# EDGAR Filing Document

**Accession Number:** 0001000351
**File Stem:** 0001145549-23-008529
**Filing Date:** 2023-2
**Character Count:** 105049
**Document Hash:** db0325ccefd1f2daaa67991a0d5e480e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008529.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001145549-23-008529

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09094
- **FILM NUMBER:** 23657762

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

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

## Series and Classes Contracts Data

### LEUTHOLD CORE INVESTMENT FUND (Series ID: S000000847)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000002462 | LEUTHOLD CORE INVESTMENT FUND-Retail Class        | LCORX           |
| C000016368 | Leuthold Core Investment Fund-Institutional Class | LCRIX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Leuthold Core Investment Fund** | | |
| **Schedule of Investments** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 61.34%** | | |
| **Air Freight & Logistics - 2.38%** | | |
| Atlas Air Worldwide Holdings, Inc. (a) | 28319 | $2854555 |
| CH Robinson Worldwide, Inc. | 24458 | 2239374 |
| Expeditors International of Washington, Inc. | 22413 | 2329159 |
| Hub Group, Inc. - Class A (a) | 25063 | 1992258 |
| United Parcel Service, Inc. - Class B | 16734 | 2909039 |
|  |  | 12324385 |
| **Beverages - 1.85%** |  |  |
| Anheuser-Busch InBev - ADR | 27008 | 1621560 |
| Diageo PLC - ADR | 8824 | 1572349 |
| Keurig Dr Pepper, Inc. | 44084 | 1572035 |
| MGP Ingredients, Inc. | 11596 | 1233583 |
| Molson Coors Beverage Co - Class B | 25093 | 1292791 |
| PepsiCo, Inc. | 12474 | 2253553 |
|  |  | 9545871 |
| **Biotechnology - 1.54%** |  |  |
| AbbVie, Inc. | 33317 | 5384360 |
| Regeneron Pharmaceuticals, Inc. (a) | 3559 | 2567783 |
|  |  | 7952143 |
| **Chemicals 0.00%** |  |  |
| China Lumena New Materials Corp. (a)(b)(d)(e) | 20950 | – |
| **Commercial Services & Supplies - 1.84%** |  |  |
| ABM Industries, Inc. | 36270 | 1611113 |
| Clean Harbors, Inc. (a) | 13781 | 1572688 |
| Republic Services, Inc. | 24382 | 3145034 |
| Waste Management, Inc. | 20217 | 3171643 |
|  |  | 9500478 |
| **Distributors - 0.66%** |  |  |
| LKQ Corp. | 63832 | 3409267 |
| **Electronic Equipment, Instruments & Components - 0.75%** |  |  |
| Corning, Inc. | 57926 | 1850156 |
| Jabil, Inc. | 29379 | 2003648 |
|  |  | 3853804 |
| **Food & Staples Retailing - 3.22%** |  |  |
| Albertsons Cos, Inc. | 56033 | 1162124 |
| BJ's Wholesale Club Holdings, Inc. (a) | 67694 | 4478635 |
| Costco Wholesale Corp. | 12267 | 5599886 |
| The Kroger Co. | 45583 | 2032090 |
| Walmart, Inc. | 23549 | 3339013 |
|  |  | 16611748 |
| **Food Products - 0.44%** |  |  |
| Archer-Daniels-Midland Co. | 24458 | 2270925 |
| **Health Care Equipment & Supplies - 0.73%** |  |  |
| Abbott Laboratories | 34453 | 3782595 |
| **Health Care Providers & Services - 6.58%** |  |  |
| AmerisourceBergen Corp. | 10601 | 1756692 |
| Cardinal Health, Inc. | 21883 | 1682146 |
| Centene Corp. (a) | 58077 | 4762895 |
| CVS Health Corp. | 29076 | 2709592 |
| Elevance Health, Inc. | 12418 | 6370061 |
| Humana, Inc. | 12039 | 6166255 |
| McKesson Corp. | 4240 | 1590509 |
| UnitedHealth Group, Inc. | 16886 | 8952620 |
|  |  | 33990770 |
| **Household Durables - 4.00%** |  |  |
| D.R. Horton, Inc. | 53610 | 4778796 |
| KB Home | 39526 | 1258903 |
| Lennar Corp. - Class A | 31802 | 2878081 |
| MDC Holdings, Inc. | 51944 | 1641430 |
| Meritage Homes Corp. (a) | 23019 | 2122352 |
| PulteGroup, Inc. | 81929 | 3730227 |
| Taylor Morrison Home Corp. (a) | 59667 | 1810894 |
| Toll Brothers, Inc. | 49521 | 2472088 |
|  |  | 20692771 |
| **Insurance - 4.29%** |  |  |
| Arch Capital Group, Ltd. (b) | 49142 | 3085135 |
| Axis Capital Holdings, Ltd. (b) | 25972 | 1406903 |
| Chubb, Ltd. (b) | 23473 | 5178144 |
| Reinsurance Group of America, Inc. | 19309 | 2743616 |
| The Allstate Corp. | 18324 | 2484735 |
| The Travelers Cos, Inc. | 27562 | 5167599 |
| W R Berkley Corp. | 28925 | 2099087 |
|  |  | 22165219 |
| **IT Services - 1.57%** |  |  |
| Mastercard, Inc. - Class A | 13024 | 4528836 |
| Visa, Inc. - Class A | 17340 | 3602558 |
|  |  | 8131394 |
| **Life Sciences Tools & Services - 1.55%** |  |  |
| Danaher Corp. | 15523 | 4120115 |
| Thermo Fisher Scientific, Inc. | 7042 | 3877959 |
|  |  | 7998074 |
| **Machinery - 1.98%** |  |  |
| AGCO Corp. | 10159 | 1408952 |
| Allison Transmission Holdings, Inc. | 30801 | 1281321 |
| Caterpillar, Inc. | 9760 | 2338106 |
| Deere & Co. | 5209 | 2233411 |
| PACCAR, Inc. | 16448 | 1627858 |
| Terex Corp. | 31397 | 1341280 |
|  |  | 10230928 |
| **Metals & Mining - 3.18%** |  |  |
| Rio Tinto PLC - LN Shares - ADR | 65043 | 4631062 |
| Southern Copper Corp. (b) | 67315 | 4065153 |
| Steel Dynamics, Inc. | 25972 | 2537464 |
| Teck Resources, Ltd. - Class B (b) | 78143 | 2955368 |
| United States Steel Corp. | 90561 | 2268553 |
|  |  | 16457600 |
| **Multiline Retail - 1.69%** |  |  |
| Target Corp. | 58683 | 8746114 |
| **Oil, Gas & Consumable Fuels - 7.43%** |  |  |
| APA Corp. | 77689 | 3626522 |
| BP PLC - ADR | 120167 | 4197433 |
| California Resources Corp. | 41419 | 1802141 |
| Chord Energy Corp. | 15068 | 2061453 |
| EOG Resources, Inc. | 30969 | 4011105 |
| Equinor ASA - ADR | 103358 | 3701250 |
| Exxon Mobil Corp. | 52322 | 5771117 |
| Imperial Oil, Ltd. (b) | 53382 | 2601839 |
| Marathon Oil Corp. | 127436 | 3449692 |
| Shell PLC - ADR | 76326 | 4346766 |
| Suncor Energy, Inc. (b) | 76023 | 2412210 |
| Woodside Energy Group, Ltd. - ADR | 17643 | 427137 |
|  |  | 38408665 |
| **Paper & Forest Products - 0.95%** |  |  |
| Louisiana-Pacific Corp. | 47476 | 2810579 |
| West Fraser Timber Co Ltd. (b) | 28698 | 2074579 |
|  |  | 4885158 |
| **Pharmaceuticals - 2.29%** |  |  |
| Johnson & Johnson | 28925 | 5109601 |
| Merck & Co., Inc. | 60500 | 6712475 |
|  |  | 11822076 |
| **Semiconductors & Semiconductor Equipment - 4.87%** |  |  |
| Applied Materials, Inc. | 62166 | 6053725 |
| KLA Corp. | 12872 | 4853130 |
| Lam Research Corp. | 18173 | 7638112 |
| MKS Instruments, Inc. | 23625 | 2001746 |
| SolarEdge Technologies, Inc. (a) | 16280 | 4611636 |
|  |  | 25158349 |
| **Software - 2.37%** |  |  |
| Adobe, Inc. (a) | 6966 | 2344268 |
| Microsoft Corp. | 41192 | 9878666 |
|  |  | 12222934 |
| **Specialty Retail - 1.78%** |  |  |
| AutoNation, Inc. (a) | 21580 | 2315534 |
| Penske Automotive Group, Inc. | 26123 | 3002316 |
| The Home Depot, Inc. | 6966 | 2200281 |
| Williams-Sonoma, Inc. | 14690 | 1688175 |
|  |  | 9206306 |
| **Technology Hardware, Storage & Peripherals - 1.68%** |  |  |
| Apple, Inc. | 66709 | 8667500 |
| **Trading Companies & Distributors - 1.72%** |  |  |
| MSC Industrial Direct Co., Inc. - Class A | 12418 | 1014551 |
| Triton International, Ltd. (b) | 24836 | 1708220 |
| United Rentals, Inc. (a) | 11434 | 4063872 |
| WESCO International, Inc. (a) | 16886 | 2114127 |
|  |  | 8900770 |
| TOTAL COMMON STOCKS (Cost $216,800,697) |  | 316935844 |
| **INVESTMENT COMPANIES - 12.30%** |  |  |
| **Exchange Traded Funds - 12.30%** |  |  |
| Invesco CurrencyShares Japanese Yen Trust (a) | 35888 | 2551637 |
| iShares 0-5 Year TIPS Bond ETF | 78867 | 7646944 |
| iShares Core Japan Government Bond ETF (b) | 145000 | 2730075 |
| iShares Floating Rate Bond ETF | 88193 | 4438754 |
| iShares Gold Trust (a) | 154317 | 5337825 |
| iShares International Treasury Bond ETF | 136637 | 5349338 |
| SPDR Bloomberg International Treasury Bond ETF | 533095 | 11957321 |
| SPDR Bloomberg Short Term High Yield Bond ETF | 130715 | 3168532 |
| SPDR Gold Shares (a) | 30364 | 5150949 |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 310116 | 7514111 |
| Vanguard Mortgage-Backed Securities ETF | 168738 | 7680954 |
| TOTAL INVESTMENT COMPANIES (Cost $62,858,485) |  | 63526440 |
|  | **Principal <br> Amount** | **Fair Value** |
| **CORPORATE BONDS - 0.92%** |  |  |
| **Banks - 0.92%** |  |  |
| JPMorgan Chase & Co. |  |  |
| 1.500%, 01/27/2025 | EUR 4,600,000 | 4761696 |
| TOTAL CORPORATE BONDS (Cost $5,173,344) |  | 4761696 |
| **FOREIGN GOVERNMENT BONDS - 1.38%** |  |  |
| **Foreign Government Bonds - 1.38%** |  |  |
| French Republic Government Bond OAT |  |  |
| 1.250%, 05/25/2036 (b) | EUR 8,480,000 | 7112855 |
| TOTAL FOREIGN GOVERNMENT BONDS (Cost $7,841,633) |  | 7112855 |
| **UNITED STATES TREASURY OBLIGATIONS - 2.30%** |  |  |
| **United States Treasury Notes - 2.30%** |  |  |
| 2.625%, 04/15/2025 | 4660000 | 4488163 |
| 2.875%, 05/15/2032 | 3070000 | 2839270 |
| 3.250%, 05/15/2042 | 5190000 | 4580986 |
| TOTAL UNITED STATES TREASURY OBLIGATIONS (Cost $12,885,107) |  | 11908419 |
|  | **Shares** | **Fair Value** |
| **SHORT-TERM INVESTMENTS - 16.62%** |  |  |
| **Money Market Funds - 16.62%** |  |  |
| Fidelity Institutional Money Market Funds - Government Portfolio - Class I, 4.06% (c)(f) | 85852745 | 85852745 |
| TOTAL SHORT-TERM INVESTMENTS (Cost $85,852,745) |  | 85852745 |
| **Total Investments (Cost $391,412,011) - 94.86%** |  | 490097999 |
| **Other Assets in Excess of Liabilities - (f) - 5.14%** |  | 26548398 |
| **TOTAL NET ASSETS - 100.00%** |  | $516646397 |

---

---

| | |
|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |
| ADR | American Depositary Receipt |
| EUR | Euro |
| (a) | Non-income producing security. |
| (b) | Foreign issued security. |
| (c) | The rate quoted is the annualized seven-day effective yield as of December 31, 2022. |
| (d) | Illiquid security. The fair value of this security totals $0 which represents an amount that rounds to 0.00% of total net assets. |
| (e) | This security is currently being fair valued in accordance with procedures established by the Board of Directors of Leuthold Funds, Inc. and is deemed a Level 3 security as it is valued using significant unobservable inputs. |
| (f) | All or a portion of the assets have been committed as collateral for open securites sold short. |
| The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. | The Global Industry Classification Standard (GICS<sup>®</sup>) was developed by and/or is the exclusive property of MSCI, Inc. and Standard & Poor's Financial services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bancorp Fund Services, LLC. |

---

------

---

| | | |
|:---|:---|:---|
| **Leuthold Core Investment Fund** | | |
| **Schedule of Investments Sold Short - (a)** | | |
| **December 31, 2022 (Unaudited)** | | |
|  |<br><br>**Shares** |<br><br>**Fair Value** |
| **COMMON STOCKS - 12.51%** | | |
| **Aerospace & Defense - 0.46%** | | |
| Axon Enterprise, Inc. | 4913 | $815214 |
| The Boeing Co. | 3479 | 662715 |
| TransDigm Group, Inc. | 1408 | 886547 |
|  |  | 2364476 |
| **Airlines - 0.12%** |  |  |
| Delta Air Lines, Inc. | 19450 | 639127 |
| **Auto Components - 0.37%** |  |  |
| Aptiv PLC (b) | 9879 | 920031 |
| Fox Factory Holding Corp. | 6107 | 557142 |
| Gentherm, Inc. | 6393 | 417399 |
|  |  | 1894572 |
| **Building Products - 0.36%** |  |  |
| AAON, Inc. | 8484 | 639015 |
| Allegion plc (b) | 4294 | 451986 |
| The AZEK Co., Inc. - Class A | 21617 | 439258 |
| Zurn Elkay Water Solutions Corp. | 14548 | 307690 |
|  |  | 1837949 |
| **Capital Markets - 1.25%** |  |  |
| Blackstone, Inc. | 9228 | 684625 |
| Brookfield Asset Management, Ltd. (b) | 4775 | 136899 |
| Brookfield Corp. - Class A (b) | 19100 | 600886 |
| Credit Suisse Group AG - ADR | 70674 | 214849 |
| Focus Financial Partners, Inc. - Class A | 12857 | 479181 |
| Houlihan Lokey, Inc. - Class A | 4494 | 391697 |
| Intercontinental Exchange, Inc. | 8965 | 919719 |
| KKR & Co., Inc. | 15925 | 739239 |
| MarketAxess Holdings, Inc. | 1573 | 438694 |
| Moody's Corp. | 2639 | 735278 |
| S&P Global, Inc. | 1963 | 657487 |
| Tradeweb Markets, Inc. - Class A | 7080 | 459705 |
|  |  | 6458259 |
| **Chemicals - 0.60%** |  |  |
| Axalta Coating Systems, Ltd. | 19010 | 484185 |
| Balchem Corp. | 4026 | 491615 |
| Diversey Holdings, Ltd. | 54059 | 230291 |
| Ecolab, Inc. | 3500 | 509460 |
| International Flavors & Fragrances, Inc. | 5599 | 586999 |
| The Sherwin-Williams Co. | 3336 | 791733 |
|  |  | 3094283 |
| **Construction & Engineering - 0.17%** |  |  |
| API Group Corp. | 23655 | 444950 |
| MasTec, Inc. | 5030 | 429210 |
|  |  | 874160 |
| **Containers & Packaging - 0.23%** |  |  |
| AptarGroup, Inc. | 3250 | 357435 |
| Ball Corp. | 16022 | 819365 |
|  |  | 1176800 |
| **Diversified Consumer Services - 0.04%** |  |  |
| Coursera, Inc. | 19203 | 227171 |
| **Diversified Financial Services - 0.21%** |  |  |
| Apollo Global Management, Inc. | 16633 | 1061019 |
| **Electric Utilities - 0.35%** |  |  |
| Edison International | 13947 | 887308 |
| Exelon Corp. | 21683 | 937356 |
|  |  | 1824664 |
| **Electrical Equipment - 0.46%** |  |  |
| Ballard Power Systems, Inc. (b) | 68440 | 327828 |
| Rockwell Automation, Inc. | 3325 | 856420 |
| Shoals Technologies Group, Inc. | 15217 | 375403 |
| Vertiv Holdings Co. | 30376 | 414936 |
| Vicor Corp. | 7126 | 383023 |
|  |  | 2357610 |
| **Electronic Equipment, Instruments & Components - 0.09%** |  |  |
| Coherent Corp. | 13414 | 470831 |
| **Energy Equipment & Services - 0.42%** |  |  |
| Baker Hughes, a GE Co. - Class A | 34152 | 1008509 |
| Expro Group Holdings NV | 33977 | 616003 |
| Noble Corp PLC | 13955 | 526243 |
|  |  | 2150755 |
| **Entertainment - 0.22%** |  |  |
| Madison Square Garden Entertainment Corp. - Class A | 9557 | 429778 |
| Spotify Technology SA (b) | 8931 | 705103 |
|  |  | 1134881 |
| **Food Products - 0.08%** |  |  |
| J & J Snack Foods Corp. | 2871 | 429817 |
| **Health Care Equipment & Supplies - 1.81%** |  |  |
| Alcon, Inc. (b) | 13826 | 947772 |
| Align Technology, Inc. | 4530 | 955377 |
| Cooper Companies, Inc. | 2823 | 933481 |
| Dexcom, Inc. | 8266 | 936042 |
| ICU Medical, Inc. | 3114 | 490393 |
| IDEXX Laboratories, Inc. | 2614 | 1066408 |
| Insulet Corp. | 2800 | 824292 |
| Intuitive Surgical, Inc. | 3247 | 861592 |
| Penumbra, Inc. | 2842 | 632231 |
| ResMed, Inc. | 4584 | 954068 |
| Stryker Corp. | 3064 | 749117 |
|  |  | 9350773 |
| **Health Care Technology - 0.17%** |  |  |
| Veeva Systems, Inc. - Class A | 5531 | 892593 |
| **Hotels, Restaurants & Leisure - 0.47%** |  |  |
| Caesars Entertainment, Inc. | 10243 | 426109 |
| Carnival Corp. | 42121 | 339495 |
| DraftKings, Inc. - Class A | 38470 | 438173 |
| Light & Wonder, Inc. | 6983 | 409204 |
| Papa John's International, Inc. | 6479 | 533287 |
| Wynn Resorts, Ltd. | 3500 | 288645 |
|  |  | 2434913 |
| **Household Durables - 0.25%** |  |  |
| Sonos, Inc. | 26344 | 445214 |
| Sony Group Corp. - ADR | 10759 | 820696 |
|  |  | 1265910 |
| **Household Products - 0.32%** |  |  |
| Kimberly-Clark Corp. | 6632 | 900294 |
| The Clorox Co. | 5395 | 757080 |
|  |  | 1657374 |
| **Interactive Media & Services - 0.04%** |  |  |
| Match Group, Inc. | 4898 | 203218 |
| **Internet & Direct Marketing Retail - 0.27%** |  |  |
| Amazon.com, Inc. | 7058 | 592872 |
| DoorDash, Inc. - Class A | 7355 | 359071 |
| Global-e Online, Ltd. (b) | 22605 | 466567 |
|  |  | 1418510 |
| **IT Services - 0.21%** |  |  |
| Block, Inc. - Class A | 6364 | 399914 |
| Cloudflare, Inc. - Class A | 5910 | 267191 |
| MongoDB, Inc. | 2185 | 430095 |
|  |  | 1097200 |
| **Life Sciences Tools & Services - 0.16%** |  |  |
| Illumina, Inc. | 1991 | 402580 |
| Pacific Biosciences of California, Inc. | 51970 | 425115 |
|  |  | 827695 |
| **Machinery - 0.24%** |  |  |
| Evoqua Water Technologies Corp. | 10981 | 434848 |
| Hillman Solutions Corp. | 36158 | 260699 |
| Xylem, Inc. | 4795 | 530183 |
|  |  | 1225730 |
| **Metals & Mining - 0.31%** |  |  |
| Agnico Eagle Mines, Ltd. (b) | 18259 | 949285 |
| Franco-Nevada Corp. (b) | 4762 | 649918 |
|  |  | 1599203 |
| **Personal Products - 0.25%** |  |  |
| Coty, Inc. | 56900 | 487064 |
| The Estee Lauder Companies, Inc. - Class A | 3196 | 792960 |
|  |  | 1280024 |
| **Professional Services - 0.41%** |  |  |
| Clarivate PLC (b) | 16096 | 134241 |
| Equifax, Inc. | 4848 | 942257 |
| Planet Labs PBC - Class A | 87907 | 382395 |
| TransUnion | 11498 | 652512 |
|  |  | 2111405 |
| **Real Estate Investment Trusts (REITs) - 0.37%** |  |  |
| Alexandria Real Estate Equities, Inc. | 6239 | 908835 |
| Equinix, Inc. | 1051 | 688436 |
| Safehold, Inc. | 11899 | 340549 |
|  |  | 1937820 |
| **Semiconductors & Semiconductor Equipment - 0.47%** |  |  |
| Advanced Micro Devices, Inc. | 11913 | 771605 |
| Monolithic Power Systems, Inc. | 2405 | 850432 |
| NVIDIA Corp. | 5586 | 816338 |
|  |  | 2438375 |
| **Software - 0.46%** |  |  |
| Bentley Systems, Inc. - Class B | 3486 | 128843 |
| Datadog, Inc. - Class A | 4862 | 357357 |
| E2open Parent Holdings, Inc. | 53659 | 314978 |
| Guidewire Software, Inc. | 3322 | 207824 |
| nCino, Inc. | 12242 | 323679 |
| Procore Technologies, Inc. | 11531 | 544033 |
| Workday, Inc. - Class A | 3007 | 503161 |
|  |  | 2379875 |
| **Specialty Retail - 0.32%** |  |  |
| Burlington Stores, Inc. | 2971 | 602400 |
| Five Below, Inc. | 3554 | 628596 |
| Floor & Decor Holdings, Inc. | 6257 | 435675 |
|  |  | 1666671 |
| **Textiles, Apparel & Luxury Goods - 0.19%** |  |  |
| NIKE, Inc. - Class A | 8453 | 989086 |
| **Water Utilities - 0.36%** |  |  |
| American States Water Co. | 5789 | 535772 |
| American Water Works Co., Inc. | 5684 | 866355 |
| Essential Utilities, Inc. | 9730 | 464413 |
|  |  | 1866540 |
| TOTAL COMMON STOCKS (Proceeds $71,359,824) |  | 64639289 |
| **INVESTMENT COMPANIES - 4.34%** |  |  |
| **Exchange Traded Funds - 4.34%** |  |  |
| Communication Services Select Sector SPDR Fund | 65658 | 3150928 |
| Consumer Discretionary Select Sector SPDR Fund | 23240 | 3001678 |
| Invesco QQQ Trust Series 1 | 13697 | 3647237 |
| iShares Expanded Tech-Software Sector ETF | 13793 | 3528939 |
| Materials Select Sector SPDR Fund | 37252 | 2893735 |
| SPDR S&P 500 ETF Trust | 9087 | 3475142 |
| Utilities Select Sector SPDR Fund | 38610 | 2722005 |
| TOTAL INVESTMENT COMPANIES (Proceeds $26,545,661) |  | 22419664 |
| **TOTAL SECURITIES SOLD SHORT** |  |  |
| **(Proceeds $97,905,485) - 16.85%** |  | $87058953 |
| Percentages are stated as a percent of net assets. |  |  |

---

---

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

---

------

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | $12324385 | $- | $- | $12324385 |
| &nbsp;&nbsp;&nbsp; Beverages | 9545871 | - | - | $9545871 |
| &nbsp;&nbsp;&nbsp; Biotechnology | 7952143 | - | - | $7952143 |
| &nbsp;&nbsp;&nbsp; Chemicals | - | - | 0<br><sup>(1)</sup>  | - |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 9500478 | - | - | $9500478 |
| &nbsp;&nbsp;&nbsp; Distributors | 3409267 | - | - | $3409267 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 3853804 | - | - | $3853804 |
| &nbsp;&nbsp;&nbsp; Food & Staples Retailing | 16611748 | - | - | $16611748 |
| &nbsp;&nbsp;&nbsp; Food Products | 2270925 | - | - | $2270925 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 3782595 | - | - | $3782595 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | 33990770 | - | - | $33990770 |
| &nbsp;&nbsp;&nbsp; Household Durables | 20692771 | - | - | $20692771 |
| &nbsp;&nbsp;&nbsp; Insurance | 22165219 | - | - | $22165219 |
| &nbsp;&nbsp;&nbsp; IT Services | 8131394 | - | - | $8131394 |
| &nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 7998074 | - | - | $7998074 |
| &nbsp;&nbsp;&nbsp; Machinery | 10230928 | - | - | $10230928 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | 16457600 | - | - | $16457600 |
| &nbsp;&nbsp;&nbsp; Multiline Retail | 8746114 | - | - | $8746114 |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 38408665 | - | - | $38408665 |
| &nbsp;&nbsp;&nbsp; Paper & Forest Products | 4885158 | - | - | $4885158 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | 11822076 | - | - | $11822076 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 25158349 | - | - | $25158349 |
| &nbsp;&nbsp;&nbsp; Software | 12222934 | - | - | $12222934 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | 9206306 | - | - | $9206306 |
| &nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 8667500 | - | - | $8667500 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 8900770 | - | - | $8900770 |
| Total Common Stocks | 316935844 | - | 0 | $316935844 |
| Exchange Traded Funds | 63526440 | - | - | $63526440 |
| Corporate Bonds | - | 4761696 | - | $4761696 |
| United States Treasury Obligations | - | 11908419 | - | $11908419 |
| Foreign Government Bonds | - | 7112855 | - | $7112855 |
| Money Market Funds | 85852745 | - | - | $85852745 |
| Total Investments in Securities | $466315029 | $23782970 | $0 | $490097999 |
| **Securities Sold Short at Fair Value** | **Level 1** | **Level 2** | **Level 3** | **Total**<br>|
| Common Stocks | $64639289 | $- | $- | $64639289 |
| Exchange Traded Funds | 22419664 | - | - | 22419664.00 |
| Total Securities Sold Short | $87058953 | $- | $- | $87058953 |
| The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: | The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value: |  |
|  |  | **Investments in** <br> **Securities at Fair** <br> **Value** |  |  |
| **Balance as of September 30, 2022** |  | $0 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued discounts/premiums |  | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain (loss) |  | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in unrealized depreciation |  | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases |  | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales |  | – |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transfer into and/or out of Level 3 |  | – |  |  |
| **Balance as of December 31, 2022** |  | $0<br> <sup>(1)</sup> |  |  |
| Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2022: | Change in unrealized depreciation during the period for Level 3 investments held at December 31, 2022: | $– |  |  |

---

<sup>(1)</sup> The security (China Lumena New Materials Corp.) is classified as a Level 3 security due to a halt in trading of the security on March 25, 2014. The security is valued at fair value as determined in good faith by the Fair Value Pricing Committee of the Adviser. The Adviser submits a report to the Directors setting forth the factors considered in determining the price. The significant unobservable input used in the fair valuation of this security is a discount of 95% from the last traded price of Hong Kong Dollar 1.25. The security underwent a 1:40 reverse split on February 18, 2020, resulting in a fair value price of Hong Kong Dollar 2.40. The price was set to zero June 27, 2022 due to delisting from the Hong Kong Stock Exchange.<br>

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Minneapolis

  - **State:** MN

  - **Foreign country:** US

  - **Zip / Postal Code:** 55402

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

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

- **a. Name of Series:** Leuthold Core Investment Fund

- **b. EDGAR series identifier (if any):** S000000847

- **c. LEI of Series:** 549300WNNYZFP003DK11

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $604414878.37

**Total Liabilities:** $87852104.49

**Net Assets:** $516562773.88

**Cash Not Reported:** $112574069.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002462 | 5.09%                | 3.98%                | -2.06%               |
| Class ID C000016368 | 5.07%                | 4.01%                | -2.10%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $107244.44               | $24579022.75                               |
| Month 2  | $8982504.46              | $10606138.08                               |
| Month 3  | $6991903.24              | $-18653959.45                              |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AAON Inc                       | AAON Inc                                       | CUSIP: 000360206<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -8484 | NS      | $-639014.88   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| ABM Industries Inc             | ABM Industries Inc                             | CUSIP: 000957100<br>LEI: QF02R89VEIOROM77J447 | Long             | EC               | CORP              | US        |     36270 | NS      | $1611113.40   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| AGCO Corp                      | AGCO Corp                                      | CUSIP: 001084102<br>LEI: LYOM0B2GCF1JWXK5ZG04 | Long             | EC               | CORP              | US        |     10159 | NS      | $1408951.71   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                                 | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Short            | EC               | CORP              | US        |    -23655 | NS      | $-444950.55   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                            | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     34453 | NS      | $3782594.87   | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie Inc                                     | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     33317 | NS      | $5384360.37   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                      | Adobe Inc                                      | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |      6966 | NS      | $2344267.98   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                     | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Short            | EC               | CORP              | US        |    -11913 | NS      | $-771605.01   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd         | Agnico Eagle Mines Ltd                         | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Short            | EC               | CORP              | CA        |    -18259 | NS      | $-949285.41   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Albertsons Cos Inc             | Albertsons Cos Inc                             | CUSIP: 013091103<br>LEI: 549300YKWOC0AOR16R51 | Long             | EC               | CORP              | US        |     56033 | NS      | $1162124.42   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Alexandria Real Estate Equitie | Alexandria Real Estate Equities Inc            | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Short            | EC               | CORP              | US        |     -6239 | NS      | $-908835.13   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc           | Align Technology Inc                           | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Short            | EC               | CORP              | US        |     -4530 | NS      | $-955377.00   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Allison Transmission Holdings  | Allison Transmission Holdings Inc              | CUSIP: 01973R101<br>LEI: 529900RP7DJ882LI9T83 | Long             | EC               | CORP              | US        |     30801 | NS      | $1281321.60   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Allstate Corp/The              | Allstate Corp/The                              | CUSIP: 020002101<br>LEI: OBT0W1ED8G0NWVOLOJ77 | Long             | EC               | CORP              | US        |     18324 | NS      | $2484734.40   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                 | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Short            | EC               | CORP              | US        |     -7058 | NS      | $-592872.00   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| American States Water Co       | American States Water Co                       | CUSIP: 029899101<br>LEI: 529900L26LIS2V8PWM23 | Short            | EC               | CORP              | US        |     -5789 | NS      | $-535771.95   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Co Inc                    | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Short            | EC               | CORP              | US        |     -5684 | NS      | $-866355.28   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| AmerisourceBergen Corp         | AmerisourceBergen Corp                         | CUSIP: 03073E105<br>LEI: AI8GXW8LG5WK7E9UD086 | Long             | EC               | CORP              | US        |     10601 | NS      | $1756691.71   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Anheuser-Busch InBev SA/NV     | Anheuser-Busch InBev SA/NV                     | CUSIP: 03524A108<br>LEI: 5493008H3828EMEXB082 | Long             | EC               | CORP              | BE        |     27008 | NS      | $1621560.32   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health Inc                            | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |     12418 | NS      | $6370061.46   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| APA Corp                       | APA Corp                                       | CUSIP: 03743Q108<br>LEI: 549300VCIWLRHYVSHC79 | Long             | EC               | CORP              | US        |     77689 | NS      | $3626522.52   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Papa John's International Inc  | Papa John's International Inc                  | CUSIP: 698813102<br>LEI: HZYLD3DK5XOX0WBVNB56 | Short            | EC               | CORP              | US        |     -6479 | NS      | $-533286.49   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Penske Automotive Group Inc    | Penske Automotive Group Inc                    | CUSIP: 70959W103<br>LEI: 549300W7UTQ0M4C7LB15 | Long             | EC               | CORP              | US        |     26123 | NS      | $3002316.39   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Penumbra Inc                   | Penumbra Inc                                   | CUSIP: 70975L107<br>LEI: 549300RGE06P3ECANU72 | Short            | EC               | CORP              | US        |     -2842 | NS      | $-632231.32   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo Inc                                    | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     12474 | NS      | $2253552.84   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Planet Labs PBC                | Planet Labs PBC                                | CUSIP: 72703X106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -87907 | NS      | $-382395.45   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Procore Technologies Inc       | Procore Technologies Inc                       | CUSIP: 74275K108<br>LEI: 5493005PTWY0RHYRAH22 | Short            | EC               | CORP              | US        |    -11531 | NS      | $-544032.58   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| PulteGroup Inc                 | PulteGroup Inc                                 | CUSIP: 745867101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81929 | NS      | $3730227.37   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Regeneron Pharmaceuticals Inc  | Regeneron Pharmaceuticals Inc                  | CUSIP: 75886F107<br>LEI: 549300RCBFWIRX3HYQ56 | Long             | EC               | CORP              | US        |      3559 | NS      | $2567782.91   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Reinsurance Group of America I | Reinsurance Group of America Inc               | CUSIP: 759351604<br>LEI: LORM1GNEU1DKEW527V90 | Long             | EC               | CORP              | US        |     19309 | NS      | $2743615.81   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services Inc          | Republic Services Inc                          | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |     24382 | NS      | $3145034.18   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                     | ResMed Inc                                     | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Short            | EC               | CORP              | US        |     -4584 | NS      | $-954067.92   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Rio Tinto PLC                  | Rio Tinto PLC                                  | CUSIP: 767204100<br>LEI: 213800YOEO5OQ72G2R82 | Long             | EC               | CORP              | GB        |     65043 | NS      | $4631061.60   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation Inc                        | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Short            | EC               | CORP              | US        |     -3325 | NS      | $-856420.25   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                      | Shell PLC                                      | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |     76326 | NS      | $4346765.70   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                                 | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Short            | EC               | CORP              | US        |     -1963 | NS      | $-657487.22   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P 500 ETF Trust         | SPDR S&P 500 ETF Trust                         | CUSIP: 78462F103<br>LEI: 549300NZAMSJ8FXPQQ63 | Short            | EC               | RF                | US        |     -9087 | NS      | $-3475141.41  | -0.67%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Gold Shares               | SPDR Gold Shares                               | CUSIP: 78463V107<br>LEI: N/A                  | Long             | EC               | RF                | US        |     30364 | NS      | $5150948.96   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg International T | SPDR Bloomberg International Treasury Bond ETF | CUSIP: 78464A516<br>LEI: 549300XTV2KNHC0UDP69 | Long             | EC               | RF                | US        |    533095 | NS      | $11957320.85  | 2.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Bloomberg Short Term High | SPDR Bloomberg Short Term High Yield Bond ETF  | CUSIP: 78468R408<br>LEI: 549300YI2V5ELVW58659 | Long             | EC               | RF                | US        |    130715 | NS      | $3168531.60   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Safehold Inc                   | Safehold Inc                                   | CUSIP: 78645L100<br>LEI: 549300MHMP6BIE0XV355 | Short            | EC               | CORP              | US        |    -11899 | NS      | $-340549.38   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Light & Wonder Inc             | Light & Wonder Inc                             | CUSIP: 80874P109<br>LEI: 529900JXALYBOHXKFM62 | Short            | EC               | CORP              | US        |     -6983 | NS      | $-409203.80   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Materials Select Sector SPDR F | Materials Select Sector SPDR Fund              | CUSIP: 81369Y100<br>LEI: 549300N81BAQ1XPGBT65 | Short            | EC               | RF                | US        |    -37252 | NS      | $-2893735.36  | -0.56%            |  |  |  | No            |                  1 | On Loan: No      |
| Consumer Discretionary Select  | Consumer Discretionary Select Sector SPDR Fund | CUSIP: 81369Y407<br>LEI: 549300CD2I087Y919K79 | Short            | EC               | RF                | US        |    -23240 | NS      | $-3001678.40  | -0.58%            |  |  |  | No            |                  1 | On Loan: No      |
| Communication Services Select  | Communication Services Select Sector SPDR Fund | CUSIP: 81369Y852<br>LEI: 549300RPODKQJE2HDW24 | Short            | EC               | RF                | US        |    -65658 | NS      | $-3150927.42  | -0.61%            |  |  |  | No            |                  1 | On Loan: No      |
| Utilities Select Sector SPDR F | Utilities Select Sector SPDR Fund              | CUSIP: 81369Y886<br>LEI: 549300ERQDM80PRYUH21 | Short            | EC               | RF                | US        |    -38610 | NS      | $-2722005.00  | -0.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Sherwin-Williams Co/The        | Sherwin-Williams Co/The                        | CUSIP: 824348106<br>LEI: Z15BMIOX8DDH0X2OBP21 | Short            | EC               | CORP              | US        |     -3336 | NS      | $-791732.88   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Williams-Sonoma Inc            | Williams-Sonoma Inc                            | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |     14690 | NS      | $1688174.80   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd      | Woodside Energy Group Ltd                      | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |     17643 | NS      | $427137.03    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                                    | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Short            | EC               | CORP              | US        |     -3007 | NS      | $-503161.31   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Wynn Resorts Ltd               | Wynn Resorts Ltd                               | CUSIP: 983134107<br>LEI: 254900CEKKWIHTEAB172 | Short            | EC               | CORP              | US        |     -3500 | NS      | $-288645.00   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                   | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Short            | EC               | CORP              | US        |     -4795 | NS      | $-530183.15   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp                | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Short            | EC               | CORP              | US        |    -14548 | NS      | $-307690.20   | -0.06%            |  |  |  | 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      |
| FRANCE (GOVT OF)               | French Republic Government Bond OAT            | CUSIP: JK7596303<br>LEI: 969500KCGF3SUYJHPV70 | Long             | DBT              | NUSS              | FR        |   8480000 | PA      | $7112855.41   | 1.38%             | 2036-05-25      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| iShares Core Japan Government  | iShares Core Japan Government Bond ETF         | CUSIP: N/A<br>LEI: 549300P1FUCAGG8KFX93       | Long             | EC               | RF                | JP        |    145000 | NS      | $2730074.67   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMORGAN CHASE & CO            | JPMorgan Chase & Co                            | CUSIP: EK7089858<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $4761696.01   | 0.92%             | 2025-01-27      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| Allegion plc                   | Allegion plc                                   | CUSIP: N/A<br>LEI: 984500560CAC2E6FB757       | Short            | EC               | CORP              | IE        |     -4294 | NS      | $-451986.44   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Arch Capital Group Ltd         | Arch Capital Group Ltd                         | CUSIP: N/A<br>LEI: 549300AYR4P8AFKDCE43       | Long             | EC               | CORP              | BM        |     49142 | NS      | $3085134.76   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Axis Capital Holdings Ltd      | Axis Capital Holdings Ltd                      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     25972 | NS      | $1406903.24   | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Axalta Coating Systems Ltd     | Axalta Coating Systems Ltd                     | CUSIP: N/A<br>LEI: 529900AGLPA40GV6H619       | Short            | EC               | CORP              | US        |    -19010 | NS      | $-484184.70   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Clarivate PLC                  | Clarivate PLC                                  | CUSIP: N/A<br>LEI: 549300WDHIIODXFO0R55       | Short            | EC               | CORP              | GB        |    -16096 | NS      | $-134240.64   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Diversey Holdings Ltd          | Diversey Holdings Ltd                          | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | US        |    -54059 | NS      | $-230291.34   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Aptiv PLC                      | Aptiv PLC                                      | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | IE        |     -9879 | NS      | $-920031.27   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Noble Corp PLC                 | Noble Corp PLC                                 | CUSIP: N/A<br>LEI: 549300I3HBUNXO0OG954       | Short            | EC               | CORP              | US        |    -13955 | NS      | $-526243.05   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Triton International Ltd       | Triton International Ltd                       | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | BM        |     24836 | NS      | $1708220.08   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Alcon Inc                      | Alcon Inc                                      | CUSIP: H01301128<br>LEI: 549300LDT5AP8S0NBM78 | Short            | EC               | CORP              | CH        |    -13826 | NS      | $-947772.30   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd                      | Chubb Ltd                                      | CUSIP: N/A<br>LEI: E0JAN6VLUDI1HITHT809       | Long             | EC               | CORP              | CH        |     23473 | NS      | $5178143.80   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Spotify Technology SA          | Spotify Technology SA                          | CUSIP: N/A<br>LEI: 549300B4X0JHWV0DTD60       | Short            | EC               | CORP              | SE        |     -8931 | NS      | $-705102.45   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| Global-e Online Ltd            | Global-e Online Ltd                            | CUSIP: N/A<br>LEI: N/A                        | Short            | EC               | CORP              | IL        |    -22605 | NS      | $-466567.20   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Expro Group Holdings NV        | Expro Group Holdings NV                        | CUSIP: N/A<br>LEI: 724500LJYA8QIT73H017       | Short            | EC               | CORP              | US        |    -33977 | NS      | $-616003.01   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Focus Financial Partners Inc   | Focus Financial Partners Inc                   | CUSIP: 34417P100<br>LEI: 5493006FFJCGLZ246V12 | Short            | EC               | CORP              | US        |    -12857 | NS      | $-479180.39   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Fox Factory Holding Corp       | Fox Factory Holding Corp                       | CUSIP: 35138V102<br>LEI: 529900GE1HSV0617R721 | Short            | EC               | CORP              | US        |     -6107 | NS      | $-557141.61   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Franco-Nevada Corp             | Franco-Nevada Corp                             | CUSIP: 351858105<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |     -4762 | NS      | $-649917.76   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Gentherm Inc                   | Gentherm Inc                                   | CUSIP: 37253A103<br>LEI: HKM6YX1U5JS60TCUB219 | Short            | EC               | CORP              | US        |     -6393 | NS      | $-417398.97   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Guidewire Software Inc         | Guidewire Software Inc                         | CUSIP: 40171V100<br>LEI: 549300WXSG0J8IXZCK32 | Short            | EC               | CORP              | US        |     -3322 | NS      | $-207824.32   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                         | CUSIP: 431636109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -36158 | NS      | $-260699.18   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot Inc/The                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |      6966 | NS      | $2200280.76   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc             | Houlihan Lokey Inc                             | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Short            | EC               | CORP              | US        |     -4494 | NS      | $-391697.04   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Hub Group Inc                  | Hub Group Inc                                  | CUSIP: 443320106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     25063 | NS      | $1992257.87   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                                     | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |     12039 | NS      | $6166255.41   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ICU Medical Inc                | ICU Medical Inc                                | CUSIP: 44930G107<br>LEI: 5493003NRW7LS2QZRH60 | Short            | EC               | CORP              | US        |     -3114 | NS      | $-490392.72   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc         | IDEXX Laboratories Inc                         | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Short            | EC               | CORP              | US        |     -2614 | NS      | $-1066407.44  | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Illumina Inc                   | Illumina Inc                                   | CUSIP: 452327109<br>LEI: SQ95QG8SR5Q56LSNF682 | Short            | EC               | CORP              | US        |     -1991 | NS      | $-402580.20   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Imperial Oil Ltd               | Imperial Oil Ltd                               | CUSIP: 453038408<br>LEI: 549300JZNB745JT5WY51 | Long             | EC               | CORP              | CA        |     53382 | NS      | $2601838.68   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                   | Insulet Corp                                   | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Short            | EC               | CORP              | US        |     -2800 | NS      | $-824292.00   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc  | Intercontinental Exchange Inc                  | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Short            | EC               | CORP              | US        |     -8965 | NS      | $-919719.35   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| IFF                            | International Flavors & Fragrances Inc         | CUSIP: 459506101<br>LEI: BZLRL03D3GPGMOGFO832 | Short            | EC               | CORP              | US        |     -5599 | NS      | $-586999.16   | -0.11%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco QQQ Trust Series 1     | Invesco QQQ Trust Series 1                     | CUSIP: 46090E103<br>LEI: 549300VY6FEJBCIMET58 | Short            | EC               | RF                | US        |    -13697 | NS      | $-3647237.16  | -0.71%            |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc         | Intuitive Surgical Inc                         | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Short            | EC               | CORP              | US        |     -3247 | NS      | $-861591.45   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Invesco CurrencyShares Japanes | Invesco CurrencyShares Japanese Yen Trust      | CUSIP: 46138W107<br>LEI: 5493003KFLKC801EII42 | Long             | EC               | RF                | US        |     35888 | NS      | $2551636.80   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Gold Trust             | iShares Gold Trust                             | CUSIP: 464285204<br>LEI: 5493006UOY7GXQW0IP42 | Long             | EC               | RF                | US        |    154317 | NS      | $5337825.03   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Expanded Tech-Software | iShares Expanded Tech-Software Sector ETF      | CUSIP: 464287515<br>LEI: 54930072GM1ADLZJ5373 | Short            | EC               | RF                | US        |    -13793 | NS      | $-3528939.05  | -0.68%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares International Treasury | iShares International Treasury Bond ETF        | CUSIP: 464288117<br>LEI: 549300B2GPMXZXJU1462 | Long             | EC               | RF                | US        |    136637 | NS      | $5349338.55   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Floating Rate Bond ETF | iShares Floating Rate Bond ETF                 | CUSIP: 46429B655<br>LEI: 549300G2T0MQ0NCEG317 | Long             | EC               | RF                | US        |     88193 | NS      | $4438753.69   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 0-5 Year TIPS Bond ETF | iShares 0-5 Year TIPS Bond ETF                 | CUSIP: 46429B747<br>LEI: 549300GIWSEGOQLZR212 | Long             | EC               | RF                | US        |     78867 | NS      | $7646944.32   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| J & J Snack Foods Corp         | J & J Snack Foods Corp                         | CUSIP: 466032109<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -2871 | NS      | $-429817.41   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                      | Jabil Inc                                      | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |     29379 | NS      | $2003647.80   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                              | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     28925 | NS      | $5109601.25   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                       | KLA Corp                                       | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |     12872 | NS      | $4853130.16   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc                   | KKR & Co Inc                                   | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Short            | EC               | CORP              | US        |    -15925 | NS      | $-739238.50   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| KB Home                        | KB Home                                        | CUSIP: 48666K109<br>LEI: 549300LGUCWQURMWLG09 | Long             | EC               | CORP              | US        |     39526 | NS      | $1258903.10   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Keurig Dr Pepper Inc           | Keurig Dr Pepper Inc                           | CUSIP: 49271V100<br>LEI: DYTQ8KRTKO7Y2BVU5K74 | Long             | EC               | CORP              | US        |     44084 | NS      | $1572035.44   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Kimberly-Clark Corp            | Kimberly-Clark Corp                            | CUSIP: 494368103<br>LEI: MP3J6QPYPGN75NVW2S34 | Short            | EC               | CORP              | US        |     -6632 | NS      | $-900294.00   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Kroger Co/The                  | Kroger Co/The                                  | CUSIP: 501044101<br>LEI: 6CPEOKI6OYJ13Q6O7870 | Long             | EC               | CORP              | US        |     45583 | NS      | $2032090.14   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LKQ Corp                       | LKQ Corp                                       | CUSIP: 501889208<br>LEI: DS830JTTZQN6GK0I2E41 | Long             | EC               | CORP              | US        |     63832 | NS      | $3409267.12   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp              | Lam Research Corp                              | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     18173 | NS      | $7638111.90   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Estee Lauder Cos Inc/The       | Estee Lauder Cos Inc/The                       | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Short            | EC               | CORP              | US        |     -3196 | NS      | $-792959.56   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Lennar Corp                    | Lennar Corp                                    | CUSIP: 526057104<br>LEI: 529900G61XVRLX5TJX09 | Long             | EC               | CORP              | US        |     31802 | NS      | $2878081.00   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Louisiana-Pacific Corp         | Louisiana-Pacific Corp                         | CUSIP: 546347105<br>LEI: 549300C7E2UAO5BVRR75 | Long             | EC               | CORP              | US        |     47476 | NS      | $2810579.20   | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| MDC Holdings Inc               | MDC Holdings Inc                               | CUSIP: 552676108<br>LEI: 5299005FV4VNV75R8R35 | Long             | EC               | CORP              | US        |     51944 | NS      | $1641430.40   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| MGP Ingredients Inc            | MGP Ingredients Inc                            | CUSIP: 55303J106<br>LEI: 2549006OMHFVZ4MS8538 | Long             | EC               | CORP              | US        |     11596 | NS      | $1233582.48   | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| MKS Instruments Inc            | MKS Instruments Inc                            | CUSIP: 55306N104<br>LEI: 549300KEQATBHAGVF505 | Long             | EC               | CORP              | US        |     23625 | NS      | $2001746.25   | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MSC Industrial Direct Co Inc   | MSC Industrial Direct Co Inc                   | CUSIP: 553530106<br>LEI: 0XVKH0LN6YGOWO2EGO17 | Long             | EC               | CORP              | US        |     12418 | NS      | $1014550.60   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Madison Square Garden Entertai | Madison Square Garden Entertainment Corp       | CUSIP: 55826T102<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -9557 | NS      | $-429778.29   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Oil Corp              | Marathon Oil Corp                              | CUSIP: 565849106<br>LEI: 1FRVQX2CRLGC1XLP5727 | Long             | EC               | CORP              | US        |    127436 | NS      | $3449692.52   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| MarketAxess Holdings Inc       | MarketAxess Holdings Inc                       | CUSIP: 57060D108<br>LEI: 5493002U1CA1XJOVID83 | Short            | EC               | CORP              | US        |     -1573 | NS      | $-438693.97   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| MasTec Inc                     | MasTec Inc                                     | CUSIP: 576323109<br>LEI: 549300TMDIT8WREDOF45 | Short            | EC               | CORP              | US        |     -5030 | NS      | $-429209.90   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                 | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     13024 | NS      | $4528835.52   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Match Group Inc                | Match Group Inc                                | CUSIP: 57667L107<br>LEI: 15OMOPB0A8K0EFUVD031 | Short            | EC               | CORP              | US        |     -4898 | NS      | $-203218.02   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| McKesson Corp                  | McKesson Corp                                  | CUSIP: 58155Q103<br>LEI: 549300WZWOM80UCFSF54 | Long             | EC               | CORP              | US        |      4240 | NS      | $1590508.80   | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                 | Merck & Co Inc                                 | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |     60500 | NS      | $6712475.00   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Meritage Homes Corp            | Meritage Homes Corp                            | CUSIP: 59001A102<br>LEI: 52990044W9UMFJO2FB97 | Long             | EC               | CORP              | US        |     23019 | NS      | $2122351.80   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                 | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     41192 | NS      | $9878665.44   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Molson Coors Beverage Co       | Molson Coors Beverage Co                       | CUSIP: 60871R209<br>LEI: 54930073LBBH6ZCBE225 | Long             | EC               | CORP              | US        |     25093 | NS      | $1292791.36   | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| MongoDB Inc                    | MongoDB Inc                                    | CUSIP: 60937P106<br>LEI: 549300TPTG69WKWE1Z37 | Short            | EC               | CORP              | US        |     -2185 | NS      | $-430095.40   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc   | Monolithic Power Systems Inc                   | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Short            | EC               | CORP              | US        |     -2405 | NS      | $-850432.05   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Shoals Technologies Group Inc  | Shoals Technologies Group Inc                  | CUSIP: 82489W107<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -15217 | NS      | $-375403.39   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SolarEdge Technologies Inc     | SolarEdge Technologies Inc                     | CUSIP: 83417M104<br>LEI: 5493000K6Y58XXPDF853 | Long             | EC               | CORP              | IL        |     16280 | NS      | $4611635.60   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Sony Group Corp                | Sony Group Corp                                | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Short            | EC               | CORP              | JP        |    -10759 | NS      | $-820696.52   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Sonos Inc                      | Sonos Inc                                      | CUSIP: 83570H108<br>LEI: 549300WEPU6075I77M08 | Short            | EC               | CORP              | US        |    -26344 | NS      | $-445213.60   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp           | Southern Copper Corp                           | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | MX        |     67315 | NS      | $4065152.85   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Block Inc                      | Block Inc                                      | CUSIP: 852234103<br>LEI: 549300OHIIUWSTIZME52 | Short            | EC               | CORP              | US        |     -6364 | NS      | $-399913.76   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Steel Dynamics Inc             | Steel Dynamics Inc                             | CUSIP: 858119100<br>LEI: 549300HGGKEL4FYTTQ83 | Long             | EC               | CORP              | US        |     25972 | NS      | $2537464.40   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Stryker Corp                   | Stryker Corp                                   | CUSIP: 863667101<br>LEI: 5493002F0SC4JTBU5137 | Short            | EC               | CORP              | US        |     -3064 | NS      | $-749117.36   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Suncor Energy Inc              | Suncor Energy Inc                              | CUSIP: 867224107<br>LEI: 549300W70ZOQDVLCHY06 | Long             | EC               | CORP              | CA        |     76023 | NS      | $2412209.79   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Target Corp                    | Target Corp                                    | CUSIP: 87612E106<br>LEI: 8WDDFXB5T1Z6J0XC1L66 | Long             | EC               | CORP              | US        |     58683 | NS      | $8746114.32   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Taylor Morrison Home Corp      | Taylor Morrison Home Corp                      | CUSIP: 87724P106<br>LEI: 5299009UDLLGLKOOJE30 | Long             | EC               | CORP              | US        |     59667 | NS      | $1810893.45   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Teck Resources Ltd             | Teck Resources Ltd                             | CUSIP: 878742204<br>LEI: T8KI5SQ2JRWHL7XY0E11 | Long             | EC               | CORP              | CA        |     78143 | NS      | $2955368.26   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Terex Corp                     | Terex Corp                                     | CUSIP: 880779103<br>LEI: YAWJZJYEQ7M1SYMOS462 | Long             | EC               | CORP              | US        |     31397 | NS      | $1341279.84   | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                   | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      7042 | NS      | $3877958.98   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Toll Brothers Inc              | Toll Brothers Inc                              | CUSIP: 889478103<br>LEI: 529900JB6IS9MSZGVR44 | Long             | EC               | CORP              | US        |     49521 | NS      | $2472088.32   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Tradeweb Markets Inc           | Tradeweb Markets Inc                           | CUSIP: 892672106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -7080 | NS      | $-459704.40   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                            | CUSIP: 893641100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |     -1408 | NS      | $-886547.20   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                     | TransUnion                                     | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Short            | EC               | CORP              | US        |    -11498 | NS      | $-652511.50   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Travelers Cos Inc/The          | Travelers Cos Inc/The                          | CUSIP: 89417E109<br>LEI: 549300Y650407RU8B149 | Long             | EC               | CORP              | US        |     27562 | NS      | $5167599.38   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parcel Service Inc      | United Parcel Service Inc                      | CUSIP: 911312106<br>LEI: D01LMJZU09ULLNCY6Z23 | Long             | EC               | CORP              | US        |     16734 | NS      | $2909038.56   | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| United Rentals Inc             | United Rentals Inc                             | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |     11434 | NS      | $4063872.28   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   5190000 | PA      | $4580985.94   | 0.89%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CEH0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4660000 | PA      | $4488162.50   | 0.87%             | 2025-04-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                | United States Treasury Note/Bond               | CUSIP: 91282CEP2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3070000 | PA      | $2839270.31   | 0.55%             | 2032-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Steel Corp       | United States Steel Corp                       | CUSIP: 912909108<br>LEI: JNLUVFYJT1OZSIQ24U47 | Long             | EC               | CORP              | US        |     90561 | NS      | $2268553.05   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc                         | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     16886 | NS      | $8952619.48   | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local C | VanEck J. P. Morgan EM Local Currency Bond ETF | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |    310116 | NS      | $7514110.68   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Mortgage-Backed Secur | Vanguard Mortgage-Backed Securities ETF        | CUSIP: 92206C771<br>LEI: N/A                  | Long             | EC               | RF                | US        |    168738 | NS      | $7680953.76   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc              | Veeva Systems Inc                              | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Short            | EC               | CORP              | US        |     -5531 | NS      | $-892592.78   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co             | Vertiv Holdings Co                             | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Short            | EC               | CORP              | US        |    -30376 | NS      | $-414936.16   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Vicor Corp                     | Vicor Corp                                     | CUSIP: 925815102<br>LEI: 5299005KMQOTR6B51F09 | Short            | EC               | CORP              | US        |     -7126 | NS      | $-383022.50   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                                       | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     17340 | NS      | $3602558.40   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                    | Walmart Inc                                    | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     23549 | NS      | $3339012.71   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                           | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     20217 | NS      | $3171642.96   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| WESCO International Inc        | WESCO International Inc                        | CUSIP: 95082P105<br>LEI: 529900TXOGREY3WNJ434 | Long             | EC               | CORP              | US        |     16886 | NS      | $2114127.20   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| West Fraser Timber Co Ltd      | West Fraser Timber Co Ltd                      | CUSIP: 952845105<br>LEI: 5493005WD1ZK6WBVR988 | Long             | EC               | CORP              | CA        |     28698 | NS      | $2074578.42   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc                   | CUSIP: 03769M106<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -16633 | NS      | $-1061019.07  | -0.21%            |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                      | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     66709 | NS      | $8667500.37   | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Applied Materials Inc          | Applied Materials Inc                          | CUSIP: 038222105<br>LEI: 41BNNE1AFPNAZELZ6K07 | Long             | EC               | CORP              | US        |     62166 | NS      | $6053725.08   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| AptarGroup Inc                 | AptarGroup Inc                                 | CUSIP: 038336103<br>LEI: VNPEQDQFAA7IY1T2PX43 | Short            | EC               | CORP              | US        |     -3250 | NS      | $-357435.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Archer-Daniels-Midland Co      | Archer-Daniels-Midland Co                      | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     24458 | NS      | $2270925.30   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Atlas Air Worldwide Holdings I | Atlas Air Worldwide Holdings Inc               | CUSIP: 049164205<br>LEI: 549300R0A2TUVCYZB465 | Long             | EC               | CORP              | US        |     28319 | NS      | $2854555.20   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| AutoNation Inc                 | AutoNation Inc                                 | CUSIP: 05329W102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     21580 | NS      | $2315534.00   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Axon Enterprise Inc            | Axon Enterprise Inc                            | CUSIP: 05464C101<br>LEI: 549300QP2IEEGFE16681 | Short            | EC               | CORP              | US        |     -4913 | NS      | $-815214.09   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| AZEK Co Inc/The                | AZEK Co Inc/The                                | CUSIP: 05478C105<br>LEI: 5493002LDDDU1RX46815 | Short            | EC               | CORP              | US        |    -21617 | NS      | $-439257.44   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| BJ's Wholesale Club Holdings I | BJ's Wholesale Club Holdings Inc               | CUSIP: 05550J101<br>LEI: 549300UCIWH1C93V0J03 | Long             | EC               | CORP              | US        |     67694 | NS      | $4478635.04   | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| BP PLC                         | BP PLC                                         | CUSIP: 055622104<br>LEI: 213800LH1BZH3DI6G760 | Long             | EC               | CORP              | GB        |    120167 | NS      | $4197433.31   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Baker Hughes Co                | Baker Hughes Co                                | CUSIP: 05722G100<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -34152 | NS      | $-1008508.56  | -0.20%            |  |  |  | No            |                  1 | On Loan: No      |
| Balchem Corp                   | Balchem Corp                                   | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Short            | EC               | CORP              | US        |     -4026 | NS      | $-491614.86   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Ball Corp                      | Ball Corp                                      | CUSIP: 058498106<br>LEI: 0BGI85ALH27ZJP15DY16 | Short            | EC               | CORP              | US        |    -16022 | NS      | $-819365.08   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Ballard Power Systems Inc      | Ballard Power Systems Inc                      | CUSIP: 058586108<br>LEI: 549300OHZ8BMF53YYS26 | Short            | EC               | CORP              | CA        |    -68440 | NS      | $-327827.60   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Bentley Systems Inc            | Bentley Systems Inc                            | CUSIP: 08265T208<br>LEI: 549300WVEHPGE0Z56F71 | Short            | EC               | CORP              | US        |     -3486 | NS      | $-128842.56   | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| W R Berkley Corp               | W R Berkley Corp                               | CUSIP: 084423102<br>LEI: SQOAGCLKBDWNVYV1OV80 | Long             | EC               | CORP              | US        |     28925 | NS      | $2099087.25   | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackstone Inc                 | Blackstone Inc                                 | CUSIP: 09260D107<br>LEI: 5299004LW4QWGZUB8Y96 | Short            | EC               | CORP              | US        |     -9228 | NS      | $-684625.32   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Boeing Co/The                  | Boeing Co/The                                  | CUSIP: 097023105<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Short            | EC               | CORP              | US        |     -3479 | NS      | $-662714.71   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Corp                | Brookfield Corp                                | CUSIP: 11271J107<br>LEI: C6J3FGIWG6MBDGTE8F80 | Short            | EC               | CORP              | CA        |    -19100 | NS      | $-600886.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Brookfield Asset Management Lt | Brookfield Asset Management Ltd                | CUSIP: 113004105<br>LEI: N/A                  | Short            | EC               | CORP              | CA        |     -4775 | NS      | $-136899.25   | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc          | Burlington Stores Inc                          | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Short            | EC               | CORP              | US        |     -2971 | NS      | $-602399.96   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| CH Robinson Worldwide Inc      | CH Robinson Worldwide Inc                      | CUSIP: 12541W209<br>LEI: 529900WNWN5L0OVDHA79 | Long             | EC               | CORP              | US        |     24458 | NS      | $2239374.48   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| CVS Health Corp                | CVS Health Corp                                | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |     29076 | NS      | $2709592.44   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc                      | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Short            | EC               | CORP              | US        |    -10243 | NS      | $-426108.80   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp                      | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     41419 | NS      | $1802140.69   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health Inc            | Cardinal Health Inc                            | CUSIP: 14149Y108<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | EC               | CORP              | US        |     21883 | NS      | $1682146.21   | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Carnival Corp                  | Carnival Corp                                  | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Short            | EC               | CORP              | US        |    -42121 | NS      | $-339495.26   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar Inc                                | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      9760 | NS      | $2338105.60   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Centene Corp                   | Centene Corp                                   | CUSIP: 15135B101<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | EC               | CORP              | US        |     58077 | NS      | $4762894.77   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Clean Harbors Inc              | Clean Harbors Inc                              | CUSIP: 184496107<br>LEI: 5493000SJVZVZJKHJF48 | Long             | EC               | CORP              | US        |     13781 | NS      | $1572687.72   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Clorox Co/The                  | Clorox Co/The                                  | CUSIP: 189054109<br>LEI: 54930044KVSC06Z79I06 | Short            | EC               | CORP              | US        |     -5395 | NS      | $-757080.35   | -0.15%            |  |  |  | No            |                  1 | On Loan: No      |
| Cloudflare Inc                 | Cloudflare Inc                                 | CUSIP: 18915M107<br>LEI: 5493007DY18BGNLDWU14 | Short            | EC               | CORP              | US        |     -5910 | NS      | $-267191.10   | -0.05%            |  |  |  | No            |                  1 | On Loan: No      |
| Coherent Corp                  | Coherent Corp                                  | CUSIP: 19247G107<br>LEI: 549300O5C25A0MMHHU33 | Short            | EC               | CORP              | US        |    -13414 | NS      | $-470831.40   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The             | Cooper Cos Inc/The                             | CUSIP: 216648402<br>LEI: QJKMVPIGLH7530PCUE20 | Short            | EC               | CORP              | US        |     -2823 | NS      | $-933481.41   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Corning Inc                    | Corning Inc                                    | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     57926 | NS      | $1850156.44   | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Costco Wholesale Corp          | Costco Wholesale Corp                          | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |     12267 | NS      | $5599885.50   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Coty Inc                       | Coty Inc                                       | CUSIP: 222070203<br>LEI: 549300BO9IWPF3S48F93 | Short            | EC               | CORP              | US        |    -56900 | NS      | $-487064.00   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| Coursera Inc                   | Coursera Inc                                   | CUSIP: 22266M104<br>LEI: 984500573CA1QB7DAC30 | Short            | EC               | CORP              | US        |    -19203 | NS      | $-227171.49   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| Credit Suisse Group AG         | Credit Suisse Group AG                         | CUSIP: 225401108<br>LEI: 549300506SI9CRFV9Z86 | Short            | EC               | CORP              | CH        |    -70674 | NS      | $-214848.96   | -0.04%            |  |  |  | No            |                  1 | On Loan: No      |
| DR Horton Inc                  | DR Horton Inc                                  | CUSIP: 23331A109<br>LEI: 529900ZIUEYVSB8QDD25 | Long             | EC               | CORP              | US        |     53610 | NS      | $4778795.40   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                   | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     15523 | NS      | $4120114.66   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Datadog Inc                    | Datadog Inc                                    | CUSIP: 23804L103<br>LEI: 549300F6JNO0KRPO1K63 | Short            | EC               | CORP              | US        |     -4862 | NS      | $-357357.00   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| Deere & Co                     | Deere & Co                                     | CUSIP: 244199105<br>LEI: PWFTNG3EI0Y73OXWDH08 | Long             | EC               | CORP              | US        |      5209 | NS      | $2233410.84   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Air Lines Inc            | Delta Air Lines Inc                            | CUSIP: 247361702<br>LEI: Q2CCMS6R0AS67HJMBN42 | Short            | EC               | CORP              | US        |    -19450 | NS      | $-639127.00   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Dexcom Inc                     | Dexcom Inc                                     | CUSIP: 252131107<br>LEI: 549300YSK3QDSFR5EU59 | Short            | EC               | CORP              | US        |     -8266 | NS      | $-936041.84   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Diageo PLC                     | Diageo PLC                                     | CUSIP: 25243Q205<br>LEI: 213800ZVIELEA55JMJ32 | Long             | EC               | CORP              | GB        |      8824 | NS      | $1572348.56   | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| DoorDash Inc                   | DoorDash Inc                                   | CUSIP: 25809K105<br>LEI: 549300NUQ43FGGSK5051 | Short            | EC               | CORP              | US        |     -7355 | NS      | $-359071.10   | -0.07%            |  |  |  | No            |                  1 | On Loan: No      |
| DraftKings Inc                 | DraftKings Inc                                 | CUSIP: 26142V105<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -38470 | NS      | $-438173.30   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources Inc                              | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     30969 | NS      | $4011104.88   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                     | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Short            | EC               | CORP              | US        |     -3500 | NS      | $-509460.00   | -0.10%            |  |  |  | No            |                  1 | On Loan: No      |
| Edison International           | Edison International                           | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Short            | EC               | CORP              | US        |    -13947 | NS      | $-887308.14   | -0.17%            |  |  |  | No            |                  1 | On Loan: No      |
| Equifax Inc                    | Equifax Inc                                    | CUSIP: 294429105<br>LEI: 5493004MCF8JDC86VS77 | Short            | EC               | CORP              | US        |     -4848 | NS      | $-942257.28   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinix Inc                    | Equinix Inc                                    | CUSIP: 29444U700<br>LEI: 549300EVUN2BTLJ3GT74 | Short            | EC               | CORP              | US        |     -1051 | NS      | $-688436.53   | -0.13%            |  |  |  | No            |                  1 | On Loan: No      |
| Equinor ASA                    | Equinor ASA                                    | CUSIP: 29446M102<br>LEI: OW6OFBNCKXC4US5C7523 | Long             | EC               | CORP              | NO        |    103358 | NS      | $3701249.98   | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Utilities Inc        | Essential Utilities Inc                        | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Short            | EC               | CORP              | US        |     -9730 | NS      | $-464412.90   | -0.09%            |  |  |  | No            |                  1 | On Loan: No      |
| E2open Parent Holdings Inc     | E2open Parent Holdings Inc                     | CUSIP: 29788T103<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -53659 | NS      | $-314978.33   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Evoqua Water Technologies Corp | Evoqua Water Technologies Corp                 | CUSIP: 30057T105<br>LEI: 529900YQAOMEZRGRRP43 | Short            | EC               | CORP              | US        |    -10981 | NS      | $-434847.60   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Exelon Corp                    | Exelon Corp                                    | CUSIP: 30161N101<br>LEI: 3SOUA6IRML7435B56G12 | Short            | EC               | CORP              | US        |    -21683 | NS      | $-937356.09   | -0.18%            |  |  |  | No            |                  1 | On Loan: No      |
| Expeditors International of Wa | Expeditors International of Washington Inc     | CUSIP: 302130109<br>LEI: 984500B055A804AB6E40 | Long             | EC               | CORP              | US        |     22413 | NS      | $2329158.96   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp                               | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     52322 | NS      | $5771116.60   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Fidelity Government Portfolio  | Fidelity Government Portfolio                  | CUSIP: 316175108<br>LEI: N/A                  | Long             | STIV             | RF                | US        |  85852745 | NS      | $85852744.98  | 16.62%            |  |  |  | No            |                  1 | On Loan: No      |
| Five Below Inc                 | Five Below Inc                                 | CUSIP: 33829M101<br>LEI: 529900AAXP5Z6BGI7418 | Short            | EC               | CORP              | US        |     -3554 | NS      | $-628595.98   | -0.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Floor & Decor Holdings Inc     | Floor & Decor Holdings Inc                     | CUSIP: 339750101<br>LEI: 549300M5FR3N688XGQ36 | Short            | EC               | CORP              | US        |     -6257 | NS      | $-435674.91   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                   | Moody's Corp                                   | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Short            | EC               | CORP              | US        |     -2639 | NS      | $-735278.18   | -0.14%            |  |  |  | No            |                  1 | On Loan: No      |
| nCino Inc                      | nCino Inc                                      | CUSIP: 63947X101<br>LEI: N/A                  | Short            | EC               | CORP              | US        |    -12242 | NS      | $-323678.48   | -0.06%            |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE Inc                                       | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Short            | EC               | CORP              | US        |     -8453 | NS      | $-989085.53   | -0.19%            |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                    | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Short            | EC               | CORP              | US        |     -5586 | NS      | $-816338.04   | -0.16%            |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp              | Chord Energy Corp                              | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     15068 | NS      | $2061453.08   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| PACCAR Inc                     | PACCAR Inc                                     | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |     16448 | NS      | $1627858.56   | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Pacific Biosciences of Califor | Pacific Biosciences of California Inc          | CUSIP: 69404D108<br>LEI: 529900F1BWRE1M0KZN89 | Short            | EC               | CORP              | US        |    -51970 | NS      | $-425114.60   | -0.08%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Leuthold Funds Inc

**Signature:** /s/ Roger Peters

**Name of Signer:** Roger Peters

**Title:** Chief Compliance Officer