Corp.1496,623
Resources Connection, Inc.5036,594
Sun Hydraulics Corp.2446,483
Apogee Enterprises, Inc.3256,377
Encore Wire Corp.2176,349
RailAmerica, Inc.*2316,346
Cascade Corp.1146,240
Rexnord Corp.*3406,195
SkyWest, Inc.5936,126
Sykes Enterprises, Inc.*4556,115
Altra Holdings, Inc.3205,824
Trex Company, Inc.*1695,766
Wabash National Corp.*7965,675
Sauer-Danfoss, Inc.1395,589
Dycom Industries, Inc.*3885,579
John Bean Technologies Corp.3415,569
Griffon Corp.5355,511
Great Lakes Dredge & Dock Corp.6905,313
National Presto Industries, Inc.715,174
DXP Enterprises, Inc.*1085,159
Quad/Graphics, Inc.12985,054
Ennis, Inc.3065,021
Nortek, Inc.*904,926
Gorman-Rupp Co.1824,914
Viad Corp.2354,902
MYR Group, Inc.*2454,888
InnerWorkings, Inc.*3744,869
Comfort Systems USA, Inc.4444,853
Meritor, Inc.*1,1324,800
GeoEye, Inc.*1814,784
Tutor Perini Corp.*4144,736
Aerovironment, Inc.*2014,717
US Ecology, Inc.2154,640
Kimball International, Inc. — ClassB3784,619

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Industrials - 6.7% (continued)
Textainer Group Holdings Ltd.151$4,613
ICF International, Inc.*2294,603
Federal Signal Corp.*7274,595
Primoris Services Corp.3504,568
Gibraltar Industries, Inc.*3564,564
Layne Christensen Co.*2274,451
Mistras Group, Inc.*1884,362
Greenbrier Companies, Inc.*2694,342
AAON, Inc.2184,292
Thermon Group Holdings, Inc.*1704,248
Astronics Corp.*1374,220
Powell Industries, Inc.*1084,176
Standard Parking Corp.*1854,150
H&E Equipment Services, Inc.3304,000
Titan Machinery, Inc.*1973,995
Kforce, Inc.*3373,973
Kelly Services, Inc. — ClassA3133,944
Taser International, Inc.*6503,920
EnerNOC, Inc.*2983,868
Saia, Inc.*1913,847
Douglas Dynamics, Inc.2593,831
Celadon Group, Inc.2313,712
Global Power Equipment Group, Inc.2003,698
Multi-Color Corp.1553,590
LB Foster Co. — ClassA1113,590
Columbus McKinnon Corp.*2353,551
GP Strategies Corp.*1823,516
Capstone Turbine Corp.*3,4863,486
American Railcar Industries, Inc.*1213,429
Hawaiian Holdings, Inc.*5983,343
Kadant, Inc.*1423,293
Marten Transport Ltd.1863,268
CAI International, Inc.*1513,099
Echo Global Logistics, Inc.*1773,036
Aceto Corp.3162,986
Wesco Aircraft Holdings, Inc.*2082,841
Alamo Group, Inc.842,838
RPX Corp.*2502,803
Lydall, Inc.*1962,762
Air Transport Services Group, Inc.*6242,746
Ameresco, Inc. — ClassA*2322,740
CBIZ, Inc.*4552,739
Builders FirstSource, Inc.*5272,735
Kratos Defense & Security Solutions, Inc.*4652,716
KEYW Holding Corp.*2172,713
CDI Corp.1592,708
Odyssey Marine Exploration, Inc.*8522,692
Heidrick & Struggles International, Inc.2112,688
Northwest Pipe Co.*1092,687
Republic Airways Holdings, Inc.*5652,616
FreightCar America, Inc.1472,615
Accuride Corp.*5532,577
XPO Logistics, Inc.*2102,570
SeaCube Container Leasing Ltd.1372,569
EnergySolutions, Inc.*9332,547
Furmanite Corp.*4372,482
Insteel Industries, Inc.2112,475
Michael Baker Corp.*1032,458
Consolidated Graphics, Inc.*942,452
Zipcar, Inc.*3152,451
Arkansas Best Corp.3092,447
Roadrunner Transportation Systems, Inc.*1502,427
American Woodmark Corp.*1212,416
Orion Marine Group, Inc.*3192,370
Houston Wire & Cable Co.2202,367
Dynamic Materials Corp.1562,343
Quality Distribution, Inc.*2512,322
Patriot Transportation Holding, Inc.*812,258
Park-Ohio Holdings Corp.*1032,232
Graham Corp.1192,150
Argan, Inc.1232,146
LMI Aerospace, Inc.*1052,146
NCI Building Systems, Inc.*2132,136
Miller Industries, Inc.1332,135
Commercial Vehicle Group, Inc.*2902,132
Barrett Business Services, Inc.782,114
CRA International, Inc.*1212,091
Flow International Corp.*5612,076
Heritage-Crystal Clean, Inc.*1042,064
Pendrell Corp.*1,8052,040
Proto Labs, Inc.*602,029
Hurco Companies, Inc.*871,991
PMFG, Inc.*2461,990
Franklin Covey Co.*1641,968
Sterling Construction Company, Inc.*1941,936
Dolan Co.*3591,931
Schawk, Inc. — ClassA1461,905
American Superconductor Corp.*4561,892
Acorn Energy, Inc.2101,873
American Reprographics Co.*4381,870
Ampco-Pittsburgh Corp.1011,863
Swisher Hygiene, Inc.*1,3131,812
Hudson Global, Inc.*3921,748
NN, Inc.*2051,740
Twin Disc, Inc.961,718
Pike Electric Corp.*2061,638
Pacer International, Inc.*4101,632
Rand Logistics, Inc.*2101,581
Met-Pro Corp.1761,575
FuelCell Energy, Inc.*1,7721,559
LSI Industries, Inc.2281,537
Energy Recovery, Inc.*5181,533
TMS International Corp. — ClassA*1531,515
Vicor Corp.2271,514
Courier Corp.1211,479
Hardinge, Inc.1401,435
Cenveo, Inc.*6251,431
Asset Acceptance Capital Corp.*1901,417
WageWorks, Inc.*801,396
Edgen Group, Inc. — ClassA*1801,395

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Industrials - 6.7% (continued)
TRC Companies, Inc.*183$1,376
Preformed Line Products Co.251,358
Genco Shipping & Trading Ltd.*3631,336
Casella Waste Systems, Inc. — ClassA*3091,323
VSE Corp.541,322
Asta Funding, Inc.1401,315
Eastern Co.701,312
Metalico, Inc.*4741,213
AT Cross Co. — ClassA*1201,196
International Shipholding Corp.681,147
Hill International, Inc.*2621,142
Intersections, Inc.1071,128
API Technologies Corp.*3801,091
Coleman Cable, Inc.1061,022
Universal Truckload Services, Inc.631,006
NL Industries, Inc.80919
CPI Aerostructures, Inc.*80867
Sypris Solutions, Inc.120857
CECO Environmental Corp.80782
Patrick Industries, Inc.*50774
PGT, Inc.*230754
Willis Lease Finance Corp.*60740
SIFCO Industries, Inc.40728
BlueLinx Holdings, Inc.*290679
Enphase Energy, Inc.*90373
Compx International, Inc.22334
A123 Systems, Inc.*1,308327
Omega Flex, Inc.*29308
Total Industrials2,078,278
Consumer Discretionary - 6.4%
Cabela's, Inc.*55630,403
Six Flags Entertainment Corp.47327,813
Domino's Pizza, Inc.67125,296
Wolverine World Wide, Inc.56825,202
Sotheby's79324,979
Warnaco Group, Inc.*48124,965
Vail Resorts, Inc.42324,386
Rent-A-Center, Inc. — ClassA69524,381
Brunswick Corp.1,05323,828
Pool Corp.55523,077
Life Time Fitness, Inc.*50323,007
Cheesecake Factory, Inc.63922,843
HSN, Inc.45422,269
ANN, Inc.*56921,469
Pier 1 Imports, Inc.1,14321,419
Dana Holding Corp.1,72921,266
Select Comfort Corp.*65820,760
Steven Madden Ltd.*46620,374
Men's Wearhouse, Inc.59020,314
Vitamin Shoppe, Inc.*34820,295
Tenneco, Inc.*71119,908
Buffalo Wild Wings, Inc.*22619,377
Genesco, Inc.*28719,152
Hibbett Sports, Inc.*31118,489
MDC Holdings, Inc.45017,329
Children's Place Retail Stores, Inc.*28717,220
Crocs, Inc.*1,05317,069
Lumber Liquidators Holdings, Inc.*33416,927
Coinstar, Inc.*37116,687
Fifth & Pacific Companies, Inc.*1,26216,128
Jos. A. Bank Clothiers, Inc.*33216,095
Group 1 Automotive, Inc.26415,901
Ryland Group, Inc.52615,780
New York Times Co. — ClassA*1,58815,498
Express, Inc.*1,04415,472
Collective Brands, Inc.*71215,458
Lions Gate Entertainment Corp.*99715,224
Iconix Brand Group, Inc.*82915,121
Cracker Barrel Old Country Store, Inc.22515,100
Penske Automotive Group, Inc.49214,804
Meredith Corp.41914,665
Buckle, Inc.32114,583
Jack in the Box, Inc.*51114,364
Ryman Hospitality Properties*36114,269
Cooper Tire & Rubber Co.73614,116
Live Nation Entertainment, Inc.*1,63314,060
Finish Line, Inc. — ClassA60113,667
Meritage Homes Corp.*35913,653
Bob Evans Farms, Inc.34013,304
Saks, Inc.*1,29013,300
Shutterfly, Inc.*42013,070
BJ's Restaurants, Inc.*28612,970
KB Home90112,929
Aeropostale, Inc.*94512,786
Regis Corp.69112,701
Francesca's Holdings Corp.*41312,691
Monro Muffler Brake, Inc.36012,668
Texas Roadhouse, Inc. — ClassA73312,534
Jones Group, Inc.96012,355
Valassis Communications, Inc.*49612,246
Arbitron, Inc.31211,825
Peet's Coffee & Tea, Inc.*16111,808
Helen of Troy Ltd.*37011,777
Hillenbrand, Inc.64711,769
Papa John's International, Inc.*21111,270
Marriott Vacations Worldwide Corp.*31011,166
Grand Canyon Education, Inc.*46310,894
Sturm Ruger & Company, Inc.22010,887
National CineMedia, Inc.65910,788
WMS Industries, Inc.*64010,482
Shuffle Master, Inc.*64210,149
DineEquity, Inc.*18010,080
Churchill Downs, Inc.16010,035
Orient-Express Hotels Ltd. — ClassA*1,12410,004
Matthews International Corp. — ClassA3309,841
Scholastic Corp.3069,725
Cato Corp. — ClassA3209,507
International Speedway Corp. — ClassA3359,504

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Consumer Discretionary - 6.4% (continued)
Strayer Education, Inc.146$9,395
Oxford Industries, Inc.1629,145
Asbury Automotive Group, Inc.*3279,140
Dorman Products, Inc.*2909,138
Ascent Capital Group, Inc. — ClassA*1689,074
Sonic Automotive, Inc. — ClassA4789,072
Pinnacle Entertainment, Inc.*7389,041
La-Z-Boy, Inc.*6118,939
Skechers U.S.A., Inc. — ClassA*4368,894
American Axle & Manufacturing Holdings, Inc.*7798,779
Interval Leisure Group, Inc.4638,765
Lithia Motors, Inc. — ClassA2618,694
Standard Pacific Corp.*1,2838,673
NACCO Industries, Inc. — ClassA698,653
Belo Corp. — ClassA1,0998,606
Office Depot, Inc.*3,3338,532
Smith & Wesson Holding Corp.*7578,335
Steiner Leisure Ltd.*1778,239
Brown Shoe Company, Inc.5128,207
OfficeMax, Inc.1,0077,865
American Public Education, Inc.*2127,723
Stage Stores, Inc.3647,666
Columbia Sportswear Co.1417,614
Stewart Enterprises, Inc. — ClassA8787,371
iRobot Corp.*3227,329
AFC Enterprises, Inc.*2957,257
Sonic Corp.*7067,251
Zumiez, Inc.*2547,043
G-III Apparel Group Ltd.*1946,965
Biglari Holdings, Inc.*196,936
Ameristar Casinos, Inc.3876,889
American Greetings Corp. — ClassA4056,804
Movado Group, Inc.2016,778
Sinclair Broadcast Group, Inc. — ClassA6036,760
Drew Industries, Inc.*2226,707
CEC Entertainment, Inc.2176,536
True Religion Apparel, Inc.2986,356
Pep Boys-Manny Moe & Jack6246,352
Core-Mark Holding Company, Inc.1326,351
K12, Inc.*3126,302
Arctic Cat, Inc.*1526,302
Ethan Allen Interiors, Inc.2826,181
Blue Nile, Inc.*1656,120
Fred's, Inc. — ClassA4286,091
Tumi Holdings, Inc.*2505,885
Vera Bradley, Inc.*2415,748
rue21, Inc.*1845,732
Maidenform Brands, Inc.*2775,673
Krispy Kreme Doughnuts, Inc.*6985,535
Scientific Games Corp. — ClassA*6655,500
Denny's Corp.*1,1245,451
Red Robin Gourmet Burgers, Inc.*1675,438
Ruby Tuesday, Inc.*7505,438
Capella Education Co.*1545,399
LeapFrog Enterprises, Inc. — ClassA*5885,304
Multimedia Games Holding Company, Inc.*3315,207
Beazer Homes USA, Inc.*1,4325,084
Quiksilver, Inc.*1,5305,080
Callaway Golf Co.7614,673
Boyd Gaming Corp.*6494,582
Superior Industries International, Inc.2654,529
JAKKS Pacific, Inc.3074,473
M/I Homes, Inc.*2304,448
Hot Topic, Inc.4974,324
America's Car-Mart, Inc.*954,320
Gentherm, Inc.*3454,292
Winnebago Industries, Inc.*3374,256
Standard Motor Products, Inc.2314,255
Barnes & Noble, Inc.*3324,243
Fisher Communications, Inc.*1114,080
Conn's, Inc.*1854,079
Hovnanian Enterprises, Inc. — ClassA*1,1744,062
Modine Manufacturing Co.*5484,044
Shoe Carnival, Inc.1663,906
Libbey, Inc.*2443,850
Cavco Industries, Inc.*833,809
EW Scripps Co. — ClassA*3483,706
Mattress Firm Holding Corp.*1313,688
Digital Generation, Inc.*3223,658
MDC Partners, Inc. — ClassA2953,640
Harte-Hanks, Inc.5233,624
Universal Technical Institute, Inc.2583,535
NutriSystem, Inc.3303,475
Town Sports International Holdings, Inc.*2763,414
Bravo Brio Restaurant Group, Inc.*2343,405
Wet Seal, Inc. — ClassA*1,0643,352
Caribou Coffee Company, Inc.*2443,350
Tuesday Morning Corp.*4963,249
Perry Ellis International, Inc.*1463,219
Universal Electronics, Inc.*1793,147
Haverty Furniture Companies, Inc.2233,095
Blyth, Inc.1183,067
Fiesta Restaurant Group, Inc.*1862,952
Caesars Entertainment Corp.*4342,951
Fuel Systems Solutions, Inc.*1672,871
Destination Maternity Corp.1522,842
Exide Technologies*9162,840
RadioShack Corp.1,1702,785
Central European Media Enterprises Ltd. — ClassA*4232,754
Stein Mart, Inc.*3162,689
Skullcandy, Inc.*1952,681
Journal Communications, Inc. — ClassA*5082,642

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Consumer Discretionary - 6.4% (continued)
Ruth's Hospitality Group, Inc.*411$2,618
World Wrestling Entertainment, Inc. — ClassA3192,568
Zagg, Inc.*3002,559
Marcus Corp.2292,542
PetMed Express, Inc.2392,400
Carmike Cinemas, Inc.*2102,363
Casual Male Retail Group, Inc.*4942,287
CSS Industries, Inc.1112,281
Career Education Corp.*6002,262
Corinthian Colleges, Inc.*9202,190
Black Diamond, Inc.*2482,175
Citi Trends, Inc.*1732,172
Speedway Motorsports, Inc.1402,156
Unifi, Inc.*1682,154
Bridgepoint Education, Inc.*2052,081
bebe stores, Inc.4332,078
MarineMax, Inc.*2472,048
Steinway Musical Instruments, Inc.*842,046
Tilly's, Inc. — ClassA*1102,016
Federal-Mogul Corp.*2202,013
Spartan Motors, Inc.3981,990
Weyco Group, Inc.811,972
Entercom Communications Corp. — ClassA*2861,962
Big 5 Sporting Goods Corp.1971,960
Body Central Corp.*1871,954
Saga Communications, Inc. — ClassA*471,904
Gordmans Stores, Inc.*1031,900
Mac-Gray Corp.1411,891
Rentrak Corp.*1101,862
West Marine, Inc.*1741,850
Carriage Services, Inc. — ClassA1901,837
Cumulus Media, Inc. — ClassA*6681,830
Vitacost.com, Inc.*2601,763
Jamba, Inc.*7861,753
Morgans Hotel Group Co.*2721,746
Kirkland's, Inc.*1741,728
Isle of Capri Casinos, Inc.*2461,710
Hooker Furniture Corp.1301,689
Winmark Corp.311,676
Stoneridge, Inc.*3351,665
Systemax, Inc.*1381,630
Bassett Furniture Industries, Inc.1301,619
LIN TV Corp. — ClassA*3601,584
VOXX International Corp. — ClassA*2111,578
RG Barry Corp.1071,577
Luby's, Inc.*2301,548
McClatchy Co. — ClassA*6741,503
ReachLocal, Inc.*1181,480
Global Sources Ltd.*2241,469
Johnson Outdoors, Inc. — ClassA*681,455
Cherokee, Inc.991,441
Teavana Holdings, Inc.*1091,421
Bon-Ton Stores, Inc.1481,406
Nexstar Broadcasting Group, Inc. — ClassA*1311,391
Overstock.com, Inc.*1341,388
Lifetime Brands, Inc.1141,358
Einstein Noah Restaurant Group, Inc.741,309
Outdoor Channel Holdings, Inc.1781,296
hhgregg, Inc.*1871,290
Sealy Corp.*5901,286
New York & Company, Inc.*3161,185
Reading International, Inc. — ClassA*2001,180
Culp, Inc.1001,176
Delta Apparel, Inc.*851,170
Lincoln Educational Services Corp.2701,134
1-800-Flowers.com, Inc. — ClassA*3031,130
Ignite Restaurant Group, Inc.*801,115
MTR Gaming Group, Inc.*2601,095
Bluegreen Corp.*1701,068
Geeknet, Inc.*551,064
K-Swiss, Inc. — ClassA*3061,050
Red Lion Hotels Corp.*1671,044
Martha Stewart Living Omnimedia — ClassA3381,038
Flexsteel Industries, Inc.501,035
Carrols Restaurant Group, Inc.*1761,014
Education Management Corp.*315980
Nathan's Famous, Inc.*30944
Daily Journal Corp.*10938
Monarch Casino & Resort, Inc.*100871
Collectors Universe, Inc.60842
Marine Products Corp.134799
Frisch's Restaurants, Inc.40794
Entravision Communications Corp. — ClassA589789
Shiloh Industries, Inc.65729
Premier Exhibitions, Inc.*300711
Orbitz Worldwide, Inc.*275701
Crown Media Holdings, Inc. — ClassA*405676
Salem Communications Corp. — ClassA120629
National American University Holdings, Inc.122610
US Auto Parts Network, Inc.*173599
Tower International, Inc.*71547
CafePress, Inc.*60547
Perfumania Holdings, Inc.*60432
Orchard Supply Hardware Stores Corp. — ClassA*20290
Beasley Broadcasting Group, Inc. — ClassA*50244
Value Line, Inc.14137
Dial Global, Inc.*46125
Total Consumer Discretionary1,974,839

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Health Care - 6.1%
Pharmacyclics, Inc.*635$40,959
athenahealth, Inc.*41538,084
Cubist Pharmaceuticals, Inc.*74435,475
HMS Holdings Corp.*1,01633,966
Align Technology, Inc.*83830,980
Seattle Genetics, Inc.*1,11229,968
Alkermes plc*1,43729,818
Medicis Pharmaceutical Corp. — ClassA67229,078
WellCare Health Plans, Inc.*49728,105
Jazz Pharmaceuticals plc*49228,050
HealthSouth Corp.*1,11926,922
Cepheid, Inc.*76126,262
ViroPharma, Inc.*82024,781
STERIS Corp.68624,332
Haemonetics Corp.*29723,819
Centene Corp.*59922,409
Owens & Minor, Inc.74122,141
Par Pharmaceutical Companies, Inc.*42921,441
PAREXEL International Corp.*69421,348
West Pharmaceutical Services, Inc.39420,910
Vivus, Inc.*1,16720,796
Impax Laboratories, Inc.*79020,508
Arena Pharmaceuticals, Inc.*2,30819,203
Air Methods Corp.*15518,502
Theravance, Inc.*70618,292
Volcano Corp.*63618,171
Cyberonics, Inc.*32316,932
Medicines Co.*65116,802
Magellan Health Services, Inc.*32116,567
Isis Pharmaceuticals, Inc.*1,16916,448
HeartWare International, Inc.*16915,969
MWI Veterinary Supply, Inc.*14915,895
Chemed Corp.22515,590
Nektar Therapeutics*1,33914,301
Immunogen, Inc.*96814,133
Masimo Corp.*58214,073
Auxilium Pharmaceuticals, Inc.*56713,869
PSS World Medical, Inc.*59013,440
PDL BioPharma, Inc.1,63112,542
MedAssets, Inc.*68912,263
Acorda Therapeutics, Inc.*46811,985
DexCom, Inc.*79711,979
Insulet Corp.*55511,977
NuVasive, Inc.*51011,684
Questcor Pharmaceuticals, Inc.*,162811,618
Neogen Corp.*27011,529
Medidata Solutions, Inc.*27411,371
Hanger, Inc.*39411,240
Ironwood Pharmaceuticals, Inc. — ClassA*87711,208
Analogic Corp.14111,022
ArthroCare Corp.*32410,498
Amsurg Corp. — ClassA*36810,444
Wright Medical Group, Inc.*47110,414
Alnylam Pharmaceuticals, Inc.*53610,071
Orthofix International N.V.*2239,979
Dynavax Technologies Corp.*2,0469,739
Sunrise Senior Living, Inc.*6819,718
Luminex Corp.*4969,642
Integra LifeSciences Holdings Corp.*2289,371
Meridian Bioscience, Inc.4879,341
CONMED Corp.3269,291
NPS Pharmaceuticals, Inc.*1,0019,259
Team Health Holdings, Inc.*3419,251
ICU Medical, Inc.*1529,193
Abaxis, Inc.*2519,016
Molina Healthcare, Inc.*3558,928
Affymax, Inc.*4238,908
Endologix, Inc.*6438,886
IPC The Hospitalist Company, Inc.*1938,820
Akorn, Inc.*6678,818
Dendreon Corp.*1,8108,742
Quality Systems, Inc.4718,737
Rigel Pharmaceuticals, Inc.*8368,569
Bio-Reference Labs, Inc.*2958,431
Exelixis, Inc.*1,7378,372
ABIOMED, Inc.*3958,291
Spectrum Pharmaceuticals, Inc.*6958,132
Momenta Pharmaceuticals, Inc.*5477,970
Halozyme Therapeutics, Inc.*1,0537,961
Optimer Pharmaceuticals, Inc.*5497,752
Emeritus Corp.*3627,580
NxStage Medical, Inc.*5717,543
MAKO Surgical Corp.*4327,521
Conceptus, Inc.*3697,494
Accretive Health, Inc.*6687,455
Exact Sciences Corp.*6677,344
Merit Medical Systems, Inc.*4867,256
Landauer, Inc.1217,226
OraSure Technologies, Inc.*6327,028
Kindred Healthcare, Inc.*6156,999
Computer Programs & Systems, Inc.1256,944
InterMune, Inc.*7656,862
Cantel Medical Corp.2516,797
Greatbatch, Inc.*2776,739
Genomic Health, Inc.*1916,626
Achillion Pharmaceuticals, Inc.*6236,485
Acadia Healthcare Company, Inc.*2706,440
Synageva BioPharma Corp.*1206,412
HealthStream, Inc.*2236,347
Ensign Group, Inc.2066,305
Quidel Corp.*3306,247
Neurocrine Biosciences, Inc.*7706,145
Array BioPharma, Inc.*1,0416,100
National Healthcare Corp.1235,872
Accuray, Inc.*8295,869
Spectranetics Corp.*3965,841
Santarus, Inc.*6405,683
Omnicell, Inc.*3935,463
Lexicon Pharmaceuticals, Inc.*2,3235,389
Infinity Pharmaceuticals, Inc.*2285,369

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Health Care - 6.1% (continued)
Atrion Corp.24$5,316
Invacare Corp.3735,274
Opko Health, Inc.*1,2485,217
AVANIR Pharmaceuticals, Inc. — ClassA*1,5985,114
ExamWorks Group, Inc.*3415,088
Amedisys, Inc.*3584,944
Capital Senior Living Corp.*3384,891
XenoPort, Inc.*4234,848
Metropolitan Health Networks, Inc.*5174,829
AVEO Pharmaceuticals, Inc.*4634,820
AMN Healthcare Services, Inc.*4764,789
Sequenom, Inc.*1,3444,744
Triple-S Management Corp. — ClassB*2264,723
Antares Pharma, Inc.*1,0764,691
BioScrip, Inc.*5124,664
Healthways, Inc.*3954,625
Vanguard Health Systems, Inc.*3734,614
MAP Pharmaceuticals, Inc.*2924,546
AMAG Pharmaceuticals, Inc.*2564,541
Natus Medical, Inc.*3474,535
Select Medical Holdings Corp.*4034,526
Celldex Therapeutics, Inc.*6974,391
PharMerica Corp.*3454,368
Aegerion Pharmaceuticals, Inc.*2934,342
ZIOPHARM Oncology, Inc.*7954,333
Emergent Biosolutions, Inc.*3014,277
Hi-Tech Pharmacal Company, Inc.*1284,238
Symmetry Medical, Inc.*4264,213
Fluidigm Corp.*2474,199
Cambrex Corp.*3484,082
Orexigen Therapeutics, Inc.*7084,043
Universal American Corp.*4334,001
Gentiva Health Services, Inc.*3523,985
US Physical Therapy, Inc.1443,979
Idenix Pharmaceuticals, Inc.*8683,967
Curis, Inc.*9323,858
Depomed, Inc.*6513,847
Vical, Inc.*8893,840
Threshold Pharmaceuticals, Inc.*5303,837
MannKind Corp.*1,3163,790
Pacira Pharmaceuticals, Inc.*2163,758
SciClone Pharmaceuticals, Inc.*6713,724
Sangamo Biosciences, Inc.*6123,721
IRIS International, Inc.*1903,709
SurModics, Inc.*1823,680
Affymetrix, Inc.*8393,633
AngioDynamics, Inc.*2973,623
LHC Group, Inc.*1933,565
Enzon Pharmaceuticals, Inc.*5103,550
Ligand Pharmaceuticals, Inc. — ClassB*2053,516
Arqule, Inc.*6873,511
Endocyte, Inc.*3463,450
Oncothyreon, Inc.*6693,439
Clovis Oncology, Inc.*1683,436
Synta Pharmaceuticals Corp.*4473,406
Astex Pharmaceuticals*1,1003,377
Corvel Corp.*753,356
Tornier N.V.*1743,297
Raptor Pharmaceutical Corp.*5733,186
Staar Surgical Co.*4203,175
Cynosure, Inc. — ClassA*1203,166
Navidea Biopharmaceuticals, Inc.*1,1283,102
Dyax Corp.*1,1502,990
Novavax, Inc.*1,3502,916
XOMA Corp.*7902,915
Unilife Corp.*9342,914
Vascular Solutions, Inc.*1942,873
Omeros Corp.*3002,820
Cytori Therapeutics, Inc.*6352,800
Vocera Communications, Inc.*902,782
Obagi Medical Products, Inc.*2232,767
Cadence Pharmaceuticals, Inc.*7042,760
Repros Therapeutics, Inc.*1802,741
Immunomedics, Inc.*7742,717
RTI Biologics, Inc.*6462,694
Merge Healthcare, Inc.*6912,647
Geron Corp.*1,5532,640
Young Innovations, Inc.652,542
Five Star Quality Care, Inc.*4962,535
Sun Healthcare Group, Inc.*2952,497
Epocrates, Inc.*2142,493
OncoGenex Pharmaceutical, Inc.*1752,480
BioCryst Pharmaceuticals, Inc.*5772,446
NewLink Genetics Corp.*1492,418
Keryx Biopharmaceuticals, Inc.*8292,338
Synergy Pharmaceuticals, Inc.*4802,294
Solta Medical, Inc.*7232,270
Palomar Medical Technologies, Inc.*2392,256
Cardiovascular Systems, Inc.*1932,231
Pain Therapeutics, Inc.*4412,227
CryoLife, Inc.3292,211
Osiris Therapeutics, Inc.*2002,210
Cerus Corp.*6372,166
Repligen Corp.*3602,146
PhotoMedex, Inc.*1502,109
Pozen, Inc.*3182,108
Anika Therapeutics, Inc.*1402,103
Almost Family, Inc.*982,085
Providence Service Corp.*1592,065
Rockwell Medical Technologies, Inc.*2431,985
Exactech, Inc.*1051,872
Sagent Pharmaceuticals, Inc.*1171,866
Amicus Therapeutics, Inc.*3511,825
Sunesis Pharmaceuticals, Inc.*3171,791
Dusa Pharmaceuticals, Inc.*2591,759
Assisted Living Concepts, Inc. — ClassA2241,709

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Health Care - 6.1% (continued)
Merrimack Pharmaceuticals, Inc.*180$1,688
Furiex Pharmaceuticals, Inc.*881,679
Discovery Laboratories, Inc.*5101,673
Trius Therapeutics, Inc.*2851,662
National Research Corp.331,659
Greenway Medical Technologies*961,642
Targacept, Inc.*3271,599
Corcept Therapeutics, Inc.*5731,599
BioDelivery Sciences International, Inc.*2501,580
Biotime, Inc.*3691,550
Cross Country Healthcare, Inc.*3191,506
Zogenix, Inc.*5461,452
GTx, Inc.*3141,438
Skilled Healthcare Group, Inc. — ClassA*2221,427
Rochester Medical Corp.*1201,417
Chindex International, Inc.*1331,374
Utah Medical Products, Inc.401,360
Vanda Pharmaceuticals, Inc.*3351,350
SIGA Technologies, Inc.*4061,299
ImmunoCellular Therapeutics Ltd.*4601,293
Hansen Medical, Inc.*6431,254
AtriCure, Inc.*1681,250
Agenus, Inc.*2701,245
Harvard Bioscience, Inc.*2921,235
Ampio Pharmaceuticals, Inc.*2981,162
Derma Sciences, Inc.*1101,142
Zeltiq Aesthetics, Inc.*2011,134
Biospecifics Technologies Corp.*581,126
EnteroMedics, Inc.*3001,095
Coronado Biosciences, Inc.*2101,092
Anacor Pharmaceuticals, Inc.*1631,073
Alphatec Holdings, Inc.*6381,053
Progenics Pharmaceuticals, Inc.*3581,027
PDI, Inc.*120956
Codexis, Inc.*312945
Cumberland Pharmaceuticals, Inc.*140904
Lannett Company, Inc.*186898
Mediware Information Systems*40876
Maxygen, Inc.330871
Horizon Pharma, Inc.*246854
Pernix Therapeutics Holdings*107797
Pacific Biosciences of California, Inc.*435796
ChemoCentryx, Inc.*68791
Transcept Pharmaceuticals, Inc.*144765
Verastem, Inc.*77723
Sucampo Pharmaceuticals, Inc. — ClassA*126634
Ventrus Biosciences, Inc.*150537
Cornerstone Therapeutics, Inc.*100513
BG Medicine, Inc.*129475
Supernus Pharmaceuticals, Inc.*40462
Cempra, Inc.*53395
Acura Pharmaceuticals, Inc.*137238
Biolase, Inc.*12
Total Health Care1,887,571
Energy - 2.8%
Dril-Quip, Inc.*46633,497
Energy XXI Bermuda Ltd.93032,503
Rosetta Resources, Inc.*61529,459
Kodiak Oil & Gas Corp.*3,08228,848
Oasis Petroleum, Inc.*94227,761
Berry Petroleum Co. — ClassA61324,906
Helix Energy Solutions Group, Inc.*1,24222,692
Lufkin Industries, Inc.39821,420
Bristow Group, Inc.41621,029
Gulfport Energy Corp.*65020,319
SemGroup Corp. — ClassA*49418,204
Western Refining, Inc.67217,593
Targa Resources Corp.34417,317
Arch Coal, Inc.2,49015,762
Exterran Holdings, Inc.*75615,332
Hornbeck Offshore Services, Inc.*41815,320
Stone Energy Corp.*57614,469
McMoRan Exploration Co.*1,19013,983
Bill Barrett Corp.*56413,970
Cloud Peak Energy, Inc.*71812,996
Northern Oil and Gas, Inc.*73912,556
Key Energy Services, Inc.*1,77712,439
Forest Oil Corp.*1,38011,661
Carrizo Oil & Gas, Inc.*46111,530
PDC Energy, Inc.*35511,229
ION Geophysical Corp.*1,54710,736
Swift Energy Co.*50010,440
C&J Energy Services, Inc.*52210,388
Comstock Resources, Inc.*55910,274
Approach Resources, Inc.*33910,214
Gulfmark Offshore, Inc. — ClassA*30810,176
Clean Energy Fuels Corp.*76710,101
Geospace Technologies Corp.*809,793
Halcon Resources Corp.*1,2989,514
Hercules Offshore, Inc.*1,8569,058
Ship Finance International Ltd.5308,332
Newpark Resources, Inc.*1,0517,788
W&T Offshore, Inc.4097,681
Magnum Hunter Resources Corp.*1,7227,646
CVR Energy, Inc.*2027,424
Contango Oil & Gas Co.*1467,174
Rex Energy Corp.*5126,835
Crosstex Energy, Inc.4766,678
Heckmann Corp.*1,5726,602
EPL Oil & Gas, Inc.*3256,594
Rentech, Inc.*2,6676,561
Forum Energy Technologies, Inc.*2606,323
Nordic American Tankers Ltd.6206,250
Parker Drilling Co.*1,3765,821
Vaalco Energy, Inc.*6795,805
Pioneer Energy Services Corp.*7315,694
Quicksilver Resources, Inc.*1,3905,685

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Energy - 2.8% (continued)
TETRA Technologies, Inc.*904$5,469
Endeavour International Corp.*5415,231
Delek US Holdings, Inc.2035,174
Resolute Energy Corp.*5655,012
Gulf Island Fabrication, Inc.1734,822
PHI, Inc.*1534,813
FX Energy, Inc.*6164,595
Petroquest Energy, Inc.*6554,395
Solazyme, Inc.*3814,374
Vantage Drilling Co.*2,2434,127
Venoco, Inc.*3454,099
Basic Energy Services, Inc.*3563,994
Harvest Natural Resources, Inc.*4343,871
Goodrich Petroleum Corp.*3023,817
Tesco Corp.*3573,813
Triangle Petroleum Corp.*5173,702
Clayton Williams Energy, Inc.*683,529
BPZ Resources, Inc.*1,2203,489
Penn Virginia Corp.5393,342
GasLog Ltd.*2803,242
Matrix Service Co.*3023,192
KiOR, Inc. — ClassA*3172,948
Callon Petroleum Co.*4772,934
Sanchez Energy Corp.*1412,881
RigNet, Inc.*1542,849
Teekay Tankers Ltd. — ClassA7422,775
Scorpio Tankers, Inc.*4422,652
Bonanza Creek Energy, Inc.*1112,615
Uranium Energy Corp.*9902,584
Panhandle Oil and Gas, Inc. — ClassA842,576
Warren Resources, Inc.*8312,526
Willbros Group, Inc.*4642,492
Mitcham Industries, Inc.*1562,485
Midstates Petroleum Company, Inc.*2802,422
Frontline Ltd.6002,304
Natural Gas Services Group, Inc.*1512,257
Dawson Geophysical Co.*892,248
Abraxas Petroleum Corp.*9662,222
Synergy Resources Corp.*4701,960
Overseas Shipholding Group, Inc.2931,934
Knightsbridge Tankers Ltd.2841,860
Apco Oil and Gas International, Inc.1121,802
Green Plains Renewable Energy, Inc.*3071,799
Matador Resources Co.*1681,746
Miller Energy Resources, Inc.*3431,725
Cal Dive International, Inc.*1,1271,724
Evolution Petroleum Corp.*1991,608
Alon USA Energy, Inc.1141,562
Bolt Technology Corp.1001,438
Saratoga Resources, Inc.*2401,315
REX American Resources Corp.*711,279
Isramco, Inc.*111,276
Uranerz Energy Corp.*7641,245
Westmoreland Coal Co.*1241,231
TGC Industries, Inc.*1701,224
Global Geophysical Services, Inc.*2221,223
Amyris, Inc.*3511,207
CREDO Petroleum Corp.*801,159
Gastar Exploration Ltd.*6841,135
Crimson Exploration, Inc.*2441,042
Union Drilling, Inc.*1581,025
Adams Resources & Energy, Inc.30915
ZaZa Energy Corp.*290861
Gevo, Inc.*318677
Hallador Energy Co.78650
Forbes Energy Services Ltd.*180630
Renewable Energy Group, Inc.*87579
Emerald Oil, Inc.*563467
Ceres, Inc.*68386
Total Energy862,938
Materials - 2.3%
Coeur d'Alene Mines Corp.*1,05130,301
Eagle Materials, Inc.53924,934
Hecla Mining Co.3,34321,897
Sensient Technologies Corp.57921,285
Olin Corp.93320,274
Chemtura Corp.*1,17420,216
Louisiana-Pacific Corp.*1,60520,062
HB Fuller Co.59018,101
PolyOne Corp.1,04417,299
Stillwater Mining Co.*1,35115,928
Buckeye Technologies, Inc.46915,036
Minerals Technologies, Inc.20914,824
Georgia Gulf Corp.39514,306
Worthington Industries, Inc.60713,149
Sunco*ke Energy, Inc.*81413,122
Kaiser Aluminum Corp.22413,079
Balchem Corp.34812,782
Innophos Holdings, Inc.25612,413
Resolute Forest Products*95012,350
Schweitzer-Mauduit International, Inc.37212,272
Clearwater Paper Corp.*28111,608
American Vanguard Corp.32911,449
Graphic Packaging Holding Co.*1,96011,388
Globe Specialty Metals, Inc.71510,882
KapStone Paper and Packaging Corp.*47410,613
McEwen Mining, Inc.*2,30210,566
Texas Industries, Inc.25910,528
Boise, Inc.1,19110,433
AMCOL International Corp.30110,198
Kraton Performance Polymers, Inc.*3809,918
Calgon Carbon Corp.*6769,674
Stepan Co.999,516
LSB Industries, Inc.*2149,388
Innospec, Inc.*2769,362
PH Glatfelter Co.4968,834
Deltic Timber Corp.1348,745
RTI International Metals, Inc.*3548,475

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Materials - 2.3% (continued)
Schnitzer Steel Industries, Inc. — ClassA300$8,445
A. Schulman, Inc.3548,432
Koppers Holdings, Inc.2408,383
Haynes International, Inc.1497,770
Gold Resource Corp.3497,486
Flotek Industries, Inc.*5767,298
Quaker Chemical Corp.1537,141
OM Group, Inc.*3807,045
AK Steel Holding Corp.1,2906,192
Myers Industries, Inc.3916,107
TPC Group, Inc.*1486,040
Golden Star Resources Ltd.*3,0315,971
Materion Corp.2435,783
Neenah Paper, Inc.1865,327
Tredegar Corp.2865,074
Horsehead Holding Corp.*5144,801
Wausau Paper Corp.5104,723
Headwaters, Inc.*7144,698
Hawkins, Inc.1034,280
Century Aluminum Co.*5984,276
Zep, Inc.2744,143
Paramount Gold and Silver Corp.*1,5314,072
OMNOVA Solutions, Inc.*5374,065
Ferro Corp.*1,0173,488
Landec Corp.*3023,458
AEP Industries, Inc.*523,151
Universal Stainless & Alloy*833,083
FutureFuel Corp.2222,688
ADA-ES, Inc.*1102,597
Noranda Aluminum Holding Corp.3882,596
Zoltek Companies, Inc.*3332,561
General Moly, Inc.*7792,469
Vista Gold Corp.*6802,468
AM Castle & Co.*1962,448
Midway Gold Corp.*1,4862,437
Arabian American Development Co.*2302,252
Gold Reserve, Inc. — ClassA*6202,009
Spartech Corp.*3601,926
Metals USA Holdings Corp.*1401,872
US Silica Holdings, Inc.*1351,831
Olympic Steel, Inc.1071,806
Golden Minerals Co.*3331,738
KMG Chemicals, Inc.931,721
Chase Corp.781,433
US Antimony Corp.*6301,229
UFP Technologies, Inc.*601,055
Revett Minerals, Inc.*2951,050
Handy & Harman Ltd.*67990
United States Lime & Minerals, Inc.*18868
GSE Holding, Inc.*96754
Total Materials708,737
Utilities - 1.7%
Cleco Corp.71630,059
Piedmont Natural Gas Company, Inc.83227,024
IDACORP, Inc.58225,183
WGL Holdings, Inc.60024,150
Southwest Gas Corp.54524,089
Portland General Electric Co.88323,876
GenOn Energy, Inc.*9,05022,896
New Jersey Resources Corp.49422,586
UIL Holdings Corp.59421,301
Atlantic Power Corp.1,33519,972
PNM Resources, Inc.94119,789
UNS Energy Corp.47019,674
South Jersey Industries, Inc.36519,319
ALLETE, Inc.44318,491
Black Hills Corp.51818,426
Avista Corp.69117,786
El Paso Electric Co.47716,337
NorthWestern Corp.42715,470
Northwest Natural Gas Co.31315,412
MGE Energy, Inc.27614,625
CH Energy Group, Inc.17811,607
Laclede Group, Inc.26511,395
Empire District Electric Co.49110,581
Otter Tail Corp.42610,164
American States Water Co.2229,862
California Water Service Group4919,157
Chesapeake Utilities Corp.1125,304
Unitil Corp.1614,382
SJW Corp.1694,286
Ormat Technologies, Inc.2093,919
Middlesex Water Co.1913,660
Connecticut Water Service, Inc.1023,254
York Water Co.1562,861
Artesian Resources Corp. — ClassA902,091
Cadiz, Inc.*1601,554
Delta Natural Gas Company, Inc.801,549
Consolidated Water Company Ltd.1691,398
Genie Energy Ltd. — ClassB1781,276
American DG Energy, Inc.*290751
Total Utilities515,516
Consumer Staples - 1.6%
United Natural Foods, Inc.*57733,725
Hain Celestial Group, Inc.*42526,774
Darling International, Inc.*1,38125,257
Casey's General Stores, Inc.44125,200
TreeHouse Foods, Inc.*42022,050
Harris Teeter Supermarkets, Inc.51720,081
B&G Foods, Inc. — ClassA56417,095
PriceSmart, Inc.21716,431
Lancaster Colony Corp.21715,895
Universal Corp.27714,105
Elizabeth Arden, Inc.*29513,935
Snyders-Lance, Inc.52013,000
Sanderson Farms, Inc.26911,936
Fresh Del Monte Produce, Inc.46011,776
Spectrum Brands Holdings, Inc.27611,042
Vector Group Ltd.65910,939
Boston Beer Company, Inc. — ClassA*9310,413

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
COMMON STOCKS†- 45.4% (continued)
Consumer Staples - 1.6% (continued)
WD-40 Co.190$10,002
Post Holdings, Inc.*3309,920
Prestige Brands Holdings, Inc.*5849,905
J&J Snack Foods Corp.1699,689
Rite Aid Corp.*7,7309,044
Smart Balance, Inc.*7028,480
Andersons, Inc.2258,474
Cal-Maine Foods, Inc.1737,775
Tootsie Roll Industries, Inc.2727,339
SUPERVALU, Inc.12,4906,001
Star Scientific, Inc.*1,7075,906
Dole Food Company, Inc.*4155,822
Central Garden and Pet Co. — ClassA*4615,569
Weis Markets, Inc.1315,545
Susser Holdings Corp.*1384,991
Diamond Foods, Inc.2604,893
Medifast, Inc.*1724,498
Chiquita Brands International, Inc.*5354,087
Harbinger Group, Inc.*4794,038
Pantry, Inc.*2754,001
Coca-Cola Bottling Company Consolidated583,949
Spartan Stores, Inc.2513,843
Village Super Market, Inc. — ClassA1013,713
Schiff Nutrition International, Inc.*1533,701
Pilgrim's Pride Corp.*7083,618
Calavo Growers, Inc.1423,550
Inter Parfums, Inc.1923,514
USANA Health Sciences, Inc.*733,392
Alliance One International, Inc.*1,0213,298
Seneca Foods Corp. — ClassA*1073,195
Nash Finch Co.1402,859
Annie's, Inc.*602,690
Ingles Markets, Inc. — ClassA1442,354
Chefs' Warehouse, Inc.*1402,293
Central European Distribution Corp.*7722,200
Arden Group, Inc. — ClassA222,134
Nature's Sunshine Products, Inc.1302,124
National Beverage Corp.*1352,047
Revlon, Inc. — ClassA*1291,992
Limoneira Co.921,696
Nutraceutical International Corp.*1031,623
Female Health Co.2241,602
Omega Protein Corp.*2291,571
Oil-Dri Corporation of America641,481
Roundy's, Inc.2311,398
Orchids Paper Products Co.701,263
Griffin Land & Nurseries, Inc.351,181
John B Sanfilippo & Son, Inc.*901,172
Alico, Inc.371,156
Craft Brew Alliance, Inc.*121950
Synutra International, Inc.*199919
Westway Group, Inc.*140867
Inventure Foods, Inc.*150854
Farmer Bros Co.*82780
Lifeway Foods, Inc.59561
Total Consumer Staples511,173
Telecommunication Services - 0.3%
Cincinnati Bell, Inc.*2,30413,133
Cogent Communications Group, Inc.54512,529
Consolidated Communications Holdings, Inc.4998,578
Premiere Global Services, Inc.*5935,544
8x8, Inc.*8275,425
Shenandoah Telecommunications Co.2764,858
Atlantic Tele-Network, Inc.1064,556
magicJack VocalTec Ltd.*1804,415
Leap Wireless International, Inc.*6244,256
General Communication, Inc. — ClassA*4344,253
Iridium Communications, Inc.*5804,246
Vonage Holdings Corp.*1,8574,234
USA Mobility, Inc.2753,264
Cbeyond, Inc.*3193,145
Neutral Tandem, Inc.*3293,086
NTELOS Holdings Corp.1743,022
inContact, Inc.*3592,341
Hawaiian Telcom Holdco, Inc.*1302,305
Towerstream Corp.*5642,290
Primus Telecommunications Group, Inc.1402,138
IDT Corp. — ClassB1811,859
Fairpoint Communications, Inc.*2401,814
HickoryTech Corp.1641,735
ORBCOMM, Inc.*4211,575
Boingo Wireless, Inc.*1871,485
Lumos Networks Corp.1741,368
Total Telecommunication Services107,454
Total Common Stocks
(Cost $11,381,953)14,103,215
WARRANT††- 0.0%
Magnum Hunter Resources Corp.
$10.50,08/16/13*47–
Total Warrant
(Cost $–)–
RIGHTS††- 0.0%
Hampton Roads Bankshares, Inc.
Expires 09/30/12*158126
Green Bankshares, Inc.
Expires 09/30/20*140–
Total Rights
(Cost $249)126

Russell 2000® 2x StrategyFund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
SharesValue
CLOSED-END FUNDS†- 0.0%
Firsthand Technology Value Fund, Inc.*100$1,744
Total Closed-End Funds
(Cost $1,612)1,744
Face
Amount
CORPORATE BONDS††- 0.0%
Financials -0.0%
GAMCO Investors, Inc.
0.00% due 12/31/15$200177
Total Corporate Bonds
(Cost $0)177
REPURCHASE AGREEMENTS††,2- 100.9%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		30,723,11930,723,119
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/123		651,193651,193
Total Repurchase Agreements
(Cost $31,374,312)31,374,312
SECURITIES LENDING COLLATERAL††,4- 0.0%
RBS Securities, Inc.
issued 09/28/12 at 0.24%
due 10/01/12		5,8715,871
Merrill Lynch, Pierce, Fenner & Smith, Inc.
issued 09/28/12 at 0.15%
due 10/01/12		5,7785,778
Total Securities Lending Collateral
(Cost $11,649)11,649
Total Investments - 146.3%
(Cost $42,769,775)$45,491,223
Other Assets & Liabilities, net - (46.3)%(14,397,381)
Total Net Assets - 100.0%$31,093,842
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS PURCHASED†
December 2012 Russell 2000 Index Mini Futures Contracts
(Aggregate Value of
Contracts $28,779,900)		345$(82,822)
Units
EQUITY INDEX SWAP AGREEMENTS††
Goldman Sachs International
October 2012 Russell 2000 Index Swap, Terminating 10/29/125
(Notional Value $5,138,401)		6,136$19,812
Credit Suisse Capital, LLC
October 2012 Russell 2000 Index Swap, Terminating 10/31/125
(Notional Value $6,650,252)		7,941(3,205)
Barclays Bank plc
October 2012 Russell 2000 Index Swap, Terminating 10/31/125
(Notional Value $7,259,849)		8,669(51,651)
(Total Notional Value$19,048,502)$(35,044)
*Non-income producing security.
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1All or portion of this security is on loan at September 30, 2012 - See Note 4.
2Repurchase Agreements —See Note 3.
3All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
4Securities lending collateral - See Note 4.
5Total Return based on Russell 2000 Index +/- financing at a variable rate.
plcPublic Limited Company
REITReal Estate Investment Trust

Inverse Russell 2000® 2xStrategy Fund
SCHEDULE OF INVESTMENTS(Unaudited)September30, 2012
Face
Amount		Value
REPURCHASE AGREEMENTS††,1- 53.8%
Mizuho Financial Group, Inc.
issued 09/28/12 at 0.17%
due 10/01/12		$13,276,726$13,276,726
Credit Suisse Group
issued 09/28/12 at 0.12%
due 10/01/122		6,994,6606,994,660
Total Repurchase Agreements
(Cost $20,271,386)20,271,386
Total Investments - 53.8%
(Cost $20,271,386)$20,271,386
Other Assets & Liabilities, net - 46.2%17,414,783
Total Net Assets - 100.0%$37,686,169
ContractsUnrealized
Gain (Loss)
EQUITY FUTURES CONTRACTS SOLD SHORT†
December 2012 Russell 2000 Index Mini Futures Contracts
(Aggregate Value of
Contracts $5,922,820)		71$55,606
Units
EQUITY INDEX SWAP AGREEMENTS SOLD SHORT††
Credit Suisse Capital, LLC
October 2012 Russell 2000 Index Swap, Terminating 10/31/123
(Notional Value $37,379,093)		44,634$254,466
Barclays Bank plc
October 2012 Russell 2000 Index Swap, Terminating 10/31/123
(Notional Value $398,856)		4762,902
Goldman Sachs International
October 2012 Russell 2000 Index Swap, Terminating 10/29/123
(Notional Value $31,536,500)		37,658(9,414)
(Total Notional Value$69,314,449)$247,954
†Value determined based on Level 1 inputs —See Note 2.
††Value determined based on Level 2 inputs —See Note 2.
1Repurchase Agreements —See Note 3.
2All or a portion of this security is pledged as equity index swap collateral at September 30, 2012.
3Total Return based on Russell 2000 Index +/- financing at a variable rate.
plcPublic Limited Company

NOTES TO SCHEDULE OF INVESTMENTS(Unaudited)

For information on the Fund’s policy regarding valuation of investments and other significant accountingpolicies, please refer to the Fund’s most recent semiannual or annual shareholder report.

Significant Accounting Policies

The following significant accounting policies are inconformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by theTrust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilitiesand disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts ofrevenues and expenses during the reporting period. Actual results could differ from these estimates. All time references arebased on Eastern Time.

Equity securities listed on an exchange (New York StockExchange (“NYSE”) or American Stock Exchange) are valued at the last quoted sales price as of the close of businesson the NYSE, usually 4.00 p.m.on the valuation date. Equity securities listed on the NASDAQ market system are valued atthe NASDAQ Official Closing Price on the valuation date.

The value of futures contracts purchased and sold by theFundsisaccountedfor using the unrealized gain or loss on the contracts that is determined by marking the contracts to their current realized settlementprices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange fora specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the Official Settlement Price of theexchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. todetermine if fair valuation would provide a more accurate valuation.

U.S. government securities are valued by either independent pricing services, the last traded fill price, or at thereported bid price at the close of business. Other debt securities with a maturity of greater than 60 days atacquisition are valued at prices that reflect broker/dealer-supplied valuations or are obtained from independent pricingservices, which may consider the trade activity, treasury yields, yield or price of bonds of comparable quality, coupon,maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securitieswith a maturity of 60 days or less at acquisition and repurchase agreements are valued at amortized cost, which approximatesmarket value.

The value of equity index swap agreements entered into by aFund is accounted for using the unrealized gain or loss on the agreements. For the afternoon pricing cycle, the agreements aremarked at the close of the NYSE to the relevant index or, if there is an afternoon trade, to the “fill”. The swap’smarket values are then adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreements.

Investments for which market quotations are not readily availableare fair valued as determined in good faith by GI under the direction of the Board of Trustees using methods established or ratifiedby the Board of Trustees. These methods include, but are not limited to: (i) using general information as to how these securitiesand assets trade; (ii) in connection with futures contracts and options thereupon, and other derivative investments, informationas 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; and (iii) other informationand considerations, including current values in related markets.

NOTESTO SCHEDULE OF INVESTMENTS(Unaudited)

2. Fair Value Measurement

In accordance with U.S.GAAP, fair value is defined asthe price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independentbuyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability.A three-tier hierarchy is utilized to distinguish between (1) inputs that reflect the assumptions market participants would usein pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observableinputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants woulduse in pricing an asset or liability developed based on the best information available in the circ*mstances (unobservable inputs)and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining thevalue of the Funds’ investments. The inputs are summarized in the three broad levels listed below:

Level 1 — quoted prices in active markets for identicalsecurities.

Level 2 — other significant observable inputs (includingquoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs (includingthe fund’s own assumptions used to determine the fair value of investments).

The inputs or methodologies used for valuing securities arenot necessarily an indication of the risk associated with investing in those securities.

The following table summarizes the inputs used to value theFunds’ net assets at September 30, 2012:

Level 1
Investments
In Securities		Level 1
Other Financial
Instruments*		Level 2
Investments
In Securities		Level 2
Other Financial
Instruments*		Level 3
Investments
In Securities		Total
Assets
S&P 500 2x Strategy Fund$56,492,189$7,398$18,403,515$33,152$–$74,936,254
Inverse S&P 500 2x Strategy Fund–226,73668,960,716513,204–69,700,656
NASDAQ-100® 2x Strategy Fund242,318,926–50,734,880445,617–293,499,423
Inverse NASDAQ-100® 2x Strategy Fund–348,40147,933,108375,583–48,657,092
Dow 2x Strategy Fund48,972,42518,1294,825,6216,430–53,822,605
Inverse Dow 2x Strategy Fund–13,51910,702,20564,350–10,780,074
Russell 2000® 2x Strategy Fund14,104,959–31,386,26419,812–45,511,035
Inverse Russell 2000® 2x Strategy Fund–55,60620,271,386257,368–20,584,360
Liabilities
S&P 500 2x Strategy Fund$–$–$–$402,212$–$402,212
Inverse S&P 500 2x Strategy Fund–––70,007–70,007
NASDAQ-100® 2x Strategy Fund–395,629–1,944,694–2,340,323
Inverse NASDAQ-100® 2x Strategy Fund–––40,745–40,745
Dow 2x Strategy Fund–––96,030–96,030
Inverse Dow 2x Strategy Fund–––1,317–1,317
Russell 2000® 2x Strategy Fund–82,822–54,856–137,678
Inverse Russell 2000® 2x Strategy Fund–––9,414–9,414

* Other financial instruments may include futures contracts and/or swaps, which are reported as unrealized gain/loss at period end.

For theperiod ended September 30, 2012, there were notransfers between levels.

NOTES TO SCHEDULE OF INVESTMENTS(Unaudited)

3. Repurchase Agreements

The Funds transfer uninvested cash balances into a single jointaccount, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations ofthe U.S. Treasury and U.S. Government Agencies. The collateral is in the possession of the Funds’ custodian and is evaluatedto ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fundholds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At September 30, 2012, the collateral for the repurchase agreementsin the joint account was as follows:

Counterparty and Terms of
Agreement		Face ValueRepurchase
Price		CollateralPar ValueFair Value
Mizuho Financial Group, Inc.U.S. Treasury Bills
0.17%0.00%
Due 10/01/12$151,866,186$151,868,33811/15/12 - 07/25/13$155,086,600$154,903,588
Credit Suisse GroupU.S. Treasury Note
0.12%1.25%
Due 10/01/1255,802,17755,802,73503/15/1456,034,30056,918,301

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

4. Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earnadditional income. Security lending income shown on the statement of operations is shown net of rebates paid to the borrowers andearnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, CreditSuisse acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral,valued at 100% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with CreditSuisse, cash collateral is invested in one or more joint repurchase agreements collateralized by obligations of U.S. GovernmentAgencies. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan inan amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateralrequired due to changes in security values is delivered to the funds the next business day. Although the collateral mitigates therisk, the Funds could experience a delay in recovering its securities and a possible loss of income or value if the borrower failsto return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borroweron demand.

At September 30, 2012, the following Funds participated in securitieslending and received cash collateral in the form of repurchase agreements:

Value ofCash
FundSecurities LoanedCollateral
S&P 500 2x Strategy Fund$55,880$59,325
NASDAQ 100® 2x Strategy Fund455,034481,175
Russell 2000® 2x Strategy Fund10,90111,649

The following represents a breakdown of the collateral for therepurchase agreements as of September 30, 2012:

Counterparty and Terms of AgreementFace ValueRepurchase
Price		CollateralPar ValueFair Value
Merrill Lynch, Pierce, Fenner & Smith, Inc.Freddie Mac Note
0.15%6.25%
Due 10/01/12$24,000,000$24,000,30007/15/32$49,137,000$24,480,054
RBS Securities, Inc.Freddie Mac Note
0.24%2.50%
Due 10/01/1224,387,00024,387,48805/27/1623,020,00024,683,885

5. Derivative Investment Holdings Categorized by Risk Exposure

U.S. GAAP requires disclosures to enable investors to betterunderstand how and why the Funds use derivative instruments, how these derivative instruments are accounted for and their effectson the Funds’ financial position and results of operations.

The Funds utilized equity futures contracts and equity indexswap agreements to gain exposure to their respective benchmarks and for liquidity.

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principalfinancial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and haveconcluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that informationrequired to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely.

(b) The registrant’s principal executive officer and principalfinancial officer are aware of no change in the registrant’s internal control over financial reporting that occurred duringthe registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, theregistrant’s internal control over financial reporting.

Item 3. Exhibits.

A separate certificationfor each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the InvestmentCompany Act (17 CFR 270.30a-2(a)), exactly as set forth below. Attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Actof 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

(Registrant)Rydex Dynamic Funds

By (Signature and Title)*/s/Donald C.Cacciapaglia

Donald C. Cacciapaglia, President

DateNovember26, 2012

Pursuant to the requirements of the Securities Exchange Actof 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrantand in the capacities and on the dates indicated.

By (Signature and Title)*/s/DonaldC. Cacciapaglia

Donald C. Cacciapaglia, President

DateNovember26, 2012

By (Signature and Title)*/s/Nikolaos Bonos

Nikolaos Bonos, Vice President & Treasurer

DateNovember26, 2012

* Print the name and title of each signing officer under hisor her signature.

Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q) (2024)

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