# EDGAR Filing Document

**Accession Number:** 0001000351
**File Stem:** 0001145549-23-008520
**Filing Date:** 2023-2
**Character Count:** 54720
**Document Hash:** cb368414d0c9bf7a9da6eaa497436629
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008520.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001145549-23-008520

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09094
- **FILM NUMBER:** 23657747

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

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

## Series and Classes Contracts Data

### LEUTHOLD GRIZZLY SHORT FUND (Series ID: S000000849)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000002464 | No Load      | GRZZX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Grizzly Short Fund** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **SHORT-TERM INVESTMENTS - 62.63%** | | |
| **Money Market Funds - 62.63%** | | |
| Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (a)(b) | 113976558 | $113976558 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $113,976,558) |  | 113976558 |
| **Total Investments (Cost $113,976,558) - 62.63%** |  | 113976558 |
| **Other Assets in Excess of Liabilities - (b) 37.37%** |  | 68017426 |
| **TOTAL NET ASSETS - 100.00%** |  | $181993984 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| (a) | The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |
| (b) | All or a portion of the assets have been committed as collateral for open securities sold short. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| | | |
|:---|:---|:---|
| **Grizzly Short Fund** | | |
| **Schedule of Investments Sold Short - (a)** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 63.68%** | | |
| **Aerospace & Defense - 2.33%** | | |
| Axon Enterprise, Inc. | 8799 | $1460018 |
| The Boeing Co. | 6231 | 1186943 |
| TransDigm Group, Inc. | 2523 | 1588607 |
|  |  | 4235568 |
| **Airlines - 0.63%** |  |  |
| Delta Air Lines, Inc. | 34836 | 1144711 |
| **Auto Components - 1.86%** |  |  |
| Aptiv PLC (b) | 17694 | 1647842 |
| Fox Factory Holding Corp. | 10938 | 997874 |
| Gentherm, Inc. | 11456 | 747962 |
|  |  | 3393678 |
| **Building Products - 1.81%** |  |  |
| AAON, Inc. | 15196 | 1144563 |
| Allegion PLC (b) | 7691 | 809555 |
| The AZEK Co., Inc. - Class A | 38903 | 790509 |
| Zurn Elkay Water Solutions Corp. | 26057 | 551105 |
|  |  | 3295732 |
| **Capital Markets - 6.37%** |  |  |
| Blackstone, Inc. | 16528 | 1226213 |
| Brookfield Asset Management, Ltd. (b) | 8549 | 245100 |
| Brookfield Corp. - Class A (b) | 34209 | 1076215 |
| Credit Suisse Group AG - ADR | 126583 | 384812 |
| Focus Financial Partners, Inc. - Class A | 23028 | 858254 |
| Houlihan Lokey, Inc. - Class A | 8056 | 702161 |
| Intercontinental Exchange, Inc. | 16234 | 1665446 |
| KKR & Co., Inc. | 28522 | 1323991 |
| MarketAxess Holdings, Inc. | 2818 | 785912 |
| Moody's Corp. | 4726 | 1316758 |
| S&P Global, Inc. | 3516 | 1177649 |
| Tradeweb Markets, Inc. - Class A | 12686 | 823702 |
|  |  | 11586213 |
| **Chemicals - 3.05%** |  |  |
| Axalta Coating Systems, Ltd. | 34049 | 867228 |
| Balchem Corp. | 7211 | 880535 |
| Diversey Holdings, Ltd. | 96825 | 412474 |
| Ecolab, Inc. | 6269 | 912516 |
| International Flavors & Fragrances, Inc. | 10028 | 1051336 |
| The Sherwin-Williams Co. | 5975 | 1418047 |
|  |  | 5542136 |
| **Construction & Engineering - 0.86%** |  |  |
| API Group Corp. | 42380 | 797168 |
| MasTec, Inc. | 9010 | 768823 |
|  |  | 1565991 |
| **Containers & Packaging - 1.16%** |  |  |
| AptarGroup, Inc. | 5821 | 640194 |
| Ball Corp. | 28708 | 1468127 |
|  |  | 2108321 |
| **Diversified Consumer Services - 0.22%** |  |  |
| Coursera, Inc. | 34395 | 406893 |
| **Diversified Financial Services - 1.04%** |  |  |
| Apollo Global Management, Inc. | 29790 | 1900304 |
| **Electric Utilities - 1.80%** |  |  |
| Edison International | 24987 | 1589673 |
| Exelon Corp. | 38845 | 1679269 |
|  |  | 3268942 |
| **Electrical Equipment - 2.32%** |  |  |
| Ballard Power Systems, Inc. (b) | 122581 | 587163 |
| Rockwell Automation, Inc. | 5955 | 1533829 |
| Shoals Technologies Group, Inc. | 27261 | 672529 |
| Vertiv Holdings Co. | 54406 | 743186 |
| Vicor Corp. | 12763 | 686011 |
|  |  | 4222718 |
| **Electronic Equipment, Instruments & Components - 0.47%** |  |  |
| Coherent Corp. | 24181 | 848753 |
| **Energy Equipment & Services - 2.12%** |  |  |
| Baker Hughes, a GE Co. - Class A | 61169 | 1806320 |
| Expro Group Holdings NV | 60855 | 1103301 |
| Noble Corp PLC | 24994 | 942524 |
|  |  | 3852145 |
| **Entertainment - 1.12%** |  |  |
| Madison Square Garden Entertainment Corp. - Class A | 17117 | 769752 |
| Spotify Technology SA (b) | 15997 | 1262963 |
|  |  | 2032715 |
| **Food Products - 0.42%** |  |  |
| J & J Snack Foods Corp. | 5142 | 769809 |
| **Health Care Equipment & Supplies - 9.20%** |  |  |
| Alcon, Inc. (b) | 24763 | 1697504 |
| Align Technology, Inc. | 8114 | 1711243 |
| Cooper Companies, Inc. | 5059 | 1672860 |
| Dexcom, Inc. | 14805 | 1676518 |
| ICU Medical, Inc. | 5578 | 878423 |
| IDEXX Laboratories, Inc. | 4681 | 1909661 |
| Insulet Corp. | 5014 | 1476071 |
| Intuitive Surgical, Inc. | 5821 | 1544602 |
| Penumbra, Inc. | 5091 | 1132544 |
| ResMed, Inc. | 8210 | 1708747 |
| Stryker Corp. | 5488 | 1341761 |
|  |  | 16749934 |
| **Health Care Technology - 0.88%** |  |  |
| Veeva Systems, Inc. - Class A | 9907 | 1598792 |
| **Hotels, Restaurants & Leisure - 2.40%** |  |  |
| Caesars Entertainment, Inc. | 18347 | 763235 |
| Carnival Corp. | 75443 | 608071 |
| DraftKings, Inc. - Class A | 70140 | 798895 |
| Light & Wonder, Inc. | 12442 | 729101 |
| Papa John's International, Inc. | 11604 | 955125 |
| Wynn Resorts, Ltd. | 6269 | 517004 |
|  |  | 4371431 |
| **Household Durables - 1.25%** |  |  |
| Sonos, Inc. | 47823 | 808209 |
| Sony Group Corp. - ADR | 19275 | 1470297 |
|  |  | 2278506 |
| **Household Products - 1.63%** |  |  |
| Kimberly-Clark Corp. | 11879 | 1612574 |
| The Clorox Co. | 9663 | 1356009 |
|  |  | 2968583 |
| **Interactive Media & Services - 0.20%** |  |  |
| Match Group, Inc. | 8773 | 363992 |
| **Internet & Direct Marketing Retail - 1.40%** |  |  |
| Amazon.com, Inc. | 12641 | 1061844 |
| DoorDash, Inc. - Class A | 13173 | 643106 |
| Global-e Online, Ltd. (b) | 41202 | 850409 |
|  |  | 2555359 |
| **IT Services - 1.08%** |  |  |
| Block, Inc. - Class A | 11399 | 716313 |
| Cloudflare, Inc. - Class A | 10585 | 478548 |
| MongoDB, Inc. | 3913 | 770235 |
|  |  | 1965096 |
| **Life Sciences Tools & Services - 0.83%** |  |  |
| Illumina, Inc. | 3567 | 721247 |
| Pacific Biosciences of California, Inc. | 96261 | 787415 |
|  |  | 1508662 |
| **Machinery - 1.21%** |  |  |
| Evoqua Water Technologies Corp. | 19672 | 779011 |
| Hillman Solutions Corp. | 64761 | 466927 |
| Xylem, Inc. | 8587 | 949465 |
|  |  | 2195403 |
| **Metals & Mining - 1.57%** |  |  |
| Agnico Eagle Mines, Ltd. (b) | 32717 | 1700957 |
| Franco-Nevada Corp. (b) | 8530 | 1164174 |
|  |  | 2865131 |
| **Personal Products - 1.27%** |  |  |
| Coty, Inc. | 103273 | 884017 |
| The Estee Lauder Companies, Inc. - Class A | 5725 | 1420430 |
|  |  | 2304447 |
| **Professional Services - 2.08%** |  |  |
| Clarivate PLC (b) | 28830 | 240442 |
| Equifax, Inc. | 8683 | 1687628 |
| Planet Labs PBC - Class A | 157449 | 684903 |
| TransUnion | 20594 | 1168710 |
|  |  | 3781683 |
| **Real Estate Investment Trusts (REITs) - 1.91%** |  |  |
| Alexandria Real Estate Equities, Inc. | 11175 | 1627862 |
| Equinix, Inc. | 1883 | 1233421 |
| Safehold, Inc. | 21312 | 609950 |
|  |  | 3471233 |
| **Semiconductors & Semiconductor Equipment - 2.40%** |  |  |
| Advanced Micro Devices, Inc. | 21337 | 1381998 |
| Monolithic Power Systems, Inc. | 4310 | 1524059 |
| NVIDIA Corp. | 10009 | 1462715 |
|  |  | 4368772 |
| **Software - 2.34%** |  |  |
| Bentley Systems, Inc. - Class A | 6244 | 230778 |
| Datadog, Inc. - Class A | 8709 | 640112 |
| E2open Parent Holdings, Inc. | 96108 | 564154 |
| Guidewire Software, Inc. | 5949 | 372170 |
| nCino, Inc. | 21926 | 579723 |
| Procore Technologies, Inc. | 20652 | 974361 |
| Workday, Inc. - Class A | 5386 | 901239 |
|  |  | 4262537 |
| **Specialty Retail - 1.64%** |  |  |
| Burlington Stores, Inc. | 5322 | 1079089 |
| Five Below, Inc. | 6365 | 1125778 |
| Floor & Decor Holdings, Inc. | 11207 | 780343 |
|  |  | 2985210 |
| **Textiles, Apparel & Luxury Goods - 0.97%** |  |  |
| NIKE, Inc. - Class A | 15145 | 1772116 |
| **Water Utilities - 1.84%** |  |  |
| American States Water Co. | 10368 | 959558 |
| American Water Works Co., Inc. | 10182 | 1551941 |
| Essential Utilities, Inc. | 17623 | 841146 |
|  |  | 3352645 |
| TOTAL COMMON STOCKS (Proceeds $125,431,292) |  | 115894161 |
| **INVESTMENT COMPANIES - 22.06%** |  |  |
| **Exchange Traded Funds - 22.06%** |  |  |
| Communication Services Select Sector SPDR Fund | 117599 | 5643576 |
| Consumer Discretionary Select Sector SPDR Fund | 41624 | 5376156 |
| Materials Select Sector SPDR Fund | 66721 | 5182887 |
| Invesco QQQ Trust Series 1 | 24533 | 6532647 |
| iShares Expanded Tech-Software Sector ETF | 24693 | 6317704 |
| SPDR S&P 500 ETF Trust | 16246 | 6212958 |
| Utilities Select Sector SPDR Fund | 69154 | 4875357 |
| TOTAL INVESTMENT COMPANIES (Proceeds $45,735,481) |  | 40141285 |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| **(Proceeds $171,166,773) - 85.74%** |  | $156035446 |

---

---

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

---

------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Money Market Funds | $113976558 | $– | $– | $113976558 |
| Total Investments in Securities | $113976558 | $– | $– | $113976558 |
| **Securities Sold Short at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $115894161 | $– | $– | $115894161 |
| Exchange Traded Funds | 40141285 | - | - | 40141285 |
| Total Securities Sold Short | $156035446 | $– | $– | $156035446 |
| The Fund did not invest in any Level 3 securities during the period. |  |  |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** Grizzly Short Fund

- **b. EDGAR series identifier (if any):** S000000849

- **c. LEI of Series:** 54930064NFL867W3Z804

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $335879861.53

**Total Liabilities:** $174670749.79

**Net Assets:** $161209111.74

**Cash Not Reported:** $219636913.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002464 | -6.49%               | -6.01%               | 5.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-480813.69              | $-13203658.06                              |
| Month 2  | $1514231.13              | $-13376736.91                              |
| Month 3  | $251244.86               | $8273766.15                                |

**Designated Index Information**

- **Index Name:** S&P 500 Total Return Index

- **Index Identifier:** SPTR

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Burlington Stores Inc          | Burlington Stores Inc                          | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |     -5943 | NS      | $-1205002.68  | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                      | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |    -20489 | NS      | $-852342.40   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                  | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Short            | EC               | CORP              | US        |    -84253 | NS      | $-679079.18   | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                  | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |    -10792 | NS      | $-1514441.36  | -0.94%            |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                                 | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |    -11822 | NS      | $-534472.62   | -0.33%            |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               | CORP              | US        |    -26961 | NS      | $-946331.10   | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The             | Cooper Cos Inc/The                             | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               | CORP              | US        |     -5660 | NS      | $-1871592.20  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Coty Inc                       | Coty Inc                                       | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Short            | EC               | CORP              | US        |   -115152 | NS      | $-985701.12   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                   | Coursera Inc                                   | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Short            | EC               | CORP              | US        |    -38411 | NS      | $-454402.13   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Group AG         | Credit Suisse Group AG                         | CUSIP: 225401108<br>LEI: 549300506SI9CRFV9Z86 | Short            | EC               | CORP              | CH        |   -138148 | NS      | $-419969.92   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                    | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |     -9726 | NS      | $-714861.00   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Short            | EC               | CORP              | US        |    -38905 | NS      | $-1278418.30  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                     | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Short            | EC               | CORP              | US        |    -16534 | NS      | $-1872310.16  | -1.16%            |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                                   | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Short            | EC               | CORP              | US        |    -14711 | NS      | $-718191.02   | -0.45%            |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                                 | CUSIP: 26142V105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -78204 | NS      | $-890743.56   | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Short            | EC               | CORP              | US        |     -7001 | NS      | $-1019065.56  | -0.63%            |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                           | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Short            | EC               | CORP              | US        |    -27906 | NS      | $-1775379.72  | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                    | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |     -9698 | NS      | $-1884903.28  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Short            | EC               | CORP              | US        |     -2103 | NS      | $-1377528.09  | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc        | Essential Utilities Inc                        | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Short            | EC               | CORP              | US        |    -19648 | NS      | $-937799.04   | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| E2open Parent Holdings Inc     | E2open Parent Holdings Inc                     | CUSIP: 29788T103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -107331 | NS      | $-630032.97   | -0.39%            |  |  |  | No            |                  1 | On Loan: No      |
| Evoqua Water Technologies Corp | Evoqua Water Technologies Corp                 | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Short            | EC               | CORP              | US        |    -22020 | NS      | $-871992.00   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Short            | EC               | CORP              | US        |    -43474 | NS      | $-1879381.02  | -1.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        | 113976558 | NS      | $113976558.08 | 70.70%            |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                 | Five Below Inc                                 | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Short            | EC               | CORP              | US        |     -7109 | NS      | $-1257368.83  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                     | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |    -12515 | NS      | $-871419.45   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Focus Financial Partners Inc   | Focus Financial Partners Inc                   | CUSIP: 34417P100<br>LEI: 5493006FFJCGLZ246V12 | Short            | EC               | CORP              | US        |    -25717 | NS      | $-958472.59   | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp       | Fox Factory Holding Corp                       | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Short            | EC               | CORP              | US        |    -12215 | NS      | $-1114374.45  | -0.69%            |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                             | CUSIP: 351858105<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |     -9526 | NS      | $-1300108.48  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                   | Gentherm Inc                                   | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Short            | EC               | CORP              | US        |    -12794 | NS      | $-835320.26   | -0.52%            |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                         | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Short            | EC               | CORP              | US        |     -6644 | NS      | $-415648.64   | -0.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                         | CUSIP: 431636109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -72324 | NS      | $-521456.04   | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Short            | EC               | CORP              | US        |     -8997 | NS      | $-784178.52   | -0.49%            |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical Inc                                | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Short            | EC               | CORP              | US        |     -6229 | NS      | $-980942.92   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories Inc                         | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Short            | EC               | CORP              | US        |     -5228 | NS      | $-2132814.88  | -1.32%            |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Short            | EC               | CORP              | US        |     -3983 | NS      | $-805362.60   | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                                   | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Short            | EC               | CORP              | US        |     -5600 | NS      | $-1648584.00  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc                  | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Short            | EC               | CORP              | US        |    -18099 | NS      | $-1856776.41  | -1.15%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc         | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |    -11199 | NS      | $-1174103.16  | -0.73%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                     | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |    -27398 | NS      | $-7295539.44  | -4.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                         | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Short            | EC               | CORP              | US        |     -6501 | NS      | $-1725040.35  | -1.07%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech-Software | iShares Expanded Tech-Software Sector ETF      | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Short            | EC               | RF                | US        |    -27577 | NS      | $-7055575.45  | -4.38%            |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp         | J & J Snack Foods Corp                         | CUSIP: 466032109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5743 | NS      | $-859784.53   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                                   | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Short            | EC               | CORP              | US        |    -31853 | NS      | $-1478616.26  | -0.92%            |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                            | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |    -13266 | NS      | $-1800859.50  | -1.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The       | Estee Lauder Cos Inc/The                       | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Short            | EC               | CORP              | US        |     -6394 | NS      | $-1586415.34  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertai | Madison Square Garden Entertainment Corp       | CUSIP: 55826T102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -19116 | NS      | $-859646.52   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                       | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Short            | EC               | CORP              | US        |     -3147 | NS      | $-877666.83   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                     | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Short            | EC               | CORP              | US        |    -10062 | NS      | $-858590.46   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group Inc                                | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Short            | EC               | CORP              | US        |     -9798 | NS      | $-406519.02   | -0.25%            |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               | CORP              | US        |     -4370 | NS      | $-860190.80   | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc                   | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Short            | EC               | CORP              | US        |     -4813 | NS      | $-1701924.93  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |     -5278 | NS      | $-1470556.36  | -0.91%            |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                      | nCino Inc                                      | CUSIP: 63947X101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -24487 | NS      | $-647436.28   | -0.40%            |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Short            | EC               | CORP              | US        |    -16951 | NS      | $-1983436.51  | -1.23%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Short            | EC               | CORP              | US        |    -11178 | NS      | $-1633552.92  | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Biosciences of Califor | Pacific Biosciences of California Inc          | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Short            | EC               | CORP              | US        |   -107335 | NS      | $-878000.30   | -0.54%            |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc  | Papa John's International Inc                  | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Short            | EC               | CORP              | US        |    -12959 | NS      | $-1066655.29  | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                   | Penumbra Inc                                   | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Short            | EC               | CORP              | US        |     -5686 | NS      | $-1264907.56  | -0.78%            |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                | Planet Labs PBC                                | CUSIP: 72703X106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |   -175836 | NS      | $-764886.60   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc                       | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Short            | EC               | CORP              | US        |    -23064 | NS      | $-1088159.52  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                                     | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Short            | EC               | CORP              | US        |     -9168 | NS      | $-1908135.84  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                        | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |     -6651 | NS      | $-1713098.07  | -1.06%            |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Short            | EC               | CORP              | US        |     -3926 | NS      | $-1314974.44  | -0.82%            |  |  |  | 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        |    -18144 | NS      | $-6938809.92  | -4.30%            |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                   | Safehold Inc                                   | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Short            | EC               | CORP              | US        |    -23801 | NS      | $-681184.62   | -0.42%            |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc             | Light & Wonder Inc                             | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Short            | EC               | CORP              | US        |    -13896 | NS      | $-814305.60   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sector SPDR F | Materials Select Sector SPDR Fund              | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Short            | EC               | RF                | US        |    -74513 | NS      | $-5788169.84  | -3.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Discretionary Select  | Consumer Discretionary Select Sector SPDR Fund | CUSIP: 81369Y407<br>LEI: 549300CD2I087Y919K79 | Short            | EC               | RF                | US        |    -46485 | NS      | $-6004002.60  | -3.72%            |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select  | Communication Services Select Sector SPDR Fund | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Short            | EC               | RF                | US        |   -131332 | NS      | $-6302622.68  | -3.91%            |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sector SPDR F | Utilities Select Sector SPDR Fund              | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Short            | EC               | RF                | US        |    -77230 | NS      | $-5444715.00  | -3.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Short            | EC               | CORP              | US        |     -6672 | NS      | $-1583465.76  | -0.98%            |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc  | Shoals Technologies Group Inc                  | CUSIP: 82489W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -30444 | NS      | $-751053.48   | -0.47%            |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Short            | EC               | CORP              | JP        |    -21526 | NS      | $-1642003.28  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                      | Sonos Inc                                      | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Short            | EC               | CORP              | US        |    -53321 | NS      | $-901124.90   | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                      | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |    -12730 | NS      | $-799953.20   | -0.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |     -6129 | NS      | $-1498479.21  | -0.93%            |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                           | CUSIP: 892672106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -14197 | NS      | $-921811.21   | -0.57%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                            | CUSIP: 893641100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2818 | NS      | $-1774353.70  | -1.10%            |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                     | TransUnion                                     | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Short            | EC               | CORP              | US        |    -23000 | NS      | $-1305250.00  | -0.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Short            | EC               | CORP              | US        |    -11064 | NS      | $-1785508.32  | -1.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                             | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Short            | EC               | CORP              | US        |    -60760 | NS      | $-829981.60   | -0.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                     | Vicor Corp                                     | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Short            | EC               | CORP              | US        |    -14253 | NS      | $-766098.75   | -0.48%            |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |     -6014 | NS      | $-1006322.62  | -0.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd               | Wynn Resorts Ltd                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Short            | EC               | CORP              | US        |     -7001 | NS      | $-577372.47   | -0.36%            |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |     -9590 | NS      | $-1060366.30  | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Short            | EC               | CORP              | US        |    -29100 | NS      | $-615465.00   | -0.38%            |  |  |  | No            |                  1 | On Loan: No      |
| Allegion plc                   | Allegion plc                                   | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Short            | EC               | CORP              | IE        |     -8589 | NS      | $-904078.14   | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd                     | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Short            | EC               | CORP              | US        |    -38025 | NS      | $-968496.75   | -0.60%            |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                  | Clarivate PLC                                  | CUSIP: N/A<br>LEI: 549300WDHIIODXFO0R55       | Short            | EC               | CORP              | GB        |    -32196 | NS      | $-268514.64   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Diversey Holdings Ltd          | Diversey Holdings Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | US        |   -106571 | NS      | $-453992.46   | -0.28%            |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | IE        |    -19760 | NS      | $-1840248.80  | -1.14%            |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON Inc                                       | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16971 | NS      | $-1278255.72  | -0.79%            |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                                 | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Short            | EC               | CORP              | US        |    -47329 | NS      | $-890258.49   | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                     | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |    -23829 | NS      | $-1543404.33  | -0.96%            |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                         | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Short            | EC               | CORP              | CA        |    -36538 | NS      | $-1899610.62  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc            | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Short            | EC               | CORP              | US        |    -12480 | NS      | $-1817961.60  | -1.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology Inc                           | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Short            | EC               | CORP              | US        |     -9061 | NS      | $-1910964.90  | -1.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Short            | EC               | CORP              | US        |    -14117 | NS      | $-1185828.00  | -0.74%            |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co       | American States Water Co                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Short            | EC               | CORP              | US        |    -11578 | NS      | $-1071543.90  | -0.66%            |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Co Inc                    | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Short            | EC               | CORP              | US        |    -11371 | NS      | $-1733167.82  | -1.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc                   | CUSIP: 03769M106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -33269 | NS      | $-2122229.51  | -1.32%            |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                                 | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Short            | EC               | CORP              | US        |     -6501 | NS      | $-714979.98   | -0.44%            |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                            | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Short            | EC               | CORP              | US        |     -9826 | NS      | $-1630428.18  | -1.01%            |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                | AZEK Co Inc/The                                | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Short            | EC               | CORP              | US        |    -43374 | NS      | $-881359.68   | -0.55%            |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                                | CUSIP: 05722G100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -68312 | NS      | $-2017253.36  | -1.25%            |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp                                   | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Short            | EC               | CORP              | US        |     -8053 | NS      | $-983351.83   | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                      | Ball Corp                                      | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Short            | EC               | CORP              | US        |    -32061 | NS      | $-1639599.54  | -1.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Ballard Power Systems Inc      | Ballard Power Systems Inc                      | CUSIP: 058586108<br>LEI: 549300OHZ8BMF53YYS26 | Short            | EC               | CORP              | CA        |   -136896 | NS      | $-655731.84   | -0.41%            |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                            | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -6973 | NS      | $-257722.08   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |    -18458 | NS      | $-1369399.02  | -0.85%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -6959 | NS      | $-1325619.91  | -0.82%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Short            | EC               | CORP              | CA        |    -38204 | NS      | $-1201897.84  | -0.75%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd                | CUSIP: 113004105<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |     -9547 | NS      | $-273712.49   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corp PLC                                 | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Short            | EC               | CORP              | US        |    -27913 | NS      | $-1052599.23  | -0.65%            |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                      | Alcon Inc                                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Short            | EC               | CORP              | CH        |    -27655 | NS      | $-1895750.25  | -1.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                          | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Short            | EC               | CORP              | SE        |    -17865 | NS      | $-1410441.75  | -0.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd            | Global-e Online Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | IL        |    -45939 | NS      | $-948180.96   | -0.59%            |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV        | Expro Group Holdings NV                        | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Short            | EC               | CORP              | US        |    -67962 | NS      | $-1232151.06  | -0.76%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Leuthold Funds Inc

**Signature:** /s/ Roger Peters

**Name of Signer:** Roger Peters

**Title:** Chief Compliance Officer