# EDGAR Filing Document

**Accession Number:** 0001000351
**File Stem:** 0001145549-23-008525
**Filing Date:** 2023-2
**Character Count:** 118221
**Document Hash:** 301ad680c6b83977542f1300053f7663
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008525.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001145549-23-008525

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEUTHOLD FUNDS INC
- **CENTRAL INDEX KEY:** 0001000351
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09094
- **FILM NUMBER:** 23657755

**BUSINESS ADDRESS:**
- **STREET 1:** 150 S. FIFTH STREET, SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402
- **BUSINESS PHONE:** 6123329141

**MAIL ADDRESS:**
- **STREET 1:** 150 S. FIFTH STREET, SUITE 1700
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55402

## Series and Classes Contracts Data

### Leuthold Global Fund (Series ID: S000020808)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000058122 | Leuthold Global Fund (Retail)        | GLBLX           |
| C000058123 | Leuthold Global Fund (Institutional) | GLBIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Leuthold Global Fund** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 61.71%** | | |
| **Air Freight & Logistics - 2.23%** | | |
| Atlas Air Worldwide Holdings, Inc. (a) | 1351 | $136181 |
| Cia de Distribucion Integral Logista Holdings SA (b) | 4756 | 119929 |
| Deutsche Post AG (b) | 2875 | 107601 |
| FedEx Corp. | 712 | 123318 |
| International Distributions Services PLC (b) | 13556 | 34749 |
| PostNL NV (b) | 21898 | 39930 |
|  |  | 561708 |
| **Banks - 2.59%** |  |  |
| ABN AMRO Bank NV (b) | 7619 | 105507 |
| ANZ Group Holdings, Ltd. (b) | 4889 | 78756 |
| Banco Santander SA - ADR | 29808 | 87934 |
| Citigroup, Inc. | 1609 | 72775 |
| Commerzbank AG (b) | 9125 | 85315 |
| Mizuho Financial Group, Inc. - ADR | 35493 | 100800 |
| The Bank of Nova Scotia (b) | 1467 | 71854 |
| Virgin Money UK PLC (b) | 23254 | 51139 |
|  |  | 654080 |
| **Beverages - 3.39%** |  |  |
| Coca-Cola Europacific Partners PLC (b) | 2199 | 121649 |
| Keurig Dr Pepper, Inc. | 4299 | 153302 |
| Kirin Holdings Co., Ltd. (b) | 6100 | 92973 |
| MGP Ingredients, Inc. | 557 | 59254 |
| Molson Coors Beverage Co - Class B | 1830 | 94281 |
| Pernod Ricard SA (b) | 803 | 157968 |
| Thai Beverage PCL (b) | 191000 | 97658 |
| Tsingtao Brewery Co., Ltd. (b) | 8000 | 78777 |
|  |  | 855862 |
| **Capital Markets - 3.73%** |  |  |
| Evercore, Inc. - Class A | 872 | 95118 |
| LPL Financial Holdings, Inc. | 735 | 158885 |
| Morgan Stanley | 2717 | 230999 |
| Raymond James Financial, Inc. | 841 | 89861 |
| Stifel Financial Corp. | 2138 | 124795 |
| The Goldman Sachs Group, Inc. | 698 | 239679 |
|  |  | 939337 |
| **Chemicals - 1.08%** |  |  |
| Nutrien Ltd. (a)(b) | 1830 | 133645 |
| The Mosaic Co. | 3152 | 138278 |
|  |  | 271923 |
| **Commerical Banks - 0.32%** |  |  |
| Barclays PLC - ADR | 10495 | 81861 |
| **Distributors - 0.41%** |  |  |
| LKQ Corp. | 1951 | 104203 |
| **Food Products - 1.12%** |  |  |
| Archer-Daniels-Midland Co. | 1346 | 124976 |
| Bunge, Ltd. | 1568 | 156439 |
|  |  | 281415 |
| **Health Care Providers & Services - 3.26%** |  |  |
| Centene Corp. (a) | 2005 | 164430 |
| Elevance Health, Inc. | 449 | 230323 |
| Humana, Inc. | 478 | 244827 |
| UnitedHealth Group, Inc. | 344 | 182382 |
|  |  | 821962 |
| **Household Durables - 3.75%** |  |  |
| Barratt Developments PLC (b) | 10848 | 51814 |
| Haseko Corp. (b) | 7300 | 81536 |
| KB Home | 3310 | 105423 |
| Lennar Corp. - Class A | 2150 | 194575 |
| Meritage Homes Corp. (a) | 2035 | 187627 |
| Redrow PLC (b) | 10974 | 60137 |
| Toll Brothers, Inc. | 2902 | 144868 |
| Tri Pointe Homes, Inc. (a) | 6400 | 118976 |
|  |  | 944956 |
| **Insurance - 6.64%** |  |  |
| Axis Capital Holdings, Ltd. (b) | 1996 | 108123 |
| Cincinnati Financial Corp. | 1476 | 151128 |
| DB Insurance Co., Ltd. (b) | 1703 | 88275 |
| Everest Re Group, Ltd. (b) | 809 | 267997 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b) | 960 | 310531 |
| Old Republic International Corp. | 5124 | 123745 |
| Sompo Holdings, Inc. (b) | 3700 | 163699 |
| Swiss Re AG (b) | 2898 | 270967 |
| The Allstate Corp. | 1393 | 188891 |
|  |  | 1673356 |
| **Marine - 1.56%** |  |  |
| AP Moller - Maersk A/S - Class B (b) | 65 | 145509 |
| Evergreen Marine Corp Taiwan, Ltd. (b) | 20400 | 107819 |
| Matson, Inc. | 1045 | 65323 |
| Star Bulk Carriers Corp. (b) | 3852 | 74074 |
|  |  | 392725 |
| **Metals & Mining - 4.94%** |  |  |
| Anglo American PLC (b) | 3615 | 141564 |
| ArcelorMittal SA - NYRS (b) | 3909 | 102494 |
| BHP Group, Ltd. - ADR | 2849 | 176780 |
| Boliden AB (b) | 2145 | 80571 |
| Commercial Metals Co. | 1911 | 92301 |
| Fortescue Metals Group, Ltd. (b) | 7391 | 103305 |
| Grupo Mexico SAB de CV (b) | 34800 | 122688 |
| Korea Zinc Co., Ltd. (b) | 193 | 86493 |
| Rio Tinto PLC - AU Shares - ADR | 2473 | 176078 |
| Sumitomo Metal Mining Co., Ltd. (b) | 2000 | 70278 |
| Ternium SA - ADR | 3051 | 93239 |
|  |  | 1245791 |
| **Oil, Gas & Consumable Fuels - 10.36%** |  |  |
| Aker BP ASA (b) | 6591 | 204862 |
| Antero Midstream Corp. | 12421 | 134023 |
| APA Corp. | 4741 | 221310 |
| Canadian Natural Resources, Ltd. (b) | 5250 | 291532 |
| Chord Energy Corp. | 1127 | 154185 |
| Enbridge, Inc. (b) | 2262 | 88444 |
| Eni SpA - ADR | 4259 | 122063 |
| EOG Resources, Inc. | 2498 | 323541 |
| Exxon Mobil Corp. | 1961 | 216298 |
| Inpex Corp. (b) | 13800 | 148287 |
| Petroleo Brasileiro SA - ADR | 8665 | 92282 |
| PTT Exploration & Production PCL - NVDR (b) | 28500 | 145140 |
| Shell PLC - ADR | 2223 | 126600 |
| Suncor Energy, Inc. (b) | 4616 | 146466 |
| Tourmaline Oil Corp. (b) | 3431 | 173121 |
| Woodside Energy Group, Ltd. - ADR | 1029 | 24912 |
|  |  | 2613066 |
| **Paper & Forest Products - 0.32%** |  |  |
| China Forestry Holdings Co., Ltd. (a)(b)(d)(e) | 2484000 | – |
| Louisiana-Pacific Corp. | 1371 | 81163 |
|  |  | 81163 |
| **Pharmaceuticals - 4.48%** |  |  |
| Bayer AG (b) | 1449 | 74580 |
| Bristol-Myers Squibb Co. | 1910 | 137425 |
| GSK PLC - ADR | 2331 | 81911 |
| Johnson & Johnson | 861 | 152096 |
| Merck & Co., Inc. | 1732 | 192165 |
| Novartis AG - ADR | 1785 | 161935 |
| Pfizer, Inc. | 3066 | 157102 |
| Sino Biopharmaceutical, Ltd. (b) | 120000 | 69878 |
| Takeda Pharmaceutical Co., Ltd. - ADR | 6558 | 102305 |
|  |  | 1129397 |
| **Semiconductors & Semiconductor Equipment - 5.82%** |  |  |
| Amkor Technology, Inc. | 4758 | 114097 |
| Applied Materials, Inc. | 1951 | 189988 |
| ASM International NV (b) | 768 | 194868 |
| Diodes, Inc. (a) | 1445 | 110022 |
| Intel Corp. | 2853 | 75405 |
| Lam Research Corp. | 565 | 237469 |
| Marvell Technology, Inc. | 2957 | 109527 |
| Sino-American Silicon Products, Inc. (b) | 26000 | 117648 |
| SK Hynix, Inc. (b) | 1466 | 87468 |
| Skyworks Solutions, Inc. | 1039 | 94684 |
| SUMCO Corp. (b) | 5900 | 78167 |
| Taiwan Surface Mounting Technology Corp. (b) | 20000 | 57606 |
|  |  | 1466949 |
| **Tobacco - 2.63%** |  |  |
| Altria Group, Inc. | 3676 | 168030 |
| British American Tobacco PLC - ADR | 4105 | 164118 |
| Imperial Brands PLC (b) | 6534 | 162770 |
| Japan Tobacco, Inc. (b) | 4100 | 82657 |
| KT&G Corp. (b) | 1168 | 84420 |
|  |  | 661995 |
| **Trading Companies & Distributors - 2.70%** |  |  |
| ITOCHU Corp. (b) | 3300 | 103530 |
| Mitsui & Co., Ltd. (b) | 4100 | 119416 |
| Travis Perkins PLC (a)(b) | 4194 | 44839 |
| Triton International, Ltd. (b) | 1994 | 137147 |
| Univar Solutions, Inc. (a) | 3149 | 100138 |
| WESCO International, Inc. (a) | 1396 | 174779 |
|  |  | 679849 |
| **Wireless Telecommunication Services - 0.38%** |  |  |
| Vodafone Group PLC - ADR | 9364 | 94764 |
| TOTAL COMMON STOCKS (Cost $14,176,573) |  | 15556362 |
| **INVESTMENT COMPANIES - 10.60%** |  |  |
| **Exchange Traded Funds - 10.60%** |  |  |
| Invesco CurrencyShares Japanese Yen Trust (a) | 1878 | 133526 |
| iShares 0-5 Year TIPS Bond ETF | 3833 | 371648 |
| iShares Core Japan Government Bond ETF (b) | 7100 | 133679 |
| iShares Gold Trust (a) | 7550 | 261154 |
| iShares International Treasury Bond ETF | 8195 | 320834 |
| SPDR Bloomberg International Treasury Bond ETF | 11325 | 254020 |
| SPDR Bloomberg Short Term High Yield Bond ETF | 7250 | 175740 |
| SPDR Gold Shares (a) | 1486 | 252085 |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 15165 | 367448 |
| Vanguard Mortgage-Backed Securities ETF | 8830 | 401942 |
| TOTAL INVESTMENT COMPANIES (Cost $2,642,351) |  | 2672076 |
|  | **Principal** <br> **Amount** | **Fair Value** |
| **CORPORATE BONDS - 1.93%** |  |  |
| **Banks - 1.93%** |  |  |
| JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, 01/27/2025 | EUR 470,000 | 486521 |
| TOTAL CORPORATE BONDS (Cost $514,565) |  | 486521 |
| **FOREIGN GOVERNMENT BONDS - 1.40%** |  |  |
| **Foreign Government Bonds - 1.40%** |  |  |
| French Republic Government Bond OAT |  |  |
| &nbsp;&nbsp;&nbsp; 1.250%, 05/25/2036 (b) | EUR 420,000 | 352288 |
| TOTAL FOREIGN GOVERNMENT BONDS (Cost $388,383) |  | 352288 |
| **UNITED STATES TREASURY OBLIGATIONS - 2.32%** |  |  |
| United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp; 2.625%, 04/15/2025 | 220000 | 211887 |
| &nbsp;&nbsp;&nbsp; 2.875%, 05/15/2032 | 155000 | 143351 |
| &nbsp;&nbsp;&nbsp; 3.250%, 05/15/2042 | 260000 | 229491 |
| TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $633,326) |  | 584729 |
|  | **Shares** | **Fair Value** |
| **SHORT-TERM INVESTMENTS - 16.91%** |  |  |
| **Money Market Funds - 16.91%** |  |  |
| Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (c)(f) | 4263495 | 4263495 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $4,263,495) |  | 4263495 |
| **Total Investments (Cost $22,618,693) - 94.87%** |  | 23915471 |
| **Other Assets in Excess of Liabilities - (f) - 5.13%** |  | 1293407 |
| **TOTAL NET ASSETS - 100.00%** |  | $25208878 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt |
| EUR | Euro |
| NVDR | Non Voting Depositary Receipt |
| NYRS | New York Registry Shares |
| (a) <br>| Non-income producing security. |
| (b) <br>| Foreign issued security. |
| (c) <br>| The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |
| (d) <br>| Illiquid security. The fair value of this security totals $0 which represents an amount that rounds to 0.00% of total net assets. |
| (e) <br>| This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs. |
| (f) <br>| All or a portion of the assets have been committed as collateral for open securities sold short. |

---

The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC.<br>

---

| | | |
|:---|:---|:---|
|  | | **Percentage** |
|  | **Fair** | **of Total** |
|  | **Value** | **Investments** |
| &nbsp;&nbsp;&nbsp; **CURRENCY EXPOSURE** | | |
| &nbsp;&nbsp;&nbsp; Australian Dollar | $182062 | 0.76% |
| &nbsp;&nbsp;&nbsp; British Pound | 547011 | 2.29 |
| &nbsp;&nbsp;&nbsp; Canadian Dollar | 173121 | 0.72 |
| &nbsp;&nbsp;&nbsp; Danish Kroner | 145509 | 0.61 |
| &nbsp;&nbsp;&nbsp; Euro | 2035037 | 8.51 |
| &nbsp;&nbsp;&nbsp; Hong Kong Dollar | 148655 | 0.62 |
| &nbsp;&nbsp;&nbsp; Japanese Yen | 1074222 | 4.49 |
| &nbsp;&nbsp;&nbsp; Mexican Peso | 122688 | 0.51 |
| &nbsp;&nbsp;&nbsp; New Taiwan Dollar | 283072 | 1.18 |
| &nbsp;&nbsp;&nbsp; Norwegian Krone | 204862 | 0.86 |
| &nbsp;&nbsp;&nbsp; Singapore Dollar | 97658 | 0.41 |
| &nbsp;&nbsp;&nbsp; South Korea Won | 346656 | 1.45 |
| &nbsp;&nbsp;&nbsp; Swedish Krona | 80571 | 0.34 |
| &nbsp;&nbsp;&nbsp; Swiss Franc | 270967 | 1.13 |
| &nbsp;&nbsp;&nbsp; Thai Baht | 145140 | 0.61 |
| &nbsp;&nbsp;&nbsp; US Dollar | 18058240 | 75.51 |
| &nbsp;&nbsp;&nbsp; **Total Investments** | $23915471 | 100.00% |
|  |  | **Percentage** |
|  | **Fair** | **of Total** |
|  | **Value** | **Investments** |
| &nbsp;&nbsp;&nbsp; **PORTFOLIO DIVERSIFICATION** |  |  |
| &nbsp;&nbsp;&nbsp; Australia | $383753 | 1.60% |
| &nbsp;&nbsp;&nbsp; Bermuda | 513267 | 2.14 |
| &nbsp;&nbsp;&nbsp; Brazil | 92282 | 0.39 |
| &nbsp;&nbsp;&nbsp; Britain | 554780 | 2.33 |
| &nbsp;&nbsp;&nbsp; Canada | 905062 | 3.78 |
| &nbsp;&nbsp;&nbsp; China | 78777 | 0.33 |
| &nbsp;&nbsp;&nbsp; Denmark | 145509 | 0.61 |
| &nbsp;&nbsp;&nbsp; France | 510256 | 2.13 |
| &nbsp;&nbsp;&nbsp; Germany | 578027 | 2.42 |
| &nbsp;&nbsp;&nbsp; Hong Kong | 69878 | 0.29 |
| &nbsp;&nbsp;&nbsp; Italy | 122063 | 0.51 |
| &nbsp;&nbsp;&nbsp; Japan | 1277327 | 5.35 |
| &nbsp;&nbsp;&nbsp; Luxembourg | 195733 | 0.82 |
| &nbsp;&nbsp;&nbsp; Marshall Islands | 74074 | 0.31 |
| &nbsp;&nbsp;&nbsp; Mexico | 122688 | 0.51 |
| &nbsp;&nbsp;&nbsp; Netherlands | 340305 | 1.42 |
| &nbsp;&nbsp;&nbsp; Norway | 204862 | 0.86 |
| &nbsp;&nbsp;&nbsp; Republic of Korea | 259188 | 1.08 |
| &nbsp;&nbsp;&nbsp; South Korea | 87468 | 0.37 |
| &nbsp;&nbsp;&nbsp; Spain | 207863 | 0.87 |
| &nbsp;&nbsp;&nbsp; Sweden | 80571 | 0.34 |
| &nbsp;&nbsp;&nbsp; Switzerland | 432902 | 1.81 |
| &nbsp;&nbsp;&nbsp; Taiwan | 283073 | 1.18 |
| &nbsp;&nbsp;&nbsp; Thailand | 242798 | 1.02 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 839213 | 3.50 |
| &nbsp;&nbsp;&nbsp; United States | 15313752 | 64.03 |
| &nbsp;&nbsp;&nbsp; **Total Investments** | $23915471 | 100.00% |

---

------

---

| | | |
|:---|:---|:---|
| **Leuthold Global Fund** | | |
| **Schedule of Investments Sold Short - (a)** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 6.73%** | | |
| **Aerospace & Defense - 0.25%** | | |
| Axon Enterprise, Inc. | 129 | $21405 |
| The Boeing Co. | 91 | 17335 |
| TransDigm Group, Inc. | 37 | 23297 |
|  |  | 62037 |
| **Airlines - 0.07%** |  |  |
| Delta Air Lines, Inc. | 510 | 16759 |
| **Auto Components - 0.20%** |  |  |
| Aptiv PLC (b) | 259 | 24120 |
| Fox Factory Holding Corp. | 160 | 14597 |
| Gentherm, Inc. | 168 | 10969 |
|  |  | 49686 |
| **Building Products - 0.19%** |  |  |
| AAON, Inc. | 223 | 16796 |
| Allegion PLC (b) | 113 | 11894 |
| The AZEK Co., Inc. - Class A | 570 | 11583 |
| Zurn Elkay Water Solutions Corp. | 382 | 8079 |
|  |  | 48352 |
| **Capital Markets - 0.67%** |  |  |
| Blackstone, Inc. | 242 | 17954 |
| Brookfield Asset Management, Ltd. (b) | 125 | 3584 |
| Brookfield Corp. - Class A (b) | 501 | 15761 |
| Credit Suisse Group AG - ADR | 1853 | 5633 |
| Focus Financial Partners, Inc. - Class A | 337 | 12560 |
| Houlihan Lokey, Inc. - Class A | 118 | 10285 |
| Intercontinental Exchange, Inc. | 238 | 24416 |
| KKR & Co., Inc. | 418 | 19404 |
| MarketAxess Holdings, Inc. | 41 | 11434 |
| Moody's Corp. | 69 | 19225 |
| S&P Global, Inc. | 51 | 17082 |
| Tradeweb Markets, Inc. - Class A | 186 | 12077 |
|  |  | 169415 |
| **Chemicals - 0.32%** |  |  |
| Axalta Coating Systems, Ltd. | 499 | 12710 |
| Balchem Corp. | 106 | 12944 |
| Diversey Holdings, Ltd. | 1418 | 6041 |
| Ecolab, Inc. | 92 | 13391 |
| International Flavors & Fragrances, Inc. | 147 | 15411 |
| The Sherwin-Williams Co. | 87 | 20648 |
|  |  | 81145 |
| **Construction & Engineering - 0.09%** |  |  |
| API Group Corp. | 621 | 11681 |
| MasTec, Inc. | 132 | 11264 |
|  |  | 22945 |
| **Containers & Packaging - 0.12%** |  |  |
| AptarGroup, Inc. | 85 | 9348 |
| Ball Corp. | 420 | 21479 |
|  |  | 30827 |
| **Diversified Consumer Services - 0.02%** |  |  |
| Coursera, Inc. | 504 | 5962 |
| **Diversified Financial Services - 0.11%** |  |  |
| Apollo Global Management, Inc. | 436 | 27812 |
| **Electric Utilities - 0.19%** |  |  |
| Edison International | 366 | 23285 |
| Exelon Corp. | 569 | 24598 |
|  |  | 47883 |
| **Electrical Equipment - 0.25%** |  |  |
| Ballard Power Systems, Inc. (b) | 1795 | 8598 |
| Rockwell Automation, Inc. | 87 | 22409 |
| Shoals Technologies Group, Inc. | 399 | 9843 |
| Vertiv Holdings Co. | 797 | 10887 |
| Vicor Corp. | 187 | 10051 |
|  |  | 61788 |
| **Electronic Equipment, Instruments & Components - 0.05%** |  |  |
| Coherent Corp. | 354 | 12425 |
| **Energy Equipment & Services - 0.22%** |  |  |
| Baker Hughes, a GE Co. - Class A | 896 | 26459 |
| Expro Group Holdings NV | 891 | 16154 |
| Noble Corp PLC | 366 | 13802 |
|  |  | 56415 |
| **Entertainment - 0.12%** |  |  |
| Madison Square Garden Entertainment Corp. - Class A | 251 | 11288 |
| Spotify Technology SA (b) | 234 | 18474 |
|  |  | 29762 |
| **Food Products - 0.05%** |  |  |
| J & J Snack Foods Corp. | 75 | 11228 |
| **Health Care Equipment & Supplies - 0.97%** |  |  |
| Alcon, Inc. (b) | 363 | 24884 |
| Align Technology, Inc. | 119 | 25097 |
| Cooper Companies, Inc. | 74 | 24470 |
| Dexcom, Inc. | 217 | 24573 |
| ICU Medical, Inc. | 82 | 12913 |
| IDEXX Laboratories, Inc. | 69 | 28149 |
| Insulet Corp. | 73 | 21490 |
| Intuitive Surgical, Inc. | 85 | 22555 |
| Penumbra, Inc. | 75 | 16685 |
| ResMed, Inc. | 120 | 24976 |
| Stryker Corp. | 80 | 19559 |
|  |  | 245351 |
| **Health Care Technology - 0.09%** |  |  |
| Veeva Systems, Inc. - Class A | 145 | 23400 |
| **Hotels, Restaurants & Leisure - 0.26%** |  |  |
| Caesars Entertainment, Inc. | 269 | 11190 |
| Carnival Corp. - | 1105 | 8906 |
| DraftKings, Inc. - Class A | 1027 | 11698 |
| Light & Wonder, Inc. | 182 | 10665 |
| Papa John's International, Inc. | 170 | 13993 |
| Wynn Resorts, Ltd. | 92 | 7587 |
|  |  | 64039 |
| **Household Durables - 0.13%** |  |  |
| Sonos, Inc. | 700 | 11830 |
| Sony Group Corp. - ADR | 282 | 21511 |
|  |  | 33341 |
| **Household Products - 0.17%** |  |  |
| Kimberly-Clark Corp. | 174 | 23620 |
| The Clorox Co. | 141 | 19787 |
|  |  | 43407 |
| **Interactive Media & Services - 0.02%** |  |  |
| Match Group, Inc. | 128 | 5311 |
| **Internet & Direct Marketing Retail - 0.15%** |  |  |
| Amazon.com, Inc. | 185 | 15540 |
| DoorDash, Inc. - Class A | 193 | 9422 |
| Global-e Online, Ltd. (b) | 603 | 12446 |
|  |  | 37408 |
| **IT Services - 0.11%** |  |  |
| Block, Inc. - Class A | 167 | 10494 |
| Cloudflare, Inc. - Class A | 155 | 7008 |
| MongoDB, Inc. | 57 | 11220 |
|  |  | 28722 |
| **Life Sciences Tools & Services - 0.09%** |  |  |
| Illumina, Inc. | 52 | 10514 |
| Pacific Biosciences of California, Inc. | 1409 | 11526 |
|  |  | 22040 |
| **Machinery - 0.13%** |  |  |
| Evoqua Water Technologies Corp. | 288 | 11405 |
| Hillman Solutions Corp. | 948 | 6835 |
| Xylem, Inc. | 126 | 13932 |
|  |  | 32172 |
| **Metals & Mining - 0.17%** |  |  |
| Agnico Eagle Mines, Ltd. (b) | 479 | 24903 |
| Franco-Nevada Corp. (b) | 125 | 17060 |
|  |  | 41963 |
| **Personal Products - 0.13%** |  |  |
| Coty, Inc. | 1512 | 12943 |
| The Estee Lauder Companies, Inc. - Class A | 84 | 20841 |
|  |  | 33784 |
| **Professional Services - 0.22%** |  |  |
| Clarivate PLC (b) | 422 | 3519 |
| Equifax, Inc. | 127 | 24684 |
| Planet Labs PBC - Class A | 2305 | 10027 |
| TransUnion | 302 | 17138 |
|  |  | 55368 |
| **Real Estate Investment Trusts (REITs) - 0.20%** |  |  |
| Alexandria Real Estate Equities, Inc. | 164 | 23890 |
| Equinix, Inc. | 28 | 18341 |
| Safehold, Inc. | 312 | 8929 |
|  |  | 51160 |
| **Semiconductors & Semiconductor Equipment - 0.25%** |  |  |
| Advanced Micro Devices, Inc. | 312 | 20208 |
| Monolithic Power Systems, Inc. | 63 | 22277 |
| NVIDIA Corp. | 147 | 21483 |
|  |  | 63968 |
| **Software - 0.25%** |  |  |
| Bentley Systems, Inc. - Class B | 91 | 3364 |
| Datadog, Inc. - Class A | 128 | 9408 |
| E2open Parent Holdings, Inc. | 1407 | 8259 |
| Guidewire Software, Inc. | 87 | 5443 |
| nCino, Inc. | 321 | 8487 |
| Procore Technologies, Inc. | 302 | 14248 |
| Workday, Inc. - Class A | 79 | 13219 |
|  |  | 62428 |
| **Specialty Retail - 0.17%** |  |  |
| Burlington Stores, Inc. | 78 | 15815 |
| Five Below, Inc. | 93 | 16449 |
| Floor & Decor Holdings, Inc. | 164 | 11419 |
|  |  | 43683 |
| **Textiles, Apparel & Luxury Goods - 0.10%** |  |  |
| NIKE, Inc. - Class A | 222 | 25976 |
| **Water Utilities - 0.20%** |  |  |
| American States Water Co. | 152 | 14068 |
| American Water Works Co., Inc. | 149 | 22711 |
| Essential Utilities, Inc. | 258 | 12314 |
|  |  | 49093 |
| TOTAL COMMON STOCKS (Proceeds $1,862,675) |  | 1697055 |
| **INVESTMENT COMPANIES - 10.17%** |  |  |
| **Exchange Traded Funds - 10.17%** |  |  |
| Communication Services Select Sector SPDR Fund | 1722 | 82639 |
| Consumer Discretionary Select Sector SPDR Fund | 609 | 78659 |
| Invesco QQQ Trust Series 1 | 359 | 95595 |
| iShares Expanded Tech-Software Sector ETF | 362 | 92618 |
| iShares MSCI ACWI ETF | 11782 | 1000056 |
| iShares MSCI EAFE ETF | 12070 | 792275 |
| iShares MSCI Emerging Markets ETF | 4862 | 184270 |
| Materials Select Sector SPDR Fund | 977 | 75893 |
| SPDR S&P 500 ETF Trust | 238 | 91018 |
| Utilities Select Sector SPDR Fund | 1013 | 71416 |
| TOTAL INVESTMENT COMPANIES (Proceeds $2,855,822) |  | 2564439 |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| **(Proceeds $4,718,497) - 16.90%** |  | $4261494 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR <br>| American Depositary Receipt |
| (a) <br>| Non-income producing security. |
| (b) <br>| Foreign issued security. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial Services LLC ("S&P"). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| |
|:---|
| **Leuthold Global Fund** |
| **Summary of Fair Value Exposure at December 31, 2022 (Unaudited)** |
| The Fund has adopted fair valuation accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the following three levels: |
| Level 1 - Quoted prices in active markets for identical securities. |
| Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 - Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments). |
| The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. |
| The following is a summary of the inputs used to value the Fund's investments and securities sold short as of December 31, 2022: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | $259499 | $302209 | $- | $561708 |
| &nbsp;&nbsp;&nbsp; Banks | 412119 | 241961 | - | 654080 |
| &nbsp;&nbsp;&nbsp; Beverages | 428486 | 427376 | - | 855862 |
| &nbsp;&nbsp;&nbsp; Capital Markets | 939337 | - | - | 939337 |
| &nbsp;&nbsp;&nbsp; Chemicals | 271923 | - | - | 271923 |
| &nbsp;&nbsp;&nbsp; Commercial Banks | 81861 | - | - | 81861 |
| &nbsp;&nbsp;&nbsp; Distributors | 104203 | - | - | 104203 |
| &nbsp;&nbsp;&nbsp; Food Products | 281415 | - | - | 281415 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | 821962 | - | - | 821962 |
| &nbsp;&nbsp;&nbsp; Household Durables | 751469 | 193487 | - | 944956 |
| &nbsp;&nbsp;&nbsp; Insurance | 839884 | 833472 | - | 1673356 |
| &nbsp;&nbsp;&nbsp; Marine | 139397 | 253328 | - | 392725 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | 763580 | 482211 | - | 1245791 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 2114777 | 498289 | - | 2613066 |
| &nbsp;&nbsp;&nbsp; Paper & Forest Products | 81163 | - | 0<br> <sup>(1)</sup> | 81163 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | 984939 | 144458 | - | 1129397 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 931192 | 535757 | - | 1466949 |
| &nbsp;&nbsp;&nbsp; Tobacco | 332148 | 329847 | - | 661995 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 456903 | 222946 | - | 679849 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 94764 | - | - | 94764 |
| Total Common Stocks | 11091021 | 4465341 | - | 15556362 |
| Exchange Traded Funds | 2672076 | - | - | 2672076 |
| Corporate Bonds | - | 486521 | - | 486521 |
| Foreign Government Bonds | - | 352288 | - | 352288 |
| United States Treasury Obligations | - | 584729 | - | 584729 |
| Money Market Funds | 4263495 | - | - | 4263495 |
| Total Investments in Securities | $18026592 | $5888879 | $- | $23915471 |
| **Securities Sold Short at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1697055 | $- | $- | $1697055 |
| Exchange Traded Funds | 2564439 | - | - | 2564439 |
| Total Securities Sold Short | $4261494 | $- | $- | $4261494 |
| The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: |  |
|  |  | **Investments in** <br> **Securities at** <br> **Fair Value** |  |  |
| **Balance as of September 30, 2022** |  | $47467 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts/premiums |  | - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) |  | - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized depreciation |  | (47467 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases |  | - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales |  | - |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer into and/or out of Level 3 |  | - |  |  |
| **Balance as of December 31, 2022** |  | $- |  |  |
| Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2022: | Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2022: | $(47467 |  |  |
| \* Unrealized depreciation is due to a change in foreign currency exchange rate. | \* Unrealized depreciation is due to a change in foreign currency exchange rate. |  |  |  |

---

<sup>(1)</sup> The security (China Forestry Holdings Co., Ltd.) is classified as a Level 3 security due to a halt in trading of the security on January 26, 2011. The security is valued at fair value as determined in good faith by the Fair Value Pricing Committee of the Adviser. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of Hong Kong Dollar 2.95. As part of the mutual fund audit process, it came to the Adviser's attention that the security delisted in 2017. The price was set to zero November 4, 2022 to reflect the delisting from the Hong Kong Stock Exchange.<br>

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Leuthold Funds Inc

- **b. Investment Company Act file number:** 811-09094

- **c. CIK number of Registrant:** 0001000351

- **d. LEI of Registrant:** 5493003DRVWH4DTZGC15

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 150 S. Fifth Street

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

  - **Telephone number:** 612-332-9141

**Item A.2. Information about the Series.**

- **a. Name of Series:** Leuthold Global Fund

- **b. EDGAR series identifier (if any):** S000020808

- **c. LEI of Series:** 549300AT2EJGMM5R4F31

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $29554325.23

**Total Liabilities:** $4335427.40

**Net Assets:** $25218897.83

**Cash Not Reported:** $5451712.73

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000058122 | 4.56%                | 4.75%                | -1.75%               |
| Class ID C000058123 | 4.61%                | 4.79%                | -1.79%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $708.91                  | $1118243.33                                |
| Month 2  | $-98987.17               | $1239664.61                                |
| Month 3  | $420207.09               | $-940216.55                                |

**Designated Index Information**

- **Index Name:** Fund's Securities Portfolio

- **Index Identifier:** DEDLROIB3D

### Schedule of Portfolio Investments

| Name                           | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Elevance Health Inc            | Elevance Health Inc                                       | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |       449 | NS      | $230323.53    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Midstream Corp          | Antero Midstream Corp                                     | CUSIP: 03676B102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12421 | NS      | $134022.59    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                                  | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |      4741 | NS      | $221309.88    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc                              | CUSIP: 03769M106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -436 | NS      | $-27812.44    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                                     | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |      1951 | NS      | $189988.38    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                                            | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Short            | EC               | CORP              | US        |       -85 | NS      | $-9348.30     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| ArcelorMittal SA               | ArcelorMittal SA                                          | CUSIP: 03938L203<br>LEI: 2EULGUTUI56JI9SAL165 | Long             | EC               | CORP              | LU        |      3909 | NS      | $102493.98    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co                                 | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |      1346 | NS      | $124976.10    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Brands PLC            | Imperial Brands PLC                                       | CUSIP: N/A<br>LEI: 549300DFVPOB67JL3A42       | Long             | EC               | CORP              | GB        |      6534 | NS      | $162770.18    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Atlas Air Worldwide Holdings I | Atlas Air Worldwide Holdings Inc                          | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |      1351 | NS      | $136180.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                                       | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Short            | EC               | CORP              | US        |      -129 | NS      | $-21404.97    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                | AZEK Co Inc/The                                           | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Short            | EC               | CORP              | US        |      -570 | NS      | $-11582.40    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                                           | CUSIP: 05722G100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -896 | NS      | $-26458.88    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp                                              | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Short            | EC               | CORP              | US        |      -106 | NS      | $-12943.66    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                      | Ball Corp                                                 | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Short            | EC               | CORP              | US        |      -420 | NS      | $-21478.80    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Ballard Power Systems Inc      | Ballard Power Systems Inc                                 | CUSIP: 058586108<br>LEI: 549300OHZ8BMF53YYS26 | Short            | EC               | CORP              | CA        |     -1795 | NS      | $-8598.05     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA             | Banco Santander SA                                        | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     29808 | NS      | $87933.60     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The        | Bank of Nova Scotia/The                                   | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |      1467 | NS      | $71853.66     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                              | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |     10495 | NS      | $81861.00     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                                       | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |       -91 | NS      | $-3363.36     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd                  | BHP Group Ltd                                             | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      2849 | NS      | $176780.45    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |      -242 | NS      | $-17953.98    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |       -91 | NS      | $-17334.59    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                                   | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      1910 | NS      | $137424.50    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| British American Tobacco PLC   | British American Tobacco PLC                              | CUSIP: 110448107<br>LEI: 213800FKA5MF17RJKT63 | Long             | EC               | CORP              | GB        |      4105 | NS      | $164117.90    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                           | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Short            | EC               | CORP              | CA        |      -501 | NS      | $-15761.46    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd                           | CUSIP: 113004105<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |      -125 | NS      | $-3583.75     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc          | Burlington Stores Inc                                     | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |       -78 | NS      | $-15815.28    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |      -269 | NS      | $-11190.40    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Natural Resources Ltd | Canadian Natural Resources Ltd                            | CUSIP: 136385101<br>LEI: 549300T15RIMIKZC5Q38 | Long             | EC               | CORP              | CA        |      5250 | NS      | $291532.50    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                             | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Short            | EC               | CORP              | US        |     -1105 | NS      | $-8906.30     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                                              | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |      2005 | NS      | $164430.05    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Cincinnati Financial Corp      | Cincinnati Financial Corp                                 | CUSIP: 172062101<br>LEI: 254900Q4WEDMZBOZ0002 | Long             | EC               | CORP              | US        |      1476 | NS      | $151127.64    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      1609 | NS      | $72775.07     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |      -141 | NS      | $-19786.53    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                                            | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |      -155 | NS      | $-7007.55     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                                             | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               | CORP              | US        |      -354 | NS      | $-12425.40    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                                      | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |      1911 | NS      | $92301.30     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The             | Cooper Cos Inc/The                                        | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               | CORP              | US        |       -74 | NS      | $-24469.58    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Coty Inc                       | Coty Inc                                                  | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Short            | EC               | CORP              | US        |     -1512 | NS      | $-12942.72    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                   | Coursera Inc                                              | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Short            | EC               | CORP              | US        |      -504 | NS      | $-5962.32     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Group AG         | Credit Suisse Group AG                                    | CUSIP: 225401108<br>LEI: 549300506SI9CRFV9Z86 | Short            | EC               | CORP              | CH        |     -1853 | NS      | $-5633.12     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |      -128 | NS      | $-9408.00     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                                       | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Short            | EC               | CORP              | US        |      -510 | NS      | $-16758.60    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                                | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Short            | EC               | CORP              | US        |      -217 | NS      | $-24573.08    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Diodes Inc                     | Diodes Inc                                                | CUSIP: 254543101<br>LEI: 549300XP2X1ARVH3BX23 | Long             | EC               | CORP              | US        |      1445 | NS      | $110022.30    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                                              | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Short            | EC               | CORP              | US        |      -193 | NS      | $-9422.26     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                                            | CUSIP: 26142V105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1027 | NS      | $-11697.53    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Mexico SAB de CV         | Grupo Mexico SAB de CV                                    | CUSIP: P49538112<br>LEI: 529900JWLZAYET2ZGW20 | Long             | EC               | CORP              | MX        |     34800 | NS      | $122688.01    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Eni SpA                        | Eni SpA                                                   | CUSIP: 26874R108<br>LEI: BUCRF72VH5RBN7X3VL35 | Long             | EC               | CORP              | IT        |      4259 | NS      | $122062.94    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                                         | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |      2498 | NS      | $323540.96    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                                | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Short            | EC               | CORP              | US        |       -92 | NS      | $-13391.52    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                                      | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Short            | EC               | CORP              | US        |      -366 | NS      | $-23284.92    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Enbridge Inc                   | Enbridge Inc                                              | CUSIP: 29250N105<br>LEI: 98TPTUM4IVMFCZBCUR27 | Long             | EC               | CORP              | CA        |      2262 | NS      | $88444.20     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                               | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |      -127 | NS      | $-24683.72    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                               | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Short            | EC               | CORP              | US        |       -28 | NS      | $-18340.84    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc        | Essential Utilities Inc                                   | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Short            | EC               | CORP              | US        |      -258 | NS      | $-12314.34    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| E2open Parent Holdings Inc     | E2open Parent Holdings Inc                                | CUSIP: 29788T103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1407 | NS      | $-8259.09     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                   | Evercore Inc                                              | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |       872 | NS      | $95117.76     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Evoqua Water Technologies Corp | Evoqua Water Technologies Corp                            | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Short            | EC               | CORP              | US        |      -288 | NS      | $-11404.80    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                               | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Short            | EC               | CORP              | US        |      -569 | NS      | $-24597.87    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      1961 | NS      | $216298.30    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                                | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |       712 | NS      | $123318.40    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                             | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   4261655 | NS      | $4261655.44   | 16.90%            |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                 | Five Below Inc                                            | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Short            | EC               | CORP              | US        |       -93 | NS      | $-16448.91    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                                | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |      -164 | NS      | $-11419.32    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Focus Financial Partners Inc   | Focus Financial Partners Inc                              | CUSIP: 34417P100<br>LEI: 5493006FFJCGLZ246V12 | Short            | EC               | CORP              | US        |      -337 | NS      | $-12559.99    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp       | Fox Factory Holding Corp                                  | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Short            | EC               | CORP              | US        |      -160 | NS      | $-14596.80    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                                        | CUSIP: 351858105<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |      -125 | NS      | $-17060.00    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                   | Gentherm Inc                                              | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Short            | EC               | CORP              | US        |      -168 | NS      | $-10968.72    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                                   | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      2331 | NS      | $81911.34     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       698 | NS      | $239679.24    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                                    | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Short            | EC               | CORP              | US        |       -87 | NS      | $-5442.72     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S         | AP Moller - Maersk A/S                                    | CUSIP: K0514G101<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |        65 | NS      | $145509.32    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                                    | CUSIP: 431636109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -948 | NS      | $-6835.08     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                                        | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Short            | EC               | CORP              | US        |      -118 | NS      | $-10284.88    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                                | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |       478 | NS      | $244826.82    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical Inc                                           | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Short            | EC               | CORP              | US        |       -82 | NS      | $-12913.36    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories Inc                                    | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Short            | EC               | CORP              | US        |       -69 | NS      | $-28149.24    | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                                | CUSIP: 60687Y109<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     35493 | NS      | $100800.12    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortescue Metals Group Ltd     | Fortescue Metals Group Ltd                                | CUSIP: N/A<br>LEI: 529900VEJFORCO6I4826       | Long             | EC               | CORP              | AU        |      7391 | NS      | $103305.31    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co                                  | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |      1830 | NS      | $94281.60     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                                               | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               | CORP              | US        |       -57 | NS      | $-11219.88    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc                              | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Short            | EC               | CORP              | US        |       -63 | NS      | $-22277.43    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |       -69 | NS      | $-19224.78    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                       | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |      1703 | NS      | $88274.94     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                                            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      2717 | NS      | $230999.34    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| KT&G Corp                      | KT&G Corp                                                 | CUSIP: N/A<br>LEI: 988400ZJV6ISYBLQX875       | Long             | EC               | CORP              | KR        |      1168 | NS      | $84420.16     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Mosaic Co/The                  | Mosaic Co/The                                             | CUSIP: 61945C103<br>LEI: 2YD5STGSJNMUB7H76907 | Long             | EC               | CORP              | US        |      3152 | NS      | $138278.24    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergreen Marine Corp Taiwan L | Evergreen Marine Corp Taiwan Ltd                          | CUSIP: N/A<br>LEI: 254900EIJA0A39C5SO15       | Long             | EC               | CORP              | TW        |     20400 | NS      | $107818.42    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Sino-American Silicon Products | Sino-American Silicon Products Inc                        | CUSIP: N/A<br>LEI: 529900DMZ4STK7NEXO95       | Long             | EC               | CORP              | TW        |     26000 | NS      | $117647.74    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| nCino Inc                      | nCino Inc                                                 | CUSIP: 63947X101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -321 | NS      | $-8487.24     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Haseko Corp                    | Haseko Corp                                               | CUSIP: N/A<br>LEI: 529900EH7TSG348O4045       | Long             | EC               | CORP              | JP        |      7300 | NS      | $81536.24     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                              | CUSIP: N/A<br>LEI: 988400XAIK6XISWQV045       | Long             | EC               | CORP              | KR        |      1466 | NS      | $87467.50     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| ITOCHU Corp                    | ITOCHU Corp                                               | CUSIP: N/A<br>LEI: J48DJYXDTLHM30UMYI18       | Long             | EC               | CORP              | JP        |      3300 | NS      | $103530.09    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Tobacco Inc              | Japan Tobacco Inc                                         | CUSIP: N/A<br>LEI: 353800Z0ENYBQO0XRJ31       | Long             | EC               | CORP              | JP        |      4100 | NS      | $82656.96     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Kirin Holdings Co Ltd          | Kirin Holdings Co Ltd                                     | CUSIP: 497350108<br>LEI: 353800GBVL72LLMTYM96 | Long             | EC               | CORP              | JP        |      6100 | NS      | $92972.78     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Zinc Co Ltd              | Korea Zinc Co Ltd                                         | CUSIP: N/A<br>LEI: 988400D0HSQUB1I1VO41       | Long             | EC               | CORP              | KR        |       193 | NS      | $86493.19     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                                  | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Short            | EC               | CORP              | US        |      -222 | NS      | $-25976.22    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Mitsui & Co Ltd                | Mitsui & Co Ltd                                           | CUSIP: N/A<br>LEI: 2NRSB4GOU9DD6CNW5R48       | Long             | EC               | CORP              | JP        |      4100 | NS      | $119415.48    | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| AAON Inc                       | AAON Inc                                                  | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -223 | NS      | $-16796.36    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                                            | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Short            | EC               | CORP              | US        |      -621 | NS      | $-11681.01    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                                | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |      -312 | NS      | $-20208.24    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Barratt Developments PLC       | Barratt Developments PLC                                  | CUSIP: N/A<br>LEI: 2138006R85VEOF5YNK29       | Long             | EC               | CORP              | GB        |     10848 | NS      | $51813.52     | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                                    | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Short            | EC               | CORP              | CA        |      -479 | NS      | $-24903.21    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc                       | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Short            | EC               | CORP              | US        |      -164 | NS      | $-23889.88    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology Inc                                      | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Short            | EC               | CORP              | US        |      -119 | NS      | $-25097.10    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                                         | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |      1393 | NS      | $188890.80    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc               | Altria Group Inc                                          | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      3676 | NS      | $168029.96    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Short            | EC               | CORP              | US        |      -185 | NS      | $-15540.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co       | American States Water Co                                  | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Short            | EC               | CORP              | US        |      -152 | NS      | $-14067.60    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Co Inc                               | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Short            | EC               | CORP              | US        |      -149 | NS      | $-22710.58    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Amkor Technology Inc           | Amkor Technology Inc                                      | CUSIP: 031652100<br>LEI: 529900VHLRTKPWZJBM84 | Long             | EC               | CORP              | US        |      4758 | NS      | $114096.84    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd               | Wynn Resorts Ltd                                          | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Short            | EC               | CORP              | US        |       -92 | NS      | $-7587.24     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                              | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |      -126 | NS      | $-13931.82    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp                           | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Short            | EC               | CORP              | US        |      -382 | NS      | $-8079.30     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Sino Biopharmaceutical Ltd     | Sino Biopharmaceutical Ltd                                | CUSIP: N/A<br>LEI: 529900LPR4ADFEJAR786       | Long             | EC               | CORP              | HK        |    120000 | NS      | $69878.47     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| SUMCO Corp                     | SUMCO Corp                                                | CUSIP: N/A<br>LEI: 353800SUSRUOM0V6KU92       | Long             | EC               | CORP              | JP        |      5900 | NS      | $78166.72     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Inpex Corp                     | Inpex Corp                                                | CUSIP: N/A<br>LEI: 353800VHYYADPR6MXQ47       | Long             | EC               | CORP              | JP        |     13800 | NS      | $148286.82    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT Exploration & Production P | PTT Exploration & Production PCL                          | CUSIP: N/A<br>LEI: 2549001O8YYGP5N7Q076       | Long             | EC               | CORP              | TH        |     28500 | NS      | $145139.60    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Thai Beverage PCL              | Thai Beverage PCL                                         | CUSIP: N/A<br>LEI: 529900VZFHQZ684D8L07       | Long             | EC               | CORP              | TH        |    191000 | NS      | $97658.41     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Aker BP ASA                    | Aker BP ASA                                               | CUSIP: N/A<br>LEI: 549300NFTY73920OYK69       | Long             | EC               | CORP              | NO        |      6591 | NS      | $204862.06    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Anglo American PLC             | Anglo American PLC                                        | CUSIP: N/A<br>LEI: 549300S9XF92D1X8ME43       | Long             | EC               | CORP              | GB        |      3615 | NS      | $141563.69    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| China Forestry Holdings Co Ltd | China Forestry Holdings Co Ltd                            | CUSIP: G2113A100<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |   2484000 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Tourmaline Oil Corp            | Tourmaline Oil Corp                                       | CUSIP: 89156V106<br>LEI: 549300LCHLN94A7Y1572 | Long             | EC               | CORP              | CA        |      3431 | NS      | $173121.06    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                    | Swiss Re AG                                               | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |      2898 | NS      | $270967.01    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc             | Sompo Holdings Inc                                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |      3700 | NS      | $163699.51    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Commerzbank AG                 | Commerzbank AG                                            | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |      9125 | NS      | $85314.98     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)               | French Republic Government Bond OAT                       | CUSIP: JK7596303<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    420000 | PA      | $352287.65    | 1.40%             | 2036-05-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Virgin Money UK PLC            | Virgin Money UK PLC                                       | CUSIP: N/A<br>LEI: 213800ZK9VGCYYR6O495       | Long             | EC               | CORP              | GB        |     23254 | NS      | $51139.18     | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| International Distributions Se | International Distributions Services PLC                  | CUSIP: N/A<br>LEI: 213800TCZZU84G8Z2M70       | Long             | EC               | CORP              | GB        |     13556 | NS      | $34748.48     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Redrow PLC                     | Redrow PLC                                                | CUSIP: N/A<br>LEI: 2138008WJZBBA7EYEL28       | Long             | EC               | CORP              | GB        |     10974 | NS      | $60136.63     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Core Japan Government  | iShares Core Japan Government Bond ETF                    | CUSIP: N/A<br>LEI: 549300P1FUCAGG8KFX93       | Long             | EC               | RF                | JP        |      7100 | NS      | $133679.52    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Travis Perkins PLC             | Travis Perkins PLC                                        | CUSIP: N/A<br>LEI: 2138001I27OUBAF22K83       | Long             | EC               | CORP              | GB        |      4194 | NS      | $44839.06     | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Boliden AB                     | Boliden AB                                                | CUSIP: N/A<br>LEI: 21380059QU7IM1ONDJ56       | Long             | EC               | CORP              | SE        |      2145 | NS      | $80570.91     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Sitios Latinoamerica SAB de CV | Sitios Latinoamerica SAB de CV                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | MX        |      7233 | NS      | $3414.86      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Distribucion Integral L | Cia de Distribucion Integral Logista Holdings SA          | CUSIP: N/A<br>LEI: 9598000ANNAL42UJ7X28       | Long             | EC               | CORP              | ES        |      4756 | NS      | $119929.32    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd         | ANZ Group Holdings Ltd                                    | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | AU        |      4889 | NS      | $78756.59     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                                       | CUSIP: EK7089858<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |    470000 | PA      | $486521.11    | 1.93%             | 2025-01-27      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV               | ABN AMRO Bank NV                                          | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |      7619 | NS      | $105507.33    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Allegion plc                   | Allegion plc                                              | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Short            | EC               | CORP              | IE        |      -113 | NS      | $-11894.38    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |      1996 | NS      | $108123.32    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd                                | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Short            | EC               | CORP              | US        |      -499 | NS      | $-12709.53    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Bunge Ltd                      | Bunge Ltd                                                 | CUSIP: N/A<br>LEI: 5493007M0RIN8HY3MM77       | Long             | EC               | CORP              | US        |      1568 | NS      | $156439.36    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                  | Clarivate PLC                                             | CUSIP: N/A<br>LEI: 549300WDHIIODXFO0R55       | Short            | EC               | CORP              | GB        |      -422 | NS      | $-3519.48     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Europacific Partners | Coca-Cola Europacific Partners PLC                        | CUSIP: N/A<br>LEI: 549300LTH67W4GWMRF57       | Long             | EC               | CORP              | GB        |      2199 | NS      | $121648.68    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversey Holdings Ltd          | Diversey Holdings Ltd                                     | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | US        |     -1418 | NS      | $-6040.68     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Everest Re Group Ltd           | Everest Re Group Ltd                                      | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |       809 | NS      | $267997.43    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                                 | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | IE        |      -259 | NS      | $-24120.67    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corp PLC                                            | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Short            | EC               | CORP              | US        |      -366 | NS      | $-13801.86    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd       | Triton International Ltd                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |      1994 | NS      | $137147.32    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                      | Alcon Inc                                                 | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Short            | EC               | CORP              | CH        |      -363 | NS      | $-24883.65    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                                     | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Short            | EC               | CORP              | SE        |      -234 | NS      | $-18474.30    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd            | Global-e Online Ltd                                       | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | IL        |      -603 | NS      | $-12445.92    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV        | Expro Group Holdings NV                                   | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Short            | EC               | CORP              | US        |      -891 | NS      | $-16153.83    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Star Bulk Carriers Corp        | Star Bulk Carriers Corp                                   | CUSIP: N/A<br>LEI: 549300SO3FMK7H6DDY54       | Long             | EC               | CORP              | GR        |      3852 | NS      | $74073.96     | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                                              | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Short            | EC               | CORP              | US        |       -52 | NS      | $-10514.40    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                                              | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Short            | EC               | CORP              | US        |       -73 | NS      | $-21490.47    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Intel Corp                     | Intel Corp                                                | CUSIP: 458140100<br>LEI: KNX4USFCNGPY45LOCE31 | Long             | EC               | CORP              | US        |      2853 | NS      | $75404.79     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc                             | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Short            | EC               | CORP              | US        |      -238 | NS      | $-24416.42    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc                    | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |      -147 | NS      | $-15411.48    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                                | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |      -359 | NS      | $-95594.52    | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                    | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Short            | EC               | CORP              | US        |       -85 | NS      | $-22554.75    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust                 | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |      1878 | NS      | $133525.80    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Post AG               | Deutsche Post AG                                          | CUSIP: N/A<br>LEI: 8ER8GIG7CSMVD8VUFE78       | Long             | EC               | CORP              | DE        |      2875 | NS      | $107601.29    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| iShares Gold Trust             | iShares Gold Trust                                        | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |      7550 | NS      | $261154.50    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets  | iShares MSCI Emerging Markets ETF                         | CUSIP: 464287234<br>LEI: 549300BPYHDEDI59G670 | Short            | EC               | RF                | US        |     -4862 | NS      | $-184269.80   | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE ETF          | iShares MSCI EAFE ETF                                     | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Short            | EC               | RF                | US        |    -12070 | NS      | $-792274.80   | -3.14%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech-Software | iShares Expanded Tech-Software Sector ETF                 | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Short            | EC               | RF                | US        |      -362 | NS      | $-92617.70    | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares International Treasury | iShares International Treasury Bond ETF                   | CUSIP: 464288117<br>LEI: 549300B2GPMXZXJU1462 | Long             | EC               | RF                | US        |      8195 | NS      | $320834.25    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI ACWI ETF          | iShares MSCI ACWI ETF                                     | CUSIP: 464288257<br>LEI: 549300KZ2WFTI4GQ7M77 | Short            | EC               | RF                | US        |    -11782 | NS      | $-1000056.16  | -3.97%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF | iShares 0-5 Year TIPS Bond ETF                            | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             | EC               | RF                | US        |      3833 | NS      | $371647.68    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp         | J & J Snack Foods Corp                                    | CUSIP: 466032109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -75 | NS      | $-11228.25    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Pernod Ricard SA               | Pernod Ricard SA                                          | CUSIP: F72027109<br>LEI: 52990097YFPX9J0H5D87 | Long             | EC               | CORP              | FR        |       803 | NS      | $157967.73    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                         | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       861 | NS      | $152095.65    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                                              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Short            | EC               | CORP              | US        |      -418 | NS      | $-19403.56    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                                   | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |      3310 | NS      | $105423.50    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                                      | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |      4299 | NS      | $153302.34    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                                       | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |      -174 | NS      | $-23620.50    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                                  | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |      1951 | NS      | $104202.91    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc                                | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |       735 | NS      | $158884.95    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bayer AG                       | Bayer AG                                                  | CUSIP: N/A<br>LEI: 549300J4U55H3WP1XT59       | Long             | EC               | CORP              | DE        |      1449 | NS      | $74579.91     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                                         | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       565 | NS      | $237469.50    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV           | ASM International NV                                      | CUSIP: N/A<br>LEI: 7245001I22ND6ZFHX623       | Long             | EC               | CORP              | NL        |       768 | NS      | $194867.54    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The       | Estee Lauder Cos Inc/The                                  | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Short            | EC               | CORP              | US        |       -84 | NS      | $-20841.24    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                                               | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |      2150 | NS      | $194575.00    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |       960 | NS      | $310530.80    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                                    | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |      1371 | NS      | $81163.20     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| PostNL NV                      | PostNL NV                                                 | CUSIP: N7203C108<br>LEI: 724500Q41FHN0P1GPC53 | Long             | EC               | CORP              | NL        |     21898 | NS      | $39929.54     | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients Inc                                       | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |       557 | NS      | $59253.66     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertai | Madison Square Garden Entertainment Corp                  | CUSIP: 55826T102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -251 | NS      | $-11287.47    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                                  | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Short            | EC               | CORP              | US        |       -41 | NS      | $-11434.49    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Marvell Technology Inc         | Marvell Technology Inc                                    | CUSIP: 573874104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2957 | NS      | $109527.28    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                                | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Short            | EC               | CORP              | US        |      -132 | NS      | $-11263.56    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group Inc                                           | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Short            | EC               | CORP              | US        |      -128 | NS      | $-5310.72     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                                | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |      1045 | NS      | $65322.95     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                            | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1732 | NS      | $192165.40    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                                       | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |      2035 | NS      | $187627.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                    | Novartis AG                                               | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      1785 | NS      | $161935.20    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                               | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Short            | EC               | CORP              | US        |      -147 | NS      | $-21482.58    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| NUTRIEN LTD COM                | NUTRIEN LTD COM                                           | CUSIP: 67077M108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      1830 | NS      | $133644.90    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Surface Mounting Techno | Taiwan Surface Mounting Technology Corp                   | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | TW        |     20000 | NS      | $57605.93     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                                         | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |      1127 | NS      | $154184.87    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp                           | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      5124 | NS      | $123744.60    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Sumitomo Metal Mining Co Ltd   | Sumitomo Metal Mining Co Ltd                              | CUSIP: N/A<br>LEI: 353800CF81IXL9974H84       | Long             | EC               | CORP              | JP        |      2000 | NS      | $70277.71     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsingtao Brewery Co Ltd        | Tsingtao Brewery Co Ltd                                   | CUSIP: N/A<br>LEI: 300300OJ7D0Q1ESE8L15       | Long             | EC               | CORP              | CN        |      8000 | NS      | $78776.81     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| Pacific Biosciences of Califor | Pacific Biosciences of California Inc                     | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Short            | EC               | CORP              | US        |     -1409 | NS      | $-11525.62    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc  | Papa John's International Inc                             | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Short            | EC               | CORP              | US        |      -170 | NS      | $-13992.70    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                   | Penumbra Inc                                              | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Short            | EC               | CORP              | US        |       -75 | NS      | $-16684.50    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Petroleo Brasileiro SA         | Petroleo Brasileiro SA                                    | CUSIP: 71654V408<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |      8665 | NS      | $92282.25     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                     | Pfizer Inc                                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      3066 | NS      | $157101.84    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                | Planet Labs PBC                                           | CUSIP: 72703X106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2305 | NS      | $-10026.75    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc                                  | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Short            | EC               | CORP              | US        |      -302 | NS      | $-14248.36    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc    | Raymond James Financial Inc                               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |       841 | NS      | $89860.85     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                                                | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Short            | EC               | CORP              | US        |      -120 | NS      | $-24975.60    | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                                             | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |      2473 | NS      | $176077.60    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                                   | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |       -87 | NS      | $-22408.59    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                                 | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      2223 | NS      | $126599.85    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                                            | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Short            | EC               | CORP              | US        |       -51 | NS      | $-17081.94    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust         | SPDR S&P 500 ETF Trust                                    | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |      -238 | NS      | $-91018.34    | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares               | SPDR Gold Shares                                          | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |      1486 | NS      | $252085.04    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF            | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |     11325 | NS      | $254019.75    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Short Term High | SPDR Bloomberg Short Term High Yield Bond ETF             | CUSIP: 78468R408<br>LEI: 549300YI2V5ELVW58659 | Long             | EC               | RF                | US        |      7250 | NS      | $175740.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                   | Safehold Inc                                              | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Short            | EC               | CORP              | US        |      -312 | NS      | $-8929.44     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc             | Light & Wonder Inc                                        | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Short            | EC               | CORP              | US        |      -182 | NS      | $-10665.20    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sector SPDR F | Materials Select Sector SPDR Fund                         | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Short            | EC               | RF                | US        |      -977 | NS      | $-75893.36    | -0.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Discretionary Select  | Consumer Discretionary Select Sector SPDR Fund            | CUSIP: 81369Y407<br>LEI: 549300CD2I087Y919K79 | Short            | EC               | RF                | US        |      -609 | NS      | $-78658.44    | -0.31%            |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select  | Communication Services Select Sector SPDR Fund            | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Short            | EC               | RF                | US        |     -1722 | NS      | $-82638.78    | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sector SPDR F | Utilities Select Sector SPDR Fund                         | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Short            | EC               | RF                | US        |     -1013 | NS      | $-71416.50    | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                                   | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Short            | EC               | CORP              | US        |       -87 | NS      | $-20647.71    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc  | Shoals Technologies Group Inc                             | CUSIP: 82489W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -399 | NS      | $-9843.33     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Skyworks Solutions Inc         | Skyworks Solutions Inc                                    | CUSIP: 83088M102<br>LEI: 549300WZ3ORQ2BVKBD96 | Long             | EC               | CORP              | US        |      1039 | NS      | $94684.07     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                           | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Short            | EC               | CORP              | JP        |      -282 | NS      | $-21510.96    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                      | Sonos Inc                                                 | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Short            | EC               | CORP              | US        |      -700 | NS      | $-11830.00    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                                 | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |      -167 | NS      | $-10494.28    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp          | Stifel Financial Corp                                     | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |      2138 | NS      | $124795.06    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |       -80 | NS      | $-19559.20    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy Inc                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      4616 | NS      | $146465.68    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Tri Pointe Homes Inc           | Tri Pointe Homes Inc                                      | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      6400 | NS      | $118976.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Takeda Pharmaceutical Co Ltd   | Takeda Pharmaceutical Co Ltd                              | CUSIP: 874060205<br>LEI: 549300ZLMVP4X0OGR454 | Long             | EC               | CORP              | JP        |      6558 | NS      | $102304.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ternium SA                     | Ternium SA                                                | CUSIP: 880890108<br>LEI: 529900QG4KU23TEI2E46 | Long             | EC               | CORP              | LU        |      3051 | NS      | $93238.56     | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                                         | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |      2902 | NS      | $144867.84    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                                      | CUSIP: 892672106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -186 | NS      | $-12076.98    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                                       | CUSIP: 893641100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -37 | NS      | $-23297.05    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                     | TransUnion                                                | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Short            | EC               | CORP              | US        |      -302 | NS      | $-17138.50    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    260000 | PA      | $229490.63    | 0.91%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CEH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    220000 | PA      | $211887.50    | 0.84%             | 2025-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | PA      | $143350.78    | 0.57%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       344 | NS      | $182381.92    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Univar Solutions Inc           | Univar Solutions Inc                                      | CUSIP: 91336L107<br>LEI: 549300VSXHFQVR770L55 | Long             | EC               | CORP              | US        |      3149 | NS      | $100138.20    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local C | VanEck J. P. Morgan EM Local Currency Bond ETF            | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |     15165 | NS      | $367447.95    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mortgage-Backed Secur | Vanguard Mortgage-Backed Securities ETF                   | CUSIP: 92206C771<br>LEI: N/A                  | Long             | EC               | RF                | US        |      8830 | NS      | $401941.60    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                                         | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Short            | EC               | CORP              | US        |      -145 | NS      | $-23400.10    | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                                        | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Short            | EC               | CORP              | US        |      -797 | NS      | $-10887.02    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                     | Vicor Corp                                                | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Short            | EC               | CORP              | US        |      -187 | NS      | $-10051.25    | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                                        | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |      9364 | NS      | $94763.68     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc        | WESCO International Inc                                   | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |      1396 | NS      | $174779.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd      | Woodside Energy Group Ltd                                 | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      1029 | NS      | $24912.09     | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                               | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |       -79 | NS      | $-13219.07    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Leuthold Funds Inc

**Signature:** /s/ Roger Peters

**Name of Signer:** Roger Peters

**Title:** Chief Compliance Officer