# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-25-005882
**Filing Date:** 2025-8
**Character Count:** 115853
**Document Hash:** 3147fc93d6a41d1cda09e33e324129a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-005882.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0000894189-25-005882

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Managed Portfolio Series
- **CENTRAL INDEX KEY:** 0001511699

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22525
- **FILM NUMBER:** 251256651

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 414-287-3700

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

## Series and Classes Contracts Data

### Leuthold Global Fund (Series ID: S000083372)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246974 | Institutional Class | GLBIX           |
| C000246975 | Retail Class        | GLBLX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Leuthold Global Fund** | **Leuthold Global Fund** | **Leuthold Global Fund** | **Leuthold Global Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **COMMON STOCKS - 67.0%** |  | **Shares** | **Value**  |
| **Automobile Components - 3.6%** | **Automobile Components - 3.6%** | **Automobile Components - 3.6%** | |
| Autoliv, Inc. |  | 764 | $85492 |
| Continental AG |  | 1027 | 89634 |
| Hyundai Mobis Co. Ltd. |  | 449 | 95255 |
| Lear Corp. |  | 696 | 66106 |
| Magna International, Inc. |  | 2640 | 101930 |
| Minth Group, Ltd. |  | 26000 | 74416 |
| Sumitomo Electric Industries Ltd. |  | 5400 | 115794 |
| Toyoda Gosei Co. Ltd. |  | 3300 | 64924 |
|  |  |  | 693551 |
| **Automobiles - 0.6%** | **Automobiles - 0.6%** | **Automobiles - 0.6%** |  |
| General Motors Co. |  | 2215 | 109000 |
| **Banks - 8.4%** | **Banks - 8.4%** | **Banks - 8.4%** |  |
| ABN AMRO Bank NV <sup>(a)</sup> |  | 4623 | 126236 |
| ANZ Group Holdings Ltd. |  | 2966 | 56878 |
| Banco Santander SA - ADR |  | 18089 | 150139 |
| Bank of Nova Scotia |  | 891 | 49246 |
| Barclays PLC - ADR |  | 6372 | 118456 |
| Canadian Imperial Bank of Commerce |  | 1202 | 85138 |
| Citigroup, Inc. |  | 977 | 83162 |
| Comerica, Inc. |  | 1151 | 68657 |
| Commerzbank AG |  | 5537 | 174488 |
| Danske Bank AS |  | 2020 | 82505 |
| M&T Bank Corp. |  | 388 | 75268 |
| Mizuho Financial Group, Inc. - ADR |  | 21538 | 119751 |
| Nishi-Nippon Financial Holdings, Inc. |  | 5000 | 75033 |
| Old National Bancorp/IN |  | 3260 | 69568 |
| Svenska Handelsbanken AB - Class A |  | 7302 | 97754 |
| UniCredit SpA |  | 1560 | 104650 |
| United Overseas Bank Ltd. |  | 2600 | 73590 |
|  |  |  | 1610519 |
| **Broadline Retail - 3.0%** | **Broadline Retail - 3.0%** | **Broadline Retail - 3.0%** |  |
| Dillard's, Inc. - Class A |  | 178 | 74374 |
| eBay, Inc. |  | 1935 | 144080 |
| JD.com, Inc. - Class A |  | 7416 | 121121 |
| Naspers Ltd. |  | 522 | 162871 |
| Takashimaya Co. Ltd. |  | 8800 | 68777 |
|  |  |  | 571223 |
| **Capital Markets - 6.0%** | **Capital Markets - 6.0%** | **Capital Markets - 6.0%** |  |
| Daiwa Securities Group, Inc. |  | 9200 | 65339 |
| Deutsche Bank AG |  | 5498 | 160981 |
| Goldman Sachs Group, Inc. |  | 294 | 208078 |
| Interactive Brokers Group, Inc. - Class A |  | 1864 | 103284 |
| Investec PLC |  | 7175 | 53676 |
| Macquarie Group Ltd. |  | 747 | 112353 |
| Morgan Stanley |  | 1162 | 163679 |
| Raymond James Financial, Inc. |  | 713 | 109353 |
| SBI Holdings, Inc. |  | 2100 | 73175 |
| UBS Group AG |  | 3235 | 109408 |
|  |  |  | 1159326 |
| **Diversified Consumer Services - 3.9%** | **Diversified Consumer Services - 3.9%** | **Diversified Consumer Services - 3.9%** |  |
| ADT, Inc. |  | 12410 | 105113 |
| Adtalem Global Education, Inc. <sup>(b)</sup> |  | 883 | 112344 |
| Frontdoor, Inc. <sup>(b)</sup> |  | 1595 | 94009 |
| Graham Holdings Co. - Class B |  | 96 | 90832 |
| H&R Block, Inc. |  | 1764 | 96826 |
| Laureate Education, Inc. <sup>(b)</sup> |  | 4280 | 100066 |
| Perdoceo Education Corp. |  | 2737 | 89473 |
| Strategic Education, Inc. |  | 715 | 60868 |
|  |  |  | 749531 |
| **Gas Utilities - 2.9%** | **Gas Utilities - 2.9%** | **Gas Utilities - 2.9%** |  |
| Italgas SpA |  | 7907 | 67073 |
| Korea Gas Corp. |  | 2104 | 64786 |
| Kunlun Energy Co. Ltd. |  | 70000 | 68039 |
| MDU Resources Group, Inc. |  | 4059 | 67664 |
| Naturgy Energy Group SA |  | 2705 | 86099 |
| New Jersey Resources Corp. |  | 1387 | 62165 |
| Toho Gas Co. Ltd. |  | 1900 | 53017 |
| UGI Corp. |  | 2419 | 88100 |
|  |  |  | 556943 |
| **Health Care Providers & Services - 0.0%<sup>(c)</sup>** | **Health Care Providers & Services - 0.0%<sup>(c)</sup>** | **Health Care Providers & Services - 0.0%<sup>(c)</sup>** |  |
| Concentra Group Holdings Parent, Inc. |  | 0<br> <sup>(d)</sup>  | 0 |
| **Insurance - 10.4%** | **Insurance - 10.4%** | **Insurance - 10.4%** |  |
| Arch Capital Group, Ltd. |  | 569 | 51808 |
| Axis Capital Holdings Ltd. |  | 1210 | 125622 |
| Chubb Ltd. |  | 215 | 62290 |
| DB Insurance Co. Ltd. |  | 977 | 89154 |
| Everest Group Ltd. |  | 494 | 167886 |
| Fairfax Financial Holdings Ltd. |  | 77 | 138987 |
| Hartford Insurance Group, Inc. |  | 693 | 87921 |
| Loews Corp. |  | 1050 | 96243 |
| Markel Group, Inc. <sup>(b)</sup> |  | 38 | 75900 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | 581 | 377264 |
| Old Republic International Corp. |  | 3098 | 119087 |
| QBE Insurance Group Ltd. |  | 7025 | 108179 |
| Sompo Holdings, Inc. |  | 6600 | 198890 |
| Swiss Re AG |  | 1766 | 305495 |
|  |  |  | 2004726 |
| **Interactive Media & Services - 2.4%** | **Interactive Media & Services - 2.4%** | **Interactive Media & Services - 2.4%** |  |
| Baidu, Inc. - Class A <sup>(b)</sup> |  | 6300 | 67517 |
| CAR Group Ltd. |  | 2529 | 62282 |
| Cargurus, Inc. <sup>(b)</sup> |  | 1879 | 62890 |
| LY Corp. |  | 20100 | 74020 |
| Match Group, Inc. |  | 1515 | 46798 |
| Scout24 SE <sup>(a)</sup> |  | 763 | 105332 |
| Yelp, Inc. <sup>(b)</sup> |  | 1228 | 42084 |
|  |  |  | 460923 |
| **Marine Transportation - 2.8%** | **Marine Transportation - 2.8%** | **Marine Transportation - 2.8%** |  |
| AP Moller - Maersk AS - Class B |  | 42 | 78107 |
| Evergreen Marine Corp. Taiwan Ltd. |  | 11000 | 74906 |
| Global Ship Lease, Inc. - Class A |  | 1964 | 51673 |
| Kuehne & Nagel International AG |  | 355 | 76873 |
| Matson, Inc. |  | 473 | 52669 |
| Nippon Yusen KK |  | 2200 | 79145 |
| Orient Overseas International Ltd. |  | 4500 | 76585 |
| ZIM Integrated Shipping Services Ltd. |  | 3358 | 54030 |
|  |  |  | 543988 |
| **Oil, Gas & Consumable Fuels - 3.4%** | **Oil, Gas & Consumable Fuels - 3.4%** | **Oil, Gas & Consumable Fuels - 3.4%** |  |
| Cenovus Energy, Inc. |  | 4641 | 63118 |
| Chevron Corp. |  | 667 | 95508 |
| Ecopetrol SA - ADR |  | 6745 | 59693 |
| Equinor ASA - ADR |  | 2516 | 63252 |
| Galp Energia SGPS SA |  | 3536 | 64730 |
| PTT PCL - NVDR - NVDR |  | 67500 | 62331 |
| Suncor Energy, Inc. |  | 2516 | 94224 |
| TotalEnergies SE - ADR |  | 1559 | 95707 |
| YPF SA - ADR <sup>(b)</sup> |  | 1880 | 59126 |
|  |  |  | 657689 |
| **Paper & Forest Products - 0.0%<sup>(c)</sup>** | **Paper & Forest Products - 0.0%<sup>(c)</sup>** | **Paper & Forest Products - 0.0%<sup>(c)</sup>** |  |
| China Forestry Holdings Co. Ltd. <sup>(b)(e)</sup> |  | 2484000 | 0 |
| **Passenger Airlines - 3.9%** | **Passenger Airlines - 3.9%** | **Passenger Airlines - 3.9%** |  |
| ANA Holdings, Inc. |  | 4100 | 80278 |
| Cathay Pacific Airways Ltd. |  | 66000 | 90037 |
| Copa Holdings SA - Class A |  | 794 | 87316 |
| Delta Air Lines, Inc. |  | 2355 | 115819 |
| Eva Airways Corp. |  | 59000 | 80532 |
| International Consolidated Airlines Group SA |  | 35385 | 165983 |
| Singapore Airlines Ltd. |  | 24000 | 131634 |
|  |  |  | 751599 |
| **Software - 6.3%** | **Software - 6.3%** | **Software - 6.3%** |  |
| ACI Worldwide, Inc. <sup>(b)</sup> |  | 1870 | 85852 |
| Check Point Software Technologies, Ltd. <sup>(b)</sup> |  | 630 | 139388 |
| Clear Secure, Inc. - Class A |  | 3860 | 107154 |
| Docusign, Inc. <sup>(b)</sup> |  | 1362 | 106086 |
| Dropbox, Inc. - Class A <sup>(b)</sup> |  | 4073 | 116488 |
| InterDigital, Inc. |  | 544 | 121981 |
| Opera Ltd. - ADR |  | 3627 | 68550 |
| Salesforce, Inc. |  | 529 | 144253 |
| SAP SE - ADR |  | 325 | 98832 |
| Synopsys, Inc. <sup>(b)</sup> |  | 231 | 118429 |
| Zoom Communications, Inc. <sup>(b)</sup> |  | 1399 | 109094 |
|  |  |  | 1216107 |
| **Transportation Infrastructure - 3.9%** | **Transportation Infrastructure - 3.9%** | **Transportation Infrastructure - 3.9%** |  |
| Aena SME SA <sup>(a)</sup> |  | 7290 | 194598 |
| Aeroports de Paris SA |  | 910 | 114089 |
| Fraport AG Frankfurt Airport Services Worldwide <sup>(b)</sup> |  | 1773 | 133755 |
| Grupo Aeroportuario del Sureste SAB de CV - ADR |  | 293 | 93429 |
| International Container Terminal Services, Inc. |  | 18190 | 132611 |
| Shenzhen International Holdings Ltd. |  | 80000 | 78958 |
|  |  |  | 747440 |
| **Wireless Telecommunication Services - 5.5%** | **Wireless Telecommunication Services - 5.5%** | **Wireless Telecommunication Services - 5.5%** |  |
| Far EasTone Telecommunications Co. Ltd. |  | 32000 | 98095 |
| Freenet AG |  | 3105 | 101222 |
| KDDI Corp. |  | 7200 | 123628 |
| MTN Group Ltd. |  | 14126 | 112446 |
| SK Telecom Co. Ltd. - ADR |  | 4138 | 96622 |
| Tele2 AB - Class B |  | 8158 | 119086 |
| TIM SA/Brazil - ADR |  | 5495 | 110504 |
| T-Mobile US, Inc. |  | 745 | 177504 |
| Vodafone Group PLC - ADR |  | 12279 | 130894 |
|  |  |  | 1070001 |
| **TOTAL COMMON STOCKS** (Cost $11,355,681) | **TOTAL COMMON STOCKS** (Cost $11,355,681) | **TOTAL COMMON STOCKS** (Cost $11,355,681) | 12902566 |
| **EXCHANGE TRADED FUNDS - 8.5%** |  | **Shares** | **Value** |
| Invesco CurrencyShares Japanese Yen Trust <sup>(b)</sup> |  | 2918 | 186577 |
| iShares 5-10 Year Investment Grade Corporate Bond ETF |  | 3779 | 201383 |
| iShares International Treasury Bond ETF |  | 4508 | 194295 |
| Simplify MBS ETF |  | 3912 | 195952 |
| SPDR Barclays International Corporate Bond ETF |  | 4949 | 161288 |
| SPDR Bloomberg International Treasury Bond ETF |  | 12929 | 303702 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF |  | 7455 | 250339 |
| Vanguard Short-Term Inflation-Protected Securities ETF |  | 2953 | 148447 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,581,769) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,581,769) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $1,581,769) | 1641983 |
| **U.S. TREASURY SECURITIES - 2.6%** | **U.S. TREASURY SECURITIES - 2.6%** | **Par** | **Value** |
|  United States Treasury Note/Bond, 3.88%, 08/15/2033 |  | 510000 | 502290 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $494,331) | **TOTAL U.S. TREASURY SECURITIES** (Cost $494,331) | **TOTAL U.S. TREASURY SECURITIES** (Cost $494,331) | 502290 |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.2%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.2%** | **Par** | **Value** |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033 <sup>(a)</sup> | EUR | 145000 | 170657 |
|  United Kingdom Gilt, 4.25%, 07/31/2034 | GBP | 185000 | 250524 |
| **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $387,342) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $387,342) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $387,342) | 421181 |
| **SHORT-TERM INVESTMENTS - 2.6%** | **SHORT-TERM INVESTMENTS - 2.6%** |  | **Value**  |
| **U.S. Treasury Bills - 2.6%** |  |  **<u>Par</u>** |  |
| 4.21%, 07/22/2025 <sup>(f)</sup> |  | 500000 | 498784 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $498,784) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $498,784) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $498,784) | 498784 |
| **TOTAL INVESTMENTS - 82.9% (**Cost $14,317,907**)** | **TOTAL INVESTMENTS - 82.9% (**Cost $14,317,907**)** | **TOTAL INVESTMENTS - 82.9% (**Cost $14,317,907**)** | 15966804 |
| Money Market Deposit Account - 15.0% <sup>(g)</sup> | Money Market Deposit Account - 15.0% <sup>(g)</sup> | Money Market Deposit Account - 15.0% <sup>(g)</sup> | 2892131 |
| Other Assets in Excess of Liabilities - 2.1% | Other Assets in Excess of Liabilities - 2.1% | Other Assets in Excess of Liabilities - 2.1% | 396107 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $19255042 |
| two | two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

---

| |
|:---|
| ADR - American Depositary Receipt |
| ASA - Advanced Subscription Agreement |
| NVDR - Non-Voting Depositary Receipt |
| PCL - Public Company Limited |
| PLC - Public Limited Company |
| EUR - Euro |
| GBP - British Pound |

---

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of June 30, 2025, the value of these securities total $596,823 or 3.1% of the Fund's net assets.

(b) Non-income producing security.

(c) Represents less than 0.05% of net assets.

(d) Rounds to zero.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities
 represented $0 or 0.0% of net assets as of June 30, 2025.

(f) The rate shown is the annualized effective yield as of June 30, 2025.

(g) The U.S. Bank Money Market Deposit Account (the "MMDA") is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on
 market conditions and is subject to change daily. The rate as of June 30, 2025 was 4.20%.

---

| | | |
|:---|:---|:---|
| **Leuthold Global Fund** | **Leuthold Global Fund** | **Leuthold Global Fund** |
| **Schedule of Securities Sold Short** | **Schedule of Securities Sold Short** | **Schedule of Securities Sold Short** |
| **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** | **June 30, 2025 (Unaudited)** |
| **EXCHANGE TRADED FUNDS - (9.0)%** | **Shares** | **Value** |
| Invesco QQQ Trust Series 1 | (801) | $(441864) |
| iShares MSCI EAFE ETF | (5151) | (460448) |
| iShares MSCI Emerging Markets ETF | (2150) | (103716) |
| iShares S&P 500 Growth ETF | (641) | (70574) |
| iShares Semiconductor ETF | (204) | (48695) |
| iShares U.S. Transportation ETF | (360) | (24674) |
| Real Estate Select Sector SPDR Fund | (345) | (14290) |
| SPDR S&P 500 ETF Trust | (150) | (92677) |
| SPDR S&P Retail ETF | (366) | (28204) |
| Vanguard Total World Stock ETF | (3486) | (448021) |
| **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $1,621,804) | **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $1,621,804) | (1733163) |
| **COMMON STOCKS** - **(3.6)%** | **Shares** | **Value** |
| **Aerospace & Defense - (0.2)%** | **Aerospace & Defense - (0.2)%** |  |
| AAR Corp. | (91) | (6260) |
| Boeing Co. | (71) | (14876) |
| Spirit AeroSystems Holdings, Inc. - Class A | (179) | (6829) |
| TransDigm Group, Inc. | (9) | (13686) |
|  |  | (41651) |
| **Automobiles - (0.1)%** | **Automobiles - (0.1)%** |  |
| Tesla, Inc. | (42) | (13342) |
| **Banks - (0.0)%<sup>(a)</sup>** | **Banks - (0.0)%<sup>(a)</sup>** |  |
| Triumph Financial, Inc. | (130) | (7164) |
| **Beverages - (0.1)%** | **Beverages - (0.1)%** |  |
| Brown-Forman Corp. - Class B | (236) | (6351) |
| PepsiCo, Inc. | (68) | (8979) |
|  |  | (15330) |
| **Building Products - (0.1)%** | **Building Products - (0.1)%** |  |
| AAON, Inc. | (88) | (6490) |
| Trex Co., Inc. | (77) | (4187) |
|  |  | (10677) |
| **Capital Markets - (0.4)%** | **Capital Markets - (0.4)%** |  |
| Ares Management Corp. - Class A | (55) | (9526) |
| Blackstone, Inc. | (88) | (13163) |
| Blue Owl Capital, Inc. - Class A | (281) | (5398) |
| Cohen & Steers, Inc. | (79) | (5953) |
| FactSet Research Systems, Inc. | (14) | (6262) |
| Hamilton Lane, Inc. - Class A | (36) | (5116) |
| MarketAxess Holdings, Inc. | (32) | (7147) |
| Moody's Corp. | (23) | (11537) |
| MSCI, Inc. | (24) | (13842) |
| TPG, Inc. | (152) | (7972) |
|  |  | (85916) |
| **Chemicals - (0.2)%** | **Chemicals - (0.2)%** |  |
| Albemarle Corp. | (103) | (6455) |
| International Flavors & Fragrances, Inc. | (129) | (9488) |
| Linde PLC | (23) | (10791) |
| Stepan Co. | (65) | (3548) |
| Westlake Corp. | (94) | (7137) |
|  |  | (37419) |
| **Commercial Services & Supplies - (0.1)%** | **Commercial Services & Supplies - (0.1)%** |  |
| Casella Waste Systems, Inc. - Class A | (47) | (5423) |
| VSE Corp. | (48) | (6287) |
|  |  | (11710) |
| **Construction Materials - (0.1)%** | **Construction Materials - (0.1)%** |  |
| Vulcan Materials Co. | (48) | (12519) |
| **Containers & Packaging - (0.1)%** | **Containers & Packaging - (0.1)%** |  |
| Smurfit WestRock PLC | (204) | (8803) |
| Sonoco Products Co. | (120) | (5227) |
|  |  | (14030) |
| **Distributors - (0.0)%<sup>(a)</sup>** | **Distributors - (0.0)%<sup>(a)</sup>** |  |
| Pool Corp. | (32) | (9327) |
| **Electric Utilities - (0.0)%<sup>(a)</sup>** | **Electric Utilities - (0.0)%<sup>(a)</sup>** |  |
| Eversource Energy | (90) | (5726) |
| **Electrical Equipment - (0.1)%** | **Electrical Equipment - (0.1)%** |  |
| Eaton Corp PLC | (32) | (11424) |
| Rockwell Automation, Inc. | (42) | (13951) |
|  |  | (25375) |
| **Financial Services - (0.0)%<sup>(a)</sup>** | **Financial Services - (0.0)%<sup>(a)</sup>** |  |
| Walker & Dunlop, Inc. | (54) | (3806) |
| **Ground Transportation - (0.1)%** | **Ground Transportation - (0.1)%** |  |
| Knight-Swift Transportation Holdings, Inc. | (107) | (4732) |
| Marten Transport Ltd. | (333) | (4326) |
| Old Dominion Freight Line, Inc. | (57) | (9251) |
| Saia, Inc. | (12) | (3288) |
| Werner Enterprises, Inc. | (225) | (6156) |
|  |  | (27753) |
| **Health Care Equipment & Supplies - (0.2)%** | **Health Care Equipment & Supplies - (0.2)%** |  |
| Baxter International, Inc. | (160) | (4845) |
| Edwards Lifesciences Corp. | (160) | (12514) |
| Stryker Corp. | (32) | (12660) |
|  |  | (30019) |
| **Hotels, Restaurants & Leisure - (0.3)%** | **Hotels, Restaurants & Leisure - (0.3)%** |  |
| Caesars Entertainment, Inc. | (166) | (4713) |
| Chipotle Mexican Grill, Inc. | (227) | (12746) |
| DraftKings, Inc. - Class A | (316) | (13553) |
| First Watch Restaurant Group, Inc. | (286) | (4588) |
| Red Rock Resorts, Inc. - Class A | (107) | (5567) |
| Restaurant Brands International, Inc. | (166) | (11004) |
| Vail Resorts, Inc. | (26) | (4085) |
|  |  | (56256) |
| **Household Durables - (0.0)%<sup>(a)</sup>** | **Household Durables - (0.0)%<sup>(a)</sup>** |  |
| Installed Building Products, Inc. | (35) | (6311) |
| **Household Products - (0.1)%** | **Household Products - (0.1)%** |  |
| Clorox Co. | (88) | (10566) |
| **Independent Power and Renewable Electricity Producers - (0.0)%<sup>(a)</sup>** | **Independent Power and Renewable Electricity Producers - (0.0)%<sup>(a)</sup>** |  |
| Ormat Technologies, Inc. | (68) | (5696) |
| **Insurance - (0.1)%** | **Insurance - (0.1)%** |  |
| Erie Indemnity Co. - Class A | (27) | (9363) |
| Marsh & McLennan Companies, Inc. | (58) | (12681) |
| Ryan Specialty Holdings, Inc. | (107) | (7275) |
|  |  | (29319) |
| **IT Services - (0.0)%<sup>(a)</sup>** | **IT Services - (0.0)%<sup>(a)</sup>** |  |
| MongoDB, Inc. | (33) | (6930) |
| **Life Sciences Tools & Services - (0.1)%** | **Life Sciences Tools & Services - (0.1)%** |  |
| Bio-Techne Corp. | (69) | (3550) |
| Bruker Corp. | (92) | (3791) |
| Repligen Corp. | (40) | (4975) |
|  |  | (12316) |
| **Machinery - (0.2)%** | **Machinery - (0.2)%** |  |
| IDEX Corp. | (51) | (8954) |
| Ingersoll Rand, Inc. | (130) | (10813) |
| Stanley Black & Decker, Inc. | (116) | (7859) |
| Xylem, Inc./NY | (86) | (11125) |
|  |  | (38751) |
| **Metals & Mining - (0.0)%<sup>(a)</sup>** | **Metals & Mining - (0.0)%<sup>(a)</sup>** |  |
| Worthington Industries, Inc. | (144) | (9164) |
| **Multi-Utilities - (0.1)%** | **Multi-Utilities - (0.1)%** |  |
| Dominion Energy, Inc. | (187) | (10569) |
| **Oil, Gas & Consumable Fuels - (0.1)%** | **Oil, Gas & Consumable Fuels - (0.1)%** |  |
| Phillips 66 | (92) | (10976) |
| **Pharmaceuticals - (0.1)%** | **Pharmaceuticals - (0.1)%** |  |
| Eli Lilly & Co. | (15) | (11693) |
| **Professional Services - (0.1)%** | **Professional Services - (0.1)%** |  |
| CBIZ, Inc. | (79) | (5665) |
| Dayforce, Inc. | (91) | (5041) |
| Equifax, Inc. | (38) | (9856) |
| Exponent, Inc. | (68) | (5080) |
|  |  | (25642) |
| **Real Estate - (0.1)%** | **Real Estate - (0.1)%** |  |
| Invitation Homes, Inc. | (340) | (11152) |
| Rexford Industrial Realty, Inc. | (119) | (4233) |
|  |  | (15385) |
| **Real Estate Management & Development - (0.1)%** | **Real Estate Management & Development - (0.1)%** |  |
| CoStar Group, Inc. | (141) | (11336) |
| **Semiconductors & Semiconductor Equipment - (0.2)%** | **Semiconductors & Semiconductor Equipment - (0.2)%** |  |
| Advanced Micro Devices, Inc. | (75) | (10642) |
| Analog Devices, Inc. | (48) | (11425) |
| ARM Holdings PLC - ADR | (80) | (12939) |
| Power Integrations, Inc. | (83) | (4640) |
|  |  | (39646) |
| **Software - (0.1)%** | **Software - (0.1)%** |  |
| Datadog, Inc. - Class A | (115) | (15448) |
| Varonis Systems, Inc. | (165) | (8374) |
|  |  | (23822) |
| **Specialty Retail - (0.1)%** | **Specialty Retail - (0.1)%** |  |
| Boot Barn Holdings, Inc. | (34) | (5168) |
| Floor & Decor Holdings, Inc. - Class A | (48) | (3646) |
| Tractor Supply Co. | (229) | (12084) |
|  |  | (20898) |
| **Trading Companies & Distributors - (0.0)%<sup>(a)</sup>** | **Trading Companies & Distributors - (0.0)%<sup>(a)</sup>** |  |
| SiteOne Landscape Supply, Inc. | (39) | (4717) |
| **TOTAL COMMON STOCKS** (Proceeds $709,004) | **TOTAL COMMON STOCKS** (Proceeds $709,004) | (701757) |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON** - **(0.1)%** | **Shares** | **Value** |
| **Specialized REITs - (0.1)%** | **Specialized REITs - (0.1)%** |  |
| Iron Mountain, Inc. | (112) | (11488) |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Proceeds $10,901) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Proceeds $10,901) | (11488) |
| **TOTAL SECURITIES SOLD SHORT - (12.7)%** (Proceeds $2,341,709) |  | $(2446408) |
| Percentages are stated as a percent of net assets. |  |  |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
| ADR - American Depositary Receipt | ADR - American Depositary Receipt | ADR - American Depositary Receipt |
| PLC - Public Limited Company | PLC - Public Limited Company | PLC - Public Limited Company |

---

(a) Represents less than 0.05% of net assets.

------

#### <br>

#### Summary of Fair Value Disclosure as of June 30, 2025 (Unaudited)
Leuthold Global Fund (the "Fund") has adopted fair value 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, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| **Assets:** | | | | |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $7070997 | 5831569 | 0<br> <sup>(a)(b)</sup>  | $12902566 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 1455406 | – | – | 1455406 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 502290 | – | 502290 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Debt Obligations | – | 421181 | – | 421181 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 186577 | – | – | 186577 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 498784 | – | 498784 |
| Total Investments | $8712980 | 7253824 | 0<br> <sup>(a)(b)</sup>  | $15966804 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $(1733163) | – | – | $(1733163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | (701757) | – | – | (701757) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | (11488) | – | – | (11488) |
| Total Investments | $(2446408) | – | – | $(2446408) |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |
| Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. | Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period as compared to the security classifications from the prior year's annual report. |

---

(a) Amount is less than $0.50.

(b) Management has determined transfers into/out of level 3 and the value of level 3 investments at period end to be immaterial to the Fund.

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of June 30, 2025** | **Allocation of Portfolio Holdings by Country as of June 30, 2025** | **Allocation of Portfolio Holdings by Country as of June 30, 2025** |
| (% of Net Assets) | (% of Net Assets) | (% of Net Assets) |
| Germany | $1241508 | 6.5% |
| Japan | 1191771 | 6.1 |
| United Kingdom | 704591 | 3.6 |
| Switzerland | 554066 | 2.9 |
| Canada | 521639 | 2.6 |
| Spain | 430836 | 2.2 |
| France | 380453 | 2.0 |
| South Korea | 345817 | 1.8 |
| Bermuda | 345316 | 1.8 |
| Australia | 339692 | 1.8 |
| South Africa | 328993 | 1.7 |
| Hong Kong | 313619 | 1.7 |
| Sweden | 302332 | 1.6 |
| Taiwan | 229854 | 1.2 |
| Singapore | 205224 | 1.1 |
| Israel | 193418 | 1.0 |
| China | 188638 | 1.0 |
| Italy | 171723 | 0.8 |
| Denmark | 160612 | 0.8 |
| Philippines | 132611 | 0.7 |
| Norway | 131802 | 0.7 |
| Netherlands | 126236 | 0.7 |
| Brazil | 110504 | 0.6 |
| Taiwan, Province of China | 98095 | 0.5 |
| Mexico | 93429 | 0.5 |
| Panama | 87316 | 0.4 |
| Portugal | 64730 | 0.4 |
| Thailand | 62331 | 0.3 |
| Colombia | 59693 | 0.3 |
| Argentina | 59126 | 0.3 |
| Ireland | (20227) | (0.1) |
| United States | 4364648 | 22.7 |
| Other Assets in Excess of Liabilities | 5734646 | 29.8 |
|  | $**19255042** | 100.0<br> **%** |

---

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Currency as of June 30, 2025** | **Allocation of Portfolio Holdings by Currency as of June 30, 2025** | **Allocation of Portfolio Holdings by Currency as of June 30, 2025** |
| (% of Net Assets) | (% of Net Assets) | (% of Net Assets) |
| US Dollar | $9451607 | 49.1% |
| Euro | 1209005 | 6.3 |
| Japanese Yen | 736146 | 3.8 |
| Hong Kong Dollar | 665279 | 3.5 |
| South Korean Won | 493525 | 2.6 |
| Australian Dollar | 387500 | 2.0 |
| British Pound | 192725 | 1.0 |
| Taiwan New Dollar | 170299 | 0.9 |
| Swiss Franc | 128568 | 0.7 |
| Philippine Peso | 101222 | 0.5 |
| Thai Baht | 91503 | 0.5 |
| Swedish Krona | 73772 | 0.4 |
| South African Rand | 68777 | 0.4 |
| Canadian Dollar | 62890 | 0.3 |
| Singapore Dollar | 61897 | 0.3 |
| Danish Krone | (374319) | (1.9) |
| Other Assets in Excess of Liabilities | 5734646 | 29.8 |
|  | $**19255042** | 100.0<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:** Managed Portfolio Series

- **b. Investment Company Act file number:** 811-22525

- **c. CIK number of Registrant:** 0001511699

- **d. LEI of Registrant:** 254900SQ3GG01NP4WM65

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

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 414-516-1712

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

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

- **b. EDGAR series identifier (if any):** S000083372

- **c. LEI of Series:** 529900RD2O88IMYY7Z50

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**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:** $21771166.54

**Total Liabilities:** $2516842.84

**Net Assets:** $19254323.70

**Cash Not Reported:** $2665476.78

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246974 | 1.21%                | 2.49%                | 1.37%                |
| Class ID C000246975 | 1.12%                | 2.54%                | 1.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-226572.32              | $388599.13                                 |
| Month 2  | $-20978.58               | $431059.09                                 |
| Month 3  | $-38440.04               | $278303.67                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Sumitomo Electric Industries L | Sumitomo Electric Industries Ltd                          | CUSIP: N/A<br>LEI: 5493005SP87FL5TOS202       | Long             | EC               | CORP              | JP        |      5400 | NS      | $115794.41    | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Takashimaya Co Ltd             | Takashimaya Co Ltd                                        | CUSIP: N/A<br>LEI: 353800IFO566STDN4V78       | Long             | EC               | CORP              | JP        |      8800 | NS      | $68777.10     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Spirit AeroSystems Holdings In | Spirit AeroSystems Holdings Inc                           | CUSIP: 848574109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -179 | NS      | $-6828.85     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                                | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Short            | EC               | CORP              | US        |      -116 | NS      | $-7859.00     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                      | Stepan Co                                                 | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Short            | EC               | CORP              | US        |       -65 | NS      | $-3547.70     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Strategic Education Inc        | Strategic Education Inc                                   | CUSIP: 86272C103<br>LEI: 2549002UYIM8Q5EC8H36 | Long             | EC               | CORP              | US        |       715 | NS      | $60867.95     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                              | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |       -32 | NS      | $-12660.16    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy Inc                                         | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |      2516 | NS      | $94224.20     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Synopsys Inc                   | Synopsys Inc                                              | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |       231 | NS      | $118429.08    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                                           | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |       745 | NS      | $177503.70    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                                                 | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Short            | EC               | CORP              | US        |       -42 | NS      | $-13341.72    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/Brazil                  | TIM SA/Brazil                                             | CUSIP: 88706T108<br>LEI: 529900QI0CH1DN5ZCS77 | Long             | EC               | CORP              | BR        |      5495 | NS      | $110504.45    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Swiss Re AG                    | Swiss Re AG                                               | CUSIP: N/A<br>LEI: 529900PS9YW3YY29F326       | Long             | EC               | CORP              | CH        |      1766 | NS      | $305495.23    | 1.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Tele2 AB                       | Tele2 AB                                                  | CUSIP: N/A<br>LEI: 213800EKD193RVI9HL76       | Long             | EC               | CORP              | SE        |      8158 | NS      | $119085.74    | 0.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Svenska Handelsbanken AB       | Svenska Handelsbanken AB                                  | CUSIP: W9112U104<br>LEI: NHBDILHZTYCNBV5UYZ31 | Long             | EC               | CORP              | SE        |      7302 | NS      | $97753.97     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                                | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |      -801 | NS      | $-441863.64   | -2.29%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust                 | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |      2918 | NS      | $186576.92    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Invitation Homes Inc           | Invitation Homes Inc                                      | CUSIP: 46187W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -340 | NS      | $-11152.00    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                                         | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Short            | EC               | CORP              | US        |      -112 | NS      | $-11487.84    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares U.S. Transportation ET | iShares U.S. Transportation ETF                           | CUSIP: 464287192<br>LEI: 54930060GGS23N7A3X92 | Short            | EC               | RF                | US        |      -360 | NS      | $-24674.40    | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets  | iShares MSCI Emerging Markets ETF                         | CUSIP: 464287234<br>LEI: 549300BPYHDEDI59G670 | Short            | EC               | RF                | US        |     -2150 | NS      | $-103716.00   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares S&P 500 Growth ETF     | iShares S&P 500 Growth ETF                                | CUSIP: 464287309<br>LEI: 549300RYFG0B8O3DPR13 | Short            | EC               | RF                | US        |      -641 | NS      | $-70574.10    | -0.37%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI EAFE ETF          | iShares MSCI EAFE ETF                                     | CUSIP: 464287465<br>LEI: 549300O0XO3KDQV68404 | Short            | EC               | RF                | US        |     -5151 | NS      | $-460447.89   | -2.39%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Semiconductor ETF      | iShares Semiconductor ETF                                 | CUSIP: 464287523<br>LEI: 5493004SPI3IF1GDIR85 | Short            | EC               | RF                | US        |      -204 | NS      | $-48694.80    | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares International Treasury | iShares International Treasury Bond ETF                   | CUSIP: 464288117<br>LEI: 549300B2GPMXZXJU1462 | Long             | EC               | RF                | US        |      4508 | NS      | $194294.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 5-10 Year Investment G | iShares 5-10 Year Investment Grade Corporate Bond ETF     | CUSIP: 464288638<br>LEI: 549300ZJOCMXQZ0RKQ84 | Long             | EC               | RF                | US        |      3779 | NS      | $201382.91    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| KDDI Corp                      | KDDI Corp                                                 | CUSIP: N/A<br>LEI: 5299003FU7V4I45FU310       | Long             | EC               | CORP              | JP        |      7200 | NS      | $123628.22    | 0.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Investec PLC                   | Investec PLC                                              | CUSIP: N/A<br>LEI: 2138007Z3U5GWDN3MY22       | Long             | EC               | CORP              | ZA        |      7175 | NS      | $53675.60     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| International Consolidated Air | International Consolidated Airlines Group SA              | CUSIP: N/A<br>LEI: 959800TZHQRUSH1ESL13       | Long             | EC               | CORP              | GB        |     35385 | NS      | $165983.30    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Italgas SpA                    | Italgas SpA                                               | CUSIP: N/A<br>LEI: 815600F25FF44EF1FA76       | Long             | EC               | CORP              | IT        |      7907 | NS      | $67073.05     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                                | CUSIP: G8208B101<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      7416 | NS      | $121120.44    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                                 | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Short            | EC               | CORP              | US        |       -51 | NS      | $-8954.07     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc             | Ingersoll Rand Inc                                        | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Short            | EC               | CORP              | US        |      -130 | NS      | $-10813.40    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Installed Building Products In | Installed Building Products Inc                           | CUSIP: 45780R101<br>LEI: 549300I95Y9P9YM5FI86 | Short            | EC               | CORP              | US        |       -35 | NS      | $-6311.20     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc                    | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |      -129 | NS      | $-9487.95     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON Inc                                                  | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -88 | NS      | $-6490.00     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| AAR Corp                       | AAR Corp                                                  | CUSIP: 000361105<br>LEI: MP76T5YQX3YK5VVAQ802 | Short            | EC               | CORP              | US        |       -91 | NS      | $-6259.89     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ADT Inc                        | ADT Inc                                                   | CUSIP: 00090Q103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12410 | NS      | $105112.70    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| ACI Worldwide Inc              | ACI Worldwide Inc                                         | CUSIP: 004498101<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | EC               | CORP              | US        |      1870 | NS      | $85851.70     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc                              | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |       883 | NS      | $112344.09    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                                | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |       -75 | NS      | $-10642.50    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                 | Albemarle Corp                                            | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Short            | EC               | CORP              | US        |      -103 | NS      | $-6455.01     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| ANA Holdings Inc               | ANA Holdings Inc                                          | CUSIP: N/A<br>LEI: 5493008IRKIY0G3TE305       | Long             | EC               | CORP              | JP        |      4100 | NS      | $80278.23     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Aeroports de Paris SA          | Aeroports de Paris SA                                     | CUSIP: N/A<br>LEI: 969500PJMBSFHYC37989       | Long             | EC               | CORP              | FR        |       910 | NS      | $114089.10    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Aena SME SA                    | Aena SME SA                                               | CUSIP: N/A<br>LEI: 959800R7QMXKF0NFMT29       | Long             | EC               | CORP              | ES        |      7290 | NS      | $194598.23    | 1.01%             |  |  |  | No            |                  2 | On Loan: No      |
| ABN AMRO Bank NV               | ABN AMRO Bank NV                                          | CUSIP: N/A<br>LEI: BFXS5XCH7N0Y05NIXW11       | Long             | EC               | CORP              | NL        |      4623 | NS      | $126235.76    | 0.66%             |  |  |  | No            |                  2 | On Loan: No      |
| Munich Re                      | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | CUSIP: N/A<br>LEI: 529900MUF4C20K50JS49       | Long             | EC               | CORP              | DE        |       581 | NS      | $377264.43    | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Loews Corp                     | Loews Corp                                                | CUSIP: 540424108<br>LEI: R8V1FN4M5ITGZOG7BS19 | Long             | EC               | CORP              | US        |      1050 | NS      | $96243.00     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| M&T Bank Corp                  | M&T Bank Corp                                             | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       388 | NS      | $75268.12     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc        | MDU Resources Group Inc                                   | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4059 | NS      | $67663.53     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                                                  | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Short            | EC               | CORP              | US        |       -24 | NS      | $-13841.76    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                                   | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |      2640 | NS      | $101930.40    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Naturgy Energy Group SA        | Naturgy Energy Group SA                                   | CUSIP: N/A<br>LEI: TL2N6M87CW970S5SV098       | Long             | EC               | CORP              | ES        |      2705 | NS      | $86099.06     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                                          | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |        38 | NS      | $75899.68     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                                  | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Short            | EC               | CORP              | US        |       -32 | NS      | $-7146.88     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                                  | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Short            | EC               | CORP              | US        |       -58 | NS      | $-12681.12    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd           | Marten Transport Ltd                                      | CUSIP: 573075108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -333 | NS      | $-4325.67     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group Inc                                           | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Long             | EC               | CORP              | US        |      1515 | NS      | $46798.35     | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Matson Inc                     | Matson Inc                                                | CUSIP: 57686G105<br>LEI: 549300OI5H3Y0I9I4I12 | Long             | EC               | CORP              | US        |       473 | NS      | $52668.55     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizuho Financial Group Inc     | Mizuho Financial Group Inc                                | CUSIP: 60687Y109<br>LEI: 353800CI5L6DDAN5XZ33 | Long             | EC               | CORP              | JP        |     21538 | NS      | $119751.28    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| LY Corp                        | LY Corp                                                   | CUSIP: N/A<br>LEI: 52990078MD2OL792YM35       | Long             | EC               | CORP              | JP        |     20100 | NS      | $74020.36     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                                               | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               | CORP              | US        |       -33 | NS      | $-6929.67     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                                              | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |       -23 | NS      | $-11536.57    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                                            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1162 | NS      | $163679.32    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| SBI Holdings Inc               | SBI Holdings Inc                                          | CUSIP: N/A<br>LEI: 353800L6LMHYIPSMRQ17       | Long             | EC               | CORP              | JP        |      2100 | NS      | $73174.80     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| MTN Group Ltd                  | MTN Group Ltd                                             | CUSIP: N/A<br>LEI: 2549009JD6Q6XHZS5E05       | Long             | EC               | CORP              | ZA        |     14126 | NS      | $112446.24    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Singapore Airlines Ltd         | Singapore Airlines Ltd                                    | CUSIP: N/A<br>LEI: 549300ZG62N2599PWR15       | Long             | EC               | CORP              | SG        |     24000 | NS      | $131634.12    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Ryan Specialty Holdings Inc    | Ryan Specialty Holdings Inc                               | CUSIP: 78351F107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -107 | NS      | $-7274.93     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Co Ltd              | SK Telecom Co Ltd                                         | CUSIP: 78440P306<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |      4138 | NS      | $96622.30     | 0.50%             |  |  |  | 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        |      -150 | NS      | $-92677.50    | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International C | SPDR Bloomberg International Corporate Bond ETF           | CUSIP: 78464A151<br>LEI: 549300V3SXQ5D61UEN24 | Long             | EC               | RF                | US        |      4949 | NS      | $161287.91    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Intermediate Te | SPDR Portfolio Intermediate Term Corporate Bond ETF       | CUSIP: 78464A375<br>LEI: 549300V0LZHF2UQ4WK69 | Long             | EC               | RF                | US        |      7455 | NS      | $250338.90    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF            | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |     12929 | NS      | $303702.21    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Retail ETF            | SPDR S&P Retail ETF                                       | CUSIP: 78464A714<br>LEI: 549300HHG63HQV071458 | Short            | EC               | RF                | US        |      -366 | NS      | $-28203.96    | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                       | Saia Inc                                                  | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Short            | EC               | CORP              | US        |       -12 | NS      | $-3287.88     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                                            | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |       529 | NS      | $144253.01    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                         | SAP SE                                                    | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |       325 | NS      | $98832.50     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Simplify MBS ETF               | Simplify MBS ETF                                          | CUSIP: 82889N525<br>LEI: 529900BTWVWYXPUFO805 | Long             | EC               | RF                | US        |      3912 | NS      | $195952.08    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SiteOne Landscape Supply Inc   | SiteOne Landscape Supply Inc                              | CUSIP: 82982L103<br>LEI: 5299008LX7SBD4HIAU03 | Short            | EC               | CORP              | US        |       -39 | NS      | $-4716.66     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co             | Sonoco Products Co                                        | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Short            | EC               | CORP              | US        |      -120 | NS      | $-5227.20     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Minth Group Ltd                | Minth Group Ltd                                           | CUSIP: N/A<br>LEI: 254900B2AH0G13K9G204       | Long             | EC               | CORP              | TW        |     26000 | NS      | $74416.16     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Macquarie Group Ltd            | Macquarie Group Ltd                                       | CUSIP: N/A<br>LEI: ACMHD8HWFMFUIQQ8Y590       | Long             | EC               | CORP              | AU        |       747 | NS      | $112353.05    | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Sompo Holdings Inc             | Sompo Holdings Inc                                        | CUSIP: N/A<br>LEI: 353800CWW4SRGEYEB512       | Long             | EC               | CORP              | JP        |      6600 | NS      | $198889.70    | 1.03%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHEN INT'L                 | Shenzhen International Holdings Ltd                       | CUSIP: N/A<br>LEI: 5493002NKD14ZZMEJF98       | Long             | EC               | CORP              | HK        |     80000 | NS      | $78957.80     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                               | CUSIP: N/A<br>LEI: 21380044BQ8812EEKT59       | Long             | EC               | CORP              | ZA        |       522 | NS      | $162871.10    | 0.85%             |  |  |  | No            |                  2 | On Loan: No      |
| Scout24 SE                     | Scout24 SE                                                | CUSIP: N/A<br>LEI: 5493007EIKM2ENQS7U66       | Long             | EC               | CORP              | DE        |       763 | NS      | $105331.57    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Linde PLC                      | Linde PLC                                                 | CUSIP: N/A<br>LEI: 5299003QR1WT0EF88V51       | Short            | EC               | CORP              | US        |       -23 | NS      | $-10791.14    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                                      | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Short            | EC               | CORP              | IE        |      -204 | NS      | $-8802.60     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices Inc                                        | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Short            | EC               | CORP              | US        |       -48 | NS      | $-11424.96    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                   | Dayforce Inc                                              | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Short            | EC               | CORP              | US        |       -91 | NS      | $-5040.49     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                                       | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | EC               | CORP              | US        |      2355 | NS      | $115818.90    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S         | AP Moller - Maersk A/S                                    | CUSIP: N/A<br>LEI: 549300D2K6PKKKXVNN73       | Long             | EC               | CORP              | DK        |        42 | NS      | $78107.34     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| ANZ Group Holdings Ltd         | ANZ Group Holdings Ltd                                    | CUSIP: N/A<br>LEI: 9845005D9C6BAA10BK72       | Long             | EC               | CORP              | AU        |      2966 | NS      | $56878.37     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| DB Insurance Co Ltd            | DB Insurance Co Ltd                                       | CUSIP: N/A<br>LEI: 9884000ZF26VNJBWSJ91       | Long             | EC               | CORP              | KR        |       977 | NS      | $89153.78     | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| Toho Gas Co Ltd                | Toho Gas Co Ltd                                           | CUSIP: N/A<br>LEI: 353800BCVTE4F8012906       | Long             | EC               | CORP              | JP        |      1900 | NS      | $53017.26     | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Toyoda Gosei Co Ltd            | Toyoda Gosei Co Ltd                                       | CUSIP: N/A<br>LEI: 353800ZV4HXVM4DWPO50       | Long             | EC               | CORP              | JP        |      3300 | NS      | $64923.67     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| TPG Inc                        | TPG Inc                                                   | CUSIP: 872657101<br>LEI: 549300NLO4R8MX77XJ02 | Short            | EC               | CORP              | US        |      -152 | NS      | $-7972.40     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE               | TotalEnergies SE                                          | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      1559 | NS      | $95707.01     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Tractor Supply Co              | Tractor Supply Co                                         | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Short            | EC               | CORP              | US        |      -229 | NS      | $-12084.33    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                                       | CUSIP: 893641100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |        -9 | NS      | $-13685.76    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Trex Co Inc                    | Trex Co Inc                                               | CUSIP: 89531P105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -77 | NS      | $-4187.26     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc          | Triumph Financial Inc                                     | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Short            | EC               | CORP              | US        |      -130 | NS      | $-7164.30     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                               | CUSIP: 912797QB6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | PA      | $498783.75    | 2.59%             | 2025-07-22      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Deutsche Bank AG               | Deutsche Bank AG                                          | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |      5498 | NS      | $160981.44    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                                    | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |       569 | NS      | $51807.45     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp           | Ares Management Corp                                      | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               | CORP              | US        |       -55 | NS      | $-9526.00     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                          | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Short            | EC               | CORP              | GB        |       -80 | NS      | $-12939.20    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                    | Autoliv Inc                                               | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |       764 | NS      | $85491.60     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA             | Banco Santander SA                                        | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     18089 | NS      | $150138.70    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The        | Bank of Nova Scotia/The                                   | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |       891 | NS      | $49245.57     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                              | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |      6372 | NS      | $118455.48    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International Inc                                  | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Short            | EC               | CORP              | US        |      -160 | NS      | $-4844.80     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                                           | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Short            | EC               | CORP              | US        |       -69 | NS      | $-3550.05     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                            | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |       -88 | NS      | $-13163.04    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc           | Blue Owl Capital Inc                                      | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -281 | NS      | $-5398.01     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                             | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |       -71 | NS      | $-14876.63    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc         | Boot Barn Holdings Inc                                    | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Short            | EC               | CORP              | US        |       -34 | NS      | $-5168.00     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Brown-Forman Corp              | Brown-Forman Corp                                         | CUSIP: 115637209<br>LEI: 549300873K3LXF7ARU34 | Short            | EC               | CORP              | US        |      -236 | NS      | $-6350.76     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| 832696AK4                      | Bruker Corp                                               | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |       -92 | NS      | $-3790.40     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                       | CBIZ Inc                                                  | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Short            | EC               | CORP              | US        |       -79 | NS      | $-5665.09     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                                 | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |      -166 | NS      | $-4712.74     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| CIBC                           | Canadian Imperial Bank of Commerce                        | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |      1202 | NS      | $85137.66     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                   | Cargurus Inc                                              | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |      1879 | NS      | $62890.13     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc      | Casella Waste Systems Inc                                 | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Short            | EC               | CORP              | US        |       -47 | NS      | $-5422.86     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Cenovus Energy Inc             | Cenovus Energy Inc                                        | CUSIP: 15135U109<br>LEI: 549300F4XPHJ7NOSP309 | Long             | EC               | CORP              | CA        |      4641 | NS      | $63117.60     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| 17888H103                      | Chevron Corp                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       667 | NS      | $95507.73     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                                | CUSIP: 169656105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -227 | NS      | $-12746.05    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |       977 | NS      | $83162.24     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Secure Inc               | Clear Secure Inc                                          | CUSIP: 18467V109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3860 | NS      | $107153.60    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                             | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |       -88 | NS      | $-10566.16    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Cohen & Steers Inc             | Cohen & Steers Inc                                        | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Short            | EC               | CORP              | US        |       -79 | NS      | $-5952.65     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Comerica Inc                   | Comerica Inc                                              | CUSIP: 200340107<br>LEI: I9Q57JVPWHHZ3ZGBW498 | Long             | EC               | CORP              | US        |      1151 | NS      | $68657.15     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Concentra Group Holdings Paren | Concentra Group Holdings Parent Inc                       | CUSIP: 20603L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CoStar Group Inc               | CoStar Group Inc                                          | CUSIP: 22160N109<br>LEI: 984500Q1D53D08E2E698 | Short            | EC               | CORP              | US        |      -141 | NS      | $-11336.40    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                               | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |      -115 | NS      | $-15447.95    | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Dillard's Inc                  | Dillard's Inc                                             | CUSIP: 254067101<br>LEI: 529900FGYKMWL6019P91 | Long             | EC               | CORP              | US        |       178 | NS      | $74373.74     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Docusign Inc                   | Docusign Inc                                              | CUSIP: 256163106<br>LEI: 549300Q7PVDWRZ39JG09 | Long             | EC               | CORP              | US        |      1362 | NS      | $106086.18    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc            | Dominion Energy Inc                                       | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Short            | EC               | CORP              | US        |      -187 | NS      | $-10569.24    | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                                            | CUSIP: 26142V105<br>LEI: 2549006G33IUL6IVOD83 | Short            | EC               | CORP              | US        |      -316 | NS      | $-13553.24    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Dropbox Inc                    | Dropbox Inc                                               | CUSIP: 26210C104<br>LEI: 549300JCDF7UAR6TJR51 | Long             | EC               | CORP              | US        |      4073 | NS      | $116487.80    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| eBay Inc                       | eBay Inc                                                  | CUSIP: 278642103<br>LEI: OML71K8X303XQONU6T67 | Long             | EC               | CORP              | US        |      1935 | NS      | $144080.10    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol SA                   | Ecopetrol SA                                              | CUSIP: 279158109<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        |      6745 | NS      | $59693.25     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Edwards Lifesciences Corp      | Edwards Lifesciences Corp                                 | CUSIP: 28176E108<br>LEI: YA13X31F3V31L8TMPR58 | Short            | EC               | CORP              | US        |      -160 | NS      | $-12513.60    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                               | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |       -38 | NS      | $-9856.06     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                               | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |      2516 | NS      | $63252.24     | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co              | Erie Indemnity Co                                         | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Short            | EC               | CORP              | US        |       -27 | NS      | $-9363.33     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Eversource Energy              | Eversource Energy                                         | CUSIP: 30040W108<br>LEI: SJ7XXD41SQU3ZNWUJ746 | Short            | EC               | CORP              | US        |       -90 | NS      | $-5725.80     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Exponent Inc                   | Exponent Inc                                              | CUSIP: 30214U102<br>LEI: 529900NY3F5Q2NWPUZ42 | Short            | EC               | CORP              | US        |       -68 | NS      | $-5080.28     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Danske Bank A/S                | Danske Bank A/S                                           | CUSIP: N/A<br>LEI: MAES062Z21O4RZ2U7M96       | Long             | EC               | CORP              | DK        |      2020 | NS      | $82504.51     | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Continental AG                 | Continental AG                                            | CUSIP: N/A<br>LEI: 529900A7YD9C0LLXM621       | Long             | EC               | CORP              | DE        |      1027 | NS      | $89634.50     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Laureate Education Inc         | Laureate Education Inc                                    | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |      4280 | NS      | $100066.40    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp                                                 | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |       696 | NS      | $66106.08     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                                            | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Short            | EC               | CORP              | US        |       -15 | NS      | $-11692.95    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Cathay Pacific Airways Ltd     | Cathay Pacific Airways Ltd                                | CUSIP: N/A<br>LEI: EQNZNT235RBOJ6LJQZ02       | Long             | EC               | CORP              | HK        |     66000 | NS      | $90036.76     | 0.47%             |  |  |  | No            |                  2 | On Loan: No      |
| Korea Gas Corp                 | Korea Gas Corp                                            | CUSIP: N/A<br>LEI: 988400TFZILHBD5M3R71       | Long             | EC               | CORP              | KR        |      2104 | NS      | $64785.44     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Eva Airways Corp               | Eva Airways Corp                                          | CUSIP: N/A<br>LEI: 254900S1P4XOXV67GC07       | Long             | EC               | CORP              | TW        |     59000 | NS      | $80531.33     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiwa Securities Group Inc     | Daiwa Securities Group Inc                                | CUSIP: N/A<br>LEI: 353800WRC7Y23PWFJG38       | Long             | EC               | CORP              | JP        |      9200 | NS      | $65338.66     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Evergreen Marine Corp Taiwan L | Evergreen Marine Corp Taiwan Ltd                          | CUSIP: N/A<br>LEI: 254900EIJA0A39C5SO15       | Long             | EC               | CORP              | TW        |     11000 | NS      | $74906.48     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Kunlun Energy Co Ltd           | Kunlun Energy Co Ltd                                      | CUSIP: N/A<br>LEI: 5299007GRIKP15GM4927       | Long             | EC               | CORP              | HK        |     70000 | NS      | $68039.37     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| PTT PCL                        | PTT PCL                                                   | CUSIP: N/A<br>LEI: 549300QOGMPTKB6W7G56       | Long             | EC               | CORP              | TH        |     67500 | NS      | $62331.21     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| New Jersey Resources Corp      | New Jersey Resources Corp                                 | CUSIP: 646025106<br>LEI: 549300QKBSQBIX4DQ583 | Long             | EC               | CORP              | US        |      1387 | NS      | $62165.34     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Yusen KK                | Nippon Yusen KK                                           | CUSIP: N/A<br>LEI: 353800YPW4XM0ZN5I149       | Long             | EC               | CORP              | JP        |      2200 | NS      | $79144.92     | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| OOIL                           | Orient Overseas International Ltd                         | CUSIP: N/A<br>LEI: 529900DQ426GJO276W95       | Long             | EC               | CORP              | HK        |      4500 | NS      | $76585.22     | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| QBE Insurance Group Ltd        | QBE Insurance Group Ltd                                   | CUSIP: N/A<br>LEI: 549300D2FBW76FPUSG65       | Long             | EC               | CORP              | AU        |      7025 | NS      | $108178.90    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc                             | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |       -57 | NS      | $-9251.10     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Old National Bancorp/IN        | Old National Bancorp/IN                                   | CUSIP: 680033107<br>LEI: 549300MMK90CL5KMVX16 | Long             | EC               | CORP              | US        |      3260 | NS      | $69568.40     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Republic International Cor | Old Republic International Corp                           | CUSIP: 680223104<br>LEI: 549300IV6O2YY2A1KH37 | Long             | EC               | CORP              | US        |      3098 | NS      | $119087.12    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Opera Ltd                      | Opera Ltd                                                 | CUSIP: 68373M107<br>LEI: 5493001ULS7KDNNZ3W51 | Long             | EC               | CORP              | NO        |      3627 | NS      | $68550.30     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Ormat Technologies Inc         | Ormat Technologies Inc                                    | CUSIP: 686688102<br>LEI: 5493000TSHHWY24VHM09 | Short            | EC               | CORP              | US        |       -68 | NS      | $-5695.68     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                               | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Short            | EC               | CORP              | US        |       -68 | NS      | $-8978.72     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                                   | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |      2737 | NS      | $89472.53     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| 478160104                      | Phillips 66                                               | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Short            | EC               | CORP              | US        |       -92 | NS      | $-10975.60    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Pool Corp                      | Pool Corp                                                 | CUSIP: 73278L105<br>LEI: 5493005VZK1KMN6CO617 | Short            | EC               | CORP              | US        |       -32 | NS      | $-9327.36     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Power Integrations Inc         | Power Integrations Inc                                    | CUSIP: 739276103<br>LEI: 54930085LGXSCIHD5W31 | Short            | EC               | CORP              | US        |       -83 | NS      | $-4639.70     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc    | Raymond James Financial Inc                               | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |       713 | NS      | $109352.81    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Red Rock Resorts Inc           | Red Rock Resorts Inc                                      | CUSIP: 75700L108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -107 | NS      | $-5567.21     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                                             | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Short            | EC               | CORP              | US        |       -40 | NS      | $-4975.20     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International Inc                       | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Short            | EC               | CORP              | CA        |      -166 | NS      | $-11004.14    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Rexford Industrial Realty Inc  | Rexford Industrial Realty Inc                             | CUSIP: 76169C100<br>LEI: 549300MSLO0DF0EMX355 | Short            | EC               | CORP              | US        |      -119 | NS      | $-4232.83     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                                   | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |       -42 | NS      | $-13951.14    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Real Estate Select Sector SPDR | Real Estate Select Sector SPDR Fund                       | CUSIP: 81369Y860<br>LEI: 549300SPMSTD3BRHL041 | Short            | EC               | RF                | US        |      -345 | NS      | $-14289.90    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                      | Baidu Inc                                                 | CUSIP: N/A<br>LEI: 254900AL64IANZYI1E02       | Long             | EC               | CORP              | CN        |      6300 | NS      | $67516.68     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuehne + Nagel International A | Kuehne + Nagel International AG                           | CUSIP: N/A<br>LEI: 529900Q0YED3805QXQ66       | Long             | EC               | CORP              | CH        |       355 | NS      | $76872.69     | 0.40%             |  |  |  | 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      |
| Commerzbank AG                 | Commerzbank AG                                            | CUSIP: N/A<br>LEI: 851WYGNLUQLFZBSYGB56       | Long             | EC               | CORP              | DE        |      5537 | NS      | $174488.13    | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Nishi-Nippon Financial Holding | Nishi-Nippon Financial Holdings Inc                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | JP        |      5000 | NS      | $75033.26     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| CAR Group Ltd                  | CAR Group Ltd                                             | CUSIP: N/A<br>LEI: 5299009TFWZGH2AN7D11       | Long             | EC               | CORP              | AU        |      2529 | NS      | $62282.41     | 0.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                                 | CUSIP: N/A<br>LEI: 635400VD2NQBYAHMEM55       | Long             | EC               | CORP              | BM        |      1210 | NS      | $125622.20    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corp PLC                 | Eaton Corp PLC                                            | CUSIP: N/A<br>LEI: 549300VDIGTMXUNT7H71       | Short            | EC               | CORP              | IE        |       -32 | NS      | $-11423.68    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Everest Group Ltd              | Everest Group Ltd                                         | CUSIP: N/A<br>LEI: 549300N24XF2VV0B3570       | Long             | EC               | CORP              | BM        |       494 | NS      | $167885.90    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                                 | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |       215 | NS      | $62289.80     | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Check Point Software Technolog | Check Point Software Technologies Ltd                     | CUSIP: N/A<br>LEI: 2549003ZVBH73EPNS513       | Long             | EC               | CORP              | IL        |       630 | NS      | $139387.50    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Copa Holdings SA               | Copa Holdings SA                                          | CUSIP: N/A<br>LEI: 529900BB9UQJV6QQHA59       | Long             | EC               | CORP              | PA        |       794 | NS      | $87316.18     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc                              | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Short            | EC               | CORP              | US        |       -14 | NS      | $-6261.92     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| H&R Block Inc                  | H&R Block Inc                                             | CUSIP: 093671105<br>LEI: 549300CE3KUCWLZBG404 | Long             | EC               | CORP              | US        |      1764 | NS      | $96825.96     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Fairfax Financial Holdings Ltd | Fairfax Financial Holdings Ltd                            | CUSIP: 303901102<br>LEI: GLS7OQD0WOEDI8YAP031 | Long             | EC               | CORP              | CA        |        77 | NS      | $138987.33    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc                          | CUSIP: 33748L101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -286 | NS      | $-4587.44     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                                | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |       -48 | NS      | $-3646.08     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Frontdoor Inc                  | Frontdoor Inc                                             | CUSIP: 35905A109<br>LEI: 5493008RB0JZJI3QGZ06 | Long             | EC               | CORP              | US        |      1595 | NS      | $94009.30     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| General Motors Co              | General Motors Co                                         | CUSIP: 37045V100<br>LEI: 54930070NSV60J38I987 | Long             | EC               | CORP              | US        |      2215 | NS      | $109000.15    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                               | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |       294 | NS      | $208078.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Graham Holdings Co             | Graham Holdings Co                                        | CUSIP: 384637104<br>LEI: 529900BOSCEEEMAFQJ29 | Long             | EC               | CORP              | US        |        96 | NS      | $90832.32     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Surest | Grupo Aeroportuario del Sureste SAB de CV                 | CUSIP: 40051E202<br>LEI: 5299001W7JIDXCUOUC82 | Long             | EC               | CORP              | MX        |       293 | NS      | $93428.91     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                                         | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Short            | EC               | CORP              | US        |       -36 | NS      | $-5116.32     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The                          | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |       693 | NS      | $87920.91     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Interactive Brokers Group Inc  | Interactive Brokers Group Inc                             | CUSIP: 45841N107<br>LEI: 5493004DT6DCDUZNDM53 | Long             | EC               | CORP              | US        |      1864 | NS      | $103284.24    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| InterDigital Inc               | InterDigital Inc                                          | CUSIP: 45867G101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       544 | NS      | $121981.12    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc                  | CUSIP: 499049104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -107 | NS      | $-4732.61     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Far EasTone Telecommunications | Far EasTone Telecommunications Co Ltd                     | CUSIP: N/A<br>LEI: 529900L7W7BWDLVZL253       | Long             | EC               | CORP              | TW        |     32000 | NS      | $98094.83     | 0.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Hyundai Mobis Co Ltd           | Hyundai Mobis Co Ltd                                      | CUSIP: N/A<br>LEI: 988400HJA9E0ZVDHRS65       | Long             | EC               | CORP              | KR        |       449 | NS      | $95254.54     | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| ICTSI                          | International Container Terminal Services Inc             | CUSIP: N/A<br>LEI: 254900FU1MWK0I0Q4J61       | Long             | EC               | CORP              | PH        |     18190 | NS      | $132611.56    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| United Overseas Bank Ltd       | United Overseas Bank Ltd                                  | CUSIP: N/A<br>LEI: IO66REGK3RCBAMA8HR66       | Long             | EC               | CORP              | SG        |      2600 | NS      | $73589.66     | 0.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Fraport AG Frankfurt Airport S | Fraport AG Frankfurt Airport Services Worldwide           | CUSIP: N/A<br>LEI: 5299001ERX0K10IZUL40       | Long             | EC               | CORP              | DE        |      1773 | NS      | $133754.69    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |   2908036 | NS      | $2908036.39   | 15.10%            | 2037-09-01      | Variable      | 4.54%                 | No            |                  1 | On Loan: No      |
| UGI Corp                       | UGI Corp                                                  | CUSIP: 902681105<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | EC               | CORP              | US        |      2419 | NS      | $88099.98     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                          | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    510000 | PA      | $502290.23    | 2.61%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| VSE Corp                       | VSE Corp                                                  | CUSIP: 918284100<br>LEI: 549300QWJYQDH4U5XI15 | Short            | EC               | CORP              | US        |       -48 | NS      | $-6287.04     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                                          | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Short            | EC               | CORP              | US        |       -26 | NS      | $-4085.38     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Short-Term Inflation- | Vanguard Short-Term Inflation-Protected Securities ETF    | CUSIP: 922020805<br>LEI: N/A                  | Long             | EC               | RF                | US        |      2953 | NS      | $148447.31    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Total World Stock ETF | Vanguard Total World Stock ETF                            | CUSIP: 922042742<br>LEI: N/A                  | Short            | EC               | RF                | US        |     -3486 | NS      | $-448020.72   | -2.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Varonis Systems Inc            | Varonis Systems Inc                                       | CUSIP: 922280102<br>LEI: 549300SHIVNRRH7STS26 | Short            | EC               | CORP              | US        |      -165 | NS      | $-8373.75     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Vodafone Group PLC             | Vodafone Group PLC                                        | CUSIP: 92857W308<br>LEI: 213800TB53ELEUKM7Q61 | Long             | EC               | CORP              | GB        |     12279 | NS      | $130894.14    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| 159864107                      | Vulcan Materials Co                                       | CUSIP: 929160109<br>LEI: 549300Q8LSNHAVWBNI21 | Short            | EC               | CORP              | US        |       -48 | NS      | $-12519.36    | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc            | Walker & Dunlop Inc                                       | CUSIP: 93148P102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |       -54 | NS      | $-3805.92     | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc         | Werner Enterprises Inc                                    | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Short            | EC               | CORP              | US        |      -225 | NS      | $-6156.00     | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp                                             | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Short            | EC               | CORP              | US        |       -94 | NS      | $-7137.42     | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Enterprises Inc    | Worthington Enterprises Inc                               | CUSIP: 981811102<br>LEI: 1WRCIANKYOIK6KYE5E82 | Short            | EC               | CORP              | US        |      -144 | NS      | $-9164.16     | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                              | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |       -86 | NS      | $-11124.96    | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| YPF SA                         | YPF SA                                                    | CUSIP: 984245100<br>LEI: 5493003N7447U18U5U53 | Long             | EC               | CORP              | AR        |      1880 | NS      | $59126.00     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Yelp Inc                       | Yelp Inc                                                  | CUSIP: 985817105<br>LEI: 5299007OU2DOSXPQBO35 | Long             | EC               | CORP              | US        |      1228 | NS      | $42083.56     | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Zoom Communications Inc        | Zoom Communications Inc                                   | CUSIP: 98980L101<br>LEI: 549300T9GCHU0ODOM055 | Long             | EC               | CORP              | US        |      1399 | NS      | $109094.02    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Galp Energia SGPS SA           | Galp Energia SGPS SA                                      | CUSIP: N/A<br>LEI: 2138003319Y7NM75FG53       | Long             | EC               | CORP              | PT        |      3536 | NS      | $64729.66     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Freenet AG                     | Freenet AG                                                | CUSIP: N/A<br>LEI: 5299003GLDODCVP8DO20       | Long             | EC               | CORP              | DE        |      3105 | NS      | $101221.64    | 0.53%             |  |  |  | No            |                  2 | On Loan: No      |
| FRANCE (GOVT OF)               | French Republic Government Bond OAT                       | CUSIP: ZL9844081<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |    145000 | PA      | $170656.70    | 0.89%             | 2033-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| UNITED KINGDOM GILT            | United Kingdom Gilt                                       | CUSIP: YX3339711<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |    185000 | PA      | $250524.01    | 1.30%             | 2034-07-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| UniCredit SpA                  | UniCredit SpA                                             | CUSIP: N/A<br>LEI: 549300TRUWO2CD2G5692       | Long             | EC               | CORP              | IT        |      1560 | NS      | $104650.38    | 0.54%             |  |  |  | No            |                  2 | On Loan: No      |
| UBS Group AG                   | UBS Group AG                                              | CUSIP: N/A<br>LEI: 549300SZJ9VS8SGXAN81       | Long             | EC               | CORP              | CH        |      3235 | NS      | $109407.70    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIM Integrated Shipping Servic | ZIM Integrated Shipping Services Ltd                      | CUSIP: N/A<br>LEI: 21380089EIJRELKAIL21       | Long             | EC               | CORP              | IL        |      3358 | NS      | $54030.22     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Global Ship Lease Inc          | Global Ship Lease Inc                                     | CUSIP: N/A<br>LEI: 254900GLZ0J5N8UZM071       | Long             | EC               | CORP              | GB        |      1964 | NS      | $51672.84     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-26

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer