# EDGAR Filing Document

**Accession Number:** 0001511699
**File Stem:** 0000894189-26-004497
**Filing Date:** 2026-2
**Character Count:** 110204
**Document Hash:** 6da617dbf73b175b7990f87f9a9e43c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004497.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0000894189-26-004497

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**PERIOD START**: 20260930

**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:** 26671390

**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 Core Investment Fund (Series ID: S000083370)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000246971 | Retail Class        | LCORX           |
| C000246972 | Institutional Class | LCRIX           |

## Nport-Ex

---

| | | | |
|:---|:---|:---|:---|
| **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 71.2%** |  | **Shares** | **Value**  |
| **Air Freight & Logistics - 3.9%** | **Air Freight & Logistics - 3.9%** | **Air Freight & Logistics - 3.9%** | |
| CH Robinson Worldwide, Inc. |  | 18264 | $2936121 |
| Expeditors International of Washington, Inc. |  | 19367 | 2885877 |
| FedEx Corp. |  | 20955 | 6053061 |
| GXO Logistics, Inc. <sup>(a)</sup> |  | 36460 | 1919254 |
| Hub Group, Inc. - Class A - Class A |  | 44198 | 1883277 |
| United Parcel Service, Inc. - Class B |  | 59125 | 5864609 |
|  |  |  | 21542199 |
| **Automobile Components - 4.3%** | **Automobile Components - 4.3%** | **Automobile Components - 4.3%** |  |
| Aptiv PLC <sup>(a)</sup> |  | 48171 | 3665331 |
| Autoliv, Inc. |  | 30639 | 3636849 |
| Garrett Motion, Inc. |  | 196549 | 3425849 |
| Goodyear Tire & Rubber Co. <sup>(a)</sup> |  | 332682 | 2914294 |
| Lear Corp. |  | 26553 | 3042974 |
| Magna International, Inc. |  | 81172 | 4326468 |
| Visteon Corp. |  | 24224 | 2303703 |
|  |  |  | 23315468 |
| **Banks - 5.9%** | **Banks - 5.9%** | **Banks - 5.9%** |  |
| Bank of America Corp. |  | 96328 | 5298040 |
| Barclays PLC - ADR |  | 180668 | 4598001 |
| Canadian Imperial Bank of Commerce |  | 48585 | 4402287 |
| Citigroup, Inc. |  | 50057 | 5841151 |
| JPMorgan Chase & Co. |  | 19139 | 6166969 |
| PNC Financial Services Group, Inc. |  | 14302 | 2985256 |
| US Bancorp |  | 56367 | 3007743 |
|  |  |  | 32299447 |
| **Biotechnology - 4.2%** | **Biotechnology - 4.2%** | **Biotechnology - 4.2%** |  |
| Amgen, Inc. |  | 12669 | 4146690 |
| Biogen, Inc. <sup>(a)</sup> |  | 19360 | 3407166 |
| Gilead Sciences, Inc. |  | 32554 | 3995678 |
| Regeneron Pharmaceuticals, Inc. |  | 5468 | 4220585 |
| United Therapeutics Corp. <sup>(a)</sup> |  | 6310 | 3074548 |
| Vertex Pharmaceuticals, Inc. <sup>(a)</sup> |  | 9757 | 4423434 |
|  |  |  | 23268101 |
| **Capital Markets - 4.9%** | **Capital Markets - 4.9%** | **Capital Markets - 4.9%** |  |
| Deutsche Bank AG |  | 142600 | 5498656 |
| Goldman Sachs Group, Inc. |  | 10096 | 8874384 |
| Lazard, Inc. |  | 32726 | 1589174 |
| Morgan Stanley |  | 38910 | 6907692 |
| Raymond James Financial, Inc. |  | 14723 | 2364367 |
| StoneX Group, Inc. <sup>(a)</sup> |  | 17920 | 1704730 |
|  |  |  | 26939003 |
| **Chemicals - 0.0% <sup>(b)</sup>** | **Chemicals - 0.0% <sup>(b)</sup>** | **Chemicals - 0.0% <sup>(b)</sup>** |  |
| China Lumena New Materials Corp. <sup>(a)(c)</sup> |  | 20950 | 0 |
| **Communications Equipment - 3.7%** | **Communications Equipment - 3.7%** | **Communications Equipment - 3.7%** |  |
| Cisco Systems, Inc. |  | 87915 | 6772092 |
| Digi International, Inc. <sup>(a)</sup> |  | 30076 | 1301990 |
| F5, Inc. <sup>(a)</sup> |  | 11357 | 2898988 |
| NETGEAR, Inc. <sup>(a)</sup> |  | 95069 | 2332042 |
| NetScout Systems, Inc. <sup>(a)</sup> |  | 99743 | 2699046 |
| Telefonaktiebolaget LM Ericsson - ADR |  | 470220 | 4537623 |
|  |  |  | 20541781 |
| **Construction & Engineering - 3.1%** | **Construction & Engineering - 3.1%** | **Construction & Engineering - 3.1%** |  |
| AECOM |  | 14933 | 1423563 |
| Dycom Industries, Inc. <sup>(a)</sup> |  | 9254 | 3126927 |
| EMCOR Group, Inc. |  | 5230 | 3199662 |
| Granite Construction, Inc. |  | 26987 | 3112950 |
| Primoris Services Corp. |  | 28814 | 3576970 |
| Valmont Industries, Inc. |  | 6901 | 2776410 |
|  |  |  | 17216482 |
| **Construction Materials - 0.6%** | **Construction Materials - 0.6%** | **Construction Materials - 0.6%** |  |
| CRH PLC |  | 26020 | 3247296 |
| **Diversified Consumer Services - 2.0%** | **Diversified Consumer Services - 2.0%** | **Diversified Consumer Services - 2.0%** |  |
| Adtalem Global Education, Inc. <sup>(a)</sup> |  | 27763 | 2872638 |
| Laureate Education, Inc. <sup>(a)</sup> |  | 121147 | 4079020 |
| Perdoceo Education Corp. |  | 62256 | 1825968 |
| Universal Technical Institute, Inc. <sup>(a)</sup> |  | 84130 | 2198317 |
|  |  |  | 10975943 |
| **Electronic Equipment, Instruments & Components - 5.3%** | **Electronic Equipment, Instruments & Components - 5.3%** | **Electronic Equipment, Instruments & Components - 5.3%** |  |
| Benchmark Electronics, Inc. |  | 27132 | 1160164 |
| CTS Corp. |  | 24398 | 1045942 |
| Flex, Ltd. <sup>(a)</sup> |  | 121988 | 7370515 |
| Jabil, Inc. |  | 37017 | 8440617 |
| Plexus Corp. <sup>(a)</sup> |  | 15354 | 2257038 |
| Sanmina Corp. <sup>(a)</sup> |  | 22294 | 3345661 |
| TE Connectivity PLC |  | 23977 | 5455007 |
|  |  |  | 29074944 |
| **Energy Equipment & Services - 0.9%** | **Energy Equipment & Services - 0.9%** | **Energy Equipment & Services - 0.9%** |  |
| Oceaneering International, Inc. <sup>(a)</sup> |  | 81136 | 1949698 |
| SLB Ltd. |  | 78601 | 3016706 |
|  |  |  | 4966404 |
| **Financial Services - 1.8%** | **Financial Services - 1.8%** | **Financial Services - 1.8%** |  |
| Mastercard, Inc. - Class A |  | 9254 | 5282924 |
| Visa, Inc. - Class A |  | 12409 | 4351960 |
|  |  |  | 9634884 |
| **Ground Transportation - 0.6%** | **Ground Transportation - 0.6%** | **Ground Transportation - 0.6%** |  |
| Uber Technologies, Inc. <sup>(a)</sup> |  | 37858 | 3093377 |
| **Health Care Providers & Services - 9.4%** | **Health Care Providers & Services - 9.4%** | **Health Care Providers & Services - 9.4%** |  |
| Cardinal Health, Inc. |  | 37648 | 7736664 |
| Cencora, Inc. |  | 18298 | 6180149 |
| CVS Health Corp. |  | 25239 | 2002967 |
| Elevance Health, Inc. |  | 13705 | 4804288 |
| Encompass Health Corp. |  | 18509 | 1964545 |
| HCA Healthcare, Inc. |  | 9675 | 4516871 |
| Humana, Inc. |  | 11251 | 2881719 |
| McKesson Corp. |  | 9465 | 7764045 |
| Molina Healthcare, Inc. <sup>(a)</sup> |  | 11923 | 2069117 |
| Tenet Healthcare Corp. <sup>(a)</sup> |  | 17878 | 3552716 |
| UnitedHealth Group, Inc. |  | 17383 | 5738302 |
| Universal Health Services, Inc. - Class B |  | 11147 | 2430269 |
|  |  |  | 51641652 |
| **Insurance - 2.9%** | **Insurance - 2.9%** | **Insurance - 2.9%** |  |
| Allstate Corp. |  | 11778 | 2451591 |
| Assurant, Inc. |  | 10306 | 2482200 |
| Hanover Insurance Group, Inc. |  | 8413 | 1537644 |
| Hartford Insurance Group, Inc. |  | 19981 | 2753382 |
| Markel Group, Inc. <sup>(a)</sup> |  | 1041 | 2237785 |
| Travelers Cos., Inc. |  | 9885 | 2867243 |
| White Mountains Insurance Group Ltd. |  | 631 | 1311237 |
|  |  |  | 15641082 |
| **Interactive Media & Services - 4.4%** | **Interactive Media & Services - 4.4%** | **Interactive Media & Services - 4.4%** |  |
| Alphabet, Inc. - Class A |  | 41644 | 13034572 |
| Cargurus, Inc. <sup>(a)</sup> |  | 81816 | 3137644 |
| Meta Platforms, Inc. - Class A |  | 11778 | 7774540 |
|  |  |  | 23946756 |
| **Metals & Mining - 5.6%** | **Metals & Mining - 5.6%** | **Metals & Mining - 5.6%** |  |
| Agnico Eagle Mines, Ltd. |  | 17627 | 2988305 |
| Alcoa Corp. |  | 32959 | 1751441 |
| Eldorado Gold Corp. <sup>(a)</sup> |  | 105583 | 3792541 |
| Equinox Gold Corp. <sup>(a)</sup> |  | 159262 | 2236038 |
| Hudbay Minerals, Inc. |  | 82636 | 1640325 |
| IAMGOLD Corp. <sup>(a)</sup> |  | 364536 | 6011199 |
| Kinross Gold Corp. |  | 282566 | 7957059 |
| Pan American Silver Corp. |  | 36007 | 1865523 |
| Rio Tinto PLC - ADR |  | 30291 | 2424189 |
|  |  |  | 30666620 |
| **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** | **Pharmaceuticals - 2.9%** |  |
| Bristol-Myers Squibb Co. |  | 60195 | 3246918 |
| GSK PLC - ADR |  | 59801 | 2932641 |
| Johnson & Johnson |  | 19067 | 3945916 |
| Merck & Co., Inc. |  | 29377 | 3092223 |
| Sanofi SA - ADR |  | 55918 | 2709786 |
|  |  |  | 15927484 |
| **Professional Services - 1.4%** | **Professional Services - 1.4%** | **Professional Services - 1.4%** |  |
| Concentrix Corp. |  | 34283 | 1425487 |
| CSG Systems International, Inc. |  | 25870 | 1983970 |
| Maximus, Inc. |  | 22925 | 1978886 |
| SS&C Technologies Holdings, Inc. |  | 28814 | 2518920 |
|  |  |  | 7907263 |
| **Software - 2.7%** | **Software - 2.7%** | **Software - 2.7%** |  |
| Microsoft Corp. |  | 30918 | 14952563 |
| **Specialty Retail - 0.7%** | **Specialty Retail - 0.7%** | **Specialty Retail - 0.7%** |  |
| Gap, Inc. |  | 70886 | 1814682 |
| Urban Outfitters, Inc. <sup>(a)</sup> |  | 23470 | 1766352 |
|  |  |  | 3581034 |
| **TOTAL COMMON STOCKS** (Cost $265,699,710) | **TOTAL COMMON STOCKS** (Cost $265,699,710) | **TOTAL COMMON STOCKS** (Cost $265,699,710) | 390379783 |
| **EXCHANGE TRADED FUNDS - 8.7%** |  | **Shares** | **Value**  |
| Invesco CurrencyShares Japanese Yen Trust <sup>(a)</sup> |  | 58500 | 3432195 |
| iShares International Treasury Bond ETF <sup>(a)</sup> |  | 138907 | 5786866 |
| SPDR Bloomberg International Corporate Bond ETF |  | 97222 | 3121798 |
| SPDR Bloomberg International Treasury Bond ETF |  | 411919 | 9280535 |
| State Street SPDR Portfolio Intermediate Term Corporate Bond ETF |  | 412770 | 13955754 |
| Vanguard Mortgage-Backed Securities ETF |  | 162131 | 7633128 |
| Vanguard Short-Term Inflation-Protected Securities ETF |  | 96688 | 4782188 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $46,709,196) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $46,709,196) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $46,709,196) | 47992464 |
| **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%** | **FOREIGN GOVERNMENT DEBT OBLIGATIONS - 2.1%** | **Par** | **Value**  |
|  French Republic Government Bond OAT, 3.00%, 05/25/2033 <sup>(d)</sup> | EUR | 4780000 | 5539266 |
|  United Kingdom Gilt, 4.25%, 07/31/2034 | GBP | 4450000 | 5926243 |
| **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $10,669,858) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $10,669,858) | **TOTAL FOREIGN GOVERNMENT DEBT OBLIGATIONS** (Cost $10,669,858) | 11465509 |
| **U.S. TREASURY SECURITIES - 1.9%** | **U.S. TREASURY SECURITIES - 1.9%** | **Par** | **Value**  |
|  United States Treasury Note/Bond, 3.88%, 08/15/2033 |  | 10300000 | 10232004 |
| **TOTAL U.S. TREASURY SECURITIES** (Cost $10,000,182) | **TOTAL U.S. TREASURY SECURITIES** (Cost $10,000,182) | **TOTAL U.S. TREASURY SECURITIES** (Cost $10,000,182) | 10232004 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 2.7%** | **U.S. TREASURY BILLS - 2.7%** | **Par** | **Value**  |
| 3.75%, 01/29/2026 <sup>(e)</sup> |  | 15000000 | 14956717 |
| **TOTAL U.S. TREASURY BILLS** (Cost $14,956,717) | **TOTAL U.S. TREASURY BILLS** (Cost $14,956,717) | **TOTAL U.S. TREASURY BILLS** (Cost $14,956,717) | 14956717 |
| **TOTAL INVESTMENTS - 86.6% (**Cost $348,035,663**)** <sup>(f)</sup> | **TOTAL INVESTMENTS - 86.6% (**Cost $348,035,663**)** <sup>(f)</sup> | **TOTAL INVESTMENTS - 86.6% (**Cost $348,035,663**)** <sup>(f)</sup> | 475026477 |
| Money Market Deposit Account - 12.7% <sup>(f)(g)</sup> | Money Market Deposit Account - 12.7% <sup>(f)(g)</sup> | Money Market Deposit Account - 12.7% <sup>(f)(g)</sup> | 69404816 |
| Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | Other Assets in Excess of Liabilities - 0.7% | 3980905 |
| **TOTAL NET ASSETS - 100.0%** |  |  | $548412198 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| 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. |  |
| 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 |
| PLC - Public Limited Company |
| EUR - Euro |
| GBP - British Pound |

---

(a) Non-income producing security.

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

(c) 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 December 31, 2025.

(d) 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 December 31, 2025, the value of these securities total $5,539,266 or 1.0% of the Fund's net assets.

(e) The rate shown is the annualized yield as of December 31, 2025.

(f) All or a portion of security has been pledged as collateral for securities sold short. The fair value of assets committed as collateral as of December 31, 2025 is $544,431,293

(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 December 31, 2025 was 3.45%.

---

| | | |
|:---|:---|:---|
| **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** | **Leuthold Core Investment Fund** |
| **Schedule of Securities Sold Short** | **Schedule of Securities Sold Short** | **Schedule of Securities Sold Short** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **COMMON STOCKS** - **(9.7)%** | **Shares** | **Value** |
| **Aerospace & Defense - (0.5)%** | **Aerospace & Defense - (0.5)%** | |
| Boeing Co. | (2522) | $(547577) |
| Hexcel Corp. | (6231) | (460471) |
| Loar Holdings, Inc. | (4880) | (331840) |
| StandardAero, Inc. | (13832) | (396702) |
| TransDigm Group, Inc. | (619) | (823177) |
|  |  | (2559767) |
| **Banks - (0.3)%** | **Banks - (0.3)%** |  |
| Atlantic Union Bankshares Corp. | (11923) | (420882) |
| Glacier Bancorp, Inc. | (7682) | (338392) |
| Live Oak Bancshares, Inc. | (10061) | (345596) |
| Triumph Financial, Inc. | (9375) | (587156) |
|  |  | (1692026) |
| **Beverages - (0.2)%** | **Beverages - (0.2)%** |  |
| PepsiCo, Inc. | (4909) | (704539) |
| Primo Brands Corp. | (14945) | (244351) |
|  |  | (948890) |
| **Building Products - (0.2)%** | **Building Products - (0.2)%** |  |
| AAON, Inc. | (6339) | (483349) |
| CSW Industrials, Inc. | (1472) | (432076) |
|  |  | (915425) |
| **Capital Markets - (1.3)%** | **Capital Markets - (1.3)%** |  |
| Ares Management Corp. - Class A | (3956) | (639408) |
| Blackstone, Inc. | (5758) | (887538) |
| Blue Owl Capital, Inc. - Class A | (20239) | (302371) |
| Cohen & Steers, Inc. | (5729) | (359667) |
| FactSet Research Systems, Inc. | (983) | (285257) |
| Hamilton Lane, Inc. - Class A | (2588) | (347594) |
| KKR & Co., Inc. | (6512) | (830150) |
| MarketAxess Holdings, Inc. | (2317) | (419956) |
| Moelis & Co. - Class A - Class A | (5750) | (395255) |
| Moody's Corp. | (1639) | (837283) |
| MSCI, Inc. | (1698) | (974194) |
| Perella Weinberg Partners | (17454) | (301954) |
| StepStone Group, Inc. - Class A | (5859) | (375972) |
|  |  | (6956599) |
| **Chemicals - (0.7)%** | **Chemicals - (0.7)%** |  |
| Air Products and Chemicals, Inc. | (2526) | (623972) |
| Albemarle Corp. | (7406) | (1047505) |
| Chemours Co. | (21799) | (257010) |
| International Flavors & Fragrances, Inc. | (9288) | (625918) |
| Sherwin-Williams Co. | (2041) | (661345) |
| Stepan Co. | (4713) | (223208) |
| Westlake Corp. | (6774) | (500870) |
|  |  | (3939828) |
| **Commercial Services & Supplies - (0.3)%** | **Commercial Services & Supplies - (0.3)%** |  |
| Casella Waste Systems, Inc. - Class A | (3396) | (332604) |
| Cintas Corp. | (3471) | (652791) |
| RB Global, Inc. | (7360) | (757123) |
|  |  | (1742518) |
| **Construction Materials - (0.1)%** | **Construction Materials - (0.1)%** |  |
| Knife River Corp. | (4729) | (332685) |
| **Containers & Packaging - (0.2)%** | **Containers & Packaging - (0.2)%** |  |
| Smurfit WestRock PLC | (14711) | (568874) |
| Sonoco Products Co. | (8690) | (379232) |
|  |  | (948106) |
| **Energy Equipment & Services - (0.1)%** | **Energy Equipment & Services - (0.1)%** |  |
| Select Water Solutions, Inc. | (33244) | (349727) |
| **Financial Services - (0.3)%** | **Financial Services - (0.3)%** |  |
| Fidelity National Information Services, Inc. | (10450) | (694507) |
| Toast, Inc. - Class A | (22984) | (816162) |
| Walker & Dunlop, Inc. | (3889) | (233923) |
|  |  | (1744592) |
| **Food Products - (0.1)%** | **Food Products - (0.1)%** |  |
| Tyson Foods, Inc. - Class A | (7461) | (437364) |
| **Ground Transportation - (0.5)%** | **Ground Transportation - (0.5)%** |  |
| Knight-Swift Transportation Holdings, Inc. | (7715) | (403340) |
| Marten Transport Ltd. | (23982) | (272915) |
| Old Dominion Freight Line, Inc. | (4098) | (642566) |
| Saia, Inc. | (874) | (285379) |
| Werner Enterprises, Inc. | (16221) | (486792) |
| XPO, Inc. | (6427) | (873494) |
|  |  | (2964486) |
| **Health Care Equipment & Supplies - (0.2)%** | **Health Care Equipment & Supplies - (0.2)%** |  |
| Baxter International, Inc. | (11504) | (219842) |
| Intuitive Surgical, Inc. | (1451) | (821788) |
|  |  | (1041630) |
| **Hotels, Restaurants & Leisure - (1.2)%** | **Hotels, Restaurants & Leisure - (1.2)%** |  |
| Aramark | (10329) | (380727) |
| Caesars Entertainment, Inc. | (11935) | (279160) |
| Chipotle Mexican Grill, Inc. | (16334) | (604358) |
| DoorDash, Inc. - Class A | (3329) | (753952) |
| First Watch Restaurant Group, Inc. | (20582) | (310377) |
| Global Business Travel Group I | (47628) | (364354) |
| Marriott International, Inc./MD - Class A | (2797) | (867741) |
| Restaurant Brands International, Inc. | (11960) | (816031) |
| Shake Shack, Inc. - Class A - Class A | (4101) | (332878) |
| Starbucks Corp. | (8087) | (681006) |
| Texas Roadhouse, Inc. | (4699) | (780034) |
| Vail Resorts, Inc. | (1873) | (248734) |
|  |  | (6419352) |
| **Household Products - (0.1)%** | **Household Products - (0.1)%** |  |
| Clorox Co. | (6310) | (636237) |
| **Insurance - (0.7)%** | **Insurance - (0.7)%** |  |
| Aon PLC - Class A | (2007) | (708230) |
| Arthur J. Gallagher & Co. | (2517) | (651374) |
| Brown & Brown, Inc. | (8058) | (642223) |
| Erie Indemnity Co. - Class A | (1974) | (565847) |
| Marsh & McLennan Cos., Inc. | (4182) | (775845) |
| Ryan Specialty Holdings, Inc. | (7732) | (399203) |
|  |  | (3742722) |
| **Life Sciences Tools & Services - (0.4)%** | **Life Sciences Tools & Services - (0.4)%** |  |
| Bio-Techne Corp. | (4980) | (292874) |
| Bruker Corp. | (6620) | (311868) |
| Danaher Corp. | (3994) | (914306) |
| Repligen Corp. | (2915) | (477652) |
|  |  | (1996700) |
| **Machinery - (0.5)%** | **Machinery - (0.5)%** |  |
| Hillman Solutions Corp. | (39576) | (342728) |
| IDEX Corp. | (3688) | (656243) |
| Ingersoll Rand, Inc. | (9388) | (743717) |
| Standex International Corp. | (2003) | (435212) |
| Stanley Black & Decker, Inc. | (8355) | (620610) |
|  |  | (2798510) |
| **Multi-Utilities - (0.1)%** | **Multi-Utilities - (0.1)%** |  |
| Sempra | (8405) | (742077) |
| **Oil, Gas & Consumable Fuels - (0.1)%** | **Oil, Gas & Consumable Fuels - (0.1)%** |  |
| Targa Resources Corp. | (4692) | (865674) |
| **Professional Services - (0.2)%** | **Professional Services - (0.2)%** |  |
| CBIZ, Inc. | (5691) | (287111) |
| Dayforce, Inc. | (6523) | (451131) |
| Paychex, Inc. | (5746) | (644586) |
|  |  | (1382828) |
| **Semiconductors & Semiconductor Equipment - (0.1)%** | **Semiconductors & Semiconductor Equipment - (0.1)%** |  |
| ARM Holdings PLC - ADR | (5796) | (633561) |
| **Software - (0.7)%** | **Software - (0.7)%** |  |
| Braze, Inc. - Class A | (12139) | (416246) |
| Cellebrite DI Ltd. | (21974) | (396191) |
| Crowdstrike Holdings, Inc. - Class A | (1552) | (727516) |
| Datadog, Inc. - Class A | (4815) | (654792) |
| Klaviyo, Inc. - Class A | (11784) | (382627) |
| Palo Alto Networks, Inc. | (3847) | (708617) |
| Samsara, Inc. - Class A | (11065) | (392254) |
|  |  | (3678243) |
| **Specialty Retail - (0.2)%** | **Specialty Retail - (0.2)%** |  |
| Carvana Co. | (1661) | (700975) |
| Floor & Decor Holdings, Inc. - Class A | (3462) | (210801) |
|  |  | (911776) |
| **Textiles, Apparel & Luxury Goods - (0.3)%** | **Textiles, Apparel & Luxury Goods - (0.3)%** |  |
| NIKE, Inc. - Class B | (10044) | (639903) |
| On Holding AG - Class A | (16881) | (784629) |
| VF Corp. | (19704) | (356248) |
|  |  | (1780780) |
| **Trading Companies & Distributors - (0.1)%** | **Trading Companies & Distributors - (0.1)%** |  |
| Watsco, Inc. | (1827) | (615608) |
| **TOTAL COMMON STOCKS** (Proceeds $56,047,899) | **TOTAL COMMON STOCKS** (Proceeds $56,047,899) | (52777711) |
| **EXCHANGE TRADED FUNDS - (5.1)%** | **Shares** | **Value** |
| Invesco Nasdaq 100 ETF | (60935) | (15411680) |
| iShares Expanded Tech-Software Sector ETF | (17869) | (1888575) |
| iShares Russell 2000 ETF | (4650) | (1144644) |
| iShares S&P 500 Growth ETF | (43894) | (5410374) |
| State Street Real Estate Select Sector SPDR ETF | (24877) | (1003787) |
| State Street SPDR Portfolio S&P 500 ETF | (22045) | (1768450) |
| VanEck Semiconductor ETF | (3989) | (1436559) |
| **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $27,659,760) | **TOTAL EXCHANGE TRADED FUNDS** (Proceeds $27,659,760) | (28064069) |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON** - **(0.1)%** | **Shares** | **Value** |
| **Specialized REITs - (0.1)%** | **Specialized REITs - (0.1)%** |  |
| Iron Mountain, Inc. | (8096) | (671563) |
| **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Proceeds $796,368) | **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** (Proceeds $796,368) | (671563) |
| **TOTAL SECURITIES SOLD SHORT - (14.9)%** (Proceeds $84,504,027) |  | $(81513343) |
| 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 |

---

------

#### Summary of Fair Value Disclosure as of December 31, 2025 (Unaudited)
Leuthold Core Investment 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 December 31, 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 | $390379783 | $– | $0<br> <sup>(a)(b)</sup>  | $390379783 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 47992464 | – | – | 47992464 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Foreign Government Debt Obligations | – | 11465509 | – | 11465509 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Securities | – | 10232004 | – | 10232004 |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills | – | 14956717 | – | 14956717 |
| Total Investments | $438372247 | $36654230 | $0<br> <sup>(a)(b)</sup>  | $475026477 |
| **Liabilities:** |  |  |  |  |
| <u>Investments:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $(52777711) | $– | $– | $(52777711) |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | (28064069) | – | – | (28064069) |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate Investment Trusts - Common | (671563) | – | – | (671563) |
| Total Investments | $(81513343) | $– | $– | $(81513343) |
| 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.

## 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 Core Investment Fund

- **b. EDGAR series identifier (if any):** S000083370

- **c. LEI of Series:** 5299001PXPDUE8NJT579

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $630725440.69

**Total Liabilities:** $82333653.09

**Net Assets:** $548391787.60

**Cash Not Reported:** $85044784.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000246971 | -1.33%               | 1.05%                | 0.64%                |
| Class ID C000246972 | -1.32%               | 1.05%                | 0.65%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $256228.70               | $-8274875.48                               |
| Month 2  | $29075575.57             | $-23656885.43                              |
| Month 3  | $13247804.66             | $-10471115.56                              |

**Designated Index Information**

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

- **Index Identifier:** MX6L6IR9TG

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Cencora Inc                    | Cencora Inc                                                      | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     18298 | NS      | $6180149.50   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                       | CBIZ Inc                                                         | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Short            | EC               | CORP              | US        |     -5691 | NS      | $-287110.95   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| 855244109                      | CH Robinson Worldwide Inc                                        | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     18264 | NS      | $2936120.64   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| CSG Systems International Inc  | CSG Systems International Inc                                    | CUSIP: 126349109<br>LEI: 549300D7FJZUOHHXUA81 | Long             | EC               | CORP              | US        |     25870 | NS      | $1983970.30   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| CSW Industrials Inc            | CSW Industrials Inc                                              | CUSIP: 126402106<br>LEI: 549300SYOEO3RVQ7FB83 | Short            | EC               | CORP              | US        |     -1472 | NS      | $-432076.16   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| CTS Corp                       | CTS Corp                                                         | CUSIP: 126501105<br>LEI: 549300YV1HQLBVHOI649 | Long             | EC               | CORP              | US        |     24398 | NS      | $1045942.26   | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                                  | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     25239 | NS      | $2002967.04   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CIBC                           | Canadian Imperial Bank of Commerce                               | CUSIP: 136069101<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | EC               | CORP              | CA        |     48585 | NS      | $4402286.85   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                                              | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     37648 | NS      | $7736664.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Cargurus Inc                   | Cargurus Inc                                                     | CUSIP: 141788109<br>LEI: 54930027BKQN6B7X7G78 | Long             | EC               | CORP              | US        |     81816 | NS      | $3137643.60   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Carvana Co                     | Carvana Co                                                       | CUSIP: 146869102<br>LEI: 5493003WEAK2PJ5WS063 | Short            | EC               | CORP              | US        |     -1661 | NS      | $-700975.22   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Casella Waste Systems Inc      | Casella Waste Systems Inc                                        | CUSIP: 147448104<br>LEI: 8EU0XUFVJ48U37IIDH51 | Short            | EC               | CORP              | US        |     -3396 | NS      | $-332604.24   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Dayforce Inc                   | Dayforce Inc                                                     | CUSIP: 15677J108<br>LEI: 549300T64GVCHFJ8L449 | Short            | EC               | CORP              | US        |     -6523 | NS      | $-451130.68   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Chemours Co/The                | Chemours Co/The                                                  | CUSIP: 163851108<br>LEI: 549300M1BOLNXL8DOV14 | Short            | EC               | CORP              | US        |    -21799 | NS      | $-257010.21   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc     | Chipotle Mexican Grill Inc                                       | CUSIP: 169656105<br>LEI: 529900REP5VGTPCP1J71 | Short            | EC               | CORP              | US        |    -16334 | NS      | $-604358.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Cisco Systems Inc              | Cisco Systems Inc                                                | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |     87915 | NS      | $6772092.45   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                    | Cintas Corp                                                      | CUSIP: 172908105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3471 | NS      | $-652790.97   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc                  | Citigroup Inc                                                    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     50057 | NS      | $5841151.33   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                                    | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -6310 | NS      | $-636237.30   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                                     | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Short            | EC               | CORP              | US        |     -3994 | NS      | $-914306.48   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                                      | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |     -4815 | NS      | $-654791.85   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Digi International Inc         | Digi International Inc                                           | CUSIP: 253798102<br>LEI: 529900KG656HGROI4N27 | Long             | EC               | CORP              | US        |     30076 | NS      | $1301990.04   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                                                     | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Short            | EC               | CORP              | US        |     -3329 | NS      | $-753951.92   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries Inc                                             | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      9254 | NS      | $3126926.60   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Eldorado Gold Corp             | Eldorado Gold Corp                                               | CUSIP: 284902509<br>LEI: 5493004PWQ01YDD1IH62 | Long             | EC               | CORP              | CA        |    105583 | NS      | $3792541.36   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| NETGEAR Inc                    | NETGEAR Inc                                                      | CUSIP: 64111Q104<br>LEI: 54930067KX3UNRHDWA78 | Long             | EC               | CORP              | US        |     95069 | NS      | $2332042.57   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| NetScout Systems Inc           | NetScout Systems Inc                                             | CUSIP: 64115T104<br>LEI: 5493005HZXZ3SPNVCV76 | Long             | EC               | CORP              | US        |     99743 | NS      | $2699045.58   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                                         | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Short            | EC               | CORP              | US        |    -10044 | NS      | $-639903.24   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Oceaneering International Inc  | Oceaneering International Inc                                    | CUSIP: 675232102<br>LEI: 549300L6PH74701W0R30 | Long             | EC               | CORP              | US        |     81136 | NS      | $1949698.08   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Old Dominion Freight Line Inc  | Old Dominion Freight Line Inc                                    | CUSIP: 679580100<br>LEI: 5299009TWK32WE417T96 | Short            | EC               | CORP              | US        |     -4098 | NS      | $-642566.40   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I | PNC Financial Services Group Inc/The                             | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |     14302 | NS      | $2985256.46   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                           | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Short            | EC               | CORP              | US        |     -3847 | NS      | $-708617.40   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Pan American Silver Corp       | Pan American Silver Corp                                         | CUSIP: 697900108<br>LEI: 549300MKTF5851TYIB83 | Long             | EC               | CORP              | CA        |     36007 | NS      | $1865522.67   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Paychex Inc                    | Paychex Inc                                                      | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Short            | EC               | CORP              | US        |     -5746 | NS      | $-644586.28   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| 478160104                      | PepsiCo Inc                                                      | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Short            | EC               | CORP              | US        |     -4909 | NS      | $-704539.68   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Perdoceo Education Corp        | Perdoceo Education Corp                                          | CUSIP: 71363P106<br>LEI: 529900X5PCA184O9LY90 | Long             | EC               | CORP              | US        |     62256 | NS      | $1825968.48   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners      | Perella Weinberg Partners                                        | CUSIP: 71367G102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -17454 | NS      | $-301954.20   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Plexus Corp                    | Plexus Corp                                                      | CUSIP: 729132100<br>LEI: 549300W7HCBI5YT25I79 | Long             | EC               | CORP              | US        |     15354 | NS      | $2257038.00   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp              | Primo Brands Corp                                                | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Short            | EC               | CORP              | US        |    -14945 | NS      | $-244350.75   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Repligen Corp                  | Repligen Corp                                                    | CUSIP: 759916109<br>LEI: 54930006QJ0T5AUO1E71 | Short            | EC               | CORP              | US        |     -2915 | NS      | $-477651.90   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Deutsche Bank AG               | Deutsche Bank AG                                                 | CUSIP: N/A<br>LEI: 7LTWFZYICNSX8D621K86       | Long             | EC               | CORP              | DE        |    142600 | NS      | $5498656.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| On Holding AG                  | On Holding AG                                                    | CUSIP: N/A<br>LEI: 506700FB3467B9W95526       | Short            | EC               | CORP              | CH        |    -16881 | NS      | $-784628.88   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd              | Cellebrite DI Ltd                                                | CUSIP: N/A<br>LEI: 254900G03462YGP1IO36       | Short            | EC               | CORP              | IL        |    -21974 | NS      | $-396191.22   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Benchmark Electronics Inc      | Benchmark Electronics Inc                                        | CUSIP: 08160H101<br>LEI: 549300W18RHYZOZKOP53 | Long             | EC               | CORP              | US        |     27132 | NS      | $1160164.32   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                                    | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -2522 | NS      | $-547576.64   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Braze Inc                      | Braze Inc                                                        | CUSIP: 10576N102<br>LEI: 9845007B9EDBFD37C277 | Short            | EC               | CORP              | US        |    -12139 | NS      | $-416246.31   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co        | Bristol-Myers Squibb Co                                          | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |     60195 | NS      | $3246918.30   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Brown & Brown Inc              | Brown & Brown Inc                                                | CUSIP: 115236101<br>LEI: 549300PC8KTJ71XKFY89 | Short            | EC               | CORP              | US        |     -8058 | NS      | $-642222.60   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| 31846V567                      | Bruker Corp                                                      | CUSIP: 116794108<br>LEI: LEBZ6VLQ6I8XB1NHVY15 | Short            | EC               | CORP              | US        |     -6620 | NS      | $-311868.20   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                                        | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |    -11935 | NS      | $-279159.65   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International C | SPDR Bloomberg International Corporate Bond ETF                  | CUSIP: 78464A151<br>LEI: 549300V3SXQ5D61UEN24 | Long             | EC               | RF                | US        |     97222 | NS      | $3121798.42   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF                   | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |    411919 | NS      | $9280535.07   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Sonoco Products Co             | Sonoco Products Co                                               | CUSIP: 835495102<br>LEI: GKOMIK4RDJGHEF0VNP11 | Short            | EC               | CORP              | US        |     -8690 | NS      | $-379231.60   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Smurfit WestRock PLC           | Smurfit WestRock PLC                                             | CUSIP: N/A<br>LEI: 635400EGSEOPDW2EXS14       | Short            | EC               | CORP              | IE        |    -14711 | NS      | $-568874.37   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp         | Primoris Services Corp                                           | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     28814 | NS      | $3576969.96   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| RB Global Inc                  | RB Global Inc                                                    | CUSIP: 74935Q107<br>LEI: 5493002H8U24DJXQ4886 | Short            | EC               | CORP              | US        |     -7360 | NS      | $-757123.20   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Raymond James Financial Inc    | Raymond James Financial Inc                                      | CUSIP: 754730109<br>LEI: RGUZHJ05YTITL6D76949 | Long             | EC               | CORP              | US        |     14723 | NS      | $2364366.57   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc                                    | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      5468 | NS      | $4220585.16   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Biogen Inc                     | Biogen Inc                                                       | CUSIP: 09062X103<br>LEI: W8J5WZB5IY3K0NDQT671 | Long             | EC               | CORP              | US        |     19360 | NS      | $3407166.40   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Bio-Techne Corp                | Bio-Techne Corp                                                  | CUSIP: 09073M104<br>LEI: 54930073RLKQ51TILZ35 | Short            | EC               | CORP              | US        |     -4980 | NS      | $-292873.80   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                                   | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |     -5758 | NS      | $-887538.12   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Blue Owl Capital Inc           | Blue Owl Capital Inc                                             | CUSIP: 09581B103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -20239 | NS      | $-302370.66   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                                       | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |     -3462 | NS      | $-210801.18   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Gap Inc/The                    | Gap Inc/The                                                      | CUSIP: 364760108<br>LEI: T2ZG1WRWZ4BUCMQL9224 | Long             | EC               | CORP              | US        |     70886 | NS      | $1814681.60   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FRANCE (GOVT OF)               | French Republic Government Bond OAT                              | CUSIP: ZL9844081<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |   4780000 | PA      | $5539265.69   | 1.01%             | 2033-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Cohen & Steers Inc             | Cohen & Steers Inc                                               | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Short            | EC               | CORP              | US        |     -5729 | NS      | $-359666.62   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Concentrix Corp                | Concentrix Corp                                                  | CUSIP: 20602D101<br>LEI: 5493000EAJN1KMPVA737 | Long             | EC               | CORP              | US        |     34283 | NS      | $1425487.14   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Crowdstrike Holdings Inc       | Crowdstrike Holdings Inc                                         | CUSIP: 22788C105<br>LEI: 549300YBY08K9KM4HX32 | Short            | EC               | CORP              | US        |     -1552 | NS      | $-727515.52   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                               | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     11778 | NS      | $7774540.02   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                     | Lazard Inc                                                       | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     32726 | NS      | $1589174.56   | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Lear Corp                      | Lear Corp                                                        | CUSIP: 521865204<br>LEI: 549300UPNBTXA1SYTQ33 | Long             | EC               | CORP              | US        |     26553 | NS      | $3042973.80   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Oak Bancshares Inc        | Live Oak Bancshares Inc                                          | CUSIP: 53803X105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -10061 | NS      | $-345595.35   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Loar Holdings Inc              | Loar Holdings Inc                                                | CUSIP: 53947R105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4880 | NS      | $-331840.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Magna International Inc        | Magna International Inc                                          | CUSIP: 559222401<br>LEI: 95RWVLFZX6VGDZNNTN43 | Long             | EC               | CORP              | CA        |     81172 | NS      | $4326467.60   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Markel Group Inc               | Markel Group Inc                                                 | CUSIP: 570535104<br>LEI: 549300SCNO12JLWIK605 | Long             | EC               | CORP              | US        |      1041 | NS      | $2237785.65   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                                         | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Short            | EC               | CORP              | US        |     -2317 | NS      | $-419956.25   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos Inc                                         | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Short            | EC               | CORP              | US        |     -4182 | NS      | $-775844.64   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Marriott International Inc/MD  | Marriott International Inc/MD                                    | CUSIP: 571903202<br>LEI: 225YDZ14ZO8E1TXUSU86 | Short            | EC               | CORP              | US        |     -2797 | NS      | $-867741.28   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Marten Transport Ltd           | Marten Transport Ltd                                             | CUSIP: 573075108<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -23982 | NS      | $-272915.16   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      9254 | NS      | $5282923.52   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Maximus Inc                    | Maximus Inc                                                      | CUSIP: 577933104<br>LEI: 549300DQCDS8HJ7QF202 | Long             | EC               | CORP              | US        |     22925 | NS      | $1978886.00   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                                    | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      9465 | NS      | $7764044.85   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                                   | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     29377 | NS      | $3092223.02   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| 771195104                      | Microsoft Corp                                                   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     30918 | NS      | $14952563.16  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Moelis & Co                    | Moelis & Co                                                      | CUSIP: 60786M105<br>LEI: 549300891QNU7VTQUR83 | Short            | EC               | CORP              | US        |     -5750 | NS      | $-395255.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Molina Healthcare Inc          | Molina Healthcare Inc                                            | CUSIP: 60855R100<br>LEI: 549300NQQCEQ46YHZ591 | Long             | EC               | CORP              | US        |     11923 | NS      | $2069117.42   | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Stepan Co                      | Stepan Co                                                        | CUSIP: 858586100<br>LEI: IZU1EW9GB3WC7CYCSR17 | Short            | EC               | CORP              | US        |     -4713 | NS      | $-223207.68   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| StepStone Group Inc            | StepStone Group Inc                                              | CUSIP: 85914M107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -5859 | NS      | $-375972.03   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| StoneX Group Inc               | StoneX Group Inc                                                 | CUSIP: 861896108<br>LEI: 549300JUF07L8VF02M60 | Long             | EC               | CORP              | US        |     17920 | NS      | $1704729.60   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp           | Targa Resources Corp                                             | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Short            | EC               | CORP              | US        |     -4692 | NS      | $-865674.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Tenet Healthcare Corp          | Tenet Healthcare Corp                                            | CUSIP: 88033G407<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | EC               | CORP              | US        |     17878 | NS      | $3552716.16   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc            | Texas Roadhouse Inc                                              | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Short            | EC               | CORP              | US        |     -4699 | NS      | $-780034.00   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Toast Inc                      | Toast Inc                                                        | CUSIP: 888787108<br>LEI: 549300TN1PZNLCD4I551 | Short            | EC               | CORP              | US        |    -22984 | NS      | $-816161.84   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                                              | CUSIP: 893641100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |      -619 | NS      | $-823177.15   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                                            | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |      9885 | NS      | $2867243.10   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Triumph Financial Inc          | Triumph Financial Inc                                            | CUSIP: 89679E300<br>LEI: 5493003RNRMEVYDZ1Q52 | Short            | EC               | CORP              | US        |     -9375 | NS      | $-587156.25   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Tyson Foods Inc                | Tyson Foods Inc                                                  | CUSIP: 902494103<br>LEI: WD6L6041MNRW1JE49D58 | Short            | EC               | CORP              | US        |     -7461 | NS      | $-437363.82   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc                                            | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     37858 | NS      | $3093377.18   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                                        | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     59125 | NS      | $5864608.75   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| TREASURY BILL                  | United States Treasury Bill                                      | CUSIP: 912797RK5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  15000000 | PA      | $14956717.17  | 2.73%             | 2026-01-29      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp                                         | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      6310 | NS      | $3074547.50   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                                           | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     17383 | NS      | $5738302.13   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Universal Health Services Inc  | Universal Health Services Inc                                    | CUSIP: 913903100<br>LEI: 549300YGMGQDO0NMJD09 | Long             | EC               | CORP              | US        |     11147 | NS      | $2430268.94   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENA NEWMAT                  | China Lumena New Materials Corp                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | HK        |     20950 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| UNITED KINGDOM GILT            | United Kingdom Gilt                                              | CUSIP: YX3339711<br>LEI: ECTRVYYCEF89VWYS6K36 | Long             | DBT              | NUSS              | GB        |   4450000 | PA      | $5926243.28   | 1.08%             | 2034-07-31      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CRH PLC                        | CRH PLC                                                          | CUSIP: N/A<br>LEI: 549300MIDJNNTH068E74       | Long             | EC               | CORP              | IE        |     26020 | NS      | $3247296.00   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                                              | CUSIP: N/A<br>LEI: 6367003TB6K484NFHE54       | Long             | EC               | CORP              | IE        |     23977 | NS      | $5455007.27   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc                       | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     19367 | NS      | $2885876.67   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Baxter International Inc       | Baxter International Inc                                         | CUSIP: 071813109<br>LEI: J5OIVXX3P24RJRW5CK77 | Short            | EC               | CORP              | US        |    -11504 | NS      | $-219841.44   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBGFS 9        | US BANK MMDA - USBGFS 9                                          | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |  69475601 | NS      | $69475601.29  | 12.67%            | 2037-09-01      | Variable      | 4.54%                 | No            |                  1 | On Loan: No      |
| US Bancorp                     | US Bancorp                                                       | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |     56367 | NS      | $3007743.12   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond                                 | CUSIP: 91282CHT1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  10300000 | PA      | $10232003.93  | 1.87%             | 2033-08-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| Universal Technical Institute  | Universal Technical Institute Inc                                | CUSIP: 913915104<br>LEI: 2549003YOJGAZ0PVFV48 | Long             | EC               | CORP              | US        |     84130 | NS      | $2198316.90   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Urban Outfitters Inc           | Urban Outfitters Inc                                             | CUSIP: 917047102<br>LEI: 549300N3DUFR5U6NRN38 | Long             | EC               | CORP              | US        |     23470 | NS      | $1766352.20   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| VF Corp                        | VF Corp                                                          | CUSIP: 918204108<br>LEI: CWAJJ9DJ5Z7P057HV541 | Short            | EC               | CORP              | US        |    -19704 | NS      | $-356248.32   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Vail Resorts Inc               | Vail Resorts Inc                                                 | CUSIP: 91879Q109<br>LEI: 529900PSZHRNU9HKH870 | Short            | EC               | CORP              | US        |     -1873 | NS      | $-248734.40   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries Inc                                           | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |      6901 | NS      | $2776410.32   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Semiconductor ETF       | VanEck Semiconductor ETF                                         | CUSIP: 92189F676<br>LEI: 549300MJTG2N9QRH7I02 | Short            | EC               | RF                | US        |     -3989 | NS      | $-1436558.57  | -0.26%            |  |  |  | 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        |     96688 | NS      | $4782188.48   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mortgage-Backed Secur | Vanguard Mortgage-Backed Securities ETF                          | CUSIP: 92206C771<br>LEI: N/A                  | Long             | EC               | RF                | US        |    162131 | NS      | $7633127.48   | 1.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertex Pharmaceuticals Inc     | Vertex Pharmaceuticals Inc                                       | CUSIP: 92532F100<br>LEI: 54930015RAQRRZ5ZGJ91 | Long             | EC               | CORP              | US        |      9757 | NS      | $4423433.52   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| G5960L103                      | Visa Inc                                                         | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     12409 | NS      | $4351960.39   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Visteon Corp                   | Visteon Corp                                                     | CUSIP: 92839U206<br>LEI: 549300MOVLYHRW4GGW78 | Long             | EC               | CORP              | US        |     24224 | NS      | $2303702.40   | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc            | Walker & Dunlop Inc                                              | CUSIP: 93148P102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -3889 | NS      | $-233923.35   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Watsco Inc                     | Watsco Inc                                                       | CUSIP: 942622200<br>LEI: 549300F1Y3LN5BX5WN75 | Short            | EC               | CORP              | US        |     -1827 | NS      | $-615607.65   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Werner Enterprises Inc         | Werner Enterprises Inc                                           | CUSIP: 950755108<br>LEI: 549300P6XRGOCHHJST37 | Short            | EC               | CORP              | US        |    -16221 | NS      | $-486792.21   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Westlake Corp                  | Westlake Corp                                                    | CUSIP: 960413102<br>LEI: GOXNEVUM0LL78B1OS344 | Short            | EC               | CORP              | US        |     -6774 | NS      | $-500869.56   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| XPO Inc                        | XPO Inc                                                          | CUSIP: 983793100<br>LEI: 54930096DB9LCLPN7H13 | Short            | EC               | CORP              | US        |     -6427 | NS      | $-873493.57   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| White Mountains Insurance Grou | White Mountains Insurance Group Ltd                              | CUSIP: N/A<br>LEI: 549300N3FL068JERBG02       | Long             | EC               | CORP              | US        |       631 | NS      | $1311236.93   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| FactSet Research Systems Inc   | FactSet Research Systems Inc                                     | CUSIP: 303075105<br>LEI: 549300ZSJE7NBK6K9P30 | Short            | EC               | CORP              | US        |      -983 | NS      | $-285256.77   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corp                     | FedEx Corp                                                       | CUSIP: 31428X106<br>LEI: 549300E707U7WNPZN687 | Long             | EC               | CORP              | US        |     20955 | NS      | $6053061.30   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| F5 Inc                         | F5 Inc                                                           | CUSIP: 315616102<br>LEI: 54930015FPK9KT966303 | Long             | EC               | CORP              | US        |     11357 | NS      | $2898987.82   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity National Information  | Fidelity National Information Services Inc                       | CUSIP: 31620M106<br>LEI: 6WQI0GK1PRFVBA061U48 | Short            | EC               | CORP              | US        |    -10450 | NS      | $-694507.00   | -0.13%            |  |  |  | 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        |    -20582 | NS      | $-310376.56   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Garrett Motion Inc             | Garrett Motion Inc                                               | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |    196549 | NS      | $3425849.07   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences Inc            | Gilead Sciences Inc                                              | CUSIP: 375558103<br>LEI: 549300WTZWR07K8MNV44 | Long             | EC               | CORP              | US        |     32554 | NS      | $3995677.96   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc            | Glacier Bancorp Inc                                              | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Short            | EC               | CORP              | US        |     -7682 | NS      | $-338392.10   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Global Business Travel Group I | Global Business Travel Group I                                   | CUSIP: 37890B100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -47628 | NS      | $-364354.20   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| GXO Logistics Inc              | GXO Logistics Inc                                                | CUSIP: 36262G101<br>LEI: 5493007CNWMXN78JRN66 | Long             | EC               | CORP              | US        |     36460 | NS      | $1919254.40   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK PLC                        | GSK PLC                                                          | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |     59801 | NS      | $2932641.04   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Group Inc/The    | Goldman Sachs Group Inc/The                                      | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |     10096 | NS      | $8874384.00   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Goodyear Tire & Rubber Co/The  | Goodyear Tire & Rubber Co/The                                    | CUSIP: 382550101<br>LEI: 5493002BI0S2ZQUY3437 | Long             | EC               | CORP              | US        |    332682 | NS      | $2914294.32   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Construction Inc       | Granite Construction Inc                                         | CUSIP: 387328107<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | EC               | CORP              | US        |     26987 | NS      | $3112950.45   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| 22662X100                      | HCA Healthcare Inc                                               | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |      9675 | NS      | $4516870.50   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamilton Lane Inc              | Hamilton Lane Inc                                                | CUSIP: 407497106<br>LEI: 5493006OKN3V1NORM833 | Short            | EC               | CORP              | US        |     -2588 | NS      | $-347594.28   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Hanover Insurance Group Inc/Th | Hanover Insurance Group Inc/The                                  | CUSIP: 410867105<br>LEI: JJYR6MFKFF6CF8DBZ078 | Long             | EC               | CORP              | US        |      8413 | NS      | $1537644.01   | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Hartford Insurance Group Inc/T | Hartford Insurance Group Inc/The                                 | CUSIP: 416515104<br>LEI: IU7C3FTM7Y3BQM112U94 | Long             | EC               | CORP              | US        |     19981 | NS      | $2753381.80   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexcel Corp                    | Hexcel Corp                                                      | CUSIP: 428291108<br>LEI: S6Q7LW43WUBUHXY2QP69 | Short            | EC               | CORP              | US        |     -6231 | NS      | $-460470.90   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                                           | CUSIP: 431636109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -39576 | NS      | $-342728.16   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                  | Hub Group Inc                                                    | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44198 | NS      | $1883276.78   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Hudbay Minerals Inc            | Hudbay Minerals Inc                                              | CUSIP: 443628102<br>LEI: 894500LX3TMESP27BE29 | Long             | EC               | CORP              | CA        |     82636 | NS      | $1640324.60   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                                       | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     11251 | NS      | $2881718.63   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| IAMGOLD Corp                   | IAMGOLD Corp                                                     | CUSIP: 450913108<br>LEI: 254900E7II30XAB9LA72 | Long             | EC               | CORP              | CA        |    364536 | NS      | $6011198.64   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                                        | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Short            | EC               | CORP              | US        |     -3688 | NS      | $-656242.72   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Ingersoll Rand Inc             | Ingersoll Rand Inc                                               | CUSIP: 45687V106<br>LEI: 5299004C02FMZCUOIR50 | Short            | EC               | CORP              | US        |     -9388 | NS      | $-743717.36   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc                           | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |     -9288 | NS      | $-625918.32   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                                           | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Short            | EC               | CORP              | US        |     -1451 | NS      | $-821788.36   | -0.15%            |  |  |  | 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        |    -43894 | NS      | $-5410374.44  | -0.99%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Russell 2000 ETF       | iShares Russell 2000 ETF                                         | CUSIP: 464287655<br>LEI: 549300O80OAR5VTWR172 | Short            | EC               | RF                | US        |     -4650 | NS      | $-1144644.00  | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares International Treasury | iShares International Treasury Bond ETF                          | CUSIP: 464288117<br>LEI: 549300B2GPMXZXJU1462 | Long             | EC               | RF                | US        |    138907 | NS      | $5786865.62   | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co                                              | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     19139 | NS      | $6166968.58   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                                        | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     37017 | NS      | $8440616.34   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| 369550108                      | Johnson & Johnson                                                | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     19067 | NS      | $3945915.65   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Kinross Gold Corp              | Kinross Gold Corp                                                | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |    282566 | NS      | $7957058.56   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Klaviyo Inc                    | Klaviyo Inc                                                      | CUSIP: 49845K101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11784 | NS      | $-382626.48   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                                                 | CUSIP: 498894104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -4729 | NS      | $-332685.15   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| 553530106                      | Elevance Health Inc                                              | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     13705 | NS      | $4804287.75   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Knight-Swift Transportation Ho | Knight-Swift Transportation Holdings Inc                         | CUSIP: 499049104<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -7715 | NS      | $-403340.20   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Laureate Education Inc         | Laureate Education Inc                                           | CUSIP: 518613203<br>LEI: 5JL7TMOH5TY3IUYSUP91 | Long             | EC               | CORP              | US        |    121147 | NS      | $4079019.49   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                | EMCOR Group Inc                                                  | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      5230 | NS      | $3199661.70   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Encompass Health Corp          | Encompass Health Corp                                            | CUSIP: 29261A100<br>LEI: 549300FVRPM9DRQZRG64 | Long             | EC               | CORP              | US        |     18509 | NS      | $1964545.26   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| MSCI Inc                       | MSCI Inc                                                         | CUSIP: 55354G100<br>LEI: 549300HTIN2PD78UB763 | Short            | EC               | CORP              | US        |     -1698 | NS      | $-974193.54   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                                                     | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |     -1639 | NS      | $-837283.15   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinox Gold Corp              | Equinox Gold Corp                                                | CUSIP: 29446Y502<br>LEI: 5493005IN4V1SNP9PN75 | Long             | EC               | CORP              | CA        |    159262 | NS      | $2236038.48   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Ericsson                       | Telefonaktiebolaget LM Ericsson                                  | CUSIP: 294821608<br>LEI: 549300W9JLPW15XIFM52 | Long             | EC               | CORP              | SE        |    470220 | NS      | $4537623.00   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                                                   | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     38910 | NS      | $6907692.30   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Restaurant Brands Internationa | Restaurant Brands International Inc                              | CUSIP: 76131D103<br>LEI: 5299009RXTX9DN9AKJ98 | Short            | EC               | CORP              | US        |    -11960 | NS      | $-816030.80   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                                                    | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     30291 | NS      | $2424188.73   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryan Specialty Holdings Inc    | Ryan Specialty Holdings Inc                                      | CUSIP: 78351F107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -7732 | NS      | $-399203.16   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio In | State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | CUSIP: 78464A375<br>LEI: 549300V0LZHF2UQ4WK69 | Long             | EC               | RF                | US        |    412770 | NS      | $13955753.70  | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio S& | State Street SPDR Portfolio S&P 500 ETF                          | CUSIP: 78464A854<br>LEI: 5493004K4F0RL72RIJ47 | Short            | EC               | RF                | US        |    -22045 | NS      | $-1768449.90  | -0.32%            |  |  |  | No            |                  1 | On Loan: No      |
| SS&C Technologies Holdings Inc | SS&C Technologies Holdings Inc                                   | CUSIP: 78467J100<br>LEI: 529900POY8H7NPPNKK71 | Long             | EC               | CORP              | US        |     28814 | NS      | $2518919.88   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Saia Inc                       | Saia Inc                                                         | CUSIP: 78709Y105<br>LEI: 549300WNPG4N9GBOYB29 | Short            | EC               | CORP              | US        |      -874 | NS      | $-285378.48   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Samsara Inc                    | Samsara Inc                                                      | CUSIP: 79589L106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11065 | NS      | $-392254.25   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Sanmina Corp                   | Sanmina Corp                                                     | CUSIP: 801056102<br>LEI: X5K24XLM8QYRXF00EB42 | Long             | EC               | CORP              | US        |     22294 | NS      | $3345660.58   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanofi SA                      | Sanofi SA                                                        | CUSIP: 80105N105<br>LEI: 549300E9PC51EN656011 | Long             | EC               | CORP              | FR        |     55918 | NS      | $2709786.28   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SLB Ltd                        | SLB Ltd                                                          | CUSIP: 806857108<br>LEI: 213800ZUA17OK3QLGM62 | Long             | EC               | CORP              | US        |     78601 | NS      | $3016706.38   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Real Estate Selec | State Street Real Estate Select Sector SPDR ETF                  | CUSIP: 81369Y860<br>LEI: 549300SPMSTD3BRHL041 | Short            | EC               | RF                | US        |    -24877 | NS      | $-1003786.95  | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc     | Select Water Solutions Inc                                       | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Short            | EC               | CORP              | US        |    -33244 | NS      | $-349726.88   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Sempra                         | Sempra                                                           | CUSIP: 816851109<br>LEI: PBBKGKLRK5S5C0Y4T545 | Short            | EC               | CORP              | US        |     -8405 | NS      | $-742077.45   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Shake Shack Inc                | Shake Shack Inc                                                  | CUSIP: 819047101<br>LEI: 529900J74GJAHYP80N79 | Short            | EC               | CORP              | US        |     -4101 | NS      | $-332878.17   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                                          | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Short            | EC               | CORP              | US        |     -2041 | NS      | $-661345.23   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Standex International Corp     | Standex International Corp                                       | CUSIP: 854231107<br>LEI: RCX52GR0JW2LRRMH9Z54 | Short            | EC               | CORP              | US        |     -2003 | NS      | $-435211.84   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| StandardAero Inc               | StandardAero Inc                                                 | CUSIP: 85423L103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -13832 | NS      | $-396701.76   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Stanley Black & Decker Inc     | Stanley Black & Decker Inc                                       | CUSIP: 854502101<br>LEI: 549300DJ09SMTO561131 | Short            | EC               | CORP              | US        |     -8355 | NS      | $-620609.40   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| 68389X105                      | Starbucks Corp                                                   | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Short            | EC               | CORP              | US        |     -8087 | NS      | $-681006.27   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Erie Indemnity Co              | Erie Indemnity Co                                                | CUSIP: 29530P102<br>LEI: 549300WA5KP94KRUFZ80 | Short            | EC               | CORP              | US        |     -1974 | NS      | $-565847.10   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Nasdaq 100 ETF         | Invesco Nasdaq 100 ETF                                           | CUSIP: 46138G649<br>LEI: 549300TKJ3EA6QHM7D23 | Short            | EC               | RF                | US        |    -60935 | NS      | $-15411680.20 | -2.81%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust                        | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |     58500 | NS      | $3432195.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Iron Mountain Inc              | Iron Mountain Inc                                                | CUSIP: 46284V101<br>LEI: SQL3F6CKNNBM3SQGHX24 | Short            | EC               | CORP              | US        |     -8096 | NS      | $-671563.20   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech-Software | iShares Expanded Tech-Software Sector ETF                        | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Short            | EC               | RF                | US        |    -17869 | NS      | $-1888574.61  | -0.34%            |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                                                     | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Short            | EC               | CORP              | US        |     -6512 | NS      | $-830149.76   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| AAON Inc                       | AAON Inc                                                         | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -6339 | NS      | $-483348.75   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Adtalem Global Education Inc   | Adtalem Global Education Inc                                     | CUSIP: 00737L103<br>LEI: 549300Z467EZLMODV621 | Long             | EC               | CORP              | US        |     27763 | NS      | $2872637.61   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| AECOM                          | AECOM                                                            | CUSIP: 00766T100<br>LEI: 0EEB8GF0W0NPCIHZX097 | Long             | EC               | CORP              | US        |     14933 | NS      | $1423562.89   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                                           | CUSIP: 008474108<br>LEI: 254900BFJ2DOHPMEXN45 | Long             | EC               | CORP              | CA        |     17627 | NS      | $2988305.31   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products and Chemicals Inc                                   | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Short            | EC               | CORP              | US        |     -2526 | NS      | $-623972.52   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Albemarle Corp                 | Albemarle Corp                                                   | CUSIP: 012653101<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Short            | EC               | CORP              | US        |     -7406 | NS      | $-1047504.64  | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| Alcoa Corp                     | Alcoa Corp                                                       | CUSIP: 013872106<br>LEI: 549300T12EZ1F6PWWU29 | Long             | EC               | CORP              | US        |     32959 | NS      | $1751441.26   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                                                | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     11778 | NS      | $2451590.70   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| 25243Q205                      | Alphabet Inc                                                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     41644 | NS      | $13034572.00  | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Amgen Inc                      | Amgen Inc                                                        | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |     12669 | NS      | $4146690.39   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Aramark                        | Aramark                                                          | CUSIP: 03852U106<br>LEI: 549300MR6PG2DWZUIL39 | Short            | EC               | CORP              | US        |    -10329 | NS      | $-380726.94   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Ares Management Corp           | Ares Management Corp                                             | CUSIP: 03990B101<br>LEI: 529900JUV61FH7B8VW38 | Short            | EC               | CORP              | US        |     -3956 | NS      | $-639408.28   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| ARM Holdings PLC               | ARM Holdings PLC                                                 | CUSIP: 042068205<br>LEI: 2138001E66EELTE7Y904 | Short            | EC               | CORP              | GB        |     -5796 | NS      | $-633560.76   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Assurant Inc                   | Assurant Inc                                                     | CUSIP: 04621X108<br>LEI: H3F39CAXWQRVWURFXL38 | Long             | EC               | CORP              | US        |     10306 | NS      | $2482200.10   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlantic Union Bankshares Corp | Atlantic Union Bankshares Corp                                   | CUSIP: 04911A107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -11923 | NS      | $-420881.90   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Autoliv Inc                    | Autoliv Inc                                                      | CUSIP: 052800109<br>LEI: A23RUXWKASG834LTMK28 | Long             | EC               | CORP              | SE        |     30639 | NS      | $3636849.30   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp                                             | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     96328 | NS      | $5298040.00   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Barclays PLC                   | Barclays PLC                                                     | CUSIP: 06738E204<br>LEI: 213800LBQA1Y9L22JB70 | Long             | EC               | CORP              | GB        |    180668 | NS      | $4598000.60   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| 91282CFE6                      | Arthur J Gallagher & Co                                          | CUSIP: 363576109<br>LEI: 54930049QLLMPART6V29 | Short            | EC               | CORP              | US        |     -2517 | NS      | $-651374.43   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Aon PLC                        | Aon PLC                                                          | CUSIP: N/A<br>LEI: 635400FALWQYX5E6QC64       | Short            | EC               | CORP              | GB        |     -2007 | NS      | $-708230.16   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                                        | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     48171 | NS      | $3665331.39   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                                                         | CUSIP: N/A<br>LEI: 549300EAQH74YHD07T53       | Long             | EC               | CORP              | US        |    121988 | NS      | $7370514.96   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-24

**Name of Applicant:** Managed Portfolio Series

**Signature:** /s/ Benjamin Eirich

**Name of Signer:** Managed Portfolio Series

**Title:** Treasurer